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•Through reinvestment of called securities and active trading, portfolio diversification was increased. <br />•Began transiting the portfolio to its new, 1-5 year strategy through reinvestment of called securities and through active <br />trading. It is anticipated that the transition will be complete by the end of 2016. <br />–The current strategy is to manage the portfolio’s duration and maturity distribution comparable to those of the <br />benchmark to reduce potential performance mismatches given the uncertain rate environment. <br />2016 PFM Asset Management LLC <br />REDWOOD CITY, CA <br />For the Quarter Ended September 30, 2016 <br />Strategy Recap <br />Third Quarter 2016 –PFMAM’s Strategy Recap <br />2% <br />63% <br />35% <br />0%0% <br />12% <br />50% <br />22% <br />9%6% <br />0% <br />25% <br />50% <br />75% <br />0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years <br />Pe <br />r <br />c <br />e <br />n <br />t <br />a <br />g <br />e <br /> <br />o <br />f <br /> <br />P <br />o <br />r <br />t <br />f <br />o <br />l <br />i <br />o <br />Portfolio Maturity Distribution <br />February 29, 2016 <br />September 30, 2016 <br />0% <br />100% <br />0%0% <br />15% <br />79% <br />1%4% <br />0% <br />20% <br />40% <br />60% <br />80% <br />100% <br />U.S. Treasuries Federal <br />Agencies <br />Commercial <br />Paper <br />Medium-Term <br />Corporate <br />Notes <br />Pe <br />r <br />c <br />e <br />n <br />t <br />a <br />g <br />e <br /> <br />o <br />f <br /> <br />P <br />o <br />r <br />t <br />f <br />o <br />l <br />i <br />o <br />Portfolio Sector Allocation <br />February 29, 2016 <br /> September 30, 2016 <br />Callable securities are shown to their maturity date. <br />8 <br />6. <br />1 <br />. <br />C <br />. <br /> <br />- <br /> <br />P <br />a <br />g <br />e <br /> <br />1 <br />3 <br />