SANTA BARBARA COUNTY TREASURER S REPORT TO THE BOARD OF SUPERVISORS AND THE TREASURY OVERSIGHT COMMITTEE. FOR THE QUARTER ENDED September 30, 2018

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3 SANTA BARBARA COUNTY TREASURER S REPORT TO THE BOARD OF SUPERVISORS AND THE TREASURY OVERSIGHT COMMITTEE FOR THE QUARTER ENDED September 30, 208

4 ECONOMIC TREND The Federal Open Market Committee (Committee) decided to increase the target federal funds rate at a range of 2.00% to 2.25% at its September meeting. They indicated that the stance of monetary policy remained accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation. As summarized in the Beige Book issued September 2, 208, economic activity continued to expand across the United States at a moderate pace with Philadelphia, St. Louis, and Kansas City Federal Reserve Districts reporting below average growth. Businesses generally remained optimistic about the near-term outlook, though some districts noted concern and uncertainty about trade relations. A number of Districts noted that such concerns had prompted some business to scale back or postpone capital investment. All Districts reported that labor markets were tight and many said that the inability to find both lowskilled and high-skilled workers constrained growth. Consumer spending continued to grow at a modest pace. Wage growth was mostly reported as modest to moderate. Tariffs were reported to be contributing to rising input costs, mainly in manufacturing. INVESTMENT ACTIVITIES 2 The investment portfolio is in compliance with the Government Code and the Treasurer s Investment Policy. The Treasurer s Investment Pool has sufficient cash flow available to meet all budgeted expenditures for the next six months.

5 ECONOMIC TREND: Unemployment Rate The unemployment rate represents the number of unemployed persons as a percent of the labor force. The sampling used each month to calculate the rate is approximately 60,000 households. The national unemployment rate began the quarter at 4% and ended the quarter at 3.7%. California s preliminary unemployment rate was 4.2% in August. 3 Source: Bureau of Labor Statistics

6 ECONOMIC TREND: Inflation The Consumer Price Index (CPI) represents changes in prices of all goods and services purchased for consumption by urban households. CPI was 2.3% at the end of September. The Core CPI, which excludes food and energy, was 2.2% at the end of September. 4 Source: Bureau of Labor Statistics

7 ECONOMIC TREND: Consumer Confidence Consumer Confidence is the average of responses to current business and employment conditions and responses to six-month future expectations for business conditions, employment conditions, and total family income. It began the quarter at 27. and ended at Source: Conference Board

8 ECONOMIC TREND: GDP (Gross Domestic Product) Gross domestic product is the value of all goods and services produced. After eighteen consecutive quarters of growth, the economy experienced its first quarter in negative territory ending March 204 at -0.9%. Subsequently, the economy continued to recover. For the most recent quarter ending June 30, 208, the economy reported GDP at 4.2%. 6 Source: Bureau of Economic Analysis

9 Santa Barbara County Treasurer's Investment Pool Statement of Assets As of September 30, 208 Asset Description Cost Net Unrealized Holding Gains/(Losses) Fair Value* 9/30/208 Percent of Portfolio Yield to Weighted Average Days to Fair Value* 6/30/208 Net Change Cash $ 37,004,496 $ - $ 37,004, $ 95,90,907 $ (58,86,4) California Asset Management Program (CAMP) 80,000,000-80,000, ,000,000 - Local Agency Investment Fund (LAIF) 65,000,000-65,000, ,000,000 - U.S. Treasury Bills 69,66,22 33,028 69,299, ,762,050 (25,462,900) U.S. Treasury Notes 202,852,930 (,273,480) 20,579, ,535,550 (9,956,00) Government Agency Bonds 220,498,36 (2,55,24) 27,983, ,309,635 2,673,602 Government Agency Discount Notes 0,266,700 87,940 02,084, ,338,256 (45,253,66) Government Agency Bonds - Callable 525,059,87 (8,472,325) 56,587, ,794,5 (37,206,659) Total $,300,848,426 $ (,309,96) $,289,538, $,472,930,549 $ (83,392,084) *Provided by Union Bank *Includes transactions through 9/28/208 Treasurer's Pool Earnings Summary: Total Net Earnings on the Treasurer's Pool** $ 5,49,23 Average Daily Balance on the Treasurer's Pool $,352,377,346 Net Interest Rate on the Treasurer's Pool.590% **Total net earnings including earned interest, amortization and realized gains and losses on investments. Asset Description Cost Net Unrealized Holding Gains/(Losses) Fair Value*** 9/30/208 Percent of Portfolio Yield to Weighted Average Days to Fair Value* 6/30/208 Net Change Cannabis Cash*** $ 43,738 $ - $ 43, $ - $ 43,738 Total $ 43,738 $ - $ 43, $ - $ 43,738 ***Proceeds from Cannabis operations are segregated from the Investment Pool and do not receive Investment Pool interest apportionment. 7

10 TREASURER'S INVESTMENT POOL ASSET DISTRIBUTION BY SECTOR (PAR VALUE) 9/30/208 Treasuries, 20.7% Cash on Deposit at Bank, 2.8% Callable Securities, 40.4% Government Agency Notes, 25.0% CAMP, 6.% LAIF - State Investment Pool, 5.0% 8

11 S&P CREDIT RATING AT TIME OF PURCHASE BY PERCENT OF BOOK VALUE 9/30/208 AA (Long Term Rating) 80.0% CA Local Agency Investment Fund/ Cash on Deposit at Bank (Not Rated) 0.8% AAA (Long Term Rating) 9.2% Investment Policy Requirements: -- US Treasuries: N/A -- Agency of the Federal Government/US Government Sponsored: N/A -- Commercial Paper of US Corporations, Assets Greater Than $500 million: A, P, F (by two of the three rating agencies) -- State of California - LAIF/Managed Investment Pools: N/A -- Negotiable CD's: A, P, F (by two of the three rating agencies) -- Medium Term Notes/Corporate Notes of US Corporations: Up to three years: AAby at least two of the three rating agencies. Greater than three years: AA by at least two of the three rating agencies. 9

12 TREASURER'S INVESTMENT POOL MATURITY DISTRIBUTION 9/30/ YEARS, 5.0% 4-5 YEARS, 3.2% OVERNIGHT, 6.% 2-3 YEARS, 6.4% - 90 DAYS, 4.2% - 2 YEARS, 24.8% 9 DAYS - YEAR, 20.3% 0

13 TREASURER'S INVESTMENT POOL AVERAGE DAILY CASH BALANCE & INCOME DISTRIBUTION FOR THE QUARTER ENDED 9/30/208 Special Districts, 9% County, 37% Schools, 54% The average daily cash balance of all entities in the pool during the quarter was $,352,377,346. Aggregate interest earnings of $5,49,23 was distributed to pool participants.

14 TREASURER'S INVESTMENT POOL QUARTERLY PERFORMANCE VERSUS SELECTED BENCHMARKS 9/30/ % 6.00% 5.00% 4.00% 3.00% 2.00%.00% 2.8% 2.09% 2.0%.59% % LAIF Treasurer's Pool Federal Funds 3 mo T-Bill 2

15 CUSIP Investment # Cash Issuer Average Balance County Pool Portfolio Management Portfolio Details - Investments September 30, 208 Purchase Par Value Market Value Book Value Stated Rate S&P YTM Days to SYS Bank of America Corp. 37,004, ,004, ,004, Page FICA Subtotal and Average 402, ,004, ,004, ,004, SYS FICA AAA CAMP Subtotal and Average 5,27, SYS CAMP 80,000,00 80,000,00 80,000, AAA 2.20 Local Agency Investment Funds Subtotal and Average 89,30, ,000,00 80,000,00 80,000, SYS LAIF 65,000,00 65,000,00 65,000, Federal Agency Coupon Securities Subtotal and Average 65,000,00 65,000,00 65,000,00 65,000, EFZN Federal Farm Credit Bank 02/2/206 4,000,00 3,980,20 4,000, AA /2/ EGR Federal Farm Credit Bank 2/07/206 5,000,00 4,853,40 5,000, ,072 09/07/ EG2S Federal Farm Credit Bank 0/03/207 5,000,00 4,987,20 4,999, AA /03/ EG3X 6235 Federal Farm Credit Bank 0/7/207 5,000,00 4,983,35 5,000, /7/ EG5Q Federal Farm Credit Bank 03/29/207 5,300,00 5,28, ,299, AA /0/ EHHB Federal Farm Credit Bank 04/27/207 5,000,00 4,896,75 4,995, AA /27/ EHJG Federal Farm Credit Bank 05/5/207 5,000,00 4,966,45 4,999, /5/ EHKH Federal Farm Credit Bank 05/23/207 5,000,00 4,889,95 4,998, /23/ EHMR 6422 Federal Farm Credit Bank 06/2/207 5,000,00 4,960,75 5,000, AA /2/ EHRL Federal Farm Credit Bank 07/9/207 5,000,00 4,854,20 5,000, AA 2.000,022 07/9/ EHSV Federal Farm Credit Bank 07/27/207 5,000,00 4,978,60 5,000, /27/ EHUK Federal Farm Credit Bank 08/4/207 5,000,00 4,949,95 5,000, AA /4/ EHUK Federal Farm Credit Bank 08/2/207 5,000,00 4,949,95 5,000, AA /4/ EHYJ Federal Farm Credit Bank 09/2/207 5,000,00 4,942,55 4,999, AA /2/ EHVX8 657 Federal Farm Credit Bank 09/8/207 5,000,00 4,877,65 4,993, AA /24/ EHZA Federal Farm Credit Bank 09/20/207 5,000,00 4,820,85 4,988, AA.743,085 09/20/ EHB Federal Farm Credit Bank 0/03/207 5,000,00 4,964,90 5,000, AA /03/ EFVQ7 657 Federal Farm Credit Bank 0/24/207 5,000,00 4,983,50 4,995, AA /22/ EHJ Federal Farm Credit Bank 0/26/207 5,000,00 4,890,20 4,999, /26/ EHZ Federal Farm Credit Bank 2/05/207 5,000,00 4,96,75 5,000, /05/ EH6L Federal Farm Credit Bank 0/0/208 5,000,00 4,952,55 4,996, /0/ EJAD 664 Federal Farm Credit Bank 0/23/208 5,000,00 4,923,30 4,995, /23/2020 Portfolio SB99 AP Run : 0/6/208-0:0 PM (PRF_PM2) Report Ver. 7.3.

16 County Pool Portfolio Management Portfolio Details - Investments September 30, 208 Page 2 CUSIP Investment # Federal Agency Coupon Securities Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate S&P YTM Days to 333EJXV6 678 Federal Farm Credit Bank 08/28/208 5,000,00 4,978,25 4,995, /23/ A6UX Federal Home Loan Bank 2/28/205 5,000,00 4,960,60 5,000, AA /28/ AAUP 625 Federal Home Loan Bank 03/02/207 5,000,00 4,978,50 4,997, AA /25/ ABUN4 658 Federal Home Loan Bank 09/8/207 5,000,00 4,93,30 5,000, AA /28/ A66T Federal Home Loan Bank 09/2/207 5,000,00 4,885,60 5,000, AA // FB Federal Home Loan Bank 09/22/207 5,000,00 4,94,75 4,994, /3/ ABY Federal Home Loan Bank /29/207 5,000,00 4,902,55 4,980, AA /29/ AAE Federal Home Loan Bank 0/8/208 5,000,00 4,985,20 4,99, /6/ ADVE Federal Home Loan Bank 03/2/208 5,000,00 4,994,5 4,999, /2/ EADK2 597 Federal Home Loan Mortgage Co. /06/205 5,000,00 4,945,35 4,99, AA /0/ EADK Federal Home Loan Mortgage Co. 2/0/205 5,000,00 4,945,35 4,989, AA /0/ EADM Federal Home Loan Mortgage Co. 0/27/206 5,000,00 4,93,0 4,996, AA /02/ GA3Q Federal Home Loan Mortgage Co. 02/28/207,840,00,787,20.40,840, ,246 02/28/ GBJF Federal Home Loan Mortgage Co. 04/27/207 5,000,00 4,853,65 5,000, AA.800,030 07/27/ EAEH Federal Home Loan Mortgage Co. 07/9/207 5,000,00 4,947,90 4,996, AA /5/ EADM Federal Home Loan Mortgage Co. 2/20/207 5,000,00 4,93,0 4,968, AA /02/ EAEJ Federal Home Loan Mortgage Co. 2/22/207 5,000,00 4,884,45 4,96, /29/ GCL 687 Federal Nat'l Mtg. Assoc. 2/07/206 5,000,00 4,92,90 4,999, AA /20/ G0J Federal Nat'l Mtg. Assoc. 2/09/206 5,000,00 4,827,00 4,956, AA /26/ G0P Federal Nat'l Mtg. Assoc. 2/6/206 5,000,00 4,927,95 4,974, AA /28/ G0P Federal Nat'l Mtg. Assoc. 04//207 5,000,00 4,927,95 4,979, AA /28/ G0T Federal Nat'l Mtg. Assoc. 08/29/207 5,000,00 4,886,20 4,998, AA /30/ G0T Federal Nat'l Mtg. Assoc. 2//207 5,000,00 4,886,20 4,960, AA /30/2020 Federal Agency Disc. -Amortizing Subtotal and Average 224,826, ,40,00 27,983, ,834, H FC Discount Note /03/207 5,000,00 5,000,00 5,000, AAA /0/ AB FC Discount Note 03/22/208 5,000,00 4,97,05 4,973, /02/ BP FC Discount Note 03/23/208 5,000,00 4,958,95 4,963, /07/ FA FC Discount Note 06/08/208 0,000,00 9,858,0 9,868, /0/ AD 6629 FHLB Disc Corp 0/05/208 5,000,00 4,970,45 4,976, /04/ CR FHLB Disc Corp 03/07/208 5,000,00 4,949,40 4,955, /05/ CZ FHLB Disc Corp 03/5/208 5,000,00 4,946,80 4,952, /3/ DA FHLB Disc Corp 03/9/208 5,000,00 4,946,45 4,952, /4/ BG FHLB Disc Corp 04/05/208 6,99,00 6,866, ,87, /3/ FR5 670 FHLB Disc Corp 05/25/208 0,000,00 9,848,00 9,858, /6/ CD FHLB Disc Corp 05/30/208 0,000,00 9,909,00 9,94, /2/ CB FHLB Disc Corp 05/30/208 5,000,00 4,955,5 4,957, /9/209 Portfolio SB99 AP Run : 0/6/208-0:0 PM (PRF_PM2) 7.2.5

17 County Pool Portfolio Management Portfolio Details - Investments September 30, 208 Page 3 CUSIP Investment # Federal Agency Disc. -Amortizing Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate S&P YTM Days to 33384HC6 670 FHLB Disc Corp 06/2/208 7,000,00 6,875,68 6,882, /20/ FV6 67 FHLB Disc Corp 06/20/208 0,000,00 9,845,40 9,853, /20/ HP7 674 FHLB Disc Corp 08/20/208 4,35,00 4,234, ,237, AAA /0/ ER6 675 FHLB Disc Corp 08/24/208 3,000,00 2,959,74 2,96, AAA /22/ U Federal Home Loan Bank 04/02/208 2,000,00,989,46,990, /27/208 Treasury Coupon Securities Subtotal and Average 7,62, ,234,00 02,084, ,69, TC U.S. Treasury 0/28/205 5,000,00 4,943,95 4,996, /30/ TR 5965 U.S. Treasury 0/28/205 5,000,00 4,98,75 4,99, /30/ TH U.S. Treasury 0/28/205 5,000,00 4,929,70 4,989, /3/ SD U.S. Treasury /0/205 5,000,00 4,982,30 4,998, /3/ L U.S. Treasury /8/206 5,000,00 4,859,75 4,98, AAA /30/ L U.S. Treasury /8/206 5,000,00 4,859,75 4,98, AAA /30/ J84 69 U.S. Treasury 2/09/206 5,000,00 4,898,45 4,992, /3/ XE5 692 U.S. Treasury 2/09/206 5,000,00 4,895,30 4,997, /3/ R U.S. Treasury 2/3/206 5,000,00 4,950,60 4,988, /5/ SX9 698 U.S. Treasury 2/3/206 5,000,00 4,954,50 4,995, /3/ S U.S. Treasury 2/23/206 0,000,00 9,539,80 9,772, ,003 06/30/ XH8 627 U.S. Treasury 2/23/206 5,000,00 4,899,60 4,992, /30/ R U.S. Treasury 2/27/206 5,000,00 4,942,60 4,982, /5/ R U.S. Treasury 04/06/207 5,000,00 4,808,60 4,948, /3/ P U.S. Treasury 04/0/207 5,000,00 4,970,0 4,990, /5/ SD3 629 U.S. Treasury 04/0/207 5,000,00 4,982,30 4,999, /3/ U U.S. Treasury 09/29/207 5,000,00 4,987,85 4,998, /3/ W U.S. Treasury 09/29/207 0,000,00 9,948,80 9,989, /28/ S U.S. Treasury 09/29/207 5,000,00 4,929,90 4,973, /5/ T U.S. Treasury /29/207 5,000,00 4,748,45 4,878, ,095 09/30/ T U.S. Treasury /29/207 5,000,00 4,759,20 4,896, ,26 0/3/ S U.S. Treasury /29/207 5,000,00 4,762,30 4,887, ,034 07/3/ L U.S. Treasury 2/08/207 5,000,00 4,866,00 4,952, /3/ XM U.S. Treasury 2//207 5,000,00 4,894,5 4,977, /3/ H52 66 U.S. Treasury 2/2/207 5,000,00 4,903,5 4,96, /3/ N U.S. Treasury 0/8/208 5,000,00 4,983,70 4,989, /5/ V U.S. Treasury 02/06/208 5,000,00 4,95,05 4,954, /5/ W U.S. Treasury 02/06/208 5,000,00 4,908,00 4,949, /5/ D U.S. Treasury 02/2/208 5,000,00 4,954,50 4,98, /3/ G U.S. Treasury 02/2/208 5,000,00 4,96,80 4,946, /5/209 Portfolio SB99 AP Run : 0/6/208-0:0 PM (PRF_PM2) 7.2.5

18 County Pool Portfolio Management Portfolio Details - Investments September 30, 208 Page 4 CUSIP Investment # Treasury Coupon Securities Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate S&P YTM Days to 92828SH U.S. Treasury 03/02/208 5,000,00 4,979,50 4,985, /28/ K U.S. Treasury 04/06/208 0,000,00 9,90,20 9,93, /3/ L U.S. Treasury 04/2/208 5,000,00 4,997,80 4,997, /5/ VP U.S. Treasury 04/2/208 5,000,00 4,928,30 4,966, /3/ M U.S. Treasury 04/2/208 5,000,00 4,994,75 4,995, /5/ D U.S. Treasury 09/2/208 5,000,00 4,976,5 4,977, /30/ U U.S. Treasury 09/26/208 5,000,00 4,987,85 4,988, /3/208 Treasury Discounts -Amortizing Subtotal and Average 20,05, ,000,00 96,579,45 98,779, PP U.S. Treasury 04/0/208 5,000,00 4,962,30 4,967, /3/ QS 672 U.S. Treasury 07/6/208 0,000,00 9,939,0 9,94, /0/ QX0 676 U.S. Treasury 08/28/208 5,000,00 4,957,35 4,959, /4/ QX0 677 U.S. Treasury 08/28/208 5,000,00 4,957,35 4,959, /4/ QR3 679 U.S. Treasury 08/29/208 5,000,00 4,90,40 4,905, /8/ QU U.S. Treasury 09/4/208 5,000,00 4,964,80 4,965, /24/ QZ5 672 U.S. Treasury 09/9/208 5,000,00 4,950,20 4,950, /07/ QW U.S. Treasury 09/9/208 5,000,00 4,959,65 4,960, /07/ QU U.S. Treasury 09/20/208 0,000,00 9,929,60 9,929, /24/ RA U.S. Treasury 09/25/208 5,000,00 4,880,60 4,880, /2/ QQ U.S. Treasury 09/26/208 5,000,00 4,974,00 4,973, /27/ QH U.S. Treasury 09/27/208 5,000,00 4,922,80 4,922, /23/209 Federal Agency Coupon - Callables Subtotal and Average 6,740, ,000,00 69,299,5 69,33, EFWX 6033 Federal Farm Credit Bank 0/28/206 5,000,00 4,978,70 4,999, AA /28/ EF2L Federal Farm Credit Bank 04/3/206 5,000,00 4,895,80 5,000, AA /3/ EF3P Federal Farm Credit Bank 04/20/206 6,003,00 5,863,30.0 6,00, AA /20/ EGAE Federal Farm Credit Bank 05/8/206 5,000,00 4,906,20 4,998, /8/ EGDW Federal Farm Credit Bank 06/08/206 5,000,00 4,894,25 5,000, /08/ EGEU5 60 Federal Farm Credit Bank 06/4/206 5,000,00 4,859,65 5,000, AA /4/ EGHP3 62 Federal Farm Credit Bank 06/29/206 5,000,00 4,874,00 5,000, /29/ EGJR7 68 Federal Farm Credit Bank 07/05/206 5,000,00 4,938,75 5,000, AAA /05/ EGA Federal Farm Credit Bank /0/206 5,000,00 4,994,90 4,999, AA /0/ EGA Federal Farm Credit Bank /04/206 5,000,00 4,92,60 4,998, AA /0/ EG4F Federal Farm Credit Bank 0/9/207 5,000,00 4,883,80 4,999, AA /9/ EHEJ8 633 Federal Farm Credit Bank 04/8/207 5,000,00 4,933,80 5,000, AAA /03/ EJCK Federal Farm Credit Bank 02/2/208 5,600,00 5,527, ,600, AA /2/202 Portfolio SB99 AP Run : 0/6/208-0:0 PM (PRF_PM2) 7.2.5

19 County Pool Portfolio Management Portfolio Details - Investments September 30, 208 Page 5 CUSIP Investment # Federal Agency Coupon - Callables Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate S&P YTM Days to 333EJCG Federal Farm Credit Bank 02/4/208 5,000,00 4,957,30 5,000, AA 2.730,232 02/4/ A7RA Federal Home Loan Bank 04/22/206 5,000,00 4,862,95 5,000, /22/ AAM Federal Home Loan Bank 0/26/207 5,000,00 4,996,70 5,000, /26/ AANA Federal Home Loan Bank 0/30/207 5,000,00 4,904,05 5,000, AA /30/ AB3T 6342 Federal Home Loan Bank 04/24/207 5,000,00 4,905,0 5,000, AA /24/ ABNQ Federal Home Loan Bank 06/29/207 5,000,00 4,899,20 4,995, AA /26/ ABVU Federal Home Loan Bank 07/27/207 5,000,00 4,893,40 5,000, AA /27/ AC6P Federal Home Loan Bank 08/7/207 5,000,00 4,825,75 5,000, ,46 08/7/ ABB Federal Home Loan Bank 08/23/207 5,000,00 4,952,90 4,998, /26/ A6JG Federal Home Loan Bank 09/2/207 5,000,00 4,97,95 4,999, AA /4/ ACGC Federal Home Loan Bank 09/27/207 5,000,00 4,945,5 4,998, AA /27/ ACGC Federal Home Loan Bank 09/27/207 5,000,00 4,945,5 5,000, AA /27/ ACDU Federal Home Loan Bank 09/29/207,960,00,904,00.80,956, AA.859,002 06/29/ ACHQ Federal Home Loan Bank 0/9/207 5,000,00 4,889,5 4,997, AA /9/ ACKD Federal Home Loan Bank 0/24/207 5,000,00 4,825,45 5,000, AA 2.250,484 0/24/ ACN Federal Home Loan Bank 0/30/207 5,000,00 4,92,05 4,998, AA /5/ ACUK Federal Home Loan Bank /28/207 5,000,00 4,876,5 5,000, /28/ ACV Federal Home Loan Bank 2/08/207 4,250,00 4,34, ,244, ,52 /26/ ACNM Federal Home Loan Bank 2//207 5,000,00 4,808,60 4,984, ,486 0/26/ ACZE Federal Home Loan Bank 2/2/207 5,000,00 4,929,95 5,000, /2/ ACN Federal Home Loan Bank 2/9/207 5,000,00 4,92,05 4,980, AA /5/ AD6W Federal Home Loan Bank 0/05/208 5,000,00 4,868,40 4,997, AA 2.522,550 2/29/ ADFV Federal Home Loan Bank 0/29/208 5,000,00 4,927,95 5,000, /29/ ADC Federal Home Loan Bank 0/29/208 5,000,00 4,904,05 5,000, AA /29/ ADCP Federal Home Loan Bank 03/07/208 5,540,00 5,435, ,487, AA 2.650,22 0/25/ ADG Federal Home Loan Bank 03/08/208 5,000,00 4,92,40 4,969, AA /29/ ADU Federal Home Loan Bank 03/22/208 5,000,00 4,947,65 4,997, AA /22/ ADG Federal Home Loan Bank 04/0/208 5,000,00 4,92,40 4,968, AA /29/ AE4Y Federal Home Loan Bank 04/30/208 5,000,00 4,974,60 5,000, /30/ G8VN Federal Home Loan Mortgage Co. 03/3/206,000,00 968,94,000, /29/ G8TV 6057 Federal Home Loan Mortgage Co. 03/3/206 2,000,00,988,08 2,000, AA /29/ G8W Federal Home Loan Mortgage Co. 04/08/206 7,000,00 6,882,33 7,000, /30/ G9AP Federal Home Loan Mortgage Co. 04/26/206 4,540,00 4,488, ,540, AA /26/ G8WH Federal Home Loan Mortgage Co. 04/27/206 5,250,00 5,38, ,250, AA /27/ G9AH Federal Home Loan Mortgage Co. 04/27/206 5,000,00 4,905,40 5,000, AA /27/ G9AH Federal Home Loan Mortgage Co. 04/27/206 4,000,00 3,924,32 4,000, AA /27/ G9BA Federal Home Loan Mortgage Co. 04/28/206 4,250,00 4,40, ,250, /28/ G9DF 6080 Federal Home Loan Mortgage Co. 05/04/206 5,000,00 4,9,5 5,000, /04/2020 Portfolio SB99 AP Run : 0/6/208-0:0 PM (PRF_PM2) 7.2.5

20 County Pool Portfolio Management Portfolio Details - Investments September 30, 208 Page 6 CUSIP Investment # Federal Agency Coupon - Callables Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate S&P YTM Days to 334G9GS Federal Home Loan Mortgage Co. 05/26/206 5,000,00 4,937,90 5,000, AA /26/ G9UM7 63 Federal Home Loan Mortgage Co. 06/30/206 5,000,00 4,840,80 5,000, AA.730,003 06/30/ G92B2 639 Federal Home Loan Mortgage Co. 08/8/206 5,000,00 4,977,05 4,999, AA /30/ GAAP9 64 Federal Home Loan Mortgage Co. 08/23/206 5,000,00 4,99,25 5,000, /23/ GATV6 654 Federal Home Loan Mortgage Co. /0/206 5,000,00 4,976,05 5,000, AA /28/ G92B2 682 Federal Home Loan Mortgage Co. 2/07/206 5,000,00 4,977,05 4,994, AA /30/ GA5Z Federal Home Loan Mortgage Co. 03/08/207 5,750,00 5,725, ,745, AA /28/ GA7A Federal Home Loan Mortgage Co. 03/09/207 5,000,00 4,947,75 5,000, AA /09/ GBAG Federal Home Loan Mortgage Co. 04//207 5,000,00 4,90,60 5,000, AA /29/ GBFV Federal Home Loan Mortgage Co. 04/27/207 5,000,00 4,954,45 5,000, AA /27/ GBTG Federal Home Loan Mortgage Co. 07/03/207 5,000,00 4,873,40 4,998, AA /29/ GBWE Federal Home Loan Mortgage Co. 07/4/207 5,000,00 4,906,40 4,997, AA.707,002 06/29/ GBUG Federal Home Loan Mortgage Co. 07/2/207 5,000,00 4,899,90 4,997, /29/ GBB Federal Home Loan Mortgage Co. 08/0/207 5,000,00 4,897,75 5,000, AA /0/ GBE Federal Home Loan Mortgage Co. 08/30/207 5,000,00 4,800,30 5,000, AA 2.050,425 08/26/ GBM Federal Home Loan Mortgage Co. 09/27/207 5,000,00 4,942,60 4,998, AA /27/ GBL Federal Home Loan Mortgage Co. 09/27/207 5,000,00 4,94,45 5,000, /27/ GBN Federal Home Loan Mortgage Co. 09/28/207 4,00,00 4,008, ,098, AA /28/ GBF Federal Home Loan Mortgage Co. 09/28/207 5,000,00 4,878,40 5,000, AA /28/ GBN Federal Home Loan Mortgage Co. 09/29/207 5,000,00 4,899,90 5,000, AA /29/ GBH Federal Home Loan Mortgage Co. 09/29/207 5,000,00 4,882,85 4,992, AA /29/ GBP Federal Home Loan Mortgage Co. 0/26/207 5,000,00 4,850,90 5,000, /26/ GBU Federal Home Loan Mortgage Co. 0/30/207 5,000,00 4,859,25 5,000, ,24 0/29/ G92B Federal Home Loan Mortgage Co. /7/207 5,000,00 4,977,05 4,988, AA /30/ GB3B Federal Home Loan Mortgage Co. 2/07/207 5,000,00 4,882,25 4,996, AA /26/ GBP Federal Home Loan Mortgage Co. 2/20/207 5,000,00 4,83,90 4,962, AAA 2.220,303 04/26/ GB7G 6624 Federal Home Loan Mortgage Co. 2/2/207 5,000,00 4,890,35 5,000, ,542 2/2/ GB5W Federal Home Loan Mortgage Co. 2/28/207 5,000,00 4,886,90 5,000, ,00 06/28/ GSAC Federal Home Loan Mortgage Co. 2/28/207 5,000,00 4,904,90 5,000, /28/ GBX Federal Home Loan Mortgage Co. 02/07/208 5,000,00 4,828,40 4,932, AA 2.650,505 /4/ GSCD Federal Home Loan Mortgage Co. 02/08/208 5,000,00 4,87,55 4,962, AA 2.738,582 0/30/ GSET Federal Home Loan Mortgage Co. 02/27/208 5,000,00 4,98,90 5,000, ,06 08/27/ GSCM Federal Home Loan Mortgage Co. 02/28/208 7,850,00 7,68, ,830, AA 2.760,6 02/28/ G9ZN Federal Home Loan Mortgage Co. 03/28/208 5,000,00 4,930,35 4,948, AA /30/ G2WV Federal Nat'l Mtg. Assoc. 0/29/206 5,000,00 4,982,75 5,000, /25/ G0J Federal Nat'l Mtg. Assoc. 02/26/206 5,000,00 4,979,00 5,000, /26/ G3MG Federal Nat'l Mtg. Assoc. 05/8/206 5,000,00 4,892,60 5,000, /8/ G3MN Federal Nat'l Mtg. Assoc. 05/24/206 5,000,00 4,969,0 5,000, AA /24/209 Portfolio SB99 AP Run : 0/6/208-0:0 PM (PRF_PM2) 7.2.5

21 County Pool Portfolio Management Portfolio Details - Investments September 30, 208 Page 7 CUSIP Investment # Federal Agency Coupon - Callables Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate S&P YTM Days to 336G3MH Federal Nat'l Mtg. Assoc. 06/07/206 5,000,00 4,959,80 5,000, AA /30/ G3TN5 64 Federal Nat'l Mtg. Assoc. 06/30/206 5,000,00 4,908,05 5,000, /30/ G3F Federal Nat'l Mtg. Assoc. 07/26/206 5,000,00 4,96,90 5,000, /26/ G3ZT5 636 Federal Nat'l Mtg. Assoc. 07/26/206 5,000,00 4,975,50 5,000, /26/ G0M9 638 Federal Nat'l Mtg. Assoc. 08/0/206 5,000,00 4,940,50 4,998, AA /26/ G3U Federal Nat'l Mtg. Assoc. 08/25/206 5,000,00 4,862,70 5,000, /25/ G4DR 652 Federal Nat'l Mtg. Assoc. 0/7/206 5,000,00 4,98,40 4,997, AA /7/ G4GU 677 Federal Nat'l Mtg. Assoc. /30/206 5,000,00 4,928,85 4,993, /25/ G3K Federal Nat'l Mtg. Assoc. 2/02/206 5,000,00 4,944,20 4,99, AA /02/ G4JR Federal Nat'l Mtg. Assoc. 2/27/206 5,000,00 4,99,90 5,000, /27/ G4KD Federal Nat'l Mtg. Assoc. 2/29/206 5,000,00 4,9,70 5,000, AA /29/ G4KD Federal Nat'l Mtg. Assoc. 2/29/206 5,000,00 4,9,70 4,997, AA /29/ G4KW Federal Nat'l Mtg. Assoc. 02/4/207 3,200,00 3,53, ,200, /4/ G4KQ Federal Nat'l Mtg. Assoc. 03/03/207 5,000,00 4,926,30 4,995, AA /7/ G2YL Federal Nat'l Mtg. Assoc. 04/06/207 5,000,00 4,989,20 4,996, AA /26/ G4GF Federal Nat'l Mtg. Assoc. /27/207 3,700,00 3,53, ,638, AA 2.2,23 0/28/ G4RH Federal Nat'l Mtg. Assoc. 0/30/208 5,000,00 4,96,00 4,997, AA /27/ G3Y Federal Nat'l Mtg. Assoc. 02/07/208 5,000,00 4,783,90 4,869, AA 2.446,059 08/25/202 Subtotal and Average 533,23, ,993,00 56,587, ,334, Total and Average,307,22,32.53,302,37,496.00,284,538,465.44,298,436, Portfolio SB99 AP Run : 0/6/208-0:0 PM (PRF_PM2) 7.2.5

22 County Pool Portfolio Management Portfolio Details - Cash September 30, 208 Page 8 CUSIP Investment # Issuer Average Balance Purchase Par Value Market Value Book Value Stated Rate S&P YTM Days to Average Balance Total Cash and Investments 0,307,22,32.53,302,37,496.00,284,538,465.44,298,436, Portfolio SB99 AP Run : 0/6/208-0:0 PM (PRF_PM2) 7.2.5

23 County Pool Report Sorted by Received or due during July, September 30, 208 Santa Barbara County Sec. CUSIP Investment # Fund Type Issuer 33385YV2 330ABQ PN3 3333ZC PQ PQ XK 92796MK2 3333ZP ZS ZT6 334G34G PR4 335G0L68 335G0L S PS PS2 330A8PK PU7 334G9HJ9 3333B K NQ8 3333C C C PV PV PV5 334G8KC D D PW C C Par Value Purchase Rate at Book Value at Interest Proceeds AFD FHDN 5,000,00 07/02/208 04/9/ ,000,00 5,000,00 FAC FHLB 5,000,00 07/03/208 07/03/ ,000,00 3,25 5,03,25 3,25 ATD USTR 5,000,00 07/05/208 02/6/ ,000,00 5,000,00 AFD FCDN 5,000,00 07/09/208 0/3/ ,000,00 5,000,00 ATD US 5,000,00 07/2/208 0/7/ ,000,00 5,000,00 ATD US 5,000,00 07/2/208 0/7/ ,000,00 5,000,00 TRC USTR 5,000,00 07/5/208 0/30/ ,000,00 2, ,02, , ATD US 5,000,00 07/9/208 09/27/ ,000,00 5,000,00 AFD FCDN 5,000,00 07/20/208 0/30/ ,000,00 5,000,00 AFD FHLB 5,000,00 07/23/208 04/0/ ,000,00 5,000,00 AFD FHDN 5,000,00 07/24/208 04/2/ ,000,00 5,000,00 FAC FHLMC 3,750,00 07/25/208 /8/ ,750,00 8,75 3,768,75 8,75 ATD USTR 0,000,00 07/26/208 02/08/ ,000,00 0,000,00 MC FNMA 5,000,00 07/27/208 0/04/ ,000,00 8,75 5,08,75 8,75 MC FNMA 5,000,00 07/27/208 2/08/ ,000,00 8,75 5,08,75 8,75 TRC USTR 5,000,00 07/3/208 2/23/ ,000,00 8,75 5,08,75 8,75 ATD US 5,000,00 08/02/208 02/0/ ,000,00 5,000,00 ATD US 5,000,00 08/02/208 04/0/ ,000,00 5,000,00 FAC FHLB 5,000,00 08/07/208 07/08/ ,000,00 5, ,05, , ATD USTR 0,000,00 08/09/208 02/08/ ,000,00 0,000,00 MC FHLMC 5,000,00 08/0/208 05/0/ ,000,00 25,00 5,025,00 25,00 AFD FCDN 5,000,00 08/4/208 /03/ ,000,00 5,000,00 TRC USTR 5,000,00 08/5/208 04// ,000,00 25,00 5,025,00 25,00 ATD US 5,000,00 08/6/208 09/27/ ,000,00 5,000,00 AFD FCDN 5,000,00 08/20/208 0/25/ ,000,00 5,000,00 AFD FCDN 5,000,00 08/20/208 /27/ ,000,00 5,000,00 AFD FCDN 5,000,00 08/2/208 2/4/ ,000,00 5,000,00 ATD USTR 5,000,00 08/23/208 02/28/ ,000,00 5,000,00 ATD USTR 5,000,00 08/23/208 04/2/ ,000,00 5,000,00 ATD USTR 5,000,00 08/23/208 04/7/ ,000,00 5,000,00 MC FHLMC 5,000,00 08/24/208 02/24/ ,000,00 27,50 5,027,50 27,50 AFD FHDN 2,000,00 08/29/208 08/3/ ,000,00 2,000,00 AFD FHLB 6,000,00 08/30/208 08/3/ ,000,00 6,000,00 ATD USTR 5,000,00 08/30/208 04/2/ ,000,00 5,000,00 TRC USTR 5,000,00 08/3/208 2/23/ ,000,00 8,75 5,08,75 8,75 TRC USTR 5,000,00 08/3/208 04// ,000,00 8,75 5,08,75 8,75 Net Income Portfolio SB99 AP Run : 0/6/208-2:39 MA (PRF_MA) 7.. Report Ver. 7.3.

24 County Pool Report Received or due during July, September 30, 208 Page 2 Sec. CUSIP Investment # Fund Type Issuer 92796PY PY9 333EGFQ L PZ T Par Value Purchase Rate at Book Value at Interest Proceeds ATD USTR 5,000,00 09/06/208 04/03/ ,000,00 5,000,00 ATD USTR 5,000,00 09/06/208 04/04/ ,000,00 5,000,00 FAC FFCB 5,000,00 09/4/208 06/4/ ,000,00 2, ,02, , TRC USTR 5,000,00 09/5/208 0/30/ ,000,00 25,00 5,025,00 25,00 ATD USTR 5,000,00 09/20/208 04/0/ ,000,00 5,000,00 TRC USTR 5,000,00 09/30/208 0/9/ ,000,00 8,75 5,08,75 8,75 Total Maturities 26,750,00 26,750,00 324, ,074, , Net Income Portfolio SB99 AP Run : 0/6/208-2:39 MA (PRF_MA) 7.. Report Ver. 7.3.

25 County Pool Purchases Report Sorted by Fund - Purchase July, September 30, 208 Santa Barbara County CUSIP Investment # Fund Sec. Type Issuer Treasurer's Pooled Investments 92796QS 672 ATD USTR 33384HP7 674 AFD FHDN 33384ER6 675 AFD FHDN 333EJXV6 678 FAC FFCB 92796QX0 676 ATD USTR 92796QX0 677 ATD USTR 92796QR3 679 ATD USTR 92796QU ATD USTR 92796QZ5 672 ATD USTR 92796QW ATD USTR 92796QU ATD USTR 92828D TRC USTR 92796RA ATD USTR 92796QQ ATD USTR 92828U TRC USTR 92796QH ATD USTR Original Par Value Purchase Payment Periods Principal Purchased Accrued Interest Rate at at Purchase Purchase YTM Ending Book Value 0,000,00 07/6/208 0/0 - At 9,896, /0/ ,94, ,35,00 08/20/208 07/0 - At 4,225, /0/ ,237, ,000,00 08/24/208 04/22 - At 2,954, /22/ ,96, ,000,00 08/28/208 02/23-08/23 4,995,65, /23/ ,995, ,000,00 08/28/208 02/4 - At 4,948, /4/ ,959,0. 5,000,00 08/28/208 02/4 - At 4,948, /4/ ,959,0. 5,000,00 08/29/208 07/8 - At 4,895, /8/ ,905,75 5,000,00 09/4/208 0/24 - At 4,959, /24/ ,965, ,000,00 09/9/208 03/07 - At 4,946, /07/ ,950, ,000,00 09/9/208 02/07 - At 4,956, /07/ ,960, ,000,00 09/20/208 0/24 - At 9,922, /24/ ,929, ,000,00 09/2/208 0/3-04/30 4,976, , /30/ ,977, ,000,00 09/25/208 09/2 - At 4,878, /2/ ,880, ,000,00 09/26/208 2/27 - At 4,972, /27/ ,973, ,000,00 09/26/208 2/3 - Final Pmt. 4,987,50 4, /3/ ,988,5.04 5,000,00 09/27/208 05/23 - At 4,920, /23/ ,922,62.50 Subtotal 87,35,00 86,385, , ,506, Total Purchases 87,35,00 86,385, , ,506, Portfolio SB99 AP Run : 0/6/208-2:42 PU (PRF_PU) 7.. Report Ver. 7.3.