FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS Michelangelo MXI: Bond Fund FINANCIAL STATEMENTS with INDEPENDENT AUDITORS' REPORT for the year ended December 31, 2015

Weber & Associates CPAs, LLC Certified Public Accountants __________

FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS MICHELANGELO MXI: BOND FUND CONTENTS

Page Independent Auditors' Report

1-2

Statement of Assets and Liabilities

3

Schedule of Investments in Securities

4-5

Statement of Operations

6

Statement of Changes in Net Assets

7

Notes to Financial Statements

8-11

Weber & Associates CPAs, LLC Certified Public Accountants __________ Thomas A. Weber __________ Michael Coakley __________ Gabriela Fedmasu Suite 1B, 314 N. Lake St. Aurora, IL 60506 630 897-4500 Fax: 630-897-4951

INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Participants First American Bank Trust for Employee Benefit Plans Michelangelo MXI: Bond Fund Elk Grove Village, Illinois We have audited the accompanying financial statements of the First American Bank Trust for Employee Benefit Plans - Michelangelo MXI: Bond Fund, which comprise the statement of assets and liabilities, including the schedule of investments in securities, as of December 31, 2015, and the related statements of operations and changes in net assets for the year then ended, and the related notes to the financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

1

In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the First American Bank Trust for Employee Benefit Plans - Michelangelo MXI: Bond Fund as of December 31, 2015, and the results of its operations and changes in its net assets for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Aurora, Illinois April 4, 2016

2

FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS MICHELANGELO MXI: BOND FUND STATEMENT OF ASSETS AND LIABILITIES December 31, 2015

Assets Investments in securities, at fair value Corporate bonds and notes (cost $6,624,310) Mortgage-backed securities (cost $1,084,110) Municipal bonds and notes (cost $12,850,328) Mutual funds-bonds (cost $988,806)

$

6,643,449 1,078,978 13,012,848 982,598 21,717,873 391,672 146,618

Cash and cash equivalents Accrued income receivable

22,256,163 Liabilities Accrued expenses

11,380

Net assets

$

22,244,783

Net asset value per unit (1,271,771 units outstanding)

$

17.49

See accompanying notes to financial statements. 3

FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS MICHELANGELO MXI: BOND FUND SCHEDULE OF INVESTMENTS IN SECURITIES December 31, 2015

Coupon Rate (%) Corporate Bonds and Notes American Express Bank John Deer Capital Corp General Electric Capital Corp Goldman Sachs Goldman Sachs Group Inc IBM Corp Occidental Petroleum Corp Pepsico Inc Com US Bancorp Inc US Bancorp Inc Wells Fargo Bank

6.000% 1.950% 2.900% 6.000% 5.950% 1.875% 4.100% 5.000% 2.200% 1.950% 3.500%

Mortgage-Backed Securities Banc of America Mortgage Securities Banc of America Mortgage Securities Countrywide Home Loans CS First Boston Mortgage Securities CS First Boston Mortgage Securities CS First Boston Mortgage Securities Freddie Mac Freddie Mac First Horizon Mortgage Master Asset Securitization Trust Master Asset Securitization Trust Master Alternative Loans Trust Mortgage Securities Master Alternative Loans Trust Mortgage Securities Master Asset Trust Series 2004 Wamu Mortage Pass Through Washington Mutual Mortgage Securities

Date of Maturity 9/13/2017 12/13/2018 1/9/2017 6/15/2020 1/18/2018 5/15/2019 2/1/2021 6/1/2018 11/15/2016 11/15/2018 3/8/2022

Principal Amount or Shares 500,000 1,000,000 1,000,000 500,000 500,000 500,000 140,000 500,000 500,000 500,000 765,000

Fair Value $

535,570 1,004,250 1,016,660 565,055 538,490 499,375 146,881 541,060 504,820 503,070 788,218

6,405,000

6,643,449

5.500%

3/25/2034

17,714

17,738

5.000% 5.250%

12/25/2018 11/25/2023

42,682 41,312

42,756 42,091

3.500%

7/25/2018

133,449

133,496

3.500%

7/25/2018

47,335

47,328

4.500% 5.500% 5.500% 4.750% 4.500% 5.000%

12/25/2019 9/15/2017 9/15/2017 12/25/2019 3/25/2019 3/25/2018

71,014 11,866 20,343 16,485 173,753 16,879

71,880 12,105 20,866 16,549 177,788 16,929

5.000%

11/25/2018

137,687

141,871

4.500% 5.500% 4.500%

9/25/2019 10/25/2019 9/25/2018

58,188 141,405 75,392

58,968 142,151 75,974

5.000%

3/25/2018

59,418

60,488

1,064,922

1,078,978

See accompanying notes to financial statements. 4

Percentage of Net Asset Value

29.9%

4.8%

FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS MICHELANGELO MXI: BOND FUND SCHEDULE OF INVESTMENTS IN SECURITIES, continued December 31, 2015

Coupon Rate (%) Municipal Bonds and Notes Almont, MI Brunswick County, NC Cedar Grove - Belgium, WI Cedar Grove - Belgium, WI Central Utah Water Conservancy Dist Revenue Ser C Chippewa Falls, WI Colorado Springs, CO Columbus, OH Connecticut State Moraine Valley Dallas Wtrwks & Swr Sys DeKalb County, IL Des Peres, MO Durham NC Ltd Oblig Rev Foley, AL Garland TX Ctfs Gen Oblig Ltd Harris County, TX Kent Ohio City School District Kentucky State Knox County, OH Madison County, TN Monova, WI New York City, NY North Hills, PA Olentangy Loc Sch Dist Ohio Polk County, FL Rio Rancho, NM Saint Louis, MO Sedgwick County, KA Union County, NJ Mutual Funds-Bonds Baird Short Term Bond Fund Federal Total Return Bond Series Intl # 328 Wells Fargo Advantage Ultra Short Term Muni Inc Institutional Total investments in securities

Date of Maturity

Principal Amount or Shares

Fair Value

Percentage of Net Asset Value

1.350% 1.090% 0.900% 1.150%

5/1/2017 5/1/2017 4/1/2016 4/1/2017

225,000 225,000 210,000 200,000

225,529 224,530 210,143 199,950

5.000% 1.550% 4.159% 1.279% 5.000% 2.250% 4.500% 3.790% 3.500% 2.620% 5.000% 2.550% 5.000% 5.000% 2.531% 3.350% 2.000% 4.375% 2.500% 4.059% 5.000% 5.000% 1.150% 4.000% 3.250% 2.310%

10/1/2034 4/1/2018 11/15/2016 8/15/2017 11/1/2028 6/1/2018 10/1/2026 12/15/2020 2/1/2020 6/1/2024 11/1/2028 2/15/2025 10/1/2028 12/1/2021 11/1/2016 12/1/2017 4/1/2018 10/1/2025 11/1/2019 10/15/2016 12/1/2018 10/1/2026 6/1/2016 4/1/2016 2/1/2023 6/15/2016

150,000 255,000 500,000 500,000 1,020,000 665,000 300,000 150,000 500,000 250,000 1,000,000 500,000 450,000 500,000 300,000 330,000 100,000 300,000 500,000 410,000 225,000 1,000,000 250,000 750,000 250,000 250,000 12,265,000

171,113 255,836 513,605 501,160 1,123,530 674,044 319,473 152,706 531,385 243,713 1,154,110 482,175 533,255 568,485 303,876 334,323 101,537 329,301 503,080 419,278 246,805 1,174,380 250,288 756,068 257,490 251,680 13,012,848

21,974

210,948

24,150

257,193

53,478 99,602

514,457 982,598

4.4%

19,834,524

$ 21,717,873

97.6%

See accompanying notes to financial statements. 5

58.5%

FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS MICHELANGELO MXI: BOND FUND STATEMENT OF OPERATIONS for the year ended December 31, 2015

Investment income Interest and dividend income

$

Expenses Investment management fees

144,810

Net investment income

408,086

Realized and unrealized gain (loss) on investments Net realized loss from investment transactions Net change in unrealized depreciation of investments

(32,610) (33,243)

Net loss on investments Net increase in net assets resulting from operations

See accompanying notes to financial statements. 6

552,896

(65,853) $

342,233

FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS MICHELANGELO MXI: BOND FUND STATEMENT OF CHANGES IN NET ASSETS for the year ended December 31, 2015

Increase in net assets resulting from operations Net investment income Net realized loss from investment transactions Net change in unrealized depreciation of investments

$

Net increase in net assets resulting from operations

408,086 (32,610) (33,243) 342,233

Decrease in net assets resulting from participants' transactions Net proceeds from issuance of units (243,833 units) Cost of units redeemed (337,972 units)

4,241,841 (5,892,382)

Net decrease in net assets resulting from participants' transactions

(1,650,541)

Decrease in net assets

(1,308,308)

Net assets Beginning of year

23,553,091

End of year

$

See accompanying notes to financial statements. 7

22,244,783

FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS MICHELANGELO MXI: BOND FUND NOTES TO FINANCIAL STATEMENTS December 31, 2015 1. NATURE OF ACTIVITIES First American Bank (Trustee) Trust for Employee Benefit Plans - Michelangelo MXI: Bond Fund (Fund) is a collective trust fund established on May 1, 2001, in accordance with the Illinois Common Trust Fund Act. The Fund only accepts qualified employee benefit plans and qualified governmental plans as participants. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements are presented on the accrual basis of accounting. Investment in Marketable Securities Security transactions are recorded on a trade date basis. Investments in securities are recorded at fair value, which is the closing bid price on the business day as of which such value is being determined. The difference between cost and fair value is reflected as unrealized appreciation or depreciation. Realized gains and losses on the sale of investments are determined by comparison of the original cost and proceeds using the specific identification method. Interest income is recorded as earned. Dividend income is recorded on the ex-dividend date. Units Issued, Redemptions and Distributions The net asset value of the Fund is determined daily. Units are issued and redeemed only at that time, at the per-unit net asset value. The Trustee may, at its discretion, elect to distribute all or any portion of the net income of the Fund. All income of the Fund which the Trustee does not elect to distribute shall be added to the principal of the Fund. Participant funds realize a gain or loss at the time of withdrawal based on the difference between their admission unit value and the unit value at the time of withdrawal. Income Taxes The Fund is a common trust fund exempt from taxation under the Internal Revenue Code and Illinois Income Tax Act. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 8

FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS MICHELANGELO MXI: BOND FUND NOTES TO FINANCIAL STATEMENTS December 31, 2015 3. RELATED PARTY TRANSACTIONS Management Fees In accordance with the Plan, the Trustee may charge the Fund for expenses incurred. Certain fund expenses may be borne by the Trustee. The First American Bank trust department assesses a management fee, computed at an annual rate of 0.60% of the Fund's market value. 4. INVESTMENT TRANSACTIONS Cost of purchases and proceeds of sales of securities for the year ended December 31, 2015 were $6,370,795 and $7,389,222, respectively. 5. FAIR VALUE The Fund utilizes various methods to measure the fair value of investments on a recurring basis. Accounting principles generally accepted in the United States of America establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2: Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3: Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. 9

FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS MICHELANGELO MXI: BOND FUND NOTES TO FINANCIAL STATEMENTS December 31, 2015 5. FAIR VALUE (continued) The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Fund uses quoted market prices to determine the fair value of investment securities, and when available, they are included in level 1. When quoted market prices are unobservable, pricing information is obtained from independent pricing vendors. The pricing vendors use various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the pricing vendors' models are derived from market observable sources including; benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many fixed income securities do not trade on a daily basis, the pricing vendors' methodologies use available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Available market observable inputs are considered in determining the valuation of a security. When securities are not priced using quoted prices, but rather determined from market observable information, they are included in level 2, and primarily comprise the Fund's portfolio of corporate bonds and notes, mortgage backed securities and municipal bonds. The following table summarizes the inputs used to value the Fund's assets measured at fair value on a recurring basis as of December 31, 2015:

Corporate bonds and notes Mortgage-backed securities Municipal bonds and notes Mutual funds-bonds

Assets at Fair Value as of December 31, 2015 Level 2 Level 3 Fair Value Level 1 $ $ 6,643,449 $ $ 6,643,449 1,078,978 1,078,978 13,012,848 13,012,848 982,598 982,598 $

982,598

$ 20,735,275

10

$

-

$

21,717,873

FIRST AMERICAN BANK TRUST FOR EMPLOYEE BENEFIT PLANS MICHELANGELO MXI: BOND FUND NOTES TO FINANCIAL STATEMENTS December 31, 2015 6. FINANCIAL HIGHLIGHTS December 31, 2015 2014 Per Unit Operating Performance Net asset value, beginning of year Income from investment operations Net investment income Net realized and unrealized gain (loss) on investment transactions Total from investment operations Net asset value, end of year

$

$

Total Return Ratios as a Percentage of Average Net Assets Investment income Realized and unrealized gain (loss) Expenses

17.24

$

16.68

0.31

0.32

(0.06) 0.25 17.49

0.24 0.56 17.24

$

1.49%

3.34%

2.41% -0.29% 0.63%

2.51% 1.44% 0.62%

7. SUBSEQUENT EVENTS The Fund's management has evaluated subsequent events through April 4, 2016, the date the financial statements were available to be issued.

11