brevard county school districteagendatoc.brevardschools.org/08-23-2016 special... · brevard county...
Post on 03-Jul-2020
3 Views
Preview:
TRANSCRIPT
Brevard County School District
300 S. Orange Avenue, Suite 1170Orlando, FL 32801(407) 648-2208(407) 648-1323 fax
PFM Asset Management LLCOne Keystone Plaza, Suite 300North Front & Market StreetsHarrisburg, PA 17101-2044717-232-2723 • 717-233-6073 fax
Investment Performance ReviewQuarter Ended June 30, 2016
Investment AdvisorsSteven Alexander, CTP, CGFO, CPPT, Managing DirectorRobert Cheddar, CFA, Chief Credit Officer, Managing DirectorD. Scott Stitcher, CFA, DirectorRichard Pengelly, CFA, CTP, DirectorRebecca Geyer, CTP, Senior Analyst
© 2016 PFM Asset Management LLC
Page 1 of 88
TABLE OF CONTENTS For the Quarter Ended June 30, 2016
Tab I
Market Update
Tab II
Executive Summary
Capital Short Term Fund
Operating Short Term Fund
Discretionary Sales SurTaxAccount
Self Insurance Fund
Health Insurance Fund
Tab III
Asset Allocation Chart
Important Disclosures
© 2016 PFM Asset Management LLC Page 2 of 88
Tab I
© 2016 PFM Asset Management LLC Page 3 of 88
© 2016 PFM Asset Management LLC
Economic SummaryEconomic Conditions
• Growth of first quarter GDP in the U.S. was revised up to 1.1% from the first estimate of 0.5%, reflecting less drag from trade and inventories. Although better than previously estimated, first quarter growth was sluggish for the third consecutive year. If history is an indication, the economy should rebound through the remainder of the year.
• The housing market continued to strengthen as new home sales surged in April to their highest level since the beginning of 2008 while existing home sales rose to their highest level of the year, pointing to a robust spring selling season.
• Most measures of the employment situation remained positive, but the May jobs report, released on June 3, was surprisingly weak, with only 38,000 new jobs reported. One month does not make a trend, but the weak figure dampened optimism that the pace of growth in US economy was accelerating.
• Federal Reserve rate hike expectations rose sharply following the release of the minutes from the Fed’s April meeting which indicated that “communications following the March FOMC meeting were interpreted by market participants as more accommodative than expected,” and that the Fed was “leaving open the possibility of an increase in the federal funds rate at the June Federal Open Market Committee (FOMC) meeting.” The probability of a summer rate hike rose from 15% to over 40%.
Page 4 of 88
© 2016 PFM Asset Management LLC
Economic Summary, Continued
Market Reaction
• The Treasury yield curve flattened in May as yields on short maturities rose amid rate hike expectations in the coming months. Month and quarter-to-date returns of virtually all Treasury benchmarks were negative, but year to date, Treasuries maturing in more than five years have returned between 3% and better than 8%.
• Federal agency yields remained slightly higher than those of comparable-maturity Treasuries with the result that most benchmarks slightly out-performed matched Treasuries.
• Investment-grade corporate yield spreads widened modestly through the first half of the month as investors made room for heavy new issuance. However, the sector generally provided additional return when compared with Treasuries of similar duration.
• Asset-backed securities (ABS) and mortgage-backed securities (MBS) outperformed Treasuries for the 2nd
month in a row, posting their strongest performance of the year. Lack of volatility in mortgage rates has dampened prepayment risk in the MBS sector.
• Yields on money market securities — those with maturities of one year or less— rose strongly in the second half of May as central bank rate hike expectations increased.
• Domestic equities posted modest gains in May, as Q1 corporate earnings season shifted into full-swing. The S&P 500 Index ended the month 1.8% higher, on a total return basis and is up 3.6% for the year.
Page 5 of 88
© 2016 PFM Asset Management LLC
3.9%
2.0%
1.4%
0.8%
-2%
-1%
0%
1%
2%
3%
4%
5%
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2012 2013 2014 2015 2016 20
QoQ
% C
hang
e; S
easo
nally
Adj
uste
d An
nual
ized
Rat
e
U.S. Real GDP
U.S. Economy on Moderate Growth Track
Source: Bureau of Economic Analysis; Bloomberg survey results as of 05/31/2016.
Bloomberg Survey of
Economists
• U.S. GDP slowed in the first quarter of 2016, growing at 1.1% according to the second estimate by the Bureau of Economic Analysis. Slower first quarters have become a common trend in the recent years.
• The increase in real GDP in the first quarter reflected positive contributions from personal consumption, residential fixed investment, and state and local government spending that were partly offset by negative contributions from nonresidential fixed investment, exports, private inventory investment, and federal government spending.
Page 6 of 88
© 2016 PFM Asset Management LLC
U.S. Labor Market Close to Full Employment
• The U.S. Labor market added 38,000 jobs in May, missing the 160,00 median expectation.
• The unemployment rate fell to 4.7% as the participation rate declined to 62.6%, its lowest level of the year.
• Average hourly earnings increased by 0.2% month-over-month; annual growth held at 2.5%.
Source: Bureau of Labor Statistics, as of 05/31/2016.
0K
50K
100K
150K
200K
250K
300K
350K
400K
May
'11
Nov
'11
May
'12
Nov
'12
May
'13
Nov
'13
May
'14
Nov
'14
May
'15
Nov
'15
May
'16
Monthly Change in Nonfarm Payrolls
4%
5%
6%
7%
8%
9%
10%
May
'11
Nov
'11
May
'12
Nov
'12
May
'13
Nov
'13
May
'14
Nov
'14
May
'15
Nov
'15
May
'16
Unemployment Rate
Page 7 of 88
© 2016 PFM Asset Management LLC
Inflation Picking Up
• The core personal consumption expenditures (PCE) price index, the Fed’s preferred gauge of core inflation, grew 1.6% year-over-year through April 2016, but continues to undershoot the 2% target.
• Wage growth continues to show modest improvement, while higher prices from housing and health care remain strong drivers of inflation.
Source: Bloomberg as of 04/29/2016.
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Apr '06 Apr '07 Apr '08 Apr '09 Apr '10 Apr '11 Apr '12 Apr '13 Apr '14 Apr '15 Apr '16
YoY
% C
hang
e
Inflation Measures Consumer Price Index vs Personal Consumption Expenditures
Core CPI Core PCE Fed's Long Term Inflation Target
Page 8 of 88
Tab II
© 2016 PFM Asset Management LLC Page 9 of 88
EXECUTIVE SUMMARY For the Quarter Ended June 30, 2016
The Portfolios are of high credit quality and invested in U.S. Treasury, Federal Agency, commercial paper, high qualitycorporates.
The Capital, Operating, and Discretionary Sales SurTax Portfolios continue to provide the District with favorable yieldrelative to the benchmark. At month end, the portfolios had Yields to Maturity at Cost of 0.79%, 0.70% and 0.91%,respectively, exceeding their benchmark, the Merrill Lynch 3 Month U.S. Treasury Bill Index’s Effective Yield of 0.26%.
The Self-Insurance and Health-Insurance Portfolios’ quarterly total return performances were 0.49% and 0.48%,respectively, underperforming the benchmark performance of 0.53% by 0.04% and 0.05%, respectively.
PFM continued to actively manage the Self-Insurance and Health-Insurance Portfolios during the first quarter and foundvalue in the market, taking advantage of market inefficiencies or changes in economic outlook. As a result, the Portfoliosrealized $7,589 in gains on sales (based on amortized cost) during the quarter. PFM is continually in the marketmonitoring for opportunities to add value to the Portfolios.
PFM will continue to navigate the market environment with a keen focus on relative value sector analysis, prudentduration management, and efficient yield curve placement. While producing strong investment returns remains a priority,it is secondary to maintaining safety and liquidity, particularly in the current environment where we expect yields to trendhigher.
© 2016 PFM Asset Management LLC
Page 10 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Snapshot
Portfolio StatisticsAs of June 30, 2016
28,550,000
28,583,772
28,567,943
15,829
-
28,528,673
0.60%
0.79%
AAAAverage Credit: **
Yield at Cost:
Accrued Interest:
Cash:
Par Value:
Amortized Cost:
Total Market Value:
Yield at Market:
Security Market Value:
Effective Duration: 0.44 Years
Duration to Worst: 0.44 Years
Average Maturity: 0.44 Years
0.26%Benchmark Eff. Yield:
PFM -
Credit Quality (S&P Ratings)
51.7%A-1
33.9%A-1+
14.4%AA+
0%
20%
40%
60%
80%
100%
0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years
91.9%
0.0%
8.1%
0.0% 0.0% 0.0%
Maturity Distribution
Sector Allocation
69.2%
CommercialPaper
24.5%
FederalAgency/GSE
6.3%U.S. Treasury
2016 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.
Account Page 11 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Earnings
Quarter-Ended June 30, 2016
Market Value Basis Accrual (Amortized Cost) Basis
Net Purchases/Sales
Change in Value
Interest Earned
$53,339,867.61
($24,842,191.67)
$70,267.39
$20,671.18
$90,938.57
$28,567,943.33
$53,309,540.60
($24,842,191.67)
$61,324.55
$20,671.18
$81,995.73
$28,528,673.48
Portfolio Earnings
Beginning Value (03/30/2016)
Ending Value (06/30/2016)
2016 PFM Asset Management LLC Account Page 12 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector Allocation
As of June 30, 2016
Market Value ($) % of PortfolioSector
Commercial Paper 19,764,782 69.2%
Federal Agency/GSE 7,002,564 24.5%
U.S. Treasury 1,800,598 6.3%
Total 28,567,943 100.0%
69.2%
CommercialPaper
24.5%
FederalAgency/GSE
6.3%U.S. Treasury
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 13 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector AllocationAs of June 30, 2016
Market Value ($)Sector % of Portfolio % of Benchmark
Commercial Paper 19,764,782 - 69.2%
Federal Agency/GSE 7,002,564 - 24.5%
U.S. Treasury 1,800,598 100.0% 6.3%
28,567,943 100.0% 100.0%Total
0%
20%
40%
60%
80%
100%
Commercial Paper Federal Agency/GSE U.S. Treasury
69.2%
24.5%
6.3%0.0% 0.0%
100.0%
BREVARD CNTY SCHOOL BOARD CAPITAL - ST BofA ML 3 Month U.S. Treasury Bill Index
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 14 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector Allocation
June 30, 2016 March 30, 2016 December 30, 2015 September 30, 2015
% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)
Commercial Paper 19.8 69.2% 24.1 45.3% 19.2 38.8% 11.0 38.1%Federal Agency/GSE 7.0 24.5% 15.0 28.1% 8.0 16.2% 8.0 27.7%U.S. Treasury 1.8 6.3% 14.2 26.6% 22.2 45.0% 9.9 34.2%
$28.6 100.0% $53.3 100.0% $49.4 100.0% $28.9 100.0%Total
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
June 2016 March 2016 December 2015 September 2015
U.S. TreasuryFederal Agency/GSECommercial Paper
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
AccountPage 15 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Maturity DistributionAs of June 30, 2016
>5
Years
4-5
Years
3-4
Years
2-3
Years
1-2
Years
0-1
Years
Yield
at MarketPortfolio/BenchmarkAverage
Maturity
BREVARD CNTY SCHOOL BOARD CAPITAL - ST 0.60% 91.9% 0.0% 8.1% 0.0% 0.0% 0.0%0.44 yrs
BofA ML 3 Month U.S. Treasury Bill Index 0.26% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.25 yrs
0%
20%
40%
60%
80%
100%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
91.9%
0.0%
8.1%
0.0% 0.0% 0.0%
100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
BREVARD CNTY SCHOOL BOARD CAPITAL - ST BofA ML 3 Month U.S. Treasury Bill Index
2016 PFM Asset Management LLC Account Page 16 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
As of June 30, 2016
Duration Distribution
> 5
YEARS4-5
YEARS
3-4
YEARS
2-3
YEARS
1-2
YEARS
0-1
YEARS
Effective
DurationPortfolio / Benchmark
BREVARD CNTY SCHOOL BOARD CAPITAL - ST 0.44 91.92% 0.00% 8.08% 0.00% 0.00% 0.00%
BofA ML 3 Month U.S. Treasury Bill Index 0.15 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0%
20%
40%
60%
80%
100%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
92%
0%
8%
0% 0% 0%
100%
0% 0% 0% 0% 0%
Distribution by Effective Duration
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
BofA ML 3 Month U.S. Treasury Bill Index
0%
10%
20%
30%
40%
50%
60%
70%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
60%
0%
40%
0% 0% 0%
Contribution to Portfolio Duration
2016 PFM Asset Management LLC Account Page 17 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Credit QualityAs of June 30, 2016
S&P Rating Market Value ($) % of Portfolio
51.7%$14,773,267A-1
33.9%$9,686,587A-1+
14.4%$4,108,090AA+
Totals 100.0%$28,567,943
51.7%A-1
33.9%A-1+
14.4%AA+
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 18 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Issuer DistributionAs of June 30, 2016
Market Value ($) % of PortfolioIssuer
RABOBANK NEDERLAND 9,980,040 34.9%
TOYOTA MOTOR CORP 4,991,515 17.5%
MITSUBISHI UFJ FINANCIAL GROUP INC 4,793,227 16.8%
FEDERAL HOME LOAN BANKS 4,695,072 16.4%
FANNIE MAE 2,307,492 8.1%
UNITED STATES TREASURY 1,800,598 6.3%
28,567,943 100.0%Grand Total:
2016 PFM Asset Management LLC AccountPage 19 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector/Issuer DistributionAs of June 30, 2016
% of SectorSector / Issuer Market Value ($) % of Total Portfolio
Commercial Paper
MITSUBISHI UFJ FINANCIAL GROUP INC 16.8% 24.3% 4,793,227
RABOBANK NEDERLAND 34.9% 50.5% 9,980,040
TOYOTA MOTOR CORP 17.5% 25.3% 4,991,515
100.0% 69.2% 19,764,782 Sector Total
Federal Agency/GSE
FANNIE MAE 8.1% 33.0% 2,307,492
FEDERAL HOME LOAN BANKS 16.4% 67.0% 4,695,072
100.0% 24.5% 7,002,564 Sector Total
U.S. Treasury
UNITED STATES TREASURY 6.3% 100.0% 1,800,598
100.0% 6.3% 1,800,598 Sector Total
100.0% 28,567,943 Portfolio Total 100.0%
2016 PFM Asset Management LLC Account Page 20 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security DescriptionTransact
Amt ($)
Yield
at Market
Realized
G/L (BV)Coupon
BUY
3/31/16 4/1/16 5,000,000 89233GK39 TOYOTA MOTOR CREDIT CORP COMM PAPER 10/3/16 4,980,729.17 0.75%0.00%
3/31/16 4/4/16 4,700,000 313384J42 FEDERAL HOME LOAN BANKS DISC NOTE 10/4/16 4,689,248.75 0.45%0.00%
4/13/16 4/14/16 10,000,000 21687AKE2 RABOBANK NEDERLAND NV NY COMM PAPER 10/14/16 9,957,808.33 0.83%0.00%
19,700,000 19,627,786.25Total BUY
INTEREST
4/1/16 4/1/16 0 MONEY0002 MONEY MARKET FUND 83.56
5/2/16 5/2/16 0 MONEY0002 MONEY MARKET FUND 149.29
5/31/16 5/31/16 12,400,000 912828WM8 US TREASURY NOTES 5/31/16 23,250.00 0.37%
6/1/16 6/1/16 0 MONEY0002 MONEY MARKET FUND 18.51
12,400,000 23,501.36Total INTEREST
MATURITY
4/13/16 4/13/16 8,000,000 313588VN2 FANNIE MAE DISC NOTE 4/13/16 8,000,000.00 0.00 0.00%
5/13/16 5/13/16 4,400,000 89233GED4 TOYOTA MOTOR CREDIT CORP COMM PAPER 5/13/16 4,400,000.00 0.00 0.00%
5/31/16 5/31/16 12,400,000 912828WM8 US TREASURY NOTES 5/31/16 12,400,000.00 0.00 0.37%
6/10/16 6/10/16 5,000,000 06538BFA6 BANK OF TOKYO MITSUBISHI COMM PAPER 6/10/16 5,000,000.00 0.00 0.00%
6/10/16 6/10/16 5,000,000 89233GFA9 TOYOTA MOTOR CREDIT CORP COMM PAPER 6/10/16 5,000,000.00 0.00 0.00%
34,800,000 34,800,000.00 0.00Total MATURITY
2016 PFM Asset Management LLC Account Page 21 of 88
BREVARD CNTY SCHOOL BOARD CAPITAL - ST
For the Quarter Ended June 30, 2016
Portfolio Activity
Quarterly Portfolio Transactions
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date
Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
3/31/16 4/1/16 5,000,000.00 89233GK39 TOYOTA MOTOR CREDIT CORP COMM
PAPER
BUY 10/3/16 (4,980,729.17) 0.75%0.00%
3/31/16 4/4/16 4,700,000.00 313384J42 FEDERAL HOME LOAN BANKS DISC NOTEBUY 10/4/16 (4,689,248.75) 0.45%0.00%
4/1/16 4/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 83.56
4/13/16 4/13/16 8,000,000.00 313588VN2 FANNIE MAE DISC NOTEMATURITY 4/13/16 8,000,000.00 0.00 0.00%
4/13/16 4/14/16 10,000,000.00 21687AKE2 RABOBANK NEDERLAND NV NY COMM
PAPER
BUY 10/14/16 (9,957,808.33) 0.83%0.00%
5/2/16 5/2/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 149.29
5/13/16 5/13/16 4,400,000.00 89233GED4 TOYOTA MOTOR CREDIT CORP COMM
PAPER
MATURITY 5/13/16 4,400,000.00 0.00 0.00%
5/31/16 5/31/16 12,400,000.00 912828WM8 US TREASURY NOTESINTEREST 5/31/16 23,250.00 0.37%
5/31/16 5/31/16 12,400,000.00 912828WM8 US TREASURY NOTESMATURITY 5/31/16 12,400,000.00 0.00 0.37%
6/1/16 6/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 18.51
6/10/16 6/10/16 5,000,000.00 06538BFA6 BANK OF TOKYO MITSUBISHI COMM PAPERMATURITY 6/10/16 5,000,000.00 0.00 0.00%
6/10/16 6/10/16 5,000,000.00 89233GFA9 TOYOTA MOTOR CREDIT CORP COMM
PAPER
MATURITY 6/10/16 5,000,000.00 0.00 0.00%
TOTALS 15,195,715.11 0.00
2016 PFM Asset Management LLC AccountPage 22 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Snapshot
Portfolio StatisticsAs of June 30, 2016
53,900,000
54,069,881
53,940,312
129,569
-
53,898,302
0.31%
0.70%
AAAverage Credit: **
Yield at Cost:
Accrued Interest:
Cash:
Par Value:
Amortized Cost:
Total Market Value:
Yield at Market:
Security Market Value:
Effective Duration: 0.21 Years
Duration to Worst: 0.21 Years
Average Maturity: 0.21 Years
0.26%Benchmark Eff. Yield:
PFM -
Credit Quality (S&P Ratings)
3.9%A-1
96.1%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
3.9%
CommercialPaper
96.1%U.S. Treasury
2016 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.
AccountPage 23 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Earnings
Quarter-Ended June 30, 2016
Market Value Basis Accrual (Amortized Cost) Basis
Net Purchases/Sales
Change in Value
Interest Earned
$99,002,201.90
($45,000,000.00)
($61,889.70)
$163,577.79
$101,688.09
$53,940,312.20
$98,920,776.72
($45,000,000.00)
($22,474.39)
$163,577.79
$141,103.40
$53,898,302.33
Portfolio Earnings
Beginning Value (03/30/2016)
Ending Value (06/30/2016)
2016 PFM Asset Management LLC Account Page 24 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector Allocation
As of June 30, 2016
Market Value ($) % of PortfolioSector
U.S. Treasury 51,843,618 96.1%
Commercial Paper 2,096,695 3.9%
Total 53,940,312 100.0%
3.9%
CommercialPaper
96.1%U.S. Treasury
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
AccountPage 25 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector AllocationAs of June 30, 2016
Market Value ($)Sector % of Portfolio % of Benchmark
U.S. Treasury 51,843,618 100.0% 96.1%
Commercial Paper 2,096,695 - 3.9%
53,940,312 100.0% 100.0%Total
0%
20%
40%
60%
80%
100%
Commercial Paper U.S. Treasury
3.9%
96.1%
0.0%
100.0%
BREVARD CNTY SCHOOL BOARD OPERATING - ST BofA ML 3 Month U.S. Treasury Bill Index
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 26 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector Allocation
June 30, 2016 March 30, 2016 December 30, 2015 September 30, 2015
% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)
U.S. Treasury 51.8 96.1% 81.9 82.8% 81.9 73.2% 5.3 30.2%Commercial Paper 2.1 3.9% 17.1 17.3% 20.0 17.8% 10.0 57.4%Federal Agency/GSE 0.0 0.0% 0.0 0.0% 10.0 8.9% 2.1 12.4%
$53.9 100.0% $99.0 100.0% $111.8 100.0% $17.4 100.0%Total
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
June 2016 March 2016 December 2015 September 2015
Federal Agency/GSECommercial PaperU.S. Treasury
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 27 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Maturity DistributionAs of June 30, 2016
>5
Years
4-5
Years
3-4
Years
2-3
Years
1-2
Years
0-1
Years
Yield
at MarketPortfolio/BenchmarkAverage
Maturity
BREVARD CNTY SCHOOL BOARD OPERATING - ST 0.31% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.21 yrs
BofA ML 3 Month U.S. Treasury Bill Index 0.26% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.25 yrs
0%
20%
40%
60%
80%
100%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
BREVARD CNTY SCHOOL BOARD OPERATING - ST BofA ML 3 Month U.S. Treasury Bill Index
2016 PFM Asset Management LLC Account Page 28 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
As of June 30, 2016
Duration Distribution
> 5
YEARS4-5
YEARS
3-4
YEARS
2-3
YEARS
1-2
YEARS
0-1
YEARS
Effective
DurationPortfolio / Benchmark
BREVARD CNTY SCHOOL BOARD OPERATING -
ST
0.21 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
BofA ML 3 Month U.S. Treasury Bill Index 0.15 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0%
20%
40%
60%
80%
100%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
100%
0% 0% 0% 0% 0%
100%
0% 0% 0% 0% 0%
Distribution by Effective Duration
BREVARD CNTY SCHOOL BOARD OPERATING - ST
BofA ML 3 Month U.S. Treasury Bill Index
0%
20%
40%
60%
80%
100%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
100%
0% 0% 0% 0% 0%
Contribution to Portfolio Duration
2016 PFM Asset Management LLC Account Page 29 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Credit QualityAs of June 30, 2016
S&P Rating Market Value ($) % of Portfolio
96.1%$51,843,618AA+
3.9%$2,096,695A-1
Totals 100.0%$53,940,312
3.9%A-1
96.1%AA+
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 30 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Issuer DistributionAs of June 30, 2016
Market Value ($) % of PortfolioIssuer
UNITED STATES TREASURY 51,843,618 96.1%
BNP PARIBAS 2,096,695 3.9%
53,940,312 100.0%Grand Total:
2016 PFM Asset Management LLC Account Page 31 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector/Issuer DistributionAs of June 30, 2016
% of SectorSector / Issuer Market Value ($) % of Total Portfolio
Commercial Paper
BNP PARIBAS 3.9% 100.0% 2,096,695
100.0% 3.9% 2,096,695 Sector Total
U.S. Treasury
UNITED STATES TREASURY 96.1% 100.0% 51,843,618
100.0% 96.1% 51,843,618 Sector Total
100.0% 53,940,312 Portfolio Total 100.0%
2016 PFM Asset Management LLC Account Page 32 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security DescriptionTransact
Amt ($)
Yield
at Market
Realized
G/L (BV)Coupon
INTEREST
4/1/16 4/1/16 0 MONEY0002 MONEY MARKET FUND 69.20
4/15/16 4/15/16 10,000,000 912828WA4 US TREASURY NOTES 10/15/16 31,250.00 0.62%
4/30/16 4/30/16 15,000,000 912828C81 US TREASURY NOTES 4/30/16 28,125.00 0.37%
5/2/16 5/2/16 0 MONEY0002 MONEY MARKET FUND 170.06
5/15/16 5/15/16 9,800,000 912828WF3 US TREASURY NOTES 11/15/16 30,625.00 0.62%
6/1/16 6/1/16 0 MONEY0002 MONEY MARKET FUND 366.65
6/30/16 6/30/16 15,000,000 912828QR4 US TREASURY NOTES 6/30/16 112,500.00 1.50%
49,800,000 203,105.91Total INTEREST
MATURITY
4/30/16 4/30/16 15,000,000 912828C81 US TREASURY NOTES 4/30/16 15,000,000.00 0.00 0.37%
5/6/16 5/6/16 5,000,000 09659BE63 BNP PARIBAS NY BRANCH COMM PAPER 5/6/16 5,000,000.00 0.00 0.00%
6/17/16 6/17/16 5,000,000 46640PFH1 JP MORGAN SECURITIES LLC COMM PAPER 6/17/16 5,000,000.00 0.00 0.00%
6/27/16 6/27/16 5,000,000 46640PFT5 JP MORGAN SECURITIES LLC COMM PAPER 6/27/16 5,000,000.00 0.00 0.00%
6/30/16 6/30/16 15,000,000 912828QR4 US TREASURY NOTES 6/30/16 15,000,000.00 0.00 1.50%
45,000,000 45,000,000.00 0.00Total MATURITY
2016 PFM Asset Management LLC Account Page 33 of 88
BREVARD CNTY SCHOOL BOARD OPERATING - ST
For the Quarter Ended June 30, 2016
Portfolio Activity
Quarterly Portfolio Transactions
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date
Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
4/1/16 4/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 69.20
4/15/16 4/15/16 10,000,000.00 912828WA4 US TREASURY NOTESINTEREST 10/15/16 31,250.00 0.62%
4/30/16 4/30/16 15,000,000.00 912828C81 US TREASURY NOTESINTEREST 4/30/16 28,125.00 0.37%
4/30/16 4/30/16 15,000,000.00 912828C81 US TREASURY NOTESMATURITY 4/30/16 15,000,000.00 0.00 0.37%
5/2/16 5/2/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 170.06
5/6/16 5/6/16 5,000,000.00 09659BE63 BNP PARIBAS NY BRANCH COMM PAPERMATURITY 5/6/16 5,000,000.00 0.00 0.00%
5/15/16 5/15/16 9,800,000.00 912828WF3 US TREASURY NOTESINTEREST 11/15/16 30,625.00 0.62%
6/1/16 6/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 366.65
6/17/16 6/17/16 5,000,000.00 46640PFH1 JP MORGAN SECURITIES LLC COMM PAPERMATURITY 6/17/16 5,000,000.00 0.00 0.00%
6/27/16 6/27/16 5,000,000.00 46640PFT5 JP MORGAN SECURITIES LLC COMM PAPERMATURITY 6/27/16 5,000,000.00 0.00 0.00%
6/30/16 6/30/16 15,000,000.00 912828QR4 US TREASURY NOTESINTEREST 6/30/16 112,500.00 1.50%
6/30/16 6/30/16 15,000,000.00 912828QR4 US TREASURY NOTESMATURITY 6/30/16 15,000,000.00 0.00 1.50%
TOTALS 45,203,105.91 0.00
2016 PFM Asset Management LLC Account Page 34 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Snapshot
Portfolio StatisticsAs of June 30, 2016
37,830,000
38,222,161
37,978,430
46,019
197,712
37,858,629
0.65%
0.91%
AAAverage Credit: **
Yield at Cost:
Accrued Interest:
Cash:
Par Value:
Amortized Cost:
Total Market Value:
Yield at Market:
Security Market Value:
Effective Duration: 1.11 Years
Duration to Worst: 1.11 Years
Average Maturity: 1.13 Years
0.26%Benchmark Eff. Yield:
PFM -
Credit Quality (S&P Ratings)
44.7%A-1
15.7%A-1+
39.6%AA+
0%
10%
20%
30%
40%
50%
60%
70%
0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years
65.7%
18.2%
5.4% 5.4% 5.3%0.0%
Maturity Distribution
Sector Allocation
60.4%
CommercialPaper
39.6%U.S. Treasury
2016 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.
Account Page 35 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Earnings
Quarter-Ended June 30, 2016
Market Value Basis Accrual (Amortized Cost) Basis
Net Purchases/Sales
Change in Value
Interest Earned
$27,939,274.80
$9,946,281.11
$92,874.11
$42,525.45
$135,399.56
$37,978,430.02
$27,887,493.77
$9,946,281.11
$24,854.31
$42,525.45
$67,379.76
$37,858,629.19
Portfolio Earnings
Beginning Value (03/30/2016)
Ending Value (06/30/2016)
2016 PFM Asset Management LLC Account Page 36 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector Allocation
As of June 30, 2016
Market Value ($) % of PortfolioSector
Commercial Paper 22,945,212 60.4%
U.S. Treasury 15,033,218 39.6%
Total 37,978,430 100.0%
60.4%
CommercialPaper
39.6%U.S. Treasury
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 37 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector AllocationAs of June 30, 2016
Market Value ($)Sector % of Portfolio % of Benchmark
Commercial Paper 22,945,212 - 60.4%
U.S. Treasury 15,033,218 100.0% 39.6%
37,978,430 100.0% 100.0%Total
0%
20%
40%
60%
80%
100%
Commercial Paper U.S. Treasury
60.4%
39.6%
0.0%
100.0%
BREVARD COUNTY DISC SALES SURTAX ACCOUNT BofA ML 3 Month U.S. Treasury Bill Index
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 38 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector Allocation
June 30, 2016 March 30, 2016 December 30, 2015 September 30, 2015
% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)
Commercial Paper 22.9 60.4% 13.0 46.4% 0.0 0.0% 0.0 0.0%U.S. Treasury 15.0 39.6% 15.0 53.6% 0.0 0.0% 0.0 0.0%Federal Agency/GSE 0.0 0.0% 0.0 0.0% 15.0 100.0% 15.0 100.0%
$38.0 100.0% $27.9 100.0% $15.0 100.0% $15.0 100.0%Total
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
June 2016 March 2016 December 2015 September 2015
Federal Agency/GSEU.S. TreasuryCommercial Paper
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 39 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Composition
Maturity DistributionAs of June 30, 2016
>5
Years
4-5
Years
3-4
Years
2-3
Years
1-2
Years
0-1
Years
Yield
at MarketPortfolio/BenchmarkAverage
Maturity
BREVARD COUNTY DISC SALES SURTAX ACCOUNT 0.65% 65.7% 18.2% 5.4% 5.4% 5.3% 0.0%1.13 yrs
BofA ML 3 Month U.S. Treasury Bill Index 0.26% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.25 yrs
0%
20%
40%
60%
80%
100%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
65.7%
18.2%
5.4% 5.4% 5.3%0.0%
100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
BREVARD COUNTY DISC SALES SURTAX ACCOUNT BofA ML 3 Month U.S. Treasury Bill Index
2016 PFM Asset Management LLC Account Page 40 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Composition
As of June 30, 2016
Duration Distribution
> 5
YEARS4-5
YEARS
3-4
YEARS
2-3
YEARS
1-2
YEARS
0-1
YEARS
Effective
DurationPortfolio / Benchmark
BREVARD COUNTY DISC SALES SURTAX
ACCOUNT
1.11 65.70% 18.22% 5.40% 5.37% 5.32% 0.00%
BofA ML 3 Month U.S. Treasury Bill Index 0.15 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0%
20%
40%
60%
80%
100%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
66%
18%
5% 5% 5%0%
100%
0% 0% 0% 0% 0%
Distribution by Effective Duration
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
BofA ML 3 Month U.S. Treasury Bill Index
0%
4%
8%
12%
16%
20%
24%
28%
32%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
19%
29%
13%
18%
21%
0%
Contribution to Portfolio Duration
2016 PFM Asset Management LLC Account Page 41 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Composition
Credit QualityAs of June 30, 2016
S&P Rating Market Value ($) % of Portfolio
44.7%$16,967,418A-1
39.6%$15,033,218AA+
15.7%$5,977,794A-1+
Totals 100.0%$37,978,430
44.7%A-1
15.7%A-1+
39.6%AA+
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 42 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Composition
Issuer DistributionAs of June 30, 2016
Market Value ($) % of PortfolioIssuer
UNITED STATES TREASURY 15,033,218 39.6%
BNP PARIBAS 6,497,166 17.1%
MITSUBISHI UFJ FINANCIAL GROUP INC 6,496,984 17.1%
TOYOTA MOTOR CORP 5,977,794 15.7%
BANK OF MONTREAL 3,973,268 10.5%
37,978,430 100.0%Grand Total:
2016 PFM Asset Management LLC Account Page 43 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector/Issuer DistributionAs of June 30, 2016
% of SectorSector / Issuer Market Value ($) % of Total Portfolio
Commercial Paper
BANK OF MONTREAL 10.5% 17.3% 3,973,268
BNP PARIBAS 17.1% 28.3% 6,497,166
MITSUBISHI UFJ FINANCIAL GROUP INC 17.1% 28.3% 6,496,984
TOYOTA MOTOR CORP 15.7% 26.1% 5,977,794
100.0% 60.4% 22,945,212 Sector Total
U.S. Treasury
UNITED STATES TREASURY 39.6% 100.0% 15,033,218
100.0% 39.6% 15,033,218 Sector Total
100.0% 37,978,430 Portfolio Total 100.0%
2016 PFM Asset Management LLC Account Page 44 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security DescriptionTransact
Amt ($)
Yield
at Market
Realized
G/L (BV)Coupon
BUY
6/15/16 6/16/16 4,000,000 06366GQ36 BANK OF MONTREAL CHICAGO COMM PAPER 3/3/17 3,970,244.44 1.04%0.00%
6/15/16 6/16/16 6,000,000 89233GMF0 TOYOTA MOTOR CREDIT CORP COMM PAPER 12/15/16 5,976,036.67 0.79%0.00%
10,000,000 9,946,281.11Total BUY
INTEREST
4/1/16 4/1/16 0 MONEY0002 MONEY MARKET FUND 172.33
5/2/16 5/2/16 0 MONEY0002 MONEY MARKET FUND 24.54
6/1/16 6/1/16 0 MONEY0002 MONEY MARKET FUND 25.95
0 222.82Total INTEREST
2016 PFM Asset Management LLC Account Page 45 of 88
BREVARD COUNTY DISC SALES SURTAX ACCOUNT
For the Quarter Ended June 30, 2016
Portfolio Activity
Quarterly Portfolio Transactions
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date
Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
4/1/16 4/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 172.33
5/2/16 5/2/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 24.54
6/1/16 6/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 25.95
6/15/16 6/16/16 4,000,000.00 06366GQ36 BANK OF MONTREAL CHICAGO COMM
PAPER
BUY 3/3/17 (3,970,244.44) 1.04%0.00%
6/15/16 6/16/16 6,000,000.00 89233GMF0 TOYOTA MOTOR CREDIT CORP COMM
PAPER
BUY 12/15/16 (5,976,036.67) 0.79%0.00%
TOTALS (9,946,058.29)
2016 PFM Asset Management LLC AccountPage 46 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Snapshot
Portfolio StatisticsAs of June 30, 2016
14,894,000
15,073,190
15,010,601
43,441
19,149
14,916,489
0.80%
1.04%
AAAverage Credit: **
Yield at Cost:
Accrued Interest:
Cash:
Par Value:
Amortized Cost:
Total Market Value:
Yield at Market:
Security Market Value:
Effective Duration: 1.80 Years
Duration to Worst: 1.81 Years
Average Maturity: 1.84 Years
PFM -
Credit Quality (S&P Ratings)
4.0%A
6.0%A-
0.6%AA
4.0%AA-
85.3%AA+
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years
11.9%
44.6% 43.5%
0.0% 0.0% 0.0%
Maturity Distribution
Sector Allocation
18.3%Corporate
30.6%
FederalAgency/GSE
51.0%U.S. Treasury
2016 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.
Account Page 47 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Performance (Total Return)
Effective
DurationPortfolio/Benchmark
Annualized Return
10 Year1 Year 3 Year 5 YearSince Inception
(09/30/01) **
Current
Quarter
BREVARD COUNTY FLA SD SELF
INSURANCE FD
1.80 0.49% 2.60%1.44% 1.01% 0.88% 2.60%
BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53% 2.46%1.31% 0.98% 0.81% 2.48%
Difference 0.13%-0.04% 0.03% 0.07% 0.14% 0.12%
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
2.4%
2.8%
Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception
0.49%
1.44%
1.01%0.88%
2.60% 2.60%
0.53%
1.31%
0.98%0.81%
2.46% 2.48%
To
tal
Ret
urn
BREVARD COUNTY FLA SD SELF INSURANCE FD BofA ML 1-3 Year U.S. Treasury Index
2016 PFM Asset Management LLC
Portfolio performance is gross of fees unless otherwise indicated. **Since Inception performance is not shown for periods less than one year.
Account Page 48 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Performance (Total Return)
Effective
DurationPortfolio/Benchmark
Annualized Return
03/31/16 09/30/1506/30/16 12/31/15
Quarter Ended
5 Year1 Year 3 Year
BREVARD COUNTY FLA SD SELF
INSURANCE FD
1.80 0.49% 1.44% 1.01% 0.88%0.93% -0.29% 0.30%
BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53% 1.31% 0.98% 0.81%0.90% -0.44% 0.31%
Difference 0.13%-0.04% 0.03% 0.07%0.03% 0.15% -0.01%
-0.8%
-0.4%
0.0%
0.4%
0.8%
1.2%
1.6%
06/30/16 03/31/16 12/31/15 09/30/15 1 Year 3 Year 5 Year
0.49%
0.93%
-0.29%
0.30%
1.44%
1.01%0.88%
0.53%
0.90%
-0.44%
0.31%
1.31%
0.98%
0.81%
To
tal
Ret
urn
BREVARD COUNTY FLA SD SELF INSURANCE FD BofA ML 1-3 Year U.S. Treasury Index
2016 PFM Asset Management LLC
Portfolio performance is gross of fees unless otherwise indicated.
Account Page 49 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Performance (Total Return)
Effective
DurationPortfolio/Benchmark 03/31/16 09/30/1506/30/16 12/31/15
Quarter Ended Annualized Return
5 Year1 Year 3 Year
BREVARD COUNTY FLA SD SELF
INSURANCE FD
1.80 0.49% 1.44% 1.01% 0.88%0.93% -0.29% 0.30%
Net of Fees ** - 0.47% 1.38% 0.94% 0.82%0.91% -0.31% 0.28%
BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53% 1.31% 0.98% 0.81%0.90% -0.44% 0.31%
0.13%-0.04% 0.03% 0.07%0.03% 0.15% -0.01%Difference (Gross)
Difference (Net) -0.06% 0.01% 0.13% -0.03% 0.07% -0.04% 0.01%
-0.8%
-0.4%
0.0%
0.4%
0.8%
1.2%
1.6%
06/30/16 03/31/16 12/31/15 09/30/15 1 Year 3 Year 5 Year
0.49%
0.93%
-0.29%
0.30%
1.44%
1.01%0.88%
0.53%
0.90%
-0.44%
0.31%
1.31%
0.98%
0.81%
To
tal
Ret
urn
BREVARD COUNTY FLA SD SELF INSURANCE FD BofA ML 1-3 Year U.S. Treasury Index
2016 PFM Asset Management LLC
Portfolio performance is gross of fees unless otherwise indicated. ** Fees were calculated based on average assets during the period at the contractual rate.
Account Page 50 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Earnings
Quarter-Ended June 30, 2016
Market Value Basis Accrual (Amortized Cost) Basis
Net Purchases/Sales
Change in Value
Interest Earned
$14,869,011.07
$111,178.74
$30,411.52
$42,743.44
$73,154.96
$15,010,601.33
$14,805,838.50
$111,178.74
($527.77)
$42,743.44
$42,215.67
$14,916,489.47
Portfolio Earnings
Beginning Value (03/30/2016)
Ending Value (06/30/2016)
2016 PFM Asset Management LLC Account Page 51 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector Allocation
As of June 30, 2016
Market Value ($) % of PortfolioSector
U.S. Treasury 7,662,825 51.1%
Federal Agency/GSE 4,597,582 30.6%
Corporate 2,750,195 18.3%
Total 15,010,601 100.0%
18.3%Corporate
30.6%
FederalAgency/GSE
51.0%U.S. Treasury
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 52 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector AllocationAs of June 30, 2016
Market Value ($)Sector % of Portfolio % of Benchmark
100.0% 51.1% 7,662,825U.S. Treasury - 30.6% 4,597,582Federal Agency/GSE - 18.3% 2,750,195Corporate
15,010,601 100.0% 100.0%Total
0%
20%
40%
60%
80%
100%
Corporate Federal Agency/GSE U.S. Treasury
18.3%
30.6%
51.0%
0.0% 0.0%
100.0%
BREVARD COUNTY FLA SD SELF INSURANCE FD BofA ML 1-3 Year U.S. Treasury Index
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 53 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector Allocation
June 30, 2016 March 30, 2016 December 30, 2015 September 30, 2015
% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)
U.S. Treasury 7.7 51.1% 9.3 62.2% 9.4 64.0% 9.2 62.0%Federal Agency/GSE 4.6 30.6% 2.4 16.4% 1.7 11.6% 2.0 13.6%Corporate 2.8 18.3% 2.8 18.5% 2.8 19.2% 2.8 19.2%Municipal 0.0 0.0% 0.4 2.9% 0.8 5.3% 0.8 5.3%
$15.0 100.0% $14.9 100.0% $14.7 100.0% $14.8 100.0%Total
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
June 2016 March 2016 December 2015 September 2015
MunicipalCorporateFederal Agency/GSEU.S. Treasury
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 54 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Composition
Maturity DistributionAs of June 30, 2016
>5
Years
4-5
Years
3-4
Years
2-3
Years
1-2
Years
0-1
Years
Yield
at MarketPortfolio/BenchmarkAverage
Maturity
BREVARD COUNTY FLA SD SELF INSURANCE FD 0.80% 11.9% 44.6% 43.5% 0.0% 0.0% 0.0%1.84 yrs
BofA ML 1-3 Year U.S. Treasury Index 0.60% 3.1% 53.7% 43.1% 0.0% 0.0% 0.0%1.94 yrs
0%
10%
20%
30%
40%
50%
60%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
11.9%
44.6% 43.5%
0.0% 0.0% 0.0%3.1%
53.7%
43.1%
0.0% 0.0% 0.0%
BREVARD COUNTY FLA SD SELF INSURANCE FD BofA ML 1-3 Year U.S. Treasury Index
2016 PFM Asset Management LLC Account Page 55 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Composition
As of June 30, 2016
Duration Distribution
> 5
YEARS4-5
YEARS
3-4
YEARS
2-3
YEARS
1-2
YEARS
0-1
YEARS
Effective
DurationPortfolio / Benchmark
BREVARD COUNTY FLA SD SELF INSURANCE FD 1.80 11.90% 44.57% 43.53% 0.00% 0.00% 0.00%
BofA ML 1-3 Year U.S. Treasury Index 1.83 3.12% 53.74% 43.15% 0.00% 0.00% 0.00%
0%
10%
20%
30%
40%
50%
60%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
12%
45% 44%
0% 0% 0%3%
54%
43%
0% 0% 0%
Distribution by Effective Duration
BREVARD COUNTY FLA SD SELF INSURANCE FD
BofA ML 1-3 Year U.S. Treasury Index
0%
10%
20%
30%
40%
50%
60%
70%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
3%
36%
61%
0% 0% 0%2%
43%
56%
0% 0% 0%
Contribution to Portfolio Duration
BofA ML 1-3 Year U.S. Treasury Index
BREVARD COUNTY FLA SD SELF INSURANCE FD
2016 PFM Asset Management LLC Account Page 56 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Composition
Credit QualityAs of June 30, 2016
S&P Rating Market Value ($) % of Portfolio
85.3%$12,811,892AA+
6.0%$899,952A-
4.0%$604,205AA-
4.0%$603,725A
0.6%$90,827AA
Totals 100.0%$15,010,601
4.0%A
6.0%A-
0.6%AA
4.0%AA-
85.3%AA+
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 57 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Composition
Issuer DistributionAs of June 30, 2016
Market Value ($) % of PortfolioIssuer
UNITED STATES TREASURY 7,662,825 51.1%
FEDERAL HOME LOAN BANKS 1,811,420 12.1%
FANNIE MAE 1,739,466 11.6%
FREDDIE MAC 1,046,696 7.0%
TOYOTA MOTOR CORP 604,205 4.0%
GENERAL ELECTRIC CO 551,486 3.7%
JP MORGAN CHASE & CO 550,000 3.7%
BANK OF NEW YORK CO INC 353,483 2.4%
AMERICAN EXPRESS CO 349,952 2.3%
CATERPILLAR INC 250,243 1.7%
BERKSHIRE HATHAWAY INC 90,827 0.6%
15,010,601 100.0%Grand Total:
To
p 5
= 8
5.7%
To
p 1
0 =
99.
4%
2016 PFM Asset Management LLC Account Page 58 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector/Issuer DistributionAs of June 30, 2016
% of SectorSector / Issuer Market Value ($) % of Total Portfolio
Corporate
AMERICAN EXPRESS CO 2.3% 12.7% 349,952
BANK OF NEW YORK CO INC 2.4% 12.9% 353,483
BERKSHIRE HATHAWAY INC 0.6% 3.3% 90,827
CATERPILLAR INC 1.7% 9.1% 250,243
GENERAL ELECTRIC CO 3.7% 20.1% 551,486
JP MORGAN CHASE & CO 3.7% 20.0% 550,000
TOYOTA MOTOR CORP 4.0% 22.0% 604,205
100.0% 18.3% 2,750,195 Sector Total
Federal Agency/GSE
FANNIE MAE 11.6% 37.8% 1,739,466
FEDERAL HOME LOAN BANKS 12.1% 39.4% 1,811,420
FREDDIE MAC 7.0% 22.8% 1,046,696
100.0% 30.6% 4,597,582 Sector Total
U.S. Treasury
UNITED STATES TREASURY 51.0% 100.0% 7,662,825
100.0% 51.0% 7,662,825 Sector Total
2016 PFM Asset Management LLC Account Page 59 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Composition
100.0% 15,010,601 Portfolio Total 100.0%
2016 PFM Asset Management LLC Account Page 60 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security DescriptionTransact
Amt ($)
Yield
at Market
Realized
G/L (BV)Coupon
BUY
4/6/16 4/7/16 450,000 3137EAEA3 FHLMC REFERENCE NOTE 4/9/18 449,293.50 0.83%0.75%
5/3/16 5/6/16 400,000 912828WL0 US TREASURY NOTES 5/31/19 409,652.66 0.92%1.50%
5/25/16 5/27/16 540,000 3135G0J53 FNMA BENCHMARK NOTE 2/26/19 539,631.60 1.12%1.00%
5/26/16 5/27/16 390,000 3130A8BD4 FEDERAL HOME LOAN BANKS AGCY 6/29/18 389,060.10 0.99%0.87%
6/2/16 6/3/16 390,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 389,836.20 1.14%1.12%
6/27/16 6/28/16 600,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 605,507.25 0.82%1.12%
2,770,000 2,782,981.31Total BUY
INTEREST
4/1/16 4/1/16 375,000 759911X88 REGIONAL TRANS AUTH, IL TXBL REV BONDS 5/6/16 1,031.25 0.55%
4/1/16 4/1/16 0 MONEY0002 MONEY MARKET FUND 16.52
4/30/16 4/30/16 190,000 912828TW0 US TREASURY NOTES 10/31/17 712.50 0.75%
4/30/16 4/30/16 760,000 912828WD8 US TREASURY NOTES 10/31/18 4,750.00 1.25%
4/30/16 4/30/16 330,000 912828SS0 US TREASURY NOTES 4/30/17 1,443.75 0.87%
4/30/16 4/30/16 505,000 912828WD8 US TREASURY NOTES 10/31/18 3,156.25 1.25%
5/2/16 5/2/16 0 MONEY0002 MONEY MARKET FUND 17.28
5/6/16 5/6/16 375,000 759911X88 REGIONAL TRANS AUTH, IL TXBL REV BONDS 5/6/16 200.52 0.55%
5/15/16 5/15/16 50,000 91412GSX4 UNIV OF CAL TXBL REV BONDS 5/15/16 226.75 0.90%
5/15/16 5/15/16 550,000 36962G7J7 GENERAL ELECTRIC CORP NOTES (CALLABLE) 5/15/17 3,437.50 1.25%
5/22/16 5/22/16 350,000 06406HDB2 BANK OF NEW YORK MELLON CORP (CALLABLE) 5/22/18 2,800.00 1.60%
5/31/16 5/31/16 450,000 912828UA6 US TREASURY NOTES 11/30/17 1,406.25 0.62%
5/31/16 5/31/16 400,000 912828WL0 US TREASURY NOTES 5/31/19 3,000.00 1.50%
6/1/16 6/1/16 0 MONEY0002 MONEY MARKET FUND 16.82
6/5/16 6/5/16 350,000 0258M0DM8 AMERICAN EXPRESS CREDIT CORP NOTES 6/5/17 1,968.75 1.12%
2016 PFM Asset Management LLC Account Page 61 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Activity
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security DescriptionTransact
Amt ($)
Yield
at Market
Realized
G/L (BV)Coupon
6/21/16 6/21/16 390,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 219.38 1.12%
6/29/16 6/29/16 390,000 3130A8BD4 FEDERAL HOME LOAN BANKS AGCY 6/29/18 303.33 0.87%
6/30/16 6/30/16 850,000 912828A75 US TREASURY NOTES 12/31/18 6,375.00 1.50%
6,315,000 31,081.85Total INTEREST
MATURITY
5/6/16 5/6/16 375,000 759911X88 REGIONAL TRANS AUTH, IL TXBL REV BONDS 5/6/16 375,000.00 0.00 0.55%
5/15/16 5/15/16 50,000 91412GSX4 UNIV OF CAL TXBL REV BONDS 5/15/16 50,000.00 0.00 0.90%
425,000 425,000.00 0.00Total MATURITY
SELL
4/6/16 4/7/16 100,000 912828UU2 US TREASURY NOTES 3/31/18 100,022.15 0.75% 503.74 0.75%
4/6/16 4/7/16 350,000 912828UU2 US TREASURY NOTES 3/31/18 350,077.56 0.75% 884.40 0.75%
5/25/16 5/27/16 150,000 3137EADU0 FHLMC REFERENCE NOTE 1/27/17 150,097.00 0.65% (66.48)0.50%
5/25/16 5/27/16 275,000 912828SC5 US TREASURY NOTES 1/31/17 276,278.32 0.60% 124.23 0.87%
5/26/16 5/27/16 390,000 912828UU2 US TREASURY NOTES 3/31/18 389,556.70 0.88% 902.90 0.75%
6/2/16 6/3/16 380,000 912828C65 US TREASURY NOTES 3/31/19 387,611.03 1.01% 410.98 1.62%
6/27/16 6/28/16 75,000 3137EADU0 FHLMC REFERENCE NOTE 1/27/17 75,147.54 0.52% 27.93 0.50%
6/27/16 6/28/16 330,000 912828SS0 US TREASURY NOTES 4/30/17 331,468.41 0.51% 920.46 0.87%
6/27/16 6/28/16 185,000 912828SM3 US TREASURY NOTES 3/31/17 186,150.84 0.50% 600.58 1.00%
2,235,000 2,246,409.55 4,308.74Total SELL
2016 PFM Asset Management LLC Account Page 62 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Activity
Quarterly Portfolio Transactions
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date
Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
4/1/16 4/1/16 375,000.00 759911X88 REGIONAL TRANS AUTH, IL TXBL REV
BONDS
INTEREST 5/6/16 1,031.25 0.55%
4/1/16 4/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 16.52
4/6/16 4/7/16 450,000.00 3137EAEA3 FHLMC REFERENCE NOTEBUY 4/9/18 (449,293.50) 0.83%0.75%
4/6/16 4/7/16 100,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 100,022.15 0.75% 503.74 0.75%
4/6/16 4/7/16 350,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 350,077.56 0.75% 884.40 0.75%
4/30/16 4/30/16 190,000.00 912828TW0 US TREASURY NOTESINTEREST 10/31/17 712.50 0.75%
4/30/16 4/30/16 760,000.00 912828WD8 US TREASURY NOTESINTEREST 10/31/18 4,750.00 1.25%
4/30/16 4/30/16 330,000.00 912828SS0 US TREASURY NOTESINTEREST 4/30/17 1,443.75 0.87%
4/30/16 4/30/16 505,000.00 912828WD8 US TREASURY NOTESINTEREST 10/31/18 3,156.25 1.25%
5/2/16 5/2/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 17.28
5/3/16 5/6/16 400,000.00 912828WL0 US TREASURY NOTESBUY 5/31/19 (409,652.66) 0.92%1.50%
5/6/16 5/6/16 375,000.00 759911X88 REGIONAL TRANS AUTH, IL TXBL REV
BONDS
INTEREST 5/6/16 200.52 0.55%
5/6/16 5/6/16 375,000.00 759911X88 REGIONAL TRANS AUTH, IL TXBL REV
BONDS
MATURITY 5/6/16 375,000.00 0.00 0.55%
5/15/16 5/15/16 50,000.00 91412GSX4 UNIV OF CAL TXBL REV BONDSINTEREST 5/15/16 226.75 0.90%
5/15/16 5/15/16 550,000.00 36962G7J7 GENERAL ELECTRIC CORP NOTES
(CALLABLE)
INTEREST 5/15/17 3,437.50 1.25%
5/15/16 5/15/16 50,000.00 91412GSX4 UNIV OF CAL TXBL REV BONDSMATURITY 5/15/16 50,000.00 0.00 0.90%
5/22/16 5/22/16 350,000.00 06406HDB2 BANK OF NEW YORK MELLON CORP
(CALLABLE)
INTEREST 5/22/18 2,800.00 1.60%
5/25/16 5/27/16 540,000.00 3135G0J53 FNMA BENCHMARK NOTEBUY 2/26/19 (539,631.60) 1.12%1.00%
5/25/16 5/27/16 150,000.00 3137EADU0 FHLMC REFERENCE NOTESELL 1/27/17 150,097.00 0.65% (66.48)0.50%
2016 PFM Asset Management LLC Account Page 63 of 88
BREVARD COUNTY FLA SD SELF INSURANCE FD
For the Quarter Ended June 30, 2016
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date
Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
5/25/16 5/27/16 275,000.00 912828SC5 US TREASURY NOTESSELL 1/31/17 276,278.32 0.60% 124.23 0.87%
5/26/16 5/27/16 390,000.00 3130A8BD4 FEDERAL HOME LOAN BANKS AGCYBUY 6/29/18 (389,060.10) 0.99%0.87%
5/26/16 5/27/16 390,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 389,556.70 0.88% 902.90 0.75%
5/31/16 5/31/16 450,000.00 912828UA6 US TREASURY NOTESINTEREST 11/30/17 1,406.25 0.62%
5/31/16 5/31/16 400,000.00 912828WL0 US TREASURY NOTESINTEREST 5/31/19 3,000.00 1.50%
6/1/16 6/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 16.82
6/2/16 6/3/16 390,000.00 3130A8DB6 FHLB GLOBAL NOTEBUY 6/21/19 (389,836.20) 1.14%1.12%
6/2/16 6/3/16 380,000.00 912828C65 US TREASURY NOTESSELL 3/31/19 387,611.03 1.01% 410.98 1.62%
6/5/16 6/5/16 350,000.00 0258M0DM8 AMERICAN EXPRESS CREDIT CORP NOTESINTEREST 6/5/17 1,968.75 1.12%
6/21/16 6/21/16 390,000.00 3130A8DB6 FHLB GLOBAL NOTEINTEREST 6/21/19 219.38 1.12%
6/27/16 6/28/16 600,000.00 3130A8DB6 FHLB GLOBAL NOTEBUY 6/21/19 (605,507.25) 0.82%1.12%
6/27/16 6/28/16 75,000.00 3137EADU0 FHLMC REFERENCE NOTESELL 1/27/17 75,147.54 0.52% 27.93 0.50%
6/27/16 6/28/16 330,000.00 912828SS0 US TREASURY NOTESSELL 4/30/17 331,468.41 0.51% 920.46 0.87%
6/27/16 6/28/16 185,000.00 912828SM3 US TREASURY NOTESSELL 3/31/17 186,150.84 0.50% 600.58 1.00%
6/29/16 6/29/16 390,000.00 3130A8BD4 FEDERAL HOME LOAN BANKS AGCYINTEREST 6/29/18 303.33 0.87%
6/30/16 6/30/16 850,000.00 912828A75 US TREASURY NOTESINTEREST 12/31/18 6,375.00 1.50%
TOTALS (80,489.91) 4,308.74
2016 PFM Asset Management LLC AccountPage 64 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Snapshot
Portfolio StatisticsAs of June 30, 2016
12,355,000
12,496,409
12,451,559
36,343
8,508
12,376,256
0.80%
1.03%
AAAverage Credit: **
Yield at Cost:
Accrued Interest:
Cash:
Par Value:
Amortized Cost:
Total Market Value:
Yield at Market:
Security Market Value:
Effective Duration: 1.80 Years
Duration to Worst: 1.81 Years
Average Maturity: 1.84 Years
PFM -
Credit Quality (S&P Ratings)
4.4%A
6.0%A-
0.7%AA
4.0%AA-
84.8%AA+
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years
11.7%
45.2%43.1%
0.0% 0.0% 0.0%
Maturity Distribution
Sector Allocation
18.8%Corporate
30.1%
FederalAgency/GSE
51.1%U.S. Treasury
2016 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.
Account Page 65 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Performance (Total Return)
Effective
DurationPortfolio/Benchmark
Annualized Return
10 Year1 Year 3 Year 5 YearSince Inception
(09/30/07) **
Current
Quarter
BREVARD COUNTY SD HEALTH
INSURANCE FUND
1.80 0.48% -1.42% 1.01% 0.87% 2.09%
BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53% -1.31% 0.98% 0.81% 1.93%
Difference 0.11%-0.05% 0.03% 0.06% - 0.16%
0.0%
0.4%
0.8%
1.2%
1.6%
2.0%
2.4%
Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception
0.48%
1.42%
1.01%0.87%
2.09%
0.53%
1.31%
0.98%
0.81%
1.93%
To
tal
Ret
urn
BREVARD COUNTY SD HEALTH INSURANCE FUND BofA ML 1-3 Year U.S. Treasury Index
2016 PFM Asset Management LLC
Portfolio performance is gross of fees unless otherwise indicated. **Since Inception performance is not shown for periods less than one year.
Account Page 66 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Performance (Total Return)
Effective
DurationPortfolio/Benchmark
Annualized Return
03/31/16 09/30/1506/30/16 12/31/15
Quarter Ended
5 Year1 Year 3 Year
BREVARD COUNTY SD HEALTH
INSURANCE FUND
1.80 0.48% 1.42% 1.01% 0.87%0.93% -0.30% 0.31%
BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53% 1.31% 0.98% 0.81%0.90% -0.44% 0.31%
Difference 0.11%-0.05% 0.03% 0.06%0.03% 0.14% 0.00%
-0.8%
-0.4%
0.0%
0.4%
0.8%
1.2%
1.6%
06/30/16 03/31/16 12/31/15 09/30/15 1 Year 3 Year 5 Year
0.48%
0.93%
-0.30%
0.31%
1.42%
1.01%0.87%
0.53%
0.90%
-0.44%
0.31%
1.31%
0.98%
0.81%
To
tal
Ret
urn
BREVARD COUNTY SD HEALTH INSURANCE FUND BofA ML 1-3 Year U.S. Treasury Index
2016 PFM Asset Management LLC
Portfolio performance is gross of fees unless otherwise indicated.
Account Page 67 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Performance (Total Return)
Effective
DurationPortfolio/Benchmark 03/31/16 09/30/1506/30/16 12/31/15
Quarter Ended Annualized Return
5 Year1 Year 3 Year
BREVARD COUNTY SD HEALTH
INSURANCE FUND
1.80 0.48% 1.42% 1.01% 0.87%0.93% -0.30% 0.31%
Net of Fees ** - 0.46% 1.36% 0.94% 0.81%0.91% -0.32% 0.29%
BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53% 1.31% 0.98% 0.81%0.90% -0.44% 0.31%
0.11%-0.05% 0.03% 0.06%0.03% 0.14% 0.00%Difference (Gross)
Difference (Net) -0.07% 0.01% 0.12% -0.02% 0.05% -0.04% 0.00%
-0.8%
-0.4%
0.0%
0.4%
0.8%
1.2%
1.6%
06/30/16 03/31/16 12/31/15 09/30/15 1 Year 3 Year 5 Year
0.48%
0.93%
-0.30%
0.31%
1.42%
1.01%0.87%
0.53%
0.90%
-0.44%
0.31%
1.31%
0.98%
0.81%
To
tal
Ret
urn
BREVARD COUNTY SD HEALTH INSURANCE FUND BofA ML 1-3 Year U.S. Treasury Index
2016 PFM Asset Management LLC
Portfolio performance is gross of fees unless otherwise indicated. ** Fees were calculated based on average assets during the period at the contractual rate.
Account Page 68 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Performance
Portfolio Earnings
Quarter-Ended June 30, 2016
Market Value Basis Accrual (Amortized Cost) Basis
Net Purchases/Sales
Change in Value
Interest Earned
$12,339,110.67
$87,867.00
$24,581.04
$35,475.02
$60,056.06
$12,451,558.71
$12,289,444.75
$87,867.00
($1,055.33)
$35,475.02
$34,419.69
$12,376,256.42
Portfolio Earnings
Beginning Value (03/30/2016)
Ending Value (06/30/2016)
2016 PFM Asset Management LLC AccountPage 69 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector Allocation
As of June 30, 2016
Market Value ($) % of PortfolioSector
U.S. Treasury 6,359,071 51.1%
Federal Agency/GSE 3,753,847 30.2%
Corporate 2,338,641 18.8%
Total 12,451,559 100.0%
18.8%Corporate
30.1%
FederalAgency/GSE
51.1%U.S. Treasury
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 70 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector AllocationAs of June 30, 2016
Market Value ($)Sector % of Portfolio % of Benchmark
100.0% 51.1% 6,359,071U.S. Treasury - 30.2% 3,753,847Federal Agency/GSE - 18.8% 2,338,641Corporate
12,451,559 100.0% 100.0%Total
0%
20%
40%
60%
80%
100%
Corporate Federal Agency/GSE U.S. Treasury
18.8%
30.1%
51.1%
0.0% 0.0%
100.0%
BREVARD COUNTY SD HEALTH INSURANCE FUND BofA ML 1-3 Year U.S. Treasury Index
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 71 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector Allocation
June 30, 2016 March 30, 2016 December 30, 2015 September 30, 2015
% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)
U.S. Treasury 6.4 51.1% 7.6 61.8% 7.7 62.9% 7.2 58.5%Federal Agency/GSE 3.8 30.2% 2.0 16.4% 1.5 12.1% 1.7 14.2%Corporate 2.3 18.8% 2.3 19.0% 2.4 19.7% 2.4 19.6%Commercial Paper 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.3 2.4%Municipal 0.0 0.0% 0.3 2.8% 0.6 5.3% 0.7 5.3%
$12.5 100.0% $12.3 100.0% $12.2 100.0% $12.3 100.0%Total
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
June 2016 March 2016 December 2015 September 2015
Commercial PaperMunicipalCorporateFederal Agency/GSEU.S. Treasury
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
Account Page 72 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Composition
Maturity DistributionAs of June 30, 2016
>5
Years
4-5
Years
3-4
Years
2-3
Years
1-2
Years
0-1
Years
Yield
at MarketPortfolio/BenchmarkAverage
Maturity
BREVARD COUNTY SD HEALTH INSURANCE FUND 0.80% 11.7% 45.2% 43.1% 0.0% 0.0% 0.0%1.84 yrs
BofA ML 1-3 Year U.S. Treasury Index 0.60% 3.1% 53.7% 43.1% 0.0% 0.0% 0.0%1.94 yrs
0%
10%
20%
30%
40%
50%
60%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
11.7%
45.2%43.1%
0.0% 0.0% 0.0%3.1%
53.7%
43.1%
0.0% 0.0% 0.0%
BREVARD COUNTY SD HEALTH INSURANCE FUND BofA ML 1-3 Year U.S. Treasury Index
2016 PFM Asset Management LLC Account Page 73 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Composition
As of June 30, 2016
Duration Distribution
> 5
YEARS4-5
YEARS
3-4
YEARS
2-3
YEARS
1-2
YEARS
0-1
YEARS
Effective
DurationPortfolio / Benchmark
BREVARD COUNTY SD HEALTH INSURANCE
FUND
1.80 11.66% 45.20% 43.15% 0.00% 0.00% 0.00%
BofA ML 1-3 Year U.S. Treasury Index 1.83 3.12% 53.74% 43.15% 0.00% 0.00% 0.00%
0%
10%
20%
30%
40%
50%
60%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
12%
45%43%
0% 0% 0%3%
54%
43%
0% 0% 0%
Distribution by Effective Duration
BREVARD COUNTY SD HEALTH INSURANCE FUND
BofA ML 1-3 Year U.S. Treasury Index
0%
10%
20%
30%
40%
50%
60%
70%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
3%
37%
61%
0% 0% 0%2%
43%
56%
0% 0% 0%
Contribution to Portfolio Duration
BofA ML 1-3 Year U.S. Treasury Index
BREVARD COUNTY SD HEALTH INSURANCE FUND
2016 PFM Asset Management LLC Account Page 74 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Composition
Credit QualityAs of June 30, 2016
S&P Rating Market Value ($) % of Portfolio
84.9%$10,564,133AA+
6.0%$749,959A-
4.4%$553,228A
4.0%$503,505AA-
0.7%$80,735AA
Totals 100.0%$12,451,559
4.4%A
6.0%A-
0.7%AA
4.0%AA-
84.8%AA+
2016 PFM Asset Management LLC
Detail may not add to total due to rounding.
AccountPage 75 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Composition
Issuer DistributionAs of June 30, 2016
Market Value ($) % of PortfolioIssuer
UNITED STATES TREASURY 6,359,071 51.1%
FEDERAL HOME LOAN BANKS 1,585,109 12.7%
FANNIE MAE 1,376,514 11.1%
FREDDIE MAC 792,223 6.4%
TOYOTA MOTOR CORP 503,505 4.0%
GENERAL ELECTRIC CO 451,215 3.6%
JP MORGAN CHASE & CO 450,000 3.6%
BANK OF NEW YORK CO INC 302,985 2.4%
AMERICAN EXPRESS CO 299,959 2.4%
CATERPILLAR INC 250,243 2.0%
BERKSHIRE HATHAWAY INC 80,735 0.7%
12,451,559 100.0%Grand Total:
To
p 5
= 8
5.3%
To
p 1
0 =
99.
4%
2016 PFM Asset Management LLC Account Page 76 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Composition
Sector/Issuer DistributionAs of June 30, 2016
% of SectorSector / Issuer Market Value ($) % of Total Portfolio
Corporate
AMERICAN EXPRESS CO 2.4% 12.8% 299,959
BANK OF NEW YORK CO INC 2.4% 13.0% 302,985
BERKSHIRE HATHAWAY INC 0.6% 3.5% 80,735
CATERPILLAR INC 2.0% 10.7% 250,243
GENERAL ELECTRIC CO 3.6% 19.3% 451,215
JP MORGAN CHASE & CO 3.6% 19.2% 450,000
TOYOTA MOTOR CORP 4.0% 21.5% 503,505
100.0% 18.8% 2,338,641 Sector Total
Federal Agency/GSE
FANNIE MAE 11.1% 36.7% 1,376,514
FEDERAL HOME LOAN BANKS 12.7% 42.2% 1,585,109
FREDDIE MAC 6.4% 21.1% 792,223
100.0% 30.1% 3,753,847 Sector Total
U.S. Treasury
UNITED STATES TREASURY 51.1% 100.0% 6,359,071
100.0% 51.1% 6,359,071 Sector Total
2016 PFM Asset Management LLC Account Page 77 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Composition
100.0% 12,451,559 Portfolio Total 100.0%
2016 PFM Asset Management LLC Account Page 78 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security DescriptionTransact
Amt ($)
Yield
at Market
Realized
G/L (BV)Coupon
BUY
4/6/16 4/7/16 370,000 3137EAEA3 FHLMC REFERENCE NOTE 4/9/18 369,419.10 0.83%0.75%
5/3/16 5/6/16 300,000 912828WL0 US TREASURY NOTES 5/31/19 307,239.50 0.92%1.50%
5/25/16 5/27/16 390,000 3135G0J53 FNMA BENCHMARK NOTE 2/26/19 389,733.93 1.12%1.00%
5/26/16 5/27/16 330,000 3130A8BD4 FEDERAL HOME LOAN BANKS AGCY 6/29/18 329,204.70 0.99%0.87%
6/2/16 6/3/16 320,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 319,865.60 1.14%1.12%
6/27/16 6/28/16 565,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 570,185.99 0.82%1.12%
2,275,000 2,285,648.82Total BUY
INTEREST
4/1/16 4/1/16 300,000 759911X88 REGIONAL TRANS AUTH, IL TXBL REV BONDS 5/6/16 825.00 0.55%
4/1/16 4/1/16 0 MONEY0002 MONEY MARKET FUND 19.73
4/30/16 4/30/16 165,000 912828SS0 US TREASURY NOTES 4/30/17 721.88 0.87%
4/30/16 4/30/16 560,000 912828WD8 US TREASURY NOTES 10/31/18 3,500.00 1.25%
4/30/16 4/30/16 195,000 912828TW0 US TREASURY NOTES 10/31/17 731.25 0.75%
4/30/16 4/30/16 245,000 912828WD8 US TREASURY NOTES 10/31/18 1,531.25 1.25%
5/2/16 5/2/16 0 MONEY0002 MONEY MARKET FUND 12.64
5/6/16 5/6/16 300,000 759911X88 REGIONAL TRANS AUTH, IL TXBL REV BONDS 5/6/16 160.42 0.55%
5/15/16 5/15/16 50,000 91412GSX4 UNIV OF CAL TXBL REV BONDS 5/15/16 226.75 0.90%
5/15/16 5/15/16 450,000 36962G7J7 GENERAL ELECTRIC CORP NOTES (CALLABLE) 5/15/17 2,812.50 1.25%
5/22/16 5/22/16 300,000 06406HDB2 BANK OF NEW YORK MELLON CORP (CALLABLE) 5/22/18 2,400.00 1.60%
5/31/16 5/31/16 315,000 912828UA6 US TREASURY NOTES 11/30/17 984.38 0.62%
5/31/16 5/31/16 300,000 912828WL0 US TREASURY NOTES 5/31/19 2,250.00 1.50%
6/1/16 6/1/16 0 MONEY0002 MONEY MARKET FUND 18.55
6/5/16 6/5/16 300,000 0258M0DM8 AMERICAN EXPRESS CREDIT CORP NOTES 6/5/17 1,687.50 1.12%
2016 PFM Asset Management LLC Account Page 79 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Activity
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security DescriptionTransact
Amt ($)
Yield
at Market
Realized
G/L (BV)Coupon
6/21/16 6/21/16 320,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 180.00 1.12%
6/29/16 6/29/16 330,000 3130A8BD4 FEDERAL HOME LOAN BANKS AGCY 6/29/18 256.67 0.87%
6/30/16 6/30/16 715,000 912828A75 US TREASURY NOTES 12/31/18 5,362.50 1.50%
4,845,000 23,681.02Total INTEREST
MATURITY
5/6/16 5/6/16 300,000 759911X88 REGIONAL TRANS AUTH, IL TXBL REV BONDS 5/6/16 300,000.00 0.00 0.55%
5/15/16 5/15/16 50,000 91412GSX4 UNIV OF CAL TXBL REV BONDS 5/15/16 50,000.00 0.00 0.90%
350,000 350,000.00 0.00Total MATURITY
SELL
4/6/16 4/7/16 370,000 912828UU2 US TREASURY NOTES 3/31/18 370,081.98 0.75% 934.94 0.75%
5/25/16 5/27/16 254,000 3137EADU0 FHLMC REFERENCE NOTE 1/27/17 254,164.25 0.65% (112.58)0.50%
5/25/16 5/27/16 140,000 912828SC5 US TREASURY NOTES 1/31/17 140,650.78 0.60% 63.24 0.87%
5/26/16 5/27/16 70,000 912828UU2 US TREASURY NOTES 3/31/18 69,920.43 0.88% (1.66)0.75%
5/26/16 5/27/16 260,000 912828UU2 US TREASURY NOTES 3/31/18 259,704.47 0.88% 601.94 0.75%
6/2/16 6/3/16 300,000 912828C65 US TREASURY NOTES 3/31/19 306,008.71 1.01% 324.46 1.62%
6/27/16 6/28/16 65,000 912828TG5 US TREASURY NOTES 7/31/17 65,122.88 0.51% 312.50 0.50%
6/27/16 6/28/16 165,000 912828SS0 US TREASURY NOTES 4/30/17 165,734.20 0.51% 460.22 0.87%
6/27/16 6/28/16 215,000 912828SM3 US TREASURY NOTES 3/31/17 216,337.46 0.50% 697.97 1.00%
1,839,000 1,847,725.16 3,281.03Total SELL
2016 PFM Asset Management LLC Account Page 80 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Activity
Quarterly Portfolio Transactions
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date
Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
4/1/16 4/1/16 300,000.00 759911X88 REGIONAL TRANS AUTH, IL TXBL REV
BONDS
INTEREST 5/6/16 825.00 0.55%
4/1/16 4/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 19.73
4/6/16 4/7/16 370,000.00 3137EAEA3 FHLMC REFERENCE NOTEBUY 4/9/18 (369,419.10) 0.83%0.75%
4/6/16 4/7/16 370,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 370,081.98 0.75% 934.94 0.75%
4/30/16 4/30/16 165,000.00 912828SS0 US TREASURY NOTESINTEREST 4/30/17 721.88 0.87%
4/30/16 4/30/16 560,000.00 912828WD8 US TREASURY NOTESINTEREST 10/31/18 3,500.00 1.25%
4/30/16 4/30/16 195,000.00 912828TW0 US TREASURY NOTESINTEREST 10/31/17 731.25 0.75%
4/30/16 4/30/16 245,000.00 912828WD8 US TREASURY NOTESINTEREST 10/31/18 1,531.25 1.25%
5/2/16 5/2/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 12.64
5/3/16 5/6/16 300,000.00 912828WL0 US TREASURY NOTESBUY 5/31/19 (307,239.50) 0.92%1.50%
5/6/16 5/6/16 300,000.00 759911X88 REGIONAL TRANS AUTH, IL TXBL REV
BONDS
INTEREST 5/6/16 160.42 0.55%
5/6/16 5/6/16 300,000.00 759911X88 REGIONAL TRANS AUTH, IL TXBL REV
BONDS
MATURITY 5/6/16 300,000.00 0.00 0.55%
5/15/16 5/15/16 50,000.00 91412GSX4 UNIV OF CAL TXBL REV BONDSINTEREST 5/15/16 226.75 0.90%
5/15/16 5/15/16 450,000.00 36962G7J7 GENERAL ELECTRIC CORP NOTES
(CALLABLE)
INTEREST 5/15/17 2,812.50 1.25%
5/15/16 5/15/16 50,000.00 91412GSX4 UNIV OF CAL TXBL REV BONDSMATURITY 5/15/16 50,000.00 0.00 0.90%
5/22/16 5/22/16 300,000.00 06406HDB2 BANK OF NEW YORK MELLON CORP
(CALLABLE)
INTEREST 5/22/18 2,400.00 1.60%
5/25/16 5/27/16 390,000.00 3135G0J53 FNMA BENCHMARK NOTEBUY 2/26/19 (389,733.93) 1.12%1.00%
5/25/16 5/27/16 254,000.00 3137EADU0 FHLMC REFERENCE NOTESELL 1/27/17 254,164.25 0.65% (112.58)0.50%
5/25/16 5/27/16 140,000.00 912828SC5 US TREASURY NOTESSELL 1/31/17 140,650.78 0.60% 63.24 0.87%
2016 PFM Asset Management LLC Account Page 81 of 88
BREVARD COUNTY SD HEALTH INSURANCE FUND
For the Quarter Ended June 30, 2016
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date
Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
5/26/16 5/27/16 330,000.00 3130A8BD4 FEDERAL HOME LOAN BANKS AGCYBUY 6/29/18 (329,204.70) 0.99%0.87%
5/26/16 5/27/16 70,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 69,920.43 0.88% (1.66)0.75%
5/26/16 5/27/16 260,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 259,704.47 0.88% 601.94 0.75%
5/31/16 5/31/16 315,000.00 912828UA6 US TREASURY NOTESINTEREST 11/30/17 984.38 0.62%
5/31/16 5/31/16 300,000.00 912828WL0 US TREASURY NOTESINTEREST 5/31/19 2,250.00 1.50%
6/1/16 6/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 18.55
6/2/16 6/3/16 320,000.00 3130A8DB6 FHLB GLOBAL NOTEBUY 6/21/19 (319,865.60) 1.14%1.12%
6/2/16 6/3/16 300,000.00 912828C65 US TREASURY NOTESSELL 3/31/19 306,008.71 1.01% 324.46 1.62%
6/5/16 6/5/16 300,000.00 0258M0DM8 AMERICAN EXPRESS CREDIT CORP NOTESINTEREST 6/5/17 1,687.50 1.12%
6/21/16 6/21/16 320,000.00 3130A8DB6 FHLB GLOBAL NOTEINTEREST 6/21/19 180.00 1.12%
6/27/16 6/28/16 565,000.00 3130A8DB6 FHLB GLOBAL NOTEBUY 6/21/19 (570,185.99) 0.82%1.12%
6/27/16 6/28/16 65,000.00 912828TG5 US TREASURY NOTESSELL 7/31/17 65,122.88 0.51% 312.50 0.50%
6/27/16 6/28/16 165,000.00 912828SS0 US TREASURY NOTESSELL 4/30/17 165,734.20 0.51% 460.22 0.87%
6/27/16 6/28/16 215,000.00 912828SM3 US TREASURY NOTESSELL 3/31/17 216,337.46 0.50% 697.97 1.00%
6/29/16 6/29/16 330,000.00 3130A8BD4 FEDERAL HOME LOAN BANKS AGCYINTEREST 6/29/18 256.67 0.87%
6/30/16 6/30/16 715,000.00 912828A75 US TREASURY NOTESINTEREST 12/31/18 5,362.50 1.50%
TOTALS (64,242.64) 3,281.03
2016 PFM Asset Management LLC Account Page 82 of 88
Tab III
© 2016 PFM Asset Management LLC Page 83 of 88
BREVARD COUNTY SCHOOL DISTRICT Asset Allocation as of June 30, 2016
Security Type1Amortized Cost
(Includes Interest)Allocation
Percentage NotesPermitted by Policy
In Compliance
Florida Prime (SBA) - 0.00% 0% YESUnited States Treasury Securities 82,648,667.52 51.20% 100% YESUnited States Government Agency Securities - 0.00% 50% YESFederal Instrumentalities 15,307,765.09 9.48% 2 80% YESMortgage-Backed Securities - 0.00% 2,3 20% YESCertificates of Deposit or Savings Account - 0.00% 25% YESRepurchase Agreements - 0.00% 50% YESCommercial Paper 44,790,977.67 27.75% 35% YESCorporate Notes 5,102,140.54 3.16% 20% YESBankers' Acceptances - 0.00% 35% YESState and/or Local Government Debt - 0.00% 20% YESMoney Market Mutual Funds 225,368.29 0.14% 75% YESFlorida Education Investment Trust Fund 13,339,112.25 8.26% 25% YESNotes:1. End of month trade-date amortized cost of portfolio holdings, including accrued interest. 2. The combined total of Federal Instrumentalities and Mortgage Backed Securities can not be more than 80%. The combined total as of June 30, 2016 is 9.48%.
© 2016 PFM Asset Management LLC
3. The Investment Policy does allow for Government and Federal Agency mortgage backed securities (MBS'). Which is limited to GNMA, FHLMC, and FNMA mortgage backed securities. GNMA securities have the full faith and credit of the United States Treasury. As of September 6, 2008, FHLMC and FNMA have been under conservatorship with the United States Treasury. PFM has imposed an internal maximum allocation limit of 20% in MBS'. PFM will notify the School District prior to adding MBS' to the portfolio.
United States Treasury Securities
51.20%
Federal Instrumentalities
9.48%Commercial Paper
27.75%
Corporate Notes 3.16%
Money Market Mutual Funds
0.14%
Florida Education Investment Trust
Fund8.26%
Page 84 of 88
BREVARD COUNTY SCHOOL DISTRICT Asset Allocation as of June 30, 2016
Individual Issuer BreakdownAmortized Cost
(Includes Interest)Allocation
Percentage NotesPermitted by Policy
In Compliance
Government National Mortgage Association (GNMA) - 0.00% 25% YESFederal Farm Credit Bank (FFCB) - 0.00% 40% YESFederal Home Loan Bank (FHLB) 8,079,527.15 5.01% 40% YESFederal National Mortgage Association (FNMA) 5,389,880.84 3.34% 40% YESFederal Home Loan Mortgage Corporation (FHLMC) 1,838,357.10 1.14% 40% YESAmerican Express Company Corporate Notes 649,650.43 0.40% 5% YESBank of New York Company Inc. Corporate Notes 651,088.73 0.40% 5% YESBerkshire Hathaway, Inc. Corporate Notes 170,669.18 0.11% 5% YESCaterpillar, Inc. Corporate Notes 504,860.70 0.31% 5% YESGeneral Electric Capital Corporation Corporate Notes 1,003,085.41 0.62% 5% YESJP Morgan Chase & Company Corporate Notes 1,015,648.44 0.63% 5% YESToyota Motor Corporation Corporate Notes 1,107,137.65 0.69% 5% YESBank of Montreal Commercial Paper 3,971,961.12 2.46% 10% YESBank of Tokyo Mitsubishi, Inc. Commercial Paper 11,285,133.58 6.99% 10% YESBNP Paribas Commercial Paper 8,589,871.24 5.32% 10% YESRabobank Nederland Commercial Paper 9,975,791.70 6.18% 10% YESToyota Motor Corporation Commercial Paper 10,968,220.03 6.80% 10% YESMoney Market Fund - STIF 225,368.29 0.14% 25% YESFlorida Education Investment Trust Fund 13,339,112.25 8.26% 25% YES
Notes:
© 2016 PFM Asset Management LLC
Page 85 of 88
For the Quarter Ended June 30, 2016
Portfolio Activity
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
■ Market values which include accrued interest, are derived from closing bid prices as of the last business day of the month as supplied by a third party vendor.
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.
■ 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.
■ 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.
■ Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.
■ Money market fund/cash balances are included in performance and duration computations.
■ Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.
■ Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity.
■ MBS maturities are represented by expected average life.
2016 PFM Asset Management LLC Account Page 86 of 88
For the Quarter Ended June 30, 2016
Appendix
Glossary
■ ACCRUED INTEREST: Interest that is due on a bond or other fixed income security since the last interest payment was made.
■ AGENCIES: Federal agency securities and/or Government-sponsored enterprises.
■ AMORTIZED COST: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until
the date of the report. Discount or premium with respect to short term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such
discount or premium with respect to longer term securities is amortized using the constant yield basis.
■ BANKERS’ ACCEPTANCE: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill, as well as the insurer.
■ COMMERCIAL PAPER: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.
■ CONTIBUTION TO DURATION: Represents each sector or maturity range’s relative contribution to the overall duration of the portfolio measured as a percentage weighting.
Since duration is a key measure of interest rate sensitivity, the contribution to duration measures the relative amount or contribution of that sector or maturity range to the total rate
sensitivity of the portfolio.
■ DURATION TO WORST: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years, computed from cash flows to the maturity date or to the put
date, whichever results in the highest yield to the investor.
■ EFFECTIVE DURATION: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.
■ EFFECTIVE YIELD: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on
investment returns, while nominal yield does not.
■ FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.
■ INTEREST RATE: Interest per year divided by principal amount, expressed as a percentage.
■ MARKET VALUE: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.
■ MATURITY: The date upon which the principal or stated value of an investment becomes due and payable.
■ NEGOTIABLE CERTIFICATES OF DEPOSIT: A CD with a very large denomination, usually $1 million or more that can be traded in secondary markets.
■ PAR VALUE: The nominal dollar face amount of a security.
2016 PFM Asset Management LLC Account Page 87 of 88
For the Quarter Ended June 30, 2016
Appendix
Glossary
■ PASS THROUGH SECURITY: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed
security.
■ REPURCHASE AGREEMENTS: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.
■ SETTLE DATE: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction occurs on a non-business day (i.e. coupon
payments and maturity proceeds), the funds are exchanged on the next business day.
■ TRADE DATE: The date on which the transaction occurred however the final consummation of the security transaction and payment has not yet taken place.
■ UNSETTLED TRADE: A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place.
■ U.S. TREASURY: The department of the U.S. government that issues Treasury securities.
■ YIELD: The rate of return based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an
annualized basis.
■ YTM AT COST: The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase
date to maturity, stated as a percentage, on an annualized basis.
■ YTM AT MARKET: The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period
remaining until maturity, stated as a percentage, on an annualized basis.
2016 PFM Asset Management LLC AccountPage 88 of 88
top related