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2023 11 16 Informational 201 - Quarterly Investment Performance Review - September 30, 2023
INFORMATIONAL AGENDA ITEM 201 CITY COMMISSION AGENDA | NOVEMBER 16, 2023 REGULAR MEETING TITLE Quarterly Investment Performance Review - September 30, 2023 SUMMARY PFM Asset Management has provided our Quarterly Investment Performance Review for the Quarter Ended September 30, 2023 A few key notes: CPI remains elevated for the quarter ended 9/30/23 (page 6) Personal savings have been declining (page 7) Consumer spending was stronger than expected but consumer debt is at an all time high (page 9) Fed rates are higher than normal and there is a prediction is that they will rise again in early 2024 (page 10) The City's investments: PFM Asset Management has begun extending our benchmark duration slightly from .89 years to .91 years to take advantage of favorable short term rates (page 18) The portfolio is out performing the benchmark for the year (page 24) FUNDING SOURCE N/A RECOMMENDATION No action necessary. 10 Investment Performance ReviewFor the Quarter Ended September 30, 2023Client Management TeamPFM Asset Management LLCScott Sweeten, BCM, CFS, Sr. Managing ConsultantSean Gannon, Senior Managing ConsultantRichard Pengelly, CFA, CIMA, CTP, Managing Director213 Market StreetHarrisburg, PA 17101-2141717-232-2723225 E. Robinson StreetOrlando, FL 32801407-406-5754CITY OF WINTER SPRINGSNOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUEFor Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public11 © PFM Asset Management LLC pfmam.com|•Market Update•Portfolio ReviewPage 2 of 5312 © PFM Asset Management LLC pfmam.com|Market UpdatePage 3 of 5313 PFM Asset Management LLCFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdate▸The U.S. economy is characterized by:▹Stronger than expected growth, supported by a resilient consumer▹Inflation that remains stubbornly above the Federal Reserve’s (“Fed”) target range▹Continued creation of new jobs by the labor market, albeit at a moderating pace▸Fed pauses again in rate hike campaign▹After hiking in July, the Federal Reserve held rates steady at the September FOMC meeting as expected▹The Fed’s most recent “dot plot” indicated one more rate hike for 2023 and set the stage for interest rates to remain “higher-for-longer”▹Updated FOMC economic projections point to stronger GDP growth expectations, higher inflation, and slightly lower unemployment for the remainder of 2023 and into 2024▸Interest rates reached their highest levels since 2006-7▹The U.S. government rating downgrade by Fitch had little impact, although it highlighted growing worry about the erosion of governance standards and fiscal irresponsibility▹Treasury yields across the curve rose during Q3. Sticky inflation, a “higher for longer” market consensus, increased Treasury borrowing, and reduced Treasury holdings by China and Japan weighed especially on the long end of the curve▹The next concern is the annual federal budget process and potential for a government shutdownCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdate© PFM Asset Management LLC |pfmam.comCurrent Market ThemesCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 4 of 5314 Source: Bloomberg, as of August 2023.For the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdate© PFM Asset Management LLC |pfmam.com-2%0%2%4%6%8%10%Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23Factors Contributing to the Consumer Price Index(CPI YoY)Services (Ex Food & Energy)Goods (Ex Food & Energy)FoodEnergyHeadline YoY%Inflation Gradually Falling, But Sensitive to Recently Rising Energy PricesCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 5 of 5315 Shelter Component of CPI Remains ElevatedPFM Asset Management LLC© PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdateSource: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics, as of August 2023.0%2%4%6%8%10%Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23CPI Shelter, YoYCPI All Items, YoY7.2%3.7%Shelter continues to contribute an outsized share to inflation measures, accounting for 68% of the year-over-year CPI readingCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 6 of 5316 Personal Savings and Consumer Debt Have Returned to Pre-Pandemic Levels Source: Bloomberg and New York Fed Household Debt and Credit Report. Data as of June 30, 2023. (Left chart)Source: Federal Reserve Bank of St. Louis. Data as of April 1, 2023. (Right chart)© PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdate$0$1$2$3$4$5$6$7$82016 2017 2018 2019 2020 2021 2022 2023TrillionsPersonal SavingsAccumulated Excess SavingsDrawdowns of Excess SavingsPre-pandemic trend9.85%8.31%9.83%8%9%10%11%Jan-16May-16Sep-16Jan-17May-17Sep-17Jan-18May-18Sep-18Jan-19May-19Sep-19Jan-20May-20Sep-20Jan-21May-21Sep-21Jan-22May-22Sep-22Jan-23Household Debt Service Payments as a Percent of Disposable Personal IncomeConsumer debt levels have returned to longer-term historical averages after declining during the pandemic43-year lowCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 7 of 5317 Wages Have Caught Up to Inflation Once AgainSource: As of September 2023. St. Louis Federal Reserve Economic Data. Excess job openings refers to the difference in job openings, as reported by JOLTS, and the total number of unemployed workers as reported by the Bureau of Labor Statistics.© PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdate0%2%4%6%8%10%12%2016 2017 2018 2019 2020 2021 2022 2023Wage Growth vs. InflationYear-over-yearAtlanta Fed Wage Growth TrackerConsumer Price IndexWage growth exceeds inflationInflation exceeds wage growthUnemployment Rate (Sept.) 3.8%Peaked during COVID at 14.7%Excess Job Openings (Sept.)3 mil.For each unemployed worker, there are approximately 1.5 job openingsNonfarm Payrolls (Sept.) 336,000Although the pace has declined, theeconomy continues to create jobs ata healthy paceLabor Market StatsCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 8 of 5318 GDP Remains Surprisingly RobustSource: St. Louis Federal Reserve Economic Data, Bureau of Economic Analysis. Average economist forecast sourced from Bloomberg.© PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdate-2.0%-0.6%2.7%2.6%2.2%2.1%3.0%-3%-2%-1%0%1%2%3%4%1Q '22 2Q '22 3Q '22 4Q '22 1Q '23 2Q '23 3Q '23U.S. Real GDPGDP Contributors1Q ‘22 2Q ‘22 3Q ‘22 4Q ‘22 1Q ‘23 2Q ‘23Real GDP-2.0% -0.6%2.7% 2.6% 2.2% 2.1%Personal Consumption0.0% 1.3% 1.1% 0.8% 2.5% 0.6%Private Investment1.2%-2.1% -1.5%0.6%-1.7%0.9%Net Exports-2.6%0.6% 2.6% 0.3% 0.6% 0.0%Gov’t Expenditures-0.5% -0.3%0.6% 0.9% 0.8% 0.6%The U.S. Consumer has been the backbone of economic growth; historically being the largest contributorAverage economist forecastCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 9 of 5319 Fed’s Updated “Dot Plot” Projects Rates To Be “Higher for Longer”Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. © PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdate0%1%2%3%4%5%6%7%Fed Participants’ Assessments of ‘Appropriate’ Monetary PolicySep-23 FOMC ProjectionsSep-23 MedianJun-23 Median2023Longer Term202420252026The September Fed dot plot is more hawkish than the June dot plot as the median fed funds rate projections for 2024 and 2025 were 0.5 percentage points higherCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 10 of 5320 3.8%4.1% 4.1%4.0% 4.0%0%1%2%3%4%5%6%2023 2024 2025 2026 LongerRunUnemployment RateJune ProjectionsSeptember Projections2.1%1.5%1.8% 1.8% 1.8%0%1%2%3%2023 2024 2025 2026 LongerRunChange in Real GDPJune ProjectionsSeptember ProjectionsThe Fed’s Protections for Growth and Employment Were More Upbeat© PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdateSource: Federal Reserve, latest economic projections as of September 2023.5.6%5.1%3.9%2.9%2.5%0%2%4%6%8%2023 2024 2025 2026 LongerRunFederal Funds RateJune ProjectionsSeptember Projections3.3%2.5%2.2%2.0% 2.0%0%1%2%3%4%5%2023 2024 2025 2026 LongerRunPCE InflationJune ProjectionsSeptember ProjectionsCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 11 of 5321 Interest Rates Are At Their Highest Levels Since 2006-07PFM Asset Management LLC© PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdateSource: Bloomberg, as of September 30, 2023.5.45%5.04%4.61%4.57%4.70%0.0%1.0%2.0%3.0%4.0%5.0%6.0%YieldMaturityU.S. Treasury Yield Curve15 Year RangeSeptember 30, 2023June 30, 20233-Month 2-Year 5-Year 10-Year 30-YearCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 12 of 5322 Sector Yield SpreadsPFM Asset Management LLC© PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdateSource: ICE BofA 1-3 year Indices via Bloomberg, MarketAxess and PFMAM as of September 30, 2023. Spreads on ABS and MBS are option-adjusted spreads of 0-3 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries. CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index.-0.2%0.0%0.2%0.4%0.6%Sep-22 Dec-22 Mar-23 Jun-23 Sep-23Federal Agency Yield SpreadsBulletCallable0.0%0.2%0.4%0.6%0.8%1.0%1.2%Sep-22 Dec-22 Mar-23 Jun-23 Sep-23Corporate Notes A-AAA Yield Spreads0.0%0.3%0.5%0.8%1.0%1.3%1.5%Sep-22 Dec-22 Mar-23 Jun-23 Sep-23Mortgage-Backed Securities Yield SpreadsAgency MBSAAA CMBS0.0%0.5%1.0%1.5%2.0%Sep-22 Dec-22 Mar-23 Jun-23 Sep-23Asset-Backed Securities AAA Yield SpreadsCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 13 of 5323 Fixed-Income Markets in Q3 20231-3 Year IndicesPFM Asset Management LLC© PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdateSource: ICE BofAML Indices. ABS indices are 0-3 year, based on weighted average life. As of September 30, 2023.0.74%0.81%1.15%0.81%1.05%0.0%0.5%1.0%1.5%2.0%U.S. TreasuryAgencyABSCorp A-AAACorp BBB1-3 Year Indices Quarterly Returns0.81%0.88%1.40%1.51%1.87%0.0%0.5%1.0%1.5%2.0%U.S. TreasuryAgencyABSCorp A-AAACorp BBB10-Year AverageCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 14 of 5324 Fixed-Income Sector Commentary – 3Q 2023▸U.S. Treasuries: Fitch rating agency downgraded the U.S. Government from AAA to AA- citing erosion of governance standards, repeated debt-limit standoffs, and rising general government deficits. Yields hit their highest level since 2006-07, but the Treasury yield curve remains inverted despite the notable increase in the 10-year yield over the 3rd quarter. ▸Federal agency yield spreads remained narrow, favoring opportunities in other sectors. Fitch followed their U.S. Government ratings action with downgrades to Fannie Mae and Freddie Mac, although the impact to spreads was muted. ▸Supranational spreads, similar to agencies, remained low and range bound in the single digits for much of the quarter. Value was limited and the spread curve on supras is generally flat. ▸Investment-Grade Corporates: Financial issuers outperformed industrials and lower-rated issues outperformed higher-rated issues as higher incremental yields offset a few basis points of spread widening during the 3rd quarter. Good fundamentals, modestly attractive spreads and a positive economic outlook make credit attractive, but higher yields are a headwind for financials and the economy as a whole.▸Asset-Backed Securities performed exceedingly well in Q3 as spreads tightened marginally over the quarter on strong consumer sentiment and robust investor appetite for the sector. Incremental income from the sector is quite attractive from a historical perspective and offers value. ▸Mortgage-Backed Securities were one of the worst performing sectors during the quarter, regardless of structure. Spreads widened, approaching multi-year highs, while volatility remained historically high and bank balance sheet sales weighed on valuations.▸Taxable Municipals issuance remained heavily oversubscribed due to a lack of new issuance. The secondary market had sporadic but limited opportunities that offered an attractive pickup versus corporates industrials. ▸Short-term credit (commercial paper and CDs) yields increased over the quarter steepening the short-term credit curve. Similarly, Treasury Bill yields rose to reflect the Fed rate hike in July and the significant increase in T-Bill issuance since the resolution of the dent ceiling. 6- to 12-month CP/CDs continued to offer notable incremental spread income for enhanced cash and other short-duration portfolios, and in some instances carried yields close to 6%. PFM Asset Management LLC© PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdateCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 15 of 5325 Fixed-Income Sector Outlook – 4Q 2023NegativeSlightly NegativeNeutral SlightlyPositivePositiveCurrent outlook Outlook one quarter agoSectorOur Investment PreferencesCO MMERC I AL PAPER/ CDT REASURIE ST-BillT-NoteF EDERAL AG ENCIE SBulletsCallablesSUPRAN AT I O N AL SCORPO RAT ESFinancialsIndustrialsSECURIT IZ EDAsset-BackedAgency Mortgage-BackedAgency CMBSMUNICI PAL S© PFM Asset Management LLC |pfmam.comFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended September 30, 2023MarketUpdateCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Market Update© PFM Asset Management LLC pfmam.com|Page 16 of 5326 © PFM Asset Management LLC pfmam.com|Portfolio Review:WINTER SPRINGS GENERAL CITY ACCOUNTPage 17 of 5327 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Snapshot|Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.The portfolio’s benchmark is the ICE BofA 1 Year U.S. Treasury Index. Source: Bloomberg.An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.1.Portfolio Snapshot - WINTER SPRINGS GENERAL CITY ACCOUNT¹Credit Quality - S&P58%42%100%0%20%40%60%80%100%120%0-1 Yr1-2 YrsPortfolioBenchmarkDuration DistributionU.S. Treasury | 31%Corporate | 26%Commercial Paper | 16%Federal Agency | 13%ABS | 10%Agency CMBS | 2%Municipal | 2%Sector AllocationAAA | 10%AA+ | 46%AA- | 4%A-1+ | 2%A+ | 6%A | 7%A- | 7%A-1 | 14%BBB+ | 2%Not Rated | 3%Portfolio StatisticsPortfolio Effective Duration0.91 yearsBenchmark Effective Duration0.89 yearsPortfolio Credit QualityAAYield At Market5.48%Yield At Cost4.31%Total Market Value$92,727,106.68$92,048,199.94Securities Sub-Total$74,595.10Cash$604,311.64Accrued InterestPage 18 of 5328 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Account Summary|Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.Issuer DiversificationMarket Value (%)S&P / Moody's / FitchSecurity Type / Issuer30.9%U.S. TreasuryUNITED STATES TREASURY30.9%AA / Aaa / AA12.9%Federal AgencyFEDERAL FARM CREDIT BANKS1.8%AA / Aaa / AAFEDERAL HOME LOAN BANKS11.1%AA / Aaa / NR2.0%Agency CMBSFREDDIE MAC2.0% AA / Aaa / AA2.0%MunicipalCommonwealth of Massachusetts0.9%NR / Aa / AAAOREGON DEPT OF ADMINISTRATIONSERVICES1.1%AAA / Aa / NR15.8%Commercial PaperBARCLAYS PLC2.1% A / NR / ABNP PARIBAS2.1% A / Aa / AACANADIAN IMPERIAL BANK OF COMMERCE 2.1%A / Aa / AACITIGROUP INC2.1%A / Aa / AMITSUBISHI UFJ FINANCIAL GROUP INC3.2%A / Aa / APRUDENTIAL FINANCIAL INC2.1%AA / Aa / AARABOBANK NEDERLAND2.1%A / Aa / AA26.3%CorporateAMERICAN EXPRESS CO0.7%BBB / A / AAMERICAN HONDA FINANCE0.7%A / A / AANZ BANKING GROUP LTD0.5%AA / Aa / ABANK OF AMERICA CO1.7%A / Aa / AABANK OF MONTREAL0.8%A / A / AABANK OF NOVA SCOTIA0.8%A / A / AACANADIAN IMPERIAL BANK OF COMMERCE0.8%A / A / AACATERPILLAR INC0.7%A / A / AMarket Value (%)S&P / Moody's / FitchSecurity Type / Issuer26.3%CorporateCITIGROUP INC1.2%A / A / ACOMMONWEALTH BANK OF AUSTRALIA1.0%AA / Aa / ADEERE & COMPANY0.8%A / A / AHSBC HOLDINGS PLC0.7%A / A / AIBM CORP0.7%A / A / NRJP MORGAN CHASE & CO1.6%A / A / AAMORGAN STANLEY0.7%A / A / ANATIONAL AUSTRALIA BANK LTD1.6%AA / Aa / NRPACCAR FINANCIAL CORP0.7%A / A / NRPRAXAIR INC0.7%A / A / NRRABOBANK NEDERLAND1.3%A / Aa / AAROYAL BANK OF CANADA1.6%A / A / AATHE BANK OF NEW YORK MELLONCORPORATION0.8%A / A / AATORONTO-DOMINION BANK1.4%A / A / AATOYOTA MOTOR CORP1.1%A / A / ATRUIST FIN CORP0.6%A / A / AUNILEVER PLC0.7%A / A / AWELLS FARGO & COMPANY1.3%A / Aa / AWESTPAC BANKING CORP0.8%AA / Aa / A10.1%ABSBANK OF AMERICA CO1.0% AAA / NR / AAABMW VEHICLE OWNER TRUST0.2% AAA / NR / AAACAPITAL ONE FINANCIAL CORP0.2%AAA / Aaa / NRCARMAX AUTO OWNER TRUST1.1% AAA / Aaa / AAACNH EQUIPMENT TRUST0.3% AAA / NR / AAADaimler Trucks Retail Trust0.2%NR / Aaa / AAAPage 19 of 5329 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Account Summary|Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.Issuer DiversificationMarket Value (%)S&P / Moody's / FitchSecurity Type / Issuer10.1%ABSFIFTH THIRD AUTO TRUST0.5%AAA / Aaa / NRFORD CREDIT AUTO OWNER TRUST0.3% AAA / NR / AAAGM FINANCIAL CONSUMER AUTOMOBILETRUST1.3%AAA / Aaa / NRHONDA AUTO RECEIVABLES0.7% AAA / Aaa / AAAHYUNDAI AUTO RECEIVABLES0.8% AAA / NR / AAAJOHN DEERE OWNER TRUST0.9%NR / Aaa / AAAMERCEDES-BENZ AUTO RECEIVABLES0.3%AAA / Aaa / NRNISSAN AUTO RECEIVABLES0.3%NR / Aaa / AAATOYOTA MOTOR CORP1.2% AAA / Aaa / AAAVOLKSWAGEN OF AMERICA0.4% AAA / NR / AAAWORLD OMNI AUTO REC TRUST0.4% AAA / NR / AAA100.0%TotalPage 20 of 5330 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Characteristics|$0.0$22.0$44.0$66.0$88.0$110.0MillionsSeptember 2023$0.0$22.0$44.0$66.0$88.0$110.0MillionsJune 2023$0.0$22.0$44.0$66.0$88.0$110.0MillionsMarch 2023$0.0$22.0$44.0$66.0$88.0$110.0MillionsDecember 2022Sector Allocation Review - WINTER SPRINGS GENERAL CITY ACCOUNTU.S. TreasuryFederal AgencyAgency CMBSMunicipalCommercial PaperCorporateABSMarket values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.Dec-22 % of TotalSecurity TypeMar-23 % of TotalJun-23 % of Total% of TotalSep-23U.S. Treasury$39.145.3%$54.853.9%$37.139.5%$28.430.7%Federal Agency$12.614.5%$16.816.6%$13.514.4%$11.812.9%Agency CMBS$1.82.1%$1.81.8%$1.82.0%$1.82.0%Municipal$0.81.0%$0.80.8%$1.81.9%$1.82.0%Commercial Paper$13.315.4%$8.07.9%$9.39.9%$14.615.9%Corporate$15.117.4%$14.414.2%$20.722.1%$24.226.3%ABS$3.74.3%$4.94.8%$9.610.2%$9.410.2%Total$86.6100.0%$101.7100.0%$93.9100.0%$92.0100.0%Page 21 of 5331 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Characteristics|Historical Sector Allocation - WINTER SPRINGS GENERAL CITY ACCOUNTOnly includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM.40%14%2%2%10%22%10%Jun-2331%13%2%2%16%26%10%Sep-23Page 22 of 5332 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Portfolio Activity - WINTER SPRINGS GENERAL CITY ACCOUNTNet Activity by Sector($ millions)U.S. TreasuryFederal AgencyABSAgency CMBSCorporateCommercial PaperU.S. TreasuryFederal AgencyABSAgency CMBSCorporateCommercial Paper($15.0) ($10.0) ($5.0) $0.0 $5.0 $10.0 $15.0Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.SectorNet ActivityCommercial Paper$5,096,583Corporate$3,416,267Agency CMBS($7,705)ABS($267,052)Federal Agency($1,700,000)U.S. Treasury($8,884,150)($2,346,057)Total Net ActivitySales/Maturities PurchasesPage 23 of 5333 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Performance|The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is March 31, 2011.1.Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.3.The portfolio’s benchmark is currently the ICE BofA 1 Year U.S Treasury Index. Prior to 6/30/11 it was the ICE BofA 1-3 Year Government Index. Source: Bloomberg.4.0.0%1.0%2.0%3.0%4.0%ReturnPortfolioBenchmarkNet of FeesPortfolio PerformanceMarket Value Basis Earnings3 Months1 Year3 Years5 Years10 YearsInterest Earned²$675,784 $1,957,730$2,823,165 $4,570,484 $6,387,029Change in Market Value$494,753 $1,683,293($429,556) $1,198,674$928,241$1,170,537Total Dollar Return$3,641,023$2,393,609 $5,769,158 $7,315,270Total Return³Portfolio1.21%3.87%0.79%1.53%1.10%Benchmark⁴1.21%3.68%0.60%1.46%1.00%Basis Point Fee0.00%0.02%0.02%0.02%0.02%Net of Fee Return1.20%3.85%0.77%1.50%1.08%3 Months1 Year3 Years5 Years10 YearsPage 24 of 5334 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Performance|Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.1.Returns are presented on a periodic basis.2.The portfolio’s benchmark is currently the ICE BofA 1 Year U.S Treasury Index. Prior to 6/30/11 it was the ICE BofA 1-3 Year Government Index. Source: Bloomberg.3.0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%ReturnPortfolioBenchmarkNet of FeesPortfolio PerformanceMarket Value Basis Earnings3Q20232Q20231Q20234Q2022Interest Earned¹$675,784$591,627$398,711$291,608Change in Market Value$494,753($9,400)$799,289$398,651$1,170,537Total Dollar Return$582,227$1,198,000$690,259Total Return²Portfolio1.21%0.57%1.24%0.80%Benchmark³1.21%0.42%1.25%0.76%Basis Point Fee0.00%0.00%0.00%0.00%Net of Fee Return1.20%0.57%1.23%0.79%3Q20232Q20231Q20234Q2022Page 25 of 5335 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Performance|The lesser of 10 years or since inception is shown. Performance inception date is March 31, 2011.1.Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.Realized gains / (losses) are shown on an amortized cost basis.3.Accrual Basis Earnings - WINTER SPRINGS GENERAL CITY ACCOUNTAccrual Basis EarningsInterest Earned²Realized Gains / (Losses)³Change in Amortized CostTotal Earnings3 Months$675,784($76,618)$312,744$911,9101 Year$1,957,730($144,479)$892,758$2,706,0093 Years$2,823,165($59,069)$940,530$3,704,6275 Year$4,570,484($34,688)$1,835,596$6,371,39110 Year¹$6,387,029$22,550$1,726,880$8,136,460Page 26 of 5336 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Composition|Issuer DistributionAs of September 30, 2023IssuerMarket Value ($)% of PortfolioUNITED STATES TREASURY28,391,11730.85%FEDERAL HOME LOAN BANKS10,162,58111.05%RABOBANK NEDERLAND3,185,6543.47%CITIGROUP INC3,064,4103.33%MITSUBISHI UFJ FINANCIAL GROUP INC2,941,5543.20%CANADIAN IMPERIAL BANK OF COMMERCE2,723,1592.96%BANK OF AMERICA CO2,565,0192.79%TOYOTA MOTOR CORP2,106,7602.29%BARCLAYS PLC1,945,2862.11%BNP PARIBAS1,932,9562.10%PRUDENTIAL FINANCIAL INC1,926,1062.09%FREDDIE MAC1,839,3592.00%FEDERAL FARM CREDIT BANKS1,680,2271.83%JP MORGAN CHASE & CO1,509,4281.64%NATIONAL AUSTRALIA BANK LTD1,490,5931.62%ROYAL BANK OF CANADA1,487,6451.62%TORONTO-DOMINION BANK1,282,6541.39%WELLS FARGO & COMPANY1,219,1181.32%GM FINANCIAL CONSUMER AUTOMOBILE TRUST1,179,2761.28%OREGON DEPT OF ADMINISTRATION SERVICES981,3701.07%CARMAX AUTO OWNER TRUST980,9271.07%COMMONWEALTH BANK OF AUSTRALIA917,5991.00%JOHN DEERE OWNER TRUST862,3440.94%COMMONWEALTH OF MASSACHUSETTS831,6830.90%Page 27 of 5337 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Composition|IssuerMarket Value ($)% of PortfolioWESTPAC BANKING CORP765,9410.83%BANK OF NOVA SCOTIA760,8940.83%BANK OF MONTREAL754,8940.82%THE BANK OF NEW YORK MELLON CORPORATION749,9230.81%DEERE & COMPANY740,8820.80%HYUNDAI AUTO RECEIVABLES733,4800.80%PRAXAIR INC665,3680.72%UNILEVER PLC642,7190.70%AMERICAN HONDA FINANCE642,5360.70%AMERICAN EXPRESS CO640,7670.70%HSBC HOLDINGS PLC639,4140.69%IBM CORP639,0220.69%PACCAR FINANCIAL CORP637,7980.69%CATERPILLAR INC626,3510.68%HONDA AUTO RECEIVABLES620,6390.67%MORGAN STANLEY592,5360.64%TRUIST FIN CORP590,2940.64%ANZ BANKING GROUP LTD500,5840.54%FIFTH THIRD AUTO TRUST444,4770.48%WORLD OMNI AUTO REC TRUST379,8240.41%VOLKSWAGEN OF AMERICA343,5100.37%MERCEDES-BENZ AUTO RECEIVABLES320,0510.35%NISSAN AUTO RECEIVABLES278,8670.30%CNH EQUIPMENT TRUST278,5680.30%FORD CREDIT AUTO OWNER TRUST276,4680.30%CAPITAL ONE FINANCIAL CORP224,0920.24%DAIMLER TRUCKS RETAIL TRUST176,7120.19%Page 28 of 5338 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Composition|IssuerMarket Value ($)% of PortfolioBMW VEHICLE OWNER TRUST174,7670.19%92,048,200Grand Total100.00%Page 29 of 5339 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Holdings|Managed Account Detail of Securities HeldSecurity Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostU.S. TreasuryUS TREASURY N/B NOTESDTD 11/30/2021 0.500% 11/30/202391282CDM0 550,000.00 AA+ Aaa 12/8/2021 12/9/2021 547,787.11 0.71 924.18545,617.16549,815.85US TREASURY NOTESDTD 12/15/2020 0.125% 12/15/202391282CBA8 2,500,000.00 AA+ Aaa 12/21/2021 12/22/2021 2,471,972.66 0.70 922.132,473,437.502,497,092.60US TREASURY N/B NOTESDTD 12/31/2021 0.750% 12/31/202391282CDR9 1,500,000.00 AA+ Aaa 1/4/2022 1/5/2022 1,498,945.31 0.79 2,843.071,482,890.701,499,867.62US TREASURY NOTESDTD 02/28/2019 2.375% 02/29/20249128286G0 660,000.00 AA+ Aaa 1/25/2023 1/27/2023 644,041.41 4.68 1,334.96651,750.00653,945.36US TREASURY NOTESDTD 02/28/2019 2.375% 02/29/20249128286G0 2,500,000.00 AA+ Aaa 4/12/2023 4/13/2023 2,450,585.94 4.69 5,056.662,468,750.002,476,827.57US TREASURY N/B NOTESDTD 04/30/2022 2.500% 04/30/202491282CEK3 1,800,000.00 AA+ Aaa 5/3/2022 5/5/2022 1,791,140.63 2.76 18,831.521,769,062.501,797,412.97US TREASURY N/B NOTESDTD 06/30/2022 3.000% 06/30/202491282CEX5 2,000,000.00 AA+ Aaa 7/1/2022 7/6/2022 2,007,656.25 2.80 15,163.041,963,437.602,002,882.97US TREASURY N/B NOTESDTD 07/31/2022 3.000% 07/31/202491282CFA4 3,500,000.00 AA+ Aaa 8/4/2022 8/8/2022 3,497,539.06 3.04 17,690.223,428,359.203,498,965.25US TREASURY N/B NOTESDTD 11/30/2022 4.500% 11/30/202491282CFX4 2,000,000.00 AA+ Aaa 12/12/2022 12/13/2022 2,004,609.38 4.38 30,245.901,979,375.002,002,734.81US TREASURY N/B NOTESDTD 01/31/2023 4.125% 01/31/202591282CGG0 4,900,000.00 AA+ Aaa 1/31/2023 2/3/2023 4,892,152.34 4.21 34,053.674,823,437.504,894,739.48US TREASURY N/B NOTESDTD 05/31/2023 4.250% 05/31/202591282CHD6 3,000,000.00 AA+ Aaa 6/6/2023 6/7/2023 2,984,531.25 4.52 42,848.362,955,000.002,987,009.67US TREASURY N/B NOTESDTD 06/15/2022 2.875% 06/15/202591282CEU1 4,000,000.00 AA+ Aaa 8/1/2023 8/3/2023 3,849,531.25 5.01 33,934.433,850,000.003,862,548.3428,910,000.0028,640,492.59203,848.1428,391,117.16Security Type Sub-Total3.5328,723,842.49MunicipalMASSACHUSETTS CMNWLTHMUNICIPAL BONDSDTD 08/30/2022 3.639% 07/15/2024576004GX7 845,000.00 NR Aa1 8/17/2022 8/30/2022 845,000.00 3.64 6,491.57831,682.80845,000.00Page 30 of 5340 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostMunicipalOREGON ST MUNICIPAL BONDSDTD 05/09/2023 4.142% 04/01/202568607V4J1 1,000,000.00 AAA Aa2 4/26/2023 5/9/2023 1,000,000.00 4.14 16,337.89981,370.001,000,000.001,845,000.001,845,000.0022,829.461,813,052.80Security Type Sub-Total3.911,845,000.00Federal AgencyFEDERAL HOME LOAN BANK NOTESDTD 07/08/2022 3.000% 07/08/20243130ASME6 760,000.00 AA+ Aaa 7/7/2022 7/8/2022 758,525.60 3.10 5,256.67745,610.16759,433.23FEDERAL HOME LOAN BANK NOTESDTD 10/28/2022 4.500% 10/03/20243130ATT31 1,700,000.00 AA+ Aaa 11/17/2022 11/18/2022 1,696,379.00 4.62 37,825.001,683,632.401,698,054.70FEDERAL FARM CREDIT BANK NOTESDTD 11/18/2022 4.500% 11/18/20243133ENZ94 1,700,000.00 AA+ Aaa 11/17/2022 11/18/2022 1,694,917.00 4.66 28,262.501,680,227.301,697,121.26FEDERAL HOME LOAN BANK NOTESDTD 11/04/2022 4.625% 12/13/20243130ATUR6 3,500,000.00 AA+ Aaa 3/3/2023 3/6/2023 3,469,305.00 5.14 48,562.503,465,122.503,479,205.08FEDERAL HOME LOAN BANKS NOTESDTD 03/03/2023 5.000% 02/28/20253130AV7L0 2,300,000.00 AA+ Aaa 3/10/2023 3/13/2023 2,306,831.00 4.84 10,541.672,288,513.802,304,909.19FEDERAL HOME LOAN BANK NOTESDTD 02/17/2023 4.625% 03/14/20253130AUZC1 2,000,000.00 AA+ Aaa 4/12/2023 4/13/2023 2,015,540.00 4.19 4,368.061,979,702.002,011,749.2211,960,000.0011,941,497.60134,816.4011,842,808.16Security Type Sub-Total4.6511,950,472.68CorporateCATERPILLAR FINL SERVICECORPORATE NOTESDTD 01/10/2022 0.950% 01/10/202414913R2S5 335,000.00 A A2 1/3/2022 1/10/2022 334,946.40 0.96 716.06330,883.19334,992.58JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 01/10/2022 0.900% 01/10/202424422EVX4 200,000.00 A A2 1/4/2022 1/10/2022 199,968.00 0.91 405.00197,362.20199,995.57COOPERAT RABOBANK UA/NYCORPORATE NOTESDTD 01/12/2021 0.375% 01/12/202421688AAQ5 650,000.00 A+ Aa2 6/9/2022 6/13/2022 621,549.50 3.24 534.90640,333.20644,930.10AMERICAN HONDA FINANCEDTD 02/16/2017 2.900% 02/16/202402665WBP5 650,000.00 A- A3 5/3/2022 5/5/2022 647,211.50 3.15 2,356.25642,536.05649,409.80Page 31 of 5341 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporateUNILEVER CAPITAL CORPCORPORATE NOTES (CDTD 09/07/2018 3.250% 03/07/2024904764BG1 650,000.00 A+ A1 5/3/2022 5/5/2022 653,562.00 2.94 1,408.33642,719.35650,714.62TORONTO-DOMINION BANKCORPORATE NOTESDTD 03/10/2022 2.350% 03/08/202489114TZR6 650,000.00 A A1 6/9/2022 6/13/2022 640,087.50 3.26 975.90638,318.20647,514.06TOYOTA MOTOR CREDIT CORPCORPORATE NOTESDTD 03/22/2022 2.500% 03/22/202489236TJX4 290,000.00 A+ A1 3/17/2022 3/22/2022 289,820.20 2.53 181.25285,666.53289,957.45SUNTRUST BANK (CALLABLE) CORPNOTESDTD 03/18/2019 3.200% 04/01/202486787EBC0 600,000.00 A A2 5/31/2022 6/2/2022 602,724.00 2.94 9,600.00590,293.80600,648.98BANK OF AMERICA CORP NOTESDTD 04/01/2014 4.000% 04/01/202406051GFF1 600,000.00 A- A1 5/31/2022 6/2/2022 612,396.00 2.83 12,000.00594,399.00603,390.83MORGAN STANLEY CORP NOTESDTD 04/28/2014 3.875% 04/29/202461746BDQ6 600,000.00 A- A1 5/31/2022 6/2/2022 612,384.00 2.76 9,816.67592,536.00603,748.96AMERICAN EXPRESS CO CORPORATENOTESDTD 05/03/2022 3.375% 05/03/2024025816CV9 650,000.00 BBB+ A2 5/3/2022 5/5/2022 649,785.50 3.39 9,018.75640,766.75649,936.74JP MORGAN CHASE BANK CORPNOTEDTD 05/13/2014 3.625% 05/13/202446625HJX9 600,000.00 A- A1 11/17/2022 11/21/2022 590,496.00 4.75 8,337.50592,280.40596,032.65CATERPILLAR INC CORP NOTESDTD 05/08/2014 3.400% 05/15/2024149123CC3 300,000.00 A A2 5/16/2022 5/18/2022 303,144.00 2.85 3,853.33295,467.90300,675.12IBM CORP NOTESDTD 05/15/2019 3.000% 05/15/2024459200JY8 650,000.00 A- A3 6/1/2022 6/3/2022 651,547.00 2.87 7,366.67639,022.15650,493.21HSBC USA INC CORPORATE NOTESDTD 05/24/2022 3.750% 05/24/202440428HTA0 650,000.00 A- A1 6/1/2022 6/3/2022 653,282.50 3.48 8,598.96639,414.10651,074.44PACCAR FINANCIAL CORPCORPORATE NOTESDTD 06/13/2022 3.150% 06/13/202469371RR81 650,000.00 A+ A1 6/9/2022 6/13/2022 649,701.00 3.17 6,142.50637,798.20649,895.29COOPERAT RABOBANK UA/NYCORPORATE NOTESDTD 08/22/2022 3.875% 08/22/202421688AAU6 605,000.00 A+ Aa2 8/16/2022 8/22/2022 605,647.35 3.82 2,539.74594,330.83605,288.70Page 32 of 5342 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporateTORONTO-DOMINION BANKCORPORATE NOTESDTD 09/15/2022 4.285% 09/13/202489115A2J0 655,000.00 A A1 9/8/2022 9/15/2022 655,000.00 4.29 1,403.34644,335.95655,000.00JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 10/11/2022 4.550% 10/11/202424422EWM7 210,000.00 A A2 10/5/2022 10/11/2022 209,865.60 4.58 4,512.08207,792.90209,930.87NATIONAL AUSTRALIA BK/NYCORPORATE NOTESDTD 11/22/2022 5.132% 11/22/202463254ABG2 1,000,000.00 AA- Aa3 1/31/2023 2/3/2023 1,009,970.00 4.55 18,389.67993,804.001,006,333.53LINDE INC/CT CORPORATE NOTESDTD 12/05/2022 4.800% 12/05/202453522KAA1 670,000.00 A A2 11/28/2022 12/5/2022 669,711.90 4.82 10,362.67665,367.62669,830.14COMMONWEALTH BK AUSTR NYCORPORATE NOTESDTD 01/10/2023 5.079% 01/10/202520271RAQ3 925,000.00 AA- Aa3 1/3/2023 1/10/2023 925,000.00 5.08 10,570.67917,599.08925,000.00BANK OF MONTREAL CORPORATENOTESDTD 01/10/2022 1.500% 01/10/202506368FAE9 800,000.00 A- A2 5/22/2023 5/24/2023 754,176.00 5.21 2,700.00754,893.60764,154.43ROYAL BANK OF CANADACORPORATE NOTESDTD 01/21/2022 1.600% 01/21/202578016EYM3 750,000.00 A A1 4/12/2023 4/14/2023 709,327.50 4.83 2,333.33709,630.50719,997.75JPMORGAN CHASE & CO CORPNOTESDTD 01/23/2015 3.125% 01/23/202546625HKC3 950,000.00 A- A1 5/15/2023 5/17/2023 926,316.50 4.68 5,607.64917,148.05931,575.24BANK OF NOVA SCOTIA NOTESDTD 01/10/2020 2.200% 02/03/2025064159TF3 800,000.00 A- A2 5/22/2023 5/24/2023 760,392.00 5.30 2,835.56760,893.60768,683.53WESTPAC BANKING CORPCORPORATE NOTESDTD 11/19/2019 2.350% 02/19/2025961214EH2 800,000.00 AA- Aa3 5/15/2023 5/17/2023 770,752.00 4.54 2,193.33765,940.80776,974.01WELLS FARGO & COMPANY NOTESDTD 02/19/2015 3.000% 02/19/202594974BGH7 750,000.00 BBB+ A1 4/12/2023 4/14/2023 724,477.50 4.95 2,625.00720,830.25730,886.40DEERE & COMPANY CORPORATENOTES (CALLABLDTD 03/30/2020 2.750% 04/15/2025244199BH7 350,000.00 A A2 5/15/2023 5/17/2023 340,140.50 4.30 4,438.19335,726.65342,072.91BANK OF NY MELLON (CALLABLE)CORP NOTESDTD 04/24/2020 1.600% 04/24/202506406RAN7 800,000.00 A A1 7/25/2023 7/27/2023 750,488.00 5.37 5,582.22749,923.20755,617.97Page 33 of 5343 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporateROYAL BANK OF CANADACORPORATE NOTESDTD 04/27/2023 4.950% 04/25/202578016FZY3 465,000.00 A A1 4/24/2023 4/27/2023 464,697.75 4.98 9,846.38457,945.49464,762.84ROYAL BANK OF CANADACORPORATE NOTESDTD 04/27/2023 4.950% 04/25/202578016FZY3 325,000.00 A A1 7/25/2023 7/27/2023 321,139.00 5.67 6,881.87320,069.42321,538.41CITIGROUP INC CORP NOTESDTD 04/27/2015 3.300% 04/27/2025172967JP7 800,000.00 BBB+ A3 5/22/2023 5/24/2023 776,120.00 4.94 11,293.33768,804.80780,529.66CANADIAN IMPERIAL BANKCORPORATE NOTESDTD 04/28/2023 5.144% 04/28/202513607LNF6 775,000.00 A- A2 4/24/2023 4/28/2023 775,000.00 5.14 16,943.05764,187.20775,000.00NATIONAL AUSTRALIA BK/NYCORPORATE NOTESDTD 06/13/2023 5.200% 05/13/202563253QAD6 500,000.00 AA- Aa3 7/25/2023 7/27/2023 498,605.00 5.36 7,800.00496,789.00498,745.35WELLS FARGO BANK NA BANKNOTES (CALLABLEDTD 08/09/2023 5.550% 08/01/202594988J6B8 500,000.00 A+ Aa2 8/10/2023 8/14/2023 500,955.00 5.45 4,008.33498,288.00500,888.28BANK OF AMERICA NA CORPORATENOTESDTD 08/18/2023 5.650% 08/18/202506428CAC8 1,000,000.00 A+ Aa1 8/14/2023 8/18/2023 1,000,000.00 5.65 6,748.61998,756.001,000,000.00TOYOTA MOTOR CREDIT CORPCORPORATE NOTESDTD 09/11/2023 5.600% 09/11/202589236TKZ7 700,000.00 A+ A1 9/6/2023 9/11/2023 699,881.00 5.61 2,177.78701,157.80699,857.46CITIBANK NA CORP NOTES(CALLABLE)DTD 09/29/2023 5.864% 09/29/202517325FBA5 345,000.00 A+ Aa3 9/26/2023 9/29/2023 345,000.00 5.86 112.39345,457.13345,000.00AUST & NZ BANKING GROUPCORPORATE NOTESDTD 10/03/2023 5.671% 10/03/202505253JAY7 500,000.00 AA- Aa3 9/25/2023 10/3/2023 500,000.00 5.670.00500,584.00500,000.0024,700,000.0024,405,267.70223,217.2524,190,052.89Security Type Sub-Total4.3224,471,077.88Commercial PaperMUFG BANK LTD/NY COMM PAPERDTD 05/09/2023 0.000% 02/01/202462479LB12 3,000,000.00 A-1 P-1 7/31/2023 8/1/2023 2,913,520.00 5.810.002,941,554.002,942,190.00Page 34 of 5344 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCommercial PaperCANADIAN IMPERIAL HLDING COMMPAPERDTD 05/17/2023 0.000% 02/09/202413607EB99 2,000,000.00 A-1 P-1 5/16/2023 5/17/2023 1,922,577.78 5.410.001,958,972.001,962,155.56COOPERATIEVE RABOBANK UACOMM PAPERDTD 06/07/2023 0.000% 03/04/202421687AC43 2,000,000.00 A-1 P-1 7/5/2023 7/6/2023 1,925,921.11 5.720.001,950,990.001,952,552.78CITIGROUP GLOBAL MARKETS COMMPAPERDTD 06/07/2023 0.000% 03/04/202417327AC47 2,000,000.00 A-1 P-1 9/21/2023 9/22/2023 1,949,068.89 5.740.001,950,148.001,951,863.89BARCLAYS CAPITAL INC COMMPAPERDTD 06/23/2023 0.000% 03/18/202406743UCJ9 2,000,000.00 A-1 NR 8/17/2023 8/18/2023 1,932,195.00 5.930.001,945,286.001,946,201.67BNP PARIBAS NY BRANCH COMMPAPERDTD 08/03/2023 0.000% 04/29/202409659BDV9 2,000,000.00 A-1 P-1 8/28/2023 8/29/2023 1,923,546.67 5.860.001,932,956.001,933,886.67PRUDENTIAL FUNDING LLC COMMPAPERDTD 08/23/2023 0.000% 05/17/202474433GEH5 2,000,000.00 A-1+ P-1 8/23/2023 8/25/2023 1,917,244.44 5.840.001,926,106.001,928,755.5515,000,000.0014,484,073.890.0014,606,012.00Security Type Sub-Total5.7614,617,606.12Agency CMBSFHMS K038 A2DTD 06/25/2014 3.389% 03/01/20243137BBBD1 979,245.73 AA+ Aaa 8/24/2022 8/29/2022 974,196.50 3.74 2,765.55969,500.21977,850.31FHLMC MULTIFAMILY STRUCTURED PDTD 11/01/2014 3.241% 09/01/20243137BEVH4 890,000.00 AA+ Aaa 9/15/2022 9/20/2022 873,312.50 4.25 2,403.74869,858.51882,125.001,869,245.731,847,509.005,169.291,839,358.72Security Type Sub-Total3.981,859,975.31Page 35 of 5345 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostABSDTRT 2022-1 A2DTD 10/19/2022 5.070% 09/16/2024233869AB2 176,995.77 NR Aaa 10/12/2022 10/19/2022 176,991.60 5.07 398.83176,711.69176,993.67HAROT 2022-2 A2DTD 08/24/2022 3.810% 03/18/202543815PAB5 118,576.34 AAA NR 8/15/2022 8/24/2022 118,570.92 3.81 163.14117,932.83118,573.25HART 2022-B A2ADTD 07/20/2022 3.640% 05/15/202544918MAB6 146,185.90 AAA NR 7/12/2022 7/20/2022 146,178.49 3.64 236.50145,268.88146,181.64JDOT 2022-B A2DTD 07/20/2022 3.730% 06/16/202547800AAB6 141,985.87 NR Aaa 7/12/2022 7/20/2022 141,970.84 3.73 235.38141,112.46141,977.04JDOT 2022-C A2DTD 10/19/2022 4.980% 08/15/202547800BAB4 418,822.15 NR Aaa 10/12/2022 10/19/2022 418,807.16 4.98 926.99417,256.01418,812.21CARMX 2022-3 A2ADTD 07/20/2022 3.810% 09/15/202514318MAB5 211,350.90 AAA NR 7/12/2022 7/20/2022 211,349.61 3.81 357.89210,030.84211,350.10COPAR 2022-2 A2ADTD 08/10/2022 3.740% 09/15/202514043GAB0 225,801.07 AAA Aaa 8/2/2022 8/10/2022 225,789.69 3.74 375.33224,092.18225,793.88MBART 2022-1 A2DTD 11/22/2022 5.260% 10/15/202558768PAB0 320,746.36 AAA Aaa 11/15/2022 11/22/2022 320,725.86 5.26 749.83320,050.92320,731.92HART 2023-A A2ADTD 04/12/2023 5.190% 12/15/2025448979AB0 350,000.00 AAA NR 4/4/2023 4/12/2023 349,979.77 5.19 807.33348,606.34349,983.33NAROT 2023-A A2ADTD 04/26/2023 5.340% 02/17/202665480WAB7 280,000.00 NR Aaa 4/18/2023 4/26/2023 279,999.97 5.34 664.53278,866.67279,999.97FORDO 2023-A A2ADTD 03/31/2023 5.140% 03/15/2026344928AB2 277,725.34 AAA NR 3/28/2023 3/31/2023 277,715.93 5.14 634.45276,467.61277,717.53WOART 2022-C A2ADTD 08/10/2022 3.730% 03/16/202698163TAB9 237,747.38 AAA NR 8/2/2022 8/10/2022 237,722.54 3.73 394.13235,539.21237,730.42JDOT 2023-A A2DTD 03/02/2023 5.280% 03/16/202647800CAB2 305,000.00 NR Aaa 2/22/2023 3/2/2023 304,989.29 5.28 715.73303,975.63304,991.35HAROT 2023-2 A2DTD 05/30/2023 5.410% 04/15/2026437927AB2 505,000.00 AAA Aaa 5/23/2023 5/30/2023 504,969.75 5.41 1,214.24502,705.73504,973.32TAOT 2021-D A3DTD 11/15/2021 0.710% 04/15/202689238JAC9 951,463.33 AAA NR 4/12/2023 4/14/2023 906,491.81 2.34 300.24915,878.89913,460.96BMWOT 2023-A A2ADTD 07/18/2023 5.720% 04/27/202605592XAB6 175,000.00 AAA NR 7/11/2023 7/18/2023 174,992.09 5.72 166.83174,766.94174,992.68TAOT 2023-B A2ADTD 05/23/2023 5.280% 05/15/2026891941AB2 205,000.00 NR Aaa 5/16/2023 5/23/2023 204,995.26 5.28 481.07204,056.47204,995.83Page 36 of 5346 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostABSHART 2023-B A2ADTD 07/19/2023 5.770% 05/15/202644933XAB3 240,000.00 AAA NR 7/11/2023 7/19/2023 239,995.27 5.77 615.47239,604.72239,995.61GMCAR 2023-2 A2ADTD 04/12/2023 5.100% 05/18/2026362583AB2 270,000.00 AAA Aaa 4/4/2023 4/12/2023 269,990.09 5.10 573.75268,583.34269,991.60CNH 2023-A A2DTD 04/25/2023 5.340% 09/15/202612664QAB0 280,000.00 AAA NR 4/18/2023 4/25/2023 279,980.23 5.34 664.53278,567.91279,982.77BACCT 2021-A1 ADTD 05/14/2021 0.440% 09/15/202605522RDD7 1,000,000.00 AAA NR 4/13/2023 4/17/2023 954,765.63 1.81 195.56971,863.50960,823.48GMCAR 2021-4 A3DTD 10/21/2021 0.680% 09/16/2026362554AC1 948,480.40 AAA Aaa 4/13/2023 4/17/2023 901,760.33 2.18 268.74910,692.37908,012.13FITAT 2023-1 A2ADTD 08/23/2023 5.800% 11/16/202631680EAB7 445,000.00 AAA Aaa 8/15/2023 8/23/2023 444,990.34 5.80 1,147.11444,476.68444,990.66WOART 2023-B A2ADTD 04/19/2023 5.250% 11/16/202698164QAB4 145,000.00 AAA NR 4/11/2023 4/19/2023 144,987.69 5.25 338.33144,285.19144,989.24VALET 2023-1 A2ADTD 06/13/2023 5.500% 12/21/202692867WAB4 345,000.00 AAA NR 6/6/2023 6/13/2023 344,983.23 5.50 579.79343,509.53344,984.66CARMX 2022-2 A3DTD 04/28/2022 3.490% 02/16/202714317HAC5 790,000.00 AAA Aaa 3/28/2023 3/30/2023 773,274.22 4.08 1,225.38770,895.67775,454.829,510,880.819,356,967.6114,431.109,365,798.21Security Type Sub-Total4.099,378,484.0793,795,126.5492,520,808.39604,311.6492,048,199.94Managed Account Sub TotalSecurities Sub TotalAccrued Interest$93,795,126.54$92,520,808.39$604,311.64$92,048,199.94$604,311.6492,846,458.55$92,846,458.554.314.31%Total Investments$92,652,511.58Page 37 of 5347 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionBUY7/5/2023 7/6/2023 2,000,000.00 21687AC43 COOPERATIEVE RABOBANK UA COMM PAPER 0.00% 3/4/2024 1,925,921.11 5.72%7/11/2023 7/18/2023 175,000.00 05592XAB6 BMWOT 2023-A A2A5.72% 4/27/2026 174,992.09 5.72%7/11/2023 7/19/2023 240,000.00 44933XAB3 HART 2023-B A2A5.77% 5/15/2026 239,995.27 5.77%7/25/2023 7/27/2023 500,000.00 63253QAD6 NATIONAL AUSTRALIA BK/NY CORPORATE NOTES 5.20% 5/13/2025 501,782.78 5.36%7/25/2023 7/27/2023 325,000.00 78016FZY3 ROYAL BANK OF CANADA CORPORATE NOTES 4.95% 4/25/2025 325,160.88 5.67%7/25/2023 7/27/2023 800,000.00 06406RAN7 BANK OF NY MELLON (CALLABLE) CORP NOTES 1.60% 4/24/2025 753,794.67 5.37%7/31/2023 8/1/2023 3,000,000.00 62479LB12 MUFG BANK LTD/NY COMM PAPER0.00% 2/1/2024 2,913,520.00 5.81%8/1/2023 8/3/2023 4,000,000.00 91282CEU1 US TREASURY N/B NOTES2.87% 6/15/2025 3,864,927.42 5.01%8/10/2023 8/14/2023 500,000.00 94988J6B8 WELLS FARGO BANK NA BANK NOTES (CALLABLE 5.55% 8/1/2025 501,340.42 5.45%8/14/2023 8/18/2023 1,000,000.00 06428CAC8 BANK OF AMERICA NA CORPORATE NOTES5.65% 8/18/2025 1,000,000.00 5.65%8/15/2023 8/23/2023 445,000.00 31680EAB7 FITAT 2023-1 A2A5.80% 11/16/2026 444,990.34 5.80%8/17/2023 8/18/2023 2,000,000.00 06743UCJ9 BARCLAYS CAPITAL INC COMM PAPER0.00% 3/18/2024 1,932,195.00 5.93%8/23/2023 8/25/2023 2,000,000.00 74433GEH5 PRUDENTIAL FUNDING LLC COMM PAPER0.00% 5/17/2024 1,917,244.44 5.84%8/28/2023 8/29/2023 2,000,000.00 09659BDV9 BNP PARIBAS NY BRANCH COMM PAPER0.00% 4/29/2024 1,923,546.67 5.86%9/6/2023 9/11/2023 700,000.00 89236TKZ7 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES 5.60% 9/11/2025 699,881.00 5.61%9/21/2023 9/22/2023 2,000,000.00 17327AC47 CITIGROUP GLOBAL MARKETS COMM PAPER0.00% 3/4/2024 1,949,068.89 5.74%9/25/2023 10/3/2023 500,000.00 05253JAY7 AUST & NZ BANKING GROUP CORPORATE NOTES 5.67% 10/3/2025 500,000.00 5.67%Page 38 of 5348 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionBUY9/26/2023 9/29/2023 345,000.00 17325FBA5 CITIBANK NA CORP NOTES (CALLABLE)5.86% 9/29/2025 345,000.00 5.86%Total BUY22,530,000.0021,913,360.980.00INTEREST7/1/2023 7/25/2023 986,950.37 3137BBBD1 FHMS K038 A23.38% 3/1/20242,787.317/1/2023 7/25/2023 890,000.00 3137BEVH4 FHLMC MULTIFAMILY STRUCTURED P3.24% 9/1/20242,403.747/3/2023 7/3/2023MONEY0002 MONEY MARKET FUND4,069.657/8/2023 7/8/2023 760,000.00 3130ASME6 FEDERAL HOME LOAN BANK NOTES3.00% 7/8/2024 11,400.007/10/2023 7/10/2023 925,000.00 20271RAQ3 COMMONWEALTH BK AUSTR NY CORPORATE 5.07% 1/10/2025 23,490.387/10/2023 7/10/2023 200,000.00 24422EVX4 JOHN DEERE CAPITAL CORP CORPORATE NOTES 0.90% 1/10/2024900.007/10/2023 7/10/2023 335,000.00 14913R2S5 CATERPILLAR FINL SERVICE CORPORATE NOTES 0.95% 1/10/2024 1,591.257/10/2023 7/10/2023 800,000.00 06368FAE9 BANK OF MONTREAL CORPORATE NOTES1.50% 1/10/2025 6,000.007/12/2023 7/12/2023 650,000.00 21688AAQ5 COOPERAT RABOBANK UA/NY CORPORATE NOTES 0.37% 1/12/2024 1,218.757/15/2023 7/15/2023 218,114.96 44918MAB6 HART 2022-B A2A3.64% 5/15/2025661.627/15/2023 7/15/2023 443,468.92 58768PAB0 MBART 2022-1 A25.26% 10/15/2025 1,943.877/15/2023 7/15/2023 568,257.65 47800BAB4 JDOT 2022-C A24.98% 8/15/2025 2,358.277/15/2023 7/15/2023 205,000.00 891941AB2 TAOT 2023-B A2A5.28% 5/15/2026902.007/15/2023 7/15/2023 1,100,000.00 89238JAC9 TAOT 2021-D A30.71% 4/15/2026650.83Page 39 of 5349 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST7/15/2023 7/15/2023 305,000.00 47800CAB2 JDOT 2023-A A25.28% 3/16/2026 1,342.007/15/2023 7/15/2023 307,717.93 14043GAB0 COPAR 2022-2 A2A3.74% 9/15/2025959.057/15/2023 7/15/2023 313,187.87 14318MAB5 CARMX 2022-3 A2A3.81% 9/15/2025994.377/15/2023 7/15/2023 790,000.00 14317HAC5 CARMX 2022-2 A33.49% 2/16/2027 2,297.587/15/2023 7/15/2023 311,219.02 98163TAB9 WOART 2022-C A2A3.73% 3/16/2026967.377/15/2023 7/15/2023 285,000.00 344928AB2 FORDO 2023-A A2A5.14% 3/15/2026 1,220.757/15/2023 7/15/2023 280,000.00 12664QAB0 CNH 2023-A A25.34% 9/15/2026 1,246.007/15/2023 7/15/2023 350,000.00 448979AB0 HART 2023-A A2A5.19% 12/15/2025 1,513.757/15/2023 7/15/2023 145,000.00 98164QAB4 WOART 2023-B A2A5.25% 11/16/2026634.387/15/2023 7/15/2023 290,083.06 233869AB2 DTRT 2022-1 A25.07% 9/16/2024 1,225.607/15/2023 7/15/2023 280,000.00 65480WAB7 NAROT 2023-A A2A5.34% 2/17/2026 1,246.007/15/2023 7/15/2023 845,000.00 576004GX7 MASSACHUSETTS CMNWLTH MUNICIPAL BONDS 3.63% 7/15/2024 15,374.787/15/2023 7/15/2023 1,000,000.00 05522RDD7 BACCT 2021-A1 A0.44% 9/15/2026366.677/15/2023 7/15/2023 193,992.88 47800AAB6 JDOT 2022-B A23.73% 6/16/2025602.997/15/2023 7/15/2023 505,000.00 437927AB2 HAROT 2023-2 A25.41% 4/15/2026 2,276.717/16/2023 7/16/2023 1,100,000.00 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026623.337/16/2023 7/16/2023 270,000.00 362583AB2 GMCAR 2023-2 A2A5.10% 5/18/2026 1,147.50Page 40 of 5350 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST7/18/2023 7/18/2023 171,868.52 43815PAB5 HAROT 2022-2 A23.81% 3/18/2025545.687/20/2023 7/20/2023 345,000.00 92867WAB4 VALET 2023-1 A2A5.50% 12/21/2026 1,581.257/21/2023 7/21/2023 750,000.00 78016EYM3 ROYAL BANK OF CANADA CORPORATE NOTES 1.60% 1/21/2025 6,000.007/23/2023 7/23/2023 950,000.00 46625HKC3 JPMORGAN CHASE & CO CORP NOTES3.12% 1/23/2025 14,843.757/31/2023 7/31/2023 4,900,000.00 91282CGG0 US TREASURY N/B NOTES4.12% 1/31/2025 101,062.507/31/2023 7/31/2023 3,500,000.00 91282CFA4 US TREASURY N/B NOTES3.00% 7/31/2024 52,500.008/1/2023 8/1/2023MONEY0002 MONEY MARKET FUND16,861.348/1/2023 8/25/2023 890,000.00 3137BEVH4 FHLMC MULTIFAMILY STRUCTURED P3.24% 9/1/20242,403.748/1/2023 8/25/2023 984,610.15 3137BBBD1 FHMS K038 A23.38% 3/1/20242,780.708/3/2023 8/3/2023 800,000.00 064159TF3 BANK OF NOVA SCOTIA NOTES2.20% 2/3/20258,800.008/15/2023 8/15/2023 205,000.00 891941AB2 TAOT 2023-B A2A5.28% 5/15/2026902.008/15/2023 8/15/2023 240,000.00 44933XAB3 HART 2023-B A2A5.77% 5/15/2026 1,000.138/15/2023 8/15/2023 285,156.57 98163TAB9 WOART 2022-C A2A3.73% 3/16/2026886.368/15/2023 8/15/2023 505,000.00 437927AB2 HAROT 2023-2 A25.41% 4/15/2026 2,276.718/15/2023 8/15/2023 176,504.41 47800AAB6 JDOT 2022-B A23.73% 6/16/2025548.638/15/2023 8/15/2023 305,000.00 47800CAB2 JDOT 2023-A A25.28% 3/16/2026 1,342.008/15/2023 8/15/2023 285,000.00 344928AB2 FORDO 2023-A A2A5.14% 3/15/2026 1,220.75Page 41 of 5351 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST8/15/2023 8/15/2023 145,000.00 98164QAB4 WOART 2023-B A2A5.25% 11/16/2026634.388/15/2023 8/15/2023 350,000.00 448979AB0 HART 2023-A A2A5.19% 12/15/2025 1,513.758/15/2023 8/15/2023 280,000.00 65480WAB7 NAROT 2023-A A2A5.34% 2/17/2026 1,246.008/15/2023 8/15/2023 1,000,000.00 05522RDD7 BACCT 2021-A1 A0.44% 9/15/2026366.678/15/2023 8/15/2023 253,307.19 233869AB2 DTRT 2022-1 A25.07% 9/16/2024 1,070.228/15/2023 8/15/2023 280,000.00 12664QAB0 CNH 2023-A A25.34% 9/15/2026 1,246.008/15/2023 8/15/2023 279,356.55 14043GAB0 COPAR 2022-2 A2A3.74% 9/15/2025870.668/15/2023 8/15/2023 790,000.00 14317HAC5 CARMX 2022-2 A33.49% 2/16/2027 2,297.588/15/2023 8/15/2023 523,832.80 47800BAB4 JDOT 2022-C A24.98% 8/15/2025 2,173.918/15/2023 8/15/2023 193,033.24 44918MAB6 HART 2022-B A2A3.64% 5/15/2025585.538/15/2023 8/15/2023 400,840.67 58768PAB0 MBART 2022-1 A25.26% 10/15/2025 1,757.028/15/2023 8/15/2023 276,901.05 14318MAB5 CARMX 2022-3 A2A3.81% 9/15/2025879.168/15/2023 8/15/2023 1,074,765.28 89238JAC9 TAOT 2021-D A30.71% 4/15/2026635.908/16/2023 8/16/2023 650,000.00 02665WBP5 AMERICAN HONDA FINANCE2.90% 2/16/2024 9,425.008/16/2023 8/16/2023 1,062,823.24 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026602.278/16/2023 8/16/2023 270,000.00 362583AB2 GMCAR 2023-2 A2A5.10% 5/18/2026 1,147.508/18/2023 8/18/2023 153,653.54 43815PAB5 HAROT 2022-2 A23.81% 3/18/2025487.85Page 42 of 5352 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST8/19/2023 8/19/2023 800,000.00 961214EH2 WESTPAC BANKING CORP CORPORATE NOTES 2.35% 2/19/2025 9,400.008/19/2023 8/19/2023 750,000.00 94974BGH7 WELLS FARGO & COMPANY NOTES3.00% 2/19/2025 11,250.008/20/2023 8/20/2023 345,000.00 92867WAB4 VALET 2023-1 A2A5.50% 12/21/2026 1,581.258/22/2023 8/22/2023 605,000.00 21688AAU6 COOPERAT RABOBANK UA/NY CORPORATE NOTES 3.87% 8/22/2024 11,721.888/25/2023 8/25/2023 175,000.00 05592XAB6 BMWOT 2023-A A2A5.72% 4/27/2026 1,028.818/28/2023 8/28/2023 2,300,000.00 3130AV7L0 FEDERAL HOME LOAN BANKS NOTES5.00% 2/28/2025 55,902.788/31/2023 8/31/2023 3,160,000.00 9128286G0 US TREASURY NOTES2.37% 2/29/2024 37,525.009/1/2023 9/1/2023MONEY0002 MONEY MARKET FUND2,211.799/1/2023 9/25/2023 981,467.03 3137BBBD1 FHMS K038 A23.38% 3/1/20242,771.839/1/2023 9/25/2023 890,000.00 3137BEVH4 FHLMC MULTIFAMILY STRUCTURED P3.24% 9/1/20242,403.749/7/2023 9/7/2023 650,000.00 904764BG1 UNILEVER CAPITAL CORP CORPORATE NOTES (C 3.25% 3/7/2024 10,562.509/8/2023 9/8/2023 650,000.00 89114TZR6 TORONTO-DOMINION BANK CORPORATE NOTES 2.35% 3/8/20247,637.509/13/2023 9/13/2023 655,000.00 89115A2J0 TORONTO-DOMINION BANK CORPORATE NOTES 4.28% 9/13/2024 14,033.389/14/2023 9/14/2023 2,000,000.00 3130AUZC1 FEDERAL HOME LOAN BANK NOTES4.62% 3/14/2025 53,187.509/15/2023 9/15/2023 285,000.00 344928AB2 FORDO 2023-A A2A5.14% 3/15/2026 1,220.759/15/2023 9/15/2023 280,000.00 65480WAB7 NAROT 2023-A A2A5.34% 2/17/2026 1,246.009/15/2023 9/15/2023 261,241.38 98163TAB9 WOART 2022-C A2A3.73% 3/16/2026812.03Page 43 of 5353 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST9/15/2023 9/15/2023 790,000.00 14317HAC5 CARMX 2022-2 A33.49% 2/16/2027 2,297.589/15/2023 9/15/2023 280,000.00 12664QAB0 CNH 2023-A A25.34% 9/15/2026 1,246.009/15/2023 9/15/2023 145,000.00 98164QAB4 WOART 2023-B A2A5.25% 11/16/2026634.389/15/2023 9/15/2023 205,000.00 891941AB2 TAOT 2023-B A2A5.28% 5/15/2026902.009/15/2023 9/15/2023 459,834.76 47800BAB4 JDOT 2022-C A24.98% 8/15/2025 1,908.319/15/2023 9/15/2023 361,374.39 58768PAB0 MBART 2022-1 A25.26% 10/15/2025 1,584.029/15/2023 9/15/2023 1,014,254.84 89238JAC9 TAOT 2021-D A30.71% 4/15/2026600.109/15/2023 9/15/2023 240,000.00 44933XAB3 HART 2023-B A2A5.77% 5/15/2026 1,154.009/15/2023 9/15/2023 505,000.00 437927AB2 HAROT 2023-2 A25.41% 4/15/2026 2,276.719/15/2023 9/15/2023 169,568.49 44918MAB6 HART 2022-B A2A3.64% 5/15/2025514.369/15/2023 9/15/2023 218,476.37 233869AB2 DTRT 2022-1 A25.07% 9/16/2024923.069/15/2023 9/15/2023 253,053.74 14043GAB0 COPAR 2022-2 A2A3.74% 9/15/2025788.689/15/2023 9/15/2023 445,000.00 31680EAB7 FITAT 2023-1 A2A5.80% 11/16/2026 1,577.289/15/2023 9/15/2023 246,264.43 14318MAB5 CARMX 2022-3 A2A3.81% 9/15/2025781.899/15/2023 9/15/2023 1,000,000.00 05522RDD7 BACCT 2021-A1 A0.44% 9/15/2026366.679/15/2023 9/15/2023 157,314.67 47800AAB6 JDOT 2022-B A23.73% 6/16/2025488.999/15/2023 9/15/2023 350,000.00 448979AB0 HART 2023-A A2A5.19% 12/15/2025 1,513.75Page 44 of 5354 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST9/15/2023 9/15/2023 305,000.00 47800CAB2 JDOT 2023-A A25.28% 3/16/2026 1,342.009/16/2023 9/16/2023 270,000.00 362583AB2 GMCAR 2023-2 A2A5.10% 5/18/2026 1,147.509/16/2023 9/16/2023 1,006,169.60 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026570.169/18/2023 9/18/2023 136,386.99 43815PAB5 HAROT 2022-2 A23.81% 3/18/2025433.039/20/2023 9/20/2023 345,000.00 92867WAB4 VALET 2023-1 A2A5.50% 12/21/2026 1,581.259/22/2023 9/22/2023 290,000.00 89236TJX4 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES 2.50% 3/22/2024 3,625.009/25/2023 9/25/2023 175,000.00 05592XAB6 BMWOT 2023-A A2A5.72% 4/27/2026834.17Total INTEREST63,085,052.56590,499.070.00MATURITY7/10/2023 7/10/2023 1,700,000.00 313384HY8 FEDERAL HOME LOAN BANKS DISC NOTE0.00% 7/10/2023 1,700,000.007/31/2023 7/31/2023 2,000,000.00 91282CCN9 US TREASURY N/B NOTES0.12% 7/31/2023 2,001,250.007/31/2023 7/31/2023 4,000,000.00 91282CCN9 US TREASURY N/B NOTES0.12% 7/31/2023 4,002,500.00Total MATURITY7,700,000.007,703,750.000.00PAYDOWNS7/1/2023 7/25/20232,340.22 3137BBBD1 FHMS K038 A23.38% 3/1/20242,340.227/15/2023 7/15/2023 25,081.72 44918MAB6 HART 2022-B A2A3.64% 5/15/2025 25,081.727/15/2023 7/15/2023 36,775.87 233869AB2 DTRT 2022-1 A25.07% 9/16/2024 36,775.87Page 45 of 5355 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionPAYDOWNS7/15/2023 7/15/2023 17,488.47 47800AAB6 JDOT 2022-B A23.73% 6/16/2025 17,488.477/15/2023 7/15/2023 28,361.38 14043GAB0 COPAR 2022-2 A2A3.74% 9/15/2025 28,361.387/15/2023 7/15/2023 25,234.72 89238JAC9 TAOT 2021-D A30.71% 4/15/2026 25,234.727/15/2023 7/15/2023 44,424.85 47800BAB4 JDOT 2022-C A24.98% 8/15/2025 44,424.857/15/2023 7/15/2023 42,628.25 58768PAB0 MBART 2022-1 A25.26% 10/15/2025 42,628.257/15/2023 7/15/2023 36,286.82 14318MAB5 CARMX 2022-3 A2A3.81% 9/15/2025 36,286.827/15/2023 7/15/2023 26,062.45 98163TAB9 WOART 2022-C A2A3.73% 3/16/2026 26,062.457/16/2023 7/16/2023 37,176.76 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026 37,176.767/18/2023 7/18/2023 18,214.98 43815PAB5 HAROT 2022-2 A23.81% 3/18/2025 18,214.988/1/2023 8/25/20233,143.12 3137BBBD1 FHMS K038 A23.38% 3/1/20243,143.128/15/2023 8/15/2023 30,636.62 14318MAB5 CARMX 2022-3 A2A3.81% 9/15/2025 30,636.628/15/2023 8/15/2023 19,189.74 47800AAB6 JDOT 2022-B A23.73% 6/16/2025 19,189.748/15/2023 8/15/2023 60,510.44 89238JAC9 TAOT 2021-D A30.71% 4/15/2026 60,510.448/15/2023 8/15/2023 23,464.75 44918MAB6 HART 2022-B A2A3.64% 5/15/2025 23,464.758/15/2023 8/15/2023 34,830.82 233869AB2 DTRT 2022-1 A25.07% 9/16/2024 34,830.828/15/2023 8/15/2023 63,998.04 47800BAB4 JDOT 2022-C A24.98% 8/15/2025 63,998.048/15/2023 8/15/2023 26,302.81 14043GAB0 COPAR 2022-2 A2A3.74% 9/15/2025 26,302.81Page 46 of 5356 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionPAYDOWNS8/15/2023 8/15/2023 39,466.28 58768PAB0 MBART 2022-1 A25.26% 10/15/2025 39,466.288/15/2023 8/15/2023 23,915.19 98163TAB9 WOART 2022-C A2A3.73% 3/16/2026 23,915.198/16/2023 8/16/2023 56,653.64 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026 56,653.648/18/2023 8/18/2023 17,266.55 43815PAB5 HAROT 2022-2 A23.81% 3/18/2025 17,266.559/1/2023 9/25/20232,221.30 3137BBBD1 FHMS K038 A23.38% 3/1/20242,221.309/15/2023 9/15/2023 23,494.00 98163TAB9 WOART 2022-C A2A3.73% 3/16/2026 23,494.009/15/2023 9/15/2023 41,012.61 47800BAB4 JDOT 2022-C A24.98% 8/15/2025 41,012.619/15/2023 9/15/2023 23,382.59 44918MAB6 HART 2022-B A2A3.64% 5/15/2025 23,382.599/15/2023 9/15/2023 27,252.67 14043GAB0 COPAR 2022-2 A2A3.74% 9/15/2025 27,252.679/15/2023 9/15/20237,274.66 344928AB2 FORDO 2023-A A2A5.14% 3/15/2026 7,274.669/15/2023 9/15/2023 41,480.60 233869AB2 DTRT 2022-1 A25.07% 9/16/2024 41,480.609/15/2023 9/15/2023 34,913.53 14318MAB5 CARMX 2022-3 A2A3.81% 9/15/2025 34,913.539/15/2023 9/15/2023 62,791.51 89238JAC9 TAOT 2021-D A30.71% 4/15/2026 62,791.519/15/2023 9/15/2023 40,628.03 58768PAB0 MBART 2022-1 A25.26% 10/15/2025 40,628.039/15/2023 9/15/2023 15,328.80 47800AAB6 JDOT 2022-B A23.73% 6/16/2025 15,328.809/16/2023 9/16/2023 57,689.20 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026 57,689.20Page 47 of 5357 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionPAYDOWNS9/18/2023 9/18/2023 17,810.65 43815PAB5 HAROT 2022-2 A23.81% 3/18/2025 17,810.65Total PAYDOWNS1,134,734.641,134,734.640.00SELL8/10/2023 8/14/2023 415,000.00 438516CH7 HONEYWELL INTERNATIONAL CORPORATE NOTES 4.85% 11/1/2024 418,986.65-1,729.048/10/2023 8/14/2023 95,000.00 882508BR4 TEXAS INSTRUMENTS INC CORPORATE NOTES 4.70% 11/18/2024 95,460.54-579.088/15/2023 8/18/2023 650,000.00 91282CCU3 US TREASURY N/B NOTES0.12% 8/31/2023 649,158.80-1,197.578/18/2023 8/18/2023 500,000.00 91282CDD0 US TREASURY N/B NOTES0.37% 10/31/2023 495,638.59-4,814.378/18/2023 8/18/2023 1,000,000.00 91282CDA6 US TREASURY NOTES0.25% 9/30/2023 994,979.72-5,941.818/18/2023 8/18/2023 600,000.00 91282CDM0 US TREASURY N/B NOTES0.50% 11/30/2023 592,538.17-7,941.968/23/2023 8/25/2023 175,000.00 91282CDM0 US TREASURY N/B NOTES0.50% 11/30/2023 172,997.59-2,113.288/23/2023 8/25/2023 1,800,000.00 91282CDM0 US TREASURY N/B NOTES0.50% 11/30/2023 1,779,403.82-22,242.518/28/2023 8/29/2023 1,850,000.00 56274MXB3 MANHATTAN ASSET FDG CO COMM PAPER0.00% 10/11/2023 1,837,957.01-441.958/29/2023 8/30/2023 2,500,000.00 53944RXC7 LMA AMERICAS LLC COMM PAPER0.00% 10/12/2023 2,483,785.42-537.509/7/2023 9/11/2023 700,000.00 89236TJX4 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES 2.50% 3/22/2024 696,245.28-11,855.419/21/2023 9/22/2023 650,000.00 56274MXB3 MANHATTAN ASSET FDG CO COMM PAPER0.00% 10/11/2023 648,144.07-54.899/21/2023 9/22/2023 750,000.00 91282CDM0 US TREASURY N/B NOTES0.50% 11/30/2023 744,341.86-6,537.399/27/2023 9/29/2023 350,000.00 63873KXD4 NATIXIS NY BRANCH COMM PAPER0.00% 10/13/2023 349,271.81-19.05Page 48 of 5358 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionSELL9/28/2023 10/3/2023 450,000.00 63873KXD4 NATIXIS NY BRANCH COMM PAPER0.00% 10/13/2023 449,331.25-17.509/29/2023 9/29/2023 1,700,000.00 63873KXD4 NATIXIS NY BRANCH COMM PAPER0.00% 10/13/2023 1,696,423.39-132.229/29/2023 9/29/2023 1,325,000.00 91282CDM0 US TREASURY N/B NOTES0.50% 11/30/2023 1,316,269.33-10,462.47Total SELL15,510,000.0015,420,933.30-76,618.00Page 49 of 5359 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Appendix|Important DisclosuresThis material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard toany specific objectives or financial circumstances.Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), an investment adviser registered with the U.S. Securities and ExchangeCommission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bankis a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. Theinformation contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sourcesexternal to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We relyon the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While effortsare made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers arefor illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics aregathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion ofthe strategy rated by a NRSRO.It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any salescharges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to belower than the performance shown.The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast,projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion asof the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actualevents occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and datapresented are not necessarily indicative of future events or expected performance.For more information regarding PFMAM's services or entities, please visit www.pfmam.com.© 2023 PFM Asset Management LLC. Further distribution is not permitted without prior written consent.Page 50 of 5360 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Appendix|Important DisclosuresMarket values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, Bloomberg, orTelerate. Where prices are not available from generally recognized sources, the securities are priced using a yield-based matrix system to arrive at an estimatedmarket value.In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthlybalances, and forward settling sales are excluded.Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is showngross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Pastperformance is not indicative of future returns.Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.Money market fund/cash balances are included in performance and duration computations.Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.MBS maturities are represented by expected average life.Page 51 of 5361 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Appendix|GlossaryAccrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.Agencies: Federal agency securities and/or Government-sponsored enterprises.Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchasedate until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortizedon a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans,leases, credit card balances, and receivables.Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector addedor subtracted from the overall portfolio performance.Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compoundingon investment returns, while nominal yield does not.FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.Interest Rate: Interest per year divided by principal amount and expressed as a percentage.Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.Maturity: The date upon which the principal or stated value of an investment becomes due and payable.Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.Par Value: The nominal dollar face amount of a security.Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is themortgage-backed security.Page 52 of 5362 © PFM Asset Management LLC pfmam.comCITY OF WINTER SPRINGSFor the Quarter Ended September 30, 2023Appendix|GlossaryRepurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments andmaturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whosedecisions are binding on its members.Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.U.S. Treasury: The department of the U.S. government that issues Treasury securities.Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as apercentage on an annualized basis.YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time periodfrom purchase date to maturity, stated as a percentage on an annualized basis.YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the timeperiod remaining until maturity, stated as a percentage on an annualized basis.Page 53 of 5363