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2018-05-08; City Council; ; Report on City Investments as of March 31, 2018
Report on City Investments March 31, 2018 Meeting Date: May 8, 2018 Page3 Exhibit 9 shows that the investments out of compliance with the current policy had a subsequent change in credit rating. Ratings on two investments changed from double A (AA) to a single A (A) 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. Par Value Cost Fiscal Analysis None Next Steps Investment Portfolio for Bond Proceeds Current Quarter 6,986,338 6,986,338 The Report on City Investments is produced monthly by the City Treasurer. Environmental Evaluation (CEQA) Prior Quarter 6,940,218 6,940,218 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 item was noticed in accordance with 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, and Average Yield 2. Investment Portfolio Breakdown Of Maturities 3. Yield Comparison Graph 4. Market Yield Curve 5. Cumulative Cash Income Graph 6. Third Quarter Transactions 7. Detailed Investment Report 8. Fund Equity in Pooled Investments May 8, 2018 Item #1 Page 3 of 25 Report on City Investments March 31, 2018 Meeting Date: May 8, 2018 Page4 9. Corporate Note and Commercial Paper Ratings 10. Percentage Weightings By Corporate Note Issuer Exhibit for Investments of Bond Proceeds Held Separately: 11. Detailed Investment Report -Quarterly Report Exhibit for Summary of outstanding Housing Loans: 12. Detail Of Outstanding Housing Loans -Quarterly Report May 8, 2018 Item #1 Page 4 of 25 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MARCH 31, 2018 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 $15,558,284 $15,807,172 $15,369,322 $15,653,370 $205,493 1.86 1.85 FN 18,709,435 18,684,284 18,502,448 18,478,601 0 1.60 1.60 TR 110,664,354 115,564,429 108,934,358 113,646,242 1,216,551 1.59 1.57 FA 329,477,996 322,589,196 324,702,590 317,394,262 3,681,022 1.64 1.58 SN 11,933,783 11,931,928 11,741,305 11,738,589 17,718 2.15 2.15 CN 163,298,839 162,353,887 160,924,517 159,927,209 2,087,325 1.77 1.77 LAIF 89,314,000 96,814,203 89,314,000 96,814,203 823,869 1.42 1.38 CUSTODY 314,055 5,874 314,055 5,874 2,050 0.00 0.00 SWEEP 3,687,829 5,563,282 3,687,829 5,563,282 7,266 0.11 0.11 BANK ACCT 141,349 444,914 141,349 444,914 0 0.08 0.08 TOTALS $743,099,925 $749,759,169 $733,631,773 $739,666,545 $8,041,294 1.64% 1.60% 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 SN -Supranational t:rJ ~ ::i:: H to H 8 I-' May 8, 2018 Item #1 Page 5 of 25 CLASS CD FN TR FA SN CN LAIF CUSTODY SWEEP BANK ACCT TOTALS %TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MARCH 31, 2018 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TOSYEARS TOTAL $1,736,763 $247,000 $13,570,317 $15,554,080 0 1,573,898 16,375,579 17,949,477 13,312,177 15,597,229 81,842,387 110,751,792 31,665,597 34,621,019 264,083,293 330,369,909 0 0 11,924,035 11,924,035 26,312,620 18,168,582 119,726,894 164,208,096 89,314,000 0 0 89,314,000 314,055 0 0 314,055 3,687,829 0 0 3,687,829 141,349 0 0 141,349 $166,484,391 (1) $70,207,728 (1) $507,522,504 $744,214,623 22.4% 9.4% 68.2% 100.0% Total within One Year $236,692,118 (1) POLICY: 31.8% ( 1) Not less than $166,800,000 to mature within one year. (2/3rds 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 2.1% 2.4% 14.9% 44.4% 1.6% 22.1% (2) 12.0% 0.0% 0.5% 0.0% 100.0% tc:l :>:: ::r: H to H t-3 N May 8, 2018 Item #1 Page 6 of 25 MARKET YIELD CURVE 6/30/16, 6/30/17, 03/31/18 3.5 Market Rates 3 2.5 I 2 t ---------------~------------- ---------,, --~ ---------... ----------~ 1'-____ __ 0.5 0 3 Mth 2 Yr 5 Yr 10 Yr 3 Mth 2Yr 5 Yr lOYr ...,.._6/30/2016 I .26 .58 1.00 1.47 ....... 6/30/2017 1.01 1.38 1.88 2.30 -~·3/31/2018 1.70 2.26 2.56 2.74 l:rj :x: ::r: H to H t-:3 .i::,. May 8, 2018 Item #1 Page 8 of 25 TRANSACTIONS FOR PERIOD: 01/01/18 TO 03/31/18 3rd QUARTER 2017-2018 Trans Investment Call Par Amount Return Investment Date Date ~ Security Date Value Cou~on (Cost) Rate Interest Return BUYS JANUARY 01/02/18 01/03/18 FA FAM CA 10/29/2019 2,000,000.00 1.625% 1,951,928.00 2.285% 172,294.22 2,124,222.22 01/02/18 01/03/18 FA FFCB 12/21/2018 3,000,000.00 2.230% 2,992,500.00 2.296% 272,870.00 3,265,370.00 01/02/18 01/04/18 CN COLGATE-PALMOLIVE N/A 2,000,000.00 2.250% 1,982,400.00 2.443% 236,475.00 2,218,875.00 01/04/18 01/08/18 CN BERKSHIRE HATHAWAY N/A 1,000,000.00 3.000% 1,023,300.00 2.432% 107,283.33 1, 130,583.33 01/04/18 01/08/18 SN IADB N/A 2,000,000.00 2.125% 1,988,880.00 2.270% 182,300.56 2,171,180.56 01/04/18 01/08/18 SN IADB 4/5/2019 1,500,000.00 1.625% STEP 1,486,500.00 2.164% 88,765.62 1,575,265.62 12/18/17 01/08/18 FA FHLMC 7/1/2020 1,500,000.00 2.220% 1,500,000.00 2.220% 149,202.50 1,649,202.50 10/08/18 10/10/18 CN COCA-COLA N/A 1,500,000.00 3.300% 1,549,740.00 2.340% 130,522.50 1,680,262.50 01/08/18 01/12/18 CD ICA BANK CORP N/A 246,000.00 2.300% 246,000.00 2.300% 22,632.00 268,632.00 01/12/18 01/17/18 CD WELLS FARGO BANK N/A 2,500,000.00 2.150% 2,499,750.00 2.155% 101,628.47 2,601,378.47 01/12/18 01/18/18 SN IADB N/A 1,700,000.00 2.500% 1,702,652.00 2.467% 209,848.00 1,912,500.00 01/18/18 01/22/18 CN WELLS FARGO BANK N/A 3,000,000.00 1.750% 2,983,050.00 2.180% 87,241.67 3,070,291.67 01/18/18 01/22/18 CN NOVARTIS CAPTIAL CORP N/A 1,500,000.00 2.400% 1,489,500.00 2.560% 178,400.00 1,667,900.00 01/22/18 01/24/15 SN IABD N/A 1,000,000.00 2.500% 997,670.00 2.550% 126,913.33 1,124,583.33 01/12/18 01/26/18 CD FLAGSTAR BANK N/A 247,000.00 2.150% 247,000.00 2.150% 10,635.75 257,635.75 01/24/18 01/26/18 CN TOYOTA N/A 3,000,000.00 2.750% 3,000,000.00 2.750% 412,500.00 3,412,500.00 01/29/18 01/31/18 CD SUNTRUST BANK 1/30/2020 246,000.00 2.300% 245,508.00 2.000% 34,547.50 280,055.50 FEBRUARY 02/13/18 02/14/18 TR US TREASURY N/A 1,500,000.00 2.125% 1,486,406.25 2.387% 129,096.84 1,615,503.09 02/13/18 02/15/18 FA FHLB N/A 1,500,000.00 2.375% 1,500,768.00 2.357% 108,778.87 1,609,546.87 02/16/18 02/20/18 TR US TREASURY N/A 2,000,000.00 1.125% 1,911,080.00 2.450% 168,167.24 2,079,247.24 02/20/18 02/22/18 CN MICROSOFT N/A 1,500,000.00 1.550% 1,441,912.50 2.730% 138,558.33 1,580,470.83 02/22/18 02/23/18 FA FHLB N/A 2,750,000.00 2.630% 2,722,500.00 2.848% 384,705.14 3,107,205.14 02/23/18 02/26/18 FA FHLB 3/13/2018 2,000,000.00 1.450% 1,997,000.00 3.700% 348,619.44 2,345,619.44 02/22/18 02/26/18 CN WELLS FARGO BANK N/A 2,000,000.00 2.600% 1,982,700.00 2.914% 167,377.77 2,150,077.77 02/26/18 02/27/18 FA FFCB 2/14/2019 1,800,000.00 2.730% 1,800,000.00 2.729% 194,785.50 1,994,785.50 02/13/18 02/28/18 FA FHLB 2/28/2019 1,000,000.00 2.850% 1,000,000.00 2.850% 142,500.00 1,142,500.00 MARCH 02/26/18 03/07/18 FA FFCB 6/7/2018 1,250,000.00 2.850% 1,250,000.00 2.850% 142,500.00 1,392,500.00 03/08/18 03/09/18 FA FFCB 2/28/2019 1,250,000.00 2.800% 1,249,687.50 2.807% 139,243.06 1,388,930.56 03/08/18 03/09/18 FA FHLMC 6/14/2018 1,000,000.00 2.070% 980,000.00 2.568% 108,262.50 1,088,262.50 03/08/18 03/09/18 FA FNMA N/A 1,000,000.00 2.000% 971,120.00 2.675% 120,324.44 1,091,444.44 03/08/18 03/09/18 FA FHLMC 1/30/2019 2,000,000.00 2.55% STEP 1,970,800.00 2.872% 278,675.00 2,249,475.00 03/05/18 03/27/18 FA FHLMC 6/27/2018 3,000,000.00 3.050% 3,000,000.00 3.050% 457,500.00 3,457,500.00 03/12/18 03/13/18 FA FFCB 2/28/2019 1,250,000.00 2.800% 1,250,000.00 2.800% 138,541.67 1,388,541.67 tr:! 03/12/18 03/13/18 FA FHLMC 8/28/2018 1,250,000.00 2.25% STEP 1,250,000.00 3.129% 195,703.12 1,445,703.12 :><: 03/16/18 03/20/18 CN BERKSHIRE HATHAWAY N/A 1,000,000.00 2.750% 983,890.00 3.101% 153,228.06 1,137,118.06 ::r: H to TOTAL THIRD QUARTER 2017-2018 56,989,000.00 2.535% 56,634,242.25 2.535% 6,040,627.43 62,674,869.68 H 8 O"\ May 8, 2018 Item #1 Page 10 of 25 TRANSACTIONS FOR PERIOD: 01/01/18 TO 03/31/18 3rd QUARTER 2017-2018 Trans Investment Call Par Amount Return Investment Date Date ~ Security Date Value Cou~on (Cost) Rate Interest Return MATURITIES JANUAR't 01/22/13 FA FHLMC QRTLYCALL 3,350,000.00 0.950% 3,341,826.00 1.000% 167,299.00 3,509,125.00 01/25/13 FA FAM CA N/A 5,000,000.00 0.930% 5,004,870.00 0.910% 227,500.83 5,232,370.83 02/01/13 FA FAM CA N/A 5,000,000.00 1.050% 5,000,000.00 1.000% 262,354.17 5,262,354.17 01/16/13 CD BANK OF HOLLAND 7/16/2013 249,000.00 1.000% 248,751.00 1.000% 12,699.00 261,450.00 01/16/13 CD BANK OF N. MICHIGAN 7/16/2013 249,000.00 1.000% 248,751.00 1.000% 12,699.00 261,450.00 01/18/13 CD STEARNS BANK 1/18/2014 249,000.00 0.900% 248,253.00 1.000% 11,952.00 260,205.00 01/29/18 CD CUSTOMERS BANK N/A 248,000.00 1.200% 248,000.00 1.200% 5,960.27 253,960.27 01/30/13 CD FARMERS & MERCHANTS I N/A 249,000.00 0.900% 248,253.00 0.900% 11,952.00 260,205.00 FEBRUARY 11/03/15 FA FNMA N/A 2,700,000.00 0.875% 2,700,891.00 0.860% 52,593.37 2,753,484.37 05/08/13 FA FHLB N/A 1,000,000.00 1.100% 1,000,774.00 1.080% 51,842.67 1,052,616.67 02/20/15 FA FFCB N/A 2,500,000.00 1.110% 2,500,000.00 1.110% 83,250.00 2,583,250.00 03/08/13 CN WAL-MART N/A 3,000,000.00 5.800% 3,669,120.00 1.140% 189,763.33 3,858,883.33 05/27/15 CN WAL-MART N/A 2,000,000.00 5.800% 2,000,000.00 1.125% 315,133.33 2,315,133.33 02/10/16 CD ORIENTAL BANK SAN JUM N/A 248,000.00 1.200% 248,000.00 1.200% 5,943.73 253,943.73 02/10/16 CD CADENCE BANK N/A 248,000.00 1.250% 248,000.00 1.250% 6,217.22 254,217.22 MARCH 07/21/16 FA FHLB N/A 5,000,000.00 1.375% 5,048,990.00 0.770% 63,301.67 5, 112,291.67 03/10/17 TR US TREASURY N/A 1,200,000.00 1.000% 1,198,788.00 1 100% 13,377.75 1,212,165.75 07/21/15 TR US TREASURY N/A 1,700,000.00 0.750% 1,691,765.61 0.932% 42,582.75 1,734,348.36 12/16/16 TR US TREASURY N/A 2,000,000.00 2.875% 2,045,792.00 1.080% 28,294.54 2,074,086.54 03/28/13 CD WASHINGTON FEDERAL N/A 249,000.00 1.000% 248,253.00 1.000% 13,197.00 261,450.00 TOT AL THIRD QUARTER 2017-2018 36,439,000.00 37,189,077.61 0.985% 1,577,913.63 38,766,991.24 CALLS JANUARY -NONE FEBRUARY 2/14/2017 02/28/17 FA FHLB 2/28/2018 2,600,000.00 1.25% STEP 2,600,000.00 2.239% 292,500.00 2,892,500.00 MARCH-NONE TOTAL THIRD QUARTER 2017-2018 2,600,000.00 2,600,000.00 2.239% 292,500.00 2,892,500.00 May 8, 2018 Item #1 Page 11 of 25 INVESTMENT REPORT AS OF MARCH 31, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 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 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 trj 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 :><: ::c: 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 H 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 tel H 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 t-3 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 -.J 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 May 8, 2018 Item #1 Page 12 of 25 INVESTMENT REPORT AS OF MARCH 31, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 5/23/2016 FA 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 12/15/2017 FA FAMCA 1.64% NON-CALL 1,500,000.00 1,487,706.00 2.000% 69,830.67 1,557,536.67 854 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 QRTL Y 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 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 1/21/2016 FA FHLB 1.83% NON-CALL 2,500,000.00 2,549,375.00 1.378% 157,516.67 2,706,891.67 1,651 9/7/2016 FA FFCB 1.32% CALL 8/24/17 CONT 3,000,000.00 2,998,260.00 1.335% 158,710.00 3,156,970.00 1,447 4/19/2016 FA FHLMC 1.65% NON-CALL 1,000,000.00 1,017,760.00 1.230% 54,152.50 1,071,912.50 1,592 6/8/2016 FA FHLB 2.875% NON-CALL 3,000,000.00 3,206,160.00 1.214% 161,121.25 3,367,281.25 1,556 10/12/2016 FA FHLB 1.375% NON-CALL 1,800,000.00 1,808,975.18 1.244% 87,893.57 1,896,868.75 1,430 10/12/2016 FA FHLB 1.375% CALL 1/6/17 1,800,000.00 1,797,300.00 1.414% 101,287.50 1,898,587.50 1,455 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 May 8, 2018 Item #1 Page 13 of 25 INVESTMENT REPORT AS OF MARCH 31, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 2/14/2018 FA FHLB 2.375% NON-CALL 1,500,000.00 1,500,768.00 2.357% 108,778.87 1,609,546.87 1,122 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 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% 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 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 % CALL 6/14/18 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 FNMA 1.00% CALLI 1/28/17 QRTL Y 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 12/19/2017 FA FHLMC 1.125% NON-CALL 1,000,000.00 967,646.98 2.050% 73,384.27 1,041,031.25 1,332 12/11/2017 FA FFCB 2.0% CALL 10/05/18 CONT 2,750,000.00 2,739,907.50 2.100% 220,009.17 2,959,916.67 1,394 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 1/3/2018 FA FAMCA 1.625% QRTL Y CALL 2,000,000.00 1,951,928.00 2.285% 172,294.22 2,124,222.22 1,395 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 1/3/2018 FA FFCB 2.23% CALL CONT 3,000,000.00 2,992,500.00 2.296% 272,870.00 3,265,370.00 1,448 2/27/2018 FA FFCB 2.73% CALL CONT 1,800,000.00 1,800,000.00 2.730% 194,785.50 1,994,785.50 1,448 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 3/9/2018 FA FFCB 2.8% CALL 2/28/19 CONT 1,250,000.00 1,249,687.50 2.807% 139,243.06 1,388,930.56 1,452 3/13/2018 FA FFCB 2.8% DUE CALL 2/28/19 CONT 1,250,000.00 1,250,000.00 2.800% 138,541.67 1,388,541.67 1,448 3/7/2018 FA FFCB 2.85% CALL 6/7/18 CONT 1,250,000.00 1,250,000.00 2.850% 142,500.00 1,392,500.00 1,461 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 8/18/2017 FA FFCB 1.92% CALL 4/19/17 CONT 2,000,000.00 1,992,860.00 2.200% 186,446.67 2,179,306.67 1,705 11/3/2017 FA FHLB 2.0% ONE CALL 10/25/19 2,000,000.00 1,998,000.00 2.020% 181,111.11 2,179,111.11 1,634 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 3/9/2018 FA FHLMC 2.070% CALL 6/14/18 QRTLY 1,000,000.00 980,000.00 2.568% 108,262.50 1,088,262.50 1,558 6/22/2017 FA FHLMC 2.00% QRTL Y CALL STEP 875,000.00 875,000.00 2.175% 95,156.25 970,156.25 1,826 6/29/2017 FA FHLMC 2.15% QRTL Y CALL 2,500,000.00 2,500,000.00 2.150% 268,750.00 2,768,750.00 1,826 12/19/2017 FA FHLMC 2.15% QRTL Y CALL 1,500,000.00 1,494,000.00 2.243% 152,020.83 1,646,020.83 1,653 1/8/2018 FA FHMC 2.22% ONE CALL 7/1/20 1,500,000.00 1,500,000.00 2.220% 149,202.50 1,649,202.50 1,635 11/3/2017 FA FFCB 2.15% CALL 1/26/18 CONT 1,400,000.00 1,400,000.00 2.150% 142,389.72 1,542,389.72 1,726 12/1/2017 FA FHLB 2.0% NON-CALL 1,750,000.00 1,739,692.50 2.130% 177,335.28 1,917,027.78 1,743 May 8, 2018 Item #1 Page 14 of 25 INVESTMENT REPORT AS OF MARCH 31, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 12/1/2017 FA FFCB 1.94% CALL 9/12/18 CONT 1,250,000.00 1,236,950.00 2.171% 128,978.47 1,365,928.47 1,746 2/26/2018 FA FHLB 1.45% CALL 3/13/18 QTRL Y STEP 2,000,000.00 1,997,000.00 3.772% 348,619.44 2,345,619.44 1,660 9/28/2017 FA FNMA 2.0% ONE CALL 9/28/18 2,500,000.00 2,500,000.00 2.000% 249,861.11 2,749,861.11 1,826 3/9/2018 FA FNMA 2.0% NON-CALL 1,000,000.00 971,120.00 2.000% 120,324.44 1,091,444.44 1,671 10/26/2017 FA FHLMC 2.05% CALL 1/26/18 3,250,000.00 3,250,000.00 2.342% 382,687.50 3,632,687.50 1,826 11/30/2017 FA FHLMC 2.05% CALL 1/26/18 2,500,000.00 2,500,000.00 2.300% 287,180.56 2,787,180.56 1,824 12/27/2017 FA FHLMC 2.30% CALL 12/27/19 3,000,000.00 3,000,000.00 2.300% 345,000.00 3,345,000.00 1,826 12/29/2017 FA FHLMC 2.5% CALL 3/29/18 2,000,000.00 2,000,000.00 2.500% 250,000.00 2,250,000.00 1,826 3/9/2018 FA FHLMC 2.55% 1 /30/19 QRTL Y 2,000,000.00 1,970,800.00 2.872% 278,675.00 2,249,475.00 1,788 2/23/2018 FA FHLB 2.63% NON-CALL 2,750,000.00 2,722,500.00 2.848% 384,705.14 3,107,205.14 1,804 2/13/2018 FA FHLB 2.850% CALL 2/28/19 CONT 1,000,000.00 1,000,000.00 2.850% 142,500.00 1,142,500.00 1,841 3/13/2018 FA FHLMC 2.25% CALL 8/28/18 QRTL Y STEP 1,250,000.00 1,250,000.00 3.129% 195,703.12 1,445,703.12 1,813 3/27/2018 FA FHLMC 3.05% CALL 6/27/18 QRTL Y 3,000,000.00 3,000,000.00 3.050% 457,500.00 3,457,500.00 1,826 SUB-TOTAL 328,900,000.00 330,369,909.11 1.639% 21,931,688.16 352,301,597.27 1,435 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 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 1,367 Federal Investments Total 348,063,000.00 348,319,386.15 23,145,211.12 371,464,597.27 1,431 8/3/2017 SN IBRD 1.125% NON-CALL 2,000,000.00 1,972,100.00 1.600% 95,837.50 2,067,937.50 1,103 1/8/2018 SN IBRD 1.625% ONE CALL 4/5/19 STEP 1,500,000.00 1,486,500.00 2.164% 88,765.62 1,575,265.62 1,001 1/8/2018 SN IADB 2.125% NON-CALL 2,000,000.00 1,988,880.00 2.270% 182,300.56 2,171,180.56 1,471 10/10/2017 SN IBRD 1.875% NON-CALL 1,300,000.00 1,290,907.89 2.024% 130,763.88 1,421,671.77 1,823 12/18/2017 SN IBRD 2.00% NON-CALL 2,500,000.00 2,485,325.00 2.150% 219,952.78 2,705,277.78 1,500 1/18/2018 SN IADB 2.50% NON-CALL 1,700,000.00 1,702,652.00 2.467% 209,848.00 1,912,500.00 1,826 1/24/2018 SN IADB 2.50% NON-CALL 1,000,000.00 997,670.00 2.550% 126,913.33 1,124,583.33 1,820 Supranational Investment Total 12,000,000.00 11,924,034.89 2.146% 1,054,381.67 12,978,416.56 1,506 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 6/7/2017 TR US TREASURY .625% 2,000,000.00 1,990,312.50 1.169% 20,896.74 2,011,209.24 327 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 May 8, 2018 Item #1 Page 15 of 25 INVESTMENT REPORT AS OF MARCH 31, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 6/7/2017 TR US TREASURY 1.625% 2,000,000.00 2,011,320.00 1.440% 91,028.07 2,102,348.07 1,150 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 2/20/2018 TR US TREASURY 1.125% 2,000,000.00 1,911,080.00 2.450% 168,167.24 2,079,247.24 1,288 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 2/14/2018 TR US TREASURY 2.125% 1,500,000.00 1,486,406.25 2.387% 129,096.84 1,615,503.09 1,324 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 May 8, 2018 Item #1 Page 16 of 25 INVESTMENT REPORT AS OF MARCH 31, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 110,840,000.00 110,751,792.26 1.594% 7,429,528.57 118,181,320.83 1,449 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 TOYOTA 2.125% NON-CALL 2,000,000.00 2,009,760.00 1.998% 160,476.11 2,170,236.11 1,463 1/22/2018 CN WELLS FARGO BANK 1.75% NON-CALL 3,000,000.00 2,983,050.00 2.180% 87,241.67 3,070,291.67 610 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 12/13/2017 CN CHEVRON CORP 2.193% MAKE-WHOLE CALL 2,500,000.00 2,512,725.00 1.190% 92,660.83 2,605,385.83 702 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 1/17/2018 CN WELLS FARGO BANK2.15% 2,500,000.00 2,499,750.00 2.155% 101,628.47 2,601,378.47 688 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 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 May 8, 2018 Item #1 Page 17 of 25 INVESTMENT REPORT AS OF MARCH 31, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 11/13/2017 CN APPLE INC 2.0% MAKE WHOLE CALL 2,500,000.00 2,497,900.00 2.000% 152,100.00 2,650,000.00 1,096 6/29/2017 CN TOYOTA 2.0% CALL 6/29/20 3,000,000.00 3,000,000.00 2.000% 210,000.00 3,210,000.00 1,279 2/26/2018 CN WELLS FARGO BANK 2.6% NON-CALL 2,000,000.00 1,982,700.00 2.914% 167,377.77 2,150,077.77 1,054 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 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 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 2/22/2018 CN MIRCOSOFT 1.55% MAKE WHOLE CALL 1,500,000.00 1,441,912.50 2.730% 138,558.33 1,580,470.83 1,263 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 1/10/2018 CN COCA COLA 3.30% MAKE WHOLE CALL 1,500,000.00 1,549,740.00 2.344% 130,522.50 1,680,262.50 1,330 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 10/10/2017 CN PROCTER & GAMBLE 1.7% NON-CALL 2,000,000.00 1,982,100.00 1.930% 156,072.22 2,138,172.22 1,485 12/4/2017 CN COLGATE PALMOLIVE 2.450% MAKE WHOLE 2,250,000.00 2,271,141.00 2.200% 196,449.62 2,467,590.62 1,442 12/20/2017 CN MICROSOFT 2.4% MAKE WHOLE 1,250,000.00 1,254,025.00 2.316% 119,808.33 1,373,833.33 1,509 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 12/6/2017 CN BERKSHIRE HATHAWAY 3.0% MAKE WHOLE CALL 1,503,000.00 1,540,770.39 2.400% 162,504.36 1,703,274.75 1,621 1/8/2018 CN BERKSHIRE HATHAWAY 3.0% MAKE WHOLE CALL 1,000,000.00 1,023,300.00 2.432% 107,283.33 1,130,583.33 1,588 8/24/2017 CN TOYOTA 2.8% MAKE WHOLE 1,500,000.00 1,547,160.00 2.119% 158,056.67 1,705,216.67 1,784 11/6/2017 CN PROCTER & GAMBLE 2.15% MAKEWHOLE 1,800,000.00 1,799,161.20 2.160% 185,201.30 1,984,362.50 1,739 1/18/2018 CN NOVARTIS CAPITAL CORP 2.4% MAKEWHOLD 1,500,000.00 1,489,500.00 2.560% 178,400.00 1,667,900.00 1,707 1/4/2018 CN COLGATE-PALMOLIVE 2.25% MAKEWHOLE 2,000,000.00 1 , 982,400.00 2.443% 236,475.00 2,218,875.00 1,776 12/6/2017 CN TOYOTA 2.125% NON-CALL FLOATING 2,250,000.00 2,250,000.00 2.125% 238,132.81 2,488,132.81 1,819 1/24/2018 CN TOYOTA 2.75% NON-CALL FLOATING 3,000,000.00 3,000,000.00 2.750% 412,500.00 3,412,500.00 1,828 3/20/2018 CN BERKSHIRE HATHAWAY 2.75% MAKEWHOLE 1,000,000.00 983,890.00 3.101% 153,228.06 1,137,118.06 1,821 SUB-TOTAL 162,581,000.00 164,208,095.80 1.773% 11,824,792.68 176,032,888.48 1,446 4/5/20.13 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 May 8, 2018 Item #1 Page 18 of 25 INVESTMENT REPORT AS OF MARCH 31, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 7/15/2015 CD CAPTIAL ONE 1.95% NON-CALL 249,000.00 249,000.00 1.950% 19,422.00 268,422.00 1,461 7/24/2014 CD AMERICAN EXPRESS BANK 2.00% 247,000.00 247,000.00 2.000% 24,700.00 271,700.00 1,826 8/28/2014 CD ENERBANK USA 2.05% 247,000.00 247,000.00 2.050% 25,317.50 272,317.50 1,826 8/29/2014 CD SYNCHRONY BANK 2.1 % 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 1,826 8/30/2016 CD WASHINGTON TRUST 1.2% 248,000.00 248,000.00 1.200% 8,928.00 256,928.00 1,095 9/16/2016 CD ISRAEL DISCOUNT BK OF NY 1.3% 248,000.00 248,000.00 1.300% 9,689.91 257,689.91 1,095 9/24/2014 CD DISCOVER 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 9/24/2014 CD GOLDMAN SACHS BANK 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 10/8/2014 CD CAPITAL ONE ABANK USA 2.10% 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 1,826 10/10/2014 CD GE CAPITAL BANK 2.0% 247,000.00 245,641.50 2.000% 26,058.50 271,700.00 1,826 10/29/2014 CD PEOPLES UTD BANK CT 1.9% 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,826 11/3/2014 CD WEBSTER BANK NA T'L ASSOC 1.9% 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,827 12/3/2014 CD CIT BANK SALT LAKE CITY 2.2% 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 12/4/2014 CD AMERICAN EXPRESS CENTURION 2.2% 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 12/10/2014 CD BMW BANK OF N 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 12/21/2017 CD MORGAN STANLEY BANK2.1% 247,000.00 247,000.00 2.100% 10,402.82 257,402.82 732 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 1/26/2018 CD FLAGSTAR BANK 2.15% 247,000.00 247,000.00 2.150% 10,635.75 257,635.75 731 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 12/14/2017 CD ALLYBANK2.10% 247,000.00 247,000.00 2.100% 15,561.00 262,561.00 1,096 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 1/12/2018 CD LCA BANK CORPORATION 2.3% 246,000.00 246,000.00 2.300% 22,632.00 268,632.00 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 May 8, 2018 Item #1 Page 19 of 25 INVESTMENT REPORT AS OF MARCH 31, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 12/22/2017 CD INDUSTRIAL & COML BAK CHINA 2.5% NON-CALL 249,000.00 249,000.00 2.500% 31,125.00 280,125.00 1,826 1/29/2018 CD SUNTRUST BANK 2.30% CALL 1/30/20 STEP 246,000.00 245,508.00 2.792% (217,452.50) 28,055.50 1,827 SUB-TOTAL 15,560,000.00 15,554,079.70 1.863% 1,075,756.03 16,629,835.73 1,649 0 WELLS FARGO BANK -General Fund 141,349.00 141,349.00 0.107% 0.41 141,349.41 0 CORPORATE CASH MANAGEMENT ACCOUNT 3,687,829.46 3,687,829.46 0.107% 10.77 3,687,840.23 0 LIBRARY ACCOUNT 0.000% 0 WELLS FARGO CUSTODY 314,055.33 314,055.33 0.000% 0.00 314,055.33 0 LA IF WATER DISTRICT 24,870,000.00 24,870,000.00 1.420% 980.98 24,870,980.98 0 LA IF PUBLIC IMPROVEMENT CORPORATION 18,405,000.00 18,405,000.00 1.420% 725.98 18,405,725.98 0 LA I F PUBLIC FINANCING CORPORATION 24,877,000.00 24,877,000.00 1.420% 981.26 24,877,981.26 0 L A I F CITY OF CARLSBAD 21,162,000.00 21,162,000.00 1.420% 834.72 21,162,834.72 SUB-TOTAL 93,457,233.79 93,457,233.79 1.361 % 3,534.13 93,460,767.92 GRAND TOTAL 742,501,233.79 744,214,622.59 1.639% 43,478,822.53 775,769,410.23 May 8, 2018 Item #1 Page 20 of 25 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF MARCH 31, 2018 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 Gas Tax 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 47,060,079 21,253,255 26,880,583 8,094,980 5,545,695 6,791,357 99,742,404 108,620,424 14,230,347 4,202,162 131,928,965 48,592,477 7,033,368 6,902,582 1,074,994 EXHIBIT 8 114,809,577 30,444,682 342,421,287 195,532,387 46,212,266 18,530,710 294,883 748,245,792 (5,145,867) 743,099,925 (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 4/1018 May 8, 2018 Item #1 Page 21 of 25 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of MARCH 31, 2018 CORPORATE NOTE AND COMMERCIAL PAPER RA TINGS 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 NOVARTIS CAPITAL CORP Aa3 AA-AA PROCTOER & GAMBLE Aa3 AA-NR ROYAL BANK OF CANADA Aaa AAA AAA TOYOTA Aa3 AA-A WAL-MART Aa2 AA AA WELLS FARGO BANK Aa2 A+ AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A1/P1 or better by two of the three: Moody's, S&P or Fitch) (Ratings of other debt must be AA or better by two of the three: Moody's, S&P or Fitch) NONE Investments with Subsequent Changes in Credit Rating * Latest Moody's S&P Fitch Maturity Date 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 Value 7,412,991 3,526,760 Market Value 7,298,504 3,457,825 May 8, 2018 Item #1 Page 22 of 25 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF MARCH 31, 2018 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* ADP 4,029,600.00 0.54% ALPHABET, INC 5,364,100.00 0.72% APPLE INC 14,391,915.00 1.93% BERKSHIRE HATHAWAY 8,567,305.44 1.15% CHEVRON 14,381,929.00 1.93% COCA COLA CO 9,623,092.17 1.29% COLGATE-PALMOLIVE 9,712,591.00 1.31% EXXON MOBIL 11,397,154.99 1.53% IBM CORP 7,730,433.50 1.04% JOHNSON & JOHNSON 7,443,878.49 1.00% MASS MUTUAL 6,842,020.01 0.92% MICROSOFT 19,234,617.50 2.58% 3M COMPANY 3,554,215.00 0.48% NEW YORK LIFE 6,032,140.00 0.81% NOVARTIS CAPTIAL CORP 1,489,500.00 0.20% PROCTER & GAMBLE 3,781,261.20 0.51% ROYAL BANK OF CANADA 2,289,442.50 0.31% TOYOTA 16,853,000.00 2.26% WAL-MART 4,024,400.00 0.54% WELLS FARGO BANK 7,465,500.00 1.00% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio** 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 Total Portfolio * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. 15,240,655.00 8,733,759.39 67,784,985.43 74,676,030.54 80,816,393.98 85,496,383.98 9,504,757.83 2,750,760.00 3,315,660.00 11,924,034.89 110,751,792.26 2.05% 1.17% 9.11% 10.03% 10.86% 11.49% 1.28% 0.37% 0.45% 1.60% 14.88% $744,214,622.59 EXHIBIT 10 May 8, 2018 Item #1 Page 23 of 25 City of Carlsbad Bond Proceeds Investment Report March 31, 2018 Stated Int. Maturity Fund Type Investments Rate Date Assessment District 03-01 (College/Cannon) Project Fund Invesco Gov. & Agency -Institutional Money Market N/A N/A $ Assessment District 95-01 (Carlsbad Ranch) Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIC) 5.83% N/A $ Assessment District 96-01 (Rancho Carrillo) Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIC) 6.03% 09/02/28 $ ReAssessment District 2012-1 (College/Cannon & Poinsettia Lane) Reserve Fund Invesco Gov. & Agency -Institutional Money Market various N/A $ Other Invesco Gov. & Agency-Institutional Money Market various N/A $ Communities Facilities District #3 Improvement Area 1, 2016 Bonds Reserve Fund Invesco Gov. & Agency -Institutional Money Market various 09/01/36 $ Cost of Issuance Invesco Gov. & Agency -Institutional Money Market various 09/01/36 $ Communities Facilities District #3 Improvement Area 2, 2016 Bonds Reserve Fund Invesco Gov. & Agency -Institutional Money Market various 09/01/38 $ Cost of Issuance Invesco Gov. & Agency -Institutional Money Market various 09/01/38 $ $ H:\Long Term Debt\Quarterly Investment Reports\Qtr Inv Rpt (FY 16-17 onward) Par Value 943,110 $ 1,182,634 $ 1,292,787 $ 2,196,620 $ 38 $ 551,014 $ 1,880 $ 815,472 $ 2,783 $ 6,986,338 $ Cost Fiscal Agent: 943,110 Fiscal Agent: 1,182,634 Fiscal Agent: 1,292,787 Fiscal Agent: 2,196,620 38 Fiscal Agent: 551,014 1,880 Fiscal Agent: 815,472 2,783 6,986,338 Source BNY Mellon Invesco BNY Mellon HSBC Bank of New York BNY Mellon HSBC Bank of New York BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon l:rj :x: ::r: H b:i H 1-3 I-' I-' May 8, 2018 Item #1 Page 24 of 25 City of Carlsbad Summary of Outstanding Housing Loans As of March 31, 2018 Loans issued by Loans issued Loan amount Developer loan City to by Developer Developer due to City amount due to City First date #of loans developers/ to # of loans City loan loan repaid to (recorded as (not on City's Borrower Develoement Pureose issued issued homeowners homeowners outstanding repaid to City City AR) books) Type of Loan Payment deferred 15 years. No interest is due unless Individual homebuyers City-wide (CHAP) Sale 06/28/99 133 $1,680,000 $ 4 ($1,680,000) $ ($0.08) $ (0) home is sold before 16th year Payment deferred 30 years. No interest is due unless Individual homebuyers Calavera Hills Sale 10/15/99 5 75,000 150,000 1 (60,000) (120,000) 15,000 30,000 45,000 home is sold before 31th year Payment deferred 30 years. No interest is due unless Individual homebuyers Cherry Tree Walk Sale 06/28/99 42 453,600 452,600 12 (324,000) (283,250) 129,600 169,350 298,950 home is sold before 31th year Payment deferred 30 years. No interest is due unless Individual homebuyers Serrano Sale 05/25/01 90 1,350,000 4,050,000 23 (1,020,135) (2,745,000) 329,865 1,305,000 1,634,865 home is sold before 31th year Individual homebuyers Rancho Carlsbad Sale 05/20/99 22 752,533 5 (616,633) 135,900 135,900 Principal is due when home is sold Individual homebuyers Sola mar Sale 09/26/88 9 147,726 1 (135,065) 12,661 12,661 Principal is due when home is sold Catholic Charities Homeless shelter Shelter 09/19/97 1 200,000 1 200,000 200,000 Principal is due when property is sold Principal and 3% interest each year for 30 years when CB Laurel Tree Apartments Laurel Tree Rentals 12/24/98 2 1,134,000 2 (1,134,000) (0) (0) surplus cash is available Principal and 3% interest each year for 55 years when USA Properties c/o CFHP Rancho Carrillo Rentals 03/05/01 1 1,157,584 1 (1,157,584) (0) (0) surplus cash is available Principal and 3% interest each year for 55 years when Pacific Vista Las Flores Vista Las Flores Rentals 02/27/01 1 363,948 1 363,948 363,948 surplus cash is available Principal and 3% interest each year for 55 years when Poinsettia Housing Assoc Poinsettia Station Rentals 10/21/99 1 920,000 1 (568,732) 351,268 351,268 surplus cash is available Principal and 3% interest each year for 15 years when Bridge Housing Corp Villa Loma Rentals 11/04/94 2 2,212,000 0 (2,212,000) surplus cash ls available Principal and 3% interest each year for 55 years when Dove Family Housing La Costa Paloma Rentals 07/15/03 1 2,070,000 1 (2,070,000) (0) (0) surplus cash is available Principal and 3% interest each year for 55 years when CIC Calavera LP Mariposa Apts Rentals 09/15/04 1 1,060,000 1 1,060,000 1,060,000 surplus cash is available Mulberry at Payment deferred 30 years. No interest is due unless Individual homebuyers Bressi Ranch Sale 04/29/05 100 1,840,000 19,660,200 100 1,840,000 19,660,200 21,500,200 home is sold before 31th year Payment deferred 30 years. No interest is due unless Individual homebuyers Village by the Sea Sale 10/28/05 11 220,000 4,087,200 11 220,000 4,087,200 4,307,200 home is sold before 31th year Principal and 3% interest each year for 55 years when El Camino Family Housing Cassia Heights Rentals 03/07/06 1 1,454,276 1 1,454,276 1,454,276 surplus cash is available Payment deferred 45 years. No interest is due unless Individual homebuyers Laguna Point Sale 07/06/06 3 210,000 2 (70,000) 140,000 140,000 home is sold before 46th year Payment deferred 30 years. No interest is due unless Individual homebuyers The Bluffs Sale 06/14/07 10 200,000 10 200,000 200,000 home is sold before 31th year Roosevelt Refer to Agenda Bill 18,569 I Resolution 2006-131 & Individual homebuyers Gardens Sale 08/30/07 11 1,583,423 11 1,583,423 1,583,423 AB 19,183 / R2007-255 CIC La Costa Hunter's Point Rentals 08/19/08 1 1,932,000 1 1,932,000 1,932,000 Refer to AB18,251 I Resolution 2005-264 Down Payment & Closing Cost Assistance Various Assistance 06/25/09 22 255,518 21 (12,500) 243,018 243,018 Refer to Agenda Bill 19,415 / Resolution 2008-121 CIC Glen Ridge, LP Glen Ridge Rentals 10/05/09 1 1,014,000 1 1,014,000 1,014,000 Refer to Agenda Bi!! 397 I Resolution 435 Tavarua Senior Apartments, LP Tavarua Rentals 12/14/11 1 1 Refer to Agenda Bi!! 418 / Resolution 475 North County Solutions for Property Change Acquisition Rentals 06/28/12 1 780,000 1 780,000 780,000 Refer to Agenda Bil! 20,936/Resolution 2012-136 Refer to AB19,768/R20D9-068; AB20,530/R2011- Catholic Charities Homeless shelter Shelter 03/01/10 3 507,585 3 507,585 507,585 081; AB20,764/R2011-288 Minor Home Individual homeowners N/A Repair 05/20/10 12 30,677 6 (2,083) 28,594 28,594 Refer to AB19,415 / Resolution 2008-121 Property Hospice of North Coast N/A Acquisition 02/27/13 1 1,065,000 1 1,065,000 1,065,000 Refer to AB21, 116/Resolution 2013-027 Harding Street Neighbors, Carol-Harding Property LP Duplex Acquisition 03/14/13 1 7,408,000 1 7,408,000 7,408,000 Refer to AB21,028/Resolution 2012-235 Tracy Templeton Laguna Point Sale 04/17/13 1 108,150 1 108,150 108,150 TBD Payment deferred 30 years. No interest is due unless t,j Thomas & Judy Kim Rose Bay Sale 08/23/13 1 229,775 1 229,775 229,775 home is sold before 31th year ::x: Property :::c: Solutions for Change N/A Acquisition 12/19/14 1 2,646,000 1 2,646,000 2,646,000 Refer to AB21, 763/Resolution 2014-243 H Chelsea Inv Corp/Quarry tJj Creek CiC LLP Quarry Creek Rentals 08/31/16 1 1,280,000 1 1,280,000 1,280,000 H 1-3 Allowances 1,598,379 1,598,379 494 $ 34,742,416 $ 28,400,000 229 $ (11,062,732) $ (3,148,250) $ 23,679,684 $ 25,251,750 $ 50,529,813 I-' [\J 3rd Qtr: issued a $2.800 Minor Home Reoair loan May 8, 2018 Item #1 Page 25 of 25