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2018-10-30; City Council; ; Report on City Investments as of September 30, 2018
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 5,842,509 5,842,509 The Report on City Investments is produced monthly by the City Treasurer. Environmental Evaluation {CEQA) Prior Quarter 7,004,197 7,004,197 Pursuant to Public Resources Code section 21065, this action does not constitute a "project" within the meaning of CEQA in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and therefore does not require environmental review. Public Notification This item was noticed in accordance with the Ralph M. Brown Act and was available for viewing at least 72 hours prior to the posting of the agenda. Exhibits 1. Investment Portfolio Breakdown By Amortized Cost, Market Value, Cash Income, and Average Yield 2. Investment Portfolio Breakdown Of Maturities 3. Yield Comparison Graph 4. Market Yield Curve 5. Cumulative Cash Income Graph 6. First Quarter Transactions 7. Detailed Investment Report 8. Fund Equity in Pooled Investments 9. Corporate Note and Commercial Paper Ratings October 30, 2018 Item #1 Page 3 of 25 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 October 30, 2018 Item #1 Page 4 of 25 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF SEPTEMBER 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 $16,042,671 $15,552,611 $15,791,411 $15,317,322 $80,014 2.12 2.08 FN 18,857,908 18,833,568 18,652,479 18,626,670 0 1.60 1.60 TR 97,375,319 97,373,296 95,139,285 95,438,348 487,388 1.64 1.64 FA 350,902,709 357,930,336 344,803,583 352,716,913 1,522,211 1.86 1.84 SN 11,944,912 11,943,057 11,644,014 11,700,552 90,843 2.15 2.15 CN 160,467,743 158,559,346 157,868,809 156,409,749 656,957 2.06 2.04 LAIF 88,008,000 83,028,000 88,008,000 83,028,000 452,634 2.00 1.97 CUSTODY 980 1,883 980 1,883 932 1.59 0.75 SWEEP 4,336,969 2,918,849 4,336,969 2,918,849 17,636 1.80 1.80 BANK ACCT 1,052,076 378,505 1,052,076 378,505 0 1.80 1.59 TOTALS $748,989,287 $746,519,451 $737,297,607 $736,536,791 $3,308,616 1.89% 1.87% 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 trj ::x: ::r: H to H t-3 I-' October 30, 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 SEPTEMBER 30, 2018 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TO 5 YEARS TOTAL 247,000 1,980,000 13,813,317 16,040,317 1,573,898 8,733,759 7,641,820 17,949,477 15,597,229 7,831,204 74,011,183 97,439,616 34,621,019 36,149,481 281,189,167 351,959,667 0 0 11,924,035 11,924,035 18,168,582 13,006,886 130,323,028 161,498,496 88,008,000 0 0 88,008,000 980 0 0 980 4,336,969 0 0 4,336,969 1,052,076 0 0 1,052,076 $163,605,753 (1) $67,701,330 (1) $518,902,549 $750,209,632 21.8% 9.0% 69.2% 100.0% Total within One Year $231,307,083 (1) POLICY: 30.8% (1) Not less than $183,915,000 to mature within one year. (2/3rds of current year operating budget of $275,876,000) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. %TOTAL 2.1% 2.4% 13.0% 46.9% 1.6% 21.5% (2) 11.7% 0.0% 0.6% 0.1% 100.0% l:rj :><: ::i:: H to H 1-3 I\J October 30, 2018 Item #1 Page 6 of 25 MARKET YIELD CURVE 6/30/17, 6/30/18, 9/30/18 3 5 Market Rates ----. _________ ,. -------____. -- 2 -------- 1.5 1 - 0.5 0 3 Mth 2Yr 5 Yr 10 Yr 3 Mth 2Yr 5Yr l0Yr ---6/30/2017 I 1.01 1.38 1.88 2.30 _.,_ 6/30/2018 1.91 2.53 2.74 2.86 -~ ·9/30/2018 2.20 2.82 2.95 3.06 l:I:l :x ::r: H ttJ H f-c3 .i:,. October 30, 2018 Item #1 Page 8 of 25 Cumulative Cash Income FY18-19 Cumulative Millions$ (September 2018) Monthly Interest Income Millions$ 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 I ---· .., N'" ~ -K"' ~ . Al"' 41" - k-' -- -~ -' ~--.,,,,. ' .-/ ' .,. '---/ '1 .o 0.9 .... . 7 -- .,· : 0.A7 111" --1 - I l I 1 I 1 I 1 I I I I ' I Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June I c:::::J Interest Income -•· Budget ----Actual YTD I 1 - ~ - - ~ ~ ~ - -I-- ~ - -~ 8 7 6 5 4 3 2 1 0 l:rj :><: iil H to H f-3 U1 October 30, 2018 Item #1 Page 9 of 25 TRANSACTIONS FOR PERIOD: 07/01/18 TO 09/30/18 1st QUARTER 2018-2019 Trans Investment Call Par Amount Return Investment Date Date ~ Security Date Value COUQOn (Cost) Rate Interest Return BUYS JULY 07/23/18 07/24/18 FA FFCB 6/27/2019 1,000,000.00 3.200% 999,500.00 3.211% 158,100.00 1,157,600.00 07/23/18 07/24/18 FA FHLMC 6/29/2020 1,000,000.00 3.100% 1,000,000.00 3.100% 152,847.22 1,152,847.22 07/23/18 07/25/18 CN WALMARTINC N/A 1,500,000.00 3.400% 1,512,000.00 3.220% 238,891.66 1,750,891.66 07/23/18 07/25/18 CN US BANK 6/23/2023 1,250,000.00 3.400% 1,251,625.00 3.371% 210,756.94 1,462,381.94 07/19/18 07/30/18 FA FHLMC 7/28/2020 2,500,000.00 3.070% 2,500,000.00 3.070% 383,323.61 2,883,323.61 07/20/18 07/31/18 CD MEDALLION BANK UTAH N/A 249,000.00 3.250% 249,000.00 3.250% 40,462.50 289,462.50 07/20/18 07/31/18 CD BANK OF NEW ENGLAND NH N/A 249,000.00 3.250% 249,000.00 3.250% 40,462.50 289,462.50 AUGUST 08/02/18 08/03/18 FA FHLMC 6/28/2019 2,000,000.00 3.250% 1,999,000.00 3.261% 319,680.56 2,318,680.56 08/02/18 08/03/18 FA FHLB 8/9/2018 1,250,000.00 1.875% 1,199,750.00 2.900% 148,492.19 1,348,242.19 08/02/18 08/03/18 FA FFCB 7/25/2019 1,500,000.00 3.220% 1,498,500.00 3.242% 241,926.67 1,740,426.67 08/02/18 08/06/18 CN WALMART N/A 1,750,000.00 3.400% 1,763,895.00 3.220% 276,993.89 2,040,888.89 08/02/18 08/06/18 CN BALACKROCK INC N/A 1,000,000.00 3.375% 1,011,600.00 3.050% 117,306.25 1,128,906.25 07/30/18 08/24/18 FA FHLB 8/24/2020 1,750,000.00 3.125% 1,750,000.00 3.125% 273,437.50 2,023,437.50 SEPTEMBER 09/13/18 09/17/18 CN COLGATE-PALMOLIVE N/A 2,000,000.00 2.250% 1,935,820.00 3.077% 251,430.00 2,187,250.00 09/17/18 09/18/18 FA FFCB N/A 1,000,000.00 2.800% 991,290.00 2.990% 147,698.89 1,138,988.89 09/18/18 09/18/18 FA FHLB 9/18/2020 1,000,000.00 3.060% 999,250.00 3.076% 153,750.00 1,153,000.00 09/18/18 09/26/18 CD BANK MIDWEST N/A 245,000.00 3.150% 245,000.00 3.150% 38,587.50 283,587.50 09/17/18 09/28/18 FA FHLB 9/28/2020 1,250,000.00 3.200% 1,250,000.00 3.200% 200,000.00 1,450,000.00 09/20/18 09/28/18 CD BANK OF BARODA N/A 245,000.00 3.300% 245,000.00 3.300% 40,425.00 285,425.00 TOTAL FIRST QUARTER 2018-2019 22,738,000.00 22,650,230.00 3.150% 3,434,572.88 26,084,802.88 MATURITIES JULY 10/19/15 FA FFCB N/A 3,000,000.00 1.030% 3,000,000.00 1.030% 84,460.00 3,084,460.00 05/05/17 FA PEFCO N/A 1,251,000.00 1.875% 1,260,294.93 1.240% 18,722.26 1,279,017.19 12/29/15 FA FNMA N/A 1,000,000.00 1.125% 997,610.00 1.220% 31,171.25 1,028,781.25 07/27/16 FA FNMA 7/27/2017 3,000,000.00 0.875% 2,997,750.00 0.913% 54,750.00 3,052,500.00 01/27/15 FA FNMA N/A 1,100,000.00 1.000% 1,096,139.00 1.102% 42,452.67 1,138,591.67 10/07/14 TR US TREASURY N/A 1,400,000.00 1.375% 1,400,251.69 1.370% 73,191.24 1,473,442.93 01/28/16 CN TOYOTA N/A 2,000,000.00 1.550% 2,014,400.00 1.252% 61,808.33 2,076,208.33 AUGUST 06/13/17 FA FAMCA N/A 1,000,000.00 1.120% 998,290.00 1.120% 14,403.33 1,012,693.33 07/16/14 TR US TREASURY N/A 4,000,000.00 1.500% 4,009,600.00 1.496% 237,900.00 4,247,500.00 07/24/14 TR US TREASURY N/A 2,000,000.00 1.500% 2,006,348.00 1.420% 116,749.83 2,123,097.83 10/07/14 TR US TREASURY N/A 1,500,000.00 1.500% 1,505,664.36 1.400% 82,035.92 1,587,700.28 l:rj 12/19/14 CN MASS MUTUAL GLOBAL N/A 3,500,000.00 2.100% 3,555,685.00 1.645% 210,344.17 3,766,029.17 :x: ::r: 08/25/16 CD BMO HARRIS BANK N/A 248,000.00 1.100% 248,000.00 1.100% 5,456.00 253,456.00 H tp H 1-3 O'I October 30, 2018 Item #1 Page 10 of 25 TRANSACTIONS FOR PERIOD: 07/01/18 TO 09/30/18 Trans Investment Date Date !YM SEPTEMBER 05/05/14 FA 10/27/15 FA 05/02/14 FA 01/16/14 FA TOTAL FIRST QUARTER 2018-2019 CALLS JULY 2018 -NONE AUGUST 2018 -NONE SEPTEMBER 2018 -NONE TOTAL FIRST QUARTER 2018-2019 1st QUARTER 2018-2019 Security FFCB FHLB FNMA FHLMC Call Date N/A N/A N/A 9/24/2014 Par Amount Return Investment Value Coupon (Cost) Rate Interest Return 2,500,000.00 1.600% 2,515,710.93 1.450% 157,622.40 2,673,333.33 4,000,000.00 1.125% 4,020,840.00 0.941% 108,785.00 4,129,625.00 1,500,000.00 1.875% 1,524,000.00 1.500% 99,125.00 1,623,125.00 2,250,000.00 1.200% 2, 196,562.50 1.729% 180,037.50 2,376,600.00 35,249,000.00 35,347,146.41 1.300% 1,579,014.90 36,926,161.31 October 30, 2018 Item #1 Page 11 of 25 INVESTMENT REPORT AS OF SEPTEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 4/28/2016 FA PEFCO 1 .45% NON-CALL 2,600,000.00 2,617,570.80 1.240% 106,734.48 2,724,305.28 1,204 8/30/2016 FA FNMA 1.0% ONE CALL 8/28/18 2,400,000.00 2,400,000.00 1.000% 71,866.67 2,471,866.67 1,093 10/23/2014 FA FHLB 2.00% NON-CALL 1,500,000.00 1,525,968.30 1.630% 120,698.37 1,646,666.67 1,786 1/21/2015 FA FHLB 1.375% NON-CALL 2,000,000.00 2,000,440.00 1.370% 127,282.22 2,127,722.22 1,696 1/27/2017 FA FFCB 1.550% NON-CALL 1,000,000.00 1,003,130.00 1.430% 38,203.33 1,041,333.33 973 7/19/2016 FA FHLMC 1.25% NON-CALL 3,000,000.00 3,027,363.00 1.250% 92,741.17 3,120,104.17 1,170 10/6/2015 FA FNMA 1.33% NON-CALL 4,183,000.00 4,197,807.82 1.240% 210,509.47 4,408,317.29 1,479 5/26/2016 FA FNMA 1.30% 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 t:,:j 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 :x: 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 ::r:: 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 H to 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 H 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 8 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 --..J 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 October 30, 2018 Item #1 Page 12 of 25 INVESTMENT REPORT AS OF SEPTEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 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 October 30, 2018 Item #1 Page 13 of 25 INVESTMENT REPORT AS OF SEPTEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 FNMA1.00% CALLI 1/28/17 QRTLY CALL STEP 2,600,000.00 2,596,100.00 2.079% 256,027.78 2,852,127.78 1,714 2/16/2017 FA FHLB 2.0% CALL 2/16/18 ONE TIME 1,325,000.00 1,325,000.00 2.000% 119,250.00 1,444,250.00 1,642 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 1/3/2018 FA FFCB 2.23% CALL CONT 3,000,000.00 2,992,500.00 2.296% 272,870.00 3,265,370.00 1,448 2/27/2018 FA FFCB 2. 73% CALL CONT 1,800,000.00 1,800,000.00 2.730% 194,785.50 1,994,785.50 1,448 2/23/2017 FA 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 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 6/5/2018 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 October 30, 2018 Item #1 Page 14 of 25 INVESTMENT REPORT AS OF SEPTEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 8/3/2018 FA FHLB 1.875% CALL 8/9/18 CONT 1,250,000.00 1,199,750.00 2.900% 148,492.19 1,348,242.19 1,531 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 QRTL Y 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 QRTL Y 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 7/24/2018 FA FFCB 3.2% CALL 6/27/19 CONT 1,000,000.00 999,500.00 3.211 % 158,100.00 1,157,600.00 1,799 8/3/2018 FA FHLMC 3.25% CALL 6/28/19 QRTLY 2,000,000.00 1,999,000.00 3.260% 319,680.56 2,318,680.56 1,790 7/24/2018 FA FHLMC 3.10% CALL 6/29/20 ONE CALL 1,000,000.00 1,000,000.00 3.100% 152,847.22 1,152,847.22 1,801 8/3/2018 FA FFCB 3.22% CALL 7/25/19 CONT 1,500,000.00 1,498,500.00 3.242% 241,926.67 1,740,426.67 1,817 7/30/2018 FA FHLMC 3.07% CALL 7/28/20 ONE TIME 2,500,000.00 2,500,000.00 3.070% 383,323.61 2,883,323.61 1,824 8/24/2018 FA FHLB 3.125% CALL 8/24/20 ONE TIME 1,750,000.00 1,750,000.00 3.125% 273,437.50 2,023,437.50 1,826 9/18/2018 FA FFCB 2.8% NON-CALL 1,000,000.00 991,290.00 2.990% 147,698.89 1,138,988.89 1,813 9/18/2018 FA FHLB 3.06% CALL 9/18/20 ONE TIME 1,000,000.00 999,250.00 3.076% 153,750.00 1,153,000.00 1,826 9/28/2018 FA FHLB 3.2% CALL 9/28/20 ONE TIME 1,250,000.00 1,250,000.00 3.200% 200,000.00 1,450,000.00 1,826 SUB-TOTAL 350,964,000.00 351,959,667.41 1.864% 26,837,757.30 378,797,424.71 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 October 30, 2018 Item #1 Page 15 of 25 INVESTMENT REPORT AS OF SEPTEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) Federal Investments Total 370,127,000.00 369,909,144.45 28,051,280.26 397,960,424.71 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 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 October 30, 2018 Item #1 Page 16 of 25 INVESTMENT REPORT AS OF SEPTEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 97,540,000.00 97,439,615.71 1.638% 6,871,510.27 104,311,125.98 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 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 October 30, 2018 Item #1 Page 17 of 25 INVESTMENT REPORT AS OF SEPTEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 8/9/2018 CN BLACKROCK 3.375% MAKE WHOLE 1,000,000.00 1,011,600.00 3.050% 117,306.25 1,128,906.25 1,392 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 9/17/2018 CN COLGATE-PALMOLIVE 2.25% MAKEWHOLE 2,000,000.00 1,935,820.00 3.077% 251,430.00 2,187,250.00 1,520 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 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 8/6/2016 CN WALMART 3.4% MAKE WHOLE 1,750,000.00 1,763,895.00 3.220% 276,993.89 2,040,888.89 2,515 7/25/2018 CN WALMART 3.40% MAKE WHOLE 1,500,000.00 1,512,000.00 3.220% 238,891.66 1,750,891.66 1,797 7/24/2018 CN US BANK 3.4% CALL 6/23/23 ONE TIME 1,250,000.00 1,251,625.00 3.371% 210,756.94 1,462,381.94 1,826 October 30, 2018 Item #1 Page 18 of 25 INVESTMENT REPORT AS OF SEPTEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) SUB-TOTAL 160,497,000.00 161,498,495.59 2.055% 14,144,837.18 175,643,332.77 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 NAT'LASSOC 1.9% 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,827 12/3/2014 CD CIT BANK SALT LAKE CITY 2.2% 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 12/4/2014 CD AMERICAN EXPRESS CENTURION 2.2% 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 12/10/2014 CD BMW BANK OF N AMERICA 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 12/23/2014 CD SALLIE MAE BANK SALT LAKE 2.2% 247,000.00 247,000.00 2.200% 26,976.46 273,976.46 1,813 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 FLAGST AR 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 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 October 30, 2018 Item #1 Page 19 of 25 INVESTMENT REPORT AS OF SEPTEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 7/31/2018 CD BANK OF NEW ENGLAND 3.25% NON-CALL 249,000.00 249,000.00 3.250% 40,462.50 289,462.50 1,826 7/31/2018 CD MEDALLION BANK UTAH 3.25% NON-CALL 249,000.00 249,000.00 3.150% 40,462.50 289,462.50 1,826 9/26/2018 CD BANK MIDWEST 3.15% NON-CALL 245,000.00 245,000.00 3.150% 38,587.50 283,587.50 1,826 9/28/2018 CD BANK OF BARODA 3.3% NON-CALL 245,000.00 245,000.00 3.300% 40,425.00 285,425.00 1,826 SUB-TOTAL 16,044,000.00 16,040,316.70 2.116% 1,577,658.19 17,617,974.89 0 WELLS FARGO BANK -General Fund 1,052,076.00 1,052,076.00 1.800% 51.88 1,052,127.88 0 CORPORATE CASH MANAGEMENT ACCOUNT 4,336,969.24 4,336,969.24 1.800% 213.88 4,337,183.12 0 LIBRARY ACCOUNT 0.000% 0 WELLS FARGO CUSTODY 979.55 979.55 1.590% 0.04 979.59 0 LA I F WATER DISTRICT 22,426,000.00 22,426,000.00 2.000% 1,245.89 22,427,245.89 0 LA IF PUBLIC IMPROVEMENT CORPORATION 19,312,000.00 19,312,000.00 2.000% 1,072.89 19,313,072.89 0 LA IF PUBLIC FINANCING CORPORATION 20,075,000.00 20,075,000.00 2.000% 1,115.28 20,076,115.28 0 L A I F CITY OF CARLSBAD 26,195,000.00 26,195,000.00 2.000% 1,455.28 26,196,455.28 SUB-TOTAL 93,398,024.79 93,398,024.79 1.988% 5,155.14 93,403,179.93 GRAND TOTAL 749,606,024.79 750,209,632.13 1.895% 50,650,441.04 788,936,038.28 October 30, 2018 Item #1 Page 20 of 25 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF SEPTEMBER 30, 2018 FUND EQUITY IN POOLED INVESTMENTS 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 44,363,289 22,486,101 29,047,662 8,934,089 5,848,472 6,194,696 99,811,736 118,970,159 13,601,926 3,382,962 131,713,315 47,239,539 6,939,054 7,404,309 1,255,252 EXHIBIT 8 106,061,355 33,724,311 352,641,092 194,551,469 48,501,715 15,663,966 326,845 751,470,753 (2,481,466) 748,989,287 (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 10/05/18. October 30, 2018 Item #1 Page 21 of 25 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF SEPTEMBER 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- BLACKROCK INC Aa3 AA-NR CHEVRON· Aa2 AA-NR 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 US BANK A1 AA-AA- 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 COCA COLA Aa3 A+ A+ 09/21/2021 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 8,628,640 7,321,356 3,521,066 Market Value 8,458,719 7,226,332 3,442,250 October 30, 2018 Item #1 Page 22 of 25 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF SEPTEMBER 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 0.54% ALPHABET, INC 5,364,100.00 0.72% APPLE INC 16,264,675.00 2.17% BERKSHIRE HATHAWAY 7,220,390.39 0.96% BLACKROCK INC 1,011,600.00 0.13% CHEVRON 14,307,799.00 1.91% COCA COLA CO 8,623,092.17 1.15% COLGATE-PALMOLIVE 10,632,540.84 1.42% EXXON MOBIL 11,397,155.00 1.52% IBM CORP 7,730,433.50 1.03% JOHNSON & JOHNSON 7,443,878.49 0.99% MASS MUTUAL 3,286,335.00 0.44% MICROSOFT 19,234,617.50 2.56% 3M COMPANY 3,554,215.00 0.47% NEW YORK LIFE 6,032,140.00 0.80% 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 0.31% TOYOTA 14,838,600.00 1.98% US BANK 1,251,625.00 0.17% WALMART 4,249,995.00 0.57% WELLS FARGO BANK 7,465,500.00 1.00% PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER Investment Cost Percent of Portfolio** FAMCA FICO FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FEDERAL NATIONAL MORTGAGE ASSOC PEFCO RFCO STRIP PRINCIPAL TENNESSEE VALLEY AUTHORITY SUPRANATIONAL -IBRD U.S.TREASURY Total Portfolio * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. 14,242,365.00 8,733,759.39 75,176,480.00 82,397,321.04 92,726,016.48 78,141,232.14 8,244,462.90 2,750,760.00 7,496,747.50 11,924,034.89 97,439,615.71 1.90% 1.16% 10.02% 10.98% 12.36% 10.42% 1.10% 0.37% 1.00% 1.59% 12.99% $750,209,632.13 EXHIBIT 10 October 30, 2018 Item #1 Page 23 of 25 City of Carlsbad Bond Proceeds Investment Report September 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 (GIC) 5.83% N/A $ Assessment District 96-01 (Rancho Carrillo) Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIC) 6.03% 09/02/28 $ ReAssessment District 2012-1 (College/Cannon & Poinsettia Lane) Reserve Fund Invesco Gov. & Agency -Institutional Money Market various N/A $ Other Invesco Gov. & Agency -Institutional Money Market various N/A $ Communities Facilities District #3 Improvement Area 1, 2016 Bonds Reserve Fund Invesco Gov. & Agency -Institutional Money Market various 09/01/36 $ Other 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 $ Other 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: 951,421 $ 951,421 Fiscal Agent: $ Fiscal Agent: 1,292,941 $ 1,292,941 Fiscal Agent: 2,215,221 $ 2,215,221 164 $ 164 Fiscal Agent: 555,680 $ 555,680 1,910 $ 1,910 Fiscal Agent: 810,513 $ 810,513 14,659 $ 14,659 5,842,509 $ 5,842,509 Source BNY Mellon Invesco BNY Mellon HSBC Bank of New York BNYMellon HSBC Bank of New York BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon tr:! :x: ::r: H to H 8 I-' I-' October 30, 2018 Item #1 Page 24 of 25 City of Carlsbad Summary of Outstanding Housing Loans As of September 30, 2018 Loan amount due Developer loan Loans issued by Loans issued by Developer to City amount due to City First date # of loans City to developers/ Developer to # of loans City loan loan repaid to (recorded as (not on City's Borrower Develoement Pureose issued issued homeowners homeowners outstanding repaid to City City AR) books} Type of Loan Payment deferred 15-years. No interest is due Individual homebuyers City-wide (CHAP) Sale 06/28199 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 10115/99 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 06/28199 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 05125101 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 05120199 22 752,533 5 (616,633) 135,900 135,900 Principal is due when home is sold Individual homebuyers Solamar Sale 09126188 9 147,726 1 (135,065) 12,661 12,661 Principal is due when home is sold Catholic Charities Homeless shelter Shelter 09119197 1 200,000 1 200,000 200,000 Principal is due when property is sold Principal and 3% interest each year for 30 years CB Laurel Tree Apartments Laurel Tree Rentals 12124/98 2 1,134,000 2 (1,134,000) (0) (0) when surplus cash is available Principal and 3% interest each year for 55 years USA Properties c/o CFHP Rancho Carrillo Rentals 03/05101 1 1,157,584 1 (1,157,584) (0) (0) when surplus cash is available Principal and 3% interest each year for 55 years Pacific Vista Las Flores Vista Las Flores Rentals 02127101 1 363,948 1 363,948 363,948 when surplus cash is available Principal and 3% interest each year for 55 years Poinsettia Housing Assoc Poinsettia Station Rentals 10121199 1 920,000 1 (690,529) 229,471 229,471 when surplus cash is available Principal and 3% interest each year for 15 years Bridge Housing Corp Villa Loma Rentals 11104194 2 2,212,000 0 (2,212,000) when surplus cash is available Principal and 3% interest each year for 55 years Dove Family Housing La Costa Paloma Rentals 07/15103 1 2,070,000 1 (2,070,000) (0) (0) when surplus cash is available Principal and 3% interest each year for 55 years CIC Calavera LP Mariposa Apts Rentals 09/15/04 1 1,060,000 1 1,060,000 1,060,000 when surplus cash is available Mulberry at Payment deferred 30 years. No interest is due Individual homebuyers Bressi Ranch Sale 04/29105 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 10/28105 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 years El Camino Family Housing Cassia Heights Rentals 03107106 1 1,454,276 1 (1,454,276) when surplus cash is available Payment deferred 45 years. No interest is due Individual homebuyers Laguna Point Sale 07106106 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 06/14107 10 200,000 10 200,000 200,000 unless home is sold before 31th year Refer to Agenda Bill 18,569 / Resolution 2006- Individual homebuyers Roosevelt Gardens Sale 08130107 11 1,583,423 11 1,583,423 1,583,423 131 &AB19,183/R2007-255 CIC La Costa Hunter's Point Rentals 08119/08 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 06/25109 22 255,518 21 (12,500) 243,018 243,018 121 CIC Glen Ridge, LP Glen Ridge Rentals 10105/09 1 1,014,000 1 1,014,000 1,014,000 Refer to Agenda Bill 397 / Resolution 435 Tavarua Senior Apartments, LP Tavarua Rentals 12114111 1 1 Refer to Agenda Bi!l 418 / Resolution 475 North County Solutions for Change Property Acquisition Rentals 06128112 1 780,000 1 780,000 780,000 Refer to Agenda Bill 20,936/Resolution 2012-136 Refer to AB19,768/R2009-068; AB20,530/R2011- Catholic Charities Homeless shelter Shelter 03/01110 3 507,585 3 507,585 507,585 081; AB20,764/R2011-288 Minor Home Individual homeowners NIA Repair 05120110 12 30,677 6 (4,083) 26,594 26,594 Refer to AB19,415 / Resolution 2008-121 Property Hospice of North Coast NIA Acquisition 02127113 1 1,065,000 1 1,065,000 1,065,000 Refer to AB21, 116/Resolution 2013-027 Harding Street Neighbors, Carol-Harding Property LP Duplex Acquisition 03114113 1 7,408,000 1 7,408,000 7,408,000 Refer to AB21,028/Resolution 2012-235 Tracy Templeton Laguna Point Sale 04117113 1 108,150 1 108,150 108,150 TBD Payment deferred 30 years. No interest is due Thomas & Judy Kim Rose Bay Sale 08123113 1 229,775 1 229,775 229,775 unless home is sold before 31th year tc:l Property :x: Solutions for Change NIA Acquisition 12119114 1 2,646,000 1 2,646,000 2,646,000 Refer to AB21,763/Resolution 2014-243 Chelsea Inv Corp/Quarry ::r: Creek CiC LLP Quarry Creek Rentals 08131116 1 1,280,000 1 (223,474) 1,056,526 1,056,526 H Allowances (1,798,379) (1,798,379) tJj H 494 $ 34,542,416 $ 28,400,000 229 $ (12,864,280) $ (3,148,250) $ 21,678,137 $ 25,251,750 $ 48,728,266 8 August 2018: received a $223,474 payment related to the Quarry Creek development. I-' N October 30, 2018 Item #1 Page 25 of 25