HomeMy WebLinkAbout2016-09-27; City Council; ; Approve: Report on City Investments as of August 31, 2016Item #7 September 27, 2016 Page 1 of 20
CITY COUNCIL
Sta Repo
Meeting Date
To:
From:
September 27, 2016
Chair and Commission Members
Kevin Crawford, City Manage\J/
CARevie~
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 August 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 August 31, 2016 is summarized below.
I Pooled Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value 682,238,379 706,935,903
Cost of Investments 686,290,076 711,008,598
Amortized Cost {1) 684,532,050 709,288,333
Market Value (2) 686,926,818 713,024,713
(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 8/31/16.
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 $25 million dollar decrease between the July and August 2016 reports was due to the following
payments: $14.8 million for defeasance of the golf bonds; $1.28 million for Quarry Creek affordable
housing; $2.28 million refunding costs for the CFD #3 1A1 and 1A2 bonds; $4.7 million for regular debt
service payments; and $3 to $4 million of construction in progress costs.
I
Item #7 September 27, 2016 Page 2 of 20
Report on City Investments August 31, 2016
Meeting Date: September 27, 2016
Page2
Cash Income Fiscal
Year-to-Date *
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in Millions)
General $l05
Internal Service $45
Agency/Trust $l9.5
Enterprise
$179
Special Revenue
$27
Capital Projects
$ 309
Total Treasurer's Investment Portfolio at Amortized Cost
August 31, 2016 $684.5 million
Pooled Investment Interest Income
Current Prior
1,605,885 656,879
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
Average Life Average Yield
(Years) To Maturity
JUNE 2016 1.85 1.148%
JULY 2016 1.90 1.168%
August 2016 1.92 1.173%
Current Month
949,006
Modified Duration
1.801
1.853
1.872
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.
Item #7 September 27, 2016 Page 3 of 20
Report on City Investments August 31, 2016
Meeting Date: September 27, 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 #7 September 27, 2016 Page 4 of 20
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF AUGUST 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 15,285,910 15,037,689 15,530,190 15,283,733 44,952 1.58 1.58
FN 14,705,154 14,684,619 14,900,587 14,947,526 0 1.63 1.63
TR 74,060,688 71,032,586 74,564,192 71,752,533 175,372 1.12 1.12
FA 320,529,925 320,108,939 321,238,002 321,459,441 642,841 1.19 1.19
CN 155,809,993 166,888,597 156,553,466 168,045,578 587,350 1.49 1.50
LAIF 99,154,000 116,801,543 99,154,000 116,801,543 155,278 0.60 0.59
CUSTODY 124,224 11,514 124,224 11,514 13 0.00 0.00
SWEEP 4,217,650 838,925 4,217,650 838,925 78 0.02 0.02
BANK ACCT 644,505 3,883,921 644,505 3,883,921 0 0.02 0.02
TOTALS 684,532,050 $709,288,332 $686,926,818 $713,024,713 1,605,885 1.17% 1.17%
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 tc:l :x: ::r:
H b:l
H
1-3
......
Item #7 September 27, 2016 Page 5 of 20
CLASS
CD
FN
TR
FA
CN
LAIF
CUSTODY
SWEEP
BANK ACCT
TOTALS
%TOTALS
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF AUGUST 31, 2016
BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME
WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TOSYEARS TOTAL
247,380 0 15,031,168 15,278,548
0 0 14,396,011 14,396,011
5,016,734 16,510,859 52,585,756 74,113,349
29,033,067 35,995,673 255,771,281 320,800,020
33,713,245 10,272,717 113,575,808 157,561,770
99,154,000 0 0 99,154,000
124,224 0 0 124,224
4,217,650 0 0 4,217,650
644,505 0 0 644,505
$172,150,805 (1) $62,779,248 (1) $451,360,023 $686,290,076
25.1% 9.2% 65.8% 100.0%
Total within One Year $234,930,053 (1)
POLICY:
34.2%
(1) 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
2.2%
2.1%
10.8%
46.7%
23.0% (2)
14.5%
0.0%
0.6%
0.1%
100.0%
N
Item #7 September 27, 2016 Page 6 of 20
YIELD COMPARISON
PORTFOLIO EX-LAIF VS. LAIF
JULY 2010 -AUGUST 2016 2.70 ~----------------------------2.60 ---t-------------------------------
2.50 --~---=---------------------------------2.40 +--------"l'-------"-----'lllll....~..-------------------------------
2.30 +---------""----'l~..-----------------+--------......_-x..--.-----..1-----cA..---,l~l--------------1--------2.20 -+--------------,-------------+---_______,_..___,.-------.,,c____.._._.__-----+ ____ ~
~:J8 :===========::,~ . .--..::,:=========================~::::1:A~ .. ::=!F============== 1.90 +--------~~,~----------~-----'----------1.80 -+-------------'"~k----------------------~
1.70 -+-----------~'\..------------------------
1.60 +---------------=~~~-------------------1.50 -+-------------~~-------------------
1.40 +--------------------'-'"=~------------------
1.30 t===================~~----~A~:;:;:~~~~,,__~~•~A~~~A~~V 1.20 . 1.10 -+-------------------------------1.00 -+-------------------------------0.90 -+------------------------------0.80 -j------------------------------~
0.70 -+------------------------------~
0.60 ---t-,~-,,-,, --,,,--------.~------.....,,-------------------------~~·~·~
0.50 ,,~ 7\. ~
0.40 1====~'"~-~,"~'""~'"~==~~,~~~~~~~~~~~~~~~~== 0.30 .. , , '" 0.20 ,., ..... ,... ..,,, .,,,, ....... ,., .........
0.10 -+-------------------------------~
0 • 00 --+---,-I,---, llr-Tl---,-1 --,-I -,--1~ ll~l ---.-1 --,-I ,--Im l~I ~r-Tll---,-1 --,-I -,--,,-----, llr-Tl---.-1 --,-I -,--,~ 1,-----.,-----., --,-I~ 1~11-----,1--,--1 -,--,~ llr-Tl---.-1 --,-I -,--,~ 11~1---.-1 --,-I ~I~ 11---,-1 -----., -,--1 -,--,~ 11---,-1 --,-I -,--1~ 11~1---.-1 --,-I -,--1~ II I
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Item #7 September 27, 2016 Page 7 of 20
MARKET YIELD CURVE
6/30/15, 6/30/16, 8/31/16
Market Rates 3.5 ~------------------
3 -+-------------------
2. 5 -+-------------------
2 -+------------~-------=---=---
1. 5 -+-----------~---------~-.-, -... ~--~-t -...... ...... 1 -+--------~~~~..,-,~-----
0. 5 +--------c=-a~~~~"'li"'"""'""-----= __________ _
0 ~=-----~-----~-----~
3 Mth 2Yr 5 Yr 10 Yr
3 Mth 2 Yr 5Yr lOYr ~---~
---6/30/2015 .01 .65 1.65 2.35
........., 6/30/2016 .26 .58 1.00 1.47
_.,.,8/31/2016 .33 .81 1.20 1.58
l:rj >::: ::r: H
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H
8
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Item #7 September 27, 2016 Page 8 of 20
Cumulative
Millions$
10
9
8
7
6
5
4
3
2
1
0
0.66
1~
Cumulative Cash Income
FY16-17
(August 2016)
-.,,,,,,,.-
h' ,-
/ Al"'
.,,,,,,,.4"'
~
0.95 /
-Al"' -
r-,-
.·.
I I I I I I I
/ h' ---
/ Al"'
I I
Monthly Interest Income
Millions$
,._,,,, / •
I I
-
-
-
-
-
~
8
7
6
5
4
3
2
1
0
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1 1 Interest Income -+-· Budget ---Actual YTD
lJl
Item #7 September 27, 2016 Page 9 of 20
TRANSACTIONS FOR PERIOD:
07/01/16 TO 08/31/16 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 1.400% 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 0.960% 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
AUGUST
08/01/16 08/30/16 08/28/19 FA FNMA 8/28/2018 2,400,000.00 1.000% 2,400,000.00 1.000% 71,866.67 2,471,866.67
08/15/16 08/30/16 08/30/19 CD WASHINGTON TRUST N/A 248,000.00 1.200% 248,000.00 1.200% 8,928.00 256,928.00
08/18/16 08/19/16 04/30/21 TR US TREASURY N/A 3,000,000.00 1.375% 3,037,662.00 1.100% 156,145.74 3,193,807.74
08/18/16 08/25/16 08/24/18 CD BMO HARRIS BANK N/A 248,000.00 1.100% 248,000.00 1.100% 5,456.00 253,456.00
TOTAL FIRST QUARTER 2016-2017 49,424,000.00 50,013,245.00 1.099% 1,860,909.96 51,874,154.96
MATURITIES
JULY 06/12/14 07/05/16 FA FNMA NIA 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 trj ::x: 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 :::r::
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 H
td 01/10/13 01/23/13 01/23/18 CD FIRST FARMERS BANK 7/23/2016 249,000.00 1.000% 248,626.50 1.031% 12,823.50 261,450.00 H
t-3
°'
Item #7 September 27, 2016 Page 10 of 20
TRANSACTIONS FOR PERIOD:
07/01/16 TO 08/31/16 1st QUARTER 2016-2017
Trans Investment Maturity Call Par Amount Return Investment
Date Date Date !YI!!! Security Date Value Cou~on (Cost) Rate Interest Return
CALLS (continued)
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
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
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
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
AUGUST
12/17/15 12/18/15 08/12/19 FA FFCB 8/12/2016 1,950,000.00 1.730% 1,950,000.00 1.730% 123,132.75 2,073,132.75
SEPTEMBER
12/12/12 12/17 /12 12/07/17 CD FIRST AMERICAN FANK 9/7/2016 249,000.00 1.000% 248,253.00 1.062% 13,128.78 261,381.78
TOTAL FIRST QUARTER 2016-2017 31,481,333.50 31,466,979.17 1.249% 1,688,163.00 33,155,142.17
Item #7 September 27, 2016 Page 11 of 20
INVESTMENT REPORT
AS OF AUGUST 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 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
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 t,:j 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 i:J:1
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 H
IJj 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 8
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 #7 September 27, 2016 Page 12 of 20
INVESTMENT REPORT
AS OF AUGUST 31, 2016
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Daysi
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
8/30/2016 FA FNMA 1.0% ONE CALL 8/28/18 2,400,000.00 2,400,000.00 1.000% 71,866.67 2,471,866.67 1,093
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 #7 September 27, 2016 Page 13 of 20
INVESTMENT REPORT
AS OF AUGUST 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 FFCB1.19% 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% 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% 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 319,602,000.00 320,800,019.61 1.188% 15,137,900.48 335,937,920.09 1,369
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 335,065,000.00 335, 196,030.85 16,550,250.19 351,746,281.04 2,187
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 .50o/o 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 #7 September 27, 2016 Page 14 of 20
INVESTMENT REPORT
AS OF AUGUST 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
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
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
8/19/2016 TR US TREASURY 1.375% 3,000,000.00 3,037,662.00 1.100% 156,145.74 3,193,807.74 1,715
SUB-TOTAL 73,715,000.00 74,113,348.63 1.122% 2,996,515.70 77,109,864.33 1,186
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
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
Item #7 September 27, 2016 Page 15 of 20
INVESTMENT REPORT
AS OF AUGUST 31, 2016
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
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 154,027,000.00 157,561,769.73 1.486% 9,894,396.03 167,456,165.76 1,423
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
Item #7 September 27, 2016 Page 16 of 20
INVESTMENT REPORT
AS OF AUGUST 31, 2016
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
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
8/25/2016 CD BMO HARRIS BANK 1.10% 248,000.00 248,000.00 1.100% 5,456.00 253,456.00 729
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
8/30/2016 CD WASHINGTON TRUST 1.2% 248,000.00 248,000.00 1.200% 8,928.00 256,928.00 1,095
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 AMERICA2.15% 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
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
Item #7 September 27, 2016 Page 17 of 20
INVESTMENT REPORT
AS OF AUGUST 31, 2016
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
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 15,291,000.00 15,278,547.90 1.579% 1,125,647.92 16,404,195.82 1,656
0 WELLS FARGO BANK 643,819.00 643,819.00 0.020% 0.35 643,819.35
0 CORPORATE CASH MANAGEMENT ACCOUNT 4,217,650.37 4,217,650.37 0.020% 2.31 4,217,652.68
0 LIBRARY ACCOUNT 686.07 686.07 0.000% 686.07
0 UNION TRUST 124,223.85 124,223.85 0.000% 0.00 124,223.85
0 LA IF WATER DISTRICT 19,398,000.00 19,398,000.00 0.600% 323.30 19,398,323.30
0 LA IF PUBLIC IMPROVEMENT CORPORATION 26,607,000.00 26,607,000.00 0.600% 443.45 26,607,443.45
0 LA IF PUBLIC FINANCING CORPORATION 26,138,000.00 26,138,000.00 0.600% 435.63 26,138,435.63
0 LA I F CITY OF CARLSBAD 27,011,000.00 27,011,000.00 0.600% 450.18 27,011,450.18
SUB-TOTAL 104,140,379.29 104,140,379.29 0.572% 1,655.23 104,142,034.52
GRAND TOTAL 682,238,379.29 686,290,076.40 1.1734% 30,568,465.07 716,858,541.47
Item #7 September 27, 2016 Page 18 of 20
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF AUGUST 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
39,547,474
19,517,709
25,666,875
8,772,445
5,209,908
6,411,211
91,312,762
101,442,651
17,169,785
114,047,149
50,595,215
7,247,683
5,938,241
1,526,939
(1) The Reconciling Adjustments consist of differences between the General Ledger which is prepared
EXHIBIT 8
105,200,309
26,875,734
315,050,821
179,355,226
44,845,332
18,455,178
647,195
690,429,795
(5,897,745)
684,532,050
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 09/09/16
Item #7 September 27, 2016 Page 19 of 20
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
As of AUGUST 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
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
3,544,789
Market
Value
9,848,500
3,592,995
Item #7 September 27, 2016 Page 20 of 20
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF AUGUST 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 0.59%
ALPHABET, INC 1,094,000.00 0.16%
APPLE INC 8,575,865.00 1.25%
BERKSHIRE HATHAWAY 12,981,893.88 1.89%
CHEVRON 13,865,384.00 2.02%
COCA COLA CO 7,624,962.52 1. 11%
COLGATE-PALMOLIVE 5,963,635.00 0.87%
EXXON MOBIL 9,393,774.99 1.37%
HSBC BANK USA 10,000,000.00 1.46%
IBM CORP 8,085,639.42 1.18%
JOHNSON & JOHNSON 7,443,878.49 1.08%
MASS MUTUAL 6,842,020.01 1.00%
MICROSOFT 8,595,820.00 1.25%
3M COMPANY 3,554,215.00 0.52%
NEW YORK LIFE 9,405,696.83 1.37%
PEFCO 10,256,822.90 1.49%
ROYAL BANK OF CANADA 2,289,442.50 0.33%
TOYOTA 9,047,805.00 1.32%
WAL-MART 13,511,314.19 1.97%
WESTPAC BANKING CORP 5,000,000.00 0.73%
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
FAM CA
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
Investment Cost Percent of Portfolio**
14,098,170.00
8,733,759.39
64,067,900.93
92,343,608.37
59,752,683.00
92,897,924.17
2,750,760.00
551,225.00
74,113,348.63
2.05%
1.27%
9.34%
13.46%
8.71%
13.54%
0.40%
0.08%
10.80%
EXHIBIT 10
Total Portfolio $686,290,076.43
* No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.