HomeMy WebLinkAbout2018-08-21; City Council; ; Report on City Investments as of June 30, 2018CITY COUNCIL ·Staff Report
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Subject
August 21, 2018
Mayor and Council Members
Scott Chadwick, City Manager
Craig Lindholm, City Treasurer; Nancy Sullivan, Deputy City Treasurer
Nancy.Sullivan@carlsbadca.gov or 760-602-2473
Report on City Investments as of June 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 June 30, 2018 is summarized
below.
Pooled Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par Value $761,973,309 $772,141,755
Cost of Investments $762,762,833 $773,081,577
Amortized Cost (1) $761,499,745 $771,842,719
Market Value (2) $750,805,057 $762,081,508
(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 06/30/18.
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.
The $10 million dollar decrease between the May and June 2018 report was due mainly to
the $11 million dollar payment to Cal PERS to pay a portion of the unfunded liability as
presented in the FY2018-19 operational budget.
August 21, 2018 Item #1 Page 1 of 25
Report on City Investments June 30, 2018
Meeting Date: August 21, 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
7,004,197
7,004,197
The Report on City Investments is produced monthly by the City Treasurer.
Environmental Evaluation (CEQA)
Prior Quarter
6,986,338
6,986,338
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
s. Cumulative Cash Income Graph
6. Fourth Quarter Transactions
7. Detailed Investment Report
August 21, 2018 Item #1 Page 3 of 25
Report on City Investments June 30, 2018
Meeting Date: August 21, 2018
Page4
8. Fund Equity in Pooled Investments
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
August 21, 2018 Item #1 Page 4 of 25
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JUNE 30, 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 $15,302,485 $15,304,425 $15,040,784 $15,051,028 $272,448 2.03 1.97
FN 18,783,266 18,758,926 18,562,945 18,548,502 0 1.60 1.60
TR 106,270,008 106,268,428 104,292,448 104,394,699 1,614,127 1.62 1.62
FA 357,373,293 357,221,511 351,918,719 352,161,806 5,052,839 1.78 1.75
SN 11,939,347 11,937,492 11,698,326 11,716,958 35,596 2.15 2.15
CN 158,577,036 158,681,181 156,037,526 156,537,760 3,081,038 1.98 1.96
LAIF 85,767,000 97,767,000 85,767,000 97,767,000 1,174,419 1.75 1.71
CUSTODY 2,250,114 590,168 2,250,114 590,168 2,389 0.75 0.01
SWEEP 171,842 4,822,898 171,842 4,822,898 15,953 1.59 1.59
BANK ACCT 5,065,353 490,690 5,065,353 490,690 0 1.59 1.59 --
TOTALS $761,499,745 $771,842,719 $750,805,057 $762,081,509 $11,248,807 1.80% 1.77%
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
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August 21, 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 JUNE 30, 2018
BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME
WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TOSYEARS TOTAL
$248,000 $247,000 $14,805,317 $15,300,317
0 5,345,898 12,603,579 17,949,477
16,410,235 11,216,529 78,734,715 106,361,480
32,663,651 39,222,537 286,493,387 358,379,575
0 0 11,924,035 11,924,035
22,479,542 12,256,251 124,857,848 159,593,641
85,767,000 0 0 85,767,000
2,250,114 0 0 2,250,114
5,065,353 0 0 5,065,353
171,842 0 0 171,842
$165,055,737 (1) $68,288,214 (1) $529,418,881 $762,762,833
21.6% 9.0% 69.4% 100.0%
Total within One Year $233,343,951 (1)
POLICY:
30.6%
(1) Not less than $171,800,000 to mature within one year. (2/3rds of current year operating budget of $257,648,000.00)
(2) Policy states that not more than 30% of portfolio is to be invested in corporate notes.
%TOTAL
2.0%
2.4%
13.9%
47.0%
1.6%
20.9% (2)
11.2%
0.3%
0.7%
0.0%
100.0%
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August 21, 2018 Item #1 Page 6 of 25
MARKET YIELD CURVE
6/30/16, 6/30/17, 06/30/18
3. 5 Market Rates
3
2.5 _,,r;;-------------~-------------<> -"' ---------2 A--
-__,. __,. __,. A
----------,,.---1J.-____ __
0.5
0 t
3 Mth 2Yr 5 Yr 10 Yr
3Mth 2Yr 5Yr IO Yr
---6/30/2016 I .26 .58 1.00 1.47
..,.. 6/30/2017 1.01 1.38 1.88 2.30
-~·6/30/2018 1.91 2.53 2.74 2.86
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August 21, 2018 Item #1 Page 8 of 25
TRANSACTIONS FOR PERIOD:
04/01/18 TO 06/30/18 4TH QUARTER 2017-2018
Trans Investment Call Par Amount Return Investment
Date Date ~ Security Date Value Coui2on (Cost) Rate Interest Return
BUYS
APRIL
04/06/18 04/10/18 FA FHLMC 8/16/2018 2,500,000.00 2.625% 2,474,500.00 2.851% 343,781.25 2,818,281.25
04/12/18 04/13/18 FA FFCB 4/19/2018 2,000,000.00 1.290% 1,948,000.00 2.485% 110,050.00 2,058,050.00
04/12/18 04/13/18 FA FFCB 6/15/2018 1,750,000.00 2.470% 1,748,757.50 2.500% 105,943.06 1,854,700.56
04/16/18 04/17/18 FA FFCB 4/23/2018 2,000,000.00 1.670% 1,912,000.00 2.750% 233,290.00 2,145,290.00
04/16/18 04/18/18 CN BERKSHIRE HATHAWAY N/A 1,750,000.00 2.750% 1,719,130.00 3.140% 267,083.54 1,986,213.54
04/16/18 04/24/18 CD CITIBANK N/A 246,000.00 3.000% 246,000.00 3.000% 36,900.00 282,900.00
04/23/18 04/24/18 FA FHLB 7/27/2018 1,400,000.00 1.000% 1,358,518.00 2.743% 141,348.67 1,499,866.67
04/23/18 04/24/18 FA FHLB N/A 2,250,000.00 2.500% 2,215,102.50 2.860% 295,053.75 2,510,156.25
04/23/18 04/25/18 CN BERKSHIRE HATHAWAY N/A 2,000,000.00 2.750% 1,953,300.00 3.270% 315,588.89 2,268,888.89
04/20/18 04/26/18 FA FHLB 4/26/2019 2,000,000.00 2.680% 2,000,000.00 2.680% 160,800.00 2,160,800.00
04/20/18 04/23/18 FA FNMA 7/27/2018 1,750,000.00 1.900% 1,721,125.00 2.583% 112,369.44 1,833,494.44
04/23/18 04/27/18 FA FHLMC 7/27/2018 2,000,000.00 3.050% 2,000,000.00 3.050% 305,000.00 2,305,000.00
04/26/18 04/27/18 FA FHLMC 7/18/2018 1,000,000.00 1.750% 981,100.00 2.901% 121,837.50 1,102,937.50
MAY
04/30/18 05/01/18 FA FFCB 5/7/2018 2,000,000.00 1.840% 1,946,000.00 2.684% 177,893.33 2,123,893.33
04/30/18 05/02/18 CN COLGATE-PALMOLIVE N/A 4,666,000.00 2.100% 4,443,179.84 3.140% 712,477.98 5,155,657.82
05/03/18 05/04/18 FA FHLMC 7/27/2018 2,415,000.00 3.050% 2,412,585.00 3.072% 369,270.27 2,781,855.27
05/03/18 05/04/18 FA FFCB 4/25/2019 2,500,000.00 3.000% 2,496,250.00 3.033% 376,875.00 2,873,125.00
05/03/18 05/04/18 FA FJLMC 5/11/2018 2,000,000.00 1.500% 1,989,000.00 2.579% 104,083.33 2,093,083.33
05/03/18 05/04/18 FA TENN VALLEY AUTHORITY N/A 1,700,000.00 2.250% 1,692,265.00 2.500% 79,028.75 1,771,293.75
05/03/18 05/07/18 CN WALMART 1/11/2023 1,000,000.00 2.550% 974,100.00 3.121% 151,558.33 1,125,658.33
05/03/18 05/09/18 CD CONNECTONE BANK N/A 249,000.00 2.850% 249,000.00 2.850% 21,309.21 270,309.21
05/07/18 05/09/18 CN APPLE INC N/A 4,000,000.00 2.400% 3,862,600.00 3.150% 615,800.00 4,478,400.00
05/07/18 05/16/18 CD BELMONT SAMVINGS BANK N/A 245,000.00 3.050% 245,000.00 3.050% 37,362.50 282,362.50
05/22/18 05/23/18 FA FHLMC 11/23/2018 3,000,000.00 3.000% 3,000,000.00 3.000% 337,500.00 3,337,500.00
JUNE
06/04/18 06/05/18 FA FFCB 6/11/2018 1,000,000.00 1.830% 965,500.00 2.740% 108,208.33 1,073,708.33
06/08/18 06/11/18 FA TENN VALLEY AUTHORITY N/A 1,250,000.00 2.250% 1,244,622.50 2.500% 54,908.75 1,299,531.25
06/08/18 06/11/18 FA FHLB 2/14/2019 1,500,000.00 2.150% 1,491,780.00 2.485% 62,238.75 1,554,018.75
06/11/18 06/12/18 FA TENN VALLEY AUTHORITY N/A 1,250,000.00 2.250% 1,244,200.00 2.520% 55,253.13 1,299,453.13
06/11/18 06/12/18 FA FHLB N/A 1,000,000.00 1.750% 976,760.00 2.630% 71,365.00 1,048,125.00
06/11/18 06/13/18 CN CHEVRON CORP N/A 3,250,000.00 2.100% 3,175,770.00 2.920% 273,861.25 3,449,631.25
06/04/18 06/20/18 CD RCS BANK N/A 249,000.00 3.150% 249,000.00 3.150% 39,217.50 288,217.50
06/08/18 06/21/18 CD MERCHANTILE BANK N/A 246,000.00 3.000% 246,000.00 3.000% 22,140.00 268,140.00
06/04/18 06/26/18 FA FHLMC 6/26/2020 1,250,000.00 3.050% 1,250,000.00 3.050% 190,625.00 1,440,625.00
TOTAL FOURTH QUARTER 2017-2018 57,416,000.00 56,431,145.34 2.868% 6,410,022.51 62,841,167.85
MATURITIES t,:j
APRIL 10/26/16 FA FFCB N/A 1,600,000.00 0.750% 1,598,592.00 0.810% 19,141.33 1,617,733.33 :::< ::c: 03/26/13 CN COCA COLA N/A 1,000,000.00 1.150% 1,000,000.00 1.150% 57,627.78 1,057,627.78 H
10/29/15 CN WAL-MART N/A 4,000,000.00 1.125% 4,024,400.00 0.873% 85,850.00 4,110,250.00 to
H 04/05/13 CD BOSTON PRIVATE BANK N/A 248,000.00 0.950% 247,008.00 1.032% 12,765.55 259,773.55 1-3
04/18/13 CD FIRST STATE BANK NE N/A 249,000.00 0.950% 248,502.00 0.991% 12,325.50 260,827.50
°' 04/30/13 CD FIOREST COMMERCIAL BANK N/A 249,000.00 0.900% 248,253.00 0.960% 11,952.00 260,205.00
10/26/16 TR US TREASURY N/A 2,400,000.00 0.750% 2,400,000.00 0.750% 27,244.57 2,427,244.57
06/07/17 TR US TREASURY N/A 2,000,000.00 0.625% 1,990,312.50 1.169% 20,896.74 2,011,209.24 August 21, 2018 Item #1 Page 10 of 25
TRANSACTIONS FOR PERIOD:
04/01/18 TO 06/30/18 4TH QUARTER 2017-2018
Trans Investment Call Par Amount Return Investment
Date Date ill!.!! Security Date Value Coupon (Cost) Rate Interest Return
MAY 08/05/14 FA FNMA N/A 2,500,000.00 0.875% 2,460,777.84 1.300% 122,225.63 2,583,003.47
09/18/14 CN COLGATE-PALMOLIVE N/A 1,000,000.00 0.900% 980,600.00 1.452% 51,975.00 1,032,575.00
01/27/15 CN COLGATE-PALMOLIVE N/A 2,000,000.00 0.900% 1,983,000.00 1.166% 75,700.00 2,058,700.00
02/25/16 CN COLGATE-PALMOLIVE N/A 2,500,000.00 0.009% 2,495,450.00 0.984% 53,675.00 2,549,125.00
05/11/15 CN APPLE INC N/A 2,000,000.00 1.000% 1,989,840.00 1.174% 69,715.56 2,059,555.56
05/15/13 CN BERKSHIRE HATHAWAY N/A 5,000,000.00 1.300% 5,019,345.05 1.220% 305,654.95 5,325,000.00
05/29/15 CD COMPASS BANK BIRMINGHAM N/A 248,000.00 1.300% 248,000.00 1.300% 9,672.00 257,672.00
JUNE 05/30/13 FA FHLB N/A 3,000,000.00 1.050% 2,964,750.00 1.050% 193,100.00 3,157,850.00
06/21/16 FA FHLB N/A 4,000,000.00 1.250% 4,034,280.00 0.809% 63,914.44 4,098, 194.44
12/24/15 CN CHERVON CORP N/A 2,250,000.00 1.718% 2,253,600.00 1.650% 93,037.50 2,346,637.50
12/31/15 CN CHERVON CORP N/A 1,000,000.00 1.718% 996,300.00 1.871% 46,315.94 1,042,615.94
06/04/15 CD MEDALLION BANK N/A 249,000.00 1.250% 249,000.00 1.250% 9,337.50 258,337.50
06/15/16 CD AMERICA'S CREDIT UNION N/A 248,000.00 1.100% 248,000.00 1.100% 5,456.00 253,456.00
TOTAL FOURTH QUARTER 2017-2018 37,741,000.00 37,680,010.39 1.102% 1,347,582.99 39,027,593.38
CALLS
APRIL-NONE
MAY-NONE
JUNE -NONE
TOTAL FOURTH QUARTER 2017-2018
August 21, 2018 Item #1 Page 11 of 25
INVESTMENT REPORT
AS OF JUNE 30, 2018
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
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
10/3/2017 FA FHLB 1.375% ONE CALL 4/26/19 1,800,000.00 1,796,328.00 1.489% 48,565.75 1,844,893.75 661
1/21/2015 FA FHLMC 1.25% NON-CALL 2,500,000.00 2,493,975.00 1.305% 147,518.06 2,641,493.06 1,653 ttj
4/28/2016 FA PEFCO 1.45% NON-CALL 2,600,000.00 2,617,570.80 1.240% 106,734.48 2,724,305.28 1,204 ~
8/30/2016 FA FNMA 1.0% ONE CALL 8/28/18 2,400,000.00 2,400,000.00 1.000% 71,866.67 2,471,866.67 1,093 ::r:
H 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 to
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 H
1-3 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 -..J
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 August 21, 2018 Item #1 Page 12 of 25
INVESTMENT REPORT
AS OF JUNE 30, 2018
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
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
6/11/2018 FA FHLB 2.15% CALL 2/14/19 QRTLY 1,500,000.00 1,491,780.00 2.485% 62,238.75 1,554,018.75 613
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
5/4/2018 FA TENN VALLEY AUTHORITY 2.25% NON-CALL 1,700,000.00 1,692,265.00 2.500% 79,028.75 1,771,293.75 681
6/12/2018 FA TENN VALLEY AUTHORITY 2.25% NON-CALL 1,250,000.00 1,244,200.00 2.520% 55,253.13 1,299,453.13 642
6/11/2018 FA TENN VALLEY AUTHORITY 2.25% NON-CALL 1,250,000.00 1,244,622.50 2.500% 54,908.75 1,299,531.25 643
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
5/4/2018 FA FHLMC 1.50% CALL 5/11 /18 QRTL Y 2,000,000.00 1,989,000.00 2.579% 104,083.33 2,093,083.33 738
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 FPILB 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% CALL4/19/18 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 August 21, 2018 Item #1 Page 13 of 25
INVESTMENT REPORT
AS OF JUNE 30, 2018
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
6/15/2017 FA FNMA 2.0% NON-CALL 1,100,000.00 1,113,618.00 1.630% 62,404.22 1,176,022.22 1,264
6/14/2016 FA FFCB 1.54% CALL 6/14/17 CONT 2,250,000.00 2,250,000.00 1.540% 155,925.00 2,405,925.00 1,644
6/21/2016 FA FFCB 1.55% CALL 9/21/16 CONT 2,000,000.00 2,000,000.00 1.550% 139,500.00 2,139,500.00 1,644
3/10/2017 FA FAMCA 2.0% NON-CALL 1,580,000.00 1,576,287.00 2.063% 125,285.22 1,701,572.22 1,407
4/26/2016 FA FFCB 1.60% CALL 7/19/16 CONT 3,250,000.00 3,247,010.00 1.620% 248,978.89 3,495,988.89 1,729
7/19/2016 FA FHLB 1.40% CALL 10/19/16 CONT 3,500,000.00 3,500,000.00 1.400% 220,500.00 3,720,500.00 1,645
9/9/2016 FA FAMCA 1.550% NON-CALL 2,000,000.00 2,018,640.00 1.550% 117,071.11 2,135,711.11 1,599
10/12/2016 FA TENN VALLEY AUTHORITY 3.875% NON-CALL 3,000,000.00 3,315,660.00 1.370% 189,058.75 3,504,718.75 1,587
8/16/2017 FA FNMA 1.75% CALL 8/16/18 2,000,000.00 2,000,000.00 1.750% 122,500.00 2,122,500.00 1,280
2/26/2016 FA FHLMC 1.25% QRTL Y CALL STEP 1,000,000.00 999,500.00 2.103% 106,750.00 1,106,250.00 1,827
2/26/2016 FA FHLB 1.69% CALL 8/26/16 CONT 480,000.00 480,000.00 1.690% 74,495.20 554,495.20 1,827
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
6/12/2018 FA FHLB 1.75% NON-CALL 1,000,000.00 976,760.00 2.631% 71,365.00 1,048,125.00 1,004
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 FHLB 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
5/1/2018 FA FFCB 1.84% CALL 5/7/18 CONT 2,000,000.00 1,946,000.00 2.684% 177,893.33 2,123,893.33 1,231
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
5/23/2018 FA FHLMC 3.0% CALL 11/23/18 QRTLY 3,000,000.00 3,000,000.00 3.000% 337,500.00 3,337,500.00 1,372
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 August 21, 2018 Item #1 Page 14 of 25
INVESTMENT REPORT
AS OF JUNE 30, 2018
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
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 QRTL Y 1,000,000.00 980,000.00 2.568% 108,262.50 1,088,262.50 1,558
6/5/2018 FA FFCB 1.83% CALL 6/11 /18 CONT 1,000,000.00 965,500.00 2.740% 108,208.33 1,073,708.33 1,471
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
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 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
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 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
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
5/4/2018 FA FFCB 3.0% CALL 4/25/19 CONT 2,500,000.00 2,496,250.00 3.033% 376,875.00 2,873,125.00 1,817
4/27/2018 FA FHLMC 3.05% CALL 7/27/18 QRTLY 2,000,000.00 2,000,000.00 3.050% 305,000.00 2,305,000.00 1,826
5/4/2018 FA FHLMC 3.05% CALL 7/27/18 QRTL Y 2,415,000.00 2,412,585.00 3.072% 369,270.27 2,781,855.27 1,819
6/4/2018 FA FHLMC 3.05% CALL 6/26/20 ONE CALL 1,250,000.00 1,250,000.00 3.050% 190,625.00 1,440,625.00 1,848
SUB-TOTAL 357,315,000.00 358,379,574.77 1.780% 25,450,030.07 383,829,604.84 1,669
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 August 21, 2018 Item #1 Page 15 of 25
INVESTMENT REPORT
AS OF JUNE 30, 2018
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
Federal Investments Total 376,478,000.00 376,329,051.81 26,663,553.03 402,992,604.84 1,654
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
10/7/2014 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 August 21, 2018 Item #1 Page 16 of 25
INVESTMENT REPORT
AS OF JUNE 30, 2018
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
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
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
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 August 21, 2018 Item #1 Page 17 of 25
INVESTMENT REPORT
AS OF JUNE 30, 2018
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
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
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
6/13/2018 CN CHEVRON 2.1 % MAKE WHOLE 3,250,000.00 3,175,770.00 2.920% 273,861.25 3,449,631.25 1,068
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 1,986,213.54 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
5/7/2018 CN WALMART 2.55% CALL 1/11/23 1,000,000.00 974,100.00 3.121% 151,558.33 1,125,658.33 1,800
5/2/2018 CN COLGATE-PALMOLIVE 2.10% MAKE WHOLE 4,666,000.00 4,443,179.84 3.140% 712,477.98 5,155,657.82 1,825 August 21, 2018 Item #1 Page 18 of 25
INVESTMENT REPORT
AS OF JUNE 30, 2018
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
5/9/2018 CN APPLE INC 2.4% MAKE WHOLE 4,000,000.00 3,862,600.00 3.150% 615,800.00 4,478,400.00 1,820
SUB-TOTAL 158,497,000.00 159,593,640.59 1.983% 13,321,610.94 172,915,251.53 1,503
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 NATL 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
5/9/2018 CD CONNECTONE BANK 2.85% 249,000.00 249,000.00 2.850% 21,309.21 270,309.21 1,097
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
6/21/2018 CD MERCANTIL BANK 3.0% 246,000.00 246,000.00 3.000% 22,140.00 268,140.00 1,096 August 21, 2018 Item #1 Page 19 of 25
INVESTMENT REPORT
AS OF JUNE 30, 2018
INVESTMENT PAR INVESTED RETURN INVESTMENT TERM
DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days)
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
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
5/16/2018 CD BELMONT SAVINGS BANK 3.05% 245,000.00 245,000.00 3.050% 37,362.50 282,362.50 1,826
6/20/2018 CD RBC BANK 3.15% NON-CALL 249,000.00 249,000.00 3.150% 39,217.50 288,217.50 1,826
SUB-TOTAL 15,304,000.00 15,300,316.70 2.029% 1,423,176.69 16,723,493.39 1,664
0 WELLS FARGO BANK -General Fund 171,842.00 171,842.00 1.591 % 7.49 171,849.49
0 CORPORATE CASH MANAGEMENT ACCOUNT 5,065,352.76 5,065,352.76 1.591 % 220.79 5,065,573.55
0 LIBRARY ACCOUNT 0.000%
0 WELLS FARGO CUSTODY 2,250,114.13 2,250,114.13 0.750% 46.88 2,250,161.01
0 LA I F WATER DISTRICT 24,063,000.00 24,063,000.00 1.750% 1,169.73 24,064.169.73
0 LA I F PUBLIC IMPROVEMENT CORPORATION 20,225,000.00 20,225,000.00 1.750% 983.16 20,225,983.16
0 LA IF PUBLIC FINANCING CORPORATION 22,464,000.00 22,464,000.00 1.750% 1,092.00 22,465,092.00
0 LA I F CITY OF CARLSBAD 19,015,000.00 19,015,000.00 1.750% 924.34 19,015,924.34
SUB-TOTAL 93,254,308.89 93,254,308.89 1.717% 4,444.39 93,258,753.28
GRAND TOTAL 761,973,308.89 762,762,832.64 1.799% 48,794,172.31 799,632,970.06
August 21, 2018 Item #1 Page 20 of 25
CITY OF CARLSBAD
Fund Equity in Pooled Investments
AS OF JUNE 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 at Amortized Cost
45,688,963
22,016,768
25,632,925
8,380,383
6,525,876
6,780,148
101,169,320
108,292,143
14,139,660
3,388,100
132,257,389
47,896,500
6,994,717
7,094,173
1,112,056
EXHIBIT 8
123,318,166
32,811,616
342,014,284 '
195,354,834
47,104,005
20,609,768
3,689,022
764,901,696
(3,401,951)
761,499,745
(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 7 /09/18
August 21, 2018 Item #1 Page 21 of 25
EXHIBIT 9
CITY OF CARLSBAD INVESTMENT PORTFOLIO
As of JUNE 30, 2018
CORPORATE_NOTE AND COMMERCIAL PAPER RATINGS
Corporate Note Investments Meeting the Current Investment Policy:
(Ratings must be AA or better by two of the three: Moody's S&P or Fitch)
Moody's S&P Fitch
ADP Aa3 AA NR
ALPHABET, INC Aa2 AA+ NR
APPLE Aa1 AA+ NR
BERKSHIRE HATHAWAY Aa2 AA AA-
CHEVRON Aa2 AA-NR
COCA COLA Aa3 AA-A+
COLGATE-PALMOLIVE Aa3 AA-AA-
EXXON MOBIL Aaa AA+ NR
JOHNSON & JOHNSON Aaa AAA AAA
MASS MUTUAL GLOBAL Aa2 AA+ AA+
MICROSOFT Aaa AAA AA+
NEW YORK LIFE Aaa AA+ AAA
NOVARTIS CAPITAL CORP A1 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
7,367,174
3,523,913
Market
Value
7,259,453
3,438,540
August 21, 2018 Item #1 Page 22 of 25
CITY OF CARLSBAD INVESTMENT PORTFOLIO
AS OF JUNE 30, 2018
WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS
PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER
Investment Cost Percent of Portfolio*
ADP 4,029,600.00 0.52%
ALPHABET, INC 5,364,100.00 0.70%
APPLE INC 16,264,675.00 2.12%
BERKSHIRE HATHAWAY 7,220,390.39 0.94%
CHEVRON 14,307,799.00 1.86%
COCA COLA CO 8,623,092.17 1.12%
COLGATE-PALMOLIVE 8,696,720.84 1.13%
EXXON MOBIL 11,397,155.00 1.48%
IBM CORP 7,730,433.50 1.01%
JOHNSON & JOHNSON 7,443,878.49 0.97%
MASS MUTUAL 6,842,020.00 0.89%
MICROSOFT 19,234,617.50 2.51%
3M COMPANY 3,554,215.00 0.46%
NEW YORK LIFE 6,032,140.00 0.79%
NOVARTIS CAPTIAL CORP 1,489,500.00 0.19%
PROCTER & GAMBLE 3,781,261.20 0.49%
ROYAL BANK OF CANADA 2,289,442.50 0.30%
TOYOTA 16,853,000.00 2.20%
WALMART 974,100.00 0.13%
WELLS FARGO BANK 7,465,500.00 0.97%
PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER
Investment Cost Percent of Portfolio**
FAM CA
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
77,202,900.93
75,719,161.04
94,923,578.98
84,756,731.14
9,504,757.83
2,750,760.00
7,496,747.50
11,924,034.89
106,361,479.76
1.99%
1.14%
10.06%
9.86%
12.36%
11.04%
1.24%
0.36%
0.98%
1.55%
13.85%
$767,762,832.64
EXHIBIT 10
August 21, 2018 Item #1 Page 23 of 25
City of Carlsbad
Bond Proceeds Investment Report
June 30, 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 (GIG) 5.83% N/A $
Assessment District 96-01 (Rancho Carrillo)
Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIG) 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 Cost
Fiscal Agent:
947,004 $ 947,004
Fiscal Agent:
1,182,642 $ 1,182,642
Fiscal Agent:
1,292,796 $ 1,292,796
Fiscal Agent:
2,205,196 $ 2,205,196
58 $ 58
Fiscal Agent:
553,165 $ 553,165
1,887 $ 1,887
Fiscal Agent:
818,656 $ 818,656
2,793 $ 2,793
7,004,197 $ 7,004,197
Source
BNYMellon
Invesco
BNYMellon
HSBC Bank of New York
BNYMellon
HSBC Bank of New York
BNYMellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNY Mellon
BNYMellon
BNY Mellon
BNY Mellon
ttj ::x: :Il
H
b:l
H
Ml
f-1
f-1
August 21, 2018 Item #1 Page 24 of 25
City of Carlsbad
Summary of Outstanding Housing Loans
As of June 30, 2018
Loan amount Developer loan
Loans issued by City Loans issued by Developer due to City amount due to City
First date # of loans to developers/ Developer to # of loans City loan repaid loan repaid to (recorded as (not on City's
Borrower Develoement Pureose issued issued homeowners homeowners outstanding to City City AR) books) Type of Loan
Payment deferred 15 years. No interest is due
Individual homebuyers City-wide (CHAP) Sale 06/28/99 133 $1,680,000 $ 4 ($1,680,000) $ ($0.08) $ (0) unless home is sold before 16th year
Payment deferred 30 years. No interest is due
Individual homebuyers Calavera Hills Sale 10/15/99 5 75,000 150,000 1 (60,000) (120,000) 15,000 30,000 45,000 unless home is sold before 31th year
Payment deferred 30 years. No interest is due
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 unless home is sold before 31th year
Payment deferred 30 years. No interest is due
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 unless 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
CB Laurel Tree Apartments Laure[ Tree Rentals 12/24/98 2 1,134,000 2 (1,134,000) (0) (0) years when surplus cash is available
Principal and 3% interest each year for 55
USA Properties c/o CFHP Rancho Carrillo Rentals 03/05/01 1 1,157,584 1 (1,157,584) (0) (0) years when surplus cash is available
Principal and 3% interest each year for 55
Pacific Vista Las Flores Vista Las Flores Rentals 02/27/01 1 363,948 1 363,948 363,948 years when surplus cash is available
Principal and 3% interest each year for 55
Poinsettia Housing Assoc Poinsettia Station Rentals 10/21/99 1 920,000 1 (690,529) 229,471 229,471 years when surplus cash is available
Principal and 3% interest each year for 15
Bridge Housing Corp Villa Loma Rentals 11/04/94 2 2,212,000 0 (2,212,000) years when surplus cash is available
Principal and 3% interest each year for 55
Dove Family Housing La Costa Paloma Rentals 07/15/03 1 2,070,000 1 (2,070,000) (0) (0) years when surplus cash is available
Principal and 3% interest each year for 55
CIC Calavera LP Mariposa Apts Rentals 09/15/04 1 1,060,000 1 1,060,000 1,060,000 years when surplus cash is available
Mulberry at Payment deferred 30 years. No interest is due
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 unless home is sold before 31th year
Payment deferred 30 years. No interest is due
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 unless home is sold before 31th year
Principal and 3% interest each year for 55
El Camino Family Housing Cassia Heights Rentals 03/07/06 1 1,454,276 1 (1,454,276) years when surplus cash is available
Payment deferred 45 years. No interest is due
Individual homebuyers Laguna Point Sale 07/06/06 3 210,000 2 (70,000) 140,000 140,000 unless home is sold before 46th year
Payment deferred 30 years. No interest is due
Individual homebuyers The Bluffs Sale 06/14/07 10 200,000 10 200,000 200,000 unless home is sold before 31th year
Roosevelt Refer to Agenda Bill 18,569 I Resolution 2006-
Individual homebuyers Gardens Sale 08/30/07 11 1,583,423 11 1,583,423 1,583,423 131 &A819,183/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 / Resolution 2005-264
Down Payment & Closing Refer to Agenda Bill 19,415 / Resolution 2008-
Cost Assistance Various Assistance 06/25/09 22 255,518 21 (12,500) 243,018 243,018 121
CIC Glen Ridge, LP Glen Ridge Rentals 10/05/09 1 1,014,000 1 1,014,000 1,014,000 Refer to Agenda Bill 397 I Resolution 435
Tavarua Senior Apartments,
LP Tavarua Rentals 12/14/11 1 1 Refer to Agenda Bill 418 / Resolution 475
North County Solutions for Property Refer to Agenda Bill 20,936/Resolution 2012-
Change Acquisition Rentals 06/28/12 1 780,000 1 780,000 780,000 136
Refer to AB19,768/R2009-068;
Catholic Charities Homeless shelter Shelter 03/01/10 3 507,585 3 507,585 507,585 AB20,530/R2011-081; AB20,764/R2011-288
Minor
Individual homeowners N/A Home 05/20/10 12 30,677 6 (4,083) 26,594 26,594 Refer to AB19,415 I Resolution 2008-121
f'roperty
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
Carol-Harding Property
Harding Street Neighbors, 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
Thomas & Judy Kim Rose Bay Sale 08/23/13 1 229,775 1 229,775 229,775 unless home is sold before 31th year trj f'roperty ::x: 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 ::i::
Chelsea Inv Corp/Quarry H
b:J Creek CiC LLP Quarry Creek Rentals 08/31/16 1 1,280,000 1 1,280,000 1,280,000 H
Allowances 1,798,379 1,798,379 t-3
494 $ 34,542,416 $ 28,400,000 229 $ (12,640,806) $ (3,148,250) $21,901,611 $ 25,251,750 I-'
April 2018: received a $1,454,276 loan pay-off related to the Cassia Heights development; May 2018: received a $121,798 payment related to the Poinsettia Station development; June 2018: received a $2,000 Minor Home Repair pay-off. I\.)
August 21, 2018 Item #1 Page 25 of 25