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Home My WebLink About2017-05-23; City Council; ; Approve: Report on City Investments as of April 30, 2017Page 11 Meeting Date To: From: May 23,2017 Mayor and Council Members t/ Kevin Crawford, City Manage'V" CA 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 April30, 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 April30, 2017 is summarized below. Current Month Prior Month Par Value 704,201,218 695,968,873 Cost of Investments 707,456,070 699,587,052 Amortized Cost (1) 705,938,198 697,580,337 Market Value (2) 704,189,439 695,011,682 (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 04/30/17. The equity portion of the various funds in the total portfolio is summarized in the graph on the next page. Fund balances are restricted for various purposes. See Exhibit 8 for a more detailed breakdown. The $8 million dollar increase between the March and April 2017 report was due mainly to the receipt of $14 million dollars in property tax. Page 12 Report on City Investments Apri/30, 2017 Meeting Date: May 23, 2017 Page2 Cash Income Fiscal Year-to-Date * FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General $118 Internal Service $45 Agency/Trust $17 Enterprise $181 Special Revenue $27 Capital Projects $318 Total Treasurer's Investment Portfolio at Amortized Cost April 30, 2017 $706 million Pooled Investment Interest Income Current Prior 7,587,451 6,857,216 Current Month 730,235 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average life Average Yield (Years) To Maturity Modified Duration February 2017 2.00 1.270% 1.928 March 2017 2.02 1.299% 1.946 March 2017 2.01 1.329% 1.932 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. Exhibit 9 shows that the investments not currently in compliance with the policy had a subsequent change in credit rating. Ratings on these two investments changed from double A (AA) to a single A (A) rating. The pooled investment portfolio has the ability to meet the city's cash flow demands for the next six (6) months. Page 13 Report on City Investments Apri/30, 2017 Meeting Date: May 23,2017 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. 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 s. Cumulative Cash Income Graph 6. Fourth Quarter Transactions 7. Detailed Investment Report 8. Fund Equity in Pooled Investments 9. Corporate Note and Commercial Paper Ratings 10. Percentage Weightings By Corporate Note Issuer Page 14CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRil 30, 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 15,079,143 15,287,875 15,123,047 15,335,167 194,649 1.61 1.60 FN 18,437,639 17,926,295 18,384,316 17,882,245 0 1.60 1.61 TR 118,179,714 123,187,305 118,248,057 123,009,016 764,818 1.41 1.38 FA 309,277,174 299,648,756 307,935,105 297,928,359 3,126,708 1.34 1.31 CN 141,901,309 142,828,233 141,435,695 142,155,022 2,805,583 1.53 1.52 LAIF 99,164,585 92,154,000 99,164,585 92,154,000 694,138 0.88 0.78 CUSTODY 249,086 3,148,239 249,086 3,148,239 894 0.00 0.00 SWEEP 3,166,071 3,069,073 3,166,071 3,069,073 662 0.08 0.12 BANKACCT 483,476 330,560 483,476 330,560 0 0.08 0.12 TOTALS 705,938,198 $697,580,337 $704,189,439 $695,011,682 7,587,451 1.33% 1.30% CD -Certificate of Deposit FA -Federal Agency Custody -Investment Cash account FN-Federal Discount Notes CN-Corporate Notes SWEEP -General Fund Overnight Cash acccount . TR -US Treasury LAIF -Local Agency Investment Fund Bank Account -General Fund Cash account t:Jj :><: ::r: H tJj H t-'3 I-' Page 15CLASS CD FN TR FA CN LAIF CUSTODY SWEEP BANKACCT TOTALS %TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30, 2017 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 T05YEARS TOTAL 0 4,219,356 10,852,809 15,072,164 0 0 17,949,477 17,949,477 20,084,024 7,336,346 90,870,301 118,290,671 32,343,435 39,501,033 237,930,588 309,775,056 7,980,960 12,939,140 122,385,384 143,305,484 99,164,585 0 0 99,164,585 249,086 0 0 249,086 3,166,071 0 0 3,166,071 483,476 0 0 483,476 $163,471,637 (1) $63,995,874 (1) $479,988,559 $707,456,070 23.1% 9.1% 67.9% 100.0% Total within One Year $227,467,511 (1) POLICY: 32.2% (1) Not less than $168,954,000 to mature within one year. (2/3rds of current year operating budget of $253,430,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. %TOTAL 2.1% 2.5% 16.7% 43.8% 20.3% (2) 14.0% 0.0% 0.5% 0.1% 100.0% tr;j ::X: ::r: H tJj H 8 N Page 162.70 2.60 2.50 2.40 2.30 2.20 2.10 2.00 1.90 1.80 1.70 1.60 1.50 1.40 1.30 1.20 1.10 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 ~ ~ ~ ' IE 0 IS PORTFOLIO EX-LAIF VS. LAIF JULY 2010 -APRIL 2017 -+-l::X .. L.AII- ~ ~• An= "' ........ ' '\. ~ ~ '"' """" ~ ~ ~ ~ ........... .tldfll""' /' .~ ~ ~ ..:.!( ~' _.">>Il ·~ ' .~ TV" ovov ~ '.7!'<'71'.' 0.00 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I trj -\ ~ " ~ -\ ~ ~ ~ -\ ~ ~ ~ -\ ~ ~ ~ -~ ~ ~ ~ -~ ~ '0 ~ ~\ ~ ~ ~ :><: "':J~..., o(J ~" ~q ":>~..., o(J ~" ~q "':J~..., ov ~" ~q "':J~..., ov ~~ ~q "':Jv ov ~" ~q "':Jv ov ~" ~q "':J~..., ov ~" ~q ~ H t-:3 w Page 17IELD 6/30/15, 6/30/16, 4/30/17 3.5 Market Rates .5 1." I .~ ~~ I ~ -~~ 1 0. 3 Mth 2Yr 1 3 Mth 2Yr 5Yr lOYr -11-6/30/2015 I .01 .65 1.65 2.35 t:r::l ~ .......... 6/30/2016 .58 1.00 1.47 ::r:: .26 H tJj H _ .. ey4/30/2017 .79 1.26 1.81 2.28 t-3 :.ps. Page 18Cumulative Millions$ ativ as In - (April2017) Monthly Interest Income Millions$ 10 8 3 2 1 ,~ r--7 -5 2 1 ~~~~~~~~~~~~~~~~--~~--~ 0 ul A g Sep Oct ov Dec an Mar pr May Jun c:J Interest Income _....,_ udget ---11--Actual t:r:l X :::r: H td H 8 lJl Page 19TRANSACTIONS FOR PERIOD: 04/01/17 TO 04/30/17 4th QUARTER 2016-2017 Trans Investment Maturity Call Date Date Date Dm.g Security Date BUYS APRIL 04/11/17 04/12/17 12/10/21 FA FHLB N/A 04/11/17 04/17/17 05/19/21 CN ALPHABET INC N/A 04/21/17 04/24/17 02/01/19 FN FNMA PRIN STRIP N/A 04/11/17 04/27/07 07/27/20 FA FHLMC 4/27/2018 04/25/17 04/26/17 01/17/20 FA FHLMC N/A 04/25/17 04/26/17 10/16/20 FA FNMA PRIN STRIP 10/16/2017 04/11/17 04/27/07 04/27/22 FA FHLMC 4/27/2018 04/13/17 04/27/07 04/27/22 FA FHLMC 10/27/2017 TOTAL FOURTH QUARTER 2016-2017 MATURITIES APRIL 04/18/12 04/05/17 CN WAL-MART STORE~ N/A 06/26/15 04/27/17 FA FNMA N/A 09/19/14 04/30/17 TR US TREASURY N/A 07/21/15 04/30/17 TR US TREASURY N/A MAY 09/06/13 05/08/17 FA FHLMC 5/8/2015 01/27/15 05/12/17 FA FHLMC N/A 09/19/14 05/31/17 TR US TREASURY N/A 04/09/15 05/15/17 CN NY LIFE GLOBAL N/A TOTAL FOURTH QUARTER 2016-2017 CALLs APRIL 02/27/13 03/04/13 01/29/18 CD GATEWAY BANK 4/28/2017 TOTAL FOURTH QUARTER 2016-2017 Par Amount Value Cou[:!on (Cost) 2,000,000.00 1.875% 2,003,620.00 2,000,000.00 3.625% 2,136,700.00 500,000.00 0.000% 487,450.00 1 ,600,000.00 1.700% 1,600,000.00 1,250,000.00 1.500% 1,251,150.00 1,300,000.00 2.350% 1,332,019.00 3,500,000.00 2.625% 3,545,920.00 1 '180,000.00 1.75% STEP 1 '180,000.00 13,330,000.00 13,536,859.00 3,000,000.00 5.375% 3,568,354.19 1 ,250,000.00 0.700% 1,260,975.00 3,000,000.00 0.875% 2,996,484.38 2,000,000.00 0.500% 1 ,995,000.00 5,000,000.00 0.700% 4,855,000.00 2,000,000.00 1.250% 2,025,640.00 1 ,000,000.00 0.625% 991,015.63 1,675,000.00 1.650% 1 '704,362. 75 18,925,000.00 15,828,477.76 209,000.00 0.950% 208,373.00 209,000.00 208,373.00 Return Rate Interest 1.834% 171 '171.67 1.883% 159,744.44 1.442% 12,550.00 1.700% 88,400.00 1.465% 49,943.75 1.618% 74,057.39 2.345% 413,455.00 2.625% 154,875.00 1.959% 1,124,197.25 1.400% 229,833.31 0.643% 14,845.31 0.920% 72,136.54 0.642% 22,771.74 1.515% 273,527.78 0.685% 31,651.67 0.963% 25,838.88 0.806% 28,676.00 1.006% 469,447.92 1.070% 10,367.28 1.070% 10,367.28 Investment Return 2,174,791.67 2,296,444.44 500,000.00 1 ,688,400.00 1,301,093.75 1,406,076.39 3,959,375.00 1 ,334,875.00 14,661,056.25 3,798,187.50 1,275,820.31 3,068,620.92 2,017,771.74 5,128,527.78 2,057,291.67 1 ,016,854.51 1 '733,038. 75 16,297,925.68 218,740.28 218,740.28 trJ :><: :::rl H tJj H r,3 0'1 Page 20INVESTMENT REPORT AS OF APRIL 30, 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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% QRTL Y 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 11/27113 CONT 2,000,000.00 1 ,985,000.00 1.030% 98,036.67 2,083,036.67 1,742 5/28/2013 FA FHLMC .75% CALL 5/28/15 ONE TIME 5,000,000.00 5,000,000.00 0.750% 168,750.00 5,168,750.00 1,645 3/6/2013 FA FNMA 1.0% CALL 3/6/15 ONE TIME 3,050,000.00 3,050,000.00 1.000% 144,875.00 3,194,875.00 1,736 12/3/2012 FA FHLB 2.625% NON-CALL 3,000,000.00 3,270,090.00 0.790% 124,753.75 3,394,843.75 1,831 1/22/2013 FA FHLMC .95% CALL 1/22/15 QRTL Y 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 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 t:rl ::X: 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 ::c: 6/3/2014 FA FNMA 1.625% NON-CALL 2,000,000.00 2,01 0, 791.92 1.500% 134,826.14 2,145,618.06 1,638 H tJj 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 H 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 1-3 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 -..,J Page 21INVESTMENT REPORT AS OF APRIL 30, 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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% 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 2/21/2017 FA FHLB 2.375% NON-CALL 1,000,000.00 1,024,070.00 1.497% 42,693.89 1,066,763.89 1,025 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 4/26/2017 FA FHLMC 1.50% NON-CALL 1 ,250,000.00 1 ,251 '150.00 1.465% 49,943.75 1,301,093.75 996 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 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 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% QRTL Y 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 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 Page 22INVESTMENT REPORT AS OF APRIL 30,2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 4/27/2017 FA FHLMC 1. 7% CALL 4/27/18 1,600,000.00 1 ,600,000.00 1.700% 88,400.00 1,688,400.00 1,187 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 3/29/2017 FA FHLMC 1.25% CALL QRTL Y STEP 2,500,000.00 2,500,000.00 2.338% 109,375.00 2,609,375.00 1,280 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 4/26/2017 FA FNMA 2.35% SEMI-ANNUAL CALL 1,300,000.00 1,332,019.00 1.618% 74,057.39 1,406,076.39 1,269 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 3/10/2017 FA FAMCA 2.0% NON-CALL 1 ,580,000.00 1 ,576,287.00 2.063% 125,285.22 1,701,572.22 1,407 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 1 0/19/16 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% QRTL Y CALL STEP 1,000,000.00 999,500.00 2.103% 106,750.00 1 '1 06,250.00 1,827 2/26/2016 FA FHLB 1.69% CALL 8/26/16 CONT 480,000.00 480,000.00 1.690% 74,495.20 554,495.20 1,827 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 3/29/2017 FA FNMA 2.125% QRTL Y CALL 9/29/17 2,000,000.00 2,000,000.00 2.125% 170,000.00 2,170,000.00 1,461 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 2/16/2017 FA FHLMC 1.875% NON-CALL 1,400,000.00 1,392,580.00 2.000% 124,086.67 1,516,666.67 1,621 11/17/2016 FA FNMA1.00% CALLI1/28/17 QRTLY CALL STEP 2,600,000.00 2,596,100.00 2.079% 256,027.78 2,852,127.78 1,714 2/16/2017 FA FHLB 2.0% CALL 2/16/18 ONE TIME 1,325,000.00 1,325,000.00 2.000% 119,250.00 1,444,250.00 1,642 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 2/21/2017 FA FFCB 2.14% CALL 4/18/17 CONT 1,250,000.00 1,250,000.00 2.140% 124,610.42 1,374,610.42 1,700 2/24/2017 FA FHLB 1.125% CALL 11/22/17 STEP 1,500,000.00 1,500,000.00 2.170% 155,062.50 1 ,655,062.50 1,732 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 4/12/2017 FA FHLB 1.875% NON-CALL 2,000,000.00 2,003,620.00 1.834% 171,171.67 2,174,791.67 1,703 1/26/2017 FA FHLMC 2.0% QRTL Y CALL STEP 2,000,000.00 2,000,000.00 2.360% 237,500.00 2,237,500.00 1,826 2/23/2017 FA FAMCA2.1% NON-CALL 2,600,000.00 2,609,204.00 2.025% 263,796.00 2,873,000.00 1,826 2/28/2017 FA FHLB 1.25% ONE TIME CALL STEP 2,600,000.00 2,600,000.00 2.239% 292,500.00 2,892,500.00 1,826 3/29/2017 FA FHLMC 1.375 ONE CALL 3/29/18 STEP 1 ,500,000.00 1 ,500,000.00 2.265% 170,625.00 1,670,625.00 1,826 3/29/2017 FA FHLMC 2.35 QRTL Y CALL 1 '150,000.00 1 '150,000.00 2.350% 135,125.00 1 ,285,125.00 1,826 4/27/2017 FA FHLMC 2.625% CALL 4/27/22 3,500,000.00 3,545,920.00 2.345% 413,455.00 3,959,375.00 1,826 4/27/2017 FA FHLMC 1.75% QRTL Y CALL STEP 1 '180,000.00 1 '180,000.00 2.625% 154,875.00 1,334,875.00 1,826 SUB-TOTAL 308,201 ,000.00 309,775,055.99 1.339% 16,590,709.16 326,365,765.15 1,409 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 4/24/2017 FN FNMA 0% NON-CALL 500,000.00 487,450.00 1.442% 12,550.00 500,000.00 648 Page 23INVESTMENT REPORT AS OF APRIL 30, 2017 INVESTMENT PAR INVESTED RETURN INVE,STMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 19,163,000.00 17,949,477.04 1.6026% 1 ,213,522.96 19,163,000.00 3,653 Federal Investments Total 327,364,000.00 327,724,533.03 17,804,232.12 345,528,765.15 2,531 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 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 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 12/2/2016 TR US TREASURY 1.875% 2,750,000.00 2,776,034.25 0.830% 20,97024 2,797,004.49 333 3/10/2017 TR US TREASURY 1.00% 1 ,200,000.00 1,198,788.00 1.100% 13,377.75 1,212,165.75 370 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 ,4 73,442.93 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 2/21/2017 TR US TREASURY 1.5% 800,000.00 803,875,00 1.283% 23,388.74 827,263.74 829 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 Page 24INVESTMENT REPORT AS OF APRIL 30,2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 2/17/2017 TR US TREASURY 1.125% 1,225,000.00 1 '194,853.52 1.760% 85,690.25 1,280,543.77 1,472 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 3/10/2017 TR US TREASURY 1.125% 1 ,200,000.00 1 '150,500.00 2.078% 111,028.85 1 ,261 ,528.85 1,665 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 2/3/2017 TR US TREASURY 2.125% 1 ,850,000.00 1,867,632.81 1.920% 175,237.36 2,042,870.17 1,792 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 3/2/2017 TR US TREASURY 1.750% 3,000,000.00 2,963,925.00 2.000% 302,757,69 3,266,682.69 1,855 SUB-TOTAL 118,140,000.00 118,290,670.59 1.405% 6,581,802.04 124,872,472.63 1,299 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 Page 25INVESTMENT REPORT AS OF APRIL 30, 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 5/15/2013 CN BERKSHIRE HATAWAY 1.30% MAKE WHOLE CALL 5,000,000.00 5,019,345.05 1.220% 305,654.95 5,325,000.00 1,826 12/24/2015 CN CHEVRON CORP 1.718% MAKE WHOLE CALL 2,250,000.00 2,253,600.00 1.650% 93,037.50 2,346,637.50 913 12/31/2015 CN CHEVRON CORP 1.718% MAKE WHOLE CALL 1,000,000.00 996,300.00 1.871% 46,315.94 1 ,042,615.94 906 1/28/2016 CN TOYOTA 1.55% NON-CALL 2,000,000.00 2,014,400.00 1.252% 61,808.33 2,076,208.33 897 12/19/2014 CN MASS MUTUAL GLOBAL 2.10% NON-CALL 3,500,000.00 3,555,685.00 1.645% 210,344.17 3,766,029.17 1,322 2/19/2015 CN ROYAL BANK OF CANADA 2.00% NON-CALL 2,250,000.00 2,289,442.50 1.500% 123,307.50 2,412,750.00 1,320 7/12/2016 CN IBM CORP 7.625% MAKE WHOLE CALL 2,628,000.00 3,005,118.00 1.167% 75,418.12 3,080,536.12 825 4/19/2016 CN NY LIFE 1.55% NON-CALL 2,000,000.00 2,014,620.00 1.256% 63,999.45 2,078,619.45 927 12/24/2013 CN COCA COLA CA 1.650% MAKE-WHOLE CALL 3,500,000.00 3,491 ,856.17 1.700% 288,391.75 3,780,247.92 1,782 10/28/2015 CN JOHNSON & JOHNSON 1.65% MAKE WHOLE 4,000,000.00 4,070,600.00 1.070% 134,183.33 4,204,783.33 1,134 4/9/2015 CN MICROSOFT 1.625% NON-CALL 2,000,000.00 2,037,820.00 1.096% 81,075.83 2,118,895.83 1,337 4/6/2015 CN PEFCO 4.375% NON-CALL 2,274,000.00 2,527,892.10 1.450% 138,254.46 2,666,146.56 1,439 12/22/2015 CN EXXON MOBIL 1.819% NON-CALL 1,250,000.00 1 ,259,125.00 1.580% 64,329.76 1,323,454.76 1,179 6/30/2015 CN MASS MUTUAL GLOBAL 2.35% NON-CALL 3,250,000.00 3,286,335.00 2.040% 251,980.62 3,538,315.62 1,379 10/8/2015 CN APPLE 2.10% MAKE WHOLE CALL 2,500,000.00 2,558,025.00 1.432% 129,808.33 2,687,833.33 1,306 5/27/2015 CN IBM CORP 1.8750% NON-CALL 2,150,000.00 2,169,715.50 1.635% 140,190.75 2,309,906.25 1,449 7/16/2015 CN TOYOTA2.125% 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 4/17/2017 CN ALPHABET, INC 3.625% MAKE WHOLE CALL 2,000,000.00 2,136,700.00 1.883% 159,744.44 2,296,444.44 1,493 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 2/7/2017 CN MIRCOSOFT 1.55% MAKE WHOLE CALL 2,000,000.00 1 ,947,120.00 2.170% 192,466.11 2,139,586.11 1,643 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 3/6/2017 CN EXXON MOBLIE 2.397% MAKE WHOLE 2,000,000.00 2,003,380.00 2.360% 236,320.00 2,239,700.00 1,826 Page 26INVESTMENT REPORT AS OF APRIL 30, 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) SUB-TOTAL 140,552,000.00 143,305,483.94 1.528% 9,045,970.27 152,351 ,454.21 1,418 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 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 9/16/2016 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 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 USA2.10% 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 Page 27INVESTMENT REPORT AS OF APRIL 30, 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Davsl 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 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 15,082,000.00 15,072,164.40 1.606% 1,122,846.15 16,195,010.55 1,642 0 WELLS FARGO BANK 483,172.00 483,172.00 0.080% 1.06 483,173.06 0 CORPORATE CASH MANAGEMENT ACCOUNT 3,166,071.37 3,166,071.37 0.080% 6.94 3,166,078.31 0 LIBRARY ACCOUNT 304.41 304.41 0.000% 304.41 0 UNION TRUST 249,085.58 249,085.58 0.000% 0.00 249,085.58 0 LA IF WATER DISTRICT 26,516,000.00 26,516,000.00 0.880% 648.17 26,516,648.17 0 LA IF PUBLIC IMPROVEMENT CORPORATION 22,736,625.01 22,736,625.01 0.880% 555.78 22,737,180.79 0 LA I F PUBLIC FINANCING CORPORATION 24,720,384.02 24,720,384.02 0.880% 604.28 24,720,988.30 0 L A I F CITY OF CARLSBAD 25,191,575.55 25,191,575.55 0.880% 615.79 25,192,191.34 SUB-TOTAL 103,063,217.94 103,063,217.94 0.850% 2,432.02 103,065,649.96 GRAND TOTAL 704,201 ,217.94 707,456,069.90 1.3295% 34,557,282.60 742,013,352.50 Page 28 CITY OF CARLSBAD Fu Equity in Pooled Investments AS OF APRIL 30, 2017 Cash Balance by Fund: General Special Revenue Capital Projects: General Capital Construction Traffic Impact Fees Public Facilities Fees Park Development Trans net 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 37,668,495 18,582,260 26,697,578 9,858,749 5,642,331 6,668,389 96,761,960 99,670,517 16,617,594 119,521 ,32~ 46,763,429 7,262,207 6,478,572 1,039,872 EXHIBIT 8 124,134,757 26,839,599 318,167,874 181,065,402 45,487,030 17,429,541 244,715 713,368,919 (7,430,721) 705,938,198 (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 5/10/17 Page 29 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of APRIL 30, 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 Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A1/P1 or better by two of the three: Moody's, S&P or Fitch) (Ratings of other debt must be AA or better by two of the three: Moody's, S&P or Fitch) NONE Investments with Subsequent Changes in Credit Rating * latest Moody's S&P Fitch Maturitv Date 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 5,000,000 3,537,198 Market Value 4,921,500 3,525,900 Page 30 CITY OF CARLSBAD I PORTFOLIO AS OF APRIL 30, 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 3,230,700.00 0.46% 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 11,397,154.99 1.61% HSBC BANK USA 5,000,000.00 0.71% IBM CORP 7,730,433.50 1.09% JOHNSON & JOHNSON 7,443,878.49 1.05% MASS MUTUAL 6,842,020.01 0.97% MICROSOFT 16,538,680.00 2.34% 3M COMPANY 3,554,215.00 0.50% NEW YORK LIFE 7,736,502.75 1.09% PEFCO 8,244,462.90 1.17% ROYAL BANK OF CANADA 3,566,040.08 0.50% TOYOTA 7,055,840.00 1.00% WAL-MART 9,942,960.00 1.41% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER FAMCA FICO FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FEDERAL NATIONAL MORTGAGE ASSOC RFCO STRIP PRINCIPAL TENNESSEE VALLEY AUTHORITY U.S.TREASURY Investment Cost Percent of Portfolio** 20,807,601.00 8, 733,759.39 60,418,480.43 81,092,896.05 62,371,963.00 87,682,188.17 2,750,760.00 3,866,885.00 118,290,670.59 2.94% 1.23% 8.54% 11.46% 8.82% 12.39% 0.39% 0.55% 16.72% EXHIBIT 10 Total Portfolio $707,456,069.90 * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers.