Palm Beach County School District

Palm Beach County School District Investment Performance Review Quarter Ended March 31, 2008 Investment Advisors Steven Alexander, CTP, CGFO, Managing Director 300 S. Orange Avenue, Suite 1170 Orlando, FL 32801 (407) 648-2208 (407) 648-1323 fax PFM Asset Management LLC One Keystone Plaza, Suite 300 North Front & Market Streets Harrisburg, PA 17101-2044 717-232-2723 Gregg Manjerovic, CFA, Portfolio Manager Rebecca Dole, Consultant 717-233-6073 fax

Tab I. Section A Table of Contents Market Review Tab II. Section A Section B Section C Section D Section E Section F Tab III. Investment Portfolio Performance Short Term Fund Performance Sales Tax Fund Performance 2007 TANS Fund Performance COPS 2007E Portfolio Performance Asset Allocation Chart March 31, 2008 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

Palm Beach County School District Investment Report Quarter Ended March 31, 2008 MARKET REVIEW Economy Ground Nearly To A Halt In Fourth Quarter GDP rose 0.6% 8.0% 6.0% Annualized GDP In Constant Dollars (Quarterly Change) December 2001 December 2007 Depressed housing and retail sales 4.0% 2.0% Economists forecast weak start to 2008 0.0% -2.0% Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Leading Indicators Year-Over-Year February 2002 February 2008 Leading Economic Indicators Point to Continued Contraction February 0.3% Fifth monthly decline Housing and Stock prices dragged index down 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 PFM Asset Management LLC Section A - 1

Palm Beach County School District Investment Report Quarter Ended March 31, 2008 Housing Continues to Make New Lows Existing Home Sales up slightly in February but remain at depressed levels Housing starts for December at lowest since 1991 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Existing Home Sales (in thousands) January 2002 January 2008 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Existing Home Sales Housing Starts 6.0 Mortgage Delinquency Rates December 1993 December 2007 Mortgage delinquency rates continue to rise 5.5 Median sale prices are down year over year and many expect further decline 5.0 4.5 4.0 3.5 1993 1995 1997 1999 2001 2003 2005 2007 PFM Asset Management LLC Section A - 2

Palm Beach County School District Investment Report Quarter Ended March 31, 2008 Job Market Continues to Weaken Change in Non-Farm Payrolls (in thousands) February 2002 February 2008 400 Economy lost 85,000 jobs in first two months of 2008 200 Unemployment rate rose to 4.8% but many workers also left the market 0-200 Hourly earnings continue to grow at 3.7% year-over-year -400 Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 6.5% Unemployment Rate February 2002 - February 2008 5.5% 4.5% 3.5% Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 PFM Asset Management LLC Section A - 3

Palm Beach County School District Investment Report Quarter Ended March 31, 2008 Equities Weakened Under Credit Pressure S&P 500 Index January 5, 2001 March 31, 2008 Broad domestic stock indices lost 10-15% in first months of 2008 International equities show similar performance 1700 1600 1500 1400 1300 1200 1100 1000 Jan 2005 Apr 2005 Jul 2005 Oct 2005 Jan 2006 Apr 2006 Jul 2006 Oct 2006 Jan 2007 Apr 2007 Jul 2007 Oct 2007 Jan 2008 Bear Sterns Stock Price March 2007 March 2008 Bear Sterns was bailed out by JP Morgan Chase/ Federal Reserve PFM managed portfolios had no exposure to Bear Sterns Fourth quarter corporate profits mixed, with continued financial sector weakness 180 160 140 120 100 80 60 40 20 0 Mar 2007 May 2007 Jul 2007 Oct 2007 Dec 2007 Feb 2008 PFM Asset Management LLC Section A - 4

Palm Beach County School District Investment Report Quarter Ended March 31, 2008 Economic Uncertainty Has Depressed Consumer Spending Sales fell in two of last three months Overall sales up 2.6% over the last year Excluding autos year over year sales up 4.4% 10.0 8.0 6.0 4.0 2.0 0.0-2.0 Retail Sales February 2002 February 2008 Year Over Year Change 3 Month Average -4.0 Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Consumer Confidence at lowest levels since 1991 110.0% University of Michigan Consumer Confidence Index February 2002 February 2008 100.0% 90.0% 80.0% 70.0% Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 PFM Asset Management LLC Section A - 5

Palm Beach County School District Investment Report Quarter Ended March 31, 2008 Inflation Has Receded in Importance Fed policy is not designed to fight inflation Central bank believes slowdown will provide a brake Interest rates reflect focus on liquidity not inflation 5% 4% 3% 2% 1% Overall Core Consumer Prices (Year-Over-Year) February 2004 February 2008 0% Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 $110 Crude Oil Future Contract, Near Month February 2006 February 2008 Oil prices have broken above $100/barrel despite U.S. slowdown $100 $90 $80 $70 $60 $50 Feb-06 Aug-06 Feb-07 Aug-07 Feb-08 PFM Asset Management LLC Section A - 6

Palm Beach County School District Investment Report Quarter Ended March 31, 2008 Dramatic Fed Action to Cut Short-term Rates May Be Near an End PFM Asset Management LLC Section A - 7

Palm Beach County School District Investment Report Quarter Ended March 31, 2008 Treasury Market Led the Way as Flight to Quality Drove Down Yields Short-term bills yield as low as 1.0% Most of rally in short-intermediate maturities` Yield 6.00% 5.00% 4.00% 3.00% 2.00% U.S. Treasury Yield Curve October 1, 2007 vs. March 31, 2008 1.00% 0.00% 3 Month 6 Month 2 Year 5 Year 10 Year 30 Year Maturity October 1, 2007 March 31, 2008 6.00% 3 Month T-Bill vs. 3 Month Fed Agency March 1, 2007 March 31, 2008 Sub-prime mortgage concerns affect all sectors 5.00% 4.00% Flight to quality pushes Treasury yields lower 3.00% 2.00% 1.00% 0.00% Mar- 2007 Apr- 2007 May- 2007 Jun- 2007 Jul- 2007 Aug- 2007 3-Month U.S. Treasury Bill Sep- 2007 Oct- 2007 Nov- 2007 Dec- 2007 Jan- 2008 3-Month U.S. Agency Feb- 2008 Mar- 2008 PFM Asset Management LLC Section A - 8

Investment Portfolio Performance Total Portfolio Value 1,2 March 31, 2008 December 31, 2007 Market Value $88,859,822.09 $88,431,278.82 Amortized Cost $86,391,910.94 $87,162,098.69 Quarterly Return Annualized Last Last Since Inception Total Return 1,2,3,4,5,6,7,8 March 31, 2008 Quarter 12 Months 24 Months on 12/31/98 Investment Portfolio 2.83% 11.83% 8.47% 6.89% 4.81% Merrill Lynch 1-3 Year U.S. Treasury Note Index 2.98% 12.51% 8.99% 6.97% 4.71% Effective Duration (Years) 4 March 31, 2008 December 31, 2007 Yields March 31, 2008 December 31, 2007 Investment Portfolio 1.57 1.53 Yield at Market 2.23% 3.82% ML 1-3 Year U.S. Treasury Note Index 1.65 1.61 Yield at Cost 4.14% 4.55% Portfolio Duration % of Benchmark Duration 95% 95% Return 3.50% 3.25% 3.00% 2.75% 2.50% 2.25% 2.00% 1.75% 1.50% Quarter Total Return Comparison Quarter Ended 03/31/08 Since Inception Total Return Comparison Period Ended 03/31/08 5.00% Investment Portfolio ML 1-3 Year U.S. Treasury Note Index 4.81% 4.75% ML 1-3 Year U.S. Treasury Note Index 2.98% 4.71% Investment Portfolio 2.83% 4.50% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 Effective Duration (Years) Return 4.25% 4.00% 3.75% 1.00 1.50 2.00 2.50 3.00 Effective Duration (Years) 1. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. 2. End of quarter trade-date market values of portfolio holdings, including accrued interest. 3. Performance on trade date basis, gross (i.e., before fees), is in accordance with The CFA Institute s Global Investment Performance Standards (GIPS). 4. Merrill Lynch Indices provided by Bloomberg Financial Markets. 5. Quarterly returns are presented on both an unannualized 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 will be the result of chaining the most recent four quarterly returns. 6. Excludes money market fund/cash in performance and duration computations. 7. Returns presented for 12 months or longer are presented on an annual basis. 8. Past performance is not indicative of future results. PFM Asset Management LLC Section A - 1

Investment Portfolio Composition and Credit Quality Characteristics Security Type 1 March 31, 2008 % of Portfolio December 31, 2007 % of Portfolio U.S. Treasuries $23,967,020.97 27.0% $19,105,084.00 21.6% Federal Agencies 51,741,150.73 58.2% 54,707,766.92 61.9% Commercial Paper 0.00 0.0% 349,863.15 0.4% 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 9,968,401.71 11.2% 10,032,678.12 11.3% Mortgage Backed 3,183,248.68 3.6% 4,235,886.63 4.8% Money Market Fund/Cash 0.00 0.0% 0.00 0.0% Totals $88,859,822.09 100.0% $88,431,278.82 100.0% Mortgage Backed 4% Portfolio Composition as of 03/31/08 U.S. Treasuries 27% Federal Agency Obligations 58% AAA 65% Credit Quality Distribution² ³ as of 03/31/08 AA 6% Corporate Notes/Bonds 11% TSY 27% A-1+ (Shortterm) 2% 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. PFM Asset Management LLC Section A - 2

Investment Portfolio Maturity Distribution Maturity Distribution 1 March 31, 2008 December 31, 2007 Overnight (Money Market Fund) $0.00 $0.00 Under 6 Months 8,210,513.82 11,188,167.08 6-12 Months 11,049,442.80 2,017,513.89 1-2 Years 43,482,513.27 45,557,334.20 2-3 Years 23,322,294.07 26,960,880.52 3-4 Years 2,795,058.13 2,707,383.13 4-5 Years 0.00 0.00 5 Years and Over 0.00 0.00 Totals $88,859,822.09 $88,431,278.82 Percentage of Total Portfolio 60% 50% 40% 30% 20% 10% 0% Portfolio Maturity Distribution¹ 51.5% 48.9% March 31, 2008 December 31, 2007 30.5% 26.2% 12.7% 12.4% 9.2% 2.3% 3.1% 3.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over 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 A - 3

Trade Analysis for January 11, 2008 Transaction Date: January 11, 2008 Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional Earnings Sold U.S. Treasury Note 2/15/2010 $2,352,000.00 $101.6523 2.683% 63,552.18 Purchased U.S. Treasury Note 1/15/2011 $2,352,000.00 $104.4062 2.716% 0.033% 1,651.50 Total Estimated Benefit from Transaction to Original Maturity $1,651.50 Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional Earnings Sold U.S. Treasury Note 2/15/2010 $1,852,000.00 $101.6523 2.683% 50,041.94 Purchased U.S. Treasury Note 12/31/2008 $1,852,000.00 $101.6758 2.983% 0.300% 5,478.83 Total Estimated Benefit from Transaction to Original Maturity $5,478.83 Total Estimated Benefit from Transactions $7,130.33 Transaction Commentary: In accordance with Section III. Investment Objectives, of the District's Investment Policy, from time to time, securities may be traded for other similar securities to improve yield, maturity, or credit risk. For these transactions, a loss may be incurred for accounting purposes, provided any of the following occurs with respect to the replacement security: 1) The yield has been increased, 2) the maturity has been reduced, or lengthened, 3)or the quality of the investment has been improved. The transactions presented were executed in accordance with Section III Investment Objectives of the District's Investment Policy to 3) improve the quality of the investment as part of PFM's overall active management strategy for the District's investment portfolio, which should also increase the portfolio's total return. The performance of this portfolio should be evaluated based on the total return versus the District's 1-3 Year U.S. Treasury Index benchmark. PFM calculates the total return of the District's investment portfolio in a manner consistent with the CFA Institute's Global Investment Performance Standards. 1. The total estimated benefit from the transaction is based on the net of the benefit in yield and the gain or loss on the transaction. The benefit is calculated on a 30/360 day basis until the earlier of: 1) original maturity of the sold security, or 2) new maturity of the purchased security. Total purchase may not equal to proceeds from sold securities as a result of additional income included in purchase or from a portion of maturity not reinvested. Calculations based on lesser of amount sold or reinvested. PFM Asset Management LLC Section A - 4

Trade Analysis for January 17, 2008 Transaction Date: January 17, 2008 Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional Earnings Sold FHLMC Global Reference 12/15/2009 $1,144,000.00 $101.9923 2.919% 32,622.12 Purchased FHLMC Discount Note 7/14/2008 $1,144,000.00 $98.3343 3.454% 0.535% 3,043.20 Total Estimated Benefit from Transaction to Original Maturity $3,043.20 Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional Earnings Sold FHLMC Global Reference 12/15/2009 $1,306,000.00 $101.9923 2.919% 39,209.28 Purchased FHLMC Global Note 2/25/2011 $1,375,000.00 $100.4528 3.095% 0.176% 4,456.65 Total Estimated Benefit from Transaction to Original Maturity $4,456.65 Total Estimated Benefit from Transactions $7,499.85 Transaction Commentary: In accordance with Section III. Investment t Objectives, of the District's i t' Investment t Policy, from time to time, securities may be traded d for other similar il securities to improve yield, maturity, or credit risk. For these transactions, a loss may be incurred for accounting purposes, provided any of the following occurs with respect to the replacement security: 1) The yield has been increased, 2) the maturity has been reduced, or lengthened, 3)or the quality of the investment has been improved. The transactions presented were executed in accordance with Section III Investment Objectives of the District's Investment Policy to 3) improve the quality of the investment as part of PFM's overall active management strategy for the District's investment portfolio, which should also increase the portfolio's total return. The performance of this portfolio should be evaluated based on the total return versus the District's 1-3 Year U.S. Treasury Index benchmark. PFM calculates the total return of the District's investment portfolio in a manner consistent with the CFA Institute's Global Investment Performance Standards. 1. The total estimated benefit from the transaction is based on the net of the benefit in yield and the gain or loss on the transaction. The benefit is calculated on a 30/360 day basis until the earlier of: 1) original maturity of the sold security, or 2) new maturity of the purchased security. Total purchase may not equal to proceeds from sold securities as a result of additional income included in purchase or from a portion of maturity not reinvested. Calculations based on lesser of amount sold or reinvested. PFM Asset Management LLC Section A - 5

Trade Analysis for February 5, 2008 Transaction Date: February 5, 2008 Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional Earnings Sold FNMA Global Notes 1/23/2009 $2,770,000.00 $102.2840 2.591% 65,617.51 Purchased FNMA Global Benchmark 2/15/2011 $4,315,000.00 $104.5401 2.922% 0.331% 8,990.42 Total Estimated Benefit from Transaction to Original Maturity $8,990.42 Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional Earnings Sold FNMA Global Benchmark 1/15/2009 $1,285,000.00 $102.4620 2.593% 25,303.19 Purchased FNMA Global Benchmark 2/15/2011 $4,315,000.00 $104.5401 2.922% 0.329% 4,051.50 Total Estimated Benefit from Transaction to Original Maturity $4,051.50 Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional Earnings Sold U.S. Treasury Note 12/31/2008 $260,000.00 $102.3125 2.143% 1,961.56 Purchased FNMA Global Benchmark 2/15/2011 $4,315,000.00 $104.5401 2.922% 0.779% 1,856.62 Total Estimated Benefit from Transaction to Original Maturity $1,856.62 Transaction Security Maturity Date Par Value Price Yield at Market Benefit Gain/Loss Additional Earnings Sold U.S. Treasury Note 12/31/2008 $260,000.00 $102.3125 2.143% 2,187.89 Purchased U.S. Treasury Bill 4/3/2008 $121,000.00 $99.6584 2.157% 0.014% 5.86 Total Estimated Benefit from Transaction to Original Maturity $5.86 Total Estimated Benefit from Transactions $14,904.40 Transaction Commentary: In accordance with Section III. Investment Objectives, of the District's Investment Policy, from time to time, securities may be traded for other similar securities to improve yield, maturity, or credit risk. For these transactions, a loss may be incurred for accounting purposes, provided any of the following occurs with respect to the replacement security: 1) The yield has been increased, 2) the maturity has been reduced, or lengthened, 3)or the quality of the investment has been improved. The transactions presented were executed in accordance with Section III Investment Objectives of the District's Investment Policy to 3) improve the quality of the investment as part of PFM's overall active management strategy for the District's investment portfolio, which should also increase the portfolio's total return. The performance of this portfolio should be evaluated based on the total return versus the District's 1-3 Year U.S. Treasury Index benchmark. PFM calculates the total return of the District's investment portfolio in a manner consistent with the CFA Institute's Global Investment Performance Standards. 1. The total estimated benefit from the transaction is based on the net of the benefit in yield and the gain or loss on the transaction. The benefit is calculated on a 30/360 day basis until the earlier of: 1) original maturity of the sold security, or 2) new maturity of the purchased security. Total purchase may not equal to proceeds from sold securities as a result of additional income included in purchase or from a portion of maturity not reinvested. Calculations based on lesser of amount sold or reinvested. PFM Asset Management LLC Section A - 6

Investment Portfolio Maturity Distribution versus the Benchmark 1 25.0% 20.0% Market Value 15.0% 10.0% 5.0% 0.0% Years to Maturity Investment Portfolio Merrill Lynch 1-3 Year U.S. Treasury Note Index 1. Due to the nature of the security, Mortgage-Backed Securities are represented based on their average life maturity rather than their final maturity. PFM Asset Management LLC Section A - 7

Short Term Fund Portfolio Statistics Amortized Cost 1,2,3 Amortized Cost 1,2,3 Market Value 1,2,3 Market Value 1,2,3 Duration (Years) Account Name March 31, 2008 December 31, 2007 March 31, 2008 December 31, 2007 March 31, 2008 Short Term Fund $507,843,538.60 $622,331,881.13 $508,185,821.69 $622,161,501.34 0.11 Quarterly Average Quarterly Average Quarterly Average Quarterly Average Yield to Maturity Yield to Maturity Yield to Maturity Yield to Maturity on Cost 4 on Cost 4 at Market at Market Duration (Years) Account Name March 31, 2008 December 31, 2007 March 31, 2008 December 31, 2007 December 31, 2007 Short Term Fund 3.80% 3.94% 2.52% 3.99% 0.19 Benchmarks March 31, 2008 December 31, 2007 Florida SBA Quarterly Return 5 3.79% 3.48% 1. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. 3. Excludes any money market fund/cash balances held in custodian account. 4. Past performance is not indicative of future results. 5. Quarterly pool returns presented on an annualized basis. PFM Asset Management LLC Section B - 1

Short Term Fund Portfolio Composition and Credit Quality Characteristics Security Type 1 March 31, 2008 % of Portfolio December 31, 2007 % of Portfolio U.S. Treasuries $0.00 0.0% $130,753,638.21 21.0% Federal Agencies 508,185,821.69 100.0% 491,407,863.13 79.0% 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% Mortgage Backed 0.00 0.0% 0.00 0.0% Money Market Fund/Cash 000 0.00 00% 0.0% 000 0.00 00% 0.0% Totals $508,185,821.69 100.0% $622,161,501.34 100.0% Portfolio Composition as of 03/31/08 AAA 6% Credit Quality Distribution² ³ as of 03/31/08 Federal Agency Obligations 100% A-1+ (Shortterm) 94% 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. PFM Asset Management LLC Section B - 2

Short Term Fund Portfolio Maturity Distribution Maturity Distribution 1 March 31, 2008 December 31, 2007 Overnight (Money Market Fund) $0.00 $0.00 Under 6 Months 508,185,821.69 622,161,501.34 6-12 Months 0.00 0.00 1-2 Years 0.00 0.00 2-3 Years 0.00 0.00 3-4 Years 0.00 0.00 4-5 Years 0.00 0.00 5 Years and Over 0.00 0.00 Totals $508,185,821.69 $622,161,501.34 Percentage of Total Portfolio 120% 100% 80% 60% 40% 20% 0% Portfolio Maturity Distribution¹ 100% 100% March 31, 2008 December 31, 2007 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over 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

Sales Tax Portfolio Statistics Amortized Cost 1,2,3 Amortized Cost 1,2,3 Market Value 1,2,3 Market Value 1,2,3 Duration (Years) Account Name March 31, 2008 December 31, 2007 March 31, 2008 December 31, 2007 March 31, 2008 Sales Tax Portfolio $115,747,287.29 $115,251,776.13 $116,338,543.48 $115,250,986.79 0.43 Quarterly Average Quarterly Average Quarterly Average Quarterly Average Yield to Maturity Yield to Maturity Yield to Maturity Yield to Maturity on Cost 4 on Cost 4 at Market at Market Duration (Years) Account Name March 31, 2008 December 31, 2007 March 31, 2008 December 31, 2007 December 31, 2007 Sales Tax Portfolio 3.89% 4.24% 2.40% 4.19% 0.44 Benchmarks March 31, 2008 December 31, 2007 Florida SBA Quarterly Return 5 3.79% 3.48% 1. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. 3. Excludes any money market fund/cash balances held in custodian account. 4. Past performance is not indicative of future results. 5. Quarterly pool returns presented on an annualized basis. PFM Asset Management LLC Section C - 1

Sales Tax Portfolio Composition and Credit Quality Characteristics Security Type 1 March 31, 2008 % of Portfolio December 31, 2007 % of Portfolio U.S. Treasuries $22,651,822.89 19.5% $7,337,682.70 6.4% Federal Agencies 93,686,720.59 80.5% 107,913,304.09 93.6% 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% Mortgage Backed 0.00 0.0% 0.00 0.0% Money Market Fund/Cash 000 0.00 00% 0.0% 000 0.00 00% 0.0% Totals $116,338,543.48 100.0% $115,250,986.79 100.0% Federal Agency Obligations 81% Portfolio Composition as of 03/31/08 TSY 19% Credit Quality Distribution² as of 03/31/08 AAA 72% U.S. Treasuries 19% A-1+ (Shortterm) 9% 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. PFM Asset Management LLC Section C - 2

Sales Tax Portfolio Maturity Distribution Maturity Distribution 1 March 31, 2008 December 31, 2007 Overnight (Money Market Fund) $0.00 $0.00 Under 6 Months 66,790,651.34 64,264,265.88 6-12 Months 49,547,892.14 43,649,038.21 1-2 Years 0.00 7,337,682.70 2-3 Years 0.00 0.00 3-4 Years 0.00 0.00 4-5 Years 0.00 0.00 5 Years and Over 0.00 0.00 Totals $116,338,543.48 $115,250,986.79 70% Portfolio Maturity Distribution¹ 60% 57% 56% March 31, 2008 Percentage of Total Portfolio 50% 40% 30% 20% 10% 0% December 31, 2007 43% 38% 6% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over 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 C - 3

2007 TANS Portfolio Statistics Amortized Cost 1,2,3 Amortized Cost 1,2,3 Market Value 1,2,3 Market Value 1,2,3 Duration (Years) Account Name March 31, 2008 December 31, 2007 March 31, 2008 December 31, 2007 March 31, 2008 2007 TANS Portfolio $116,579,825.94 $115,459,929.40 $117,466,780.71 $115,394,117.33 0.44 Quarterly Average Quarterly Average Quarterly Average Quarterly Average Yield to Maturity Yield to Maturity Yield to Maturity Yield to Maturity on Cost 4 on Cost 4 at Market at Market Duration (Years) Account Name March 31, 2008 December 31, 2007 March 31, 2008 December 31, 2007 December 31, 2007 2007 TANS Portfolio 4.16% 4.18% 2.58% 4.27% 0.66 Benchmarks March 31, 2008 December 31, 2007 Florida SBA Quarterly Return 5 3.79% 3.48% 1. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. 3. Excludes any money market fund/cash balances held in custodian account. 4. Past performance is not indicative of future results. 5. Quarterly pool returns presented on an annualized basis. PFM Asset Management LLC Section D - 1

2007 TANS Portfolio Composition and Credit Quality Characteristics Security Type 1 March 31, 2008 % of Portfolio December 31, 2007 % of Portfolio U.S. Treasuries $0.00 0.0% $0.00 0.0% Federal Agencies 117,466,780.71 100.0% 115,394,117.33 100.0% 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% Mortgage Backed 0.00 0.0% 0.00 0.0% Money Market Fund/Cash 000 0.00 00% 0.0% 000 0.00 00% 0.0% Totals $117,466,780.71 100.0% $115,394,117.33 100.0% Federal Agency Obligations 100% Portfolio Composition as of 03/31/08 Credit Quality Distribution² as of 03/31/08 AAA 100% 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. PFM Asset Management LLC Section D - 2

2007 TANS Portfolio Maturity Distribution Maturity Distribution 1 March 31, 2008 December 31, 2007 Overnight (Money Market Fund) $0.00 $0.00 Under 6 Months 117,466,780.71 0.00 6-12 Months 0.00 115,394,117.33 1-2 Years 0.00 0.00 2-3 Years 0.00 0.00 3-4 Years 0.00 0.00 4-5 Years 0.00 0.00 5 Years and Over 0.00 0.00 Totals $117,466,780.71 $115,394,117.33 Percentage of Total Portfolio 120% 100% 80% 60% 40% 20% 0% Portfolio Maturity Distribution¹ 100% 100% March 31, 2008 December 31, 2007 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over 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 D - 3

COPS 2007E Portfolio Statistics Amortized Cost 1,2,3 Amortized Cost 1,2,3 Market Value 1,2,3 Market Value 1,2,3 Duration (Years) Account Name March 31, 2008 December 31, 2007 March 31, 2008 December 31, 2007 March 31, 2008 COPS 2007E Portfolio $131,292,772.86 N/A $131,478,240.22 N/A 0.34 Quarterly Average Quarterly Average Quarterly Average Quarterly Average Yield to Maturity Yield to Maturity Yield to Maturity Yield to Maturity on Cost 4 on Cost 4 at Market at Market Duration (Years) Account Name March 31, 2008 December 31, 2007 March 31, 2008 December 31, 2007 December 31, 2007 COPS 2007E Portfolio 2.76% N/A 2.55% N/A N/A Benchmarks March 31, 2008 December 31, 2007 Florida SBA Quarterly Return 5 3.79% 3.48% 1. End of quarter trade-date market values of portfolio holdings, including accrued interest. 2. In order to comply with GASB accrual accounting reporting requirements; forward settling trades are included in the monthly balances. 3. Excludes any money market fund/cash balances held in custodian account. 4. Past performance is not indicative of future results. 5. Quarterly pool returns presented on an annualized basis. PFM Asset Management LLC Section E - 1

COPS 2007E Portfolio Composition and Credit Quality Characteristics Security Type 1 March 31, 2008 % of Portfolio December 31, 2007 % of Portfolio U.S. Treasuries $0.00 0.0% N/A N/A Federal Agencies 121,489,950.22 92.4% N/A N/A Commercial Paper 9,988,290.00 7.6% N/A N/A Certificates of Deposit 0.00 0.0% N/A N/A Bankers Acceptances 0.00 0.0% N/A N/A Repurchase Agreements 0.00 0.0% N/A N/A Municipal Obligations 0.00 0.0% N/A N/A Corporate Notes/Bonds 0.00 0.0% N/A N/A Mortgage Backed 0.00 0.0% N/A N/A Money Market Fund/Cash 000 0.00 00% 0.0% N/A N/A Totals $131,478,240.22 100.0% N/A N/A Portfolio Composition as of 03/31/08 Credit Quality Distribution² as of 03/31/08 Federal Agency Obligations 92% AAA 43% Commercial Paper 8% A-1+ (Shortterm) 57% 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. PFM Asset Management LLC Section E - 2

COPS 2007E Portfolio Maturity Distribution Maturity Distribution 1 March 31, 2008 December 31, 2007 Overnight (Money Market Fund) $0.00 N/A Under 6 Months 97,868,575.81 N/A 6-12 Months 32,320,208.77 N/A 1-2 Years 1,289,455.64 N/A 2-3 Years 0.00 N/A 3-4 Years 0.00 N/A 4-5 Years 0.00 N/A 5 Years and Over 0.00 N/A Totals $131,478,240.22 22 N/A 80% 74% Portfolio Maturity Distribution¹ Percentage of Total Portfolio 70% 60% 50% 40% 30% 20% 10% 0% 0% 25% March 31, 2008 December 31, 2007 0% 0% 0% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 5 Years and Over 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 E - 3

Palm Beach County School District Asset Allocation as of March 31, 2008* Security Type March 31, 2008 Notes Permitted by Policy Florida SBA 0.001% 100% United States Treasury Securities 2.54% 100% United States Government Agency Securities 0.00% 50% Federal Instrumentalities 73.49% 1 80% Certificates of Deposit 0.00% 25% Repurchase Agreements 0.00% 50% Commercial Paper 0.00% 35% Corporate Notes 1.05% 15% Mortgage-Backed Securities 0.35% 1 25% Bankers' Acceptances 0.00% 35% State and/or Local Government Debt 0.00% 20% Fixed Income Money Market Mutual Funds 22.56% 50% Intergovernmental Investment Pool 0.00% 0% United States Treasury Securities 2.54% Florida SBA 0.001% Fixed Income Money Market Mutual Funds 22.56% Mortgage-Backed Securities 0.35% Asset Allocation as of March 31, 2008 Corporate Notes 1.05% Federal Instrumentalities 73.49% Individual Issuer Breakdown March 31, 2008 Notes Permitted by Policy Individual Issuer Breakdown March 31, 2008 Notes Permitted by Policy Government National Mortgage Association (GNMA) 0.00% 00% 25% CD - Bank A 0.00% 00% 15% US Export-Import Bank (Ex-Im) 0.00% 25% CD - Bank B 0.00% 15% Farmers Home Administration (FMHA) 0.00% 25% Fully collateralized Repo - A 0.00% 25% Federal Financing Bank 0.00% 25% Fully collateralized Repo - B 0.00% 25% Federal Housing Administration (FHA) 0.00% 25% CP A 0.00% 10% General Services Administration 0.00% 25% CP B 0.00% 10% New Communities Act Debentures 0.00% 25% CP C 0.00% 10% US Public Housing Notes & Bonds 0.00% 25% CP D 0.00% 10% US Dept. of Housing and Urban Development 0.00% 25% CP E 0.00% 10% Federal Farm Credit Bank (FFCB) 0.72% 50% Bank of America 0.16% 5% Federal Home Loan Bank (FHLB) 43.34% 50% Wal-Mart 0.45% 5% Federal National Mortgage Association (FNMA) 16.62% 50% General Electric 0.45% 5% Federal Home Loan Mortgage Corporation (FHLMC) 13.16% 50% Corporate Notes D 0.00% 5% Student Loan Marketing Association (SLMA) 0.00% 50% Corporate Notes E 0.00% 5% BA Bank A 0.00% 10% BA Bank B 0.00% 10% Palm Beach County School Board Muni Bonds 0.00% 20% Columbia Money Market Fund 11.76% 25% Dreyfus Money Market Fund 5.07% 25% Dreyfus Short Term Money Market Fund 5.73% 25% 1. The combined total of Federal Instrumentalities and Mortgage Backed Securities can not be more than 80%. The combined total as of March 31, 2008 is 73.84%. * No Bond Proceeds. PFM Asset Management LLC Section F - 1