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06-30-2016 Investment Performance ReviewVillage of North Palm Beach, Florida 300 S. Orange Avenue, Suite 1170 Orlando, FL 32801 (407) 648-2208 (407) 648-1323 fax PFM Asset Management LLC One Keystone Plaza, Suite 300 North Front & Market Streets Harrisburg, PA 17101-2044 717-232-2723 • 717-233-6073 fax Investment Performance Review Quarter Ended June 30, 2016 Investment Advisors Steven Alexander, CTP, CGFO, CPPT, Managing Director Robert Cheddar, CFA, Chief Credit Officer, Managing Director D. Scott Stitcher, CFA, Director Richard Pengelly, CFA, CTP, Director Rebecca Geyer, CTP, Senior Analyst © 2016 PFM Asset Management LLC Page 1 of 39 TABLE OF CONTENTS For the Quarter Ended March 31, 2016 Tab I Market Update Ta b II Executive Summary Investment Portfolio Tab III Asset Allocation Chart Important Disclosures © 2016 PFM Asset Management LLC Page 2 of 39 Tab I © 2016 PFM Asset Management LLC Page 3 of 39 © 2016 PFM Asset Management LLC Summary On June 23,the British public voted to leave the European Union (EU)–so-called “Brexit”referendum –after forty- three years of membership.This historic vote was the first of its kind,shocking markets and triggering outsized market reactions.Bond yields fell sharply,sending 10-and 30-year Treasury yields to all-time lows.Equity indexes saw a sharp pullback following the vote,but pared losses by month-end amid anticipated central bank accommodation.Meanwhile,the British pound fell to its lowest level since 1985 against the U.S.dollar. Amid the uncertainty caused by Brexit,central banks around the world are expected to remain accommodative, keeping rates lower for longer and seemingly boosting equity prices –despite the potential slowdown of British and European economies. The Federal Reserve (Fed)left policy rates unchanged at both its second-quarter meetings.In June,even before the Brexit vote,the Federal Open Market Committee (FOMC)once again lowered its expectation for rate hikes in 2016 via the so-called “dot plot.”By quarter-end,the market was pricing in a 0%chance of a rate hike in July,and less than a 10%chance for a hike this year. Economic Snapshot The modest U.S.economic expansion continued,and unemployment ended the quarter below 5%.However, measures of economic strength in the U.S.remained mixed. U.S.gross domestic product (GDP)grew at a 1.1%rate in the first quarter of 2016,driven by improving trade and business investment,which more than compensated for weakness in consumer spending.Economic growth is expected to rebound in the second quarter to around 2.5%,with a preliminary reading to be released in late July. Job growth decelerated for four straight months before a sharp rebound in June.The U.S.economy added 287,000 jobs in June,the largest gain since October 2015.Year-to-date,the economy added over 1 million jobs,but it is nearly 300,000 behind last year’s pace.The unemployment rate ended the quarter at 4.9%. MARKET UPDATE For the Quarter Ended June 30, 2016 Page 4 of 39 © 2016 PFM Asset Management LLC Inflation pressures remained relatively unchanged in the second quarter as the personal consumption expenditure (PCE)price index,the Fed’s favored metric of inflation,rose 1.6%for the year ended May.Oil prices settled into a $40 to $50 per barrel range,while home prices rose 5.4%year-over-year.Average hourly earnings, an important measure of wages,grew 2.6%over the past 12 months,matching a nearly 7-year high. Interest Rates Interest rates ended the quarter significantly lower amid the Fed’s dovish tone during the quarter and the flight to safety stimulated by the Brexit vote.Declines were led by longer maturity yields,flattening the yield curve.The spread between the two-year and 10-year Treasury yields fell to 89 basis points (0.89%)compared to 105 basis points (1.05%)at the end of the first quarter.The two-year Treasury yield fell 14 basis points (0.14%)during the quarter,while the yield on the 10-year Treasury fell 30 basis points (0.30%). In the money market space,shorter Treasuries posted modest increases,while short-term credit instruments,like commercial paper and bank certificates of deposit (CDs),continued to offer unusually wide yield spreads. Sector Performance U.S.Treasury indexes posted another quarter of strong returns as rate declines boosted market values.Because the yield curve flattened,longer maturity issues performed best. Non-callable federal agency securities performed generally in line with comparable maturity Treasuries. Corporate yield spreads tightened throughout most of the second quarter as credit conditions stabilized from the first quarter’s energy price-driven volatility.Post Brexit,corporates experienced a brief spike in spreads,but quickly recovered by quarter end.The sector generated strong outperformance relative to Treasuries,adding to its 2016 return advantage. Mortgage-backed securities underperformed Treasuries for the second straight quarter.Declining interest rates, which drove accelerated prepayment expectations,continued to hurt the sector. MARKET UPDATE For the Quarter Ended June 30, 2016 Page 5 of 39 © 2016 PFM Asset Management LLC Economic Snapshot MARKET UPDATE For the Quarter Ended June 30, 2016 Labor Market Mar 2016 Jun 2015 Unemployment Rate Jun'16 4.9%5.0%5.3% Change In Non-Farm Payrolls Jun'16 287,000 186,000 228,000 Average Hourly Earnings (YoY)Jun'16 2.6%2.3%2.0% Personal Income (YoY)May'16 4.0%4.6%4.6% Initial Jobless Claims (week)7/1/16 254,000 276,000 280,000 Growth Real GDP (QoQ SAAR)2016Q1 1.1%1.4%0.6% GDP Personal Consumption (QoQ SAAR)2016Q1 1.5%2.4%1.8% Retail Sales (YoY)May'16 2.5%1.7%2.1% ISM Manufacturing Survey (month)Jun'16 53.2 51.8 53.1 Existing Home Sales SAAR (month)May'16 5.53 mil.5.36 mil.5.41 mil. Inflation / Prices Personal Consumption Expenditures (YoY)May'16 0.9%0.8%0.3% Consumer Price Index (YoY)May'16 1.0%0.9%0.1% Consumer Price Index Core (YoY)May'16 2.2%2.2%1.8% Crude Oil Futures (WTI, per barrel)Jun 30 $48.33 $38.34 $59.47 Gold Futures (oz.)Jun 30 $1,321 $1,234 $1,172 1. Data as of Fourth Quarter 2015 2. Data as of First Quarter 2015 Note: YoY = year over year, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil Latest 0 50K 100K 150K 200K 250K 300K 350K 400K 2% 4% 6% 8% 6/30/13 12/31/13 6/30/14 12/31/14 6/30/15 12/31/15 6/30/16 Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right) Change In Non-Farm Payrolls Unemployment Rate -2% 0% 2% 4% 6% 3/31/13 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 3/31/16 Real GDP (QoQ) -1% 0% 1% 2% 3% 6/30/13 12/31/13 6/30/14 12/31/14 6/30/15 12/31/15 Consumer Price Index CPI (YoY)Core CPI (YoY) 2 2 1 1 Page 6 of 39 © 2016 PFM Asset Management LLC Source: Bloomberg Investment Rate Overview MARKET UPDATE For the Quarter Ended June 30, 2016 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3/31/16 4/30/16 5/31/16 6/30/16YieldU.S. Treasury Note Yields 2-Year 5-Year 10-Year 0% 1% 2% 3% 4%3-mo1-yr2-yr3-yr5-yr7-yr10-yr30-yrYieldMaturity U.S. Treasury Yield Curve June 30, 2016 March 31, 2016 June 30, 2015 0% 1% 2% 3% 4%1-yr2-yr3-yr5-yr7-yr10-yr25-yr30-yrYieldMaturity Yield Curves as of 6/30/2016 U.S. Treasury Federal Agency Industrial Corporates, A Rated Maturity 6/30/16 3/31/16 Change over Quarter 6/30/15 Change over Year 3-month 0.26% 0.20% 0.06% 0.01% 0.25% 1-year 0.44% 0.58%(0.14%)0.27% 0.17% 2-year 0.58% 0.72%(0.14%)0.65%(0.07%) 5-year 1.00% 1.21%(0.21%)1.65%(0.65%) 10-year 1.47% 1.77%(0.30%)2.35%(0.88%) 30-year 2.29% 2.61%(0.32%)3.12%(0.83%) U.S. Treasury Yields Page 7 of 39 © 2016 PFM Asset Management LLC BofA Merrill Lynch Index Returns MARKET UPDATE For the Quarter Ended June 30, 2016 Duration Yield 3 Month 1 Year 3 Years 1-3 Year Indices U.S. Treasury 1.90 0.60% 0.53% 1.31% 0.98% Federal Agency 1.58 0.72% 0.41% 1.27% 1.04% U.S. Corporates, A-AAA rated 1.94 1.35% 0.83% 2.24% 1.79% Agency MBS (0 to 3 years)2.22 1.22% 0.65% 2.50% 1.92% Taxable Municipals 2.04 2.15% 1.38% 3.71% 2.21% 1-5 Year Indices U.S. Treasury 2.74 0.72% 0.81% 2.43% 1.65% Federal Agency 2.06 0.81% 0.59% 1.94% 1.59% U.S. Corporates, A-AAA rated 2.77 1.57% 1.14% 3.32% 2.74% Agency MBS (0 to 5 years)3.35 1.75% 1.02% 3.37% 3.01% Taxable Municipals 2.67 1.90% 1.78% 4.88% 3.01% Master Indices (Maturities 1 Year or Greater) U.S. Treasury 6.62 1.13% 2.24% 6.67% 3.83% Federal Agency 3.83 1.13% 1.34% 3.92% 2.89% U.S. Corporates, A-AAA rated 7.11 2.44% 2.90% 7.89% 5.37% Agency MBS (0 to 30 years)3.47 1.81% 1.12% 4.38% 3.73% Taxable Municipals 4.17 2.36% 2.61% 7.12% 4.25% Returns for periods greater than one year are annualized Source: BofA Merrill Lynch Indices Returns for Periods ended 6/30/2016As of 6/30/2016 Page 8 of 39 © 2016 PFM Asset Management LLC Disclosures The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC (PFMAM) at the time of distribution and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFMAM cannot guarantee its accuracy, completeness, or suitability. This material is for general information purposes only and is not intended to provide specific advice or recommendation. The information contained in this report is not an offer to purchase or sell any securities. PFMAM is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. PFMAM’s clients are state and local governments, non-profit corporations, pension funds, and similar institutional investors. Further distribution is not permitted without prior written consent. MARKET UPDATE For the Quarter Ended June 30, 2016 Page 9 of 39 Tab II © 2016 PFM Asset Management LLC Page 10 of 39 EXECUTIVE SUMMARY For the Quarter Ended June 30, 2016The Investment Portfolio is of high credit quality and invested in U.S. Treasury, Federal Agency/GSE, FederalAgency/CMO, Supranational, municipal, asset backed securities, corporate note, and commercial paper securities.The Investment Portfolio’s quarterly total return performance of 0.57% outperformed the benchmark performance of0.53% by 0.04%.Given the high degree of uncertainty, PFMAM maintained portfolio duration positions near-neutral to benchmarksthroughoutthequarter.TheFedappearedtobeonholdthroughout the summer amid moderate economic growth,continued subdued inflation, and uncertainty heading into the Brexit vote.We expect the U.S. economy to expand at a moderate pace in the second half of 2016, but potential spillover from Brexitmay be a marginal drag. Outside the U.S., economic prospects are less certain as Europe grapples with the economicand political repercussions of Brexit, emerging markets continue toslow, and global central banks remain a stronginfluence. We will be closely monitoring incoming economic data for any changes that affect our view.The Brexit vote changed the prospects for expected Fed action. We now expect no rate hikes until December at theearliest, or even into 2017. This “lower for longer” landscapehas implications for both expected returns and risks. Giventhe likelihood that rates will not move significantly higher in the near-term, we plan to keep durations neutral tobenchmarks, avoiding any significant mismatches.PFM will continue to navigate the marketenvironment with a keen focus on relative value sector analysis, prudentduration management, and efficient yield curve placement. While producing strong investment returns remains a priority,it is secondary to maintaining safety and liquidity, particularly in the current environment where we expect yields to trendhigher.© 2016 PFM Asset Management LLCPage 11 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Snapshot Portfolio Statistics As of June 30, 2016 8,988,416 9,093,784 9,061,449 21,652 10,684 9,002,529 0.76% 1.09% AAAverage Credit: ** Yield at Cost: Accrued Interest: Cash: Par Value: Amortized Cost: Total Market Value: Yield at Market: Security Market Value: Effective Duration:1.84 Years Duration to Worst:1.85 Years Average Maturity:1.90 Years PFM - Credit Quality (S&P Ratings) 6.0% A 2.2% A- 0.8% A+ 2.5% A-1 2.3% AA 8.6% AA- 74.3% AA+ 3.3% AAA 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years 12.3% 40.0%42.1% 5.6% 0.0%0.0% Maturity Distribution Sector Allocation 0.6% Asset-Backed 2.5% Commercial Paper 20.2% Corporate 1.4% Federal Agency/CMO 16.4% Federal Agency/GSE 2.0% Municipal 2.8% Supra-Sov / Supra-Natl Agency54.1% U.S. Treasury 2016 PFM Asset Management LLC ** An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio. Account 61350001 Page 12 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Performance Portfolio Performance (Total Return) Effective DurationPortfolio/Benchmark Annualized Return 10 Year1 Year 3 Year 5 Year Since Inception (06/30/09) ** Current Quarter NORTH PALM BEACH INVESTMENT PORTFOLIO 1.84 0.57%-1.53%1.07% 0.85%1.17% BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53%-1.31%0.98% 0.81%1.15% Difference 0.22% 0.04%0.09% 0.04%-0.02% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception 0.57% 1.53% 1.07% 0.85% 1.17% 0.53% 1.31% 0.98% 0.81% 1.15%Total ReturnNORTH PALM BEACH INVESTMENT PORTFOLIO BofA ML 1-3 Year U.S. Treasury Index 2016 PFM Asset Management LLC Portfolio performance is gross of fees unless otherwise indicated. **Since Inception performance is not shown for periods less than one 61350001 Page 13 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Performance Portfolio Performance (Total Return) Effective DurationPortfolio/Benchmark Annualized Return 03/31/16 09/30/1506/30/16 12/31/15 Quarter Ended 5 Year1 Year 3 Year NORTH PALM BEACH INVESTMENT PORTFOLIO 1.84 0.57%1.53% 1.07% 0.85%0.95%-0.31%0.32% BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53%1.31% 0.98% 0.81%0.90%-0.44%0.31% Difference 0.22% 0.04%0.09% 0.04%0.05% 0.13% 0.01% -0.8% -0.4% 0.0% 0.4% 0.8% 1.2% 1.6% 06/30/16 03/31/16 12/31/15 09/30/15 1 Year 3 Year 5 Year 0.57% 0.95% -0.31% 0.32% 1.53% 1.07% 0.85% 0.53% 0.90% -0.44% 0.31% 1.31% 0.98% 0.81%Total ReturnNORTH PALM BEACH INVESTMENT PORTFOLIO BofA ML 1-3 Year U.S. Treasury Index 2016 PFM Asset Management LLC Portfolio performance is gross of fees unless otherwise 61350001 Page 14 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Performance Portfolio Performance (Total Return) Effective DurationPortfolio/Benchmark 03/31/16 09/30/1506/30/16 12/31/15 Quarter Ended Annualized Return 5 Year1 Year 3 Year NORTH PALM BEACH INVESTMENT PORTFOLIO 1.84 0.57%1.53%1.07%0.85%0.95% -0.31% 0.32% Net of Fees ** - 0.55%1.45%0.99%0.77%0.93% -0.33% 0.30% BofA ML 1-3 Year U.S. Treasury Index 1.83 0.53%1.31%0.98%0.81%0.90% -0.44% 0.31% 0.22% 0.04%0.09%0.04%0.05% 0.13% 0.01%Difference (Gross) Difference (Net) 0.02% 0.03% 0.11% -0.01% 0.14%0.01%-0.04% -0.8% -0.4% 0.0% 0.4% 0.8% 1.2% 1.6% 06/30/16 03/31/16 12/31/15 09/30/15 1 Year 3 Year 5 Year 0.57% 0.95% -0.31% 0.32% 1.53% 1.07% 0.85% 0.53% 0.90% -0.44% 0.31% 1.31% 0.98% 0.81%Total ReturnNORTH PALM BEACH INVESTMENT PORTFOLIO BofA ML 1-3 Year U.S. Treasury Index 2016 PFM Asset Management LLC Portfolio performance is gross of fees unless otherwise indicated. ** Fees were calculated based on average assets during the period at the contractual rate. Account 61350001 Page 15 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Performance Portfolio Earnings Quarter-Ended June 30, 2016 Market Value Basis Accrual (Amortized Cost) Basis Net Purchases/Sales Change in Value Interest Earned $9,001,990.35 $32,956.35 $26,501.89 $24,818.08 $51,319.97 $9,061,448.59 $8,963,854.63 $32,956.35 $5,717.57 $24,818.08 $30,535.65 $9,002,528.55 Portfolio Earnings Beginning Value (03/30/2016) Ending Value (06/30/2016) 2016 PFM Asset Management LLC Page 16 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition Sector Allocation As of June 30, 2016 Market Value ($) % of PortfolioSector U.S. Treasury 4,895,629 54.0% Corporate 1,833,898 20.2% Federal Agency/GSE 1,486,173 16.4% Supra-Sov / Supra-Natl Agency 250,988 2.8% Commercial Paper 229,811 2.5% Municipal 184,748 2.0% Federal Agency/CMO 130,055 1.4% Asset-Backed 50,146 0.6% Total 9,061,449 99.9% 0.6% Asset-Backed 2.5% Commercial Paper 20.2% Corporate 1.4% Federal Agency/CMO 16.4% Federal Agency/GSE 2.0% Municipal 2.8% Supra-Sov / Supra-Natl Agency 54.1% U.S. Treasury 2016 PFM Asset Management LLC Detail may not add to total due to rounding. Page 17 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition Sector Allocation As of June 30, 2016 Market Value ($)Sector % of Portfolio % of Benchmark 100.0% 54.0% 4,895,629U.S. Treasury - 20.2% 1,833,898Corporate - 16.4% 1,486,173Federal Agency/GSE - 2.8% 250,988Supra-Sov / Supra-Natl Agency - 2.5% 229,811Commercial Paper - 2.0% 184,748Municipal - 1.4% 130,055Federal Agency/CMO - 0.6% 50,146Asset-Backed 9,061,449 99.9% 100.0%Total 0% 20% 40% 60% 80% 100% Asset-Backed Commercial Paper Corporate Federal Agency/CMO Federal Agency/GSE Municipal Supra-Sov / Supra-Natl Agency U.S. Treasury 0.6%2.5% 20.2% 1.4% 16.4% 2.0%2.8% 54.0% 0.0%0.0%0.0%0.0%0.0%0.0%0.0% 100.0% NORTH PALM BEACH INVESTMENT PORTFOLIO BofA ML 1-3 Year U.S. Treasury Index 2016 PFM Asset Management LLC Detail may not add to total due to rounding. Page 18 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition Sector Allocation June 30, 2016 March 30, 2016 December 30, 2015 September 30, 2015 % of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM) U.S. Treasury 4.9 54.0% 6.1 68.1% 5.9 66.6% 5.6 63.5% Corporate 1.8 20.2% 1.5 16.8% 1.6 18.0% 1.9 21.0% Federal Agency/GSE 1.5 16.4% 0.8 8.7% 0.9 10.5% 0.9 10.5% Supra-Sov / Supra-Natl Agency 0.3 2.8% 0.1 1.3% 0.1 1.3% 0.1 1.4% Commercial Paper 0.2 2.5% 0.2 2.6% 0.2 2.3% 0.2 2.3% Municipal 0.2 2.0% 0.2 2.0% 0.1 1.4% 0.1 1.4% Federal Agency/CMO 0.1 1.4% 0.0 0.0% 0.0 0.0% 0.0 0.0% Asset-Backed 0.1 0.6% 0.0 0.6% 0.0 0.0% 0.0 0.0% $9.1 99.9%$9.0 100.1%$8.9 100.1%$8.9 100.1%Total 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% June 2016 March 2016 December 2015 September 2015 Asset-Backed Federal Agency/CMO Municipal Commercial Paper Supra-Sov / Supra-Natl Agency Federal Agency/GSE Corporate U.S. Treasury 2016 PFM Asset Management LLC Detail may not add to total due to rounding. Page 19 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition Maturity Distribution As of June 30, 2016 >5 Years 4-5 Years 3-4 Years 2-3 Years 1-2 Years 0-1 Years Yield at MarketPortfolio/Benchmark Average Maturity NORTH PALM BEACH INVESTMENT PORTFOLIO 0.76% 12.3% 40.0% 42.1% 5.6% 0.0% 0.0%1.90 yrs BofA ML 1-3 Year U.S. Treasury Index 0.60% 3.1% 53.7% 43.1% 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 12.3% 40.0%42.1% 5.6% 0.0%0.0% 3.1% 53.7% 43.1% 0.0%0.0%0.0% NORTH PALM BEACH INVESTMENT PORTFOLIO BofA ML 1-3 Year U.S. Treasury Index 2016 PFM Asset Management LLC Page 20 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition As of June 30, 2016 Duration Distribution > 5 YEARS 4-5 YEARS 3-4 YEARS 2-3 YEARS 1-2 YEARS 0-1 YEARS Effective DurationPortfolio / Benchmark NORTH PALM BEACH INVESTMENT PORTFOLIO 1.84 12.32% 42.52% 42.17% 2.99% 0.00% 0.00% BofA ML 1-3 Year U.S. Treasury Index 1.83 3.12% 53.74% 43.15% 0.00% 0.00% 0.00% 0% 10% 20% 30% 40% 50% 60% 0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years 12% 43%42% 3%0%0%3% 54% 43% 0%0%0% Distribution by Effective Duration NORTH PALM BEACH INVESTMENT PORTFOLIO BofA ML 1-3 Year U.S. Treasury Index 0% 10% 20% 30% 40% 50% 60% 0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years 4% 34% 57% 5% 0%0%2% 43% 56% 0%0%0% Contribution to Portfolio Duration BofA ML 1-3 Year U.S. Treasury Index NORTH PALM BEACH INVESTMENT PORTFOLIO 2016 PFM Asset Management LLC Page 21 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition Credit Quality As of June 30, 2016 S&P Rating Market Value ($) % of Portfolio 74.3%$6,733,063AA+ 8.6%$777,980AA- 6.0%$542,392A 3.3%$301,135AAA 2.5%$229,811A-1 2.3%$205,075AA 2.2%$201,107A- 0.8%$70,886A+ Totals 100.0%$9,061,449 6.0% A 2.2% A- 0.8% A+ 2.5% A-1 2.3% AA 8.6% AA- 74.3% AA+ 3.3% AAA 2016 PFM Asset Management LLC Detail may not add to total due to rounding. Page 22 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition Issuer Distribution As of June 30, 2016 Market Value ($)% of PortfolioIssuer UNITED STATES TREASURY 4,895,629 54.0% FREDDIE MAC 795,903 8.8% FEDERAL HOME LOAN BANKS 473,094 5.2% JP MORGAN CHASE & CO 430,919 4.8% FANNIE MAE 347,230 3.8% BANK OF NEW YORK CO INC 201,990 2.2% HSBC HOLDINGS PLC 200,126 2.2% CISCO SYSTEMS INC 192,470 2.1% FLORIDA ST HURRICAN CAT FUND 184,748 2.0% CHEVRON CORP 182,015 2.0% WELLS FARGO & COMPANY 152,029 1.7% GENERAL ELECTRIC CO 150,021 1.7% WESTPAC BANK CORP NY 140,407 1.6% INTER-AMERICAN DEVELOPMENT BANK 130,445 1.4% INTL BANK OF RECONSTRUCTION AND DEV 120,543 1.3% TOYOTA MOTOR CORP 111,057 1.2% DEERE & COMPANY 100,062 1.1% APPLE INC 71,185 0.8%Top 5 = 76.6%Top 2%2016 PFM Asset Management LLC Account 61350001 Page 23 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition Market Value ($)% of PortfolioIssuer AMERICAN HONDA FINANCE 70,886 0.8% HONDA AUTO RECEIVABLES 50,146 0.6% PEPSICO, INC 40,214 0.4% BERKSHIRE HATHAWAY INC 20,327 0.2% 9,061,449 100.0%Grand Total: 2016 PFM Asset Management LLC Page 24 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition Sector/Issuer Distribution As of June 30, 2016 % of SectorSector / Issuer Market Value ($)% of Total Portfolio Asset-Backed HONDA AUTO RECEIVABLES 0.6% 100.0% 50,146 100.0% 0.6% 50,146 Sector Total Commercial Paper JP MORGAN CHASE & CO 2.5% 100.0% 229,811 100.0% 2.5% 229,811 Sector Total Corporate AMERICAN HONDA FINANCE 0.8% 3.9% 70,886 APPLE INC 0.8% 3.9% 71,185 BANK OF NEW YORK CO INC 2.2% 11.0% 201,990 BERKSHIRE HATHAWAY INC 0.2% 1.1% 20,327 CHEVRON CORP 2.0% 9.9% 182,015 CISCO SYSTEMS INC 2.1% 10.5% 192,470 DEERE & COMPANY 1.1% 5.5% 100,062 GENERAL ELECTRIC CO 1.7% 8.2% 150,021 HSBC HOLDINGS PLC 2.2% 10.9% 200,126 JP MORGAN CHASE & CO 2.2% 11.0% 201,107 PEPSICO, INC 0.4% 2.2% 40,214 TOYOTA MOTOR CORP 1.2% 6.1% 111,057 2016 PFM Asset Management LLC Page 25 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition % of SectorSector / Issuer Market Value ($)% of Total Portfolio WELLS FARGO & COMPANY 1.7% 8.3% 152,029 WESTPAC BANK CORP NY 1.5% 7.7% 140,407 100.0% 20.2% 1,833,898 Sector Total Federal Agency/CMO FANNIE MAE 0.8% 54.5% 70,911 FREDDIE MAC 0.7% 45.5% 59,144 100.0% 1.4% 130,055 Sector Total Federal Agency/GSE FANNIE MAE 3.0% 18.6% 276,319 FEDERAL HOME LOAN BANKS 5.2% 31.8% 473,094 FREDDIE MAC 8.1% 49.6% 736,759 100.0% 16.4% 1,486,173 Sector Total Municipal FLORIDA ST HURRICAN CAT FUND 2.0% 100.0% 184,748 100.0% 2.0% 184,748 Sector Total Supra-Sov / Supra-Natl Agency INTER-AMERICAN DEVELOPMENT BANK 1.4% 52.0% 130,445 INTL BANK OF RECONSTRUCTION AND DEV 1.3% 48.0% 120,543 100.0% 2.8% 250,988 Sector Total 2016 PFM Asset Management LLC Page 26 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Composition % of SectorSector / Issuer Market Value ($)% of Total Portfolio U.S. Treasury UNITED STATES TREASURY 54.0% 100.0% 4,895,629 100.0% 54.0% 4,895,629 Sector Total 100.0% 9,061,449 Portfolio Total 100.0% 2016 PFM Asset Management LLC Page 27 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 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 4/5/16 4/12/16 130,000 458182DX7 INTER-AMERICAN DEVELOPMENT BANK 5/13/19 129,610.00 1.10%1.00% 4/6/16 4/7/16 270,000 3137EAEA3 FHLMC REFERENCE NOTE 4/9/18 269,576.10 0.83%0.75% 4/15/16 4/28/16 60,000 3137BNMZ4 FHLMC SERIES KP03 A1 3/1/19 60,677.73 0.99%1.73% 5/3/16 5/6/16 225,000 912828WL0 US TREASURY NOTES 5/31/19 230,429.63 0.92%1.50% 5/9/16 5/13/16 140,000 961214CT8 WESTPAC BANKING CORP 5/13/19 139,995.80 1.65%1.65% 5/9/16 5/16/16 180,000 166764BH2 CHEVRON CORP NOTES 5/16/19 180,000.00 1.56%1.56% 5/26/16 5/27/16 240,000 3130A8BD4 FEDERAL HOME LOAN BANKS AGCY 6/29/18 239,421.60 0.99%0.87% 5/26/16 5/31/16 175,000 3135G0J53 FNMA BENCHMARK NOTE 2/26/19 175,117.06 1.07%1.00% 6/2/16 6/3/16 230,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 229,903.40 1.14%1.12% 6/7/16 6/10/16 150,000 94988J5D5 WELLS FARGO BANK NA NOTES 5/24/19 151,121.83 1.50%1.75% 6/9/16 6/30/16 70,000 3136ASPX8 FNMA SERIES 2016-M9 ASQ2 6/1/19 70,800.62 1.05%1.78% 6/27/16 6/28/16 270,000 912828TH3 US TREASURY NOTES 7/31/19 272,243.24 0.72%0.87% 2,140,000 2,148,897.01Total BUY INTEREST 4/1/16 4/1/16 0 MONEY0002 MONEY MARKET FUND 0.18 4/7/16 4/7/16 20,000 02665WAB7 AMERICAN HONDA FINANCE GLOBAL NOTES 10/7/16 112.50 1.12% 4/11/16 4/11/16 100,000 24422ESD2 JOHN DEERE CAPITAL CORP 10/11/16 525.00 1.05% 4/12/16 4/12/16 150,000 36962G7A6 GENERAL ELEC CAP CORP (FLOATING)7/12/16 481.96 1.28% 4/18/16 4/18/16 50,000 43814NAC9 HONDA ABS 2016-1 A3 12/18/19 50.83 1.22% 4/20/16 4/20/16 150,000 94974BFM7 WELLS FARGO & COMPANY (FLOATING)7/20/16 437.48 1.16% 4/30/16 4/30/16 450,000 912828WD8 US TREASURY NOTES 10/31/18 2,812.50 1.25% 4/30/16 4/30/16 40,000 713448CR7 PEPSICO, INC CORP NOTES 4/30/18 250.00 1.25% 4/30/16 4/30/16 700,000 912828SS0 US TREASURY NOTES 4/30/17 3,062.50 0.87% 2016 PFM Asset Management LLC Page 28 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Activity Trade Date Settle Date Maturity DatePar ($) CUSIP Security Description Transact Amt ($) Yield at Market Realized G/L (BV)Coupon 4/30/16 4/30/16 150,000 912828WD8 US TREASURY NOTES 10/31/18 937.50 1.25% 5/1/16 5/25/16 60,000 3137BNMZ4 FHLMC SERIES KP03 A1 3/1/19 86.90 1.73% 5/2/16 5/2/16 0 MONEY0002 MONEY MARKET FUND 0.28 5/18/16 5/18/16 50,000 43814NAC9 HONDA ABS 2016-1 A3 12/18/19 50.83 1.22% 5/22/16 5/22/16 200,000 06406HDB2 BANK OF NEW YORK MELLON CORP (CALLABLE)5/22/18 1,600.00 1.60% 5/31/16 5/31/16 225,000 912828WL0 US TREASURY NOTES 5/31/19 1,687.50 1.50% 6/1/16 6/1/16 0 MONEY0002 MONEY MARKET FUND 0.29 6/1/16 6/25/16 59,165 3137BNMZ4 FHLMC SERIES KP03 A1 3/1/19 85.69 1.73% 6/15/16 6/15/16 120,000 459058EJ8 INTL BANK OF RECON AND DEV GLOBAL NOTES 6/15/18 600.00 1.00% 6/15/16 6/15/16 190,000 17275RAU6 CISCO SYSTEMS INC CORP NOTE 6/15/18 1,567.50 1.65% 6/18/16 6/18/16 50,000 43814NAC9 HONDA ABS 2016-1 A3 12/18/19 50.83 1.22% 6/21/16 6/21/16 230,000 3130A8DB6 FHLB GLOBAL NOTE 6/21/19 129.38 1.12% 6/29/16 6/29/16 240,000 3130A8BD4 FEDERAL HOME LOAN BANKS AGCY 6/29/18 186.67 0.87% 6/30/16 6/30/16 360,000 912828A75 US TREASURY NOTES 12/31/18 2,700.00 1.50% 6/30/16 6/30/16 275,000 912828A75 US TREASURY NOTES 12/31/18 2,062.50 1.50% 3,869,165 19,478.82Total INTEREST PAYDOWNS 5/1/16 5/25/16 835 3137BNMZ4 FHLMC SERIES KP03 A1 3/1/19 835.37 0.00 1.73% 6/1/16 6/25/16 749 3137BNMZ4 FHLMC SERIES KP03 A1 3/1/19 748.68 0.00 1.73% 1,584 1,584.05 0.00Total PAYDOWNS SELL 4/5/16 4/12/16 130,000 912828SH4 US TREASURY NOTES 2/28/19 132,123.32 0.86% 608.69 1.37% 4/6/16 4/7/16 270,000 912828UU2 US TREASURY NOTES 3/31/18 270,059.82 0.75% 1,589.43 0.75% 4/15/16 4/22/16 5,000 912828UU2 US TREASURY NOTES 3/31/18 5,001.66 0.76% 27.85 0.75% 2016 PFM Asset Management LLC Page 29 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Activity Trade Date Settle Date Maturity DatePar ($) CUSIP Security Description Transact Amt ($) Yield at Market Realized G/L (BV)Coupon 4/15/16 4/22/16 45,000 912828UU2 US TREASURY NOTES 3/31/18 45,015.02 0.76% 180.28 0.75% 5/3/16 5/6/16 165,000 3130A2T97 FHLB NOTES 9/28/16 165,133.28 0.43% 114.95 0.50% 5/3/16 5/6/16 65,000 912828MD9 US TREASURY NOTES 12/31/16 66,889.78 0.52% 63.28 3.25% 5/9/16 5/16/16 180,000 912828A75 US TREASURY NOTES 12/31/18 184,201.37 0.82% 1,888.20 1.50% 5/13/16 5/13/16 150,000 912828J35 US TREASURY NOTES 2/28/17 150,127.38 0.52% 230.61 0.50% 5/26/16 5/27/16 205,000 912828UU2 US TREASURY NOTES 3/31/18 204,783.01 0.87% 347.05 0.75% 5/26/16 5/27/16 35,000 912828UU2 US TREASURY NOTES 3/31/18 34,962.95 0.87% 1.48 0.75% 5/26/16 5/31/16 55,000 912828SM3 US TREASURY NOTES 3/31/17 55,237.76 0.68% 113.61 1.00% 5/26/16 5/31/16 45,000 912828MD9 US TREASURY NOTES 12/31/16 46,306.80 0.59% 20.75 3.25% 5/26/16 5/31/16 75,000 912828SC5 US TREASURY NOTES 1/31/17 75,355.85 0.60% 98.48 0.87% 6/2/16 6/3/16 205,000 912828C65 US TREASURY NOTES 3/31/19 209,105.95 1.01% 226.90 1.62% 6/7/16 6/10/16 150,000 94974BFM7 WELLS FARGO & COMPANY (FLOATING)7/20/16 150,355.12 0.49% 107.70 1.16% 6/23/16 6/24/16 50,000 3137EADU0 FHLMC REFERENCE NOTE 1/27/17 50,085.08 0.56% 8.59 0.50% 6/27/16 6/28/16 60,000 912828SM3 US TREASURY NOTES 3/31/17 60,373.24 0.50% 195.17 1.00% 6/27/16 6/28/16 210,000 912828SS0 US TREASURY NOTES 4/30/17 210,950.85 0.50% 602.67 0.87% 2,100,000 2,116,068.24 6,425.69Total SELL 2016 PFM Asset Management LLC Page 30 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Activity Quarterly Portfolio Transactions Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 4/1/16 4/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 0.18 4/5/16 4/12/16 130,000.00 458182DX7 INTER-AMERICAN DEVELOPMENT BANKBUY 5/13/19 (129,610.00) 1.10%1.00% 4/5/16 4/12/16 130,000.00 912828SH4 US TREASURY NOTESSELL 2/28/19 132,123.32 0.86% 608.69 1.37% 4/6/16 4/7/16 270,000.00 3137EAEA3 FHLMC REFERENCE NOTEBUY 4/9/18 (269,576.10) 0.83%0.75% 4/6/16 4/7/16 270,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 270,059.82 0.75% 1,589.43 0.75% 4/7/16 4/7/16 20,000.00 02665WAB7 AMERICAN HONDA FINANCE GLOBAL NOTES INTEREST 10/7/16 112.50 1.12% 4/11/16 4/11/16 100,000.00 24422ESD2 JOHN DEERE CAPITAL CORPINTEREST 10/11/16 525.00 1.05% 4/12/16 4/12/16 150,000.00 36962G7A6 GENERAL ELEC CAP CORP (FLOATING)INTEREST 7/12/16 481.96 1.28% 4/15/16 4/22/16 5,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 5,001.66 0.76% 27.85 0.75% 4/15/16 4/22/16 45,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 45,015.02 0.76% 180.28 0.75% 4/15/16 4/28/16 60,000.00 3137BNMZ4 FHLMC SERIES KP03 A1BUY 3/1/19 (60,677.73) 0.99%1.73% 4/18/16 4/18/16 50,000.00 43814NAC9 HONDA ABS 2016-1 A3INTEREST 12/18/19 50.83 1.22% 4/20/16 4/20/16 150,000.00 94974BFM7 WELLS FARGO & COMPANY (FLOATING)INTEREST 7/20/16 437.48 1.16% 4/30/16 4/30/16 450,000.00 912828WD8 US TREASURY NOTESINTEREST 10/31/18 2,812.50 1.25% 4/30/16 4/30/16 40,000.00 713448CR7 PEPSICO, INC CORP NOTESINTEREST 4/30/18 250.00 1.25% 4/30/16 4/30/16 700,000.00 912828SS0 US TREASURY NOTESINTEREST 4/30/17 3,062.50 0.87% 4/30/16 4/30/16 150,000.00 912828WD8 US TREASURY NOTESINTEREST 10/31/18 937.50 1.25% 5/1/16 5/25/16 60,000.00 3137BNMZ4 FHLMC SERIES KP03 A1INTEREST 3/1/19 86.90 1.73% 5/1/16 5/25/16 835.37 3137BNMZ4 FHLMC SERIES KP03 A1PAYDOWNS 3/1/19 835.37 0.00 1.73% 5/2/16 5/2/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 0.28 2016 PFM Asset Management LLC Page 31 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 5/3/16 5/6/16 225,000.00 912828WL0 US TREASURY NOTESBUY 5/31/19 (230,429.63) 0.92%1.50% 5/3/16 5/6/16 165,000.00 3130A2T97 FHLB NOTESSELL 9/28/16 165,133.28 0.43% 114.95 0.50% 5/3/16 5/6/16 65,000.00 912828MD9 US TREASURY NOTESSELL 12/31/16 66,889.78 0.52% 63.28 3.25% 5/9/16 5/13/16 140,000.00 961214CT8 WESTPAC BANKING CORPBUY 5/13/19 (139,995.80) 1.65%1.65% 5/9/16 5/16/16 180,000.00 166764BH2 CHEVRON CORP NOTESBUY 5/16/19 (180,000.00) 1.56%1.56% 5/9/16 5/16/16 180,000.00 912828A75 US TREASURY NOTESSELL 12/31/18 184,201.37 0.82% 1,888.20 1.50% 5/13/16 5/13/16 150,000.00 912828J35 US TREASURY NOTESSELL 2/28/17 150,127.38 0.52% 230.61 0.50% 5/18/16 5/18/16 50,000.00 43814NAC9 HONDA ABS 2016-1 A3INTEREST 12/18/19 50.83 1.22% 5/22/16 5/22/16 200,000.00 06406HDB2 BANK OF NEW YORK MELLON CORP (CALLABLE) INTEREST 5/22/18 1,600.00 1.60% 5/26/16 5/27/16 240,000.00 3130A8BD4 FEDERAL HOME LOAN BANKS AGCYBUY 6/29/18 (239,421.60) 0.99%0.87% 5/26/16 5/27/16 205,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 204,783.01 0.87% 347.05 0.75% 5/26/16 5/27/16 35,000.00 912828UU2 US TREASURY NOTESSELL 3/31/18 34,962.95 0.87% 1.48 0.75% 5/26/16 5/31/16 175,000.00 3135G0J53 FNMA BENCHMARK NOTEBUY 2/26/19 (175,117.06) 1.07%1.00% 5/26/16 5/31/16 55,000.00 912828SM3 US TREASURY NOTESSELL 3/31/17 55,237.76 0.68% 113.61 1.00% 5/26/16 5/31/16 45,000.00 912828MD9 US TREASURY NOTESSELL 12/31/16 46,306.80 0.59% 20.75 3.25% 5/26/16 5/31/16 75,000.00 912828SC5 US TREASURY NOTESSELL 1/31/17 75,355.85 0.60% 98.48 0.87% 5/31/16 5/31/16 225,000.00 912828WL0 US TREASURY NOTESINTEREST 5/31/19 1,687.50 1.50% 6/1/16 6/1/16 0.00 MONEY0002 MONEY MARKET FUNDINTEREST 0.29 6/1/16 6/25/16 59,164.63 3137BNMZ4 FHLMC SERIES KP03 A1INTEREST 3/1/19 85.69 1.73% 6/1/16 6/25/16 748.68 3137BNMZ4 FHLMC SERIES KP03 A1PAYDOWNS 3/1/19 748.68 0.00 1.73% 6/2/16 6/3/16 230,000.00 3130A8DB6 FHLB GLOBAL NOTEBUY 6/21/19 (229,903.40) 1.14%1.12% 6/2/16 6/3/16 205,000.00 912828C65 US TREASURY NOTESSELL 3/31/19 209,105.95 1.01% 226.90 1.62% 2016 PFM Asset Management LLC Page 32 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 6/7/16 6/10/16 150,000.00 94988J5D5 WELLS FARGO BANK NA NOTESBUY 5/24/19 (151,121.83) 1.50%1.75% 6/7/16 6/10/16 150,000.00 94974BFM7 WELLS FARGO & COMPANY (FLOATING)SELL 7/20/16 150,355.12 0.49% 107.70 1.16% 6/9/16 6/30/16 70,000.00 3136ASPX8 FNMA SERIES 2016-M9 ASQ2BUY 6/1/19 (70,800.62) 1.05%1.78% 6/15/16 6/15/16 120,000.00 459058EJ8 INTL BANK OF RECON AND DEV GLOBAL NOTES INTEREST 6/15/18 600.00 1.00% 6/15/16 6/15/16 190,000.00 17275RAU6 CISCO SYSTEMS INC CORP NOTEINTEREST 6/15/18 1,567.50 1.65% 6/18/16 6/18/16 50,000.00 43814NAC9 HONDA ABS 2016-1 A3INTEREST 12/18/19 50.83 1.22% 6/21/16 6/21/16 230,000.00 3130A8DB6 FHLB GLOBAL NOTEINTEREST 6/21/19 129.38 1.12% 6/23/16 6/24/16 50,000.00 3137EADU0 FHLMC REFERENCE NOTESELL 1/27/17 50,085.08 0.56% 8.59 0.50% 6/27/16 6/28/16 270,000.00 912828TH3 US TREASURY NOTESBUY 7/31/19 (272,243.24) 0.72%0.87% 6/27/16 6/28/16 60,000.00 912828SM3 US TREASURY NOTESSELL 3/31/17 60,373.24 0.50% 195.17 1.00% 6/27/16 6/28/16 210,000.00 912828SS0 US TREASURY NOTESSELL 4/30/17 210,950.85 0.50% 602.67 0.87% 6/29/16 6/29/16 240,000.00 3130A8BD4 FEDERAL HOME LOAN BANKS AGCYINTEREST 6/29/18 186.67 0.87% 6/30/16 6/30/16 360,000.00 912828A75 US TREASURY NOTESINTEREST 12/31/18 2,700.00 1.50% 6/30/16 6/30/16 275,000.00 912828A75 US TREASURY NOTESINTEREST 12/31/18 2,062.50 1.50% TOTALS (11,765.90) 6,425.69 2016 PFM Asset Management LLC Page 33 of 39 Tab III © 2016 PFM Asset Management LLC Page 34 of 39 VILLAGE OF NORTH PALM BEACH, FLORIDA¹Asset Allocation as of June 30, 2016*Security TypeAmortized Cost(Includes Interest)Allocation PercentageNotesPermitted by PolicyIn ComplianceFlorida Prime (SBA)513,447.33 2.84% 225%YESUnited States Treasury Securities4,874,980.78 26.96%100%YESFederal Agency (GSE)1,481,566.25 8.19%75%YESSupranationals 249,848.03 1.38%25%YESMortgage-Backed Securities129,851.67 0.72%25%YESAsset Backed Securities50,015.58 0.28%25%YESCertificates of Deposit- 0.00%50%YESCommercial Paper 229,671.23 1.27% 350%YESCorporate Notes 1,827,024.48 10.10% 350%YESMunicipal Obligations181,222.10 1.00%25%YESMoney Market Mutual Funds10,684.20 0.06%50%YESIntergovernmental Investment Pool- 0.00%50%YESInterest Bearing Checking or Savings Account8,535,634.06 47.20% 2100%YESVillage Managed9,049,081.39 50.04%PFM Managed9,034,864.32 49.96%Total18,083,945.71 100.00%Notes:1. All assets are included. PFM managed securities are shown on Amortized Cost plus Accrued Interest basis.2. These Accounts are managed by the Village.3. Maximum allocation to all corporate and bank credit instruments is 50% combined.© 2016 PFM Asset Management LLCFlorida Prime (SBA)2.84%United States Treasury Securities26.96%Federal Agency (GSE)8.19%Supranationals1.38%Mortgage‐Backed Securities0.72%Asset Backed Securities0.28%Commercial Paper 1.27%Corporate Notes 10.10%Municipal Obligations1.00%Money Market Mutual Funds0.06%Interest Bearing Checking or Savings Account47.20%Page 35 of 39 VILLAGE OF NORTH PALM BEACH, FLORIDA¹Asset Allocation as of June 30, 2016*Individual Issuer BreakdownAmortized Cost(Includes Interest)Allocation PercentageNotesPermitted by PolicyIn ComplianceGovernment National Mortgage Association (GNMA)- 0.00%40%YESFederal Farm Credit Bank (FFCB)- 0.00%40%YESFederal Home Loan Bank (FHLB)469,437.51 2.60%40%YESFederal National Mortgage Association (FNMA)346,194.88 1.91%40%YESFederal Home Loan Mortgage Corporation (FHLMC)795,785.53 4.40%40%YESFlorida State Hurricane Cat Fund Municipal Bonds 181,222.10 1.00%5%YESAmerican Honda Finance Corporate Notes 70,339.66 0.39%5%YESApple, Inc. Corporate Notes 70,412.61 0.39%5%YESBank of New York Company Inc. Corporate Notes200,335.27 1.11%5%YESBerkshire Hathaway, Inc. Corporate Notes20,086.41 0.11%5%YESChevron Corporation Corporate Notes180,351.23 1.00%5%YESCisco Systems, Inc. Corporate Notes190,118.25 1.05%5%YESDeere & Company Corporate Notes100,221.51 0.55%5%YESGeneral Electric Capital Corporation Corporate Notes150,426.93 0.83%5%YESHSBC Holdings plc Corporate Notes201,262.52 1.11%5%YESJP Morgan Chase & Company Corporate Notes201,097.70 1.11%5%YESPepsiCo, Inc. Corporate Notes40,081.79 0.22%5%YESToyota Motor Corporation Corporate Notes110,732.37 0.61%5%YESWells Fargo & Company Corporate Notes151,254.24 0.84%5%YESWestpac Banking Corp Corporate Notes140,303.99 0.78%5%YESJP Morgan Chase & Company Commercial Paper229,671.23 1.27%5%YESHonda Auto Receivables ABS 50,015.58 0.28%5%YESMoney Market Fund - TD Bank Sweep Account10,684.20 0.06%33%YESInterest Bearing Checking/Savings Acct-Wells Fargo 6,499,640.27 35.94%50%YESInterest Bearing Checking/Savings Acct-Flagler Bank 1,006,394.16 5.57%50%YESInterest Bearing Checking/Savings Acct-BankUnited 1,029,599.63 5.69%50%YESInternational Bank of Recon and Dev Global Notes 119,925.04 0.66%10%YESInter-American Development Bank 129,922.99 0.72%10%YES© 2016 PFM Asset Management LLCPage 36 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Portfolio Activity 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 ■Market values which include accrued interest, are derived from closing bid prices as of the last business day of the month as supplied by a third party vendor. 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. ■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. ■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. ■Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets. ■Money market fund/cash balances are included in performance and duration computations. ■Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings. ■Callable securities in portfolio are included in the maturity distribution analysis to their stated maturity date, although they may be called prior to maturity. ■MBS maturities are represented by expected average life. 2016 PFM Asset Management LLC Page 37 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Appendix Glossary ■ACCRUED INTEREST: Interest that is due on a bond or other fixed income security since the last interest payment was made. ■AGENCIES: Federal agency securities and/or Government-sponsored enterprises. ■AMORTIZED COST: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the 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. ■BANKERS’ ACCEPTANCE: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill, as well as the insurer. ■COMMERCIAL PAPER: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory. ■CONTIBUTION 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. ■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. ■EFFECTIVE DURATION: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years. ■EFFECTIVE YIELD: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not. ■FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount. ■INTEREST RATE: Interest per year divided by principal amount, expressed as a percentage. ■MARKET VALUE: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date. ■MATURITY: The date upon which the principal or stated value of an investment becomes due and payable. ■NEGOTIABLE CERTIFICATES OF DEPOSIT: A CD with a very large denomination, usually $1 million or more that can be traded in secondary markets. ■PAR VALUE: The nominal dollar face amount of a security. 2016 PFM Asset Management LLC Page 38 of 39 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended June 30, 2016 Appendix Glossary ■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. ■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. ■SETTLE DATE: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction occurs on a non-business day (i.e. coupon payments and maturity proceeds), the funds are exchanged on the next business day. ■TRADE DATE: The date on which the transaction occurred however the final consummation of the security transaction and payment has not yet taken place. ■UNSETTLED TRADE: A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place. ■U.S. TREASURY: The department of the U.S. government that issues Treasury securities. ■YIELD: The rate of return based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an annualized basis. ■YTM AT COST: The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase date to maturity, stated as a percentage, on an annualized basis. ■YTM AT MARKET: The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an annualized basis. 2016 PFM Asset Management LLC Page 39 of 39 N 7 7 N n v O Z cm = 2 VI L Dr G13m0 3 x z 3 rnprn v g r 3 x m Q c 1 O L G o N w N N J N W A 7 R Ad =- P° This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management LLC ("PFM') is an investment advisor registered with the Securities and Exchange Commission, and is required to maintain a written disclosure statement of our background and business experience. If you would like to receive a copy of our current disclosure statement, please contact Service Operations at the address below. Proxy Voting PFM does not normally receive proxies to vote on behalf of its clients. However, it does on occasion receive consent requests. In the event a consent request is received the portfolio manager contacts the client and then proceeds according to their instructions. PFM's Proxy Voting Policy is available upon request by contacting Service Operations at the address below. Questions About an Account PFM's monthly statement is intended to detail our investment advisory activity as well as the activity of any accounts held by clients in pools that are managed by PFM. The custodian bank maintains the control of assets and executes (i.e., settles) all investment transactions. The custodian statement is the official record of security and cash holdings and transactions. PFM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFM statement should be reconciled and differences resolved. Many custodians use a settlement date basis which may result in the need to reconcile due to a timing difference. Account Control PFM does not have the authority to withdraw funds from or deposit funds to the custodian. Our clients retain responsibility for their internal accounting policies; implementing and enforcing internal controls and generating ledger entries or otherwise recording transactions. Market Value Generally, PFM's market prices 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. Prices that fall between data points are interpolated. Non-negotiable FDIC -insured bank certificates of deposit are priced at par. Although PFM believes the prices to be reliable, the values of the securrfl s do not always represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for money market and TERM funds is contained in the appropriate fund information statement. 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 straightline basis. Such discount or premium with respect to longer term securities is amortized using the constant yield basis. Disclosures Tax Reporting Cost data and realized gains! losses are provided for informational purposes only. Please review for accuracy and consult your tax advisor to determine the tax consequences of your security transactions. PFM does not report such information to the IRS or other taxing authorities and is not responsible for the accuracy of such information that may be required to be reported to federal, state or other taxing authorities. Financial Situation In order to better serve you, PFM should be promptly notified of any material change in your investment objective or financial situation. Callable Securities Securities subject to redemption prior to maturity may be redeemed in whole or in part before maturity, which could affect the yield represented. Portfolio The securities in this portfolio, including shares of mutual funds, are hot guaranteed or otherwise protected by PFM, the FDIC (except for certain non-negotiable certificates of deposit) or any government agency. Investment in securities involves risks, including the possible loss of the amount invested. Rating Information provided for ratings is based upon a good faith inquiry of selected sources, but its accuracy and completeness cannot be guaranteed. Shares of some money market and TERM funds are marketed through representatives of PFM's wholly owned subsidiary, PFM Fund Distributors, Inc. PFM Fund Distributors, Inc. is registered with the SEC as a brokeridealer and is a member of the Financial Industry Regulatory Authority ('FINRA') and the Municipal Securities Rulemaking Board (" MSRFT). You may reach the FINRA by calling the FINRA Regulator Public Disclosure Hotline at 1-888-2899999 or atthe FINRA Regulation Internet website address www.nasd.com. A brochure describing the FINRA Regulation Public Disclosure Program is also available from the FINRA upon request. Key Terms and Definitions Dividends on money market funds consist of interest earned, plus any discount ratably amortized to the date of maturity, plus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses to the fund. Dividends are accrued daily and may be paid either monthly or quarterly. The monthly earnings on this statement represent the estimated dividend accrued for the month for any program that distributes earnings on a quarterly basis. There is no guarantee that the estimated amount will be paid on the actual distribution date. Current Yield is the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical fund account with a balance of one share over the seven-day base period including the statement date, expressed as a percentage of the value of one share (normally $1.00 per share) at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by 365 and dividing the result by 7. The yields quoted should not be considered a representation of the yield of the fund in the future, since the yield is not fixed. Account Statement For the Month Ending June 30, 2016 Average maturity represents the average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. The stated maturity data of mortgage backed or callable securities are used in this statement. However the actual maturity of these securities could vary depending on the level or prepayments on the underlying mortgages or whether a callable security has or is still able to be called. Monthly distribution yield represents the net change in the value of one share (normally $1.00 per share) resulting from all dividends declared during the month by a fund expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month. YTM at Cost -rhe 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. 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. Managed Account A portfolio of investments managed discretely by PFM according to the client's specific investment policy and requirements. The investments are directly owned by the client and held by the client's custodian. Unsettled Trade A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place. Please review the detail pages of this statement carefully. If you think your statement is wrong, missing account information, or if you freed more information about a transaction, please contact PFM within 60 days of receipt. If you have other concerns or questions regarding your account you should contact a member of your client management team or PFM Service Operations at the address below. PFM Asset Management LLC Attn: Service Operations One Keystone Plaza, Suite 300 N. Front 8 Market Sts Harrisburg, PA 17101 AMPFMfi MWN WF Managed Account Summary Statement For the Month Ending June 30, 2016 Opening Market Value Maturities/Calls Principal Dispositions Principal Acquisitions Unsettled Trades Change in Current Value Closing Market Value Interest/Dividends/Coupons Received Less Purchased Interest Related to Interest/Coupons Plus Net Realized Gains/Losses Total Cash Basis Earninas $8,977,463.32 (748.68) (679,497.73) 722,943.04 0.00 41,288.64 $9,061,448.59 MatunUes/Calls Sale Proceeds Coupon/Interest/Dividend Income Principal Payments Security Purchases Net Cash Contribution Reconciling Transactions 0.00 680,870.24 7,382.86 748.68 (724,069.09) 0.00 0.00 Cash Balance 8,755.37 Closing Cash Balance $10,684.24 (1,126.05) 697.28 $8,326.60 Earnings Reconciliation (Accrual Basis) Total Ending Amortized Value of Securities 9,002,528.55 Ending Accrued Interest 21,651.57 Plus Proceeds from Sales 680,870.24 Plus Proceeds of Maturities/Calls/Principal Payments 748.68 Plus Coupons/Dividends Received 7,382.86 Less Cost of New Purchases (724,069.09) Less Beginning Amortized Value of Securities (8,958,807.23) Less Beginning Accrued Interest (21,005.06) Total Accrual Basis Earnings $9,300.52 PFtil I I Page 1 PFM Asset Management LLC 3 I I I Portfolio Summary and Statistics Description Par Value Market Value Percent U.S. Treasury Bond / Note 4,850,000.00 4,895,628.61 54.02 Supra -National Agency Bond / Note 250,000.00 250,988.49 2.77 Municipal Bond / Note 180,000.00 184,748.40 2.04 Federal Agency Collateralized Mortgage 128,415.95 130,055.06 1.44 Obligation Federal Agency Bond / Note 1,480,000.00 1,486,172.63 16.40 Corporate Note 1,820,000.00 1,833,898.07 20.24 Commercial Paper 230,000.00 229,811.17 2.S4 Asset -Backed Security / Collateralized 50,000.00 50,146.16 0.55 Mortgage Obligation Managed Account Sub -Total 8,988,415.95 9,061,448.59 100.00% Accrued Interest 21,651.57 Total Portfolio 8,988,415.95 9,083,100.16 Unsettled Trades 0.00 0.00 0-6 Months 6-12 Months 1-2years 2-3Years 3-4Years 4-5Years Over 5Years A. — , AIIIIIIIIPFIA WPFM .Asset Management LLC US TSY Bond / Note 54.02% For the Month Ending lune 30, 2016 ABS / CMO 0.55% Commercial Paper 2.54% Corporate Note 20.24% Fed Agency CMO 1.44% Fed Agy Bond / Note 16.40% Muni Bond / Note 2.04% Supra -National Agency Bond / Note 2.77% Characteristics I Yield to Maturity at Cost 1.09% Yield to Maturity at Market 0.76% Duration to Worst 1.85 Weighted Average Days to Maturity 693 Page 2 Managed Account Issuer Summary Issuer Market Value of Holdings Percent AMERICAN HONDA FINANCE 70,885.55 0.78 APPLE INC 71,185.03 0.79 BANK OF NEW YORK CO INC 201,990.00 2.23 BERKSHIRE HATHAWAY INC 20,326.74 0.22 CHEVRON CORP 182,015.46 2.01 CISCO SYSTEMS INC 192,470.38 2.12 DEERE & COMPANY 100,061.90 1.10 FANNIE MAE 347,229.94 3.83 FEDERAL HOME LOAN BANKS 473,094.43 5.22 FLORIDA ST HURRICAN CAT FUND 184,748.40 2.04 FREDDIE MAC 795,903.32 8.78 GENERAL ELECTRIC CO 150,021.45 1.66 HONDA AUTO RECEIVABLES 50,146.16 0.55 HSBC HOLDINGS PLC 200,126.40 2.21 INTER -AMERICAN DEVELOPMENT BANK 130,445.25 1.44 INTL BANK OF RECONSTRUCTION AND DEV 120,543.24 1.33 JP MORGAN CHASE & CO 430,918.57 4.76 PEPSICO, INC 40,213.84 0.44 TOYOTA MOTOR CORP 111,057.32 1.23 UNITED STATES TREASURY 4,895,628.61 54.03 WELLS FARGO & COMPANY 152,029.20 1.68 WESTPAC BANK CORP NY 140,407.40 1.55 Total $9,061,448.59 100.00% For the Month Ending June 30, 2016 M 4 I I I Page 3 PFM Asset Management LLC 1 1 Security Type/ Description Dated Date/COUDOn/P Managed Account Detail of Securities Held S&P Moody's Trade Seale Original YTM CUSIP Par Rating Rating Date Date Cost at Cost For the Month Ending June 30, 2016 Accrued Amortized Market Interest Cost Value US TREASURY NOTES 225,000.00 AA+ Aaa 05/03/16 05/06/16 228.972.66 0.92 285.86 228,774.03 230.080.05 DTD 06/02/2014 1.500% 0 513 1/20 19 PF', -T Page 4 WPFM Asset Management LLC Managed Account Detail of Securities Held For the Month Ending June 30, 2016 Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value U.S. Treasury Bond / Note US TREASURY NOTES 270,000.00 AA+ Aaa 06/27/16 06/28/16 271,276.17 0.72 986.54 271.272.78 271,107.54 DTD 07/31/2012 0.875% 07/31/2019 , Security Type Sub -Total Supra -National Agency Bond I Note 4,850,000.00 4,863,025.40 0.94 10,738.76 4,864,242.02 4,895,628.61 IML BANK OF RECON AND DEV GLOBAL 130,000.00 AAA Aaa 04/05/16 04/12/16 129.610.00 1.10 285.28 129,637.71 130.445.25 DTD 04/12/2016 1.000% 05/13/2019 Security Type Sub -Total 250,000.00 249,404.80 LOS 338.61 249,509,42 250,988,49 Municipal Bond / Note FL ST BOARD ADMIN FIN CORP TXBL REV 180,000.00 AA Aa3 02/23/16 03/08/16 180,000.00 2.16 1,222.10 180,000.00 184,748.40 BD DTD 03/08/2016 2.163% 07/01/2019 Security Type Sub -Total 180,000.00 180,000.00 2.16 1,222.10 180,000.00 184,748.40 Federal Agency Collateralized Mortgage Obligation FHLMC SERIES KP03 Al 70,000.00 AA+ Aaa 06/09/16 06/30/16 70,699.97 1.05 104.13 70,699.31 70.911.14 DTD 06/01/2016 1.785% 06/01/2019 Security Type Sub -Total 128,415.95 129,699.61 1.02 188.74 129,662.93 130,055.06 Federal Agency Bond / Note FHLMC REFERENCE NOTE 125,000.00 AA+ Aaa 01/15/15 01/16/15 124,781.25 0.59 267.36 124.938.09 124,993.50 DTD 01/16/2015 0.500% 01/27/2017 FEs41 s I I Page 5 PFM Asset Management LLC Managed Account Detail of Securities Held For the Month Ending June 30, 2016 Security Type/Description - 1,480,000.00 S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity Federal Agency Bond / Note CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value - FREDDIE MAC GLOBAL NOTES 200,000.00 A A2 03/23/15 03/27/15 200,293.00 1.65 1,095.56 200.166.96 200.126.40 DTD 03/05/2015 1.700% 03/05/2018 =PFM' Page 6 W- PFM Asset Management LLC PFM° VP Managed Account Detail of Securities Held For the Month Ending June 30, 2016 Security Type Sub -Total 1,820,000.00 1,820,906.00 L53 6,004.17 1,821,020.31 1,833,898.07 Commercial Paper 3P MORGAN SECURITIES LLC COMM PAPER Page 7 =' PFM Asset Management LLC NUNN VP Managed Account Detail of Securities Held For the Month Ending June 30, 2016 Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Asset -Backed Security / Collateralized Mortgage Obligation HONDA ABS 2016-1 A3 50.000.00 AAA NR 02/16/16 02125/16 49,992.90 1.23 22.03 49,993.55 50,146.16 DTD 02/25/2016 1.220% 12118/2019 Security Type Sub -Total 50,000.00 49,992.90 L23 22.03 49,993.55 50,146.16 Managed Account Sub -Total 8,988,415.95 9,000,019.32 L09 21,651.57 9,002,528.55 9,061,448.59 Securities Sub -Total $8,988,415.95 $9,000,019.32 1.09% $21,651.57 $9,002,528.55 $9,061,448.59 Accrued Interest $21,651.57 Total Investments $9,083,100.16 PFM Page 8 PFM Asset Management LLC �M� VF Managed Account Fair Market Value & Analytics For the Monti Ending June 30, 2016 Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt U.S. Treasury Bond I Note US TREASURY NOTES 270,000.00 MORGANST 100.41 271,107.54 (168.63) (165.24) 3.03 3.03 0.74 DTD 07/31/2012 0.875% 07/31/2019 Security Type Sub -Total 4,850,000.00 4,895,628.61 32,603.21 31,386.59 1.86 1.86 0.61 Supra -National Agency Bond I Note 45:- 'u P -vf 7 I I I Page 9 PFM Asset Management LLC i I Security Type/ Description Dated Date/Coupon/Maturity INTL BANK OF RECON AND DEV GLOBAL NOTES DTD 04/30/2015 1.000% 06/15/2018 INTER -AMERICAN DEVELOPMENT BANK DTD 04/12/2016 1.000% 05/13/2019 CUSIP Managed Account Fair Market Value & Analytics Par Broker 120,000.00 BARCLAYS 130,000.00 HSBC Next Call Market Market Unreal G/L Date Price Value On Cost 100.45 120,543.24 748.44 100.34 130.445.25 835.25 For the Month Ending June 30, 2016 Unreal G/L Effective Duration YTM Amort Cost Duration to Worst at Mkt 671.53 1.94 1.94 0.77 807.54 2.82 2.82 0.88 Security Type Sub -Total Municipal Bond / Note FL 5T BOARD ADMIN FIN CORP TXBL REV BD DTD 03/08/2016 2.163% 07/01/2019 250,000.00 180,000.00 JPMCHASE 102.64 250,988.49 184,748.40 1,583.69 4,748.40 1,479.07 4,748.40 2.39 2.89 2.39 2.89 0.82 1.26 Security Type Sub -Total 180,000.00 184,748.40 4,748.40 4,748.40 2.89 2.89 1.26 Federal Agency Collateralized Mortgage Obligation FHLMC SERIES KP03 Al 70,000.00 CSFB 101.30 70.911.14 211.17 211.83 1.99 2.69 1.26 DTD 06/01/2016 1.785% 06/01/2019 Security Type Sub -Total 128,415.95 130,055.06 355.45 392.13 2.00 2.57 1.23 Federal Agency Bond / Note FHLMC REFERENCE NOTE 270,000.00 NOMURA 100.12 270,311.04 734.94 685.72 1.76 1.76 0.68 DTD 04/07/2016 0.750% 04/09/2018 � i4• Page 10 WF PFM Asset Management LLC Security Type/Description Dated Date/Coupon/Maturity Managed Account Fair Market Value & Analytics Next Call Market Market Unreal G/L CUSIP Par Broker Date Price Value On Cost For the Month Ending June 30, 2016 Unreal G/L Effective Duration YTM Amort Cost Duration to Worst at Mkt FEDERAL HOME LOAN BANKS AGCY 230,000.00 WELLSFAR 100.93 232,133.71 2,230.31 2,227.88 2.92 2.92 0.81 DTD 06/03/2016 1.125% 06/21/2019 DTD 10/10/2013 1.125% 10/07/2016 Security Type Sub -Total 1,480,000.00 1,486,172.63 8,222.22 7,743.54 1.78 1.78 0.68 GENERAL ELEC CAP CORP (FLOATING) 200,000.00 HSBC 100.06 200,126.40 (166.60) (40.56) 1.64 1.64 1.66 DTD 03/05/2015 1.700% 03/05/2018 PEPSICO, INC CORP NOTES 50,000.00 CITIGRP 101.73 50,864.65 874.65 873.47 2.57 2.57 1.04 DTD 02/23/2016 1.700% 02/22/2019 PFM 9 I I I I Page 11 PFM Asset Management LLC �A=PFMA iu Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2016 Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective Duration YTM Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration to Worst at Mkt Security Type Sub -Total 230,000.00 229,811.17 770.97 139.94 0.17 0.17 0.47 ObligationAsset-Backed Security / Collateralized Mortgage HONDA ABS 2016-1 A3 Page 12 PPM Asset Management LLC �M Transaction Type Trade Settle Managed Account Security Transactions & Interest Par Principal Accrued Interest For the Month Ending June 30, 2016 Realized G/L Realized G/L Sale Cost Amort Cost Methc 06/02/16 06/03/16 FHLB GLOBAL NOTE 270,000.00 (271,276.17) (967.07) (272.243.24) DTD 07/31/2012 0.875% 07/31/2019 Transaction Type Sub -Total INTEREST 720,000.00 (722,943.04) (1,126.05 (724,069.09) 06/01/16 06/01/16 MONEY MARKET FUND 360,000.00 0.00 2,700.00 2.700.00 DTD 12/31/2013 1.500% 12/31/2018 Transaction Type Sub -Total 1,524,164.63 0.00 7,382.86 7,382.86 PFNI e I Page 13 WPFM Asset Management LLC III IM - PFM` Transaction Type Trade Settle Managed Account Security Transactions & Interest CUSIP Principal Accrued Proceeds Interest For the Month Ending June 30, 2016 Realized G/L Realized G/L Sale Total Cost Method 06/01/16 06/25/16 FHLMC SERIES KP03 Al 748.68 1,141.03 748.68 0.00 748.68 (7.48) 0,00 1,141.03 Total Security Transactions DTD 04/01/2016 1.738% 03/01/2019 $7,629.32 ($35,067.31) $697.28 $1,141.03 Transaction Type Sub -Total 748.68 748.68 0.00 748.68 (7,48) 0,00 06/02/16 06/03/16 US TREASURY NOTES 210,000.00 210.656.25 294.60 210,950.85 492.19 602.67 SPEC LOT DTD 04/30/2012 0.875% 04/30/2017 Transaction Type Sub -Total 675,000.00 679,497.73 1,372.51 680,870.24 704.76 1,141.03 Managed Account Sub -Total (42,696.63) 7,629.32 (35,067.31) 697.28 1,141.03 Total Security Transactions ($42,696,63) $7,629.32 ($35,067.31) $697.28 $1,141.03 �PFyl' Page 14 VPFM Asset Management LLC