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Home My WebLink About2019-04-16; City Council; ; Report on City Investments as of February 28, 2019CITY COUNCIL Staff Report Meeting Date To: From: CAReview Wv Staff Contact: Subject April 16, 2019 Mayor and Council Members Scott Chadwick, City Manager Craig Lindholm, City Treasurer; Laura Rocha, Administrative Services Director, Laura.Rocha@carlsbadca.gov or 760-602-2415 Report on City Investments as of February 28, 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 February 28, 2019 is summarized below. I Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par Value $788,029,059 $790,343,713 Cost of Investments $787,721,391 $789,887,643 Amortized Cost (1) $787,064,165 $789,272,855 Market Value (2) $781,963,790 $784,349,583 (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 2/28/19. 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. I -l ' ' '---- - April 16, 2019 Item #1 Page 1 of 20 Cash Income Fiscal Year-to-Date * Fund Equ ity in Pooled Investment s (i n millions) Internal Service, Agency/Trust, $48 $18 Enterprise, $207 Total Fund Equity = $78!1 million Capital Projects, $354 Pooled Investment Interest Income Current Prior $9,799,318 $8,709,280 Current Month $1,090,038 *The cash income received is adjusted for any accrued interest purchased. Pooled Investment Performance/Measurement Average Life Average Yield (Years) To Maturity Modified Duration December 2018 1.91 2.004% 1.822 January 2019 1.91 2.040% 1.821 February 2019 1.92 2.035% 1.814 April 16, 2019 Item #1 Page 2 of 20 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. 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 16, 2019 Item #1 Page 3 of 20 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 16, 2019 Item #1 Page 4 of 20 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBUARY 28, 2019 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 $18,007,976 $17,516,919 $17,895,279 $17,361,915 $207,361 2.18 2.25 FN 17,315,419 18,957,702 17,203,127 18,830,715 32,761 1.60 1.60 TR 86,885,412 87,883,241 85,648,596 86,684,183 1,268,681 1.68 1.68 FA 365,383,476 375,322,862 362,719,358 372,742,695 4,396,088 1.94 1.95 SN 17,504,536 13,030,242 17,378,123 12,915,646 188,193 1.80 2.21 CN .166,993,288 160,097,177 166,145,248 159,349,716 2,177,768 2.28 2.24 LAIF 105,430,393 110,930,393 105,430,393 110,930,393 1,474,612 2.37 2.35 CUSTODY 1,989,340 2,310 1,989,340 2,310 2,925 1.59 1.59 SWEEP 7,080,683 5,334,724 7,080,683 5,334,724 50,928 2.00 2.00 BANK ACCT 473,644 197,286 473,644 197,286 0 2.00 2.00 TOTALS $787,064,165 $789,272,855 $781,963,790 $784,349,583 $9,799,317 2.03% 2.04% 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 Exhibit 1April 16, 2019 Item #1 Page 5 of 20 CLASS CD FN TR FA SN CN LAIF CUSTODY SWEEP BANK ACCT TOTALS %TOTALS CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBUARY 28, 2019 BREAKDOWN OF MA TUR/TIES BY CLASSIFICATION AND LENGTH OF TIME WITHIN 6 MONTHS 7 MONTHS TO 1 YEAR 1 TO 5 YEARS TOTAL $1,238,000 $4,698,049 $12,069,268 $18,005,317 3,772,000 9,852,819 2,750,760 16,375,579 12,921,176 3,580,051 70,431,131 86,932,359 36,159,275 43,301,126 286,966,771 366,427,171 0 0 15,998,746 15,998,746 11,282,961 20,156,895 137,568,305 169,008,160 105,430,393 0 0 105,430,393 1,989,340 0 0 1,989,340 7,080,683 0 0 7,080,683 473,644 0 0 473,644 $180,347,471 {l) $81,588,940 (1) $525,784,981 $787,721,392 22.9% 10.4% 66.8% 100.0% Total within One Vear $261,936,411 (1) POLICY: 33.3% (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 2.3% 2.1% 11.0% 46.5% 2.0% 21.5% {2) 13.4% 0.3% 0.9% 0.1% 100.0% t:rJ :x: ::i::: H td H 8 [\..) April 16, 2019 Item #1 Page 6 of 20 Percent 2.50 2.40 2.30 2.20 2.10 2.00 1.90 1.80 1.70 1.60 1.50 1.40 1.30 1.20 1.10 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 ~ '-'-. - YIELD COMPARISON PORTFOLIO EX-LAIF VS. LAIF (yield with and without LAIF) JULY 2012 -February 2018 ~ ---~ -t-Jl-1 Alt- -r-- J ~ .I -"if!"~ _i,;,,- L ~ _,,,,,,,'¥ ~ I ~ J, -r I ~ ~ ~ r ~I Alt• ~ A ~ ~. ~ __..,._ - "~" I I I I I I I I I I 1 I 1 J I I I 1 I I I I I I I I I I I I I I I I I 1 I I I I I I I l I l I ! I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I -' ~ n.:, ~ -' ~ ~ ~ ~ ~ ~ ~ .~ ~ Co ~ -' ~ ~ ~ -' ~ Cb ~ -' ~ .I'\.. ?&~~?&~~~&~~~&~~?&~~?&~~?&~· t:rj :x: ::i::: H o:1 H 1-3 w April 16, 2019 Item #1 Page 7 of 20 Market Rates MARKET YIELD CURVE 6/30/17, 6/30/18, 2/28/19 3.50 ,~------------- 3.00 r--------------2.so i ----------;JII . ....: ___ .,..._, ___ -· ----.. --------~------------ 2.00 r --· 1.50 1.00 . ........ o.so r -~----------- 0.00 I 3 Mth 2 Yr 5 Yr 10 Yr 3 Mth 2 Yr 5 Yr 10 Yr ---6/30/2017 I 1.01 1.38 1.88 2.30 -..-6/30/2018 I 1.91 2.53 2.74 2.86 _.,. • 2/28/2019 I 2.44 2.54 2.53 2.72 trj :><: :::r: H to H 8 .i::. April 16, 2019 Item #1 Page 8 of 20 Cumulative (in millions) 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 Cumulative Cash Income FY18-19 (February 2019) / -/ Monthly Interest Income (in millions) 8 _. I 7 -,r-~ 6 ~ 5 4 3 2 1 0 Jul Aug Sep Oct Nov Dec Jan Feb ] -Interest Income --.--Budget Mar Apr .May June Actual YTD ] tr:! ::x: ::r: H td H 8 u, April 16, 2019 Item #1 Page 9 of 20 TRANSACTIONS FOR PERIOD: 01/01/19 TO 02/28/19 3rd QUARTER 2018-2019 Trans Investment Maturity Call Par Amount Return Investment Date Date Date ~ Security Date Value Coupon {Principal Cost) Rate Interest Return BUYS JANUARY 1212812018 111112019 111112023 CD STERLING BANK NIA 246,000.00 3.100% 246,000.00 3.100% 30,504.00 276,504.00 11312019 112412019 112412022 CD DOLLAR BANK NIA 246,000.00 2.850% 246,000.00 2.850% 21,033.00 267,033.00 11312019 117/2019 1211512020 CN WALMART NIA 1,500,000.00 1.900% 1,481,805.00 2.545% 73,453.33 1,555,258.33 11312019 11412019 1212712021 FA FHLMC 1212712019 1,250,000.00 3.050% 1,255,937.50 2.256% 107,696.18 1,363,633.68 117/2019 11812019 41912021 FA FFCB NIA 1,500,000.00 2.700% 1,504,860.00 2.550% 86,377.50 1,591 ,237 .50 11812019 111012019 212312021 FA FFCB NIA 1,500,000.00 2.700% 1,502,895.00 2.605% 82,942.50 1,585,837.50 111012019 111112019 711912021 FA FHLMC 111912019 2,000,000.00 1.500% 1,976,000.00 2.776% 139,666.67 2,115,666.67 111012019 111412019 1211512022 CN WALMART NIA 2,720,000.00 2.350% 2,653,088.00 3.020% 317,442.89 2,970,530.89 111412019 111612019 711312022 CN TOYOTA NIA 1,500,000.00 2.800% 1,483,770.00 3.129% 162,880.00 1,646,650.00 111412019 111512019 912612022 FA FHLB 312612019 1,000,000.00 2.150% 986,219.72 2.730% 93,270.56 1,079,490.28 111412019 112212019 112212024 FA FFCB 112212020 1,750,000.00 3.010% 1,750,000.00 3.010% 263,375.00 2,013,375.00 111512019 111612019 612212022 FA FFCB 112312019 · 1,205,000.00 2.060% 1,182,554.87 2.673% 107,670.76 1,290,225.63 112212019 112412019 712412023 CN US BANK NA CINCINNATI 612312023 1,000,000.00 2.400% 1,010,000.00 3.156% 143,000.00 1,153,000.00 112412019 112812019 121512023 CN JOHNSON & JOHNSON NIA 1,500,000.00 3.375% 1,548,703.13 2.765% 196,968.74 1,745,671.87 112412019 112912019 112912024 FA FHLB 112912021 1,500,000.00 2.875% 1,501,125.00 2.859% 214,500.00 1,715,625.00 112412019 113012019 113012024 FA FHLB 113012021 2,500,000.00 3.050% 2,500,000.00 3.050% 381,250.00 2,881,250.00 ' FEBRUARY 21512019 212612019 212612024 FA FHLB 212612021 2,500,000.00 2.800% 2,500,000.00 · 2.800% 350,000.00 2,850,000.00 21512019 211512019 211512024 CD JP MORGAN CHASE 211512020 245,000.00 3.150% 245,000.00 3.150% 38,587.50 283,587.50 21612019 21812019 1012412022 CN IFC NIA 1,500,000.00 2.000% 1,470,780.00 2.553% 140,553.33 1,611,333.33 21612019 217/2019 1012312023 FA FFCB NIA 1,000,000.00 3.000% 1,017,530.00 2.602% 123,803.33 1,141,333.33 21612019 217/2019 111712020 FA FHLMC NIA 2,000,000.00 1.500% 1,981,420.00 2.500% 46,913.33 2,028,333.33 2/612019 211512019 211512024 SN IBRD 211512021 3,000,000.00 2.625% 3,000,000.00 2.625% 468,750.00 3,468,750.00 21812019 211312019 811412023 CD FIRST MISSOURI STATE BANK NIA 246,000.00 2.850% 246,000.00 2.850% 31,549.50 277,549.50 211912019 212112019 511712022 CN TOYOTA NIA 2,000,000.00 3.083% 2,000,000.00 3.083% 200,044.66 2,200,044.66 211912019 212112019 612612023 CN WALMART 512612023 1,000,000.00 3.400% 1,025,140.00 2.770% 122,665.56 1,147,805.56 212612019 212812019 712412023 CN US BANK NA CINCINNATI 612312023 1,800,000.00 3.400% 1,835,100.00 2.916% 234,520.00 2,069,620.00 212612019 212812019 811412023 CN WELLS FARGO BANK 711412023 2,000,000.00 3.550% 2,040,700.00 3.050% 276,038.89 2,316,738.89 212612019 212712019 911212023 FA FNMA NIA 1,000,000.00 2.875% 1,016,210.00 2.495% 114,362.92 1,130,572.92 TOTAL THIRD QUARTER 2018-2019 41,208,000.00 41,206,838.22 2.798% 4,569,820.15 45,776,658.37 MATURITIES JANUARY 1012812015 112812019 FA FFCB NIA 4,650,000.00 1.150% 4,648,837.50 1.158% 174,956.25 4,823,793.75 111212015 112912019 FA FNMA NIA 5,000,000.00 1.240% 4,992,500.00 1.247% 202,000.00 5,194,500.00 61512015 113112019 TR US TREASURY NIA 2,000,000.00 1.500% 2,015,296.00 1.285% "94,344.88 2,109,640.88 112012016 112212019 CD KEY BANK NATL ASSN OHIO NIA 247,000.00 1.550% 247,000.00 1.550% 11,528.04 258,528.04 FEBRUARY 212612016 211212019 FA FFCB NIA 4,000,000.00 1.030% 4,004,640.00 0.990% 117,357.78 4,121,997.78 121912014 212712019 FA FNMA NIA 2,500,000.00 1.750% 2,515,625.00 1.596% 168,854.17 2,684,479.17 1211212014 212712019 FA FNMA NIA 1,852,000.00 1.700% 1,863,630.56 1.545% 120,864.61 1,984,495.17 112312015 21112019 FN FNMA NIA 1,630,238.90 0.000% 1,573,897.85 1.700% 89,102.15 1,663,000.00 112712017 212812019 TR US TREASURY NIA 1,000,000.00 1.375% 1,003,590.00 1.200% 25,125.47 1,028,715.47 TOTAL THIRD QUARTER 2018-2019 22,879,238.90 22,865,016.91 1.282% 1,004,133.35 23,869,150.26 CALLS JANUARY NONE FEBRUARY t<:I 101412018 101512018 712512022 FA FFCB 211512019 1,500,000.00 3.120% 1,497,375.00 3.168% 180,725.00 1,678,100.00 :><: 512212018 5/2312018 212312022 FA FHLMC 212312019 3,000,000.00 3.000% 3,000,000.00 3.000% 337,500.00 3,337,500.00 ::r:: 1112912018 1113012018 812712021 FA FHLMC 212712019 2,000,000.00 2.900% 1,994,720.00 2.900% 164,296.67 2,159,016.67 H 1111312018 1112812018 512812020 FA FHLB 212812019 1,600,000.00 3.000% 1,600,000.00 3.000% 72,000.00 1,672,000.00 b:l H TOTAL THIRD QUARTER 2018-2019 4,500,000.00 4,497,375.00 5.409% 1,757,450.58 33,560,960.90 f-:3 O""I April 16, 2019 Item #1 Page 10 of 20 INVESTMENT REPORT AS OF FEBRUARY 28, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 10/6/2014 3/8/2019 FA FHLB 1.875% NON-CALL 2,000,000.00 2,011,440.00 1.875% 0.0001029 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% 0.0001000 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% 0.0000523 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% 0.0000192 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% 0.0000451 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% 0.0000653 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% 0.0000374 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% 0.0000434 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% 0.0000957 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% 0.0000814 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% 0.0000925 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% 0.0000819 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% 0.0001291 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% 0.0000659 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% 0.0000730 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% 0.0000888 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% 0.0000886 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% 0.0000655 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% 0.0000679 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% 0.0000748 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% 0.0000391 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% 0.0001033 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% 0.0001421 210,509.47 4,408,317.29 1,479 5/26/2016 11/26/2019 FA FNMA 1.30% QRTLY CALL 4,000,000.00 4,000,000.00 1.300% 0.0001419 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% 0.0001609 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% 0.0000418 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% 0.0000999 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% 0.0001215 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% 0.0000500 49,943.75 1,301,093.75 996 2/7/2019 1/17/2020 FA FHLMC 1.5% BULLET 2,000,000.00 1,981,420.00 2.500% 0.0001352 46,913.33 2,028,333.33 344 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% 0.0001588 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% 0.0000976 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% 0.0001012 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% 0.0000716 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% 0.0000382 56,00Q.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% 0.0000869 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% 0.0001149 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% 0.0001155 79,028.75 1,771,293.75 681 6/12/2018 3/15/2020 FA TENN VALLEY AUTHORITY 2.25% NON-CALL 1,250,000.00 1,244,200.00 2.520% 0.0000856 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% 0.0000849 54,908.75 1,299,531.25 643 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% 0.0000916 87,054.44 2,086,654.44 948 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% 0.0001706 234,375.00 5,234,375.00 1,370 1/6/2017 4/13/2020 FA FFCB 1.4% CONT CALL 1,000,000 00 992,000.00 1.652% 0.0000447 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% 0.0000812 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% 0.0001279 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% 0.0001400 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% 0.0000766 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% 0.0000532 58,500.00 1,258,500.00 1,096 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% 0.0000953 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% 0.0000673 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% 0.0000568 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% 0.0001092 120,000.00 2,620,000.00 1,093 6/8/2017 6/8/2020 FA FHLMC 1.25% CALL 12/8/17 QRTL Y STEP 2,550,000.00 2,549,490.00 2.021% 0.0001406 155,103. 7_5 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% 0.0001433 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% 0.0000708 110,617.22 2,150,597.22 1,571 tij 4/15/2016 6/26/2020 FA FNMA 1.35% NON-CALL 2,150,000.00 2,159,632.00 1.240% 0.0000731 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% 0.0001380 202,300.00 4,452,300.00 1,461 ::r: 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% 0.0001321 110,050.00 2,058,050.00 822 H 4/27/2017 7/27/2020 FA FHLMC 1. 7% CALL 4/27 /18 1,600,000.00 1,600,000.00 1.700% 0.0000742 88,400.00 1,688,400.00 1,187 tJ:J H 1/21/2016 7/29/2020 FA FHLB 1.83% NON-CALL 2,500,000.00 2,549,375.00 1.378% 0.0000959 157,516.67 2,706,891.67 1,651 8 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% 0.0001092 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% 0.0000342 54,152.50 1,071,912.50 1,592 -..J 6/8/2016 9/11/2020 FA FHLB 2.875% NON-CALL 3,000,000.00 3,206,160.00 1.214% 0.0001062 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 1,808,975.1 8 1.244% 0.0000614 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% 0.0001193 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% 0.0000694 101,287.50 1,898,587.50 1,455 April 16, 2019 Item #1 Page 11 of 20 INVESTMENT REPORT AS OF FEBRUARY 28, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 4/26/2017 10/16/2020 FA FNMA 2.35% SEMI-ANNUAL CALL 1,300,000.00 1,332,019.00 1.618% 0.0000588 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% 0.0001213 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% 0.0001054 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% 0.0000768 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% 0.0000495 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% 0.0000946 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% 0.0000846 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% 0.0000887 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% 0.0001436 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% 0.0001337 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% 0.0000854 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% 0.0001240 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% 0.0000955 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% 0.0000761 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% 0.0001068 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% 0.0000745 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% 0.0000574 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% 0.0000221 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% 0.0000965 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% 0.0000701 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% 0.0001275 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% 0.0001239 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% 0.0001047 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% 0.0001005 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% 0.0001463 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% 0.0001446 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% 0.0001825 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% 0.0001279 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% 0.0000583 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% 0.0000869 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% 0.0000688 100,800.00 1,500,800.00 1,461 12/26/2018 6/26/2021 FA FHLMC 3.00% CALL 3/26/19 1,500,000.00 1,500,000.00 3.000% 0.0001228 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% 0.0000898 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% 0.0001497 139,666.67 2,115,666.67 920 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% 0.0001017 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% 0.0001606 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 2000% 0.0000760 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% 0.0001473 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% 0.0000723 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% 0.0000541 73,384.27 1,041,031.25 1,332 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% 0.0001425 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% 0.0001570 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% 0.0000986 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% 0.0001217 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% 0.0001091 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% 0.0001729 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% 0.0001441 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% 0.0001003 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% 0.0001875 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% 0.0000880 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% 0.0001341 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% 0.0001442 263,796.00 2,873,000.00 1,826 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% 0.0000957 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% 0.0000955 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% 0.0000972 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% 0.0000927 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% 0.0000738 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% 0.0000816 145,252.32 1,745,833.33 1,776 8/18/2017 4/19/2022 FA FFCB 1.92% CALL4/19/17 CONT 2,000,000.00 1,992,860.00 2.200% 0.0001196 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% 0.0001101 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% 0.0002269 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% 0.0000845 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% 0.0000687 108,262.50 1,088,262.50 1,558 6/5/2018 6/15/2022 FA FFCB 1.83% CALL6/11/18 CONT 1,000,000.00 965,500.00 2.740% 0.0000722 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% 0.0000519 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% 0.0000861 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% 0.0001467 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% 0.0000915 152,020.83 1,646,020.83 1,653 April 16, 2019 Item #1 Page 12 of 20 INVESTMENT REPORT AS OF FEBRUARY 28, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days} 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% 0.0000909 149,202.50 1,649,202.50 1,635 4/27/2018 7/18/2022 FA FHLMC 1.75% CALL 7/18/18 ORTLY STEP 1,000,000.00 981,100.00 2.901% 0.0000777 121 ,837.50 1,102,937.50 1,543 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% 0.0000821 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% 0.0001435 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% 0.0001011 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% 0.0000733 128,978.47 1,365,928.47 1,746 2/26/2018 9/13/2022 FA FHLB 1.45% CALL 3/13/18 QTRL Y STEP 2,000,000.00 1,997,000.00 3.772% 0.0002056 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% 0.0000730 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% 0.0001365 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% 0.0000530 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% 0.0000788 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% 0.0000950 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% 0.0002077 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% 0.0001569 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% 0.0001511 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% 0.0001883 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% 0.0001365 250,000.00 2,250,000.00 1,826 3/9/2018 1/30/2023 FA FHLMC 2.55% 1/30/19 ORTLY 2,000,000.00 1,970,800.00 2.872% 0.0001545 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% 0.0002116 384,705.14 3,107,205.14 1,804 4/10/2018 2/16/2023 FA FHLMC 2.625% CALL ORTL Y 2,500,000.00 2,474,500.00 2.851% 0.0001925 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% 0.0000778 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% 0.0001067 195,703.12 1,445,703.12 1,813 3/27/2018 3/27/2023 FA FHLMC 3.05% CALL 6/27/18 QRTLY 3,000,000.00 3,000,000.00 3.050% 0.0002497 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% 0.0002066 376,875.00 2,873,1 25.00 1,817 4/27/2018 4/27/2023 FA FHLMC 3.05% CALL 7/27/18 ORTL Y 2,000,000.00 2,000,000.00 3.050% 0.0001665 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% 0.0002023 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% 0.0001040 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% 0.0000876 158,100.00 1,157,600.00 1,799 8/3/2018 6/28/2023 FA FHLMC 3.25% CALL 6/28/19 QRTLY 2,000,000.00 1,999,000.00 3.260% 0.0001778 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% 0.0000846 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% 0.0001326 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% 0.0002095 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% 0.0001168 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% 0.0001138 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% 0.0001492 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% 0.0000809 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% 0.0001933 349,548.89 2,615,738.89 1,791 2/27/2019 9/12/2023 FA FNMA 2.875% BULLET 1,000,000.00 1,016,210.00 2.495% 0.0000692 114,362.92 1,130,572.92 1,658 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% 0.0000839 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% 0.0001092 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% 0.0000912 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% 0.0002075 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% 0.0001081 195,146.38 1,343,133.88 1,798 2/7/2019 10/23/2023 FA FFCB 3.0% BULLET 1,000,000.00 1,017,530.00 2.602% 0.0000723 123,803.33 1,141,333.33 1,719 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% 0.0002469 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% 0.0001646 301 ,500.00 2,101 ,500.00 1,826 12/6/2018 12/18/2023 FA FHLMC 3.5% CALL 6/18/19 QTL Y 1,500,000.00 1,500,000.00 3.500% 0.0001433 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% 0.0001457 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% 0.0001692 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% 0.0001438 263,375.00 2,013,375.00 1,826 1/29/2019 1/29/2024 FA FHLB 2.875% CALL 1/29/,'1 ONE TIME 1,500,000.00 1,501,125.00 2.859% 0.0001171 214,500.00 1,715,625.00 1,826 1/30/2019 1/30/2024 FA FHLB 3.050% CALL 1/30/20 QTLY 2,500,000.00 2,500,000.00 3.050% 0.0002081 381 ,250.00 2,881,250.00 1,826 2/26/2019 2/26/2024 FA FHLB 2.8% CALL 2/26/21 ONE TIME 2,500,000.00 2,500,000.00 2.800% 0.0001910 350,000.00 2,850,000.00 1,826 SUB-TOTAL 365,767,000.00 366,427,171.25 1.937% 28,997,787.07 397,473,458.32 1,451 1/21/2015 4/5/2019 FN FICO 0% NON-CALL 4,000,000.00 3,772,000.00 1.400% 0.0032248 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% 0.0018658 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% 0.0029160 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% 0.0022290 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% 0.0017313 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% 0.0011025 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 1750% 0.0029396 249,240.00 3,000,000.00 1,819 SUB-TOTAL 17,500,000.00 16,375,579.19 1.6009% 1,124,420.81 17,500,000.00 1,456 Federal Investments Total 383,267,000.00 382,802,750.44 30,122,207.88 414,973,458.32 1,465 April 16, 2019 Item #1 Page 13 of 20 INVESTMENT REPORT AS OF FEBRUARY 28, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN {Days) 8/3/2017 8/10/2020 SN IBRD 1.125% NON-CALL 2,000,000.00 1,972,100.00 1.600% 0.0019723 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% 0.0019682 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% 0.0020106 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% 0.0028219 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% 0.0016331 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% 0.0033399 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% 0.0026255 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% 0.0015902 126,913.33 1,124,583.33 1,820 2/15/2019 2/15/2024 SN QTL YIBRD 2.625% (STEP) CALL 2/15/21 3,000,000.00 3,000,000.00 2.625% 0.0049223 468,750.00 3,468,750.00 1,826 Supranational Investment Total 16, 100,000,00 15,998,745.89 1.796% 1,580,990.94 17,579,736.83 1,448 10/6/2015 3/31/2019 TR US TREASURY 1.625% 4,000,000.00 4,083,992.00 1.010% 0.0004745 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% 0.0001412 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% 0.0001215 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% 0.0002438 81,708.50 1,586,864.75 1,410 2/21/201T 5/31/2019 TR US TREASURY 1.5% 800,000.00 803,875.00 1.283% 0.0001186 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% 0.0005033 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% 0.0001150 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% 0.0001966 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% 0.0004026 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% 0.0002376 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% 0.0003206 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% 0.0002664 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% 0.0002804 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% 0.0003332 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% 0.0007443 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% 0.0002500 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% 0.0002292 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% 0.0002374 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% 0.0008095 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% 0.0002840 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% 0.0005631 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% 0.0002419 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% 0.0002736 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% 0.0003844 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% 0.0005176 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% 0.0003776 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% 0.0005925 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% 0.0003207 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% 0.0005386 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% 0.0003555 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% 0.0002750 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% 0.0002848 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% 0.0004081 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% 0.0003930 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% 0.0003967 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% 0.0004233 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% 0.0008623 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% 0.0004125 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% 0.0006738 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% 0.0006819 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% 0.0004342 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% 0.0002531 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% 0.0006043 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 2030% 0.0002291 99,716.44 1,080,666.44 1,813 SUB-TOTAL 87,040,000.00 86,932,358.74 1.681% 6,398,549.55 93,330,908.29 1,529 12/22/2015 3/15/2019 CN EXXON MOBIL 1.819% NON-CALL 1,250,000.00 1,259,125.00 1.580% 0.0001177 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% 0.0003967 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% 0.0002167 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% 0.0002099 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% 0.0002376 160,476.11 2, 170,236.11 1,463 April 16, 2019 Item #1 Page 14 of 20 INVESTMENT REPORT AS OF FEBRUARY 28, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN (Days) 1/22/2018 9/24/2019 CN WELLS FARGO BANK 1.75% NON-CALL 3,000,000.00 2,983,050.00 2.180% 0.0003848 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% 0.0003696 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% 0.0003465 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% 0.0001769 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% 0.0001448 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% 0.0003187 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% 0.0002101 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% 0.0002308 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% 0.0003367 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% 0.0004878 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% 0.0004378 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% 0.0001399 93,890.62 1,596,890.62 1,452 11/3/2015 81712020 CN MMM 2.0% MAKE WHOLE CALL 3,500,000.00 3,554,215.00 1.660% 0.0003491 279,062.78 3,833,277.78 1,739 9125/2015 911/2020 CN JOHNSON & JOHNSON 2.95% MAKE WHOLE 1,000,000 00 1,058,028.49 1.718% 0.0001076 87,504.84 1,145,533.33 1,803 912412015 911512020 CN AUTOMATIC DATA PROCESSING 2.25% MAKE-WHOLI 4,000,000.00 4,029,600.00 2.090% 0.0004983 418,150.00 4,447,750.00 1,818 1111012015 11/3/2020 CN MICROSOFT 2.00% MAKE WHOLE CALL 5,000,000.00 5,018,550.00 1.920% 0.0005701 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% 0.0001248 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% 0.0002956 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% 0.0002231 73,453.33 1,555,258.33 708 6/29/2017 12129/2020 CN TOYOTA 2.0% CALL 6/29/20 3,000,000.00 3,000,000.00 2.000% 0.0003550 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% 0.0003419 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 1750% 0.0002115 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% 0.0000881 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% 0.0002976 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% 0.0005487 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% 0.0001069 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% 0.0002381 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% 0.0002398 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% 0.0005552 460,218.33 6,455,958.33 1,790 217/2017 8/812021 CN MIRCOSOFT 1.55% MAKE WHOLE CALL 2,000,000.00 1,947,120.00 2.170% 0.0002500 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% 0.0002329 138,558.33 1,580,470.83 1,263 10114/2016 9/1/2021 CN COCA COLA 1.55% MAKE WHOLE CALL 3,600,000.00 3,581,496.00 1.660% 0.0003518 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% 0.0002149 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% 0.0001116 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% 0.0002263 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% 0.0002956 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% 0.0001718 119,808.33 1,373,833.33 1,509 3/6/2017 3/612022 CN EXXON MOBLIE 2.397% MAKE WHOLE 2,000,000.00 2,003,380.00 2.360% 0.0002797 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% 0.0004282 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% 0.0002188 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% 0.0001473 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% 0.0002080 126,989.50 1,218,800.00 1,314 2/19/2019 5/17/2022 CN TOYOTA 3.083% BULLET 2,000,000.00 2,000,000.00 3.083% 0.0003648 200,044.66 2,200,044.66 1,183 8/9/2018 6/1/2022 CN BLACKROCK 3.375% MAKE WHOLE 1,000,000.00 1,011,600.00 3.050% 0.0001826 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% 0.0001940 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% 0.0002747 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% 0.0002299 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% 0.0003513 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% 0.0002256 178,400.00 1,667,900.00 1,707 2/8/2019 10/24/2022 CN IFC 2.0% BULLET 1,500,000.00 1,470,780.00 2.553% 0.0002222 140,553.33 1,611,333.33 1,354 1/4/2018 11/15/2022 CN COLGATE-PALMOLIVE 2.25% MAKEWHOLE 2,000,000.00 1,982,400.00 2.443% 0.0002866 236,475.00 2,218,875.00 1,776 9117/2018 11/1512022 CN COLGATE-PALMOLIVE 2.25% MAKEWHOLE 2,000,000.00 1,935,820.00 3.077% 0.0003524 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% 0.0002829 238,132.81 2,488,132.81 1,819 1114/2019 12115/2022 CN WALMART 2.35% MAKE WHOLE 2,720,000.00 2,653,088.00 3.020% 0.0004741 317,442.89 2,970,530.89 1,431 1124/2018 1/26/2023 CN TOYOTA 2.75% NON-CALL FLOATING 3,000,000.00 3,000,000.00 2.750% 0.0004881 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% 0.0001805 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% 0.0003194 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% 0.0003779 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% 0.0001799 151,558.33 1,125,658.33 1,800 12/18/2018 4/11/2023 CN WALMART2.55% CALL 1/11/23 1,000,000.00 969,800.00 3.301% 0.0001894 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% 0.0008255 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% 0.0007199 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% 0.0003361 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% 0.0002881 238,891.66 1,750,891.66 1,797 2119/2019 6/26/2023 CN WALMART 3.40% CALL 5/26/23 1,000,000 00 1,025,140.00 2.770% 0.0001680 122,665.56 1,147,805.56 1,588 April 16, 2019 Item #1 Page 15 of 20 INVESTMENT REPORT AS OF FEBRUARY 28, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN {Days) 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% 0.0001886 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% 0.0002496 210,756.94 1,462,381.94 1,826 2/28/2019 7/24/2023 CN US BANK NA CINCINNATI 3.4% CALL 6/23/23 1,800,000.00 1,835,100.00 2.916% 0.0003166 234,520.00 2,069,620.00 1,607 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% 0.0005008 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% 0.0003151 259,297.92 1,759,297.92 1,778 2/28/2019 8/14/2023 CN WELLS FARGO BANK 3.55% CALL 7/14/23 2,000,000.00 2,040,700.00 3.050% 0.0003683 276,038.89 2,316,738.89 1,628 1/28/2019 12/5/2023 CN JOHNSON & JOHNSON 3.375% NON CALL 1,500,000.00 1,541,250.00 2.765% 0.0002522 204,421 .87 1,745,671 .87 1,772 SUB-TOTAL 168,639,000.00 169,008,160.12 2.276% 16,039,957.28 185,048,117.40 1,547 7/15/2015 7/15/2019 CD CAPTIAL ONE 1.95% NON-CALL 249,000.00 249,000.00 1.950% 0.0002697 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% 0.0002744 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% 0.0002812 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% 0.0002881 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% 0.0001653 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% 0.0001791 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% 0.0002949 26,552.50 273,552.50 1,826 9/24/2014 9/24/2019 CD GOLDMAN SACHS BANK2.15% 247,000.00 247,000.00 2.150% 0.0002949 26,552.50 273,552.50 1,826 10/8/2014 10/8/2019 CD CAPITAL ONE ABANK USA2.10% 247,000.00 247,000.00 2.100% 0.0002881 25,935.00 272,935.00 1,826 10/10/2014 10/10/2019 CD GE CAPITAL BANK2.0% 247,000.00 245,641.50 2.000% 0.0002729 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% 0.0002606 23,465.00 270,465.00 1,826 11/3/2014 11/4/2019 CD WEBSTER BANK NATL ASSOC 1.9% 247,000.00 247,000.00 1.900% 0.0002606 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% 0,0003018 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% 0.0003018 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% 0.0002949 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% 0.0003018 26,976.46 273,976.46 1,813 12/21/2017 12/23/2019 CD MORGAN STANLEY BANK2.1% 247,000.00 247,000.00 2.100% 0.0002881 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% 0.0002606 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% 0.0002489 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% 0.0002282 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% 0.0002949 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% 0.0002282 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% 0.0002263 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% 0.0002400 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% 0.0002058 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% 0.0002195 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% 0.0002222 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% 0.0002605 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% 0.0002835 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% 0.0002766 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% 0.0002538 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 2000% 0.0002744 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% 0.0002635 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% 0.0003030 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 2000% 0.0002766 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% 0.0002881 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% 0.0002558 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% 0.0003941 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% 0.0002282 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% 0.0004099 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% 0.0002628 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% 0.0002066 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% 0.0002066 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% 0.0002410 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% 0.0002766 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% 0.0003142 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% 0.0002835 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 2050% 0.0002835 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% 0.0003894 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% 0.0002881 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% 0.0002857 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% 0.0003018 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% 0.0002904 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% 0.0002973 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% 0.0002949 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% 0.0002949 26,552.50 273,552.50 1,826 April 16, 2019 Item #1 Page 16 of 20 INVESTMENT REPORT AS OF FEBRUARY 28, 2019 INVESTMENT MATURITY PAR INVESTED RETURN Weighted INVESTMENT TERM DATE DATE TYPE SECURITY VALUE AMOUNT RATE Avg Yield INTEREST RETURN {Days) 12/22/2017 12/22/2022 CD INDUSTRIAL & COML BAK CHINA 2.5% NON-CALL 249,000.00 249,000.00 2.500% 0.0003457 31,125.00 280,125.00 1,826 1/11/2019 1/11/2023 CD STERLING BANK 3.10% BULLET 246,000.00 246,000.00 3.100% 0.0004235 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% 0.0003807 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% 0.0004099 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% 0.0004150 37,362.50 282,362.50 1,826 6/20/2018 6/20/2023 CD RBC BANK 3.15% NON-CALL 249,000.D0 249,000.00 3.150% 0.0004356 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% 0.0004495 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% 0.0004356 40,462.50 289,462.50 1,826 9/26/2018 9/26/2023 CD BANK MI.DWEST 3.15% NON-CALL 245,000.00 245,000.00 3.150% 0.0004286 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% 0.0004490 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% 0.0004633 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% 0.0004694 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% 0.0004762 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% 0.0004831 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% 0.0004899 44,100.00 289,100.00 1,836 2/26/2019 2/15/2024 CD JP MORGAN CHASE 3.15% CALL 2/15/20 245,000.00 245,000.00 3.150% 0.0004286 38,587.50 283,587.50 1,815 2/13/2019 8/14/2023 CD FIRST MISSOURI STATE BANK 2.85% BULLET 246,000.00 246,000.00 2.850% 0.0003894 31,549.50 277,549.50 1,643 SUB-TOTAL 18,009,000.00 18,005,316.70 2.183% 1,901,866.13 19,907,182.83 1,696 0 WELLS FARGO BANK -General Fund 473,644.00 473,644.00 2.000% 0.0000824 25.95 473,669.95 0 CORPORATE CASH MANAGEMENT ACCOUNT 7,080,683.06 7,080,683.06 2.000% 0.0012317 387.98 7,081,071.04 0 WELLS FARGO CUSTODY 1,989,339.59 1,989,339.59 1.590% 0.0002751 87.86 1,989,427.45 0 LA IF WATER DISTRICT 23,055,830.16 23,055,830.16 2.370% 0.0047526 1,517.84 23,057,348.00 0 LA IF PUBLIC IMPROVEMENT CORPORATION 19,536,403.21 19,536,403.21 2.370% 0.0040271 1,286.15 19,537,689.36 0 LA IF PUBLIC FINANCING CORPORATION 23,918,339.68 23,918,339.68 2.370% 0.0049304 1,574.62 23,919,914.30 0 LA IF CITY OF CARLSBAD 38,919,819.77 38,919,819.77 2.370% 0.0080227 2,562.22 38,922,381.99 SUB-TOTAL 114,974,059.47 114,974,059.47 2.332% 7,442.63 114,981,502.10 GRAND TOTAL 788,029,059.47 787,721,391.36 2.035% 54,470,023.47 828,241,168.94 April 16, 2019 Item #1 Page 17 of 20 CITY OF CARLSBAD Fund Equity in Pooled Investments AS OF FEBUARY 28, 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 43,593,941 23,111,453 28,202,799 7,738,237 6,891,985 5,863,311 101,313,075 118,906,816 14,428,145 4,363,103 142,709,463 48,526,472 6,986,382 7,724,054 1,291,652 EXHIBIT 8 126,759,645 34,844,614 354,412,865 207,238,022 47,886,186 17,731,596 400,592 789,273,520 (2,209,355) 787,064, 165 (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 th e 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 3/11/2019. April 16, 2019 Item #1 Page 18 of 20 CITY OF CARLSBAD INVESTMENT PORTFOLIO As of FEBUARY 28, 2019 CORPORATE NOTE AND COMMERCIAL PAPER RATINGS Corporate Note Investments Meeting the Current Investment Policy: (Ratings must be AA or-better by two of the three: Moody's S&P or Fitch) Moody's S&P Fitch ADP Aa3 AA NR ALPHABET, INC Aa2 AA+ NR APPLE Aa1 AA+ NR BERKSHIRE HATHAWAY Aa2 AA AA- BLACKROCK INC Aa3 AA-NR CHEVRON Aa2 AA-NR COLGATE-PALMOLIVE Aa3 AA-AA- EXXON MOBIL Aaa AA+ NR JOHNSON & JOHNSON Aaa AAA AAA MASS MUTUAL GLOBAL Aa2 AA+ AA+ MICROSOFT Aaa AAA AA+ NEW YORK LIFE Aaa AA+ AAA NOVARTIS CAPITAL CORP A1 AA-AA- 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) EXHIBIT 9 (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 Market Value Value 5,124,668 5,022,834 4,680,079 4,622,667 3,51 6,321 3.467,100 April 16, 2019 Item #1 Page 19 of 20 CITY OF CARLSBAD INVESTMENT PORTFOLIO AS OF FEBUARY 28, 2019 WEIGHTINGS FOR CORPORATE AND FEDERAL AGENCY ISSUERS PERCENTAGE WEIGHTINGS BY CORPORA TE 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 IFC 1,470,780.00 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 18,322,370.00 US BANK 6,585,975.00 WALMART 10,379,828.00 WELLS FARGO BANK 11,006,200.00 PERCENTAGE WEIGHTINGS BY FEDERAL AGENCY ISSUER FAMCA FICO FEDERAL FARM CREDIT BANK FEDERAL HOME LOAN BANK FEDERALHOMELOANMORTGAGECORP 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 81 ,887,768.50 89,120,121.04 106,426,773.98 60,152,004.63 8,244,462.90 2,750,760 00 7,496,747.50 15,998,745.89 86,932,35874 Percent of Portfolio* 0.51% 0.68% 2.06% 1.06% 0.13% 1.82% 0.65% 1.35% 1.45% 0.19% 0.60% 0.62% 0.42% 2.18% 0.45% 0.51% 0.19% 0.71% 2.33% 0.84% 1.32% 1.40% Percent of Portfolio** 2.28% 1.11% 10.40% 11.31% 13.51% 7.64% 1.05% 0.35% 0.95% 2.03% 11.04% 787,721,391.36 EXHIBIT 10 April 16, 2019 Item #1 Page 20 of 20 C cityof Carlsbad Memorandum April 16, 2019 To: From: Mayor and City Council Members Craig Lindholm, City Treasurer Laura Rocha, Deputy City Manager, Adm~stra~ive Services Elaine Lu key, Chief Operations Officer. rJ All Receive -Agenda Item # I For the Information ofth;- PTY COUNCIL Date ±.!&iIB. CA 1 CC / CM / COO~DCM {3) / Via Re: Additional Material/Information Regarding Staff Report Item #1 -Report on City Investments as of February 28, 2019 The purpose of this memo is to add clarifying language to City Council Item #1-Report on City Investments as of February 28, 2019 (Report), listed on the City Council Agenda dated April 16, 2019. On page 3 of the Report, the first paragraph begins with the sentence stating, "All pooled investm_ents have been made in accordance with the city's Investment Policy adopted January 2, 1985 and last revised January 8, 2019." On January 8, 2019, City Council received a report titled "Annual Review and Approval of City's Investment Policy". Per Section 5.0 of the city's Statement of Investment Policy (Policy), the city treasurer shall bring forth the Policy to City Council annually for their review and approval, whether revisions occur or not. However, on that evening, due to discussions surrounding certain investments and the overall investment strategy for corporate notes, City Council did not approve the Policy. City Council subsequently directed the city treasurer to bring back a report to City Council discussing other investment strategies for sa id corporate notes. The reference in the staff report dated Ap ril 16, 2019 as mentioned above, technically should have read "All pooled investments have been made in accordance with the city's Investment Policy adopted January 2, 1985 and last reviewed and _approved on July 25, 2017." C: Scott Chadwick, City Manager Celia Brewer, City Attorney Sheila Cob ian, City perk Services Manager To the membe rs of the : CITY COUNCIL Date 4\ Ito! I'\ CA ✓ CC J CM _./coo_ COO _:!_ DCM (3) J April 16, 2019 Council Memorandum To: Honorable Mayor Hall ~~lffllr;R,Eers of the City Council From: Scott Chadwick, City M na {city of Carlsbad Re: Responses to Questions rom April 15, 2019 City Council Briefings Agenda Item No. 1 -REPORT ON CITY INVESTMENTS Question 1: "All pooled investments have been made in accordance with the city's Investment Policy adopted January 2, 1985 and last revised January 8, 2019." Can you please confirm that the City Treasurer makes recommendations only, and will be bringing the policy back to Council for concurrence in regard to divestment from fossil fuels? Answer: City Council has the final authority in matters of investment decisions within the constraints of the investment policy. Although the City Treasurer annually revises the City's Investment Policy, the City Council majority has to approve all changes to the Investment Policy. Question 2: Regarding Exhibit 8, can you please expand on how the Park Development Fund is used? Answer: These funds are used to acquire park land and develop city parks, in-lieu of a developer building a park themselves. There are four funds broken out by quadrant within the city with an addition~! fund for Zone 5. These five funds equal the $7,738,237 shown in Exhibit 8 to the staff report. Question 3: Are the Gas Tax funds already allocated for specific mobility projects? Answer: A majority of the Gas Tax funds (including SBl) have been allocated/programmed for specific projects. There is some flexibility for re-programming projects or adding new projects. There are specific rules that govern the spending of Gas Tax funds (including SBl). These projects are identified in the city's adopted capital improvement program budget for FY 2018- 19 on page J-2 of the capital improvement summary by fund section. Agenda Item No. 4-COMMUNITY CHOICE ENERGY TECHNICAL FEASIBILITY STUDY Question 1: How is the Coun.cil Contingency Fund used here, and in general how has it been used by Council? Answer: Per the-staff report dated 7/11/2017, Council authorized staff to spend up to $60,000 for the city's share of a regional Community Choice Energy Technical Feasibility Study. This is City Manager's Office City Hall 1200 Carlsbad Village Drive I Carlsbad, CA 92008 I 760-434-4820 t Honorable Mayor Hall and Members of the City Council April 16, 2019 Page 2 being led by the City of Encinitas. See the staff report for additional information: http://edocweb/HPRMWebClient/HPRMServiceApi/Record/477095/File/Document. Staff presented a report to Council on the use of Council contingency funds on 1/29/19. Exhibit 4 of that staff report provides a detailed list of how the Council contingency has been used since Fiscal Year 2012-13. See the staff report for additional information: http:ljedocweb/HPRMWebClient/HPRMServiceApi/Record/528800/File/Document. Question 2: What is the current balance in the Fund? Are there already other specified allocations earmarked from this balance? Answer: The balance as of March 31, 2019 in the Council contingency fund is $1,162,490. At this time, no other specified allocations have been earmarked from this balance. Only Council and the grant approvals authorized in Council Policy No. 51 have the ability to use these funds. Question 3: Are we differentiating between "renewable" and "GHG-free" in our CCE goal? From the agenda item, it looks like the two are used interchangeably, but they are not the same. Answer: Yes, the power supply portfolios analyzed in the feasibility study (and as discussed in questions 2 and 3 of the FAQ provided in Exhibit 2 to the staff report) do differentiate between "renewable" and "GHG-free" resources, as defined by state law. Agenda Item No. 5-PRIORITY STATE LEGISLATIVE REPORT AND CONSIDER CREATION OF A LEGISLATIVE COMMITTEE Question 1: Regarding AB 847, what would 85% of our regional housing needs be, and would that be assessable for us to achieve in order to receive funding as a result of this bill? Does the bill eliminate incentives which would otherwise be available for affordable housing? Answer: The AB 847 Fact Sheet provided as part of the April 16, 2019, City Council packet (see item 5, exhibit 4) notes local jurisdictions under the proposed bill would receive a direct allocation of transportation funding if they "issue completed entitlements, building permits, or certificates of occupancy for 85% or more of their share of regional housing needs for their low and very-low income housing categories." However, it appears this provision has been deleted from the bill text. Based on the latest Annual Housing Progress Report (AHPR), prepared for 2013-2018 and presented to City Council last month, Carlsbad has completed 16.5% of its very low and low- income regional housing need {265 of 1,605 units). The city would need to complete 1,100 more units in this income category in the remaining three years of the reporting period to meet the 85% threshold. The Fact Sheet also describes a "10-percent selection priority bonus" for certain agency funding applications if the agency has issued permits for at least 85% of its moderate-income housing need. Per the latest AHPR, the city has completed 24% of its moderate-income regional housing Honorable Mayor Hall and Members of the City Council April 16, 2019 Page 3 need (257 of 1,062 units) and would need to complete 650 more units in the next three years to meet 85%. Since 2013, the city has annually completed an average 474 homes. About 84% are homes affordable to above moderate-income households. Regarding the bill's elimination of any incentives, the proposed bill text is minimal. It would establish a competitive grant program to cities to offset transportation impact fees. The text does not discuss potential funding sources for the grant program or loss of incentives that might otherwise be available to affordable housing. The bill does note transit-oriented development projects would have preference in a competitive grant program. While this development type is not defined, it may exclude affordable housing development in Carlsbad not located near the train stations. Question 2: Regarding SB 50, what is Carlsbad's current jobs to housing ratio? How does the Housing Accountability Act (HAA) restrict demolition of existing housing? Answer: Carlsbad's current jobs-to-housing ratio is 1.6:1. We have 1.6 jobs to each housing unit. The HAA does not contain any restrictions on demolition of existing housing. As currently proposed, SB SO contains the following restriction: in order for a developer to request the development incentives in SB 50, the project cannot be located on a site that is occupied by tenants, or has been occupied by tenants in the past 7 years. Question 3: Regarding AB 11, SB 5, SB 15, what are the essential differences between these bills focused on making up the affordable housing gap since the end of RDAs? Answer: Because there is not a lot of detail with any of these bills yet and the expectation is that they all may be revised significantly over coming weeks, staff has completed a higher-level analysis which indicates the following differences as we understand the bills today. ABll has an unspecified state commitment for funding. The bill provides economic development tools similar to the old redevelopment program, and is primarily for infrastructure development. It has a requirement for 30% of funds to be used for affordable housing. It has a unique condition that formation of an infrastructure and affordable housing agency could not be created if it has a negative impact on the state. It relies on an award of funding from the state based on review of a resolution of intention for a proposed project plan. The new agency can use affected taxing entity's share of property tax if the affected taxing entity consents. This may prove to be difficult to obtain the financing for this program. SBS allows for the creation of new redevelopment programs for affordable housing and investment for neighborhood revitalization, using post redevelopment tools. It will have less flexibility than previous redevelopment programs, and less resources for economic Honorable Mayor Hall and Members of the City Council April 16, 2019 Page 4 development. It is proposed to have an appropriation of funding from the State to back fill lost revenue to school districts, but also has a "rainy day" clause that can be invoked by the State if the provision of financial support must be suspended by the state. It will require a 30% inclusionary requirement for affordable housing. It also will have a State Oversight Board that will be established to review and approve all proposed projects. SB15 is primarily a funding program through the Department of Finance for certain infrastructure projects. Cities would apply to the Department of Finance for funding for certain purposes and affordable housing. It requires an appropriation of property tax revenues by the State. Question 4: Regarding SB 532, does Carlsbad also still have funds left over from RDA? A successor agency? Answer: Neither the Carlsbad Redevelopment Agency nor its Successor Agency had tax increment funds or bond proceeds left over to be expended on eligible projects at the time that the State moved forward to dissolve all redevelopment agencies. We have two debts to be repaid -tax increment bonds and city loans to the Agency. The loan repayment from Agency to City requires 20% to be set-aside for affordable housing for low income households. We have approximately $2.8 million available for expenditure. Question 5: Regarding AB 392, SB 230, what are the major differences in these two bills? Answer: AB 392 revises the legal standard for use of deadly force by peace officers, by limiting it to those situations where it is necessary to defend against a threat of imminent serious bodily injury or death to the officer or to another person. SB 230 requires law enforcement agencies to have a policy on the minimum standard on the use of force. It also calls for more and standardizes police training, documenting departmental policies, and an emphasis on utilizing . de-escalation techniques or other alternatives to force when feasible. cc: Celia Brewer, City Attorney Gary Barberio, Deputy City Manager Paz Gomez, Deputy City Manager Laura Rocha, Deputy City Manager Jason Haber, Assistant to the City Manager Debbie Fountain, Community & Economic Development Director