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HomeMy WebLinkAbout2016-06-07; City Council; 22304; Report on City Investments as of April 30, 2016Item 3; pg. 1 CITY OF CARLSBAD AGENDA BILL -,() AB# 22,304 DEPT. HEAD &1' .... MTG. b/7/16 REPORT ON CITY INVESTMENTS CITY ATTY. y~ DEPT. TRS AS OF APRIL 30, 2016 CITY MGR. ltt.-/ 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 April 30, 2016 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 706,402,711 699,558,474 Cost of Investments 709,496,096 702,471,425 Amortized Cost (1) 707,826,244 700,848,655 Market Value (2) 710,357,858 703,552,821 (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 4/30/16. The equity portion of the various funds in the total portfolio is summarized in the graph below. Fund balances are restricted for various purposes. See Exhibit 8 for a more detailed breakdown. The $7 million dollar increase between the March and April 2016 reports was due mainly to receipt of $12.4 million dollars of property tax which was offset by construction costs paid in April. DEPARTMENT CONTACT: Nancy Sullivan (760) 602-2473 Nancy.Sullivan@carlsbadca.gov FOR CLERKS USE. COUNCIL ACTION: APPROVED -~ CONTINUED TO DATE SPECIFIC D DENIED D CONTINUED TO DATE UNKNOWN D CONTINUED D RETURNED TO STAFF D WITHDRAWN D OTHER-SEE MINUTES D AMENDED D REPORT RECEIVED D Item 3; pg. 2 Report on City Investments as April 30, 2016 Meeting Date: June 7, 2016 Page2 Cash Income Fiscal Year-to-Date* FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Special Revenue General $122 $44 Internal Service $42 Agency/Trust $l8 Enterprise $184 Capital Projects $298 Total Treasurer's Investment Portfolio at Amortized Cost Apri130, 2016 $708 million Pooled Investment Interest Income Current Prior Month FYTD Month FYTD 7,135,953 6,460,652 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life Average Yield (Years) To Maturity FEBUARY 2016 2.00 1.174% MARCH 2016 1.95 1.181% APRIL 2016 1.93 1.180% Current Month Income 675,301 Modified Duration 1.933 1.894 1.875 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. The pooled investment portfolio has the ability to meet the city's cash flow demands for the next six (6) months. 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. Item 3; pg. 3 Report on City Investments as April 30, 2016 Meeting Date: June 7, 2016 Page3 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. Fourth 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 Item 3; pg. 4 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30, 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 15,039,830 15,288,521 15,193,956 15,419,709 211,924 1.54 1.52 FN 18,121,344 18,099,984 18,271,805 18,260,794 0 1.41 1.41 TR 66,695,485 65,187,758 67,205,782 65,741,686 414,666 1.12 1.12 FA 327,925,206 325,331,187 328,772,927 326,428,825 3,325,034 1.20 1.23 CN 172,769,667 164,843,064 173,638,678 165,603,667 2,776,741 1.53 1.55 LA IF 100,888,534 107,879,000 100,888,534 107,879,000 407,213 0.52 0.47 CUSTODY 183 59,860 183 59,860 58 0.00 0.00 SWEEP 5,665,078 3,496,771 5,665,078 3,496,771 317 0.02 0.02 BANKACCT 720,916 642,510 720,916 642,510 0 0.02 0.02 TOTALS $707,826,244 $700,828,655 $710,357,858 $703,532,821 7,135,953 1.18% 1.18% . CD-Certificate ofDeposit 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 tt:l :X: ::r: H IJj H 8 I-' Item 3; pg. 5 CLASS CD FN TR FA CN LAIF CUSTODY SWEEP BANKACCT TOTALS %TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30, 2016 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TOSYEARS TOTAL 1,238,526 247,380 13,542,794 15,028,700 3,490,976 0 14,396,011 17,886,987 3,016,308 10,002,737 53,692,374 66,711,419 14,526,907 33,144,695 280,337,698 328,009,299 36,454,579 29,124,848 109,005,552 174,584,979 100,888,534 0 0 100,888,534 183 0 0 183 5,665,078 0 0 5,665,078 720,916 0 0 720,916 $166,002,006 (1) $72,519,660 (1) $470,974,429 $709,496,096 23.4% 10.2% 66.4% 100.0% Total within One Year $238,521,667 (1) POLICY: 33.6% ( 1) Not less than $160,258,000 to mature within one year. (2/3rds of current year operating budget of $240,385,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. %TOTAL 2.1% 2.5% 9.4% 46.2% 24.6% (2) 14.2% 0.0% 0.8% 0.1% 100.0% N Item 3; pg. 6 2.70 2.60 2.50 2.40 2.30 2.20 2.10 2.00 1.90 1.80 1.70 1.60 1.50 1.40 1.30 1.20 1.10 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 -0.10 ~ ~ ·~ YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 2010 -APRIL 2016 ~ ~ .-.-I::.X-l.Ait- ' '-..... ~1 All:' ' ---·· ' ' ~ ~ ~ ~ ~ _.... ..,._,..., _..... _ ~ ' '" "' ,m, ·~ "' ~ ~ ~ 0.00 tJ:j. I I I I ~~~~~~~~~~~~~~~~~~~~~~~~~ H 1-3 w Item 3; pg. 7 MARKET YIELD CURVE 6/30/14, 6/30/15, 4/30/16 Market Rates 3.5 ---,-----~~~~~~~~~~~~~~~~~- 3 ~~~~~~~~~~~~~~~~~~- 2.5 ~~~~~~~~~~~~~~~~~------::::;..,.,.. 2 +---------~--------------~~~---• 1.5 ---t---~~~~~~~~~~---=t!llllllfiJ"-------~~'----~-- ~ -~----1 +-~~~~~~~~~-~· ~~~~~~~-- 0.~ E~§-:::::---·· .... --~-=== 3 Mth 2 Yr 5 Yr 10 Yr c--------------. .::::...._3 ;::;_;_;:M::.:.:::.th:;;_______:2=-Y=-=r=-------=5=---.:Y::...-=-r __ .:=:_;;1 0=---.:Y::...-=-r -11-6/30/2014 .02 .46 1.63 2.53 ....... 6/30/2015 .01 .65 1.65 2.35 -• ... 4/30/2016 .21 .78 1.30 1.83 Item 3; pg. 8 Cumulative Cash Income FY15-16 Cumulative Millions$ (April2016) Monthly Interest Income Millions$ 10 9 8 7 6 5 4 3 2 1 0 ~----------------------------------------------~ 8 7 6 5 r---------------------~~----------------------~ 4 3 2 1 ~~~~~~~~~~~~~~~~~~~--~--~---+ 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun c:::~ Interest Income -+-·Budget ----11---Actual YTD U1 Item 3; pg. 9 TRANSACTIONS FOR PERIOD: 04/01/16 TO 04/30/16 4th QUARTER 2015-2016 Trans Investment Maturity Call Par Amount Return Investment Date Date Date ~ Security Date Value Couj!on (Cost) Rate Interest Return BUYS APRIL 04/14/16 04/15/16 06/26/20 FA FNMA N/A 2,150,000.00 1.350% 2,159,632.00 1.240% 112,192.37 2,271,824.37 04/14/16 04/15/16 11/15/18 TR US TREASURY N/A 1 ,500,000.00 1.250% 1,515,292.97 0.850% 33,127.36 1,548,420.33 04/14/16 04/19/16 11/02/18 CN NY LIFE N/A 2,000,000.00 1.550% 2,014,620.00 1.256% 63,999.45 2,078,619.45 04/06/16 04/28/16 04/28/21 FA FHLMC 10/28/2016 2,500,000.00 1.25% STEF 2,496,250.00 2.122% 269,375.00 2,765,625.00 04/14/16 04/29/16 04/29/21 FA FHLMC 7/29/2016 2,500,000.00 1.750% 2,500,000.00 1.750% 218,750.00 2,718,750.00 04/15/16 04/20/16 12/05/19 CN JOHNSON & JOHNSON N/A 2,250,000.00 1.875% 2,315,250.00 1.057% 87,679.69 2,402,929.69 04/18/16 04/19/16 08/28/20 FA FHLMC N/A 1 ,000,000.00 1.650% 1,017,760.00 1.230% 54,152.50 1,071,912.50 04/18/16 04/28/16 07/28/20 FA FHLMC 10/28/2016 1,500,000.00 1.500% 1,500,000.00 1.500% 95,625.00 1,595,625.00 04/25/16 04/26/16 08/28/17 FA FHLB N/A 2,700,000.00 0.750% 2,700,000.00 0.750% 27,112.50 2,727,112.50 04/25/16 04/26/16 09/20/17 FA FNMA N/A 2,096,000.00 1.000% 2,102,707.20 0.770% 22,636.80 2,125,344.00 04/25/16 04/28/16 08/15/19 CN PEFCO N/A 2,600,000.00 1.450% 2,617,570.80 1.240% 106,734.48 2,724,305.28 04/25/16 04/27/16 01/27/20 FA FHLMC 1/27/2017 2,000,000.00 1.559% 1,999,000.00 0.810% 117,250.00 2,116,250.00 04/25/16 04/26/16 01/19/21 FA FFCB 7/19/2016 3,250,000.00 1.600% 3,247,010.00 1.620% 248,978.89 3,495,988.89 04/25/16 04/28/16 03/01/21 CN EXXON MOBIL N/A 2,000,000.00 2.222% 2,042,900.00 1.750% 172,263.67 2,215,163.67 TOTAL FOURTH QUARTER 2015-2016 30,046,000.00 30,227,992.97 1.305% 1 ,629,877. 71 31,857,870.68 MATURITIES APRIL 04/27/11 04/27/16 FA FHLB N/A 2,000,000.00 2.500% 2,000,000.00 2.500% 250,000.00 2,250,000.00 05/06/11 04/14/16 CN MASS MUTUAL GLOBAL N/A 1,000,000.00 3.125% 1,024,175.57 2.602% 130,164.71 1,154,340.28 10/22/12 04/18/16 CD NATIONAL BANK OFCOMM N/A 249,000.00 0.500% 248,551.80 0.550% 4,791.87 253,343.67 TOTAL FOURTH QUARTER 2015-2016 3,249,000.00 3,272,727.37 2.384% 384,956.58 3,657,683.95 CALLS APRIL 12/17/15 12/23/15 06/23/20 FA FHLB 4/14/2016 2,500,000.00 1.950% 2,498,000.00 1.969% 221,375.00 2,719,375.00 10/23/14 10/24/14 10/15/19 FA FNMA 4/15/2016 1,000,000.00 1.550% 984,640.00 1.875% 92,472.50 1,077,112.50 01/11/16 01/14/16 01/14/21 FA FFCB 4/18/2016 4,000,000.00 1.940% 4,000,000.00 1.940% 388,000.00 4,388,000.00 04/02/15 04/22/15 10/22/18 FA FHLB 4/22/2016 1,000,000.00 1.250% 1,000,000.00 1.250% 43,750.00 1,043,750.00 04/23/15 04/29/15 04/29/20 FA FNMA 4/29/2016 2,000,000.00 1.600% 2,000,000.00 1.600% 160,000.00 2,160,000.00 04/30/15 04/29/15 04/29/20 FA FNMA 4/29/2016 2,650,000.00 1.550% 2,646,025.00 1.581% 209,121.81 2,855,146.81 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 04/29/15 04/29/16 04/29/20 FA FHLMC 4/29/2016 1,500,000.00 1% STEP 1 ,498,500.00 2.109% 160,875.00 1,659,375.00 tr:l TOTAL FOURTH QUARTER 2015-2016 15,130,000.00 15,107,165.00 1.785% 1,296,564.31 16,403,729.31 :X: ::r: H td H 8 0"1 Item 3; pg. 10 INVESTMENT REPORT AS OF APRIL 30, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 QRTLY 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 4/26/2016 FA FHLB .75% NON-CALL 2,700,000.00 2,700,000.00 0.750% 27,112.50 2,727,112.50 489 4/26/2016 FA FNMA 1.0% NON-CALL 2,096,000.00 2,102,707.20 0.770% 22,636.80 2,125,344.00 512 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 QRTL Y 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 11/27/13 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 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 tz:j ~ 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 ::q 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 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 tJj 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 8 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 -..] 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 Item 3; pg. 11 INVESTMENT REPORT AS OF APRIL 30, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 9/12113 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 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 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 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 12/28/2015 FA FHLMC 1.0% CALL 3/28/16 QRTL Y 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 10/15/2015 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 Item 3; pg. 12 INVESTMENT REPORT AS OF APRIL 30, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 12/30/2015 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 4/27/2016 FA FHLMC .75% ONE CALL 1/27/17 STEP 2, 000,000.00 1,999,000.00 1.559% 117,250.00 2,116,250.00 1,370 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 QRTL Y 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 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 4/15/2016 FA FNMA 1.35% NON-CALL 2,150,000.00 2,159,632.00 1.240% 112,192.37 2,271,824.37 1,533 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 4/28/2016 FA FHLMC 1.5% CALL 10/28/16 QRTLY 1 ,500,000.00 1,500,000.00 1.500% 95,625.00 1,595,625.00 1,552 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 4/19/2016 FA FHLMC 1.65% NON-CALL 1,000,000.00 1,017,760.00 1.230% 54,152.50 1,071,912.50 1,592 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 4/26/2016 FA FFCB 1.60% CALL 7/19/16 CONT 3,250,000.00 3,247,010.00 1.620% 248,978.89 3,495,988.89 1,729 2/26/2016 FA FHLMC 1.25% QRTL Y CALL STEP 1,000,000.00 999,500.00 2.103% 106,750.00 1 '1 06,250.00 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 3/10/2016 FA FNMA 1.00% CALL 3/10/17 ONE TIME STEP 2,500,000.00 2,498,750.00 1.724% 216,250.00 2,715,000.00 1,826 3/22/2016 FA FHLB 1.25% QRTL Y CALL 6/22/16 STEP 2,500,000.00 2,498,750.00 1.870% 235,625.00 2,734,375.00 1,826 4/28/2016 FA FHLMC 1.25% QRTL Y CALL 10/28/16 STEP 2,500,000.00 2,496,250.00 2.122% 269,375.00 2,765,625.00 1,826 4/29/2016 FA FHLMC 1.75% QRTLY CALL 7/29/16 2,500,000.00 2,500,000.00 1.750% 218,750.00 2,718,750.00 1,826 SUB-TOTAL 327,354,333.50 328,009,299.28 1.203% 16,166,509.53 344,175,808.81 1,418 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 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 346,317,333.50 345,896,286.35 17,596,907.58 363,493,193.93 2,302 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 Item 3; pg. 13 INVESTMENT REPORT AS OF APRIL 30, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 4/15/2016 TR US TREASURY 1.25% 1,500,000.00 1,515,292.97 0.850% 33,127.36 1 ,548,420.33 944 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 66,415,000.00 66,711,418.88 1.117% 2,617,315.59 69,328,734.47 1,143 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 9/4/2012 CN GOOGLE 2.125% NON-CALL 1,000,000.00 1 ,050,940.00 2.125% 6,1.97.92 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 10/27/2011 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 10/11/2011 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 1/23/2013 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 10/2/2012 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 9/22/2011 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 11/10/2011 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 9/18/2014 CN COLGATE-PALMOLIVE 1.30% MAKE WHOLE CALL 500,000.00 504,585.00 0.009% 10,527.50 515,112.50 850 1/31/2012 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 1/31/2012 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 3/5/2012 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 Item 3; pg. 14 INVESTMENT REPORT AS OF APRIL 30, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN !Days) 8/6/2012 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 2/16/2012 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 2/5/2016 CN PEFCO 1.375% NON-CALL 2,000,000.00 2,012,360.00 0.770% 15,903.89 2,028,263.89 376 4/18/2012 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 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 6/5/2012 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 6/12/2014 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 3/8/2013 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 5/27/2015 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 3/26/2013 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 10/29/2015 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 9/18/2014 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 1/27/2015 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 2/25/2016 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 5/11/2015 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 5/15/2013 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 12/24/2015 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 12/31/2015 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 1/28/2016 CN TOYOTA 1.55% NON-CALL 2,000,000.00 2,014,400.00 1.252% 61,808.33 2,076,208.33 897 12/19/2014 CN MASS MUTUAL GLOBAL 2.10% NON-CALL 3,500,000.00 3,555,685.00 1.645% 2W,344.17 3,766,029.17 1,322 2/19/2015 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 4/19/2016 CN NY LIFE 1.55% NON-CALL 2,000,000.00 2,014,620.00 1.256% 63,999.45 2,078,619.45 927 12/24/2013 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 10/28/2015 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 4/9/2015 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 4/6/2015 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 12/22/2015 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 6/30/2015 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 10/8/2015 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 5/27/2015 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 7/16/2015 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 4/28/2016 CN PEFCO 1.45% NON-CALL 2,600,000.00 2,617,570.80 1.240% 106,734.48 2,724,305.28 1,204 11/18/2014 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 12/22/2015 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 4/20/2016 CN JOHNSON & JOHNSON 1.875% MAKE WHOLE CALL 2,250,000.00 2,315,250.00 1.057% 87,679.69 2,402,929.69 1,324 4/9/2015 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 9/25/2015 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 11/4/2015 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 11/3/2015 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 11/3/2015 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 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 4/28/2016 CN EXXON MOBIL 2.222% MAKE WHOLE CALL 2,000,000.00 2,042,900.00 1.750% 172,263.67 2,215,163.67 1,768 SUB-TOTAL 171,349,000.00 174,584,979.14 1.529% 11,405,570.00 185,990,549.14 1,432 Item 3; pg. 15 INVESTMENT REPORT AS OF APRIL 30, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 Item 3; pg. 16 INVESTMENT REPORT AS OF APRIL 30, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 BANK 2.2% 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 15,046,000.00 15,028,700.40 1.536% 1,085,974.56 16,114,674.96 1,672 0 WELLS FARGO BANK 719,929.00 719,929.00 0.020% 0.39 719,929.39 0 CORPORATE CASH MANAGEMENT ACCOUNT 5,665,078.47 5,665,078.47 0.020% 3.10 5,665,081.57 0 LIBRARY ACCOUNT 986.85 986.85 0.000% 986.85 0 UNION TRUST 182.70 182.70 0.000% 182.70 0 LA I F WATER DISTRICT 25,692,000.00 25,692,000.00 0.520% 371.11 25,692,371.11 0 LA IF PUBLIC IMPROVEMENT CORPORATION 19,406,562.51 19,406,562.51 0.520% 280.32 19,406,842.83 0 LA I F PUBLIC FINANCING CORPORATION 28,016,971.62 28,016,971.62 0.520% 404.69 28,017,376.31 0 LA I F CITY OF CARLSBAD 27,773,000.00 27,773,000.00 0.520% 401.17 27,773,401.17 SUB-TOTAL 107,274,711.15 107,274,711.15 0.490% 1,460.78 107,276,171.93 GRAND TOTAL 706,402,044.65 709,496,095.92 1.180% 32,707,228.51 7 42,203,324.43 Item 3; pg. 17 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF APRIL 30, 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 43,430,942 20,680,217 25,655,347 8,729,865 5,092,352 6,363,292 90,259,509 92,624,257 3,230,735 118,124,740 50,699,869 7,356,500 5,715,697 1,680,592 (1) The Reconciling Adjustments consist of differences between the General Ledger which is prepared EXHIBIT 8 121,985,632 43,383,047 296,066,517 183,577,398 41,825,698 17,524,960 123,560 704,486,812 3,339,432 707,826,244 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 05/11/16 Item 3; pg. 18 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of APRIL 30, 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+ NR 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 Maturity 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 5,400,181 10,000,000 Market Value 5,401,890 9,833,500 Item 3; pg. 19 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30, 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 2.54% CHEVRON 15,859,287.80 2.24% COCA COLA CO 7,624,962.52 1.07% COLGATE-PALMOLIVE 5,963,635.00 0.84% EXXON MOBIL 8,359,725.00 1.18% 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 1.02% JOHNSON & JOHNSON 9,547,998.49 1.35% MASS MUTUAL 6,842,020.00 0.96% MICROSOFT 7,056,370.00 0.99% 3M COMPANY 3,554,215.00 0.50% NEW YORK LIFE 9,405,696.83 1.33% PEFCO 7,157,822.90 1.01% 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 1.90% WESTPAC BANKING CORP 5,000,000.00 0.70% PERCENTAGE WEIGHTINGS 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 73,570,555.93 94,944,304.37 64,224,420.00 87,023,091.67 2,750,760.00 551,225.00 66,711 ,418.88 1.99% 1.23% 10.37% 13.38% 9.05% 12.27% 0.39% 0.08% 9.40% $709,496,096.00 EXHIBIT 10