town of palm beach, florida

Town of Palm Beach, Florida

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, 2019

Steven Alexander, CTP, CGFO, CPPT, Managing DirectorRobert Cheddar, CFA, Chief Credit Officer, Managing DirectorD. Scott Stitcher, CFA, DirectorJason Human, Client ManagerSean Gannon, CTP, Senior Analyst

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TOWN OF PALM BEACH, FLORIDA

For the Quarter Ended March 31, 2019

Table of Contents


Tab I

Market Update

Tab II

Executive Summary

1-5 Year Investment Portfolio

Short Term and Bond Proceed Portfolio Summary

Short Term Portfolio

Tab III

Asset Allocation

Important Disclosures

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Tab I

PFM Asset Management LLC3 of 66




-2%

0%

2%

4%

6%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2014 2015 2016 2017 2018 2019

U.S. Real GDPQoQ, SAAR

Bloomberg Survey of

Source: Bloomberg, as of Q1 2019, first growth estimate. SAAR is seasonally adjusted annualized rate. Orange denotes rolling four-quarter averages.

Rolling 4 quarter average

3.0%

2.2%

Market Update

U.S. economic activity experienced moderate growth during the fourth quarter.

• GDP grew at a 2.2% annual rate, marking a slowdown from the 2nd and 3rd quarters, which were the best back-to-back quarters since 2014.

• This slowing GDP growth occurred as the impact of the 2018 tax cuts and increased federal government spending waned.

Growth is projected to further decline in 2019.

• Potential imbalances, including a growing budget deficit, and challenges over trade and border security funding lead to uncertainty surrounding future growth.

Economic Growth Declines in the Fourth Quarter

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Market Update

The U.S. economy added 196,000 jobs in March, a rebound from February's small gain of 33,000.• The unemployment rate remains very low, unchanged at 3.8% in March.• Average hourly earnings YoY fell to 3.2% in March, still near cyclical highs.

For the year, job gains have averaged a solid 180,000.

U.S. Job Growth Rebounds in March

0k

100k

200k

300k

400k

Mar '14 Mar '15 Mar '16 Mar '17 Mar '18 Mar '19

Monthly Change in Nonfarm Payrolls

Nonfarm Payrolls 12-Month Moving Average

6.7%

5.4%

5.0%

4.4%

4.0% 3.8%

3%

4%

5%

6%

7%

8%


Unemployment Rate

Source: Bloomberg, as of March 2019.

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Market Update

The Fed’s preferred measure of inflation, the year-over-year change in the Core PCE Price Index, stands at 1.8% as of the most recent release, just below the Fed’s 2% target. However, forward-looking inflation expectations increased in Q1. The Fed has stated that there will most likely be no additional rate hikes in 2019.

Core Inflation Continues to Hover Around the Fed’s 2% Target

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%


Inflation Measures (YoY)

Core CPI

Core PCE

Fed's Long TermInflation Target

0.5%

1.0%

1.5%

2.0%

2.5%

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Expectations for Average Inflation Rate over Next 5 Years

Source: Bloomberg, latest data available as of March 31, 2019. Inflation expectations based on yield difference between 5-year Treasury note and 5-year Treasury Inflation Protected Securities (TIPS).

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1.00%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

3.00%

3.25%

Mar '17 Sep '17 Mar '18 Sep '18 Mar '19

2-Year Treasury

Market Update

Yields Have Fallen Sharply Over the Past Five Months

1.00%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

3.00%

3.25%

Mar '17 Sep '17 Mar '18 Sep '18 Mar '19

10-Year Treasury

Highest since 2011

Highest since 2008

Source: Bloomberg, as of March 31, 2019.

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Market Update

U.S. Yield Curve Inversion Continues

During the first quarter of 2019, the U.S. Treasury yield curve inverted between 2- and 5-year maturities for the first time since March 2007. Short-term yields moved higher to parallel the December Fed rate hike, but yields on longer maturities plunged by up to 44 basis points (0.44%) as the market reassessed the trajectory for the U.S. economy and its implication for future Fedaction.

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

3M 6M 1Y 2Y 3Y 5Y

Yiel

d

Maturity

March 29, 2019December 31, 2018March 31, 2018

U.S. Treasury Yield Curve Yield Curve History

Maturity 3/29/2019 12/31/2018 3/31/2018

3-Mo. 2.38% 2.35% 1.71%

6-Mo. 2.42% 2.48% 1.92%

1-Yr. 2.39% 2.60% 2.09%

2-Yr. 2.26% 2.49% 2.27%

3-Yr. 2.20% 2.46% 2.38%

5-Yr. 2.23% 2.51% 2.56%

7-Yr. 2.32% 2.60% 2.69%

10-Yr. 2.41% 2.68% 2.74%

Source: Bloomberg, as of March 31, 2019.

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Market Update

Commercial paper and bank certificate of deposit (CP/CD) yield spreads widened slightly during March.

Treasuries continue to be relatively attractive versus agency discount notes, especially in 7 to 12 month maturity range.

Short-Term Credit Spreads Begin to Widen After Q1 2019 Lows

1.80%

2.00%

2.20%

2.40%

2.60%

2.80%

3.00%

1 2 3 4 5 6 7 8 9 10 11 12Maturity in Months

Money Market Yield Curves

CD/CP Average

Agencies

Treasuries

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

Mar

'18

Apr '

18

May

'18

Jun

'18

Jul '

18

Aug

'18

Sep

'18

Oct

'18

Nov

'18

Dec

'18

Jan

'19

Feb

'19

Mar

'19

Yield Spread on 6-month Commercial Paper over T-Bill

2018 Low: +9 bps

+14 bps

+6 bps

Source: Bloomberg, PFMAM Trading Desk, as of 3/31/2019. Not a specific recommendation. 6-mo CP yield spread based on A1/P1 rated CP index.

9 of 66




Market Update

FOMC’s March “Dot Plot” Shift To No Hike in 2019

0%

1%

2%

3%

4%

5%

Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy

Mar-19 FOMC Projections

Mar-19 Median

Fed Funds Futures

2019 2020 2021

Fed expects no more hikes in 2019

History of RecentFed Rate Hikes

Dec ’18 2.25 - 2.50%

Sept ’18 2.00 - 2.25%

Jun ’18 1.75 - 2.00%

Mar ’18 1.50 - 1.75%

Dec ’17 1.25 - 1.50%

Jun ’17 1.00 - 1.25%

Mar ’17 0.75 - 1.00%

Dec ’16 0.50 - 0.75%

Dec ’15 0.25 - 0.50%

Longer Term

Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. Fed funds futures as of 3/20/19.

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Market Update

But, the Market Expects a Rate Cut by Year End

-0.50%

-0.25%

0.00%

0.25%

0.50%

0.75%

Mar '18 May '18 Jul '18 Sep '18 Nov '18 Jan '19 Mar '19

2019 Rate MovesPriced into the Futures Market

-0.30%

1

3

2

Hikes

1

2

Cuts

Source: Bloomberg, as of 3/28/2019.

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Market Update

Fixed-Income Index Returns

March 31, 2019 Effective Duration Yield YTD 1 Month 3 Month 1 Year 3 Years 5 Years

1-3 Year IndicesU.S. Treasury 1.81 2.32% 0.98% 0.61% 0.98% 2.72% 0.99% 0.98% Agency 1.64 2.35% 0.97% 0.56% 0.97% 2.79% 1.17% 1.12% Corp A-AAA 1.78 2.75% 1.64% 0.70% 1.64% 3.73% 1.89% 1.72% MBS (0 to 3 Years) 3.97 2.86% 2.19% 1.69% 2.19% 3.98% 1.78% 1.67% ABS (0 to 3 Years) 1.09 2.73% 1.09% 0.44% 1.09% 3.02% 1.71% 1.42%

1-5 Year IndicesU.S. Treasury 2.56 2.29% 1.22% 0.85% 1.22% 3.14% 0.97% 1.29% Agency 1.91 2.30% 1.11% 0.68% 1.11% 3.03% 1.18% 1.35% Corp A-AAA 2.53 2.82% 2.27% 0.98% 2.27% 4.29% 2.05% 2.15% MBS (0 to 5 Years) 3.49 2.79% 1.95% 1.20% 1.95% 3.42% 1.43% 1.98% ABS (0 to 5 Years) 1.35 2.75% 1.17% 0.53% 1.17% 3.14% 1.74% 1.53%

Master Indices (Maturities 1 Year and Greater)U.S. Treasury 6.38 2.39% 2.18% 1.99% 2.18% 4.25% 1.07% 2.34% Agency 3.98 2.45% 1.83% 1.41% 1.83% 3.77% 1.57% 2.12% Corp A-AAA 7.06 3.30% 4.44% 2.31% 4.44% 5.09% 2.94% 3.56% MBS (0 to 30 Years) 4.38 3.07% 2.27% 1.49% 2.27% 4.55% 1.81% 2.65% Municipals 6.78 2.43% 2.95% 1.60% 2.95% 5.22% 2.71% 3.82%

Source: ICE BofAML Indices. Returns greater than one year are annualized.

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Multi-Factor Authentication

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TOWN OF PALM BEACH, FLORIDAFor the Quarter Ended March 31, 2019

We Value Your Security

What is Multi-Factor Authentication?


Username

Password

Additional Factor

• Simple yet random and new every time • Adds layer of security that offsets the drawbacks of a password• Is an extra step when logging in

• Easy-to-remember• Easily guessed from public information• Least secure factor

• Can be complex• Potential combinations are exponential (though some are more

likely than others)• Can be repetitive across accounts, including less-secure,

unrelated accounts• Easy-to-remember passwords can be easier to guess • Hard-to-guess passwords are also hard to remember and often

written down

Username

Password


Additional Factor

• New code given through text, email or telephone

A C C E S S G R A N T E D

LessSecure

MoreSecure

Multi-Factor Authentication (MFA) is a protocol that requires verification factors to supplement a username and password. We are excited to offer MFA for EON. It is another step in our efforts to provide our clients with simple, secure and effective account access.

To learn more or enroll in MFA, please review the alert on the homepage of your EON account or select “Update Profile” and change your preferences. Please contact your client representative if you have any questions.

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TOWN OF PALM BEACH, FLORIDAFor the Quarter Ended March 31, 2019

We Value Your Security

Why Use Multi-Factor Authentication?



It can protect against some of the most common types of attacks.

It’s simple to set up and easy to use.

It’s a benefit of working with PFM.

Hackers can leverage any public information, from personnel listings on websites to social media and compromised databases to guess a password or username. No firewall can prevent these types of attacks; only better processes.

Enrollment is simple and can be set up by following the instructions posted to your EON account under the EON Enhancements link, or by contacting PFM directly. Once enrolled in MFA, access to your online account(s) will only be granted after you successfully complete two measures of identity verification: (1) providing your username and password, and (2) entering the auto-generated one-time passcode.

We strongly encourage your participation as MFA is a safety feature designed to meet your individual needs.

1 2

3

Makes it difficult to impersonate a user or share login credentials

Requires multiple methods for determining

a user’s identity

Provides protection against cyber attacks and

data breaches

To learn more or enroll in MFA, please review the alert on the homepage of your EON account or select “Update Profile” and change your preferences. Please contact your client representative if you have any questions.

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Tab II




Executive Summary


The Town’s 1-5 Year Investment and Short Term Portfolios are of high credit quality and invested in U.S. Treasury, federalagency/GSE, corporate notes, commercial paper, asset-backed, municipal, and supranational securities.

The 1-5 Year Investment Portfolio’s quarterly total return performance of 1.53% outperformed the benchmark performance of1.21% by 0.32%. Over the past year, the Portfolio earned 3.50% versus 3.14% for the benchmark.

The Short Term Portfolio provided the Town with a Yield to Maturity at Cost of 2.89%, exceeding the Yield to Maturity of itsbenchmark the S&P GIP All 30 Day Index of 2.58% by 0.31%1.

In a strong reversal, equity markets, credit spreads and volatility all reversed their sharp sell-off from the 4th quarter, ending the 1st quarter nearly back to where they were six months ago. But, interest rates continued to move lower and the yield curve inverted.

Economic conditions, which remain solid, were characterized by:

– U.S. GDP growth slowed to a pace of 2.2% in Q4, following Q2 and Q3 figures of 4.2% and 3.4%, respectively;– Inflation metrics hovered near the Fed’s target of 2%, but wage growth continued to improve, reaching 3.4% year-over-

year, the largest gain in nearly a decade;– The unemployment rate improved to 3.8% in February, but job gains were volatile, perhaps impacted by the

government shutdown;– Consumer sentiment metrics firmed in Q1 on the heels of equity market strength and a resolution to the government’s

longest shut down in history; and– The Fed held short-term rates unchanged at the current target range of 2.25% to 2.50% but shifted to a “patient” stance

on future rate actions, which drove market expectations that the Fed’s next move will be a rate cut rather than a hike. Our sector allocation strategy continued to favor broad diversification, generally including the widest range of permitted

investments. While Q4’s market de-risking strongly favored Treasuries, Q1’s rebound generated strong excess returns forportfolios that included corporates and other spread product as most fixed income sectors outperformed similar durationTreasuries.

1. According to the Town’s investment policy the short term benchmark is the S&P GIP All 30 Day Gross of Fees. However, due to systemlimitations the 3 month T-Bill is utilized for comparative purposes for the short term portfolio.

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TOWN OF PALM BEACH 1-5 YR PORTFOLIO


Portfolio Snapshot

Portfolio Statistics

As of March 31, 2019

$19,120,000

$19,217,801

$18,990,531

$78,110

$149,159

Accrued Interest:

Cash:

Par Value:

Total Market Value:

Security Market Value:

$18,996,177

2.41%

2.26%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:

Effective Duration: 2.59 Years

Duration to Worst: 2.62 Years

Average Maturity: 2.93 Years

Credit Quality (S&P Ratings)

5.2%

A

6.7%

A-

1.5%

A+

4.3%

AA

5.8%

AA-

51.7%

AA+

17.6%

AAA

3.1%

BBB+

3.9%

Not Rated

0%

5%

10%

15%

20%

25%

30%

35%

0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years

8.8%

13.2%

31.6%

24.9%

21.6%

0.0%

Maturity Distribution

Sector Allocation

11.2%

Asset-Backed

27.6%

Corporate

7.4%

Federal

Agency/GSE

1.0%

Municipal

9.7%

Supra-Sov /

Supra-Natl

Agency

43.1%

U.S.

Treasury


* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.

18 of 66



Portfolio Performance

Portfolio Performance (Total Return)

Effective

DurationPortfolio/Benchmark

Annualized Return

10 Year1 Year 3 Year 5 YearSince Inception

(09/30/11) **

Current

Quarter

TOWN OF PALM BEACH 1-5 YR PORTFOLIO 2.59 1.53% -3.50% 1.23% 1.46% 1.26%

ICE BofAML 1-5 Year U.S. Treasury/Agency Index 2.53 1.21% -3.14% 0.98% 1.29% 1.06%

Difference 0.36% 0.32% 0.25% 0.17% - 0.20%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception

1.53%

3.50%

1.23%

1.46%1.26%1.21%

3.14%

0.98%

1.29%

1.06%To

tal R

etu

rn

TOWN OF PALM BEACH 1-5 YR PORTFOLIO ICE BofAML 1-5 Year U.S. Treasury/Agency Index


Portfolio performance is gross of fees unless otherwise indicated. **Since Inception performance is not shown for periods less than one year.

19 of 66





Effective

DurationPortfolio/Benchmark

Annualized Return

12/31/18 06/30/1803/31/19 09/30/18

Quarter Ended

5 Year1 Year 3 Year

TOWN OF PALM BEACH 1-5 YR PORTFOLIO 2.59 1.53% 3.50% 1.23% 1.46%1.39% 0.27% 0.27%

ICE BofAML 1-5 Year U.S. Treasury/Agency Index 2.53 1.21% 3.14% 0.98% 1.29%1.71% 0.06% 0.13%

Difference 0.36% 0.32% 0.25% 0.17%-0.32% 0.21% 0.14%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

03/31/19 12/31/18 09/30/18 06/30/18 1 Year 3 Year 5 Year

1.53%1.39%

0.27% 0.27%

3.50%

1.23%

1.46%

1.21%

1.71%

0.06% 0.13%

3.14%

0.98%

1.29%

To

tal R

etu

rn



Portfolio performance is gross of fees unless otherwise indicated.

20 of 66





12/31/18 06/30/1803/31/19 09/30/18

Quarter Ended Annualized Return

5 Year1 Year 3 YearPortfolio/Benchmark

Effective

Duration

3.50% 1.23% 1.46%1.39% 0.27% 0.27%TOWN OF PALM BEACH 1-5 YR PORTFOLIO 1.53%2.59

3.44% 1.17% 1.40%1.37% 0.25% 0.25% Net of Fees ** 1.51%-

3.14% 0.98% 1.29%1.71% 0.06% 0.13%ICE BofAML 1-5 Year U.S. Treasury/Agency Index 1.21%2.53

0.36% 0.32% 0.25% 0.17%-0.32% 0.21% 0.14%Difference (Gross)

Difference (Net) 0.30% -0.34% 0.19% 0.12% 0.30% 0.19% 0.11%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

03/31/19 12/31/18 09/30/18 06/30/18 1 Year 3 Year 5 Year

1.53%1.39%

0.27% 0.27%

3.50%

1.23%

1.46%

1.21%

1.71%

0.06% 0.13%

3.14%

0.98%

1.29%

To

tal R

etu

rn



Portfolio performance is gross of fees unless otherwise indicated. ** Fees were calculated based on average assets during the period at the contractual rate.

21 of 66




Portfolio Earnings

Quarter-Ended March 31, 2019

Market Value Basis Accrual (Amortized Cost) Basis

Net Purchases/Sales

Change in Value

Interest Earned

$18,781,025.47

$21,740.71

$187,765.28

$101,338.80

$289,104.08

$18,990,531.46

$18,999,952.45

$21,740.71

($25,516.05)

$101,338.80

$75,822.75

$18,996,177.11

Portfolio Earnings

Beginning Value (12/31/2018)

Ending Value (03/31/2019)




Portfolio Composition

Sector Allocation

March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018

% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)

U.S. Treasury 8.2 43.1% 8.2 43.5% 7.2 38.7% 5.9 31.9%

Corporate 5.2 27.6% 5.1 27.0% 5.1 27.4% 5.6 30.4%

Asset-Backed 2.1 11.2% 2.1 11.3% 2.1 11.4% 1.2 6.4%

Supra-Sov / Supra-Natl Agency 1.8 9.7% 2.1 11.0% 2.1 11.1% 2.1 11.2%

Federal Agency/GSE 1.4 7.4% 1.2 6.2% 1.7 9.0% 3.3 17.7%

Municipal 0.2 1.0% 0.2 1.0% 0.4 2.4% 0.4 2.4%

$19.0 100.0% $18.8 100.0% $18.5 100.0% $18.5 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

March 2019 December 2018 September 2018 June 2018

Municipal

Federal Agency/GSE

Supra-Sov / Supra-Natl

Agency

Asset-Backed

Corporate

U.S. Treasury


Detail may not add to total due to rounding.

23 of 66






>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

YearsYield

at MarketPortfolio/Benchmark

Average

Maturity

TOWN OF PALM BEACH 1-5 YR PORTFOLIO 2.41% 8.8% 13.2% 31.6% 24.9% 21.6% 0.0%2.93 yrs

ICE BofAML 1-5 Year U.S. Treasury/Agency Index 2.29% 1.7% 32.8% 27.7% 19.2% 18.7% 0.0%2.74 yrs

0%

5%

10%

15%

20%

25%

30%

35%

0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years

8.8%

13.2%

31.6%

24.9%

21.6%

0.0%1.7%

32.8%

27.7%

19.2% 18.7%

0.0%







Duration Distribution

> 5 YEARS4-5 YEARS3-4 YEARS2-3 YEARS1-2 YEARS0-1 YEARSEffective

DurationPortfolio / Benchmark

TOWN OF PALM BEACH 1-5 YR PORTFOLIO 2.59 10.5% 25.1% 25.6% 22.6% 16.3% 0.0%

ICE BofAML 1-5 Year U.S. Treasury/Agency Index 2.53 1.9% 33.6% 29.3% 21.6% 13.7% 0.0%

0%

5%

10%

15%

20%

25%

30%

35%


10%

25% 26%

23%

16%

0%2%

34%

29%

22%

14%

0%

Distribution by Effective Duration


ICE BofAML 1-5 Year U.S. Treasury/Agency Index

0%

4%

8%

12%

16%

20%

24%

28%

32%


3%

15%

23%

31%

28%

0%1%

19%

28%29%

23%

0%

Contribution to Portfolio Duration

ICE BofAML 1-5 Year U.S. Treasury/Agency Index






Credit Quality


S&P Rating Market Value ($) % of Portfolio

51.7%$9,809,309AA+

17.7%$3,352,224AAA

6.7%$1,276,744A-

5.8%$1,109,927AA-

5.2%$986,755A

4.4%$825,335AA

3.9%$744,710Not Rated

3.2%$598,849BBB+

1.5%$286,678A+

Totals 100.0%$18,990,531

5.2%

A

6.7%

A-

1.5%

A+

4.3%

AA

5.8%

AA-

51.7%

AA+

17.6%

AAA

3.1%

BBB+

3.9%

Not Rated



26 of 66




Issuer Distribution


Market Value ($) % of PortfolioIssuer

UNITED STATES TREASURY 8,196,521 43.2%

FANNIE MAE 1,112,358 5.9%

TOYOTA MOTOR CORP 647,346 3.4%

WELLS FARGO & COMPANY 547,170 2.9%

INTL BANK OF RECONSTRUCTION AND DEV 543,451 2.9%

HONDA AUTO RECEIVABLES 505,355 2.7%

ASIAN DEVELOPMENT BANK 493,375 2.6%

GENERAL ELECTRIC CO 459,760 2.4%

AFRICAN DEVELOPMENT BANK 452,021 2.4%

CISCO SYSTEMS INC 399,363 2.1%

CITIGROUP INC 389,436 2.1%

INTER-AMERICAN DEVELOPMENT BANK 358,250 1.9%

JP MORGAN CHASE & CO 348,723 1.8%

ALLY AUTO RECEIVABLES TRUST 330,218 1.7%

WAL-MART STORES INC 317,234 1.7%

FEDERAL HOME LOAN BANKS 282,622 1.5%

APPLE INC 217,809 1.2%

3M COMPANY 206,035 1.1%

To

p 5

= 5

8.2

%

To

p 1

0 =

70.3

%






IBM CORP 196,948 1.0%

DEERE & COMPANY 196,653 1.0%

HERSHEY COMPANY 186,480 1.0%

FORD CREDIT AUTO OWNER TRUST 183,880 1.0%

BANK OF AMERICA CO 182,793 1.0%

PFIZER INC 182,237 1.0%

CITY OF NEW YORK CITY, NY 179,847 1.0%

UNITED PARCEL SERVICE INC 149,049 0.8%

CATERPILLAR INC 148,316 0.8%

MORGAN STANLEY 139,089 0.7%

PACCAR FINANCIAL CORP 137,629 0.7%

VISA INC 128,625 0.7%

THE WALT DISNEY CORPORATION 124,646 0.7%

MICROSOFT CORP 119,290 0.6%

PROCTER & GAMBLE CO 118,825 0.6%

MERCEDES-BENZ AUTO RECEIVABLES 110,841 0.6%

AMERICAN EXPRESS CO 109,284 0.6%

MERCK & CO INC 96,251 0.5%

BB&T CORPORATION 88,774 0.5%

HOME DEPOT INC 84,373 0.4%

GM FINANCIAL SECURITIZED TERM 80,628 0.4%






NISSAN AUTO RECEIVABLES 80,068 0.4%

NEW YORK UNIVERSITY 59,855 0.3%

BERKSHIRE HATHAWAY INC 49,766 0.3%

STATE STREET CORPORATION 49,338 0.3%

18,990,531 100.0%Grand Total:





Sector/Issuer Distribution


% of SectorSector / Issuer Market Value ($) % of Total Portfolio

Asset-Backed

ALLY AUTO RECEIVABLES TRUST 1.7% 15.5% 330,218

CITIGROUP INC 2.1% 18.3% 389,436

FORD CREDIT AUTO OWNER TRUST 1.0% 8.6% 183,880

GM FINANCIAL SECURITIZED TERM 0.4% 3.8% 80,628

HONDA AUTO RECEIVABLES 2.7% 23.7% 505,355

MERCEDES-BENZ AUTO RECEIVABLES 0.6% 5.2% 110,841

NISSAN AUTO RECEIVABLES 0.4% 3.8% 80,068

TOYOTA MOTOR CORP 2.4% 21.1% 450,122

100.0% 11.2% 2,130,548 Sector Total

Corporate

3M COMPANY 1.1% 3.9% 206,035

AMERICAN EXPRESS CO 0.6% 2.1% 109,284

APPLE INC 1.1% 4.2% 217,809

BANK OF AMERICA CO 1.0% 3.5% 182,793

BB&T CORPORATION 0.5% 1.7% 88,774

BERKSHIRE HATHAWAY INC 0.3% 0.9% 49,766

CATERPILLAR INC 0.8% 2.8% 148,316

CISCO SYSTEMS INC 2.1% 7.6% 399,363

DEERE & COMPANY 1.0% 3.8% 196,653






GENERAL ELECTRIC CO 2.4% 8.8% 459,760

HERSHEY COMPANY 1.0% 3.6% 186,480

HOME DEPOT INC 0.4% 1.6% 84,373

IBM CORP 1.0% 3.8% 196,948

JP MORGAN CHASE & CO 1.8% 6.7% 348,723

MERCK & CO INC 0.5% 1.8% 96,251

MICROSOFT CORP 0.6% 2.3% 119,290

MORGAN STANLEY 0.7% 2.7% 139,089

NEW YORK UNIVERSITY 0.3% 1.1% 59,855

PACCAR FINANCIAL CORP 0.7% 2.6% 137,629

PFIZER INC 1.0% 3.5% 182,237

PROCTER & GAMBLE CO 0.6% 2.3% 118,825

STATE STREET CORPORATION 0.3% 0.9% 49,338

THE WALT DISNEY CORPORATION 0.7% 2.4% 124,646

TOYOTA MOTOR CORP 1.0% 3.8% 197,224

UNITED PARCEL SERVICE INC 0.8% 2.8% 149,049

VISA INC 0.7% 2.5% 128,625

WAL-MART STORES INC 1.7% 6.1% 317,234

WELLS FARGO & COMPANY 2.9% 10.4% 547,170

100.0% 27.6% 5,241,540 Sector Total

Federal Agency/GSE

FANNIE MAE 5.9% 79.7% 1,112,358

FEDERAL HOME LOAN BANKS 1.5% 20.3% 282,622






100.0% 7.3% 1,394,980 Sector Total

Municipal

CITY OF NEW YORK CITY, NY 0.9% 100.0% 179,847

100.0% 0.9% 179,847 Sector Total

Supra-Sov / Supra-Natl Agency

AFRICAN DEVELOPMENT BANK 2.4% 24.5% 452,021

ASIAN DEVELOPMENT BANK 2.6% 26.7% 493,375

INTER-AMERICAN DEVELOPMENT BANK 1.9% 19.4% 358,250

INTL BANK OF RECONSTRUCTION AND DEV 2.9% 29.4% 543,451

100.0% 9.7% 1,847,097 Sector Total

U.S. Treasury

UNITED STATES TREASURY 43.2% 100.0% 8,196,521

100.0% 43.2% 8,196,521 Sector Total

100.0% 18,990,531 Portfolio Total 100.0%




Portfolio Activity

Quarterly Portfolio Transactions

Trade

Date

Settle

Date

Maturity

DatePar ($) CUSIP Security Description

Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

1/7/19 1/10/19 1,000,000 912828T91 US TREASURY NOTES 10/31/23 963,069.96 2.52%1.62%

1/9/19 1/11/19 125,000 88579YAX9 3M COMPANY CORP NOTES 3/15/23 121,588.75 3.14%2.25%

1/29/19 1/31/19 560,000 912828V23 US TREASURY NOTES 12/31/23 553,138.39 2.56%2.25%

2/7/19 2/8/19 255,000 3135G0V34 FANNIE MAE NOTES 2/5/24 254,051.40 2.58%2.50%

2/12/19 2/22/19 80,000 88579YBB6 3M COMPANY 2/14/24 80,995.38 2.99%3.25%

2/14/19 2/15/19 280,000 3130AFW94 FHLB BONDS 2/13/24 279,008.80 2.58%2.50%

3/1/19 3/5/19 560,000 9128286G0 UNITED STATES TREASURY NOTES 2/29/24 555,302.59 2.56%2.37%

3/4/19 3/11/19 180,000 717081ES8 PFIZER INC 3/15/24 179,908.20 2.96%2.95%

3/5/19 3/7/19 95,000 58933YAU9 MERCK & CO INC 3/7/24 94,732.10 2.96%2.90%

3/6/19 3/8/19 180,000 06051GHF9 BANK OF AMERICA CORP NOTE 3/5/24 180,973.05 3.44%3.55%

3,315,000 3,262,768.62Total BUY

INTEREST

1/1/19 1/1/19 60,000 650119AF7 NEW YORK UNIVERSITY CORPORATE NOTE 7/1/19 530.10 1.76%

1/2/19 1/2/19 0 MONEY0002 MONEY MARKET FUND 209.93

1/8/19 1/8/19 450,000 36962G4J0 GENERAL ELECTRIC CAP CORP NOTES 1/8/20 12,375.00 5.50%

1/12/19 1/12/19 110,000 02665WBE0 AMERICAN HONDA FINANCE 7/12/19 660.00 1.20%

1/15/19 1/15/19 185,000 02007JAC1 ALLYA 2018-3 A3 1/15/23 462.50 3.00%

1/15/19 1/15/19 185,000 34532AAD5 FORDO 2017-C A3 3/15/22 309.88 2.01%

1/15/19 1/15/19 185,000 89238KAD4 TAOT 2017-D A3 1/15/22 297.54 1.93%

1/15/19 1/15/19 80,000 89238BAD4 TAOT 2018-A A3 5/16/22 156.67 2.35%

1/15/19 1/15/19 185,000 89231AAD3 TOYOTA ABS 2018-C A3 12/15/22 465.58 3.02%

1/15/19 1/15/19 80,000 65478DAD9 NAROT 2018-A A3 5/15/22 176.67 2.65%

1/15/19 1/15/19 145,000 02007YAC8 ALLYA 2017-5 A3 3/15/22 240.46 1.99%




Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

1/15/19 1/15/19 150,000 43814UAC3 HAROT 2018-1 A3 2/15/22 330.00 2.64%

1/15/19 1/15/19 110,000 58772RAD6 MBART 2018-1 A3 1/15/23 277.75 3.03%

1/16/19 1/16/19 80,000 36255JAD6 GMCAR 2018-3 A3 5/16/23 201.33 3.02%

1/20/19 1/20/19 200,000 44932HAB9 IBM CREDIT CORP NOTE 1/20/21 1,800.00 1.80%

1/20/19 1/20/19 390,000 17305EGK5 CCCIT 2018-A1 A1 1/20/23 4,855.50 2.49%

1/21/19 1/21/19 175,000 43815HAC1 HONDA AUTO RECEIVABLES OWNER T 8/21/22 430.21 2.95%

1/21/19 1/21/19 180,000 43813FAC7 HAROT 2017-4 A3 11/21/21 307.50 2.05%

1/22/19 1/22/19 100,000 95000U2B8 WELLS FARGO & COMPANY CORP NOTE 7/22/22 1,312.50 2.62%

1/23/19 1/23/19 350,000 46625HKA7 JPMORGAN CHASE & CO (CALLABLE) 1/23/20 3,937.50 2.25%

1/30/19 1/30/19 450,000 94974BGF1 WELLS FARGO & CO CORP BONDS 1/30/20 4,837.50 2.15%

1/31/19 1/31/19 300,000 912828VP2 US TREASURY NOTES 7/31/20 3,000.00 2.00%

1/31/19 1/31/19 110,000 912828VP2 US TREASURY NOTES 7/31/20 1,100.00 2.00%

1/31/19 1/31/19 490,000 912828WY2 US TREASURY NOTES 7/31/21 5,512.50 2.25%

1/31/19 1/31/19 250,000 912828V72 US TREASURY NOTES 1/31/22 2,343.75 1.87%

1/31/19 1/31/19 200,000 912828P38 US TREASURY NOTES 1/31/23 1,750.00 1.75%


2/6/19 2/6/19 120,000 594918BV5 MICROSOFT CORP NOTES 2/6/20 1,110.00 1.85%

2/9/19 2/9/19 220,000 037833AY6 APPLE INC CORP NOTES 2/9/22 2,365.00 2.15%

2/10/19 2/10/19 140,000 69371RN77 PACCAR FINANCIAL CORP 8/10/22 1,610.00 2.30%

2/11/19 2/11/19 120,000 742718EU9 PROCTER & GAMBLE CO/THE CORP NOTES 8/11/22 1,290.00 2.15%

2/15/19 2/15/19 185,000 89238KAD4 TAOT 2017-D A3 1/15/22 297.54 1.93%

2/15/19 2/15/19 80,000 65478DAD9 NAROT 2018-A A3 5/15/22 176.67 2.65%

2/15/19 2/15/19 110,000 58772RAD6 MBART 2018-1 A3 1/15/23 277.75 3.03%

2/15/19 2/15/19 145,000 02007YAC8 ALLYA 2017-5 A3 3/15/22 240.46 1.99%

2/15/19 2/15/19 185,000 02007JAC1 ALLYA 2018-3 A3 1/15/23 462.50 3.00%

2/15/19 2/15/19 150,000 43814UAC3 HAROT 2018-1 A3 2/15/22 330.00 2.64%

2/15/19 2/15/19 185,000 89231AAD3 TOYOTA ABS 2018-C A3 12/15/22 465.58 3.02%

2/15/19 2/15/19 185,000 34532AAD5 FORDO 2017-C A3 3/15/22 309.88 2.01%

2/15/19 2/15/19 80,000 89238BAD4 TAOT 2018-A A3 5/16/22 156.67 2.35%

2/15/19 2/15/19 50,000 084664CK5 BERKSHIRE HATHAWAY INC CORPORATE NOTES 8/15/19 325.00 1.30%




Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

2/16/19 2/16/19 80,000 36255JAD6 GMCAR 2018-3 A3 5/16/23 201.33 3.02%

2/17/19 2/17/19 310,000 3135G0N82 FNMA NOTES 8/17/21 1,937.50 1.25%

2/17/19 2/17/19 90,000 3135G0N82 FNMA NOTES 8/17/21 562.50 1.25%


2/21/19 2/21/19 180,000 43813FAC7 HAROT 2017-4 A3 11/21/21 307.50 2.05%

2/28/19 2/28/19 470,000 912828P79 US TREASURY NOTES 2/28/23 3,525.00 1.50%

2/28/19 2/28/19 400,000 912828L24 US TREASURY N/B NOTES 8/31/22 3,750.00 1.87%

2/28/19 2/28/19 725,000 912828D72 US TREASURY NOTES 8/31/21 7,250.00 2.00%


3/4/19 3/4/19 150,000 14913Q2A6 CATERPILLAR FINL SERVICE NOTE 9/4/20 1,387.50 1.85%

3/4/19 3/4/19 250,000 459058GA5 INTL BANK OF RECON AND DEV GLOBAL NOTES 9/4/20 2,032.50 1.62%

3/4/19 3/4/19 125,000 25468PDQ6 WALT DISNEY COMPANY CORP NOTES 3/4/22 1,531.25 2.45%

3/8/19 3/8/19 200,000 89236TEC5 TOYOTA MOTOR CREDIT CORP NOTES 9/8/22 2,150.00 2.15%

3/8/19 3/8/19 200,000 24422ETV1 JOHN DEERE CAPITAL CORP NOTE 9/8/22 2,150.00 2.15%

3/12/19 3/12/19 300,000 45905UP32 INTL BANK OF RECONSTRUCTION AND DEV NOTE 9/12/20 2,341.50 1.56%

3/15/19 3/15/19 185,000 34532AAD5 FORDO 2017-C A3 3/15/22 309.88 2.01%

3/15/19 3/15/19 80,000 89238BAD4 TAOT 2018-A A3 5/16/22 156.67 2.35%

3/15/19 3/15/19 145,000 02007YAC8 ALLYA 2017-5 A3 3/15/22 240.46 1.99%

3/15/19 3/15/19 130,000 92826CAG7 VISA INC (CALLABLE) NOTE 9/15/22 1,397.50 2.15%

3/15/19 3/15/19 150,000 43814UAC3 HAROT 2018-1 A3 2/15/22 330.00 2.64%

3/15/19 3/15/19 125,000 88579YAX9 3M COMPANY CORP NOTES 3/15/23 1,406.25 2.25%

3/15/19 3/15/19 110,000 58772RAD6 MBART 2018-1 A3 1/15/23 277.75 3.03%

3/15/19 3/15/19 185,000 89231AAD3 TOYOTA ABS 2018-C A3 12/15/22 465.58 3.02%

3/15/19 3/15/19 185,000 02007JAC1 ALLYA 2018-3 A3 1/15/23 462.50 3.00%

3/15/19 3/15/19 185,000 89238KAD4 TAOT 2017-D A3 1/15/22 297.54 1.93%

3/15/19 3/15/19 80,000 65478DAD9 NAROT 2018-A A3 5/15/22 176.67 2.65%

3/16/19 3/16/19 80,000 36255JAD6 GMCAR 2018-3 A3 5/16/23 201.33 3.02%

3/21/19 3/21/19 180,000 43813FAC7 HAROT 2017-4 A3 11/21/21 307.50 2.05%


3/22/19 3/22/19 450,000 00828ECZ0 AFRICAN DEVELOPMENT BANK NOTE 3/22/21 5,906.25 2.62%




Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

3/31/19 3/31/19 500,000 9128282W9 US TREASURY NOTES 9/30/22 4,687.50 1.87%

3/31/19 3/31/19 215,000 912828C57 US TREASURY NOTES 3/31/21 2,418.75 2.25%

3/31/19 3/31/19 260,000 912828Q37 US TREASURY NOTES 3/31/21 1,625.00 1.25%

14,230,000 108,298.67Total INTEREST

SELL

1/7/19 1/10/19 490,000 912828VP2 US TREASURY NOTES 7/31/20 490,034.12 2.58% (6,460.49)2.00%


1/9/19 1/11/19 130,000 912828P79 US TREASURY NOTES 2/28/23 125,374.25 2.55% 943.37 1.50%

1/30/19 1/31/19 320,000 3135G0T29 FNMA NOTES 2/28/20 318,273.60 2.61% (3,691.77)1.50%

1/30/19 1/31/19 240,000 459058FS7 INTL BANK OF RECON AND DEV GLOBAL NOTES 11/27/19 237,439.63 2.69% (2,318.20)1.12%

2/7/19 2/8/19 200,000 912828P38 US TREASURY NOTES 1/31/23 194,585.16 2.48% 2,048.81 1.75%




3/4/19 3/5/19 450,000 06406HCW7 BANK OF NEW YORK MELLON NT (CALLABLE) 9/11/19 454,116.00 2.69% (1,495.56)2.30%

3/4/19 3/5/19 110,000 02665WBE0 AMERICAN HONDA FINANCE 7/12/19 109,616.83 2.70% (564.36)1.20%

3/5/19 3/11/19 135,000 912828A42 US TREASURY NOTES 11/30/20 134,425.55 2.58% (3,117.68)2.00%

3/5/19 3/11/19 45,000 912828VP2 US TREASURY NOTES 7/31/20 44,736.61 2.59% (791.07)2.00%

3/7/19 3/7/19 100,000 9128286G0 UNITED STATES TREASURY NOTES 2/29/24 99,545.18 2.48% 370.20 2.37%

3/8/19 3/8/19 175,000 912828V23 US TREASURY NOTES 12/31/23 174,149.66 2.45% 854.56 2.25%

3,270,000 3,254,887.02 -27,744.69Total SELL




Portfolio Activity


Security DescriptionCUSIPPar ($) Settle

Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

1/1/19 1/1/19 60,000.00 650119AF7 NEW YORK UNIVERSITY CORPORATE NOTEINTEREST 7/1/19 530.10 1.76%

1/2/19 1/2/19 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 209.93

1/7/19 1/10/19 1,000,000.00 912828T91 US TREASURY NOTESBUY 10/31/23 (963,069.96) 2.52%1.62%

1/7/19 1/10/19 490,000.00 912828VP2 US TREASURY NOTESSELL 7/31/20 490,034.12 2.58% (6,460.49)2.00%


1/8/19 1/8/19 450,000.00 36962G4J0 GENERAL ELECTRIC CAP CORP NOTESINTEREST 1/8/20 12,375.00 5.50%

1/9/19 1/11/19 125,000.00 88579YAX9 3M COMPANY CORP NOTESBUY 3/15/23 (121,588.75) 3.14%2.25%

1/9/19 1/11/19 130,000.00 912828P79 US TREASURY NOTESSELL 2/28/23 125,374.25 2.55% 943.37 1.50%

1/12/19 1/12/19 110,000.00 02665WBE0 AMERICAN HONDA FINANCEINTEREST 7/12/19 660.00 1.20%

1/15/19 1/15/19 185,000.00 02007JAC1 ALLYA 2018-3 A3INTEREST 1/15/23 462.50 3.00%

1/15/19 1/15/19 185,000.00 34532AAD5 FORDO 2017-C A3INTEREST 3/15/22 309.88 2.01%

1/15/19 1/15/19 185,000.00 89238KAD4 TAOT 2017-D A3INTEREST 1/15/22 297.54 1.93%

1/15/19 1/15/19 80,000.00 89238BAD4 TAOT 2018-A A3INTEREST 5/16/22 156.67 2.35%

1/15/19 1/15/19 185,000.00 89231AAD3 TOYOTA ABS 2018-C A3INTEREST 12/15/22 465.58 3.02%

1/15/19 1/15/19 80,000.00 65478DAD9 NAROT 2018-A A3INTEREST 5/15/22 176.67 2.65%

1/15/19 1/15/19 145,000.00 02007YAC8 ALLYA 2017-5 A3INTEREST 3/15/22 240.46 1.99%

1/15/19 1/15/19 150,000.00 43814UAC3 HAROT 2018-1 A3INTEREST 2/15/22 330.00 2.64%

1/15/19 1/15/19 110,000.00 58772RAD6 MBART 2018-1 A3INTEREST 1/15/23 277.75 3.03%

1/16/19 1/16/19 80,000.00 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 201.33 3.02%

1/20/19 1/20/19 200,000.00 44932HAB9 IBM CREDIT CORP NOTEINTEREST 1/20/21 1,800.00 1.80%




Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

1/20/19 1/20/19 390,000.00 17305EGK5 CCCIT 2018-A1 A1INTEREST 1/20/23 4,855.50 2.49%

1/21/19 1/21/19 175,000.00 43815HAC1 HONDA AUTO RECEIVABLES OWNER TINTEREST 8/21/22 430.21 2.95%

1/21/19 1/21/19 180,000.00 43813FAC7 HAROT 2017-4 A3INTEREST 11/21/21 307.50 2.05%

1/22/19 1/22/19 100,000.00 95000U2B8 WELLS FARGO & COMPANY CORP NOTEINTEREST 7/22/22 1,312.50 2.62%

1/23/19 1/23/19 350,000.00 46625HKA7 JPMORGAN CHASE & CO (CALLABLE)INTEREST 1/23/20 3,937.50 2.25%

1/29/19 1/31/19 560,000.00 912828V23 US TREASURY NOTESBUY 12/31/23 (553,138.39) 2.56%2.25%

1/30/19 1/30/19 450,000.00 94974BGF1 WELLS FARGO & CO CORP BONDSINTEREST 1/30/20 4,837.50 2.15%

1/30/19 1/31/19 320,000.00 3135G0T29 FNMA NOTESSELL 2/28/20 318,273.60 2.61% (3,691.77)1.50%

1/30/19 1/31/19 240,000.00 459058FS7 INTL BANK OF RECON AND DEV GLOBAL NOTESSELL 11/27/19 237,439.63 2.69% (2,318.20)1.12%

1/31/19 1/31/19 300,000.00 912828VP2 US TREASURY NOTESINTEREST 7/31/20 3,000.00 2.00%

1/31/19 1/31/19 110,000.00 912828VP2 US TREASURY NOTESINTEREST 7/31/20 1,100.00 2.00%

1/31/19 1/31/19 490,000.00 912828WY2 US TREASURY NOTESINTEREST 7/31/21 5,512.50 2.25%

1/31/19 1/31/19 250,000.00 912828V72 US TREASURY NOTESINTEREST 1/31/22 2,343.75 1.87%

1/31/19 1/31/19 200,000.00 912828P38 US TREASURY NOTESINTEREST 1/31/23 1,750.00 1.75%


2/6/19 2/6/19 120,000.00 594918BV5 MICROSOFT CORP NOTESINTEREST 2/6/20 1,110.00 1.85%

2/7/19 2/8/19 255,000.00 3135G0V34 FANNIE MAE NOTESBUY 2/5/24 (254,051.40) 2.58%2.50%

2/7/19 2/8/19 200,000.00 912828P38 US TREASURY NOTESSELL 1/31/23 194,585.16 2.48% 2,048.81 1.75%

2/9/19 2/9/19 220,000.00 037833AY6 APPLE INC CORP NOTESINTEREST 2/9/22 2,365.00 2.15%

2/10/19 2/10/19 140,000.00 69371RN77 PACCAR FINANCIAL CORPINTEREST 8/10/22 1,610.00 2.30%

2/11/19 2/11/19 120,000.00 742718EU9 PROCTER & GAMBLE CO/THE CORP NOTESINTEREST 8/11/22 1,290.00 2.15%

2/12/19 2/22/19 80,000.00 88579YBB6 3M COMPANYBUY 2/14/24 (80,995.38) 2.99%3.25%




Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

2/14/19 2/15/19 280,000.00 3130AFW94 FHLB BONDSBUY 2/13/24 (279,008.80) 2.58%2.50%












2/15/19 2/15/19 50,000.00 084664CK5 BERKSHIRE HATHAWAY INC CORPORATE NOTESINTEREST 8/15/19 325.00 1.30%


2/17/19 2/17/19 310,000.00 3135G0N82 FNMA NOTESINTEREST 8/17/21 1,937.50 1.25%

2/17/19 2/17/19 90,000.00 3135G0N82 FNMA NOTESINTEREST 8/17/21 562.50 1.25%




2/28/19 2/28/19 470,000.00 912828P79 US TREASURY NOTESINTEREST 2/28/23 3,525.00 1.50%

2/28/19 2/28/19 400,000.00 912828L24 US TREASURY N/B NOTESINTEREST 8/31/22 3,750.00 1.87%

2/28/19 2/28/19 725,000.00 912828D72 US TREASURY NOTESINTEREST 8/31/21 7,250.00 2.00%




Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon


3/1/19 3/5/19 560,000.00 9128286G0 UNITED STATES TREASURY NOTESBUY 2/29/24 (555,302.59) 2.56%2.37%

3/4/19 3/4/19 150,000.00 14913Q2A6 CATERPILLAR FINL SERVICE NOTEINTEREST 9/4/20 1,387.50 1.85%

3/4/19 3/4/19 250,000.00 459058GA5 INTL BANK OF RECON AND DEV GLOBAL NOTESINTEREST 9/4/20 2,032.50 1.62%

3/4/19 3/4/19 125,000.00 25468PDQ6 WALT DISNEY COMPANY CORP NOTESINTEREST 3/4/22 1,531.25 2.45%

3/4/19 3/5/19 450,000.00 06406HCW7 BANK OF NEW YORK MELLON NT (CALLABLE)SELL 9/11/19 454,116.00 2.69% (1,495.56)2.30%

3/4/19 3/5/19 110,000.00 02665WBE0 AMERICAN HONDA FINANCESELL 7/12/19 109,616.83 2.70% (564.36)1.20%

3/4/19 3/11/19 180,000.00 717081ES8 PFIZER INCBUY 3/15/24 (179,908.20) 2.96%2.95%

3/5/19 3/7/19 95,000.00 58933YAU9 MERCK & CO INCBUY 3/7/24 (94,732.10) 2.96%2.90%

3/5/19 3/11/19 135,000.00 912828A42 US TREASURY NOTESSELL 11/30/20 134,425.55 2.58% (3,117.68)2.00%

3/5/19 3/11/19 45,000.00 912828VP2 US TREASURY NOTESSELL 7/31/20 44,736.61 2.59% (791.07)2.00%

3/6/19 3/8/19 180,000.00 06051GHF9 BANK OF AMERICA CORP NOTEBUY 3/5/24 (180,973.05) 3.44%3.55%

3/7/19 3/7/19 100,000.00 9128286G0 UNITED STATES TREASURY NOTESSELL 2/29/24 99,545.18 2.48% 370.20 2.37%

3/8/19 3/8/19 200,000.00 89236TEC5 TOYOTA MOTOR CREDIT CORP NOTESINTEREST 9/8/22 2,150.00 2.15%

3/8/19 3/8/19 200,000.00 24422ETV1 JOHN DEERE CAPITAL CORP NOTEINTEREST 9/8/22 2,150.00 2.15%

3/8/19 3/8/19 175,000.00 912828V23 US TREASURY NOTESSELL 12/31/23 174,149.66 2.45% 854.56 2.25%

3/12/19 3/12/19 300,000.00 45905UP32 INTL BANK OF RECONSTRUCTION AND DEV

NOTE

INTEREST 9/12/20 2,341.50 1.56%




3/15/19 3/15/19 130,000.00 92826CAG7 VISA INC (CALLABLE) NOTEINTEREST 9/15/22 1,397.50 2.15%





Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

3/15/19 3/15/19 125,000.00 88579YAX9 3M COMPANY CORP NOTESINTEREST 3/15/23 1,406.25 2.25%









3/22/19 3/22/19 450,000.00 00828ECZ0 AFRICAN DEVELOPMENT BANK NOTEINTEREST 3/22/21 5,906.25 2.62%

3/31/19 3/31/19 500,000.00 9128282W9 US TREASURY NOTESINTEREST 9/30/22 4,687.50 1.87%

3/31/19 3/31/19 215,000.00 912828C57 US TREASURY NOTESINTEREST 3/31/21 2,418.75 2.25%

3/31/19 3/31/19 260,000.00 912828Q37 US TREASURY NOTESINTEREST 3/31/21 1,625.00 1.25%

TOTALS 100,417.07 (27,744.69)




Portfolio Holdings

Managed Account Detail of Securities Held

Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost

Security Type/Description

CUSIP ParDated Date/Coupon/Maturity

U.S. Treasury Bond / Note

AA+ Aaa 9/1/2016 9/2/2016 260,375.78 8.88 260,166.85 254,860.841.22US TREASURY NOTES

DTD 03/31/2016 1.250% 03/31/2021

912828Q37 260,000.00


DTD 03/31/2014 2.250% 03/31/2021

912828C57 215,000.00

AA+ Aaa 1/3/2017 1/5/2017 412,194.14 2,748.35 411,103.02 407,581.821.87US TREASURY NOTES

DTD 06/02/2014 2.000% 05/31/2021

912828WN6 410,000.00


DTD 07/31/2014 2.250% 07/31/2021

912828WY2 490,000.00


DTD 09/02/2014 2.000% 08/31/2021

912828D72 725,000.00


DTD 10/31/2014 2.000% 10/31/2021

912828F96 350,000.00


DTD 12/31/2014 2.125% 12/31/2021

912828G87 400,000.00


DTD 01/31/2017 1.875% 01/31/2022

912828V72 250,000.00

AA+ Aaa 12/1/2017 12/5/2017 396,312.50 652.17 397,309.63 395,250.002.08US TREASURY N/B NOTES

DTD 08/31/2015 1.875% 08/31/2022

912828L24 400,000.00


DTD 10/02/2017 1.875% 09/30/2022

9128282W9 500,000.00


DTD 11/30/2015 2.000% 11/30/2022

912828M80 450,000.00


DTD 12/31/2015 2.125% 12/31/2022

912828N30 575,000.00


DTD 02/29/2016 1.500% 02/28/2023

912828P79 470,000.00


DTD 05/15/2013 1.750% 05/15/2023

912828VB3 750,000.00


DTD 06/30/2016 1.375% 06/30/2023

912828S35 200,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



U.S. Treasury Bond / Note


DTD 10/31/2016 1.625% 10/31/2023

912828T91 1,000,000.00


DTD 01/03/2017 2.250% 12/31/2023

912828V23 385,000.00

AA+ Aaa 3/1/2019 3/5/2019 455,992.97 950.00 456,048.73 463,000.582.56UNITED STATES TREASURY NOTES

DTD 02/28/2019 2.375% 02/29/2024

9128286G0 460,000.00

2.27 8,196,520.51 8,163,761.08 34,699.72 8,290,000.00 8,165,426.35Security Type Sub-Total

Supra-National Agency Bond / Note

AAA Aaa 8/22/2017 8/29/2017 249,947.50 304.69 249,974.76 247,302.001.63INTL BANK OF RECON AND DEV

GLOBAL NOTES

DTD 08/29/2017 1.625% 09/04/2020

459058GA5 250,000.00

AAA Aaa 9/12/2017 9/19/2017 299,280.00 247.16 299,645.88 296,149.201.64INTL BANK OF RECONSTRUCTION

AND DEV NOTE

DTD 09/19/2017 1.561% 09/12/2020

45905UP32 300,000.00

AAA Aaa 10/2/2017 10/10/2017 363,336.88 3,017.50 361,763.13 358,250.041.81INTER-AMERICAN DEVELOPMENT

BANK

DTD 11/08/2013 2.125% 11/09/2020

4581X0CD8 360,000.00

AAA Aaa 3/14/2018 3/22/2018 449,536.50 295.31 449,690.77 452,020.502.66AFRICAN DEVELOPMENT BANK NOTE

DTD 03/22/2018 2.625% 03/22/2021

00828ECZ0 450,000.00

AAA Aaa 5/31/2017 6/8/2017 498,885.00 2,746.53 499,380.83 493,375.001.81ASIAN DEVELOPMENT BANK NOTE

DTD 06/08/2017 1.750% 06/08/2021

045167EA7 500,000.00


Municipal Bond / Note

AA Aa1 6/3/2015 6/18/2015 180,000.00 1,080.00 180,000.00 179,847.001.80NYC, NY TXBL GO BONDS

DTD 06/18/2015 1.800% 06/01/2019

64966LN49 180,000.00

1.80 179,847.00 180,000.00 1,080.00 180,000.00 180,000.00Security Type Sub-Total




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Federal Agency Bond / Note

AA+ Aaa 6/27/2016 6/29/2016 477,375.00 2,391.49 476,042.92 464,746.181.14FNMA BENCHMARK NOTE

DTD 05/16/2016 1.250% 05/06/2021

3135G0K69 475,000.00

AA+ Aaa 8/17/2016 8/19/2016 308,744.50 473.61 309,391.92 302,418.641.33FNMA NOTES

DTD 08/19/2016 1.250% 08/17/2021

3135G0N82 310,000.00

AA+ Aaa 8/17/2016 8/19/2016 89,692.11 137.50 89,850.90 87,798.961.32FNMA NOTES

DTD 08/19/2016 1.250% 08/17/2021

3135G0N82 90,000.00

AA+ Aaa 2/7/2019 2/8/2019 254,051.40 938.54 254,077.70 257,394.452.58FANNIE MAE NOTES

DTD 02/08/2019 2.500% 02/05/2024

3135G0V34 255,000.00

AA+ Aaa 2/14/2019 2/15/2019 279,008.80 894.44 279,032.67 282,621.642.58FHLB BONDS

DTD 02/15/2019 2.500% 02/13/2024

3130AFW94 280,000.00


Corporate Note

AA- Aa2 4/10/2015 4/16/2015 60,000.00 265.05 60,000.00 59,855.401.77NEW YORK UNIVERSITY CORPORATE

NOTE

DTD 04/16/2015 1.767% 07/01/2019

650119AF7 60,000.00

AA Aa2 8/8/2016 8/15/2016 49,951.50 83.06 49,993.88 49,765.501.33BERKSHIRE HATHAWAY INC

CORPORATE NOTES

DTD 08/15/2016 1.300% 08/15/2019

084664CK5 50,000.00

BBB+ Baa1 9/3/2015 9/9/2015 508,977.00 5,706.25 460,903.41 459,759.602.30GENERAL ELECTRIC CAP CORP

NOTES

DTD 01/08/2010 5.500% 01/08/2020

36962G4J0 450,000.00

A- A2 10/2/2015 10/6/2015 348,670.00 1,487.50 349,739.96 348,723.202.34JPMORGAN CHASE & CO (CALLABLE)

DTD 01/23/2015 2.250% 01/23/2020

46625HKA7 350,000.00

A- A2 3/24/2015 3/27/2015 451,521.00 1,639.38 450,272.55 447,906.152.08WELLS FARGO & CO CORP BONDS

DTD 02/02/2015 2.150% 01/30/2020

94974BGF1 450,000.00

AAA Aaa 1/30/2017 2/6/2017 119,919.60 339.17 119,976.85 119,289.721.87MICROSOFT CORP NOTES

DTD 02/06/2017 1.850% 02/06/2020

594918BV5 120,000.00

A A2 5/24/2017 6/5/2017 84,950.70 493.00 84,980.33 84,373.381.82HOME DEPOT INC CORP NOTES

DTD 06/05/2017 1.800% 06/05/2020

437076BQ4 85,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

AA- A1 6/15/2015 6/18/2015 401,048.00 2,885.56 400,264.43 399,362.802.39CISCO SYSTEMS INC CORP NOTES

DTD 06/17/2015 2.450% 06/15/2020

17275RAX0 400,000.00

A A3 9/5/2017 9/7/2017 149,874.00 208.13 149,939.07 148,315.651.88CATERPILLAR FINL SERVICE NOTE

DTD 09/07/2017 1.850% 09/04/2020

14913Q2A6 150,000.00

AA Aa2 10/11/2017 10/20/2017 319,536.00 1,790.22 319,743.85 317,233.921.95WAL-MART STORES INC CORP NOTE

DTD 10/20/2017 1.900% 12/15/2020

931142EA7 320,000.00

A A1 9/5/2017 9/8/2017 199,586.00 710.00 199,774.29 196,948.401.86IBM CREDIT CORP NOTE

DTD 09/08/2017 1.800% 01/20/2021

44932HAB9 200,000.00

BBB+ A3 11/1/2017 11/3/2017 140,291.20 1,555.56 140,175.98 139,089.442.44MORGAN STANLEY CORP NOTES

DTD 04/21/2016 2.500% 04/21/2021

61746BEA0 140,000.00

A- A2 5/5/2016 5/10/2016 110,601.70 1,003.75 110,254.76 109,284.012.13AMERICAN EXPRESS CREDIT

(CALLABLE) NOTES

DTD 05/05/2016 2.250% 05/05/2021

0258M0EB1 110,000.00

A- A2 5/11/2016 5/16/2016 89,881.20 722.63 89,948.32 88,773.842.08BRANCH BANKING & TRUST

(CALLABLE) NOTE

DTD 05/10/2016 2.050% 05/10/2021

05531FAV5 90,000.00

A A1 5/19/2016 5/24/2016 49,811.00 357.50 49,916.85 49,337.852.03STATE STREET CORP NOTES

DTD 05/19/2016 1.950% 05/19/2021

857477AV5 50,000.00

AA+ Aa1 4/3/2017 4/6/2017 217,954.00 683.22 218,767.41 217,808.582.35APPLE INC CORP NOTES

DTD 02/09/2015 2.150% 02/09/2022

037833AY6 220,000.00

A A2 5/1/2017 5/4/2017 126,062.50 229.69 125,657.77 124,646.252.26WALT DISNEY COMPANY CORP

NOTES

DTD 03/06/2017 2.450% 03/04/2022

25468PDQ6 125,000.00

A+ A1 6/6/2017 6/9/2017 151,638.00 1,321.88 151,047.09 149,048.852.12UNITED PARCEL SERVICE

(CALLABLE) NOTES

DTD 05/16/2017 2.350% 05/16/2022

911312BC9 150,000.00

A- A2 7/17/2017 7/24/2017 99,912.00 503.13 99,940.38 99,264.202.64WELLS FARGO & COMPANY CORP

NOTE

DTD 07/24/2017 2.625% 07/22/2022

95000U2B8 100,000.00

A+ A1 8/7/2017 8/10/2017 139,907.60 456.17 139,936.78 137,629.242.31PACCAR FINANCIAL CORP

DTD 08/10/2017 2.300% 08/10/2022

69371RN77 140,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

AA- Aa3 8/9/2017 8/11/2017 119,824.80 358.33 119,880.17 118,824.962.18PROCTER & GAMBLE CO/THE CORP

NOTES

DTD 08/11/2017 2.150% 08/11/2022

742718EU9 120,000.00

AA- Aa3 9/5/2017 9/8/2017 199,594.00 274.72 199,716.29 197,224.202.19TOYOTA MOTOR CREDIT CORP

NOTES

DTD 09/08/2017 2.150% 09/08/2022

89236TEC5 200,000.00

A A2 9/5/2017 9/8/2017 199,594.00 274.72 199,716.29 196,653.402.19JOHN DEERE CAPITAL CORP NOTE

DTD 09/08/2017 2.150% 09/08/2022

24422ETV1 200,000.00

AA- A1 9/6/2017 9/11/2017 129,607.40 124.22 129,724.57 128,625.252.21VISA INC (CALLABLE) NOTE

DTD 09/11/2017 2.150% 09/15/2022

92826CAG7 130,000.00

AA- A1 1/9/2019 1/11/2019 120,682.50 125.00 120,900.98 123,608.003.143M COMPANY CORP NOTES

DTD 10/02/2017 2.250% 03/15/2023

88579YAX9 125,000.00

A A1 5/3/2018 5/10/2018 179,924.40 2,295.00 179,936.37 186,480.003.38HERSHEY COMPANY

DTD 05/10/2018 3.375% 05/15/2023

427866AZ1 180,000.00

AA- A1 2/12/2019 2/22/2019 80,937.60 339.44 80,918.62 82,426.722.993M COMPANY

DTD 09/14/2018 3.250% 02/14/2024

88579YBB6 80,000.00

A- A2 3/6/2019 3/8/2019 180,919.80 461.50 180,908.96 182,792.523.44BANK OF AMERICA CORP NOTE

DTD 03/05/2018 3.550% 03/05/2024

06051GHF9 180,000.00

AA A1 3/5/2019 3/7/2019 94,732.10 183.67 94,735.44 96,251.152.96MERCK & CO INC

DTD 03/07/2019 2.900% 03/07/2024

58933YAU9 95,000.00

AA A1 3/4/2019 3/11/2019 179,908.20 295.00 179,909.20 182,237.402.96PFIZER INC

DTD 03/11/2019 2.950% 03/15/2024

717081ES8 180,000.00


Asset-Backed Security

NR Aaa 11/22/2017 11/29/2017 179,974.64 102.50 179,982.87 179,068.412.06HAROT 2017-4 A3

DTD 11/29/2017 2.050% 11/21/2021

43813FAC7 180,000.00

AAA Aaa 11/7/2017 11/15/2017 184,982.94 158.69 184,988.42 183,662.212.26TAOT 2017-D A3

DTD 11/15/2017 1.930% 01/15/2022

89238KAD4 185,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Asset-Backed Security

AAA Aaa 2/22/2018 2/28/2018 149,980.61 176.00 149,985.71 150,080.132.65HAROT 2018-1 A3

DTD 02/28/2018 2.640% 02/15/2022

43814UAC3 150,000.00

AAA NR 11/14/2017 11/21/2017 184,966.64 165.27 184,976.80 183,879.752.02FORDO 2017-C A3

DTD 11/21/2017 2.010% 03/15/2022

34532AAD5 185,000.00

AAA Aaa 11/14/2017 11/22/2017 144,988.75 128.24 144,992.18 144,214.841.99ALLYA 2017-5 A3

DTD 11/22/2017 1.990% 03/15/2022

02007YAC8 145,000.00

AAA Aaa 2/21/2018 2/28/2018 79,990.86 94.22 79,993.13 80,068.172.66NAROT 2018-A A3

DTD 02/28/2018 2.650% 05/15/2022

65478DAD9 80,000.00

AAA Aaa 1/23/2018 1/31/2018 79,999.08 83.56 79,999.36 79,799.822.35TAOT 2018-A A3

DTD 01/31/2018 2.350% 05/16/2022

89238BAD4 80,000.00

NR Aaa 8/21/2018 8/28/2018 174,975.99 143.40 174,979.41 176,206.082.96HONDA AUTO RECEIVABLES OWNER

T

DTD 08/28/2018 2.950% 08/21/2022

43815HAC1 175,000.00

AAA Aaa 8/14/2018 8/22/2018 184,967.09 248.31 184,971.52 186,660.013.03TOYOTA ABS 2018-C A3

DTD 08/22/2018 3.020% 12/15/2022

89231AAD3 185,000.00

AAA Aaa 6/19/2018 6/27/2018 184,987.35 246.67 184,989.43 186,003.443.09ALLYA 2018-3 A3

DTD 06/27/2018 3.000% 01/15/2023

02007JAC1 185,000.00

AAA Aaa 7/17/2018 7/25/2018 109,995.78 148.13 109,996.44 110,841.103.03MBART 2018-1 A3

DTD 07/25/2018 3.030% 01/15/2023

58772RAD6 110,000.00

NR Aaa 8/21/2018 8/23/2018 385,688.67 1,915.23 386,144.48 389,435.942.97CCCIT 2018-A1 A1

DTD 01/31/2018 2.490% 01/20/2023

17305EGK5 390,000.00

AAA NR 7/11/2018 7/18/2018 79,981.34 100.67 79,983.95 80,627.863.03GMCAR 2018-3 A3

DTD 07/18/2018 3.020% 05/16/2023

36255JAD6 80,000.00


19,046,581.58 19,120,000.00 78,109.83 18,996,177.11 18,990,531.46 2.26 Managed Account Sub Total

$78,109.83 $18,996,177.11 $18,990,531.46 Securities Sub-Total

Accrued Interest $78,109.83

Total Investments $19,068,641.29

2.26%$19,120,000.00 $19,046,581.58


For the Quarter Ended March 31, 2019TOWN OF PALM BEACH, FLORIDA Investment Report

Short Term and Bond Proceed Portfolios Statistics

Amortized Cost1,2,3 Amortized Cost1,2,3 Market Value1,2,3 Market Value1,2,3 Duration (Years)4

Account Name March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019

Short Term Portfolio - 4245 $14,818,616 $8,829,684 $14,833,637 $8,829,171 0.420

LGIP - FEITF Excess Funds - 174 26,119,335 $15,989,912 26,119,335 $15,989,912 47 Days

LGIP -FEITF 2013 Bond Fund - 357 6,127,610 $1,116,889 6,127,610 $1,116,889 47 Days

LGIP -FEITF Public Improvement CP Notes 12,824,930 $13,008,948 12,824,930 $13,008,948 47 Days

LGIP -FEITF 2018 Bond Fund 37,557,041 $37,513,926 37,557,041 $37,513,926 47 Days

Money Market Account - Bank United 1280 - Short Term 3,872,223 $3,854,310 3,872,223 $3,854,310 0.003

Money Market Fund - Goldman Sachs Financial Squares Government Fund (TD Bank) - Short Term 6,175,057 $6,143,268 6,175,057 $6,143,268 0.003

Total $107,494,813 $86,456,937 $107,509,834 $86,456,424

Yield to Maturity Yield to Maturity Yield to Maturity Yield to Maturityat Cost5,6 at Cost5,6 at Market5,6 at Market5,6 Duration (Years)4

Account Name March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 December 31, 2018

Short Term Portfolio - 4245 2.89% 3.01% 2.60% 2.99% 0.640

LGIP - FEITF Excess Funds - 1746 2.56% 2.55% 2.56% 2.55% 37 Days

LGIP - FEITF 2013 Bond Fund - 3576 2.56% 2.55% 2.56% 2.55% 37 Days

LGIP - FEITF Public Improvement CP Notes 2.56% 2.55% 2.56% 2.55% 37 Days

LGIP - FEITF 2018 Bond Fund 2.74% 2.48% 2.74% 2.48% 37 Days

Money Market Account - Bank United 1280 - Short Term 1.88% 1.88% 1.88% 1.88% 0.003

Money Market Fund - Goldman Sachs Financial Squares Government Fund (TD Bank) - Short Term 2.12% 1.97% 2.12% 1.97% 0.003

Weighted Average Yield 2.62% 2.49% 2.58% 2.49%

Benchmarks March 31, 2019 December 31, 2018

S&P GIP All 30 Day Index7 2.58% 2.44%

Notes:

1. End of quarter trade-date market values of portfolio holdings, including accrued interest.

2. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances.

3. Includes any money market fund/cash balances held in custodian account.

4. Money Market Fund duration is based on weighted average duration in days.

5. Past performance is not indicative of future results.

7. Monthly yields, source Bloomberg.


6. Seven day yield as of quarter end. The yields shown above represent past performance. Past performance is no guarantee of future results and yields may vary. The current fund performance may be higher or lower than that cited. The current seven-day yield does not include realized gains and losses on the sale of securities. The yields shown above may reflect fee waivers by service providers that subsidize and reduce the total operating expenses of the Funds. Fund yields would be lower if there were no such waivers.

48 of 66

TOWN OF PALM BEACH SHORT TERM PORTFOLIO


Portfolio Snapshot

Portfolio Statistics


$15,000,000

$15,278,211

$14,833,637

-

$444,574

Accrued Interest:

Cash:

Par Value:

Total Market Value:

Security Market Value:

$14,818,616

2.60%

2.89%

AAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:

Effective Duration: 0.42 Years

Duration to Worst: 0.42 Years

Average Maturity: 0.43 Years

Credit Quality (S&P Ratings)

53.3%

A-1

46.7%

A-1+

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%


Sector Allocation

86.7%

Commercial

Paper

13.3%

U.S.

Treasury


* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.

49 of 66




Portfolio Earnings

Quarter-Ended March 31, 2019

Market Value Basis Accrual (Amortized Cost) Basis

Net Purchases/Sales

Change in Value

Interest Earned

$8,829,171.00

$5,889,141.67

$115,324.33

$13,597.08

$128,921.41

$14,833,637.00

$8,829,684.15

$5,889,141.67

$99,790.53

$13,597.08

$113,387.61

$14,818,616.35

Portfolio Earnings

Beginning Value (12/31/2018)

Ending Value (03/31/2019)





Sector Allocation

March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018

% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)

Commercial Paper 12.9 86.7% 8.8 100.0% 0.0 0.0% 6.0 100.0%

U.S. Treasury 2.0 13.3% 0.0 0.0% 0.0 0.0% 0.0 0.0%

$14.8 100.0% $8.8 100.0% $0.0 0.0% $6.0 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

March 2019 December 2018 June 2018

U.S. Treasury

Commercial Paper



51 of 66






>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

YearsYield

at MarketPortfolio/Benchmark

Average

Maturity

TOWN OF PALM BEACH SHORT TERM PORTFOLIO 2.60% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.43 yrs

ICE BofAML 3 Month U.S. Treasury Bill Index 2.37% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.24 yrs

0%

20%

40%

60%

80%

100%


100.0%

0.0% 0.0% 0.0% 0.0% 0.0%

100.0%

0.0% 0.0% 0.0% 0.0% 0.0%

TOWN OF PALM BEACH SHORT TERM PORTFOLIO ICE BofAML 3 Month U.S. Treasury Bill Index





Credit Quality


S&P Rating Market Value ($) % of Portfolio

53.3%$7,910,289A-1

46.7%$6,923,348A-1+

Totals 100.0%$14,833,637

53.3%

A-1

46.7%

A-1+



53 of 66




Issuer Distribution



TOYOTA MOTOR CORP 4,944,918 33.3%

MITSUBISHI UFJ FINANCIAL GROUP INC 2,968,677 20.0%

JP MORGAN CHASE & CO 2,967,294 20.0%

UNITED STATES TREASURY 1,978,430 13.3%

CREDIT AGRICOLE SA 1,974,318 13.3%

14,833,637 100.0%Grand Total:





Sector/Issuer Distribution



Commercial Paper

CREDIT AGRICOLE SA 13.3% 15.4% 1,974,318

JP MORGAN CHASE & CO 20.0% 23.1% 2,967,294

MITSUBISHI UFJ FINANCIAL GROUP INC 20.0% 23.1% 2,968,677

TOYOTA MOTOR CORP 33.3% 38.5% 4,944,918

100.0% 86.7% 12,855,207 Sector Total

U.S. Treasury

UNITED STATES TREASURY 13.3% 100.0% 1,978,430

100.0% 13.3% 1,978,430 Sector Total

100.0% 14,833,637 Portfolio Total 100.0%




Portfolio Activity


Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

1/14/19 1/15/19 2,000,000 912796RA9 UNITED STATES TREASURY BILL 9/12/19 1,967,766.67 2.46%0.00%

1/14/19 1/15/19 2,000,000 22533UWT6 CREDIT AGRICOLE CIB NY COMM PAPER 9/27/19 1,960,616.67 2.84%0.00%

1/15/19 1/15/19 2,000,000 89233HWT7 TOYOTA MOTOR CREDIT CORP COMM PAPER 9/27/19 1,960,758.33 2.83%0.00%

6,000,000 5,889,141.67Total BUY

INTEREST

1/2/19 1/2/19 0 MONEY0002 MONEY MARKET FUND 7,101.59

2/1/19 2/1/19 0 MONEY0002 MONEY MARKET FUND 5,760.04


0 13,597.08Total INTEREST




Portfolio Activity



Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

1/2/19 1/2/19 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 7,101.59

1/14/19 1/15/19 2,000,000.00 912796RA9 UNITED STATES TREASURY BILLBUY 9/12/19 (1,967,766.67) 2.46%0.00%

1/14/19 1/15/19 2,000,000.00 22533UWT6 CREDIT AGRICOLE CIB NY COMM PAPERBUY 9/27/19 (1,960,616.67) 2.84%0.00%

1/15/19 1/15/19 2,000,000.00 89233HWT7 TOYOTA MOTOR CREDIT CORP COMM PAPERBUY 9/27/19 (1,960,758.33) 2.83%0.00%

2/1/19 2/1/19 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 5,760.04


TOTALS (5,875,544.59)




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



U.S. Treasury Bill

A-1+ P-1 1/14/2019 1/15/2019 1,967,766.67 0.00 1,977,973.88 1,978,430.002.46UNITED STATES TREASURY BILL

DTD 09/13/2018 0.000% 09/12/2019

912796RA9 2,000,000.00

2.46 1,978,430.00 1,977,973.88 0.00 2,000,000.00 1,967,766.67Security Type Sub-Total

Commercial Paper

A-1+ P-1 11/26/2018 11/26/2018 2,937,099.17 0.00 2,967,234.15 2,970,600.002.93TOYOTA MOTOR CREDIT CORP COMM

PAPER

DTD 11/26/2018 0.000% 08/16/2019

89233HVG6 3,000,000.00

A-1 P-1 11/26/2018 11/26/2018 2,931,825.00 0.00 2,963,640.00 2,967,294.003.10JP MORGAN SECURITIES LLC COMM

PAPER

DTD 11/26/2018 0.000% 08/23/2019

46640QVP3 3,000,000.00

A-1 P-1 11/26/2018 11/26/2018 2,934,300.00 0.00 2,964,960.00 2,968,677.002.99MUFG BANK LTD/NY COMM PAPER

DTD 11/26/2018 0.000% 08/23/2019

62479MVP5 3,000,000.00

A-1+ P-1 1/15/2019 1/15/2019 1,960,758.33 0.00 1,972,453.88 1,974,318.002.83TOYOTA MOTOR CREDIT CORP COMM

PAPER

DTD 01/15/2019 0.000% 09/27/2019

89233HWT7 2,000,000.00

A-1 P-1 1/14/2019 1/15/2019 1,960,616.67 0.00 1,972,354.44 1,974,318.002.84CREDIT AGRICOLE CIB NY COMM

PAPER

DTD 11/29/2018 0.000% 09/27/2019

22533UWT6 2,000,000.00

2.95 12,855,207.00 12,840,642.47 0.00 13,000,000.00 12,724,599.17Security Type Sub-Total

14,692,365.84 15,000,000.00 0.00 14,818,616.35 14,833,637.00 2.89 Managed Account Sub Total

$0.00 $14,818,616.35 $14,833,637.00 Securities Sub-Total

Accrued Interest $0.00

Total Investments $14,833,637.00

2.89%$15,000,000.00 $14,692,365.84

Bolded items are forward settling trades.


Tab III


For the Quarter Ended March 31, 2019TOWN OF PALM BEACH Asset Allocation

Security TypeAmortized Cost

(Includes Interest)Allocation

PercentagePermitted by

Policy In ComplianceUnited States Treasury Securities 10,176,434.68 7.49% 100% YESFederal Agency 1,413,231.69 1.04% 75% YESSupranationals 1,867,066.56 1.37% 25% YESCorporate Notes 5,284,753.30 3.89% 50% YESMunicipals 181,080.00 0.13% 25% YESAgency Mortgage-Backed Securities (MBS) - 0.00% 25% YESAsset-Backed Securities 2,129,694.59 1.57% 25% YESCertificates of Deposit and Savings Accounts 33,675,749.00 24.80% 50% YESCommercial Paper 12,840,642.47 9.45% 50% YESBankers’ Acceptances - 0.00% 10% YESRepurchase Agreements - 0.00% 40% YESMoney Market Funds 4,465,956.47 3.29% 50% YESIntergovernmental Pools 63,776,429.30 46.96% 50% YES

End of month trade-date amortized cost of portfolio holdings, including accrued interest.

1.6%

9.5%

3.9%

1.0%

3.3%

0.1%

7.5%

24.8%

47.0%

1.4%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Asset-Backed Securities

Commercial Paper

Corporate Notes

Federal Agency

Money Market Funds

Municipals

United States Treasury Securities

Certificates of Deposit and Savings Accounts

Intergovernmental Pools

Supranationals

60 of 66


Sector Individual Issuer BreakdownAmortized Cost


PercentagePermitted by Policy In Compliance

Us Tsy Bond/Note UNITED STATES TREASURY 10,176,434.68 7.49% 100% YESSupranatl AFRICAN DEVELOPMENT BANK 449,986.08 0.33% 10% YESSupranatl INTER-AMERICAN DEVELOPMENT BANK 364,780.63 0.27% 10% YESSupranatl INTL BANK OF RECONSTRUCTION AND DEV 550,172.49 0.41% 10% YESSupranatl ASIAN DEVELOPMENT BANK 502,127.36 0.37% 10% YESMuni Bond/Note CITY OF NEW YORK CITY, NY 181,080.00 0.13% 5% YESMny Mkt/Mutual Fnd BANK UNITED 3,872,223.00 2.85% 25% YESIntergovernmental Pools FEITF 26,119,335.30 19.23% 50% YESIntergovernmental Pools FMIVT 1-3 25,852,624.00 19.04% 50% YESIntergovernmental Pools FMIVT 0-2 11,804,470.00 8.69% 50% YESFed Agy Bond/Note FEDERAL HOME LOAN BANKS 279,927.11 0.21% 40% YESFed Agy Bond/Note FANNIE MAE 1,133,304.58 0.83% 40% YESCorporate Note TOYOTA MOTOR CREDIT CORP 199,991.01 0.15% 5% YESCorporate Note BERKSHIRE HATHAWAY INC 50,076.94 0.04% 5% YESCorporate Note NEW YORK UNIVERSITY 60,265.05 0.04% 5% YESCorporate Note CATERPILLAR FINANCIAL SERVICES CORP 150,147.20 0.11% 5% YESCorporate Note CISCO SYSTEMS 403,149.99 0.30% 5% YESCorporate Note GENERAL ELEC CAP CORP 466,609.66 0.34% 5% YESCorporate Note HOME DEPOT INC 85,473.33 0.06% 5% YESCorporate Note IBM CORP 200,484.29 0.15% 5% YESCorporate Note JP MORGAN CHASE & CO 351,227.46 0.26% 5% YESCorporate Note MICROSOFT CORP 120,316.02 0.09% 5% YESCorporate Note WAL-MART STORES INC 321,534.07 0.24% 5% YESCorporate Note WELLS FARGO & COMPANY 451,911.93 0.33% 5% YESCorporate Note AMERICAN EXPRESS CREDIT CORP 111,258.51 0.08% 5% YESCorporate Note APPLE INC 219,450.63 0.16% 5% YESCorporate Note BRANCH BANKING & TRUST 90,670.95 0.07% 5% YESCorporate Note JOHN DEERE CAPITAL CORP 199,991.01 0.15% 5% YESCorporate Note WALT DISNEY COMPANY/THE 125,887.46 0.09% 5% YESCorporate Note MORGAN STANLEY 141,731.54 0.10% 5% YESCorporate Note PACCAR FINANCIAL CORP 140,392.95 0.10% 5% YESCorporate Note PROCTER & GAMBLE CO/THE 120,238.50 0.09% 5% YESCorporate Note STATE STREET CORPORATION 50,274.35 0.04% 5% YESCorporate Note UNITED PARCEL SERVICE 152,368.97 0.11% 5% YESCorporate Note WELLS FARGO BANK NA 100,443.51 0.07% 5% YESCorporate Note BANK OF AMERICA CORP 181,370.46 0.13% 5% YESCorporate Note HERSHEY COMPANY 182,231.37 0.13% 5% YESCorporate Note MERCK & CO INC 94,919.11 0.07% 5% YESCorporate Note PFIZER INC 180,204.20 0.13% 5% YESCorporate Note 3M COMPANY 202,284.04 0.15% 5% YESCorporate Note VISA INC 129,848.79 0.10% 5% YES

61 of 66


Sector Individual Issuer BreakdownAmortized Cost


PercentagePermitted by Policy In Compliance

Commercial Paper MUFG BANK LTD/NY 2,964,960.00 2.18% 5% YESCommercial Paper CREDIT AGRICOLE CIB NY 1,972,354.44 1.45% 5% YESCommercial Paper JP MORGAN SECURITIES LLC 2,963,640.00 2.18% 5% YESCommercial Paper TOYOTA MOTOR CREDIT CORP 4,939,688.03 3.64% 5% YESCD / Savings Account CERTIFICATE OF DEPOSITS 33,082,016.00 24.36% 50% YESCD / Savings Account TD BANK MMA 593,733.00 0.44% 50% YESAsset-Backed ALLY AUTO RECEIVABLES TRUST 330,356.52 0.24% 5% YESAsset-Backed FORD CREDIT AUTO OWNER TRUST 185,142.07 0.14% 5% YESAsset-Backed HONDA AUTO RECEIVABLES OWNER T 505,369.89 0.37% 5% YESAsset-Backed NISSAN AUTO RECEIVABLES OWNER 80,087.35 0.06% 5% YESAsset-Backed TOYOTA AUTO RECEIVABLES OWNER 450,449.86 0.33% 5% YESAsset-Backed CITIBANK CREDIT CARD ISSUANCE 388,059.71 0.29% 5% YESAsset-Backed GM FINANCIAL SECURITIZED TERM 80,084.62 0.06% 5% YESAsset-Backed MERCEDES-BENZ AUTO RECEIVABLES 110,144.57 0.08% 5% YES

End of month trade-date amortized cost of portfolio holdings, including accrued interest.

62 of 66


TOWN OF PALM BEACH, FLORIDA Asset Allocation

Portfolio Holdings Corporate Industry Allocations Corporate Industry Allocation Industry Limit ComplianceCommunications 0.00% 15.00% YesConsumer Discretionary 0.91% 15.00% YesConsumer Staples 0.12% 15.00% YesEnergy 0.00% 15.00% YesFinancials 11.94% 15.00% YesHealth Care 0.00% 15.00% YesIndustrials 1.22% 15.00% YesMaterials 0.00% 15.00% YesTechnology 0.59% 15.00% YesUtilities 0.00% 15.00% YesAerospace & Defense 0.00% 15.00% Yes




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

Ã 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.

Ã 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.

Ã 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.

Ã Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.

Ã Money market fund/cash balances are included in performance and duration computations.

Ã Standard & Poorʼs is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.

Ã 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.

Ã MBS maturities are represented by expected average life.




Appendix

GLOSSARY

Ã ACCRUED INTEREST: Interest that is due on a bond or other fixed income security since the last interest payment was made.

Ã AGENCIES: Federal agency securities and/or Government-sponsored enterprises.

Ã 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.

Ã 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.

Ã COMMERCIAL PAPER: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.

Ã CONTRIBUTION 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.

Ã 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.

Ã EFFECTIVE DURATION: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.

Ã 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 ominal yield does not.

Ã FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.

Ã INTEREST RATE: Interest per year divided by principal amount and expressed as a percentage.

Ã MARKET VALUE: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.

Ã MATURITY: The date upon which the principal or stated value of an investment becomes due and payable.

Ã NEGOTIABLE CERTIFICATES OF DEPOSIT: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.

Ã PAR VALUE: The nominal dollar face amount of a security.




Appendix

GLOSSARY

Ã 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.

Ã 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.

Ã SETTLE DATE: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and maturity

proceeds) occurs on a non-business day, the funds are exchanged on the next business day.

Ã TRADE DATE: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.

Ã UNSETTLED TRADE: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.

Ã U.S. TREASURY: The department of the U.S. government that issues Treasury securities.

Ã 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.

Ã 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.

Ã 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.


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