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06-30-2013 Investment Performance ReviewVillage of North Palm Beach, Florida ; ';FX 'W4'YW--f, 4 North Palrp-Beacl fi'•� � � 1 I i► Investment Performance Review Quarter Ended June 30, 2013 Investment Advisors PFM Asset Management LLC Steven Alexander, CTP, CGFO, Managing Director D. Scott Stitcher, CFA, Senior Managing Consultant Richard Pengelly, CFA, Senior Managing Consultant Gregg Manjerovic, CFA, Portfolio Manager Rebecca Geyer, CTP, Senior Analyst One Keystone Plaza, Suite 300 North Front & Market Streets Harrisburg, PA 1 71 01 -2044 717 - 232 -2723 • 717 - 233 -6073 fax 300 S. Orange Avenue, Suite 1170 Orlando, FL 32801 (407) 648 -2208 (407) 648 -1323 fax Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 Table of Contents Tab I. Section A Market Review Tab II. Section A Quarterly Summary Report Section B Investment Portfolio & Performance Section C Asset Allocation Chart as of June 30, 2013 Tab III. June 30, 2013 PFM Month -End Statement (statements are available online at www.pfm.com) This material is based on information obtained from sources generally believed to be reliable and available to the public, however PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or recommendation. The information contained in this report is not an offer to purchase or sell any securities. Table of Contents Section i Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 TAB I Village of North Palm Beach, Florida Summary • After hitting 2013 lows during the quarter, interest rates skyrocketed on stronger economic prospects and the Federal Reserve's ( Fed's) impending plan to reduce bond purchases. • The U.S. housing market continued to strengthen, and the unemployment rate remained unchanged for the quarter at 7.6% as more Americans looked for employment. • The domestic economy continues to show signs of improvement, but the potential for a cessation of the Fed's quantitative easing programs has increased volatility within the markets. Economic Snapshot Investment Report — Quarter Ended June 30, 2013 Interest Rates • Interest rates rose significantly during the latter half of the second quarter, as investors braced for the potential impact of reduced bond - buying by the Fed. • The Federal Open Market Committee (FOMC) maintained its commitment to low short -term rates at its June 18 -19 meeting. However, Fed Chairman Bernanke indicated the Fed would moderate the pace of bond purchases later this year if economic data is consistent with forecasted expectations. • The spike in interest rates had elements of panic; however, in our opinion, rates needed to begin to normalize from the artificial lows of the past several years. • U.S. job creation was healthy, with an average of 196,000 jobs added each month in the second quarter, but the federal government continued to shed jobs. Sector Performance • Consumer confidence was near a six -year high (University of Michigan index at 84.1 in June), boosted by an improving jobs market and the wealth effect of rising housing prices and a strong stock market. • U.S. gross domestic product (GDP) grew by only 1.8% for the first quarter, the third reading below 2% in the past four quarters. Despite sluggish consumer spending, the Fed upgraded its projections for growth in 2014. • In general, economic data for major economies outside of the U.S. was disappointing. The euro -zone economy marked a seventh consecutive quarter of contraction, and the Chinese economy exhibited slower growth. Prices for fixed - income securities fell across the spectrum amid concerns about rising rates and a possible pull -back in accommodative monetary policy. Market volatility increased significantly since early May. Rising rates are a sign of the inevitable return to longer -term historical averages for interest rates. Treasuries looked more attractive relative to Agencies, as yield spreads on some similar- maturity Agencies were minimal. New - issue corporate bonds offered extra yield to entice investors given current spread levels. Despite stable fundamentals, yield spreads on Agencies and corporate bonds widened late in the quarter as liquidity dried up. • Mortgage- backed securities (MBS) and longer -term municipal bonds experienced sharp sell -offs, resulting in significant negative returns for the quarter. PFM Asset Management LLC Section A -1 Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 Economic Snapshot Labor Unemployment Rate Jun'13 7.6% 7.6% 8.2% Unemployment Rate(left)vs. Changein Nonfarm Payrolls(right) Change In Non -Farm Payrolls Jun'13 195,000 142,000 87,000 0 o � Change In N-1- Payrdls Unemployment Rate 500K 9.0% 400K 300K Average Hourly Earnings (YoY) Jun'13 2.2% 1.8% 2.0% 8.0°io 2ooK 100K Personal Income (YoY) 3.3% 7-0°io 0 -100K 6.0% 200K Initial Jobless Claims (week) Jun 28 343,000 388,000 374,000 5/31/10 11/30/10 5/31/11 11/30/11 5/31/12 11/30/12 5/31/13 Real GDP (QoQ SAAR) 2013Q1 1.8% 0.4 %1 1.3% z Real GDP (QoQ) 5.0% GDP Personal Consumption (QoQ SAAR) +2013 4.0% k 3.0% Retail Sales (YoY) May'13 4.3% 3.2% 3.7% 2.o °ro W-.bM ISM Manufacturing Survey (month) Jun'13 1.0% 1 11 o.0% . Existing Home Sales (month) May'13 5.18 mil. 4.94 mil. 4.41 mil. 3/31/10 9/30/10 3/31/11 9/30/11 3/31/12 9/30/12 3/31/13 Inflation Personal Consumption Expenditures (YoY) May'13 1.0% 1.0% 1.5% consumer Price Index 5.0% CPI (YoY) Core CPI (YoY) Consumer Price Index (YoY) May'13 4.0% 3.0% Consumer Price Index Core (YoY) May'13 1.7% 1.9% 2.2% 2.o °ro do Crude Oil Futures (WTI, per barrel) + Jun 30 A $96.56 $97. 1.0% i o.0% Gold Futures (oz) Jun 30 $1,224 $1,595 $1,604 5/31/10 11/30/10 5/31/11 11/30/11 5/31/12 11/30/12 5/31/13 1. Data as of FourtbQuarter 2012 2. Data as of Second Quarter 2012 Sourre: Bloomberg Note: YoY =year overyear, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WWII = West Texas Intermediate crude oil PFM Asset Management LLC Section A -2 Village of North Palm Beach, Florida Investment Report — Quarter Ended June 30, 2013 Investment Rate Overview U.S. Treasury Note Yields 3.0% 2.5% 2.0% 1.0% 0.5% t' 0.0% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 2 -Year ......•• 5 -Year 10 -Year U.S. Treasury Note Yields Source: Bloomberg U.S. Treasury Note Yield Curve 4% 3% D 1% 0% W N W Ul �I W 3 O O o Maturity June 30, 2013 March 31, 2013 — — June 30, 2012 Yield Curves as of 6/30/2013 5% — 4% i 3% d / } 2% / 1 1% / 0% ' W N W Cn V N W 3 ,G O T O Maturity U.S. Treasury Federal Agency — — Industrial Corporates, A Rated PFM Asset Management LLC Section A -3 Change Maturity I 6/30/12 Change Quarter over Year 3 -month 0.07% 0.07% 0.00% 0.11% (0.04 %) 1 -year 0.17% 0.13% 0.04% 0.26% (0.09 %) 2 -year 0.37% 0.28% 0.09% 0.32% 0.05% 5 -year 1.40% 0.79% 0.61% 0.75% 0.65% 10 -year 2.52% 1.93% 0.59% 1.73% 0.79% 30 -year 3.48% 3.10% 0.38% 2.78% 0.70% Source: Bloomberg U.S. Treasury Note Yield Curve 4% 3% D 1% 0% W N W Ul �I W 3 O O o Maturity June 30, 2013 March 31, 2013 — — June 30, 2012 Yield Curves as of 6/30/2013 5% — 4% i 3% d / } 2% / 1 1% / 0% ' W N W Cn V N W 3 ,G O T O Maturity U.S. Treasury Federal Agency — — Industrial Corporates, A Rated PFM Asset Management LLC Section A -3 Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 BofA Merrill Lynch Index Returns As of 6/30/2013 Returns for Periods ended 6/30/2013 1. Duration andyield are after the indices were rebalanced at month end. 2. Returns are rolling returns. Returns for period greater than oneyear are annuali .Zed. Source: Bloomberg PFM Asset Management LLC Section A -4 Duration Yield 3 Month 1 Year 3 Years Year U.S. Treasury 1.89 0.37% (0.10 %) 0.33% 0.82% Federal Agency 1.80 0.48% (0.13 9/o) 0.34% 0.97% U.S. Corporates, A -AAA rated 1.99 1.20% (0.22 %) 2.16% 2.63% Agency MBS (0 to 3 years) 1.69 1.67% (1.00 %) (0.40 %) 1.75% Municipals 1.77 0.70% (0.16 %) 0.62% 1.27% Year U.S. Treasury 2.72 0.660%/o (0.67 %) (0.03 %) 1.44% Federal Agency 2.61 0.81% (0.74 %) 0.01% 1.28% U.S. Corporates, A -AAA rated 2.91 1.70% (1.09 %) 2.19% 3.40% Agency MBS (0 to 5 years) 3.06 2.66% (1.37 %) (0.60 %) 2.46% Municipals 2.51 1.04% (0.61 %) 0.53% 1.86% Master Indices (Maturities 1 Year or U.S. Treasury 5.78 1.40% (2.21 %) (2.00 %) 3.03% Federal Agency 4.01 1.34% (1.97 ° / (0.90 %) 2.12% (3.12 %) U.S. Corporates, A -AAA rated 6.57 2.96% 0.89% 5.08% Agency MBS 4.61 2.96% (1.92 %) (1.15 %) 2.52% Municipals 7.81 3.21% (3.33 %) 0.10% 4.66% 1. Duration andyield are after the indices were rebalanced at month end. 2. Returns are rolling returns. Returns for period greater than oneyear are annuali .Zed. Source: Bloomberg PFM Asset Management LLC Section A -4 Village of North Palm Beach, Florida Disclosures Investment Report — Quarter Ended June 30, 2013 The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC ( PFMAM) at the time of distribution and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFMAM cannot guarantee its accuracy, completeness, or suitability. This material is for general information purposes only and i s specific advice or recommendation. The information contained in this report is not an offer to purchase or sell any securities. Further distribution is not permitted without prior written consent. not intended to provide PFM Asset Management LLC Section A -5 Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 TAB II Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 Quarterly Summary Report Total Portfolio Value' June 30,2013' March 31, 2013 Market Value $8,299,707.27 $8,323,893.78 Amortized Cost $8,301,820.34 $8,303,089.76 IQuarterly Return Last Last Last Last Since Inception Total Return "° June 30, 2013 6 Months 12 Months 2 Years 3 Years June 30, 2009 Investment Portfolio -0.14% -0.03% 0.31% 0.53% 0.77% 1.24% Merrill Lynch 1 -3 Year U.S. Treasury Index -0.11% 0.00% 0.33% 0.56% 0.82% 128% Current Quarter Previous Quarter Current Quarter Previous Quarter Effective Duration (Years),' June 30, 2013 March 31, 2013 Yields June 30. 2013 March 31, 2013 Investment Portfolio 1.80 1.77 Yield at Market 0.38% 026% Merrill Lynch 1 -3 Year U.S. Treasury Index 1.81 1.79 Yield at Cost 0.45% 0.44% Portfolio Duration % of Benchmark Duration 99% 99% Quarter Ended 06 /30/13 Investment Portfolio ML 1 -3 Year U.S. Treasury Index - 0.14 %`111-0.11% 1.00 1.50 2.00 Quarter Ended 06/30/13 1.50 2.00 Fffacti— in—ti— IYP—) Notes: 1. In order to comply with CASE accrual accounting reporting requirements. End of quarter trade -date market values of portfolio holdings, including accrued interest. 2. Performance on trade date basis, gross (i.e., before fees), is in accordance with The CFA Institute's Global Investment Performance Standards (GIPS). Quarterly returns are presented on an unannualized basis. Returns presented for 12 months or longer are presented on an annual basis. Past performance is not indicative of future results. 3. Since inception the benchmark has been the Merrill Lynch 1 -3 Year U.S. Treasury Note Index. 4. Merrill Lynch Indices provided by Bloomberg Financial Markets. 5. Includes money market fund /cash in performance and duration computations. PFM Asset Management LLC Section A - 1 Current Quarter Previous Quarter F Fiscal Year 2013 Fiscal Year 2012 Quarterly Interest Income June 30, 2013 March 31, 2013 Fiscal Year Interest Income Year to Date Year to Date Investment Portfolio $27,018.12 $10,634.47 Investment Portfolio $65,208.58 $82,633.24 TD Bank Money Market Fund 1.64 1.47 TD Bank Money Market Fund 4.61 5.47 Total $27,019.76 $10,635.94 Total $65,213.19 $82,638.71 Current Quarter I Previous Quarter Fiscal Year 2013 Fiscal Year 2012 Quarterly Realized Gain /Loss on Cost June 30, 2013 March 31, 2013 Fiscal Year Realized Gain /Loss on Cost Year to Date Year to Date Investment Portfolio 4,067.18 2,448.25 Investment Portfolio _ (1,816.41) $19,132.88 Notes: 1. In order to comply with CASE accrual accounting reporting requirements. End of quarter trade -date market values of portfolio holdings, including accrued interest. 2. Performance on trade date basis, gross (i.e., before fees), is in accordance with The CFA Institute's Global Investment Performance Standards (GIPS). Quarterly returns are presented on an unannualized basis. Returns presented for 12 months or longer are presented on an annual basis. Past performance is not indicative of future results. 3. Since inception the benchmark has been the Merrill Lynch 1 -3 Year U.S. Treasury Note Index. 4. Merrill Lynch Indices provided by Bloomberg Financial Markets. 5. Includes money market fund /cash in performance and duration computations. PFM Asset Management LLC Section A - 1 Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 Executive Summary PORTFOLIO STRATEGY ➢ The Village's Investment Portfolio is of high credit quality and invested in U.S. Treasury, Federal Agency, and high quality corporate securities. ➢ PFM continued to actively manage the Investment Portfolio during the second quarter and found value in the market, taking advantage of market inefficiencies or changes in economic outlook. As a result the Portfolio realized over $3,625 in gains on sales, based on amortized cost, during the quarter. PFM is continually in the market monitoring for opportunities to add value to the Portfolio. ➢ The Investment Portfolio's quarterly total return performance of -0.14% underperformed the benchmark performance of -0.1 1 % by 0.03 %. This underperformance is due to the volatility in the bond market that rose sharply during the latter half of the second quarter which initiated a wave of investor repositioning that left no safe harbor within the fixed income space. Results across all segments of the bond market were negative, with longer maturities and higher risk sectors (i.e. high yield and MBS) suffering the most. In some sectors, like MBS and longer Treasuries, the negative returns in Q2 wiped out returns for the past year. Our main goal is to preserve the principal of the Portfolio and in this volatile market we will continue to diligently manage the Portfolio. ➢ The second quarter started with interest rates well entrenched within long- standing ranges, U.S. economic conditions improving at a modest pace, and the Federal Reserve (Fed) purchasing $85 billion of long -term Treasuries and agency mortgage- backed securities (MBS) per month. As conditions appeared relatively stable, the strategy at the beginning of the quarter was to remain slightly short of duration targets relative to benchmarks. ➢ Conditions began to reverse in May, in part due to what seemed like a rather innocuous comment by Fed Chairman Bernanke about possible tapering of Fed bond purchases in the Q &A portion of his testimony to the Joint Economic Committee of Congress. Rates moved higher, but in a normal and orderly fashion within the existing trading ranges. At that point, the impact on Treasuries was negative, but contained, and spread movements on agency and corporate debt were minimal. 2 -year, 5 -year and 10 -year Treasuries had risen by 6, 25 and 28 basis points (0.06 %, 0.25 %, 0.28 %), respectively, from March 31 to May 31. ➢ Conditions deteriorated quickly in June, after Bernanke laid out a more definitive plan to curtail bond purchases later this year. By quarter end, longer -term yields had surged further, with the 5 -year Treasury reaching 1.40% and the 10 -year reaching 2.49% — the highest levels since August 2011. The scale and pace of the rate spike in late June had elements of panic and surprised most investors. Massive selling and deleveraging in certain market sectors caused liquidity to dry up, which further affected market prices. ➢ The second quarter adjustment process has bequeathed investors with a much steeper yield curve, which offers the ability to enhance return through "roll- down" — the natural tendency of bonds to appreciate as time passes and their maturity shortens. Although longer maturities have greater market risk, they also offer higher yields and greater roll -down potential. ➢ Risk management will remain a key aspect of our overall approach under volatile market conditions. In particular, ensuring adequate liquidity will be an important element of the strategy, so as not to have to sell into adverse market conditions. Furthermore, given wider differences between bid prices and offering prices in most sectors (the "bid /ask spread "), we will likely carry more Treasuries than usual to provide additional flexibility to adjust portfolio composition or duration as opportunities arise. ➢ We will focus more than ever on safety of principal and appropriate liquidity in this new and challenging environment, while maximizing value through careful, prudent active management. Our strategy will remain appropriately flexible and may change in response to changes in interest rates, economic data, market outlook or specific opportunities that arise. PFM Asset Management LLC Section B -1 Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 Investment Portfolio Composition and Credit Quality Characteristics Security Type' June 30, 2013 % of Portfolio March 31. 2013 % of Portfolio U.S. Treasuries $6,570,649.94 79.2% $6,869,656.42 82.5% Federal Agencies 1,564,637.28 18.9% 1,390,094.50 16.7% Commercial Paper 0.00 0.0% 0.00 0.0% Certificates of Deposit 0.00 0.0% 0.00 0.0% Bankers Acceptances 0.00 0.0% 0.00 0.0% Repurchase Agreements 0.00 0.0% 0.00 0.0% Municipal Obligations 0.00 0.0% 0.00 0.0% Corporate Notes /Bonds 99,576.98 1.2% 0.00 0.0% Corporate Notes /Bonds - FDIC Insured 0.00 0.0% 0.00 0.0% Mortgage Backed 0.00 0.0% 0.00 0.0% Money Market Fund /Cash 64,843.07 0.8% 64,142.86 0.8% Totals $8,299,707.27 100.0% $8,323,893.78 100.0% U.S. Treasuries 79% Portfolio Composition as of 06/30/13 Federal Agency Obligations 19% Corporate otes /Bonds 1% Market 'Cash 0.78% Notes: 1. End of quarter trade -date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, exclusive of money market fund /LGIP. Standard & Poor's is the source of the credit ratings. Credit Quality Distribution as of 06/30/13 AA+ 99% AA- 1% PFM Asset Management LLC Section B - 2 Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 100% Investment Portfolio Maturity Distribution Maturity Distribution' June 30, 2013 March 31, 2013 Overnight (Monedy Market Fund) $64,843.07 $64,142.86 Under 6 Months 200,651.57 0.00 6 - 12 Months 1,049,093.05 1,593,153.35 1 - 2 Years 3,416,237.40 3,860,377.95 2 - 3 Years 2,766,893.92 2,159,801.21 3 - 4 Years 801,988.26 646,418.41 4 - 5 Years 0.00 0.00 5 Years and Over 0.00 0.00 Totals $8,299,707.27 $8,323,893.78 Notes: 1. Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity. PFM Asset Management LLC Section B - 3 Portfolio Maturity Distribution' 100% 90% ■June 30, 2013 80% ■ March 31, 2013 = 70% o 60% o_ m 50% 46% 41% ~ 40% 0 33% I 30% 26% M 19% 20% v 13% a 10% 8% a> 10% a_ 1 % 1% 2% % 0% 0% 0% 0% 0% - ' Overnight Under 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5 Years and Over Notes: 1. Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity. PFM Asset Management LLC Section B - 3 Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 Investment Portfolio Maturity Distribution versus the Benchmark' ho -� oo �� �o ,�� oo tih �o ,�� oo ti5 �o ,�� o0 5 10 ,�� o0 �o 0 0- ti ti ti ti ti ti ti ^� ^� ^� ^� �K- N- I-)- ��' �o' ,�h' oR' ho' ,��' oo' �-) �o' oo' tih' ho' ,��' oo' ��" �,o' �) Years to Maturity ■ Investment Portfolio ■ Merrill Lynch 1 -3 Year U.S. Treasury Note Index Notes- 1 - Due to the nature of the security, Mortgage - Backed Securities are represented based on their average life maturity rather than their final maturity. PFM Asset Management LLC Section B - 4 Village of North Palm Beach, Florida' Asset Allocation as of June 30, 2013* Security Type June 30, 2013 June 30, 2013 Notes Permitted by Policy Asset Allocation Florida SBA Prime Fund and Fund B 489,572.66 2.60% 2 25% as of June 30, 2013 United States Treasury Securities 6,575,403.06 34.89% 100% Money Market Mutual Funds Interest Bearing Checking United States Govemment Agency Securities - 0.00% 100% or Savings Account Federal Instrumentalities 1,561,515.75 8.29% 50% 1.14% 52.55% Mortgage - Backed Securities - 0.00% 50% Corporate Notes Certificates of Deposit - 0.00% 100% 0.53% Repurchase Agreements - 0.00% 0% Commercial Paper - 0.00% 15% Federal Instrumentalities Corporate Notes 100,058.46 0.53% 25% 829% State and /or Local Government Taxable and /or Tax Exempt Debt 20% Bankers'Acceptances - % 0% Florida SBA Prime Fund Money Market Mutual Funds 10 215,752.42 1.14% 50% and Fund B United States Treasury 2.60% Intergovernmental Investment Pool - 0.00% 25% Securities Interest Bearing Checking or Savings Account 9,902,085.28 52.55% 2 100% 34.89% Village Managed 10,542,567.29 55.49% PFM Managed 8,301,820.34 59.68% Total 18,844,387.63 115.17% Individual Issuer Breakdown June 30, 2013 June 30, 2013 Notes Permitted by Policy Individual Issuer Breakdown June 30, 2013 June 30, 2013 Notes Permitted by Policy Government National Mortgage Association (GNMA) - 0.00% 100% Toyota Corporate Notes 100,058.46 0.53% 5% US Export-Import Bank (Ex -Im) - 0.00% 100% Interest Bearing Checking or Savings Account- Wells Fargo 6,891,865.74 36.57% 2 50% Farmers Home Administration(FMHA) - 0.00% 100% Interest Bearing Checking or Savings Account - Chase 3,010,219.54 15.97% 2 50% Federal Financing Bank - 0.00% 100% Money Market Fund -TD Bank Sweep Account 64,843.07 0.34% 33% Federal Housing Administration (FHA) - 0.00% 100% Money Market Fund - Wells Fargo Advantage Fund 150,909.35 0.80% 2 33% General Services Administration - 0.00% 100% Florida Prime 384,354.22 2.04% 2 25% New Communities Act Debentures - 0.00% 100% SBA Fund 105,218.44 0.56% 2 N/A US Public Housing Notes & Bonds - 0.00% 100% US Dept. of Housing and Urban Development - 0.00% 100% Federal Farm Credit Bank (FFCB) - 0.00% 10% Federal Home Loan Bank (FHLB) 340,297.13 1.81% 10% Federal National Mortgage Association (FNMA) 639,454.52 3.39% 10% Federal Home Loan Mortgage Corporation (FHLMC) 581,764.10 3.09% 10% N otes: 1. All Assets. 2. These Accounts are managed by the Village. 'PFM managed securities are shown on Amortized Cost plus Accrued Interest basis. PFM Asset Management LLC Section C - 1 Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 TAB III Village of North Palm Beach, Florida Investment Report - Quarter Ended June 30, 2013 Insert Month End Statement here to complete the report. Statements are available online at www.pfm.com login and click on the link to "Monthly Statements" on the left side of the screen.