The total portfolio is currently composed of 48% ......The total portfolio is currently composed of...

Investment Report for Quarter Ended 12/31/2019

School District of Palm Beach County

December 31, 2019 Quarterly Return

Core Information Benchmark

Merrill Lynch Quarterly U.S. Treasury Note Index 0.51%

Core PFM Portfolio 0.56%

Interest

Rates

December 31, 2019 Yield

Short Term Information Benchmark

S&P Rated LGIP Index Government 30 Day Yield 1.51%

Short-Term Portfolio 1.93%

FL Palm 1.82%

Florida Prime 1.83%

Short Term PFM Portfolio 1.75%

TANS PFM Portfolio 1.65%

Wells Fargo Earnings Credit Rate 1.65%

Wells Fargo Excess Cash 1.52%

Interest

Rates

Treasurer's Notes

Total Investment and Debt Portfolios total is $1.6 Billion.

The total portfolio is currently composed of 48% securities, 25% money markets and LGIP's, and 27% bank balances.

The Core Portfolio had a return of 0.56% exceeding the benchmark, which only had a return of 0.51%. The return for the last 12 months

was 3.71% versus the benchmark of 3.55%.

The interest earnings was $8.7 million versus $7.3 million last year.

Tax collections are at 81%, which is slightly more than this time last year which was 78%.

The sales tax collections received to date are $394 million which is 115.1% of projections. This equates to 29.28% of the amount

projected for the ten year window.

Interest revenues net of fees is $7 million.

Portfolio Summary p2 Investment Listing p5

Asset Allocation p3 Sales Tax Summary p14

Short Term Investment p4 LGIP Reports p15

Report Contents



Maturity December 31, 2019 Investment Portfolio Composition Debt Portfolio Composition

Overnight 830,802,462$ 52.09% Florida Prime LGIP #215081 113,505,722$ Cash 174,647$

0 to 6 Months 463,865,000$ 29.08% Bank of America 444,443$ Money Markets 13,034,648$

6-12 Months 223,112,416$ 13.99% FL Palm 273,105,583$ FL Palm 2,978,463$

1-2 Years 40,250,000$ 2.52% PFM TANS 115,725,000$ Commercial Paper 4,712,416$

2-3 Years 34,920,000$ 2.19% Securities (Core Portfolio) 83,660,000$ 20,900,174$

3-4 Years 1,950,000$ 0.12% Securities (Short Term Portfolio) 560,000,000$

1,594,899,878$ TD-Bank - Short-Term 3,974,395$

100.00% TD Bank - Custody 46,919$

TD Banks TANS 3$

Wells Fargo 394,553,168$

Wells Fargo- Schools 28,984,472$

1,573,999,704$

52.09%

29.08%

13.99%

2.52% 2.19%0.12%

0%

10%

20%

30%

40%

50%

60%

Overnight 0 to 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years

Perce

ntag

e of

Tota

l Por

tfolio

Portfolio Maturity Distribution

December 31, 2019

2



Asset AllocationSecurity Type December 31, 2019 % of Portfolio Policy Limit

U.S. Treasuries 269,885,000$ 16.92% 100.00%Federal Agencies 2,560,000$ 0.16% 50.00%

Commercial Paper 469,812,416$ 29.46% 50.00%Municipal Obligations 340,000$ 0.02% 20.00%

Corporate Notes/Bonds 21,500,000$ 1.35% 30.00%Money Markets 13,034,648$ 0.82% 75.00%

Invested Bank Balances 428,178,046$ 26.85% 100.00%Local Government Investment Pools 389,589,767$ 24.43% 50.00%

1,594,899,878$ 100%

U.S. Treasuries16.93%

Federal Agencies0.16%

Commercial Paper29.46%

Corporate Notes/Bonds1.35%

Money Markets0.82%Invested Bank Balances

26.85%

Local Government Investment Pools24.43%

U.S. Treasuries Federal Agencies Commercial Paper

Corporate Notes/Bonds Money Markets Invested Bank Balances

3

-

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

1,200,000,000

1,400,000,000

1,600,000,000

Short Term Cash Projections

Wells Fargo CASH = BOA+TD Fl-Palm

SBA Money Market Short Term Investments FL-Palm TERM

TAN Investments Core Investments Target Bank Balance (2 wks expenses)

Investment Report for Quarter Ended 12/31/2019School District of Palm Beach County

4

Palm Beach SchoolsPalm Beach County School Distr

3300 Forest Hill BlvdSte A-334

West Palm Beach, Florida (561)434-8142

December 31, 2019

Fund 0001 - Treasury PoolInvestments by Fund

Par ValueDays ToMaturity

MaturityDate

CurrentRateMarket ValueCUSIP Investment # Issuer

PurchaseDate Remaining Cost

YTM/C360

YTM/C365

Corporate Notes

3M Company7920 160,000.0088579YBA8 09/14/2021 6223.00009/14/2018 162,784.00 3.029 3.072159,672.003M Company7971 200,000.0088579YBF7 03/01/2022 7902.75002/22/2019 203,620.00 2.728 2.766199,906.00American Express7882 425,000.000258M0DX4 09/14/2020 2572.60003/02/2018 426,572.50 2.934 2.974421,136.75American Express8109 450,000.00025816BM0 08/01/2022 9432.50012/06/2019 455,355.00 2.014 2.042455,287.50Apple Inc8065 125,000.00037833DL1 09/11/2022 9841.70009/11/2019 124,912.50 1.682 1.705124,978.75Apple Inc8069 325,000.00037833DC1 09/12/2022 9852.10009/30/2019 328,282.50 1.809 1.834327,466.75BB&T Corporation7890 400,000.0005531FAZ6 02/01/2021 3972.15005/03/2018 401,120.00 3.350 3.397389,964.00BB&T Corporation8101 500,000.0005531FAX1 04/01/2022 8212.75012/06/2019 508,850.00 2.004 2.032508,080.00Bank of NY Mellon7884 400,000.0006406FAA1 04/15/2021 4702.50003/02/2018 402,760.00 3.362 3.408393,588.00Bank of NY Mellon8059 75,000.0006406RAK3 08/23/2022 9651.95008/23/2019 75,165.00 1.934 1.96174,976.00Bank of NY Mellon8108 300,000.0006406RAA5 02/07/2022 7682.60012/06/2019 304,560.00 1.864 1.889304,503.00Banc of America7879 445,000.0006051GFW4 04/19/2021 4742.62502/15/2018 449,094.00 2.868 2.907441,195.25Banc of America8102 400,000.0006051GFZ7 10/21/2022 1,0242.50312/06/2019 403,880.00 2.137 2.167403,716.00BOEING CO8040 140,000.00097023CL7 08/01/2021 5782.30007/31/2019 140,798.00 2.273 2.305139,994.40Burlingtn North Santa8057 175,000.0012189LAF8 09/15/2021 6233.45008/13/2019 178,990.00 31.855 32.298179,362.75Canterpillar Finl Service7898 340,000.0014913Q2J7 05/15/2020 1352.95005/16/2018 341,292.00 2.919 2.959339,935.40Canterpillar Finl Service8018 400,000.0014913QAA7 06/06/2022 8872.40006/25/2019 405,160.00 2.165 2.195402,324.00Charles Schwab Corp7901 305,000.00808513AW5 05/21/2021 5063.25005/22/2018 310,947.50 3.206 3.251304,990.85US Bank of Cincinnati8110 800,000.0090331HPF4 01/09/2023 1,1041.95012/09/2019 799,280.00 1.951 1.978799,328.00Citigroup8001 300,000.00172967KV2 08/02/2021 5792.35003/21/2019 301,860.00 2.981 3.022295,422.00Citigroup8020 125,000.00172967LQ2 10/27/2022 1,0302.70006/25/2019 127,075.00 2.444 2.478125,881.25Exxon Mobil Corp Notes7854 435,000.0030231GAG7 03/06/2020 651.91209/29/2017 435,043.50 1.742 1.766436,497.71Exxon Mobil Corp Notes7925 95,000.0030231GAJ1 03/06/2022 7952.39711/28/2018 96,035.50 3.337 3.38492,115.80Exxon Mobil Corp Notes7926 30,000.0030231GAJ1 03/06/2022 7952.39711/28/2018 30,327.00 3.350 3.39729,077.50Exxon Mobil Corp Notes8058 250,000.0030231GBB7 08/16/2022 9581.90208/16/2019 251,375.00 1.875 1.902250,000.00General Dynamics7897 300,000.00369550BA5 05/11/2020 1312.87505/11/2018 301,050.00 3.016 3.058298,938.00Goldman Sachs Group Inc7894 400,000.0038143U8F1 02/25/2021 4212.87505/10/2018 404,000.00 3.296 3.342395,048.00Home Depot Inc7892 400,000.00437076BL5 04/01/2021 4562.00005/03/2018 400,960.00 3.347 3.393389,176.00Hershey Company7895 185,000.00427866BA5 05/15/2021 5003.10005/10/2018 188,126.50 3.081 3.124184,872.35Hershey Company8114 285,000.00427866BA5 05/15/2021 5003.10012/10/2019 289,816.50 1.843 1.868289,927.65American Honda Finance7876 450,000.0002665WCD1 02/12/2021 4082.65002/15/2018 454,140.00 2.662 2.699449,370.00

Run Date: 02/11/2020 - 13:19

5

December 31, 2019


MaturityDate

CurrentRateMarket Value


CUSIP Investment # IssuerPurchase

Date Remaining CostYTM/C

360YTM/C

365

Corporate Notes

American Honda Finance8100 400,000.0002665WCA7 11/16/2022 1,0502.60012/06/2019 408,080.00 1.907 1.933407,588.00HONEYWELL INTERNATIONAL8041 90,000.00438516BT2 08/08/2022 9502.15008/08/2019 90,828.00 2.155 2.18489,909.10Honolulu City & CO-J8054 340,000.00438687KR5 08/01/2022 9431.73908/21/2019 339,592.00 1.715 1.739340,000.00HSBC Securities7908 300,000.0040428HPR7 03/05/2020 642.35008/10/2018 300,150.00 3.031 3.073296,694.00IBM Corp Global Notes7886 410,000.0044932HAG8 02/05/2021 4012.65003/02/2018 413,772.00 2.810 2.849407,687.60IBM Corp Global Notes8107 400,000.00459200HG9 08/01/2022 9431.87512/06/2019 399,960.00 1.906 1.932399,400.00John Deere Capital Corp7887 300,000.0024422EUD9 03/12/2021 4362.87503/13/2018 303,720.00 2.859 2.898299,796.00John Deere Capital Corp7915 125,000.0024422EUK3 09/10/2021 6183.12509/10/2018 127,887.50 3.092 3.135124,961.25Johnson & Johnson7990 400,000.00478160CD4 03/03/2022 7922.25003/07/2019 404,440.00 2.666 2.703394,828.00JP Morgan Chase & Co Global No7880 310,000.0046625HQJ2 03/01/2021 4252.55002/15/2018 312,387.00 2.810 2.849307,312.30JP Morgan Chase & Co Global No8000 100,000.0046647PBB1 04/01/2023 1,1863.20703/22/2019 102,380.00 3.162 3.206100,000.00JP Morgan Chase & Co Global No8099 500,000.0048128BAB7 01/15/2023 1,1102.97212/06/2019 509,450.00 2.319 2.351509,240.00MERCK & CO INC7961 375,000.0058933YAQ8 02/10/2022 7712.35001/16/2019 378,750.00 2.947 2.988368,032.50MERCK & CO INC7994 125,000.00589331AT4 09/15/2022 9882.40003/15/2019 126,950.00 3.095 3.138123,722.50Morgan Stanley7891 300,000.0061746BEA0 04/21/2021 4762.50005/03/2018 302,280.00 3.268 3.314293,151.00Morgan Stanley8019 125,000.0061744YAH1 05/19/2022 8692.75006/25/2019 127,312.50 2.339 2.372126,315.00Morgan Stanley8098 400,000.0061744YAH1 05/19/2022 8692.75012/06/2019 407,400.00 2.073 2.101406,164.00MUFG BANK LTD/NY8116 600,000.0090520EAK7 12/09/2022 1,0732.10012/09/2019 601,680.00 2.071 2.100600,000.00National Rural Utilities Coop7910 275,000.0063743HER9 03/15/2021 4392.90008/10/2018 278,107.50 3.773 3.825273,630.50Northern Trust Corp8055 325,000.00665859AN4 08/02/2022 9442.37508/13/2019 329,192.50 1.925 1.952328,945.50ORACLE CORP7959 350,000.0068389XBK0 09/15/2021 6231.90001/10/2019 350,735.00 2.971 3.012339,332.00PACCAR FINANCIAL CORP7896 295,000.0069371RP26 05/10/2021 4953.10005/10/2018 300,162.50 3.066 3.109294,923.30PACCAR FINANCIAL CORP7907 175,000.0069371RN93 03/01/2021 4252.80007/31/2018 177,065.00 3.108 3.151173,481.00PEPSICOINC7903 225,000.00713448DX3 04/15/2021 4702.00007/31/2018 225,652.50 2.944 2.985219,186.00PFIZER INC7919 300,000.00717081EM1 09/15/2021 6233.00009/07/2018 306,360.00 3.634 3.684299,595.00PFIZER INC7991 60,000.00717081ER0 03/11/2022 8002.80003/11/2019 61,266.00 2.763 2.80259,996.40State Street Corp7906 225,000.00857477AV5 05/19/2021 5041.95007/31/2018 225,472.50 3.092 3.135217,896.75Toyota Motor Credit Corp CP7893 450,000.0089236TEU5 04/13/2021 4682.95005/03/2018 456,795.00 3.032 3.074448,425.00Toyota Motor Credit Corp CP7957 135,000.0089236TFQ3 01/08/2021 3733.05001/08/2019 136,633.50 3.038 3.081134,919.00Toyota Motor Credit Corp CP8103 500,000.0089236TCQ6 07/13/2022 9242.80012/06/2019 511,800.00 1.852 1.878511,650.00Unilever Capital Corp7912 250,000.00904764BF3 03/07/2022 7963.00009/07/2018 256,075.00 3.104 3.147248,790.00United Parcel Service8026 425,000.00911312BC9 05/16/2022 8662.35006/27/2019 429,760.00 2.117 2.147427,392.75

Run Date: 02/11/2020 - 13:19

6

December 31, 2019


MaturityDate





360YTM/C

365

Corporate Notes

US Bancorp8032 175,000.0091159HHC7 03/15/2022 8043.00007/26/2019 179,060.00 2.188 2.219178,477.25US Bancorp8068 250,000.0091159HHC7 03/15/2022 8043.00009/30/2019 255,800.00 1.941 1.968256,157.50VISA Inc8011 425,000.0092826CAB8 12/14/2020 3482.20005/14/2019 426,700.00 2.485 2.520422,896.25Wal-Mart Stores Global Notes7902 350,000.00931142EJ8 06/23/2021 5393.12506/27/2018 357,490.00 3.084 3.126349,982.50Wal-Mart Stores Global Notes8115 600,000.00931142DU4 12/15/2022 1,0792.35012/10/2019 610,500.00 1.855 1.881608,196.00WALT DISNEY COMPANY8061 120,000.00254687FJ0 09/01/2022 9741.65009/06/2019 119,700.00 1.701 1.724119,739.60Wells Fargo7970 250,000.0094974BFC9 03/08/2022 7973.50001/31/2019 258,175.00 3.203 3.247251,840.00Wells Fargo8021 160,000.0094974BFC9 03/08/2022 7973.50006/25/2019 165,232.00 2.382 2.416164,507.20

Subtotal and Average 21,531,492.41 21,540,000.00 21,777,985.00 2.787 2.825 687

Federal Agency Coupon Securities

Federal Home Loan Mtg Corp7853 480,000.003137EAEF2 04/20/2020 1101.37504/20/2017 479,616.00 1.471 1.491478,358.40Federal Home Loan Mtg Corp7855 650,000.003137EAEJ4 09/29/2020 2721.62509/29/2017 649,935.00 1.664 1.687648,823.50Federal National Mtg Assn7852 480,000.003135G0T29 02/28/2020 581.50002/28/2017 479,904.00 1.501 1.521479,692.80Federal National Mtg Assn7960 500,000.003135G0U92 01/11/2022 7412.62501/11/2019 510,100.00 2.613 2.650499,640.00Federal National Mtg Assn8005 450,000.003135G0V59 04/12/2022 8322.25004/12/2019 456,750.00 2.331 2.363448,524.00


Treasury Coupon Securities

U.S. Treasury7844 1,260,000.00912828H52 01/31/2020 301.25001/05/2017 1,259,622.00 1.493 1.5131,250,057.81U.S. Treasury7845 270,000.00912828J50 02/29/2020 591.37502/03/2017 269,865.00 1.554 1.576268,375.78U.S. Treasury7856 1,175,000.00912828L65 09/30/2020 2731.37509/29/2017 1,172,650.00 1.585 1.6071,167,013.67U.S. Treasury7875 555,000.00912828N89 01/31/2021 3961.37501/12/2018 553,446.00 2.081 2.110542,989.45U.S. Treasury7905 625,000.00912828F96 10/31/2021 6692.00007/31/2018 620,187.50 2.747 2.785609,838.87U.S. Treasury7921 1,250,000.009128285A4 09/15/2021 6232.75009/26/2018 1,274,000.00 2.871 2.9111,244,287.11U.S. Treasury7923 750,000.009128285A4 09/15/2021 6232.75009/28/2018 764,400.00 2.858 2.897746,865.23U.S. Treasury7924 5,000,000.00912828F96 10/31/2021 6692.00010/31/2018 4,961,500.00 2.859 2.8994,871,679.69U.S. Treasury7930 1,500,000.009128285L0 11/15/2021 6842.87512/11/2018 1,535,400.00 2.689 2.7261,506,210.94U.S. Treasury7962 2,000,000.009128285V8 01/15/2022 7452.50001/22/2019 2,036,200.00 2.573 2.6091,993,750.00U.S. Treasury7969 1,500,000.009128285V8 01/15/2022 7452.50001/31/2019 1,527,150.00 2.526 2.5611,497,363.28U.S. Treasury8028 1,100,000.009128282P4 07/31/2022 9421.87507/24/2019 1,107,810.00 1.766 1.7901,102,707.03U.S. Treasury8060 2,150,000.00912828YA2 08/15/2022 9571.50008/30/2019 2,145,270.00 1.428 1.4482,153,191.41U.S. Treasury8066 1,500,000.009128282S8 08/31/2022 9731.62509/30/2019 1,501,200.00 1.576 1.5981,501,113.28

Run Date: 02/11/2020 - 13:19

7

December 31, 2019


MaturityDate





360YTM/C

365


U.S. Treasury8067 1,500,000.00912828T34 09/30/2021 6381.12509/30/2019 1,488,000.00 1.638 1.6611,484,238.28U.S. Treasury8070 375,000.00912828YK0 10/15/2022 1,0181.37510/31/2019 372,712.50 1.624 1.646372,070.31U.S. Treasury8078 2,100,000.00912828YK0 10/15/2022 1,0181.37512/04/2019 2,087,190.00 1.624 1.6462,084,085.94U.S. Treasury8079 1,100,000.00912828U65 11/30/2021 6991.75012/04/2019 1,103,410.00 1.635 1.6571,101,976.56U.S. Treasury8104 9,000,000.00912828V72 01/31/2022 7611.87512/06/2019 9,053,100.00 1.585 1.6079,050,625.00U.S. Treasury8106 8,000,000.009128282F6 08/31/2021 6081.12512/06/2019 8,060,000.00 1.611 1.6347,930,625.00U.S. Treasury8117 11,700,000.00912828Q78 04/30/2021 4851.37512/10/2019 11,664,900.00 1.651 1.67411,652,011.72U.S. Treasury8124 1,800,000.00912828YK0 10/15/2022 1,0181.37512/11/2019 1,789,020.00 1.645 1.6681,785,375.00U.S. Treasury8125 1,500,000.00912828U81 12/31/2021 7302.00012/17/2019 1,512,000.00 1.651 1.6741,509,726.56U.S. Treasury8126 1,000,000.00912828YW4 12/15/2022 1,0791.62512/17/2019 1,001,000.00 1.646 1.669998,710.94U.S. Treasury8127 550,000.00912828P38 01/31/2023 1,1261.75012/27/2019 552,255.00 1.638 1.661551,460.94Wells Fargo8105 300,000.0095000U2B8 07/22/2022 9332.62512/06/2019 304,470.00 2.049 2.077304,173.00


Total Investments and Average 83,367,053.91 83,660,000.00 84,071,048.00 2.100 2.129 671

Run Date: 02/11/2020 - 13:19

8

December 31, 2019


MaturityDate


Fund 0001-B - Bank FundsInvestments by Fund



360YTM/C

365

Bank Deposits

TD Bank7587 46,918.7038141W-26-5 11.90007/01/2019 46,918.70 1.873 1.90046,918.70

Subtotal and Average 46,918.70 46,918.70 46,918.70 1.874 1.900 1

Total Investments and Average 46,918.70 46,918.70 46,918.70 1.874 1.900 1

Run Date: 02/11/2020 - 13:19

9

December 31, 2019


MaturityDate


Fund 0001-BONY - Bank of New YorkInvestments by Fund



360YTM/C

365

Florida Education Inv Trust LGIP

FEITF7622 2,978,462.58SYS7622 12.46007/01/2019 2,978,462.58 2.426 2.4602,978,462.58


Money Market Accounts

DREYFUS GOVERNMENT PRIME CASH7987 6,756,846.42SYS7987 12.40007/01/2019 6,756,846.42 2.367 2.4006,756,846.42FEDERATED7988 2,452,250.00SYS7988 12.19007/01/2019 2,452,250.00 2.160 2.1902,452,250.00FIDELITY7986 3,825,552.03SYS7986 12.10007/01/2019 3,825,552.03 2.071 2.1003,825,552.03


Bank Deposits

Bank of New York7623 174,646.75SYS7623 107/01/2019 174,646.75174,646.75

Subtotal and Average 174,646.75 174,646.75 174,646.75 0.000 0.000 1

Commercial Paper- Discount

BANK CHINA LTD HONG KONG7983 1,830,000.0106119RTU9 107/01/2019 1,830,000.011,830,000.01NATIXIS NY BRANCH7982 2,700,077.1163873KRV1 107/01/2019 2,700,077.112,700,077.11



Run Date: 02/11/2020 - 13:19

10

December 31, 2019


MaturityDate


Fund 0001-S - Short-Term OperatingInvestments by Fund



360YTM/C

365

Florida Prime LGIP

Florida Prime LGIP251081 113,505,721.73SYS2510081 12.31007/01/2019 113,505,721.73 2.278 2.310113,505,721.73


Florida Education Inv Trust LGIP

FEITF7621 273,105,583.10SYS7621 12.25407/01/2019 273,105,583.10 2.223 2.254273,105,583.10FEITF-TERM8049 0.00SYS7989 12.75007/01/2019 0.00 2.712 2.7500.00


Bank Deposits

Banc of America8048 444,443.16SYS00001 107/01/2019 444,443.16444,443.16Wells Fargo7769 28,984,471.57SYS7769- SCHOOL 11.92607/01/2019 28,984,471.57 1.899 1.92628,984,471.57Wells Fargo7813 394,553,167.92SYS7813 11.92607/01/2019 394,553,167.92 1.899 1.926394,553,167.92Wells Fargo8042 9,991,762.36SYS7769-ECR SCH 12.05007/01/2019 9,991,762.36 2.021 2.0499,991,762.36Wells Fargo8043 1,281,797.02SYS7769-ADJ SCH 107/01/2019 1,281,797.021,281,797.02Wells Fargo8045 15,011,233.16SYS7813 ECR 12.05007/01/2019 15,011,233.16 2.021 2.04915,011,233.16Wells Fargo8047 22,578,196.75SYS7813 ADJ 107/01/2019 22,578,196.7522,578,196.75


Commercial Paper

BNP paribas Finance Inc CP8088 31,000,000.0009659BFS4 06/26/2020 1771.78012/05/2019 30,711,700.00 1.827 1.85230,687,313.33Coca Cola8119 26,000,000.0019121AE72 05/07/2020 1271.70012/09/2019 25,838,800.00 1.712 1.73525,815,833.33Cooperative Rabobank UA8082 35,000,000.0021687AFF5 06/15/2020 1661.78012/05/2019 34,702,500.00 1.826 1.85234,666,002.78Credit Agricole8091 31,000,000.0022533TFK7 06/19/2020 1701.81012/05/2019 30,730,300.00 1.857 1.88330,692,953.61Exxon Mobil Corp Notes8086 50,000,000.0030229ABT5 02/27/2020 571.68012/05/2019 49,875,000.00 1.686 1.71049,804,000.00American Honda Finance8095 15,000,000.0002665JCJ7 03/18/2020 771.71012/06/2019 14,943,000.00 1.718 1.74214,926,612.50Mizuho Securities USA Inc.8083 35,000,000.0060689FFF0 06/15/2020 1661.82512/05/2019 34,695,500.00 1.873 1.89934,657,559.03Bank of Montreal8093 35,000,000.0006366GCG2 03/16/2020 751.79112/06/2019 34,853,000.00 1.800 1.82534,824,137.68MUFG BANK LTD/NY8092 31,000,000.0062479LHA6 08/10/2020 2221.87012/05/2019 30,637,300.00 1.922 1.94930,599,040.83NATIXIS NY BRANCH8090 31,000,000.0063873JHA1 08/10/2020 2221.85012/05/2019 30,624,900.00 1.901 1.92830,603,329.17PFIZER INC8085 24,000,000.0071708EE50 05/05/2020 1251.75012/05/2019 23,851,200.00 1.763 1.78723,822,666.67PFIZER INC8087 11,000,000.0071708EDD4 04/13/2020 1031.73012/05/2019 10,945,000.00 1.740 1.76510,931,280.56Credit Suisse New York8084 35,000,000.002254EAHA4 08/10/2020 2221.84012/05/2019 34,580,000.00 1.891 1.91734,554,566.67Sumitomo Mitsu Trust8089 30,000,000.0086563GDF6 04/15/2020 1051.82012/05/2019 29,826,000.00 1.832 1.85729,799,800.00

Run Date: 02/11/2020 - 13:19

11

December 31, 2019


MaturityDate


Fund 0001-S - Short-Term OperatingInvestments by Fund



360YTM/C

365

Commercial Paper

Sumitomo Mitsu Trust8123 5,000,000.0089563GFS6 06/26/2020 1771.81012/09/2019 4,954,000.00 1.858 1.8834,949,722.22Toyota Motor Credit8120 3,000,000.0089233GHA7 08/10/2020 2221.82012/09/2019 2,964,900.00 1.870 1.8962,962,841.67Toyota Motor Credit8122 12,000,000.0089233GFS0 06/26/2020 1771.84012/09/2019 11,888,400.00 1.889 1.91511,877,333.33WALT DISNEY COMPANY8118 11,000,000.002546R2ZFR2 06/25/2020 1761.73012/09/2019 10,902,100.00 1.775 1.79910,894,806.39



U.S. Treasury8094 43,000,000.00912828XU9 06/15/2020 1661.50012/06/2019 42,982,800.00 1.516 1.53742,991,601.56U.S. Treasury8096 50,000,000.00912828XU9 06/15/2020 1661.50012/06/2019 49,980,000.00 1.516 1.53749,990,234.38U.S. Treasury8097 9,000,000.00912828X21 04/15/2020 1051.50012/06/2019 8,997,300.00 1.508 1.5298,998,945.31U.S. Treasury8121 7,000,000.00912828XU9 06/15/2020 1661.50012/09/2019 6,997,200.00 1.554 1.5766,997,265.63


Total Investments and Average 1,415,504,223.42 1,419,456,376.77 1,415,937,276.77 1.907 1.933 59

Run Date: 02/11/2020 - 13:19

12

December 31, 2019


MaturityDate


Fund 0001-T - TANs ProceedsInvestments by Fund



360YTM/C

365

Commercial Paper

CREDIT AGRICOLE NORTH AMERICA8075 3,525,000.0022533THH2 08/17/2020 2291.80011/22/2019 3,483,405.00 1.847 1.8723,477,588.75BNP paribas Finance Inc CP8074 3,525,000.0009659BHH6 08/17/2020 2291.83011/22/2019 3,483,405.00 1.878 1.9043,476,798.56MUFG BANK LTD/NY8076 3,525,000.0062479LHH1 08/17/2020 2291.88011/22/2019 3,480,937.50 1.930 1.9573,475,481.58NATIXIS NY BRANCH8073 3,525,000.0063873JHH6 08/17/2020 2291.86011/22/2019 3,480,937.50 1.909 1.9363,476,008.38



U.S. Treasury8071 98,175,000.00912828NT3 08/15/2020 2272.62511/22/2019 98,764,050.00 1.597 1.61998,888,302.73U.S. Treasury8077 3,450,000.00912828NT3 08/15/2020 2272.62511/22/2019 3,470,700.00 1.597 1.6193,475,066.41



Run Date: 02/11/2020 - 13:19

13

Sales Tax Financial Summary For Month Ending December 31, 2019

Prepared January 16, 2020

Period

Earned

Period

Received Forecast

Actual

Receipts Variance

Actual/

Projected %

Calendar 2017 117,389,852 133,405,607 16,015,755 113.64%

Calendar 2018 120,911,548 141,870,431 20,958,884 117.33%

Mar 2019 Quarter 33,497,661 38,633,008 5,135,348 115.33%

June 2019 Quarter 32,274,825 35,599,869 3,325,044 110.30%

07/19 09/19 9,737,799 9,992,804 255,006 102.62%

08/19 10/19 9,415,115 9,801,867 386,752 104.11%

09/19 11/19 9,032,951 13,709,402 4,676,451 151.77%

Sep 2019 Quarter 28,185,864 33,504,073 5,318,209

10/19 12/19 9,881,319 11,033,002 1,151,683 111.66%

11/19 01/20 10,122,039

12/19 02/20 10,577,186

Dec 2019 Quarter 30,580,544 11,033,002 1,151,683

Calendar 2019 124,538,894 118,769,952 14,930,283

Calendar 2020 128,275,061 - -

Calendar 2021 132,123,313 - -

Calendar 2022 136,087,012 - -

Calendar 2023 140,169,622 - -

Calendar 2024 144,374,711 - -

Calendar 2025 148,705,952 - -

Calendar 2026 153,167,131 - -

Projected Thru 2026 1,345,743,096$ 394,045,990$ 29.28%

Lifetime 342,141,069$ 394,045,990$ 51,904,922$ 115.17%

Half-Cent Sales Tax Distributions

Projections and Actual Receipts

Period Forecast Actual

Calendar 2017 - 19,134,003

Calendar 2018 - 61,102,209

Mar 19 Quarter - 22,720,531

Jun 19 Quarter - 41,872,681

Sep 19 Quarter - 24,608,846

Oct-19 16,784,407

Nov-19 7,905,774

Dec-19 12,165,747

Dec 19 Quarter - 36,855,928

Calendar 2019 - 126,057,986

Calendar 2020 - -

Calendar 2021 - -

Calendar 2022 - -

Calendar 2023 - -

Calendar 2024 - -

Calendar 2025 - -

Calendar 2026 - -

Calendar 2027 - -

Calendar 2028 - -

Total Payments -$ 206,294,198$

Open Purchase Orders 12/31/19 114,339,420$

Sales Tax Financed Payments

Forecast and Actual Payments

Revolving LOC Authorized to Date: 80,000,000$ Interest Payable Accrued to 12/31/2019: -$

Revolving LOC Currently Outstanding -$ Interest Paid thru 12/31/2019: -

Maximum Capacity $200 Million Fees thru 12/31/2019: 177,175

Capacity to Issue $80 Million Total Interest and Fees thru 12/31/2019: 177,175

Interest Revenues thru 12/31/2019: 7,221,103

Interest Revenues Less Interest Expense: 7,043,928

Sales Tax Program Financing

14

Negotiable Certificates of

Deposit 35.52%

Commercial Paper

29.14%

Repurchase Agreements

8.18%

Bank Note 1.64%

Agency Discount Note 2.61% Cert. of Deposit -

FHLB Letter of Credit 17.51%

U.S. Treasury

Bond 3.15%

Corporate Notes 2.25%

1 Current 7-day net yield, also known as the current annualized yield, represents the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical account with a balance of one share (normally $1.00 per share) over a seven-day base period expressed as a percentage of the value of one 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 7.2 Weighted Average Maturity: Calculated by the final maturity for a security held in the portfolio and the interest rate reset date. This is a way to measure a fund’s sensitivity to potential interest rate changes. 3 Standard & Poor’s fund ratings are based on analysis of credit quality, market price exposure, and management. According to Standard & Poor’s rating criteria, the AAAm rating signifies excellent safety of investment principal and a superior capacity to maintain a $1.00 per share net asset value. However, it should be understood that the rating is not a “market” rating nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology, visit Standard & Poor’s website (http://www.standardandpoors.com/ratings/en_US/web/guest/home).

4 As of the last day of the month. The 30-day yield represents the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical account with a balance of one share (normally $1.00 per share) over a thirty-day base period expressed as a percentage of the value of one share at the beginning of the thirty-day period. This resulting net change in account value is then annualized by multiplying it by 365 and dividing the result by 30.

Past performance is no guarantee of future results. Yields will fluctuate as market conditions change. The current fund performance may be higher or lower than that cited. The yields shown may reflect fee waivers by service providers that subsidize and reduce the total operating expenses of the Pool. Pool yields would be lower if there were no such waivers. Important disclosure information is provided on the following page.

Fund Diversification as of December 31, 2019Credit Quality Distribution

(Standard & Poor’s Fund Ratings)Sector Composition

INVESTMENT OBJECTIVE: The objective of the Fund is to earn a high rate of return while preserving principal, providing liquidity, and seeking a stable NAV of $1.00.

FUND HIGHLIGHTS:Daily liquidity$10,000 minimum investment Unlimited investments and redemptionsOnly investment option sponsored by FSBA and FADSSOversight by school officialsDesigned for the investment of all public funds:

FUND FACTS:Current 7-Day Net Yield1

Weighted Average Maturity2

Expense RatioFund Rating3

December 31, 2019

Fund Fact Sheet

As of December 31, 20191.80%

41 Days0.13%

AAAm by Standard and Poor’s

SERVICE PROVIDERS: Investment Adviser, Administrator and Transfer Agent: PFM Asset Management LLC

Distributor: PFM Fund Distributors, Inc

Depository and Custodian: Wells Fargo Bank N.A.

Independent Registered Public Accounting Firm:Carr, Riggs & Ingram, LLC

Legal Counsel: Meyer, Brooks, Demma and Blohm, P.A.

Performance (30-Day Net Yield4 %)

• Capital reserves• Debt service

reserve funds

• General and operating funds

• Proceeds from debt issuance

A-1+ Short Term

43.30%

A-1 Short Term

49.65%

AA+ 3.15%

A+ 2.84%

A 1.06%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

This material must be preceded or accompanied by an information statement. For a current information statement, which contains more complete information, please visit www.fl-palm.com or call 1.877.495.8246.

1 Trailing returns calculated using the 30-day net yield as of the last day of the month. The current 7-day net yield more closely reflects thecurrent earnings of the Fund than the trailing returns. Returns for less than a full calendar year are annualized.

2 Florida Public Assets for Liquidity Management commenced operations on October 22, 2010 (the "Commencement Date"). The returninformation for 2010 starting as of the Commencement Date, and for subsequent periods, reflects the actual performance of Florida Public Assets for Liquidity Management .

3 Source: iMoneyNet First Tier Institutional Money Market Fund Index Average. This index is comprised of funds rated in the top grade thatinvest in high-quality financial instruments with dollar- weighted average maturities of less than 60 days. It is not possible to invest directly in suchan index.

This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider Florida Public Assets for Liquidity Management’s ( the “Fund” or “FL PALM’”) investment objectives, risks, charges and expenses before investing. This and other information about the Fund is available in the Fund’s Information Statement, which should be read carefully before investing. Copies of the Fund’s Information Statement may be obtained by calling 1.877.495.8246 or are available on the Fund’s website at www.fl-palm.com. While the FL PALM Portfolio seeks to maintain a stable net asset value of $1.00 per share and the FL PALM Term Portfolio seeks to achieve a net asset value of $1.00 per share at its stated maturity, it is possible to lose money investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Fund are distributed by PFM Fund Distributors, Inc., Member Financial Industry Regulatory Authority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC.

TRAILING RETURNS1 As of December 31, 2019

www.fl-palm.com | 1.877.495.8246 | [email protected]

Month 3-Month 1-YearSince

InceptionFlorida Public Assets for Liquidity Management 1.51% 1.97% 2.37% 0.92%

iMoneyNet Money Market Fund Index 1.51% 1.62% 2.06% 0.71%

0.00%0.25%0.50%0.75%1.00%1.25%1.50%1.75%2.00%2.25%2.50%2.75%3.00%

Florida Public Assets for LiquidityManagement

iMoneyNet Money Market Fund Index

Money Market

NTF

LOWER HIGHER

Fidelity® Investments Money Market GovernmentPortfolio - Institutional Class (FRGXX)

No Transaction Fee 1

Performance3,4,5 Average Annual Total Returns

Monthly (AS OF 1/31/2020) YTD (Monthly) 1 Yr 3 Yrs 5 Yrs 10 Yrs Life

Fidelity® Investments Money MarketGovernment Portfolio - InstitutionalClass

0.13% 2.06% 1.59% 1.02% 0.52% 3.52%

FTSE 3-Mo Treasury Bill 0.13% 2.18% 1.68% 1.07% 0.57% 3.32%

Quarter-End (AS OF 12/31/2019)

Fidelity® Investments Money MarketGovernment Portfolio - InstitutionalClass

2.13% 1.56% 0.99% 0.51% 3.53%

The performance data featured represents past performance, which is no guarantee of future results.Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss whenyou sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Overview

ObjectiveSeeks to obtain as high a level of current income as is consistent with the preservation of principal and liquiditywithin the limitations prescribed for the fund.

StrategyThe Adviser normally invests at least 99.5% of the fund's total assets in cash, U.S. Government securities and/orrepurchase agreements that are collateralized fully (i.e., collateralized by cash or government securities). Certainissuers of U.S. Government securities are sponsored or chartered by Congress but their securities are neither issuednor guaranteed by the U.S. Treasury. Investing in compliance with industry-standard regulatory requirements formoney market funds for the quality, maturity, liquidity and diversification of investments. The Adviser stressesmaintaining a stable $1.00 share price, liquidity, and income. In addition the Adviser normally invests at least 80% ofthe fund's assets in U.S. Government securities and repurchase agreements for those securities.

RiskYou could lose money by investing in the fund. Although the fund seeks to preserve the value of your investmentat $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed bythe Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and itsaffiliates, the fund's sponsor, have no legal obligation to provide financial support to the fund, and you shouldnot expect that the sponsor will provide financial support to the fund at any time. The fund will not impose a feeupon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund's weekly liquid assets fallbelow 30% of its total assets because of market conditions or other factors. Interest rate increases can cause theprice of a money market security to decrease. A decline in the credit quality of an issuer or a provider of creditsupport or a maturity-shortening structure for a security can cause the price of a money market security to decrease.

Additional DisclosuresThis description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for moredetailed information about the fund.

Initial offering of the Fidelity® Institutional Money Market Government Portfolio - Institutional Class took place onMay 14, 2014. Returns and expenses prior to that date are those of the Fidelity® Institutional Money MarketGovernment Portfolio - Class I. Had Fidelity® Institutional Money Market Government Portfolio - Institutional Classexpenses been reflected in the returns shown, total returns would have been higher.

Fidelity is voluntarily reimbursing a portion of the fund's expenses. If Fidelity had not, the returns would have beenlower.

Morningstar® Snapshot*2

(AS OF 12/31/2019)

Morningstar Category Money Market-Taxable

Risk of this Category

*Data provided by Morningstar

Details

Product Type Government

Fund Inception 7/25/1985

NAV on 1/31/2020 $1.00

Exp Ratio (Gross)

5/30/2019

0.18%

Exp Ratio - Annual or Semi-Annual Report (Net) 7

9/30/2019

0.14%

Exp Cap (Dated) 8

2/1/2015

0.14%

Minimum to Invest $9,999,999.99

Portfolio Net Assets ($M)

1/31/2020

$129,085.36

Share Class Net Assets ($M)

1/31/2020

$89,995.58

Fund Manager(s)

Co-Manager: Team

Portfolio Data

7-Day Yield 9

1/31/2020

1.50%

Page 1 of 3

Money Market

Composition by Instrument6

(AS OF 12/31/2019)

U.S. Government Repurchase Agreements37.23%

Agency Floating-Rate Securities 35.33%

Agency Fixed-Rate Securities 12.23%

U.S. Treasury Coupons 8.96%

U.S. Treasury Bills 6.26%

Net Other Assets -0.01%

Other Money Market Investments 0.00%

U.S. Treasury Inflation-Protected Securities 0.00%

U.S. Treasury Strips 0.00%

Net Other Assets may include cash and receivables and

payables related to open security or capital stock trades.

Glossary Of Terms

7-Day Yield: The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period. The 7-Day Yield is the average income return over the previous sevendays, assuming the rate stays the same for one year. It is the Fund's total income net of expenses, divided by the total number of outstanding shares and includes any applicable waiver or reimbursement.Absent such waivers or reimbursements, the returns would have been lower.

Exp Ratio (Gross): Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a dollar amount, or in basis points. These are costs the investor paysthrough a reduction in the investment's rate of return. For a mutual fund, the gross expense ratio is the total annual fund or class operating expenses directly paid by the fund from the fund's most recentprospectus (before waivers or reimbursements). This ratio also includes Acquired Fund Fees and Expenses, which are expenses indirectly incurred by a fund through its ownership of shares in otherinvestment companies. If the investment option is not a mutual fund, the expense ratio may be calculated using methodologies that differ from those used for mutual funds.

Exp Ratio - Annual or Semi-Annual Report (Net): This expense ratio is reflected in the most current Annual or Semi-Annual Report. Expense ratio is a measure of what it costs to operate an investment,expressed as a percentage of its assets, as a dollar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutual fund, the net expenseratio is the total annual fund or class operating expense from the fund's most recent Annual or Semi-Annual Report, after any fee waiver and/or expense reimbursements that will reduce any fund operatingexpenses. If the investment option is not a mutual fund, the expense ratio may be calculated using methodologies that differ from those used for mutual funds.

FTSE 3-Mo Treasury Bill: The FTSE 3-Month Treasury Bill Index is an unmanaged index designed to represent the average of T-bill rates for each of the prior three months, adjusted to a bond-equivalentbasis.

Net Asset Value (NAV): The dollar value of one mutual fund's share, excluding any sales charges or redemption fees. The NAV is calculated by subtracting liabilities from the value of a fund's total assets anddividing it by the number of fund's shares outstanding.

Portfolio Net Assets ($M): The difference between a portfolio's total assets and liabilities, including all share classes of the fund.

Share Class Net Assets ($M): The difference between the total assets and liabilities of a single share class of a fund.

Important Information

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact

Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it carefully.

© 2019 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is notwarranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review theMorningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by Morningstar, Inc. and data on non-mutual fund products isprovided by the product's investment manager, trustee or issuer or the plan sponsor whose plan is offering the product to participants. Although Fidelity believes the data gathered from these third-partysources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-partyinformation.

1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge a short-term trading or redemption fee to protect theinterests of long-term shareholders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information.

2. Risk of this Category: Morningstar calculates these risk levels by looking at the Morningstar Risk of the funds in the Category over the previous 5-year period. Morningstar Risk is the difference between theMorningstar Return, based on fund total returns, and the Morningstar Risk Adjusted Return, based on fund total returns adjusted for performance volatility. The Category Risk Level is based on the equalweighted average Morningstar Risk of the funds in the category. Morningstar's Research Committee evaluates the Category Morningstar Risk and assigns the Category Risk Level after further qualitativejudgment.

3. Total returns are historical and may include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Life of fundfigures are reported as of the commencement date to the period indicated and are cumulative if the fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales chargeswere included, total returns would have been lower.

4. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the period shown. This average assumes reinvestment ofdividends.

5. Percent Rank in Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or leastfavorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. % Rank in Category is based on total returns which include reinvested dividends and capital gains, ifany, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. Past performance is no guarantee of future results.

Page 2 of 3

Money Market

6. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund'scurrent or future investments. The Top Ten Holdings and Top 5 Issuers do not include money market instruments or futures contracts, if any. Depository receipts are normally combined with the underlyingsecurity. Some breakdowns may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the attributes of the equity andfixed income portions are different.Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment option reports its holdings. Some do not report international (or foreign)holdings here, but instead report them in a "Regional Diversification" section. Some report them in this section in addition to the equity, bond and other allocation shown. Others report international (orforeign) holding as a subset of the equity and bond allocations shown. If the allocation without the foreign component equals (or rounds to) 100%, then international (or foreign) is a subset of the equity andbond percentage shown.

Any remaining country allocations comprising less than one percent of the portfolio are combined in the OTHER category.

7. Prospectus Net Expense Ratio is 0.14% as of 5/30/2019 and may not include certain voluntary reimbursements and waivers that reduce the actual expenses of the fund. The voluntary reimbursements andwaivers can be discontinued at any time.

8. Expense Cap is a limit that the fund company has placed on the level of the expenses borne by the fund until 7/31/2020 and indicates the maximum level of expenses (with certain exceptions) that the fundwould be paying until that time. After the expiration date, the expense cap may be terminated or revised, which may lower the fund's yield and return.

9. The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period. The 7-Day Yield is the average income return over the previous seven days,assuming the rate stays the same for one year. It is the Fund's total income net of expenses, divided by the total number of outstanding shares and includes any applicable waiver or reimbursement.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917.728464.2.0

Report as of 2/3/2020

Page 3 of 3334163915RB034

State Board of Administration of Florida

December 2019

MONTHLY SUMMARY REPORT

State Board of Administration of FloridaState Board of Administration of Florida

3 Introduction

3 Disclosure of Material Impacts

3 Facts-At-A-Glance

4 Porfolio Manager Commentary

5 Portfolio Composition

6 Fund Performance

7 PRIME Account Summary

8 Inventory of Holdings

14 Participant Concentration

15 Compliance

16 Trade Activity

Past performance is no guarantee of future results.

Views are as of the issue date and are subject to change based on market conditions and other factors. ese views should not be construed as a recommendation for any speci c security.

An investment in Florida PRIME is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.

Florida PRIMETM Monthly Summary Report - December 20192

PRIME is an exclusive service for Florida governmental organizations, providing a cost-effective investment vehicle for their surplus funds. Florida PRIME, the Local Government Surplus Funds Trust Fund, is utilized by hundreds of governmental investors including state agencies, state universities and colleges, counties, cities, special districts, school boards, and other direct support organizations of the State of Florida.

Florida PRIME is a government investment pool that offers management by an industry leader in professional money management, conservative investment policies, an extensive governance framework, a Standard & Poor’s “AAAm” rating, full transparency, and best-in-class fi nancial reporting.

PRIMET M STATISTICS(As of December 31, 2019)

Total Par icipants739

Florida PRIMET M

Total Par icipant Balance $16,099,402,852

Total Number of Accounts1,369

This report is prepared for stakeholders in Florida PRIME in accordance with Section 218.409(6)(a), Florida Statutes. The statute requires:

(1) Reporting of any material impacts on the funds and any actions or escalations taken by staff to address such impacts;

(2) Presentation of a management summary that provides an analysis of the status of the current investment portfolio and the individual transactions executed over the last month; and

(3) Preparation of the management summary “in a manner that will allow anyone to ascertain whether the investment activities during the reporting period have conformed to investment policies.”

This report, which covers the period from December 1, 2019, through December 31, 2019, has been prepared by the SBA with input from Federated Investment Counseling (“Federated”), investment advisor for Florida PRIME in a format intended to comply with the statute.

During the reporting period, Florida PRIME was in material compliance with investment policy. There were no developments that had a material impact on the liquidity or operation of Florida PRIME. Details are available in the PRIME policy compliance table. This report also includes details on market conditions; fees; fund holdings, transactions and performance; and client composition.

www.sbaf la . com/pr ime 3

MARKET CONDITIONS

The stereotype of trading in the liquidity markets is that it’s a ho-hum job. No battling for deals like those in a stock exchange; just grab whatever offer that comes along. Well, not only is that unconditionally wrong, 2020 might force traders for money markets and the like to be as fi erce as those in any sector.

With the Federal Reserve on hold, the yield curve relatively fl at and the economy on a low-growth path, liquidity-market fi rms will contest for every basis point they can get. Relative outperformance will go to those best at identifying situations that can lead to an advantage. There will be periods when the yield curve offers a little more value, giving portfolio managers, analysts and traders opportunity to set them apart.

Key to this is how much money fl ows into the sector. Perhaps it won’t rise to the level of the tremendous growth of 2019 but liquidity products should experience solid infl ows. There are plenty of people who are uncomfortable about the ebullience of the equity market right now or foresee volatility stemming from the presidential election. If they want to take some of their winnings off the table, the liquidity markets can provide a good home for them. In the current environment, they can offer a competitive return. In this regard, 2020 should see liquidity products taking their traditional role of being an asset class that works in tandem with the equity and fi xed-income portions of an investor’s portfolio.

The Fed was able to ward off volatility in the repo market in the days spanning year-end. Some market participants were concerned rates might spike as they did in September. But through overnight and term operations, the Fed made almost $500 billion available to primary dealers on Dec. 31. This move proved successful—dealers took down roughly half of it—and repo rates traded well within the federal funds target range.

PORTFOLIO MANAGER COMMENTARY

But policymakers have much more work to do. They would like to avoid intervening daily and even periodically on stress dates such as corporate tax deadlines or quarter-ends and they have established that increasing bank reserves is the most effective means. We think the target is $1.5 trillion in reserves. The Fed should reach that level in spring of 2020. Then policymakers have to make some more decisions.

Will they back away from being such a major force in the marketplace? Will they continue to cut back on Treasury bill purchases? Would they just end the program or pare the amount from $60 billion a month to $50 billion to $40 billion? We don’t think the Fed has worked out the plan yet. Obviously the decision will have enormous consequences for cash managers, especially on the level of supply.

The Treasury yield curve ended December with 1-month at 1.47%, 3-month at 1.55% and 6-month at 1.59%. Libor ended December with 1-month at 1.76%, 3-month at 1.91% and 6-month at 1.91%.

INVESTMENT STRATEGY

Tax collecting season was in full force in December, and the Pool received inflows to the tune of $2.8 billion. That increased total assets under management to $16.1 billion and pulled the portfolio’s weighted average maturity (WAM) and weighted average life (WAL) in by one day to 31 and 66 days, respectively.

The gross yield of the fund rose due to elevated repo rates over year-end, increasing from 1.85% to 1.89%. Portfolio purchases in December centered on asset-backed commercial paper, which comprised nearly a quarter of Pool assets at 23%, and fixed-rate bank paper which was nearly half (44%).


PORTFOLIO COMPOSITION FOR DECEMBER 2019

68.4%

31.6% A-1+

A-1

CREDIT QUALITY COMPOSITION

EFFECTIVE MATURITY SCHEDULE

53.3%

12.3%

26.4%

7.6%

0.5%

1-7 days

8-30 days

31-90 days

91-180 days

181+ days

PORTFOLIO COMPOSITION

24.4%

19.5%

18.8%

17.8%

5.2%

4.9%4.7% 4.6% 0.2%

Bank Instrument - Fixed

Bank Instrument - Floating

Repo

Asset Backed Commercial Paper -Fixed

Asset Backed Commercial Paper -Floating

Mutual Funds - Money Market

Corporate CP - Fixed

Corporate CP - Floating

Corporate Notes - Floating

31.7%40.6%

Accessible in onebusiness day

Accessible in fivebusiness days

HIGHLY LIQUID HOLDINGS

TOP HOLDINGS & AVG. MATURITY

1. Bank of Nova Scotia, Toronto 4.9%

2. Federated Institutional Prime Value Obligations Fund 4.8%

3. Mitsubishi UFJ Financial Group, Inc. 4.7%

4. Australia & New Zealand Banking Group, Melbourne 4.6%

5. Westpac Banking Corp. Ltd., Sydney 4.6%

6. DZ Bank AG Deutsche Zentral-Genossenschaftsbank 4.3%

7. Toronto Dominion Bank 3.9%

8. Royal Bank of Canada 3.7%

9. Bank of Montreal 3.4%

10. Sumitomo Mitsui Financial Group, Inc. 3.4%

Average Effective Maturity (WAM)

Weighted Average Life (Spread WAL)

Percentages based on total value of investments

31 Days

66 Days

CREDIT QUALITY COMPOSITION


FUND PERFORMANCE THROUGH DECEMBER 2019

Note: Net asset value at month end: $16,100.8 million, which includes investments at market value, plus all cash, accrued interest receivable and payables.1Net of fees. Participant yield is calculated on a 365-day basis and includes adjustments for expenses and other accounting items to refl ect realized earnings by participants. 2The net-of-fee benchmark is the S&P AAA/AA Rated GIP All 30-Day Net Index for all time periods.

The 7-Day “SEC” Yield in the chart is calculated in accordance with the yield methodology set forth by SEC Rule 2a-7 for money market funds. The 7-day yield = net income earned over a 7-day period / average units outstanding over the period / 7 times 365. Note that unlike other performance measures, the SEC yield does not include realized gains and losses from sales of securities.

ABOUT ANNUALIZED YIELDS:Performance data in the table and chart is annualized, meaning that the amounts are based on yields for the periods indicated, con-verted to their equivalent if obtained for a 12-month period.

For example, ignoring the eff ects of compounding, an investment that earns 0.10% over a 1-month period yields 1.20% on an an-nualized basis. Likewise, an investment that earns a total of 3.60% over three years yields 1.20% on an annualized basis, ignoring compounding.

1.50%

1.55%

1.60%

1.65%

1.70%

1.75%

1.80%

1.85%

1.90%

1.95%

2.00%

2.05%

2.10%

2.15%

Annualized yields over 7 days ending on the date indicated

7-Day "SEC" Yield

Annualized Net

Participant Yield1 Net-of-Fee Benchmark2 Above (Below) Benchmark

One Month 1.85% 1.67% 0.17%

Three Months 1.96% 1.82% 0.13%

One Year 2.41% 2.21% 0.20%

Three Years 1.94% 1.66% 0.28%

Five Years 1.34% 1.09% 0.26%

Ten Years 0.79% 0.59% 0.20%

Since 1/96 2.58% 2.36% 0.22%

Florida PRIME Performance Data


PRIME ACCOUNT SUMMARY FOR DECEMBER 2019

Summary of Cash FlowsOpening Balance (12/01/19) 13,224,985,948$

Participant Deposits 7,775,741,385

Gross Earnings 24,146,280

Participant Withdrawals (4,925,056,079)

Fees (414,682)

Closing Balance (12/31/19) 16,099,402,852$

Net Change over Month 2,874,416,904$

December 2019 AmountBasis Point

Equivalent*

SBA Client Service, Account Mgt. &

Fiduciary Oversight Fee 129,429.65$ 1.06

Federated Investment Management Fee 247,626.80 2.03

BNY Mellon Custodial Fee** 22,316.61 0.18

Bank of America Transfer Agent Fee 5,913.05 0.05

S&P Rating Maintenance Fee 4,021.92 0.03Audit/External Review Fees 5,374.21 0.04

Total Fees 414,682.24$ 3.39

$14,662,194,400.

The data included in this report is unaudited.

*The basis point equivalent is an annualized rate based on the dollar amount of fees charged for the month times 12, divided by an average of the fund's beginning and ending total value (amortized cost) for the month w hich w as

**All custodian banking fees are allocated based on both market value (size) and level of service accurately passing through all charges to pool participants. Charges may f luctuate month-to-month.

Detailed Fee Disclosure


INVENTORY OF HOLDINGS FOR DECEMBER 2019

Security Name Security Classification Cpn Maturity Rate Reset Par Current Yield

Amort Cost (2) Mkt Value (1) Unrealized Gain/Loss

Albion Capital LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

1/27/2020 50,000,000 1.99 $49,929,583 $49,936,850 $7,267

Anglesea Funding LLC, Apr 17, 2020 VARIABLE RATE COMMERCIAL PAPER-ABS-4(2)

2.05 4/17/2020 1/21/2020 50,000,000 2.08 $50,000,000 $50,005,737 $5,737

Anglesea Funding LLC, Jun 10, 2020 VARIABLE RATE COMMERCIAL PAPER-ABS-4(2)

1.99 6/10/2020 1/13/2020 10,000,000 2.02 $10,000,000 $10,000,169 $169

Anglesea Funding LLC, Jun 12, 2020 VARIABLE RATE COMMERCIAL PAPER-ABS-4(2)

1.99 6/12/2020 1/16/2020 88,000,000 2.02 $88,000,000 $87,999,996 -$4

Antalis S.A. CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

1/3/2020 150,000,000 1.72 $149,971,667 $149,977,188 $5,521


1/6/2020 68,000,000 1.72 $67,977,522 $67,979,442 $1,919


1/7/2020 150,000,000 1.78 $149,941,667 $149,947,209 $5,542


1/31/2020 100,000,000 1.88 $99,845,833 $99,840,694 -$5,139

Atlantic Asset Securitization LLC CPABS4-2

COMMERCIAL PAPER - ABS- 4(2)

1/6/2020 125,000,000 2.17 $124,963,021 $124,964,709 $1,688



3/3/2020 122,026,000 1.91 $121,630,907 $121,629,873 -$1,034



3/4/2020 98,000,000 2.04 $97,657,000 $97,676,470 $19,470



3/5/2020 25,000,000 1.92 $24,916,000 $24,916,132 $132

Australia & New Zealand Banking Group, Melbourne TD

TIME DEPOSIT 2.00 1/3/2020 700,000,000 2.03 $700,000,000 $700,000,000 $0

Australia & New Zealand Banking Group, Melbourne, Jan 17, 2020

VARIABLE RATE CERTIFICATE OF DEPOSIT

2.14 1/17/2020 1/17/2020 50,000,000 2.17 $50,000,000 $50,010,829 $10,829

Bank of America N.A. Repo Triparty Term Fixed 7 or More Days

REPO TRIPARTY TERM FIXED >= 7 DAYS

1.53 1/2/2020 2,425,000,000 1.55 $2,425,000,000 $2,425,000,000 $0

Bank of Montreal CDYAN CERTIFICATE OF DEPOSIT - YANKEE

2.70 3/19/2020 105,000,000 2.72 $105,000,000 $105,177,236 $177,236

Bank of Montreal, Apr 27, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

1.97 4/27/2020 1/27/2020 100,000,000 2.00 $100,000,000 $100,005,103 $5,103

Bank of Montreal, Dec 04, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

2.02 12/4/2020 3/4/2020 200,000,000 2.05 $200,000,000 $199,999,402 -$598

Bank of Montreal, Jan 06, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

2.11 1/6/2020 1/6/2020 100,000,000 2.14 $100,000,000 $100,009,631 $9,631

Bank of Montreal, May 08, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

1.75 5/8/2020 12/30/2019 50,000,000 1.77 $50,000,000 $50,023,652 $23,652

Bank of Nova Scotia, Toronto TD TIME DEPOSIT 1.75 1/6/2020 400,000,000 1.77 $400,000,000 $400,000,000 $0

Bank of Nova Scotia, Toronto, Dec 10, 2020


2.01 12/10/2020 3/10/2020 100,000,000 2.04 $100,000,000 $100,000,000 $0

Bank of Nova Scotia, Toronto, Jul 10, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

1.84 7/10/2020 12/30/2019 50,000,000 1.87 $50,000,000 $50,005,119 $5,119

Bank of Nova Scotia, Toronto, May 18, 2020


1.91 5/18/2020 1/20/2020 50,000,000 1.94 $50,000,000 $49,994,241 -$5,759

Bank of Nova Scotia, Toronto, May 29, 2020

VARIABLE RATE COMMERCIAL PAPER - 4-2

1.85 5/29/2020 12/30/2019 80,000,000 1.88 $79,998,791 $79,990,266 -$8,525

Bank of Nova Scotia, Toronto, Sep 03, 2020


1.91 9/3/2020 12/30/2019 100,000,000 1.94 $100,000,000 $100,019,560 $19,560

Barton Capital S.A. CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

1/3/2020 60,000,000 1.84 $59,987,933 $59,991,445 $3,512

See notes at end of table.





Barton Capital S.A. CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

1/6/2020 175,000,000 1.80 $174,939,431 $174,948,667 $9,237

Bedford Row Funding Corp., Apr 23, 2020

VARIABLE RATE COMMERCIAL PAPER-ABS-4(2)

1.97 4/23/2020 1/23/2020 47,000,000 1.99 $47,000,000 $46,988,571 -$11,429

Bedford Row Funding Corp., Aug 20, 2020


2.01 8/20/2020 1/21/2020 35,000,000 2.04 $35,000,000 $35,002,379 $2,379

Bedford Row Funding Corp., Jan 09, 2020 VARIABLE RATE COMMERCIAL PAPER-ABS-4(2)

2.18 1/9/2020 1/9/2020 5,000,000 2.21 $5,000,000 $5,000,125 $125

Bedford Row Funding Corp., Mar 09, 2020


1.89 3/9/2020 1/9/2020 60,000,000 1.92 $60,000,000 $60,009,220 $9,220

BNP Paribas SA, Feb 03, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

1.89 2/3/2020 1/3/2020 100,000,000 1.92 $99,999,777 $100,016,549 $16,772

BPCE SA CP4-2 COMMERCIAL PAPER - 4-2 2/7/2020 80,000,000 1.89 $79,838,800 $79,844,200 $5,400

Bruce T. Brown 2017 Irrevocable Trust, Series 2017, Oct 01, 2042

VARIABLE RATE DEMAND NOTE

1.70 10/1/2042 1/2/2020 5,185,000 1.70 $5,185,000 $5,185,000 $0

Canadian Imperial Bank of Commerce, Dec 04, 2020


2.02 12/4/2020 3/4/2020 75,000,000 2.05 $75,000,000 $74,999,776 -$224

Canadian Imperial Bank of Commerce, Feb 28, 2020


1.82 2/28/2020 12/30/2019 100,000,000 1.85 $100,000,000 $99,999,990 -$10

Canadian Imperial Bank of Commerce, Jun 08, 2020


1.81 6/8/2020 12/30/2019 100,000,000 1.84 $100,000,000 $100,004,282 $4,282

Canadian Imperial Bank of Commerce, Jun 12, 2020


1.73 6/12/2020 12/30/2019 55,000,000 1.75 $55,000,000 $54,977,514 -$22,486

Canadian Imperial Bank of Commerce, May 01, 2020


1.89 5/1/2020 1/2/2020 100,000,000 1.91 $100,000,000 $100,044,517 $44,517

Canadian Imperial Bank of Commerce, May 15, 2020


1.91 5/15/2020 1/15/2020 100,000,000 1.94 $100,000,000 $100,028,894 $28,894

CHARTA, LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

3/10/2020 125,000,000 1.88 $124,556,771 $124,561,771 $5,001

Collateralized Commercial Paper Co. LLC CPABS3A3

COMMERCIAL PAPER - ABS 3A3 2/7/2020 25,000,000 2.17 $24,945,527 $24,952,500 $6,973

Collateralized Commercial Paper Co. LLC CPABS3A3

COMMERCIAL PAPER - ABS 3A3 2/24/2020 50,000,000 2.10 $49,846,250 $49,862,500 $16,250

Cooperatieve Rabobank UA TD TIME DEPOSIT 1.80 1/6/2020 500,000,000 1.83 $500,000,000 $500,000,000 $0

CRC Funding, LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

2/20/2020 75,000,000 1.87 $74,808,334 $74,803,438 -$4,896

CRC Funding, LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

3/6/2020 67,000,000 1.88 $66,775,370 $66,772,021 -$3,349

Credit Agricole Corporate and Invest-ment Bank CP

COMMERCIAL PAPER 2/10/2020 37,000,000 1.75 $36,929,289 $36,921,748 -$7,541

Credit Suisse, Zurich CP COMMERCIAL PAPER 5/1/2020 25,000,000 2.04 $24,831,944 $24,836,486 $4,542

DNB Bank ASA CP4-2 COMMERCIAL PAPER - 4-2 2/13/2020 100,000,000 2.03 $99,763,500 $99,797,722 $34,222

Dreyfus Government Cash Management Fund

OVERNIGHT MUTUAL FUND 1.51 1/2/2020 5,738,544 1.53 $5,738,544 $5,738,544 $0

DZ Bank AG Deutsche Zentral-Genos-senschaftbank CDYAN

CERTIFICATE OF DEPOSIT - YANKEE

1.86 2/3/2020 150,000,000 1.89 $150,000,000 $149,998,901 -$1,100



1.86 2/20/2020 100,000,000 1.89 $100,000,000 $99,992,009 -$7,991



1.88 3/3/2020 50,000,000 1.91 $50,000,000 $49,995,132 -$4,869



1.87 3/10/2020 50,000,000 1.90 $50,000,000 $49,995,245 -$4,755






DZ Bank AG Deutsche Zentral-Genos-senschaftsbank ECD

EURO CERTIFICATE OF DEPOSIT

0.00 2/26/2020 100,000,000 2.10 $99,763,500 $99,711,087 -$52,413



0.00 3/6/2020 100,000,000 2.11 $99,616,917 $99,665,622 $48,705



0.00 3/27/2020 100,000,000 2.18 $99,480,096 $99,559,697 $79,601



1.90 4/2/2020 50,000,000 1.93 $50,000,000 $50,008,577 $8,577

European Investment Bank CP COMMERCIAL PAPER 5/26/2020 100,000,000 1.94 $99,223,000 $99,264,183 $41,183

European Investment Bank CP COMMERCIAL PAPER 5/28/2020 150,000,000 1.92 $148,831,250 $148,881,879 $50,629

Fairway Finance Co. LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

6/19/2020 23,300,000 1.97 $23,088,747 $23,091,931 $3,184

Foundation Properties, Inc., Sep 01, 2035 VARIABLE RATE DEMAND NOTE

2.02 9/1/2035 1/2/2020 3,980,000 2.05 $3,980,000 $3,980,000 $0

Glencove Funding LLC, May 28, 2020 VARIABLE RATE COMMERCIAL PAPER-ABS-4(2)

2.04 5/28/2020 2/26/2020 100,000,000 2.07 $100,000,000 $100,000,425 $425

Gotham Funding Corp. CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

3/11/2020 50,000,000 1.94 $49,815,278 $49,811,160 -$4,118

Henry Andrew Brown, III 2017 Irrevo-cable Trust, Series 2017, Oct 01, 2042


1.70 10/1/2042 1/2/2020 4,260,000 1.70 $4,260,000 $4,260,000 $0

HSBC Securities (USA), Inc. Repo Tri-party Term Fixed 7 or More Days


1.70 1/2/2020 100,000,000 1.72 $100,000,000 $100,000,000 $0

Institutional Prime Value Obligations Fund, Class IS

MUTUAL FUND MONEY MARKET

1.81 1/2/2020 1/2/2020 781,067,011 1.81 $781,130,200 $781,223,225 $93,025

LMA-Americas LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

1/15/2020 50,000,000 2.04 $49,961,111 $49,959,584 -$1,528

Longship Funding LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

1/15/2020 75,000,000 1.89 $74,945,750 $74,947,813 $2,063


1/16/2020 100,000,000 1.83 $99,925,000 $99,925,556 $556


1/17/2020 75,000,000 1.83 $74,940,000 $74,940,464 $464

Malayan Banking Berhad, New York CPLOC

COMMERCIAL PAPER - LOC 4/20/2020 35,000,000 2.05 $34,786,111 $34,799,275 $13,164

Manhattan Asset Funding Company LLC CPABS4-2


1/17/2020 100,000,000 2.18 $99,905,333 $99,916,936 $11,603



2/11/2020 25,000,000 2.04 $24,943,056 $24,947,208 $4,153



3/9/2020 50,000,000 1.89 $49,824,333 $49,822,900 -$1,433



3/10/2020 25,000,000 1.94 $24,908,958 $24,910,070 $1,111

Manhattan Asset Funding Company LLC, Feb 06, 2020


1.81 2/6/2020 12/30/2019 25,000,000 1.84 $25,000,000 $25,004,936 $4,936

Mike P. Sturdivant, Sr. Family Trust, Series 2016, Nov 01, 2036


1.75 11/1/2036 1/2/2020 2,200,000 1.75 $2,200,000 $2,200,000 $0

Mississippi Business Finance Corp., Kohler Project, Jun 01, 2022


1.97 6/1/2022 1/2/2020 10,000,000 1.97 $10,000,000 $10,000,000 $0

Mizuho Bank Ltd. ECD (USD London) EURO CERTIFICATE OF DEPOSIT

1.95 3/5/2020 100,000,000 1.98 $100,000,000 $99,999,506 -$494


2.03 1/31/2020 50,000,000 2.05 $50,000,000 $50,002,936 $2,936







2.03 1/21/2020 100,000,000 2.06 $100,000,000 $100,000,000 $0

Mizuho Securities USA, Inc. - REPO TRIPARTY TERM FIXED >= 7 DAYS


1.56 1/2/2020 515,000,000 1.58 $515,000,000 $515,000,000 $0

MUFG Bank Ltd. CDYAN CERTIFICATE OF DEPOSIT - YANKEE

2.05 1/29/2020 79,000,000 2.08 $79,000,000 $79,015,982 $15,982


1.91 4/27/2020 25,000,000 1.94 $25,000,000 $25,002,233 $2,233


1.91 4/14/2020 100,000,000 1.94 $100,000,000 $100,010,625 $10,625


2.05 2/18/2020 150,000,000 2.08 $150,000,000 $150,048,858 $48,858


2.03 2/24/2020 34,000,000 2.06 $34,000,000 $34,011,330 $11,330

MUFG Bank Ltd. ECD (USD) EURO CERTIFICATE OF DEPOSIT

0.00 4/14/2020 100,000,000 1.93 $99,444,222 $99,344,600 -$99,622

MUFG Bank Ltd. ECD (USD) EURO CERTIFICATE OF DEPOSIT

0.00 6/16/2020 75,000,000 1.94 $74,341,869 $74,331,218 -$10,652

MUFG Bank Ltd., Feb 10, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

1.89 2/10/2020 1/8/2020 100,000,000 1.92 $100,000,000 $100,016,241 $16,241

National Australia Bank Ltd., Melbourne CP4-2

COMMERCIAL PAPER - 4-2 3/16/2020 75,000,000 2.11 $74,678,125 $74,719,433 $41,308

National Australia Bank Ltd., Melbourne CP4-2

COMMERCIAL PAPER - 4-2 3/19/2020 100,000,000 2.69 $99,436,666 $99,609,828 $173,162

National Australia Bank Ltd., Melbourne, Mar 31, 2020

VARIABLE RATE EUR CERTIFI-CATE OF DEPOSIT

2.20 3/31/2020 12/30/2019 20,000,000 2.24 $20,000,000 $19,998,991 -$1,009

National Australia Bank Ltd., Melbourne, May 19, 2020


1.92 5/19/2020 1/20/2020 100,000,000 1.95 $100,000,000 $99,988,200 -$11,800

National Australia Bank Ltd., Melbourne, Nov 25, 2020

VARIABLE RATE EUR CERTIFI-CATE OF DEPOSIT

2.04 11/25/2020 2/25/2020 100,000,000 2.07 $100,000,000 $99,981,759 -$18,241

Nationwide Building Society ECD (USD) EURO CERTIFICATE OF DEPOSIT

0.00 1/3/2020 50,000,000 1.95 $49,977,441 $49,991,877 $14,436

Old Line Funding, LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

1/23/2020 50,000,000 2.92 $49,913,834 $49,944,513 $30,678


2/20/2020 170,000,000 2.03 $169,525,694 $169,573,725 $48,031


7/1/2020 75,000,000 1.91 $74,291,083 $74,340,437 $49,354

Old Line Funding, LLC, Apr 23, 2020 COMMERCIAL PAPER ASSET BACKED CALLABLE

4/23/2020 50,000,000 1.95 $49,694,931 $49,713,734 $18,803

Old Line Funding, LLC, Apr 24, 2020 VARIABLE RATE COMMERCIAL PAPER-ABS-4(2)

1.87 4/24/2020 12/30/2019 30,000,000 1.90 $30,000,000 $30,003,156 $3,156

Old Line Funding, LLC, Jan 31, 2020 COMMERCIAL PAPER ASSET BACKED CALLABLE

1.86 1/31/2020 12/31/2019 74,000,000 1.88 $74,000,000 $74,001,646 $1,646

Old Line Funding, LLC, Nov 19, 2020 COMMERCIAL PAPER ASSET BACKED CALLABLE

2.04 11/19/2020 2/19/2020 50,000,000 2.07 $50,000,000 $50,003,795 $3,795

Royal Bank of Canada, Apr 27, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

1.83 4/27/2020 12/30/2019 100,000,000 1.86 $100,000,000 $100,006,090 $6,090

Royal Bank of Canada, Jan 03, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

2.30 1/3/2020 1/3/2020 100,000,000 2.33 $100,000,000 $100,000,000 $0

Royal Bank of Canada, Mar 09, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

1.82 3/9/2020 12/30/2019 150,000,000 1.85 $150,000,000 $150,004,851 $4,851






Royal Bank of Canada, Mar 12, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

1.83 3/12/2020 12/30/2019 100,000,000 1.86 $100,000,000 $100,005,341 $5,341

Sheffi eld Receivables Company LLC CPABS4-2


2/25/2020 50,000,000 1.90 $49,857,917 $49,856,734 -$1,183

Sheffi eld Receivables Company LLC CPABS4-2


3/24/2020 40,000,000 1.94 $39,824,778 $39,826,587 $1,809

Starbird Funding Corp. CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

2/3/2020 100,000,000 2.12 $99,809,334 $99,825,278 $15,944


3/10/2020 63,950,000 1.90 $63,720,793 $63,718,714 -$2,079


3/20/2020 50,000,000 1.92 $49,793,722 $49,792,222 -$1,500


4/8/2020 100,000,000 1.92 $99,488,222 $99,483,000 -$5,222

Sumitomo Mitsui Banking Corp. CDYAN CERTIFICATE OF DEPOSIT - YANKEE

1.95 4/21/2020 20,000,000 1.98 $20,000,000 $20,005,007 $5,007


1.92 4/23/2020 65,000,000 1.95 $65,000,000 $65,010,096 $10,096


1.93 4/29/2020 25,000,000 1.96 $25,000,000 $25,004,446 $4,446

Sumitomo Mitsui Banking Corp., Apr 03, 2020


1.90 4/3/2020 1/6/2020 100,000,000 1.92 $100,000,000 $100,000,000 $0

Sumitomo Mitsui Banking Corp., Apr 24, 2020


2.05 4/24/2020 1/24/2020 65,000,000 2.05 $65,006,915 $65,001,648 -$5,268

Sumitomo Mitsui Banking Corp., Jan 27, 2020


1.97 1/27/2020 1/27/2020 50,000,000 2.00 $50,000,000 $50,003,318 $3,318

Sumitomo Mitsui Trust Bank Ltd. CDYAN CERTIFICATE OF DEPOSIT - YANKEE

1.88 2/12/2020 25,000,000 1.90 $25,000,000 $25,001,710 $1,710

Sumitomo Mitsui Trust Bank Ltd. CDYAN CERTIFICATE OF DEPOSIT - YANKEE

1.90 4/7/2020 200,000,000 1.93 $200,000,000 $199,956,178 -$43,822

Sumitomo Mitsui Trust Bank Ltd., Feb 04, 2020


1.90 2/4/2020 1/6/2020 90,000,000 1.93 $90,000,000 $90,016,717 $16,717

Sumitomo Mitsui Trust Bank Ltd., Feb 06, 2020


1.92 2/6/2020 1/6/2020 100,000,000 1.95 $100,000,000 $100,000,000 $0

Thunder Bay Funding, LLC CPABS4-2 COMMERCIAL PAPER - ABS- 4(2)

2/20/2020 28,250,000 2.03 $28,172,313 $28,177,883 $5,570


4/2/2020 30,000,000 1.90 $29,858,192 $29,861,430 $3,238


6/22/2020 50,000,000 1.95 $49,543,472 $49,594,000 $50,528

Thunder Bay Funding, LLC, Feb 05, 2020 COMMERCIAL PAPER ASSET BACKED CALLABLE

1.85 2/5/2020 1/6/2020 100,000,000 1.88 $100,000,000 $99,999,992 -$8

Thunder Bay Funding, LLC, Feb 07, 2020 COMMERCIAL PAPER ASSET BACKED CALLABLE

1.80 2/7/2020 12/30/2019 60,000,000 1.83 $60,000,000 $59,999,993 -$7

Thunder Bay Funding, LLC, Mar 05, 2020 COMMERCIAL PAPER ASSET BACKED CALLABLE

1.85 3/5/2020 1/6/2020 60,000,000 1.88 $60,000,000 $60,000,000 $0

Thunder Bay Funding, LLC, Mar 19, 2020 COMMERCIAL PAPER ASSET BACKED CALLABLE

1.94 3/19/2020 1/21/2020 50,000,000 1.97 $50,000,000 $50,000,431 $431

Toronto Dominion Bank CDYAN CERTIFICATE OF DEPOSIT - YANKEE

2.00 2/27/2020 100,000,000 2.03 $100,000,000 $100,022,015 $22,015


1.88 3/2/2020 100,000,000 1.91 $100,000,000 $100,002,606 $2,606







2.00 3/23/2020 75,000,000 2.03 $75,000,000 $75,019,892 $19,892

Toronto Dominion Bank CP4-2 COMMERCIAL PAPER - 4-2 4/14/2020 5,000,000 1.93 $4,972,175 $4,972,292 $117

Toronto Dominion Bank ECD EURO CERTIFICATE OF DEPOSIT

2.07 2/28/2020 75,000,000 2.10 $75,000,000 $75,029,048 $29,048

Toronto Dominion Bank, Feb 27, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

1.85 2/27/2020 12/30/2019 50,000,000 1.88 $50,000,000 $50,002,782 $2,782

Toronto Dominion Bank, Jul 16, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

1.87 7/16/2020 12/30/2019 25,000,000 1.90 $25,000,000 $25,006,619 $6,619

Toronto Dominion Bank, Jul 24, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

2.02 7/24/2020 1/24/2020 50,000,000 2.05 $50,000,000 $50,002,936 $2,936

Toronto Dominion Bank, Nov 13, 2020 VARIABLE RATE COMMERCIAL PAPER - 4-2

2.05 11/13/2020 2/13/2020 25,000,000 2.08 $25,000,000 $25,004,188 $4,188

Toronto Dominion Bank, Sep 28, 2020 VARIABLE RATE CERTIFICATE OF DEPOSIT

2.15 9/28/2020 3/26/2020 75,000,000 2.18 $75,000,000 $75,054,599 $54,599

Toronto Dominion Bank, Sep 30, 2020 VARIABLE RATE COMMERCIAL PAPER - 4-2

2.28 9/30/2020 12/30/2019 50,000,000 2.31 $50,000,000 $50,036,684 $36,684

Toyota Credit Canada Inc., Feb 21, 2020 VARIABLE RATE COMMERCIAL PAPER

1.85 2/21/2020 12/30/2019 50,000,000 1.88 $50,000,000 $50,000,000 $0

Toyota Credit De Puerto Rico Corp. CP COMMERCIAL PAPER 2/21/2020 50,000,000 2.03 $49,859,750 $49,868,339 $8,589

Toyota Motor Credit Corp., Apr 14, 2020 VARIABLE RATE COMMERCIAL PAPER

2.10 4/14/2020 1/16/2020 25,000,000 2.13 $25,000,000 $25,000,000 $0

Toyota Motor Credit Corp., Feb 14, 2020 VARIABLE RATE COMMERCIAL PAPER

1.94 2/14/2020 1/21/2020 75,000,000 1.96 $75,000,000 $75,011,476 $11,476

Toyota Motor Credit Corp., Feb 18, 2020 VARIABLE RATE COMMERCIAL PAPER

1.98 2/18/2020 1/21/2020 50,000,000 2.00 $50,000,000 $50,010,786 $10,786

Westpac Banking Corp. Ltd., Sydney, Dec 04, 2020


2.04 12/4/2020 3/4/2020 150,000,000 2.07 $150,000,000 $150,013,376 $13,376



2.04 12/7/2020 3/9/2020 150,000,000 2.06 $150,000,000 $150,013,268 $13,268



2.04 12/11/2020 3/11/2020 18,000,000 2.07 $18,000,000 $18,001,626 $1,626

Westpac Banking Corp. Ltd., Sydney, Feb 10, 2020


1.85 2/10/2020 12/30/2019 40,000,000 1.88 $40,000,000 $40,003,170 $3,170



1.83 2/14/2020 12/30/2019 100,000,000 1.86 $100,000,000 $100,006,456 $6,456



1.83 2/27/2020 12/30/2019 100,000,000 1.86 $100,000,000 $100,007,102 $7,102

Westpac Banking Corp. Ltd., Sydney, Jun 12, 2020


1.81 6/12/2020 12/30/2019 81,000,000 1.84 $81,000,000 $81,003,392 $3,392

Westpac Banking Corp. Ltd., Sydney, Mar 13, 2020


1.82 3/13/2020 12/30/2019 100,000,000 1.85 $100,000,000 $100,007,381 $7,381

Total Value of Assets 16,200,956,556 $16,187,718,546 $16,189,117,489 $1,398,943

Notes: e data included in this report is unaudited. Amounts above are the value of investments. Income accruals, payables and uninvested cash are not included. Amortiza-tions/accretions are reported with a one-day lag in the above valuations.

1 Market values of the portfolio securities are provided by the custodian, BNY Mellon. e portfolio manager, Federated Investment Counseling, is the source for other data shown above.

2 Amortized cost is calculated using a straight line method.


Note: Active accounts include only those participant accounts valued above zero.

PARTICIPANT CONCENTRATION DATA AS OF DECEMBER 2019

Participant Balance

Share of Total Fund

Share of Participant

Count Participant Balance

Share of Total Fund

Share of Participant

Count

All Participants 100.0% 100.0% Colleges & Universities 1.8% 4.8%

Top 10 33.5% 1.4% Top 10 1.6% 1.4%

$100 million or more 66.3% 6.0% $100 million or more 0.0% 0.0%$10 million up to $100 million 28.8% 17.3% $10 million up to $100 million 1.5% 1.0%$1 million up to $10 million 4.4% 24.4% $1 million up to $10 million 0.3% 1.6%Under $1 million 0.4% 52.3% Under $1 million 0.01% 2.2%

Counties 35.5% 6.7% Constitutional Officers 2.9% 7.0%

Top 10 28.0% 1.4% Top 10 1.6% 1.4%


Municipalities 19.5% 28.7% Special Districts 12.2% 40.1%

Top 10 8.5% 1.4% Top 10 7.3% 1.4%


School Boards 21.8% 10.0% Other 6.4% 2.7%

Top 10 14.6% 1.4% Top 10 6.1% 1.4%


Total Active Participant Count: 729Total Fund Value: $16,099,402,852

Counties35.5%

Cities19.5%

School Boards21.8%

Colleges1.8%

Const. Officers

2.9%

Special Dist.12.2%

Other6.4%

Participant Dollars

Counties6.7%

Cities28.7%

School Boards10.0%

Colleges4.8%

Const. Officers

7.0%

Special Dist.40.1%

Other2.7%

Active Participant Count


As investment manager, Federated monitors compliance daily on Florida PRIME to ensure that investment practices comply with the requirements of the Investment Policy Statement (IPS). Federated provides a monthly compliance report to the SBA and is required to notify the Investment Oversight Group (IOG) of compliance exceptions within 24 hours of identifi cation. The IOG will meet as necessary based on the occurrence and resolution of compliance exceptions or upon the occurrence of a material event. Minutes from the IOG meetings are posted to the Florida PRIME website.

In addition to the compliance testing performed by Federated, the SBA conducts independent testing on Florida PRIME using a risk-based approach. Under this approach, each IPS parameter is ranked as "High" or "Low" with respect to the level of risk associated with a potential guideline breach. IPS parameters with risk rankings of "High" are subject to independent verifi cation by SBA Risk Management and Compliance. These rankings, along with the frequency for testing, are reviewed and approved by the IOG on an annual basis or more often if market conditions dictate. Additionally, any parameter reported in "Fail" status on the Federated compliance report, regardless of risk ranking, is also independently verifi ed and escalated accordingly. The results of independent testing are currently reported monthly to the IOG.

COMPLIANCE WITH INVESTMENT POLICY FOR DECEMBER 2019


TRADING ACTIVITY FOR DECEMBER 2019

Security Description Maturity Trade Settle Par or Principal Traded Settlement Realized

Date Date Date Shares Interest Amount Gain(Loss)

BuysANGLESEA FUNDING LLC 06/10/20 12/12/19 12/13/19 10,000,000 10,000,000 0 10,000,000 0ANGLESEA FUNDING LLC 06/12/20 12/13/19 12/16/19 50,000,000 50,000,000 0 50,000,000 0ANGLESEA FUNDING LLC 06/12/20 12/13/19 12/16/19 38,000,000 38,000,000 0 38,000,000 0ANTALIS S,A, CPABS4CPABS4 01/03/20 12/27/19 12/27/19 50,000,000 49,983,472 0 49,983,472 0ANTALIS S,A, CPABS4CPABS4 01/03/20 12/27/19 12/27/19 50,000,000 49,983,472 0 49,983,472 0ANTALIS S,A, CPABS4CPABS4 01/03/20 12/27/19 12/27/19 50,000,000 49,983,472 0 49,983,472 0ANTALIS S,A, CPABS4CPABS4 01/06/20 12/30/19 12/30/19 50,000,000 49,983,472 0 49,983,472 0ANTALIS S,A, CPABS4CPABS4 01/06/20 12/30/19 12/30/19 18,000,000 17,994,050 0 17,994,050 0ANTALIS S,A, CPABS4CPABS4 01/07/20 12/04/19 12/05/19 50,000,000 49,919,792 0 49,919,792 0ANTALIS S,A, CPABS4CPABS4 01/07/20 12/04/19 12/05/19 50,000,000 49,919,792 0 49,919,792 0ANTALIS S,A, CPABS4CPABS4 01/07/20 12/04/19 12/05/19 50,000,000 49,919,792 0 49,919,792 0ANTALIS S,A, CPABS4CPABS4 01/31/20 12/02/19 12/02/19 50,000,000 49,845,833 0 49,845,833 0ANTALIS S,A, CPABS4CPABS4 01/31/20 12/02/19 12/02/19 50,000,000 49,845,833 0 49,845,833 0ANTALIS S,A, CPABS4CPABS4 12/23/19 12/16/19 12/16/19 50,000,000 49,983,958 0 49,983,958 0ANTALIS S,A, CPABS4CPABS4 12/23/19 12/16/19 12/16/19 50,000,000 49,983,958 0 49,983,958 0ANTALIS S,A, CPABS4CPABS4 12/23/19 12/16/19 12/16/19 50,000,000 49,983,958 0 49,983,958 0ANTALIS S,A, CPABS4CPABS4 12/30/19 12/23/19 12/23/19 50,000,000 49,983,958 0 49,983,958 0ANTALIS S,A, CPABS4CPABS4 12/30/19 12/23/19 12/23/19 20,720,000 20,713,352 0 20,713,352 0ANTALIS S,A, CPABS4CPABS4 12/30/19 12/23/19 12/23/19 50,000,000 49,983,958 0 49,983,958 0ATLANTIC ASSET SECUCPABS4 03/03/20 12/10/19 12/10/19 50,000,000 49,780,667 0 49,780,667 0ATLANTIC ASSET SECUCPABS4 03/03/20 12/10/19 12/10/19 22,026,000 21,929,379 0 21,929,379 0ATLANTIC ASSET SECUCPABS4 03/03/20 12/10/19 12/10/19 50,000,000 49,780,667 0 49,780,667 0ATLANTIC ASSET SECUCPABS4 03/04/20 12/16/19 12/16/19 50,000,000 49,780,556 0 49,780,556 0ATLANTIC ASSET SECUCPABS4 03/04/20 12/16/19 12/16/19 48,000,000 47,789,333 0 47,789,333 0ATLANTIC ASSET SECUCPABS4 03/05/20 12/12/19 12/12/19 25,000,000 24,889,750 0 24,889,750 0BANK OF MONTREAL/CHICAGO IL 12/04/20 12/04/19 12/04/19 50,000,000 50,000,000 0 50,000,000 0BANK OF MONTREAL/CHICAGO IL 12/04/20 12/04/19 12/04/19 50,000,000 50,000,000 0 50,000,000 0BANK OF MONTREAL/CHICAGO IL 12/04/20 12/04/19 12/04/19 50,000,000 50,000,000 0 50,000,000 0BANK OF MONTREAL/CHICAGO IL 12/04/20 12/04/19 12/04/19 50,000,000 50,000,000 0 50,000,000 0BANK OF NOVA SCOTIA/HOUSTON 12/10/20 12/09/19 12/10/19 50,000,000 50,000,000 0 50,000,000 0BANK OF NOVA SCOTIA/HOUSTON 12/10/20 12/09/19 12/10/19 50,000,000 50,000,000 0 50,000,000 0BARTON CAPITAL S,A,CPABS4 01/06/20 12/30/19 12/30/19 50,000,000 49,982,694 0 49,982,694 0BARTON CAPITAL S,A,CPABS4 01/06/20 12/30/19 12/30/19 50,000,000 49,982,694 0 49,982,694 0BARTON CAPITAL S,A,CPABS4 01/06/20 12/30/19 12/30/19 50,000,000 49,982,694 0 49,982,694 0BARTON CAPITAL S,A,CPABS4 01/06/20 12/30/19 12/30/19 25,000,000 24,991,347 0 24,991,347 0BARTON CAPITAL S,A,CPABS4 12/09/19 12/02/19 12/02/19 50,000,000 49,984,153 0 49,984,153 0BARTON CAPITAL S,A,CPABS4 12/09/19 12/02/19 12/02/19 50,000,000 49,984,153 0 49,984,153 0BARTON CAPITAL S,A,CPABS4 12/09/19 12/02/19 12/02/19 50,000,000 49,984,153 0 49,984,153 0BARTON CAPITAL S,A,CPABS4 12/10/19 12/03/19 12/03/19 50,000,000 49,984,153 0 49,984,153 0BARTON CAPITAL S,A,CPABS4 12/10/19 12/09/19 12/09/19 50,000,000 49,997,778 0 49,997,778 0BARTON CAPITAL SA CPABS4-2 16-DEC-19 12/16/19 12/09/19 12/09/19 50,000,000 49,984,153 0 49,984,153 0BARTON CAPITAL SA CPABS4-2 16-DEC-19 12/16/19 12/09/19 12/09/19 50,000,000 49,984,153 0 49,984,153 0BARTON CAPITAL S,A,CPABS4 12/17/19 12/10/19 12/10/19 50,000,000 49,984,153 0 49,984,153 0BARTON CAPITAL S,A,CPABS4 12/17/19 12/10/19 12/10/19 50,000,000 49,984,153 0 49,984,153 0BARTON CAPITAL S,A,CPABS4 12/17/19 12/10/19 12/10/19 50,000,000 49,984,153 0 49,984,153 0BARTON CAPITAL S,A,CPABS4 12/17/19 12/10/19 12/10/19 50,000,000 49,984,153 0 49,984,153 0BARTON CAPITAL S,A,CPABS4 12/26/19 12/17/19 12/17/19 50,000,000 49,979,375 0 49,979,375 0BARTON CAPITAL S,A,CPABS4 12/26/19 12/17/19 12/17/19 50,000,000 49,979,375 0 49,979,375 0BARTON CAPITAL S,A,CPABS4 12/26/19 12/17/19 12/17/19 50,000,000 49,979,375 0 49,979,375 0CRC FUNDING, LLC CPCPABS4 03/06/20 12/10/19 12/10/19 50,000,000 49,776,458 0 49,776,458 0CRC FUNDING, LLC CPCPABS4 03/06/20 12/10/19 12/10/19 17,000,000 16,923,996 0 16,923,996 0CANADIAN IMPERIAL BANK OF COMMERCE/NEW YORK NY

12/04/20 12/04/19 12/04/19 50,000,000 50,000,000 0 50,000,000 0

CANADIAN IMPERIAL BANK OF COMMERCE/NEW YORK NY

12/04/20 12/04/19 12/04/19 25,000,000 25,000,000 0 25,000,000 0

CHARTA, LLC CPABS4-CPABS4 03/10/20 12/10/19 12/10/19 50,000,000 49,766,181 0 49,766,181 0CHARTA, LLC CPABS4-CPABS4 03/10/20 12/10/19 12/10/19 50,000,000 49,766,181 0 49,766,181 0CHARTA, LLC CPABS4-CPABS4 03/10/20 12/10/19 12/10/19 25,000,000 24,883,090 0 24,883,090 0CIESCO, LLC CPABS4-CPABS4 12/19/19 12/18/19 12/18/19 21,600,000 21,599,070 0 21,599,070 0MIZUHO BANK LTD,ECD 03/05/20 12/03/19 12/05/19 100,000,000 100,000,000 0 100,000,000 0NATIONWIDE BUILDINGECD 01/03/20 12/06/19 12/10/19 50,000,000 49,936,082 0 49,936,082 0MUFG BANK LTD, ECD ECD 04/14/20 12/09/19 12/11/19 100,000,000 99,344,602 0 99,344,602 0MUFG BANK LTD, ECD ECD 06/16/20 12/11/19 12/16/19 75,000,000 74,278,815 0 74,278,815 0CREDIT AGRICOLE CORCP 02/10/20 12/06/19 12/06/19 37,000,000 36,883,327 0 36,883,327 0CREDIT AGRICOLE CORCP 12/19/19 12/18/19 12/18/19 50,000,000 49,997,861 0 49,997,861 0





CREDIT AGRICOLE CORCP 12/19/19 12/18/19 12/18/19 50,000,000 49,997,861 0 49,997,861 0CREDIT AGRICOLE CORCP 12/19/19 12/18/19 12/18/19 50,000,000 49,997,861 0 49,997,861 0CREDIT AGRICOLE CORCP 12/19/19 12/18/19 12/18/19 35,000,000 34,998,503 0 34,998,503 0CREDIT AGRICOLE CORCP 12/20/19 12/19/19 12/19/19 50,000,000 49,997,875 0 49,997,875 0CREDIT AGRICOLE CORCP 12/20/19 12/19/19 12/19/19 50,000,000 49,997,875 0 49,997,875 0CREDIT AGRICOLE CORCP 12/20/19 12/19/19 12/19/19 50,000,000 49,997,875 0 49,997,875 0CREDIT AGRICOLE CORCP 12/20/19 12/19/19 12/19/19 50,000,000 49,997,875 0 49,997,875 0CREDIT SUISSE, ZURICP 05/01/20 12/18/19 12/18/19 25,000,000 24,812,500 0 24,812,500 0DZ BANK AG DEUTSCHECDYAN 03/03/20 12/02/19 12/03/19 50,000,000 50,000,000 0 50,000,000 0DZ BANK AG DEUTSCHECDYAN 03/10/20 12/10/19 12/10/19 50,000,000 50,000,000 0 50,000,000 0DZ BANK AG DEUTSCHECP4-2 12/05/19 12/04/19 12/04/19 25,000,000 24,998,938 0 24,998,938 0DZ BANK AG DEUTSCHECP4-2 12/19/19 12/10/19 12/10/19 50,000,000 49,979,375 0 49,979,375 0ERSTE ABWICKLUNGSANCP4-2 12/17/19 12/09/19 12/10/19 50,000,000 49,984,444 0 49,984,444 0ERSTE ABWICKLUNGSANCP4-2 12/17/19 12/09/19 12/10/19 50,000,000 49,984,444 0 49,984,444 0FAIRWAY FINANCE CO,CPABS4 06/19/20 12/18/19 12/19/19 23,300,000 23,072,592 0 23,072,592 0GOTHAM FUNDING CORPCPABS4 03/11/20 12/11/19 12/11/19 50,000,000 49,759,861 0 49,759,861 0LONGSHIP FUNDING LLCPABS4 01/16/20 12/05/19 12/05/19 50,000,000 49,895,000 0 49,895,000 0LONGSHIP FUNDING LLCPABS4 01/16/20 12/05/19 12/05/19 50,000,000 49,895,000 0 49,895,000 0LONGSHIP FUNDING LLC CPABS4-2 17-JAN-20 01/17/20 12/09/19 12/09/19 25,000,000 24,951,250 0 24,951,250 0LONGSHIP FUNDING LLC CPABS4-2 17-JAN-20 01/17/20 12/09/19 12/09/19 50,000,000 49,902,500 0 49,902,500 0MANHATTAN ASSET FUNCPABS4 03/09/20 12/10/19 12/10/19 50,000,000 49,767,500 0 49,767,500 0MANHATTAN ASSET FUNCPABS4 03/10/20 12/12/19 12/12/19 25,000,000 24,882,569 0 24,882,569 0OLD LINE FUNDING, LCPABS4 07/01/20 12/30/19 01/02/20 50,000,000 49,527,389 0 49,527,389 0OLD LINE FUNDING, LCPABS4 07/01/20 12/30/19 01/02/20 25,000,000 24,763,694 0 24,763,694 0SOCIETE GENERALE, PCP4-2 12/10/19 12/09/19 12/09/19 50,000,000 49,997,847 0 49,997,847 0SOCIETE GENERALE, PCP4-2 12/10/19 12/09/19 12/09/19 50,000,000 49,997,847 0 49,997,847 0SOCIETE GENERALE, PCP4-2 12/10/19 12/09/19 12/09/19 50,000,000 49,997,847 0 49,997,847 0SOCIETE GENERALE, PCP4-2 12/10/19 12/09/19 12/09/19 50,000,000 49,997,847 0 49,997,847 0SOCIETE GENERALE, PCP4-2 12/10/19 12/09/19 12/09/19 50,000,000 49,997,847 0 49,997,847 0SOCIETE GENERALE, PCP4-2 12/10/19 12/09/19 12/09/19 50,000,000 49,997,847 0 49,997,847 0SOCIETE GENERALE, PCP4-2 12/10/19 12/09/19 12/09/19 25,000,000 24,998,924 0 24,998,924 0STARBIRD FUNDING COCPABS4 03/10/20 12/10/19 12/10/19 50,000,000 49,763,653 0 49,763,653 0STARBIRD FUNDING COCPABS4 03/10/20 12/10/19 12/10/19 13,950,000 13,884,059 0 13,884,059 0STARBIRD FUNDING COCPABS4 04/08/20 12/09/19 12/10/19 50,000,000 49,686,667 0 49,686,667 0STARBIRD FUNDING COCPABS4 04/08/20 12/09/19 12/10/19 50,000,000 49,686,667 0 49,686,667 0STARBIRD FUNDING COCPABS4 12/09/19 12/02/19 12/02/19 50,000,000 49,984,347 0 49,984,347 0STARBIRD FUNDING COCPABS4 12/13/19 12/12/19 12/12/19 50,000,000 49,997,806 0 49,997,806 0STARBIRD FUNDING COCPABS4 12/13/19 12/12/19 12/12/19 50,000,000 49,997,806 0 49,997,806 0STARBIRD FUNDING COCPABS4 12/13/19 12/12/19 12/12/19 20,000,000 19,999,122 0 19,999,122 0STARBIRD FUNDING COCPABS4 12/16/19 12/13/19 12/13/19 50,000,000 49,993,417 0 49,993,417 0STARBIRD FUNDING COCPABS4 12/16/19 12/13/19 12/13/19 20,000,000 19,997,367 0 19,997,367 0STARBIRD FUNDING COCPABS4 12/16/19 12/13/19 12/13/19 50,000,000 49,993,417 0 49,993,417 0SUMITOMO MITSUI TRUCDYAN 04/07/20 12/02/19 12/03/19 50,000,000 50,000,000 0 50,000,000 0SUMITOMO MITSUI TRUCDYAN 04/07/20 12/02/19 12/03/19 50,000,000 50,000,000 0 50,000,000 0SUMITOMO MITSUI TRUCDYAN 04/07/20 12/02/19 12/03/19 50,000,000 50,000,000 0 50,000,000 0SUMITOMO MITSUI TRUCDYAN 04/07/20 12/02/19 12/03/19 50,000,000 50,000,000 0 50,000,000 0SUMITOMO MITSUI BANKING CORP/NEW YORK 04/03/20 12/02/19 12/02/19 50,000,000 50,000,000 0 50,000,000 0SUMITOMO MITSUI BANKING CORP/NEW YORK 04/03/20 12/02/19 12/02/19 50,000,000 50,000,000 0 50,000,000 0THUNDER BAY FUNDINGCPABS4 04/02/20 12/30/19 01/02/20 30,000,000 29,858,192 0 29,858,192 0THUNDER BAY FUNDINGCPABS4 06/22/20 12/19/19 12/19/19 50,000,000 49,509,167 0 49,509,167 0TORONTO DOMINION BANK/NY 03/02/20 12/02/19 12/02/19 50,000,000 50,000,000 0 50,000,000 0TORONTO DOMINION BANK/NY 03/02/20 12/02/19 12/02/19 50,000,000 50,000,000 0 50,000,000 0TORONTO DOMINION BACDYAN 03/23/20 12/17/19 12/17/19 50,000,000 50,000,000 0 50,000,000 0TORONTO DOMINION BACDYAN 03/23/20 12/17/19 12/17/19 25,000,000 25,000,000 0 25,000,000 0TORONTO DOMINION BACP4-2 04/14/20 12/12/19 12/12/19 5,000,000 4,967,450 0 4,967,450 0TOTAL CAPITAL S,A, CP4-2 12/09/19 12/02/19 12/02/19 50,000,000 49,984,444 0 49,984,444 0TOTAL CAPITAL S,A, CP4-2 12/09/19 12/02/19 12/02/19 50,000,000 49,984,444 0 49,984,444 0TOTAL CAPITAL S,A, CP4-2 12/09/19 12/02/19 12/02/19 50,000,000 49,984,444 0 49,984,444 0TOTAL CAPITAL S,A, CP4-2 12/09/19 12/02/19 12/02/19 50,000,000 49,984,444 0 49,984,444 0TOTAL CAPITAL S,A, CP4-2 12/09/19 12/02/19 12/02/19 50,000,000 49,984,444 0 49,984,444 0TOTAL CAPITAL S,A, CP4-2 12/09/19 12/02/19 12/02/19 50,000,000 49,984,444 0 49,984,444 0TOTAL CAPITAL S,A, CP4-2 12/12/19 12/11/19 12/11/19 50,000,000 49,997,861 0 49,997,861 0TOTAL CAPITAL S,A, CP4-2 12/12/19 12/11/19 12/11/19 50,000,000 49,997,861 0 49,997,861 0TOTAL CAPITAL S,A, CP4-2 12/12/19 12/11/19 12/11/19 50,000,000 49,997,861 0 49,997,861 0TOTAL CAPITAL S,A, CP4-2 12/12/19 12/11/19 12/11/19 50,000,000 49,997,861 0 49,997,861 0TOTAL CAPITAL S,A, CP4-2 12/12/19 12/11/19 12/11/19 50,000,000 49,997,861 0 49,997,861 0





TOTAL CAPITAL S,A, CP4-2 12/12/19 12/11/19 12/11/19 50,000,000 49,997,861 0 49,997,861 0TOTAL CAPITAL S,A, CP4-2 12/17/19 12/16/19 12/16/19 50,000,000 49,997,806 0 49,997,806 0TOTAL CAPITAL S,A, CP4-2 12/17/19 12/16/19 12/16/19 50,000,000 49,997,806 0 49,997,806 0TOTAL CAPITAL S,A, CP4-2 12/18/19 12/17/19 12/17/19 50,000,000 49,997,861 0 49,997,861 0TOTAL CAPITAL S,A, CP4-2 12/18/19 12/17/19 12/17/19 50,000,000 49,997,861 0 49,997,861 0TOTAL CAPITAL S,A, CP4-2 12/18/19 12/17/19 12/17/19 50,000,000 49,997,861 0 49,997,861 0TOTAL CAPITAL S,A, CP4-2 12/18/19 12/17/19 12/17/19 50,000,000 49,997,861 0 49,997,861 0TOTAL CAPITAL S,A, CP4-2 12/18/19 12/17/19 12/17/19 50,000,000 49,997,861 0 49,997,861 0TOTAL CAPITAL S,A, CP4-2 12/20/19 12/19/19 12/19/19 40,000,000 39,998,300 0 39,998,300 0UNITEDHEALTH GROUP,CP4-2 12/30/19 12/19/19 12/19/19 50,000,000 49,973,264 0 49,973,264 0UNITEDHEALTH GROUP,CP4-2 12/30/19 12/19/19 12/19/19 50,000,000 49,973,264 0 49,973,264 0WESTPAC BANKING CORP 12/04/20 12/10/19 12/11/19 50,000,000 50,000,000 0 50,000,000 0WESTPAC BANKING CORP 12/04/20 12/10/19 12/11/19 50,000,000 50,000,000 0 50,000,000 0WESTPAC BANKING CORP 12/04/20 12/10/19 12/11/19 50,000,000 50,000,000 0 50,000,000 0WESTPAC BANKING CORP/NY 12/07/20 12/05/19 12/05/19 50,000,000 50,000,000 0 50,000,000 0WESTPAC BANKING CORP/NY 12/07/20 12/05/19 12/05/19 50,000,000 50,000,000 0 50,000,000 0WESTPAC BANKING CORP/NY 12/07/20 12/05/19 12/05/19 50,000,000 50,000,000 0 50,000,000 0WESTPAC BANKING CORP/NY 12/11/20 12/11/19 12/12/19 18,000,000 18,000,000 0 18,000,000 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/02/19 12/02/19 4,338,267 4,338,267 0 4,338,267 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/05/19 12/05/19 1,291,956 1,291,956 0 1,291,956 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/09/19 12/09/19 304,446 304,446 0 304,446 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/11/19 12/11/19 4,550,625 4,550,625 0 4,550,625 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/13/19 12/13/19 5,804,271 5,804,271 0 5,804,271 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/16/19 12/16/19 1,906,582 1,906,582 0 1,906,582 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/23/19 12/23/19 6,134,647 6,134,647 0 6,134,647 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/24/19 12/24/19 180,477 180,477 0 180,477 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/26/19 12/26/19 7,613,465 7,613,465 0 7,613,465 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/31/19 12/31/19 133,689 133,689 0 133,689 0BANK OF AMERICA TRIPARTY 12/03/19 12/02/19 12/02/19 1,900,000,000 1,900,000,000 0 1,900,000,000 0MIZUHO TRIPARTY 12/03/19 12/02/19 12/02/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/03/19 12/02/19 12/02/19 100,000,000 100,000,000 0 100,000,000 0MIZUHO TRIPARTY 12/04/19 12/03/19 12/03/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/04/19 12/03/19 12/03/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/04/19 12/03/19 12/03/19 1,730,000,000 1,730,000,000 0 1,730,000,000 0MIZUHO TRIPARTY 12/05/19 12/04/19 12/04/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/05/19 12/04/19 12/04/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/05/19 12/04/19 12/04/19 1,343,000,000 1,343,000,000 0 1,343,000,000 0MIZUHO TRIPARTY 12/06/19 12/05/19 12/05/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/06/19 12/05/19 12/05/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/06/19 12/05/19 12/05/19 903,000,000 903,000,000 0 903,000,000 0MIZUHO TRIPARTY 12/09/19 12/06/19 12/06/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/09/19 12/06/19 12/06/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/09/19 12/06/19 12/06/19 1,723,000,000 1,723,000,000 0 1,723,000,000 0MIZUHO TRIPARTY 12/10/19 12/09/19 12/09/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/10/19 12/09/19 12/09/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/10/19 12/09/19 12/09/19 1,592,000,000 1,592,000,000 0 1,592,000,000 0MIZUHO TRIPARTY 12/11/19 12/10/19 12/10/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/11/19 12/10/19 12/10/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/11/19 12/10/19 12/10/19 1,552,000,000 1,552,000,000 0 1,552,000,000 0MIZUHO TRIPARTY 12/12/19 12/11/19 12/11/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/12/19 12/11/19 12/11/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/12/19 12/11/19 12/11/19 1,618,000,000 1,618,000,000 0 1,618,000,000 0MIZUHO TRIPARTY 12/13/19 12/12/19 12/12/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/13/19 12/12/19 12/12/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/13/19 12/12/19 12/12/19 875,000,000 875,000,000 0 875,000,000 0MIZUHO TRIPARTY 12/16/19 12/13/19 12/13/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/16/19 12/13/19 12/13/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/16/19 12/13/19 12/13/19 1,110,000,000 1,110,000,000 0 1,110,000,000 0MIZUHO TRIPARTY 12/17/19 12/16/19 12/16/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/17/19 12/16/19 12/16/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/17/19 12/16/19 12/16/19 1,900,000,000 1,900,000,000 0 1,900,000,000 0MIZUHO TRIPARTY 12/18/19 12/17/19 12/17/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/18/19 12/17/19 12/17/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/18/19 12/17/19 12/17/19 1,790,000,000 1,790,000,000 0 1,790,000,000 0MIZUHO TRIPARTY 12/19/19 12/18/19 12/18/19 515,000,000 515,000,000 0 515,000,000 0





HSBC TRIPARTY 12/19/19 12/18/19 12/18/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/19/19 12/18/19 12/18/19 2,020,000,000 2,020,000,000 0 2,020,000,000 0MIZUHO TRIPARTY 12/20/19 12/19/19 12/19/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/20/19 12/19/19 12/19/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/20/19 12/19/19 12/19/19 1,590,000,000 1,590,000,000 0 1,590,000,000 0MIZUHO TRIPARTY 12/23/19 12/20/19 12/20/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/23/19 12/20/19 12/20/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/23/19 12/20/19 12/20/19 2,440,000,000 2,440,000,000 0 2,440,000,000 0HSBC TRIPARTY 12/26/19 12/23/19 12/23/19 100,000,000 100,000,000 0 100,000,000 0MIZUHO TRIPARTY 12/26/19 12/23/19 12/23/19 515,000,000 515,000,000 0 515,000,000 0BANK OF AMERICA TRIPARTY 12/26/19 12/23/19 12/23/19 2,055,000,000 2,055,000,000 0 2,055,000,000 0MIZUHO TRIPARTY 12/27/19 12/26/19 12/26/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/27/19 12/26/19 12/26/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/27/19 12/26/19 12/26/19 2,790,000,000 2,790,000,000 0 2,790,000,000 0MIZUHO TRIPARTY 12/30/19 12/27/19 12/27/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/30/19 12/27/19 12/27/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/30/19 12/27/19 12/27/19 1,980,000,000 1,980,000,000 0 1,980,000,000 0HSBC TRIPARTY 01/02/20 12/30/19 12/30/19 100,000,000 100,000,000 0 100,000,000 0MIZUHO TRIPARTY 01/02/20 12/30/19 12/30/19 515,000,000 515,000,000 0 515,000,000 0BANK OF AMERICA TRIPARTY 01/02/20 12/30/19 12/30/19 2,425,000,000 2,425,000,000 0 2,425,000,000 0Total Buys 51,790,854,425 51,782,384,925 0 51,782,384,925 0

DepositsABN AMRO BANK NV, ATD 1.6 20191209 12/09/19 12/02/19 12/02/19 300,000,000 300,000,000 0 300,000,000 0RABOBANK NEDERLAND,TD 1.6 20191210 12/10/19 12/03/19 12/03/19 500,000,000 500,000,000 0 500,000,000 0AUSTRALIA NEW ZEATD 1.62 20191210 12/10/19 12/03/19 12/03/19 400,000,000 400,000,000 0 400,000,000 0ABN AMRO BANK NV, ATD 1.58 20191211 12/11/19 12/04/19 12/04/19 300,000,000 300,000,000 0 300,000,000 0AUSTRALIA NEW ZEATD 1.62 20191211 12/11/19 12/04/19 12/04/19 200,000,000 200,000,000 0 200,000,000 0SVENSKA HANDELSBANKTD 1.53 20191209 12/09/19 12/06/19 12/06/19 300,000,000 300,000,000 0 300,000,000 0AUSTRALIA NEW ZEATD 1.62 20191216 12/16/19 12/09/19 12/09/19 90,000,000 90,000,000 0 90,000,000 0RABOBANK NEDERLAND,TD 1.58 20191216 12/16/19 12/09/19 12/09/19 225,000,000 225,000,000 0 225,000,000 0CREDIT SUISSE AGTDCAY 1.54 20191210 12/10/19 12/09/19 12/09/19 700,000,000 700,000,000 0 700,000,000 0CREDIT SUISSE AGTDCAY 1.54 20191211 12/11/19 12/10/19 12/10/19 300,000,000 300,000,000 0 300,000,000 0RABOBANK NEDERLAND,TD 1.58 20191217 12/17/19 12/10/19 12/10/19 500,000,000 500,000,000 0 500,000,000 0AUSTRALIA NEW ZEATD 1.62 20191217 12/17/19 12/10/19 12/10/19 400,000,000 400,000,000 0 400,000,000 0AUSTRALIA NEW ZEATD 1.62 20191218 12/18/19 12/11/19 12/11/19 200,000,000 200,000,000 0 200,000,000 0SVENSKA HANDELSBANKTD 1.53 20191213 12/13/19 12/12/19 12/12/19 300,000,000 300,000,000 0 300,000,000 0ABN AMRO BANK NV, ATD 1.55 20191216 12/16/19 12/13/19 12/13/19 300,000,000 300,000,000 0 300,000,000 0AUSTRALIA NEW ZEATD 1.62 20191223 12/23/19 12/16/19 12/16/19 100,000,000 100,000,000 0 100,000,000 0CREDIT SUISSE AGTDCAY 1.54 20191218 12/18/19 12/17/19 12/17/19 300,000,000 300,000,000 0 300,000,000 0CREDIT SUISSE AGTDCAY 1.54 20191219 12/19/19 12/18/19 12/18/19 400,000,000 400,000,000 0 400,000,000 0AUSTRALIA NEW ZEATD 1.63 20191226 12/26/19 12/18/19 12/18/19 200,000,000 200,000,000 0 200,000,000 0AUSTRALIA NEW ZEATD 1.63 20191226 12/26/19 12/17/19 12/17/19 400,000,000 400,000,000 0 400,000,000 0RABOBANK NEDERLAND,TD 1.58 20191226 12/26/19 12/17/19 12/17/19 500,000,000 500,000,000 0 500,000,000 0SVENSKA HANDELSBANKTD 1.54 20191220 12/20/19 12/19/19 12/19/19 300,000,000 300,000,000 0 300,000,000 0CREDIT SUISSE AGTDCAY 1.54 20191220 12/20/19 12/19/19 12/19/19 300,000,000 300,000,000 0 300,000,000 0ABN AMRO BANK NV, ATD 1.6 20191230 12/30/19 12/23/19 12/23/19 750,000,000 750,000,000 0 750,000,000 0AUSTRALIA NEW ZEATD 1.6 20191226 12/26/19 12/23/19 12/23/19 100,000,000 100,000,000 0 100,000,000 0AUSTRALIA NEW ZEATD 1.56 20191227 12/27/19 12/26/19 12/26/19 750,000,000 750,000,000 0 750,000,000 0RABOBANK NEDERLAND,TD 1.55 20191230 12/30/19 12/27/19 12/27/19 800,000,000 800,000,000 0 800,000,000 0AUSTRALIA NEW ZEATD 2 20200103 01/03/20 12/27/19 12/27/19 700,000,000 700,000,000 0 700,000,000 0RABOBANK NEDERLAND,TD 1.8 20200106 01/06/20 12/30/19 12/30/19 500,000,000 500,000,000 0 500,000,000 0BANK OF NOVA SCOTIATD 1.75 20200106 01/06/20 12/30/19 12/30/19 400,000,000 400,000,000 0 400,000,000 0Total Deposits 11,515,000,000 11,515,000,000 0 11,515,000,000 0

MaturitiesANTALIS S,A, CPABS4CPABS4 12/05/19 12/05/19 12/05/19 95,570,000 95,570,000 0 95,570,000 0ANTALIS S,A, CPABS4CPABS4 12/16/19 12/16/19 12/16/19 150,000,000 150,000,000 0 150,000,000 0ANTALIS S,A, CPABS4CPABS4 12/23/19 12/23/19 12/23/19 150,000,000 150,000,000 0 150,000,000 0ANTALIS S,A, CPABS4CPABS4 12/30/19 12/30/19 12/30/19 120,720,000 120,720,000 0 120,720,000 0BPCE SA CP4-2CP4-2 12/03/19 12/03/19 12/03/19 125,000,000 125,000,000 0 125,000,000 0BANK OF MONTREAL/CHICAGO IL 12/06/19 12/06/19 12/06/19 50,000,000 50,000,000 0 50,000,000 0BANK OF MONTREAL/CHICAGO IL 12/10/19 12/10/19 12/10/19 75,000,000 75,000,000 0 75,000,000 0BARTON CAPITAL S,A,CPABS4 12/09/19 12/09/19 12/09/19 150,000,000 150,000,000 0 150,000,000 0BARTON CAPITAL S,A,CPABS4 12/10/19 12/10/19 12/10/19 100,000,000 100,000,000 0 100,000,000 0BARTON CAPITAL SA CPABS4-2 16-DEC-19 12/16/19 12/16/19 12/16/19 100,000,000 100,000,000 0 100,000,000 0





BARTON CAPITAL S,A,CPABS4 12/17/19 12/17/19 12/17/19 200,000,000 200,000,000 0 200,000,000 0BARTON CAPITAL S,A,CPABS4 12/26/19 12/26/19 12/26/19 150,000,000 150,000,000 0 150,000,000 0CANADIAN IMPERIAL BANK OF COMMERCE/NEW YORK NY

12/27/19 12/27/19 12/27/19 100,000,000 100,000,000 0 100,000,000 0

CIESCO, LLC CPABS4-CPABS4 12/19/19 12/19/19 12/19/19 21,600,000 21,600,000 0 21,600,000 0CREDIT AGRICOLE CORCP 12/19/19 12/19/19 12/19/19 185,000,000 185,000,000 0 185,000,000 0CREDIT AGRICOLE CORCP 12/20/19 12/20/19 12/20/19 200,000,000 200,000,000 0 200,000,000 0DZ BANK AG DEUTSCHECP4-2 12/05/19 12/05/19 12/05/19 25,000,000 25,000,000 0 25,000,000 0DZ BANK AG DEUTSCHECP4-2 12/19/19 12/19/19 12/19/19 50,000,000 50,000,000 0 50,000,000 0ERSTE ABWICKLUNGSANCP4-2 12/17/19 12/17/19 12/17/19 100,000,000 100,000,000 0 100,000,000 0EXXON MOBIL CORP, CCP 12/16/19 12/16/19 12/16/19 50,000,000 50,000,000 0 50,000,000 0FAIRWAY FINANCE CO, LLC. 10BP 12/06/19 12/06/19 12/06/19 50,000,000 50,000,000 0 50,000,000 0MIZUHO BANK LTD, CPCP4-2 12/17/19 12/17/19 12/17/19 100,000,000 100,000,000 0 100,000,000 0NRW BANK 12/03/19 12/03/19 12/03/19 40,000,000 40,000,000 0 40,000,000 0NESTLE CAPITAL CORPCP4-2 12/23/19 12/23/19 12/23/19 10,000,000 10,000,000 0 10,000,000 0SOCIETE GENERALE, PCP4-2 12/10/19 12/10/19 12/10/19 325,000,000 325,000,000 0 325,000,000 0STARBIRD FUNDING COCPABS4 12/02/19 12/02/19 12/02/19 100,000,000 100,000,000 0 100,000,000 0STARBIRD FUNDING COCPABS4 12/09/19 12/09/19 12/09/19 50,000,000 50,000,000 0 50,000,000 0STARBIRD FUNDING COCPABS4 12/13/19 12/13/19 12/13/19 120,000,000 120,000,000 0 120,000,000 0STARBIRD FUNDING COCPABS4 12/16/19 12/16/19 12/16/19 120,000,000 120,000,000 0 120,000,000 0THUNDER BAY FUNDING LLC 12/03/19 12/03/19 12/03/19 50,000,000 50,000,000 0 50,000,000 0TOTAL CAPITAL S,A, CP4-2 12/02/19 12/02/19 12/02/19 235,300,000 235,300,000 0 235,300,000 0TOTAL CAPITAL S,A, CP4-2 12/09/19 12/09/19 12/09/19 300,000,000 300,000,000 0 300,000,000 0TOTAL CAPITAL S,A, CP4-2 12/12/19 12/12/19 12/12/19 300,000,000 300,000,000 0 300,000,000 0TOTAL CAPITAL S,A, CP4-2 12/17/19 12/17/19 12/17/19 100,000,000 100,000,000 0 100,000,000 0TOTAL CAPITAL S,A, CP4-2 12/18/19 12/18/19 12/18/19 250,000,000 250,000,000 0 250,000,000 0TOTAL CAPITAL S,A, CP4-2 12/20/19 12/20/19 12/20/19 40,000,000 40,000,000 0 40,000,000 0UNITEDHEALTH GROUP,CP4-2 12/30/19 12/30/19 12/30/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/02/19 12/02/19 12/02/19 1,595,000,000 1,595,000,000 0 1,595,000,000 0HSBC TRIPARTY 12/02/19 12/02/19 12/02/19 100,000,000 100,000,000 0 100,000,000 0MIZUHO TRIPARTY 12/02/19 12/02/19 12/02/19 515,000,000 515,000,000 0 515,000,000 0BANK OF AMERICA TRIPARTY 12/03/19 12/03/19 12/03/19 1,900,000,000 1,900,000,000 0 1,900,000,000 0MIZUHO TRIPARTY 12/03/19 12/03/19 12/03/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/03/19 12/03/19 12/03/19 100,000,000 100,000,000 0 100,000,000 0MIZUHO TRIPARTY 12/04/19 12/04/19 12/04/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/04/19 12/04/19 12/04/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/04/19 12/04/19 12/04/19 1,730,000,000 1,730,000,000 0 1,730,000,000 0MIZUHO TRIPARTY 12/05/19 12/05/19 12/05/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/05/19 12/05/19 12/05/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/05/19 12/05/19 12/05/19 1,343,000,000 1,343,000,000 0 1,343,000,000 0MIZUHO TRIPARTY 12/06/19 12/06/19 12/06/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/06/19 12/06/19 12/06/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/06/19 12/06/19 12/06/19 903,000,000 903,000,000 0 903,000,000 0MIZUHO TRIPARTY 12/09/19 12/09/19 12/09/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/09/19 12/09/19 12/09/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/09/19 12/09/19 12/09/19 1,723,000,000 1,723,000,000 0 1,723,000,000 0MIZUHO TRIPARTY 12/10/19 12/10/19 12/10/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/10/19 12/10/19 12/10/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/10/19 12/10/19 12/10/19 1,592,000,000 1,592,000,000 0 1,592,000,000 0MIZUHO TRIPARTY 12/11/19 12/11/19 12/11/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/11/19 12/11/19 12/11/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/11/19 12/11/19 12/11/19 1,552,000,000 1,552,000,000 0 1,552,000,000 0MIZUHO TRIPARTY 12/12/19 12/12/19 12/12/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/12/19 12/12/19 12/12/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/12/19 12/12/19 12/12/19 1,618,000,000 1,618,000,000 0 1,618,000,000 0MIZUHO TRIPARTY 12/13/19 12/13/19 12/13/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/13/19 12/13/19 12/13/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/13/19 12/13/19 12/13/19 875,000,000 875,000,000 0 875,000,000 0MIZUHO TRIPARTY 12/16/19 12/16/19 12/16/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/16/19 12/16/19 12/16/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/16/19 12/16/19 12/16/19 1,110,000,000 1,110,000,000 0 1,110,000,000 0MIZUHO TRIPARTY 12/17/19 12/17/19 12/17/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/17/19 12/17/19 12/17/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/17/19 12/17/19 12/17/19 1,900,000,000 1,900,000,000 0 1,900,000,000 0MIZUHO TRIPARTY 12/18/19 12/18/19 12/18/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/18/19 12/18/19 12/18/19 100,000,000 100,000,000 0 100,000,000 0





BANK OF AMERICA TRIPARTY 12/18/19 12/18/19 12/18/19 1,790,000,000 1,790,000,000 0 1,790,000,000 0MIZUHO TRIPARTY 12/19/19 12/19/19 12/19/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/19/19 12/19/19 12/19/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/19/19 12/19/19 12/19/19 2,020,000,000 2,020,000,000 0 2,020,000,000 0MIZUHO TRIPARTY 12/20/19 12/20/19 12/20/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/20/19 12/20/19 12/20/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/20/19 12/20/19 12/20/19 1,590,000,000 1,590,000,000 0 1,590,000,000 0MIZUHO TRIPARTY 12/23/19 12/23/19 12/23/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/23/19 12/23/19 12/23/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/23/19 12/23/19 12/23/19 2,440,000,000 2,440,000,000 0 2,440,000,000 0HSBC TRIPARTY 12/26/19 12/26/19 12/26/19 100,000,000 100,000,000 0 100,000,000 0MIZUHO TRIPARTY 12/26/19 12/26/19 12/26/19 515,000,000 515,000,000 0 515,000,000 0BANK OF AMERICA TRIPARTY 12/26/19 12/26/19 12/26/19 2,055,000,000 2,055,000,000 0 2,055,000,000 0MIZUHO TRIPARTY 12/27/19 12/27/19 12/27/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/27/19 12/27/19 12/27/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/27/19 12/27/19 12/27/19 2,790,000,000 2,790,000,000 0 2,790,000,000 0MIZUHO TRIPARTY 12/30/19 12/30/19 12/30/19 515,000,000 515,000,000 0 515,000,000 0HSBC TRIPARTY 12/30/19 12/30/19 12/30/19 100,000,000 100,000,000 0 100,000,000 0BANK OF AMERICA TRIPARTY 12/30/19 12/30/19 12/30/19 1,980,000,000 1,980,000,000 0 1,980,000,000 0ABN AMRO BANK NV, ATD 1.62 20191202 12/02/19 12/02/19 12/02/19 500,000,000 500,000,000 0 500,000,000 0RABOBANK NEDERLAND,TD 1.6 20191202 12/02/19 12/02/19 12/02/19 400,000,000 400,000,000 0 400,000,000 0RABOBANK NEDERLAND,TD 1.6 20191203 12/03/19 12/03/19 12/03/19 200,000,000 200,000,000 0 200,000,000 0AUSTRALIA NEW ZEATD 1.62 20191203 12/03/19 12/03/19 12/03/19 400,000,000 400,000,000 0 400,000,000 0AUSTRALIA NEW ZEATD 1.62 20191204 12/04/19 12/04/19 12/04/19 150,000,000 150,000,000 0 150,000,000 0ABN AMRO BANK NV, ATD 1.6 20191204 12/04/19 12/04/19 12/04/19 100,000,000 100,000,000 0 100,000,000 0ABN AMRO BANK NV, ATD 1.6 20191209 12/09/19 12/09/19 12/09/19 300,000,000 300,000,000 0 300,000,000 0RABOBANK NEDERLAND,TD 1.6 20191210 12/10/19 12/10/19 12/10/19 500,000,000 500,000,000 0 500,000,000 0AUSTRALIA NEW ZEATD 1.62 20191210 12/10/19 12/10/19 12/10/19 400,000,000 400,000,000 0 400,000,000 0ABN AMRO BANK NV, ATD 1.58 20191211 12/11/19 12/11/19 12/11/19 300,000,000 300,000,000 0 300,000,000 0AUSTRALIA NEW ZEATD 1.62 20191211 12/11/19 12/11/19 12/11/19 200,000,000 200,000,000 0 200,000,000 0SVENSKA HANDELSBANKTD 1.53 20191209 12/09/19 12/09/19 12/09/19 300,000,000 300,000,000 0 300,000,000 0AUSTRALIA NEW ZEATD 1.62 20191216 12/16/19 12/16/19 12/16/19 90,000,000 90,000,000 0 90,000,000 0RABOBANK NEDERLAND,TD 1.58 20191216 12/16/19 12/16/19 12/16/19 225,000,000 225,000,000 0 225,000,000 0CREDIT SUISSE AGTDCAY 1.54 20191210 12/10/19 12/10/19 12/10/19 700,000,000 700,000,000 0 700,000,000 0CREDIT SUISSE AGTDCAY 1.54 20191211 12/11/19 12/11/19 12/11/19 300,000,000 300,000,000 0 300,000,000 0RABOBANK NEDERLAND,TD 1.58 20191217 12/17/19 12/17/19 12/17/19 500,000,000 500,000,000 0 500,000,000 0AUSTRALIA NEW ZEATD 1.62 20191217 12/17/19 12/17/19 12/17/19 400,000,000 400,000,000 0 400,000,000 0AUSTRALIA NEW ZEATD 1.62 20191218 12/18/19 12/18/19 12/18/19 200,000,000 200,000,000 0 200,000,000 0SVENSKA HANDELSBANKTD 1.53 20191213 12/13/19 12/13/19 12/13/19 300,000,000 300,000,000 0 300,000,000 0ABN AMRO BANK NV, ATD 1.55 20191216 12/16/19 12/16/19 12/16/19 300,000,000 300,000,000 0 300,000,000 0AUSTRALIA NEW ZEATD 1.62 20191223 12/23/19 12/23/19 12/23/19 100,000,000 100,000,000 0 100,000,000 0CREDIT SUISSE AGTDCAY 1.54 20191218 12/18/19 12/18/19 12/18/19 300,000,000 300,000,000 0 300,000,000 0CREDIT SUISSE AGTDCAY 1.54 20191219 12/19/19 12/19/19 12/19/19 400,000,000 400,000,000 0 400,000,000 0AUSTRALIA NEW ZEATD 1.63 20191226 12/26/19 12/26/19 12/26/19 200,000,000 200,000,000 0 200,000,000 0AUSTRALIA NEW ZEATD 1.63 20191226 12/26/19 12/26/19 12/26/19 400,000,000 400,000,000 0 400,000,000 0RABOBANK NEDERLAND,TD 1.58 20191226 12/26/19 12/26/19 12/26/19 500,000,000 500,000,000 0 500,000,000 0SVENSKA HANDELSBANKTD 1.54 20191220 12/20/19 12/20/19 12/20/19 300,000,000 300,000,000 0 300,000,000 0CREDIT SUISSE AGTDCAY 1.54 20191220 12/20/19 12/20/19 12/20/19 300,000,000 300,000,000 0 300,000,000 0ABN AMRO BANK NV, ATD 1.6 20191230 12/30/19 12/30/19 12/30/19 750,000,000 750,000,000 0 750,000,000 0AUSTRALIA NEW ZEATD 1.6 20191226 12/26/19 12/26/19 12/26/19 100,000,000 100,000,000 0 100,000,000 0AUSTRALIA NEW ZEATD 1.56 20191227 12/27/19 12/27/19 12/27/19 750,000,000 750,000,000 0 750,000,000 0RABOBANK NEDERLAND,TD 1.55 20191230 12/30/19 12/30/19 12/30/19 800,000,000 800,000,000 0 800,000,000 0Total Maturities 60,344,190,000 60,344,190,000 0 60,344,190,000 0

SellsDREYFUS GOVT CASH MGMT FUND 02/01/22 12/03/19 12/03/19 3,427,845 3,427,845 0 3,427,845 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/04/19 12/04/19 2,303,264 2,303,264 0 2,303,264 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/06/19 12/06/19 1,107,493 1,107,493 0 1,107,493 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/10/19 12/10/19 5,673,537 5,673,537 0 5,673,537 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/12/19 12/12/19 4,550,625 4,550,625 0 4,550,625 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/17/19 12/17/19 1,212,376 1,212,376 0 1,212,376 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/18/19 12/18/19 6,498,478 6,498,478 0 6,498,478 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/27/19 12/27/19 7,536,541 7,536,541 0 7,536,541 0DREYFUS GOVT CASH MGMT FUND 02/01/22 12/30/19 12/30/19 787,192 787,192 0 787,192 0Total Sells 33,097,351 33,097,351 0 33,097,351 0


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The total portfolio is currently composed of 48% ......The total portfolio is currently composed of...

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