Brevard County School Districteagendatoc.brevardschools.org/08-23-2016 Special... · Brevard County School District 300 S. Orange Avenue, Suite 1170 Orlando, FL 32801 (407) 648-2208

Brevard County School District

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

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

Investment Performance ReviewQuarter Ended June 30, 2016

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

© 2016 PFM Asset Management LLC

Page 1 of 88

TABLE OF CONTENTS For the Quarter Ended June 30, 2016

Tab I

Market Update

Tab II

Executive Summary

Capital Short Term Fund

Operating Short Term Fund

Discretionary Sales SurTaxAccount

Self Insurance Fund

Health Insurance Fund

Tab III

Asset Allocation Chart

Important Disclosures

© 2016 PFM Asset Management LLC Page 2 of 88

Tab I



Economic SummaryEconomic Conditions

• Growth of first quarter GDP in the U.S. was revised up to 1.1% from the first estimate of 0.5%, reflecting less drag from trade and inventories. Although better than previously estimated, first quarter growth was sluggish for the third consecutive year. If history is an indication, the economy should rebound through the remainder of the year.

• The housing market continued to strengthen as new home sales surged in April to their highest level since the beginning of 2008 while existing home sales rose to their highest level of the year, pointing to a robust spring selling season.

• Most measures of the employment situation remained positive, but the May jobs report, released on June 3, was surprisingly weak, with only 38,000 new jobs reported. One month does not make a trend, but the weak figure dampened optimism that the pace of growth in US economy was accelerating.

• Federal Reserve rate hike expectations rose sharply following the release of the minutes from the Fed’s April meeting which indicated that “communications following the March FOMC meeting were interpreted by market participants as more accommodative than expected,” and that the Fed was “leaving open the possibility of an increase in the federal funds rate at the June Federal Open Market Committee (FOMC) meeting.” The probability of a summer rate hike rose from 15% to over 40%.

Page 4 of 88


Economic Summary, Continued

Market Reaction

• The Treasury yield curve flattened in May as yields on short maturities rose amid rate hike expectations in the coming months. Month and quarter-to-date returns of virtually all Treasury benchmarks were negative, but year to date, Treasuries maturing in more than five years have returned between 3% and better than 8%.

• Federal agency yields remained slightly higher than those of comparable-maturity Treasuries with the result that most benchmarks slightly out-performed matched Treasuries.

• Investment-grade corporate yield spreads widened modestly through the first half of the month as investors made room for heavy new issuance. However, the sector generally provided additional return when compared with Treasuries of similar duration.

• Asset-backed securities (ABS) and mortgage-backed securities (MBS) outperformed Treasuries for the 2nd

month in a row, posting their strongest performance of the year. Lack of volatility in mortgage rates has dampened prepayment risk in the MBS sector.

• Yields on money market securities — those with maturities of one year or less— rose strongly in the second half of May as central bank rate hike expectations increased.

• Domestic equities posted modest gains in May, as Q1 corporate earnings season shifted into full-swing. The S&P 500 Index ended the month 1.8% higher, on a total return basis and is up 3.6% for the year.

Page 5 of 88


3.9%

2.0%

1.4%

0.8%

-2%

-1%

0%

1%

2%

3%

4%

5%

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2012 2013 2014 2015 2016 20

QoQ

% C

hang

e; S

easo

nally

Adj

uste

d An

nual

ized

Rat

e

U.S. Real GDP

U.S. Economy on Moderate Growth Track

Source: Bureau of Economic Analysis; Bloomberg survey results as of 05/31/2016.

Bloomberg Survey of

Economists

• U.S. GDP slowed in the first quarter of 2016, growing at 1.1% according to the second estimate by the Bureau of Economic Analysis. Slower first quarters have become a common trend in the recent years.

• The increase in real GDP in the first quarter reflected positive contributions from personal consumption, residential fixed investment, and state and local government spending that were partly offset by negative contributions from nonresidential fixed investment, exports, private inventory investment, and federal government spending.

Page 6 of 88


U.S. Labor Market Close to Full Employment

• The U.S. Labor market added 38,000 jobs in May, missing the 160,00 median expectation.

• The unemployment rate fell to 4.7% as the participation rate declined to 62.6%, its lowest level of the year.

• Average hourly earnings increased by 0.2% month-over-month; annual growth held at 2.5%.

Source: Bureau of Labor Statistics, as of 05/31/2016.

0K

50K

100K

150K

200K

250K

300K

350K

400K

May

'11

Nov

'11

May

'12

Nov

'12

May

'13

Nov

'13

May

'14

Nov

'14

May

'15

Nov

'15

May

'16

Monthly Change in Nonfarm Payrolls

4%

5%

6%

7%

8%

9%

10%

May

'11

Nov

'11

May

'12

Nov

'12

May

'13

Nov

'13

May

'14

Nov

'14

May

'15

Nov

'15

May

'16

Unemployment Rate

Page 7 of 88


Inflation Picking Up

• The core personal consumption expenditures (PCE) price index, the Fed’s preferred gauge of core inflation, grew 1.6% year-over-year through April 2016, but continues to undershoot the 2% target.

• Wage growth continues to show modest improvement, while higher prices from housing and health care remain strong drivers of inflation.

Source: Bloomberg as of 04/29/2016.

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Apr '06 Apr '07 Apr '08 Apr '09 Apr '10 Apr '11 Apr '12 Apr '13 Apr '14 Apr '15 Apr '16

YoY

% C

hang

e

Inflation Measures Consumer Price Index vs Personal Consumption Expenditures

Core CPI Core PCE Fed's Long Term Inflation Target

Page 8 of 88

Tab II


EXECUTIVE SUMMARY For the Quarter Ended June 30, 2016

The Portfolios are of high credit quality and invested in U.S. Treasury, Federal Agency, commercial paper, high qualitycorporates.

The Capital, Operating, and Discretionary Sales SurTax Portfolios continue to provide the District with favorable yieldrelative to the benchmark. At month end, the portfolios had Yields to Maturity at Cost of 0.79%, 0.70% and 0.91%,respectively, exceeding their benchmark, the Merrill Lynch 3 Month U.S. Treasury Bill Index’s Effective Yield of 0.26%.

The Self-Insurance and Health-Insurance Portfolios’ quarterly total return performances were 0.49% and 0.48%,respectively, underperforming the benchmark performance of 0.53% by 0.04% and 0.05%, respectively.

PFM continued to actively manage the Self-Insurance and Health-Insurance Portfolios during the first quarter and foundvalue in the market, taking advantage of market inefficiencies or changes in economic outlook. As a result, the Portfoliosrealized $7,589 in gains on sales (based on amortized cost) during the quarter. PFM is continually in the marketmonitoring for opportunities to add value to the Portfolios.

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


Page 10 of 88

BREVARD CNTY SCHOOL BOARD CAPITAL - ST

For the Quarter Ended June 30, 2016

Portfolio Snapshot

Portfolio StatisticsAs of June 30, 2016

28,550,000

28,583,772

28,567,943

15,829

-

28,528,673

0.60%

0.79%

AAAAverage Credit: **

Yield at Cost:

Accrued Interest:

Cash:

Par Value:

Amortized Cost:

Total Market Value:

Yield at Market:

Security Market Value:

Effective Duration: 0.44 Years

Duration to Worst: 0.44 Years

Average Maturity: 0.44 Years

0.26%Benchmark Eff. Yield:

PFM -

Credit Quality (S&P Ratings)

51.7%A-1

33.9%A-1+

14.4%AA+

0%

20%

40%

60%

80%

100%

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

91.9%

0.0%

8.1%

0.0% 0.0% 0.0%

Maturity Distribution

Sector Allocation

69.2%

CommercialPaper

24.5%

FederalAgency/GSE

6.3%U.S. Treasury

2016 PFM Asset Management LLC

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

Account Page 11 of 88



Portfolio Performance

Portfolio Earnings

Quarter-Ended June 30, 2016

Market Value Basis Accrual (Amortized Cost) Basis

Net Purchases/Sales

Change in Value

Interest Earned

$53,339,867.61

($24,842,191.67)

$70,267.39

$20,671.18

$90,938.57

$28,567,943.33

$53,309,540.60

($24,842,191.67)

$61,324.55

$20,671.18

$81,995.73

$28,528,673.48

Portfolio Earnings

Beginning Value (03/30/2016)

Ending Value (06/30/2016)

2016 PFM Asset Management LLC Account Page 12 of 88



Portfolio Composition

Sector Allocation

As of June 30, 2016

Market Value ($) % of PortfolioSector

Commercial Paper 19,764,782 69.2%

Federal Agency/GSE 7,002,564 24.5%

U.S. Treasury 1,800,598 6.3%

Total 28,567,943 100.0%

69.2%

CommercialPaper

24.5%

FederalAgency/GSE

6.3%U.S. Treasury


Detail may not add to total due to rounding.





Sector AllocationAs of June 30, 2016

Market Value ($)Sector % of Portfolio % of Benchmark

Commercial Paper 19,764,782 - 69.2%

Federal Agency/GSE 7,002,564 - 24.5%

U.S. Treasury 1,800,598 100.0% 6.3%

28,567,943 100.0% 100.0%Total

0%

20%

40%

60%

80%

100%

Commercial Paper Federal Agency/GSE U.S. Treasury

69.2%

24.5%

6.3%0.0% 0.0%

100.0%

BREVARD CNTY SCHOOL BOARD CAPITAL - ST BofA ML 3 Month U.S. Treasury Bill Index







Sector Allocation

June 30, 2016 March 30, 2016 December 30, 2015 September 30, 2015

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

Commercial Paper 19.8 69.2% 24.1 45.3% 19.2 38.8% 11.0 38.1%Federal Agency/GSE 7.0 24.5% 15.0 28.1% 8.0 16.2% 8.0 27.7%U.S. Treasury 1.8 6.3% 14.2 26.6% 22.2 45.0% 9.9 34.2%

$28.6 100.0% $53.3 100.0% $49.4 100.0% $28.9 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

June 2016 March 2016 December 2015 September 2015

U.S. TreasuryFederal Agency/GSECommercial Paper



AccountPage 15 of 88




Maturity DistributionAs of June 30, 2016

>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

Years

Yield

at MarketPortfolio/BenchmarkAverage

Maturity

BREVARD CNTY SCHOOL BOARD CAPITAL - ST 0.60% 91.9% 0.0% 8.1% 0.0% 0.0% 0.0%0.44 yrs

BofA ML 3 Month U.S. Treasury Bill Index 0.26% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.25 yrs

0%

20%

40%

60%

80%

100%

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

91.9%

0.0%

8.1%

0.0% 0.0% 0.0%

100.0%

0.0% 0.0% 0.0% 0.0% 0.0%

BREVARD CNTY SCHOOL BOARD CAPITAL - ST BofA ML 3 Month U.S. Treasury Bill Index





As of June 30, 2016

Duration Distribution

> 5

YEARS4-5

YEARS

3-4

YEARS

2-3

YEARS

1-2

YEARS

0-1

YEARS

Effective

DurationPortfolio / Benchmark

BREVARD CNTY SCHOOL BOARD CAPITAL - ST 0.44 91.92% 0.00% 8.08% 0.00% 0.00% 0.00%

BofA ML 3 Month U.S. Treasury Bill Index 0.15 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0%

20%

40%

60%

80%

100%


92%

0%

8%

0% 0% 0%

100%

0% 0% 0% 0% 0%

Distribution by Effective Duration


BofA ML 3 Month U.S. Treasury Bill Index

0%

10%

20%

30%

40%

50%

60%

70%


60%

0%

40%

0% 0% 0%

Contribution to Portfolio Duration





Credit QualityAs of June 30, 2016

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

51.7%$14,773,267A-1

33.9%$9,686,587A-1+

14.4%$4,108,090AA+

Totals 100.0%$28,567,943

51.7%A-1

33.9%A-1+

14.4%AA+







Issuer DistributionAs of June 30, 2016

Market Value ($) % of PortfolioIssuer

RABOBANK NEDERLAND 9,980,040 34.9%

TOYOTA MOTOR CORP 4,991,515 17.5%

MITSUBISHI UFJ FINANCIAL GROUP INC 4,793,227 16.8%

FEDERAL HOME LOAN BANKS 4,695,072 16.4%

FANNIE MAE 2,307,492 8.1%

UNITED STATES TREASURY 1,800,598 6.3%

28,567,943 100.0%Grand Total:

2016 PFM Asset Management LLC AccountPage 19 of 88




Sector/Issuer DistributionAs of June 30, 2016

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

Commercial Paper

MITSUBISHI UFJ FINANCIAL GROUP INC 16.8% 24.3% 4,793,227

RABOBANK NEDERLAND 34.9% 50.5% 9,980,040

TOYOTA MOTOR CORP 17.5% 25.3% 4,991,515

100.0% 69.2% 19,764,782 Sector Total

Federal Agency/GSE

FANNIE MAE 8.1% 33.0% 2,307,492

FEDERAL HOME LOAN BANKS 16.4% 67.0% 4,695,072

100.0% 24.5% 7,002,564 Sector Total

U.S. Treasury

UNITED STATES TREASURY 6.3% 100.0% 1,800,598

100.0% 6.3% 1,800,598 Sector Total

100.0% 28,567,943 Portfolio Total 100.0%




Portfolio Activity

Quarterly Portfolio Transactions

Trade

Date

Settle

Date

Maturity

DatePar ($) CUSIP Security DescriptionTransact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

3/31/16 4/1/16 5,000,000 89233GK39 TOYOTA MOTOR CREDIT CORP COMM PAPER 10/3/16 4,980,729.17 0.75%0.00%

3/31/16 4/4/16 4,700,000 313384J42 FEDERAL HOME LOAN BANKS DISC NOTE 10/4/16 4,689,248.75 0.45%0.00%

4/13/16 4/14/16 10,000,000 21687AKE2 RABOBANK NEDERLAND NV NY COMM PAPER 10/14/16 9,957,808.33 0.83%0.00%

19,700,000 19,627,786.25Total BUY

INTEREST

4/1/16 4/1/16 0 MONEY0002 MONEY MARKET FUND 83.56


5/31/16 5/31/16 12,400,000 912828WM8 US TREASURY NOTES 5/31/16 23,250.00 0.37%


12,400,000 23,501.36Total INTEREST

MATURITY

4/13/16 4/13/16 8,000,000 313588VN2 FANNIE MAE DISC NOTE 4/13/16 8,000,000.00 0.00 0.00%

5/13/16 5/13/16 4,400,000 89233GED4 TOYOTA MOTOR CREDIT CORP COMM PAPER 5/13/16 4,400,000.00 0.00 0.00%

5/31/16 5/31/16 12,400,000 912828WM8 US TREASURY NOTES 5/31/16 12,400,000.00 0.00 0.37%

6/10/16 6/10/16 5,000,000 06538BFA6 BANK OF TOKYO MITSUBISHI COMM PAPER 6/10/16 5,000,000.00 0.00 0.00%

6/10/16 6/10/16 5,000,000 89233GFA9 TOYOTA MOTOR CREDIT CORP COMM PAPER 6/10/16 5,000,000.00 0.00 0.00%

34,800,000 34,800,000.00 0.00Total MATURITY




Portfolio Activity


Security DescriptionCUSIPPar ($) Settle

Date

Trade

Date

Tran.

Type

Maturity

Date

Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

3/31/16 4/1/16 5,000,000.00 89233GK39 TOYOTA MOTOR CREDIT CORP COMM

PAPER

BUY 10/3/16 (4,980,729.17) 0.75%0.00%

3/31/16 4/4/16 4,700,000.00 313384J42 FEDERAL HOME LOAN BANKS DISC NOTEBUY 10/4/16 (4,689,248.75) 0.45%0.00%

4/1/16 4/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 83.56

4/13/16 4/13/16 8,000,000.00 313588VN2 FANNIE MAE DISC NOTEMATURITY 4/13/16 8,000,000.00 0.00 0.00%

4/13/16 4/14/16 10,000,000.00 21687AKE2 RABOBANK NEDERLAND NV NY COMM

PAPER

BUY 10/14/16 (9,957,808.33) 0.83%0.00%


5/13/16 5/13/16 4,400,000.00 89233GED4 TOYOTA MOTOR CREDIT CORP COMM

PAPER

MATURITY 5/13/16 4,400,000.00 0.00 0.00%

5/31/16 5/31/16 12,400,000.00 912828WM8 US TREASURY NOTESINTEREST 5/31/16 23,250.00 0.37%

5/31/16 5/31/16 12,400,000.00 912828WM8 US TREASURY NOTESMATURITY 5/31/16 12,400,000.00 0.00 0.37%


6/10/16 6/10/16 5,000,000.00 06538BFA6 BANK OF TOKYO MITSUBISHI COMM PAPERMATURITY 6/10/16 5,000,000.00 0.00 0.00%

6/10/16 6/10/16 5,000,000.00 89233GFA9 TOYOTA MOTOR CREDIT CORP COMM

PAPER

MATURITY 6/10/16 5,000,000.00 0.00 0.00%

TOTALS 15,195,715.11 0.00


BREVARD CNTY SCHOOL BOARD OPERATING - ST


Portfolio Snapshot


53,900,000

54,069,881

53,940,312

129,569

-

53,898,302

0.31%

0.70%

AAAverage Credit: **

Yield at Cost:

Accrued Interest:

Cash:

Par Value:

Amortized Cost:

Total Market Value:

Yield at Market:






PFM -


3.9%A-1

96.1%AA+

0%

20%

40%

60%

80%

100%


100.0%

0.0% 0.0% 0.0% 0.0% 0.0%


Sector Allocation

3.9%

CommercialPaper

96.1%U.S. Treasury







Portfolio Earnings



Net Purchases/Sales

Change in Value

Interest Earned

$99,002,201.90

($45,000,000.00)

($61,889.70)

$163,577.79

$101,688.09

$53,940,312.20

$98,920,776.72

($45,000,000.00)

($22,474.39)

$163,577.79

$141,103.40

$53,898,302.33

Portfolio Earnings







Sector Allocation

As of June 30, 2016


U.S. Treasury 51,843,618 96.1%


Total 53,940,312 100.0%

3.9%

CommercialPaper

96.1%U.S. Treasury









U.S. Treasury 51,843,618 100.0% 96.1%


53,940,312 100.0% 100.0%Total

0%

20%

40%

60%

80%

100%

Commercial Paper U.S. Treasury

3.9%

96.1%

0.0%

100.0%

BREVARD CNTY SCHOOL BOARD OPERATING - ST BofA ML 3 Month U.S. Treasury Bill Index







Sector Allocation



U.S. Treasury 51.8 96.1% 81.9 82.8% 81.9 73.2% 5.3 30.2%Commercial Paper 2.1 3.9% 17.1 17.3% 20.0 17.8% 10.0 57.4%Federal Agency/GSE 0.0 0.0% 0.0 0.0% 10.0 8.9% 2.1 12.4%

$53.9 100.0% $99.0 100.0% $111.8 100.0% $17.4 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Federal Agency/GSECommercial PaperU.S. Treasury








>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

Years

Yield


Maturity

BREVARD CNTY SCHOOL BOARD OPERATING - ST 0.31% 100.0% 0.0% 0.0% 0.0% 0.0% 0.0%0.21 yrs


0%

20%

40%

60%

80%

100%


100.0%

0.0% 0.0% 0.0% 0.0% 0.0%

100.0%

0.0% 0.0% 0.0% 0.0% 0.0%

BREVARD CNTY SCHOOL BOARD OPERATING - ST BofA ML 3 Month U.S. Treasury Bill Index





As of June 30, 2016


> 5

YEARS4-5

YEARS

3-4

YEARS

2-3

YEARS

1-2

YEARS

0-1

YEARS

Effective


BREVARD CNTY SCHOOL BOARD OPERATING -

ST

0.21 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%


0%

20%

40%

60%

80%

100%


100%

0% 0% 0% 0% 0%

100%

0% 0% 0% 0% 0%




0%

20%

40%

60%

80%

100%


100%

0% 0% 0% 0% 0%








96.1%$51,843,618AA+

3.9%$2,096,695A-1

Totals 100.0%$53,940,312

3.9%A-1

96.1%AA+










BNP PARIBAS 2,096,695 3.9%

53,940,312 100.0%Grand Total:







Commercial Paper

BNP PARIBAS 3.9% 100.0% 2,096,695

100.0% 3.9% 2,096,695 Sector Total

U.S. Treasury


100.0% 96.1% 51,843,618 Sector Total

100.0% 53,940,312 Portfolio Total 100.0%




Portfolio Activity


Trade

Date

Settle

Date

Maturity


Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

INTEREST


4/15/16 4/15/16 10,000,000 912828WA4 US TREASURY NOTES 10/15/16 31,250.00 0.62%

4/30/16 4/30/16 15,000,000 912828C81 US TREASURY NOTES 4/30/16 28,125.00 0.37%


5/15/16 5/15/16 9,800,000 912828WF3 US TREASURY NOTES 11/15/16 30,625.00 0.62%


6/30/16 6/30/16 15,000,000 912828QR4 US TREASURY NOTES 6/30/16 112,500.00 1.50%

49,800,000 203,105.91Total INTEREST

MATURITY

4/30/16 4/30/16 15,000,000 912828C81 US TREASURY NOTES 4/30/16 15,000,000.00 0.00 0.37%

5/6/16 5/6/16 5,000,000 09659BE63 BNP PARIBAS NY BRANCH COMM PAPER 5/6/16 5,000,000.00 0.00 0.00%

6/17/16 6/17/16 5,000,000 46640PFH1 JP MORGAN SECURITIES LLC COMM PAPER 6/17/16 5,000,000.00 0.00 0.00%

6/27/16 6/27/16 5,000,000 46640PFT5 JP MORGAN SECURITIES LLC COMM PAPER 6/27/16 5,000,000.00 0.00 0.00%

6/30/16 6/30/16 15,000,000 912828QR4 US TREASURY NOTES 6/30/16 15,000,000.00 0.00 1.50%

45,000,000 45,000,000.00 0.00Total MATURITY




Portfolio Activity



Date

Trade

Date

Tran.

Type

Maturity

Date

Transact

Amt ($)Yield

Realized

G/L (BV)Coupon


4/15/16 4/15/16 10,000,000.00 912828WA4 US TREASURY NOTESINTEREST 10/15/16 31,250.00 0.62%

4/30/16 4/30/16 15,000,000.00 912828C81 US TREASURY NOTESINTEREST 4/30/16 28,125.00 0.37%

4/30/16 4/30/16 15,000,000.00 912828C81 US TREASURY NOTESMATURITY 4/30/16 15,000,000.00 0.00 0.37%


5/6/16 5/6/16 5,000,000.00 09659BE63 BNP PARIBAS NY BRANCH COMM PAPERMATURITY 5/6/16 5,000,000.00 0.00 0.00%

5/15/16 5/15/16 9,800,000.00 912828WF3 US TREASURY NOTESINTEREST 11/15/16 30,625.00 0.62%


6/17/16 6/17/16 5,000,000.00 46640PFH1 JP MORGAN SECURITIES LLC COMM PAPERMATURITY 6/17/16 5,000,000.00 0.00 0.00%

6/27/16 6/27/16 5,000,000.00 46640PFT5 JP MORGAN SECURITIES LLC COMM PAPERMATURITY 6/27/16 5,000,000.00 0.00 0.00%

6/30/16 6/30/16 15,000,000.00 912828QR4 US TREASURY NOTESINTEREST 6/30/16 112,500.00 1.50%

6/30/16 6/30/16 15,000,000.00 912828QR4 US TREASURY NOTESMATURITY 6/30/16 15,000,000.00 0.00 1.50%

TOTALS 45,203,105.91 0.00


BREVARD COUNTY DISC SALES SURTAX ACCOUNT


Portfolio Snapshot


37,830,000

38,222,161

37,978,430

46,019

197,712

37,858,629

0.65%

0.91%


Yield at Cost:

Accrued Interest:

Cash:

Par Value:

Amortized Cost:

Total Market Value:

Yield at Market:






PFM -


44.7%A-1

15.7%A-1+

39.6%AA+

0%

10%

20%

30%

40%

50%

60%

70%


65.7%

18.2%

5.4% 5.4% 5.3%0.0%


Sector Allocation

60.4%

CommercialPaper

39.6%U.S. Treasury







Portfolio Earnings



Net Purchases/Sales

Change in Value

Interest Earned

$27,939,274.80

$9,946,281.11

$92,874.11

$42,525.45

$135,399.56

$37,978,430.02

$27,887,493.77

$9,946,281.11

$24,854.31

$42,525.45

$67,379.76

$37,858,629.19

Portfolio Earnings







Sector Allocation

As of June 30, 2016



U.S. Treasury 15,033,218 39.6%

Total 37,978,430 100.0%

60.4%

CommercialPaper

39.6%U.S. Treasury










U.S. Treasury 15,033,218 100.0% 39.6%

37,978,430 100.0% 100.0%Total

0%

20%

40%

60%

80%

100%

Commercial Paper U.S. Treasury

60.4%

39.6%

0.0%

100.0%

BREVARD COUNTY DISC SALES SURTAX ACCOUNT BofA ML 3 Month U.S. Treasury Bill Index







Sector Allocation



Commercial Paper 22.9 60.4% 13.0 46.4% 0.0 0.0% 0.0 0.0%U.S. Treasury 15.0 39.6% 15.0 53.6% 0.0 0.0% 0.0 0.0%Federal Agency/GSE 0.0 0.0% 0.0 0.0% 15.0 100.0% 15.0 100.0%

$38.0 100.0% $27.9 100.0% $15.0 100.0% $15.0 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Federal Agency/GSEU.S. TreasuryCommercial Paper








>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

Years

Yield


Maturity

BREVARD COUNTY DISC SALES SURTAX ACCOUNT 0.65% 65.7% 18.2% 5.4% 5.4% 5.3% 0.0%1.13 yrs


0%

20%

40%

60%

80%

100%


65.7%

18.2%

5.4% 5.4% 5.3%0.0%

100.0%

0.0% 0.0% 0.0% 0.0% 0.0%

BREVARD COUNTY DISC SALES SURTAX ACCOUNT BofA ML 3 Month U.S. Treasury Bill Index





As of June 30, 2016


> 5

YEARS4-5

YEARS

3-4

YEARS

2-3

YEARS

1-2

YEARS

0-1

YEARS

Effective


BREVARD COUNTY DISC SALES SURTAX

ACCOUNT

1.11 65.70% 18.22% 5.40% 5.37% 5.32% 0.00%


0%

20%

40%

60%

80%

100%


66%

18%

5% 5% 5%0%

100%

0% 0% 0% 0% 0%




0%

4%

8%

12%

16%

20%

24%

28%

32%


19%

29%

13%

18%

21%

0%








44.7%$16,967,418A-1

39.6%$15,033,218AA+

15.7%$5,977,794A-1+

Totals 100.0%$37,978,430

44.7%A-1

15.7%A-1+

39.6%AA+










BNP PARIBAS 6,497,166 17.1%

MITSUBISHI UFJ FINANCIAL GROUP INC 6,496,984 17.1%

TOYOTA MOTOR CORP 5,977,794 15.7%

BANK OF MONTREAL 3,973,268 10.5%

37,978,430 100.0%Grand Total:







Commercial Paper

BANK OF MONTREAL 10.5% 17.3% 3,973,268

BNP PARIBAS 17.1% 28.3% 6,497,166

MITSUBISHI UFJ FINANCIAL GROUP INC 17.1% 28.3% 6,496,984

TOYOTA MOTOR CORP 15.7% 26.1% 5,977,794

100.0% 60.4% 22,945,212 Sector Total

U.S. Treasury


100.0% 39.6% 15,033,218 Sector Total

100.0% 37,978,430 Portfolio Total 100.0%




Portfolio Activity


Trade

Date

Settle

Date

Maturity


Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

6/15/16 6/16/16 4,000,000 06366GQ36 BANK OF MONTREAL CHICAGO COMM PAPER 3/3/17 3,970,244.44 1.04%0.00%

6/15/16 6/16/16 6,000,000 89233GMF0 TOYOTA MOTOR CREDIT CORP COMM PAPER 12/15/16 5,976,036.67 0.79%0.00%

10,000,000 9,946,281.11Total BUY

INTEREST




0 222.82Total INTEREST




Portfolio Activity



Date

Trade

Date

Tran.

Type

Maturity

Date

Transact

Amt ($)Yield

Realized

G/L (BV)Coupon




6/15/16 6/16/16 4,000,000.00 06366GQ36 BANK OF MONTREAL CHICAGO COMM

PAPER

BUY 3/3/17 (3,970,244.44) 1.04%0.00%

6/15/16 6/16/16 6,000,000.00 89233GMF0 TOYOTA MOTOR CREDIT CORP COMM

PAPER

BUY 12/15/16 (5,976,036.67) 0.79%0.00%

TOTALS (9,946,058.29)


BREVARD COUNTY FLA SD SELF INSURANCE FD


Portfolio Snapshot


14,894,000

15,073,190

15,010,601

43,441

19,149

14,916,489

0.80%

1.04%


Yield at Cost:

Accrued Interest:

Cash:

Par Value:

Amortized Cost:

Total Market Value:

Yield at Market:





PFM -


4.0%A

6.0%A-

0.6%AA

4.0%AA-

85.3%AA+

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


11.9%

44.6% 43.5%

0.0% 0.0% 0.0%


Sector Allocation

18.3%Corporate

30.6%

FederalAgency/GSE

51.0%U.S. Treasury







Portfolio Performance (Total Return)

Effective

DurationPortfolio/Benchmark

Annualized Return

10 Year1 Year 3 Year 5 YearSince Inception

(09/30/01) **

Current

Quarter

BREVARD COUNTY FLA SD SELF

INSURANCE FD

1.80 0.49% 2.60%1.44% 1.01% 0.88% 2.60%

BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53% 2.46%1.31% 0.98% 0.81% 2.48%

Difference 0.13%-0.04% 0.03% 0.07% 0.14% 0.12%

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

2.4%

2.8%

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

0.49%

1.44%

1.01%0.88%

2.60% 2.60%

0.53%

1.31%

0.98%0.81%

2.46% 2.48%

To

tal

Ret

urn

BREVARD COUNTY FLA SD SELF INSURANCE FD BofA ML 1-3 Year U.S. Treasury Index


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






Effective


Annualized Return

03/31/16 09/30/1506/30/16 12/31/15

Quarter Ended

5 Year1 Year 3 Year


INSURANCE FD

1.80 0.49% 1.44% 1.01% 0.88%0.93% -0.29% 0.30%

BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53% 1.31% 0.98% 0.81%0.90% -0.44% 0.31%

Difference 0.13%-0.04% 0.03% 0.07%0.03% 0.15% -0.01%

-0.8%

-0.4%

0.0%

0.4%

0.8%

1.2%

1.6%

06/30/16 03/31/16 12/31/15 09/30/15 1 Year 3 Year 5 Year

0.49%

0.93%

-0.29%

0.30%

1.44%

1.01%0.88%

0.53%

0.90%

-0.44%

0.31%

1.31%

0.98%

0.81%

To

tal

Ret

urn



Portfolio performance is gross of fees unless otherwise indicated.






Effective

DurationPortfolio/Benchmark 03/31/16 09/30/1506/30/16 12/31/15

Quarter Ended Annualized Return

5 Year1 Year 3 Year


INSURANCE FD

1.80 0.49% 1.44% 1.01% 0.88%0.93% -0.29% 0.30%

Net of Fees ** - 0.47% 1.38% 0.94% 0.82%0.91% -0.31% 0.28%


0.13%-0.04% 0.03% 0.07%0.03% 0.15% -0.01%Difference (Gross)

Difference (Net) -0.06% 0.01% 0.13% -0.03% 0.07% -0.04% 0.01%

-0.8%

-0.4%

0.0%

0.4%

0.8%

1.2%

1.6%

06/30/16 03/31/16 12/31/15 09/30/15 1 Year 3 Year 5 Year

0.49%

0.93%

-0.29%

0.30%

1.44%

1.01%0.88%

0.53%

0.90%

-0.44%

0.31%

1.31%

0.98%

0.81%

To

tal

Ret

urn



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





Portfolio Earnings



Net Purchases/Sales

Change in Value

Interest Earned

$14,869,011.07

$111,178.74

$30,411.52

$42,743.44

$73,154.96

$15,010,601.33

$14,805,838.50

$111,178.74

($527.77)

$42,743.44

$42,215.67

$14,916,489.47

Portfolio Earnings







Sector Allocation

As of June 30, 2016


U.S. Treasury 7,662,825 51.1%


Corporate 2,750,195 18.3%

Total 15,010,601 100.0%

18.3%Corporate

30.6%

FederalAgency/GSE

51.0%U.S. Treasury









100.0% 51.1% 7,662,825U.S. Treasury - 30.6% 4,597,582Federal Agency/GSE - 18.3% 2,750,195Corporate

15,010,601 100.0% 100.0%Total

0%

20%

40%

60%

80%

100%

Corporate Federal Agency/GSE U.S. Treasury

18.3%

30.6%

51.0%

0.0% 0.0%

100.0%








Sector Allocation



U.S. Treasury 7.7 51.1% 9.3 62.2% 9.4 64.0% 9.2 62.0%Federal Agency/GSE 4.6 30.6% 2.4 16.4% 1.7 11.6% 2.0 13.6%Corporate 2.8 18.3% 2.8 18.5% 2.8 19.2% 2.8 19.2%Municipal 0.0 0.0% 0.4 2.9% 0.8 5.3% 0.8 5.3%

$15.0 100.0% $14.9 100.0% $14.7 100.0% $14.8 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


MunicipalCorporateFederal Agency/GSEU.S. Treasury








>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

Years

Yield


Maturity

BREVARD COUNTY FLA SD SELF INSURANCE FD 0.80% 11.9% 44.6% 43.5% 0.0% 0.0% 0.0%1.84 yrs

BofA ML 1-3 Year U.S. Treasury Index 0.60% 3.1% 53.7% 43.1% 0.0% 0.0% 0.0%1.94 yrs

0%

10%

20%

30%

40%

50%

60%


11.9%

44.6% 43.5%

0.0% 0.0% 0.0%3.1%

53.7%

43.1%

0.0% 0.0% 0.0%






As of June 30, 2016


> 5

YEARS4-5

YEARS

3-4

YEARS

2-3

YEARS

1-2

YEARS

0-1

YEARS

Effective


BREVARD COUNTY FLA SD SELF INSURANCE FD 1.80 11.90% 44.57% 43.53% 0.00% 0.00% 0.00%

BofA ML 1-3 Year U.S. Treasury Index 1.83 3.12% 53.74% 43.15% 0.00% 0.00% 0.00%

0%

10%

20%

30%

40%

50%

60%


12%

45% 44%

0% 0% 0%3%

54%

43%

0% 0% 0%



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

0%

10%

20%

30%

40%

50%

60%

70%


3%

36%

61%

0% 0% 0%2%

43%

56%

0% 0% 0%










85.3%$12,811,892AA+

6.0%$899,952A-

4.0%$604,205AA-

4.0%$603,725A

0.6%$90,827AA

Totals 100.0%$15,010,601

4.0%A

6.0%A-

0.6%AA

4.0%AA-

85.3%AA+











FANNIE MAE 1,739,466 11.6%

FREDDIE MAC 1,046,696 7.0%

TOYOTA MOTOR CORP 604,205 4.0%

GENERAL ELECTRIC CO 551,486 3.7%

JP MORGAN CHASE & CO 550,000 3.7%

BANK OF NEW YORK CO INC 353,483 2.4%

AMERICAN EXPRESS CO 349,952 2.3%

CATERPILLAR INC 250,243 1.7%

BERKSHIRE HATHAWAY INC 90,827 0.6%

15,010,601 100.0%Grand Total:

To

p 5

= 8

5.7%

To

p 1

0 =

99.

4%







Corporate

AMERICAN EXPRESS CO 2.3% 12.7% 349,952

BANK OF NEW YORK CO INC 2.4% 12.9% 353,483

BERKSHIRE HATHAWAY INC 0.6% 3.3% 90,827

CATERPILLAR INC 1.7% 9.1% 250,243

GENERAL ELECTRIC CO 3.7% 20.1% 551,486

JP MORGAN CHASE & CO 3.7% 20.0% 550,000

TOYOTA MOTOR CORP 4.0% 22.0% 604,205

100.0% 18.3% 2,750,195 Sector Total

Federal Agency/GSE

FANNIE MAE 11.6% 37.8% 1,739,466


FREDDIE MAC 7.0% 22.8% 1,046,696

100.0% 30.6% 4,597,582 Sector Total

U.S. Treasury


100.0% 51.0% 7,662,825 Sector Total





100.0% 15,010,601 Portfolio Total 100.0%




Portfolio Activity


Trade

Date

Settle

Date

Maturity


Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

4/6/16 4/7/16 450,000 3137EAEA3 FHLMC REFERENCE NOTE 4/9/18 449,293.50 0.83%0.75%

5/3/16 5/6/16 400,000 912828WL0 US TREASURY NOTES 5/31/19 409,652.66 0.92%1.50%

5/25/16 5/27/16 540,000 3135G0J53 FNMA BENCHMARK NOTE 2/26/19 539,631.60 1.12%1.00%

5/26/16 5/27/16 390,000 3130A8BD4 FEDERAL HOME LOAN BANKS AGCY 6/29/18 389,060.10 0.99%0.87%

6/2/16 6/3/16 390,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 389,836.20 1.14%1.12%


2,770,000 2,782,981.31Total BUY

INTEREST

4/1/16 4/1/16 375,000 759911X88 REGIONAL TRANS AUTH, IL TXBL REV BONDS 5/6/16 1,031.25 0.55%


4/30/16 4/30/16 190,000 912828TW0 US TREASURY NOTES 10/31/17 712.50 0.75%

4/30/16 4/30/16 760,000 912828WD8 US TREASURY NOTES 10/31/18 4,750.00 1.25%

4/30/16 4/30/16 330,000 912828SS0 US TREASURY NOTES 4/30/17 1,443.75 0.87%



5/6/16 5/6/16 375,000 759911X88 REGIONAL TRANS AUTH, IL TXBL REV BONDS 5/6/16 200.52 0.55%

5/15/16 5/15/16 50,000 91412GSX4 UNIV OF CAL TXBL REV BONDS 5/15/16 226.75 0.90%

5/15/16 5/15/16 550,000 36962G7J7 GENERAL ELECTRIC CORP NOTES (CALLABLE) 5/15/17 3,437.50 1.25%

5/22/16 5/22/16 350,000 06406HDB2 BANK OF NEW YORK MELLON CORP (CALLABLE) 5/22/18 2,800.00 1.60%

5/31/16 5/31/16 450,000 912828UA6 US TREASURY NOTES 11/30/17 1,406.25 0.62%

5/31/16 5/31/16 400,000 912828WL0 US TREASURY NOTES 5/31/19 3,000.00 1.50%


6/5/16 6/5/16 350,000 0258M0DM8 AMERICAN EXPRESS CREDIT CORP NOTES 6/5/17 1,968.75 1.12%




Portfolio Activity

Trade

Date

Settle

Date

Maturity


Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

6/21/16 6/21/16 390,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 219.38 1.12%

6/29/16 6/29/16 390,000 3130A8BD4 FEDERAL HOME LOAN BANKS AGCY 6/29/18 303.33 0.87%

6/30/16 6/30/16 850,000 912828A75 US TREASURY NOTES 12/31/18 6,375.00 1.50%

6,315,000 31,081.85Total INTEREST

MATURITY

5/6/16 5/6/16 375,000 759911X88 REGIONAL TRANS AUTH, IL TXBL REV BONDS 5/6/16 375,000.00 0.00 0.55%

5/15/16 5/15/16 50,000 91412GSX4 UNIV OF CAL TXBL REV BONDS 5/15/16 50,000.00 0.00 0.90%

425,000 425,000.00 0.00Total MATURITY

SELL

4/6/16 4/7/16 100,000 912828UU2 US TREASURY NOTES 3/31/18 100,022.15 0.75% 503.74 0.75%


5/25/16 5/27/16 150,000 3137EADU0 FHLMC REFERENCE NOTE 1/27/17 150,097.00 0.65% (66.48)0.50%

5/25/16 5/27/16 275,000 912828SC5 US TREASURY NOTES 1/31/17 276,278.32 0.60% 124.23 0.87%


6/2/16 6/3/16 380,000 912828C65 US TREASURY NOTES 3/31/19 387,611.03 1.01% 410.98 1.62%

6/27/16 6/28/16 75,000 3137EADU0 FHLMC REFERENCE NOTE 1/27/17 75,147.54 0.52% 27.93 0.50%

6/27/16 6/28/16 330,000 912828SS0 US TREASURY NOTES 4/30/17 331,468.41 0.51% 920.46 0.87%

6/27/16 6/28/16 185,000 912828SM3 US TREASURY NOTES 3/31/17 186,150.84 0.50% 600.58 1.00%

2,235,000 2,246,409.55 4,308.74Total SELL




Portfolio Activity



Date

Trade

Date

Tran.

Type

Maturity

Date

Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

4/1/16 4/1/16 375,000.00 759911X88 REGIONAL TRANS AUTH, IL TXBL REV

BONDS

INTEREST 5/6/16 1,031.25 0.55%


4/6/16 4/7/16 450,000.00 3137EAEA3 FHLMC REFERENCE NOTEBUY 4/9/18 (449,293.50) 0.83%0.75%

4/6/16 4/7/16 100,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 100,022.15 0.75% 503.74 0.75%


4/30/16 4/30/16 190,000.00 912828TW0 US TREASURY NOTESINTEREST 10/31/17 712.50 0.75%

4/30/16 4/30/16 760,000.00 912828WD8 US TREASURY NOTESINTEREST 10/31/18 4,750.00 1.25%

4/30/16 4/30/16 330,000.00 912828SS0 US TREASURY NOTESINTEREST 4/30/17 1,443.75 0.87%



5/3/16 5/6/16 400,000.00 912828WL0 US TREASURY NOTESBUY 5/31/19 (409,652.66) 0.92%1.50%


BONDS

INTEREST 5/6/16 200.52 0.55%


BONDS

MATURITY 5/6/16 375,000.00 0.00 0.55%

5/15/16 5/15/16 50,000.00 91412GSX4 UNIV OF CAL TXBL REV BONDSINTEREST 5/15/16 226.75 0.90%

5/15/16 5/15/16 550,000.00 36962G7J7 GENERAL ELECTRIC CORP NOTES

(CALLABLE)

INTEREST 5/15/17 3,437.50 1.25%

5/15/16 5/15/16 50,000.00 91412GSX4 UNIV OF CAL TXBL REV BONDSMATURITY 5/15/16 50,000.00 0.00 0.90%

5/22/16 5/22/16 350,000.00 06406HDB2 BANK OF NEW YORK MELLON CORP

(CALLABLE)

INTEREST 5/22/18 2,800.00 1.60%

5/25/16 5/27/16 540,000.00 3135G0J53 FNMA BENCHMARK NOTEBUY 2/26/19 (539,631.60) 1.12%1.00%

5/25/16 5/27/16 150,000.00 3137EADU0 FHLMC REFERENCE NOTESELL 1/27/17 150,097.00 0.65% (66.48)0.50%




Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date

Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

5/25/16 5/27/16 275,000.00 912828SC5 US TREASURY NOTESSELL 1/31/17 276,278.32 0.60% 124.23 0.87%

5/26/16 5/27/16 390,000.00 3130A8BD4 FEDERAL HOME LOAN BANKS AGCYBUY 6/29/18 (389,060.10) 0.99%0.87%


5/31/16 5/31/16 450,000.00 912828UA6 US TREASURY NOTESINTEREST 11/30/17 1,406.25 0.62%

5/31/16 5/31/16 400,000.00 912828WL0 US TREASURY NOTESINTEREST 5/31/19 3,000.00 1.50%


6/2/16 6/3/16 390,000.00 3130A8DB6 FHLB GLOBAL NOTEBUY 6/21/19 (389,836.20) 1.14%1.12%

6/2/16 6/3/16 380,000.00 912828C65 US TREASURY NOTESSELL 3/31/19 387,611.03 1.01% 410.98 1.62%

6/5/16 6/5/16 350,000.00 0258M0DM8 AMERICAN EXPRESS CREDIT CORP NOTESINTEREST 6/5/17 1,968.75 1.12%

6/21/16 6/21/16 390,000.00 3130A8DB6 FHLB GLOBAL NOTEINTEREST 6/21/19 219.38 1.12%


6/27/16 6/28/16 75,000.00 3137EADU0 FHLMC REFERENCE NOTESELL 1/27/17 75,147.54 0.52% 27.93 0.50%

6/27/16 6/28/16 330,000.00 912828SS0 US TREASURY NOTESSELL 4/30/17 331,468.41 0.51% 920.46 0.87%

6/27/16 6/28/16 185,000.00 912828SM3 US TREASURY NOTESSELL 3/31/17 186,150.84 0.50% 600.58 1.00%

6/29/16 6/29/16 390,000.00 3130A8BD4 FEDERAL HOME LOAN BANKS AGCYINTEREST 6/29/18 303.33 0.87%

6/30/16 6/30/16 850,000.00 912828A75 US TREASURY NOTESINTEREST 12/31/18 6,375.00 1.50%

TOTALS (80,489.91) 4,308.74


BREVARD COUNTY SD HEALTH INSURANCE FUND


Portfolio Snapshot


12,355,000

12,496,409

12,451,559

36,343

8,508

12,376,256

0.80%

1.03%


Yield at Cost:

Accrued Interest:

Cash:

Par Value:

Amortized Cost:

Total Market Value:

Yield at Market:





PFM -


4.4%A

6.0%A-

0.7%AA

4.0%AA-

84.8%AA+

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%


11.7%

45.2%43.1%

0.0% 0.0% 0.0%


Sector Allocation

18.8%Corporate

30.1%

FederalAgency/GSE

51.1%U.S. Treasury








Effective


Annualized Return

10 Year1 Year 3 Year 5 YearSince Inception

(09/30/07) **

Current

Quarter

BREVARD COUNTY SD HEALTH

INSURANCE FUND

1.80 0.48% -1.42% 1.01% 0.87% 2.09%

BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53% -1.31% 0.98% 0.81% 1.93%

Difference 0.11%-0.05% 0.03% 0.06% - 0.16%

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

2.4%

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

0.48%

1.42%

1.01%0.87%

2.09%

0.53%

1.31%

0.98%

0.81%

1.93%

To

tal

Ret

urn

BREVARD COUNTY SD HEALTH INSURANCE FUND BofA ML 1-3 Year U.S. Treasury Index


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






Effective


Annualized Return

03/31/16 09/30/1506/30/16 12/31/15

Quarter Ended

5 Year1 Year 3 Year


INSURANCE FUND

1.80 0.48% 1.42% 1.01% 0.87%0.93% -0.30% 0.31%


Difference 0.11%-0.05% 0.03% 0.06%0.03% 0.14% 0.00%

-0.8%

-0.4%

0.0%

0.4%

0.8%

1.2%

1.6%

06/30/16 03/31/16 12/31/15 09/30/15 1 Year 3 Year 5 Year

0.48%

0.93%

-0.30%

0.31%

1.42%

1.01%0.87%

0.53%

0.90%

-0.44%

0.31%

1.31%

0.98%

0.81%

To

tal

Ret

urn



Portfolio performance is gross of fees unless otherwise indicated.






Effective

DurationPortfolio/Benchmark 03/31/16 09/30/1506/30/16 12/31/15

Quarter Ended Annualized Return

5 Year1 Year 3 Year


INSURANCE FUND

1.80 0.48% 1.42% 1.01% 0.87%0.93% -0.30% 0.31%

Net of Fees ** - 0.46% 1.36% 0.94% 0.81%0.91% -0.32% 0.29%


0.11%-0.05% 0.03% 0.06%0.03% 0.14% 0.00%Difference (Gross)

Difference (Net) -0.07% 0.01% 0.12% -0.02% 0.05% -0.04% 0.00%

-0.8%

-0.4%

0.0%

0.4%

0.8%

1.2%

1.6%

06/30/16 03/31/16 12/31/15 09/30/15 1 Year 3 Year 5 Year

0.48%

0.93%

-0.30%

0.31%

1.42%

1.01%0.87%

0.53%

0.90%

-0.44%

0.31%

1.31%

0.98%

0.81%

To

tal

Ret

urn



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





Portfolio Earnings



Net Purchases/Sales

Change in Value

Interest Earned

$12,339,110.67

$87,867.00

$24,581.04

$35,475.02

$60,056.06

$12,451,558.71

$12,289,444.75

$87,867.00

($1,055.33)

$35,475.02

$34,419.69

$12,376,256.42

Portfolio Earnings







Sector Allocation

As of June 30, 2016


U.S. Treasury 6,359,071 51.1%


Corporate 2,338,641 18.8%

Total 12,451,559 100.0%

18.8%Corporate

30.1%

FederalAgency/GSE

51.1%U.S. Treasury









100.0% 51.1% 6,359,071U.S. Treasury - 30.2% 3,753,847Federal Agency/GSE - 18.8% 2,338,641Corporate

12,451,559 100.0% 100.0%Total

0%

20%

40%

60%

80%

100%

Corporate Federal Agency/GSE U.S. Treasury

18.8%

30.1%

51.1%

0.0% 0.0%

100.0%








Sector Allocation



U.S. Treasury 6.4 51.1% 7.6 61.8% 7.7 62.9% 7.2 58.5%Federal Agency/GSE 3.8 30.2% 2.0 16.4% 1.5 12.1% 1.7 14.2%Corporate 2.3 18.8% 2.3 19.0% 2.4 19.7% 2.4 19.6%Commercial Paper 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.3 2.4%Municipal 0.0 0.0% 0.3 2.8% 0.6 5.3% 0.7 5.3%

$12.5 100.0% $12.3 100.0% $12.2 100.0% $12.3 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Commercial PaperMunicipalCorporateFederal Agency/GSEU.S. Treasury








>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

Years

Yield


Maturity

BREVARD COUNTY SD HEALTH INSURANCE FUND 0.80% 11.7% 45.2% 43.1% 0.0% 0.0% 0.0%1.84 yrs

BofA ML 1-3 Year U.S. Treasury Index 0.60% 3.1% 53.7% 43.1% 0.0% 0.0% 0.0%1.94 yrs

0%

10%

20%

30%

40%

50%

60%


11.7%

45.2%43.1%

0.0% 0.0% 0.0%3.1%

53.7%

43.1%

0.0% 0.0% 0.0%






As of June 30, 2016


> 5

YEARS4-5

YEARS

3-4

YEARS

2-3

YEARS

1-2

YEARS

0-1

YEARS

Effective


BREVARD COUNTY SD HEALTH INSURANCE

FUND

1.80 11.66% 45.20% 43.15% 0.00% 0.00% 0.00%

BofA ML 1-3 Year U.S. Treasury Index 1.83 3.12% 53.74% 43.15% 0.00% 0.00% 0.00%

0%

10%

20%

30%

40%

50%

60%


12%

45%43%

0% 0% 0%3%

54%

43%

0% 0% 0%




0%

10%

20%

30%

40%

50%

60%

70%


3%

37%

61%

0% 0% 0%2%

43%

56%

0% 0% 0%










84.9%$10,564,133AA+

6.0%$749,959A-

4.4%$553,228A

4.0%$503,505AA-

0.7%$80,735AA

Totals 100.0%$12,451,559

4.4%A

6.0%A-

0.7%AA

4.0%AA-

84.8%AA+











FANNIE MAE 1,376,514 11.1%

FREDDIE MAC 792,223 6.4%

TOYOTA MOTOR CORP 503,505 4.0%

GENERAL ELECTRIC CO 451,215 3.6%

JP MORGAN CHASE & CO 450,000 3.6%

BANK OF NEW YORK CO INC 302,985 2.4%

AMERICAN EXPRESS CO 299,959 2.4%

CATERPILLAR INC 250,243 2.0%

BERKSHIRE HATHAWAY INC 80,735 0.7%

12,451,559 100.0%Grand Total:

To

p 5

= 8

5.3%

To

p 1

0 =

99.

4%







Corporate

AMERICAN EXPRESS CO 2.4% 12.8% 299,959

BANK OF NEW YORK CO INC 2.4% 13.0% 302,985

BERKSHIRE HATHAWAY INC 0.6% 3.5% 80,735

CATERPILLAR INC 2.0% 10.7% 250,243

GENERAL ELECTRIC CO 3.6% 19.3% 451,215

JP MORGAN CHASE & CO 3.6% 19.2% 450,000

TOYOTA MOTOR CORP 4.0% 21.5% 503,505

100.0% 18.8% 2,338,641 Sector Total

Federal Agency/GSE

FANNIE MAE 11.1% 36.7% 1,376,514


FREDDIE MAC 6.4% 21.1% 792,223

100.0% 30.1% 3,753,847 Sector Total

U.S. Treasury


100.0% 51.1% 6,359,071 Sector Total





100.0% 12,451,559 Portfolio Total 100.0%




Portfolio Activity


Trade

Date

Settle

Date

Maturity


Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

4/6/16 4/7/16 370,000 3137EAEA3 FHLMC REFERENCE NOTE 4/9/18 369,419.10 0.83%0.75%

5/3/16 5/6/16 300,000 912828WL0 US TREASURY NOTES 5/31/19 307,239.50 0.92%1.50%

5/25/16 5/27/16 390,000 3135G0J53 FNMA BENCHMARK NOTE 2/26/19 389,733.93 1.12%1.00%

5/26/16 5/27/16 330,000 3130A8BD4 FEDERAL HOME LOAN BANKS AGCY 6/29/18 329,204.70 0.99%0.87%



2,275,000 2,285,648.82Total BUY

INTEREST



4/30/16 4/30/16 165,000 912828SS0 US TREASURY NOTES 4/30/17 721.88 0.87%


4/30/16 4/30/16 195,000 912828TW0 US TREASURY NOTES 10/31/17 731.25 0.75%




5/15/16 5/15/16 50,000 91412GSX4 UNIV OF CAL TXBL REV BONDS 5/15/16 226.75 0.90%

5/15/16 5/15/16 450,000 36962G7J7 GENERAL ELECTRIC CORP NOTES (CALLABLE) 5/15/17 2,812.50 1.25%

5/22/16 5/22/16 300,000 06406HDB2 BANK OF NEW YORK MELLON CORP (CALLABLE) 5/22/18 2,400.00 1.60%

5/31/16 5/31/16 315,000 912828UA6 US TREASURY NOTES 11/30/17 984.38 0.62%

5/31/16 5/31/16 300,000 912828WL0 US TREASURY NOTES 5/31/19 2,250.00 1.50%


6/5/16 6/5/16 300,000 0258M0DM8 AMERICAN EXPRESS CREDIT CORP NOTES 6/5/17 1,687.50 1.12%




Portfolio Activity

Trade

Date

Settle

Date

Maturity


Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

6/21/16 6/21/16 320,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 180.00 1.12%

6/29/16 6/29/16 330,000 3130A8BD4 FEDERAL HOME LOAN BANKS AGCY 6/29/18 256.67 0.87%

6/30/16 6/30/16 715,000 912828A75 US TREASURY NOTES 12/31/18 5,362.50 1.50%

4,845,000 23,681.02Total INTEREST

MATURITY

5/6/16 5/6/16 300,000 759911X88 REGIONAL TRANS AUTH, IL TXBL REV BONDS 5/6/16 300,000.00 0.00 0.55%

5/15/16 5/15/16 50,000 91412GSX4 UNIV OF CAL TXBL REV BONDS 5/15/16 50,000.00 0.00 0.90%

350,000 350,000.00 0.00Total MATURITY

SELL


5/25/16 5/27/16 254,000 3137EADU0 FHLMC REFERENCE NOTE 1/27/17 254,164.25 0.65% (112.58)0.50%

5/25/16 5/27/16 140,000 912828SC5 US TREASURY NOTES 1/31/17 140,650.78 0.60% 63.24 0.87%

5/26/16 5/27/16 70,000 912828UU2 US TREASURY NOTES 3/31/18 69,920.43 0.88% (1.66)0.75%


6/2/16 6/3/16 300,000 912828C65 US TREASURY NOTES 3/31/19 306,008.71 1.01% 324.46 1.62%

6/27/16 6/28/16 65,000 912828TG5 US TREASURY NOTES 7/31/17 65,122.88 0.51% 312.50 0.50%

6/27/16 6/28/16 165,000 912828SS0 US TREASURY NOTES 4/30/17 165,734.20 0.51% 460.22 0.87%

6/27/16 6/28/16 215,000 912828SM3 US TREASURY NOTES 3/31/17 216,337.46 0.50% 697.97 1.00%

1,839,000 1,847,725.16 3,281.03Total SELL




Portfolio Activity



Date

Trade

Date

Tran.

Type

Maturity

Date

Transact

Amt ($)Yield

Realized

G/L (BV)Coupon


BONDS

INTEREST 5/6/16 825.00 0.55%


4/6/16 4/7/16 370,000.00 3137EAEA3 FHLMC REFERENCE NOTEBUY 4/9/18 (369,419.10) 0.83%0.75%


4/30/16 4/30/16 165,000.00 912828SS0 US TREASURY NOTESINTEREST 4/30/17 721.88 0.87%


4/30/16 4/30/16 195,000.00 912828TW0 US TREASURY NOTESINTEREST 10/31/17 731.25 0.75%



5/3/16 5/6/16 300,000.00 912828WL0 US TREASURY NOTESBUY 5/31/19 (307,239.50) 0.92%1.50%


BONDS

INTEREST 5/6/16 160.42 0.55%


BONDS

MATURITY 5/6/16 300,000.00 0.00 0.55%

5/15/16 5/15/16 50,000.00 91412GSX4 UNIV OF CAL TXBL REV BONDSINTEREST 5/15/16 226.75 0.90%

5/15/16 5/15/16 450,000.00 36962G7J7 GENERAL ELECTRIC CORP NOTES

(CALLABLE)

INTEREST 5/15/17 2,812.50 1.25%

5/15/16 5/15/16 50,000.00 91412GSX4 UNIV OF CAL TXBL REV BONDSMATURITY 5/15/16 50,000.00 0.00 0.90%

5/22/16 5/22/16 300,000.00 06406HDB2 BANK OF NEW YORK MELLON CORP

(CALLABLE)

INTEREST 5/22/18 2,400.00 1.60%

5/25/16 5/27/16 390,000.00 3135G0J53 FNMA BENCHMARK NOTEBUY 2/26/19 (389,733.93) 1.12%1.00%

5/25/16 5/27/16 254,000.00 3137EADU0 FHLMC REFERENCE NOTESELL 1/27/17 254,164.25 0.65% (112.58)0.50%

5/25/16 5/27/16 140,000.00 912828SC5 US TREASURY NOTESSELL 1/31/17 140,650.78 0.60% 63.24 0.87%




Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date

Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

5/26/16 5/27/16 330,000.00 3130A8BD4 FEDERAL HOME LOAN BANKS AGCYBUY 6/29/18 (329,204.70) 0.99%0.87%

5/26/16 5/27/16 70,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 69,920.43 0.88% (1.66)0.75%


5/31/16 5/31/16 315,000.00 912828UA6 US TREASURY NOTESINTEREST 11/30/17 984.38 0.62%

5/31/16 5/31/16 300,000.00 912828WL0 US TREASURY NOTESINTEREST 5/31/19 2,250.00 1.50%



6/2/16 6/3/16 300,000.00 912828C65 US TREASURY NOTESSELL 3/31/19 306,008.71 1.01% 324.46 1.62%

6/5/16 6/5/16 300,000.00 0258M0DM8 AMERICAN EXPRESS CREDIT CORP NOTESINTEREST 6/5/17 1,687.50 1.12%

6/21/16 6/21/16 320,000.00 3130A8DB6 FHLB GLOBAL NOTEINTEREST 6/21/19 180.00 1.12%


6/27/16 6/28/16 65,000.00 912828TG5 US TREASURY NOTESSELL 7/31/17 65,122.88 0.51% 312.50 0.50%

6/27/16 6/28/16 165,000.00 912828SS0 US TREASURY NOTESSELL 4/30/17 165,734.20 0.51% 460.22 0.87%

6/27/16 6/28/16 215,000.00 912828SM3 US TREASURY NOTESSELL 3/31/17 216,337.46 0.50% 697.97 1.00%

6/29/16 6/29/16 330,000.00 3130A8BD4 FEDERAL HOME LOAN BANKS AGCYINTEREST 6/29/18 256.67 0.87%

6/30/16 6/30/16 715,000.00 912828A75 US TREASURY NOTESINTEREST 12/31/18 5,362.50 1.50%

TOTALS (64,242.64) 3,281.03


Tab III


BREVARD COUNTY SCHOOL DISTRICT Asset Allocation as of June 30, 2016

Security Type1Amortized Cost

(Includes Interest)Allocation

Percentage NotesPermitted by Policy

In Compliance

Florida Prime (SBA) - 0.00% 0% YESUnited States Treasury Securities 82,648,667.52 51.20% 100% YESUnited States Government Agency Securities - 0.00% 50% YESFederal Instrumentalities 15,307,765.09 9.48% 2 80% YESMortgage-Backed Securities - 0.00% 2,3 20% YESCertificates of Deposit or Savings Account - 0.00% 25% YESRepurchase Agreements - 0.00% 50% YESCommercial Paper 44,790,977.67 27.75% 35% YESCorporate Notes 5,102,140.54 3.16% 20% YESBankers' Acceptances - 0.00% 35% YESState and/or Local Government Debt - 0.00% 20% YESMoney Market Mutual Funds 225,368.29 0.14% 75% YESFlorida Education Investment Trust Fund 13,339,112.25 8.26% 25% YESNotes:1. End of month trade-date amortized cost of portfolio holdings, including accrued interest. 2. The combined total of Federal Instrumentalities and Mortgage Backed Securities can not be more than 80%. The combined total as of June 30, 2016 is 9.48%.


3. The Investment Policy does allow for Government and Federal Agency mortgage backed securities (MBS'). Which is limited to GNMA, FHLMC, and FNMA mortgage backed securities. GNMA securities have the full faith and credit of the United States Treasury. As of September 6, 2008, FHLMC and FNMA have been under conservatorship with the United States Treasury. PFM has imposed an internal maximum allocation limit of 20% in MBS'. PFM will notify the School District prior to adding MBS' to the portfolio.

United States Treasury Securities

51.20%

Federal Instrumentalities

9.48%Commercial Paper

27.75%

Corporate Notes 3.16%

Money Market Mutual Funds

0.14%

Florida Education Investment Trust

Fund8.26%

Page 84 of 88

BREVARD COUNTY SCHOOL DISTRICT Asset Allocation as of June 30, 2016

Individual Issuer BreakdownAmortized Cost

(Includes Interest)Allocation

Percentage NotesPermitted by Policy

In Compliance

Government National Mortgage Association (GNMA) - 0.00% 25% YESFederal Farm Credit Bank (FFCB) - 0.00% 40% YESFederal Home Loan Bank (FHLB) 8,079,527.15 5.01% 40% YESFederal National Mortgage Association (FNMA) 5,389,880.84 3.34% 40% YESFederal Home Loan Mortgage Corporation (FHLMC) 1,838,357.10 1.14% 40% YESAmerican Express Company Corporate Notes 649,650.43 0.40% 5% YESBank of New York Company Inc. Corporate Notes 651,088.73 0.40% 5% YESBerkshire Hathaway, Inc. Corporate Notes 170,669.18 0.11% 5% YESCaterpillar, Inc. Corporate Notes 504,860.70 0.31% 5% YESGeneral Electric Capital Corporation Corporate Notes 1,003,085.41 0.62% 5% YESJP Morgan Chase & Company Corporate Notes 1,015,648.44 0.63% 5% YESToyota Motor Corporation Corporate Notes 1,107,137.65 0.69% 5% YESBank of Montreal Commercial Paper 3,971,961.12 2.46% 10% YESBank of Tokyo Mitsubishi, Inc. Commercial Paper 11,285,133.58 6.99% 10% YESBNP Paribas Commercial Paper 8,589,871.24 5.32% 10% YESRabobank Nederland Commercial Paper 9,975,791.70 6.18% 10% YESToyota Motor Corporation Commercial Paper 10,968,220.03 6.80% 10% YESMoney Market Fund - STIF 225,368.29 0.14% 25% YESFlorida Education Investment Trust Fund 13,339,112.25 8.26% 25% YES

Notes:


Page 85 of 88


Portfolio Activity

Important Disclosures

This material is based on information obtained from sources generally believed to be reliable and available to the public, however PFM Asset Management LLC

cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a

specific recommendation. All statements as to what will or may happen under certain circumstances are based on assumptions, some but not all of which are noted in

the presentation. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in

assumptions may have a material effect on results. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in

this presentation is not an offer to purchase or sell any securities.

Dime

■ Market values which include accrued interest, are derived from closing bid prices as of the last business day of the month as supplied by a third party vendor.

Where prices are not available from generally recognized sources the securities are priced using a yield based matrix system to arrive at an estimated market

value.

■ In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the

monthly balances and forward settling sales are excluded.

■ Performance is presented in accordance with the CFA Institute’s Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is

shown gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis.

Past performance is not indicative of future returns.

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

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

■ Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.

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

■ MBS maturities are represented by expected average life.



Appendix

Glossary

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

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

■ AMORTIZED COST: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until

the date of the report. Discount or premium with respect to short term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such

discount or premium with respect to longer term securities is amortized using the constant yield basis.

■ BANKERS’ ACCEPTANCE: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill, as well as the insurer.

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

■ CONTIBUTION TO DURATION: Represents each sector or maturity range’s relative contribution to the overall duration of the portfolio measured as a percentage weighting.

Since duration is a key measure of interest rate sensitivity, the contribution to duration measures the relative amount or contribution of that sector or maturity range to the total rate

sensitivity of the portfolio.

■ DURATION TO WORST: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years, computed from cash flows to the maturity date or to the put

date, whichever results in the highest yield to the investor.

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

■ EFFECTIVE YIELD: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on

investment returns, while nominal yield does not.

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

■ INTEREST RATE: Interest per year divided by principal amount, expressed as a percentage.

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

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

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

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



Appendix

Glossary

■ PASS THROUGH SECURITY: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed

security.

■ REPURCHASE AGREEMENTS: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

■ SETTLE DATE: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction occurs on a non-business day (i.e. coupon

payments and maturity proceeds), the funds are exchanged on the next business day.

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

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

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

■ YIELD: The rate of return based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an

annualized basis.

■ YTM AT COST: The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase

date to maturity, stated as a percentage, on an annualized basis.

■ YTM AT MARKET: The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period

remaining until maturity, stated as a percentage, on an annualized basis.


Documents

Brevard County School Districteagendatoc.brevardschools.org/08-23-2016 Special... · Brevard County School District 300 S. Orange Avenue, Suite 1170 Orlando, FL 32801 (407) 648-2208