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Home My WebLink About13 QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN & THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCYCY, 6 AGENDA REPORT lc, rl`1PF MEETING DATE: SEPTEMBER 4, 2018 TO: JEFFREY C. PARKER, CITY MANAGER Agenda Item 1 1 Reviewed: City Manage Finance Dire FROM: JOHN A. BUCHANAN, FINANCE DIRECTOR JENNY LEISZ, DEPUTY DIRECTOR - FINANCIAL SERVICES SUBJECT: QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY SUMMARY: Government Code Section 53646 requires that the Treasurer make an Investment Report to the City Council at least quarterly showing balances by authorized investment and certifying its compliance with the adopted Investment Policy. RECOMMENDATION: Receive and file. FISCAL IMPACT: None. CORRELATION TO THE STRATEGIC PLAN: Correlates with the City's Strategic Plan Goal C: Financial Strength, Item 3. This investment report provides evidence of the City's commitment to ensuring that investments are in compliance with the adopted Investment Policy. DISCUSSION: In compliance with Government Code Section 53646, the attached Investment Report reporting cash and investments for the City of Tustin and the Successor Agency for the Tustin Community Redevelopment Agency for the quarter ending June 30, 2018 is rendered. QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY September 4, 2018 Page 2 of 3 The City's total cash and investments as of June 30, 2018 were $237 million, an increase of $10 million from June 30, 2017 total cash and investments of $227 million. The increase in cash and investments of $10 million is primarily due to the following significant one-time inflows/outflows, which were offset by substantial outflows for various budgeted construction projects, including infrastructure at the Legacy development: • $30.3 million — net land sale proceeds received in June 2018, from Lennar for the purchase of approximately 14 acres at Tustin Legacy. In conjunction with the closing, $5.4 million was paid to Tustin Unified School District (TUSD) for the new school building project. • $7.2 million — payment received in May 2018 from CalAtlantic Group for a note receivable for profit participation related to the Greenwood residential development at Tustin Legacy. • $6.6 million — contribution to Public Agency Retirement Services (PARS) trust to fund outstanding pension and other post -employment benefits (OPEB) liabilities. A new section has been added on page 6 of the attached investment report showing the balances in the new PARS trust. The average cash balance for fiscal year 2017-18 was $218 million, with an average weighted portfolio yield of 1.62% and average weighted days to maturity of 680 days. The average cash balance for fiscal year 2016-17 was $185 million, with an average weighted portfolio yield of 1.07% and average weighted days to maturity of 471 days. The increase in the weighted average maturity was primarily caused by a change in the funding strategy for the TUSD building project, which was initially projected to be near term outflows of $40 million. The present plan is to fund the building over a longer timeframe at designated milestones. This has freed up some liquidity and enabled investing in longer-term corporate bonds, negotiable certificates of deposit, and federal agencies with corresponding higher yields. We continue to maintain highly liquid balances for the TUSD school building project and various budgeted capital projects primarily within the Legacy development over the next one to two years. Interest earnings on a cash basis for fiscal year 2017-18 were $3.4 million, a $1.9 million increase in interest earnings from fiscal year 2016-17. Fiscal year 2016-17 interest earnings were $1.5 million. This increase in revenue was primarily due to the following factors: 0 Higher average weighted portfolio yield (0.55% increase) QUARTERLY INVESTMENT REPORT FOR THE CITY OF TUSTIN AND THE SUCCESSOR AGENCY FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY September 4, 2018 Page 3of3 • Increased duration (209 days) • Higher average cash balances ($33 million increase) • Continued rising interest rate environment • Transfer of a majority of the deposits in the lower earning Orange County Investment Pool (OCIP) and the Local Agency Investment Fund (LAIF) into the higher earning California Asset Management Program (CAMP). The portfolio continues to meet the City's Investment Policy criteria to maximize the economic status of the City while protecting idle cash. The investment portfolio is currently laddered to reflect the projected cash flow needs of the City for the completion of various capital projects primarily within the Legacy and for funding for the TUSD school building project. John .Buchanan ce Director J ny esz eeputy Director - Financial Services Attachment: June 30, 2018 Quarterly Investment Report j . .c Kid, 40 www.bp- 41 ►� ,y A t, City of Tustin Treasurer's Quarterly Investment Report June 30, 2018 900.0000 800.0000 700.0000 600.0000 500.0000 400.0000 300.0000 200.0000 100.0000 (o ro A 1 A A O O O O O O O O O O O O O ti ti ti ti ti ti ti ti ti ti ti ti ti o\ 1\ 1 \o 3\ \\'' \� \h \3 0\h ti o a titi 3 ti a titi 3 2.70% 2.60% 2.50% 2.40% 2.30% 2.20% 2.10% 2.00% 1.90% 1.80% s -� 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% O,A O,O (SN \�o\L h\ho\tiy�\�1\ti h\hy\ti O\ho\ti h\�o\ti h\�,y\L \ho\L \�o\L1�\b -1\11 h\�o\L 1�\�y\ti —'—City of Tustin SUS Treasury / 2yr —0—LAIF Yield (%) CITY OF TUSTIN Monthly Investment Report June 30, 2018 Municipal $8,508, 3.60`, DIVERSIFICATION Investment Portfolio / Cost Value $236,506,653 Negotiable Certificate of Deposit $38,933,115 16.46% Corporate Bonds $24,651,919 10.42% US Treasury $6,987,354 2.95% ZA DIVERSIFICATION Investment Portfolio / Cost Value $226,866,566 Negotiable Corporate Certificate of Bonds Deposit $17,759,213 $27,282,516 7.83% 12.03% Municipal Bonds $8,071,862 3.56% Federal Agencies $57,914,575 25.53% Liquid (Daily) $88,381,516 38.96% US Treasury $27,456,885 12.10% Page 2 of 17 CITY OF TUSTIN Monthly Investment Report June 30, 2018 Liquidity Distribution COMPLIANCE Investment Policy Invested Compliance 50.00% Commercial Notes 45.00% < 15% of total portfolio 10.42% Yes N<_ 5 years remaining maturity n/a Yes 40.00% Commercial Paper -; <_ 25% of total portfolio 0.00% Yes 35.00% = <_ 270 days remaining maturity n/a Yes If >_ 15% of total portfolio, weighted avg 30.00% I i., must be <_ 90 days n/a Yes Municipal Bonds 25.00% <_ 15% of total portfolio 3.60% Yes <_ 5% in one issuer 1.69% Yes 20.00% US Agency Bonds / Notes ! <_ 75% of total portfolio 27.86% Yes ° 15.00% } I <_ 5 years remaining maturity n/a Yes rti Ln US Treasury °° 10.00/ �r a <_ 5 years remaining maturity n/a Yes 5.00% g Certificate of Deposit - Negotiable i o <_ 30% of total portfolio 16.46% Yes r 4 0.00% _. UP TO 1 2 YEARS 3 YEARS 4 YEARS 5 YEARS > 5 YEARS YEAR <_ 5 years maturity n/a Yes >_ 75% of Fiscal Year General Fund Budgeted Expenditures <_ 1 year 182.25% Yes Commercial Paper and Commercial Notes - W Up to 1 year X32 years [23 years 194 years 0 5 years 0> 5 years S% of total portfolio in one issuer 2.54% Yes Page 3 of 17 CITY OF TUSTIN Monthly Investment Report June 30, 2018 COMPLIANCE Investment Policy/ Corporate Bonds Corporate Bonds are required, at Settlement Date, to have an "A" rating from one of the three rating agencies. ADP American Express Apple Inc. Apple Inc. Barclays Bank PLC Barclays Bank PLC Berkshire Hathaway Chevron Corporation Coca-Cola Co IBM Credit LLC Johnson & Johnson Microsoft Corporation Microsoft Corporation Toyota Motor Credit Corp Toyota Motor Credit Corp VISA Inc Walmart Store Inc Face CUSIP Amount 053015AD5 1,000,000 0258MODX4 2,000,000 037833BS8 2,000,000 037833CQ1 2,000,000 06741V U WO 1,000,000 06744CFN6 2,000,000 084670BQ0 1,000,000 166764BN9 2,000,000 191216BT6 1,000,000 44932HAC7 1,000,000 478160BG8 2,000,000 594918AV6 1,000,000 594918BG8 1,000,000 89236TEC5 2,482,750 89236TDP7 1,000,000 92826CAG7 1,000,000 931142EA7 1,000,000 Rating Settlement Date AA A- AA+ AA+ Al A- AA AA- AA - A+ AAA AAA AAA AA- AA - A+ AA Prior Month Rating Moody's S&P Fitch purchased on 6/13/18 purchased on 6/13/18 Aa1 AA+ NR Aa1 AA+ NR A2 A A A2 A A purchased on 6/13/18 Aa2 AA- NR Aa3 A+ Au Al A+ A+ Aaa AAA AAA Aaa AAA AA+u Aaa AAA AA+u Aa3 AA- Au Aa3 AA- Au Al A+ NR purchased on 6/13/18 Compliance Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Page 4 of 17 Current Rating Moody's S&P Fitch Aa3 AA NR A2 A- A Aa1 AA+ NR Aa1 AA+ NR A2 A A A2 A A Aa2 AA A+u Aa2 AA- NR Aa3 A+ Au Al A+ A+ Aaa AAA AAA Aaa AAA AA+u Aaa AAA AA+u Aa3 AA- Au Aa3 AA- Au Al A+ NR Aa2 AA AA Prior Month Rating Moody's S&P Fitch purchased on 6/13/18 purchased on 6/13/18 Aa1 AA+ NR Aa1 AA+ NR A2 A A A2 A A purchased on 6/13/18 Aa2 AA- NR Aa3 A+ Au Al A+ A+ Aaa AAA AAA Aaa AAA AA+u Aaa AAA AA+u Aa3 AA- Au Aa3 AA- Au Al A+ NR purchased on 6/13/18 Compliance Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Page 4 of 17 CITY OF TUSTIN Monthly Investment Report June 30, 2018 Cash and Investments / Summary [1] [2] Description / Limits Face Amount Shares Investment Portfolio 144,765,000.00 Daily - Limit: [6] Reconciled / Bank of America Account - General Checking Orange County Investment Pool LAIF / Local Agency Investment Fund California Asset Management Program (CAMP) [3) [a] [5] YTM@Cost Credit Rating Cost Value + Accrued Market Value Interest 1.91 144,969,727.14 141,824,662.15 0.25 N/A 1,837,572.49 1,837,572.49 1.54 [7] 1,065,146.20 1,065,146.20 1.85 N/A 2,590,540.92 2,590,540.92 2.05 AAAm 86,043,665.81 86,043,665.81 91,536,925.42 91,536,925.42 Investment Portfolio TOTAL 236,506,652.56 233,361,587.57 Performance Measurement Weighted Average Days to Maturity 603 Weighted Average Yield 1.95% Benchmark /Treasury 2 Year 2.52% Restricted / Un -Restricted Funds UN -RESTRICTED General Fund cash balance as of 6/30/2018 (unaudited) 23,489,005.98 SEMI -RESTRICTED Cash Balance as of 6/30/2018 (unaudited) 124,654,564.62 Capital Projects, Proceeds from Land Sales, Backbone Infrastructure RESTRICTED Cash balances as of 6/30/2018 (un -audited) 85,228,197.97 Total 233,371,768.57 Successor Agency Community Redevelopment Agency/ Cash & Investments Total 3,134,883.99 Page 5 of 17 CITY OF TUSTIN Monthly Investment Report June 30, 2018 Restricted Deposits with Fiscal Agents [1] Description / Limits [2) [3] [41 [5] Face Amount YTM@Cost Credit Rating Cost Value + Accrued Market Value Shares Interest 2016 Successor Agency Tax Allocation Bonds, Refunding 1,156.06 N/A 1,156.06 1,156.06 2016 Water Revenue Bonds, Refunding 236.89 N/A 236.89 236.89 2012 Water Revenue Bonds - Refunding 616.02 N/A 616.02 616.02 2013 Water Revenue Bonds 313.82 N/A 313.82 313.82 CFD 04-1 1,080,374.79 N/A 1,080,374.79 1,080,374.79 CFD 06-1 8,833,982.15 N/A 8,833,982.15 8,833,982.15 CFD 07-1 2,809,637.10 N/A 2,809,637.10 2,809,637.10 CFD 14-1 24,056,222.78 N/A 24,056,222.78 24,056,222.78 36,782,539.61 36,782,539.61 36,782,539.61 Funds Held in Trust -PARS Section 115 Trust - PENSION Section 115 Trust - OPEB Restricted Deposits with Fiscal Agents TOTAL 36,782,539.61 36,782,539.61 5,578,911.70 1,000,159.18 Funds Held in Trust TOTAL 6,579,070.88 Page 6 of 17 CITY OF TUSTIN 4 . Monthly Investment Report June 30, 2018 Footnotes (1) DESCRIPTION -LIMITS reflects the various authorized investments as documented in the most current adopted investment policy and the allowable percentage of total portfolio per investment type. (2) FACE AMOUNT/SHARES is the full value of the security before any discount or premium is paid at purchase. (3) CREDIT RATING is the highest ratings from Standards & Poor's, Moody's or IDC Publishing Inc for bank ratings. IDC ratings are 1 (lowest) to 300 (highest). (4) COST VALUE +ACCRUED INTEREST is the original amount paid, including premiums/discounts, and purchased accrued interest. Amortization of discount/premium booked annually or when investment is sold/called/or matures. (5) MARKET VALUE is the price at which similar securities are currently trading. Current market values are provided by Bank of America and the State Treasurer's Office on all securities or deposits held in safekeeping for the City and the Successor Agency for the Tustin Community Redevelopment Agency. Market value differences are only booked at year end. (6) EARNINGS ALLOWANCE on compensating bank balances to offset bank activity charges. Allowance is included in the Average Yield calculation. The cash balances include amounts "swept" from account for overnight investments. (7) ORANGE COUNTY INVESTMENT POOL rating is AAAm. Orange County Treasury Extended Fund is not rated by sponsor's choice. (8) Investments and earnings on monies held by fiscal agents generally are limited as to type and yield by the bond documents. Certifications We certify that this report reflects all City of Tustin and the Successor Agency for the Tustin Community Redevelopment Agency (SATCRA) pooled investments. The investments represented in this report are in conformity with the current adopted investment policy of the City of Tustin. The market values represented in this report are provided by the Custodian Bank and Trustees currently holding securities for the City of Tustin and SATCRA. The investment program herein shown provides sufficient cash flow liquidity to meet the next twelve (12) months estimated expenditures. This statement is prepared in conformance with Section 53646 of the Government Code. Robert Ammann, Chair ' Jeff YTI arker, City Manager/ Treasurer City of Tustin Audit Commission Ci 'tin Page 7 of 17 CITY OF TUSTIN Monthly Investment Report June 30, 2018 Compliance / Investment Policy Description / Limits Face Amount Maximum Allowable Total Cost Value + Accrued Market Value Shares Maturity - Years Portion of Percentage Interest Portfolio of Portfolio US Treasury 7,000,000.00 5 No Limit US Agency 65,900,000.00 5 75% Municipal Bonds 8,430,000.00 5 15% Commercial Paper 0.00 5 15% Certificate of Deposit / Negotiable 38,935,000.00 N/A 30% Corporate Bonds 24,500,000.00 5 15% Cash N/A N/A N/A Orange County Investment Pool N/A N/A N/A LAIF / Local Agency Investment Fund N/A N/A N/A California Asset Management Program (CAMP) N/A N/A N/A Restricted Cash with Fiscal Agents * 2.95% 6,987,354.44 6,991,219.00 27.86% 65,888,349.92 64,445,294.10 3.60% 8,508,989.40 8,285,302.00 0.00% 0.00 0.00 16.46% 38,933,114.83 38,150,964.55 10.42% 24,651,918.55 23,951,882.50 0.78% 1,837,572.49 1,837,572.49 0.45% 1,065,146.20 1,065,146.20 1.10% 2,590,540.92 2,590,540.92 36.38% 86,043,665.81 86,043,665.81 100.00% 236,506,652.56 233,361,587.57 36,782,539.61 36, 782, 539.61 Restricted Cash with Fiduciary Fund Book Value Public Agency Retirement Services (PARS)- PENSION 5,578,911.70 Public Agency Retirement Services (PARS)- OPEB 1,000,159.18 6,579,070.88 Investment Portfolio TOTAL 273,289,192.17 276,723,198.06 * Cash with Fiscal Agents are the Reserve and Construction Funds, held by Trustees for various City and RDA Bond Issues. Investment options are limited to those specifically permitted by bond documents. Page 8 of 17 City of Tustin Portfolio Holdings Compliance Report - Investment Policy Report Format: By Transaction Group By: Asset Class Average By: Cost Value Portfolio / Report Group: All Portfolios As of 6/30/2018 Page 9 of 17 Days To Settlement YTM @ Credit Rating Credit Rating Cost Value + Accrued % of Description CUSIP/Ticker Maturity Maturity Date Date Cost 1 2 Face Amount/Shares Interest Cost Price Market Value Portfolio > Liquid Assets Local Agency Investment Fund LGIP LGIP0936 1 N/A 6/30/2015 1.854 NR NR 1,525,472.31 1,525,472.31 100 1,525,472.31 0.65 California Asset Management Program LGIP CAMP6045 1 N/A 5/10/2017 2.050 NR NR 86,043,665.81 86,043,665.81 100 86,043,665.81 36.40 Bank of America -Checking MM MM0220 1 N/A 6/30/2015 0.250 NR NR 1,837,572.49 1,837,572.49 100 1,837,572.49 0.78 Orange County Investment Pool LGIP LGIP91-E 1 N/A 6/30/2015 1.538 NR NR 1,065,146.20 1,065,146.20 100 1,065,146.20 0.45 Local Agency Investment Fund LGIP LGIP0002 1 N/A 6/30/2015 1.854 NR NR 1,065,068.61 1,065,068,61 100 1,065,068.61 0.45 Sub Total / Average 1 2.002 91,536,925.42 91,536,925.42 100 91,536,925.42 38.73 Certificate of Deposit -Negotiable S05L Third Federal Savingsl.25 8/13/2018 88413QAZ1 44 8/13/2018 2/13/2015 1.250 NR NR 248,000.00 248,000.00 100 247,940.23 0.10 Everbank Jacksonville FL 1.45 8/14/2018 29976DZX1 45 8/14/2018 8/14/2015 1.450 NR NR 248,000.00 248,000.00 100 247,851.94 0.10 Ally Bank UT 1.610/15/2018 02006LUS0 107 10/15/2018 10/15/2015 1.600 NR NR 248,000.00 248,000.00 100 247,762.17 0.10 Bank North Carolina NC 1.2 10/16/2018 06414QWZB 108 10/16/2018 10/16/2015 1.200 NR NR 249,000.00 249,000.00 100 248,781.13 0.11 Metro City Bank GA 1 1/17/2019 59161TAJ6 201 1/17/2019 8/17/2016 1.000 NR NR 248,000.00 248,000.00 100 246,466.86 0.10 First Service Bank 1 2/19/2019 33640VBQ0 234 2/19/2019 8/17/2016 1.000 NR NR 248,000.00 248,000.00 100 246,098.58 0.10 Farm Bureau Bank 12/19/2019 307660KJ8 234 2/19/2019 8/17/2016 1.000 NR NR 248,000.00 248,000.00 100 246,145.70 0.10 First Bank MS 1.5 2/28/2019 319234AJ9 243 2/28/2019 6/30/2015 1.500 NR NR 248,000.00 248,000.00 100 247,052.14 0.10 First South Bank NC 1.45 2/28/2019 336500AH9 243 2/28/2019 8/28/2015 1.450 NR NR 248,000.00 248,000.00 100 246,733.96 0.10 Citizens National Bank of Bluffton 1.55 5/22/2019 175144DD3 326 5/22/2019 5/22/2017 1.550 NR NR 248,000.00 248,000.00 100 246,257.80 0.10 North American Savings Bank 1.6 5/24/2019 657156EL5 328 5/24/2019 5/24/2017 1.600 NR NR 248,000.00 248,000.00 100 246,362.21 0.10 First Capital Bank VA 1.5 5/28/2019 31944FBH2 332 5/28/2019 1/28/2015 1.500 NR NR 248,000.00 248,000.00 100 247,293.45 0.10 First Business Bank WI 1.45 5/282019 31938QL69 332 5/28/2019 5/282015 1.450 NR NR 248,000,00 248,000.00 100 245,985.74 0.10 Synchrony Bank UT (GE) 2 5/30/2019 36160KL60 334 5/302019 5/302014 2.000 NR NR 248,000.00 248,000.00 100 247,235.17 0.10 Kansas State Bank of Manhattan 1.55 5/312019 50116CAZ2 335 5/312019 5/312017 1.550 NR NR 248,000.00 248,000.00 100 246,201.26 0.10 Discover Bank2 7/92019 2546712E9 374 7/92019 7/92014 2.000 NR NR 248,000.00 248,000.00 100 246,988.66 0.10 American Express 1.95 7/102019 02587CAC4 375 7/102019 7/102014 1.950 NR NR 248,000.00 248,000.00 100 246,971.30 0.10 SmartBank 1.4 7/19/2019 83172HDJ6 384 7/192019 4/192017 1.400 NR NR 248,000.00 248,000.00 100 245,403,19 0.10 Bridgewater Bank MN 1.55 7/262019 108622EE7 391 7262019 1272015 1.550 NR NR 248,000.00 248,000.00 100 245,729.06 0.10 ConnectoneBankl.55729/2019 20786ABA2 394 7292019 1282015 1.550 NR NR 248,000.00 248,000.00 100 247,103.48 0.10 Bank of Lexington, Inc 1.6 8/9/2019 063253BG2 405 8/9/2019 8/92017 1.600 NR NR 248,000.00 248,000.00 100 245,744.94 0.10 Investors Bank WI 1.7 8/142019 46147UQR4 410 8/14/2019 8/142015 1.700 NR NR 248,000.00 248,000.00 100 247,018.42 0.10 Medallion Bank UT 1.2 8/192019 58403B4W3 415 8/192019 8/192016 1.200 NR NR 246,000.00 248,000.00 100 244,221.22 0.10 Morgan Stanley Bank 1.7 8/19/2019 61760ACZ0 415 8/192019 8/17/2017 1.700 NR NR 248,000.00 248,000.00 100 245,937.88 0.10 Morgan Stanley Private Bank 1.7 8/19/2019 61747MYE5 415 8/19/2019 8/172017 1.700 NR NR 248,000.00 248,000.00 100 245,937.88 0,10 FNB of Mcgregor TX 1.1 8/19/2019 32112UCD1 415 1 8/19/2019 8/182016 1.100 NR NR 248,000.00 248,000.00 100 244,265.37 0.10 Page 9 of 17 Description CUSIPRcker Days To Maturity Maturity Date Settlement Date YTM @ Credit Rating Cost 1 Credit Rating 2 Face Amount/Shares Franklin Synergy Bank 1.5 8123/2019 35471TDH2 419 8/23/2019 5124/2017 1.500 NR NR 248,000,00 Evegreen Bank Group 1.5 8/28/2019 300185FJ9 424 8/28/2019 2/28/2017 1.500 NR NR 248,000,00 LCA Bank Corporation 1.45 9/3/2019 501798KG6 430 9/3/2019 3/2/2017 1.450 NR NR 248,000.00 Landmark Community Bank 1.45 51507LBG8 430 9/3/2019 3/3/2017 1.450 NR NR 248,000.00 9/3/2019 100 246,732.47 0.10 248,000.00 100 245,158.17 0.10 Buckeye Community Bank 1.4 9/6/2019 11815SCW8 433 9/6/2019 3/6/2017 1.400 NR NR 248,000.00 Security State Bank 1.510/7/2019 81489TAV8 464 10[7/2019 4172017 1.500 NR NR 248,000.00 Merrick Bank UT 1.5510/92019 59013JKA6 466 10/912019 10/92015 1.550 NR NR 249,000.00 Capital One 211/52019 140420QN3 493 11/52019 11/5/2014 2.000 NR NR 248,000.00 City Bank LIT 2.1511/5/2019 17284C2R4 493 11/52019 11/5/2014 2.150 NR NR 248,000.00 Kearny Federal Savings Bank 1.7 48714LAE9 503 11/152019 11/152017 1.700 NR NR 248,000.00 11/152019 100 243,534.76 0.10 248,000.00 100 243,711.58 0.10 Washington Trust Company 1.65 940637JA0 513 11/25/2019 5242017 1.650 NR NR 248,000.00 11/252019 100 243,486,65 0.10 248,000.00 100 244,460.54 0.10 Bank of Hope 1.7 11/262019 062683AJ6 514 11262019 5262017 1.700 NR NR 248,000.00 American Express2.2 11292019 02587DWK0 517 11292019 11282014 2.200 NR NR 248,000.00 First Source Bank 1.7512/302019 33646CFE9 548 12/302019 6/30/2015 1.750 NR NR 248,000.00 GE Capital Bank 1.81/162020 36162PFS6 565 1/162020 1/162015 1.800 NR NR 248,000.00 Peoples United Bank 1.85121/2020 71270QLM6 570 1212020 1212015 1.850 NR NR 248,000.00 Douglas National Bank 1.651212020 259744DS6 570 1212020 7/192017 1.650 NR NR 248,000.00 Bank of Georgetown DC 1.65 1/302020 06424XBT8 579 1/302020 1/302015 1.650 NR NR 248,000.00 PrivateBank IL 1.81/302020 74267GUW5 579 1/302020 1/302015 1.800 NR NR 248,000.00 Machias Savings Bankl.65 2/6/2020 554479DS1 586 2/62020 2/62015 1.650 NR NR 248,000.00 Springs Valley Bank & Trust Company 851791AR4 592 2/12/2020 10/122017 1.750 NR NR 248,000.00 1.752/12/ Signature BK of Arkansas 1.15 2/18/2020 82669LGH0 598 2/182020 8/18/2016 1.150 NR NR 248,000.00 Belmont Savings Bank 1.55 224/2020 080515BT5 604 2242020 2242017 1.650 NR NR 248,000,00 Steams Bank 1.6 2262020 857894TA7 606 2262020 224/2017 1.600 NR NR 248,000,00 Berkshire Bank 1.55 228/2020 084601GY3 608 2282020 2282017 1.550 NR NR 248,000.00 CrossFirsl Bank 1.6 2282020 22766AAX3 608 2282020 2282017 1.600 NR NR 248,000.00 First Western Bank 1.55228/2020 33749VAK4 608 2282020 2282017 1,550 NR NR 248,000,00 Wells Fargo Bank 1.8 322020 949763FA9 611 3/2/2020 3/12017 1.800 NR NR 248,000.01] KeyBank National Association 1.7 49306SXK7 618 3/92020 3/82017 1.700 NR NR 248,OOO.00 3/9/2020 Beneficial Bank 1.3 3/92020 08173QBN5 618 3/92020 3/92016 1.300 NR NR 248,000.00 Goldman Sachs Bank 1.95 3/112020 38148JMV0 620 3/112020 3/11/2015 1.950 NR NR 248,OOO.00 Northwest Bank(FKA Western Capital 66736ABB4 653 4/132020 4/13/2017 1.650 NR NR 248,000.00 Bank) 1.65 4/13 East Boston Savings Bank 1.7 4/132020 27113PBN0 653 4/132020 4/112017 1.700 NR NR 248,OOO.0C Mercantile Bank of Michigan 1.65 58740XYW4 653 4/132020 4/112017 1.650 NR NR 248,000.00 4/132020 MB Financial Bank 1.65,4/13/2020 55266CUY0 653 4/132020 4/132017 1.650 NR NR 248,000.00 Jefferson Bank and Trust Company 1.75 472376AC6 682 5/12/2020 11/92017 1.750 NR NR 248,000,OC 5/12/2020 First Bank of Owasso 1.8 5/142020 31927LAM0 684 5/142020 11/142017 1.800 NR NR 248,000.00 Commerce State Bank 1.65 522/2020 20070PJD0 692 5222020 5222017 1.650 NR NR 248,000.00 Oriental Bank 1.85 5/26/2020 68621 KAY7 696 5262020 524/2017 1.850 NR NR 248,000.00 Horicon Slate Bank 1,65 5/262020 440392FL7 696 5262020 523/2017 1.650 NR NR 248,000,0( Summit Community Bank Inc 1.65 86604XLT1 699 5292020 5/312017 1.650 NR NR 248,000.00 529/2020 Cost Value + Accrued % of Interest Cost Price Market Value Portfolio 248,000.00 100 245,333.75 0.10 248,000.00 100 245,291.84 0,10 248,000,00 100 245,094.43 0.10 248,000.00 100 245,095.92 0.10 248,000.00 100 244,920.58 0.10 248,000.00 100 244,898.26 0.10 249,000.00 100 247,518.20 0,11 248,000.00 100 246,534.07 0.10 248,000.00 100 246,732.47 0.10 248,000.00 100 245,158.17 0.10 248,000.00 100 244,891.82 0.10 248,000.00 100 245,057.23 0.10 248,000.00 100 246,188.86 0.10 248,000.00 100 245,313.91 0.10 248,000.00 100 246,390.48 0.10 248,000.00 100 246,354.52 0.10 248,000.00 100 244,306.54 0.10 248,000.00 100 246,284.58 0.10 248,000.00 100 246,248.62 0,10 248,000.00 100 246,228.78 0.10 248,000.00 100 244,463.27 0.10 248,000.00 100 242,098.34 0.10 248,000.00 100 243,534.76 0.10 248,000.00 100 243,711.58 0.10 248,000.00 100 243,500.78 0.10 248,000.00 100 243,688.27 0.10 248,000.00 100 243,486,65 0.10 248,000.00 100 244,460.54 0.10 248,000.00 100 243,982.15 0.10 248,000,00 100 244,616.54 0.10 248,000.00 100 244,985.81 0.10 248,000.00 100 243,365,13 0.10 248,000.00 100 243,581.38 0.10 248,000.00 100 243,373,06 0.10 248,000,00 100 243,365.13 0.10 248,000.00 100 243,463.58 0.10 248,000.00 100 243,663,47 0.10 248,000.00 100 242,884.01 0,10 248,000,00 100 243,757.46 0.10 248,000,00 100 242,838.13 0.10 248,000.00 100 242,795.47 0.10 Page 10 of 17 Page 11 of 17 Days To Settlement YTM @ Credit Rating Credit Rating Cost Value + Accrued % of Description CUSIPTcker Maturity Maturity Date Date Cost 1 2 Face Amount/Shares Interest Cost Price Market Value Portfolio Kennebec Savings Bank 1.65 5/29/2020 489265AU2 699 5/29/2020 5/30/2017 1.650 NR NR 248,000.00 248,000.00 100 242,795.47 0.10 Sturgis Bank & Trust Company 1.8 6/9/2020 864088DM8 710 6/9/2020 11/9/2017 1.800 NR NR 248,000.00 248,000.00 100 243,365.38 0.10 University of Iowa 2.85 6/19/2020 91435LAN7 720 6/19/2020 6/20/2018 2.850 NR NR 249,000.00 249,000.00 100 249,237.55 0.11 Comenity Cap Bank UT 2.15 6/29/2020 20033ALD6 730 6/29/2020 6/29/2015 2.150 NR NR 248,000.00 248,000,00 100 244,571.65 0,10 Chippewa Valley Bank 1.7 6/30/2020 169894AN2 731 6/30/2020 6/30/2017 1.700 NR NR 248,000.00 248,000.00 100 242,633.03 0,10 The Bank of Princeton 1.7 6/30/2020 064520AD1 731 6/30/2020 6/30/2017 1.700 NR NR 248,000.00 248,000.00 100 242,633,03 0.10 Midsouth Bank Lafayette 1.85 7/13/2020- 18 59805FAA7 744 7/13/2020 7/12/2017 1.850 NR NR 248,000.00 248,000.00 100 243,244.10 0.10 First Oklahoma Bank 1.7 7/27/2020 335857BE7 758 7/27/2020 7/26/2017 1.700 NR NR 248,000.00 248,000.00 100 242,369.41 0.10 Bank of Deerfield 1.15 7127/2020 061785DP3 758 7/27/2020 8/26/2016 1.150 NR NR 246,000.00 248,000.00 100 239,620,08 0,10 Capital One 2.3 8/12/2020 14042E5M8 774 8/12/2020 8/12/2015 2.300 NR NR 248,ODO.00 248,000.00 100 245,284.15 0.10 BMW Bank UT 2.25 8/21/2020 05580ACS1 783 8/21/2020 8/21/2015 2.250 NR NR 248,000.00 248,000.00 100 245,227.36 0.10 Southern State Bank AL 2.8 9/28/2020 843879BT3 821 9/28/2020 6/27/2018 2.800 NR NR 249,000.00 249,000.00 100 248,682.03 0,11 Financial Federal Bank 1.7 9/30/2020 31749TAX5 823 9/30/2020 5/30/2017 1.700 NR NR 248,000.00 248,000.00 100 241,732.05 0.10 Lakeside Bank 1.7511/19/2020 51210SMS3 873 11/19/2020 5/19/2017 1.750 NR NR 248,000.00 248,000.00 100 241,507.11 0.10 American National Bank -Fox Cities 1.75 11/23/2020 02771PNQ6 877 11/23/2020 5/23/2017 1.750 NR NR 248,000.00 248,000.00 100 241,466.44 0.10 Alma Bank 1,712/9/2020 020080BE6 893 12/9/2020 12/9/2016 1.700 NR NR 248,000.00 248,000,00 100 241,009.87 0,10 Plus International Bank 2.8 12/14/2020 72940UJF3 898 12/14/2020 6/13/2018 2.800 NR NR 249,000.00 249,000,00 100 248,419.83 0.11 Morton Community Bank 1.7 12/16/2020 619165GW7 900 12/16/2020 12/16/2016 1.700 NR NR 248,000.00 248,000.00 100 240,935.47 0.10 First Bank Richmond 1.8 12/28/2020 319267GE4 912 12/28/2020 6/27/2017 1.800 NR NR 248,000.00 248,000.00 100 241,403.70 0.10 Stone Bank 1.851/11/2021 86158RAM1 926 1/11/2021 10/11/2017 1.850 NR NR 248,000.00 248,OWQ00 100 241,571.34 0.10 First Federal Savings Bank 1.9 1/1512021 32021YDA8 930 1/15/2021 11/15/2017 1.900 NR NR 248,000.00 248,000.00 100 241,835.46 0.10 First Farmers Bank & Trust Company 1.9 1/21/20 320165HW6 936 1/21/2021 7/21/2017 1.900 NR NR 248,000.00 248,000.00 100 241,785.37 0.10 Lead Bank 1.7 2/9/2021 521680AE8 955 2/9/2021 8/9/2017 1.700 NR NR 248,000.00 248,000,00 100 240,355,90 0.10 Luana Savings Bank 1.7 2/11/2021 54910321-2 957 2/11/2021 8/11/2017 1.700 NR NR 248,000.00 248,000.00 100 240,368.D5 0,10 Apex Bank 1.25 2/17/2021 03753XAE0 963 2/17/2021 8/17/2016 1.250 NR NR 248,000.00 248,000.00 100 237,443.14 0.10 US Alliance FCU NY 2.9 2/22/2021 90352RAB1 968 2222021 622/2018 2.900 NR NR 249,000.00 249,000.00 100 249,416.33 0.11 First Security Stale Bank IA 2.85 2/222021 336386AX5 968 2/222021 6/22/2018 2.850 NR NR 249,000.00 249,000,00 100 248,466,14 0.11 National Cooperative Bank 1.5 3/92021 635573AH1 983 3/92021 3/92016 1.500 NR NR 248,000.00 248,000,00 100 241,609.54 0.10 Triad Bank 1.854/122021 89579NBU6 1,017 4/122021 10/122017 1.850 NR NR 248,000.00 248,000.00 100 240,647.79 0.10 Gold Coast Bank 1.9 5/10/2021 38058KDU7 1,045 5/102021 11/92017 1.900 NR NR 248,000.00 248,000.00 100 240,694.66 0,10 The Lake Bank MN 2.9 5/17/2021 507515BE3 1,052 5/172021 6222018 2,900 NR NR 249,000.00 249,000.00 100 248,464.90 0.11 Bank of the Pacific 1.25 5/242021 06425BCK3 1,059 5242021 8242016 1.250 NR NR 248,000.00 248,000.00 100 236,073.68 0.10 Ponce De Leon Federal Bank 1.9 5/26/2021 732333AG4 1,061 5262021 5262017 1.900 NR NR 248,000.00 248,000.00 100 240,530.24 0.10 Stock Yards Bank & Trust Co KY 2.9 6/14/2021 861026AA0 1,080 6/14/2021 6/142018 2.900 NR NR 246,000.00 246,000.00 100 245,357.69 0.10 First Tech Federal CU Palo Alto CA 3.05 6/14/2021 33715LBL3 1,080 6114/2021 6/142018 3.050 NR NR 249,000.00 249,000.00 100 249,406.37 0.11 Citibank Sioux Falls SD 36/152021 17312ON47 1,081 6/152021 6/152018 3.000 NR NR 246,000.00 246,000.00 100 246,047.72 0.10 Eagle Bank Bethesda MD 2,96/152021 27002YDS2 1,081 6/152021 6/152018 2.900 NR NR 249,000.00 249,000.00 100 248,320.73 0.11 Country Bank NY 2.96118/2021 22230PBS8 1,084 6/18/2021 620/2018 2.900 NR NR 249,000,00 249,000.00 100 248,332.68 0.11 RCB Bank Claremore OK 2.96212021 74934YAJ0 1,087 621/2021 6202018 2.900 NR NR 249,000.00 249,000.00 100 248,320.48 0.11 Mercantil Bank Coral Gables FL 3 6212021 58733AEX3 1,087 62112021 6212018 3.000 NR NR 246,000.00 246,000,00 100 246,027.06 0.10 12325EHU9 1,089 623/2021 623/2017 1.800 NR NR 248,000.00 248,000.00 100 239,538,74 0,10 Page 11 of 17 YTM @ Credit Rating Credit Rating Cost Value + Accrued % of Cost 1 2 Face Amount/Shares Interest Cost Price Market Value Portfolio 3.000 NR NR Days To 246,000.00 Settlement Description CUSIPRcker Maturity Maturity Date Date The Business Bank of Saint Louis 1.8 100 239,838.32 0.10 1.800 NR 6/23/2021 248,000.00 248,000.00 100 239,483.18 Towne Bank Portsmouth VA 3 6/28/2021 89214PBR9 1,094 6/28/2021 6/28/2018 Nebraskal-and National Bank 1.85 63970QFG6 1,094 6/28/2021 6/28/2017 6/28/2021 248,000.00 100 239,827.41 0.10 Winter HIII Bank, FSB 1.8 6/28/2021 975875AK1 1,094 6/28/2021 626/2017 Central Federal S&L Assoc of Chicago 0.10 1.950 NR NR 248,000.00 2.85 6/28 15347EAH2 1,094 6/28/2021 6/28/2018 Marine Bank 1.85 6/29/2021 56817TAB7 1,095 6/29/2021 6/29/2017 Citizens State Bank 1.85 6/30/2021 17670DAD6 1,096 6/30/2021 6130/2017 Texas Exchange Bank 1.95 6/30/2021-18 88241TBP4 1,096 6/30/2021 6/30/2017 Central State Bank Iowa 1.85 7/14/2021 15523RBJ4 , 1,110 7/14/2021 7/14/2017 Bankers Bank Madison WI 1.9 7/14/2021 06610RA02 1,110 7/14/2021 7/14/2017 FNB Bank, Inc/Romney 1.85 7/19/2021 30257JAC9 1,115 7/19/2021 7/192017 Abacus Federal Savings Bank 1.95 00257TAY2 1,117 7212021 7212017 7212021 248,000.00 248,000.00 100 236,039.95 Spiritbank Bristow OK 1.9 8/11/2021 -18 848608DB8 1,138 8/112021 8/112017 Commercial Bank Alma Ml 1.48/162021 2012821-1135 1,143 8/162021 8/162016 Partners Bank of California 1.85 70212YAW2 1,143 8/162021 8/152017 8/162021 NR 248,000.00 248,000.00 100 JPMorgan Chase Bank NA 1.65 48126XAH8 1,143 8/162021 8/162016 8/162021 100 236,287,21 0.10 2.050 NR Palmetto Heritage Bank and Trust 1.9 69709QAM3 1,147 8202021 8212017 8/202021 2.000 NR NR 248,000.00 248,000.00 Enerbank USA 1.45 826/2021 29266N31-18 1,153 8262021 8/262016 Uinta County State Bank 2.05 10/132021 903572CC7 1,201 10/132021 10/132017 State Bank of Chilton 2 10/13/2021-18 85641 PDQO 1,201 10/132021 10/132017 Northfield Bank 1.95 1020/2021 66612ABV9 1,208 10202021 11/12017 Commerce Bank Geneva MN 2 20056QQQ9 1,245 11262021 8252017 11262021-18 247,000.00 247,175.95 100 238,345.61 Great Plains Bank 1.851221/2021 39115UAZ6 1,270 12212021 421/2017 American Eagle Bank 2 12/302021 02554BCRO 1,279 12/302021 7/132017 The Ohio Valley Bank Company 1.9 248,000.00 100 238,346.35 0.10 1/192022 677721 CNO 1,299 1/192022 7/192017 Nebraska Slate B&T Co. 1.95 2/212022 63969ACD4 1,332 2212022 4212017 United Community Bank 2.05 4/122022- 100 242,347.34 0,10 2.100 NR 18 90983WBN0 1,382 4/122022 10/122017 BMO Harris Bank Step 4/13/2022-17 05581 WNM3 1,383 4/132022 4/1311017 International Bank of Chicago 2.1 45906ABR7 1,390 4202022 10202017 420/2022-18 248,000.00 100 238,476.55 0.10 Celtic Bank 2.14/21/2022 15118RMF1 1.,391 421/2022 4212017 The North Jackson Bank 2.05 5/9/2022 32063KAS1 1,409 5/92022 11/82017 First State Bank of DeQueen Step 99.75 237,677.99 0.10 2.000 NR 5/26/2022-18 336460CG3 1,426 5262022 5/262017 Farmers & Mechanics FS & LA 2 2.150 NR NR 248,000.00 248,000.00 6/162022-17 307764AA8 1,447 6/162022 6262017 DNB First, National Association 2 248,000.00 100 237,583.50 0.10 6232022 25590AAH3 1,454 6232022 6/23/2017 National Bank of Commerce 2.15 633368EK7 1,458 6272022 6/272017 627/2022-17 Traverse City State Bank 2 6/28/2022 894333FF5 1,459 6282022 628/2017 First National Bank of Syracuse 2.1 628/2022-17 334342CA8 1,459 628/2022 6282017 YTM @ Credit Rating Credit Rating Cost Value + Accrued % of Cost 1 2 Face Amount/Shares Interest Cost Price Market Value Portfolio 3.000 NR NR 246,000.00 246,000.00 100 246,002.95 0.10 1.850 NR NR 248,000.00 248,000.00 100 239,838.32 0.10 1.800 NR NR 248,000.00 248,000.00 100 239,483.18 0.10 2.850 NR NR 249,000.00 249,000.00 100 247,934.28 0.11 1.850 NR NR 248,000.00 248,000.00 100 239,827.41 0.10 1.850 NR NR 248,000.00 248,000.00 100 239,817.98 0.10 1.950 NR NR 248,000.00 248,000.00 100 240,516.60 0.10 1.850 NR NR 248,000.00 248,000.00 100 239,682.82 0.10 1.900 NR NR 248,000.00 248,000.00 100 240,042.92 0.10 1.850 NR NR 248,000.00 '248,000,00 100 239,634.71 0.10 1.950 NR NR 248,000.00 248,000.00 100 240,339.53 0.10 1.900 NR NR 248,000.00 248,000.00 100 239,797.65 0.10 1.400 NR NR 248,000.00 248,000.00 100 236,039.95 0.10 1.850 NR NR 248,000,00 248,000,00 100 239,410.52 0.10 1.650 NR NR 248,000.00 .248,000.00 100 236,545.87 0.10 1.900 NR NR 248,000.00 248,000.00 100 239,694,73 0.10 1.450 NR NR 248,000.00 248,000.00 100 236,287,21 0.10 2.050 NR NR 247,000.00 247,000.00 100 239,414.38 0.10 2.000 NR NR 248,000.00 248,000.00 100 239,980.18 0.10 2.029 NR NR 248,000.00 247,414.99 99.7 239,546.92 0.10 2.000 NR NR 248,000,00 248,000,00 100 239,577.92 0.10 1.850 NR NR 248,000.00 248,000.00 100 238,116.21 0.10 2.000 NR NR 247,000.00 247,175.95 100 238,345.61 0.10 1.900 NR NR 248,000.00 248,000.00 100 238,243.68 0.10 1.950 NR NR 248,000.00 248,000.00 100 238,346.35 0.10 2.050 NR NR 248,000.00 248,000.00 100 238,747.62 0.10 2.143 NR NR 248,000.00 248,000,00 100 242,347.34 0,10 2.100 NR NR 248,000.00 248,000.00 100 239,117.88 0.10 2.100 NR NR 248,000,00 248,000.00 100 239,091.34 0.10 2.050 NR NR 248,000.00 248,000.00 100 238,476.55 0.10 2.077 NR NR 248,000.00 248,000.00 100 235,079.00 0.10 2.053 NR NR 248,000.00 247,515,89 99.75 237,677.99 0.10 2.000 NR NR 248,000.00 248,000.00 100 237,590.70 0.10 2.150 NR NR 248,000.00 248,000.00 100 238,966.10 0.10 2.000 NR NR 248,000.00 248,000.00 100 237,583.50 0.10 2.100 NR NR 248,000.00 248,000.00 100 238,470.85 0,10 Page 12 of 17 Page 13 of 17 Days To Settlement YTM @ Credit Rating Credit Rating Cost Value + Accrued % of Description CUSIP/Ticker Maturity Maturity Date Date Cost 1 2 Face Amount/Shares Interest Cost Price Market Value Portfolio First State Community Bank 2.1 6/30/2022-18 33708UCF4 1,461 6/30/2022 6/30/2017 2.100 NR NR 248,000.00 248,000.00 100 238,513.75 0.10 Barclays Bank Delaware 2.2 7/12/2022 06740KKD8 1,473 7/12/2022 7/12/2017 2.200 NR NR 247,000.00 247,000.00 100 238,348.08 0.10 First Internet Bank of Indiana 2.05 7/14/2022 32056GCQ1 1,475 7/14/2022 7/14/2017 2.050 NR NR 248,000.00 248,000.00 100 237,830.51 0.10 Fidelity Coop Bank Leominster Step 8/9/2022-17 316077CV6 1,501 8/9/2022 8/9/2017 1,977 NR NR 248,000.00 247,008.00 99,6 239,406.55 0.10 The First National Bank of Mayfield 2 8/18/2022 330459BUI 1,510 8/18/2022 8/18/2017 2.000 NR NR 248,000.00 248,000.00 100 236,964.74 0.10 First Premier Bank 2.05 8/22/2022 33610RQY2 1,514 8/22/2022 8/21/2017 2.050 NR NR 248,000.00 248,000.00 100 237,453.55 0,10 Alliance Credit Union 2,25 10/13/2022 01859BAA3 1,566 10/13/2022 10/13/2017 2.250 NR NR 248,000,00 248,000.00 100 238,837.39 0.10 Allegiance Bank 2.211/3/2022 01748DAY2 1,587 11/3/2022 11/3/2017 2,200 NR NR 248,000.00 248,000,00 100 238,081.74 0.10 First Bank of Highland Park 2.211/8/2022 319141JF5 1,592 11/8/2022 11/8/2017 2.200 NR NR 248,000.00 248,000.00 100 238,066.11 0.10 Mountain America Credit Union 2.3 11/8/2022 62384RAC0 1,592 11/82022 11/8/2017 2.300 NR NR 248,000.00 248,000.00 100 239,035.30 0.10 Signature Bank Chicago 2.1511/8/2022 82669VBY6 1,592 11/82022 11/8/2017 2.150 NR NR 248,000.00 248,000.00 100 237,564.66 0.10 Sallie Mae Bank 3 4/182023 795450M93 1,753 4/182023 4/182018 3.000 NR NR 245,000.00 245,000.00 100 242,078.62 0.10 UBS Bank USA Sall Lake City UT 3.25 6/13/2023 90348JCM 1,809 6/13/2023 6/13/2018 3.250 NR NR 248,000.00 248,000.00 100 247,466.80 0.10 Sub Total I Average 854 1.879 38,935,000.00 38,933,114.83 99.991958 38,150,964.55 16.47 Corporate Bonds 15% Johnson & Johnson Note 1.65 12/5/2018 478160BG8 158 12/52018 8/172015 1.271 Moodys-Aaa S&P-AAA 2,000,000.00 2,031,000.00 101.22 1,993,182.00 0.86 Microsoft Corp 1.62512/62018 594918AV6 159 12/62018 5272015 1.148 Moodys-Aaa S&P-AAA 1,000,000.00 1,024,138.75 101.642 997,331.00 0.43 Barclays Bank PLC 2 5/312019-18 06741VUWO 335 5/312019 5/312017 2.000 Moodys-A1 S&P-A- 1,000,000.00 1,000,000.00 100 989,528,00 0,42 American Express Credit Corp 2.6 9/142020-20 0258MODX4 807 9/142020 6/132018 3,000 Moodys-Aa2 S&P-A- 2,000,000.00 1,995,505.58 99.132501 1,975,012.00 0.84 Automatic Data Processing2.25 9/15/2020 053015AD5 -_ 808 9/152020 6/13/2018 2.617 Moodys-Aa3 S&P-AA 1,000,000.00 997,500,00 99.2 986,310.00 0.42 COCO-COLA CO 1.8751027/2020 191216BT6 850 10272020 7/13/2017 1.875 Moodys-Aa3 S&P-AA- 1,000,000.00 1,003,958.33 100 977,431.00 0.42 Microsoft 211W020-20 594918BG8 857 11/3/2020 11/62015 1.929 Moodys-Aaa S&P-AAA 1,000,000.00 1,003,546.67 100.338 984,233.00 0.42 Walmart Inc 1.912/15/2020 931142EA7 899 12/15/2020 6/13/2018 2.622 Moodys-Aa2 S&P-AA 1,000,000.00 994,897.22 98.26 979,736.00 0.42 Apple Inc 2.252/23/2021-21 037833BS8 969 2123/2021 12/22016 2.125 Moodys-Aal S&P-AA+ 2,000,000,00 2,022,375.00 100.5 1,965,210.00 0.85 Berkshire Hathaway Inc 2.2 3/152021 084670BQ0 989 3/152021 6/13/2018 2.654 Moodys-Aa2 S&P-AA 1,000,000.00 993,377.78 98,8 983,975.00 0,42 Toyota Motor Credit Crop 2.61/112022 89236TDP7 1,291 1/112022 7/13/2017 2.200 Moodys-Aa3 S&P-AA- 1,000,000.00 1,017,172.28 101.702784 979,515.00 0.43 Chevron Corp 2.4983/3/2022 166764BN9 1,342 3/3/2022 8/10/2017 2.101 Moodys-Aa2 S&P-AA- 2,000,000.00 2,056,188.11 101.72 1,961,840.00 0,86 Apple Inc 2.35/11/2022 037833COl 1,411 5/112022 6262017 2.133 Moodys-Aal S&P-AA+ 2,000,UDO.00 2,021,152.54 100.770127 1,942,040.00 0.85 Barclays Bank PLC Step 825/2022-18 06744CFN6 1,517 8252022 8/252017 2.440 Moodys-A1 S&P-A- 2,000,000.00 2,000,000.00 100 1,937,026.00 0.85 Toyota Motor Credit Corp 2.15 9/82022 89236TEC5 1,531 9/82022 11/12017 2.301 Moodys-Aa3 S&P-AA- 2,500,000.00 2,490,663.19 99.31 2,384,257.50 1.05 IBM Credit LLC 2.2 9/82022 44932HAC7 1,531 9/82022 10/32017 2.301 Moodys-A1 S&P-A+ 1,000,000.00 996,827.78 99.53 956,734.00 0.42 VISA Inc 2.159/15/2022 92826CAG7 1,538 9/152022 10/32017 2.101 Moodys-A1 S&P-A+ 1,000,000.00 1,003,615.32 100.230143 958,522.00 0,42 Sub Total / Average 1,040 2.174 24,500,000.00 24,651,918.65 100.199899 23,951,882.50 10.39 Municipal Securities 15% l5% .... _ _ .. ,. _...... _....__._.._ ......_ .... Murrieta Redevelopment Agency 1.8 8/12019 62719PAV8 397 8/12019 10/182017 1.802 S&P-A NR 350,000.00 349,989.50 99,997 346,150.00 0,15 Fresno County Pension2,4888/15/2019 358266CQ5 411 8/152019 9/8/2015 2.288 NR S&P-AA- 1,000,000.00 1,007,845.56 100.75 992,520,00 0.43 California ST1.84/12020 13063CSQ4 641 4/12020 4292015 1.700 Moodys-Aa3 S&P-AA- 2,000,000.00 2,009,380.00 100.469 1,967,120.00 0.85 California ST 2.6254/12021 13063DAC2 1,006 4/12021 4272017 2.003 Moodys-M3 S&P-AA- 1,000,000.00 1,023,400.00 102.34 993,030.00 0.43 Murrieta Redevelopment Agency 2.25 8/12021 62719PAX4 1,128 8/12021 10/18/2017 2.319 S&P-A None 350,000.00 349,135.50 99.753 340,511.50 0.15 Page 13 of 17 Description CUSIPTcker Days To Maturity Maturity Date Settlement Date YTM @ Credit Rating Cost 1 Credit Rating 2 Face Amount/Shares Cost Value + Accrued Interest Cost Price Market Value % of Portfolio Santa Rosa CA REGL Resource Rev 2.2 802629AW5 1,128 8/1/2021 10/3/2017 2.001 S&P -AA+ Fitch -AA 980,000.00 989,489.67 100.73 957,068.00 0.42 8/1/2021 3134G9DKO 320 5/16/2019 5/16/2016 1.200 Moodys-Aaa S&P -AA+ 1,000,000.00 1,000,000.00 100 990,087,00 0.42 Industry Calif Sales Tax Rev 2.75 1/1/20 45656RDV1 1,281 1/1/2022 5/17/2017 2.451 Moodys-A1 S&P -AA- 1,000,000.00 1,014,604.17 101.3 986,010.00 0,43 Califomia ST 2.367 4/1/2022 13063DADO 1,371 4/1/2022 4/27/2017 2.152 Moodys-Aa3 S&P -AA- 1,000,000.00 1,010,000.00 101 973,910.00 0.43 Murrieta Redevelopment Agency 2.5 8/112022 62719PAY2 1,493 8/1/2022 10/18/2017 2.559 S&P -A NR 250,000.00 249,345.00 99.738 242,072.50 0.11 Santa Rosa CA REGL Resources Rev 2.4 8/1/2022 802629AX3 1,493 8/1/2022 10/3/2017 2.202 S&P -AA+ Fitch -AA 500,000.00 505,800.00 100.9 486,910.00 0.21 Sub Total / Average 963 2.069 8,430,000.00 8,508,989.40 100.875148 8,285,302.00 3.60 US Agency Bonds / Notes 5 FHLB 1.1259/14/2018 313OA6AE7 76 9/14/2018 9/18/2015 1.179 Moodys-Aaa S&P -AA+ 2,000,000.00 1,999,362.50 99.84 1,996,172.00 0.84 FHLMC 1.25/16/2019-17 3134G9DKO 320 5/16/2019 5/16/2016 1.200 Moodys-Aaa S&P -AA+ 1,000,000.00 1,000,000.00 100 990,087,00 0.42 FNMA 1.18123/2019-17 3136G32A2 419 8/23/2019 8/30/2016 1.100 Moodys-Aaa S&P -AA+ 5,000,000.00 5,000,000.00 100 4,924,870.00 2.12 FNMA 1.651/27/2020-17 3135GOS46 576 1/27/2020 2/21/2017 1.650 Moodys-Aaa S&P -AA+ 2,000,000.00 2,002,200.00 100 1,969,418.00 0.85 FFC81.38312/2020-17 3133EFH59 611 3/2/2020 3/2/2016 1.380 Moodys-Aaa S&P -AA+ 2,000,000,00 2,000,000.00 100 1,957,926.00 0.85 FFCB 2.479/15/2020-18 3133EJGJ2 808 9/15/2020 6/13/2018 2.602 Moodys-Aaa S&P -AA+ 1,000,000.00 1,003,137.78 99.71 994,621.00 0.42 FFC81.7712/72020-17 3133EGR49 891 12/7/2020 12/7/2016 1.770 Moodys-Aaa S&P -AA+ 2,000,000.00 2,000,000.00 100 1,957,466,00 0.85 FFCB 1.91 1/202021-17 3133EHGHO 935 1202021 4/202017 1.910 Moodys-Aaa S&P -AA+ 1,500,000.00 1,500,000.00 100 1,474,105,50 0.63 FHLB 1.3752/182021 313OA7CV5 964 2/182021 4/42016 1.328 Moodys-Aaa S&P -AA+ 1,000,000,00 1,003,956,94 100.22 968,036.00 0.42 FNMA Step 3/15/2021-17 3136G3AY1 989 3/152021 3/152016 2.004 Moodys-Aaa S&P -AA+ 2,000,000.00 2,000,000.00 100 1,995,874.00 0.85 FHLMC Step 3232021-16 3134G8NQ8 997 3232021 4/42016 2,169 Moodys-Aaa S&P -AA+ 1,050,000.00 1,050,401.04 100 1,033,494.00 0.44 FHLMC Step 3/302021-16 3134G8NV7 1,004 3/302021 3/3WO16 2.118 Moodys-Aaa S&P -AA+ 1,500,000.00 1,500,000.00 100 1,480,273.50 0.63 FFCB 2 4/52021-18 3133EHEG4 1,010 4/52021 4/52017 2.000 Moodys-Aaa S&P -AA+ 3,500,000.00 3,500,000.00 100 3,432,023.00 1.48 FFCB 1.934202021-18 3133EHGG2 1,025 4202021 4202017 1.930 Moodys-Aaa S&P -AA+ 1,500,000.00 1,500,000.00 100 1,465,800.00 0.63 FNMA 1.4 525/2021-17 3136G31.194 1,060 5252021 8252016 1.400 Moodys-Aaa S&P -AA+ 1,850,000.00 1,850,000.00 100 1,786,593.10 0.78 FHLMC 27272021-17 3134GBXA5 1,123 7272021 7272017 2.000 Moodys-Aaa S&P -AA+ 1,000,000.00 1,000,000.00 100 974,090.00 0.42 FHLMC 2.0512/30/2021-17 3134GAZR8 1,279 12/302021 12/302016 2.050 Moodys-Aaa S&P -AA+ 2,000,000.00 2,000,000.00 100 1,944,312.00 0.85 FFCB 1.953/14/2022-17 3133EHYQO 1,353 3/14/2022 11/12017 2.082 Moodys-Aaa S&P -AA+ 2,000,000.00 1,994,091.67 99.45 1,938,462.00 0.84 FFCB 2 3/142022-17 3133EHMH3 1,353 3/142022 6222017 2.023 Moodys-Aaa S&P -AA+ 2,000,000.00 1,998,888.89 99.9 1,936,518.00 0.85 FFCB 2 4/52022-17 3133EHQG1 1,375 4/52022 7/112017 2.078 Moodys-Aaa S&P -AA+ 1,000,000.00 996,833.33 99.65 968,365.00 0.42 FHLB 2.14/26/2022-19 3130AB31.18 1,396 4262022 4262017 2.100 S&P -AA+ NR 4,000,000.00 4,000,000.00 100 3,887,860.00 1.69 FHLB 2.084272022-18 3130AB6Q4 1,397 4272022 4272017 2.080 Moodys-Aaa S&P -AA+ 1,500,000.00 1,500,000.00 100 1,455,894.00 0.63 FHLB 2.1 5/182022-18 3130ABCS3 1,418 5/182022 5/182017 2.100 Moodys-Aaa S&P -AA+ 2,000,000.00 2,000,000.00 100 1,935,482.00 0.85 FHLMC 2.055/25/2022-18 3134GBMB5 1,425 5252022 5252017 2.050 Moodys-Aaa S&P -AA+ 1,000,000.00 1,000,000.00 100 968,630.00 0.42 FHLMC 2.16/29/2022-17 3134GBTL6 1,460 6292022 6292017 2.100 Moodys-Aaa S&P -AA+ 2,000,000.00 2,000,000.00 100 1,936,676.00 0.85 FHLMC Step 7/5/2022-17 3134GBYK2 1,466 7/52022 7/112017 2.048 Moodys-Aaa S&P -AA+ 1,000,000.00 1,000,333.33 100 979,514.00 0.42 FHLMC 2 7/192022-17 3134GBVF6 1,480 7/192022 7/192017 2.000 Moodys-Aaa S&P -AA+ 2,000,000.00 2,000,000.00 100 1,958,078.00 0.85 FHLMC 2.257262022-18 3134GBYP1 1,487 726/2022 7262017 2.250 Moodys-Aaa S&P -AA+ 2,000,000.00 2,000,000.00 100 2,000,604.00 0.85 FHLMC 2 7272022-18 3134GBWQ1 1,488 7272022 7272017 2.042 Moodys-Aaa S&P -AA+ 2,000,000.00 1,996,000.00 99.8 1,935,122.00 0.84 FHLMC Step 8222022-17 3134GBB27 1,514 8222022 8222017 2.144 S&P -AA+ Fitch -AAA 2,000,000.00 2,000,000.00 100 1,955,526.00 0.85 FHLB Step 8/242022-17 3130ABZW9 1,516 8242022 8242017 2.071 Moodys-Aaa S&P -AA+ 1,000,000.00 1,000,000.00 100 972,369.00 0.42 FHLMC 2.059/292022-17 3134GBH39 1,552 9292022 10/312017 2.163 Moodys-Aaa S&P -AA+ 2,000,000.00 1,993,144.44 99.475 1,938,074.00 0.84 FHLB Step 10/18/2022-18 3130ACGW8 1,571 10/182022 10/182017 2.144 Moodys-Aaa S&P -AA+ 1,500,000.00 1,500,000.00 100 1,468,506.00 0.63 FNMA 2.2510272022-18 3136G4PV9 1,580 1027/2022 10272017 2.250 Moodys-Aaa None 2,000,000.00 2,000,000.00 100 1,949,386.00 0.85 FHLMC 2.41128/2022-18 3134GBY63 1,612 11282022 11282017 2.400 Moodys-Aaa S&P -AA+ 3,000,000.00 3,000,000.00 100 2,915,067.00 1.27 Sub Total / Average 1,141 1.912 65,900,000.00 65,888,349.92 99.94725 64,445,294.10 27.87 Page 14 of 17 Page 15 of 17 Days To Settlement YTM @ Credit Rating Credit Rating Cost Value + Accrued % of Description CUSIPRcker Maturity Maturity Date Date Cost 1 2 Face Amount/Shares Interest Cost Price Market Value Portfolio US Treasury Securites0•/. T -Note 0,8757/15/2018 912828XK1 15 7/15/2018 8/28/2015 0,963 Moodys-Aaa S&P -AA+ 5,000,000,00 4,992,730.98 99.75 4,998,345.00 2.11 T -Note 0.875 10/15/2018 912828L81 107 10/15/2018 11/4/2015 1.075 Moodys-Aaa S&P -AA+ 1,000,000,00 994,696.89 99.421876 996,780.00 0.42 T -Note 1.2512/15/2018 912828N22 168 12/15/2018 12/22/2015 1.261 Moodys-Aaa S&P -AA+ 1,000,000.00 999,926,57 99.96875 996,094.00 0.42 Sub Total / Average 60 1.022 7,000,000.00 6,987,354.44 99.734595 6,991,219.00 2.95 Total I Average 603 1.948 236,301,925.42 236,506,652.56 100.028712 233,361,587.57 99 Page 15 of 17 City of Tustin Transactions Summary Monthly Investment Transactions Group By: Action Portfolio / Report Group: All Portfolios Begin Date: 03/31/2018, End Date: 06/30/2018 YTM Description CUSIPTcke► Portfolio Name Cost Trade Date Settlement Date Maturity Date Face Amount/Shares Principal Price Interest/Dividends Total Buy Sallie Mae Bank 3 4/18/2023 795450M93 Fixed Income - Certificate of Deposit Negotiable 3.000 4/13/2018 4/18/2018 4/18/2023 245,000.00 245,000.00 100 0.00 245,000.00 Plus International Bank 2.812/14/2020 72940UJF3 Fixed Income- Cert'fiicate of Deposit Negotiable 2.800 6/11/2018 6/13/2018 12/14/2020 249,000.00 249,000.00 100 0.00 249,000.00 Automatic Data Processing2.25 9/15/2020 053015AD5 Fixed Income-Corporate Bonds 2.617 6/11/2018 6/13/2018 9/15/2020 1,000,000.00 992,000.00 99.2 5,500.00 997,500.00 Berkshire Hathaway Inc 2.2 3/15/2021 084670BOO Fixed Income - Corporate Bonds 2,654 6/11/2018 6/13/2018 3/15/2021 1,000,000.00 988,000.00 98.8 5,377.78 993,377.78 UBS Bank USA Salt Lake City UT 3.25 6/13/2023 90348JCVA Fixed Income - Certificate of Deposit Negotiable 3.250 6/11/2018 6/13/2018 6/13/2023 248,000.00 248,000.00 100 0.00 248,000.00 American Express Credit Corp 2.6 9/14/2020-20 0258MODX4 Fixed Income - Corporate Bonds 3.000 6/11/2018 6/13/2018 9/14/2020 2,000,000.00 1,982,650,02 99.132501 12,855.56 1,995,505.56 FFCB 2.47 9/15/2020.18 • 3133EJGJ2 Fixed Income - US Agency Bonds / Notes 2.602 6/11/2018 6/13/2018 9/15/2020 1,000,000.00 997,100.00 99.71 6,037.78 1,003,137.78 Walmart Inc 1.912/15/2020 931142EA7 Fixed Income - Corporate Bonds 2.622 6/11/2018 6/13/2018 12/15/2020 1,000,000.00 982,600.00 98.26 12,297.22 994,897.22 First Tech Federal CU Palo Alto CA 3.05 33715LBL3 Fixed Income - Certificate of Deposit 3.050 6/11/2018 6/14/2018 6/14/2021 249,000.00 249,000.00 100 0.00 249,000.00 6/14/2021 Negotiable Stock Yards Bank & Trust Co KY 2.9 6/14/2021 861026AAO Fixed Income - Certificate of Deposit Negotiable 2.900 6/11/2018 6/1412018 6/14/2021 246,000.00 246,000.00 100 0.00 246,000,00 Citibank Sioux Falls SD 3 6/15/2021 17312QN47 Fixed Income - Certificate of Deposit Negotiable 3.000 6/11/2018 6/15/2018 6/15/2021 246,000.00 246,000.00 100 0.00 246,000,00 Eagle Bank Bethesda MD 2.9 6/15/2021 27002YDS2 Fixed Income - Certificate of Deposit Negotiable 2.900 6/11/2018 6/15/2018 6/15/2021 249,000.00 249,000.00 100 0,00 249,000.00 RCB Bank Claremore OK 2.9 6/21/2021 74934YAJO Fixed Income - Certificate of Deposit Negotiable 2.900 6/11/2018 6/20/2018 6/21/2021 249,000.00 249,000.00 100 0.00 249,000.00 Country Bank NY 2.9 6/18/2021 22230PBS8 Fixed Income - Certificate of Deposit Negotiable 2.900 6/11/2018 6/20/2018 6/18/1021 249,000.00 249,000.00 100 0.00 249,000,00 University of Iowa 2.856/19/2020 91435LAN7 Fixed Income - Certificate of Deposit Negotiable 2,850 6/11/2018 6/20/1018 6/19/2020 249,000.00 249,000.00 100 0.00 249,000.00 Mercantil Bank Coral Gables FL 3 6/21/2021 58733AEX3 Fixed Income - Certificate of Deposit Negotiable 3.000 6/11/2018 6/21/2018 6/21/2021 246,000,00 246,000.00 100 0.00 246,000,00 The Lake Bank MN 2.9 5/17/2021 507515BE3 Fixed Income - Certificate of Deposit Negotiable 2.900 6/11/2018 6/22/2018 5/17/2021 249,000.00 249,000.00 100 0.00 249,000.00 US Alliance FCU NY 2.9 2/22/2021 90352RAB1 Fixed Income - Certificate of Deposit Negotiable 2.900 6/11/2018 6/22/2018 2/22/2021 249,000.00 249,000.00 100 0.00 249,000.00 First Security State Bank IA 2.85 2/22/2021 336386AX5 Fixed Income - Certificate of Deposit Negotiable 2.850 6/11/2018 6/22/2018 2/22/2021 249,000.00 249,000.00 100 0,00 249,000.00 Southern State Bank AL 2.8 9/28/2020 843879BT3 Fixed Income - Certificate of Deposit Negotiable 2.800 6/11/2018 6/27/2018 9/28/2020 249,000.00 249,000.00 100 0.00 249,000.00 Central Federal S&L Assoc of Chicago 2,856/28 15347EAH2 Fixed Income - Certificate of Deposit Negotiable 2.&',0 6/11/2018 6/28/2018 6/28/2021 249,000.00 249,000.00 100 0.00 249,000.00 Towne Bank Portsmouth VA 3 6/28/2021 89214PBR9 Fixed Income - Certificate of Deposit Negotiable 3.000 6/11/2018 6/28/2018 6/28/2021 246,000.00 246,000.00 100 0.00 246,000.00 Sub Total / Average 10,216,000.00 10,156,350.02 42,068.34 10,200,418.36 Wal-Mart Stores Inc 1. 125 4/11/2018 931142DF7 Fixed Income - Corporate Bonds 0.000 4/11/2018 4/11/2018 4/11/2018 1,000,000.00 1,000,000.00 0 0,00 1,000,000,00 FFCB 1 5/21/2018 3133EEM98 Fixed Income - US Agency Bonds / 0.000 5/21/2018 5/21/2018 5/21/2018 1,000,000.00 1,000,000.00 0 0.00 1,000,000.00 Notes Page 16 of 17 Sallie Mae Bank UT 2.15 10/30/2018 795450RA5 Fixed Income - Certificate of Deposit 0,000 4/13/2018 4/17/2018 10/30/2018 248,000.00 248,248.00 0 2,468.79 250,716,79 Negotiable , HSBC BanWar. Negotiable CD 4/25/2019 40434AJV2 Fixed Income - Certificate of Deposit 0.000 6/11/2018 6/13/2018 4/25/2019 248,000.00 248,000.00 0 868.80 248,868.80 Negotiable Sub Total/Average 496,000.00 496,245.00 3,337.59 499,585.69 Page 17 of 17 YTM Description CUSIP/Ticker Portfolio Name Cost Trade Date Settlement Date Maturity Date Face Amount/Shares Principal Price Interest/Dividends Total Compass Bank AL 1.25 5/21/2018 20451PIOC3 Fixed Income- Certificate of Deposit Negotiable 0.000 5/21/2018 5/21/2018 5/21/2018 248,000.00 248,000.00 0 0.00 248,000.00 FHLMC 1 5/23/2018-16 3134G74Z1 Fixed Income - US Agency Bonds / Notes 0.000 5/23/2018 5/23/2018 5/23/2018 1,000,000.00 1,000,000.00 0 0.00 1,000,000.00 T -Note 1 5/31/2018 912828VE7 Fixed Income- US Treasury 0.000 5/31/2018 5/31/2018 5/31/2018 2,500,000,00 2,500,000.00 0 0.00 2,500,000.00 Marlin Business Bank UT 1.45 6/25/2018 57116AJE9 Fixed Income - Certificate of Deposit Negotiable 0.000 6/25/2018 6/25/2018 6/25/2018 248,000.00 248,000.00 0 0.00 248,000.00 Sub Total / Average 5,995,000.00 5,998,000.00 0.00 5,996,000.00 Sallie Mae Bank UT 2.15 10/30/2018 795450RA5 Fixed Income - Certificate of Deposit 0,000 4/13/2018 4/17/2018 10/30/2018 248,000.00 248,248.00 0 2,468.79 250,716,79 Negotiable , HSBC BanWar. Negotiable CD 4/25/2019 40434AJV2 Fixed Income - Certificate of Deposit 0.000 6/11/2018 6/13/2018 4/25/2019 248,000.00 248,000.00 0 868.80 248,868.80 Negotiable Sub Total/Average 496,000.00 496,245.00 3,337.59 499,585.69 Page 17 of 17