tonya dazzio douglas county, nv july 2019...dec 07, 2019 · 0% 25% 50% 75% nr p-1 a1** aa3 aa2 aa1...

Client Management Team

Rick Phillips President & Chief Investment Officer 702-575-6666 [email protected]

Tonya Dazzio Chief Operating & Compliance Officer 702-575-6592 [email protected]

Greg Balls, CFA Senior Portfolio Manager & Analyst 702-575-6655 [email protected]

Dan Rusk Portfolio Manager & Analyst 702-575-6633 [email protected]

Christine Wilson Operations Analyst 702-575-6640 [email protected]

Ruth Phillips Financial Analyst 702-575-6600 [email protected]

Investment Report

Douglas County, NV

July 2019

10655 Park Run Drive Suite 120 | Las Vegas, NV 89144 | Toll Free 888.278.7350 | www.FTNMainStreet.com

Portfolio Summary

FFCBU.S. Treasury

Market Value NVLGIPBook Value FHLBVariance FNMA

Dreyfus Govt MMFPar Value FHLMC

Wells Fargo BankNet Asset Value Berkshire Hathaway

Metlife

Purchase Yield US Bank

New York LifeYears to Maturity Toyota

MicrosoftEffective Duration Apple

*Book Value is Amortized

1.81 1.65

$100.96

2.13

2.29% 2.32%

1.84

2.3% 2.6%

$832,192

$90,164,599

$100.92

$816,245

$85,008,617

6.8% 3.9% 3.5%

7/31/19 6/30/19

$85,785,596 $84,969,351 8.3%

$90,952,189 $90,119,997

2.1%

2.1%

1.8% 1.8% 1.8% 1.7%

7/31/2019

SECTOR ALLOCATION MATURITY DISTRIBUTION CREDIT QUALITY (MOODY'S)

Douglas County, NV

ACCOUNT SUMMARY MONTH-END PORTFOLIO BOOK YIELD TOP ISSUERSIssuer % Portfolio

23.5% 20.0% 8.3%

Agy42.0%

Tsy20.0%

Corp19.1%

MMF3.9%

LGIP8.3%

CD-FDIC6.7%

CP0.0%

33.6%

16.2% 16.7%15.2%

18.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0-1Y 1-2Y 2-3Y 3-4Y 4-5Y+

18.9%

0.0%

1.8%

5.1%

7.0%

1.7%

65.6%

0% 25% 50% 75%

NR

P-1

A1**

Aa3

Aa2

Aa1

Aaa

1.85%

1.95%

2.05%

2.15%

2.25%

2.35%

2.45%

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Feb

-19

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Jul-

19

** Rated AA by S&P and FitchPer Book ValuePer Book Value

Per Book Value

2

Investment Policy Compliance

Securities' market values are derived from the Entity's custodian.

Repurchase Agreements No limit, maximum maturity 90 days, collateralized at 102%. Yes: 0.0%

0.0%

* All county money deposited with a financial institution in excess of the amount of federal insuance must be fully collateralized in accordance with guidelines set forth in NRS 356

Bankers' Acceptances 20% limit, 5% issuer limit, maximum maturity 180 days, rated A-1/P-1 by a NRSRO. Yes:

Douglas County, NV

U.S. Federal AgenciesFNMA, FHLMC, FHLB, SLMA, FFCB, FHA. No limit, 35% issuer limit, max maturity of 10 years, maximum

single purchase of $10MM.

7/31/2019

Item / Sector Parameters

Yes:

In Compliance

20.0%Yes:U.S. Government SecuritiesU.S. Treasuries, GNMA, and SBA securities back by the full faith and credit of US Govt. No limit, maximum

maturity 10 years, maximum single purchase of $10MM.

42.0%

Weighted Average Duration Maximum weighted average maturity of 3 years. Yes:

0.0%Yes:Municipal Bonds25% sector limit, maximum maturity 5 years, maximum 5% per issuer, rated AA or better. Issued by local

governments of the State of Nevada, may not invest in Douglas County securities.

Negotiable Certificates of Deposit20% limit, 5% issuer limit, maximum maturity of 10 years, issued by commercial banks, insured credit

unions, or savings loan associations.Yes: 0.0%

FDIC Insured Certificates of DepositIndividual purchases greater than $250k per banking institution must be fully collateralized in excess of

insured amounts.Yes: 6.7%

Commercial Paper20% limit, 5% aggregate issuer limit, maximum maturity 270 days, rated A-1/P-1 or better by a nationally

recognized rating agency.Yes: 0.0%

U.S. Corporate Bonds20% sector limit, 5% aggregate issuer limit, maximum maturity 5 years, rated AA- or better by a nationally

recognized rating agency, issuing entity must by organized and operating within the United States.Yes: 19.1%

Asset Backed Security20% sector limit, 5% per issuer limit, maximum maturity 5 years, rated AAA by a nationally recognized

rating agency.Yes: 0.0%

Money Market FundsMaximum aggregate position of 45% of MM fund assets, rated AAA or equivalent, available daily and

pays interest monthly.Yes: 3.9%

State of Nevada LGIP 70% limit. Yes: 8.3%

2.13 Yrs

Agency MBS 40% limit, 15% issuer limit, maximum maturity 10 years, maximum $10MM single purchase limit. Yes: 0.0%

3

Historical Book Values

July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June$69.9 $70.8 $72.5 $74.1 $74.1 $74.3 $74.2 $74.2 $77.1 $79.4 $79.5 $79.6$79.5 $79.6 $79.8 $83.3 $87.0 $88.0 $88.4 $89.0 $89.5 $89.7 $89.8 $90.0$87.0

Figures in Millions, Average Daily Balance; LGIP Inlcuded Beginning Fiscal Year 2018

Fiscal Year 2020

Fiscal Year 2018

Douglas County, NV7/31/2019

Fiscal Year 2019

$60

$65

$70

$75

$80

$85

$90

$95

$100Ju

l-1

7

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

De

c-1

8

Jan

-19

Feb

-19

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

De

c-1

9

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Mill

ion

s

4

Weighted Average Maturity and Aging Report

ICE BofAML Index: 0-5Yr Treasury/Agency Index

7/31/2019 Douglas County, NV

0.0

0.5

1.0

1.5

2.0

2.5

Year

s

Weighted Average Maturity History

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

Per

cen

t

Month-End Book Yield vs 0-5 Yr Treasury Index (30 month moving avg)

Portfolio

0-5 Yr Tsy

5

Purchase YTM Per 6-Month Maturity Intervals

*Based on Book value

3.30%

2.46%

11.48%

7.33%

8.85%

10.29%

6.42%

9.69%

5.53%

8.12%

10.20%

2.37%

2.13%

2.44%

2.55%

2.12%

Purchase Yield % of Portfolio*

1.85% 22.07%

1.80%


Total 2.29% 100.0%

Years

4.5 to 5.0+

0 to .5

.5 to 1.0

1.0 to 1.5

1.5 to 2.0

2.0 to 2.5

3.20%

2.5 to 3.0

3.0 to 3.5

3.5 to 4.0

4.0 to 4.51.85%

1.80%

2.37%

2.13%

2.44%

2.55%

2.12%

3.20%

3.30%

2.46%

1.2%

1.4%

1.6%

1.8%

2.0%

2.2%

2.4%

2.6%

2.8%

3.0%

3.2%

3.4%

3.6%

-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5

Pu

rch

ase

Yie

ld

Maturity Intervals

Bubble Size = Maturity's % of Portfolio

6

Interest Rate Shock Analysis7/31/2019 Douglas County, NV

Interest Rate Change Portfolio Value Value Change Percent Change

-100 Basis Points $87,319,924 $1,534,328 1.79%-75 Basis Points $86,935,681 $1,150,085 1.34%-50 Basis Points $86,562,388 $776,791 0.91%

-25 Basis Points $86,157,365 $371,769 0.43%

No Change $85,785,596 $0 0.00%+25 Basis Points $85,395,395 -$390,201 -0.45%

+100 Basis Points $84,208,562 -$1,577,034 -1.84%

+50 Basis Points $84,997,056 -$788,540 -0.92%+75 Basis Points $84,600,015 -$1,185,581 -1.38%

1.79%

1.34%

0.91%

0.43%

0.00%

-0.45%

-0.92%

-1.38%

-1.84%

-2.50%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

-100BP -75BP -50BP -25BP No Change +25BP +50BP +75BP +100BP

Per

cen

t C

han

ge in

Po

rtfo

lio V

alu

e

Interest Rate Changes/Scenarios

Instantaneous Interest Rate Changes and Approximate Change in Portfolio's Market Value

7

Next Twelve Months Maturities

Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

$13.6 $0.0 $1.0 $2.1 $1.0 $1.5 $2.0 $2.0 $2.3 $0.0 $2.0 $1.0

Par Value in Millions

7/31/2019

Maturities

Douglas County, NV

$13.6

$0.0

$1.0

$2.1

$1.0

$1.5

$2.0 $2.0 $2.3

$0.0

$2.0

$1.0

$0

$2

$4

$6

$8

$10

$12

$14

$16


Mill

ion

s

8

Historical Sector Allocation


Agency 29.9% 30.3% 27.1% 27.6% 28.7% 29.0% 32.8% 32.7% 32.7% 32.6% 33.0% 42.0%

Treasury 29.1% 28.8% 27.0% 26.3% 25.1% 24.3% 22.0% 21.9% 20.1% 20.0% 20.0% 20.0%

Certificates of Deposit 4.7% 4.6% 4.6% 5.1% 5.3% 5.4% 5.8% 6.1% 6.1% 6.1% 6.3% 6.7%

Corporate Bonds 8.1% 8.7% 9.3% 9.1% 12.4% 13.6% 13.9% 15.2% 17.4% 17.4% 18.0% 19.1%

Commercial Paper 11.8% 10.5% 9.8% 7.9% 4.5% 4.6% 2.8% 1.1% 1.1% 1.1% 0.0% 0.0%

LGIP 16.2% 16.8% 22.1% 23.8% 23.9% 22.9% 22.4% 22.5% 22.5% 22.5% 22.6% 8.3%

MMF 0.2% 0.4% 0.1% 0.2% 0.1% 0.2% 0.3% 0.6% 0.1% 0.3% 0.2% 3.9%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Sector


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


AGY

TSY

MMF

CDs

LGIP

CP

CORP

9

Issuer Allocation7/31/2019 Douglas County, NV

0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%0.3%

1.2%1.2%

1.5%1.7%1.8%1.8%1.8%

2.1%2.1%

2.3%2.6%

3.5%3.9%

6.8%8.3%8.3%

20.0%23.5%

0% 5% 10% 15% 20% 25%

Bank of HapoalimTIAA Bank

Medallion BankMorgan Stanley

Discover BankMerrick Bank

Morgan Stanley BankComenity Capital Bank

Capital One BankGoldman Sachs Bank

American Express Centurion BkCapital One Bank NA

BMW BankAmerican Express Bank

Sallie Mae BankState Bank of India

Bar Harbor Bank & TrustConnect One Bank

Barclays BankFlagstar Bank

ChevronWalmartCitibank

AppleMicrosoft

ToyotaNew York Life

US BankMetlife

Berkshire HathawayWells Fargo Bank

FHLMCDreyfus Govt MMF

FNMAFHLB

NVLGIPU.S. Treasury

FFCB

10

Purchase Yield per WAM per Sector Percent of Portfolio7/31/2019 Douglas County, NV

Tsy

Agy

CD-FDIC

LGIP

Corp

MMF

0.9%

1.2%

1.4%

1.7%

1.9%

2.2%

2.4%

2.7%

2.9%

3.2%

3.4%

3.7%

-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

Pu

rch

ase

Yie

ld

Weighted Average Maturity - Years

Bubble Size = Percent of Portfolio

11

Historical Earnings & Book Return Performance - Total Portfolio

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun$68.4 $136.5 $209.7 $289.0 $370.3 $457.7 $551.1 $640.6 $745.4 $854.9 $973.3 $1,089.8

$122.1 $248.1 $375.3 $516.1 $664.4 $823.5 $985.9 $1,141.8 $1,314.2 $1,486.4 $1,661.7 $1,834.5$169.3

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun2.29%

Custom Benchmark* 2.32%-0.03%

*Benchmark: ICE BofAML 24 Month Moving Average of 10% 0-1yr Agy Indx, 60% 1-5yr Agy Indx, 10% 0-5yr Tsy Indx, 10% 0-5yr Corp Indx, Monthly 10% Nevada LGIP


Fiscal YTD ($000s)FY 2018FY 2019FY 2020

Book Rate of Rtn

Variance

$0

$500

$1,000

$1,500

$2,000

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

Tho

usa

nd

s

Fiscal Year-to-Date Earnings (Total Portfolio)

FY 2018 FY 2019 FY 2020

2.00%

2.10%

2.20%

2.30%

2.40%

2.50%


Monthly Book Rate of Return vs Benchmark

Portfolio

Benchmark

12

Historical Earnings & Book Return Performance - Excluding LGIP

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun$41.8 $81.3 $125.6 $174.3 $230.2 $296.8 $367.8 $439.1 $526.4 $619.1 $714.7 $809.9

$100.0 $203.5 $308.0 $417.7 $528.3 $644.8 $762.5 $878.8 $1,007.5 $1,137.0 $1,269.1 $1,400.5$137.3

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun2.25%

Custom Benchmark* 2.13%0.12%

*Benchmark: ICE BofAML 30 Month Moving Average of 10% 0-1yr Agy Indx, 70% 1-5yr Agy Indx, 5% 0-5yr Trsy Indx, 15% 0-5yr Corp Indx

Douglas County, NV

Variance

Book Rate of Rtn

Fiscal YTD ($000s)

7/31/2019

FY 2018FY 2019FY 2020

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600


Tho

usa

nd

s

Fiscal Year-to-Date Earnings (Excluding LGIP)

FY 2018

FY 2019

FY 2020

1.90%

2.00%

2.10%

2.20%

2.30%

2.40%

2.50%


Monthly Book Rate of Return vs Benchmark

Portfolio

Benchmark

13

Total Return

1 Month 3 Month FYTD 1 Year Inception

0.16% 1.42% 0.16% 4.73% 4.64%

-0.11% 1.31% -0.11% 4.31% 3.98%

0.28% 0.10% 0.28% 0.42% 0.66%


Portfolio

Benchmark*

Variance

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

1 Month 3 Month FYTD 1 Year Inception**

Portfolio

Benchmark*

*Index: BAML 0-5 Year US Treasury Index**Inception: October 2017Please Note: The portfolio is managed on a Book Return basis and not on a Total Return basis. Total Return is a good measurement for risk and GASB31. Book Return is a better measurement for budgeting processes, which we feel is more appropriate for the County. Figures exclude LGIP Balance.

14

Investment Activity

Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-1986 87 86 88 90 88 93 92 92 91 94 95

Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-194 4 3 4 5 1 6 2 2 0 3 43 4 2 3 3 1 4 2 1 0 3 17 8 5 7 8 2 10 4 3 0 6 5

Douglas County, NV7/31/2019

Purchases

Total Transactions

Positions

Redemptions

70

75

80

85

90

95

100


Po

siti

on

s

Number of Positions at Month End

0

1

2

3

4

5

6

7

8

9

10


Nu

mb

er o

f Tr

ansa

ctio

ns

Purchases and Redemptions* (Excluding MMF/LGIP) Purchases

Redemptions

*Redemptions include maturities, calls, and sells

15

Douglas Co - PM ReportsPortfolio Management

July 31, 2019Portfolio Summary

% ofPortfolio

BookValueInvestments

MarketValue

ParValue

Days toMaturityTerm

YTM360 Equiv.

YTM365 Equiv.

Federal Agency Coupon Securities 34,220,936.94 1,44440.27 2.2241,05034,556,910.3034,210,000.00 2.255Treasury Coupon Securities 16,991,104.46 1,25720.00 1.42928316,931,327.6017,000,000.00 1.449Money Market Fund 3,276,745.40 13.86 2.19013,276,745.403,276,745.40 2.220LGIP 7,067,871.98 18.32 2.36517,067,871.987,067,871.98 2.397Corporate Notes 16,217,021.88 1,36019.09 3.0261,05716,594,432.0016,250,000.00 3.068Federal Agency Callables 1,499,613.89 1,8261.76 2.5591,3411,496,700.001,500,000.00 2.594CD-FDIC 5,696,056.44 1,5736.70 2.6301,0865,861,609.145,704,000.00 2.666

84,969,350.99 100.00%Investments

85,785,596.4285,008,617.38 1,230 778 2.262 2.293

Current YearJuly 31

169,342.79Fiscal Year To Date

169,342.79

Average Daily Balance

Effective Rate of Return

86,988,397.16 86,988,397.16

2.29%2.29%

Total Earnings Month Ending

__________________________________________________ ____________________Kathy Lewis, Clerk/Treasurer

Portfolio DCNVAPData Updated: SET_1: 08/12/2019 13:36

Reporting period 07/01/2019-07/31/2019

Run Date: 08/12/2019 - 13:36 PM (PRF_PM1) 7.3.0Report Ver. 7.3.6.1

16

Douglas Co - PM without LGIPPortfolio Management

July 31, 2019Portfolio Summary

% ofPortfolio

BookValueInvestments

MarketValue

ParValue

Days toMaturityTerm

YTM360 Equiv.

YTM365 Equiv.

Federal Agency Coupon Securities 34,220,936.94 1,44443.93 2.2241,05034,556,910.3034,210,000.00 2.255Treasury Coupon Securities 16,991,104.46 1,25721.81 1.42928316,931,327.6017,000,000.00 1.449Money Market Fund 3,276,745.40 14.21 2.19013,276,745.403,276,745.40 2.220Corporate Notes 16,217,021.88 1,36020.82 3.0261,05716,594,432.0016,250,000.00 3.068Federal Agency Callables 1,499,613.89 1,8261.93 2.5591,3411,496,700.001,500,000.00 2.594CD-FDIC 5,696,056.44 1,5737.31 2.6301,0865,861,609.145,704,000.00 2.666

77,901,479.01 100.00%Investments

78,717,724.4477,940,745.40 1,342 848 2.253 2.284

Current YearJuly 31

137,322.21Fiscal Year To Date

137,322.21

Average Daily Balance

Effective Rate of Return

71,733,414.21 71,733,414.21

2.25%2.25%

Total Earnings Month Ending

__________________________________________________ ____________________Kathy Lewis, Clerk/Treasurer


Reporting period 07/01/2019-07/31/2019


17

Moody's

Page 1

Par Value Book ValueMaturity

DateStated

RateMarket Value

July 31, 2019Portfolio Details - Investments

AverageBalanceIssuer

Portfolio ManagementDouglas Co - PM Reports

S&PYTM365CUSIP Investment #

PurchaseDate

Federal Agency Coupon Securities

AaaFFCB10067 1,000,000.00 998,765.00 11/02/20211.95011/17/2017 999,410.00 2.0073133EHP31 AA+AaaFFCB10075 1,050,000.00 1,045,416.75 03/18/20222.03012/20/2017 1,051,984.50 2.2043133ECJC9 AA+AaaFFCB10101 1,000,000.00 999,421.38 06/19/20232.89006/19/2018 1,036,440.00 2.9063133EJSD2 AA+AaaFFCB10105 1,000,000.00 1,000,285.36 06/20/20222.84007/10/2018 1,024,900.00 2.8293133EJSB6 AA+AaaFFCB10111 1,000,000.00 999,483.04 06/21/20212.73008/15/2018 1,013,700.00 2.7583133EJSA8 AA+AaaFFCB10115 1,000,000.00 995,381.57 08/27/20212.70009/19/2018 1,014,510.00 2.9343133EJYF0 AA+AaaFFCB10121 1,000,000.00 999,198.89 11/15/20213.05011/15/2018 1,023,910.00 3.0873133EJT74 AA+AaaFFCB10123 1,000,000.00 971,566.20 12/12/20232.35011/27/2018 1,017,520.00 3.0583133EH2U6 AA+AaaFFCB10127 1,000,000.00 998,874.52 12/17/20212.80012/17/2018 1,019,190.00 2.8503133EJ3B3 AA+AaaFFCB10134 1,000,000.00 1,005,447.08 09/20/20212.85002/14/2019 1,018,170.00 2.5843133EJZU6 AA+AaaFFCB10135 2,000,000.00 2,036,615.64 12/06/20243.10002/22/2019 2,106,340.00 2.7273133EJ2E8 AA+AaaFFCB10142 1,900,000.00 1,896,897.83 06/13/20241.95006/21/2019 1,899,924.00 1.9853133EKQU3 AA+AaaFFCB10143 2,000,000.00 1,998,101.33 01/17/20231.87507/17/2019 2,001,340.00 1.9033133EKVF0 AA+AaaFFCB10144 2,000,000.00 2,016,817.72 03/22/20212.48007/26/2019 2,015,200.00 1.9563133EJHD4 AA+AaaFFCB10145 2,000,000.00 1,991,209.79 07/26/20241.85007/29/2019 1,992,400.00 1.9433133EKWV4 AA+AaaFHLB10061 1,000,000.00 1,009,043.74 02/26/20212.45010/19/2017 1,008,000.00 1.8533130A1CM8 AA+AaaFHLB10068 1,000,000.00 996,912.18 11/07/20222.03011/17/2017 1,005,560.00 2.1303130ACS96 AA+AaaFHLB10069 1,000,000.00 1,000,000.00 05/28/20212.00011/28/2017 999,670.00 2.0003130ACUK8 AA+AaaFHLB10079 1,000,000.00 1,005,509.35 12/09/20222.50012/22/2017 1,019,100.00 2.3253130A3KM5 AA+AaaFHLB10086 1,000,000.00 998,744.68 03/12/20212.37502/20/2018 1,006,100.00 2.4563130A0XD7 AA+AaaFHLB10096 1,000,000.00 999,972.42 09/21/20202.45003/29/2018 1,004,930.00 2.4523130ADUY6 AA+AaaFHLB10113 1,000,000.00 1,000,000.00 09/28/20233.10009/28/2018 1,010,970.00 3.1003130AEWN6 AA+AaaFHLMC10059 1,000,000.00 1,000,000.00 09/27/20222.00009/27/2017 1,000,060.00 2.0003134GBK84 AA+AaaFHLMC10063 1,000,000.00 1,000,000.00 10/29/20212.00010/30/2017 1,000,910.00 2.0003134GBU83 AA+AaaFNMA10010 2,260,000.00 2,259,995.33 08/23/20191.15009/08/2016 2,258,711.80 1.1533135G0N90 AA+AaaFNMA10062 2,000,000.00 1,996,284.88 10/05/20222.00010/19/2017 2,006,180.00 2.0623135G0T78 AA+AaaFNMA10064 1,000,000.00 1,000,992.26 01/05/20222.00010/20/2017 1,001,780.00 1.9573135G0S38 AA+

34,220,936.94 2.25534,556,910.3034,210,000.0029,764,739.93Subtotal and Average

Treasury Coupon Securities

AaaU.S. Treasury10015 1,000,000.00 999,951.49 08/15/20190.75009/08/2016 999,460.00 0.8789128282B5 AA+AaaU.S. Treasury10016 1,000,000.00 999,961.83 11/30/20191.50011/05/2015 997,620.00 1.512912828G61 AA+AaaU.S. Treasury10017 500,000.00 499,935.30 01/31/20201.25002/03/2015 497,675.00 1.277912828H52 AA+AaaU.S. Treasury10018 500,000.00 499,292.21 04/30/20201.37505/19/2015 497,225.00 1.573912828K58 AA+AaaU.S. Treasury10020 500,000.00 502,077.74 08/31/20201.37508/03/2016 496,405.00 0.983912828L32 AA+


Run Date: 08/12/2019 - 13:36 PM (PRF_PM2) 7.3.0

Report Ver. 7.3.6.118

Moody's

Page 2


DateStated

RateMarket Value





PurchaseDate


AaaU.S. Treasury10022 500,000.00 501,024.09 11/30/20201.62501/22/2016 497,540.00 1.465912828M98 AA+AaaU.S. Treasury10026 500,000.00 499,931.00 04/30/20211.37505/20/2016 495,100.00 1.383912828Q78 AA+AaaU.S. Treasury10030 1,005,000.00 1,005,019.10 10/15/20191.00010/31/2016 1,002,487.50 0.991912828T59 AA+AaaU.S. Treasury10031 505,000.00 504,387.27 10/31/20211.25010/31/2016 497,879.50 1.306912828T67 AA+AaaU.S. Treasury10032 1,145,000.00 1,143,711.01 11/15/20191.00012/06/2016 1,141,244.40 1.397912828U32 AA+AaaU.S. Treasury10033 1,000,000.00 999,886.51 12/15/20191.37504/06/2017 997,110.00 1.406912828U73 AA+AaaU.S. Treasury10034 1,000,000.00 999,794.13 01/15/20201.37504/06/2017 996,290.00 1.421912828V31 AA+AaaU.S. Treasury10035 500,000.00 500,092.25 04/30/20201.12505/16/2016 496,330.00 1.100912828VA5 AA+AaaU.S. Treasury10036 2,000,000.00 1,996,986.98 02/15/20201.37503/09/2017 1,991,180.00 1.661912828W22 AA+AaaU.S. Treasury10037 1,080,000.00 1,073,679.12 02/28/20221.87503/09/2017 1,080,086.40 2.115912828W55 AA+AaaU.S. Treasury10038 1,000,000.00 1,001,081.57 03/15/20201.62504/06/2017 996,680.00 1.446912828W63 AA+AaaU.S. Treasury10039 1,250,000.00 1,249,753.45 04/15/20201.50005/08/2017 1,244,437.50 1.529912828X21 AA+AaaU.S. Treasury10041 515,000.00 515,255.02 06/30/20201.62507/09/2015 512,847.30 1.568912828XH8 AA+AaaU.S. Treasury10042 500,000.00 502,962.29 06/30/20201.62508/03/2016 497,910.00 0.963912828XH8 AA+AaaU.S. Treasury10146 1,000,000.00 996,322.10 06/30/20201.62507/29/2019 995,820.00 2.033912828XH8 AA+


Money Market Fund

Dreyfus Govt MMF10048 3,276,745.40 3,276,745.40 2.2203,276,745.40 2.220SYS10048


LGIP

NVLGIP10046 7,067,871.98 7,067,871.98 2.3977,067,871.98 2.397SYS10046


Corporate Notes

Aa1Apple10065 500,000.00 500,375.38 05/11/20222.30011/06/2017 502,655.00 2.271037833CQ1 AA+Aa1Apple10125 1,000,000.00 961,730.37 05/03/20232.40012/11/2018 1,008,320.00 3.508037833AK6 AA+Aa2Berkshire Hathaway10091 1,000,000.00 986,307.64 03/15/20232.75003/16/2018 1,019,260.00 3.162084670BR8 AAAa2Berkshire Hathaway10126 1,000,000.00 991,123.47 05/15/20223.00012/11/2018 1,023,960.00 3.339084664BT7 AAAa3Citibank10139 1,000,000.00 1,028,343.79 01/23/20243.65004/16/2019 1,047,880.00 2.96617325FAS7 A+Aa2Chevron10085 1,000,000.00 996,661.36 03/03/20201.96102/20/2018 998,900.00 2.546166764AR1 AAAa3Metlife10136 1,150,000.00 1,174,727.65 01/11/20243.60003/15/2019 1,208,328.00 3.07559217GCT4 AA-Aa3Metlife10141 600,000.00 599,223.00 06/17/20222.40006/17/2019 601,254.00 2.44759217GDB2 AA-AaaMicrosoft10070 500,000.00 499,453.60 11/03/20202.00011/20/2017 499,715.00 2.090594918BG8 AAA


Run Date: 08/12/2019 - 13:36 PM (PRF_PM2) 7.3.0

19

Moody's

Page 3


DateStated

RateMarket Value





PurchaseDate

Corporate Notes

AaaMicrosoft10092 1,000,000.00 992,338.98 11/03/20202.00003/19/2018 999,430.00 2.635594918BG8 AAAAaaNew York Life10109 500,000.00 499,714.70 08/06/20213.25008/06/2018 509,495.00 3.28064952WDA8 AAAAaaNew York Life10138 1,000,000.00 1,002,738.16 04/10/20242.87504/15/2019 1,018,010.00 2.81264952WDG5 AA+Aa3Toyota10116 500,000.00 499,189.32 09/20/20233.45009/20/2018 523,245.00 3.49389236TFN0 AA-Aa3Toyota10129 1,000,000.00 999,569.17 01/08/20213.05001/08/2019 1,012,550.00 3.08189236TFQ3 AA

A1US Bank10108 1,000,000.00 999,764.67 07/24/20203.05007/24/2018 1,006,790.00 3.07590331HNU3 AA-A1US Bank10130 500,000.00 499,694.56 02/04/20213.00002/04/2019 505,060.00 3.04290331HPA5 AA-

Aa2Wells Fargo Bank10118 500,000.00 493,817.32 01/15/20212.60010/19/2018 501,775.00 3.48994988J5N3 A+Aa2Wells Fargo Bank10119 500,000.00 496,997.13 08/14/20233.55010/29/2018 520,785.00 3.71394988J5R4 A+Aa2Wells Fargo Bank10128 1,000,000.00 988,834.39 08/14/20233.55012/14/2018 1,041,570.00 3.85494988J5R4 A+Aa2Walmart10106 1,000,000.00 1,006,417.22 06/26/20233.40007/16/2018 1,045,450.00 3.221931142EK5 AA


Federal Agency Callables

AaaFHLMC10131 1,000,000.00 1,000,000.00 02/15/20243.10002/15/2019 1,000,260.00 3.1003134GSX83 AA+AaaFNMA10014 500,000.00 499,613.89 07/06/20211.54007/06/2016 496,440.00 1.5823136G3WG6 AA+


CD-FDIC

Comenity Capital Bank10045 248,000.00 247,640.10 08/26/20222.35008/29/2017 252,016.11 2.40120033AWA0American Express Bank10051 248,000.00 247,748.44 08/30/20212.20008/30/2017 249,656.27 2.25302587CFT2American Express Centurion Bk10050 248,000.00 247,641.06 08/29/20222.40008/30/2017 252,373.22 2.45102587DX94Barclays Bank10057 248,000.00 247,861.29 09/21/20201.95009/21/2017 247,390.25 2.00106740KKU0Bar Harbor Bank & Trust10076 248,000.00 247,828.36 12/29/20202.20012/29/2017 248,400.38 2.253066851VV5BMW Bank10054 248,000.00 247,747.23 08/18/20201.90008/28/2017 247,243.91 2.00205580AKA1Citibank10102 248,000.00 247,555.93 06/28/20233.30006/29/2018 262,145.36 3.35217312QN96Capital One Bank10053 248,000.00 247,640.74 08/30/20222.40008/31/2017 252,384.48 2.45214042RHS3Capital One Bank NA10043 248,000.00 247,680.23 08/23/20212.15008/24/2017 249,362.75 2.2171404204P2Discover Bank10052 248,000.00 247,516.09 08/16/20212.10008/28/2017 249,099.57 2.202254673AS5Flagstar Bank10140 248,000.00 248,000.00 06/13/20222.50006/13/2019 252,703.03 2.50033847E2J5Goldman Sachs Bank10044 248,000.00 247,640.74 08/30/20222.35008/31/2017 252,008.84 2.40238148PNS2Bank of Hapoalim10137 248,000.00 247,464.97 03/25/20242.90003/26/2019 260,198.29 2.95406251AW48Medallion Bank10132 248,000.00 247,478.21 02/12/20243.00002/12/2019 261,064.80 3.05358404DDG3Merrick Bank10124 248,000.00 247,587.75 02/21/20233.35012/19/2018 261,360.28 3.40759013J5Z8Morgan Stanley10120 248,000.00 247,515.60 11/08/20233.55011/13/2018 265,984.28 3.60261760ARS0


Run Date: 08/12/2019 - 13:36 PM (PRF_PM2) 7.3.0

20

Moody's

Page 4


DateStated

RateMarket Value





PurchaseDate

CD-FDIC

Morgan Stanley Bank10080 248,000.00 247,597.95 01/11/20232.65001/12/2018 255,028.24 2.70261747MF63Connect One Bank10077 248,000.00 247,828.54 12/28/20202.20012/29/2017 248,399.60 2.25320786ABY0Sallie Mae Bank10055 248,000.00 247,779.14 08/24/20201.90008/28/2017 247,231.61 1.988795450D51State Bank of India10082 248,000.00 247,795.98 02/16/20232.80002/16/2018 256,523.18 2.826856285JA0TIAA Bank10133 248,000.00 247,476.46 02/22/20243.00002/25/2019 261,089.62 3.05287270LBU6US Bank10117 248,000.00 247,523.31 10/05/20233.35010/05/2018 263,664.94 3.40290348JEB2Wells Fargo Bank10122 248,000.00 247,508.32 11/28/20233.55011/29/2018 266,280.13 3.602949763VK9


2.29386,988,397.16 85,008,617.38 85,785,596.42 84,969,350.99Total and Average


Run Date: 08/12/2019 - 13:36 PM (PRF_PM2) 7.3.0

21

Douglas Co - Maturity ReportInventory by Maturity Report

July 31, 2019

CurrentRate

ParValue

BookValue

Sec.TypeFund Date

MaturityAmount

Days toTotalDays 360 365

Maturity YTMMaturityCUSIP Investment # Issuer

PurchaseDate

7,067,871.982.3977,067,871.98 7,067,871.9807/01/2019NVLGIP10046SYS10046 LA5DOUG 12.3972.36513,276,745.402.2203,276,745.40 3,276,745.4007/01/2019Dreyfus Govt MMF10048SYS10048 PA2DOUGLAS 12.2202.1901

1,000,000.000.750999,951.49 1,000,000.0009/08/2016U.S. Treasury100159128282B5 TRCDOUGLAS 08/15/2019 140.8780.8661,0712,260,000.001.1502,259,995.33 2,260,000.0009/08/2016FNMA100103135G0N90 FACDOUGLAS 08/23/2019 221.1531.1381,0791,005,000.001.0001,005,019.10 1,005,000.0010/31/2016U.S. Treasury10030912828T59 TRCDOUGLAS 10/15/2019 750.9910.9771,0791,145,000.001.0001,143,711.01 1,145,000.0012/06/2016U.S. Treasury10032912828U32 TRCDOUGLAS 11/15/2019 1061.3971.3781,0741,000,000.001.500999,961.83 1,000,000.0011/05/2015U.S. Treasury10016912828G61 TRCDOUGLAS 11/30/2019 1211.5121.4911,4861,000,000.001.375999,886.51 1,000,000.0004/06/2017U.S. Treasury10033912828U73 TRCDOUGLAS 12/15/2019 1361.4061.3879831,000,000.001.375999,794.13 1,000,000.0004/06/2017U.S. Treasury10034912828V31 TRCDOUGLAS 01/15/2020 1671.4211.4011,014

500,000.001.250499,935.30 500,000.0002/03/2015U.S. Treasury10017912828H52 TRCDOUGLAS 01/31/2020 1831.2771.2591,8232,000,000.001.3751,996,986.98 2,000,000.0003/09/2017U.S. Treasury10036912828W22 TRCDOUGLAS 02/15/2020 1981.6611.6381,0731,000,000.001.961996,661.36 1,000,000.0002/20/2018Chevron10085166764AR1 MTNDOUGLAS 03/03/2020 2152.5462.5117421,000,000.001.6251,001,081.57 1,000,000.0004/06/2017U.S. Treasury10038912828W63 TRCDOUGLAS 03/15/2020 2271.4461.4271,0741,250,000.001.5001,249,753.45 1,250,000.0005/08/2017U.S. Treasury10039912828X21 TRCDOUGLAS 04/15/2020 2581.5291.5081,073

500,000.001.375499,292.21 500,000.0005/19/2015U.S. Treasury10018912828K58 TRCDOUGLAS 04/30/2020 2731.5731.5511,808500,000.001.125500,092.25 500,000.0005/16/2016U.S. Treasury10035912828VA5 TRCDOUGLAS 04/30/2020 2731.1001.0851,445515,000.001.625515,255.02 515,000.0007/09/2015U.S. Treasury10041912828XH8 TRCDOUGLAS 06/30/2020 3341.5681.5471,818500,000.001.625502,962.29 500,000.0008/03/2016U.S. Treasury10042912828XH8 TRCDOUGLAS 06/30/2020 3340.9630.9501,427

1,000,000.001.625996,322.10 1,000,000.0007/29/2019U.S. Treasury10146912828XH8 TRCDOUGLAS 06/30/2020 3342.0332.0053371,000,000.003.050999,764.67 1,000,000.0007/24/2018US Bank1010890331HNU3 MTNDOUGLAS 07/24/2020 3583.0753.033731

248,000.001.900247,747.23 248,000.0008/28/2017BMW Bank1005405580AKA1 MC2DOUGLAS 08/18/2020 3832.0021.9751,086248,000.001.900247,779.14 248,000.0008/28/2017Sallie Mae Bank10055795450D51 MC2DOUGLAS 08/24/2020 3891.9881.9611,092500,000.001.375502,077.74 500,000.0008/03/2016U.S. Treasury10020912828L32 TRCDOUGLAS 08/31/2020 3960.9830.9691,489248,000.001.950247,861.29 248,000.0009/21/2017Barclays Bank1005706740KKU0 MC2DOUGLAS 09/21/2020 4172.0011.9731,096

1,000,000.002.450999,972.42 1,000,000.0003/29/2018FHLB100963130ADUY6 FACDOUGLAS 09/21/2020 4172.4522.419907500,000.002.000499,453.60 500,000.0011/20/2017Microsoft10070594918BG8 MTNDOUGLAS 11/03/2020 4602.0902.0611,079

1,000,000.002.000992,338.98 1,000,000.0003/19/2018Microsoft10092594918BG8 MTNDOUGLAS 11/03/2020 4602.6352.599960500,000.001.625501,024.09 500,000.0001/22/2016U.S. Treasury10022912828M98 TRCDOUGLAS 11/30/2020 4871.4651.4451,774248,000.002.200247,828.54 248,000.0012/29/2017Connect One Bank1007720786ABY0 MC2DOUGLAS 12/28/2020 5152.2532.2221,095248,000.002.200247,828.36 248,000.0012/29/2017Bar Harbor Bank & Trust10076066851VV5 MC2DOUGLAS 12/29/2020 5162.2532.2221,096

1,000,000.003.050999,569.17 1,000,000.0001/08/2019Toyota1012989236TFQ3 MTNDOUGLAS 01/08/2021 5263.0813.039731500,000.002.600493,817.32 500,000.0010/19/2018Wells Fargo Bank1011894988J5N3 MTNDOUGLAS 01/15/2021 5333.4893.441819500,000.003.000499,694.56 500,000.0002/04/2019US Bank1013090331HPA5 MTNDOUGLAS 02/04/2021 5533.0423.000731

1,000,000.002.4501,009,043.74 1,000,000.0010/19/2017FHLB100613130A1CM8 FACDOUGLAS 02/26/2021 5751.8531.8271,2261,000,000.002.375998,744.68 1,000,000.0002/20/2018FHLB100863130A0XD7 FACDOUGLAS 03/12/2021 5892.4562.4221,116


Run Date: 08/12/2019 - 13:42 IM (PRF_IM) 7.1.1Report Ver. 7.3.6.1

22

CurrentRate

ParValue

BookValue

Sec.Type

Page 2

Fund DateMaturityAmount


Maturity YTMMaturity

Inventory by Maturity ReportDouglas Co - Maturity Report

CUSIP Investment # IssuerPurchase

Date

2,000,000.002.4802,016,817.72 2,000,000.0007/26/2019FFCB101443133EJHD4 FACDOUGLAS 03/22/2021 5991.9561.929605500,000.001.375499,931.00 500,000.0005/20/2016U.S. Treasury10026912828Q78 TRCDOUGLAS 04/30/2021 6381.3831.3641,806

1,000,000.002.0001,000,000.00 1,000,000.0011/28/2017FHLB100693130ACUK8 FACDOUGLAS 05/28/2021 6662.0001.9731,2771,000,000.002.730999,483.04 1,000,000.0008/15/2018FFCB101113133EJSA8 FACDOUGLAS 06/21/2021 6902.7582.7201,041

500,000.001.540499,613.89 500,000.0007/06/2016FNMA100143136G3WG6 MC1DOUGLAS 07/06/2021 7051.5821.5601,826500,000.003.250499,714.70 500,000.0008/06/2018New York Life1010964952WDA8 MTNDOUGLAS 08/06/2021 7363.2803.2351,096248,000.002.100247,516.09 248,000.0008/28/2017Discover Bank10052254673AS5 MC2DOUGLAS 08/16/2021 7462.2022.1711,449248,000.002.150247,680.23 248,000.0008/24/2017Capital One Bank NA100431404204P2 MC2DOUGLAS 08/23/2021 7532.2172.1871,460

1,000,000.002.700995,381.57 1,000,000.0009/19/2018FFCB101153133EJYF0 FACDOUGLAS 08/27/2021 7572.9342.8941,073248,000.002.200247,748.44 248,000.0008/30/2017American Express Bank1005102587CFT2 MC2DOUGLAS 08/30/2021 7602.2532.2221,461

1,000,000.002.8501,005,447.08 1,000,000.0002/14/2019FFCB101343133EJZU6 FACDOUGLAS 09/20/2021 7812.5842.5499491,000,000.002.0001,000,000.00 1,000,000.0010/30/2017FHLMC100633134GBU83 FACDOUGLAS 10/29/2021 8202.0001.9731,460

505,000.001.250504,387.27 505,000.0010/31/2016U.S. Treasury10031912828T67 TRCDOUGLAS 10/31/2021 8221.3061.2881,8261,000,000.001.950998,765.00 1,000,000.0011/17/2017FFCB100673133EHP31 FACDOUGLAS 11/02/2021 8242.0071.9801,4461,000,000.003.050999,198.89 1,000,000.0011/15/2018FFCB101213133EJT74 FACDOUGLAS 11/15/2021 8373.0873.0451,0961,000,000.002.800998,874.52 1,000,000.0012/17/2018FFCB101273133EJ3B3 FACDOUGLAS 12/17/2021 8692.8502.8111,0961,000,000.002.0001,000,992.26 1,000,000.0010/20/2017FNMA100643135G0S38 FACDOUGLAS 01/05/2022 8881.9571.9301,5381,080,000.001.8751,073,679.12 1,080,000.0003/09/2017U.S. Treasury10037912828W55 TRCDOUGLAS 02/28/2022 9422.1152.0861,8171,050,000.002.0301,045,416.75 1,050,000.0012/20/2017FFCB100753133ECJC9 FACDOUGLAS 03/18/2022 9602.2042.1741,549

500,000.002.300500,375.38 500,000.0011/06/2017Apple10065037833CQ1 MTNDOUGLAS 05/11/2022 1,0142.2712.2401,6471,000,000.003.000991,123.47 1,000,000.0012/11/2018Berkshire Hathaway10126084664BT7 MTNDOUGLAS 05/15/2022 1,0183.3393.2931,251

248,000.002.500248,000.00 248,000.0006/13/2019Flagstar Bank1014033847E2J5 MC2DOUGLAS 06/13/2022 1,0472.5002.4661,096600,000.002.400599,223.00 600,000.0006/17/2019Metlife1014159217GDB2 MTNDOUGLAS 06/17/2022 1,0512.4472.4131,096

1,000,000.002.8401,000,285.36 1,000,000.0007/10/2018FFCB101053133EJSB6 FACDOUGLAS 06/20/2022 1,0542.8292.7901,441248,000.002.350247,640.10 248,000.0008/29/2017Comenity Capital Bank1004520033AWA0 MC2DOUGLAS 08/26/2022 1,1212.4012.3691,823248,000.002.400247,641.06 248,000.0008/30/2017American Express Centurion1005002587DX94 MC2DOUGLAS 08/29/2022 1,1242.4512.4181,825248,000.002.350247,640.74 248,000.0008/31/2017Goldman Sachs Bank1004438148PNS2 MC2DOUGLAS 08/30/2022 1,1252.4022.3691,825248,000.002.400247,640.74 248,000.0008/31/2017Capital One Bank1005314042RHS3 MC2DOUGLAS 08/30/2022 1,1252.4522.4181,825

1,000,000.002.0001,000,000.00 1,000,000.0009/27/2017FHLMC100593134GBK84 FACDOUGLAS 09/27/2022 1,1532.0001.9731,8262,000,000.002.0001,996,284.88 2,000,000.0010/19/2017FNMA100623135G0T78 FACDOUGLAS 10/05/2022 1,1612.0622.0331,8121,000,000.002.030996,912.18 1,000,000.0011/17/2017FHLB100683130ACS96 FACDOUGLAS 11/07/2022 1,1942.1302.1011,8161,000,000.002.5001,005,509.35 1,000,000.0012/22/2017FHLB100793130A3KM5 FACDOUGLAS 12/09/2022 1,2262.3252.2931,813

248,000.002.650247,597.95 248,000.0001/12/2018Morgan Stanley Bank1008061747MF63 MC2DOUGLAS 01/11/2023 1,2592.7022.6651,8252,000,000.001.8751,998,101.33 2,000,000.0007/17/2019FFCB101433133EKVF0 FACDOUGLAS 01/17/2023 1,2651.9031.8771,280

248,000.002.800247,795.98 248,000.0002/16/2018State Bank of India10082856285JA0 MC2DOUGLAS 02/16/2023 1,2952.8262.7881,826248,000.003.350247,587.75 248,000.0012/19/2018Merrick Bank1012459013J5Z8 MC2DOUGLAS 02/21/2023 1,3003.4073.3601,525

1,000,000.002.750986,307.64 1,000,000.0003/16/2018Berkshire Hathaway10091084670BR8 MTNDOUGLAS 03/15/2023 1,3223.1623.1181,8251,000,000.002.400961,730.37 1,000,000.0012/11/2018Apple10125037833AK6 MTNDOUGLAS 05/03/2023 1,3713.5083.4601,6041,000,000.002.890999,421.38 1,000,000.0006/19/2018FFCB101013133EJSD2 FACDOUGLAS 06/19/2023 1,4182.9062.8661,8261,000,000.003.4001,006,417.22 1,000,000.0007/16/2018Walmart10106931142EK5 MTNDOUGLAS 06/26/2023 1,4253.2213.1761,806



23

CurrentRate

ParValue

BookValue

Sec.Type

Page 3

Fund DateMaturityAmount


Maturity YTMMaturity

Inventory by Maturity ReportDouglas Co - Maturity Report

CUSIP Investment # IssuerPurchase

Date

248,000.003.300247,555.93 248,000.0006/29/2018Citibank1010217312QN96 MC2DOUGLAS 06/28/2023 1,4273.3523.3061,825500,000.003.550496,997.13 500,000.0010/29/2018Wells Fargo Bank1011994988J5R4 MTNDOUGLAS 08/14/2023 1,4743.7133.6621,750

1,000,000.003.550988,834.39 1,000,000.0012/14/2018Wells Fargo Bank1012894988J5R4 MTNDOUGLAS 08/14/2023 1,4743.8543.8011,704500,000.003.450499,189.32 500,000.0009/20/2018Toyota1011689236TFN0 MTNDOUGLAS 09/20/2023 1,5113.4933.4451,826

1,000,000.003.1001,000,000.00 1,000,000.0009/28/2018FHLB101133130AEWN6 FACDOUGLAS 09/28/2023 1,5193.1003.0581,826248,000.003.350247,523.31 248,000.0010/05/2018US Bank1011790348JEB2 MC2DOUGLAS 10/05/2023 1,5263.4023.3561,826248,000.003.550247,515.60 248,000.0011/13/2018Morgan Stanley1012061760ARS0 MC2DOUGLAS 11/08/2023 1,5603.6023.5531,821248,000.003.550247,508.32 248,000.0011/29/2018Wells Fargo Bank10122949763VK9 MC2DOUGLAS 11/28/2023 1,5803.6023.5531,825

1,000,000.002.350971,566.20 1,000,000.0011/27/2018FFCB101233133EH2U6 FACDOUGLAS 12/12/2023 1,5943.0583.0161,8411,150,000.003.6001,174,727.65 1,150,000.0003/15/2019Metlife1013659217GCT4 MTNDOUGLAS 01/11/2024 1,6243.0753.0331,7631,000,000.003.6501,028,343.79 1,000,000.0004/16/2019Citibank1013917325FAS7 MTNDOUGLAS 01/23/2024 1,6362.9662.9251,743

248,000.003.000247,478.21 248,000.0002/12/2019Medallion Bank1013258404DDG3 MC2DOUGLAS 02/12/2024 1,6563.0533.0121,8261,000,000.003.1001,000,000.00 1,000,000.0002/15/2019FHLMC101313134GSX83 MC1DOUGLAS 02/15/2024 1,6593.1003.0581,826

248,000.003.000247,476.46 248,000.0002/25/2019TIAA Bank1013387270LBU6 MC2DOUGLAS 02/22/2024 1,6663.0523.0101,823248,000.002.900247,464.97 248,000.0003/26/2019Bank of Hapoalim1013706251AW48 MC2DOUGLAS 03/25/2024 1,6982.9542.9131,826

1,000,000.002.8751,002,738.16 1,000,000.0004/15/2019New York Life1013864952WDG5 MTNDOUGLAS 04/10/2024 1,7142.8122.7731,8221,900,000.001.9501,896,897.83 1,900,000.0006/21/2019FFCB101423133EKQU3 FACDOUGLAS 06/13/2024 1,7781.9851.9581,8192,000,000.001.8501,991,209.79 2,000,000.0007/29/2019FFCB101453133EKWV4 FACDOUGLAS 07/26/2024 1,8211.9431.9161,8242,000,000.003.1002,036,615.64 2,000,000.0002/22/2019FFCB101353133EJ2E8 FACDOUGLAS 12/06/2024 1,9542.7272.6902,114

Subtotal and Average 85,008,617.38 85,008,617.3884,969,350.99 2.262 2.293 777

85,008,617.38 85,008,617.3884,969,350.99Net Maturities and Average 2.262 2.293 777



24

Douglas Co - Credit RatingsCredit Rating Report

July 31, 2019Sorted by Moody's - Investment Number

Security #PurchasePrincipal

BookValueInvestment #

% ofTotal

Moody's RatingIssuer

MarketValue

S&P Rating

PurchaseDate

MaturityDate

Days ToMaturity

StatedRate YTM

08/23/201910010 3135G0N90FNMA 09/08/2016Aaa AA+2,259,774.00 2,259,995.33 2,258,711.80 22 1.150 1.153 2.6607/06/202110014 3136G3WG6FNMA 07/06/2016Aaa AA+499,000.00 499,613.89 496,440.00 705 1.540 1.582 0.5908/15/201910015 9128282B5USTR 09/08/2016Aaa AA+996,289.06 999,951.49 999,460.00 14 0.750 0.878 1.1811/30/201910016 912828G61USTR 11/05/2015Aaa AA+999,531.25 999,961.83 997,620.00 121 1.500 1.512 1.1801/31/202010017 912828H52USTR 02/03/2015Aaa AA+499,355.47 499,935.30 497,675.00 183 1.250 1.277 0.5904/30/202010018 912828K58USTR 05/19/2015Aaa AA+495,312.50 499,292.21 497,225.00 273 1.375 1.573 0.5908/31/202010020 912828L32USTR 08/03/2016Aaa AA+507,812.50 502,077.74 496,405.00 396 1.375 0.983 0.5911/30/202010022 912828M98USTR 01/22/2016Aaa AA+503,730.47 501,024.09 497,540.00 487 1.625 1.465 0.5904/30/202110026 912828Q78USTR 05/20/2016Aaa AA+499,804.69 499,931.00 495,100.00 638 1.375 1.383 0.5910/15/201910030 912828T59USTR 10/31/2016Aaa AA+1,005,274.81 1,005,019.10 1,002,487.50 75 1.000 0.991 1.1810/31/202110031 912828T67USTR 10/31/2016Aaa AA+503,638.87 504,387.27 497,879.50 822 1.250 1.306 0.5911/15/201910032 912828U32USTR 12/06/2016Aaa AA+1,131,939.84 1,143,711.01 1,141,244.40 106 1.000 1.397 1.3512/15/201910033 912828U73USTR 04/06/2017Aaa AA+999,179.68 999,886.51 997,110.00 136 1.375 1.406 1.1801/15/202010034 912828V31USTR 04/06/2017Aaa AA+998,750.00 999,794.13 996,290.00 167 1.375 1.421 1.1804/30/202010035 912828VA5USTR 05/16/2016Aaa AA+500,488.28 500,092.25 496,330.00 273 1.125 1.100 0.5902/15/202010036 912828W22USTR 03/09/2017Aaa AA+1,983,671.88 1,996,986.98 1,991,180.00 198 1.375 1.661 2.3502/28/202210037 912828W55USTR 03/09/2017Aaa AA+1,067,807.82 1,073,679.12 1,080,086.40 942 1.875 2.115 1.2603/15/202010038 912828W63USTR 04/06/2017Aaa AA+1,005,117.20 1,001,081.57 996,680.00 227 1.625 1.446 1.1804/15/202010039 912828X21USTR 05/08/2017Aaa AA+1,248,974.61 1,249,753.45 1,244,437.50 258 1.500 1.529 1.4706/30/202010041 912828XH8USTR 07/09/2015Aaa AA+516,388.08 515,255.02 512,847.30 334 1.625 1.568 0.6106/30/202010042 912828XH8USTR 08/03/2016Aaa AA+512,656.25 502,962.29 497,910.00 334 1.625 0.963 0.5909/27/202210059 3134GBK84FHLMC 09/27/2017Aaa AA+1,000,000.00 1,000,000.00 1,000,060.00 1,153 2.000 2.000 1.1802/26/202110061 3130A1CM8FHLB 10/19/2017Aaa AA+1,019,320.00 1,009,043.74 1,008,000.00 575 2.450 1.853 1.1910/05/202210062 3135G0T78FNMA 10/19/2017Aaa AA+1,994,200.00 1,996,284.88 2,006,180.00 1,161 2.000 2.062 2.3510/29/202110063 3134GBU83FHLMC 10/30/2017Aaa AA+1,000,000.00 1,000,000.00 1,000,910.00 820 2.000 2.000 1.1801/05/202210064 3135G0S38FNMA 10/20/2017Aaa AA+1,001,720.00 1,000,992.26 1,001,780.00 888 2.000 1.957 1.1811/02/202110067 3133EHP31FFCB 11/17/2017Aaa AA+997,830.00 998,765.00 999,410.00 824 1.950 2.007 1.1811/07/202210068 3130ACS96FHLB 11/17/2017Aaa AA+995,300.00 996,912.18 1,005,560.00 1,194 2.030 2.130 1.1705/28/202110069 3130ACUK8FHLB 11/28/2017Aaa AA+1,000,000.00 1,000,000.00 999,670.00 666 2.000 2.000 1.1811/03/202010070 594918BG8MSFT 11/20/2017Aaa AAA498,715.00 499,453.60 499,715.00 460 2.000 2.090 0.5903/18/202210075 3133ECJC9FFCB 12/20/2017Aaa AA+1,042,604.85 1,045,416.75 1,051,984.50 960 2.030 2.204 1.2312/09/202210079 3130A3KM5FHLB 12/22/2017Aaa AA+1,008,150.00 1,005,509.35 1,019,100.00 1,226 2.500 2.325 1.1803/12/202110086 3130A0XD7FHLB 02/20/2018Aaa AA+997,619.00 998,744.68 1,006,100.00 589 2.375 2.456 1.1811/03/202010092 594918BG8MSFT 03/19/2018Aaa AAA984,000.00 992,338.98 999,430.00 460 2.000 2.635 1.17


Run Date: 08/12/2019 - 13:40 CR (PRF_CR) 7.2.0Report Ver. 7.3.6.1

25

Sorted by Moody's - Investment NumberPage 2Credit Rating Report

Douglas Co - Credit Ratings



% ofTotal


MarketValue

S&P Rating

PurchaseDate

MaturityDate

Days ToMaturity

StatedRate YTM

09/21/202010096 3130ADUY6FHLB 03/29/2018Aaa AA+999,940.00 999,972.42 1,004,930.00 417 2.450 2.452 1.1806/19/202310101 3133EJSD2FFCB 06/19/2018Aaa AA+999,255.00 999,421.38 1,036,440.00 1,418 2.890 2.906 1.1806/20/202210105 3133EJSB6FFCB 07/10/2018Aaa AA+1,000,390.00 1,000,285.36 1,024,900.00 1,054 2.840 2.829 1.1808/06/202110109 64952WDA8NY 08/06/2018Aaa AAA499,575.00 499,714.70 509,495.00 736 3.250 3.280 0.5906/21/202110111 3133EJSA8FFCB 08/15/2018Aaa AA+999,220.00 999,483.04 1,013,700.00 690 2.730 2.758 1.1809/28/202310113 3130AEWN6FHLB 09/28/2018Aaa AA+1,000,000.00 1,000,000.00 1,010,970.00 1,519 3.100 3.100 1.1808/27/202110115 3133EJYF0FFCB 09/19/2018Aaa AA+993,450.00 995,381.57 1,014,510.00 757 2.700 2.934 1.1711/15/202110121 3133EJT74FFCB 11/15/2018Aaa AA+998,950.00 999,198.89 1,023,910.00 837 3.050 3.087 1.1812/12/202310123 3133EH2U6FFCB 11/27/2018Aaa AA+967,150.00 971,566.20 1,017,520.00 1,594 2.350 3.058 1.1412/17/202110127 3133EJ3B3FFCB 12/17/2018Aaa AA+998,580.00 998,874.52 1,019,190.00 869 2.800 2.850 1.1802/15/202410131 3134GSX83FHLMC 02/15/2019Aaa AA+1,000,000.00 1,000,000.00 1,000,260.00 1,659 3.100 3.100 1.1809/20/202110134 3133EJZU6FFCB 02/14/2019Aaa AA+1,006,630.00 1,005,447.08 1,018,170.00 781 2.850 2.584 1.1812/06/202410135 3133EJ2E8FFCB 02/22/2019Aaa AA+2,039,640.00 2,036,615.64 2,106,340.00 1,954 3.100 2.727 2.4004/10/202410138 64952WDG5NY 04/15/2019Aaa AA+1,002,910.00 1,002,738.16 1,018,010.00 1,714 2.875 2.812 1.1806/13/202410142 3133EKQU3FFCB 06/21/2019Aaa AA+1,896,827.00 1,896,897.83 1,899,924.00 1,778 1.950 1.985 2.2301/17/202310143 3133EKVF0FFCB 07/17/2019Aaa AA+1,998,080.00 1,998,101.33 2,001,340.00 1,265 1.875 1.903 2.3503/22/202110144 3133EJHD4FFCB 07/26/2019Aaa AA+2,016,960.00 2,016,817.72 2,015,200.00 599 2.480 1.956 2.3707/26/202410145 3133EKWV4FFCB 07/29/2019Aaa AA+1,991,200.00 1,991,209.79 1,992,400.00 1,821 1.850 1.943 2.3406/30/202010146 912828XH8USTR 07/29/2019Aaa AA+996,289.06 996,322.10 995,820.00 334 1.625 2.033 1.17

SubTotal for Aaa 55,679,002.17 55,705,900.73 56,011,587.90 65.612.0432.027817

05/11/202210065 037833CQ1AAPL 11/06/2017Aa1 AA+500,610.00 500,375.38 502,655.00 1,014 2.300 2.271 0.5905/03/202310125 037833AK6AAPL 12/11/2018Aa1 AA+955,220.00 961,730.37 1,008,320.00 1,371 2.400 3.508 1.13

SubTotal for Aa1 1,455,830.00 1,462,105.75 1,510,975.00 1.723.0852.3661249

03/03/202010085 166764AR1CVX 02/20/2018Aa2 AA988,456.51 996,661.36 998,900.00 215 1.961 2.546 1.1703/15/202310091 084670BR8BRK 03/16/2018Aa2 AA981,110.00 986,307.64 1,019,260.00 1,322 2.750 3.162 1.1606/26/202310106 931142EK5WMT 07/16/2018Aa2 AA1,008,130.00 1,006,417.22 1,045,450.00 1,425 3.400 3.221 1.1801/15/202110118 94988J5N3WFC 10/19/2018Aa2 A+490,490.00 493,817.32 501,775.00 533 2.600 3.489 0.5808/14/202310119 94988J5R4WFC 10/29/2018Aa2 A+496,435.00 496,997.13 520,785.00 1,474 3.550 3.713 0.5805/15/202210126 084664BT7BRK 12/11/2018Aa2 AA989,090.00 991,123.47 1,023,960.00 1,018 3.000 3.339 1.1708/14/202310128 94988J5R4WFC 12/14/2018Aa2 A+987,090.00 988,834.39 1,041,570.00 1,474 3.550 3.854 1.16

SubTotal for Aa2 5,940,801.51 5,960,158.53 6,151,700.00 7.003.2862.9561076

09/20/202310116 89236TFN0TOYOTA 09/20/2018Aa3 AA-499,020.00 499,189.32 523,245.00 1,511 3.450 3.493 0.5901/08/202110129 89236TFQ3TOYOTA 01/08/2019Aa3 AA999,400.00 999,569.17 1,012,550.00 526 3.050 3.081 1.1801/11/202410136 59217GCT4MET 03/15/2019Aa3 AA-1,176,829.50 1,174,727.65 1,208,328.00 1,624 3.600 3.075 1.3801/23/202410139 17325FAS7CITI 04/16/2019Aa3 A+1,030,190.00 1,028,343.79 1,047,880.00 1,636 3.650 2.966 1.2106/17/202210141 59217GDB2MET 06/17/2019Aa3 AA-599,190.00 599,223.00 601,254.00 1,051 2.400 2.447 0.71



26

Sorted by Moody's - Investment NumberPage 3Credit Rating Report

Douglas Co - Credit Ratings



% ofTotal


MarketValue

S&P Rating

PurchaseDate

MaturityDate

Days ToMaturity

StatedRate YTM

SubTotal for Aa3 4,304,629.50 4,301,052.93 4,393,257.00 5.073.0113.3001279

07/24/202010108 90331HNU3USB 07/24/2018A1 AA-999,520.00 999,764.67 1,006,790.00 358 3.050 3.075 1.1802/04/202110130 90331HPA5USB 02/04/2019A1 AA-499,595.00 499,694.56 505,060.00 553 3.000 3.042 0.59

SubTotal for A1 1,499,115.00 1,499,459.23 1,511,850.00 1.773.0643.033423

08/23/202110043 1404204P2COFUSA 08/24/2017None None247,380.00 247,680.23 249,362.75 753 2.150 2.217 0.2908/30/202210044 38148PNS2GS 08/31/2017None None247,417.20 247,640.74 252,008.84 1,125 2.350 2.402 0.2908/26/202210045 20033AWA0ADS 08/29/2017None None247,414.72 247,640.10 252,016.11 1,121 2.350 2.401 0.29

10046 SYS10046NVLGIP 07/01/2019None None7,067,871.98 7,067,871.98 7,067,871.98 1 2.397 2.397 8.3210048 SYS10048DGMM 07/01/2019None None3,276,745.40 3,276,745.40 3,276,745.40 1 2.220 2.220 3.86

08/29/202210050 02587DX94AXPCEN 08/30/2017None None247,417.20 247,641.06 252,373.22 1,124 2.400 2.451 0.2908/30/202110051 02587CFT2AXP 08/30/2017None None247,516.40 247,748.44 249,656.27 760 2.200 2.253 0.2908/16/202110052 254673AS5DFS 08/28/2017None None247,060.08 247,516.09 249,099.57 746 2.100 2.202 0.2908/30/202210053 14042RHS3COF 08/31/2017None None247,417.20 247,640.74 252,384.48 1,125 2.400 2.452 0.2908/18/202010054 05580AKA1BMW 08/28/2017None None247,283.28 247,747.23 247,243.91 383 1.900 2.002 0.2908/24/202010055 795450D51SALLMA 08/28/2017None None247,380.00 247,779.14 247,231.61 389 1.900 1.988 0.2909/21/202010057 06740KKU0BACR 09/21/2017None None247,635.44 247,861.29 247,390.25 417 1.950 2.001 0.2912/29/202010076 066851VV5BHB 12/29/2017None None247,635.44 247,828.36 248,400.38 516 2.200 2.253 0.2912/28/202010077 20786ABY0NORJER 12/29/2017None None247,635.44 247,828.54 248,399.60 515 2.200 2.253 0.2901/11/202310080 61747MF63MSB 01/12/2018None None247,417.20 247,597.95 255,028.24 1,259 2.650 2.702 0.2902/16/202310082 856285JA0SBIIN 02/16/2018None None247,712.32 247,795.98 256,523.18 1,295 2.800 2.826 0.2906/28/202310102 17312QN96CITI 06/29/2018None None247,432.08 247,555.93 262,145.36 1,427 3.300 3.352 0.2910/05/202310117 90348JEB2USB 10/05/2018None None247,429.60 247,523.31 263,664.94 1,526 3.350 3.402 0.2911/08/202310120 61760ARS0MS 11/13/2018None None247,434.56 247,515.60 265,984.28 1,560 3.550 3.602 0.2911/28/202310122 949763VK9WFC 11/29/2018None None247,432.08 247,508.32 266,280.13 1,580 3.550 3.602 0.2902/21/202310124 59013J5Z8MERICK 12/19/2018None None247,516.40 247,587.75 261,360.28 1,300 3.350 3.407 0.2902/12/202410132 58404DDG3MEDBNK 02/12/2019None None247,424.64 247,478.21 261,064.80 1,656 3.000 3.053 0.2902/22/202410133 87270LBU6TIAA 02/25/2019None None247,427.12 247,476.46 261,089.62 1,666 3.000 3.052 0.2903/25/202410137 06251AW48HAPOAL 03/26/2019None None247,424.64 247,464.97 260,198.29 1,698 2.900 2.954 0.2906/13/202210140 33847E2J5FBC 06/13/2019None None248,000.00 248,000.00 252,703.03 1,047 2.500 2.500 0.29

SubTotal for No Specified Rating 16,036,460.42 16,040,673.82 16,206,226.52 18.852.4572.437386



27

Douglas Co - Summary By IssuerSummary by Issuer

July 31, 2019

% ofPortfolio

Average Daysto Maturity

ParValueIssuer

Number ofInvestments

AverageYTM 365Book Value

Apple 1,462,105.75 1.72 3.0852 1,2491,500,000.00

Comenity Capital Bank 247,640.10 0.29 2.4011 1,121248,000.00

American Express Bank 247,748.44 0.29 2.2531 760248,000.00

American Express Centurion Bk 247,641.06 0.29 2.4511 1,124248,000.00

Barclays Bank 247,861.29 0.29 2.0011 417248,000.00

Bar Harbor Bank & Trust 247,828.36 0.29 2.2531 516248,000.00

BMW Bank 247,747.23 0.29 2.0021 383248,000.00

Berkshire Hathaway 1,977,431.11 2.33 3.2512 1,1702,000,000.00

Citibank 1,275,899.72 1.50 3.0412 1,5951,248,000.00

Capital One Bank 247,640.74 0.29 2.4521 1,125248,000.00

Capital One Bank NA 247,680.23 0.29 2.2171 753248,000.00

Chevron 996,661.36 1.17 2.5461 2151,000,000.00

Discover Bank 247,516.09 0.29 2.2021 746248,000.00

Dreyfus Govt MMF 3,276,745.40 3.86 2.2201 13,276,745.40

Flagstar Bank 248,000.00 0.29 2.5001 1,047248,000.00

FFCB 19,953,482.10 23.48 2.41415 1,22819,950,000.00

FHLB 7,010,182.37 8.25 2.3307 8847,000,000.00

FHLMC 3,000,000.00 3.53 2.3673 1,2113,000,000.00

FNMA 5,756,886.36 6.78 1.6454 6275,760,000.00

Goldman Sachs Bank 247,640.74 0.29 2.4021 1,125248,000.00

Bank of Hapoalim 247,464.97 0.29 2.9541 1,698248,000.00

Medallion Bank 247,478.21 0.29 3.0531 1,656248,000.00


Run Date: 08/12/2019 - 13:44 SI (PRF_SI) 7.1.1Report Ver. 7.3.6.1

28

% ofPortfolio

Average Daysto Maturity

ParValue

Page 2Summary by IssuerDouglas Co - Summary By Issuer

IssuerNumber of

Investments

July 31, 2019

AverageYTM 365Book Value

Merrick Bank 247,587.75 0.29 3.4071 1,300248,000.00

Metlife 1,773,950.65 2.09 2.8632 1,4301,750,000.00

Morgan Stanley 247,515.60 0.29 3.6021 1,560248,000.00

Morgan Stanley Bank 247,597.95 0.29 2.7021 1,259248,000.00

Microsoft 1,491,792.58 1.76 2.4532 4601,500,000.00

Connect One Bank 247,828.54 0.29 2.2531 515248,000.00

NVLGIP 7,067,871.98 8.32 2.3971 17,067,871.98

New York Life 1,502,452.86 1.77 2.9682 1,3891,500,000.00

Sallie Mae Bank 247,779.14 0.29 1.9881 389248,000.00

State Bank of India 247,795.98 0.29 2.8261 1,295248,000.00

TIAA Bank 247,476.46 0.29 3.0521 1,666248,000.00

Toyota 1,498,758.49 1.76 3.2182 8541,500,000.00

US Bank 1,746,982.54 2.06 3.1123 5791,748,000.00

U.S. Treasury 16,991,104.46 20.00 1.44920 28317,000,000.00

Wells Fargo Bank 2,227,157.16 2.62 3.7144 1,2772,248,000.00

Walmart 1,006,417.22 1.18 3.2211 1,4251,000,000.00

Total and Average 94 84,969,350.99 100.00 2.293 77885,008,617.38


Run Date: 08/12/2019 - 13:44 SI (PRF_SI) 7.1.1Report Ver. 7.3.6.1

29

July 31, 2019Interest Earnings Summary

Month EndingJuly 31 Fiscal Year To Date


CD/Coupon/Discount Investments:

107,645.70Interest CollectedPlus Accrued Interest at End of PeriodLess Accrued Interest at Beginning of Period

377,233.03( 353,299.44)

107,645.70377,233.03

( 353,299.44)Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00)

Interest Earned during Period

Adjusted by Premiums and DiscountsAdjusted by Capital Gains or Losses

Earnings during Periods

131,579.29

2,806.920.00

131,579.29

2,806.920.00

134,386.21 134,386.21

Pass Through Securities:

0.00Interest CollectedPlus Accrued Interest at End of PeriodLess Accrued Interest at Beginning of Period

0.00( 0.00)

0.000.00

( 0.00)Less Accrued Interest at Purchase During Period ( 0.00) ( 0.00)

Interest Earned during Period

Adjusted by Premiums and DiscountsAdjusted by Capital Gains or Losses

Earnings during Periods

0.00

0.000.00

0.00

0.000.00

0.00 0.00

Cash/Checking Accounts:

42,522.20Interest CollectedPlus Accrued Interest at End of PeriodLess Accrued Interest at Beginning of Period

34,956.58( 42,522.20)

42,522.2034,956.58

( 42,522.20)

Interest Earned during Period 34,956.58 34,956.58

Total Interest Earned during Period

Total Adjustments from Premiums and Discounts

Total Capital Gains or Losses

Total Earnings during Period

166,535.87

2,806.92

0.00

166,535.87

2,806.92

0.00

169,342.79 169,342.79



30

Douglas Co - Interest ReportsInterest Earnings

Sorted by Security Type - Maturity DateJuly 1, 2019 - July 31, 2019

Yield on Beginning Book Value

MaturityDate

CurrentRate

EndingPar Value

EndingIssuerFund Book Value

BeginningBook Value

Adjusted Interest Earnings

AccretionAmortization/

EarningsAdjusted InterestAnnualized

YieldCUSIP Investment #InterestEarned

Security Type: Federal Agency Coupon Securities

2,259,995.3310010 2,260,000.00 1.150FNMA 08/23/2019 2,165.83 6.36 2,172.191.132DOUGLAS 2,259,988.973135G0N90999,972.4210096 1,000,000.00 2.450FHLB 09/21/2020 2,041.66 2.02 2,043.682.406DOUGLAS 999,970.403130ADUY6

1,009,043.7410061 1,000,000.00 2.450FHLB 02/26/2021 2,041.67 -480.20 1,561.471.821DOUGLAS 1,009,523.943130A1CM8998,744.6810086 1,000,000.00 2.375FHLB 03/12/2021 1,979.17 64.82 2,043.992.410DOUGLAS 998,679.863130A0XD7

2,016,817.7210144 2,000,000.00 2.480FFCB 03/22/2021 688.89 -142.28 546.611.649DOUGLAS 0.003133EJHD41,000,000.0010069 1,000,000.00 2.000FHLB 05/28/2021 1,666.67 0.00 1,666.671.962DOUGLAS 1,000,000.003130ACUK8

999,483.0410111 1,000,000.00 2.730FFCB 06/21/2021 2,275.00 22.81 2,297.812.707DOUGLAS 999,460.233133EJSA8995,381.5710115 1,000,000.00 2.700FFCB 08/27/2021 2,250.00 185.73 2,435.732.882DOUGLAS 995,195.843133EJYF0

1,005,447.0810134 1,000,000.00 2.850FFCB 09/20/2021 2,375.00 -212.50 2,162.502.532DOUGLAS 1,005,659.583133EJZU61,000,000.0010063 1,000,000.00 2.000FHLMC 10/29/2021 1,666.67 0.00 1,666.671.962DOUGLAS 1,000,000.003134GBU83

998,765.0010067 1,000,000.00 1.950FFCB 11/02/2021 1,625.00 45.68 1,670.681.970DOUGLAS 998,719.323133EHP31999,198.8910121 1,000,000.00 3.050FFCB 11/15/2021 2,541.67 29.17 2,570.843.029DOUGLAS 999,169.723133EJT74998,874.5210127 1,000,000.00 2.800FFCB 12/17/2021 2,333.33 39.45 2,372.782.797DOUGLAS 998,835.073133EJ3B3

1,000,992.2610064 1,000,000.00 2.000FNMA 01/05/2022 1,666.66 -34.06 1,632.601.920DOUGLAS 1,001,026.323135G0S381,045,416.7510075 1,050,000.00 2.030FFCB 03/18/2022 1,776.25 145.19 1,921.442.164DOUGLAS 1,045,271.563133ECJC91,000,285.3610105 1,000,000.00 2.840FFCB 06/20/2022 2,366.66 -8.24 2,358.422.776DOUGLAS 1,000,293.603133EJSB61,000,000.0010059 1,000,000.00 2.000FHLMC 09/27/2022 1,666.67 0.00 1,666.671.962DOUGLAS 1,000,000.003134GBK841,996,284.8810062 2,000,000.00 2.000FNMA 10/05/2022 3,333.33 97.42 3,430.752.024DOUGLAS 1,996,187.463135G0T78

996,912.1810068 1,000,000.00 2.030FHLB 11/07/2022 1,691.67 78.77 1,770.442.091DOUGLAS 996,833.413130ACS961,005,509.3510079 1,000,000.00 2.500FHLB 12/09/2022 2,083.33 -136.82 1,946.512.279DOUGLAS 1,005,646.173130A3KM51,998,101.3310143 2,000,000.00 1.875FFCB 01/17/2023 1,458.33 21.33 1,479.661.802DOUGLAS 0.003133EKVF0

999,421.3810101 1,000,000.00 2.890FFCB 06/19/2023 2,408.34 12.41 2,420.752.852DOUGLAS 999,408.973133EJSD21,000,000.0010113 1,000,000.00 3.100FHLB 09/28/2023 2,583.34 0.00 2,583.343.042DOUGLAS 1,000,000.003130AEWN6

971,566.2010123 1,000,000.00 2.350FFCB 12/12/2023 1,958.33 542.98 2,501.313.033DOUGLAS 971,023.223133EH2U61,896,897.8310142 1,900,000.00 1.950FFCB 06/13/2024 3,087.50 53.12 3,140.621.949DOUGLAS 1,896,844.713133EKQU31,991,209.7910145 2,000,000.00 1.850FFCB 07/26/2024 205.56 9.79 215.351.316DOUGLAS 0.003133EKWV42,036,615.6410135 2,000,000.00 3.100FFCB 12/06/2024 5,166.66 -570.64 4,596.022.656DOUGLAS 2,037,186.283133EJ2E8

34,210,000.00Subtotal 34,220,936.94 2.250 56,875.50-227.6957,103.1928,214,924.63


Run Date: 08/12/2019 - 13:41 IE (PRF_IE) 7.2.0Report Ver. 7.3.6.1

31

MaturityDate

CurrentRate

EndingPar Value

EndingIssuerFund

Page 2

Book ValueBeginning

Book Value



EarningsAdjusted Interest

July 1, 2019 - July 31, 2019Interest Earnings

Douglas Co - Interest Reports

AnnualizedYieldCUSIP Investment #

InterestEarned

Security Type: Treasury Coupon Securities

0.0010029 0.00 0.750USTR 07/15/2019 585.91 29.77 615.680.795DOUGLAS 2,019,970.23912828S43999,951.4910015 1,000,000.00 0.750USTR 08/15/2019 642.26 107.41 749.670.883DOUGLAS 999,844.089128282B5

1,005,019.1010030 1,005,000.00 1.000USTR 10/15/2019 851.23 -7.90 843.330.988DOUGLAS 1,005,027.00912828T591,143,711.0110032 1,145,000.00 1.000USTR 11/15/2019 964.54 376.97 1,341.511.382DOUGLAS 1,143,334.04912828U32

999,961.8310016 1,000,000.00 1.500USTR 11/30/2019 1,270.49 9.78 1,280.271.507DOUGLAS 999,952.05912828G61999,886.5110033 1,000,000.00 1.375USTR 12/15/2019 1,164.62 25.87 1,190.491.402DOUGLAS 999,860.64912828U73999,794.1310034 1,000,000.00 1.375USTR 01/15/2020 1,166.96 38.21 1,205.171.419DOUGLAS 999,755.92912828V31499,935.3010017 500,000.00 1.250USTR 01/31/2020 534.94 10.96 545.901.286DOUGLAS 499,924.34912828H52

1,996,986.9810036 2,000,000.00 1.375USTR 02/15/2020 2,354.97 471.73 2,826.701.667DOUGLAS 1,996,515.25912828W221,001,081.5710038 1,000,000.00 1.625USTR 03/15/2020 1,368.89 -147.70 1,221.191.436DOUGLAS 1,001,229.27912828W631,249,753.4510039 1,250,000.00 1.500USTR 04/15/2020 1,588.12 29.63 1,617.751.524DOUGLAS 1,249,723.82912828X21

500,092.2510035 500,000.00 1.125USTR 04/30/2020 473.85 -10.47 463.381.091DOUGLAS 500,102.72912828VA5499,292.2110018 500,000.00 1.375USTR 04/30/2020 579.14 80.37 659.511.555DOUGLAS 499,211.84912828K58996,322.1010146 1,000,000.00 1.625USTR 06/30/2020 132.47 33.04 165.512.021DOUGLAS 0.00912828XH8502,962.2910042 500,000.00 1.625USTR 06/30/2020 684.44 -274.94 409.500.958DOUGLAS 503,237.23912828XH8515,255.0210041 515,000.00 1.625USTR 06/30/2020 704.98 -23.66 681.321.557DOUGLAS 515,278.68912828XH8502,077.7410020 500,000.00 1.375USTR 08/31/2020 579.15 -162.65 416.500.976DOUGLAS 502,240.39912828L32501,024.0910022 500,000.00 1.625USTR 11/30/2020 688.19 -65.19 623.001.464DOUGLAS 501,089.28912828M98499,931.0010026 500,000.00 1.375USTR 04/30/2021 579.14 3.35 582.491.372DOUGLAS 499,927.65912828Q78504,387.2710031 505,000.00 1.250USTR 10/31/2021 531.76 23.11 554.871.295DOUGLAS 504,364.16912828T67

1,073,679.1210037 1,080,000.00 1.875USTR 02/28/2022 1,705.84 208.01 1,913.852.099DOUGLAS 1,073,471.11912828W55

17,000,000.00Subtotal 16,991,104.46 1.379 19,907.59755.7019,151.8918,014,059.70

Security Type: Money Market Fund

3,276,745.4010048 3,276,745.40 2.220DGMM 2,936.00 0.00 2,936.0022.467DOUGLAS 153,862.68SYS10048

3,276,745.40Subtotal 3,276,745.40 22.467 2,936.000.002,936.00153,862.68

Security Type: LGIP

7,067,871.9810046 7,067,871.98 2.397NVLGIP 32,020.58 0.00 32,020.581.855DOUG 20,326,736.71SYS10046

7,067,871.98Subtotal 7,067,871.98 1.855 32,020.580.0032,020.5820,326,736.71

Security Type: Corporate Notes

996,661.3610085 1,000,000.00 1.961CVX 03/03/2020 1,634.17 472.44 2,106.612.490DOUGLAS 996,188.92166764AR1999,764.6710108 1,000,000.00 3.050USB 07/24/2020 2,541.67 20.00 2,561.673.017DOUGLAS 999,744.6790331HNU3499,453.6010070 500,000.00 2.000MSFT 11/03/2020 833.33 36.26 869.592.050DOUGLAS 499,417.34594918BG8992,338.9810092 1,000,000.00 2.000MSFT 11/03/2020 1,666.67 508.47 2,175.142.582DOUGLAS 991,830.51594918BG8



32

MaturityDate

CurrentRate

EndingPar Value

EndingIssuerFund

Page 3

Book ValueBeginning

Book Value







InterestEarned

Security Type: Corporate Notes

999,569.1710129 1,000,000.00 3.050TOYOTA 01/08/2021 2,541.67 25.00 2,566.673.023DOUGLAS 999,544.1789236TFQ3493,817.3210118 500,000.00 2.600WFC 01/15/2021 1,083.34 353.97 1,437.313.429DOUGLAS 493,463.3594988J5N3499,694.5610130 500,000.00 3.000USB 02/04/2021 1,250.00 16.87 1,266.872.985DOUGLAS 499,677.6990331HPA5499,714.7010109 500,000.00 3.250NY 08/06/2021 1,354.17 11.81 1,365.983.219DOUGLAS 499,702.8964952WDA8500,375.3810065 500,000.00 2.300AAPL 05/11/2022 958.34 -11.27 947.072.228DOUGLAS 500,386.65037833CQ1991,123.4710126 1,000,000.00 3.000BRK 05/15/2022 2,500.00 265.24 2,765.243.286DOUGLAS 990,858.23084664BT7599,223.0010141 600,000.00 2.400MET 06/17/2022 1,200.00 22.50 1,222.502.402DOUGLAS 599,200.5059217GDB2986,307.6410091 1,000,000.00 2.750BRK 03/15/2023 2,291.67 315.01 2,606.683.113DOUGLAS 985,992.63084670BR8961,730.3710125 1,000,000.00 2.400AAPL 05/03/2023 2,000.00 849.18 2,849.183.491DOUGLAS 960,881.19037833AK6

1,006,417.2210106 1,000,000.00 3.400WMT 06/26/2023 2,833.34 -137.02 2,696.323.154DOUGLAS 1,006,554.24931142EK5988,834.3910128 1,000,000.00 3.550WFC 08/14/2023 2,958.34 230.54 3,188.883.798DOUGLAS 988,603.8594988J5R4496,997.1310119 500,000.00 3.550WFC 08/14/2023 1,479.17 62.00 1,541.173.652DOUGLAS 496,935.1394988J5R4499,189.3210116 500,000.00 3.450TOYOTA 09/20/2023 1,437.50 16.33 1,453.833.429DOUGLAS 499,172.9989236TFN0

1,174,727.6510136 1,150,000.00 3.600MET 01/11/2024 3,450.00 -463.64 2,986.362.992DOUGLAS 1,175,191.2959217GCT41,028,343.7910139 1,000,000.00 3.650CITI 01/23/2024 3,041.67 -527.49 2,514.182.877DOUGLAS 1,028,871.2817325FAS71,002,738.1610138 1,000,000.00 2.875NY 04/10/2024 2,395.83 -48.63 2,347.202.756DOUGLAS 1,002,786.7964952WDG5

16,250,000.00Subtotal 16,217,021.88 3.011 41,468.452,017.5739,450.8816,215,004.31

Security Type: Federal Agency Callables

499,613.8910014 500,000.00 1.540FNMA 07/06/2021 641.66 16.67 658.331.552DOUGLAS 499,597.223136G3WG61,000,000.0010131 1,000,000.00 3.100FHLMC 02/15/2024 2,583.33 0.00 2,583.333.042DOUGLAS 1,000,000.003134GSX83

1,500,000.00Subtotal 1,499,613.89 2.545 3,241.6616.673,224.991,499,597.22

Security Type: CD-FDIC

247,747.2310054 248,000.00 1.900BMW 08/18/2020 400.20 20.45 420.651.999DOUGLAS 247,726.7805580AKA1247,779.1410055 248,000.00 1.900SALLMA 08/24/2020 400.20 17.60 417.801.985DOUGLAS 247,761.54795450D51247,861.2910057 248,000.00 1.950BACR 09/21/2020 410.73 10.31 421.042.000DOUGLAS 247,850.9806740KKU0247,828.5410077 248,000.00 2.200NORJER 12/28/2020 463.39 10.32 473.712.251DOUGLAS 247,818.2220786ABY0247,828.3610076 248,000.00 2.200BHB 12/29/2020 463.38 10.31 473.692.251DOUGLAS 247,818.05066851VV5247,516.0910052 248,000.00 2.100DFS 08/16/2021 442.32 20.11 462.432.200DOUGLAS 247,495.98254673AS5247,680.2310043 248,000.00 2.150COFUSA 08/23/2021 452.86 13.16 466.022.215DOUGLAS 247,667.071404204P2247,748.4410051 248,000.00 2.200AXP 08/30/2021 463.38 10.27 473.652.251DOUGLAS 247,738.1702587CFT2248,000.0010140 248,000.00 2.500FBC 06/13/2022 526.57 0.00 526.572.500DOUGLAS 248,000.0033847E2J5247,640.1010045 248,000.00 2.350ADS 08/26/2022 494.98 9.95 504.932.401DOUGLAS 247,630.1520033AWA0247,641.0610050 248,000.00 2.400AXPCEN 08/29/2022 505.51 9.90 515.412.451DOUGLAS 247,631.1602587DX94247,640.7410044 248,000.00 2.350GS 08/30/2022 494.98 9.90 504.882.401DOUGLAS 247,630.8438148PNS2



33

MaturityDate

CurrentRate

EndingPar Value

EndingIssuerFund

Page 4

Book ValueBeginning

Book Value







InterestEarned

Security Type: CD-FDIC

247,640.7410053 248,000.00 2.400COF 08/30/2022 505.52 9.90 515.422.451DOUGLAS 247,630.8414042RHS3247,597.9510080 248,000.00 2.650MSB 01/11/2023 558.17 9.90 568.072.701DOUGLAS 247,588.0561747MF63247,795.9810082 248,000.00 2.800SBIIN 02/16/2023 589.76 4.89 594.652.826DOUGLAS 247,791.09856285JA0247,587.7510124 248,000.00 3.350MERICK 02/21/2023 705.61 9.83 715.443.402DOUGLAS 247,577.9259013J5Z8247,555.9310102 248,000.00 3.300CITI 06/28/2023 695.08 9.64 704.723.352DOUGLAS 247,546.2917312QN96247,523.3110117 248,000.00 3.350USB 10/05/2023 705.61 9.68 715.293.403DOUGLAS 247,513.6390348JEB2247,515.6010120 248,000.00 3.550MS 11/08/2023 747.74 9.62 757.363.603DOUGLAS 247,505.9861760ARS0247,508.3210122 248,000.00 3.550WFC 11/28/2023 747.74 9.65 757.393.603DOUGLAS 247,498.67949763VK9247,478.2110132 248,000.00 3.000MEDBNK 02/12/2024 631.89 9.77 641.663.053DOUGLAS 247,468.4458404DDG3247,476.4610133 248,000.00 3.000TIAA 02/22/2024 631.89 9.74 641.633.053DOUGLAS 247,466.7287270LBU6247,464.9710137 248,000.00 2.900HAPOAL 03/25/2024 610.83 9.77 620.602.953DOUGLAS 247,455.2006251AW48

5,704,000.00Subtotal 5,696,056.44 2.665 12,893.01244.6712,648.345,695,811.77

85,008,617.38Total 84,969,350.99 2.199 169,342.792,806.92166,535.8790,119,997.02



34

Douglas Co - Interest ReportsAccrued Interest

Sorted by Security Type - Maturity DateJuly 1, 2019 - July 31, 2019

MaturityDate

SecurityType

CurrentRate

ParValue

* BeginningAccrued Interest

* EndingAccrued Interest

Adjusted Acc'd Int.at Purchase

During PeriodCUSIP Investment #InterestEarned

InterestReceived

Federal Agency Coupon Securities

9,240.89100103135G0N90 2,260,000.00 1.150FAC 08/23/2019 2,165.83 0.00 11,406.720.006,805.56100963130ADUY6 1,000,000.00 2.450FAC 09/21/2020 2,041.66 0.00 8,847.220.008,506.94100613130A1CM8 1,000,000.00 2.450FAC 02/26/2021 2,041.67 0.00 10,548.610.007,190.97100863130A0XD7 1,000,000.00 2.375FAC 03/12/2021 1,979.17 0.00 9,170.140.00

0.00101443133EJHD4 2,000,000.00 2.480FAC 03/22/2021 688.89 0.00 17,773.3317,084.441,833.33100693130ACUK8 1,000,000.00 2.000FAC 05/28/2021 1,666.67 0.00 3,500.000.00

758.33101113133EJSA8 1,000,000.00 2.730FAC 06/21/2021 2,275.00 0.00 3,033.330.009,300.00101153133EJYF0 1,000,000.00 2.700FAC 08/27/2021 2,250.00 0.00 11,550.000.007,995.83101343133EJZU6 1,000,000.00 2.850FAC 09/20/2021 2,375.00 0.00 10,370.830.003,444.44100633134GBU83 1,000,000.00 2.000FAC 10/29/2021 1,666.67 0.00 5,111.110.003,195.83100673133EHP31 1,000,000.00 1.950FAC 11/02/2021 1,625.00 0.00 4,820.830.003,897.22101213133EJT74 1,000,000.00 3.050FAC 11/15/2021 2,541.67 0.00 6,438.890.001,088.89101273133EJ3B3 1,000,000.00 2.800FAC 12/17/2021 2,333.33 0.00 3,422.220.009,777.78100643135G0S38 1,000,000.00 2.000FAC 01/05/2022 1,666.66 10,000.00 1,444.440.006,098.46100753133ECJC9 1,050,000.00 2.030FAC 03/18/2022 1,776.25 0.00 7,874.710.00

867.78101053133EJSB6 1,000,000.00 2.840FAC 06/20/2022 2,366.66 0.00 3,234.440.005,222.22100593134GBK84 1,000,000.00 2.000FAC 09/27/2022 1,666.67 0.00 6,888.890.009,555.56100623135G0T78 2,000,000.00 2.000FAC 10/05/2022 3,333.33 0.00 12,888.890.003,045.00100683130ACS96 1,000,000.00 2.030FAC 11/07/2022 1,691.67 0.00 4,736.670.001,527.78100793130A3KM5 1,000,000.00 2.500FAC 12/09/2022 2,083.33 0.00 3,611.110.00

0.00101433133EKVF0 2,000,000.00 1.875FAC 01/17/2023 1,458.33 0.00 1,458.330.00963.33101013133EJSD2 1,000,000.00 2.890FAC 06/19/2023 2,408.34 0.00 3,371.670.00

8,008.33101133130AEWN6 1,000,000.00 3.100FAC 09/28/2023 2,583.34 0.00 10,591.670.001,240.28101233133EH2U6 1,000,000.00 2.350FAC 12/12/2023 1,958.33 0.00 3,198.610.001,852.50101423133EKQU3 1,900,000.00 1.950FAC 06/13/2024 3,087.50 0.00 4,940.000.00

0.00101453133EKWV4 2,000,000.00 1.850FAC 07/26/2024 205.56 0.00 513.89308.334,305.56101353133EJ2E8 2,000,000.00 3.100FAC 12/06/2024 5,166.66 0.00 9,472.220.00

115,722.8134,210,000.00Subtotal 180,218.7757,103.19 10,000.0017,392.77


6,989.0910029912828S43 0.00 0.750TRC 07/15/2019 585.91 7,575.00 0.000.002,817.68100159128282B5 1,000,000.00 0.750TRC 08/15/2019 642.26 0.00 3,459.940.002,114.3410030912828T59 1,005,000.00 1.000TRC 10/15/2019 851.23 0.00 2,965.570.001,462.3610032912828U32 1,145,000.00 1.000TRC 11/15/2019 964.54 0.00 2,426.900.00

Portfolio DCNVACData Updated: SET_4: 08/12/2019 13:41

Run Date: 08/12/2019 - 13:41 AI (PRF_AI) 7.2.8Report Ver. 7.3.6.1

* Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest. Ending Accrued includes outstanding purchase interest.

35

MaturityDate

SecurityType

CurrentRate

ParValue

Sorted by Security Type - Maturity Date Page 2




During Period

Accrued InterestDouglas Co - Interest Reports

CUSIP Investment #InterestEarned

InterestReceived


1,270.4910016912828G61 1,000,000.00 1.500TRC 11/30/2019 1,270.49 0.00 2,540.980.00601.0910033912828U73 1,000,000.00 1.375TRC 12/15/2019 1,164.62 0.00 1,765.710.00

6,343.2310034912828V31 1,000,000.00 1.375TRC 01/15/2020 1,166.96 6,875.00 635.190.002,607.0410017912828H52 500,000.00 1.250TRC 01/31/2020 534.94 3,125.00 16.980.00

10,331.4910036912828W22 2,000,000.00 1.375TRC 02/15/2020 2,354.97 0.00 12,686.460.004,769.0210038912828W63 1,000,000.00 1.625TRC 03/15/2020 1,368.89 0.00 6,137.910.003,944.6710039912828X21 1,250,000.00 1.500TRC 04/15/2020 1,588.12 0.00 5,532.790.001,158.2910018912828K58 500,000.00 1.375TRC 04/30/2020 579.14 0.00 1,737.430.00

947.6910035912828VA5 500,000.00 1.125TRC 04/30/2020 473.85 0.00 1,421.540.004,207.1210041912828XH8 515,000.00 1.625TRC 06/30/2020 704.98 4,184.38 727.720.004,084.5810042912828XH8 500,000.00 1.625TRC 06/30/2020 684.44 4,062.50 706.520.00

0.0010146912828XH8 1,000,000.00 1.625TRC 06/30/2020 132.47 0.00 1,413.041,280.572,297.8910020912828L32 500,000.00 1.375TRC 08/31/2020 579.15 0.00 2,877.040.00

688.1810022912828M98 500,000.00 1.625TRC 11/30/2020 688.19 0.00 1,376.370.001,158.2910026912828Q78 500,000.00 1.375TRC 04/30/2021 579.14 0.00 1,737.430.001,063.5210031912828T67 505,000.00 1.250TRC 10/31/2021 531.76 0.00 1,595.280.006,768.3410037912828W55 1,080,000.00 1.875TRC 02/28/2022 1,705.84 0.00 8,474.180.00

65,624.4017,000,000.00Subtotal 60,234.9819,151.89 25,821.881,280.57

Money Market Fund

664.1410048SYS10048 3,276,745.40 2.220PA2 2,936.00 664.14 2,936.000.00

664.143,276,745.40Subtotal 2,936.002,936.00 664.140.00

LGIP

41,858.0610046SYS10046 7,067,871.98 2.397LA5 32,020.58 41,858.06 32,020.580.00

41,858.067,067,871.98Subtotal 32,020.5832,020.58 41,858.060.00

Corporate Notes

6,427.7210085166764AR1 1,000,000.00 1.961MTN 03/03/2020 1,634.17 0.00 8,061.890.0013,301.391010890331HNU3 1,000,000.00 3.050MTN 07/24/2020 2,541.67 15,250.00 593.060.00

1,611.1110070594918BG8 500,000.00 2.000MTN 11/03/2020 833.33 0.00 2,444.440.003,222.2210092594918BG8 1,000,000.00 2.000MTN 11/03/2020 1,666.67 0.00 4,888.890.00

14,656.941012989236TFQ3 1,000,000.00 3.050MTN 01/08/2021 2,541.67 15,250.00 1,948.610.005,994.441011894988J5N3 500,000.00 2.600MTN 01/15/2021 1,083.34 6,500.00 577.780.006,125.001013090331HPA5 500,000.00 3.000MTN 02/04/2021 1,250.00 0.00 7,375.000.006,545.141010964952WDA8 500,000.00 3.250MTN 08/06/2021 1,354.17 0.00 7,899.310.001,597.2210065037833CQ1 500,000.00 2.300MTN 05/11/2022 958.34 0.00 2,555.560.003,833.3310126084664BT7 1,000,000.00 3.000MTN 05/15/2022 2,500.00 0.00 6,333.330.00




36

MaturityDate

SecurityType

CurrentRate

ParValue





During Period



InterestReceived

Corporate Notes

560.001014159217GDB2 600,000.00 2.400MTN 06/17/2022 1,200.00 0.00 1,760.000.008,097.2210091084670BR8 1,000,000.00 2.750MTN 03/15/2023 2,291.67 0.00 10,388.890.003,866.6710125037833AK6 1,000,000.00 2.400MTN 05/03/2023 2,000.00 0.00 5,866.670.00

472.2210106931142EK5 1,000,000.00 3.400MTN 06/26/2023 2,833.34 0.00 3,305.560.006,754.861011994988J5R4 500,000.00 3.550MTN 08/14/2023 1,479.17 0.00 8,234.030.00

13,509.721012894988J5R4 1,000,000.00 3.550MTN 08/14/2023 2,958.34 0.00 16,468.060.004,839.581011689236TFN0 500,000.00 3.450MTN 09/20/2023 1,437.50 0.00 6,277.080.00

19,550.001013659217GCT4 1,150,000.00 3.600MTN 01/11/2024 3,450.00 20,700.00 2,300.000.0016,019.441013917325FAS7 1,000,000.00 3.650MTN 01/23/2024 3,041.67 18,250.00 811.110.00

6,468.751013864952WDG5 1,000,000.00 2.875MTN 04/10/2024 2,395.83 0.00 8,864.580.00

143,452.9716,250,000.00Subtotal 106,953.8539,450.88 75,950.000.00

Federal Agency Callables

3,743.06100143136G3WG6 500,000.00 1.540MC1 07/06/2021 641.66 3,850.00 534.720.0011,711.11101313134GSX83 1,000,000.00 3.100MC1 02/15/2024 2,583.33 0.00 14,294.440.00

15,454.171,500,000.00Subtotal 14,829.163,224.99 3,850.000.00

CD-FDIC

1,716.981005405580AKA1 248,000.00 1.900MC2 08/18/2020 400.20 0.00 2,117.180.001,639.5210055795450D51 248,000.00 1.900MC2 08/24/2020 400.20 0.00 2,039.720.001,351.431005706740KKU0 248,000.00 1.950MC2 09/21/2020 410.73 0.00 1,762.160.00

44.841007720786ABY0 248,000.00 2.200MC2 12/28/2020 463.39 448.44 59.790.00493.2910076066851VV5 248,000.00 2.200MC2 12/29/2020 463.38 911.83 44.840.00

1,926.2510052254673AS5 248,000.00 2.100MC2 08/16/2021 442.32 0.00 2,368.570.001,869.85100431404204P2 248,000.00 2.150MC2 08/23/2021 452.86 0.00 2,322.710.001,823.651005102587CFT2 248,000.00 2.200MC2 08/30/2021 463.38 0.00 2,287.030.00

322.741014033847E2J5 248,000.00 2.500MC2 06/13/2022 526.57 0.00 849.310.0047.901004520033AWA0 248,000.00 2.350MC2 08/26/2022 494.98 479.01 63.870.00

1,989.441005002587DX94 248,000.00 2.400MC2 08/29/2022 505.51 0.00 2,494.950.002,005.741005314042RHS3 248,000.00 2.400MC2 08/30/2022 505.52 0.00 2,511.260.001,963.961004438148PNS2 248,000.00 2.350MC2 08/30/2022 494.98 0.00 2,458.940.003,078.941008061747MF63 248,000.00 2.650MC2 01/11/2023 558.17 3,258.99 378.120.002,568.3310082856285JA0 248,000.00 2.800MC2 02/16/2023 589.76 0.00 3,158.090.00

295.901012459013J5Z8 248,000.00 3.350MC2 02/21/2023 705.61 682.85 318.660.0067.271010217312QN96 248,000.00 3.300MC2 06/28/2023 695.08 0.00 762.350.00

591.801011790348JEB2 248,000.00 3.350MC2 10/05/2023 705.61 682.85 614.560.001,302.511012061760ARS0 248,000.00 3.550MC2 11/08/2023 747.74 0.00 2,050.250.00

72.3610122949763VK9 248,000.00 3.550MC2 11/28/2023 747.74 723.62 96.480.00




37

MaturityDate

SecurityType

CurrentRate

ParValue





During Period



InterestReceived

CD-FDIC

407.671013258404DDG3 248,000.00 3.000MC2 02/12/2024 631.89 611.51 428.050.002,629.481013387270LBU6 248,000.00 3.000MC2 02/22/2024 631.89 0.00 3,261.370.001,931.001013706251AW48 248,000.00 2.900MC2 03/25/2024 610.83 0.00 2,541.830.00

30,140.855,704,000.00Subtotal 34,990.0912,648.34 7,799.100.00

18,673.3485,008,617.38Total 432,183.43166,535.87 165,943.18412,917.40




38


Sorted By Investment TypeSales/Calls/Maturities: July 1, 2019 - July 31, 2019

Realized Gains and Losses

Investment #

Maturity DateCurrent Rate

Par Value

Book ValueMaturity/Sale

ProceedsRealized

Gain/Loss

Sale DateTotal

Earnings Yield 365Inv.Type

PurchaseDate Term

Days Held

Net EarningsTotal Total

Issuer


46,956.082,020,000.00100290.750 07/15/2019

2,020,000.00 2,020,000.00 0.00TRC 07/15/2019 46,956.0808/03/2016 0.7891,0761,076

U.S. Treasury

46,956.082,020,000.00 2,020,000.00 0.00 46,956.08 0.789Treasury Coupon Securities Subtotals

46,956.082,020,000.00 2,020,000.00 0.00 46,956.08 0.789Total Realized Gains/Losses


Run Date: 08/12/2019 - 13:41 CG (PRF_CGR1) 7.1.1Report Ver. 7.3.6.1

39

Douglas County NVTransaction Activity Report

July 1, 2019 - July 31, 2019Sorted by Fund - Transaction Date

All Funds

TotalCashInterest

PrincipalPaydowns

NewPrincipalFundInvestment # IssuerTransactionDateTransactionTypeInv DescripCUSIP

10046 DOUG 20,326,736.71 -20,326,736.71NVLGIP07/01/2019PurchaseNVLGIP 1.0686%SYS1004610046 DOUG 41,858.06 -41,858.06NVLGIP07/01/2019PurchaseNVLGIP 1.0686%SYS1004610046 DOUG 45,721.56 45,721.56NVLGIP07/01/2019RedemptionNVLGIP 1.0686%SYS1004610046 DOUG 263,316.23 263,316.23NVLGIP07/01/2019RedemptionNVLGIP 1.0686%SYS1004610046 DOUG 41,858.06 41,858.06NVLGIP07/01/2019InterestNVLGIP 1.0686%SYS1004610046 DOUG 5,000,000.00 5,000,000.00NVLGIP07/15/2019RedemptionNVLGIP 1.0686%SYS1004610046 DOUG 8,000,000.00 8,000,000.00NVLGIP07/24/2019RedemptionNVLGIP 1.0686%SYS1004610046 DOUG 8,315.00 -8,315.00NVLGIP07/25/2019PurchaseNVLGIP 1.0686%SYS10046

Totals for Douglas LGIP 20,376,909.77 13,309,037.79 41,858.06 -7,026,013.92

10041 DOUGLAS 4,184.38 4,184.38U.S. Treasury07/01/2019InterestUSTR 1.625% MAT912828XH810042 DOUGLAS 4,062.50 4,062.50U.S. Treasury07/01/2019InterestUSTR 1.625% MAT912828XH810076 DOUGLAS 463.39 463.39Bar Harbor Bank & Tr07/01/2019InterestBHB 2.2% MAT066851VV510064 DOUGLAS 10,000.00 10,000.00FNMA07/05/2019InterestFNMA 2.% MAT3135G0S3810117 DOUGLAS 682.85 682.85US Bank07/05/2019InterestUSB 3.35% MAT90348JEB210014 DOUGLAS 3,850.00 3,850.00FNMA07/08/2019InterestFNMA 1.54% MAT3136G3WG610129 DOUGLAS 15,250.00 15,250.00Toyota07/08/2019InterestTOYOTA 3.05% MAT89236TFQ310080 DOUGLAS 3,258.99 3,258.99Morgan Stanley Bank07/11/2019InterestMS 2.65% MAT61747MF6310132 DOUGLAS 611.51 611.51Medallion Bank07/11/2019InterestMEDBNK 3.% MAT58404DDG310136 DOUGLAS 20,700.00 20,700.00Metlife07/11/2019InterestMET 3.6% MAT59217GCT410136 DOUGLAS 7,360.00 -7,360.00 0.00Metlife07/11/2019Accr IntMET 3.6% MAT59217GCT410029 DOUGLAS 2,020,000.00 2,020,000.00U.S. Treasury07/15/2019RedemptionUSTR 0.75% MAT912828S4310029 DOUGLAS 7,575.00 7,575.00U.S. Treasury07/15/2019InterestUSTR 0.75% MAT912828S4310034 DOUGLAS 6,875.00 6,875.00U.S. Treasury07/15/2019InterestUSTR 1.375% MAT912828V3110118 DOUGLAS 6,500.00 6,500.00Wells Fargo Bank07/15/2019InterestWFC 2.6% MAT94988J5N310143 DOUGLAS 1,998,080.00 -1,998,080.00FFCB07/17/2019PurchaseFFCB 1.875% MAT3133EKVF010124 DOUGLAS 682.85 682.85Merrick Bank07/18/2019InterestMERICK 3.35% MAT59013J5Z810139 DOUGLAS 18,250.00 18,250.00Citibank07/23/2019InterestCITI 3.65% MAT17325FAS710139 DOUGLAS 8,415.28 -8,415.28 0.00Citibank07/23/2019Accr IntCITI 3.65% MAT17325FAS710108 DOUGLAS 15,250.00 15,250.00US Bank07/24/2019InterestUSB 3.05% MAT90331HNU310144 DOUGLAS 2,034,044.44 -2,034,044.44FFCB07/26/2019PurchaseFFCB 2.48% MAT3133EJHD410145 DOUGLAS 1,991,508.33 -1,991,508.33FFCB07/29/2019PurchaseFFCB 1.85% MAT3133EKWV410146 DOUGLAS 997,569.63 -997,569.63U.S. Treasury07/29/2019PurchaseUSTR 1.625% MAT912828XH810045 DOUGLAS 479.01 479.01Comenity Capital Ban07/29/2019InterestADS 2.35% MAT20033AWA0

Portfolio DCNVAP

Run Date: 08/12/2019 - 13:48 TA (PRF_TA) 7.1.1Report Ver. 7.3.6.1

40

Sorted by Fund - Transaction DatePage 2Transaction Activity Report

Douglas County NV

TotalCashInterest

PrincipalPaydowns

NewPrincipalFundInvestment # IssuerTransactionDateTransactionTypeInv DescripCUSIP

10076 DOUGLAS 448.44 448.44Bar Harbor Bank & Tr07/29/2019InterestBHB 2.2% MAT066851VV510077 DOUGLAS 448.44 448.44Connect One Bank07/29/2019InterestNORJER 2.2% MAT20786ABY010122 DOUGLAS 723.62 723.62Wells Fargo Bank07/29/2019InterestWFC 3.55% MAT949763VK910017 DOUGLAS 3,125.00 3,125.00U.S. Treasury07/31/2019InterestUSTR 1.25% MAT912828H52

Totals for Douglas 7,021,202.40 2,035,775.28 107,645.70 -4,877,781.42

Grand Total 27,398,112.17 15,344,813.07 149,503.76 -11,903,795.34

Portfolio DCNVAP

Run Date: 08/12/2019 - 13:48 TA (PRF_TA) 7.1.1Report Ver. 7.3.6.1

41

Monthly Economic and Market Update

July 2019

42

Economic and Market Update

*Estimates for the current quarter/month, some data are lagged Sources: FTN Main Street and Bloomberg

Case-Shiller Home Prices YOY* 2.4% 2.5% (0.1%)

Consumer Confidence 135.7 124.3 11.4

Gold (per ounce) $1,413.78 $1,409.55 $4.23

Dollar Index 98.52 96.13 2.39

U.S. Avg Regular Unleaded $2.72 $2.72 $0.00

Retail Sales YOY* 2.6% 3.4% (0.8%)

S&P 500 2,980 2,942 1.3%

Consumer Price Index YOY* 1.5% 1.6% (0.1%)

1-5 Yr A-AAA Corporate Spread 0.45% 0.51% (0.06%)

Dow Jones 26,864 26,600 1.0%

30 Year Mortgage Rate 3.87% 3.80% 0.07%

1-5 Yr Agency Spread 0.06% 0.07% (0.01%)

10 Year T-Note 2.02% 2.01% 0.01%

U.S. Fed Debt Avg Yield* 2.52% 2.51% 0.01%

3 Year T-Note 1.83% 1.71% 0.12%

5 Year T-Note 1.83% 1.77% 0.06%

2 Year T-Note 1.87% 1.76% 0.12%

3 Month T-Bill 2.07% 2.09% (0.03%)

Labor Force Participation 63.0% 62.9% 0.1%

Effective Fed Funds Rate 2.40% 2.40% 0.00%

U.S. Payrolls Monthly Change 164,000 193,000 (29,000)

Unemployment Rate 3.7% 3.7% 0.0%

7/31/19

Item 7/31/19 6/30/19 Change

43


* Real Rate (Inflation Adjusted)

Source: Bureau of Economic Analysis

Estimate: Bloomberg's Survey of Economists

As of: 7/31/19

7/31/19

2.0

-1.0

2.9

-0.1

4.7

3.2

1.7

0.5

0.5

3.6

0.5

3.2

3.2

-1.1

5.5

5.0

2.3

3.2

3.0

1.3

0.1

2.0

1.9 2

.2

2.0 2

.3

2.2

3.2 3

.5

2.5

3.5

2.9

1.1

3.1

2.1

1.9

1.8

1.8

1.8

-2

-1

0

1

2

3

4

5

6

Q4

20

10

Q1

20

11

Q2

20

11

Q3

20

11

Q4

20

11

Q1

20

12

Q2

20

12

Q3

20

12

Q4

20

12

Q1

20

13

Q2

20

13

Q3

20

13

Q4

20

13

Q1

20

14

Q2

20

14

Q3

20

14

Q4

20

14

Q1

20

15

Q2

20

15

Q3

20

15

Q4

20

15

Q1

20

16

Q2

20

16

Q3

20

16

Q4

20

16

Q1

20

17

Q2

20

17

Q3

20

17

Q4

20

17

Q1

20

18

Q2

20

18

Q3

20

18

Q4

20

18

Q1

20

19

Q2

20

19

Q3

20

19

Q4

20

19

Q1

20

20

Q2

20

20

Pe

rce

nt

U.S. GDP (Quarter over Quarter Annualized)*

Estimates

44


Source: Bureau of Labor Statistics

12 Month Average Job Change 187,167

7/31/19

0

50

100

150

200

250

300

350

400

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

Jan

-19

Ap

r-1

9

Jul-

19

Tho

usa

nd

s

U.S. Monthly Non-Farm Payrolls Change

2

3

4

5

6

7

8

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

Jan

-19

Ap

r-1

9

Jul-

19

Pe

rce

nt

Unemployment RatesNevada

U.S.A

California

Idaho

Washington

45


Source: Bureau of Labor Statistics

7/31/19

128129130131132133134135136137138139140141142143144145146147148149150151152153

Jul-

09

Feb

-10

Sep

-10

Ap

r-1

1

No

v-1

1

Jun

-12

Jan

-13

Au

g-1

3

Mar

-14

Oct

-14

May

-15

De

c-1

5

Jul-

16

Feb

-17

Sep

-17

Ap

r-1

8

No

v-1

8

Jun

-19

Mill

ion

s

U.S. Number of EmployedFull-Time and Part-TIme

62.0

62.5

63.0

63.5

64.0

64.5

65.0

65.5

66.0

Jul-

09

Feb

-10

Sep

-10

Ap

r-1

1

No

v-1

1

Jun

-12

Jan

-13

Au

g-1

3

Mar

-14

Oct

-14

May

-15

De

c-1

5

Jul-

16

Feb

-17

Sep

-17

Ap

r-1

8

No

v-1

8

Jun

-19

Pe

rce

nt

U.S. Labor Force Participation Rate

46


Source: Department of Labor and Bloomberg

7/31/19

Weekly Initial Jobless Claims is the actual number of people who have filed for Unemployment benefits for the first time. The following five eligibility criteria must be met in order to file for

unemployment benefits: 1. Meet the requirements of time worked during a 1 year period (full time or not). 2. Become unemployed through no fault of your own (cannot be fired). 3. Must

be able to work; no physical or mental holdbacks. 4. Must be available for work. 5. Must be actively seeking work.

200

250

300

350

400

450

500

550

600

650

700

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

Tho

usa

nd

s

Weekly Initial Jobless Claims (4 Week Moving Average)

47


*Real: Inflation Adjusted

Source: U.S. Census Bureau Source: Conference Board

7/31/19

-0.6-0.4-0.2

00.20.40.60.8

11.21.41.61.8

22.22.42.62.8

33.23.43.63.8

44.24.44.6

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

Jan

-19

Ap

r-1

9

Pe

rce

nt

U.S. Real* Retail Sales YOY % Change

20

40

60

80

100

120

140

Jan

-09

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

Jan

-16

Jul-

16

Jan

-17

Jul-

17

Jan

-18

Jul-

18

Jan

-19

Jul-

19

Ind

ex

Val

ue

U.S. Consumer Confidence

48


CPIX: Consumer Price Index, excluding food and energy PCEC: Personal Consumption Expenditure Core

Source: Bureau of Labor Statistics and Bureau of Economic Analysis

7/31/19

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

Jan

-19

Ap

r-1

9

Pe

rce

nt

CPI and CPIX YOY % Change

CPI CPIX

0.0

0.5

1.0

1.5

2.0

2.5

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

Jan

-19

Ap

r-1

9

Pe

rce

nt

PCE and PCEC YOY % ChangePCE PCEC

49


Sources: New (U.S. Census Bureau),Existing (National Assoc. of Realtors)

Source: Case-Shiller Seasonally Adjusted Annual Rate

7/31/19

-6

-4

-2

0

2

4

6

8

10

12

14

Feb

-11

Jul-

11

Dec

-11

May

-12

Oct

-12

Mar

-13

Au

g-1

3

Jan

-14

Jun

-14

No

v-1

4

Ap

r-1

5

Sep

-15

Feb

-16

Jul-

16

Dec

-16

May

-17

Oct

-17

Mar

-18

Au

g-1

8

Jan

-19

YO

Y P

erc

en

t

Case-Shiller 20 City U.S. Home Price IndexYOY % Increase

200

300

400

500

600

700

800

3.0

3.5

4.0

4.5

5.0

5.5

6.0

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

Jan

-16

Jul-

16

Jan

-17

Jul-

17

Jan

-18

Jul-

18

Jan

-19

Ne

w-T

ho

usa

nd

s

Exis

tin

g-M

illio

ns

U.S. New and Existing Home Sales

Existing-Left

New-Right

50


Source: U.S. Treasury

7/31/19

$9

$10

$11

$12

$13

$14

$15

$16

$17

$18

$19

$20

$21

$22

$23

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

Jan

-16

Jul-

16

Jan

-17

Jul-

17

Jan

-18

Jul-

18

Jan

-19

Trill

ion

s

U.S. Federal Debt Outstanding

1.9

2.0

2.1

2.2

2.3

2.4

2.5

2.6

2.7

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

Jan

-16

Jul-

16

Jan

-17

Jul-

17

Jan

-18

Jul-

18

Jan

-19

Pe

rce

nt

U.S. Treasury Interest Bearing Debt Avg Rate

51


Fed Funds Anticipated Rate from the June 19, 2019 FOMC Meeting

Source: Bloomberg

7/31/19

1.20

1.40

1.60

1.80

2.00

2.20

2.40

2.60

Au

g-2

01

9

Sep

-20

19

Oct

-20

19

No

v-2

01

9

Dec

-20

19

Jan

-20

20

Feb

-20

20

Mar

-20

20

Ap

r-2

02

0

May

-20

20

Jun

-20

20

Jul-

20

20

Au

g-2

02

0

Sep

-20

20

Oct

-20

20

No

v-2

02

0

Dec

-20

20

Jan

-20

21

Feb

-20

21

Mar

-20

21

Ap

r-2

02

1

May

-20

21

Jun

-20

21

Jul-

20

21

Au

g-2

02

1

Sep

-20

21

Oct

-20

21

No

v-2

02

1

Dec

-20

21

Jan

-20

22

Feb

-20

22

Mar

-20

22

Ap

r-2

02

2

May

-20

22

Jun

-20

22

Jul-

20

22

Pe

rce

nt

Fed Funds vs. Fed's Anticipated Fed Funds Rate (Fed Dots)

Fed's Anticipated Rates

Fed Funds Futures

52


Source: Bloomberg

Figures may not total due to rounding

7/31/19

3Y 1.71 1.83 0.12

30Y 2.53 2.53 -0.01

5Y 1.77 1.83 0.06

10Y

2.09

2.01 2.02 0.01

Change7/31/196/28/19

3M

Maturity

0.121.871.762Y

0.061.991.931Y

-0.022.072.106M

-0.032.07

1.6

1.7

1.8

1.9

2.0

2.1

2.2

2.3

2.4

2.5

2.6

3M 6M 1Y 2Y 3Yr 5Y 10Y 30Y

Pe

rce

nt

U.S. Treasury Yield Curve Change

7/31/19

6/28/19

-4

-2

0

2

4

6

8

10

12

14

3M

6M 1Y

2Y

3Yr 5Y

10

Y

30

Y

Bas

is P

oin

ts

Basis Point Change

53


Source: Bloomberg

7/31/19

-0.25

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

2.25

2.50

2.75

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

Jan

-19

Ap

r-1

9

Jul-

19

Pe

rce

nt

U.S. Treasury Yields: 3M and 1Y

1Y

3M

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

2.25

2.50

2.75

3.00

3.25

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

Jan

-19

Ap

r-1

9

Jul-

19

Pe

rce

nt

U.S. Treasury Yields: 2Y and 5Y

5Y

2Y

54


Source: Bloomberg

7/31/19

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

Jan

-54

Jan

-56

Jan

-58

Jan

-60

Jan

-62

Jan

-64

Jan

-66

Jan

-68

Jan

-70

Jan

-72

Jan

-74

Jan

-76

Jan

-78

Jan

-80

Jan

-82

Jan

-84

Jan

-86

Jan

-88

Jan

-90

Jan

-92

Jan

-94

Jan

-96

Jan

-98

Jan

-00

Jan

-02

Jan

-04

Jan

-06

Jan

-08

Jan

-10

Jan

-12

Jan

-14

Jan

-16

Jan

-18

Jan

-20

Pe

rce

nt

U.S. Treasury Yields 2Yr and 5Yr - Fed Funds Target Rate

5Yr

2Yr

Fed Funds

55


Source: Bloomberg

7/31/19

Global Treasury Rates

2 Year Yields 5 Year Yields 10 Year Yields

-1.07%

-0.79%

-0.71%

-0.56%

-0.50%

-0.21%

-0.04%

0.43%

0.84%

1.54%

1.87%

-4.0% -2.0% 0.0% 2.0% 4.0%

Switzlnd

Germany

France

Portugal

Spain

Japan

Italy

England

Australia

Canada

USA

-1.00%

-0.72%

-0.62%

-0.27%

-0.25%

-0.24%

0.38%

0.81%

0.84%

1.45%

1.83%

-4.0% -2.0% 0.0% 2.0% 4.0%

Switzlnd

Germany

France

Spain

Portugal

Japan

England

Italy

Australia

Canada

USA

-0.78%

-0.44%

-0.19%

-0.16%

0.28%

0.34%

0.61%

1.19%

1.48%

1.54%

2.01%

-2.0% 0.0% 2.0% 4.0%

Switzlnd

Germany

France

Japan

Spain

Portugal

England

Australia

Canada

Italy

USA

56


*ICE BofAML Index (option adjusted spread vs. Treasury) *ICE BofAML Index (option adjusted spread vs. Treasury)

1-5Yr Non-Callable Agency (GVPB) Corporate A-AAA Excluding Yankee (CVAC)

Source: ICE BofAML Indices

7/31/19

Current Spread is 6 Current Spread is 45

0

50

100

150

200

250

300

350

400

450

500

550

600

650

Jun

-05

Jun

-06

Jun

-07

Jun

-08

Jun

-09

Jun

-10

Jun

-11

Jun

-12

Jun

-13

Jun

-14

Jun

-15

Jun

-16

Jun

-17

Jun

-18

Jun

-19

Bas

is P

oin

ts

Spread: 1-5Yr Agency* vs Treasury

0

50

100

150

200

250

300

350

400

450

500

550

600

650

Jun

-05

Jun

-06

Jun

-07

Jun

-08

Jun

-09

Jun

-10

Jun

-11

Jun

-12

Jun

-13

Jun

-14

Jun

-15

Jun

-16

Jun

-17

Jun

-18

Jun

-19

Bas

is P

oin

ts

Spread: 1-5Yr A-AAA Corporate vs Treasury

57


*ICE BofAML Index (option adjusted spread vs. Treasury) *ICE BofAML Index (option adjusted spread vs. Treasury)

AAA Rated ABS (R0A1) CMO Agency 0-3Yr PAC (CM1P)

Source: ICE BofAML Indices

7/31/19

Current Spread is 38 Current Spread is 39

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

Jun

-05

Jun

-06

Jun

-07

Jun

-08

Jun

-09

Jun

-10

Jun

-11

Jun

-12

Jun

-13

Jun

-14

Jun

-15

Jun

-16

Jun

-17

Jun

-18

Jun

-19

Bas

is P

oin

ts

Spread: AAA Asset Backed vs Treasury

-150

-100

-50

0

50

100

150

200

250

300

Jun

-05

Jun

-06

Jun

-07

Jun

-08

Jun

-09

Jun

-10

Jun

-11

Jun

-12

Jun

-13

Jun

-14

Jun

-15

Jun

-16

Jun

-17

Jun

-18

Jun

-19

Bas

is P

oin

ts

Spread: 0-3Yr Agency CMO vs Treasury

58


Source: Bloomberg

7/31/19

-1.9 -1.8-1.5

-1.2-1.0

-0.1

0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.3 0.3

1.0 1.1 1.21.5

1.7

2.3

2.9

(3)

(2)

(1)

0

1

2

3

4

Per

cen

t

Selected Sector Monthly Total Returns

59


Source: Bloomberg

7/31/19

-15.7

-11.6

-8.3-7.4 -6.7

-3.4-2.2

0.62.4

3.85.5 6.1 6.6

7.8 7.9 8.0 8.29.3

10.6

13.2 14.015.2

(20)

(15)

(10)

(5)

0

5

10

15

20

Per

cen

t

Selected Sector Year-Over-Year Total Returns

60


Source: Bloomberg, FTN Main Street

7/31/19

1.70

1.75

1.80

1.85

1.90

1.95

6/3

0/1

9

7/1

/19

7/2

/19

7/3

/19

7/4

/19

7/5

/19

7/6

/19

7/7

/19

7/8

/19

7/9

/19

7/1

0/1

9

7/1

1/1

9

7/1

2/1

9

7/1

3/1

9

7/1

4/1

9

7/1

5/1

9

7/1

6/1

9

7/1

7/1

9

7/1

8/1

9

7/1

9/1

9

7/2

0/1

9

7/2

1/1

9

7/2

2/1

9

7/2

3/1

9

7/2

4/1

9

7/2

5/1

9

7/2

6/1

9

7/2

7/1

9

7/2

8/1

9

7/2

9/1

9

7/3

0/1

9

7/3

1/1

9

Pe

rce

nt

5 Year Treasury Note Yield

FOMC Cuts Fed Funds Rate by 25bps, as

Expected

Strong June New Orders Boosts Q2 GDP

Estimates

Strong Jobs Report Dampens Hope For Aggressive Fed Cut

CPI Ticks Up Higher Than Expected

US Dollar Trends Higher

Powell Signals Willingness For Rate Cuts Before Congress

FOMC Members Discuss Impending Rate Cut FOMC Telegraphs a 25bps

Cut Versus the Expected 50bps

61


NI USS

Source: Bloomberg, FTN Main Street

7/31/19

26,500

26,600

26,700

26,800

26,900

27,000

27,100

27,200

27,300

27,400

27,500

6/3

0/1

9

7/1

/19

7/2

/19

7/3

/19

7/4

/19

7/5

/19

7/6

/19

7/7

/19

7/8

/19

7/9

/19

7/1

0/1

9

7/1

1/1

9

7/1

2/1

9

7/1

3/1

9

7/1

4/1

9

7/1

5/1

9

7/1

6/1

9

7/1

7/1

9

7/1

8/1

9

7/1

9/1

9

7/2

0/1

9

7/2

1/1

9

7/2

2/1

9

7/2

3/1

9

7/2

4/1

9

7/2

5/1

9

7/2

6/1

9

7/2

7/1

9

7/2

8/1

9

7/2

9/1

9

7/3

0/1

9

7/3

1/1

9

Dow Jones Industrial Average

Stocks Move Lower on Mixed Earnings

Stocks Jump on Fed Cut

Expectations

Powell Says Rate Cut Not Part of Lengthy Cycle

Powell States the Fed "Will Act Appropriately to Sustain Expansion"

Investors Unsettled on Potential Weak

Earnings

Dovish ECB Spooks Market

Optimism for US Resolving Trade Conflict

With China

Trump and Xi Agree Not to Impose New

Tariffs

62

Disclosure

This report represents the opinions of FTN Financial Main Street Advisors, LLC and should not be considered predictive of any future market performance. Opinions are subject to change without notice. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered investment advice or a recommendation of any particular security, investment strategy, or investment product.

Although this information has been obtained from sources which we believe to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. This is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. All herein listed securities are subject to availability and change in price. Past performance is not indicative of future results, while changes in any assumptions may have a material effect on projected results. Ratings on all securities are subject to change.

FTN Financial Group, FTN Financial Capital Markets, FTN Financial Portfolio Advisors and FTN Financial Municipal Advisors are divisions of First Tennessee Bank National Association (FTB). FTN Financial Securities Corp (FTSC), FTN Financial Main Street Advisors, LLC, and FTN Financial Capital Assets Corporation are wholly owned subsidiaries of FTB. FTSC is a member of FINRA and SIPC—http://www.sipc.org/.

FTN Financial Municipal Advisors is a registered municipal advisor. FTN Financial Portfolio Advisors is a portfolio manager operating under the trust powers of FTB. FTN Financial Main Street Advisors, LLC is a registered investment advisor. None of the other FTN entities including, FTN Financial Group, FTN Financial Capital Markets, FTN Financial Securities Corp or FTN Financial Capital Assets Corporation are acting as your advisor and none owe a fiduciary duty under the securities laws to you, any municipal entity, or any obligated person with respect to, among other things, the information and material contained in this communication. Instead, these FTN entities are acting for their own interests. You should discuss any information or material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material.

FTN Financial Group, through FTB or its affiliates, offers investment products and services. Investment Products are not FDIC insured, have no bank guarantee and may lose value.

Source: ICE Data Indices, LLC ("ICE"), is used with permission. ICE, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES OR THEIR RESPECTIVE THIRD PARTY PROVIDERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE QUALITY, ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND SUBSCRIBER'S USE IS AT SUBSCRIBER'S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND [INSERT SUBSCRIBER NAME], OR ANY OF ITS PRODUCTS OR SERVICES.

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