overview of developments in the financial markets …€¦ · board of directors agenda item no....
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BOARD OF DIRECTORS
AGENDA ITEM NO. 17-11-6
NOVEMBER 17, 2017 ACTION REQUESTED: INFORMATION
OVERVIEW OF DEVELOPMENTS IN THE FINANCIAL File Number 8000180
MARKETS AND QUARTERLY FINANCE REPORT
FOR THE PERIOD ENDING SEPTEMBER 30, 2017
Introduction
Staff provides quarterly reports intended to keep the Board of Directors informed about the latest
developments in the financial markets, the economy, and sales tax revenues; the strategies being
explored and implemented to minimize possible impacts to the TransNet Program; and a quarterly
report on investments as required per Board Policy No. 003: Investment Policy.
Market Review and Update
Overview
Hurricanes Harvey, Irma, and Maria caused some economic volatility with the U.S. economy losing
33,000 jobs during September—the first month of job loss since 2010. However, the economic
disruption caused by these natural disasters is expected to be temporary. Of note, unemployment
dropped to 4.2 percent in that same time, a 16-year low, and average hourly earnings grew by
2.9 percent. Although this seems like a positive inflationary sign, the Federal Reserve’s preferred
measure of inflation (Personal Consumption Expenditures price index) showed only 1.3 percent
year-over-year growth in August, dampening optimism of rising inflation. Still, Gross Domestic
Product (GDP) continues to grow. Final estimates for the second quarter are 3.1 percent growth, while
third quarter GDP growth is expected to be approximately 2 percent.
At its September meeting, Federal Open Market Committee (FOMC) officials voted unanimously to
hold the target federal funds rate range constant at 1 to 1.25 percent. Despite a strengthening labor
market and increased economic activity, inflation continues to run below the FOMC’s
2 percent benchmark. Officials will continue to monitor inflation in determining when next to raise
rates.
Based on projection materials released with the September statement, 12 of 16 FOMC officials
anticipate at least one more rate hike in 2017. Additionally, FOMC officials indicated that in October,
they would begin to unwind the FOMC’s $4.5 trillion balance sheet of bond holdings resulting from
its response to the financial crisis. As of October 31, 2017, it had not reduced its balance sheet.
Strong economic reports and anticipation of a Federal Reserve rate hike in December pushed interest
rates higher in the last quarter. During September, the AAA Municipal Market Data (MMD) index
(industry-accepted index for tax-exempt bonds) rose by 14 basis points (bps) (0.13 percent) but
declined by nearly as much in early October amidst a weak inflation reading and speculation that the
European Central Bank may adopt less accommodative monetary policy. Regardless, the market has
2
remained fairly stable over the past couple of months. The current 30-year AAA MMD bond yield is
2.74 percent.
3
Municipal Market Supply1
Through September, the total tax-exempt
municipal bond supply is $285.7 billion, down
16.2 percent from calendar year 2017. The drop
in issuance is driven by a decline in refinancings.
In 2016, refinancings were nearly half of all
bond transactions, measured by par amount. In
2017, refinancings constitute little more than
one third of all transactions. Because issuers
refinanced so much outstanding debt in 2016,
there have been fewer opportunities to do so in
calendar year 2017.
Interest Rate Forecasts
The FOMC was expected to start executing its plan to gradually reduce its $4.5 trillion balance sheet
in October. The Federal Reserve’s balance sheet grew during the financial crisis as it purchased
securities to lower long-term borrowing rates. As announced at its September 19-20 meeting, the
Federal Reserve plans to decrease its reinvestment of principal repayments by $10 billion per month.
This amount will increase in $10-billion-per-month increments at quarterly intervals until it reaches
$50 billion per month. As of October 31, 2017; however, the Federal Reserve had not reduced its
balance sheet.
The table below provides an average of interest rate forecasts by industry professionals. These are
surveyed and compiled by Bloomberg. The two-year U.S. Treasury (UST) rate is forecast to increase to
1.75 percent by the first quarter of calendar year 2018. The ten-year UST rate is forecast to increase
to 2.51 percent by the first quarter of calendar year 2018. The 30-year UST rate is forecast to increase
to 3.07 percent by the first quarter of calendar year 2018.
The Street’s Interest Rate Forecast2
Forecast 10/20/17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19
30-Year UST 2.89% 2.95% 3.07% 3.20% 3.31% 3.40% 3.50%
10-Year UST 2.39% 2.39% 2.51% 2.63% 2.75% 2.87% 3.00%
2-Year UST 1.60% 1.61% 1.75% 1.92% 2.09% 2.22% 2.38%
3M London Interbank Offered Rate
1.36% 1.54% 1.70% 1.90% 2.06% 2.20% 2.36%
Federal Funds Target Rate Upper Bound
1.25% 1.50% 1.60% 1.80% 1.95% 2.10% 2.15%
Federal Funds Target Rate Lower Bound
1.00% 1.24% 1.37% 1.58% 1.72% 1.85% 1.91%
1 Issuance data from The Bond Buyer 2 Bloomberg survey compilation as of October 20, 2017
4
Debt Portfolio Overview and Update
Outstanding Debt Overview
As noted in our prior quarterly update, SANDAG closed a $537.5 million Transportation Infrastructure
Finance and Innovation Act (TIFIA) loan in June with the U.S. Department of Transportation. The loan
will finance a portion of the Mid-Coast Corridor Transit Project, has an interest rate of 2.72 percent,
and matures in 2045. Currently, the loan is undrawn and does not represent an obligation of SANDAG
at this time. While the TIFIA loan remains undrawn, SANDAG has $1.75 billion of outstanding long-
term debt. Of the total debt portfolio, 23 percent consists of synthetic fixed-rate bonds (variable-rate
bonds hedged with fixed-payer interest rate swaps), and the remaining 77 percent are fixed-rate
bonds. A summary of the outstanding bonds is tabulated and graphically presented below.
Summary of Outstanding Debt
Series Tax Status Coupon Type Original Issue S ize Outstanding Par Call Option Final Maturity
2008A Tax-Exempt Variable-Rate $150,000,000 $100,575,000 Current 4/1/2038
2008B Tax-Exempt Variable-Rate $150,000,000 $100,575,000 Current 4/1/2038
2008C Tax-Exempt Variable-Rate $150,000,000 $100,575,000 Current 4/1/2038
2008D Tax-Exempt Variable-Rate $150,000,000 $100,575,000 Current 4/1/2038
2010A Taxable BABs Fixed-Rate $338,960,000 $338,960,000 Make-Whole
4/1/2048
2010B Tax-Exempt Fixed-Rate $11,040,000 $6,925,000 4/1/2020 4/1/2030
2012A Tax-Exempt Fixed-Rate $420,585,000 $341,455,000 4/1/2022 4/1/2048
2014A Tax-Exempt Fixed-Rate $350,000,000 $340,950,000 4/1/2024 4/1/2048
2016A Tax-Exempt Fixed-Rate $325,000,000 $322,235,000 4/1/2026 4/1/2048
Total $1,752,825,000
Summary of TIFIA Loan Commitment
Series Tax Status Coupon Type Original Issue S ize Outstanding Par Call Option Final Maturity
TIFIA Taxable Fixed-Rate $537,484,439 $537,484,439 Anytime 10/1/2045
Total with Loan Commitment $2,290,309,439
5
Debt Service and Coverage
The SANDAG TIFIA loan is repayable from a third lien that is subordinate to the outstanding bonds
(which are on the senior lien) and the existing commercial paper (which is on the subordinate lien).
As a result, senior lien debt service remains level in aggregate at about $105.3 million annually.
Assuming SANDAG draws on the TIFIA loan as expected to complete the Mid-Coast Corridor Transit
Project, SANDAG aggregate debt service will peak at $163.6 million in FY 2045. Debt service coverage,
using sales tax receipts of $287.5 million for the last 12 months ended September 30, 2017, is 2.73
times. Meaning, for every $1 of debt service, SANDAG received $2.73 of sales tax revenue providing
ample coverage, supporting SANDAG triple-A ratings. Total coverage, when comparing FY 2017
revenues to peak debt service (including assumed debt service on the undrawn TIFIA loan) in FY 2045,
is 1.74 times.
$0
$20
$40
$60
$80
$100
$120
$140
$160
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
Mill
ions
Series 2008A Series 2008B Series 2008C Series 2008D Series 2010A
Series 2010B Series 2012A Series 2014A Series 2016A TIFIA
Aggregate Debt Service Profile
Outstanding Par Breakdown by Tax Status
Tax-Exempt$1,413.9MM
81%
Taxable BABs
$339.0MM 19%
Outstanding Par Breakdown by Fixed and Hedged
Synthetic Fixed Rate
$402.3MM 23%
Fixed Rate$1,350.5MM
77%
Mil
lio
ns
6
Recent Variable-Rate Demand Bond and Swap Mark-to-Market Performance
SANDAG has $402.3 million of outstanding variable-rate demand bonds (VRDBs) (Series 2008A, B, C,
and D), as shown below. These VRDBs are backed by standby bond purchase agreements (SBPAs) from
certain financial institutions. The bonds trade against the Securities Industry and Financial Markets
Association (SIFMA) benchmark index. The interest rate on these bonds resets weekly through a
remarketing process.
Throughout 2017, SIFMA has risen following each of the Federal Reserve’s rate hikes. The increases,
however, have been followed by steady declines. As a result, SIFMA most recently reset to
0.91 percent. SANDAG’s VRDBs continue to trade well compared to SIFMA.
SANDAG Series 2008A–D VRDB Resets S ince December 31, 2015
Series SBPA Provider Remarketing Agent Reset Average S IFMA Average Spread to S IFMA
2008A JPMorgan Chase Bank, N.A. Barclays Capital Inc. 0.55% 0.58% -3 bps
2008B JPMorgan Chase Bank, N.A. Goldman, Sachs & Company 0. 57% 0.58% -1 bps
2008C Mizuho Corporate Bank, Ltd. JPMorgan Securities LLC 0. 57% 0.58% -1 bps
2008D State Street Stifel, Nicolaus & Company, Inc.
0. 56% 0.58% -2 bps
SANDAG also has $402.3 million of fixed-payer interest rate swaps outstanding, the purpose of which
is to hedge the interest rate variability associated with the $402.3 million of variable-rate bonds.
Additionally, SANDAG has $313.2 million of basis swaps outstanding. Under the basis swaps, which
become effective on April 1, 2018, when the existing fixed-payer swaps originally were scheduled to
convert from the London Interbank Offered Rate (LIBOR) to the SIFMA-based indices, SANDAG will
pay its counterparty a floating interest rate payment based on the SIFMA index and will receive a
floating payment based on 107.4 percent of three-month LIBOR. The market value of the SANDAG
swap portfolio changes with interest rate fluctuations. The mark-to-market (MTM) valuation is
($66,935,846), meaning SANDAG would need to pay approximately $67 million to terminate the
entire swap portfolio in the current market. However, the swaps are performing as expected, and
currently there are no reasons that SANDAG would terminate the swaps. Additionally, SANDAG is not
required to post collateral under the swap agreements. On an annual basis and in accordance with
Board Policy No. 032: San Diego County Regional Transportation Commission Interest Rate Swap
Policy, an annual written description of the swaps and an evaluation of the risks associated with
outstanding interest rate swaps are presented to the Board of Directors for review. This report was
last provided to the Board at its September 22, 2017, meeting.
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7
Swap Portfolio Overview
Associated Series
SANDAG Pays
SANDAG Receives
Trade Date
Effective Date
Maturity Date
MTM Value (As of
10/20/2017)
Notional Outstanding
Bank Counterparty
Series 2008 3.8165%
65% of USD-LIBOR until 4/2018; SIFMA Swap Index thereafter
5/23/2012 5/23/2012 4/1/2038 ($28,682,355) $134,100,000
Bank of America, N.A.
(A1/A+/A+)
Series 2008 3.8165%
65% of USD-LIBOR until 4/2018; SIFMA Swap Index thereafter
5/23/2012 5/23/2012 4/1/2038 ($28,682,355) $134,100,000
Goldman Sachs Mitsui Marine Derivative Products, L.P.
(Aa2/AA-/ )
Series 2008 3.4100% 65% of USD-LIBOR
5/23/2012 5/23/2012 4/1/2038 ($29,162,163) $134,100,000
Bank of America, N.A.
(A1/A+/A+)
Total Fixed-Payer Swaps ($86,526,873) $402,300,000
Series 2008 SIFMA Swap Index
107.4% of 3 month USD-LIBOR
3/19/2009 4/1/2018 4/1/2038 $8,950,785 $156,600,000
Barclays Bank PLC
(A1/A/A)
Series 2008 SIFMA Swap Index
107.4% of 3 month USD-LIBOR
3/19/2009 4/1/2018 4/1/2038 $8,950,785 $156,600,000
Barclays Bank PLC
(A1/A/A)
Total Index Convers ion Swaps $19,591,027 $313,200,000
Total Combined ($66,935,846) $715,500,000
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8
Cost of Capital
SANDAG has a very attractive weighted average cost of capital (WACC) of 3.78 percent. This cost can
vary based on swap performance and the cost of liquidity to support the variable-rate debt.
The 2008A–D bonds with the current swap rate and associated fees provide a cost of capital equal to
4.1 percent. The 2010A bonds were issued as taxable Build America Bonds and have a borrowing cost
of 3.89 percent. The 2010B tax-exempt bonds have a borrowing cost of 3.14 percent. The 2012A,
2014A, and 2016A bonds were sold at an all-in cost of 3.72 percent, 3.85 percent, and 3.29 percent,
respectively. Taken together, SANDAG has issued approximately $1.85 billion in long-term debt, to
accelerate project delivery, for a weighted average cost of 3.78 percent.
SANDAG’s WACC Calculations
Synthetic Fixed Rate:
Series Par Post 2012 Refunding Swap Rate SBPA Fee Remarketing Agent Fee Cost of Capital
2008A $100,575,000 3.8165% 0.390% 0.06% 4.2665%
2008B $100,575,000 3.8165% 0.390% 0.06% 4.2665%
2008C1 $67,050,000 3.8165% 0.320% 0.06% 4.1965%
2008C2 $33,525,000 3.4100% 0.320% 0.06% 3.7900%
2008D $100,575,000 3.4100% 0.340% 0.06% 3.8100%
2008 Weighted Average 4.1010%
Fixed Rate:
Series Original Par - - - All-in True
Interest Cost
2010A $338,960,000 - - - 3.8871%
2010B $11,040,000 - - - 3.1434%
2012A $420,585,000 - - - 3.7167%
2014A $350,000,000 - - - 3.8507%
2016A $325,000,000 - - - 3.2947%
Total Weighted Average Without TIFIA Loan 3.7794%
TIFIA $537,484,439 - - - 2.7200%
Total Weighted Average With TIFIA Loan 3.5407%
Commercial Paper
In addition to the long-term debt, SANDAG has a short-term commercial paper program supported
by a Letter of Credit from Union Bank. The commercial paper program was authorized at $100 million
and has a current outstanding balance of $25.8 million as of October 31, 2017. The paper was most
recently remarketed out 70 days at a rate of 95 bps. The Letter of Credit expired in September 2017,
and SANDAG staff extended this facility for one year, through September 2018, with the existing
provider, Union Bank.
9
Looking Ahead
SANDAG is moving forward with the refunding of the outstanding TIFIA and Regional Transportation
Commission (RTC) loans in relation to the State Route 125 South Bay Expressway
(SR 125). The refunding was approved by the Board of Directors at its September 22, 2017, meeting.
The outstanding TIFIA and RTC loans will be retired in November 2017 with publicly sold toll-revenue
bonds for the purpose of reducing debt service costs associated with SR 125.
Additionally, the SBPA (i.e., the liquidity facility) with Mizuho Corporate Bank, Ltd. expires on
November 10, 2017. Staff recommended to the Board that the RTC replace that agreement with Bank
of America, N.A. Appropriate documents were brought before the Board of Directors for approval at
its October 27, 2017, meeting.
Quarterly Investment Data
Included with this quarterly finance report through September 30, 2017, are: a summary of portfolio
balances by institution (Attachment 1); a detail of portfolio balances by account (Attachment 2); and
a detail of portfolio balances by investment type (Attachment 3) for all money under the direction or
care of SANDAG, including funds of the San Diego County Regional Transportation Commission (RTC),
SourcePoint, and the Automated Regional Justice Information System (ARJIS).
As of September 30, 2017, a total of $792.2 million was held by SANDAG in a number of investment
accounts, in comparison to $799.7 million held in the previous quarter. The $7.5 million decrease
during the quarter primarily is due to the timing of TransNet sales tax receipts, TransNet debt service
payments, TransNet allocation payments to other local governmental agencies, and the use of
TransNet bond proceeds to fund current projects.3
Approximately $15.5 million was held in nine U.S. Bank, N.A. accounts at the end of the quarter,
which are used for operating purposes. Approximately $776.7 million was invested in seven
institutions, as follows:
1. State of California Local Agency Investment Fund (LAIF) – State law allows local agencies (RTC and
SANDAG) to invest up to $65 million per agency in LAIF. These funds hold excess operating funds
for the RTC and SANDAG. A total of approximately $55.4 million was invested in LAIF, of which
the RTC held the majority at $37.3 million (sales tax funds) and SANDAG held $18.1 million. These
funds are highly liquid and may be accessed easily for immediate operating needs.
2. California Asset Management Program (CAMP) – These are funds administered by one of the two
SANDAG investment managers, PFM Asset Management, LLC. The Cash Reserve Portfolio, totaling
$176.6 million, is used for the investment of the 2008 bond reserves; the 2008, 2010, 2012, 2014,
and 2016 bond investments for future principal and interest payments; 2016 TransNet bond
proceeds; and excess operating funds for Interstate 15 FasTrak®, SR 125, ARJIS, Coronado Bridge
Toll Funds, and TransNet sales tax funds not yet paid for TransNet-approved projects. In addition,
CAMP uses the Individual Portfolio, totaling $257.1 million, for the investment of SR 125 reserves
for future projects; the 2008 and 2016 TransNet bond proceeds; the 2008, 2010, 2012, 2014, and
2016 bond investments for future principal and interest payments; and TransNet sales tax funds
not yet paid to other local governmental agencies.
3 Due to rounding, the numbers below may not tie to the attached detail of investments.
10
3. U.S. Bank – These funds, totaling approximately $57.7 million, were held by U.S. Bank, Trustee for
bond debt service payments and payment of interest on the short-term Commercial Paper
Program, as part of the TransNet Program; for toll revenues of the SR 125 franchise; and for
retention held through the completion of projects. Of this balance, $25.6 million of the
investments held by U.S. Bank is invested in North County Transit District auction rate securities
purchased with commercial paper.
4. The Bank of New York Mellon – These are funds administered by one of the two SANDAG
investment managers, Cutwater Asset Management Corp. The Individual Portfolio, totaling
$191 million, and the Cash Reserve Portfolio, totaling $211,606 are used for the investment of
excess TransNet sales tax revenue not yet paid for TransNet-approved projects.
5. San Diego County Treasurer’s Pooled Money Fund – These funds, totaling $35 million, were held
by the San Diego County Treasurer’s Pooled Money Fund. The funds consist of ARJIS, SANDAG
Service Authority for Freeway Emergencies, SourcePoint, Interstate 15 FasTrak, and TransNet sales
tax revenues.
6. California Bank and Trust – There was $69,063 on deposit with California Bank and Trust pursuant
to capital project escrow retention agreements with various contractors.
7. Wells Fargo Bank, N.A. – These funds are administered by PFM Asset Management, LLC, the
administrator for SANDAG’s Internal Revenue Code (IRC) Section 115 Trust Account. These funds
total approximately $3.6 million and are savings for future pension costs.
The chart below provides a snapshot of the investment holding locations as of September 30,
2017.
As shown in the chart on the next page, as of September 30, 2017, the yield on cost of the portfolio
was 1.19 percent, with a weighted average maturity of 353 days, in comparison to 1.13 percent and
352 days in the prior quarter.
Investment Holdings US BANK, N.A.
LAIF
CAMP IP
CAMP CASH RESERVE
US BANK
BNY MELLON IP
BNY MELLON CASH RESERVE
COSD TREASURER'S POOL
CALIFORNIA BANK AND TRUST
WELLS FARGO BANK, N.A.
11
The Finance Department has continued to implement the Board of Directors investment objectives of
safety, liquidity, and return on investment for the SANDAG investment portfolio. These will continue
to be important investment objectives for the future.
Certifications
The Director of Finance reports that this investment portfolio, together with the authorized short-
term Commercial Paper Program, will provide the necessary liquidity to meet the expenditure
requirements of SANDAG, RTC, ARJIS, and SourcePoint for the next six months. This portfolio is in
compliance with state law and Board Policy No. 003.
The Director of Finance reports that there has not been any material event involving outstanding
swap agreements, nor has there been any default by a swap counterparty or counterparty
termination.
The Local Economy and Sales Tax Revenues
The world has entered a period of greater political uncertainty. The impact on global economic
growth and business performance, however, has been mixed so far. The U.S. economy seems to be
shaking off the uncertainty with robust business fundamentals leading to stronger business
confidence. The FOMC moved its GDP growth forecast for 2017 up a tick to 2.4 percent (from 2.2%)
at its September meeting, and second-quarter data indicated growth at a rate of 3.1 percent (though
the effects of hurricanes may blunt third-quarter growth).
Hurricanes did limit September employment, as the U.S. economy lost 33,000 jobs, breaking an
unprecedented streak of job creation dating back to October 2010; about 1.4 million jobs have been
created in the U.S. economy during the first nine months of 2017. Wage growth grew 2.9 percent in
the last year, as a tighter labor market has begun to move incomes up after a long period of
stagnation, though wage gains since 2008 primarily have accrued to high earners. These trends,
combined with the types of jobs (primarily lower-paying) that have been created since the end of the
recession have contributed to keeping real per-capita disposable income almost stagnant for the past
decade, only rising slowly in the past two years.
0
0.5
1
1.5
2
2.5
3
Semi-Annual Yield on Cost
12
This recent upturn has led to some growth in consumer spending, which makes up more than 70
percent of the economy and is a primary driver of sales tax revenue. While personal consumption
expenditures have driven recent GDP gains, private investment and government expenditures have
been relatively flat. Europe and most other international economies also are experiencing, somewhat
surprisingly, stronger growth, including in formerly troubled economies such as Spain. In addition,
global trade recently has picked up from low levels, despite increasing trade restrictions. The
Organization for Economic Cooperation and Development, in its September interim report, projects
3.5 percent global growth in 2017, which is a notch up from earlier projections, and even stronger
growth in 2018 of 3.7 percent.
In light of the increased business confidence, continued decline in the unemployment rate, slight
increase in labor force, and small uptick in wages since last year, taxable sales could be expected to
pick up as consumer confidence and economic status improve. TransNet revenues have increased
3.3 percent over the last four quarters, beating the California state average of 2.1 percent.
The following tables provide a breakdown of sales tax collected beginning in FY 2009 (first year of
the TransNet Extension Ordinance):
FY 2017
Revenue
FY 2018
Revenue Annual Revenue
July 18,897,500$ 19,047,000$
August 25,196,600 25,396,000 FY 2009 221,991,360$
September 26,243,296 28,962,091 FY 2010 204,191,747
October 19,246,700 FY 2011 221,304,015
November 25,662,200 FY 2012 236,947,112
December 27,284,919 FY 2013 247,221,161
January 19,931,300 FY 2014 260,114,931
February 26,575,100 FY 2015 268,840,550
March 26,761,222 FY 2016 275,500,023
April 17,548,100 FY 2017 284,456,260
May 23,397,500 FY 2018 73,405,091
June 27,711,823
284,456,260$ 73,405,091$ Cumulative 2,293,972,250$
Trans Net Extens ion Annual Sales Tax Revenue and
Fis cal Year 2017 Revenue as Compared to Revenue through September 2017
KIM KAWADA
Chief Deputy Executive Director
Attachments: 1. SANDAG Summary of Portfolio Balances (by Institution) as of September 30, 2017
2. SANDAG Detail of Portfolio Balances (by Account) as of September 30, 2017
3. SANDAG Detail of Portfolio Balances (by Investment Type) as of September 30, 2017
Key Staff Contacts: André Douzdjian, (619) 699-6931, [email protected]
Ray Major, (619) 699-1930, [email protected]
Lisa Kondrat-Dauphin (619) 699-1942, [email protected]
Attachment 1
SANDAG
Summary of Portfolio Balances (by Institution)
as of September 30, 2017
Wtd. Avg.
Book Percent of Market Market Unrealized Yield on Days to
Institution Value Portfolio Value Price Gain/(Loss) Cost Maturity
US BANK, N.A. 15,464,556.01$ 1.95% 15,464,556.01$ 100.00% -$ N/A 1
STATE OF CALIFORNIA LOCAL AGENCY INVESTMENT FUND 55,391,495.65 6.97% 55,391,495.65 100.00% - 1.11% 190 **
CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP) INDIVIDUAL PORTFOLIO 258,206,088.86 32.51% 257,148,356.73 99.59% (1,057,732.13) 1.36% 591
CAMP CASH RESERVE PORTFOLIO 176,601,762.43 22.23% 176,601,762.43 100.00% - 1.15% 54 **
US BANK 57,722,326.13 7.27% 57,722,326.13 100.00% - 0.67% 31
THE BANK OF NEW YORK (BNY) MELLON INDIVIDUAL PORTFOLIO 192,168,110.58 24.19% 191,008,318.83 99.40% (1,159,791.75) 1.23% 468
BNY MELLON CASH RESERVE PORTFOLIO 211,606.00 0.03% 211,606.00 100.00% - 0.00% 1
SAN DIEGO COUNTY TREASURER'S POOLED MONEY FUND 34,963,574.80 4.40% 34,963,574.80 100.00% - 1.37% 468 **
CALIFORNIA BANK AND TRUST 69,063.49 0.01% 69,063.49 100.00% - 0.12% 1
WELLS FARGO BANK, N.A. 3,514,938.51 0.44% 3,579,293.76 101.83% 64,355.25 1.72% 1
TOTAL 794,313,522.46$ 100.00% 792,160,353.83$ 99.73% (2,153,168.63)$ 1.19% 353
** Although average days to maturity is greater than one day, funds are available at par the same day.
Summary of Portfolio Balances (by Agency)
Wtd. Avg.
Book Percent of Market Market Unrealized Yield on Days to
Agency Value Portfolio Value Price Gain/(Loss) Cost Maturity
SANDAG FUNDS 165,629,522.15$ 20.85% 165,524,210.83$ 99.94% (105,311.32)$ 1.01% 161
AUTOMATED REGIONAL JUSTICE INFORMATION SYSTEM FUNDS 8,727,686.24 1.10% 8,727,686.24 100.00% - 1.23% 161
SOURCEPOINT FUNDS 217,380.01 0.03% 217,380.01 100.00% - 1.37% 368
CORONADO BRIDGE TOLL FUNDS 276,878.13 0.03% 276,878.13 100.00% - 1.15% 54
SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION FUNDS 619,462,055.93 77.98% 617,414,198.62 99.67% (2,047,857.31) 1.25% 407
TOTAL 794,313,522.46$ 100.00% 792,160,353.83$ 99.73% (2,153,168.63)$ 1.19% 353
Note: In addition to the funds held above, there is $4,750 petty cash held at SANDAG.
Attachment 2
Percent Wtd. Avg.
Book of Market Market Unrealized Yield on Days to
Institution / Account Value Portfolio Value Price Gain/(Loss ) Cost Maturity
US BANK, N.A.:
Checking - TransNet Sales Tax (RTC) 3,602,628.89$ 0.45% 3,602,628.89$ 100.00% -$ N/A 1
Checking - SANDAG General 4,576,175.41 0.58% 4,576,175.41 100.00% - N/A 1
Checking - SANDAG Flexible Spending Acct (FSA) 74,524.63 0.01% 74,524.63 100.00% - N/A 1
Checking - SANDAG Interstate 15 (I-15) FasTrak ® 2,007,417.79 0.25% 2,007,417.79 100.00% - N/A 1
Checking - SANDAG SAFE Program Acct 706,964.17 0.09% 706,964.17 100.00% - N/A 1
Checking - SourcePoint 46,443.63 0.01% 46,443.63 100.00% - N/A 1
Checking - ARJIS 1,707,932.00 0.22% 1,707,932.00 100.00% - N/A 1
Checking - State Route 125 (SR 125) Payment Account 2,503,389.09 0.32% 2,503,389.09 100.00% - N/A 1
Checking - State Route 125 (SR 125) Collection Account 239,080.40 0.03% 239,080.40 100.00% - N/A 1
TOTAL US BANK, N.A. 15,464,556.01$ 1.95% 15,464,556.01$ 100.00% -$ N/A 1
STATE OF CA LOCAL AGENCY INVESTMENT FUND (LAIF):
TransNet (RTC) 37,338,362.29$ 4.70% 37,338,362.29$ 100.00% -$ 1.11% 190
SANDAG 18,053,133.36 2.27% 18,053,133.36 100.00% - 1.11% 190
TOTAL LAIF 55,391,495.65$ 6.97% 55,391,495.65$ 100.00% -$ 1.11% 190 **
CALIFORNIA ASSET MANAGEMENT PROGRAM (CAMP):
INDIVIDUAL PORTFOLIO:
TransNet Sales Tax (RTC) 195,023,280.65$ 24.55% 194,323,850.05$ 99.64% (699,430.60)$ 1.48% 719
TransNet 2008 Bond Proceeds A/B/C/D Reserve Fund (RTC) 15,501,453.59 1.95% 15,445,939.25 99.64% (55,514.34) 1.11% 222
TransNet 2016 Bond Proceeds Series A Project (RTC) 28,461,755.87 3.58% 28,327,898.52 99.53% (133,857.35) 0.95% 129
Sage Hill Endowment (RTC) 824,043.00 0.10% 824,779.73 100.09% 736.73 0.68% 26
SANDAG Toll Rd Project Major Main Reserve Acct 13,607,895.00 1.71% 13,495,521.00 99.17% (112,374.00) 0.90% 258
SANDAG Toll Rd Project Extraordinary Reserve Acct 4,787,660.75 0.60% 4,730,368.18 98.80% (57,292.57) 0.99% 369
TOTAL INDIVIDUAL PORTFOLIO 258,206,088.86$ 32.51% 257,148,356.73$ 99.59% (1,057,732.13)$ 1.36% 591
SANDAG
Detail of Portfolio Balances (by Account)
as of September 30, 2017
Percent Wtd. Avg.
Book of Market Market Unrealized Yield on Days to
Institution / Account Value Portfolio Value Price Gain/(Loss ) Cost Maturity
SANDAG
Detail of Portfolio Balances (by Account)
as of September 30, 2017
CASH RESERVE PORTFOLIO:
I-15 FasTrak 628,173.25$ 0.08% 628,173.25$ 100.00% -$ 1.15% 54
ARJIS 4,538,139.09 0.57% 4,538,139.09 100.00% - 1.15% 54
California Coastal Commission 1,272,668.30 0.16% 1,272,668.30 100.00% - 1.15% 54
SANDAG SR 125 1,872,330.24 0.24% 1,872,330.24 100.00% - 1.15% 54
SANDAG Toll Road Project Maint 46,272,312.68 5.83% 46,272,312.68 100.00% - 1.15% 54
Coronado Bridge Toll Funds 276,878.13 0.03% 276,878.13 100.00% - 1.15% 54
SANDAG Toll Road Extraordinary Reserve 6,887,496.28 0.87% 6,887,496.28 100.00% - 1.15% 54
SANDAG Shoreline Management Account 163,392.37 0.02% 163,392.37 100.00% - 1.15% 54
2008 Bond Series A/B/C/D Reserve Fund (RTC) 1,773,778.62 0.22% 1,773,778.62 100.00% - 1.15% 54
2008 Bond Series A - Principal (RTC) 1.00 0.00% 1.00 100.00% - 1.15% 54
2008 Bond Series B - Principal (RTC) 1.00 0.00% 1.00 100.00% - 1.15% 54
2008 Bond Series C - Principal (RTC) 1.00 0.00% 1.00 100.00% - 1.15% 54
2008 Bond Series D - Principal (RTC) 1.00 0.00% 1.00 100.00% - 1.15% 54
2010 Bond Series B - Principal (RTC) 346,255.25 0.04% 346,255.25 100.00% - 1.15% 54
2010 Bond Series B - Interest (RTC) 141,341.17 0.02% 141,341.17 100.00% - 1.15% 54
2010 Bond Series A - Interest (RTC) 10,052,240.34 1.27% 10,052,240.34 100.00% - 1.15% 54
2012 Bond Series A - Interest (RTC) 8,270,908.18 1.04% 8,270,908.18 100.00% - 1.15% 54
2012 Bond Series A - Principal (RTC) 8,562,087.28 1.08% 8,562,087.28 100.00% - 1.15% 54
2008 Sales Tax Account - TransNet Extension (RTC) 2,793,434.72 0.35% 2,793,434.72 100.00% - 1.15% 54
Wetland Mitigation TransNet Sales Tax (RTC) 295,026.28 0.04% 295,026.28 100.00% - 1.15% 54
Sage Hill Endowment (RTC) 6,479.89 0.00% 6,479.89 100.00% - 1.15% 54
2014 Bond Series A - Principal (RTC) 2,419,658.84 0.30% 2,419,658.84 100.00% - 1.15% 54
2014 Bond Series A - Interest (RTC) 8,500,077.00 1.07% 8,500,077.00 100.00% - 1.15% 54
2014 Bond Series A Project Del Mar Fund (RTC) 211,457.25 0.03% 211,457.25 100.00% - 1.15% 54
2014 Bond Series A Project Santee Fund (RTC) 458,706.43 0.06% 458,706.43 100.00% - 1.15% 54
2016 Bond Series A Principal Account (RTC) 2,285,653.23 0.29% 2,285,653.23 100.00% - 1.15% 54
2016 Bond Series A Interest Account (RTC) 8,084,952.84 1.02% 8,084,952.84 100.00% - 1.15% 54
2016 Bond Series A Project Account (RTC) 60,488,310.77 7.62% 60,488,310.77 100.00% - 1.15% 54
TOTAL CASH RESERVE PORTFOLIO 176,601,762.43$ 22.23% 176,601,762.43$ 100.00% -$ 1.15% 54 **
TOTAL CAMP 434,807,851.29$ 54.74% 433,750,119.16$ 99.76% -$ 1.27% 372
Percent Wtd. Avg.
Book of Market Market Unrealized Yield on Days to
Institution / Account Value Portfolio Value Price Gain/(Loss ) Cost Maturity
SANDAG
Detail of Portfolio Balances (by Account)
as of September 30, 2017
US BANK:
Capital Project Retention Account 14,487,374.27$ 1.82% 14,487,374.27$ 100.00% -$ 0.20% 1
SANDAG - Toll Road Project Revenue 7,780,955.65 0.98% 7,780,955.65 100.00% - 0.20% 1
SANDAG - Toll Road Project Operating/Maintenance Reserve Acct 3.95 0.00% 3.95 100.00% - 0.25% 1
SANDAG - Toll Road Project Capital Expenditure Reserve 355,351.47 0.04% 355,351.47 100.00% - 0.20% 1
SANDAG - Toll Road Project Expense Fund - TIFIA Note Expense Acct 10,037.54 0.00% 10,037.54 100.00% - 0.20% 1
SANDAG - Toll Road Project Senior Obligation Debt Service - Interest 974,355.84 0.12% 974,355.84 100.00% - 0.20% 1
SANDAG - Toll Road Project Senior Obligation Debt Service - Principal 221,968.96 0.03% 221,968.96 100.00% - 0.20% 1
SANDAG - Toll Road Proj First Subord Obl TransNet Payment 885.03 0.00% 885.03 100.00% - 0.20% 1
SANDAG - Toll Road Project SANDAG Distribution 2,628,032.55 0.33% 2,628,032.55 100.00% - 0.20% 1
2008 Bond Series A/B/C/D Main Interest (RTC) 1,273,547.38 0.16% 1,273,547.38 100.00% - 0.20% 1
Commercial Paper Series B - NCTD Interest (RTC) 225,580.23 0.03% 225,580.23 100.00% - 0.20% 1
NCTD Certificates of Participation 25,550,000.00 3.22% 25,550,000.00 100.00% - 0.88% 68
2016 Bond Series A Project (RTC) 180,791.38 0.02% 180,791.38 100.00% - 0.20% 1
Custody Account (RTC) 4,033,441.88 0.51% 4,033,441.88 100.00% - 0.88% 1
TOTAL US BANK 57,722,326.13$ 7.27% 57,722,326.13$ 100.00% -$ 0.67% 31
THE BANK OF NEW YORK MELLON:
INDIVIDUAL PORTFOLIO:
TransNet Extension (RTC) 192,168,110.58$ 24.19% 191,008,318.83$ 99.40% (1,159,791.75)$ 1.23% 468
TOTAL INDIVIDUAL PORTFOLIO 192,168,110.58$ 24.19% 191,008,318.83$ 99.40% (1,159,791.75)$ 1.23% 468
CASH RESERVE:
TransNet Extension (RTC) 211,606.00$ 0.03% 211,606.00$ 100.00% -$ 0.00% 1
TOTAL CASH RESERVE 211,606.00$ 0.03% 211,606.00$ 100.00% -$ 0.00% 1
TOTAL THE BANK OF NEW YORK MELLON 192,379,716.58$ 24.22% 191,219,924.83$ 99.40% (1,159,791.75)$ 1.23% 468
Percent Wtd. Avg.
Book of Market Market Unrealized Yield on Days to
Institution / Account Value Portfolio Value Price Gain/(Loss ) Cost Maturity
SANDAG
Detail of Portfolio Balances (by Account)
as of September 30, 2017
SAN DIEGO COUNTY TREASURER'S POOLED MONEY FUND:
SourcePoint Cash Reserve Fund 170,936.38$ 0.02% 170,936.38$ 100.00% -$ 1.37% 468
SANDAG I-15 FasTrak 22,731,627.23 2.86% 22,731,627.23 100.00% - 1.37% 468
TransNet Extension (RTC) 377,082.10 0.05% 377,082.10 100.00% - 1.37% 468
ARJIS 2,481,615.15 0.31% 2,481,615.15 100.00% - 1.37% 468
SANDAG SAFE Program 9,202,313.94 1.16% 9,202,313.94 100.00% - 1.37% 468
TOTAL SAN DIEGO COUNTY TREASURER'S POOLED MONEY FUND 34,963,574.80$ 4.40% 34,963,574.80$ 100.00% -$ 1.37% 468 **
CALIFORNIA BANK AND TRUST:
Capital Project Retention Accounts 69,063.49$ 0.01% 69,063.49$ 100.00% -$ 0.12% 1
TOTAL CALIFORNIA BANK AND TRUST 69,063.49$ 0.01% 69,063.49$ 100.00% -$ 0.12% 1
WELLS FARGO BANK, N.A.:
SANDAG Section 115 Pension Trust 3,514,938.51$ 0.44% 3,579,293.76$ 101.83% 64,355.25$ 1.72% 1
TOTAL WELLS FARGO BANK, N.A. 3,514,938.51$ 0.44% 3,579,293.76$ 101.83% 64,355.25$ 1.72% 1
TOTAL 794,313,522.46$ 100.00% 792,160,353.83$ 99.73% (2,153,168.63)$ 1.19% 353
Legend:
Automated Regional Justice Information System (ARJIS)
Commercial Paper (CP)
State of California Local Agency Investment Fund (LAIF)
North County Transit District (NCTD)
San Diego County Regional Transportation Commission (RTC)
** Although average days to maturity is greater than one day, funds are available at par the same day.
Attachment 3
Wtd. Avg.
Purchase Maturity Unrealized S&P Moody's Fitch Yield Days to
Investment Date Date Book Value Market Value Gain / (Loss) Par Value Rating Rating Rating on Cost Maturity
Cash and cash equivalents :
Demand deposits :
Checking - TransNet Sales Tax (RTC) N/A N/A 3,602,628.89$ 3,602,628.89$ -$ N/A NR NR NR N/A 1
Checking - SANDAG General N/A N/A 4,576,175.41 4,576,175.41 - N/A NR NR NR N/A 1
Checking - SANDAG Flexible Spending Acct (FSA) N/A N/A 74,524.63 74,524.63 - N/A NR NR NR N/A 1
Checking - SANDAG Interstate 15 (I-15) FasTrak ® N/A N/A 2,007,417.79 2,007,417.79 - N/A NR NR NR N/A 1
Checking - SANDAG SAFE Program Acct N/A N/A 706,964.17 706,964.17 - N/A NR NR NR N/A 1
Checking - SourcePoint N/A N/A 46,443.63 46,443.63 - N/A NR NR NR N/A 1
Checking - ARJIS N/A N/A 1,707,932.00 1,707,932.00 - N/A NR NR NR N/A 1
Checking - State Route 125 (SR 125) Payment Account N/A N/A 2,503,389.09 2,503,389.09 - N/A NR NR NR N/A 1
Checking - SR 125 Collection Account N/A N/A 239,080.40 239,080.40 - N/A NR NR NR N/A 1
Total demand deposits 15,464,556.01$ 15,464,556.01$ -$ N/A N/A 1
Money market accounts and funds:
Money Market - Capital Project Retention Account N/A N/A 69,063.49$ 69,063.49$ -$ N/A NR NR NR 0.12% 1 CA Bank and Trust - retention accts
Money Market - Capital Project Retention Account N/A N/A 14,487,374.27 14,487,374.27 - N/A NR NR NR 0.20% 1
Money Market - SANDAG Toll Road Project Revenue Fund N/A N/A 7,780,955.65 7,780,955.65 - N/A NR NR NR 0.20% 1
Money Market - SANDAG Toll Road Project Operating/Maint Reserve N/A N/A 3.95 3.95 - N/A NR NR NR 0.25% 1
Money Market - SANDAG Toll Road Project Cap Exp Reserve N/A N/A 355,351.47 355,351.47 - N/A NR NR NR 0.20% 1
Money Market - SANDAG Toll Road Project TIFIA Note Expense N/A N/A 10,037.54 10,037.54 - N/A NR NR NR 0.20% 1
Money Market - SANDAG Toll Road Project Sr. Oblig. D/S - Interest N/A N/A 974,355.84 974,355.84 - N/A NR NR NR 0.20% 1
Money Market - SANDAG Toll Road Project Sr. Oblig. D/S - Princ. N/A N/A 221,968.96 221,968.96 - N/A NR NR NR 0.20% 1
Money Market - SANDAG Toll Road Project 1st Sub Obl TNet Pymt N/A N/A 885.03 885.03 - N/A NR NR NR 0.20% 1
Money Market - SANDAG Toll Road Project SANDAG Distribution N/A N/A 2,628,032.55 2,628,032.55 - N/A NR NR NR 0.20% 1
San Diego County Treasurer's Pooled Money Fund (SourcePoint) N/A N/A 170,936.38 170,936.38 - N/A - - AAAf / S1 1.37% 468 *
San Diego County Treasurer's Pooled Money Fund (I-15 FasTrak ®) N/A N/A 22,731,627.23 22,731,627.23 - N/A - - AAAf / S1 1.37% 468 *
San Diego County Treasurer's Pooled Money Fund (RTC) N/A N/A 377,082.10 377,082.10 - N/A - - AAAf / S1 1.37% 468 *
San Diego County Treasurer's Pooled Money Fund (ARJIS) N/A N/A 2,481,615.15 2,481,615.15 - N/A - - AAAf / S1 1.37% 468 *
San Diego County Treasurer's Pooled Money Fund (SAFE) N/A N/A 9,202,313.94 9,202,313.94 - N/A - - AAAf / S1 1.37% 468 *
Money Market - RTC (2008 Bond - Main Interest) N/A N/A 1,273,547.38 1,273,547.38 - N/A NR NR NR 0.20% 1
Money Market - RTC (CP Series B - NCTD) N/A N/A 225,580.23 225,580.23 - N/A NR NR NR 0.20% 1
Money Market - RTC (2016 Bond - Series A Project) N/A N/A 180,791.38 180,791.38 - N/A NR NR NR 0.20% 1
Money Market - RTC (Custody Account) N/A N/A 4,033,441.88 4,033,441.88 - N/A NR NR NR 0.88% 1
CAMP Cash Reserve Portfolio (ARJIS) N/A N/A 4,538,139.09 4,538,139.09 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio - CA Coastal Commission N/A N/A 1,272,668.30 1,272,668.30 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (SANDAG SR 125) N/A N/A 1,872,330.24 1,872,330.24 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (SANDAG SR 125) - Project Maint N/A N/A 46,272,312.68 46,272,312.68 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio - Coronado Bridge Toll Funds N/A N/A 276,878.13 276,878.13 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (SANDAG SR 125) - Extraordinary Reserve N/A N/A 6,887,496.28 6,887,496.28 - N/A AAAm NR NR 1.15% 54
SANDAG
Detail of Portfolio Balances (by Investment Type)
as of September 30, 2017
Wtd. Avg.
Purchase Maturity Unrealized S&P Moody's Fitch Yield Days to
Investment Date Date Book Value Market Value Gain / (Loss) Par Value Rating Rating Rating on Cost Maturity
SANDAG
Detail of Portfolio Balances (by Investment Type)
as of September 30, 2017
CAMP Cash Reserve Portfolio - SANDAG Shoreline Management Account N/A N/A 163,392.37 163,392.37 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (I-15 FasTrak ®) N/A N/A 628,173.25 628,173.25 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2008 Bond Reserve N/A N/A 1,773,778.62 1,773,778.62 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2008 Bond Ser A Principal N/A N/A 1.00 1.00 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2008 Bond Ser B Principal N/A N/A 1.00 1.00 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2008 Bond Ser C Principal N/A N/A 1.00 1.00 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2008 Bond Ser D Principal N/A N/A 1.00 1.00 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2010 Bond Ser B Principal N/A N/A 346,255.25 346,255.25 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2010 Bond Ser B Interest N/A N/A 141,341.17 141,341.17 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2010 Bond Ser A Interest N/A N/A 10,052,240.34 10,052,240.34 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2012 Bond Interest N/A N/A 8,270,908.18 8,270,908.18 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2012 Bond Principal N/A N/A 8,562,087.28 8,562,087.28 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - Sales Tax N/A N/A 2,793,434.72 2,793,434.72 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio - Wetland Mitigation (RTC) N/A N/A 295,026.28 295,026.28 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio - Sage Hill Endowment (RTC) N/A N/A 6,479.89 6,479.89 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2014 Bond Ser A Principal N/A N/A 2,419,658.84 2,419,658.84 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2014 Bond Ser A Interest N/A N/A 8,500,077.00 8,500,077.00 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2014 Bond Ser A Proj Del Mar N/A N/A 211,457.25 211,457.25 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2014 Bond Ser A Proj Santee N/A N/A 458,706.43 458,706.43 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2016 Series A Principal N/A N/A 2,285,653.23 2,285,653.23 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2016 Series A Interest N/A N/A 8,084,952.84 8,084,952.84 - N/A AAAm NR NR 1.15% 54
CAMP Cash Reserve Portfolio (RTC) - 2016 Bond Series A Project N/A N/A 60,488,310.77 60,488,310.77 - N/A AAAm NR NR 1.15% 54
BNY Mellon Cash Reserve TransNet Extension (RTC) N/A N/A 211,606.00 211,606.00 - N/A NR NR NR 0.00% 1
Wells Fargo Advantage Govt MM Fund N/A N/A 3,514,938.51 3,579,293.76 64,355.25 N/A NR NR NR 1.72% 1
Total money market accounts and funds 247,533,271.36$ 247,597,626.61$ 64,355.25$ N/A 1.07% 105
Total cash and cash equivalents 262,997,827.37$ 263,062,182.62$ 64,355.25$ N/A N/A 99
Investments :
State of CA Local Agency Investment Fund:
LAIF - TransNet (RTC) N/A N/A 37,338,362.29$ 37,338,362.29$ -$ N/A NR NR NR 1.11% 190
LAIF - SANDAG N/A N/A 18,053,133.36 18,053,133.36 - N/A NR NR NR 1.11% 190
Total State of CA Local Agency Investment Fund 55,391,495.65$ 55,391,495.65$ -$ N/A 1.11% 190
U.S. Agencies :
US Treasury Notes 11/15/2016 03/31/2018 7,463,637.50$ 7,462,758.60$ (878.90)$ 7,480,000.00$ AA+ Aaa AAAu 0.91% 182
FHLMC Notes 12/09/2016 03/27/2019 3,816,066.30 3,734,595.05 (81,471.25) 3,615,000.00 AA+ Aaa AAA 1.28% 543
FNMA Benchmark Note 06/17/2016 10/19/2018 1,510,755.00 1,495,309.50 (15,445.50) 1,500,000.00 AA+ Aaa AAA 0.81% 384
FNMA Benchmark Note 06/17/2016 01/28/2019 1,521,135.00 1,498,497.00 (22,638.00) 1,500,000.00 AA+ Aaa AAA 0.83% 485
Fannie Mae Global Notes 06/17/2016 10/26/2017 1,503,960.00 1,499,830.50 (4,129.50) 1,500,000.00 AA+ Aaa NR 0.68% 26
Wtd. Avg.
Purchase Maturity Unrealized S&P Moody's Fitch Yield Days to
Investment Date Date Book Value Market Value Gain / (Loss) Par Value Rating Rating Rating on Cost Maturity
SANDAG
Detail of Portfolio Balances (by Investment Type)
as of September 30, 2017
Fannie Mae Global Notes 06/17/2016 02/08/2018 1,504,530.00 1,498,011.00 (6,519.00) 1,500,000.00 AA+ Aaa AAA 0.69% 131
Federal Home Loan Banks Agcy 06/17/2016 06/29/2018 500,850.00 498,606.50 (2,243.50) 500,000.00 AA+ Aaa NR 0.79% 272
FNMA Notes 06/17/2016 07/20/2018 503,715.00 499,034.50 (4,680.50) 500,000.00 AA+ Aaa AAA 0.77% 293
FNMA Benchmark Note 06/17/2016 10/19/2018 503,585.00 498,436.50 (5,148.50) 500,000.00 AA+ Aaa AAA 0.81% 384
FNMA Benchmark Note 06/17/2016 01/28/2019 507,045.00 499,499.00 (7,546.00) 500,000.00 AA+ Aaa AAA 0.83% 485
FHLMC Notes 06/17/2016 03/27/2019 538,870.00 516,541.50 (22,328.50) 500,000.00 AA+ Aaa AAA 0.90% 543
Freddie Mac Notes 12/10/2015 05/30/2019 722,900.75 718,106.68 (4,794.07) 715,000.00 AA+ Aaa AAA 1.42% 607
US Treasury Notes 06/27/2016 04/30/2019 3,698,363.86 3,615,137.26 (83,226.60) 3,605,000.00 AA+ Aaa AAAu 0.70% 577
US Treasury Notes 09/01/2017 08/15/2020 604,858.01 601,612.83 (3,245.18) 585,000.00 AA+ Aaa AAAu 1.44% 1,050
FNMA Series 01/15/2015 02/01/2018 385,064.52 380,975.91 (4,088.61) 381,254.84 AA+ Aaa NR 1.26% 124
FNMA Series 04/15/2015 04/01/2018 461,783.03 456,970.41 (4,812.62) 457,212.55 AA+ Aaa NR 0.83% 183
Fannie Mae 10/07/2015 09/01/2019 1,526,648.64 1,510,602.57 (16,046.07) 1,511,512.50 AA+ Aaa NR 1.08% 701
FNMA 11/06/2015 01/01/2019 652,508.04 646,680.24 (5,827.80) 646,047.63 AA+ Aaa NR 1.20% 458
FNMA 06/09/2016 06/01/2019 1,160,832.34 1,150,037.28 (10,795.06) 1,149,339.52 AA+ Aaa NR 1.05% 609
FHLB Global Note 06/02/2016 06/21/2019 12,604,704 12532120.64 (72,583) 12,610,000.00 AA+ Aaa NR 1.14% 629
Federal Home Loan Bank Agency 04/05/2017 03/18/2019 1,100,704.00 1,098,545.80 (2,158.20) 1,100,000.00 AA+ Aaa NR 1.34% 534
FHLB Notes 09/07/2017 09/28/2020 1,305,794.90 1,297,468.54 (8,326.36) 1,310,000.00 AA+ Aaa NR 1.48% 1,094
FNMA Notes 03/02/2016 12/14/2018 1,917,202.25 1,908,345.38 (8,856.87) 1,915,000.00 AA+ Aaa AAA 1.08% 440
FNMA Benchmark Note 02/19/2016 02/26/2019 3,990,560.00 3,974,532.00 (16,028.00) 4,000,000.00 AA+ Aaa AAA 1.08% 514
FNMA Benchmark Note 05/03/2016 02/26/2019 2,086,920.43 2,071,724.81 (15,195.62) 2,085,000.00 AA+ Aaa AAA 0.97% 514
FNMA Benchmark Note 07/06/2016 02/26/2019 5,435,370.00 5,365,618.20 (69,751.80) 5,400,000.00 AA+ Aaa AAA 0.75% 514
FNMA Benchmark Note 07/29/2016 08/02/2019 6,529,012.80 6,462,886.86 (66,125.94) 6,540,000.00 AA+ Aaa AAA 0.93% 671
FNMA Notes 08/31/2016 08/28/2019 7,887,676.00 7,822,595.80 (65,080.20) 7,900,000.00 AA+ Aaa AAA 1.05% 697
FNMA Notes 10/03/2016 08/28/2019 3,717,768.00 3,683,551.44 (34,216.56) 3,720,000.00 AA+ Aaa AAA 1.02% 697
Fannie Mae Global Notes 01/03/2017 10/24/2019 4,155,357.75 4,166,354.69 10,996.94 4,215,000.00 AA+ Aaa AAA 1.52% 754
FNMA Notes 02/24/2017 02/28/2020 1,718,899.20 1,715,909.84 (2,989.36) 1,720,000.00 AA+ Aaa AAA 1.52% 881
FNMA Notes 03/02/2017 02/28/2020 6,562,776.00 6,584,305.20 21,529.20 6,600,000.00 AA+ Aaa AAA 1.70% 881
FNMA Notes 08/30/2017 02/28/2020 4,704,324.00 4,688,823.40 (15,500.60) 4,700,000.00 AA+ Aaa AAA 1.46% 881
FNMA Notes 07/28/2017 07/30/2020 3,898,152.70 3,888,627.94 (9,524.76) 3,910,000.00 AA+ Aaa AAA 1.60% 1,034
FNMA Notes 08/02/2017 07/30/2020 1,596,544.00 1,591,254.40 (5,289.60) 1,600,000.00 AA+ Aaa AAA 1.57% 1,034
FNMA Notes 08/30/2017 07/30/2020 4,674,252.00 4,649,446.45 (24,805.55) 4,675,000.00 AA+ Aaa AAA 1.51% 1,034
FHLMC Notes 03/02/2016 03/27/2019 2,156,300.00 2,066,166.00 (90,134.00) 2,000,000.00 AA+ Aaa AAA 1.15% 543
FHLMC Reference Note 07/19/2016 07/19/2019 5,721,121.30 5,668,605.91 (52,515.39) 5,735,000.00 AA+ Aaa AAA 0.96% 657
FHLMC Reference Note 10/03/2016 07/19/2019 3,488,590.00 3,459,480.50 (29,109.50) 3,500,000.00 AA+ Aaa AAA 0.99% 657
Freddie Mac Agency Note 04/03/2017 01/17/2020 7,720,983.00 7,704,644.63 (16,338.37) 7,725,000.00 AA+ Aaa AAA 1.52% 839
FHLMC Agency Notes 04/19/2017 04/20/2020 1,729,066.30 1,723,946.32 (5,119.98) 1,735,000.00 AA+ Aaa AAA 1.49% 933
Freddie Mac Notes 07/18/2017 08/15/2019 3,459,906.45 3,454,594.61 (5,311.84) 3,465,000.00 AA+ Aaa AAA 1.45% 684
Federal National Mortgage Association 11/12/2015 10/26/2017 2,997,900.00 2,999,661.00 1,761.00 3,000,000.00 AA+ Aaa AAA 0.91% 26
Federal Home Loan Mortgage Corp 09/23/2015 11/17/2017 4,968,054.00 4,573,013.90 (395,040.10) 4,550,000.00 AA+ Aaa AAA 0.78% 48
Wtd. Avg.
Purchase Maturity Unrealized S&P Moody's Fitch Yield Days to
Investment Date Date Book Value Market Value Gain / (Loss) Par Value Rating Rating Rating on Cost Maturity
SANDAG
Detail of Portfolio Balances (by Investment Type)
as of September 30, 2017
Federal Farm Credit Bank 06/15/2015 12/11/2017 4,491,585.00 4,498,290.00 6,705.00 4,500,000.00 AA+ Aaa AAA 0.98% 72
Federal Home Loan Mortgage Corp (Callable) 03/23/2015 12/29/2017 5,000,000.00 4,999,400.00 (600.00) 5,000,000.00 AA+ Aaa AAA 1.05% 90
Federal Home Loan Mortgage Corp 01/28/2013 01/12/2018 4,931,800.00 4,994,155.00 62,355.00 5,000,000.00 AA+ Aaa AAA 1.03% 104
Federal Agricultural Mortgage Corp 01/22/2013 01/24/2018 2,499,375.00 2,499,125.00 (250.00) 2,500,000.00 AA+ Aaa AAA 0.94% 116
Federal Home Loan Mortgage Corp (Callable) 02/25/2013 02/07/2018 2,470,712.00 2,457,332.25 (13,379.75) 2,455,000.00 AA+ Aaa AAA 1.35% 130
Federal National Mortgage Association 02/15/2013 02/08/2018 1,989,480.00 1,997,348.00 7,868.00 2,000,000.00 AA+ Aaa AAA 0.98% 131
Federal Home Loan Bank 03/15/2013 03/09/2018 254,980.00 250,218.25 (4,761.75) 250,000.00 AA+ Aaa AAA 0.96% 160
Federal Home Loan Bank 06/10/2015 03/09/2018 2,012,440.00 2,001,746.00 (10,694.00) 2,000,000.00 AA+ Aaa AAA 1.14% 160
Federal Home Loan Bank 09/24/2015 04/24/2018 4,010,720.00 3,993,920.00 (16,800.00) 4,000,000.00 AA+ Aaa AAA 0.89% 206
Federal Home Loan Bank 05/26/2015 05/21/2018 4,989,850.00 4,991,450.00 1,600.00 5,000,000.00 AA+ Aaa AAA 1.07% 233
Federal Farm Credit Bank 06/11/2015 06/01/2018 4,983,750.00 4,992,150.00 8,400.00 5,000,000.00 AA+ Aaa AAA 1.21% 244
Federal Home Loan Bank 10/09/2015 09/14/2018 5,017,550.00 4,986,785.00 (30,765.00) 5,000,000.00 AA+ Aaa AAA 1.00% 349
Federal Home Loan Bank 10/21/2015 09/14/2018 3,015,210.00 2,992,071.00 (23,139.00) 3,000,000.00 AA+ Aaa AAA 0.95% 349
Federal Home Loan Bank 10/21/2015 09/14/2018 1,256,400.00 1,246,696.25 (9,703.75) 1,250,000.00 AA+ Aaa AAA 0.94% 349
Federal Home Loan Bank 08/20/2015 10/30/2018 4,994,550.00 4,982,500.00 (12,050.00) 5,000,000.00 AA+ Aaa AAA 1.16% 395
Federal National Mortgage Association 05/26/2015 11/27/2018 5,576,230.00 5,507,155.50 (69,074.50) 5,500,000.00 AA+ Aaa AAA 1.22% 423
Federal Home Loan Mortgage Corp (Callable) 04/25/2016 01/28/2019 4,993,250.00 4,973,450.00 (19,800.00) 5,000,000.00 AA+ Aaa AAA 1.20% 485
Federal Farm Credit Bank 08/31/2015 01/30/2019 4,004,520.00 3,992,200.00 (12,320.00) 4,000,000.00 AA+ Aaa AAA 1.29% 487
Federal National Mortgage Association 10/20/2015 02/25/2019 4,024,800.00 3,987,280.00 (37,520.00) 4,000,000.00 AA+ Aaa AAA 1.11% 513
Federal Home Loan Bank 04/22/2016 03/08/2019 5,057,500.00 5,002,125.00 (55,375.00) 5,000,000.00 AA+ Aaa AAA 1.09% 524
Federal Home Loan Mortgage Corp 05/25/2016 04/15/2019 6,994,820.00 6,964,447.00 (30,373.00) 7,000,000.00 AA+ Aaa AAA 1.15% 562
Federal Farm Credit Bank (Callable) 05/09/2016 05/16/2019 5,500,000.00 5,467,275.00 (32,725.00) 5,500,000.00 AA+ Aaa AAA 1.17% 593
Federal Home Loan Mortgage Corp 04/22/2016 10/28/2019 5,000,000.00 4,964,150.00 (35,850.00) 5,000,000.00 AA+ Aaa AAA 1.25% 758
Federal National Mortgage Association (Callable) 10/03/2016 03/30/2020 5,097,450.00 5,026,458.00 (70,992.00) 5,100,000.00 AA+ Aaa AAA 1.26% 912
Federal Home Loan Mortgage Corp (Callable) 10/03/2016 07/06/2020 5,498,625.00 5,438,235.00 (60,390.00) 5,500,000.00 AA+ Aaa AAA 1.38% 1,010
United States Treasury Note/Bond 01/11/2016 07/31/2018 4,529,003.91 4,501,408.50 (27,595.41) 4,500,000.00 AA+ Aaa AAA 1.12% 304
United States Treasury Note/Bond 06/11/2015 01/31/2019 4,974,218.75 4,989,260.00 15,041.25 5,000,000.00 AA+ Aaa AAA 1.40% 488
United States Treasury Note/Bond 03/08/2017 06/15/2019 3,652,449.22 3,664,302.40 11,853.18 3,700,000.00 AA+ Aaa AAA 1.45% 623
United States Treasury Note/Bond 10/13/2016 09/30/2019 4,998,437.50 4,953,515.00 (44,922.50) 5,000,000.00 AA+ Aaa AAA 1.01% 730
United States Treasury Note/Bond 10/13/2016 12/31/2019 4,810,125.00 4,758,936.00 (51,189.00) 4,800,000.00 AA+ Aaa AAA 1.06% 822
FHLB 10/15/2015 10/26/2017 824,043.00 824,779.73 736.73 825,000.00 AA+ Aaa NR 0.68% 26
Total U.S. Agencies 262,668,921.25$ 260,831,630.97$ (1,837,290.28)$ 261,735,367$ 1.15% 537
Corporate Medium Term Notes:
Chevron Corp (Callable) Global Notes 08/17/2016 12/05/2017 1,742,862.87$ 1,740,164.32$ (2,698.55)$ 1,741,000.00$ AA- Aa2 NR 1.02% 66
Chevron Corp Note 08/18/2016 11/15/2017 5,324,062.00 5,300,492.90 (23,569.10) 5,300,000.00 AA- Aa2 NR 0.97% 46
Coca-Cola Co Global Note 08/24/2016 04/01/2018 7,120,093.00 7,090,429.20 (29,663.80) 7,100,000.00 AA- Aa3 A+ 0.97% 183
Exxon Mobil Corp Notes 08/17/2016 03/01/2018 2,718,549.00 2,701,066.50 (17,482.50) 2,700,000.00 AA+ Aaa NR 0.98% 152
Exxon Mobil Corp Notes 08/24/2016 03/01/2018 3,424,582.00 3,401,343.00 (23,239.00) 3,400,000.00 AA+ Aaa NR 0.95% 152
Wtd. Avg.
Purchase Maturity Unrealized S&P Moody's Fitch Yield Days to
Investment Date Date Book Value Market Value Gain / (Loss) Par Value Rating Rating Rating on Cost Maturity
SANDAG
Detail of Portfolio Balances (by Investment Type)
as of September 30, 2017
Exxon Mobil Corp Notes 08/19/2016 03/01/2018 1,006,970.00 1,000,395.00 (6,575.00) 1,000,000.00 AA+ Aaa NR 0.98% 152
IBM Corp Notes 08/18/2016 02/06/2018 7,124,637.00 7,094,007.60 (30,629.40) 7,100,000.00 A+ A1 A+ 0.88% 129
Coca-Cola Co Global Note 06/17/2016 04/01/2018 1,507,590.00 1,497,978.00 (9,612.00) 1,500,000.00 AA- Aa3 A+ 0.86% 183
JP Morgan Chase Corp Notes (Callable) 06/17/2016 03/01/2018 1,507,110.00 1,500,450.00 (6,660.00) 1,500,000.00 A- A3 A+ 1.42% 152
Merck & Co Inc Corp Notes 06/17/2016 01/31/2018 1,505,910.00 1,499,407.50 (6,502.50) 1,500,000.00 AA A1 Au 0.85% 123
Microsoft Corp Notes 06/17/2016 11/03/2018 1,509,285.00 1,497,582.00 (11,703.00) 1,500,000.00 AAA Aaa AA+u 1.03% 399
Wal-Mart Stores Inc 06/17/2016 12/15/2018 1,537,620.00 1,508,455.50 (29,164.50) 1,500,000.00 AA Aa2 AA 0.93% 441
The Walt Disney Corp 06/17/2016 09/17/2018 506,355.00 500,191.00 (6,164.00) 500,000.00 A+ A2 A 0.92% 352
JP Morgan Chase Corp Notes (Callable) 06/17/2016 03/01/2018 502,370.00 500,150.00 (2,220.00) 500,000.00 A- A3 A+ 1.42% 152
Merck & Co Inc Corp Notes 06/17/2016 01/31/2018 501,970.00 499,802.50 (2,167.50) 500,000.00 AA A1 Au 0.85% 123
American Express Credit (Callable) Corp 09/01/2017 03/03/2020 3,024,630.00 3,015,696.00 (8,934.00) 3,000,000.00 A- A2 A 1.86% 885
American Honda Finance Corp Notes 02/18/2016 02/22/2019 1,144,771.00 1,144,528.26 (242.74) 1,145,000.00 A+ A1 NR 1.71% 510
Apple Inc Bonds 02/02/2017 02/07/2020 3,503,282.55 3,517,085.24 13,802.69 3,505,000.00 AA+ Aa1 NR 1.92% 860
Berkshire Hathaway Inc Notes 03/08/2016 03/15/2019 839,361.60 841,626.24 2,264.64 840,000.00 AA Aa2 A+u 1.73% 531
Berkshire Hathaway Inc Corporate Notes 08/08/2016 08/15/2019 959,068.80 953,139.84 (5,928.96) 960,000.00 AA Aa2 A+u 1.33% 684
Caterpillar Finl Service Note 09/05/2017 09/04/2020 1,463,769.40 1,458,240.49 (5,528.91) 1,465,000.00 A A3 A 1.88% 1,070
Chevron Corp Notes 02/28/2017 02/28/2019 1,470,000.00 1,470,449.82 449.82 1,470,000.00 AA- Aa2 NR 1.69% 516
John Deere Capital Corp Note 09/08/2015 08/10/2018 3,736,334.80 3,747,248.12 10,913.32 3,740,000.00 A A2 A 1.79% 314
John Deere Capital Corp Note 01/05/2016 01/08/2019 949,943.00 953,762.00 3,819.00 950,000.00 A A2 A 1.95% 465
General Electric Co Corporate Note 09/25/2017 05/04/2020 3,829,770.00 3,824,534.00 (5,236.00) 3,500,000.00 AA- A1 AA- 1.83% 947
Home Depot Inc Corp Notes 05/24/2017 06/05/2020 1,044,393.90 1,045,763.90 1,370.00 1,045,000.00 A A2 Au 1.82% 979
IBM Credit Corp 09/05/2017 09/06/2019 1,678,723.20 1,678,711.44 (11.76) 1,680,000.00 A+ A1 A+ 1.66% 706
JP Morgan Chase & Co 01/03/2017 01/28/2019 1,354,338.00 1,350,019.18 (4,318.82) 1,340,000.00 A- A3 A+ 1.82% 485
State Street Corp Notes 09/01/2017 08/18/2020 3,063,060.00 3,051,999.00 (11,061.00) 3,000,000.00 A A1 AA- 1.81% 1,053
Toyota Motor Credit Corp 02/16/2016 02/19/2019 699,916.00 699,763.40 (152.60) 700,000.00 AA- Aa3 Au 1.70% 507
Toyota Motor Credit Corp 04/11/2017 04/17/2020 2,039,061.60 2,040,744.60 1,683.00 2,040,000.00 AA- Aa3 Au 1.97% 930
Wells Fargo & Co Corp Bonds 02/01/2017 01/30/2020 3,626,203.30 3,644,850.85 18,647.55 3,635,000.00 A A2 A+ 2.23% 852
International Business Machines Corp 02/04/2015 02/06/2018 2,993,400.00 2,997,468.00 4,068.00 3,000,000.00 A+ A1 A+ 1.20% 129
Wal-Mart Stores Inc 04/11/2013 04/11/2018 500,215.00 499,328.50 (886.50) 500,000.00 AA Aa2 AA 1.12% 193
Wal-Mart Stores Inc 09/18/2015 04/11/2018 1,798,470.00 1,797,582.60 (887.40) 1,800,000.00 AA Aa2 AA 1.16% 193
Apple Inc 07/31/2013 05/03/2018 1,925,040.00 1,995,320.00 70,280.00 2,000,000.00 AA+ Aa1 - 1.83% 215
Berkshire Hathaway Finance Corp 06/11/2015 08/15/2018 5,081,575.00 5,024,655.00 (56,920.00) 5,000,000.00 AA Aa2 A+ 1.47% 319
Caterpillar Financial Services 11/13/2015 11/13/2018 2,006,560.00 2,002,528.00 (4,032.00) 2,000,000.00 A A3 A 1.69% 409
Microsoft Corp 07/06/2015 12/06/2018 5,060,450.00 5,007,795.00 (52,655.00) 5,000,000.00 AAA Aaa AA+ 1.26% 432
Exxon Mobil Corp (Callable) 08/04/2016 03/15/2019 8,142,400.00 8,044,816.00 (97,584.00) 8,000,000.00 AA+ Aaa - 1.12% 531
Caterpillar Financial Services 08/31/2016 05/18/2019 2,243,091.20 2,225,388.48 (17,702.72) 2,240,000.00 A A3 A 1.30% 595
Pfizer Inc 06/20/2016 06/03/2019 4,012,200.00 3,987,168.00 (25,032.00) 4,000,000.00 AA A1 A+ 1.34% 611
Pfizer Inc 06/20/2016 06/03/2019 2,006,100.00 1,993,584.00 (12,516.00) 2,000,000.00 AA A1 A+ 1.34% 611
Toyota Motor Credit 01/12/2017 07/18/2019 6,039,300.00 6,041,910.00 2,610.00 6,000,000.00 AA- Aa3 A 1.86% 656
Wtd. Avg.
Purchase Maturity Unrealized S&P Moody's Fitch Yield Days to
Investment Date Date Book Value Market Value Gain / (Loss) Par Value Rating Rating Rating on Cost Maturity
SANDAG
Detail of Portfolio Balances (by Investment Type)
as of September 30, 2017
Pepsico Inc 08/08/2017 10/04/2019 3,881,748.00 3,888,393.60 6,645.60 3,900,000.00 A+ A1 A 1.57% 734
Wells Fargo Bank 09/05/2017 12/06/2019 4,033,000.00 4,021,108.00 (11,892.00) 4,000,000.00 AA- Aa2 AA 1.77% 797
American Express Credit Corp (Callable) 09/11/2017 03/03/2020 2,822,876.00 2,814,649.60 (8,226.40) 2,800,000.00 A- A2 A 1.86% 885
Total Corporate Medium Notes 124,513,018.22$ 124,111,772.18$ (401,246.04)$ 123,596,000.00$ 1.42% 483
Commercial Paper:
Bank Of Tokyo Mitsubishi UFJ Comm Paper 04/06/2017 10/10/2017 843,851.67$ 849,694.00$ 5,842.33$ 850,000.00$ A-1 P-1 NR 1.41% 10
Bnp Paribas NY Branch Comm Paper 04/11/2017 10/10/2017 844,370.64 849,701.65 5,331.01 850,000.00 A-1 P-1 F1 1.32% 10
Credit Agricole Cib NY Comm Paper 04/12/2017 10/10/2017 844,444.31 849,702.50 5,258.19 850,000.00 A-1 P-1 F1 1.31% 10
JP Morgan Securities LLC Comm Paper 04/06/2017 10/06/2017 844,296.50 849,800.25 5,503.75 850,000.00 A-1 P-1 F1+ 1.33% 6
Toyota Motor Credit Corp Comm Paper 04/06/2017 10/11/2017 844,786.67 849,687.20 4,900.53 850,000.00 A-1+ P-1 NR 1.21% 11
Total Commercial Paper 4,221,749.79$ 4,248,585.60$ 26,835.81$ 4,250,000.00$ 1.31% 9
Municipal Bonds/Notes :
Ms St Txbl Go Bonds 02/04/2015 10/01/2017 230,000.00$ 230,000.00$ -$ 230,000.00$ AA Aa2 NR 1.09% 1
Total Municipal Bonds/Notes 230,000.00$ 230,000.00$ -$ 230,000.00$ 1.09% 1
Supra-National Agency Bond/Note
Int'l Bank Of Reconstruction and Dev Notes 09/27/2017 10/07/2019 1,844,909$ 1,842,949$ (1,959.78) 1,835,000$ AAA Aaa AAAu 1.60% 737
Int'l Bank Of Reconstruction and Dev Note 09/12/2017 09/12/2020 3,666,180.00 3,643,670.63 (22,509.37) 3,675,000.00 AAA Aaa AAAu 1.64% 1,078
Int'L Bank For Recon and Development 04/07/2017 04/21/2020 5,025,900.00 5,020,565.00 (5,335.00) 5,000,000.00 AAA Aaa AAA 1.70% 934
Total Supra-National Agency Bond/Notes 10,536,989.00$ 10,507,184.85$ (29,804.15)$ 10,510,000.00$ 1.66% 949
Certificates of Deposits :
Bank Of Nova Scotia Houston Lt CD 04/05/2017 04/05/2019 4,440,000.00$ 4,434,223.56$ (5,776.44)$ 4,440,000.00$ A+ A1 NR 1.91% 552
Bank Of Montreal Chicago Cert Deposit 02/08/2017 02/07/2019 5,000,000.00 5,020,285.00 20,285.00 5,000,000.00 A+ A1 NR 1.90% 495
Bank Tokyo Mitsubishi UFJ Ltd Lt CD 09/25/2017 09/25/2019 1,950,000.00 1,949,379.90 (620.10) 1,950,000.00 A+ A1 NR 2.07% 725
Canadian Imperial Bank NY CD 12/01/2016 11/30/2018 4,421,548.50 4,436,155.43 14,606.93 4,425,000.00 A+ A1 NR 1.78% 426
Nordea Bank Finland NY CD 12/01/2016 11/30/2018 4,320,000.00 4,330,890.72 10,890.72 4,320,000.00 AA- Aa3 NR 1.74% 426
Royal Bank Of Canada NY CD 03/11/2016 03/09/2018 3,325,000.00 3,329,588.50 4,588.50 3,325,000.00 A-1+ P-1 NR 1.69% 160
Svenska Handelsbanken NY Lt CD 01/10/2017 01/10/2019 5,000,000.00 4,983,975.00 (16,025.00) 5,000,000.00 AA- Aa2 NR 1.91% 467
Toronto Dominion Bank NY CD 03/14/2016 03/14/2018 2,560,000.00 2,563,916.80 3,916.80 2,560,000.00 A-1+ P-1 NR 1.72% 165
Westpac Banking Corp NY CD 08/03/2017 08/03/2020 3,500,000.00 3,516,954.00 16,954.00 3,500,000.00 AA- Aa3 AA-e 2.05% 1,038
Skandinav Enskilda Banken NY CD 08/03/2017 08/02/2019 3,898,479.00 3,896,451.00 (2,028.00) 3,900,000.00 A+ Aa3 NR 1.85% 671
Total Certificates of Deposits 38,415,027.50$ 38,461,819.91$ 46,792.41$ 38,420,000.00$ 1.86% 510
Asset-Backed Security :
Ally ABS 03/21/2017 08/15/2021 799,905.68$ 799,588.80$ (316.88)$ 800,000$ NR Aaa AAA 1.79% 1,415
Ally ABS 01/24/2017 06/15/2021 769,932.70 769,034.96 (898) 770,000.00 NR Aaa AAA 1.70% 1,354
Wtd. Avg.
Purchase Maturity Unrealized S&P Moody's Fitch Yield Days to
Investment Date Date Book Value Market Value Gain / (Loss) Par Value Rating Rating Rating on Cost Maturity
SANDAG
Detail of Portfolio Balances (by Investment Type)
as of September 30, 2017
CNH ABS 09/13/2016 02/15/2020 794,500.58 793,258.82 (1,242) 794,572.88 AAA Aaa NR 1.27% 868
Honda ABS 03/21/2017 07/21/2021 459,972.63 459,744.88 (228) 460,000.00 NR Aaa AAA 1.72% 1,390
Hyundai ABS 09/14/2016 04/15/2021 1,099,851.94 1,091,463.12 (8,388.82) 1,100,000.00 AAA Aaa NR 1.30% 1,293
Hyundai ABS 03/22/2016 09/15/2020 659,871.96 659,329.77 (542.19) 660,000.00 AAA Aaa NR 1.57% 1,081
Hyundai ABS 03/22/2017 08/15/2021 429,965.21 429,741.96 (223.25) 430,000.00 AAA NR AAA 1.76% 1,415
Hyundai ABS 08/09/2017 01/15/2022 1,254,782.51 1,252,594.17 (2,188.34) 1,255,000.00 AAA Aaa NR 1.78% 1,568
John Deere ABS 02/22/2017 04/15/2021 529,924.53 529,987.86 63.33 530,000.00 NR Aaa AAA 1.79% 1,293
Nissan ABS 04/18/2016 01/15/2021 494,923.23 492,774.88 (2,148.35) 495,000.00 NR Aaa AAA 1.33% 1,203
Toyota ABS 02/23/2016 03/15/2020 1,579,910.41 1,576,559.39 (3,351.02) 1,580,000.00 AAA Aaa NR 1.25% 897
Toyota ABS 08/01/2016 08/15/2020 659,982.31 656,764.68 (3,217.63) 660,000.00 AAA Aaa NR 1.14% 1,050
Toyota ABS 03/07/2017 02/15/2021 254,969.99 254,838.76 (131.23) 255,000.00 AAA Aaa NR 1.74% 1,234
Total Asset-Backed Security 9,788,493.68$ 9,765,682.05$ (22,811.63)$ 9,789,572.88$ 1.51% 1,218
Certificates of Participation:
North County Transit District Certificates of Participation 09/15/2017 12/06/2017 25,550,000.00$ 25,550,000.00$ -$ 25,550,000.00$ NR A1 NR 0.88% 68
Total Certificates of Participation 25,550,000.00$ 25,550,000.00$ -$ 25,550,000.00$ 0.88% 68
Total investments 531,315,695.09$ 529,098,171.21$ (2,217,523.88)$ N/A 1.26% 480
Total Portfolio: 794,313,522.46$ 792,160,353.83$ (2,153,168.63)$ N/A 1.19% 353
Legend:
Automated Regional Justice Information System (ARJIS)
Commercial Paper (CP)
State of California Local Agency Investment Fund (LAIF)
North County Transit District (NCTD)
San Diego County Regional Transportation Commission (RTC)