City of Santa Rosa Monthly Investment Report

Transcription

1 City of Santa Rosa Monthly Investment Report April 30, 2018 PFM Aset Management LLC 50 California Street Suite 2300 San Francisco, CA Paulina Woo, Director pfm.com 0

2 City s Investment Objectives Investment Objectives: In accordance with the City s Investment Policy, the City s primary objectives in order of priority are: Safety Safety of principal is the foremost objective of the investment program. Investments for the City will be made in a manner that seeks to ensure the preservation of capital in the overall portfolio. Liquidity The City s investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated. Yield The City s investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints, liquidity needs, and cash flow characteristics of the portfolio. Certification: The City has sufficient funds to meet expenditures for the following six-month period. City of Santa Rosa Investment Policy dated April 9,

3 Investment Guidelines The City invests in permitted securities consistent with California Government Code sections 53601, 53635, and The City s Investment Policy includes additional sector allocation and maturity restrictions that reflect the City s risk tolerances. Security Type California Government Code City s Investment Policy U.S. Treasury Notes Federal Agencies International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank Bonds CA Municipal Investments State Municipals Corporate Notes Mortgage-Backed Securities Commercial Paper Time Certificates of Deposit Negotiable Certificates of Deposit Bankers Acceptances Repurchase Agreements Reverse Repurchase Agreements Mutual Funds Money Market Funds Local Government Pools Local Agency Investment Fund (LAIF) City of Santa Rosa Investment Policy dated April 9,

4 Market Summary Economic Conditions Market volatility subsided even as interest rates marched higher. Economic data was generally favorable, but the political situation remains uncertain on trade, immigration, and policies involving North Korea and the Iran nuclear deal. The initial estimate for 2018 first quarter U.S. Gross Domestic Product (GDP) indicated the economy grew at an annualized rate of 2.3%, downshifting from the stronger growth of the prior three quarters. At their early May meeting, the Federal Open Market Committee (FOMC) left overnight rates unchanged at the current target range of 1.50 to 1.75%. In the accompanying statement, the Federal Reserve (Fed) acknowledged strong job gains, strong business investment, and expressed a more confident tone regarding inflation s move towards the 2% target rate. On the inflation front, the core Personal Consumption Expenditures (PCE) price index moved higher, reaching 1.9% year-over-year in March. Investor expectations about inflation have followed suit as the 10-year Treasury Inflation Protected Securities (TIPS) breakeven, the embedded market expectation for inflation over the next 10 years, reached a four-year high. Although net job gains were below expectations for April, the unemployment rate fell to 3.9%, the lowest level since In another sign of the strength of the U.S. labor market, the weekly claims for unemployment insurance reached the lowest level since Market Reaction U.S. Treasury yields rose during April as inflation expectations took center stage. Most notably, the curve steepened. The six-month Treasury note increased nine basis points (bps) to end April at 2.0%, while the five-year increased 24 bps to 2.8%. The 10-year Treasury briefly breached the psychologically important 3.0% level for the first time since As a result of higher yields, the majority of fixed income indices with maturities greater than one year posted negative absolute returns in April. It was better to be shorter over the month, as shorter-duration portfolios outperformed their longer-tenured counterparts. The 10-year Constant Maturity Treasury (CMT) index returned -1.4% for the month, offsetting the prior months return. The six-month Treasury index generated 0.16% of positive performance. Among the best performers for April was short- to intermediate-term corporate bonds, as credit spread retractment from prior widening outpaced the adverse impact of higher yields in general. The Investment Grade (IG) corporate sector benefited and produced attractive relative performance compared to most other fixed income sectors. 3

5 Portfolio Information Summary Funds Included in Report The following report includes the City s funds held in overnight investment vehicles (savings accounts, money market funds, and CA state investment pool) and a portfolio of individual fixed income securities (operating and bond proceeds). Portfolio Summary and Characteristics Funds are shown on a par, amortized cost, and market value basis. Par Value. Face value, stated value, or maturity value of a security. Amortized Cost Value (Book Value). Represents the original cost of an investment adjusted for amortization of premium or accretion of discount. Market Value. The current price at which that security is trading between buyers and sellers. Valuation is highly dependent on interest rate movements. The investment sector and credit ratings distribution is shown based on market value basis. Demonstrates level of diversification by investment type and credit quality. Additionally, illustrates active management of funds to optimize value in the current market. Investment Program Maturity Summary The maturity distribution of the City s funds (market value plus accrued interest) from one day to the five-year mandated limit. The percentage change in maturity distribution month-over-month is shown in the table. Demonstrates level of diversification by maturity date. Shows placement of funds to take advantage of opportunities while ensuring that the City has funds to meet its cash flow needs. Portfolio Yield Summary The historical yield and duration of the City s funds, effective monthly yield for the California Local Government Investment Fund (LAIF), and the monthly yield for the Bank of America/Merrill Lynch 1 3 year Treasury Index is shown for the trailing six months. A historical record of the City s overall fund balance and earnings rates. 4

6 Portfolio Summary and Characteristics April 30, 2018 Security Type Par Value Amortized Cost Value 1 Market Value 1 % of Portfolio 3 U.S. Treasury $102,905,000 $103,097,681 $101,259,855 25% Federal Agency $82,993,000 $83,087,956 $81,817,437 20% Federal Agency Mortgage-Backed $3,998,942 $4,057,026 $4,034,116 1% Negotiable CD $62,015,000 $62,361,366 $62,075,361 16% FDIC-Insured CD $1,167,647 $1,172,063 $1,165,267 <1% Corporate Notes $83,713,000 $84,025,166 $82,946,186 21% Commercial Paper $723,000 $722,930 $722,894 <1% Municipal Bond $6,950,000 $6,963,606 $6,889,126 2% Liquid Funds 2 $58,962,991 $58,962,991 $58,962,991 15% Total Value $403,428,580 $404,450,784 $399,873, % Liquid Funds 15% Agency MBS 1% Municipal Bond 2% U.S. Treasury 25% Commercial Paper <1% Corporate Note 21% Federal Agency 20% Negotiable CD 16% FDIC-Insured CD <1% BBB+ 4 3% A-1 5% NR 13% A-1+ 2% A- 3% Ratings by Standard & Poor s 1. Security market values include accrued interest as of trade date. 2. Liquid Funds include the City s LAIF, PFM Funds-Prime Money Market Fund, Wells Fargo Peg & Sweep, and custody account cash balances. 3. Based on market value plus accrued interest. Percentages may not add exactly to 100% due to rounding Credit rating for security was compliant at the time of purchase. City has elected to hold security until it is advantageous to sell or to maturity. A 7% MMF 2% A+ 9% AAA 1% AA- 6% AA 1% AA+ 48%

7 Investment Program Maturity Summary Maturity 1 Market Value 2 April 30, 2018 % of Portfolio March 31, 2018 % of Portfolio Under 6 Months $67,865,743 17% 17% 6 12 Months $45,821,065 11% 10% 1 2 Years $158,079,112 40% 44% 2 3 Years $122,627,824 31% 27% 3 4 Years $5,479,491 1% 2% 4 5 Years $0 0% 0% Total Market Value $399,873, % 100% 80% 60% 40% 20% 0% Maturity Distribution 2 April 30, 2018 March 31, % 40% 31% 27% 17% 17% 11% 10% 1% 2% 0% 0% Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years 1. Funds held in LAIF are included in the under 6-month range because they can be accessed within one day. 2. Security market values include accrued interest as of trade date. Values may not sum exactly to 100% due to rounding. 6

8 Portfolio Yield Summary Date Market Value 1 Portfolio Portfolio Yield LAIF Yield 1-3 Year Treasury Duration (Cost) (Monthly Effective) 2 Index Yield 2 Oct-17 $360,515, % 1.14% 1.59% Nov-17 $366,368, % 1.17% 1.78% Dec-17 $381,472, % 1.24% 1.88% Jan-18 $386,283, % 1.35% 2.12% Feb-18 $387,319, % 1.41% 2.24% Mar-18 $397,675, % 1.52% 2.27% Apr-18 $399,873, % 1.66% 2.47% Comparison of Combined Portfolio Yield, BAML 1-3 Year Treasury Index 2, and LAIF % 2.40% 2.20% 2.00% 1.80% 1.60% 1.40% 1.20% 1.00% 0.80% 0.60% Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 Portfolio Yield at Cost LAIF 1-3 Year UST Index Yield 1. Security market values include accrued interest as of trade date. 2. Source: Bank of America/Merrill Lynch Global Bond Indices 3. Source: California State Treasurer s website. Average monthly effective yield. 7

9 CITY OF SANTA ROSA (PFM) U.S. Treasury Bond / Note DTD 03/31/ % 03/31/ C65 1,600, AA+ Aaa 03/02/16 03/04/16 1,627, , ,608, ,590, DTD 04/30/ % 04/30/ D23 7,200, AA+ Aaa 11/10/16 11/14/16 7,298, ,240, ,152, DTD 12/01/ % 11/30/ G61 13,300, AA+ Aaa 12/01/16 12/05/16 13,320, , ,311, ,108, DTD 02/02/ % 01/31/ H52 7,050, AA+ Aaa 01/03/17 01/05/17 6,993, , ,017, ,904, DTD 03/02/ % 02/29/ J50 8,400, AA+ Aaa 08/31/17 09/01/17 8,399, , ,399, ,234, DTD 04/30/ % 04/30/ K58 2,250, AA+ Aaa 04/03/17 04/05/17 2,239, ,243, ,200, DTD 04/30/ % 04/30/ K58 3,950, AA+ Aaa 04/07/17 04/10/17 3,929, ,936, ,863, DTD 04/30/ % 04/30/ K58 6,250, AA+ Aaa 04/10/17 04/10/17 6,219, ,229, ,113, DTD 06/30/ % 06/30/ XH8 7,500, AA+ Aaa 06/26/17 06/28/17 7,526, , ,519, ,357, DTD 06/30/ % 06/30/ XH8 8,000, AA+ Aaa 06/15/17 06/15/17 8,024, , ,017, ,848, DTD 07/31/ % 07/31/ XM7 10,000, AA+ Aaa 07/05/17 07/07/17 10,006, , ,004, ,800, DTD 08/31/ % 08/31/ L32 4,000, AA+ Aaa 08/01/17 08/03/17 3,982, , ,986, ,893, DTD 10/31/ % 10/31/ L99 700, AA+ Aaa 10/17/17 10/17/17 693, , , DTD 11/30/ % 11/30/ M98 3,630, AA+ Aaa 11/01/17 11/03/17 3,614, , ,616, ,542,938.08

10 CITY OF SANTA ROSA (PFM) U.S. Treasury Bond / Note US TREASURY N/B DTD 12/31/ % 12/31/ N48 9,000, AA+ Aaa 12/01/17 12/05/17 8,957, , ,962, ,804, DTD 01/31/ % 01/31/ N89 575, AA+ Aaa 12/27/17 12/28/17 563, , , , DTD 01/31/ % 01/31/ N89 6,900, AA+ Aaa 01/02/18 01/04/18 6,762, , ,776, ,674, ,305, ,159, , ,130, ,327, Municipal Bond / Note CT ST TXBL GO BONDS DTD 08/17/ % 08/15/ J3D2 3,175, A A1 08/03/16 08/17/16 3,181, , ,177, ,107, CA ST TXBL GO BONDS DTD 04/25/ % 04/01/ DGA0 3,775, AA- Aa3 04/18/18 04/25/18 3,775, , ,775, ,770, ,950, ,957, , ,953, ,878, Federal Agency Collateralized Mortgage Obligation FNMA SERIES 2015-M15 ASQ2 DTD 11/01/ % 01/01/ AQSW1 293, AA+ Aaa 11/06/15 11/30/15 296, , , FNMA SERIES 2016-M9 ASQ2 DTD 06/01/ % 06/01/ ASPX8 495, AA+ Aaa 06/09/16 06/30/16 500, , , FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/ % 09/01/ AQDQ0 954, AA+ Aaa 10/07/15 10/30/15 964, , , , FNA 2018-M5 A2 DTD 04/01/ % 09/25/ B1XP4 2,255, AA+ Aaa 04/11/18 04/30/18 2,299, , ,299, ,290, ,998, ,061, , ,047, ,024, Federal Agency Bond / Note FNMA BENCHMARK NOTE DTD 02/23/ % 02/26/ G0J53 2,710, AA+ Aaa 08/05/16 08/08/16 2,716, , ,712, ,682,962.33

11 CITY OF SANTA ROSA (PFM) Federal Agency Bond / Note FREDDIE MAC NOTES DTD 03/21/ % 04/15/ EADZ9 275, AA+ Aaa 05/26/16 05/31/16 275, , , FREDDIE MAC NOTES DTD 03/21/ % 04/15/ EADZ9 7,000, AA+ Aaa 08/12/16 08/15/16 7,043, , ,015, ,922, FHLMC REFERENCE NOTE DTD 07/20/ % 07/19/ EAEB1 7,250, AA+ Aaa 07/19/16 07/20/16 7,232, , ,242, ,120, FNMA BENCHMARK NOTE DTD 08/02/ % 08/02/ G0N33 9,200, AA+ Aaa 07/29/16 08/02/16 9,184, , ,193, ,026, FNMA NOTES DTD 09/02/ % 08/28/ G0P49 10,825, AA+ Aaa 08/31/16 09/02/16 10,808, , ,817, ,627, FHLB GLOBAL NOTES DTD 09/09/ % 09/26/ A9EP2 9,475, AA+ Aaa 10/03/16 10/05/16 9,471, , ,473, ,288, FANNIE MAE GLOBAL NOTES DTD 10/25/ % 10/24/ G0R39 5,000, AA+ Aaa 05/02/17 05/02/17 4,944, ,966, ,894, FREDDIE MAC NOTES DTD 01/17/ % 01/17/ EAEE5 6,250, AA+ Aaa 04/10/17 04/10/17 6,242, , ,245, ,147, FNMA NOTES DTD 02/28/ % 02/28/ G0T29 3,675, AA+ Aaa 02/24/17 02/28/17 3,672, , ,673, ,609, FNMA NOTES DTD 08/01/ % 07/30/ G0T60 6,475, AA+ Aaa 08/31/17 09/01/17 6,476, , ,476, ,319, FREDDIE MAC NOTES DTD 02/16/ % 02/16/ EAEL9 3,250, AA+ Aaa 04/18/18 04/19/18 3,226, , ,226, ,223, ,385, ,294, , ,318, ,133, Corporate Note APPLE INC CORP NOTES DTD 02/23/ % 02/22/ BQ2 900, AA+ Aa1 02/16/16 02/23/16 899, , , ,868.20

12 CITY OF SANTA ROSA (PFM) Corporate Note BERKSHIRE HATHAWAY INC NOTES DTD 03/15/ % 03/15/ CG4 425, AA Aa2 03/08/16 03/15/16 424, , , WELLS FARGO & COMPANY CORP NOTE DTD 04/22/ % 04/22/ BFU9 1,614, A- A2 09/23/16 09/28/16 1,636, ,622, ,606, GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/ % 04/25/ GVT8 390, BBB+ A3 04/20/16 04/25/16 388, , , GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/ % 04/25/ GVT8 2,500, BBB+ A3 04/21/16 04/26/16 2,498, ,499, ,484, PEPSICO INC CORP NOTE DTD 05/02/ % 05/02/ DR6 1,550, A+ A1 04/27/17 05/02/17 1,548, , ,549, ,536, IBM CORP NOTES DTD 02/19/ % 05/17/ JE2 5,750, A+ A1 02/16/16 02/19/16 5,747, , ,749, ,699, PFIZER INC CORP NOTES DTD 06/03/ % 06/03/ DU4 2,900, AA A1 05/31/16 06/03/16 2,896, , ,898, ,865, CITIGROUP INC CORP NOTES DTD 06/09/ % 06/07/ KS9 1,120, BBB+ Baa1 06/02/16 06/09/16 1,119, , ,119, ,111, APPLE INC CORP NOTES DTD 08/04/ % 08/02/ CB4 2,900, AA+ Aa1 07/28/16 08/04/16 2,897, , ,898, ,848, MICROSOFT CORP NOTES DTD 08/08/ % 08/08/ BN3 1,915, AAA Aaa 08/01/16 08/08/16 1,913, , ,914, ,880, CISCO SYSTEMS INC CORP NOTES DTD 09/20/ % 09/20/ RBG6 2,900, AA- A1 09/13/16 09/20/16 2,896, , ,898, ,854, PEPSICO, INC CORP NOTES DTD 10/06/ % 10/04/ DJ4 645, A+ A1 10/03/16 10/06/16 644, , , WAL-MART STORES INC CORP NOTE DTD 10/20/ % 10/09/ DY6 1,505, AA Aa2 10/11/17 10/20/17 1,504, , ,504, ,490,108.03

13 CITY OF SANTA ROSA (PFM) Corporate Note AMERICAN EXPRESS CREDIT (CALLABLE) CORP DTD 10/31/ % 10/30/ M0EC9 500, A- A2 01/31/17 02/03/17 496, , , HONEYWELL INTERNATIONAL CORP NOTES DTD 10/30/ % 10/30/ BQ8 880, A A2 10/23/17 10/30/17 879, , , AMERICAN HONDA FINANCE DTD 11/16/ % 11/13/ WBZ3 1,200, A+ A2 11/13/17 11/16/17 1,199, , ,199, ,183, BB&T CORP (CALLABLE) NOTE DTD 12/08/ % 01/15/ FAS2 605, A- A2 01/31/17 02/03/17 611, , , , JPMORGAN CHASE & CO (CALLABLE) DTD 01/23/ % 01/23/ HKA7 3,250, A- A3 06/15/17 06/20/17 3,262, , ,258, ,212, MORGAN STANLEY CORP BONDS DTD 01/27/ % 01/27/ YDW2 1,450, BBB+ A3 01/31/17 02/03/17 1,462, , ,457, ,441, MICROSOFT CORP NOTES DTD 02/06/ % 02/06/ BV5 1,405, AAA Aaa 01/30/17 02/06/17 1,404, , ,404, ,386, AMERICAN HONDA FINANCE DTD 02/16/ % 02/14/ WBM2 1,365, A+ A2 02/13/17 02/16/17 1,363, , ,363, ,343, AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/ % 03/03/ M0EE5 1,475, A- A2 02/28/17 03/03/17 1,473, , ,474, ,456, WALT DISNEY COMPANY CORP NOTES DTD 03/06/ % 03/04/ PDP8 570, A+ A2 03/01/17 03/06/17 569, , , , HSBC USA INC NOTES DTD 03/05/ % 03/05/ HPR7 1,104, A A2 03/27/18 03/29/18 1,089, , ,090, ,090, JOHN DEERE CAPITAL CORP NOTES DTD 03/15/ % 03/13/ ETQ2 1,200, A A2 03/10/17 03/15/17 1,199, , ,199, ,185, TOYOTA MOTOR CREDIT CORP DTD 04/17/ % 04/17/ TDU6 475, AA- Aa3 04/11/17 04/17/17 474, , ,009.55

14 CITY OF SANTA ROSA (PFM) Corporate Note GOLDMAN SACHS GROUP INC CORP NOTES DTD 01/23/ % 04/23/ LAA4 360, BBB+ A3 11/01/17 11/03/17 362, , , UNILEVER CAPITAL CORP BONDS DTD 05/05/ % 05/05/ AV9 750, A+ A1 05/02/17 05/05/17 747, , , , INTEL CORP NOTES DTD 05/11/ % 05/11/ AZ3 1,650, A+ A1 05/08/17 05/11/17 1,649, , ,649, ,621, HOME DEPOT INC CORP NOTES DTD 06/05/ % 06/05/ BQ4 1,530, A A2 05/24/17 06/05/17 1,529, , ,529, ,501, WALT DISNEY COMPANY CORP NOTES DTD 06/06/ % 06/05/ PDU7 3,250, A+ A2 06/01/17 06/06/17 3,246, , ,247, ,186, JOHN DEERE CAPITAL CORP NOTES DTD 06/22/ % 06/22/ ETS8 665, A A2 06/19/17 06/22/17 664, , , , BRANCH BANKING & TRUST (CALLABLE) CORP DTD 06/29/ % 06/29/ FAU7 2,275, A- A2 03/17/17 03/22/17 2,295, , ,288, ,254, AMERICAN HONDA FINANCE CORP NOTES DTD 07/20/ % 07/20/ WBT7 720, A+ A2 07/17/17 07/20/17 719, , , , BNY MELLON CORP NOTE (CALLABLE) DTD 08/17/ % 08/17/ HDD8 1,475, A A1 02/16/18 02/21/18 1,467, , ,468, ,463, CATERPILLAR FINL SERVICE NOTE DTD 09/07/ % 09/04/ Q2A6 2,430, A A3 09/05/17 09/07/17 2,427, , ,428, ,367, CITIGROUP INC CORP NOTES DTD 10/26/ % 10/26/ KB6 2,100, BBB+ Baa1 09/22/17 09/26/17 2,123, ,118, ,074, AMERICAN EXPRESS CO CORP (CALLABLE) NOTE DTD 10/30/ % 10/30/ BP3 1,500, BBB+ A3 10/23/17 10/30/17 1,498, ,498, ,467, JOHNSON & JOHNSON CORP NOTE DTD 11/10/ % 11/10/ CH5 695, AAA Aaa 11/08/17 11/10/17 694, , , ,899.15

15 CITY OF SANTA ROSA (PFM) Corporate Note PACCAR FINANCIAL CORP NOTES DTD 11/13/ % 11/13/ RN85 910, A+ A1 11/06/17 11/13/17 909, , , , VISA INC (CALLABLE) CORP NOTES DTD 12/14/ % 12/14/ CAB8 825, A+ A1 08/25/17 08/30/17 834, , , , JOHN DEERE CAPITAL CORP NOTES DTD 01/08/ % 01/08/ ETZ2 610, A A2 01/03/18 01/08/18 609, , , , BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/ % 02/01/ FAZ6 350, A- A2 11/16/17 11/20/17 348, , , , PACCAR FINANCIAL CORP NOTES DTD 02/27/ % 03/01/ RN93 1,110, A+ A1 02/22/18 02/27/18 1,109, , ,109, ,103, JOHN DEERE CAPITAL CORP NOTES DTD 03/13/ % 03/12/ EUD9 1,625, A A2 03/08/18 03/13/18 1,623, , ,623, ,614, CATERPILLAR FINANCIAL SERVICES CORP NOTE DTD 03/15/ % 03/15/ Q2G3 825, A A3 03/12/18 03/15/18 824, , , , NATIONAL RURAL UTIL COOP DTD 02/26/ % 03/15/ HER9 1,355, A A2 02/21/18 02/26/18 1,353, , ,353, ,344, UNILEVER CAPITAL CORP NOTES DTD 03/22/ % 03/22/ AZ0 2,750, A+ A1 03/19/18 03/22/18 2,735, , ,736, ,736, UNITED PARCEL SERVICE CORPORATE BOND DTD 11/14/ % 04/01/ BP0 1,935, A+ A1 11/09/17 11/14/17 1,931, , ,932, ,886, TOYOTA MOTOR CREDIT CORP CORP NOTES DTD 04/13/ % 04/13/ TEU5 235, AA- Aa3 04/11/18 04/13/18 235, , , TOYOTA MOTOR CREDIT CORP CORP NOTES DTD 04/13/ % 04/13/ TEU5 585, AA- Aa3 04/11/18 04/13/18 585, , ,782.85

16 CITY OF SANTA ROSA (PFM) Corporate Note TOYOTA MOTOR CREDIT CORP CORP NOTES DTD 04/13/ % 04/13/ TEU5 1,950, AA- Aa3 04/10/18 04/13/18 1,949, , ,949, ,942, BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/ % 04/15/ FAA1 1,705, A A1 02/16/18 02/21/18 1,682, , ,684, ,674, MORGAN STANLEY CORP NOTES DTD 04/21/ % 04/21/ BEA0 1,800, BBB+ A3 02/13/18 02/15/18 1,769, , ,771, ,758, BANK OF AMERICA CORP (CALLABLE) DTD 09/18/ % 10/01/ GGS2 1,230, A- A3 09/22/17 09/26/17 1,228, , ,228, ,201, BANK OF AMERICA CORP (CALLABLE) DTD 09/18/ % 10/01/ GGS2 2,020, A- A3 09/13/17 09/18/17 2,020, , ,020, ,973, ,713, ,680, , ,666, ,587, Certificate of Deposit NORDEA BANK FINLAND NY CD DTD 12/05/ % 11/30/ LWA6 2,550, A-1+ P-1 12/01/16 12/05/16 2,550, , ,550, ,547, SVENSKA HANDELSBANKEN NY LT CD DTD 01/12/ % 01/10/ JHB8 5,850, A-1+ P-1 01/10/17 01/12/17 5,850, , ,850, ,822, BANK OF MONTREAL CHICAGO CERT DEPOS DTD 02/09/ % 02/07/ KRC3 5,850, A-1 P-1 02/08/17 02/09/17 5,850, , ,850, ,843, BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/ % 04/05/ GUE6 5,850, A-1 P-1 04/05/17 04/06/17 5,850, , ,850, ,817, SUMITOMO MITSUI BANK NY CD DTD 05/04/ % 05/03/ YVN0 6,500, A A1 05/03/17 05/04/17 6,500, , ,500, ,477, SKANDINAV ENSKILDA BANKEN NY CD DTD 08/04/ % 08/02/ FXT3 6,675, A+ Aa2 08/03/17 08/04/17 6,672, , ,673, ,621, MUFG BANK LTD/NY CERT DEPOS DTD 09/27/ % 09/25/ RGM3 3,250, A A1 09/25/17 09/27/17 3,250, , ,250, ,219,960.25

17 CITY OF SANTA ROSA (PFM) Certificate of Deposit CREDIT SUISSE NEW YORK CERT DEPOS DTD 02/08/ % 02/07/ LFR1 3,250, A A1 02/07/18 02/08/18 3,250, , ,250, ,258, NORDEA BANK AB NY CD DTD 02/22/ % 02/20/ ASN7 3,250, AA- Aa3 02/20/18 02/22/18 3,250, , ,250, ,239, UBS AG STAMFORD CT LT CD DTD 03/06/ % 03/02/ DHG8 3,250, A+ Aa3 03/02/18 03/06/18 3,250, , ,250, ,270, CREDIT AGRICOLE CIB NY FLT CERT DEPOS DTD 04/10/ % 04/10/ XHT8 3,250, A A1 04/06/18 04/10/18 3,250, , ,250, ,257, CANADIAN IMP BK COMM NY FLT CERT DEPOS DTD 04/10/ % 04/10/ BVF0 3,250, A+ A1 04/06/18 04/10/18 3,250, , ,250, ,250, WESTPAC BANKING CORP NY CD DTD 08/07/ % 08/03/ T4A3 5,990, AA- Aa3 08/03/17 08/07/17 5,990, , ,990, ,909, SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/ % 11/16/ U6D6 3,250, AA- Aa2 11/16/17 11/17/17 3,250, , ,250, ,190, ,015, ,012, , ,013, ,727, Managed Account Sub-Total 328,366, ,165, ,244, ,128, ,678, Securities Sub-Total Accrued Interest Total Investments $328,366, $328,165, % $1,244, $328,128, $323,678, $1,244, $324,922,610.95

18 CITY OF SANTA ROSA Certificate of Deposit - FDIC Insured WELLS FARGO BANK NA FDIC CD DTD 09/20/ % 09/20/2018 RE , NR NR 09/20/16 09/20/16 187, , , EXCHANGE BANK (FDIC-INSURED) CD DTD 12/20/ % 12/20/2018 RE , NR NR 12/20/17 12/20/17 245, , , POPPY BANK (FIRST COMM) FDIC-INSURED CD DTD 12/20/ % 12/20/2018 RE , NR NR 12/20/17 12/20/17 245, , , , COMMUNITY FIRST CREDIT (FDIC-INSURED) CD DTD 12/23/ % 12/23/2018 RE , NR NR 12/23/17 12/23/17 245, , , , SUMMIT STATE BANK (FDIC) CD DTD 01/15/ % 01/15/2019 RE , NR NR 01/15/18 01/15/18 245, , , , ,167, ,167, , ,167, ,160, Managed Account Sub-Total 1,167, ,167, , ,167, ,160, Securities Sub-Total Accrued Interest Total Investments $1,167, $1,167, % $4, $1,167, $1,160, $4, $1,165,266.55

19 SANTA ROSA FNTNGROVE 2011 A RESERVE FUND Federal Agency Bond / Note FHLB NOTES DTD 07/08/ % 08/07/ A8PK3 300, AA+ Aaa 09/01/16 09/02/16 298, , , FNMA NOTES DTD 09/02/ % 08/28/ G0P49 297, AA+ Aaa 11/17/16 11/17/16 294, , , , , , , Managed Account Sub-Total 597, , , , Securities Sub-Total Accrued Interest Total Investments $597, $592, % $ $595, $590, $ $591,471.73

20 SANTA ROSA SKYHAWK 2011A RESERVE FUND Federal Agency Bond / Note FHLB NOTES DTD 07/08/ % 08/07/ A8PK3 110, AA+ Aaa 09/01/16 09/02/16 109, , , FNMA NOTES DTD 09/02/ % 08/28/ G0P49 118, AA+ Aaa 11/17/16 11/17/16 116, , , , , , , Managed Account Sub-Total 228, , , , Securities Sub-Total Accrued Interest Total Investments $228, $226, % $ $227, $225, $ $225,822.73

21 SANTA ROSA WATER 2008 RSV AC Federal Agency Bond / Note FHLB NOTES DTD 07/08/ % 08/07/ A8PK3 450, AA+ Aaa 09/01/16 09/02/16 447, , , FNMA NOTES DTD 09/02/ % 08/28/ G0P49 448, AA+ Aaa 11/17/16 11/17/16 443, , , , , , , , Managed Account Sub-Total 898, , , , , Securities Sub-Total Accrued Interest Total Investments $898, $891, % $1, $895, $888, $1, $889,666.32

22 SANTA ROSA 2014A WASTEWATER PROJECT FUND Commercial Paper MUFG BANK LTD/NY COMM PAPER DTD 10/04/ % 05/03/ CE31 723, A-1 P-1 01/02/18 01/03/18 718, , , , , , , Managed Account Sub-Total 723, , , , Securities Sub-Total Accrued Interest Total Investments $723, $718, % $0.00 $722, $722, $0.00 $722,894.44

23 SANTA ROSA WSTWTR REV BDS COM RES U.S. Treasury Bond / Note DTD 08/31/ % 08/31/ RE2 1,250, AA+ Aaa 09/06/17 09/06/17 1,253, , ,251, ,248, DTD 08/31/ % 08/31/ L32 1,350, AA+ Aaa 11/17/16 11/17/16 1,343, , ,345, ,314, ,600, ,596, , ,596, ,562, Federal Agency Bond / Note FHLB NOTES DTD 07/08/ % 08/07/ A8PK3 60, AA+ Aaa 03/01/17 03/01/17 59, , , FHLB NOTES DTD 07/08/ % 08/07/ A8PK3 5,835, AA+ Aaa 09/01/16 09/02/16 5,807, , ,831, ,814, FREDDIE MAC NOTES DTD 07/19/ % 08/15/ EAEH8 2,740, AA+ Aaa 09/11/17 09/12/17 2,741, , ,740, ,704, FNMA NOTES DTD 09/02/ % 08/28/ G0P49 1,250, AA+ Aaa 11/17/16 11/17/16 1,238, , ,244, ,227, ,885, ,847, , ,876, ,805, Managed Account Sub-Total 12,485, ,443, , ,473, ,367, Securities Sub-Total Accrued Interest Total Investments $12,485, $12,443, % $25, $12,473, $12,367, $25, $12,392,509.99