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03-31-2016 Investment Performance ReviewVillage of North Palm Beach, Florida s+ Investment Performance Review Quarter Ended March 31, 2016 Investment Advisors PFM Asset Management LLC 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 One Keystone Plaza, Suite 300 North Front & Market Streets Harrisburg, PA 17101 -2044 717- 232 -2723. 717- 233 -6073 fax © 2016 PFM Asset Management LLC Page 1 of 38 300 S. Orange Avenue, Suite 1170 Orlando, FL 32801 (407) 648 -2208 (407) 648 -1323 fax TABLE OF CONTENTS Tab I ■ Market Update Tab 11 ■ Executive Summary ■ Investment Portfolio Tab III ■ Asset Allocation Chart ■ Important Disclosures © 2016 PFM Asset Management LLC Page 2 of 38 For the Quarter Ended March 31, 2016 Tab I © 2016 PFM Asset Management LLC Page 3 of 38 MARKET UPDATE Summary For the Quarter Ended March 31, 2016 Volatility ushered in the New Year, as slowing global growth drove investors out of riskier assets, such as equities and high -yield bonds, and into safe -haven securities such as U.S. government debt. Stocks posted one of their worst -ever starts to a year, with the S &P 500 falling more than 10% while commodity prices plunged. As a result, U.S. Treasury yields retraced nearly all of their fourth - quarter increases. Fear began to abate in February, spurring a rebound in stocks and commodities, which finished the quarter at or near 2016 highs. Interest rates rose off their February lows before giving back gains after the Federal Open Market Committee's (FOMC's) "dovish" March statement. The Federal Reserve (Fed) left policy rates unchanged in the 1st quarter. The FOMC lowered expectations for only two rate hikes in 2016, and acknowledged that global economic and financial market conditions posed a risk to its outlook. While the Fed embarks on a tightening path, other global central banks are still easing monetary policy. The European Central Bank expanded its bond purchase program to 80 billion euros per month, including the purchase of corporate bonds, while the Bank of Japan cut rates to - 0.10 %. Economic Snapshot U.S. gross domestic product (GDP) grew at a 1.4% rate in the fourth quarter of 2015 and 2.4% for all of 2015 as consumer spending continued to drive growth, while business investment and net exports were a drag. Preliminary estimates of growth in the first quarter are approximately 1 %. The labor market remained strong, as employers added 628,000 net new jobs in the first three months of the year. The unemployment rate held around 5 %, while the labor participation rate rose four months in a row. Inflationary pressures picked up in the first quarter as energy prices stabilized, home prices rose, and wages showed modest improvements. The personal consumption expenditure (PCE) price index, the Fed's most favored metric of inflation, rose 1.7% year- over -year ended February 29, 2016. © 2016 PFM Asset Management LLC Page 4 of 38 MARKET UPDATE For the Quarter Ended March 31, 2016 Global commodity price declines deepened early in the year, as the supply- demand imbalance remained in focus. Domestic crude oil fell to less than $30 a barrel in February, before staging a comeback and rebounding above $40 a barrel on the possibility of an output freeze by the Organization of the Petroleum Exporting Countries (OPEC). The Chinese economy continued to slow, stoking concern that weakness in the world's second - largest economy may negatively impact global growth, but especially emerging market countries — those dependent on commodity exports. Interest Rates Interest rates declined in the first quarter, first due to widespread concern about the global economy and then later in the quarter after the Fed signaled a slower pace of rate increases. The two -year Treasury yield fell 33 basis points (0.33%) during the quarter, while the 10 -year Treasury yield fell 50 basis points (0.50%). In the money market space, shorter Treasuries posted small declines, but short -term credit instruments, such as commercial paper and bank certificates of deposit (CDs) offered unusually wide yield spreads. Sector Performance U.S. Treasury indexes posted strong returns for the first quarter, as rate declines boosted market values. Longer maturity issues performed best. Non - callable federal agency securities performed generally in line with comparable- maturity Treasuries. Corporate yield spreads widened significantly through the middle of February amid energy - related weakness and declining corporate profits. Although corporates suffered sharp underperformance through January and much of February, spreads tightened dramatically in March, generating enough outperformance for the sector to surpass comparable- maturity Treasuries over the entire quarter. Mortgage- backed securities were the worst - performing sector in the quarter, underperforming Treasuries. They were hurt as declining interest rates increased anticipated pre - payments. © 2016 PFM Asset Management LLC Page 5 of 38 MARKET UPDATE For the Quarter Ended March 31, 2016 © 2016 PFM Asset Management LLC Page 6 of 38 Economic Snapshot Labor Unemployment Rate Mar'16 5.0% 5.0% 5.5% Unemployment Rate (left) vs. Change in Nonfarm PayroIIs(right) ° ° � Change In Nmfann Payrdls Change In Non -Farm Payrolls Mar'16 215,000 84,000 Une playmentRat 350K I 300K 6% If 250K Average Hourly Earnings (YoY) Mar'16 2.3% 2.6% 2.2% 200K Personal Income (YoY) Feb'16 4.0% 4.070 ] 4% I I HMO 50KK 2% I Initial Jobless Claims (week) 3/26/16 276,000 285,000 268,000 3/31/13 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 3/31/16 • Real GDP (QoQ SAAR) 2015Q4 1.4% 2.0% i 2.1% z ReaIGDP (QoQ) 6% 1 2 GDP Personal Consumption (QoQ SAAR) 2015Q4 2.4% 3.0% 4.3% 4% Retail Sales (YoY) Feb'16 3.1% 2.6% 2.1% 2% ° ° ISM Manufacturing Survey (month) Mar'16 51.8 48.0 52.3 -2% Existing Home Sales SAAR (month) Feb'16 5.08 mil. 5.45 mil. 5.25 mil. 12/31/12 6/30/13 12/31/13 6/30/14 12/31/14 6/30/15 12/31/15 Inflation I Prices Personal Consumption Expenditures (YoY) Feb'l6 1.0% 0.7% 0.3% Co Ins u Inner Price Index 3% _CPI (YoY) Core CPI (YoY) Consumer Price Index (YoY) Feb'16 1.0% 0.7% -0.1% 2% Consumer Price Index Core (YoY) Feb'16 2.3% 2.1% 1.8% ° ° 0% Crude Oil Futures (WTI, per barrel) Mar 31 $38.34 $37.04 $47.60 -1% 3/31/13 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 Gold Futures (oz.) Mar 31 $1,234 $1,060 $1,183 1. Data as of Third Quarter 2015 2. Data as of Fourth Quarter 2014 Note: YoY = year over year, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil © 2016 PFM Asset Management LLC Page 6 of 38 MARKET UPDATE Investment Rate Overview U.S. Treasury Note Yields 3.0% 2.5% 2.0% r: r. .. .... 6 1.5% 1.0% 0.5% 0.0% 12/31/15 1/31/16 2/29/16 3/31/16 2 -Year ......•• 5 -Year 10 -Year U.S. Treasury Yields Maturity 3/31/16 12/31/15 Change 3/31/15 Change over Quarter over Year 3 -month 0.20% 0.17% 0.03% 0.02% 0.18% 1 -year 0.58% 0.60% (0.02 %) 0.23% 0.35% 2 -year 0.72% 1.05% (0.33 %) 0.56% 0.16% 5 -year 1.21% 1.76% (0.55 %) 1.37% (0.16 %) 10 -year 1.77% 2.27% (0.50 %) 1.92% (0.15 %) 30 -year 2.61% 3.02% (0.41%) 2.54% Source: Bloomberg © 2016 PFM Asset Management LLC Page 7 of 38 For the Quarter Ended March 31, 2016 U.S. Treasury Yield Curve 4% ; ------------ - - - - -- ---------------------------------------------------- 3% ------------------------------------------------------------------------------ - - - - -- - -�.. 2% y- - - - - -- - - -- - - -- - - -- - - -- -------------- - - - - -- - - -- - -- y .0p W 0% !__ - - - -- ----- - - - - -- --------- - - - - -- W�NW 3 O O O Maturity March 31, 2016 December 31, 2015 — — March 31, 2015 Yield Curves as of 313112016 5% Y----- - - - - -- ---------------------------------------------------------- } 2 %------ - - - - -- y-- - - - - -- � ------- - - - - -- --------------------------------------- 1% - - -- �- -- - - -- ---------------------------------------------------------------- 0% ` -- ------------------------------------ N W Maturity U.S. Treasury Federal Agency — — Industrial Corporates, A Rated MARKET UPDATE B&A Merrill Lynch Index Returns As of 3/31/2016 For the Quarter Ended March 31, 2016 Returns for Periods ended 3/31/2016 Returns for periods greater than one year are annualized Source: BofA Merrill Lynch Indices © 2016 PFM Asset Management LLC Page 8 of 38 Duration Yield 3 Month 1 Year 3 Years Indices 1-3 Year U.S. Treasury 1.89 0.75% 0.90% 0.92% 0.77% Federal Agency 1.56 0.80% 0.86% 1.02% 0.86% U.S. Corporates, A -AAA rated 1.95 1.52% 1.09% 1.48% 1.43% Agency MBS (0 to 3 years) 2.13 1.41% 0.50% 1.77% 1.37% Municipals 1.79 0.84% 0.51% 1.01% 0.87% Indices 1-5 Year U.S. Treasury 2.72 0.89% 1.57% 1.62% 1.14% Federal Agency 2.06 0.91% 1.26% 1.43% 1.14% U.S. Corporates, A -AAA rated 2.77 1.77% 1.70% 2.02% 1.97% Agency MBS (0 to 5 years) 3.18 1.88% 1.47% 1.86% 2.19% Municipals 2.46 1.00% 0.72% 1.58% 1.27% Indices Master or U.S. Treasury 6.43 1.34% 3.35% 2.42% 2.30% Federal Agency 3.65 1.26% 2.14% 1.86% 1.75% U.S. Corporates, A -AAA rated 6.96 2.70% 3.67% 2.13% 3.26% Agency MBS (0 to 30 years) 3.79 2.14% 1.95% 2.41% 2.68% Municipals 6.77 2.05% 1.64% 4.12% 3.73% Returns for periods greater than one year are annualized Source: BofA Merrill Lynch Indices © 2016 PFM Asset Management LLC Page 8 of 38 MARKET UPDATE Disclosures For the Quarter Ended March 31, 2016 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. www.pfm.com. © 2016 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. © 2016 PFM Asset Management LLC Page 9 of 38 Tab II © 2016 PFM Asset Management LLC Page 10 of 38 EXECUTIVE SUMMARY For the Quarter Ended March 31, 2016 The Investment Portfolio is of high credit quality and invested in U.S. Treasury, Federal Agency, Supranational Agency, municipal obligations, asset backed securities, corporate notes, and commercial paper securities. The Investment Portfolio's quarterly total return performance of 0.95% outperformed the benchmark performance of 0.90% by 0.05 %. We expect the U.S. economy to expand at a moderate pace in 2016 as consumer spending continues to drive positive growth. Outside the U.S., economic prospects are more challenged due to weak commodity prices, slowing growth in China, and various geopolitical risks. The market's concerns about the strength of the global economy will likely keep interest rates lower than previously expected. Economic projections released following the FOMC's March meeting indicated that FOMC participants believe that appropriate monetary policy warrants only two fed funds hikes in 2016, down from four hikes projected in December. Given the likelihood that rates will not move significantly higher in the near -term, we will position the maturity distribution of portfolios to generally match the distribution of their benchmarks, except where shifting to short -term credit securities offers better value. Because of narrowed yield spreads, federal agencies currently have less appeal relative to comparable- maturity U.S. Treasuries. We will monitor the yield relationship and take advantage of any opportunities that arise — opportunities are most likely to occur with newly- issued federal agency securities. PFM will continue to navigate the market environment with a keen focus on relative value sector analysis, prudent duration 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 trend higher. © 2016 PFM Asset Management LLC Page 11 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Credit Quality (S &P Ratings) Portfolio Statistics As of March 31, 2016 Par Value: 8,950,000 Total Market Value: 9,042,464 Market Value: 9,001,990 Accrued Interest. 18,024 Cash: 22,450 Amortized Cost: 8,963,855 Yield at Market: 0.84% Yield at Cost: 1.05% Effective Duration: 1.80 Years Duration to Worst: 1.80 Years Average Maturity: 1.84 Years Average Credit ( * *) AA A 7.7% A- 2.2% A+ 0.8% A -1 2.5% AA 2.2% AA- 3.4% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% U.S. easury 68.1% For the Quarter Ended March 31, 2016 Portfolio Sna pshot Sector Allocation Maturity Distribution Asset - Backed 0.6% Commercial — Paper 2.5% _Corporate 16.8% Federal Agency /GSE 8.7% Municipal 2.0% Supra -Sov / Supra -Natl Agency 1.3% 0 -1Year 1- 2Years 2- 3Years 3- 4Years 4- 5Years >5Years * *An average of each security's credit rating assigned a numeric value and adjusted for its relative :weighting in the portfolio. © 2016 PFM Asset Management LLC Page 12 of 38 For the Quarter Ended March 31, 2016 NORTH PALM BEACH INVESTMENT" PORTFOLIO Por folio Performance Portfolio Performance (Total Return) Annualized Return 1.2% 1.0% 0.8% 0.6% c� c 0.4% H 0.2% 0.0% Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception ■ NORTH PALM BEACH INVESTMENT PORTFOLIO ■ BofA ML 1 -3 Year U.S. Treasury Index Portfolio performance is gross offees unless otherwise indicated. © 2016 PFM Asset Management LLC Page 13 of 38 For the Quarter Ended March 31, 2016 NORTH PALM BEACH INVESTMENT" PORTFOLIO Por folio Performance Portfolio Performance (Total Return) Quarter Ended Effective Portfolio/ Benchmark Duration 03/31/16 12/31/15 09/30/15 06/30/15 1 Year Annualized Return 3 Year 5 Year NORTH PALM BEACH INVESTMENT 1.80 0.95% -0.31% 0.32% 0.11% 1.07% 0.83% 0.90% PORTFOLIO BofA ML 1 -3 Year U.S. Treasurylndex 9.82 0.90% - 0.44% 0.39% 0.15% 0.92% 0.77010 0.87010 Difference 0.05% 0.13% 0.010//() -0.04% 0.15% 0.06% 0.03% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% c� 0.0% -0.2% -0.4% -0.6% 03/31/16 12/31/15 09/30/15 ■ NORTH PALM BEACH INVESTMENT PORTFOLIO Portfolio _performance is gross offees unless otherwise indicated. 06/30/15 1 Year 3 Year ■ BafA ML 9 -3 Year U.S. Treasury Index 5 Year © 2016 PFM Asset Management LLC Page 14 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Portfolio Performance (Total Return) Quarter Ended Effective Portfolio /Benchmark Duration 03/31/16 12/31/15 09/30/15 06/30/15 For the Quarter Ended March 31, 2016 Portfolio Performance Annualized Return 1 Year 3 Year 5 Year NORTH PALM BEACH INVESTMENT 1.80 0.95% -0.31% 0.32% 0.11% 1.07% 0.83% 0.90% PORTFOLIO Net of Fees ( * *) 1.80 0.93% -0.33% 0.30% 0.09% 0.99% 0.75% 0.82% BofA ML 1 -3 Year U.S. Treasury Index 1.82 0.90% -0.44% 0.39% 0.95% 0.92% 0.77010 0.87010 Difference (Gross) 0.05% 0.13% 0.01% -0.04% 0.15% 0.06% 0.03% Difference (Net) 0.03% 0.11% -0.01% -0.06% 0.07% -0.02% -0.05% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% O E-I 0.0% -0.2% -0.4% -0.6% 03/31/16 12/31/15 09/30/15 06/30/15 1 Year 3 Year ■ NORTH PALM BEACH INVESTMENT PORTFOLIO ■ BofA ML 1 -3 Year U.S. Treasury Index Portfolio _performance isgross of fees unless otherwise indicated. ** Fees were calculated based on average assets during the period at the contractual rate. 5 Year © 2016 PFM Asset Management LLC Page 15 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Portfolio Earnings Quarter -Ended March 31, 2016 Market Value Basis For the Quarter Ended March 31, 2016 Portfolio Performance Accrual (Amortized Cost) Basis Beginning Value (12/31/ 2015) $8,867,666.35 $8,891,261.20 Net Purchases /Sales $72,783.76 $72,783.76 Change in Value $61,540.24 ($190.33) Ending Value (03/31/2016) $9,001,990.35 $8,963,854.63 Interest Earned $23,227.88 $23,227.88 Portfolio Earnings $84,768.12 $23,037.55 © 2016 PFM Asset Management LLC Page 16 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Sector Allocation As ofMarch 31, 2016 Sector Market Value ($) % of Portfolio U.S. Treasury 6,131,951 68.1% Corporate 1,508,163 16.8% Federal Agency /GSE 781,402 8.7/0 Commercial Paper 229,367 2.6% Municipal 181,139 2.0% Supra -Sov / Supra -Nad Agen 120,006 1.3% Asset - Backed 49,962 0.6% Total 9,001,990 100.0% Detail may not add to total due to rounding- © 2016 PFM Asset Management LLC U.S. Treasury 68.1% Page 17 of 38 For the Quarter Ended March 31, 2016 Portfolio Composition Asset-Backed ,rcial °r ite oral /GSE Pal ;ov / Nad cy NORTH PALM BEACH INVESTMENT PORTFOLIO Sector Sector Allocation As ofMarch 31, 2016 Market Value ($) For the Quarter Ended March 31, 2016 Portfolio Composition % of Portfolio % of Benchmark U.S. Treasury 6,131,951 68.1% 100.0% Corporate 1,508,163 16.8% - Federal Agency /GSE 781,402 8.7% - Commercial Paper 229,367 2.6% - Municipal 181,139 2.0% - Supra -Sov / Supra -Nad Agency 120,006 1.3% - Asset - Backed 49,962 0.6% - Total 9,001,990 100.0% 100.0% 120% 100.0% 100% 80% 68.1 60% 40% 20% 8.7% 0.6% 0.0% 2.5% 0.0% 0.0% 0.0% 2.0% 0.0% 1.3% 0.0% 0% Asset - Backed Commercial Paper Corporate Federal Agency /GSE Municipal Supra -Sov / U.S. Treasury Supra -Natl Agency ■ NORTH PALM BEACH INVESTMENT PORTFOLIO ■ BofA ML 1 -3 Year U.S. Treasury Index Detail may not add to total due to rounding- C) 2016 PFM Asset Management LLC Page 18 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Sector U.S. Treasury Corporate Federal Agency /GSE Commercial Paper Municipal Supra -Sov / Supra -Natl Agency Asset - Backed For the Quarter Ended March 31, 2016 Portfolio Composition Sector Allocation March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 MV ($MM) % of Total MV ($MM) % of Total MV ($MM) % of Total MV ($MM) % of Total 6.1 68.1% 5.9 66.6% 5.6 63.5% 5.5 62.50/c 1.5 16.8% 1.6 18.0% 1.9 21.0% 2.0 22.00/c 0.8 8.7% 0.9 10.5% 0.9 10.5% 0.9 10.50/c 0.2 2.6% 0.2 2.3% 0.2 2.3% 0.2 2.3% 0.2 2.0% 0.1 1.4% 0.1 1.4% 0.1 1.40/c 0.1 1.3% 0.1 1.3% 0.1 1.4% 0.1 1.40/c 0.0 0.6% 0.0 0.0% 0.0 0.0% 0.0 0.0 °/a Total $9.0 100.0% 100% Detail may not add to total due to rounding. 8.9% 100.0% $8.9 100.0% $8.9 100.0% March 2016 December 2015 September 2015 June 2015 © 2016 PFM Asset Management LLC Page 19 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Maturity Distribution As ofMarch 31, 2016 For the Quarter Ended March 31, 2016 Portfolio Composition 60% 50% 40% 30% 20% 10% 0% 0 -1 Years 1 -2 Years 2 -3 Years 3 -4 Years 4 -5 Years > 5 Years ❑ NORTH PALM BEACH INVESTMENT PORTFOLIO ■ BofA ML 1 -3 Year U.S. Treasury Index © 2016 PFM Asset Management LLC Page 20 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Duration Distribution As ofMarch 31, 2016 For the Quarter Ended March 31, 2016 Portfolio Composition 60�70 50% 40% 30% 20% 10% 0% 0 -1 Years 1 -2 Years 2 -3 Years 3 -4 Years 4 -5 Years > 5 Years ■ NORTH PALM BEACH INVESTMENT PORTFOLIO ■ BofA ML 1 -3 Year U.S. Treasury Index Distribution by Effective Duration 60% 50% 40% 30% 20% 10% 0% 0 -1 Years 1 -2 Years 2 -3 Years 3 -4 Years 4 -5 Years > 5 Years ■ NORTH PALM BEACH INVESTMENT PORTFOLIO ■ BofA ML 1 -3 Year U.S. Treasury Index Contribution to Portfolio Duration © 2016 PFM Asset Management LLC Page 21 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Credit Quality As ofMarch 31, 2016 S &P Rating Market Value ($) % of Portfolio AA+ $7,134,665 79.3% A $691,660 7.7% AA- $303,658 3.4% A -1 $229,367 2.6% AA $201,417 2.2% A- $200,798 2.2% AAA $169,967 1.9% A+ $70,458 0.8% Totals $9,001,990 100.0% Detail may not add to total due to rounding. © 2016 PFM Asset Management LLC Page 22 of 38 AAA 1.9% AA+ 79.3% For the Quarter Ended March 31, 2016 Portfolio Composition A 7.7% A- 2.2% A+ 0.8% A-1 2.5% AA 2.2% AA- 3.4% For the Quarter Ended March 31, 2016 NORTH PALM BEACH INVESTMENT" PORTFOLIO Por folio Composition Issuer Distribution As ofMarch 31, 2016 Issuer Market Value ($) % of Portfolio UNITED STATES TREASURY 6,131,951 68.1% FREDDIE MAC 516,034 5.7% JP MORGAN CHASE & CO 430,165 4.8% BANK OF NEW YORK CO INC 201,505 2.2% HSBC HOLDINGS PLC 199,529 2.2% CISCO SYSTEMS INC 192,677 2.1% FLORIDA ST HURRICAN CAT FUND 181,139 2.0% FEDERAL HOME LOAN BANKS 164,991 1.8% GENERAL ELECTRIC CO 150,266 1.7% WELLS FARGO & COMPANY 150,191 1.7% INTL BANK OF RECONSTRUCTION AND DEV 120,006 1.3% TOYOTA MOTOR CORP 110,980 1.2% FANNIE MAE 100,377 1.1% DEERE & COMPANY 100,130 1.1% APPLE INC 1 71,046 0.8% AMERICAN HONDA FINANCE 70,458 0.8% HONDA AUTO RECEIVABLES 49,962 0.6% PEPSICO, INC 40,305 0.5% © 2016 PFM Asset Management LLC Page 23 of 38 For the Quarter Ended March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO Issuer Market Value ($) % of Portfolio BERKSHIRE HATHAWAY INC 20,278 0.2% Grand Total: 9,001,990 100.0% © 2016 PFM Asset Management LLC Page 24 of 38 Portfolio Composition For the Quarter Ended March 31, 2016 NORTH PALM BEACH INVESTMENT" PORTFOLIO Por folio Composition Sector /Issuer Distribution As ofMarch 31, 2016 Sector / Issuer Market Value ($) % of Sector % of Total Portfolio Asset - Backed HONDA AUTO RECEIVABLES 49,962 100.0% 0.6% Sector Total 49,962 100.0% 0.6% Commercial Paper TP MORGAN CHASE & CO 229,367 100.0% 2.5% Sector Total 229,367 100.0% 2.5% Corporate AMERICAN HONDA FINANCE 70,458 4.7% 0.8% APPLE INC 71,046 4.7% 0.8% BANK OF NEW YORK CO INC 201,505 13.4% 2.2% BERKSHIRE I IATI IAWAY INC 20,278 1.3% 0.2% CISCO SYSTEMS INC 192,677 12.8% 2.1% DEERE & COMPANY 100,130 6.6% 1.1% GENERAL ELECTRIC CO 150,266 10.0% 1.7% HSBC HOLDINGS PLC 199,529 13.2% 2.2% TP MORGAN CHASE & CO 200,798 13.3% 2.2% PEPSICO, INC 40,305 2.7% 0.4% TOYOTA MOTOR CORP 110,980 7.4% 1.2% WELLS FARGO & COMPANY 150,191 10.0% 1.7% © 2016 PFM Asset Management LLC Page 25 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Sector / Issuer For the Quarter Ended March 31, 2016 Portfolio Composition Market Value ($) % of Sector % of Total Portfolio © 2016 PFM Asset Management LLC Page 26 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Quarterly Portfolio Transactions Trade Settle Date Date Par ($) US TREASURY NOTES 0.50% 7/31/17 1,737.50 © 2016 PFM Asset Management LLC Page 27 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Trade Settle Date Date Par ($) US TREASURY NOTES 0.75% 3/31/18 1,406.25 Total INTEREST 6,165,000 MATURITY 3/4/16 3/4/16 200,000 46640PC43 JP MORGAN SECURITIES LLC COMM PAPER 3/24/16 3/24/16 150,000 3130A4QV7 FHLB GLOBAL NOTES (CALLED, OMD 03/24/17) © 2016 PFM Asset Management LLC Page 28 of 38 0.00% 3/4/16 0.84% 3/24/16 28,587.66 200,000.00 0.00 150,000.00 0.00 NORTH PALM BEACH INVESTMENT PORTFOLIO Trade Settle Date Date Par ($) US TREASURY BILL 0.00% 4/7/16 149,998.83 0.04% 5.46 Total SELL 1,270,000 1,273,753.55 50.76 © 2016 PFM Asset Management LLC Page 29 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO For the Quarter Ended March 31, 2016 Portfolio Achvio Quarterly Portfolio Transactions Tran. Trade Settle Maturity Transact Realized Type Date Date Par ($) AMERICAN HONDA FINANCE GLOBAL 1.12% 10/7/16 50,312.50 0.80% 136.14 NOTES © 2016 PFM Asset Management LLC Page 30 of 38 For the Quarter Ended March 31, 2016 NORTH PALM BEACH INVESTMENT" PORTFOLIO Por folio Activity Tran. Trade Settle Maturity Transact Realized Type Date Date Par ($) FHLB GLOBAL NOTES (CALLED, OMD 0.84% 3/24/16 630.00 03/24/17) © 2016 PFM Asset Management LLC Page 31 of 38 (1,814.87) (40.61) 82.05 293.74 0.00 384.64 311.81 NORTH PALM BEACH INVESTMENT PORTFOLIO Tran. Trade Settle Type Date Date Par ($) Security Description FHLB GLOBAL NOTES (CALLED, OMD 03/24/17) FNMA NOTES FHLB NOTES US TREASURY NOTES US TREASURY BILL US TREASURY NOTES US TREASURY NOTES US TREASURY NOTES US TREASURY NOTES US TREASURY NOTES US TREASURY NOTES US TREASURY NOTES Coupon 0.84% 1.00% 0.50% 1.25% 0.00% 0.62% 0.75% 0.75% 1.62% 1.37% 1.00% 0.75% For the Quarter Ended March 31, 2016 Portfolio Achvio Maturity Transact Realized Amt Date At ($) Yield G/L (BV) 3/24/16 150 000.00 0.00 9/27/17 9/28/16 10/31/18 4/7/16 9/30/17 3/31/18 3/31/18 3/31/19 9/30/18 3/31/17 3/31/18 500.00 J412.50 (152,183.36) 149,998.83 781.25 937.50 1,031.25 1,665.63 2,956.25 575.00 1,406.25 0.88% 0.04° TOTALS (46,837.58) 50.76 © 2016 PFM Asset Management LLC Page 32 of 38 Tab III © 2016 PFM Asset Management LLC Page 33 of 38 VILLAGE OF NORTH PALM BEACH, FLORIDA Municipal Money Market Obligations Mutual Funds 0.88% 0.84% Corporate Notes 7.32% Commercial Paper 1.12% Asset Allocation as of March 31, 2016 Interest Bearing Checking or Savings Account 52.96% Florida Prime (SBA) 2.49% Asset Backed Securities 0.24% Federal nited States l Agency Supranationals (GSE) Treasury Securities 0.58% 3.80% 29.76% Amortized Cost Allocation Security Type (Includes Interest) Percentage Florida Prime (SBA) 512,653.26 2.49% United States Treasury Securities 6,117,092.01 29.76% Federal Agency (GSE) 780,373.44 3.80% Supranationals 120,208.68 0.58% Mortgage- Backed Securities - 0.00% Asset Backed Securities 50,015.11 0.24% Certificates of Deposit - 0.00% Commercial Paper 229,188.68 1.12% Corporate Notes 1,504,751.90 7.32% Municipal Obligations 180,248.75 0.88% Money Market Mutual Funds 173,454.33 0.84% Intergovernmental Investment Pool - 0.00% Interest Bearing Checking or Savings Account 10,885,467.39 52.96% Village Managed 11,549,124.86 56.19% PFM Managed 9,004,328.69 43.81% Total 20,553,453.55 100.00% 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 LLC Page 34 of 38 Notes 2 I C 2 Permitted by Policy 25% 100% 75% 25% 25% 25% 50% 50% 50% 25% 50% 50% 100% In Compliance YES YES YES YES YES YES YES YES YES YES YES YES YES VILLAGE OF NORTH PALM BEACH, FLORIDA Asset Allocation as of March 31, 2016 Individual Issuer Breakdown Amortized Cost (Includes Interest) Allocation Percentage Notes Permitted by Policy In Compliance Government National Mortgage Association (GNMA) - 0.00% 40% YES Federal Farm Credit Bank (FFCB) - 0.00% 40% YES Federal Home Loan Bank (FHLB) 164,921.54 0.80% 40% YES Federal National Mortgage Association (FNMA) 99,839.09 0.49% 40% YES Federal Home Loan Mortgage Corporation (FHLMC) 515,612.81 2.51% 40% YES Florida State Hurricane Cat Fund Municipal Bonds 180,248.75 0.88% 5% YES American Honda Finance Corporate Notes 70,176.78 0.34% 5% YES Apple, Inc. Corporate Notes 70,114.12 0.34% 5% YES Bank of New York Company Inc. Corporate Notes 201,133.76 0.98% 5% YES Berkshire Hathaway, Inc. Corporate Notes 20,000.15 0.10% 5% YES Cisco Systems, Inc. Corporate Notes 190,899.31 0.93% 5% YES Deere & Company Corporate Notes 100,473.47 0.49% 5% YES General Electric Capital Corporation Corporate Notes 150,423.70 0.73% 5% YES HSBC Holdings plc Corporate Notes 200,437.35 0.98% 5% YES JP Morgan Chase & Company Corporate Notes 200,242.36 0.97% 5% YES PepsiCo, Inc. Corporate Notes 40,206.40 0.20% 5% YES Toyota Motor Corporation Corporate Notes 110,298.36 0.54% 5% YES Wells Fargo & Company Corporate Notes 150,346.14 0.73% 5% YES JP Morgan Chase & Company Commercial Paper 229,188.68 1.12% 5% YES Honda Auto Receivables ABS 50,015.11 0.24% 5% YES Money Market Fund - TD Bank Sweep Account 22,450.12 0.11% 33% YES Interest Bearing Checking /Savings Acct -Wells Fargo 8,853,005.58 43.07% 2 50% YES Interest Bearing Checking /Savings Acct - Flagler Bank 1,004,138.53 4.89% 2 50% YES Interest Bearing Checking /Savings Acct- BankUnited 1,028,323.28 5.00% 2 50% YES Money Market Fund - Wells Fargo Advantage Fund 151,004.21 0.73% 2 33% YES International Bank of Recon and Dev Global Notes 120,208.68 0.58% 10% YES © 2016 PFM Asset Management LLC Page 35 of 38 NORTH PALM BEACH INVESTMENT PORTFOLIO Important Disclosures For the Quarter Ended March 31, 2016 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. ■ 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 36 of 38 Appendix NORTH PALM BEACH INVESTMENT PORTFOLIO 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. For the Quarter Ended March 31, 2016 Appendix ■ 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. ■ 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. ■ 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. ■ 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. © 2016 PFM Asset Management LLC Page 37 of 38 For the Quarter Ended March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO Glossary ■ SETTLEMENT DATE: The date on which the transaction is settled and monies /securities are exchanged. ■ 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. Appendix ■ 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 38 of 38 J Managed Account Summary Statement NORTH PALM BEACH INVESTMENT PORTFOLIO - Opening Market Value $9,127,089.20 Maturities /Calls (350,000.00) Principal Dispositions (811,480.65) Principal Acquisitions 1,020,993.76 Unsettled Trades 0.00 Change in Current Value 15,388.04 Closing Market Value $9,001,990.35 Interest /Dividends /Coupons Received 16,092.64 Less Purchased Interest Related to Interest /Coupons (2,903.32) Plus Net Realized Gains /Losses (900.54) Total Cash Basis Earnincs $12,288.78 Ending Amortized Value of Securities 8,963,854.63 Ending Accrued Interest 18,023.94 Plus Proceeds from Sales 813,058.30 Plus Proceeds of Maturities /Calls /Principal Payments 350,000.00 Plus Coupons/ Dividends Received 14,334.99 Less Cost of New Purchases (1,023,897.08) Less Beginning Amortized Value of Securities (9,103,501.43) Less Beginning Accrued Interest (22,858.51) Total Accrual Basis Earnings $9,014.84 For the Month Ending March 31, 2016 Maturities /Calls 350, 000.00 Sale Proceeds 851,419.90 Coupon /Interest /Dividend Income 14,334.99 Principal Payments 0.00 Security Purchases (1,203,897.08) Net Cash Contribution 0.00 Reconciling Transactions 0.00 Closing Cash Balance $22,450.14 F4t Page 1 PFM Asset Management LLC J Portfolio Summary and Statistics NORTH PALM BEACH INVESTMENT PORTFOLIO - Description Par Value Market Value Percent U.S. Treasury Bond / Note 6,090,000.00 6,131,951.41 68.12 Supra - National Agency Bond / Note 120,000.00 120,005.64 1.33 Municipal Bond / Note 180,000.00 181,139.40 2.01 Federal Agency Bond / Note 780,000.00 781,401.94 8.68 Corporate Note 1,500,000.00 1,508,163.04 16.75 Commercial Paper 230,000.00 229,367.27 2.55 Asset - Backed Security / Collateralized 50,000.00 49,961.65 0.56 Mortgage Obligation Managed Account Sub -Total 8,950,000.00 9,001,990.35 100.00% Accrued Interest 18,023.94 Total Portfolio 8,950,000.00 9,020,014.29 Unsettled Trades 42.33% 0.00 0.00 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years US TSY Bond / Note 68.12% For the Month Ending March 31, 2016 ABS / CMO i %a imercial Paper i %a porate Note 75 % Agy Bond / Note 3% ii Bond / Note Lola upra- National ncy Bond / Note 3 ova Yield to Maturity at Cost 1.05% Yield to Maturity at Market 0.84% Duration to Worst 1.80 Weighted Average Days to Maturity 672 Fbi Page 2 VF PFM Asset Management LLC J Managed Account Issuer Summary NORTH PALM BEACH INVESTMENT PORTFOLIO - Total $9,001,990.35 100.000/0 AAA 1.89% AA- 3.37% AA+ 79.26% For the Month Ending March 31, 2016 .68 % .78 % .23 % -1 .55 % A .24 %a F4t Page 3 PFM Asset Management LLC Managed Account Detail of Securities Held For the Month Ending March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO - Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity U.S. Treasury Bond / Note 430,000.00 AA+ Aaa 10/08/15 10/13/15 435,509.38 0.94 16.15 434,639.48 436,080.63 DTD 09/30/2011 1.375% 09/30/2018 ,i. Page 4 quPFM Asset Management LLC Managed Account Detail of Securities Held NORTH PALM BEACH INVESTMENT PORTFOLIO - Security Type/ Description 6,102,606.46 0.96 S &P Moody's Trade Settle Original YTM Dated Date /Coupon /Maturity U.S. Treasury Bond / Note 205,000.00 AA+ Aaa 03/02/16 03/04/16 208,587.50 1.04 DTD 03/31/2014 1.625% 03/31/2019 Security Type Sub -Total Supra-National Agency Bond / Note INTL BANK OF RECON AND DEV GLOBAL 165,000.00 AA+ Aaa 08/06/14 08/07/14 164,628.75 0.61 6.88 164,914.66 164,991.09 DTD 08/07/2014 0.500% 09/28/2016 e:- Page 5 �PF4I quPFM Asset Management LLC Managed Account Detail of Securities Held For the Month Ending March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO - 61350001 Security Type/ Description 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 FHLMC REFERENCE NOTE 100,000.00 AA+ Aaa 08/21/14 08/25/14 99,643.00 1.12 11.11 99,827.98 100,376.50 DTD 08/25/2014 1.000% 09/27/2017 Security Type Sub -Total Corporate 780,000.00 778,935.31 0.84 768.55 779,604.89 781,401.94 GENERAL ELEC CAP CORP (FLOATING) 200,000.00 A Al 05/22/15 05/29/15 199,982.00 1.60 1,146.67 199,987.09 201,505.40 (CALLABLE) DTD 05/29/2015 1.600% 05/22/2018 ,i. Page 6 quPFM Asset Management LLC Managed Account Detail of Securities Held For the Month Ending March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO - Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity Corporate CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value CISCO SYSTEMS INC CORP NOTE 20,000.00 AA Aa2 03/08/16 03/15/16 19,984.80 1.73 15.11 19,985.04 20,277.54 DTD 03/15/2016 1.700% 03/15/2019 Security Type Sub -Total Commercial Paper 1,500,000.00 1,499,846.70 1.44 4,782.64 1,499,969.26 1,508,163.04 JP MORGAN SECURITIES LLC COMM PAPER 230,000.00 A -1 P -1 03/03/16 03/04/16 229,040.20 0.83 0.00 229,188.68 229,367.27 -- 0.000% 09/01/2016 Security Type Sub -Total 230,000.00 229,040.20 0.83 0.00 229,188.68 229,367.27 Asset-Backed Security / Collateralized Mortgage Obligation HONDA ABS 2016 -1 A3 50,000.00 AAA NR 02/16/16 02/25/16 49,992.90 1.23 22.03 49,993.08 49,961.65 DTD 02/25/2016 1.220% 12/18/2019 Security Type Sub -Total 50,000.00 49,992.90 1.23 22.03 49,993.08 49,961.65 Managed Account Sub -Total 8,950,000.00 8,960,216.37 1.05 18,023.94 8,963,854.63 9,001,990.35 Securities Sub -Total $8,950,000.00 $8,960,216.37 1.05 % $18,023.94 $8,963,854.63 $9,001,990.35 Accrued Interest $18,023.94 Total Investments $9,020,014.29 ,i. Page 7 quPFM Asset Management LLC Managed Account Fair Market Value & Analytics For the Month Ending March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO - 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 US TREASURY NOTES 360,000.00 JPMCHASE 101.80 366,482.88 4,879.75 5,015.66 2.68 2.68 0.84 DTD 12/31/2013 1.500% 12/31/2018 ,i. Page 8 quPFM Asset Management LLC Managed Account Fair Market Value & Analytics For the Month Ending March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO - 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 US TREASURY NOTES 205,000.00 MORGANST 102.16 209,436.41 848.91 938.44 2.93 2.93 0.89 DTD 03/31/2014 1.625% 03/31/2019 Security Type Sub -Total 6,090,000.00 6,131,951.41 29,344.95 26,708.04 1.94 1.94 0.75 INTL BANK OF RECON AND DEV GLOBAL 120,000.00 BARCLAYS 100.00 120,005.64 210.84 150.29 2.17 2.17 1.00 NOTES DTD 04/30/2015 1.000% 06/15/2018 Security Type Sub -Total 120,000.00 120,005.64 210.84 150.29 2.17 2.17 1.00 FL ST BOARD ADMIN FIN CORP TXBL REV 180,000.00 JPMCHASE 100.63 181,139.40 1,139.40 1,139.40 3.12 3.12 1.96 BD DTD 03/08/2016 2.163% 07/01/2019 Security Type Sub -Total 180,000.00 181,139.40 1,139.40 1,139.40 3.12 3.12 1.96 FHLB NOTES 100,000.00 MORGANST 100.38 100,376.50 733.50 548.52 1.48 1.48 0.75 DTD 08/25/2014 1.000% 09/27/2017 e:- Page 9 �PF4I quPFM Asset Management LLC Managed Account Fair Market Value & Analytics For the Month Ending March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO - 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 780,000.00 781,401.94 2,466.63 1,797.05 1.05 1.05 0.66 GENERAL ELEC CAP CORP (FLOATING) 20,000.00 JPMCHASE 101.39 20,277.54 292.74 292.50 2.88 2.88 1.22 DTD 03/15/2016 1.700% 03/15/2019 Security Type Sub -Total 1,500,000.00 1,508,163.04 8,316.34 8,193.78 1.61 1.62 1.16 e:- Page 10 �PF4I VF PFM Asset Management LLC Managed Account Fair Market Value & Analytics For the Month Ending March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO - 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 JP MORGAN SECURITIES LLC COMM PAPER 230,000.00 JPMCHASE 99.72 229,367.27 327.07 178.59 0.42 0.42 0.64 -- 0.000% 09/01/2016 Security Type Sub -Total 230,000.00 229,367.27 327.07 178.59 0.42 0.42 0.64 HONDA ABS 2016 -1 A3 50,000.00 JPMCHASE 99.92 49,961.65 (31.25) (31.43) 1.95 2.73 1.25 DTD 02/25/2016 1.220% 12/18/2019 Security Type Sub -Total 50,000.00 49,961.65 (31.25) (31.43) 1.95 2.73 1.25 Managed Account Sub -Total 8,950,000.00 9,001,990.35 41,773.98 38,135.72 1.79 1.80 0.84 Securities Sub -Total $8,950,000.00 $9,001,990.35 $41,773.98 $38,135.72 Accrued Interest $18,023.94 Total Investments $9,020,014.29 PFM Asset Management LLC 1.80 1.80 0.84 % Page 11 Managed Account Security Transactions & Interest For the Month Ending March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO - Transaction Type Principal Accrued Realized G/L Realized G/L Sale Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method 02/23/16 03/08/16 FL ST BOARD ADMIN FIN CORP TXBL 150,000.00 (151,400.39) (782.97) (152,183.36) DTD 10/31/2013 1.250% 10/31/2018 Transaction Type Sub -Total 1,195,000.00 (1,200,993.76) (2,903.32) (1,203,897.08) 03/01/16 03/01/16 JP MORGAN CHASE CORP NOTES 100,000.00 0.00 500.00 500.00 DTD 08/25/2014 1.000% 09/27/2017 e:- Page 12 �PF4I quPFM Asset Management LLC Managed Account Security Transactions & Interest For the Month Ending March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO - Transaction Type Principal Accrued Realized G/L Realized G/L Sale Trade Settle Security Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method 03/28/16 03/28/16 FHLB NOTES 115,000.00 0.00 575.00 575.00 DTD 03/31/2012 1.000% 03/31/2017 Transaction Type Sub -Total 2,765,000.00 0.00 14,334.99 14,334.99 03/04/16 03/04/16 JP MORGAN SECURITIES LLC COMM 150,000.00 150,000.00 0.00 150,000.00 0.00 0.00 03/24/17) DTD 03/24/2015 0.840% 03/24/2016 Transaction Type Sub -Total 350,000.00 350,000.00 0.00 350,000.00 900.00 0.00 02/29/16 03/03/16 CONOCOPHILLIPS COMPANY CORP 85,000.00 85,116.21 67.43 85,183.64 (341.99) (40.61) SPEC LOT DTD 01/31/2012 0.875% 01/31/2017 e:- Page 13 �PF4I quPFM Asset Management LLC Managed Account Security Transactions & Interest For the Month Ending March 31, 2016 NORTH PALM BEACH INVESTMENT PORTFOLIO - Transaction Type Principal Accrued Realized G/L Realized G/L Sale Trade Settle Securitv Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method 03/02/16 03/04/16 US TREASURY NOTES 150,000.00 149,998.83 0.00 149,998.83 12.10 5.46 SPEC LOT -- 0.000% 04/07/2016 Transaction Type Sub -Total 850,000.00 849,662.25 1,757.65 851,419.90 (1,800.54) (777.78) Managed Account Sub -Total (1,331.51) 13,189.32 11,857.81 (900.54) (777.78) Total Security Transactions ($1,331.51) $13,189.32 $11,857.81 ($900.54) ($777.78) F4t Page 14 PFM Asset Management LLC