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2019-03-12; City Council; ; Report on City Investments as of December 31, 2018
~ CITY COUNCIL ~ Staff Report Meeting Date To: From: March 12, 2019 Mayor and Council Members Scott Chadwick, City Manager CA Review we.., 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 December 31, 2018 Recommended Action Accept and file report. Executive Summary The city's Investment Policy requires the City Treasurer to report to the City Council monthly 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 ofthe month ended December 31, 2018 is summarized below. Pooled Investment Portfolio (Cash and Securities} Current Month Prior Month Par Value $774,395,520 $754,511,077 Cost of Investments $774,049,743 $754,373,110 Amortized Cost (1) $773,414,070 $753,594,467 Market Value (2) $766,938,516 $742,913,411 (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 12/31/18. The equity portion of the various funds in the total portfolio is summarized in the graph on the next page. Fund balances are restricted for various purposes. See Exhibit 8 for a more detailed breakdown. The $20 million dollar increase between November 2018 and December 2018 report was due mainly to the receipt of property tax totaling $21 million dollars. March 12, 2019 Item #1 Page 1 of 24 All pooled investments have been made in accordance with the city's Investment Policy adopted January 2, 1985 and last revised January 8, 2019. All investments were initially made in accordance with the city's Investment Policy. Events subsequent to the purchase might have resulted in some investments not being in compliance with the current policy. These events are typically a change in the city's Investment Policy, a change in the credit rating subsequent to a purchase, or a temporary reduction in total portfolio assets. 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. Par Value Cost Fiscal Analysis None Next Steps Investment Portfolio for Bond Proceeds Current Quarter $5,866,249 $5,866,249 The Report on City Investments is produced monthly by the City Treasurer. Environmental Evaluation (CEQA) Prior Quarter $5,842,509 $5,842,509 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. March 12, 2019 Item #1 Page 3 of 24 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 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 March 12, 2019 Item #1 Page 4 of 24 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31, 2018 BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS AMORTIZED COST MARKET VALUE AVERAGE YIELD Cash Income Class Current Month Prior Month Current Month Prior Month Year to Date Current Month Prior Month CD $17,271,857 $17,271,794 $17,000,953 $16,976,927 $167,182 2.21 2.21 FN $18,932,551 $18,907,399 $18,781,955 $18,727,992 $0 1.60 1.60 TR $89,881,186 $90,879,143 $88,565,905 $88;892,780 $1,021,763 1.67 1.67 FA $370,832,750 $364,130,126 $367,800,530 $358,883,590 $3,190,725 1.95 1.95 SN $13,027,230 $13,024,219 $12,888,307 $12,756,226 $90,843 2.21 2.21 CN $151,931,976 $154,479,708 $150,364,346 $151,773,819 $1,804,942 2.21 2.14 LAIF $106,868,999 $90,368,999 $106,868,999 $90,368,999 $913,218 2.21 2.17 CUSTODY $1,280,676 $1,553 $1,280,676 $1,553 $2,055 1.59 1.59 SWEEP $3,036,753 $4,159,668 $3,036,753 $4,159,668 $35,712 2.00 2.00 BANK ACCT $350,092 $371,857 $350,092 $371,857 $0 2.00 2.00 TOTALS $773,414,070 $753,594,467 $766,938,516 $742,913,411 $7,226,441 2.00% 1.98% 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 1:7.1 ::><: ::r:: H IJ:J H 8 ~ March 12, 2019 Item #1 Page 5 of 24 CLASS CD FN TR FA SN CN LAIF CUSTODY SWEEP BANK ACCT TOTALS %TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31, 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 $4,201,642 $12,820,675 $17,269,317 $5,345,898 $9,852,819 $2,750,760 $17,949,477 $11 ,216,529 $4,723,533 $74,011 ,183 $89,951,245 $39,222,537 $37,691,252 $294,964,123 $371,877,912 $0 $0 $12,998,746 $12,998,746 $12,256,251 $15,166,085 $125,044,192 $152,466,527 $ l 06,868,999 $0 $0 $106,868,999 $1,280,676 $0 $0 $1,280,676 $3,036,753 $0 $0 $3,036,753 $350,092 $0 $0 $350,092 $179,824,734 (1) $71,635,331 (I) $522,589,678 $774,049,743 23.2% 9.3% 67.5% 100.0% Total within One Year $251,460,065 (1) 32.5% POLICY: ( I) 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 2.2% 2.3% 11.6% 48.0% 1.7% 19.7% (2) 13.8% 0.2% 0.4% 0.1% 100.0% t:rj :x l:I:1 H tt1 H 1-3 N March 12, 2019 Item #1 Page 6 of 24 YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 2012-DECEMBER 2018 2.40 ~----------------------------- 2.30 -+------------------------------- 2.20 -+-------------------------------~ 2.10 -+------------------------------------1-- 2.00 -+------------------------------..----------.. 1.90 -+---------------------------------+-'-__,,.'------ 1.80 +---------------------------------.w"F--'------ 1. 70 -+----------------------------~....------- 1.60 --'Pl,.------------------------~~f----- 1.50 +--~--------------------------=~e::....:.__--+----- 1.40 -+--_______::'7------------------------~r=------------~--- 1.30 +--_____::~---~~~------:-::~ ....... ~~~~ ...... ~~~----+------1.20 --+----------=:::"~~~~-~~:_____------------~J------ 1.10 -+------------------------------,.:r='-'-'------ 1.00 ---l---F==========i----------------------,,__------ 0.90 ---l---i------""~~~«-F---+---------------------~------- 0.80 -+--------t------------j-------------~...,,_------- 0. 70 +---i------""=-llaaa-l■'\--1-F-----+-----------~~--------- 0.60 +---===========----------~~---------- 0.50 -+-----------------~""'-'------'------------ 0.40 ~f~~~~;;;~~;:::~~~~;~~~~~~~==================== 0.30 0.20 0.10 -l------------------------------ 0 • 00 -+-----r-,---,------,--,----,----,--m~-,---,-m---,----,--,---,------,--,--,--.---m ---.-----r-,-----,----,--,----,----,--m--,------,----,,,-----,-m---.----.--.---,------,--,--,--.---m---.-----r-,-----,----,--,----,----,--m--,------,----,,,-----,--,--, -\ ~ 'b '!.. -\ ~ ~ '!.. . ~ ~ ~ '!.. . ~ ~ <o '!.. -\ ~ ~ '!.. -\ ~ Cb '!.. -\ ~ ~&~~~&~~~&~~~&~~~&~~~&~~~& tr::l >:: :::r: H td H t-,3 w March 12, 2019 Item #1 Page 7 of 24 MARKET YIELD CURVE 6/30/17, 6/30/18, 12/31/18 3. 5 Market Rates 3 2 5 ------~ _____ ...... ----· . ____________ .. ■ .,.____ ------~ 2 - 1.5 1 -. 0.5 0 3 Mth 2 Yr 5 Yr 10 Yr 3 Mth 2Yr 5 Yr 10 Yr ~6/30/2017 1.01 1.38 1.88 2.30 ~ 6/30/2018 1.91 2.53 2.74 2.86 -+-•12/31/2018 2.42 2.51 2.50 2.67 [:rj :x: ::r: H tt1 H 1-:3 ~ March 12, 2019 Item #1 Page 8 of 24 Cumulative Cash Income FY18-19 Cumulative Millions$ (DECEMBER 2018) Monthly Interest Income Millions$ 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 _ .. ~ K"' -, ' ~--r- a/ ,, ~ ..... ~ / ,.b 0.97 __ _f 1.68 -~O_A7 1.1 / 1.W --... Ir" -Kl-'---..___ - I I I I I I I I I I I Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June c=Jlnterest Income -..--Budget ---Actual YTD ~ - - ~ - >- - 8 7 6 5 4 3 2 1 0 /:rj ::x:: :::r: H tJ:t H 8 u, March 12, 2019 Item #1 Page 9 of 24 TRANSACTIONS FOR PERIOD: 10/01/18 TO 12/31/18 2nd QUARTER 2018-2019 Trans Investment Maturity Call Par Amount Return Investment Date Date Date ill!! Security Date Value Coupon {Cost) Rate Interest Return BUYS OCTOBER 09/27/18 10/01/18 08/14/23 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 10/02/23 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 07/22/22 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 10/02/22 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 05/15/22 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 09/05/23 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 10/02/23 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 10/26/23 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 10/29/21 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 10/10/23 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 08/01/23 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 09/01120 SN IBRD NIA 1,100,000.00 1.625% 1,074,711 .00 2.930% 57,859.27 1,132,570.27 11107/18 11/08118 08/01123 FA FFCB 11115/2018 1,350,000.00 2.350% 1,299,375.00 3.210% 200,701.88 1,500,076.88 11/05/18 11/14118 11/14123 CD BANK HAPOALIM BM N/A 245,000.00 3.500% 245,000.00 3.500% 42,875.00 287,875.00 11107/18 11/09/18 08/11/22 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 11/15/23 CD MORGAN STANLEY PVT BANK NIA 245,000.00 3.550% 245,000.00 3.550% 43,487.50 288,487.50 11/13/18 11/15/18 10/30/23 CD NATIONAL COOPERATIVE BANK NIA 245,000.00 3.450% 245,000.00 3.450% 41,891.98 286,891 .98 11/06118 11127118 11/27123 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 11128/18 05128/20 FA FHLB 212812019 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 11/22/23 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 11/29/23 CD STATE BANK OF INDIA NIA 245,000.00 3.600% 245,000.00 3.600% 44,100.00 289,100.00 11/29/18 11130/18 08/27/21 FA FHLMC 2/27/2019 2,000,000.00 2.900% 1,994,720.00 3.000% 14,983.33 2,009,703.33 DECEMBER 11/29/18 12/18/18 12/18/23 FA FHLMC 6/18/2019 1,500,000.00 3.500% 1,500,000.00 3.500% 262,500.00 1,762,500.00 12/04/18 12/06/18 04/11/23 CN WALMART 1/11/2023 1,000,000.00 2.550% 969,800.00 3.301% 141 ,054.17 1,110,854.17 12/07/18 12/11/18 07/24/23 CN US BANK NA CINCINNATI 6/23/2023 2,500,000.00 3.400% 2,521,597.22 3.501% 371 ,055.56 2,892,652.78 12/11 /18 12/12/18 12/18/23 FA FHLB N/A 1,000,000.00 1.750% 977,940.00 2.790% 60,560.00 1,038,500.00 12/11 /18 12/12/18 02/16/21 FA FHLMC 2/16/2019 1,000,000.00 2.000% 982,400.00 2.838% 61,155.56 1,043,555.56 12/11/18 12/18/18 12/18/23 FA FHLB 12/18/2019 1,750,000.00 3.050% 1,750,000.00 3.050% 266,875.00 2,016,875.00 12/11 /18 12/26118 03/26/21 FA FHLMC 3/26/2019 1,500,000.00 3.000% 1,500,000.00 3.000% 101,250.00 1,601,250.00 12/12/18 12/28/18 12/28/23 FA FHLB 12/28/2020 2,000,000.00 3.100% 2,000,000.00 3.100% 310,000.00 2,310,000.00 12/13/18 12/14/18 11/26/19 FA FHLMC 11/26/2019 2,000,000.00 3.160% 2,005,000.00 2.890% 181,440.00 2,186,440.00 TOTAL SECOND QUARTER 2018-2019 42,529,000.00 42,188,244.92 2.913% 4,909,784.44 47,589,469.36 MATURITIES OCTOBER 05/23/16 10/19/18 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 10/30/15 FA FHLB N/A 1,000,000.00 1.300% 1,000,000.00 1.300% 46,583.33 1,046,583.33 08/05/14 10/31/18 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 10/31/18 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 10/01/18 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 10/15/18 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 11/27/18 FA FNMA NIA 2,000,000.00 1.625% 2,008,347.18 1.530% 140,159.76 2,148,506.94 06/03/14 11/27/18 FA FNMA N/A 2,000,000.00 1.625% 2,010,791 .92 1.500% 134,826.14 2,145,618.06 07/21/15 11/30/18 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 11 /15/18 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 11/02/18 CN NY LIFE N/A 2,000,000.00 1.550% 2,014,620.00 1.250% 63,999.45 2,078,619.45 12/24/13 11 /10/18 CN COCA COLA N/A 3,500,000.00 1.650% 3,491,856.17 1.700% 288,391.75 3,780,247.92 DECEMBER 05/15/15 12/14/15 FA FNMA N/A 1,000,000.00 1.250% 997,500.00 1.322% 47,256.94 1,044,756.94 06/05/15 12/14/18 FA FHLB N/A 2,000,000.00 1.750% 2,034,100.00 1.254% 16,625.00 2,050,725.00 02/20/15 12/18/18 FA FNMA N/A 1,000,000.00 1.100% 992,180.00 1.300% 49,925.56 1,042,105.56 10/03/14 12/31/18 TR US TREASURY N/A 1,000,000.00 1.500% 1,000,000.00 1.500% 9,663,627.72 10,663,627.72 10/28/15 12/05/18 CN JOHNSON & JOHNSON N/A 4,000,000.00 1.650% 4,070,600.00 1.070% 134,183.33 4,204,783.33 l:rj 04/09/15 12/06/18 SN MICROSOFT N/A 2,000,000.00 1.625% 2,037,820.00 1.096% 81,075.83 2,118,895.83 >:: ::i:: TOTAL SECOND QUARTER 2018-2019 35,878,000.00 35,354,281.74 1.296% 12,346,208.08 47,700,489.82 H ttl H CALLS 1-3 OCTOBER 2018 NONE O'I NOVEMBER 2018 NONE DECEMBER 2018 NONE March 12, 2019 Item #1 Page 10 of 24 INVESTMENT REPORT AS OF DECEMBER 31, 2018 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 10/28/2015 1/28/2019 FA FFCB 1.15% CALL 1/28/16 4,650,000.00 4,648,837.50 1.158% 0.0001448 174,956.25 4,823,793.75 1,188 11/2/2015 1/29/2019 FA FNMA 1.20% CALL 4/29/16 5,000,000.00 4,992,500.00 1.247% 0.0001674 202,000.00 5,194,500.00 1,184 2/26/2016 2/26/2019 FA FFCB 1.03% NON-CALL 4,000,000.00 4,004,640.00 0.990% 0.0001066 117,357.78 4,121,997.78 1,096 12/9/2014 2/27/2019 FA FNMA 1.75% NON-CALL 2,500,000.00 2,515,625.00 1.596% 0.0001080 168,854.17 2,684,479.17 1,541 12/12/2014 2/27/2019 FA FNMA 1.70% NON-CALL 1,852,000.00 1,863,630.56 1.545% 0.0000774 120,864.61 1,984,495.17 1,538 10/6/2014 3/8/2019 FA FHLB 1.875% NON-CALL 2,000,000.00 2,011 ,440.00 1.875% 0.0001014 154,393.33 2,165,833.33 1,614 4/6/2015 3/15/2019 FA PEFCO 4.375% NON-CALL 2,274,000.00 2,527,892.10 1.450% 0.0000986 138,254.46 2,666,146.56 1,439 1/29/2016 4/1/2019 FA FHLB 4.250% NON-CALL 1,500,000.00 1,643,640.00 1.166% 0.0000515 20,895.83 1,664,535.83 1,158 12/19/2016 4/10/2019 FA FAMCA 1.86% NON-CALL 500,000.00 505,300.00 1.390% 0.0000189 16,167.50 521,467.50 842 6/6/2014 5/7/2019 FA FHLMC 1.2% CALL 5/7/15 1,000,000.00 976,800.00 1.693% 0.0000445 82,233.33 1,059,033.33 1,796 6/5/2015 5/30/2019 FA FHLMC 1.75% NON-CALL 1,650,000.00 1,670,229.00 1.432% 0.0000643 94,869.96 1,765,098.96 1,455 7/10/2015 5/30/2019 FA FHLMC 1.75% NON-CALL 1,000,000.00 1,015,100.00 1.350% 0.0000369 52,955.56 1,068,055.56 1,420 7/15/2015 6/14/2019 FA FAMCA 1.50% NON-CALL 1,060,000.00 1,060,000.00 1.500% 0.0000428 62,230.83 1,122,230.83 1,430 2/26/2016 6/14/2019 FA FAMCA 1.50% NON-CALL 3,000,000.00 3,033,300.00 1.156% 0.0000943 115,200.00 3,148,500.00 1,204 6/24/2015 6/24/2019 FA FFCB 1.52% NON CALL 2,000,000.00 2,002,320.00 1.490% 0.0000802 119,280.00 2,121,600.00 1,461 6/26/2015 6/24/2019 FA FFCB 1.52% NON-CALL 2,250,000.00 2,251 ,282.50 1.505% 0.0000911 135,327.50 2,386,610.00 1,459 6/28/2016 6/28/2019 FA FNMA 1.20% CALL 12/28/16 2,500,000.00 2,500,000.00 1.200% 0.0000807 90,000.00 2,590,000.00 1,095 1/23/2015 7/17/2019 FA FFCB 2. 15% NON-CALL 3,250,000.00 3,354,097.50 1.410% 0.0001272 209,175.42 3,563,272.92 1,636 7/26/2016 7/26/2019 FA FNMA 1.05% ONE CALL 7/26/18 2,300,000.00 2,300,000.00 1.050% 0.0000649 48,300.00 2,348,300.00 1,095 10/3/2017 7/26/2019 FA FHLB 1.375% ONE CALL 4/26/19 1,800,000.00 1,796,328.00 1.489% 0.0000719 48,565.75 1,844,893.75 661 1/21/2015 8/1/2019 FA FHLMC 1.25% NON-CALL 2,500,000.00 2,493,975.00 1.305% 0.0000875 147,518.06 2,641,493.06 1,653 4/28/2016 8/15/2019 FA PEFCO 1.45% NON-CALL 2,600,000.00 2,617,570.80 1.240% 0.0000873 106,734.48 2,724,305.28 1,204 8/30/2016 8/28/2019 FA FNMA 1.0% ONE CALL 8/28/18 2,400,000.00 2,400,000.00 1.000% 0.0000645 71,866.67 2,471,866.67 1,093 10/23/2014 9/13/2019 FA FHLB 2.00% NON-CALL 1,500,000.00 1,525,968.30 1.630% 0.0000669 120,698.37 1,646,666.67 1,786 1/21/2015 9/13/2019 FA FHLB 1.375% NON-CALL 2,000,000.00 2,000,440.00 1.370% 0.0000737 127,282.22 2,127,722.22 1,696 1/27/2017 9/27/2019 FA FFCB 1.550% NON-CALL 1,000,000.00 1,003,130.00 1.430% 0.0000386 38,203.33 1,041,333.33 973 7/19/2016 10/2/2019 FA FHLMC 1.25% NON-CALL 3,000,000.00 3,027,363.00 1.250% 0.0001018 92,741.17 3,120,104.17 1,170 10/6/2015 10/24/2019 FA FNMA 1.33% NON-CALL 4,183,000.00 4,197,807.82 1.240% 0.0001400 210,509.47 4,408,317.29 1,479 5/26/2016 11/26/2019 FA FNMA 1.30% QRTL Y CALL 4,000,000.00 4,000,000.00 1.300% 0.0001398 182,000.00 4,182,000.00 1,279 6/15/2015 12/13/2019 FA FHLB 2.375% NON-CALL 3,370,000.00 3,468,026.56 1.700% 0.0001585 261,697.54 3,729,724.10 1,642 2/21/2017 12/13/2019 FA FHLB 2.375% NON-CALL 1,000,000.00 1,024,070.00 1.497% 0.0000412 42,693.89 1,066,763.89 1,025 5/19/2017 12/27/2019 FA FNMA 1.20% QUARTERLY CALL 2,500,000.00 2,482,475.00 1.475% 0.0000985 95,691.67 2,578,166.67 952 10/5/2015 1/9/2020 FA FHLMC 1 .40% NON-CALL 3,500,000.00 3,519,495.00 1.265% 0.0001197 189,299.44 3,708,794.44 1,557 4/26/2017 1/17/2020 FA FHLMC 1.50% NON-CALL 1,250,000.00 1,251 ,150.00 1.465% 0.0000493 49,943.75 1,301,093.75 996 7/28/2016 1/28/2020 FA FNMA 1.20% CALL 7/28/17 ONE TIME 4,850,000.00 4,850,000.00 1.200% 0.0001565 203,700.00 5,053,700.00 1,279 5/13/2016 2/1 3/2020 FA FHLMC 1.30% CALL 2/13/17 ONE TIME 2,750,000.00 2,750,000.00 1.300% 0.0000961 134,062.50 2,884,062.50 1,371 6/11/2018 2/14/2020 FA FHLB 2.15% CALL 2/14/19 QRTL Y 1,500,000.00 1,491 ,780.00 2.485% 0.0000997 62,238.75 1,554,018.75 613 2/24/2016 2/24/2020 FA FHLMC 1.50% CONT CALL 1,750,000.00 1,750,000.00 1.500% 0.0000706 105,000.00 1,855,000.00 1,461 2/24/2016 2/24/2020 FA FFCB 1.4% CONT CALL 1,000,000.00 1,000,000.00 1.400% 0.0000376 56,000.00 1,056,000.00 1,461 1/4/2017 2/28/2020 FA FHLMC 1.25% QRTL Y CALL 2,000,000.00 1,978,000.00 1.610% 0.0000856 100,750.00 2,078,750.00 1,150 5/23/2016 3/15/2020 FA PEFCO 2.25% NON-CALL 3,000,000.00 3,099,000.00 1.358% 0.0001132 158,250.00 3,257,250.00 1,392 5/4/2018 3/15/2020 FA TENN VALLEY AUTHORITY 2.25% NON-CALL 1,700,000.00 1,692,265.00 2.500% 0.0001138 79,028.75 1,771 ,293.75 681 t,:j 6/12/2018 3/15/2020 FA TENN VALLEY AUTHORITY 2.25% NON-CALL 1,250,000.00 1,244,200.00 2.520% 0.0000843 55,253.13 1,299,453.13 642 >:: 6/11/2018 3/15/2020 FA TENN VALLEY AUTHORITY 2.25% NON-CALL 1,250,000.00 1,244,622.50 2.500% 0.0000837 54,908.75 1,299,531 .25 643 ::r: H 8/29/2017 4/3/2020 FA FFCB 1.67% CALL 7/2/18 CONT 2,000,000.00 1,999,600.00 1.678% 0.0000902 87,054.44 2,086,654.44 948 to 7/13/2016 4/13/2020 FA FNMA 1.25% CALL 4/13/17 ONE TIME 5,000,000.00 5,000,000.00 1.250% 0.0001681 234,375.00 5,234,375.00 1,370 H 1/6/2017 4/1 3/2020 FA FFCB 1.4% CONT CALL 1,000,000.00 992,000.00 1.652% 0.0000441 53,772.22 1,045,772.22 1,193 t-3 12/15/2017 4/17/2020 FA FAMCA 1.64% NON-CALL 1,500,000.00 1,487,706.00 2.000% 0.0000800 69,830.67 1,557,536.67 854 -...J 7/28/2016 4/28/2020 FA FNMA 1.25% CALL 4/28/17 ONE TIME 3,750,000.00 3,750,000.00 1.250% 0.0001260 175,781 .25 3,925,781 .25 1,370 March 12, 2019 Item #1 Page 11 of 24 INVESTMENT REPORT AS OF DECEMBER 31, 2018 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 5/4/2018 5/11/2020 FA FHLMC 1.50% CALL 5/11/18 QRTLY 2,000,000.00 1,989,000.00 2.579% 0.0001379 104,083.33 2,093,083.33 738 11/3/2017 5/15/2020 FA FHLB 1.7% ONE CALL 5/15/19 1,650,000.00 1,650,000.00 1.700% 0.0000754 71,060.00 1,721,060.00 924 5/22/2017 5/22/2020 FA FHLMC 1.625% ONE CALL 5/22/18 1,200,000.00 1,200,000.00 1.625% 0.0000524 58,500.00 1,258,500.00 1,096 11/28/2018 5/28/2020 FA FHLB 3.00% CALL 2/28/19 QTL Y 1,600,000.00 1,600,000.00 3.000% 0.0001291 72,000.00 1,672,000.00 547 5/24/2017 5/29/2020 FA FHLMC 1.625% ONE CALL 5/19/20 2,250,000.00 2,255,062.50 1.548% 0.0000939 104,523.44 2,359,585.94 1,101 6/27/2017 5/29/2020 FA FHLMC 1.625% ONE CALL 5/19/20 1,600,000.00 1,604,000.00 1.537% 0.0000663 71 ,977.78 1,675,977.78 1,067 6/5/2017 6/5/2020 FA FHLB 1.6% CALL 12/5/17 CONT 1,300,000.00 1,300,000.00 1.600% 0.0000559 62,400.00 1,362,400.00 1,096 6/8/2017 6/5/2020 FA FHLB 1.60% CALL 12/5/17 CONT 2,500,000.00 2,500,000.00 1.600% 0.0001076 120,000.00 2,620,000.00 1,093 6/8/2017 6/8/2020 FA FHLMC 1.25% CALL 12/8/17 QRTLY STEP 2,550,000.00 2,549,490.00 2.021 % 0.0001386 155,103.75 2,704,593.75 1,096 6/12/2015 6/12/2020 FA FHLB 1. 75% NON-CALL 3,000,000.00 3,000,000.00 1.750% 0.0001412 262,500.00 3,262,500.00 1,827 2/23/2016 6/12/2020 FA FHLB 1. 75% NON-CALL 2,000,000.00 2,039,980.00 1.271 % 0.0000697 110,617.22 2,150,597.22 1,571 4/15/2016 6/26/2020 FA FNMA 1.35% NON-CALL 2,150,000.00 2,159,632.00 1.240% 0.0000720 112,192.37 2,271,824.37 1,533 7/13/2016 7/13/2020 FA FFCB 1.19% CALL 7/13/17 CONT 4,250,000.00 4,250,000.00 1.190% 0.0001360 202,300.00 4,452,300.00 1,461 4/13/2018 7/13/2020 FA FFCB 1.29% CALL 4/19/18 CONT 2,000,000.00 1,948,000.00 2.485% 0.0001302 110,050.00 2,058,050.00 822 4/27/2017 7/27/2020 FA FHLMC 1.7% CALL 4/27/18 1,600,000.00 1,600,000.00 1.700% 0.0000731 88,400.00 1,688,400.00 1,187 1/21/2016 7/29/2020 FA FHLB 1.83% NON-CALL 2,500,000.00 2,549,375.00 1.378% 0.0000945 157,516.67 2,706,891.67 1,651 917/2016 8/24/2020 FA FFCB 1.32% CALL 8/24/17 CONT 3,000,000.00 2,998,260.00 1.335% 0.0001076 158,710.00 3,156,970.00 1,447 4/19/2016 8/28/2020 FA FHLMC 1.65% NON-CALL 1,000,000.00 1,017,760.00 1.230% 0.0000337 54,152.50 1,071 ,912.50 1,592 6/8/2016 9/11/2020 FA FHLB 2.875% NON-CALL 3,000,000.00 3,206,160.00 1.214% 0.0001047 161 ,121 .25 3,367,281 .25 1,556 10/12/2016 9/11/2020 FA FHLB 1.375% NON-CALL 1,800,000.00 1,808,975.18 1.244% 0.0000605 87,893.57 1,896,868.75 1,430 4/13/2018 9/15/2020 FA FFCB 2.47% CALL 6/15/18 CONT 1,750,000.00 1,748,757.50 2.500% 0.0001176 105,943.06 1,854,700.56 886 10/12/2016 10/6/2020 FA FHLB 1.375% CALL 1/6/17 1,800,000.00 1,797,300.00 1.414% 0.0000683 101 ,287.50 1,898,587.50 1,455 4/26/2017 10/16/2020 FA FNMA 2.35% SEMI-ANNUAL CALL 1,300,000.00 1,332,019.00 1.618% 0.0000580 74,057.39 1,406,076.39 1,269 4/23/2018 10/27/2020 FA FNMA 1.9% CALL 7/27/18 CONT 1,750,000.00 1,721,125.00 2.583% 0.0001195 112,369.44 1,833,494.44 918 7/22/2016 11/27/2020 FA FNMA 1.65% NON-CALL 3,250,000.00 3,316,612.00 1.165% 0.0001039 166,507.79 3,483,119.79 1,589 11/27/2017 11/27/2020 FA FHLMC 1.875% ONE CALL 11/27/18 1,500,000.00 1,500,000.00 1.875% 0.0000756 84,375.00 1,584,375.00 1,096 6/15/2017 11/30/2020 FA FNMA 2.0% NON-CALL 1,100,000.00 1,113,618.00 1.630% 0.0000488 62,404.22 1,176,022.22 1,264 6/14/2016 12/14/2020 FA FFCB 1.54% CALL 6/14/17 CONT 2,250,000.00 2,250,000.00 1.540% 0.0000932 155,925.00 2,405,925.00 1,644 6/21/2016 12/21/2020 FA FFCB 1.55% CALL 9/21/16 CONT 2,000:000.00 2,000,000.00 1.550% 0.0000834 139,500.00 2,139,500.00 1,644 3/10/2017 1/15/2021 FA FAMCA 2.0% NON-CALL 1,580,000.00 1,576,287.00 2.063% 0.0000874 125,285.22 1,701 ,572.22 1,407 4/26/2016 1/19/2021 FA FFCB 1.60% CALL 7/19/16 CONT 3,250,000.00 3,247,010.00 1.620% 0.0001414 248,978.89 3,495,988.89 1,729 7/19/2016 1/19/2021 FA FHLB 1.40% CALL 10/19/16 CONT 3,500,000.00 3,500,000.00 1.400% 0.0001318 220,500.00 3,720,500.00 1,645 9/9/2016 1/25/2021 FA FAMCA 1.550% NON-CALL 2,000,000.00 2,018,640.00 1.550% 0.0000841 117,071 .11 2,135,711.11 1,599 10/12/2016 2/15/2021 FA TENN VALLEY AUTHORITY 3.875% NON-CALL 3,000,000.00 3,315,660.00 1.370% 0.0001221 189,058.75 3,504,718.75 1,587 8/16/2017 2/16/2021 FA FNMA 1.75% CALL 8/16/18 2,000,000.00 2,000,000.00 1.750% 0.0000941 122,500.00 2,122,500.00 1,280 12/12/2018 2/16/2021 FA FHLMC 2.000% CALL 2/16/19 1,000,000.00 982,400.00 2.838% 0.0000750 61 ,155.56 1,043,555.56 797 12/12/2018 2/24/2021 FA FHLB 1. 750% NON-CALL 1,000,000.00 977,940.00 2.790% 0.0000734 60,560.00 1,038,500.00 805 2/26/2016 2/26/2021 FA FHLMC 1.25% QRTL Y CALL STEP 1,000,000.00 999,500.00 2.103% 0.0000565 106,750.00 1,106,250.00 1,827 2/26/2016 2/26/2021 FA FHLB 1.69% CALL 8/26/16 CONT 480,000.00 480,000.00 1.690% 0.0000218 74,495.20 554,495.20 1,827 2/14/2018 3/12/2021 FA FHLB 2.375% NON-CALL 1,500,000.00 1,500,768.00 2.357% 0.0000951 108,778.87 1,609,546.87 1,122 6/12/2018 3/12/2021 FA FHLB 1.75% NON-CALL 1,000,000.00 976,760.00 2.631% 0.0000691 71,365.00 1,048,125.00 1,004 3/22/2016 3/22/2021 FA FHLB 1.25% QRTLY CALL 6/22/16 STEP 2,500,000.00 2,498,750.00 1.870% 0.0001257 235,625.00 2,734,375.00 1,826 9/29/2017 3/26/2021 FA FHLMC 1.75% ONE CALL 9/26/18 2,535,000.00 2,531,197.50 1.794% 0.0001221 158,701 .56 2,689,899.06 1,274 12/26/2018 6/26/2021 fa FHLMC 3.00% CALL 3/26/19 1,500,000.00 1,500,000.00 3.000% 0.0001210 101 ,250.00 1,601 ,250.00 913 10/26/2017 4/26/2021 FA FHLMC 1.85% ONE CALL 10/26/18 1,975,000.00 1,974,012.50 1.865% 0.0000990 128,868.75 2,102,881.25 1,278 4/26/2018 4/26/2021 FA FHLB 2.68% CALL 4/26/19 CONT 2,000,000.00 2,000,000.00 2.680% 0.0001441 160,800.00 2,160,800.00 1,096 4/28/2016 4/28/2021 FA FHLMC 1.25% QRTLY CALL 10/28/16 STEP 2,500,000.00 2,496,250.00 2.122% 0.0001424 269,375.00 2,765,625.00 1,826 5/25/2016 5/25/2021 FA FFCB 1.66% CALL 5/25/17 CONT 4,000,000.00 3,997,600.00 1.673% 0.0001798 334,400.00 4,332,000.00 1,826 9/12/2017 6/1/2021 FA FHLB 1.875% CALL 9/18/17 CONT 2,500,000.00 2,498,750.00 1.875% 0.0001260 175,598.96 2,674,348.96 1,358 10/12/2016 6/11/2021 FA FHLB 2.25% NON-CALL 1,500,000.00 1,559,427.00 1.370% 0.0000574 97,979.25 1,657,406.25 1,703 6/15/2017 6/14/2021 FA FFCB 1.81 % CALL 6/14/18 CONT 1,760,000.00 1,760,000.00 1.810% 0.0000857 127,335.51 1,887,335.51 1,460 March 12, 2019 Item #1 Page 12 of 24 INVESTMENT REPORT AS OF DECEMBER 31, 2018 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 6/15/2017 6/15/2021 FA FHLMC 1.8% CALL 6/15/18 ONE TIME 1,400,000.00 1,400,000.00 1.800% 0.0000678 100,800.00 1,500,800.00 1,461 10/26/2016 7/14/2021 FA FHLB 1.125% NON-CALL 2,500,000.00 2,476,850.00 1.328% 0.0000884 155,806.25 2,632,656.25 1,722 4/24/2018 7/27/2021 FA FHLB 1.0% CALL 7/27/18 QRTL Y 1,400,000.00 1,358,518.00 2.743% 0.0001002 141,348.67 1,499,866.67 1,190 10/2/2017 7/27/2021 FA FHLMC 2.0% ONE CALL 7/27/18 3,000,000.00 3,004,500.00 1.9593/~ 0.0001583 224,666.67 3,229,166.67 1,394 2/16/2017 7/26/2021 FA FHLMC 1.875% NON-CALL 1,400,000.00 1,392,580.00 2.000% 0.0000749 124,086.67 1,516,666.67 1,621 11/17/2016 7/28/2021 FA FNMA1 .00% CALL 1/28/17 QRTLY CALL STEP 2,600,000.00 2,596,100.00 2.079% 0.0001451 256,027.78 2,852,127.78 1,714 2/16/2017 8/16/2021 FA FHLB 2.0% CALL 2/16/18 ONE TIME 1,325,000.00 1,325,000.00 2.000% 0.0000713 119,250.00 1,444,250.00 1,642 12/19/2017 8/12/2021 FA FHLMC 1.125% NON-CALL 1,000,000.00 967,646.98 2.050% 0.0000533 73,384.27 1,041 ,031 .25 1,332 11/30/2018 8/27/2021 FA FHLMC 2.9% CALL 2/27/19 QTLY 2,000,000.00 1,994,720.00 3.000% 0.0001609 164,296.67 2,159,016.67 1,001 5/1/2018 9/13/2021 FA FFCB 1.84% CALL 5/7/18 CONT 2,000,000.00 1,946,000.00 2.684% 0.0001405 177,893.33 2,123,893.33 1,231 12/11/2017 10/5/2021 FA FFCB 2.0% CALL 10/05/18 CONT 2,750,000.00 2,739,907.50 2.100% 0.0001547 220,009.17 2,959,916.67 1,394 10/28/2016 10/7/2021 FA FNMA 1.375% NON-CALL 2,500,000.00 2,491,075.00 1.450% 0.0000971 178,794.79 2,669,869.79 1,805 1/3/2018 10/29/2021 FA FAMCA 1.625% QRTL Y CALL 2,000,000.00 1,951,928.00 2.285% 0.0001199 172,294.22 2, 124,222.22 1,395 11/7/2018 10/29/2021 FA FHLB 3.155% CALL 04/29/19 QTL Y 1,250,000.00 1,248,125.00 3.203% 0.0001075 119,125.00 1,367,250.00 1,087 12/14/2018 11/26/2021 FA FHLMC 3.16% CALL 11/26/19 2,000,000.00 2,005,000.00 3.160% 0.0001704 181,440.00 2,186,440.00 1,078 11/29/2016 11/29/2021 FA FFCB 1.76% NON-CALL 3,000,000.00 3,000,000.00 1.760% 0.0001420 264,000.00 3,264,000.00 1,826 4/12/2017 12/10/2021 FA FHLB 1.875% NON-CALL 2,000,000.00 2,003,620.00 1.834% 0.0000988 171,171.67 2,174,791.67 1,703 1/2/2018 12/21/2021 FA FFCB 2.23% CALL CONT 3,000,000.00 2,992,500.00 2.296% 0.0001848 272,870.00 3,265,370.00 1,449 2/27/2018 2/14/2022 FA FFCB 2.73% CALL CONT 1,800,000.00 1,800,000.00 2.730% 0.0001321 194,785.50 1,994,785.50 1,448 2/23/2017 2/23/2022 FA FAMCA 2.1 % NON-CALL 2,600,000.00 2,609,204.00 2.025% 0.0001421 263,796.00 2,873,000.00 1,826 5/23/2018 2/23/2022 FA FHLMC 3.0% CALL 11/23/18 QRTLY 3,000,000.00 3,000,000.00 3.000% 0.0002420 337,500.00 3,337,500.00 1,372 3/9/2018 2/28/2022 FA FFCB 2.8% CALL 2/28/19 CONT 1,250,000.00 1,249,687.50 2.807% 0.0000943 139,243.06 1,388,930.56 1,452 3/13/2018 2/28/2022 FA FFCB 2.8% DUE CALL 2/28/19 CONT 1,250,000.00 1,250,000.00 2.800% 0.0000941 138,541 .67 1,388,541 .67 1,448 3/7/2018 3/7/2022 FA FFCB 2.85% CALL 6/7/18 CONT 1,250,000.00 1,250,000.00 2.850% 0.0000958 142,500.00 1,392,500.00 1,461 3/29/2017 3/29/2022 FA FHLMC 1.375 ONE CALL 3/29/18 STEP 1,500,000.00 1,500,000.00 2.265% 0.0000914 170,625.00 1,670,625.00 1,826 3/29/2017 3/29/2022 FA FHLMC 2.35 QRTL Y CALL 1,150,000.00 1,150,000.00 2.350% 0.0000727 135,125.00 1,285,125.00 1,826 5/25/2017 4/5/2022 FA FNMA 1.875% NON-CALL 1,600,000.00 1,600,581.01 1.867% 0.0000804 145,252.32 1,745,833.33 1,776 8/18/2017 4/19/2022 FA FFCB 1.92% CALL 4/19/17 CONT 2,000,000.00 1,992,860.00 2.200% 0.0001179 186,446.67 2,179,306.67 1,705 11/3/2017 4/25/2022 FA FHLB 2.0% ONE CALL 10/25/19 2,000,000.00 1,998,000.00 2.020% 0.0001085 181 ,111 .11 2,179,111.11 1,634 4/27/2017 4/27/2022 FA FHLMC 2.625% CALL 4/27/22 3,500,000.00 3,545,920.00 2.345% 0.0002236 413,455.00 3,959,375.00 1,826 4/27/2017 4/27/2022 FA FHLMC 1.75% QRTLY CALL STEP 1,180,000.00 1,180,000.00 2.625% 0.0000833 154,875.00 1,334,875.00 1,826 3/9/2018 6/14/2022 FA FHLMC 2.070% CALL 6/14/18 QRTLY 1,000,000.00 980,000.00 2.568% 0.0000677 108,262.50 1,088,262.50 1,558 6/5/2018 6/15/2022 FA FFCB 1.83% CALL 6/11/18 CONT 1,000,000.00 965,500.00 2.740% 0.0000711 108,208.33 1,073,708.33 1,471 6/22/2017 6/22/2022 FA FHLMC 2.00% QRTL Y CALL STEP 875,000.00 875,000.00 2.175% 0.0000512 95,156.25 970,156.25 1,826 6/29/2017 6/29/2022 FA FHLMC 2.15% QRTL Y CALL 2,500,000.00 2,500,000.00 2.150% 0.0001445 268,750.00 2,768,750.00 1,826 12/19/2017 6/29/2022 FA FHLMC 2.15% QRTL Y CALL 1,500,000.00 1,494,000.00 2.243% 0.0000901 152,020.83 1,646,020.83 1,653 1/8/2018 7/1/2022 FA FHMC 2.22% ONE CALL 7/1/20 1,500,000.00 1,500,000.00 2.220% 0.0000895 149,202.50 1,649,202.50 1,635 4/27/2018 7/18/2022 FA FHLMC 1.75% CALL 7/18/18 QRTLY STEP 1,000,000.00 981,100.00 2.901% 0.0000765 121,837.50 1,102,937.50 1,543 10/5/2018 7/25/2022 FA FFCB 3.120% CALL 10/25/18 CONT 1,500,000.00 1,497,375.00 3.168% 0.0001276 180,725.00 1,678,100.00 1,389 11/3/2017 7/26/2022 FA FFCB 2.15% CALL 1/26/18 CONT 1,400,000.00 1,400,000.00 2.150% 0.0000809 142,389.72 1,542,389.72 1,726 4/17/2018 8/23/2022 FA FFCB 1.670% CALL 4/23/18 CONT 2,000,000.00 1,912,000.00 2.750% 0.0001414 233,290.00 2,145,290.00 1,589 12/1/2017 9/9/2022 FA FHLB 2.0% NON-CALL 1,750,000.00 1,739,692.50 2.130% 0.0000996 177,335.28 1,917,027.78 1,743 12/1/2017 9/12/2022 FA FFCB 1.94% CALL 9/12/18 CONT 1,250,000.00 1,236,950.00 2.171% 0.0000722 128,978.47 1,365,928.47 1,746 2/26/2018 9/13/2022 FA FHLB 1.45% CALL 3/13/18 QTRLY STEP 2,000,000.00 1,997,000.00 3.772% 0.0002026 348,619.44 2,345,619.44 1,660 9/28/2017 9/28/2022 FA FNMA 2.0% ONE CALL 9/28/18 2,500,000.00 2,500,000.00 2.000% 0.0001345 249,861.11 2,749,861.11 1,826 3/9/2018 10/5/2022 FA FNMA 2.0% NON-CALL 1,000,000.00 971,120.00 2.000% 0.0000522 120,324.44 1,091 ,444.44 1,671 10/5/2018 10/5/2022 FA FNMA 2.0% NON-CALL 1,000,000.00 962,570.00 3.000% 0.0000777 117,430.00 1,080,000.00 1,461 8/3/2018 10/12/2022 FA FHLB 1.875% CALL 8/9/18 CONT 1,250,000.00 1,199,750.00 2.900% 0.0000936 148,492.19 1,348,242.19 1,531 10/26/2017 10/26/2022 FA FHLMC 2.05% CALL 1/26/18 3,250,000.00 3,250,000.00 2.342% 0.0002047 382,687.50 3,632,687.50 1,826 11/30/2017 11/28/2022 FA FHLMC 2.05% CALL 1/26/18 2,500,000.00 2,500,000.00 2.300% 0.0001546 287,180.56 2,787,180.56 1,824 4/24/2018 12/9/2022 FA FHLB 2.5% NON-CALL 2,250,000.00 2,215,102.50 2.500% 0.0001489 295,053.75 2,510,156.25 1,690 March 12, 2019 Item #1 Page 13 of 24 INVESTMENT REPORT AS OF DECEMBER 31, 2018 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days} 12/27/2017 12/27/2022 FA FHLMC 2.30% CALL 12/27/19 3,000,000.00 3,000,000.00 2.300% 0.0001855 345,000.00 3,345,000.00 1,826 12/29/2017 12/29/2022 FA FHLMC 2.5% CALL 3/29/18 2,000,000.00 2,000,000.00 2.500% 0.0001345 250,000.00 2,250,000.00 1,826 3/9/2018 1/30/2023 FA FHLMC 2.55% 1/30/19 QRTL Y 2,000,000.00 1,970,800.00 2.872% 0.0001522 278,675.00 2,249,475.00 1,788 2/23/2018 2/1/2023 FA FHLB 2.63% NON-CALL 2,750,000.00 2,722,500.00 2.848% 0.0002085 384,705.14 3,107,205.14 1,804 4/10/2018 2/16/2023 FA FHLMC 2.625% CALL QRTL Y 2,500,000.00 2,474,500.00 2.851% 0.0001897 343,781.25 2,818,281.25 1,773 2/13/2018 2/28/2023 FA FHLB 2.850% CALL 2/28/19 CONT 1,000,000.00 1,000,000.00 2.850% 0.0000766 142,500.00 1,142,500.00 1,841 3/13/2018 2/28/2023 FA FHLMC 2.25% CALL 8/28/18 QRTLY STEP 1,250,000.00 1,250,000.00 3.129% 0.0001052 195,703.12 1,445,703.12 1,813 3/27/2018 3/27/2023 FA FHLMC 3.05% CALL 6/27/18 QRTL Y 3,000,000.00 3,000,000.00 3.050% 0.0002460 457,500.00 3,457,500.00 1,826 5/4/2018 4/25/2023 FA FFCB 3.0% CALL 4/25/19 CONT 2,500,000.00 2,496,250.00 3.033% 0.0002036 376,875.00 2,873,125.00 1,817 4/27/2018 4/27/2023 FA FHLMC 3.05% CALL 7/27/18 QRTL Y 2,000,000.00 2,000,000.00 3.050% 0.0001640 305,000.00 2,305,000.00 1,826 5/4/2018 4/27/2023 FA FHLMC 3.05% CALL 7/27/18 QRTLY 2,415,000.00 2,412,585.00 3.072% 0.0001993 369,270.27 2,781,855.27 1,819 6/4/2018 6/26/2023 FA FHLMC 3.05% CALL 6/26/20 ONE CALL 1,250,000.00 1,250,000.00 3.050% 0.0001025 190,625.00 1,440,625.00 1,848 7/24/2018 6/27/2023 FA FFCB 3.2% CALL 6/27/19 CONT 1,000,000.00 999,500.00 3.211% 0.0000863 158,100.00 1,157,600.00 1,799 8/3/2018 6/28/2023 FA FHLMC 3.25% CALL 6/28/19 QRTL Y 2,000,000.00 1,999,000.00 3.260% 0.0001752 319,680.56 2,318,680.56 1,790 7/24/2018 6/29/2023 FA FHLMC 3.10% CALL 6/29/20 ONE CALL 1,000,000.00 1,000,000.00 3.100% 0.0000834 152,847.22 1,152,847.22 1,801 8/3/2018 7/25/2023 FA FFCB 3.22% CALL 7/25/19 CONT 1,500,000.00 1,498,500.00 3.242% 0.0001306 241,926.67 1,740,426.67 1,817 7/30/2018 7/28/2023 FA FHLMC 3.07% CALL 7/28/20 ONE TIME 2,500,000.00 2,500,000.00 3.070% 0.0002064 383,323.61 2,883,323.61 1,824 11/7/2018 8/1/2023 FA FFCB 2.35% CALL 11/14/15 CONT 1,400,000.00 1,349,866.00 3.170% 0.0001151 205,860.67 1,555,726.67 1,728 11/8/2018 8/1/2023 FA FFCB 2.35% CALL 11/15/18 CONT 1,350,000.00 1,299,375.00 3.210% 0.0001122 200,701.88 1,500,076.88 1,727 8/24/2018 8/24/2023 FA FHLB 3.125% CALL 8/24/20 ONE TIME 1,750,000.00 1,750,000.00 3.125% 0.0001471 273,437.50 2,023,437.50 1,826 9/18/2018 9/5/2023 FA FFCB 2.8% NON-CALL 1,000,000.00 991,290.00 2.990% 0.0000797 147,698.89 1,138,988.89 1,813 10/10/2018 9/5/2023 FA FFCB 2.8% NON-CALL 2,300,000.00 2,266,190.00 3.125% 0.0001904 349,548.89 2,615,738.89 1,791 9/18/2018 9/18/2023 FA FHLB 3.06% CALL 9/18/20 ONE TIME 1,000,000.00 999,250.00 3.076% 0.0000827 153,750.00 1,153,000.00 1,826 9/28/2018 9/28/2023 FA FHLB 3.2% CALL 9/28/20 ONE TIME 1,250,000.00 1,250,000.00 3.200% 0.0001076 200,000.00 1,450,000.00 1,826 10/4/2018 10/4/2023 FA FFCB 3.34% CALL 10/04/19 CONT 1,000,000.00 1,000,000.00 3.340% 0.0000898 167,000.00 1,167,000.00 1,826 10/17/2018 10/2/2023 FA FFCB 3.05% NON-CALL 2,500,000.00 2,493,150.00 3.050% 0.0002045 384,922.92 2,878,072.92 1,811 11/7/2018 10/10/2023 FA FAMCA 3.41% CALL 10/10/19 SEMI ANNUAL 1,150,000.00 1,147,987.50 3.449% 0.0001065 195,146.38 1,343,133.88 1,798 11/19/2018 11/22/2023 FA FAMCA 3.48% CALL 11/22/19 SEMI ANNUAL 2,600,000.00 2,600,000.00 3.480% 0.0002433 451,394.67 3,051,394.67 1,829 11/27/2018 11/27/2023 FA FHLB 3.35% CALL 11/27/20 ONE TIME 1,800,000.00 1,800,000.00 3.350% 0.0001621 301,500.00 2,101,500.00 1,826 12/6/2018 12/18/2023 FA FHLMC 3.5% CALL 6/18/19 QTLY 1,500,000.00 1,500,000.00 3.500% 0.0001412 262,500.00 1,762,500.00 1,838 12/18/2018 12/18/2023 FA FHLB 3.050% CALL 12/18/19 1,750,000.00 1,750,000.00 3.050% 0.0001435 266,875.00 2,016,875.00 1,826 12/28/2018 12/28/2023 FA FHLB 3.10% CALL 12/28/20 2,000,000.00 2,000,000.00 3.100% 0.0001667 310,000.00 2,310,000.00 1,826 SUB-TOTAL 371,164,000.00 371,877,911 .81 1.948% 29,625,473.21 402,342,760.02 1,456 1/23/2015 2/1/2019 FN FNMA 0% NON-CALL 1,163,000.00 1,086,447.85 1.700.% 0.0010290 76,552.15 1,163,000.00 1,470 4/24/2017 2/1/2019 FN FNMA 0% NON-CALL 500,000.00 487,450.00 1.442% 0.0003916 12,550.00 500,000.00 648 1/21/2015 4/5/2019 FN FICO 0% NON-CALL 4,000,000.00 3,772,000.00 1.400% 0.0029420 228,000.00 4,000,000.00 1,535 4/1/2015 9/26/2019 FN FICO 0% NON-CALL 2,100,000.00 1,958,591.39 1.560% 0.0017022 141,408.61 2,100,000.00 1,639 9/23/2015 9/26/2019 FN FICO 0% NON-CALL 3,200,000.00 3,003,168.00 1.590% 0.0026603 196,832.00 3,200,000.00 1,464 3/3/2015 10/9/2019 FN FNMA 0% NON-CALL 2,000,000.00 1,825,044.00 2.000% 0.0020335 174,956.00 2,000,000.00 1,681 11/7/2016 10/9/2019 FN FNMA 0% NON-CALL 2,200,000.00 2,115,792.80 1.340% 0.0015795 84,207.20 2,200,000.00 1,066 1/27/2017 10/9/2019 FN FNMA 0% NON-CALL 1,000,000.00 950,223.00 1.900% 0.0010058 49,777.00 1,000,000.00 985 10/23/2015 10/15/2020 FN RFCSP 0% NON-CALL 3,000,000.00 2,750,760.00 1.750% 0.0026819 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 390,327,000.00 389,827,388.85 30,838,996.17 421,505,760.02 1,458 8/3/2017 8/10/2020 SN IBRD 1.125% NON-CALL 2,000,000.00 1,972,100.00 1.600% 0.0024274 95,837.50 2,067,937.50 1,103 March 12, 2019 Item #1 Page 14 of 24 INVESTMENT REPORT AS OF DECEMBER 31, 2018 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 11/8/2018 9/4/2020 SN IBRD 1.625% NON-CALL 1,100,000.00 1,074,711.00 2.930% 0.0024225 57,859.27 1,132,570.27 666 1/8/2018 10/5/2020 SN IBRD 1.625% ONE CALL 4/5/19 STEP 1,500,000.00 1,486,500.00 2.164% 0.0024747 88,765.62 1,575,265.62 1,001 1/8/2018 1/18/2022 SN IADB 2.125% NON-CALL 2,000,000.00 1,988,880.00 2.270% 0.0034732 182,300.56 2,171,180.56 1,471 10/10/2017 10/7/2022 SN IBRD 1.875% NON-CALL 1,300,000.00 1,290,907.89 2.024% 0.0020100 130,763.88 1,421,671.77 1,823 12/18/2017 1/26/2022 SN IBRD 2.00% NON-CALL 2,500,000.00 2,485,325.00 2.150% 0.0041107 219,952.78 2,705,277.78 1,500 1/18/2018 1/18/2023 SN IADB 2.50% NON-CALL 1,700,000.00 1,702,652.00 2.467% 0.0032314 209,848.00 1,912,500.00 1,826 1/24/2018 1/18/2023 SN IADB 2.50% NON-CALL 1,000,000.00 997,670.00 2.550% 0.0019572 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 6/5/2015 1/31/2019 TR US TREASURY 1.50% 2,000,000.00 2,015,296.00 1.285% 0.0002879 94,344.88 2,109,640.88 1,336 1/27/2017 2/28/2019 TR US TREASURY 1.375% 1,000,000.00 1,003,590.00 1.200% 0.0001339 25,125.47 1,028,715.47 762 10/6/2015 3/31/2019 TR US TREASURY 1.625% 4,000,000.00 4,083,992.00 1.010% 0.0004586 142,442.43 4,226,434.43 1,272 1/27/2017 3/31/2019 TR US TREASURY 1.50% 1,000,000.00 1,005,980.00 1.220% 0.0001364 26,616.15 1,032,596.15 793 12/19/2016 4/30/2019 TR US TREASURY 1.25% 800,000.00 798,640.00 1.323% 0.0001175 25,006.41 823,646.41 862 7/21/2015 5/31/2019 TR US TREASURY 1.5% 1,500,000.00 1,505,156.25 1.408% 0.0002356 81,708.50 1,586,864.75 1,410 2/21/2017 5/31/2019 TR US TREASURY 1.5% 800,000.00 803,875.00 1.283% 0.0001147 23,388.74 827,263.74 829 8/1/2014 7/31/2019 TR US TREASURY 1.625% 2,515,000.00 2,500,019.15 1.750% 0.0004864 219,213.54 2,719,232.69 1,825 10/6/2014 8/31/2019 TR US TREASURY 1.00% 1,000,000.00 964,920.00 1 036% 0.0001111 84,085.52 1,049,005.52 1,790 1/10/2017 8/31/2019 TR US TREASURY 1.625% 1,250,000.00 1,258,593.75 1.358% 0.0001900 44,936.98 1,303,530.73 963 12/22/2016 2/29/2020 TR US TREASURY 1.375% 2,200,000.00 2,184,531.25 1.602% 0.0003891 111,901.07 2,296,432.32 1,164 1/10/2017 2/29/2020 TR US TREASURY 1.375% 1,400,000.00 1,395,520.00 1.480% 0.0002296 64,835.66 1,460,355.66 1,145 5/24/2016 4/30/2020 TR US TREASURY 1.375% 2,300,000.00 2,315,093.75 1.204% 0.0003099 109,343.75 2,424,437.50 1,437 12/19/2016 6/30/2020 TR US TREASURY 1.625% 1,350,000.00 1,345,570.31 1.721% 0.0002574 81,926.29 1,427,496.60 1,289 12/2/2016 7/31/2020 TR US TREASURY 1.625% 1,500,000.00 1,500,000.00 1.625% 0.0002710 89,286.68 1,589,286.68 1,337 6/7/2017 7/31/2020 TR US TREASURY 1.625% 2,000,000.00 2,011,320.00 1.440% 0.0003220 91,028.07 2,102,348.07 1,150 9/22/2015 8/31/2020 TR US TREASURY 2.125% 3,000,000.00 3,085,500.00 2.097% 0.0007193 229,396.98 3,314,896.98 1,805 10/28/2016 10/31/2020 TR US TREASURY 1.375% 1,750,000.00 1,759,570.31 1.235% 0.0002416 86,875.85 1,846,446.16 1,464 12/2/2016 10/31/2020 TR US TREASURY 1.375% 1,200,000.00 1,186,200.00 1.680% 0.0002215 78,341.44 1,264,541.44 1,429 1/13/2017 10/31/2020 TR US TREASURY 1.375% 1,300,000.00 1,289,234.38 1.601% 0.0002295 78,611.61 1,367,845.99 1,387 1/5/2016 12/31/2020 TR US TREASURY 2.375% 4,000,000.00 4,127,500.00 1.705% 0.0007824 346,195.00 4,473,695.00 1,822 5/5/2016 12/31/2020 TR US TREASURY 1.75% 2,000,000.00 2,049,174.00 1.205% 0.0002745 113,710.62 2,162,884.62 1,701 1/20/2017 2/28/2021 TR US TREASURY 1.125% 2,750,000.00 2,673,515.63 1.831% 0.0005442 203,567.42 2,877,083.05 1,500 2/17/2017 2/28/2021 TR US TREASURY 1.125% 1,225,000.00 1,194,853.52 1.760% 0.0002338 85,690.25 1,280,543.77 1,472 5/9/2017 3/31/2021 TR US TREASURY 1.25% 1,400,000.00 1,374,786.00 1.730% 0.0002644 93,349.25 1,468,135.25 1,422 8/19/2016 4/30/2021 TR US TREASURY 1.375% 3,000,000.00 3,037,662.00 1.100% 0.0003715 156,145.74 3,193,807.74 1,715 12/16/2016 5/31/2021 TR US TREASURY 2.000% 2,250,000.00 2,250,000.00 2.000% 0.0005003 200,521.98 2,450,521.98 1,627 10/28/2016 6/30/2021 TR US TREASURY 1.125% 2,500,000.00 2,477,400.00 1.325% 0.0003649 154,053.80 2,631 ,453.80 1,706 12/16/2016 6/30/2021 TR US TREASURY 1.125% 2,650,000.00 2,547,312.50 2.022% 0.0005726 238,058.93 2,785,371.43 1,657 1/20/2017 7/31/2021 TR US TREASURY 1.125% 1,500,000.00 1,448,203.13 1.925% 0.0003099 145,113.79 1,593,316.92 1,653 2/20/2018 8/31/2021 TR US TREASURY 1.125% 2,000,000.00 1,911,080.00 2.450% 0.0005205 168,167.24 2,079,247.24 1,288 12/2/2016 9/30/2021 TR US TREASURY 2.125% 1,600,000.00 1,615,500.00 1.913% 0.0003436 148,615.38 1,764,115.38 1,763 3/10/2017 9/30/2021 TR US TREASURY 1.125% 1,200,000.00 1,150,500.00 2.078% 0.0002658 111,028.85 1,261,528.85 1,665 5/19/2017 9/30/2021 TR US TREASURY 1.125% 1,500,000.00 1,464,375.00 1.691% 0.0002753 109,303.28 1,573,678.28 1,595 2/14/2018 9/30/2021 TR US TREASURY 2.125% 1,500,000.00 1,486,406.25 2.387% 0.0003944 129,096.84 1,615,503.09 1,324 11/17/2016 10/31/2021 TR US TREASURY 2.00% 2,000,000.00 2,030,000.00 1.683% 0.0003798 168,121.55 2,198,121.55 1,809 11/18/2016 10/31/2021 TR US TREASURY 2.00% 2,000,000.00 2,028,360.00 1.700% 0.0003833 169,651.15 2,198,011.15 1,808 11/22/2016 11/15/2021 TR US TREASURY 2 00% 2,000,000.00 2,016,562.50 1.825% 0.0004091 182,664.02 2,199,226.52 1,819 March 12, 2019 Item #1 Page 15 of 24 INVESTMENT REPORT AS OF DECEMBER 31, 2018 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN ~ 1/6/2017 12/31/2021 TR US TREASURY 2.125% 4,000,000.00 4,052,128.00 1.850% 0.0008334 371,463.16 4,423,591.16 1,820 2/3/2017 12/31/2021 TR US TREASURY 2.125% 1,850,000.00 1,867,632.81 1.920% 0.0003986 175,237.36 2,042,870.17 1,792 1/20/2017 1/31/2022 TR US TREASURY 1.50% 3,000,000.00 2,928,555.00 2.000% 0.0006511 297,790.11 3,226,345.11 1,837 3/2/2017 3/31/2022 TR US TREASURY 1.750% 3,000,000.00 2,963,925.00 2.000% 0.0006590 302,757.69 3,266,682.69 1,855 5/15/2017 5/15/2022 TR US TREASURY 1.750% 2,000,000.00 1,985,625.00 1.901% 0.0004196 189,375.00 2,175,000.00 1,826 8/25/2017 7/31/2022 TR US TREASURY 1.875% 1,250,000.00 1,257,346.25 1.750% 0.0002446 108,249.03 1,365,595.28 1,801 8/31/2017 8/31/2022 TR US TREASURY 1.875% 3,000,000.00 3,019,290.00 1.740% 0.0005840 261 ,960.00 3,281,250.00 1,826 11/28/2017 11/15/2022 TR US TREASURY 1.625% 1,000,000.00 980,950.00 2.030% 0.0002214 99,716.44 1,080,666.44 1,813 SUB-TOTAL 90,040,000.00 89,951,244.74 1.667% 6,518,019.90 96,469,264.64 1,508 12/22/2015 3/15/2019 CN EXXON MOBIL 1.819% NON-CALL 1,250,000.00 1,259,125.00 1.580% 0.0001305 64,329.76 1,323,454.76 1,179 6/30/2015 4/9/2019 CN MASS MUTUAL GLOBAL 2.35% NON-CALL 3,250,000.00 3,286,335.00 2.040% 0.0004397 251 ,980.62 3,538,315.62 1,379 10/8/2015 5/6/2019 CN APPLE 2.10% MAKE WHOLE CALL 2,500,000.00 2,558,025.00 1.432% 0.0002403 129,808.33 2,687,833.33 1,306 5/27/2015 5/15/2019 CN IBM CORP 1.8750% NON-CALL 2,150,000.00 2,169,715.50 1.635% 0.0002327 140,190.75 2,309,906.25 1,449 7/16/2015 7/18/2019 CN TOYOTA 2. 125% NON-CALL 2,000,000.00 2,009,760.00 1.998% 0.0002634 160,476.11 2,170,236.11 1,463 1/22/2018 9/24/2019 CN WELLS FARGO BANK 1.75% NON-CALL 3,000,000.00 2,983,050.00 2.180% 0.0004265 87,241 .67 3,070,291.67 610 11/18/2014 11/15/2019 CN CHEVRON CORP 2.193% MAKE-WHOLE CALL 3,000,000.00 3,017,400.00 2.070% 0.0004097 311,001 .75 3,328,401.75 1,823 12/22/2015 11/15/2019 CN CHEVRON CORP 2.193% MAKE-WHOLE CALL 2,800,000.00 2,811,200.00 2.083% 0.0003841 228,105.03 3,039,305.03 1,424 12/13/2017 11/15/2019 CN CHEVRON CORP 2.193% MAKE-WHOLE CALL 2,500,000.00 2,512,725.00 1.190% 0.0001961 92,660.83 2,605,385.83 702 4/20/2016 12/5/2019 CN JOHNSON & JOHNSON 1.875% MAKE WHOLE CALL 2,250,000.00 2,315,250.00 1.057% 0.0001605 87,679.69 2,402,929.69 1,324 1/17/2018 12/6/2019 CN WELLS FARGO BANK 2.15% 2,500,000.00 2,499,750.00 2.155% 0.0003533 101,628.47 2,601 ,378.47 688 4/9/2015 2/11/2020 CN NY LIFE GOLBAL 1.95% NON-CALL 2,000,000.00 2,017,520.00 1.760% 0.0002329 171,196.67 2,188,716.67 1,769 1/20/2017 2/11/2020 CN NY LIFE GOLBAL 1.95% NON-CALL 2,000,000.00 2,000,000.00 1.950% 0.0002558 119,275.00 2,119,275.00 1,117 9/25/2015 3/3/2020 CN CVX 1.961% MAKE WHOLE CALL 2,800,000.00 2,790,704.00 2.039% 0.0003732 253,026.51 3,043,730.51 1,621 11/4/2015 3/6/2020 CN EXXON MOBIL 1.912% MAKE WHOLE CALL 5,000,000.00 5,057,700.00 1.630% 0.0005407 357,097.78 5,414,797.78 1,584 11/3/2015 5/6/2020 CN APPLE 2.0% MAKE WHOLE CALL 4,000,000.00 4,028,000.00 1.837% 0.0004853 332,666.66 4,360,666.66 1,646 5/24/2016 5/15/2020 CN IBM 1.625% MAKE-WHOLE CALL 1,500,000.00 1,503,000.00 1.573% 0.0001551 93,890.62 1,596,890.62 1,452 11/3/2015 8/7/2020 CN MMM 2.0% MAKE WHOLE CALL 3,500,000.00 3,554,215.00 1.660% 0.0003870 279,062.78 3,833,277.78 1,739 9/25/2015 9/1/2020 CN JOHNSON & JOHNSON 2.95% MAKE WHOLE 1,000,000.00 1,058,028.49 1.718% 0.0001192 87,504.84 1,145,533.33 1,803 9/24/2015 9/15/2020 CN AUTOMATIC DATA PROCESSING 2.25% MAKE-WHOL 4,000,000.00 4,029,600.00 2.090% 0.0005524 418,150.00 4,447,750.00 1,818 11/10/2015 11/3/2020 CN MICROSOFT 2.00% MAKE WHOLE CALL 5,000,000.00 5,018,550.00 1.920% 0.0006320 479,505.56 5,498,055.56 1,820 6/10/2016 11/3/2020 CN MICROSOFT 2.00% MAKE WHOLE CALL 1,500,000.00 1,539,450.00 1.370% 0.0001383 92,466.67 1,631,916.67 1,607 11/13/2017 11/13/2020 CN APPLE INC 2.0% MAKE WHOLE CALL 2,500,000.00 2,497,900.00 2.000% 0.0003277 152,100.00 2,650,000.00 1,096 6/29/2017 12/29/2020 CN TOYOTA 2.0% CALL 6/29/20 3,000,000.00 3,000,000.00 2.000% 0.0003935 210,000.00 3,210,000.00 1,279 2/26/2018 1/15/2021 CN WELLS FARGO BANK 2.6% NON-CALL 2,000,000.00 1,982,700.00 2.914% 0.0003789 167,377.77 2,150,077.77 1,054 4/28/2016 3/1/2021 CN EXXON MOBIL 2.222% MAKE WHOLE CALL 2,000,000.00 2,042,900.00 1.750% 0.0002345 172,263.67 2,215,163.67 1,768 7/26/2016 3/1/2021 CN EXXON MOBIL 2.222% MAKE WHOLE CALL 1,000,000 00 1,034,050.00 1.440% 0.0000977 68,038.55 1,102,088.55 1,679 9/16/2016 4/8/2021 CN TOYOTA 1.90% MAKE WHOLE CALL 3,000,000.00 3,031,680.00 1.659% 0.0003299 228,303.33 3,259,983.33 1,665 6/13/2018 5/16/2021 CN CHEVRON 2.1% MAKE WHOLE 3,250,000.00 3,175,770.00 2.920% 0.0006082 273,861.25 3,449,631.25 1,068 5/26/2016 5/19/2021 CN ALPHABET, INC 3.625% MAKE WHOLE CALL 1,000,000.00 1,094,000.00 1.651% 0.0001185 86,545.14 1,180,545.14 1,819 4/17/2017 5/19/2021 CN ALPHABET, INC 3.625% MAKE WHOLE CALL 2,000,000.00 2,136,700.00 1.883% 0.0002639 159,744.44 2,296,444.44 1,493 5/14/2017 5/19/2021 CN ALPHABET, INC 3.625% MAKE WHOLE CALL 2,000,000.00 2,133,400.00 1.900% 0.0002659 159,620.83 2,293,020.83 1,466 9/13/2016 8/8/2021 CN MIRCOSOFT 1.55% MAKE WHOLE CALL 6,000,000.00 5,995,740.00 1.565% 0.0006154 460,218.33 6,455,958.33 1,790 2/7/2017 8/8/2021 CN MIRCOSOFT 1.55% MAKE WHOLE CALL 2,000,000.00 1,947,120.00 2.170% 0.0002771 192,466.11 2,139,586.11 1,643 2/22/2018 8/8/2021 CN MIRCOSOFT 1.55% MAKE WHOLE CALL 1,500,000.00 1,441,912.50 2.730% 0.0002582 138,558.33 1,580,470.83 1,263 10/14/2016 9/1/2021 CN COCA COLA 1.55% MAKE WHOLE CALL 3,600,000.00 3,581,496.00 1.660% 0.0003899 290,839.00 3,872,335.00 1,783 1/10/2018 9/1/2021 CN COCA COLA 3.30% MAKE WHOLE CALL 1,500,000.00 1,549,740.00 2.344% 0.0002383 130,522.50 1,680,262.50 1,330 11/7/2016 11/1/2021 CN IBM 2.90% MAKE WHOLE CALL 1,000,000.00 1,052,600.00 1.792% 0.0001237 91,916.67 1,144,516.67 1,820 March 12, 2019 Item #1 Page 16 of 24 INVESTMENT REPORT AS OF DECEMBER 31, 2018 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN {Days) 10/10/2017 11/3/2021 CN PROCTER & GAMBLE 1. 7% NON-CALL 2,000,000.00 1,982,100.00 1.930% 0.0002509 156,072.22 2,138,172.22 1,485 12/4/2017 11/15/2021 CN COLGATE PALMOLIVE 2.450% MAKE WHOLE 2,250,000.00 2,271,141.00 2.200% 0.0003277 196,449.62 2,467,590.62 1,442 12/20/2017 2/6/2022 CN MICROSOFT 2.4% MAKE WHOLE 1,250,000.00 1,254,025.00 2.316% 0.0001905 119,808.33 1,373,833.33 1,509 3/6/2017 3/6/2022 CN EXXON MOBLIE 2.397% MAKE WHOLE 2,000,000.00 2,003,380.00 2.360% 0.0003101 236,320.00 2,239,700.00 1,826 5/23/2017 5/11/2022 CN APPLE INC 2.3% MAKE WHOLE 3,300,000.00 3,318,150.00 2.181% 0.0004747 358,820.00 3,676,970.00 1,814 12/6/2017 5/15/2022 CN BERKSHIRE HATHAWAY 3.0% MAKE WHOLE CALL 1,503,000.00 1,540,770.39 2.400% 0.0002425 162,504.36 1,703,274.75 1,621 1/8/2018 5/15/2022 CN BERKSHIRE HATHAWAY 3.0% MAKE WHOLE CALL 1,000,000.00 1,023,300.00 2.432% 0.0001632 107,283.33 1,130,583.33 1,588 10/9/2018 5/15/2022 CN BERKSHIRE HATHAWAY 3.0% MAKE WHOLE CALL 1,100,000.00 1,091,810.50 3.220% 0.0002306 126,989.50 1,218,800.00 1,314 8/9/2018 6/1/2022 CN BLACKROCK 3.375% MAKE WHOLE 1,000,000.00 1,011 ,600.00 3.050% 0.0002024 117,306.25 1,128,906.25 1,392 8/24/2017 7/13/2022 CN TOYOTA 2.8% MAKE WHOLE 1,500,000.00 1,547,160.00 2.119% 0.0002150 158,056.67 1,705,216.67 1,784 11/6/2017 8/11/2022 CN PROCTER & GAMBLE 2.15% MAKEWHOLE 1,800,000.00 1,799,161.20 2.160% 0.0002549 185,201.30 1,984,362.50 1,739 11/9/2018 8/11/2022 CN PROCTER & GAMBLE 2.15% MAKEWHOLE 1,900,000.00 1,826,627.70 3.250% 0.0003894 226,786.74 2,053,414.44 1,371 1/18/2018 9/21/2022 CN NOVARTIS CAPITAL CORP 2.4% MAKEWHOLD 1,500,000.00 1,489,500.00 2.560% 0.0002501 178,400.00 1,667,900.00 1,707 1/4/2018 11/15/2022 CN COLGATE-PALMOLIVE 2.25% MAKEWHOLE 2,000,000.00 1,982,400.00 2.443% 0.0003176 236,475.00 2,218,875.00 1,776 9/17/2018 11/15/2022 CN COLGATE-PALMOLIVE 2.25% MAKEWHOLE 2,000,000.00 1,935,820.00 3.077% 0.0003907 251,430.00 2,187,250.00 1,520 12/6/2017 11/29/2022 CN TOYOTA 2.125% NON-CALL FLOATING 2,250,000.00 2,250,000.00 2.125% 0.0003136 238,132.81 2,488,132.81 1,819 1/24/2018 1/26/2023 CN TOYOTA 2.75% NON-CALL FLOATING 3,000,000.00 3,000,000.00 2.750% 0.0005411 412,500.00 3,412,500.00 1,828 3/20/2018 3/15/2023 CN BERKSHIRE HATHAWAY 2.75% MAKEWHOLE 1,000,000.00 983,890.00 3.101% 0.0002001 153,228.06 1,137,118.06 1,821 4/18/2018 3/15/2023 CN BERKSHIRE HATHAWAY 2.75% MAKEWHOLE 1,750,000.00 1,719,130.00 3.140% 0.0003540 267,083.54 1,986,213.54 1,792 4/25/2018 3/15/2023 CN BERKSHIRE HATHAWAY 2.75% MAKEWHOLE 2,000,000.00 1,953,300.00 3.270% 0.0004189 315,588.89 2,268,888.89 1,785 5/7/2018 4/11/2023 CN WALMART 2.55% CALL 1/11/23 1,000,000.00 974,100.00 3.121% 0.0001994 151,558.33 1,125,658.33 1,800 12/18/2018 4/11/2023 CN WALMART 2.55% CALL 1/11/23 1,000,000.00 969,800.00 3.301% 0.0002100 141 ,054.17 1,110,854.17 1,575 5/2/2018 5/1/2023 CN COLGATE-PALMOLIVE 2.10% MAKE WHOLE 4,666,000.00 4,443,179.84 3.140% 0.0009151 712,477.98 5,155,657.82 1,825 5/9/2018 5/3/2023 CN APPLE INC 2.4% MAKE WHOLE 4,000,000.00 3,862,600.00 3.150% 0.0007980 615,800.00 4,478,400.00 1,820 8/6/2016 6/26/2023 CN WALMART 3.4% MAKE WHOLE 1,750,000.00 1,763,895.00 3.220% 0.0003725 276,993.89 2,040,888.89 2,515 7/25/2018 6/26/2023 CN WALMART 3.40% MAKE WHOLE 1,500,000.00 1,512,000.00 3.220% 0.0003193 238,891.66 1,750,891.66 1,797 7/24/2018 7/24/2023 CN US BANK 3.4% CALL 6/23/23 ONE TIME 1,250,000.00 1,251,625.00 3.371% 0.0002767 210,756.94 1,462,381.94 1,826 12/11/2018 7/24/2023 CN US BANK NA CINCINNATI 3.4% CALL 6/23/23 2,500,000.00 2,489,250.00 3.400% 0.0005551 32,347.22 2,521,597.22 1,686 10/1/2018 8/14/2023 CN WELLS FARGO BANK 3.55% MAKE WHOLE 1,500,000.00 1,500,000.00 3.550% 0.0003493 259,297.92 1,759,297.92 1,778 SUB-TOTAL 152,119,000.00 152,466,527.12 2.206% 14,164,936.75 166,631,463.87 1,566 1/20/2016 1/22/2019 CD KEY BANK NATL ASSN OHIO 1.55% 247,000.00 247,000.00 1.550% 0.0002217 11,528.04 258,528.04 1,098 7/15/2015 7/15/2019 CD CAPTIAL ONE 1.95% NON-CALL 249,000.00 249,000.00 1.950% 0.0002812 19,422.00 268,422.00 1,461 7/24/2014 7/24/2019 CD AMERICAN EXPRESS BANK 2.00% 247,000.00 247,000.00 2.000% 0.0002861 24,700.00 271,700.00 1,826 8/28/2014 8/28/2019 CD ENERBANK USA 2.05% 247,000.00 247,000.00 2.050% 0.0002932 25,317.50 272,317.50 1,826 8/29/2014 8/29/2019 CD SYNCHRONY BANK 2.1 % 247,000.00 247,000.00 2.100% 0.0003004 25,935.00 272,935.00 1,826 8/30/2016 8/30/2019 CD WASHINGTON TRUST 1.2% 248,000.00 248,000.00 1.200% 0.0001723 8,928.00 256,928.00 1,095 9/16/2016 9/16/2019 CD ISRAEL DISCOUNT BK OF NY 1.3% 248,000.00 248,000.00 1.300% 0.0001867 9,689.91 257,689.91 1,095 9/24/2014 9/24/2019 CD DISCOVER 2.15% 247,000.00 247,000.00 2.150% 0.0003075 26,552.50 273,552.50 1,826 9/24/2014 9/24/2019 CD GOLDMAN SACHS BANK 2.15% 247,000.00 247,000.00 2.150% 0.0003075 26,552.50 273,552.50 1,826 10/8/2014 10/8/2019 CD CAPITAL ONE ABANK USA 2.10% 247,000.00 247,000.00 2.100% 0.0003004 25,935.00 272,935.00 1,826 10/10/2014 10/10/2019 CD GE CAPITAL BANK 2.0% 247,000.00 245,641.50 2000% 0.0002845 26,058.50 271 ,700.00 1,826 10/29/2014 10/29/2019 CD PEOPLES UTD BANK CT 1.9% 247,000.00 247,000.00 1.900% 0.0002718 23,465.00 270,465.00 1,826 11/3/2014 11/4/2019 CD WEBSTER BANK NAT'L ASSOC 1.9% 247,000.00 247,000.00 1.900% 0.0002718 23,465.00 270,465.00 1,827 12/3/2014 12/3/2019 CD CIT BANK SALT LAKE CITY 2.2% 247,000.00 247,000.00 2.200% 0.0003147 27,170.00 274,170.00 1,826 12/4/2014 12/4/2019 CD AMERICAN EXPRESS CENTURION 2.2% 247,000.00 247,000.00 2.200% 0.0003147 27,170.00 274,170.00 1,826 12/10/2014 12/10/2019 CD BMW BANK OF N AMERICA 2.15% 247,000.00 247,000.00 2.150% 0.0003075 26,552.50 273,552.50 1,826 12/23/2014 12/10/2019 CD SALLIE MAE BANK SALT LAKE 2.2% 247,000.00 247,000.00 2.200% 0.0003147 26,976.46 273,976.46 1,813 March 12, 2019 Item #1 Page 17 of 24 INVESTMENT REPORT AS OF DECEMBER 31, 2018 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 12/21/2017 12/23/2019 CD MORGAN STANLEY BANK 2.1% 247,000.00 247,000.00 2.100% 0.0003004 10,402.82 257,402.82 732 1/23/2015 1/23/2020 CD PRIVATE BANK & TRUST 1.90% 247,000.00 247,000.00 1.900% 0.0002718 23,465.00 270,465.00 1,826 7/24/2015 1/24/2020 CD EAGLE BANK 1.80% 249,000.00 249,000.00 1.800% 0.0002595 20,169.00 269,169.00 1,645 1/27/2015 1/27/2020 CD NORTHFIELD BANK 1.65% 249,000.00 249,000.00 1.650% 0.0002379 20,542.50 269,542.50 1,826 1/26/2018 1/27/2020 CD FLAGSTAR BANK 2.15% 247,000.00 247,000.00 2.150% 0.0003075 10,635.75 257,635.75 731 1/30/2015 1/30/2020 CD BANK OF GEORGETOWN 1.65% 249,000.00 249,000.00 1.650% 0.0002379 20,542.50 269,542.50 1,826 2/6/2015 2/6/2020 CD MACHIAS SAVINGS BANK 1.65% 247,000.00 247,000.00 1.650% 0.0002360 20,377.50 267,377.50 1,826 3/3/2015 2/26/2020 CD THIRD FEDERAL SAVING & LOAN 1.75% 247,000.00 246,407.20 1.754% 0.0002503 22,146.09 268,553.29 1,821 3/25/2015 3/25/2020 CD WELLS FARGO BANK SIOUX FALLS 1.5% 247,000.00 247,000.00 1.500% 0.0002145 18,525.00 265,525.00 1,827 4/22/2015 4/22/2020 CD MARLIN BUSINESS BANK SALT LAKE 1.6% 247,000.00 247,000.00 1.600% 0.0002288 19,760.00 266,760.00 1,827 5/13/2015 5/13/2020 CD WORLD FOREMOST BANK SYDNEY 2.00% 200,000.00 200,000.00 2.000% 0.0002316 20,000.00 220,000.00 1,827 6/29/2015 6/29/2020 CD FIRST SOURCE BANK 1.85% 247,000.00 246,382.50 1.904% 0.0002716 23,465.00 269,847.50 1,827 7/31/2015 7/31/2020 CD INSTITUTION FOR SAVINGS 2.05% 249,000.00 249,000.00 2.050% 0.0002956 25,522.50 274,522.50 1,827 8/6/2015 8/20/2020 CD ORRSTOWN BANK 2.0% 249,000.00 249,000.00 2000% 0.0002884 24,706.33 273,706.33 1,841 8/2/2017 8/3/2020 CD WEX BANK 1.85% 247,000.00 247,000.00 1.850% 0.0002646 13,721 .19 260,721.19 1,097 8/11/2015 8/25/2020 CD INVESTOR BANK 2.0% 247,000.00 247,000.00 2.000% 0.0002861 24,700.00 271,700.00 1,841 9/10/2015 9/10/2020 CD MERRICK BANK 1.85% 249,000.00 248,377.50 1.910% 0.0002747 23,655.00 272,032.50 1,827 9/22/2015 9/16/2020 CD BARCLAYS BANK 2.2% 248,000.00 248,000.00 2.200% 0.0003159 27,190.31 275,190.31 1,821 10/19/2015 10/13/2020 CD COMENITY CAP BANK 2.0% 249,000.00 249,000.00 2.000% 0.0002884 24,818.14 273,818.14 1,821 12/14/2017 12/14/2020 CD ALLY BANK 2.10% 247,000.00 247,000.00 2.100% 0.0003004 15,561.00 262,561.00 1,096 1/15/2016 1/15/2021 CD INVESTORS CMNTY BANK 1.85% 249,000.00 249,000.00 1.850% 0.0002667 23,032.50 272,032.50 1,827 5/9/2018 5/10/2021 CD CONNECTONE BANK 2.85% 249,000.00 249,000.00 2.850% 0.0004109 21,309.21 270,309.21 1,097 6/10/2016 6/7/2021 CD UBS BANK USA SALT LAKE CITY 1.65% 249,000.00 249,000.00 1.650% 0.0002379 20,508.73 269,508.73 1,823 6/21/2018 6/21/2021 CD MERCANTIL BANK 3.0% 246,000.00 246,000.00 3.000% 0.0004273 22,140.00 268,140.00 1,096 6/22/2017 6/22/2021 CD LAKESIDE BANK 1.90% 249,000.00 249,000.00 1.900% 0.0002740 18,924.00 267,924.00 1,461 6/23/2016 6/23/2021 CD EAST BOSTON SAVING BANK 1.5% 248,000.00 248,000.00 1.500% 0.0002154 18,600.00 266,600.00 1,826 6/24/2016 6/24/2021 CD FIRST BUSINESS BK MADISON 1.5% 248,000.00 248,000.00 1.500% 0.0002154 18,600.00 266,600.00 1,826 6/30/2016 6/30/2021 CD FIRST TECHNOLOGY FEDERAL CR UNION 1. 75% 248,000.00 248,000.00 1.750% 0.0002513 21,700.00 269,700.00 1,826 9/21/2017 9/21/2021 CD PINACLE BANK TN 2.00% 249,000.00 249,000.00 2.000% 0.0002884 19,920.00 268,920.00 1,461 1/12/2018 1/12/2022 CD LCA BANK CORPORATION 2.3% 246,000.00 246,000.00 2.300% 0.0003276 22,632.00 268,632.00 1,461 1/18/2017 1/18/2022 CD MB FINANCIAL BANK 2.050% 249,000.00 249,000.00 2.050% 0.0002956 25,522.50 274,522.50 1,826 1/20/2017 1/20/2022 CD FIRST NATL BANKO AMERICA 2.05% 249,000.00 249,000.00 2.050% 0.0002956 25,522.50 274,522.50 1,826 617/2017 6/7/2022 CD MECHANTILE BANK OF MICHIGAN 2.10% 247,000.00 247,000.00 2.100% 0.0003004 25,935.00 272,935.00 1,826 7/31/2017 7/29/2022 CD KS STATE BANK2.1% 245,000.00 245,000.00 2.100% 0.0002979 25,710.71 270,710.71 1,824 8/16/2017 8/16/2022 CD EVERBANK 2.2% 247,000.00 247,000.00 2.200% 0.0003147 27,170.00 274,170.00 1,826 8/30/2017 8/30/2022 CD WILLAMETTE VALLEY BANK 2.1 % 249,000.00 249,000.00 2.100% 0.0003028 26,145.00 275,145.00 1,826 9/29/2017 9/29/2022 CD ALLEGIANE BANK TEXS 2.15% 249,000.00 249,000.00 2.150% 0.0003100 26,767.50 275,767.50 1,826 9/14/2017 9/14/2022 CD FIRST BANK OF HIGHLAND 2.15% 247,000.00 247,000.00 2.150% 0.0003075 26,552.50 273,552.50 1,826 10/18/2017 10/18/2022 CD BENEFICIAL BANK 2.15% NON-CALL 247,000.00 247,000.00 2.150% 0.0003075 26,552.50 273,552.50 1,826 12/22/2017 12/22/2022 CD INDUSTRIAL & COML BAK CHINA 2.5% NON-CALL 249,000.00 249,000.00 2.500% 0.0003605 31,125.00 280,125.00 1,826 1/29/2018 1/30/2023 CD SUNTRUST BANK 2.30% CALL 1/30/20 STEP 246,000.00 245,508.00 2.792% 0.0003969 34,547.50 280,055.50 1,827 4/24/2018 4/24/2023 CD CITIBANK 3.0% NON-CALL 246,000.00 246,000.00 3.000% 0.0004273 36,900.00 282,900.00 1,826 5/16/2018 5/16/2023 CD BELMONT SAVINGS BANK 3.05% 245,000.00 245,000.00 3.050% 0.0004327 37,362.50 282,362.50 1,826 6/20/2018 6/20/2023 CD RBC BANK 3. 15% NON-CALL 249,000.00 249,000.00 3.150% 0.0004542 39,217.50 288,217.50 1,826 7/31/2018 7/31/2023 CD BANK OF NEW ENGLAND 3.25% NON-CALL 249,000.00 249,000.00 3.250% 0.0004686 40,462.50 289,462.50 1,826 7/31/2018 7/31/2023 CD MEDALLION BANK UTAH 3.25% NON-CALL 249,000.00 249,000.00 3.150% 0.0004542 40,462.50 289,462.50 1,826 9/26/2018 9/26/2023 CD BANK MIDWEST 3.15% NON-CALL 245,000.00 245,000.00 3.150% 0.0004469 38,587.50 283,587.50 1,826 9/28/2018 9/28/2023 CD BANK OF BARODA 3.3% NON-CALL 245,000.00 245,000.00 3.300% 0.0004682 40,425.00 285,425.00 1,826 10/26/2018 10/26/2023 CD BMO HARRIS BANK 3.35% CALL 04/26/19 249,000.00 249,000.00 3.350% 0.0004830 41,707.50 290,707.50 1,826 11/15/2018 10/30/2023 CD NATIONAL COOPERATIVE BANK 3.45% NON-CALL 245,000.00 245,000.00 3.450% 0.0004895 41,891.98 286,891 .98 1,8 10 March 12, 2019 Item #1 Page 18 of 24 INVESTMENT REPORT AS OF DECEMBER 31, 2018 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN !Days\ 11/14/2018 11/14/2023 CD BANK HAPOALIM BM 3.5% NON-CALL 245,000.00 245,000.00 3.500% 0.0004965 42,875.00 287,875.00 1,826 11/15/2018 11/15/2023 CD MORGAN STANLEY PVT BANK 3.55% NON-CALL 245,000.00 245,000.00 3.550% 0.0005036 43,487.50 288,487.50 1,826 11/19/2018 11/29/2023 CD STATE BANK OF INDIA 3.6% BULLET 245,000.00 245,000.00 3.600% 0.0005107 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 350,092.00 350,092.00 2.000% 0.0000628 19.18 350,111.18 0 CORPORATE CASH MANAGEMENT ACCOUNT 3,036,752.97 3,036,752.97 2.000% 0.0005445 166.40 3,036,919.37 0 WELLS FARGO CUSTODY 1,280,676.39 1,280,676.39 1.590% 0.0001826 56.56 1,280,732.95 0 LA I F WATER DISTRICT 22,911,000.00 22,911,000.00 2.210% 0.0045396 1,406.48 22,912,406.48 0 LA I F PUBLIC IMPROVEMENT CORPORATION 19,419,059.73 19,419,059.73 2.210% 0.0038477 1,192.11 19,420,251.84 0 LA I F PUBLIC FINANCING CORPORATION 23,781,938.78 23,781,938.78 2.210% 0.0047122 1,459.95 23,783,398.73 0 LA I F CITY OF CARLSBAD 40,757,000.00 40,757,000.00 2.210% 0.0080756 2,502.03 40,759,502.03 SUB-TOTAL 111,536,519.87 111,536,519.87 2.197% 6,802.71 111,543,322.58 GRAND TOTAL 774,395,519.87 774,049,743.17 2.004% 53,320,475.70 815,210,847.98 March 12, 2019 Item #1 Page 19 of 24 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF DECEMBER 31, 2018 Cash Balance by Fund: General Special Revenue Capital Projects: General Capital Construction Traffic Impact Fees Public Facilities Fees Park Development Transnet Taxes Drainage Fees Special Districts Infrastructure Replacement Gas Tax Other Capital Construction Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste SJorm Water Golf Course Total Total Internal Service Agency Funds Trust Funds Total General Ledger Balance** Reconciling Adjustments (1) Total Treasurer's Investment Portfolio at Amortized Cost 43,309,866 22,798,336 28,441,674 7,907,907 6,653,691 5,900,505 100,524,312 118,888,190 13,924,784 4,387,051 141,372,815 48,217,785 6,971,249 7,480,046 1,278,863 118,979,836 34,710,892 352,736,316 205,320,759 48,153,199 17,978,722 293,949 778,173,673 (4,759,603) 773,414,070 (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 1 /16/19. EXHIBIT 8 March 12, 2019 Item #1 Page 20 of 24 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of DECEMBER 31, 2018 CORPORATE NOTE AND COMMERCIAL PAPER RA TINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or better by two of the three: Moody's S&P or Fitch) Moody's S&P Fitch ADP Aa3 AA NR ALPHABET, INC Aa2 AA+ NR APPLE Aa1 AA+ NR BERKSHIRE HATHAWAY Aa2 AA AA- 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 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 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 5,126,313 4,682,792 3,457,265 Market Value 5,009,583 4,599,213 3,518,219 March 12, 2019 Item #1 Page 21 of 24 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF DECEMBER 31, 2018 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORATE NOTE ISSUER Investment Cost ADP 4,029,600.00 ALPHABET, INC 5,364,100.00 APPLE INC 16,264,675.00 BERKSHIRE HATHAWAY 8,312,200.89 BLACKROCK INC 1,011 ,600.00 CHEVRON 14,307,799.00 COCA COLA CO 5,131,236.00 COLGATE-PALMOLIVE 10,632,540.84 EXXON MOBIL 11,397,155.00 IBM CORP 4,725,315.50 JOHNSON & JOHNSON 3,373,278.49 MASS MUTUAL 3,286,335.00 MICROSOFT 17,196,797.50 3M COMPANY 3,554,215.00 NEW YORK LIFE 4,017,520.00 NOVARTIS CAPTIAL CORP 1,489,500.00 PROCTER & GAMBLE 5,607,888.90 TOYOTA 14,838,600.00 US BANK 3,740,875.00 WALMART 5,219,795.00 WELLS FARGO BANK 8,965,500.00 PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER FAMCA FICO FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERAL HOME LOAN MORTGAGE CORP FEDERAL NATIONAL MORTGAGE ASSOC PEFCO RFCO STRIP PRINCIPAL TENNESSEE VALLEY AUTHORITY SUPRANATIONAL -IBRD U.S.TREASURY Total Portfolio * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. Investment Cost 17,990,352.50 8,733,759.39 85,082,436.00 83,239,286.04 106,208,136.48 70,081,448.04 8,244,462.90 2,750,760.00 7,496,747.50 12,998,745.89 89,951,244.74 Percent of Portfolio* 0.52% 0.69% 2.10% 1.07% 0.13% 1.85% 0.66% 1.37% 1.47% 0.61% 0.44% 0.42% 2.22% 0.46% 0.52% 0.19% 0.72% 1.92% 0.48% 0.67% 1.16% Percent of Portfolio** 2.32% 1.13% 10.99% 10.75% 13.72% 9.05% 1.07% 0.36% 0.97% 1.68% 11 .62% $774,049,743.17 EXHIBIT 10 March 12, 2019 Item #1 Page 22 of 24 City of Carlsbad Bond Proceeds Investment Report December 31, 2018 Stated Int. Maturity Fund Type Investments Rate Date Par Value Assessment District 03-01 (College/Cannon) Project Fund Invesco Gov. & Agency -Institutional Money Market NIA NIA $ 956,517 Assessment District 95-01 (Carlsbad Ranch) Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIG) 5.83% NIA $ Assessment District 96-01 (Rancho Carrillo) Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIG) 6.03% 09102128 $ 1,293,199 ReAssessment District 2012-1 (College/Cannon & Poinsettia Lane) Reserve Fund Invesco Gov. & Agency -Institutional Money Market various NIA $ 2,226,387 Other Invesco Gov. & Agency -Institutional Money Market various NIA $ 413 Communities Facilities District #3 Improvement Area 1, 2016 Bonds Reserve Fund Invesco Gov. & Agency -Institutional Money Market various 09101136 $ 558,481 Other Invesco Gov. & Agency -Institutional Money Market various 09101136 $ 1,920 Communities Facilities District #3 Improvement Area 2, 2016 Bonds Reserve Fund Invesco Gov. & Agency -Institutional Money Market various 09101138 $ 814,605 Other Invesco Gov. & Agency -Institutional Money Market various 09101138 $ 14,727 $ $ $ $ $ $ $ $ $ $ 5,866,249 $ Cost Fiscal Agent: 956,517 Fiscal Agent: Fiscal Agent: 1,293,199 Fiscal Agent: 2,226,387 413 Fiscal Agent: 558,481 1,920 Fiscal Agent: 814,605 14,727 5,866,249 Source BNY Mellon Invesco BNY Mellon HSBC Bank of New York BNY Mellon HSBC Bank of New York BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon t::r:I >:: ::r: H to H 8 .... .... March 12, 2019 Item #1 Page 23 of 24 City of Carlsbad Summary of Outstanding Housing Loans As of December 31, 2018 Loan amount Loans issued by City to Loans issued by due to City Developer loan First date # of loans developers/ Developer to # of loans City loan repaid to Developer loan (recorded as amount due to City Borrower Develoement Pureose issued issued homeowners homeowners outstanding City repaid to City AR) (not on City's books) Type of Loan Payment deferred 15 years. No interest is due Individual homebuyers City-wide (CHAP) Sale 06/28/99 133 $1,680,000 $ 4 ($1,680,000) $ ($0.08) $ (0) unless home is sold before 16th year Payment deferred 30 years. No interest is due Individual homebuyers Calavera Hills Sale 10/15/99 5 75,000 150,000 1 (60,000) (120,000) 15,000 30,000 45,000 unless home is sold before 31th year Payment deferred 30 years. No interest is due Individual homebuyers Cherry Tree Walk Sate 06/28/99 42 453,600 452,600 12 (324,000) (283,250) 129,600 169,350 298,950 unless home is sold before 31th year Payment deferred 30 years. No interest is due Individual homebuyers Serrano Sale 05/25/01 90 1,350,000 4,050,000 23 (1 ,035,135) (2,790,000) 314,865 1,260,000 1,574,865 unless home is sold before 31th year Individual homebuyers Rancho Carlsbad Sale 05/20/99 22 752,533 5 (616,633) 135,900 135,900 Principal is due when home is sold Individual homebuyers Solamar Sale 09/26/88 9 147,726 1 (135,065) 12,661 12,661 Principal is due when home is sold Catholic Charities Homeless shelter Shelter 09/19/97 1 200,000 1 200,000 200,000 Principal is due when property is sold Principal and 3% interest each year for 30 years CB Laurel Tree Apartments Laurel Tree Rentals 12/24/98 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 03/05/01 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 02/27/01 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 10/21/99 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 11/04/94 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 07/15/03 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 04/29/05 100 1,840,000 19,660,200 100 1,840,000 19,660,200 21,500,200 unless home is sold before 31th year Payment deferred 30 years. No interest is due Individual homebuyers Village by the Sea Sale 10/28/05 11 220,000 4,087,200 11 220,000 4,087,200 4,307,200 unless home is sold before 31th year Principal and 3% interest each year for 55 years El Camino Family Housing Cassia Heights Rentals 03/07/06 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 07/06/06 3 210,000 2 (70,000) 140,000 140,000 unless home is sold before 46th year Payment deferred 30 years. No interest is due Individual homebuyers The Bluffs Sale 06/14/07 10 200,000 10 200,000 200,000 unless home is sold before 31th year Roosevelt Refer to Agenda Bill 18,569 / Resolution 2006-131 Individual homebuyers Gardens Sale 08/30/07 11 1,583,423 11 1,583,423 1,583,423 &AB 19,183/R2007-255 CIC La Costa Hunter's Point Rentals 08/19/08 1 1,932,000 1 1,932,000 1,932,000 Refer to AB18,251 / Resolution 2005-264 Down Payment & Closing Cost Assistance Various Assistance 06/25/09 22 255,518 21 (12,500) 243,018 243,018 Refer to Agenda Bill 19,415 / Resolution 2008-121 CIC Glen Ridge, LP Glen Ridge Rentals 10/05/09 1 1,014,000 1 1,014,000 1,014,000 Refer to Agenda Bill 397 / Resolution 435 Tavarua Senior Apartments, LP Tavarua Rentals 12/14/11 1 1 Refer to Agenda Bill 418 / Resolution 475 North County Solutions for Property Change Acquisition Rentals 06/28/12 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 03/01/10 3 507,585 3 507,585 507,585 081; AB20,764/R2011-288 Minor Home Individual homeowners N/A Repair 05/20/10 12 30,677 6 (4,083) 26,594 26,594 Refer to AB19,415 / Resolution 2008-121 Property Hospice of North Coast NIA Acquisition 02/27/13 1 1,065,000 1 1,065,000 1,065,000 Refer to AB21, 116/Resolution 2013-027 Harding Street Neighbors, Carol-Harding Property LP Duplex Acquisition 03/14/13 1 7,408,000 1 7,408,000 7,408,000 Refer to AB21,028/Resolution 2012-235 t:,:j Tracy Templeton Laguna Point Sale 04/17/13 1 108,150 1 108,150 108,150 TBD ~ Payment deferred 30 years. No interest is due ::r: Thomas & Judy Kim Rose Bay Sale 08/23/13 1 229,775 1 229,775 229,775 unless home is sold before 31th year H Property to Solutions for Change N/A Acquisition 12/19/14 1 2,646,000 1 2,646,000 2,646,000 Refer to AB21,763/Resolutlon 2014-243 H Chelsea Inv Corp/Quarry 8 Creek CiC LLP Quarry Creek Rentals 08/31/16 1 1,280,000 1 (223,474) 1,056,526 1,056,526 Allowances (1,798,379) (1,798,379) I-' 494 $ 34,542,416 $ 28,400,000 229 $ (12,879,280) $ (3,193,250) $ 21,663,137 $ 25,206,750 $ 48,668,266 N March 12, 2019 Item #1 Page 24 of 24