City of Fort Walton Beach, Florida

City of Fort Walton Beach, Florida Investment Performance Review Investment Advisors Steven Alexander, CTP, CGFO, CPPT, Managing Director Robert Cheddar, CFA, Chief Credit Officer, Managing Director D. Scott Stitcher, CFA, Director Rebecca Geyer, CTP, Senior Analyst Sean Gannon, Analyst One Keystone Plaza, Suite 300 North Front & Market Streets Harrisburg, PA 17101-2044 717.232.2723 717.233.6073 fax PFM Asset Management LLC 300 South Orange Avenue Suite 1170 Orlando, FL 32801 407.648.2208 407.648.1323 fax 1 of 57

TABLE OF CONTENTS Tab I Market Update Tab II Executive Summary Investment Portfolio Short Term Portfolio Tab III Asset Allocation Chart Important Disclosures 2017 PFM Asset Management LLC 2 of 57

Tab I 2017 PFM Asset Management LLC 3 of 57

QUARTERLY MARKET SUMMARY SUMMARY The Trump trade dominated markets for much of the quarter pushing interest rate and equity prices higher, as the Trump administration and the Republican Party continued to push a bold agenda that promised new jobs, lower taxes, deregulation, and massive infrastructure spending. On March 15, with almost unanimous certainty from the market, the Federal Open Market Committee (FOMC) raised the federal funds target range by 0.25% to a range of 0.75% to 1.00%. The FOMC also released updated economic forecasts and a new dot plot. These were largely unchanged from the forecasts released in December. Central banks in the developed world outside of the United States continued to apply highly accommodative monetary policies as economic growth and inflation remained subdued. As a result, sovereign bond yields were at or near historic lows, with yields throughout Europe and Japan below 0%. Emerging markets experienced a resurgence this past quarter, after reeling from lack of positive investor sentiment, turning in a strong begining to 2017. ECONOMIC SNAPSHOT The pace of U.S. economic expansion slowed in the fourth quarter of 2016. Measurements of growth in the first quarter 2017 are forecasted to slow further, however, the labor market remained strong, consumer confidence continued to soar, business surveys picked up, and the housing market returned to near pre-crisis levels as the market continues to digest the size and scope of the Trump administration s proposed policies. U.S. gross domestic product (GDP) grew at a rate of 2.1% in the fourth quarter of 2016, a slowdown from the third quarter s pace of 3.5%. The deceleration reflected downturns in exports and federal government spending, and a deceleration in business investment. First quarter estimates are calling for further slowing in the pace of expansion to below 1.5% as consumer spending declines and business investment remains muted. The labor market added over 500,000 jobs in the first quarter as the unemployment rate declined to a decade low of 4.5% with the labor force participation rate rising to 63% for the first time in a year. Wage growth remained firm in the quarter, increasing at an annual rate of more than 2.5% during all three months. Confidence among Americans grew as the Conference Board s March reading increased to its highest level since the end of 2000. Manufacturing extended its expansion during the quarter with the ISM manufacturing PMI rebounding, Fixed Income Management after contracting over 2016 year-end, to its highest level since the end of 2014. On the housing front, existing home sales reached pre-crisis levels, selling at an annual rate of 5.69 million to start the year. INTEREST RATES Short-term (under five years) yields ended the first quarter higher, reflecting the Fed s March rate hike, while medium to long-term yields declined amid subdued inflation expectations. For much of the quarter, yields remained range bound until entering an upward trend at the start of March in anticipation of the expected FOMC March rate hike. They declined as the Fed reiterated its expectation for gradual tightening and the ability of the Trump administration to enact bold, pro-growth policies came into question. The 2-year Treasury yield ended the quarter only seven basis points over December 31, while the yield on the 10-year Treasury fell 6 basis points. In the money market space, shorter-term Treasury yields rose as the expectation for a Fed rate hike gained certainty. Yields on commercial paper and certificates of deposit did not increase. However, yields on short-term credit instruments remained elevated and offered incremental yield. SECTOR PERFORMANCE U.S. Treasury indexes posted positive returns in the first quarter of the year, the first positive quarter since the second quarter of 2016. Returns were largely generated by income rather than price appreciation as yields were little changed. Federal agency yield spreads remained near historically tight levels throughout the quarter as the supply-demand imbalance continued. The sector outperformed comparable maturity Treasuries for the third quarter in a row. Corporate yield spreads continued to tighten during the quarter, reaching multi-year lows, before drifting mildly wider at the end of March. The sector generated strong outperformance relative to comparable maturity Treasuries, as the sector turned in the sixth straight quarter of outperformance. Mortgage-backed securities (MBS) generally underperformed Treasuries due to duration extensions, and headline risk surrounding the potential reduction in the Fed s balance sheet holdings. Asset-backed securities (ABS) strongly outperformed Treasuries, as AAArated tranches, in our view, continued to offer good value, adding to returns and diversification. 2017 PFM Asset Management LLC 4 of 57

QUARTERLY MARKET SUMMARY Fixed Income Management Economic Snapshot Labor Market Latest Dec '16 Mar '16 Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right) Unemployment Rate Feb'17 4.7% 4.7% 5.0% 7% Change In Non-Farm Payrolls Unemployment Rate 375K Change In Non-Farm Payrolls Feb'17 235,000 155,000 225,000 6% 250K Average Hourly Earnings (YoY) Feb'17 2.8% 2.9% 2.5% 5% 125K Personal Income (YoY) Feb'17 4.6% 3.6% 3.6% Initial Jobless Claims (week) 3/24/17 258,000 241,000 275,000 4% 0 Feb '14 Aug '14 Feb '15 Aug '15 Feb '16 Aug '16 Feb '17 Growth Real GDP (QoQ SAAR) 2017Q4 2.1% 3.5% 0.9% GDP Personal Consumption (QoQ SAAR) 2017Q4 3.5% 3.0% 2.3% Retail Sales (YoY) Feb'17 5.7% 4.4% 1.7% ISM Manufacturing Survey (month) Mar'17 57.2 54.5 51.7 Existing Home Sales SAAR (month) Feb'17 5.48 mil. 5.51 mil. 5.39 mil. Inflation / Prices Personal Consumption Expenditures (YoY) Feb'17 2.1% 1.6% 0.8% Consumer Price Index (YoY) Feb'17 2.7% 2.1% 0.9% Consumer Price Index Core (YoY) Feb'17 2.2% 2.2% 2.2% 1 1 2 2 6% 4% 2% 0% -2% 3% 2% 1% Real GDP (QoQ) Dec '13 Jun '14 Dec '14 Jun '15 Dec '15 Jun '16 Dec '16 Consumer Price Index CPI (YoY) Core CPI (YoY) Crude Oil Futures (WTI, per barrel) Mar'17 $50.60 $53.72 $38.34 Gold Futures (oz.) Mar'17 $1,247 $1,152 $1,234 0% -1% Feb '14 Aug '14 Feb '15 Aug '15 Feb '16 Aug '16 Feb '17 1. Data as of Second Quarter 2016 2. Data as of Third Quarter 2015 Note: YoY = year over year, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil Source: Bloomberg. 2017 PFM Asset Management LLC 5 of 57

QUARTERLY MARKET SUMMARY Fixed Income Management Interest Rate Overview U.S. Treasury Note Yields U.S. Treasury Yield Curve Yield 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Sep '16 Oct '16 Nov '16 Dec '16 2-Year 5-Year 10-Year Yield 4% 3% 2% 1% 0% 3-yr 2-yr 1-yr 3-mo 5-yr 7-yr 10-yr Maturity March 31, 2017 December 31, 2016 March 31, 2016 30-yr U.S. Treasury Yields Yield Curves as of 3/31/17 Maturity March 31, 2017 December 31, 2016 Change over Quarter March 31, 2016 Change over Year 3-month 0.75% 0.50% 0.25% 0.20% 0.55% 1-year 1.02% 0.81% 0.21% 0.58% 0.44% 2-year 1.26% 1.19% 0.07% 0.72% 0.54% 5-year 1.92% 1.93% (0.01%) 1.21% 0.71% 10-year 2.39% 2.45% (0.06%) 1.77% 0.62% 30-year 3.01% 3.07% (0.06%) 2.61% 0.40% Yield 5% 4% 3% 2% 1% 0% 3-yr 2-yr 1-yr 3-mo 5-yr 7-yr 10-yr Maturity U.S. Treasury Federal Agency Industrial Corporates, A Rated 25-yr 30-yr Source: Bloomberg. 2017 PFM Asset Management LLC 6 of 57

QUARTERLY MARKET SUMMARY Fixed Income Management BofA Merrill Lynch Index Returns As of 3/31/17 Returns for Periods ended 3/31/17 March 31, 2017 Duration Yield 3 Month 1 Year 3 Years 1-3 Year Indices U.S. Treasury 1.89 1.27% 0.26% 0.25% 0.72% Federal Agency 1.79 1.37% 0.30% 0.41% 0.83% U.S. Corporates, A-AAA rated 1.93 1.92% 0.60% 1.32% 1.41% Agency MBS (0 to 3 years) 2.08 1.98% 0.38% 0.40% 1.13% Taxable Municipals 1.89 2.24% 0.70% 2.26% 1.92% 1-5 Year Indices U.S. Treasury 2.70 1.48% 0.37% (0.10%) 1.14% Federal Agency 2.27 1.51% 0.41% 0.28% 1.16% U.S. Corporates, A-AAA rated 2.77 2.19% 0.80% 1.29% 1.96% Agency MBS (0 to 5 years) 3.29 2.25% 0.59% 0.39% 2.00% Taxable Municipals 2.67 2.36% 0.61% 2.12% 2.49% Master Indices (Maturities 1 Year or Greater) U.S. Treasury 6.25 1.92% 0.68% (1.47%) 2.32% Federal Agency 3.91 1.84% 0.74% 0.11% 2.00% U.S. Corporates, A-AAA rated 6.98 3.01% 1.11% 1.65% 3.54% Agency MBS (0 to 30 years) 4.90 2.81% 0.46% 0.18% 2.66% Taxable Municipals 3.81 2.81% 0.59% 1.49% 3.13% Returns for periods greater than one year are annualized. Source: BofA Merrill Lynch Indices. 2017 PFM Asset Management LLC 7 of 57

QUARTERLY MARKET SUMMARY Fixed Income Management DISCLOSURES PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. Investment advisory services are provided by PFM Asset Management LLC which is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request. For more information regarding PFM s services or entities, please visit www.pfm.com. The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution and are subject to change. Information is 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. 2017 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. 2017 PFM Asset Management LLC 8 of 57

Tab II 2017 PFM Asset Management LLC 9 of 57

EXECUTIVE SUMMARY The Portfolios are of high credit quality and invested in U.S. Treasury, Federal Agency/GSE, municipal obligations, asset backed securities, corporate notes and commercial paper securities. The Investment Portfolio s quarterly total return performance of 0.53% outperformed the benchmark performance of 0.37% by 0.16%. Over the past year the Portfolio returned 0.37%, outperforming the benchmark performance of -0.10% by 0.47%. The Short Term Portfolio s quarter ending yield to maturity at cost of 1.30% outperformed the benchmark s yield of 0.67% by 0.63%. Yields remained within a narrow range through the first couple months before rising strongly in anticipation of the March FOMC rate hike as Fed officials made a concerted effort to telegraph expectations. Yields on the short-end of the curve ended the quarter higher, reflecting the rate hike, while long-term yields declined alongside future inflation expectations. We expect the Fed to remain on track to make two additional rate hikes in 2017, matching the three hikes projected for 2017 by the Committee s dot plot. In addition, a potential reduction in the size of the Fed s balance sheet later in the year could have significant implications for the markets. Since yields are currently stable and we expect no action at the next FOMC meeting in May, we are targeting portfolio durations to closely match that of benchmarks. We will continue to revisit this position regularly, especially in light of the potential for higher yields later in the year. We will continue to monitor incoming economic data, Fed policy, and market relationships. This will include monitoring and assessing the policies of the incoming Trump administration for their impact on economic and market conditions. 2017 PFM Asset Management LLC 10 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Credit Quality (S&P Ratings) Sector Allocation Portfolio Snapshot Par Value: Portfolio Statistics As of March 31, 2017 Total Market Value: Security Market Value: Accrued Interest: Cash: 16,714,040 16,818,131 16,753,047 65,084 PFM - - Not Rated 2.8% BBB+ 4.4% BBB 1.0% AAA 9.0% AA+ 53.0% A 5.0% A- 4.2% A+ 6.1% AA 3.6% AA- 10.8% U.S. Treasury 32.9% Municipal 1.8% Federal Agency/GSE 18.9% Asset-Backed 9.8% Corporate 36.6% Amortized Cost: Yield at Market: Yield at Cost: Effective Duration: Duration to Worst: Average Maturity: Average Credit: ** 16,789,846 1.70% 1.65% 2.60 Years 2.67 Years 2.88 Years AA 40% 35% 30% 25% 20% 15% 15.6% Maturity Distribution 38.6% 21.1% 21.7% 10% 5% 0% 3.0% 0-1 Year 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years 0.0% * An average of each security s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio. 2017 PFM Asset Management LLC 11 of 57 Account 28930100

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Performance Portfolio/Benchmark CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Performance (Total Return) Effective Duration Current Quarter 1 Year 3 Year 5 Year Annualized Return 10 Year Since Inception (06/30/12) ** 2.60 0.53% 0.37% 1.44% - - 1.02% BofA ML 1-5 Year U.S. Treasury Index 2.63 0.37% - -0.10% 1.14% - 0.84% Difference 0.16% 0.47% 0.30% - - 0.18% 1.6% 1.4% 1.44% Total Return 1.2% 1.0% 0.8% 0.6% 0.4% 0.53% 0.37% 0.37% 1.14% 1.02% 0.84% 0.2% 0.0% -0.2% -0.10% Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception CITY OF FT. WALTON BEACH INVESTMENT PORT BofA ML 1-5 Year U.S. Treasury Index Portfolio performance is gross of fees unless otherwise indicated. **Since Inception performance is not shown for periods less than one year. 2017 PFM Asset Management LLC 12 of 57 Account 28930100

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Performance Portfolio/Benchmark Portfolio Performance (Total Return) Effective Duration Quarter Ended 03/31/17 12/31/16 09/30/16 06/30/16 1 Year 3 Year Annualized Return 5 Year CITY OF FT. WALTON BEACH INVESTMENT PORT 2.60 0.53% -0.90% -0.08% 0.82% 0.37% 1.44% - BofA ML 1-5 Year U.S. Treasury Index 2.63 0.37% -1.09% -0.19% 0.81% -0.10% 1.14% - Difference 0.16% 0.19% 0.11% 0.01% 0.47% 0.30% - 1.6% 1.44% 1.2% 1.14% Total Return 0.8% 0.4% 0.0% -0.4% 0.53% 0.37% -0.08% -0.19% 0.82% 0.81% 0.37% -0.10% -0.8% -1.2% -0.90% -1.09% 03/31/17 12/31/16 09/30/16 06/30/16 1 Year 3 Year 5 Year CITY OF FT. WALTON BEACH INVESTMENT PORT BofA ML 1-5 Year U.S. Treasury Index Portfolio performance is gross of fees unless otherwise indicated. 2017 PFM Asset Management LLC 13 of 57 Account 28930100

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Performance Portfolio Performance (Total Return) Quarter Ended Effective Portfolio/Benchmark Duration 03/31/17 12/31/16 09/30/16 06/30/16 1 Year 3 Year Annualized Return 5 Year CITY OF FT. WALTON BEACH INVESTMENT PORT 2.60 0.53% -0.90% -0.08% 0.82% 0.37% 1.44% - Net of Fees ** - 0.50% -0.92% -0.10% 0.80% 0.27% 1.34% - BofA ML 1-5 Year U.S. Treasury Index 2.63 0.37% -1.09% -0.19% 0.81% -0.10% 1.14% - Difference (Gross) 0.16% 0.19% 0.11% 0.01% 0.47% 0.30% - Difference (Net) 0.13% 0.17% 0.09% -0.01% 0.37% 0.20% - 1.6% 1.44% 1.2% 1.14% Total Return 0.8% 0.4% 0.0% -0.4% 0.53% 0.37% -0.08% -0.19% 0.82% 0.81% 0.37% -0.10% -0.8% -1.2% -0.90% -1.09% 03/31/17 12/31/16 09/30/16 06/30/16 1 Year 3 Year 5 Year CITY OF FT. WALTON BEACH INVESTMENT PORT BofA ML 1-5 Year U.S. Treasury Index Portfolio performance is gross of fees unless otherwise indicated. ** Fees were calculated based on average assets during the period at the contractual rate. 2017 PFM Asset Management LLC 14 of 57 Account 28930100

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Performance Portfolio Earnings Quarter-Ended March 31, 2017 Beginning Value (12/31/2016) Market Value Basis $16,502,043.60 Accrual (Amortized Cost) Basis $16,573,546.14 Net Purchases/Sales $231,215.97 $231,215.97 Change in Value $19,787.33 ($14,916.56) Ending Value (03/31/2017) $16,753,046.90 $16,789,845.55 Interest Earned Portfolio Earnings $76,457.38 $96,244.71 $76,457.38 $61,540.82 2017 PFM Asset Management LLC Account 28930100 15 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Composition Sector Allocation As of March 31, 2017 Sector Market Value ($) % of Portfolio Corporate 6,141,501 36.6% U.S. Treasury 5,507,268 32.9% Federal Agency/GSE 3,165,961 18.9% Asset-Backed 1,636,361 9.8% Municipal 301,956 1.8% U.S. Treasury 32.9% Asset-Backed 9.8% Total 16,753,047 100.0% Municipal 1.8% Federal Agency/GSE 18.9% Corporate 36.6% Detail may not add to total due to rounding. 2017 PFM Asset Management LLC 16 of 57 Account 28930100

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Composition Sector Allocation As of March 31, 2017 Sector Market Value ($) % of Portfolio % of Benchmark Corporate U.S. Treasury Federal Agency/GSE Asset-Backed Municipal Total 120% 6,141,501 5,507,268 3,165,961 1,636,361 301,956 36.6% 32.9% 18.9% 9.8% 1.8% - 100.0% - - - 16,753,047 100.0% 100.0% 100% 100.0% 80% 60% 40% 36.6% 32.9% 20% 0% 18.9% 9.8% 0.0% 0.0% 0.0% 1.8% 0.0% Asset-Backed Corporate Federal Agency/GSE Municipal U.S. Treasury CITY OF FT. WALTON BEACH INVESTMENT PORT BofA ML 1-5 Year U.S. Treasury Index Detail may not add to total due to rounding. 2017 PFM Asset Management LLC 17 of 57 Account 28930100

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Composition Sector Sector Allocation March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 MV ($MM) % of Total MV ($MM) % of Total MV ($MM) % of Total MV ($MM) % of Total Corporate 6.1 36.6% 6.0 36.7% 6.1 36.5% 5.6 33.6% U.S. Treasury 5.5 32.9% 5.1 30.6% 4.5 27.1% 7.0 41.7% Federal Agency/GSE 3.2 18.9% 3.9 23.9% 4.4 26.4% 2.2 12.9% Asset-Backed 1.6 9.8% 1.2 7.0% 1.2 7.1% 0.9 5.6% Municipal 0.3 1.8% 0.3 1.8% 0.5 2.9% 0.5 2.9% Commercial Paper 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.5 3.3% Total $16.8 100.0% $16.5 100.0% $16.8 100.0% $16.8 100.0% 100% 90% 80% Commercial Paper Municipal Asset-Backed Federal Agency/GSE U.S. Treasury Corporate 70% 60% 50% 40% 30% 20% 10% 0% March 2017 December 2016 September 2016 June 2016 Detail may not add to total due to rounding. 2017 PFM Asset Management LLC 18 of 57 Account 28930100

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Composition Maturity Distribution As of March 31, 2017 Portfolio/Benchmark Yield at Market Average Maturity 0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years >5 Years CITY OF FT. WALTON BEACH INVESTMENT PORT 1.70% 2.88 yrs 3.0% 15.6% 38.6% 21.1% 21.7% 0.0% BofA ML 1-5 Year U.S. Treasury Index 1.48% 2.80 yrs 1.8% 30.9% 26.1% 20.9% 20.3% 0.0% 40% 38.6% 35% 30% 25% 20% 15% 15.6% 30.9% 26.1% 21.1% 20.9% 21.7% 20.3% 10% 5% 0% 3.0% 1.8% 0.0% 0.0% 0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years CITY OF FT. WALTON BEACH INVESTMENT PORT BofA ML 1-5 Year U.S. Treasury Index 2017 PFM Asset Management LLC Account 28930100 19 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Composition Duration Distribution As of March 31, 2017 Portfolio / Benchmark Effective Duration 0-1 YEARS 1-2 YEARS 2-3 YEARS 3-4 YEARS 4-5 YEARS > 5 YEARS CITY OF FT. WALTON BEACH INVESTMENT 2.60 5.95% 20.64% 37.43% 28.15% 7.83% 0.00% PORT BofA ML 1-5 Year U.S. Treasury Index 2.63 1.83% 30.86% 28.74% 22.72% 15.86% 0.00% 40% 35% 30% 25% 20% 15% 10% 5% 0% Distribution by Effective Duration 37% 31% 29% 28% 23% 21% 16% 8% 6% 2% 0% 0% 0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years 40% 35% 30% 25% 20% 15% 10% 5% 0% Contribution to Portfolio Duration 38% 36% 30% 27% 26% 17% 12% 13% 1% 1% 0% 0% 0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years CITY OF FT. WALTON BEACH INVESTMENT PORT BofA ML 1-5 Year U.S. Treasury Index CITY OF FT. WALTON BEACH INVESTMENT PORT BofA ML 1-5 Year U.S. Treasury Index 2017 PFM Asset Management LLC Account 28930100 20 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Composition Credit Quality As of March 31, 2017 S&P Rating Market Value ($) % of Portfolio AA+ AAA A+ A BBB+ A- AA Not Rated BBB $8,874,372 $1,811,970 $1,512,903 $1,022,423 $838,045 $741,144 $700,327 $609,069 $474,414 $168,380 53.0% 10.8% 9.0% 6.1% 5.0% 4.4% 4.2% 3.6% 2.8% 1.0% Totals $16,753,047 100.0% Not Rated 2.8% BBB+ 4.4% BBB 1.0% AAA 9.0% AA+ 53.0% AA- A 5.0% A- 4.2% A+ 6.1% AA 3.6% AA- 10.8% Detail may not add to total due to rounding. 2017 PFM Asset Management LLC 21 of 57 Account 28930100

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Composition Issuer Issuer Distribution As of March 31, 2017 Market Value ($) % of Portfolio UNITED STATES TREASURY 5,507,268 32.9% FANNIE MAE 1,571,006 9.4% FEDERAL HOME LOAN BANKS 1,393,410 8.3% GENERAL ELECTRIC CO 438,395 2.6% BANK OF NOVA SCOTIA 400,810 2.4% WELLS FARGO & COMPANY 375,793 2.2% CISCO SYSTEMS INC 364,812 2.2% MICROSOFT CORP 350,956 2.1% CITIGROUP INC 350,639 2.1% BP PLC 332,756 2.0% TOYOTA MOTOR CORP 326,964 2.0% AMERICAN HONDA FINANCE 322,798 1.9% CARMAX AUTO OWNER TRUST 303,052 1.8% CITY OF NEW YORK CITY, NY 301,956 1.8% GOLDMAN SACHS GROUP INC 289,464 1.7% AMERICAN EXPRESS CO 288,803 1.7% ALLY AUTO RECEIVABLES TRUST 279,849 1.7% HONDA AUTO RECEIVABLES 274,797 1.6% Top 5 = 55.6% Top 10 = 66.2% 2017 PFM Asset Management LLC Account 28930100 22 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Issuer Market Value ($) % of Portfolio Portfolio Composition WESTPAC BANK CORP NY 247,997 1.5% PFIZER INC 231,558 1.4% TENNESSEE VALLEY AUTHORITY NOTES 201,545 1.2% APPLE INC 201,144 1.2% BANK ON MONTREAL CHI 197,913 1.2% CHEVRON CORP 195,626 1.2% FORD CREDIT AUTO OWNER TRUST 189,907 1.1% TOYOTA AUTO RECEIVABLES 184,427 1.1% ROYAL BANK OF CANADA NY 178,156 1.1% FORD MOTOR COMPANY 168,380 1.0% HYUNDAI AUTO RECEIVABLES 164,393 1.0% CNH EQUIPMENT TRUST 155,405 0.9% DEERE & COMPANY 115,416 0.7% BOEING COMPANY 115,074 0.7% BANK OF AMERICA CO 101,041 0.6% UNILEVER PLC 100,902 0.6% CATERPILLAR INC 81,445 0.5% BB&T CORPORATION 78,767 0.5% BERKSHIRE HATHAWAY INC 75,554 0.5% ROYAL DUTCH SHELL PLC 75,335 0.5% HSBC HOLDINGS PLC 74,982 0.5% 2017 PFM Asset Management LLC Account 28930100 23 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Issuer Market Value ($) % of Portfolio Portfolio Composition NEW YORK UNIVERSITY 60,021 0.4% NISSAN AUTO RECEIVABLES 49,543 0.3% JOHN DEERE OWNER TRUST 34,987 0.2% Grand Total: 16,753,047 100.0% 2017 PFM Asset Management LLC Account 28930100 24 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Composition Sector/Issuer Distribution As of March 31, 2017 Sector / Issuer Market Value ($) % of Sector % of Total Portfolio Asset-Backed ALLY AUTO RECEIVABLES TRUST 279,849 17.1% 1.7% CARMAX AUTO OWNER TRUST 303,052 18.5% 1.8% CNH EQUIPMENT TRUST 155,405 9.5% 0.9% FORD CREDIT AUTO OWNER TRUST 189,907 11.6% 1.1% HONDA AUTO RECEIVABLES 274,797 16.8% 1.6% HYUNDAI AUTO RECEIVABLES 164,393 10.0% 1.0% JOHN DEERE OWNER TRUST 34,987 2.1% 0.2% NISSAN AUTO RECEIVABLES 49,543 3.0% 0.3% TOYOTA AUTO RECEIVABLES 184,427 11.3% 1.1% Sector Total 1,636,361 100.0% 9.8% Corporate AMERICAN EXPRESS CO 288,803 4.7% 1.7% AMERICAN HONDA FINANCE 322,798 5.3% 1.9% APPLE INC 201,144 3.3% 1.2% BANK OF AMERICA CO 101,041 1.6% 0.6% BANK OF NOVA SCOTIA 400,810 6.5% 2.4% BANK ON MONTREAL CHI 197,913 3.2% 1.2% BB&T CORPORATION 78,767 1.3% 0.5% BERKSHIRE HATHAWAY INC 75,554 1.2% 0.5% 2017 PFM Asset Management LLC Account 28930100 25 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Composition Sector / Issuer Market Value ($) % of Sector % of Total Portfolio BOEING COMPANY 115,074 1.9% 0.7% BP PLC 332,756 5.4% 2.0% CATERPILLAR INC 81,445 1.3% 0.5% CHEVRON CORP 195,626 3.2% 1.2% CISCO SYSTEMS INC 364,812 5.9% 2.2% CITIGROUP INC 350,639 5.7% 2.1% DEERE & COMPANY 115,416 1.9% 0.7% FORD MOTOR COMPANY 168,380 2.7% 1.0% GENERAL ELECTRIC CO 438,395 7.1% 2.6% GOLDMAN SACHS GROUP INC 289,464 4.7% 1.7% HSBC HOLDINGS PLC 74,982 1.2% 0.4% MICROSOFT CORP 350,956 5.7% 2.1% NEW YORK UNIVERSITY 60,021 1.0% 0.4% PFIZER INC 231,558 3.8% 1.4% ROYAL BANK OF CANADA NY 178,156 2.9% 1.1% ROYAL DUTCH SHELL PLC 75,335 1.2% 0.4% TOYOTA MOTOR CORP 326,964 5.3% 2.0% UNILEVER PLC 100,902 1.6% 0.6% WELLS FARGO & COMPANY 375,793 6.1% 2.2% WESTPAC BANK CORP NY 247,997 4.0% 1.5% Sector Total 6,141,501 100.0% 36.7% Federal Agency/GSE FANNIE MAE 1,571,006 49.6% 9.4% FEDERAL HOME LOAN BANKS 1,393,410 44.0% 8.3% 2017 PFM Asset Management LLC Account 28930100 26 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Composition Sector / Issuer Market Value ($) % of Sector % of Total Portfolio TENNESSEE VALLEY AUTHORITY NOTES 201,545 6.4% 1.2% Sector Total 3,165,961 100.0% 18.9% Municipal CITY OF NEW YORK CITY, NY 301,956 100.0% 1.8% Sector Total 301,956 100.0% 1.8% U.S. Treasury UNITED STATES TREASURY 5,507,268 100.0% 32.9% Sector Total 5,507,268 100.0% 32.9% Portfolio Total 16,753,047 100.0% 100.0% 2017 PFM Asset Management LLC Account 28930100 27 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Activity Quarterly Portfolio Transactions Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Amt ($) Yield at Market Realized G/L (BV) BUY 1/3/17 1/5/17 350,000 912828Q78 US TREASURY NOTES 1.37% 4/30/21 343,904.76 1.86% 1/18/17 1/25/17 110,000 34531EAD8 FORDO 2017-A A3 1.67% 6/15/21 109,999.59 1.67% 2/1/17 2/3/17 800,000 912828Q78 US TREASURY NOTES 1.37% 4/30/21 787,074.24 1.86% 2/8/17 2/14/17 330,000 05565QCX4 BP CAPITAL MARKETS PLC BONDS 2.31% 2/13/20 332,684.32 2.04% 2/22/17 3/2/17 35,000 47787XAC1 JDOT 2017-A A3 1.78% 4/15/21 34,995.02 1.79% 2/24/17 2/28/17 285,000 3135G0T29 FNMA NOTES 1.50% 2/28/20 284,817.60 1.52% 2/28/17 3/3/17 120,000 0258M0EE5 AMERICAN EXPRESS CREDIT CORP NOTES 2.20% 3/3/20 119,875.20 2.24% 3/7/17 3/15/17 100,000 89238MAD0 TAOT 2017-A A3 1.73% 2/15/21 99,988.23 1.74% 3/10/17 3/15/17 115,000 24422ETL3 JOHN DEERE CAPITAL CORP NOTES 2.65% 1/6/22 115,076.95 2.75% 3/14/17 3/16/17 125,000 912828T67 US TREASURY NOTES 1.25% 10/31/21 120,938.58 2.10% 3/15/17 3/22/17 155,000 12636WAB2 CNH EQUIPMENT TRUST POOL 1.64% 7/15/20 154,994.05 1.80% 3/21/17 3/29/17 200,000 02007HAC5 ALLYA 2017-2 A3 1.78% 8/15/21 199,976.42 1.79% 3/22/17 3/29/17 85,000 44931PAD8 HART 2017-A A3 1.76% 8/15/21 84,993.12 1.76% Total BUY 2,810,000 2,789,318.08 CALL 2/3/17 2/3/17 170,000 92343VDF8 VERIZON COMMUNICATIONS CORP NOTES 1.37% 8/15/19 170,314.74 1.58% 0.00 Total CALL 170,000 170,314.74 0.00 INTEREST 1/1/17 1/1/17 60,000 650119AF7 NEW YORK UNIVERSITY CORPORATE NOTE 1.76% 7/1/19 530.10 1/3/17 1/3/17 0 MONEY0002 MONEY MARKET FUND 37.09 2017 PFM Asset Management LLC Account 28930100 28 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Activity Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Amt ($) Yield at Market Realized G/L (BV) 1/8/17 1/8/17 400,000 36962G4J0 GENERAL ELECTRIC CAP CORP NOTES 5.50% 1/8/20 11,000.00 1/15/17 1/15/17 153,369 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 134.20 1/15/17 1/15/17 40,000 89237CAD3 TOYOTA ABS 2015-B A3 1.27% 5/15/19 42.33 1/15/17 1/15/17 80,000 02007LAC6 ALLY ABS 2016-3 A3 1.44% 8/15/20 96.00 1/15/17 1/15/17 100,000 06051GEX3 BANK OF AMERICA CORP NOTES 2.60% 1/15/19 1,300.00 1/15/17 1/15/17 80,000 44891EAC3 HYUNDAI AUTO RECEIVABLES TRUST 1.29% 4/15/21 86.00 1/15/17 1/15/17 50,000 89237WAD9 TOYOTA ABS 2016-C A3 1.14% 8/15/20 47.50 1/15/17 1/15/17 165,000 14312QAB2 CARMX 2016-4 A2 1.21% 11/15/19 166.38 1/15/17 1/15/17 50,000 65478WAD7 NISSAN ABS 2016-C A3 1.18% 1/15/21 49.17 1/15/17 1/15/17 150,000 14314EAB7 CARMAX ABS 2016-3 A2 1.17% 8/15/19 146.25 1/15/17 1/15/17 98,083 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 94.81 1/17/17 1/17/17 100,000 89236TBB0 TOYOTA MOTOR CREDIT CORP CORP NOTES 2.10% 1/17/19 1,050.00 1/18/17 1/18/17 200,000 06367THQ6 BANK OF MONTREAL 1.50% 7/18/19 1,500.00 1/18/17 1/18/17 100,000 43814NAC9 HONDA ABS 2016-1 A3 1.22% 12/18/19 101.67 1/18/17 1/18/17 100,000 438124AC3 HAROT 2016-3 A3 ABS 1.16% 6/18/19 96.67 1/20/17 1/20/17 500,000 3135G0E33 FNMA NOTES 1.12% 7/20/18 2,812.50 1/21/17 1/21/17 98,427 43813NAC0 HONDA ABS 2015-2 A3 1.04% 2/21/19 85.30 1/27/17 1/27/17 50,000 0258M0DJ5 AMERICAN EXPRESS CREDIT CORP NOTES 2.12% 7/27/18 531.25 1/29/17 1/29/17 180,000 78012KRK5 ROYAL BANK OF CANADA CORP NOTES 1.50% 7/29/19 1,350.00 1/30/17 1/30/17 125,000 94974BGF1 WELLS FARGO & CO 2.15% 1/30/20 1,343.75 1/30/17 1/30/17 115,000 097023BF1 BOEING COMPANY (FLOATING) NOTE 1.16% 10/30/17 297.51 1/30/17 1/30/17 250,000 94974BGF1 WELLS FARGO & CO 2.15% 1/30/20 2,687.50 1/31/17 1/31/17 300,000 912828VP2 US TREASURY NOTES 2.00% 7/31/20 3,000.00 1/31/17 1/31/17 330,000 912828WY2 US TREASURY N/B 2.25% 7/31/21 3,712.50 1/31/17 1/31/17 250,000 912828VP2 US TREASURY NOTES 2.00% 7/31/20 2,500.00 1/31/17 1/31/17 500,000 912828VP2 US TREASURY NOTES 2.00% 7/31/20 5,000.00 1/31/17 1/31/17 750,000 912828VP2 US TREASURY NOTES 2.00% 7/31/20 7,500.00 2/1/17 2/1/17 0 MONEY0002 MONEY MARKET FUND 402.74 2/5/17 2/5/17 500,000 3130A8Y72 FHLB GLOBAL NOTE 0.87% 8/5/19 2,199.65 2/5/17 2/5/17 690,000 3130A8Y72 FHLB GLOBAL NOTE 0.87% 8/5/19 3,035.52 2017 PFM Asset Management LLC Account 28930100 29 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Activity Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Amt ($) Yield at Market Realized G/L (BV) 2/10/17 2/10/17 75,000 822582AW2 SHELL INTERNATIONAL FIN GLOBAL NOTES 1.90% 8/10/18 712.50 2/12/17 2/12/17 170,000 345397YD9 FORD MOTOR CREDIT CO LLC CORPORATE NOTES 1.89% 8/12/19 1,612.45 2/12/17 2/12/17 350,000 594918AY0 MICROSOFT CORP NOTE 1.85% 2/12/20 3,237.50 2/15/17 2/15/17 100,000 02665WAH4 AMERICAN HONDA FINANCE GLOBAL NOTES 2.25% 8/15/19 1,125.00 2/15/17 2/15/17 75,000 084664BY6 BERKSHIRE HATHAWAY FIN GLOBAL NOTES 2.00% 8/15/18 750.00 2/15/17 2/15/17 110,000 34531EAD8 FORDO 2017-A A3 1.67% 6/15/21 102.06 2/15/17 2/15/17 165,000 14312QAB2 CARMX 2016-4 A2 1.21% 11/15/19 166.37 2/15/17 2/15/17 150,000 14314EAB7 CARMAX ABS 2016-3 A2 1.17% 8/15/19 146.25 2/15/17 2/15/17 91,902 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 88.84 2/15/17 2/15/17 80,000 02007LAC6 ALLY ABS 2016-3 A3 1.44% 8/15/20 96.00 2/15/17 2/15/17 220,000 02665WAH4 AMERICAN HONDA FINANCE GLOBAL NOTES 2.25% 8/15/19 2,475.00 2/15/17 2/15/17 50,000 65478WAD7 NISSAN ABS 2016-C A3 1.18% 1/15/21 49.17 2/15/17 2/15/17 143,689 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 125.73 2/15/17 2/15/17 40,000 89237CAD3 TOYOTA ABS 2015-B A3 1.27% 5/15/19 42.33 2/15/17 2/15/17 80,000 44891EAC3 HYUNDAI AUTO RECEIVABLES TRUST 1.29% 4/15/21 86.00 2/15/17 2/15/17 50,000 89237WAD9 TOYOTA ABS 2016-C A3 1.14% 8/15/20 47.50 2/18/17 2/18/17 100,000 43814NAC9 HONDA ABS 2016-1 A3 1.22% 12/18/19 101.67 2/18/17 2/18/17 100,000 438124AC3 HAROT 2016-3 A3 ABS 1.16% 6/18/19 96.67 2/18/17 2/18/17 100,000 14912L6D8 CATERPILLAR FINANCIAL SE 1.25% 8/18/17 625.00 2/21/17 2/21/17 90,657 43813NAC0 HONDA ABS 2015-2 A3 1.04% 2/21/19 78.57 2/28/17 2/28/17 205,000 3135G0P49 FNMA NOTES 1.00% 8/28/19 1,002.22 2/28/17 2/28/17 850,000 912828D72 US TREASURY NOTES 2.00% 8/31/21 8,500.00 2/28/17 2/28/17 100,000 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 625.00 2/28/17 2/28/17 170,000 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 1,062.50 2/28/17 2/28/17 400,000 912828B90 US TREASURY NOTES 2.00% 2/28/21 4,000.00 2/28/17 2/28/17 300,000 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 1,875.00 3/1/17 3/1/17 0 MONEY0002 MONEY MARKET FUND 969.47 3/1/17 3/1/17 80,000 14912L3K5 CATERPILLAR FINANCIAL SE GROUP CORP NOTE 5.85% 9/1/17 2,340.00 3/1/17 3/1/17 110,000 17275RAR3 CISCO SYSTEMS INC GLOBAL NOTES 2.12% 3/1/19 1,168.75 3/1/17 3/1/17 225,000 717081AQ6 PFIZER INC GLOBAL NOTES 4.65% 3/1/18 5,231.25 2017 PFM Asset Management LLC Account 28930100 30 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Activity Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Amt ($) Yield at Market Realized G/L (BV) 3/6/17 3/6/17 100,000 904764AQ0 UNILEVER CAP GLOBAL NOTE 2.20% 3/6/19 1,100.00 3/14/17 3/14/17 125,000 459200GJ4 IBM CORP NOTES 5.70% 9/14/17 3,562.50 3/15/17 3/15/17 80,000 02007LAC6 ALLY ABS 2016-3 A3 1.44% 8/15/20 96.00 3/15/17 3/15/17 165,000 14312QAB2 CARMX 2016-4 A2 1.21% 11/15/19 166.38 3/15/17 3/15/17 110,000 34531EAD8 FORDO 2017-A A3 1.67% 6/15/21 153.08 3/15/17 3/15/17 133,393 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 116.72 3/15/17 3/15/17 149,554 14314EAB7 CARMAX ABS 2016-3 A2 1.17% 8/15/19 145.82 3/15/17 3/15/17 85,729 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 82.87 3/15/17 3/15/17 80,000 44891EAC3 HYUNDAI AUTO RECEIVABLES TRUST 1.29% 4/15/21 86.00 3/15/17 3/15/17 50,000 89237WAD9 TOYOTA ABS 2016-C A3 1.14% 8/15/20 47.50 3/15/17 3/15/17 50,000 65478WAD7 NISSAN ABS 2016-C A3 1.18% 1/15/21 49.17 3/15/17 3/15/17 37,764 89237CAD3 TOYOTA ABS 2015-B A3 1.27% 5/15/19 39.97 3/18/17 3/18/17 100,000 43814NAC9 HONDA ABS 2016-1 A3 1.22% 12/18/19 101.67 3/18/17 3/18/17 100,000 438124AC3 HAROT 2016-3 A3 ABS 1.16% 6/18/19 96.67 3/21/17 3/21/17 83,078 43813NAC0 HONDA ABS 2015-2 A3 1.04% 2/21/19 72.00 Total INTEREST 12,795,645 97,391.54 PAYDOWNS 1/15/17 1/15/17 9,680 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 9,679.98 0.00 1/15/17 1/15/17 6,181 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 6,180.99 0.00 1/21/17 1/21/17 7,769 43813NAC0 HONDA ABS 2015-2 A3 1.04% 2/21/19 7,769.37 0.00 2/15/17 2/15/17 446 14314EAB7 CARMAX ABS 2016-3 A2 1.17% 8/15/19 445.58 0.00 2/15/17 2/15/17 2,236 89237CAD3 TOYOTA ABS 2015-B A3 1.27% 5/15/19 2,235.67 0.00 2/15/17 2/15/17 10,296 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 10,295.88 0.00 2/15/17 2/15/17 6,173 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 6,172.91 0.00 2/21/17 2/21/17 7,580 43813NAC0 HONDA ABS 2015-2 A3 1.04% 2/21/19 7,579.50 0.00 3/15/17 3/15/17 11,113 14314EAB7 CARMAX ABS 2016-3 A2 1.17% 8/15/19 11,113.24 0.00 3/15/17 3/15/17 2,943 89237CAD3 TOYOTA ABS 2015-B A3 1.27% 5/15/19 2,943.08 0.00 2017 PFM Asset Management LLC Account 28930100 31 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Activity Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Amt ($) Yield at Market Realized G/L (BV) 3/15/17 3/15/17 9,426 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 9,426.26 0.00 3/15/17 3/15/17 5,775 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 5,775.04 0.00 3/21/17 3/21/17 7,255 43813NAC0 HONDA ABS 2015-2 A3 1.04% 2/21/19 7,254.76 0.00 Total PAYDOWNS 86,872 86,872.26 0.00 SELL 1/3/17 1/5/17 75,000 912828VE7 US TREASURY NOTES 1.00% 5/31/18 75,021.45 1.05% (40.19) 1/3/17 1/5/17 30,000 0258M0DM8 AMERICAN EXPRESS CREDIT CORP NOTES 1.12% 6/5/17 30,022.73 1.17% 4.92 1/3/17 1/5/17 115,000 3135G0WJ8 FANNIE MAE GLOBAL NOTES 0.87% 5/21/18 114,782.59 1.09% 132.63 1/3/17 1/5/17 125,000 3135G0WJ8 FANNIE MAE GLOBAL NOTES 0.87% 5/21/18 124,763.68 1.09% (59.98) 2/1/17 2/3/17 470,000 3130A8DB6 FHLB GLOBAL NOTE 1.12% 6/21/19 467,604.18 1.40% (2,857.35) 2/1/17 2/3/17 330,000 3130A8DB6 FHLB GLOBAL NOTE 1.12% 6/21/19 328,317.82 1.40% (4,790.19) 2/9/17 2/14/17 330,000 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 330,059.61 1.44% 227.39 2/24/17 2/28/17 15,000 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 14,922.07 1.43% 54.32 2/24/17 2/28/17 100,000 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 99,480.47 1.43% (320.09) 2/24/17 2/28/17 170,000 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 169,116.80 1.43% 170.31 2/28/17 3/3/17 100,000 14912L6D8 CATERPILLAR FINANCIAL SE 1.25% 8/18/17 100,038.08 1.28% (6.22) 2/28/17 3/3/17 50,000 0258M0DJ5 AMERICAN EXPRESS CREDIT CORP NOTES 2.12% 7/27/18 50,406.25 1.69% 315.14 3/10/17 3/15/17 115,000 912828D72 US TREASURY NOTES 2.00% 8/31/21 114,788.28 2.06% (595.21) 3/14/17 3/16/17 125,000 459200GJ4 IBM CORP NOTES 5.70% 9/14/17 127,748.33 1.29% 2,221.51 3/22/17 3/27/17 123,967 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 123,738.71 1.16% (257.72) 3/24/17 3/29/17 30,000 3135G0E33 FNMA NOTES 1.12% 7/20/18 30,040.99 1.19% (121.37) Total SELL 2,303,967 2,300,852.04-5,922.10 2017 PFM Asset Management LLC Account 28930100 32 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Activity Quarterly Portfolio Transactions Tran. Type Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Amt ($) Yield Realized G/L (BV) INTEREST 1/1/17 1/1/17 60,000.00 650119AF7 NEW YORK UNIVERSITY CORPORATE NOTE 1.76% 7/1/19 530.10 INTEREST 1/3/17 1/3/17 0.00 MONEY0002 MONEY MARKET FUND 37.09 BUY 1/3/17 1/5/17 350,000.00 912828Q78 US TREASURY NOTES 1.37% 4/30/21 (343,904.76) 1.86% SELL 1/3/17 1/5/17 75,000.00 912828VE7 US TREASURY NOTES 1.00% 5/31/18 75,021.45 1.05% (40.19) SELL 1/3/17 1/5/17 30,000.00 0258M0DM8 AMERICAN EXPRESS CREDIT CORP NOTES 1.12% 6/5/17 30,022.73 1.17% 4.92 SELL 1/3/17 1/5/17 115,000.00 3135G0WJ8 FANNIE MAE GLOBAL NOTES 0.87% 5/21/18 114,782.59 1.09% 132.63 SELL 1/3/17 1/5/17 125,000.00 3135G0WJ8 FANNIE MAE GLOBAL NOTES 0.87% 5/21/18 124,763.68 1.09% (59.98) INTEREST 1/8/17 1/8/17 400,000.00 36962G4J0 GENERAL ELECTRIC CAP CORP NOTES 5.50% 1/8/20 11,000.00 INTEREST 1/15/17 1/15/17 153,368.62 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 134.20 INTEREST 1/15/17 1/15/17 40,000.00 89237CAD3 TOYOTA ABS 2015-B A3 1.27% 5/15/19 42.33 INTEREST 1/15/17 1/15/17 80,000.00 02007LAC6 ALLY ABS 2016-3 A3 1.44% 8/15/20 96.00 INTEREST 1/15/17 1/15/17 100,000.00 06051GEX3 BANK OF AMERICA CORP NOTES 2.60% 1/15/19 1,300.00 INTEREST 1/15/17 1/15/17 80,000.00 44891EAC3 HYUNDAI AUTO RECEIVABLES TRUST 1.29% 4/15/21 86.00 INTEREST 1/15/17 1/15/17 50,000.00 89237WAD9 TOYOTA ABS 2016-C A3 1.14% 8/15/20 47.50 INTEREST 1/15/17 1/15/17 165,000.00 14312QAB2 CARMX 2016-4 A2 1.21% 11/15/19 166.38 INTEREST 1/15/17 1/15/17 50,000.00 65478WAD7 NISSAN ABS 2016-C A3 1.18% 1/15/21 49.17 INTEREST 1/15/17 1/15/17 150,000.00 14314EAB7 CARMAX ABS 2016-3 A2 1.17% 8/15/19 146.25 INTEREST 1/15/17 1/15/17 98,083.12 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 94.81 PAYDOWNS 1/15/17 1/15/17 9,679.98 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 9,679.98 0.00 PAYDOWNS 1/15/17 1/15/17 6,180.99 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 6,180.99 0.00 2017 PFM Asset Management LLC Account 28930100 33 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Activity Tran. Type Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Amt ($) Yield Realized G/L (BV) INTEREST 1/17/17 1/17/17 100,000.00 89236TBB0 TOYOTA MOTOR CREDIT CORP CORP 2.10% 1/17/19 1,050.00 NOTES INTEREST 1/18/17 1/18/17 200,000.00 06367THQ6 BANK OF MONTREAL 1.50% 7/18/19 1,500.00 INTEREST 1/18/17 1/18/17 100,000.00 43814NAC9 HONDA ABS 2016-1 A3 1.22% 12/18/19 101.67 INTEREST 1/18/17 1/18/17 100,000.00 438124AC3 HAROT 2016-3 A3 ABS 1.16% 6/18/19 96.67 BUY 1/18/17 1/25/17 110,000.00 34531EAD8 FORDO 2017-A A3 1.67% 6/15/21 (109,999.59) 1.67% INTEREST 1/20/17 1/20/17 500,000.00 3135G0E33 FNMA NOTES 1.12% 7/20/18 2,812.50 INTEREST 1/21/17 1/21/17 98,426.78 43813NAC0 HONDA ABS 2015-2 A3 1.04% 2/21/19 85.30 PAYDOWNS 1/21/17 1/21/17 7,769.37 43813NAC0 HONDA ABS 2015-2 A3 1.04% 2/21/19 7,769.37 0.00 INTEREST 1/27/17 1/27/17 50,000.00 0258M0DJ5 AMERICAN EXPRESS CREDIT CORP NOTES 2.12% 7/27/18 531.25 INTEREST 1/29/17 1/29/17 180,000.00 78012KRK5 ROYAL BANK OF CANADA CORP NOTES 1.50% 7/29/19 1,350.00 INTEREST 1/30/17 1/30/17 125,000.00 94974BGF1 WELLS FARGO & CO 2.15% 1/30/20 1,343.75 INTEREST 1/30/17 1/30/17 115,000.00 097023BF1 BOEING COMPANY (FLOATING) NOTE 1.16% 10/30/17 297.51 INTEREST 1/30/17 1/30/17 250,000.00 94974BGF1 WELLS FARGO & CO 2.15% 1/30/20 2,687.50 INTEREST 1/31/17 1/31/17 300,000.00 912828VP2 US TREASURY NOTES 2.00% 7/31/20 3,000.00 INTEREST 1/31/17 1/31/17 330,000.00 912828WY2 US TREASURY N/B 2.25% 7/31/21 3,712.50 INTEREST 1/31/17 1/31/17 250,000.00 912828VP2 US TREASURY NOTES 2.00% 7/31/20 2,500.00 INTEREST 1/31/17 1/31/17 500,000.00 912828VP2 US TREASURY NOTES 2.00% 7/31/20 5,000.00 INTEREST 1/31/17 1/31/17 750,000.00 912828VP2 US TREASURY NOTES 2.00% 7/31/20 7,500.00 INTEREST 2/1/17 2/1/17 0.00 MONEY0002 MONEY MARKET FUND 402.74 BUY 2/1/17 2/3/17 800,000.00 912828Q78 US TREASURY NOTES 1.37% 4/30/21 (787,074.24) 1.86% SELL 2/1/17 2/3/17 470,000.00 3130A8DB6 FHLB GLOBAL NOTE 1.12% 6/21/19 467,604.18 1.40% (2,857.35) SELL 2/1/17 2/3/17 330,000.00 3130A8DB6 FHLB GLOBAL NOTE 1.12% 6/21/19 328,317.82 1.40% (4,790.19) 2017 PFM Asset Management LLC Account 28930100 34 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Activity Tran. Type Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Amt ($) Yield Realized G/L (BV) CALL 2/3/17 2/3/17 170,000.00 92343VDF8 VERIZON COMMUNICATIONS CORP NOTES 1.37% 8/15/19 170,314.74 1.58% 0.00 INTEREST 2/5/17 2/5/17 500,000.00 3130A8Y72 FHLB GLOBAL NOTE 0.87% 8/5/19 2,199.65 INTEREST 2/5/17 2/5/17 690,000.00 3130A8Y72 FHLB GLOBAL NOTE 0.87% 8/5/19 3,035.52 BUY 2/8/17 2/14/17 330,000.00 05565QCX4 BP CAPITAL MARKETS PLC BONDS 2.31% 2/13/20 (332,684.32) 2.04% SELL 2/9/17 2/14/17 330,000.00 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 330,059.61 1.44% 227.39 INTEREST 2/10/17 2/10/17 75,000.00 822582AW2 SHELL INTERNATIONAL FIN GLOBAL 1.90% 8/10/18 712.50 NOTES INTEREST 2/12/17 2/12/17 170,000.00 345397YD9 FORD MOTOR CREDIT CO LLC CORPORATE 1.89% 8/12/19 1,612.45 NOTES INTEREST 2/12/17 2/12/17 350,000.00 594918AY0 MICROSOFT CORP NOTE 1.85% 2/12/20 3,237.50 INTEREST 2/15/17 2/15/17 100,000.00 02665WAH4 AMERICAN HONDA FINANCE GLOBAL 2.25% 8/15/19 1,125.00 NOTES INTEREST 2/15/17 2/15/17 75,000.00 084664BY6 BERKSHIRE HATHAWAY FIN GLOBAL 2.00% 8/15/18 750.00 NOTES INTEREST 2/15/17 2/15/17 110,000.00 34531EAD8 FORDO 2017-A A3 1.67% 6/15/21 102.06 INTEREST 2/15/17 2/15/17 165,000.00 14312QAB2 CARMX 2016-4 A2 1.21% 11/15/19 166.37 INTEREST 2/15/17 2/15/17 150,000.00 14314EAB7 CARMAX ABS 2016-3 A2 1.17% 8/15/19 146.25 INTEREST 2/15/17 2/15/17 91,902.13 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 88.84 INTEREST 2/15/17 2/15/17 80,000.00 02007LAC6 ALLY ABS 2016-3 A3 1.44% 8/15/20 96.00 INTEREST 2/15/17 2/15/17 220,000.00 02665WAH4 AMERICAN HONDA FINANCE GLOBAL 2.25% 8/15/19 2,475.00 NOTES INTEREST 2/15/17 2/15/17 50,000.00 65478WAD7 NISSAN ABS 2016-C A3 1.18% 1/15/21 49.17 INTEREST 2/15/17 2/15/17 143,688.64 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 125.73 INTEREST 2/15/17 2/15/17 40,000.00 89237CAD3 TOYOTA ABS 2015-B A3 1.27% 5/15/19 42.33 INTEREST 2/15/17 2/15/17 80,000.00 44891EAC3 HYUNDAI AUTO RECEIVABLES TRUST 1.29% 4/15/21 86.00 INTEREST 2/15/17 2/15/17 50,000.00 89237WAD9 TOYOTA ABS 2016-C A3 1.14% 8/15/20 47.50 2017 PFM Asset Management LLC Account 28930100 35 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Activity Tran. Type Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Amt ($) Yield Realized G/L (BV) PAYDOWNS 2/15/17 2/15/17 445.58 14314EAB7 CARMAX ABS 2016-3 A2 1.17% 8/15/19 445.58 0.00 PAYDOWNS 2/15/17 2/15/17 2,235.67 89237CAD3 TOYOTA ABS 2015-B A3 1.27% 5/15/19 2,235.67 0.00 PAYDOWNS 2/15/17 2/15/17 10,295.88 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 10,295.88 0.00 PAYDOWNS 2/15/17 2/15/17 6,172.91 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 6,172.91 0.00 INTEREST 2/18/17 2/18/17 100,000.00 43814NAC9 HONDA ABS 2016-1 A3 1.22% 12/18/19 101.67 INTEREST 2/18/17 2/18/17 100,000.00 438124AC3 HAROT 2016-3 A3 ABS 1.16% 6/18/19 96.67 INTEREST 2/18/17 2/18/17 100,000.00 14912L6D8 CATERPILLAR FINANCIAL SE 1.25% 8/18/17 625.00 INTEREST 2/21/17 2/21/17 90,657.41 43813NAC0 HONDA ABS 2015-2 A3 1.04% 2/21/19 78.57 PAYDOWNS 2/21/17 2/21/17 7,579.50 43813NAC0 HONDA ABS 2015-2 A3 1.04% 2/21/19 7,579.50 0.00 BUY 2/22/17 3/2/17 35,000.00 47787XAC1 JDOT 2017-A A3 1.78% 4/15/21 (34,995.02) 1.79% BUY 2/24/17 2/28/17 285,000.00 3135G0T29 FNMA NOTES 1.50% 2/28/20 (284,817.60) 1.52% SELL 2/24/17 2/28/17 15,000.00 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 14,922.07 1.43% 54.32 SELL 2/24/17 2/28/17 100,000.00 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 99,480.47 1.43% (320.09) SELL 2/24/17 2/28/17 170,000.00 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 169,116.80 1.43% 170.31 INTEREST 2/28/17 2/28/17 205,000.00 3135G0P49 FNMA NOTES 1.00% 8/28/19 1,002.22 INTEREST 2/28/17 2/28/17 850,000.00 912828D72 US TREASURY NOTES 2.00% 8/31/21 8,500.00 INTEREST 2/28/17 2/28/17 100,000.00 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 625.00 INTEREST 2/28/17 2/28/17 170,000.00 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 1,062.50 INTEREST 2/28/17 2/28/17 400,000.00 912828B90 US TREASURY NOTES 2.00% 2/28/21 4,000.00 INTEREST 2/28/17 2/28/17 300,000.00 912828UQ1 US TREASURY NOTES 1.25% 2/29/20 1,875.00 BUY 2/28/17 3/3/17 120,000.00 0258M0EE5 AMERICAN EXPRESS CREDIT CORP NOTES 2.20% 3/3/20 (119,875.20) 2.24% SELL 2/28/17 3/3/17 100,000.00 14912L6D8 CATERPILLAR FINANCIAL SE 1.25% 8/18/17 100,038.08 1.28% (6.22) 2017 PFM Asset Management LLC Account 28930100 36 of 57

CITY OF FT. WALTON BEACH INVESTMENT PORT Portfolio Activity Tran. Type Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Amt ($) Yield Realized G/L (BV) SELL 2/28/17 3/3/17 50,000.00 0258M0DJ5 AMERICAN EXPRESS CREDIT CORP NOTES 2.12% 7/27/18 50,406.25 1.69% 315.14 INTEREST 3/1/17 3/1/17 0.00 MONEY0002 MONEY MARKET FUND 969.47 INTEREST 3/1/17 3/1/17 80,000.00 14912L3K5 CATERPILLAR FINANCIAL SE GROUP CORP 5.85% 9/1/17 2,340.00 NOTE INTEREST 3/1/17 3/1/17 110,000.00 17275RAR3 CISCO SYSTEMS INC GLOBAL NOTES 2.12% 3/1/19 1,168.75 INTEREST 3/1/17 3/1/17 225,000.00 717081AQ6 PFIZER INC GLOBAL NOTES 4.65% 3/1/18 5,231.25 INTEREST 3/6/17 3/6/17 100,000.00 904764AQ0 UNILEVER CAP GLOBAL NOTE 2.20% 3/6/19 1,100.00 BUY 3/7/17 3/15/17 100,000.00 89238MAD0 TAOT 2017-A A3 1.73% 2/15/21 (99,988.23) 1.74% BUY 3/10/17 3/15/17 115,000.00 24422ETL3 JOHN DEERE CAPITAL CORP NOTES 2.65% 1/6/22 (115,076.95) 2.75% SELL 3/10/17 3/15/17 115,000.00 912828D72 US TREASURY NOTES 2.00% 8/31/21 114,788.28 2.06% (595.21) INTEREST 3/14/17 3/14/17 125,000.00 459200GJ4 IBM CORP NOTES 5.70% 9/14/17 3,562.50 BUY 3/14/17 3/16/17 125,000.00 912828T67 US TREASURY NOTES 1.25% 10/31/21 (120,938.58) 2.10% SELL 3/14/17 3/16/17 125,000.00 459200GJ4 IBM CORP NOTES 5.70% 9/14/17 127,748.33 1.29% 2,221.51 INTEREST 3/15/17 3/15/17 80,000.00 02007LAC6 ALLY ABS 2016-3 A3 1.44% 8/15/20 96.00 INTEREST 3/15/17 3/15/17 165,000.00 14312QAB2 CARMX 2016-4 A2 1.21% 11/15/19 166.38 INTEREST 3/15/17 3/15/17 110,000.00 34531EAD8 FORDO 2017-A A3 1.67% 6/15/21 153.08 INTEREST 3/15/17 3/15/17 133,392.76 65477UAC4 NISSAN ABS 2015-A A3 1.05% 10/15/19 116.72 INTEREST 3/15/17 3/15/17 149,554.42 14314EAB7 CARMAX ABS 2016-3 A2 1.17% 8/15/19 145.82 INTEREST 3/15/17 3/15/17 85,729.22 34530VAD1 FORD ABS 2015-B A3 1.16% 11/15/19 82.87 INTEREST 3/15/17 3/15/17 80,000.00 44891EAC3 HYUNDAI AUTO RECEIVABLES TRUST 1.29% 4/15/21 86.00 INTEREST 3/15/17 3/15/17 50,000.00 89237WAD9 TOYOTA ABS 2016-C A3 1.14% 8/15/20 47.50 INTEREST 3/15/17 3/15/17 50,000.00 65478WAD7 NISSAN ABS 2016-C A3 1.18% 1/15/21 49.17 INTEREST 3/15/17 3/15/17 37,764.33 89237CAD3 TOYOTA ABS 2015-B A3 1.27% 5/15/19 39.97 2017 PFM Asset Management LLC Account 28930100 37 of 57

CITY OF FT. WALTON SHORT TERM PORTFOLIO Credit Quality (S&P Ratings) Sector Allocation Portfolio Snapshot Portfolio Statistics As of March 31, 2017 Par Value: 3,000,000 Total Market Value: 5,497,250 Security Market Value: 2,987,775 Accrued Interest: 0 Cash: 2,509,475 PFM - % A-1 Commercial Paper 100.0% Amortized Cost: Yield at Market: Yield at Cost: Effective Duration: 2,986,413 1.12% 1.30% 0.33 Years 100% 100.0% Maturity Distribution Duration to Worst: Average Maturity: 0.33 Years 0.33 Years 80% Average Credit: ** A 60% Benchmark Eff. Yield: 0.67% 40% 20% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0-1 Year 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years * An average of each security s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio. 2017 PFM Asset Management LLC 39 of 57 Account 28930200

CITY OF FT. WALTON SHORT TERM PORTFOLIO Portfolio Performance Portfolio Earnings Quarter-Ended March 31, 2017 Beginning Value (12/31/2016) Market Value Basis $5,492,492.00 Accrual (Amortized Cost) Basis $5,491,660.14 Net Purchases/Sales ($2,515,691.67) ($2,515,691.67) Change in Value $10,974.67 $10,444.44 Ending Value (03/31/2017) $2,987,775.00 $2,986,412.91 Interest Earned Portfolio Earnings $0.00 $10,974.67 $0.00 $10,444.44 2017 PFM Asset Management LLC Account 28930200 40 of 57