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HomeMy WebLinkAbout2019-01-08; City Council; ; Report on City Investments as of November 30, 2018~ CITY COUNCIL \tl:I Staff Report Meeting Date To: From: January 8, 2019 Mayor and Council Members Scott Chadwick, City Manager CA Review Staff Contact: Craig Lindholm, City Treasurer; Melissa Hoover, Assistant to the Treasurer Melissa.Hoover@carlsbadca.gov or 760-602-2473 Subject Report on City Investments as of November 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 November 30, 2018 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value $754,511,077 $755,560,332 Cost of Investments $754,373,110 $755,678,737 Amortized Cost (1) $753,594,467 $754,848,593 Market Value (2) $742,913,411 $742,649,180 (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 11/30/18. 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. January 8, 2019 Item #1 1 of 21 Exhibit 9 shows that the investments out of compliance with the current policy had a subsequent change in credit rating. Ratings on three investments changed from double A (AA) to a single A (A) rating. The city's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. These investments are paying interest at the required times and their principal is considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. The pooled investment portfolio has the ability to meet the city's cash flow demands for the next six (6) months. Fiscal Analysis None Next Steps The Report on City Investments is produced monthly by the City Treasurer. Environmental Evaluation (CEQA) Pursuant to Public Resources Code section 21065, this action does not constitute a "project" within the meaning of CEQA in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and therefore does not require environmental review. Public Notification This item was noticed in accordance with the Ralph M. Brown Act and was available for viewing at 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. Second Quarter Transactions 7. Detailed Investment Report 8. Fund Equity in Pooled Investments 9. Corporate Note and Commercial Paper Ratings 10. Percentage Weightings by Corporate Note Issuer January 8, 2019 Item #1 3 of 21 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 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 Mon_th Prior Month Current Month Prior Month Year to Date Cu_rr!mt Month Prior Month CD $17,271,794 $16,291,734 $16,976,9'27 $16,010,145 $125,474 2.21 2.14 FN 18,907,399 18,883,060 18,727,992 18,677,585 0 1.60 1.60 TR 90,879,143 92,377,393 88,892,780 90,140,831 847,169 1.67 1.65 FA 364,130,126 356,105,023 358,883,590 349,857,764 2,513,113 1.95 1.90 SN 13,024,219 11,946,767 12,756,226 11,635,936 90,843 2.21 2.15 CN 154,479,708 158,163,285 151,773,819 155,245,588 1,637,412 2.14 2.10 LAIF 90,368,999 96,561,584 90,368,999 96,561,584 913,218 2.17 2.14 CUSTODY 1,553 680 1,553 680 1,871 1.59 1.59 SWEEP 4,159,668 4,148,027 4,159,668 4,148,027 30,694 2.00 2.00 BANK ACCT 371,857 371,042 371,857 371,042 0 2.00 2.00 TOTALS $753,594,467 $754,848,593 $742,913,411 $742,649,180 $6,159,793 1.98% 1.94% 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 txJ H 1-:1 ....., January 8, 2019 Item #1 4 of 21 CLASS CD FN TR FA SN CN LAIF CUSTODY SWEEP BANK ACCT TOTALS % TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 30, 2018 BREAKDOWN OF MATURITIES BY CLASS/FICA TION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TO SYEARS TOTAL $247,000 $2,966,642 $14,055,675 $17,269,317 5,345,898 9,852,819 2,750,760 17,949,477 12,216,529 4,723,533 74,011,183 90,951,245 32,399,414 41,563,583 291,223,355 365,186,352 0 0 12,998,746 12,998,746 18,364,671 10,351,085 126,400,142 155,115,897 90,368,999 0 0 90,368,999 1,553 0 0 1,553 4,159,668 0 0 4,159,668 371,857 0 0 371,857 $163,475,588 (1) $69,457,662 (1) $521,439,860 $754,373,110 21.7% 9.2% 69.1% 100.0% Total within One Year $232,933,250 (1) POLICY: 30.9% (1) Not less than $184,078,000 to mature within one year. (2/3rds of current year operating budget of $276,115,000) (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. % TOTAL 2.3% 2.4% 12.1% 48.4% 1.7% 20.6% (2) 12.0% 0.0% 0.6% 0.1% 100.0% i:tj ::x: ::r: H o:J H 8 N January 8, 2019 Item #1 5 of 21 YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 2012 -NOVEMBER 2018 2.30 -.----------------------------------- 2.20 -+-------------------------------------- 2.10 -+--------------------------------- 2.00 -+------------------------------~- 1.90 -+-------------------------------,----- 1.80 -+----------------------------___,.,... __ 1.70 -+-------------------------------.,C-------- 1.60 ~----------------------------,.,~----f------- 1.50 -+--~--------------------------=:a,.,,,..,,.._ __ _,____ __ 1.40 -+----------="k,---------------------~-=----~--- 1.30 t====~~s~;;;;;::~:;~~~~~;;~~~:~:::::::::::::~~:::~======:~t======= 1.20 1.10 -+---------------------------=::::.,----- 1.00 --t---~;:::::=========:;--------------------,------- 0.90 +-------11------------:=~~-I-IH-E--+--------------~=------- 0.80 -+-------+---------+---------------------,-------,#--------- 0.70 +-------ll----------.~I-------A--11-1-------+---------------=::.,-'---------------- 0.60 +---~----====ed-----------~~---------- 0.50 -+-------------------------=~----------- 0.40 E='~~~;;~;;;;;;~~~~~~;;~~~~=~=================== 0.30 1- 0.20 0.10 ---1--------------------------------- 0.00 -l--,-.,-m-~m--.-r-mm~m--.------,-,--.--.-m-~m--.-r-mm~m--.------,-,--.--.-m_~m--,----,--, _\ "'-".> ~ -\ "'-~ ~ . ~ "'-~ ~ . ~ "'-Cb ~ -\ "'-~ ~ -\ "'-Cb ~ -\ "'-~ & ~ ~ ~ & ~ ~ ~ & ~ ~ ~ & ~ ~ ~ & ~ ~ ~ & ~ ~ ~ & txj :x: ::r: H tJj H 8 w January 8, 2019 Item #1 6 of 21 MARKET YIELD CURVE 6/30/17, 6/30/18, 11/30/18 3. 5 Market Rates 3 25 ___ _._ ______ _ . ---------·-~--------------____ ,.-,--__ _ ---2 ------ ----- 1.5 1 - 0.5 --+--------------------- 0 -+--------~-----~-----~ I I I 3 Mth 2Yr 5 Yr 10 Yr 3 Mth 2Yr 5 Yr lOYr ~----- --•-6/30/2017 1.01 1.38 1.88 2.30 -. 6/30/2018 1.9 1 2.53 2.74 2.86 -+-•11/30/2018 2.34 2.79 2.81 2.99 tcj :><: ::r: H tel H 1-3 ~ January 8, 2019 Item #1 7 of 21 Cumulative Cash Income FY18-19 Cumulative Millions$ (November 2018) Monthly Interest Income Millions$ 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 _ .. ~~ y ~ -¥" .y' ~ A"""~ ~~ .,,.-, ....... ~ /~ .•• :> 0.97 --~ 1.t>H - _.,--087 I. I I r--r----......-r--r--It" i-------r---- I I I I I I I I I I I Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June c=ilnterest Income -•-Budget ---Actual YTD ~ ~ ~ ~ r- ~ 8 7 6 5 4 3 2 1 0 l:rj :x: :::r: H b:J H 8 U1 January 8, 2019 Item #1 8 of 21 TRANSACTIONS FOR PERIOD: 10/01/18 TO 11/30/18 2nd QUARTER 2018-2019 Trans Investment Call Par Amount Return Investment Date Date ~ Security Date Value COUQOn {Cost) Rate Interest Return BUYS OCTOBER 09/27/18 10/01/18 CN WELLS FARGO BANK N/A 1,500,000.00 3.550% 1,500,000.00 3.550% 259,297.92 1,759,297.92 09/27/18 10/04/18 FA FFCB 10/4/2019 1,000,000.00 3.340% 1,000,000.00 3.340% 167,000.00 1,167,000.00 10/04/18 10/05/18 FA FFCB 10/25/2018 1,500,000.00 3.120% 1,497,375.00 3.168% 180,725.00 1,678,100.00 10/04/18 10/05/18 FA FNMA N/A 1,000,000.00 2.000% 962,570.00 3.000% 117,430.00 1,080,000.00 10/04/18 10/09/18 CN BERKSHIRE HATHAWAY N/A 1,100,000.00 3.000% 1,091 ,810.50 3.220% 126,989.50 1,218,800.00 10/09/18 10/10/18 FA FFCB N/A 2,300,000.00 2.800% 2,266,190.00 3.125% 349,548.89 2,615,738.89 10/16/18 10/17/18 FA FFCB N/A 2,500,000.00 3.050% 2,493,150.00 3.110% 384,922.92 2,878,072.92 10/16/18 10/26/18 CD BMO HARRIS BANK 4/26/2019 249,000.00 3.350% 249,000.00 3.350% 41 ,707.50 290,707.50 NOVEMBER 11/06/18 11/07/18 FA FHLB 4/29/2019 1,250,000.00 3.150% 1,248,125.00 3.203% 119,125.00 1,367,250.00 11/06/18 11/07/18 FA FAMCA 10/10/2019 1,150,000.00 3.410% 1,147,987.50 3.440% 195,146.38 1,343,133.88 11/06/18 11/07/18 FA FFCB 11/14/2018 1,400,000.00 2.350% 1,349,866.00 3.170% 205,860.67 1,555,726.67 11 /06/18 11 /08/18 SN IBRD N/A 1,100,000.00 1.625% 1,074,711.00 2.930% 57,859.27 1,132,570.27 11/07/18 11/08/18 FA FFCB 11/15/2018 1,350,000.00 2.350% 1,299,375.00 3.210% 200,701.88 1,500,076.88 11 /05/18 11/14/18 CD BANK HAPOALIM BM N/A 245,000.00 3.500% 245,000.00 3.500% 42,875.00 287,875.00 11/07/18 11 /09/18 CN PROCTER & GAMBLE N/A 1,900,000.00 2.150% 1,826,627.70 3.250% 226,786.74 2,053,414.44 11 /06/18 11 /15/18 CD MORGAN STANLEY PVT BANK N/A 245,000.00 3.550% 245,000.00 3.550% 43,487.50 288,487.50 11/13/18 11 /15/18 CD NATIONAL COOPERATIVE BANK N/A 245,000.00 3.450% 245,000.00 3.450% 41 ,891.98 286,891.98 11/06/18 11/27/18 FA FHLB 11/27/2020 1,800,000.00 3.350% 1,800,000.00 3.350% 301 ,500.00 2,101,500.00 11/13/18 11/28/18 FA FHLB 2/28/2019 1,600,000.00 3.000% 1,600,000.00 3.000% 72,000.00 1,672,000.00 11/19/18 11/26/18 FA FAMCA 11/22/2019 2,600,000.00 3.480% 2,600,000.00 3.480% 451 ,394.67 3,051 ,394.67 11/19/18 11/29/18 CD STATE BANK OF INDIA N/A 245,000.00 3.600% 245,000.00 3.600% 44,100.00 289,100.00 11/29/18 11/30/18 FA FHLMC 2/27/2019 2,000,000.00 2.900% 1,994,720.00 3.000% 14,983.33 2,009,703.33 TOTAL SECOND QUARTER 2018-2019 28,279,000.00 27,981,507.70 3.226% 3,645,334.1 5 31,626,841.85 MATURITIES OCTOBER 05/23/16 FA FNMA N/A 2,000,000.00 1.125% 2,006,660.00 0.984% 47,465.00 2,054,125.00 03/30/15 FA FHLB NIA 1,000,000.00 1.300% 1,000,000.00 1.300% 46,583.33 1,046,583.33 08/05/14 TR US TREASURY N/A 3,000,000.00 1.250% 2,974,200.00 1.460% 184,665.49 3,158,865.49 12/29/15 TR US TREASURY N/A 2,000,000.00 1.250% 1,998,878.00 1.270% 72,069.80 2,070,947.80 02/19/15 CN ROYAL BANK OF CANADA N/A 2,250,000.00 2.000% 1,189,442.50 1.500% 1,223,307.50 2,412,750.00 07/12/16 CN IBM CORP N/A 2,628,000.00 7.625% 3,005,118.00 1.167% 75,418.12 3,080,536.12 NOVEMBER 05/02/14 FA FNMA N/A 2,000,000.00 1.625% 2,008,347.18 1.530% 140,159.76 2,148,506.94 06/03/14 FA FNMA NIA 2,000,000.00 1.625% 2,010,791.92 1.500% 134,826.14 2,145,618.06 07/21/15 FA FNMA N/A 1,000,000 00 1.500% 1,006,875.00 1.290% 43,500.00 1,050,375.00 04/15/16 TR US TREASURY N/A 1,500,000.00 1.250% 1,515,292.97 0.850% 33 ,127.36 1,548,420.33 04/19/16 CN NY LIFE N/A 2,000,000.00 1.550% 2,014,620.00 1.250% 63,999.45 2,078,619.45 1:1:l :x: 12/24/13 CN COCA COLA N/A 3,500,000.00 1.650% 3,491 ,856.17 1.700% 288,391.75 3,780,247.92 ::r: H TOT AL SECOND QUARTER 2018-2019 24,878,000.00 24,222,081.74 1.345% 2,353,513.70 26,575,595.44 tt1 H f-3 CALLS O'I OCTOBER 2018 NONE NOVEMBER 2018 NONE January 8, 2019 Item #1 9 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 l:rj 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 :x: 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 :::r:: H 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 b:! 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 H t-3 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 -.J 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 January 8, 2019 Item #1 10 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 QRTLY 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 11/28/2018 FA FHLB 3.00% CALL 2/28/19 QTL Y 1,600,000.00 1,600,000.00 3.000% 72,000.00 1,672,000.00 547 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% CALL4/27/18 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 2,135,711.1 1 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 FH LB 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 FH LB 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 January 8, 2019 Item #1 11 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN ~ 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% CALL 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 11/30/2018 FA FHLMC 2.9% CALL 2/27/19 QTL Y 2,000,000.00 1,994,720.00 3.000% 164,296.67 2,159,016.67 1,001 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 11/7/2018 FA FHLB 3.155% CALL 04/29/19 QTL Y 1,250,000.00 1,248,125.00 3.203% 119,125.00 1,367,250.00 1,087 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 1/2/2018 FA FFCB 2.23% CALL CONT 3,000,000.00 2,992,500.00 2.296% 272,870.00 3,265,370.00 1,449 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 .1 1 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 10/5/2018 FA FFCB 3.120% CALL 10/25/18 CONT 1,500,000.00 1,497,375.00 3.168% 180,725.00 1,678,100.00 1,389 11/3/2017 FA FFCB 2.15% CALL 1/26/18 CONT 1,400,000.00 1,400,000.00 2.1 50% 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 January 8, 2019 Item #1 12 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 10/5/2018 FA FNMA 2.0% NON-CALL 1,000,000.00 962,570.00 3.000% 117,430.00 1,080,000.00 1,461 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 QRTLY 2,000,000.00 1,970,800.00 2.872% 278,675.00 2,249,475.00 1,788 2/23/2018 FA FHLB 2.63% NON-CALL 2,750,000.00 2,722,500.00 2.848% 384,705.14 3,107,205.14 1,804 4/10/2018 FA FHLMC 2.625% CALL QRTL Y 2,500,000.00 2,474,500.00 2.851% 343,781.25 2,818,281 .25 1,773 2/13/2018 FA FHLB 2.850% CALL 2/28/19 CONT 1,000,000.00 1,000,000.00 2.850% 142,500.00 1,142,500.00 1,841 3/13/2018 FA FHLMC 2.25% CALL 8/28/18 QRTL Y STEP 1,250,000.00 1,250,000.00 3.129% 195,703.12 1,445,703.12 1,813 3/27/2018 FA FHLMC 3.05% CALL 6/27/18 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 QRTL Y 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 11/7/2018 FA FFCB 2.35% CALL 11 /14/15 CONT 1,400,000.00 1,349,866.00 3.170% 205,860.67 1,555,726.67 1,728 11/8/2018 FA FFCB 2.35% CALL 11/15/18 CONT 1,350,000.00 1,299,375.00 3.210% 200,701.88 1,500,076.88 1,727 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 10/10/2018 FA FFCB 2.8% NON-CALL 2,300,000.00 2,266,190.00 3.125% 349,548.89 2,615,738.89 1,791 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 10/4/2018 FA FFCB 3.34% CALL 10/04/19 CONT 1,000,000.00 1,000,000.00 3.340% 167,000.00 1,167,000.00 1,826 10/17/2018 FA FFCB 3.05% NON-CALL 2,500,000.00 2,493,150.00 3.050% 384,922.92 2,878,072.92 1,811 11/7/2018 FA FAMCA 3.41% CALL 10/10/19 SEMI ANNUAL 1,150,000.00 1,147,987.50 3.449% 195,146.38 1,343,133.88 1,798 11/19/2018 FA FAMCA 3.48% CALL 11/22/19 SEMI ANNUAL 2,600,000.00 2,600,000.00 3.480% 451,394.67 3,051,394.67 1,829 11/27/2018 FA FHLB 3.35% CALL 11/27/20 ONE TIME 1,800,000.00 1,800,000.00 3.350% 301 ,500.00 2,101 ,500.00 1,826 SUB-TOTAL 364,414,000.00 365,186,351.81 1.953% 29,334,875.15 394,521,226.96 1,467 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 January 8, 2019 Item #1 13 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 9/23/2015 FN FICO 0% NON-CALL 3,200,000.00 3,003,168.00 1.590% 196,832.00 3,200,000.00 1,464 3/3/2015 FN FNMA 0% NON-CALL 2,000,000.00 1,825,044.00 2.000% 174,956.00 2,000,000.00 1,681 11/7/2016 FN FNMA 0% NON-CALL 2,200,000.00 2,115,792.80 1.340% 84,207.20 2,200,000.00 1,066 1/27/2017 FN FNMA 0% NON-CALL 1,000,000.00 950,223.00 1.900% 49,777.00 1,000,000.00 985 10/23/2015 FN RFCSP 0% NON-CALL 3,000,000.00 2,750,760.00 1.750% 249,240.00 3,000,000.00 1,819 SUB-TOTAL 19,163,000.00 17,949,477.04 1.6026% 1,213,522.96 19,163,000.00 1,367 Federal Investments Total 383,577,000.00 383,135,828.85 30,548,398.11 413,684,226.96 1,462 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 11/8/2018 SN IBRD 1.625% NON-CALL 1,100,000.00 1,074,711 .00 2.930% 57,859.27 1,132,570.27 666 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 13,100,000.00 12,998,745.89 2.211% 1,112,240.94 14,110,986.83 1,401 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 January 8, 2019 Item #1 14 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 1/20/2017 TR US TREASURY 1.125% 2,750,000.00 2,673,515.63 1.831% 203,567.42 2,877,083.05 1,500 2/17/2017 TR US TREASURY 1.125% 1,225,000.00 1,194,853.52 1.760% 85,690.25 1,280,543.77 1,472 5/9/2017 TR US TREASURY 1.25% 1,400,000.00 1,374,786.00 1.730% 93,349.25 1,468,135.25 1,422 8/19/2016 TR US TREASURY 1.375% 3,000,000.00 3,037,662.00 1.100% 156,145.74 3,193,807.74 1,715 12/16/2016 TR US TREASURY 2.000% 2,250,000.00 2,250,000.00 2.000% 200,521.98 2,450,521 .98 1,627 10/28/2016 TR US TREASURY 1.125% 2,500,000.00 2,477,400.00 1.325% 154,053.80 2,631,453.80 1,706 12/16/2016 TR US TREASURY 1.125% 2,650,000.00 2,547,312.50 2.022% 238,058.93 2,785,371.43 1,657 1/20/2017 TR US TREASURY 1.125% 1,500,000.00 1,448,203.13 1.925% 145,113.79 1,593,316.92 1,653 2/20/2018 TR US TREASURY 1.125% 2,000,000.00 1,911,080.00 2.450% 168,167.24 2,079,247.24 1,288 12/2/2016 TR US TREASURY 2.125% 1,600,000.00 1,615,500.00 1.913% 148,615.38 1,764,115.38 1,763 3/10/2017 TR US TREASURY 1.125% 1,200,000.00 1,150,500.00 2.078% 111,028.85 1,261,528.85 1,665 5/19/2017 TR US TREASURY 1.125% 1,500,000.00 1,464,375.00 1.691 % 109,303.28 1,573,678.28 1,595 2/14/2018 TR US TREASURY 2.125% 1,500,000.00 1,486,406.25 2.387% 129,096.84 1,615,503.09 1,324 11/17/2016 TR US TREASURY 2.00% 2,000,000.00 2,030,000.00 1.683% 168,121.55 2,198,121 .55 1,809 11/18/2016 TR US TREASURY 2.00% 2,000,000.00 2,028,360.00 1.700% 169,651.15 2,198,011.15 1,808 11/22/2016 TR US TREASURY 2.00% 2,000,000.00 2,016,562.50 1.825% 182,664.02 2,199,226.52 1,819 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 91,040,000.00 90,951,244.74 1.665% 6,581,647.62 97,532,892.36 1,509 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 January 8, 2019 Item #1 15 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 1,180,545.1 4 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 5/1 4/2017 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 1,81 4 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 10/9/2018 CN BERKSHIRE HATHAWAY 3.0% MAKE WHOLE CALL 1,100,000.00 1,091 ,810.50 3.220% 126,989.50 1,218,800.00 1,314 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 11/9/2018 CN PROCTER & GAMBLE 2.15% MAKEWHOLE 1,900,000.00 1,826,627.70 3.250% 226,786.74 2,053,414.44 1,371 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 January 8, 2019 Item #1 16 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 10/1/2018 CN WELLS FARGO BANK 3.55% MAKE WHOLE 1,500,000.00 1,500,000.00 3.550% 259,297.92 1,759,297.92 1,778 SUB-TOTAL 154,619,000.00 155,115,897.12 2.136% 14,206,794.52 169,322,691 .64 1,554 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'L ASSOC 1.9% 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,827 12/3/2014 CD CIT BANK SALT LAKE CITY 2.2% 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 12/4/2014 CD AMERICAN EXPRESS CENTURION 2.2% 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 12/10/2014 CD BMW BANK OF N AMERICA 2.15% 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 12/23/2014 CD SALLIE MAE BANK SALT LAKE 2.2% 247,000.00 247,000.00 2.200% 26,976.46 273,976.46 1,813 12/21/2017 CD MORGAN STANLEY BANK 2.1% 247,000.00 247,000.00 2.100% 10,402.82 257,402.82 732 1/23/2015 CD PRIVATE BANK & TRUST 1.90% 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,826 7/24/2015 CD EAGLE BANK 1.80% 249,000.00 249,000.00 1.800% 20,169.00 269,169.00 1,645 1/27/2015 CD NORTHFIELD BANK 1.65% 249,000.00 249,000.00 1.650% 20,542.50 269,542.50 1,826 1/26/2018 CD FLAGSTAR BANK 2.15% 247,000.00 247,000.00 2.150% 10,635.75 257,635.75 731 1/30/2015 CD BANK OF GEORGETOWN 1.65% 249,000.00 249,000.00 1.650% 20,542.50 269,542.50 1,826 2/6/2015 CD MACHIAS SAVINGS BANK 1.65% 247,000.00 247,000.00 1.650% 20,377.50 267,377.50 1,826 3/3/2015 CD THIRD FEDERAL SAVING & LOAN 1.75% 247,000.00 246,407.20 1.754% 22,146.09 268,553.29 1,821 3/25/2015 CD WELLS FARGO BANK SIOUX FALLS 1.5% 247,000.00 247,000.00 1.500% 18,525.00 265,525.00 1,827 4/22/2015 CD MARLIN BUSINESS BANK SALT LAKE 1.6% 247,000.00 247,000.00 1.600% 19,760.00 266,760.00 1,827 5/13/2015 CD WORLD FOREMOST BANK SYDNEY 2.00% 200,000.00 200,000.00 2.000% 20,000.00 220,000.00 1,827 6/29/2015 CD FIRST SOURCE BANK 1.85% 247,000.00 246,382.50 1.904% 23,465.00 269,847.50 1,827 7/31/2015 CD INSTITUTION FOR SAVINGS 2.05% 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 1,827 8/6/2015 CD ORRSTOWN BANK 2.0% 249,000.00 249,000.00 2.000% 24,706.33 273,706.33 1,841 8/2/2017 CD WEX BANK 1.85% 247,000.00 247,000.00 1.850% 13,721 .19 260,721 .19 1,097 8/11/2015 CD INVESTOR BANK 2.0% 247,000.00 247,000.00 2.000% 24,700.00 271,700.00 1,841 9/10/2015 CD MERRICK BANK 1.85% 249,000.00 248,377.50 1.910% 23,655.00 272,032.50 1,827 9/22/2015 CD BARCLAYS BANK 2.2% 248,000.00 248,000.00 2.200% 27,190.31 275,190.31 1,821 10/19/2015 CD COMENITY CAP BANK 2.0% 249,000.00 249,000.00 2.000% 24,818.14 273,818.14 1,821 12/14/2017 CD ALLY BANK 2.10% 247,000.00 247,000.00 2.100% 15,561.00 262,561.00 1,096 1/15/2016 CD INVESTORS CMNTY BANK 1.85% 249,000.00 249,000.00 1.850% 23,032.50 272,032.50 1,827 5/9/2018 CD CONNECTONE BANK 2.85% 249,000.00 249,000.00 2.850% 21,309.21 270,309.21 1,097 January 8, 2019 Item #1 17 of 21 INVESTMENT REPORT AS OF NOVEMBER 30, 2018 INVESTMENT PAR INVESTED RETURN INVESTMENT TERM DATE TYPE SECURITY VALUE AMOUNT RATE INTEREST RETURN (Days) 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 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 UT AH 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 10/26/2018 CD BMO HARRIS BANK 3.35% CALL 04/26/19 249,000.00 249,000.00 3.350% 41 ,707.50 290,707.50 1,826 11/15/2018 CD NATIONAL COOPERATIVE BANK 3.45% NON-CALL 245,000.00 245,000.00 3.450% 41 ,891 .98 286,891.98 1,810 11/14/2018 CD BANK HAPOALIM BM 3.5% NON-CALL 245,000.00 245,000.00 3.500% 42,875.00 287,875.00 1,826 11/15/2018 CD MORGAN STANLEY PVT BANK 3.55% NON-CALL 245,000.00 245,000.00 3.550% 43,487.50 288,487.50 1,826 11/19/2018 CD STATE BANK OF INDIA 3.6% BULLET 245,000.00 245,000.00 3.600% 44,100.00 289,100.00 1,836 SUB-TOTAL 17,273,000.00 17,269,316.70 2.214% 1,791,720.17 19,061 ,036.87 1,698 0 WELLS FARGO BANK -General Fund 371 ,857.00 371 ,857.00 2.000% 20.38 371 ,877.38 0 CORPORATE CASH MANAGEMENT ACCOUNT 4,159,668.17 4,159,668.17 2.000% 227.93 4,159,896.10 0 WELLS FARGO CUSTODY 1,552.94 1,552.94 1.590% 0.07 1,553.01 0 LA IF WATER DISTRICT 22,911 ,000.00 22,911,000.00 2.170% 1,381.02 22,912,381.02 0 LA IF PUBLIC IMPROVEMENT CORPORATION 19,419,059.73 19,419,059.73 2.170% 1,170.54 19,420,230.27 0 LA IF PUBLIC FINANCING CORPORATION 23,781,938.78 23,781 ,938.78 2.170% 1,433.52 23,783,372.30 0 L A I F CITY OF CARLSBAD 24,257,000.00 24,257,000.00 2.170% 1,462.16 24,258,462.16 SUB-TOTAL 94,902,076.62 94,902,076.62 2.162% 5,695.61 94,907,772.23 GRAND TOTAL 754,511,076.62 754,373,109.92 1.984% 53,134,256.03 794,508,620.06 January 8, 2019 Item #1 18 of 21 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF NOVEMBER 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 43,704,485 22,728,791 28,542,376 8,274,491 6,356,680 5,929,743 100,150,594 118,907,194 14,067,689 4,381,047 133,553,303 47,305,692 6,960,718 7,642,805 1,270,957 EXHIBIT 8 105,468,337 34,508,335 353,043,089 196,733,474 48,895,102 15,338,132 304,613 754,291,083 (696,616) 753,594,467 (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 12/10/18. January 8, 2019 Item #1 19 of 21 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of NOVEMBER 30, 2018 CORPORATE NOTE AND COMMERCIAL PAPER RA TINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by two of the three: Moody's S&P or Fitch) Moody's S&P Fitch ADP Aa3 AA NR ALPHABET, INC Aa2 AA+ NR APPLE Aa1 AA+ NR BERKSHIRE HATHAWAY Aa2 AA AA- 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- PROCTER & GAMBLE Aa3 AA-NR TOYOTA Aa3 AA-A+ US BANK A1 AA- AA- WALMART Aa2 AA AA WELLS FARGO BANK Aa2 A+ AA- Commercial Paper Investments Meeting the Current Investment Policy: (Ratings must be A 1/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 A1 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 5,127,1 35 4,684,149 3,519,168 Market Value 4,969,548 4,584,697 3,435,355 January 8, 2019 Item #1 20 of 21 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF NOVEMBER 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 0.53% ALPHABET, INC 5,364,100.00 0.71% APPLE INC 16,264,675.00 2.16% BERKSHIRE HATHAWAY 8,312,200.89 1.10% BLACKROCK INC 1,011,600.00 0.13% CHEVRON 14,307,799.00 1.90% COCA COLA CO 5,131,236.00 0.68% COLGATE-PALMOLIVE 10,632,540.84 1.41% EXXON MOBIL 11,397,155.00 1.51% IBM CORP 4,725,315.50 0.63% JOHNSON & JOHNSON 7,443,878.49 0.99% MASS MUTUAL 3,286,335.00 0.44% MICROSOFT 19,234,617.50 2.55% 3M COMPANY 3,554,215.00 0.47% NEW YORK LIFE 4,017,520.00 0.53% NOVARTIS CAPTIAL CORP 1,489,500.00 0.20% PROCTER & GAMBLE 5,607,888.90 0.74% TOYOTA 14,838,600.00 1.97% US BANK 1,251,625.00 0.17% WALMART 4,249,995.00 0.56% WELLS FARGO BANK 8,965,500.00 1.19% 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. 17,990,352.50 8,733,759.39 85,082,436.00 86,045,446.04 94,720,736.48 72,071 ,128.04 8,244,462.90 2,750,760.00 7,496,747.50 12,998,745.89 90,951,244.74 2.38% 1.16% 11.28% 11.41% 12.56% 9.55% 1.09% 0.36% 0.99% 1.72% 12.06% $754,373,109.92 EXHIBIT 10 January 8, 2019 Item #1 21 of 21 Craig Lindholm, City Treasurer Jan. 8, 2019 Report on City Investments Statement of Investment Policy •Pooled Investments: –City of Carlsbad, Carlsbad Municipal Water District, Housing Authority of Carlsbad, City of Carlsbad Public Improvement Corporation •California Code provides guidelines for public fund Investing •The City of Carlsbad’s Investment Policy guides the city’s investment process and is more conservative than the California Code guidelines Statement of Investment Policy •Investment Objectives: 1.Safety 2.Liquidity 3.Return on investment (yield) •Diversification •Buy and hold to maturity •Maximum maturity of 5 years Statement of Investment Policy •The city’s investment policy requires a higher credit rating for the Corporate Notes portion of the portfolio: AA rating by two of the three primary rating agencies •Of the ~320,000 corporate notes issued at this time, less than 1% qualify for this rating Questions? Statement of Investment Policy Coca-Cola Corporation *One of the City of Carlsbad’s current portfolio Corporate Note positions •New CEO in April 2017, James Quincey •Responding to a changing Consumer and Business Environment •Major initiatives redirecting corporate resources •Reduction of sugar content, reformulations •Carbonated beverages represent 55% of revenue and declining •2030 recycling of 100% of all plastic used in their products Consumer-Centric Portfolio Best-In-Class Brand Builder Pervasive Distribution Geographic Diversity Becoming a Total Beverage Company >20 Channels 200+ Markets ~250 Bottling Partners 16 Million Cold Drink Assets** 27 Million Customer Outlets 21 Billion-Dollar Brands Total has more than doubled since 2007 #1 Share Position in: Total Nonalcoholic Ready-To-Drink Sparkling Soft Drinks Juice, Dairy & Plant Hydration* Tea & Coffee 2017 Operating Income Composition Euro Midd East Afri North America Asia Pacific Latin America Bottling Investment… Note: Comparable (non-GAAP), excluding corporate segment COCA-COLA IS THE WORLD’S LARGEST NON-ALCOHOLIC BEVERAGE COMPANY Note: Based on 2016 estimated retail sales* Hydration includes waters and sports drinks ** Includes equipment such as vending machines and coolers OUR APPROACH TO ADDED SUGAR HAS EVOLVED Drive sustainable, profitable growth of our brands Encourage and enable consumers to control their intake of added sugar from beverages •Reduce sugar •Evolve recipes •New and different drinks •Smaller packages •Accessible information •No advertising targeted to children under 12 INSIDETHEBOTTLE OUTSIDETHEBOTTLE We support the World Health Organization’s added sugar guidelines of 10% limit of total calorie intake per day WE ARE TAKING ACTION TO REDUCE THE AMOUNT OF SUGAR IN OUR PRODUCTS TAKING ACTION TO REDUCE OUR SUGAR FOOTPRINT Focus on Zeros Reformulate to Reduce Sugar Drive Small Packs Downsize Select Single-Serve Packs Accelerate Portfolio Expansion of Low / No Added-Sugar Drinks 1 2 3 4 5 Global Rollout ofCoca-Cola Zero Sugar Affordable Small SparklingPackage Reformulating Fanta and Sprite in key markets worldwide Key Business Actions 200+ launched in 2017 '-"-• • • l ~ .. . .. . .. zero SUGAR ~/$It • ~15% Source: Internal Estimates* Energy brands are owned by Monster Beverage Corporation, in which we have a minority investment** Juice includes 100% Juice / Nectars and Juice Drinks*** The fairlife® brand and the Core Power brand are owned by fairlife, LLC, our joint venture with Select Milk Producers, Inc., and fairlife’sproducts are distributed by our company and certain of our bottling partners.CATEGORY<10%~15%~15%>50%AFFORDABLEPREMIUMEXAMPLES FROM OUR PORTFOLIOKO VALUE SHARE ** * Sparkling Energy*Juice, Dairy & Plant**Hydration Tea & Coffee SHIFTING TO A CATEGORY CLUSTER MODEL TO DRIVE GROWTH ACROSS THE PORTFOLIO VERSUS THE OLD APPROACH OF “SPARKLING & STILLS”