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2018-06-12; City Council; ; Report on City Investments as of April 30, 2018
CITY COUNCIL · Staff Report Meeting Date To: From: June 12, 2018 Mayor and Council Members Kevin Crawford, City Manager CA Review rfJV 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 April 30, 2018 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 April 30, 2018 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value $759,409,304 $742,501,234 Cost of Investments $760,743,158 $744,214,623 Amortized Cost (1) $759,601,590 $743,099,925 Market Value (2) $748,032,777 $733,631,773 (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 Wells Fargo Bank's custodial report as of 04/30/18. 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. June 12, 2018 Item #1 Page 1 of 21 Report on City Investments April 30, 2018 Meeting Date: June 12, 2018 Page2 FUND EQUITY IN POOLED INVESTMENTS (Dollar Amounts in Millions) General $126 Internal Service $46 Agency/Trust $18 Enterprise $196 Special Revenue $32 Capital Projects $ 342 Total Treasurer's Investment Portfolio at Amortized Cost April 30, 2018 $760 million Pooled Investment Interest Income Current Prior Current Month Cash Income Fiscal Year-to-Date * $9,442,073 $8,041,294 $1,400,779 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life Average Yield (Years) To Maturity Modified Duration February 2018 1.97 1.597% 1.874 March 2018 1.99 1.639% 1.898 April 2018 1.99 1.712% 1.892 All pooled investments have been made in accordance with the city's Investment Policy adopted January 2, 1985 and last revised July 25, 2017. All investments were initially made in accordance with the city's Investment Policy. Events subsequent to the purchase might have resulted in some investments not being in compliance with the current policy. These events are typically a change in the city's Investment Policy, a change in the credit rating subsequent to a purchase, or a temporary reduction in total portfolio assets. June 12, 2018 Item #1 Page 2 of 21 Report on City Investments April 30, 2018 Meeting Date: June 12, 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. Fiscal Analysis None Next Steps The Report on City Investments is produced monthly by the City Treasurer. Environmental Evaluation (CEQA) Pursuant to Public Resources Code section 21065, this action does not constitute a "project" within the meaning of CEQA in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and therefore does not require environmental review. Public Notification This item was noticed in accordance with the Ralph M. Brown Act and was available for viewing at I.east 72 hours prior to the posting of the agenda. Exhibits 1. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield 2. Investment Po rtfolio Breakdown Of Maturities 3. Yield Comparison Graph 4. Market Yield Curve s. Cumulative Cash Income Graph 6. Fourth Quarter Transactions 7. Detailed Investment Report 8. Fund Equ ity in Pooled Investments 9. Corporate Note and Commercial Paper Ratings 10. Percentage Weightings By Corporate Note Issuer June 12, 2018 Item #1 Page 3 of 21 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30, 2018 - BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS AMORTIZED COST MARKET VALUE AVERAGE YIELD Cash Income Class Curre_nt Month Prior Month Current Month Prior Month Year to Date Current Month Prior Month CD $15,058,362 $15,558,284 $14,846,097 $15,369,322 $228,241 1.92 1.86 FN 18,733,775 18,709,435 18,469,502 18,502,448 0 1.60 1.60 TR 106,266,794 110,664,354 104,089,173 108,934,358 1,519,960 1.62 1.59 FA 346,208,277 329,477,996 340,148,794 324,702,590 4,145,009 1.70 1.64 SN 11,935,638 11,933,783 11,663,693 11,741 ,305 35,596 2.15 2.15 CN 161,933,440 163,298,839 159,350,215 160,924,517 2,325,580 1.83 1.77 LAIF 90,915,777 89,314,000 90,915,777 89,314,000 1,174,419 1.63 1.42 CUSTODY 4,879,135 314,055 4,879,135 314,055 2,135 0.01 0.00 SWEEP 479,109 3,687,829 479,109 3,687,829 11,134 1.48 0.11 BANK ACCT 3,191 ,282 141,349 3,191,282 141,349 0 1.48 0.08 TOTALS $759,601,590 $743,099,924 $748,032,777 $733,631,772 $9,442,073 1.71% 1.64% 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 ttj :x: ::r: H a:, H t-3 I-' June 12, 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 APRIL 30, 2018 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR I TO S YEARS TOTAL $993,000 $247,000 $13,8 16,317 $15,056,317 0 5,345,898 12,603,579 17,949,477 13,894,942 11,422,791 81,043,747 106,361,480 33,073,665 33,763,299 280,293,456 347,130,420 0 0 11,924,035 11,924,035 26,582,781 16,160,356 120,112,989 162,856,126 90,915,777 0 0 90,915,777 4,879,135 0 0 4,879,135 3,191,282 0 0 3,191,282 479,109 0 0 479,109 $174,009,692 (1) $66,939,344 (1) $519,794,122 $760,743,158 22.9% 8.8% 68.3% 100.0% Total within One Year $240,949,036 (I) POLICY: 31.7% (1) Not less than $166,800,000 to mature within one year. (2/3rds of current year operating budget of $250,146,000.00) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. %TOTAL 2.0% 2.4% 14.0% 45.6% 1.6% 21.4% (2) 12 .0% 0.6% 0.4% 0.1% 100.0% l:tj >:: ::I1 H tp H 1-3 N June 12, 2018 Item #1 Page 5 of 21 YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 2012-APRIL 2018 1.90 -.------------------------------ 1.80 ----r------------------------------ 1.70 ----r------------------------------------ 1.60 1.50 1.40 I r 1.ao . J 1.20 I ~ 1.10 I .,,_. ~:~~ 1 1 ~LAIF J 0.80 0. 70 "' 0.60 --t-----------------------'Jlj~-------- 0.50 -+---~---------------~""--------------- 0.40 -+-. _,,..,..,....,,.-. ----------------.......#------------ 0.30 I ... --~ )IOI ,101C""'""" 0 ~I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )I( )l?R-. 20 0.10 0.00 ~ '"._.\ ~ ";, ~ -\ ~ ~ ~ . ~ ~ " ~ . ~ ~ Co ~ _\ ~ ~ ~ -\ ~ Cl, ~ ::r: ~&~~~&~~~&~~~&~~~&~~~&~~§ 8 w June 12, 2018 Item #1 Page 6 of 21 MARKET YIELD CURVE 6/30/16, 6/30/17, 04/30/18 3. 5 Market Rates 3 I 2.5 1 2 i.... __ .n-------------~-------------------o . --------------. ----------..---1J.-____ __ 0.5 .. 0 ---L-~~~~~----.------~~~~~----,-~~~~~----, I I 3 Mth 2Yr 5 Yr 10 Yr 3 Mth 2Yr 5Yr IO Yr ~-----------i ~6/30/2016 .26 .58 1.00 1.47 _... 6/30/2017 1.01 1.38 1.88 2.30 -<>-·4/30/2018 1.80 2.49 2.80 2.95 t:rj :><: ::i:: H to H f-,3 ~ June 12, 2018 Item #1 Page 7 of 21 Cumulative Cash Income FYI 7-18 Cumulative Millions$ (April 2018) Monthly Interest Income Millions$ 12 11 10 9 8 7 6 5 4 3 2 1 0 .----~~~~~~~~~~~~~~~~~~----.-8 .,.,,,,,,. • 'r 7 .,.,,,,,,. 6 5 c~~~~~~~~~~~~----=~4 3 c=-~~~~-----=-::--~~1.4~-=~2 1 L_L,L~..L_--1,-1~-r------r~~ 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun c:::Jlnterest Income -.--Budget ---Actual YTD trj :x: p:1 H b:I H 8 u, June 12, 2018 Item #1 Page 8 of 21 TRANSACTIONS FOR PERIOD: 04/01/18 TO 04/30/18 4TH QUARTER 2017-2018 Trans Investment Maturity Call Date Date Date ~ Security Date BOYS APRIL 04/06/18 04/10/18 02/16/23 FA FHLMC 8/16/2018 04/12/18 04/13/18 07/13/20 FA FFCB 4/19/2018 04/12/18 04/13/18 09/15/20 FA FFCB 6/15/2018 04/16/18 04/17/18 08/23/22 FA FFCB 4/23/2018 04/16/18 04/18/18 03/15/23 CN BERKSHIRE HATHAWAY N/A 04/16/18 04/24/18 04/24/23 CD CITIBANK N/A 04/23/18 04/24/18 07/27/21 FA FHLB 7/27/2018 04/23/18 04/24/18 12/09/22 FA FHLB N/A 04/23/18 04/25/18 03/15/23 CN BERKSHIRE HATHAWAY N/A 04/20/18 04/26/18 04/26/21 FA FHLB 4/26/2019 04/20/18 04/23/18 10/27/20 FA FNMA 7/27/2018 04/23/18 04/27/18 04/27/23 FA FHLMC 7/27/2018 04/26/18 04/27/18 07/18/22 FA FHLMC 7/18/2018 TOTAL FOURTH QUARTER 2017-2018 Ii1.NtQ~itlEs APRIL 10/26/16 04/18/18 FA FFCB N/A 03/26/13 04/01/18 CN COCA COLA N/A 10/29/15 04/11/18 CN WAL-MART N/A 04/05/13 04/04/18 CD BOSTON PRIVATE BANK N/A 04/18/13 04/18/18 CD FIRST STATE BAN K NE N/A 04/30/13 04/30/18 CD FIOREST COMMERCIAL BANK N/A 10/26/16 04/30/18 TR US TREASURY N/A 06/07/17 04/30/18 TR US TREASURY N/A TOTAL FOURTH QUARTER 2017-2018 cAt..t..sz · APRIL -NONE TOTAL FOURTH QUARTER 2017-2018 Par Amount Value COUQOn (Cost) 2,500,000.00 2.625% 2,474,500.00 2,000,000.00 1.290% 1,948,000.00 1,750,000.00 2.470% 1,748,757.50 2,000,000.00 1.670% 1,912,000.00 1,750,000.00 2.750% 1,719,130.00 246,000.00 3.000% 246,000.00 1,400,000.00 1.000% 1,358,518.00 2,250,000.00 2.500% 2,215,102.50 2,000,000.00 2. 750% 1,953,300.00 2,000,000.00 2.680% 2,000,000.00 1,750,000.00 1.900% 1,721,125.00 2,000,000.00 3.050% 2,000,000.00 1,000,000.00 1.750% 981 ,100.00 22,646,000.00 22,277,533.00 1,600,000.00 0.750% 1,598,592.00 1,000,000.00 1.150% 1,000,000.00 4,000,000.00 1.125% 4,024,400.00 248,000.00 0.950% 247,008.00 249,000.00 0.950% 248,502.00 249,000.00 0.900% 248,253.00 2,400,000.00 0. 750% 2,400,000.00 2,000,000.00 0.625% 1,990,312.50 11,746,000.00 11 ,757,067.50 Return Rate Interest 2.851 % 343,781 .25 2.485% 110,050.00 2.500% 105,943.06 2.750% 233,290.00 3.140% 267,083.54 3.000% 36,900.00 2.743% 141,348.67 2.860% 295,053.75 3.270% 315,588.89 2.680% 160,800.00 2.583% 112,369.44 3.050% 305,000.00 2.901 % 121,837.50 2.822% 2,549,046.10 0.810% 19,141 .33 1.150% 57,627.78 0.873% 85,850.00 1.032% 12,765.55 0.991 % 12,325.50 0.960% 11,952.00 0.750% 27,244.57 1.169% 20,896.74 0.921% 247,803.47 Investment Return 2,818,281.25 2,058,050.00 1,854,700.56 2,145,290.00 1,986,213.54 282,900.00 1,499,866.67 2,510,156.25 2,268,888.89 2,160,800.00 1,833,494.44 2,305,000.00 1,102,937.50 24,826,579.10 1,617,733.33 1,057,627.78 4,110,250.00 259,773.55 260,827.50 260,205.00 2,427,244.57 2,011 ,209.24 12,004,870.97 t:rj :>< ::I1 H tJj H 1-'3 O'\ June 12, 2018 Item #1 Page 9 of 21 INVESTMENT REPORT AS OF APRIL 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 l:rj 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 :>:: ::i::: 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 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 ttl H 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 1-3 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 -....J 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 June 12, 2018 Item #1 Page 10 of 21 INVESTMENT REPORT AS OF APRIL 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 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 4/13/2018 FA FFCB 1.29% CALL 4/19/18 CONT 2,000,000.00 1,948,000.00 2.485% 110,050.00 2,058,050.00 822 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 4/13/2018 FA FFCB 2.47% CALL 6/15/18 CONT 1,750,000.00 1,748,757.50 2.500% 105,943.06 1,854,700.56 886 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 4/23/2018 FA FNMA 1.9% CALL 7/27/18 CONT 1,750,000.00 1,721 ,125.00 2.583% 112,369.44 1,833,494.44 918 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 June 12, 2018 Item #1 Page 11 of 21 INVESTMENT REPORT AS OF APRIL 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 4/26/2018 FA FH LB 2.68% CALL 4/26/19 CONT 2,000,000.00 2,000,000.00 2.680% 160,800.00 2,160,800.00 1,096 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 % 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 4/24/2018 FA FHLB 1.0% CALL 7/27/18 QRTLY 1,400,000.00 1,358,518.00 2.743% 141,348.67 1,499,866.67 1,190 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 1/7/1900 FA FFCB 2.23% CALL CONT 3,000,000.00 2,992,500.00 2.296% 272,870.00 3,265,370.00 44,544 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 FAMCA 2.1 % 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 FH LMC 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 June 12, 2018 Item #1 Page 12 of 21 INVESTMENT REPORT AS OF APRIL 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 4/27/2018 FA FHLMC 1.75% CALL 7/18/18 QRTLY STEP 1,000,000 .00 981,100.00 2.901% 121,837.50 1,102,937.50 1,543 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 4/17/2018 FA FFCB 1.670% CALL 4/23/18 CONT 2,000,000.00 1,912,000.00 2.750% 233,290.00 2,145,290.00 1,589 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 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 QTRLY 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 4/24/2018 FA FHLB 2.5% NON-CALL 2,250,000.00 2,215,102.50 2.500% 295,053.75 2,510,156.25 1,690 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 QRTLY 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 4/10/2018 FA FHLMC 2.625% CALL QRTL Y 2,500,000.00 2,474,500.00 2.851% 343,781.25 2,818,281 .25 1,773 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 QRTLY 3,000,000.00 3,000,000.00 3.050% 457,500.00 3,457,500.00 1,826 4/27/2018 FA FHLMC 3.05% CALL 7/27/18 QRTL Y 2,000,000.00 2,000,000.00 3.050% 305,000.00 2,305,000.00 1,826 SUB-TOTAL 345,950,000.00 347,130,420.11 1.699% 23,842,020.50 370,972,440.61 1,700 1/23/2015 FN FNMA 0% NON-CALL 1,163,000.00 1,086,447.85 1.700% 76,552.1 5 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 365,113,000.00 365,079,897.15 25,055,543.46 390,135,440.61 1,683 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 June 12, 2018 Item #1 Page 13 of 21 INVESTMENT REPORT AS OF APRIL 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) Supranational Investment Total 12,000,000.00 11,924,034.89 2.146% 1,054,381.67 12,978,416.56 1,506 10/7/2014 TR US TREASURY 1.375% 1,400,000.00 1,400,251.69 1.370% 73,191.24 1,473,442.93 1,393 7/16/2014 TR US TREASURY 1.50% 4,000,000.00 4,009,600.00 1.496% 237,900.00 4,247,500.00 1,507 7/24/2014 TR US TREASURY 1.50% 2,000,000.00 2,006,348.00 1.420% 116,749.83 2,123,097.83 1,499 10/7/2014 TR US TREASURY 1.50% 1,500,000.00 1,505,664.36 1.400% 82,035.92 1,587,700.28 1,424 8/5/2014 TR US TREASURY 1.25% 3,000,000.00 2,974,200.00 1.460% 184,665.49 3,158,865.49 1,548 12/29/2015 TR US TREASURY 1.25% 2,000,000.00 1,998,878.00 1.270% 72,069.80 2,070,947.80 1,037 4/15/2016 TR US TREASURY 1.25% 1,500,000.00 1,515,292.97 0.850% 33,127.36 1,548,420.33 944 10/3/2014 TR US TREASURY 1.50% 1,000,000.00 1,000,000.00 1.500% 63,627.72 1,063,627.72 1,550 6/5/2015 TR US TREASURY 1.50% 2,000,000.00 2,015,296.00 1.285% 94,344.88 2,109,640.88 1,336 1/27/2017 TR US TREASURY 1.375% 1,000,000.00 1,003,590.00 1.200% 25,125.47 1,028,715.47 762 10/6/2015 TR US TREASURY 1.625% 4,000,000.00 4,083,992.00 1.010% 142,442.43 4,226,434.43 1,272 1/27/2017 TR US TREASURY 1.50% 1,000,000.00 1,005,980.00 1.220% 26,616.15 1,032,596.15 793 12/19/2016 TR US TREASURY 1.25% 800,000.00 798,640.00 1.323% 25,006.41 823,646.41 862 7/21/2015 TR US TREASURY 1.5% 1,500,000.00 1,505,156.25 1.408% 81 ,708.50 1,586,864.75 1,410 2/21/2017 TR US TREASURY 1.5% 800,000.00 803,875.00 1.283% 23,388.74 827,263.74 829 8/1/2014 TR US TREASURY 1.625% 2,515,000.00 2,500,019.15 1.750% 219,213.54 2,719,232.69 1,825 10/6/2014 TR US TREASURY 1.00% 1,000,000.00 964,920.00 1.036% 84,085.52 1,049,005.52 1,790 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 June 12, 2018 Item #1 Page 14 of 21 INVESTMENT REPORT AS OF APRIL 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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% 2,0b0,000.00 2,028,360.00 1.700% 169,651.15 2,198,011 .15 1,808 11/22/2016 TR US TREASURY 2.00% 2,000,000.00 2,016,562.50 1.825% 182,664.02 2,199,226.52 1,819 1/6/2017 TR US TREASURY 2.125% 4,000,000.00 4,052,128.00 1.850% 371 ,463.16 4,423,591 .16 1,820 2/3/2017 TR US TREASURY 2.125% 1,850,000.00 1,867,632.81 1.920% 175,237.36 2,042,870.17 1,792 1/20/2017 TR US TREASURY 1.50% 3,000,000.00 2,928,555.00 2.000% 297,790.11 3,226,345.11 1,837 3/2/2017 TR US TREASURY 1. 750% 3,000,000.00 2,963,925.00 2.000% 302,757.69 3,266,682.69 1,855 5/15/2017 TR US TREASURY 1. 750% 2,000,000.00 1,985,625.00 1.901% 189,375.00 2,175,000.00 1,826 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 106,440,000.00 106,361,479.76 1.621% 7,381 ,387.26 113,742,867.02 1,486 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 BANK 2.15% 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 June 12, 2018 Item #1 Page 15 of 21 INVESTMENT REPORT AS OF APRIL 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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% 152,1 00.00 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 4/18/2018 CN BERKSHIRE HATHAWAY 2.75% MAKEWHOLE 1,750,000.00 1,719,130.00 3.140% 267,083.54 1,986,21 3.54 1,792 4/25/2018 CN BERKSHIRE HATHAWAY 2.75% MAKEWHOLE 2,000,000.00 1,953,300.00 3.270% 315,588.89 2,268,888.89 1,785 SUB-TOTAL 161 ,331 ,000.00 162,856,125.80 1.832% 12,263,987.33 175,120,11 3.13 1,459 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 June 12, 2018 Item #1 Page 16 of 21 INVESTMENT REPORT AS OF APRIL 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Daysi 8/25/2016 CD BMO HARRIS BANK 1.10% 248,000.00 248,000.00 1.100% 5,456.00 253,456.00 729 1/20/2016 CD KEY BANK NATL ASSN OHIO 1.55% 247,000.00 247,000.00 1.550% 11,528.04 258,528.04 1,098 7/15/2015 CD CAPTIAL ONE 1.95% NON-CALL 249,000.00 249,000.00 1.950% 19,422.00 268,422.00 1,461 7/24/2014 CD AMERICAN EXPRESS BANK 2.00% 247,000.00 247,000.00 2.000% 24,700.00 271,700.00 1,826 8/28/2014 CD ENERBANK USA 2.05% 247,000.00 247,000.00 2.050% 25,317.50 272,317.50 1,826 8/29/2014 CD SYNCHRONY BANK 2.1 % 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 1,826 8/30/2016 CD WASHINGTON TRUST 1.2% 248,000.00 248,000.00 1.200% 8,928.00 256,928.00 1,095 9/16/2016 CD ISRAEL DISCOUNT BK OF NY 1.3% 248,000.00 248,000.00 1.300% 9,689.91 257,689.91 1,095 9/24/2014 CD DISCOVER 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 9/24/2014 CD GOLDMAN SACHS BANK 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 10/8/2014 CD CAPITAL ONE ABANK USA 2.10% 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 1,826 10/10/2014 CD GE CAPITAL BANK 2.0% 247,000.00 245,641.50 2.000% 26,058.50 271 ,700.00 1,826 10/29/2014 CD PEOPLES UTD BANK CT 1.9% 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,826 11/3/2014 CD WEBSTER BANK 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 BANK 2.1% 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 ALLY BANK 2.10% 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 June 12, 2018 Item #1 Page 17 of 21 INVESTMENT REPORT AS OF APRIL 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN ~ 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 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% 34,547.50 280,055.50 1,827 4/24/2018 CD CITIBANK 3.0% NON-CALL 246,000.00 246,000.00 3.000% 36,900.00 282,900.00 1,826 SUB-TOTAL 15,060,000.00 15,056,316.70 1.924% 1,327,612.98 16,383,929.68 1,644 0 WELLS FARGO BANK -General Fund 479,109.00 479,109.00 1.483% 19.47 479,128.47 0 CORPORA TE CASH MANAGEMENT ACCOUNT 3,191 ,282.01 3,191 ,282.01 1.483% 129.66 3,191,411.67 0 LIBRARY ACCOUNT 0.000% 0 WELLS FARGO CUSTODY 4,879,135.49 4,879,135.49 0.637% 86.33 4,879,221.82 0 LA I F WATER DISTRICT 21 ,460,000.00 21 ,460,000.00 1.650% 983.58 21,460,983.58 0 LA I F PUBLIC IMPROVEMENT CORPORATION 18,475,957.05 18,475,957.05 1.650% 846.81 18,476,803.86 0 LA I F PUBLIC FINANCING CORPORATION 24,964,820.24 24,964,820.24 1.650% 1,144.22 24,965,964.46 0 L A I F CITY OF CARLSBAD 26,015,000.00 26,015,000.00 1.650% 1,192.35 26,016,192.35 SUB-TOTAL 99,465,303.79 99,465,303.79 1.594% 4,402.44 99,469,706.23 GRAND TOTAL 759,409,303.79 760,743,158.09 1.712% 46,032,933.47 794,852,056.67 June 12, 2018 Item #1 Page 18 of 21 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF APRIL 30, 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 atAmortized Cost 46,697,515 21,497,717 26,201,224 8,004,213 6,129,798 6,752,385 100,404,038 108,616,815 14,213,566 3,574,964 131,826,023 48,896,500 7,130,291 7,365,016 1,103,979 EXHIBIT 8 126,603,532 32,012,076 342,092,233 196,321,809 46,471,147 17,775,720 285,383 761,561,900 (1,960,310) 759,601,590 (1) The Reconciling Adjustments consist of differences between the General Ledger which is prepared on an accrual basis and the Treasurer's report which is prepared on the cash basis. Accrued Interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the Treasurer's summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment. Figures based on best estimate at the time report run on 5/9/18 June 12, 2018 Item #1 Page 19 of 21 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of APRIL 30, 2018 CORPORA TE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by two of the three: Moody's S&P or Fitch) Moody's S&P Fitch ADP Aa3 AA NR ALPHABET, INC Aa2 AA+ NR APPLE Aa1 AA+ NR BERKSHIRE HATHAWAY Aa2 AA AA- CHEVRON Aa2 AA-NR COCA COLA Aa3 AA-A+ COLGATE-PALMOLIVE Aa3 AA-AA- EXXON MOBIL Aaa AA+ NR JOHNSON & JOHNSON Aaa AAA AAA MASS MUTUAL GLOBAL Aa2 AA+ AA+ MICROSOFT Aaa AAA AA+ NEW YORK LIFE Aaa AA+ AAA 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 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 7,397,719 3,525,811 Market Value 7,278,576 3,451,595 June 12, 2018 Item #1 Page 20 of 21 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF APRIL 30, 2018 WEIGHTINGS FOR CORPORA TE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost Percent of Portfolio* ADP 4,029,600.00 0.53% ALPHABET, INC 5,364,100.00 0.71 % APPLE INC 14,391 ,915.00 1.89% BERKSHIRE HATHAWAY 12,239,735.44 1.61 % CHEVRON 14,381 ,929.00 1.89% COCA COLA CO 8,623,092.17 1.13% COLGATE-PALMOLIVE 9,712,591.00 1.28% EXXON MOBIL 11 ,397,154.99 1.50% IBM CORP 7,730,433.50 1.02% JOHNSON & JOHNSON 7,443,878.49 0.98% MASS MUTUAL 6,842,020.01 0.90% MICROSOFT 19,234,617.50 2.53% 3M COMPANY 3,554,215.00 0.47% NEW YORK LIFE 6,032,140.00 0.79% NOVARTIS CAPTIAL CORP 1,489,500.00 0.20% PROCTER & GAMBLE 3,781 ,261.20 0.50% ROYAL BANK OF CANADA 2,289,442.50 0.30% TOYOTA 16,853,000.00 2.22% WELLS FARGO BANK 7,465,500.00 0.98% 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 Total Portfolio • No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. Investment Cost Percent of Portfolio** 15,240,655.00 8,733,759.39 71 ,795,150.93 85,749,651 .04 80,771 ,993.98 87,21 7,508.98 9,504,757.83 2,750,760.00 3,315,660.00 11 ,924,034.89 106,361 ,479.76 2.00% 1.15% 9.44% 11.27% 10.62% 11.46% 1.25% 0.36% 0.44% 1.57% 13.98% $760,743,158.09 EXHIBIT 10 June 12, 2018 Item #1 Page 21 of 21