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HomeMy WebLinkAbout2016-08-23; City Council; ; Approve: Report on City Investments as of July 31, 2016CITY COUNCIL Staff Report Meeting Date To: From: August 23, 2016 Chair and Commission Members Kevin Crawford, City Manager\t,,~ CA Review ~ Staff Contact: Craig Lindholm, City Treasurer; Nancy Sullivan, Deputy City Treasurer Nancy.Sullivan@carlsbadca.gov or 760-602-2473 Subject Approve: Report on City Investments as of July 31, 2016 Recommended Action Accept and file report. Executive Summary/Discussion 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 July 31, 2016 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value 706,935,903 715,837,393 Cost of Investments 711,008,598 719,458,782 Amortized Cost (1) 709,288,333 717,721,310 Market Value (2) 713,024,713 721,730,358 (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 7 /31/16. 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 $8 million dollar decrease between the June and July 2016 reports was due mainly to the payment of construction in progress costs in July. Item #8 August 23, 2016 Page 1 of 19 Report on City Investments July 31, 2016 Meeting Date: August 23, 2016 Page2 I Cash Income Fiscal Year-to-Date * FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) Internal Service $44 Agency/Trust $22 Enterprise Special Revenue $42 Capital Projects $304 Total Treasurer's Investment Portfolio at Amortized Cost July 31, 2016 $709 million Pooled Investment Interest Income Current Prior 656,879 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life Average Yield (Years) To Maturity MAY 2016 1.93 1.170% JUNE 2016 1.85 1.148% JULY 2016 1.90 1.168% Current Month 0 656,879 Modified Duration 1.869 1.801 1.853 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. I Item #8 August 23, 2016 Page 2 of 19 Report on City Investments July 31, 2016 Meeting Date: August 23, 2016 Page3 Fiscal Analysis None Next Steps The Report on City Investments is produced monthly by the City Treasurer. Environmental Evaluation (CEQA) 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. Climate Action Plan Consistency N/A Public Notification This report is made available at least 72 hours prior to the posting of the agenda. Exhibits 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. First 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 #8 August 23, 2016 Page 3 of 19 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JULY 31, 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 15,037,689 15,286,339 15,283,733 15,515,683 19,121 1.58 1.57 FN 14,684,619 14,664,083 14,947,526 14,951,339 0 1.63 1.63 TR 71,032,586 71,041,861 71,752,533 71,845,746 0 1.12 1.12 FA 320,108,939 312,122,000 321,459,441 313,688,474 390,659 1.19 1.20 CN 166,888,597 166,473,968 168,045,578 167,596,057 91,779 1.50 1.51 LAIF 116,801,543 128,054,000 116,801,543 128,054,000 155,278 0.59 0.55 CUSTODY 11,514 469 11,514 469 2 0.00 0.00 SWEEP 838,925 9,353,364 838,925 9,353,364 40 0.02 0.02 BANK ACCT 3,883,921 725,227 3,883,921 725,227 0 0.02 0.02 TOTALS 709,288,333 $717,721,310 $713,024,713 $721,730,358 656,879 1.17% 1.15% 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,:j :>< ::r: H \Jj H t-3 I-' Item #8 August 23, 2016 Page 4 of 19 CLASS CD FN TR FA CN LAIF CUSTODY SWEEP BANK.ACCT TOTALS %TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JULY 31, 2016 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TOSYEARS TOTAL 247,008 247,380 14,535,168 15,029,556 0 0 14,396,011 14,396,011 5,016,734 11,964,847 54,094,106 71,075,687 29,033,067 28,320,323 262,996,631 320,350,020 32,683,537 22,362,077 113,575,808 168,621,421 116,801,543 0 0 116,801,543 11,514 0 0 11,514 3,883,129 0 0 3,883,129 839,717 0 0 839,717 $188,516,249 (I) $62,894,626 (I) $459,597,723 $711,008,598 26.5% 8.9% 64.6% 100.0% Total within One Year $251,410,875 (I) POLICY: 35.4% (I) Not less than $168,954,000 to mature within one year. (2/3rds of current year operating budget of $253,430,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. %TOTAL 2.1% 2.0% 10.0% 45.1% 23.7% (2) 16.4% 0.0% 0.6% 0.1% 100.0% Item #8 August 23, 2016 Page 5 of 19 2.70 2.60 2.50 2.40 2.30 2.20 2.10 2.00 1.90 1.80 1.70 1.60 1.50 1.40 1.30 1.20 1.10 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 ~ YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 2010 -JULY 2016 ·~ ~ -1-t-Jl-l .Alt- ' ,_.. ~• Alt: . '---.... ' " ""-~ ~ ~ ~ ~ A A-V ,~,,, ''"'' ~ -~ ,,~ ' . ',, ., ' '" .,,,, •. ,1, '" ' ,. ' ·'" . '" """ ' ., '" ,., . '" = " """ .,,,,. ,.,, " ' " ' I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I . . . . . . ~ ~ "' ~ ,. I I I I I I I I I I I I I I w Item #8 August 23, 2016 Page 6 of 19 MARKET YIELD CURVE 6/30/15, 6/30/16, 7 /31/16 Market Rates 3.5 ~---------------- 3 -+--------------------- 2.5 -1--------------------- 2 -+----------------------=-~-- 1.5 ~--------~~----~ .. 1+-------~~~~~":__.___ ___ _ 0.5 +------=::;;;-;~-:1JJ111111'~~====--------- o ............ =-------------~----~ 3 Mth 3 Mth ~---~ ~6/30/2015 .01 ........, 6/30/2016 .26 _.,,.7/31/2016 .26 2 Yr 2Yr .65 .58 .66 5Yr 1.65 1.00 1.03 5 Yr IO Yr 2.35 1.47 1.45 10 Yr Item #8 August 23, 2016 Page 7 of 19 Cumulative Millions$ 0.66 Cumulative Cash Income FY16-17 (July 2016) _,,,, - A"" ~ ~ _,,,, _,,,, ~ ,_,. / --~ -A"" A"" ---_,,,, ~ -- Monthly Interest Income Millions$ _,,,, .. ~ ~ _,,,, - - - - - 10 9 8 7 6 5 4 3 2 1 0 / - 8 7 6 5 4 3 2 1 0 1 I I I I I I I I I I I Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun E::J Interest Income -•· Budget ---Actual YTD lJl Item #8 August 23, 2016 Page 8 of 19 TRANSACTIONS FOR PERIOD: 07/01/16 TO 07/31/16 1st QUARTER 2016-2017 Trans Investment Maturity Call Par Amount Return Investment Date Date Date ~ Security Date Value Cou~on (Cost) Rate Interest Return BUYS JULY 07/07/16 07/12/16 10/15/18 CN IBM CORP N/A 2,628,000.00 7.625% 3,005,118.00 1.167% 75,418.12 3,080,536.12 06/20/16 07/13/16 04/13/20 FA FNMA 4/13/2017 5,000,000.00 1.250% 5,000,000.00 1.250% 234,375.00 5,234,375.00 07/05/16 07/13/16 07/13/20 FA FFCB 7/13/2017 4,250,000.00 1.190% 4,250,000.00 1.190% 202,300.00 4,452,300.00 07/05/16 07/19/16 01/19/21 FA FHLB 10/19/2016 3,500,000.00 1.400% 3,500,000.00 1.40% 220,500.00 3,720,500.00 07/18/16 07/19/16 10/02/19 FA FHLMC N/A 3,000,000.00 1.250% 3,027,363.00 0.96% 92,741.17 3,120,104.17 07/20/16 07/21/16 03/09/18 FA FHLB N/A 5,000,000.00 1.375% 5,048,990.00 0.770% 63,301.67 5,112,291.67 07/21/16 07/25/16 07/25/17 FA FHLB N/A 2,000,000.00 0.625% 1,999,700.00 0.640% 12,800.00 2,012,500.00 07/21/16 07/27/16 07/27/18 FA FNMA 7/27/2017 3,000,000.00 0.875% 2,997,750.00 0.913% 54,750.00 3,052,500.00 07/21/16 07/26/16 07/26/19 FA FNMA 7/26/2018 2,300,000.00 1.050% 2,300,000.00 1.050% 48,300.00 2,348,300.00 07/21/16 07/22/16 11/27/20 FA FNMA N/A 3,250,000.00 1.650% 3,316,612.00 1.116% 166,507.79 3,483,119.79 07/21/16 07/26/16 03/01/21 CN EXXON MOBIL N/A 1,000,000.00 2.222% 1,034,050.00 1.440% 68,038.55 1,102,088.55 07/25/16 07/28/16 01/28/20 FA FNMA 7/28/2017 4,850,000.00 1.200% 4,850,000.00 1.200% 203,700.00 5,053,700.00 07/25/16 07/28/16 04/28/20 FA FNMA 4/28/2017 3,750,000.00 1.250% 3,750,000.00 1.250% 175,781.25 3,925,781.25 TOT AL FIRST QUARTER 2016-2017 43,528,000.00 44,079,583.00 1.103% 1,618,513.55 45,698,096.55 MATURITIES JULY 06/12/14 07/05/16 FA FNMA N/A 3,000,000.00 0.375% 2,994,690.00 0.461% 28,528.75 3,023,218.75 11/10/11 07/14/16 CN NEW YORK LIFE N/A 3,550,000.00 2.450% 3,669, 194.08 1.700% 287,655.64 3,956,849.72 AUGUST 10/27/11 08/15/16 CN PROCTOR & GAMBLE N/A 5,000,000.00 1.450% 5,011,536.25 1.400% 336,463.75 5,348,000.00 10/11 /11 08/15/16 CN BERKSHIRE HATHAWAY N/A 5,000,000.00 2.200% 5,022,855.25 2.100% 510,033.64 5,532,888.89 01/23/13 08/15/16 CN PROCTOR & GAMBLE N/A 1,000,000.00 1.450% 1,025,260.00 0.730% 26,376.11 1,051,636.11 08/15/12 08/15/16 CD EVER BANK N/A 248,000.00 0.900% 247,008.00 0.900% 9,926.11 256,934.11 TOTAL FIRST QUARTER 2016-2017 17,798,000.00 17,970,543.58 1.455% 1,198,984.00 19,169,527.58 CALLS JULY 01/31/13 02/05/13 02/05/18 FA FHLB 7/1/2016 3,333,333.50 1.000% 3,324,999.67 1.050% 175,000.33 3,500,000.00 05/06/13 05/07/13 03/20/18 FA FHLB 7/8/2016 3,000,000.00 1.000% 3,000,000.00 1.000% 146,083.33 3,146,083.33 05/06/13 05/07/13 03/20/18 FA FHLB 7/8/2016 3,000,000.00 1.050% 3,000,000.00 1.050% 153,387.50 3,153,387.50 10/05/15 10/15/15 10/15/19 FA FFCB 7/8/2016 3,000,000.00 1.440% 3,000,000.00 1.440% 172,800.00 3,172,800.00 01/11/16 01/12/16 01/09/20 FA FNMA 7/9/2016 1,500,000.00 1.570% 1,497,750.00 1.609% 96,253.75 1,594,003.75 10/16/12 10/18/12 10/18/17 FA FFCB 7/15/2016 5,000,000.00 0.870% 4,998,500.00 0.876% 219,000.00 5,217,500.00 01/10/13 01/23/13 01/23/18 CD FIRST FARMERES BANK 7/23/2016 249,000.00 1.000% 248,626.50 1.031% 12,823.50 261,450.00 01/19/16 01/27/16 01/27/20 FA FHLMC 7/27/2016 3,000,000.00 1.530% 3,000,000.00 1.530% 183,600.00 3,183,600.00 tT.l 07/09/15 07/24/15 07/27/18 FA FHLMC 7/27/2016 2,000,000.00 1.150% 2,000,000.00 1.150% 69,000.00 2,069,000.00 :><: 12/28/15 12/29/15 07/27/18 FA FHLB 7/27/2016 1,000,000.00 1.220% 998,850.00 1.265% 32,598.89 1,031,448.89 ::r: H 07/09/15 07/28/15 12/28/18 FA FHLB 7/28/2016 1,700,000.00 1.250% 1,700,000.00 1.250% 72,604.17 1,772,604.17 tJj 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 H 8 TOTAL FIRST QUARTER 2016-2017 29,282,333.50 29,268,726.17 1.218% 1,551,901.47 30,820,627.64 O'\ Item #8 August 23, 2016 Page 9 of 19 INVESTMENT REPORT AS OF JULY 31, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Daysi 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 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 1/3/2013 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 7/25/2016 FA FHLB .625% NON-CALL 2,000,000.00 1,999,700.00 0.640% 12,800.00 2,012,500.00 365 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 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 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 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 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 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 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 7/21/2016 FA FHLB 1.375% NON-CALL 5,000,000.00 5,048,990.00 0.770% 63,301.67 5,112,291.67 596 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 tJj 5/23/2013 FA FHLMC 1.050% CALL 4/30/14 QRTLY 3,000,000.00 3,000,000.00 1.050% 155,487.50 3,155,487.50 1,803 :x: 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 ::r:: H 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 b:l 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 H 6/21/2016 FA FHLB 1.25% NON-CALL 4,000,000.00 4,034,280.00 0.809% 63,914.44 4,098,194.44 717 1-3 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 -..J 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 7/27/2016 FA FNMA .875% ONE CALL 7/27/17 3,000,000.00 2,997,750.00 0.913% 54,750.00 3,052,500.00 730 Item #8 August 23, 2016 Page 10 of 19 INVESTMENT REPORT AS OF JULY 31, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 5/5/2014 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 5/23/2016 FA FNMA 1.125% NON-CALL 2,000,000.00 2,006,660.00 0.984% 47,465.00 2,054,125.00 879 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 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 6/28/2016 FA FNMA 1.20% CALL 12/28/16 2,500,000.00 2,500,000.00 1.200% 90,000.00 2,590,000.00 1,095 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 7/26/2016 FA FNMA 1.05% ONE CALL 7/26/18 2,300,000.00 2,300,000.00 1.050% 48,300.00 2,348,300.00 1,095 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 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 7/19/2016 FA FHLMC 1.25% NON-CALL 3,000,000.00 3,027,363.00 1.250% 92,741.17 3,120,104.17 1,170 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 5/26/2016 FA FNMA 1.30% QRTL Y CALL 4,000,000.00 4,000,000.00 1.300% 182,000.00 4,182,000.00 1,279 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 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 5/13/2016 FA FHLMC 1.30% CALL 2/13/17 ONE TIME 2,750,000.00 2,750,000.00 1.300% 134,062.50 2,884,062.50 1,371 7/28/2016 FA FNMA 1.20% CALL 7/28/17 ONE TIME 4,850,000.00 4,850,000.00 1.200% 203,700.00 5,053,700.00 1,279 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 7/13/2016 FA FNMA 1.25% CALL 4/13/17 ONE TIME 5,000,000.00 5,000,000.00 1.250% 234,375.00 5,234,375.00 1,370 7/28/2016 FA FNMA 1.25% CALL 4/28/17 ONE TIME 3,750,000.00 3,750,000.00 1.250% 175,781.25 3,925,781.25 1,370 Item #8 August 23, 2016 Page 11 of 19 INVESTMENT REPORT AS OF JULY 31, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 7/13/2016 FA FFCB 1.19% CALL 7/13/17 CONT 4,250,000.00 4,250,000.00 1.190% 202,300.00 4,452,300.00 1,461 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 6/8/2016 FA FHLB 2.875% NON-CALL 3,000,000.00 3,206,160.00 1.214% 161,121.25 3,367,281.25 1,556 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 7/22/2016 FA FNMA 1.65% NON-CALL 3,250,000.00 3,316,612.00 1.165% 166,507.79 3,483,119.79 1,589 6/14/2016 FA FFCB 1.54% CALL 6/14/17 CONT 2,250,000.00 2,250,000.00 1.540% 155,925.00 2,405,925.00 1,644 6/21/2016 FA FFCB 1.55% CALL 9/21/16 CONT 2,000,000.00 2,000,000.00 1.550% 139,500.00 2,139,500.00 1,644 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 7/19/2016 FA FHLB 1.40% CALL 10/19/16 CONT 3,500,000.00 3,500,000.00 1.400% 220,500.00 3,720,500.00 1,645 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 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% QRTLY 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% QRTLY CALL 10/28/16 STEP 2,500,000.00 2,496,250.00 2.122% 269,375.00 2,765,625.00 1,826 5/25/2016 FA FFCB 1.66% CALL 5/25/17 CONT 4,000,000.00 3,997,600.00 1.673% 334,400.00 4,332,000.00 1,826 6/30/2016 FA FHLMC 1.875% CALL 9/30/16 QRTLY 5,000,000.00 5,000,000.00 1.875% 468,750.00 5,468,750.00 1,826 SUB-TOTAL 319,152,000.00 320,350,019.61 1.192% 15,189,166.56 335,539,186.17 1,371 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 15,463,000.00 14,396,011.24 1.6270% 1,412,349.71 15,808,360.95 3,005 Federal Investments Total 334,615,000.00 334,746,030.85 16,601,516.27 351,347,547.12 2,188 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 Item #8 August 23, 2016 Page 12 of 19 INVESTMENT REPORT AS OF JULY 31, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 10nt2014 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 5/24/2016 TR US TREASURY 1 .375% 2,300,000.00 2,315,093.75 1.204% 109,343.75 2,424,437.50 1,437 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 5/5/2016 TR US TREASURY 1 .75% 2,000,000.00 2,049,174.00 1.205% 113,710.62 2,162,884.62 1,701 SUB-TOTAL 70,715,000.00 71,075,686.63 1.123% 2,840,369.96 73,916,056.59 1,170 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 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 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 Item #8 August 23, 2016 Page 13 of 19 INVESTMENT REPORT AS OF JULY 31, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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% 210,344.17 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 7/12/2016 CN IBM CORP 7.625% MAKE WHOLE CALL 2,628,000.00 3,005,118.00 1.167% 75,418.12 3,080,536.12 825 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 5/23/2016 CN PEFCO 2.25% NON-CALL 3,000,000.00 3,099,000.00 1.358% 158,250.00 3,257,250.00 1,392 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 5/24/2016 CN IBM 1.625% MAKE-WHOLE CALL 1,500,000.00 1,503,000.00 1.573% 93,890.62 1,596,890.62 1,452 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 6/10/2016 CN MICROSOFT 2.00% MAKE WHOLE CALL 1,500,000.00 1,539,450.00 1.370% 92,466.67 1,631,916.67 1,607 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 7/26/2016 CN EXXON MOBIL 2.222% MAKE WHOLE CALL 1,000,000.00 1,034,050.00 1.440% 68,038.55 1,102,088.55 1,679 5/26/2016 CN ALPHABET, INC 3.625% MAKE WHOLE CALL 1,000,000.00 1,094,000.00 1.651% 86,545.14 1,180,545.14 1,819 SUB-TOTAL 165,027,000.00 168,621,421.23 1.497% 10,767,269.53 179,388,690.76 1,432 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 DEL TA 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 Item #8 August 23, 2016 Page 14 of 19 INVESTMENT REPORT AS OF JULY 31, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 6/15/2016 CD AMERICA'S CREDIT UNION 1.10% 248,000.00 248,000.00 1.100% 5,456.00 253,456.00 730 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 BANK 2.1 % 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 NA T'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 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 Item #8 August 23, 2016 Page 15 of 19 INVESTMENT REPORT AS OF JULY 31, 2016 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 6/10/2016 CD UBS BANK USA SALT LAKE CITY 1.65% 249,000.00 249,000.00 1.650% 20,508.73 269,508.73 1,823 6/23/2016 CD EAST BOSTON SAVING BANK 1.5% 248,000.00 248,000.00 1.500% 18,600.00 266,600.00 1,826 6/24/2016 CD FIRST BUSINESS BK MADISON 1.5% 248,000.00 248,000.00 1.500% 18,600.00 266,600.00 1,826 6/30/2016 CD FIRST TECHNOLOGY FEDERAL CR UNION 1.75% 248,000.00 248,000.00 1.750% 21,700.00 269,700.00 1,826 SUB-TOTAL 15,043,000.00 15,029,555.90 1.582% 1,121,190.03 16,150,745.93 1,678 0 WELLS FARGO BANK 838,925.00 838,925.00 0.020% 0.46 838,925.46 0 CORPORATE CASH MANAGEMENT ACCOUNT 3,883,128.91 3,883,128.91 0.020% 2.13 3,883,131.04 0 LIBRARY ACCOUNT 791.67 791.67 0.000% 791.67 0 UNION TRUST 11,514.35 11,514.35 0.000% 0.00 11,514.35 0 LA IF WATER DISTRICT 31,143,000.00 31,143,000.00 0.590% 510.40 31,143,510.40 0 LA IF PUBLIC IMPROVEMENT CORPORATION 31,889,543.43 31,889,543.43 0.590% 522.63 31,890,066.06 0 LA IF PUBLIC FINANCING CORPORATION 27,888,000.00 27,888,000.00 0.590% 457.05 27,888,457.05 0 LA I F CITY OF CARLSBAD 25,881,000.00 25,881,000.00 0.590% 424.16 25,881,424.16 SUB-TOTAL 121,535,903.36 121,535,903.36 0.568% 1,916.84 121,537,820.20 GRAND TOTAL 706,935,903.36 711,008,597.97 1.1678% 31,332,262.63 742,340,860.60 Item #8 August 23, 2016 Page 16 of 19 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF JULY 31, 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 39,900,799 19,688,277 25,842,628 8,748,580 5,339,501 6,411,554 92,965,942 101,473,523 3,211,233 112,601,738 50,836,869 7,249,785 6,008,035 1,735,898 (1) The Reconciling Adjustments consist of differences between the General Ledger which is prepared EXHIBIT 8 118, 189,330 41,921,841 303,582,037 178,432,326 44,105,125 19,972,286 1,647,167 707,850,110 1,438,222 709,288,333 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 08/05/16 Item #8 August 23, 2016 Page 17 of 19 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of JULY 31, 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 ALPHABET, INC AA2 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 AA+ NR IBM CORP AA3 AA-A+ JOHNSON & JOHNSON AAA AAA AAA MASS MUTUAL GLOBAL AA2 AA+ AA+ MICROSOFT AAA AAA AA+ NEW YORK LIFE AAA AA+ AAA PRIVATE EXPORT FUNDING (PEFCO) AAA A+ AAA PROCTER & GAMBLE AA3 AA-NR ROYAL BANK OF CANADA AAA AAA AAA 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 HSBC BANK USA A1 AA-NR 06/05/2017 3M COMPANY A1 AA-NR 08/07/2020 * 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 10,000,000 3,545,738 Market Value 9,844,000 3,593,590 Item #8 August 23, 2016 Page 18 of 19 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JULY 31, 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% ALPHABET, INC 1,094,000.00 0.15% APPLE INC 8,575,865.00 1.21% BERKSHIRE HATHAWAY 18,004,749.13 2.53% CHEVRON 13,865,384.00 1.95% COCA COLA CO 7,624,962.52 1.07% COLGATE-PALMOLIVE 5,963,635.00 0.84% EXXON MOBIL 9,393,774.99 1.32% HSBC BANK USA 10,000,000.00 1.41% IBM CORP 8,085,639.42 1.14% JOHNSON & JOHNSON 7,443,878.49 1.05% MASS MUTUAL 6,842,020.01 0.96% MICROSOFT 8,595,820.00 1.21% 3M COMPANY 3,554,215.00 0.50% NEW YORK LIFE 9,405,696.83 1.32% PEFCO 10,256,822.90 1.44% PROTER & GAMBLE 6,036,796.25 0.85% ROYAL BANK OF CANADA 2,289,442.50 0.32% TOYOTA 9,047,805.00 1.27% 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 66,017,900.93 92,343,608.37 59,752,683.00 90,497,924.17 2,750,760.00 551,225.00 71,075,686.63 1.98% 1.23% 9.29% 12.99% 8.40% 12.73% 0.39% 0.08% 10.00% $711,008,598.00 EXHIBIT 10 Item #8 August 23, 2016 Page 19 of 19