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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended December 31, 2016 <br />Fixed Income Management <br />Source: BofA Merrill Lynch Indices. <br />Duration Yield 3 Month 1 Year 3 Years <br />1-3 Year Indices <br />U.S. Treasury 1.89 1.18%(0.43%)0.89% 0.68% <br />Federal Agency 1.86 1.29%(0.34%)0.96% 0.78% <br />U.S. Corporates, A-AAA rated 1.85 1.89%(0.28%)1.81% 1.35% <br />Agency MBS (0 to 3 years)2.10 1.95%(0.91%)0.52% 1.09% <br />Taxable Municipals 1.85 2.34%(0.40%)2.47% 2.34% <br />1-5 Year Indices <br />U.S. Treasury 2.71 1.42%(1.09%)1.09% 1.10% <br />Federal Agency 2.33 1.45%(0.72%)1.12% 1.13% <br />U.S. Corporates, A-AAA rated 2.72 2.20%(0.95%)2.19% 1.94% <br />Agency MBS (0 to 5 years)3.31 2.20%(1.81%)1.26% 2.12% <br />Taxable Municipals 2.53 2.41%(0.80%)3.15% 3.06% <br />Master Indices (Maturities 1 Year or Greater) <br />U.S. Treasury 6.23 1.90%(3.96%)1.14% 2.63% <br />Federal Agency 3.97 1.82%(2.08%)1.50% 2.17% <br />U.S. Corporates, A-AAA rated 6.91 3.03%(3.15%)4.23% 4.04% <br />Agency MBS (0 to 30 years)4.88 2.76%(1.98%)1.67% 3.04% <br />Taxable Municipals 3.86 2.96%(1.77%)3.64% 4.19% <br />As of 12/31/16 Returns for Periods ended 12/31/16 <br />Returns for periods greater than one year are annualized. <br />© PFM Asset Management LLC <br />BofA Merrill Lynch Index Returns <br />126.1.A. - Page 19