Investment Portfolio Compliance Report September 30, County of Monterey. Investment Portfolio Compliance Report. September 30, 2017

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1 County of Monterey Investment Portfolio Compliance Report September 30, 2017 County of Monterey Investment Portfolio Compliance Report September 30, 2017 Sarah Meacham Managing Director PFM Asset Management LLC 50 California Street, Suite 2300 San Francisco, CA (415) California Street Suite San Francisco, CA PFM Asset Management LLC

2 Monterey County: Overview of Compliance Requirements September 30, 2017 Sector Sector Limitation Maximum Per Issuer Maximum Maturity Minimum Credit Requirements In Compliance LAIF $65 million $65 million N/A None YES CAMP 20% 20% N/A None YES CalTrust 20% 20% N/A None YES Monterey County Bonds 10% 5% 5 years None YES U.S. Treasury 100% 100% 5 years None YES Municipal - CA and Other 49 States 100% 5% 5 years None YES Municipal - CA Local Agency 100% 5% 5 years None YES Federal Agency/GSE 100% 100% 5 years None YES Bankers' Acceptance 40% 5% 180 days A-1/P-1 by NRSRO YES Commercial Paper 40% 5% 270 days A-1/P-1 by NRSRO YES Negotiable CD 30% 5% 5 years A or A-1 by NRSRO YES Reverse Repo/Securities Lending 20% N/A 92 days None YES Repurchase Agreements 20% N/A 1 year None YES Corporate 30% 5% 5 years A by NRSRO YES Money Market Funds 20% 10% N/A AAA by 2 NRSRO/Advisor Req. YES Collateralized Deposits/Inv. Contracts 100% 100% 5 years Insured/Collateralized YES Asset-Backed Securities 20% 5% 5 years AA by NRSRO YES Comments The County s portfolio is in compliance with the California Government Code and the County s Investment Policy. PFM Asset Management LLC 2

3 Monterey County: Sector Allocations September 30, 2017 Sector Market Value Sector Limit Current Allocation In Compliance LAIF $8,400,000 $65 million 0.7% YES CAMP $130,900,000 20% 10.4% YES CalTrust $41,400,000 20% 3.3% YES Monterey County Bonds None 10% None YES U.S. Treasury $338,889, % 26.8% YES Municipal - CA and Other 49 States None 100% None YES Municipal - CA Local Agency None 100% None YES Federal Agency/GSE $402,319, % 31.8% YES Bankers' Acceptance None 40% None YES Commercial Paper $31,874,604 40% 2.5% YES Negotiable CD $91,576,292 30% 7.2% YES Reverse Repo/Securities Lending None 20% None YES Repurchase Agreements None 20% None YES Corporate $211,418,293 30% 16.7% YES Money Market Funds $7,895,280 20% 0.6% YES Collateralized Deposits/Inv. Contracts None 100% None YES Asset-Backed Securities None 20% None YES Totals $1,264,673, % Sector Distribution Federal Agency/GSE 31.8% Commercial Paper 2.5% Negotiable CD 7.2% Corporate 16.7% U.S. Treasury 26.8% CalTrust 3.3% CAMP 10.4% Money Market Funds 0.6% LAIF 0.7% PFM Asset Management LLC 3

4 Monterey County: Maturity Limits September 30, 2017 Sector Market Value Maximum Maturity Current Maximum In Compliance LAIF $8,400,000 N/A 1 day YES CAMP $130,900,000 N/A 1 day YES CalTrust $41,400,000 N/A 1 day YES Monterey County Bonds None 5 years - YES U.S. Treasury $338,889,169 5 years 2.3 years YES Municipal - CA and Other 49 States None 5 years - YES Municipal - CA Local Agency None 5 years - YES Federal Agency/GSE $402,319,413 5 years 2.4 years YES Bankers' Acceptance None 180 days - YES Commercial Paper $31,874, days 131 days YES Negotiable CD $91,576,292 5 years 1.8 years YES Reverse Repo/Securities Lending None 92 days - YES Repurchase Agreements None 1 year - YES Corporate $211,418,293 5 years 2.6 years YES Money Market Funds $7,895,280 N/A 1 day YES Collateralized Deposits/Inv. Contracts None 5 years - YES Pass-Through Securities None 5 years - YES Total/Average Weighted Maturity $1,264,673,050 2 years 0.90 years YES Portfolio Maturity Distribution $500 $ Millions $400 $300 $ $200 $100 $0 $ $84.73 Overnight 1 Day - 3 Months $ $54.93 $0.00 $0.00 $ Months 6-12 Months 1-2 Years 2-3 Years 3-4 Years 4-5 Years Over 5 Years PFM Asset Management LLC 4

5 Monterey County: Issuer Compliance September 30, 2017 Issuer Total Current Issuer Allocation Issuer Limit In Compliance U.S. Treasury $338,889, % 100% YES FHLB $165,082, % 100% YES FNMA $149,998, % 100% YES FHLMC $47,279, % 100% YES FFCB $39,959, % 100% YES Toyota Motor Credit $25,037, % 5% YES IBM $20,071, % 5% YES Wells Fargo $20,055, % 5% YES Apple $16,093, % 5% YES Microsoft Corp Notes $12,388, % 5% YES Bank of New York $10,048, % 5% YES American Express $10,083, % 5% YES General Electric Capital $10,069, % 5% YES Intel $10,021, % 5% YES JP Morgan Chase $10,009, % 5% YES Pfizer $9,967, % 5% YES Cisco Systems $8,954, % 5% YES Goldman Sachs $8,623, % 5% YES John Deere Capital $8,332, % 5% YES Chevron $8,181, % 5% YES American Honda Finance $6,255, % 5% YES Coca-Cola $4,416, % 5% YES PepsiCo $3,844, % 5% YES Citigroup $3,842, % 5% YES Disney $2,711, % 5% YES Berkshire Hathaway $2,407, % 5% YES Toronto Dominion Bank NY $18,027, % 5% YES Royal Bank of Canada NY $18,024, % 5% YES Nordea Bank Finland NY $17,544, % 5% YES Scandinav Enskilda Banken NY $13,987, % 5% YES PFM Asset Management LLC 5

6 Monterey County: Issuer Compliance September 30, 2017 Issuer Total Current Issuer Allocation Issuer Limit In Compliance HSBC USA $14,005, % 5% YES Bank of Nova Scotia Houston $9,986, % 5% YES Canadian Imperial Bank NY $19,936, % 5% YES Bank of Tokyo Mitsubishi $11,938, % 5% YES CAMP $130,900, % 20% YES CalTrust $41,400, % 20% YES Morgan Stanley $7,095, % 10% YES LAIF $8,400, % $65 million YES Fidelity $800, % 10% YES $1,264,673, % PFM Asset Management LLC 6

7 Monterey County: Notes September 30, 2017 The purpose of this report is to verify the accuracy of the County s portfolio holdings information and verify the portfolio s compliance with the California Government Code and County s Investment Policy as of the date of the report. The report was prepared using the month-end portfolio holdings and market value information provided by PFM. PFM s market prices are derived from closing bid prices as of the last business day of the month as supplied by F.T. Interactive Data, Bloomberg or Telerate. Prices that fall between data points are interpolated. Percentages listed in this report were calculated using market values as of month-end. Using the CUSIPs provided by the County, issuer information and credit ratings were verified on Bloomberg for compliance purposes. This report is for the purposes indicated above and it is not intended to provide specific investment advice or recommendations. PFM Asset Management LLC 7

8 Monterey County September 30, 2017 County Comments County comments: PFM Asset Management LLC 8

9 Managed Account Detail of Securities Held For the Month Ending September 30, 2017 MONTEREY COUNTY - SECURITIES PORTFOLIO Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value U.S. Treasury Bond / Note DTD 01/31/ % 01/31/ UJ7 25,000, AA+ Aaa 12/19/16 12/21/16 24,972, , ,991, ,975, DTD 02/28/ % 02/28/ UR9 50,000, AA+ Aaa 12/23/16 12/23/16 49,861, , ,951, ,906, DTD 04/30/ % 04/30/ UZ1 50,080, AA+ Aaa 04/27/17 04/28/17 49,841, , ,941, ,896, DTD 05/31/ % 05/31/ VE7 17,000, AA+ Aaa 11/13/15 11/16/15 16,972, , ,992, ,970, DTD 05/31/ % 05/31/ VE7 20,000, AA+ Aaa 12/22/15 12/22/15 19,920, , ,978, ,965, US TREASURY N/B DTD 08/01/ % 07/31/ S68 20,000, AA+ Aaa 12/16/16 12/19/16 19,856, , ,925, ,906, DTD 08/31/ % 08/31/ RE2 20,000, AA+ Aaa 12/16/16 12/19/16 20,095, , ,051, ,024, DTD 09/30/ % 09/30/ T42 25,000, AA+ Aaa 12/19/16 12/21/16 24,796, ,885, ,848, DTD 10/31/ % 10/31/ WD8 40,000, AA+ Aaa 12/21/15 12/22/15 40,015, , ,006, ,939, DTD 12/02/ % 11/30/ A34 5,290, AA+ Aaa 11/10/15 11/10/15 5,290, , ,290, ,281, DTD 12/02/ % 11/30/ A34 10,000, AA+ Aaa 11/24/15 11/25/15 10,002, , ,000, ,983, US TREASURY N/B DTD 01/15/ % 01/15/ N63 20,000, AA+ Aaa 01/23/17 01/24/17 19,984, , ,989, ,926, DTD 01/31/ % 01/31/ SD3 25,000, AA+ Aaa 12/19/16 12/21/16 24,974, , ,983, ,946, DTD 02/02/ % 01/31/ H52 12,400, AA+ Aaa 12/19/16 12/21/16 12,270, , ,302, ,318,631.20

10 Managed Account Detail of Securities Held For the Month Ending September 30, 2017 MONTEREY COUNTY - SECURITIES PORTFOLIO Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Security Type Sub-Total Federal Agency Bond / Note 339,770, ,853, , ,291, ,889, FEDERAL HOME LOAN BANK BONDS DTD 03/18/ % 11/17/ A4Q70 10,000, AA+ Aaa 04/22/15 04/23/15 10,047, , ,002, ,998, FFCB NOTES DTD 12/18/ % 12/18/ EEFE5 10,000, AA+ Aaa 01/09/15 01/12/15 10,043, , ,003, ,997, FANNIE MAE GLOBAL NOTES DTD 10/30/ % 12/20/ G0RT2 10,000, AA+ Aaa 10/21/15 10/22/15 10,033, , ,003, ,995, FANNIE MAE GLOBAL NOTES DTD 01/07/ % 02/08/ G0TG8 10,000, AA+ Aaa 10/21/15 10/22/15 10,028, , ,004, ,986, FHLB NOTES DTD 02/13/ % 03/09/ A43 10,000, AA+ Aaa 05/01/13 05/02/13 10,293, , ,026, ,008, FFCB NOTES DTD 03/12/ % 03/12/ EETE0 10,000, AA+ Aaa 03/31/15 04/01/15 10,055, , ,008, ,996, FEDERAL FARM CREDIT BANK BONDS DTD 01/29/ % 03/29/ EELZ1 10,000, AA+ Aaa 01/30/15 02/02/15 10,034, ,005, ,990, FNMA NOTES (CALLABLE) DTD 05/21/ % 05/21/ G0XA6 10,000, AA+ Aaa 04/26/13 05/21/13 10,000, , ,000, ,980, FANNIE MAE GLOBAL NOTES DTD 04/15/ % 05/21/ G0WJ8 10,000, AA+ Aaa 05/24/13 05/28/13 9,917, , ,989, ,974, FANNIE MAE NOTES (CALLABLE) DTD 05/30/ % 05/25/ G0XK4 10,000, AA+ Aaa 05/07/13 05/30/13 10,000, , ,000, ,983, FHLB BONDS (CALLABLE) DTD 06/13/ % 06/13/ A68 10,000, AA+ Aaa 05/17/13 06/13/13 10,000, , ,000, ,982, FEDERAL HOME LOAN BANKS AGCY DTD 05/27/ % 06/29/ A8BD4 15,250, AA+ Aaa 08/11/16 08/15/16 15,253, , ,251, ,207, FEDERAL HOME LOAN BANKS AGCY DTD 05/27/ % 06/29/ A8BD4 32,000, AA+ Aaa 05/26/16 05/27/16 31,922, , ,972, ,910, FHLB NOTES DTD 07/08/ % 08/07/ A8PK3 18,000, AA+ Aaa 08/09/16 08/15/16 17,919, , ,965, ,894,034.00

11 Managed Account Detail of Securities Held For the Month Ending September 30, 2017 MONTEREY COUNTY - SECURITIES PORTFOLIO Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Federal Agency Bond / Note FANNIE MAE GLOBAL NOTES DTD 08/23/ % 09/18/ G0YM9 10,000, AA+ Aaa 04/22/15 04/23/15 10,271, , ,077, ,048, FHLB GLOBAL NOTE DTD 08/26/ % 10/01/ A9AE1 17,500, AA+ Aaa 08/25/16 08/29/16 17,487, , ,494, ,423, FHLMC REFERENCE NOTE DTD 09/16/ % 10/12/ EAED7 10,150, AA+ Aaa 09/15/16 09/16/16 10,145, , ,147, ,099, FANNIE MAE BENCHMARK NOTE DTD 01/13/ % 02/19/ G0ZA4 20,000, AA+ Aaa 04/06/17 04/07/17 20,212, , ,157, ,111, FNMA BENCHMARK NOTE DTD 02/23/ % 02/26/ G0J53 7,900, AA+ Aaa 08/05/16 08/09/16 7,919, , ,910, ,849, FNMA BENCHMARK NOTE DTD 02/23/ % 02/26/ G0J53 21,150, AA+ Aaa 02/19/16 02/23/16 21,100, , ,126, ,015, FANNIE MAE NOTES (EX-CALLABLE) DTD 02/27/ % 02/27/ FTS67 10,000, AA+ Aaa 02/02/15 02/03/15 10,215, , ,075, ,028, FEDERAL HOME LOAN BANK AGENCY DTD 03/10/ % 03/18/ AAXX1 10,000, AA+ Aaa 03/16/17 03/17/17 9,983, , ,987, ,986, FREDDIE MAC NOTES DTD 03/21/ % 04/15/ EADZ9 17,500, AA+ Aaa 08/25/16 08/29/16 17,576, , ,545, ,411, FHLB GLOBAL NOTE DTD 06/03/ % 06/21/ A8DB6 16,935, AA+ Aaa 06/02/16 06/03/16 16,927, , ,930, ,830, FHLB GLOBAL NOTE DTD 06/03/ % 06/21/ A8DB6 26,000, AA+ Aaa 07/08/16 07/12/16 26,247, , ,145, ,839, FHLMC REFERENCE NOTE DTD 07/20/ % 07/19/ EAEB1 20,000, AA+ Aaa 12/16/16 12/19/16 19,653, , ,757, ,768, FNMA BENCHMARK NOTE DTD 08/02/ % 08/02/ G0N33 18,675, AA+ Aaa 08/02/16 08/08/16 18,631, , ,648, ,454, FFCB NOTES DTD 01/30/ % 12/30/ EEMA5 10,000, AA+ Aaa 01/23/15 01/30/15 10,009, , ,004, ,975,150.00

12 Managed Account Detail of Securities Held For the Month Ending September 30, 2017 MONTEREY COUNTY - SECURITIES PORTFOLIO Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Federal Agency Bond / Note FNMA NOTES DTD 02/28/ % 02/28/ G0T29 12,600, AA+ Aaa 02/24/17 02/28/17 12,591, , ,593, ,570, Security Type Sub-Total 403,660, ,522, , ,835, ,319, Corporate Note TOYOTA MOTOR CREDIT CORP GLOBAL NOTES DTD 10/05/ % 10/05/ P6S0 10,000, AA- Aa3 03/25/15 03/30/15 10,035, , ,000, ,999, GENERAL ELECTRIC CO NOTES DTD 12/06/ % 12/06/ BC6 10,000, AA- A1 01/20/15 01/23/15 11,153, , ,073, ,069, TOYOTA MOTOR CREDIT CORP NOTE DTD 01/12/ % 01/12/ TCA1 10,000, AA- Aa3 01/13/15 01/16/15 10,049, , ,004, ,002, WELLS FARGO & COMPANY GLOBAL NOTES DTD 12/26/ % 01/16/ BFG0 10,000, A A2 04/01/15 04/07/15 10,091, , ,009, ,000, CHEVRON CORP GLOBAL NOTES DTD 06/24/ % 06/24/ AE0 8,175, AA- Aa2 11/23/15 11/25/15 8,216, , ,186, ,181, BERKSHIRE HATHAWAY INC GLOBAL NOTES DTD 08/15/ % 08/15/ BX5 2,415, AA Aa2 08/08/16 08/15/16 2,414, , ,414, ,407, THE WALT DISNEY CORPORATION DTD 01/08/ % 01/08/ PDH6 2,710, A+ A2 01/05/16 01/08/16 2,706, , ,708, ,711, JOHN DEERE CAPITAL CORP NOTE DTD 01/08/ % 01/08/ ETE9 8,300, A A2 01/05/16 01/08/16 8,299, , ,299, ,332, AMERICAN HONDA FINANCE CORP NOTES DTD 02/23/ % 02/22/ WBA8 3,780, A+ A1 02/18/16 02/23/16 3,779, , ,779, ,778, PEPSICO INC CORP NOTES DTD 02/24/ % 02/22/ DE5 3,850, A+ A1 02/19/16 02/24/16 3,848, , ,849, ,844, APPLE INC CORP NOTES DTD 02/23/ % 02/22/ BQ2 6,000, AA+ Aa1 02/16/16 02/23/16 5,998, , ,999, ,014,400.00

13 Managed Account Detail of Securities Held For the Month Ending September 30, 2017 MONTEREY COUNTY - SECURITIES PORTFOLIO Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Corporate Note JP MORGAN CHASE & CORP NOTES (CALLABLE) DTD 03/23/ % 03/22/ HQU7 10,000, A- A3 05/23/16 05/26/16 10,016, , ,008, ,009, WELLS FARGO & COMPANY DTD 04/22/ % 04/22/ BFU9 10,000, A A2 06/23/16 06/27/16 10,176, , ,098, ,054, GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/ % 04/25/ GVT8 1,415, BBB+ A3 04/20/16 04/25/16 1,411, , ,412, ,414, GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/ % 04/25/ GVT8 7,210, BBB+ A3 04/21/16 04/26/16 7,205, , ,207, ,208, APPLE INC GLOBAL NOTES DTD 05/06/ % 05/06/ AQ3 10,000, AA+ Aa1 04/06/17 04/07/17 10,116, , ,089, ,079, IBM CORP NOTES DTD 02/19/ % 05/17/ JE2 20,000, A+ A1 02/16/16 02/19/16 19,991, , ,995, ,071, COCA-COLA COMPANY CORP NOTES DTD 05/31/ % 05/30/ BV1 4,431, AA- Aa3 04/06/17 04/07/17 4,415, , ,418, ,416, PFIZER INC CORP NOTES DTD 06/03/ % 06/03/ DU4 10,000, AA A1 05/31/16 06/03/16 9,988, , ,993, ,967, CITIGROUP INC CORP NOTES DTD 06/09/ % 06/07/ KS9 3,840, BBB+ Baa1 06/02/16 06/09/16 3,838, , ,838, ,842, AMERICAN HONDA FINANCE DTD 07/12/ % 07/12/ WBE0 2,500, A+ A1 07/07/16 07/12/16 2,497, , ,498, ,477, TOYOTA MOTOR CREDIT CORP NOTES DTD 07/18/ % 07/18/ TBP9 5,000, AA- Aa3 01/11/17 01/12/17 5,027, , ,019, ,034, MICROSOFT CORP NOTES DTD 08/08/ % 08/08/ BN3 6,000, AAA Aaa 04/06/17 04/07/17 5,935, , ,948, ,946, MICROSOFT CORP NOTES DTD 08/08/ % 08/08/ BN3 6,500, AAA Aaa 08/01/16 08/08/16 6,493, , ,495, ,442,039.50

14 Managed Account Detail of Securities Held For the Month Ending September 30, 2017 MONTEREY COUNTY - SECURITIES PORTFOLIO Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Corporate Note AMERCIAN EXPRESS CREDIT CORP NOTES DTD 08/15/ % 08/15/ M0DP1 10,000, A- A2 06/23/16 06/27/16 10,179, , ,108, ,083, CISCO SYSTEMS INC CORP NOTES DTD 09/20/ % 09/20/ RBG6 9,000, AA- A1 09/13/16 09/20/16 8,990, , ,993, ,954, BNY MELLON (CALLABLE) CORP NOTE DTD 02/24/ % 02/24/ HCZ0 10,000, A A1 03/16/17 03/17/17 10,011, , ,009, ,048, INTEL CORP NOTES DTD 05/11/ % 05/11/ AZ3 10,000, A+ A1 05/12/17 05/15/17 10,017, , ,015, ,021, Security Type Sub-Total 211,126, ,905, ,064, ,480, ,418, Commercial Paper CANADIAN IMPERIAL HOLDING COMM PAPER DTD 04/05/ % 12/29/ EZV4 20,000, A-1 P-1 04/06/17 04/07/17 19,806, ,935, ,936, BANK OF TOKYO MITSUBISHI COMM PAPER DTD 05/16/ % 02/08/ CB83 12,000, A-1 P-1 05/15/17 05/16/17 11,864, ,934, ,938, Security Type Sub-Total 32,000, ,670, ,869, ,874, Certificate of Deposit HSBC BANK USA NA CD DTD 11/18/ % 11/17/ AR58 14,000, A-1+ P-1 11/17/15 11/18/15 14,000, , ,000, ,005, ROYAL BANK OF CANADA NY CD DTD 03/15/ % 03/09/ NZZ2 18,000, A-1+ P-1 03/11/16 03/15/16 18,000, , ,000, ,024, TORONTO DOMINION BANK NY CD DTD 03/14/ % 03/14/ E5E2 18,000, A-1+ P-1 03/14/16 03/16/16 18,000, , ,000, ,027, NORDEA BANK FINLAND NY CD DTD 12/05/ % 11/30/ LWA6 17,500, AA- Aa3 12/01/16 12/05/16 17,500, , ,500, ,544, BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/ % 04/05/ GUE6 10,000, A+ A1 04/05/17 04/06/17 10,000, , ,000, ,986,990.00

15 Managed Account Detail of Securities Held For the Month Ending September 30, 2017 MONTEREY COUNTY - SECURITIES PORTFOLIO Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date/Coupon/Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Certificate of Deposit SKANDINAV ENSKILDA BANKEN NY CD DTD 08/04/ % 08/02/ FXT3 14,000, A+ Aa3 08/03/17 08/04/17 13,994, , ,994, ,987, Security Type Sub-Total 91,500, ,494, , ,494, ,576, Managed Account Sub-Total 1,078,056, ,079,446, ,625, ,077,971, ,076,077, Securities Sub-Total Accrued Interest Total Investments $1,078,056, $1,079,446, % $3,625, $1,077,971, $1,076,077, $3,625, $1,079,702,970.58