HomeMy WebLinkAbout2017-02-28; City Council; ; Approve: Report on City Investments as of January 31, 2017CA Review fzik
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°Staff Report
Meeting Date February 28, 2017
To:Mayor and Council Members 1/From:Kevin Crawford, City Managekv
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 January 31, 2017
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 January 31, 2017 is summarized below.
Pooled Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value 703,925,949 688,127,730
Cost of Investments 707,775,600 692,313,343
Amortized Cost (1)705,840,004 690,360,572
Market Value (2)703,170,074 687,209,766
(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 1/31/17.
The equity portion of the various funds in the total portfolio is summarized in the graph below.Fund
balances are restricted for various purposes.See Exhibit 8 for a more detailed breakdown.
The $15.5 million dollar increase between the December 2016 and January 2017 report is due mainly
to the receipt of $12 million for property taxes and $4.8 million for Vehicle License Fee Adjustments.
Report on City Investments January 31, 2017
Meeting Date:February 28, 2017
Page 2
FUND EQUITY IN POOLED INVESTMENTS
(Dollar Amounts in Millions)
General $120 Special Revenue
$27
Internal Service $45 Capital Projects
Agency/Trust $18 $ 316
Enterprise $180
Total Treasurer's Investment Portfolio at Amortized Cost
January 31, 2017 $706 million
Pooled Investment Interest Income
Current Prior Current Month
Cash Income Fiscal
Year-to-Date *5,351,174 4,445,470 905,704
*The cash income received is adjusted for any accrued interest purchased.
Pooled Investment Performance/Measurement
Average Life Average Yield
(Years)To Maturity Modified Duration
November 2016 1.95 1.210%1.878
December 2016 1.92 1.207%1.847
January 2017 1.94 1.242%1.871
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.
Report on City Investments January 31, 2017
Meeting Date:February 28, 2017
Page 3
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.
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.Third Quarter Transactions
7.Detailed Investment Report
8.Fund Equity in Pooled Investments
9.Corporate Note and Commercial Paper Ratings
10.Percentage Weightings by Corporate Note Issuer
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JANUARY 31, 2017
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 15,535,527 15,037,338 15,633,815 15,123,502 136,276 1.59 1.58
FN 17,879,569 16,906,109 17,842,136 16,860,252 0 1.61 1.59
TR 117,025,224 99,981,750 116,863,317 99,773,700 518,013 1.32 1.25
FA 288,288,934 287,348,966 286,549,983 285,372,446 2,358,971 1.25 1.23
CN 151,019,802 162,445,679 150,189,874 161,439,137 1,837,641 1.50 1.50
LAIF 111,903,432 90,427,000 111,903,432 90,427,000 499,791 0.75 0.68
CUSTODY 8,465 12,152,953 8,465 12,152,953 228 0.00 0.00
SWEEP 3,286,955 5,519,623 3,286,955 5,519,623 254 0.02 0.02
BANK ACCT 892,098 541,155 892,098 541,155 0 0.02 0.02
TOTALS 705,840,004 $690,360,572 $703,170,074 $687,209,767 5,351,174 1.24%1.21%
CD -Certificate of Deposit FA -Federal Agency Custody -Investment Cash account
FN -Federal Discount Notes CN -Corporate Notes SWEEP -General Fund Overnight Cash acccount t=i
TR -US Treasury LAIF -Local Agency Investment Fund Bank Account -General Fund Cash account X
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CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JANUARY 31, 2017
BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME
CLASS WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TO 5 YEARS TOTAL % TOTAL
CD 247,380 2,939,713 12,340,825 15,527,917 2.2%
FN 0 0 17,462,027 17,462,027 2.5%
TR 11,964,847 16,121,488 89,027,073 117,113,408 16.6%
FA 26,341,723 40,424,843 221,938,735 288,705,301 40.8%
CN 22,362,077 3,272,778 127,241,144 152,875,998 21.6% (2)
LAIF 111,903,432 0 0 111,903,432 15.8%
CUSTODY 8,465 0 0 8,465 0.0%
SWEEP 3,286,955 0 0 3,286,955 0.5%
BANK ACCT 892,098 0 0 892,098 0.1%
TOTALS $177,006,976 (1)$62,758,822 (1)$468,009,803 $707,775,600 100.0%
% TOTALS 25.0%8.9%66.1%100.0%
Total within One Year $239,765,797 (1)
33.9%
POLICY:(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.tliXZH
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YIELD COMPARISON
PORTFOLIO EX-LAIF VS.LAIF
JULY 2010 -JANUARY 2017
2.70
2.602.502.40
2.302.20 '"1111111111111111t a.:1! Wil I
2.10
2.00
1.901.801.70
1.60
1.50
1.40
1.30 -nospouraidass.---
1.20
1.10
1.00
0.90
0.800.700.60
0.50
0.400.300.20
0.10
0.00 I I I .I I I I I I I I I Ill!I I I I I I I I III I I II I I I III 1111
C>4#C>'QS C><3)fqs c>\b`c>441/4 c>t%b c><1/4
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MARKET YIELD CURVE
6/30/15, 6/30/16, 1/31/17
Market Rates3.5
3
2.5 --....-
2 Ye tn'
1.5
1 .1111.1.11r .....--......-......-.....-
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0.5 x.
0
3 Mth 2Yr 5Yr 10 Yr
3 Mth 2Yr 5Yr 10 Yr
16/30/2015 .01 .65 1.65 2.35 tri
—iii-6/30/2016 .26 .58 1.00 1.47
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1/31/2017 .51 1.20 1.91 2.45 HH
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Cumulative Cash Income
Fy 6_1 7
Cumulative Monthly Interest Income
Millions $(January 2017)Millions $
10 8
9 -7
8 ...-4e.
APe -6
7 so--
6
-5
5 4
4 _3
3
0.95 -2
2
1
0.91 0.660.76 0.83 0.68 0.58 -
0 I I-0
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Interest Income -4—Budget —•—Actual YTD
TRANSACTIONS FOR PERIOD:
01/01/17 TO 01/31/17 3rd QUARTER 2016-2017
•
Trans Investment Maturity Call Par Amount Return Investment
Date Date Date Type Security Date Value Coupon jCost)Rate Interest Return
BUYS
JANUARY
01/03/17 01/04/17 02/28/20 FA FHLMC 2/28/2017 2,000,000.00 1.250%1,978,000.00 1.610%100,750.00 2,078,750.00
01/05/17 01/06/17 04/13/20 FA FFCB 4/13/2017 1,000,000.00 1.400%992,000.00 1.652%53,772.22 1,045,772.22
01/05/17 01/06/17 12/31.21 TR US TREASURY N/A 4,000,000.00 2.125%4,052,128.00 1.850%371,463.16 4,423,591.16
01/09/17 01/10/17 08/31/19 TR US TREASURY N/A 1,250,000.00 1.625%1,258,593.75 1.358%44,936.98 1,303,530.73
01/09/17 01/10/17 02/29/20 TR US TREASURY N/A 1,400,000.00 1.375%1,395,520.00 1.480%64,835.66 1,460,355.66
01/12/17 01/13/17 10/31/20 TR US TREASURY N/A 1,300,000.00 1.375%1,289,234.38 1.601%78,611.61 1,367,845.99
01/05/17 01/18/17 01/18/22 CD MB FINANCIAL BANK N/A 249,000.00 2.050%249,000.00 2.050%25,522.50 274,522.50
01/17/17 01/20/17 02/11/20 CN NY LIFE GLOBAL N/A 2,000,000.00 1.950%2,000,000.00 1.950%119,275.00 2,119,275.00
01/19/17 01/20/17 02/28/21 TR US TREASURY N/A 2,750,000.00 1.125%2,673,515.63 1.831%203,567.42 2,877,083.05
01/19/17 01/20/17 07/31/21 TR US TREASURY N/A 1,500,000.00 1.125%1,448,203.13 1.925%145,113.79 1,593,316.92
01/19/17 01/20/17 01/31/22 TR US TREASURY N/A 3,000,000.00 1.500%2,928,555.00 2.000%297,790.11 3,226,345.11
01/05/17 01/20/17 01/20/22 CD FIRST NATL BANK OF AMERICA N/A 249,000.00 2.050%249,000.00 2.050%25,522.50 274,522.50
01/09/17 01/26/17 01/26/22 FA FHLMC 7/26/2017 2,000,000.00 2% STEP 2,000,000.00 2.360%237,500.00 2,237,500.00
01/26/17 01/27/17 10/09/19 FA FNMA N/A 1,000,000.00 0.000%950,223.00 1.900%49,777.00 1,000,000.00
01/26/17 01/27/17 02/28/19 TR US TREASURY N/A 1,000,000.00 1.375%1,003,590.00 1.200%25,125.47 1,028,715.47
01/26/17 01/27/17 03/31/19 TR US TREASURY N/A 1,000,000.00 1.500%1,005,980.00 1.220%26,616.15 1,032,596.15
01/26/17 01/27/17 09/27/19 FA FFCB N/A 1,000,000.00 1.550%1,004,421.67 1.430%36,911.66 1,041,333.33
TOTAL THIRD QUARTER 2016-2017 26,698,000.00 26,477,964.56 1.776%1,907,091.23 28,385,055.79
MATURITIES
JANUARY
01/03/13 01/03/17 FA FHLMC N/A 3,000,000.00 0.600%2,998,500.00 0.613%73,500.00 3,072,000.00
09/18/14 01/15/17 CN COLGATE-PALMOLIVE N/A 500,000.00 1.300%504,585.00 0.900%4,970,415.00 5,475,000.00
01/31/12 01/31/17 CN BERSHIRE HATHAWAY N/A 5,000,000.00 1.900%5,047,739.83 1.700%427,260.17 5,475,000.00
01/31/12 01/31/17 CN HSBC BANK N/A 5,000,000.00 2.5% FLOATING 5,000,000.00 1.748%425,000.00 5,425,000.00
03/05/12 01/31/17 CN BERSHIRE HATHAWAY N/A 2,850,000.00 1.900%2,914,809.00 1.418%200,676.42 3,115,485.42
FEBRUARY
08/06/12 02/06/17 CN IBM N/A 5,000,000.00 1.250%5,077,000.00 0.900%204,250.00 5,281,250.00
02/16/12 02/15/17 CN WESTPAC BANKING CORP N/A 5,000,000.00 2.300%5,000,000.00 2.300%574,680.56 5,574,680.56
02/05/16 02/15/17 CN PEFOC N/A 2,000,000.00 1.375%2,012,360.00 0.770%15,903.89 2,028,263.89
02/28/12 02/28/17 CD MERCANTILE BANK OF MICHIGi N/A 248,000.00 1.150%247,380.00 1.150%14,895.62 262,275.62
TOTAL THIRD QUARTER 2016-2017 28,598,000.00 28,802,373.83 1.446%6,906,581.66 35,708,955.49
CALLS
JANUARY
04/25/16 04/27/16 01/27/20 FA FHLMC 1/27/2017 2,000,000.00 0.75% STEP 1,999,000.00 1.559%117,250.00 2,116,250.00
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TOTAL THIRD QUARTER 2016-2017 2,000,000.00 1,999,000.00 1.559%117,250.00 2,116,250.00 X
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INVESTMENT REPORT
AS OF JANUARY 31, 2017
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN { Da
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
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
10/26/2016 FA FFCB 0.75% NON-CALL 1,600,000.00 1,598,592.00 0.810%19,141.33 1,617,733.33 539
8/5/2014 FA FNMA 0.875% NON-CALL 2,500,000.00 2,460,777.84 1.300%122,225.63 2,583,003.47 1,385
5/30/2013 FA FHLB 1.050% CALL 7/4/13 CONT 3,000,000.00 2,964,750.00 1.050%193,100.00 3,157,850.00 1,831
6/21/2016 FA FHLB 1.25% NON-CALL 4,000,000.00 4,034,280.00 0.809%63,914.44 4,098,194.44 717
10/19/2015 FA FFCB 1.03% CALL 1/13/16 CONT 3,000,000.00 3,000,000.00 1.030%84,460.00 3,084,460.00 998
12/29/2015 FA FNMA 1.125% NON-CALL 1,000,000.00 997,610.00 1.220%31,171.25 1,028,781.25 934
7/27/2016 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
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 til
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 XM1/16/2014 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 H
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 td
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 H
I-35/2/2014 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 --I
INVESTMENT REPORT
AS OF JANUARY 31, 2017
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN fRayA).
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 QRTLY 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
12/19/2016 FA FAMCA 1.86% NON-CALL 500,000.00 505,300.00 1.390%16,167.50 521,467.50 842
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
1/27/2017 FA FFCB 1.550% NON-CALL 1,000,000.00 1,003,130.00 1.430%38,203.33 1,041,333.33 973
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% QRTLY 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
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
1/4/2017 FA FHLMC 1.25% QRTLY CALL 2,000,000.00 1,978,000.00 1.610%100,750.00 2,078,750.00 1,150
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
1/6/2017 FA FFCB 1.4% CONT CALL 1,000,000.00 992,000.00 1.652%53,772.22 1,045,772.22 1,193
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
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
INVESTMENT REPORT
AS OF JANUARY 31, 2017
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN ikEyal
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
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
9/7/2016 FA FFCB 1.32% CALL 8/24/17 CONT 3,000,000.00 2,998,260.00 1.335%158,710.00 3,156,970.00 1,447
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
10/12/2016 FA FHLB 1.375% NON-CALL 1,800,000.00 1,808,975.18 1.244%87,893.57 1,896,868.75 1,430
10/12/2016 FA FHLB 1.375% CALL 1/6/17 1,800,000.00 1,797,300.00 1.414%101,287.50 1,898,587.50 1,455
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
9/9/2016 FA FAMCA 1.550% NON-CALL 2,000,000.00 2,018,640.00 1.550%117,071.11 2,135,711.11 1,599
10/12/2016 FA TENN VALLEY AUTHORITY 3.875% NON-CALL 3,000,000.00 3,315,660.00 1.370%189,058.75 3,504,718.75 1,587
2/26/2016 FA FHLMC 1.25% QRTLY 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 480,000.00 480,000.00 1.690%74,495.20 554,495.20 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
10/12/2016 FA FHLB 2.25% NON-CALL 1,500,000.00 1,559,427.00 1.370%97,979.25 1,657,406.25 1,703
10/26/2016 FA FHLB 1.125% NON-CALL 2,500,000.00 2,476,850.00 1.328%155,806.25 2,632,656.25 1,722
11/17/2016 FA FNMA1.00% CALLI 1/28/17 QRTLY CALL STEP 2,600,000.00 2,596,100.00 2.079%256,027.78 2,852,127.78 1,714
10/28/2016 FA FNMA 1.375%NON-CALL 2,500,000.00 2,491,075.00 1.450%178,794.79 2,669,869.79 1,805
11/29/2016 FA FFCB 1.76% NON-CALL 3,000,000.00 3,000,000.00 1.760%264,000.00 3,264,000.00 1,826
1/26/2017 FA FHLMC 2.0% QRTLY CALL STEP 2,000,000.00 2,000,000.00 2.360%237,500.00 2,237,500.00 1,826
SUB-TOTAL 287,216,000.00 288,705,300.99 1.245%14,137,736.54 302,843,037.53 1,372
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%141,408.61 2,100,000.00 1,639
9/23/2015 FN FICO 0% NON-CALL 3,200,000.00 3,003,168.00 1.590%196,832.00 3,200,000.00 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
11/7/2016 FN FNMA 0% NON-CALL 2,200,000.00 2,115,792.80 1.340%84,207.20 2,200,000.00 1,066
1/27/2017 FN FNMA 0% NON-CALL 1,000,000.00 950,223.00 1.900%49,777.00 1,000,000.00 985
10/23/2015 FN RFCSP 0% NON-CALL 3,000,000.00 2,750,760.00 1.750%249,240.00 3,000,000.00 1,819
SUB-TOTAL 18,663,000.00 17,462,027.04 1.6071%1,200,972.96 18,663,000.00 3,005
Federal Investments Total 305,879,000.00 306,167,328.03 15,338,709.50 321,506,037.53 2,189
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
INVESTMENT REPORT
AS OF JANUARY 31, 2017
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN IL2gy
12/2/2016 TR US TREASURY 1.875%2,750,000.00 2,776,034.25 0.830%20,970.24 2,797,004.49 333
9/19/2014 TR US TREASURY 0.875%3,000,000.00 2,996,484.38 0.920%72,136.54 3,068,620.92 954
7/21/2015 TR US TREASURY .50%2,000,000.00 1,995,000.00 0.642%22,771.74 2,017,771.74 649
9/19/2014 TR US TREASURY 0.625%1,000,000.00 991,015.63 0.963%25,838.88 1,016,854.51 985
11/22/2013 TR US TREASURY .50%2,000,000.00 1,974,619.96 0.850%62,282.21 2,036,902.17 1,347
5/22/2015 TR US TREASURY .50%1,000,000.00 996,900.00 0.643%14,066.85 1,010,966.85 801
7/21/2015 TR US TREASURY .625%2,000,000.00 1,994,352.00 0.760%32,040.66 2,026,392.66 772
1/29/2016 TR US TREASURY 1.00%2,800,000.00 2,809,078.13 0.800%36,460.33 2,845,538.46 595
7/21/2015 TR US TREASURY .625%1,500,000.00 1,494,787.50 0.785%25,781.15 1,520,568.65 802
3/5/2015 TR US TREASURY .75%2,000,000.00 1,989,531.25 0.950%50,289.19 2,039,820.44 971
10/27/2015 TR US TREASURY .75%2,500,000.00 2,506,045.00 0.629%31,658.80 2,537,703.80 735
7/21/2015 TR US TREASURY .75%1,700,000.00 1,691,765.61 0.932%42,582.75 1,734,348.36 984
12/16/2016 TR US TREASURY 2.875%2,000,000.00 2,045,792.00 1.080%28,294.54 2,074,086.54 470
10/26/2016 TR US TREASURY .75%2,400,000.00 2,400,000.00 0.750%27,244.57 2,427,244.57 551
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
1/27/2017 TR US TREASURY 1.375%1,000,000.00 1,003,590.00 1.200%25,125.47 1,028,715.47 762
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
1/27/2017 TR US TREASURY 1.50%1,000,000.00 1,005,980.00 1.220%26,616.15 1,032,596.15 793
12/19/2016 TR US TREASURY 1.25%800,000.00 798,640.00 1.323%25,006.41 823,646.41 862
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 1.625%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
1/10/2017 TR US TREASURY 1.625%1,250,000.00 1,258,593.75 1.358%44,936.98 1,303,530.73 963
12/22/2016 TR US TREASURY 1.375%2,200,000.00 2,184,531.25 1.602%111,901.07 2,296,432.32 1,164
1/10/2017 TR US TREASURY 1.375%1,400,000.00 1,395,520.00 1.480%64,835.66 1,460,355.66 1,145
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
12/19/2016 TR US TREASURY 1.625%1,350,000.00 1,345,570.31 1.721%81,926.29 1,427,496.60 1,289
12/2/2016 TR US TREASURY 1.625%1,500,000.00 1,500,000.00 1.625%89,286.68 1,589,286.68 1,337
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
10/28/2016 TR US TREASURY 1.375%1,750,000.00 1,759,570.31 1.235%86,875.85 1,846,446.16 1,464
12/2/2016 TR US TREASURY 1.375%1,200,000.00 1,186,200.00 1.680%78,341.44 1,264,541.44 1,429
1/13/2017 TR US TREASURY 1.375%1,300,000.00 1,289,234.38 1.601%78,611.61 1,367,845.99 1,387
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
1/20/2017 TR US TREASURY 1.125%2,750,000.00 2,673,515.63 1.831%203,567.42 2,877,083.05 1,500
INVESTMENT REPORT
AS OF JANUARY 31, 2017
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN IpAyAl
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
12/16/2016 TR US TREASURY 2.000%2,250,000.00 2,250,000.00 2.000%200,521.98 2,450,521.98 1,627
10/28/2016 TR US TREASURY 1.125%2,500,000.00 2,477,400.00 1.325%154,053.80 2,631,453.80 1,706
12/16/2016 TR US TREASURY 1.125%2,650,000.00 2,547,312.50 2.022%238,058.93 2,785,371.43 1,657
1/20/2017 TR US TREASURY 1.125%1,500,000.00 1,448,203.13 1.925%145,113.79 1,593,316.92 1,653
12/2/2016 TR US TREASURY 2.125%1,600,000.00 1,615,500.00 1.913%148,615.38 1,764,115.38 1,763
11/17/2016 TR US TREASURY 2.00%2,000,000.00 2,030,000.00 1.683%168,121.55 2,198,121.55 1,809
11/18/2016 TR US TREASURY 2.00%2,000,000.00 2,028,360.00 1.700%169,651.15 2,198,011.15 1,808
11/22/2016 TR US TREASURY 2.00%2,000,000.00 2,016,562.50 1.825%182,664.02 2,199,226.52 1,819
1/6/2017 TR US TREASURY 2.125%4,000,000.00 4,052,128.00 1.850%371,463.16 4,423,591.16 1,820
1/20/2017 TR US TREASURY 1.50%3,000,000.00 2,928,555.00 2.000%297,790.11 3,226,345.11 1,837
SUB-TOTAL 116,865,000.00 117,113,407.64 1.317%6,042,353.50 123,155,761.14 1,274
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
9/29/2016 CN ROYAL BANK OF CANADA 1.20%NON-CALL 1,275,000.00 1,276,597.58 1.070%13,277.42 1,289,875.00 355
6/12/2014 CN CHEVRON CORP 1.104% NON CALL 2,000,000.00 1,996,180.00 1.160%80,670.67 2,076,850.67 1,272
3/8/2013 CN WAL-MART 5.8% NON CALL 3,000,000.00 3,669,120.00 1.140%189,763.33 3,858,883.33 1,805
5/27/2015 CN WAL-MART 5.8% NON CALL 2,000,000.00 2,249,440.00 1.125%65,693.33 2,315,133.33 995
3/26/2013 CN COCA COLA CA 1.150% MAKE-WHOLE CALL 1,000,000.00 1,000,000.00 1.150%57,627.78 1,057,627.78 1,832
10/29/2015 CN WAL-MART STORES 1.125% MAKE WHOLE 4,000,000.00 4,024,400.00 0.873%85,850.00 4,110,250.00 895
9/18/2014 CN COLGATE-PALMOLIVE .90% MAKE WHOLE CALL 1,000,000.00 980,600.00 1.452%51,975.00 1,032,575.00 1,321
1/27/2015 CN COLGATE-PALMOLIVE .90% MAKE WHOLE CALL 2,000,000.00 1,983,000.00 1.166%75,700.00 2,058,700.00 1,190
2/25/2016 CN COLGATE-PALMOLIVE .90% MAKE WHOLE CALL 2,500,000.00 2,495,450.00 0.984%53,675.00 2,549,125.00 796
5/11/2015 CN APPLE 1.0% MAKE WHOLE CALL 2,000,000.00 1,989,840.00 1.174%69,715.56 2,059,555.56 1,088
5/15/2013 CN BERKSHIRE HATAWAY 1.30% MAKE WHOLE CALL 5,000,000.00 5,019,345.05 1.220%305,654.95 5,325,000.00 1,826
12/24/2015 CN CHEVRON CORP 1.718% MAKE WHOLE CALL 2,250,000.00 2,253,600.00 1.650%93,037.50 2,346,637.50 913
12/31/2015 CN CHEVRON CORP 1.718% MAKE WHOLE CALL 1,000,000.00 996,300.00 1.871%46,315.94 1,042,615.94 906
1/28/2016 CN TOYOTA 1.55% NON-CALL 2,000,000.00 2,014,400.00 1.252%61,808.33 2,076,208.33 897
12/19/2014 CN MASS MUTUAL GLOBAL 2.10% NON-CALL 3,500,000.00 3,555,685.00 1.645%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
INVESTMENT REPORT
AS OF JANUARY 31, 2017
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN il2AyEl
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
1/20/2017 CN NY LIFE GOLBAL 1.95% NON-CALL 2,000,000.00 2,000,000.00 1.950%119,275.00 2,119,275.00 1,117
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
9/16/2016 CN TOYOTA 1.90% MAKE WHOLE CALL 3,000,000.00 3,031,680.00 1.659%228,303.33 3,259,983.33 1,665
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
9/13/2016 CN MIRCOSOFT 1.55% MAKE WHOLE CALL 6,000,000.00 5,995,740.00 1.565%460,218.33 6,455,958.33 1,790
10/14/2016 CN COCA COLA 1.55% MAKE WHOLE CALL 3,600,000.00 3,581,496.00 1.660%290,839.00 3,872,335.00 1,783
11/7/2016 CN IBM 2.90% MAKE WHOLE CALL 1,000,000.00 1,052,600.00 1.792%91,916.67 1,144,516.67 1,820
SUB-TOTAL 149,552,000.00 152,875,998.13 1.495%9,482,107.48 162,358,105.61 1,405
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
12/11/2014 CD ALLY BANK 1.55%247,000.00 247,000.00 1.550%11,485.50 258,485.50 1,096
12/14/2014 CD FIRST BANK OF PUERTO RICO 1.25%249,000.00 249,000.00 1.250%15,562.50 264,562.50 1,096
12/14/2012 CD BANKERS BANK KANSAS 1.0%249,000.00 248,502.00 1.000%12,948.00 261,450.00 1,826
1/16/2013 CD THE BANK OF HOLLAND 1.00%249,000.00 248,751.00 1.000%12,699.00 261,450.00 1,826
1/16/2013 CD BANK OF NORTHERN MICHIGAN 1.00%249,000.00 248,751.00 1.000%12,699.00 261,450.00 1,826
1/18/2013 CD STEARNS BANK .90%249,000.00 248,253.00 1.000%11,952.00 260,205.00 1,826
1/18/2017 CD MB FINANCIAL BANK 2.050%249,000.00 249,000.00 2.050%25,522.50 274,522.50 1,826
1/20/2017 CD FIRST NATL BANK 0 AMERICA 2.05%249,000.00 249,000.00 2.050%25,522.50 274,522.50 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
INVESTMENT REPORT
AS OF JANUARY 31, 2017
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN iDa
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 AMERICAS 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
9/16/2016 CD ISRAEL DISCOUNT BK OF NY 1.3%248,000.00 248,000.00 1.300%9,689.91 257,689.91 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 BANK 2.15%247,000.00 247,000.00 2.150%26,552.50 273,552.50 1,826
10/8/2014 CD CAPITAL ONE ABANK USA 2.10%247,000.00 247,000.00 2.100%25,935.00 272,935.00 1,826
10/10/2014 CD GE CAPITAL BANK 2.0%247,000.00 245,641.50 2.000%26,058.50 271,700.00 1,826
10/29/2014 CD PEOPLES UTD BANK CT 1.9%247,000.00 247,000.00 1.900%23,465.00 270,465.00 1,826
11/3/2014 CD WEBSTER BANK NAT'L ASSOC 1.9%247,000.00 247,000.00 1.900%23,465.00 270,465.00 1,827
12/3/2014 CD CIT BANK SALT LAKE CITY 2.2%247,000.00 247,000.00 2.200%27,170.00 274,170.00 1,826
12/4/2014 CD AMERICAN EXPRESS CENTURION 2.2%247,000.00 247,000.00 2.200%27,170.00 274,170.00 1,826
12/10/2014 CD BMW BANK OF N AMERICA 2.15%247,000.00 247,000.00 2.150%26,552.50 273,552.50 1,826
12/23/2014 CD SALLIE MAE BANK SALT LAKE 2.2%247,000.00 247,000.00 2.200%26,976.46 273,976.46 1,813
1/23/2015 CD PRIVATE BANK &TRUST 1.90%247,000.00 247,000.00 1.900%23,465.00 270,465.00 1,826
7/24/2015 CD EAGLE BANK 1.80%249,000.00 249,000.00 1.800%20,169.00 269,169.00 1,645
1/27/2015 CD NORTHFIELD BANK 1.65%249,000.00 249,000.00 1.650%20,542.50 269,542.50 1,826
1/30/2015 CD BANK OF GEORGETOWN 1.65%249,000.00 249,000.00 1.650%20,542.50 269,542.50 1,826
2/6/2015 CD MACHIAS SAVINGS BANK 1.65%247,000.00 247,000.00 1.650%20,377.50 267,377.50 1,826
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
8/6/2015 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
INVESTMENT REPORT
AS OF JANUARY 31, 2017
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN f Days)
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
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 15,539,000.00 15,527,917.40 1.592%1,148,109.05 16,676,026.45 1,648
O WELLS FARGO BANK 891,778.00 891,778.00 0.020%0.49 891,778.49 1
O CORPORATE CASH MANAGEMENT ACCOUNT 3,286,954.64 3,286,954.64 0.020%1.80 3,286,956.44 1
O LIBRARY ACCOUNT 319.91 319.91 0.000%319.91 1
O UNION TRUST 8,464.87 8,464.87 0.000%0.00 8,464.87 1
O L A I F WATER DISTRICT 27,171,485.18 27,171,485.18 0.750%566.07 27,172,051.25 1
O L A I F PUBLIC IMPROVEMENT CORPORATION 23,692,728.28 23,692,728.28 0.750%493.60 23,693,221.88 1
O L A I F PUBLIC FINANCING CORPORATION 23,500,681.72 23,500,681.72 0.750%489.60 23,501,171.32 1
O L A I F CITY OF CARLSBAD 37,538,536.55 37,538,536.55 0.750%782.05 37,539,318.60 1
SUB-TOTAL 116,090,949.15 116,090,949.15 0.724%2,333.61 116,093,282.76
GRAND TOTAL 703,925,949.15 707,775,600.35 1.2418%32,013,613.14 739,789,213.49
EXHIBIT 8
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF JANUARY 31, 2017
Cash Balance by Fund:
General 120,266,285
Special Revenue 27,327,059
Capital Projects:
General Capital Construction 38,049,783
Traffic Impact Fees 18,141,422
Public Facilities Fees 26,755,947
Park Development 9,820,231
Transnet Taxes 5,424,448
Drainage Fees 6,648,032
Special Districts 93,979,090
Infrastructure Replacement 100,414,358
Other Capital Construction 16,594,642 315,827,953
Total
Enterprise:
Carlsbad Municipal Water District 119,809,956
Sewer Fund 45,456,072
Solid Waste 7,284,966
Storm Water 6,369,834
Golf Course 1,552,743
Total 180,473,570
Internal Service 45,269,061
Agency Funds 18,200,532
Trust Funds 435,734
Total General Ledger Balance **707,800,194
Reconciling Adjustments (1)(1,960,189)
Total Treasurer's Investment Portfolio at Amortized Cost 705,840,004
(1) The Reconciling Adjustments consist of differences between the General Ledger which is prepared
on an accrual basis and the Treasurer's report which is prepared on the cash basis.Accrued Interest,
amortized premium or discounts and outstanding checks and deposits in transit are not included in the
Treasurer's summary.Differences between the time journal entries are posted and the time this
report is produced may also be a component of the adjustment.
**Figures based on best estimate at the time report run on 2/08/17
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
As of JANUARY 31, 2017
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 AA2 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 NR 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 Al/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 Carrying Market
Moody's S&P Fitch Maturity Date Value Value
HSBC BANK USA Al AA+NR 06/05/2017 5,000,000 4,917,000
3M COMPANY Al AA-NR 08/07/2020 3,540,044 3,518,270
*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.
EXHIBIT 10
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JANUARY 31, 2017
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 5,019,345.05 0.71%
CHEVRON 13,865,384.00 1.96%
COCA COLA CO 8,073,352.17 1.14%
COLGATE-PALMOLIVE 5,459,050.00 0.77%
EXXON MOBIL 9,393,774.99 1.33%
HSBC BANK USA 5,000,000.00 0.71%
IBM CORP 12,807,433.50 1.81%
JOHNSON & JOHNSON 7,443,878.49 1.05%
MASS MUTUAL 6,842,020.01 0.97%
MICROSOFT 14,591,560.00 2.06%
3M COMPANY 3,554,215.00 0.50%
NEW YORK LIFE 7,736,502.75 1.09%
PEFCO 10,256,822.90 1.45%
ROYAL BANK OF CANADA 3,566,040.08 0.50%
TOYOTA 7,055,840.00 1.00%
WAL-MART 13,511,314.19 1.91%
WESTPAC BANKING CORP 5,000,000.00 0.71%
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
Investment Cost Percent of Portfolio**
FAMCA 16,622,110.00 2.35%
FICO 8,733,759.39 1.23%
FEDERAL FARM CREDIT BANK 59,168,480.43 8.36%
FEDERAL HOME LOAN BANK 79,150,576.04 11.18%
FEDERAL HOME LOAN MORTGAGE CORP 48,252,313.00 6.82%
FEDERAL NATIONAL MORTGAGE ASSOC 87,622,444.17 12.38%
RFCO STRIP PRINCIPAL 2,750,760.00 0.39%
TENNESSEE VALLEY AUTHORITY 3,866,885.00 0.55%
U.S.TREASURY 117,113,407.65 16.55%
Total Portfolio $707,775,600.35
*No more than 5% may be invested with a single corporate issuer.
**There are no percentage limits on federal agency issuers.