FL SAFE MARKET UPDATE

1 SEPTEMBER 2017 Contact InformationHistorical Yield 6M 1YR 2YR 5YR 10YR Source: Bloomberg Finance YIELD CURVEONE YEAR PRIOR1M 3M 6M 1YR 2 YRSource: Bloomberg Finance Rates do not reflect transaction Economic ECONOMIC INDICATORLow In ation Could Change Fed s PlansRECENT NEWSR ates Rally in September The Consumer Price Index (CPI) for July grew only over the past year. Core CPI, which excludes food and energy costs, also grew at The relatively low in ation levels seem contradictory to higher consumer spending, low unemployment and healthy growth.

2 The chart below shows somewhat higher wage growth, but this has not correlated to higher prices. The Fed s preferred in ation gauge, the price index for personal-consumption expenditures (PCE), rose only in July compared to growth earlier this year. The economy s con icting signals may change the Federal Reserve s plans to raise its benchmark interest rate once more before year-end. Source: , Wall Street JournalFUND ADMINISTRATOR:FLORIDA MANAGEMENT AND ADMINISTRATIVE SERVICES, LLCJEFF LARSONP resident407-496-1597jlarson@ University Blvd., #227 Orlando, FL 32817 FUND DISTRIBUTOR:PMA SECURITIES, PATELS enior Vice President, Investment Services-FL2135 CityGate Lane, 7th Fl.

3 , Naperville, IL 60563855-202-9650 | O DAY (REGIONAL OFFICE)Vice President, Sales & Relationship South Orange Ave., Suite 1500 Orlando, FL 32801(407) 797-8228 | Treasury yields continued to fall in August due in part to a ight to quality related to rising political unrest. The 10-year Treasury fell to its lowest level of the year when North Korea red a ballistic missile over Japan near the end of August. This concluded a di cult month as markets also dealt with Hurricane Harvey s impact on energy markets as well as a variety of issues out of Washington including a failure to repeal and replace the A ordable Care Act and threats by President Trump to shut down the government to secure funding to build a wall along the Mexican DatePeriodSurveyActualPrior / Revised (R)Housing Starts08/16/17 JUL1220K1155K1213K (R)Chicago Fed National Activity Index08/21 (R)Existing Home Sales08/24 (R)Consumer Con dence08/29 (R)Personal Income08/31 Spending08/31 (R)

4 ISM Manufacturing09/01 in Nonfarm Payrolls09/01/17 AUG180K156K189K (R)Unemployment Rate09/01 : Bloomberg, Wall Street JournalSource: Bloomberg Finance SAFE MARKET UPDATEP repared by Prudent Man Advisors, ChangeCore CPI Lower in 2017 Core CPI YoYWage Growth document was prepared by Prudent Man Advisors, Inc. for clients of the rm and its a liated PMA entities, as de ned below. It is being provided for informational and/or educational purposes only without regard to any particular user s investment objectives, nancial situation or means. The content of this document is not to be construed as a recommendation, solicitation or o er to buy or sell any security, nancial product or instrument, or to participate in any particular trading strategy in any jurisdiction in which such an o er or solicitation, or trading strategy would be illegal.

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