FEIT Fund Portfolio Summary Report June 30, 2018

Transcription

1 FEIT Fund Portfolio Summary Report Page 1

2 Economic Highlights Fixed Income Market Commentary Federal tax cuts and expanded federal spending accelerated the pace of growth in the second quarter. This was reflected in predictions for robust growth of gross domestic product (GDP). Some forecasters believe GDP will come in at 4% or more after a disappointing 2% in the first quarter. Labor market conditions remained positive as the economy added 213,000 jobs in June. The average for the second quarter was 211,000; above the level that is normally required to absorb new entrants into the job market. The unemployment rate ticked slightly higher, from 3.8% to 4.0%, a result of labor force expansion, as increased optimism brought job seekers into the market and the labor force participation rate increased. This strength led the Federal Open Market Committee (FOMC) to tighten monetary policy again at its June meeting by increasing the overnight federal funds target rate by a quarter of a percentage point to a new range of 1.75% to 2.00%, even as most FOMC members warned of the potential increased risks posed by trade policy. On the price front, inflation measures are trending somewhat higher than May s and above the Federal Reserve s (Fed) target of 2%. For example, the year-over-year (YoY) increase in the personal consumption expenditure (PCE) price index, a favored Fed measure, rose in May by 2.3%. The strong job market and inflation above the minimum desired by the Fed, along with the potential for trade policies to boost prices further, could lead the Fed to raise the overnight rate higher in coming months. Bond Markets Despite a rise in the federal funds rate, long-term Treasury yields declined in June, with the 30-year bond ending the month at a yield of 2.99%, down four basis points (bps) (0.04%). Meanwhile, maturities in the one- to five-year range increased by four to 10 bps, furthering the trend toward a flat yield curve. As a result, both short- and long-term indices outperformed their intermediate maturity counterparts. For example, the six-month Treasury index returned 0.16% for the month and the 30-year Treasury index returned 0.29%, while the one-to five-year Treasury index returned -0.01% for the month. Investment grade credit spreads widened through June, largely on global trade tensions, European uncertainty and weaker demand. Although the corporate sector now offers the most incremental income when compared with government securities for more than a year, the spread widening generally resulted in corporate bonds underperforming comparable duration Treasuries on a total return basis. Equity Markets Despite the uptick in volatility during June and the resurgence of worldwide economic headwinds, the Standard & Poor s 500 (S&P) index eked out a positive total return of 0.62% for the month. Year to date (YTD), the domestic equity index is up 2.65%. Sector performance within the S&P was generally positive, with eight of the 11 sectors posting positive returns. Consumer Staples, Real Estate and Consumer Discretionary led gains, returning 4.50%, 4.44%, and Page 2

3 Equity Markets cont. 3.61%, respectively. Industrials, Financials and Information Technology were the losing sectors during the month of June, returning -3.31%, -1.92% and -0.35%, respectively. The U.S. Dollar Index (DYX) once again climbed higher through June, marking the third consecutive month of increase. The modest gain was attributed to further weakness of the Euro and British Pound, which together account for nearly 70% of the DYX. Political uncertainty in Italy and Germany, ongoing Brexit negotiations and an emerging trade war with the U.S. are weighing on growth prospects in Europe. PFMAM Outlook Given the strength of the U.S. economy, we expect the Fed to hike rates at least once more this year. New tariffs on imported goods could put further pressures on U.S. prices in the short run, thus supporting the Fed s action. As such, we believe a modestly defensive duration position continues to be warranted for at least the near term. Longer term, however, trade policies could become a drag on the U.S. and global economies, and the Fed might be compelled to alter its policies. Our view in the near term is that the credit sector offers value as economic and earnings growth balance the increase in corporate debt levels that we have observed. However, the sector would be among PFMAM Outlook Cont. the first to feel adverse effects from trade policies and related geopolitical risk. As a result, we believe a modestly defensive posture is warranted. We prefer market-weight allocations to corporates, with a preference for AAA-rated Asset-Backed Securities (ABS) and negotiable certificates of deposit (CDs), which offer an element of diversification and downside protection in credit sectors. By contrast, federal agency yields remain very close to matched maturity Treasuries, for the most part, and offer little opportunity. One exception is longer maturity Tennessee Valley Authority debt securities (TVAs), where yield spreads widened on the Trump administration s proposal to privatize the agency. Supranationals remain a good alternative to agencies. Despite light issuance over the past few months, as expected seasonally, supranational yield spreads were generally unchanged over the month, with some areas of the curve modestly wider. The Fed rate hike in coming months has boosted money market rates well into the 2% range and, as bank deposit rates have lagged, shortterm Treasuries, commercial paper and negotiable CDs are quite attractive for liquid funds. 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, a part of the PFM Group, manages assets for state and local governments and non-profit institutions. PFMAM is registered with the Securities and Exchange Commission under the Investment Advisers Act of Page 3

4 {FLORIDA EDUCATION INVESTMENT TRUST FUND_ } FEIT Portfolio Category of Investment / Issuer CUSIP WAM WAL Date U.S. Treasury Debt UNITED STATES TREASURY RH5 2.03% 10/01/ /01/ /01/ ,000, ,967, U.S. Government Agency Repurchase Agreement 20,000, ,967, MERRILL LYNCH PIERCE FENNER & SMITH INC RP1D1TWK4 2.10% 07/02/ /02/ /02/ ,400, ,400, U.S. Government Agency Debt 27,400, ,400, FEDERAL HOME LOAN BANKS B % 08/08/ /08/ /08/ ,900, ,844, FEDERAL HOME LOAN BANKS B % 08/15/ /15/ /15/ ,000, ,940, Other Instrument - Corporate Note 52,900, ,784, HSBC USA 40428HPJ5 2.32% 09/24/ /24/ /24/2018 3,500, ,502, Non-Financial Company Commercial Paper 3,500, ,502, COCA-COLA COMPANY 19121BJC4 2.29% 09/12/ /12/ /12/2018 9,000, ,958, COCA-COLA COMPANY 19121BJT7 2.31% 09/27/ /27/ /27/ ,000, ,944, Financial Company Commercial Paper 19,000, ,902, BANK OF MONTREAL CHICAGO 06366HH % 08/09/ /09/ /09/ ,000, ,941, BNP PARIBAS NY BRANCH 09659CH % 08/01/ /01/ /01/ ,000, ,980, CANADIAN IMPERIAL HOLDING 13607JD % 08/06/ /05/ /05/ ,000, ,000, COOPERATIEVE RABOBANK U.A CAR0 2.14% 07/02/ /01/ /01/ ,000, ,000, CREDIT AGRICOLE CIB NY 22533UK % 10/01/ /01/ /01/ ,000, ,851, CREDIT SUISSE NEW YORK 22533HCV2 2.56% 07/12/ /04/ /04/2019 8,000, ,000, Page 4

5 {FLORIDA EDUCATION INVESTMENT TRUST FUND_ } FEIT Portfolio Category of Investment / Issuer CUSIP WAM WAL Date Financial Company Commercial Paper DEXIA CREDIT LOCAL SA NY 25214PGS6 2.41% 07/30/ /29/ /29/ ,000, ,000, HSBC USA INC 40434WBZ3 2.41% 07/06/ /06/ /06/ ,000, ,000, HSBC USA INC 40434WCQ2 2.43% 09/04/ /01/ /01/ ,000, ,000, ING (US) FUNDING LLC 44988KDM8 2.28% 07/31/ /31/ /31/2018 2,000, ,000, ING (US) FUNDING LLC 44988KFB0 2.25% 07/05/ /04/ /04/ ,000, ,000, ING (US) FUNDING LLC 44988KES4 2.35% 07/16/ /15/ /15/ ,000, ,000, ING (US) FUNDING LLC 44988KFG9 2.39% 07/16/ /15/ /15/2019 7,000, ,000, JP MORGAN SECURITIES LLC 46640QJM4 2.31% 09/21/ /21/ /21/2018 8,000, ,958, JP MORGAN SECURITIES LLC 46640EGJ1 2.42% 07/05/ /05/ /05/2018 5,000, ,000, JP MORGAN SECURITIES LLC 46640EGZ5 2.35% 07/23/ /21/ /21/ ,000, ,000, METLIFE SHORT TERM FUNDING 59157UGW4 2.25% 07/30/ /30/ /30/2018 5,000, ,990, METLIFE SHORT TERM FUNDING 59157UHU7 2.24% 08/28/ /28/ /28/ ,000, ,946, MUFG BANK LTD/NY 62479MGH0 2.36% 07/17/ /17/ /17/ ,000, ,979, MUFG BANK LTD/NY 62479MGL1 2.35% 07/20/ /20/ /20/ ,000, ,987, NESTLE CAPITAL CORP 64105HN % 01/07/ /07/ /07/ ,000, ,871, TORONTO DOMINION HOLDING USA 89116FJS0 2.30% 09/26/ /26/ /26/ ,000, ,944, TOYOTA MOTOR CREDIT CORP 89233HGL2 2.30% 07/20/ /20/ /20/2018 9,000, ,989, TOYOTA MOTOR CREDIT CORP 89233HH % 08/01/ /01/ /01/ ,000, ,979, TOYOTA MOTOR CREDIT CORP 89233HH % 08/07/ /07/ /07/ ,000, ,975, Certificate of Deposit 294,000, ,396, BANK OF AMERICA NA 06050FDE9 2.40% 08/15/ /15/ /15/ ,000, ,000, BANK OF NOVA SCOTIA HOUSTON 06417GD % 07/09/ /07/ /07/ ,000, ,000, BANK OF NOVA SCOTIA HOUSTON 06417GT % 07/23/ /21/ /21/2018 4,000, ,000, BANK OF NOVA SCOTIA HOUSTON 06417GT % 07/06/ /06/ /06/2019 5,000, ,000, BANK OF NOVA SCOTIA HOUSTON 06417GS % 08/17/ /17/ /17/ ,000, ,000, BNP PARIBAS NY BRANCH 05582WV % 07/02/ /02/ /02/ ,000, ,000, BOFI FEDERAL BANK PPE038HJ4 (6) 1.92% 07/02/ /02/ /02/ ,000, ,000, Page 5

6 {FLORIDA EDUCATION INVESTMENT TRUST FUND_ } FEIT Portfolio Category of Investment / Issuer CUSIP WAM WAL Date Certificate of Deposit BOFI FEDERAL BANK PPEP3W5Q3 (6) 2.15% 07/02/ /02/ /17/ ,000, ,000, CANADIAN IMP BK COMM NY 13606BVH6 2.48% 07/05/ /04/ /04/2019 5,000, ,000, CANADIAN IMP BK COMM NY 13606BXG6 2.29% 07/05/ /05/ /05/2019 5,000, ,000, COMMONWEALTH BANK OF AUSTRALIA NY 20271END7 2.22% 07/05/ /04/ /04/ ,000, ,000, COMMONWEALTH BANK OF AUSTRALIA NY 20271ENM7 2.50% 07/23/ /23/ /23/ ,000, ,000, CREDIT AGRICOLE CIB NY 22532XHC5 2.20% 07/09/ /09/ /09/2018 5,189, ,189, CREDIT SUISSE NEW YORK 22549LEF8 2.35% 07/18/ /18/ /18/ ,000, ,000, DNB NOR BANK ASA NY 23341VFF3 2.26% 08/01/ /01/ /01/ ,000, ,000, MIZUHO BANK LTD/NY 60700ASB1 2.22% 07/06/ /06/ /06/ ,000, ,000, MIZUHO BANK LTD/NY 60700AXT6 2.37% 08/15/ /15/ /15/ ,000, ,000, MIZUHO BANK LTD/NY 60700AZK3 2.35% 07/26/ /26/ /26/2018 5,000, ,000, NORDEA BANK AB NEW YORK 65590AWD4 2.20% 08/10/ /10/ /10/ ,000, ,000, NORDEA BANK AB NEW YORK 65590AXG6 2.22% 09/10/ /10/ /10/ ,000, ,000, SOCIETE GENERALE NY 83369YF % 07/31/ /31/ /31/2018 3,000, ,000, SOCIETE GENERALE NY 83369YM % 10/01/ /01/ /01/ ,000, ,000, SUMITOMO MITSUI BANK NY 86563Y4G5 2.21% 07/02/ /02/ /02/ ,000, ,000, SUMITOMO MITSUI BANK NY 86565BCG4 2.43% 07/11/ /11/ /11/2018 6,000, ,000, SVENSKA HANDELSBANKEN NY 86958JXF1 2.27% 07/24/ /24/ /24/ ,000, ,000, SVENSKA HANDELSBANKEN NY 86958JD % 07/24/ /24/ /24/2018 7,000, ,000, SVENSKA HANDELSBANKEN NY 86958JF % 08/14/ /14/ /14/ ,000, ,000, TORONTO DOMINION BANK 89113XG % 07/17/ /17/ /17/2019 6,000, ,000, TORONTO DOMINION BANK NY 89113XH % 08/20/ /20/ /20/ ,000, ,000, UBS AG STAMFORD CT 90275DHW3 2.47% 09/28/ /28/ /28/ ,000, ,000, UBS AG STAMFORD CT 90275DHR4 2.48% 08/03/ /04/ /04/ ,000, ,000, WELLS FARGO BANK NA 94989RNK0 2.25% 07/11/ /11/ /11/ ,000, ,000, WELLS FARGO BANK NA 94989RE % 07/12/ /12/ /12/2019 5,000, ,000, WESTPAC BANKING CORP NY 96121T3V8 2.17% 07/26/ /26/ /26/ ,000, ,001, WESTPAC BANKING CORP NY 96130AAF5 2.43% 07/26/ /26/ /26/2019 8,000, ,000, ,189, ,191, Page 6

7 {FLORIDA EDUCATION INVESTMENT TRUST FUND_ } FEIT Portfolio Category of Investment / Issuer CUSIP WAM WAL Date Asset Backed Commercial Paper BEDFORD ROW FUNDING CORP 07644DEQ7 2.33% 07/30/ /28/ /28/ ,000, ,000, BEDFORD ROW FUNDING CORP 07646MAA4 2.34% 07/26/ /26/ /26/ ,000, ,000, BEDFORD ROW FUNDING CORP 07644CER7 2.35% 07/23/ /23/ /23/2019 5,000, ,000, ,000, ,000, Portfolio Totals 848,989, ,144, Page 7

8 {FEITF TERM JUN 19_ } FEITF TERM JUN 19 Category of Investment / Issuer CUSIP WAM WAL Date Non-Financial Company Commercial Paper COCA-COLA COMPANY 19121BP % 02/08/ /08/ /08/2019 1,000, , Financial Company Commercial Paper 1,000, , BANK OF MONTREAL CHICAGO 06366HH % 08/06/ /06/ /06/2018 1,300, ,297, BANK OF MONTREAL CHICAGO 06366HJ % 09/04/ /04/ /04/ ,100, ,059, BANK OF NEW YORK MELLON 06406XGG3 2.25% 07/16/ /16/ /16/ ,000, ,990, BNP PARIBAS NY BRANCH 09659CH % 08/01/ /01/ /01/2018 2,500, ,495, BNP PARIBAS NY BRANCH 09659CHN1 1.93% 08/22/ /22/ /22/2018 2,000, ,993, BNP PARIBAS NY BRANCH 09659CHT8 2.20% 08/27/ /27/ /27/2018 2,400, ,391, BNP PARIBAS NY BRANCH 09659CJ % 09/04/ /04/ /04/2018 8,150, ,117, BNP PARIBAS NY BRANCH 09659CJA7 2.07% 09/10/ /10/ /10/2018 2,000, ,991, BNP PARIBAS NY BRANCH 09659CJE9 1.91% 09/14/ /14/ /14/ ,625, ,565, BNP PARIBAS NY BRANCH 09659CJH2 2.36% 09/17/ /17/ /17/2018 5,300, ,274, BNP PARIBAS NY BRANCH 09659CK % 10/05/ /05/ /05/2018 2,000, ,987, BNP PARIBAS NY BRANCH 09659CL % 11/09/ /09/ /09/2018 7,100, ,038, BNP PARIBAS NY BRANCH 09659CLP1 2.32% 11/23/ /23/ /23/2018 2,300, ,277, COOPERATIEVE RABOBANK U.A BJ % 09/07/ /07/ /07/2018 8,500, ,464, CREDIT AGRICOLE CIB NY 22533UGB3 1.88% 07/11/ /11/ /11/ ,100, ,093, CREDIT AGRICOLE CIB NY 22533UHL0 2.12% 08/20/ /20/ /20/2018 5,000, ,985, CREDIT AGRICOLE CIB NY 22533UJH7 2.33% 09/17/ /17/ /17/ ,900, ,776, CREDIT AGRICOLE CIB NY 22533UJL8 2.30% 09/20/ /20/ /20/2018 5,600, ,570, CREDIT AGRICOLE CIB NY 22533UMK6 2.44% 12/19/ /19/ /19/2018 4,800, ,744, CREDIT SUISSE NEW YORK 2254EBHD6 2.08% 08/13/ /13/ /13/ , , CREDIT SUISSE NEW YORK 2254EBHH7 1.90% 08/17/ /17/ /17/ ,130, ,101, CREDIT SUISSE NEW YORK 2254EBHL8 2.39% 08/20/ /20/ /20/2018 2,000, ,994, CREDIT SUISSE NEW YORK 2254EBHU8 1.91% 08/28/ /28/ /28/ ,000, ,951, CREDIT SUISSE NEW YORK 2254EBHX2 1.88% 08/31/ /31/ /31/2018 3,945, ,930, CREDIT SUISSE NEW YORK 2254EBJ % 09/04/ /04/ /04/2018 2,000, ,992, Page 8

9 {FEITF TERM JUN 19_ } FEITF TERM JUN 19 Category of Investment / Issuer CUSIP WAM WAL Date Financial Company Commercial Paper CREDIT SUISSE NEW YORK 2254EBKB6 2.42% 10/11/ /11/ /11/2018 5,100, ,065, CREDIT SUISSE NEW YORK 2254EBLD1 2.56% 11/13/ /13/ /13/2018 5,000, ,954, DEXIA CREDIT LOCAL SA NY 25214PFX6 2.19% 07/17/ /17/ /17/2018 5,050, ,045, DEXIA CREDIT LOCAL SA NY 25214PG % 07/25/ /25/ /25/ ,300, ,285, DEXIA CREDIT LOCAL SA NY 25214PCV3 1.80% 09/04/ /04/ /04/ ,500, ,452, DEXIA CREDIT LOCAL SA NY 25214PDN0 1.92% 09/21/ /21/ /21/2018 2,000, ,989, DEXIA CREDIT LOCAL SA NY 25214PDK6 1.97% 10/16/ /16/ /16/2018 1,600, ,588, DEXIA CREDIT LOCAL SA NY 25214PHU0 2.54% 02/28/ /28/ /28/2019 6,000, ,898, GE CAPITAL TREASURY LLC 36164KG % 07/09/ /09/ /09/2018 1,300, ,299, GE CAPITAL TREASURY LLC 36164KGD7 1.77% 07/13/ /13/ /13/2018 3,000, ,997, GE CAPITAL TREASURY LLC 36164KHD6 1.80% 08/13/ /13/ /13/2018 3,000, ,992, GE CAPITAL TREASURY LLC 36164KJB8 1.83% 09/11/ /11/ /11/2018 5,070, ,047, HSBC USA INC 40434RHL9 2.13% 08/20/ /20/ /20/ ,000, ,969, HSBC USA INC 40434RJ % 09/05/ /05/ /05/ ,200, ,137, HSBC USA INC 40434RLG5 2.44% 11/16/ /16/ /16/ ,200, ,102, HSBC USA INC 40434RMK5 2.57% 12/19/ /19/ /19/2018 8,775, ,670, HSBC USA INC 40434RPC0 2.56% 02/12/ /12/ /12/2019 4,100, ,033, ING (US) FUNDING LLC 4497W1HX7 1.82% 08/31/ /31/ /31/ ,000, ,939, ING (US) FUNDING LLC 4497W1J % 09/07/ /07/ /07/ ,500, ,450, ING (US) FUNDING LLC 4497W1JE7 1.89% 09/14/ /14/ /14/ ,140, ,091, ING (US) FUNDING LLC 4497W1K % 10/01/ /01/ /01/2018 3,000, ,981, ING (US) FUNDING LLC 4497W1LP9 2.32% 11/23/ /23/ /23/ ,100, ,998, JP MORGAN SECURITIES LLC 46640QGC9 1.98% 07/12/ /12/ /12/ , , JP MORGAN SECURITIES LLC 46640QGD7 1.87% 07/13/ /13/ /13/2018 2,050, ,048, JP MORGAN SECURITIES LLC 46640QGJ4 1.92% 07/18/ /18/ /18/2018 2,475, ,472, JP MORGAN SECURITIES LLC 46640QHD6 1.91% 08/13/ /13/ /13/2018 2,050, ,044, JP MORGAN SECURITIES LLC 46640QHE4 2.37% 08/14/ /14/ /14/2018 2,400, ,393, JP MORGAN SECURITIES LLC 46640QHX2 1.88% 08/31/ /31/ /31/2018 3,100, ,088, JP MORGAN SECURITIES LLC 46640QJ % 09/07/ /07/ /07/ ,350, ,271, JP MORGAN SECURITIES LLC 46640QJD4 2.39% 09/13/ /13/ /13/2018 2,400, ,388, Page 9

10 {FEITF TERM JUN 19_ } FEITF TERM JUN 19 Category of Investment / Issuer CUSIP WAM WAL Date Financial Company Commercial Paper JP MORGAN SECURITIES LLC 46640QK % 10/01/ /01/ /01/2018 2,000, ,987, JP MORGAN SECURITIES LLC 46640QKF7 2.47% 10/15/ /15/ /15/2018 2,400, ,383, JP MORGAN SECURITIES LLC 46640QLL3 2.42% 11/20/ /20/ /20/2018 1,200, ,188, JP MORGAN SECURITIES LLC 46640QLS8 2.39% 11/26/ /26/ /26/2018 2,035, ,014, METLIFE SHORT TERM FUNDING 59157UHE3 2.24% 08/14/ /14/ /14/2018 3,000, ,991, MIZUHO BANK LTD/NY 60689GHT6 2.28% 08/27/ /27/ /27/ ,100, ,065, MIZUHO BANK LTD/NY 60689GJ % 09/07/ /07/ /07/ ,000, ,958, MUFG BANK LTD/NY 06538CHV6 2.01% 08/29/ /29/ /29/2018 1,600, ,594, MUFG BANK LTD/NY 06538CHX2 1.80% 08/31/ /31/ /31/2018 4,100, ,084, MUFG BANK LTD/NY 62479MJ % 09/04/ /04/ /04/2018 2,000, ,991, MUFG BANK LTD/NY 62479MJE4 2.37% 09/14/ /14/ /14/2018 2,000, ,990, MUFG BANK LTD/NY 06538CJH5 1.94% 09/17/ /17/ /17/2018 9,130, ,085, MUFG BANK LTD/NY 06538CJU6 2.28% 09/28/ /28/ /28/2018 2,300, ,286, MUFG BANK LTD/NY 62479MK % 10/01/ /01/ /01/2018 1,000, , MUFG BANK LTD/NY 06538CL % 11/09/ /09/ /09/2018 1,600, ,586, MUFG BANK LTD/NY 62479MLM3 2.56% 11/21/ /21/ /21/2018 2,000, ,980, MUFG BANK LTD/NY 62479MMH3 2.48% 12/17/ /17/ /17/ , , MUFG BANK LTD/NY 62479MMX8 2.58% 12/31/ /31/ /31/2018 1,600, ,580, MUFG BANK LTD/NY 62479MNJ8 2.54% 01/18/ /18/ /18/2019 3,000, ,958, PRICOA SHORT TERM FUNDING LLC 74154GGW7 2.10% 07/30/ /30/ /30/ ,300, ,278, PRICOA SHORT TERM FUNDING LLC 74154GMQ3 2.43% 12/24/ /24/ /24/ ,200, ,075, TOYOTA MOTOR CREDIT CORP 89233HG % 07/02/ /02/ /02/ ,100, ,098, TOYOTA MOTOR CREDIT CORP 89233HGX6 1.89% 07/31/ /31/ /31/2018 1,600, ,597, TOYOTA MOTOR CREDIT CORP 89233HH % 08/01/ /01/ /01/2018 1,300, ,297, TOYOTA MOTOR CREDIT CORP 89233HHM9 2.25% 08/21/ /21/ /21/2018 3,000, ,990, TOYOTA MOTOR CREDIT CORP 89233HKJ2 2.39% 10/18/ /18/ /18/2018 4,050, ,021, TOYOTA MOTOR CREDIT CORP 89233HMM3 2.42% 12/21/ /21/ /21/ ,150, ,986, ,240, ,808, Page 10

11 {FEITF TERM JUN 19_ } FEITF TERM JUN 19 Category of Investment / Issuer CUSIP WAM WAL Date Certificate of Deposit BANK OF MONTREAL CHICAGO 06371EZL4 1.81% 07/16/ /16/ /16/ ,000, ,998, BANK OF MONTREAL CHICAGO 06371EXR3 1.85% 09/10/ /10/ /10/ ,000, ,983, BANK OF NOVA SCOTIA HOUSTON 06417GC % 08/28/ /28/ /28/ ,000, ,980, BANK OF NOVA SCOTIA HOUSTON 06417GYU6 2.04% 09/21/ /21/ /21/ ,900, ,879, BANK OF NOVA SCOTIA HOUSTON 06417GM % 02/28/ /28/ /28/2019 5,000, ,993, CANADIAN IMP BK COMM NY 13606BRE8 1.80% 08/13/ /13/ /13/ ,000, ,995, CANADIAN IMP BK COMM NY 13606BST4 2.00% 09/17/ /17/ /17/2018 1,575, ,574, CANADIAN IMP BK COMM NY 13606BTH9 2.17% 10/10/ /10/ /10/ ,900, ,892, CANADIAN IMP BK COMM NY 13606BTQ9 2.34% 01/24/ /24/ /24/2019 5,000, ,995, CANADIAN IMP BK COMM NY 13606BVZ6 2.63% 04/23/ /23/ /23/2019 9,000, ,998, COOPERATIEVE RABOBANK U.A VA % 07/06/ /06/ /06/2018 1,985, ,984, COOPERATIEVE RABOBANK U.A VB % 07/13/ /13/ /13/2018 9,950, ,948, COOPERATIEVE RABOBANK U.A VU % 07/18/ /18/ /18/ ,000, ,997, COOPERATIEVE RABOBANK U.A VU % 08/21/ /21/ /21/2018 9,000, ,994, COOPERATIEVE RABOBANK U.A V2T5 2.21% 10/26/ /26/ /26/ ,200, ,195, COOPERATIEVE RABOBANK U.A V2N8 2.29% 12/24/ /24/ /24/2018 2,300, ,298, COOPERATIEVE RABOBANK U.A V2Q1 2.37% 02/27/ /27/ /27/2019 2,300, ,296, CREDIT SUISSE NEW YORK 22549LDY8 2.12% 11/09/ /09/ /09/2018 1,355, ,349, CREDIT SUISSE NEW YORK 22549LDZ5 2.58% 12/14/ /14/ /14/2018 1,400, ,397, LLOYDS BANK PLC 53945GPA3 2.28% 07/02/ /02/ /02/2018 7,000, ,000, LLOYDS BANK PLC 53945GPN5 2.23% 09/25/ /25/ /25/ ,000, ,997, LLOYDS BANK PLC 53945GPC9 2.39% 10/05/ /05/ /05/2018 5,400, ,402, LLOYDS BANK PLC 53945GPG0 2.41% 10/23/ /23/ /23/ ,000, ,004, MIZUHO BANK LTD/NY 60700AWP5 2.34% 07/05/ /05/ /05/ ,000, ,000, MUFG BANK, LTD 06539RDF1 1.63% 08/24/ /24/ /24/2018 6,500, ,493, NORINCHUKIN BANK NY 65602UUN6 2.00% 07/26/ /26/ /26/2018 2,750, ,749, SOCIETE GENERALE NY 83369YM % 10/01/ /01/ /01/ ,000, ,001, SOCIETE GENERALE NY 83369YM % 11/23/ /23/ /23/2018 8,000, ,999, SUMITOMO MITSUI BANK NY 86565BAB7 2.00% 07/16/ /16/ /16/2018 9,800, ,799, SUMITOMO MITSUI BANK NY 86565BAC5 2.10% 08/15/ /15/ /15/ ,900, ,897, Page 11

12 {FEITF TERM JUN 19_ } FEITF TERM JUN 19 Category of Investment / Issuer CUSIP WAM WAL Date Certificate of Deposit SUMITOMO MITSUI BANK NY 86565BEY3 2.27% 08/23/ /23/ /23/2018 9,500, ,500, SUMITOMO MITSUI BANK NY 86565BEM9 2.29% 09/11/ /11/ /11/2018 5,000, ,000, SUMITOMO MITSUI BANK NY 86565BDJ7 2.38% 09/24/ /24/ /24/ ,000, ,004, TORONTO DOMINION BANK NY 89113W6R2 1.53% 07/20/ /20/ /20/2018 6,300, ,298, TORONTO DOMINION BANK NY 89113XSX3 1.86% 07/23/ /23/ /23/2018 9,000, ,998, TORONTO DOMINION BANK NY 89113W7F7 1.53% 07/31/ /31/ /31/2018 3,000, ,998, TORONTO DOMINION BANK NY 89113W6Q4 1.70% 08/24/ /24/ /24/2018 1,500, ,498, TORONTO DOMINION BANK NY 89113XWB6 2.07% 11/01/ /01/ /01/2018 7,000, ,992, TORONTO DOMINION BANK NY 89113XUU6 2.10% 01/23/ /23/ /23/2019 2,500, ,494, TORONTO DOMINION BANK NY 89113XYN8 2.36% 01/23/ /23/ /23/2019 2,300, ,298, TORONTO DOMINION BANK NY 89113XZD9 2.45% 03/06/ /06/ /06/2019 3,000, ,997, TORONTO DOMINION BANK NY 89113XZY3 2.56% 03/15/ /15/ /15/2019 9,000, ,997, TORONTO DOMINION BANK NY 89113XB % 03/21/ /21/ /21/2019 1,300, ,300, TORONTO DOMINION BANK NY 89113XD % 04/05/ /05/ /05/2019 5,300, ,301, TORONTO DOMINION BANK NY 89113XP % 05/10/ /10/ /10/2019 4,500, ,501, TORONTO DOMINION BANK NY 89113XW % 05/22/ /22/ /22/2019 9,000, ,998, TORONTO DOMINION BANK NY 89113X4Z4 2.68% 06/28/ /28/ /28/2019 2,300, ,298, WELLS FARGO BANK NA 94989RYJ1 2.00% 08/02/ /02/ /02/ ,000, ,998, WELLS FARGO BANK NA 94989RUV8 1.82% 08/28/ /28/ /28/ ,000, ,978, WESTPAC BANKING CORP NY 96121T3S5 1.84% 07/18/ /18/ /18/2018 2,000, ,998, WESTPAC BANKING CORP NY 96121T4N5 1.60% 09/19/ /19/ /19/2018 6,000, ,980, Asset Backed Commercial Paper 412,715, ,536, BEDFORD ROW FUNDING CORP 07644BGQ9 2.30% 07/24/ /24/ /24/ ,060, ,045, BEDFORD ROW FUNDING CORP 07644BKQ4 2.30% 10/24/ /24/ /24/2018 2,300, ,282, BEDFORD ROW FUNDING CORP 07644BLT7 2.40% 11/27/ /27/ /27/2018 1,600, ,583, JUPITER SECURITIZATION COMPANY 4820P3JM6 2.29% 09/21/ /21/ /21/2018 5,000, ,973, MANHATTAN ASSET FUNDING CO 56274MHE5 2.13% 08/14/ /14/ /14/2018 2,500, ,493, Page 12

13 {FEITF TERM JUN 19_ } FEITF TERM JUN 19 Category of Investment / Issuer CUSIP WAM WAL Date Asset Backed Commercial Paper MANHATTAN ASSET FUNDING CO 56274MJT0 2.29% 09/27/ /27/ /27/2018 1,600, ,590, OLD LINE FUNDING LLC 67983UGL1 1.94% 07/20/ /20/ /20/2018 1,500, ,498, OLD LINE FUNDING LLC 67983UHL0 2.30% 08/20/ /20/ /20/2018 2,000, ,993, THUNDER BAY FUNDING LLC 88602UHU7 1.82% 08/28/ /28/ /28/ ,000, ,909, ,560, ,370, Portfolio Totals 934,515, ,700, Page 13

14 Daily liquidity Optimize Cash Flow Needs With FEITF Unlimited investments and redemptions Board of Trustees and Investment Advisory Committee control and oversight Only investment option sponsored by the Florida School Boards Association (FSBA) and the Florida Association of District School Superintendents (FADSS) AAAm rating from S&P See footnote (7) at end of this report Page 14

15 For more information on FEITF, including information on how to invest, please contact PFM Asset Management LLC For account information or transactions, please contact the FEITF Client Services Group at (877) FEITF is also available online at Page 15

16 All data as of. Footnotes and Disclaimers The maturity date used to calculate weighted-average maturity (WAM) under GASB 79. This takes into account the maturity shortening provisions of GASB 79 regarding demand features and interest rate adjustments. The maturity date used to calculate weighted-average life (WAL) under GASB 79. This takes into account the maturity shortening provisions of GASB 79 regarding demand features without reference to interest rate adjustments. The ultimate legal maturity date on which, in accordance with the terms of the security and without reference to the maturity shortening provisions of GASB 79, the principal amount must unconditionally be paid. The value in accordance with GASB 79. Unless otherwise noted, the fund utilizes the amortized cost method to value portfolio securities. Adjustable rate instrument. Rate shown is that which is in effect as of reporting date. (6) Guaranteed by Federal Home Loan Bank Letters of Credit. (7) Standard & Poor s fund ratings are based on analysis of credit quality, market price exposure, and management. According to Standard & Poor s rating criteria, the AAAm rating signifies excellent safety of investment principal and a superior capacity to maintain a $1.00 per share net asset value. However, it should be understood that the rating is not a market rating nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology, visit Standard & Poor s website ( This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the Fund's investment objectives, risks, charges and expenses before investing. This and other information about the Fund is available in the Fund's Information Statement, which should be read carefully before investing. Copies of the Fund's Information Statement may be obtained by calling or are available on the Fund's website at While ("FEITF") seeks to maintain a stable net asset value of $1.00 per share, it is possible to lose money investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Fund are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) ( and Securities Investor Protection Corporation (SIPC) ( PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM AssetManagement LLC. Page 16