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HomeMy WebLinkAbout2017-06-27; City Council; ; Approve: Report on City Investments as of May 31, 2017Page 9 Report on City Investments May 31, 2017 Meeting Date: June 27, 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 l.east 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. 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 10CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 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 15,079,310 15,079,143 15,117,723 15,123,047 207,260 1.61 1.61 FN 18,462,790 18,437,639 18,422,678 18,384,316 0 1.60 1.60 TR 121,997,138 118,179,714 122,211,751 118,248,057 1,028,376 1.42 1.41 FA 305,986,775 309,277,174 304,903,503 307,935,105 3,436,333 1.35 1.34 CN 146,871,823 141,901,309 146,588,234 141,435,695 3,199,824 1.55 1.53 LAIF 116,052,000 99,164,585 116,052,000 99,164,585 694,138 0.90 0.88 CUSTODY 412 249,086 412 249,086 1,037 0.00 0.00 SWEEP 3,990,325 3,166,071 3,990,325 3,166,071 871 0.06 0.08 BANKACCT 677,216 483,476 677,216 483,476 0 0.06 0.08 TOTALS 729,117,790 $705,938,198 $727,963,844 $704,189,439 8,567,839 1.33% 1.33% 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 I:I:I >:: ::r: H tJj H 1-'3 I-' Page 11CLASS CD FN TR FA CN LAIF CUSTODY SWEEP BANKACCT TOTALS %TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 31,2017 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TO 5 YEARS TOTAL 496,830 3,970,526 10,604,809 15,072,164 0 0 17,949,477 17,949,477 19,093,008 7,336,346 95,695,087 122,124,441 32,447,795 34,976,811 239,216,389 306,640,995 6,276,598 25,407,375 116,628,993 148,312,966 116,052,000 0 0 116,052,000 412 0 0 412 3,990,325 0 0 3,990,325 677,216 0 0 677,216 $179,034,184 (1) $71,691,058 (1) $480,094,755 $730,819,997 24.5% 9.8% 65.7% 100.0% Total within One Year $250,725,242 (1) POLICY: 34.3% (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% ofportfo1io is to be invested in corporate notes. %TOTAL 2.1% 2.5% 16.7% 42.0% 20.3% (2) 15.9% 0.0% 0.6% 0.1% 100.0% t::r:l :X: ::r: H td H 8 l'V Page 122.70 2.60 2.50 2.40 2.30 2.20 2.10 2.00 1.90 1.80 1.70 1.60 1.50 1.40 1.30 1.20 1.10 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 ~ ~ YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 2010-MAY 2017 ~ -+-EX-L.AIF ' '\...._ ~~ All= ' ---·· ' '\. ~ ~ ' ~ .... ~ ~ ...... ~ ~ ~~ --"" ~ _.., f_' ~ /~ ~ -~ ' .~ ~ .-- '.m:7J',' I I I I I I I I I I I I ~\ ~ "' ~ -\ ~ ~ ~ -\ ~ '!> ~ -\ ~ ~ ~ -~ ~ ~ ~ -~ ~ ~ ~ -\ ~ ~ ~ ~&~~~&~~~&~~~&~~~&~~~&~~~&~~ t'Ij ~ ::r: H to H 8 w Page 15TRANSACTIONS FOR PERIOD: 04/01/17 TO 05/31/17 4th QUARTER 2016-2017 Trans Investment Maturity Call Par Amount Return Investment Date Date Date ~ Security Date Value Cou~on (Cost) Rate Interest Return BUYS APRIL 04/11/17 04/12/17 12/10/21 FA FHLB N/A 2,000,000.00 1.875% 2,003,620.00 1.834% 171,171.67 2,174,791.67 04/11/17 04/17/17 05/19/21 CN ALPHABET INC N/A 2,000,000.00 3.625% 2,136,700.00 1.883% 159,744.44 2,296,444.44 04/21/17 04/24/17 02/01/19 FN FNMA PRIN STRIP N/A 500,000.00 0.000% 487,450.00 1.442% 12,550.00 500,000.00 04/11/17 04/27/07 07/27/20 FA FHLMC 4/27/2018 1,600,000.00 1.700% 1,600,000.00 1.700% 88,400.00 1 ,688,400.00 04/25/17 04/26/17 01/17/20 FA FHLMC N/A 1,250,000.00 1.500% 1,251,150.00 1.465% 49,943.75 1,301,093.75 04/25/17 04/26/17 10/16/20 FA FNMA PRIN STRIP 10/16/2017 1 ,300,000.00 2.350% 1,332,019.00 1.618% 74,057.39 1 ,406,076.39 04/11/17 04/27/07 04/27/22 FA FHLMC 4/27/2018 3,500,000.00 2.625% 3,545,920.00 2.345% 413,455.00 3,959,375.00 04/13/17 04/27/07 04/27/22 FA FHLMC 10/27/2017 1,180,000.00 1.75% STEP 1 '180,000.00 2.625% 154,875.00 1 ,334,875.00 MAY 05/01/17 05/04/17 05/19/21 CN ALPHABET INC N/A 2,000,000.00 3.625% 2,133,400.00 1.900% 159,620.83 2,293,020.83 05/04/17 05/05/17 07/15/18 CN PEFCO N/A 1,251,000.00 1.875% 1 ,260,294.93 1.240% 18,722.26 1 ,279,017.19 05/08/17 05/09/17 03/31/21 TR US TREASURY N/A 1 ,400,000.00 1.250% 1,374,786.00 1.730% 93,349.25 1 ,468,135.25 05/08/17 05/15/17 05/15/22 TR US TREASURY N/A 2,000,000.00 1.750% 1 ,985,625.00 1.901% 189,375.00 2,175,000.00 05/18/17 05/19/17 09/30/21 TR US TREASURY N/A 1,500,000.00 1.125% 1 ,464,375.00 1.691% 109,303.28 1 ,573,678.28 05/18/17 05/19/17 12/27/19 FA FNMA PRIN STRIP 6/27/2017 2,500,000.00 1.200% 2,482,475.00 1.475% 95,691.67 2,578,166.67 04/25/17 05/22/17 05/22/20 FA FHLMC 5/22/2018 1,200,000.00 1.625% 1,200,000.00 1.625% 58,500.00 1 ,258,500.00 05/18/17 05/22/17 10/27/21 FA FFCB 10/27/2017 1 ,800,000.00 2.400% 1,808,460.00 2.288% 182,940.00 1,991,400.00 05/18/17 05/23/17 05/11/22 CN APPLE INC N/A 3,300,000.00 2.300% 3,318,150.00 2.181% 358,820.00 3,676,970.00 05/24/17 05/25/17 04/05/22 FA FNMA PRIN STRIP N/A 1 ,600,000.00 1.875% 1,600,581.01 1.867% 145,252.32 1,745,833.33 05/24/17 05/30/17 05/29/20 FA FLMC 5/29/2019 2,250,000.00 1.625% 2,255,062.50 1.548% 104,523.44 2,359,585.94 TOTAL FOURTH QUARTER 2016-2017 34,131,000.00 34,420,068.44 1.866% 2,640,295.30 37,060,363.7 4 MATURITIES APRIL 04/18/12 04/05/17 CN WAL-MART STORE! N/A 3,000,000.00 5.375% 3,568,354.19 1.400% 229,833.31 3,798,187.50 06/26/15 04/27/17 FA FNMA N/A 1,250,000.00 0.700% 1 ,260,975.00 0.643% 14,845.31 1,275,820.31 09/19/14 04/30/17 TR US TREASURY N/A 3,000,000.00 0.875% 2,996,484.38 0.920% 72,136.54 3,068,620.92 07/21/15 04/30/17 TR US TREASURY N/A 2,000,000.00 0.500% 1 ,995,000.00 0.642% 22,771.74 2,017,771.74 MAY 09/06/13 05/08/17 FA FHLMC 5/8/2015 5,000,000.00 0.700% 4,855,000.00 1.515% 273,527.78 5,128,527.78 01/27/15 05/12/17 FA FHLMC N/A 2,000,000.00 1.250% 2,025,640.00 0.685% 31,651.67 2,057,291.67 ~ 09/19/14 05/31/17 TR US TREASURY N/A 1 ,000,000.00 0.625% 991,015.63 0.963% 25,838.88 1,016,854.51 :X: 04/09/15 05/15/17 CN NY LIFE GLOBAL N/A 1 ,675,000.00 1.650% 1,704,362.75 0.806% 28,676.00 1,733,038.75 ;:s tJj TOTAL FOURTH QUARTER 2016-2017 18,925,000.00 15,828,4 77.76 1.006% 469,447.92 16,297,925.68 ~ 0) Page 16TRANSACTIONS FOR PERIOD: 04/01/17 TO 05/31/17 4th QUARTER 2016-2017 Trans Investment Maturity Call Par Amount Return Investment Date Date Date !mg Security Date Value Cou~on (Cost) Rate Interest Return CALLS APRIL 02/27/13 03/04/13 01/29/18 CD GATEWAY BANK 4/28/2017 209,000.00 0.950% 208,373.00 1.070% 10,367.28 218,740.28 MAY 05/01/15 05/26/15 05/26/20 FA FNMA 5/26/2017 3,000,000.00 1.700% 3,000,000.00 1.700% 255,000.00 3,255,000.00 12/21/15 12/30/15 12/30/19 FA FFCB 5/25/2017 2,600,000.00 1.720% 2,600,000.00 1.720% 178,880.00 2,778,880.00 TOTAL FOURTH QUARTER 2016-2017 5,809,000.00 5,808,373.00 1.686% 444,247.28 6,252,620.28 Page 17INVESTMENT REPORT AS OF MAY 31,2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 11/27/13 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 '1 00,000.00 1,096,139.00 1.102% 42,452.67 1 '138,591.67 1,280 5/5/2014 FA FFCB 1.6% NON-CALL 2,500,000.00 2,515,710.93 1.450% 157,622.40 2,673,333.33 1,584 10/27/2015 FA FHLB 1.125% NON-CALL 4,000,000.00 4,020,840.00 0.941% 108,785.00 4,129,625.00 1,053 5/2/2014 FA FNMA 1.875% NON-CALL 1 ,500,000.00 1,524,000.00 1.500% 99,125.00 1 ,623,125.00 1,600 1/16/2014 FA FHLMC 1.20% CALL 9/24/14 ONE TIME 2,250,000.00 2,196,562.50 1.729% 180,037.50 2,376,600.00 1,712 5/23/2016 FA FNMA 1.125% NON-CALL 2,000,000.00 2,006,660.00 0.984% 47,465.00 2,054,125.00 879 3/30/2015 FA FHLB 1.30% NON-CALL 1 ,000,000.00 1,000,000.00 1.300% 46,583.33 1,046,583.33 1,310 5/2/2014 FA FNMA 1.625% NON-CALL 2,000,000.00 2,008,347.18 1.530% 140,159.76 2,148,506.94 1,670 6/3/2014 FA FNMA 1.625% NON-CALL 2,000,000.00 2,010,791.92 1.500% 134,826.14 2,145,618.06 1,638 tr:l :X: 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 ::r: 5/15/2015 FA FNMA 1.25% CALL 6/14/15 QRTL Y 1,000,000.00 997,500.00 1.322% 47,256.94 1,044,756.94 1,309 H IJ:j 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 H 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 t-3 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 -.1 Page 18INVESTMENT REPORT AS OF MAY 31,2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 5/19/2017 FA FNMA 1.20% QUARTERLY CALL 2,500,000.00 2,482,475.00 1.475% 95,691.67 2,578,166.67 952 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 5/22/2017 FA FHLMC 1.625% ONE CALL 5/22/18 1,200,000.00 1,200,000.00 1.625% 58,500.00 1 ,258,500.00 1,096 5/24/2017 FA FHLMC 1.625% ONE CALL 5/19/20 2,250,000.00 2,255,062.50 1.548% 104,523.44 2,359,585.94 1 '1 01 6/12/2015 FA FHLB 1.75% NON-CALL 3,000,000.00 3,000,000.00 1.750% 262,500.00 3,262,500.00 1,827 2/23/2016 FA FHLB 1.75% NON-CALL 2,000,000.00 2,039,980.00 1.271% 110,617.22 2,150,597.22 1,571 4/15/2016 FA FNMA 1.35% NON-CALL 2,150,000.00 2,159,632.00 1.240% 112,192.37 2,271 ,824.37 1,533 7/13/2016 FA FFCB 1.19% CALL 7/13/17 CONT 4,250,000.00 4,250,000.00 1.190% 202,300.00 4,452,300.00 1,461 4/27/2017 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 Page 19INVESTMENT REPORT AS OF MAY 31,2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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% QRTL Y CALL STEP 1,000,000.00 999,500.00 2.103% 106,750.00 1,106,250.00 1,827 2/26/2016 FA FHLB 1.69% CALL 8/26/16 CONT 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% QRTL Y CALL 10/28/16 STEP 2,500,000.00 2,496,250.00 2.122% 269,375.00 2,765,625.00 1,826 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 5/22/2017 FA FFCB 2.4% CALL 10/27/17 CONT 1 ,800,000.00 1 ,808,460.00 2.288% 182,940.00 1 ,991 ,400.00 1,619 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 FAMCA 2.1% 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 5/25/2017 FA FNMA 1.875% NON-CALL 1,600,000.00 1,600,581.01 1.867% 145,252.32 1,745,833.33 1,776 4/27/2017 FA FHLMC 2.625% CALL 4/27122 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 304,951,000.00 306,640,994.50 1.346% 16,438,557.14 323,079,551.64 1,407 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 Page 20INVESTMENT REPORT AS OF MAY 31,2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 4/24/2017 FN FNMA 0% NON-CALL 500,000.00 487,450.00 1.442% 12,550.00 500,000.00 648 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 324,114,000.00 324,590,471.54 17,652,080.10 342,242,551.64 2,530 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% 20,970.24 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 1,473,442.93 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 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 21INVESTMENT REPORT AS OF MAY 31,2017 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 5/9/2017 TR US TREASURY 1.25% 1,400,000.00 1,374,786.00 1.730% 93,349.25 1 ,468,135.25 1,422 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 5/19/2017 TR US TREASURY 1.125% 1,500,000.00 1 ,464,375.00 1.691% 109,303.28 1,573,678.28 1,595 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 5/15/2017 TR US TREASURY 1.750% 2,000,000.00 1 ,985,625.00 1.901% 189,375.00 2,175,000.00 1,826 SUB-TOTAL 122,040,000.00 122,124,440.96 1.424% 6,947,990.69 129,072,431.65 1,320 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 Page 22INVESTMENT REPORT AS OF MAY 31,2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 HATHAWAY 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 5/5/2017 CN PEFCO 1.875% NON-CALL 1 ,251 ,000.00 1 ,260,294.93 1.240% 18,722.26 1,279,017.19 436 12/19/2014 CN MASS MUTUAL GLOBAL 2.10% NON-CALL 3,500,000.00 3,555,685.00 1.645% 210,344.17 3,766,029.17 1,322 2/19/2015 CN ROYAL BANK OF CANADA 2.00% NON-CALL 2,250,000.00 2,289,442.50 1.500% 123,307.50 2,412,750.00 1,320 7/12/2016 CN IBM CORP 7.625% MAKE WHOLE CALL 2,628,000.00 3,005,118.00 1.167% 75,418.12 3,080,536.12 825 4/19/2016 CN NY LIFE 1.55% NON-CALL 2,000,000.00 2,014,620.00 1.256% 63,999.45 2,078,619.45 927 12/24/2013 CN COCA COLA CA 1.650% MAKE-WHOLE CALL 3,500,000.00 3,491 ,856.17 1.700% 288,391.75 3,780,247.92 1,782 10/28/2015 CN JOHNSON & JOHNSON 1.65% MAKE WHOLE 4,000,000.00 4,070,600.00 1.070% 134,183.33 4,204,783.33 1,134 4/9/2015 CN MICROSOFT 1.625% NON-CALL 2,000,000.00 2,037,820.00 1.096% 81,075.83 2,118,895.83 1,337 4/6/2015 CN PEFCO 4.375% NON-CALL 2,274,000.00 2,527,892.10 1.450% 138,254.46 2,666,146.56 1,439 12/22/2015 CN EXXON MOBIL 1.819% NON-CALL 1 ,250,000.00 1 ,259,125.00 1.580% 64,329.76 1,323,454.76 1,179 6/30/2015 CN MASS MUTUAL GLOBAL 2.35% NON-CALL 3,250,000.00 3,286,335.00 2.040% 251,980.62 3,538,315.62 1,379 10/8/2015 CN APPLE 2.10% MAKE WHOLE CALL 2,500,000.00 2,558,025.00 1.432% 129,808.33 2,687,833.33 1,306 5/27/2015 CN IBM CORP 1.8750% NON-CALL 2,150,000.00 2,169,715.50 1.635% 140,190.75 2,309,906.25 1,449 7/16/2015 CN TOYOTA 2.125% NON-CALL 2,000,000.00 2,009,760.00 1.998% 160,476.11 2,170,236.11 1,463 4/28/2016 CN PEFCO 1.45% NON-CALL 2,600,000.00 2,617,570.80 1.240% 106,734.48 2,724,305.28 1,204 11/18/2014 CN CHEVRON CORP 2.193% MAKE-WHOLE CALL 3,000,000.00 3,017,400.00 2.070% 311,001.75 3,328,401.75 1,823 12/22/2015 CN CHEVRON CORP 2.193% MAKE-WHOLE CALL 2,800,000.00 2,811,200.00 2.083% 228,105.03 3,039,305.03 1,424 4/20/2016 CN JOHNSON & JOHNSON 1.875% MAKE WHOLE CALL 2,250,000.00 2,315,250.00 1.057% 87,679.69 2,402,929.69 1,324 4/9/2015 CN NY LIFE GOLBAL 1.95% NON-CALL 2,000,000.00 2,017,520.00 1.760% 171,196.67 2, 188,716.67 1,769 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 '1 02,088.55 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 5/14/2017 CN ALPHABET, INC 3.625% MAKE WHOLE CALL 2,000,000.00 2,133,400.00 1.900% 159,620.83 2,293,020.83 1,466 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 Page 23INVESTMENT REPORT AS OF MAY 31,2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 5/23/2017 CN APPLE INC 2.3% MAKE WHOLE 3,300,000.00 3,318,150.00 2.181% 358,820.00 3,676,970.00 1,814 SUB-TOTAL 145,428,000.00 148,312,966.12 1.554% 9,554,457.36 157,867,423.48 1,420 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 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 Page 24INVESTMENT REPORT AS OF MAY 31,2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 11/3/2014 CD WEBSTER BANK NAT'LASSOC 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 BARCLA YS 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 676,912.00 676,912.00 0.058% 1.07 676,913.07 0 CORPORATE CASH MANAGEMENT ACCOUNT 3,990,325.40 3,990,325.40 0.058% 6.30 3,990,331.70 0 LIBRARY ACCOUNT 304.41 304.41 0.000% 304.41 0 UNION TRUST 412.35 412.35 0.000% 412.35 0 LA I F WATER DISTRICT 32,116,000.00 32,116,000.00 0.900% 802.90 32,116,802.90 0 LA I F PUBLIC IMPROVEMENT CORPORATION 21,736,000.00 21,736,000.00 0.900% 543.40 21,736,543.40 0 LA IF PUBLIC FINANCING CORPORATION 25,470,000.00 25,470,000.00 0.900% 636.75 25,470,636.75 0 LA I F CITY OF CARLSBAD 36,730,000.00 36,730,000.00 0.900% 918.25 36,730,918.25 SUB-TOTAL 120,719,954.16 120,719,954.16 0.867% 2,908.67 120,722,862.83 GRAND TOTAL 727,383,954.16 730,819,997.18 1.3339% 35,280,282.97 766,100,280.15 Page 25 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF MAY 31, 2017 Cash Balance by Fund: General Special Revenue Capital Projects: General Capital Construction Traffic Impact Fees Public Facilities Fees Park Development Transnet Taxes Drainage Fees Special Districts Infrastructure Replacement Other Capital Construction Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste Storm Water Golf Course Internal Service Agency Funds Trust Funds Total General ledger Balance** Reconciling Adjustments (1) Total Total Total Treasurer's Investment Portfolio at Amortized Cost 37,544,455 19,203,797 26,673,040 9,567,515 6,006,107 6,671,549 98,816,846 99,722,406 16,978,022 122,732,106 46,556,884 7,239,800 6,342,043 1,196,387 EXHIBIT 8 134,552,565 27,752,492 321,183,738 184,067,220 45,487,030 17,783,090 235,604 731,061,739 (1 ,943,949) 729,117,790 (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 6/07/17 Page 26 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of MAY 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 HATHAWAY AA2 AA AA- CHEVRON AA2 AA-NR COCA COLA AA3 AA-A+ COLGATE-PALMOLIVE AA3 AA-AA- EXXON MOBIL AAA AA+ NR 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) EXHIBIT 9 (Ratings of other debt must be AA or better by two of the three: Moody's, S&P or Fitch) NONE Investments with Subsequent Changes in Credit Rating * Latest Moody's S&P Fitch Maturity Date HSBC BANK USA A1 AA+ NR 06/05/2017 IBM CORP A1 A+ A+ 11/01/2021 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 Market Value Value 5,000,000 4,924,500 7,565,716 7,519,843 3,554,215 3,534,825 Page 27 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MAY 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 0.55% ALPHABET, INC 5,364,100.00 0.73% APPLE INC 11 ,894,015.00 1.63% BERKSHIRE HATHAWAY 5,019,345.05 0.69% CHEVRON 13,865,384.00 1.90% COCA COLA CO 8,073,352.17 1.10% COLGATE-PALMOLIVE 5,459,050.00 0.75% EXXON MOBIL 11,397,154.99 1.56% HSBC BANK USA 5,000,000.00 0.68% IBM CORP 7, 730,433.50 1.06% JOHNSON & JOHNSON 7,443,878.49 1.02% MASS MUTUAL 6,842,020.01 0.94% MICROSOFT 16,538,680.00 2.26% 3M COMPANY 3,554,215.00 0.49% NEW YORK LIFE 6,032,140.00 0.83% PEFCO 9,504,757.83 1.30% ROYAL BANK OF CANADA 3,566,040.08 0.49% TOYOTA 7,055,840.00 0.97% WAL-MART 9,942,960.00 1.36% 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 59,626,940.43 81 ,092,896.05 58,946,385.50 88,765,244.38 2,750,760.00 3,866,885.00 122,124,440.76 2.85% 1.20% 8.16% 11.10% 8.07% 12.15% 0.38% 0.53% 16.71% EXHIBIT 10 Total Portfolio $730,819,997.19 * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. 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