King George County

4350 North Fairfax Drive, Suite 580

Arlington, VA 22203

(703) 741-0175

PFM Asset Management LLC

213 Market Street

Harrisburg, PA 17101-2044

(717) 232-2723

Client Management Team

Kathleen Bowe, Senior Managing Consultant

Nelson L. Bush, Managing Director

Leslie Weaber, Senior Analyst

Investment Performance Review For the Quarter Ended December 31, 2018

King George County

QUARTERLY MARKET SUMMARYFor the Quarter Ended December 31, 2018

Fixed Income Management

S U M M A R Y• The fourth quarter was not for the faint of heart as markets experienced surging

volatility, a worldwide equity sell-off, yield curve inversion, ongoing trade tensions and a partial government shutdown. Just as the New Year turned, however, a modicum of calm returned as stocks regained their footing amid the backdrop of stable U.S. economic prospects.

• The S&P 500 equity index plummeted 14% in the quarter, nearing bear marketterritory and erasing all gains for the year. International indices didn’t fare any better,hampered by failing oil prices, rising protectionism and policy uncertainties.

• In response to the stock market sell-off and global turmoil, U.S. Treasury yields fellsharply and the yield curve partially inverted. While economists have so far shruggedoff the yield curve flattening, and its typical interpretation as an early warning sign ofan impending recession, weakening economic data emerging in both the U.S. andglobally have added to the level of concern.

• The Federal Reserve (Fed) raised the federal funds target rate to a new range of2.25% to 2.50% in December, the fourth rate increase in 2018. Unlike the well-choreographed path of rate hikes in 2018, the future direction of rates has becomefar less clear as the Fed appears to be recalibrating monetary policy by signaling ashift to a more “wait and see” and data-dependent approach. The Fed’s Decemberestimate was for two rate hikes in 2019, but the market expects none.

• The U.S. government ended the year embroiled in a partial shutdown that beganon December 21. Six of 15 executive departments (representing about 75% ofU.S. discretionary spending) are fully funded and operating normally. However, thedepartments of Agriculture, Commerce, Homeland Security, Housing and UrbanDevelopment, Justice, Interior, State, Transportation and Treasury are affected by theshutdown. Also affected are independent agencies, including the SEC and EPA. Morethan 800,000 federal employees and an estimated 4 million government contractorsare affected. The White House Council of Economic Advisers estimated that grossdomestic product (GDP) will be reduced by 0.13% for each week of the shutdown.

E C O N O M I C S N A P S H O T• U.S. real GDP grew at an annualized rate of 3.4% in the third quarter making the

second and third quarters the best back-to-back quarters since 2014. The American consumer continued to drive strong third quarter growth that more than offset moderation in business investment and outright contraction in residential investment.

• U.S. labor market conditions remained healthy, providing the strongest evidence ofcontinued growth of the U.S. economy. The economy added 762,000 new jobs in thefourth quarter, among the strongest quarters of the 9.5-year expansion. While theunemployment rate ticked higher to 3.9%, it was attributed to more workers enteringthe labor force, which is viewed as a positive sign.

• Inflation in the U.S. remained well-contained, hovering around the Fed’s 2% target.Nevertheless inflation expectations weakened. While wage growth rose to match theexpansion high, oil prices fell sharply, and home price growth slowed.

I N T E R E S T R A T E S• The U.S. Treasury yield curve inverted between 2- and 5-year maturities for the first

time since March 2007. Short-term yields moved higher to parallel the December Fed rate hike, but yields on longer maturities plunged by up to 44 basis points (0.44%) as the market reassessed the trajectory for the U.S. economy and its implication for future Fed action.

• As stock markets fell and volatility rose, credit spreads widened sharply, reflectingheightened risk and uncertainty. Yield spreads on investment-grade corporatesrose 44 basis points (63%) while spreads on high yield bonds (those rated belowBBB) rose by 210 basis points (66%). Despite wider spreads, corporate profits andunderlying fundamentals remained reasonably healthy.

S E C T O R P E R F O R M A N C E• Total returns in the bond market were strong across the board in the quarter as lower

yields pushed prices higher, reversing what had been dismal bond market returns over the first three quarters of the year. While diversification typically boosts returns, fourth quarter performance was led by the U.S. Treasury sector, as the flight to quality amid widespread market de-risking led to outperformance relative to most other investment-grade fixed income alternatives.

• As the long-end of the yield curve declined, it led to outperformance of longermaturities relative to shorter maturities. For example, the 3-month Treasury Bill Indexgenerated 0.57% of total return for the quarter, while the 5-year and the 10-YearTreasury indices returned 1.49% and 2.21%, respectively.

• The federal agency sector inside of five years performed well, due to a combinationof limited issuance and relative immunity from the quarter’s spread widening acrossthe credit sectors. Relative performance deteriorated farther out the curve, as evenmodestly wider spreads negatively impacted longer maturities. Supranationals alsoposted positive excess returns for the quarter as spreads remained in narrow ranges.

• The investment-grade corporate sector suffered from the market environment in thefourth quarter. Corporates under-performed Treasuries as spreads widened sharply,with higher-quality issues generally outperforming lower-quality ones. Poor fourthquarter performance dragged down trailing 12-month figures as well, which resultedin corporates underperforming Treasuries for the year.

• AAA-rated asset backed securities (ABS) posted negative excess returns for thequarter as spreads widened, but ABS outperformed corporates by a wide margin.The higher-quality and conservative structure of most ABS muted the impact of riskaversion on spread movements in the ABS sector.

• Mortgage-backed securities (MBS) generated negative excess returns for the thirdconsecutive quarter. Increased volatility and negative convexity continued to hurt thesector. One bright spot, and one of our continued areas of emphasis, was the shorteragency-backed commercial mortgage-backed securities (CMBS), which was one ofthe best performing slices of the MBS universe.

PFM Asset Management LLC 1



Economic Snapshot

Labor Market Sep '18 Dec '17

Unemployment Rate Dec '18 3.9% 3.7% 4.1%

Change In Non-Farm Payrolls Dec '18 312,000 119,000 175,000

Average Hourly Earnings (YoY) Dec '18 3.2% 2.8% 2.7%

Personal Income (YoY) Nov '18 4.2% 4.2% 4.6%

Initial Jobless Claims (week) 1/19/19 199,000 207,000 248,000

Growth

Real GDP (QoQ SAAR) 2018Q3 3.4% 4.2% 2.8%

GDP Personal Consumption (QoQ SAAR) 2018Q3 3.5% 3.8% 2.2%

Retail Sales (YoY) Nov '18 4.2% 4.0% 5.3%

ISM Manufacturing Survey (month) Dec '18 54.3 59.5 59.4

Existing Home Sales SAAR (month) Dec '18 4.99 mil. 5.15 mil. 5.56 mil.

Inflation / Prices

Personal Consumption Expenditures (YoY) Nov '18 1.8% 2.0% 1.8%

Consumer Price Index (YoY) Dec'18 1.9% 2.3% 2.1%

Consumer Price Index Core (YoY) Dec '18 2.2% 2.2% 1.8%

Crude Oil Futures (WTI, per barrel) 12/31/18 $45.41 $73.25 $60.42

Gold Futures (oz.) 12/31/18 $1,281 $1,192 $1,309

Latest

0

150K

300K

450K

3%

4%

5%

6%

Dec '15 Jun '16 Dec '16 Jun '17 Dec '17 Jun '18 Dec '18

Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right)Change In Non-Farm Payrolls Unemployment Rate

0%

2%

4%

6%

Sep '15 Mar '16 Sep '16 Mar '17 Sep '17 Mar '18 Sep '18

Real GDP (QoQ)

0%

1%

2%

3%

4%

Sep '15 Mar '16 Sep '16 Mar '17 Sep '17 Mar '18 Sep '18

Consumer Price IndexCPI (YoY) Core CPI (YoY)

2

2

1

1

1. Data as of Second Quarter 2018.2. Data as of Third Quarter 2017.Note: YoY = year-over-year, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil.Source: Bloomberg.




Source: Bloomberg.

Interest Rate Overview

U.S. Treasury Note Yields U.S. Treasury Yield Curve

U.S. Treasury Yields Yield Curves as of 12/31/18

0%

1%

2%

3%

4%

3-mo

1-yr2-yr3-yr

5-yr

7-yr

10-yr

30-yr

Yiel

d

MaturityDecember 31, 2018 September 30, 2018 December 31, 2017

0%

1%

2%

3%

4%

5%

3-mo

1-yr2-yr3-yr

5-yr

7-yr

10-yr

25-yr

30-yr

Yiel

d

MaturityU.S. Treasury Federal Agency Corporates, A Rated

0%

1%

2%

3%

4%

12/31/17 3/31/18 6/30/18 9/30/18 12/31/18

Yiel

d

2-Year 5-Year 10-Year

Maturity Dec '18 Sep '18Change Over

QuarterDec '17

Change Over Year

3-month 2.36% 2.20% 0.16% 1.38% 0.98%

1-year 2.60% 2.57% 0.03% 1.74% 0.86%

2-year 2.49% 2.82% (0.33%) 1.89% 0.60%

5-year 2.51% 2.95% (0.44%) 2.21% 0.30%

10-year 2.69% 3.06% (0.37%) 2.41% 0.28%

30-year 3.02% 3.21% (0.19%) 2.74% 0.28%




Source: ICE BofAML Indices.

December 31, 2018 Duration Yield 3 Month 1 Year 3 Years1-3 Year Indices

U.S. Treasury 1.87 2.53% 1.29% 1.58% 0.96%

Federal Agency 1.73 2.56% 1.24% 1.78% 1.13%

U.S. Corporates, A-AAA rated 1.84 3.22% 0.91% 1.64% 1.70%

Agency MBS (0 to 3 years) 4.32 3.19% 2.17% 1.75% 1.21%

Taxable Municipals 1.92 3.06% 1.06% 2.33% 2.31%

1-5 Year IndicesU.S. Treasury 2.62 2.51% 1.72% 1.52% 1.08%

Federal Agency 2.04 2.56% 1.42% 1.71% 1.23%

U.S. Corporates, A-AAA rated 2.58 3.35% 1.00% 1.16% 1.86%


Taxable Municipals 2.42 3.33% 1.17% 2.22% 2.49%

Master Indices (Maturities 1 Year or Greater)U.S. Treasury 6.30 2.62% 2.60% 0.80% 1.45%

Federal Agency 4.03 2.72% 1.95% 1.37% 1.67%

U.S. Corporates, A-AAA rated 6.85 3.81% 0.66% (1.69%) 2.69%


Taxable Municipals 10.42 4.11% 1.60% (1.10%) 4.79%

As of 12/31/18 Returns for Periods ended 12/31/18

Returns for periods greater than one year are annualized.


ICE BofAML Index Returns

4



D I S C L O S U R E S PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation.Investment advisory services are provided by PFM Asset Management LLC which is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.For more information regarding PFM’s services or entities, please visit www.pfm.com.The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC 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, PFM Asset Management LLC cannot guarantee its accuracy, completeness, or suitability. This material is for general information purposes only and is not intended to provide specific advice or recommendation. The information contained in this report is not an offer to purchase or sell any securities.

© 2019 PFM Asset Management LLC. Further distribution is not permitted without prior written consent.


Capital Fund

6

VA AIM-KING GEORGE CNTY CAPITAL FUND

For the Quarter Ended December 31, 2018

Portfolio Snapshot

Portfolio Statistics

As of December 31, 2018

$11,156,200

$11,094,105

$10,993,970

$48,159

-

Accrued Interest:

Cash:

Par Value:

Total Market Value:

Security Market Value:

PFM Funds $51,976

$11,102,693

2.62%

2.18%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:

Effective Duration: 1.59 Years

Duration to Worst: 1.54 Years

Average Maturity: 1.75 Years

Credit Quality (S&P Ratings)

1.4%

A+

7.9%

A-1

2.7%

A-1+

4.3%

AA

7.5%

AA-

61.9%

AA+

13.8%

AAA

0.5%

AAAm

0%

10%

20%

30%

40%

50%

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

16.7%

48.0%

33.0%

1.3% 1.1% 0.0%

Maturity Distribution

Sector Allocation

11.4%

Certificate

of Deposit

3.6%

Commercial

Paper

15.1%

Corporate

5.7%

Federal

Agency/CMO

12.1%

Federal

Agency/GSE

0.5%

Mny Mkt

Fund / Pool

11.5%

Supra-Sov /

Supra-Natl

Agency

40.1%

U.S.

Treasury


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

Account ****02527



Portfolio Composition

Sector Allocation

December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018

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

U.S. Treasury 4.4 40.1% 3.5 29.3% 3.6 29.9% 2.8 23.6%

Corporate 1.7 15.1% 1.7 13.9% 1.9 16.3% 2.1 17.8%

Federal Agency/GSE 1.3 12.1% 2.4 20.4% 2.7 22.4% 3.2 27.1%

Supra-Sov / Supra-Natl Agency 1.3 11.5% 1.3 10.6% 0.9 7.7% 1.1 9.2%

Certificate of Deposit 1.3 11.4% 1.0 8.5% 0.8 6.5% 0.8 6.5%

Federal Agency/CMO 0.6 5.7% 0.6 5.3% 0.5 4.6% 0.3 2.9%

Commercial Paper 0.4 3.6% 0.4 3.3% 0.4 3.4% 0.4 3.3%

Mny Mkt Fund / Pool 0.1 0.5% 1.0 8.7% 1.1 9.2% 1.1 9.6%

$11.0 100.0% $11.9 100.0% $11.9 100.0% $11.9 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

December 2018 September 2018 June 2018 March 2018

Mny Mkt Fund / Pool

Commercial Paper

Federal Agency/CMO

Certif icate of Deposit

Supra-Sov / Supra-Natl

Agency

Federal Agency/GSE

Corporate

U.S. Treasury


Detail may not add to total due to rounding.

Account ****02528






>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

YearsYield

at MarketPortfolio/Benchmark

Average

Maturity

VA AIM-KING GEORGE CNTY CAPITAL FUND 2.62% 16.7% 48.0% 33.0% 1.3% 1.1% 0.0%1.75 yrs

VA - King George Capital Fund Custom Index 2.52% 2.7% 53.6% 43.7% 0.0% 0.0% 0.0%1.94 yrs

0%

10%

20%

30%

40%

50%

60%

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

16.7%

48.0%

33.0%

1.3% 1.1% 0.0%2.7%

53.6%

43.7%

0.0% 0.0% 0.0%

VA AIM-KING GEORGE CNTY CAPITAL FUND VA - King George Capital Fund Custom Index

PFM Asset Management LLC Account ****02529




Issuer Distribution


Market Value ($) % of PortfolioIssuer

UNITED STATES TREASURY 4,440,938 40.2%

FREDDIE MAC 1,101,274 10.0%

INTL BANK OF RECONSTRUCTION AND DEV 742,975 6.7%

FANNIE MAE 684,101 6.2%

JP MORGAN CHASE & CO 394,946 3.6%

SVENSKA HANDELSBANKEN AB 299,955 2.7%

AFRICAN DEVELOPMENT BANK 277,498 2.5%

ASIAN DEVELOPMENT BANK 252,221 2.3%

WELLS FARGO & COMPANY 239,947 2.2%

NORDEA BANK AB 239,854 2.2%

GOLDMAN SACHS GROUP INC 239,655 2.2%

SWEDBANK AB 235,449 2.1%

EXXON MOBIL CORP 227,932 2.1%

CHEVRON CORPORATION 222,582 2.0%

TOYOTA MOTOR CORP 218,475 2.0%

APPLE INC 207,858 1.9%

WAL-MART STORES INC 198,686 1.8%

FEDERAL HOME LOAN BANKS 180,450 1.6%

To

p 5

= 6

6.7

%

To

p 1

0 =

78.5

%






COCA-COLA COMPANY 158,698 1.4%

MICROSOFT CORP 153,565 1.4%

PROCTER & GAMBLE CO 128,902 1.2%

JOHNSON & JOHNSON 98,535 0.9%

PFM FUNDS - GOVT SELECT, INSTL CL 51,976 0.5%

BERKSHIRE HATHAWAY INC 49,475 0.5%

11,045,946 100.0%Grand Total:




Portfolio Performance

Portfolio Performance (Total Return)

Effective

DurationPortfolio/Benchmark

Annualized Return

10 Year1 Year 3 Year 5 YearSince Inception

(06/30/02) **

Current

Quarter

VA AIM-KING GEORGE CNTY CAPITAL FUND 1.59 1.11% 1.30%1.71% 1.21% 1.00% 2.34%

VA - King George Capital Fund Custom Index 1.81 1.29% 0.95%1.58% 0.96% 0.81% 2.05%

Difference 0.13%-0.18% 0.25% 0.19% 0.35% 0.29%

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

2.4%

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

1.11%

1.71%

1.21%

1.00%

1.30%

2.34%

1.29%

1.58%

0.96%

0.81%0.95%

2.05%

To

tal R

etu

rn



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

Account ****025212





09/30/18 03/31/1812/31/18 06/30/18

Quarter Ended Annualized Return

5 Year1 Year 3 YearPortfolio/Benchmark

Effective

Duration

1.71% 1.21% 1.00%0.37% 0.33% -0.10%VA AIM-KING GEORGE CNTY CAPITAL FUND 1.11%1.59

1.63% 1.13% 0.92%0.35% 0.31% -0.12% Net of Fees ** 1.09%-

1.58% 0.96% 0.81%0.19% 0.22% -0.13%VA - King George Capital Fund Custom Index 1.29%1.81

0.13%-0.18% 0.25% 0.19%0.18% 0.11% 0.03%Difference (Gross)

Difference (Net) -0.20% 0.16% 0.09% 0.01% 0.05% 0.17% 0.11%

-0.4%

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

12/31/18 09/30/18 06/30/18 03/31/18 1 Year 3 Year 5 Year

1.11%

0.37% 0.33%

-0.10%

1.71%

1.21%

1.00%

1.29%

0.19% 0.22%

-0.13%

1.58%

0.96%

0.81%

To

tal R

etu

rn



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

Account ****025213



Portfolio Holdings

Managed Account Detail of Securities Held

Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost

Security Type/Description

CUSIP ParDated Date/Coupon/Maturity

U.S. Treasury Bond / Note

AA+ Aaa 8/31/2017 9/1/2017 115,004.50 537.28 115,002.11 113,391.841.37US TREASURY NOTES

DTD 03/02/2015 1.375% 02/29/2020

912828J50 115,000.00


DTD 06/30/2015 1.625% 06/30/2020

912828XH8 90,000.00


DTD 06/30/2015 1.625% 06/30/2020

912828XH8 470,000.00

AA+ Aaa 7/5/2017 7/7/2017 165,103.13 1,122.04 165,054.13 162,660.301.60US TREASURY NOTES

DTD 07/31/2015 1.625% 07/31/2020

912828XM7 165,000.00


DTD 08/31/2015 1.375% 08/31/2020

912828L32 50,000.00


DTD 09/30/2013 2.000% 09/30/2020

912828VZ0 52,000.00


DTD 10/31/2015 1.375% 10/31/2020

912828L99 500,000.00


DTD 11/30/2015 1.625% 11/30/2020

912828M98 350,000.00


DTD 12/31/2015 1.750% 12/31/2020

912828N48 50,000.00


DTD 01/31/2016 1.375% 01/31/2021

912828N89 200,000.00


DTD 03/31/2014 2.250% 03/31/2021

912828C57 400,000.00


DTD 06/02/2014 2.000% 05/31/2021

912828WN6 780,000.00


DTD 09/02/2014 2.000% 08/31/2021

912828D72 580,000.00


DTD 10/31/2014 2.000% 10/31/2021

912828F96 700,000.00

2.26 4,440,937.57 4,453,800.34 15,024.61 4,502,000.00 4,445,951.53Security Type Sub-Total




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Supra-National Agency Bond / Note

AAA Aaa 7/6/2016 7/13/2016 154,967.45 512.36 154,993.33 153,279.500.88INTL BANK OF RECON AND DEV SN

NOTE

DTD 07/13/2016 0.875% 08/15/2019

459058FK4 155,000.00

AAA Aaa 9/14/2016 9/20/2016 89,904.60 284.06 89,976.83 89,003.161.16AFRICAN DEVELOPMENT BANK NOTE

DTD 09/20/2016 1.125% 09/20/2019

00828EBQ1 90,000.00


DTD 03/16/2017 1.875% 03/16/2020

00828ECA5 140,000.00

AAA Aaa 3/14/2017 3/21/2017 119,895.60 437.50 119,954.75 118,889.161.90INTL BK RECON & DEVELOP NOTES

DTD 03/21/2017 1.875% 04/21/2020

459058FZ1 120,000.00

AAA Aaa 4/26/2017 5/5/2017 179,596.80 455.00 179,816.83 177,681.241.70ASIAN DEVELOPMENT BANK NOTE

DTD 05/05/2017 1.625% 05/05/2020

045167DZ3 180,000.00

AAA Aaa 9/12/2017 9/19/2017 119,712.00 567.16 119,834.25 117,801.121.64INTL BANK OF RECONSTRUCTION

AND DEV NOTE

DTD 09/19/2017 1.561% 09/12/2020

45905UP32 120,000.00


AND DEV CAL

DTD 11/09/2017 1.950% 11/09/2020

45905UQ80 200,000.00


DTD 01/19/2018 2.250% 01/20/2021

045167EF6 75,000.00


DTD 03/22/2018 2.625% 03/22/2021

00828ECZ0 50,000.00

AAA Aaa 7/18/2018 7/25/2018 154,637.30 1,847.08 154,687.84 155,630.392.83INTL BANK OF RECONSTRUCTION

AND DEV NOTE

DTD 07/25/2018 2.750% 07/23/2021

459058GH0 155,000.00


Federal Agency Collateralized Mortgage Obligation

AA+ Aaa 11/6/2015 11/30/2015 1,440.21 2.26 1,425.95 1,422.971.20FNMA SERIES 2015-M15 ASQ2

DTD 11/01/2015 1.898% 01/01/2019

3136AQSW1 1,425.95




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




AA+ Aaa 6/9/2016 6/30/2016 647.06 0.95 640.86 637.451.05FNMA SERIES 2016-M9 ASQ2

DTD 06/01/2016 1.785% 06/01/2019

3136ASPX8 640.65

AA+ Aaa 10/7/2015 10/30/2015 7,100.41 9.64 7,034.58 6,987.421.08FANNIE MAE SERIES 2015-M13 ASQ2

DTD 10/01/2015 1.646% 09/01/2019

3136AQDQ0 7,030.01

AA+ Aaa 6/12/2018 6/15/2018 86,726.56 301.11 86,146.97 85,756.991.57FHMS K006 A2

DTD 04/01/2010 4.251% 01/25/2020

31398VJ98 85,000.00

AA+ Aaa 11/14/2017 11/15/2017 96,788.70 259.83 95,718.00 94,414.701.24FNA 2010-M6 A2

DTD 10/01/2010 3.314% 09/25/2020

31398SKA0 94,083.79

AA+ Aaa 8/24/2018 8/28/2018 117,982.81 415.25 117,581.93 117,600.501.76FHMS K010 A2

DTD 02/01/2011 4.333% 10/25/2020

3137A6B27 115,000.00

AA+ Aaa 4/11/2018 4/30/2018 68,893.99 200.40 68,639.01 68,309.062.27FNA 2018-M5 A2

DTD 04/01/2018 3.560% 09/25/2021

3136B1XP4 67,550.34

AA+ Aaa 7/12/2018 7/17/2018 41,995.58 57.44 42,101.55 42,193.532.86FHLMC MULTIFAMILY STRUCTURED

DTD 11/01/2012 1.603% 01/25/2022

3137AUPD5 42,996.59

AA+ Aaa 3/6/2018 3/9/2018 96,283.23 129.83 96,652.66 96,419.732.58FHMS K023 A1

DTD 12/01/2012 1.583% 04/25/2022

3137AWQG3 98,420.83

AA+ Aaa 6/13/2018 6/18/2018 32,522.99 81.55 32,504.59 32,609.122.88FHLMC SERIES K032 A1

DTD 09/01/2013 3.016% 02/01/2023

3137B4GX8 32,445.67

AA+ Aaa 6/13/2018 6/18/2018 32,462.88 72.57 32,473.91 32,553.402.81FHLMC MULTIFAMILY STRUCTURED P

DTD 11/01/2013 2.669% 02/25/2023

3137B5JL8 32,629.86

AA+ Aaa 12/7/2018 12/17/2018 54,999.84 146.80 55,000.00 55,326.573.11FHMS KP05 A

DTD 12/01/2018 3.203% 07/01/2023

3137FKK39 55,000.00

2.13 634,231.44 635,920.01 1,677.63 632,223.69 637,844.26Security Type Sub-Total

Federal Agency Bond / Note

AA+ Aaa 2/24/2017 2/28/2017 179,884.80 922.50 179,954.91 177,951.241.52FNMA NOTES

DTD 02/28/2017 1.500% 02/28/2020

3135G0T29 180,000.00

AA+ Aaa 4/19/2017 4/20/2017 298,974.00 813.54 299,548.98 295,458.601.49FHLMC AGENCY NOTES

DTD 04/20/2017 1.375% 04/20/2020

3137EAEF2 300,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




AA+ Aaa 7/28/2017 8/1/2017 338,969.80 2,139.17 339,450.65 334,378.101.60FNMA NOTES

DTD 08/01/2017 1.500% 07/30/2020

3135G0T60 340,000.00

AA+ Aaa 9/28/2017 9/29/2017 104,809.95 436.04 104,888.36 103,356.231.69FHLMC NOTES

DTD 09/29/2017 1.625% 09/29/2020

3137EAEJ4 105,000.00

AA+ Aaa 8/22/2018 8/27/2018 240,000.00 2,397.33 240,000.00 239,999.042.90FREDDIE MAC NOTES (CALLABLE)

DTD 08/27/2018 2.900% 08/27/2021

3134GSWC5 240,000.00

AA+ Aaa 9/13/2018 9/20/2018 180,000.00 1,515.00 180,000.00 180,449.643.00FEDERAL HOME LOAN BANKS NOTES

(CALLABLE)

DTD 09/20/2018 3.000% 09/20/2021

3130AEXV7 180,000.00


Corporate Note

AA- Aa3 2/16/2016 2/19/2016 24,997.00 155.83 24,999.86 24,953.681.70TOYOTA MOTOR CREDIT CORP

NOTES

DTD 02/19/2016 1.700% 02/19/2019

89236TCU7 25,000.00

AAA Aaa 8/1/2016 8/8/2016 114,881.55 502.49 114,975.89 113,855.181.14MICROSOFT CORP NOTES

DTD 08/08/2016 1.100% 08/08/2019

594918BN3 115,000.00

AA Aa2 8/8/2016 8/15/2016 49,951.50 245.56 49,989.79 49,475.151.33BERKSHIRE HATHAWAY INC

CORPORATE NOTES

DTD 08/15/2016 1.300% 08/15/2019

084664CK5 50,000.00

AA+ Aa1 9/5/2017 9/12/2017 49,957.00 227.08 49,984.87 49,560.851.54APPLE INC

DTD 09/12/2017 1.500% 09/12/2019

037833CZ1 50,000.00

AA- Aa3 10/23/2017 10/25/2017 129,954.50 417.08 129,981.24 128,901.891.77THE PROCTER & GAMBLE CO CORP

NOTES

DTD 10/25/2017 1.750% 10/25/2019

742718EZ8 130,000.00


DTD 02/06/2017 1.850% 02/06/2020

594918BV5 40,000.00

AA+ Aa1 2/2/2017 2/9/2017 79,960.80 608.00 79,985.33 79,305.361.92APPLE INC BONDS

DTD 02/09/2017 1.900% 02/07/2020

037833CK4 80,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

AA Aa2 4/3/2017 4/5/2017 185,614.20 1,207.32 185,251.74 183,354.241.87CHEVRON CORP NOTES

DTD 03/03/2017 1.991% 03/03/2020

166764BP4 185,000.00

AA+ Aaa 8/29/2017 9/1/2017 110,705.10 671.86 110,322.02 109,011.101.65EXXON MOBIL (CALLABLE) CORP

NOTE

DTD 03/06/2015 1.912% 03/06/2020

30231GAG7 110,000.00


NOTE

DTD 03/06/2015 1.912% 03/06/2020

30231GAG7 120,000.00


DTD 04/17/2017 1.950% 04/17/2020

89236TDU6 80,000.00


DTD 04/17/2017 1.950% 04/17/2020

89236TDU6 40,000.00


DTD 05/11/2017 1.800% 05/11/2020

037833CS7 80,000.00

A+ A1 12/6/2017 12/8/2017 99,276.00 333.33 99,538.44 98,286.602.13COCA-COLA CO GLABAL NOTES

DTD 10/27/2015 1.875% 10/27/2020

191216BT6 100,000.00

AAA Aaa 11/8/2017 11/10/2017 99,893.00 276.25 99,932.99 98,535.101.99JOHNSON & JOHNSON CORP NOTE

DTD 11/10/2017 1.950% 11/10/2020

478160CH5 100,000.00

A+ A1 9/8/2017 9/12/2017 62,527.20 241.50 61,507.63 60,411.841.78COCA-COLA CO/THE GLOBAL NOTES

DTD 11/15/2010 3.150% 11/15/2020

191216AR1 60,000.00

AA Aa2 10/11/2017 10/20/2017 119,826.00 101.33 119,890.10 118,117.441.95WAL-MART STORES INC CORP NOTE

DTD 10/20/2017 1.900% 12/15/2020

931142EA7 120,000.00


NOTES

DTD 04/13/2018 2.950% 04/13/2021

89236TEU5 75,000.00

AA Aa2 3/5/2018 3/7/2018 39,116.40 105.00 39,335.71 39,227.842.83CHEVRON CORP (CALLABLE) NOTES

DTD 05/16/2016 2.100% 05/16/2021

166764BG4 40,000.00

AA Aa2 6/20/2018 6/27/2018 79,996.00 55.56 79,996.48 80,568.403.13WAL-MART STORES INC CORP

NOTES

DTD 06/27/2018 3.125% 06/23/2021

931142EJ8 80,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




Commercial Paper

A-1 P-1 9/10/2018 9/10/2018 392,140.00 0.00 395,429.56 394,945.602.67JP MORGAN SECURITIES LLC COMM

PAPER

DTD 09/10/2018 0.000% 06/07/2019

46640QT76 400,000.00

2.67 394,945.60 395,429.56 0.00 400,000.00 392,140.00Security Type Sub-Total

Certificate of Deposit

A-1+ P-1 1/10/2017 1/12/2017 300,000.00 2,756.25 300,000.00 299,955.001.91SVENSKA HANDELSBANKEN NY CD

DTD 01/12/2017 1.890% 01/10/2019

86958JHB8 300,000.00

A-1 P-1 8/10/2018 8/13/2018 240,000.00 2,632.00 240,000.00 239,654.692.80GOLDMAN SACHS BANK USA CERT

DEPOS

DTD 08/13/2018 2.800% 08/05/2019

40054PAE5 240,000.00

A-1 P-1 11/16/2018 11/19/2018 240,000.00 885.80 240,000.00 239,946.563.09WELLS FARGO BANK NA CERT

DEPOS

DTD 11/19/2018 3.090% 11/15/2019

94989R3L0 240,000.00

AA- Aa3 2/20/2018 2/22/2018 240,000.00 2,375.47 240,000.00 239,854.082.72NORDEA BANK AB NY CD

DTD 02/22/2018 2.720% 02/20/2020

65590ASN7 240,000.00

AA- Aa2 11/16/2017 11/17/2017 240,000.00 696.13 240,000.00 235,449.122.30SWEDBANK (NEW YORK) CERT

DEPOS

DTD 11/17/2017 2.270% 11/16/2020

87019U6D6 240,000.00


11,040,051.82 11,104,223.69 48,158.78 11,050,716.95 10,993,969.72 2.18 Managed Account Sub Total

Money Market Mutual Fund

AAAm NR 51,976.33 0.00 51,976.33 51,976.33PFM Funds - Govt Select, Instl Cl 51,976.33

51,976.33 51,976.33 0.00 51,976.33 51,976.33Money Market Sub Total




Portfolio Holdings

$48,158.78 $11,102,693.28 $11,045,946.05 Securities Sub-Total

Accrued Interest $48,158.78

Total Investments $11,094,104.83

2.18%$11,156,200.02 $11,092,028.15

Bolded items are forward settling trades.




Portfolio Activity

Quarterly Portfolio Transactions

Trade

Date

Settle

Date

Maturity

DatePar ($) CUSIP Security Description

Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

10/1/18 10/3/18 400,000 912828C57 US TREASURY NOTES 3/31/21 394,230.43 2.86%2.25%

11/16/18 11/19/18 240,000 94989R3L0 WELLS FARGO BANK NA CERT DEPOS 11/15/19 240,000.00 3.09%3.09%

12/6/18 12/7/18 700,000 912828F96 US TREASURY NOTES 10/31/21 686,966.10 2.75%2.00%

12/7/18 12/17/18 55,000 3137FKK39 FHMS KP05 A 7/1/23 55,078.14 3.11%3.20%

1,395,000 1,376,274.67Total BUY

INTEREST

10/1/18 10/25/18 102,910 31398SKA0 FNA 2010-M6 A2 9/25/20 285.60 3.31%

10/1/18 10/25/18 5,861 3136ASPX8 FNMA SERIES 2016-M9 ASQ2 6/1/19 8.72 1.78%

10/1/18 10/25/18 75,528 3136B1XP4 FNA 2018-M5 A2 9/25/21 232.15 3.56%

10/1/18 10/25/18 34,239 3137B4GX8 FHLMC SERIES K032 A1 2/1/23 86.06 3.01%

10/1/18 10/25/18 34,475 3137B5JL8 FHLMC MULTIFAMILY STRUCTURED P 2/25/23 76.68 2.66%

10/1/18 10/25/18 105,335 3137AWQG3 FHMS K023 A1 4/25/22 138.95 1.58%

10/1/18 10/25/18 20,208 3136AQDQ0 FANNIE MAE SERIES 2015-M13 ASQ2 9/1/19 27.72 1.64%

10/1/18 10/25/18 3,383 3136AQSW1 FNMA SERIES 2015-M15 ASQ2 1/1/19 5.35 1.89%

10/1/18 10/25/18 46,337 3137AUPD5 FHLMC MULTIFAMILY STRUCTURED 1/25/22 61.90 1.60%

10/1/18 10/25/18 85,000 31398VJ98 FHMS K006 A2 1/25/20 301.11 4.25%

10/1/18 10/25/18 115,000 3137A6B27 FHMS K010 A2 10/25/20 415.25 4.33%

10/13/18 10/13/18 75,000 89236TEU5 TOYOTA MOTOR CREDIT CORP NOTES 4/13/21 1,106.25 2.95%

10/17/18 10/17/18 40,000 89236TDU6 TOYOTA MOTOR CREDIT CORP 4/17/20 390.00 1.95%


10/20/18 10/20/18 300,000 3137EAEF2 FHLMC AGENCY NOTES 4/20/20 2,062.50 1.37%

10/21/18 10/21/18 120,000 459058FZ1 INTL BK RECON & DEVELOP NOTES 4/21/20 1,125.60 1.87%

10/25/18 10/25/18 130,000 742718EZ8 THE PROCTER & GAMBLE CO CORP NOTES 10/25/19 1,137.50 1.75%




Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

10/27/18 10/27/18 100,000 191216BT6 COCA-COLA CO GLABAL NOTES 10/27/20 937.50 1.87%

10/31/18 10/31/18 500,000 912828L99 US TREASURY NOTES 10/31/20 3,437.50 1.37%

11/1/18 11/25/18 115,000 3137A6B27 FHMS K010 A2 10/25/20 415.25 4.33%

11/1/18 11/25/18 102,531 31398SKA0 FNA 2010-M6 A2 9/25/20 321.45 3.31%


11/1/18 11/25/18 102,993 3137AWQG3 FHMS K023 A1 4/25/22 135.86 1.58%




11/1/18 11/25/18 85,000 31398VJ98 FHMS K006 A2 1/25/20 301.11 4.25%

11/1/18 11/25/18 72,088 3136B1XP4 FNA 2018-M5 A2 9/25/21 221.98 3.56%



11/5/18 11/5/18 180,000 045167DZ3 ASIAN DEVELOPMENT BANK NOTE 5/5/20 1,462.50 1.62%

11/9/18 11/9/18 200,000 45905UQ80 INTL BANK OF RECONSTRUCTION AND DEV CAL 11/9/20 1,950.00 1.95%

11/10/18 11/10/18 100,000 478160CH5 JOHNSON & JOHNSON CORP NOTE 11/10/20 975.00 1.95%

11/11/18 11/11/18 80,000 037833CS7 APPLE INC BONDS 5/11/20 720.00 1.80%

11/15/18 11/15/18 60,000 191216AR1 COCA-COLA CO/THE GLOBAL NOTES 11/15/20 945.00 3.15%

11/16/18 11/16/18 240,000 87019U6D6 SWEDBANK (NEW YORK) CERT DEPOS 11/16/20 2,784.53 2.27%

11/16/18 11/16/18 40,000 166764BG4 CHEVRON CORP (CALLABLE) NOTES 5/16/21 420.00 2.10%

11/30/18 11/30/18 350,000 912828M98 US TREASURY NOTES 11/30/20 2,843.75 1.62%

11/30/18 11/30/18 780,000 912828WN6 US TREASURY NOTES 5/31/21 7,800.00 2.00%



12/1/18 12/25/18 85,000 31398VJ98 FHMS K006 A2 1/25/20 301.11 4.25%


12/1/18 12/25/18 115,000 3137A6B27 FHMS K010 A2 10/25/20 415.25 4.33%

12/1/18 12/25/18 69,018 3136B1XP4 FNA 2018-M5 A2 9/25/21 206.84 3.56%






Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

12/1/18 12/25/18 100,778 3137AWQG3 FHMS K023 A1 4/25/22 132.94 1.58%

12/1/18 12/25/18 94,267 31398SKA0 FNA 2010-M6 A2 9/25/20 260.33 3.31%


12/15/18 12/15/18 120,000 931142EA7 WAL-MART STORES INC CORP NOTE 12/15/20 1,140.00 1.90%

12/23/18 12/23/18 80,000 931142EJ8 WAL-MART STORES INC CORP NOTES 6/23/21 1,222.22 3.12%

12/31/18 12/31/18 470,000 912828XH8 US TREASURY NOTES 6/30/20 3,818.75 1.62%

12/31/18 12/31/18 50,000 912828N48 US TREASURY NOTES 12/31/20 437.50 1.75%

12/31/18 12/31/18 90,000 912828XH8 US TREASURY NOTES 6/30/20 731.25 1.62%

6,014,037 43,066.93Total INTEREST

PAYDOWNS

10/1/18 10/25/18 2,342 3137AWQG3 FHMS K023 A1 4/25/22 2,342.43 0.00 1.58%

10/1/18 10/25/18 626 3137B5JL8 FHLMC MULTIFAMILY STRUCTURED P 2/25/23 626.09 0.00 2.66%

10/1/18 10/25/18 379 31398SKA0 FNA 2010-M6 A2 9/25/20 379.22 0.00 3.31%

10/1/18 10/25/18 8,000 3136AQDQ0 FANNIE MAE SERIES 2015-M13 ASQ2 9/1/19 7,999.75 0.00 1.64%

10/1/18 10/25/18 3,440 3136B1XP4 FNA 2018-M5 A2 9/25/21 3,440.49 0.00 3.56%

10/1/18 10/25/18 747 3136ASPX8 FNMA SERIES 2016-M9 ASQ2 6/1/19 747.17 0.00 1.78%

10/1/18 10/25/18 606 3137B4GX8 FHLMC SERIES K032 A1 2/1/23 606.38 0.00 3.01%

10/1/18 10/25/18 5 3136AQSW1 FNMA SERIES 2015-M15 ASQ2 1/1/19 4.93 0.00 1.89%

10/1/18 10/25/18 1,133 3137AUPD5 FHLMC MULTIFAMILY STRUCTURED 1/25/22 1,132.89 0.00 1.60%

11/1/18 11/25/18 2,215 3137AWQG3 FHMS K023 A1 4/25/22 2,214.69 0.00 1.58%



11/1/18 11/25/18 8,264 31398SKA0 FNA 2010-M6 A2 9/25/20 8,264.10 0.00 3.31%

11/1/18 11/25/18 3,069 3136B1XP4 FNA 2018-M5 A2 9/25/21 3,069.24 0.00 3.56%


11/1/18 11/25/18 577 3136AQSW1 FNMA SERIES 2015-M15 ASQ2 1/1/19 576.88 0.00 1.89%





Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon


12/1/18 12/25/18 2,357 3137AWQG3 FHMS K023 A1 4/25/22 2,357.11 0.00 1.58%


12/1/18 12/25/18 183 31398SKA0 FNA 2010-M6 A2 9/25/20 183.06 0.00 3.31%

12/1/18 12/25/18 1,468 3136B1XP4 FNA 2018-M5 A2 9/25/21 1,468.02 0.00 3.56%

12/1/18 12/25/18 4,112 3136ASPX8 FNMA SERIES 2016-M9 ASQ2 6/1/19 4,111.76 0.00 1.78%

12/1/18 12/25/18 1,375 3136AQSW1 FNMA SERIES 2015-M15 ASQ2 1/1/19 1,375.46 0.00 1.89%



12/1/18 12/25/18 665 3136AQDQ0 FANNIE MAE SERIES 2015-M13 ASQ2 9/1/19 664.78 0.00 1.64%

51,052 51,052.46 0.00Total PAYDOWNS

SELL

10/1/18 10/3/18 375,000 3137EAEB1 FHLMC REFERENCE NOTE 7/19/19 370,694.48 2.57% (4,628.72)0.87%

11/16/18 11/19/18 200,000 3135G0N33 FNMA BENCHMARK NOTE 8/2/19 198,084.14 2.63% (2,356.48)0.87%

12/6/18 12/7/18 140,000 912828H52 US TREASURY NOTES 1/31/20 138,261.89 2.74% (1,957.59)1.25%

12/6/18 12/7/18 65,000 3135G0N33 FNMA BENCHMARK NOTE 8/2/19 64,435.16 2.70% (738.31)0.87%

12/6/18 12/7/18 480,000 3135G0P49 FNMA NOTES 8/28/19 475,468.80 2.71% (5,667.45)1.00%

12/6/18 12/12/18 50,000 912828J50 US TREASURY NOTES 2/29/20 49,369.44 2.77% (827.13)1.37%

1,310,000 1,296,313.91 -16,175.68Total SELL




Portfolio Activity


Security DescriptionCUSIPPar ($) Settle

Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

10/1/18 10/3/18 400,000.00 912828C57 US TREASURY NOTESBUY 3/31/21 (394,230.43) 2.86%2.25%

10/1/18 10/3/18 375,000.00 3137EAEB1 FHLMC REFERENCE NOTESELL 7/19/19 370,694.48 2.57% (4,628.72)0.87%

10/1/18 10/25/18 102,910.17 31398SKA0 FNA 2010-M6 A2INTEREST 9/25/20 285.60 3.31%

10/1/18 10/25/18 5,860.58 3136ASPX8 FNMA SERIES 2016-M9 ASQ2INTEREST 6/1/19 8.72 1.78%

10/1/18 10/25/18 75,528.09 3136B1XP4 FNA 2018-M5 A2INTEREST 9/25/21 232.15 3.56%

10/1/18 10/25/18 34,239.44 3137B4GX8 FHLMC SERIES K032 A1INTEREST 2/1/23 86.06 3.01%

10/1/18 10/25/18 34,475.25 3137B5JL8 FHLMC MULTIFAMILY STRUCTURED PINTEREST 2/25/23 76.68 2.66%

10/1/18 10/25/18 105,335.06 3137AWQG3 FHMS K023 A1INTEREST 4/25/22 138.95 1.58%

10/1/18 10/25/18 20,207.61 3136AQDQ0 FANNIE MAE SERIES 2015-M13 ASQ2INTEREST 9/1/19 27.72 1.64%

10/1/18 10/25/18 3,383.22 3136AQSW1 FNMA SERIES 2015-M15 ASQ2INTEREST 1/1/19 5.35 1.89%

10/1/18 10/25/18 46,336.71 3137AUPD5 FHLMC MULTIFAMILY STRUCTUREDINTEREST 1/25/22 61.90 1.60%

10/1/18 10/25/18 85,000.00 31398VJ98 FHMS K006 A2INTEREST 1/25/20 301.11 4.25%

10/1/18 10/25/18 115,000.00 3137A6B27 FHMS K010 A2INTEREST 10/25/20 415.25 4.33%

10/1/18 10/25/18 2,342.43 3137AWQG3 FHMS K023 A1PAYDOWNS 4/25/22 2,342.43 0.00 1.58%

10/1/18 10/25/18 626.09 3137B5JL8 FHLMC MULTIFAMILY STRUCTURED PPAYDOWNS 2/25/23 626.09 0.00 2.66%

10/1/18 10/25/18 379.22 31398SKA0 FNA 2010-M6 A2PAYDOWNS 9/25/20 379.22 0.00 3.31%

10/1/18 10/25/18 7,999.75 3136AQDQ0 FANNIE MAE SERIES 2015-M13 ASQ2PAYDOWNS 9/1/19 7,999.75 0.00 1.64%

10/1/18 10/25/18 3,440.49 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/25/21 3,440.49 0.00 3.56%

10/1/18 10/25/18 747.17 3136ASPX8 FNMA SERIES 2016-M9 ASQ2PAYDOWNS 6/1/19 747.17 0.00 1.78%

10/1/18 10/25/18 606.38 3137B4GX8 FHLMC SERIES K032 A1PAYDOWNS 2/1/23 606.38 0.00 3.01%




Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

10/1/18 10/25/18 4.93 3136AQSW1 FNMA SERIES 2015-M15 ASQ2PAYDOWNS 1/1/19 4.93 0.00 1.89%

10/1/18 10/25/18 1,132.89 3137AUPD5 FHLMC MULTIFAMILY STRUCTUREDPAYDOWNS 1/25/22 1,132.89 0.00 1.60%

10/13/18 10/13/18 75,000.00 89236TEU5 TOYOTA MOTOR CREDIT CORP NOTESINTEREST 4/13/21 1,106.25 2.95%

10/17/18 10/17/18 40,000.00 89236TDU6 TOYOTA MOTOR CREDIT CORPINTEREST 4/17/20 390.00 1.95%


10/20/18 10/20/18 300,000.00 3137EAEF2 FHLMC AGENCY NOTESINTEREST 4/20/20 2,062.50 1.37%

10/21/18 10/21/18 120,000.00 459058FZ1 INTL BK RECON & DEVELOP NOTESINTEREST 4/21/20 1,125.60 1.87%

10/25/18 10/25/18 130,000.00 742718EZ8 THE PROCTER & GAMBLE CO CORP NOTESINTEREST 10/25/19 1,137.50 1.75%

10/27/18 10/27/18 100,000.00 191216BT6 COCA-COLA CO GLABAL NOTESINTEREST 10/27/20 937.50 1.87%

10/31/18 10/31/18 500,000.00 912828L99 US TREASURY NOTESINTEREST 10/31/20 3,437.50 1.37%
















Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon



11/1/18 11/25/18 8,264.10 31398SKA0 FNA 2010-M6 A2PAYDOWNS 9/25/20 8,264.10 0.00 3.31%



11/1/18 11/25/18 576.88 3136AQSW1 FNMA SERIES 2015-M15 ASQ2PAYDOWNS 1/1/19 576.88 0.00 1.89%



11/5/18 11/5/18 180,000.00 045167DZ3 ASIAN DEVELOPMENT BANK NOTEINTEREST 5/5/20 1,462.50 1.62%

11/9/18 11/9/18 200,000.00 45905UQ80 INTL BANK OF RECONSTRUCTION AND DEV CALINTEREST 11/9/20 1,950.00 1.95%

11/10/18 11/10/18 100,000.00 478160CH5 JOHNSON & JOHNSON CORP NOTEINTEREST 11/10/20 975.00 1.95%

11/11/18 11/11/18 80,000.00 037833CS7 APPLE INC BONDSINTEREST 5/11/20 720.00 1.80%

11/15/18 11/15/18 60,000.00 191216AR1 COCA-COLA CO/THE GLOBAL NOTESINTEREST 11/15/20 945.00 3.15%

11/16/18 11/16/18 240,000.00 87019U6D6 SWEDBANK (NEW YORK) CERT DEPOSINTEREST 11/16/20 2,784.53 2.27%

11/16/18 11/16/18 40,000.00 166764BG4 CHEVRON CORP (CALLABLE) NOTESINTEREST 5/16/21 420.00 2.10%

11/16/18 11/19/18 240,000.00 94989R3L0 WELLS FARGO BANK NA CERT DEPOSBUY 11/15/19 (240,000.00) 3.09%3.09%

11/16/18 11/19/18 200,000.00 3135G0N33 FNMA BENCHMARK NOTESELL 8/2/19 198,084.14 2.63% (2,356.48)0.87%

11/30/18 11/30/18 350,000.00 912828M98 US TREASURY NOTESINTEREST 11/30/20 2,843.75 1.62%

11/30/18 11/30/18 780,000.00 912828WN6 US TREASURY NOTESINTEREST 5/31/21 7,800.00 2.00%







Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon













12/1/18 12/25/18 4,111.76 3136ASPX8 FNMA SERIES 2016-M9 ASQ2PAYDOWNS 6/1/19 4,111.76 0.00 1.78%

12/1/18 12/25/18 1,375.46 3136AQSW1 FNMA SERIES 2015-M15 ASQ2PAYDOWNS 1/1/19 1,375.46 0.00 1.89%



12/1/18 12/25/18 664.78 3136AQDQ0 FANNIE MAE SERIES 2015-M13 ASQ2PAYDOWNS 9/1/19 664.78 0.00 1.64%

12/6/18 12/7/18 700,000.00 912828F96 US TREASURY NOTESBUY 10/31/21 (686,966.10) 2.75%2.00%

12/6/18 12/7/18 140,000.00 912828H52 US TREASURY NOTESSELL 1/31/20 138,261.89 2.74% (1,957.59)1.25%

12/6/18 12/7/18 65,000.00 3135G0N33 FNMA BENCHMARK NOTESELL 8/2/19 64,435.16 2.70% (738.31)0.87%

12/6/18 12/7/18 480,000.00 3135G0P49 FNMA NOTESSELL 8/28/19 475,468.80 2.71% (5,667.45)1.00%

12/6/18 12/12/18 50,000.00 912828J50 US TREASURY NOTESSELL 2/29/20 49,369.44 2.77% (827.13)1.37%




Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

12/7/18 12/17/18 55,000.00 3137FKK39 FHMS KP05 ABUY 7/1/23 (55,078.14) 3.11%3.20%

12/15/18 12/15/18 120,000.00 931142EA7 WAL-MART STORES INC CORP NOTEINTEREST 12/15/20 1,140.00 1.90%

12/23/18 12/23/18 80,000.00 931142EJ8 WAL-MART STORES INC CORP NOTESINTEREST 6/23/21 1,222.22 3.12%

12/31/18 12/31/18 470,000.00 912828XH8 US TREASURY NOTESINTEREST 6/30/20 3,818.75 1.62%

12/31/18 12/31/18 50,000.00 912828N48 US TREASURY NOTESINTEREST 12/31/20 437.50 1.75%

12/31/18 12/31/18 90,000.00 912828XH8 US TREASURY NOTESINTEREST 6/30/20 731.25 1.62%

TOTALS 14,158.63 (16,175.68)


General Fund

30

VA AIM-KING GEORGE CNTY GENERAL FUND


Portfolio Snapshot

Portfolio Statistics


$9,075,784

$9,018,425

$8,939,122

$39,610

-

Accrued Interest:

Cash:

Par Value:

Total Market Value:

Security Market Value:

PFM Funds $39,693

$9,022,176

2.62%

2.18%

AAAverage Credit: *

Yield at Cost:

Amortized Cost:

Yield at Market:

Effective Duration: 1.64 Years

Duration to Worst: 1.60 Years

Average Maturity: 1.79 Years

Credit Quality (S&P Ratings)

1.7%

A+

6.2%

A-1

2.2%

A-1+

4.4%

AA

7.2%

AA-

64.7%

AA+

13.2%

AAA

0.4%

AAAm

0%

10%

20%

30%

40%

50%

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

13.8%

48.6%

35.4%

1.2% 1.0% 0.0%


Sector Allocation

10.2%

Certificate

of Deposit

2.2%

Commercial

Paper

15.2%

Corporate

5.3%

Federal

Agency/CMO

11.0%

Federal

Agency/GSE

0.4%

Mny Mkt

Fund / Pool

11.0%

Supra-Sov /

Supra-Natl

Agency

44.7%

U.S.

Treasury


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

Account ****025331




Sector Allocation

December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018

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

U.S. Treasury 4.0 44.7% 3.2 36.4% 3.2 35.9% 2.6 29.4%

Corporate 1.4 15.2% 1.4 15.3% 1.6 17.6% 1.7 19.0%

Supra-Sov / Supra-Natl Agency 1.0 11.0% 1.0 11.1% 0.7 7.6% 0.8 9.0%

Federal Agency/GSE 1.0 11.0% 1.9 21.0% 2.3 25.6% 2.7 30.8%

Certificate of Deposit 0.9 10.2% 0.7 8.3% 0.6 6.3% 0.6 6.3%

Federal Agency/CMO 0.5 5.3% 0.5 5.3% 0.4 4.5% 0.2 2.7%

Commercial Paper 0.2 2.2% 0.2 2.2% 0.1 1.7% 0.1 1.7%

Mny Mkt Fund / Pool 0.0 0.4% 0.0 0.4% 0.1 0.8% 0.1 1.1%

$9.0 100.0% $8.9 100.0% $8.8 100.0% $8.8 100.0%Total

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

December 2018 September 2018 June 2018 March 2018

Mny Mkt Fund / Pool

Commercial Paper

Federal Agency/CMO

Certif icate of Deposit

Federal Agency/GSE

Supra-Sov / Supra-Natl

Agency

Corporate

U.S. Treasury


Detail may not add to total due to rounding.

Account ****025332






>5

Years

4-5

Years

3-4

Years

2-3

Years

1-2

Years

0-1

YearsYield

at MarketPortfolio/Benchmark

Average

Maturity

VA AIM-KING GEORGE CNTY GENERAL FUND 2.62% 13.8% 48.6% 35.4% 1.2% 1.0% 0.0%1.79 yrs

VA - King George General Fund Custom Index 2.52% 2.7% 53.6% 43.7% 0.0% 0.0% 0.0%1.94 yrs

0%

10%

20%

30%

40%

50%

60%

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

13.8%

48.6%

35.4%

1.2% 1.0% 0.0%2.7%

53.6%

43.7%

0.0% 0.0% 0.0%

VA AIM-KING GEORGE CNTY GENERAL FUND VA - King George General Fund Custom Index





Issuer Distribution



UNITED STATES TREASURY 4,000,710 44.6%

FREDDIE MAC 827,426 9.2%

INTL BANK OF RECONSTRUCTION AND DEV 579,437 6.5%

FANNIE MAE 508,740 5.7%

AFRICAN DEVELOPMENT BANK 228,216 2.5%

SVENSKA HANDELSBANKEN AB 199,970 2.2%

TOYOTA MOTOR CORP 198,703 2.2%

JP MORGAN CHASE & CO 197,473 2.2%

ASIAN DEVELOPMENT BANK 182,988 2.0%

WELLS FARGO & COMPANY 179,960 2.0%

NORDEA BANK AB 179,891 2.0%

GOLDMAN SACHS GROUP INC 179,741 2.0%

CHEVRON CORPORATION 177,878 2.0%

SWEDBANK AB 176,587 2.0%

WAL-MART STORES INC 174,192 1.9%

APPLE INC 173,242 1.9%

EXXON MOBIL CORP 168,472 1.9%

COCA-COLA COMPANY 148,630 1.7%

To

p 5

= 6

8.4

%

To

p 1

0 =

79.1

%






FEDERAL HOME LOAN BANKS 130,325 1.5%

MICROSOFT CORP 113,936 1.3%

PROCTER & GAMBLE CO 94,198 1.1%

JOHNSON & JOHNSON 78,828 0.9%

PFM FUNDS - GOVT SELECT, INSTL CL 39,693 0.4%

BERKSHIRE HATHAWAY INC 39,580 0.4%

8,978,815 100.0%Grand Total:






Effective

DurationPortfolio/Benchmark

Annualized Return

10 Year1 Year 3 Year 5 YearSince Inception

(06/30/02) **

Current

Quarter

VA AIM-KING GEORGE CNTY GENERAL FUND 1.64 1.17% 1.30%1.69% 1.20% 1.00% 2.32%

VA - King George General Fund Custom Index 1.81 1.29% 0.95%1.58% 0.96% 0.81% 2.05%

Difference 0.11%-0.12% 0.24% 0.19% 0.35% 0.27%

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

2.4%

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

1.17%

1.69%

1.20%

1.00%

1.30%

2.32%

1.29%

1.58%

0.96%

0.81%0.95%

2.05%

To

tal R

etu

rn



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

Account ****025336





09/30/18 03/31/1812/31/18 06/30/18

Quarter Ended Annualized Return

5 Year1 Year 3 YearPortfolio/Benchmark

Effective

Duration

1.69% 1.20% 1.00%0.34% 0.31% -0.14%VA AIM-KING GEORGE CNTY GENERAL FUND 1.17%1.64

1.61% 1.12% 0.92%0.32% 0.29% -0.16% Net of Fees ** 1.15%-

1.58% 0.96% 0.81%0.19% 0.22% -0.13%VA - King George General Fund Custom Index 1.29%1.81

0.11%-0.12% 0.24% 0.19%0.15% 0.09% -0.01%Difference (Gross)

Difference (Net) -0.14% 0.13% 0.07% -0.03% 0.03% 0.16% 0.11%

-0.4%

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

12/31/18 09/30/18 06/30/18 03/31/18 1 Year 3 Year 5 Year

1.17%

0.34% 0.31%

-0.14%

1.69%

1.20%

1.00%

1.29%

0.19% 0.22%

-0.13%

1.58%

0.96%

0.81%

To

tal R

etu

rn



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

Account ****025337



Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost





DTD 02/02/2015 1.250% 01/31/2020

912828H52 60,000.00


DTD 03/02/2015 1.375% 02/29/2020

912828J50 375,000.00


DTD 03/02/2015 1.375% 02/29/2020

912828J50 160,000.00


DTD 04/01/2013 1.125% 03/31/2020

912828UV0 25,000.00


DTD 06/30/2015 1.625% 06/30/2020

912828XH8 295,000.00


DTD 07/31/2015 1.625% 07/31/2020

912828XM7 215,000.00


DTD 09/30/2013 2.000% 09/30/2020

912828VZ0 31,000.00


DTD 10/31/2015 1.375% 10/31/2020

912828L99 140,000.00


DTD 11/30/2015 1.625% 11/30/2020

912828M98 350,000.00


DTD 12/31/2015 1.750% 12/31/2020

912828N48 150,000.00


DTD 01/31/2016 1.375% 01/31/2021

912828N89 120,000.00


DTD 06/02/2014 2.000% 05/31/2021

912828WN6 600,000.00


DTD 08/01/2016 1.125% 07/31/2021

912828S76 250,000.00


DTD 09/02/2014 2.000% 08/31/2021

912828D72 100,000.00


DTD 09/02/2014 2.000% 08/31/2021

912828D72 250,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost





DTD 09/30/2014 2.125% 09/30/2021

912828F21 250,000.00


DTD 10/31/2014 2.000% 10/31/2021

912828F96 580,000.00


DTD 10/31/2014 2.000% 10/31/2021

912828F96 110,000.00



AAA Aaa 7/6/2016 7/13/2016 84,982.15 280.97 84,996.34 84,056.500.88INTL BANK OF RECON AND DEV SN

NOTE

DTD 07/13/2016 0.875% 08/15/2019

459058FK4 85,000.00


DTD 09/20/2016 1.125% 09/20/2019

00828EBQ1 65,000.00


DTD 03/16/2017 1.875% 03/16/2020

00828ECA5 100,000.00

AAA Aaa 3/14/2017 3/21/2017 89,921.70 328.13 89,966.06 89,166.871.90INTL BK RECON & DEVELOP NOTES

DTD 03/21/2017 1.875% 04/21/2020

459058FZ1 90,000.00


DTD 05/05/2017 1.625% 05/05/2020

045167DZ3 130,000.00


AND DEV NOTE

DTD 09/19/2017 1.561% 09/12/2020

45905UP32 90,000.00


AND DEV CAL

DTD 11/09/2017 1.950% 11/09/2020

45905UQ80 200,000.00


DTD 01/19/2018 2.250% 01/20/2021

045167EF6 55,000.00


DTD 03/22/2018 2.625% 03/22/2021

00828ECZ0 65,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




AAA Aaa 7/18/2018 7/25/2018 119,719.20 1,430.00 119,758.33 120,488.042.83INTL BANK OF RECONSTRUCTION

AND DEV NOTE

DTD 07/25/2018 2.750% 07/23/2021

459058GH0 120,000.00

2.09 990,641.25 996,216.21 5,131.11 1,000,000.00 995,134.38Security Type Sub-Total


AA+ Aaa 6/9/2016 6/30/2016 480.08 0.71 475.48 472.961.05FNMA SERIES 2016-M9 ASQ2

DTD 06/01/2016 1.785% 06/01/2019

3136ASPX8 475.33

AA+ Aaa 10/7/2015 10/30/2015 5,409.84 7.35 5,359.68 5,323.751.08FANNIE MAE SERIES 2015-M13 ASQ2

DTD 10/01/2015 1.646% 09/01/2019

3136AQDQ0 5,356.20

AA+ Aaa 6/12/2018 6/15/2018 66,320.31 230.26 65,877.10 65,578.881.57FHMS K006 A2

DTD 04/01/2010 4.251% 01/25/2020

31398VJ98 65,000.00

AA+ Aaa 11/14/2017 11/15/2017 69,134.75 185.59 68,369.98 67,439.051.24FNA 2010-M6 A2

DTD 10/01/2010 3.314% 09/25/2020

31398SKA0 67,202.68

AA+ Aaa 8/24/2018 8/28/2018 87,204.69 306.92 86,908.38 86,922.111.76FHMS K010 A2

DTD 02/01/2011 4.333% 10/25/2020

3137A6B27 85,000.00

AA+ Aaa 4/11/2018 4/30/2018 51,670.47 150.30 51,479.24 51,231.782.27FNA 2018-M5 A2

DTD 04/01/2018 3.560% 09/25/2021

3136B1XP4 50,662.74

AA+ Aaa 7/12/2018 7/17/2018 35,696.23 48.82 35,786.31 35,864.492.86FHLMC MULTIFAMILY STRUCTURED

DTD 11/01/2012 1.603% 01/25/2022

3137AUPD5 36,547.09

AA+ Aaa 3/6/2018 3/9/2018 72,212.47 97.38 72,489.53 72,314.822.58FHMS K023 A1

DTD 12/01/2012 1.583% 04/25/2022

3137AWQG3 73,815.65

AA+ Aaa 6/13/2018 6/18/2018 24,392.24 61.16 24,378.44 24,456.842.88FHLMC SERIES K032 A1

DTD 09/01/2013 3.016% 02/01/2023

3137B4GX8 24,334.25

AA+ Aaa 6/13/2018 6/18/2018 26,560.55 59.38 26,569.56 26,634.612.81FHLMC MULTIFAMILY STRUCTURED P

DTD 11/01/2013 2.669% 02/25/2023

3137B5JL8 26,697.16

AA+ Aaa 12/7/2018 12/17/2018 39,999.88 106.77 40,000.00 40,237.503.11FHMS KP05 A

DTD 12/01/2018 3.203% 07/01/2023

3137FKK39 40,000.00





Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost




AA+ Aaa 2/24/2017 2/28/2017 139,910.40 717.50 139,964.93 138,406.521.52FNMA NOTES

DTD 02/28/2017 1.500% 02/28/2020

3135G0T29 140,000.00

AA+ Aaa 4/19/2017 4/20/2017 219,247.60 596.60 219,669.25 216,669.641.49FHLMC AGENCY NOTES

DTD 04/20/2017 1.375% 04/20/2020

3137EAEF2 220,000.00

AA+ Aaa 7/28/2017 8/1/2017 249,242.50 1,572.92 249,596.07 245,866.251.60FNMA NOTES

DTD 08/01/2017 1.500% 07/30/2020

3135G0T60 250,000.00

AA+ Aaa 9/28/2017 9/29/2017 79,855.20 332.22 79,914.94 78,747.601.69FHLMC NOTES

DTD 09/29/2017 1.625% 09/29/2020

3137EAEJ4 80,000.00

AA+ Aaa 8/22/2018 8/27/2018 180,000.00 1,798.00 180,000.00 179,999.282.90FREDDIE MAC NOTES (CALLABLE)

DTD 08/27/2018 2.900% 08/27/2021

3134GSWC5 180,000.00

AA+ Aaa 9/13/2018 9/20/2018 130,000.00 1,094.17 130,000.00 130,324.743.00FEDERAL HOME LOAN BANKS NOTES

(CALLABLE)

DTD 09/20/2018 3.000% 09/20/2021

3130AEXV7 130,000.00

1.99 990,014.03 999,145.19 6,111.41 1,000,000.00 998,255.70Security Type Sub-Total

Corporate Note


NOTES

DTD 02/19/2016 1.700% 02/19/2019

89236TCU7 35,000.00


DTD 08/08/2016 1.100% 08/08/2019

594918BN3 85,000.00

AA Aa2 8/8/2016 8/15/2016 39,961.20 196.44 39,991.83 39,580.121.33BERKSHIRE HATHAWAY INC

CORPORATE NOTES

DTD 08/15/2016 1.300% 08/15/2019

084664CK5 40,000.00

AA+ Aa1 9/5/2017 9/12/2017 34,969.90 158.96 34,989.41 34,692.601.54APPLE INC

DTD 09/12/2017 1.500% 09/12/2019

037833CZ1 35,000.00

AA- Aa3 10/23/2017 10/25/2017 94,966.75 304.79 94,986.29 94,197.541.77THE PROCTER & GAMBLE CO CORP

NOTES

DTD 10/25/2017 1.750% 10/25/2019

742718EZ8 95,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note


DTD 02/06/2017 1.850% 02/06/2020

594918BV5 30,000.00


DTD 02/09/2017 1.900% 02/07/2020

037833CK4 80,000.00

AA Aa2 4/3/2017 4/5/2017 130,431.60 848.39 130,176.90 128,843.521.87CHEVRON CORP NOTES

DTD 03/03/2017 1.991% 03/03/2020

166764BP4 130,000.00


NOTE

DTD 03/06/2015 1.912% 03/06/2020

30231GAG7 70,000.00


NOTE

DTD 03/06/2015 1.912% 03/06/2020

30231GAG7 100,000.00


DTD 04/17/2017 1.950% 04/17/2020

89236TDU6 30,000.00


DTD 04/17/2017 1.950% 04/17/2020

89236TDU6 70,000.00


DTD 05/11/2017 1.800% 05/11/2020

037833CS7 60,000.00

A+ A1 12/6/2017 12/8/2017 99,276.00 333.33 99,538.44 98,286.602.13COCA-COLA CO GLABAL NOTES

DTD 10/27/2015 1.875% 10/27/2020

191216BT6 100,000.00

AAA Aaa 11/8/2017 11/10/2017 79,914.40 221.00 79,946.39 78,828.081.99JOHNSON & JOHNSON CORP NOTE

DTD 11/10/2017 1.950% 11/10/2020

478160CH5 80,000.00

A+ A1 9/8/2017 9/12/2017 52,106.00 201.25 51,256.36 50,343.201.78COCA-COLA CO/THE GLOBAL NOTES

DTD 11/15/2010 3.150% 11/15/2020

191216AR1 50,000.00

AA Aa2 10/11/2017 10/20/2017 89,869.50 76.00 89,917.58 88,588.081.95WAL-MART STORES INC CORP NOTE

DTD 10/20/2017 1.900% 12/15/2020

931142EA7 90,000.00


NOTES

DTD 04/13/2018 2.950% 04/13/2021

89236TEU5 65,000.00

AA Aa2 3/5/2018 3/7/2018 48,895.50 131.25 49,169.64 49,034.802.83CHEVRON CORP (CALLABLE) NOTES

DTD 05/16/2016 2.100% 05/16/2021

166764BG4 50,000.00




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Corporate Note

AA Aa2 6/20/2018 6/27/2018 84,995.75 59.03 84,996.27 85,603.933.13WAL-MART STORES INC CORP

NOTES

DTD 06/27/2018 3.125% 06/23/2021

931142EJ8 85,000.00


Commercial Paper

A-1 P-1 9/10/2018 9/10/2018 196,070.00 0.00 197,714.78 197,472.802.67JP MORGAN SECURITIES LLC COMM

PAPER

DTD 09/10/2018 0.000% 06/07/2019

46640QT76 200,000.00

2.67 197,472.80 197,714.78 0.00 200,000.00 196,070.00Security Type Sub-Total

Certificate of Deposit

A-1+ P-1 1/10/2017 1/12/2017 200,000.00 1,837.50 200,000.00 199,970.001.91SVENSKA HANDELSBANKEN NY CD

DTD 01/12/2017 1.890% 01/10/2019

86958JHB8 200,000.00

A-1 P-1 8/10/2018 8/13/2018 180,000.00 1,974.00 180,000.00 179,741.022.80GOLDMAN SACHS BANK USA CERT

DEPOS

DTD 08/13/2018 2.800% 08/05/2019

40054PAE5 180,000.00

A-1 P-1 11/16/2018 11/19/2018 180,000.00 664.35 180,000.00 179,959.923.09WELLS FARGO BANK NA CERT

DEPOS

DTD 11/19/2018 3.090% 11/15/2019

94989R3L0 180,000.00

AA- Aa3 2/20/2018 2/22/2018 180,000.00 1,781.60 180,000.00 179,890.562.72NORDEA BANK AB NY CD

DTD 02/22/2018 2.720% 02/20/2020

65590ASN7 180,000.00

AA- Aa2 11/16/2017 11/17/2017 180,000.00 522.10 180,000.00 176,586.842.30SWEDBANK (NEW YORK) CERT

DEPOS

DTD 11/17/2017 2.270% 11/16/2020

87019U6D6 180,000.00


8,972,666.85 9,036,091.10 39,610.47 8,982,483.09 8,939,122.34 2.18 Managed Account Sub Total




Portfolio Holdings


Original

Cost

Settle

Date

Trade

Date

Moody's

Rating

S&P

Rating

Accrued

Interest

Amortized

Cost

Market

Value

YTM

at Cost



Money Market Mutual Fund

AAAm NR 39,692.50 0.00 39,692.50 39,692.50PFM Funds - Govt Select, Instl Cl 39,692.50

39,692.50 39,692.50 0.00 39,692.50 39,692.50Money Market Sub Total

$39,610.47 $9,022,175.59 $8,978,814.84 Securities Sub-Total

Accrued Interest $39,610.47

Total Investments $9,018,425.31

2.18%$9,075,783.60 $9,012,359.35

Bolded items are forward settling trades.




Portfolio Activity


Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

BUY

10/1/18 10/3/18 100,000 912828D72 US TREASURY NOTES 8/31/21 97,737.01 2.88%2.00%


11/16/18 11/19/18 180,000 94989R3L0 WELLS FARGO BANK NA CERT DEPOS 11/15/19 180,000.00 3.09%3.09%


12/7/18 12/17/18 40,000 3137FKK39 FHMS KP05 A 7/1/23 40,056.82 3.11%3.20%

1,010,000 992,628.98Total BUY

INTEREST

10/1/18 10/25/18 56,646 3136B1XP4 FNA 2018-M5 A2 9/25/21 174.11 3.56%


10/1/18 10/25/18 65,000 31398VJ98 FHMS K006 A2 1/25/20 230.26 4.25%


10/1/18 10/25/18 79,001 3137AWQG3 FHMS K023 A1 4/25/22 104.22 1.58%


10/1/18 10/25/18 85,000 3137A6B27 FHMS K010 A2 10/25/20 306.92 4.33%

10/1/18 10/25/18 73,507 31398SKA0 FNA 2010-M6 A2 9/25/20 204.00 3.31%



10/13/18 10/13/18 65,000 89236TEU5 TOYOTA MOTOR CREDIT CORP NOTES 4/13/21 958.75 2.95%



10/20/18 10/20/18 220,000 3137EAEF2 FHLMC AGENCY NOTES 4/20/20 1,512.50 1.37%

10/21/18 10/21/18 90,000 459058FZ1 INTL BK RECON & DEVELOP NOTES 4/21/20 844.20 1.87%

10/25/18 10/25/18 95,000 742718EZ8 THE PROCTER & GAMBLE CO CORP NOTES 10/25/19 831.25 1.75%




Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

10/27/18 10/27/18 100,000 191216BT6 COCA-COLA CO GLABAL NOTES 10/27/20 937.50 1.87%

10/31/18 10/31/18 140,000 912828L99 US TREASURY NOTES 10/31/20 962.50 1.37%

11/1/18 11/25/18 73,236 31398SKA0 FNA 2010-M6 A2 9/25/20 229.60 3.31%

11/1/18 11/25/18 54,066 3136B1XP4 FNA 2018-M5 A2 9/25/21 166.48 3.56%

11/1/18 11/25/18 65,000 31398VJ98 FHMS K006 A2 1/25/20 230.26 4.25%





11/1/18 11/25/18 85,000 3137A6B27 FHMS K010 A2 10/25/20 306.92 4.33%


11/1/18 11/25/18 77,244 3137AWQG3 FHMS K023 A1 4/25/22 101.90 1.58%

11/5/18 11/5/18 130,000 045167DZ3 ASIAN DEVELOPMENT BANK NOTE 5/5/20 1,056.25 1.62%

11/9/18 11/9/18 200,000 45905UQ80 INTL BANK OF RECONSTRUCTION AND DEV CAL 11/9/20 1,950.00 1.95%

11/10/18 11/10/18 80,000 478160CH5 JOHNSON & JOHNSON CORP NOTE 11/10/20 780.00 1.95%

11/11/18 11/11/18 60,000 037833CS7 APPLE INC BONDS 5/11/20 540.00 1.80%

11/15/18 11/15/18 50,000 191216AR1 COCA-COLA CO/THE GLOBAL NOTES 11/15/20 787.50 3.15%

11/16/18 11/16/18 50,000 166764BG4 CHEVRON CORP (CALLABLE) NOTES 5/16/21 525.00 2.10%

11/16/18 11/16/18 180,000 87019U6D6 SWEDBANK (NEW YORK) CERT DEPOS 11/16/20 2,088.40 2.27%

11/30/18 11/30/18 600,000 912828WN6 US TREASURY NOTES 5/31/21 6,000.00 2.00%

11/30/18 11/30/18 350,000 912828M98 US TREASURY NOTES 11/30/20 2,843.75 1.62%





12/1/18 12/25/18 67,333 31398SKA0 FNA 2010-M6 A2 9/25/20 185.95 3.31%

12/1/18 12/25/18 85,000 3137A6B27 FHMS K010 A2 10/25/20 306.92 4.33%


12/1/18 12/25/18 75,583 3137AWQG3 FHMS K023 A1 4/25/22 99.71 1.58%

12/1/18 12/25/18 51,764 3136B1XP4 FNA 2018-M5 A2 9/25/21 155.14 3.56%




Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

12/1/18 12/25/18 65,000 31398VJ98 FHMS K006 A2 1/25/20 230.26 4.25%

12/15/18 12/15/18 90,000 931142EA7 WAL-MART STORES INC CORP NOTE 12/15/20 855.00 1.90%

12/23/18 12/23/18 85,000 931142EJ8 WAL-MART STORES INC CORP NOTES 6/23/21 1,298.61 3.12%

12/31/18 12/31/18 295,000 912828XH8 US TREASURY NOTES 6/30/20 2,396.88 1.62%

12/31/18 12/31/18 150,000 912828N48 US TREASURY NOTES 12/31/20 1,312.50 1.75%

4,504,747 33,076.69Total INTEREST

PAYDOWNS

10/1/18 10/25/18 1,757 3137AWQG3 FHMS K023 A1 4/25/22 1,756.82 0.00 1.58%



10/1/18 10/25/18 2,580 3136B1XP4 FNA 2018-M5 A2 9/25/21 2,580.37 0.00 3.56%


10/1/18 10/25/18 963 3137AUPD5 FHLMC MULTIFAMILY STRUCTURED 1/25/22 962.96 0.00 1.60%


10/1/18 10/25/18 271 31398SKA0 FNA 2010-M6 A2 9/25/20 270.87 0.00 3.31%

11/1/18 11/25/18 1,661 3137AWQG3 FHMS K023 A1 4/25/22 1,661.01 0.00 1.58%




11/1/18 11/25/18 2,302 3136B1XP4 FNA 2018-M5 A2 9/25/21 2,301.93 0.00 3.56%



11/1/18 11/25/18 5,903 31398SKA0 FNA 2010-M6 A2 9/25/20 5,902.93 0.00 3.31%

12/1/18 12/25/18 1,768 3137AWQG3 FHMS K023 A1 4/25/22 1,767.83 0.00 1.58%



12/1/18 12/25/18 3,051 3136ASPX8 FNMA SERIES 2016-M9 ASQ2 6/1/19 3,050.66 0.00 1.78%




Portfolio Activity

Trade

Date

Settle

Date

Maturity


Transact

Amt ($)

Yield

at Market

Realized

G/L (BV)Coupon

12/1/18 12/25/18 1,101 3136B1XP4 FNA 2018-M5 A2 9/25/21 1,101.02 0.00 3.56%


12/1/18 12/25/18 507 3136AQDQ0 FANNIE MAE SERIES 2015-M13 ASQ2 9/1/19 506.50 0.00 1.64%

12/1/18 12/25/18 131 31398SKA0 FNA 2010-M6 A2 9/25/20 130.76 0.00 3.31%

37,081 37,080.79 0.00Total PAYDOWNS

SELL

10/1/18 10/3/18 90,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 89,383.28 2.55% (1,132.01)1.12%

11/2/18 11/5/18 110,000 3135G0N33 FNMA BENCHMARK NOTE 8/2/19 108,780.15 2.70% (1,422.35)0.87%



12/4/18 12/6/18 365,000 3135G0P49 FNMA NOTES 8/28/19 361,595.36 2.68% (4,257.99)1.00%

12/6/18 12/12/18 40,000 912828H52 US TREASURY NOTES 1/31/20 39,513.32 2.75% (548.02)1.25%

930,000 921,657.84 -10,748.96Total SELL




Portfolio Activity



Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

10/1/18 10/3/18 100,000.00 912828D72 US TREASURY NOTESBUY 8/31/21 (97,737.01) 2.88%2.00%

10/1/18 10/3/18 90,000.00 3130A8DB6 FHLB GLOBAL NOTESELL 6/21/19 89,383.28 2.55% (1,132.01)1.12%
















10/1/18 10/25/18 962.96 3137AUPD5 FHLMC MULTIFAMILY STRUCTUREDPAYDOWNS 1/25/22 962.96 0.00 1.60%






Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon

10/13/18 10/13/18 65,000.00 89236TEU5 TOYOTA MOTOR CREDIT CORP NOTESINTEREST 4/13/21 958.75 2.95%



10/20/18 10/20/18 220,000.00 3137EAEF2 FHLMC AGENCY NOTESINTEREST 4/20/20 1,512.50 1.37%

10/21/18 10/21/18 90,000.00 459058FZ1 INTL BK RECON & DEVELOP NOTESINTEREST 4/21/20 844.20 1.87%

10/25/18 10/25/18 95,000.00 742718EZ8 THE PROCTER & GAMBLE CO CORP NOTESINTEREST 10/25/19 831.25 1.75%

10/27/18 10/27/18 100,000.00 191216BT6 COCA-COLA CO GLABAL NOTESINTEREST 10/27/20 937.50 1.87%

10/31/18 10/31/18 140,000.00 912828L99 US TREASURY NOTESINTEREST 10/31/20 962.50 1.37%


















Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon




11/1/18 11/25/18 5,902.93 31398SKA0 FNA 2010-M6 A2PAYDOWNS 9/25/20 5,902.93 0.00 3.31%


11/2/18 11/5/18 110,000.00 3135G0N33 FNMA BENCHMARK NOTESELL 8/2/19 108,780.15 2.70% (1,422.35)0.87%

11/5/18 11/5/18 130,000.00 045167DZ3 ASIAN DEVELOPMENT BANK NOTEINTEREST 5/5/20 1,056.25 1.62%

11/9/18 11/9/18 200,000.00 45905UQ80 INTL BANK OF RECONSTRUCTION AND DEV CALINTEREST 11/9/20 1,950.00 1.95%

11/10/18 11/10/18 80,000.00 478160CH5 JOHNSON & JOHNSON CORP NOTEINTEREST 11/10/20 780.00 1.95%

11/11/18 11/11/18 60,000.00 037833CS7 APPLE INC BONDSINTEREST 5/11/20 540.00 1.80%

11/15/18 11/15/18 50,000.00 191216AR1 COCA-COLA CO/THE GLOBAL NOTESINTEREST 11/15/20 787.50 3.15%

11/16/18 11/16/18 50,000.00 166764BG4 CHEVRON CORP (CALLABLE) NOTESINTEREST 5/16/21 525.00 2.10%

11/16/18 11/16/18 180,000.00 87019U6D6 SWEDBANK (NEW YORK) CERT DEPOSINTEREST 11/16/20 2,088.40 2.27%

11/16/18 11/19/18 180,000.00 94989R3L0 WELLS FARGO BANK NA CERT DEPOSBUY 11/15/19 (180,000.00) 3.09%3.09%


11/30/18 11/30/18 600,000.00 912828WN6 US TREASURY NOTESINTEREST 5/31/21 6,000.00 2.00%

11/30/18 11/30/18 350,000.00 912828M98 US TREASURY NOTESINTEREST 11/30/20 2,843.75 1.62%









Portfolio Activity


Date

Trade

Date

Tran.

Type

Maturity

Date Transact

Amt ($)Yield

Realized

G/L (BV)Coupon









12/1/18 12/25/18 3,050.66 3136ASPX8 FNMA SERIES 2016-M9 ASQ2PAYDOWNS 6/1/19 3,050.66 0.00 1.78%



12/1/18 12/25/18 506.50 3136AQDQ0 FANNIE MAE SERIES 2015-M13 ASQ2PAYDOWNS 9/1/19 506.50 0.00 1.64%




12/4/18 12/6/18 365,000.00 3135G0P49 FNMA NOTESSELL 8/28/19 361,595.36 2.68% (4,257.99)1.00%

12/6/18 12/12/18 40,000.00 912828H52 US TREASURY NOTESSELL 1/31/20 39,513.32 2.75% (548.02)1.25%

12/7/18 12/17/18 40,000.00 3137FKK39 FHMS KP05 ABUY 7/1/23 (40,056.82) 3.11%3.20%

12/15/18 12/15/18 90,000.00 931142EA7 WAL-MART STORES INC CORP NOTEINTEREST 12/15/20 855.00 1.90%

12/23/18 12/23/18 85,000.00 931142EJ8 WAL-MART STORES INC CORP NOTESINTEREST 6/23/21 1,298.61 3.12%

12/31/18 12/31/18 295,000.00 912828XH8 US TREASURY NOTESINTEREST 6/30/20 2,396.88 1.62%

12/31/18 12/31/18 150,000.00 912828N48 US TREASURY NOTESINTEREST 12/31/20 1,312.50 1.75%




Portfolio Activity

TOTALS (813.66) (10,748.96)





The VA – King George County Capital Fund Custom Index consists of:

Bank of America Merrill Lynch 1 Year Treasury Index from June 30, 2002 through June 30, 2006 Bank of America Merrill Lynch 1-3 Year Treasury Index from July 1, 2006 through the current period

The VA – King George General Fund Custom Index consists of:

Bank of America Merrill Lynch 1 Year Treasury Index from June 30, 2002 through June 30, 2006 Bank of America Merrill Lynch 1-3 Year Treasury Index from July 1, 2006 through the current period

Custom Benchmark

Account ****025354 PFM Asset Management LLC



Appendix

IMPORTANT DISCLOSURES

This material is based on information obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its

accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as

to what will or may happen under certain circumstances are based on assumptions, some, but not all of which, are noted in the presentation. Assumptions may or may not be proven

correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does

not necessarily reflect and is not a guaranty of future results.The information contained in this presentation is not an offer to purchase or sell any securities.

Dime

Ã Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Interactive Data, Bloomberg, or Telerate.

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

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

forward settling sales are excluded.

Ã Performance is presented in accordance with the CFA Institute ’s Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees.

Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of

future returns.

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

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

Ã Standard & Poorʼs is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.

Ã 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.

Ã MBS maturities are represented by expected average life.




Appendix

GLOSSARY

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

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

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

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

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

Ã 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.

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

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

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

sensitivity of the portfolio.

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

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

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

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

investment returns, while ominal yield does not.

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

Ã INTEREST RATE: Interest per year divided by principal amount and expressed as a percentage.

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

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

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

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




Appendix

GLOSSARY

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

mortgage-backed security.

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

Ã 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 and maturity

proceeds) occurs on a non-business day, the funds are exchanged on the next business day.

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

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

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

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

an annualized basis.

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

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

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

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


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