HomeMy WebLinkAboutInvestment Report November 30, 2016 """"""" ""'""' Treasurer —Tax Collector Peggy Moak, Treasurer-Tax Collector
25 County Center Drive, Suite 125 T: 530.538.7701
buttecountv.net/tttc
Oroville, California 95965-3384 F: 530.538.7648
TREASURER--TAX CC>LLECTdR
December 15, 2016
Butte County Board of Supervisors
Butte County Chief Administrative Officer
Investment Pool Oversight Committee
The attached investment report for November 30, 2016 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.
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
November 30,2016
YIELD TO WEIGHTED AVERAGE
ACTIVELY MANAGED PORTFOLIO: MATURITY MATURITY(DAYS)* PAR VALUE FAIR VALUE COST CARRIED
LOCAL AGENCY INVESTMENT FUND(LAIF) 0.678% 1 51,244,607.77 51,244,607.77 51,244,607.77
CALTRUST SHORT TERM 0.870% 1 4,559.60 4,559.60 4,560.84
CAMP SHORT TERM 0.660% 1 20,070,614.52 20,070,614.52 20,070,614.52
BANK MONEY MARKET(COLLATERALIZED) 0.630% 1 1,000,437.46 1,000,437.46 1,000,437.46
U.S.TREASURY NOTES** 1.407% 1,245 9,000,000.00 8,981,442.00 9,007,115.57
MUNICIPAL BONDS** 1.652% 1,150 35,570,000.00 35,510,178.10 35,751,757.65
CORPORATE NOTES** 1.563% 934 50,987,000.00 51,101,875.38 51,442,594.21
NEGOTIABLE CDS** 1.719% 1,270 5,500,000.00 5,498,353.58 5,498,265.84
CERTIFICATES OF DEPOSIT(COLLATERALIZED) 1.100% 145 500,000.00 500,000.00 500,000.00
FEDERAL AGENCY NOTES** 1.262% 927 193,715,000.00 192,702,312.40 193,656,690.43
TOTAL ACTIVELY MANAGED PORTFOLIO: 1.236% 780 367,592,219.35 366,614,380.81 368,176,644.29
INVESTMENT OF NOTE/BOND PROCEEDS AND OPERATING CASH
SCHOOL BOND PROCEEDS(see page 2 for details) 2,469,905.88 2,469,905.88 2,469,905.88
OPERATING ACCOUNTS
U.S.BANK CHECKING ACCOUNT DEPOSITS 21,637,594.48 21,637,594.48 21,637,594.48
OPERATING CASH 91,736.89 91,736.89 91,736.89
OTHER 3,603.82 3,603.82 3,603.82
TOTAL TREASURER'S FUND LEDGER BALANCE: 391,795,060.42 390,817,221.88 392,379,485.36
INVESTMENTS UNDER MANAGEMENT OF TRUSTEES(see page 3 fordetails) 3,050,114.14 3,050,114.14 3,073,516.36
PAR VALUE FAIR VALUE COST CARRIED
TOTAL CASH AND INVESTMENTS: 394,845,174.56 393,867,336.02 395,453,001.72
SIX MONTH LIQUIDITY PROJECTIONS
Estimated Cash Receipts for Next Six Months 483,205,982
Estimated Disbursements for Next Six Months 1173,969,141
Estimated Net Cash Flow for Next Six Months*** 9,236,841 (Al)
Prudent Reserve -30,000,000 (A2)
Securities Maturing 20,000,000 (B)
Local Agency Investment Fund/Cal Trust/MMF/CAMP 72,320,221 (C)
Total Liquidity for Next Six Months 71,557,062 (A1+A2+B+C)
Estimated Cash Available for Long Term Investment -30,000,000
Remaining Available Liquidity 41,557,062
Total Par Value of actively managed investments maturing in less than 12 months: 103,320,219
Total Par Value of actively managed investments maturing in more than 12 months: 264,272,000
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.
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BUTTE COUNTY TREASURER'S INVESTMENT REPORT
INVESTMENT OF SCHOOL BOND PROCEEDS
November 30, 2016
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 0.678% 2,469,905.88 2,469,905.88 2,469,905.88
PAR FAIR COST
VALUE VALUE CARRIED
GRAND TOTAL 2,469,905.88 2,469,905.88 2,469,905.88
* 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
November 30, 2016
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 0.433% 1,116,514.19 1,116,514.19 1,116,514.19
Int.Rate Stabilization Fund#XXXX1109 Money Market HERITAGE MM#3106 0.433% 1,008.34 1,008.34 1,008.34
Pooled Agency Funds Local Agency Investment Fund 0.678% 1,642.16 1,642.16 1,642.16
Principal Account Fund#XXXX1140 Cash Cash 0.000% 11.54 11.54 11.54
Interest Account Fund#XXXX1141 Cash Cash 0.000% 834,978.20 834,978.20 834,978.20
Surplus Account Fund#XXXX1142 Cash Cash 0.000% 624.20 624.20 624.20
Series B Interest Fund#XXXX1301 Money Market HERITAGE MM#3106 0.433% 14,460.70 14,460.70 14,460.70
Series B Bond Fund#XXXX1305 Money Market HERITAGE MM#3106 0.433% 938,422.23 938,422.23 938,422.23
Series B Interest Fund#XXXX1307 Money Market HERITAGE MM#3106 0.433% 18.98 18.98 18.98
SUBTOTAL 2,907,680.54 2,907,680.54 2,907,680.54
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 135,835.82 135,835.82 135,835.82
SUBTOTAL 142,433.60 142,433.60 165,835.82
PAR FAIR COST
VALUE VALUE CARRIED
GRAND TOTAL 3,050,114.14 3,050,114.14 3,073,516.36
Represents the most current data available(source:Auditor-Controller)
"Benefits can be paid in advance of receipt of offsetting payroll deductions
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BUTTE COUNTY TREASURER'S INVESTMENT REPORT
ACTIVELY MANAGED PORTFOLIO"AT-A-GLANCE"
November 30,2016
INVESTMENTS BY TYPE" INVESTMENTS BY MATURITY&YIELD"
Local Agency Investment Fund/CaITrust/MMF/CAMP LAIF/CT/MMF/CAMP $ 72,320,219
Federal Home Loan Bank FHLB $ 45,200,000 LAI F/CALTRUST/MMF/CAM P(1 day) 0.678% $ 72,320,219
Federal Home Loan Mortgage Corp FHLMC $ 18,000,000 01-12 months 0.968% $ 31,000,000
Federal National Mortgage Assn FNMA $ 34,250,000 13-36 months 1.424% $ 130,427,000
Federal Farm Credit Bank FFCB $ 33,000,000 37-60 months 1.602% $ 133,845,000
Federal Agricultural Mortgage Corp FAMCA $ 32,265,000 TOTAL PAR VALUE $ 367,592,219
Corporate Notes CORP $ 50,987,000
U.S.Treasury Notes UST $ 9,000,000 *Investments managed by Trustees&School Bond Proceeds not included.
Tennessee Valley Authority TVA $ 5,000,000 Final maturity dates are used,probable call dates are not considered.
Supranational SUPRA $ 26,000,000 Amounts quoted at Par Value.
Certificates of Deposit(Collateralized/Negotiable) CDS $ 6,000,000
Municipal Bonds MUNI $ 35,570,000
10% $ 367,592,219
2%
7% ,.
u illll IIVI IIQIVI III iii II '
2%1/
%I
14%
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
TVA a SUPRA CDs
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 �P ll.
I „ — -2016
$450,000,000 "M"Wn u,MMMn .... .... .... ... .... 2016
$425,000,000 m'raw '" "� .... .... .... .... .... .... .... uW!'�W .... 2014
2013
$400,000,000
nn M
$375,000,000 ""
2012
mM doll , mmmmmmmm ,*-�--*zou
$350,000,000 I'llm ..
'Mnym�
zolo
M
$325,000,000 „ BM1 « 2009
wi ,3,Mm"
$300,000,000 zoos
� m r �u loe
iiiiiio2007
°pVO
$275,000,000 ...., .. .... .... ...., .. ...., �r�U�w � n!.��^� .. ..,
imu^mroumimun 2006
$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.
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BUTTE COUNTY TREASURER'S INVESTMENT REPORT
MANAGED PORTFOLIO-DETAILS OF SECURITIES HELD
November 30,2016
Credit Rating Purchase Maturity Yield to
Securi[v Description S&P � Fitch Date Date Maturity l%f Par Value Fair Value Cost Carrietl*
880591 DS8 TENNESSEE VALLEY AUTHORITY AA, Aaa AAA 1/27/2012 12/15/2016 0.970 5,000,000.00 5,008,640.00 5,007,397.78
31315PYB9 FARMER MAC NR NR NR 1/30/2012 1/6/2017 1.150 3,000,000.00 3,003,207.00 3,000,649.81
3137EADCO FREDDIE MAC AA+ Aaa AAA 2/14/2013 3/8/2017 0.753 5,000,000.00 5,006,020.00 5,003,269.77
57582PM80 MASSACHUSETTS STGO LTD TXBL AA+ Aa1 AA+ 4/8/2013 4/1/2017 0.780 2,000,000.00 2,001,200.00 2,001,440.34
89236TBH7 TOYOTA MOTOR CREDITCORP AA- Aa3 A 3/13/2015 5/16/2017 1.000 4,500,000.00 4,502,128.50 4,502,541.38
45905URF3 INTL BK RECON&DEVELOP AAA Aaa NR 2/19/2015 7/17/2017 0.890 3,000,000.00 3,000,429.00 3,000,179.65
3130A3TKO FEDERAL HOME LOAN BANK AA+ Aaa NR 12/31/2014 9/22/2017 1.070 5,000,000.00 5,008,300.00 4,999,199.90
3133EEQX1 FEDERAL FARM CREDIT BANK AA+ Aaa AAA 2/25/2015 9/25/2017 1.000 3,000,000.00 3,003,792.00 3,000,000.00
313381B20 FEDERAL HOME LOAN BANK AA+ Aaa NR 12/19/2012 12/8/2017 0.857 5,000,000.00 4,992,580.00 4,994,666.29
3133ECB45 FEDERAL FARM CREDIT BANK AA+ Aaa AAA 12/26/2012 12/26/2017 0.910 10,000,000.00 9,971,930.00 9,998,930.56
31315PTS8 FARMER MAC NR NR NR 1/11/2013 12/27/2017 0.903 4,265,000.00 4,251,236.85 4,264,861.73
3137EADN6 FHLMC 75 01/18 AA+ Aaa AAA 1/14/2013 1/12/2018 0.920 5,000,000.00 4,986,290.00 4,990,766.74
3135GOUE1 FEDERAL NATL MORTGAGE ASSN AA+ Aaa AAA 2/14/2013 2/14/2018 1.000 10,000,000.00 9,975,150.00 10,000,000.00
48124JSZ2 JP MORGAN CHASE BANK NA NR NR NR 2/20/2013 2/20/2018 1.125 250,000.00 250,000.00 250,000.00
31315PQM4 FARMER MAC NR NR NR 3/7/2013 3/6/2018 0.940 10,000,000.00 9,967,100.00 9,999,974.71
31315PZZ5 FARMER MAC NR NR NR 5/15/2013 3/9/2018 0.976 5,000,000.00 4,979,135.00 4,987,226.71
64952WBZ5 NEW YORK LIFE GLOBAL FDG AA+ Aaa AAA 4/27/2015 4/27/2018 1.230 5,000,000.00 4,986,815.00 5,004,825.74
02006LQN6 ALLY BANK NR NR NR 4/30/2015 4/30/2018 1.150 250,000.00 250,000.00 250,000.00
3133ECNY6 FEDERAL FARM CREDIT BANK AA+ Aaa AAA 5/8/2013 5/8/2018 0.986 5,000,000.00 4,977,815.00 4,997,486.81
3134G45W4 FEDERAL HOME LOAN MTG CORP AA+ Aaa AAA 5/29/2013 5/29/2018 1.000 5,000,000.00 4,981,930.00 5,000,000.00
17275RAU6 CISCO SYSTEMS INC AA- Al NR 11/12/2015 6/15/2018 1.365 5,000,000.00 5,013,515.00 5,021,435.58
89236TCP8 TOYOTA MOTOR CREDITCORP AA- Aa3 A 9/18/2015 7/13/2018 1.600 5,000,000.00 5,001,290.00 4,996,043.55
38147J3E0 GOLDMAN SACHS BANK USA NR NR NR 8/27/2014 8/27/2018 1.650 250,000.00 250,000.00 250,000.00
02587CAY6 AMERICAN EXPRESS BK FSB NR NR NR 8/28/2014 8/28/2018 1.600 250,000.00 250,000.00 250,000.00
79545ORM9 SALLIE MAE BANK/SALT LKE NR NR NR 11/25/2013 11/20/2018 2050. 250,000.00 250,000.00 250,000.00
686184WJ7 ORIENTAL BANK NR NR NR 12/16/2015 12/17/2018 1.750 250,000.00 250,000.00 250,000.00
89236TBBO TOYOTA MOTOR CREDITCORP AA- Aa3 A 9/18/2015 1/17/2019 1.875 5,000,000.00 5,033,630.00 5,023,063.05
650035K80 NEW YORK ST URBAN DEV CORP REV AAA Aa1 AA+ 12/18/2014 3/15/2019 1.980 5,000,000.00 5,049,400.00 5,001,052.26
13063CKL3 CALIFORNIA ST GO UNLTD TXBL AA- Aa3 AA- 11/24/2014 5/1/2019 1.900 3,000,000.00 3,040,140.00 3,024,204.20
3133EFD20 FEDERAL FARM CREDIT BANK AA+ Aaa AAA 2/23/2016 5/23/2019 1.266 5,000,000.00 4,958,005.00 4,998,094.02
594918AC8 MICROSOFTCORP AAA Aaa AA+ 9/28/2015 6/1/2019 1.580 2,500,000.00 2,665,070.00 2,658,435.37
313379EE5 FEDERAL HOME LOAN BANK AA+ Aaa NR 6/16/2014 6/14/2019 1.785 5,000,000.00 5,034,105.00 4,980,653.34
91412GSB2 UNIV OF CALIFORNIA CA REV TXBL AA Aa2 AA 8/24/2015 7/1/2019 1.698 5,000,000.00 5,020,150.00 5,012,169.79
31315PM71 FEDERAL AGRIC MTG CORP NR NR NR 7/17/2014 7/17/2019 1.813 5,000,000.00 5,032,965.00 4,989,620.28
459058EV1 INTL BK RECON&DEVELOP AAA Aaa AAA 1/28/2016 7/26/2019 1.392 5,000,000.00 4,972,205.00 4,981,666.73
31315PTD1 FARMER MAC NR NR NR 8/25/2014 8/23/2019 1.765 5,000,000.00 5,011,830.00 4,978,505.78
68389XAX3 ORACLE CORP AA- Al A+ 10/6/2015 10/8/2019 1.845 4,162,000.00 4,211,919.03 4,208,122.93
3133EEBN9 FEDERAL FARM CREDIT BANK AA+ Aaa AAA 11/12/2014 11/12/2019 1.800 5,000,000.00 5,042,865.00 5,000,000.00
02587DXE3 AMERICAN EXPR CENTURION NR NR NR 1/30/2015 1/30/2020 1.950 250,000.00 250,000.00 250,000.00
3136G2CPO FEDERAL NATL MORTGAGE ASSN AA+ Aaa AAA 1/30/2015 1/30/2020 1.700 4,250,000.00 4,254,143.75 4,250,000.00
882806EMO TEXAS ST TECH UNIV REV AA+ Aa1 AA+ 11/6/2015 2/15/2020 1.790 2,570,000.00 2,596,548.10 2,594,763.01
912828J84 U S TREASURY NOTE AA+ Aaa AAA 4/8/2015 3/31/2020 1.330 5,000,000.00 4,985,350.00 5007 181 14
13063CSQ4 CALIFORNIA ST GO UNLTD TXBL AA- Aa3 AA- 4/29/2015 4/1/2020 1.680 5,000,000.00 4,960,100.00 5,019,097.07
71270QMS2 PEOPLES UNITED BANK NA NR NR NR 4/15/2015 4/15/2020 1.800 250,000.00 250,000.00 250,000.00
037833BD1 APPLE INC AA+ Aa1 NR 5/21/2015 5/6/2020 1.892 9,825,000.00 9,837,752.85 9,859,532.26
3136G2HF7 FEDERAL NATL MORTGAGE ASSN AA+ Aaa AAA 5/19/2015 5/19/2020 1.600 5,000,000.00 4,944,090.00 5,000,000.00
912828XE5 U S TREASURY NOTE AA+ Aaa AAA 6/1/2015 5/31/2020 1.503 4,000,000.00 3,996,092.00 3,999,562.91
140420RXC CAPITAL ONE BANK USA NA NR NR NR 6/10/2015 6/10/2020 2006. 250,000.00 249,119.46 249,119.46
313383HU8 FEDERAL HOME LOAN BANK AA+ Aaa NR 6/5/2015 6/12/2020 1.780 5,000,000.00 5,032,385.00 4,994,935.69
313383HU8 FEDERAL HOME LOAN BANK AA+ Aaa NR 7/20/2015 6/12/2020 1.806 5,000,000.00 5,032,385.00 4,990,514.39
3133834H1 FHLB 1.375 06/20 AA+ Aaa NR 7/23/2015 6/12/2020 1.795 5,200,000.00 5,139,804.80 5,126,468.42
8821172X1 TEXAS STABM UNIV REV AAA Aaa AAA 8/10/2015 7/1/2020 1.963 3,000,000.00 3,004,740.00 2,978,243.61
459058FMC INTL BK RECON&DEVELOP AAA Aaa AAA 8/23/2016 8/10/2020 1.140 5,000,000.00 4,884,580.00 4,997,252.59
05580ACW2 BMW BANK NORTH AMERICA NR NR NR 9/18/2015 9/18/2020 2200. 250,000.00 250,000.00 250,000.00
20033AMR4 COMENITY CAPITAL BANK NR NR NR 9/21/2015 9/21/2020 2.250 250,000.00 250,000.00 250,000.00
254672VT2 DISCOVER BANK NR NR NR 10/21/2015 10/21/2020 2200. 250,000.00 250,000.00 250,000.00
14042RBL4 CAPITAL ONE NA NR NR NR 11/13/2015 10/28/2020 2.277 250,000.00 249,753.76 249,753.76
594918BG8 MICROSOFTCORP AAA Aaa AA+ 8/22/2016 11/3/2020 1.382 5,000,000.00 5,004,630.00 5,117,157.39
94986TWG8 WELLS FARGO BANK NA NR NR NR 12/3/2015 12/3/2020 1.500 250,000.00 250,000.00 250,000.00
29266NX93 ENERBANK USA NR NR NR 1/28/2016 1/28/2021 1.903 250,000.00 249,480.36 249,480.36
3130A7CV5 FEDERAL HOME LOAN BANK AA+ Aaa NR 4/7/2016 2/18/2021 1.315 5,000,000.00 4,926,370.00 5,012,172.39
3136G2Z26 FNMA STEP-UP AA+ Aaa AAA 2/26/2016 2/26/2021 1.000 5,000,000.00 4,997,390.00 5,000,000.00
3136G3AV7 FNMA STEP-UP AA+ NR AAA 3/10/2016 3/10/2021 1.000 5,000,000.00 4,991,925.00 5,000,000.00
4581XOCS5 INTER-AMERICAN DEVEL BK AAA Aaa AAA 11/15/2016 3/15/2021 1.574 5,000,000.00 4,980,250.00 5,062,106.41
13063CP87 CALIFORNIA ST GO UNLTD AA- Aa3 AA- 6/13/2016 4/1/2021 1.430 5,000,000.00 4,861,050.00 5,014,534.72
3134G8Y29 FREDDIE MAC AA+ NR AAA 4/28/2016 4/28/2021 1.326 3,000,000.00 2,964,264.00 2,996,032.50
459058FDO INTL BK RECON&DEV STEP-UP NR NR NR 4/28/2016 4/28/2021 1.250 3,000,000.00 3,000,000.00 3,000,000.00
128829AC2 CALDWELL BK B TRUST CO NR NR NR 5/13/2016 5/13/2021 1.400 250,000.00 250,000.00 250,000.00
91412GF59 UNIV OF CALIFORNIA CA REV TXBL AA Aa2 AA 8/5/2016 5/15/2021 1.417 5,000,000.00 4,976,850.00 5,100,035.46
459058FH1 INTL BK RECON&DEVELOP AAA Aaa AAA 6/13/2016 5/24/2021 1.412 5,000,000.00 4,877,330.00 4,991,984.81
3136G3MV4 FEDERAL NATL MORTGAGE ASSN AA+ Aaa AAA 5/25/2016 5/25/2021 1.375 5,000,000.00 4,895,905.00 5,000,000.00
27113PBEC EAST BOSTON SAVINGS BANK NR NR NR 6/23/2016 6/23/2021 1.500 250,000.00 250,000.00 250,000.00
3133EGKA2 FEDERAL FARM CREDIT BANK AA+ Aaa AAA 7/6/2016 7/6/2021 1.500 5,000,000.00 4,818,355.00 5,000,000.00
313OA8QS5 FEDERAL HOME LOAN BANK AA+ Aaa NR 7/14/2016 7/14/2021 1.201 5,000,000.00 4,851,595.00 4,983,000.44
58403B4S2 MEDALLION BANK UTAH NR NR NR 7/28/2016 7/26/2021 1.400 250,000.00 250,000.00 250,000.00
9596ONJN8 WESTERN STATE BANK NR NR NR 7/29/2016 7/29/2021 1.400 250,000.00 250,000.00 250,000.00
594918BP8 MICROSOFTCORP AAA Aaa AA+ 8/19/2016 8/8/2021 1.541 5,000,000.00 4,845,125.00 5,002,025.33
74267GVM6 PRIVATEBANK B TRUSTCO NR NR NR 8/30/2016 8/30/2021 1.500 250,000.00 250,000.00 250,000.00
08173QBR6 BENEFICIAL BANK NR NR NR 9/16/2016 9/13/2021 1.500 250,000.00 250,000.00 250,000.00
87165FNC4 SYCHRONY BANK NR NR NR 10/21/2016 10/21/2021 1.700 250,000.00 250,000.00 250,000.00
3130AA2F4 FEDERAL HOME LOAN BANK AA+ Aaa NR 11/23/2016 11/23/2021 1.700 5,000,000.00 4,946,010.00 5,000,000.00
**Effective Duration:2.330 1.374 294,772,000.00 293,794,161.46 295,221,438.92
Source: U.S.Bank Safekeeping
'Values may tliffer From Treasurer's Cost Carried due to accretion method variation.
**Bontl Etlge Portfolio-Analysis
Notes: Fetleral Agricultural Mortgage Corporation securities are issued by a U.S.Government agency and are not ratetl.
Negotiable CDs are not ratetl,but are FDIC insured
5