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HomeMy WebLinkAbout2018-01-09; City Council; ; Report on city investments as of November 30, 2017e CITY COUNCIL Staff Report Meeting Date To: From: January 9, 2018 Mayor and Council Members Kevin Crawford, City Manager (._....-CA Review t,A.J Staff Contact: Craig Lindholm, City Treasurer; Nancy Sullivan, Deputy City Treasurer Nancy.Sullivan@carlsbadca.gov or 760-602-2473 Subject Report on City Investments as of November 30, 2017 Recommended Action Accept and file report. Executive Summary 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. Discussion The city's pooled investment portfolio as of the month ended November 30, 2017 is summarized below. Pooled Investment Portfolio {Cash and Securities} Current Month Prior Month Par Value $718,569,299 $715,359,803 Cost of Investments $721,925,846 $718,724,168 Amortized Cost {1) $719,799,824 $716,693,225 Market Value (2) $714,967,846 $713,672,310 (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 11/30/17. 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. January 9, 2018 Item #1 Page 1 of 21 Report on City Investment November 30, 2017 Meeting Date: January 9, 2018 Page3 rating. The city's Investment Policy allows the City Treasurer to determine the course of action. that would correct exceptions to the policy. These investments are paying interest at the required times and their principal is 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. The pooled investment portfolio has the ability to meet the city's cash flow demands for the next six (6) months. 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 c1 reasonably foreseeable indirect physical change in the environment, and therefore does not require environmental review. Public Notification This item was noticed in accordance wit.h the Ralph M. Brown Act and was available for viewing at least 72 hours prior to the posting of the agenda. -~ Exhibits 1. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, c1nd Average Yield 2. Investment Portfolio Breakdown Of Maturities 3. Yield Comparison Graph 4. Market Yield Curve 5. Cumulative Cash Income Graph 6. Second 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 January 9, 2018 Item #1 Page 3 of 21 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 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 $17,058,292 $17,556,136 $17,042,713 $17,563,640 $96,886 1.69 1.67 FN 18,611,264 18,586,924 18,476,645 18,493,659 0 1.60 1.60 TR 112,173,617 111,195,433 111,344,026 110,788,181 735,508 1.55 1.54 FA 320,770,159 320,265,717 317,928,259 318,253,512 1,902,148 1.50 1.48 SN 3,266,295 3,265,373 3,230,800 3,245,448 0 1.77 1.77 CN 141,741 ,899 137,502,839 140,767,104 137,007,066 1,307,886 1.63 1.61 LAIF 103,030,162 104,237,285 103,030,162 104,237,285 521,668 1.16 1.14 CUSTODY 143,079 609 143,079 609 755 0.00 0.00 SWEEP 2,627,696 2,611,971 2,627,696 2,611,971 1,518 0.08 0.08 BANK ACCT 377,361 1,470,938 377,361 1,470,938 0 0.08 0.08 TOTALS $719,799,824 $716,693,225 $714,967,846 $713,672,309 $4,566,369 1.49% 1.47% 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 Treasuiy LAlF -Local Agency Investment Fund Bank Account -General l~und Cash account SN -Supranational t:zj >:: ::i:: f-'+ :::o· H i-,3 I-' January 9, 2018 Item #1 Page 4 of 21 CLASS CD FN TR FA SN CN LAIF CUSTODY SWEEP BANK ACCT TOTALS %TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 30, 2017 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TO 5 YEARS TOTAL $3,970,526 $745,000 $12,335,809 $17,051,335 0 0 17,949,477 17,949,477 9,326,658 15,410,235 87,553,758 112,290,652 34,976,811 35,638,901 251,219,431 321,835 ,144 0 0 3,263,008 3,263,008 25,407.375 19,621,022 98,329,535 143,357,932 I 03,030, I 62 0 0 I 03,030, 162 143,079 0 0 143,079 2,627,696 0 0 2,627,696 377,361 0 0 377,361 S 179,859,669 (l) $7 1,415,158 {I ) $470,651 ,019 $721,925,846 24.9% 9.9% 65.2% 100.0% Total within One Year $251,274,827 (I) POLICY: 34.8% (1) Not less than $166,800,000 to mature within one year. (2/Jrds of current year operating budget of $250,146,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. %TOTAL 2.4% 2.5% 15.6% 44.6% 0.5% 19.9% (2) 14.3% 0.0% 0.4% 0.1% 100.0% tu ~ ::r: H tJj H f-3 N January 9, 2018 Item #1 Page 5 of 21 MARKET YIELD CURVE 6/30/16, 6/30/17, 11/30/17 3. 5 Market Rates 3 2.5 +---- 1.5 ---------------.. -------------t ---------------- 1 ------ 2 ~ ~ -0.5 .. o~- 3 Mth -----~ 3Mth ~6/30/2016 .26 ....... 6/30/2017 1.01 _._ · 11/30/2017 1.26 ,.- ---~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I 2 Yr 5 Yr 10 Yr 2Yr 5 Yr lOYr .58 l.00 1.47 1.38 1.88 2.30 1.78 2.14 2.41 ti:! ~ ::r: H trJ H ~ ~ January 9, 2018 Item #1 Page 7 of 21 Cumulative Millions$ Cumulative Cash Income FYI 7-18 (November 201 7) / M""" / / ,,,,,,,,. / --/- 7 0.9 ~ ~ ~ / .JI' - / Monthly Interest Income Millions$ f- I- ~ ~ 10 9 8 7 6 5 4 3 2 1 0 ~~ 0.7 ·1.~ ~ 0.86 ~ 8 7 6 5 4 3 2 1 0 1S r l -1 I I I I I I I I ·Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun c=J Interest Income -•· Budget ---Actual YTD J t?j :x: :::r: H b:1 H t-3 l}1 January 9, 2018 Item #1 Page 8 of 21 TRANSACTIONS FOR PERIOD: 10/01/17 TO 11/30/17 2nd QUARTER 2017-2018 Trans Investment Call Par Amount Return Investment Date Date ~ Security Date Value Cou~on (Cost) Rate Interest Return BUYS OCTOBER 09/30/17 10/02/17 FA FHLMC 7/27/2018 3,000,000.00 2.100% 3,004,500.00 1.959% 224,666.67 3,229,166.67 10/02/17 10/03/17 FA FHLB 4/26/2019 1,800,000.00 1.375% 1,796,328.00 1.489% 48,565.75 1,844,893.75 10/05/17 10/10/17 SN IBRD N/A 1,300,000.00 1.875% 1,290,907.89 2.024% 130,763.88 1,421,671 .77 10/05/17 10/10/17 CN PROCTER & GAMBLE NIA 2,000,000.00 1.700% 1,982,100.00 1.930% 156,072.22 2,138,172.22 09/28/17 10/18/17 CD BENEFICIAL BANK NIA 247,000.00 2.150% 247,000.00 2.150% 26,552.50 273,552.50 10/02/17 10/26/17 FA FHLMC 1/26/2018 3,250,000.00 2.05% STEP 3,250,000.00 2.342% 382,687.50 3,632,687.50 10/12/17 10/26/17 FA FHLMC 10/26/2018 1,975,000.00 1.850% 1,974,012.50 1.865% 128,868.75 2,102,881.25 11 /02/17 11/03/17 FA FHLB 5/15/2019 1,650,000.00 1.700% 1,650,000.00 1.700% 71,060.00 1,721,060.00 11 /02/17 11/03/17 FA FHLB 10/25/2019 2,000,000.00 2.000% 1,998,000.00 2.023% 181,111.11 2,179,111.11 11/02/17 11/03/17 FA FFCB 1/26/2018 1,400,000.00 2.150% 1,400,000.00 2.150% 142,389.72 1,542,389.72 11 /02/17 01/06/17 CN PROCTER & GAMBLE N/A 1,800,000.00 2.150% 1,799,161.20 2.160% 185,201.30 1,984,362.50 11/07/17 11/13/17 CN APPLE INC N/A 2,500,000.00 2.000% 2,497,900.00 2.029% 152,100.00 2,650,000.00 11 /02/17 11/27/17 FA FHLMC 11/27/2018 1,500,000.00 1.875% 1,500,000.00 1.875% 84,375.00 1,584,375.00 11/27/17 11 /28/17 TR US TREASURY N/A 1,000,000.00 1.625% 980,950.00 2.030% 99,716.44 1,080,666.44 11/27/17 11 /30/17 FA FHLB 11/28/2018 2,500,000.00 2.300% 2,500,000.00 2.300% 287,180.56 2,787,180.56 TOTAL SECOND QUARTER 2017-2018 27,922,000.00 27,870,859.59 2.016% 2,301,311.40 30,172,170.99 MATURITIES 01 /23/14 FA FFCB N/A 2,000,000.00 1.160% 1,995,000.00 1.229% 92,000.00 2,087,000.00 03/05/15 TR US TREASURY N/A 2,000,000.00 0.750% 1,989,531.25 0.950% 50,289.19 2,039,820.44 10/27/15 TR US TREASURY NIA 2,500,000.00 0.750% 2,506,045.00 0.629% 31,658.80 2,537,703.80 02/19/13 FA FFCB N/A 2,000,000.00 0.870% 1,985,000.00 1.030% 98,036.67 2,083,036.67 05/28/13 FA FHLMC N/A 5,000,000.00 0.750% 5,000,000.00 0.750% 168,750.00 5,168,750.00 12/24/12 CD DEL TA NATL BANK & TRU~ N/A 249,000.00 0.900% 248,377.50 0.952% 11,624.88 260,002.38 12/24/12 CD PACIFIC CONTL BANK N/A 249,000.00 0.900% 248,452.20 0.946% 11,556.33 260,008.53 TOTAL SECOND QUARTER 2017-2018 13,998,000.00 13,972,405.95 0.872% 463,915.87 14,436,321.82 CALLS OCTOBER 05/18/17 05/22/17 FA FFCB 10/27/2017 1,800,000.00 2.400% 1,808,460.00 2.288% 182,940.00 1,991,400.00 NOVEMBER trl ~ 2/23/2017 02/24/17 FA FHLB 11/22/2017 1,500,000.00 1.125% 1,500,000.00 2.170% 155,062.50 1,655,062.50 ::i:1 H txJ TOTAL SECOND QUARTER 2017-2018 3,300,000.00 3,308,460.00 2.235% 338,002.50 3,646,462.50 H ~ °' January 9, 2018 Item #1 Page 9 of 21 INVESTMENT REPORT AS OF NOVEMBER 30~ 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days} 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 5/5/2017 FA PEFCO 1.875% NON-CALL 1,251,000.00 1,260,294.93 1.240% 18,722.26 1,279,017.19 436 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 6/13/2017 FA FAMCA 1.12% NON-CALL 1,000,000.00 998,290.00 1.120% 14,403.33 1,012,693.33 353 5/5/2014 FA FFCB 1.6% NON-CALL 2,500,000.00 2,515,710.93 1.450% 157,622.40 2,673,333.33 1,584 10/27/2015 FA FHLB 1.125% NON-CALL 4,000,000.00 4,020,840.00 0.941% 108,785.00 4,129,625.00 1,053 5/2/2014 FA FNMA 1.875% NON-CALL 1,500,000.00 1,524,000.00 1.500% 99,125.00 1,623,125.00 1,600 1/16/2014 FA FHLMC 1.20% CALL 9/24/14 ONE TIME 2,250,000.00 2,196,562.50 1.729% 180,037.50 2,376,600.00 1,712 5/23/2016 FA FNMA 1.125% NON-CALL 2,000,000.00 2,006,660.00 0.984% 47,465.00 2,054,125.00 879 3/30/2015 FA FHLB 1.30% NON-CALL 1,000,000.00 1,000,000.00 1.300% 46,583.33 1,046,583.33 1,310 5/2/2014 FA FNMA 1.625% NON-CALL 2,000,000.00 2,008,347.18 1.530% 140,159.76 2,148,506.94 1,670 6/3/2014 FA FNMA 1.625% NON-CALL 2,000,000.00 2,010,791.92 1.500% 134,826.14 2,145,618.06 1,638 7/21/2015 FA FNMA 1.50% NON-CALL 1,000,000.00 1,006,875.00 1.290% 43,500.00 1,050,375.00 1,228 5/15/2015 FA FNMA 1.25% CALL 6/14/15 QRTL Y 1,000,000.00 997,500.00 1.322% 47,256.94 1,044,756.94 1,309 6/5/2015 FA FHLB 1.75% NON-CALL 2,000,000.00 2,034,100.00 1.254% 16,625.00 2,050,725.00 1,288 2/20/2015 FA FNMA 1.1% NON-CALL 1,000,000.00 992,180.00 1.300% 49,925.56 1,042,105.56 1,397 10/28/2015 FA FFCB 1.15% CALL 1/28/16 4,650,000.00 4,648,837.50 1.158% 174,956.25 4,823,793.75 1,188 11/2/2015 FA FNMA 1.20% CALL 4/29/16 5,000,000.00 4,992,500.00 1.247% 202,000.00 5,194,500.00 1,184 2/26/2016 FA FFCB 1 .03% NON-CALL 4,000,000.00 4,004,640.00 0.990% 117,357.78 4,121,997.78 1,096 12/9/2014 FA FNMA 1.75% NON-CALL 2,500,000.00 2,515,625.00 1.596% 168,854.17 2,684,479.17 1,541 trl 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 :x: ::i::: 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 H td 4/6/2015 FA PEFCO 4.375% NON-CALL 2,274,000.00 2,527,892.10 1.450% 138,254.46 2 ,666,146.56 1,439 H 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 8 12/19/2016 FA FAMCA 1.86% NON-CALL 500,000.00 505,300.00 1.390% 16,167.50 521,467.50 842 -...J 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 January 9, 2018 Item #1 Page 10 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 10/3/2017 FA FHLB 1.375% ONE CALL 4/26/19 1,800,000.00 1,796,328.00 1.489% 48,565.75 1,844,893.75 661 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 4/28/2016 FA PEFCO 1.45% NON-CALL 2,600,000.00 2,617,570.80 1.240% 106,734.48 2,724,305.28 1,204 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% QRTLYCALL 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% QRTLY CALL 2,000,000.00 1,978,000.00 1.610% 100,750.00 2,078,750.00 1,150 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 8/29/2017 FA FFCB 1.67% CALL 7/2/18 CONT 2,000,000.00 1,999,600.00 1.678% 87,054.44 2,086,654.44 948 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 11/3/2017 FA FHLB 1.7% ONE CALL 5/15/19 1,650,000.00 1,650,000.00 1.700% 71,060.00 1,721,060.00 924 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 1,101 6/27/2017 FA FHLMC 1.625% ONE CALL 5/19/20 1,600,000.00 1,604,000.00 1.537% 71,977.78 1,675,977.78 1,067 6/5/2017 FA FHLB 1.6% CALL 12/5/17 CONT 1,300,000.00 1,300,000.00 1.600% 62,400.00 1,362,400.00 1,096 6/8/2017 FA FHLB 1.60% CALL 12/5/17 CONT 2,500,000.00 2,500,000.00 1.600% 120,000.00 2,620,000.00 1,093 6/8/2017 FA FHLMC 1.25% CALL 12/8/17 QRTLY STEP 2,550,000.00 2,549,490.00 2.021% 155,103.75 2,704,593.75 1,096 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 January 9, 2018 Item #1 Page 11 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN mays) 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 FH LMC 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 1,651 917/2016 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 1.21 4% 161,121.25 3,367,281.25 1,556 10/12/2016 FA FHLB 1.375% NON-CALL 1,800,000.00 1,808,975.18 1.244% 87,893.57 1,896,868.75 1,430 10/12/2016 FA FHLB 1.375% CALL 1/6/17 1,800,000.00 1,797,300.00 1.414% 101,287.50 1,898,587.50 1,455 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 11/27/2017 FA FHLMC 1.875% ONE CALL 11/27/18 1,500,000.00 1,500,000.00 1.875% 84,375.00 1,584,375.00 1,096 6/15/2017 FA FNMA 2.0% NON-CALL 1,100,000.00 1,113,618.00 1.630% 62,404.22 1,176,022.22 1,264 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 8/16/2017 FA FNMA 1.75% CALL 8/16/18 2,000,000.00 2,000,000.00 1.750% 122,500.00 2,122,500.00 1,280 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% ORTL 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 9/29/2017 FA FHLMC 1.75% ONE CALL 9/26/18 2,535,000.00 2,531,197.50 1.794% 158,701 .56 2,689,899.06 1,274 10/26/2017 FA FHLMC 1.85% ONE CALL 10/26/18 1,975,000.00 1,974,012.50 1.865% 128,868.75 2,102,881.25 1,278 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 9/12/2017 FA FHLB 1.875% CALL 9/18/17 CONT 2,500,000.00 2,498,750.00 1.875% 175,598.96 2,674,348.96 1,358 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 6/15/2017 FA FFCB 1.81% CALL6/14/18 CONT 1,760,000.00 1,760,000.00 1.810% 127,335.51 1,887,335.51 1,460 6/15/2017 FA FHLMC 1.8% CALL 6/15/18 ONE TIME 1,400,000.00 1,400,000.00 1.800% 100,800.00 1,500,800.00 1,461 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 10/2/2017 FA FHLMC 2.0% ONE CALL 7/27/18 3,000,000.00 3,004,500.00 1.959% 224,666.67 3,229,166.67 1,394 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% CALLI 1/28/17 QRTLY CALL STEP 2,600,000.00 2,596,100.00 2.079% 256,027.78 2,852,127.78 1,714 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 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 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 January 9, 2018 Item #1 Page 12 of 21 Th-VESTMENT REPORT AS OF NOVEMBER 30, 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN ~ 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 8/25/2017 TR US TREASURY 1.875% 1,250,000.00 1,257,346.25 1.750% 108,249.03 1,365,595.28 1,801 8/31/2017 TR US TREASURY 1.875% 3,000,000.00 3,019,290.00 1.740% 261,960.00 3,281,250.00 1,826 11/28/2017 TR US TREASURY 1.625% 1,000,000.00 980,950.00 2.030% 99,716.44 1,080,666.44 1,813 SUB-TOTAL 112,240,000.00 112,290,651.62 1.545% 7,216,519.53 119,507,171 .15 1,410 6/12/2014 CN CHEVRON CORP 1.104% NON CALL 2,000,000.00 1,996,180.00 1.160% 80,670.67 2,076,850.67 1,272 3/8/2013 CN WAL-MART 5.8% NON CALL 3,000,000.00 3,669,120.00 1.140% 189,763.33 3,858,883.33 1,805 5/27/2015 CN WAL-MART 5.8% NON CALL 2,000,000.00 2,249,440.00 1.125% 65,693.33 2,315,133.33 995 3/26/2013 CN COCA COLA CA 1.150% MAKE-WHOLE CALL 1,000,000.00 1,000,000.00 1.150% 57,627.78 1,057,627.78 1,832 10/29/2015 CN WAL-MART STORES 1.125% MAKE WHOLE 4,000,000.00 4,024,400.00 0.873% 85,850.00 4,110,250.00 895 9/18/2014 CN COLGATE-PALMOLIVE .90% MAKE WHOLE CALL 1,000,000.00 980,600.00 1.452% 51 ,975.00 1,032,575.00 1,321 1/27/2015 CN COLGATE-PALMOLIVE .90% MAKE WHOLE CALL 2,000,000.00 1,983,000.00 1.166% 75,700.00 2,058,700.00 1,190 2/25/2016 CN COLGATE-PALMOLIVE .90% MAKE WHOLE CALL 2,500,000.00 2,495,450.00 0.984% 53,675.00 2,549,125.00 796 5/11/2015 CN APPLE 1.0% MAKE WHOLE CALL 2,000,000.00 1,989,840.00 1.174% 69,715.56 2,059,555.56 1,088 5/15/2013 CN BERKSHIRE 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 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 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 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 -.-·· .. ·--..... -·-···· January 9, 2018 Item #1 Page 15 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 BANK2.1% 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 1.826 8/30/2016 CD WASHINGTON TRUST 1.2% 248,000.00 248,000.00 1.200% 8,928.00 256,928.00 1,095 9/16/2016 CD ISRAEL DISCOUNT BK OF NY 1.3% 248,000.00 248,000.00 1.300% 9,689.91 257,689.91 1,095 9/24/2014 CD DISCOVER 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 9/24/2014 CD GOLDMAN SACHS BANK 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 10/8/2014 CD CAPITAL ONE ABANK USA 2.10% 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 1,826 10/10/2014 CD GE CAPITAL BANK 2.0% 247,000.00 245,641.50 2.000% 26,058.50 271,700.00 1,826 10/29/2014 CD PEOPLES UTD BANK CT 1.9% 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,826 11/3/2014 CD WEBSTER BANK NAT'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 8/2/2017 CD WEX BANK 1.85% 247,000.00 247,000.00 1.850% 13,721.19 260,721.19 1,097 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 January 9, 2018 Item #1 Page 17 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2017 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN ~ 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 6/22/2017 CD LAKESIDE BANK 1.90% 249,000.00 249,000.00 1.900% 18,924.00 267,924.00 1,461 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 9/21/2017 CD PINACLE BANK TN 2.00% 249,000.00 249,000.00 2.000% 19,920.00 268,920.00 1,461 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 BANKO AMERICA 2.05% 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 1,826 6/7/2017 CD MECHANTILE BANK OF MICHIGAN 2.10% 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 1,826 7/31/2017 CD KS STATE BANK 2.1% 245,000.00 245,000.00 2.100% 25,710.71 270,710.71 1,824 8/16/2017 CD EVERBANK 2.2% 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 8/30/2017 CD WILLAMETTE VALLEY BANK 2.1 % 249,000.00 249,000.00 2.100% 26,145.00 275,145.00 1,826 9/29/2017 CD ALLEGIANE BANK TEXS 2.15% 249,000.00 249,000.00 2.150% 26,767.50 275,767.50 1,826 9/14/2017 CD FIRST BANK OF HIGHLAND 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 10/18/2017 CD BENEFICIAL BANK 2.15% NON-CALL 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 SUB-TOTAL 17,060,000.00 17,051 ,334.70 1.693% 1,337,063.34 18,388,398.04 1,643 0 WELLS FARGO BANK 377.057.00 377,057.00 0.080% 0.83 377,057.83 0 CORPORATE CASH MANAGEMENT ACCOUNT 2,627,696.21 2,627,696.21 0.080% 5.76 2,627,701.97 0 LIBRARY ACCOUNT 304.41 304.41 0.000% 304.41 0 UNION TRUST 143,079.18 143,079.18 0.000% 0.00 143,079.18 0 LA I F WATER DISTRICT 28,893,000.00 28,893,000.00 1.160% 931.00 28,893,931.00 0 LA IF PUBLIC IMPROVEMENT CORPORATION 20,344,556.08 20,344,556.08 1.160% 655.55 20,345,211.63 0 LA IF PUBLIC FINANCING CORPORATION 24,093,605.99 24,093,605.99 1.160% 776.35 24,094,382.34 0 LA I F CITY OF CARLSBAD 29,699,000.00 29,699,000.00 1.160% 956.97 29,699,956.97 SUB-TOTAL 106, 178,298.87 106,178,298.87 1.128% 3,326.45 106,181,625.32 GRAND TOTAL 718,569,298.87 721,925,845.66 1.487% 38,039,475.68 756,702,313.45 January 9, 2018 Item #1 Page 18 of 21 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 30, 2017 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORA TE NOTE ISSUER Investment Cost ADP 4,029,600.00 ALPHABET, INC 5,364,100.00 APPLE JNC 14,391 ,915.00 BERKSHIRE HATHAWAY 5,019,345.05 CHEVRON 13,865,384.00 COCA COLA CO 8,073.352.17 COLGATE-PALMOLIVE 5,459,050.00 EXXON MOBIL 11 ,397,154.99 IBM CORP 7,730,433.50 JOHNSON & JOHNSON 7,443,878.49 MASS MUTUAL 6,842,020.01 MICROSOFT 16,538,680.00 3M COMPANY 3,554,215.00 NEW YORK LIFE 6,032.140.00 PROCTER & GAMBLE 3,781,261.20 ROYAL BA NK OF CANADA 2,289,442.50 TOYOTA 11 ,603,000.00 WAL-MART 9,942,960.00 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 PEFCO RFCO STRIP PRINCIPAL TENNESSEE VALLEY AUTHORITY SUPRANATIONAL-IBRD U.S.TREASURY Tot al Portfolio * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. Investment Cost 21,805,891.00 8,733,759.39 57,765,940.43 80,135,924.04 65,495,773.00 90,276,154.98 9,504,757.83 2,750,760.00 3,315,660.00 3,263,007.89 112,290,651.62 Percent of Portfolio* 0.56% 0.74% 1.99% 0.70% 1.92% 1.12% 0.76% 1.58% 1.07% 1.03% 0.95% 2.29% 0.49% 0.84% 0.52% 0.32% 1.61% 1.38% Percent of Portfolio"" 3.02% 1.21% 8.00% 11.10% 9.07% 12.50% 1.32% 0.38% 0.46% 0.45% 15.55% $721,925,845.66 EXHIBIT 10 January 9, 2018 Item #1 Page 21 of 21