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Investment Report
PREPARED BY: STEVE CONWAY Finance & Administrative Services Director/Town Treasurer Reviewed by: Assistant Town Manager Town Attorney Finance N:\MGR\AdminWorkFiles\2016 Council Reports\03-15-16\02 Investment Report\Investment_Report_-_Q2_2015_2016 FINAL.doc MEETING DATE: 03/15/16 ITEM NO: 2 COUNCIL AGENDA REPORT DATE: MARCH 10, 2016 TO: MAYOR AND TOWN COUNCIL FROM: LAUREL PREVETTI, TOWN MANAGER SUBJECT: SECOND QUARTER INVESTMENT REPORT (OCTOBER THROUGH DECEMBER 2015) FOR FISCAL YEAR 2015/16 RECOMMENDATION: Approve the attached Second Quarter Investment Report (October through December 2015) for Fiscal Year 2015/16. DISCUSSION: Attached for Council consideration and approval is the Second Quarter Investment Report for FY 2015/16, for the period October through December 2015. The Town’s weighted portfolio yield of 0.76% is still outperforming the Local Agency Investment Fund (LAIF) yield of 0.40% (difference of 36 basis points). Therefore, staff continues to replace matured or called investments with similar investments with respect to maturity and credit quality. For the quarter, the Town’s weighted average rate of return decreased 5 basis points (0.05%). In mid-December 2015, for the first time since before the financial crisis in 2008, the Federal Open Markets Committee (FOMC) raised the Fed funds target rate. The Committee increased its benchmark rate 0.25% to a range of 0.25% to 0.50%. The Fed funds target rate had remained at zero to 0.25% since December, 2008. During this time, the FOMC also embarked on three rounds of asset purchases known as quantitative easing which helped to lower interest rates and increase the money supply. FOMC chair Janet Yellen indicated that economic conditions had improved enough to warrant an increase in interest rates. Employment growth has been strong, and the unemployment rate has decreased by 50 %since its high in October, 2009. Global commodity prices remain low and crude oil fell below $35 per barrel. Over the past 18 months, the price of crude oil has dropped 64%t from $95 per barrel to $34 per barrel. Market expectations were anticipating a Federal Reserve interest rate increase sometime in late calendar year 2015 but that expectation was tempered by low inflation and a stock selloff in September which may moderate any increases in interest rates in 2016. PAGE 2 MAYOR AND TOWN COUNCIL SUBJECT: SECOND QUARTER INVESTMENT REPORT (OCTOBER THROUGH DECEMBER 2015) FOR FISCAL YEAR 2015/16 MARCH 10, 2016 DISCUSSION (cont.): 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: 1. Second Quarter Investment Report for FY 2015/16 (October through December 2015) Weighted Average Portfolio Yield: Town of Los Gatos Summary Investment Information December 31, 2015 0.76% Weighted Average Maturity (days) 523 This Month Last Month Portfolio Balance $68,016,721 $66,847,898 Benchmarks/ References: Town's Average Yield LAIF Yield for month 3 mo. Treasury 6 mo. Treasury 2 yr. Treasury 5 yr. Treasury (most recent) Prime rate 0.76% 0.79% 0.40% 0.37%® 0.16% 0.22% 0.49% 0.42% 1.06% 0.93% 1.76% 1.65% 3.25% 3.25% One year ago $62,475,531 0.75% 0.27% 0.03% 0.12% 0.68% 1.70% 3.25% 3 - 5 years 2 - 3 years 25% Portfolio Maturity Profile I - 2 years 30% 0-!year 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 53601 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 Local Agency Investment Fund 7.98% Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances December 31, 2015 Month YTD Fund Balances - Beginning of Month/Period S66,847,898.07 $70,832,337.72 Receipts 4,526,128.26 17,636,636.55 Disbursements (3,357,305.02) (20,452,252.96) Fund Balances - End of Month/Period S68.016.721.31 $68.016.721.31 Portfolio Allocation: BNY MM US Govt Agencies & Corp. Bonds Local Agency Investment Fund Subtotal - Investments Reconciled Demand Deposit Balances S2,502,193.00 45,686,345.62 4,177,919.57 52,366,458.19 15,650,263.12 Total Treasurer's Fund S68,016.721.31 Portfolio investment Allocation BNY MM 4.78% US Govt Agencies & Corp. Bonds 87.24% Treasurer's Fund Balances 74.000.000 72.000.0(70 70.000.000 68.000.000 66.000.000 64.000.000 62.000.000 60.000.000 58.000.000 56.000.000 0 6. n page 2 Town of Los Gatos Non -Treasury Restricted Fund Balances December 31, 2015 Previous Ending Balance Deposits interest Withdrawals Balance Non-1reasury Funds: Cert. of Participation 2002 Series A Reserve Fund $ 686.279.87 $ - S 5.66 5 34.53 $ 686.251.00Note I Cert. Of Participation 2002 Ser A Lease Pytnt Fund 41.48 34.53 0.00 0.00 76.01 Note I Cert. of Participation 2002 Series A Cnnst. Fund 12.91 12,91 Note 1 COP 2010 Library Reserve Fund 1 277,064,46 0.00 0.00 0.00 1277.064.46 Note Total Restricted Funds: SI 963.398.72 S34.53 55,66 534.53 51.963.404.38 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 2010. Page 3 Town of Los Gatos Statement of Interest Earned December 31, 2015 Interest by Month July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 S37,891.24 39,641.24 39,140.87 37,799.14 36,192.77 31.046.35 $2_'!.71 1.6! Page 4 Town of Los Gatos Investment Schedule December 31, 2015 Orginal Issue Deposit Original IDixeounll Markel Institut'. Security Datr Cost Premium Yaim PFI2Ea Corporate Note Ill-1I 15 753,1137 ill 33,17. 511 744,192.59 IBM Note I1 11. 12 782.505_IIO 32.5SIS.II11 751,1N5.SN1 Rsasvlry Note liy; 16,11 I,I}25,3911.61 25,WI1-61 I,754.485.011 FM1111 Callable Note 111. 28r14 1,a14,6110,INY 1461N1n1} I,INIl,920,4111 1-mrla OIolor Cretin C'aupon Note n11111n11 5112,2411.IX1 2,'1111111 49H,5141Ih 1^1Vl CaBahle Note 1rs. U,lo Y,SINI1XNI.I NI u.hn 1,44%,{IKII INI I reasury NOFC 4"I,114 I,II[IIItwIn,INI 111 YII H9x,6711,IX1 Treasury NNSc nr. 1u a YJN14,1M2,Su 4,062.511 I,01K1,1IK41w FN1314 'Callable Hale of 11411 4.11114,500.011 4„Kn11.111) 1,9x9.NII11,IN1 Treasury' Note r15. 2' I4 2,utl S,I56.75 15,[5(i.25 2,1Nt3,1.21)1111 Treasury Note 1ln ll ld 499,w4469 1145,111 499.785.011 Berk Halh Coupon Noir 111 I111 5119.21111.11li 9'%t11111 5111,2711-911 FNMA Callable Noir tl, 19 17 1,504,05111111 4.IYSfl.11li 1.496,71111011 FN614 Callable Note 11 1,1'12 1.110,'00l11 1 2IKl,il11 947,8I11,110 FN6i0 Cal}dhle Note 12 u4'12 I,lu1275t11%1 2,7slIIII 4`17.%1RI.IN1 FFCB Couponhate 7111x'1'_ 1,996.9611181 I,1.., ,n4f1,911) 1.9Ni,6_7fI1Nl FHLB Coupon NO1e 1' C 12 1.99w,72Si1111 11 280.001 1,991.620110 8785IA Callable'.010 ,14 1' 13 I-IN14,41KI.1111 d,4f1Y I.I HI 948.12Y)1N7 'IAPI_ Corporate sole 15 In:13 N91,hKr1,111 1%,1 k9,991 991,KKI1,INt FHL61C Callable hole 04.27'13 1,5101945,04 945I11 I.92)1,705,I11 FHLB Callable Nolo 1,4, 29.15 31N1,11t10,1KI n.lu1 494,1001.1IIY Fl I LB CUnpl,n Notr 6+9+21115 997,710,I81 1='-"/Il flltl 94.1,Y_'li (NI hrasury 441e 1"9'2013 L)I141.46x.75 46w 75 991,,l611,IN1 Ireasrlry N4sre 69/2015 1,1104,141161 4,14u,61 4119,410311 Treasury Note 6.11+21115 N411,469 75 19,511251 '9411.11111%1 FHLB Coupon Noir 6.1115)I5 1,991,w_'11011 1K.Y KU,IKI1 1,9K5,4%OINI Treasury Note 7/tlr_'1115 Lu14n25011 In,6'S.I%I I,I%11.94n.1%I FFCB Coupon Nme 7/111/21115 2.5119 .525.1111 9,5?.51111 2.499.1251111 FHLB Coupon Nlue N/2u/71115 I.247.0751111 12.N'S,Illn L134,596,d1 FWLH Csmplul Note KJ25: 2015941J,S0)1IN1 151H1.1101 993,5116.09 FFCB Coupon Note 512712115 114123.61A11 2,1160,1111 995,7711.INI 41 almarl Inc COf,oralo Nair 9+225:21115 99s 9641 011 I l,ll4011i11 995,%i11 111 Dlstey Corporate Note 1825'21115 995.29w.50 248,511 441,855.110 FFCB Coupon Note 111727121115 14149,.2111.1111 4R,29I1,INl 11115,14111Nt FHLB Coupon Note IU+7_711015 1,1%4s!,1O.Uu 5.1191LINI 995,050.110 FFCB Clwpon Note IIIr29'21115 l.494.8411.I4I 15,1611.1911 1.4%0,421l,110 Chc17011 Corporate Note 12,15421115 1.252.262,50 2,262.50 1.247,2011.011 Matadi Yield to Interest Interest Interest Da55 Purchasl'd Dale Ur Maturity Her ei,ed Earned Earned to Interest ('nit Date or Call In Dale Prior Y'rs, Current F1 Mnlurif, s-15 21117 11,9) , $ 5,4771115 $ I,4Kx,%4 1 3,452 31 5111 11.76'4,, 5 19,165,62 5 15,281,67 $ 2,9;2.42 2114 1 09.147151 $ 38.284.99 5 4.9%192 21; 5, 18,7511.110 111 8,195-24 5 3565-41 272 10 s'281,17 1 05" $ 1,425.49 1 - 5 2.511.4g 644 11 142111e, 4)55'., $ 20,6253111 $ 17.562.13 1 4,158..911 119 II 15.71116 IIr,1'•„ $ 4,931.42 1, 6592.47 Y, 3.156.68 1211 1I 241, 5 4,9112.71 5 7,61)154 1 1,617.15 197 1 1.1_'1117 11.7"'„ $ 71,311,11 4 64.427 15 '4 14,509.93 419 1 '1'111` 117,'., S '6,80.,'.2, S 16,042!16 $ 7.39N. 12 456 4 99 2,117 n 84" ., 1 5.5211 52 $ 4.528.63 5, 2_734,97 486 '1321117 I.r,1"„ s 2275556 $ 14.456,63 5 795551+ 5111 a 2,12017 0L941. $ 41,79167 $ 38,220.66 $ 7,146.95 624 9 21: 11117 1,931,, 5 20,1)55.56 $ 24,11411.61 5 4,71)5 611 629 4;2012117 o94"s;, 5 27,41667 $ 24,198,80 $ 4,751,93 629 922121117 11.86", $ 48,555,4I $ 4fi46174 5 8.679, 15 61!1 1205,21117 11.76' I, 5 43.543, 33 1 18,872.51 1 7,6311191 714, 115/21118 1312% 5 211,812.511 $ 22796 75 $ 3,317. 17 745 5,5 2111x 1,17% '6 24,638.84 $ 24,789.41 5 5,015,49 854 4127/21116 4,615, 5 6 562.51) $ 2,116 12 $ 6.141.16 1 1 N 4,79+21116 1,22"1, 1' 3,0511,1111 $ 1.016,16 5 1,1175117 1211 8/27/2018 1.221. $ 2,491.66 5, 711257 15 6.155,116 97Y 6O111 21117 11,711, 1 4.165,18 $ 410.42 1 1.666..1A 347 415 2+,17 11828,, 5 2.661.114 5 47,145 5 4,1222,117 624 4 15 2111, 1,09"•., 5 2,581,97 $ 564,71 5 5.468,74 816 1,1954 5 10,013.31 5 1237,19 5 11,9111,22 1176 1,158.29 r, 1112r11w I.IIu% 5 5,71.6,71 % - 1 4.237.29 912 1,28125 12-1421117 11,96519 11 111,78125 $ $ 11419417 71K 583-15 5'11YK 1.13% 5 1581,13, C 1 5,146.11 917 4+17_511 25 2018 1.1179% $ 1612,5111 1 - 1 1,742,29 437 .124.21117 1163'4, 4, 1,687,50 1 5 2,1611.72 4811 411''00, 1.17% 5 t11111111 $ - S 1,1198.12 107 1.46592 12. 1.21117 1.1197, 4+ 2.006.5a 5 5, 2,872.19 7111 11_I52, 'w r. 12111% 0,86"e $ 2,39722 h - '4 1,590.1S NO 2,5111111n N 1421118 11,955 5 1_2.5111ig111 8. 9 1,692,91 910, 729.17 104I'l11x 11.995,, 4 1729.17, 1 - '4 2_56751 11111 1,31161,7 11,4 21117 1,259', 1 11.,1416671 1 5 652.16 679 Subtotal 1. 45 ,61.555.71 $ 166,555.71 5 45,4111,691L811 S 24,789.9+ ENY 911.1 _,502,19114)1 2,425,013,19 Purchased I,Ner09 24.789,41 29.117,41 1.9I1 N.'1 12'31.14 4,177,91957 4,177,414.57 02,366,456.1 Q $52,1133,760.97 13ank of the 51 est 01411,od Assets SO I%1lsslssip4l Mahan Coupon Nate 1215 12 526.021100 26.1120.011 treason' Nate 'Is 1'• I I 1.42„812.50 42,81230 FHLh1C Caflah€e Note 1'111114 2,500000 op [1n11 FHLB Callable Note 42 3105 1,248.7501111 11,250.11111 FHLB Callable Note 3 -26 24114 1.0011,5110,011 51811111 FHLB Callable Note ' 4 '1,15 1,11011.300.110 50111K1 C,E Corporal[ Nolr " I' 2,111, ',113,61KY_IIII 11i,001},I%I FHLMC Callable Note 11 ',1 •n14 1.'199,111KI,110 15,IKN),1NI1 FHLB Callable Noe 2,111.1001111 I,%KO,IKI FHI_0IC Callable Note 4 2, 2, I, 1.-1947,0u,, 1751i,1109 Berk !lath Coupon Note 9, 341 ' 1. 1i1I,51. 1,5,117,311 TM! In.099ln,ls ",lalurerl" Maturity Profile 11 I rear 1-2 sears 7.1 years 1.5 years 1 507.11/1,81 $ 421,164.28 5 177,955.95 7,277,11 5 51(7.3111.81 $ 421,169-26 1 110,71,16 7.1112/)15 1196"s, $ 15,961.1.06 $ 12-515,11 $ 5,714,63 7.11 11115 1I,6511, $ 6H,21NYF $ 25,4111,49 S 567.83 1311/2/115 075454 f 29.6147.511 $ 1.7,521411 $ 1541 III X.211/21115 11.7191;, $ 1,125 Oil 5 1,121;61 1 1,275511 6+26+21115 0.5291, $ 2,8511011 5 4,197,44 h 812 Ifs 8, 25.21115 0.94". 4 4,487.311 5 1,1155,41 5 1,451,11.1 421.21115 1.1114,, 5 175,472.22 5 17,58899 1 4,7.54. 51, '3'_1115 1'97".,, 5 27.4511181 4 18,798,64 5 7.642 41 2?-'n15 u,K9gi, 5. Ia,N11ngn $ IJ29,4n 5 5,8,468 124 2,115 1.11'', 5 9,7511.011 1 1,566,42 i, 6,951129 12-15: 2111, 1.1140'.• h 119,1112. 15 5 47,5344-18 5 6.35.1115 514,948,112.50 $ 957,665124 1 545,75742 5 221,711.61 Amount $r14.028.343. 11 57_5, 3115,513.%2 S13.7811,338,76 511IKI $51,1 14,195.69 11 Page 5 Weighted Average Portfolio Yield: Town of Los Gatos Summary Investment Information November 30, 2015 0.79% Weighted Average Maturity (days) 550 This Month Last Month Portfolio Balance $66,847,898 $66,506,768 Benchmarks/ References: Town's Average Yield LACF Yield for month 3 mo. Treasury 6 mo. Treasury 2 yr. Treasury 5 yr. Treasury (most recent) Prime rate 2-3years 25% 0.79% 0.37% 0.22% 0.42% 0.93% 1.65% 3.25% 0.81% 0.36% 0.08% 0.23% 0.34% ,52% 3.25% One year ago $60,167, 771 0.75% 0.26% 0.01% 0.07% 0.52% 1.58% 3.25% Portfolio Maturity Profile 1 - 2 years 30% 0 - I year 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 53601 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 Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances November 30, 2015 Month YTD Fund Balances - Beginning of Month/Period S66,506,767.79 $70,832,337.72 Receipts 2,944,278.23 13,1 10,508.29 Disbursements (2,603.147,95) (17,094,947.94) Fund Balances - End of Month/Period S66,847,898.07 S66.847,898.07 Portfolio Allocation: BNY MM US Govt Agencies & Corp. Bonds Local Agency Investment Fund Subtotal - Investments Reconciled Demand Deposit Balances $2,439,039.63 45,747,913.95 4,177,919.57 52,364,873.15 14,483,024.92 Total Treasurer's Fund S66,847,898.07 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 56.000.000 z Local Agency Investment Fund 7.98% Portfolio Investment Allocation BNY MM 4.66% US Govt Agencies & Corp. Bonds 87.36% Treasurer's Fund Balances 0 z page 2 "Town of Los Gatos Non -Treasury Restricted Fund Balances November 3(1, 21115 Previous Balance Non -Treasury Funds. Deposits Ending Interest Withdrawals Balance C'ett, of Participation 2002 Series A Reserve Fund S 686 274,02 $ - 5 5.85 $ Cert. Of Panicipatiun 2002 Ser A t.ease Pymt Fund 41.48 0.00 0.00 Cen. of Participation 2002 Series A C'onst Fund 12.90 ((.01 COP 2011) Library Rosen c Fund 1,277,064.45 0.00 0.01 Total Restricted Funds: S1.963.392.85 S0.00 S5.87 These accounts are not part of the Treasurers fund balances reponed elsewhere in this report. as they are for separate and distinct entities. $ 686.279.87 0.00 41.48 0.00 12.91 0.00 1,277.064,46 $0:00 S1.963,398.72 Noce I: The three r?riginal 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. Nate 2: The 2010 C'OP 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 2010. Snit. I Note I Nair I Nate 2 Page 3 Town of Los Gatos Statement of Interest Earned November 30, 2015 Interest by Month July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 $37,891.24 39,641.24 39.140.87 37,799.14 36,192.77 $ 190,665.26 Page 4 Town of Los Gatos Investment Schedule November 30, 2015 Orsini Issue Maturity Yield to Interest Interest Interest Dsos Deposit Original (Discount) Market Porthased Dale or Maturito Received Earned Earned to Institution Saurit, Dale Cost Premium %aloe Interest Call Date or Call to Date (nor 1"rs, Current F1Moturih PFILER Corporate Note nl II 15 751,1137.511 1,1117,5(1 7S1}990-{It1 511 '_017 0,91"a.. N 5,477.118 91 1.9%k.K4 } 8erk'Hadl Coupon Note 1 1 26 C' 1115,13750 05,Ut50 !,'_cl USq 14 12.I 52015 I.1(09 $ 1111,699.6s $ 47,518 18 $ i13AI Coupon 4ole 111112 782 c{I5,110 1?SY Ii,I%1 756, 11101 ,_,.yn U. IL7n,,1, $ 39, tfii.R2 $ 15,211.1.b7 $ -treasury Note ifs -Ire I1 ;,1125,190.Ai 25,1411.h3 I0�/".l'il rat - 11 2616 11479, S 59,147,N1 A 1%,2%4,99 j, fti SL4 Callable. Noir Ili. tE 14 h01-0.RINI.IXI 44,61111.f111 I.1104,9grr al 4r2%'21111. II4A'4, $ 18,75111111 $ 8,39S,24 $ iteyola Atolor Credu ('0190 Nmc uLrho ul, taIL20U,1%'I 2,Li161N) 4,9 ,nlinn 01115r5l017 1.05"i, $ 1.47564 $ $ FNAI.I Callable Note 115,14 Ix 1,51111,114N1(N1 OINI IJ99. II5�lu II'14 2011. II.55.1, �, '114,'5Ia1 y 17,542.1; M 7rea1llr9 Note I1h. 1014 I.0011.IIINI.11l7 n1111 y99021011 hl I5"OIM1 OR3'%,, A %,9t14' 1 fi5ry2,a7 b Treasury' Note 1H, In 14 1,0114-11RL511 4IIR2.50 1(1111wn.ilei a1121117 t1,72 C 94%271 s 7,FIfI 1a 1 FNMA Callable Note 1W.114•I 1 4,1X11,N1k1,1111 4,%07 net 149s,:pn a+, 1. 112017 1172 $ 71-)3111 A 64,427,35 $ Frcasun' Note fl„5,27'14-'_.[II5.15A..15 Is,156.25 7. %r5, r1, 11 11I 21117 f1)7T'H„ } 'h,K%S25 $ 1fi,114LG6 $ Tr®sury Nutt OAr230(4 a44.kII1.fi9 1195,1{I 50i,15r 1.1 NY 4. :1r:21137 fl_k9°,, S 5,920.5_' $ 4,52%,F3 $ Birk Onlh Coupon Note I/O kl3 5n9,'%11.110 9,2'30.lXl Su4 nis.INl 5 1s 21117 I d,1"o, $ 2L755 i1, $ 14.4511,A1 k FNMA Callable Note 111 I4:1' 15n4.n 911)1 4LLs0.fX1 I,5u111t19.7R 9:702017 I},4456 $ 41,791.67 $ 1%, 221LfiA $ FNMA Cn0ah4•a:€dt II?o 12 @,nul,2hl10u L7,4f9 LI1n1,172.16 92182017 11,YY0 $ 28,035516 $ _24,119u,F1 '4 i+NAIA Callahle Nnlc I''141.' 1,1111', 750.11f1 L750_fll7 I,111111, 721,(17 9,20'21117 11.94'Y„ �, 27.91r1,R7 $ 24,09%.%11 FFG-B Coupon Note 11, 1% 1' 1,99R9611.1X1 )1.t411.1h111 1'144,4110.00 3921)21117 11,%AN% $ 40,555,110 Y, 426,4R1.74 $ FHLB Coupon Note 12 I.71" 1,999.721L110 I'1,2X11010 1,991I2111J00 1218,7017 1L7619 $ 36,107.13 $ 3N,%72a3 5 FNMA Callable Note ni 1711 I.IN1441XL1N1 4,40n,IN1 I1NXI,0511.YNt 1.512016 Lf)3't: $ 2R,812.51, $ _'2,79h, 75 10 \AtaL C9rI-ororr \',,to n5:lh 11 991,68l01 jIL11449( 994, 3811/111 5'3121/151 I. Ill, S 24,638.59 $ 24,751941 T1 FHLAIC Callable Noir 0427.15 L91N1,945On 935 Ou 1.5111.455.1111 4'i^_PIA IIk F;F S fsA2.S0 $ 2,13612 $ 0111-B Callable Note )4.'e'15 sIN1.00111 N1 rl tlfY 494,71EIdk) 4'v.'n 16 L'_"i6 ? i,f}5lLINI % I,II1M1-IA $ FIILB ("nupon Nose R'4:'0I5 497.7111191 Y:._41h IX11 995.51t I.IN1 __791% 422"'n 7. ?,491.6h } 7112,57 } Trcasup' Note R'4. _015 11111P4RN 75 4R%.75 998,41MI IX1 ,u: '_11(7 10,71'Iti 10 415Ilk $ 41K,4_' $ t l'casur, Nate R:9. 1015 I,lal4,l4i',I.R1 4,-I0.1,1 I, 11111,AK1111{I '115211Y7 (11027, 10 '_.603.11l 4 471},45 $, Treasury Nule hrH 21115 49114109.75 19.51I_51 492,3%01111 I<"_n1% I.114'an 10 2„5k1.97 1 ,5h4.71 1. FHLB Coupon Nule 611,21115 1..996.%20.00 lk.IBIL(II11 1,'1M+LIh5u.011 525 _'191k 1,199+ $ 10.1111,41 10 h1TJ4 S ixrnsury Noir 711,'uli 1,n In.A2,gnll }11,F?5AA' 'l,ll(1A,520:00 I.IFx_19 crv6'/0Ik 0.0117II, $ IL15%.291 '� - $ FFCB Coupon Nair 7111121115 2.51µ4525,150 9.5250)0 2504,551/.011 1,2%1. 25 12' 1%2017 11,9R91, 10 11.281,251 10 10 EH LB C-nllpnn Note N. 2u'2015 1.2_47,675.IN1 12,9251101 I241.457.1M 5%111 7:25201M I.I1„o, $ 1583 111 $ - $ FIILB Cuapnn Note M25.2u 15 149,5)51,IM1 1501LINI} 494.497E 61''.511 7;25. 2111K 1 i17". $ IAR.5111 S 1, FFCB Coupon Note 21115 I.IN12,11A11,1X1 2.ORIL00 99'1,_'111011 4.24/11117 11.631,, $ 1,6117. 511 $ - 5, 11 Corporate Note _, 21115 99%,9A1L/1l1 1114'n.rll11 44k_m100 4+I121110 I_I 7T.6 $ i1111 n11 10 $ Disney Corporate Note 92c,015 '995,298,50 2v%.510 995,_'911,511 >•465,9_' 12•I/21117 1119 $ ft,4r,s.y21 b - } FFC•B Coupon Note Iu2'u1; I.SI40,231L011 4ri.2a0.0f1 I.10011R0110 11.152..7% Art C01% 11567„ 9 (I1,1527%I $ - b FHLB Coupon Note lu^' 2n15 1,005.001KP 5,1110.110 Wn,,55111111 2 511It90 4114.''_OSN !I45",, $ i 231111 (9)1 $ - $ FFCB Couiron Nate l0.'4. 1n15 IA44704110U 15.IAU.INII I:IK`,IL'{LOU 729. 17 10,9'201% 119996 S f729.171 % - $ 2,$711.64 51' 5-814.115 15 2A38, 17 215 4,142,58 244 2,79N 41 1111 2.0)104125 I,li 1,458. 77 1511 2.1114,86 15I 1.1124,17 42% 12,Oh514 47i1. 6.151.70 4%7 1.862.5% 517 2,457,61 512 5,942-85 6611 1,112.111 RAIL 3.95115 6611 7.216 1111 1161 6395 16 719 4,23%,14 826 4,k97,111 Nk5 5,1I16,67 149 2,556,94 151 5,11X,74 POI 1,114X,4A 5713 1,427.59 655 4,547. 38 $67 9,962,h5 997 1,77K.7S 943 8.114 19 749 3,946.64 968 2,815,95 9611 1.629,12 511 2,1(84,11 801 1,95441 712 Nit 914 885.51 11114 11114,14 1041 Subtotal } 45.7244111,71 i 229.410.71 $ 45 4136.691 50 '' 21,451,24 $ 6411,927.15 y 468.707.6h $ 149-196,21 10705' 4I0,1 2.439,6 14,61. 2425.10 1.19 Poiel,-ltl Ilifeers1 22,4%-1 24 24.11741 1-4I11 11'4 12 111 14 4.177,91957 4 171419,,7 5,93454 552, 64,s73.15 552.118.763.67 1 640,927,13 C 468,7177610 19 155,114,75 Bank of the 1A 0r A14119e11 assets SO IAtisuss 90006 rl Coupon Note 12 1% C 526,u20.110 26,02001i 7 111)20(5 09 711, $ 15,96%06 1 Treasury Note 4%116 if L1N_',111'.50 4'',AI'.30 741/2015 I1.65'k, S. 69,219.11 1, FIIl.AIC Ca10610 Nnit 10,L1 14 ? 51 1,1111111111 nt31t 7 111121115 I1754, $ 29,687.50 S FHLB Callable Note 1121211' 15 I.24%.7011011 11,2i1 , Out 502182/115 11711'S„ $ 1.125.10 $ FHLB Callable Nme 8126. 2014 1,1110L5110,01 51OOf111 8,25121(15 11.52%. $ 1.8511_I10 5 FHLB Callable Nose 1,401115 1,0110.51111011 511011r1 812512015 1194'10 $ 49517,50 $ GE Corporate Nule 9I7.2011 ? 111,6181.00 111,600,110 9+21,21115 1.111", $ 175.972,22 $ FHLMC Callable Note 11(28:2014 1,945,1IIIr1111 15311111.I00 9125,2015 I17 $ 14,9511.1111 1 1-10_13 Callable Dion' 4 '7.'0152 IIII,%%IL1111 18%0,I0 10)27/2015 0.%911„ $ 10.8I0.1111 1 FHLAIC Callable Note 4,29r 2015 1,494,2511.o11 17511,11131 11129+21115 1,55"„ 1 9,750,1111 $ 1 OIal In1 sntcnr%„Atalun-d' 1llaturitt i'tal-tie 11-1 year I --'_-years year9 3.5 years I 11 1 4.721.R0.: ?i 40n 49 $ 567 NA I',521 411 $ 1.541. 10 1,121.%1 $ 1.22s511 4,1%794 $ $12.11.5 3.055. 41 $ 1451104 17,5hn.99 1 4,789 911 I %.79k.R4 11 7,64244 1129.40 b 5,819,61+. 1„59642 0 6,9611.29 $14,94N,11'2 50 1, 90.256,56 S 541.295.fi11 K I911,Rh5.'r, Amount $15.279.021457 S17.801,97022 $19,2%1-8%2.26 $11,011 $52.164,871.15 Page 5 Weighted Average Portfolio Yield: Town of Los Gatos Summary Investment Information October 31, 2015 0.79% Weighted Average Maturity (days) 576 This Month Last Month Portfolio Balance $66,506,768 $67,739,719 One year ago $60,167,771 Benchmarks/ References; Town's Average Yicid 0.79% 0.81% 0.66% LAW Yield for month 0.30% 0.30% 0.27% 3 mo. Treasury 0.08% 0.00% 0.05% 6 mo. Treasury 0.23% 0.08% 0.08% 2 yr. Treasury 0.34% 0.64% 0.30% 5 yr. Treasury (most recent) 1.52% 1.37% 1.30% Prime rate 3.25% 3.25% 3.25% Portfolio Maturity Profile 2 - 3 years 25% 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 53601 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 I Local Agency Investment Fund 7.98% 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 56.000.000 v 0 Town of Los Gatos Portfolio Allocation & Treasurer's Fund Balances October 31. 2015 Month YTD Fund Balances - Beginning of Month/Period $67,739,719.1 1 $70,832,337.72 Receipts 2,531,541.93 10,166,230.06 Disbursements (3.764.493.25) (14,491,799,99) Fund Balances - End of Month/Period S66,506,767.79 $66,506,767.79 Portfolio Allocation; BNY MM US Govt Agencies & Corp. Bonds Local Agency Investment Fund Subtotal - Investments Reconciled Demand Deposit Balances Total Treasurer's Fund $2,406,443.75 45,748,380.62 4,177,919.57 52,332,743.94 14,174,023.85 $66,506,767.79 Portfolio Investment Allocation BNY MM 4.60% US Govt Agencies & Corp. Bonds 87.42%u Treasurer's Fund Balances V +/1 v1 vy N page 2 lawn of Los Gatos Non-Freasnn Restricted Fund Balances October 31, 2015 Previous Balance Non -Treasury Funds' Deposits Ending Inler_st 1Vithdrawai@ Balance Cert. of Participation 2002 Series A Reser,'e Fund S r>gh,2n9. 50 $ - $ 5 64 $ - S 686 274.02 Nole 1 Col Of I'avticipatinn 2002 Ser A Lease Fyml Fund 41.48 u.00 0.00 0.011 41.48 Nate t Cert. of Participation 2002 Series A Const. Fund I 90 0.01 0.00 12.91 vole I COP 2010 Library Resetye Fund 1 277.064.44 0.00 0.01 0.00 1,277,064.45 Rae E Total Restricted Funds. 51.963.387 I9 $0 00 55 68 50.00 S1.961,392.86 these accounts are not part oldie Treasurer's fund balances reported elsewhere in this report, as the are litr separate and distinct cr0 ides. Note 1: The three original Funds for the Cenibcales of -Participation 2002 Series A consist of construction funds which will be expended over the next few years. reserve funds which .ill guarantee the payment of lease payments. and a Ihtrd thnd for the disbursement of tense payments and initial delivery costs. Note 2: The 2010 COP Funds are all for the Library construction. reserves In guarantee lease payments, and a lease payment fund for the life orate COP issue.. The COI fund was closed in September 2010 Town of Los Gatos Statement of Interest Earned October 31, 2015 Interest by Month ,luly 2015 S37,891,24 August 2015 39,641.24 September 2015 39,I40-87 October 2015 37,799.14 November 2015 December 20 [ 5 January 2016 February 2016 March 2.016 April 2016 May2016 ,Tune 2016 S 15447,749 Page 4 I1!L:tutfan Security Depeail (LDS Town of Los Gatos investment Schedule October 31, 2015 Orghtal Issue Maturity S'teld to Interest Interest Iuteresl pars Par Original (Discount Markel Pure11a.501 Bate or \Iatarily Received Earned Earned Io 'S_aloe Cast Prcnsitun 4 aloe Interest Call Dale or Coll to vale a S•ra, Carrera FS Maturity PFIIFB Cnrll,uale \ore n1r1 1.15 7511,IMNI,fN1 Til,ili75n 1,1117. 5n `.,'72511 5/15121(17 {Y.41"I' S 1,1 i2IIN 1 I.4N%,N4 2,1(17%I Sh2 Berk 11,110 (oupo11 No, r1126.1` I'sl ;IN111,INI F11i.1175r1 M15,117<n I. 51, ++.nil I?IISP_IIIS L,IIN'+n 1 4n1,h44,F5 1 17.5;%,18 4 4,574.114 45 1714 Cmgam N,ur Yl,lvl_' 731100,1111 7N2,505,11/ 13991pO 157497.5u 7f22J2III /7. Afi 1 14,165.62 S L,2N1.67 17 1.In11,2F 2bi Trex,ry Noir' 5,kr1 ,11 I,{Wx4,11nn,INl 1112514I(n7 25,I+itl frl I,nr!%2111 ,.IIII 70,1/2{116 (7.47/', 1 59,147.k1 4 5%,2%444 4 1,111k11 274 FNk1A C,Ilahlc Nnle 161.2%,l4 I, 1NNI,IIIIII.1111 1,1114!.IN(141 14,/,nn.IN1 I,,11 x',,9f111 n11 9/2%/2{Bh I(.179 N' 1 I%,7511,1111 5 N.195 -24 4 2244.71 11l Towgs 511a,n Cretin Coupon 74n1e• 111,rNi'lll l i1N1,1(1NI.INI 5f12.«IN}.INI 2.211II.(NI SI11,4711 fill 117/.5/2(117 1717/',. S 1,475.69 5 1 I r,11.113 77/7 FNMA Callable N,ne 115r14' 11 (,5INI.INNY,INI L5+111,111111.f117 II INI I.91 N(G7511II Illldi2111to II,SS^;, ( IF,Snll.n,l 5 17,SR2-11 S 2,7%11,14 3NII Trt:l.un MAe' lu„11I/14 I,II/III,r7Nl,1%I 1,1NN1,111111.1111 ll.Iln 1,1411,SMII177 11115121}IIS ((_115'%, 5 5,%II%A2 4 M1,5'A247 \ ?.I Ilh.lh ,1N1 I,,,,.or. Nnle On'10/14 1,llnq(171.lI( 1,IN11,11h'_,54 4.(Yg2.511 7,IIIN,4471/NI 1/21/21117 11,72h, 5 9,9N271 S 7f,1u 14 4 ?411,77 45% F \'11i Callable Nnll' n97/41E5 4111HI,11111,1Yr1 4,IN14,%fill till 4,HIN'h.1(7/ 4,11115,%41it41 1,14'2017 1173'5, 4 71,315.1; (1 1.4,427. 1'' 4 9,699_4r1 1II1/ Trc.nr' Note u5lIN11 2,iNAllxNl.Be 2.nl S,ISf.75 15,f5h.25 2,1111J411U11 3/11/21l17 r,n 2411(7925 S Io,IN747, s 4,'I45A% 517 Trea.ul, Nola Ilh.'3l/14 5f1f1,111111.1Yl7 q44,%14S.r,Y 1145 i11 5111,%711(111 4/711121N7 fl \,1 S 1,7,111f2 5 4,5>N h1 1 1.497 (7 547 Berk Nalll Cslnlx,ll N'ole Ili.l Lli 4(77/11911.1111 5114,Sm11x1 4.2M(411! 51L5,IMN1.1111 5115121117 II, I 1 I%,755.,Sh S /4,456.61 1 1975.74 5R7 F�Fh1A Callable NMv 11414717 1,511anllll.nll ,5IN,11511111, 4,115q,l III I i141.4US,((/l 4/21/30p rr v4"I� C 41,791 67 4 1%,9'l/7,17 s 4, 777,SN hJil FNMA Ca1l4hle N,ae 111 to/12 1,nlin,lllllr 0Nl f1n1,1llnlll, 1,}Ilrl fNl I,79(5,«7BIN1 9/211./21117 il '/1",, \ IN,Ilii 54 5 24,7(7(7h1 4 1,145.59 6411 FNMA Callable Nole 121111/12 I; 11/l.l1141,1111 11117,7411 OP �7511.(97 ((777,2711.INI 4/211/21117 114J t -"tl l,,fi7 S 24,1''I%,%il 5 1,17h,{% 691I FFCB Conir.n Nn1S Intl%/IS 2571/7,1N1111/11 996,4611116 f1,IWI1,Y7n1 1,999,2110d0 4121/21117 a -%A".. v 4r555in 4 46,461-74 5 5.K114%2 f,41 FNLB Coupon Nnle' 12/12112 2,f111i1,111111,1711 ,14N, 72/l.III1 11,2N11,11l II I„9Y,S,S4SI,f N! 12/Nf7-0117 II,'�i'.• 1 i},,ll9l,tl 1 1%,%72 7 S 5,14111 lFH FNkiA callable Not, {Mt.'17111 II'NNI,11111/IIII .IIII4AINkINI q,4(1(1,1111 I,YYIIi,1411IN1 1.5/21116 I.rlt"„ 4 2F,%12.5n 4 2271/6.75 4 1,4%75{, NSf, AAPL Cnryuazle NulC (S/17/11 I,1NN1,11111(Illl 941h%fl,lll la,5(4.441 947,150 nn 5/1'2111% 1 I"'�- 4 14,h1%,N4 S '_1,75/7.4Y 4 1,414.12 415 FFIL'+1( C'slllnhle' 'v'aI. 114/17115 I 11(/,nllll,llfl 50IIk445,I%1 91511II L591715 EIII 4.27nn1/, nN1', 4 6,562511 5 2.1315,12 S 4.1115,16 17'1 FHLB Cr111ah1s•NIx4• (4/24115 roll nlNllNl 9(97(1INI,II11 nlNl 4'47,Itul, nil 4.29/7(711, 1 22`,. S 7,f15(.1111 5 1,1136,16 S 2.1154.62 INI FHLB Coupon Nola h1472n15 I.nrnl onxl (01 9'17,7111-{III !L1'lII,INIM I14ln,lldl,rin N127'?fl(N "�. 5 2.441.EIf S 7112.57 S 1.115,1(7 In11 In...play Noir, 679/5(1I5 I,n1 nl'rllxlnll /,IN111,4hN.75 1fiX.7S i,lxr l,47n lx, h+ln/21i17 n'5'. 4 41,S,fl% S 41N.43 5 2.4Sn.71 Mt% Tll'7P111j' Note hf4121715 I,n (/7 (4/17.i11/ 1,n114,1411.A2 4,ldi l.hl 11xiJ'79/l/N1 971ir21/17 11'N?"., 4 2,khi fL1 4 4711.45 4 2,755.51 fiN5 1 te.7,llrro Note h'll/21115 IINNknllll.n11 4911,468.75 19,511'si 4'I5,%511.1 la 4/15/2n1% 1,119 4 -sx l.'(7 1 Sh471 1, 1,Ii55,74 %'ry FlILB C,ulp,', \ne h111/71115 2,Ixlll,nnn /4/7 1.991,142111711 f%.I k1711111 I,'l'17,41 NI77/ 466.67 5'25/21(1N I.I'l + (1'fF (71 S 1.217 19 5 1,117/9 l9 4.27 Trrv.ul+' Nick 7/11/2n(5 Ltl1II,(IN71 NI I/11o,h25.Bn Ill' nu 1,f111g5211011 1.15%79 f'1n/2nl% IIN1"„ 1 iIJS%.241 4 - 17 2,14791 971 FF('B (',,nl"nl v„I, 7/11v'nI5 'Snll,lax111n 1(I/525.nn '1177 /lu 151.'.'stl,nrl 1,241.75 f'r}%r'r111,7 11.9n 5 1,,_v1.251 1 - S 1,,15n 24 774 FHLB Conlon, �, n, 9119/7uIS 1.25I(INNI,nn 1,247.075. nt1 (2,47 snln 1,'_4fi,'Iotl 14 5%11a T+2i/2111% 1.(1 S 151c1111 1 - 4 2,7%5,%1, 44N FNLB ('.7,7771 90o, 1772ii21115 If%NI,11416,911 994,511r1.1111 151111 nn1 444:17'15 (I1S11 771i121(1N 1,1,7",, 1 I'•I'.5111 4 - 4 1,45N,%5 49N FFCB 11/(, 1, \a4e %/27/'_nd5 I,d1N),IMIII.nn I,I111+,IN,fllxl ?IN,11.ul, I,IIIII,'_Ix I.I x'1 4'74n1117 ft hl°„ 1 1,N%7, 5{, 1 - e (.114.hh 541 14'i11llltai Cnrlxv.ne N41e '7,21127 (19 l,llllfl,IIIIII WI 44%4(,/l,llll 11,11411 I1rn I.11(1. 45111111 4-14'2[II% I.I7^4 1 51N/1(1/ S - \ I„149,%4 N42 Disney Corporal. 71917 9, 15/21115 W45,nIInJNY 945?9%. in 34M u1 991,?5N,7+ 1,465,42 1'_ 1' _r117 1.09`+. 5 11,47S,921 4 - S I,11(d,,IW 71+2 FFCB (''' „ `,, to II/127/21115 I,INIB,14NI.IN1 1114/1,211L,111 4477/7.141 Y!N1,t„non 11.152.7% r, -',Ilx II.Nh"�, 4 {11.152.7%, 4 1 47.%7 '(44 FIILB ClNllv'�1, N„ly IYIY271x{IIS I,rNNL{NN1,INl 1',lNlS,ll11(7(17 5,ni1(1111 6.n111,f.'n till ?,51111,IHI '714 '?Illn II.9+5. 5 f�141111,f1111 S - 5 If>•1.1% Ilµ4 FFCB C,4,,, \x9e IB/24/2n1, 1,5111I,(NNl,fln 1,494.8411nn IS.Ifif(n171 1,4 N9,9NIl1 NI 729. 17 In'9/7n15 II,44". S (7LN. 171 4 %1�51 11174 5019ol41 5. 44,724,4111.71 5 229,1111.71 4 45,614641.27 1721,449,41 1 (.97,14365 , 469,7177.64 4 115,757745 BM 51151 2.406,441,75 1425,1(11-14 Pureha,ed InlvN 21,949,91 29,1 3/.41 LA If N/A 1301/14 4,177,919.57 4,177,919.57 4,749.514 552,312,743.94 62,2511,711,42 4 (617,K64115 S 41,7 3f17_h(i S 119,9117,7, amlk ol'16s• Nia _NInlurea A _.yr, %0INI.N,IN.Strrr Pnwerl Couryw Note 12/1X/12 5111k117700 526,I121k0ll 26.1121100 7/1{1121115 I(7/',",. 4 1s'rhx 9r. 4 1' 51511 S 7,755,91 11,0111n ',Ole im6/11 I,1111191N?IN7 6,1142,812,111 42,15I2 50 7/1112015 116' S n'/.7,4 11 _-v'n 1', 5 467.%1 FIILMC Callable Now 114111/14 2,5111I,1910 I17 2,5011,11111I.oil ono 7/14/2915 1E75'.4 4 747N• <a 4 12.9114r. S 1,441. III FI1LB C,llohlr ('46 112/211/15 L,75af4N1,lpt 1,2414,7511.011 11,2?11,II0} a/7012111S 11211'.,, S 1 125'I11 4 1,121.1V S L2?s,511 FBLB Calluhl6,,,, 5:76/21114 I,INNI,IN19.011 I,IN711,51NIf111 511I.I0 %/26/21115 II,52'1„ S 2%511.1111 4 4.IX' 44 4 81211' FNLB C,II,,hI, 151,4, 1 40115 1,I01I,0III.011 I,n111k5f417N1 SIa1.111 %115/21115 1194'1, 5 ./,4N7.511 4 1;05541 S 1,451(114 GE C,'r(,lr7ec \,ur 4•I-'2/ 11 2,111111,01111.011 ?, 111,61111.041 111,/4N1I111 '1Y21/21115 I.IN51, 4 175,'172,22 S 17565,1151 I 4,751490 '(45751(/ .17,Nle' N1x, II 9/71114 2,INNI,l1/I11./N1 1,995,43I, I41 IS,INNI.nlll 972921115 I5T'i, S 14.9511111/ S 114,795,61 5 7.742,44 FNLB 5.111.1171e %,11, 4'2' 11-115 2,11111k1111((N1 2,011,0/401111 1.1147I.1111 111/27121115 11.11994, S 114%('NLIIB 17 1,129,90 4 5519,6% 7/711_147' l',111„151e 5:,1. 4,292015 ISI711,111111.(NI 1,49'1,25B.I111 17511.5111 Ill/29121115 1,50% 4 4-75111111 4 1.566,42 5 6,960,29 Toad layout/amp. "Diatlatrl" hlalurit, Profile 9-1 Sfax 1-2 vtur, 1-1 year, 1 5 years 514,94/1,112.411 S 965,194.116 5 491,295_811 4 154,172411 551112„743.94 Page 5