Palm Beach County School District€¦ · Palm Beach County School District 300 S. Orange Avenue,...

Palm Beach County School District

300 S. Orange Avenue, Suite 1170Orlando, FL 32801(407) 648-2208(407) 648-1323 fax

PFM Asset Management LLCOne Keystone Plaza, Suite 300North Front & Market StreetsHarrisburg, PA 17101-2044717-232-2723 • 717-233-6073 fax

Investment Performance ReviewQuarter Ended December 31, 2015

Investment AdvisorsSteven Alexander, CTP, CGFO, CPPT, Managing DirectorRobert Cheddar, CFA, Chief Credit Officer, Managing DirectorD. Scott Stitcher, CFA, Senior Managing ConsultantRichard Pengelly, CFA, CTP, Senior Managing ConsultantRebecca Geyer, CTP, Senior Analyst

Palm Beach County School District Investment Report - Quarter Ended December 31, 2015

Table of ContentsTab I.

Section A Market Review

Tab II.Section B Executive Summary & Investment Portfolio PerformanceSection C Short Term PortfolioSection D Asset Allocation Chart

Tab III. December 31, 2015 PFM Month-End Statement(statements are available online at www.pfm.com)

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 recommendation. The information contained in this report is not an offer to purchase or sell any securities.

Table of Contents Section i


TAB I

Palm Beach County School District Investment Report – Quarter Ended December 31, 2015

PFM Asset Management LLC Section A-1

Summary

The Federal Open Market Committee (FOMC) increased the target federalfunds rate by 25 basis points (bps) (0.25%) at its December meeting — itsfirst rate hike since 2006. In doing so, the FOMC stressed its intention tonormalize rates at a gradual pace.

The year ended with strong job growth momentum as the economy added292,000 new jobs in December. This brought the 2015 tally to 2.65 millionnew jobs in total — enough to shrink the unemployment rate to 5%. Wageinflation edged up modestly, suggesting a chance for future inflation.

While the Federal Reserve (Fed) took the first step to normalize interestrates, other central banks have continued to implement accommodativemonetary policies. The European Central Bank (ECB) extended itsmonetary easing policy through the first quarter of 2017 and cut itsdeposit rate further into negative territory (‐0.3%). The Bank of Japan(BOJ) and People’s Bank of China (PBOC) also remain accommodative.

Economic Snapshot

U.S. gross domestic product (GDP) expanded at a 2% rate in the thirdquarter, down from the second quarter due to a reduction in inventoryaccumulation.

In a year‐end bipartisan negotiation, Congress passed a $1.1 trillionspending and tax budget, which also lifted the 40‐year ban on U.S. crudeoil exports.

Global commodity prices continued to fall, increasing concerns over globalgrowth and the sustainability of producers within the energy sector.Headlining this rout were oil prices, which continued to slide, sinking toless than $35 per barrel in December — the lowest level since February2009.

China continued to allow the yuan to weaken, ending the year at its lowestlevel versus the U.S. dollar in nearly six years. The Chinese economycontinued to slow — stoking market concern over the world’s second‐largest economy — though it is expected to meet its major economictargets for the year.

Interest Rates

The new target range for the federal funds rate, as established by theFOMC, is 25 to 50 bps, ending the FOMC’s seven‐year “zero interestrate policy.”

Interest rates across the curve moved up significantly throughout thequarter, with the 10‐year rising approximately 23 bps to 2.27% andthe two‐year moving almost 42 bps to 1.05%.

On the shorter end, 12‐month Treasury bills ticked up approximately30 bps to 0.60%.

Sector Performance

U.S. Treasury benchmark returns were negative for all but theshortest maturities (six months and under), as rates rose across thecurve. While the rate increase was less pronounced for longermaturities, their extended durations — and accompanying sensitivityto changes in rates — caused their performance to trail the greatest.

Non‐callable federal agency securities performed in line withcomparable maturity Treasuries; callable securities modestlyoutperformed as their incremental yield helped as rates rose.

Corporate yield spreads reversed the prior quarter’s widening, whichhelped the sector to outperform government‐related sectors;however, absolute return was still negative. A‐rated issuers were thebest‐performing quality category.

Mortgage‐backed securities (MBS) were among the strongest‐performing sectors in the fourth quarter, aided by slowly rising long‐term rates, which helped to slow prepayments; this was particularlytrue for higher coupon issues. MBS joined municipals as the lonesectors to produce positive performance for the quarter.



Source: Bloomberg

Economic SnapshotLabor Market Sep 2015 Dec 2014

Unemployment Rate Dec'15 5.0% 5.1% 5.6%

Change In Non-Farm Payrolls Dec'15 292,000 145,000 329,000

Average Hourly Earnings (YoY) Dec'15 2.5% 2.3% 1.8%

Personal Income (YoY) Nov'15 4.4% 4.6% 5.2%

Initial Jobless Claims (week) 1/1/16 277,000 276,000 293,000

Growth

Real GDP (QoQ SAAR) 2015Q3 2.0% 3.9% 4.3%

GDP Personal Consumption (QoQ SAAR) 2015Q3 3.0% 3.6% 3.5%

Retail Sales (YoY) Nov'15 1.4% 2.2% 3.3%

ISM Manufacturing Survey (month) Dec'15 48.2 50.2 55.1

Existing Home Sales SAAR (month) Nov'15 4.76 mil. 5.55 mil. 5.07 mil.

Inflation / Prices

Personal Consumption Expenditures (YoY) Nov'15 0.4% 0.2% 0.8%

Consumer Price Index (YoY) Nov'15 0.5% 0.0% 0.8%

Consumer Price Index Core (YoY) Nov'15 2.0% 1.9% 1.6%

Crude Oil Futures (WTI, per barrel) Dec 31 $37.04 $45.09 $53.27

Gold Futures (oz.) Dec 31 $1,060 $1,116 $1,184

1. Data as of Second Quarter 2015 2. Data as of Third Quarter 2014

Note: YoY = year over year, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil

Latest

050K100K150K200K250K300K350K400K

2%

4%

6%

8%

10%

12/31/12 6/30/13 12/31/13 6/30/14 12/31/14 6/30/15 12/31/15

Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right)

Change In Non-Farm PayrollsUnemployment Rate

-2%

0%

2%

4%

6%

9/30/12 3/31/13 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15

Real GDP (QoQ)

-1%

0%

1%

2%

3%

12/31/12 6/30/13 12/31/13 6/30/14 12/31/14 6/30/15

Consumer Price Index

CPI (YoY) Core CPI (YoY)

2

2

1

1



Source: Bloomberg

Investment Rate Overview

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

9/30/15 10/31/15 11/30/15 12/31/15

Yiel

d

U.S. Treasury Note Yields

2-Year 5-Year 10-Year

-1%

0%

1%

2%

3%

4%

3-mo

1-yr2-yr3-yr

5-yr

7-yr

10-yr

30-yr

Yiel

d

Maturity

U.S. Treasury Yield Curve

December 31, 2015 September 30, 2015 December 31, 2014

0%

1%

2%

3%

4%

5%

1-yr2-yr3-yr

5-yr

7-yr

10-yr

25-yr

30-yr

Yiel

d

Maturity

Yield Curves as of 12/31/2015

U.S. Treasury Federal Agency Industrial Corporates, A Rated

Maturity 12/31/15 9/30/15Change

over Quarter

12/31/14 Change over Year

3-month 0.17% (0.02%) 0.19% 0.04% 0.13%

1-year 0.60% 0.31% 0.29% 0.22% 0.38%

2-year 1.05% 0.63% 0.42% 0.67% 0.38%

5-year 1.76% 1.36% 0.40% 1.65% 0.11%

10-year 2.27% 2.04% 0.23% 2.17% 0.10%

30-year 3.02% 2.85% 0.17% 2.75% 0.27%

U.S. Treasury Yields



BofA Merrill Lynch Index Returns

Duration Yield 3 Month 1 Year 3 Years

1-3 Year IndicesU.S. Treasury 1.87 1.06% (0.44%) 0.54% 0.51%

Federal Agency 1.73 1.14% (0.37%) 0.69% 0.61%

U.S. Corporates, A-AAA rated 1.90 1.82% (0.05%) 1.16% 1.22%

Agency MBS (0 to 3 years) 1.89 1.46% 0.98% 1.68% 1.20%

Municipals 1.84 0.96% (0.08%) 0.76% 0.85%

1-5 Year IndicesU.S. Treasury 2.70 1.29% (0.66%) 0.98% 0.67%

Federal Agency 2.20 1.31% (0.49%) 0.97% 0.76%


Agency MBS (0 to 5 years) 3.35 2.23% 0.16% 1.22% 1.69%

Municipals 2.52 1.15% 0.08% 1.20% 1.24%

Master Indices (Maturities 1 Year or Greater)U.S. Treasury 6.19 1.77% (0.93%) 0.83% 1.09%

Federal Agency 3.75 1.69% (0.65%) 0.99% 1.05%


Agency MBS (0 to 30 years) 4.53 2.63% (0.06%) 1.46% 2.00%

Municipals 6.74 2.34% 1.72% 3.55% 3.35%

Returns for periods greater than one year are annualized

Source: BofA Merrill Lynch Indices

Returns for Periods ended 12/31/2015As of 12/31/2015



Disclosures

The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC (PFMAM) at the time of distribution and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFMAM cannot guarantee its accuracy, completeness, or suitability. This material is for general information purposes only and is not intended to provide specific advice or recommendation. The information contained in this report is not an offer to purchase or sell any securities. PFMAM is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. PFMAM’s clients are state and local governments, non‐profit corporations, pension funds, and similar institutional investors. www.pfm.com.

© 2015 PFM Asset Management LLC. Further distribution is not permitted without prior written consent.


TAB II


Executive Summary

PORTFOLIO STRATEGY

The District’s Investment Portfolio is of high credit quality and invested in U.S. Treasury, Federal Agency, high quality corporate, commercial paper, and municipal securities.

PFM continued to actively manage the Investment Portfolio during the fourth quarter and found value in the market, taking advantage of market inefficiencies or changes in economic outlook. As a result, the Portfolio realized $6,436 in gains on sales (based on amortized cost) during the quarter. PFM is continually in the market monitoring for opportunities to add value to the Portfolio.

The Investment Portfolio’s quarterly total return performance of -0.35%, outperformed the benchmark’s performance of -0.44% by 0.09%. Over the past year, the Portfolio earned 0.54%, versus 0.54% for the benchmark.

The Short Term Portfolio continues to provide the District with favorable yield relative to the benchmark. At quarter end, the portfolio had a Yield to Maturity at Cost of 0.52%, exceeding the Yield to Maturity of its benchmark, the Merrill Lynch 3 Month U.S. Treasury Bill Index, by 45 basis points (0.45%).

PFMAM maintained a modestly defensive duration position for much of the quarter as rates trended higher. As rates approached the upper end of recent ranges ahead of the FOMC meeting, we extended portfolio durations from short of the benchmark’s duration to a near-neutral position; this more closely aligned portfolio durations with the durations of their respective benchmarks.

Ahead of the December FOMC meeting, market expectations were for an initial Fed Funds hike, supported by assurances that future policy changes would be gradual. Market reaction after the FOMC’s announcement to raise the target range for the federal funds rate was relatively subdued, evidence that the action was in line with these expectations, a goal of the FOMC’s effort to provide transparency to investors.

Recent FOMC projections indicate that Committee members anticipate that three or four rate hikes may be appropriate in 2016 – projections that most market participants believe to be overstated. We believe that expectations for low inflation will limit this year’s rate hikes to two or three, and that short term yields will trend only modestly higher in the near term. We expect long-term rates to remain within modest ranges, resulting in further flattening of the yield curve.

We maintain the outlook that the economy will continue to expand at a moderate pace in the intermediate term. We will continue to monitor any spillover effect that modest global growth and muted inflation may have on the U.S. economy. These factors will help justify the FOMC’s stated intention to remain patient in the pace at which it raises the federal funds rate.

PFM will continue to navigate the market environment with a keen focus on relative value sector analysis, prudent duration management, and efficient yield curve placement. While producing strong investment returns remains a priority, it is secondary to maintaining safety and liquidity, particularly in the current environment where we expect yields to trend higher.

PFM Asset Management LLC Section B - 1


Investment Portfolio PerformanceTotal Portfolio Value1 December 31, 2015 September 30, 2015

Market Value $48,318,270.39 $48,716,520.70Amortized Cost $48,420,385.68 $48,532,007.19

Quarterly Return Last Last Last Last Since InceptionTotal Return2,3,4,5 December 31, 2015 12 Months 3 Years 7 Years 10 Years December 31, 1998$Investment Portfolio -0.35% 0.54% 0.53% 1.24% 2.68% 3.35%Merrill Lynch 1-3 Year U.S. Treasury Note Index -0.44% 0.54% 0.51% 0.95% 2.42% 3.14%

Effective Duration (Years)4,5 December 31, 2015 September 30, 2015 Yields December 31, 2015 September 30, 2015Investment Portfolio 1.80 1.62 Yield at Market 1.10% 0.65%Merrill Lynch 1-3 Year U.S. Treasury Note Index 1.80 1.87 Yield at Cost 0.99% 0.88%Portfolio Duration % of Benchmark Duration 100% 86%

Notes:

1. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. End of quarter trade-date market values of portfolio holdings, including accrued interest.

4. Merrill Lynch Indices provided by Bloomberg Financial Markets.

5. Excludes money market fund/cash in performance and duration computations.

2. Performance on trade date basis, gross (i.e., before fees), is in accordance with The CFA Institute’s Global Investment Performance Standards (GIPS). Quarterly returns are presented on an unannualized basis. Returns presented for 12 months or longer are presented on an annual basis. Past performance is not indicative of future results.

3. Since Inception the benchmark has been the Merrill Lynch 1-3 Year U.S. Treasury Note.

-0.35%

-0.44%

-0.75%

-0.50%

-0.25%

0.00%

1.00 1.50 2.00 2.50 3.00

Ret

urn

Effective Duration (Years)

Quarter Total Return Comparison Quarter Ended 12/31/15

Investment Portfolio

ML 1-3 Year U.S. Treasury Note Index

3.35%

3.14%

2.75%

3.00%

3.25%

3.50%

3.75%

1.00 1.50 2.00 2.50 3.00R

etur

n

Effective Duration (Years)

Since Inception Total Return Comparison Period Ended 12/31/15

Investment Portfolio

ML 1-3 Year U.S. Treasury Note Index



Investment Portfolio Composition and Credit Quality Characteristics

Security Type1 December 31, 2015 % of Portfolio September 30, 2015 % of Portfolio

U.S. Treasuries $32,693,184.27 67.7% $31,783,110.89 65.2%

Federal Agencies 7,626,151.49 15.8% 7,655,585.52 15.7%

Commercial Paper 0.00 0.0% 0.00 0.0%

Certificates of Deposit 0.00 0.0% 0.00 0.0%

Bankers Acceptances 0.00 0.0% 0.00 0.0%

Repurchase Agreements 0.00 0.0% 0.00 0.0%

Municipal Obligations 2,076,753.38 4.3% 2,358,101.08 4.8%

Corporate Notes/Bonds 5,922,181.25 12.3% 6,919,723.21 14.2%

Corporate Notes/Bonds - FDIC Insured 0.00 0.0% 0.00 0.0%

Mortgage Backed 0.00 0.0% 0.00 0.0%

Money Market Fund/Cash 0.00 0.0% 0.00 0.0%

Totals $48,318,270.39 100.0% $48,716,520.70 100.0%

Notes:

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

2. Credit rating of securities held in portfolio, exclusive of money market fund/LGIP. Standard & Poor's is the source of the credit ratings.

U.S. Treasuries

67.66%

Federal Agency

Obligations15.78%

Municipal Obligations

4.30%

Corporate Notes/Bonds

12.26%

Portfolio Composition as of 12/31/15

AA+85.91%

AA9.10%

AA-4.99%

Credit Quality Distribution² as of 12/31/15



Investment Portfolio Maturity Distribution

Maturity Distribution1 December 31, 2015 September 30, 2015

Overnight (Money Market Fund) $0.00 $0.00

Under 6 Months 2,076,753.38 277,540.08

6 - 12 Months 3,437,966.36 7,539,359.07

1 - 2 Years 21,551,523.75 30,050,053.06

2 - 3 Years 16,490,354.63 10,849,568.49

3 - 4 Years 4,761,672.27 0.00

4 - 5 Years 0.00 0.00

5 Years and Over 0.00 0.00

Totals $48,318,270.39 $48,716,520.70

Notes:

1. Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity.

0.0% 4.3% 7.1%

44.6%

34.1%

9.9%

0.0% 0.0%0.0% 0.6%

15.5%

61.7%

22.3%

0.0% 0.0% 0.0%0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Overnight Under 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5 Years and Over

Perc

enta

ge o

f Tot

al P

ortfo

lio

Portfolio Maturity Distribution¹December 31, 2015

September 30, 2015



Investment Portfolio Maturity Distribution versus the Benchmark1

Notes:

1. Due to the nature of the security, Mortgage-Backed Securities are represented based on their average life maturity rather than their final maturity.

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Mar

ket V

alue

Years to Maturity

Investment Portfolio Merrill Lynch 1-3 Year U.S. Treasury Note Index



Trade Analysis for October 8, 2015

Transaction Date: October 8, 2015

Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional EarningsSold US TREASURY NOTES 8/31/2016 $1,475,000.00 $100.5898 0.338% $6,229.75Purchased US TREASURY NOTES 9/30/2018 $1,475,000.00 $101.2812 0.936% 0.598% 8,036.46Total Estimated Benefit from Transaction to Original Maturity $14,266.21

Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional EarningsSold US TREASURY NOTES 11/30/2016 $1,150,000.00 $100.5313 0.408% $2,162.03Purchased US TREASURY NOTES 9/30/2018 $1,125,000.00 $101.2812 0.936% 0.528% 6,906.95Total Estimated Benefit from Transaction to Original Maturity $9,068.98

Total Estimated Benefit from Transactions $23,335.19

Transaction Commentary:

Notes:

In accordance with Section III. Investment Objectives, of the District's Investment Policy, from time to time, securities may be traded for other similar securities to improve yield, maturity, or credit risk. For these transactions, a loss may be incurred for accounting purposes, provided any of the following occurs with respect to the replacement security: 1) The yield has been increased, 2) the maturity has been reduced, or lengthened, 3) or the quality of the investment has been improved.

The transactions presented were executed in accordance with Section III Investment Objectives of the District's Investment Policy to 1) the yield of the portfolio has been increased and 2) the maturity has been extended, as part of PFM's overall active management strategy for the District's Investment Portfolio, which should also increase the portfolio's total return. The performance of this portfolio should be evaluated based on the total return versus the District's Merrill Lynch 1-3 Year U.S. Treasury Index benchmark. PFM calculates the total return of the District's Investment Portfolio in a manner consistent with the CFA Institute's Global Investment Performance Standards.

1. The total estimated benefit from the transaction is based on the net of the benefit in yield and the gain or loss on the transaction. The benefit is calculated on a 30/360 day basis until the earlier of: 1) original maturity of the sold security, or 2) new maturity of the purchased security. Total purchase may not equal to proceeds from sold securities as a result of additional income included in purchase or from a portion of maturity not reinvested. Calculations based on lesser of amount sold or reinvested.



Trade Analysis for November 5, 2015

Transaction Date: November 5, 2015

Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional EarningsSold US TREASURY NOTES 11/30/2016 $3,100,000.00 $100.3281 0.563% $317.38Purchased US TREASURY NOTES 10/31/2018 $3,080,000.00 $100.2852 1.152% 0.589% 19,700.01Total Estimated Benefit from Transaction to Original Maturity $20,017.39


Notes:


The transactions presented were executed in accordance with Section III Investment Objectives of the District's Investment Policy to 1) the yield of the portfolio has been increased and 2) the duration of the portfolio has been extended, as part of PFM's overall active management strategy for the District's Investment Portfolio, which should also increase the portfolio's total return. The performance of this portfolio should be evaluated based on the total return versus the District's Merrill Lynch 1-3 Year U.S. Treasury Index benchmark. PFM calculates the total return of the District's Investment Portfolio in a manner consistent with the CFA Institute's Global Investment Performance Standards.






Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional EarningsSold COCA-COLA CO/THE GLOBAL NOTES 11/1/2016 $450,000.00 $100.1230 0.621% $720.13Purchased US TREASURY NOTES 10/31/2016 $450,000.00 $100.3789 0.602% -0.019% (85.00)Total Estimated Benefit from Transaction to Original Maturity $635.14

Total Estimated Benefit from Transactions $635.14


Notes:


The transactions presented were executed in accordance with Section III Investment Objectives of the District's Investment Policy to 3) the quality of the investment has been improved, as part of PFM's overall active management strategy for the District's Investment Portfolio, which should also increase the portfolio's total return. The performance of this portfolio should be evaluated based on the total return versus the District's Merrill Lynch 1-3 Year U.S. Treasury Index benchmark. PFM calculates the total return of the District's Investment Portfolio in a manner consistent with the CFA Institute's Global Investment Performance Standards.






Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional EarningsSold CHEVRON CORP GLOBAL NOTES 6/24/2016 $530,000.00 $100.2650 0.448% $1,404.50Purchased US TREASURY NOTES 6/30/2016 $525,000.00 $100.6523 0.444% -0.004% (12.80)Total Estimated Benefit from Transaction to Original Maturity $1,391.70



Notes:


The transactions presented were executed in accordance with Section III Investment Objectives of the District's Investment Policy to 3) the quality of the investment has been improved, as part of PFM's overall active management strategy for the District's Investment Portfolio, which should also increase the portfolio's total return. The performance of this portfolio should be evaluated based on the total return versus the District's Merrill Lynch 1-3 Year U.S. Treasury Index benchmark. PFM calculates the total return of the District's Investment Portfolio in a manner consistent with the CFA Institute's Global Investment Performance Standards.




Trade Analysis for December 1, 2015

Transaction Date: December 1, 2015

Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional EarningsSold US TREASURY NOTES 6/30/2016 $525,000.00 $100.5820 0.482% ($114.32)Purchased US TREASURY NOTES 12/31/2018 $525,000.00 $100.8281 1.225% 0.742% 2,295.25Total Estimated Benefit from Transaction to Original Maturity $2,180.93

Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional EarningsSold US TREASURY NOTES 10/31/2016 $450,000.00 $100.2891 0.680% (316.25) Purchased US TREASURY NOTES 12/31/2018 $450,000.00 $100.8281 1.225% 0.545% 2,282.19Total Estimated Benefit from Transaction to Original Maturity $1,965.94

Transaction Security Par Value Price Yield at Market Benefit Gain/Loss Additional EarningsSold US TREASURY NOTES 11/30/2016 $1,550,000.00 $100.1602 0.712% 1,437.35 Purchased US TREASURY NOTES 12/31/2018 $1,725,000.00 $100.8281 1.225% 0.512% 8,050.94Total Estimated Benefit from Transaction to Original Maturity 8,050.94



Notes:


The transactions presented were executed in accordance with Section III Investment Objectives of the District's Investment Policy to 1) the yield of the portfolio has been increased and 2) the maturity has been extended, as part of PFM's overall active management strategy for the District's Investment Portfolio, which should also increase the portfolio's total return. The performance of this portfolio should be evaluated based on the total return versus the District's Merrill Lynch 1-3 Year U.S. Treasury Index benchmark. PFM calculates the total return of the District's Investment Portfolio in a manner consistent with the CFA Institute's Global Investment Performance Standards.




Trade Analysis for December 28, 2015

Transaction Date: December 28, 2015

Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional EarningsSold US TREASURY NOTES 11/30/2016 $2,080,000.00 $100.1094 0.755% ($2,529.13)Purchased US TREASURY NOTES 12/31/2018 $2,040,000.00 $100.4453 1.348% 0.593% 11,359.84Total Estimated Benefit from Transaction to Original Maturity $8,830.71



Notes:


The transactions presented were executed in accordance with Section III Investment Objectives of the District's Investment Policy to 1) the yield of the portfolio has been increased and 2) the duration of the portfolio has been extended, as part of PFM's overall active management strategy for the District's Investment Portfolio, which should also increase the portfolio's total return. The performance of this portfolio should be evaluated based on the total return versus the District's Merrill Lynch 1-3 Year U.S. Treasury Index benchmark. PFM calculates the total return of the District's Investment Portfolio in a manner consistent with the CFA Institute's Global Investment Performance Standards.




Short Term Portfolio Statistics

Amortized Cost1,2,3 Amortized Cost1,2,3 Market Value1,2,3 Market Value1,2,3 Duration (Years)Account Name December 31, 2015 September 30, 2015 December 31, 2015 September 30, 2015 December 31, 2015

Short Term Portfolio $426,481,430.62 N/A $426,527,171.37 N/A 0.35

Yield to Maturity Yield to Maturity Yield to Maturity Yield to Maturityat Cost4 at Cost4 at Market at Market Duration (Years)

Account Name December 31, 2015 September 30, 2015 December 31, 2015 September 30, 2015 September 30, 2015

Short Term Portfolio 0.52% N/A 0.50% N/A N/A

Benchmarks December 31, 2015 September 30, 2015

Merrill Lynch 3 Month U.S. Treasury Bill Index5 0.07% 0.00%

Notes:


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. Past performance is not indicative of future results.

5. Month end yield, source Bloomberg. Benchmark is pursuant to the Investment Policy.

PFM Asset Management LLC Section C - 1


Short Term Composition and Credit Quality Characteristics

Security Type1 December 31, 2015 % of Portfolio September 30, 2015 % of Portfolio

Cash/ Money Market Fund $1,909,543.10 0.4% N/A N/A

U.S. Treasuries 200,015,455.52 46.9% N/A N/A

Federal Agencies 99,839,722.75 23.4% N/A N/A

Commercial Paper 124,762,450.00 29.3% N/A N/A

Certificates of Deposit 0.00 0.0% N/A N/A

Bankers Acceptances 0.00 0.0% N/A N/A

Repurchase Agreements 0.00 0.0% N/A N/A

Municipal Obligations 0.00 0.0% N/A N/A

Mortgage Backed 0.00 0.0% N/A N/A

Corporate Notes/Bonds 0.00 0.0% N/A N/A

Totals $426,527,171.37 100.0% N/A N/A

Notes:


2. Credit rating of securities held in portfolio, exclusive of money market fund/LGIP. Standard & Poor's is the source of the credit ratings.

U.S. Treasuries

46.89%

Cash/ Money Market Fund

0.45%

Federal Agencies23.41%

Commercial Paper

29.25%

Portfolio Compositionas of 12/31/15

AA+47.10%

A-1+ (Short-term)

29.39%

A-1 (Short-term)

23.51%

Credit Quality Distribution as of 12/31/15²



Short Term Maturity Distribution

Maturity Distribution1 December 31, 2015 September 30, 2015

Overnight $1,909,543.10 N/A

Under 6 Months 424,617,628.27 N/A

6 - 12 Months 0.00 N/A

1 - 2 Years 0.00 N/A

2 - 3 Years 0.00 N/A

3 - 4 Years 0.00 N/A

4 - 5 Years 0.00 N/A

5 Years and Over 0.00 N/A

Totals $426,527,171.37 N/A

Notes:

1. Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity.

0%

99.6%

0.0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0% 0% 0%0%

20%

40%

60%

80%

100%

120%

Overnight Under 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5 Years and Over

Per

cent

age

of T

otal

Por

tfolio

Portfolio Maturity Distribution¹December 31, 2015

September 30, 2015


Palm Beach County School District Asset Allocation as of December 31, 2015*

Security Type1Amortized Cost

(Includes Interest)Allocation

Percentage NotesPermitted by Policy

In Compliance

Florida Prime (SBA) 32,529.12 0.00% 2 25% YESUnited States Treasury Securities 232,753,423.46 25.12% 100% YESUnited States Government Agency Securities - 0.00% 50% YESFederal Instrumentalities 107,467,450.77 11.60% 3 80% YESMortgage-Backed Securities - 0.00% 3 20% YESCertificates of Deposit or Savings Accounts - 0.00% 25% YESRepurchase Agreements - 0.00% 50% YESCommercial Paper 124,758,521.00 13.46% 35% YESCorporate Notes 5,935,271.04 0.64% 15% YESBankers' Acceptances - 0.00% 35% YESState and/or Local Government Debt 2,077,606.93 0.22% 20% YESFixed Income Money Market Mutual Funds 82,119,761.22 8.86% 75% YESShort Term Bonds Funds - 0.00% 25% YESIntergovernmental Investment Pools - FEITF 190,325,541.50 20.54% 25% YESBank Cash 181,087,763.86 19.54% 2 100% YESNotes:1. End of month trade-date amortized cost of portfolio holdings, including accrued interest. 2. Managed by the School District.3. The combined total of Federal Instrumentalities and Mortgage Backed Securities cannot be more than 80%. The combined total as of December 31, 2015 is 11.60%.* No Bond Proceeds

© PFM Asset Management LLC D - 1

Florida Prime (SBA)0.00%

United States Treasury Securities

25.12%

Federal Instrumentalities

11.60%

Commercial Paper13.46%

Corporate Notes 0.64%

State and/or Local Government Debt

0.22%Fixed Income Money

Market Mutual Funds8.86%

Intergovernmental Investment Pools ‐

FEITF20.54%

Bank Cash19.54%

Palm Beach County School District Asset Allocation as of December 31, 2015

Individual Issuer BreakdownAmortized Cost

(Includes Interest)Allocation

Percentage NotesPermitted by Policy

In Compliance

Government National Mortgage Association (GNMA) - 0.00% 25% YESFederal Farm Credit Bank (FFCB) - 0.00% 50% YESFederal Home Loan Bank (FHLB) 101,543,345.09 10.96% 50% YESFederal National Mortgage Association (FNMA) 1,664,778.56 0.18% 50% YESFederal Home Loan Mortgage Corporation (FHLMC) 4,259,327.12 0.46% 50% YESRegional Transportation Authority Municipal Bonds 2,077,606.93 0.22% 20% YESApple, Inc. Corporate Notes 1,190,515.73 0.13% 5% YESBerkshire Hathaway, Inc. Corporate Notes 1,123,895.07 0.12% 5% YESChevron Corporation Corporate Notes 1,204,418.15 0.13% 5% YESIBM Corporation Corporate Notes 1,205,881.69 0.13% 5% YESToyota Motor Corporation Corporate Notes 1,210,560.40 0.13% 5% YESBank of Tokyo Mitsubishi, Inc. Commercial Paper 24,975,000.00 2.70% 10% YESBNP Paribas Commercial Paper 24,919,319.50 2.69% 10% YESCredit Agricole, S.A. Commercial Paper 24,979,000.00 2.70% 10% YESJP Morgan Chase & Company Commercial Paper 24,933,889.00 2.69% 10% YESToyota Motor Corporation Commercial Paper 24,951,312.50 2.69% 10% YESMoney Market Fund - TD Bank 1,909,543.10 0.21% 25% YESMoney Market Fund - Goldman Bank of America 40,102,032.69 6.32% 25% YESMoney Market Fund - Morgan Stanley 40,108,185.43 6.33% 25% YESFlorida Prime 32,529.12 0.01% 25% YES

© PFM Asset Management LLC D - 2


TAB III

PALM BEACH COUNTY SCHOOL DISTRICT, FL

ACCOUNT STATEMENT

For the Month Ending

December 31, 2015

Customer Service

PO Box 11813

Harrisburg, PA 17108-1813

Contents

Cover/Disclosures

Summary Statement

Individual Accounts


LEANNE EVANS

3300 FOREST HILL BLVD, A-334

WEST PALM BEACH, FL 33406-5813

Client Management Team

Accounts included in Statement

68890100 PALM BEACH CNTY FL S/D

68890170 PALM BEACH COUNTY SD SHORT TERM FUND

http://www.pfm.comOnline Access 1-717-232-2723Customer Service

Ed Polansky

Key Account Manager

PO Box 11813

Harrisburg, PA 17108

1-877-495-8246

[email protected]

Robert Cheddar, CFA

Managing Director/Senior Portfolio Manager

One Keystone Plaza, Suite 300


717-231-6202

[email protected]

Steven Alexander, CTP, CGFO

Managing Director

300 South Orange Avenue, Suite 1170

Orlando, FL 32801

407-406-5750

[email protected]

For the Month Ending December 31, 2015

Account Statement

Important Disclosures

Important DisclosuresAverage maturity represents the average maturity of all securities and

investments of a portfolio, determined by multiplying the par or

principal value of each security or investment by its maturity (days or

years), summing the products, and dividing the sum by the total

principal value of the portfolio. The stated maturity date of mortgage

backed or callable securities are used in this statement. However the

actual maturity of these securities could vary depending on the level or

prepayments on the underlying mortgages or whether a callable

security has or is still able to be called.

Monthly distribution yield represents the net change in the value of one

share (normally $1.00 per share) resulting from all dividends declared

during the month by a fund expressed as a percentage of the value of

one share at the beginning of the month. This resulting net change is

then annualized by multiplying it by 365 and dividing it by the number of

calendar days in the month.

YTM at Cost The yield to maturity at cost is the expected rate of return,

based on the original cost, the annual interest receipts, maturity value

and the time period from purchase date to maturity, stated as a

percentage, on an annualized basis.

YTM at Market The yield to maturity at market is the rate of return,

based on the current market value, the annual interest receipts,

maturity value and the time period remaining until maturity, stated as a

percentage, on an annualized basis.

Managed Account A portfolio of investments managed discretely by

PFM according to the client’s specific investment policy and

requirements. The investments are directly owned by the client and

held by the client’s custodian.

Unsettled Trade A trade which has been executed however the final

consummation of the security transaction and payment has not yet

taken place.

Please review the detail pages of this statement carefully. If you think

your statement is wrong, missing account information, or if you need

more information about a transaction, please contact PFM within 60

days of receipt. If you have other concerns or questions regarding your

account you should contact a member of your client management team

or PFM Service Operations at the address below.

PFM Asset Management LLC

Attn: Service Operations

One Keystone Plaza, Suite 300

N. Front & Market Sts


This statement is for general information purposes only and is not

intended to provide specific advice or recommendations. PFM Asset

Management LLC (“PFM”) is an investment advisor registered with the

Securities and Exchange Commission, and is required to maintain a

written disclosure statement of our background and business experience.

If you would like to receive a copy of our current disclosure statement,

please contact Service Operations at the address below.

Proxy Voting PFM does not normally receive proxies to vote on behalf of

its clients. However, it does on occasion receive consent requests. In the

event a consent request is received the portfolio manager contacts the

client and then proceeds according to their instructions. PFM’s Proxy

Voting Policy is available upon request by contacting Service Operations

at the address below.

Questions About an Account PFM’s monthly statement is intended to

detail our investment advisory activity as well as the activity of any

accounts held by clients in pools that are managed by PFM. The custodian

bank maintains the control of assets and executes (i.e., settles) all

investment transactions. The custodian statement is the official record of

security and cash holdings and transactions. PFM recognizes that clients

may use these reports to facilitate record keeping and that the custodian

bank statement and the PFM statement should be reconciled and

differences resolved. Many custodians use a settlement date basis which

may result in the need to reconcile due to a timing difference.

Account Control PFM does not have the authority to withdraw funds from

or deposit funds to the custodian. Our clients retain responsibility for their

internal accounting policies; implementing and enforcing internal controls

and generating ledger entries or otherwise recording transactions.

Market Value Generally, PFM’s market prices 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. Prices that fall

between data points are interpolated. Non-negotiable FDIC-insured bank

certificates of deposit are priced at par. Although PFM believes the prices

to be reliable, the values of the securities do not always represent the

prices at which the securities could have been bought or sold. Explanation

of the valuation methods for money market and TERM funds is contained

in the appropriate fund information statement.

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 straightline basis.

Such discount or premium with respect to longer term securities is

amortized using the constant yield basis.

Tax Reporting Cost data and realized gains / losses are provided for

informational purposes only. Please review for accuracy and consult your

tax advisor to determine the tax consequences of your security transactions.

PFM does not report such information to the IRS or other taxing authorities

and is not responsible for the accuracy of such information that may be

required to be reported to federal, state or other taxing authorities.

Financial Situation In order to better serve you, PFM should be promptly

notified of any material change in your investment objective or financial

situation.

Callable Securities Securities subject to redemption prior to maturity may

be redeemed in whole or in part before maturity, which could affect the yield

represented.

Portfolio The securities in this portfolio, including shares of mutual funds,

are not guaranteed or otherwise protected by PFM, the FDIC (except for

certain non-negotiable certificates of deposit) or any government agency.

Investment in securities involves risks, including the possible loss of the

amount invested.

Rating Information provided for ratings is based upon a good faith inquiry of

selected sources, but its accuracy and completeness cannot be guaranteed.

Shares of some money market and TERM funds are marketed through

representatives of PFM's wholly owned subsidiary, PFM Fund Distributors,

Inc. PFM Fund Distributors, Inc. is registered with the SEC as a

broker/dealer and is a member of the Financial Industry Regulatory

Authority (“FINRA”) and the Municipal Securities Rulemaking Board

(“MSRB”). You may reach the FINRA by calling the FINRA Regulator Public

Disclosure Hotline at 1-888-289-9999 or at the FINRA Regulation Internet

website address www.nasd.com. A brochure describing the FINRA

Regulation Public Disclosure Program is also available from the FINRA

upon request.

Key Terms and Definitions

Dividends on money market funds consist of interest earned, plus any

discount ratably amortized to the date of maturity, plus all realized gains and

losses on the sale of securities prior to maturity, less ratable amortization of

any premium and all accrued expenses to the fund. Dividends are accrued

daily and may be paid either monthly or quarterly. The monthly earnings on

this statement represent the estimated dividend accrued for the month for

any program that distributes earnings on a quarterly basis. There is no

guarantee that the estimated amount will be paid on the actual distribution

date.

Current Yield is the net change, exclusive of capital changes and income

other than investment income, in the value of a hypothetical fund account

with a balance of one share over the seven-day base period including the

statement date, expressed as a percentage of the value of one share

(normally $1.00 per share) at the beginning of the seven-day period. This

resulting net change in account value is then annualized by multiplying it by

365 and dividing the result by 7. The yields quoted should not be considered

a representation of the yield of the fund in the future, since the yield is not

fixed.


Account Statement

Consolidated Summary Statement


Investment Allocation

Investment Type Closing Market Value Percent

124,762,450.00 26.39 Commercial Paper

5,896,687.20 1.25 Corporate Note

7,602,411.90 1.61 Federal Agency Bond / Note

99,839,722.75 21.12 Federal Agency Discount Note

2,073,900.25 0.44 Municipal Bond / Note

232,559,363.20 49.19 U.S. Treasury Bond / Note

$472,734,535.30 Total 100.00%

Portfolio Summary

and Income

Closing

Market ValuePortfolio Holdings

Cash Dividends

PFM Managed Account (43,776.04) 472,734,535.30

($43,776.04) $472,734,535.30 Total

Maturity Distribution (Fixed Income Holdings)

Portfolio Holdings Closing Market Value Percent

0.00

24,990,394.00

74,927,202.25

276,712,576.75

53,418,100.55

21,492,002.29

16,432,782.52

4,761,476.94

0.00

0.00

0.00

5.28

15.85

58.53

11.30

4.55

3.48

1.01

0.00

0.00

Under 30 days

31 to 60 days

61 to 90 days

91 to 180 days

181 days to 1 year

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years

Over 5 years

Total $472,734,535.30

183

100.00%

Weighted Average Days to Maturity

Sector Allocation

26.39%Commercial Paper

1.25%Corporate Note

1.61%

Fed Agy Bond /Note

21.12%Fed Agy DN

0.44%Muni Bond / Note

49.19%US TSY Bond / Note

Summary Page 1


Account Statement

Consolidated Summary Statement


and Income

Closing Market

Value

Change in

Value Trades MaturitiesDeposits ValueAccount Name

Account

Number

Cash DividendsUnsettled Redemptions / Sales/Purchases /Opening Market

68890100 48,392,920.46 4,771,443.76 (4,889,113.86) (85,287.81) 48,189,962.55 0.00 (20,730.82)PALM BEACH CNTY FL S/D

68890170 0.00 424,397,199.42 0.00 147,373.33 424,544,572.75 0.00 (23,045.22)PALM BEACH COUNTY SD SHORT

TERM FUND

$48,392,920.46 $429,168,643.18 ($4,889,113.86) $62,085.52 $472,734,535.30 ($43,776.04)Total $0.00

Summary Page 2

For the Month Ending December 31, 2015Managed Account Summary Statement

PALM BEACH CNTY FL S/D - 68890100

Total Cash Basis Earnings

Plus Net Realized Gains/Losses

Less Purchased Interest Related to Interest/Coupons

Interest/Dividends/Coupons Received

Earnings Reconciliation (Cash Basis) - Managed Account

Less Beginning Accrued Interest

Less Beginning Amortized Value of Securities

Less Cost of New Purchases

Plus Coupons/Dividends Received

Plus Proceeds of Maturities/Calls/Principal Payments

Plus Proceeds from Sales

Ending Accrued Interest

Ending Amortized Value of Securities

Earnings Reconciliation (Accrual Basis)

$48,392,920.46

(275,000.00)

(4,614,113.86)

4,771,443.76

0.00

(85,287.81)

$48,189,962.55

43,720.06

(32,495.38)

(31,955.50)

($20,730.82)

Total

48,292,077.84

128,307.84

4,619,533.92

275,000.00

38,300.00

(4,803,939.14)

(48,414,666.74)

(100,052.63)

Total Accrual Basis Earnings $34,561.09

Closing Market Value

Change in Current Value

Unsettled Trades

Principal Acquisitions

Principal Dispositions

Maturities/Calls

Opening Market Value

Transaction Summary - Managed Account

_________________

_________________

_______________________________________________ _______________________________________________ Reconciling Transactions

Net Cash Contribution

Security Purchases

Principal Payments

Coupon/Interest/Dividend Income

Sale Proceeds

Maturities/Calls

Cash Transactions Summary - Managed Account

275,000.00

4,619,533.92

38,300.00

0.00

(4,803,939.14)

(128,894.78)

0.00

Cash Balance

$0.00 Closing Cash Balance

Account 68890100 Page 1

For the Month Ending December 31, 2015Portfolio Summary and Statistics


Account Summary

Percent Par Value Market ValueDescription

U.S. Treasury Bond / Note 32,660,000.00 32,616,963.20 67.68

Municipal Bond / Note 2,075,000.00 2,073,900.25 4.30

Federal Agency Bond / Note 7,610,000.00 7,602,411.90 15.78

Corporate Note 5,920,000.00 5,896,687.20 12.24

Managed Account Sub-Total 48,265,000.00 48,189,962.55 100.00%

Accrued Interest 128,307.84

Total Portfolio 48,265,000.00 48,318,270.39

Unsettled Trades 0.00 0.00

Sector Allocation

12.24%Corporate Note

15.78%

Fed Agy Bond /Note

4.30%Muni Bond / Note


0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years

4.30%

7.12%

44.60%

34.10%

9.88%

0.00% 0.00%

Maturity Distribution Characteristics

Yield to Maturity at Cost

Yield to Maturity at Market

Duration to Worst


1.80

669

0.99%

1.10%


For the Month Ending December 31, 2015Managed Account Issuer Summary


Credit Quality (S&P Ratings)

9.10%AA

85.93%AA+

4.97%AA-

Issuer Summary

Percentof HoldingsIssuer

Market Value

1,190,250.00 2.47 APPLE INC

1,120,627.20 2.33 BERKSHIRE HATHAWAY INC

1,190,397.60 2.47 CHEVRON CORP

1,659,785.16 3.44 FANNIE MAE

1,706,998.95 3.54 FEDERAL HOME LOAN BANKS

4,235,627.79 8.79 FREDDIE MAC

1,197,694.80 2.49 IBM CORP

2,073,900.25 4.30 REGIONAL TRANS AUTH, IL

1,197,717.60 2.49 TOYOTA MOTOR CORP

32,616,963.20 67.68 UNITED STATES TREASURY

$48,189,962.55 Total 100.00%


For the Month Ending December 31, 2015Managed Account Detail of Securities Held


Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value

Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle

Par

U.S. Treasury Bond / Note

US TREASURY NOTES

DTD 01/31/2012 0.875% 01/31/2017

1,110,086.58 1,112,445.97 4,064.47 1,115,983.59 06/03/1406/02/14AaaAA+ 1,110,000.00 912828SC5 0.67

US TREASURY NOTES

DTD 01/31/2012 0.875% 01/31/2017

3,935,306.93 3,938,343.18 14,408.73 3,942,685.55 07/31/1407/29/14AaaAA+ 3,935,000.00 912828SC5 0.80

US TREASURY NOTES

DTD 03/31/2012 1.000% 03/31/2017

1,146,788.49 1,146,020.76 2,909.43 1,147,459.96 03/21/1403/19/14AaaAA+ 1,145,000.00 912828SM3 0.93

US TREASURY NOTES

DTD 04/30/2012 0.875% 04/30/2017

4,198,194.00 4,201,709.95 6,259.62 4,203,281.25 10/06/1410/01/14AaaAA+ 4,200,000.00 912828SS0 0.84

US TREASURY NOTES

DTD 07/31/2012 0.500% 07/31/2017

525,983.66 526,193.67 1,108.97 522,671.09 07/07/1407/01/14AaaAA+ 530,000.00 912828TG5 0.96

US TREASURY NOTES

DTD 07/31/2012 0.500% 07/31/2017

2,977,266.00 2,986,849.89 6,277.17 2,982,187.50 06/08/1506/05/15AaaAA+ 3,000,000.00 912828TG5 0.78

US TREASURY NOTES

DTD 08/31/2012 0.625% 08/31/2017

2,305,138.08 2,305,825.24 4,899.73 2,294,534.38 08/29/1408/28/14AaaAA+ 2,320,000.00 912828TM2 1.00

US TREASURY NOTES

DTD 04/30/2013 0.625% 04/30/2018

2,961,444.00 2,968,024.83 3,193.68 2,960,390.63 06/08/1506/05/15AaaAA+ 3,000,000.00 912828UZ1 1.09

US TREASURY NOTES

DTD 07/31/2013 1.375% 07/31/2018

3,011,484.00 3,020,759.49 17,262.23 3,024,609.38 07/06/1507/01/15AaaAA+ 3,000,000.00 912828VQ0 1.10

US TREASURY NOTES

DTD 09/30/2011 1.375% 09/30/2018

2,608,125.00 2,630,885.95 9,084.02 2,633,312.50 10/13/1510/08/15AaaAA+ 2,600,000.00 912828RH5 0.94

US TREASURY NOTES

DTD 10/31/2013 1.250% 10/31/2018

3,075,669.52 3,088,359.83 6,557.69 3,088,782.81 11/09/1511/05/15AaaAA+ 3,080,000.00 912828WD8 1.15

US TREASURY NOTES

DTD 12/31/2013 1.500% 12/31/2018

2,049,243.24 2,049,068.43 84.07 2,049,084.38 12/30/1512/28/15AaaAA+ 2,040,000.00 912828A75 1.35

US TREASURY NOTES

DTD 12/31/2013 1.500% 12/31/2018

2,712,233.70 2,721,823.18 111.26 2,722,359.38 12/04/1512/01/15AaaAA+ 2,700,000.00 912828A75 1.22

76,221.07 32,616,963.20 32,696,310.37 0.99 32,687,342.40 32,660,000.00 Security Type Sub-Total






Par

Municipal Bond / Note

REGIONAL TRANS AUTH, IL TXBL REV

BONDS

DTD 05/07/2014 0.550% 05/06/2016

2,073,900.25 2,074,753.80 2,853.13 2,073,589.00 05/07/1404/24/14Aa3AA 2,075,000.00 759911X88 0.58


Federal Agency Bond / Note

FNMA NOTES

DTD 08/19/2011 1.250% 09/28/2016

602,174.40 602,220.42 1,937.50 608,868.00 10/03/1310/01/13AaaAA+ 600,000.00 3135G0CM3 0.75

FHLB NOTES

DTD 08/07/2014 0.500% 09/28/2016

1,706,998.95 1,708,661.84 2,208.75 1,706,152.50 08/07/1408/06/14AaaAA+ 1,710,000.00 3130A2T97 0.61

FREDDIE MAC GLOBAL NOTES

DTD 01/30/2012 1.000% 03/08/2017

1,075,891.18 1,077,650.61 3,374.31 1,079,547.25 02/23/1502/18/15AaaAA+ 1,075,000.00 3137EADC0 0.79


DTD 06/25/2012 1.000% 07/28/2017

1,207,987.77 1,209,920.16 5,142.50 1,209,849.96 08/14/1408/12/14AaaAA+ 1,210,000.00 3137EADJ5 1.00


DTD 06/25/2012 1.000% 07/28/2017

1,951,748.84 1,954,930.79 8,308.75 1,954,869.02 08/14/1408/12/14AaaAA+ 1,955,000.00 3137EADJ5 1.00

FNMA NOTES

DTD 08/25/2014 1.000% 09/27/2017

1,057,610.76 1,057,852.86 2,767.78 1,056,215.80 08/25/1408/21/14AaaAA+ 1,060,000.00 3135G0ZL0 1.12


Corporate Note

BERKSHIRE HATHAWAY FIN GLOBAL NOTES

DTD 08/15/2013 0.950% 08/15/2016

1,120,627.20 1,119,875.51 4,019.56 1,119,406.40 08/15/1308/06/13Aa2AA 1,120,000.00 084664BX8 0.97

TOYOTA MOTOR CREDIT CORP NOTE

DTD 01/12/2015 1.450% 01/12/2018

1,197,717.60 1,202,392.07 8,168.33 1,202,988.00 06/25/1506/22/15Aa3AA- 1,200,000.00 89236TCA1 1.35

IBM CORP GLOBAL NOTES

DTD 02/08/2013 1.250% 02/08/2018

1,197,694.80 1,199,923.36 5,958.33 1,199,904.00 07/14/1507/09/15Aa3AA- 1,200,000.00 459200HK0 1.25

CHEVRON CORP NOTES

DTD 03/03/2015 1.365% 03/02/2018

1,190,397.60 1,199,003.65 5,414.50 1,198,764.00 06/25/1506/22/15Aa1AA 1,200,000.00 166764AV2 1.40






Par

Corporate Note

APPLE INC GLOBAL NOTES

DTD 05/03/2013 1.000% 05/03/2018

1,190,250.00 1,188,582.40 1,933.33 1,186,104.00 06/25/1506/22/15Aa1AA+ 1,200,000.00 037833AJ9 1.42


48,265,000.00 48,283,600.33 0.99 128,307.84 48,292,077.84 48,189,962.55 Managed Account Sub-Total

$48,265,000.00 $48,283,600.33 $128,307.84 $48,292,077.84 $48,189,962.55 0.99%

$48,318,270.39

$128,307.84

Total Investments

Accrued Interest

Securities Sub-Total


For the Month Ending December 31, 2015Managed Account Fair Market Value & Analytics


Value On Cost Amort Cost to WorstCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt

Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective

Duration


1.07 (2,359.39)(5,897.01) 1,110,086.58 100.01 CITIGRP 1,110,000.00 912828SC5US TREASURY NOTES

DTD 01/31/2012 0.875% 01/31/2017

0.87 1.07

1.07 (3,036.25)(7,378.62) 3,935,306.93 100.01 MERRILL 3,935,000.00 912828SC5US TREASURY NOTES

DTD 01/31/2012 0.875% 01/31/2017

0.87 1.07

1.24 767.73 (671.47) 1,146,788.49 100.16 BARCLAYS 1,145,000.00 912828SM3US TREASURY NOTES

DTD 03/31/2012 1.000% 03/31/2017

0.87 1.24

1.32 (3,515.95)(5,087.25) 4,198,194.00 99.96 GOLDMAN 4,200,000.00 912828SS0US TREASURY NOTES

DTD 04/30/2012 0.875% 04/30/2017

0.91 1.32

1.57 (210.01) 3,312.57 525,983.66 99.24 MERRILL 530,000.00 912828TG5US TREASURY NOTES

DTD 07/31/2012 0.500% 07/31/2017

0.98 1.57

1.57 (9,583.89)(4,921.50) 2,977,266.00 99.24 JPMCHASE 3,000,000.00 912828TG5US TREASURY NOTES

DTD 07/31/2012 0.500% 07/31/2017

0.98 1.57

1.65 (687.16) 10,603.70 2,305,138.08 99.36 BARCLAYS 2,320,000.00 912828TM2US TREASURY NOTES

DTD 08/31/2012 0.625% 08/31/2017

1.01 1.65

2.30 (6,580.83) 1,053.37 2,961,444.00 98.71 MERRILL 3,000,000.00 912828UZ1US TREASURY NOTES

DTD 04/30/2013 0.625% 04/30/2018

1.19 2.30

2.52 (9,275.49)(13,125.38) 3,011,484.00 100.38 CITIGRP 3,000,000.00 912828VQ0US TREASURY NOTES

DTD 07/31/2013 1.375% 07/31/2018

1.22 2.52

2.68 (22,760.95)(25,187.50) 2,608,125.00 100.31 MERRILL 2,600,000.00 912828RH5US TREASURY NOTES

DTD 09/30/2011 1.375% 09/30/2018

1.26 2.68

2.77 (12,690.31)(13,113.29) 3,075,669.52 99.86 MERRILL 3,080,000.00 912828WD8US TREASURY NOTES

DTD 10/31/2013 1.250% 10/31/2018

1.30 2.77

2.93 174.81 158.86 2,049,243.24 100.45 JPMCHASE 2,040,000.00 912828A75US TREASURY NOTES

DTD 12/31/2013 1.500% 12/31/2018

1.35 2.93

2.93 (9,589.48)(10,125.68) 2,712,233.70 100.45 MERRILL 2,700,000.00 912828A75US TREASURY NOTES

DTD 12/31/2013 1.500% 12/31/2018

1.35 2.93

(70,379.20) 1.10 2.01 (79,347.17) 32,616,963.20 32,660,000.00 Security Type Sub-Total 2.01

Municipal Bond / Note

0.35 (853.55) 311.25 2,073,900.25 99.95 JPMCHASE 2,075,000.00 759911X88REGIONAL TRANS AUTH, IL TXBL REV

BONDS

DTD 05/07/2014 0.550% 05/06/2016

0.70 0.35

311.25 0.70 0.35 (853.55) 2,073,900.25 2,075,000.00 Security Type Sub-Total 0.35






Duration

Federal Agency Bond / Note

0.74 (46.02)(6,693.60) 602,174.40 100.36 RBS_SEC 600,000.00 3135G0CM3FNMA NOTES

DTD 08/19/2011 1.250% 09/28/2016

0.76 0.74

0.74 (1,662.89) 846.45 1,706,998.95 99.82 MORGANST 1,710,000.00 3130A2T97FHLB NOTES

DTD 08/07/2014 0.500% 09/28/2016

0.74 0.74

1.17 (1,759.43)(3,656.07) 1,075,891.18 100.08 JEFFERIE 1,075,000.00 3137EADC0FREDDIE MAC GLOBAL NOTES

DTD 01/30/2012 1.000% 03/08/2017

0.93 1.17

1.55 (1,932.39)(1,862.19) 1,207,987.77 99.83 BARCLAYS 1,210,000.00 3137EADJ5FREDDIE MAC GLOBAL NOTES

DTD 06/25/2012 1.000% 07/28/2017

1.11 1.55

1.55 (3,181.95)(3,120.18) 1,951,748.84 99.83 BARCLAYS 1,955,000.00 3137EADJ5FREDDIE MAC GLOBAL NOTES

DTD 06/25/2012 1.000% 07/28/2017

1.11 1.55

1.71 (242.10) 1,394.96 1,057,610.76 99.77 MORGANST 1,060,000.00 3135G0ZL0FNMA NOTES

DTD 08/25/2014 1.000% 09/27/2017

1.13 1.71


Corporate Note

0.62 751.69 1,220.80 1,120,627.20 100.06 WELLSFAR 1,120,000.00 084664BX8BERKSHIRE HATHAWAY FIN GLOBAL

NOTES

DTD 08/15/2013 0.950% 08/15/2016

0.86 0.62

1.98 (4,674.47)(5,270.40) 1,197,717.60 99.81 WELLSFAR 1,200,000.00 89236TCA1TOYOTA MOTOR CREDIT CORP NOTE

DTD 01/12/2015 1.450% 01/12/2018

1.55 1.98

2.06 (2,228.56)(2,209.20) 1,197,694.80 99.81 JPMCHASE 1,200,000.00 459200HK0IBM CORP GLOBAL NOTES

DTD 02/08/2013 1.250% 02/08/2018

1.34 2.06

2.12 (8,606.05)(8,366.40) 1,190,397.60 99.20 WELLSFAR 1,200,000.00 166764AV2CHEVRON CORP NOTES

DTD 03/03/2015 1.365% 03/02/2018

1.74 2.12

2.30 1,667.60 4,146.00 1,190,250.00 99.19 WELLSFAR 1,200,000.00 037833AJ9APPLE INC GLOBAL NOTES

DTD 05/03/2013 1.000% 05/03/2018

1.35 2.30


48,265,000.00 48,189,962.55 (93,637.78) (102,115.29) 1.80 1.10 Managed Account Sub-Total 1.80




Total Investments $48,318,270.39

$128,307.84

$48,189,962.55

Accrued Interest

Securities Sub-Total $48,265,000.00 ($93,637.78) ($102,115.29) 1.80 1.10% 1.80


For the Month Ending December 31, 2015Managed Account Security Transactions & Interest


Transaction Type

Trade CUSIPSecurity DescriptionSettle Par Proceeds

Principal Accrued

Interest Total Cost

Realized G/L Realized G/L Sale

Amort Cost Method

BUY

12/04/15 US TREASURY NOTES

DTD 12/31/2013 1.500% 12/31/2018

912828A75 (2,722,359.38) (17,278.53) (2,739,637.91) 2,700,000.00 12/01/15


DTD 12/31/2013 1.500% 12/31/2018

912828A75 (2,049,084.38) (15,216.85) (2,064,301.23) 2,040,000.00 12/28/15

(32,495.38) (4,803,939.14)(4,771,443.76) 4,740,000.00 Transaction Type Sub-Total

INTEREST

12/01/15 MS ST TXBL GO BONDS

DTD 12/03/2013 2.000% 12/01/2015

605581DQ7 0.00 2,750.00 2,750.00 275,000.00 12/01/15


DTD 12/31/2013 1.500% 12/31/2018

912828A75 0.00 20,250.00 20,250.00 2,700,000.00 12/31/15


DTD 12/31/2013 1.500% 12/31/2018

912828A75 0.00 15,300.00 15,300.00 2,040,000.00 12/31/15

38,300.00 38,300.00 0.00 5,015,000.00 Transaction Type Sub-Total

MATURITY

12/01/15 MS ST TXBL GO BONDS

DTD 12/03/2013 2.000% 12/01/2015

605581DQ7 275,000.00 0.00 275,000.00 (7,843.00) 0.00 275,000.00 12/01/15

0.00 0.00 (7,843.00) 275,000.00 275,000.00 275,000.00 Transaction Type Sub-Total

SELL


DTD 06/30/2011 1.500% 06/30/2016

912828QR4 528,055.66 3,359.71 531,415.37 (369.14) (114.32) SPEC LOT 525,000.00 12/01/15


DTD 10/31/2011 1.000% 10/31/2016

912828RM4 451,300.78 420.33 451,721.11 (404.30) (316.25) SPEC LOT 450,000.00 12/01/15


DTD 11/30/2011 0.875% 11/30/2016

912828RU6 130,208.20 12.43 130,220.63 (954.69) (178.45) SPEC LOT 130,000.00 12/01/15


DTD 11/30/2011 0.875% 11/30/2016

912828RU6 1,422,274.22 135.79 1,422,410.01 (8,653.12) (1,258.90) SPEC LOT 1,420,000.00 12/01/15


DTD 11/30/2011 0.875% 11/30/2016

912828RU6 2,082,275.00 1,491.80 2,083,766.80 (13,731.25) (2,529.13) SPEC LOT 2,080,000.00 12/28/15

5,420.06 (4,397.05)(24,112.50) 4,619,533.92 4,614,113.86 4,605,000.00 Transaction Type Sub-Total




Transaction Type


Principal Accrued

Interest Total Cost


Amort Cost Method

117,670.10 11,224.68 128,894.78 (31,955.50) (4,397.05)Managed Account Sub-Total

Total Security Transactions ($31,955.50)$128,894.78 $11,224.68 $117,670.10 ($4,397.05)


For the Month Ending December 31, 2015Managed Account Summary Statement

PALM BEACH COUNTY SD SHORT TERM FUND - 68890170

Total Cash Basis Earnings

Plus Net Realized Gains/Losses

Less Purchased Interest Related to Interest/Coupons

Interest/Dividends/Coupons Received

Earnings Reconciliation (Cash Basis) - Managed Account

Less Beginning Accrued Interest

Less Beginning Amortized Value of Securities

Less Cost of New Purchases

Plus Coupons/Dividends Received

Plus Proceeds of Maturities/Calls/Principal Payments

Plus Proceeds from Sales

Ending Accrued Interest

Ending Amortized Value of Securities

Earnings Reconciliation (Accrual Basis)

$0.00

0.00

0.00

424,397,199.42

0.00

147,373.33

$424,544,572.75

125,005.80

(148,051.02)

0.00

($23,045.22)

Total

424,498,832.00

73,055.52

0.00

0.00

125,005.80

(424,545,250.44)

0.00

0.00

Total Accrual Basis Earnings $151,642.88

Closing Market Value

Change in Current Value

Unsettled Trades

Principal Acquisitions

Principal Dispositions

Maturities/Calls

Opening Market Value

Transaction Summary - Managed Account

_________________

_________________

_______________________________________________ _______________________________________________ Reconciling Transactions

Net Cash Contribution

Security Purchases

Principal Payments

Coupon/Interest/Dividend Income

Sale Proceeds

Maturities/Calls

Cash Transactions Summary - Managed Account

0.00

0.00

125,005.80

0.00

(424,545,250.44)

425,128,894.78

0.00

Cash Balance

$1,909,543.10 Closing Cash Balance


For the Month Ending December 31, 2015Portfolio Summary and Statistics


Account Summary

Percent Par Value Market ValueDescription

U.S. Treasury Bond / Note 200,000,000.00 199,942,400.00 47.09

Federal Agency Discount Note 100,000,000.00 99,839,722.75 23.52

Commercial Paper 125,000,000.00 124,762,450.00 29.39

Managed Account Sub-Total 425,000,000.00 424,544,572.75 100.00%

Accrued Interest 73,055.52

Total Portfolio 425,000,000.00 424,617,628.27

Unsettled Trades 0.00 0.00

Sector Allocation

29.39%Commercial Paper

23.52%Fed Agy DN


0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years

88.23%

11.77%

0.00% 0.00% 0.00% 0.00% 0.00%

Maturity Distribution Characteristics

Yield to Maturity at Cost

Yield to Maturity at Market

Duration to Worst


0.35

128

0.52%

0.50%


For the Month Ending December 31, 2015Managed Account Issuer Summary


Credit Quality (S&P Ratings)

23.51%A-1

29.39%A-1+

47.10%AA+

Issuer Summary

Percentof HoldingsIssuer

Market Value

24,916,500.00 5.87 BNP PARIBAS

24,977,475.00 5.88 CREDIT AGRICOLE SA

99,839,722.75 23.52 FEDERAL HOME LOAN BANKS

24,947,675.00 5.88 JP MORGAN CHASE & CO

24,969,450.00 5.88 MITSUBISHI UFJ FINANCIAL GROUP INC

24,951,350.00 5.88 TOYOTA MOTOR CORP

199,942,400.00 47.09 UNITED STATES TREASURY

$424,544,572.75 Total 100.00%






Par


US TREASURY NOTES

DTD 04/30/2014 0.375% 04/30/2016

24,997,075.00 25,000,000.00 15,968.41 25,000,000.00 12/03/1512/03/15AaaAA+ 25,000,000.00 912828C81 0.37

US TREASURY NOTES

DTD 04/30/2014 0.375% 04/30/2016

49,994,150.00 49,985,145.50 31,936.81 49,982,421.88 12/10/1512/09/15AaaAA+ 50,000,000.00 912828C81 0.47

US TREASURY NOTES

DTD 05/15/2013 0.250% 05/15/2016

24,982,425.00 24,986,334.00 8,070.05 24,983,398.44 12/03/1512/03/15AaaAA+ 25,000,000.00 912828VC1 0.40

US TREASURY NOTES

DTD 06/02/2014 0.375% 05/31/2016

49,980,450.00 49,962,495.50 16,393.44 49,957,031.25 12/10/1512/09/15AaaAA+ 50,000,000.00 912828WM8 0.56

US TREASURY NOTES

DTD 06/30/2014 0.500% 06/30/2016

49,988,300.00 49,973,861.50 686.81 49,970,703.13 12/10/1512/09/15AaaAA+ 50,000,000.00 912828WQ9 0.61


Federal Agency Discount Note

FHLB DISC NOTE

-- 0.000% 02/17/2016

24,990,394.00 24,990,698.00 0.00 24,984,958.33 12/03/1512/03/15P-1A-1+ 25,000,000.00 313384TE9 0.29

FEDERAL HOME LOAN BANKS DISC NOTE

-- 0.000% 03/17/2016

24,980,277.25 24,983,111.00 0.00 24,976,666.67 12/03/1512/03/15P-1A-1+ 25,000,000.00 313384UK3 0.32

FHLB DISC NOTE

-- 0.000% 06/08/2016

49,869,051.50 49,858,665.50 0.00 49,839,110.00 12/10/1512/09/15P-1A-1+ 50,000,000.00 313384XW4 0.64

0.00 99,839,722.75 99,832,474.50 0.47 99,800,735.00 100,000,000.00 Security Type Sub-Total

Commercial Paper

CREDIT AGRICOLE CIB NY COMM PAPER

-- 0.000% 03/04/2016

24,977,475.00 24,979,000.00 0.00 24,969,333.33 12/03/1512/03/15P-1A-1 25,000,000.00 22533TC46 0.48

BANK OF TOKYO MITSUBISHI COMM PAPER

-- 0.000% 03/21/2016

24,969,450.00 24,975,000.00 0.00 24,965,937.50 12/03/1512/03/15P-1A-1 25,000,000.00 06538BCM3 0.45

TOYOTA MOTOR CREDIT CORP COMM

PAPER

-- 0.000% 05/03/2016

24,951,350.00 24,951,312.50 0.00 24,939,833.33 12/03/1512/03/15P-1A-1+ 25,000,000.00 89233GE36 0.57






Par

Commercial Paper

JP MORGAN SECURITIES LLC COMM PAPER

-- 0.000% 05/16/2016

24,947,675.00 24,933,889.00 0.00 24,919,791.67 12/03/1512/03/15P-1A-1 25,000,000.00 46640PEG4 0.70

BNP PARIBAS NY BRANCH COMM PAPER

-- 0.000% 06/06/2016

24,916,500.00 24,919,319.50 0.00 24,908,013.89 12/10/1512/09/15P-1A-1 25,000,000.00 09659BF62 0.74

0.00 124,762,450.00 124,758,521.00 0.59 124,702,909.72 125,000,000.00 Security Type Sub-Total

425,000,000.00 424,397,199.42 0.52 73,055.52 424,498,832.00 424,544,572.75 Managed Account Sub-Total

$425,000,000.00 $424,397,199.42 $73,055.52 $424,498,832.00 $424,544,572.75 0.52%

$424,617,628.27

$73,055.52

Total Investments

Accrued Interest

Securities Sub-Total






Duration


0.33 (2,925.00)(2,925.00) 24,997,075.00 99.99 JPMCHASE 25,000,000.00 912828C81US TREASURY NOTES

DTD 04/30/2014 0.375% 04/30/2016

0.41 0.33

0.33 9,004.50 11,728.12 49,994,150.00 99.99 CITIGRP 50,000,000.00 912828C81US TREASURY NOTES

DTD 04/30/2014 0.375% 04/30/2016

0.41 0.33

0.37 (3,909.00)(973.44) 24,982,425.00 99.93 JPMCHASE 25,000,000.00 912828VC1US TREASURY NOTES

DTD 05/15/2013 0.250% 05/15/2016

0.44 0.37

0.41 17,954.50 23,418.75 49,980,450.00 99.96 JPMCHASE 50,000,000.00 912828WM8US TREASURY NOTES

DTD 06/02/2014 0.375% 05/31/2016

0.47 0.41

0.50 14,438.50 17,596.87 49,988,300.00 99.98 CITIGRP 50,000,000.00 912828WQ9US TREASURY NOTES

DTD 06/30/2014 0.500% 06/30/2016

0.55 0.50

48,845.30 0.46 0.40 34,563.50 199,942,400.00 200,000,000.00 Security Type Sub-Total 0.40

Federal Agency Discount Note

0.13 (304.00) 5,435.67 24,990,394.00 99.96 CITIGRP 25,000,000.00 313384TE9FHLB DISC NOTE

-- 0.000% 02/17/2016

0.29 0.13

0.21 (2,833.75) 3,610.58 24,980,277.25 99.92 CITIGRP 25,000,000.00 313384UK3FEDERAL HOME LOAN BANKS DISC NOTE

-- 0.000% 03/17/2016

0.37 0.21

0.44 10,386.00 29,941.50 49,869,051.50 99.74 CITIGRP 50,000,000.00 313384XW4FHLB DISC NOTE

-- 0.000% 06/08/2016

0.59 0.44


Commercial Paper

0.17 (1,525.00) 8,141.67 24,977,475.00 99.91 CREDITAG 25,000,000.00 22533TC46CREDIT AGRICOLE CIB NY COMM PAPER

-- 0.000% 03/04/2016

0.51 0.17

0.22 (5,550.00) 3,512.50 24,969,450.00 99.88 BTM_DIR 25,000,000.00 06538BCM3BANK OF TOKYO MITSUBISHI COMM

PAPER

-- 0.000% 03/21/2016

0.54 0.22

0.34 37.50 11,516.67 24,951,350.00 99.81 TOYOTA 25,000,000.00 89233GE36TOYOTA MOTOR CREDIT CORP COMM

PAPER

-- 0.000% 05/03/2016

0.57 0.34

0.37 13,786.00 27,883.33 24,947,675.00 99.79 JPMCHASE 25,000,000.00 46640PEG4JP MORGAN SECURITIES LLC COMM PAPER

-- 0.000% 05/16/2016

0.55 0.37






Duration

Commercial Paper

0.43 (2,819.50) 8,486.11 24,916,500.00 99.67 BNP PARI 25,000,000.00 09659BF62BNP PARIBAS NY BRANCH COMM PAPER

-- 0.000% 06/06/2016

0.76 0.43


425,000,000.00 424,544,572.75 147,373.33 45,740.75 0.35 0.50 Managed Account Sub-Total 0.35

Total Investments $424,617,628.27

$73,055.52

$424,544,572.75

Accrued Interest

Securities Sub-Total $425,000,000.00 $147,373.33 $45,740.75 0.35 0.50% 0.35




Transaction Type


Principal Accrued

Interest Total Cost


Amort Cost Method

BUY

12/03/15 CREDIT AGRICOLE CIB NY COMM

PAPER

-- 0.000% 03/04/2016

22533TC46 (24,969,333.33) 0.00 (24,969,333.33) 25,000,000.00 12/03/15

12/03/15 FHLB DISC NOTE

-- 0.000% 02/17/2016

313384TE9 (24,984,958.33) 0.00 (24,984,958.33) 25,000,000.00 12/03/15

12/03/15 FEDERAL HOME LOAN BANKS DISC

NOTE

-- 0.000% 03/17/2016

313384UK3 (24,976,666.67) 0.00 (24,976,666.67) 25,000,000.00 12/03/15

12/03/15 BANK OF TOKYO MITSUBISHI COMM

PAPER

-- 0.000% 03/21/2016

06538BCM3 (24,965,937.50) 0.00 (24,965,937.50) 25,000,000.00 12/03/15

12/03/15 JP MORGAN SECURITIES LLC COMM

PAPER

-- 0.000% 05/16/2016

46640PEG4 (24,919,791.67) 0.00 (24,919,791.67) 25,000,000.00 12/03/15

12/03/15 TOYOTA MOTOR CREDIT CORP COMM

PAPER

-- 0.000% 05/03/2016

89233GE36 (24,939,833.33) 0.00 (24,939,833.33) 25,000,000.00 12/03/15


DTD 04/30/2014 0.375% 04/30/2016

912828C81 (25,000,000.00) (8,499.31) (25,008,499.31) 25,000,000.00 12/03/15


DTD 05/15/2013 0.250% 05/15/2016

912828VC1 (24,983,398.44) (3,090.66) (24,986,489.10) 25,000,000.00 12/03/15


DTD 06/02/2014 0.375% 05/31/2016

912828WM8 (49,957,031.25) (5,122.95) (49,962,154.20) 50,000,000.00 12/09/15


DTD 04/30/2014 0.375% 04/30/2016

912828C81 (49,982,421.88) (20,604.40) (50,003,026.28) 50,000,000.00 12/09/15


DTD 06/30/2014 0.500% 06/30/2016

912828WQ9 (49,970,703.13) (110,733.70) (50,081,436.83) 50,000,000.00 12/09/15

12/10/15 BNP PARIBAS NY BRANCH COMM PAPER

-- 0.000% 06/06/2016

09659BF62 (24,908,013.89) 0.00 (24,908,013.89) 25,000,000.00 12/09/15

12/10/15 FHLB DISC NOTE

-- 0.000% 06/08/2016

313384XW4 (49,839,110.00) 0.00 (49,839,110.00) 50,000,000.00 12/09/15

(148,051.02) (424,545,250.44)(424,397,199.42) 425,000,000.00 Transaction Type Sub-Total

INTEREST




Transaction Type


Principal Accrued

Interest Total Cost


Amort Cost Method

INTEREST

12/01/15 MONEY MARKET FUND MONEY0002 0.00 5.80 5.80 0.00 12/01/15


DTD 06/30/2014 0.500% 06/30/2016

912828WQ9 0.00 125,000.00 125,000.00 50,000,000.00 12/31/15

125,005.80 125,005.80 0.00 50,000,000.00 Transaction Type Sub-Total

(424,397,199.42) (23,045.22) (424,420,244.64)Managed Account Sub-Total

Total Security Transactions ($424,420,244.64)($23,045.22)($424,397,199.42)


Palm Beach County School District€¦ · Palm Beach County School District 300 S. Orange Avenue,...

Documents

Transcript of Palm Beach County School District€¦ · Palm Beach County School District 300 S. Orange Avenue,...