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Investment Report - Quarter 3 Financial Update (2016)
(in thousands of dollars)

Investment earnings on the portfolio for the third quarter of 2016 amounted to $3,776. Segmented earnings were $2,786 on primary portfolio investments, $392 on the cash balance, and $96 on sinking fund investments.

The third quarter annualized yield on the investment and cash portfolio was 2.62 per cent vs. 2.67 per cent in Q2 2016. At September 30, 2016 the portfolio had unrealized market gains (market value vs. book value including accrued interest) of $12,115.

Total net investment income for 2016 to date is favourable when compared to the budget by $1,388.

Quarterly Gross Investment Income

  Q1 Q2 Q3 Q4 Total
2016 Budget (Net) $ 2,616 $ 2,927 $ 3,126 $ 3,505 $ 12,175
2016 Actual (Net) 3,320 3,625 3,113 3,505 13,563
Variance $ 703 $ 698 $ (13) $ - $ 1,388

Note: Net amounts are after budgeted transfers from Investment Income Stabilization Reserve ($190) , Hospital Contribution Reserve ($460), as well as an annual transfer of interest income to the Development Charge/Rate Reserves ($915). These annual transfers are allocated on a monthly basis.

Institution Investment by Institution Percentage Holdings
Investments
Corporate $183,364 41.2%
Municipal 72,527 16.3%
Provincial 181,444 40.7%
Federal - 0.0%
Region of Niagara 8,201 1.8%
Total excluding Cash 445,537 100.0%
Cash
General Checking * 18,770  
Savings 80,657  
Sinking Fund 44  
Total including Cash $ 545,008  

*Cash balances shown are the amounts held by the financial institution at the end of the quarter and do not include adjustments for outstanding payments or deposits. Balances include unrealized exchange gains on U.S. funds of $584.

Funds Book Value Weight Q2
Cash $99,427 18.2%
Cash Equivalents < 1 Year 54,064 9.9%
2 Year 35,779 6.6%
3 Year 40,549 7.4%
4 Year 39,378 7.2%
5+ Year 265,838 48.8%
Sinking Fund (Incl. Cash) 9,972 1.8%
Total Portfolio $545,008 100%

List of Investments Outstanding as of June 30, 2016

* Note: Holdings by security percentages exclude cash balances.

Institution Investment by Institution Percentage Holdings *
Corporate
Bank of Montreal $57,017 12.8%
Bank of Nova Scotia 20,200 4.5%
Canadian Imperial Bank of Commerce - 0.0%
HSBC Bank of Canada 17,600 4.0%
National Bank of Canada 45,900 10.3%
Royal Bank of Canada 42,647 9.6%
Corporate Total 183,364 41.2%
Municipal
City of Guelph 1,000 0.2%
City of London 1,999 0.4%
City of Montreal 5,131 1.2%
City of Ottawa 5,679 1.3%
City of Quebec 2,278 0.5%
City of Saskatoon 3,331 0.7%
City of Toronto 9,067 2.0%
District of Muskoka 176 0.0%
Municipal Finance Authority of British Columbia 10,947 2.5%
New Brunswick Municipal Finance Authority 6,362 1.4%
Region of Durham 280 0.1%
Region of Halton 1,518 0.3%
Region of Peel 3,524 0.8%
Region of Waterloo 11,437 2.6%
Region of York 5,214 1.2%
York Region District School Board 4,585 1.0%
Municipal Total 72,527 16.3%
Provincial
Province of Ontario 35,829 8.0%
Province of Quebec 25,794 5.8%
Province of British Columbia 3,091 0.7%
Province of Alberta 1,201 0.3%
Province of Manitoba 17,515 3.9%
Province of Nova Scotia 14,455 3.2%
Province of Newfoundland 23,149 5.2%
Province of New Brunswick 3,999 0.9%
Province of Prince Edward Island 1,480 0.3%
Ontario Hydro 36,279 8.1%
Quebec Hydro 18,652 4.2%
Provincial Total 181,444 40.7%
Federal
- - 0.0%
Federal Total - 0.0%
Region of Niagara Debentures 15,260,767 3.3%
Total excluding Cash 445,537 100.0%
Cash and Cashable Guaranteed Investment Certificates 99,471
Total including Cash $ 545,008


Holding Type Policy Percentage Limits
Corporate 50%
Municipal 25%
Provincial 75%
Federal 100%
Region of Niagara Debentures 100%
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