Download - 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
PFM Asset Management LLC
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
PFM Asset Management LLC
TOWN OF PALM BEACH, FLORIDA
For the Quarter Ended March 31, 2019
-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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PFM Asset Management LLC
TOWN OF PALM BEACH, FLORIDA
For the Quarter Ended March 31, 2019
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%
Mar '14 Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
Unemployment Rate
Source: Bloomberg, as of March 2019.
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PFM Asset Management LLC
TOWN OF PALM BEACH, FLORIDA
For the Quarter Ended March 31, 2019
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%
Mar '14 Mar '15 Mar '16 Mar '17 Mar '18 Mar '19
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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PFM Asset Management LLC
TOWN OF PALM BEACH, FLORIDA
For the Quarter Ended March 31, 2019
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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PFM Asset Management LLC
TOWN OF PALM BEACH, FLORIDA
For the Quarter Ended March 31, 2019
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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PFM Asset Management LLC
TOWN OF PALM BEACH, FLORIDA
For the Quarter Ended March 31, 2019
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.
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PFM Asset Management LLC
TOWN OF PALM BEACH, FLORIDA
For the Quarter Ended March 31, 2019
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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PFM Asset Management LLC
TOWN OF PALM BEACH, FLORIDA
For the Quarter Ended March 31, 2019
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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PFM Asset Management LLC
TOWN OF PALM BEACH, FLORIDA
For the Quarter Ended March 31, 2019
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?
PFM Asset Management LLC
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
Multi-Factor Authentication
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?
PFM Asset Management LLC
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
PFM Asset Management LLC16 of 66
TOWN OF PALM BEACH, FLORIDA
For the Quarter Ended March 31, 2019
Executive Summary
PFM Asset Management LLC
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
For the Quarter Ended March 31, 2019
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
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.
18 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
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
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.
19 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Performance
Portfolio Performance (Total Return)
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
TOWN OF PALM BEACH 1-5 YR PORTFOLIO ICE BofAML 1-5 Year U.S. Treasury/Agency Index
PFM Asset Management LLC
Portfolio performance is gross of fees unless otherwise indicated.
20 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Performance
Portfolio Performance (Total Return)
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
TOWN OF PALM BEACH 1-5 YR PORTFOLIO ICE BofAML 1-5 Year U.S. Treasury/Agency Index
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.
21 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Performance
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
$18,996,177.11
Portfolio Earnings
Beginning Value (12/31/2018)
Ending Value (03/31/2019)
PFM Asset Management LLC22 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Sector Allocation
March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018
% of TotalMV ($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
PFM Asset Management LLC
Detail may not add to total due to rounding.
23 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Maturity Distribution
As of March 31, 2019
>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%
TOWN OF PALM BEACH 1-5 YR PORTFOLIO ICE BofAML 1-5 Year U.S. Treasury/Agency Index
PFM Asset Management LLC24 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
As of March 31, 2019
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%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
10%
25% 26%
23%
16%
0%2%
34%
29%
22%
14%
0%
Distribution by Effective Duration
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
ICE BofAML 1-5 Year U.S. Treasury/Agency 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
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
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
PFM Asset Management LLC25 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Credit Quality
As of March 31, 2019
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%$18,990,531
5.2%
A
6.7%
A-
1.5%
A+
4.3%
AA
5.8%
AA-
51.7%
AA+
17.6%
AAA
3.1%
BBB+
3.9%
Not Rated
PFM Asset Management LLC
Detail may not add to total due to rounding.
26 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Issuer Distribution
As of March 31, 2019
Market Value ($) % 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
%
PFM Asset Management LLC27 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Market Value ($) % of PortfolioIssuer
IBM CORP 196,948 1.0%
DEERE & COMPANY 196,653 1.0%
HERSHEY COMPANY 186,480 1.0%
FORD CREDIT AUTO OWNER TRUST 183,880 1.0%
BANK OF AMERICA CO 182,793 1.0%
PFIZER INC 182,237 1.0%
CITY OF NEW YORK CITY, NY 179,847 1.0%
UNITED PARCEL SERVICE INC 149,049 0.8%
CATERPILLAR INC 148,316 0.8%
MORGAN STANLEY 139,089 0.7%
PACCAR FINANCIAL CORP 137,629 0.7%
VISA INC 128,625 0.7%
THE WALT DISNEY CORPORATION 124,646 0.7%
MICROSOFT CORP 119,290 0.6%
PROCTER & GAMBLE CO 118,825 0.6%
MERCEDES-BENZ AUTO RECEIVABLES 110,841 0.6%
AMERICAN EXPRESS CO 109,284 0.6%
MERCK & CO INC 96,251 0.5%
BB&T CORPORATION 88,774 0.5%
HOME DEPOT INC 84,373 0.4%
GM FINANCIAL SECURITIZED TERM 80,628 0.4%
PFM Asset Management LLC28 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Market Value ($) % of PortfolioIssuer
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:
PFM Asset Management LLC29 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Sector/Issuer Distribution
As of March 31, 2019
% of SectorSector / Issuer Market Value ($) % of Total Portfolio
Asset-Backed
ALLY AUTO RECEIVABLES TRUST 1.7% 15.5% 330,218
CITIGROUP INC 2.1% 18.3% 389,436
FORD CREDIT AUTO OWNER TRUST 1.0% 8.6% 183,880
GM FINANCIAL SECURITIZED TERM 0.4% 3.8% 80,628
HONDA AUTO RECEIVABLES 2.7% 23.7% 505,355
MERCEDES-BENZ AUTO RECEIVABLES 0.6% 5.2% 110,841
NISSAN AUTO RECEIVABLES 0.4% 3.8% 80,068
TOYOTA MOTOR CORP 2.4% 21.1% 450,122
100.0% 11.2% 2,130,548 Sector Total
Corporate
3M COMPANY 1.1% 3.9% 206,035
AMERICAN EXPRESS CO 0.6% 2.1% 109,284
APPLE INC 1.1% 4.2% 217,809
BANK OF AMERICA CO 1.0% 3.5% 182,793
BB&T CORPORATION 0.5% 1.7% 88,774
BERKSHIRE HATHAWAY INC 0.3% 0.9% 49,766
CATERPILLAR INC 0.8% 2.8% 148,316
CISCO SYSTEMS INC 2.1% 7.6% 399,363
DEERE & COMPANY 1.0% 3.8% 196,653
PFM Asset Management LLC30 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
% of SectorSector / Issuer Market Value ($) % of Total Portfolio
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
PFM Asset Management LLC31 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
% of SectorSector / Issuer Market Value ($) % of Total Portfolio
100.0% 7.3% 1,394,980 Sector Total
Municipal
CITY OF NEW YORK CITY, NY 0.9% 100.0% 179,847
100.0% 0.9% 179,847 Sector Total
Supra-Sov / Supra-Natl Agency
AFRICAN DEVELOPMENT BANK 2.4% 24.5% 452,021
ASIAN DEVELOPMENT BANK 2.6% 26.7% 493,375
INTER-AMERICAN DEVELOPMENT BANK 1.9% 19.4% 358,250
INTL BANK OF RECONSTRUCTION AND DEV 2.9% 29.4% 543,451
100.0% 9.7% 1,847,097 Sector Total
U.S. Treasury
UNITED STATES TREASURY 43.2% 100.0% 8,196,521
100.0% 43.2% 8,196,521 Sector Total
100.0% 18,990,531 Portfolio Total 100.0%
PFM Asset Management LLC32 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security Description
Transact
Amt ($)
Yield
at Market
Realized
G/L (BV)Coupon
BUY
1/7/19 1/10/19 1,000,000 912828T91 US TREASURY NOTES 10/31/23 963,069.96 2.52%1.62%
1/9/19 1/11/19 125,000 88579YAX9 3M COMPANY CORP NOTES 3/15/23 121,588.75 3.14%2.25%
1/29/19 1/31/19 560,000 912828V23 US TREASURY NOTES 12/31/23 553,138.39 2.56%2.25%
2/7/19 2/8/19 255,000 3135G0V34 FANNIE MAE NOTES 2/5/24 254,051.40 2.58%2.50%
2/12/19 2/22/19 80,000 88579YBB6 3M COMPANY 2/14/24 80,995.38 2.99%3.25%
2/14/19 2/15/19 280,000 3130AFW94 FHLB BONDS 2/13/24 279,008.80 2.58%2.50%
3/1/19 3/5/19 560,000 9128286G0 UNITED STATES TREASURY NOTES 2/29/24 555,302.59 2.56%2.37%
3/4/19 3/11/19 180,000 717081ES8 PFIZER INC 3/15/24 179,908.20 2.96%2.95%
3/5/19 3/7/19 95,000 58933YAU9 MERCK & CO INC 3/7/24 94,732.10 2.96%2.90%
3/6/19 3/8/19 180,000 06051GHF9 BANK OF AMERICA CORP NOTE 3/5/24 180,973.05 3.44%3.55%
3,315,000 3,262,768.62Total BUY
INTEREST
1/1/19 1/1/19 60,000 650119AF7 NEW YORK UNIVERSITY CORPORATE NOTE 7/1/19 530.10 1.76%
1/2/19 1/2/19 0 MONEY0002 MONEY MARKET FUND 209.93
1/8/19 1/8/19 450,000 36962G4J0 GENERAL ELECTRIC CAP CORP NOTES 1/8/20 12,375.00 5.50%
1/12/19 1/12/19 110,000 02665WBE0 AMERICAN HONDA FINANCE 7/12/19 660.00 1.20%
1/15/19 1/15/19 185,000 02007JAC1 ALLYA 2018-3 A3 1/15/23 462.50 3.00%
1/15/19 1/15/19 185,000 34532AAD5 FORDO 2017-C A3 3/15/22 309.88 2.01%
1/15/19 1/15/19 185,000 89238KAD4 TAOT 2017-D A3 1/15/22 297.54 1.93%
1/15/19 1/15/19 80,000 89238BAD4 TAOT 2018-A A3 5/16/22 156.67 2.35%
1/15/19 1/15/19 185,000 89231AAD3 TOYOTA ABS 2018-C A3 12/15/22 465.58 3.02%
1/15/19 1/15/19 80,000 65478DAD9 NAROT 2018-A A3 5/15/22 176.67 2.65%
1/15/19 1/15/19 145,000 02007YAC8 ALLYA 2017-5 A3 3/15/22 240.46 1.99%
PFM Asset Management LLC33 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security Description
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%
2/1/19 2/1/19 0 MONEY0002 MONEY MARKET FUND 173.57
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%
PFM Asset Management LLC34 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security Description
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 2/21/19 175,000 43815HAC1 HONDA AUTO RECEIVABLES OWNER T 8/21/22 430.21 2.95%
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%
3/1/19 3/1/19 0 MONEY0002 MONEY MARKET FUND 173.55
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%
3/21/19 3/21/19 175,000 43815HAC1 HONDA AUTO RECEIVABLES OWNER T 8/21/22 430.21 2.95%
3/22/19 3/22/19 450,000 00828ECZ0 AFRICAN DEVELOPMENT BANK NOTE 3/22/21 5,906.25 2.62%
PFM Asset Management LLC35 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security Description
Transact
Amt ($)
Yield
at Market
Realized
G/L (BV)Coupon
3/31/19 3/31/19 500,000 9128282W9 US TREASURY NOTES 9/30/22 4,687.50 1.87%
3/31/19 3/31/19 215,000 912828C57 US TREASURY NOTES 3/31/21 2,418.75 2.25%
3/31/19 3/31/19 260,000 912828Q37 US TREASURY NOTES 3/31/21 1,625.00 1.25%
14,230,000 108,298.67Total INTEREST
SELL
1/7/19 1/10/19 490,000 912828VP2 US TREASURY NOTES 7/31/20 490,034.12 2.58% (6,460.49)2.00%
1/7/19 1/10/19 510,000 912828VP2 US TREASURY NOTES 7/31/20 510,035.52 2.58% (7,745.07)2.00%
1/9/19 1/11/19 130,000 912828P79 US TREASURY NOTES 2/28/23 125,374.25 2.55% 943.37 1.50%
1/30/19 1/31/19 320,000 3135G0T29 FNMA NOTES 2/28/20 318,273.60 2.61% (3,691.77)1.50%
1/30/19 1/31/19 240,000 459058FS7 INTL BANK OF RECON AND DEV GLOBAL NOTES 11/27/19 237,439.63 2.69% (2,318.20)1.12%
2/7/19 2/8/19 200,000 912828P38 US TREASURY NOTES 1/31/23 194,585.16 2.48% 2,048.81 1.75%
2/14/19 2/15/19 110,000 912828VP2 US TREASURY NOTES 7/31/20 109,257.56 2.53% (1,286.92)2.00%
2/14/19 2/15/19 175,000 912828VP2 US TREASURY NOTES 7/31/20 173,818.86 2.53% (3,080.39)2.00%
2/22/19 2/22/19 80,000 912828VP2 US TREASURY NOTES 7/31/20 79,478.49 2.55% (1,410.12)2.00%
3/4/19 3/5/19 450,000 06406HCW7 BANK OF NEW YORK MELLON NT (CALLABLE) 9/11/19 454,116.00 2.69% (1,495.56)2.30%
3/4/19 3/5/19 110,000 02665WBE0 AMERICAN HONDA FINANCE 7/12/19 109,616.83 2.70% (564.36)1.20%
3/5/19 3/11/19 135,000 912828A42 US TREASURY NOTES 11/30/20 134,425.55 2.58% (3,117.68)2.00%
3/5/19 3/11/19 45,000 912828VP2 US TREASURY NOTES 7/31/20 44,736.61 2.59% (791.07)2.00%
3/7/19 3/7/19 100,000 9128286G0 UNITED STATES TREASURY NOTES 2/29/24 99,545.18 2.48% 370.20 2.37%
3/8/19 3/8/19 175,000 912828V23 US TREASURY NOTES 12/31/23 174,149.66 2.45% 854.56 2.25%
3,270,000 3,254,887.02 -27,744.69Total SELL
PFM Asset Management LLC36 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Quarterly Portfolio Transactions
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
1/1/19 1/1/19 60,000.00 650119AF7 NEW YORK UNIVERSITY CORPORATE NOTEINTEREST 7/1/19 530.10 1.76%
1/2/19 1/2/19 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 209.93
1/7/19 1/10/19 1,000,000.00 912828T91 US TREASURY NOTESBUY 10/31/23 (963,069.96) 2.52%1.62%
1/7/19 1/10/19 490,000.00 912828VP2 US TREASURY NOTESSELL 7/31/20 490,034.12 2.58% (6,460.49)2.00%
1/7/19 1/10/19 510,000.00 912828VP2 US TREASURY NOTESSELL 7/31/20 510,035.52 2.58% (7,745.07)2.00%
1/8/19 1/8/19 450,000.00 36962G4J0 GENERAL ELECTRIC CAP CORP NOTESINTEREST 1/8/20 12,375.00 5.50%
1/9/19 1/11/19 125,000.00 88579YAX9 3M COMPANY CORP NOTESBUY 3/15/23 (121,588.75) 3.14%2.25%
1/9/19 1/11/19 130,000.00 912828P79 US TREASURY NOTESSELL 2/28/23 125,374.25 2.55% 943.37 1.50%
1/12/19 1/12/19 110,000.00 02665WBE0 AMERICAN HONDA FINANCEINTEREST 7/12/19 660.00 1.20%
1/15/19 1/15/19 185,000.00 02007JAC1 ALLYA 2018-3 A3INTEREST 1/15/23 462.50 3.00%
1/15/19 1/15/19 185,000.00 34532AAD5 FORDO 2017-C A3INTEREST 3/15/22 309.88 2.01%
1/15/19 1/15/19 185,000.00 89238KAD4 TAOT 2017-D A3INTEREST 1/15/22 297.54 1.93%
1/15/19 1/15/19 80,000.00 89238BAD4 TAOT 2018-A A3INTEREST 5/16/22 156.67 2.35%
1/15/19 1/15/19 185,000.00 89231AAD3 TOYOTA ABS 2018-C A3INTEREST 12/15/22 465.58 3.02%
1/15/19 1/15/19 80,000.00 65478DAD9 NAROT 2018-A A3INTEREST 5/15/22 176.67 2.65%
1/15/19 1/15/19 145,000.00 02007YAC8 ALLYA 2017-5 A3INTEREST 3/15/22 240.46 1.99%
1/15/19 1/15/19 150,000.00 43814UAC3 HAROT 2018-1 A3INTEREST 2/15/22 330.00 2.64%
1/15/19 1/15/19 110,000.00 58772RAD6 MBART 2018-1 A3INTEREST 1/15/23 277.75 3.03%
1/16/19 1/16/19 80,000.00 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 201.33 3.02%
1/20/19 1/20/19 200,000.00 44932HAB9 IBM CREDIT CORP NOTEINTEREST 1/20/21 1,800.00 1.80%
PFM Asset Management LLC37 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
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%
2/1/19 2/1/19 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 173.57
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%
PFM Asset Management LLC38 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
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%
2/14/19 2/15/19 110,000.00 912828VP2 US TREASURY NOTESSELL 7/31/20 109,257.56 2.53% (1,286.92)2.00%
2/14/19 2/15/19 175,000.00 912828VP2 US TREASURY NOTESSELL 7/31/20 173,818.86 2.53% (3,080.39)2.00%
2/15/19 2/15/19 185,000.00 89238KAD4 TAOT 2017-D A3INTEREST 1/15/22 297.54 1.93%
2/15/19 2/15/19 80,000.00 65478DAD9 NAROT 2018-A A3INTEREST 5/15/22 176.67 2.65%
2/15/19 2/15/19 110,000.00 58772RAD6 MBART 2018-1 A3INTEREST 1/15/23 277.75 3.03%
2/15/19 2/15/19 145,000.00 02007YAC8 ALLYA 2017-5 A3INTEREST 3/15/22 240.46 1.99%
2/15/19 2/15/19 185,000.00 02007JAC1 ALLYA 2018-3 A3INTEREST 1/15/23 462.50 3.00%
2/15/19 2/15/19 150,000.00 43814UAC3 HAROT 2018-1 A3INTEREST 2/15/22 330.00 2.64%
2/15/19 2/15/19 185,000.00 89231AAD3 TOYOTA ABS 2018-C A3INTEREST 12/15/22 465.58 3.02%
2/15/19 2/15/19 185,000.00 34532AAD5 FORDO 2017-C A3INTEREST 3/15/22 309.88 2.01%
2/15/19 2/15/19 80,000.00 89238BAD4 TAOT 2018-A A3INTEREST 5/16/22 156.67 2.35%
2/15/19 2/15/19 50,000.00 084664CK5 BERKSHIRE HATHAWAY INC CORPORATE NOTESINTEREST 8/15/19 325.00 1.30%
2/16/19 2/16/19 80,000.00 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 201.33 3.02%
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%
2/21/19 2/21/19 175,000.00 43815HAC1 HONDA AUTO RECEIVABLES OWNER TINTEREST 8/21/22 430.21 2.95%
2/21/19 2/21/19 180,000.00 43813FAC7 HAROT 2017-4 A3INTEREST 11/21/21 307.50 2.05%
2/22/19 2/22/19 80,000.00 912828VP2 US TREASURY NOTESSELL 7/31/20 79,478.49 2.55% (1,410.12)2.00%
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%
PFM Asset Management LLC39 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
Date
Trade
Date
Tran.
Type
Maturity
Date Transact
Amt ($)Yield
Realized
G/L (BV)Coupon
3/1/19 3/1/19 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 173.55
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 3/15/19 185,000.00 34532AAD5 FORDO 2017-C A3INTEREST 3/15/22 309.88 2.01%
3/15/19 3/15/19 80,000.00 89238BAD4 TAOT 2018-A A3INTEREST 5/16/22 156.67 2.35%
3/15/19 3/15/19 145,000.00 02007YAC8 ALLYA 2017-5 A3INTEREST 3/15/22 240.46 1.99%
3/15/19 3/15/19 130,000.00 92826CAG7 VISA INC (CALLABLE) NOTEINTEREST 9/15/22 1,397.50 2.15%
3/15/19 3/15/19 150,000.00 43814UAC3 HAROT 2018-1 A3INTEREST 2/15/22 330.00 2.64%
PFM Asset Management LLC40 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Security DescriptionCUSIPPar ($) Settle
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%
3/15/19 3/15/19 110,000.00 58772RAD6 MBART 2018-1 A3INTEREST 1/15/23 277.75 3.03%
3/15/19 3/15/19 185,000.00 89231AAD3 TOYOTA ABS 2018-C A3INTEREST 12/15/22 465.58 3.02%
3/15/19 3/15/19 185,000.00 02007JAC1 ALLYA 2018-3 A3INTEREST 1/15/23 462.50 3.00%
3/15/19 3/15/19 185,000.00 89238KAD4 TAOT 2017-D A3INTEREST 1/15/22 297.54 1.93%
3/15/19 3/15/19 80,000.00 65478DAD9 NAROT 2018-A A3INTEREST 5/15/22 176.67 2.65%
3/16/19 3/16/19 80,000.00 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 201.33 3.02%
3/21/19 3/21/19 180,000.00 43813FAC7 HAROT 2017-4 A3INTEREST 11/21/21 307.50 2.05%
3/21/19 3/21/19 175,000.00 43815HAC1 HONDA AUTO RECEIVABLES OWNER TINTEREST 8/21/22 430.21 2.95%
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)
PFM Asset Management LLC41 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
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
AA+ Aaa 10/3/2016 10/5/2016 225,162.11 13.22 219,589.69 214,899.171.17US TREASURY NOTES
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
AA+ Aaa 11/22/2016 11/23/2016 500,412.50 1,827.35 495,294.79 489,751.081.78US TREASURY NOTES
DTD 07/31/2014 2.250% 07/31/2021
912828WY2 490,000.00
AA+ Aaa 12/1/2016 12/5/2016 726,925.78 1,260.87 726,007.85 720,440.481.94US TREASURY NOTES
DTD 09/02/2014 2.000% 08/31/2021
912828D72 725,000.00
AA+ Aaa 8/30/2017 8/31/2017 354,990.23 2,939.23 353,132.44 347,757.901.64US TREASURY NOTES
DTD 10/31/2014 2.000% 10/31/2021
912828F96 350,000.00
AA+ Aaa 6/26/2017 6/28/2017 407,031.25 2,136.74 404,353.01 398,687.601.72US TREASURY NOTES
DTD 12/31/2014 2.125% 12/31/2021
912828G87 400,000.00
AA+ Aaa 8/1/2017 8/4/2017 250,791.01 776.93 250,506.86 247,470.751.80US TREASURY NOTES
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
AA+ Aaa 1/2/2018 1/4/2018 491,914.06 25.61 493,952.66 494,062.502.24US TREASURY NOTES
DTD 10/02/2017 1.875% 09/30/2022
9128282W9 500,000.00
AA+ Aaa 8/1/2018 8/3/2018 434,373.05 3,016.48 436,645.35 446,308.652.86US TREASURY NOTES
DTD 11/30/2015 2.000% 11/30/2022
912828M80 450,000.00
AA+ Aaa 9/5/2018 9/6/2018 559,951.17 3,071.56 561,838.09 572,641.352.77US TREASURY NOTES
DTD 12/31/2015 2.125% 12/31/2022
912828N30 575,000.00
AA+ Aaa 7/2/2018 7/5/2018 444,572.26 613.04 448,418.54 457,075.002.75US TREASURY NOTES
DTD 02/29/2016 1.500% 02/28/2023
912828P79 470,000.00
AA+ Aaa 12/4/2018 12/6/2018 716,542.97 4,967.20 718,826.46 735,498.002.83US TREASURY NOTES
DTD 05/15/2013 1.750% 05/15/2023
912828VB3 750,000.00
AA+ Aaa 12/10/2018 12/11/2018 188,460.94 691.30 189,194.59 193,007.802.73US TREASURY NOTES
DTD 06/30/2016 1.375% 06/30/2023
912828S35 200,000.00
PFM Asset Management LLC42 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
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 1/7/2019 1/10/2019 959,882.81 6,823.20 961,656.49 973,242.002.52US TREASURY NOTES
DTD 10/31/2016 1.625% 10/31/2023
912828T91 1,000,000.00
AA+ Aaa 1/29/2019 1/31/2019 379,540.82 2,177.59 379,716.03 384,984.992.56US TREASURY NOTES
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
1.97 1,847,096.74 1,860,455.37 6,611.19 1,860,000.00 1,860,985.88Security Type Sub-Total
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
PFM Asset Management LLC43 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
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
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
1.75 1,394,979.87 1,408,396.11 4,835.58 1,410,000.00 1,408,871.81Security Type Sub-Total
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
PFM Asset Management LLC44 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
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
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
PFM Asset Management LLC45 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
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
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
2.34 5,241,539.58 5,257,580.85 27,172.45 5,250,000.00 5,305,817.80Security Type Sub-Total
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
PFM Asset Management LLC46 of 66
TOWN OF PALM BEACH 1-5 YR PORTFOLIO
For the Quarter Ended March 31, 2019
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
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
2.65 2,130,547.76 2,125,983.70 3,710.89 2,130,000.00 2,125,479.74Security Type Sub-Total
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
PFM Asset Management LLC47 of 66
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.
PFM Asset Management LLC
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
For the Quarter Ended March 31, 2019
Portfolio Snapshot
Portfolio Statistics
As of March 31, 2019
$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%
Maturity Distribution
Sector Allocation
86.7%
Commercial
Paper
13.3%
U.S.
Treasury
PFM Asset Management LLC
* An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio.
49 of 66
TOWN OF PALM BEACH SHORT TERM PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Performance
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
$14,818,616.35
Portfolio Earnings
Beginning Value (12/31/2018)
Ending Value (03/31/2019)
PFM Asset Management LLC50 of 66
TOWN OF PALM BEACH SHORT TERM PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Sector Allocation
March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018
% of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM)
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% $6.0 100.0%Total
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
March 2019 December 2018 June 2018
U.S. Treasury
Commercial Paper
PFM Asset Management LLC
Detail may not add to total due to rounding.
51 of 66
TOWN OF PALM BEACH SHORT TERM PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Maturity Distribution
As of March 31, 2019
>5
Years
4-5
Years
3-4
Years
2-3
Years
1-2
Years
0-1
YearsYield
at MarketPortfolio/Benchmark
Average
Maturity
TOWN OF PALM BEACH SHORT TERM PORTFOLIO 2.60% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.43 yrs
ICE BofAML 3 Month U.S. Treasury Bill Index 2.37% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.24 yrs
0%
20%
40%
60%
80%
100%
0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years
100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
TOWN OF PALM BEACH SHORT TERM PORTFOLIO ICE BofAML 3 Month U.S. Treasury Bill Index
PFM Asset Management LLC52 of 66
TOWN OF PALM BEACH SHORT TERM PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Credit Quality
As of March 31, 2019
S&P Rating Market Value ($) % of Portfolio
53.3%$7,910,289A-1
46.7%$6,923,348A-1+
Totals 100.0%$14,833,637
53.3%
A-1
46.7%
A-1+
PFM Asset Management LLC
Detail may not add to total due to rounding.
53 of 66
TOWN OF PALM BEACH SHORT TERM PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Issuer Distribution
As of March 31, 2019
Market Value ($) % of PortfolioIssuer
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:
PFM Asset Management LLC54 of 66
TOWN OF PALM BEACH SHORT TERM PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Composition
Sector/Issuer Distribution
As of March 31, 2019
% of SectorSector / Issuer Market Value ($) % of Total Portfolio
Commercial Paper
CREDIT AGRICOLE SA 13.3% 15.4% 1,974,318
JP MORGAN CHASE & CO 20.0% 23.1% 2,967,294
MITSUBISHI UFJ FINANCIAL GROUP INC 20.0% 23.1% 2,968,677
TOYOTA MOTOR CORP 33.3% 38.5% 4,944,918
100.0% 86.7% 12,855,207 Sector Total
U.S. Treasury
UNITED STATES TREASURY 13.3% 100.0% 1,978,430
100.0% 13.3% 1,978,430 Sector Total
100.0% 14,833,637 Portfolio Total 100.0%
PFM Asset Management LLC55 of 66
TOWN OF PALM BEACH SHORT TERM PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date
Maturity
DatePar ($) CUSIP Security Description
Transact
Amt ($)
Yield
at Market
Realized
G/L (BV)Coupon
BUY
1/14/19 1/15/19 2,000,000 912796RA9 UNITED STATES TREASURY BILL 9/12/19 1,967,766.67 2.46%0.00%
1/14/19 1/15/19 2,000,000 22533UWT6 CREDIT AGRICOLE CIB NY COMM PAPER 9/27/19 1,960,616.67 2.84%0.00%
1/15/19 1/15/19 2,000,000 89233HWT7 TOYOTA MOTOR CREDIT CORP COMM PAPER 9/27/19 1,960,758.33 2.83%0.00%
6,000,000 5,889,141.67Total BUY
INTEREST
1/2/19 1/2/19 0 MONEY0002 MONEY MARKET FUND 7,101.59
2/1/19 2/1/19 0 MONEY0002 MONEY MARKET FUND 5,760.04
3/1/19 3/1/19 0 MONEY0002 MONEY MARKET FUND 735.45
0 13,597.08Total INTEREST
PFM Asset Management LLC56 of 66
TOWN OF PALM BEACH SHORT TERM PORTFOLIO
For the Quarter Ended March 31, 2019
Portfolio Activity
Quarterly Portfolio Transactions
Security DescriptionCUSIPPar ($) Settle
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
3/1/19 3/1/19 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 735.45
TOTALS (5,875,544.59)
PFM Asset Management LLC57 of 66
TOWN OF PALM BEACH SHORT TERM PORTFOLIO
For the Quarter Ended March 31, 2019
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 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.
PFM Asset Management LLC58 of 66
Tab III
PFM Asset Management LLC59 of 66
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
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For the Quarter Ended March 31, 2019TOWN OF PALM BEACH Asset Allocation
Sector Individual Issuer BreakdownAmortized Cost
(Includes Interest)Allocation
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
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For the Quarter Ended March 31, 2019TOWN OF PALM BEACH Asset Allocation
Sector Individual Issuer BreakdownAmortized Cost
(Includes Interest)Allocation
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.
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For the Quarter Ended March 31, 2019
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
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Appendix
IMPORTANT DISCLOSURES
This material is based on information obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its
accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as
to what will or may happen under certain circumstances are based on assumptions, some, but not all of which, are noted in the presentation. Assumptions may or may not be proven
correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does
not necessarily reflect and is not a guaranty of future results.The information contained in this presentation is not an offer to purchase or sell any securities.
Dime
à Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Interactive Data, Bloomberg, or Telerate.
Where prices are not available from generally recognized sources, the securities are priced using a yield based matrix system to arrive at an estimated market value.
à In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and
forward settling sales are excluded.
à Performance is presented in accordance with the CFA Institute ’s Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees.
Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of
future returns.
à Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.
à Money market fund/cash balances are included in performance and duration computations.
à Standard & Poorʼs is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.
à Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.
à MBS maturities are represented by expected average life.
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Appendix
GLOSSARY
à ACCRUED INTEREST: Interest that is due on a bond or other fixed income security since the last interest payment was made.
à AGENCIES: Federal agency securities and/or Government-sponsored enterprises.
à 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.
à 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.
à COMMERCIAL PAPER: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.
à 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.
à 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.
à EFFECTIVE DURATION: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.
à 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.
à FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.
à INTEREST RATE: Interest per year divided by principal amount and expressed as a percentage.
à MARKET VALUE: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.
à MATURITY: The date upon which the principal or stated value of an investment becomes due and payable.
à NEGOTIABLE CERTIFICATES OF DEPOSIT: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.
à PAR VALUE: The nominal dollar face amount of a security.
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Appendix
GLOSSARY
à 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.
à 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.
à 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.
à TRADE DATE: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.
à UNSETTLED TRADE: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.
à U.S. TREASURY: The department of the U.S. government that issues Treasury securities.
à 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.
à 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.
à 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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