clark county finance committee 3q17 · september 30th, 2017 page 4 portfolio performance book value...

ClarkCountyFinanceCommittee

ThirdQuarter2017

SEPTEMBER30TH,2017

2017Compiledby:Wilson,Rachel

September30th,2017 Page2

EXECUTIVESUMMARY:

3rd quarter average balance in the County Pool was $791,629,762 compared to last year’s 3rd quarter average

of $630,902,475. This increase in balance is mainly due to an inflow of bond proceeds that will be spent down in

the next two years.

September 30th ending balance was $740,505,550.

3rd quarter average book yield was 1.07%. Our book yield has increased slightly every month this year. Last

year’s 3rd quarter average book yield was 0.75%.

The Pool’s rolling 12 month total return (which includes the change in market value) as of September 30th was

0.70% compared to our custom benchmark’s total return of 0.65%.

Quarter‐end NAV was $0.998453 and averaged $0.998906 throughout the quarter.

State LGIP balance as of September 30th was $73.6 million (10.0%). State Pool’s quarterly book return averaged

1.11%.

Commercial Paper ‐Discount4.0%

Federal Agencies ‐ Semi‐annual

37.4%

Washington State LGIP10.0%

Treasury Securities ‐Coupon48.6%

Clark County, Washington***Pool*** Investments as of Sep. 30, 2017


POOLPARTICIPANTS:

9/30/2016 9/30/2017 Percent Change

Clark County 29.00% 28.07% -0.93%

City of Battle Ground 3.50% 3.31% -0.19%

Hockinson School District 4.94% 0.84% -4.10%

Vancouver School District 8.83% 16.45% 7.62%

Evergreen School District 11.53% 8.95% -2.58%

Washougal School District 5.23% 2.44% -2.79%

ESD #112 4.24% 3.53% -0.72%

Camas School District 10.78% 6.66% -4.12%

Ridgefield School District 1.31% 10.67% 9.35%

Vancouver Housing Authority 3.34% 2.64% -0.70%

Library 2.75% 2.20% -0.54%

All other Cities & Districts 14.54% 14.24% -0.30%

Average Quarterly Balance $630.9 million $791.6 million

Quarterly Interest Earnings $1,203 thousand $2,173 thousand


PORTFOLIOPERFORMANCE

BookValueReturn:

Measures the yield at which securities were originally purchased adjusted for realized gains and losses.

July, August, and September’s book yields were 1.05%, 1.06%, and 1.11% respectively.

The County Pool’s average maturity is 9.6 months (292 days) compared to the Washington State LGIP’s 1.3

months (39 days) and the Standard and Poor’s LGIP average maturity of less than one month.

This quarter was the first time since 2007 the State Pool’s interest rate surpassed the County Pool. 2007 was the

last raising interest rate environment. If short term rates continue to rise at the pace they are currently (much

slower than a year ago), the County Pool’s interest rate will likely surpass the State Pool in the 4th quarter.

TotalMarketReturn:

Measures the market value increase or decrease of the overall portfolio over a given period of time, plus the

interest earnings associated with the securities.

The customized total return index consists of 75% “Merrill Lynch 0‐1 Year U.S. Treasury Index” and 25% “1‐3

Year Merrill Lynch U.S. Agencies Index”.

At the end of the quarter, the customized index derived an effective duration of 0.80 years, where the County

Pool was 0.74 years.

As of September 30th 2017, the Clark County Investment Pool had a 12‐month rolling average return of 0.70%

versus 0.65% for the Clark County Custom Benchmark.

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17

Book Value Returns

County Pool State LGIP S&P LGIP Index


NetAssetValue:

Computed by taking current market value of all securities in the portfolio, adding accrued interest, and dividing

by the book value of the pool (total investments at cost plus amortized premium and discounts).

As of September 30, 2017, the N.A.V. per share was $0.998453.

As of September 30, 2017, the fair market value on securities in the pool was $760,920,827.

The fair market value gain/(loss) on securities in the pool was ($1,177,625).

$0.990

$0.992

$0.994

$0.996

$0.998

$1.000

$1.002

$1.004

$1.006

$1.008

$1.010

Net Asset Value of Pool Shares

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17

Performance Benchmark Cumulative Total Return

Custom Benchmark Clark County


QUARTERLYACTIVITY:

Purchases: $30 million in US Agencies one‐time callables

$30 million in Commercial Paper (MetLife, American Honda Finance, Toyota Motor Credit)

$30 million in US Treasuries

Sales: $20 million US Treasuries for a $7k gain

Maturities: $10 million in US Agencies

$70 million in US Treasuries

$10 million in Toyota Motor Credit Commercial Paper

Calls: There were no investments called during the quarter.


ECONOMICSUMMARY:

The Fed met in September and announced it will start reducing its balance sheet on October 31st. The plan was so well

anticipated prior to the meeting that the market was little changed. The biggest take away from the meeting was the

elimination of one of the rate hikes in 2019 on the Fed dot plot, stating that external forces – such as globalization and

technology – may be permanently suppressing the inflation rate; creating a new, lower normal. They still plan to

increase rates one more time this year (December), and after recent Fed talk and economic releases, the probability of

that hike has been anywhere between 73‐90%.

The labor market continues to tighten in the 3rd quarter. The unemployment rate decreased from 4.4% at the end of

June to 4.2% at the end of September. The underemployment rate also decreased during the quarter from 8.6% to

8.3%. The non‐farm payroll numbers were strong enough to reduce unemployment, but were not nearly as robust as

last quarter’s. 138k jobs were added in July, 169k in August, and ‐33k in September. Keep in mind, September’s

economic data was greatly skewed by the hurricanes. Even the Labor Participation Rate, ticking up considerably to

63.1% at quarter‐end, was skewed by the hurricanes, as demand for unskilled, able‐bodied men by companies involved

in hurricane reparations soared. Average hourly earnings also increased at quarter‐end by 0.5%, or 2.9% year‐over‐year.

While this earnings number is probably not sustainable, an upward trend has appeared to be taking hold. Earnings

figures for July and August were revised higher, resulting in annual increases of 2.6 percent and 2.7 percent for those

months. Prior to revisions, the year‐over‐year increases had stagnated at 2.5 percent for five consecutive months.

3rd quarter GDP growth will be also be slightly affected by the hurricanes, and is expected to come in around 2.3%. The

US economy continues to trudge along despite the upsets from D.C. and natural disasters. The truth is, we are still

outperforming most other rich nations and are expected to do so next year as well.

Sources: Bloomberg, Government Portfolio Advisors

0.000%

0.500%

1.000%

1.500%

2.000%

2.500%

3 Mo 6 Mo 1 Yr 2 Yr 3 Yr 5 Yr

Yield Curve

9/30/2016 3/31/2017 9/30/2017


EXHIBITS:

ENTIRE PORTFOLIO:

Exhibit One shows the makeup of the entire portfolio at the end of the quarter. This exhibit is used to monitor

compliance with the Investment Policy as far as the diversification of securities held and the percentage each sector

makes up of the portfolio. All percentages are consistent with the current Investment Policy.

Exhibit Two shows the entire portfolio listing as of the end of the quarter. This report shows the book value, the par

value, and the market value of the portfolio.

Exhibit Three shows the aging maturities of the entire portfolio. All percentages are consistent with the current

Investment policy.

Exhibit Four reflects the percentage of securities purchased from each issuer relative to the entire portfolio. All the

percentages are consistent with the current Investment Policy.

Exhibit Five shows all investment purchases and maturities.

INVESTMENT POOL:

Exhibit Six shows the makeup of the Clark County Investment Pool at the end of the quarter. This exhibit is used to

monitor compliance with the Investment Policy as far as the diversification of the securities held and related percentage

of the total portfolio for each type of security. All percentages are consistent with the current Investment Policy.

Exhibit Seven shows the portfolio listings of the Clark county Investment Pool at the end of the quarter. This report

contains the book value, the par value, and the market value.

Exhibit Eight shows the aging maturities of the Clark County Investment Pool. All percentages are consistent with the

current Investment Policy.

Exhibit Nine reflects the percentage of securities purchased from each issuer for the Clark County Investment Pool. All

percentages are consistent with the current Investment Policy.

Exhibit Ten is a historical comparison of the Clark County Investment Pool to the Washington State LGIP.

Exhibit 1

CLARK COUNTY TOTAL INVESTMENT PORTFOLIODISTRIBUTION OF INVESTMENTS BY TYPE

September 30, 2017

AveragePercent of Days to Yield to

Investments Book Value Portfolio Maturity MaturityCertificates of Deposit 50,000$ 0.01% 265 0.75%Commercial Paper - Discount 29,836,894$ 4.01% 128 1.34%Federal Agencies - Semi-annual 277,122,000$ 37.28% 444 1.17%Washington State LGIP 74,575,982$ 10.03% 1 1.13%Treasury Securities - Notes 359,946,094$ 48.42% 250 1.09%Treasury Securities - SLGS 1,817,000$ 0.24% 47 0.40%

Total 743,347,971$ 100.00% 292 1.13%

Accrued Interest at Purchase 163,197$

Total Cash and Investments 743,511,167$


Federal Agencies ‐Semi‐annual

37.28%

Washington State LGIP

10.03%

Treasury Securities ‐Notes48.42%

Treasury Securities ‐SLGS0.24%

Clark County, WashingtonInvestments as of Sep. 30, 2017

Total Portfolio September 30, 2017

Exhibit 2Cash Amortized Percent

Investment Purchase Cusip Book Amortized Amortized Par Market Market Gain/(Loss) Gain/(Loss) Gain/(Loss) Coupon Yield to Maturity Maturity Days to Days toNumber Date Number Value Disc/(Prem) Book Value Price Value on Security on Security on Security Rate 360 365 Date Call or Maturity

Value 09/30/17 MM BE Maturity

INSIDE POOL INVESTMENTSCommerical Paper 4.01%89983642 American Honda Finance 9/20/2017 02665JZK9 9,970,500.00 16,552.78 9,987,052.78 10,000,000.00 99.716 9,971,600.00 1,100.00 (15,452.78) -0.155% 0.000 1.167 1.183 12/19/17 79 7989983639 Metlife 8/21/2017 59157UBL3 9,931,750.00 14,408.33 9,946,158.33 10,000,000.00 99.452 9,945,200.00 13,450.00 (958.33) -0.010% 0.000 1.340 1.359 02/20/18 142 14289983643 Toyota Motor Credit 9/20/2017 89233HCC6 9,934,644.44 6,535.56 9,941,180.00 10,000,000.00 99.356 9,935,600.00 955.56 (5,580.00) -0.056% 0.000 1.350 1.369 03/12/18 162 162

Subtotal & Averages 29,836,894.44 37,496.67 29,874,391.11 30,000,000.00 29,852,400.00 15,505.56 (21,991.11) 1.286 1.304 128 128

US Treasuries 48.42%89983556 US Treasury Coupon 10/29/15 912828UE8 9,997,656.25 2,075.13 9,999,731.38 10,000,000.00 99.902 9,990,200.00 (7,456.25) (9,531.38) -0.095% 0.750 0.751 0.761 12/31/17 91 9189983557 US Treasury Coupon 10/29/15 912828H37 10,016,796.88 (14,596.05) 10,002,200.83 10,000,000.00 99.918 9,991,800.00 (24,996.88) (10,400.83) -0.104% 0.875 0.787 0.798 01/15/18 106 10689983558 US Treasury Coupon 10/29/15 912828H37 10,016,015.63 (13,917.17) 10,002,098.46 10,000,000.00 99.918 9,991,800.00 (24,215.63) (10,298.46) -0.103% 0.875 0.791 0.802 01/15/18 106 10689983559 US Treasury Coupon 10/29/15 912828UJ7 10,013,281.25 (11,317.23) 10,001,964.02 10,000,000.00 99.903 9,990,300.00 (22,981.25) (11,664.02) -0.117% 0.875 0.804 0.815 01/31/18 122 12289983576 US Treasury Coupon 04/28/16 912828UE8 9,991,015.63 7,648.46 9,998,664.09 10,000,000.00 99.902 9,990,200.00 (815.63) (8,464.09) -0.085% 0.750 0.793 0.804 12/31/17 91 9189983596 US Treasury Coupon 10/12/16 912828UE8 9,994,140.63 4,661.16 9,998,801.79 10,000,000.00 99.902 9,990,200.00 (3,940.63) (8,601.79) -0.086% 0.750 0.787 0.798 12/31/17 91 9189983597 US Treasury Coupon 10/12/16 912828P20 9,992,187.50 5,810.14 9,997,997.64 10,000,000.00 99.862 9,986,200.00 (5,987.50) (11,797.64) -0.118% 0.750 0.799 0.810 01/31/18 122 12289983594 US Treasury Coupon 10/05/16 912828RE2 10,127,343.75 (66,145.46) 10,061,198.29 10,000,000.00 100.121 10,012,100.00 (115,243.75) (49,098.29) -0.488% 1.500 0.813 0.824 08/31/18 334 33489983600 US Treasury Coupon 10/25/16 912828WD8 10,071,093.75 (32,938.82) 10,038,154.93 10,000,000.00 99.848 9,984,800.00 (86,293.75) (53,354.93) -0.532% 1.250 0.881 0.893 10/31/18 395 39589983602 US Treasury Coupon 11/15/16 912828N22 10,037,500.00 (15,789.47) 10,021,710.53 10,000,000.00 99.824 9,982,400.00 (55,100.00) (39,310.53) -0.392% 1.250 1.052 1.067 12/15/18 440 44089983604 US Treasury Coupon 12/14/16 912828N63 9,983,203.13 6,414.55 9,989,617.68 10,000,000.00 99.633 9,963,300.00 (19,903.13) (26,317.68) -0.263% 1.125 1.190 1.207 01/15/19 471 47189983610 US Treasury Coupon 03/09/17 912828sh4 9,999,609.38 111.61 9,999,720.99 10,000,000.00 99.934 9,993,400.00 (6,209.38) (6,320.99) -0.063% 1.375 1.358 1.377 02/28/19 515 51589983614 US Treasury Coupon 04/04/17 912828A34 10,011,328.13 (3,370.35) 10,007,957.78 10,000,000.00 99.836 9,983,600.00 (27,728.13) (24,357.78) -0.243% 1.250 1.165 1.181 11/30/18 425 42589983615 US Treasury Coupon 04/04/17 912828A34 10,011,718.75 (3,486.57) 10,008,232.18 10,000,000.00 99.836 9,983,600.00 (28,118.75) (24,632.18) -0.246% 1.250 1.162 1.178 11/30/18 425 42589983616 US Treasury Coupon 04/21/17 912828UR9 9,976,171.88 12,408.89 9,988,580.77 10,000,000.00 99.813 9,981,300.00 5,128.12 (7,280.77) -0.073% 0.750 1.015 1.029 02/28/18 150 15089983617 US Treasury Coupon 04/21/17 912828J68 9,996,875.00 1,552.97 9,998,427.97 10,000,000.00 99.906 9,990,600.00 (6,275.00) (7,827.97) -0.078% 1.000 1.021 1.035 03/15/18 165 16589983618 US Treasury Coupon 04/21/17 912828R93 9,944,531.25 20,784.84 9,965,316.09 10,000,000.00 99.512 9,951,200.00 6,668.75 (14,116.09) -0.142% 0.625 1.079 1.094 06/30/18 272 27289983619 US Treasury Coupon 04/21/17 912828A75 10,055,468.75 (14,606.47) 10,040,862.28 10,000,000.00 100.109 10,010,900.00 (44,568.75) (29,962.28) -0.298% 1.500 1.152 1.168 12/31/18 456 45689983624 US Treasury Coupon 05/09/17 912828G79 29,990,625.00 6,178.98 29,996,803.98 30,000,000.00 99.971 29,991,300.00 675.00 (5,503.98) -0.018% 1.000 1.038 1.052 12/15/17 75 7589983625 US Treasury Coupon 05/09/17 912828UR9 9,969,140.63 15,168.16 9,984,308.79 10,000,000.00 99.813 9,981,300.00 12,159.37 (3,008.79) -0.030% 0.750 1.118 1.134 02/28/18 150 15089983626 US Treasury Coupon 05/09/17 912828Q45 9,975,781.25 10,772.14 9,986,553.39 10,000,000.00 99.820 9,982,000.00 6,218.75 (4,553.39) -0.046% 0.875 1.132 1.148 03/31/18 181 18189983628 US Treasury Coupon 06/16/17 912828UR9 19,938,281.25 25,696.13 19,963,977.38 20,000,000.00 99.813 19,962,600.00 24,318.75 (1,377.38) -0.007% 0.750 1.174 1.190 02/28/18 150 15089983630 US Treasury Coupon 06/16/17 912828Q94 19,917,187.50 27,864.58 19,945,052.08 20,000,000.00 99.711 19,942,200.00 25,012.50 (2,852.08) -0.014% 0.750 1.211 1.228 04/30/18 211 21189983632 US Treasury Coupon 06/21/17 912828XF2 19,975,781.25 6,881.09 19,982,662.34 20,000,000.00 99.891 19,978,200.00 2,418.75 (4,462.34) -0.022% 1.125 1.232 1.249 06/15/18 257 25789983633 US Treasury Coupon 06/21/17 912828VQ0 20,023,437.50 (5,902.78) 20,017,534.72 20,000,000.00 100.031 20,006,200.00 (17,237.50) (11,334.72) -0.057% 1.375 1.251 1.268 07/31/18 303 30389983634 US Treasury Coupon 06/21/17 912828RH5 20,021,093.75 (4,617.09) 20,016,476.66 20,000,000.00 99.996 19,999,200.00 (21,893.75) (17,276.66) -0.086% 1.375 1.273 1.291 09/30/18 364 36489983640 US Treasury Coupon 09/07/17 9128282C3 19,906,250.00 6,284.92 19,912,534.92 20,000,000.00 99.453 19,890,600.00 (15,650.00) (21,934.92) -0.110% 0.750 1.215 1.232 08/31/18 334 33489983641 US Treasury Coupon 09/18/17 912828M64 9,992,578.13 228.10 9,992,806.23 10,000,000.00 99.832 9,983,200.00 (9,378.13) (9,606.23) -0.096% 1.250 1.296 1.314 11/15/18 410 410

Subtotal & Averages 359,946,093.80 (26,145.61) 359,919,948.19 360,000,000.00 359,484,700.00 (461,393.80) (435,248.19) 1.077 1.092 249 249

Federal Agencies - Semi-Annual Coupon 37.28%CALLABLE 12.15%

89983553 Federal Home Loan Mtg. Corp. 10/27/15 3134G73M1 10,345,860.00 2,902.18 10,348,762.18 10,350,000.00 99.731 10,322,158.50 (23,701.50) (26,603.68) -0.257% 1.000 1.001 1.015 07/28/18 26 30089983554 Federal Home Loan Mtg. Corp. 10/29/15 3134G72V2 9,997,000.00 1,922.22 9,998,922.22 10,000,000.00 99.544 9,954,400.00 (42,600.00) (44,522.22) -0.445% 1.100 1.095 1.110 10/29/18 28 39389983601 Federal Home Loan Mtg. Corp. 10/25/16 3134G92B2 9,984,000.00 6,596.32 9,990,596.32 10,000,000.00 99.255 9,925,500.00 (58,500.00) (65,096.32) -0.652% 0.950 1.008 1.022 01/30/19 302 48689983622 Federal Home Loan Mtg. Corp. 04/26/17 3134GBEG3 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.802 9,980,200.00 (19,800.00) (19,800.00) -0.198% 1.410 1.391 1.410 04/26/19 159 57289983623 Federal Home Loan Mtg. Corp. 04/25/17 3134GA7A6 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.732 9,973,200.00 (26,800.00) (26,800.00) -0.268% 1.500 1.478 1.499 09/09/19 207 70889983631 Federal Home Loan Mtg. Corp. 06/20/17 3134GBRZ7 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.613 9,961,300.00 (38,700.00) (38,700.00) -0.387% 1.500 1.479 1.500 12/20/19 262 81089983636 Federal Home Loan Mtg. Corp. 08/16/17 3134GA7A6 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.732 9,973,200.00 (26,800.00) (26,800.00) -0.268% 1.500 1.479 1.499 09/09/19 159 70889983637 Federal Nat'l Mtg Assoc. 08/22/17 3136G4MM2 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.769 9,976,900.00 (23,100.00) (23,100.00) -0.231% 1.650 1.627 1.650 02/28/20 150 88089983638 Federal Home Loan Bank 08/11/17 3130AAM88 10,018,300.00 (1,769.83) 10,016,530.17 10,000,000.00 100.033 10,003,300.00 (15,000.00) (13,230.17) -0.132% 1.625 1.185 1.202 01/18/19 109 474

90,345,160.00 9,650.89 90,354,810.89 90,350,000.00 90,070,158.50 (275,001.50) (284,652.39) 1.304 1.322 155 591BULLETS 25.13%

89983552 Federal Nat'l Mtg Assoc. 10/23/15 3136G1E47 6,843,039.95 (35,168.06) 6,807,871.89 6,805,000.00 99.963 6,802,482.15 (40,557.80) (5,389.74) -0.079% 1.000 0.721 0.731 11/28/17 58 5889983584 Federal Home Loan Mtg. Corp. 06/29/16 3134G9MB0 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.752 9,975,200.00 (24,800.00) (24,800.00) -0.248% 1.000 0.986 1.000 06/29/18 271 27189983589 Federal Nat'l Mtg Assoc. 08/24/16 3136G02Y6 10,022,800.00 (13,005.17) 10,009,794.83 10,000,000.00 99.667 9,966,700.00 (56,100.00) (43,094.83) -0.431% 1.000 0.869 0.881 07/30/18 302 30289983579 Federal Home Loan Mtg. Corp. 05/16/16 3134G9HJ9 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.716 9,971,600.00 (28,400.00) (28,400.00) -0.284% 1.000 0.986 1.000 08/10/18 313 31389983587 Federal Home Loan Mtg. Corp. 08/30/16 3134GABJ2 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.522 9,952,200.00 (47,800.00) (47,800.00) -0.478% 1.000 0.986 1.000 08/28/18 331 33189983593 Federal Home Loan Bank 09/22/16 3130A53J6 10,013,680.00 (7,305.24) 10,006,374.76 10,000,000.00 99.767 9,976,700.00 (36,980.00) (29,674.76) -0.297% 1.000 0.915 0.928 08/23/18 326 32689983590 Federal Home Loan Bank 08/30/16 3130A9A92 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.684 9,968,400.00 (31,600.00) (31,600.00) -0.316% 1.000 0.986 1.000 08/28/18 331 33189983595 Federal Farm Credit Bank 10/05/16 3133EGUY9 9,986,800.00 6,665.53 9,993,465.53 10,000,000.00 99.493 9,949,300.00 (37,500.00) (44,165.53) -0.442% 0.875 0.930 0.943 09/20/18 354 35489983591 Federal Home Loan Mtg. Corp. 09/28/16 3134GAMD3 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.687 9,968,700.00 (29,100.00) (29,100.00) -0.291% 1.050 1.036 1.050 09/28/18 362 36289983592 Federal Home Loan Mtg. Corp. 09/28/16 3134GAMD3 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.687 9,968,700.00 (29,100.00) (29,100.00) -0.291% 1.050 1.036 1.050 09/28/18 362 36289983598 Federal Farm Credit Bank 10/17/16 3133EGYN9 9,994,300.00 2,723.33 9,997,023.33 10,000,000.00 99.588 9,958,800.00 (35,500.00) (38,223.33) -0.382% 0.940 0.956 0.969 10/17/18 381 38189983599 Federal Nat'l Mtg Assoc. 10/25/16 3135G0L68 9,972,000.00 14,886.08 9,986,886.08 10,000,000.00 99.544 9,954,400.00 (17,600.00) (32,486.08) -0.325% 0.750 0.899 0.911 07/27/18 299 29989983603 Federal Home Loan Bank 11/17/16 3130AA4U9 9,994,090.00 5,154.83 9,999,244.83 10,000,000.00 99.962 9,996,200.00 2,110.00 (3,044.83) -0.030% 0.750 0.798 0.809 11/17/17 47 4789983609 Federal Home Loan Bank 03/03/17 3133782M2 10,014,830.30 (4,254.76) 10,010,575.54 10,000,000.00 100.043 10,004,300.00 (10,530.30) (6,275.54) -0.063% 1.500 1.405 1.425 03/08/19 523 52389983611 Federal Home Loan Bank 03/09/17 3133782M2 10,006,400.00 (1,798.05) 10,004,601.95 10,000,000.00 100.043 10,004,300.00 (2,100.00) (301.95) -0.003% 1.500 1.447 1.467 03/08/19 523 52389983612 Federal Farm Credit Bank 03/09/17 3133EHAP8 9,958,900.00 11,726.27 9,970,626.27 10,000,000.00 99.675 9,967,500.00 8,600.00 (3,126.27) -0.031% 1.250 1.443 1.463 02/27/19 514 51489983620 Federal Farm Credit Bank 04/24/17 3133EHGL1 9,990,200.00 2,442.22 9,992,642.22 10,000,000.00 99.617 9,961,700.00 (28,500.00) (30,942.22) -0.310% 1.220 1.260 1.277 01/24/19 480 48089983621 Federal Farm Credit Bank 04/25/17 3133EHGL1 9,984,600.00 3,819.40 9,988,419.40 10,000,000.00 99.617 9,961,700.00 (22,900.00) (26,719.40) -0.268% 1.220 1.289 1.307 01/24/19 480 48089983627 Federal Home Loan Bank 05/09/17 3130AB3Z7 9,995,200.00 785.25 9,995,985.25 10,000,000.00 99.814 9,981,400.00 (13,800.00) (14,585.25) -0.146% 1.500 1.499 1.520 10/07/19 736 736

Clark County, Washington

Total Portfolio September 30, 2017





186,776,840.25 (13,328.37) 186,763,511.88 186,805,000.00 186,290,282.15 (482,158.10) (468,829.73) 1.082 1.097 373 373

Subtotal & Averages - Federal Agencies 277,122,000.25 (3,677.48) 277,118,322.77 277,155,000.00 276,360,440.65 (757,159.60) (753,482.12) 1.154 1.170 302 444

Passbook/Money Market Accounts 9.90%89980001 Washington State LGIP 9.90% 73,600,561.70 0.00 73,600,561.70 73,600,561.70 73,600,561.70 1.127 1.112 1.127 1 1

Subtotal & Averages 73,600,561.70 0.00 73,600,561.70 73,600,561.70 73,600,561.70 1.112 1.127 1 1

Grand Total (Inside Investments only) 740,505,550.19 7,673.58 740,513,223.77 740,755,561.70 739,298,102.35 (1,203,047.84) (1,210,721.42) 1.120 1.135 Days: 239 292

OUTSIDE POOL INVESTMENTS CD's 0.01%CD2017 Opus Bank 6/23/2016 50,000.00 0.00 50,000.00 50,000.00 50,000.00 0.750 0.740 0.750 06/23/18 265 265

Subtotal & Averages 50,000.00 50,000.00 50,000.00 50,000.00 0.740 0.750 265.0 265

Outside Investments - Camp Bonneville 0.13%10130001 Washington State LGIP 12/07/07 975,420.36 0.00 975,420.36 975,420.36 975,420.36 1.127 1.112 1.127 1 1

Subtotal & Averages 975,420.36 0.00 975,420.36 975,420.36 975,420.36 0.00 0.00 1.112 1.127 1 1

U.S. Treasury Securities - SLGS 0.24%61123605 State & Local Govt. Series 12/28/16 47,000.00 0.00 47,000.00 47,000.00 47,000.00 0.390 0.390 0.395 11/17/17 47 4761243606 State & Local Govt. Series 12/28/16 1,640,000.00 0.00 1,640,000.00 1,640,000.00 1,640,000.00 0.390 0.390 0.395 11/17/17 47 4761363607 State & Local Govt. Series 12/28/16 130,000.00 0.00 130,000.00 130,000.00 130,000.00 0.390 0.390 0.395 11/17/17 47 47

Subtotal & Averages 1,817,000.00 0.00 1,817,000.00 1,817,000.00 1,817,000.00 0.00 0.00 0.390 0.395 47 47

Grand Total (Outside Investments only) 2,842,420.36 0.00 2,842,420.36 2,842,420.36 2,842,420.36 0.00 0.00 0.644 0.653 Days: 35 35Months: 1.2 1.2

Grand Total (Inside and Outside Investments) 743,347,970.55 7,673.58 743,355,644.13 743,597,982.06 742,140,522.71 (1,203,047.84) (1,210,721.42) 1.118 1.133 Days: 239 292Months: 8.0 9.7

Exhibit 3

CLARK COUNTY TOTAL INVESTMENT PORTFOLIOAGING OF MATURING INVESTMENTS

September 30, 2017

CumulativeDays to Maturity Book Value % Maturing % Maturing

1 $74,575,982 10.03% 10.03%2 - 90 $58,615,255 7.89% 17.92%91 - 180 $139,767,957 18.80% 36.72%181 - 270 $49,918,750 6.72% 43.44%271 - 360 $150,342,703 20.23% 63.66%361 - 450 $110,136,613 14.82% 78.48%451 - 540 $99,995,512 13.45% 91.93%541 - 630 $10,000,000 1.35% 93.27%631 - 720 $20,000,000 2.69% 95.96%721 - 900 $29,995,200 4.04% 100.00%901 - 1300 $0 0.00% 100.00%

TOTALS $743,347,971 100.00%

$0 $50 $100 $150 $200

1

2 ‐ 90

91 ‐ 180

181 ‐ 270

271 ‐ 360

361 ‐ 450

451 ‐ 540

541 ‐ 630

631 ‐ 720

721 ‐ 900

901 ‐ 1300

Amount Maturing (in millions)

Days to M

aturity

Total Portfolio Maturity StructureSep. 30, 2017

Exhibit 4

CLARK COUNTY TOTAL INVESTMENT PORTFOLIOSUMMARY OF INVESTMENTS BY ISSUER

September 30, 2017

Number of Book % of Yield DaysIssuer Investments Value Portfolio to Maturity to Maturity

Federal Farm Credit Bank 5 49,914,800 6.71% 1.19% 442Federal Home Loan Bank 7 70,042,500 9.42% 1.19% 423Federal Home Loan Mtg Corp. 12 120,326,860 16.19% 1.18% 467Federal National Mtg Association 4 36,837,840 4.96% 1.07% 413US Treasury 28 359,946,094 48.42% 1.09% 250Opus Bank 1 50,000 0.01% 0.75% 265Washington State LGIP 2 74,575,982 10.03% 1.13% 1State and Local Government Series 3 1,817,000 0.24% 0.40% 47Toyota Motor Credit 1 9,934,644 1.34% 1.41% 162America Honda Finance 1 9,970,500 1.34% 1.22% 79MetLife Funding Corp. 1 9,931,750 1.34% 1.40% 142

TOTALS and AVERAGES 65 743,347,971 100.00% 1.13% 292

Federal Farm Credit Bank6.71%

Federal Home Loan Bank9.42%

Federal Home Loan Mtg Corp.16.19%

Federal National Mtg Association

4.96%US Treasury48.42%

Opus Bank0.01%

Washington State LGIP 10.03%

State and Local Government Series

0.24%

Toyota Motor Credit1.34%

America Honda Finance1.34%

MetLife1.34%

Total Investment Portfolio SummarySep. 30, 2017

Exhibit 5

CLARK COUNTY TOTAL INVESTMENT PORTFOLIOINVESTMENT ACTIVITY BY TYPE

NUMBER ISSUER YIELD DATE PURCHASES MATURITIES BALANCE

COMMERICAL PAPER BEGINNING BALANCE: 9,944,000.00

SUBTOTALS and ENDING BALANCE - July 0.00 0.00 9,944,000.00SUBTOTALS and ENDING BALANCE - August 9,931,750.00 9,944,000.00 9,931,750.00SUBTOTALS and ENDING BALANCE - September 19,905,144.44 0.00 29,836,894.44

CERTIFICATES OF DEPOSIT BEGINNING BALANCE: 50,000.00

SUBTOTALS and ENDING BALANCE - July 0.00 0.00 50,000.00SUBTOTALS and ENDING BALANCE - August 0.00 0.00 50,000.00SUBTOTALS and ENDING BALANCE - September 0.00 0.00 50,000.00

FEDERAL AGENCIES - SEMI ANNUAL COUPON BEGINNING BALANCE: 257,095,900.25

89983539 Federal Home Loan Mtg. Corp. 0.787 07/14/17 9,992,200.0089983638 Federal Home Loan Bank 1.202 08/11/17 10,018,300.0089983636 Federal Home Loan Mtg. Corp. 1.499 08/16/17 10,000,000.0089983637 Federal Nat'l Mtg Assoc. 1.650 08/22/17 10,000,000.00

SUBTOTALS and ENDING BALANCE - July 0.00 9,992,200.00 247,103,700.25SUBTOTALS and ENDING BALANCE - August 30,018,300.00 0.00 277,122,000.25SUBTOTALS and ENDING BALANCE - September 0.00 0.00 277,122,000.25

TREASURY SECURITIES - US TREASURIES BEGINNING BALANCE: 419,934,765.68

89983563 US Treasury Coupon 0.663 07/15/17 10,035,937.5089983565 US Treasury Coupon 0.750 07/31/17 9,978,515.6389983629 US Treasury Coupon 1.224 07/31/17 19,945,312.5089983562 US Treasury Coupon 0.698 08/31/17 9,986,718.7589983577 US Treasury Coupon 0.673 08/31/17 9,993,750.0089983578 US Treasury Coupon 0.673 08/31/17 9,993,750.0089983640 US Treasury Coupon 1.232 09/07/17 19,906,250.0089983641 US Treasury Coupon 1.314 09/18/17 9,992,578.1389983548 US Treasury Coupon 0.771 09/30/17 9,969,921.8889983555 US Treasury Coupon 0.711 09/30/17 9,983,593.75

SUBTOTALS and ENDING BALANCE - July 0.00 39,959,765.63 379,975,000.05SUBTOTALS and ENDING BALANCE - August 0.00 29,974,218.75 350,000,781.30SUBTOTALS and ENDING BALANCE - September 29,898,828.13 19,953,515.63 359,946,093.80

TREASURY SECURITIES - SLGS BEGINNING BALANCE: 1,817,000.00

SUBTOTALS and ENDING BALANCE - July 0.390 0.00 0.00 1,817,000.00SUBTOTALS and ENDING BALANCE - August 0.390 0.00 0.00 1,817,000.00SUBTOTALS and ENDING BALANCE - September 0.390 0.00 0.00 1,817,000.00

STATE POOL BEGINNING BALANCE: 148,865,951.24

July Washington State Pool 1.082 74,316,502.13 35,645,000.00 187,537,453.37August Washington State Pool 1.118 67,233,504.96 90,670,000.00 164,100,958.33September Washington State Pool 1.135 21,945,023.73 111,470,000.00 74,575,982.06

BEGINNING BALANCE: PURCHASES MATURITIES ENDING BALANCE:July TOTALS 837,707,617.17 74,316,502.13 85,596,965.63 826,427,153.67August TOTALS 826,427,153.67 107,183,554.96 130,588,218.75 803,022,489.88September TOTALS 803,022,489.88 71,748,996.30 131,423,515.63 743,347,970.55

September 30, 2017

Exhibit 6

CLARK COUNTY ***POOL*** INVESTMENT PORTFOLIODISTRIBUTION OF INVESTMENTS BY TYPE

September 30, 2017

AveragePercent of Days to Yield to

Investments Book Value Portfolio Maturity MaturityCommercial Paper - Discount 29,836,894$ 4.03% 128 1.34%Federal Agencies - Semi-annual 277,122,000$ 37.42% 444 1.17%Washington State LGIP 73,600,562$ 9.94% 1 1.13%Treasury Securities - Coupon 359,946,094$ 48.61% 250 1.09%

Total 740,505,550$ 100.00% 293 1.13%

Accrued Interest at Purchase 163,197$

Total Cash and Investments 740,668,747$


Federal Agencies ‐Semi‐annual

37.42%

Washington State LGIP9.94%

Treasury Securities ‐Coupon48.61%

Clark County, Washington***Pool*** Investments as of Sep. 30, 2017

Investment PoolSeptember 30, 2017




INSIDE POOL INVESTMENTSCommerical Paper 4.03%89983642 American Honda Finance 9/20/2017 02665JZK9 9,970,500.00 16,552.78 9,987,052.78 10,000,000.00 99.716 9,971,600.00 1,100.00 (15,452.78) -0.155% 0.000 1.167 1.183 12/19/17 79 7989983639 Metlife 8/21/2017 59157UBL3 9,931,750.00 14,408.33 9,946,158.33 10,000,000.00 99.452 9,945,200.00 13,450.00 (958.33) -0.010% 0.000 1.340 1.359 02/20/18 142 14289983643 Toyota Motor Credit 9/20/2017 89233HCC6 9,934,644.44 6,535.56 9,941,180.00 10,000,000.00 99.356 9,935,600.00 955.56 (5,580.00) -0.056% 0.000 1.350 1.369 03/12/18 162 162

Subtotal & Averages 29,836,894.44 37,496.67 29,874,391.11 30,000,000.00 29,852,400.00 15,505.56 (21,991.11) 1.286 1.304 128 128

US Treasuries 48.61%89983556 US Treasury Coupon 10/29/15 912828UE8 9,997,656.25 2,075.13 9,999,731.38 10,000,000.00 99.902 9,990,200.00 (7,456.25) (9,531.38) -0.095% 0.750 0.751 0.761 12/31/17 91 9189983557 US Treasury Coupon 10/29/15 912828H37 10,016,796.88 (14,596.05) 10,002,200.83 10,000,000.00 99.918 9,991,800.00 (24,996.88) (10,400.83) -0.104% 0.875 0.787 0.798 01/15/18 106 10689983558 US Treasury Coupon 10/29/15 912828H37 10,016,015.63 (13,917.17) 10,002,098.46 10,000,000.00 99.918 9,991,800.00 (24,215.63) (10,298.46) -0.103% 0.875 0.791 0.802 01/15/18 106 10689983559 US Treasury Coupon 10/29/15 912828UJ7 10,013,281.25 (11,317.23) 10,001,964.02 10,000,000.00 99.903 9,990,300.00 (22,981.25) (11,664.02) -0.117% 0.875 0.804 0.815 01/31/18 122 12289983576 US Treasury Coupon 04/28/16 912828UE8 9,991,015.63 7,648.46 9,998,664.09 10,000,000.00 99.902 9,990,200.00 (815.63) (8,464.09) -0.085% 0.750 0.793 0.804 12/31/17 91 9189983596 US Treasury Coupon 10/12/16 912828UE8 9,994,140.63 4,661.16 9,998,801.79 10,000,000.00 99.902 9,990,200.00 (3,940.63) (8,601.79) -0.086% 0.750 0.787 0.798 12/31/17 91 9189983597 US Treasury Coupon 10/12/16 912828P20 9,992,187.50 5,810.14 9,997,997.64 10,000,000.00 99.862 9,986,200.00 (5,987.50) (11,797.64) -0.118% 0.750 0.799 0.810 01/31/18 122 12289983594 US Treasury Coupon 10/05/16 912828RE2 10,127,343.75 (66,145.46) 10,061,198.29 10,000,000.00 100.121 10,012,100.00 (115,243.75) (49,098.29) -0.488% 1.500 0.813 0.824 08/31/18 334 33489983600 US Treasury Coupon 10/25/16 912828WD8 10,071,093.75 (32,938.82) 10,038,154.93 10,000,000.00 99.848 9,984,800.00 (86,293.75) (53,354.93) -0.532% 1.250 0.881 0.893 10/31/18 395 39589983602 US Treasury Coupon 11/15/16 912828N22 10,037,500.00 (15,789.47) 10,021,710.53 10,000,000.00 99.824 9,982,400.00 (55,100.00) (39,310.53) -0.392% 1.250 1.052 1.067 12/15/18 440 44089983604 US Treasury Coupon 12/14/16 912828N63 9,983,203.13 6,414.55 9,989,617.68 10,000,000.00 99.633 9,963,300.00 (19,903.13) (26,317.68) -0.263% 1.125 1.190 1.207 01/15/19 471 47189983610 US Treasury Coupon 03/09/17 912828sh4 9,999,609.38 111.61 9,999,720.99 10,000,000.00 99.934 9,993,400.00 (6,209.38) (6,320.99) -0.063% 1.375 1.358 1.377 02/28/19 515 51589983614 US Treasury Coupon 04/04/17 912828A34 10,011,328.13 (3,370.35) 10,007,957.78 10,000,000.00 99.836 9,983,600.00 (27,728.13) (24,357.78) -0.243% 1.250 1.165 1.181 11/30/18 425 42589983615 US Treasury Coupon 04/04/17 912828A34 10,011,718.75 (3,486.57) 10,008,232.18 10,000,000.00 99.836 9,983,600.00 (28,118.75) (24,632.18) -0.246% 1.250 1.162 1.178 11/30/18 425 42589983616 US Treasury Coupon 04/21/17 912828UR9 9,976,171.88 12,408.89 9,988,580.77 10,000,000.00 99.813 9,981,300.00 5,128.12 (7,280.77) -0.073% 0.750 1.015 1.029 02/28/18 150 15089983617 US Treasury Coupon 04/21/17 912828J68 9,996,875.00 1,552.97 9,998,427.97 10,000,000.00 99.906 9,990,600.00 (6,275.00) (7,827.97) -0.078% 1.000 1.021 1.035 03/15/18 165 16589983618 US Treasury Coupon 04/21/17 912828R93 9,944,531.25 20,784.84 9,965,316.09 10,000,000.00 99.512 9,951,200.00 6,668.75 (14,116.09) -0.142% 0.625 1.079 1.094 06/30/18 272 27289983619 US Treasury Coupon 04/21/17 912828A75 10,055,468.75 (14,606.47) 10,040,862.28 10,000,000.00 100.109 10,010,900.00 (44,568.75) (29,962.28) -0.298% 1.500 1.152 1.168 12/31/18 456 45689983624 US Treasury Coupon 05/09/17 912828G79 29,990,625.00 6,178.98 29,996,803.98 30,000,000.00 99.971 29,991,300.00 675.00 (5,503.98) -0.018% 1.000 1.038 1.052 12/15/17 75 7589983625 US Treasury Coupon 05/09/17 912828UR9 9,969,140.63 15,168.16 9,984,308.79 10,000,000.00 99.813 9,981,300.00 12,159.37 (3,008.79) -0.030% 0.750 1.118 1.134 02/28/18 150 15089983626 US Treasury Coupon 05/09/17 912828Q45 9,975,781.25 10,772.14 9,986,553.39 10,000,000.00 99.820 9,982,000.00 6,218.75 (4,553.39) -0.046% 0.875 1.132 1.148 03/31/18 181 18189983628 US Treasury Coupon 06/16/17 912828UR9 19,938,281.25 25,696.13 19,963,977.38 20,000,000.00 99.813 19,962,600.00 24,318.75 (1,377.38) -0.007% 0.750 1.174 1.190 02/28/18 150 15089983630 US Treasury Coupon 06/16/17 912828Q94 19,917,187.50 27,864.58 19,945,052.08 20,000,000.00 99.711 19,942,200.00 25,012.50 (2,852.08) -0.014% 0.750 1.211 1.228 04/30/18 211 21189983632 US Treasury Coupon 06/21/17 912828XF2 19,975,781.25 6,881.09 19,982,662.34 20,000,000.00 99.891 19,978,200.00 2,418.75 (4,462.34) -0.022% 1.125 1.232 1.249 06/15/18 257 25789983633 US Treasury Coupon 06/21/17 912828VQ0 20,023,437.50 (5,902.78) 20,017,534.72 20,000,000.00 100.031 20,006,200.00 (17,237.50) (11,334.72) -0.057% 1.375 1.251 1.268 07/31/18 303 30389983634 US Treasury Coupon 06/21/17 912828RH5 20,021,093.75 (4,617.09) 20,016,476.66 20,000,000.00 99.996 19,999,200.00 (21,893.75) (17,276.66) -0.086% 1.375 1.273 1.291 09/30/18 364 36489983640 US Treasury Coupon 09/07/17 9128282C3 19,906,250.00 6,284.92 19,912,534.92 20,000,000.00 99.453 19,890,600.00 (15,650.00) (21,934.92) -0.110% 0.750 1.215 1.232 08/31/18 334 33489983641 US Treasury Coupon 09/18/17 912828M64 9,992,578.13 228.10 9,992,806.23 10,000,000.00 99.832 9,983,200.00 (9,378.13) (9,606.23) -0.096% 1.250 1.296 1.314 11/15/18 410 410

Subtotal & Averages 359,946,093.80 (26,145.61) 359,919,948.19 360,000,000.00 359,484,700.00 (461,393.80) (435,248.19) 1.077 1.092 249 249

Federal Agencies - Semi-Annual Coupon 37.42%CALLABLE 12.20%

89983553 Federal Home Loan Mtg. Corp. 10/27/15 3134G73M1 10,345,860.00 2,902.18 10,348,762.18 10,350,000.00 99.731 10,322,158.50 (23,701.50) (26,603.68) -0.257% 1.000 1.001 1.015 07/28/18 26 30089983554 Federal Home Loan Mtg. Corp. 10/29/15 3134G72V2 9,997,000.00 1,922.22 9,998,922.22 10,000,000.00 99.544 9,954,400.00 (42,600.00) (44,522.22) -0.445% 1.100 1.095 1.110 10/29/18 28 39389983601 Federal Home Loan Mtg. Corp. 10/25/16 3134G92B2 9,984,000.00 6,596.32 9,990,596.32 10,000,000.00 99.255 9,925,500.00 (58,500.00) (65,096.32) -0.652% 0.950 1.008 1.022 01/30/19 302 48689983622 Federal Home Loan Mtg. Corp. 04/26/17 3134GBEG3 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.802 9,980,200.00 (19,800.00) (19,800.00) -0.198% 1.410 1.391 1.410 04/26/19 159 57289983623 Federal Home Loan Mtg. Corp. 04/25/17 3134GA7A6 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.732 9,973,200.00 (26,800.00) (26,800.00) -0.268% 1.500 1.478 1.499 09/09/19 207 70889983631 Federal Home Loan Mtg. Corp. 06/20/17 3134GBRZ7 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.613 9,961,300.00 (38,700.00) (38,700.00) -0.387% 1.500 1.479 1.500 12/20/19 262 81089983636 Federal Home Loan Mtg. Corp. 08/16/17 3134GA7A6 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.732 9,973,200.00 (26,800.00) (26,800.00) -0.268% 1.500 1.479 1.499 09/09/19 159 70889983637 Federal Nat'l Mtg Assoc. 08/22/17 3136G4MM2 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.769 9,976,900.00 (23,100.00) (23,100.00) -0.231% 1.650 1.627 1.650 02/28/20 150 88089983638 Federal Home Loan Bank 08/11/17 3130AAM88 10,018,300.00 (1,769.83) 10,016,530.17 10,000,000.00 100.033 10,003,300.00 (15,000.00) (13,230.17) -0.132% 1.625 1.185 1.202 01/18/19 109 474

90,345,160.00 9,650.89 90,354,810.89 90,350,000.00 90,070,158.50 (275,001.50) (284,652.39) 1.304 1.322 155 591

BULLETS 25.22%89983552 Federal Nat'l Mtg Assoc. 10/23/15 3136G1E47 6,843,039.95 (35,168.06) 6,807,871.89 6,805,000.00 99.963 6,802,482.15 (40,557.80) (5,389.74) -0.079% 1.000 0.721 0.731 11/28/17 58 5889983584 Federal Home Loan Mtg. Corp. 06/29/16 3134G9MB0 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.752 9,975,200.00 (24,800.00) (24,800.00) -0.248% 1.000 0.986 1.000 06/29/18 271 27189983589 Federal Nat'l Mtg Assoc. 08/24/16 3136G02Y6 10,022,800.00 (13,005.17) 10,009,794.83 10,000,000.00 99.667 9,966,700.00 (56,100.00) (43,094.83) -0.431% 1.000 0.869 0.881 07/30/18 302 30289983579 Federal Home Loan Mtg. Corp. 05/16/16 3134G9HJ9 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.716 9,971,600.00 (28,400.00) (28,400.00) -0.284% 1.000 0.986 1.000 08/10/18 313 31389983587 Federal Home Loan Mtg. Corp. 08/30/16 3134GABJ2 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.522 9,952,200.00 (47,800.00) (47,800.00) -0.478% 1.000 0.986 1.000 08/28/18 331 33189983593 Federal Home Loan Bank 09/22/16 3130A53J6 10,013,680.00 (7,305.24) 10,006,374.76 10,000,000.00 99.767 9,976,700.00 (36,980.00) (29,674.76) -0.297% 1.000 0.915 0.928 08/23/18 326 32689983590 Federal Home Loan Bank 08/30/16 3130A9A92 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.684 9,968,400.00 (31,600.00) (31,600.00) -0.316% 1.000 0.986 1.000 08/28/18 331 33189983595 Federal Farm Credit Bank 10/05/16 3133EGUY9 9,986,800.00 6,665.53 9,993,465.53 10,000,000.00 99.493 9,949,300.00 (37,500.00) (44,165.53) -0.442% 0.875 0.930 0.943 09/20/18 354 35489983591 Federal Home Loan Mtg. Corp. 09/28/16 3134GAMD3 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.687 9,968,700.00 (29,100.00) (29,100.00) -0.291% 1.050 1.036 1.050 09/28/18 362 36289983592 Federal Home Loan Mtg. Corp. 09/28/16 3134GAMD3 10,000,000.00 0.00 10,000,000.00 10,000,000.00 99.687 9,968,700.00 (29,100.00) (29,100.00) -0.291% 1.050 1.036 1.050 09/28/18 362 36289983598 Federal Farm Credit Bank 10/17/16 3133EGYN9 9,994,300.00 2,723.33 9,997,023.33 10,000,000.00 99.588 9,958,800.00 (35,500.00) (38,223.33) -0.382% 0.940 0.956 0.969 10/17/18 381 38189983599 Federal Nat'l Mtg Assoc. 10/25/16 3135G0L68 9,972,000.00 14,886.08 9,986,886.08 10,000,000.00 99.544 9,954,400.00 (17,600.00) (32,486.08) -0.325% 0.750 0.899 0.911 07/27/18 299 29989983603 Federal Home Loan Bank 11/17/16 3130AA4U9 9,994,090.00 5,154.83 9,999,244.83 10,000,000.00 99.962 9,996,200.00 2,110.00 (3,044.83) -0.030% 0.750 0.798 0.809 11/17/17 47 4789983609 Federal Home Loan Bank 03/03/17 3133782M2 10,014,830.30 (4,254.76) 10,010,575.54 10,000,000.00 100.043 10,004,300.00 (10,530.30) (6,275.54) -0.063% 1.500 1.405 1.425 03/08/19 523 52389983611 Federal Home Loan Bank 03/09/17 3133782M2 10,006,400.00 (1,798.05) 10,004,601.95 10,000,000.00 100.043 10,004,300.00 (2,100.00) (301.95) -0.003% 1.500 1.447 1.467 03/08/19 523 52389983612 Federal Farm Credit Bank 03/09/17 3133EHAP8 9,958,900.00 11,726.27 9,970,626.27 10,000,000.00 99.675 9,967,500.00 8,600.00 (3,126.27) -0.031% 1.250 1.443 1.463 02/27/19 514 51489983620 Federal Farm Credit Bank 04/24/17 3133EHGL1 9,990,200.00 2,442.22 9,992,642.22 10,000,000.00 99.617 9,961,700.00 (28,500.00) (30,942.22) -0.310% 1.220 1.260 1.277 01/24/19 480 48089983621 Federal Farm Credit Bank 04/25/17 3133EHGL1 9,984,600.00 3,819.40 9,988,419.40 10,000,000.00 99.617 9,961,700.00 (22,900.00) (26,719.40) -0.268% 1.220 1.289 1.307 01/24/19 480 48089983627 Federal Home Loan Bank 05/09/17 3130AB3Z7 9,995,200.00 785.25 9,995,985.25 10,000,000.00 99.814 9,981,400.00 (13,800.00) (14,585.25) -0.146% 1.500 1.499 1.520 10/07/19 736 736

186,776,840.25 (13,328.37) 186,763,511.88 186,805,000.00 186,290,282.15 (482,158.10) (468,829.73) 1.082 1.097 373 373

Subtotal & Averages - Federal Agencies 277,122,000.25 (3,677.48) 277,118,322.77 277,155,000.00 276,360,440.65 (757,159.60) (753,482.12) 1.117 1.132 302 444

Passbook/Money Market Accounts 9.94%89980001 Washington State LGIP 9.94% 73,600,561.70 0.00 73,600,561.70 73,600,561.70 73,600,561.70 1.127 1.112 1.127 1 1

Subtotal & Averages 73,600,561.70 0.00 73,600,561.70 73,600,561.70 73,600,561.70 1.112 1.127 1 1

Grand Total (Inside Investments only) 740,505,550.19 7,673.58 740,513,223.77 740,755,561.70 739,298,102.35 (1,203,047.84) (1,210,721.42) 1.118 1.133 Days: 239 292


Exhibit 8

CumulativeDays to Maturity Book Value % Maturing % Maturing

1 $73,600,562 9.94% 9.94%2 - 90 $56,798,255 7.67% 17.61%91 - 180 $139,767,957 18.87% 36.48%181 - 270 $49,868,750 6.73% 43.22%271 - 360 $150,342,703 20.30% 63.52%361 - 450 $110,136,613 14.87% 78.39%451 - 540 $99,995,512 13.50% 91.90%541 - 630 $10,000,000 1.35% 93.25%631 - 720 $20,000,000 2.70% 95.95%721 - 900 $29,995,200 4.05% 100.00%901 - 1300 $0 0.00% 100.00%

TOTALS $740,505,550 100.00%

CLARK COUNTY ***POOL*** INVESTMENT PORTFOLIOAGING OF MATURING INVESTMENTS

September 30, 2017

$0 $50 $100 $150 $200

1

2 ‐ 90

91 ‐ 180

181 ‐ 270

271 ‐ 360

361 ‐ 450

451 ‐ 540

541 ‐ 630

631 ‐ 720

721 ‐ 900

901 ‐ 1300

Amount Maturing (in millions)

Days to M

aturity

***Pool*** Portfolio Maturity StructureSep. 30, 2017

Exhibit 9

CLARK COUNTY ***POOL*** INVESTMENT PORTFOLIOSUMMARY OF INVESTMENTS BY ISSUER

September 30, 2017

Number of Book % of Average DaysIssuer Investments Value Portfolio Yield to Maturity to Maturity

Toyota Motor Credit 1 9,934,644 1.34% 1.41% 162American Honda Finance 1 9,970,500 1.35% 1.22% 79MetLife Funding Corp. 1 9,931,750 1.34% 1.40% 142Federal Farm Credit Bank 5 49,914,800 6.74% 1.19% 442Federal Home Loan Bank 7 70,042,500 9.46% 1.19% 423Federal Home Loan Mtg Corp. 12 120,326,860 16.25% 1.18% 467Federal National Mtg Association 4 36,837,840 4.97% 1.07% 413US Treasury 28 359,946,094 48.61% 1.09% 250Washington State LGIP 1 73,600,562 9.94% 1.13% 1

TOTALS and AVERAGES 60 740,505,550 100.00% 1.12% 291

Toyota Motor Credit, 1.34%

American Honda Finance, 1.35%

MetLife Funding Corp., 1.34%

Federal Home Loan Mtg Corp.,14.41%

Federal National Mtg Association, 3.21%

Federal Home Loan Mtg Corp., 16.25%

Federal National Mtg Association, 4.97%

US Treasury, 48.61%

Washington State LGIP, 9.94%

***Pool*** Investment Portfolio SummarySep. 30, 2017

0.0%

0.5%

1.0%

1.5%

2.0%

Oct

-12

Jan-

13

Apr

-13

Jul-1

3

Oct

-13

Jan-

14

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Apr

-15

Jul-1

5

Oct

-15

Jan-

16

Apr

-16

Jul-1

6

Oct

-16

Jan-

17

Apr

-17

Jul-1

7

Exhibit 10County Pool vs. State Pool

October 2012 - September 2017

State Pool County Pool

Funds invested in the County Pool earned $7.6 million more than if all County pool monies were invested in the Washington State LGIP between October 2012 and September 2017 on a gross basis.

clark county finance committee 3q17 · september 30th, 2017 page 4 portfolio performance book value...

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