First Quarter Investment Report for FY 2015/ 16 ( July through September 2015)

Transcription

1 MEETING DATE: 12/ 01/ 15 ITEM NO: f COUNCIL AGENDA REPORT DATE: NOVEMBER 12, 2015 TO: MAYOR AND TOWN COUNCIL FROM: LAUREL PREVETTI, TOWN MANAGER SUBJECT FIRST QUARTER INVESTMENT REPORT (JULY THROUGH SEPTEMBER 2015) FOR FISCAL YEAR 2015/ 16 RECOMMENDATION: Receive the attached First Quarter Investment Report ( July through September 2015) for Fiscal Year 2015/ 16. DISCUSSION: Attached for your consideration is the First Quarter Investment Report for FY 2015/ 16. The Town' s weighted portfolio yield of 0. 81% is still outperforming the Local Agency Investment Fund (LAIF ) yield of 0. 30% by approximately one-half per cent ( 51 basis points) and One to Three Year Treasuries in general. Therefore, staff continues to replace matured or called investments with similar investments with respect to maturity and credit quality. Interest rates for investments purchased in the current quarter were up slightly in July, then dropped in September with the 30 Year Treasury ending at an all-time low (2. 85%) for the quarter ending September 30, For the quarter the Town' s rate of return decreased 4 basis points (0. 04%). Market expectations are anticipating a Federal Reserve interest rate increase sometime in late calendar year 2015 but that expectation was tempered by a stock selloff in September which may delay rate rising to sometime in Staff is concentrating on short-term (two years or less in maturity) for its new investments as the rewards for longer term investments in the three to five year maturity do not have adequate spreads to justify the risk of holding longer term maturities. FISCAL IMPACT: None Attachment: First Quarter Investment Report for FY 2015/ 16 ( July through September 2015) PREPARED BY: STEVE CONWAY,, 4 e - 7 ' t Finance & Administrative Services Director/Town Treasurer Reviewed by: (_t/ Assistant Town Manager A Town Attorney Finance N:\ TRS\ Staff Reports\ Through fiscal 15_ 16\ Treasurer's Report - Ql doc

2 Summary Investment Information September 30, 2015 Weighted Average Portfolio Yield: 0.81% Weighted Average Maturity (days) 535 This Month Last Month One year aso Portfolio Balance 67, 739, , 968, , 315, 201 Benchmarks/ References: Town' s Average Yield 0. 81% 0. 73% 0.66% LAIF Yield for month 0.30% 0. 30% 0.26% 3 mo. Treasury 0.00% 0. 08% 0.01% 6 mo. Treasury 0.08% 0. 27% 0.04% 2 yr. Treasury 0. 64% 0. 74% 0.35% 5 yr. Treasury ( most recent) 1. 37% 1. 54% 1. 41% Prime rate 3. 25% 3. 25% 3. 25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Freddie Mac ( 05/ 29/ 15) 0. 75% Portfolio Maturity Profile Compliance: The Town's investments are in compliance with the Town' s investment policy dated May 1, 2008 and also in compliance with the requirements of Section of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months. Page 1 ATTACHMENT 1

3 Portfolio Allocation & Treasurer' s Fund Balances September 30, 2015 Fund Balances - Beginning of Month/ Period Receipts Disbursements Fund Balances - End of Month/ Period Month YTD 67,974, , 832, , 596, ,617, , 830,690.82) 10, 727, ) 67, 739, , 722, Portfolio Allocation: BNY MM US Govt Agencies & Corp. Bonds Local Agency Investment Fund Subtotal - Investments Reconciled Demand Deposit Balances 2,425, , 695, , 174, , 294, ,445, Total Treasurer's Fund 67, 739, Portfolio Investment Allocation BNY MM Local Agency Investment Fund 4.64% 7. 98% US Govt Agencies & Corp. Bonds 87.38% Treasurer' s Fund Balances 74,000,000 72,000,000 70,000,000 68,000,000 66,000,000 64,000,000 62, 000,000 60,000,000 58, 000,000 56,000, in n n h vt N z a a N page 2

4 Non -Treasury Restricted Fund Balances September 30, 2015 Non -Treasury Funds: Previous Ending Balance De sits Interest Withdrawals Balance Cert. of Participation 2002 Series A Reserve Fund 686, $ $ 686, Note t Cert. Of Participation 2002 Ser A Lease Pymt Fund Note i Cert. of Participation 2002 Series A Const. Fund Note t COP 2010 Library Reserve Fund 1, 277, , 277, Note 2 Total Restricted Funds: 1, 963, $ , 963, These accounts are not part of the Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct entities. Note 1: The three original funds for the Certificates of Participation 2002 Series A consist of construction funds which will be expended over the next few years, reserve funds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments and initial delivery costs. Note 2: The 2010 COP Funds are all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the life of the COP issue. The COI fund was closed in September Page 3

5 Statement of Interest Earned September 30, 2015 Interest by Month July 2015 $ 37, August , September , October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June , Page 4

6 Institution auras C! LIPSe5 Rak Vda QW Premium ValM late- Can Ate ar call in Dan, Print Yrs Current FY Maturity Town of Los Gatos Investment Schedule September 30, 2015 Orginallssue Maturity Yield to Interest Interest Interest Days Apadt Par Ori&.. Discount) Market Pureheeed Data or Maturity Recehsd Earned Earned W PFIZER DJ9 Corporate Note 03/ 11/ , , , , / % $ 1, S 1, S 1, Berk Hath BNO Coupon Note 0126/12 1, 250, , 315, , , 254, / I9/ % E 103, S 47, S 3, IRM X3 Coupon Nae 11/ 13/ , , , , / % S 39, S 15, S 1, Treasury QXI Nae 08/ 1& , , 025, , , 009, / % 1 59, S 38, S 2, FNMA 3135GOCM3 Callable Nae 0328/ 14 1, 000, , 014, , , 008, % E 18, $ 8, $ 1, Toyota Motor Credit 89233P6SO Coupon Nae 7/ , , , , , /52017 LOS% S 1, ) $ S 1, FNMA 3135WVNS Callable Nae 05/ 14/ , , 500, , 501, / % $ 16, E 17, S 2, Treasury WF3 Nae 06/ 10/ 14 1, 000, , , 002, / % $ 5, S 6, S 1, Treasury SC5 Nae 06/ 10/ 14 1, 000, , 004, , , 005, / % E 9, $ 7, S 1, FNMA 3135GOVM2 Callable Nae 04/04/ 13 4,000, ,004, , ,008, / 14' % S 73, S 64, S 7, Treasury SM3 Nae 0527/ ,015, , ,014, / % S 16, S 16, S 3, treasury SSO Nae 06/ 23/ , , ) 502, / 30/ % $ 3, E 4, E 1, Hark Hatb BS9 Coupon Note 01/ 11/ , , , , / % S 18, E 14, $ 1, FNMA 3135GOPP2 Callable Note 10/ 19/ 12 1, , 504, , , 506,270DD 920? % 1 43, S 38, $ 3, FNMA 3135GOPP2 1 Callable Nae 11/ 30/ 12 1, 000, , 003, , 004, % S 28, E 24, $ 2, FNMA 3135GOPP2 2 Callable Nae 12/04/ 12 1, 000, , , 004, % 1 27, $ 24, $ 2, FFCB 3133EAY28 Coupon Nae 10/ 18/ 12 2,000, , 996, , ) 2,002, % $ 48, $ 46, S 4, FHLB 3133SIB20 Coupon Nae 12/ 12/ ,OOD.00 1, 99& , ) 1, 996, / % S S 38, $ 3, FNMA 3136GIER6 Callable Nae 04/ 17/ 13 1, 000, , 004, , , 005,110.Oo 3/5/ % $ 26, S 22, $ 2, AAPL AJ9 Corporate Nae 05/ 16/ , , , ) 995, / % S 19, $ 24, S 2, FHLMC 3134G6TJ2 Callable Note 04/ 27/ 15 1, 500, , 500, , / % $ S 2, E 3, FHLB 313OA4VT6 Callable Nae 427/ , , 001, , , 001, % S 3, E 4, FHI. MC V1A Callable Nae 04/29/ 15 1, 500, , 499, ) 1, 501, % S S 3, $ 5, FHLB 3130A4Z88 Callable Note 04/29/ , , , / P/o S S 1, S 1, FHLB 313OA5H36 Coupon Note 6/ , 000, , ) 1, 003, / % S 2, S E 3, Treasury TB6 Nae 6/ , 000, , 000, , (30/ % $ I 1, Treasury Note 6/ I, ODD, , 004, , , 007, / eA S S S 2, Treasury K25 Nae 6/ , 000, , ,$ ) 998, , / /e $ 1, ) S S 2, FHLB 3130A5H85 Coupon Note 6/ ,000, , 991, , ) % E ) E 1, S 5, Treasury VK3 Nae 7/ , 000, , 010, , , 013, , % $ 1, ) E S 1, FFCB 3133EEFE5 Coupon Nae 7/ D9, , , / % S 4, FHLB 3130A66161 Coupon Nae , 250, , 247, , ) 1, 250, , 13% E 1, FHLB 313OA66142 Coupon Nae 8/ , 000, , ) 1, 002, % E 1, FFCB 3133EFAN7 Coupon Nae , 000, , , , / % E walmart )F7 Corporate Nae , 000, , , ) 999, , / % E I Disney 25468PCV6 Corporate Note 9/ 25/ , , , , / % E Subtotal S S S S $ 475, BNY MM 2,425, ,425, Purchased Interest 17, , LAIF N/A 12/ 31/ 14 4, 174, ,174, , S D506 52, S S S Bank rthe West Matured Assets SO ( Mississippi Power) BXI Coupon Nae 12/ 18/ 12 50, , , / % 1 30, $ 12, S 2, Treasury 91282SNPI Nae 08/ 16/ 11 1, 000, , , / % S 69, $ 25, E FHLMC 3134G51,015 Callable Nae 10/30/ , 500,00D / 30/ % $ 14, E E 1, FHLB 313OA3YE8 Callable Nae 022NI5 1, 250, , 248,750. OD 1, ) % S 3, S 3, $ 1, FHLB GE9 Callable Nae , , 000, & % S 2, S 4, E FM 313OA4BE1 Callable Nae 3/ 4/2015 1, 000, , 000, % S 4, S 3, E 1, GE 36962G4F8 Corporate Nae 9/ ,000, , , % S 175, , S 4, FHLMC 3134G46R4 Callable Nae ,000, , 995, ,000.00) % S 14, E 18, S 7, Taal Investments " Manuel" 5526, S 914, S S Maturity Profile Amount 0-1 year P 516, 256, years 14, 292, years 21, 744, years E52294, Market to Cort Petition Repurt Amatired institution Cost BNY Assess , BNY MM 2, 425, Purchased laterest 17, I -AIF 4, 174, Totals: 52294,60506 Page Page 55

7 Summary Investment Information August 31, 2015 Weighted Average Portfolio Yield: 0. 85% Weighted Average Maturity (days) 567 This Month Last Month One year azo Portfolio Balance 67, 968,449 68, 142, , 367, 436 Benchmarks/ References: Town' s Average Yield 0. 85% 0. 73% 0. 66% LAIF Yield for month 0. 30% 0. 30% 0. 25% 3 mo. Treasury 0. 08% 0. 01% 0. 06% 6 mo. Treasury 0. 27% 0. 01% 0. 11% 2 yr. Treasury 0. 74% 0. 62% 0. 43% 5 yr. Treasury ( most recent) 1. 54% 1. 51% 1. 48% Prime rate 3. 25% 3. 25% 3. 25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Freddie Mac ( 05/ 29/ 15) 0. 75% Portfolio Maturity Profile 3-5 years gar 2-3 years 25% i - z years 30% Compliance: The Town' s investments are in compliance with the Town's investment policy dated May 1, 2008 and also in compliance with the requirements of Section of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months. Page 1

8 To«n of Los Gatos Portfolio Allocation & Treasurer' s Fund Balances August 31, 2015 Fund Balances - Beginning of Month/ Period Receipts Disbursements Fund Balances - End of Month/ Period Month YTD 68, 192, ,832, , 872, , 038, , 090, ) 7, 896, ) 67, 974, , 974, Portfolio Allocation: BNY MM US Govt Agencies & Corp. Bonds Local Agency Investment Fund Subtotal - Investments Reconciled Demand Deposit Balances 307, , 823, , 304, , 669, Total Treasurer's Fund 567, 974, Portfolio Investment Allocation BNY MM Local Agency Investment Fund 0. 59% 7. 98% US Govt Agencies & Corp. Bonds % Treasurer' s Fund Balances 74, 000,000 72, 000,000 70, 000,000 68, 000, ,000 64, , 000, ,000 58, , v eo z page 2

9 Non -Treasury Restricted Fund Balances August 31, 2015 Non -Treasury Funds: Previous Ending Balance Deposits Interest Withdrawals Balance Cert. of Participation 2002 Series A Reserve Fund 686, $ $ 686, Note I Cert. Of Participation 2002 Ser A Lease Pymt Fund Note I Cert. ofparticipation 2002 Series A Const. Fund Note I COP 2010 Library Reserve Fund 1, 277, , 277, Note 2 Total Restricted Funds: 1, 963, $ , 963, These accounts are not part of the Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct entities. Note 1: The three original funds for the Certificates of Participation 2002 Series A consist ofconstruction funds which will be expended over the next few years, reserve funds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments and initial delivery costs. Note 2: The 2010 COP Funds are all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the life of the COP issue. The COI fund was closed in September Page 3

10 Statement of Interest Earned August 31, 2015 Interest by Month July 2015 $ 37, August , September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June , Page 4

11 Investment Schedule August 31, 2015 Orpjnal Issue Maturity Yield to interest Interest Interest Days Deposit Par OrlKla l ( Discount) Market Purchased Date or Maturity Received Earned Earned to Institution CUSIP 8 Security Date Value cost Premium Vslue Interest Call Date or Call to Date Prior Yrs. Current FY Maturity PFIZER 717ORIDJ9 Corporate Note 03/ 11/ , , , , / 15/ % $ 1, $ 1, $ 1, GE 36962G41`8 Corporate Nae 09/ 17/ 13 2, , 133, , , 004, /21/ % S 132, $ 37, $ 3, Berk Hath BNO Coupon Note 01/ 26/ 12 1, 250, , 315, , , 257, / 15/ % S 103, S 47, S 2, IBM GX3 Coupon Note 11/ 13/ , , , , / 22/ % $ 39, , S Treasury QXI Nae 08/ 16/ 11 1, 000, , 025, , , 009, / 31/ % $ 59, S 38, $ 1, FNMA 3135GOCM3 Callable Note 03/ 28/ 14 1, 000, , 014, , , 007, /28/ % $ 12, S 8, S 1, Toyota Motor Credit 99233P6SO Coupon Note 01/ 00/00 500, , , , , /5/ % S ( 1, ) S S FNMA 3135GOWY5 Callable Note 05/ 14/ 13 1, 500, , , 499, / 14/ % S 16, S 17, S 1, Treasury WF3 Note 06/ 10/ 14 1, 000, , 000, , 001, / 15/ % S 5, $ 6, $ 1, Treasury SC5 Nae 06/ 10/ 14 1, 000, , 004, , , 003, / 31/ % $ 9, $ 7, S 1, FNMA 3135GOVM2 Callable Note 04/04/ 13 4,000, ,004, , , 998, / 14/ % S 58, $ 64, $ 4, Treasury SM3 Note 0.5/ 27/ 14 2, 000, , , , 011, / 31/ % S 16, $ 16, $ 2, Treasury SSO Note 06/23/ , , ) 501, /30/ % S 3, $ 4, $ Berk Hath BS9 Coupon Note 01/ 11/ , , , , / 15/ % S 19, $ 14, $ FNMA 3135GOPP2 Callable Note 10/ 19/ 12 1, 500, , 504, , , /20/ % $ 36, $ 38, $ 2, FNMA 3135GOPP2_ I Callable Note 11/ 30/ 12 1, 000, , , , 002, /20/ % $ 23, $ 24, 09(1. 61 $ 1, FNMA 3135GOPP2_2 Callable Nae 12/ 04/ 12 10) , 002, , , 002, /20/ % S 22, $ 24, $ 1, FFCB 3133EAY29 Coupon Note 10/ 18/ 12 2, 000, , 996, , ) 1, 998, /21/ % $ 40, , S 2, FHLB Coupon Note 12! 12/ 12 2, 000, , 998, , ) 1, 988, / 8/ % $ 36, S 38, S 2, FNMA 3136GIER6 Callable Note 04/ 17/ 13 1, 000, , 004, , , / 5/ % S 21, S 22, S 1, AAPL AJ9 Corporate Note 05/ 16/ 13 1, 000, , ) 988, / % S 19, $ 24, $ 1, FHLMC 3134G6TJ2 Callable Nae 04/27/ , , 500, , 498, /27/ % $ - $ 2, S 2, FHLB 3130A4VT6 Callable Note 4/27/2015 2, 000, ,001, , , 998, /27/ / $ - $ 3, $ 3, FHLMC 3134G6VL4 Callable Note 04/29/ , , 499, ) 1, 493, / % $ - $ 3, S 3, FHLB 3130A4Z89 Callable Note 04/29/ , , / % $ - $ 1, $ 1, FHLMC 3134G46R4 Callable Note 11/ 28/ , 000, , 995, , ) 2, /25/ % $ 14, $ 16, S 4, FHLB 3130A Coupon Note 6/9/ , 000, , , ) 999, / 27/ % $ 2, $ $ 2, Treasury TB6 Note 6/9/2015 1, 000, , 000, , 000, /30/ % $ $ $ 1, Treasury D99 Nae 6/9/2015 1, 000, , 004, , , 014, , / 15/ % $ ( 2, ) $ , Treasury K25 Note 6/ 11/ , 000, , ) 994, , / 15/ / $ ( 1, ) $ $ 1, FHLB 3130A51195 Coupon Note 6/ 11/ , 000, , 991, , ) 1, 999, / 25/ % $ ( ) $ 1, S 4, Treasury VK3 Nae 7/ 31/ , 000, , 010, , , 009, , /30/ % $ ( 1, ) $ FFCB 3133EEFE5 Coupon Note 7/ 30/ , , 509, , / 18/ % $ FHLB 3130A Coupon Nae 9/ 20/2015 1, 250, , 247, , ) 1, 246, /25/ % $ FHLB 3130A Coupon Note 9/ 25/ , 000, 0( , ) 998, / % $ FFCB 3133EFAN7 Coupon Note x/ 27/2015 1, 000, , 002, , , 000, / % $ Subtotal 47, 811, , , $ 529, $ 67, BNY MM 307, Purchased Interest 11, LAIF N/ A 12/ 31/ 14 4, 174, , , $ 529, S 70, Bank of the West Matured Asses SO ( Mississippi Power) BXI Coupon Note 12/ 19/ , , , / 10/ ! $ 30, S 12, $ 1, Treasury NPI Note 09/ 16/ 11 1, 000, , 042, , / % $ 69, S 25, S FHLMC 3134G5MH5 Callable Note 10/ 30/ 14 2, 500, , 500, / 30/ % S 14, $ 12, $ FHLB 313OA3YE8 Callable Note 02/ 20/ 15 1, 250, , 248, , ) 8/ 20/ % $ 3, $ 3, $ 1, FHLB 3134G5GE9 Callable Note 9/ 26/2014 1, 000, , 000, / 26/ % $ 2, S 4, $ FHLB 3130A4BEl Callable Note 3/ , 000, , 000, / 25/ % $ 4, $ 3, $ 1, Total Investments " Matured" , , S 590, $ 77, Maturity Pro81e Amount 0-1 year p 15, 251, years 14,303, years 22,749, years , 304, Market to Cost Position Report Amortized Institution Cost BNY Assets 547, 811, BNY MM 307, Purchased Purchased Interest Interest 11, LAIF 4, 174, Totals: 52, 304, Page Page 55

12 Summary Investment Information July 31, 2015 Weighted Average Portfolio Yield: 0. 79% Weighted Average Maturity (days) 497 This Month Last Month One year aso Portfolio Balance 68, 192, , 832, , 064, 846 Benchmarks/ References: Town's Average Yield 0. 79% 0. 85% 0. 65% LAIF Yield for month 0. 28% 0. 30% 0. 27% 3 mo. Treasury 0. 08% 0. 01% 0. 03% 6 mo. Treasury 0. 14% 0. 01% 0. 07% 2 yr. Treasury 0. 67% 0. 62% 0. 34% 5 yr. Treasury ( most recent) 1. 54% 1. 51% 1. 41% Prime rate 3. 25% 3. 25% 3. 25% Most recent auctions of Freddie Mac or Fannie Mae Reference Notes: 2 yr. Freddie Mac ( 05/ 29/ 15) 0. 75% Portfolio Maturity Profile Compliance: The Town's investments are in compliance with the Town's investment policy dated May 1, 2008 and also in compliance with the requirements of Section of the California State Code. Based on the information available, the Town has sufficient funds to meet the cash demands for the next six months. Page 1

13 Portfolio Allocation & Treasurer' s Fund Balances July 31, 2015 Fund Balances - Beginning of Month/ Period Receipts Disbursements Fund Balances - End of Month/ Period Month YTD 70,832, $ 70, 832, , 166, , 166, ,806, ) ( 4, 806, ) 68, 192, $ 68, 192, Portfolio Allocation: BNY MM US Govt Agencies & Corp. Bonds Local Agency Investment Fund Subtotal - Investments Reconciled Demand Deposit Balances 3, 820, ,298, , 174, ,293, , 898, Total Treasurer' s Fund 68, 192, Portfolio Investment Allocation BNY MM Local Agency Investment Fund 7. 31% 7. 98% US Govt Agencies & Corp. Bonds Treasurer' s Fund Balances page 2

14 Non -Treasury Restricted Fund Balances July 31, 2015 Non -Treasury Funds: Previous Ending Balance D sits Interest Withdrawals Balance Cert. of Participation 2002 Series A Reserve Fund 686, $ S $ 686, Note I Cert. Of Participation 2002 Ser A Lease Pymt Fund Note I Cert. of Participation 2002 Series A Const. Fund Note I COP 2010 Library Reserve Fund 1, 277, , 277, Note 2 Total Restricted Funds: 1, 963, $ , 963, These accounts are not part of the Treasurer's fund balances reported elsewhere in this report, as they are for separate and distinct entities. Note 1: The three original funds for the Certificates of Participation 2002 Series A consist ofconstruction funds which will be expended over the next few years, reserve funds which will guarantee the payment of lease payments, and a third fund for the disbursement of lease payments and initial delivery costs. Note 2: The 2010 COP Funds are all for the Library construction, reserves to guarantee lease payments, and a lease payment fund for the life of the COP issue. The COI fund was closed in September Page 3

15 Statement of Interest Earned July 31, 2015 Interest by Month July 2015 $ 37, August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June , Page 4

16 Investment Schedule July 31, 2015 Orginal Issue Maturity Yield to Interest Interest Interest Days Discount) Market Purchased Date or Maturity Received Earned Earned to Deposit Per Original ( Institution CUSIP k security Date Value C29 Premium Value Interest Call Date or Cab to Date Prior Yrs. Current FY Maturity PFIZER /3/ 9 Corporate Note 03/ 11/ , , , , / 15i % S 1, $ 1, FHLB 313OA3YE8 Callable Note 02/ 20/ 15 1, 250, , 249, , ) 1, 250, / 20/ % $ 2, FHLMC 3134G5GE9 Callable Note 08/ 26/14 L000, , 000, , 000, / % $ 4, GE 36962G4F8 Corporate Note 09/ 17/ 13 2,000, , 133, , , 010, / 21/ % $ 132, S 37, , Berk Hath BNO Coupon Note 01/ 26/ 12 1, 250, , 315, , , 258, / 15/ % $ $ 47, , FHLB 313OA4BEI Callable Note 3/ 4/ , 000, , 000, , 000, / 25/ % $ ) $ 3, IBM GX3 Coupon Note 11/ 13! , , , , / % $ 39, $ 15, Treasury QXI Note 09/ 16/ 11 1, 000, , 025, , , 011, / % $ 51, S 39, S FNMA 3135GOCM3 Callable Note 0329/ 14 1, 000, , 014, , , 008,900,00 9/28/ % $ 12, S 9, Toyota Motor Credit 99233P6SO Coupon Note 07/ 10/ , , , , , / 5/ % S 1, ) S S FNMA 3135GOWY5 Callable Note 05/ 14/ 13 1, 500, , 500, , 500, / 14/ % S 16, S 17, S Treasury WF3 Note 06/ 10/ 14 1, 000, , 000, , 002, / 15/ % S 5, $ 6, Treasury SC5 Note 06/ 10/ 14 1, 000, , 004, , , 005,2300) 1/ 31/ % S 5, $ 7, S FNMA 3135GOVM2 Callable Note 04/04/ 13 4,000, ,0(A , ,007, / 14/ % $ 59, $ 64, , Treasury SM3 Note 05/ 27/ 14 2,( 0, , , ,014, / 31/ % $ 16, S 16, Treasury SSO Note 16/ 23/ , , ) 502, / W1 S 3, $ 4, S Berk Hath BS9 Coupon Note 01/ 11/ , , , , / 1. 5/ % $ 19, $ 14, FNMA 3135GOPP2 Callable Note 10/ 19/ , 504, , , 506, / 20/ % $ 36, $ 39, , FNMA 3135GOPP2_ I Callable Note 11130/ 12 1, 000, , 003, , , 004, / 20/ % $ 23, $ 24, FNMA 3135GOPP2_ 2 Callable Note 12/ 04/ 12 1, 000, , 002, , , 004, / 20/ % $ 22, $ 24, 199, FFCB 3133EAY28 Coupon Note 10/19/ 12 2, 000, , 996, , ) 2,017, / 21/ 2017 O. R6% $ 40, $ 46, , FHLB B20 Coupon Note 12/ 12/ 12 2,000, , 998, , ) 1, 991, / 8/ % $ 36, S 38, S 1, FNMA 3136G IER6 Callable Note 04/ 17/ 13 1, 000, , 004, , , 000, / 5/ $ 21, S 22, AAPL A19 Corporate Note 05/ 16/ 13 1, 000, , , ) 999, / 3/ % $ 19, $ 24, FHLMC 3134G6112 Callable Note 04/27/ , , , 499, /27/ % $ S , FHLB 313OA4VT6 Callable Note 4/27/ , (X) 2, 001, , , / 27/ % $ S 3, S 1, FHLMC 3134G6VL4 Callable Note 04/ 29/ , 499, , 00) , / 29/ % S 3, S 1, FHLB 3130A4Z89 Callable Note 04/ 29/ , , , / 29/ % S S 1, FHLMC 3134G46R4 Callable Note 11/ 29/ , 0( 0, , 995, , ) 2,003, / % $ 14, $ 16, , FHLB 3130ASH36 Coupon Note 6/9/ , 000, , , ) 1, 001, / % $ ) $ S 1, Treasury TB6 Note 6/9/ , 000, , 000, , 002, / 30/ % $ $ Treasury D99 Note 6/92015 I, 0( 8), , 004, , , 005, , / 15/ % $ 2, ) $ Treasury K25 Note 6/ 11/ , 000,0( , , ) 995, , / 15/ % $ 1, ) $ FHLB 3130ASH85 Coupon Note 6/ , 0( 0, , 991, , ) 2,001, / 25/ %-$ ) $ 1, , Subtotal S 44,292, , , $ 539, , BNY MM 3, 920, Purchased Interest 6, LAIF N/A 12/ 31/ 14 4, 174, , , 293, S 539, , Bank of the West Matured Assets SO ( Mississippi Pow, BX 1 Coupon Note 12/ I9/ , , , / 10/ % $ 30, $ 12, S Treasury NPI Note 08/ 16/ 11 1, 000, , 042, , S 60, $ 25, FHLMC 3134G5MH5 Callable Note 10/ 30/ 14 2, 500, , S 14, S 12, Total Investments " Matured" 54,068, S 779, S 599, S 37, Maturity Profile Amount 0-1 year 19, 735, years 514, years 17, 234, years 997, , 293, Market to Cost Position Report Amortized Institution Cost BNY Assets 44,292, BNY MM 3,920, Purchased Purchased Interest Interest 6, LAIF 4, 174, Totals: 52,293,9I2.R5 Page Page 55