HomeMy WebLinkAboutInvestment Report January 31 2017 """"""" ""'""' Treasurer —Tax Collector Peggy Moak, Treasurer-Tax Collector
,25 County Center DriveSuite 125
T: 530.538.7701 buttecountv.net/tttc
Oroville, California 95965-3384 F: 530.538.7648
TREASURER--TAX CC>LLECTdR
February 15, 2017
Butte County Board of Supervisors
Butte County Chief Administrative Officer
Investment Pool Oversight Committee
The attached investment report for January 31, 2017 is submitted in accordance with the Butte
County Statement of Investment Policy dated July 1, 2016. All investments are in compliance with
this policy.
The Investment Report demonstrates that sufficient liquidity is available to meet anticipated
expenditures during the next six months.
The Local Agency Investment Fund (LAIF) is used as a benchmark for portfolio performance. A look
at the 5-year moving average for the Butte County Treasury apportioned yields vs. LAIF
apportioned yields demonstrates that, over time, a medium term, laddered portfolio will generally
outperform a shorter-term investment strategy, which LAIF usually mirrors. The 5-year moving
average for Butte County's FY 14/15 and FY 15/16 performance compared to LAIF shows margins
of 1.092% and 0.865%, respectively. Using $350,000,000 as a baseline portfolio (actively invested
balance), this translates to enhanced earnings averaging $3,027,500 per year for the past five
years. NOTE: Fair values are trending lower than cost carried due to an increasing yield
environment.
Investments are marked to market monthly based on a current market price determined by U.S.
Bancorp Investments. Copies of statements reflecting investment and cash management
transactions are provided to the Board of Supervisors monthly and are available upon request.
Quarterly Investment Reports are made available on the Treasurer-Tax Collector website at
http://www.buttecounty.net/ttc.
Respectfully,
Peggy Moak
Butte County Treasurer-Tax Collector
cc: Butte County Auditor-Controller Butte-Glenn Community College
Butte County Board of Supervisors Chico Unified and Gridley Unified School Districts
Butte County District Attorney Jessee, Meegan—Butte County Deputy Administrative Officer
Butte County Schools-JPA Liu, Annie—Butte County Manager, Gov't.Accounting
Butte County Sheriff Childs, Heather—Butte County Internal Auditor
Butte County Superintendent of Schools
Butte County Special Districts(Quarterly)
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BUTTE COUNTY TREASURER'S INVESTMENT REPORT
January 31,2017
YIELD TO WEIGHTED AVERAGE
ACTIVELY MANAGED PORTFOLIO: MATURITY MATURITY(DAYS)* PAR VALUE FAIR VALUE COST CARRIED
LOCAL AGENCY INVESTMENT FUND(LAIF) 0.751% 1 80,295,786.55 80,295,786.55 80,295,786.55
CALTRUST SHORT TERM 0.911% 1 4,566.35 4,566.35 4,566.35
CAMP SHORT TERM 0.850% 1 20,093,602.34 20,093,602.34 20,093,602.34
BANK MONEY MARKET(COLLATERALIZED) 0.700% 1 1,001,522.62 1,001,522.62 1,001,522.62
U.S.TREASURY NOTES— 1.407% 1,183 9,000,000.00 8,960,316.00 9,007,115.57
MUNICIPAL BONDS** 1.652% 1,088 35,570,000.00 35,324,221.80 35,752,437.99
CORPORATE NOTES** 1.560% 869 52,527,000.00 52,621,340.28 52,958,149.14
NEGOTIABLE CDS** 1.738% 1,226 6,000,000.00 6,000,612.00 5,998,425.22
CERTIFICATES OF DEPOSIT(COLLATERALIZED) 1.100% 83 500,000.00 500,000.00 500,000.00
FEDERAL AGENCY NOTES** 1.285% 938 197,465,000.00 196,170,978.11 197,301,587.20
TOTAL ACTIVELY MANAGED PORTFOLIO: 1.233% 715 402,457,477.86 400,972,946.05 402,913,192.98
INVESTMENT OF NOTE/BOND PROCEEDS AND OPERATING CASH
SCHOOL BOND PROCEEDS(see page 2 fordetails) 2,017,016.81 2,017,016.81 2,017,016.81
OPERATING ACCOUNTS
U.S.BANK CHECKING ACCOUNT DEPOSITS 17,085,278.18 17,085,278.18 17,085,278.18
OPERATING CASH 53,077.46 53,077.46 53,077.46
OTHER 0.00 0.00 0.00
TOTAL TREASURER'S FUND LEDGER BALANCE: 421,612,850.31 420,128,318.50 422,068,565.43
INVESTMENTS UNDER MANAGEMENT OF TRUSTEES(see page 3fordetais) 2,198,832.78 2,198,832.78 2,222,235.00
PAR VALUE FAIR VALUE COST CARRIED
TOTAL CASH AND INVESTMENTS: 423,811,683.09 422,327,151.28 424,290,800.43
SIX MONTH LIQUIDITY PROJECTIONS
Estimated Cash Receipts for Next Six Months 437,148,077
Estimated Disbursements for Next Six Months -482,016,435
Estimated Net Cash Flow for Next Six Months*** -44,868,358 (Al)
Prudent Reserve -30,000,000 (A2)
Securities Maturing 15,000,000 (B)
Local Agency Investment Fund/Cal Trust/MMF/CAMP 101,395,478 (C)
Total Liquidity for Next Six Months 41,527,120 (A1+A2+B+C)
Estimated Cash Available for Long Term Investment -30,000,000
Remaining Available Liquidity 11,527,120
Total Par Value of actively managed investments maturing in less than 12 months: 148,660,478
Total Par Value of actively managed investments maturing in more than 12 months: 253,797,000
Actual Weighted Average Maturity will be shorter,and actual dollar amount of investments maturing in less than 12 months will be higher than stated,due to call features on investments.
See page 5 for detailed list of investments.
Includes TRAN(Tax and Revenue Anticipation Notes)receipts and disbursements,if applicable.
1
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
INVESTMENT OF SCHOOL BOND PROCEEDS
January 31, 2017
INVESTMENT MATURITY ANNUAL PAR FAIR COST
BOND/NOTE DESCRIPTION TYPE DATE DESCRIPTION YIELD* VALUE VALUE CARRIED
BONDS -LOCAL AGENCY INVESTMENT FUND (LAIF)
Chico Unified Measure E Series A LAIF 0.751% 2,017,016.81 2,017,016.81 2,017,016.81
PAR FAIR COST
VALUE VALUE CARRIED
GRAND TOTAL 2,017,016.81 2,017,016.81 2,017,016.81
* Yields quoted above are a snapshot per investment type. Actual yields earned on school bonds are calculated by the Treasurer's office and are a composite of investment earnings less Treasury costs.
2
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
DEPOSITS AND INVESTMENTS UNDER MANAGEMENT OF TRUSTEES/FISCAL AGENTS
January 31, 2017
INVESTMENT MATURITY ANNUAL PAR FAIR COST
FINANCING PROGRAM TYPE DATE DESCRIPTION YIELD VALUE VALUE CARRIED
2004 PENSION OBLIGATION BONDS
WELLS FARGO BANK,TRUSTEE
Series A Bond Fund#XXXX1106 Money Market HERITAGE MM#3106 0.395% 1,117,209.07 1,117,209.07 1,117,209.07
Int.Rate Stabilization Fund#XXXX1109 Money Market HERITAGE MM#3106 0.395% 1,008.82 1,008.82 1,008.82
Pooled Agency Funds Local Agency Investment Fund 0.751% 1,644.96 1,644.96 1,644.96
Principal Account Fund#XXXX1140 Cash Cash 0.000% 11.54 11.54 11.54
Interest Account Fund#XXXX1141 Cash Cash 0.000% 5.62 5.62 5.62
Surplus Account Fund#XXXX1142 Cash Cash 0.000% 624.23 624.23 624.23
Series B Interest Fund#XXXX1301 Money Market HERITAGE MM#3106 0.395% 17,981.56 17,981.56 17,981.56
Series B Bond Fund#XXXX1305 Money Market HERITAGE MM#3106 0.395% 903,375.20 903,375.20 903,375.20
Series B Interest Fund#XXXX1307 Money Market HERITAGE MM#3106 0.395% 18.99 18.99 18.99
SUBTOTAL 2,041,879.99 2,041,879.99 2,041,879.99
DEPOSITS WITH FISCAL AGENTS
Discovery Benefits
Plan Year Cash Balance 1/01/15-12/31/15* NA 6,597.78 6,597.78 *"30,000.00
York Risk Services Group-Claim Administrators
Umpqua Bank#XXXXX2601 Commercial Bank Business Checking NA 150,355.01 150,355.01 150,355.01
SUBTOTAL 156,952.79 156,952.79 180,355.01
PAR FAIR COST
VALUE VALUE CARRIED
GRAND TOTAL 2,198,832.78 2,198,832.78 2,222,235.00
Represents the most current data available(source:Auditor-Controller)
"Benefits can be paid in advance of receipt of offsetting payroll deductions
3
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
ACTIVELY MANAGED PORTFOLIO"AT-A-GLANCE"
January 31,2017
INVESTMENTS BY TYPE" INVESTMENTS BY MATURITY&YIELD"
Local Agency Investment Fund/CalTrusUMMF/CAMP LAIF/CT/MMF/CAMP $ 101,395,478
Federal Home Loan Bank FHLB $ 48,700,000 LAI F/CALTRUST/MMF/CAM P(1 day) 0.751% $ 101,395,478
Federal Home Loan Mortgage Corp FHLMC $ 18,000,000 01-12 months 0.926% $ 47,265,000
Federal National Mortgage Assn FNMA $ 30,000,000 13-36 months 1.518% $ 115,702,000
Federal Farm Credit Bank FFCB $ 33,000,000 37-60 months 1.602% $ 138,095,000
Federal Agricultural Mortgage Corp FAMCA $ 29,265,000 TOTAL PAR VALUE $ 402,457,478
Corporate Notes CORP $ 52,527,000
U.S.Treasury Notes UST $ 9,000,000 *Investments managed by Trustees&School Bond Proceeds not included.
Supranational SUPRA $ 38,500,000 Final maturity dates are used,probable call dates are not considered.
Certificates of Deposit(Collateralized/Negotiable) CDS $ 6,500,000 Amounts quoted at Par Value.
Municipal Bonds MUNI $ 35,570,000
$ 402,457,478
9%
2%
10% 4 ���,
2%
�"IIII III II
13%
LAIF/CALTRUST/NINIF/CAMP(1 day}
LAIF/CT/NINIF/CAVIP FHLB FHL.VIC FNVIA 0:1.-:1.2 months.;
FFCB FAVICA m CORP s UST a:1.3...36 months
SUP RA aCDs
VIUNI 37-60 months
Butte County Pooled Treasury Portfolio Balance"
Net of Tax and Revenue Anticipation Notes (TRAN) and Bond Proceeds
$500,000,000
$475,000,000 th/ / WV zov
ra
s
zoi6
$425,000,000 .... ...y, ^�ti/11""' „,�a� .... .. .... � .... .... .... .... .... .... Im'L .... i�'m' ""'zois
$ ... r 2014
/ ,mmmm„„m�T1( Iu�V
$400,000,000 ��� r ��
, s in � � � alt/v s�llr stV Tii � iim 2013
zoiz
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$ I A H
375 000 000 zoo
i9L»L' �( II yyd ,Hlrl a m �m
$350,000,000 .. pmt 1
s nn
o-. 2009
$325,000,000 n a zoos
d
$300,000,000 .... .... .... .... .... ..
a
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$275,000,000
$250,000,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
** This chart does not include deposits from TRAN,Bond Proceeds,or Investments under Management of Trustees.
It is intended to demonstrate cash flow trends and establish a baseline for the portfolio,enabling medium term investments.
4
BUTTE COUNTY TREASURER'S INVESTMENT REPORT
MANAGED PORTFOLIO-DETAILS OF SECURITIES HELD
January 31,2017
Credit Rating Purchase m—ity Yield to
Security De Inion S&P M..dV. Fitch Date Date MaWriwM Par Value Fair Value Cost Carrietl'
3137EADCO FREDDIE MAC AA- Ann AAA 2/14/2013 3/8/2017 0753 500000000 500271000 500124723
57582PII MASSACHUSETTS ST GO LTD TXBL AA- Ani AA- 4/8/2013 4/1/2017 0780 200000000 200064000 2000720.17
89236TBH7 TOYOTA MOTOR CREDIT CORP AA- An3 A 3/13/2015 5/16/2017 1000 450000000 450181800 450161724
45905URF3 INTL BK DECOR&DEVELOP AAA Ann NR 2/19/2015 7/17/2017 0890 300000000 299887800 300013196
313OA3TKO FEDERAL H OME LOAN BAN K AA- Ann NR 12/31/2014 9/22/2017 1070 500000000 501218500 499936457
3133EEQX1 FEDERAL FARM CREDIT BAN K AA- Ann AAA 2/25/2015 9/25/2017 1000 300000000 300807200 300000000
313381820 FEDERAL HOME LOAN BANK AA- Ann NR 12/19/2012 12/8/2017 0857 500000000 499595000 499553829
3133ECB45 FEDERAL FARM CREDIT BANK AA- Ann AAA 12/26/2012 12/26/2017 0910 10,000,000.00 999395000 999909722
31315PTSS FARMER MAC NR NR NR 1/11/2013 12/27/2017 0903 426500000 425746801 426488323
3137EADN6 FHLMC 7501/18 AA- Ann AAA 1/14/2013 1/12/2018 0920 500000000 499393000 499214828
3135GOUE1 FEDERAL NATL MORTGAGE ASSN AA- Ann AAA 2/14/2013 2/14/2018 1000 10,000,000.00 999113000 10,000,000.00
48124JSZ2 JP MORGAN CHASE BANK NA NR NR NR 2/20/2013 2/20/2018 1.125 25000000 24467500 25000000
31315PpM4 FARMER MAC NR NR NR 39/2013 3/6/2018 0940 10,000,000.00 997195000 999997804
31315PZZ5 FARMER MAC NR NR NR 5/15/2013 3/9/2018 0976 500000000 498000000 498890007
64952WBZ5 NEW YORK LIFE GLOBAL FDG AA- Ann AAA 4/27/2015 4/27/2018 1230 500000000 498872500 500425352
02006LQN6 ALLY BANK NR NR NR 4/30/2015 4/30/2018 1.150 25000000 25057425 25000000
3133ECNY6 FEDERAL FARM CREDIT BANK AA- Ann AAA 5/8/2013 5/8/2018 0988 500000000 499199500 499777847
3134G45W4 FEDERAL HOME LOAN MTG CORP AA- Ann AAA 5/29/2013 5/29/2018 1000 500000000 498105500 500000000
17275RAU6 CISCO SYSTEMS INC AA- Al NR 11/12/2015 6/15/2018 1365 500000000 501817000 501911404
89236TCPS TOYOTA MOTOR CREDIT CORP AA- An3 A 9/18/2015 7/13/2018 1600 500000000 499982500 499645143
38147J3EO GOLDMAN SACHS BANK USA NR NR NR 8/27/2014 8/27/2018 1650 25000000 25134425 25000000
02587CAY6 AMERICAN EXPRESS BK FSB NR NR NR 8/28/2014 8/28/2018 1600 25000000 25134450 25000000
45905SERO INTL BK DECOR&DEVELOP AAA Ann AAA 12/5/2016 10/5/2018 1261 250000000 249067000 248922409
79545OR109 SALLIE MAE BANK/SALT LIKE NR NR NR 11/25/2013 11/20/2018 2050 25000000 25314875 25000000
686184WJ7 ORIENTAL BANK NR NR NR 12/16/2015 12/17/2018 1750 25000000 25094625 25000000
89236TBBO TOYOTA MOTOR CREDIT CORP AA- An3 A 9/18/2015 1/17/2019 1875 500000000 503808500 502125855
037833Bp2 APPLEINC AA- Ani NR 1/17/2017 2/22/2019 1450 154000000 154448800 154776852
650035KSO NEW YORK ST URBAN DEV CORP REV AAA Ani AA- 12/18/2014 3/15/2019 1980 500000000 501930000 500097564
13063CKL3 CALIFORNIA ST GO UNLTD TXBL AA- An3 AA- 11/24/2014 5/1/2019 1900 300000000 302343000 302253494
3133EFD20 FEDERAL FARM CREDIT BANK AA- Ann AAA 2/23/2016 5/23/2019 1288 500000000 496430000 499822222
59491 SACS MICROSOFT CORP AAA Ann AA- 9/28/2015 6/1/2019 1580 250000000 265384000 264787302
313379EE5 FEDERAL HOME LOAN BANK AA- Ann NR 6/16/2014 6/14/2019 1785 500000000 502696000 498192475
91412GSB2 UNIV OF CALIFORNIA CA REVTXBL AA Ant AA 8/24/2015 7/1/2019 1698 500000000 502425000 501138464
31315PII FEDERAL AGRIC MTG CORP NR NR NR 7/17/2014 7/17/2019 1813 500000000 502215000 499027861
459058EV1 INTL BK DECOR&DEVELOP AAA Ann AAA 1/28/2016 7/26/2019 1392 500000000 496290000 498281856
31315PTD1 FARMER MAC NR NR NR 8/25/2014 8/23/2019 1765 500000000 500840500 497981907
68389XAX3 ORACLE CORP AA- Al A+ 10/6/2015 10/8/2019 1845 416200000 421840150 420542831
45905UZX INTL BK DECOR&DEVELOP NR Ann NR 12/2/2016 10/25/2019 1573 500000000 494379500 496367755
3133EEBN9 FEDERAL FARM CREDIT BANK AA- Ann AAA 11/12/2014 11/12/2019 1800 500000000 503412500 500000000
988594AW3 WHITNEYBANK/MS NR NR NR 1/25/2017 1/27/2020 1700 25000000 25096125 25000000
02587DXE3 AMERICAN EXPR CENTURION NR NR NR 1/30/2015 1/30/2020 1950 25000000 25299600 25000000
882806EM0 TEXAS ST TECH UNIV REV AA- Ani AA- 11/6/2015 2/15/2020 1790 257000000 256933150 259347551
91282SJ84 USTREASURY NOTE AA- Ann AAA 4/8/2015 3/31/2020 1330 500000000 497344000 500881500
13063CSp4 CALIFORNIA ST GO UNLTD TXBL AA- An3 AA- 4/29/2015 4/1/2020 1680 500000000 493890000 501814221
71270pMS2 PEOPLES UNI TED BANK NA NR NR NR 4/15/2015 4/15/2020 1800 25000000 25307150 25000000
037833BD1 APPLE INC AA- Ani NR 5/21/2015 5/6/2020 1 892 9,825,000 00 9,843,539 78 9,857,854 58
3136G2HF7 FEDERAL NATL MORTGAGE ASSN AA- Ann AAA 5/19/2015 5/19/2020 1600 500000000 498837000 500000000
912828XE5 USTREASURY NOTE AA- Ann AAA 6/1/2015 5/31/2020 1503 400000000 398887600 3999584.13
140420RXO CAPITAL ONE BANK USA NA NR NR NR 6/10/2015 6/10/2020 2008 25000000 25236975 24916158
313383HUS FEDERAL HOME LOAN BANK AA- Ann NR 6/5/2015 6/12/2020 1780 500000000 501209500 499517476
313383HUS FEDERAL HOME LOAN BANK AA- Ann NR 7/20/2015 6/12/2020 1806 500000000 501209500 4990962.17
3133834H1 FHLB 1.37506/20 AA- Ann NR 7/23/2015 6/12/2020 1795 520000000 514024160 512993962
8821172X1 TEXAS ST A&M UNIV REV AAA Ann AAA 8/10/2015 7/1/2020 1963 300000000 297342000 297925554
459058FI00 INTL BK DECOR&DEVELOP AAA Ann AAA 8/23/2016 8/10/2020 1.140 500000000 487808000 499737663
05580ACW2 BMW BANK NORTH AMERICA NR NR NR 9/18/2015 9/18/2020 2200 25000000 25452850 25000000
20033AII COMEN TY CAPITAL BANK NR NR NR 9/21/2015 9/21/2020 2250 25000000 25453875 25000000
254672VT2 DISCOVER BANK NR NR NR 10/21/2015 10/21/2020 2200 25000000 25396150 25000000
14042RBL4 CAPITAL ONE NA NR NR NR 11/13/2015 10/28/2020 2277 25000000 25438800 24976446
594918BG8 MICROSOFT CORP AAA Ann AA- 8/22/2016 11/3/2020 1382 500000000 498858000 511207097
949MTWGS WELLS FARGO BANK NA NR NR NR 12/3/2015 12/3/2020 1500 25000000 25252375 25000000
292MNX93 ENERBANK USA NR NR NR 1/28/2016 1/28/2021 1903 25000000 25016225 24950157
313OA7CV5 FEDERAL HOME LOAN BANK AA- Ann NR 49/2016 2/18/2021 1315 500000000 490588000 501169095
3136G2Z26 FNMA STEP UP AA- Ann AAA 2/26/2016 2/26/2021 1000 500000000 499866000 500000000
3136G3AV7 FNMA STEP UP AA- NR AAA 3/10/2016 3/10/2021 1000 500000000 499589500 500000000
4581XOCS5 INTERAMERICANLEVEL BK AAA Ann AAA 11/15/2016 3/15/2021 1574 500000000 497476000 505969295
13063CP87 CALIFORNIA ST GO UNLTD AA- An3 AA- 6/13/2016 4/1/2021 1430 500000000 485955000 501397569
3134GSY29 FREDDIE MAC AA- NR AAA 4/28/2016 4/28/2021 1326 300000000 295531500 299618250
459058FDO INTL BK DECOR&DEV STEP UP NR NR NR 4/28/2016 4/28/2021 1250 300000000 295998000 300000000
128829AC2 CALDWELL BK&TRUST CO NR NR NR 5/13/2016 5/13/2021 1400 25000000 24804250 25000000
91412GF59 UNIV OF CALIFORNIA CA REV TXBL AA Ant AA 8/5/2016 5/15/2021 1417 500000000 491540000 509607104
459058FH1 INTL BK DECOR&DEVELOP AAA Ann AAA 6/13/2016 5/24/2021 1412 500000000 486495000 499228296
3136G31I FEDERAL NATL MORTGAGE ASSN AA- Ann AAA 5/25/2016 5/25/2021 1375 500000000 487051500 500000000
27113PBEO EAST BOSTON SAVINGS BANK NR NR NR 6/23/2016 6/23/2021 1500 25000000 24567200 25000000
3133EGKA2 FEDERAL FARM CREDIT BANK AA- Ann AAA 7/6/2016 7/6/2021 1500 500000000 479553500 500000000
3130ASQS5 FEDERAL HOME LOAN BANK AA- Ann NR 7/14/2016 7/14/2021 1201 500000000 483159000 498361378
584038452 MEDALLION BANK UTAH NR NR NR 7/28/2016 7/26/2021 1400 25000000 24485750 25000000
9596ONJNS WESTERN STATE BANK NR NR NR 7/29/2016 7/29/2021 1400 25000000 24483450 25000000
594918BPS MICROSOFT CORP AAA Ann AA- 8/19/2016 8/8/2021 1541 500000000 483189000 500195199
74267GVII PRIVATEBANK&TRUST CO NR NR NR 8/30/2016 8/30/2021 1500 25000000 24467800 25000000
08173p BR6 BENEFICIAL BANK NR NR NR 9/16/2016 9/13/2021 1500 25000000 24488875 25000000
87165FNC4 SYCHRONYBANK NR NR NR 10/21/2016 10/21/2021 1700 25000000 24413025 25000000
3130AA21`4 FEDERAL HOME LOAN BANK AA- Ann NR 11/23/2016 11/23/2021 1700 500000000 491537000 500000000
45905UC28 INTL BK DECOR&DEVELOP NR NR NR 12/28/2016 12/28/2021 2050 500000000 496550000 500000000
084601GS6 BERKSHIRE BK/PITTSFIELD NR NR NR 12/30/2016 12/30/2021 2200 25000000 25219825 25000000
3130AALZ9 FHLB STEP UP AA- Ann NR 1/27/2017 1/27/2022 1000 350000000 347756850 350000000
**Effective Duration:2.283 1.389 300,562,000.00 299,077,468.19 300,938,952.02
Source: U.S.Bank Safekeeping
`Veluns may tliffnr from Treasurer's Gast C....d tlun tc accretion mnthad variation.
"BandEdg,POMolia-Annlysis
Note.: Fntlnral Agricultural Mortgage C.T...tian securhins ere issuetl by n U S.Government g.n y and am not rat.d
N ngatiable CDs ere not t.d,but am FDIC insuretl.
5