Investment Performance Review For the Quarter Ended March 31, 2020 · PFM Asset Management LLC. 300...
Transcript of Investment Performance Review For the Quarter Ended March 31, 2020 · PFM Asset Management LLC. 300...
Investment Advisors
213 Market StreetHarrisburg, PA 17101
717.232.2723 717.233.6073 fax
PFM Asset Management LLC
300 South Orange AvenueSuite 1170
Orlando, FL 32801407.648.2208
407.648.1323 fax
Investment Performance Review For the Quarter Ended March 31, 2020
Steven Alexander, CTP, CGFO, CPPT, Managing DirectorRobert Cheddar, CFA, Chief Credit Officer, Managing DirectorD. Scott Stitcher, CFA, DirectorSean Gannon, CTP, Senior AnalystScott Sweeten, BCM, CFS, Client Relationship Manager
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
Table of Contents
PFM Asset Management LLC
Tab I
Market Update
Executive Summary Page
Asset Allocation Chart Pages
Portfolio Snapshots Pages
Aggregate Holdings Pages
2-7
8
9-11
12-16
17-24
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PFM Asset Management LLC
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
Source: Bloomberg, latest data available as of 2/29/2020.
Market Update
Domestic Data Was Strong Prior to Coronavirus Outbreak
0%
1%
2%
3%
4%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
U.S. GDP Growthall four quarters’ readings topped
analyst estimates
2017 2018 2019
highest level in 12 years
86
173 181 192
251227
193 179
223
177
0k
100k
200k
300k
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Average Monthly Job Growththe 2010s were the best decade for job growth on record
80
90
100
110
120
130
140
150
2015 2016 2017 2018 2019 2020
Conference Board Consumer Confidence
had been near all-time highs
0
250
500
750
1,000
1,250
2005 2007 2009 2011 2013 2015 2017 2019
New Home Sales (000s, annual pace)
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PFM Asset Management LLC
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020Market Update
COVID-19: A Three-Pronged Crisis
Health Crisis PandemicThe rapidly spreading coronavirus is overwhelming
healthcare facilities around the world as the number of cases and deaths related to the virus continue to grow.
Effects on Financial MarketsTreasury yields and stock prices have plummeted while credit spreads and
volatility have soared in reaction to the uncertainty created by the pandemic.
Effects on the EconomyWith businesses forced to close their doors
and consumers stuck at home “social distancing,” the economy has come to a near
standstill over a very short period of time.
Closed Until Further Notice
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PFM Asset Management LLC
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020Market Update
U.S. Economy Posts Massive Job Losses in March
Source: Bloomberg, as of 4/3/2020. Data is seasonally adjusted.
3/20/20203,307
3/27/20206,648
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1970 1980 1990 2000 2010 2020
Thou
sand
s
Initial Jobless Claims
Previousall-time high
Peak during the Great Recession -701
-1000
-800
-600
-400
-200
0
200
400
600
800
2007 2009 2011 2013 2015 2017 2019
Thou
sand
s
Monthly Change in Non-Farm Payrolls
Labor market sheds more jobs in March than in any month since the 2007-2009 recession
10 million new jobless claims imply an unemployment rate near 10% at the end of March
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PFM Asset Management LLC
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
-4%
-30%
14%9%
5% 5%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21
U.S. GDP Forecasts
Range Average
Source: Bloomberg. Forecasts made from 3/25/2020 through 4/3/2020 by ING Group, Morgan Stanley, Deutsche Bank, Goldman Sachs Group, Barclays, JPMorgan Chase, UBS, TD Bank, and Wells Fargo.
Market Update
Economists Expect a Significant, Immediate Downturn in the U.S. Economy
Due to the uncertainty regarding the continued spread and duration of the novel coronavirus, forecasts for economic
growth vary greatly among economists. Some expect a sharp contraction followed by a quick rebound, and others forecast a more protracted contraction followed by a gradual recovery.
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PFM Asset Management LLC
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020Market Update
Congress Passes $2 Trillion Stimulus Package
Source: NPR, as of 3/31/2020.
Coronavirus Aid, Relief, and Economic Security (CARES) ActLoansDirect Relief Supplemental
Household payments $301 billion
Unemployment Insurance $250 billion
Aid to states$150 billion
Other $198 billion
Tax deferrals and extended deadlines$221 billion
Airline, cargo carrier$29 billion
Loans to businesses$454 billion
Small business loans$349 billion
Airline, cargo grants
$32 billion
Hospitals and veteran’s care$117 billion
Public transit$25 billion
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PFM Asset Management LLC
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020Market Update
Fixed-Income Sector Outlook – April 2020
Sector Our Investment Preferences CommentsC O M M E R C I A L P A P E R
/ C D• Money market credit spreads have come in but are still wide from a historic
perspective. Fed action has gradually improved liquidity but varies by issuer.
T R E A S U R I E S • T-Bills are attractive in the near term with overnight repo trading near zero and scarce agency discount note supply. Issuance is expected to increase.
• During times of extreme volatility, Treasuries typically have value as a safe haven. Recent market turmoil has strained the sector’s liquidity as seen in wider bid/ask spreads; Fed facilities have improved the sector’s functioning and liquidity is expected to further improve.
T-BillT-Note
F E D E R A L A G E N C I E S • Federal Agency bullet spreads have gapped tighter by 3-15 bps across the curve from the move wider two weeks ago. Bullets still offer relative value vs Treasuries and should be considered for reinvestment of cash or UST.
• Callable spreads to like maturity Treasuries have widened over the week. Value is available on a structure by structure basis.
BulletsCallables
S U P R A N A T I O N A L S• Supranational spreads are at their widest levels since 2016. Despite the
move wider, secondary offerings are still in line with similar maturity GSEs. Accounts should favor GSEs over secondary SSA’s to enhance liquidity.
• New issues may benefit from their concession to existing supply.
C O R P O R A T E S • Fed actions helped calm credit markets, allowing companies to bring a record month of bond issuance to shore up liquidity. The fiscal stimulus package should also help blunt the negative impact of the pandemic on the economy.
• We still remain cautious given an uncertain timeline to contain the virus, making it difficult to assess the potential damage to corporate balance sheets.
FinancialsIndustrials
S E C U R I T I Z E D • ABS yield spreads widened significantly. There is a high level of uncertainty regarding the consumer’s ability and/or willingness to make payments.
• Lower volatility and the Fed’s ability to buy an unlimited amount of MBS has reduced the sector’s spreads. Recent Fed action has also supported liquidity. Prepayment risk should be reduced in the near term.
• Agency CMBS spreads widened. The sector was added in the MBS purchase program which should provide support but renters’ ability to pay is a question.
Asset-BackedAgency Mortgage-Backed
Agency CMBS
M U N I C I P A L S • Taxable, tax-exempt and pre-refunded bonds offer relative value. We remain cautious on certain sub-sectors given potential risks from Covid-19.
Negative Slightly Negative Neutral Slightly
Positive PositiveCurrent outlook Outlook one month ago
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BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
Executive Summary
PFM Asset Management LLC
The Portfolios are of high credit quality and invested in U.S. Treasury, Federal Agency/GSE, Federal Agency/CMO, Municipal, CommercialPaper, and Corporate Notes securities.
The Capital, Operating, and Discretionary Sales SurTax Portfolios continue to provide the District with favorable yield relative to the benchmark.At quarter end, the portfolios had Yields to Maturity at Cost of 1.67%, 1.67% and 1.52%, respectively. All portfolios exceeded the 0.08% EffectiveYield of their benchmark, the Merrill Lynch 3 Month U.S. Treasury Bill Index.
The Self Insurance and Health Insurance Portfolios’ quarterly total return performances were 2.24% and 2.23% respectively, underperforming thebenchmark’s performance of 2.81%. Over the past year, the Self Insurance and Health Insurance portfolios returned 4.92% and 4.91%, ascompared to the benchmark performance of 5.42%.
Although the U.S. economy entered the year on a strong footing, that deteriorated quickly as the COVID-19 pandemic took hold across the globe,including the U.S. This created a threefold crisis: (1) a global health crisis, (2) a virtual economic shutdown in the U.S. and elsewhere, and (3)unprecedented moves in the financial markets. The immediate impact of the pandemic on global economies made typical economic indicators,most of which are backward-looking, essentially irrelevant.
The Federal Reserve responded aggressively by:
– Cutting rates at two emergency meetings to the new target range of 0% to 0.25%,– Initiating unlimited bond buying (quantitative easing) of various security types, and– Dusting off and adding to their playbook of market support programs from the 2008-9 financial crisis to cushion the potential blow on
financial markets.
Treasury yields plunged in response to the Fed’s new zero interest rate policy, with longer-term Treasury yields reaching new historic lows. Thesemoves led to positive returns on Treasury indexes. However, in a move reminiscent of 2008, yield spreads on all other asset classes spiked asinvestors grappled with unprecedented uncertainty. Credit allocations were a significant detractor of performance during the first quarter.
Due to market disruption, ICE Data Services, the organization that oversees indices commonly used as fixed-income benchmarks, announced thepostponement of the March 31, 2020 rebalancing for all fixed-income indices to alleviate the need for asset managers to execute forced trades inhighly volatile markets.
U.S. economic fundamentals are expected to deteriorate significantly in Q2 as the full effect of COVID-19 materializes. The real question is theduration of the economic shutdown and the speed and trajectory of the eventual recovery. As a result of this uncertainty, we plan to maintainneutral portfolio durations relative to their respective benchmarks into April as we monitor guidance from index vendors regarding futurerebalancing.
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For the Quarter Ended March 31, 2020
BREVARD COUNTY SCHOOL DISTRICT Asset Allocation
Security TypeAmortized Cost
(Includes Interest)Allocation
PercentagePermitted by
Policy In ComplianceBankers’ Acceptances - - 35% YesCertificates of Deposit and Savings Accounts - - 25% YesCommercial Paper 67,723,805.73 21.69% 35% YesCorporate Notes 4,390,326.38 1.41% 20% YesFederal Agency 1,008,518.94 0.32% 80% YesIntergovernmental Pools 59,338,415.38 19.00% 25% YesFederal Agency MBS/CMO 2,069,426.75 0.66% 80% YesMoney Market Funds 9,402,222.50 3.01% 75% YesMunicipals 227,391.12 0.07% 20% YesRepurchase Agreements - - 50% YesUnited States Treasury Securities 168,113,956.06 53.84% 100% YesTotal 312,274,062.86 100.00%End of month trade-date amortized cost of portfolio holdings, including accrued interest. The combined total of Federal Instrumentalities and Mortgage Backed Securities can not be more than 80%.
53.84%
0.07%
3.01%
19.00%
0.66%
0.32%
1.41%
21.69%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
United States Treasury Securities
Municipals
Money Market Funds
Intergovernmental Pools
Federal Agency MBS/CMO
Federal Agency
Corporate Notes
Commercial Paper
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For the Quarter Ended March 31, 2020BREVARD COUNTY SCHOOL DISTRICT Asset Allocation
Sector Individual Issuer BreakdownAmortized Cost
(Includes Interest)Allocation
PercentagePermitted by
PolicyIn
ComplianceCORPORATE NOTE AMERICAN EXPRESS CREDIT 150,329.04 0.05% 5% YesCORPORATE NOTE AMERICAN HONDA FINANCE 286,923.68 0.09% 5% YesCORPORATE NOTE JOHN DEERE CAPITAL CORP 251,667.52 0.08% 5% YesCORPORATE NOTE IBM CORP 275,117.23 0.09% 5% YesCORPORATE NOTE US BANK NA CINCINNATI 278,820.58 0.09% 5% YesCORPORATE NOTE BANK OF AMERICA CORP 277,846.13 0.09% 5% YesCORPORATE NOTE CISCO SYSTEMS 195,925.48 0.06% 5% YesCORPORATE NOTE WALT DISNEY COMPANY/THE 59,976.59 0.02% 5% YesCORPORATE NOTE PACCAR FINANCIAL CORP 252,954.00 0.08% 5% YesCORPORATE NOTE CATERPILLAR FINANCIAL SERVICES CORP 160,606.99 0.05% 5% YesCORPORATE NOTE WAL-MART STORES INC 277,123.50 0.09% 5% YesCORPORATE NOTE WELLS FARGO & COMPANY 276,888.34 0.09% 5% YesCORPORATE NOTE MELLON BANK 226,186.39 0.07% 5% YesCORPORATE NOTE HERSHEY COMPANY 146,582.59 0.05% 5% YesCORPORATE NOTE JP MORGAN CHASE & CO 273,789.47 0.09% 5% YesCORPORATE NOTE NATIONAL RURAL UTIL COOP 269,962.91 0.09% 5% YesCORPORATE NOTE GENERAL DYNAMICS CORP 171,866.49 0.06% 5% YesCORPORATE NOTE EXXON MOBIL CORP 138,960.58 0.04% 5% YesCORPORATE NOTE NORTHERN TRUST COMPANY 278,713.04 0.09% 5% YesCORPORATE NOTE THE WALT DISNEY CORPORATION 140,085.83 0.04% 5% YesMBS / CMO FHLMC MULTIFAMILY STRUCTURED P 1,415,658.63 0.45% 40% YesMBS / CMO FREDDIE MAC 105,717.86 0.03% 40% YesMBS / CMO FANNIEMAE-ACES 548,050.26 0.18% 40% YesUS TSY BOND/NOTE UNITED STATES TREASURY 168,113,956.06 53.84% 100% YesMUNI BOND/NOTE HONOLULU HI 227,391.12 0.07% 20% YesFED AGY BOND/NOTE FANNIE MAE 628,612.10 0.20% 40% YesFED AGY BOND/NOTE FEDERAL HOME LOAN BANKS 379,906.84 0.12% 40% YesCOMMERCIAL PAPER TOYOTA MOTOR CREDIT CORP 14,431,023.56 4.62% 10% YesCOMMERCIAL PAPER MUFG BANK LTD/NY 7,462,284.14 2.39% 10% YesCOMMERCIAL PAPER MERCK & CO INC 10,968,619.42 3.51% 10% YesCOMMERCIAL PAPER BANK OF MONTREAL CHICAGO 9,967,861.10 3.19% 10% YesCOMMERCIAL PAPER BNP PARIBAS NY BRANCH 6,971,954.46 2.23% 10% YesCOMMERCIAL PAPER CREDIT AGRICOLE CIB NY 2,981,749.17 0.95% 10% YesCOMMERCIAL PAPER NATIXIS NY BRANCH 9,967,658.33 3.19% 10% YesCOMMERCIAL PAPER COOPERATIEVE RABOBANK U.A. 4,972,655.55 1.59% 10% YesMNY MKT/MUTUAL FND CASH BALANCE 9,402,222.50 3.01% 25% YesINTERGOVERNMENTAL POOLS FL PALM 59,338,415.38 19.00% 25% Yes
PFM Asset Management LLC10 of 25
For the Quarter Ended March 31, 2020BREVARD COUNTY SCHOOL DISTRICT Asset Allocation
Sector Individual Issuer BreakdownAmortized Cost
(Includes Interest)Allocation
PercentagePermitted by
PolicyIn
ComplianceTotal 312,274,062.86 100.00%End of month trade-date amortized cost of portfolio holdings, including accrued interest. The combined total of Federal Instrumentalities and Mortgage Backed Securities can not be more than 80%.
PFM Asset Management LLC11 of 25
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended March 31, 2020
Portfolio Snapshot
Portfolio Statistics
As of March 31, 2020
$68,750,000
$69,168,945
$68,965,317
$155,504
$48,125
Accrued Interest:
Cash:
Par Value:
Total Market Value:
Security Market Value:
Benchmark Eff. Yield: 0.08%
$68,655,286
0.39%
1.67%
AAAverage Credit: *
Yield at Cost:
Amortized Cost:
Yield at Market:
Effective Duration: 0.35 Years
Duration to Worst: 0.35 Years
Average Maturity: 0.35 Years
Credit Quality (S&P Ratings)
10.9%
A-1
29.3%
A-1+
59.8%
AA+
0%
20%
40%
60%
80%
100%
0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years
100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
Maturity Distribution
Sector Allocation
18.1%
Commercial
Paper
81.9%
U.S.
Treasury
PFM Asset Management LLC
* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.
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BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended March 31, 2020
Portfolio Snapshot
Portfolio Statistics
As of March 31, 2020
$88,900,000
$92,041,514
$88,923,901
$62,612
$3,055,000
Accrued Interest:
Cash:
Par Value:
Total Market Value:
Security Market Value:
Benchmark Eff. Yield: 0.08%
$88,706,584
0.70%
1.67%
AAAverage Credit: *
Yield at Cost:
Amortized Cost:
Yield at Market:
Effective Duration: 0.25 Years
Duration to Worst: 0.25 Years
Average Maturity: 0.25 Years
Credit Quality (S&P Ratings)
35.9%
A-1
25.9%
A-1+
38.3%
AA+
0%
20%
40%
60%
80%
100%
0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years
100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
Maturity Distribution
Sector Allocation
37.0%
Commercial
Paper
63.0%
U.S.
Treasury
PFM Asset Management LLC
* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.
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BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended March 31, 2020
Portfolio Snapshot
Portfolio Statistics
As of March 31, 2020
$56,880,000
$63,482,715
$57,070,751
$165,903
$6,246,061
Accrued Interest:
Cash:
Par Value:
Total Market Value:
Security Market Value:
Benchmark Eff. Yield: 0.08%
$56,798,499
0.73%
1.52%
AAAverage Credit: *
Yield at Cost:
Amortized Cost:
Yield at Market:
Effective Duration: 0.47 Years
Duration to Worst: 0.47 Years
Average Maturity: 0.48 Years
Credit Quality (S&P Ratings)
5.2%
A-1
34.0%
A-1+
60.7%
AA+
0%
20%
40%
60%
80%
100%
0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years
91.1%
8.9%
0.0% 0.0% 0.0% 0.0%
Maturity Distribution
Sector Allocation
39.3%
Commercial
Paper
60.7%
U.S.
Treasury
PFM Asset Management LLC
* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.
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BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended March 31, 2020
Portfolio Snapshot
Portfolio Statistics
As of March 31, 2020
$15,782,068
$16,296,080
$16,194,241
$68,856
$32,983
Accrued Interest:
Cash:
Par Value:
Total Market Value:
Security Market Value:
$15,775,333
0.63%
2.18%
AAAverage Credit: *
Yield at Cost:
Amortized Cost:
Yield at Market:
Effective Duration: 1.77 Years
Duration to Worst: 1.74 Years
Average Maturity: 1.87 Years
Credit Quality (S&P Ratings)
6.6%
A
3.3%
A-
2.7%
A+
1.4%
AA
0.7%
AA-
84.5%
AA+
0.8%
Not Rated
0%
10%
20%
30%
40%
50%
60%
0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years
8.5%
52.7%
37.3%
1.3% 0.3% 0.0%
Maturity Distribution
Sector Allocation
14.7%
Corporate
7.1%
Federal
Agency/CMO
3.5%
Federal
Agency/GSE
0.8%
Municipal
73.9%
U.S.
Treasury
PFM Asset Management LLC
* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.
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BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended March 31, 2020
Portfolio Snapshot
Portfolio Statistics
As of March 31, 2020
$13,089,636
$13,511,095
$13,433,597
$57,444
$20,054
Accrued Interest:
Cash:
Par Value:
Total Market Value:
Security Market Value:
$13,087,404
0.64%
2.18%
AAAverage Credit: *
Yield at Cost:
Amortized Cost:
Yield at Market:
Effective Duration: 1.77 Years
Duration to Worst: 1.74 Years
Average Maturity: 1.87 Years
Credit Quality (S&P Ratings)
6.7%
A
3.3%
A-
2.8%
A+
1.4%
AA
0.7%
AA-
84.3%
AA+
0.8%
Not Rated
0%
10%
20%
30%
40%
50%
60%
0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years
8.6%
52.2%
37.7%
1.2% 0.3% 0.0%
Maturity Distribution
Sector Allocation
14.9%
Corporate
7.0%
Federal
Agency/CMO
3.5%
Federal
Agency/GSE
0.8%
Municipal
73.8%
U.S.
Treasury
PFM Asset Management LLC
* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.
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BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
Aggregated Holdings
PFM Asset Management LLC
Aggregate Portfolio Holdings (1/8)
Issuer Par Value Book Value Market Value Accrued Interest Maturity Date Effective
DurationCoupon
RateYield at
CostYield at Market
AMERICAN EXPRESS CO 80,000.00 80,007.49 80,572.16 168.00 3/3/2022 1.78 2.70% 2.70% 2.32%
AMERICAN EXPRESS CO 70,000.00 70,006.55 70,500.64 147.00 3/3/2022 1.78 2.70% 2.70% 2.32%
AMERICAN HONDA FINANCE 155,000.00 154,954.75 152,420.18 1,091.46 5/20/2022 2.06 1.95% 1.96% 2.76%
AMERICAN HONDA FINANCE 130,000.00 129,962.05 127,836.28 915.42 5/20/2022 2.06 1.95% 1.96% 2.76%
BANK OF AMERICA CO 150,000.00 149,780.56 150,187.50 1,771.88 10/19/2020 0.54 2.63% 2.90% 2.39%
BANK OF AMERICA CO 125,000.00 124,817.13 125,156.25 1,476.56 10/19/2020 0.54 2.63% 2.90% 2.39%
BANK OF MONTREAL 10,000,000.00 9,967,861.10 9,973,400.00 0.00 6/5/2020 0.18 0.00% 1.80% 1.45%
BNP PARIBAS 4,000,000.00 3,986,061.12 3,988,664.00 0.00 6/5/2020 0.18 0.00% 1.96% 1.55%
BNP PARIBAS 3,000,000.00 2,985,893.34 2,988,033.00 0.00 7/2/2020 0.25 0.00% 1.86% 1.55%
CATERPILLAR INC 85,000.00 84,963.33 84,585.54 359.13 11/18/2022 2.54 1.95% 1.97% 2.14%
CATERPILLAR INC 75,000.00 74,967.65 74,634.30 316.88 11/18/2022 2.54 1.95% 1.97% 2.14%
CISCO SYSTEMS INC 110,000.00 107,696.83 110,862.18 62.18 9/20/2021 1.37 1.85% 3.32% 1.31%
CISCO SYSTEMS INC 90,000.00 88,115.59 90,705.42 50.88 9/20/2021 1.37 1.85% 3.32% 1.31%
CREDIT AGRICOLE SA 3,000,000.00 2,981,749.17 2,983,128.00 0.00 7/31/2020 0.33 0.00% 1.83% 1.67%
DEERE & COMPANY 125,000.00 124,949.26 125,532.50 910.42 6/7/2021 1.16 2.30% 2.33% 1.93%
DEERE & COMPANY 100,000.00 99,959.41 100,426.00 728.33 6/7/2021 1.16 2.30% 2.33% 1.93%
DEERE & COMPANY 25,000.00 24,973.85 24,643.63 146.25 6/13/2022 2.12 1.95% 2.00% 2.62%
EXXON MOBIL CORP 75,000.00 74,304.29 74,792.03 138.88 3/1/2021 0.90 2.22% 3.26% 2.53%
EXXON MOBIL CORP 65,000.00 64,397.05 64,819.76 120.36 3/1/2021 0.90 2.22% 3.26% 2.53%
FANNIE MAE 150,000.00 149,935.00 155,722.65 875.00 1/11/2022 1.74 2.63% 2.65% 0.47%
FANNIE MAE 200,000.00 200,048.81 207,630.20 1,166.67 1/11/2022 1.74 2.63% 2.61% 0.47%
FANNIE MAE 112,821.15 113,513.89 115,242.92 222.32 8/25/2022 1.23 2.36% 1.76% 0.51%
FANNIE MAE 112,537.69 113,616.05 115,678.27 235.25 11/25/2022 1.36 2.51% 1.70% 0.35%
FANNIE MAE 71,206.34 71,784.93 71,685.09 211.25 9/25/2021 0.77 3.56% 2.27% 2.38%
FANNIE MAE 125,000.00 124,945.84 129,768.88 729.17 1/11/2022 1.74 2.63% 2.65% 0.47%
FANNIE MAE 150,000.00 150,036.61 155,722.65 875.00 1/11/2022 1.74 2.63% 2.61% 0.47%
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BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
Aggregated Holdings
PFM Asset Management LLC
Aggregate Portfolio Holdings (2/8)
Issuer Par Value Book Value Market Value Accrued Interest Maturity Date Effective
DurationCoupon
RateYield at
CostYield at Market
FANNIE MAE 94,017.62 94,594.90 96,035.76 185.26 8/25/2022 1.23 2.36% 1.76% 0.51%
FANNIE MAE 90,030.15 90,892.84 92,542.61 188.20 11/25/2022 1.36 2.51% 1.70% 0.35%
FANNIE MAE 61,918.56 62,421.68 62,334.87 183.69 9/25/2021 0.77 3.56% 2.27% 2.38%
FEDERAL HOME LOAN BANKS 205,000.00 204,636.55 210,156.16 313.19 2/17/2023 2.82 1.38% 1.44% 0.49%
FEDERAL HOME LOAN BANKS 175,000.00 174,689.74 179,401.60 267.36 2/17/2023 2.82 1.38% 1.44% 0.49%
FREDDIE MAC 148,359.11 146,952.98 150,127.44 280.89 3/25/2022 1.02 2.27% 3.03% 0.96%
FREDDIE MAC 150,000.00 151,442.90 152,974.43 294.38 7/25/2022 1.19 2.36% 1.44% 0.57%
FREDDIE MAC 100,000.00 101,192.18 101,969.54 192.25 8/25/2022 1.23 2.31% 1.25% 0.59%
FREDDIE MAC 155,000.00 156,018.85 159,143.40 324.21 11/25/2022 1.36 2.51% 1.92% 0.43%
FREDDIE MAC 31,589.24 31,465.42 32,074.62 70.26 2/25/2023 1.47 2.67% 2.81% 1.51%
FREDDIE MAC 139,205.70 142,061.34 143,348.85 342.33 2/25/2024 1.96 2.95% 1.83% 1.35%
FREDDIE MAC 60,249.57 60,249.39 62,171.53 160.82 7/1/2023 1.68 3.20% 3.11% 1.20%
FREDDIE MAC 51,098.99 51,097.76 52,233.00 89.08 7/25/2024 2.17 2.09% 2.03% 1.02%
FREDDIE MAC 118,687.29 117,562.39 120,101.95 224.71 3/25/2022 1.02 2.27% 3.03% 0.96%
FREDDIE MAC 125,000.00 126,202.42 127,478.69 245.31 7/25/2022 1.19 2.36% 1.44% 0.57%
FREDDIE MAC 75,000.00 75,894.13 76,477.16 144.19 8/25/2022 1.23 2.31% 1.25% 0.59%
FREDDIE MAC 125,000.00 125,821.65 128,341.45 261.46 11/25/2022 1.36 2.51% 1.92% 0.43%
FREDDIE MAC 29,483.29 29,367.73 29,936.31 65.58 2/25/2023 1.47 2.67% 2.81% 1.51%
FREDDIE MAC 116,004.75 118,384.45 119,457.38 285.28 2/25/2024 1.96 2.95% 1.83% 1.35%
FREDDIE MAC 45,187.18 45,187.04 46,628.65 120.61 7/1/2023 1.68 3.20% 3.11% 1.20%
FREDDIE MAC 39,306.91 39,305.97 40,179.22 68.53 7/25/2024 2.17 2.09% 2.03% 1.02%
GENERAL DYNAMICS CORP 95,000.00 94,980.89 95,144.78 1,062.15 5/11/2020 0.11 2.88% 3.06% 1.45%
GENERAL DYNAMICS CORP 75,000.00 74,984.91 75,114.30 838.54 5/11/2020 0.11 2.88% 3.06% 1.45%
HERSHEY COMPANY 80,000.00 79,996.71 80,002.56 876.44 5/15/2020 0.12 2.90% 2.93% 2.78%
HERSHEY COMPANY 65,000.00 64,997.33 65,002.08 712.11 5/15/2020 0.12 2.90% 2.93% 2.78%
HONOLULU HI 125,000.00 125,000.00 125,701.25 1,328.40 8/1/2022 2.26 1.74% 1.74% 1.49%
18 of 25
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
Aggregated Holdings
PFM Asset Management LLC
Aggregate Portfolio Holdings (3/8)
Issuer Par Value Book Value Market Value Accrued Interest Maturity Date Effective
DurationCoupon
RateYield at
CostYield at Market
HONOLULU HI 100,000.00 100,000.00 100,561.00 1,062.72 8/1/2022 2.26 1.74% 1.74% 1.49%
IBM CORP 150,000.00 149,595.19 151,273.65 468.75 8/1/2022 2.27 1.88% 1.99% 1.50%
IBM CORP 125,000.00 124,662.66 126,061.38 390.63 8/1/2022 2.27 1.88% 1.99% 1.50%
JP MORGAN CHASE & CO 150,000.00 149,020.96 150,566.10 318.75 3/1/2021 0.82 2.55% 3.28% 2.13%
JP MORGAN CHASE & CO 125,000.00 124,184.13 125,471.75 265.63 3/1/2021 0.82 2.55% 3.28% 2.13%
MERCK & CO INC 11,000,000.00 10,968,619.42 10,967,385.00 0.00 6/19/2020 0.22 0.00% 1.30% 1.34%
MITSUBISHI UFJ FINANCIAL GROUP INC 2,500,000.00 2,491,152.78 2,494,370.00 0.00 6/5/2020 0.18 0.00% 1.99% 1.23%
MITSUBISHI UFJ FINANCIAL GROUP INC 1,000,000.00 996,406.94 997,748.00 0.00 6/5/2020 0.18 0.00% 2.02% 1.23%
MITSUBISHI UFJ FINANCIAL GROUP INC 2,000,000.00 1,988,093.32 1,992,116.00 0.00 7/24/2020 0.31 0.00% 1.90% 1.24%
MITSUBISHI UFJ FINANCIAL GROUP INC 2,000,000.00 1,986,631.10 1,991,146.00 0.00 8/7/2020 0.35 0.00% 1.90% 1.24%
NATIONAL RURAL UTILITIES CO FINANCE CORP 150,000.00 149,786.06 150,192.90 193.33 3/15/2021 0.94 2.90% 3.05% 2.76%
NATIONAL RURAL UTILITIES CO FINANCE CORP 120,000.00 119,828.85 120,154.32 154.67 3/15/2021 0.94 2.90% 3.05% 2.76%
NATIXIS NY BRANCH 3,000,000.00 2,999,843.34 2,999,697.00 0.00 4/2/2020 0.01 0.00% 1.89% 1.82%
NATIXIS NY BRANCH 2,000,000.00 1,990,493.34 1,990,702.00 0.00 7/2/2020 0.25 0.00% 1.88% 1.81%
NATIXIS NY BRANCH 2,000,000.00 1,987,721.66 1,985,908.00 0.00 8/18/2020 0.38 0.00% 1.60% 1.82%
NATIXIS NY BRANCH 3,000,000.00 2,989,599.99 2,989,806.00 0.00 6/5/2020 0.18 0.00% 1.94% 1.86%
NORTHERN TRUST 150,000.00 151,441.44 155,812.35 583.85 8/2/2022 2.27 2.38% 1.95% 0.70%
NORTHERN TRUST 125,000.00 126,201.20 129,843.63 486.55 8/2/2022 2.27 2.38% 1.95% 0.70%
PACCAR FINANCIAL CORP 135,000.00 134,956.03 134,791.97 1,639.13 5/10/2021 1.07 3.10% 3.13% 3.24%
PACCAR FINANCIAL CORP 115,000.00 114,962.55 114,822.79 1,396.29 5/10/2021 1.07 3.10% 3.13% 3.24%
RABOBANK NEDERLAND 5,000,000.00 4,972,655.55 4,977,020.00 0.00 7/17/2020 0.29 0.00% 1.86% 1.54%THE BANK OF NEW YORK MELLON CORPORATION 125,000.00 125,261.88 125,156.25 397.22 8/17/2020 0.30 2.60% 1.90% 2.24%THE BANK OF NEW YORK MELLON CORPORATION 100,000.00 100,209.51 100,125.00 317.78 8/17/2020 0.30 2.60% 1.90% 2.24%
THE WALT DISNEY CORPORATION 35,000.00 34,938.21 35,173.99 48.13 9/1/2022 2.36 1.65% 1.72% 1.44%
THE WALT DISNEY CORPORATION 75,000.00 74,811.19 75,287.18 234.79 2/12/2021 0.85 2.30% 2.60% 1.85%
THE WALT DISNEY CORPORATION 25,000.00 24,955.87 25,124.28 34.38 9/1/2022 2.36 1.65% 1.72% 1.44%
19 of 25
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
Aggregated Holdings
PFM Asset Management LLC
Aggregate Portfolio Holdings (4/8)
Issuer Par Value Book Value Market Value Accrued Interest Maturity Date Effective
DurationCoupon
RateYield at
CostYield at Market
THE WALT DISNEY CORPORATION 65,000.00 64,836.36 65,248.89 203.49 2/12/2021 0.85 2.30% 2.60% 1.85%
TOYOTA MOTOR CORP 5,000,000.00 4,966,933.30 4,977,535.00 0.00 8/7/2020 0.35 0.00% 1.88% 1.26%
TOYOTA MOTOR CORP 1,000,000.00 999,946.67 999,927.00 0.00 4/2/2020 0.01 0.00% 1.93% 1.31%
TOYOTA MOTOR CORP 1,700,000.00 1,695,584.73 1,696,809.10 0.00 5/21/2020 0.14 0.00% 1.90% 1.33%
TOYOTA MOTOR CORP 4,800,000.00 4,783,359.98 4,772,001.60 0.00 9/8/2020 0.44 0.00% 0.78% 1.31%
TOYOTA MOTOR CORP 2,000,000.00 1,985,198.88 1,987,392.00 0.00 9/21/2020 0.47 0.00% 1.55% 1.31%
UNITED STATES TREASURY 645,000.00 645,454.75 668,381.25 2,026.70 7/31/2022 2.29 1.88% 1.84% 0.32%
UNITED STATES TREASURY 300,000.00 300,734.16 310,875.00 942.65 7/31/2022 2.29 1.88% 1.77% 0.32%
UNITED STATES TREASURY 200,000.00 200,469.46 206,218.76 282.61 8/31/2022 2.37 1.63% 1.53% 0.33%
UNITED STATES TREASURY 100,000.00 99,873.38 102,234.38 1,096.65 4/15/2021 1.02 2.38% 2.50% 0.22%
UNITED STATES TREASURY 200,000.00 200,079.27 206,750.00 695.05 8/15/2021 1.35 2.75% 2.72% 0.29%
UNITED STATES TREASURY 500,000.00 498,999.17 517,890.60 635.19 9/15/2021 1.43 2.75% 2.89% 0.29%
UNITED STATES TREASURY 390,000.00 389,473.56 405,478.13 5,177.36 10/15/2021 1.50 2.88% 2.97% 0.29%
UNITED STATES TREASURY 350,000.00 350,818.44 364,656.25 3,814.90 11/15/2021 1.58 2.88% 2.73% 0.29%
UNITED STATES TREASURY 395,000.00 394,660.64 410,553.13 2,088.94 1/15/2022 1.75 2.50% 2.55% 0.29%
UNITED STATES TREASURY 200,000.00 200,131.89 207,875.00 1,057.69 1/15/2022 1.75 2.50% 2.46% 0.29%
UNITED STATES TREASURY 755,000.00 754,452.76 785,907.81 2,385.30 2/15/2022 1.84 2.50% 2.54% 0.31%
UNITED STATES TREASURY 650,000.00 650,285.92 675,390.63 6,753.07 4/15/2022 1.98 2.25% 2.23% 0.33%
UNITED STATES TREASURY 60,000.00 59,885.89 61,209.37 3.69 3/31/2021 0.99 2.25% 2.44% 0.23%
UNITED STATES TREASURY 110,000.00 109,713.67 112,217.18 6.76 3/31/2021 0.99 2.25% 2.52% 0.23%
UNITED STATES TREASURY 375,000.00 370,906.82 383,789.06 652.17 8/31/2021 1.40 2.00% 2.79% 0.34%
UNITED STATES TREASURY 500,000.00 501,864.52 511,718.75 869.57 8/31/2021 1.40 2.00% 1.73% 0.34%
UNITED STATES TREASURY 225,000.00 225,854.33 233,929.69 659.86 1/31/2023 2.77 1.75% 1.61% 0.34%
UNITED STATES TREASURY 75,000.00 76,614.65 77,601.56 3.07 3/31/2023 2.94 1.50% 0.77% 0.34%
UNITED STATES TREASURY 300,000.00 306,201.33 310,406.25 12.30 3/31/2023 2.94 1.50% 0.80% 0.34%
UNITED STATES TREASURY 200,000.00 204,016.34 206,937.50 8.20 3/31/2023 2.94 1.50% 0.82% 0.34%
20 of 25
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
Aggregated Holdings
PFM Asset Management LLC
Aggregate Portfolio Holdings (5/8)
Issuer Par Value Book Value Market Value Accrued Interest Maturity Date Effective
DurationCoupon
RateYield at
CostYield at Market
UNITED STATES TREASURY 225,000.00 223,249.17 227,777.36 6.92 9/30/2021 1.49 1.13% 1.65% 0.30%
UNITED STATES TREASURY 225,000.00 223,505.78 227,777.36 6.92 9/30/2021 1.49 1.13% 1.58% 0.30%
UNITED STATES TREASURY 390,000.00 388,204.11 395,728.13 2,049.11 10/31/2021 1.56 1.25% 1.55% 0.32%
UNITED STATES TREASURY 350,000.00 349,681.73 361,921.88 2,156.25 11/15/2022 2.56 1.63% 1.66% 0.32%
UNITED STATES TREASURY 250,000.00 250,376.79 256,093.75 1,470.29 11/30/2021 1.64 1.75% 1.66% 0.28%
UNITED STATES TREASURY 1,000,000.00 989,036.23 1,028,437.50 3,142.17 1/31/2022 1.81 1.88% 2.49% 0.32%
UNITED STATES TREASURY 300,000.00 297,458.69 306,234.36 2,016.39 5/31/2021 1.15 2.00% 2.74% 0.22%
UNITED STATES TREASURY 725,000.00 720,416.96 741,878.87 3,893.89 6/30/2021 1.23 2.13% 2.64% 0.26%
UNITED STATES TREASURY 250,000.00 248,648.47 256,289.05 942.65 7/31/2021 1.32 2.25% 2.67% 0.36%
UNITED STATES TREASURY 175,000.00 173,069.85 180,195.31 1,287.26 4/30/2022 2.04 1.75% 2.30% 0.32%
UNITED STATES TREASURY 400,000.00 400,304.88 411,375.00 758.24 8/15/2022 2.34 1.50% 1.47% 0.30%
UNITED STATES TREASURY 300,000.00 297,980.76 308,015.64 1,904.71 10/15/2022 2.49 1.38% 1.65% 0.32%
UNITED STATES TREASURY 325,000.00 326,517.59 335,917.99 1,031.25 1/15/2023 2.73 1.50% 1.33% 0.29%
UNITED STATES TREASURY 150,000.00 153,768.76 155,039.07 475.96 1/15/2023 2.73 1.50% 0.59% 0.29%
UNITED STATES TREASURY 515,000.00 515,363.10 533,668.75 1,618.22 7/31/2022 2.29 1.88% 1.84% 0.32%
UNITED STATES TREASURY 300,000.00 300,734.16 310,875.00 942.65 7/31/2022 2.29 1.88% 1.77% 0.32%
UNITED STATES TREASURY 175,000.00 175,410.78 180,441.42 247.28 8/31/2022 2.37 1.63% 1.53% 0.33%
UNITED STATES TREASURY 75,000.00 74,905.03 76,675.79 822.49 4/15/2021 1.02 2.38% 2.50% 0.22%
UNITED STATES TREASURY 250,000.00 250,099.09 258,437.50 868.82 8/15/2021 1.35 2.75% 2.72% 0.29%
UNITED STATES TREASURY 400,000.00 399,199.33 414,312.48 508.15 9/15/2021 1.43 2.75% 2.89% 0.29%
UNITED STATES TREASURY 350,000.00 349,527.56 363,890.63 4,646.35 10/15/2021 1.50 2.88% 2.97% 0.29%
UNITED STATES TREASURY 335,000.00 335,783.36 349,028.13 3,651.41 11/15/2021 1.58 2.88% 2.73% 0.29%
UNITED STATES TREASURY 365,000.00 364,686.41 379,371.88 1,930.29 1/15/2022 1.75 2.50% 2.55% 0.29%
UNITED STATES TREASURY 70,000.00 70,046.16 72,756.25 370.19 1/15/2022 1.75 2.50% 2.46% 0.29%
UNITED STATES TREASURY 580,000.00 579,579.60 603,743.75 1,832.42 2/15/2022 1.84 2.50% 2.54% 0.31%
UNITED STATES TREASURY 45,000.00 45,054.72 46,835.15 49.37 3/15/2022 1.92 2.38% 2.31% 0.28%
21 of 25
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
Aggregated Holdings
PFM Asset Management LLC
Aggregate Portfolio Holdings (6/8)
Issuer Par Value Book Value Market Value Accrued Interest Maturity Date Effective
DurationCoupon
RateYield at
CostYield at Market
UNITED STATES TREASURY 675,000.00 675,296.91 701,367.19 7,012.81 4/15/2022 1.98 2.25% 2.23% 0.33%
UNITED STATES TREASURY 160,000.00 159,583.52 163,224.99 9.84 3/31/2021 0.99 2.25% 2.52% 0.23%
UNITED STATES TREASURY 350,000.00 346,179.69 358,203.13 608.70 8/31/2021 1.40 2.00% 2.79% 0.34%
UNITED STATES TREASURY 350,000.00 351,305.16 358,203.13 608.70 8/31/2021 1.40 2.00% 1.73% 0.34%
UNITED STATES TREASURY 165,000.00 165,626.51 171,548.44 483.89 1/31/2023 2.77 1.75% 1.61% 0.34%
UNITED STATES TREASURY 65,000.00 66,399.36 67,254.69 2.66 3/31/2023 2.94 1.50% 0.77% 0.34%
UNITED STATES TREASURY 250,000.00 255,167.78 258,671.88 10.25 3/31/2023 2.94 1.50% 0.80% 0.34%
UNITED STATES TREASURY 200,000.00 204,016.34 206,937.50 8.20 3/31/2023 2.94 1.50% 0.82% 0.34%
UNITED STATES TREASURY 200,000.00 198,443.71 202,468.76 6.15 9/30/2021 1.49 1.13% 1.65% 0.30%
UNITED STATES TREASURY 150,000.00 149,003.85 151,851.57 4.61 9/30/2021 1.49 1.13% 1.58% 0.30%
UNITED STATES TREASURY 240,000.00 238,894.84 243,525.00 1,260.99 10/31/2021 1.56 1.25% 1.55% 0.32%
UNITED STATES TREASURY 225,000.00 224,795.40 232,664.06 1,386.16 11/15/2022 2.56 1.63% 1.66% 0.32%
UNITED STATES TREASURY 350,000.00 350,527.51 358,531.25 2,058.40 11/30/2021 1.64 1.75% 1.66% 0.28%
UNITED STATES TREASURY 825,000.00 815,954.89 848,460.94 2,592.29 1/31/2022 1.81 1.88% 2.49% 0.32%
UNITED STATES TREASURY 250,000.00 247,882.24 255,195.30 1,680.33 5/31/2021 1.15 2.00% 2.74% 0.22%
UNITED STATES TREASURY 460,000.00 457,092.14 470,709.35 2,470.60 6/30/2021 1.23 2.13% 2.64% 0.26%
UNITED STATES TREASURY 225,000.00 223,783.62 230,660.15 848.39 7/31/2021 1.32 2.25% 2.67% 0.36%
UNITED STATES TREASURY 400,000.00 400,304.88 411,375.00 758.24 8/15/2022 2.34 1.50% 1.47% 0.30%
UNITED STATES TREASURY 250,000.00 248,317.30 256,679.70 1,587.26 10/15/2022 2.49 1.38% 1.65% 0.32%
UNITED STATES TREASURY 250,000.00 251,167.38 258,398.45 793.27 1/15/2023 2.73 1.50% 1.33% 0.29%
UNITED STATES TREASURY 125,000.00 128,140.63 129,199.23 396.63 1/15/2023 2.73 1.50% 0.59% 0.29%
UNITED STATES TREASURY 5,000,000.00 4,993,636.10 4,999,879.00 0.00 4/30/2020 0.08 0.00% 1.59% 0.03%
UNITED STATES TREASURY 10,250,000.00 10,231,298.67 10,248,776.15 0.00 5/14/2020 0.12 0.00% 1.54% 0.10%
UNITED STATES TREASURY 4,750,000.00 4,753,313.03 4,794,531.25 31,514.42 11/15/2020 0.62 1.75% 1.64% 0.24%
UNITED STATES TREASURY 1,750,000.00 1,751,191.59 1,766,406.25 11,610.58 11/15/2020 0.62 1.75% 1.64% 0.24%
UNITED STATES TREASURY 3,700,000.00 3,697,008.96 3,717,343.75 4,423.91 8/31/2020 0.42 1.38% 1.57% 0.25%
22 of 25
BREVARD PUBLIC SCHOOLS
For the Quarter Ended March 31, 2020
Aggregated Holdings
PFM Asset Management LLC
Aggregate Portfolio Holdings (7/8)
Issuer Par Value Book Value Market Value Accrued Interest Maturity Date Effective
DurationCoupon
RateYield at
CostYield at Market
UNITED STATES TREASURY 7,000,000.00 6,991,144.93 7,038,281.60 262.98 9/30/2020 0.50 1.38% 1.63% 0.28%
UNITED STATES TREASURY 5,000,000.00 4,992,266.40 5,034,375.00 28,897.66 10/31/2020 0.58 1.38% 1.64% 0.19%
UNITED STATES TREASURY 5,000,000.00 5,004,812.05 5,057,812.50 22,115.38 12/31/2020 0.74 1.75% 1.62% 0.21%
UNITED STATES TREASURY 9,000,000.00 8,999,278.20 9,032,344.20 36,964.29 6/30/2020 0.25 1.63% 1.66% 0.19%
UNITED STATES TREASURY 4,800,000.00 4,800,782.30 4,817,250.24 19,714.29 6/30/2020 0.25 1.63% 1.56% 0.19%
UNITED STATES TREASURY 3,000,000.00 2,997,211.86 2,999,899.20 0.00 4/23/2020 0.06 0.00% 1.53% 0.05%
UNITED STATES TREASURY 4,000,000.00 3,998,654.68 3,999,920.00 0.00 4/9/2020 0.02 0.00% 1.52% 0.08%
UNITED STATES TREASURY 5,000,000.00 4,998,299.45 4,999,900.00 0.00 4/9/2020 0.02 0.00% 1.54% 0.08%
UNITED STATES TREASURY 5,000,000.00 4,990,877.40 4,999,403.00 0.00 5/14/2020 0.12 0.00% 1.54% 0.10%
UNITED STATES TREASURY 5,000,000.00 4,988,010.20 4,999,248.00 0.00 5/28/2020 0.16 0.00% 1.52% 0.09%
UNITED STATES TREASURY 16,000,000.00 15,983,671.84 16,075,000.00 19,130.43 8/31/2020 0.42 1.38% 1.62% 0.25%
UNITED STATES TREASURY 8,000,000.00 7,990,486.40 8,043,750.40 300.55 9/30/2020 0.50 1.38% 1.62% 0.28%
UNITED STATES TREASURY 2,000,000.00 1,999,762.10 2,007,187.60 8,214.29 6/30/2020 0.25 1.63% 1.67% 0.19%
UNITED STATES TREASURY 7,900,000.00 7,898,721.31 7,918,516.02 34,967.21 6/15/2020 0.21 1.50% 1.58% 0.37%
UNITED STATES TREASURY 4,600,000.00 4,598,544.15 4,617,968.52 14,596.15 7/15/2020 0.29 1.50% 1.61% 0.16%
UNITED STATES TREASURY 1,800,000.00 1,799,315.12 1,808,437.50 3,412.09 8/15/2020 0.38 1.50% 1.60% 0.25%
UNITED STATES TREASURY 2,200,000.00 2,200,320.63 2,216,843.64 16,507.51 10/15/2020 0.54 1.63% 1.60% 0.21%
UNITED STATES TREASURY 4,550,000.00 4,552,972.01 4,592,656.25 30,187.50 11/15/2020 0.62 1.75% 1.64% 0.24%
UNITED STATES TREASURY 3,000,000.00 3,002,101.77 3,028,125.00 19,903.85 11/15/2020 0.62 1.75% 1.64% 0.24%
UNITED STATES TREASURY 3,000,000.00 3,005,285.76 3,036,093.60 16,598.36 12/15/2020 0.70 1.88% 1.62% 0.17%
UNITED STATES TREASURY 1,930,000.00 1,941,042.38 1,961,061.03 3,356.52 2/28/2021 0.91 2.00% 1.37% 0.24%
UNITED STATES TREASURY 3,300,000.00 3,288,114.23 3,328,359.54 3,228.26 2/28/2021 0.91 1.13% 1.52% 0.19%
UNITED STATES TREASURY 3,000,000.00 2,996,455.83 3,037,500.00 17,338.60 4/30/2021 1.07 1.38% 1.49% 0.22%
UNITED STATES TREASURY 2,000,000.00 1,993,316.20 2,027,187.60 9,241.80 5/31/2021 1.16 1.38% 1.67% 0.21%
UNITED STATES TREASURY 2,500,000.00 2,499,512.70 2,500,390.50 17,315.57 4/15/2020 0.04 1.50% 2.01% 1.11%
UNITED STATES TREASURY 2,500,000.00 2,499,155.15 2,502,734.50 14,217.03 5/15/2020 0.12 1.50% 1.78% 0.61%
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For the Quarter Ended March 31, 2020
Aggregated Holdings
PFM Asset Management LLC
Aggregate Portfolio Holdings (8/8)
Issuer Par Value Book Value Market Value Accrued Interest Maturity Date Effective
DurationCoupon
RateYield at
CostYield at Market
US BANCORP 150,000.00 151,883.95 153,383.85 200.00 3/15/2022 1.82 3.00% 2.33% 1.82%
US BANCORP 125,000.00 126,569.96 127,819.88 166.67 3/15/2022 1.82 3.00% 2.33% 1.82%
WAL-MART STORES INC 150,000.00 149,994.52 150,130.05 1,163.75 6/23/2020 0.23 2.85% 2.87% 2.42%
WAL-MART STORES INC 125,000.00 124,995.44 125,108.38 969.79 6/23/2020 0.23 2.85% 2.87% 2.42%
WELLS FARGO & COMPANY 150,000.00 150,282.50 149,812.50 747.50 7/22/2020 0.31 2.60% 1.98% 2.97%
WELLS FARGO & COMPANY 125,000.00 125,235.42 124,843.75 622.92 7/22/2020 0.31 2.60% 1.98% 2.97%
Totals/Weighted Average 243,401,703.54 243,023,105.76 244,587,808.01 510,319.22 - 0.51 0.94% 1.70% 0.61%
*Aggregate Portfolio Holdings do not include cash balances, money market funds, and Florida PALM Holdings.
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For the Quarter Ended March 31, 2020
Appendix
IMPORTANT DISCLOSURES
This material is based on information obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its
accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as
to what will or may happen under certain circumstances are based on assumptions, some, but not all of which, are noted in the presentation. Assumptions may or may not be proven
correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does
not necessarily reflect and is not a guaranty of future results. The information contained in this presentation is not an offer to purchase or sell any securities.
Dime
à Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Interactive Data, Bloomberg, or Telerate.
Where prices are not available from generally recognized sources, the securities are priced using a yield based matrix system to arrive at an estimated market value.
à In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and
forward settling sales are excluded.
à Performance is presented in accordance with the CFA Institute ’s Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees.
Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of
future returns.
à Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.
à Money market fund/cash balances are included in performance and duration computations.
à Standard & Poorʼs is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.
à Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.
à MBS maturities are represented by expected average life.
PFM Asset Management LLC
BREVARD PUBLIC SCHOOLS
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