City of Anaheim FINANCE DEPARTMENT

City of Anaheim FINANCE DEPARTMENT COUNCIL AGENDA REPORT DATE: APRIL 26, 2016 FROM: FINANCE DEPARTMENT SUBJECT: INVESTMENT PORTFOLIO REPORT MARCH 2016 ATTACHMENT (Y/N): YES ITEM # RECOMMENDATION: That the City Council, by Motion, approve the Investment Portfolio Report for March 2016. DISCUSSION: This is the investment report for the City s general pool for the month ending March 31, 2016. The report is provided to ensure that the City Council is informed as to the investment activities and fulfills the reporting requirements of the City s adopted investment policy. INVESTMENT SUMMARY: The following table shows summary investment information for the month ending March 31, 2016: Short-term Portfolio Long-term Portfolio Total Portfolio Values Portfolio Balance (Market Value) $69,806,637 $358,462,749 $428,269,386 Effective Yield 0.57% 1.17% 1.07% Avg. Weighted Maturity 40 Days 1.87 Years 1.581 Years Net Earnings $36,713 $340,211 $376,924 Benchmark* 0.18% 0.71% 0.66% * Benchmark value is the Interpolated Treasury Yield to the Portfolio s Average Weighted Maturity INVESTMENT ACTIVITIES: The City Treasurer s Investment Portfolio has a current credit rating of AAf from Standard and Poor s (S&P). This rating was effective August 8, 2011, as a result of the action of S&P downgrading the debt issues of the United States Treasury and Federal Agencies from a credit rating of AAA to AA+. The credit rating reflects the investment holdings of the City s Investment Portfolio (approximately 50% of funds in Federal Agency issues) and not the management of the investment fund. This credit rating is for the City s investment portfolio and does NOT reflect the credit rating of the City s bond issues. 200 S. Anaheim Blvd. Suite #643 Anaheim, CA 92805 Tel: (714) 765-5195 Fax: (714) 765-5260 www.anaheim.net On August 11, 2008, the City of Anaheim s Investment Policy was recognized and certified by the Association of Professional Treasurers of the United States and Canada (APT US&C) as meeting all standards and criteria established by the APT US&C.

City Treasurer s Investment Report March 2016 April 26, 2016 Page 2 of 2 COMPLIANCE: All investment holdings are allowable and all investment transactions were executed in accordance with the California Government Code and the City s Investment Policy. There is sufficient liquidity to meet the City s anticipated expenditure requirements for the next six months. A complete listing of the City s portfolio holdings and investment activity for the month of March 2016 is included in the attached Monthly Investment Report. IMPACT ON BUDGET: There is no budgetary impact. Interest income is allocated in various funds based on the performance of the Investment Portfolio. Respectfully submitted, Deborah A. Moreno Finance Director/City Treasurer Attachment 1. Monthly Investment Report March 2016

Client Management Team Rick Phillips President & Chief Investment Officer 702-575-6666 rick.phillips@ftnmainstreet.com Tonya Dazzio Chief Operating & Compliance Officer 702-575-6592 tonya.dazzio@ftnmainstreet.com Greg Balls Portfolio Manager & Analyst 702-575-6655 greg.balls@ftnmainstreet.com Christine Wilson Operations Analyst 702-575-6640 christine.wilson@ftnmainstreet.com Monthly Investment Report City of Anaheim March 2016 10655 Park Run Drive Suite 120 Summerlin, NV 89144 Phone 888.278.7350 www.ftnmainstreet.com

Portfolio Summary 3/31/2016 City of Anaheim SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY (MOODY'S) LAIF 10.0% MMF 0.1% 45% CD 0.0% 40% P-1 4.7% Tsy 11.7% Agy 47.5% 35% 35.4% Aaa 67.3% 34.3% Aa1 3.1% 30% CP 4.7% 24.8% Aa2 0.0% 25% Aa3 3.1% 20% A1 6.7% 15% A2 5.2% 10% A3 0.0% Corp 26.1% 5% 3.3% 2.1% NR-LAIF 10.0% 0% 0-1Y 1-2Y 2-3Y 3-4Y 4-5Y 0% 25% 50% 75% Per Book Value Per Book Value NR: Not Rated ACCOUNT SUMMARY MONTH-END PORTFOLIO BOOK YIELD TOP ISSUERS Market Value Book Value Variance Par Value Net Asset Value Book Yield Years to Maturity Effective Duration *Book Value is Amortized 1.15% Issuer % Portfolio 3/31/16 2/29/16 1.10% FNMA 21.9% FHLMC 11.8% $428,269,386 $452,216,732 1.05% US Treasury 11.7% $426,410,729 $451,113,670 LAIF 10.0% $1,858,657 $1,103,062 1.00% FHLB 7.1% 0.95% FFCB 6.6% $426,193,877 $450,894,632 Wells Fargo CO 3.5% 0.90% Johnson & Johnson 3.1% $100.436 $100.245 Chevron 3.1% 0.85% Toyota Motor 3.1% 1.07% 1.01% 0.80% Microsoft 2.6% MUFG Union Bank 1.6% 1.58 1.51 0.75% Pepsico 1.3% Cisco Systems 1.2% 1.61 1.43 0.70% 3M Company 1.2% Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Per Book Value 2

Investment Policy Compliance 3/31/2016 City of Anaheim Item / Sector Parameters In Compliance Weighted Average Maturity Weighted Average Maturity (WAM) must be less than 3 years Yes: 1.58 Yrs U.S. Treasuries No limit, maximum maturity 5 years Yes: 11.7% U.S. Federal Agencies No limit, 40% issuer limit, maximum maturity 5 years Yes: 47.5% Local Agency Investment Fund $50 million, per account (City has two accounts) Yes: 10.0% Commercial Paper Corporate Bonds 25% limit, 5% per issuer, max maturity 270 days, rated A-1, P-1, or F1 by at least one NRSRO, issued by a domestic corporation; if company has long-term debt, needs to be rated AA (S&P), A2 (Moody's), or A (Fitch) by one 30% limit, 5% per issuer, maximum maturity 5 years, issued by domestic corporations or depositories, rated A (S&P), A2 (Moody's), or A (Fitch) by at least two Yes: Yes: 4.7% 26.1% Money Market Funds 20% limit, 10% issuer limit, rated AAA-m or Aaa-mf by at least two (S&P, Moody's, or Fitch) Yes: 0.1% Negotiable Certificates of Deposit 30% limit, 5% per issuer, maximum maturity 5 years, issued by banks, savings and loans, or state-licensed branch of a foreign bank Yes: 0.0% State of California Securities 10% limit, 5% per issuer, maximum maturity 5 years Yes: 0.0% Other Municipal Securities 10% limit, 5% per issuer, maximum maturity 5 years Yes: 0.0% Bankers' Acceptances 40% limit, 30% per issuer, maximum maturity 180 days, rated A-1 or P-1, issued by a commercial bank Yes: 0.0% Issuer Concentration The aggregate issuer exposure to corporate bonds, commercial paper, negotiable CDs, and bankers' acceptances cannot exceed 5%. Yes Investment transactions were executed in accordance with the California State Government Code and the City s Investment Policy. The City believes the Investment Pool contains sufficient cash flow liquidity to meet the next six months of expected expenditures. Securities' market values are derived from the City's custodian. 3

Historical Market Values 3/31/2016 City of Anaheim $500 $450 $400 $350 $300 $250 Jul-12 Sep-12 Nov-12 Millions Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Average FY 2013 $385.4 $397.8 $368.2 $378.1 $371.4 $382.7 $396.9 $415.1 $412.6 $425.4 $438.4 $440.8 $401.1 FY 2014 $424.1 $433.1 $418.4 $413.0 $404.1 $419.7 $431.2 $432.5 $422.4 $426.7 $425.2 $426.0 $423.0 FY 2015 $383.8 $401.7 $374.4 $375.7 $368.8 $376.3 $402.6 $404.1 $409.3 $420.6 $435.6 $436.6 $399.1 FY 2016 $410.1 $405.7 $381.7 $401.9 $415.9 $426.1 $426.8 $452.2 $428.3 $416.5 Figures in Millions, Month End Market Value 4

Historical Market Values Per Fiscal Year 3/31/2016 City of Anaheim $475 FY 13 FY 14 FY 15 FY 16 $450 $425 $400 $375 $350 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Millions Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Average FY 2013 $385.4 $397.8 $368.2 $378.1 $371.4 $382.7 $396.9 $415.1 $412.6 $425.4 $438.4 $440.8 $401.1 FY 2014 $424.1 $433.1 $418.4 $413.0 $404.1 $419.7 $431.2 $432.5 $422.4 $426.7 $425.2 $426.0 $423.0 FY 2015 $383.8 $401.7 $374.4 $375.7 $368.8 $376.3 $402.6 $404.1 $409.3 $420.6 $435.6 $436.6 $399.1 FY 2016 $410.1 $405.7 $381.7 $401.9 $415.9 $426.1 $426.8 $452.2 $428.3 $416.5 Figures in Millions, Month End Market Value 5

Weighted Average Maturity and Portfolio Yield 3/31/2016 City of Anaheim 2.5 Weighted Average Maturity History 2.0 1.5 Years 1.0 0.5 0.0 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 2.0 1.8 1.6 1.4 1.2 Month-End Book Yield vs 1-3Yr Agency Index (24 month moving avg) Portfolio Agy 1-3Yr Percent 1.0 0.8 0.6 0.4 0.2 0.0 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 6

Purchase YTM Per 6-Month Maturity Intervals 3/31/2016 City of Anaheim 2.5% Years Purchase Yield % of Portfolio* Bubble Size = Maturity's % of Portfolio 0 to.5 0.66% 20.13%.5 to 1.0 1.02% 14.20% 2.0% 2.02% 1.0 to 1.5 0.88% 8.68% 1.5 to 2.0 1.12% 25.58% 1.68% 1.67% 2.0 to 2.5 1.15% 13.04% 2.5 to 3.0 1.41% 12.93% 3.0 to 3.5 % % 3.5 to 4.0 1.68% 2.11% 4.0 to 4.5 1.67% 2.40% 4.5 to 5.0 2.02% 0.94% Purchase Yield 1.5% 1.0% 1.02% 0.88% 1.12% 1.15% 1.41% 0.66% *Based on Book Value 0.5% 0.0% -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Maturity Intervals 7

Interest Rate Shock Analysis 3/31/2016 City of Anaheim Instantaneous Interest Rate Changes and Approximate Change in Portfolio's Market Value 2.00% 1.60% Percent Change in Portfolio Value 1.50% 1.00% 0.50% % -0.50% -1.00% -1.50% 1.17% 0.77% 0.37% % -0.43% -0.85% -1.25% -2.00% -100BP -75BP -50BP -25BP No Change +25BP +50BP +75BP +100BP Interest Rate Changes/Scenarios -1.64% Interest Rate Change Portfolio Value Value Change Percent Change -100 Basis Points $435,121,696 $6,852,310 1.60% -75 Basis Points $433,271,572 $5,002,186 1.17% -50 Basis Points $431,558,495 $3,289,109 0.77% -25 Basis Points $429,845,417 $1,576,031 0.37% No Change $428,269,386 $0 % +25 Basis Points $426,443,245 -$1,826,141-0.43% +50 Basis Points $424,617,104 -$3,652,281-0.85% +75 Basis Points $422,931,436 -$5,337,950-1.25% +100 Basis Points $421,245,768 -$7,023,618-1.64% 8

Next Twelve Months Maturities 3/31/2016 City of Anaheim $60 $50 $47.8 $40 Millions $30 $20 $20.5 $15.0 $15.0 $10 $6.0 $7.0 $5.0 $5.0 $5.0 $5.0 $10.0 $5.0 $0 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Maturities Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 $47.8 $6.0 $7.0 $5.0 $5.0 $15.0 $5.0 $5.0 $10.0 $5.0 $20.5 $15.0 Par Value in Millions 9

Historical Sector Allocation 3/31/2016 City of Anaheim 65% 60% 55% 50% 45% 40% 35% 30% 25% AGY TSY CP MMF LAIF CORP 20% 15% 10% 5% 0% Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Sector Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Agency 53.2% 51.5% 51.3% 54.6% 55.2% 58.8% 50.7% 49.8% 47.4% 47.4% 44.9% 47.5% Treasury 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.7% 8.9% 11.7% Commercial Paper 11.0% 11.9% 10.0% 10.7% 8.6% 1.5% 15.2% 14.0% 13.0% 8.2% 7.7% 4.7% Corporates 20.7% 19.9% 22.2% 22.2% 22.4% 22.5% 19.4% 22.7% 23.3% 21.4% 23.1% 26.1% MMF 0.4% 0.5% 0.3% 0.4% 1.6% 4.2% 2.3% 1.6% 0.4% 2.4% 0.4% 0.1% LAIF 14.7% 16.2% 16.2% 12.1% 12.2% 13.0% 12.4% 11.9% 15.9% 15.9% 15.0% 10.0% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 10

Issuer Allocation 3/31/2016 City of Anaheim FNMA 21.9% FHLMC US Treasury 11.8% 11.7% LAIF 10.0% FHLB FFCB 7.1% 6.6% Wells Fargo CO Johnson & Johnson Chevron Toyota Motor Microsoft 3.5% 3.1% 3.1% 3.1% 2.6% MUFG Union Bank Pepsico Cisco Systems 3M Company US Bank New York Life Exxon Mobil General Elec Cap Corp Apple Inc Coca Cola Toronta Dominion JP Morgan American Honda Fidelity Govt MMF Goldman Sachs Trsy MMF 1.6% 1.3% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 0.7% 0.0% 0.0% 0% 5% 10% 15% 20% 25% 11

Purchase Yield and Weighted Avg Maturity 3/31/2016 City of Anaheim 1.60% Bubble Size = Percent of Portfolio 1.40% Corp 1.20% Agy 1.00% Book Yield 0.80% CP Tsy 0.60% LAIF 0.40% 0.20% MMF % -0.25 0.25 0.75 1.25 1.75 2.25 2.75 Weighted Average Maturity - Years 12

Historical Earnings and Book Rate of Return Performance 3/31/2016 City of Anaheim Thousands $6,000 $5,000 $4,000 $3,000 $2,000 FY 2013 FY 2014 FY 2015 FY 2016 Fiscal Year-to-Date Earnings $1,000 $0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Fiscal YTD ($000s) FY 2013 FY 2014 FY 2015 FY 2016 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun $478.9 $949.9 $1,410.4 $1,850.4 $2,293.4 $2,735.0 $3,173.4 $3,565.4 $3,958.4 $4,325.0 $4,684.2 $5,052.5 $373.3 $744.0 $1,113.0 $1,481.3 $1,849.3 $2,206.4 $2,568.4 $2,921.8 $3,291.4 $3,667.5 $4,033.8 $4,400.3 $365.8 $728.5 $1,092.4 $1,439.4 $1,777.9 $2,105.2 $2,438.6 $2,777.2 $3,113.2 $3,450.8 $3,790.8 $4,133.8 $343.5 $683.2 $1,020.0 $1,339.4 $1,663.8 $1,991.8 $2,300.1 $2,660.1 $3,037.0 1.2% 1.0% Book Rate of Return vs Benchmark Portfolio Benchmark 0.8% 0.6% 0.4% 0.2% 0.0% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Fiscal YTD Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Book Rate of Rtn 0.94% 0.96% 0.98% 0.98% 0.97% 0.96% 0.95% 0.95% 0.96% Custom Benchmark* 0.45% 0.47% 0.48% 0.50% 0.52% 0.55% 0.57% 0.59% 0.60% Variance 0.49% 0.49% 0.50% 0.48% 0.45% 0.41% 0.38% 0.36% 0.36% *Benchmark: 24 month moving average 1-3Yr Treasury Index 13

Investment Activity 3/31/2016 City of Anaheim 80 Number of Positions at Month End 75 70 Positions 65 60 55 50 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Positions Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 72 73 74 70 68 63 65 71 71 67 70 69 Number of Transactions 14 12 10 8 6 4 2 Purchases and Redemptions* (Excluding LAIF & MMF) Purchases Redemptions 0 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 *Redemptions include maturities, calls, and sells (excluding paydowns) Purchases Redemptions Total Transactions Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 6 8 3 3 0 0 11 12 5 3 10 2 4 7 2 6 2 5 9 6 5 7 7 3 10 15 5 9 2 5 20 18 10 10 17 5 14

City of Anaheim Portfolio Management Portfolio Summary March 31, 2016 Investments Par Value Market Value Book Value % of Portfolio Term Days to Maturity YTM 360 Equiv. YTM 365 Equiv. Treasury Securities - Coupon 50,000,00 50,091,40 49,973,693.54 11.72 787 735 0.862 0.874 Federal Agency Issues - Coupon 202,474,00 203,610,809.69 202,438,259.09 47.47 1,424 700 1.118 1.133 Passbook/Checking Accounts 42,555,526.22 42,555,526.22 42,555,526.22 9.98 1 1 0.464 0.470 Money Market Mutual Fund 274,350.44 274,350.44 274,350.44 0.06 1 1 0.212 0.215 Medium Term Notes 110,890,00 111,787,699.35 111,216,946.62 26.08 1,063 587 1.313 1.331 Commercial Paper Disc. -Amortizing 20,000,00 19,949,60 19,951,952.61 4.68 166 114 0.697 0.707 Investments 426,193,876.66 428,269,385.70 426,410,728.52 10% 1,053 577 1.053 1.068 Cash and Accrued Interest Accrued Interest at Purchase Subtotal Total Cash and Investments 426,193,876.66 130,888.72 130,888.72 428,400,274.42 130,888.72 130,888.72 426,541,617.24 1,053 577 1.053 1.068 Total Earnings Current Year Average Daily Balance Effective Rate of Return March 31 Month Ending Fiscal Year To Date 376,924.18 3,036,962.96 439,717,750.16 419,620,832.32 1.01% 0.96% Debbie Moreno, Finance Director Reporting period 03/01/2016-03/31/2016 Portfolio CITY AP Run Date: 04/04/2016-12:17 PM (PRF_PM1) 7.3.0 Report Ver. 7.3.5 15

City of Anaheim Portfolio Management Portfolio Details - Investments March 31, 2016 Page 1 CUSIP Investment # Treasury Securities - Coupon Issuer Average Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to S&P Moody's Maturity 912828D49 1925 US Treasury 01/22/2016 10,000,00 10,023,80 10,008,568.42 0.875 AA+ Aaa 501 08/15/2017 912828XK1 1926 US Treasury 01/29/2016 10,000,00 10,018,40 9,977,843.58 0.875 AA+ Aaa 835 07/15/2018 912828K82 1929 US Treasury 02/04/2016 10,000,00 10,046,50 10,037,383.24 1.000 AA+ Aaa 866 08/15/2018 912828TS9 1930 US Treasury 02/08/2016 10,000,00 9,987,10 9,983,618.54 0.625 AA+ Aaa 547 09/30/2017 912828L81 1939 US Treasury 03/14/2016 10,000,00 10,015,60 9,966,279.76 0.875 AA+ Aaa 927 10/15/2018 Federal Agency Issues - Coupon Subtotal and Average 45,794,163.18 50,000,00 50,091,40 49,973,693.54 735 3133ECE26 1721 FFCB 01/30/2013 8,930,00 8,930,714.40 8,930,00 0.940 AA+ Aaa 669 01/30/2018 3133EEFE5 1853 FFCB 12/18/2014 5,000,00 5,029,50 4,998,714.58 1.125 AA+ Aaa 626 12/18/2017 3133ECBY9 1864 FFCB 01/16/2015 5,375,00 5,375,43 5,374,334.87 0.930 AA+ Aaa 755 04/26/2018 3133EFPR2 1915 FFCB 11/19/2015 4,000,00 4,063,12 4,000,00 1.600 AA+ Aaa 1,327 11/19/2019 3133EFSG3 1923 FFCB 12/14/2015 5,000,00 5,023,35 5,000,00 1.100 AA+ Aaa 712 03/14/2018 313378A43 1815 FHLB 03/19/2014 10,000,00 10,109,80 10,022,111.47 1.375 AA+ Aaa 707 03/09/2018 3133782N0 1816 FHLB 03/19/2014 5,000,00 5,010,35 5,004,288.94 0.875 AA+ Aaa 343 03/10/2017 313378QK0 1822 FHLB 05/15/2014 10,000,00 10,256,10 10,087,859.69 1.875 AA+ Aaa 1,071 03/08/2019 3130A4TR3 1877 FHLB 03/30/2015 5,000,00 5,009,35 5,001,363.26 0.875 AA+ Aaa 563 10/16/2017 3134G3Z37 1703 FHLMC 12/12/2012 10,000,00 10,000,20 10,000,00 0.625 AA+ Aaa 248 12/05/2016 3134G42R8 1749 FHLMC 05/22/2013 5,000,00 4,987,55 5,000,00 1.050 AA+ Aaa 754 04/25/2018 3137EADT3 1805 FHLMC 01/29/2014 10,000,00 10,019,50 9,999,854.49 0.875 AA+ Aaa 327 02/22/2017 3137EADL0 1808 FHLMC 01/31/2014 7,012,00 7,037,523.68 6,997,087.64 1.000 AA+ Aaa 546 09/29/2017 3137EADP1 1820 FHLMC 04/14/2014 1,600,00 1,602,384.00 1,588,316.33 0.875 AA+ Aaa 705 03/07/2018 3137EADP1 1823 FHLMC 05/15/2014 5,000,00 5,007,45 4,965,758.02 0.875 AA+ Aaa 705 03/07/2018 3137EADN6 1876 FHLMC 03/30/2015 7,000,00 6,997,55 6,978,281.49 0.750 AA+ Aaa 651 01/12/2018 3134G83V9 1917 FHLMC 11/24/2015 5,000,00 5,000,70 5,000,00 1.000 AA+ Aaa 602 11/24/2017 3136G04R9 1702 FNMA 12/13/2012 5,000,00 5,004,15 5,000,00 0.750 AA+ Aaa 326 02/21/2017 3135G0TM5 1722 FNMA 01/30/2013 5,000,00 4,971,65 5,000,00 1.020 AA+ Aaa 669 01/30/2018 3135G0TV5 1723 FNMA 01/30/2013 10,000,00 10,000,80 10,000,00 1.030 AA+ Aaa 669 01/30/2018 3135G0TV5 1724 FNMA 01/30/2013 6,250,00 6,250,50 6,250,00 1.030 AA+ Aaa 669 01/30/2018 3135G0WJ8 1748 FNMA 05/22/2013 5,000,00 5,006,15 4,988,336.58 0.875 AA+ Aaa 780 05/21/2018 3135G0WY5 1750 FNMA 05/22/2013 5,000,00 4,997,05 5,000,00 0.550 AA+ Aaa 227 11/14/2016 3135G0YT4 1813 FNMA 02/25/2014 10,000,00 10,198,30 9,995,365.19 1.625 AA+ Aaa 970 11/27/2018 3135G0WJ8 1818 FNMA 03/25/2014 7,307,00 7,315,987.61 7,210,305.82 0.875 AA+ Aaa 780 05/21/2018 3135G0PQ0 1819 FNMA 03/25/2014 5,000,00 5,009,40 4,971,268.59 0.875 AA+ Aaa 573 10/26/2017 3135G0ZA4 1821 FNMA 04/14/2014 10,000,00 10,270,80 10,069,299.14 1.875 AA+ Aaa 1,054 02/19/2019 Maturity Date Portfolio CITY AP Run Date: 04/04/2016-12:17 PM (PRF_PM2) 7.3.0 Report Ver. 7.3.5 16

City of Anaheim Portfolio Management Portfolio Details - Investments March 31, 2016 Page 2 CUSIP Investment # Federal Agency Issues - Coupon Issuer Average Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to S&P Moody's Maturity 3135G0ZY2 1851 FNMA 12/12/2014 5,000,00 5,116,15 5,000,294.84 1.750 AA+ Aaa 1,334 11/26/2019 3136G1L23 1863 FNMA 01/16/2015 5,000,00 5,002,55 5,001,254.35 0.800 AA+ Aaa 586 11/08/2017 3135G0ZB2 1867 FNMA 01/29/2015 5,000,00 5,001,85 5,004,163.80 0.750 AA+ Aaa 384 04/20/2017 3136G3BY0 1938 FNMA 02/29/2016 10,000,00 10,004,90 10,000,00 1.270 AA+ Aaa 1,061 02/26/2019 Passbook/Checking Accounts Subtotal and Average 202,436,611.90 202,474,00 203,610,809.69 202,438,259.09 700 SYS17430 17430 LAIF 23,261,812.56 23,261,812.56 23,261,812.56 0.470 1 SYS17431 17431 LAIF 07/01/2015 0.470 1 SYS17432 17432 LAIF 19,293,713.66 19,293,713.66 19,293,713.66 0.470 1 Money Market Mutual Fund Subtotal and Average 55,942,622.99 42,555,526.22 42,555,526.22 42,555,526.22 1 SYS987 987 Fidelity Govt MMF 204,465.35 204,465.35 204,465.35 0.230 AAA Aaa 1 SYS500 500 Goldman Sachs Trsy MMF 69,885.09 69,885.09 69,885.09 0.170 AAA Aaa 1 Medium Term Notes Subtotal and Average 3,883,650.98 274,350.44 274,350.44 274,350.44 1 166764AE0 1756 Chevron 06/24/2013 3,000,00 3,028,38 3,000,00 1.718 AA- Aa1 814 06/24/2018 166764AL4 1894 Chevron 06/29/2015 5,000,00 5,030,10 5,010,745.33 1.345 AA- Aa1 593 11/15/2017 166764AE0 1920 Chevron 12/07/2015 5,000,00 5,047,30 5,025,657.47 1.718 AA- Aa1 814 06/24/2018 191216BA7 1859 Coca Cola 01/15/2015 5,000,00 5,032,50 4,994,519.03 1.150 AA- Aa3 730 04/01/2018 17275RAX0 1933 Cisco Systems 02/12/2016 5,000,00 5,192,50 5,120,839.09 2.450 AA- A1 1,536 06/15/2020 30231GAA0 1817 Exxon Mobil 03/20/2014 5,000,00 5,007,85 5,000,00 0.921 AAA Aaa 348 03/15/2017 36962G5H3 1617 General Elec Cap Corp 10/17/2011 5,000,00 5,068,75 4,999,352.11 3.350 AA+ A1 199 10/17/2016 02666QM26 1730 American Honda 02/19/2013 3,000,00 3,018,12 2,999,357.68 1.600 A+ A1 686 02/16/2018 478160AY0 1583 Johnson & Johnson 05/20/2011 3,000,00 3,005,58 2,999,775.71 2.150 AAA Aaa 44 05/15/2016 478160BL7 1857 Johnson & Johnson 01/12/2015 5,145,00 5,174,172.15 5,146,799.50 1.125 AAA Aaa 599 11/21/2017 478160BL7 1858 Johnson & Johnson 01/13/2015 5,000,00 5,028,35 5,001,750.49 1.125 AAA Aaa 599 11/21/2017 88579YAQ4 1936 3M Company 02/19/2016 5,000,00 5,125,70 5,108,344.22 2.000 AA- A1 1,589 08/07/2020 594918AP9 1804 Microsoft 01/28/2014 2,220,00 2,221,243.20 2,206,333.37 0.875 AAA Aaa 593 11/15/2017 594918BG8 1908 Microsoft 11/03/2015 4,000,00 4,098,20 3,997,063.11 2.000 AAA Aaa 1,677 11/03/2020 594918BF0 1909 Microsoft 11/03/2015 5,000,00 5,048,60 4,995,685.19 1.300 AAA Aaa 946 11/03/2018 64952WBR3 1809 New York Life 02/13/2014 5,000,00 5,013,15 5,005,545.08 1.125 AA+ Aaa 334 03/01/2017 713448CL0 1914 Pepsico 11/17/2015 5,525,00 5,534,724.00 5,534,043.03 0.950 A A1 327 02/22/2017 Maturity Date Portfolio CITY AP Run Date: 04/04/2016-12:17 PM (PRF_PM2) 7.3.0 17

City of Anaheim Portfolio Management Portfolio Details - Investments March 31, 2016 Page 3 CUSIP Investment # Medium Term Notes Issuer Average Balance Purchase Date Par Value Market Value Book Value Stated Rate Days to S&P Moody's Maturity 89236TAL9 1743 Toyota Motor 05/17/2013 3,000,00 3,000,42 2,999,947.61 0.800 AA- Aa3 46 05/17/2016 89233P5E2 1934 Toyota Motor 02/17/2016 5,000,00 5,030,20 5,026,925.96 2.000 AA- Aa3 167 09/15/2016 90520EAC5 1940 MUFG Union Bank 03/28/2016 7,000,00 7,027,16 7,028,283.60 3.000 A+ A2 66 06/06/2016 90331HMC4 1935 US Bank 02/22/2016 5,000,00 5,011,10 5,006,015.38 1.100 AA- A1 304 01/30/2017 94974BFG0 1742 Wells Fargo CO 05/15/2013 5,000,00 5,029,35 5,001,285.40 1.500 A A2 655 01/16/2018 94974BFW5 1868 Wells Fargo CO 02/03/2015 5,000,00 5,005,40 5,001,154.11 1.150 A A2 427 06/02/2017 94974BFL9 1893 Wells Fargo CO 06/29/2015 5,000,00 5,008,85 5,007,524.15 1.250 A A2 110 07/20/2016 Commercial Paper Disc. -Amortizing Subtotal and Average 105,102,042.82 110,890,00 111,787,699.35 111,216,946.62 587 46640PJ61 1932 JP Morgan 02/09/2016 5,000,00 4,981,55 4,981,511.47 A-1 P-1 158 09/06/2016 03785DDN3 1928 Apple Inc 01/29/2016 5,000,00 4,998,70 4,998,766.63 0.430 A-1+ P-1 21 04/22/2016 89116EJ12 1937 Toronta Dominion 02/24/2016 5,000,00 4,982,15 4,983,169.86 0.800 A-1+ P-1 153 09/01/2016 89233GH25 1931 Toyota Motor 02/04/2016 5,000,00 4,987,20 4,988,504.65 0.680 A-1+ P-1 123 08/02/2016 Subtotal and Average 26,558,658.28 20,000,00 19,949,60 19,951,952.61 114 Maturity Date Total and Average 439,717,750.16 426,193,876.66 428,269,385.70 426,410,728.52 577 Portfolio CITY AP Run Date: 04/04/2016-12:17 PM (PRF_PM2) 7.3.0 18

City of Anaheim Inventory by Maturity Report March 31, 2016 Sec. CUSIP Investment # Fund Type Issuer SYS17430 SYS17431 SYS17432 SYS500 SYS987 03785DDN3 478160AY0 89236TAL9 90520EAC5 94974BFL9 89233GH25 89116EJ12 46640PJ61 89233P5E2 36962G5H3 3135G0WY5 3134G3Z37 90331HMC4 3136G04R9 3137EADT3 713448CL0 64952WBR3 3133782N0 30231GAA0 3135G0ZB2 94974BFW5 912828D49 3137EADL0 912828TS9 3130A4TR3 3135G0PQ0 3136G1L23 594918AP9 166764AL4 478160BL7 17430 17431 17432 500 987 1928 1583 1743 1940 1893 1931 1937 1932 1934 1617 1750 1703 1935 1702 1805 1914 1809 1816 1817 1867 1868 1925 1808 1930 1877 1819 1863 1804 1894 1857 Purchase Date Book Value Current Rate Maturity Date Maturity Amount Total Par YTM Days to Days Value 360 365 Maturity 01 PA1 LAIF 07/01/2015 23,261,812.56 0.470 23,261,812.56 1 23,261,812.56 0.464 0.470 1 01 PA1 LAIF 07/01/2015 0.470 1 0.464 0.470 1 01 PA1 LAIF 07/01/2015 19,293,713.66 0.470 19,293,713.66 1 19,293,713.66 0.464 0.470 1 01 PA2 Goldman Sachs Trsy MMF 07/01/2015 69,885.09 0.170 69,885.09 1 69,885.09 0.168 0.170 1 01 PA2 Fidelity Govt MMF 07/01/2015 204,465.35 0.230 204,465.35 1 204,465.35 0.227 0.230 1 01 ACP Apple Inc 01/29/2016 4,998,766.63 0.430 04/22/2016 5,000,00 84 5,000,00 0.430 0.436 21 02 MTN Johnson & Johnson 05/20/2011 2,999,775.71 2.150 05/15/2016 3,000,00 1,822 3,000,00 2.185 2.215 44 02 MTN Toyota Motor 05/17/2013 2,999,947.61 0.800 05/17/2016 3,000,00 1,096 3,000,00 0.803 0.814 46 01 MTN MUFG Union Bank 03/28/2016 7,028,283.60 3.000 06/06/2016 7,000,00 70 7,000,00 0.742 0.752 66 02 MTN Wells Fargo CO 06/29/2015 5,007,524.15 1.250 07/20/2016 5,000,00 387 5,000,00 0.740 0.750 110 01 ACP Toyota Motor 02/04/2016 4,988,504.65 0.680 08/02/2016 5,000,00 180 5,000,00 0.682 0.692 123 01 ACP Toronta Dominion 02/24/2016 4,983,169.86 0.800 09/01/2016 5,000,00 190 5,000,00 0.813 0.824 153 01 ACP JP Morgan 02/09/2016 4,981,511.47 09/06/2016 5,000,00 210 5,000,00 0.865 0.877 158 02 MTN Toyota Motor 02/17/2016 5,026,925.96 2.000 09/15/2016 5,000,00 211 5,000,00 0.801 0.812 167 02 MTN General Elec Cap Corp 10/17/2011 4,999,352.11 3.350 10/17/2016 5,000,00 1,827 5,000,00 3.330 3.376 199 02 FAC FNMA 05/22/2013 5,000,00 0.550 11/14/2016 5,000,00 1,272 5,000,00 0.557 0.565 227 02 FAC FHLMC 12/12/2012 10,000,00 0.625 12/05/2016 10,000,00 1,454 10,000,00 0.619 0.628 248 02 MTN US Bank 02/22/2016 5,006,015.38 1.100 01/30/2017 5,000,00 343 5,000,00 0.941 0.954 304 02 FAC FNMA 12/13/2012 5,000,00 0.750 02/21/2017 5,000,00 1,531 5,000,00 0.717 0.727 326 02 FAC FHLMC 01/29/2014 9,999,854.49 0.875 02/22/2017 10,000,00 1,120 10,000,00 0.865 0.877 327 02 MTN Pepsico 11/17/2015 5,534,043.03 0.950 02/22/2017 5,525,00 463 5,525,00 0.765 0.775 327 02 MTN New York Life 02/13/2014 5,005,545.08 1.125 03/01/2017 5,000,00 1,112 5,000,00 1.180 1.197 334 02 FAC FHLB 03/19/2014 5,004,288.94 0.875 03/10/2017 5,000,00 1,087 5,000,00 0.772 0.783 343 02 MTN Exxon Mobil 03/20/2014 5,000,00 0.921 03/15/2017 5,000,00 1,091 5,000,00 0.908 0.921 348 02 FAC FNMA 01/29/2015 5,004,163.80 0.750 04/20/2017 5,000,00 812 5,000,00 0.661 0.670 384 02 MTN Wells Fargo CO 02/03/2015 5,001,154.11 1.150 06/02/2017 5,000,00 850 5,000,00 1.114 1.130 427 02 TRC US Treasury 01/22/2016 10,008,568.42 0.875 08/15/2017 10,000,00 571 10,000,00 0.801 0.812 501 02 FAC FHLMC 01/31/2014 6,997,087.64 1.000 09/29/2017 7,012,00 1,337 7,012,00 1.130 1.146 546 02 TRC US Treasury 02/08/2016 9,983,618.54 0.625 09/30/2017 10,000,00 600 10,000,00 0.725 0.735 547 02 FAC FHLB 03/30/2015 5,001,363.26 0.875 10/16/2017 5,000,00 931 5,000,00 0.845 0.857 563 02 FAC FNMA 03/25/2014 4,971,268.59 0.875 10/26/2017 5,000,00 1,311 5,000,00 1.233 1.250 573 02 FAC FNMA 01/16/2015 5,001,254.35 0.800 11/08/2017 5,000,00 1,027 5,000,00 0.773 0.784 586 02 MTN Microsoft 01/28/2014 2,206,333.37 0.875 11/15/2017 2,220,00 1,387 2,220,00 1.247 1.265 593 02 MTN Chevron 06/29/2015 5,010,745.33 1.345 11/15/2017 5,000,00 870 5,000,00 1.193 1.210 593 02 MTN Johnson & Johnson 01/12/2015 5,146,799.50 1.125 11/21/2017 5,145,00 1,044 5,145,00 1.088 1.103 599 Portfolio CITY AP Run Date: 04/04/2016-12:44 IM (PRF_IM) 7.1.1 Report Ver. 7.3.5 19

City of Anaheim Inventory by Maturity Report Page 2 Sec. CUSIP Investment # Fund Type Issuer 478160BL7 3134G83V9 3133EEFE5 3137EADN6 94974BFG0 3133ECE26 3135G0TM5 3135G0TV5 3135G0TV5 02666QM26 3137EADP1 3137EADP1 313378A43 3133EFSG3 191216BA7 3134G42R8 3133ECBY9 3135G0WJ8 3135G0WJ8 166764AE0 166764AE0 912828XK1 912828K82 912828L81 594918BF0 3135G0YT4 3135G0ZA4 3136G3BY0 313378QK0 3133EFPR2 3135G0ZY2 17275RAX0 88579YAQ4 594918BG8 1858 1917 1853 1876 1742 1721 1722 1723 1724 1730 1820 1823 1815 1923 1859 1749 1864 1748 1818 1756 1920 1926 1929 1939 1909 1813 1821 1938 1822 1915 1851 1933 1936 1908 Purchase Date Book Value Current Rate Maturity Date Maturity Amount Total Par YTM Days to Days Value 360 365 Maturity 02 MTN Johnson & Johnson 01/13/2015 5,001,750.49 1.125 11/21/2017 5,000,00 1,043 5,000,00 1.088 1.103 599 02 FAC FHLMC 11/24/2015 5,000,00 1.000 11/24/2017 5,000,00 731 5,000,00 0.994 1.008 602 02 FAC FFCB 12/18/2014 4,998,714.58 1.125 12/18/2017 5,000,00 1,096 5,000,00 1.125 1.140 626 02 FAC FHLMC 03/30/2015 6,978,281.49 0.750 01/12/2018 7,000,00 1,019 7,000,00 0.914 0.927 651 02 MTN Wells Fargo CO 05/15/2013 5,001,285.40 1.500 01/16/2018 5,000,00 1,707 5,000,00 1.465 1.485 655 02 FAC FFCB 01/30/2013 8,930,00 0.940 01/30/2018 8,930,00 1,826 8,930,00 1.030 1.044 669 02 FAC FNMA 01/30/2013 5,000,00 1.020 01/30/2018 5,000,00 1,826 5,000,00 1.051 1.065 669 02 FAC FNMA 01/30/2013 10,000,00 1.030 01/30/2018 10,000,00 1,826 10,000,00 1.067 1.081 669 02 FAC FNMA 01/30/2013 6,250,00 1.030 01/30/2018 6,250,00 1,826 6,250,00 1.067 1.081 669 02 MTN American Honda 02/19/2013 2,999,357.68 1.600 02/16/2018 3,000,00 1,823 3,000,00 1.590 1.612 686 02 FAC FHLMC 04/14/2014 1,588,316.33 0.875 03/07/2018 1,600,00 1,423 1,600,00 1.246 1.263 705 02 FAC FHLMC 05/15/2014 4,965,758.02 0.875 03/07/2018 5,000,00 1,392 5,000,00 1.222 1.239 705 02 FAC FHLB 03/19/2014 10,022,111.47 1.375 03/09/2018 10,000,00 1,451 10,000,00 1.240 1.258 707 02 FAC FFCB 12/14/2015 5,000,00 1.100 03/14/2018 5,000,00 821 5,000,00 1.085 1.100 712 02 MTN Coca Cola 01/15/2015 4,994,519.03 1.150 04/01/2018 5,000,00 1,172 5,000,00 1.370 1.389 730 02 FAC FHLMC 05/22/2013 5,000,00 1.050 04/25/2018 5,000,00 1,799 5,000,00 1.042 1.056 754 02 FAC FFCB 01/16/2015 5,374,334.87 0.930 04/26/2018 5,375,00 1,196 5,375,00 0.923 0.936 755 02 FAC FNMA 05/22/2013 4,988,336.58 0.875 05/21/2018 5,000,00 1,825 5,000,00 0.974 0.987 780 02 FAC FNMA 03/25/2014 7,210,305.82 0.875 05/21/2018 7,307,00 1,518 7,307,00 1.495 1.516 780 02 MTN Chevron 06/24/2013 3,000,00 1.718 06/24/2018 3,000,00 1,826 3,000,00 1.694 1.718 814 02 MTN Chevron 12/07/2015 5,025,657.47 1.718 06/24/2018 5,000,00 930 5,000,00 1.462 1.483 814 02 TRC US Treasury 01/29/2016 9,977,843.58 0.875 07/15/2018 10,000,00 898 10,000,00 0.960 0.973 835 02 TRC US Treasury 02/04/2016 10,037,383.24 1.000 08/15/2018 10,000,00 923 10,000,00 0.829 0.840 866 02 TRC US Treasury 03/14/2016 9,966,279.76 0.875 10/15/2018 10,000,00 945 10,000,00 0.996 1.010 927 02 MTN Microsoft 11/03/2015 4,995,685.19 1.300 11/03/2018 5,000,00 1,096 5,000,00 1.316 1.334 946 02 FAC FNMA 02/25/2014 9,995,365.19 1.625 11/27/2018 10,000,00 1,736 10,000,00 1.621 1.643 970 02 FAC FNMA 04/14/2014 10,069,299.14 1.875 02/19/2019 10,000,00 1,772 10,000,00 1.602 1.624 1,054 02 FAC FNMA 02/29/2016 10,000,00 1.270 02/26/2019 10,000,00 1,093 10,000,00 1.253 1.270 1,061 02 FAC FHLB 05/15/2014 10,087,859.69 1.875 03/08/2019 10,000,00 1,758 10,000,00 1.542 1.563 1,071 02 FAC FFCB 11/19/2015 4,000,00 1.600 11/19/2019 4,000,00 1,461 4,000,00 1.578 1.600 1,327 02 FAC FNMA 12/12/2014 5,000,294.84 1.750 11/26/2019 5,000,00 1,810 5,000,00 1.724 1.748 1,334 02 MTN Cisco Systems 02/12/2016 5,120,839.09 2.450 06/15/2020 5,000,00 1,585 5,000,00 1.824 1.849 1,536 02 MTN 3M Company 02/19/2016 5,108,344.22 2.000 08/07/2020 5,000,00 1,631 5,000,00 1.463 1.483 1,589 02 MTN Microsoft 11/03/2015 3,997,063.11 2.000 11/03/2020 4,000,00 1,827 4,000,00 1.989 2.017 1,677 Subtotal and Average 426,410,728.52 426,193,876.66 426,193,876.66 1.053 1.068 577 Net Maturities and Average 426,410,728.52 426,193,876.66 426,193,876.66 1.053 1.068 577 Portfolio CITY AP Run Date: 04/04/2016-12:44 IM (PRF_IM) 7.1.1 Report Ver. 7.3.5 20

City of Anaheim Credit Rating Report March 31, 2016 Sorted by Moody's - Investment Number Investment # Issuer Security # Purchase Principal Book Value Market Value 1583 JNJ 478160AY0 2,990,85 2,999,775.71 3,005,58 Aaa AAA 05/20/2011 05/15/2016 44 2.150 2.215 0.70 1702 FNMA 3136G04R9 5,004,687.50 5,000,00 5,004,15 Aaa AA+ 12/13/2012 02/21/2017 326 0.750 0.727 1.17 1703 FHLMC 3134G3Z37 9,999,00 10,000,00 10,000,20 Aaa AA+ 12/12/2012 12/05/2016 248 0.625 0.628 2.35 1721 FFCB 3133ECE26 8,884,724.90 8,930,00 8,930,714.40 Aaa AA+ 01/30/2013 01/30/2018 669 0.940 1.044 2.09 1722 FNMA 3135G0TM5 4,989,05 5,000,00 4,971,65 Aaa AA+ 01/30/2013 01/30/2018 669 1.020 1.065 1.17 1723 FNMA 3135G0TV5 9,975,00 10,000,00 10,000,80 Aaa AA+ 01/30/2013 01/30/2018 669 1.030 1.081 2.35 1724 FNMA 3135G0TV5 6,234,375.00 6,250,00 6,250,50 Aaa AA+ 01/30/2013 01/30/2018 669 1.030 1.081 1.47 1748 FNMA 3135G0WJ8 4,972,75 4,988,336.58 5,006,15 Aaa AA+ 05/22/2013 05/21/2018 780 0.875 0.987 1.17 1749 FHLMC 3134G42R8 4,998,50 5,000,00 4,987,55 Aaa AA+ 05/22/2013 04/25/2018 754 1.050 1.056 1.17 1750 FNMA 3135G0WY5 4,997,50 5,000,00 4,997,05 Aaa AA+ 05/22/2013 11/14/2016 227 0.550 0.565 1.17 1804 MSFT 594918AP9 2,188,009.80 2,206,333.37 2,221,243.20 Aaa AAA 01/28/2014 11/15/2017 593 0.875 1.265 0.52 1805 FHLMC 3137EADT3 9,999,50 9,999,854.49 10,019,50 Aaa AA+ 01/29/2014 02/22/2017 327 0.875 0.877 2.35 1808 FHLMC 3137EADL0 6,975,467.48 6,997,087.64 7,037,523.68 Aaa AA+ 01/31/2014 09/29/2017 546 1.000 1.146 1.64 1809 NYLCPP 64952WBR3 5,018,45 5,005,545.08 5,013,15 Aaa AA+ 02/13/2014 03/01/2017 334 1.125 1.197 1.17 1813 FNMA 3135G0YT4 9,991,70 9,995,365.19 10,198,30 Aaa AA+ 02/25/2014 11/27/2018 970 1.625 1.643 2.34 1815 FHLB 313378A43 10,045,30 10,022,111.47 10,109,80 Aaa AA+ 03/19/2014 03/09/2018 707 1.375 1.258 2.35 1816 FHLB 3133782N0 5,013,55 5,004,288.94 5,010,35 Aaa AA+ 03/19/2014 03/10/2017 343 0.875 0.783 1.17 1817 EXXON 30231GAA0 5,000,00 5,000,00 5,007,85 Aaa AAA 03/20/2014 03/15/2017 348 0.921 0.921 1.17 1818 FNMA 3135G0WJ8 7,119,137.03 7,210,305.82 7,315,987.61 Aaa AA+ 03/25/2014 05/21/2018 780 0.875 1.516 1.69 1819 FNMA 3135G0PQ0 4,934,35 4,971,268.59 5,009,40 Aaa AA+ 03/25/2014 10/26/2017 573 0.875 1.250 1.17 1820 FHLMC 3137EADP1 1,576,448.00 1,588,316.33 1,602,384.00 Aaa AA+ 04/14/2014 03/07/2018 705 0.875 1.263 0.37 1821 FNMA 3135G0ZA4 10,116,50 10,069,299.14 10,270,80 Aaa AA+ 04/14/2014 02/19/2019 1,054 1.875 1.624 2.36 1822 FHLB 313378QK0 10,144,05 10,087,859.69 10,256,10 Aaa AA+ 05/15/2014 03/08/2019 1,071 1.875 1.563 2.37 1823 FHLMC 3137EADP1 4,932,50 4,965,758.02 5,007,45 Aaa AA+ 05/15/2014 03/07/2018 705 0.875 1.239 1.16 1851 FNMA 3135G0ZY2 5,000,40 5,000,294.84 5,116,15 Aaa AA+ 12/12/2014 11/26/2019 1,334 1.750 1.748 1.17 1853 FFCB 3133EEFE5 4,997,75 4,998,714.58 5,029,50 Aaa AA+ 12/18/2014 12/18/2017 626 1.125 1.140 1.17 1857 JNJ 478160BL7 5,148,138.45 5,146,799.50 5,174,172.15 Aaa AAA 01/12/2015 11/21/2017 599 1.125 1.103 1.21 1858 JNJ 478160BL7 5,003,05 5,001,750.49 5,028,35 Aaa AAA 01/13/2015 11/21/2017 599 1.125 1.103 1.17 1863 FNMA 3136G1L23 5,002,20 5,001,254.35 5,002,55 Aaa AA+ 01/16/2015 11/08/2017 586 0.800 0.784 1.17 1864 FFCB 3133ECBY9 5,373,946.50 5,374,334.87 5,375,43 Aaa AA+ 01/16/2015 04/26/2018 755 0.930 0.936 1.26 1867 FNMA 3135G0ZB2 5,008,80 5,004,163.80 5,001,85 Aaa AA+ 01/29/2015 04/20/2017 384 0.750 0.670 1.17 1876 FHLMC 3137EADN6 6,966,05 6,978,281.49 6,997,55 Aaa AA+ 03/30/2015 01/12/2018 651 0.750 0.927 1.64 1877 FHLB 3130A4TR3 5,002,25 5,001,363.26 5,009,35 Aaa AA+ 03/30/2015 10/16/2017 563 0.875 0.857 1.17 1908 MSFT 594918BG8 3,996,80 3,997,063.11 4,098,20 Aaa AAA 11/03/2015 11/03/2020 1,677 2.000 2.017 0.94 1909 MSFT 594918BF0 4,995,00 4,995,685.19 5,048,60 Aaa AAA 11/03/2015 11/03/2018 946 1.300 1.334 1.17 Moody's Rating S&P Rating Purchase Date Maturity Date Days To Maturity Stated Rate YTM % of Total Portfolio CITY AP Run Date: 04/04/2016-14:54 CR (PRF_CR) 7.2.0 Report Ver. 7.3.5 21

City of Anaheim Credit Rating Report Sorted by Moody's - Investment Number Page 2 Investment # Issuer Security # Purchase Principal Book Value Market Value 1915 FFCB 3133EFPR2 4,000,00 4,000,00 4,063,12 Aaa AA+ 11/19/2015 11/19/2019 1,327 1.600 1.600 0.94 1917 FHLMC 3134G83V9 4,999,25 5,000,00 5,000,70 Aaa AA+ 11/24/2015 11/24/2017 602 1.000 1.008 1.17 1923 FFCB 3133EFSG3 5,000,00 5,000,00 5,023,35 Aaa AA+ 12/14/2015 03/14/2018 712 1.100 1.100 1.17 1925 US 912828D49 10,009,765.60 10,008,568.42 10,023,80 Aaa AA+ 01/22/2016 08/15/2017 501 0.875 0.812 2.35 1926 US 912828XK1 9,976,171.90 9,977,843.58 10,018,40 Aaa AA+ 01/29/2016 07/15/2018 835 0.875 0.973 2.34 1929 US 912828K82 10,039,843.80 10,037,383.24 10,046,50 Aaa AA+ 02/04/2016 08/15/2018 866 1.000 0.840 2.35 1930 US 912828TS9 9,982,031.30 9,983,618.54 9,987,10 Aaa AA+ 02/08/2016 09/30/2017 547 0.625 0.735 2.34 1938 FNMA 3136G3BY0 10,000,00 10,000,00 10,004,90 Aaa AA+ 02/29/2016 02/26/2019 1,061 1.270 1.270 2.35 1939 US 912828L81 9,965,625.00 9,966,279.76 10,015,60 Aaa AA+ 03/14/2016 10/15/2018 927 0.875 1.010 2.34 500 GOLDSA SYS500 69,885.09 69,885.09 69,885.09 Aaa AAA 07/01/2015 1 0.170 0.170 0.02 987 FIDELI SYS987 204,465.35 204,465.35 204,465.35 Aaa AAA 07/01/2015 1 0.230 0.230 0.05 SubTotal for Aaa 286,842,822.70 287,039,255.52 288,573,705.48 700 1.081 1.112 67.30 SubTotal for Aa1 13,045,05 13,036,402.80 13,105,78 729 1.575 1.432 3.06 SubTotal for Aa3 13,024,12 13,021,392.60 13,063,12 355 1.398 1.034 3.05 1617 GECC 36962G5H3 4,994,05 4,999,352.11 5,068,75 A1 AA+ 10/17/2011 10/17/2016 199 3.350 3.376 1.17 1730 HNDA 02666QM26 2,998,29 2,999,357.68 3,018,12 A1 A+ 02/19/2013 02/16/2018 686 1.600 1.612 0.70 1914 PEPSIC 713448CL0 5,537,818.00 5,534,043.03 5,534,724.00 A1 A 11/17/2015 02/22/2017 327 0.950 0.775 1.30 1756 CHEVRN 166764AE0 3,000,00 3,000,00 3,028,38 Aa1 AA- 06/24/2013 06/24/2018 814 1.718 1.718 0.70 1894 CHEVRN 166764AL4 5,015,75 5,010,745.33 5,030,10 Aa1 AA- 06/29/2015 11/15/2017 593 1.345 1.210 1.18 1920 CHEVRN 166764AE0 5,029,30 5,025,657.47 5,047,30 Aa1 AA- 12/07/2015 06/24/2018 814 1.718 1.483 1.18 1743 TOYCC 89236TAL9 2,998,77 2,999,947.61 3,000,42 Aa3 AA- 05/17/2013 05/17/2016 46 0.800 0.814 0.70 1859 COCA C 191216BA7 4,991,20 4,994,519.03 5,032,50 Aa3 AA- 01/15/2015 04/01/2018 730 1.150 1.389 1.17 1934 TOYCC 89233P5E2 5,034,15 5,026,925.96 5,030,20 Aa3 AA- 02/17/2016 09/15/2016 167 2.000 0.812 1.18 1933 CSCO 17275RAX0 5,124,75 5,120,839.09 5,192,50 A1 AA- 02/12/2016 06/15/2020 1,536 2.450 1.849 1.20 1935 USB 90331HMC4 5,006,80 5,006,015.38 5,011,10 A1 AA- 02/22/2016 01/30/2017 304 1.100 0.954 1.17 1936 MMM 88579YAQ4 5,111,25 5,108,344.22 5,125,70 A1 AA- 02/19/2016 08/07/2020 1,589 2.000 1.483 1.20 SubTotal for A1 28,772,958.00 28,767,951.51 28,950,894.00 777 1.914 1.662 6.74 1742 WFCNEW 94974BFG0 5,003,35 5,001,285.40 5,029,35 A2 A 05/15/2013 01/16/2018 655 1.500 1.485 1.17 1868 WFCNEW 94974BFW5 5,002,30 5,001,154.11 5,005,40 A2 A 02/03/2015 06/02/2017 427 1.150 1.130 1.17 1893 WFCNEW 94974BFL9 5,026,30 5,007,524.15 5,008,85 A2 A 06/29/2015 07/20/2016 110 1.250 0.750 1.17 1940 UNBC 90520EAC5 7,029,589.00 7,028,283.60 7,027,16 A2 A+ 03/28/2016 06/06/2016 66 3.000 0.752 1.65 SubTotal for A2 22,061,539.00 22,038,247.26 22,070,76 292 1.842 1.004 5.16 1928 APPINC 03785DDN3 4,994,983.30 4,998,766.63 4,998,70 P-1 A-1+ 01/29/2016 04/22/2016 21 0.430 0.430 1.17 1931 TOYCC 89233GH25 4,983,00 4,988,504.65 4,987,20 P-1 A-1+ 02/04/2016 08/02/2016 123 0.680 0.682 1.17 1932 JPM 46640PJ61 4,975,208.30 4,981,511.47 4,981,55 P-1 A-1 02/09/2016 09/06/2016 158 0.865 1.17 1937 TDHUSA 89116EJ12 4,978,888.89 4,983,169.86 4,982,15 P-1 A-1+ 02/24/2016 09/01/2016 153 0.800 0.813 1.17 Moody's Rating S&P Rating Purchase Date Maturity Date Days To Maturity Stated Rate YTM % of Total Portfolio CITY AP Run Date: 04/04/2016-14:54 CR (PRF_CR) 7.2.0 Report Ver. 7.3.5 22

City of Anaheim Credit Rating Report Sorted by Moody's - Investment Number Page 3 Investment # Issuer Security # Purchase Principal Book Value Market Value SubTotal for P-1 19,932,080.49 19,951,952.61 19,949,60 114 0.478 0.697 4.68 17430 LAIF SYS17430 23,261,812.56 23,261,812.56 23,261,812.56 None None 07/01/2015 1 0.470 0.470 5.46 17431 LAIF SYS17431 None None 07/01/2015 1 0.470 0.470 17432 LAIF SYS17432 19,293,713.66 19,293,713.66 19,293,713.66 None None 07/01/2015 1 0.470 0.470 4.52 SubTotal for No Specified Rating 42,555,526.22 42,555,526.22 42,555,526.22 1 0.470 0.470 9.98 Moody's Rating S&P Rating Purchase Date Maturity Date Days To Maturity Stated Rate YTM % of Total Portfolio CITY AP Run Date: 04/04/2016-14:54 CR (PRF_CR) 7.2.0 Report Ver. 7.3.5 23

City of Anaheim Summary by Issuer March 31, 2016 Issuer Number of Investments Par Value Book Value % of Portfolio Average YTM 365 Average Days to Maturity JP Morgan 1 5,000,00 4,981,511.47 1.17 0.877 158 Apple Inc 1 5,000,00 4,998,766.63 1.17 0.436 21 Chevron 3 13,000,00 13,036,402.80 3.06 1.432 729 Coca Cola 1 5,000,00 4,994,519.03 1.17 1.389 730 Cisco Systems 1 5,000,00 5,120,839.09 1.20 1.849 1,536 Exxon Mobil 1 5,000,00 5,000,00 1.17 0.921 348 FFCB 5 28,305,00 28,303,049.45 6.64 1.129 778 FHLB 4 30,000,00 30,115,623.36 7.06 1.215 745 FHLMC 8 50,612,00 50,529,297.97 11.85 0.950 505 Fidelity Govt MMF 1 204,465.35 204,465.35 0.05 0.230 1 FNMA 14 93,557,00 93,490,288.31 21.92 1.208 768 General Elec Cap Corp 1 5,000,00 4,999,352.11 1.17 3.376 199 Goldman Sachs Trsy MMF 1 69,885.09 69,885.09 0.02 0.170 1 American Honda 1 3,000,00 2,999,357.68 0.70 1.612 686 Johnson & Johnson 3 13,145,00 13,148,325.70 3.08 1.357 472 LAIF 3 42,555,526.22 42,555,526.22 9.98 0.470 1 3M Company 1 5,000,00 5,108,344.22 1.20 1.483 1,589 Microsoft 3 11,220,00 11,199,081.67 2.63 1.564 1,137 New York Life 1 5,000,00 5,005,545.08 1.17 1.197 334 Pepsico 1 5,525,00 5,534,043.03 1.30 0.775 327 Toronta Dominion 1 5,000,00 4,983,169.86 1.17 0.824 153 Toyota Motor 3 13,000,00 13,015,378.22 3.05 0.766 122 Portfolio CITY AP Run Date: 04/04/2016-12:45 SI (PRF_SI) 7.1.1 Report Ver. 7.3.5 24

City of Anaheim Summary by Issuer March 31, 2016 Page 2 Issuer Number of Investments Par Value Book Value % of Portfolio Average YTM 365 Average Days to Maturity MUFG Union Bank 1 7,000,00 7,028,283.60 1.65 0.752 66 US Treasury 5 50,000,00 49,973,693.54 11.72 0.874 735 US Bank 1 5,000,00 5,006,015.38 1.17 0.954 304 Wells Fargo CO 3 15,000,00 15,009,963.66 3.52 1.121 397 Total and Average 69 426,193,876.66 426,410,728.52 10 1.068 577 Portfolio CITY AP Run Date: 04/04/2016-12:45 SI (PRF_SI) 7.1.1 Report Ver. 7.3.5 25

City of Anaheim Portfolio Management Interest Earnings Summary March 31, 2016 Page 1 March 31 Month Ending Fiscal Year To Date CD/Coupon/Discount Investments: Interest Collected 329,867.56 2,791,685.09 Plus Accrued Interest at End of Period 926,334.73 926,334.73 Less Accrued Interest at Beginning of Period ( 904,485.41) ( 911,090.75) Less Accrued Interest at Purchase During Period ( ) ( ) Interest Earned during Period Adjusted by Premiums and Discounts Adjusted by Capital Gains or Losses 351,716.88 2,599.92 2,806,929.07 90,331.57-23,163.37 Earnings during Periods 354,316.80 2,874,097.27 Pass Through Securities: Interest Collected Plus Accrued Interest at End of Period Less Accrued Interest at Beginning of Period ( ) ( ) Less Accrued Interest at Purchase During Period ( ) ( ) Interest Earned during Period Adjusted by Premiums and Discounts Adjusted by Capital Gains or Losses Earnings during Periods Cash/Checking Accounts: Interest Collected Plus Accrued Interest at End of Period Less Accrued Interest at Beginning of Period 1,431.62 67,428.28 ( 46,252.52) 140,781.01 67,428.28 ( 45,343.60) Interest Earned during Period 22,607.38 162,865.69 Total Interest Earned during Period Total Adjustments from Premiums and Discounts Total Capital Gains or Losses 374,324.26 2,599.92 2,969,794.76 90,331.57-23,163.37 Total Earnings during Period 376,924.18 3,036,962.96 Portfolio CITY AP Run Date: 04/04/2016-12:17 PM (PRF_PM6) 7.3.0 Report Ver. 7.3.5 26

City of Anaheim Interest Earnings Sorted by Security Type - Maturity Date March 1, 2016 - March 31, 2016 Yield on Beginning Book Value Adjusted Interest Earnings CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Maturity Date CurrentAnnualized Rate Yield Interest Earned Amortization/ Accretion Adjusted Interest Earnings Security Type: Treasury Securities - Coupon 912828D49 1925 02 US 10,000,00 10,009,098.60 10,008,568.42 08/15/2017 0.875 0.814 7,451.92-530.18 6,921.74 912828TS9 1930 02 US 10,000,00 9,982,690.15 9,983,618.54 09/30/2017 0.625 0.734 5,293.72 928.39 6,222.11 912828XK1 1926 02 US 10,000,00 9,977,021.01 9,977,843.58 07/15/2018 0.875 0.976 7,451.93 822.57 8,274.50 912828K82 1929 02 US 10,000,00 10,038,721.44 10,037,383.24 08/15/2018 1.000 0.842 8,516.48-1,338.20 7,178.28 912828L81 1939 02 US 10,000,00 9,966,279.76 10/15/2018 0.875 1.009 4,303.28 654.76 4,958.04 Subtotal 50,000,00 40,007,531.20 49,973,693.54 0.863 33,017.33 537.34 33,554.67 Security Type: Federal Agency Issues - Coupon 3135G0WY5 1750 02 FNMA 5,000,00 5,000,00 5,000,00 11/14/2016 0.550 0.540 2,291.67 2,291.67 3134G3Z37 1703 02 FHLMC 10,000,00 10,000,00 10,000,00 12/05/2016 0.625 0.613 5,208.33 5,208.33 3136G04R9 1702 02 FNMA 5,000,00 5,000,00 5,000,00 02/21/2017 0.750 0.736 3,125.00 3,125.00 3137EADT3 1805 02 FHLMC 10,000,00 9,999,840.89 9,999,854.49 02/22/2017 0.875 0.860 7,291.67 13.60 7,305.27 3133782N0 1816 02 FHLB 5,000,00 5,004,668.49 5,004,288.94 03/10/2017 0.875 0.768 3,645.83-379.55 3,266.28 3135G0ZB2 1867 02 FNMA 5,000,00 5,004,493.38 5,004,163.80 04/20/2017 0.750 0.658 3,125.00-329.58 2,795.42 3137EADL0 1808 02 FHLMC 7,012,00 6,996,256.09 6,997,087.64 09/29/2017 1.000 1.123 5,843.34 831.55 6,674.89 3130A4TR3 1877 02 FHLB 5,000,00 5,001,436.95 5,001,363.26 10/16/2017 0.875 0.841 3,645.84-73.69 3,572.15 3135G0PQ0 1819 02 FNMA 5,000,00 4,969,743.03 4,971,268.59 10/26/2017 0.875 1.225 3,645.84 1,525.56 5,171.40 3136G1L23 1863 02 FNMA 5,000,00 5,001,319.57 5,001,254.35 11/08/2017 0.800 0.769 3,333.33-65.22 3,268.11 3134G83V9 1917 02 FHLMC 5,000,00 5,000,00 5,000,00 11/24/2017 1.000 0.981 4,166.67 4,166.67 3133EEFE5 1853 02 FFCB 5,000,00 4,998,652.08 4,998,714.58 12/18/2017 1.125 1.119 4,687.50 62.50 4,75 3137EADN6 1876 02 FHLMC 7,000,00 6,977,265.02 6,978,281.49 01/12/2018 0.750 0.910 4,375.00 1,016.47 5,391.47 3135G0TV5 1724 02 FNMA 6,250,00 6,250,00 6,250,00 01/30/2018 1.030 1.011 5,364.59 5,364.59 3135G0TV5 1723 02 FNMA 10,000,00 10,000,00 10,000,00 01/30/2018 1.030 1.011 8,583.34 8,583.34 3135G0TM5 1722 02 FNMA 5,000,00 5,000,00 5,000,00 01/30/2018 1.020 1.001 4,25 4,25 3133ECE26 1721 02 FFCB 8,930,00 8,930,00 8,930,00 01/30/2018 0.940 0.922 6,995.17 6,995.17 3137EADP1 1823 02 FHLMC 5,000,00 4,964,282.07 4,965,758.02 03/07/2018 0.875 1.215 3,645.84 1,475.95 5,121.79 3137EADP1 1820 02 FHLMC 1,600,00 1,587,812.72 1,588,316.33 03/07/2018 0.875 1.239 1,166.66 503.61 1,670.27 313378A43 1815 02 FHLB 10,000,00 10,023,061.82 10,022,111.47 03/09/2018 1.375 1.234 11,458.34-950.35 10,507.99 3133EFSG3 1923 02 FFCB 5,000,00 5,000,00 5,000,00 03/14/2018 1.100 1.079 4,583.33 4,583.33 Portfolio CITY AP Run Date: 04/04/2016-12:46 IE (PRF_IE) 7.2.0 Report Ver. 7.3.5 27

City of Anaheim Interest Earnings March 1, 2016 - March 31, 2016 Page 2 Adjusted Interest Earnings CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Maturity Date CurrentAnnualized Rate Yield Interest Earned Amortization/ Accretion Adjusted Interest Earnings Security Type: Federal Agency Issues - Coupon 3134G42R8 1749 02 FHLMC 5,000,00 5,000,00 5,000,00 04/25/2018 1.050 1.030 4,375.00 4,375.00 3133ECBY9 1864 02 FFCB 5,375,00 5,374,308.08 5,374,334.87 04/26/2018 0.930 0.918 4,165.63 26.79 4,192.42 3135G0WJ8 1748 02 FNMA 5,000,00 4,987,882.16 4,988,336.58 05/21/2018 0.875 0.968 3,645.83 454.42 4,100.25 3135G0WJ8 1818 02 FNMA 7,307,00 7,206,538.52 7,210,305.82 05/21/2018 0.875 1.486 5,328.02 3,767.30 9,095.32 3135G0YT4 1813 02 FNMA 10,000,00 9,995,219.74 9,995,365.19 11/27/2018 1.625 1.612 13,541.66 145.45 13,687.11 3135G0ZA4 1821 02 FNMA 10,000,00 10,071,302.01 10,069,299.14 02/19/2019 1.875 1.593 15,625.00-2,002.87 13,622.13 3136G3BY0 1938 02 FNMA 10,000,00 10,000,00 10,000,00 02/26/2019 1.270 1.246 10,583.33 10,583.33 313378QK0 1822 02 FHLB 10,000,00 10,090,353.35 10,087,859.69 03/08/2019 1.875 1.532 15,625.00-2,493.66 13,131.34 3133EFPR2 1915 02 FFCB 4,000,00 4,000,00 4,000,00 11/19/2019 1.600 1.570 5,333.34 5,333.34 3135G0ZY2 1851 02 FNMA 5,000,00 5,000,301.57 5,000,294.84 11/26/2019 1.750 1.715 7,291.66-6.73 7,284.93 Subtotal 202,474,00 202,434,737.54 202,438,259.09 1.102 185,946.76 3,521.55 189,468.31 Security Type: Passbook/Checking Accounts SYS17430 17430 01 LAIF 23,261,812.56 33,261,812.56 23,261,812.56 0.470 0.353 9,976.61 9,976.61 SYS17432 17432 01 LAIF 19,293,713.66 34,293,713.66 19,293,713.66 0.470 0.408 11,891.00 11,891.00 Subtotal 42,555,526.22 67,555,526.22 42,555,526.22 0.381 21,867.61 21,867.61 Security Type: Money Market Mutual Fund SYS500 500 01 GOLDSA 69,885.09 69,873.33 69,885.09 0.170 0.180 10.66 10.66 SYS987 987 01 FIDELI 204,465.35 1,905,232.56 204,465.35 0.230 0.451 729.11 729.11 Subtotal 274,350.44 1,975,105.89 274,350.44 0.441 739.77 739.77 Security Type: Medium Term Notes 478160AY0 1583 02 JNJ 3,000,00 2,999,622.79 2,999,775.71 05/15/2016 2.150 2.170 5,375.00 152.92 5,527.92 89236TAL9 1743 02 TOYCC 3,000,00 2,999,913.44 2,999,947.61 05/17/2016 0.800 0.798 2,00 34.17 2,034.17 90520EAC5 1940 01 UNBC 7,000,00 7,028,283.60 06/06/2016 3.000 0.577 1,749.99-1,305.40 444.59 94974BFL9 1893 02 WFCNEW 5,000,00 5,009,595.01 5,007,524.15 07/20/2016 1.250 0.737 5,208.33-2,070.86 3,137.47 89233P5E2 1934 02 TOYCC 5,000,00 5,031,851.44 5,026,925.96 09/15/2016 2.000 0.797 8,333.33-4,925.48 3,407.85 36962G5H3 1617 02 GECC 5,000,00 4,999,252.94 4,999,352.11 10/17/2016 3.350 3.311 13,958.34 99.17 14,057.51 90331HMC4 1935 02 USB 5,000,00 5,006,618.93 5,006,015.38 01/30/2017 1.100 0.936 4,583.33-603.55 3,979.78 713448CL0 1914 02 PEPSIC 5,525,00 5,534,888.17 5,534,043.03 02/22/2017 0.950 0.751 4,373.96-845.14 3,528.82 64952WBR3 1809 02 NYLCPP 5,000,00 5,006,049.18 5,005,545.08 03/01/2017 1.125 0.984 4,687.50-504.10 4,183.40 30231GAA0 1817 02 EXXON 5,000,00 5,000,00 5,000,00 03/15/2017 0.921 0.904 3,837.50 3,837.50 94974BFW5 1868 02 WFCNEW 5,000,00 5,001,236.35 5,001,154.11 06/02/2017 1.150 1.109 4,791.66-82.24 4,709.42 166764AL4 1894 02 CHEVRN 5,000,00 5,011,297.31 5,010,745.33 11/15/2017 1.345 1.187 5,604.17-551.98 5,052.19 594918AP9 1804 02 MSFT 2,220,00 2,205,631.32 2,206,333.37 11/15/2017 0.875 1.239 1,618.75 702.05 2,320.80 Portfolio CITY AP Run Date: 04/04/2016-12:46 IE (PRF_IE) 7.2.0 Report Ver. 7.3.5 28

City of Anaheim Interest Earnings March 1, 2016 - March 31, 2016 Page 3 Adjusted Interest Earnings CUSIP Investment # Fund Issuer Ending Par Value Beginning Book Value Ending Book Value Maturity Date CurrentAnnualized Rate Yield Interest Earned Amortization/ Accretion Adjusted Interest Earnings Security Type: Medium Term Notes 478160BL7 1858 02 JNJ 5,000,00 5,001,839.49 5,001,750.49 11/21/2017 1.125 1.082 4,687.50-89.00 4,598.50 478160BL7 1857 02 JNJ 5,145,00 5,146,891.00 5,146,799.50 11/21/2017 1.125 1.082 4,823.43-91.50 4,731.93 94974BFG0 1742 02 WFCNEW 5,000,00 5,001,345.18 5,001,285.40 01/16/2018 1.500 1.457 6,25-59.78 6,190.22 02666QM26 1730 02 HNDA 3,000,00 2,999,329.13 2,999,357.68 02/16/2018 1.600 1.581 4,00 28.55 4,028.55 191216BA7 1859 02 COCA C 5,000,00 4,994,290.66 4,994,519.03 04/01/2018 1.150 1.183 4,791.67 228.37 5,020.04 166764AE0 1756 02 CHEVRN 3,000,00 3,000,00 3,000,00 06/24/2018 1.718 1.686 4,295.00 4,295.00 166764AE0 1920 02 CHEVRN 5,000,00 5,026,616.03 5,025,657.47 06/24/2018 1.718 1.452 7,158.34-958.56 6,199.78 594918BF0 1909 02 MSFT 5,000,00 4,995,546.30 4,995,685.19 11/03/2018 1.300 1.309 5,416.66 138.89 5,555.55 17275RAX0 1933 02 CSCO 5,000,00 5,123,233.53 5,120,839.09 06/15/2020 2.450 1.796 10,208.33-2,394.44 7,813.89 88579YAQ4 1936 02 MMM 5,000,00 5,110,419.78 5,108,344.22 08/07/2020 2.000 1.442 8,333.33-2,075.56 6,257.77 594918BG8 1908 02 MSFT 4,000,00 3,997,009.78 3,997,063.11 11/03/2020 2.000 1.980 6,666.67 53.33 6,72 Subtotal 110,890,00 104,202,477.76 111,216,946.62 1.318 132,752.79-15,120.14 117,632.65 Security Type: Commercial Paper Disc. -Amortizing 30229AC72 1918 01 EXXON 4,999,859.88 03/07/2016 0.170 0.170 140.12 140.12 71708ECE3 1924 01 PFEPP 4,999,339.30 03/14/2016 0.370 0.371 660.70 660.70 19121ACP4 1922 01 COCA C 4,998,881.81 03/23/2016 0.370 0.371 1,118.19 1,118.19 03785DDN3 1928 01 APPINC 5,000,00 4,996,946.49 4,998,766.63 04/22/2016 0.430 0.429 1,820.14 1,820.14 89233GH25 1931 01 TOYCC 5,000,00 4,985,611.62 4,988,504.65 08/02/2016 0.680 0.683 2,893.03 2,893.03 89116EJ12 1937 01 TDHUSA 5,000,00 4,979,766.74 4,983,169.86 09/01/2016 0.800 0.805 3,403.12 3,403.12 46640PJ61 1932 01 JPM 5,000,00 4,977,885.60 4,981,511.47 09/06/2016 0.858 3,625.87 3,625.87 Subtotal 20,000,00 34,938,291.44 19,951,952.61 0.606 13,661.17 13,661.17 Total 426,193,876.66 451,113,670.05 426,410,728.52 0.987 374,324.26 2,599.92 376,924.18 Portfolio CITY AP Run Date: 04/04/2016-12:46 IE (PRF_IE) 7.2.0 Report Ver. 7.3.5 29

City of Anaheim Accrued Interest Sorted by Fund - Fund March 1, 2016 - March 31, 2016 CUSIP Investment # Security Type Par Value Maturity Date Current Rate * Beginning Accrued Interest Adjusted Acc'd Int. at Purchase During Period Interest Earned Interest Received * Ending Accrued Interest SHORT- TERM PORTFOLIO SYS17430 17430 PA1 23,261,812.56 0.470 22,068.15 9,976.61 32,044.76 SYS17432 17432 PA1 19,293,713.66 0.470 22,752.75 11,891.00 34,643.75 SYS987 987 PA2 204,465.35 0.230 1,419.86 729.11 1,419.86 729.11 SYS500 500 PA2 69,885.09 0.170 11.76 10.66 11.76 10.66 90520EAC5 1940 MTN 7,000,00 06/06/2016 3.000 65,333.34 1,749.99 67,083.33 LONG-TERM PORTFOLIO Subtotal 49,829,876.66 46,252.52 65,333.34 24,357.37 1,431.62 134,511.61 912828L81 1939 TRC 10,000,00 10/15/2018 0.875 36,099.73 4,303.28 40,403.01 912828D49 1925 TRC 10,000,00 08/15/2017 0.875 3,605.77 7,451.92 11,057.69 912828XK1 1926 TRC 10,000,00 07/15/2018 0.875 11,057.69 7,451.93 18,509.62 912828K82 1929 TRC 10,000,00 08/15/2018 1.000 4,120.88 8,516.48 12,637.36 912828TS9 1930 TRC 10,000,00 09/30/2017 0.625 26,127.05 5,293.72 31,25 170.77 3133ECE26 1721 FAC 8,930,00 01/30/2018 0.940 7,228.34 6,995.17 14,223.51 3133EEFE5 1853 FAC 5,000,00 12/18/2017 1.125 11,406.25 4,687.50 16,093.75 3133ECBY9 1864 FAC 5,375,00 04/26/2018 0.930 17,356.77 4,165.63 21,522.40 3133EFPR2 1915 FAC 4,000,00 11/19/2019 1.600 18,133.33 5,333.34 23,466.67 3133EFSG3 1923 FAC 5,000,00 03/14/2018 1.100 11,763.89 4,583.33 13,75 2,597.22 313378A43 1815 FAC 10,000,00 03/09/2018 1.375 65,694.44 11,458.34 68,75 8,402.78 3133782N0 1816 FAC 5,000,00 03/10/2017 0.875 20,781.25 3,645.83 21,875.00 2,552.08 313378QK0 1822 FAC 10,000,00 03/08/2019 1.875 90,104.17 15,625.00 93,75 11,979.17 3130A4TR3 1877 FAC 5,000,00 10/16/2017 0.875 16,406.25 3,645.84 20,052.09 3134G3Z37 1703 FAC 10,000,00 12/05/2016 0.625 14,930.56 5,208.33 20,138.89 3134G42R8 1749 FAC 5,000,00 04/25/2018 1.050 18,375.00 4,375.00 22,75 3137EADT3 1805 FAC 10,000,00 02/22/2017 0.875 2,187.50 7,291.67 9,479.17 3137EADL0 1808 FAC 7,012,00 09/29/2017 1.000 29,606.22 5,843.34 35,06 389.56 3137EADP1 1820 FAC 1,600,00 03/07/2018 0.875 6,766.67 1,166.66 7,00 933.33 3137EADP1 1823 FAC 5,000,00 03/07/2018 0.875 21,145.83 3,645.84 21,875.00 2,916.67 3137EADN6 1876 FAC 7,000,00 01/12/2018 0.750 7,145.83 4,375.00 11,520.83 3134G83V9 1917 FAC 5,000,00 11/24/2017 1.000 13,472.22 4,166.67 17,638.89 3136G04R9 1702 FAC 5,000,00 02/21/2017 0.750 1,041.67 3,125.00 4,166.67 3135G0TM5 1722 FAC 5,000,00 01/30/2018 1.020 4,391.67 4,25 8,641.67 3135G0TV5 1723 FAC 10,000,00 01/30/2018 1.030 8,869.44 8,583.34 17,452.78 3135G0TV5 1724 FAC 6,250,00 01/30/2018 1.030 5,543.40 5,364.59 10,907.99 * Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest. Ending Accrued includes outstanding purchase interest. Portfolio CITY AC Run Date: 04/04/2016-09:45 AI (PRF_AI) 7.2.8 Report Ver. 7.3.5 30

City of Anaheim Accrued Interest Sorted by Fund - Fund Page 2 CUSIP Investment # Security Type Par Value Maturity Date Current Rate * Beginning Accrued Interest Adjusted Acc'd Int. at Purchase During Period Interest Earned Interest Received * Ending Accrued Interest LONG-TERM PORTFOLIO 3135G0WJ8 1748 FAC 5,000,00 05/21/2018 0.875 12,152.78 3,645.83 15,798.61 3135G0WY5 1750 FAC 5,000,00 11/14/2016 0.550 8,173.61 2,291.67 10,465.28 3135G0YT4 1813 FAC 10,000,00 11/27/2018 1.625 42,430.56 13,541.66 55,972.22 3135G0WJ8 1818 FAC 7,307,00 05/21/2018 0.875 17,760.05 5,328.02 23,088.07 3135G0PQ0 1819 FAC 5,000,00 10/26/2017 0.875 15,190.97 3,645.84 18,836.81 3135G0ZA4 1821 FAC 10,000,00 02/19/2019 1.875 6,25 15,625.00 21,875.00 3135G0ZY2 1851 FAC 5,000,00 11/26/2019 1.750 23,090.28 7,291.66 30,381.94 3136G1L23 1863 FAC 5,000,00 11/08/2017 0.800 12,555.56 3,333.33 15,888.89 3135G0ZB2 1867 FAC 5,000,00 04/20/2017 0.750 13,645.83 3,125.00 16,770.83 3136G3BY0 1938 FAC 10,000,00 02/26/2019 1.270 705.56 10,583.33 11,288.89 166764AE0 1756 MTN 3,000,00 06/24/2018 1.718 9,592.17 4,295.00 13,887.17 166764AL4 1894 MTN 5,000,00 11/15/2017 1.345 19,801.39 5,604.17 25,405.56 166764AE0 1920 MTN 5,000,00 06/24/2018 1.718 15,986.94 7,158.34 23,145.28 191216BA7 1859 MTN 5,000,00 04/01/2018 1.150 23,958.33 4,791.67 28,75 17275RAX0 1933 MTN 5,000,00 06/15/2020 2.450 25,861.11 10,208.33 36,069.44 30231GAA0 1817 MTN 5,000,00 03/15/2017 0.921 21,234.16 3,837.50 23,025.00 2,046.66 36962G5H3 1617 MTN 5,000,00 10/17/2016 3.350 62,347.22 13,958.34 76,305.56 02666QM26 1730 MTN 3,000,00 02/16/2018 1.600 2,00 4,00 6,00 478160AY0 1583 MTN 3,000,00 05/15/2016 2.150 18,991.66 5,375.00 24,366.66 478160BL7 1857 MTN 5,145,00 11/21/2017 1.125 16,078.12 4,823.43 20,901.55 478160BL7 1858 MTN 5,000,00 11/21/2017 1.125 15,625.00 4,687.50 20,312.50 88579YAQ4 1936 MTN 5,000,00 08/07/2020 2.000 6,666.67 8,333.33 15,00 594918AP9 1804 MTN 2,220,00 11/15/2017 0.875 5,719.58 1,618.75 7,338.33 594918BG8 1908 MTN 4,000,00 11/03/2020 2.000 26,222.22 6,666.67 32,888.89 594918BF0 1909 MTN 5,000,00 11/03/2018 1.300 21,305.56 5,416.66 26,722.22 64952WBR3 1809 MTN 5,000,00 03/01/2017 1.125 28,125.00 4,687.50 28,125.00 4,687.50 713448CL0 1914 MTN 5,525,00 02/22/2017 0.950 1,312.19 4,373.96 5,686.15 89236TAL9 1743 MTN 3,000,00 05/17/2016 0.800 6,933.33 2,00 8,933.33 89233P5E2 1934 MTN 5,000,00 09/15/2016 2.000 46,111.11 8,333.33 50,00 4,444.44 90331HMC4 1935 MTN 5,000,00 01/30/2017 1.100 4,736.11 4,583.33 9,319.44 94974BFG0 1742 MTN 5,000,00 01/16/2018 1.500 9,375.00 6,25 15,625.00 94974BFW5 1868 MTN 5,000,00 06/02/2017 1.150 14,215.28 4,791.66 19,006.94 94974BFL9 1893 MTN 5,000,00 07/20/2016 1.250 7,118.06 5,208.33 12,326.39 Subtotal 356,364,00 998,533.50 36,099.73 349,966.89 394,46 990,140.12 Total 406,193,876.66 1,044,786.02 101,433.07 374,324.26 395,891.62 1,124,651.73 * Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest. Ending Accrued includes outstanding purchase interest. Portfolio CITY AC Run Date: 04/04/2016-09:45 AI (PRF_AI) 7.2.8 Report Ver. 7.3.5 31

City of Anaheim Realized Gains and Losses Sorted By Investment Type Sales/Calls/Maturities: March 1, 2016 - March 31, 2016 Investment # Issuer Inv. Type Purchase Date Par Value Current Rate Sale Date Maturity Date Days Held Term Book Value Maturity/Sale Proceeds Realized Gain/Loss Total Total Total Earnings Net Earnings Yield 365 Commercial Paper Disc. -Amortizing 1918 Exxon Mobil 1924 Pfizer 1922 Coca Cola ACP 11/23/2015 5,000,00 03/07/2016 105 5,000,00 5,000,00 2,479.17 2,479.17 0.172 0.170 03/07/2016 105 ACP 12/10/2015 5,000,00 03/14/2016 95 5,000,00 5,000,00 4,881.94 4,881.94 0.375 0.370 03/14/2016 95 ACP 12/08/2015 5,000,00 03/23/2016 106 5,000,00 5,000,00 5,447.22 5,447.22 0.375 0.370 03/23/2016 106 Commercial Paper Disc. -Amortizing Subtotals Total Realized Gains/Losses 15,000,00 15,000,00 12,808.33 12,808.33 0.308 15,000,00 15,000,00 12,808.33 12,808.33 0.308 Portfolio CITY AP Run Date: 04/04/2016-09:42 CG (PRF_CGR1) 7.1.1 Report Ver. 7.3.5 32

City of Anaheim Transaction Activity Report March 1, 2016 - March 31, 2016 Sorted by Transaction Date - Transaction Date All Funds Investment # Fund CUSIP Inv Descrip TransactionType Dealer Issuer New Principal Principal Paydowns 1809 02 64952WBR3 NYLCPP 1.125% Interest JP Morgan New York Life 28,125.00 28,125.00 Totals for 03/01/2016 28,125.00 28,125.00 1918 01 30229AC72 EXXON DISC NOTE Redemption Exxon Mobil 5,000,00 5,000,00 1820 02 3137EADP1 FEDERAL HOME LN Interest BANK OF AMERICA FHLMC 7,00 7,00 1823 02 3137EADP1 FEDERAL HOME LN Interest BANK OF AMERICA FHLMC 21,875.00 21,875.00 Totals for 03/07/2016 5,000,00 28,875.00 5,028,875.00 17430 01 SYS17430 LAIF 1.469% Redemption LAIF 10,000,00 10,000,00 1822 02 313378QK0 FEDERAL HOME Interest WELLS FARGO FHLB 93,75 93,75 Totals for 03/08/2016 10,000,00 93,75 10,093,75 1815 02 313378A43 FEDERAL HOME Interest WELLS FARGO FHLB 68,75 68,75 Totals for 03/09/2016 68,75 68,75 1816 02 3133782N0 FEDERAL HOME Interest WELLS FARGO FHLB 21,875.00 21,875.00 Totals for 03/10/2016 21,875.00 21,875.00 1939 02 912828L81 UNITED STATES Purchase WELLS FARGO US Treasury 10,001,724.73-10,001,724.73 1924 01 71708ECE3 PFEPP DISC NOTE Redemption JP Morgan Pfizer 5,000,00 5,000,00 1923 02 3133EFSG3 FEDERAL FARM CR Interest FFCB 13,75 13,75 Totals for 03/14/2016 10,001,724.73 5,000,00 13,75-4,987,974.73 1817 02 30231GAA0 EXXON 0.921% MAT Interest JP Morgan Exxon Mobil 23,025.00 23,025.00 1934 02 89233P5E2 TOYOTA 2.% MAT Interest WELLS FARGO Toyota Motor 50,00 50,00 1934 02 89233P5E2 TOYOTA 2.% MAT Accr Int WELLS FARGO Toyota Motor 42,222.22-42,222.22 Totals for 03/15/2016 42,222.22 30,802.78 73,025.00 1922 01 19121ACP4 COCA C DISC NOTE Redemption BANK OF AMERICA Coca Cola 5,000,00 5,000,00 Totals for 03/23/2016 5,000,00 5,000,00 17432 01 SYS17432 LAIF 0.385% Redemption LAIF 15,000,00 15,000,00 Totals for 03/24/2016 15,000,00 15,000,00 1940 01 90520EAC5 UNBC 3.% MAT Purchase WELLS FARGO MUFG Union Bank 7,094,922.34-7,094,922.34 Totals for 03/28/2016 7,094,922.34-7,094,922.34 1808 02 3137EADL0 FEDERAL HOME LN Interest JP Morgan FHLMC 35,06 35,06 Totals for 03/29/2016 35,06 35,06 Interest Total Cash Portfolio CITY AP Run Date: 04/04/2016-12:46 TA (PRF_TA) 7.1.1 Report Ver. 7.3.5 33

City of Anaheim Transaction Activity Report Sorted by Transaction Date - Transaction Date Page 2 Investment # Fund CUSIP Inv Descrip TransactionType Dealer Issuer New Principal Principal Paydowns 1930 02 912828TS9 UNITED STATES Interest BANK OF AMERICA US Treasury 31,25 31,25 1930 02 912828TS9 UNITED STATES Accr Int BANK OF AMERICA US Treasury 22,370.22-22,370.22 500 01 SYS500 GOLDSA 0.966% Interest Goldman Sachs Trsy 11.76 11.76 500 01 SYS500 GOLDSA 0.966% Purchase Goldman Sachs Trsy 11.76-11.76 Totals for 03/31/2016 11.76 22,370.22 8,891.54 31,25 Grand Total 17,096,658.83 40,064,592.44 329,879.32 23,297,812.93 Interest Total Cash Portfolio CITY AP Run Date: 04/04/2016-12:46 TA (PRF_TA) 7.1.1 Report Ver. 7.3.5 34

Quaterly Economic and Market Update March 2016 35

Economic and Market Update 3/31/2016 Item 3/31/2016 12/31/2015 Change U.S. Payrolls Monthly Change 215,000 271,000-56,000 Unemployment Rate 5.0% 5.0% 0.0% Labor Force Participation 63.0% 62.6% 0.4% Effective Fed Funds Rate 0.25% 0.20% 0.05% Next Fed Funds Hike** Jun 2017 Jul 2017-1 Month 3 Month T-Bill 0.201% 0.165% 0.036% 2 Year T-Note 0.723% 1.050% -0.327% 3 Year T-Note 0.854% 1.308% -0.454% 5 Year T-Note 1.206% 1.761% -0.555% 10 Year T-Note 1.770% 2.270% -0.500% U.S. Fed Debt Avg Yield 2.020% 2.041% -0.021% 30 Year Mortgage Rate 3.65% 3.900% -0.25% 1-5 Yr Agency Spread 0.10% 0.10% % 1-5 Yr Corporate Spread 0.87% 0.820% 0.05% Dow Jones 17,685 17,425 1.5% S&P 500 2,060 2,044 0.8% Consumer Price Index YOY* 1.2% 0.7% 0.5% U.S. Avg Regular Unleaded $2.06 $2.00 $0.06 Retail Sales YOY* 2.0% 2.6% -0.6% Case-Shiller Home Prices YOY* 5.7% 5.7% 0.1% Gold (per ounce) $1,232.75 $1,061.10 $171.65 Dollar Index 94.59 98.63-4.05 Consumer Confidence 92.20 96.30-4.10 *Estimates for the current quarter/month, some data are lagged **Next Projected Fed Funds Hike is first month Fed Funds Futures are.625% or higher Sources: FTN Main Street and Bloomberg 36

Economic and Market Update 3/31/2016 U.S. GDP (Quarter over Quarter Annualized)* 8 6 4 2 3.1 2.7 1.4 2.0 1.3 3.9 1.7 3.9 2.7 2.5 2.9 0.8 4.6 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 4.6 4.3 2.1 0.6 3.9 2.0 1.4 2.2 1.9 2.0 2.4 Percent 0-2 -1.9-0.5-1.5-0.9 Estimates -4-2.7-6 -5.4-8 -10 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008-8.2 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 * Real Rate (Inflation Adjusted) Source: Bureau of Economic Analysis Estimate: Bloomberg's Survey of Economists As of: 3/31/16 37

Economic and Market Update 3/31/2016 U.S. Annual GDP * 8 7.3 7 6 5.3 5.6 5.4 5.6 Percent 5 4 3 2 1 0.2 3.3 4.6 3.2 2.6 4.6 4.2 3.5 3.5 4.2 3.7 1.9 3.6 2.7 4.0 2.7 3.8 4.5 4.4 4.7 4.1 1.0 1.8 2.8 3.8 3.3 2.7 1.8 2.5 1.6 2.2 1.5 2.4 2.4 0-1 -2-3 -4-0.5-0.2-0.2-1.9-0.1-0.3 1970s 2.94% 1980s 3.04% 1990s 3.30% 2000s 1.88% 2010s 2.10% 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015-2.8 * Real Rate (Inflation Adjusted) Source: Bureau of Economic Analysis Estimate: Bloomberg's Survey of Economists As of: 3/31/16 38

Economic and Market Update 3/31/2016 400 350 300 U.S. Monthly Non-Farm Payrolls Change 14 13 12 11 Unemployment Rates Nevada U.S.A California Idaho Washington 250 10 Thousands 200 150 Percent 9 8 7 100 6 50 5 4 0 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 3 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 12 Month Average Job Change 233,500 Source: Bureau of Labor Statistics 39

Economic and Market Update 3/31/2016 Millions 145 144 143 142 141 140 139 138 137 136 135 134 133 132 131 130 129 128 127 126 125 124 123 122 Mar-06 Aug-06 Jan-07 Jun-07 Nov-07 U.S. Number of Employed Full-Time and Part-TIme Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Percent 67.0 66.5 66.0 65.5 65.0 64.5 64.0 63.5 63.0 62.5 62.0 Mar-06 Aug-06 Jan-07 Jun-07 U.S. Labor Force Participation Rate Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Source: Bureau of Labor Statistics 40

Economic and Market Update ######## 3/31/2016 700 Weekly Initial Jobless Claims (4 Week Moving Average) 650 600 550 Thousands 500 450 400 350 300 250 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Weekly Initial Jobless Claims is the actual number of people who have filed for Unemployment benefits for the first time. The following five eligibility criteria must be met in order to file for unemployment benefits: 1. Meet the requirements of time worked during a 1 year period (full time or not). 2. Become unemployed through no fault of your own (cannot be fired). 3. Must be able to work; no physical or mental holdbacks. 4. Must be available for work. 5. Must be actively seeking work. Source: Department of Labor and Bloomberg 41

Economic and Market Update 3/31/2016 U.S. Real* Retail Sales YOY % Change U.S. Consumer Confidence 4.5 120 4 110 3.5 100 3 90 Percent 2.5 2 1.5 1 Index Value 80 70 60 50 0.5 40 0 30-0.5 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 20 Sep-05 Feb-06 Jul-06 Dec-06 May-07 Oct-07 Mar-08 Aug-08 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12 Mar-13 Aug-13 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 *Real: Inflation Adjusted Source: U.S. Census Bureau Source: Conference Board 42

Economic and Market Update 3/31/2016 CPI and CPIX* YOY % Change 4.0 3.5 CPI CPIX 3.0 2.5 Percent 2.0 1.5 1.0 0.5 0.0-0.5 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 *CPIX: Consumer Price Index, excluding food and energy Source: Bureau of Labor Statistics 43

Economic and Market Update 3/31/2016 20 Case-Shiller 20 City U.S. Home Price Index YOY % Increase 6 U.S. New and Existing Home Sales Existing-Left 800 15 New-Right 700 10 YOY Percent 5 0-5 Existing-Millions 5 4 600 500 400 New-Thousands -10-15 300-20 Oct-07 Feb-08 Jun-08 Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 3 Sep-07 Feb-08 Jul-08 Dec-08 May-09 Oct-09 Mar-10 Aug-10 Jan-11 Jun-11 Nov-11 Apr-12 Sep-12 Feb-13 Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Jan-16 200 Source: Case-Shiller Sources: New (U.S. Census Bureau),Existing (National Assoc. of Realtors) Seasonally Adjusted Annual Rate 44

Economic and Market Update 3/31/2016 U.S. Federal Debt Outstanding U.S. Treasury Interest Bearing Debt Avg Rate $20 5.5 $19 $18 5.0 $17 $16 4.5 Trillions $15 $14 $13 $12 Percent 4.0 3.5 $11 3.0 $10 $9 2.5 $8 $7 2.0 $6 Mar-06 Aug-06 Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 1.5 Mar-06 Aug-06 Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 Source: U.S. Treasury 45

Economic and Market Update 3/31/2016 325 Fed Funds vs. Fed's Anticipated Fed Funds Rate 300 275 250 Fed's Anticipated Rates Fed Funds Futures 225 200 Basis Points 175 150 125 100 75 50 25 0 Apr-2016 May-2016 Jun-2016 Jul-2016 Aug-2016 Sep-2016 Oct-2016 Nov-2016 Dec-2016 Jan-2017 Feb-2017 Mar-2017 Apr-2017 May-2017 Jun-2017 Jul-2017 Aug-2017 Sep-2017 Oct-2017 Nov-2017 Dec-2017 Jan-2018 Feb-2018 Mar-2018 Apr-2018 May-2018 Jun-2018 Jul-2018 Aug-2018 Sep-2018 Oct-2018 Nov-2018 Dec-2018 Jan-2019 Feb-2019 Mar-2019 Apr-2019 Fed Funds Anticipated Rate from the March 16, 2016 FOMC Meeting Source: Bloomberg 46

Economic and Market Update 3/31/2016 U.S. Treasury Yield Curve Change Maturity 12/31/15 3/31/16 Change 3.5 3M 0.17 0.20 0.04 3.0 2.5 3/31/16 12/31/15 6M 0.48 0.38-0.10 1Y 0.60 0.58-0.02 2Y 1.05 0.72-0.33 Percent 2.0 1.5 3Y 1.31 0.85-0.45 5Y 1.76 1.21-0.56 10Y 2.27 1.77-0.50 1.0 30Y 3.02 2.61-0.40 0.5 0.0 3M 6M 1Y 2Y 3Yr 5Y 10Y 30Y Source: Bloomberg 47

Economic and Market Update 3/31/2016 U.S. Treasury Yields: 3M and 1Y U.S. Treasury Yields: 2Y and 5Y 0.70 0.60 1Y 3M 2.50 2.25 5Y 2Y 0.50 2.00 1.75 0.40 1.50 Percent 0.30 0.20 Percent 1.25 1.00 0.75 0.10 0.50 0.25-0.10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Source: Bloomberg 48

Economic and Market Update 3/31/2016 22 U.S. Treasury Yields 2Yr and 5Yr - Fed Funds Target Rate 20 18 5Yr 2Yr Fed Funds 16 14 Percent 12 10 8 6 4 2 0 Jan-54 Jan-56 Jan-58 Jan-60 Jan-62 Jan-64 Jan-66 Jan-68 Jan-70 Jan-72 Jan-74 Jan-76 Jan-78 Jan-80 Jan-82 Jan-84 Jan-86 Jan-88 Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Source: Bloomberg 49

Economic and Market Update 3/31/2016 Global Treasury Rates 2 Year Yields 5 Year Yields 10 Year Yields Australia 1.90% Australia 2.09% Portugal 2.93% USA 0.72% Portugal 1.83% Australia 2.49% Portugal 0.56% USA 1.20% USA 1.77% Canada 0.54% England 0.84% Spain 1.43% England 0.44% Canada 0.67% England 1.41% Spain -0.01% Spain 0.33% Canada 1.22% Italy -0.02% Italy 0.28% Italy 1.22% Japan -0.19% Japan -0.19% France 0.49% France -0.44% France -0.20% Germany 0.15% Germany -0.49% Germany -0.33% Japan -0.04% Switzlnd -0.96% Switzlnd -0.81% Switzlnd -0.36% -3.0%-2.0% -1.0% 0.0% 1.0% 2.0% 3.0% -4.0% -2.0% 0.0% 2.0% 4.0% -2.0% 0.0% 2.0% 4.0% Source: Bloomberg 50

Economic and Market Update 3/31/2016 Spread: 1-5Yr Agency* vs Treasury Spread: 1-5Yr A-AAA Corporate vs Treasury 180 650 160 600 550 140 500 120 450 400 Basis Points 100 80 60 Basis Points 350 300 250 200 40 150 20 100 50 0 Jan-02 Aug-02 Mar-03 Oct-03 May-04 Dec-04 Jul-05 Feb-06 Sep-06 Apr-07 Nov-07 Jun-08 Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11 Jul-12 Feb-13 Sep-13 Apr-14 Nov-14 Jun-15 Jan-16 0 Jan-02 Aug-02 Mar-03 Oct-03 May-04 Dec-04 Jul-05 Feb-06 Sep-06 Apr-07 Nov-07 Jun-08 Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11 Jul-12 Feb-13 Sep-13 Apr-14 Nov-14 Jun-15 Jan-16 Current Spread is 10 Current Spread is 87 *BofA/Merrill Index (option adjusted spread vs. Treasury) Agency (GVP0) *BofA/Merrill Index (option adjusted spread vs. Treasury) Corporate A-AAA (CV10) Source: Bank of America Merrill Lynch Indicies 51

Economic and Market Update 3/31/2016 Spread: AAA Asset Backed vs Treasury Spread: 0-3Yr Agency CMO vs Treasury 800 750 300 700 250 650 600 200 550 500 150 Basis Points 450 400 350 300 250 Basis Points 100 50 0 200 150-50 100 50-100 0 Feb-02 Sep-02 Apr-03 Nov-03 Jun-04 Jan-05 Aug-05 Mar-06 Oct-06 May-07 Dec-07 Jul-08 Feb-09 Sep-09 Apr-10 Nov-10 Jun-11 Jan-12 Aug-12 Mar-13 Oct-13 May-14 Dec-14 Jul-15 Feb-16-150 Feb-02 Sep-02 Apr-03 Nov-03 Jun-04 Jan-05 Aug-05 Mar-06 Oct-06 May-07 Dec-07 Jul-08 Feb-09 Sep-09 Apr-10 Nov-10 Jun-11 Jan-12 Aug-12 Mar-13 Oct-13 May-14 Dec-14 Jul-15 Feb-16 Current Spread is 75 Current Spread is 56 *BofA/Merrill Index (option adjusted spread vs. Treasury) AAA Rated ABS (R0A1) *BofA/Merrill Index (option adjusted spread vs. Treasury) CMO Agency 0-3Yr PAC (CM1P) Source: Bank of America Merrill Lynch Indicies 52

Economic and Market Update ######## 3/31/2016 Selected Sector QuarterlyTotal Returns 20 16.1 15 10 8.7 Percent 5 0-0.3 0.1 0.1 0.9 1.0 1.3 2.1 2.2 2.6 2.6 3.0 4.5 4.8 5.9 6.3 (5) -5.5-4.3-2.7 (10) (15) -11.8 Source: Bloomberg 53

Economic and Market Update ######## 3/31/2016 10 0 Selected Sector Year-Over-YearTotal Returns 0.1 0.7 1.1 1.3 1.7 1.9 2.0 2.5 2.7 3.7 3.8 4.0 Percent (10) (20) -12.9-12.9-8.6-7.2-5.3-3.2-3.2-22.5 (30) (40) -42.4 (50) Source: Bloomberg 54

Economic and Market Update 3/31/2016 5 Year Treasury Note Yield 1.80 1.70 Weak Chinese manufacturing data 1.60 1.50 Better economic data puts Fed in play Dovish FOMC statement Percent 1.40 1.30 1.20 Lower oil prices Dovish Yellen speech 1.10 1.00 12/31/15 1/2/16 1/4/16 1/6/16 1/8/16 1/10/16 1/12/16 1/14/16 1/16/16 1/18/16 1/20/16 1/22/16 1/24/16 1/26/16 1/28/16 1/30/16 2/1/16 2/3/16 2/5/16 2/7/16 2/9/16 2/11/16 2/13/16 2/15/16 2/17/16 2/19/16 2/21/16 2/23/16 2/25/16 2/27/16 2/29/16 3/2/16 3/4/16 3/6/16 3/8/16 3/10/16 3/12/16 3/14/16 3/16/16 3/18/16 3/20/16 3/22/16 3/24/16 3/26/16 3/28/16 3/30/16 Sources: Bloomberg, FTN Main Street 55