RATIFICATION OF PREVIOUS ACTIONS BY THE ... - Golden Gate

BOX 9000, PRESIDIO STATION ♦ SAN FRANCISCO, CA 94129-0601 ♦ USA

Agenda Item No. (3) To: Finance-Auditing Committee/Committee of the Whole Meeting of April 26, 2019 From: Joseph M. Wire, Auditor-Controller Denis Mulligan, General Manager Subject: RATIFICATION OF PREVIOUS ACTIONS BY THE AUDITOR-

CONTROLLER Recommendation The Finance-Auditing Committee recommends: a. The Board of Directors ratifies commitments and/or expenditures totaling $42,201.00 for the

period March 1, 2019, through March 31, 2019 (See Attachment A for details).

b. The Board of Directors ratifies investments made during the period March 12, 2019, through April 15, 2019 (See Attachment A for additional information).

c. The Board of Directors authorizes the reinvestment, within the established policy of the

Board, of any investments maturing between April 15, 2019, and May 6, 2019, as well as the investment of all other funds not required to cover expenditures which may become available.

d. The Board of Directors accepts the Investment Report for March 2019 (see Attachment B for

details). Fiscal Impact There is no fiscal impact on District Operations or Capital Expenditures. The investments made by the Auditor-Controller will earn the District investment income. Attachments

Finance-Auditing Committee/Committee of the Whole Agenda Item No. (3) Meeting of April 26, 2019 Page 2

ATTACHMENT A

RATIFY PAYMENT OF BILLS Summary This report reflects significant disbursements for the period March 1, 2019, through March 31, 2019. All commitments/expenditures in excess of $10,000 that have not been previously approved by the Board are listed below.

Vendor Description Division Amount Marin Airporter Toll Reimbursement Bridge $27,302.00Sonoma Airporter Toll Reimbursement Bridge $14,899.00TOTAL $42,201.00

Finance-Auditing Committee/Committee of the Whole Agenda Item No. (3) Meeting of April 26, 2019 Page 3

RATIFICATION OF PREVIOUS INVESTMENTS Summary During the reporting period March 12, 2019, through April 15, 2019, $9,070,000.00 matured. This report lists investments made by the Auditor-Controller of maturing funds available for reinvestment and any other money made available during this period:

SECURITY PURCHASE

DATE MATURITY

DATE ORIGINAL

COST PERCENT

YIELD Branch Banking & Trust Corporate Notes

03/18/19 06/20/22 $2,499,925.00 3.05%

Credit Agricole CIB NY Cert Deposit

04/04/19 04/02/21 $2,500,000.00 2.80%

Natixis NY Branch Commercial Paper

03/18/19 06/12/19 $5,546,008.50 2.57%

Market Summary Quotations as of April 15, 2019, for collateralized public time deposits over $100,000 and representative money market securities are shown below:

Category 90 DAYS 180 DAYS 360 DAYS

Bank C.D. 2.53% 2.60% 2.65%

Treasury Bills 2.385% 2.39%

Commercial Paper 2.55% 2.60%

At the District’s request, we have shown yield information for the District’s liquidity vehicles. Quarterly Average Yield1 March 31, 2019 CAMP 2.62%

1. The quarterly average yield for the CAMP Pool (the "Pool") is the average of the monthly distribution yield for

the three months ended March 31, 2019. The monthly distribution yield represents the net change in the value of a hypothetical account with a value of one share (normally $1.00 per share) resulting from all dividends declared during a month by the Pool expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month. The monthly distribution yields are sourced from CAMP's website at: https://www.camponline.com/uploadedFiles/CAMP/LeftMenu/ShareholderResources/Monthly_Distribution_Yields/CAMP%20Monthly%20Distribution%20Yield%20Sheet%20March%202019.pdf

Quarterly Apportionment Rate2 March 31, 2019 LAIF 2.55%

2. The quarterly apportionment rate is sourced from LAIF’s website at:

https://www.treasurer.ca.gov/pmia-laif/historical/quarterly.asp

Golden Gate Bridge,Highway & Transportation District

Investment Report

March 2019

PFM Asset Management LLC Page 1

1.5%

2.0%

2.5%

3.0%

Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19

2-Year U.S. Treasury YieldMarch 31, 2018 – March 31, 2019

• After remaining largely range-bound thus far in 2019, the yield on the 2-year U.S. Treasury note dropped significantly in late March as the Federal Reserve signaled a pause in future rate hikes.

• Longer maturity yields fell more than shorter maturities during the month and, in mid-March, the 3-month to 10-year part of the yield curve inverted for a brief period.

• At month-end, the yield curve remained inverted between 1- and 5- year maturities.

Treasury Yield Curve Update

3/31/19 2/28/19

Month-

over-

Month

Change

3/31/18

3-month 2.38% 2.43% -0.05% 1.70%

6-month 2.42% 2.49% -0.07% 1.91%

1-year 2.39% 2.54% -0.15% 2.08%

2-year 2.26% 2.51% -0.25% 2.27%

3-year 2.20% 2.49% -0.29% 2.38%

5-year 2.23% 2.51% -0.28% 2.56%

U.S. Treasury Yield Curve

Source: Bloomberg.

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3M6M 1Y 2Y 3Y 5Y

Yie

ld

Maturity

March 31, 2019

February 28, 2019

March 31, 2018

Fed Signals

No More Rate

Hikes


• At its most recent meeting in March, the Federal Reserve (Fed), changed course from its path of slow, steady rate increases as it put future rate hikes on hold.

• As recently as December 2018, the Fed called for two rate increases in 2019; three months later, the Fed dropped its expectations of 2019 rate hikes to zero.

Fed on Hold

Sources: The Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the

appropriate target range for the federal funds rate at each year-end. Fed funds futures as of 3/20/19.

.

0%

1%

2%

3%

4%

5%

Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy

Mar-19 FOMC Projections

Mar-19 Median

Fed Funds Futures

2019 2020 2021

Fed expects no

more

hikes in 2019

History of

Recent

Fed Rate Hikes

Dec ’18 2.25 - 2.50%

Sept ’18 2.00 - 2.25%

Jun ’18 1.75 - 2.00%

Mar ’18 1.50 - 1.75%

Dec ’17 1.25 - 1.50%

Jun ’17 1.00 - 1.25%

Mar ’17 0.75 - 1.00%

Dec ’16 0.50 - 0.75%

Dec ’15 0.25 - 0.50%

Longer Term


• In response to the changing sentiment by the Fed, market participants are now pricing in a 30% chance of a rate cut by year-end.

Markets Expect the Next Fed Move Will Be a Rate Cut

Source: Bloomberg, as of 3/28/2019.

3.4

%2019 Rate Moves

Priced into the Futures Market

-

0.30%

1

3

2

1

2

Hikes

Cuts

-0.50%

-0.25%

0.00%

0.25%

0.50%

0.75%

Mar '18 May '18 Jul '18 Sep '18 Nov '18 Jan '19 Mar '19

2


• Decreasing mortgage rates may be a boon to the housing market.

• Mortgage demand rose to the highest level since the fall of 2016 amid increasing refinancing activity.

Lower Rates Help Jump Start the Housing Market

Source: Bankrate.com U.S. Home Mortgage 30 Year Fixed National Average; Bloomberg, as of 3/31/19.

3.0%

3.5%

4.0%

4.5%

5.0%

Mar-16 Mar-17 Mar-18 Mar-19

30-Year Fixed Rate Mortgage Average

425k

475k

525k

575k

625k

675k

725k

775k

4.4

4.6

4.8

5.0

5.2

5.4

5.6

5.8

Feb-16 Feb-17 Feb-18 Feb-19

(milli

on

s)

Housing SalesExisting Home Sales (LT, mil.) New Home Sales (RT, thous.)


100k

200k

300k

400k

500k

600k

700k

Initial Jobless Claims

• The recent, short-lived inversion in the 3-month to 10-year area of the yield curve has renewed recessionary fears; however, most major market indicators do not portend an imminent recession.

Most Market Indicators Not Pointing to an

Imminent Recession

3.4

%

-400

-200

0

200

400

600

1977 1983 1989 1995 2001 2007 2013 2019

Yield Curve (bps)10-year – 3-month

0

100

200

300

400

500

600

700

Corporate Yield Spreads1-5 Year A-AAA (OAS)

30

35

40

45

50

55

60

65

ISM Manufacturing

Source: Bloomberg, as of 3/31/19.

400

600

800

1,000

1,200

1,400

1,600

Housing Starts (000s, saar)


General Fund Portfolio

• The portfolio is in compliance with the California Government Code and the District’s

Investment Policy.

• The portfolio remains well diversified among U.S. Treasuries, federal agencies, negotiable certificates of deposit, high-quality corporate notes, municipals, supranationals, asset-backed securities (ABS), and CAMP.

March Trade Activity

• High-quality corporate notes continued to offer attractive yields relative to government obligations. Additionally, the positively-sloped corporate yield curve provides incremental yield for longer-dated maturities. During the month of March, PFM purchased $3.3 million of corporate notes with approximately three years to maturity at an average yield of 2.99%. This represents a pick-up in yield of 52 basis points (0.52%) over similar-maturity U.S. Treasury obligations. These purchases were funded with the proceeds of maturing securities and via transfers from the District’s CAMP account.

Investment Report: Portfolio Update

Trade

Date

Settle

DateAction Description Par Maturity

Yield to

Maturity

(Market)

3/04/19 3/11/19 Purchase Pfizer Inc Corporate Note $800,000 3/11/2022 2.80%

3/15/19 3/15/19 Maturity Berkshire Hathaway Inc Corporate Note $1,020,000 3/15/19 -

3/11/19 3/18/19 Purchase BB&T Corporate Note $2,500,000 6/20/2022 3.05%


Outlook

• Economic growth here in the U.S. and globally seems to be slowing, but consumer spending at home continues to be supportive of a solid economy. Inflation has been hovering around the Fed’s long-term target of 2%, and the Fed’s tightening cycle is likely to remain on hold for the time being.

• Although yield spreads (the difference in yields between corporate and U.S. Treasury obligations) have narrowed sharply since the end of 2018, the corporate sector continues to offer attractive yields relative to comparable-maturity Treasuries as the corporate curve remains positively sloped. We will continue to look for opportunities to swap into high-quality, longer-dated corporate obligations at wider spreads as existing holdings near maturity.

• The federal agency sector generally continues to trade at levels tight to Treasuries throughout the curve; as such, we will await spread widening or new supply that comes to market. Callables remain relatively attractive in the flat-to-inverted yield curve environment, and we will evaluate new issues for purchase as they come to market.

• Asset-backed securities (ABS) have been a viable alternative to other credit instruments, offering attractive incremental income relative to other high-quality sectors with less volatility than traditional corporate notes. We will continue to monitor the markets for opportunities to increase the portfolio’s allocation to ABS as appropriate.

• Broad diversification across all permissible sectors remains a key component of our strategy for safely generating incremental earnings for the District’s portfolio. While we continue to seek opportunities to prudently enhance earnings, our priority will always be to maintain the safety and liquidity of the District’s investments.

Investment Report: Outlook


Notes:

1. Detail may not add to total due to rounding.

Investment Report: Portfolio Analysis

Corporate Notes 24%

IBM 2%American Honda Finance 2%Goldman Sachs 2%American Express 2%JPMorgan Chase 2%Walt Disney Company 1%Chevron 1%Morgan Stanley 1%BB&T 1%Intel Corp 1%Wells Fargo 1%Wal-Mart Stores 1%Cisco Systems 1%Citigroup 1%Bank of America 1%Pfizer Inc. 1%John Deere Capital Corp 1%Apple Inc. 1%Caterpillar Financial 1%Unilever Capital 1%Microsoft Corp. 1%Toyota Motor Credit <1%Procter&Gamble <1%Home Depot Inc. <1%Berkshire Hathaway <1%3M <1%Paccar Inc. <1%Honeywell International <1%

Certificates of Deposit 19%

Mizuho Bank LTD NY 3%Bank of Nova Scotia Houston 2%Sumitomo Mitsui Bank NY 2%Skandinaviska Enskilda NY 2%Toronto Dominion Bank NY 2%Westpac Banking Corp NY 1%Cooperative Rabobank CD 1%Credit Suisse NY 1%Bank of Montreal Chicago 1%Royal Bank of Canada NY 1%Mitsubushi UFJ Financial Group 1%UBS AG Stamford CT 1%Canadian Imperial Bank NY 1%Credit Agricole CIB NY 1%Bank of Tokyo Mitsubishi 1%

Federal Agencies 25%

FNMA 10%FHLB 10%FHLMC 5%

Municipals 3%

State of California 3%

U.S.

Treasury

5%

• The maturity distribution and portfolio yields, as of March 31, 2019, are shown below.

Portfolio Yield

Combined Portfolios (excl. LAIF and CAMP) 2.22%

Combined Portfolios (incl. LAIF and CAMP) 2.27%

Portfolio Yield

March 31, 2019Maturity Distribution1

March 31, 2019

Supranationals 5%

IBRD (World Bank) 3%Inter-American Devel. Bank 2%

General Fund, Special Operating Reserve, and CP DSR Funds Combined1

Asset-Backed Securities 5%

Honda ABS 1%GM Financial ABS 1%American Express Credit ABS 1%Ally ABS 1%Nissan ABS 1%Mercedes Benz ABS 1%Ford ABS <1%Hyundai ABS <1%John Deere ABS <1%Toyota ABS <1%

CAMP

11%

Commercial Paper 2%

Natixis NY 2%

11%

25%

11%

25%23%

5%

<1%0%

10%

20%

30%

Overnight 1 Day - 6Months

6 - 12Months

1 - 2Years

2 - 3Years

3 - 4Years

4 - 5Years

MEMORANDUM

To: Finance-Auditing Committee/Committee of the Whole Meeting of April 26, 2019 From: Joseph M. Wire, Auditor-Controller Denis Mulligan, General Manager Re: District Investment Report, March 2019 Attached to this memo is a listing of the District’s investments. The investment portfolio is in compliance with the District’s Investment Policy and the California Government Code 53601. The District has sufficient cash and investments to meet its expenditure requirements for the next six months.

DATE OFMATURITY SECURITY INVESTMENT YIELD DESCRIPTION MARKET VALUE PAR Cost

07/15/20 ABS 01/26/16 1.39 FORD ABS 2016-A A3 79,982.98$ 80,058.07$ 80,056.37$ 12/18/19 ABS 02/25/16 1.23 HONDA ABS 2016-1 A3 2,779.40 2,781.09 2,780.69 03/15/20 ABS 03/02/16 1.25 TOYOTA ABS 2016-A A3 138,569.27 138,717.21 138,709.34 09/15/20 ABS 03/30/16 1.57 HYUNDAI ABS 2016-A A3 131,998.96 132,254.57 132,228.91 10/15/20 ABS 04/26/16 1.33 FORD ABS 2016-B A3 86,551.15 86,774.96 86,766.73 01/15/21 ABS 04/27/16 1.33 NISSAN ABS 2016-B A3 299,165.82 300,635.02 300,588.38 08/15/20 ABS 05/31/16 1.44 ALLY ABS 2016-3 A3 78,420.35 78,524.10 78,516.47 01/15/21 ABS 08/10/16 1.18 NISSAN ABS 2016-C A3 258,877.25 260,451.47 260,426.57 06/15/21 ABS 01/31/17 1.70 ALLY ABS 2017-1 A3 338,942.17 340,517.92 340,488.15 04/15/21 ABS 03/02/17 1.79 JOHN DEERE ABS 2017-A A3 298,726.04 300,163.64 300,120.90 08/15/21 ABS 03/29/17 1.79 ALLY ABS 2017-2 A3 1,240,771.15 1,246,470.89 1,246,323.92 08/15/21 ABS 03/29/17 1.76 HYUNDAI ABS 2017-A A3 826,859.21 831,505.50 831,438.23 12/15/21 ABS 05/30/17 1.65 AMERICAN EXPRESS ABS 2017-4 A 1,697,337.80 1,700,000.00 1,699,727.66 05/16/23 ABS 07/18/18 3.03 GMCAR 2018-3 A3 1,017,926.68 1,010,000.00 1,009,764.47 01/15/23 ABS 07/25/18 3.03 MBART 2018-1 A3 1,445,972.58 1,435,000.00 1,434,944.90 03/15/23 ABS 07/25/18 3.06 NAROT 2018-B A3 907,731.81 900,000.00 899,970.84 12/15/21 ABS 09/21/18 3.41 FORDL 2018-B A3 1,007,564.90 1,000,000.00 999,915.50 06/20/21 ABS 09/26/18 3.19 GMALT 2018-3 A3 740,121.33 735,000.00 734,941.94 01/15/23 ABS 11/28/18 3.17 HAROT 2018-4 A3 2,335,601.96 2,310,000.00 2,309,654.66 04/05/19 CD 04/06/17 1.91 BANK OF NOVA SCOTIA HOUSTON CD 2,499,632.50 2,500,000.00 2,500,000.00 05/03/19 CD 05/04/17 2.05 SUMITOMO MITSUI BANK NY CD 4,997,715.00 5,000,000.00 5,000,000.00 08/02/19 CD 08/04/17 1.85 SKANDINAVISKA ENSKILDA BANKEN NY CD 4,986,855.00 5,000,000.00 4,998,050.00 08/03/20 CD 08/07/17 2.05 WESTPAC BANKING CORP NY CD 3,569,863.69 3,590,000.00 3,590,000.00 09/25/19 CD 09/27/17 2.07 MUFG BANK LTD/NY CERT DEPOS 1,992,510.00 2,000,000.00 2,000,000.00 02/07/20 CD 02/08/18 2.67 CREDIT SUISSE NEW YORK CERT DEPOS 2,502,825.00 2,500,000.00 2,500,000.00 03/02/20 CD 03/06/18 2.93 UBS AG STAMFORD CT LT CD 2,508,052.50 2,500,000.00 2,500,000.00 04/10/20 CD 04/10/18 2.78 CANADIAN IMP BK COMM NY FLT CERT DEPOS 2,005,018.00 2,000,000.00 2,000,000.00 04/10/20 CD 04/10/18 2.85 CREDIT AGRICOLE CIB NY FLT CERT DEPOS 2,004,260.00 2,000,000.00 2,000,000.00 06/05/20 CD 06/07/18 3.10 BANK OF NOVA SCOTIA HOUSTON CD 2,517,500.00 2,500,000.00 2,499,050.00 06/07/21 CD 06/08/18 3.24 ROYAL BANK OF CANADA NY CD 2,532,992.50 2,500,000.00 2,500,000.00 07/08/19 CD 07/09/18 2.66 COOPERATIEVE RABOBANK U.A. CERT DEPOS 2,999,916.27 3,000,000.00 3,000,000.00 07/08/19 CD 07/09/18 2.70 TORONTO DOMINION BANK NY CERT DEPOS 4,000,740.40 4,000,000.00 4,000,000.00 08/03/20 CD 08/03/18 3.23 BANK OF MONTREAL CHICAGO CERT DEPOS 2,511,875.00 2,500,000.00 2,500,000.00 05/02/19 CD 01/31/19 2.63 MIZUHO BANK LTD/NY CERT DEPOS (3) 7,341,520.85 7,340,000.00 7,341,607.55 02/26/21 CD 02/28/19 2.99 MUFG BANK LTD/NY CERT DEPOS 2,518,742.50 2,500,000.00 2,500,000.00 07/01/19 CMO 04/28/16 1.10 FHLMC SERIES KP03 A2 351,145.30 352,735.36 356,254.27 06/01/19 CMO 06/30/16 1.05 FNMA SERIES 2016-M9 ASQ2 4,412.12 4,422.14 4,466.35 06/12/19 CP 03/18/19 2.57 NATIXIS NY BRANCH COMM PAPER (4) 5,551,112.34 5,580,000.00 5,546,008.50 08/15/19 NOTES 09/09/14 2.29 AMERICAN HONDA FINANCE GLOBAL NOTES 4,992,355.00 5,000,000.00 4,990,750.00 05/31/20 NOTES 12/15/15 1.62 US TREASURY NOTES 7,362,402.90 7,450,000.00 7,372,880.86 05/17/19 NOTES 02/19/16 1.81 IBM CORP NOTES 4,994,805.00 5,000,000.00 4,997,950.00 03/04/21 NOTES 03/10/16 2.59 WELLS FARGO CORP NOTES 2,487,880.00 2,500,000.00 2,489,425.00 05/13/19 NOTES 04/12/16 1.10 INTER-AMERICAN DEVELOPMENT BANK 4,890,572.40 4,900,000.00 4,885,300.00 04/25/19 NOTES 04/25/16 2.10 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) 319,845.12 320,000.00 319,110.40 04/25/19 NOTES 04/26/16 2.02 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) 2,223,923.10 2,225,000.00 2,223,776.25 06/07/19 NOTES 06/09/16 2.07 CITIGROUP INC CORP NOTES 963,861.30 965,000.00 964,498.20 08/05/19 NOTES 08/04/16 0.94 FHLB GLOBAL NOTE 5,967,174.00 6,000,000.00 5,988,480.00 08/08/19 NOTES 08/08/16 1.14 MICROSOFT CORP NOTES 1,382,833.16 1,390,000.00 1,388,568.30 08/15/19 NOTES 08/15/16 1.33 BERKSHIRE HATHAWAY INC CORPORATE NOTES 990,333.45 995,000.00 994,034.85 09/20/19 NOTES 09/20/16 1.44 CISCO SYSTEMS INC CORP NOTES 2,486,197.50 2,500,000.00 2,497,225.00 10/18/19 NOTES 10/18/16 1.57 TOYOTA MOTOR CORP NOTES 1,262,529.86 1,270,000.00 1,269,365.00 10/30/19 NOTES 10/31/16 1.74 AMERICAN EXPRESS CREDIT (CALLABLE) CORP 1,870,286.04 1,880,000.00 1,877,762.80 06/30/20 NOTES 11/14/16 1.30 US TREASURY NOTES 4,982,059.07 5,030,000.00 5,088,552.34 11/15/19 NOTES 11/17/16 1.38 FHLB NOTES 3,488,048.46 3,510,000.00 3,509,192.70 12/13/19 NOTES 12/13/16 2.33 GOLDMAN SACHS GROUP (CALLABLE) INC BONDS 1,993,392.00 2,000,000.00 1,998,500.00 02/28/20 NOTES 02/28/17 1.52 FNMA NOTES 2,494,097.84 2,515,000.00 2,513,390.40 03/03/20 NOTES 03/03/17 2.24 AMERICAN EXPRESS CREDIT (CALLABLE) NOTE 2,423,696.73 2,435,000.00 2,432,467.60 03/03/20 NOTES 03/03/17 1.99 CHEVRON CORP NOTES 2,700,284.70 2,715,000.00 2,715,000.00 03/04/20 NOTES 03/06/17 1.96 WALT DISNEY COMPANY CORP NOTES 749,927.16 755,000.00 754,803.70 01/06/22 NOTES 03/15/17 2.75 JOHN DEERE CAPITAL CORP NOTES 2,289,013.01 2,290,000.00 2,279,901.10 04/05/22 NOTES 04/10/17 1.97 FANNIE MAE NOTES 4,945,080.00 5,000,000.00 4,977,550.00 04/20/20 NOTES 04/20/17 1.49 FHLMC AGENCY NOTES 7,418,512.50 7,500,000.00 7,474,350.00 05/05/20 NOTES 05/05/17 1.91 UNILEVER CAPITAL CORP BONDS 282,614.55 285,000.00 284,090.85 05/11/20 NOTES 05/11/17 1.84 APPLE INC BONDS 2,192,801.78 2,210,000.00 2,207,745.80 05/11/20 NOTES 05/11/17 1.86 INTEL CORP NOTES 2,480,537.50 2,500,000.00 2,499,050.00 05/28/19 NOTES 05/12/17 1.47 FEDERAL HOME LOAN BANK AGENCY NOTES 2,495,787.50 2,500,000.00 2,495,275.00 06/05/20 NOTES 06/05/17 1.82 HOME DEPOT INC CORP NOTES 1,176,264.18 1,185,000.00 1,184,312.70 06/05/20 NOTES 06/06/17 1.84 WALT DISNEY COMPANY CORP NOTES 2,229,000.75 2,250,000.00 2,247,390.00 02/28/20 NOTES 08/07/17 1.50 FNMA NOTES 4,958,445.00 5,000,000.00 5,000,550.00 05/10/21 NOTES 08/07/17 2.26 JPMORGAN CHASE & CO GLOBAL SR NOTES 4,149,560.00 4,000,000.00 4,338,280.00 09/04/20 NOTES 09/07/17 1.88 CATERPILLAR FINL SERVICE NOTE 1,849,001.77 1,870,000.00 1,868,429.20 09/28/20 NOTES 09/08/17 1.48 FHLB NOTES 2,570,975.28 2,610,000.00 2,601,621.90 10/01/21 NOTES 09/18/17 2.33 BANK OF AMERICA CORP (CALLABLE) 1,431,560.06 1,445,000.00 1,445,000.00 09/12/20 NOTES 09/19/17 1.64 INTL BANK OF RECONSTRUCTION AND DEV NOTE 4,935,820.00 5,000,000.00 4,988,000.00 12/15/20 NOTES 10/20/17 1.95 WAL-MART STORES INC CORP NOTE 2,478,390.00 2,500,000.00 2,496,375.00 10/25/19 NOTES 10/25/17 1.77 THE PROCTER & GAMBLE CO CORP NOTES 1,189,078.78 1,195,000.00 1,194,581.75 10/30/19 NOTES 10/30/17 1.84 HONEYWELL INTERNATIONAL CORP NOTES 542,316.97 545,000.00 544,574.90 02/16/21 NOTES 02/16/18 2.47 FREDDIE MAC NOTES 5,004,835.00 5,000,000.00 4,986,800.00 02/18/20 NOTES 03/09/18 2.93 CITIGROUP INC CORP NOTES 1,494,180.00 1,500,000.00 1,485,060.00 01/25/21 NOTES 03/09/18 3.21 MORGAN STANLEY CORP NOTES 2,625,420.00 2,500,000.00 2,673,325.00 04/19/21 NOTES 03/09/18 3.11 BANK OF AMERICA CORP NOTE 997,508.00 1,000,000.00 985,620.00

General Fund, Special Operating Reserve, & CP DSRGOLDEN GATE BRIDGE, HIGHWAY AND TRANSPORTATION DISTRICT

PORTFOLIO OF INVESTMENTS

As of March 31, 2019Combined

DATE OFMATURITY SECURITY INVESTMENT YIELD DESCRIPTION MARKET VALUE PAR Cost

General Fund, Special Operating Reserve, & CP DSRGOLDEN GATE BRIDGE, HIGHWAY AND TRANSPORTATION DISTRICT

PORTFOLIO OF INVESTMENTS

As of March 31, 2019Combined

04/19/21 NOTES 04/19/18 2.70 INTER-AMERICAN DEVELOPMENT BANK NOTE 1,723,489.25 1,715,000.00 1,711,227.00 04/01/21 NOTES 04/25/18 2.80 CA ST TXBL GO BONDS 2,926,187.00 2,900,000.00 2,900,116.00 05/28/20 NOTES 07/09/18 2.59 FEDERAL HOME LOAN BANKS NOTES 2,004,310.00 2,000,000.00 2,001,260.00 07/23/21 NOTES 07/25/18 2.83 INTL BANK OF RECONSTRUCTION AND DEV NOTE 2,928,040.10 2,900,000.00 2,893,214.00 09/15/21 NOTES 09/07/18 3.05 PFIZER INC CORP NOTE 1,579,973.30 1,555,000.00 1,552,900.75 03/07/22 NOTES 09/07/18 3.15 UNILEVER CAPITAL CORP 1,403,674.82 1,390,000.00 1,383,272.40 04/13/21 NOTES 11/30/18 2.90 FANNIE MAE NOTES 10,037,070.00 10,000,000.00 9,908,600.00 10/12/21 NOTES 12/07/18 2.83 FEDERAL HOME LOAN BANKS NOTES 10,172,220.00 10,000,000.00 10,044,900.00 01/11/22 NOTES 01/11/19 2.65 FANNIE MAE NOTES 5,045,255.00 5,000,000.00 4,996,400.00 04/01/21 NOTES 02/14/19 2.77 CA ST TXBL GO BONDS 5,028,150.00 5,000,000.00 4,985,000.00 03/01/22 NOTES 02/22/19 2.77 3M COMPANY BONDS 933,068.78 925,000.00 924,565.25 03/01/22 NOTES 03/01/19 2.88 PACCAR FINANCIAL CORP NOTE 932,294.55 925,000.00 924,186.00 03/11/22 NOTES 03/11/19 2.80 PFIZER INC CORP BONDS 806,932.00 800,000.00 799,952.00 06/20/22 NOTES 03/18/19 3.05 BRANCH BANKING & TRUST CORP NOTES 2,514,580.00 2,500,000.00 2,499,925.00

ON DEMAND STATE VARIOUS 2.61 CALIFORNIA ASSET MANAGEMENT PROGRAM (1) 29,165,929.77 29,165,929.77 29,110,075.68 TOTAL 268,294,971.77$ 268,271,941.71$ 268,387,311.98$

Notes

3. Special Operating Reserve4. Commercial Paper Debt Service Reserve

PORTFOLIO PERMITTEDDESCRIPTION INVESTMENT COMPOSITION BY POLICY YIELD

Certificate of Deposit 51,490,019.21$ 19.19% 30% 2.54%Commercial Paper (C.P.) 5,551,112 2.07% 25% 2.57%Federal Agency CMO 355,557 0.13% 100% 1.10%Asset-Backed Security/CMO 12,933,901 4.82% 20% 2.51%U. S. Treasury Bonds / Notes 12,344,462 4.60% 100% 1.49%Federal Agency Bonds / Notes 66,601,811 24.82% 100% 2.08%Corporate Notes 67,419,921 25.13% 30% 2.21%Municipal Bonds / Note 7,954,337 2.96% 100% 2.78%Supra-National Agency Bond/Note 14,477,922 5.40% 30% 1.82%CAMP 29,165,930 10.87% 10% of CAMP Fund Shares 1.23%Total 268,294,971.77$ 100.00%

Average Investment Yield of Portfolio 2.27%Average Maturity of Portfolio 437

Market prices are derived from closing bid prices as of the last business day of the month as supplied by F.T. Interactive Data orBloomberg. Prices that fall between data points are interpolated.

Market value for LAIF is derived from the NAV posted quarterly on the LAIF website.

2. Monthly Distribution Yield. Source: https://www.camponline.com/uploadedFiles/CAMP/LeftMenu/Files/CAMP%20Fact%20Sheet%20March%202019-1.pdf

Documents

RATIFICATION OF PREVIOUS ACTIONS BY THE ... - Golden Gate