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HomeMy WebLinkAbout2019-04-09; City Council; ; Report on City Investments as of January 31, 2019~ CITY COUNCIL '11!:1 Staff Report Meeting Date To: From: April 9, 2019 Mayor and Council Members Scott Chadwick, City Manager CA Review v-rc...-- 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 January 31, 2019 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 of the month ended January 31, 2019 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value $790,343,713 $774,395,520 Cost of Investments $789,887,643 $774,049,743 Amortized Cost (1) $789,272,855 $773,414,070 Market Value (2) $784,349,583 $766,938,516 (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 1/31/19. 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 $16 million dollar increase between December 2018 and January 2019 report was due mainly to the receipt of property tax totaling $17 million dollars. April 9, 2019 Item #1 Page 1 of 22 FUND EQUITY IN POOLED INVESTMENTS .January 31, 2019 Special Revenue $35 General $128 . Internal Service $47 Agency/Trust $18 Enterprise $208 Capital Projects $ 353 Total Fund Equity $789 million Pooled Investment Interest Income Current Prior Current Month Cash Income Fiscal Year-to-Date * $8,692,804 $7,226,441 $1,466,363 *The cash income received is adjusted for any accrued interest purchased .. Pooled Investment Performance/Measurement Average Life Average Yield (Years} To Maturity Modified Duration November 2018 1.96 1.984% 1.862 December 2018 1.91 2.004% 1.822 January 2019 1.91 2.040% 1.821 . April 9, 2019 Item #1 Page 2 of 22 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 requ ired 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. April 9, 2019 Item #1 Page 3 of 22 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. Third 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 April 9, 2019 Item #1 Page 4 of 22 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31, 2019 BREAKDOWN BY AMORTIZED COST, MARKET VALUE, CASH INCOME, AND AVERAGE YIELD BY CLASS AMORTIZED COS__J MARKET VALUE AVERAGE YIELD Cash Income Class Current Month Prior Month Current Month Prior Month Year to Date Current Month Prior Month CD $17,516,919 $17,271,857 $17,361,915 $17,000,953 $197,586 2.25 2.21 FN 18,957,702 18,932,551 18,830,715 18,781,955 0 1.60 1.60 TR 87,883,241 89,881,186 86,684,183 88,565,905 1,128,291 1.68 1.67 FA 375,322,862 370,832,750 372,742,695 367,800,530 3,745,400 1.95 1.95 SN 13,030,242 13,027,230 12,915,646 12,888,307 176,933 2.21 2.21 CN 160,097,177 151,931,976 159,349,716 150,364,346 1,925,102 2.24 2.21 LAIF 110,930,393 106,868,999 110,930,393 106,868,999 1,474,612 2.35 2.21 CUSTODY 2,310 1,280,676 2,310 1,280,676 2,492 1.59 1.59 SWEEP 5,334,724 3,036,753 5,334,724 3,036,753 42,387 2.00 2.00 BANK ACCT 197,286 350,092 197,286 350,092 0 2.00 2.00 TOTALS $789,272,855 $773,414,070 $784,349,583 $766,938,516 $8,692,804 2.04% 2.00% 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 tc:l :x: :::r: H IJj H 1-3 I-' April 9, 2019Item #1 Page 5 of 22 CLASS CD FN TR FA SN CN LAIF CUSTODY SWEEP BANK.ACCT TOTALS %TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31, 2019 BREAKDOWN OF MATURITIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TOSYEARS TOTAL $496,000 $4,946,642 $12,071,675 $17,514,317 5,345,898 9,852,819 2,750,760 17,949,477 11,701,252 2,223,514 74,011,183 87,935,949 37,031,625 39,861,471 299,494,906 376,388,002 0 0 12,998,746 12,998,746 14,266,011 13,156,325 133,214,105 160,636,440 110,930,393 0 0 110,930,393 2,310 0 0 2,310 5,334,724 0 0 5,334,724 197,286 0 0 197,286 $185,305,498 (1) $70,040,771 (1) $534,541,374 $789,887,643 23.5% 8.9% 67.7% 100.0% Total within One Year $255,346,269 (1) POLICY: 32.3% (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 2.2% 2.3% 11.1% 47.7% 1.7% 20.3% (2) 14.0% 0.0% 0.7% 0.0% 100.0% trj :x: ::r:: H tx:J H f-,3 r:--.J April 9, 2019Item #1 Page 6 of 22 YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF JULY 2012-JANUARY 2019 2.50 ---,----------------------------------2.40 -+--------------------------------2.30 -+---------------------------------#-2.20 -+-------------------------------------..,:-a,lk-2.10 -+-----------------------------_______,_~ 2.00 -+-----------------------------------=ailc----------=a6. 1.90 -+-----------------------------~,,,.,,,«--1.80 -+-----------------------------------,_,.,._ __ 1.70 -+---------------------------~,,,_____ __ 1.60 ~----------------------------""------1--------1.50 --j-~-----------------------------..~~---------J,___ __ _ 1.40 +---~------------------------=a,l~---~-----1.30 t=====:~s~:;;:~~:;~~~~.:.=F~;~~~~~~~:~::::::~~~~~:::~======:Jt======== 1.20 1.10 -+----~======-=--=----=----=--.------~--------~------1.00 -+------+---------r--------.-------a---------+----------------+--------0.90 +---+-----=~~~--+---------------~..n..__ ______ _ 0.80 -+------t--------.-----------------------t-------------~,,___-------0.70 -+------t,-------""""--"-----.___.___----+-------------------=~---------0.60 -+------------------~~----------0.50 +--------------------~.::..:..:.__ ____________ _ 0.30 0.40 -::-t-:-crf~~~~;;;~;~~;i~:::~~;;;~~~~~~==================== 0.20 ~ 0.10 -+-----------------------------------::r: 0.00 ---+-----r-m~~~m~~m~~m~~~m~~m~~m~~~m~~m~~m~~ b3 _\ ~ . 'b ~ -\ ~ ~ ~ ~ ~ ~ ~ ~ ~ Co ~ -\ ~ ~ ~ -\ ~ q, ~ _\ ~ ,;:. ~ ~&~~~&~~~&~~~&~~~&~~~&~~~&~ w April 9, 2019Item #1 Page 7 of 22 MARKET YIELD CURVE 6/30/17, 6/30/18, 1/31/19 3_5 Market Rates 3 2.5 ;.__________ .. _________ ,. ~;__. ----------~ ------~-------------2~ 1.5 1 ■ 0.5 0 I I 3 Mth ·2 Yr 5 Yr 10 Yr 3 Mth 2Yr 5Yr lOYr ~6/30/2017 I 1.01 1.38 1.88 2.30 ~ 6/30/2018 1.91 2.53 2.74 2.86 -+-•1/31/2019 2.41 2.47 2.44 2.63 tc:l ::x: :::r: H ttl H f-.,3 .i::. April 9, 2019Item #1 Page 8 of 22 Cumulative Cash Income FY18-19 Cumulative Millions$ (JANUARY 2019) Monthly Interest Income Millions$ 15 14 13 12 11 10 9 8 7 6 .5 4 3 2 1 0 I ·= ~. l : K' ~ 5 4 3 2 l--------, 1 ttiJ=lrWUD~½~~::-;:~~0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June c=i Interest Income -+-· Budget ---Actual YTD t:i::1 :x: ::i::: H to H f-'3 u, April 9, 2019Item #1 Page 9 of 22 TRANSACTIONS FOR PERIOD: 01/01/19 TO 01/31/19 3rd QUARTER 2018-2019 Trans Investment Maturity Call Date Date Date ~ Security Date BUYS JANUARY 12/28/2018 1/11/2019 1/11/2023 CD STERLING BANK N/A 1/3/2019 1/24/2019 1/24/2022 CD DOLLAR BANK N/A 1/3/2019 1/7/2019 12/15/2020 CN WALMART N/A 1/3/2019 1/4/2019 12/27/2021 FA FHLMC 12/27/2019 1/7/2019 1/8/2019 4/9/2021 FA FFCB N/A 1/8/2019 1/10/2019 2/23/2021 FA FFCB N/A 1/10/2019 1/11/2019 7/19/2021 FA FHLMC 1/19/2019 1/10/2019 1/14/2019 12/15/2022 CN WALMART N/A 1/14/2019 1/16/2019 7/13/2022 CN TOYOTA N/A 1/14/2019 1/15/2019 9/26/2022 FA FHLB 3/26/2019 1/14/2019 1/22/2019 1/22/2024 FA FFCB 1/22/2020 1/15/2019 1/16/2019 6/22/2022 FA FFCB 1/23/2019 1/22/2019 1/24/2019 7/24/2023 CN US BANK NA CINCINNATI 6/23/2023 1/24/2019 1/28/2019 12/5/2023 CN JOHNSON & JOHNSON N/A 1/24/2019 1/29/2019 1/29/2024 FA FHLB 1/29/2021 1/24/2019 1/30/2019 1/30/2024 FA FHLB 1/30/2021 TOTAL THIRD QUARTER 2018-2019 MATURITIES JANUARY 10/28/2015 1/28/2019 FA FFCB N/A 11/2/2015 1/29/2019 FA FNMA N/A 6/5/2015 1/31/2019 TR US TREASURY N/A 1/20/2016 1/22/2019 CD KEY BANK NATL ASSN OHIO N/A TOTAL THIRD QUARTER 2018-2019 CALLS JANUARY NONE Par Amount Value Coupon (Cost) 246,000.00 3.100% 246,000.00 246,000.00 2.850% 246,000.00 1,500,000.00 1.900% 1,481,805.00 1,250,000.00 3.050% 1,255,937.50 1,500,000.00 2.700% 1,504,860.00 1,500,000.00 2.700% 1,502,895.00 2,000,000.00 1.500% 1,976,000.00 2,720,000.00 2.350% 2,653,088.00 1,500,000.00 2.800% 1,483,770.00 1,000,000.00 2.150% 986,219.72 1,750,000.00 3.010% 1,750,000.00 1,205,000.00 2.060% 1,182,554.87 1,000,000.00 2.400% 1,010,000.00 1,500,000.00 3.375% 1,548,703.13 1,500,000.00 2.875% 1,501,125.00 2,500,000.00 3.050% 2,500,000.00 22,917,000.00 22,828,958.22 4,650,000.00 1.150% 4,648,837.50 5,000,000.00 1.240% 4,992,500.00 2,000,000.00 1.500% 2,015,296.00 247,000.00 1.550% 247,000.00 11,897,000.00 11,903,633.50 Return Rate Interest 3.100% 30,504.00 2.850% 21,033.00 2.545% 73,453.33 2.256% 107,696.18 2.550% 86,377.50 2.605% 82,942.50 2.776% 139,666.67 3.020% 317,442.89 3.129% 162,880.00 2.730% 93,270.56 3.010% 263,375.00 2.673% 107,670.76 3.156% 143,000.00 2.765% 196,968.74 2.859% 214,500.00 3.050% 381,250.00 2.824% 2,422,031.13 1.158% 174,956.25 1.247% 202,000.00 1.285% 94,344.88 1.550% 11,528.04 1.225% 482,829.17 Investment Return 276,504.00 267,033.00 1,555,258.33 1,363,633.68 1,591,237.50 1,585,837.50 2,115,666.67 2,970,530.89 1,646,650.00 1,079,490.28 2,013,375.00 1,290,225.63 1,153,000.00 1,745,671.87 1,715,625.00 2,881,250.00 25,250,989.35 4,823,793.75 5,194,500.00 2,109,640.88 258,528.04 12,386,462.67 ti::l :x: ::i::: H IJj H i-,3 O'\ April 9, 2019Item #1 Page 10 of 22 INVESTMENT REPORT AS OF JANUARY 31, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN .(Q_fil,fil 2/26/2016 2/12/2019 FA FFCB 1.03% NON-CALL 4,000,000.00 4,004,640.00 0.990% 0.0001053 117,357.78 4,121,997.78 1,082 12/9/2014 2/27/2019 FA FNMA 1.75% NON-CALL 2,500,000.00 2,515,625.00 1.596% 0.0001067 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% 0.0000765 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% 0.0001002 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% 0.0000974 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% 0.0000509 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% 0.0000187 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% 0.0000439 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% 0.0000635 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% 0.0000364 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% 0.0000422 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% 0.0000932 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% 0.0000793 119,280.00 2,121,600.00 1,461 6/26/2015 6/24/2019 F'A FFCB 1.52% NON-CALL 2,250,000.00 2,251,282.50 1.505% 0.0000900 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% 0.0000797 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% 0.0001256 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% 0.0000642 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% 0.0000711 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% 0.0000865 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% 0.0000862 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% 0.0000638 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% 0.0000661 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% 0.0000728 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% 0.0000381 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% 0.0001005 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% 0.0001383 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% 0.0001382 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% 0.0001566 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% 0.0000407 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% 0.0000973 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% 0.0001183 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% 0.0000487 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% 0.0001546 203,700.00 5,053,700.00 1,279 5/13/2016 2/13/2020 FA FHLMC 1.30% CALL 2/13/17 ONE TIME 2,750,000.00 2,750,000.00 1.300% 0.0000950 134,062.50 2,884,062.50 1,371 6/11/2018 2/14/2020 FA FHLB 2.15% CALL 2/14/19 QRTLY 1,500,000.00 1,491,780.00 2.485% 0.0000985 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% 0.0000697 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% 0.0000372 56,000.00 1,056,000.00 1,461 1/4/2017 2/28/2020 FA FHLMC 1.25% QRTLY CALL 2,000,000.00 1,978,000.00 1.610% 0.0000846 100,750.00 2,078,750.00 1,150 t:rj 5/23/2016 3/15/2020 FA PEFCO 2.25% NON-CALL 3,000,000.00 3,099,000.00 1.358% 0.0001118 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% 0.0001124 79,028.75 1,771,293.75 681 ::r:1 H 6/12/2018 3/15/2020 FA TENN VALLEY AUTHORITY 2.25% NON-CALL 1,250,000.00 1,244,200.00 2.520% 0.0000833 55,253.13 1,299,453.13 642 OJ 6/11/2018 3/15/2020 FA TENN VALLEY AUTHORITY 2.25% NON-CALL 1,250,000.00 1,244,622.50 2.500% 0.0000827 54,908.75 1,299,531.25 643 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% 0.0000891 87,054.44 2,086,654.44 948 t-:3 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% 0.0001661 234,375.00 5,234,375.00 1,370 -..J 1/6/2017 4/13/2020 FA FFCB 1.4% CONT CALL 1,000,000.00 992,000.00 1.652% 0.0000435 53,772.22 1,045,772.22 1,193 12/15/2017 4/17/2020 FA FAMCA 1.64% NON-CALL 1,500,000.00 1,487,706.00 2.000% 0.0000791 69,830.67 1,557,536.67 854 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% 0.0001245 175,781.25 3,925,781.25 1,370 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% 0.0001363 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% 0.0000745 71,060.00 1,721,060.00 924 April 9, 2019Item #1 Page 11 of 22 INVESTMENT REPORT AS OF JANUARY 31, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN ~ 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% 0.0000518 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% 0.0001275 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% 0.0000927 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% 0.0000655 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% 0.0000553 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% 0.0001063 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% 0.0001369 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% 0.0001395 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% 0.0000689 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% 0.0000711 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% 0.0001344 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% 0.0001286 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% 0.0000723 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% 0.0000933 157,516.67 2,706,891.67 1,651 9/7/2016 8/24/2020 FA FFCB 1.32% CALL 8/24/17 CONT 3,000,000.00 2,998,260.00 1.335% 0.0001063 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% 0.0000333 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% 0.0001034 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% 0.0000598 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% 0.0001162 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% 0.0000675 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% 0.0000573 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% 0.0001181 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% 0.0001027 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% 0.0000747 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% 0.0000482 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% 0.0000921 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% 0.0000824 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% 0.0000864 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% 0.0001398 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% 0.0001302 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% 0.0000831 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% 0.0001207 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% 0.0000930 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% 0.0000741 61,155.56 1,043,555.56 797 1/10/2019 2/23/2021 FA FFCB 2.7% BULLET 1,500,000.00 1,502,895.00 2.605% 0.0001040 82,942.50 1,585,837.50 775 12/12/2018 2/24/2021 FA FHLB 1. 750% NON-CALL 1,000,000.00 977,940.00 2.790% 0.0000725 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% 0.0000558 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% 0.0000216 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% 0.0000940 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% 0.0000683 71,365.00 1,048,125.00 1,004 3/22/2016 3/22/2021 FA FHLB 1.25% QRTL Y CALL 6/22/16 STEP 2,500,000.00 2,498,750.00 1.870% 0.0001241 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% 0.0001206 158,701.56 2,689,899.06 1,274 1/8/2019 4/9/2021 FA FFCB 2.7% BULLET 1,500,000.00 1,504,860.00 2.550% 0.0001020 86,377.50 1,591,237.50 822 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% 0.0000978 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% 0.0001424 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% 0.0001407 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% 0.0001777 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% 0.0001245 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% 0.0000568 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% 0.0000846 127,335.51 1,887,335.51 1,460 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% 0.0000670 100,800.00 1,500,800.00 1,461 April 9, 2019Item #1 Page 12 of 22 INVESTMENT REPORT AS OF JANUARY 31, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days} 12/26/2018 6/26/2021 FA FHLMC 3.00% CALL 3/26/19 1,500,000.00 1,500,000.00 3.000% 0.0001196 101,250.00 1,601,250.00 913 10/26/2016 7/14/2021 FA FHLB 1.125% NON-CALL 2,500,000.00 2,476,850.00 1.328% 0.0000874 155,806.25 2,632,656.25 1,722 1/11/2019 7/19/2021 FA FHLMC 1.5% QTLY CALL 1/19/19 2,000,000.00 1,976,000.00 2.776% 0.0001457 . 139,666.67 2,115,666.67 920 4/24/2018 7/27/2021 FA FHLB 1.0% CALL 7/27/18 QRTLY 1,400,000.00 1,358,518.00 2.743% 0.0000990 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 1.959% 0.0001564 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% 0.0000740 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% 0.0001434 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% 0.0000704 119,250.0Q 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% 0.0000527 73,384.27 1,041,031.25 1,332 11/30/2018 8/27/2021 FA FHLMC 2.9% CALL 2/27/19 QTL Y 2,000,000.00 1,994,720.00 3.000% 0.0001590 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% 0.0001388 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% 0.0001529 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% 0.0000960 178,794.79 2,669,869.79 1,805 1/3/2018 10/29/2021 FA FAMCA 1.625% QRTLY CALL 2,000,000.00 1,951,928.00 2.285% 0.0001185 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% 0.0001062 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% 0.0001683 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% 0.0001403 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% 0.0000976 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% 0.0001825 272,870.00 3,265,370.00 1,449 1/4/2019 12/27/2021 FA FHLMC 3.05% ONE CALL 12/27/19 1,250,000.00 1,255,937.50 2.566% 0.0000856 107,696.18 1,363,633.68 1,088 2/27/2018 2/14/2022 FA FFCB 2.73% CALL CONT 1,800,000.00 1,800,000.00 2.730% 0.0001306 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% 0.0001404 263,796.00 2,873,000.00 1,826 5/23/2018 2/23/2022 FA FHLMC 3.0% CALL 11/23/18 QRTL Y 3,000,000.00 3,000,000.00 3.000% 0.0002391 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% 0.0000932 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% 0.0000930 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% 0.0000946 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% 0.0000903 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% 0.0000718 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% 0.0000794 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% 0.0001165 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% 0.0001072 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% 0.0002209 413,455.00 3,959,375.00 1,826 4/27/2017 4/27/2022 FA FHLMC 1. 75% QRTL Y CALL STEP 1,180,000.00 1,180,000.00 2.625% 0.0000823 154,875.00 1,334,875.00 1,826 3/9/2018 6/14/2022 FA FHLMC 2.070% CALL 6/14/18 QRTL Y 1,000,000.00 980,000.00 2.568% 0.0000669 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% 0.0000703 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% 0.0000506 95,156.25 970,156.25 1,826 1/16/2019 6/22/2022 FA FFCB 2.06% CALL 1/23/19 CONT 1,205,000.00 1,180,900.00 2.673% 0.0000839 109,325.63 1,290,225.63 1,253 6/29/2017 6/29/2022 FA FHLMC 2.15% QRTL Y CALL 2,500,000.00 2,500,000.00 2.150% 0.0001428 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% 0.0000890 152,020.83 1,646,020.83 1,653 1/8/2018 7/1/2022 FA FHLMC 2.22% ONE CALL 7/1/20 1,500,000.00 1,500,000.00 2.220% 0.0000885 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% 0.0000756 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% 0.0001260 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% 0.0000800 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% 0.0001397 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% 0.0000985 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% 0.0000713 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% 0.0002001 348,619.44 2,345,619.44 1,660 1/15/2019 9/26/2022 FA FHLB 2.15% CALL 3/26/19 QTL Y 1,000,000.00 979,710.00 . 2.730% 0.0000711 99,780.28 1,079,490.28 1,350 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% 0.0001328 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% 0.0000516 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% 0.0000767 117,430.00 1,080,000.00 1,461 April 9, 2019Item #1 Page 13 of 22 INVESTMENT REPORT AS OF JANUARY 31, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 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% 0.0000924 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% 0.0002022 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% 0.0001528 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% 0.0001471 295,053.75 2,510,156.25 1,690 12/27/2017 12/27/2022 FA FHLMC 2.30% CALL 12/27/19 3,000,000.00 3,000,000.00 2.300% 0.0001833 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% 0.0001328 250,000.00 2,250,000.00 1,826 3/9/2018 1/30/2023 FA FHLMC 2.55% 1/30/19 QRTLY 2,000,000.00 1,970,800.00 2.872% 0.0001504 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% 0.0002060 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% 0.0001874 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% 0.0000757 142,500.00 1,142,500.00 1,841 3/13/2018 2/28/2023 FA FHLMC 2.25% CALL 8/28/18 QRTL Y STEP 1,250,000.00 1,250,000.00 3.129% 0.0001039 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% 0.0002431 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% 0.0002012 376,875.00 2,873,125.00 1,817 4/27/2018 4/27/2023 FA FHLMC 3.05% CALL 7/27/18 QRTLY 2,000,000.00 2,000,000.00 3.050% 0.0001621 305,000.00 2,305,000.00 1,826 5/4/2018 4/27/2023 FA FHLMC 3.05% CALL 7/27/18 QRTL Y 2,415,000.00 2,412,585.00 3.072% 0.0001969 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% 0.0001013 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% 0.0000853 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% 0.0001731 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% 0.0000824 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% 0.0001291 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% 0.0002039 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% 0.0001137 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% 0.0001108 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% 0.0001453 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% 0.0000787 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% 0.0001882 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% 0.0000817 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% 0.0001063 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% 0.0000887 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% 0.0002020 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% 0.0001052 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% 0.0002404 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% 0.0001602 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% 0.0001395 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% 0.0001418 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% 0.0001647 310,000.00 2,310,000.00 1,826 1/22/2019 1/22/2024 FA FFCB 3.01% CALL 1/22/20 CONT 1,750,000.00 1,750,000.00 3.010% 0.0001399 263,375.00 2,013,375.00 1,826 1/29/2019 1/29/2024 FA FHLB 2.875% CALL 1/29/21 ONE TIME 1,500,000.00 1,501,125.00 2.859% 0.0001140 214,500.00 1,715,625.00 1,826 1/30/2019 1/30/2024 FA FHLB 3.050% CALL 1/30/20 QTL Y 2,500,000.00 2,500,000.00 3.050% 0.0002026 381,250.00 2,881,250.00 1,826 SUB-TOTAL 375,719,000.00 376,388,001.81 1.953% 29,874,305.72 407,960,807.53 1,446 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 April 9, 2019Item #1 Page 14 of 22 INVESTMENT REPORT AS OF JANUARY 31, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN illfil'fil 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 394,882,000.00 394,337,478.85 31,087,828.68 427,123,807.53 1,454 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 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 1/27/2017 2/28/2019 TR US TREASURY 1.375% 1,000,000.00 1,003,590.00 1.200% 0.0001370 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% 0.0004691 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% 0.0001396 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% 0.0001202 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% 0.0002410 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% 0.0001173 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% 0.0004975 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% 0.0001137 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% 0.0001944 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%-0.0003980 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% 0.0002349 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% 0.0003170 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% 0.0002633 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% 0.0002772 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% 0.0003294 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% 0.0007358 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% 0.0002471 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% 0.0002266 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% 0.0002347 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% 0.0008003 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% 0.0002808 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% 0.0005567 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% 0.0002391 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% 0.0002705 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% 0.0003800 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% 0.0005117 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% 0.0003733 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% 0.0005857 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% 0.0003170 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% 0.0005324 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% 0.0003514 148,615.38 1,764,115.38 1,763 April 9, 2019Item #1 Page 15 of 22 INVESTMENT REPORT AS OF JANUARY 31, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 3/10/2017 9/30/2021 TR US TREASURY 1.125% 1,200,000.00 1,150,500.00 2.078% 0.0002719 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% 0.0002816 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% 0.0004035 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% 0.0003885 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% 0.0003921 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% 0.0004185 182,664.02 2,199,226.52 1,819 1/6/2017 12/31/2021 TR US TREASURY 2.125% 4,000,000.00 4,052,128.00 1.850% 0.0008525 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% 0.0004078 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% 0.0006661 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% 0.0006741 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% 0.0004293 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% 0.0002502 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% 0.0005974 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% 0.0002265 99,716.44 1,080,666.44 1,813 SUB-TOTAL 88,040,000.00 87,935,948.74 1.675% 6,423,675.02 94,359,623.76 1,512 12/22/2015 3/,15/2019 CN EXXON MOBIL 1.819% NON-CALL 1,250,000.00 1,259,125.00 1.580% 0.0001238 64,329.76 1,323,454.76 1,179 6/30/2015 4/9/20i9 CN MASS MUTUAL GLOBAL 2.35% NON-CALL 3,250,000.00 3,286,335.00 2.040% 0.0004173 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% 0.0002280 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% 0.0002208 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% 0.0002500 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% 0.0004048 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% 0.0003888 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% 0.0003645 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% 0.0001861 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% 0.0001523 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% 0.0003354 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% 0.0002210 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% 0.0002428 119,275.00 2,119,275.00 1,117 9/25/2015 3/3/2020 CN CVX 1.961% MAKE WHOLE CALL(CHEVRON) 2,800,000.00 2,790,704.00 2.039% 0.0003542 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% 0.0005132 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% 0.0004606 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% 0.0001472 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% 0.0003673 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% 0.0001132 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% 0.0005243 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% 0.0005998 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% 0.0001313 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% 0.0003110 152,100.00 2,650,000.00 1,096 1/7/2019 12/15/2020 CN WALMART 1.9% MAKE WHOLE 1,500,000.00 1,481,805.00 2.545% 0.0002348 73,453.33 1,555,258.33 708 6/29/2017 12/29/2020 CN TOYOTA 2.0% CALL 6/29/20 3,000,000.00 3,000,000.00 2.000% 0.0003735 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% 0.0003597 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% 0.0002226 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% 0.0000927 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% 0.0003131 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% 0.0005773 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% 0.0001124 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% 0.0002505 159,744.44 2,296,444.44 1,493 April 9, 2019Item #1 Page 16 of 22 INVESTMENT REPORT AS OF JANUARY 31, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN ~ 5/14/2017 5/19/2021 CN ALPHABET, INC 3.625% MAKE WHOLE CALL 2,000,000.00 2,133,400.00 1.900% 0.0002523 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% 0.0005841 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% 0.0002630 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% 0.0002451 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% 0.0003701 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% 0.0002261 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% 0.0001174 91,916.67 1,144,516.67 1,820 10/10/2017 11/3/2021 CN PROCTER & GAMBLE 1.7'% NON-CALL 2,000,000.00 1,982,100.00 1.930% 0.0002381 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% 0.0003110 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% 0.0001808 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% 0.0002943 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% 0.0004505 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% 0.0002302 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% 0.0001549 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% 0.0002189 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% 0.0001921 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% 0.0002041 158,056.67 1,705,216.67 1,784 1/16/2019 7/13/2022 CN TOYOTA 2.8% MAKE WHOLE 1,500,000.00 1,483,770.00 3.129% 0.0002890 162,880.00 1,646,650.00 1,274 11/6/2017 8/11/2022 CN PROCTER & GAMBLE 2.15% MAKEWHOLE 1,800,000.00 1,799,161.20 2.160% 0.0002419 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% 0.0003696 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% 0.0002374 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% 0.0003015 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% 0.0003708 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% 0.0002976 238,132.81 2,488,132.81 1,819 1/14/2019 12/15/2022 CN WALMART 2.35% MAKE WHOLE 2,720,000.00 2,653,088.00 3.020% 0.0004988 317,442.89 2,970,530.89 1,431 1/24/2018 1/26/2023 CN TOYOTA 2.75% NON-CALL FLOATING 3,000,000.00 3,000,000.00 2.750% 0.0005136 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% 0.0001899 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% 0.0003360 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% 0.0003976 315,588.89 2,268,888.89 1,785 5/7/2018 4/11/2023 CN WALMART 2.55% CALL 1/1.1/23 1,000,000.00 974,100.00 3.121% 0.0001893 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% 0.0001993 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% 0.0008685 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% 0.0007574 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% 0.0003536 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% 0.0003031 238,891.66 1,750,891.66 1,797 1/24/2019 7/24/2023 CN US BANK NA CINCINNATI 3.4% CALL 6/23/23 1,000,000.00 1,010,000.00 3.156% 0.0001984 143,000.00 1,153,000.00 1,642 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% 0.0002627 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% 0.0005269 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% 0.0003315 259,297.92 1,759,297.92 1,778 1/28/2019 12/5/2023 CN JOHNSON & JOHNSON 3.375% NON CALL 1,500,000.00 1,541,250.00 2.765% 0.0002653 204,421.87 1,745,671.87 1,772 SUB-TOTAL 160,339,000.00 160,636,440.12 2.243% 15,066,134.84 175,702,574.96 1,552 7/15/2015 7/15/2019 CD CAPTIAL ONE 1.95% NON-CALL 249,000.00 249,000.00 1.950% 0.0002772 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% 0.0002821 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% 0.0002891 25,317.50 272,317.50 1,826 8/29/2014 8/29/2019 CD SYNCHRONY BANK2.1% 247,000.00 247,000.00 2.100% 0.0002962 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% 0.0001699 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% 0.0001841 9,689.91 257,689.91 1,095 April 9, 2019Item #1 Page 17 of 22 INVESTMENT REPORT AS OF JANUARY 31, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN {Days) 9/24/2014 9/24/2019 CD DISCOVER 2.15% 247,000.00 247,000.00 2.150% 0.0003032 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% 0.0003032 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% 0.0002962 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 '2.000% 0.0002805 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% 0.0002680 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% 0.0002680 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% 0.0003103 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% 0.0003103 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% .0.0003032 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% 0.0003103 26,976.46 273,976.46 1,813 12/21/2017 12/23/2019 CD MORGAN STANLEY BANK 2.1% 247,000.00 247,000.00 2.100% 0.0002962 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% 0.0002680 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% 0.0002559 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% 0.0002346 20,542.50 269,542.50 1,826 1/26/2018 1/27/2020 CD FLAGSTAR BANK2.15% 247,000.00 247,000.00 2.150% 0.0003032 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% 0.0002346 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% 0.0002327 20,377.50 267,377.50 1,826 3/3/2015 2/26/2020 CD THIRD FEDERAL SAVING & LOAN 175% 247,000.00 246,407.20 1.754% 0.0002468 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% 0.0002115 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% 0.0002256 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% 0.0002284 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% 0.0002678 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% 0.0002914 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 2.000% 0.0002843 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% 0.0002609 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% 0.0002821 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% 0.0002709 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% 0.0003115 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% 0.0002843 24,818.14 273,818.14 1,821 12/14/2017 12/14/2020 CD ALLY BANK2.10% 247,000.00 247,000.00 2.100% 0.0002962 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% 0.0002630 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% 0.0004052 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% 0.0002346 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% 0.0004214 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% 0.0002701 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% 0.0002124 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% 0.0002124 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% 0.0002478 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% 0.0002843 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% 0.0003230 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% 0.0002914 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% 0.0002914 25,522.50 274,522.50 1,826 1/24/2019 1/24/2022 CD DOLLAR BANK 2.85% BULLET 246,000.00 246,000.00 2.850% 0.0004003 21,033.00 267,033.00 1,096 6/7/2017 6/7/2022 CD MECHANTILE BANK OF MICHIGAN 2.10% 247,000.00 247,000.00 2.100% 0.0002962 25,935.00 272,935.00 1,826 7/31/2017 7/29/2022 CD KS STATE BANK 2.1% 245,000.00 245,000.00 2.100% 0.0002938 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% 0.0003103 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% 0.0002986 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% 0.0003057 26,767.50 275,767.50 1,826 9/14/2017 9/14/2022 CD FIRST BANK OF HIGHLAND 2.15% 247,000.00 24i,ooo oo 2.150% 0.0003032 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% 0.0003032 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% 0.0003554 31,125.00 280,125.00 1,826 April 9, 2019Item #1 Page 18 of 22 INVESTMENT REPORT AS OF JANUARY 31, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 1/11/2019 1/11/2023 CD STERLING BANK 3.10% BULLET 246,000.00 246,000.00 3.100% 0.0004354 30,504.00 276,504.00 1,461 1/29/2018 1/30/2023 CD SUNTRUST BANK 2.30% CALL 1/30/20 STEP · 246,000.00 245,508.00 2.792% 0.0003914 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% 0.0004214 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% 0.0004267 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% 0.0004478 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% 0.0004621 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% 0.0004478 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% 0.0004406 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% 0.0004616 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% 0.0004763 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% 0.0004826 41,891.98 286,891.98 1,810 11/14/2018 11/14/2023 CD BANK HAPOALIM BM 3.5% NON-CALL 245,000.00 245,000.00 3.500% 0.0004896 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% 0.0004966 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% 0.0005036 44,100.00 289,100.00 1,836 SUB-TOTAL 17,518,000.00 17,514,316.70 2.245% 1,831,729.13 19,346,045.83 1,695 0 WELLS FARGO BANK -General Fund 197,286.00 197,286.00 2.000% 0.0000339 10.81 197,296.81 0 CORPORATE CASH MANAGEMENT ACCOUNT 5,334,724.21 5,334,724.21 2.000% 0.0009161 292.31 5,335,016.52 0 WELLS FARGO CUSTODY 2,309.95 2,309.95 1.590% 0.0000003 0.10 2,310.05 0 LA IF WATER DISTRICT 23,055,830.16 23,055,830.16 2.350% 0.0046522 1,505.03 23,057,335.19 0 LA I FPUBLIC IMPROVEMENT CORPORATION 19,536,403.21 19,536,403.21 2.350% 0.0039420 1,275.29 19,537,678.50 0 LA IF PUBLIC FINANCING CORPORATION 23,918,339.68 23,918,339.68 2.350% 0.0048262 1,561.34 23,919,901.02 0 LA I F CITY OF CARLSBAD 44,419,819.77 44,419,819.77 2.350% 0.0089629 2,899.63 44,422,719.40 SUB-TOTAL 116,464,712.98 116,464,712.98 2.333% 7,544.52 116,472,257.50 GRAND TOTAL 790,343,712.98 789,887,643.28 2.040% 54,416,912.19 833,004,309.58 April 9, 2019Item #1 Page 19 of 22 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF JANUARY 31, 2019 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 43,085,994 22,992,147 28,152,951 7,823,846 6,829,880 5,864,958 101,107,080 118,816,026 14,166,370 4,394,663 142,614,552 48,944,203 7,023,651 7,808,793 1,286,938 EXHIBIT 8 127,714,857 34,825,887 353,233,916 207,678,136 47,458,942 17,540,074 529,006 788,980,818 292,037 789,272,855 (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 11 /09/18. April 9, 2019 Item #1 Page 20 of 22 EXHIBIT 9 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of JANUARY 31, 2019 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 5,125,490 4,681,435 3,517,270 Market Value 5,021 ,877 4,616,212 3,466,470 April 9, 2019 Item #1 Page 21 of 22 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF JANUARY 31, 2019 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 4,914,528.49 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 16,322,370.00 US BANK 4,750,875.00 WALMART 9,354,688.00 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 86,372,253.50 88,220,121.04 109,440,073.98 65,088,948.04 8,244,462.90 2,750,760.00 7,496,747.50 12,998,745.89 87,935,948.74 Percent of Portfolio* 0.51 % 0.68% 2.06% 1.05% 0.13% 1.81% 0.65% 1.35% 1.44% 0.60% 0.62% 0.42% 2.18% 0.45% 0.51 % 0.19% 0.71 % 2.07% 0.60% 1.18% 1.14% Percent of Portfolio** 2.28% 1.11 % 10.93% 11.17% 13.86% 8.24% 1.04% 0.35% 0.95% 1.65% 11.13% $789,887,643.28 EXHIBIT 10 April 9, 2019 Item #1 Page 22 of 22