Investment Report - Quarter 2 Financial Update (2017)

Quarterly Gross Investment Income

	Q1	Q2	Q3	Q4	Total
2017 Budget (Net)	$3,055,646	$3,469,979	$3,549,995	$3,935,145	$14,010,766
2017 Actual (Net)	3,328,704	3,247,443	3,549,995	3,935,145	14,061,287
Variance	$273,058	$(222,537)	-	-	$50,521

Note: Net amounts are after budgeted transfers from Investment Income Stabilization Reserve ($597,757), as well as an annual transfer of interest income to the Development Charge/Rate Reserves ($1,356,016). These annual transfers are allocated on a monthly basis. Not included in amounts above is a YTD net unrealized gain from the sale of investments, of $941,260.31.

Institution	Investment by Institution	Percentage Holdings
Investments
Corporate	151,201,859	33.6%
Municipal	75,044,226	16.7%
Provincial	215,118,515	47.9%
Federal		0.0%
Region of Niagara	8,202,549	1.8%
Total excluding Cash	449,567,149	100.0%
Cash
General Checking *	34,287,417
Savings	51,078,291
Sinking Fund	95,104
Total including Cash	535,027,962

*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 $1,611,766.96.

Funds	Book Value	Weight Q2
Cash	85,365,708	16.0%
Cash Equivalents < 1 Year	12,469,743	2.3%
2 Year	32,574,721	6.1%
3 Year	53,133,458	9.9%
4 Year	27,445,650	5.1%
5+ Year	312,161,647	58.3%
Sinking Fund (Incl. Cash)	11,877,035	2.2%
Total Portfolio	$ 535,027,962	100%

List of Investments Outstanding as of June 30, 2017

Institution	Investment by Institution	Percentage Holdings *
Corporate
Bank of Montreal	$37,652,101	8.4%
Bank of Nova Scotia	20,200,000	4.5%
Canadian Imperial Bank of Commerce		0.0%
HSBC Bank of Canada	17,600,000	3.9%
National Bank of Canada	50,900,000	11.3%
Royal Bank of Canada	24,849,758	5.5%
Corporate Total	151,201,859	33.6%
Municipal
City of Guelph	-	0.0%
City of London	999,462	0.2%
City of Montreal	3,119,802	0.7%
City of Ottawa	5,673,177	1.3%
City of Quebec	2,282,574	0.5%
City of Saskatoon	3,331,471	0.7%
City of Toronto	13,922,726	3.1%
City of Wellington	851,261	0.2%
District of Muskoka	175,920	0.0%
Municipal Finance Authority of British Columbia	5,041,076	1.1%
New Brunswick Municipal Finance Authority	5,860,028	1.3%
Region of Durham	-	0.0%
Region of Halton	1,518,055	0.3%
Region of Peel	3,521,838	0.8%
Region of Waterloo	15,434,149	3.4%
Region of York	6,998,952	1.6%
York Region District School Board	4,510,252	1.0%
York Sinking Fund Debenture	1,803,481	0.4%
Municipal Total	75,044,226	16.7%
Provincial
Province of Ontario	36,289,843	8.1%
Province of Quebec	32,900,892	7.3%
Province of British Columbia	6,508,401	1.4%
Province of Alberta	1,228,754	0.3%
Province of Manitoba	22,261,819	5.0%
Province of Nova Scotia	14,820,650	3.3%
Province of Newfoundland	48,140,114	10.7%
Province of New Brunswick	1,618,115	0.4%
Province of Prince Edward Island	2,597,178	0.6%
Province of Saskatchewan	5,180,577	1.2%
Newfoundland and Labrador Hydro	668,643	0.1%
Ontario Hydro	29,934,819	6.7%
Quebec Hydro	12,968,712	2.9%
Provincial Total	215,118,515	47.9%
Federal
-	-	-
Federal Total	-	0.0%
Region of Niagara Debentures	8,202,549	1.8%
Total excluding Cash	449,567,149	100.0%
Cash and Cashable Guaranteed Investment Certificates	85,460,813
Total including Cash	$535,027,962

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

* Note: Holdings by security percentages exclude cash balances.