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0007_2_City Investment Report 2016-06
CITY OF LAKE ELSINORE INVESTMENT REPORT BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account 1,508,198$ 919,803$ (763,653)$ 1,664,349$ Cash On Hand: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 1,000 Total Cash Accounts 1,508,198 919,803 (763,653) 1,665,649 INVESTMENTS City Investments: City Local Agency Investment Fund 18,571,014 - - 18,571,014 City Local Agency Investment Fund for the PFA 329,987 - - 329,987 City CAMP Investments: CAMP Pool Account 76,466 - - 76,466 U.S. Treasury Bond / Note 13,797,640 - - 13,797,640 Municipal Bond / Note 290,464 - - 290,464 Federal Agency Collateralized Mortgage Obligation 530,253 - - 530,253 Federal Agency Bond / Note 3,325,513 - - 3,325,513 Corporate Note 7,094,776 - - 7,094,776 Certificate of Deposit 4,650,000 - - 4,650,000 Housing CAMP Investments: Housing CAMP Pool Account 18,217 - - 18,217 Housing U.S. Treasury Bond / Notes 2,360,568 - - 2,360,568 Housing Municipal Bond / Notes 30,084 - - 30,084 Housing Federal Agency Collateralized Mortgage 95,951 - - 95,951 Housing Federal Agency Bond / Notes 829,781 - - 829,781 Housing Corporate Notes 1,318,456 - - 1,318,456 Housing Certificate of Deposit 400,000 - - 400,000 Successor Investments: Successor Local Agency Investment Fund 3,990,550 - - 3,990,550 Successor CAMP Investments: Successor CAMP Pool Account 15,168 - - 15,168 Successor U.S. Treasury Bond / Notes 2,683,824 - - 2,683,824 Successor Municipal Bond / notes 30,084 - - 30,084 Successor Federal Agency Collaterized Mortgage 95,951 - - 95,951 Successor Federal Agency Bond / Notes 904,711 - - 904,711 Successor Corporate Notes 1,120,612 - - 1,120,612 Successor Certificate of Deposit 400,000 - - 400,000 Sub-total Investments 62,960,068 - - 62,960,068 Market Value Adjustment: Unrealized Gain/ (Loss) at 06-30-15 City 4,631 - - 4,631 Unrealized Gain/ (Loss) at 06-30-15 SARDA 13,632 - - 13,632 Total Unrealized Gain/ (Loss) at 06-30-15 per GASB 31 18,263 - - 18,263 Total Investments 62,978,331 - - 62,978,331 Total Pooled Cash and Investments 64,486,529$ 919,803$ (763,653)$ 64,643,979$ TOTAL POOLED CASH AND INVESTMENTS 64,643,979$ I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 16, 2016. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P. Simpson July 18, 2016 Director of Administrative Services Date C I T Y O F L A K E E L S I N O R E INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF JUNE 30, 2016 Yield Purchase Date Maturity Rate 0.576%Daily 24-Hour Agency Beginning Balance Net Increase/(Decrease)Ending Balance City 20,371,014$ (1,800,000)$ 18,571,014$ City for the PFA 329,987$ -$ 329,987$ Successor Agency 90,550$ 3,900,000$ 3,990,550$ Total Investments Held with Local Agency Investment Fund:20,791,550$ 2,100,000$ 22,891,550$ Note: Per California State Treasurer, LAIF Statute 16429.1: Separate accounts for each governmental unit shall be maintained. LAIF accounts are subject to a $65 million cap per agency. C I T Y O F L A K E E L S I N O R E LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING JUNE 30, 2016 FUND NO FUND NAME AMOUNT 100 General Fund 9,683,630$ 101 Supplemental Law Enforcement Fund 33,333 104 Traffic Offender Fund 16,605 106 Affordable Housing In Lieu Fund 2,700,606 107 Developer Agreement Revenue 1,471,966 110 State Gas Tax Fund 1,860,973 112 Measure A Fund 918,176 114 SB1186 CASP Education Program Fund 5,645 115 Traffic Safety Fund 187,804 116 City Hall-Public Works DIF Fund 1,140,868 117 Community Center DIF Fund 516,594 118 Lake Side Facility DIF Fund 606,718 120 Camino Del Norte DIF 110 121 T.R.I.P.-2014A 6,265 130 Lighting & Landscape Maintenance Fund - City-wide 55,095 135 Lighting & Landscape Maintenance Fund - Dist. No. 1 455,434 140 Geothermal Fund 19,718 155 CSA152 -- N.P.D.E.S.98,881 160 PEG Grant Fund 12,396 205 Traffic Impact Fee Fund 3,658,667 211 Storm Drain C.I.P. Fund 3,399,212 221 Quimby Park C.I.P. Fund 16,720 231 Library C.I.P. Fund 1,695,021 232 City Fire Protection Fund 201,058 254 AD 89-1 Railroad Canyon Rd. Improvement Fund 126,253 268 CFD 2006-2 Viscaya Improvement 217 269 CFD 2004-3 IA-1 Improvement 250,682 285 CFD 2004-3 IA-2 Improvement 4,318,062 310 Support Service 261,423 320 Facilities Service 112,209 331 CFD 2006-1CC Summerly Improvement Area CC 38,798 332 CFD 2006-1 Improvement Area B, Summerly 13,712 333 CFD 2015-3 Terracina 24,508 334 CFD 2015-5 Trieste - Far West Industries 45,158 342 CFD 2007-5 Red Kite Service Fund 2,674 343 CFD 2006-2S Viscaya Services 41,173 344 CFD 2005-2 Alberhill Ranch Services Fund 113,938 345 CFD 2003-2S Improvement Area D, Canyon Hills 27,765 346 CFD 2014-1 Southshore Debt Service Fund 62,500 347 CFD 2006-1 Improvement Area A, Summerly 19,452 350 CFD 98-1 Summerhill Debt Service Fund 28,149 352 AD 86-1 Debt Service Fund 655,943 354 CFD 90-2 Successor RDA Debt Service Fund 21,274 356 AD 90-1A Debt Service Fund 3 357 CFD 2003-2 Canyon Hills Debt Service Fund 45,125 C I T Y O F L A K E E L S I N O R E POOLED CASH AND INVESTMENTS BY FUND AS OF JUNE 30, 2016 FUND NO FUND NAME AMOUNT C I T Y O F L A K E E L S I N O R E POOLED CASH AND INVESTMENTS BY FUND AS OF JUNE 30, 2016 366 CFD 2005-6 City Center Townhomes Debt Service Fund 33,766 367 CFD 2005-3 Summerly Debt Service Fund 209,520 368 CFD 2006-2 Viscaya Debt Service Fund 34,025 369 CFD 2004-3 Area 1 Rosetta Canyon Debt Service Fund 33,282 371 CFD 2005-1 Serenity Debt Service Fund 22,941 372 CFD 2005-2 Alberhill Ranch Debt Service Fund 13,627 374 CFD 2005-4 Lakeview Villas Debt Service Fund 45,671 375 CFD 2006-4 Tract No. 30698 & 32129 Debt Service Fund 17,102 376 CFD 2006-3 La Strada Debt Service Fund 22,023 377 CFD 2006-6 Tessara Debt Service Fund 10,603 378 CFD 2006-8 Tract No. 31957 Debt Service Fund 41,743 384 CFD 2003-2 Area B Canyon Hills Debt Service Fund 44,676 385 CFD 2004-3 Area 2 Rosetta Canyon Debt Service Fund 41,743 386 CFD 2007-4 Mekenna Debt Service Fund 9,891 387 CFD 2007-5 Red Kite Debt Service Fund 65,376 388 CFD 2007-6 Holiday Inn Debt Service Fund 3,703 389 CFD 88-3 (2008A) West Lake Elsinore Debt Service Fund 29,807 390 CFD 2003-2 Area C Canyon Hills Debt Service Fund 45,810 392 CFD 95-1 City Center Debt Service Fund 22,749 393 AD 93-1 Debt Service Fund 29,128 394 CFD 2005-5 (2012A) Wasson Canyon Debt Service Fund 27,406 510 Successor Agency RDA Area I 973,113 520 Successor Agency RDA Area II 3,121,430 530 Successor Agency RDA Area III 1,635,836 540 Successor Area RDA Diamond Stadium 3,277,783 604 Endowment Trust Fund 31,101 605 Public Improvement Trust Fund 838,639 606 Mobile Source Air Polution Reduction Fund 221,330 608 Trust Deposit & Pre Paid Expense Fund 5,320,039 617 Successor Agency Housing Fund 11,551,333 620 Cost Recovery System Fund 1,144,473 631 Lake Destratification Equipment Replacement Fund 229,360 655 CFD 2015-1s Law, Fire, Paramedic Services 19,186 731 LEPFA 2011 Series B 2,711 734 LEPFA 2013 Series C 409,115 736 LEPFA 2013 Series A 20 780 LEPFA General 93,402 Total Pooled Cash & Investments 64,643,979$ DIVERSIFICATION MAXIMUM TYPES OF SECURITIES PERCENTAGE PERCENTAGE U.S. Treasury Bills 0.00%Unlimited U.S. Treasury Bond / Note 29.93%Unlimited Current Balance 18,842,032$ Municipal Bond / Note 0.56%Unlimited Current Balance 350,632$ Federal Agency Collaterized Mortgage Obligation 1.15%40.00% Current Balance 722,154$ Federal Agency Bond / Note 8.04%*Unlimited Current Balance 5,060,004$ Banker's Acceptance 0.00%40.00% Certificates of Deposit 8.66%25.00% Current Balance 5,450,000$ Negotiable Certificates of Deposit 0.00%30.00% Commercial Paper 0.00%25.00% Corporate Note 15.14%30.00% Current Balance 9,533,844$ Repurchase Agreements 0.00%Unlimited Reverse Repurchase Agreements 0.00%20.00% LAIF (Local Agency Investment Fund)36.36%*$65 Million Current Balance 22,891,550$ CAMP - Pooled Sweep Account 0.17%Unlimited Current Balance 109,850$ TOTAL 100.00%*62,960,068$ Note: Local agencies are only eligible to purchase medium term corporate notes that have a rating of "A" or better by both Moody's Investors Service, Inc., and Standard and Poor's Corporation (S & P). If a security falls below "A" by both rating agencies, then PFM Asset Management LLC will evaluate the need to sell the security prior to maturity. The CAMP Portfolio Summary and Statistics shows the credit quality held by the City's investments. *No more than 40% in any one federal agency. See CAMP Portfolio Statement for listing of agencies. *Investment in LAIF may not exceed $65 million in each agency. *Totals include the City, Housing, and Successor Agency CAMP Portfolios. FOR THE MONTH ENDING JUNE 30, 2016 SUMMARY OF POLICY LIMITATIONS C I T Y O F L A K E E L S I N O R E City Funds CAMP Account For the Month Ending June 30, 2016Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Opening Market Value Purchases Redemptions Change in Value Closing Market Value 51,284.38 1,315,308.32 (1,290,126.70) 0.00 $76,466.00 CAMP Pool Unsettled Trades 0.00 25.16 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 29,824,961.73 1,283,264.78 (1,274,267.07) 223,787.42 $30,057,746.86 CAMP Managed Account Unsettled Trades 0.00 38,215.25 Cash Dividends and Income June 30, 2016 May 31, 2016 Asset Summary CAMP Pool 76,466.00 51,284.38 CAMP Managed Account 30,057,746.86 29,824,961.73 $30,134,212.86 $29,876,246.11 Total Asset Allocation 0.25% CAMP Pool 99.75% CAMP Managed Account Page 1 For the Month Ending June 30, 2016Managed Account Summary Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $51,284.38 1,315,308.32 (1,290,126.70) $76,466.00 25.16 $29,824,961.73 0.00 (1,274,267.07) 1,283,264.78 0.00 223,787.42 $30,057,746.86 $29,876,246.11 $30,134,212.86 41,016.09 (4,385.85) 1,585.01 $38,215.25 0.00 1,277,642.02 37,641.14 0.00 (1,287,650.63) (27,632.53) 0.00 Managed Account Total 29,653,152.19 29,729,618.19 108,004.36 1,277,642.02 0.00 37,641.14 (1,287,650.63) (29,641,013.68) (105,955.50) 0.00 108,004.36 2,567,768.72 0.00 37,641.14 (2,602,958.95) (29,692,298.06) (105,955.50) 25.16 Total Accrual Basis Earnings $41,819.90 $41,845.06 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Page 2 For the Month Ending June 30, 2016Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 13,695,000.00 14,041,393.96 46.60 Municipal Bond / Note 290,000.00 296,161.90 0.98 Federal Agency Collateralized Mortgage Obligation 525,000.00 530,748.33 1.76 Federal Agency Bond / Note 3,325,000.00 3,364,807.86 11.17 Corporate Note 7,010,000.00 7,164,215.43 23.77 Certificate of Deposit 4,650,000.00 4,660,419.38 15.47 Managed Account Sub-Total 29,495,000.00 30,057,746.86 99.75% Accrued Interest 108,004.36 Total Portfolio 29,495,000.00 30,165,751.22 CAMP Pool 76,466.00 76,466.00 0.25 Total Investments 29,571,466.00 30,242,217.22 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 15.47% Cert of Deposit 23.77% Corporate Note 1.76% Fed Agency CMO 11.17% Fed Agy Bond / Note 0.25% Mny Mkt Fund 0.98% Muni Bond / Note 46.60% US TSY Bond / Note 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 0.26% 12.41% 21.21% 19.41% 25.81% 20.90% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 2.68 1014 1.44% 0.96% Page 3 For the Month Ending June 30, 2016Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Credit Quality (S&P Ratings) 5.63% A 4.30% A+ 3.15% A- 7.64% A-1 1.91% A-1+ 1.77% AA 61.50% AA+ 12.49% AA- 0.25% AAAm 1.36% BBB+ Issuer Summary Percentof HoldingsIssuer Market Value 203,548.00 0.68 AMERICAN EXPRESS CO 593,716.25 1.97 AMERICAN HONDA FINANCE 310,762.91 1.03 APPLE INC 310,865.70 1.03 BANK OF NEW YORK CO INC 577,972.75 1.92 BANK OF NOVA SCOTIA 152,197.35 0.51 BB&T CORPORTATION 404,642.80 1.34 BERKSHIRE HATHAWAY INC 165,859.35 0.55 BURLINGTON NORTHERN SANTA FE 76,466.00 0.25 CAMP Pool 575,132.25 1.91 CANADIAN IMPERIAL BANK OF COMMERCE 770,676.98 2.56 CHEVRON CORP 585,425.34 1.94 CISCO SYSTEMS INC 105,722.72 0.35 CITIGROUP INC 435,856.95 1.45 DEERE & COMPANY 3,233,929.21 10.73 FANNIE MAE 661,626.98 2.20 FREDDIE MAC 285,755.00 0.95 GENERAL ELECTRIC CO 303,077.70 1.01 GOLDMAN SACHS GROUP INC 824,864.25 2.74 HSBC HOLDINGS PLC 251,548.75 0.83 IBM CORP 592,498.40 1.97 JP MORGAN CHASE & CO 575,287.50 1.91 NORDEA BANK AB 574,931.00 1.91 RABOBANK NEDERLAND 579,482.13 1.92 ROYAL BANK OF CANADA 575,609.50 1.91 SKANDINAVISKA ENSKIDA BANKEN AB 168,318.15 0.56 STATE OF CONNECTICUT 75,942.68 0.25 STATE STREET CORPORATION 626,693.75 2.08 TORONTO-DOMINION BANK 205,579.40 0.68 TOYOTA MOTOR CORP 14,041,393.96 46.59 UNITED STATES TREASURY 127,843.75 0.42 UNIVERSITY OF CALIFORNIA 703,351.60 2.33 US BANCORP Page 4 For the Month Ending June 30, 2016Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Percentof HoldingsIssuer Market Value 457,633.80 1.52 WELLS FARGO & COMPANY $30,134,212.86 Total 100.00% Page 5 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 11/30/2012 0.625% 11/30/2017 525,430.50 520,939.42 277.92 514,910.15 05/09/1405/06/14AaaAA+ 525,000.00 912828UA6 1.18 US TREASURY NOTES DTD 04/15/2015 0.750% 04/15/2018 300,808.50 299,541.34 473.36 299,496.09 04/27/1604/22/16AaaAA+ 300,000.00 912828K25 0.84 US TREASURY NOTES DTD 07/31/2013 1.375% 07/31/2018 888,740.13 883,171.40 5,024.04 888,603.52 02/04/1502/02/15AaaAA+ 875,000.00 912828VQ0 0.92 US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 375,275.46 368,588.80 391.73 367,412.89 06/03/1406/02/14AaaAA+ 370,000.00 912828A34 1.41 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 164,012.48 160,107.12 653.55 160,175.00 09/04/1409/02/14AaaAA+ 160,000.00 912828C65 1.60 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 589,419.85 575,558.60 2,348.70 575,898.44 10/06/1410/02/14AaaAA+ 575,000.00 912828C65 1.59 US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 432,875.34 423,409.64 1,616.42 433,698.05 11/03/1410/30/14AaaAA+ 405,000.00 912828KQ2 1.50 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 302,238.30 297,109.70 754.10 296,097.66 04/30/1504/28/15AaaAA+ 300,000.00 912828TR1 1.30 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 836,192.63 818,948.93 2,086.34 814,534.76 02/27/1502/26/15AaaAA+ 830,000.00 912828TR1 1.42 US TREASURY NOTES DTD 09/30/2014 1.750% 09/30/2019 1,289,111.25 1,264,080.74 5,498.63 1,269,384.77 03/27/1503/26/15AaaAA+ 1,250,000.00 912828F39 1.39 US TREASURY NOTES DTD 11/30/2012 1.000% 11/30/2019 1,056,849.15 1,034,522.51 889.34 1,029,738.28 05/29/1505/28/15AaaAA+ 1,050,000.00 912828UB4 1.44 US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 558,207.10 545,749.70 2,297.89 544,822.27 09/03/1509/02/15AaaAA+ 550,000.00 912828UQ1 1.47 US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 1,167,160.30 1,137,713.99 4,804.69 1,135,625.00 11/09/1511/05/15AaaAA+ 1,150,000.00 912828UQ1 1.55 US TREASURY NOTES DTD 07/31/2013 2.000% 07/31/2020 600,088.98 584,555.15 4,802.20 585,848.63 12/04/1512/01/15AaaAA+ 575,000.00 912828VP2 1.58 Page 6 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 09/03/2013 2.125% 08/31/2020 1,101,269.40 1,066,293.90 7,457.71 1,068,169.92 12/30/1512/28/15AaaAA+ 1,050,000.00 912828VV9 1.74 US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 868,251.72 854,258.71 2,476.63 855,553.13 02/03/1602/01/16AaaAA+ 840,000.00 912828WC0 1.35 US TREASURY NOTES DTD 11/15/2010 2.625% 11/15/2020 42,856.24 42,399.76 134.10 42,481.25 05/06/1605/03/16AaaAA+ 40,000.00 912828PC8 1.21 US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 705,348.68 692,996.49 1,143.44 694,274.41 03/04/1603/02/16AaaAA+ 675,000.00 912828A42 1.38 US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 398,085.75 392,867.51 24.20 393,837.89 03/31/1603/30/16AaaAA+ 375,000.00 912828A83 1.28 US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 827,531.20 814,088.37 38.04 814,343.75 05/31/1605/27/16AaaAA+ 800,000.00 912828N48 1.35 US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 1,011,641.00 1,012,720.14 3,142.08 1,012,734.38 06/29/1606/27/16AaaAA+ 1,000,000.00 912828Q37 0.98 46,335.11 14,041,393.96 13,789,621.92 1.37 13,797,640.24 13,695,000.00 Security Type Sub-Total Municipal Bond / Note UNIV OF CAL TXBL REV BONDS DTD 04/10/2014 1.904% 05/15/2018 127,843.75 125,000.00 304.11 125,000.00 04/10/1404/04/14Aa2AA 125,000.00 91412GUV5 1.90 CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 168,318.15 165,319.22 959.04 165,463.65 03/25/1503/16/15Aa3AA- 165,000.00 20772JZK1 1.90 1,263.15 296,161.90 290,319.22 1.90 290,463.65 290,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 136,094.22 135,723.70 174.38 136,349.51 04/30/1504/15/15AaaAA+ 135,000.00 3136ANJY4 0.83 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 126,802.79 125,971.14 197.74 126,249.99 11/30/1511/06/15AaaAA+ 125,000.00 3136AQSW1 1.20 Page 7 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Federal Agency Collateralized Mortgage Obligation FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 267,851.32 267,128.54 363.49 267,653.68 10/30/1510/07/15AaaAA+ 265,000.00 3136AQDQ0 1.08 735.61 530,748.33 528,823.38 1.05 530,253.18 525,000.00 Security Type Sub-Total Federal Agency Bond / Note FREDDIE MAC GLOBAL NOTES DTD 08/10/2012 1.000% 09/29/2017 276,315.60 275,743.34 702.78 277,934.25 10/05/1210/04/12AaaAA+ 275,000.00 3137EADL0 0.78 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 401,583.20 397,656.10 388.89 393,940.00 05/31/1305/24/13AaaAA+ 400,000.00 3135G0WJ8 1.19 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 577,275.85 573,131.76 559.03 570,141.25 05/24/1305/22/13AaaAA+ 575,000.00 3135G0WJ8 1.05 FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 357,450.45 350,006.46 537.15 350,010.50 06/19/1406/16/14AaaAA+ 350,000.00 3135G0YT4 1.62 FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 638,304.38 628,530.20 959.20 630,937.50 10/23/1410/22/14AaaAA+ 625,000.00 3135G0YT4 1.39 FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 728,567.00 723,488.37 2,517.36 723,289.00 02/23/1602/19/16AaaAA+ 725,000.00 3135G0J53 1.08 FREDDIE MAC NOTES DTD 04/16/2012 1.750% 05/30/2019 385,311.38 377,795.69 565.10 379,260.00 12/03/1412/01/14AaaAA+ 375,000.00 3137EADG1 1.49 6,229.51 3,364,807.86 3,326,351.92 1.23 3,325,512.50 3,325,000.00 Security Type Sub-Total Corporate Note US BANCORP (CALLABLE) DTD 05/08/2012 1.650% 05/15/2017 703,351.60 700,000.00 1,475.83 714,952.00 07/30/1207/25/12A1A+ 700,000.00 91159HHD5 1.19 JOHN DEERE CAPITAL CORP NOTES DTD 06/12/2014 1.125% 06/12/2017 435,856.95 434,934.70 258.28 434,795.55 06/12/1406/09/14A2A 435,000.00 24422ESN0 1.14 HSBC USA INC DTD 06/23/2014 1.300% 06/23/2017 249,553.75 249,874.47 72.22 249,620.00 06/23/1406/16/14A2A 250,000.00 40434CAA3 1.35 Page 8 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 150,247.80 150,000.00 119.60 150,000.00 12/05/1211/28/12Aa2AA- 150,000.00 166764AA8 1.10 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 175,289.10 175,263.68 139.53 175,946.75 12/05/1211/29/12Aa2AA- 175,000.00 166764AA8 0.99 IBM CORP GLOBAL NOTES DTD 02/08/2013 1.250% 02/08/2018 251,548.75 249,624.64 1,241.32 248,855.00 02/08/1302/05/13Aa3AA- 250,000.00 459200HK0 1.35 BERKSHIRE HATHAWAY GLOBAL NOTE DTD 02/11/2013 1.550% 02/09/2018 404,642.80 399,816.47 2,445.56 399,444.00 02/11/1301/29/13Aa2AA 400,000.00 084670BH0 1.58 APPLE INC GLOBAL NOTES DTD 05/03/2013 1.000% 05/03/2018 310,762.91 309,572.22 499.44 308,856.10 05/03/1304/30/13Aa1AA+ 310,000.00 037833AJ9 1.08 CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 445,140.08 440,000.00 146.98 440,000.00 06/24/1306/17/13Aa2AA- 440,000.00 166764AE0 1.72 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 277,306.74 271,548.91 1,912.50 272,565.00 09/04/1408/29/14A1AA- 270,000.00 17275RAR3 1.90 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 308,118.60 302,167.40 2,125.00 302,817.00 09/04/1509/01/15A1AA- 300,000.00 17275RAR3 1.85 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 50,512.95 49,869.27 183.33 49,861.00 04/25/1604/20/16A3BBB+ 50,000.00 38141GVT8 2.10 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 252,564.75 249,849.42 916.67 249,840.00 04/26/1604/21/16A3BBB+ 250,000.00 38141GVT8 2.02 CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 105,722.72 104,946.48 131.54 104,945.40 06/09/1606/02/16Baa1BBB+ 105,000.00 172967KS9 2.07 AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 593,716.25 574,310.35 4,887.50 573,936.25 09/09/1409/04/14A1A+ 575,000.00 02665WAH4 2.29 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 165,859.35 165,291.68 1,762.50 165,585.00 06/08/1606/03/16A3A 150,000.00 12189TBC7 1.48 Page 9 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note GENERAL ELECTRIC CAP CORP NOTES DTD 01/08/2010 5.500% 01/08/2020 285,755.00 279,113.65 6,607.64 289,082.50 03/25/1503/20/15A1AA+ 250,000.00 36962G4J0 2.05 WELLS FARGO & CO DTD 02/02/2015 2.150% 01/30/2020 76,272.30 75,216.33 676.35 75,288.00 03/27/1503/24/15A2A 75,000.00 94974BGF1 2.07 WELLS FARGO & CO DTD 02/02/2015 2.150% 01/30/2020 381,361.50 376,908.40 3,381.77 377,621.25 02/05/1502/02/15A2A 375,000.00 94974BGF1 2.00 TOYOTA MOTOR CORP NOTES DTD 03/12/2015 2.150% 03/12/2020 205,579.40 201,340.85 1,301.94 201,776.00 03/27/1503/23/15Aa3AA- 200,000.00 89236TCF0 1.96 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 592,498.40 577,394.75 351.39 577,857.75 09/04/1509/01/15A3A- 575,000.00 46625HLW8 2.64 BANK OF NEW YORK MELLON CORP DTD 02/19/2016 2.500% 04/15/2021 310,865.70 306,822.61 2,750.00 306,978.00 05/19/1605/16/16A1A 300,000.00 06406FAA1 2.00 AMERICAN EXPRESS CREDIT CORP NOTES DTD 05/05/2016 2.250% 05/05/2021 203,548.00 199,543.94 700.00 199,536.00 05/31/1605/25/16A2A- 200,000.00 0258M0EB1 2.30 BRANCH BANKING & TRUST CORP NOTE DTD 05/10/2016 2.050% 05/10/2021 152,197.35 149,903.43 435.63 149,901.00 05/16/1605/10/16A2A- 150,000.00 05531FAV5 2.06 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 75,942.68 74,722.10 170.63 74,716.50 05/24/1605/19/16A1A 75,000.00 857477AV5 2.03 34,693.15 7,164,215.43 7,068,035.75 1.77 7,094,776.05 7,010,000.00 Security Type Sub-Total Certificate of Deposit CANADIAN IMPERIAL BANK NY YCD DTD 04/10/2015 1.010% 04/06/2017 575,132.25 575,000.00 1,371.22 575,000.00 04/10/1504/06/15P-1A-1 575,000.00 13606JYY9 1.01 RABOBANK NEDERLAND NV CERT DEPOS DTD 04/27/2015 1.070% 04/21/2017 574,931.00 575,000.00 1,196.32 575,000.00 04/27/1504/22/15P-1A-1 575,000.00 21684BXH2 1.07 NORDEA BANK FINLAND NY CD DTD 05/29/2015 1.150% 05/26/2017 575,287.50 575,000.00 661.25 575,000.00 05/29/1505/27/15Aa3AA- 575,000.00 65558LFA5 1.15 Page 10 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Certificate of Deposit TORONTO DOMINION BANK NY YCD DTD 06/19/2015 1.240% 06/16/2017 626,693.75 625,000.00 236.81 625,000.00 06/19/1506/16/15Aa1AA- 625,000.00 89113ESN7 1.25 BANK OF NOVA SCOTIA HOUSTON YCD DTD 11/09/2015 1.560% 11/06/2017 577,972.75 575,000.00 1,370.42 575,000.00 11/09/1511/06/15P-1A-1 575,000.00 06417GAS7 1.55 SKANDINAVISKA ENSKILDA BANKEN NY CD DTD 11/17/2015 1.480% 11/16/2017 575,609.50 575,000.00 5,366.03 575,000.00 11/17/1511/16/15P-1A-1 575,000.00 83050FBG5 1.48 HSBC BANK USA NA CD DTD 11/18/2015 1.540% 11/17/2017 575,310.50 575,000.00 5,558.97 575,000.00 11/18/1511/17/15P-1A-1+ 575,000.00 40428AR58 1.54 ROYAL BANK OF CANADA NY CD DTD 03/11/2016 1.700% 03/09/2018 579,482.13 575,000.00 2,986.81 575,000.00 03/15/1603/11/16Aa3AA- 575,000.00 78009NZZ2 1.69 18,747.83 4,660,419.38 4,650,000.00 1.34 4,650,000.00 4,650,000.00 Security Type Sub-Total 29,495,000.00 29,688,645.62 1.44 108,004.36 29,653,152.19 30,057,746.86 Managed Account Sub-Total Money Market Fund CAMP Pool 76,466.00 76,466.00 0.00 76,466.00 NRAAAm 76,466.00 76,466.00 76,466.00 0.00 76,466.00 76,466.00 Money Market Sub-Total $29,571,466.00 $29,765,111.62 $108,004.36 $29,729,618.19 $30,134,212.86 1.44% $30,242,217.22 $108,004.36 Total Investments Accrued Interest Securities Sub-Total Page 11 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration U.S. Treasury Bond / Note 1.41 4,491.08 10,520.35 525,430.50 100.08 MERRILL 525,000.00 912828UA6US TREASURY NOTES DTD 11/30/2012 0.625% 11/30/2017 0.57 1.41 1.78 1,267.16 1,312.41 300,808.50 100.27 MORGANST 300,000.00 912828K25US TREASURY NOTES DTD 04/15/2015 0.750% 04/15/2018 0.60 1.78 2.05 5,568.73 136.61 888,740.13 101.57 BARCLAYS 875,000.00 912828VQ0US TREASURY NOTES DTD 07/31/2013 1.375% 07/31/2018 0.62 2.05 2.38 6,686.66 7,862.57 375,275.46 101.43 CITIGRP 370,000.00 912828A34US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 0.65 2.38 2.68 3,905.36 3,837.48 164,012.48 102.51 CITIGRP 160,000.00 912828C65US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 0.70 2.68 2.68 13,861.25 13,521.41 589,419.85 102.51 MERRILL 575,000.00 912828C65US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 0.70 2.68 2.76 9,465.70 (822.71) 432,875.34 106.88 MERRILL 405,000.00 912828KQ2US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 0.70 2.76 3.19 5,128.60 6,140.64 302,238.30 100.75 MERRILL 300,000.00 912828TR1US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 0.77 3.19 3.19 17,243.70 21,657.87 836,192.63 100.75 JPMCHASE 830,000.00 912828TR1US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 0.77 3.19 3.15 25,030.51 19,726.48 1,289,111.25 103.13 JPMCHASE 1,250,000.00 912828F39US TREASURY NOTES DTD 09/30/2014 1.750% 09/30/2019 0.77 3.15 3.35 22,326.64 27,110.87 1,056,849.15 100.65 CITIGRP 1,050,000.00 912828UB4US TREASURY NOTES DTD 11/30/2012 1.000% 11/30/2019 0.81 3.35 3.57 12,457.40 13,384.83 558,207.10 101.49 MERRILL 550,000.00 912828UQ1US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 0.84 3.57 3.57 29,446.31 31,535.30 1,167,160.30 101.49 CITIGRP 1,150,000.00 912828UQ1US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 0.84 3.57 3.90 15,533.83 14,240.35 600,088.98 104.36 MERRILL 575,000.00 912828VP2US TREASURY NOTES DTD 07/31/2013 2.000% 07/31/2020 0.91 3.90 3.97 34,975.50 33,099.48 1,101,269.40 104.88 MORGANST 1,050,000.00 912828VV9US TREASURY NOTES DTD 09/03/2013 2.125% 08/31/2020 0.93 3.97 4.16 13,993.01 12,698.59 868,251.72 103.36 MERRILL 840,000.00 912828WC0US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 0.96 4.16 4.14 456.48 374.99 42,856.24 107.14 HSBC 40,000.00 912828PC8US TREASURY NOTES DTD 11/15/2010 2.625% 11/15/2020 0.95 4.14 Page 12 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration U.S. Treasury Bond / Note 4.23 12,352.19 11,074.27 705,348.68 104.50 MERRILL 675,000.00 912828A42US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 0.96 4.23 4.28 5,218.24 4,247.86 398,085.75 106.16 MERRILL 375,000.00 912828A83US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 0.97 4.28 4.33 13,442.83 13,187.45 827,531.20 103.44 MORGANST 800,000.00 912828N48US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 0.97 4.33 4.59 (1,079.14)(1,093.38) 1,011,641.00 101.16 CITIGRP 1,000,000.00 912828Q37US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 1.00 4.59 243,753.72 0.82 3.42 251,772.04 14,041,393.96 13,695,000.00 Security Type Sub-Total 3.42 Municipal Bond / Note 1.84 2,843.75 2,843.75 127,843.75 102.28 GOLDMAN 125,000.00 91412GUV5UNIV OF CAL TXBL REV BONDS DTD 04/10/2014 1.904% 05/15/2018 0.68 1.84 2.62 2,998.93 2,854.50 168,318.15 102.01 VINING 165,000.00 20772JZK1CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 1.22 2.62 5,698.25 0.99 2.28 5,842.68 296,161.90 290,000.00 Security Type Sub-Total 2.28 Federal Agency Collateralized Mortgage Obligation 1.57 370.52 (255.29) 136,094.22 100.81 GOLDMAN 135,000.00 3136ANJY4FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 0.97 1.60 2.27 831.65 552.80 126,802.79 101.44 GOLDMAN 125,000.00 3136AQSW1FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 1.21 1.88 2.94 722.78 197.64 267,851.32 101.08 MORGANST 265,000.00 3136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 1.24 2.15 495.15 1.17 2.43 1,924.95 530,748.33 525,000.00 Security Type Sub-Total 1.94 Federal Agency Bond / Note 1.24 572.26 (1,618.65) 276,315.60 100.48 JEFFERIE 275,000.00 3137EADL0FREDDIE MAC GLOBAL NOTES DTD 08/10/2012 1.000% 09/29/2017 0.61 1.24 1.87 3,927.10 7,643.20 401,583.20 100.40 CSFB 400,000.00 3135G0WJ8FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 0.66 1.87 Page 13 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Federal Agency Bond / Note 1.87 4,144.09 7,134.60 577,275.85 100.40 BNP PARI 575,000.00 3135G0WJ8FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 0.66 1.87 2.36 7,443.99 7,439.95 357,450.45 102.13 HSBC 350,000.00 3135G0YT4FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 0.73 2.36 2.36 9,774.18 7,366.88 638,304.38 102.13 GOLDMAN 625,000.00 3135G0YT4FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 0.73 2.36 2.61 5,078.63 5,278.00 728,567.00 100.49 JPMCHASE 725,000.00 3135G0J53FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 0.81 2.61 2.84 7,515.69 6,051.38 385,311.38 102.75 TD SEC U 375,000.00 3137EADG1FREDDIE MAC NOTES DTD 04/16/2012 1.750% 05/30/2019 0.79 2.84 39,295.36 0.73 2.23 38,455.94 3,364,807.86 3,325,000.00 Security Type Sub-Total 2.23 Corporate Note 0.78 3,351.60 (11,600.40) 703,351.60 100.48 04/15/17BARCLAYS 700,000.00 91159HHD5US BANCORP (CALLABLE) DTD 05/08/2012 1.650% 05/15/2017 1.10 0.66 0.94 922.25 1,061.40 435,856.95 100.20 HSBC 435,000.00 24422ESN0JOHN DEERE CAPITAL CORP NOTES DTD 06/12/2014 1.125% 06/12/2017 0.92 0.94 0.97 (320.72)(66.25) 249,553.75 99.82 HSBC 250,000.00 40434CAA3HSBC USA INC DTD 06/23/2014 1.300% 06/23/2017 1.48 0.97 1.33 247.80 247.80 150,247.80 100.17 11/05/17MORGANST 150,000.00 166764AA8CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 0.99 1.28 1.33 25.42 (657.65) 175,289.10 100.17 11/05/17BARCLAYS 175,000.00 166764AA8CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 0.99 1.28 1.58 1,924.11 2,693.75 251,548.75 100.62 HSBC 250,000.00 459200HK0IBM CORP GLOBAL NOTES DTD 02/08/2013 1.250% 02/08/2018 0.86 1.58 1.58 4,826.33 5,198.80 404,642.80 101.16 GOLDMAN 400,000.00 084670BH0BERKSHIRE HATHAWAY GLOBAL NOTE DTD 02/11/2013 1.550% 02/09/2018 0.82 1.58 1.82 1,190.69 1,906.81 310,762.91 100.25 GOLDMAN 310,000.00 037833AJ9APPLE INC GLOBAL NOTES DTD 05/03/2013 1.000% 05/03/2018 0.86 1.82 1.95 5,140.08 5,140.08 445,140.08 101.17 BARCLAYS 440,000.00 166764AE0CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 1.12 1.95 Page 14 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 2.58 5,757.83 4,741.74 277,306.74 102.71 BONY 270,000.00 17275RAR3CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 1.09 2.58 2.58 5,951.20 5,301.60 308,118.60 102.71 BNP PARI 300,000.00 17275RAR3CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 1.09 2.58 2.65 643.68 651.95 50,512.95 101.03 03/25/19GOLDMAN 50,000.00 38141GVT8GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 1.63 2.67 2.65 2,715.33 2,724.75 252,564.75 101.03 03/25/19MIZUHO 250,000.00 38141GVT8GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 1.63 2.67 2.84 776.24 777.32 105,722.72 100.69 CITIGRP 105,000.00 172967KS9CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 1.81 2.84 3.00 19,405.90 19,780.00 593,716.25 103.26 MERRILL 575,000.00 02665WAH4AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 1.19 3.00 3.01 567.67 274.35 165,859.35 110.57 GOLDMAN 150,000.00 12189TBC7BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 1.37 3.01 3.18 6,641.35 (3,327.50) 285,755.00 114.30 GOLDMAN 250,000.00 36962G4J0GENERAL ELECTRIC CAP CORP NOTES DTD 01/08/2010 5.500% 01/08/2020 1.33 3.18 3.41 1,055.97 984.30 76,272.30 101.70 1ST TENN 75,000.00 94974BGF1WELLS FARGO & CO DTD 02/02/2015 2.150% 01/30/2020 1.66 3.41 3.41 4,453.10 3,740.25 381,361.50 101.70 JEFFERIE 375,000.00 94974BGF1WELLS FARGO & CO DTD 02/02/2015 2.150% 01/30/2020 1.66 3.41 3.53 4,238.55 3,803.40 205,579.40 102.79 HSBC 200,000.00 89236TCF0TOYOTA MOTOR CORP NOTES DTD 03/12/2015 2.150% 03/12/2020 1.37 3.53 3.69 15,103.65 14,640.65 592,498.40 103.04 05/23/20JPMCHASE 575,000.00 46625HLW8JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 1.95 3.72 4.48 4,043.09 3,887.70 310,865.70 103.62 KEYBAN 300,000.00 06406FAA1BANK OF NEW YORK MELLON CORP DTD 02/19/2016 2.500% 04/15/2021 1.71 4.48 4.56 4,004.06 4,012.00 203,548.00 101.77 KEYBAN 200,000.00 0258M0EB1AMERICAN EXPRESS CREDIT CORP NOTES DTD 05/05/2016 2.250% 05/05/2021 1.87 4.56 4.60 2,293.92 2,296.35 152,197.35 101.46 SCOTIA 150,000.00 05531FAV5BRANCH BANKING & TRUST CORP NOTE DTD 05/10/2016 2.050% 05/10/2021 1.73 4.60 Page 15 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 4.64 1,220.58 1,226.18 75,942.68 101.26 GOLDMAN 75,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 1.68 4.64 69,439.38 1.30 2.48 96,179.68 7,164,215.43 7,010,000.00 Security Type Sub-Total 2.47 Certificate of Deposit 0.76 132.25 132.25 575,132.25 100.02 GOLDMAN 575,000.00 13606JYY9CANADIAN IMPERIAL BANK NY YCD DTD 04/10/2015 1.010% 04/06/2017 0.97 0.76 0.80 (69.00)(69.00) 574,931.00 99.99 GOLDMAN 575,000.00 21684BXH2RABOBANK NEDERLAND NV CERT DEPOS DTD 04/27/2015 1.070% 04/21/2017 1.07 0.80 0.90 287.50 287.50 575,287.50 100.05 MERRILL 575,000.00 65558LFA5NORDEA BANK FINLAND NY CD DTD 05/29/2015 1.150% 05/26/2017 1.08 0.90 0.97 1,693.75 1,693.75 626,693.75 100.27 TD SEC U 625,000.00 89113ESN7TORONTO DOMINION BANK NY YCD DTD 06/19/2015 1.240% 06/16/2017 0.96 0.97 1.35 2,972.75 2,972.75 577,972.75 100.52 UBS AG 575,000.00 06417GAS7BANK OF NOVA SCOTIA HOUSTON YCD DTD 11/09/2015 1.560% 11/06/2017 1.15 1.35 1.38 609.50 609.50 575,609.50 100.11 GOLDMAN 575,000.00 83050FBG5SKANDINAVISKA ENSKILDA BANKEN NY CD DTD 11/17/2015 1.480% 11/16/2017 0.33 1.38 1.38 310.50 310.50 575,310.50 100.05 HSBC 575,000.00 40428AR58HSBC BANK USA NA CD DTD 11/18/2015 1.540% 11/17/2017 0.93 1.38 1.68 4,482.13 4,482.13 579,482.13 100.78 RBC CAP 575,000.00 78009NZZ2ROYAL BANK OF CANADA NY CD DTD 03/11/2016 1.700% 03/09/2018 1.21 1.68 10,419.38 0.96 1.15 10,419.38 4,660,419.38 4,650,000.00 Security Type Sub-Total 1.15 29,495,000.00 30,057,746.86 369,101.24 404,594.67 2.68 0.96 Managed Account Sub-Total 2.67 Money Market Fund 0.00 0.00 0.00 76,466.00 1.00 76,466.00 CAMP Pool 0.00 76,466.00 76,466.00 0.00 0.00 0.00 Money Market Sub-Total 0.00 Page 16 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Investments $30,242,217.22 $108,004.36 $30,134,212.86 Accrued Interest Securities Sub-Total $29,571,466.00 $369,101.24 $404,594.67 2.68 0.96% 2.67 Page 17 For the Month Ending June 30, 2016Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method BUY 06/09/16 CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 172967KS9 (104,945.40) 0.00 (104,945.40) 105,000.00 06/02/16 06/08/16 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 12189TBC7 (165,585.00)(1,312.08)(166,897.08) 150,000.00 06/03/16 06/29/16 US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 912828Q37 (1,012,734.38)(3,073.77)(1,015,808.15) 1,000,000.00 06/27/16 (4,385.85) (1,287,650.63)(1,283,264.78) 1,255,000.00 Transaction Type Sub-Total INTEREST 06/25/16 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3136AQSW1 0.00 197.72 197.72 125,000.00 06/01/16 06/25/16 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 3136AQDQ0 0.00 363.49 363.49 265,000.00 06/01/16 06/25/16 FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 3136ANJY4 0.00 174.38 174.38 135,000.00 06/01/16 06/05/16 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 166764AA8 0.00 966.00 966.00 175,000.00 06/05/16 06/05/16 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 166764AA8 0.00 828.00 828.00 150,000.00 06/05/16 06/12/16 JOHN DEERE CAPITAL CORP NOTES DTD 06/12/2014 1.125% 06/12/2017 24422ESN0 0.00 2,446.88 2,446.88 435,000.00 06/12/16 06/20/16 TORONTO DOMINION BANK NY YCD DTD 06/19/2015 1.240% 06/16/2017 89113ESN7 0.00 7,900.69 7,900.69 625,000.00 06/20/16 06/23/16 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 46625HLW8 0.00 7,906.25 7,906.25 575,000.00 06/23/16 06/23/16 HSBC USA INC DTD 06/23/2014 1.300% 06/23/2017 40434CAA3 0.00 1,625.00 1,625.00 250,000.00 06/23/16 06/24/16 CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 166764AE0 0.00 3,779.60 3,779.60 440,000.00 06/24/16 06/30/16 US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 912828N48 0.00 7,000.00 7,000.00 800,000.00 06/30/16 Page 18 For the Month Ending June 30, 2016Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 06/30/16 US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 912828A83 0.00 4,453.13 4,453.13 375,000.00 06/30/16 37,641.14 37,641.14 0.00 4,350,000.00 Transaction Type Sub-Total SELL 06/09/16 US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 912828KQ2 100,740.82 201.68 100,942.50 (990.82) 1,334.37 SPEC LOT 95,000.00 06/02/16 06/08/16 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 912828TR1 170,106.25 320.49 170,426.74 3,273.83 2,412.51 SPEC LOT 170,000.00 06/03/16 06/29/16 FANNIE MAE GLOBAL NOTES DTD 07/20/2012 0.875% 08/28/2017 3135G0MZ3 802,544.00 2,352.78 804,896.78 560.00 2,071.76 SPEC LOT 800,000.00 06/27/16 06/29/16 FREDDIE MAC GLOBAL NOTES DTD 08/10/2012 1.000% 09/29/2017 3137EADL0 200,876.00 500.00 201,376.00 (1,258.00) 332.99 SPEC LOT 200,000.00 06/28/16 3,374.95 6,151.63 1,585.01 1,277,642.02 1,274,267.07 1,265,000.00 Transaction Type Sub-Total (8,997.71) 36,630.24 27,632.53 1,585.01 6,151.63 Managed Account Sub-Total Total Security Transactions $1,585.01 $27,632.53 $36,630.24 ($8,997.71)$6,151.63 Page 19 For the Month Ending June 30, 2016Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 51,284.38 Opening Balance 06/06/16 06/06/16 Purchase - Interest 166764AA8 1.00 966.00 52,250.38 06/06/16 06/06/16 Purchase - Interest 166764AA8 1.00 828.00 53,078.38 06/08/16 06/08/16 Purchase - Interest 912828TR1 1.00 320.49 53,398.87 06/08/16 06/08/16 Purchase - Principal 912828TR1 1.00 170,106.25 223,505.12 06/08/16 06/08/16 Redemption - Principal 12189TBC7 1.00 (165,585.00) 57,920.12 06/08/16 06/08/16 Redemption - Interest 12189TBC7 1.00 (1,312.08) 56,608.04 06/09/16 06/09/16 Purchase - Interest 912828KQ2 1.00 201.68 56,809.72 06/09/16 06/09/16 Purchase - Principal 912828KQ2 1.00 100,740.82 157,550.54 06/09/16 06/09/16 Redemption - Principal 172967KS9 1.00 (104,945.40) 52,605.14 06/13/16 06/13/16 Purchase - Interest 24422ESN0 1.00 2,446.88 55,052.02 06/20/16 06/20/16 Purchase - Interest 89113ESN7 1.00 7,900.69 62,952.71 06/23/16 06/23/16 Purchase - Interest 40434CAA3 1.00 1,625.00 64,577.71 06/23/16 06/23/16 Purchase - Interest 46625HLW8 1.00 7,906.25 72,483.96 06/24/16 06/24/16 Purchase - Interest 166764AE0 1.00 3,779.60 76,263.56 06/27/16 06/27/16 Purchase - Interest 3136ANJY4 1.00 174.38 76,437.94 06/27/16 06/27/16 Purchase - Interest 3136AQDQ0 1.00 363.49 76,801.43 06/27/16 06/27/16 Purchase - Interest 3136AQSW1 1.00 197.72 76,999.15 06/28/16 06/28/16 IP Fees May 2016 1.00 (2,329.63) 74,669.52 06/28/16 06/28/16 U.S. Bank Fees April 2016 1.00 (146.44) 74,523.08 06/29/16 06/29/16 Purchase - Interest 3135G0MZ3 1.00 2,352.78 76,875.86 06/29/16 06/29/16 Purchase - Principal 3135G0MZ3 1.00 802,544.00 879,419.86 Page 20 For the Month Ending June 30, 2016Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 06/29/16 06/29/16 Purchase - Interest 3137EADL0 1.00 500.00 879,919.86 06/29/16 06/29/16 Purchase - Principal 3137EADL0 1.00 200,876.00 1,080,795.86 06/29/16 06/29/16 Redemption - Interest 912828Q37 1.00 (3,073.77) 1,077,722.09 06/29/16 06/29/16 Redemption - Principal 912828Q37 1.00 (1,012,734.38) 64,987.71 06/30/16 06/30/16 Purchase - Interest 912828A83 1.00 4,453.13 69,440.84 06/30/16 06/30/16 Purchase - Interest 912828N48 1.00 7,000.00 76,440.84 06/30/16 07/01/16 Accrual Income Div Reinvestment - Distributions 1.00 25.16 76,466.00 76,466.00 76,466.00 76,466.00 59,936.00 113.79 0.00 (7,271,504.12) 7,324,982.66 22,987.46 25.16 76,466.00 0.00 (1,290,126.70) 1,315,308.32 51,284.38 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance June January-June 0.51% Page 21 Housing Funds CAMP Account For the Month Ending June 30, 2016Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Opening Market Value Purchases Redemptions Change in Value Closing Market Value 16,472.55 232,734.05 (230,989.85) 0.00 $18,216.75 CAMP Pool Unsettled Trades 0.00 6.73 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 5,054,382.70 229,813.02 (225,857.44) 37,474.83 $5,095,813.11 CAMP Managed Account Unsettled Trades 0.00 7,011.75 Cash Dividends and Income June 30, 2016 May 31, 2016 Asset Summary CAMP Pool 18,216.75 16,472.55 CAMP Managed Account 5,095,813.11 5,054,382.70 $5,114,029.86 $5,070,855.25 Total Asset Allocation 0.36% CAMP Pool 99.64% CAMP Managed Account Page 1 For the Month Ending June 30, 2016Managed Account Summary Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $16,472.55 232,734.05 (230,989.85) $18,216.75 6.73 $5,054,382.70 0.00 (225,857.44) 229,813.02 0.00 37,474.83 $5,095,813.11 $5,070,855.25 $5,114,029.86 6,869.88 (756.59) 898.46 $7,011.75 0.00 226,237.44 6,489.88 0.00 (230,569.61) (2,157.71) 0.00 Managed Account Total 5,033,099.08 5,051,315.83 17,126.35 226,237.44 0.00 6,489.88 (230,569.61) (5,028,558.48) (17,066.93) 0.00 17,126.35 457,227.29 0.00 6,489.88 (463,303.66) (5,045,031.03) (17,066.93) 6.73 Total Accrual Basis Earnings $6,757.73 $6,764.46 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Page 2 For the Month Ending June 30, 2016Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 2,345,000.00 2,401,853.45 46.96 Municipal Bond / Note 30,000.00 30,603.30 0.60 Federal Agency Collateralized Mortgage Obligation 95,000.00 96,047.38 1.88 Federal Agency Bond / Note 830,000.00 835,362.19 16.33 Corporate Note 1,310,000.00 1,330,957.29 26.03 Certificate of Deposit 400,000.00 400,989.50 7.84 Managed Account Sub-Total 5,010,000.00 5,095,813.11 99.64% Accrued Interest 17,126.35 Total Portfolio 5,010,000.00 5,112,939.46 CAMP Pool 18,216.75 18,216.75 0.36 Total Investments 5,028,216.75 5,131,156.21 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 7.84% Cert of Deposit 26.03% Corporate Note 1.88% Fed Agency CMO 16.33% Fed Agy Bond / Note 0.36% Mny Mkt Fund 0.60% Muni Bond / Note 46.96% US TSY Bond / Note 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 0.35% 7.36% 30.14% 14.00% 26.83% 21.32% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 2.68 1014 1.39% 0.93% Page 3 For the Month Ending June 30, 2016Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Credit Quality (S&P Ratings) 7.50% A 4.48% A+ 2.51% A- 1.96% A-1 1.96% A-1+ 66.25% AA+ 13.50% AA- 0.36% AAAm 1.48% BBB+ Issuer Summary Percentof HoldingsIssuer Market Value 103,255.00 2.02 AMERICAN HONDA FINANCE 55,135.36 1.08 APPLE INC 152,398.45 2.98 BANK OF NEW YORK CO INC 25,366.23 0.50 BB&T CORPORTATION 27,643.23 0.54 BURLINGTON NORTHERN SANTA FE 18,216.75 0.36 CAMP Pool 256,223.66 5.01 CHEVRON CORP 102,706.20 2.01 CISCO SYSTEMS INC 25,172.08 0.49 CITIGROUP INC 604,962.17 11.82 FANNIE MAE 326,447.40 6.38 FREDDIE MAC 50,512.95 0.99 GOLDMAN SACHS GROUP INC 100,054.00 1.96 HSBC HOLDINGS PLC 100,619.50 1.97 IBM CORP 103,043.20 2.01 JP MORGAN CHASE & CO 100,050.00 1.96 NORDEA BANK AB 100,779.50 1.97 ROYAL BANK OF CANADA 100,106.00 1.96 SKANDINAVISKA ENSKIDA BANKEN AB 30,603.30 0.60 STATE OF CONNECTICUT 25,314.23 0.49 STATE STREET CORPORATION 2,401,853.45 46.96 UNITED STATES TREASURY 125,598.50 2.46 US BANCORP 177,968.70 3.48 WELLS FARGO & COMPANY $5,114,029.86 Total 100.00% Page 4 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 10/01/2012 0.625% 09/30/2017 50,046.90 49,925.08 78.55 49,708.98 10/31/1210/26/12AaaAA+ 50,000.00 912828TS9 0.75 US TREASURY NOTES DTD 11/30/2012 0.625% 11/30/2017 150,123.00 148,839.84 79.41 147,117.19 05/09/1405/06/14AaaAA+ 150,000.00 912828UA6 1.18 US TREASURY NOTES DTD 05/31/2013 1.000% 05/31/2018 50,386.70 49,981.50 42.35 49,978.52 03/15/1603/11/16AaaAA+ 50,000.00 912828VE7 1.02 US TREASURY NOTES DTD 07/31/2013 1.375% 07/31/2018 101,570.30 100,933.88 574.18 101,554.69 02/04/1502/02/15AaaAA+ 100,000.00 912828VQ0 0.92 US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 96,354.51 94,637.66 100.58 94,335.74 06/03/1406/02/14AaaAA+ 95,000.00 912828A34 1.41 US TREASURY NOTES DTD 01/31/2014 1.500% 01/31/2019 51,044.90 49,864.59 313.19 49,767.58 07/31/1407/29/14AaaAA+ 50,000.00 912828B33 1.61 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 75,559.58 74,277.42 188.52 74,024.41 04/30/1504/28/15AaaAA+ 75,000.00 912828TR1 1.30 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 151,119.15 148,002.82 377.05 147,205.08 02/27/1502/26/15AaaAA+ 150,000.00 912828TR1 1.42 US TREASURY NOTES DTD 09/30/2014 1.750% 09/30/2019 257,822.25 252,816.15 1,099.73 253,876.95 03/27/1503/26/15AaaAA+ 250,000.00 912828F39 1.39 US TREASURY NOTES DTD 11/30/2012 1.000% 11/30/2019 150,978.45 147,788.93 127.05 147,105.47 05/29/1505/28/15AaaAA+ 150,000.00 912828UB4 1.44 US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 126,865.25 123,664.56 522.25 123,437.50 11/09/1511/05/15AaaAA+ 125,000.00 912828UQ1 1.55 US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 152,238.30 149,646.76 626.70 149,578.13 10/09/1510/08/15AaaAA+ 150,000.00 912828UQ1 1.32 US TREASURY NOTES DTD 07/31/2013 2.000% 07/31/2020 78,272.48 76,246.33 626.37 76,415.04 12/04/1512/01/15AaaAA+ 75,000.00 912828VP2 1.58 US TREASURY NOTES DTD 09/03/2013 2.125% 08/31/2020 183,544.90 177,715.65 1,242.95 178,028.32 12/30/1512/28/15AaaAA+ 175,000.00 912828VV9 1.74 Page 5 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 103,363.30 101,697.46 294.84 101,851.56 02/03/1602/01/16AaaAA+ 100,000.00 912828WC0 1.35 US TREASURY NOTES DTD 11/15/2010 2.625% 11/15/2020 26,785.15 26,499.85 83.81 26,550.78 05/06/1605/03/16AaaAA+ 25,000.00 912828PC8 1.21 US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 156,744.15 153,999.22 254.10 154,283.20 03/04/1603/02/16AaaAA+ 150,000.00 912828A42 1.38 US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 132,695.25 130,955.84 8.07 131,279.30 03/31/1603/30/16AaaAA+ 125,000.00 912828A83 1.28 US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 129,301.75 127,201.31 5.94 127,241.21 05/31/1605/27/16AaaAA+ 125,000.00 912828N48 1.35 US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 177,037.18 177,226.03 549.86 177,228.52 06/29/1606/27/16AaaAA+ 175,000.00 912828Q37 0.98 7,195.50 2,401,853.45 2,361,920.88 1.34 2,360,568.17 2,345,000.00 Security Type Sub-Total Municipal Bond / Note CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 30,603.30 30,058.04 174.37 30,084.30 03/25/1503/16/15Aa3AA- 30,000.00 20772JZK1 1.90 174.37 30,603.30 30,058.04 1.90 30,084.30 30,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 25,202.63 25,134.02 32.29 25,249.91 04/30/1504/15/15AaaAA+ 25,000.00 3136ANJY4 0.83 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 25,360.56 25,194.23 39.54 25,250.00 11/30/1511/06/15AaaAA+ 25,000.00 3136AQSW1 1.20 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 45,484.19 45,361.45 61.73 45,450.63 10/30/1510/07/15AaaAA+ 45,000.00 3136AQDQ0 1.08 133.56 96,047.38 95,689.70 1.05 95,950.54 95,000.00 Security Type Sub-Total Page 6 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Federal Agency Bond / Note FREDDIE MAC GLOBAL NOTES DTD 05/14/2012 1.000% 06/29/2017 30,122.04 30,010.00 1.67 30,028.62 08/13/1408/11/14AaaAA+ 30,000.00 3137EADH9 0.97 FREDDIE MAC GLOBAL NOTES DTD 05/14/2012 1.000% 06/29/2017 120,488.16 120,049.05 6.67 120,140.40 08/13/1408/11/14AaaAA+ 120,000.00 3137EADH9 0.96 FREDDIE MAC GLOBAL NOTES DTD 08/10/2012 1.000% 09/29/2017 175,837.20 175,473.03 447.22 176,867.25 10/05/1210/04/12AaaAA+ 175,000.00 3137EADL0 0.78 FANNIE MAE GLOBAL NOTES DTD 09/24/2012 0.875% 10/26/2017 50,174.10 49,867.39 78.99 49,613.50 12/03/1311/27/13AaaAA+ 50,000.00 3135G0PQ0 1.08 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 100,395.80 99,414.03 97.22 98,485.00 05/31/1305/24/13AaaAA+ 100,000.00 3135G0WJ8 1.19 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 125,494.75 124,593.86 121.53 123,943.75 05/24/1305/22/13AaaAA+ 125,000.00 3135G0WJ8 1.05 FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 107,235.14 105,593.07 161.15 105,997.50 10/23/1410/22/14AaaAA+ 105,000.00 3135G0YT4 1.39 FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 125,615.00 124,739.37 434.03 124,705.00 02/23/1602/19/16AaaAA+ 125,000.00 3135G0J53 1.08 1,348.48 835,362.19 829,739.80 1.04 829,781.02 830,000.00 Security Type Sub-Total Corporate Note US BANCORP (CALLABLE) DTD 05/08/2012 1.650% 05/15/2017 125,598.50 125,458.00 263.54 127,670.00 07/30/1207/25/12A1A+ 125,000.00 91159HHD5 1.19 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 75,123.90 75,113.01 59.80 75,405.75 12/05/1211/29/12Aa2AA- 75,000.00 166764AA8 0.99 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 100,165.20 100,000.00 79.73 100,000.00 12/05/1211/28/12Aa2AA- 100,000.00 166764AA8 1.10 IBM CORP GLOBAL NOTES DTD 02/08/2013 1.250% 02/08/2018 100,619.50 99,849.86 496.53 99,542.00 02/08/1302/05/13Aa3AA- 100,000.00 459200HK0 1.35 BANK OF NEW YORK MELLON (CALLABLE) DTD 03/06/2013 1.350% 03/06/2018 100,587.50 99,990.04 431.25 99,971.00 03/06/1303/04/13A1A 100,000.00 06406HCJ6 1.36 Page 7 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note APPLE INC GLOBAL NOTES DTD 05/03/2013 1.000% 05/03/2018 55,135.36 54,924.10 88.61 54,797.05 05/03/1304/30/13Aa1AA+ 55,000.00 037833AJ9 1.08 CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 80,934.56 80,000.00 26.72 80,000.00 06/24/1306/17/13Aa2AA- 80,000.00 166764AE0 1.72 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 51,353.10 50,286.83 354.17 50,475.00 09/04/1408/29/14A1AA- 50,000.00 17275RAR3 1.90 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 51,353.10 50,361.23 354.17 50,469.50 09/04/1509/01/15A1AA- 50,000.00 17275RAR3 1.85 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 50,512.95 49,969.88 183.33 49,968.00 04/26/1604/21/16A3BBB+ 50,000.00 38141GVT8 2.02 CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 25,172.08 24,987.26 31.32 24,987.00 06/09/1606/02/16Baa1BBB+ 25,000.00 172967KS9 2.07 AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 103,255.00 99,880.06 850.00 99,815.00 09/09/1409/04/14A1A+ 100,000.00 02665WAH4 2.29 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 27,643.23 27,548.61 293.75 27,597.50 06/08/1606/03/16A3A 25,000.00 12189TBC7 1.48 WELLS FARGO & CO DTD 02/02/2015 2.150% 01/30/2020 177,968.70 175,890.59 1,578.16 176,223.25 02/05/1502/02/15A2A 175,000.00 94974BGF1 2.00 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 103,043.20 100,416.48 61.11 100,497.00 09/04/1509/01/15A3A- 100,000.00 46625HLW8 2.64 BANK OF NEW YORK MELLON CORP DTD 02/19/2016 2.500% 04/15/2021 51,810.95 51,123.43 458.33 51,149.00 05/19/1605/16/16A1A 50,000.00 06406FAA1 2.00 BRANCH BANKING & TRUST CORP NOTE DTD 05/10/2016 2.050% 05/10/2021 25,366.23 24,983.91 72.60 24,983.50 05/16/1605/10/16A2A- 25,000.00 05531FAV5 2.06 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 25,314.23 24,907.37 56.88 24,905.50 05/24/1605/19/16A1A 25,000.00 857477AV5 2.03 Page 8 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par 5,740.00 1,330,957.29 1,315,690.66 1.70 1,318,456.05 1,310,000.00 Security Type Sub-Total Certificate of Deposit NORDEA BANK FINLAND NY CD DTD 05/29/2015 1.150% 05/26/2017 100,050.00 100,000.00 115.00 100,000.00 05/29/1505/27/15Aa3AA- 100,000.00 65558LFA5 1.15 SKANDINAVISKA ENSKILDA BANKEN NY CD DTD 11/17/2015 1.480% 11/16/2017 100,106.00 100,000.00 933.22 100,000.00 11/17/1511/16/15P-1A-1 100,000.00 83050FBG5 1.48 HSBC BANK USA NA CD DTD 11/18/2015 1.540% 11/17/2017 100,054.00 100,000.00 966.78 100,000.00 11/18/1511/17/15P-1A-1+ 100,000.00 40428AR58 1.54 ROYAL BANK OF CANADA NY CD DTD 03/11/2016 1.700% 03/09/2018 100,779.50 100,000.00 519.44 100,000.00 03/15/1603/11/16Aa3AA- 100,000.00 78009NZZ2 1.69 2,534.44 400,989.50 400,000.00 1.46 400,000.00 400,000.00 Security Type Sub-Total 5,010,000.00 5,034,840.08 1.39 17,126.35 5,033,099.08 5,095,813.11 Managed Account Sub-Total Money Market Fund CAMP Pool 18,216.75 18,216.75 0.00 18,216.75 NRAAAm 18,216.75 18,216.75 18,216.75 0.00 18,216.75 18,216.75 Money Market Sub-Total $5,028,216.75 $5,053,056.83 $17,126.35 $5,051,315.83 $5,114,029.86 1.39% $5,131,156.21 $17,126.35 Total Investments Accrued Interest Securities Sub-Total Page 9 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Security Type/Description Next Call Market YTMEffective Duration U.S. Treasury Bond / Note 1.24 121.82 337.92 50,046.90 100.09 CITIGRP 50,000.00 912828TS9US TREASURY NOTES DTD 10/01/2012 0.625% 09/30/2017 0.55 1.24 1.41 1,283.16 3,005.81 150,123.00 100.08 MERRILL 150,000.00 912828UA6US TREASURY NOTES DTD 11/30/2012 0.625% 11/30/2017 0.57 1.41 1.90 405.20 408.18 50,386.70 100.77 MERRILL 50,000.00 912828VE7US TREASURY NOTES DTD 05/31/2013 1.000% 05/31/2018 0.59 1.90 2.05 636.42 15.61 101,570.30 101.57 BARCLAYS 100,000.00 912828VQ0US TREASURY NOTES DTD 07/31/2013 1.375% 07/31/2018 0.62 2.05 2.38 1,716.85 2,018.77 96,354.51 101.43 CITIGRP 95,000.00 912828A34US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 0.65 2.38 2.52 1,180.31 1,277.32 51,044.90 102.09 BARCLAYS 50,000.00 912828B33US TREASURY NOTES DTD 01/31/2014 1.500% 01/31/2019 0.68 2.52 3.19 1,282.16 1,535.17 75,559.58 100.75 MERRILL 75,000.00 912828TR1US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 0.77 3.19 3.19 3,116.33 3,914.07 151,119.15 100.75 JPMCHASE 150,000.00 912828TR1US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 0.77 3.19 3.15 5,006.10 3,945.30 257,822.25 103.13 JPMCHASE 250,000.00 912828F39US TREASURY NOTES DTD 09/30/2014 1.750% 09/30/2019 0.77 3.15 3.35 3,189.52 3,872.98 150,978.45 100.65 CITIGRP 150,000.00 912828UB4US TREASURY NOTES DTD 11/30/2012 1.000% 11/30/2019 0.81 3.35 3.57 3,200.69 3,427.75 126,865.25 101.49 CITIGRP 125,000.00 912828UQ1US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 0.84 3.57 3.57 2,591.54 2,660.17 152,238.30 101.49 MORGANST 150,000.00 912828UQ1US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 0.84 3.57 3.90 2,026.15 1,857.44 78,272.48 104.36 MERRILL 75,000.00 912828VP2US TREASURY NOTES DTD 07/31/2013 2.000% 07/31/2020 0.91 3.90 3.97 5,829.25 5,516.58 183,544.90 104.88 MORGANST 175,000.00 912828VV9US TREASURY NOTES DTD 09/03/2013 2.125% 08/31/2020 0.93 3.97 4.16 1,665.84 1,511.74 103,363.30 103.36 MERRILL 100,000.00 912828WC0US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 0.96 4.16 4.14 285.30 234.37 26,785.15 107.14 HSBC 25,000.00 912828PC8US TREASURY NOTES DTD 11/15/2010 2.625% 11/15/2020 0.95 4.14 4.23 2,744.93 2,460.95 156,744.15 104.50 MERRILL 150,000.00 912828A42US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 0.96 4.23 Page 10 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Security Type/Description Next Call Market YTMEffective Duration U.S. Treasury Bond / Note 4.28 1,739.41 1,415.95 132,695.25 106.16 MERRILL 125,000.00 912828A83US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 0.97 4.28 4.33 2,100.44 2,060.54 129,301.75 103.44 MORGANST 125,000.00 912828N48US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 0.97 4.33 4.59 (188.85)(191.34) 177,037.18 101.16 CITIGRP 175,000.00 912828Q37US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 1.00 4.59 41,285.28 0.82 3.39 39,932.57 2,401,853.45 2,345,000.00 Security Type Sub-Total 3.39 Municipal Bond / Note 2.62 545.26 519.00 30,603.30 102.01 VINING 30,000.00 20772JZK1CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 1.22 2.62 519.00 1.22 2.62 545.26 30,603.30 30,000.00 Security Type Sub-Total 2.62 Federal Agency Collateralized Mortgage Obligation 1.57 68.61 (47.28) 25,202.63 100.81 GOLDMAN 25,000.00 3136ANJY4FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 0.97 1.60 2.27 166.33 110.56 25,360.56 101.44 GOLDMAN 25,000.00 3136AQSW1FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 1.21 1.88 2.94 122.74 33.56 45,484.19 101.08 MORGANST 45,000.00 3136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 1.24 2.15 96.84 1.16 2.40 357.68 96,047.38 95,000.00 Security Type Sub-Total 1.93 Federal Agency Bond / Note 0.99 112.04 93.42 30,122.04 100.41 JPMCHASE 30,000.00 3137EADH9FREDDIE MAC GLOBAL NOTES DTD 05/14/2012 1.000% 06/29/2017 0.59 0.99 0.99 439.11 347.76 120,488.16 100.41 BNP PARI 120,000.00 3137EADH9FREDDIE MAC GLOBAL NOTES DTD 05/14/2012 1.000% 06/29/2017 0.59 0.99 1.24 364.17 (1,030.05) 175,837.20 100.48 JEFFERIE 175,000.00 3137EADL0FREDDIE MAC GLOBAL NOTES DTD 08/10/2012 1.000% 09/29/2017 0.61 1.24 1.31 306.71 560.60 50,174.10 100.35 SOC GEN 50,000.00 3135G0PQ0FANNIE MAE GLOBAL NOTES DTD 09/24/2012 0.875% 10/26/2017 0.61 1.31 Page 11 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Security Type/Description Next Call Market YTMEffective Duration Federal Agency Bond / Note 1.87 981.77 1,910.80 100,395.80 100.40 CSFB 100,000.00 3135G0WJ8FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 0.66 1.87 1.87 900.89 1,551.00 125,494.75 100.40 BNP PARI 125,000.00 3135G0WJ8FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 0.66 1.87 2.36 1,642.07 1,237.64 107,235.14 102.13 GOLDMAN 105,000.00 3135G0YT4FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 0.73 2.36 2.61 875.63 910.00 125,615.00 100.49 JPMCHASE 125,000.00 3135G0J53FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 0.81 2.61 5,581.17 0.67 1.72 5,622.39 835,362.19 830,000.00 Security Type Sub-Total 1.72 Corporate Note 0.78 140.50 (2,071.50) 125,598.50 100.48 04/15/17BARCLAYS 125,000.00 91159HHD5US BANCORP (CALLABLE) DTD 05/08/2012 1.650% 05/15/2017 1.10 0.66 1.33 10.89 (281.85) 75,123.90 100.17 11/05/17BARCLAYS 75,000.00 166764AA8CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 0.99 1.28 1.33 165.20 165.20 100,165.20 100.17 11/05/17MORGANST 100,000.00 166764AA8CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 0.99 1.28 1.58 769.64 1,077.50 100,619.50 100.62 HSBC 100,000.00 459200HK0IBM CORP GLOBAL NOTES DTD 02/08/2013 1.250% 02/08/2018 0.86 1.58 1.66 597.46 616.50 100,587.50 100.59 GOLDMAN 100,000.00 06406HCJ6BANK OF NEW YORK MELLON (CALLABLE) DTD 03/06/2013 1.350% 03/06/2018 1.00 1.54 1.82 211.26 338.31 55,135.36 100.25 GOLDMAN 55,000.00 037833AJ9APPLE INC GLOBAL NOTES DTD 05/03/2013 1.000% 05/03/2018 0.86 1.82 1.95 934.56 934.56 80,934.56 101.17 BARCLAYS 80,000.00 166764AE0CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 1.12 1.95 2.58 1,066.27 878.10 51,353.10 102.71 BONY 50,000.00 17275RAR3CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 1.09 2.58 2.58 991.87 883.60 51,353.10 102.71 BNP PARI 50,000.00 17275RAR3CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 1.09 2.58 Page 12 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 2.65 543.07 544.95 50,512.95 101.03 03/25/19MIZUHO 50,000.00 38141GVT8GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 1.63 2.67 2.84 184.82 185.08 25,172.08 100.69 CITIGRP 25,000.00 172967KS9CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 1.81 2.84 3.00 3,374.94 3,440.00 103,255.00 103.26 MERRILL 100,000.00 02665WAH4AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 1.19 3.00 3.01 94.62 45.73 27,643.23 110.57 GOLDMAN 25,000.00 12189TBC7BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 1.37 3.01 3.41 2,078.11 1,745.45 177,968.70 101.70 JEFFERIE 175,000.00 94974BGF1WELLS FARGO & CO DTD 02/02/2015 2.150% 01/30/2020 1.66 3.41 3.69 2,626.72 2,546.20 103,043.20 103.04 05/23/20JPMCHASE 100,000.00 46625HLW8JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 1.95 3.72 4.48 687.52 661.95 51,810.95 103.62 KEYBAN 50,000.00 06406FAA1BANK OF NEW YORK MELLON CORP DTD 02/19/2016 2.500% 04/15/2021 1.71 4.48 4.60 382.32 382.73 25,366.23 101.46 SCOTIA 25,000.00 05531FAV5BRANCH BANKING & TRUST CORP NOTE DTD 05/10/2016 2.050% 05/10/2021 1.73 4.60 4.64 406.86 408.73 25,314.23 101.26 GOLDMAN 25,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 1.68 4.64 12,501.24 1.28 2.43 15,266.63 1,330,957.29 1,310,000.00 Security Type Sub-Total 2.40 Certificate of Deposit 0.90 50.00 50.00 100,050.00 100.05 MERRILL 100,000.00 65558LFA5NORDEA BANK FINLAND NY CD DTD 05/29/2015 1.150% 05/26/2017 1.08 0.90 1.38 106.00 106.00 100,106.00 100.11 GOLDMAN 100,000.00 83050FBG5SKANDINAVISKA ENSKILDA BANKEN NY CD DTD 11/17/2015 1.480% 11/16/2017 0.33 1.38 1.38 54.00 54.00 100,054.00 100.05 HSBC 100,000.00 40428AR58HSBC BANK USA NA CD DTD 11/18/2015 1.540% 11/17/2017 0.93 1.38 1.68 779.50 779.50 100,779.50 100.78 RBC CAP 100,000.00 78009NZZ2ROYAL BANK OF CANADA NY CD DTD 03/11/2016 1.700% 03/09/2018 1.21 1.68 989.50 0.89 1.33 989.50 400,989.50 400,000.00 Security Type Sub-Total 1.33 Page 13 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Security Type/Description Next Call Market YTMEffective Duration 5,010,000.00 5,095,813.11 60,973.03 62,714.03 2.68 0.93 Managed Account Sub-Total 2.67 Money Market Fund 0.00 0.00 0.00 18,216.75 1.00 18,216.75 CAMP Pool 0.00 18,216.75 18,216.75 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $5,131,156.21 $17,126.35 $5,114,029.86 Accrued Interest Securities Sub-Total $5,028,216.75 $60,973.03 $62,714.03 2.68 0.93% 2.67 Page 14 For the Month Ending June 30, 2016Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method BUY 06/09/16 CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 172967KS9 (24,987.00) 0.00 (24,987.00) 25,000.00 06/02/16 06/08/16 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 12189TBC7 (27,597.50)(218.68)(27,816.18) 25,000.00 06/03/16 06/29/16 US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 912828Q37 (177,228.52)(537.91)(177,766.43) 175,000.00 06/27/16 (756.59) (230,569.61)(229,813.02) 225,000.00 Transaction Type Sub-Total INTEREST 06/25/16 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3136AQSW1 0.00 39.54 39.54 25,000.00 06/01/16 06/25/16 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 3136AQDQ0 0.00 61.73 61.73 45,000.00 06/01/16 06/25/16 FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 3136ANJY4 0.00 32.29 32.29 25,000.00 06/01/16 06/05/16 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 166764AA8 0.00 552.00 552.00 100,000.00 06/05/16 06/05/16 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 166764AA8 0.00 414.00 414.00 75,000.00 06/05/16 06/23/16 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 46625HLW8 0.00 1,375.00 1,375.00 100,000.00 06/23/16 06/24/16 CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 166764AE0 0.00 687.20 687.20 80,000.00 06/24/16 06/29/16 FREDDIE MAC GLOBAL NOTES DTD 05/14/2012 1.000% 06/29/2017 3137EADH9 0.00 150.00 150.00 30,000.00 06/29/16 06/29/16 FREDDIE MAC GLOBAL NOTES DTD 05/14/2012 1.000% 06/29/2017 3137EADH9 0.00 600.00 600.00 120,000.00 06/29/16 06/30/16 US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 912828A83 0.00 1,484.37 1,484.37 125,000.00 06/30/16 06/30/16 US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 912828N48 0.00 1,093.75 1,093.75 125,000.00 06/30/16 Page 15 For the Month Ending June 30, 2016Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method 6,489.88 6,489.88 0.00 850,000.00 Transaction Type Sub-Total SELL 06/09/16 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 912828C65 25,418.95 77.70 25,496.65 391.61 401.85 SPEC LOT 25,000.00 06/02/16 06/08/16 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 912828TR1 25,015.63 47.13 25,062.76 481.45 354.79 SPEC LOT 25,000.00 06/03/16 06/29/16 US TREASURY NOTES DTD 10/01/2012 0.625% 09/30/2017 912828TS9 50,046.88 76.84 50,123.72 337.89 122.13 SPEC LOT 50,000.00 06/27/16 06/29/16 US TREASURY NOTES DTD 04/30/2012 0.875% 04/30/2017 912828SS0 125,375.98 178.33 125,554.31 (312.49) 116.67 SPEC LOT 125,000.00 06/27/16 380.00 995.44 898.46 226,237.44 225,857.44 225,000.00 Transaction Type Sub-Total (3,955.58) 6,113.29 2,157.71 898.46 995.44 Managed Account Sub-Total Total Security Transactions $898.46 $2,157.71 $6,113.29 ($3,955.58)$995.44 Page 16 For the Month Ending June 30, 2016Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 16,472.55 Opening Balance 06/06/16 06/06/16 Purchase - Interest 166764AA8 1.00 414.00 16,886.55 06/06/16 06/06/16 Purchase - Interest 166764AA8 1.00 552.00 17,438.55 06/08/16 06/08/16 Purchase - Interest 912828TR1 1.00 47.13 17,485.68 06/08/16 06/08/16 Purchase - Principal 912828TR1 1.00 25,015.63 42,501.31 06/08/16 06/08/16 Redemption - Principal 12189TBC7 1.00 (27,597.50) 14,903.81 06/08/16 06/08/16 Redemption - Interest 12189TBC7 1.00 (218.68) 14,685.13 06/09/16 06/09/16 Purchase - Interest 912828C65 1.00 77.70 14,762.83 06/09/16 06/09/16 Purchase - Principal 912828C65 1.00 25,418.95 40,181.78 06/09/16 06/09/16 Redemption - Principal 172967KS9 1.00 (24,987.00) 15,194.78 06/23/16 06/23/16 Purchase - Interest 46625HLW8 1.00 1,375.00 16,569.78 06/24/16 06/24/16 Purchase - Interest 166764AE0 1.00 687.20 17,256.98 06/27/16 06/27/16 Purchase - Interest 3136ANJY4 1.00 32.29 17,289.27 06/27/16 06/27/16 Purchase - Interest 3136AQDQ0 1.00 61.73 17,351.00 06/27/16 06/27/16 Purchase - Interest 3136AQSW1 1.00 39.54 17,390.54 06/28/16 06/28/16 IP Fees May 2016 1.00 (395.37) 16,995.17 06/28/16 06/28/16 U.S. Bank Fees April 2016 1.00 (24.87) 16,970.30 06/29/16 06/29/16 Purchase - Interest 3137EADH9 1.00 150.00 17,120.30 06/29/16 06/29/16 Purchase - Interest 3137EADH9 1.00 600.00 17,720.30 06/29/16 06/29/16 Purchase - Interest 912828SS0 1.00 178.33 17,898.63 06/29/16 06/29/16 Purchase - Principal 912828SS0 1.00 125,375.98 143,274.61 06/29/16 06/29/16 Purchase - Interest 912828TS9 1.00 76.84 143,351.45 Page 17 For the Month Ending June 30, 2016Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 06/29/16 06/29/16 Purchase - Principal 912828TS9 1.00 50,046.88 193,398.33 06/29/16 06/29/16 Redemption - Principal 912828Q37 1.00 (177,228.52) 16,169.81 06/29/16 06/29/16 Redemption - Interest 912828Q37 1.00 (537.91) 15,631.90 06/30/16 06/30/16 Purchase - Interest 912828N48 1.00 1,093.75 16,725.65 06/30/16 06/30/16 Purchase - Interest 912828A83 1.00 1,484.37 18,210.02 06/30/16 07/01/16 Accrual Income Div Reinvestment - Distributions 1.00 6.73 18,216.75 18,216.75 18,216.75 18,216.75 16,040.07 26.96 0.00 (1,257,378.94) 1,271,386.34 4,209.35 6.73 18,216.75 0.00 (230,989.85) 232,734.05 16,472.55 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance June January-June 0.51% Page 18 Successor Agency CAMP Account For the Month Ending June 30, 2016Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Opening Market Value Purchases Redemptions Change in Value Closing Market Value 24,682.50 221,490.47 (231,005.37) 0.00 $15,167.60 CAMP Pool Unsettled Trades 0.00 7.08 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 5,250,983.82 229,813.02 (216,578.33) 39,275.35 $5,303,493.86 CAMP Managed Account Unsettled Trades 0.00 4,726.41 Cash Dividends and Income June 30, 2016 May 31, 2016 Asset Summary CAMP Pool 15,167.60 24,682.50 CAMP Managed Account 5,303,493.86 5,250,983.82 $5,318,661.46 $5,275,666.32 Total Asset Allocation 0.29% CAMP Pool 99.71% CAMP Managed Account Page 1 For the Month Ending June 30, 2016Managed Account Summary Statement CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $24,682.50 221,490.47 (231,005.37) $15,167.60 7.08 $5,250,983.82 0.00 (216,578.33) 229,813.02 0.00 39,275.35 $5,303,493.86 $5,275,666.32 $5,318,661.46 4,905.06 (756.59) 577.94 $4,726.41 0.00 217,087.63 4,395.76 0.00 (230,569.61) 9,086.22 0.00 Managed Account Total 5,229,801.47 5,244,969.07 17,218.81 217,087.63 0.00 4,395.76 (230,569.61) (5,215,857.69) (14,739.73) 0.00 17,218.81 448,093.00 0.00 4,395.76 (452,060.08) (5,240,540.19) (14,739.73) 7.08 Total Accrual Basis Earnings $7,336.64 $7,343.72 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Page 2 For the Month Ending June 30, 2016Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 2,665,000.00 2,730,205.89 51.32 Municipal Bond / Note 30,000.00 30,603.30 0.58 Federal Agency Collateralized Mortgage Obligation 95,000.00 96,047.38 1.81 Federal Agency Bond / Note 905,000.00 916,039.67 17.22 Corporate Note 1,110,000.00 1,129,608.12 21.24 Certificate of Deposit 400,000.00 400,989.50 7.54 Managed Account Sub-Total 5,205,000.00 5,303,493.86 99.71% Accrued Interest 17,218.81 Total Portfolio 5,205,000.00 5,320,712.67 CAMP Pool 15,167.60 15,167.60 0.29 Total Investments 5,220,167.60 5,335,880.27 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 7.54% Cert of Deposit 21.24% Corporate Note 1.81% Fed Agency CMO 17.22% Fed Agy Bond / Note 0.29% Mny Mkt Fund 0.58% Muni Bond / Note 51.32% US TSY Bond / Note 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 0.29% 9.90% 21.90%22.88%23.37% 21.66% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 2.70 1019 1.42% 0.90% Page 3 For the Month Ending June 30, 2016Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Credit Quality (S&P Ratings) 4.36% A 6.66% A+ 2.41% A- 1.88% A-1 1.88% A-1+ 71.40% AA+ 9.70% AA- 0.29% AAAm 1.42% BBB+ Issuer Summary Percentof HoldingsIssuer Market Value 103,255.00 1.94 AMERICAN HONDA FINANCE 55,135.36 1.04 APPLE INC 127,251.58 2.39 BANK OF NEW YORK CO INC 25,366.23 0.48 BB&T CORPORTATION 27,643.23 0.52 BURLINGTON NORTHERN SANTA FE 15,167.60 0.29 CAMP Pool 80,934.56 1.52 CHEVRON CORP 102,706.20 1.93 CISCO SYSTEMS INC 25,172.08 0.47 CITIGROUP INC 857,962.50 16.13 FANNIE MAE 154,124.55 2.90 FREDDIE MAC 50,512.95 0.95 GOLDMAN SACHS GROUP INC 100,054.00 1.88 HSBC HOLDINGS PLC 100,619.50 1.89 IBM CORP 103,043.20 1.94 JP MORGAN CHASE & CO 100,050.00 1.88 NORDEA BANK AB 100,779.50 1.89 ROYAL BANK OF CANADA 100,106.00 1.88 SKANDINAVISKA ENSKIDA BANKEN AB 30,603.30 0.58 STATE OF CONNECTICUT 25,314.23 0.48 STATE STREET CORPORATION 2,730,205.89 51.33 UNITED STATES TREASURY 251,197.00 4.72 US BANCORP 51,457.00 0.97 WELLS FARGO & COMPANY $5,318,661.46 Total 100.00% Page 4 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 03/31/2012 1.000% 03/31/2017 50,185.60 50,028.79 125.68 50,115.23 03/21/1403/19/14AaaAA+ 50,000.00 912828SM3 0.92 US TREASURY NOTES DTD 07/02/2012 0.750% 06/30/2017 125,288.13 124,964.00 2.55 124,941.41 11/16/1511/10/15AaaAA+ 125,000.00 912828TB6 0.78 US TREASURY NOTES DTD 11/30/2012 0.625% 11/30/2017 125,102.50 124,033.20 66.17 122,597.66 05/09/1405/06/14AaaAA+ 125,000.00 912828UA6 1.18 US TREASURY NOTES DTD 07/31/2013 1.375% 07/31/2018 101,570.30 100,933.88 574.18 101,554.69 02/04/1502/02/15AaaAA+ 100,000.00 912828VQ0 0.92 US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 20,285.16 19,883.40 21.17 19,790.63 07/07/1407/01/14AaaAA+ 20,000.00 912828A34 1.50 US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 76,069.35 74,713.95 79.41 74,475.59 06/03/1406/02/14AaaAA+ 75,000.00 912828A34 1.41 US TREASURY NOTES DTD 01/31/2014 1.500% 01/31/2019 51,044.90 49,864.59 313.19 49,767.58 07/31/1407/29/14AaaAA+ 50,000.00 912828B33 1.61 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 25,626.95 25,016.74 102.12 25,027.34 09/04/1409/02/14AaaAA+ 25,000.00 912828C65 1.60 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 102,507.80 100,097.15 408.47 100,156.25 10/06/1410/02/14AaaAA+ 100,000.00 912828C65 1.59 US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 90,850.38 88,863.75 339.25 91,023.05 11/03/1410/30/14AaaAA+ 85,000.00 912828KQ2 1.50 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 151,119.15 148,554.85 377.05 148,048.83 04/30/1504/28/15AaaAA+ 150,000.00 912828TR1 1.30 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 201,492.20 197,337.09 502.73 196,273.44 02/27/1502/26/15AaaAA+ 200,000.00 912828TR1 1.42 US TREASURY NOTES DTD 09/30/2014 1.750% 09/30/2019 232,040.03 227,534.53 989.75 228,489.26 03/27/1503/26/15AaaAA+ 225,000.00 912828F39 1.39 US TREASURY NOTES DTD 11/30/2012 1.000% 11/30/2019 201,304.60 197,051.91 169.40 196,140.63 05/29/1505/28/15AaaAA+ 200,000.00 912828UB4 1.44 Page 5 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 177,611.35 173,130.39 731.15 172,812.50 11/09/1511/05/15AaaAA+ 175,000.00 912828UQ1 1.55 US TREASURY NOTES DTD 07/31/2013 2.000% 07/31/2020 104,363.30 101,661.77 835.16 101,886.72 12/04/1512/01/15AaaAA+ 100,000.00 912828VP2 1.58 US TREASURY NOTES DTD 09/03/2013 2.125% 08/31/2020 194,033.18 187,870.83 1,313.98 188,201.37 12/30/1512/28/15AaaAA+ 185,000.00 912828VV9 1.74 US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 103,363.30 101,697.46 294.84 101,851.56 02/03/1602/01/16AaaAA+ 100,000.00 912828WC0 1.35 US TREASURY NOTES DTD 11/15/2010 2.625% 11/15/2020 107,140.60 105,999.41 335.26 106,203.13 05/06/1605/03/16AaaAA+ 100,000.00 912828PC8 1.21 US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 182,868.18 179,665.75 296.45 179,997.07 03/04/1603/02/16AaaAA+ 175,000.00 912828A42 1.38 US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 129,301.75 127,201.31 5.94 127,241.21 05/31/1605/27/16AaaAA+ 125,000.00 912828N48 1.35 US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 177,037.18 177,226.03 549.86 177,228.52 06/29/1606/27/16AaaAA+ 175,000.00 912828Q37 0.98 8,433.76 2,730,205.89 2,683,330.78 1.35 2,683,823.67 2,665,000.00 Security Type Sub-Total Municipal Bond / Note CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 30,603.30 30,058.04 174.37 30,084.30 03/25/1503/16/15Aa3AA- 30,000.00 20772JZK1 1.90 174.37 30,603.30 30,058.04 1.90 30,084.30 30,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 25,202.63 25,134.02 32.29 25,249.91 04/30/1504/15/15AaaAA+ 25,000.00 3136ANJY4 0.83 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 25,360.56 25,194.23 39.54 25,250.00 11/30/1511/06/15AaaAA+ 25,000.00 3136AQSW1 1.20 Page 6 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Federal Agency Collateralized Mortgage Obligation FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 45,484.19 45,361.45 61.73 45,450.63 10/30/1510/07/15AaaAA+ 45,000.00 3136AQDQ0 1.08 133.56 96,047.38 95,689.70 1.05 95,950.54 95,000.00 Security Type Sub-Total Federal Agency Bond / Note FANNIE MAE GLOBAL NOTES DTD 07/20/2012 0.875% 08/28/2017 100,276.20 100,058.75 298.96 100,248.00 09/10/1209/06/12AaaAA+ 100,000.00 3135G0MZ3 0.82 FANNIE MAE GLOBAL NOTES DTD 09/24/2012 0.875% 10/26/2017 125,435.25 124,668.48 197.48 124,033.75 12/03/1311/27/13AaaAA+ 125,000.00 3135G0PQ0 1.08 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 75,296.85 74,560.52 72.92 73,863.75 05/31/1305/24/13AaaAA+ 75,000.00 3135G0WJ8 1.19 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 100,395.80 99,675.09 97.22 99,155.00 05/24/1305/22/13AaaAA+ 100,000.00 3135G0WJ8 1.05 FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 107,235.14 105,593.07 161.15 105,997.50 10/23/1410/22/14AaaAA+ 105,000.00 3135G0YT4 1.39 FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 127,660.88 125,002.31 191.84 125,003.75 06/19/1406/16/14AaaAA+ 125,000.00 3135G0YT4 1.62 FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 125,615.00 124,739.37 434.03 124,705.00 02/23/1602/19/16AaaAA+ 125,000.00 3135G0J53 1.08 FREDDIE MAC NOTES DTD 04/16/2012 1.750% 05/30/2019 154,124.55 151,118.27 226.04 151,704.00 12/03/1412/01/14AaaAA+ 150,000.00 3137EADG1 1.49 1,679.64 916,039.67 905,415.86 1.24 904,710.75 905,000.00 Security Type Sub-Total Corporate Note US BANCORP (CALLABLE) DTD 05/08/2012 1.650% 05/15/2017 251,197.00 250,000.00 527.08 255,340.00 07/30/1207/25/12A1A+ 250,000.00 91159HHD5 1.19 IBM CORP GLOBAL NOTES DTD 02/08/2013 1.250% 02/08/2018 100,619.50 99,849.86 496.53 99,542.00 02/08/1302/05/13Aa3AA- 100,000.00 459200HK0 1.35 Page 7 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note BANK OF NEW YORK MELLON (CALLABLE) DTD 03/06/2013 1.350% 03/06/2018 75,440.63 74,992.53 323.44 74,978.25 03/06/1303/04/13A1A 75,000.00 06406HCJ6 1.36 APPLE INC GLOBAL NOTES DTD 05/03/2013 1.000% 05/03/2018 55,135.36 54,924.10 88.61 54,797.05 05/03/1304/30/13Aa1AA+ 55,000.00 037833AJ9 1.08 CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 80,934.56 80,000.00 26.72 80,000.00 06/24/1306/17/13Aa2AA- 80,000.00 166764AE0 1.72 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 51,353.10 50,286.83 354.17 50,475.00 09/04/1408/29/14A1AA- 50,000.00 17275RAR3 1.90 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 51,353.10 50,361.23 354.17 50,469.50 09/04/1509/01/15A1AA- 50,000.00 17275RAR3 1.85 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 50,512.95 49,969.88 183.33 49,968.00 04/26/1604/21/16A3BBB+ 50,000.00 38141GVT8 2.02 CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 25,172.08 24,987.26 31.32 24,987.00 06/09/1606/02/16Baa1BBB+ 25,000.00 172967KS9 2.07 AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 103,255.00 99,880.06 850.00 99,815.00 09/09/1409/04/14A1A+ 100,000.00 02665WAH4 2.29 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 27,643.23 27,548.61 293.75 27,597.50 06/08/1606/03/16A3A 25,000.00 12189TBC7 1.48 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 103,043.20 100,416.48 61.11 100,497.00 09/04/1509/01/15A3A- 100,000.00 46625HLW8 2.64 WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 51,457.00 51,075.54 85.00 51,108.00 05/10/1605/06/16A2A 50,000.00 94974BGR5 2.04 BANK OF NEW YORK MELLON CORP DTD 02/19/2016 2.500% 04/15/2021 51,810.95 51,123.43 458.33 51,149.00 05/19/1605/16/16A1A 50,000.00 06406FAA1 2.00 BRANCH BANKING & TRUST CORP NOTE DTD 05/10/2016 2.050% 05/10/2021 25,366.23 24,983.91 72.60 24,983.50 05/16/1605/10/16A2A- 25,000.00 05531FAV5 2.06 Page 8 For the Month Ending June 30, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 25,314.23 24,907.37 56.88 24,905.50 05/24/1605/19/16A1A 25,000.00 857477AV5 2.03 4,263.04 1,129,608.12 1,115,307.09 1.72 1,120,612.30 1,110,000.00 Security Type Sub-Total Certificate of Deposit NORDEA BANK FINLAND NY CD DTD 05/29/2015 1.150% 05/26/2017 100,050.00 100,000.00 115.00 100,000.00 05/29/1505/27/15Aa3AA- 100,000.00 65558LFA5 1.15 SKANDINAVISKA ENSKILDA BANKEN NY CD DTD 11/17/2015 1.480% 11/16/2017 100,106.00 100,000.00 933.22 100,000.00 11/17/1511/16/15P-1A-1 100,000.00 83050FBG5 1.48 HSBC BANK USA NA CD DTD 11/18/2015 1.540% 11/17/2017 100,054.00 100,000.00 966.78 100,000.00 11/18/1511/17/15P-1A-1+ 100,000.00 40428AR58 1.54 ROYAL BANK OF CANADA NY CD DTD 03/11/2016 1.700% 03/09/2018 100,779.50 100,000.00 519.44 100,000.00 03/15/1603/11/16Aa3AA- 100,000.00 78009NZZ2 1.69 2,534.44 400,989.50 400,000.00 1.46 400,000.00 400,000.00 Security Type Sub-Total 5,205,000.00 5,235,181.56 1.42 17,218.81 5,229,801.47 5,303,493.86 Managed Account Sub-Total Money Market Fund CAMP Pool 15,167.60 15,167.60 0.00 15,167.60 NRAAAm 15,167.60 15,167.60 15,167.60 0.00 15,167.60 15,167.60 Money Market Sub-Total $5,220,167.60 $5,250,349.16 $17,218.81 $5,244,969.07 $5,318,661.46 1.42% $5,335,880.27 $17,218.81 Total Investments Accrued Interest Securities Sub-Total Page 9 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Security Type/Description Next Call Market YTMEffective Duration U.S. Treasury Bond / Note 0.75 156.81 70.37 50,185.60 100.37 MORGANST 50,000.00 912828SM3US TREASURY NOTES DTD 03/31/2012 1.000% 03/31/2017 0.50 0.75 1.00 324.13 346.72 125,288.13 100.23 MERRILL 125,000.00 912828TB6US TREASURY NOTES DTD 07/02/2012 0.750% 06/30/2017 0.52 1.00 1.41 1,069.30 2,504.84 125,102.50 100.08 MERRILL 125,000.00 912828UA6US TREASURY NOTES DTD 11/30/2012 0.625% 11/30/2017 0.57 1.41 2.05 636.42 15.61 101,570.30 101.57 BARCLAYS 100,000.00 912828VQ0US TREASURY NOTES DTD 07/31/2013 1.375% 07/31/2018 0.62 2.05 2.38 401.76 494.53 20,285.16 101.43 MERRILL 20,000.00 912828A34US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 0.65 2.38 2.38 1,355.40 1,593.76 76,069.35 101.43 CITIGRP 75,000.00 912828A34US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 0.65 2.38 2.52 1,180.31 1,277.32 51,044.90 102.09 BARCLAYS 50,000.00 912828B33US TREASURY NOTES DTD 01/31/2014 1.500% 01/31/2019 0.68 2.52 2.68 610.21 599.61 25,626.95 102.51 CITIGRP 25,000.00 912828C65US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 0.70 2.68 2.68 2,410.65 2,351.55 102,507.80 102.51 MERRILL 100,000.00 912828C65US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 0.70 2.68 2.76 1,986.63 (172.67) 90,850.38 106.88 MERRILL 85,000.00 912828KQ2US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 0.70 2.76 3.19 2,564.30 3,070.32 151,119.15 100.75 MERRILL 150,000.00 912828TR1US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 0.77 3.19 3.19 4,155.11 5,218.76 201,492.20 100.75 JPMCHASE 200,000.00 912828TR1US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 0.77 3.19 3.15 4,505.50 3,550.77 232,040.03 103.13 JPMCHASE 225,000.00 912828F39US TREASURY NOTES DTD 09/30/2014 1.750% 09/30/2019 0.77 3.15 3.35 4,252.69 5,163.97 201,304.60 100.65 CITIGRP 200,000.00 912828UB4US TREASURY NOTES DTD 11/30/2012 1.000% 11/30/2019 0.81 3.35 3.57 4,480.96 4,798.85 177,611.35 101.49 CITIGRP 175,000.00 912828UQ1US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 0.84 3.57 3.90 2,701.53 2,476.58 104,363.30 104.36 MERRILL 100,000.00 912828VP2US TREASURY NOTES DTD 07/31/2013 2.000% 07/31/2020 0.91 3.90 3.97 6,162.35 5,831.81 194,033.18 104.88 MORGANST 185,000.00 912828VV9US TREASURY NOTES DTD 09/03/2013 2.125% 08/31/2020 0.93 3.97 Page 10 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Security Type/Description Next Call Market YTMEffective Duration U.S. Treasury Bond / Note 4.16 1,665.84 1,511.74 103,363.30 103.36 MERRILL 100,000.00 912828WC0US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 0.96 4.16 4.14 1,141.19 937.47 107,140.60 107.14 HSBC 100,000.00 912828PC8US TREASURY NOTES DTD 11/15/2010 2.625% 11/15/2020 0.95 4.14 4.23 3,202.43 2,871.11 182,868.18 104.50 MERRILL 175,000.00 912828A42US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 0.96 4.23 4.33 2,100.44 2,060.54 129,301.75 103.44 MORGANST 125,000.00 912828N48US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 0.97 4.33 4.59 (188.85)(191.34) 177,037.18 101.16 CITIGRP 175,000.00 912828Q37US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 1.00 4.59 46,382.22 0.80 3.25 46,875.11 2,730,205.89 2,665,000.00 Security Type Sub-Total 3.25 Municipal Bond / Note 2.62 545.26 519.00 30,603.30 102.01 VINING 30,000.00 20772JZK1CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 1.22 2.62 519.00 1.22 2.62 545.26 30,603.30 30,000.00 Security Type Sub-Total 2.62 Federal Agency Collateralized Mortgage Obligation 1.57 68.61 (47.28) 25,202.63 100.81 GOLDMAN 25,000.00 3136ANJY4FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 0.97 1.60 2.27 166.33 110.56 25,360.56 101.44 GOLDMAN 25,000.00 3136AQSW1FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 1.21 1.88 2.94 122.74 33.56 45,484.19 101.08 MORGANST 45,000.00 3136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 1.24 2.15 96.84 1.16 2.40 357.68 96,047.38 95,000.00 Security Type Sub-Total 1.93 Federal Agency Bond / Note 1.15 217.45 28.20 100,276.20 100.28 HSBC 100,000.00 3135G0MZ3FANNIE MAE GLOBAL NOTES DTD 07/20/2012 0.875% 08/28/2017 0.64 1.15 1.31 766.77 1,401.50 125,435.25 100.35 SOC GEN 125,000.00 3135G0PQ0FANNIE MAE GLOBAL NOTES DTD 09/24/2012 0.875% 10/26/2017 0.61 1.31 Page 11 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Security Type/Description Next Call Market YTMEffective Duration Federal Agency Bond / Note 1.87 736.33 1,433.10 75,296.85 100.40 CSFB 75,000.00 3135G0WJ8FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 0.66 1.87 1.87 720.71 1,240.80 100,395.80 100.40 BNP PARI 100,000.00 3135G0WJ8FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 0.66 1.87 2.36 1,642.07 1,237.64 107,235.14 102.13 GOLDMAN 105,000.00 3135G0YT4FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 0.73 2.36 2.36 2,658.57 2,657.13 127,660.88 102.13 HSBC 125,000.00 3135G0YT4FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 0.73 2.36 2.61 875.63 910.00 125,615.00 100.49 JPMCHASE 125,000.00 3135G0J53FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 0.81 2.61 2.84 3,006.28 2,420.55 154,124.55 102.75 TD SEC U 150,000.00 3137EADG1FREDDIE MAC NOTES DTD 04/16/2012 1.750% 05/30/2019 0.79 2.84 11,328.92 0.71 2.11 10,623.81 916,039.67 905,000.00 Security Type Sub-Total 2.11 Corporate Note 0.78 1,197.00 (4,143.00) 251,197.00 100.48 04/15/17BARCLAYS 250,000.00 91159HHD5US BANCORP (CALLABLE) DTD 05/08/2012 1.650% 05/15/2017 1.10 0.66 1.58 769.64 1,077.50 100,619.50 100.62 HSBC 100,000.00 459200HK0IBM CORP GLOBAL NOTES DTD 02/08/2013 1.250% 02/08/2018 0.86 1.58 1.66 448.10 462.38 75,440.63 100.59 GOLDMAN 75,000.00 06406HCJ6BANK OF NEW YORK MELLON (CALLABLE) DTD 03/06/2013 1.350% 03/06/2018 1.00 1.54 1.82 211.26 338.31 55,135.36 100.25 GOLDMAN 55,000.00 037833AJ9APPLE INC GLOBAL NOTES DTD 05/03/2013 1.000% 05/03/2018 0.86 1.82 1.95 934.56 934.56 80,934.56 101.17 BARCLAYS 80,000.00 166764AE0CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 1.12 1.95 2.58 1,066.27 878.10 51,353.10 102.71 BONY 50,000.00 17275RAR3CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 1.09 2.58 2.58 991.87 883.60 51,353.10 102.71 BNP PARI 50,000.00 17275RAR3CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 1.09 2.58 2.65 543.07 544.95 50,512.95 101.03 03/25/19MIZUHO 50,000.00 38141GVT8GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 1.63 2.67 Page 12 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Security Type/Description Next Call Market YTMEffective Duration Corporate Note 2.84 184.82 185.08 25,172.08 100.69 CITIGRP 25,000.00 172967KS9CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 1.81 2.84 3.00 3,374.94 3,440.00 103,255.00 103.26 MERRILL 100,000.00 02665WAH4AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 1.19 3.00 3.01 94.62 45.73 27,643.23 110.57 GOLDMAN 25,000.00 12189TBC7BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 1.37 3.01 3.69 2,626.72 2,546.20 103,043.20 103.04 05/23/20JPMCHASE 100,000.00 46625HLW8JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 1.95 3.72 4.18 381.46 349.00 51,457.00 102.91 UBS AG 50,000.00 94974BGR5WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 1.86 4.18 4.48 687.52 661.95 51,810.95 103.62 KEYBAN 50,000.00 06406FAA1BANK OF NEW YORK MELLON CORP DTD 02/19/2016 2.500% 04/15/2021 1.71 4.48 4.60 382.32 382.73 25,366.23 101.46 SCOTIA 25,000.00 05531FAV5BRANCH BANKING & TRUST CORP NOTE DTD 05/10/2016 2.050% 05/10/2021 1.73 4.60 4.64 406.86 408.73 25,314.23 101.26 GOLDMAN 25,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 1.68 4.64 8,995.82 1.28 2.36 14,301.03 1,129,608.12 1,110,000.00 Security Type Sub-Total 2.32 Certificate of Deposit 0.90 50.00 50.00 100,050.00 100.05 MERRILL 100,000.00 65558LFA5NORDEA BANK FINLAND NY CD DTD 05/29/2015 1.150% 05/26/2017 1.08 0.90 1.38 106.00 106.00 100,106.00 100.11 GOLDMAN 100,000.00 83050FBG5SKANDINAVISKA ENSKILDA BANKEN NY CD DTD 11/17/2015 1.480% 11/16/2017 0.33 1.38 1.38 54.00 54.00 100,054.00 100.05 HSBC 100,000.00 40428AR58HSBC BANK USA NA CD DTD 11/18/2015 1.540% 11/17/2017 0.93 1.38 1.68 779.50 779.50 100,779.50 100.78 RBC CAP 100,000.00 78009NZZ2ROYAL BANK OF CANADA NY CD DTD 03/11/2016 1.700% 03/09/2018 1.21 1.68 989.50 0.89 1.33 989.50 400,989.50 400,000.00 Security Type Sub-Total 1.33 5,205,000.00 5,303,493.86 68,312.30 73,692.39 2.70 0.90 Managed Account Sub-Total 2.68 Page 13 For the Month Ending June 30, 2016Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Security Type/Description Next Call Market YTMEffective Duration Money Market Fund 0.00 0.00 0.00 15,167.60 1.00 15,167.60 CAMP Pool 0.00 15,167.60 15,167.60 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $5,335,880.27 $17,218.81 $5,318,661.46 Accrued Interest Securities Sub-Total $5,220,167.60 $68,312.30 $73,692.39 2.70 0.90% 2.68 Page 14 For the Month Ending June 30, 2016Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method BUY 06/09/16 CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 172967KS9 (24,987.00) 0.00 (24,987.00) 25,000.00 06/02/16 06/08/16 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 12189TBC7 (27,597.50)(218.68)(27,816.18) 25,000.00 06/03/16 06/29/16 US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 912828Q37 (177,228.52)(537.91)(177,766.43) 175,000.00 06/27/16 (756.59) (230,569.61)(229,813.02) 225,000.00 Transaction Type Sub-Total INTEREST 06/25/16 FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 3136ANJY4 0.00 32.29 32.29 25,000.00 06/01/16 06/25/16 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 3136AQDQ0 0.00 61.73 61.73 45,000.00 06/01/16 06/25/16 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3136AQSW1 0.00 39.54 39.54 25,000.00 06/01/16 06/07/16 WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 94974BGR5 0.00 637.50 637.50 50,000.00 06/07/16 06/23/16 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 46625HLW8 0.00 1,375.00 1,375.00 100,000.00 06/23/16 06/24/16 CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 166764AE0 0.00 687.20 687.20 80,000.00 06/24/16 06/30/16 US TREASURY N/B DTD 12/31/2015 1.750% 12/31/2020 912828N48 0.00 1,093.75 1,093.75 125,000.00 06/30/16 06/30/16 US TREASURY NOTES DTD 07/02/2012 0.750% 06/30/2017 912828TB6 0.00 468.75 468.75 125,000.00 06/30/16 4,395.76 4,395.76 0.00 575,000.00 Transaction Type Sub-Total SELL 06/09/16 US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 912828KQ2 15,906.45 31.84 15,938.29 (156.44) 210.70 SPEC LOT 15,000.00 06/02/16 06/08/16 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 912828TR1 25,015.63 47.13 25,062.76 481.45 354.79 SPEC LOT 25,000.00 06/03/16 Page 15 For the Month Ending June 30, 2016Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method SELL 06/29/16 US TREASURY NOTES DTD 03/31/2012 1.000% 03/31/2017 912828SM3 175,656.25 430.33 176,086.58 252.93 554.75 SPEC LOT 175,000.00 06/27/16 509.30 1,120.24 577.94 217,087.63 216,578.33 215,000.00 Transaction Type Sub-Total (13,234.69) 4,148.47 (9,086.22) 577.94 1,120.24 Managed Account Sub-Total Total Security Transactions $577.94 ($9,086.22)$4,148.47 ($13,234.69)$1,120.24 Page 16 For the Month Ending June 30, 2016Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 24,682.50 Opening Balance 06/07/16 06/07/16 Purchase - Interest 94974BGR5 1.00 637.50 25,320.00 06/08/16 06/08/16 Purchase - Interest 912828TR1 1.00 47.13 25,367.13 06/08/16 06/08/16 Purchase - Principal 912828TR1 1.00 25,015.63 50,382.76 06/08/16 06/08/16 Redemption - Principal 12189TBC7 1.00 (27,597.50) 22,785.26 06/08/16 06/08/16 Redemption - Interest 12189TBC7 1.00 (218.68) 22,566.58 06/09/16 06/09/16 Purchase - Interest 912828KQ2 1.00 31.84 22,598.42 06/09/16 06/09/16 Purchase - Principal 912828KQ2 1.00 15,906.45 38,504.87 06/09/16 06/09/16 Redemption - Principal 172967KS9 1.00 (24,987.00) 13,517.87 06/23/16 06/23/16 Purchase - Interest 46625HLW8 1.00 1,375.00 14,892.87 06/24/16 06/24/16 Purchase - Interest 166764AE0 1.00 687.20 15,580.07 06/27/16 06/27/16 Purchase - Interest 3136ANJY4 1.00 32.29 15,612.36 06/27/16 06/27/16 Purchase - Interest 3136AQDQ0 1.00 61.73 15,674.09 06/27/16 06/27/16 Purchase - Interest 3136AQSW1 1.00 39.54 15,713.63 06/28/16 06/28/16 IP Fees May 2016 1.00 (410.07) 15,303.56 06/28/16 06/28/16 U.S. Bank Fees April 2016 1.00 (25.69) 15,277.87 06/29/16 06/29/16 Purchase - Interest 912828SM3 1.00 430.33 15,708.20 06/29/16 06/29/16 Purchase - Principal 912828SM3 1.00 175,656.25 191,364.45 06/29/16 06/29/16 Redemption - Principal 912828Q37 1.00 (177,228.52) 14,135.93 06/29/16 06/29/16 Redemption - Interest 912828Q37 1.00 (537.91) 13,598.02 06/30/16 06/30/16 Purchase - Interest 912828N48 1.00 1,093.75 14,691.77 06/30/16 06/30/16 Purchase - Interest 912828TB6 1.00 468.75 15,160.52 Page 17 For the Month Ending June 30, 2016Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 06/30/16 07/01/16 Accrual Income Div Reinvestment - Distributions 1.00 7.08 15,167.60 15,167.60 15,167.60 15,167.60 16,887.40 52.01 0.00 (1,285,092.94) 1,292,750.89 7,509.65 7.08 15,167.60 0.00 (231,005.37) 221,490.47 24,682.50 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance June January-June 0.51% Page 18 Review of Investment Performance CAMP Accounts City of Lake Elsinore Review of Investment Performance First Quarter 2016 Monique Spyke, Director spykem@pfm.com Sarah Meacham, Director meachams@pfm.com PFM Asset Management LLC © 2016 PFM Asset Management LLC © 2016 PFM Asset Management LLC Summary • Volatility ushered in the New Year, as slowing global growth drove investors out of riskier assets, such as equities and high-yield bonds, and into safe- haven securities such as U.S. government debt. Stocks posted one of their worst-ever starts to a year, with the S&P 500 falling more than 10% while commodity prices plunged. As a result, U.S. Treasury yields retraced nearly all of their fourth-quarter increases. • Fear began to abate in February, spurring a rebound in stocks and commodities, which finished the quarter at or near 2016 highs. Interest rates rose off their February lows before giving back gains after the Federal Open Market Commitee’s (FOMC’s) “dovish” March statement. • The Federal Reserve (Fed) left policy rates unchanged in the 1st quarter. The FOMC lowered expectations for only two rate hikes in 2016, and acknowledged that global economic and financial market conditions posed a risk to its outlook. • While the Fed embarks on a tightening path, other global central banks are still easing monetary policy. The European Central Bank expanded its bond purchase program to 80 billion euros per month, including the purchase of corporate bonds, while the Bank of Japan cut rates to -0.10%. Economic Snapshot • U.S. gross domestic product (GDP) grew at a 1.4% rate in the fourth quarter of 2015 and 2.4% for all of 2015 as consumer spending continued to drive growth, while business investment and net exports were a drag. Preliminary estimates of growth in the first quarter are approximately 1%. • The labor market remained strong, as employers added 628,000 net new jobs in the first three months of the year. The unemployment rate held around 5%, while the labor participation rate rose four months in a row. • Inflationary pressures picked up in the first quarter as energy prices stabilized, home prices rose, and wages showed modest improvements. The personal consumption expenditure (PCE) price index, the Fed’s most favored metric of inflation, rose 1.7% year-over-year ended February 29, 2016. • Global commodity price declines deepened early in the year, as the supply- demand imbalance remained in focus. Domestic crude oil fell to less than $30 a barrel in February, before staging a comeback and rebounding above $40 a barrel on the possibility of an output freeze by the Organization of the Petroleum Exporting Countries (OPEC). • The Chinese economy continued to slow, stoking concern that weakness in the world’s second-largest economy may negatively impact global growth, but especially emerging market countries — those dependent on commodity exports. Interest Rates • Interest rates declined in the first quarter, first due to widespread concern about the global economy and then later in the quarter after the Fed signaled a slower pace of rate increases. The two-year Treasury yield fell 33 basis points (0.33%) during the quarter, while the 10-year Treasury yield fell 50 basis points (0.50%). • In the money market space, shorter Treasuries posted small declines, but short-term credit instruments, such as commercial paper and bank certificates of deposit (CDs) offered unusually wide yield spreads. Sector Performance • U.S. Treasury indexes posted strong returns for the first quarter, as rate declines boosted market values. Longer maturity issues performed best. • Non-callable federal agency securities performed generally in line with comparable-maturity Treasuries. • Corporate yield spreads widened significantly through the middle of February amid energy-related weakness and declining corporate profits. Although corporates suffered sharp underperformance through January and much of February, spreads tightened dramatically in March, generating enough outperformance for the sector to surpass comparable-maturity Treasuries over the entire quarter. • Mortgage-backed securities were the worst-performing sector in the quarter, underperforming Treasuries. They were hurt as declining interest rates increased anticipated pre-payments. First Quarter 2016 Section A-1 © 2016 PFM Asset Management LLC Labor Market Dec 2015 Mar 2015 Unemployment Rate Mar'16 5.0%5.0%5.5% Change In Non-Farm Payrolls Mar'16 215,000 271,000 84,000 Average Hourly Earnings (YoY)Mar'16 2.3%2.6%2.2% Personal Income (YoY)Feb'16 4.0%3.9%4.0% Initial Jobless Claims (week)3/26/16 276,000 285,000 268,000 Growth Real GDP (QoQ SAAR)2015Q4 1.4%2.0%2.1% GDP Personal Consumption (QoQ SAAR)2015Q4 2.4%3.0%4.3% Retail Sales (YoY)Feb'16 3.1%2.6%2.1% ISM Manufacturing Survey (month)Mar'16 51.8 48.0 52.3 Existing Home Sales SAAR (month)Feb'16 5.08 mil. 5.45 mil. 5.25 mil. Inflation / Prices Personal Consumption Expenditures (YoY)Feb'16 1.0%0.7%0.3% Consumer Price Index (YoY)Feb'16 1.0%0.7% -0.1% Consumer Price Index Core (YoY)Feb'16 2.3%2.1%1.8% Crude Oil Futures (WTI, per barrel) Mar 31 $38.34 $37.04 $47.60 Gold Futures (oz.)Mar 31 $1,234 $1,060 $1,183 1. Data as of Third Quarter 2015 2. Data as of Fourth Quarter 2014 Note: YoY = year over year, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil Latest 0 100K 200K 300K 400K 2% 4% 6% 8% 3/31/13 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 3/31/16 Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right) Change In Non-Farm Payrolls Unemployment Rate -2% 0% 2% 4% 6% 12/31/12 6/30/13 12/31/13 6/30/14 12/31/14 6/30/15 12/31/15 Real GDP (QoQ) -1% 0% 1% 2% 3% 3/31/13 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 Consumer Price Index CPI (YoY)Core CPI (YoY) 2 2 1 1 Economic Snapshot Source: Bloomberg Section A-2 © 2016 PFM Asset Management LLC Source: Bloomberg Interest Rate Overview U.S. Treasury Note Yields U.S. Treasury Yield Curve U.S. Treasury Yields Yield Curves as of 3/31/2016 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 12/31/15 1/31/16 2/29/16 3/31/16Yield 2-Year 5-Year 10-Year 0% 1% 2% 3% 4%3-mo1-yr2-yr3-yr5-yr7-yr10-yr30-yrYieldMaturity March 31, 2016 December 31, 2015 March 31, 2015 Maturity 3/31/16 12/31/15 Change over Quarter 3/31/15 Change over Year 3-month 0.20% 0.17% 0.03% 0.02% 0.18% 1-year 0.58% 0.60%(0.02%)0.23% 0.35% 2-year 0.72% 1.05%(0.33%)0.56% 0.16% 5-year 1.21% 1.76%(0.55%)1.37%(0.16%) 10-year 1.77% 2.27%(0.50%)1.92%(0.15%) 30-year 2.61% 3.02%(0.41%)2.54% 0.07% 0% 1% 2% 3% 4% 5%1-yr2-yr3-yr5-yr7-yr10-yr25-yr30-yrYieldMaturity U.S. Treasury Federal Agency Industrial Corporates, A Rated Section A-3 © 2016 PFM Asset Management LLC Source: BofA Merrill Lynch Indices Duration Yield 3 Month 1 Year 3 Years 1-3 Year Indices U.S. Treasury 1.89 0.75% 0.90% 0.92% 0.77% Federal Agency 1.56 0.80% 0.86% 1.02% 0.86% U.S. Corporates, A-AAA rated 1.95 1.52% 1.09% 1.48% 1.43% Agency MBS (0 to 3 years)2.13 1.41% 0.50% 1.77% 1.37% Municipals 1.79 0.84% 0.51% 1.01% 0.87% 1-5 Year Indices U.S. Treasury 2.72 0.89% 1.57% 1.62% 1.14% Federal Agency 2.06 0.91% 1.26% 1.43% 1.14% U.S. Corporates, A-AAA rated 2.77 1.77% 1.70% 2.02% 1.97% Agency MBS (0 to 5 years)3.18 1.88% 1.47% 1.86% 2.19% Municipals 2.46 1.00% 0.72% 1.58% 1.27% Master Indices (Maturities 1 Year or Greater) U.S. Treasury 6.43 1.34% 3.35% 2.42% 2.30% Federal Agency 3.65 1.26% 2.14% 1.86% 1.75% U.S. Corporates, A-AAA rated 6.96 2.70% 3.67% 2.13% 3.26% Agency MBS (0 to 30 years)3.79 2.14% 1.95% 2.41% 2.68% Municipals 6.77 2.05% 1.64% 4.12% 3.73% Returns for periods greater than one year are annualized Returns for Periods ended 3/31/2016As of 3/31/2016 BofA Merrill Lynch Index Returns Section A-4 © 2016 PFM Asset Management LLC Disclosures The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC (PFMAM) 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, PFMAM 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. PFMAM is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. PFMAM’s clients are state and local governments, non-profit corporations, pension funds, and similar institutional investors. www.pfm.com © 2016 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. Section A-5 © 2016 PFM Asset Management LLC Portfolio Summary PORTFOLIO RECAP Section B-1 First Quarter 2016 The portfolio complies with the California Government Code and the City’s investment policy. Treasury yields ended the quarter significantly lower as fears of a global economic slowdown and plummeting oil prices pummeled equity and credit markets around the globe. As fears began to abate in mid-February and volatility subsided, market sentiment for risk assets improved, sending asset prices higher through the end of the quarter. In this volatile environment, we maintained a duration position near-neutral to, but slightly short of benchmark duration to protect the portfolio’s market value in the case of several Fed rate hikes in 2016. The yield relationship between U.S. Treasury and federal agency securities fluctuated throughout the quarter. Agency yield spreads increased to multi-year wide levels in the first half of the quarter, and we increased the City’s allocations through new purchases and swaps from Treasuries. We purchased a new issue at an attractive yield spread over U.S. Treasuries. Agency spreads tightened in the second half of the quarter, back to levels typical of prior quarters, which reduced their attractiveness by quarter end. The potential impact of slower global economic growth on corporate profits caused yield spreads in the corporate sector to widen significantly in the first half of the quarter. Subsequently, yield spreads on high-grade issues rebounded, ultimately driving the sector’s outperformance over Treasuries for the quarter. We maintained our overweight to the corporate sector, but we have a preference for financial issuers over industrials, which we believe will offer a better balance of risk and reward going forward. Aggregate Portfolio March 31, 2016 December 31, 2015 Aggregate Market Value $40,383,747.13 $39,767,707.62 Aggregate Amortized Cost $40,018,306.18 $39,865,765.17 © 2016 PFM Asset Management LLC PORTFOLIO STRATEGY We expect the U.S.economy to expand at a moderate pace in 2016 as consumer spending continues to drive positive growth.Outside the U.S., economic prospects are more challenged due to weak commodity prices,slowing growth in China,and various geopolitical risks.The market's concerns about the strength of the global economy will likely keep interest rates lower than previously expected. Economic projections released following the FOMC’s March meeting indicated that FOMC participants believe that appropriate monetary policy warrants only one to two fed funds hikes in 2016,down from four hikes projected in December. Given the likelihood that rates will not move significantly higher in the near-term,we will position the maturity distribution of the City’s portfolio to generally match the distribution of its benchmark,except where shifting to short-term credit securities offers better value. Because of narrowed yield spreads,federal agencies currently have less appeal relative to comparable-maturity U.S.Treasuries.We will monitor the yield relationship and take advantage of any opportunities that arise―opportunities are most likely to occur with newly-issued federal agency securities. Our strategy continues to favor credit sectors,including corporates notes,commercial paper,and negotiable CDs.We believe the best opportunities are currently with issuers in the financial industry,where capital is strong and spreads are wide.We are also watching the industrial sector,but are being more selective when making investments in industrial companies,especially those with exposure to energy or to slowing overseas economies. Yields on negotiable CDs adjusted to the new level of short-term rates in December and have remained elevated.These short-term credit sectors are attractive alternatives to short-term government securities,especially in the 6-12 month maturity range.We will continue to utilize these sectors as part of our overall duration and yield curve strategy,although supply constraints may hinder availability. Section B-2 First Quarter 2016 © 2016 PFM Asset Management LLC Sector Summary Portfolio Characteristics Maturity Distribution •Ratings Standard and Poor’s. •Percentages may not add up to 100% due to rounding. Portfolio Composition and Credit Quality Characteristics –City Portfolio Section B-3 First Quarter 2016 U.S. Treasuries 41% Federal Agencies 16% Certificates of Deposit 16% Agency CMO 2% Municipal 1% Corporate Notes 24% CAMP Cash Reserve Portfolio 0.1% 0.1%0% 36% 23%27% 14% 0.1%0% 38% 20% 25% 16% 0% 10% 20% 30% 40% 50% Under 6 Months 6-Months to 1-Year 1- to 2-Years 2- to 3-Years 3- to 4-Years 4- to 5-Years City - March 31, 2016 City - December 31, 2015 Security Type Market Value As of 03/31/16 % of Portfolio % Permitted by Policy In Compliance U.S. Treasuries $12,416,687 41%100% Federal Agencies $4,854,415 16%100% Corporate Notes $7,187,922 24%30% Certificates of Deposit $4,674,187 16%30% Agency CMO $529,470 2%20% Municipal Bonds $295,647 1%100% CAMP $40,950 0.1%100% TOTAL $29,999,279 100% 2.60 AA+ Duration (03/31/16) Average Credit Quality © 2016 PFM Asset Management LLC Sector Summary Portfolio Characteristics Maturity Distribution Portfolio Composition and Credit Quality Characteristics –Successor Agency Portfolio Section B-4 First Quarter 2016 Security Type Market Value As of 03/31/16 % of Portfolio % Permitted by Policy In Compliance U.S. Treasuries $2,879,804 54%100% Federal Agencies $917,501 17%100% Corporate Notes $924,150 17%30% Certificates of Deposit $401,399 8%30% Agency CMO $95,819 2%20% Municipal Bonds $30,406 1%100% CAMP $45,163 0.9%100% TOTAL $5,294,242 100% 2.56 AA+Average Credit Quality Duration (03/31/16) U.S. Treasuries 54% Federal Agencies 17% Agency CMO 2% Certificates of Deposit 8% Municipal 1%Corporate Notes 17% CAMP 1% 1% 10% 26%23%26% 14% 0%2% 34% 21% 31% 12% 0% 10% 20% 30% 40% 50% Under 6 Months 6-Months to 1-Year 1- to 2-Years 2- to 3-Years 3- to 4-Years 4- to 5-Years Successor Agency - March 31, 2016 Successor Agency - December 31, 2015 •Ratings Standard and Poor’s. •Percentages may not add up to 100% due to rounding. © 2016 PFM Asset Management LLC Sector Summary Portfolio Characteristics Maturity Distribution Portfolio Composition and Credit Quality Characteristics –Housing Fund Portfolio Section B-5 First Quarter 2016 Security Type Market Value As of 03/31/16 % of Portfolio % Permitted by Policy In Compliance U.S. Treasuries $2,538,590 50%100% Federal Agencies $835,813 16%100% Corporate Notes $1,175,774 23%30% Certificates of Deposit $401,399 8%30% Agency CMO $95,819 2%20% Municipal Bonds $30,406 1%100% CAMP $12,424 0.2%100% TOTAL $5,090,226 100% 2.59 AA+ Duration (03/31/16) Average Credit Quality 0%2% 36% 22%25% 15% 0%0% 39% 22%23% 16% 0% 10% 20% 30% 40% 50% Under 6 Months 6-Months to 1-Year 1- to 2-Years 2- to 3-Years 3- to 4-Years 4- to 5-Years Housing Fund - March 31, 2016 Housing Fund - December 31, 2015 U.S. Treasuries 50% Federal Agencies 16% Corporate Notes 23% Certificates of Deposit 8% Agency CMO 2% Municipal Bonds 1% CAMP 0.2% •Ratings Standard and Poor’s. •Percentages may not add up to 100% due to rounding. © 2016 PFM Asset Management LLC Portfolio Performance Section B-6 First Quarter 2016 1.Performance on trade-date basis, gross (i.e., before fees), in accordance with the CFA Institute’s Global Investment Performance Standards (GIPS ). 2.Merrill Lynch Indices provided by Bloomberg Financial Markets. 3.Quarterly returns are presented on an unannualized basis. Performance numbers for periods greater than one year are presented on an annualized basis. 4.The City portfolio’s inception date is September ,2010. 5.The Successor Agency portfolio’s inception date is March, 2011. 6.The Housing Fund portfolio’s inception date is June 2012. Duration Periodic Past Past Past (years)Return3 1 Year 2 Years 3 Years City Portfolio 2.60 1.59%1.80%1.83%1.32%1.60% Successor Agency Portfolio 2.56 1.54%1.74%1.80%1.28%1.63% Housing Funds Portfolio 2.59 1.52%1.66%1.79%1.25%1.25% 1.30%4 1.56%5 1.09%6 Portfolio Bank of America Merrill Lynch 1-5 Year U.S. Treasury Index2 1.14%2.65 1.57%1.62%1.76% Total Returns 1 Quarter Ended 03/31/16 Annualized Returns Since Inception 4,5,6 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 02/29/2012 0.875% 02/28/2017 100,214.80 99,942.13 76.09 99,691.41 03/15/1203/13/12AaaAA+ 100,000.00 912828SJ0 0.94 US TREASURY NOTES DTD 03/31/2012 1.000% 03/31/2017 175,642.60 175,464.42 4.78 176,421.88 03/03/1402/27/14AaaAA+ 175,000.00 912828SM3 0.73 US TREASURY NOTES DTD 03/31/2012 1.000% 03/31/2017 250,918.00 250,191.62 6.83 250,576.17 03/21/1403/19/14AaaAA+ 250,000.00 912828SM3 0.92 US TREASURY NOTES DTD 07/02/2012 0.750% 06/30/2017 125,117.25 124,955.03 236.95 124,941.41 11/16/1511/10/15AaaAA+ 125,000.00 912828TB6 0.78 US TREASURY NOTES DTD 11/30/2012 0.625% 11/30/2017 124,799.75 123,865.06 262.55 122,597.66 05/09/1405/06/14AaaAA+ 125,000.00 912828UA6 1.18 US TREASURY NOTES DTD 07/31/2013 1.375% 07/31/2018 101,335.90 101,044.76 230.43 101,554.69 02/04/1502/02/15AaaAA+ 100,000.00 912828VQ0 0.92 US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 20,222.66 19,871.63 84.02 19,790.63 07/07/1407/01/14AaaAA+ 20,000.00 912828A34 1.50 US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 75,834.98 74,685.06 315.06 74,475.59 06/03/1406/02/14AaaAA+ 75,000.00 912828A34 1.41 US TREASURY NOTES DTD 01/31/2014 1.500% 01/31/2019 50,904.30 49,851.78 125.69 49,767.58 07/31/1407/29/14AaaAA+ 50,000.00 912828B33 1.61 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 25,541.03 25,018.22 1.11 25,027.34 09/04/1409/02/14AaaAA+ 25,000.00 912828C65 1.60 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 102,164.10 100,105.75 4.44 100,156.25 10/06/1410/02/14AaaAA+ 100,000.00 912828C65 1.59 US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 106,886.70 104,929.98 1,184.75 107,085.94 11/03/1410/30/14AaaAA+ 100,000.00 912828KQ2 1.50 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 150,123.00 148,446.56 4.10 148,048.83 04/30/1504/28/15AaaAA+ 150,000.00 912828TR1 1.30 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 225,184.50 221,780.16 6.15 220,807.62 02/27/1502/26/15AaaAA+ 225,000.00 912828TR1 1.42 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 09/30/2014 1.750% 09/30/2019 230,844.83 227,724.19 10.76 228,489.26 03/27/1503/26/15AaaAA+ 225,000.00 912828F39 1.39 US TREASURY NOTES DTD 11/30/2012 1.000% 11/30/2019 199,914.00 196,843.00 672.13 196,140.63 05/29/1505/28/15AaaAA+ 200,000.00 912828UB4 1.44 US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 176,141.53 173,007.95 190.22 172,812.50 11/09/1511/05/15AaaAA+ 175,000.00 912828UQ1 1.55 US TREASURY NOTES DTD 07/31/2013 2.000% 07/31/2020 103,550.80 101,760.05 335.16 101,886.72 12/04/1512/01/15AaaAA+ 100,000.00 912828VP2 1.58 US TREASURY NOTES DTD 09/03/2013 2.125% 08/31/2020 192,587.96 188,034.96 341.85 188,201.37 12/30/1512/28/15AaaAA+ 185,000.00 912828VV9 1.74 US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 102,457.00 101,791.63 735.58 101,851.56 02/03/1602/01/16AaaAA+ 100,000.00 912828WC0 1.35 US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 233,077.05 231,324.86 1,512.30 231,424.80 03/04/1603/02/16AaaAA+ 225,000.00 912828A42 1.38 6,340.95 2,873,462.74 2,840,638.80 1.30 2,841,749.84 2,830,000.00 Security Type Sub-Total Municipal Bond / Note CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 30,380.10 30,063.26 26.32 30,084.30 03/25/1503/16/15Aa3AA 30,000.00 20772JZK1 1.90 26.32 30,380.10 30,063.26 1.90 30,084.30 30,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 25,092.65 25,158.83 32.29 25,249.91 04/30/1504/15/15AaaAA+ 25,000.00 3136ANJY4 0.83 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 25,289.95 25,218.09 39.54 25,250.00 11/30/1511/06/15AaaAA+ 25,000.00 3136AQSW1 1.20 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 45,303.01 45,394.89 61.73 45,450.63 10/30/1510/07/15AaaAA+ 45,000.00 3136AQDQ0 1.08 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par 133.56 95,685.61 95,771.81 1.05 95,950.54 95,000.00 Security Type Sub-Total Federal Agency Bond / Note FANNIE MAE GLOBAL NOTES DTD 07/20/2012 0.875% 08/28/2017 100,225.30 100,071.36 80.21 100,248.00 09/10/1209/06/12AaaAA+ 100,000.00 3135G0MZ3 0.82 FANNIE MAE GLOBAL NOTES DTD 09/24/2012 0.875% 10/26/2017 125,235.50 124,606.15 470.92 124,033.75 12/03/1311/27/13AaaAA+ 125,000.00 3135G0PQ0 1.08 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 75,092.18 74,503.09 236.98 73,863.75 05/31/1305/24/13AaaAA+ 75,000.00 3135G0WJ8 1.19 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 100,122.90 99,632.57 315.97 99,155.00 05/24/1305/22/13AaaAA+ 100,000.00 3135G0WJ8 1.05 FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 107,081.63 105,653.57 587.71 105,997.50 10/23/1410/22/14AaaAA+ 105,000.00 3135G0YT4 1.39 FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 127,478.13 125,002.54 699.65 125,003.75 06/19/1406/16/14AaaAA+ 125,000.00 3135G0YT4 1.62 FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 125,276.50 124,715.18 121.53 124,705.00 02/23/1602/19/16AaaAA+ 125,000.00 3135G0J53 1.08 FREDDIE MAC NOTES DTD 04/16/2012 1.750% 05/30/2019 153,593.25 151,211.94 882.29 151,704.00 12/03/1412/01/14AaaAA+ 150,000.00 3137EADG1 1.49 3,395.26 914,105.39 905,396.40 1.24 904,710.75 905,000.00 Security Type Sub-Total Corporate Note US BANCORP (CALLABLE) DTD 05/08/2012 1.650% 05/15/2017 251,312.50 250,000.00 1,558.33 255,340.00 07/30/1207/25/12A1A+ 250,000.00 91159HHD5 1.19 IBM CORP GLOBAL NOTES DTD 02/08/2013 1.250% 02/08/2018 100,501.50 99,826.73 184.03 99,542.00 02/08/1302/05/13Aa3AA- 100,000.00 459200HK0 1.35 BANK OF NEW YORK MELLON (CALLABLE) DTD 03/06/2013 1.350% 03/06/2018 125,175.88 124,985.71 117.19 124,963.75 03/06/1303/04/13A1A 125,000.00 06406HCJ6 1.36 APPLE INC GLOBAL NOTES DTD 05/03/2013 1.000% 05/03/2018 55,113.36 54,913.89 226.11 54,797.05 05/03/1304/30/13Aa1AA+ 55,000.00 037833AJ9 1.08 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 80,757.12 80,000.00 370.32 80,000.00 06/24/1306/17/13Aa1AA- 80,000.00 166764AE0 1.72 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 51,442.65 50,313.02 88.54 50,475.00 09/04/1408/29/14A1AA- 50,000.00 17275RAR3 1.90 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 51,442.65 50,394.23 88.54 50,469.50 09/04/1509/01/15A1AA- 50,000.00 17275RAR3 1.85 AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 102,330.60 99,870.82 287.50 99,815.00 09/09/1409/04/14A1A+ 100,000.00 02665WAH4 2.29 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 102,405.00 100,441.65 748.61 100,497.00 09/04/1509/01/15A3A- 100,000.00 46625HLW8 2.64 3,669.17 920,481.26 910,746.05 1.63 915,899.30 910,000.00 Security Type Sub-Total Certificate of Deposit NORDEA BANK FINLAND NY CD DTD 05/29/2015 1.150% 05/26/2017 99,774.50 100,000.00 405.69 100,000.00 05/29/1505/27/15Aa3AA- 100,000.00 65558LFA5 1.15 SKANDINAVISKA ENSKILDA BANKEN NY CD DTD 11/17/2015 1.480% 11/16/2017 99,485.50 100,000.00 559.11 100,000.00 11/17/1511/16/15P-1A-1 100,000.00 83050FBG5 1.48 HSBC BANK USA NA CD DTD 11/18/2015 1.540% 11/17/2017 99,985.00 100,000.00 577.50 100,000.00 11/18/1511/17/15P-1A-1+ 100,000.00 40428AR58 1.54 ROYAL BANK OF CANADA NY CD DTD 03/11/2016 1.700% 03/09/2018 100,513.00 100,000.00 99.17 100,000.00 03/15/1603/11/16Aa3AA- 100,000.00 78009NZZ2 1.69 1,641.47 399,758.00 400,000.00 1.46 400,000.00 400,000.00 Security Type Sub-Total 5,170,000.00 5,188,394.73 1.36 15,206.73 5,182,616.32 5,233,873.10 Managed Account Sub-Total Money Market Fund CAMP Pool 45,162.61 45,162.61 0.00 45,162.61 NRAAAm 45,162.61 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE-SUCCESSOR AGENCY Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par 45,162.61 45,162.61 0.00 45,162.61 45,162.61 Money Market Sub-Total $5,215,162.61 $5,233,557.34 $15,206.73 $5,227,778.93 $5,279,035.71 1.36% $5,294,242.44 $15,206.73 Total Investments Accrued Interest Securities Sub-Total For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 03/31/2012 1.000% 03/31/2017 125,459.00 125,095.81 3.42 125,288.08 03/21/1403/19/14AaaAA+ 125,000.00 912828SM3 0.92 US TREASURY NOTES DTD 04/30/2012 0.875% 04/30/2017 250,595.75 250,668.59 919.47 251,376.95 02/05/1502/04/15AaaAA+ 250,000.00 912828SS0 0.63 US TREASURY NOTES DTD 10/01/2012 0.625% 09/30/2017 99,871.10 99,820.45 1.71 99,417.97 10/31/1210/26/12AaaAA+ 100,000.00 912828TS9 0.75 US TREASURY NOTES DTD 11/30/2012 0.625% 11/30/2017 149,759.70 148,638.07 315.06 147,117.19 05/09/1405/06/14AaaAA+ 150,000.00 912828UA6 1.18 US TREASURY NOTES DTD 05/31/2013 1.000% 05/31/2018 50,234.40 49,979.00 168.03 49,978.52 03/15/1603/11/16AaaAA+ 50,000.00 912828VE7 1.02 US TREASURY NOTES DTD 07/31/2013 1.375% 07/31/2018 101,335.90 101,044.76 230.43 101,554.69 02/04/1502/02/15AaaAA+ 100,000.00 912828VQ0 0.92 US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 96,057.64 94,601.08 399.08 94,335.74 06/03/1406/02/14AaaAA+ 95,000.00 912828A34 1.41 US TREASURY NOTES DTD 01/31/2014 1.500% 01/31/2019 50,904.30 49,851.78 125.69 49,767.58 07/31/1407/29/14AaaAA+ 50,000.00 912828B33 1.61 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 25,541.03 25,018.22 1.11 25,027.34 09/04/1409/02/14AaaAA+ 25,000.00 912828C65 1.60 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 75,061.50 74,223.27 2.05 74,024.41 04/30/1504/28/15AaaAA+ 75,000.00 912828TR1 1.30 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 175,143.50 172,495.68 4.78 171,739.26 02/27/1502/26/15AaaAA+ 175,000.00 912828TR1 1.42 US TREASURY NOTES DTD 09/30/2014 1.750% 09/30/2019 256,494.25 253,026.88 11.95 253,876.95 03/27/1503/26/15AaaAA+ 250,000.00 912828F39 1.39 US TREASURY NOTES DTD 11/30/2012 1.000% 11/30/2019 149,935.50 147,632.25 504.10 147,105.47 05/29/1505/28/15AaaAA+ 150,000.00 912828UB4 1.44 US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 125,815.38 123,577.11 135.87 123,437.50 11/09/1511/05/15AaaAA+ 125,000.00 912828UQ1 1.55 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 150,978.45 149,623.52 163.04 149,578.13 10/09/1510/08/15AaaAA+ 150,000.00 912828UQ1 1.32 US TREASURY NOTES DTD 07/31/2013 2.000% 07/31/2020 77,663.10 76,320.04 251.37 76,415.04 12/04/1512/01/15AaaAA+ 75,000.00 912828VP2 1.58 US TREASURY NOTES DTD 09/03/2013 2.125% 08/31/2020 182,177.80 177,870.91 323.37 178,028.32 12/30/1512/28/15AaaAA+ 175,000.00 912828VV9 1.74 US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 102,457.00 101,791.63 735.58 101,851.56 02/03/1602/01/16AaaAA+ 100,000.00 912828WC0 1.35 US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 155,384.70 154,216.58 1,008.20 154,283.20 03/04/1603/02/16AaaAA+ 150,000.00 912828A42 1.38 US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 131,665.00 131,275.78 750.34 131,279.30 03/31/1603/30/16AaaAA+ 125,000.00 912828A83 1.28 6,054.65 2,532,535.00 2,506,771.41 1.26 2,505,483.20 2,495,000.00 Security Type Sub-Total Municipal Bond / Note CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 30,380.10 30,063.26 26.32 30,084.30 03/25/1503/16/15Aa3AA 30,000.00 20772JZK1 1.90 26.32 30,380.10 30,063.26 1.90 30,084.30 30,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 25,092.65 25,158.83 32.29 25,249.91 04/30/1504/15/15AaaAA+ 25,000.00 3136ANJY4 0.83 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 25,289.95 25,218.09 39.54 25,250.00 11/30/1511/06/15AaaAA+ 25,000.00 3136AQSW1 1.20 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 45,303.01 45,394.89 61.73 45,450.63 10/30/1510/07/15AaaAA+ 45,000.00 3136AQDQ0 1.08 133.56 95,685.61 95,771.81 1.05 95,950.54 95,000.00 Security Type Sub-Total For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Federal Agency Bond / Note FREDDIE MAC GLOBAL NOTES DTD 05/14/2012 1.000% 06/29/2017 30,089.25 30,012.50 76.67 30,028.62 08/13/1408/11/14AaaAA+ 30,000.00 3137EADH9 0.97 FREDDIE MAC GLOBAL NOTES DTD 05/14/2012 1.000% 06/29/2017 120,357.00 120,061.29 306.67 120,140.40 08/13/1408/11/14AaaAA+ 120,000.00 3137EADH9 0.96 FREDDIE MAC GLOBAL NOTES DTD 08/10/2012 1.000% 09/29/2017 175,636.13 175,567.62 9.72 176,867.25 10/05/1210/04/12AaaAA+ 175,000.00 3137EADL0 0.78 FANNIE MAE GLOBAL NOTES DTD 09/24/2012 0.875% 10/26/2017 50,094.20 49,842.46 188.37 49,613.50 12/03/1311/27/13AaaAA+ 50,000.00 3135G0PQ0 1.08 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 100,122.90 99,337.45 315.97 98,485.00 05/31/1305/24/13AaaAA+ 100,000.00 3135G0WJ8 1.19 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 125,153.63 124,540.71 394.97 123,943.75 05/24/1305/22/13AaaAA+ 125,000.00 3135G0WJ8 1.05 FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 107,081.63 105,653.57 587.71 105,997.50 10/23/1410/22/14AaaAA+ 105,000.00 3135G0YT4 1.39 FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 125,276.50 124,715.18 121.53 124,705.00 02/23/1602/19/16AaaAA+ 125,000.00 3135G0J53 1.08 2,001.61 833,811.24 829,730.78 1.04 829,781.02 830,000.00 Security Type Sub-Total Corporate Note US BANCORP (CALLABLE) DTD 05/08/2012 1.650% 05/15/2017 125,656.25 125,602.28 779.17 127,670.00 07/30/1207/25/12A1A+ 125,000.00 91159HHD5 1.19 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 74,870.10 75,133.82 266.80 75,405.75 12/05/1211/29/12Aa1AA- 75,000.00 166764AA8 0.99 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 99,826.80 100,000.00 355.73 100,000.00 12/05/1211/28/12Aa1AA- 100,000.00 166764AA8 1.10 IBM CORP GLOBAL NOTES DTD 02/08/2013 1.250% 02/08/2018 100,501.50 99,826.73 184.03 99,542.00 02/08/1302/05/13Aa3AA- 100,000.00 459200HK0 1.35 BANK OF NEW YORK MELLON (CALLABLE) DTD 03/06/2013 1.350% 03/06/2018 150,211.05 149,982.86 140.63 149,956.50 03/06/1303/04/13A1A 150,000.00 06406HCJ6 1.36 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note APPLE INC GLOBAL NOTES DTD 05/03/2013 1.000% 05/03/2018 55,113.36 54,913.89 226.11 54,797.05 05/03/1304/30/13Aa1AA+ 55,000.00 037833AJ9 1.08 CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 80,757.12 80,000.00 370.32 80,000.00 06/24/1306/17/13Aa1AA- 80,000.00 166764AE0 1.72 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 51,442.65 50,313.02 88.54 50,475.00 09/04/1408/29/14A1AA- 50,000.00 17275RAR3 1.90 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 51,442.65 50,394.23 88.54 50,469.50 09/04/1509/01/15A1AA- 50,000.00 17275RAR3 1.85 AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 102,330.60 99,870.82 287.50 99,815.00 09/09/1409/04/14A1A+ 100,000.00 02665WAH4 2.29 WELLS FARGO & CO DTD 02/02/2015 2.150% 01/30/2020 177,043.48 175,950.38 637.53 176,223.25 02/05/1502/02/15A2A 175,000.00 94974BGF1 2.00 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 102,405.00 100,441.65 748.61 100,497.00 09/04/1509/01/15A3A- 100,000.00 46625HLW8 2.64 4,173.51 1,171,600.56 1,162,429.68 1.64 1,164,851.05 1,160,000.00 Security Type Sub-Total Certificate of Deposit NORDEA BANK FINLAND NY CD DTD 05/29/2015 1.150% 05/26/2017 99,774.50 100,000.00 405.69 100,000.00 05/29/1505/27/15Aa3AA- 100,000.00 65558LFA5 1.15 SKANDINAVISKA ENSKILDA BANKEN NY CD DTD 11/17/2015 1.480% 11/16/2017 99,485.50 100,000.00 559.11 100,000.00 11/17/1511/16/15P-1A-1 100,000.00 83050FBG5 1.48 HSBC BANK USA NA CD DTD 11/18/2015 1.540% 11/17/2017 99,985.00 100,000.00 577.50 100,000.00 11/18/1511/17/15P-1A-1+ 100,000.00 40428AR58 1.54 ROYAL BANK OF CANADA NY CD DTD 03/11/2016 1.700% 03/09/2018 100,513.00 100,000.00 99.17 100,000.00 03/15/1603/11/16Aa3AA- 100,000.00 78009NZZ2 1.69 1,641.47 399,758.00 400,000.00 1.46 400,000.00 400,000.00 Security Type Sub-Total For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - HOUSING FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par 5,010,000.00 5,026,150.11 1.33 14,031.12 5,024,766.94 5,063,770.51 Managed Account Sub-Total Money Market Fund CAMP Pool 12,424.48 12,424.48 0.00 12,424.48 NRAAAm 12,424.48 12,424.48 12,424.48 0.00 12,424.48 12,424.48 Money Market Sub-Total $5,022,424.48 $5,038,574.59 $14,031.12 $5,037,191.42 $5,076,194.99 1.33% $5,090,226.11 $14,031.12 Total Investments Accrued Interest Securities Sub-Total For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 07/02/2012 0.750% 06/30/2017 325,304.85 324,883.07 616.07 324,847.66 11/16/1511/10/15AaaAA+ 325,000.00 912828TB6 0.78 US TREASURY NOTES DTD 11/30/2012 0.625% 11/30/2017 524,158.95 520,233.25 1,102.72 514,910.15 05/09/1405/06/14AaaAA+ 525,000.00 912828UA6 1.18 US TREASURY NOTES DTD 07/31/2013 1.375% 07/31/2018 886,689.13 884,141.62 2,016.23 888,603.52 02/04/1502/02/15AaaAA+ 875,000.00 912828VQ0 0.92 US TREASURY NOTES DTD 12/02/2013 1.250% 11/30/2018 374,119.21 368,446.30 1,554.30 367,412.89 06/03/1406/02/14AaaAA+ 370,000.00 912828A34 1.41 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 163,462.56 160,116.60 7.10 160,175.00 09/04/1409/02/14AaaAA+ 160,000.00 912828C65 1.60 US TREASURY NOTES DTD 03/31/2014 1.625% 03/31/2019 587,443.58 575,608.05 25.53 575,898.44 10/06/1410/02/14AaaAA+ 575,000.00 912828C65 1.59 US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 534,433.50 524,649.87 5,923.76 535,429.69 11/03/1410/30/14AaaAA+ 500,000.00 912828KQ2 1.50 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 300,246.00 296,893.11 8.20 296,097.66 04/30/1504/28/15AaaAA+ 300,000.00 912828TR1 1.30 US TREASURY NOTES DTD 10/01/2012 1.000% 09/30/2019 1,000,820.00 985,689.58 27.32 981,367.18 02/27/1502/26/15AaaAA+ 1,000,000.00 912828TR1 1.42 US TREASURY NOTES DTD 09/30/2014 1.750% 09/30/2019 1,282,471.25 1,265,134.39 59.77 1,269,384.77 03/27/1503/26/15AaaAA+ 1,250,000.00 912828F39 1.39 US TREASURY NOTES DTD 11/30/2012 1.000% 11/30/2019 1,049,548.50 1,033,425.72 3,528.69 1,029,738.28 05/29/1505/28/15AaaAA+ 1,050,000.00 912828UB4 1.44 US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 553,587.65 545,470.92 597.83 544,822.27 09/03/1509/02/15AaaAA+ 550,000.00 912828UQ1 1.47 US TREASURY NOTES DTD 02/28/2013 1.250% 02/29/2020 1,157,501.45 1,136,909.41 1,250.00 1,135,625.00 11/09/1511/05/15AaaAA+ 1,150,000.00 912828UQ1 1.55 US TREASURY NOTES DTD 07/31/2013 2.000% 07/31/2020 595,417.10 585,120.26 1,927.20 585,848.63 12/04/1512/01/15AaaAA+ 575,000.00 912828VP2 1.58 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 09/03/2013 2.125% 08/31/2020 1,093,066.80 1,067,225.44 1,940.22 1,068,169.92 12/30/1512/28/15AaaAA+ 1,050,000.00 912828VV9 1.74 US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 860,638.80 855,049.71 6,178.85 855,553.13 02/03/1602/01/16AaaAA+ 840,000.00 912828WC0 1.35 US TREASURY NOTE DTD 12/02/2013 2.000% 11/30/2020 699,231.15 693,974.60 4,536.89 694,274.41 03/04/1603/02/16AaaAA+ 675,000.00 912828A42 1.38 US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 394,995.00 393,827.34 2,251.03 393,837.89 03/31/1603/30/16AaaAA+ 375,000.00 912828A83 1.28 33,551.71 12,383,135.48 12,216,799.24 1.41 12,221,996.49 12,145,000.00 Security Type Sub-Total Municipal Bond / Note UNIV OF CAL TXBL REV BONDS DTD 04/10/2014 1.904% 05/15/2018 127,512.50 125,000.00 899.11 125,000.00 04/10/1404/04/14Aa2AA 125,000.00 91412GUV5 1.90 CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 167,090.55 165,347.96 144.76 165,463.65 03/25/1503/16/15Aa3AA 165,000.00 20772JZK1 1.90 1,043.87 294,603.05 290,347.96 1.90 290,463.65 290,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNMA SERIES 2015-M7 ASQ2 DTD 04/01/2015 1.550% 04/01/2018 135,500.32 135,857.66 174.38 136,349.51 04/30/1504/15/15AaaAA+ 135,000.00 3136ANJY4 0.83 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 126,449.75 126,090.42 197.74 126,249.99 11/30/1511/06/15AaaAA+ 125,000.00 3136AQSW1 1.20 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 266,784.38 267,325.42 363.49 267,653.68 10/30/1510/07/15AaaAA+ 265,000.00 3136AQDQ0 1.08 735.61 528,734.45 529,273.50 1.05 530,253.18 525,000.00 Security Type Sub-Total Federal Agency Bond / Note FREDDIE MAC GLOBAL NOTES DTD 05/14/2012 1.000% 06/29/2017 481,428.00 480,245.16 1,226.67 480,561.60 08/13/1408/11/14AaaAA+ 480,000.00 3137EADH9 0.96 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Federal Agency Bond / Note FANNIE MAE GLOBAL NOTES DTD 07/20/2012 0.875% 08/28/2017 801,802.40 800,570.90 641.67 801,984.00 09/10/1209/06/12AaaAA+ 800,000.00 3135G0MZ3 0.82 FREDDIE MAC GLOBAL NOTES DTD 08/10/2012 1.000% 09/29/2017 476,726.63 476,540.67 26.39 480,068.25 10/05/1210/04/12AaaAA+ 475,000.00 3137EADL0 0.78 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 400,491.60 397,349.81 1,263.89 393,940.00 05/31/1305/24/13AaaAA+ 400,000.00 3135G0WJ8 1.19 FANNIE MAE GLOBAL NOTES DTD 04/15/2013 0.875% 05/21/2018 575,706.68 572,887.25 1,816.84 570,141.25 05/24/1305/22/13AaaAA+ 575,000.00 3135G0WJ8 1.05 FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 356,938.75 350,007.12 1,959.03 350,010.50 06/19/1406/16/14AaaAA+ 350,000.00 3135G0YT4 1.62 FANNIE MAE GLOBAL NOTES DTD 10/01/2013 1.625% 11/27/2018 637,390.63 628,890.29 3,498.26 630,937.50 10/23/1410/22/14AaaAA+ 625,000.00 3135G0YT4 1.39 FNMA BENCHMARK NOTE DTD 02/23/2016 1.000% 02/26/2019 726,603.70 723,348.07 704.86 723,289.00 02/23/1602/19/16AaaAA+ 725,000.00 3135G0J53 1.08 FREDDIE MAC NOTES DTD 04/16/2012 1.750% 05/30/2019 383,983.13 378,029.85 2,205.73 379,260.00 12/03/1412/01/14AaaAA+ 375,000.00 3137EADG1 1.49 13,343.34 4,841,071.52 4,807,869.12 1.11 4,810,192.10 4,805,000.00 Security Type Sub-Total Corporate Note WAL-MART STORES INC SR NOTES DTD 04/05/2007 5.375% 04/05/2017 491,470.07 487,169.01 12,350.56 551,822.30 04/11/1204/05/12Aa2AA 470,000.00 931142CG6 1.72 US BANCORP (CALLABLE) DTD 05/08/2012 1.650% 05/15/2017 703,675.00 700,000.00 4,363.33 714,952.00 07/30/1207/25/12A1A+ 700,000.00 91159HHD5 1.19 JOHN DEERE CAPITAL CORP NOTES DTD 06/12/2014 1.125% 06/12/2017 435,694.26 434,917.59 1,481.72 434,795.55 06/12/1406/09/14A2A 435,000.00 24422ESN0 1.14 HSBC USA INC DTD 06/23/2014 1.300% 06/23/2017 249,906.75 249,842.68 884.72 249,620.00 06/23/1406/16/14A2A 250,000.00 40434CAA3 1.35 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note CATERPILLAR FINANCIAL SE DTD 08/20/2014 1.250% 08/18/2017 320,998.72 319,925.47 477.78 319,840.00 08/20/1408/13/14A2A 320,000.00 14912L6D8 1.27 AMERICAN EXPRESS CREDIT CORP NOTES DTD 09/23/2014 1.550% 09/22/2017 200,637.40 199,866.51 77.50 199,732.00 09/23/1409/18/14A2A- 200,000.00 0258M0DR7 1.60 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 149,740.20 150,000.00 533.60 150,000.00 12/05/1211/28/12Aa1AA- 150,000.00 166764AA8 1.10 CHEVRON CORP (CALLABLE) GLOBAL NOTES DTD 12/05/2012 1.104% 12/05/2017 174,696.90 175,312.25 622.53 175,946.75 12/05/1211/29/12Aa1AA- 175,000.00 166764AA8 0.99 IBM CORP GLOBAL NOTES DTD 02/08/2013 1.250% 02/08/2018 251,253.75 249,566.82 460.07 248,855.00 02/08/1302/05/13Aa3AA- 250,000.00 459200HK0 1.35 BERKSHIRE HATHAWAY GLOBAL NOTE DTD 02/11/2013 1.550% 02/09/2018 403,722.00 399,788.31 895.56 399,444.00 02/11/1301/29/13Aa2AA 400,000.00 084670BH0 1.58 WAL-MART STORES INC GLOBAL NOTES DTD 04/11/2013 1.125% 04/11/2018 302,254.80 299,886.17 1,593.75 299,724.00 04/11/1304/04/13Aa2AA 300,000.00 931142DF7 1.14 APPLE INC GLOBAL NOTES DTD 05/03/2013 1.000% 05/03/2018 310,638.91 309,514.67 1,274.44 308,856.10 05/03/1304/30/13Aa1AA+ 310,000.00 037833AJ9 1.08 CHEVRON CORP GLOBAL NOTES DTD 06/24/2013 1.718% 06/24/2018 444,164.16 440,000.00 2,036.78 440,000.00 06/24/1306/17/13Aa1AA- 440,000.00 166764AE0 1.72 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 277,790.31 271,690.28 478.13 272,565.00 09/04/1408/29/14A1AA- 270,000.00 17275RAR3 1.90 CISCO SYSTEMS INC GLOBAL NOTES DTD 03/03/2014 2.125% 03/01/2019 308,655.90 302,365.40 531.25 302,817.00 09/04/1509/01/15A1AA- 300,000.00 17275RAR3 1.85 AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 588,400.95 574,257.22 1,653.13 573,936.25 09/09/1409/04/14A1A+ 575,000.00 02665WAH4 2.29 GENERAL ELECTRIC CAP CORP NOTES DTD 01/08/2010 5.500% 01/08/2020 286,764.00 281,098.96 3,170.14 289,082.50 03/25/1503/20/15A1AA+ 250,000.00 36962G4J0 2.05 WELLS FARGO & CO DTD 02/02/2015 2.150% 01/30/2020 75,875.78 75,230.83 273.23 75,288.00 03/27/1503/24/15A2A 75,000.00 94974BGF1 2.07 For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note WELLS FARGO & CO DTD 02/02/2015 2.150% 01/30/2020 379,378.88 377,036.53 1,366.15 377,621.25 02/05/1502/02/15A2A 375,000.00 94974BGF1 2.00 TOYOTA MOTOR CORP NOTES DTD 03/12/2015 2.150% 03/12/2020 204,318.80 201,428.21 226.94 201,776.00 03/27/1503/23/15Aa3AA- 200,000.00 89236TCF0 1.96 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 588,828.75 577,539.48 4,304.51 577,857.75 09/04/1509/01/15A3A- 575,000.00 46625HLW8 2.64 39,055.82 7,148,866.29 7,076,436.39 1.67 7,164,531.45 7,020,000.00 Security Type Sub-Total Certificate of Deposit CANADIAN IMPERIAL BANK NY YCD DTD 04/10/2015 1.010% 04/06/2017 574,074.25 575,000.00 2,823.09 575,000.00 04/10/1504/06/15P-1A-1 575,000.00 13606JYY9 1.01 RABOBANK NEDERLAND NV CERT DEPOS DTD 04/27/2015 1.070% 04/21/2017 574,209.38 575,000.00 2,734.44 575,000.00 04/27/1504/22/15P-1A-1 575,000.00 21684BXH2 1.07 NORDEA BANK FINLAND NY CD DTD 05/29/2015 1.150% 05/26/2017 573,703.38 575,000.00 2,332.74 575,000.00 05/29/1505/27/15Aa3AA- 575,000.00 65558LFA5 1.15 TORONTO DOMINION BANK NY YCD DTD 06/19/2015 1.240% 06/16/2017 625,815.63 625,000.00 6,156.94 625,000.00 06/19/1506/16/15Aa1AA- 625,000.00 89113ESN7 1.25 BANK OF NOVA SCOTIA HOUSTON YCD DTD 11/09/2015 1.560% 11/06/2017 576,788.25 575,000.00 3,538.17 575,000.00 11/09/1511/06/15P-1A-1 575,000.00 06417GAS7 1.55 SKANDINAVISKA ENSKILDA BANKEN NY CD DTD 11/17/2015 1.480% 11/16/2017 572,041.63 575,000.00 3,214.89 575,000.00 11/17/1511/16/15P-1A-1 575,000.00 83050FBG5 1.48 HSBC BANK USA NA CD DTD 11/18/2015 1.540% 11/17/2017 574,913.75 575,000.00 3,320.63 575,000.00 11/18/1511/17/15P-1A-1+ 575,000.00 40428AR58 1.54 ROYAL BANK OF CANADA NY CD DTD 03/11/2016 1.700% 03/09/2018 577,949.75 575,000.00 570.21 575,000.00 03/15/1603/11/16Aa3AA- 575,000.00 78009NZZ2 1.69 24,691.11 4,649,496.02 4,650,000.00 1.34 4,650,000.00 4,650,000.00 Security Type Sub-Total For the Month Ending March 31, 2016Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par 29,435,000.00 29,667,436.87 1.41 112,421.46 29,570,726.21 29,845,906.81 Managed Account Sub-Total Money Market Fund CAMP Pool 40,950.31 40,950.31 0.00 40,950.31 NRAAAm 40,950.31 40,950.31 40,950.31 0.00 40,950.31 40,950.31 Money Market Sub-Total $29,475,950.31 $29,708,387.18 $112,421.46 $29,611,676.52 $29,886,857.12 1.41% $29,999,278.58 $112,421.46 Total Investments Accrued Interest Securities Sub-Total June 28, 2016 Brexit Upheaval: Impact on Fixed Income Portfolios From the Investment Team of PFM Asset Management LLC © 2016 1 Last week’s historic referendum in favor of a British exit (Brexit) from the European Union (EU) came as a shock to people worldwide. The vote prompted British Prime Minister David Cameron to resign and sent global markets reeling. Brexit represents the end of an often rocky relationship that has existed for nearly half a century, since the United Kingdom (UK) joined the EU in 1973. In light of this unprecedented departure, PFM Asset Management LLC (PFMAM) has addressed questions that are likely on clients’ minds: How have markets reacted? Uncertainty prompted a selloff in equities markets, particularly European and UK markets. Fixed-income markets rallied, as investors sought safety in investments such as U.S. Treasuries. Prices of government bonds rose, and yields dropped 0.15% to 0.20% overnight following the vote. Yield spreads on investment-grade corporate bonds rose by similar amounts, reflecting heightened awareness of the long-term effects a UK exit could have on corporate earnings and credit quality, especially those on European banks. Unlike in 2008, market liquidity has not been impacted in a material way. How have PFMAM-managed fixed-income portfolios weathered the Brexit vote? PFMAM’s investment strategy in the weeks leading up to the Brexit vote entailed these actions: • maintaining portfolio durations near their target levels to reduce performance deviations caused by large interest rate moves in fixed-income accounts, • keeping portfolios broadly diversified by sector and issuer, and • maintaining a careful approach to credit in our fixed-income allocations; for example, carefully limiting our approved list of UK and European banks. The results have been positive. Fixed-income portfolios that we manage generally gained in value in the aftermath of the Brexit vote, benefitting from the overall decline in interest rates. How is PFMAM thinking about portfolios going forward through year-end? Fixed-income portfolios are generally well-positioned for uncertainty as their overall credit quality and holdings of liquid securities are high. We are taking the time to carefully reassess credit positions in these portfolios, although it is important to note that so far, market turmoil has had a minimal effect on domestic investment-grade credit markets. For UK banks and companies with ties to the UK economy, Brexit increases the uncertainty of performance in the future. PFMAM will continue to employ its thorough credit review process in assessing issuers prior to investing in them. How might central banks react to this outcome? Various central banks have assured investors that they will provide liquidity whenever it is needed to avoid an economic crisis. In the U.S., Brexit has sharply reduced the odds of the Federal Reserve raising interest rates this year. © 2016 2 What is Brexit’s potential impact on economies around the globe? Because the UK will likely take at least two years to work out the terms of its departure, it is too early to determine the longer- term impact of how global economies will be affected. The EU could struggle with losing its second-largest economy with a $3 trillion gross domestic product. The most direct impact could be a disruption in trade between the UK and EU, which may lead to a slowdown in both economies. Because of the decline in the value of the British pound and the euro, a slowdown in Europe could spill over to the U.S. economy by reducing exports, but the impact is expected to be modest. The global impact could be even greater if other countries attempt to follow the UK’s lead in leaving the EU. What is PFMAM’s outlook for markets going forward? The current volatility could continue for weeks or months. With Brexit uncertainty dominating markets, UK and European equities will likely underperform U.S. equities, while U.S. dollar-denominated bonds are likely to outperform as investors seek safe havens. In light of Brexit, PFMAM will remain vigilant on behalf of our clients. Our investment professionals will continue to work diligently as we seek to meet our clients’ performance objectives while focusing on protecting principal and managing risk in times of uncertainty. We will continue to communicate with you as we move through these uncharted waters. The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC (PFMAM) 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, PFMAM 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. All statements as to what will or may happen under certain circumstances are based on assumptions, some but not all of which may be noted. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Any forecast, projection, or prediction of market or economic trends, or the results of any management decisions are based upon current opinion and information available as of the date of issue, and are also subject to change. PFMAM is registered with the SEC under the Investment Advisers Act of 1940. A copy of our Form ADV, Parts 2A & B is available upon request. The information contained in this report is not an offer to purchase or sell any securities. For further information, please call your contact.