09-30-2010 VNPB Investment Performance ReviewT14796 c
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Village of North Palm Beach, Florida
Investment Advisors
Steven Alexander, CTP, CGFO, Managing Director
Mel Hamilton, Senior Managing Consultant
David Jang, CTP, Senior Managing Consultant
Gregg Manjerovic, CFA, Portfolio Manager
Rebecca Dole, CTP, Consultant
Investment Performance Review
Quarter Ended September 30, 2010
PFM Asset Management LLC
300 S. Orange Avenue, Suite 1170 One Keystone Plaza, Suite 300
Orlando, FL 32801 North Front & Market Streets
(407) 648 -2208 Harrisburg, PA 17101 -2044
(407) 648 -1323 fax 717- 232 -2723
717 - 233 -6073 fax
Village of North Palm Beach Investment Report - Quarter Ended September 30, 2010
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 September 30, 2010
Tab III. September 30, 2010 PFM Month -End Statement
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 September 30, 2010
Fixed - income portfolios generated strong total returns in the third
quarter, as interest rates across the yield curve declined to new record
lows. All but the shortest duration benchmarks significantly
outperformed money market instruments, which continued to offer
near -zero yields. Longer duration benchmarks generally performed the
best due to larger interest rate declines for longer maturities.
For the quarter our approach to duration was cautious, conservatively
positioning portfolio durations short of benchmark durations to guard
against the negative effect rising interest rates would have on portfolio
market values.
Although the short bias of this strategy sacrificed some return in the
quarter, value -added management techniques including strategic yield
curve placement and active sector management, worked to produce
returns roughly even with benchmarks.
The Federal Reserve has acknowledged a slowing recovery in recent
statements, pledging to "provide additional accommodation if needed
to support economic recovery and to return inflation, over time, to
levels consistent with its mandate." This "additional accommodation"
would almost certainly come in the form of further quantitative easing
— a process by which the central bank purchases large amounts of
government securities in the open market over a period of months in
an effort to push interest rates down and support economic expansion.
With a slower pace of economic growth and the Fed's renewed focus
on easing, it is likely that rates will remain at recent levels for months,
opening a window for us to extend durations closer to those of
benchmarks.
Thus our strategy for the fourth quarter is built around somewhat
longer durations to take advantage of the steep yield curve. Despite
the sharp decline in long term rates during the third quarter, by historic
standards, the spread between 2 -year and 10 -year Treasuries remains
wide. With the prospect of low growth and low inflation over the next
several quarters, extensions to the range of 90% to 95% of benchmark
durations are designed to earn somewhat higher income and benefit
from (somewhat diminished) yield curve roll -down, as the Fed signals
readiness to push down rates across the yield curve.
Interest Rates and Returns
Interest rates continued to decline steadily throughout the third quarter,
as shown in the chart below, in response to weaker - than - expected
economic data. On July 1, a 2 -year U.S. Treasury note offered a yield
of 0.63 %, but by September 30 it was yielding only 0.42% — an all -
time low.
2 -Year U.S. Treasury Note Yield
October 1, 2009 through September 30, 2010
1.20%
1.00%
0.80%
0.60%
0.40%
Oct 09 Jan 10 Apr 10 Jul 10
Source data: Bloomberg Markets
While short-term rates declined considerably in the quarter, the decline
in rates was most dramatic in longer -term securities, where
diminishing inflation expectations and the prospect of Fed intervention
had a stronger effect. 5- and 10 -year Treasury yields fell 40 to 50 basis
points between June and September.
The table on the next page shows quarter -end yields for various U.S.
Treasury securities, changes in the quarter, and changes for the past 12
months.
PFM Asset Management LLC Section A - 1
Village of North Palm Beach, Florida Investment Report - Quarter Ended September 30, 2010
Summary of U.S. Treasury Security Yields
Date 3M 6M ly 2Y 3Y 5Y Wy
September 30, 2010 0.15% 0.19% 0.25% 0.42% 0.63% 1.26% 2.51%
3une 30, 2010 0.17% 0.22% 0.31% 0.60% 0.97% 1.77% 2.93%
Change over Quarter -0.02% -0.03% -0.06% -0.18% -0.34% -0.51% -0.42%
September 30, 2009 0.11% 0.17% 0.38% 0.95% 1.42% 2.31% 3.31%
Change over Year 0.04% 0.02% -0.13% -0.53% -0.79% -1.05% -0.80%
Source data: Bloomberg
With the decline in interest rates, the market values of fixed- income
portfolios increased considerably, both quarter- over - quarter and year -
over -year. As the chart below illustrates, portfolios with longer durations
outperformed those with shorter durations.
The 1- to 3 -year U.S. Treasury benchmark returned 0.62% (2.50%
annualized), while the 3- to 5 -year U.S. Treasury benchmark returned
2.46% (10.21% annualized). The duration of the 3- to 5 -year U.S.
Treasury benchmark was 3.85 years, versus 1.89 years for the 1- to 3-
year U.S. Treasury benchmark.
Total Returns of Merrill Lynch U.S. Treasury Indices
Quarterly and 12 -Month Total Return as of September 30, 2010
8%
7.06% f
7% __.-_________.._..--------------- ..------ ..__._.-------
..__._.. _.
6%------------- -----------------------------------
...__._.__._......_..__ __________....- _-- _- _._._.____.
5% _.._...____._.___. __.___ ....... ......... ...__..._..__._.._____.-- ._._.- 4:23% -------- ..------
4% _______.._..___.___..______ __.._________.__.___.._.........._.._-
3% ---------------- ..__________.__ ___ _ -_ 2.53%____- _______..__ ____- 2..460
2% _._- _________.._- __________.______ 1:32%
1% __..0:- 13 %._.._._.
0.62% 1
0.04% 4
no/ 3
3mo 1 -3yr
Quarter
1 -5yr 3 -5yr
■ 1 Year
Source data: Bank of America Merrill Lynch; Bloomberg Markets
The yield curve flattened sharply, reducing the benefit of roll -down.
Short-term rates remain near zero, intermediate rates have fallen to
record lows, and longer rates have fallen 100 to 150 basis points from
their April highs. During the quarter, the difference between 2- and 10-
year U.S. Treasury yields was as high as 2.45 %, but by quarter end,
the difference had fallen to 2.09 %.
The spread between U.S. Treasury and Federal Agency rates
fluctuated within a narrow range during the quarter, though it
remained tight by historic standards, reflecting a perception of reduced
risk and increased liquidity for agency debt. For example, the spread
on 2 -year maturities ranged between 16 and 23 basis points, and the
spread on 5 -year maturities ranged between 20 and 28 basis points, all
well below historical averages.
Duration Adjusted Returns of Merrill Lynch 1 -3 Year Indices
Quarterly and 12 -Month Total Return as of September 30, 2010
6%
5%
4%
3%
2%
1%
0%
U.S. Treasury Federal Agency AA /AAA Corporate
M Current Quarter ■ Past 12 Months
Source data: Bank ofAmerica Merrill Lynch: Bloomberg Markets
Duration - adjusted return incorporates an adjustment to the market value return
(but not the income return) of each benchmark to account for their varied
durations, making it easier for investors to assess the relative risk and return of
benchmarks of dijferent lengths.
Spreads between Treasuries and corporate securities narrowed in
response to improving corporate balance sheets and greater investor
appetite for risk, contributing to the strong performance of the
corporate sector. As the chart above illustrates, on a duration - adjusted
PFM Asset Management LLC Section A - 2
Village of North Palm Beach, Florida Investment Report – Quarter Ended September 30, 2010
basis, Treasury and Agency benchmarks performed roughly in line
with one another, while corporate benchmarks significantly
outperformed.
As corporate spreads continued to narrow in the quarter, we generally
increased corporate holdings, selectively purchasing the securities of
highly -rated issuers on our approved list. In many portfolios we
incorporated commercial paper, which offered some additional value
over short-dated Treasury bills, Agency discount notes, and money
market instruments.
Economic Outlook
Economic data was generally weak in the third quarter, pointing
toward a slowing recovery and uncertain prospects for future growth.
The final measurement of second quarter GDP was an anemic 1.7%
and economist estimates call for third quarter growth of under 2.0 %.
Economic conditions remain subject to considerable uncertainty, with
the most likely scenario being modest growth and little -to -no inflation
for the foreseeable future. The current pace of expansion is insufficient
to make a real dent in unemployment, with nearly 8 million jobs lost
since 2008. Unemployment remains persistently high, near 10 %, with
most businesses still hesitant to add new employees.
The housing sector remains weak, with housing starts, building
permits, and sales relatively unchanged in recent months, and housing
prices showing no signs of recovery. The pace of manufacturing
activity has accelerated, but is hardly booming, as evidenced by only
small upticks in factory orders, stable manufacturing employment, and
continued low rates of capacity utilization. Retail sales, though
positive year- over -year, are not strong enough to provide significant
fuel to recovery.
Global economies, particularly in Asia and emerging markets, are out-
pacing the U.S. The dollar weakened significantly in the quarter (from
$1.19 to $1.35 versus the Euro at quarter -end), as fears of a European
meltdown diminished and growth picked up in Western Europe. Oil
and commodity prices have risen based on the prospect for stronger
global demand. These developments should ultimately aid U.S. export
sectors and large, global businesses based in the U.S., but do little to
aid small, domestic firms.
The Federal Reserve has become increasingly focused on inflation —
or, more properly, the lack thereof. As the following chart shows,
though underlying price data show modest inflation, the majority of
Fed governors have signaled support for a new round of quantitative
easing that would involve the central bank purchasing $1 trillion of
government securities in an effort to push long -term interest rates even
lower, ultimately encouraging modest price increases that would help
debtors and, perhaps, stimulate spending.
6%
5%
4%
3%
2%
1%
0%
-1%
-2 %
-3%
Core and Non -Core Consumer Price Index
August 2005 through August 2010
a
- - -- Consumer Price Index
Core CPI
1%
Aug 05 Aug 06 Aug 07 Aug 08 Aug 09 Aug 10
Source data: U.S. Department of Labor, Bureau of Labor Statistics
Investment Strategy
Given the increased likelihood that low interest rates will persist over
the next several quarters, we plan to manage portfolios slightly closer
to those of their respective benchmarks. This cautious duration
extension should offer an opportunity to add value, while providing
enough flexibility to respond to changing interest rate scenarios. We
remain concerned that when interest rates rise from their record lows,
PFM Asset Management LLC Section A - 3
Village of North Palm Beach, Florida Investment Report — Quarter Ended September 30, 2010
as they surely will, longer duration investments will experience market
value declines that will lead to strongly negative returns for an
extended period. We believe the best defense is to keep portfolios
somewhat shorter; even though such a strategy may give up some
return in the short run, it will mitigate the effects of a rise in rates.
With rates at record lows, even a slight increase has the potential to
more than offset interest income, resulting in a negative total return.
We also plan to maintain or increase holdings of assets other than
Treasuries because, although credit spreads are generally narrow,
strong government and central bank action to promote economic
growth and keep interest rates low should aid these types of
investments.
PFM Asset Management LLC Section A - 4
Village of North Palm Beach
Current Quarter
Previous Quarter
Current Quarter
Investment Report - Quarter Ended September 30, 2010
Effective Duration(Years)'
September 30, 2010
June 30, 2010
Yields September 30, 2010
June 30, 2010
Quarterly Summary Report
1.52
1.61
Yield at Market 0.45%
0.65%
Total Portfolio Value'
September 30, 2010
June 30, 2010
Yield at Cost 1.23%
1.17%
Market Value
$7,619,296.04
$8,126,012.05
94.97
Total
Amortized Cost
$7,525,218.03
$8,050,764.79
S108.83613
$8,950.88
Current Quarter
Previous Quarter
Quarterly Return
Annualized
Last
Last Since Inception
Total Returnl•'a -VV`s
September 30, 2010
Quarter
12 Months
24 Months June 30, 2009
Investment Portfolio
0.55%
2.19%
2.42%
N/A 2.57%
Merrill Lynch 1 -3 Year U.S. Treasury Index
0.62%
2.47%
2.53%
N/A 2.65%
Notes.
I. In order to comply with GASB accrual accounting reporting requirements: fomard selling Vedas are ncluded inthe monthly balaM95.
2. End of quarter lmde -dale market values of podfoio holdings, Including accrued interest,
3. The IMmsmsdI Pordoln's core balance ncreased due to a S1 milon CD malumg on 12MM9 and sn-Isd as pad of core balance.
4. Performance on trade dale basis. gross (i.e., before fees), is n accordance mint The CFA Institute's Global 1- fraenl Pefoormance Standards (GIPS).
5. M-1 Lynch lad- p-ded by Bloomberg FnanOut Market.
6. Quarterly returns are presented on both an unannuatmd and annualized basis. The annualized return assumes the quarterly return is compounded at the same rate
for four quarters and is presented for reference only. The actual annual return wil be the result of chainng the most recenl four quarterly returns.
1. InMdes moneymarkel f nadfcash in performance and duration comprdaliUns.
6. Returns presented for 12 months or longer we presented on an annual bass.
9. Past performance fs not ndicalrre of future results.
PFM Asset Management Id.0 Section A - 1
Current Quarter
Previous Quarter
Current Quarter
Previous Quarter
Effective Duration(Years)'
September 30, 2010
June 30, 2010
Yields September 30, 2010
June 30, 2010
Investment Portfolio
1.52
1.61
Yield at Market 0.45%
0.65%
Merrill Lynch 1 -3 Year U.S. Treasury Index Z
1.81
1.82
Yield at Cost 1.23%
1.17%
Portfolio Duration % of Benchmark Duration
84%
89%
94.97
Total
Notes.
I. In order to comply with GASB accrual accounting reporting requirements: fomard selling Vedas are ncluded inthe monthly balaM95.
2. End of quarter lmde -dale market values of podfoio holdings, Including accrued interest,
3. The IMmsmsdI Pordoln's core balance ncreased due to a S1 milon CD malumg on 12MM9 and sn-Isd as pad of core balance.
4. Performance on trade dale basis. gross (i.e., before fees), is n accordance mint The CFA Institute's Global 1- fraenl Pefoormance Standards (GIPS).
5. M-1 Lynch lad- p-ded by Bloomberg FnanOut Market.
6. Quarterly returns are presented on both an unannuatmd and annualized basis. The annualized return assumes the quarterly return is compounded at the same rate
for four quarters and is presented for reference only. The actual annual return wil be the result of chainng the most recenl four quarterly returns.
1. InMdes moneymarkel f nadfcash in performance and duration comprdaliUns.
6. Returns presented for 12 months or longer we presented on an annual bass.
9. Past performance fs not ndicalrre of future results.
PFM Asset Management Id.0 Section A - 1
Quarter Total Return Comparison
Previous Quarter
Quarter Ended 09/30/10
1.25%
Fiscal Year 2009
1.00%
September 30, 2010
E 0.75%
ML 1 -3 Year U.S. Treasury Index
tY 0.50%
Investment Portfolio 0.62%
0.55
0.25%
$17,130.44
1.50
Investment Portfolio
0.00%
0.50 1.00 1.50 2.00 2.50 3.00
Effective Duration (Years)
Notes.
I. In order to comply with GASB accrual accounting reporting requirements: fomard selling Vedas are ncluded inthe monthly balaM95.
2. End of quarter lmde -dale market values of podfoio holdings, Including accrued interest,
3. The IMmsmsdI Pordoln's core balance ncreased due to a S1 milon CD malumg on 12MM9 and sn-Isd as pad of core balance.
4. Performance on trade dale basis. gross (i.e., before fees), is n accordance mint The CFA Institute's Global 1- fraenl Pefoormance Standards (GIPS).
5. M-1 Lynch lad- p-ded by Bloomberg FnanOut Market.
6. Quarterly returns are presented on both an unannuatmd and annualized basis. The annualized return assumes the quarterly return is compounded at the same rate
for four quarters and is presented for reference only. The actual annual return wil be the result of chainng the most recenl four quarterly returns.
1. InMdes moneymarkel f nadfcash in performance and duration comprdaliUns.
6. Returns presented for 12 months or longer we presented on an annual bass.
9. Past performance fs not ndicalrre of future results.
PFM Asset Management Id.0 Section A - 1
Total Return Comparison Since Inception as of
Previous Quarter
Quarter Ended 09/30/10
3.50%
Fiscal Year 2009
3.00
September 30, 2010
June 30, 2010
Investment Portfolio ML 1 -3 Year U.S. Treasury Index
c 2.50% -
2.57% 2.65%
W 2.00
$17,130.44
1.50
Investment Portfolio
$108,801.81
$8,855.91
1.00%
0.50 1.00 1.50 2.00 2.50 3.00
Effective Duration (Years)
Notes.
I. In order to comply with GASB accrual accounting reporting requirements: fomard selling Vedas are ncluded inthe monthly balaM95.
2. End of quarter lmde -dale market values of podfoio holdings, Including accrued interest,
3. The IMmsmsdI Pordoln's core balance ncreased due to a S1 milon CD malumg on 12MM9 and sn-Isd as pad of core balance.
4. Performance on trade dale basis. gross (i.e., before fees), is n accordance mint The CFA Institute's Global 1- fraenl Pefoormance Standards (GIPS).
5. M-1 Lynch lad- p-ded by Bloomberg FnanOut Market.
6. Quarterly returns are presented on both an unannuatmd and annualized basis. The annualized return assumes the quarterly return is compounded at the same rate
for four quarters and is presented for reference only. The actual annual return wil be the result of chainng the most recenl four quarterly returns.
1. InMdes moneymarkel f nadfcash in performance and duration comprdaliUns.
6. Returns presented for 12 months or longer we presented on an annual bass.
9. Past performance fs not ndicalrre of future results.
PFM Asset Management Id.0 Section A - 1
Current Quarter
Previous Quarter
Fiscal Year 2010
Fiscal Year 2009
Quarterly Interest Income
September 30, 2010
June 30, 2010
Fiscal Year Interest Income
Year to Date
Year to Date
Investment Portfolio
$17,130.44
$36,433.03
Investment Portfolio
$108,801.81
$8,855.91
TD Bank Money Market Fund
5.71
4.67
TD Bank Money Market Fund
34.32
94.97
Total
$17.136.15
$36,437.70
Total
S108.83613
$8,950.88
Current Quarter
Previous Quarter
Fiscal Year 2010
Fiscal Year 2009
Quarterly Realized Gain/Loss on Cost
September 30, 2010
June 30. 2010
Fiscal Year Realized Gain /Loss on Cost
Year to Date
Year to Date
Investment Portfolio
$241.83
$14,885.05
Investment Portfolio
$21,419.26
$7,165.26
Notes.
I. In order to comply with GASB accrual accounting reporting requirements: fomard selling Vedas are ncluded inthe monthly balaM95.
2. End of quarter lmde -dale market values of podfoio holdings, Including accrued interest,
3. The IMmsmsdI Pordoln's core balance ncreased due to a S1 milon CD malumg on 12MM9 and sn-Isd as pad of core balance.
4. Performance on trade dale basis. gross (i.e., before fees), is n accordance mint The CFA Institute's Global 1- fraenl Pefoormance Standards (GIPS).
5. M-1 Lynch lad- p-ded by Bloomberg FnanOut Market.
6. Quarterly returns are presented on both an unannuatmd and annualized basis. The annualized return assumes the quarterly return is compounded at the same rate
for four quarters and is presented for reference only. The actual annual return wil be the result of chainng the most recenl four quarterly returns.
1. InMdes moneymarkel f nadfcash in performance and duration comprdaliUns.
6. Returns presented for 12 months or longer we presented on an annual bass.
9. Past performance fs not ndicalrre of future results.
PFM Asset Management Id.0 Section A - 1
Village of North Palm Beach Investment Report - Quarter Ended September 30, 2010
Executive Summary
➢ The Village's Investment Portfolio is of high credit quality and maintains adequate liquidity. The portfolio is invested entirely in Federal Agency, U.S.
Treasury, and FDIC guaranteed corporate securities. The securities are allocated among high quality issuers rated AAA.
➢ By the end of the third quarter, the markets' fears over the European sovereign debt crisis were still not fully alleviated. Market participants, as well as
members of the Federal Open Market Committee, have painted a dreary picture of slow economic growth for the foreseeable future. Second quarter growth
in the U.S. was 1.7 %, down from an initial reading of 2.4 %. This figure was disappointing, both in terms of its overall low level and compared to growth of
3.7% and 5.0% in the previous two quarters.
y Minutes from recent Federal Open Market Committee meetings show that the fed may maintain the fed funds target rate at 0% to 0.25% for the
foreseeable future. The majority of fed governors have signaled new quantitative easing strategies, with the potential for purchasing $1 trillion of longer -
term government debt. The fed would need to create cash in order to purchase these securities. The securities would most likely be purchased from banks,
thus increasing banks' excess reserves. In doing so, the hope is that these increases in bank reserves will allow the banks to increase their lending, and
ultimately stimulate economic growth.
y We have already seen the effects of the feds proposed quantitative easing, as intermediate -term rates have recently fallen to new lows. If the fed moves
forward with and is successful in implementing quantitative easing, intermediate -term interest rates may fall even more. The high level of uncertainty
regarding future economic growth may cause continued volatility in market rates.
Over the quarter, yields on most high quality intermediate -term securities fell, which pushed prices (and total returns) higher. Portfolios with longer
durations generally outperformed those with shorter durations, all else equal. Overall, yields ended the quarter lower due to economic releases showing
disappointing growth, lackluster housing and job markets, and low inflation.
We continued to emphasize safety and liquidity in our management of the portfolio.
At the beginning of the quarter, we targeted a duration of 89% of the benchmark duration in order to benefit from the yield and roll down offered by the
steep yield curve. We were slightly short of the benchmark to provide some market value protection if rates rose quickly. Over the quarter, as rates
decreased, we allowed the duration of the portfolio to drift shorter to 84% of the benchmark duration in anticipation of rising rates. As a result of being
shorter than the benchmark, the portfolio's return of 0.55 %, slightly underperformed the benchmark's return of 0.62% by 7 basis points (0.07 %). We will
continue to position the portfolio short of the benchmark in this period of historic low interest rates to limit interest rate risk and the market value erosion that
will occur if rates rise.
PFM will continue to follow the prudent investment strategies that have safely provided the Village with favorable long -term performance during this period
of historic low interest rates.
r In the current market, we are focusing on the duration structure of the portfolio rather than the maturity structure. We are targeting durations at 95% of
portfolio benchmarks. Our portfolio strategy involves a barbell structure, where funds are split between short -term federal agency floating rate securities
and intermediate -term securities in the 18 -36 month range. We would look to invest a portion of intermediate -term securities in 2 and 3 year federal agency
securities while maintaining the portfolio's duration structure within the target range.
PFM Asset Management LLC Section B -1
Village of North Palm Beach Investment Report - Quarter Ended September 30, 2010
Investment Portfolio Composition and Credit Quality Characteristics
Security Type'
September 30, 2010
% of Portfolio
June 30 2010
% of Portfolio
U.S. Treasuries
$3,130,133.90
41.1%
$3,681,048.46
45.3%
Federal Agencies
2,865,411.52
37.6%
2,852,699.78
35.1%
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
0.00
0.0%
0.00
0.0%
Corporate Notes /Bonds - FDIC Insured
1,533,388.13
20.1%
1,525,155.95
18.8%
Mortgage Backed
0.00
0.0%
0.00
0.0%
Money Market Fund /Cash
90,362.49
1.2%
67,107.86
0.8%
Totals
$7,619,296.04
100.0%
$8,126,012.05
100.0%
Portfolio Composition
as of 09/30/10 Money Market
Corporate Fund/ Cash
Cor
p 1.19/0
Notes /Bonds - _
FDIC Insured
20% -%
U.S. Treasuries
41%
s,
l =.
Federal Agency
Obligations
38%
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.
3. A rating of'TSY" indicates the security is an obligation of, or explicitly guaranteed by the U. S. Government.
Credit Quality Distribution 3
as of 09/30/10
58%
PFM Asset Management LLC Section B - 2
Village of North Palm Beach
Investment Report - Quarter Ended September 30, 2010
Investment Portfolio Maturity Distribution
Maturity Distribution' September 30, 2010
June 30, 2010
Overnight (Monedy Market Fund)
$90,362.49
$67,107.86
Under 6 Months
0.00'
0.00
6 - 12 Months
1,199,121.86
877,261.26
1 - 2 Years
4,346,541.40
4,890,664.66
2 - 3 Years
1,983,270.29
2,290,978.27
3 - 4 Years
0.00
0.00
4 - 5 Years
0.00
0.00
5 Years and Over
0.00'
0.00
70%
60%
50%
0
a0 40%
m
1° 30%
0
0
rn 20%
m
c
v 10%
m
11
0%
1% 1%
Overnight
Totals $7,619,296.04 $8,126,012.05
16%
711%
0% 0%
Portfolio Maturity Distribution'
57%
28%
❑September 30, 2010
❑June 30, 2010
0% 0% 0% 0% 0% 0%
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' Asset Allocation as of September 30,2010*
Security Type
September 30, 2010
September 30, 2010
Notes
Permitted by Policy
Florida Prime (SBA)
320,002.38
2.48%
2
25%
United States Treasury Securities
3,092.675.57
24.00%
3,887,660.65
too %
United States Government Agency Securities
-
0.00%
Funds
100%
Federal Instrumentalities
2,829,071.97
21.96%
33%
50%
Certificates of Deposit
-
0.00%
or Savings Account
100%
Repurchase Agreements
-
0.00%
Securities
0%
Commercial Paper
-
0.00%
Florida Prime (SBA)
2.48%
0%
Corporate Notes
1.513,108.00
11.74%
33%
25%
Mortgage - Backed Securities
-
0.00%
0%
Bankers' Acceptances
-
0.00%
0%
Money Market Mutual Funds
1,241,061.03
9.63%
50%
Intergovernmental Investment Pool
-
0.00%
25%
Interest Bearing Checking or Savings Account
„ 3,887.660.65
30.18%
2
100%
Village Managed
$5,358,361.57
41.59%
PFM Managed
$7,525,218.03
58.41%
Total
12,883,579.60
100.00%
Individual Issuer Breakdown
September 30, 2010
September 30, 2010
Notes
Permitted by Policy
Government National Mortgage Association (GNMA)
-
0.00%
100%
US Export-Import Bank (Ex -Im)
-
0.00%
100%
Farmers Home Administration (FMHA)
-
0.00%
100%
Federal Financing Bank
-
0.00%
100%
Federal Housing Administration (FHA)
-
0.00%
100%
General Services Administration
-
0.00%
100%
New Communities Act Debentures
-
0,00%
100%
US Public Housing Notes & Bonds
-
0.00%
1100%
US Dept. of Housing and Urban Development
-
0.00%
100%
Federal Farm Credit Bank (FFCB)
659,917.63
5.12%
10%
Federal Home Loan Bank (FHLB)
669,892.87
5.20%
10%
Federal National Mortgage Association (FNMA)
705,112.63
5.47%
10%
Federal Home Loan Mortgage Corporation (FHLMC)
794,148.84
6.16%
10%
Student Loan Marketing Association (SLMA)
-
0.00%
0%
Notes:
1. All Assets.
2. These Accounts are managed by the Village.
'PFM managed securities are shown on Amortized Cost plus Accrued Interest basis.
Individual Issuer Breakdown
September 30, 2010
Asset AI location
Notes Permitted by Policy
CD - BankA
as or September 30, 2010
0.00%
33%
Corpomte Notes
- -
0.00%
11.74%
Interest Bearing Checking or Savings Account - Wachovia
3,887,660.65
30.18%
Money Market Mutual
Federal Instrumentalities
_ - I _
Funds
21.96 1%
'.yii
9.63%
4.76%
33%
General Electric Corporate Notes - FDIC insured
Interest Bearing Checking
3.63%
33%
or Savings Account
United States Treasury
3.16%
33%
30.18%
Securities
0.00%
33%
Corporate Notes E
24.00%
Florida Prime (SBA)
2.48%
33%
Individual Issuer Breakdown
September 30, 2010
September 30, 2010
Notes Permitted by Policy
CD - BankA
-
0.00%
33%
CD - BankB
- -
0.00%
33%
Interest Bearing Checking or Savings Account - Wachovia
3,887,660.65
30.18%
2 50%
Interest Bearing Checking or Savings Account - B
-
0.00%
50%
Citigroup Corporate Notes - FDIC insured
612,895.81
4.76%
33%
General Electric Corporate Notes - FDIC insured
493,186.77
3.63%
33%
Bank of America Corporate Notes - FDIC insured
407,025.42
3.16%
33%
Corporate Notes D
-
0.00%
33%
Corporate Notes E
-
0.00%
33%
Money Market Fund - TD Bank Sweep Account
90,362.49
0.70%
33%
Money Market Fund - Wells Fargo Advantage Fund
`.. 1,150,698.54
8.93%
2 33%
PFM Asset Management LLC Section C -1
�]� 7t x
- 1 FM Customer Service
PO Box 11813
Harrisburg, PA 17108 -1813
ACCOUNT STATEMENT
Client Management Team
Mel Hamilton
Senior Managing Consultant
300 South Orange Avenue, Suite 1170
Orlando, FL 32801
407 -648 -2208
hamiltonm @pfm.com
Steven Alexander, CTP, CGFO
Managing Director
300 South Orange Avenue, Suite 1170
Orlando, FL 32801
407 - 648 -2208
alexanders @pfm.com
Gregg Manjerovic, CFA
Senior Portfolio Manager
One Keystone Plaza, Suite 300
Harrisburg, PA 17101
717 - 232 -2723
manjerovicg @pfm.com
Rebecca Dole, CTP
Consultant
300 South Orange Street, Suite 1170
Orlando, FL 32801
407 - 648 -2208
doler @pfm.com
Contents
Cover /Disclosures
Summary Statement
Individual Accounts
Accounts included in Statement
NORTH PALM BEACH INVESTMENT PORTFOLIO
Online Access www.pfm.com
VILLAGE OF NORTH PALM BEACH
SAMIA JANJUA
501 US HIGHWAY 1
NORTH PALM BEACH, FL 33408
Customer Service 1- 717 - 232 -2723
ivPFM`
Important Disclosures
Important Disclosures
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; therefore 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 securities 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.
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 not 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
broker /dealer and is a member of the Financial Industry Regulatory
Authority ( "FIN RA ") and the Municipal Securities Rulemaking Board
( "MSRB "). You may reach the FINRA by calling the FINRA Regulator Public
Disclosure Hotline at 1- 888 - 289 -9999 or at the 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 September 30, 2010
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 date 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 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.
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 from purchase date to maturity,
stated as a percentage.
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 need
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 & Market Sts
Harrisburg, PA 17101
�M„
Managed Account Summary Statement For the Month Ending September 30, 2010
NORTH PALM BEACH INVESTMENT PORTFOLIO 61350001
Transaction summary - Managed Account Cash Transactions summary - Managed Account
Opening Market Value $8,051,818.58 Maturities /Calls 0.00
Maturities /Calls 0.00 Sale Proceeds 556,600.34
Principal Dispositions (555,898.64) Coupon /Interest Income 4,851.13
Principal Acquisitions 549,779.52 Principal Payments 0.00
Unsettled Trades (550,507.53) Security Purchases (549,991.23)
Change in Current Value 5,030.37 Net Cash Contribution 0.00
Reconciling Transactions 0.00
Closing Market Value $7,500,222.30
Earnings Reconciliation (Cash Basis) - Managed Account Cash Balance
Interest /Coupons Received 5,552.83 Closing Cash Balance $90,362.49
Less Purchased Interest Related to Interest/Coupons (211.71)
Plus Net Realized Gains /Losses 241.83
Total Cash Basis Earnings $5,582.95
Earnings Reconciliation (Accrual Basis) Total
Ending Amortized Value of Securities 7,406,144.29
Ending Accrued Interest 28,711.25
Plus Proceeds from Sales 1,107,715.11
Plus Proceeds of Maturities /Calls /Principal Payments 0.00
Plus Coupons Received 4,851.13
Less Cost of New Purchases (549,991.23)
Less Beginning Amortized Value of Securities (7,961,616.49)
Less Beginning Accrued Interest (25,962.96)
Total Accrual Basis Earnings $9,851.10
Account 61350001 Page 1
PFM Asset Management LLC
.®
i
Portfolio Summary and Statistics
NORTH PALM BEACH INVESTMENT PORTFOLIO - 61350001
Description
Par Value
Market Value
Percent
U.S. Treasury Bond / Note
3,090,000.00
3,124,790.61
41.66
U.S. Government Supported Corporate
1,480,000.00
1,520,033.44
20.27
Debt
Federal Agency Bond / Note
2,820,000.00
2,855,398.25
38.07
Managed Account Sub -Total
7,390,000.00
7,500,222.30
100.00%
Accrued Interest
28,711.25
Total Portfolio
7,390,000.00
7,528,933.55
Unsettled Trades
0.00
0.00
US TSY Bond /
41.
For the Month Ending September 30, 2010
Fed Agy Bond /
Note
38.07%
US Govt Supported
Corp Debt
20.27%
Yield to Maturity at Cost
1.23%
Yield to Maturity at Market
0.45%
Duration to Worst
1.65
Weighted Average Days to Maturity
610
=PF`i' Account 61350001 Page 2
PFM Asset Management LLC
PFM"
Managed Account Issuer Summary
NORTH PALM BEACH INVESTMENT PORTFOLIO - 61350001
Total
$7,500,222.30 100.000/0
TSY
41.66%
For the Month Ending September 30, 2010
58.34%
-21= :1• Account 61350001 Page 3
aUPFM Asset Management LLC
Market Value
Issuer
of Holdings
Percent
BANK OF AMERICA CORP TLGP
409,855.20
5.46
CITIGROUP INC
615,599.20
8.21
FANNIE. MAE
716,006.60
9.55
FEDERAL FARM CREDIT BANKS
659,927.73
8.80
FEDERAL HOME LOAN BANKS
676,398.45
9.02
FREDDIE MAC
803,065.47
10.71
GENERAL ELECTRIC CO
494,579.04
6.59
UNITED STATES TREASURY
3,124,790.61
41.66
Total
$7,500,222.30 100.000/0
TSY
41.66%
For the Month Ending September 30, 2010
58.34%
-21= :1• Account 61350001 Page 3
aUPFM Asset Management LLC
Awiiiiil= __
WFManaged Account Detail of Securities Held
NORTH PALM BEACH INVESTMENT PORTFOLIO- 61350001
Security Type/ Description S &P Moody's Trade Settle Original YTM
Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost
US TREASURY NOTES
DTD 05/31/2009 0.875% 05/31/2011
US TREASURY NOTES
DTD 07/31/2009 1.000% 07/31/2011
US TREASURY NOTES
DTD 07/31/2009 1.000% 07/31/2011
US TREASURY NOTES
DTD 07/31/2009 1.000% 07/31/2011
US TREASURY NOTES
DTD 08/31/2009 1.000% 08/31/2011
US TREASURY NOTES
DTD 03/31/2010 1.000% 03/31/2012
US TREASURY NOTES
DTD 03/31/2010 1.000% 03/31/2012
US TREASURY NOTES
DTD 12/15/2009 1.125% 12/15/2012
US TREASURY NOTES
DTD 02/15/2010 1.375% 02/15/2013
US TREASURY NOTES
DTD 03/15/2010 1.375% 03/15/2013
US TREASURY NOTES
DTD 05/15/2010 1.375% 05/15/2013
US TREASURY NOTES
DTD 08/15/2010 0.750% 08/15/2013
For the Month Ending September 30, 2010
Accrued Amortized Market
Interest Cost Value
220,000.00
TSY
TSY
09/01/10
09/07/10
219,974.22
0.75
210.73
219,974.80
220,825.00
Security Type Sub -Total 3,090,000.00 3,085,402.76 1.16 5,343.29 3,087,332.28 3,124,790.61
U.S. Government Supported Corporate Debt
CITIGROUP INC (FDIC) GLOBAL NOTE 110,000.00 AAA Aaa 12/16/09 12/17/09 113,974.30 1.02 983.89 112,388.98 113,179.66
DTD 12/09/2008 2.875% 12/09/2011
�Al. Account 61350001 Page 4
PFM Asset Management .LLC
Managed Account Detail of Securities Held For the Month Ending September 30, 2010
NORTH PALM BEACH INVESTMENT PORTFOLIO - 61350001
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
INC (FDIC) GLOBAL NOTE
DTD 01/30/2009 2.125% 04/30/2012
36967HAD9
06050BAG6
17313UAE9
480,000.00
400,000.00
490,000.00
AAA
AAA
AAA
Aaa
Aaa
Aaa
08/28/09
12/29/09
01/06/10
08/31/09
12/30/09
01/07/10
496,651.20
405,171.20
497,541.10
1.44
1.53
1.45
4,480.00
3,523.33
4,367.47
488,706.77
403,502.09
495,155.47
494,579.04
409,855.20
502,419.54
Security Type Sub -Total
1,480,000.00
1,513,337.80
1.44
13,354.69
1,499,753.31
1,520,033.44
Federal Agency :. Note
03/04/2010 1.625% 04/15/2013
FNI* Account 61350001 Page 5
PFM Asset Management LLC
Amlrwr--
Managed Account Detail of Securities Held For the Month Ending September 30, 2010
NORTH PALM BEACH INVESTMENT PORTFOLIO - 61350001
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
Security Type Sub -Total 2,820,000.00 2,819,305.39 1.19 10,013.27 2,819,058.70 2,855,398.25
Managed Account Sub -Total 7,390,000.00 7,418,045.95 1.23 28,711.25 7,406,144.29 7,500,222.30
Securities Sub -Total $7,390,000.00 $7,418,045.95 1.23% $28,711.25 $7,406,144.29 $7,500,222.30
Accrued Interest $28,711.25
Total Investments
PFM Asset Management LLC
$7,528,933.55
Account 61350001 Page 6
Add-_
�
PFM'
Managed Account Fair Market Value & Analytics For the Month Ending September 30, 2010
NORTH PALM BEACH INVESTMENT PORTFOLIO - 61350001
Security Type/ Description Next Call Market Market Unreal G/L Unreal G/L Duration YTM
Dated Date /Coupon /Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost to Worst at Mkt
TREASURY NOTES
912828NUO
220,000.00
BK AMER
100.38
220,825.00
850.78
850.20
2.84
0.62
DTD 08/15/2010 0.750% 08/15/2013
Security Type Sub -Total 3,090,000.00 3,124,790.61 39,387.85 37,458.33 1.65 0.40
CITIGROUP INC (FDIC) GLOBAL NOTE 110,000.00 BK AMER 102.89 113,179.66 (794.64) 790.68 1.17 0.44
DTD 12/09/2008 2.875% 12/09/2011
�
N-1• Account 61350001 Page 7
PFM Asset Management LLC
PFNT'
Managed Account Fair Market Value & Analytics For the Month Ending September 30, 2010
NORTH PALM, BEACH INVESTMENT PORTFOLIO - 61350001
Security Type/ Description Next Call Market Market Unreal G/L Unreal G/L Duration YTM
Dated Date /Coupon /Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost to Worst at Mkt
GENERAL ELEC CAP CORP (FDIC) GLOBAL
490,000.00 RBS_SEC 102.53 502,419.54 4,878.44 7,264.07 1.55 0.52
DTD 01/30/2009 2.125% 04/30/2012
Security Type Sub -Total
1,480,000.00
1,520,033.44
6,695.64
20,280.13
1.40
0.49
Agency Federal :. Note
FHLMC GLOBAL NOTES
300,000.00
JPMCHASE
102.27
306,801.00
7,221.00
7,143.13
2.47
0.72
DTD 03/04/2010 1.625% 04/15/2013
�`i' Account 61350001 Page 8
PFM Asset Management LLC
Managed Account Fair Market Value & Analytics For the Month Ending September 30, 2010
NORTH PALM BEACH INVESTMENT PORTFOLIO - 61350001
Security Type/ Description Next Call Market Market Unreal G/L Unreal G/L Duration YTM
Dated Date /Coupon /Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost to Worst at Mkt
Security Type Sub -Total 2,820,000.00 2,855,398.25 36,092.86 36,339.55 1.78 0.49
Managed Account Sub -Total 7,390,000.00 7,500,222.30 82,176.35 94,078.01 1.65 0.45
Securities Sub -Total $7,390,000.00 $7,500,222.30 $82,176.35 $94,078.01 1.65 0.45%
Accrued Interest $28,711.25
Total Investments $7,528,933.55
`t. Account 61350001 Page 9
PFM Asset Management LLC
M
w PF
Managed Account Security Transactions & Interest
NORTH; PALM BEACH INVESTMENT PORTFOLIO - 61350001
Transaction Type Principal Accrued
Trade Settle Security Description CUSIP Par Proceeds Interest
09/01/10 09/07/10 US TREASURY NOTES
350,000.00
349,640.34
0.00
349,640.34 729.23 299.89 FIFO
-- 0.000% 05/05/2011
��4' Account 61350001 Page 10
PFM Asset Management .LLC
Managed Account Security Transactions & Interest
NORTH PALM BEACH INVESTMENT PORTFOLIO - 61350001
Transaction Type Principal Accrued
Trade Settle Securitv Description CUSIP Par Proceeds Interest
For the Month Ending September 30, 2010
Realized G/L Realized G/L Sale
Total Cost Amort Cost Method
09/30/10
05/31/2009 0.875%
05/31/2011
Transaction Type Sub -Total
1,105,000.00
1,106,406.17
1,308.94
1,107,715.11
2,916.38
2,034.53
Managed Account Sub -Total
3,135,000.00
556,626.65
5,948.36
562,575.01
2,916.38
2,034.53
Total Security Transactions
$3,135,000.00
$556,626.65
$5,948.36
$562,575.01
$2,916.38
$2,034.53
Bolded items are forward settling trades
�
`t Account 61350001 Page 11
qu PFM Asset Management LLC