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2016-03-22; City Council; 22250; Report on City Investments as of February 29, 2016
13 CITY OF CARLSBAD -AGENDA BILL AB# 22 250 DEPT. HEAD c'h)f /1.- MTG. 3/22/16 REPORT ON CITY INVESTMENTS CITY ATTY. DEPT. TRS AS OF FEBRUARY 29, 2016 CITY MGR. RECOMMENDED ACTION: Accept and file report. ITEM EXPLANATION: The city's Investment Policy requires the City Treasurer to report to the City Council on a monthly basis the status of the city's pooled investment portfolio. A quarterly report is also required for the investments of bond proceeds held separately. The city's pooled investment portfolio as of the month ended February 29, 2016 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 703,602,550 710,490,265 Cost of Investments 706,832,179 713,576,361 Amortized Cost (1) 704,980,634 711,817,767 Market Value (2) 706,666,147 713,267,454 (1) The cost of investments adjusted for amortized premiums and discounts. (2) The amount at which the investments could be sold. Source of market values is Union Bank of California's custodial report as of 2/29/16. The equity portion of the various funds in the total portfolio is summarized in the graph on the next page. Fund balances are restricted for various purposes. See Exhibit 8 for a more detailed breakdown. The net decrease between the January 2016 and February 2016 reports of approximately $7 million is due to debt service payments made in February for March 15t. Construction expenditures during the month added to the overall decrease. DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancy.Sullivan@carlsbadca.gov FOR CLERKS USE. COUNCIL ACTION: APPROVED 0 CONTINUED TO DATE SPECIFIC 0 DENIED 0 CONTINUED TO DATE UNKNOWN 0 CONTINUED 0 RETURNED TO STAFF 0 WITHDRAWN 0 OTHER-SEE MINUTES 0 AMENDED 0 REPORT RECEIVED ~ '.~~ " \ ~~· I " Report on City Investments as of February 29, 2016 Meeting Date: March 22, 2016 Page2 Cash Income Fiscal Year-to-Date * FUND EQUITY IN POOLED lNVESTMENTS (Dollar Amounts in Millions) General $1l5 Internal Service $41 Agencyffrust $18 Enterprise Special Revenue $45 $186 Capital Projects $300 Total Treasurer's Investment Portfolio at Amortized Cost February 29,2016 $705 million Pooled Investment Interest Income Current Prior Month FVTD Month FVTD 5,751,384 4,840,313 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life Average Yield (Years) To Maturity DECEMBER 2015 2.00 1.173% JANUARY 2016 2.02 1.180% FEBUARY 2016 1.999 1.174% Current Month Income 911,071 Modified Duration 1.940 1.967 1.933 All pooled investments have been made in accordance with the city's Investment Policy adopted January 2, 1985 and last revised January 12, 2016. All investments were initially made in accordance with the city's Investment Policy. Events subsequent to the purchase might have resulted in some investments not being in compliance with the current policy. These events are typically a change in the city's Investment Policy, a change in the credit rating subsequent to a purchase, or a temporary reduction in total portfolio assets. See Exhibit 9 for details. FISCAL IMPACT: None ENVIRONMENTAL IMPACT: Pursuant to Public Resources Code section 21065, this action does not constitute a "project" within the meaning of CEQA in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and therefore does not require environmental review. Report on City Investments as of February 29, 2016 Meeting Date: March 22, 2016 Page 3 EXHIBITS FOR POOLED INVESTMENTS: 1. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield 2. Investment Portfolio Breakdown Of Maturities 3. Yield Comparison Graph 4. Market Yield Curve 5. Cumulative Cash Income Graph 6. Third Quarter Transactions 7. Detailed Investment Report 8. Fund Equity in Pooled Investments 9. Corporate Note and Commercial Paper Ratings 10. Percentage Weightings By Corporate Note Issuer CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 29, 2016 BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS AMORTIZED COST MARKET VALUE AVERAGE YIELD Cash Income Class Current Month Prior Month Current Month Prior Month Year to Date Current Month Prior Month CD 15,288,196 15,784,885 15,380,769 15,822,285 179,745 1.52 1.50 FN 18,077,911 18,057,263 18,221,331 18,116,782 0 1.41 1.41 TR 65,195,309 65,202,372 65,680,410 65,615,856 353,631 1.12 1.12 FA 330,922,830 337,376,840 331,761,546 338,284,585 2,618,828 1.21 1.22 CN 164,906,172 165,461,476 165,031,876 165,493,014 2,315,597 1.55 1.56 LAIF 107,879,000 104,737,496 107,879,000 104,737,496 283,273 0.45 0.45 CUSTODY 15,763 352 15,763 352 48 0.00 0.00 SWEEP 2,220,341 4,358,730 2,220,341 4,358,730 262 0.02 0.02 BANKACCT 475~ 838,353 475,112 838,353 0 0.02 0.02 TOTALS $704,980,634 $711,817,766 $706,666,147 $713,267,453 5,751,384 1.17% 1.18% CD -Certificate of Deposit FA -Federal Agency Custody -Investment Cash account FN -Federal Discount Notes CN-Corporate Notes SWEEP -General Fund Overnight Cash acccount TR -US Treasury LAIF -Local Agency Investment Fund Bank Account -General Fund Cash account t_:I:j :X: :::r1 H IJj H 8 I-' U\ CLASS CD FN TR FA CN LATF CUSTODY SWEEP BANKACCT TOTALS %TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 29, 2016 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TOSYEARS TOTAL 1,487,078 247,380 13,542,794 15,277,252 3,490,976 0 14,396,011 17,886,987 0 5,016,734 60,179,392 65,196,126 10,279,968 36,905,567 284,077,249 331,262,783 29,322,003 33,713,245 103,583,566 166,618,814 107,879,000 0 0 107,879,000 15,763 0 0 15,763 2,220,341 0 0 2,220,341 475,112 0 0 475,112 $155,170,241 (1) $75,882,926 (1) $475,779,012 $706,832,179 22.0% 10.7% 67.3% 100.0% Total within One Year $231,053,167 (1) POLICY: 32.7% (1) Not less than $160,258,000 to mature within one year. (2/3rds of current year operating budget of $240,385,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. %TOTAL 2.2% 2.5% 9.2% 46.9% 23.6% (2) 15.3% 0.0% 0.3% 0.1% 100.0% I:Ij ::X: ::c: H tJj H t-3 N 6.75 6.50 6.25 6.00 5.75 5.50 5.25 5.00 4.75 4.50 4.25 4.00 3.75 3.50 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25 ~ IF~ YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 2000-FEBRUARY 2016 ~ ·~ ~. '-.. " ., -~ .~ """"' '-· ~ ·~ \. ~ ' ~ \. l ~ '1 \. ...£ . .,_.--" l:il..-. ~ ~ 1·"W' " 1 ' ·~ .~ '1 f k. liw.. if' "\. ~ ,~ .~ k. ' ~-f ~~ ·~ '*: J. ' "'~ ~ J' t. ~ -....t:.x-• ]UJ-~' ~ ' ·~ '#-~ ' -*-I All= •yt ~ ' ~ -----\:. ."' ......... . ~. ""'"" -""" ~~ 0.00 IIIII I II I 11111111111111 I I I I II Ill II I I II 111111111111111111 I IIIII I II I II II I II II I 1111111111111 I lllllilllllllllliilllllllllllllllllllllllliillllllllllllllllllllllllllllllllllllllllllii 1111111111 ~ ~ ~~~~~~~~~ ~ H 1-3 w MARKET YIELD CURVE 6/30/14, 6/30/15, 2/29/16 3.5 Market Rates 3 2.: I 1.~ I ~ ----------· 0.5 f. ~ ... ~·- #Jffi~-$}#$-'--@' ~ Mth .. .-: --_.. : 2Yr 5 Yr 10 Yr 3 Mth 2 Yr 5 Yr 10 Yr ~------, ---6/30/2014 .02 .46 1.63 2.53 ........... 6/30/2015 .01 .65 1.65 2.35 =.,..,2/29/2016 .32 .78 1.21 1.74 t?:J ~ ::r: H tJ:J H t-3 ,j::> Cumulative Millions$ Cumulative Cash Income FY15-16 (February 2016) Monthly Interest Income Millions$ 10 9 8 7 6 5 4 3 2 1 0 ~--------------------------------------~ 8 .,.,#"' .,.,#"'""' 7 6 5 -4 0.91 3 2 1 ,w: "''"' 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun CJinterest Income -+-·Budget ----u-Actual YTD tr:l :X: ::r: H td H f-3 Ul TRANSACTIONS FOR PERIOD: 01/01/16 TO 02/29/16 3rd QUARTER 2015-2016 Trans Investment Maturity Call Par Amount Return Investment Date Date Date ~ Security Date Value Coupon (Cost! Rate Interest Return euvs···· JANUARY 01/04/16 01/05/16 12/31/20 TR US TREASURY N/A 4,000,000.00 2.375% 4,127,500.00 1.705% 346,195.05 4,473,695.05 01/07/16 01/08/16 12/30/16 FA FHLB 6/30/2016 2,875,000.00 0.800% 2,875,000.00 0.800% 22,488.89 2,897,488.89 01/11/16 01/12/16 01/09/20 FA FNMA 4/9/2016 1,500,000.00 1.570% 1,497,750.00 1.609% 96,253.75 1,594,003.75 01/11/16 01/14/16 01/14/21 FA FFCB 4/14/2016 4,000,000.00 1.940% 4,000,000.00 1.940% 388,000.00 4,388,000.00 01/11/16 01/15/16 01/15/21 CD INVESTORS COMMUNTIY BANI N/A 249,000.00 1.850% 249,000.00 1.850% 23,032.50 272,032.50 01/15/16 01/20/16 01/22/19 CD KEY BANK NATL ASSN OHIO N/A 247,000.00 1.550% 247,000.00 1.550% 11,528.04 258,528.04 01/19/16 01/27/16 01/27/20 FA FHLMC 4/27/2016 3,000,000.00 1.530% 3,000,000.00 1.530% 183,600.00 3,183,600.00 01/19/16 01/28/16 01/29/18 CD CUSTOMERS BANK N/A 248,000.00 1.200% 248,000.00 1.200% 5,960.27 253,960.27 01/20/16 01/21/16 07/29/20 FA FHLB N/A 2,500,000.00 1.830% 2,549,375.00 1.378% 157,516.67 2, 706,891.67 01/25/16 01/26/16 01/07/21 FA FFCB 2/1/2016 1 ,000,000.00 1.820% 998,580.00 1.850% 91,459.44 1 ,090,039.44 01/25/16 01/28/16 07/13/18 CN TOYOTA N/A 2,000,000.00 1.550% 2,014,400.00 1.252% 61,808.33 2,076,208.33 01/26/16 01/27/16 05/27/20 FA FHLMC 2/27/2016 3,000,000.00 1.900% 3, 003,120.00 1.875% 243,880.00 3,247,000.00 01/28/16 01/29/16 07/08/20 FA FFCB 4/8/2016 3,250,000.00 1.700% 3,252,275.00 1.680% 243,127.08 3,495,402.08 01/28/16 01/29/16 09/15/17 TR US TREASURY N/A 2,800,000.00 1.000% 2,809,078.13 0.800% 36,460.33 2,845,538.46 01/28/16 01/29/16 04/01/19 FA FHLB N/A 1 ,500,000.00 4.250% 1 ,643,640.00 1.166% 58,589.17 1,702,229.17 01/28/16 01/29/16 04/24/19 FA FHLMC 4/24/2016 480,000.00 1.350% 480,000.00 1.350% 20,970.00 500,970.00 FEBRUARY 1/25/2016 02/24/16 02/24/20 FA FHLMC 2/24/2017 1,750,000.00 1.500% 1,750,000.00 1.500% 105,000.00 1 ,855,000.00 01/25/16 02/10/16 02/12/18 CD CADENCE BANK N/A 248,000.00 1.250% 248,000.00 1.250% 6,217.22 254,217.22 02/04/16 02/10/16 02/09/18 CD ORIENTAL BANK SAN JUAN PR N/A 248,000.00 1.200% 248,000.00 1.200% 5,943.73 253,943.73 02/04/16 02/05/16 02/15/17 CN PEFCO N/A 2,000,000.00 1.375% 2,012,360.00 0.770% 15,903.89 2,028,263.89 02/08/16 02/24/16 02/24/20 FA FFCB 2/24/2017 1 ,000,000.00 1.400% 1 ,000,000.00 1.400% 56,000.00 1 ,056,000.00 02/08/16 02/26/16 02/26/21 FA FHLMC 8/26/2016 1 ,000,000.00 1.25% STEP 999,500.00 2.103% 106,750.00 1 '1 06,250.00 02/22/16 02/25/16 05/01/18 CN COLGATE-PALMOLIVE N/A 2,500,000.00 0.900% 2,495,450.00 0.984% 53,675.00 2,549,125.00 02/22/16 02/23/16 06/12/20 FA FHLB N/A 2,000,000.00 1.750% 2,039,980.00 1.271% 110,617.22 2,150,597.22 02/25/16 02/26/16 02/26/21 FA FHLB 8/26/2016 4,000,000.00 1.690% 4,000,000.00 1.690% 338,000.00 4,338,000.00 02/25/16 02/26/16 02/12/19 FA FFCB N/A 4,000,000.00 1.030% 4,004,640.00 0.990% 117,357.78 4,121,997.78 02/25/16 02/26/16 06/14/19 FA FAMCA N/A 3,000,000.00 1.500% 3,033,300.00 1.156% 115,200.00 3,148,500.00 MARCH 02/22/16 03/10/16 03/10/21 FA FNMA 3/10/2017 2,500,000.00 1% STEP 2,498,750.00 1.724% 216,250.00 2, 715,000.00 02/25/16 .03/22/16 03/22/21 FA FHLB 6/22/2016 2,500,000.00 1.125% STEP 2,498,750.00 1.870% 235,625.00 2,734,375.00 TOTAL THIRD QUARTER 2015-2016 59,395,000.00 59,823,448.13 1.430% 3,473,409.36 63,296,857.49 MATU~ITIES JANUARY 10/31/11 01/11/16 CN MET LIFE GLOBAL FUNDING N/A 1,635,000.00 3.125% 1 ,695,247. 73 2.200% 154,062.17 1,849,309.90 12/28/11 01/11/16 CN MET LIFE GLOBAL FUNDING N/A 2,000,000.00 3.125% 2,063,239.83 2.300% 189,017.11 2,252,256.94 01/25/12 01/11/16 CN MET LIFE GLOBAL FUNDING N/A 5,000,000.00 3.125% 5,189,924.57 2.120% 428,999.04 5,618,923.61 ~ 03/09/12 01/11/16 CN MET LIFE GLOBAL FUNDING N/A 3,000,000.00 3.125% 3,169,646.15 1.600% 190,249.68 3,359,895.83 :X: :::r:: H tJj H r-3 0"1 TRANSACTIONS FOR PERIOD: 01/01/16 TO 02/29/16 3rd QUARTER 2015-2016 Trans Investment Maturity Call Par Amount Return Investment Date Date Date ~ Security Date Value Cou(!on (Cost) Rate Interest Return FEBRUARY 02/01/13 02/01/16 FA FFCB N/A 5,000,000.00 0.400% 4,998,750.00 0.484% 61,250.00 5,060,000.00 02/08/16 02/08/16 CN GENERAL ELECTRIC N/A 5,000,000.00 1.550% 5,000,000.00 1.390% 227,500.00 5,227,500.00 02/10/12 02/10/16 CD CARDINAL BANK MCLEAN VA N/A 249,000.00 0.900% 249,000.00 0.900% 8,970.06 257,970.06 02/06/13 02/08/16 CD ORIENTAL BANK & TRUST N/A 249,000.00 0.900% 249,000.00 0.900% 6,735.45 255,735.45 08/24/12 02/24/16 CD FIRST BUSINESS BANK N/A 248,000.00 0.600% 247,578.40 0.600% 5,635.72 253,214.12 MARCH 06/20/12 03/15/16 FA FNMA N/A 5,000,000.00 2.250% 5,285,278.17 0.700% 135,034.33 5,420,312.50 TOTAL THIRD QUARTER 2015-2016 27,381,000.00 28,147,664.85 1.358% 1 ,407,453.56 29,555,118.41 CALLS JANUARY 06/25/15 07/15/15 07/15/20 FA FHLMC 1/15/2016 4,000,000.00 1% STEP 4,000,000.00 2.007% 402,500.00 4,402,500.00 12/08/14 12/29/14 09/29/17 FA FHLB 1/22/2016 3,000,000.00 1.050% 2,995,500.00 1.106% 91 '125.00 3,086,625.00 01/07/15 01/29/15 01/29/18 FA FHLB 1/29/2016 2,000,000.00 0.75%STEP 2,000,000.00 1.100% 80,000.00 2,080,000.00 01/07/15 01/29/15 04/29/19 FA FHLMC 1/29/2016 2,000,000.00 1.570% 2,000,000.00 1.570% 133,450.00 2,133,450.00 FEBRUARY 12/21/15 12/22/15 11/15/19 FA FHLMC 2/15/2016 1 ,600,000.00 1.650% 1 ,596,800.00 1.703% 106,086.67 1,702,886.67 03/31/15 04/01/15 02/19/20 FA FNMA 2/19/2016 2,000,000.00 1% STEP 2,001,000.00 2.097% 206,666.67 2,207,666.67 04/02/15 04/06/15 02/13/20 FA FFCB 2/18/2016 1 ,500,000.00 1.690% 1 ,495,500.00 1.755% 127,517.92 1,623,017.92 01/20/15 01/21/15 11/21/19 FA FNMA 2/21/2015 2,500,000.00 1.250% 2,498, 750.00 2.207% 271,041.67 2,769,791.67 04/07/14 04/08/14 11/21/18 FA FHLB 2/21/2016 2,250,000.00 1.200% 2,198,250.00 1.720% 176,475.00 2,374,725.00 05/14/15 05/26/15 02/26/19 FA FNMA 2/26/2016 1 ,500,000.00 1.375% 1 ,501 ,395.00 1.350% 75,948.75 1,577,343.75 12/17/15 12/18/15 08/28/19 FA FNMA 2/28/2016 1 ,446,000.00 1.700% 1 ,444,554.00 1.728% 92,262.83 1,536,816.83 02/13/15 02/27/15 02/27/20 CD JP MORGAN CHASE BANK 2/27/2016 247,000.00 2.000% 247,000.00 2.000% 24,700.00 271,700.00 05/14/15 05/28/15 02/28/19 FA FHLMC 2/28/2016 2,500,000.00 1.500% 2,500,000.00 1.500% 140,625.00 2,640,625.00 01/26/16 01/27/16 05/27/20 FA FHLMC 2/27/2016 3,000,000.00 1.900% 3,003,120.00 1.875% 243,880.00 3,247,000.00 TOTAL THIRD QUARTER 2015-2016 29,543,000.00 29,481,869.00 1.693% 2,172,279.51 31,654,148.51 INVESTMENT REPORT AS OF FEBRUARY 29, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 6/20/2012 FA FNMA 2.25% NON-CALL 5,000,000.00 5,285,278.17 0.700% 135,034.33 5,420,312.50 1,364 4/27/2011 FA FHLB 2.5% NON-CALL 2,000,000.00 2,000,000.00 2.500% 250,000.00 2,250,000.00 1,827 6/12/2014 FA FNMA .375% NON-CALL 3,000,000.00 2,994,690.00 0.461% 28,528.75 3,023,218. 75 754 6/12/2014 FA FHLB .59% NON-CALL 3,000,000.00 3,000,672.00 0.580% 39,153.00 3,039,825.00 823 9/12/2013 FA FFCB .95% NON-CALL 1,000,000.00 995,570.00 1.100% 33,009.17 1,028,579.17 1,099 6/12/2014 FA FFCB .97% NON-CALL 500,000.00 504,332.50 0.970% 6,674.31 511,006.81 830 6/12/2014 FA FNMA 1.25% NON-CALL 2,000,000.00 2,031,642.00 0.555% 25,719.11 2,057,361.11 839 10/6/2011 FA FFCB 1.30% NON-CALL 5,000,000.00 5,000,000.00 1.300% 325,000.00 5,325,000.00 1,827 3/3/2015 FA FHLB .625% NON-CALL 2,500,000.00 2,502,350.00 0.570% 24,559.73 2,526,909.73 631 5/28/2013 FA FNMA .50% CALL 5/28/14 QRTYLY 5,000,000.00 4,997,500.00 0.514% 90,000.00 5,087,500.00 1,280 11/27/2012 FA FHLB .55% BULLET 5,000,000.00 5,000,000.00 0.550% 112,291.67 5,112,291.67 1,491 12/27/2012 FA FFCB .60% BULLET 3,000,000.00 3,000,000.00 0.600% 90,000.00 3,090,000.00 1,461 4/30/2013 FA FHLB .50% ONE CALL 6/30/15 4,000,000.00 4,000,000.00 0.500% 73,333.33 4,073,333.33 1,340 1/8/2016 FA FHLB .800% CALL 6/30/16 ONE TIME 2,875,000.00 2,875,000.00 0.800% 22,488.89 2,897,488.89 357 1/3/2013 FA FHLMC .60% BULLET 3,000,000.00 2,998,500.00 0.613% 73,500.00 3,072,000.00 1,461 4/25/2014 FA FHLB .875% NON-CALL 3,000,000.00 3,002,460.00 0.846% 73,008.75 3,075,468.75 1,050 10/30/2015 FA FHLB .075% NON-CALL 3,500,000.00 3,507,910.00 0.580% 27,235.83 3,535,145.83 489 6/26/2015 FA FNMA 1.125% NON-CALL 1,250,000.00 1 ,260,975.00 0.643% 14,845.31 1,275,820.31 671 9/6/2013 FA FHLMC .70% CALL 5/8/15 ONE TIME 5,000,000.00 4,855,000.00 1.515% 273,527.78 5,128,527.78 1,340 1/27/2015 FA FHLMC 1.25% NON-CALL 2,000,000.00 2,025,640.00 0.685% 31,651.67 2,057,291.67 836 8/16/2012 FA FHLB .875% NON-CALL 4,000,000.00 4,000,000.00 0.875% 169,166.67 4,169,166.67 1,765 10/30/2013 FA FNMA .075% CALL 12/28/13 QRTLY 2,000,000.00 1 ,978,600.00 1.049% 76,316.67 2,054,916.67 1,337 5/15/2015 FA TVA 5.50% NON-CALL 500,000.00 551,225.00 0.742% 8,587.50 559,812.50 795 5/20/2015 FA FHLMC 1.0% NON-CALL 2,125,000.00 2,138,812.50 0.702% 32,701.39 2,171,513.89 800 10/28/2015 FA FHLMC 0.70% QRTLY CALL 3,000,000.00 3,000,000.00 0.700% 36,750.00 3,036,750.00 639 11/20/2013 FA FFCB .700% CALL 11/26/13 QRTL Y 2,000,000.00 1 ,975,000.00 1.043% 77,072.22 2,052,072.22 1,358 10/9/2015 FA FHLB 0.75% NON-CALL 2,000,000.00 2,004,800.00 0.622% 23,491.67 2,028,291.67 689 12/29/2015 FA FHLB .75% NON-CALL 1 ,000,000.00 995,550.00 1.020% 16,929.17 1,012,479.17 608 5/20/2015 FA FHLB 1.75% CALL 3/18/16 ONE CALL 2,500,000.00 2,528,900.00 1.244% 72,940.28 2,601,840.28 852 3/26/2014 FA FHLB 1.05% CALL 9/26/14 ONE TIME STEP 2,000,000.00 2,000,000.00 1.050% 73,500.00 2,073,500.00 1,280 10/18/2012 FA FFCB .87% CALL 10/18/13 CONT 5,000,000.00 4,998,500.00 0.876% 219,000.00 5,217,500.00 1,826 1/23/2014 FA FFCB 1.160% NON-CALL 2,000,000.00 1 ,995,000.00 1.229% 92,000.00 2,087,000.00 1,369 11/27/2012 FA FNMA 0.90% CALL 11/27/13 QRTLY 4,000,000.00 4,000,000.00 1.100% 180,000.00 4,180,000.00 1,826 2/19/2013 FA FFCB .87% CALL 11/27113 CONT 2,000,000.00 1 ,985,000.00 1.030% 98,036.67 2,083,036.67 1,742 5/28/2013 FA FHLMC .75% CALL 5/28/15 ONE TIME 5,000,000.00 5,000,000.00 0.750% 168,750.00 5,168,750.00 1,645 3/6/2013 FA FNMA 1.0% CALL 3/6/15 ONE TIME 3,050,000.00 3,050,000.00 1.000% 144,875.00 3,194,875.00 1,736 12/3/2012 FA FHLB 2.625% NON-CALL 3,000,000.00 3,270,090.00 0.790% 124,753.75 3,394,843.75 1,831 1/22/2013 FA FHLMC .95% CALL 1/22/15 QRTLY 3,350,000.00 3,341,826.00 1.000% 167,299.00 3,509,125.00 1,826 1/25/2013 FA FAMCA .93% NON-CALL 5,000,000.00 5,004,870.00 0.910% 227,500.83 5,232,370.83 1,825 2/1/2013 FA FAMCA 1.05% NON-CALL 5,000,000.00 5,000,000.00 1.000% 262,354.17 5,262,354.17 1,824 t_"Ij 2/5/2013 FA FHLB 1.00% CALL 8/5/13 CONT 3,333,333.50 3,325,000.17 1.050% 83,518.53 3,408,518.70 1,826 :X: 11/3/2015 FA FNMA .875% NON-CALL 2,700,000.00 2,700,891.00 0.860% 52,593.37 2,753,484.37 828 ::c: 5/8/2013 FA FHLB 1.10% CALL 2/20/14 CONT 1,000,000.00 1,000,774.00 1.080% 51,842.67 1,052,616.67 1,749 H tJj 2/20/2015 FA FFCB 1.11% NON-CALL 2,500,000.00 2,500,000.00 1.110% 83,250.00 2,583,250.00 1,096 H 3/12/2013 FA FFCB 1.03% CALL 3/12/14 CONT 5,000,000.00 4,991 ,500.00 1.065% 266,000.00 5,257,500.00 1,826 t-'3 5/7/2013 FA FHLB 1.00 CALL 3/20/15 CONT 3,000,000.00 3,000,000.00 1.000% 146,083.33 3,146,083.33 1,778 -..J ,_--....______ __ INVESTMENT REPORT AS OF FEBRUARY 29, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 5/7/2013 FA FHLB 1.05 CALL 9/20/13 CONT 3,000,000.00 3,000,000.00 1.050% 153,387.50 3,153,387.50 1,778 5/23/2013 FA FHLMC 1.050% CALL 4/30/14 QRTL Y 3,000,000.00 3,000,000.00 1.050% 155,487.50 3,155,487.50 1,803 5/18/2015 FA FNMA 1.125% CALL 10/30/15 QRTLY 4,416,000.00 4,418,428.80 1.106% 144,127.20 4,562,556.00 1,078 8/5/2014 FA FNMA 0.875% NON-CALL 2,500,000.00 2,460,777.84 1.300% 122,225.63 2,583,003.47 1,385 5/30/2013 FA FHLB 1.050% CALL 7/4/13 CONT 3,000,000.00 2,964,750.00 1.050% 193,100.00 3,157,850.00 1,831 6/12/2013 FA FHLMC 1.20% CALL 9/12/13 QRTLY 3,000,000.00 2,999,100.00 1.206% 180,900.00 3,180,000.00 1,826 6/13/2013 FA FNMA 0.80% CALL 12/13/13 QRTLY STEP 5,000,000.00 4,930,000.00 1.407% 351,250.00 5,281,250.00 1,826 6/20/2013 FA FNMA 1.25% CALL 12/20/13 QRTLY 4,000,000.00 3,977,200.00 1.360% 272,800.00 4,250,000.00 1,826 10/19/2015 FA FFCB 1.03% CALL 1/13/16 CONT 3,000,000.00 3,000,000.00 1.030% 84,460.00 3,084,460.00 998 12/29/2015 FA FNMA 1.125% NON-CALL 1,000,000.00 997,610.00 1.220% 31,171.25 1,028,781.25 934 7/27/2015 FA FHLMC 1.150% CALL 7/27/16 ONE TIME 2,000,000.00 2,000,000.00 1.150% 69,000.00 2,069,000.00 1,096 12/29/2015 FA FHLB 1.220% CALL 7/27/16 ONE TIME 1,000,000.00 998,850.00 1.265% 32,598.89 1,031,448.89 941 1/15/2014 FA FHLMC 1.10% CALL 1/30/18 QRTLY 1,000,000.00 980,870.00 1.538% 69,088.33 1 ,049,958.33 1,657 1/27/2015 FA FNMA 1.0% NON-CALL 1,100,000.00 1 ,096,139.00 1.102% 42,452.67 1 '138,591.67 1,280 5/1/2015 FA FFCB 1.24% CALL 5/7/15 CONT 1,095,000.00 1,095,000.00 1.240% 44,090.78 1,139,090.78 1,186 5/5/2014 FA FFCB 1.6% NON-CALL 2,500,000.00 2,515,710.93 1.450% 157,622.40 2,673,333.33 1,584 10/27/2015 FA FHLB 1.125% NON-CALL 4,000,000.00 4,020,840.00 0.941% 108,785.00 4,129,625.00 1,053 5/2/2014 FA FNMA 1.875% NON-CALL 1,500,000.00 1 ,524,000.00 1.500% 99,125.00 1 ,623,125.00 1,600 1/16/2014 FA FHLMC 1.20% CALL 9/24/14 ONE TIME 2,250,000.00 2,196,562.50 1.729% 180,037.50 2,376,600.00 1,712 1/8/2014 FA FFCB 1.250% CALL 1/14/14 CONT 1,750,000.00 1,705,900.00 1.808% 147,641.67 1 ,853,541.67 1,728 4/22/2015 FA FHLB 1.250% CALL 4/22/16 1,000,000.00 1,000,000.00 1.250% 43,750.00 1,043,750.00 1,279 3/30/2015 FA FHLB 1.30% NON-CALL 1,000,000.00 1,000,000.00 1.300% 46,583.33 1 ,046,583.33 1,310 5/2/2014 FA FNMA 1.625% NON-CALL 2,000,000.00 2,008,347.18 1.530% 140,159.76 2,148,506.94 1,670 6/3/2014 FA FNMA 1.625% NON-CALL 2,000,000.00 2,010,791.92 1.500% 134,826.14 2,145,618.06 1,638 7/21/2015 FA FNMA 1.50% NON-CALL 1 ,000,000.00 1 ,006,875.00 1.290% 43,500.00 1,050,375.00 1,228 5/15/2015 FA FNMA 1.25% CALL 6/14/15 QRTL Y 1,000,000.00 997,500.00 1.322% 47,256.94 1,044,756.94 1,309 6/5/2015 FA FHLB 1.75% NON-CALL 2,000,000.00 2,034,100.00 1.254% 16,625.00 2,050, 725.00 1,288 2/20/2015 FA FNMA 1.1% NON-CALL 1 ,000,000.00 992,180.00 1.300% 49,925.56 1 ,042, 105.56 1,397 6/30/2015 FA FHLB 1.4% CALL 6/24/16 ONE TIME 2,000,000.00 2,000,000.00 1.400% 97,533.33 2,097,533.33 1,273 4/6/2015 FA FHLB 1.30% CALL 3/30/16 1,500,000.00 1,500,000.00 1.300% 72,691.67 1 ,572,691.67 1,362 7/28/2015 FA FHLB 1.250% CALL 7/28/16 1,700,000.00 1 '700,000.00 1.250% 72,604.17 1,772,604.17 1,249 10/28/2015 FA FFCB 1.15% CALL 1/28/16 4,650,000.00 4,648,837.50 1.158% 174,956.25 4,823,793.75 1,188 11/2/2015 FA FNMA 1.20% CALL 4/29/16 5,000,000.00 4,992,500.00 1.247% 202,000.00 5,194,500.00 1,184 2/26/2016 FA FFCB 1.03% NON-CALL 4,000,000.00 4,004,640.00 0.990% 117,357.78 4,121,997.78 1,096 12/9/2014 FA FNMA 1.75% NON-CALL 2,500,000.00 2,515,625.00 1.596% 168,854.17 2,684,479.17 1,541 12/12/2014 FA FNMA 1.70% NON-CALL 1,852,000.00 1,863,630.56 1.545% 120,864.61 1,984,495.17 1,538 10/6/2014 FA FHLB 1.875% NON-CALL 2,000,000.00 2,011,440.00 1.875% 154,393.33 2,165,833.33 1,614 1/29/2016 FA FHLB 4.250% NON-CALL 1,500,000.00 1 ,643,640.00 1.166% 20,895.83 1,664,535.83 1,158 1/29/2016 FA FHLMC 1.35% CALL 4/24/16 QRTLY 480,000.00 480,000.00 1.350% 20,970.00 500,970.00 1 '181 6/6/2014 FA FHLMC 1.2% CALL 5/7/15 1 ,000,000.00 976,800.00 1.693% 82,233.33 1,059,033.33 1,796 6/5/2015 FA FHLMC 1.75% NON-CALL 1 ,650,000.00 1 ,670,229.00 1.432% 94,869.96 1,765,098.96 1,455 7/10/2015 FA FHLMC 1.75% NON-CALL 1 ,000,000.00 1 ,015, 100.00 1.350% 52,955.56 1,068,055.56 1,420 7/15/2015 FA FAMCA 1.50% NON-CALL 1,060,000.00 1,060,000.00 1.500% 62,230.83 1 '122,230.83 1,430 2/26/2016 FA FAMCA 1.50% NON-CALL 3,000,000.00 3,033,300.00 1.156% 115,200.00 3,148,500.00 1,204 6/24/2015 FA FFCB 1.52% NON CALL 2,000,000.00 2,002,320.00 1.490% 119,280.00 2,121,600.00 1,461 6/26/2015 FA FFCB 1.52% NON-CALL 2,250,000.00 2,251,282.50 1.505% 135,327.50 2,386,610.00 1,459 ~ 6/30/2015 FA FHLMC 1.5% CALL 86/28/16 ONE TIME 2,300,000.00 2,300,000.00 1.500% 137,808.33 2,437,808.33 1,459 INVESTMENT REPORT AS OF FEBRUARY 29, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davsl 12/28/2015 FA FHLMC 1.0% CALL 3/28/16 QRTLY STEP 2,450,000.00 2,450,000.00 1.910% 165,375.00 2,615,375.00 1,278 1/23/2015 FA FFCB 2.15% NON-CALL 3,250,000.00 3,354,097.50 1.410% 209,175.42 3,563,272.92 1,636 1/21/2015 FA FHLMC 1.25% NON-CALL 2,500,000.00 2,493,975.00 1.305% 147,518.06 2,641,493.06 1,653 12/18/2015 FA FFCB 1.73% CALL 8/12/16 CONT 1,950,000.00 1 ,950,000.00 1.730% 123,132.75 2,073,132.75 1,333 11/27/2015 FA FNMA 1.50% CALL 5/27/16 2,000,000.00 1,999,500.00 1.507% 113,000.00 2,112,500.00 1,369 10/23/2014 FA FHLB 2.00% NON-CALL 1,500,000.00 1 ,525,968.30 1.630% 120,698.37 1 ,646,666.67 1,786 1/21/2015 FA FHLB 1.375% NON-CALL 2,000,000.00 2,000,440.00 1.370% 127,282.22 2,127,722.22 1,696 10/24/2014 FA FNMA 1.55% CALL 1/15/15 QRTL Y 1 ,000,000.00 984,640.00 1.875% 92,472.50 1,077,112.50 1,817 10/15/2015 FA FFCB 1.44% CALL 1/15/16 CONT 3,000,000.00 3,000,000.00 1.440% 172,800.00 3,172,800.00 1,461 10/6/2015 FA FNMA 1.33% NON-CALL 4,183,000.00 4,197,807.82 1.240% 210,509.47 4,408,317.29 1,479 6/15/2015 FA FHLB 2.375% NON-CALL 3,370,000.00 3,468,026.56 1.700% 261,697.54 3,729,724.10 1,642 12/28/2015 FA FHLMC 1.77% CALL 3/17/16 QRTLY 1,552,000.00 1,552,000.00 1.770% 108,965.92 1 ,660,965.92 1,450 12/30/2015 FA FFCB 1.72% CALL 12/30/16 2,600,000.00 2,600,000.00 1.720% 178,880.00 2,778,880.00 1,461 10/5/2015 FA FHLMC 1.40% NON-CALL 3,500,000.00 3,519,495.00 1.265% 189,299.44 3,708,794.44 1,557 1/12/2016 FA FNMA 1.57% CALL 4/9/16 QRTL Y 1 ,500,000.00 1,497,750.00 1.609% 96,253.75 1 ,594,003. 75 1,458 1/27/2016 FA FHLMC 1.53% QUARTERLY CALL 3,000,000.00 3,000,000.00 1.530% 183,600.00 3,183,600.00 1,461 2/24/2016 FA FHLMC 1.50% CONT CALL 1 ,750,000.00 1,750,000.00 1.500% 105,000.00 1 ,855,000.00 1,461 2/24/2016 FA FFCB 1.4% CONT CALL 1,000,000.00 1 ,000,000.00 1.400% 56,000.00 1,056,000.00 1,461 4/1/2015 FA FHLB 2.25% CALL 9/23/16 ONE TIME 2,750,000.00 2,812,562.50 1.770% 245,437.50 3,058,000.00 1,818 4/1/2015 FA FNMA 1.70% CALL 3/30/16 QRTLY 1,099,000.00 1,099,549.50 1.690% 92,813.60 1,192,363.10 1,825 10/20/2015 FA FFCB 1.625% CALL 1/20/16 CONT 5,000,000.00 5,000,000.00 1.625% 365,625.00 5,365,625.00 1,644 4/29/2015 FA FH LMC 1. 0% CALL 7/29/15 QRTL Y STEP 1,500,000.00 1,498,500.00 2.109% 160,875.00 1,659,375.00 1,827 4/29/2015 FA FNMA 1.6% CALL 4/29/16 ONE CALL 2,000,000.00 2,000,000.00 1.600% 160,000.00 2,160,000.00 1,827 5/1/2015 FA FNMA 1.55% CALL 4/29/16 ONE CALL 2,650,000.00 2,646,025.00 1.581% 209,121.81 2,855,146.81 1,825 5/26/2015 FA FNMA 1.7% CALL 5/26/17 ONE CALL 3,000,000.00 3,000,000.00 1.700% 255,000.00 3,255,000.00 1,827 5/27/2015 FA FNMA 1.8% CALL 5/27/16 ONE CALL 1,750,000.00 1, 750,000.00 1.800% 157,500.00 1,907,500.00 1,827 6/12/2015 FA FHLB 1.75% NON-CALL 3,000,000.00 3,000,000.00 1.750% 262,500.00 3,262,500.00 1,827 2/23/2016 FA FHLB 1.75% NON-CALL 2,000,000.00 2,039,980.00 1.271% 110,617.22 2,150,597.22 1,571 12/23/2015 FA FHLB 1.95% CALL 3/23/16 CONT 2,500,000.00 2,498,000.00 1.960% 221,375.00 2,719,375.00 1,644 1/29/2016 FA FFCB 1. 70% CALL 4/8/16 CONT 3,250,000.00 3,252,275.00 1.680% 243,127.08 3,495,402.08 1,622 1/21/2016 FA FHLB 1.83% NON-CALL 2,500,000.00 2,549,375.00 1.378% 157,516.67 2,706,891.67 1,651 10/27/2015 FA FNMA 1.470% CALL 10/27/16 ONE TIME 5,000,000.00 5,000,000.00 1.470% 367,500.00 5,367,500.00 1,824 1/26/2016 FA FFCB 1.82% CALL 2/1/16 CONT 1,000,000.00 998,580.00 1.850% 91,459.44 1 ,090,039.44 1,808 1/14/2016 FA FFCB 1.94% CALL 4/14/16 CONT 4,000,000.00 4,000,000.00 1.940% 388,000.00 4,388,000.00 1,827 2/26/2016 FA FHLMC 1.25% QRTL Y CALL STEP 1,000,000.00 999,500.00 2.103% 106,750.00 1,106,250.00 1,827 2/26/2016 FA FHLB 1.69% CALL 8/26/16 CONT 4,000,000.00 4,000,000.00 1.690% 338,000.00 4,338,000.00 1,827 SUB-TOTAL 330,340,333.50 331,262,783.25 1.211% 16,484,757.98 347,747,541.23 1,427 12/18/2015 FN FHLB 0% NON-CALL 3,500,000.00 3,490,975.83 0.520% 18,048.34 3,509,024.17 182 1/23/2015 FN FNMA 0% NON-CALL 1,163,000.00 1,086,447.85 1.700% 76,552.15 1,163,000.00 1,470 1/21/2015 FN FICO 0% NON-CALL 4,000,000.00 3,772,000.00 1.400% 228,000.00 4,000,000.00 1,535 4/1/2015 FN FICO 0% NON-CALL 2,100,000.00 1,958,591.39 1.560% 282,817.22 2,241,408.61 1,639 9/23/2015 FN FICO 0% NON-CALL 3,200,000.00 3,003,168.00 1.590% 400,784.34 3,403,952.34 1,464 3/3/2015 FN FNMA 0% NON-CALL 2,000,000.00 1 ,825,044.00 2.000% 174,956.00 2,000,000.00 1,681 10/23/2015 FN RFCSP 0% NON-CALL 3,000,000.00 2,750,760.00 1.750% 249,240.00 3,000,000.00 1,819 "--,~~ INVESTMENT REPORT AS OF FEBRUARY 29, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN !Days) SUB-TOTAL 18,963,000.00 17,886,987.07 1.4109% 1,430,398.05 19,317,385.12 3,187 Federal Investments Total 349,303,333.50 349,149,770.32 17,915,156.03 367,064,926.35 2,307 11/3/2015 TR US TREASURY 1.0% 3,000,000.00 3,016,308.00 0.450% 13,444.75 3,029,752.75 363 11/3/2015 TR US TREASURY .50% 2,000,000.00 2,000,426.00 0.480% 10,311.70 2,010,737.70 393 4/25/2014 TR US TREASURY 1.0% 3,000,000.00 3,010,827.00 0.870% 77,123.82 3,087,950.82 1,071 9/18/2015 TR US TREASURY 1.875% 2,500,000.00 2,551,660.00 0.805% 39,772.01 2,591 ,432.01 713 9/19/2014 TR US TREASURY 0.875% 3,000,000.00 2,996,484.38 0.920% 72,136.54 3,068,620.92 954 7/21/2015 TR US TREASURY .50% 2,000,000.00 1,995,000.00 0.642% 22,771.74 2,017,771.74 649 9/19/2014 TR US TREASURY 0.625% 1,000,000.00 991,015.63 0.963% 25,838.88 1,016,854.51 985 11/22/2013 TR US TREASURY .50% 2,000,000.00 1,974,619.96 0.850% 62,282.21 2,036,902.17 1,347 5/22/2015 TR US TREASURY .50% 1,000,000.00 996,900.00 0.643% 14,066.85 1,010,966.85 801 7/21/2015 TR US TREASURY .625% 2,000,000.00 1,994,352.00 0.760% 32,040.66 2,026,392.66 772 1/29/2016 TR US TREASURY 1.00% 2,800,000.00 2,809,078.13 0.800% 36,460.33 2,845,538.46 595 7/21/2015 TR US TREASURY .625% 1,500,000.00 1,494,787.50 0.785% 25,781.15 1,520,568.65 802 3/5/2015 TR US TREASURY .75% 2,000,000.00 1,989,531.25 0.950% 50,289.19 2,039,820.44 971 10/27/2015 TR US TREASURY .75% 2,500,000.00 2,506,045.00 0.629% 31,658.80 2,537 '703.80 735 7/21/2015 TR US TREASURY .75% 1,700,000.00 1,691,765.61 0.932% 42,582.75 1,734,348.36 984 10/7/2014 TR US TREASURY 1.375% 1,400,000.00 1 ,400,251.69 1.370% 73,191.24 1,473,442.93 1,393 7/16/2014 TR US TREASURY 1.50% 4,000,000.00 4,009,600.00 1.496% 237,900.00 4,247,500.00 1,507 7/24/2014 TR US TREASURY 1.50% 2,000,000.00 2,006,348.00 1.420% 116,749.83 2,123,097.83 1,499 10/7/2014 TR US TREASURY 1.50% 1,500,000.00 1 ,505,664.36 1.400% 82,035.92 1,587,700.28 1,424 8/5/2014 TR US TREASURY 1.25% 3,000,000.00 2,974,200.00 1.460% 184,665.49 3,158,865.49 1,548 12/29/2015 TR US TREASURY 1.25% 2,000,000.00 1,998,878.00 1.270% 72,069.80 2,070,947.80 1,037 10/3/2014 TR US TREASURY 1.50% 1,000,000.00 1,000,000.00 1.500% 63,627.72 1,063,627.72 1,550 6/5/2015 TR US TREASURY 1.50% 2,000,000.00 2,015,296.00 1.285% 94,344.88 2,109,640.88 1,336 10/6/2015 TR US TREASURY 1.625% 4,000,000.00 4,083,992.00 1.010% 142,442.43 4,226,434.43 1,272 7/21/2015 TR US TREASURY 1.5% 1,500,000.00 1 ,505,156.25 1.408% 81,708.50 1 ,586,864. 75 1,410 8/1/2014 TR US TREASURY 1.6250% 2,515,000.00 2,500,019.15 1.750% 219,213.54 2,719,232.69 1,825 10/6/2014 TR US TREASURY 1.00% 1,000,000.00 964,920.00 1.036% 84,085.52 1,049,005.52 1,790 9/22/2015 TR US TREASURY 2.125% 3,000,000.00 3,085,500.00 2.097% 229,396.98 3,314,896.98 1,805 1/5/2016 TR US TREASURY 2.375% 4,000,000.00 4,127,500.00 1.705% 346,195.00 4,473,695.00 1,822 SUB-TOTAL 64,915,000.00 65,196,125.91 1.124% 2,584,188.23 67,780,314.14 1,150 5/6/2011 CN MASS MUTUAL GLOB 3.125% NON-CALL 1,000,000.00 1 ,024,175.57 3.125% 130,164.71 1,154,340.28 1,805 5/16/2011 CN GENERAL ELECTRIC 2.95% NON-CALL 2,000,000.00 2,000,912.32 2.940% 292,940.46 2,293,852.78 1,820 6/17/2011 CN GENERAL ELECTRIC 2.95% NON-CALL 2,000,000.00 2,009,952.38 2.840% 278,819.84 2,288,772.22 1,788 9/12/2011 CN GENERAL ELECTRIC 2.95% NON-CALL 1,400,000.00 1,427,513.33 2.500% 164,875.84 1,592,389.17 1,701 12/4/2012 CN JOHNSON & JOHNSON 2.15% NON-CALL 2,000,000.00 2,104,120.00 0.621% 44,110.56 2,148,230.56 1,258 9/13/2013 CN TOYOTA .80% NON-CALL 3,000,000.00 2,981,640.00 1.032% 82,626.67 3,064,266.67 977 4/9/2015 CN NY LIFE GOLBAL 1.65% NON-CALL 1 ,675,000.00 1,704,362.75 0.806% 28,676.00 1,733,038.75 767 9/4/2012 CN GOOGLE 2.125% NON-CALL 1,000,000.00 1,050,940.00 2.125% 6,197.92 1,057,137.92 1,353 ,..,.._~. 9/10/2013 CN CHEVRON CORP .889% NON CALL 2,000,000.00 1,993,903.80 1.000% 55,682.64 2,049,586.44 1,018 INVESTMENT REPORT AS OF FEBRUARY 29, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 1012712011 CN PROCTER & GAMBLE 1.45% NON-CALL 5,000,000.00 5,011 ,536.25 1.400% 336,463.75 5,348,000.00 1,754 1011112011 CN BERKSHIRE HATHAWAY 2.20% NON-CALL 5,000,000.00 5,022,855.25 2.100% 510,033.64 5,532,888.89 1,770 112312013 CN PROCTER & GAMBLE 1.45% NON-CALL 1 ,000,000.00 1,025,260.00 0.730% 26,376.11 1,051,636.11 1,300 101212012 CN COCA COLA CA 1.8% NON-CALL 3,000,000.00 3, 133,106.35 0.650% 78,243.65 3,211,350.00 1,430 912212011 CN TOYOTA 2.0% NON-CALL 5,000,000.00 5,023,645.00 1.900% 474,410.56 5,498,055.56 1,820 1111012011 CN NEW YORK LIFE 2.45% NON-CALL 3,550,000.00 3,669,194.08 1.700% 287,655.64 3,956,849.72 1,708 911812014 CN COLGATE-PALMOLIVE 1.30% MAKE WHOLE CALL 500,000.00 504,585.00 0.009% 10,527.50 515,112.50 850 113112012 CN BERSHIRE HATHAWAY 1.90% NON-CALL 5,000,000.00 5,047,739.83 1.700% 427,260.17 5,475,000.00 1,827 113112012 CN HSBC BANK USA 2.5% FLOATING RATE 5,000,000.00 5,000,000.00 1.748% 425,000.00 5,425,000.00 1,827 31512012 CN BERSHIRE HATHAWAY 1.90% NON-CALL 2,850,000.00 2,914,809.00 1.418% 200,676.42 3,115,485.42 1,793 81612012 CN IBM CORP 1.250% NON-CALL 5,000,000.00 5,077,000.00 0.900% 204,250.00 5,281 ,250.00 1,645 211612012 CN WESTPAC BANKING CORP 2.3% NON-CALL 5,000,000.00 5,000,000.00 2.300% 574,680.56 5,574,680.56 1,826 21512016 CN PEFCO 1.375% NON-CALL 2,000,000.00 2,012,360.00 0.770% 15,903.89 2,028,263.89 376 411812012 CN WAL-MART STORES 5.375% NON-CALL 3,000,000.00 3,568,354.19 1.400% 229,833.31 3,798,187.50 1,813 61512012 CN HSBC BANK USA 1.925% FLOATER 5,000,000.00 5,000,000.00 1.037% 342,500.00 5,342,500.00 1,826 611212014 CN CHEVRON CORP 1.104% NON CALL 2,000,000.00 1 ,996,180.00 1.160% 80,670.67 2,076,850.67 1,272 31812013 CN WAL-MART 5.8% NON CALL 3,000,000.00 3,669,120.00 1.140% 189,763.33 3,858,883.33 1,805 512712015 CN WAL-MART 5.8% NON CALL 2,000,000.00 2,249,440.00 1.125% 65,693.33 2,315,133.33 995 312612013 CN COCA COLA CA 1.150% MAKE-WHOLE CALL 1,000,000.00 1 ,000,000.00 1.150% 57,627.78 1,057,627.78 1,832 1012912015 CN WAL-MART STORES 1.125% MAKE WHOLE 4,000,000.00 4,024,400.00 0.873% 85,850.00 4,110,250.00 895 911812014 CN COLGATE-PALMOLIVE .90% MAKE WHOLE CALL 1 ,000,000.00 980,600.00 1.452% 51,975.00 1,032,575.00 1,321 112712015 CN COLGATE-PALMOLIVE .90% MAKE WHOLE CALL 2,000,000.00 1,983,000.00 1.166% 75,700.00 2,058,700.00 1,190 212512016 CN COLGATE-PALMOLIVE .90% MAKE WHOLE CALL 2,500,000.00 2,495,450.00 0.984% 53,675.00 2,549,125.00 796 511112015 CN APPLE 1.0% MAKE WHOLE CALL 2,000,000.00 1,989,840.00 1.174% 69,715.56 2,059,555.56 1,088 511512013 CN BERKSHIRE HATAWAY 1.30% MAKE WHOLE CALL 5,000,000.00 5,019,345.05 1.220% 305,654.95 5,325,000.00 1,826 1212412015 CN CHEVRON CORP 1.718% MAKE WHOLE CALL 2,250,000.00 2,253,600.00 1.650% 93,037.50 2,346,637.50 913 1213112015 CN CHEVRON CORP 1.718% MAKE WHOLE CALL 1,000,000.00 996,300.00 1.871% 46,315.94 1,042,615.94 906 112812016 CN TOYOTA 1.55% NON-CALL 2,000,000.00 2,014,400.00 1.252% 61,808.33 2,076,208.33 897 1211912014 CN MASS MUTUAL GLOBAL 2.10% NON-CALL 3,500,000.00 3,555,685.00 1.645% 210,344.17 3,766,029.17 1,322 211912015 CN ROYAL BANK OF CANADA 2.00% NON-CALL 2,250,000.00 2,289,442.50 1.500% 123,307.50 2,412,750.00 1,320 1212412013 CN COCA COLA CA 1.650% MAKE-WHOLE CALL 3,500,000.00 3,491,856.17 1.700% 288,391.75 3,780,247.92 1,782 1012812015 CN JOHNSON & JOHNSON 1.65% MAKE WHOLE 4,000,000.00 4,070,600.00 1.070% 134,183.33 4,204, 783.33 1,134 41912015 CN MICROSOFT 1.625% NON-CALL 2,000,000.00 2,037,820.00 1.096% 81,075.83 2,118,895.83 1,337 41612015 CN PEFCO 4.375% NON-CALL 2,274,000.00 2,527,892.10 1.450% 138,254.46 2,666,146.56 1,439 1212212015 CN EXXON MOBIL 1.819% NON-CALL 1,250,000.00 1,259,125.00 1.580% 64,329.76 1 ,323,454.76 1,179 613012015 CN MASS MUTUAL GLOBAL 2.35% NON-CALL 3,250,000.00 3,286,335.00 2.040% 251,980.62 3,538,315.62 1,379 101812015 CN APPLE 2.10% MAKE WHOLE CALL 2,500,000.00 2,558,025.00 1.432% 129,808.33 2,687,833.33 1,306 512712015 CN IBM CORP 1.8750% NON-CALL 2,150,000.00 2,169,715.50 1.635% 140,190.75 2,309,906.25 1,449 711612015 CN TOYOTA 2.125% NON-CALL 2,000,000.00 2,009,760.00 1.998% 160,476.11 2,170,236.11 1,463 1111812014 CN CHEVRON CORP 2.193% MAKE-WHOLE CALL 3,000,000.00 3,017,400.00 2.070% 311,001.75 3,328,401.75 1,823 1212212015 CN CHEVRON CORP 2.193% MAKE-WHOLE CALL 2,800,000.00 2,811,200.00 2.083% 228,105.03 3,039,305.03 1,424 41912015 CN NY LIFE GOLBAL 1.95% NON-CALL 2,000,000.00 2,017,520.00 1.760% 171,196.67 2,188,716.67 1,769 912512015 CN CVX 1.961% MAKE WHOLE CALL 2,800,000.00 2,790,704.00 2.039% 253,026.51 3,043,730.51 1,621 111412015 CN EXXON MOBIL 1.912% MAKE WHOLE CALL 5,000,000.00 5,057, 700.00 1.630% 357,097.78 5,414,797.78 1,584 111312015 CN APPLE 2.0% MAKE WHOLE CALL 4,000,000.00 4,028,000.00 1.837% 332,666.66 4,360,666.66 1,646 ~ 111312015 CN MMM 2.0% MAKE WHOLE CALL 3,500,000.00 3,554,215.00 1.660% 279,062.78 3,833,277.78 1,739 c~ INVESTMENT REPORT AS OF FEBRUARY 29, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 9/25/2015 CN JOHNSON & JOHNSON 2.95% MAKE WHOLE 1,000,000.00 1 ,058,028.49 1.718% 87,504.84 1 '145,533.33 1,803 9/24/2015 CN AUTOMATIC DATA PROCESSING 2.25% MAKE-WHOLI 4,000,000.00 4,029,600.00 2.090% 418,150.00 4,447,750.00 1,818 11/10/2015 CN MICROSOFT 2.00% MAKE WHOLE CALL 5,000,000.00 5,018,550.00 1.920% 479,505.56 5,498,055.56 1,820 SUB-TOTAL 163,499,000.00 166,618,813.91 1.550% 11 '105,057.42 177,723,871.33 1,447 10/22/2012 CD NATIONAL BANK OF COMMERCE .50% 249,000.00 248,551.80 0.550% 4,791.87 253,343.67 1,274 5/4/2012 CD HERITAGE BANK OF COMMERCE .80% 249,000.00 248,004.00 0.900% 8,953.05 256,957.05 1,459 5/18/2012 CD NORTH JERSEY COMMUNITY .85% 248,000.00 247,008.00 0.950% 9,429.77 256,437.77 1,461 5/22/2012 CD STATE BANK & TRUST CO MACON, GA .80% 249,000.00 248,004.00 0.900% 8,974.88 256,978.88 1,462 5/31/2012 CD CRESCENT BANK & TRUST .90% 249,000.00 248,502.00 0.950% 9,468.06 257,970.06 1,461 8/15/2012 CD EVERBANK .90% 248,000.00 247,008.00 0.900% 9,926.11 256,934.11 1,461 2/28/2012 CD MERCANTILE BANK OF MICHIGAN 1.15% 248,000.00 247,380.00 1.150% 14,895.62 262,275.62 1,827 12/24/2012 CD DELTA NATL BANK & TRUST .90% 249,000.00 248,377.50 0.952% 11,624.88 260,002.38 1,792 12/24/2012 CD PACIFIC CONTL BANK .90% 249,000.00 248,452.20 0.946% 11,556.33 260,008.53 1,793 12/11/2012 CD BANCO POPULAR DE PR HATO 1.1% 248,000.00 248,000.00 1.100% 13,595.16 261,595.16 1,820 12/17/2012 CD FIRST AMERICAN BANK 1.0% 249,000.00 248,253.00 1.000% 13,128.78 261,381.78 1,816 12/11/2014 CD ALLY BANK 1.55% 247,000.00 247,000.00 1.550% 11,485.50 258,485.50 1,096 12/14/2014 CD FIRST BANK OF PUERTO RICO 1.25% 249,000.00 249,000.00 1.250% 15,562.50 264,562.50 1,096 12/14/2012 CD BANKERS BANK KANSAS 1.0% 249,000.00 248,502.00 1.000% 12,948.00 261,450.00 1,826 1/16/2013 CD THE BANK OF HOLLAND 1.00% 249,000.00 248,751.00 1.000% 12,699.00 261,450.00 1,826 1/16/2013 CD BANK OF NORTHERN MICHIGAN 1.00% 249,000.00 248,751.00 1.000% 12,699.00 261,450.00 1,826 1/18/2013 CD STEARNS BANK .90% 249,000.00 248,253.00 1.000% 11,952.00 260,205.00 1,826 1/23/2013 CD FIRST FARMERS BANK & TRUST 1.0% 249,000.00 248,626.50 1.000% 12,823.50 261,450.00 1,826 3/4/2013 CD GATEWAY BANK OF SW FLORIDA .95% 209,000.00 208,373.00 1.070% 10,367.28 218,740.28 1,792 1/29/2016 CD CUSTOMERS BANK 1.20% 248,000.00 248,000.00 1.200% 5,960.27 253,960.27 731 1/30/2013 CD FARMERS & MERCHANTS BANK .90% 249,000.00 248,253.00 0.900% 11,952.00 260,205.00 1,826 2/10/2016 CD ORIENTAL BANK SAN JAUN PR 1.2% NON-CALL 248,000.00 248,000.00 1.200% 5,943.73 253,943.73 730 2/10/2016 CD CADENCE BANK 1.25% NON-CALL 248,000.00 248,000.00 1.250% 6,217.22 254,217.22 733 3/28/2013 CD WASHINGTON FEDERAL SAVINGS 1.0% CALL 249,000.00 248,253.00 1.000% 13,197.00 261,450.00 1,826 4/5/2013 CD BOSTON PRIVATE BANK & TRUST .95% CALL 248,000.00 247,008.00 1.032% 12,765.55 259,773.55 1,825 4/18/2013 CD FIRST STATE BANK NE .95% CALL 249,000.00 248,502.00 0.991% 12,325.50 260,827.50 1,826 4/30/2013 CD FOREST COMMERCIAL BANK .90% CALL 249,000.00 248,253.00 0.960% 11,952.00 260,205.00 1,826 5/29/2015 CD COMPASS BANK BIRMINGHAM NON-CALL 248,000.00 248,000.00 1.300% 9,672.00 257,672.00 1,096 6/4/2015 CD MEDALLION BANK SALT LAKE 1.25% NON-CALL 249,000.00 249,000.00 1.250% 9,337.50 258,337.50 1,096 1/20/2016 CD KEY BANK NATL ASSN OHIO 1.55% 247,000.00 247,000.00 1.550% 11,528.04 258,528.04 1,098 7/15/2015 CD CAPTIAL ONE 1.95% NON-CALL 249,000.00 249,000.00 1.950% 19,422.00 268,422.00 1,461 7/24/2014 CD AMERICAN EXPRESS BANK 2.00% 247,000.00 247,000.00 2.000% 24,700.00 271,700.00 1,826 8/28/2014 CD ENERBANK USA 2.05% 247,000.00 247,000.00 2.050% 25,317.50 272,317.50 1,826 8/29/2014 CD SYNCHRONY BANK2.1% 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 1,826 9/24/2014 CD DISCOVER 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 9/24/2014 CD GOLDMAN SACHS BANK2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 10/8/2014 CD CAPITAL ONE ABANK USA 2.10% 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 1,826 10/10/2014 CD GE CAPITAL BANK 2.0% 247,000.00 245,641.50 2.000% 26,058.50 271,700.00 1,826 10/29/2014 CD PEOPLES UTD BANK CT 1.9% 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,826 --11/3/2014 CD WEBSTER BANK NAT'L ASSOC 1.9% 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,827 INVESTMENT REPORT AS OF FEBRUARY 29, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 12/3/2014 CD CIT BANK SALT LAKE CITY 2.2% 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 12/4/2014 CD AMERICAN EXPRESS CENTURION 2.2% 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 12/10/2014 CD BMW BANK OF N AMERICA 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 12/23/2014 CD SALLIE MAE BANK SALT LAKE 2.2% 247,000.00 247,000.00 2.200% 26,976.46 273,976.46 1,813 1/23/2015 CD PRIVATE BANK & TRUST 1.90% 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,826 7/24/2015 CD EAGLE BANK 1.80% 249,000.00 249,000.00 1.800% 20,169.00 269,169.00 1,645 1/27/2015 CD NORTHFIELD BANK 1.65% 249,000.00 249,000.00 1.650% 20,542.50 269,542.50 1,826 1/30/2015 CD BANK OF GEORGETOWN 1.65% 249,000.00 249,000.00 1.650% 20,542.50 269,542.50 1,826 2/6/2015 CD MACHIAS SAVINGS BANK 1.65% 247,000.00 247,000.00 1.650% 20,377.50 267,377.50 1,826 3/3/2015 CD THIRD FEDERAL SAVING & LOAN 1.75% 247,000.00 246,407.20 1.754% 22,146.09 268,553.29 1,821 3/25/2015 CD WELLS FARGO BANK SIOUX FALLS 1.5% 247,000.00 247,000.00 1.500% 18,525.00 265,525.00 1,827 4/22/2015 CD MARLIN BUSINESS BANK SALT LAKE 1.6% 247,000.00 247,000.00 1.600% 19,760.00 266,760.00 1,827 5/13/2015 CD WORLD FOREMOST BANK SYDNEY 2.00% 200,000.00 200,000.00 2.000% 20,000.00 220,000.00 1,827 6/29/2015 CD FIRST SOURCE BANK 1.85% 247,000.00 246,382.50 1.904% 23,465.00 269,847.50 1,827 7/31/2015 CD INSTITUTION FOR SAVINGS 2.05% 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 1,827 8/21/2015 CD WESTERN STATE BANK 1.95% 249,000.00 248,377.50 2.000% 25,145.00 273,522.50 1,820 8/6/2015 CD ORRSTOWN BANK 2.0% 249,000.00 249,000.00 2.000% 24,706.33 273,706.33 1,841 8/11/2015 CD INVESTOR BANK 2.0% 247,000.00 247,000.00 2.000% 24,700.00 271,700.00 1,841 9/10/2015 CD MERRICK BANK 1.85% 249,000.00 248,377.50 1.910% 23,655.00 272,032.50 1,827 9/22/2015 CD BARCLAYS BANK2.2% 248,000.00 248,000.00 2.200% 27,190.31 275,190.31 1,821 10/19/2015 CD COMENITY CAP BANK 2.0% 249,000.00 249,000.00 2.000% 24,818.14 273,818.14 1,821 1/15/2016 CD INVESTORS CMNTY BANK 1.85% 249,000.00 249,000.00 1.850% 23,032.50 272,032.50 1,827 SUB-TOTAL 15,295,000.00 15,277,252.20 1.520% 1,090,766.43 16,368,018.63 1,665 0 WELLS FARGO BANK 473,986.00 473,986.00 0.020% 0.26 473,986.26 0 CORPORATE CASH MANAGEMENT ACCOUNT 2,220,340.99 2,220,340.99 0.020% 1.22 2,220,342.21 0 LIBRARY ACCOUNT 1 '126.38 1,126.38 0.000% 1,126.38 0 UNION TRUST 15,763.32 15,763.32 0.000% 0.00 15,763.32 0 LA IF WATER DISTRICT 30,775,000.00 30,775,000.00 0.450% 384.69 30,775,384.69 0 LA IF PUBLIC IMPROVEMENT CORPORATION 27,986,000.00 27,986,000.00 0.450% 349.83 27,986,349.83 0 LA IF PUBLIC FINANCING CORPORATION 19,384,000.00 19,384,000.00 0.450% 242.30 19,384,242.30 0 L A I F CITY OF CARLSBAD 29,734,000.00 29,734,000.00 0.450% 371.68 29,734,371.68 SUB-TOTAL 110,590,216.69 110,590,216.69 0.439% 1,349.96 110,591,566.65 GRAND TOTAL 703,602,550.19 706,832,179.03 1.174% 32,696,518.07 739,528,697.10 EXHIBIT 8 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF FEBRUARY 29, 2016 Cash Balance by Fund: General Special Revenue Capital Projects: General Capital Construction Traffic Impact Fees Public Facilities Fees Park Development Transnet Taxes Drainage Fees Special Districts Infrastructure Replacement Other Capital Construction Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste Storm Water Golf Course Internal Service Agency Funds Trust Funds Total General Ledger Balance** Reconciling Adjustments (1) Total Total Total Treasurer's Investment Portfolio at Amortized Cost 46,525,657 201,122,583 25,393,935 8,303,015 5,700,861 6,371,759 13,931,978 93,486,695 (100,782,143) 120,785,587 51,060,124 7,350,713 5,370,419 1,674,470 115,400,716 44,464,759 300,054,340 186,241,313 41,445,001 17,834,094 149,158 705,589,380 (608,746) 704,980,634 (1) The Reconciling Adjustments consist of differences between the General Ledger which is prepared on an accrual basis and the Treasurer's report which is prepared on the cash basis. Accrued Interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the Treasurer's summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment. Figures based on best estimate at the time report run on 03/07/16 } EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of FEBUARY 29, 2016 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by two of the three: Moody's S&P or Fitch) Moody's S&P Fitch ADP AA3 AA NR APPLE AA1 AA+ AA+ BERKSHIRE HATAWAY AA2 AA A+ CHEVRON AA1 AA NR COCA COLA AA3 AA A+ COLGATE-PALMOLIVE AA3 AA-AA- EXXON MOBIL AAA AAA NR GOOGLE INC AA2 AA NR IBM CORP AA3 AA-A+ JOHNSON & JOHNSON AAA AAA AAA MASS MUTUAL GLOBAL AA2 AA+ AA+ MICROSOFT AAA AAA AA+ 3M COMPANY AA3 AA-NR NEW YORK LIFE AAA AA+ AAA PRIVATE EXPORT FUNDING (PEFCO) AAA A+ AAA PROCTER & GAMBLE AA3 AA-NR ROYAL BANK OF CANADA AA3 AA-AA TOYOTA AA3 AA-A WAL-MART AA2 AA AA WESTPAC BANKING CORP AA2 AA- AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A1/P1 or better by two of the three: Moody's, S&P or Fitch) (Ratings of other debt must be AA or better by two of the three: Moody's, S&P or Fitch) NONE Investments with Subsequent Changes in Credit Rating * Latest Moody's S&P Fitch Maturitv Date GENERAL ELECTRIC CAP A1 AA+ NR 05/09/2016 HSBC BANK USA A1 AA-NR 06/05/2017 *The City's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. All of these investments are paying interest at the required times. The principal of all investments are considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. Carrying Value 5,401,534 10,000,000 Market Value 5,422,194 9,826,500 li j CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBRUARY 29, 2016 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* ADP 4,029,600.00 0.57% APPLE INC 8,575,865.00 1.21% BERKSHIRE HATHAWAY 18,004,749.12 2.55% CHEVRON 15,859,287.80 2.24% COCA COLA CO 7,624,962.52 1.08% COLGATE-PALMOLIVE 5,963,635.00 0.84% EXXON MOBIL 6,316,825.00 0.89% GENERAL ELECTRIC CAP 5,438,378.05 0.77% GOOGLE 1,050,940.00 0.15% HSBC BANK USA 10,000,000.00 1.41% IBM CORP 7,246,715.50 1.03% JOHNSON & JOHNSON 7,232,748.49 1.02% MASS MUTUAL 7,866,195.57 1.11% MICROSOFT 7,056,370.00 1.00% 3M COMPANY 3,554,215.00 0.50% NEW YORK LIFE 7,391,076.83 1.05% PEFCO 4,540,252.10 0.64% PROTER & GAMBLE 6,036,796.25 0.85% ROYAL BANK OF CANADA 2,289,442.50 0.32% TOYOTA 12,029,445.00 1.70% WAL-MART 13,511,314.19 1.91% WESTPAC BANKING CORP 5,000,000.00 0.71% PERCENTAGE WEIGHT/NGS BY FEDERAL AGENCY ISSUER FAMCA FICO FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FEDERAL NATIONAL MORTGAGE ASSOC RFCO STRIP PRINCIPAL TENNESSEE VALLEY AUTHORITY U.S.TREASURY Total Portfolio • No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. Investment Cost Percent of Portfolio** 14,098,170.00 8,733,759.39 74,323,545.93 99,272,454.37 58,241,910.00 91,177,945.64 2,750,760.00 551,225.00 65,196,125.91 1.99% 1.24% 10.52% 14.04% 8.24% 12.90% 0.39% 0.08% 9.22% $706,832,179.05 EXHIBIT 10