Brevard County School District

Transcription

1 Brevard County School District Investment Performance Review Quarter Ended December 31, 2015 Investment Advisors Steven Alexander, CTP, CGFO, CPPT, Managing Director Robert Cheddar, CFA, Chief Credit Officer, Managing Director D. Scott Stitcher, CFA, Senior Managing Consultant Richard Pengelly, CFA, CTP, Senior Managing Consultant Rebecca Geyer, CTP, Senior Analyst PFM Asset Management LLC One Keystone Plaza, Suite 300 North Front & Market Streets Harrisburg, PA fax 300 S. Orange Avenue, Suite 1170 Orlando, FL (407) (407) fax

2 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Table of Contents Tab I. Section A Market Review Tab II. Section B Section C Section D Section E Section F Section G Tab III. Section H Summary of Portfolio Statistics Capital Short Term Fund Portfolio Performance Operating Short Term Fund Portfolio Performance Discretionary Sales SurTax Account Portfolio Performance Self Insurance Fund Portfolio Performance Health Insurance Fund Portfolio Performance Asset Allocation Chart This material is based on information obtained from sources generally believed to be reliable and available to the public, however PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or recommendation. The information contained in this report is not an offer to purchase or sell any securities. Table of Contents Section i

3 Brevard County School District Investment Report - Quarter Ended December 31, 2015 TAB I

4 Brevard County School District Investment Report Quarter Ended December 31, 2015 Summary The Federal Open Market Committee (FOMC) increased the target federal funds rate by 25 basis points (bps) (0.25%) at its December meeting its first rate hike since In doing so, the FOMC stressed its intention to normalize rates at a gradual pace. The year ended with strong job growth momentum as the economy added 292,000 new jobs in December. This brought the 2015 tally to 2.65 million new jobs in total enough to shrink the unemployment rate to 5%. Wage inflation edged up modestly, suggesting a chance for future inflation. While the Federal Reserve (Fed) took the first step to normalize interest rates, other central banks have continued to implement accommodative monetary policies. The European Central Bank (ECB) extended its monetary easing policy through the first quarter of 2017 and cut its deposit rate further into negative territory ( 0.3%). The Bank of Japan (BOJ) and People s Bank of China (PBOC) also remain accommodative. Economic Snapshot U.S. gross domestic product (GDP) expanded at a 2% rate in the third quarter, down from the second quarter due to a reduction in inventory accumulation. In a year end bipartisan negotiation, Congress passed a $1.1 trillion spending and tax budget, which also lifted the 40 year ban on U.S. crude oil exports. Global commodity prices continued to fall, increasing concerns over global growth and the sustainability of producers within the energy sector. Headlining this rout were oil prices, which continued to slide, sinking to less than $35 per barrel in December the lowest level since February China continued to allow the yuan to weaken, ending the year at its lowest level versus the U.S. dollar in nearly six years. The Chinese economy continued to slow stoking market concern over the world s secondlargesteconomy thoughitisexpectedtomeetitsmajoreconomic targets for the year. Interest Rates The new target range for the federal funds rate, as established by the FOMC, is 25 to 50 bps, ending the FOMC s seven year zero interest rate policy. Interest rates across the curve moved up significantly throughout the quarter, with the 10 year rising approximately 23 bps to 2.27% and the two yearmovingalmost42 bpsto1.05%. On the shorter end, 12 month Treasury bills ticked up approximately 30 bps to 0.60%. Sector Performance U.S. Treasury benchmark returns were negative for all but the shortest maturities (six months and under), as rates rose across the curve. While the rate increase was less pronounced for longer maturities, their extended durations and accompanying sensitivity to changes in rates caused their performance to trail the greatest. Non callable federal agency securities performed in line with comparable maturity Treasuries; callable securities modestly outperformed as their incremental yield helped as rates rose. Corporate yield spreads reversed the prior quarter s widening, which helped the sector to outperform government related sectors; however, absolute return was still negative. A rated issuers were the best performing quality category. Mortgage backed securities (MBS) were among the strongestperforming sectors in the fourth quarter, aided by slowly rising longterm rates, which helped to slow prepayments; this was particularly true for higher coupon issues. MBS joined municipals as the lone sectors to produce positive performance for the quarter. PFM Asset Management LLC Section A-1

5 Brevard County School District Investment Report Quarter Ended December 31, 2015 Economic Snapshot Labor Market Latest Sep 2015 Dec 2014 Unemployment Rate Dec'15 5.0% 5.1% 5.6% Change In Non-Farm Payrolls Dec'15 292, , ,000 Average Hourly Earnings (YoY) Dec'15 2.5% 2.3% 1.8% Personal Income (YoY) Nov'15 4.4% 4.6% 5.2% Initial Jobless Claims (week) 1/1/16 277, , ,000 10% 8% 6% 4% Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right) Change In Non-Farm Payrolls Unemployment Rate 2% 12/31/12 6/30/13 12/31/13 6/30/14 12/31/14 6/30/15 12/31/15 400K 350K 300K 250K 200K 150K 100K 50K 0 Growth Real GDP (QoQ SAAR) 2015Q3 2.0% 3.9% 4.3% GDP Personal Consumption (QoQ SAAR) 2015Q3 3.0% 3.6% 3.5% Retail Sales (YoY) Nov'15 1.4% 2.2% 3.3% % 4% 2% Real GDP (QoQ) ISM Manufacturing Survey (month) Dec' Existing Home Sales SAAR (month) Nov' mil mil mil. 0% -2% 9/30/12 3/31/13 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 Inflation / Prices Personal Consumption Expenditures (YoY) Nov'15 0.4% 0.2% 0.8% Consumer Price Index (YoY) Nov'15 0.5% 0.0% 0.8% Consumer Price Index Core (YoY) Nov'15 2.0% 1.9% 1.6% 3% 2% 1% Consumer Price Index CPI (YoY) Core CPI (YoY) Crude Oil Futures (WTI, per barrel) Dec 31 $37.04 $45.09 $53.27 Gold Futures (oz.) Dec 31 $1,060 $1,116 $1,184 0% -1% 12/31/12 6/30/13 12/31/13 6/30/14 12/31/14 6/30/15 1. Data as of Second Quarter Data as of Third Quarter 2014 Note: YoY = year over year, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil Source: Bloomberg PFM Asset Management LLC Section A-2

6 Brevard County School District Investment Report Quarter Ended December 31, 2015 Investment Rate Overview 3.0% U.S. Treasury Note Yields 4% U.S. Treasury Yield Curve 2.5% 3% Yield 2.0% 1.5% Yield 2% 1% 1.0% 0% 0.5% 0.0% 9/30/15 10/31/15 11/30/15 12/31/15 2-Year 5-Year 10-Year -1% 3-yr 2-yr 1-yr 3-mo 5-yr 7-yr 10-yr Maturity December 31, 2015 September 30, 2015 December 31, yr Maturity 12/31/15 9/30/15 U.S. Treasury Yields Change over Quarter 12/31/14 Change over Year 5% 4% Yield Curves as of 12/31/ month 0.17% (0.02%) 0.19% 0.04% 0.13% 1-year 0.60% 0.31% 0.29% 0.22% 0.38% 2-year 1.05% 0.63% 0.42% 0.67% 0.38% 5-year 1.76% 1.36% 0.40% 1.65% 0.11% Yield 3% 2% 1% 10-year 2.27% 2.04% 0.23% 2.17% 0.10% 30-year 3.02% 2.85% 0.17% 2.75% 0.27% 0% 3-yr 2-yr 1-yr 5-yr 7-yr 10-yr Maturity U.S. Treasury Federal Agency Industrial Corporates, A Rated 25-yr 30-yr Source: Bloomberg PFM Asset Management LLC Section A-3

7 Brevard County School District Investment Report Quarter Ended December 31, 2015 BofA Merrill Lynch Index Returns As of 12/31/2015 Returns for Periods ended 12/31/ Year Indices Duration Yield 3 Month 1 Year 3 Years U.S. Treasury % (0.44%) 0.54% 0.51% Federal Agency % (0.37%) 0.69% 0.61% U.S. Corporates, A-AAA rated % (0.05%) 1.16% 1.22% Agency MBS (0 to 3 years) % 0.98% 1.68% 1.20% Municipals % (0.08%) 0.76% 0.85% 1-5 Year Indices U.S. Treasury % (0.66%) 0.98% 0.67% Federal Agency % (0.49%) 0.97% 0.76% U.S. Corporates, A-AAA rated % (0.16%) 1.52% 1.59% Agency MBS (0 to 5 years) % 0.16% 1.22% 1.69% Municipals % 0.08% 1.20% 1.24% Master Indices (Maturities 1 Year or Greater) U.S. Treasury % (0.93%) 0.83% 1.09% Federal Agency % (0.65%) 0.99% 1.05% U.S. Corporates, A-AAA rated % (0.09%) 0.67% 1.97% Agency MBS (0 to 30 years) % (0.06%) 1.46% 2.00% Municipals % 1.72% 3.55% 3.35% Returns for periods greater than one year are annualized Source: BofA Merrill Lynch Indices PFM Asset Management LLC Section A-4

8 Brevard County School District Investment Report Quarter Ended December 31, 2015 Disclosures The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC (PFMAM) at the time of distribution and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFMAM cannot guarantee its accuracy, completeness, or suitability. This material is for general information purposes only and is not intended to provide specific advice or recommendation. The information contained in this report is not an offer to purchase or sell any securities. PFMAM is registered with the Securities and Exchange Commission under the Investment Advisers Act of PFMAM s clients are state and local governments, nonprofit corporations, pension funds, and similar institutional investors PFM Asset Management LLC. Further distribution is not permitted without prior written consent. PFM Asset Management LLC Section A-5

9 Brevard County School District Investment Report - Quarter Ended December 31, 2015 TAB II

10 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Executive Summary PORTFOLIO RECAP The District s Capital, Operating, Self Insurance, and Health Insurance Portfolios are of high credit quality and invested in U.S. Treasury, Federal Agency, commercial paper, high quality corporate, and municipal securities. The Capital, Operating, and Discretionary Sales SurTax Portfolios continue to provide the District with favorable yield relative to the benchmark. At quarter end, the portfolios had a weighted average Yield to Maturity at Cost of 0.47%, exceeding the Yield to Maturity of the benchmark the Merrill Lynch 3 Month U.S. Treasury Bill Index by 40 basis points (0.40%). The Self-Insurance and Health-Insurance Portfolios quarterly total return performances were -0.29% and -0.30%, respectively, outperforming the benchmark performance of -0.44% by 0.15% and 0.14%. PFM continued to actively manage the Self-Insurance and Health-Insurance Portfolios during the fourth quarter and found value in the market, taking advantage of market inefficiencies or changes in economic outlook. As a result, the Portfolios realized $14,900 in gains on sales (based on amortized cost) during the quarter. PFM is continually in the market monitoring for opportunities to add value to the Portfolios. PFMAM maintained a modestly defensive duration position for much of the quarter as rates trended higher. As rates approached the upper end of recent ranges ahead of the FOMC meeting, we extended portfolio durations from short of the benchmark s duration to a near-neutral position; this more closely aligned portfolio durations with the durations of their respective benchmarks. Ahead of the December FOMC meeting, market expectations were for an initial Fed Funds hike, supported by assurances that future policy changes would be gradual. Market reaction after the FOMC s announcement to raise the target range for the federal funds rate was relatively subdued, evidence that the action was in line with these expectations, a goal of the FOMC s effort to provide transparency to investors. We maintain the outlook that the economy will continue to expand at a moderate pace in the intermediate term. We will continue to monitor any spillover effect that modest global growth and muted inflation may have on the U.S. economy. These factors will help justify the FOMC s stated intention to remain patient in the pace at which it raises the federal funds rate. Recent FOMC projections indicate that Committee members anticipate that three or four rate hikes may be appropriate in 2016 projections that most market participants believe to be overstated. We believe that expectations for low inflation will limit this year s rate hikes to two or three, and that short term yields will trend only modestly higher in the near term. We expect long-term rates to remain within modest ranges, resulting in further flattening of the yield curve. PFM will continue to navigate the market environment with a keen focus on relative value sector analysis, prudent duration management, and efficient yield curve placement. While producing strong investment returns remains a priority, it is secondary to maintaining safety and liquidity, particularly in the current environment where we expect yields to trend higher. PFM Asset Management LLC Section B - 1

11 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Portfolio Statistics Amortized Cost 1,2,3 Amortized Cost 1,2,3 Market Value 1,2,3 Market Value 1,2,3 Duration (Years) Account Name December 31, 2015 September 30, 2015 December 31, 2015 September 30, 2015 December 31, 2015 Capital Short Term Fund $51,788, $28,988, $51,781, $28,993, Capital - Florida Education Investment Trust Fund 10,826, ,196, ,826, ,196, Operating Short Term Fund 121,189, ,406, ,194, ,411, Operating - Florida Education Investment Trust Fund 9,737, ,890, ,737, ,890, Discretionary Sales Surtax Account 15,009, ,982, ,003, ,980, Discretionary Sales Surtax - Florida Education Investment Trust Fund 8,491, ,765, ,491, ,765, Total $217,042, $85,229, $217,033, $85,238, Yield to Maturity Yield to Maturity Yield to Maturity Yield to Maturity at Cost 4 at Cost 4 at Market at Market Duration (Years) Account Name December 31, 2015 September 30, 2015 December 31, 2015 September 30, 2015 September 30, 2015 Capital Short Term Fund 0.46% 0.31% 0.52% 0.23% 0.36 Capital - Florida Education Investment Trust Fund 5 N/A N/A N/A N/A 0.02 Operating Short Term Fund 0.61% 0.41% 0.59% 0.31% 0.26 Operating - Florida Education Investment Trust Fund 5 N/A N/A N/A N/A 0.02 Discretionary Sales Surtax Account 0.24% 0.24% 0.40% 0.26% 0.49 Discretionary Sales Surtax - Florida Education Investment Trust Fund N/A N/A N/A N/A 0.02 Average Weighted Yield 0.47% 0.23% 0.48% 0.19% Benchmarks December 31, 2015 September 30, 2015 Merrill Lynch 3 Month U.S. Treasury Bill Index % % Notes: 1. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. 3. Includes money market fund/cash balances held in custodian account. 4. Past performance is not indicative of future results. 5. Seven day yield as of quarter end. The yields shown above represent past performance. Past performance is no guarantee of future results and yields may vary. The current fund performance may be higher or lower than that cited. The current seven-day yield does not include realized gains and losses on the sale of securities. The yields shown above may reflect fee waivers by service providers that subsidize and reduce the total operating expenses of the Funds. Fund yields would be lower if there were no such waivers. 6. Due to its excessive concentration in Corporate Instruments, the SBA is no longer a suitable benchmark, therefore; we are utilizing the 3 Month U.S. Treasury Bill Index at this time, as it represents a risk-free benchmark. PFM Asset Management LLC Section B - 2

12 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Capital Short Term Fund Composition and Credit Quality Characteristics Security Type 1 December 31, 2015 % of Portfolio September 30, 2015 % of Portfolio U.S. Treasuries $22,274, % $9,877, % Federal Agencies 7,989, % 7,999, % Commercial Paper 19,153, % 11,000, % Certificates of Deposit 0.0% 0.0% Bankers Acceptances 0.0% 0.0% Repurchase Agreements 0.0% 0.0% Municipal Obligations 0.0% 0.0% Corporate Notes/Bonds 0.0% 0.0% Florida Education Investment Trust Fund 10,826, % 8,196, % Money Market Fund/Cash 2,362, % 116, % Totals $62,607, % $37,189, % Florida Education Investment Trust Fund 17.29% Money Market Fund/Cash 3.77% Portfolio Composition as of 12/31/15 U.S. Treasuries 35.58% AAAm 21.07% Credit Quality Distribution² as of 12/31/15 AA % Commercial Paper 30.59% Federal Agency Obligations 12.76% A-1 (Shortterm) 15.62% A-1+ (Shortterm) 27.74% Notes: 1. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, exclusive of money market fund/lgip. Standard & Poor's is the source of the credit ratings. PFM Asset Management LLC Section C - 1

13 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Capital Short Term Fund Maturity Distribution Percentage of Total Portfolio Maturity Distribution 1 December 31, 2015 September 30, 2015 Overnight (Money Market Fund) $13,189, $8,312, Under 6 Months 49,418, ,613, Months 14,263, Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over Totals $62,607, $37,189, % Portfolio Maturity Distribution¹ 80% 78.9% December 31, % September 30, % 50% 40% 39.3% 38.4% 30% 3. Includes money 21.1% 22.4% 20% market fund/cash balances held in custodian account. 10% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over Notes: 1. Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity. PFM Asset Management LLC Section C - 2

14 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Operating Short Term Fund Composition and Credit Quality Characteristics Security Type 1 December 31, 2015 % of Portfolio September 30, 2015 % of Portfolio U.S. Treasuries $82,035, % $5,281, % Federal Agencies 9,995, % 2,149, % Commercial Paper 19,952, % 9,980, % Certificates of Deposit 0.0% 0.0% Bankers Acceptances 0.0% 0.0% Repurchase Agreements 0.0% 0.0% Municipal Obligations 0.0% 0.0% Corporate Notes/Bonds 0.0% 0.0% Florida Education Investment Trust Fund 9,737, % 11,890, % Money Market Fund/Cash 9,210, % 0.0% Totals $130,931, % $29,302, % Money Market Fund/Cash 7.03% Florida Education Investment Trust Fund 7.44% Portfolio Composition as of 12/31/15 U.S. Treasuries 62.66% AAAm 14.47% Credit Quality Distribution² as of 12/31/15 AA % Commercial Paper 15.24% Federal Agency Obligations 7.63% A-1 (Shortterm) 15.24% A-1+ (Shortterm) 7.63% Notes: 1. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, exclusive of money market fund/lgip. Standard & Poor's is the source of the credit ratings. PFM Asset Management LLC Section D - 1

15 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Operating Short Term Fund Maturity Distribution Maturity Distribution 1 December 31, 2015 September 30, 2015 Overnight (Money Market Fund) $18,947, $11,890, Under 6 Months 60,025, ,430, Months 51,958, ,981, Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over Totals $130,931, $29,302, Percentage of Total Portfolio 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Portfolio Maturity Distribution¹ December 31, 2015 September 30, % 40.6% 42.4% 39.7% 14.5% 17.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over Notes: 1. Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity. PFM Asset Management LLC Section D - 2

16 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Discretionary Sales SurTax Account Composition and Credit Quality Characteristics Security Type 1 December 31, 2015 % of Portfolio September 30, 2015 % of Portfolio U.S. Treasuries $ 0.0% $ 0.0% Federal Agencies 14,985, % 14,980, % Commercial Paper 0.0% 0.0% Certificates of Deposit 0.0% 0.0% Bankers Acceptances 0.0% 0.0% Repurchase Agreements 0.0% 0.0% Municipal Obligations 0.0% 0.0% Corporate Notes/Bonds 0.0% 0.0% Florida Education Investment Trust Fund 8,491, % 3,765, % Money Market Fund/Cash 18, % 0.0% Totals $23,494, % $18,746, % Money Market Fund/Cash 0.08% Portfolio Composition as of 12/31/15 Federal Agency Obligations 63.78% Credit Quality Distribution² as of 12/31/15 A-1+ (Shortterm) 63.78% Florida Education Investment Trust Fund 36.14% AAAm 36.22% Notes: 1. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, exclusive of money market fund/lgip. Standard & Poor's is the source of the credit ratings. PFM Asset Management LLC Section E - 1

17 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Discretionary Sales SurTax Account Maturity Distribution Maturity Distribution 1 December 31, 2015 September 30, 2015 Overnight (Money Market Fund) $8,509, $3,765, Under 6 Months 14,985, ,980, Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over Totals $23,494, $18,746, Percentage of Total Portfolio 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Portfolio Maturity Distribution¹ December 31, % September 30, % 36.2% 20.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over Notes: 1. Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity. PFM Asset Management LLC Section E - 2

18 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Self Insurance Fund Portfolio Performance Total Portfolio Value 1 December 31, 2015 September 30, 2015 Market Value $14,861, $14,904, Amortized Cost $14,898, $14,863, Quarterly Return Last Last Last Last Since Inception Total Return 2,3,4 December 31, Months 2 Years 5 Years 10 Years September 30, 2001 Self Insurance Fund Portfolio -0.29% 0.66% 0.63% 0.80% 2.58% 2.60% Merrill Lynch 1-3 Year U.S. Treasury Note Index -0.44% 0.54% 0.58% 0.70% 2.42% 2.47% Effective Duration (Years) 4,5 December 31, 2015 September 30, 2015 Yields December 31, 2015 September 30, 2015 Self Insurance Fund Portfolio Yield at Market 1.10% 0.69% Merrill Lynch 1-3 Year U.S. Treasury Note Index Yield at Cost 0.97% 0.86% Portfolio Duration % of Benchmark Duration 100% 90% % Quarter Total Return Comparison Quarter Ended 12/31/ % Since Inception Total Return Comparison Period Ended 12/31/15 Return -0.25% -0.50% Self Insurance Fund -0.29% ML 1-3 Year U.S. Treasury Note Index -0.44% Return 2.75% 2.50% Self Insurance Fund 2.60% ML 1-3 Year U.S. Treasury Note Index 2.47% -0.75% Effective Duration (Years) 2.25% Effective Duration (Years) Notes: 1. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. Performance on trade date basis, gross (i.e., before fees), is in accordance with The CFA Institute s Global Investment Performance Standards (GIPS). Quarterly returns are presented on an unannualized basis. Returns presented for 12 months or longer are presented on an annual basis. Past performance is not indicative of future results. 3. Since inception the benchmark has been the Merrill Lynch 1-3 Year U.S. Treasury Note Index. 4. Merrill Lynch Indices provided by Bloomberg Financial Markets. 5. Includes money market fund/cash in performance and duration computations. PFM Asset Management LLC Section F - 1

19 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Self Insurance Fund Portfolio Composition and Credit Quality Characteristics Security Type 1 December 31, 2015 % of Portfolio September 30, 2015 % of Portfolio U.S. Treasuries $9,449, % $9,168, % Federal Agencies 1,719, % 2,011, % Commercial Paper 0.0% 0.0% Certificates of Deposit 0.0% 0.0% Bankers Acceptances 0.0% 0.0% Repurchase Agreements 0.0% 0.0% Municipal Obligations 776, % 776, % Corporate Notes/Bonds 2,841, % 2,845, % Mortgage Backed 0.0% 0.0% Money Market Fund/Cash 75, % 101, % Totals $14,861, % $14,904, % Money Market Fund/Cash 0.51% Portfolio Composition as of 12/31/15 A- 6.14% AAAm 0.51% Credit Quality Distribution² as of 12/31/15 Corporate Notes/Bonds 19.12% A 4.06% Municipal Obligations 5.22% U.S. Treasuries 63.58% AA- 4.07% AA+ 8% Federal Agency Obligations 11.57% AA 5.22% Notes: 1. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, exclusive of money market fund/lgip. Standard & Poor's is the source of the credit ratings. PFM Asset Management LLC Section F - 2

20 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Self Insurance Fund Portfolio Maturity Distribution Maturity Distribution 1 December 31, 2015 September 30, 2015 Overnight (Money Market Fund) $75, $101, Under 6 Months 776, , Months 817, ,121, Years 6,885, ,445, Years 4,849, ,885, Years 1,456, Years 5 Years and Over Totals $14,861, $14,904, Percentage of Total Portfolio 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0.5% 5.2% 5.5% 0.7% 2.4% 20.9% Portfolio Maturity Distribution¹ 46.3% 50.0% 32.6% 26.1% 9.8% December 31, 2015 September 30, % 0.0% 0.0% 0.0% 0.0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over Notes: 1. Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity. PFM Asset Management LLC Section F - 3

21 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Self Insurance Fund Maturity Distribution versus the Benchmark¹ 25.0% 20.0% Market Value 15.0% 10.0% 5.0% 0.0% Years to Maturity Self Insurance Fund Merrill Lynch 1-3 Year U.S. Treasury Note Index Notes: 1. Due to the nature of the security, Mortgage-Backed Securities are represented based on their average life maturity rather than their final maturity. PFM Asset Management LLC Section F - 4

22 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Health Insurance Fund Portfolio Performance Total Portfolio Value 1 December 31, 2015 September 30, 2015 Market Value $12,322, $12,359, Amortized Cost $12,354, $12,325, Quarterly Return Last Last Last Last Since Inception Total Return 2,3,4 December 31, Months 2 Years 3 Years 5 Years September 30, 2007 Health Insurance Fund -0.30% 0.65% 0.63% 0.53% 0.80% 2.05% Merrill Lynch 1-3 Year U.S. Treasury Note Index -0.44% 0.54% 0.58% 0.51% 0.70% 1.87% Effective Duration (Years) 4,5 December 31, 2015 September 30, 2015 Yields December 31, 2015 September 30, 2015 Health Insurance Fund Yield at Market 1.11% 0.69% Merrill Lynch 1-3 Year U.S. Treasury Note Index Yield at Cost 0.96% 0.87% Portfolio Duration % of Benchmark Duration 100% 90% % Quarter Total Return Comparison Quarter Ended 12/31/ % Since Inception Total Return Comparison Period Ended 12/31/15 Return -0.25% -0.50% Health Insurance Fund -0.30% ML 1-3 Year U.S. Treasury Note Index -0.44% Return 2.25% 2.00% 1.75% Health Insurance Fund 2.05% ML 1-3 Year U.S. Treasury Note Index 1.87% -0.75% Effective Duration (Years) 1.50% Effective Duration (Years) Notes: 1. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. Performance on trade date basis, gross (i.e., before fees), is in accordance with The CFA Institute s Global Investment Performance Standards (GIPS). Quarterly returns are presented on an unannualized basis. Returns presented for 12 months or longer are presented on an annual basis. Past performance is not indicative of future results. 3. Since inception the benchmark has been the Merrill Lynch 1-3 Year U.S. Treasury Note Index. 4. Merrill Lynch Indices provided by Bloomberg Financial Markets. 5. Includes money market fund/cash in performance and duration computations. PFM Asset Management LLC Section G - 1

23 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Health Insurance Fund Portfolio Composition and Credit Quality Characteristics Security Type 1 December 31, 2015 % of Portfolio September 30, 2015 % of Portfolio U.S. Treasuries $7,707, % $7,197, % Federal Agencies 1,489, % 1,740, % Commercial Paper 0.0% 299, % Certificates of Deposit 0.0% 0.0% Bankers Acceptances 0.0% 0.0% Repurchase Agreements 0.0% 0.0% Municipal Obligations 650, % 651, % Corporate Notes/Bonds 2,418, % 2,421, % Mortgage Backed 0.0% 0.0% Money Market Fund/Cash 56, % 48, % Totals $12,322, % $12,359, % Money Market Fund/Cash 0.46% Corporate Notes/Bonds 19.62% Portfolio Composition as of 12/31/15 U.S. Treasuries 62.55% A- 6.17% A 4.49% AAAm 0.46% Credit Quality Distribution² as of 12/31/15 Municipal Obligations 5.28% AA- 4.09% AA % Federal Agency Obligations 12.08% AA 5.28% Notes: 1. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, exclusive of money market fund/lgip. Standard & Poor's is the source of the credit ratings. PFM Asset Management LLC Section G - 2

24 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Health Insurance Fund Portfolio Maturity Distribution Maturity Distribution 1 December 31, 2015 September 30, 2015 Overnight (Money Market Fund) $56, $48, Under 6 Months 650, , Months 715, ,844, Years 5,648, ,521, Years 4,030, ,345, Years 1,220, Years 5 Years and Over Totals $12,322, $12,359, Percentage of Total Portfolio 70% 60% 50% 40% 30% 20% 10% 0% Portfolio Maturity Distribution¹ December 31, 2015 September 30, % 45.8% 32.7% 27.1% 14.9% 9.9% 5.3% 4.9% 5.8% 0.5% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over Notes: 1. Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity. PFM Asset Management LLC Section G - 3

25 Brevard County School District Investment Report - Quarter Ended December 31, 2015 Health Insurance Fund Maturity Distribution versus the Benchmark¹ 25.0% 20.0% Market Value 15.0% 10.0% 5.0% 0.0% Years to Maturity Health Insurance Fund Merrill Lynch 1-3 Year U.S. Treasury Note Index Notes: 1. Due to the nature of the security, Mortgage-Backed Securities are represented based on their average life maturity rather than their final maturity. PFM Asset Management LLC Section G - 4

26 Brevard County School District Investment Report - Quarter Ended December 31, 2015 TAB III

27 Brevard County School District Asset Allocation as of December 31, 2015 Money Market Mutual Funds 4.81% State and/or Local Government Debt 0.58% Corporate Notes 2.16% Florida Education Investment Trust Fund 11.89% United States Treasury Securities 49.74% Commercial Paper Federal 16.00% Instrumentalities 14.81% Amortized Cost (Includes Interest) Allocation Percentage Permitted by Policy In Compliance Security Type 1 Notes Florida Prime (SBA) - % 0% YES United States Treasury Securities 121,525, % 100% YES United States Government Agency Securities - % 50% YES Federal Instrumentalities 36,195, % 2 80% YES Mortgage-Backed Securities - % 2,3 20% YES Certificates of Deposit or Savings Account - % 25% YES Repurchase Agreements - % 50% YES Commercial Paper 39,102, % 35% YES Corporate Notes 5,266, % 20% YES Bankers' Acceptances - % 35% YES State and/or Local Government Debt 1,427, % 20% YES Money Market Mutual Funds 11,757, % 75% YES Florida Education Investment Trust Fund 29,054, % 4 25% YES Notes: 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 December 31, 2015 is 14.81%. 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. 4. Due to liquidity and cash flow requirements the District is using the FEITF. The allocation will reduce back into compliance as funds are used to meet cash flow needs. PFM Asset Management LLC H - 1

28 Brevard County School District Asset Allocation as of December 31, 2015 Amortized Cost (Includes Interest) Allocation Percentage Permitted by Policy In Compliance Individual Issuer Breakdown Notes Government National Mortgage Association (GNMA) - % 25% YES Federal Farm Credit Bank (FFCB) - % 40% YES Federal Home Loan Bank (FHLB) 26,367, % 40% YES Federal National Mortgage Association (FNMA) 8,330, % 40% YES Federal Home Loan Mortgage Corporation (FHLMC) 1,497, % 40% YES Regional Transportation Authority Municipal Bonds 675, % 20% YES State of Louisiana Municipal Bonds 651, % 20% YES University of California Municipal Bonds 100, % 20% YES American Express Company Corporate Notes 649, % 5% YES Apple, Inc. Corporate Notes 320, % 5% YES Bank of New York Company Inc. Corporate Notes 651, % 5% YES Caterpillar, Inc. Corporate Notes 508, % 5% YES General Electric Capital Corporation Corporate Notes 1,004, % 5% YES JP Morgan Chase & Company Corporate Notes 1,026, % 5% YES Toyota Motor Corporation Corporate Notes 1,107, % 5% YES Bank of Tokyo Mitsubishi, Inc. Commercial Paper 9,778, % 10% YES BNP Paribas Commercial Paper 4,987, % 10% YES Credit Agricole, S.A. Commercial Paper 4,994, % 10% YES JP Morgan Chase & Company Commercial Paper 9,966, % 10% YES Toyota Motor Corporation Commercial Paper 9,374, % 10% YES Money Market Fund - STIF 11,757, % 25% YES Florida Education Investment Trust Fund 29,054, % 25% YES PFM Asset Management LLC H - 2

29 Brevard County School District Investment Report - Quarter Ended December 31, 2015 TAB IV

30 BREVARD CNTY SCHOOL BOARD CAPITAL - ST Transaction Summary - Managed Account Managed Account Summary Statement Cash Transactions Summary - Managed Account Opening Market Value $27,006, Maturities/Calls Principal Dispositions Principal Acquisitions Unsettled Trades Change in Current Value 22,355, (7,453.43) Reconciling Transactions Closing Market Value $49,355, Maturities/Calls Sale Proceeds Coupon/Interest/Dividend Income Principal Payments Security Purchases Net Cash Contribution 0.24 (22,357,834.21) 24,720, Earnings Reconciliation (Cash Basis) - Managed Account Cash Balance Interest/Dividends/Coupons Received Less Purchased Interest Related to Interest/Coupons Plus Net Realized Gains/Losses 0.24 (1,905.74) Closing Cash Balance $2,362, Total Cash Basis Earnings ($1,905.50) Earnings Reconciliation (Accrual Basis) Total Ending Amortized Value of Securities Ending Accrued Interest Plus Proceeds from Sales Plus Proceeds of Maturities/Calls/Principal Payments Plus Coupons/Dividends Received Less Cost of New Purchases Less Beginning Amortized Value of Securities Less Beginning Accrued Interest 49,362, , (22,357,834.21) (27,014,484.41) (39,306.90) Total Accrual Basis Earnings $13, Account Page 1

31 BREVARD CNTY SCHOOL BOARD CAPITAL - ST Account Summary Portfolio Summary and Statistics Sector Allocation Description Par Value Market Value Percent U.S. Treasury Bond / Note 22,170,00 22,211, Federal Agency Discount Note 8,000,00 7,989, Commercial Paper 19,200,00 19,153, Managed Account Sub-Total 49,370,00 49,355, % Accrued Interest 63, Total Portfolio 49,370,00 49,418, US TSY Bond / Note 45.00% Commercial Paper 38.81% Unsettled Trades Fed Agy DN 16.19% Maturity Distribution Characteristics 10% Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 0.46% 0.52% % % % % % % 0-6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years Over 5 Years Account Page 2

32 Managed Account Issuer Summary BREVARD CNTY SCHOOL BOARD CAPITAL - ST Issuer Summary Credit Quality (S&P Ratings) Market Value Issuer FANNIE MAE MITSUBISHI UFJ FINANCIAL GROUP INC of Holdings Percent 7,989, ,777, AA % A % TOYOTA MOTOR CORP 9,376, UNITED STATES TREASURY 22,211, Total $49,355, % A % Account Page 3

33 Managed Account Detail of Securities Held BREVARD CNTY SCHOOL BOARD CAPITAL - ST Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value U.S. Treasury Bond / Note DTD 03/31/ % 03/31/ KT6 9,770,00 AA+ Aaa 09/18/15 09/21/15 9,880, , ,821, ,816, DTD 06/02/ % 05/31/ WM8 12,400,00 AA+ Aaa 12/14/15 12/15/15 12,391, , ,392, ,395, Security Type Sub-Total 22,170,00 22,271, , ,214, ,211, Federal Agency Discount Note FANNIE MAE DISC NOTE -- 0% 04/13/ VN2 8,000,00 A-1+ P-1 10/14/15 10/15/15 7,991, ,995, ,989, Security Type Sub-Total 8,000,00 7,991, ,995, ,989, Commercial Paper BANK OF TOKYO MITSUBISHI COMM PAPER -- 0% 03/21/ BCM3 4,800,00 A-1 P-1 09/18/15 09/21/15 4,787, ,794, ,794, TOYOTA MOTOR CREDIT CORP COMM PAPER -- 0% 05/13/ GED4 4,400,00 A-1+ P-1 08/18/15 08/18/15 4,381, ,390, ,390, TOYOTA MOTOR CREDIT CORP COMM PAPER -- 0% 06/10/ GFA9 5,000,00 A-1+ P-1 12/14/15 12/15/15 4,982, ,983,90 4,985,78 BANK OF TOKYO MITSUBISHI COMM PAPER -- 0% 06/10/ BFA6 5,000,00 A-1 P-1 12/14/15 12/15/15 4,982, ,984, ,983,17 Security Type Sub-Total 19,200,00 19,133, ,153, ,153, Managed Account Sub-Total 49,370,00 49,397, , ,362, ,355, Account Page 4

34 Managed Account Detail of Securities Held BREVARD CNTY SCHOOL BOARD CAPITAL - ST Securities Sub-Total Accrued Interest Total Investments $49,370,00 $49,397, % $63, $49,362, $49,355, $63, $49,418, Account Page 5

35 Managed Account Fair Market Value & Analytics BREVARD CNTY SCHOOL BOARD CAPITAL - ST Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt U.S. Treasury Bond / Note DTD 03/31/ % 03/31/ KT6 9,770,00 HSBC ,816, (64,111.96) (5,315.47) DTD 06/02/ % 05/31/ WM8 12,400,00 CITIGRP ,395, , , Security Type Sub-Total 22,170,00 22,211, (60,241.61) (2,327.32) Federal Agency Discount Note FANNIE MAE DISC NOTE -- 0% 04/13/ VN2 8,000,00 NOMURA ,989, (1,469.00) (5,247.68) Security Type Sub-Total 8,000,00 7,989, (1,469.00) (5,247.68) Commercial Paper BANK OF TOKYO MITSUBISHI COMM PAPER -- 0% 03/21/ BCM3 4,800,00 BTM_DIR ,794, , (425.62) TOYOTA MOTOR CREDIT CORP COMM PAPER -- 0% 05/13/ GED4 4,400,00 TOYOTA ,390, , (378.88) TOYOTA MOTOR CREDIT CORP COMM PAPER -- 0% 06/10/ GFA9 5,000,00 TOYOTA ,985,78 3,58 1, BANK OF TOKYO MITSUBISHI COMM PAPER -- 0% 06/10/ BFA6 5,000,00 BTM_DIR ,983, (953.60) Security Type Sub-Total 19,200,00 19,153, , Managed Account Sub-Total 49,370,00 49,355, (41,967.87) (7,453.10) Account Page 6

36 Managed Account Fair Market Value & Analytics BREVARD CNTY SCHOOL BOARD CAPITAL - ST Securities Sub-Total $49,370,00 $49,355, ($41,967.87) ($7,453.10) % Accrued Interest $63, Total Investments $49,418, Account Page 7

37 Managed Account Security Transactions & Interest BREVARD CNTY SCHOOL BOARD CAPITAL - ST Transaction Type Principal Trade Settle Security Description CUSIP Par Proceeds BUY Accrued Realized G/L Realized G/L Sale Interest Total Cost Amort Cost Method 12/14/15 12/14/15 12/14/15 12/15/15 BANK OF TOKYO MITSUBISHI COMM PAPER -- 0% 06/10/ /15/15 DTD 06/02/ % 05/31/ /15/15 TOYOTA MOTOR CREDIT CORP COMM PAPER -- 0% 06/10/ BFA6 5,000,00 (4,982,447.22) (4,982,447.22) WM8 12,400,00 (12,391,281.25) (1,905.74) (12,393,186.99) 89233GFA9 5,000,00 (4,982,20) (4,982,20) Transaction Type Sub-Total 22,400,00 (22,355,928.47) (1,905.74) (22,357,834.21) INTEREST 12/01/15 12/01/15 MONEY MARKET FUND MONEY Transaction Type Sub-Total Managed Account Sub-Total (22,355,928.47) (1,905.50) (22,357,833.97) Total Security Transactions ($22,355,928.47) ($1,905.50) ($22,357,833.97) Account Page 8

38 BREVARD COUNTY DISC SALES SURTAX ACCOUNT Transaction Summary - Managed Account Managed Account Summary Statement Cash Transactions Summary - Managed Account Opening Market Value $14,981, Maturities/Calls Principal Dispositions Principal Acquisitions Unsettled Trades Change in Current Value 3, Reconciling Transactions Closing Market Value $14,985, Maturities/Calls Sale Proceeds Coupon/Interest/Dividend Income Principal Payments Security Purchases Net Cash Contribution 0.19 Earnings Reconciliation (Cash Basis) - Managed Account Cash Balance Interest/Dividends/Coupons Received Less Purchased Interest Related to Interest/Coupons Plus Net Realized Gains/Losses 0.19 Closing Cash Balance $18, Total Cash Basis Earnings $0.19 Earnings Reconciliation (Accrual Basis) Total Ending Amortized Value of Securities Ending Accrued Interest Plus Proceeds from Sales Plus Proceeds of Maturities/Calls/Principal Payments Plus Coupons/Dividends Received Less Cost of New Purchases Less Beginning Amortized Value of Securities Less Beginning Accrued Interest 14,991, (14,988,199.95) Total Accrual Basis Earnings $3, Account Page 1

39 BREVARD COUNTY DISC SALES SURTAX ACCOUNT Account Summary Portfolio Summary and Statistics Sector Allocation Description Par Value Market Value Percent Federal Agency Discount Note 15,000,00 14,985, Managed Account Sub-Total 15,000,00 14,985, % Accrued Interest Total Portfolio 15,000,00 14,985, Unsettled Trades Fed Agy DN 10% Maturity Distribution Characteristics 10% Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 0.24% 0.40% % % % % % % 0-6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years Over 5 Years Account Page 2

40 Managed Account Issuer Summary BREVARD COUNTY DISC SALES SURTAX ACCOUNT Issuer Summary Credit Quality (S&P Ratings) Issuer FEDERAL HOME LOAN BANKS Market Value of Holdings Percent 14,985, Total $14,985, % A-1+ 10% Account Page 3

41 Managed Account Detail of Securities Held BREVARD COUNTY DISC SALES SURTAX ACCOUNT Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Federal Agency Discount Note FEDERAL HOME LOAN BANKS DISC NOTE -- 0% 03/28/ UW7 15,000,00 A-1+ P-1 09/29/15 09/29/15 14,981, ,991,30 14,985, Security Type Sub-Total 15,000,00 14,981, ,991,30 14,985, Managed Account Sub-Total 15,000,00 14,981, ,991,30 14,985, Securities Sub-Total Accrued Interest Total Investments $15,000,00 $14,981, % $ $14,991,30 $14,985, $ $14,985, Account Page 4

42 Managed Account Fair Market Value & Analytics BREVARD COUNTY DISC SALES SURTAX ACCOUNT Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt Federal Agency Discount Note FEDERAL HOME LOAN BANKS DISC NOTE -- 0% 03/28/ UW7 15,000,00 JEFFERIE ,985, , (5,977.05) Security Type Sub-Total 15,000,00 14,985, , (5,977.05) Managed Account Sub-Total 15,000,00 14,985, , (5,977.05) Securities Sub-Total $15,000,00 $14,985, $3, ($5,977.05) % Accrued Interest $ Total Investments $14,985, Account Page 5

43 Managed Account Security Transactions & Interest BREVARD COUNTY DISC SALES SURTAX ACCOUNT Transaction Type Principal Trade Settle Security Description CUSIP Par Proceeds INTEREST Accrued Realized G/L Realized G/L Sale Interest Total Cost Amort Cost Method 12/01/15 12/01/15 MONEY MARKET FUND MONEY Transaction Type Sub-Total Managed Account Sub-Total Total Security Transactions $ $0.19 $0.19 Account Page 6

44 BREVARD COUNTY SD HEALTH INSURANCE FUND Transaction Summary - Managed Account Managed Account Summary Statement Cash Transactions Summary - Managed Account Opening Market Value $12,246, Maturities/Calls Principal Dispositions Principal Acquisitions Unsettled Trades Change in Current Value (1,216,752.54) 1,223, (21,386.62) Reconciling Transactions Closing Market Value $12,232, Maturities/Calls Sale Proceeds Coupon/Interest/Dividend Income Principal Payments Security Purchases Net Cash Contribution 1,218, , (1,231,710.84) Earnings Reconciliation (Cash Basis) - Managed Account Cash Balance Interest/Dividends/Coupons Received Less Purchased Interest Related to Interest/Coupons Plus Net Realized Gains/Losses 14, (8,252.24) (6,045.71) Closing Cash Balance $56, Total Cash Basis Earnings $86.91 Earnings Reconciliation (Accrual Basis) Total Ending Amortized Value of Securities Ending Accrued Interest Plus Proceeds from Sales Plus Proceeds of Maturities/Calls/Principal Payments Plus Coupons/Dividends Received Less Cost of New Purchases Less Beginning Amortized Value of Securities Less Beginning Accrued Interest 12,264, , ,218, , (1,231,710.84) (12,260,256.42) (29,075.74) Total Accrual Basis Earnings $8, Account Page 1

45 BREVARD COUNTY SD HEALTH INSURANCE FUND Description Account Summary Par Value Portfolio Summary and Statistics Market Value Percent U.S. Treasury Bond / Note 7,715,00 7,693, Municipal Bond / Note 650,00 649, Federal Agency Bond / Note 1,489,00 1,484, Corporate Note 2,400,00 2,404, Managed Account Sub-Total 12,254,00 12,232, % Accrued Interest 33, Total Portfolio 12,254,00 12,265, Sector Allocation Corporate Note 19.65% Unsettled Trades US TSY Bond / Note 62.90% Fed Agy Bond / Note 12.14% Muni Bond / Note 5.31% Maturity Distribution Characteristics 46.08% Yield to Maturity at Cost Yield to Maturity at Market 0.96% 1.11% 32.86% Duration to Worst Weighted Average Days to Maturity % 5.77% 9.98% % % 0-6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years Over 5 Years Account Page 2

46 BREVARD COUNTY SD HEALTH INSURANCE FUND Issuer AMERICAN EXPRESS CO APPLE INC BANK OF NEW YORK CO INC CATERPILLAR INC FANNIE MAE FEDERAL HOME LOAN BANKS FREDDIE MAC GENERAL ELECTRIC CO JP MORGAN CHASE & CO REGIONAL TRANS AUTH, IL STATE OF LOUISIANA TOYOTA MOTOR CORP UNITED STATES TREASURY UNIVERSITY OF CALIFORNIA Issuer Summary Managed Account Issuer Summary Market Value of Holdings Percent 298, , , , , , , , , , , , ,693, , Total $12,232, % AA- 4.10% AA % Credit Quality (S&P Ratings) A 4.50% A- 6.16% AA 5.31% Account Page 3

47 Managed Account Detail of Securities Held BREVARD COUNTY SD HEALTH INSURANCE FUND Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value U.S. Treasury Bond / Note DTD 01/03/ % 12/31/ RX0 355,00 AA+ Aaa 12/05/14 12/09/14 356, , , DTD 01/31/ % 01/31/ SC5 255,00 AA+ Aaa 06/02/14 06/03/14 256, , , DTD 01/31/ % 01/31/ SC5 450,00 AA+ Aaa 07/29/14 07/31/14 450, , , , DTD 03/31/ % 03/31/ SM3 215,00 AA+ Aaa 03/19/14 03/21/14 215, , , DTD 04/30/ % 04/30/ SS0 165,00 AA+ Aaa 10/01/14 10/06/14 165, , , DTD 07/31/ % 07/31/ TG5 65,00 AA+ Aaa 07/01/14 07/07/14 64, , , DTD 08/31/ % 08/31/ TM2 590,00 AA+ Aaa 02/02/15 02/03/15 589, , , , DTD 08/31/ % 08/31/ TM2 660,00 AA+ Aaa 08/28/14 08/29/14 652, , , , DTD 10/31/ % 10/31/ TW0 195,00 AA+ Aaa 10/30/14 10/31/14 193, , , DTD 11/30/ % 11/30/ UA6 315,00 AA+ Aaa 12/01/14 12/03/14 312, , , DTD 04/01/ % 03/31/ UU2 440,00 AA+ Aaa 04/28/15 04/30/15 438, , , DTD 04/01/ % 03/31/ UU2 720,00 AA+ Aaa 02/26/15 02/27/15 713, , , , DTD 04/01/ % 03/31/ UU2 875,00 AA+ Aaa 03/26/15 03/27/15 868, , , , DTD 09/30/ % 09/30/ RH5 300,00 AA+ Aaa 10/28/15 10/29/15 304, , , , Account Page 4

48 Managed Account Detail of Securities Held BREVARD COUNTY SD HEALTH INSURANCE FUND Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value U.S. Treasury Bond / Note DTD 09/30/ % 09/30/ RH5 655,00 AA+ Aaa 10/08/15 10/13/15 663, , , , DTD 10/31/ % 10/31/ WD8 245,00 AA+ Aaa 11/05/15 11/09/15 245, , , DTD 12/31/ % 12/31/ A75 450,00 AA+ Aaa 12/28/15 12/30/15 452, , , DTD 12/31/ % 12/31/ A75 765,00 AA+ Aaa 12/01/15 12/04/15 771, , , Security Type Sub-Total 7,715,00 7,714, , ,719, ,693, Municipal Bond / Note LA ST TXBL GO BONDS DTD 02/20/ % 02/01/ S35 300,00 AA Aa2 02/11/14 02/20/14 299, , , REGIONAL TRANS AUTH, IL TXBL REV BONDS DTD 05/07/ % 05/06/ X88 300,00 AA Aa3 04/24/14 05/07/14 299, , , UNIV OF CAL TXBL REV BONDS DTD 10/02/ % 05/15/ GSX4 50,00 AA Aa2 09/26/13 10/02/13 50, ,00 50, Security Type Sub-Total 650,00 649, , , , Federal Agency Bond / Note FHLMC REFERENCE NOTE DTD 01/16/ % 01/27/ EADU0 254,00 AA+ Aaa 01/15/15 01/16/15 253, , , FHLB GLOBAL NOTES (CALLABLE) DTD 03/24/ % 03/24/ A4QV7 300,00 AA+ Aaa 03/17/15 03/24/15 300, ,00 299, FREDDIE MAC GLOBAL NOTES DTD 06/25/ % 07/28/ EADJ5 160,00 AA+ Aaa 08/12/14 08/14/14 159, , , FREDDIE MAC GLOBAL NOTES DTD 06/25/ % 07/28/ EADJ5 260,00 AA+ Aaa 08/12/14 08/14/14 259, , , , Account Page 5

49 Managed Account Detail of Securities Held BREVARD COUNTY SD HEALTH INSURANCE FUND Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Federal Agency Bond / Note FHLB NOTES DTD 07/24/ % 08/28/ A62S5 360,00 AA+ Aaa 07/23/15 07/24/15 359, , , FNMA NOTES DTD 08/25/ % 09/27/ G0ZL0 155,00 AA+ Aaa 08/21/14 08/25/14 154, , , Security Type Sub-Total 1,489,00 1,487, , ,487, ,484, Corporate Note JPMORGAN CHASE & CO GLOBAL NOTES DTD 06/29/ % 07/05/ HJA9 450,00 A- A3 08/06/14 08/11/14 468, ,93 455, , CATERPILLAR FINANCIAL SE CORP NOTE DTD 07/29/ % 08/01/ L4X6 250,00 A A2 08/06/14 08/11/14 256, , , , APPLE INC CORP NOTE DTD 05/13/ % 05/12/ BB5 150,00 AA+ Aa1 05/06/15 05/13/15 149, , , GENERAL ELECTRIC CORP NOTES (CALLABLE) DTD 05/15/ % 05/15/ G7J7 450,00 AA+ A1 08/06/14 08/11/14 452, , , AMERICAN EXPRESS CORP NOTES DTD 06/05/ % 06/05/ M0DM8 300,00 A- A2 11/03/14 11/06/14 298, , , TOYOTA MOTORS CREDIT CORP DTD 01/10/ % 01/10/ P7E0 500,00 AA- Aa3 07/01/15 07/06/15 499, , , , BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 05/29/ % 05/22/ HDB2 300,00 A A1 05/22/15 05/29/15 299, , , Security Type Sub-Total 2,400,00 2,426, , ,407, ,404, Managed Account Sub-Total 12,254,00 12,277, , ,264, ,232, Account Page 6

50 Managed Account Detail of Securities Held BREVARD COUNTY SD HEALTH INSURANCE FUND Securities Sub-Total Accrued Interest Total Investments $12,254,00 $12,277, % $33, $12,264, $12,232, $33, $12,265, Account Page 7

51 Managed Account Fair Market Value & Analytics BREVARD COUNTY SD HEALTH INSURANCE FUND Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt U.S. Treasury Bond / Note DTD 01/03/ % 12/31/ RX0 355,00 BARCLAYS , (1,123.24) (431.88) DTD 01/31/ % 01/31/ SC5 255,00 CITIGRP , (1,354.72) (542.02) DTD 01/31/ % 01/31/ SC5 450,00 MERRILL , (843.81) (347.22) DTD 03/31/ % 03/31/ SM3 215,00 BARCLAYS , (126.08) DTD 04/30/ % 04/30/ SS0 165,00 GOLDMAN , (199.85) (138.13) DTD 07/31/ % 07/31/ TG5 65,00 MERRILL , (25.76) DTD 08/31/ % 08/31/ TM2 590,00 HSBC , (3,295.55) (3,465.75) DTD 08/31/ % 08/31/ TM2 660,00 BARCLAYS , , (195.49) DTD 10/31/ % 10/31/ TW0 195,00 MERRILL , (349.26) DTD 11/30/ % 11/30/ UA6 315,00 MERRILL , (319.84) (1,138.69) DTD 04/01/ % 03/31/ UU2 440,00 BNP PARI , (2,354.55) (2,715.74) DTD 04/01/ % 03/31/ UU2 720,00 BARCLAYS , (1,675.22) DTD 04/01/ % 03/31/ UU2 875,00 HSBC , (1,264.37) (2,914.00) DTD 09/30/ % 09/30/ RH5 300,00 CITIGRP , (3,093.75) (2,855.35) DTD 09/30/ % 09/30/ RH5 655,00 MERRILL , (6,345.31) (5,734.01) DTD 10/31/ % 10/31/ WD8 245,00 CITIGRP , (1,033.53) (1,000.34) DTD 12/31/ % 12/31/ A75 450,00 JPMCHASE , Account Page 8

52 Managed Account Fair Market Value & Analytics BREVARD COUNTY SD HEALTH INSURANCE FUND Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt U.S. Treasury Bond / Note DTD 12/31/ % 12/31/ A75 765,00 HSBC , (2,988.47) (2,833.62) Security Type Sub-Total 7,715,00 7,693, (20,716.71) (26,179.76) Municipal Bond / Note LA ST TXBL GO BONDS DTD 02/20/ % 02/01/ S35 300,00 WELLSFAR , REGIONAL TRANS AUTH, IL TXBL REV BONDS DTD 05/07/ % 05/06/ X88 300,00 JPMCHASE , (123.41) UNIV OF CAL TXBL REV BONDS DTD 10/02/ % 05/15/ GSX4 50,00 BARCLAYS , Security Type Sub-Total 650,00 649, (1.41) Federal Agency Bond / Note FHLMC REFERENCE NOTE DTD 01/16/ % 01/27/ EADU0 254,00 BARCLAYS , (577.60) (786.78) FHLB GLOBAL NOTES (CALLABLE) DTD 03/24/ % 03/24/ A4QV7 300,00 CITIGRP 03/24/ , (441.60) (441.60) FREDDIE MAC GLOBAL NOTES DTD 06/25/ % 07/28/ EADJ5 160,00 BARCLAYS , (246.24) (255.52) FREDDIE MAC GLOBAL NOTES DTD 06/25/ % 07/28/ EADJ5 260,00 BARCLAYS , (414.96) (423.18) FHLB NOTES DTD 07/24/ % 08/28/ A62S5 360,00 BARCLAYS , (998.64) (1,165.10) FNMA NOTES DTD 08/25/ % 09/27/ G0ZL0 155,00 MORGANST , (35.40) Security Type Sub-Total 1,489,00 1,484, (2,475.06) (3,107.58) Corporate Note Account Page 9

53 Managed Account Fair Market Value & Analytics BREVARD COUNTY SD HEALTH INSURANCE FUND Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt Corporate Note JPMORGAN CHASE & CO GLOBAL NOTES DTD 06/29/ % 07/05/ HJA9 450,00 RBS_SEC , (14,342.85) (490.47) CATERPILLAR FINANCIAL SE CORP NOTE DTD 07/29/ % 08/01/ L4X6 250,00 BARCLAYS , (5,416.75) (532.81) APPLE INC CORP NOTE DTD 05/13/ % 05/12/ BB5 150,00 GOLDMAN , (360.30) (392.93) GENERAL ELECTRIC CORP NOTES (CALLABLE) DTD 05/15/ % 05/15/ G7J7 450,00 NOMURA 04/13/ , (2,294.55) (1,129.64) AMERICAN EXPRESS CORP NOTES DTD 06/05/ % 06/05/ M0DM8 300,00 JPMCHASE , (267.30) (761.81) TOYOTA MOTORS CREDIT CORP DTD 01/10/ % 01/10/ P7E0 500,00 TD SEC U , , , BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 05/29/ % 05/22/ HDB2 300,00 GOLDMAN 04/22/ , (1,095.00) (1,099.95) Security Type Sub-Total 2,400,00 2,404, (22,725.75) (3,363.50) Managed Account Sub-Total 12,254,00 12,232, (45,472.02) (32,652.25) Securities Sub-Total $12,254,00 $12,232, ($45,472.02) ($32,652.25) % Accrued Interest $33, Total Investments $12,265, Account Page 10

54 Managed Account Security Transactions & Interest BREVARD COUNTY SD HEALTH INSURANCE FUND Transaction Type Principal Trade Settle Security Description CUSIP Par Proceeds BUY Accrued Realized G/L Realized G/L Sale Interest Total Cost Amort Cost Method 12/01/15 12/28/15 12/04/15 DTD 12/31/ % 12/31/ /30/15 DTD 12/31/ % 12/31/ A75 765,00 (771,454.69) (4,895.58) (776,350.27) A75 450,00 (452,003.91) (3,356.66) (455,360.57) Transaction Type Sub-Total 1,215,00 (1,223,458.60) (8,252.24) (1,231,710.84) INTEREST 12/01/15 12/05/15 12/31/15 12/31/15 12/31/15 12/01/15 MONEY MARKET FUND MONEY /05/15 AMERICAN EXPRESS CORP NOTES DTD 06/05/ % 06/05/ /31/15 DTD 12/31/ % 12/31/ /31/15 DTD 01/03/ % 12/31/ /31/15 DTD 12/31/ % 12/31/ M0DM8 300,00 1, , A75 450,00 3, , RX0 355,00 1, , A75 765,00 5, , Transaction Type Sub-Total 1,870,00 12, , SELL 12/01/15 12/01/15 12/28/15 12/04/15 DTD 11/30/ % 11/30/ /04/15 DTD 11/30/ % 11/30/ /30/15 DTD 01/03/ % 12/31/ RU6 165,00 165, , (1,211.72) (226.49) SPEC LOT RU6 600,00 600, , (3,656.25) (531.93) SPEC LOT RX0 450,00 450, , , (1,177.74) (305.89) SPEC LOT Transaction Type Sub-Total 1,215,00 1,216, , ,218, (6,045.71) (1,064.31) Managed Account Sub-Total (6,706.06) 6, (573.44) (6,045.71) (1,064.31) Total Security Transactions ($6,706.06) $6, ($573.44) ($6,045.71) ($1,064.31) Account Page 11

55 BREVARD CNTY SCHOOL BOARD OPERATING - ST Transaction Summary - Managed Account Managed Account Summary Statement Cash Transactions Summary - Managed Account Opening Market Value $7,021,14 Maturities/Calls Principal Dispositions Principal Acquisitions Unsettled Trades Change in Current Value 104,819, , Reconciling Transactions Closing Market Value $111,842, Maturities/Calls Sale Proceeds Coupon/Interest/Dividend Income Principal Payments Security Purchases Net Cash Contribution 112, (105,016,453.58) 114,114, Earnings Reconciliation (Cash Basis) - Managed Account Cash Balance Interest/Dividends/Coupons Received Less Purchased Interest Related to Interest/Coupons Plus Net Realized Gains/Losses 112, (196,738.64) Closing Cash Balance $9,210, Total Cash Basis Earnings ($84,232.13) Earnings Reconciliation (Accrual Basis) Total Ending Amortized Value of Securities Ending Accrued Interest Plus Proceeds from Sales Plus Proceeds of Maturities/Calls/Principal Payments Plus Coupons/Dividends Received Less Cost of New Purchases Less Beginning Amortized Value of Securities Less Beginning Accrued Interest 111,838, , , (105,016,453.58) (7,020,143.04) (21,725.54) Total Accrual Basis Earnings $33, Account Page 1

56 BREVARD CNTY SCHOOL BOARD OPERATING - ST Description Account Summary Par Value Portfolio Summary and Statistics Market Value Percent U.S. Treasury Bond / Note 81,800,00 81,895, Federal Agency Discount Note 10,000,00 9,995, Commercial Paper 20,000,00 19,952, Managed Account Sub-Total 111,800,00 111,842, % Accrued Interest 140, Total Portfolio 111,800,00 111,983, Sector Allocation Commercial Paper 17.84% Fed Agy DN 8.94% Unsettled Trades US TSY Bond / Note 73.22% Maturity Distribution Characteristics 59.81% Yield to Maturity at Cost Yield to Maturity at Market 0.61% 0.59% 40.19% Duration to Worst Weighted Average Days to Maturity % % % % % 0-6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years Over 5 Years Account Page 2

57 BREVARD CNTY SCHOOL BOARD OPERATING - ST Issuer Summary Managed Account Issuer Summary Credit Quality (S&P Ratings) Issuer BNP PARIBAS CREDIT AGRICOLE SA FEDERAL HOME LOAN BANKS JP MORGAN CHASE & CO UNITED STATES TREASURY Market Value of Holdings Percent 4,988, ,994, ,995, ,969, ,895, A % A % Total $111,842, % AA % Account Page 3

58 Managed Account Detail of Securities Held BREVARD CNTY SCHOOL BOARD OPERATING - ST Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value U.S. Treasury Bond / Note DTD 04/30/ % 04/30/ C81 15,000,00 AA+ Aaa 12/14/15 12/15/15 14,995, , ,996, ,998, DTD 06/30/ % 06/30/ QR4 15,000,00 AA+ Aaa 12/14/15 12/15/15 15,073, ,066, ,069, DTD 07/31/ % 07/31/ LD0 2,000,00 AA+ Aaa 10/30/15 11/02/15 2,042, , ,033, ,029, DTD 07/31/ % 07/31/ WX4 15,000,00 AA+ Aaa 12/14/15 12/15/15 14,984, , ,985, ,990,04 DTD 08/31/ % 08/31/ RF9 15,000,00 AA+ Aaa 12/14/15 12/15/15 15,032, , ,030, ,030, DTD 10/15/ % 10/15/ WA4 10,000,00 AA+ Aaa 12/14/15 12/15/15 9,991, , ,992, ,990,62 DTD 11/15/ % 11/15/ WF3 9,800,00 AA+ Aaa 12/14/15 12/15/15 9,789, , ,789, ,786, Security Type Sub-Total 81,800,00 81,910, , ,895, ,895, Federal Agency Discount Note FEDERAL HOME LOAN BANKS DISC NOTE -- 0% 02/24/ TM1 10,000,00 A-1+ P-1 12/14/15 12/15/15 9,992, ,994,60 9,995, Security Type Sub-Total 10,000,00 9,992, ,994,60 9,995, Commercial Paper CREDIT AGRICOLE CIB NY COMM PAPER -- 0% 03/11/ TCB0 5,000,00 A-1 P-1 12/14/15 12/15/15 4,993, ,994, ,994, BNP PARIBAS NY BRANCH COMM PAPER -- 0% 05/06/ BE63 5,000,00 A-1 P-1 12/14/15 12/15/15 4,986, ,987,75 4,988, JP MORGAN SECURITIES LLC COMM PAPER -- 0% 06/17/ PFH1 5,000,00 A-1 P-1 09/21/15 09/21/15 4,975, ,984, ,985, Account Page 4

59 Managed Account Detail of Securities Held BREVARD CNTY SCHOOL BOARD OPERATING - ST Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Commercial Paper JP MORGAN SECURITIES LLC COMM PAPER -- 0% 06/27/ PFT5 5,000,00 A-1 P-1 12/14/15 12/15/15 4,979, ,981, ,984,14 Security Type Sub-Total 20,000,00 19,934, ,948, ,952, Managed Account Sub-Total 111,800,00 111,837, , ,838, ,842, Securities Sub-Total Accrued Interest Total Investments $111,800,00 $111,837, % $140, $111,838, $111,842, $140, $111,983, Account Page 5

60 Managed Account Fair Market Value & Analytics BREVARD CNTY SCHOOL BOARD OPERATING - ST Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt U.S. Treasury Bond / Note DTD 04/30/ % 04/30/ C81 15,000,00 JPMCHASE ,998, , , DTD 06/30/ % 06/30/ QR4 15,000,00 JPMCHASE ,069, (4,107.19) 2, DTD 07/31/ % 07/31/ LD0 2,000,00 CITIGRP ,029, (12,890.25) (3,480.78) DTD 07/31/ % 07/31/ WX4 15,000,00 CITIGRP ,990,04 5, , DTD 08/31/ % 08/31/ RF9 15,000,00 CITIGRP ,030, (2,347.50) (202.05) DTD 10/15/ % 10/15/ WA4 10,000,00 CITIGRP ,990,62 (1,176.88) (1,634.10) DTD 11/15/ % 11/15/ WF3 9,800,00 HSBC ,786, (2,295.65) (2,837.98) Security Type Sub-Total 81,800,00 81,895, (15,196.54) Federal Agency Discount Note FEDERAL HOME LOAN BANKS DISC NOTE -- 0% 02/24/ TM1 10,000,00 JEFFERIE ,995, , Security Type Sub-Total 10,000,00 9,995, , Commercial Paper CREDIT AGRICOLE CIB NY COMM PAPER -- 0% 03/11/ TCB0 5,000,00 CREDITAG ,994, , BNP PARIBAS NY BRANCH COMM PAPER -- 0% 05/06/ BE63 5,000,00 BNP PARI ,988, , JP MORGAN SECURITIES LLC COMM PAPER -- 0% 06/17/ PFH1 5,000,00 JPMCHASE ,985, , JP MORGAN SECURITIES LLC COMM PAPER -- 0% 06/27/ PFT5 5,000,00 JPMCHASE ,984,14 4, , Security Type Sub-Total 20,000,00 19,952, , , Account Page 6

61 Managed Account Fair Market Value & Analytics BREVARD CNTY SCHOOL BOARD OPERATING - ST Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt Managed Account Sub-Total 111,800,00 111,842, , , Securities Sub-Total $111,800,00 $111,842, $4, $4, % Accrued Interest $140, Total Investments $111,983, Account Page 7

62 Managed Account Security Transactions & Interest BREVARD CNTY SCHOOL BOARD OPERATING - ST Transaction Type Principal Trade Settle Security Description CUSIP Par Proceeds BUY Accrued Realized G/L Realized G/L Sale Interest Total Cost Amort Cost Method 12/14/15 12/14/15 12/14/15 12/14/15 12/14/15 12/14/15 12/14/15 12/14/15 12/14/15 12/14/15 12/15/15 BNP PARIBAS NY BRANCH COMM PAPER -- 0% 05/06/ /15/15 FEDERAL HOME LOAN BANKS DISC NOTE -- 0% 02/24/ /15/15 CREDIT AGRICOLE CIB NY COMM PAPER -- 0% 03/11/ /15/15 JP MORGAN SECURITIES LLC COMM PAPER -- 0% 06/27/ /15/15 DTD 07/31/ % 07/31/ /15/15 DTD 10/15/ % 10/15/ /15/15 DTD 11/15/ % 11/15/ /15/15 DTD 08/31/ % 08/31/ /15/15 DTD 06/30/ % 06/30/ /15/15 DTD 04/30/ % 04/30/ BE63 5,000,00 (4,986,097.22) (4,986,097.22) TM1 10,000,00 (9,992,90) (9,992,90) 22533TCB0 5,000,00 (4,993,233.33) (4,993,233.33) 46640PFT5 5,000,00 (4,979,687.50) (4,979,687.50) WX4 15,000,00 (14,984,765.63) (27,921.20) (15,012,686.83) WA4 10,000,00 (9,991,796.88) (10,416.67) (10,002,213.55) WF3 9,800,00 (9,789,281.25) (5,048.08) (9,794,329.33) RF9 15,000,00 (15,032,812.50) (43,681.32) (15,076,493.82) QR4 15,000,00 (15,073,242.19) (102,717.39) (15,175,959.58) C81 15,000,00 (14,995,898.44) (6,953.98) (15,002,852.42) Transaction Type Sub-Total 104,800,00 (104,819,714.94) (196,738.64) (105,016,453.58) INTEREST 12/01/15 12/31/15 12/01/15 MONEY MARKET FUND MONEY /31/15 DTD 06/30/ % 06/30/ QR4 15,000,00 112,50 112,50 Transaction Type Sub-Total 15,000,00 112, , Managed Account Sub-Total (104,819,714.94) (84,232.13) (104,903,947.07) Account Page 8

63 Managed Account Security Transactions & Interest BREVARD CNTY SCHOOL BOARD OPERATING - ST Total Security Transactions ($104,819,714.94) ($84,232.13) ($104,903,947.07) Account Page 9

64 BREVARD COUNTY FLA SD SELF INSURANCE FD Transaction Summary - Managed Account Managed Account Summary Statement Cash Transactions Summary - Managed Account Opening Market Value $14,754, Maturities/Calls Principal Dispositions Principal Acquisitions Unsettled Trades Change in Current Value (1,441,021.03) 1,459, (25,683.34) Reconciling Transactions Closing Market Value $14,747, Maturities/Calls Sale Proceeds Coupon/Interest/Dividend Income Principal Payments Security Purchases Net Cash Contribution 1,441, , (1,469,758.84) Earnings Reconciliation (Cash Basis) - Managed Account Cash Balance Interest/Dividends/Coupons Received Less Purchased Interest Related to Interest/Coupons Plus Net Realized Gains/Losses 17, (9,915.08) (7,875.80) Closing Cash Balance $75, Total Cash Basis Earnings ($479.82) Earnings Reconciliation (Accrual Basis) Total Ending Amortized Value of Securities Ending Accrued Interest Plus Proceeds from Sales Plus Proceeds of Maturities/Calls/Principal Payments Plus Coupons/Dividends Received Less Cost of New Purchases Less Beginning Amortized Value of Securities Less Beginning Accrued Interest 14,784, , ,441, , (1,469,758.84) (14,768,151.21) (32,955.60) Total Accrual Basis Earnings $9, Account Page 1

65 BREVARD COUNTY FLA SD SELF INSURANCE FD Description Account Summary Par Value Portfolio Summary and Statistics Market Value Percent U.S. Treasury Bond / Note 9,460,00 9,433, Municipal Bond / Note 775,00 774, Federal Agency Bond / Note 1,719,00 1,713, Corporate Note 2,820,00 2,824, Managed Account Sub-Total 14,774,00 14,747, % Accrued Interest 38, Total Portfolio 14,774,00 14,785, Sector Allocation Corporate Note 19.16% Fed Agy Bond / Note 11.62% Unsettled Trades US TSY Bond / Note 63.97% Muni Bond / Note 5.25% Maturity Distribution Characteristics 46.60% Yield to Maturity at Cost Yield to Maturity at Market 0.97% 1.10% 32.79% Duration to Worst Weighted Average Days to Maturity % 5.47% 9.88% % % 0-6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years Over 5 Years Account Page 2

66 BREVARD COUNTY FLA SD SELF INSURANCE FD Issuer AMERICAN EXPRESS CO APPLE INC BANK OF NEW YORK CO INC CATERPILLAR INC FANNIE MAE FEDERAL HOME LOAN BANKS FREDDIE MAC GENERAL ELECTRIC CO JP MORGAN CHASE & CO REGIONAL TRANS AUTH, IL STATE OF LOUISIANA TOYOTA MOTOR CORP UNITED STATES TREASURY UNIVERSITY OF CALIFORNIA Issuer Summary Managed Account Issuer Summary Market Value of Holdings Percent 348, , , , , , , , , , , , ,433, , Total $14,747, % AA- 4.08% AA % Credit Quality (S&P Ratings) A 4.07% A- 6.13% AA 5.25% Account Page 3

67 Managed Account Detail of Securities Held BREVARD COUNTY FLA SD SELF INSURANCE FD Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value U.S. Treasury Bond / Note DTD 01/03/ % 12/31/ RX0 850,00 AA+ Aaa 12/05/14 12/09/14 853, , , DTD 01/31/ % 01/31/ SC5 220,00 AA+ Aaa 07/29/14 07/31/14 220, , , DTD 01/31/ % 01/31/ SC5 295,00 AA+ Aaa 06/02/14 06/03/14 296, , , , DTD 03/31/ % 03/31/ SM3 185,00 AA+ Aaa 03/19/14 03/21/14 185, , , DTD 04/30/ % 04/30/ SS0 330,00 AA+ Aaa 10/01/14 10/06/14 330, , , DTD 07/31/ % 07/31/ TG5 80,00 AA+ Aaa 07/01/14 07/07/14 78, , , DTD 08/31/ % 08/31/ TM2 630,00 AA+ Aaa 02/02/15 02/03/15 629, , , , DTD 08/31/ % 08/31/ TM2 875,00 AA+ Aaa 08/28/14 08/29/14 865, , , , DTD 10/31/ % 10/31/ TW0 190,00 AA+ Aaa 10/30/14 10/31/14 188, , , DTD 11/30/ % 11/30/ UA6 450,00 AA+ Aaa 12/01/14 12/03/14 446, , , DTD 04/01/ % 03/31/ UU2 350,00 AA+ Aaa 04/28/15 04/30/15 348, , , DTD 04/01/ % 03/31/ UU2 920,00 AA+ Aaa 02/26/15 02/27/15 911, , , , DTD 04/01/ % 03/31/ UU2 1,025,00 AA+ Aaa 03/26/15 03/27/15 1,017, , ,019, ,015, DTD 09/30/ % 09/30/ RH5 850,00 AA+ Aaa 10/08/15 10/13/15 860, , , , Account Page 4

68 Managed Account Detail of Securities Held BREVARD COUNTY FLA SD SELF INSURANCE FD Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value U.S. Treasury Bond / Note DTD 10/31/ % 10/31/ WD8 760,00 AA+ Aaa 11/05/15 11/09/15 762, , , , DTD 12/31/ % 12/31/ A75 600,00 AA+ Aaa 12/28/15 12/30/15 602, , , DTD 12/31/ % 12/31/ A75 850,00 AA+ Aaa 12/01/15 12/04/15 857, , , Security Type Sub-Total 9,460,00 9,455, , ,462, ,433, Municipal Bond / Note LA ST TXBL GO BONDS DTD 02/20/ % 02/01/ S35 350,00 AA Aa2 02/11/14 02/20/14 349, , , REGIONAL TRANS AUTH, IL TXBL REV BONDS DTD 05/07/ % 05/06/ X88 375,00 AA Aa3 04/24/14 05/07/14 374, , , UNIV OF CAL TXBL REV BONDS DTD 10/02/ % 05/15/ GSX4 50,00 AA Aa2 09/26/13 10/02/13 50, ,00 50, Security Type Sub-Total 775,00 774, , , , Federal Agency Bond / Note FHLMC REFERENCE NOTE DTD 01/16/ % 01/27/ EADU0 309,00 AA+ Aaa 01/15/15 01/16/15 308, , , FHLB GLOBAL NOTES (CALLABLE) DTD 03/24/ % 03/24/ A4QV7 300,00 AA+ Aaa 03/17/15 03/24/15 300, ,00 299, FREDDIE MAC GLOBAL NOTES DTD 06/25/ % 07/28/ EADJ5 195,00 AA+ Aaa 08/12/14 08/14/14 194, , , FREDDIE MAC GLOBAL NOTES DTD 06/25/ % 07/28/ EADJ5 315,00 AA+ Aaa 08/12/14 08/14/14 314, , , , FHLB NOTES DTD 07/24/ % 08/28/ A62S5 420,00 AA+ Aaa 07/23/15 07/24/15 419, , , , Account Page 5

69 Managed Account Detail of Securities Held BREVARD COUNTY FLA SD SELF INSURANCE FD Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Federal Agency Bond / Note FNMA NOTES DTD 08/25/ % 09/27/ G0ZL0 180,00 AA+ Aaa 08/21/14 08/25/14 179, , , Security Type Sub-Total 1,719,00 1,716, , ,717, ,713, Corporate Note JPMORGAN CHASE & CO GLOBAL NOTES DTD 06/29/ % 07/05/ HJA9 550,00 A- A3 08/06/14 08/11/14 573, ,47 556, , CATERPILLAR FINANCIAL SE CORP NOTE DTD 07/29/ % 08/01/ L4X6 250,00 A A2 08/06/14 08/11/14 256, , , , APPLE INC CORP NOTE DTD 05/13/ % 05/12/ BB5 170,00 AA+ Aa1 05/06/15 05/13/15 169, , , GENERAL ELECTRIC CORP NOTES (CALLABLE) DTD 05/15/ % 05/15/ G7J7 550,00 AA+ A1 08/06/14 08/11/14 552, , , AMERICAN EXPRESS CORP NOTES DTD 06/05/ % 06/05/ M0DM8 350,00 A- A2 11/03/14 11/06/14 348, , , TOYOTA MOTORS CREDIT CORP DTD 01/10/ % 01/10/ P7E0 600,00 AA- Aa3 07/01/15 07/06/15 599, , , , BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 05/29/ % 05/22/ HDB2 350,00 A A1 05/22/15 05/29/15 349, , , Security Type Sub-Total 2,820,00 2,851, , ,828, ,824, Managed Account Sub-Total 14,774,00 14,798, , ,784, ,747, Securities Sub-Total Accrued Interest Total Investments $14,774,00 $14,798, % $38, $14,784, $14,747, $38, $14,785, Account Page 6

70 Managed Account Fair Market Value & Analytics BREVARD COUNTY FLA SD SELF INSURANCE FD Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt U.S. Treasury Bond / Note DTD 01/03/ % 12/31/ RX0 850,00 BARCLAYS , (2,689.45) (1,034.08) DTD 01/31/ % 01/31/ SC5 220,00 MERRILL , (412.53) (169.75) DTD 01/31/ % 01/31/ SC5 295,00 CITIGRP , (1,567.22) (627.04) DTD 03/31/ % 03/31/ SM3 185,00 BARCLAYS , (108.49) DTD 04/30/ % 04/30/ SS0 330,00 GOLDMAN , (399.71) (276.25) DTD 07/31/ % 07/31/ TG5 80,00 MERRILL , (31.70) DTD 08/31/ % 08/31/ TM2 630,00 HSBC , (3,518.98) (3,700.72) DTD 08/31/ % 08/31/ TM2 875,00 BARCLAYS , , (259.17) DTD 10/31/ % 10/31/ TW0 190,00 MERRILL , (340.31) DTD 11/30/ % 11/30/ UA6 450,00 MERRILL , (456.92) (1,626.71) DTD 04/01/ % 03/31/ UU2 350,00 BNP PARI , (1,872.94) (2,160.25) DTD 04/01/ % 03/31/ UU2 920,00 BARCLAYS , (2,140.55) DTD 04/01/ % 03/31/ UU2 1,025,00 HSBC ,015, (1,481.12) (3,413.54) DTD 09/30/ % 09/30/ RH5 850,00 MERRILL , (8,234.38) (7,441.09) DTD 10/31/ % 10/31/ WD8 760,00 CITIGRP , (3,206.06) (3,103.12) DTD 12/31/ % 12/31/ A75 600,00 JPMCHASE , DTD 12/31/ % 12/31/ A75 850,00 HSBC , (3,320.53) (3,148.48) Account Page 7

71 Managed Account Fair Market Value & Analytics BREVARD COUNTY FLA SD SELF INSURANCE FD Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt Security Type Sub-Total 9,460,00 9,433, (22,532.52) (29,297.31) Municipal Bond / Note LA ST TXBL GO BONDS DTD 02/20/ % 02/01/ S35 350,00 WELLSFAR , REGIONAL TRANS AUTH, IL TXBL REV BONDS DTD 05/07/ % 05/06/ X88 375,00 JPMCHASE , (154.26) UNIV OF CAL TXBL REV BONDS DTD 10/02/ % 05/15/ GSX4 50,00 BARCLAYS , Security Type Sub-Total 775,00 774, (23.18) Federal Agency Bond / Note FHLMC REFERENCE NOTE DTD 01/16/ % 01/27/ EADU0 309,00 BARCLAYS , (702.67) (957.14) FHLB GLOBAL NOTES (CALLABLE) DTD 03/24/ % 03/24/ A4QV7 300,00 CITIGRP 03/24/ , (441.60) (441.60) FREDDIE MAC GLOBAL NOTES DTD 06/25/ % 07/28/ EADJ5 195,00 BARCLAYS , (300.10) (311.41) FREDDIE MAC GLOBAL NOTES DTD 06/25/ % 07/28/ EADJ5 315,00 BARCLAYS , (502.74) (512.69) FHLB NOTES DTD 07/24/ % 08/28/ A62S5 420,00 BARCLAYS , (1,165.08) (1,359.28) FNMA NOTES DTD 08/25/ % 09/27/ G0ZL0 180,00 MORGANST , (41.11) Security Type Sub-Total 1,719,00 1,713, (2,875.31) (3,623.23) Corporate Note JPMORGAN CHASE & CO GLOBAL NOTES DTD 06/29/ % 07/05/ HJA9 550,00 RBS_SEC , (17,530.15) (599.47) CATERPILLAR FINANCIAL SE CORP NOTE DTD 07/29/ % 08/01/ L4X6 250,00 BARCLAYS , (5,416.75) (532.81) Account Page 8

72 Managed Account Fair Market Value & Analytics BREVARD COUNTY FLA SD SELF INSURANCE FD Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt Corporate Note APPLE INC CORP NOTE DTD 05/13/ % 05/12/ BB5 170,00 GOLDMAN , (408.34) (445.32) GENERAL ELECTRIC CORP NOTES (CALLABLE) DTD 05/15/ % 05/15/ G7J7 550,00 NOMURA 04/13/ , (2,804.45) (1,380.67) AMERICAN EXPRESS CORP NOTES DTD 06/05/ % 06/05/ M0DM8 350,00 JPMCHASE , (311.85) (888.78) TOYOTA MOTORS CREDIT CORP DTD 01/10/ % 01/10/ P7E0 600,00 TD SEC U , , , BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 05/29/ % 05/22/ HDB2 350,00 GOLDMAN 04/22/ , (1,277.50) (1,283.28) Security Type Sub-Total 2,820,00 2,824, (26,487.84) (3,877.40) Managed Account Sub-Total 14,774,00 14,747, (51,383.42) (36,821.12) Securities Sub-Total $14,774,00 $14,747, ($51,383.42) ($36,821.12) % Accrued Interest $38, Total Investments $14,785, Account Page 9

73 Managed Account Security Transactions & Interest BREVARD COUNTY FLA SD SELF INSURANCE FD Transaction Type Principal Trade Settle Security Description CUSIP Par Proceeds BUY Accrued Realized G/L Realized G/L Sale Interest Total Cost Amort Cost Method 12/01/15 12/28/15 12/04/15 DTD 12/31/ % 12/31/ /30/15 DTD 12/31/ % 12/31/ A75 850,00 (857,171.88) (5,439.54) (862,611.42) A75 600,00 (602,671.88) (4,475.54) (607,147.42) Transaction Type Sub-Total 1,450,00 (1,459,843.76) (9,915.08) (1,469,758.84) INTEREST 12/01/15 12/05/15 12/31/15 12/31/15 12/31/15 12/01/15 MONEY MARKET FUND MONEY /05/15 AMERICAN EXPRESS CORP NOTES DTD 06/05/ % 06/05/ /31/15 DTD 12/31/ % 12/31/ /31/15 DTD 12/31/ % 12/31/ /31/15 DTD 01/03/ % 12/31/ M0DM8 350,00 1, , A75 850,00 6, , A75 600,00 4,50 4, RX0 850,00 3, , Transaction Type Sub-Total 2,650,00 16, , SELL 12/01/15 12/01/15 12/02/15 12/28/15 12/04/15 DTD 11/30/ % 11/30/ /04/15 DTD 11/30/ % 11/30/ /04/15 FHLB NOTES DTD 08/07/ % 09/28/ /30/15 DTD 11/30/ % 11/30/ RU6 30,00 30, , (182.81) (26.59) SPEC LOT RU6 520,00 520, , (3,818.75) (713.81) SPEC LOT 3130A2T97 285,00 284, , (276.01) SPEC LOT RU6 605,00 605, , (3,993.94) (735.64) SPEC LOT Transaction Type Sub-Total 1,440,00 1,441, ,441, (7,875.80) (1,752.05) Managed Account Sub-Total (18,822.73) 7, (11,426.75) (7,875.80) (1,752.05) Total Security Transactions ($18,822.73) $7, ($11,426.75) ($7,875.80) ($1,752.05) Account Page 10