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MBSAddress Phone Fax 1000 Town Center, Suite 2300 Southfield, Michigan 48075 (800) 967-9045(248) 291-1100 (248) 291-1101 www.mbssecurities.com 2400 East Commercial Boulevard, Suite 812 Ft. Lauderdale, Florida 33308 (800) 967-9045(954) 351-6930 (954) 351-9197 Member of FINRA & SIPC; MSRB Registered. Proudly Veteran-Owned! Dear Ms. Hallick, Thank you for considering Multi-Bank Securities, Inc. (MBS) while selecting candidates to work with the City of La Quinta on its investment needs. Following this letter, we have provided the list of documents requested in the City of La Quinta Questionnaire: 1.Completed broker-dealer questionnaire 2.Completed certification 3.Employee bios 4.Clearing information 5.BrokerCheck Report 6.Most recent audited financials 7. Sample monthly statement 8. Statement on research reports 9. Statement on fees Peter Yanez Vice President pyanez@mbssecurities.com 2400 E. Commercial, Suite 812 Ft. Lauderdale, FL 33308 http://www.mbssecurities.com (855) 928-0111 phone/fax Please let me know if there is anything else you need from MBS or if you have any further questions. We look forward to the opportunity to work with you. Thank you again for your time. Sincerely, 4 SECTION III: SELECTION PROCESS An initial screening will be performed to ensure the firm meets the City’s minimum requirements. The applications of the broker/dealers that successfully pass the initial screening will be further reviewed for suitability by City Staff and members of the City’s Financial Advisory Commission. Final recommendations will be made to City Council for approval to be added to the Authorized Financial Dealers and Institutions list. Completion of this Request for Information is not a guarantee that a broker/dealer candidate will be authorized to provide financial service to the City. SECTION IV: BROKER/DEALER QUESTIONNAIRE AND CERTIFICATION BROKER/DEALER QUESTIONNAIRE AND CERTIFICATION 1.Name of Firm: ___________________________________________________ 2.Physical Address of Trading Office: ____________________________________ Physical Address of Corporate Headquarters: ____________________________ 3.Telephone of Trading Office: (____) _____-________ Telephone of Corporate Headquarters: (____) _____-________ 4.Broker's Representative(s) to the City (attach resume(s)): Name: _______________________________________________________ Title: _________________________________________________________ Telephone:(___) ______-_________ 5.Manager/Partner-in-charge (attach resume): Name:________________________________________________________ Title:_________________________________________________________ Telephone:(___) _____-_________ 6.Please indicate the staffing level for your office: Multi-Bank Securities, Inc. 1000 Town Center, Suite 2300, Southfield, MI 48075 2400 East Commercial Boulevard, Suite 812, Fort Lauderdale, FL 33308 800 967 9045 800 967 9045 Peter Yanez Vice President 855 928 0111 John Coban Senior Vice President, Sales 855 928 0108 Manager Darryl Maccagnone 800 967 9025 5 Management: ______ Trading: ______ Sales: ______ Operations/Clearing: ______ 7.Which of the above personnel have read the City's Investment Policy? _____________________________________________________________ 8.Which instruments are offered regularly by your local office? (Must equal 100%) _____% U.S. Treasuries _____% Repos _____% BA's _____% Reverse Repos _____% Commercial Paper _____% CMO’s _____% CD’s _____% Derivatives _____% Mutual Funds _____% Stocks/Equities _____% Agencies (specify): _____% Other (specify): ________________________________________________________________ ________________________________________________________________ 9.References -- Please identify your most directly comparable public sector clients in our geographical area. Entity_______________________ Entity_____________________ Contact __________ Contact ___________________ Telephone (___) ______________ Telephone (___) ____________ Client Since __________________ Client Since ________________ 10.Has your firm been subject to any litigation, arbitration, or regulatory proceedings, either pending, adjudicated, or settled, that involved allegations of improper, fraudulent, disreputable or unfair activities related to the sale of securities to or the purchase of securities from institutional clients? If so, explain. _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ 11.Has your firm or your local office, or representatives assigned to this account, been subject to a regulatory or state/ federal agency investigation for alleged improper, fraudulent, disreputable or unfair activities related to the sale of securities or money market instruments that resulted in a suspension or censure? If so, explain. _____________________________________________________________ _____________________________________________________________ Peter Yanez 5 3 30 40 10 12 FNMA, FAMC, FHLB, FHLMC FFCB, IBRD Municipal bonds, CRAS, medium-term corporate notes and bonds, supranationals No. No. 2015 760 643-5361 City of Desert Hot Springs Joe Tanner 760 329-6411 x234 2016 9 24 53 3 County of Imperial Suzanne Bermudez ___City of _______Indian Wells____ ______Kevin McCarthy_____ County of Imperial 786 482-4479 2012 760 776-0235 2015 6 12. Are you aware of any current or pending complaints that are unreported to FINRA against you or your firm? If so, explain. _____________________________________________________________ _____________________________________________________________ 13.Explain your clearing and safekeeping procedures, custody and delivery process. _____________________________________________________________ _____________________________________________________________ Who audits these fiduciary responsibilities? ____________________________________________ Latest Audit Report Date ________________________ 14.Describe the method your firm would use to establish capital trading limits for the City of La Quinta. _______________________________________________________ _______________________________________________________ 15.Is your firm a member in the Securities Investor Protection Corporation (SIPC). insurance program? Yes_____ No_____ If yes, explain primary and excess coverage and carriers. _____________________________________________________________ _____________________________________________________________ 16.Does your firm regularly report to the Market Reports Division of the Federal Reserve Bank of New York as a “primary dealer”? Yes_______ No ________ 17.Is your firm owned by a holding company? Yes______ No________ 18.Does your firm comply with the Federal Reserve Bank’s capital adequacy guidelines? Yes_________ No_________ 19.Does your firm offer investment training to clients? Yes_____ No_____ 20.Does your firm have professional liability insurance? Yes______ No_______ If yes, please provide the insurance carrier, limits and expiration date. _____________________________________________________________ _____________________________________________________________ 21.Is your firm a member of the Financial Industry Regulatory Authority (FINRA)? List your FINRA/NASD Registration Number and attach current FINRA broker check report. No. December 31, 2018 Pershing is audited by KPMG LLP. Please see attached. As trading limits are restricted to suitable recommendations on “fully paid for” securities and MBS is not purchasing in a principal capacity, our capital line and trading limits are not applicable and would not affect us doing business with the City of La Quinta. X In addition to SIPC protection, MBS's clearing firm, Pershing LLC, a BNY Mellon company, provides coverage in excess of SIPC limits from certain underwriters at the Lloyd’s of London insurance market, in conjunction with another commercial insurance company. The excess of SIPC insurance program is valid through Feb. 2020. X X X X X N/A * MBS complies with FINRA 7 _____________________________________________________________ 22.Do you have any relatives who work at the City of La Quinta? Yes______ No_______ If yes, please provide their full name, position and department. _____________________________________________________________ 23.Is your firm currently licensed as a broker/dealer by the State of California? Do you maintain an office in California? _____________________________________________________________ _____________________________________________________________ 24.Do you maintain an office in La Quinta or Riverside County? Yes____ No______ 25.Please enclose the following: Latest audited financial statements; Samples of reports, transaction confirmations and any other research/publications the City would receive if you were approved; Samples of research reports and/or publications that your firm regularly provides to clients; and Complete schedule of fees and charges for transactions. X X Yes. Our CRD registration number is 22098. Please see attached. N/A Yes. MBS maintains an office in Newport Beach. 8 SECTION V: ACKNOWLEDGEMENT and CERTIFICATION My firm will notify the City immediately, by telephone, and, in writing, in the event of a material adverse change in its financial condition, or of any violation of Municipal Securities Rulemaking Board Rule G-37. ***CERTIFICATION*** I hereby certify that I have personally read the Investment Policy of the City of La Quinta and the California Government Codes pertaining to the investments of the City. We have implemented reasonable procedures and a system of controls designed to prevent imprudent investment activities arising out of transactions conducted between our firm and the City of La Quinta. All sales personnel will be routinely informed of the City’s investment objectives, horizons, outlooks, strategies and risk constraints whenever we are so advised by the City. We pledge to exercise due diligence in informing the City of La Quinta of all foreseeable risks associated with financial transactions conducted with our firm. By signing this document, we authorize the City of La Quinta to conduct any and all background checks. Under penalties of perjury, I Certify that the responses to this questionnaire are true and accurate to the best of my knowledge and that I am authorized to execute this request for information. Firm Name: ___________________________________________________ Broker Representative Signature: _______________________ Print Name: _________________ Date: ________________________________________________________ Title: ________________________________________________________ Sales Manager and/or Managing Partner Signature: ________________________ Print Name: _________________ Date: ________________________________________________________ Title: ________________________________________________________ *This form must be signed by a registered principal or an individual with signing authority on behalf of the firm. Multi-Bank Securities, Inc. Peter Yanez 6-6-19 Vice President Merlin Elsner 6-6-19 Chief Compliance Officer Address Phone Fax 1000 Town Center, Suite 2300Southfield, Michigan 48075 (800) 967-9045(248) 291-1100 (248) 291-1101 www.mbssecurities.com 2400 East Commercial Boulevard, Suite 812Ft. Lauderdale, Florida 33308 (800) 967-9045(954) 351-6930 (954) 351-9197 Member of FINRA & SIPC; MSRB Registered. Proudly Veteran-Owned! Peter Yanez Vice President CRD# 2371976 (855) 928-0111 phone/fax pyanez@mbssecurities.com Peter Yanez joined Multi-Bank Securities, Inc. (MBS) in January 2012 as an account executive serving the investment needs of local, state and regional government institutional clients. Today, he operates as a vice president based in the Firm’s Fort Lauderdale, Fla., office. Since joining MBS, Peter has garnered several awards in recognition of his service. He received the company’s New Account Leader Award in 2014, 2015 and 2016, which he earned by opening more accounts than the Firm's other account representatives. Peter also received the eConnectDirect® Account Representative of the Year award in 2014, 2015, 2016 and 2017. This award is given each year to the account representative that generates the most new accounts and most revenue on the eConnectDirect platform out of the Firm’s other account representatives nationwide. Prior to MBS, Peter spent more than a decade working in the financial industry with investment banking firms such as Dean Witter Reynolds (now Morgan Stanley), H.J. Meyers & Company and Prudential Bache Securities. In 1998, Peter became part owner of Herman Alexis & Company, one of the first minority-owned, fully-registered FINRA broker-dealer firms headquartered in Los Angeles. Today, he specializes in fixed- income securities such as U.S. government agencies, U.S. Treasuries, certificates of deposit and mortgage- backed securities. Peter attended Santa Monica College, in Santa Monica, Calif. prior to earning a FINRA General Securities Representative (Series 7) license, a Municipal Advisor Representative (Series 50) license and a Uniform Securities Agent State Law (Series 63) license. Peter is very active within the California government finance community, with current membership in the California Municipal Treasurers Association, the California Society of Municipal Finance Officers and the Association of California Water Agencies. In addition, Peter has been actively involved in soccer since childhood and is currently an AYSO coach for his son’s local youth division. Address Phone Fax 1000 Town Center, Suite 2300Southfield, Michigan 48075 (800) 967-9045(248) 291-1100 (248) 291-1101 www.mbssecurities.com 2400 East Commercial Boulevard, Suite 812Ft. Lauderdale, Florida 33308 (800) 967-9045(954) 351-6930 (954) 351-9197 Member of FINRA & SIPC; MSRB Registered. Proudly Veteran-Owned! Darryl Maccagnone Senior Vice President CRD# 1831477 (800) 967-9025 phone/fax darrylmac@mbssecurities.com Darryl Maccagnone serves as a senior vice president, sales manager and service educator at Multi-Bank Securities, Inc. (MBS). Darryl’s career in the securities industry began in 1985 as an institutional broker with expertise in fixed- income products. Outside of MBS, Darryl’s experience includes working at a Detroit-based brokerage firm, where he ran the wholesale/bond desk and was the firm’s fixed-income educator. As the sales manager and service educator at MBS, Darryl oversees all product training, portfolio strategies and regulatory requirements as they relate to the diverse institutional marketplace. Darryl has attained several FINRA licenses, including a General Securities Representative (Series 7), a General Securities Principal (Series 24) and a Uniform Securities Agent State Law Representative (Series 63). He has been married to his wife, Patty, since 1985. Darryl and Patty live in Clarkston, Mich., with their children Cody, Carson, Camden and Cayd. Darryl is very active in his community, church and a member of the Detroit Economic Club. His hobbies include playing golf, board games, card games and Fantasy Football. Address Phone Fax 1000 Town Center, Suite 2300Southfield, Michigan 48075 (800) 967-9045(248) 291-1100 (248) 291-1101 www.mbssecurities.com 2400 East Commercial Boulevard, Suite 812Ft. Lauderdale, Florida 33308 (800) 967-9045(954) 351-6930 (954) 351-9197 Member of FINRA & SIPC; MSRB Registered. Proudly Veteran-Owned! Clearing Information We understand the importance of safekeeping your investments and have chosen Pershing LLC. (Pershing) to provide a full range of clearing and settlement services. As an introducing broker to Pershing, Multi-Bank Securities, Inc. (MBS) does not handle your money or securities as recommended by GFOA, instead it is placed in your account with Pershing. As required, Pershing segregates investor assets, which are fully paid-for, from its own assets. Therefore, in the unlikely event of the financial failure of Pershing, investors’ fully paid-for assets will remain separate from Pershing’s own assets. KPMG, LLP audits our clearing firm, Pershing, LLC. BrokerCheck Report MULTI-BANK SECURITIES, INC. Section Title Report Summary Firm History CRD# 22098 1 8 Firm Profile 2 - 7 Page(s) Firm Operations 9 - 15 Disclosure Events 16 About BrokerCheck® BrokerCheck offers information on all current, and many former, registered securities brokers, and all current and former registered securities firms. FINRA strongly encourages investors to use BrokerCheck to check the background of securities brokers and brokerage firms before deciding to conduct, or continue to conduct, business with them. ·What is included in a BrokerCheck report? ·BrokerCheck reports for individual brokers include information such as employment history, professional qualifications, disciplinary actions, criminal convictions, civil judgments and arbitration awards. BrokerCheck reports for brokerage firms include information on a firm’s profile, history, and operations, as well as many of the same disclosure events mentioned above. ·Please note that the information contained in a BrokerCheck report may include pending actions or allegations that may be contested, unresolved or unproven. In the end, these actions or allegations may be resolved in favor of the broker or brokerage firm, or concluded through a negotiated settlement with no admission or finding of wrongdoing. ·Where did this information come from? ·The information contained in BrokerCheck comes from FINRA’s Central Registration Depository, or CRD® and is a combination of: o information FINRA and/or the Securities and Exchange Commission (SEC) require brokers and brokerage firms to submit as part of the registration and licensing process, and o information that regulators report regarding disciplinary actions or allegations against firms or brokers. ·How current is this information? ·Generally, active brokerage firms and brokers are required to update their professional and disciplinary information in CRD within 30 days. Under most circumstances, information reported by brokerage firms, brokers and regulators is available in BrokerCheck the next business day. ·What if I want to check the background of an investment adviser firm or investment adviser representative? ·To check the background of an investment adviser firm or representative, you can search for the firm or individual in BrokerCheck. If your search is successful, click on the link provided to view the available licensing and registration information in the SEC's Investment Adviser Public Disclosure (IAPD) website at https://www.adviserinfo.sec.gov. In the alternative, you may search the IAPD website directly or contact your state securities regulator at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/P455414. ·Are there other resources I can use to check the background of investment professionals? ·FINRA recommends that you learn as much as possible about an investment professional before deciding to work with them. Your state securities regulator can help you research brokers and investment adviser representatives doing business in your state. · Thank you for using FINRA BrokerCheck. For more information about FINRA, visit www.finra.org. Using this site/information means that you accept the FINRA BrokerCheck Terms and Conditions. A complete list of Terms and Conditions can be found at For additional information about the contents of this report, please refer to the User Guidance or www.finra.org/brokercheck. It provides a glossary of terms and a list of frequently asked questions, as well as additional resources. brokercheck.finra.org MULTI-BANK SECURITIES, INC. CRD# 22098 SEC# 8-39547 Main Office Location 1000 TOWN CENTER #2300 SOUTHFIELD, MI 48075 Regulated by FINRA Chicago Office Mailing Address 1000 TOWN CENTER #2300 SOUTHFIELD, MI 48075 Business Telephone Number 248-291-1100 Report Summary for this Firm This report summary provides an overview of the brokerage firm. Additional information for this firm can be found in the detailed report. Disclosure Events Brokerage firms are required to disclose certain criminal matters, regulatory actions, civil judicial proceedings and financial matters in which the firm or one of its control affiliates has been involved. Are there events disclosed about this firm?Yes The following types of disclosures have been reported: Type Count Regulatory Event 4 Firm Profile This firm is classified as a corporation. This firm was formed in Michigan on 08/17/1987. Its fiscal year ends in December. Firm History Information relating to the brokerage firm's history such as other business names and successions (e.g., mergers, acquisitions) can be found in the detailed report. Firm Operations Is this brokerage firm currently suspended with any regulator?No This firm conducts 13 types of businesses. This firm is not affiliated with any financial or investment institutions. This firm has referral or financial arrangements with other brokers or dealers. This firm is registered with: • the SEC • 1 Self-Regulatory Organization • 53 U.S. states and territories www.finra.org/brokercheck User Guidance 1©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance This firm is classified as a corporation. This firm was formed in Michigan on 08/17/1987. CRD# This section provides the brokerage firm's full legal name, "Doing Business As" name, business and mailing addresses, telephone number, and any alternate name by which the firm conducts business and where such name is used. Firm Profile Firm Names and Locations Its fiscal year ends in December. MULTI-BANK SECURITIES, INC. SEC# 22098 8-39547 Main Office Location Mailing Address Business Telephone Number Doing business as MULTI-BANK SECURITIES, INC. 248-291-1100 Regulated by FINRA Chicago Office 1000 TOWN CENTER #2300 SOUTHFIELD, MI 48075 1000 TOWN CENTER #2300 SOUTHFIELD, MI 48075 2©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance This section provides information relating to all direct owners and executive officers of the brokerage firm. Direct Owners and Executive Officers Firm Profile Position Percentage of Ownership Is this a public reporting company? Position Start Date Does this owner direct the management or policies of the firm? MULTI-BANK SERVICES, LTD. SOLE SHAREHOLDER 75% or more No Domestic Entity 08/1987 Yes Is this a domestic or foreign entity or an individual? Legal Name & CRD# (if any): Position Percentage of Ownership Is this a public reporting company? Position Start Date Does this owner direct the management or policies of the firm? DREWS, MICHAEL WAYNE VICE CHAIRMAN Less than 5% No Individual 07/2012 Yes 1664216 Is this a domestic or foreign entity or an individual? Legal Name & CRD# (if any): Position Percentage of Ownership Position Start Date ELSNER, MERLIN AUBERON CCO Less than 5% Individual 08/2009 5593423 Is this a domestic or foreign entity or an individual? Legal Name & CRD# (if any): 3©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Direct Owners and Executive Officers (continued) Firm Profile Percentage of Ownership Is this a public reporting company? Does this owner direct the management or policies of the firm? Less than 5% No No Position Percentage of Ownership Is this a public reporting company? Position Start Date Does this owner direct the management or policies of the firm? KARSNER, MICHAEL STEPHEN CHIEF FINANCIAL OFFICER/TREASURER Less than 5% No Individual 07/2012 Yes 5751851 Is this a domestic or foreign entity or an individual? Legal Name & CRD# (if any): Position Percentage of Ownership Is this a public reporting company? Position Start Date Does this owner direct the management or policies of the firm? MACCAGNONE, DAVID THOMAS CEO, CHAIRMAN Less than 5% No Individual 12/1988 Yes 811479 Is this a domestic or foreign entity or an individual? Legal Name & CRD# (if any): MACCAGNONE, JEFFERY THOMAS 2077369 Legal Name & CRD# (if any): 4©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Direct Owners and Executive Officers (continued) Firm Profile Position Percentage of Ownership Is this a public reporting company? Position Start Date Does this owner direct the management or policies of the firm? PRESIDENT/SECRETARY Less than 5% No Individual 07/2012 Yes 2077369 Is this a domestic or foreign entity or an individual? 5©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance This section provides information relating to any indirect owners of the brokerage firm. Indirect Owners Firm Profile MACCAGNONE, DAVID THOMAS CHAIRMAN, CEO, PRESIDENT, DIRECTOR MULTI-BANK SERVICES, LTD. 50% but less than 75% No Individual 03/1988 Yes 811479 Legal Name & CRD# (if any): Is this a domestic or foreign entity or an individual? Company through which indirect ownership is established Relationship to Direct Owner Relationship Established Percentage of Ownership Does this owner direct the management or policies of the firm? Is this a public reporting company? DREWS, MICHAEL WAYNE DIRECTOR MULTI-BANK SERVICES, LTD. Other General Partners No Individual 07/2012 Yes 1664216 Legal Name & CRD# (if any): Is this a domestic or foreign entity or an individual? Company through which indirect ownership is established Relationship to Direct Owner Relationship Established Percentage of Ownership Does this owner direct the management or policies of the firm? Is this a public reporting company? MACCAGNONE, JEFFERY THOMAS 2077369 Legal Name & CRD# (if any): 6©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Indirect Owners (continued) Firm Profile SECRETARY/TREASRER/DIRECTOR MULTI-BANK SERVICES, LTD. Other General Partners No Individual 07/2012 Yes 2077369 Is this a domestic or foreign entity or an individual? Company through which indirect ownership is established Relationship to Direct Owner Relationship Established Percentage of Ownership Does this owner direct the management or policies of the firm? Is this a public reporting company? 7©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Firm History This section provides information relating to any successions (e.g., mergers, acquisitions) involving the firm. No information reported. 8©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Firm Operations Registrations This section provides information about the regulators (Securities and Exchange Commission (SEC), self-regulatory organizations (SROs), and U.S. states and territories) with which the brokerage firm is currently registered and licensed, the date the license became effective, and certain information about the firm's SEC registration. This firm is currently registered with the SEC, 1 SRO and 53 U.S. states and territories. SEC Registration Questions This firm is registered with the SEC as: A broker-dealer: A broker-dealer and government securities broker or dealer: A government securities broker or dealer only: This firm has ceased activity as a government securities broker or dealer: Yes Yes No No Federal Regulator Status Date Effective SEC Approved 05/06/1988 Self-Regulatory Organization Status Date Effective FINRA Approved 12/23/1988 9©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Firm Operations Registrations (continued) U.S. States & Territories Status Date Effective Alabama Approved 11/07/1994 Alaska Approved 03/27/1997 Arizona Approved 10/11/2001 Arkansas Approved 05/02/1997 California Approved 03/30/1994 Colorado Approved 04/23/1991 Connecticut Approved 08/20/1998 Delaware Approved 10/11/1994 District of Columbia Approved 03/30/1994 Florida Approved 02/05/1991 Georgia Approved 02/28/1994 Hawaii Approved 04/05/1995 Idaho Approved 03/20/1997 Illinois Approved 07/13/1989 Indiana Approved 03/24/1997 Iowa Approved 03/31/1994 Kansas Approved 05/04/1994 Kentucky Approved 03/08/1994 Louisiana Approved 09/07/1994 Maine Approved 05/24/1994 Maryland Approved 03/11/1994 Massachusetts Approved 07/25/1994 Michigan Approved 08/31/1988 Minnesota Approved 09/02/1994 Mississippi Approved 03/04/1994 Missouri Approved 05/02/2002 Montana Approved 02/14/1994 Nebraska Approved 11/02/1994 Nevada Approved 05/23/1994 New Hampshire Approved 09/28/1995 New Jersey Approved 11/09/1994 New Mexico Approved 08/02/1994 New York Approved 06/05/1996 U.S. States & Territories Status Date Effective North Carolina Approved 08/02/1994 North Dakota Approved 04/25/1997 Ohio Approved 11/21/1994 Oklahoma Approved 06/04/1991 Oregon Approved 04/04/1997 Pennsylvania Approved 03/07/1994 Puerto Rico Approved 02/10/2000 Rhode Island Approved 03/02/1994 South Carolina Approved 08/04/1994 South Dakota Approved 03/04/1994 Tennessee Approved 08/04/1994 Texas Approved 06/29/1990 Utah Approved 01/19/1994 Vermont Approved 06/18/1997 Virgin Islands Approved 01/30/2012 Virginia Approved 05/16/1994 Washington Approved 10/04/1989 West Virginia Approved 01/28/1994 Wisconsin Approved 09/06/1991 Wyoming Approved 08/08/1994 10©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Firm Operations Types of Business This section provides the types of business, including non-securities business, the brokerage firm is engaged in or expects to be engaged in. Other Types of Business This firm does effect transactions in commodities, commodity futures, or commodity options. This firm does not engage in other non-securities business. Non-Securities Business Description: This firm currently conducts 13 types of businesses. Types of Business Broker or dealer retailing corporate equity securities over-the-counter Broker or dealer selling corporate debt securities Underwriter or selling group participant (corporate securities other than mutual funds) Mutual fund retailer U S. government securities dealer U S. government securities broker Municipal securities dealer Municipal securities broker Solicitor of time deposits in a financial institution Put and call broker or dealer or option writer Trading securities for own account Private placements of securities Broker or dealer selling interests in mortgages or other receivables 11©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Firm Operations Clearing Arrangements This firm does not hold or maintain funds or securities or provide clearing services for other broker-dealer(s). Introducing Arrangements This firm does refer or introduce customers to other brokers and dealers. Name:PERSHING LLC Business Address:ONE PERSHING PLAZA JERSEY CITY, NJ 07399 CRD #:7560 Effective Date:03/10/2010 Description:PERSHING LLC ACTS AS CORRESPONDENT CLEARING AGENT ON A FULLY DISCLOSED BASIS FOR MULTI-BANK SECURITIES, INC. CUSTOMERS ARE INTRODUCED TO PERSHING LLC ON A FULLY DISCLOSED BASIS. 12©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Firm Operations Industry Arrangements This firm does have books or records maintained by a third party. This firm does have accounts, funds, or securities maintained by a third party. This firm does have customer accounts, funds, or securities maintained by a third party. This firm does not have individuals who control its management or policies through agreement. Control Persons/Financing Name:PERSHING LLC Business Address:ONE PERSHING PLAZA JERSEY CITY, NJ 07399 CRD #:7560 Effective Date:03/10/2010 Description:PERSHING LLC ACTS AS CORRESPONDENT CLEARING AGENT ON A FULLY DISCLOSED BASIS FOR MULTI-BANK SECURITIES, INC. CUSTOMERS ARE INTRODUCED TO PERSHING LLC ON A FULLY DISCLOSED BASIS. Name:PERSHING LLC Business Address:ONE PERSHING PLAZA JERSEY CITY, NJ 07399 CRD #:7560 Effective Date:03/10/2010 Description:PERSHING LLC ACTS AS CORRESPONDENT CLEARING AGENT ON A FULLY DISCLOSED BASIS FOR MULTI-BANK SECURITIES, INC. CUSTOMERS ARE INTRODUCED TO PERSHING LLC ON A FULLY DISCLOSED BASIS. Name:PERSHING LLC Business Address:ONE PERSHING PLAZA JERSEY CITY, NJ 07399 CRD #:7560 Effective Date:03/10/2010 Description:PERSHING LLC ACTS AS CORRESPONDENT CLEARING AGENT ON A FULLY DISCLOSED BASIS FOR MULTI-BANK SECURITIES, INC. CUSTOMERS ARE INTRODUCED TO PERSHING LLC ON A FULLY DISCLOSED BASIS. 13©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Firm Operations Industry Arrangements (continued) This firm does not have individuals who wholly or partly finance the firm's business. 14©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Firm Operations Organization Affiliates This section provides information on control relationships the firm has with other firms in the securities, investment advisory, or banking business. This firm is not, directly or indirectly: ·in control of ·controlled by ·or under common control with the following partnerships, corporations, or other organizations engaged in the securities or investment advisory business. This firm is not directly or indirectly, controlled by the following: ·bank holding company ·national bank ·state member bank of the Federal Reserve System ·state non-member bank ·savings bank or association ·credit union ·or foreign bank 15©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Disclosure Events All firms registered to sell securities or provide investment advice are required to disclose regulatory actions, criminal or civil judicial proceedings, and certain financial matters in which the firm or one of its control affiliates has been involved. For your convenience, below is a matrix of the number and status of disclosure events involving this brokerage firm or one of its control affiliates. Further information regarding these events can be found in the subsequent pages of this report. Final On AppealPending Regulatory Event 0 4 0 16©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Disclosure Event Details What you should know about reported disclosure events: 1.BrokerCheck provides details for any disclosure event that was reported in CRD. It also includes summary information regarding FINRA arbitration awards in cases where the brokerage firm was named as a respondent. 2.Certain thresholds must be met before an event is reported to CRD, for example: o A law enforcement agency must file formal charges before a brokerage firm is required to disclose a particular criminal event. 3.Disclosure events in BrokerCheck reports come from different sources: o Disclosure events for this brokerage firm were reported by the firm and/or regulators. When the firm and a regulator report information for the same event, both versions of the event will appear in the BrokerCheck report. The different versions will be separated by a solid line with the reporting source labeled. 4.There are different statuses and dispositions for disclosure events: o A disclosure event may have a status of pending, on appeal,or final. §A "pending" event involves allegations that have not been proven or formally adjudicated. §An event that is "on appeal" involves allegations that have been adjudicated but are currently being appealed. §A "final" event has been concluded and its resolution is not subject to change. o A final event generally has a disposition of adjudicated, settled or otherwise resolved. §An "adjudicated" matter includes a disposition by (1) a court of law in a criminal or civil matter, or (2) an administrative panel in an action brought by a regulator that is contested by the party charged with some alleged wrongdoing. §A "settled" matter generally involves an agreement by the parties to resolve the matter. Please note that firms may choose to settle customer disputes or regulatory matters for business or other reasons. §A "resolved" matter usually involves no payment to the customer and no finding of wrongdoing on the part of the individual broker. Such matters generally involve customer disputes. 5.You may wish to contact the brokerage firm to obtain further information regarding any of the disclosure events contained in this BrokerCheck report. Regulatory - Final This type of disclosure event involves (1) a final, formal proceeding initiated by a regulatory authority (e.g., a state securities agency, self-regulatory organization, federal regulator such as the U.S. Securities and Exchange Commission, foreign financial regulatory body) for a violation of investment-related rules or regulations; or (2) a revocation or suspension of the authority of a brokerage firm or its control affiliate to act as an attorney, accountant or federal contractor. Disclosure 1 of 4 Reporting Source:Regulator Allegations:WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO ADEQUATELY DISCLOSE TO ITS MUNICIPAL CUSTOMERS WHETHER IT WAS ACTING AS A MUNICIPAL ADVISOR (MA) OR MERELY A BROKER-DEALER IN MUNICIPAL TRANSACTIONS, AND IT DID NOT HAVE ADEQUATE PROCEDURES IN PLACE TO ENSURE COMPLIANCE WITH THE NEW MUNICIPAL ADVISOR RULES. THE FINDINGS STATED THAT UNDER THESE NEW RULES, SUBJECT TO CERTAIN EXEMPTIONS, ANY PERSON WHO PROVIDES ADVICE TO ANY MUNICIPAL ENTITY CONCERNING THE INVESTMENT OF PROCEEDS OF THE ISSUANCE OF MUNICIPAL SECURITIES OR ESCROW INVESTMENTS IS ACTING AS AN MA. PURSUANT TO SECURITIES EXCHANGE ACT RULE 15B, AN MA AND ANY PERSON ASSOCIATED WITH SUCH MA SHALL BE DEEMED TO HAVE A FIDUCIARY DUTY TO ANY MUNICIPAL ENTITY FOR WHOM IT ACTS AS A MUNICIPAL ADVISOR. THE FIRM REGISTERED AS AN MA WITH THE SECURITIES EXCHANGE COMMISSION AND IT SENT A CONSENT FORM TO ITS MUNICIPAL CUSTOMERS THAT DISCLOSED THAT IT HAD REGISTERED AS AN MA, THAT IT INTENDED TO ACT AS A BROKER-DEALER AND NOT AS AN MA, AND CERTAIN OTHER REQUIREMENTS AND DISCLOSURES OF MAS. THE CONSENT FORM ALSO REQUIRED THAT THE CLIENT DISCLOSE WHETHER THE INVESTED PROCEEDS ORIGINATED FROM BOND PROCEEDS. THE CONSENT FORM WAS VAGUE AND CONFUSING BECAUSE IT DID NOT ADEQUATELY DISCLOSE WHETHER THE FIRM WOULD BE ACTING AS AN MA, OR MERELY AS A BROKER-DEALER. AS A RESULT, THE FIRM VIOLATED MSRB RULE THAT REQUIRES EACH MUNICIPAL SECURITIES DEALER AND MA TO DEAL FAIRLY WITH ALL PERSONS. IN ADDITION, THE FIRM DID NOT HAVE ADEQUATE WRITTEN SUPERVISORY PROCEDURES AND PROCESSES IN PLACE TO ASCERTAIN WHETHER IT WAS ACTING AS AN MA, WHETHER AN EXEMPTION FROM MA STATUS APPLIED, WHETHER THE MUNICIPALITY WAS INVESTING BOND PROCEEDS AND THE NATURE AND SCOPE OF THE REQUIRED DISCLOSURES, DURING ANY TIMES IT WAS ACTING AS AN MA. CONSEQUENTLY, THE FIRM VIOLATED THE APPLICABLE MSRB RULE. THE FINDINGS ALSO STATED THAT THE FIRM DID NOT HAVE ADEQUATE PROCEDURES IN PLACE TO ENSURE COMPLIANCE WITH ASPECTS OF THE MARKET ACCESS RULE. THE FIRM FAILED TO ESTABLISH ADEQUATE WRITTEN SUPERVISORY PROCEDURES REASONABLY DESIGNED TO SYSTEMATICALLY LIMIT THE FINANCIAL EXPOSURE THAT COULD ARISE AS A RESULT OF MARKET ACCESS, INCLUDING PREVENTING THE ENTRY OF ORDERS THAT EXCEED APPROPRIATE PRE-SET CREDIT OR CAPITAL THRESHOLDS, AND PREVENTING THE ENTRY OF ERRONEOUS ORDERS. THE FIRM ALSO FAILED TO DOCUMENT THE RISK MANAGEMENT CONTROLS AND SUPERVISORY CONTROLS IT HAD IN PLACE WITH THE ALTERNATIVE TRADING SYSTEMS TO PREVENT, ON A PRE-ORDER BASIS, DUPLICATIVE OR ERRONEOUS ORDERS, OR ORDERS THAT EXCEEDED PRE-SET CREDIT OR CAPITAL THRESHOLDS. Current Status:Final 17©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Allegations:WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO ADEQUATELY DISCLOSE TO ITS MUNICIPAL CUSTOMERS WHETHER IT WAS ACTING AS A MUNICIPAL ADVISOR (MA) OR MERELY A BROKER-DEALER IN MUNICIPAL TRANSACTIONS, AND IT DID NOT HAVE ADEQUATE PROCEDURES IN PLACE TO ENSURE COMPLIANCE WITH THE NEW MUNICIPAL ADVISOR RULES. THE FINDINGS STATED THAT UNDER THESE NEW RULES, SUBJECT TO CERTAIN EXEMPTIONS, ANY PERSON WHO PROVIDES ADVICE TO ANY MUNICIPAL ENTITY CONCERNING THE INVESTMENT OF PROCEEDS OF THE ISSUANCE OF MUNICIPAL SECURITIES OR ESCROW INVESTMENTS IS ACTING AS AN MA. PURSUANT TO SECURITIES EXCHANGE ACT RULE 15B, AN MA AND ANY PERSON ASSOCIATED WITH SUCH MA SHALL BE DEEMED TO HAVE A FIDUCIARY DUTY TO ANY MUNICIPAL ENTITY FOR WHOM IT ACTS AS A MUNICIPAL ADVISOR. THE FIRM REGISTERED AS AN MA WITH THE SECURITIES EXCHANGE COMMISSION AND IT SENT A CONSENT FORM TO ITS MUNICIPAL CUSTOMERS THAT DISCLOSED THAT IT HAD REGISTERED AS AN MA, THAT IT INTENDED TO ACT AS A BROKER-DEALER AND NOT AS AN MA, AND CERTAIN OTHER REQUIREMENTS AND DISCLOSURES OF MAS. THE CONSENT FORM ALSO REQUIRED THAT THE CLIENT DISCLOSE WHETHER THE INVESTED PROCEEDS ORIGINATED FROM BOND PROCEEDS. THE CONSENT FORM WAS VAGUE AND CONFUSING BECAUSE IT DID NOT ADEQUATELY DISCLOSE WHETHER THE FIRM WOULD BE ACTING AS AN MA, OR MERELY AS A BROKER-DEALER. AS A RESULT, THE FIRM VIOLATED MSRB RULE THAT REQUIRES EACH MUNICIPAL SECURITIES DEALER AND MA TO DEAL FAIRLY WITH ALL PERSONS. IN ADDITION, THE FIRM DID NOT HAVE ADEQUATE WRITTEN SUPERVISORY PROCEDURES AND PROCESSES IN PLACE TO ASCERTAIN WHETHER IT WAS ACTING AS AN MA, WHETHER AN EXEMPTION FROM MA STATUS APPLIED, WHETHER THE MUNICIPALITY WAS INVESTING BOND PROCEEDS AND THE NATURE AND SCOPE OF THE REQUIRED DISCLOSURES, DURING ANY TIMES IT WAS ACTING AS AN MA. CONSEQUENTLY, THE FIRM VIOLATED THE APPLICABLE MSRB RULE. THE FINDINGS ALSO STATED THAT THE FIRM DID NOT HAVE ADEQUATE PROCEDURES IN PLACE TO ENSURE COMPLIANCE WITH ASPECTS OF THE MARKET ACCESS RULE. THE FIRM FAILED TO ESTABLISH ADEQUATE WRITTEN SUPERVISORY PROCEDURES REASONABLY DESIGNED TO SYSTEMATICALLY LIMIT THE FINANCIAL EXPOSURE THAT COULD ARISE AS A RESULT OF MARKET ACCESS, INCLUDING PREVENTING THE ENTRY OF ORDERS THAT EXCEED APPROPRIATE PRE-SET CREDIT OR CAPITAL THRESHOLDS, AND PREVENTING THE ENTRY OF ERRONEOUS ORDERS. THE FIRM ALSO FAILED TO DOCUMENT THE RISK MANAGEMENT CONTROLS AND SUPERVISORY CONTROLS IT HAD IN PLACE WITH THE ALTERNATIVE TRADING SYSTEMS TO PREVENT, ON A PRE-ORDER BASIS, DUPLICATIVE OR ERRONEOUS ORDERS, OR ORDERS THAT EXCEEDED PRE-SET CREDIT OR CAPITAL THRESHOLDS. 18©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Initiated By:FINRA Principal Sanction(s)/Relief Sought: Other Sanction(s)/Relief Sought: Date Initiated:04/10/2017 Docket/Case Number:2016048230901 Principal Product Type:No Product Other Product Type(s): WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TOADEQUATELY DISCLOSE TO ITS MUNICIPAL CUSTOMERS WHETHER IT WASACTING AS A MUNICIPAL ADVISOR (MA) OR MERELY A BROKER-DEALER INMUNICIPAL TRANSACTIONS, AND IT DID NOT HAVE ADEQUATEPROCEDURES IN PLACE TO ENSURE COMPLIANCE WITH THE NEWMUNICIPAL ADVISOR RULES. THE FINDINGS STATED THAT UNDER THESENEW RULES, SUBJECT TO CERTAIN EXEMPTIONS, ANY PERSON WHOPROVIDES ADVICE TO ANY MUNICIPAL ENTITY CONCERNING THEINVESTMENT OF PROCEEDS OF THE ISSUANCE OF MUNICIPALSECURITIES OR ESCROW INVESTMENTS IS ACTING AS AN MA. PURSUANTTO SECURITIES EXCHANGE ACT RULE 15B, AN MA AND ANY PERSONASSOCIATED WITH SUCH MA SHALL BE DEEMED TO HAVE A FIDUCIARYDUTY TO ANY MUNICIPAL ENTITY FOR WHOM IT ACTS AS A MUNICIPALADVISOR. THE FIRM REGISTERED AS AN MA WITH THE SECURITIESEXCHANGE COMMISSION AND IT SENT A CONSENT FORM TO ITSMUNICIPAL CUSTOMERS THAT DISCLOSED THAT IT HAD REGISTERED ASAN MA, THAT IT INTENDED TO ACT AS A BROKER-DEALER AND NOT AS ANMA, AND CERTAIN OTHER REQUIREMENTS AND DISCLOSURES OF MAS.THE CONSENT FORM ALSO REQUIRED THAT THE CLIENT DISCLOSEWHETHER THE INVESTED PROCEEDS ORIGINATED FROM BONDPROCEEDS. THE CONSENT FORM WAS VAGUE AND CONFUSING BECAUSEIT DID NOT ADEQUATELY DISCLOSE WHETHER THE FIRM WOULD BEACTING AS AN MA, OR MERELY AS A BROKER-DEALER. AS A RESULT, THEFIRM VIOLATED MSRB RULE THAT REQUIRES EACH MUNICIPALSECURITIES DEALER AND MA TO DEAL FAIRLY WITH ALL PERSONS. INADDITION, THE FIRM DID NOT HAVE ADEQUATE WRITTEN SUPERVISORYPROCEDURES AND PROCESSES IN PLACE TO ASCERTAIN WHETHER ITWAS ACTING AS AN MA, WHETHER AN EXEMPTION FROM MA STATUSAPPLIED, WHETHER THE MUNICIPALITY WAS INVESTING BOND PROCEEDSAND THE NATURE AND SCOPE OF THE REQUIRED DISCLOSURES, DURINGANY TIMES IT WAS ACTING AS AN MA. CONSEQUENTLY, THE FIRMVIOLATED THE APPLICABLE MSRB RULE. THE FINDINGS ALSO STATEDTHAT THE FIRM DID NOT HAVE ADEQUATE PROCEDURES IN PLACE TOENSURE COMPLIANCE WITH ASPECTS OF THE MARKET ACCESS RULE.THE FIRM FAILED TO ESTABLISH ADEQUATE WRITTEN SUPERVISORYPROCEDURES REASONABLY DESIGNED TO SYSTEMATICALLY LIMIT THEFINANCIAL EXPOSURE THAT COULD ARISE AS A RESULT OF MARKETACCESS, INCLUDING PREVENTING THE ENTRY OF ORDERS THAT EXCEEDAPPROPRIATE PRE-SET CREDIT OR CAPITAL THRESHOLDS, ANDPREVENTING THE ENTRY OF ERRONEOUS ORDERS. THE FIRM ALSO FAILED TO DOCUMENT THE RISK MANAGEMENT CONTROLS AND SUPERVISORY CONTROLS IT HAD IN PLACE WITH THE ALTERNATIVE TRADING SYSTEMS TO PREVENT, ON A PRE-ORDER BASIS, DUPLICATIVE OR ERRONEOUS ORDERS, OR ORDERS THAT EXCEEDED PRE-SET CREDIT OR CAPITAL THRESHOLDS. Resolution Date:04/10/2017 Resolution: Other Sanctions Ordered: Sanction Details:THE FIRM WAS CENSURED AND FINED $35,000. FINES PAID IN FULL MAY 4, 2017. Does the order constitute a final order based on violations of any laws or regulations that prohibit fraudulent, manipulative, or deceptive conduct? No Sanctions Ordered:Censure Monetary/Fine $35,000.00 Acceptance, Waiver & Consent(AWC) i Reporting Source:Firm Initiated By:FINRA Allegations:MULTI-BANK VIOLATED MSRB RULES G-17 AND G-27 BECAUSE IT FAILED TO ADEQUATELY DISCLOSE TO ITS MUNICIPAL CUSTOMERS WHETHER IT WAS ACTING AS A MUNICIPAL ADVISOR OR MERELY A BROKER-DEALER IN MUNICIPAL TRANSACTIONS, AND BECAUSE IT DID NOT HAVE ADEQUATE PROCEDURES IN PLACE TO ENSURE COMPLIANCE WITH THE NEW MUNICIPAL ADVISOR RULES. MULTI-BANK ALSO VIOLATED SEA RULE 15C3- 5 AND FINRA RULE 3110 BECAUSE IT DID NOT HAVE ADEQUATE PROCEDURES IN PLACE TO ENSURE COMPLIANCE WITH ASPECTS OF THE MARKET ACCESS RULE. Current Status:Final 19©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Initiated By:FINRA Principal Sanction(s)/Relief Sought: Censure Other Sanction(s)/Relief Sought: Date Initiated:04/10/2017 Docket/Case Number:2016048230901 Principal Product Type:No Product Other Product Type(s): Resolution Date:05/03/2017 Resolution: Other Sanctions Ordered: Sanction Details:MULTI-BANK VIOLATED MSRB RULES G-17 AND G-27 BECAUSE IT FAILED TO ADEQUATELY DISCLOSE TO ITS MUNICIPAL CUSTOMERS WHETHER IT WAS ACTING AS A MUNICIPAL ADVISOR OR MERELY A BROKER-DEALER IN MUNICIPAL TRANSACTIONS, AND BECAUSE IT DID NOT HAVE ADEQUATE PROCEDURES IN PLACE TO ENSURE COMPLIANCE WITH THE NEW MUNICIPAL ADVISOR RULES. MULTI-BANK ALSO VIOLATED SEA RULE 15C3- 5 AND FINRA RULE 3110 BECAUSE IT DID NOT HAVE ADEQUATE PROCEDURES IN PLACE TO ENSURE COMPLIANCE WITH ASPECTS OF THE MARKET ACCESS RULE. Firm Statement FINRA DEPOSITED OUR PAYMENT PER REVIEW OF PAYMENT SUBMITTED Sanctions Ordered:Censure Monetary/Fine $35,000.00 Acceptance, Waiver & Consent(AWC) Disclosure 2 of 4 i Reporting Source:Regulator Initiated By:FINRA Allegations:WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TO REPORT THE CORRECT TIME OF TRADE EXECUTION FOR TRANSACTIONS IN TRADE REPORTING AND COMPLIANCE ENGINE (TRACE)-ELIGIBLE SECURITIZED PRODUCTS TO TRACE; FAILED TO REPORT TRANSACTIONS IN TRACE-ELIGIBLE SECURITIZED PRODUCTS WITHIN 15 MINUTES OF THE TIME OF EXECUTION TO TRACE; AND FAILED TO SHOW THE CORRECT TIME OF EXECUTION ON THE MEMORANDUM OF BROKERAGE ORDERS. Current Status:Final 20©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Initiated By:FINRA Principal Sanction(s)/Relief Sought: Other Sanction(s)/Relief Sought: Date Initiated:05/08/2015 Docket/Case Number:2014040026601 Principal Product Type:Other Other Product Type(s):UNSPECIFIED SECURITIES Resolution Date:05/08/2015 Resolution: Other Sanctions Ordered: Sanction Details:THE FIRM WAS CENSURED AND FINED $7,500. FINE PAID IN FULL ON 5/22/2015. Does the order constitute a final order based on violations of any laws or regulations that prohibit fraudulent, manipulative, or deceptive conduct? No Sanctions Ordered:Censure Monetary/Fine $7,500.00 Acceptance, Waiver & Consent(AWC) i Reporting Source:Firm Initiated By:FINRA Principal Sanction(s)/Relief Sought: Censure Date Initiated:02/05/2015 Docket/Case Number:20140400266 Principal Product Type:Other Other Product Type(s):SECURITIZED PRODUCTS Allegations:AS A RESULT OF ITS SWEEP, FINRA FOUND THAT THE FIRM INCORRECTLY RECORDED AND REPORTED THE TIME OF EXECUTION OF CERTAIN INTER- DEALER TRANSACTIONS. Current Status:Final 21©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Principal Sanction(s)/Relief Sought: Censure Other Sanction(s)/Relief Sought: FINE OF $7,500 Resolution Date:05/07/2015 Resolution: Other Sanctions Ordered:CENSURE AND FINE OF $7,500.00 FINRA FINANCE DEPARTMENT RECEIVED PAYMENT IN FULL ON 05/22/2015 Sanction Details:CENSURE AND FINE OF $7,500.00 Firm Statement FINRA FINANCE DEPARTMENT RECEIVED PAYMENT IN FULL ON 05/22/2015 Sanctions Ordered:Censure Monetary/Fine $7,500.00 Acceptance, Waiver & Consent(AWC) Disclosure 3 of 4 i Reporting Source:Regulator Initiated By:VERMONT SECURITIES DIVISION Principal Sanction(s)/Relief Sought: Other Sanction(s)/Relief Sought: Date Initiated:06/12/1997 Docket/Case Number:97-027-S URL for Regulatory Action: Principal Product Type: Other Product Type(s): Allegations:TRANSACTING BUSINESS AS AN UNREGISTERED BROKER-DEALER. Current Status:Final Resolution Date:06/12/1997 Resolution: Other Sanctions Ordered: Sanction Details:RESPONDENT ENTERED INTO A CONSENT ORDER AND AGREED TO PAY A $1,000.00 ADMINISTRATIVE FINE, $250.00 IN COSTS AND $991.00 IN BACK REGISTRATION FEES AND INTEREST. RESPONDENT IS NOW REGISTERED IN VERMONT. Sanctions Ordered:Monetary/Fine $1,000.00 Consent 22©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Sanction Details:RESPONDENT ENTERED INTO A CONSENT ORDER AND AGREED TO PAY A $1,000.00 ADMINISTRATIVE FINE, $250.00 IN COSTS AND $991.00 IN BACK REGISTRATION FEES AND INTEREST. RESPONDENT IS NOW REGISTERED IN VERMONT. Regulator Statement CONTACT: ENFORCEMENT ATTORNEY 802-828-3420. i Reporting Source:Firm Initiated By:VERMONT SECURITIES DIVISION Principal Sanction(s)/Relief Sought: Other Other Sanction(s)/Relief Sought: TRANSACTING BUSINESS AS AN UNREGISTERED BROKER-DEALER Date Initiated:06/12/1997 Docket/Case Number:97 027 S Principal Product Type:Debt - Government Other Product Type(s):CD'S Allegations:TRANSACTING BUSINESS AS AN UNREGISTERED BROKER-DEALER Current Status:Final Resolution Date:06/18/1997 Resolution: Other Sanctions Ordered:NONE -- FIRM NOW LICENSED IN VERMONT Sanction Details:CONSENT ORDER ENTERED SOLELY FOR PURPOSE OF SETTLEMENT OF THIS MATTER AND IN LIEU OF ANY PROCEEDING OR ACTION. WITHOUT TRIAL OR ADJUDICATION OF ANY ISSUE OR FACT OF LAW WITHOUT EITHER ADMITTING OR DENYING THE TRUTH OF THE COMMISSIONER'S ALLEGATIONS, THE FIRM PAID $1000 ADMINISTRATIVE COST, $250 COSTS, AND $991 BACK REGISTRATION FEES AND INTEREST. Sanctions Ordered:Monetary/Fine $2,241.00 Consent Disclosure 4 of 4 i Reporting Source:Regulator Allegations:CONSENT ORDER ENTERED, ADMINISTRATIVE ASSESSMENT OF $1,000 AND INVESTIGATIVE COSTS OF $500. DENIAL ORDER OF JUNE 16, 1994 (ISSUED DUE TO AN INCOMPLETE B/D APPLICATION) IS HEREBY RESOLVED BY THIS CONSENT ORDER. Current Status:Final 23©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Initiated By:AL Principal Sanction(s)/Relief Sought: Other Sanction(s)/Relief Sought: Date Initiated:06/16/1994 Docket/Case Number:OD-94-0034 URL for Regulatory Action: Principal Product Type: Other Product Type(s): Allegations:CONSENT ORDER ENTERED, ADMINISTRATIVE ASSESSMENT OF $1,000 AND INVESTIGATIVE COSTS OF $500. DENIAL ORDER OF JUNE 16, 1994 (ISSUED DUE TO AN INCOMPLETE B/D APPLICATION) IS HEREBY RESOLVED BY THIS CONSENT ORDER. Resolution Date:11/07/1994 Resolution: Other Sanctions Ordered: Sanction Details:SAME AS ALLEGATIONS Regulator Statement SAME AS ALLEGATIONS CONTACT: ALABAMA SECURITIES COMMISSION (205) 242-2984 Sanctions Ordered: Consent i Reporting Source:Firm Initiated By:STATE OF ALABAMA Principal Sanction(s)/Relief Sought: Denial Other Sanction(s)/Relief Sought: Date Initiated:06/16/1994 Docket/Case Number:OD 940034 AND CO 940034 Principal Product Type:No Product Other Product Type(s): Allegations:DENIAL OF INITIAL BROKER-DEALER APPLICATION Current Status:Final 24©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance Other Sanction(s)/Relief Sought: Resolution Date:11/07/1994 Resolution: Other Sanctions Ordered:CONSENT ORDER Sanction Details:1000.00 ADMINISTRATIVE COST 500.00 DENIAL ORDER BOTH PAID TO RESOLVED DENIAL OF BD APPLICATION CONSENT ORDER FILED NOVEMBER 7, 1994 Firm Statement DURING THE INITIAL APPLICATION TO THE STATE OF ALABAMA, MULTI- BANK SECURITIES, INC. INCORRECTLY FILLED OUT THE PAPERWORK. ALABAMA DENIED REGISTRATION PRIOR TO CORRECTIONS. ALABAMA VACATED THE DENIAL ORDER FOLLOWING THE PAPERWORK CORRECTIONS. Sanctions Ordered:Monetary/Fine $1,500.00 Consent 25©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. www.finra.org/brokercheck User Guidance End of Report This page is intentionally left blank. 26©2019 FINRA. All rights reserved. Report about MULTI-BANK SECURITIES, INC. Address Phone Fax 1000 Town Center, Suite 2300Southfield, Michigan 48075 (800) 967-9045(248) 291-1100 (248) 291-1101 www.mbssecurities.com 2400 East Commercial Boulevard, Suite 812Ft. Lauderdale, Florida 33308 (800) 967-9045(954) 351-6930 (954) 351-9197 Member of FINRA & SIPC; MSRB Registered. Proudly Veteran-Owned! Regarding reports, transactions, confirmations and paper trails Monthly reporting will be provided by our safekeeping agent. The monthly report will be available two business days after the end of the month. The report will include a summary of the activity for the month, as well as position descriptions, market values, interest accruals and annual cash flow projections. These reports will be provided free of charge. Reporting will be provided as a hard copy and online through a secure website. Access to your account is for your convenience and available 24/7. Included is a copy of a monthly statement. Safekeeping, as recommended by GFOA, is through a third party. We have a correspondent relationship with Pershing, LLC (Pershing), which will provide these capabilities for you at no cost. Pershing meets or exceeds all the qualifications recommended by the GFOA. Account Number: RMB 012345 Statement Period: 06/01/2012 - 06/30/2012 HAWAII LAW ENFORCEMENT FCU 1537 YOUNG STREET HONOLULU HI 96826 -1934 B0088766CSF30024 Asset Allocation Last Period This Period % Allocation Cash, Money Funds, and FDIC Deposits 1,005,529.68 2,414,259.06 4% Fixed Income 67,039,523.36 65,639,251.58 96% Account Total (Pie Chart)$68,045,053.04 $68,053,510.64 100% See page 2 of this st atement for important information regarding the Asset Allocation section. Asset Allocation percent ages arerounded to the nearest wholepercentage. Pie Chart allocation excludes allasset classes which net to a liability. Account Number: RMB-015181 Statement Period: 06/01/2012 - 06/30/2012 Va luat ion at a Gla nce This Period Beginning Account Value $68,045,053.04 Dividends/Interest 172,036.83 Change in Account Value -163,579.23 Ending Account Value $68,053,510.64 Estimated Annual Income $447,378.50 Your Account Executive: KENNETH SCHILLINGER (800) 967-4504 Page 1 of 40 ABC Federal Bank 123 Main Street Anywhere, US 12345 Your Account Executive: JOE SMITH (800) 967-9045 Registered. JOE SMITH Telephone: (800)967-9045 1000 TOWN CENTER SUITE 2300 E-Mail: customeservice@mbssecurities.com SOUTHFIELD, MI 48075 HAWAII LAW ENFORCEMENT FCUB0088766CSF30024Account Number: RMB-015181 Page 2 of 40 Asset Allocation Disclosure a nd Foot notes NOTE: Unpriced securities in your account may cause the tot al brokerage account assets to be understated. Client Service Informat ion Your Account Executive: MAL Contact Information Client Service Information KENNETH SCHILLINGER 24280 WOODWARD AVE PLEASANT RDG MI 48069-1127 Telephone Number: (800) 967-4504 E-Mail Address: customerservice @ mbssecurities.com Service Hours:Weekdays 09:00 a.m. - 05:00 p.m. (EST) Client Service Telephone Number: (800) 967-9045 Web Site: WWW.MBSSECURITIES.COM Investment Objective:NONE SPECIFIED Risk Exposure: NONE SPECIFIED Please discuss your investment objective with your Account Executive. Default Tax Lot Disposition Method for Mutual Funds : FIRST IN FIRST OUT Default Tax Lot Disposition Method for Stocks in a Dividend Reinvestment Plan: FIRST IN FIRST OUT Default Tax Lot Disposition Method for All Other Securities: FIRST IN FIRST OUT Income and Expense S ummary Current Period Year -to -Date Taxable Non Taxable Taxable Non Taxable Interest Income Bond Interest 145,659.75 0.00 833,506.35 0.00 Other Interest 26,377.08 0.00 201,288.90 0.00 Total Dividends, Interest, Income and Expenses $172,036.83 $0.00 $1,034,795.25 $0.00 Distributions Other Distributions 0.00 1,093,535.45 0.00 4,374,311.74 Total Distributions $0.00 $1,093,535.45 $0.00 $4,374,311.74 Accrued Interest Summa ry Current Period Year -to -Date Taxable Non Taxable Taxable Non Taxable Accrued Interest Paid Asset Backed Securities -4,916.64 0.00 -52,675.00 0.00 Total Accrued Interest Paid -$4,916.64 $0.00 -$52,675.00 $0.00 Accrued Interest Received Asset Backed Securities 4,631.63 0.00 4,631.63 0.00 Other Government Bond 0.00 0.00 39,163.06 0.00 Total Accrued Interest Received $4,631.63 $0.00 $43,794.69 $0.00 Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01/2012 - 06 /30/2012 Account Number: RMB-015181 Page 3 of 40 Portfolio Holdings Quantity Description Opening Balance Closing Balance Accrued Income 30 -day Yield Cash, Money Funds, and FDIC Deposits 4.00% of Portfolio Cash Balance 1,005,529.68 2,414,259.06 Total Cash, Money Funds, and FDIC Deposits $1,005,529.68 $2,414,259.06 $0.00 Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income 96.00% of Portfolio (In Maturity Date Sequence) Certificates of Deposit 99,000.0001 1STATE BK LIZTON IND CTF DEP ACT/365 MONTHLY 2.800% 07/02/12 B/E DTD 07/01/09 1ST CPN DTE 08/01/09 Security Identifier: 856309AA7 100.0000 99,000.00 220.24 2,772.00 2.80% 150,000.0001 1HUNTINGTON NATL BK COLUMBUS OHIO CTF DEP ACT/365 1.050% 07/23/12 B/E DTD 07/23/10 1ST CPN DTE 01/23/11 Security Identifier: 446438LM3 100.0400 150,060.00 686.10 1,575.00 1.04% 248,000.000 BANK OF CHINA NEW YORK CITY NY CTF DEP ACT/365 0.750% 09/24/12 B/E DTD 09/22/10 1ST CPN DTE 03/22/11 Security Identifier: 06425PLX4 100.1490 248,369.52 509.59 1,860.00 0.74% 99,000.000 PINNACLE BK SOUTH CAROLINA GREENVILLE CTF DEP ACT/365 2.650% 10/09/12 B/E DTD 04/08/09 1ST CPN DTE 05/08/09 Security Identifier: 723459AR4 100.6650 99,658.35 158.13 2,623.50 2.63% 99,000.000 CAPITAL BK LITTLE ROCK ARK CTF DEP ACT/365 2.600% 10/22/12 B/E DTD 04/22/09 1ST CPN DTE 05/22/09 Security Identifier: 139797DC5 100.7170 99,709.83 56.42 2,574.00 2.58% 249,000.000 USAMERIBANK LARGO FLA CTF DEP ACT/365 0.650% 11/19/12 B/E DTD 11/19/10 1ST CPN DTE 12/19/10 CPN PMT MONTHLY Security Identifier: 917312BF6 100.2290 249,570.21 48.78 1,618.50 0.64% Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 4 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 98,000.000 SOUTHERN CMNTY BK & TR WINSTON SALEM N C CTF DEP ACT/365 3.000% 11/20/12 B/E DTD 05/20/09 1ST CPN DTE 11/20/09 Security Identifier: 842630EQ4 100.9750 98,955.50 330.25 2,940.00 2.97% 99,000.000 SYRINGA BK BOISE IDAHO CTF DEP ACT/365 4.250% 11/26/12 B/E DTD 11/25/08 1ST CPN DTE 12/25/08 Security Identifier: 87182PBV2 101.5000 100,485.00 57.64 4,207.50 4.18% 99,000.000 COMMERCEWEST BK N A CTF DEP ACT/365 4.250% 11/28/12 B/E DTD 11/28/08 1ST CPN DTE 12/28/08 CPN PMT MONTHLY Security Identifier: 20084TEW9 101.5200 100,504.80 23.05 4,207.50 4.18% 249,000.000 BUCKS CNTY BK DOYLESTOWN PA CTF DEP ACT/365 0.600% 12/10/12 B/E DTD 12/10/10 1ST CPN DTE 01/10/11 Security Identifier: 118545BE1 100.2620 249,652.38 81.86 1,494.00 0.59% 249,000.000 PLUS INTL BK MIAMI FLA CTF DEP DTD 09/21/2010 ACT/365 MONTHLY 0.750% 12/21/12 B/E DTD 09/21/10 Security Identifier: 72940UEW1 100.3720 249,926.28 46.05 1,867.50 0.74% 248,000.000 JOHNSON BK RACINE WIS CTF DEP ACT/365 0.800% 12/24/12 B/E DTD 09/24/10 1ST CPN DTE 03/24/11 Security Identifier: 47816HET0 100.3790 248,939.92 532.69 1,984.00 0.79% 99,000.000 PROFESSIONAL BUSINESS BK PASADENA CALIF CTF DEP ACT/365 3.000% 12/28/12 B/E DTD 06/29/09 Security Identifier: 74311WBA5 101.2240 100,211.76 8.14 2,970.00 2.96% 249,000.000 WILMINGTON TR CO DEL CTF DEP ACT/365 1.400% 01/22/13 B/E DTD 07/21/10 1ST CPN DTE 01/21/11 Security Identifier: 971804QE2 100.6170 250,536.33 1,537.66 3,486.00 1.39% 249,000.000 BANCO BILBAO VIZCAYA ARGENTARIA P R CTF DEP ACT/365 1.450% 01/23/13 B/E DTD 07/23/10 1ST CPN DTE 08/23/10 Security Identifier: 059457TR2 100.6200 250,543.80 69.24 3,610.50 1.44% 150,000.000 BMW BK NORTH AMER SALT LAKE CITY UTAH CTF DEP ACT/365 1.250% 01/30/13 B/E DTD 07/30/10 1ST CPN DTE 01/30/11 Security Identifier: 05568PXS1 100.6130 150,919.50 780.82 1,875.00 1.24% Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01/2012 - 06 /30/2012 Account Number: RMB-015181 Page 5 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 150,000.000 NEWDOMINION BK CHARLOTTE NORTH CAROLINA CTF DEP ACT/365 1.300% 02/22/13 B/E DTD 08/23/10 Security Identifier: 65120CDK4 100.6710 151,006.50 37.40 1,950.00 1.29% 99,000.000 COMMERCE BK GENEVA MINN CTF DEP ACT/365 3.000% 03/18/13 B/E DTD 03/18/09 1ST CPN DTE 04/18/09 Security Identifier: 20056QHV8 101.7610 100,743.39 97.64 2,970.00 2.94% 99,000.000 PREMIER COML BK GREENSBORO NORTH CAROLINA CTF DEP ACT/DEP 3.000% 03/18/13 B/E DTD 03/18/09 Security Identifier: 74046AAK4 101.9020 100,882.98 97.64 2,970.00 2.94% 98,000.000 SIGNATURE BK CHICAGO ILL CTF DEP ACT/365 3.000% 03/18/13 B/E DTD 03/17/09 1ST CPN DTE 09/17/09 Security Identifier: 82669VAX9 101.7660 99,730.68 845.75 2,940.00 2.94% 249,000.000 BANK IOWA ALTOONA CTF DEP ACT/365 0.850% 03/28/13 B/E DTD 09/30/10 1ST CPN DTE 10/30/10 CPN PMT MONTHLY Security Identifier: 06278YBT3 100.6750 250,680.75 0.00 2,116.50 0.84% 99,000.000 PEOPLES BK COMM MEDFORD ORE CTF DEP ACT/365 3.000% 04/15/13 B/E DTD 04/15/09 1ST CPN DTE 05/15/09 Security Identifier: 710311AH4 102.0450 101,024.55 122.05 2,970.00 2.93% 100,000.000 RIVERBANK SPOKANE WASH CTF DEP ACT/365 1.400% 04/23/13 B/E DTD 07/23/10 1ST CPN DTE 08/23/10 CPN PMT MONTHLY Security Identifier: 76857RBU7 100.6990 100,699.00 26.85 1,400.00 1.39% 249,000.000 PBI BK LOUISVILLE KY CTF DEP ACT/365 0.900% 05/13/13 B/E DTD 11/12/10 1ST CPN DTE 12/12/10 CPN PMT MONTHLY Security Identifier: 70455AAM2 100.6260 250,558.74 110.52 2,241.00 0.89% Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 6 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 249,000.000 CONGRESSIONAL BK POTOMAC MD CTF DEP ACT/365 0.800% 05/20/13 B/E DTD 11/19/10 1ST CPN DTE 12/19/10 Security Identifier: 20726AAA6 100.6230 250,551.27 60.03 1,992.00 0.79% 99,000.000 FIRST COML BK JACKSON MISS CTF DEP ACT/365 3.000% 05/22/13 B/E DTD 05/22/09 1ST CPN DTE 06/22/09 Security Identifier: 31984GBV0 102.1410 101,119.59 65.10 2,970.00 2.93% 249,000.000 AMES CMNTY BK IOWA CTF DEP ACT /365 1.000% 05/28/13 B/E DTD 09/28/10 1ST CPN DTE 10/28/10 CPN PMT MONTHLY Security Identifier: 030762BU1 100.8720 251,171.28 13.64 2,490.00 0.99% 97,000.000 WACHOVIA MTG FSB LAS VEGAS NEV CTF DEP ACT/365 5.000% 06/25/13 B/E DTD 06/25/08 1ST CPN DTE 12/25/08 Security Identifier: 929781DT6 103.7220 100,610.34 66.44 4,850.00 4.82% 97,000.000 CAPMARK BK MIDVALE UTAH CTF DEP ACT/365 5.000% 07/02/13 B/E DTD 07/02/08 1ST CPN DTE 01/02/09 Security Identifier: 140653XD3 104.3690 101,237.93 2,391.78 4,850.00 4.79% 150,000.000 GE MONEY BK DRAPER UTAH INSTL CTF DEP PROGRAM BOOK ENTRY - INSTL CTF DEP 1.800% 07/02/13 B/E DTD 07/02/10 Security Identifier: 36159AUX6 101.2870 151,930.50 1,324.11 2,700.00 1.77% 100,000.000 DORAL BK CATANO P R CTF DEP ACT/365 MONTHLY 1.750% 07/08/13 B/E DTD 07/07/10 Security Identifier: 25811LWF2 101.3180 101,318.00 110.27 1,750.00 1.72% 150,000.000 FIRSTBANK P R SANTURCE CTF DEP ACT/365 1.950% 07/23/13 B/E DTD 07/23/10 1ST CPN DTE 08/23/10 Security Identifier: 337624WR7 101.3840 152,076.00 56.10 2,925.00 1.92% 150,000.000 COMMUNITY SOUTH BK PARSONS TENN CTF DEP ACT/365 1.750% 07/30/13 B/E DTD 07/30/10 1ST CPN DTE 08/30/10 Security Identifier: 20404UGF4 101.3710 152,056.50 0.00 2,625.00 1.72% 97,000.000 GE CAP FINL INC RETAIL CTF DEP ACT/365 5.000% 08/06/13 B/E DTD 08/06/08 1ST CPN DTE 02/06/09 Security Identifier: 36160VCH2 104.7210 101,579.37 1,926.71 4,850.00 4.77% Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01/2012 - 06 /30/2012 Account Number: RMB-015181 Page 7 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 97,000.000 GE MONEY BK SALT LAKE CITY UTAH INSTL CTF DEP ACT/365 5.000% 08/13/13 B/E DTD 08/13/08 Security Identifier: 36159AFZ8 104.8020 101,657.94 1,833.70 4,850.00 4.77% 150,000.000 PARKWAY BK & TR HARWOOD HEIGHTS ILL CTF DEP ACT/365 1.600% 08/13/13 B/E DTD 08/13/10 1ST CPN DTE 09/13/10 Security Identifier: 70153RGS1 101.3460 152,019.00 111.78 2,400.00 1.57% 97,000.000 TOWNEBANK PORTSMOUTH VA CTF DEP ACT/365 5.000% 08/13/13 B/E DTD 08/13/08 1ST CPN DTE 02/13/09 CPN PMT SEMI ANNUAL Security Identifier: 89214PAJ8 104.8020 101,657.94 1,833.70 4,850.00 4.77% 249,000.000 COMPASS BK BIRMINGHAM ALA CTF DEP DTD 08/24/2011 ACT/365 0.800% 08/26/13 B/E DTD 08/24/11 Security Identifier: 20449E2P0 100.2920 249,727.08 693.11 1,992.00 0.79% 99,000.000 BANCO POPULAR NORTH AMER NEW YORK CTF DEP ACT/365 5.000% 08/27/13 B/E DTD 08/27/08 1ST CPN DTE 09/27/08 Security Identifier: 05965GPJ9 104.9500 103,900.50 40.68 4,950.00 4.76% 248,000.000 SAFRA NATL BK NEW YORK N Y CTF DEP DTD 09/16/2011 ACT/365 SEMI-ANNUALLY 0.800% 09/16/13 B/E DTD 09/16/11 Security Identifier: 786580TR1 100.2790 248,691.92 576.18 1,984.00 0.79% 249,000.000 FLUSHING SVGS BK N Y CTF DEP ACT/365 1.100% 10/07/13 B/E DTD 10/07/10 1ST CPN DTE 10/15/10 CPN PMT MONTHLY Security Identifier: 344030DG3 101.1410 251,841.09 112.56 2,739.00 1.08% 97,000.000 MORGAN STANLEY BK WEST VALLEY CITY UTAH CTF DEP ACT/365 5.050% 10/08/13 B/E DTD 10/08/08 1ST CPN DTE 04/08/09 Security Identifier: 61747MNW7 105.4340 102,270.98 1,113.91 4,898.50 4.78% Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 8 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 97,000.000 WACHOVIA BK N A CHAROLETTE N C CTF DEP ACT/365 5.050% 10/10/13 B/E DTD 10/10/08 1ST CPN DTE 04/10/09 Security Identifier: 92977BVX6 104.8690 101,722.93 1,087.06 4,898.50 4.81% 99,000.000 SALLIE MAE BK MURRAY UTAH CTF DEP ACT/365 5.050% 10/29/13 B/E DTD 10/29/08 1ST CPN DTE 11/29/08 Security Identifier: 795450FJ9 105.6640 104,607.36 13.70 4,999.50 4.77% 99,000.000 ARIZONA BK & TR CHANDLER ARIZ CTF DEP ACT/365 5.150% 11/07/13 B/E DTD 11/07/08 CALLABLE 07/07/12 Security Identifier: 040463AR2 100.4250 99,420.75 321.28 5,098.50 5.12% 249,000.000 ALMA BK ASTORIA NEW YORK CTF DEP ACT/365 1.000% 11/18/13 B/E DTD 11/18/10 1ST CPN DTE 12/18/10 CPN PMT MONTHLY Security Identifier: 020080AH0 101.0860 251,704.14 81.86 2,490.00 0.98% 249,000.000 COMMUNITY BK ROWAN SALISBURY N C CTF DEP DTD 12/07/2010 ACT/365 MONTHLY 0.850% 12/06/13 B/E DTD 12/07/10 Security Identifier: 203586CC4 101.0420 251,594.58 133.37 2,116.50 0.84% 99,000.000 EVABANK ALA CTF DEP ACT /365 4.200% 12/30/13 B/E DTD 12/30/08 1ST CPN DTE 01/30/09 CPN PMT MONTHLY Security Identifier: 29888PBA7 105.0300 103,979.70 0.00 4,158.00 3.99% 248,000.000 FARMERS & MERCHANTS TR CO CHAMBERSBURG PA CTF DEP ACT/365 SEMI ANNUALLY 1.250% 12/30/13 B/E DTD 12/30/10 Security Identifier: 308693AQ3 101.0500 250,604.00 0.00 3,100.00 1.23% 248,000.000 RABUN CNTY BK GA CLAYTON CTF DEP ACT/365 1.150% 12/30/13 B/E DTD 12/28/10 1ST CPN DTE 06/28/11 Security Identifier: 749793AJ4 101.1530 250,859.44 15.63 2,852.00 1.13% 249,000.000 BANK ROMNEY WEST VA CTF DEP ACT/365 0.900% 01/06/14 B/E DTD 01/05/11 1ST CPN DTE 02/05/11 CPN PMT MONTHLY Security Identifier: 064657AF6 101.1790 251,935.71 153.49 2,241.00 0.88% 248,000.000 ROLLSTONE BK & TR FITCHBURG MASS CTF DEP ACT/365 1.650% 02/12/14 B/E DTD 08/12/10 1ST CPN DTE 02/12/11 Security Identifier: 77579AAQ9 101.8240 252,523.52 1,558.32 4,092.00 1.62% Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Statement Period: 06/01/2012 - 06 /30/2012 Account Number: RMB-015181 Page 9 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 98,000.000 AMERICAN EXPRESS CENTURION BK SALT LAKE CITY UTAH CTF DEP ACT/365 3.500% 02/19/14 REG DTD 02/19/09 Security Identifier: 02586TFX7 104.1800 102,096.40 1,240.44 3,430.00 3.35% 249,000.000 ALLIANCE BK CORP CHANTILLY VA CTF DEP ACT/365 MONTHLY 1.750% 02/20/14 B/E DTD 08/20/10 1ST CPN DTE 09/20/10 Security Identifier: 01853QCN6 101.8230 253,539.27 119.38 4,357.50 1.71% 98,000.000 NCB FSB HILLSBORO OHIO CTF DEP ACT/365 3.300% 03/11/14 B/E DTD 03/11/09 1ST CPN DTE 09/11/09 CPN PMT SEMI ANNUAL Security Identifier: 628825FD8 103.9410 101,862.18 983.49 3,234.00 3.17% 99,000.000 COMMERCIAL BKG CO VALDOSTA GA CTF DEP ACT/365 3.300% 03/18/14 B/E DTD 03/18/09 1ST CPN DTE 04/18/09 Security Identifier: 201593AJ9 103.9640 102,924.36 107.41 3,267.00 3.17% 98,000.000 FIRST BK HIGHLAND PK ILL CTF DEP ACT/365 3.350% 03/18/14 B/E DTD 03/18/09 1ST CPN DTE 09/18/09 Security Identifier: 3191403Y3 104.0470 101,966.06 935.43 3,283.00 3.21% 98,000.000 MARLIN BUSINESS BK SALT LAKE CTF DEP ACT/365 3.250% 03/18/14 B/E DTD 03/18/09 1ST CPN DTE 04/18/09 Security Identifier: 57116ABH0 103.8780 101,800.44 637.00 3,185.00 3.12% 99,000.000 FARMERS ST BK HARTLAND MINN CTF DEP ACT/365 3.500% 03/20/14 B/E DTD 03/20/09 1ST CPN DTE 04/20/09 Security Identifier: 310336CB6 104.3090 103,265.91 94.93 3,465.00 3.35% 99,000.000 UNION ST BK EVEREST KANS CTF DEP ACT/365 3.250% 03/20/14 B/E DTD 03/20/09 1ST CPN DTE 04/20/09 Security Identifier: 908400AJ3 103.8850 102,846.15 88.15 3,217.50 3.12% Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 10 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 98,000.000 CIT BK SALT LAKE CITY UTAH CTF DEP ACT/365 3.500% 03/25/14 B/E DTD 03/25/09 1ST CPN DTE 09/25/09 Security Identifier: 17284P2Z7 104.4120 102,323.76 911.53 3,430.00 3.35% 249,000.000 TRUSTATLANTIC BK RALEIGH NC CTF DEP ACT/365 1.000% 04/14/14 B/E DTD 12/13/10 1ST CPN DTE 04/14/14 Security Identifier: 89835FGS3 101.3930 252,468.57 3,850.97 2,490.00 0.98% 150,000.000 ALLY BANK MIDVALE UTAH CTF ACT/365 0.750% 05/02/14 B/E DTD 05/02/12 1ST CPN DTE 11/02/12 CPN PMT SEMI ANNUAL Security Identifier: 02005QD67 99.8590 149,788.50 181.85 1,125.00 0.75% 98,000.000 SUNTRUST BK ATLANTA GA CTF DEP ACT /ACT QUARTERLY 4.000% 05/28/14 B/E DTD 05/28/09 1ST CPN DTE 08/28/09 Security Identifier: 86789VHM2 98.1600 96,196.80 351.52 3,920.00 4.07% 249,000.000 MEDALLION BK SALT LAKE CITY UTAH CTF DEP DTD 05/29/2012 ACT/365 MONTHLY 0.500% 05/29/14 B/E DTD 05/29/12 Security Identifier: 58403BXZ4 99.7550 248,389.95 3.41 1,245.00 0.50% 249,000.000 SOVEREIGN BK FSB WILMINGTON DE CTF DEP DTD 06/06/2012 ACT/365 0.750% 06/06/14 B/E DTD 06/06/12 Security Identifier: 84603MZ33 99.7240 248,312.76 122.79 1,867.50 0.75% 248,000.000 PLAINSCAPITAL BK LUBBOCK TEX CTF DEP ACT/365 1.000% 06/09/14 B/E DTD 12/08/10 1ST CPN DTE 06/08/11 Security Identifier: 72663QVU0 101.2870 251,191.76 149.48 2,480.00 0.98% 248,000.000 BANCO POPULAR DE PR HATO REY CTF DEP ACT/365 1.250% 07/11/14 B/E DTD 07/13/11 1ST CPN DTE 01/13/12 Security Identifier: 05967EFN4 100.6840 249,696.32 1,435.34 3,100.00 1.24% 99,000.000 ROCKY MTN BK WILSON WYO CTF DEP ACT/365 1.900% 07/28/14 B/E DTD 07/27/10 1ST CPN DTE 08/27/10 Security Identifier: 77468AAZ3 102.1140 101,092.86 15.46 1,881.00 1.86% 150,000.000 CIT BK SALT LAKE CITY UTAH CTF DEP ACT/365 1.850% 08/11/14 B/E DTD 08/11/10 1ST CPN DTE 02/11/11 Security Identifier: 17284ANU8 102.1340 153,201.00 1,064.38 2,775.00 1.81% Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01/2012 - 06 /30/2012 Account Number: RMB-015181 Page 11 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 248,000.000 CAPITAL ONE NATL ASSN MCLEAN VA CTF DEP ACT/365 1.750% 08/25/14 B/E DTD 08/25/10 1ST CPN DTE 02/25/11 Security Identifier: 14042E3R9 102.2240 253,515.52 1,498.19 4,340.00 1.71% 153,000.000 CAPITAL ONE BK USA NATL ASSN GLEN ALLEN VA CTF DEP ACT/365 1.750% 08/25/14 B/E DTD 08/25/10 Security Identifier: 140420MY3 102.2240 156,402.72 924.29 2,677.50 1.71% 248,000.000 GOLDMAN SACHS BK USA NEW YORK CTF DEP ACT/365 1.150% 08/25/14 B/E DTD 08/24/11 1ST CPN DTE 02/24/12 Security Identifier: 3814264D4 100.3570 248,885.36 992.34 2,852.00 1.14% 97,000.000 BMW BK NORTH AMER SALT LAKE CITY UTAH CTF DEP ACT/365 1.350% 09/23/14 B/E DTD 09/23/11 1ST CPN DTE 03/23/12 Security Identifier: 05568PR90 100.5750 97,557.75 355.18 1,309.50 1.34% 150,000.000 STATE BK INDIA NEW YORK N Y CTF DEP ACT/365 1.300% 09/23/14 B/E DTD 09/23/11 1ST CPN DTE 03/23/12 Security Identifier: 856284ZZ0 100.5970 150,895.50 528.90 1,950.00 1.29% 249,000.000 GARRETT ST BK IND CTF DEP ACT/365 2.000% 10/02/14 B/E DTD 08/02/10 1ST CPN DTE 09/02/10 CPN PMT MONTHLY Security Identifier: 366526AF8 102.3930 254,958.57 382.03 4,980.00 1.95% 248,000.000 WESTERN ST BK DEVILS LAKE NORTH DAKOTA CTF DEP ACT/365 1.350% 11/28/14 B/E DTD 11/30/10 1ST CPN DTE 05/30/11 Security Identifier: 95960NHN0 101.8260 252,528.48 284.35 3,348.00 1.32% 249,000.000 MIDLAND STS BK EFFINGHAM ILL CTF DEP ACT/365 1.000% 12/01/14 B/E DTD 12/01/11 1ST CPN DTE 01/01/12 Security Identifier: 59774QDM1 100.7530 250,874.97 197.84 2,490.00 0.99% Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 12 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 150,000.000 SALLIE MAE BK MURRAY UTAH CTF DEP DTD 11/30/2011 ACT/365 SEMI-ANNUALLY 1.400% 12/01/14 B/E DTD 11/30/11 Security Identifier: 795450NF8 100.5570 150,835.50 178.36 2,100.00 1.39% 249,000.000 LOVELAND BK COMM COLO CTF DEP ACT/365 1.200% 12/10/14 B/E DTD 12/10/10 1ST CPN DTE 01/10/11 CPN PMT MONTHLY Security Identifier: 54718PAH7 101.8380 253,576.62 163.73 2,988.00 1.17% 249,000.000 LARIMER BK COMM FT COLLINS COLO CTF DEP ACT/365 1.200% 12/17/14 B/E DTD 12/17/10 1ST CPN DTE 01/17/11 Security Identifier: 51713RBN0 101.8430 253,589.07 106.42 2,988.00 1.17% 249,000.000 BANK UNION EL RENO OKLA CTF DEP DTD 12/22/2010 ACT/365 MONTHLY 1.300% 12/22/14 B/E DTD 12/22/10 Security Identifier: 06541PBB2 102.0420 254,084.58 70.95 3,237.00 1.27% 249,000.000 BRIDGEVIEW BK GROUP ILL CTF DEP DTD 07/23/2010 ACT/365 MONTHLY 2.200% 01/23/15 B/E DTD 07/23/10 Security Identifier: 108551KF8 103.0180 256,514.82 105.06 5,478.00 2.13% 200,000.000 BELMONT SVGS BK MASS CTF DEP ACT/365 1.800% 02/27/15 B/E DTD 02/28/11 1ST CPN DTE 03/28/11 Security Identifier: 080515AL3 101.6950 203,390.00 19.73 3,600.00 1.76% 249,000.000 FIRST CMNTY BK LEES SUMMIT MO CTF DEP ACT/365 1.750% 02/27/15 B/E DTD 02/28/11 1ST CPN DTE 03/28/11 Security Identifier: 319862AM0 101.6960 253,223.04 23.88 4,357.50 1.72% 249,000.000 WORLD FINL CAP BK SALT LAKE CITY UTAH CTF DEP ACT/365 1.000% 02/27/15 B/E DTD 08/31/11 1ST CPN DTE 09/30/11 Security Identifier: 98146QBD2 101.1570 251,880.93 0.00 2,490.00 0.98% 150,000.000 GE CAP FINL INC RETAIL CTF DEP PROGRAM BOOK ENTRY - FID INSTL CTF DEP 1.000% 05/04/15 B/E DTD 05/04/12 Security Identifier: 36160JFE3 99.5730 149,359.50 234.25 1,500.00 1.00% 99,000.000 ALLY BK MIDVALE UTAH CTF DEP ACT/365 2.450% 07/09/15 B/E DTD 07/09/10 1ST CPN DTE 01/09/11 CPN PMT SEMI ANNUAL Security Identifier: 02004MXU2 103.8130 102,774.87 1,149.62 2,425.50 2.36% Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01/2012 - 06 /30/2012 Account Number: RMB-015181 Page 13 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 99,000.000 COMMUNITYONE BK N A ASHBORO N C CTF DEP ACT/365 2.650% 07/20/15 B/E DTD 07/20/10 1ST CPN DTE 08/20/10 Security Identifier: 204163BB4 103.8210 102,782.79 71.88 2,623.50 2.55% 99,000.000 BREMER BK N A FARGO N D CTF DEP ACT/365 2.250% 07/21/15 B/E DTD 07/21/10 1ST CPN DTE 01/21/11 Security Identifier: 10700QAZ7 103.8380 102,799.62 982.54 2,227.50 2.16% 99,000.000 HERITAGE BK HINESVILLE GA CTF DEP ACT/365 2.250% 07/24/15 B/E DTD 07/26/10 1ST CPN DTE 08/26/10 Security Identifier: 42723JCK0 103.8470 102,808.53 24.41 2,227.50 2.16% 99,000.000 CHECKSPRING BK BRONX N Y CTF DEP ACT/365 2.250% 07/27/15 B/E DTD 07/27/10 1ST CPN DTE 08/27/10 Security Identifier: 162833AN7 103.8510 102,812.49 18.31 2,227.50 2.16% 249,000.000 CFBANK FAIRLAWN OH CTF DEP ACT/365 2.400% 07/29/15 B/E DTD 07/29/10 1ST CPN DTE 08/29/10 CPN PMT MONTHLY Security Identifier: 15721UBF5 103.5060 257,729.94 16.37 5,976.00 2.31% 99,000.000 CHOICE FINL GROUP GRAFTON N D CTF DEP ACT/365 2.250% 07/30/15 B/E DTD 07/30/10 1ST CPN DTE 01/30/11 Security Identifier: 17037TDR5 103.8450 102,806.55 927.62 2,227.50 2.16% 99,000.000 QUEENSBOROUGH NATL BK & TR CO LOUISVILLE GA CTF DEP ACT/365 2.300% 07/30/15 B/E DTD 07/30/10 Security Identifier: 74824XCR5 103.8500 102,811.50 0.00 2,277.00 2.21% 215,000.000 INVESTORS CMNTY BK MANITOWOC WIS CTF DEP ACT/365 2.050% 08/12/15 B/E DTD 08/12/10 1ST CPN DTE 09/12/10 Security Identifier: 46147UMT4 103.4070 222,325.05 217.36 4,407.50 1.98% Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 14 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 249,000.000 CARDINAL BK MCLEAN VA CTF DEP ACT/365 1.200% 08/26/15 B/E DTD 08/26/11 1ST CPN DTE 09/26/11 CPN PMT MONTHLY Security Identifier: 14147VCC8 101.7500 253,357.50 32.75 2,988.00 1.17% 249,000.000 CITY NATL BK NEW JERSEY NEWARK NJ CTF DEP ACT/365 2.000% 09/02/15 B/E DTD 09/02/10 1ST CPN DTE 10/02/10 Security Identifier: 17800VAS6 103.1010 256,721.49 382.03 4,980.00 1.93% 249,000.000 INFINITY FCU PORTLAND MAINE CTF DEP ACT/365 2.000% 09/17/15 B/E DTD 09/17/10 1ST CPN DTE 10/01/10 Security Identifier: 45667ECW6 103.1310 256,796.19 395.67 4,980.00 1.93% 247,000.000 FIRST BUSINESS BK MADISON WIS CTF DEP ACT/365 SEMI ANNUALLY 1.750% 11/05/15 B/E DTD 11/05/10 Security Identifier: 31938QVX9 101.9410 251,794.27 663.18 4,322.50 1.71% 248,000.000 AMERICAN ENTERPRISE BK CTF DEP ACT/365 1.750% 11/17/15 B/E DTD 11/17/10 1ST CPN DTE 02/17/11 CPN PMT QUARTERLY Security Identifier: 025652BV9 101.9280 252,781.44 523.18 4,340.00 1.71% 248,000.000 BARCLAYS BK DEL RETAIL CTF DEP 3A2 PROGRAM BOOK ENTRY INSTL CTF DEP 1.550% 12/07/15 B/E DTD 12/07/11 Security Identifier: 06740KEW3 101.0640 250,638.72 242.22 3,844.00 1.53% 150,000.000 CENTRUE BK STREATOR ILL CTF DEP ACT/365 1.800% 12/10/15 B/E DTD 12/10/10 1ST CPN DTE 06/10/11 CPN PMT SEMI ANNUAL Security Identifier: 15643GCE3 101.9300 152,895.00 147.95 2,700.00 1.76% 249,000.000 CENLAR FSB TRENTON NEW JERSEY CTF DEP ACT/365 MONTHLY 2.300% 02/29/16 B/E DTD 02/28/11 DTD 02/28/11 Security Identifier: 15131XEM5 101.8220 253,536.78 31.38 5,727.00 2.25% 150,000.000 THOMASVILLE NATL BK GA CTF DEP ACT/365 2.000% 02/29/16 B/E DTD 04/29/11 1ST CPN DTE 06/01/11 CPN PMT MONTHLY Security Identifier: 884693AX0 102.7340 154,101.00 238.36 3,000.00 1.94% 225,000.000 UNION SVGS BK DANBURY CONN CTF DEP ACT/365 MONTHLY 2.300% 02/29/16 B/E DTD 02/28/11 1ST CPN DTE 03/28/11 Security Identifier: 908139AU2 101.8580 229,180.50 28.36 5,175.00 2.25% Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01/2012 - 06 /30/2012 Account Number: RMB-015181 Page 15 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 150,000.000 TOWER BK & TR CO FT WAYNE IND CTF DEP ACT/365 2.300% 03/02/16 B/E DTD 03/02/11 1ST CPN DTE 04/02/11 Security Identifier: 89170PHX2 102.3610 153,541.50 264.66 3,450.00 2.24% 249,000.000 PARKSIDE FINL BK & TR CLAYTON MO CTF DEP DTD 03/04/2011 ACT/365 MONTHLY 2.250% 03/04/16 B/E DTD 03/04/11 Security Identifier: 70147AAP9 102.0040 253,989.96 399.08 5,602.50 2.20% 247,000.000 DISCOVER BK GREENWOOD DEL CTF DEP DTD 04/27/2011 ACT/365 2.150% 04/27/16 B/E DTD 04/27/11 Security Identifier: 254670C59 102.5280 253,244.16 931.16 5,310.50 2.09% 249,000.000 BENEFICIAL MUT SVGS PHILADELPHIA PA CTF DEP ACT/365 2.150% 04/29/16 B/E DTD 04/29/11 1ST CPN DTE 05/29/11 Security Identifier: 08173QBG0 102.5350 255,312.15 14.67 5,353.50 2.09% 247,000.000 INVESTORS SVGS BK SHORT HILLS NJ CTF DEP ACT/365 2.200% 05/05/16 B/E DTD 05/05/11 1ST CPN DTE 11/05/11 Security Identifier: 46176PAK1 102.5250 253,236.75 833.71 5,434.00 2.14% 247,000.000 BOSTON PRIVATE BK & TR CO MASS CTF DEP ACT/365 2.150% 05/11/16 B/E DTD 05/11/11 1ST CPN DTE 11/11/11 Security Identifier: 101120CM3 102.5260 253,239.22 727.47 5,310.50 2.09% 247,000.000 BANK LEUMI USA NEW YORK N Y CTF DEP DTD 05/13/2011 ACT/365 SEMI-ANNUALLY 2.150% 05/13/16 B/E DTD 05/13/11 Security Identifier: 063248DP0 102.5250 253,236.75 698.37 5,310.50 2.09% 249,000.000 GRAYSTONE TOWER BK ENOLA PA CTF DEP DTD 08/10/2011 ACT/365 MONTHLY 2.000% 08/10/16 B/E DTD 08/10/11 Security Identifier: 38980LAW7 102.4440 255,085.56 272.88 4,980.00 1.95% Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 16 of 40 Port folio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) Certificates of Deposit (continued) 249,000.000 BANK WEST SAN FRANCISCO CALIF CTF DEP ACT/365 1.650% 08/24/16 B/E DTD 08/24/11 1ST CPN DTE 09/24/11 Security Identifier: 065680DJ6 102.3810 254,928.69 67.54 4,108.50 1.61% 249,000.000 ONE BK TR N A LITTLE ROCK ARK CTF DEP ACT/365 1.450% 09/30/16 B/E DTD 09/30/11 1ST CPN DTE 11/01/11 Security Identifier: 68232YDC3 101.8580 253,626.42 286.86 3,610.50 1.42% 249,000.000 REPUBLIC BK BOUNTIFUL UTAH CTF DEP ACT/365 1.500% 09/30/16 B/E DTD 09/30/11 1ST CPN DTE 11/01/11 Security Identifier: 760310TV4 101.8560 253,621.44 296.75 3,735.00 1.47% Total Certificates of Deposit : 20,950,000.000 $21,316,291.94 $51,423.82 $383,253.50 U.S. Government Bonds 500,000.000 FEDERAL HOME LN BKS FIXED RATE UV-9015 2.000% 03/30/15 B/E DTD 03/15/11 1ST CPN DTE 03/30/11 CPN PMT SEMI ANNUAL Moody Rating AAA S & P Rating AA+ Security Identifier: 313372WY6 104.0420 520,210.00 2,500.00 10,000.00 1.92% 500,000.000 FEDERAL HOME LN BKS FIXED RATE UW-9015 2.125% 06/30/15 B/E DTD 03/11/11 1ST CPN DTE 06/30/11 CPN PMT SEMI ANNUAL Moody Rating AAA S & P Rating AA+ Security Identifier: 313372XB5 104.4580 522,290.00 0.00 10,625.00 2.03% 500,000.000 FEDERAL NATL MTG ASSN MEDIUM TERM NTS FIXED RATE 2.000% 12/30/15 B/E DTD 09/30/10 CALLABLE Moody Rating AAA S & P Rating AA+ Security Identifier: 3136FPKH9 105.0100 525,050.00 0.00 10,000.00 1.90% 1,000,000.000 FEDERAL NATL MTG ASSN MEDIUM TERM NTS FIXED RATE 2.200% 10/27/17 B/E DTD 10/27/10 CALLABLE Moody Rating AAA S & P Rating AA+ Security Identifier: 3136FPTQ0 105.8530 1,058,530.00 3,850.00 22,000.00 2.07% 500,000.000 FEDERAL NATL MTG ASSN MEDIUM TERM NTS FIXED RATE 2.300% 11/24/17 B/E DTD 11/24/10 CALLABLE Moody Rating AAA S & P Rating AA+ Security Identifier: 3136FPXN2 106.3480 531,740.00 1,150.00 11,500.00 2.16% Total U.S. Government Bonds : 3,000,000.000 $3,157,820.00 $7,500.00 $64,125.00 Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Statement Period: 06/01/2012 - 06 /30 /2012 Account Number: RMB-015181 Page 17 of 40 Portfolio Holdings (continued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) 6 Asset Backed Securities 1,150,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 467288 2.800% 03/01/18 B/E DTD 02/01/11 1ST CPN DTE 03/25/11 Factor: 0.97614850 Current Face Value : 1,122,570.775 Security Identifier: 31381QCZ7 105.7320 1,186,916.53 2,532.02 1,000,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 470266 2.570% 01/01/19 B/E DTD 01/01/12 1ST CPN DTE 02/25/12 Factor: 0.99320800 Current Face Value : 993,208.000 Security Identifier: 31381TMP2 104.3040 1,035,955.67 2,056.22 600,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 470878 2.460% 04/01/19 B/E DTD 04/01/12 1ST CPN DTE 05/25/12 Factor: 0.99716456 Current Face Value : 598,298.736 Security Identifier: 31381UCP0 103.6050 619,867.41 1,185.63 1,300,000.000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 3588 CL V 5.000% 10/15/20 B/E DTD 10/01/09 Factor: 0.80498809 Current Face Value : 1,046,484.517 Security Identifier: 31398K4C1 106.0900 1,110,215.42 4,215.01 1,000,000.000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 3758 CL PA 2.000% 08/15/25 B/E DTD 11/01/10 Factor: 0.86084755 Current Face Value : 860,847.550 Security Identifier: 3137A3EY1 101.5080 873,829.13 1,386.92 1,100,000.000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G18366 "GOLD " 3.500% 10/01/25 B/E DTD 10/01/10 Factor: 0.60217528 Current Face Value : 662,392.808 Security Identifier: 3128MMMQ3 105.2430 697,122.06 1,867.58 1,000,000.000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # E02817 "GOLD " 3.000% 01/01/26 B/E DTD 01/01/11 Factor: 0.84016284 Current Face Value : 840,162.840 Security Identifier: 31294MDW8 104.6850 879,524.47 2,030.39 Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 18 of 40 Portfolio Holdings (continued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) 6 Asset Backed Securities (continued) 1,000,000.000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # J16680 "GOLD " 3.000% 09/01/26 B/E DTD 09/01/11 Factor: 0.82840346 Current Face Value : 828,403.460 Security Identifier: 3128PWM54 104.7790 867,992.86 2,001.98 1,000,000.000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # J16794 "GOLD " 3.000% 10/01/26 B/E DTD 09/01/11 Factor: 0.87043710 Current Face Value : 870,437.100 Security Identifier: 3128PWRP5 104.7790 912,035.29 2,103.56 1,000,000.000 FNMA GTD MTG PASS THRU CTFS POOL # AK9045 3.000% 04/01/27 B/E DTD 03/01/12 1ST CPN DTE 04/25/12 Factor: 0.98138541 Current Face Value : 981,385.410 Security Identifier: 3138EEBP3 104.9470 1,029,934.55 2,371.68 2,300,000.000 FNMA GTD REMIC PASS THRU TR REMIC TR 2009-15 CL-AC 5.500% 03/25/29 B/E DTD 02/01/09 Factor: 0.90732858 Current Face Value : 2,086,855.734 Security Identifier: 31397NDF9 110.4910 2,305,787.77 9,245.93 1,000,000.000 FNMA GTD MTG PASS THRU CTFS POOL # MA0908 4.000% 11/01/31 B/E DTD 10/01/11 1ST CPN DTE 11/25/11 Factor: 0.94565236 Current Face Value : 945,652.360 Security Identifier: 31418AAJ7 107.6920 1,018,391.94 3,047.10 1,279,000.000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 2889 CL OG 5.000% 05/15/33 B/E DTD 11/01/04 Factor: 0.91031465 Current Face Value : 1,164,292.437 Security Identifier: 31395JUH7 103.4140 1,204,041.38 4,689.51 5,980,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 725222 5.500% 02/01/34 B/E DTD 02/01/04 1ST CPN DTE 03/25/04 Factor: 0.15734305 Current Face Value : 940,911.439 Security Identifier: 31402CVP4 109.9380 1,034,419.22 4,168.76 1,275,000.000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 2971 CL KD 5.500% 05/15/34 B/E DTD 05/01/05 Factor: 0.63167755 Current Face Value : 805,388.876 Security Identifier: 31395UHV6 106.1620 855,016.94 3,568.32 Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Statement Period: 06/01/2012 - 06 /30 /2012 Account Number: RMB-015181 Page 19 of 40 Portfolio Holdings (continued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) 6 Asset Backed Securities (continued) 4,150,000.000 GNMA GTD REMIC PASS-THRU SECS 2005-075 REMIC PASSTHRU CTF 5.000% 07/16/34 B/E DTD 10/01/05 Factor: 0.27745851 Current Face Value : 1,151,452.817 Security Identifier: 38374MDX4 109.8250 1,264,583.06 4,637.80 1,000,000.000 FNMA GTD REMIC PASS THRU TR REMIC TR 2006-57 CL-PD 5.500% 01/25/35 B/E DTD 05/01/06 Factor: 1.00000000 Current Face Value : 1,000,000.000 Security Identifier: 31395DZX0 108.1490 1,081,490.00 4,430.56 7,000,000.000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G01820 "GOLD " 5.500% 06/01/35 B/E DTD 05/01/05 Factor: 0.22099932 Current Face Value : 1,546,995.240 Security Identifier: 3128LXAV2 109.4690 1,693,480.22 6,854.05 3,145,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 735578 5.000% 06/01/35 B/E DTD 05/01/05 1ST CPN DTE 06/25/05 Factor: 0.25390966 Current Face Value : 798,545.881 Security Identifier: 31402RFT1 108.5040 866,454.22 3,216.37 3,115,000.000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G01837 "GOLD " 5.000% 07/01/35 B/E DTD 06/01/05 Factor: 0.26353602 Current Face Value : 820,914.702 Security Identifier: 3128LXBE9 107.7930 884,888.59 3,306.46 2,635,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 735925 5.000% 10/01/35 B/E DTD 09/01/05 1ST CPN DTE 10/25/05 Factor: 0.30495886 Current Face Value : 803,566.596 Security Identifier: 31402RSN0 108.7520 873,894.75 3,236.59 2,300,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 888343 5.000% 11/01/35 B/E DTD 04/01/07 1ST CPN DTE 05/25/07 Factor: 0.34103433 Current Face Value : 784,378.959 Security Identifier: 31410F5C5 108.7530 853,035.65 3,159.30 Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 20 of 40 Portfolio Holdings (continued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) 6 Asset Backed Securities (continued) 2,500,000.000 GNMA GTD REMIC PASS THRU SECS 2009-022 REMIC PASSTHRU CTF CL CA 4.500% 12/16/35 B/E DTD 04/01/09 Factor: 0.55771522 Current Face Value : 1,394,288.050 Security Identifier: 38374TRP1 105.8320 1,475,602.93 5,054.29 2,820,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 745886 5.500% 04/01/36 B/E DTD 09/01/06 1ST CPN DTE 10/25/06 Factor: 0.30797774 Current Face Value : 868,497.227 Security Identifier: 31403DUK3 109.6880 952,637.24 3,847.93 2,300,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 890006 5.500% 09/01/36 B/E DTD 06/01/08 1ST CPN DTE 07/25/08 Factor: 0.34527418 Current Face Value : 794,130.614 Security Identifier: 31410KYB4 110.0010 873,551.62 3,518.44 4,220,000.000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # A61562 "GOLD " 5.500% 10/01/36 B/E DTD 03/01/07 Factor: 0.20141063 Current Face Value : 849,952.859 Security Identifier: 3128KRWX8 109.0010 926,457.12 3,765.76 4,090,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 745948 6.500% 10/01/36 B/E DTD 10/01/06 1ST CPN DTE 11/25/06 Factor: 0.20330523 Current Face Value : 831,518.391 Security Identifier: 31403DWH8 112.9030 938,809.21 4,353.92 2,445,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 888341 5.000% 02/01/37 B/E DTD 04/01/07 1ST CPN DTE 05/25/07 Factor: 0.32748495 Current Face Value : 800,700.703 Security Identifier: 31410F5A9 108.7540 870,794.04 3,225.04 2,350,000.000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G05317 "GOLD " 5.000% 04/01/37 B/E DTD 02/01/09 Factor: 0.36973555 Current Face Value : 868,878.543 Security Identifier: 3128M7G26 107.7930 936,590.25 3,499.65 2,430,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 889893 5.500% 08/01/37 B/E DTD 09/01/08 1ST CPN DTE 10/25/08 Factor: 0.39657489 Current Face Value : 963,676.983 Security Identifier: 31410KUS1 109.6880 1,057,038.01 4,269.62 Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01 /2012 - 06/30 /2012 Account Number: RMB-015181 Page 21 of 40 Portfolio Holdings (conti nued) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) 6 Asset Backed Securities (continued) 2,660,000.000 FNMA GTD MTG PASS THRU CTFS POOL # 889692 5.500% 05/01/38 B/E DTD 06/01/08 1ST CPN DTE 07/25/08 Factor: 0.28918025 Current Face Value : 769,219.465 Security Identifier: 31410KNH3 109.1260 839,418.43 3,408.07 2,000,000.000 FNMA GTD MTG PASS THRU CTFS POOL # AD0198 5.500% 09/01/38 B/E DTD 08/01/09 1ST CPN DTE 09/25/09 Factor: 0.43713612 Current Face Value : 874,272.240 Security Identifier: 31418MGG1 109.6880 958,971.74 3,873.51 1,000,000.000 FNMA GTD REMIC PASS THRU TR SER 2011 111 CL DG 2.250% 12/25/38 B/E DTD 10/01/11 Moody Rating P-3 Factor: 0.95126934 Current Face Value : 951,269.340 Security Identifier: 3136A2HK2 101.3200 963,826.10 1,724.18 1,500,000.000 GNMA GTD REMIC PASS THRU SECS 2009-065 REMIC PASSTHRU 138 MX CL AK 5.000% 07/20/39 B/E DTD 08/01/09 Factor: 0.60068035 Current Face Value : 901,020.525 Security Identifier: 38373ANQ5 110.0790 991,834.38 3,629.11 1,000,000.000 FNMA GTD MTG PASS THRU CTFS POOL # AL1750 6.000% 10/01/39 B/E DTD 05/01/12 1ST CPN DTE 06/25/12 Factor: 0.97320160 Current Face Value : 973,201.600 Security Identifier: 3138EH5L2 110.2000 1,072,468.16 4,703.81 1,000,000.000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 4048 CL HC 2.500% 10/15/40 B/E DTD 05/01/12 Factor: 0.99585696 Current Face Value : 995,856.960 Security Identifier: 3137AQUN6 102.3240 1,019,000.68 2,005.55 Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 22 of 40 Por tf o lio Ho l d i ngs (co nti n u e d) Quantity Description Market Price Market Value Accrued Interest Estimated Annual Income Estimated Yield Fixed Income (continued) 6 Asset Backed Securities (continued) 2,000,000.000 FNMA GTD REMIC PASS THRU TR TR-2011-146 CL-146-DT 4.500% 09/25/41 B/E DTD 12/01/11 Moody Rating P-3 Factor: 0.97206170 Current Face Value : 1,944,123.400 Security Identifier: 3136A3LF6 110.0420 2,139,352.27 7,047.45 1,000,000.000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 4046 CL HA 2.000% 10/15/41 B/E DTD 05/01/12 Factor: 0.99301258 Current Face Value : 993,012.580 Security Identifier: 3137AQGD4 100.6000 998,970.66 1,599.85 1,000,000.000 FNMA GTD REMIC PASS THRU TR REMIC TR 2012-65 CL-AP 2.000% 02/25/42 B/E DTD 05/01/12 Factor: 0.99317306 Current Face Value : 993,173.060 Security Identifier: 3136A6YZ1 100.7820 1,000,939.67 1,600.11 1,000,000.000 GNMA II GTD MTG PASS THRU CTFS POOL # 765171 4.660% 12/20/61 B/E DTD 12/01/11 1ST CPN DTE 01/20/12 Factor: 1.01233270 Current Face Value : 1,012,332.700 Security Identifier: 36176F2C1 N/A N /A 0.00 2,090,000.000 GNMA II GTD MTG PASS THRU CTFS POOL # 756706 4.557% 01/20/62 B/E DTD 01/01/12 1ST CPN DTE 02/20/12 Factor: 1.01557482 Current Face Value : 2,122,551.374 Security Identifier: 36230RNX0 N/A N /A 0.00 Total Asset Backed Securities : 84,734,000.000 $41,165,139.64 $136,438.03 Total Current Face Value : 41,554,822.851 Total Fixed Income: 108,684,000.000 $65,639,251.58 $195,361.85 $447,378.50 Description Market Value Accrued Interest Estimated Annual Income Total Portfolio Holdings $68,053,510.64 $195,361.85 $447,378.50 1 This bond is maturing. 6 The Current F ace Value represents your current ownership amount in the listed Asset Backed Security. The Current F ace Value is calculated by multiplying the quantity by the F actor (paydown factor) which is published by FNMA, GNMA and other agencies, which could be changed by the agencies aft er the stat ement date. The Current F ace Value is multiplied by the Market Price to det ermine the Market Value. Disclosures and Other Information Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Statement Period: 06/01/2012 - 06/30/2012 Account Number: RMB-015181 Page 23 of 40 Portfolio Holdings (continued) Pricing - This section includes the net market value of the securities in your account on a settlement date basis, including short positions, at the close of the stat ement period. The market prices have been obtained from quot ation services, which we believe to be reliable; however, we cannot guarant ee their accuracy. Securities for which a price is not available are marked "N/A" and are omitted from the Total. The estimated annual income (EAI) and estimated current yield (ECY) figures are estimates and for informational purposes only. These figures are not considered to be a forecast or guarantee of future results. These figures are computed using information from providers believed to be reliable; however, no assurance can be made as to the accuracy. Since interest and dividend rates are subject to change a t any time, and may be aff ected by current and future economic, political, and business conditions, they should not be relied on for making investment, trading, or t ax decisions. These figures assume that the position quantities, interest and dividend rates, and prices remain constant. A capit al gain or return of principal may be included in the figures for certain securities, thereby overst ating them. Refer to www.pershing.com/business_continuity.html for specific det ails as to formulas used to calculate the figures. Accrued int erest represents int erest earned but not yet received. The Estimat ed Price as of Date only appears when the price date does not equal the st atement date and the price indicated is estimated since it is not reflective of a last trade price on a recognized exchange. Reinvestment - The dollar amount of Mutual Fund distributions, Money Market Fund dividend income, Bank Deposit interest income, or dividends for other securities shown on your Statement may have been reinvested. You will not receive confirmation of these reinvestments. However, informa tion pertaining to these transactions which would otherwise appear on confirmations, including the time of execution and the name of the person from whom your security was purchased, will be furnished to you upon writt en request to your introducing firm. In dividend reinvestment transactions, Pershing acts as your agent and receives payment for order flow, the source and nature of which payment will be furnished to you upon written request to your introducing firm. Option Disclosure - Information with respect to commissions and other charges incurred in connection with the execution of option transactions has been included in confirmations previously furnished to you. A summary of this information is available to you promptly upon your written request directed to your introducing firm. In order to assist your introducing firm in maint aining current background and financial information concerning your option accounts, please promptly advise them in writing of any mat erial change in your investment objectives or financial situation. Expiring options which are valuable are exercised automatically pursuant to the exercise by exception procedure of the Options Clearing Corporation. Additional information regarding this procedure is available upon written request to your introducing firm. Please be advised that the secondary market for CDs is generally illiquid; the actual value of CDs may be different from their purchase price; and a significant loss of principal could result if your CDs are sold prior to maturity. In the event tha t the CDs listed above do not indicate a market valuation, an accurate market value could not be determined. In the event that a price is listed above for your CDs, Pershing has obtained a price from sources deemed to be reliable or has priced your CDs using a matrix formula. Prices are estimates and the actual value you may obt ain for your CD may be different if you elect to sell your CD in the secondary market. Foreign Currency Transactions -Pershing may execute foreign currency transactions as principal for your account. Pershing may automatically convert foreign currency to or from U.S. dollars for dividends and similar corporat e action transactions unless you instruct your financial organization otherwise.Pershing's currency conversion rate will not exceed the highest interbank conversion rate identified from customary banking sources on the conversion da t e or the prior business day, increased by up to 1%, unless a particular rate is required by applicable law. Your financial organization may also increase the currency conversion rate. This conversion rat e may diff er from rates in effect on the dat e you executed a transaction, incurred a charge, or received a credit. Transactions converted by agents (such as depositories) will be billed at the rates such agents use. Proxy Vot e - Securities held by you on margin (securities not fully paid for by you) may be lent by Pershing to itself or others in accordance with the t erms outlined in the Margin Agreement. The right to vote your shares held on margin will be reduced by the amount of shares on loan. The Proxy Voting Instruction Form sent to you may reflect a smaller number of shares entitled to vote than the number of shares in your margin account. Ratings - This statement may contain credit rating information obtained from Standard & Poor's. Reproducing and distributing any information received from Standard & Poor's is not permitted without prior written authoriza tion from Standard & Poor's. St andard & Poor's does not guarantee the accuracy, completeness, timeliness or avail ability of any information. Standard & Poor's is not responsible for any errors or omissions, regardless of the cause, or for the results of using such content. Standard & Poor's makes no express or implied warranties including warranties of merchantability or fitness for a particular purpose. St andard & Poor's shall not be legally responsible for any fees, costs, expenses or losses in connection with the use of their content. Credit ratings are opinions and not statements of f acts; are not recommendations to purchase, hold or sell securities; and do not address suitability for investment purpose. Credit ratings should not be relied upon as investment advice. Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 24 of 40 Activi ty Summary (All amounts shown are in base currency: USD) Credits This Period Year -to -Date Debits This Period Year -to -Date Securities Securities Securities Sold 4,662,992.83 14,429,639.68 Securities Bought -4,867,835.73 -31,952,444.81 Total Securities $4,662,992.83 $14,429,639.68 Total Securities -$4,867,835.73 -$31,952,444.81 Additional Transactions Additional Transactions Distributions 1,441,535.45 17,543,311.74 Distributions 0.00 0.00 Dividends and Interest 172,036.83 1,038,733.76 Dividends and Interest 0.00 -3,938.51 Total Additional Transactions $1,613,572.28 $18,582,045.50 Total Additional Transactions $0.00 -$3,938.51 Total Credits $6,276,565.11 $33,011,685.18 Total Debits -$4,867,835.73 -$31,956,383.32 Tra nsactions by Type of Activity Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Securities Bought and Sold 06/06/12 05/29/12 PURCHASED 84603MZ33 SOVEREIGN BK FSB WYOMISSING PA CERTIFICATE OF DEPOSIT ACT/365 0.750% 06/06/14 REG DTD 06/06/12 YLD .750 TO MAT 249,000.000 100.0000 -249,000.00 USD 06/11/12 06/06/12 CORRECTED PURCHASE 31381UCP0 FNMA GTD MTG PASS THRU CTFS POOL # 470878 2.460% 04/01/19 B/E DTD 04/01/12 FACT/CPN CORRECTION FACTOR .99716456 REM BAL 598298.74 CORRECTED CONFIRM 600,000.000 103.8750 -408.84 -621,891.65 USD 06/18/12 06/07/12 SOLD FMCC36229 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G18402 "GOLD " 3.000% 09/01/26 B/E DTD 09/01/11 PB 0443 5AK032699 EXEC BKR PERSHING LL FACTOR .69450920 REM BAL 694509.20 -1,000,000.000 104.0312 983.89 723,490.49 USD 06/18/12 06/07/12 SOLD FMCC30827 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # J13273 "GOLD " 3.500% 10/01/25 B/E DTD 10/01/10 PB 0443 5AK032699 EXEC BKR PERSHING LL FACTOR .64908139 REM BAL 843805.81 -1,300,000.000 104.5625 1,394.62 883,699.07 USD 06/18/12 06/07/12 SOLD FMCC30908 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # E02804 "GOLD " 3.000% 12/01/25 B/E DTD 12/01/10 PB 0443 5AK032699 EXEC BKR PERSHING LL FACTOR .78715873 REM BAL 787158.73 -1,000,000.000 104.0312 1,115.14 820,006.21 USD 06/18/12 06/07/12 SOLD FMCC35691 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # E02895 "GOLD " 3.500% 05/01/26 B/E DTD 05/01/11 PB 0443 5AK032699 EXEC BKR PERSHING LL FACTOR .68852542 REM BAL 688525.42 -1,000,000.000 104.5625 1,137.98 721,077.37 USD 06/18/12 06/07/12 PURCHASED GNMA34449 GNMA GTD REMIC PASS THRU SECS 2009-022 REMIC PASSTHRU CTF CL CA 4.500% 12/16/35 B/E DTD 04/01/09 PB 0443 5AK032699 EXEC BKR PERSHING LL FACTOR .55771522 REM BAL 1394288.05 2,500,000.000 105.6718 -3,039.90 -1,514,719.69 USD Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01 /2012 - 06 /30 /2012 Account Number: RMB-015181 Page 25 of 40 Tra nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Securities Bought and Sold (continued) 06/20/12 06/07/12 PURCHASED GNMA34449 GNMA GTD REMIC PASS THRU SECS 2009-022 REMIC PASSTHRU CTF CL CA 4.500% 12/16/35 B/E DTD 04/01/09 PB 0443 5AK032699 EXEC BKR PERSHING LL FACTOR .55771522 REM BAL 1394288.05 2,500,000.000 105.6718 -2,962.86 -1,476,333.19 USD 06/20/12 06/07/12 CANCELLED PURCHASE GNMA34449 GNMA GTD REMIC PASS THRU SECS 2009-022 REMIC PASSTHRU CTF CL CA 4.500% 12/16/35 B/E DTD 04/01/09 PB 0443 5AK032699 EXEC BKR PERSHING LL FACTOR .55771522 REM BAL 1394288.05 CANCELLED TRADE -2,500,000.000 105.6718 3,039.90 1,514,719.69 USD 06/29/12 06/01/12 CORRECTED PURCHASE FNMA38607 FNMA GTD REMIC PASS THRU TR REMIC TR 2012-65 CL-AP 2.000% 02/25/42 B/E DTD 05/01/12 FACT/CPN CORRECTION FACTOR .99317306 REM BAL 993173.06 CORRECTED CONFIRM 1,000,000.000 101.1250 -1,544.94 -1,005,891.20 USD Total Securities Bought and Sold -$285.01 -$204,842.90 Dividends and Interest 06/01/12 BOND INTEREST RECEIVED 162833AN7 99000 CHECKSPRING BK BRONX N Y CTF DEP ACT/365 2.250% 07/27/15 B/E DTD 07/27/10 RD 05/17 PD 06/01/12 189.18 USD 06/01/12 BOND INTEREST RECEIVED 45667ECW6 249000 INFINITY FCU PORTLAND MAINE CTF DEP ACT/365 2.000% 09/17/15 B/E DTD 09/17/10 RD 05/17 PD 06/01/12 422.96 USD 06/01/12 BOND INTEREST RECEIVED 59774QDM1 249000 MIDLAND STS BK EFFINGHAM ILL CTF DEP ACT/365 1.000% 12/01/14 B/E DTD 12/01/11 RD 05/17 PD 06/01/12 211.48 USD 06/01/12 BOND INTEREST RECEIVED 68232YDC3 249000 ONE BK TR N A LITTLE ROCK ARK CTF DEP ACT/365 1.450% 09/30/16 B/E DTD 09/30/11 RD 05/17 PD 06/01/12 306.64 USD 06/01/12 BOND INTEREST RECEIVED 760310TV4 249000 REPUBLIC BK BOUNTIFUL UTAH CTF DEP ACT/365 1.500% 09/30/16 B/E DTD 09/30/11 RD 05/17 PD 06/01/12 317.22 USD 06/01/12 BOND INTEREST RECEIVED 856309AA7 99000 STATE BK LIZTON IND CTF DEP ACT/365 MONTHLY 2.800% 07/02/12 B/E DTD 07/01/09 RD 05/17 PD 06/01/12 235.43 USD Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 26 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Dividends and Interest (continued) 06/01/12 BOND INTEREST RECEIVED 884693AX0 150000 THOMASVILLE NATL BK GA CTF DEP ACT/365 2.000% 02/29/16 B/E DTD 04/29/11 RD 05/17 PD 06/01/12 254.79 USD 06/04/12 BOND INTEREST RECEIVED 17800VAS6 249000 CITY NATL BK NEW JERSEY NEWARK NJ CTF DEP ACT/365 2.000% 09/02/15 B/E DTD 09/02/10 RD 05/18 PD 06/02/12 422.96 USD 06/04/12 BOND INTEREST RECEIVED 366526AF8 249000 GARRETT ST BK IND CTF DEP ACT/365 2.000% 10/02/14 B/E DTD 08/02/10 RD 05/18 PD 06/02/12 422.96 USD 06/04/12 BOND INTEREST RECEIVED 70147AAP9 249000 PARKSIDE FINL BK & TR CLAYTON MO CTF DEP DTD 03/04/2011 ACT/365 MONTHLY 2.250% 03/04/16 B/E DTD 03/04/11 RD 05/20 PD 06/04/12 475.83 USD 06/04/12 BOND INTEREST RECEIVED 89170PHX2 150000 TOWER BK & TR CO FT WAYNE IND CTF DEP ACT/365 2.300% 03/02/16 B/E DTD 03/02/11 RD 05/18 PD 06/02/12 293.01 USD 06/05/12 BOND INTEREST RECEIVED 064657AF6 249000 BANK ROMNEY WEST VA CTF DEP ACT/365 0.900% 01/06/14 B/E DTD 01/05/11 RD 05/21 PD 06/05/12 190.33 USD 06/07/12 BOND INTEREST RECEIVED 040463AR2 99000 ARIZONA BK & TR CHANDLER ARIZ CTF DEP ACT/365 5.150% 11/07/13 B/E DTD 11/07/08 CLB RD 05/23 PD 06/07/12 433.02 USD 06/07/12 BOND INTEREST RECEIVED 06740KEW3 248000 BARCLAYS BK DEL RETAIL CTF DEP 3A2 PROGRAM BOOK ENTRY INSTL CTF DEP 1.550% 12/07/15 B/E DTD 12/07/11 RD 05/31 PD 06/07/12 1,927.27 USD 06/07/12 BOND INTEREST RECEIVED 203586CC4 249000 COMMUNITY BK ROWAN SALISBURY N C CTF DEP DTD 12/07/2010 ACT/365 MONTHLY 0.850% 12/06/13 B/E DTD 12/07/10 RD 05/23 PD 06/07/12 179.76 USD 06/07/12 FOREIGN BOND INTEREST 25811LWF2 100000 DORAL BK CATANO P R CTF DEP ACT/365 MONTHLY 1.750% 07/08/13 B/E DTD 07/07/10 RD 05/23 PD 06/07/12 148.63 USD 06/08/12 BOND INTEREST RECEIVED 723459AR4 99000 PINNACLE BK SOUTH CAROLINA GREENVILLE CTF DEP ACT/365 2.650% 10/09/12 B/E DTD 04/08/09 RD 05/24 PD 06/08/12 222.82 USD 06/08/12 BOND INTEREST RECEIVED 72663QVU0 248000 PLAINSCAPITAL BK LUBBOCK TEX CTF DEP ACT/365 1.000% 06/09/14 B/E DTD 12/08/10 RD 05/24 PD 06/08/12 1,243.40 USD 06/11/12 BOND INTEREST RECEIVED 118545BE1 249000 BUCKS CNTY BK DOYLESTOWN PA CTF DEP ACT/365 0.600% 12/10/12 B/E DTD 12/10/10 RD 05/26 PD 06/10/12 126.89 USD Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Statement Period: 06/01 /2012 - 06 /30/2012 Account Number: RMB-015181 Page 27 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Dividends and Interest (continued) 06/11/12 BOND INTEREST RECEIVED 15643GCE3 150000 CENTRUE BK STREATOR ILL CTF DEP ACT/365 1.800% 12/10/15 B/E DTD 12/10/10 RD 05/26 PD 06/10/12 1,353.70 USD 06/11/12 BOND INTEREST RECEIVED 38980LAW7 249000 GRAYSTONE TOWER BK ENOLA PA CTF DEP DTD 08/10/2011 ACT/365 MONTHLY 2.000% 08/10/16 B/E DTD 08/10/11 CLB RD 05/26 PD 06/10/12 422.96 USD 06/11/12 BOND INTEREST RECEIVED 54718PAH7 249000 LOVELAND BK COMM COLO CTF DEP ACT/365 1.200% 12/10/14 B/E DTD 12/10/10 RD 05/26 PD 06/10/12 253.78 USD 06/12/12 BOND INTEREST RECEIVED 46147UMT4 215000 INVESTORS CMNTY BK MANITOWOC WIS CTF DEP ACT/365 2.050% 08/12/15 B/E DTD 08/12/10 RD 05/28 PD 06/12/12 374.34 USD 06/12/12 BOND INTEREST RECEIVED 70455AAM2 249000 PBI BK LOUISVILLE KY CTF DEP ACT/365 0.900% 05/13/13 B/E DTD 11/12/10 RD 05/28 PD 06/12/12 190.33 USD 06/13/12 BOND INTEREST RECEIVED 70153RGS1 150000 PARKWAY BK & TR HARWOOD HEIGHTS ILL CTF DEP ACT/365 1.600% 08/13/13 B/E DTD 08/13/10 RD 05/29 PD 06/13/12 203.84 USD 06/13/12 BOND INTEREST RECEIVED 89835FGS3 249000 TRUSTATLANTIC BK RALEIGH NC CTF DEP ACT/365 1.000% 04/14/14 B/E DTD 12/13/10 RD 05/29 PD 06/13/12 211.48 USD 06/14/12 BOND INTEREST RECEIVED 929745CG0 249000 WACCAMAW BK WHITEVILLE N C CTF DEP ACT/365 1.100% 10/15/13 B/E DTD 10/15/10 RD 05/24 PD 06/08/12 187.60 USD 06/15/12 BOND INTEREST RECEIVED 3128KRWX8 4220000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # A61562 "GOLD " 5.500% 10/01/36 B/E DTD 03/01/07 RD 05/31 PD 06/15/12 4,102.65 USD 06/15/12 BOND INTEREST RECEIVED 3128LXAV2 7000000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G01820 "GOLD " 5.500% 06/01/35 B/E DTD 05/01/05 RD 05/31 PD 06/15/12 7,407.55 USD 06/15/12 BOND INTEREST RECEIVED 3128LXBE9 3115000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G01837 "GOLD " 5.000% 07/01/35 B/E DTD 06/01/05 RD 05/31 PD 06/15/12 3,556.83 USD Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 28 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Dividends and Interest (continued) 06/15/12 BOND INTEREST RECEIVED 3128MMMQ3 1100000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G18366 "GOLD " 3.500% 10/01/25 B/E DTD 10/01/10 RD 05/31 PD 06/15/12 1,998.28 USD 06/15/12 BOND INTEREST RECEIVED 3128MMNU3 1000000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G18402 "GOLD " 3.000% 09/01/26 B/E DTD 09/01/11 RD 05/31 PD 06/15/12 1,915.60 USD 06/15/12 BOND INTEREST RECEIVED 3128M7G26 2350000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G05317 "GOLD " 5.000% 04/01/37 B/E DTD 02/01/09 RD 05/31 PD 06/15/12 3,786.28 USD 06/15/12 BOND INTEREST RECEIVED 3128PST64 1300000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # J13273 "GOLD " 3.500% 10/01/25 B/E DTD 10/01/10 RD 05/31 PD 06/15/12 2,524.26 USD 06/15/12 BOND INTEREST RECEIVED 3128PWM54 1000000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # J16680 "GOLD " 3.000% 09/01/26 B/E DTD 09/01/11 RD 05/31 PD 06/15/12 2,113.93 USD 06/15/12 BOND INTEREST RECEIVED 3128PWRP5 1000000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # J16794 "GOLD " 3.000% 10/01/26 B/E DTD 09/01/11 RD 05/31 PD 06/15/12 2,223.98 USD 06/15/12 BOND INTEREST RECEIVED 31294MDH1 1000000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # E02804 "GOLD " 3.000% 12/01/25 B/E DTD 12/01/10 RD 05/31 PD 06/15/12 2,008.42 USD 06/15/12 BOND INTEREST RECEIVED 31294MDW8 1000000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # E02817 "GOLD " 3.000% 01/01/26 B/E DTD 01/01/11 RD 05/31 PD 06/15/12 2,131.54 USD 06/15/12 BOND INTEREST RECEIVED 31294MGC9 1000000 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # E02895 "GOLD " 3.500% 05/01/26 B/E DTD 05/01/11 RD 05/31 PD 06/15/12 2,080.13 USD 06/15/12 BOND INTEREST RECEIVED 3137AQGD4 1000000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 4046 CL HA 2.000% 10/15/41 B/E DTD 05/01/12 RD 05/31 PD 06/15/12 1,666.67 USD 06/15/12 BOND INTEREST RECEIVED 3137AQUN6 1000000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 4048 CL HC 2.500% 10/15/40 B/E DTD 05/01/12 RD 05/31 PD 06/15/12 2,083.33 USD 06/15/12 BOND INTEREST RECEIVED 3137A3EY1 1000000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 3758 CL PA 2.000% 08/15/25 B/E DTD 11/01/10 RD 05/31 PD 06/15/12 1,449.80 USD 06/15/12 BOND INTEREST RECEIVED 31395JUH7 1279000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 2889 CL OG 5.000% 05/15/33 B/E DTD 11/01/04 RD 05/31 PD 06/15/12 5,113.61 USD Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Statement Period: 06/01 /2012 - 06 /30/2012 Account Number: RMB-015181 Page 29 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Dividends and Interest (continued) 06/15/12 BOND INTEREST RECEIVED 31395UHV6 1275000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 2971 CL KD 5.500% 05/15/34 B/E DTD 05/01/05 RD 05/31 PD 06/15/12 3,903.18 USD 06/15/12 BOND INTEREST RECEIVED 31398K4C1 1300000 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 3588 CL V 5.000% 10/15/20 B/E DTD 10/01/09 RD 05/31 PD 06/15/12 4,395.53 USD 06/15/12 BOND INTEREST RECEIVED 344030DG3 249000 FLUSHING SVGS BK N Y CTF DEP ACT/365 1.100% 10/07/13 B/E DTD 10/07/10 RD 05/31 PD 06/15/12 232.63 USD 06/15/12 BOND INTEREST RECEIVED 710311AH4 99000 PEOPLES BK COMM MEDFORD ORE CTF DEP ACT/365 3.000% 04/15/13 B/E DTD 04/15/09 RD 05/31 PD 06/15/12 252.25 USD 06/18/12 BOND INTEREST RECEIVED 020080AH0 249000 ALMA BK ASTORIA NEW YORK CTF DEP ACT/365 1.000% 11/18/13 B/E DTD 11/18/10 RD 06/03 PD 06/18/12 211.48 USD 06/18/12 BOND INTEREST RECEIVED 20056QHV8 99000 COMMERCE BK GENEVA MINN CTF DEP ACT/365 3.000% 03/18/13 B/E DTD 03/18/09 RD 06/03 PD 06/18/12 252.25 USD 06/18/12 BOND INTEREST RECEIVED 201593AJ9 99000 COMMERCIAL BKG CO VALDOSTA GA CTF DEP ACT/365 3.300% 03/18/14 B/E DTD 03/18/09 RD 06/03 PD 06/18/12 277.47 USD 06/18/12 BOND INTEREST RECEIVED 38374MDX4 4150000 GNMA GTD REMIC PASS-THRU SECS 2005-075 REMIC PASSTHRU CTF 5.000% 07/16/34 B/E DTD 10/01/05 RD 05/31 PD 06/16/12 4,924.19 USD 06/18/12 BOND INTEREST RECEIVED 51713RBN0 249000 LARIMER BK COMM FT COLLINS COLO CTF DEP ACT/365 1.200% 12/17/14 B/E DTD 12/17/10 RD 06/02 PD 06/17/12 253.78 USD 06/18/12 BOND INTEREST RECEIVED 74046AAK4 99000 PREMIER COML BK GREENSBORO NORTH CAROLINA CTF DEP ACT/DEP 3.000% 03/18/13 B/E DTD 03/18/09 RD 06/03 PD 06/18/12 252.25 USD 06/19/12 BOND INTEREST RECEIVED 20726AAA6 249000 CONGRESSIONAL BK POTOMAC MD CTF DEP ACT/365 0.800% 05/20/13 B/E DTD 11/19/10 RD 06/04 PD 06/19/12 169.18 USD Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 30 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Dividends and Interest (continued) 06/19/12 BOND INTEREST RECEIVED 917312BF6 249000 USAMERIBANK LARGO FLA CTF DEP ACT/365 0.650% 11/19/12 B/E DTD 11/19/10 RD 06/04 PD 06/19/12 137.46 USD 06/20/12 BOND INTEREST RECEIVED 01853QCN6 249000 ALLIANCE BK CORP CHANTILLY VA CTF DEP ACT/365 MONTHLY 1.750% 02/20/14 B/E DTD 08/20/10 RD 06/05 PD 06/20/12 370.09 USD 06/20/12 BOND INTEREST RECEIVED 204163BB4 99000 COMMUNITYONE BK N A ASHBORO N C CTF DEP ACT/365 2.650% 07/20/15 B/E DTD 07/20/10 RD 06/05 PD 06/20/12 222.82 USD 06/20/12 BOND INTEREST RECEIVED 310336CB6 99000 FARMERS ST BK HARTLAND MINN CTF DEP ACT/365 3.500% 03/20/14 B/E DTD 03/20/09 RD 06/05 PD 06/20/12 294.29 USD 06/20/12 BOND INTEREST RECEIVED 38373ANQ5 1500000 GNMA GTD REMIC PASS THRU SECS 2009-065 REMIC PASSTHRU 138 MX CL AK 5.000% 07/20/39 B/E DTD 08/01/09 RD 05/31 PD 06/20/12 3,846.43 USD 06/20/12 BOND INTEREST RECEIVED 908400AJ3 99000 UNION ST BK EVEREST KANS CTF DEP ACT/365 3.250% 03/20/14 B/E DTD 03/20/09 RD 06/05 PD 06/20/12 273.27 USD 06/21/12 BOND INTEREST RECEIVED 72940UEW1 249000 PLUS INTL BK MIAMI FLA CTF DEP DTD 09/21/2010 ACT/365 MONTHLY 0.750% 12/21/12 B/E DTD 09/21/10 RD 06/06 PD 06/21/12 158.61 USD 06/22/12 BOND INTEREST RECEIVED 06541PBB2 249000 BANK UNION EL RENO OKLA CTF DEP DTD 12/22/2010 ACT/365 MONTHLY 1.300% 12/22/14 B/E DTD 12/22/10 RD 06/07 PD 06/22/12 274.92 USD 06/22/12 BOND INTEREST RECEIVED 139797DC5 99000 CAPITAL BK LITTLE ROCK ARK CTF DEP ACT/365 2.600% 10/22/12 B/E DTD 04/22/09 RD 06/07 PD 06/22/12 218.61 USD 06/22/12 BOND INTEREST RECEIVED 31984GBV0 99000 FIRST COML BK JACKSON MISS CTF DEP ACT/365 3.000% 05/22/13 B/E DTD 05/22/09 RD 06/07 PD 06/22/12 252.25 USD 06/25/12 BOND INTEREST RECEIVED 059457TR2 249000 BANCO BILBAO VIZCAYA ARGENTARIA P R CTF DEP ACT/365 1.450% 01/23/13 B/E DTD 07/23/10 RD 06/08 PD 06/23/12 306.64 USD 06/25/12 BOND INTEREST RECEIVED 065680DJ6 249000 BANK WEST SAN FRANCISCO CALIF CTF DEP ACT/365 1.650% 08/24/16 B/E DTD 08/24/11 RD 06/09 PD 06/24/12 348.94 USD 06/25/12 BOND INTEREST RECEIVED 108551KF8 249000 BRIDGEVIEW BK GROUP ILL CTF DEP DTD 07/23/2010 ACT/365 MONTHLY 2.200% 01/23/15 B/E DTD 07/23/10 RD 06/08 PD 06/23/12 465.25 USD Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Statement Period: 06/01 /2012 - 06 /30/2012 Account Number: RMB-015181 Page 31 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Dividends and Interest (continued) 06/25/12 BOND INTEREST RECEIVED 3136A2HK2 1000000 FNMA GTD REMIC PASS THRU TR SER 2011 111 CL DG 2.250% 12/25/38 B/E DTD 10/01/11 RD 05/31 PD 06/25/12 1,801.00 USD 06/25/12 BOND INTEREST RECEIVED 3136A3LF6 2000000 FNMA GTD REMIC PASS THRU TR TR-2011-146 CL-146-DT 4.500% 09/25/41 B/E DTD 12/01/11 RD 05/31 PD 06/25/12 7,332.72 USD 06/25/12 BOND INTEREST RECEIVED 3138EEBP3 1000000 FNMA GTD MTG PASS THRU CTFS POOL # AK9045 3.000% 04/01/27 B/E DTD 03/01/12 RD 05/31 PD 06/25/12 2,473.98 USD 06/25/12 BOND INTEREST RECEIVED 3138EH5L2 1000000 FNMA GTD MTG PASS THRU CTFS POOL # AL1750 6.000% 10/01/39 B/E DTD 05/01/12 RD 05/31 PD 06/25/12 5,000.00 USD 06/25/12 BOND INTEREST RECEIVED 31381QCZ7 1150000 FNMA GTD MTG PASS THRU CTFS POOL # 467288 2.800% 03/01/18 B/E DTD 02/01/11 RD 05/31 PD 06/25/12 2,623.69 USD 06/25/12 BOND INTEREST RECEIVED 31381TMP2 1000000 FNMA GTD MTG PASS THRU CTFS POOL # 470266 2.570% 01/01/19 B/E DTD 01/01/12 RD 05/31 PD 06/25/12 2,200.35 USD 06/25/12 BOND INTEREST RECEIVED 31395DZX0 1000000 FNMA GTD REMIC PASS THRU TR REMIC TR 2006-57 CL-PD 5.500% 01/25/35 B/E DTD 05/01/06 RD 05/31 PD 06/25/12 4,583.33 USD 06/25/12 BOND INTEREST RECEIVED 31397NDF9 2300000 FNMA GTD REMIC PASS THRU TR REMIC TR 2009-15 CL-AC 5.500% 03/25/29 B/E DTD 02/01/09 RD 05/31 PD 06/25/12 9,877.18 USD 06/25/12 BOND INTEREST RECEIVED 31402CVP4 5980000 FNMA GTD MTG PASS THRU CTFS POOL # 725222 5.500% 02/01/34 B/E DTD 02/01/04 RD 05/31 PD 06/25/12 4,456.55 USD 06/25/12 BOND INTEREST RECEIVED 31402RFT1 3145000 FNMA GTD MTG PASS THRU CTFS POOL # 735578 5.000% 06/01/35 B/E DTD 05/01/05 RD 05/31 PD 06/25/12 3,456.24 USD Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 32 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Dividends and Interest (continued) 06/25/12 BOND INTEREST RECEIVED 31402RSN0 2635000 FNMA GTD MTG PASS THRU CTFS POOL # 735925 5.000% 10/01/35 B/E DTD 09/01/05 RD 05/31 PD 06/25/12 3,481.84 USD 06/25/12 BOND INTEREST RECEIVED 31403DUK3 2820000 FNMA GTD MTG PASS THRU CTFS POOL # 745886 5.500% 04/01/36 B/E DTD 09/01/06 RD 05/31 PD 06/25/12 4,141.10 USD 06/25/12 BOND INTEREST RECEIVED 31403DWH8 4090000 FNMA GTD MTG PASS THRU CTFS POOL # 745948 6.500% 10/01/36 B/E DTD 10/01/06 RD 05/31 PD 06/25/12 4,714.17 USD 06/25/12 BOND INTEREST RECEIVED 31410F5A9 2445000 FNMA GTD MTG PASS THRU CTFS POOL # 888341 5.000% 02/01/37 B/E DTD 04/01/07 RD 05/31 PD 06/25/12 3,470.37 USD 06/25/12 BOND INTEREST RECEIVED 31410F5C5 2300000 FNMA GTD MTG PASS THRU CTFS POOL # 888343 5.000% 11/01/35 B/E DTD 04/01/07 RD 05/31 PD 06/25/12 3,397.50 USD 06/25/12 BOND INTEREST RECEIVED 31410KNH3 2660000 FNMA GTD MTG PASS THRU CTFS POOL # 889692 5.500% 05/01/38 B/E DTD 06/01/08 RD 05/31 PD 06/25/12 3,697.80 USD 06/25/12 BOND INTEREST RECEIVED 31410KUS1 2430000 FNMA GTD MTG PASS THRU CTFS POOL # 889893 5.500% 08/01/37 B/E DTD 09/01/08 RD 05/31 PD 06/25/12 4,587.71 USD 06/25/12 BOND INTEREST RECEIVED 31410KYB4 2300000 FNMA GTD MTG PASS THRU CTFS POOL # 890006 5.500% 09/01/36 B/E DTD 06/01/08 RD 05/31 PD 06/25/12 3,783.38 USD 06/25/12 BOND INTEREST RECEIVED 31418AAJ7 1000000 FNMA GTD MTG PASS THRU CTFS POOL # MA0908 4.000% 11/01/31 B/E DTD 10/01/11 RD 05/31 PD 06/25/12 3,181.70 USD 06/25/12 BOND INTEREST RECEIVED 31418MGG1 2000000 FNMA GTD MTG PASS THRU CTFS POOL # AD0198 5.500% 09/01/38 B/E DTD 08/01/09 RD 05/31 PD 06/25/12 4,166.95 USD 06/25/12 BOND INTEREST RECEIVED 337624WR7 150000 FIRSTBANK P R SANTURCE CTF DEP ACT/365 1.950% 07/23/13 B/E DTD 07/23/10 RD 06/08 PD 06/23/12 248.42 USD 06/25/12 BOND INTEREST RECEIVED 65120CDK4 150000 NEWDOMINION BK CHARLOTTE NORTH CAROLINA CTF DEP ACT/365 1.300% 02/22/13 B/E DTD 08/23/10 RD 06/08 PD 06/23/12 165.62 USD 06/25/12 BOND INTEREST RECEIVED 76857RBU7 100000 RIVERBANK SPOKANE WASH CTF DEP ACT/365 1.400% 04/23/13 B/E DTD 07/23/10 RD 06/08 PD 06/23/12 118.90 USD Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01 /2012 - 06 /30/2012 Account Number: RMB-015181 Page 33 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Dividends and Interest (continued) 06/25/12 BOND INTEREST RECEIVED 87182PBV2 99000 SYRINGA BK BOISE IDAHO CTF DEP ACT/365 4.250% 11/26/12 B/E DTD 11/25/08 RD 06/10 PD 06/25/12 357.35 USD 06/25/12 BOND INTEREST RECEIVED 929781DT6 97000 WACHOVIA MTG FSB LAS VEGAS NEV CTF DEP ACT/365 5.000% 06/25/13 B/E DTD 06/25/08 RD 06/10 PD 06/25/12 2,431.64 USD 06/26/12 BOND INTEREST RECEIVED 14147VCC8 249000 CARDINAL BK MCLEAN VA CTF DEP ACT/365 1.200% 08/26/15 B/E DTD 08/26/11 RD 06/11 PD 06/26/12 253.78 USD 06/26/12 BOND INTEREST RECEIVED 20701PAF1 99000 CONESTOGA BK CHESTER SPRINGS PA CTF DEP ACT/365 2.850% 06/26/12 B/E DTD 06/26/09 RD 06/11 PD 06/26/12 239.63 USD 06/26/12 BOND INTEREST RECEIVED 42723JCK0 99000 HERITAGE BK HINESVILLE GA CTF DEP ACT/365 2.250% 07/24/15 B/E DTD 07/26/10 RD 06/11 PD 06/26/12 189.18 USD 06/27/12 BOND INTEREST RECEIVED 05965GPJ9 99000 BANCO POPULAR NORTH AMER NEW YORK CTF DEP ACT/365 5.000% 08/27/13 B/E DTD 08/27/08 RD 06/12 PD 06/27/12 420.41 USD 06/27/12 BOND INTEREST RECEIVED 77468AAZ3 99000 ROCKY MTN BK WILSON WYO CTF DEP ACT/365 1.900% 07/28/14 B/E DTD 07/27/10 RD 06/12 PD 06/27/12 159.76 USD 06/28/12 BOND INTEREST RECEIVED 030762BU1 249000 AMES CMNTY BK IOWA CTF DEP ACT/365 1.000% 05/28/13 B/E DTD 09/28/10 RD 06/13 PD 06/28/12 211.48 USD 06/28/12 BOND INTEREST RECEIVED 080515AL3 200000 BELMONT SVGS BK MASS CTF DEP ACT/365 1.800% 02/27/15 B/E DTD 02/28/11 RD 06/13 PD 06/28/12 305.75 USD 06/28/12 BOND INTEREST RECEIVED 15131XEM5 249000 CENLAR FSB TRENTON NEW JERSEY CTF DEP ACT/365 MONTHLY 2.300% 02/29/16 B/E DTD 02/28/11 DTD 02/28/11 RD 06/13 PD 06/28/12 486.40 USD 06/28/12 BOND INTEREST RECEIVED 20084TEW9 99000 COMMERCEWEST BK N A CTF DEP ACT/365 4.250% 11/28/12 B/E DTD 11/28/08 RD 06/13 PD 06/28/12 357.35 USD Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 34 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Dividends and Interest (continued) 06/28/12 BOND INTEREST RECEIVED 319862AM0 249000 FIRST CMNTY BK LEES SUMMIT MO CTF DEP ACT/365 1.750% 02/27/15 B/E DTD 02/28/11 RD 06/13 PD 06/28/12 370.09 USD 06/28/12 BOND INTEREST RECEIVED 749793AJ4 248000 RABUN CNTY BK GA CLAYTON CTF DEP ACT/365 1.150% 12/30/13 B/E DTD 12/28/10 RD 06/13 PD 06/28/12 1,429.91 USD 06/28/12 BOND INTEREST RECEIVED 908139AU2 225000 UNION SVGS BK DANBURY CONN CTF DEP ACT/365 MONTHLY 2.300% 02/29/16 B/E DTD 02/28/11 RD 06/13 PD 06/28/12 439.52 USD 06/29/12 BOND INTEREST RECEIVED 08173QBG0 249000 BENEFICIAL MUT SVGS PHILADELPHIA PA CTF DEP ACT/365 2.150% 04/29/16 B/E DTD 04/29/11 RD 06/14 PD 06/29/12 454.68 USD 06/29/12 BOND INTEREST RECEIVED 15721UBF5 249000 CFBANK FAIRLAWN OH CTF DEP ACT/365 2.400% 07/29/15 B/E DTD 07/29/10 RD 06/14 PD 06/29/12 507.55 USD 06/29/12 BOND INTEREST RECEIVED 58403BXZ4 249000 MEDALLION BK SALT LAKE CITY UTAH CTF DEP DTD 05/29/2012 ACT/365 MONTHLY 0.500% 05/29/14 B/E DTD 05/29/12 RD 06/14 PD 06/29/12 105.74 USD 06/29/12 BOND INTEREST RECEIVED 74311WBA5 99000 PROFESSIONAL BUSINESS BK PASADENA CALIF CTF DEP ACT/365 3.000% 12/28/12 B/E DTD 06/29/09 RD 06/14 PD 06/29/12 252.25 USD 06/29/12 BOND INTEREST RECEIVED 795450FJ9 99000 SALLIE MAE BK MURRAY UTAH CTF DEP ACT/365 5.050% 10/29/13 B/E DTD 10/29/08 RD 06/14 PD 06/29/12 424.62 USD Total Dividends and Interest $0.00 $172,036.83 Distributions 06/13/12 SECURITY REDEEMED 929745CG0 WACCAMAW BK WHITEVILLE N C CTF DEP ACT/365 1.100% 10/15/13 B/E DTD 10/15/10 -249,000.000 249,000.00 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3128KRWX8 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # A61562 "GOLD " 5.500% 10/01/36 B/E DTD 03/01/07 RD 05/31 PD 06/15/12 45,171.72 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3128LXAV2 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G01820 "GOLD " 5.500% 06/01/35 B/E DTD 05/01/05 RD 05/31 PD 06/15/12 69,200.11 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3128LXBE9 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G01837 "GOLD " 5.000% 07/01/35 B/E DTD 06/01/05 RD 05/31 PD 06/15/12 32,725.16 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3128MMMQ3 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G18366 "GOLD " 3.500% 10/01/25 B/E DTD 10/01/10 RD 05/31 PD 06/15/12 22,731.10 USD Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01 /2012 - 06 /30/2012 Account Number: RMB-015181 Page 35 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Distributions (continued) 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3128MMNU3 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G18402 "GOLD " 3.000% 09/01/26 B/E DTD 09/01/11 RD 05/31 PD 06/15/12 71,729.16 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3128M7G26 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # G05317 "GOLD " 5.000% 04/01/37 B/E DTD 02/01/09 RD 05/31 PD 06/15/12 39,827.49 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3128PST64 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # J13273 "GOLD " 3.500% 10/01/25 B/E DTD 10/01/10 RD 05/31 PD 06/15/12 21,657.00 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3128PWM54 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # J16680 "GOLD " 3.000% 09/01/26 B/E DTD 09/01/11 RD 05/31 PD 06/15/12 17,168.93 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3128PWRP5 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # J16794 "GOLD " 3.000% 10/01/26 B/E DTD 09/01/11 RD 05/31 PD 06/15/12 19,153.92 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 31294MDH1 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # E02804 "GOLD " 3.000% 12/01/25 B/E DTD 12/01/10 RD 05/31 PD 06/15/12 16,210.16 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 31294MDW8 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # E02817 "GOLD " 3.000% 01/01/26 B/E DTD 01/01/11 RD 05/31 PD 06/15/12 12,451.79 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 31294MGC9 FEDERAL HOME LN MTG CORP PARTN CTFS POOL # E02895 "GOLD " 3.500% 05/01/26 B/E DTD 05/01/11 RD 05/31 PD 06/15/12 24,661.87 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3137AQGD4 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 4046 CL HA 2.000% 10/15/41 B/E DTD 05/01/12 RD 05/31 PD 06/15/12 6,987.42 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3137AQUN6 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 4048 CL HC 2.500% 10/15/40 B/E DTD 05/01/12 RD 05/31 PD 06/15/12 4,143.04 USD Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 36 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Distributions (continued) 06/15/12 PRINCIPAL PAY DOWN RECEIVED 3137A3EY1 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 3758 CL PA 2.000% 08/15/25 B/E DTD 11/01/10 RD 05/31 PD 06/15/12 9,035.05 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 31395JUH7 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 2889 CL OG 5.000% 05/15/33 B/E DTD 11/01/04 RD 05/31 PD 06/15/12 62,975.48 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 31395UHV6 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 2971 CL KD 5.500% 05/15/34 B/E DTD 05/01/05 RD 05/31 PD 06/15/12 46,213.99 USD 06/15/12 PRINCIPAL PAY DOWN RECEIVED 31398K4C1 FHLMC MULTICLASS MTG PARTN CTFS GTD SER 3588 CL V 5.000% 10/15/20 B/E DTD 10/01/09 RD 05/31 PD 06/15/12 8,443.54 USD 06/18/12 PRINCIPAL PAY DOWN RECEIVED 38374MDX4 GNMA GTD REMIC PASS-THRU SECS 2005-075 REMIC PASSTHRU CTF 5.000% 07/16/34 B/E DTD 10/01/05 RD 05/31 PD 06/16/12 30,352.46 USD 06/20/12 PRINCIPAL PAY DOWN RECEIVED 36176F2C1 GNMA II GTD MTG PASS THRU CTFS POOL # 765171 4.660% 12/20/61 B/E DTD 12/01/11 RD 05/31 PD 06/20/12 2,241.25 USD 06/20/12 PRINCIPAL PAY DOWN RECEIVED 36230RNX0 GNMA II GTD MTG PASS THRU CTFS POOL # 756706 4.557% 01/20/62 B/E DTD 01/01/12 RD 05/31 PD 06/20/12 65.50 USD 06/20/12 PRINCIPAL PAY DOWN RECEIVED 38373ANQ5 GNMA GTD REMIC PASS THRU SECS 2009-065 REMIC PASSTHRU 138 MX CL AK 5.000% 07/20/39 B/E DTD 08/01/09 RD 05/31 PD 06/20/12 22,123.65 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 3136A2HK2 FNMA GTD REMIC PASS THRU TR SER 2011 111 CL DG 2.250% 12/25/38 B/E DTD 10/01/11 RD 05/31 PD 06/25/12 9,262.87 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 3136A3LF6 FNMA GTD REMIC PASS THRU TR TR-2011-146 CL-146-DT 4.500% 09/25/41 B/E DTD 12/01/11 RD 05/31 PD 06/25/12 11,267.58 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 3138EEBP3 FNMA GTD MTG PASS THRU CTFS POOL # AK9045 3.000% 04/01/27 B/E DTD 03/01/12 RD 05/31 PD 06/25/12 8,207.04 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 3138EH5L2 FNMA GTD MTG PASS THRU CTFS POOL # AL1750 6.000% 10/01/39 B/E DTD 05/01/12 RD 05/31 PD 06/25/12 26,798.40 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31381QCZ7 FNMA GTD MTG PASS THRU CTFS POOL # 467288 2.800% 03/01/18 B/E DTD 02/01/11 RD 05/31 PD 06/25/12 1,866.77 USD Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCUB0088766CSF30024 Statement Period: 06/01 /2012 - 06 /30/2012 Account Number: RMB-015181 Page 37 of 40 Tr a nsactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Distributions (continued) 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31381TMP2 FNMA GTD MTG PASS THRU CTFS POOL # 470266 2.570% 01/01/19 B/E DTD 01/01/12 RD 05/31 PD 06/25/12 1,298.83 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31397NDF9 FNMA GTD REMIC PASS THRU TR REMIC TR 2009-15 CL-AC 5.500% 03/25/29 B/E DTD 02/01/09 RD 05/31 PD 06/25/12 68,166.62 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31402CVP4 FNMA GTD MTG PASS THRU CTFS POOL # 725222 5.500% 02/01/34 B/E DTD 02/01/04 RD 05/31 PD 06/25/12 31,426.87 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31402RFT1 FNMA GTD MTG PASS THRU CTFS POOL # 735578 5.000% 06/01/35 B/E DTD 05/01/05 RD 05/31 PD 06/25/12 30,951.20 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31402RSN0 FNMA GTD MTG PASS THRU CTFS POOL # 735925 5.000% 10/01/35 B/E DTD 09/01/05 RD 05/31 PD 06/25/12 32,076.07 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31403DUK3 FNMA GTD MTG PASS THRU CTFS POOL # 745886 5.500% 04/01/36 B/E DTD 09/01/06 RD 05/31 PD 06/25/12 35,016.36 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31403DWH8 FNMA GTD MTG PASS THRU CTFS POOL # 745948 6.500% 10/01/36 B/E DTD 10/01/06 RD 05/31 PD 06/25/12 38,790.46 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31410F5A9 FNMA GTD MTG PASS THRU CTFS POOL # 888341 5.000% 02/01/37 B/E DTD 04/01/07 RD 05/31 PD 06/25/12 32,188.16 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31410F5C5 FNMA GTD MTG PASS THRU CTFS POOL # 888343 5.000% 11/01/35 B/E DTD 04/01/07 RD 05/31 PD 06/25/12 31,021.52 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31410KNH3 FNMA GTD MTG PASS THRU CTFS POOL # 889692 5.500% 05/01/38 B/E DTD 06/01/08 RD 05/31 PD 06/25/12 37,573.38 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31410KUS1 FNMA GTD MTG PASS THRU CTFS POOL # 889893 5.500% 08/01/37 B/E DTD 09/01/08 RD 05/31 PD 06/25/12 37,278.95 USD Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Account Number: RMB-015181 Page 38 of 40 Transactions by Type of Activity (conti nued) Process / Settlement Date Trade / Transaction Date Activity Type Description Quantity Price Accrued Interest Amount CCY Distributions (continued) 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31410KYB4 FNMA GTD MTG PASS THRU CTFS POOL # 890006 5.500% 09/01/36 B/E DTD 06/01/08 RD 05/31 PD 06/25/12 31,335.11 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31418AAJ7 FNMA GTD MTG PASS THRU CTFS POOL # MA0908 4.000% 11/01/31 B/E DTD 10/01/11 RD 05/31 PD 06/25/12 8,859.23 USD 06/25/12 PRINCIPAL PAY DOWN RECEIVED 31418MGG1 FNMA GTD MTG PASS THRU CTFS POOL # AD0198 5.500% 09/01/38 B/E DTD 08/01/09 RD 05/31 PD 06/25/12 34,880.24 USD 06/26/12 SECURITY REDEEMED 20701PAF1 CONESTOGA BK CHESTER SPRINGS PA CTF DEP ACT/365 2.850% 06/26/12 B/E DTD 06/26/09 ACCOUNT REDEMPTION -99,000.000 99,000.00 USD Total Distributions $0.00 $1,441,535.45 Total Value of all Transactions -$285.01 $1,408,729.38 The price and quantity displayed may have been rounded. Effective M at urity Schedule Percentages of bond market values are rounded to the nearest whole percentage. Bond Maturity Market Value % of Bond Market Value Within 1 month 249,060.00 1% 1 to 6 months 1,845,983.55 3% 7 to 12 months 2,510,778.70 4% 1 to 5 years 18,278,019.69 28% 6 to 10 years 5,543,225.03 8% Over 10 years 37,212,184.61 56% Total 65,639,251.58 100% Bonds that are in default are not included. Please refer to your Portfolio Holdings section. Bond Quality Percent ages of bond market values are rounded to the nearest whole percent age. Bond Quality Market Value % of Bond Market Value AAA 3,157,820.00 5% A 3,103,178.37 5% Not Rated 59,378,253.21 90% Total 65,639,251.58 100% Bond quality ratings reflect Moody's or Standard and Poor's ratings. Bonds may be rated by other services. Bonds that are in default are not included. Please refer to your Portfolio Holdings section. Account Number: RMB 012345 ABC FEDERAL BANK HAWAII LAW ENFORCEMENT FCU B0088766CSF30024 Statement Period: 06 /01/2012 - 06/30 /2012 Account Number: RMB-015181 Page 39 of 40 Messages Although a money market mutual fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in a money market mutual fund. Please see the money market mutual fund's prospectus or contact your investment professional for additional information. TO OUR VALUE D CUSTOM ERS - RATINGS ON CD HOLDINGS You may see ratings associated with various C ertificate of Deposit holdings. These ratings are on the underlying issuing institution. They do not have any impact on the FDIC insurance eligibility of the holding. Important Arbitr ation Disclosures and Importa nt Arbi tration Agreemen t Important Arbitration Disclosures All parties to this agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed. Arbitration awards are generally final and binding; a party's ability to have a court reverse or modify an arbitration award is very limit ed. The ability of the parti es to obtain documents, witness st atements and other discovery is generally more limited in arbitration than in court proceedings. The arbitrators do not have to explain the reason(s) for their award, unless, in an eligible case, a joint request for an explained decision has been submitted by all parties to the panel at least 20 days prior to the first scheduled hearing date. The panel of arbitrators will typically include a minority of arbitrators who were or are affilia t ed with the securities industry. The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court. The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this agreement. Important Arbitration Agreement Any controversy between you and Pershing LLC shall be submitt ed to arbitration before the F inancial Industry Regulatory Authority. No person shall bring a put ative or certified class action to arbitration, nor seek to enforce any predisput e arbitration agreement against any person who has initiated in court a putative class action, who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the puta tive class action until; (I) the class certification is denied; (II) the class is decertified; or (III) the client is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitut e a waiver of any rights under this agreement except to the ext ent st ated herein. The laws of the State of New York govern. Pershing's cont act information is as follows: Pershing LLC; Legal Department; One Pershing Pla z a; Jersey City, New Jersey 07399; (201) 413-3330. Account Number: RMB 012345 ABC FEDERAL BANK Registered. HAWAII LAW ENFORCEMENT FCUB0088766CSF30024Account Number: RMB-015181 Page 40 of 40 Account Number: RMB 012345 ABC FEDERAL BANK Address Phone Fax 1000 Town Center, Suite 2300Southfield, Michigan 48075 (800) 967-9045(248) 291-1100 (248) 291-1101 www.mbssecurities.com 2400 East Commercial Boulevard, Suite 812Ft. Lauderdale, Florida 33308 (800) 967-9045(954) 351-6930 (954) 351-9197 Member of FINRA & SIPC; MSRB Registered. Proudly Veteran-Owned! Samples of research reports Multi-Bank Securities, Inc. can access publicly available research reports and provide these to its customers upon request, but it doesn’t conduct its own research. Address Phone Fax 1000 Town Center, Suite 2300Southfield, Michigan 48075 (800) 967-9045(248) 291-1100 (248) 291-1101 www.mbssecurities.com 2400 East Commercial Boulevard, Suite 812Ft. Lauderdale, Florida 33308 (800) 967-9045(954) 351-6930 (954) 351-9197 Member of FINRA & SIPC; MSRB Registered. Proudly Veteran-Owned! Regarding Schedule of Fees and Charges There are no fees on any securities transactions when purchased through Multi-Bank Securities, Inc. (MBS). Rates quoted to you are net of any fees and you will not receive an invoice from MBS. Our compensation is either paid by the issuer of the security (primary issue) or built into the transaction through the bid/ask price of the security (secondary issue). Competitive price verification can be conducted by viewing our online proprietary platform.