HomeMy WebLinkAboutFIN 12-18DICKERING
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Report to
Executive Committee
Report Number: FIN 12-18
Date: June 18, 2018
From: Stan Karwowski
Director, Finance & Treasurer
Subject: Investment Portfolio Activity for the Year Ended December 31, 2017
Ontario Regulation 438/97 under the Municipal Act, 2001
Recommendation: It is recommended that report FIN 12-18 of the Director,
Finance & Treasurer regarding Investment Portfolio Activity for the Year Ended
December 31, 2017 be received for information.
Executive Summary: The following report and attachments represent a summary
of the investment activity and year end balance in the portfolio. Investment activity for
the year 2017 totaled approximately $415.1 million with a year end balance in the
portfolio of approximately $164.1 million. Current Fund investments are limited to one
year or less and Reserve Funds to 10 years or less under the Council approved policy.
The last two years have seen the value of the portfolio rise significantly which is
primarily a result of recent sale of lands in Duffin Heights and an increase in building
activity. Overall returns on the City's portfolio compare favourably to market
benchmarks.
Financial Implications: Total investment income, including bank account interest for
2017 was $1.77 million (2016 - $1.42M) of which $751,000 (2016 - $421,000) was for
Current (Operating) Funds. The balance of the income was allocated to the various
reserve funds.
Discussion: The City's investment portfolio is comprised of two main components:
(i)
Reserve Funds; and
(ii) Balances available in the Current Fund, when not required to meet current
operating expenditures. This latter balance can vary greatly depending upon
many factors including the timing of the receipt of property taxes and levy
payments to the School Boards and the Region.
FIN 12-18 June 18, 2018
Subject: Investment Portfolio Activity for the Year Ended December 31, 2017 Page 2
Ontario Regulation 438/97 under the Municipal Act, 2001
Investments are undertaken as one consolidated pool of funds and interest earned is
credited back to the appropriate funds.
The Treasurer of the City of Pickering is required under Provincial Regulation 438/97 to
report certain information and opinions to Council. The schedules to this report are
included as part of that Regulation's information requirements. The portfolio balance at
December 31, 2017 of $164.1 million (2016 - $112.4M) has increased over the prior
year. This is primarily a result of recent land sales in Duffin Heights, an increase in
building activity and the large debenture issue in 2017 required for funding of the new
Operations Centre.
The return on the portfolio maintained with Nesbitt Burns increased slightly in 2017 with
a weighted yearly rate of return of 0.89% (2016 — 0.84%) on the combined short-term
and long-term investments. This was a result of the interest rates beginning to rise in
the latter half of 2017.
The net performance on TD Wealth's portion of the portfolio for 2017 was 1.83%
(2016 — 1.27%). This slight increase is attributed to the types of investments being
held. The portion of the portfolio invested with TD Wealth primarily consists of one year
Guaranteed Investment Certificates (GIC). Interest rates are higher than the interest
rates for Banker's Acceptances and the one year term protects the City from
fluctuations in interest rates, but GIC's are less liquid than these other investment
instruments.
Investment parameters are narrow due to the Municipal Act and Regulations limiting the
selection of qualified investments for municipal entities. Furthermore, staffs approach
tends to be conservative, given that they are investing public money. Notwithstanding
these restrictions, the annual returns from both Nesbitt Burns and TD Wealth
outperformed the annual returns for the CIBC World Markets 91 -Day T -Bill Index
(0.52%) and the Morningstar Canadian Money Market Mutual Fund Index (0.47%).
These indices are deemed to be comparative benchmarks for reviewing the portfolio's
performance and are considered the standard for analysis of investment funds in the
industry.
The average return on interfund investments (internal loans) was 2.32% (2016 —
2.38%).
At year end 2017, the total portfolio of approximately $164.1 million, consisted of
approximately $47.9 million or 29.2% in external long-term investments and
approximately $3.6 million or 2.0% in Interfund Investments (Internal Loans). The
balance of approximately $112.6 million is short-term investments due within the year.
All investments were made in accordance with the Investment Policy approved by
Council.
FIN 12-18
June 18, 2018
Subject: Investment Portfolio Activity for the Year Ended December 31, 2017 Page 3
Ontario Regulation 438/97 under the Municipal Act, 2001
Attachments:
1. Investment Activities for 2017
2. Outstanding Investments as at December 31, 2017
3. Portfolio Performance Review - Correspondence from BMO Nesbitt Burns
4. Portfolio Performance - Correspondence from TD Wealth
Prepared By:
Kristine Senior
Manager, Accounting Services
Approved/Endorsed By:
Stan Karwowski
Director, Finance & Treasurer
Recommended for the consideration
of Pickering Cityouncil
Tony Prevedel, P.Eng.
Chief Administrative Officer
44„,.,2 , 2.616
CITY OF PICKERING INVESTMENT ACTIVITIES FOR 2017
Financial Purchase Maturity
Institution Instrument Cost principal Yield Term Date Date
Short Term
Nesbitt Burns Firstbank Bankers Acceptance 7,117,594 7,129,000 0.629% 93 4 -Oct -16 5 -Jan -17
Toronto Dominion Bank Bankers Accept 4,999,937 5,008,000 0.647% 91 5 -Oct -16 4-.I2n-17
Firstbank Bankers Acceptance 3,564,359 3,570,000 0.635% 91 28 -Oct -16 27 -Jan -17
Firstbank Bankers Acceptance 5,927,857 5,937,000 0.626% 90 30 -Nov -16 28 -Feb -17
Toronto Dominion Bank Bankers Accept. 6,355,516 6,365,000 0.635% 90 30 -Nov -16 28 -Feb -17
Firstbank Bankers Acceptance 5,976,123 5,986,000 0.670% 90 6 -Dec -16 6 -Mar -17
Toronto Dominion Bank Bankers Accept. 6,191,202 5,201,000 0.642% 90 9 -Dec -16 9 -Mar -17
Bank of Nova Scotia Bankers Acceptance 5,784,859 5,795,000 0.703% 91 19 -Dec -16 20 -Mar -17
Firstbank Bankers Acceptance 8,341,302 8,354,000 0.678% 82 28 -Dec -16 20 -Mar -17
Firstbank Bankers Acceptance 5,049,351 5,058,000 0.736% 85 10 -Jan -17 5 -Apr -17
Firstbank Bankers Acceptance 7,128,289 7,141,000 0.723% 90 10 -Jan -17 10 -Apr -17
Firstbank Bankers Acceptance 3,572,808 3,579,000 0.711% 89 27 -Jan -17 26 -Apr -17
Firstbank Bankers Acceptance 6,398,462 6,410,000 0.731% 90 28 -Feb -17 29 -May -17
Bank of Nova Scotia Bankers Acceptance 5,936,771 5,9.47,000 0.699% 90 28 -Feb -17 29 -May -17
Firstbank Bankers Acceptance 5,986,/45 5,997,000 0.687% 91 8 -Mar -17 5 -Jun -17
Toronto Dominion Bank Bankers Accept. 6,269,450 6,280,000 0.675% 91 9 -Mar -17 8 -Jun -17
Firstbank Bankers Acceptance 5,794,656 5,804,000 0.677% 87 20 -Mar -17 15 -Jun -17
Bank of Nova Scotia Bankers Acceptance 8,353,696 8,367,000 0.668% 87 20 -Mar -17 15 -Jun -17
Firstbank Bankers Acceptance 24,999,495 25,011,000 0.560% 30 31 -May -17 30 -Jun -17
Firstbank Bankers Acceptance 5272,128 5,281,000 0.675% 91 5 -Apr -17 5 -Jul -17
Firstbank Bankers Acceptance 7,141,123 7,154,000 0723% 91 10 -Apr -17 10 -Jul -17
Firstbank Bankers Acceptance 3,626,570 3,633,000 0.719% 90 26 -Apr -17 25 -Jul -17
Bank of Nova Scotia Bankers Acceptance 6,023,890 6,033,000 0.607% 91 29 -May -17 28 -Aug -17
Firstbank Bankers Acceptance 6,409,307 6,419,000 0.607% 91 29 -May -17 28 -Aug -17
Bank of Nova Scotia Bankers Acceptance 5,997,809 6,007,000 0.621% 90 7 -Jun -17 5 -Sep -17
Bank of Nova Scotia Bankers Acceptance 6,279,504 6,289,000 0.620% 89 8 -Jun -17 5 -Sep -17
Bank of Nova Scotia Bankers Acceptance 8,366,683 8,379,000 0.611% BB 15 -Jun -17 11 -Sep --17
CIBC Bankers Acceptance 5,896,438 5,905,000 0.602% 88 15 -Jun -17 11 -Sep -17
Firstbank Bankers Acceptance 30,025,760 30,079,000 1.044% 62 28 -Jul -17 28 -Sep -17
Firstbank Bankers Acceptance 14,974,800 15,000.000 1.041% 59 28 -Jul -17 25 -Sep -17
Firstbank Bankers Acceptance 5,339,014 5,351,000 0.900% 91 5 -Jul -17 4 -Oct -17
Firstbank Bankers Acceptance 7,154,220 7,171,000 0.951% 90 12 -Jul -17 10 -Oct -17
Firstbank Bankers Acceptance 3,632,895 3,642,000 1.005% 91 26 -Jul -17 25 -Oct -17
Bank of Nova Scotia Bankers Acceptance 6,246,215 6,253,000 1,090% 90 29 -Aug -17 27 -Nov -17
Firstbank Bankers Acceptance 6,239,175 6,255,000 1.077% 86 29 -Aug -17 23 -Nov -17
Toronto Dominion Bank Bankers Accept_ 6,007,106 6,025,000 1.222% 89 6 -Sep -17 4 -Dec -17
Toronto Dominion Bank Bankers Accept. 6,288,016 6,307,000 1.224% 90 6 -Sep -17 5 -Dec -17
CIBC Bankers Acceptance 8,378,569 8,401,000 1.206% 81 11 -Sep -17 1 -Dec -17
Bank of Nova Scotia Bankers Acceptance 6,020,881 6,037,000 1.206% 81 11 -Sep -17 1 -Dec -17
Firstbank Bankers Acceptance 7,568,920 7,592,000 1.197% 93 25 -Sep -17 27 -Dec -17
Toronto Dominion Bank Bdn Discount Na 7,474,050 7,500,000 1.196% 106 25 -Sep -17 9 -Jan -18
Toronto Dominion Fixed Rate Deposit Not 10,065,202 10,026,000 2.171% 181 3 -Oct -17 2 -Apr -18
Bank of Nova Scotia 10,008,891 10,015,000 1.330% 210 3 -Oct -17 1 -May -18
Firstbank Bankers Acceptance 5,373,318 5,389,000 1.158% 92 4 -Oct -17 4 -Jan -18
Firstbank Bankers Acceptance 7,170,784 7,192,000 1.200% 90 10 -Oct -17 8 -Jan -18
!JTACHNENT# / TO REPORT# ►� ►e1- I T.
CITY OF PICKERING INVESTMENT ACTIVITIES FOR 2017
Financial Purchase Maturity
Institution Instrument Cost Principal Yield Term Date Date
Firstbank Bankers Acceptance 3,689,714 3,700,000 1.183% 86 25 -Oct -17 19 -Jan -18
Firstbank Bankers Acceptance 6,397,971 6,416,000 1.143% 90 24 -Nov -17 22 -Feb -18
Bank of Nova Scotia Bankers Acceptance 6,263,476 6,281,000 1.122% 91 27 -Nov -17 26 -Feb -18
Bank of Nova Scotia Bankers Acceptance 6,036,475 6,053,000 1.148% 87 1 -Dec -17 26 -Feb -18
Bank of Nova Scotia Bankers Acceptance 8,401,002 8,424,000 1.148% 87 1 -Dec -17 26 -Feb -18
Toronto Dominion Bank Bankers Accept. 6,049,978 6,068,000 1.236% 88 4 -Dec -17 2 -Mar -18
Toronto Dominion Bank Bankers Accept. 6,306,706 6,326,000 1.241% 90 5 -Dec -17 5 -Mar -18
Firstbank Bankers Acceptance 7,701,593 7,725,000 1.233% 90 27 -Dec -17 27 -Mar -18
Firstbank Bankers Acceptance 14,999,052 15,038,000 1.231% 77 28 -Dec -17 15 -Mar -18
T -D Wealth Bk of Nova Scotia GIC 1.40% 2,068,521 2,068,521 1.400% 366 26 -Jan -16 26 -Jan -17
Royal Bank Of Canada GIC 1.40% 2,043,016 2,043,016 1.400% 366 23 -Feb -16 23 -Feb -17
Royal Bank Of Canada GIC 1.35% 2,120,059 2,120,059 1.350% 365 25 -Aug -16 25 -Aug -17
Royal Bank Of Canada GIC 1.30% 2,097,480 2,097,480 1.300% 365 26 -Jan -17 26 -Jan -18
Royal Bank Of Canada GIC 1.25% 2,071,618 2,071,618 1.250% 365 23 -Feb -17 23 -Feb -18
TD MTG GIC 1.41% 2,148,679 2,148,679 1.410% 365 25 -Aug -17 25 -Aug -18
Total Short term
415,125,080 415,864,373
Long Term
Nesbitt Burns Royal Bank Of Canada 2,375,643 2,294,000 2.980% 847 10 -Mar -17 5 -Jul -19
Bank Of Nova Scotia Senior Deposit Note 1,899,454 1,892,000 2.370% 415 12 -Sep -17 1 -Nov -18
Province Of Alberta 2,454,341 2,439,000 2.000% 468 25 -Sep -17 6 -Jan -19
RBC Sr Dep Note 1,126,569 1,116,000 2.820% 265 20 -Oct -17 12 -Jul -18
BNS Sr Dep Note 3,698,971 • 3,663,000 2.462% 455 14 -Dec -17 14 -Mar -19
Province of Ontario 1,901,431 1,825,000 4.400% 534 15 -Dec -17 2 -Jun -19
Total Long-term 13,456,409 13,229,000
Long Term Dispositions
Province of Ontario 2,685,896 2,399,000 4.300% 1,920 5 -Dec -11 8 -Mar -17 Matured
Province of Ontario 1,928,759 1,908,000 1.900% 1,086 18 -Sep -14 8 -Sep -17 Matured
Royal Bank of Canada Sr. Dep. Note 2,493,070 2,470,000 2.360% 1,673 21 -Feb -13 21 -Sep -17 Matured
CIBC Deposit Notes 1,151,222 1,136,000 2.350% 1,792 21 -Nov -12 18 -Oct -17 Matured
Bank of Montreal Fixed Rate Dep Note 3,788,326 3,722,000 2.240% 538 21 -Jun -16 11 -Dec -17 Matured
Canada Housing Trust 1,916,201 1,905,000 1.700% 1,184 18 -Sep -14 15 -Dec -17 Matured
Total Dispositions 13,963,475 13,540,000
CITY OF BICKERING OUTSTANDING INVESTMENTS AS AT DECEMBER 31, 2017
Financial
Institution Instrument
Short-term Current & Reserve Fund Investments
Nesbitt Burns TD Bond Discount Note
TD Fixed Rate Deposit Note
Bank of Nova Scotia
Firstbank Bankers Acceptance
Firstbank Bankers Acceptance
Firstbank Bankers Acceptance
Firstbank Bankers Acceptance
BNS Bankers Acceptance
BNS Bankers Acceptance
BNS Bankers Acceptance
TD Bankers Acceptance
TD Bankers Acceptance
Firstbank Bankers Acceptance
Firstbank Bankers Acceptance
TO Wealth RSC GIC
RBC GIC
TO MTG GIC
Total Short-term
Purchase Maturity
Cost Principal Yield Term Date Date
Long-term Reserve Fund Investments
Nesbitt Burns Province of Ontario Debenture
CIBC Deposit Notes
BNS Sr Deposit Note
BNS Sr Deposit Note
BNS Sr Deposit Note
RBC
Province of Ontario
Rank of Mnntreal Fixed Rate Dep N
TD Deposit Note
CIBC Deposit Note
CIBC Deposit Note
BNS 5 yr Sr Deposit Note
RBC
BNS Sr Deposit Note
Province of Alberta
RBC Sr Dep Note
BNS Sr Dep Note
Province of Ontario
TO Wealth National Benk Extendible Step Up
CIBC Deposit Note
Total Long-term
Total External Investments
7,474,050.00 7,500,000.00 1.20% 106 25 -Sep -17 09 -Jan -18
10,065,201.66 10,026,000.00 2.17% 181 03 -Oct -17 02 -Apr -18
10,008,890.85 10,015,000.00 1.33% 210 03 -Oct -17 01 -May -18
5.373,318.01 5,389,000.00 1.16% 92 04 -Oct -17 04 -Jan -18
7,170,783.60 7,192,000.00 1.20% 90 10 -Oct -17 08 -Jan -18
3.689,714.00 3,700,000.00 1.18% 86 25 -Oct -17 19 -Jan -18
6,397,971.04 6,416,000.00 1.14% 90 24 -Nov -17 22 -Feb -18
6,263,476.01 6,281,000.00 1.12% 91 27 -Nov -17 26 -Feb -18
6,036,475.31 6,053,000.00 1.15% 87 01 -Dec -17 26 -Feb -18
8,401,002.48 8,424,000.00 1.15% 87 01 -Dec -17 26 -Feb -18
6.049,978.04 6,068,000.00 1.24% 88 04 -Dec -17 02 -Mar -18
6,306,705.70 6,326,000.00 1.24% 90 05 -Dec -17 05 -Mar -18
7,701,593.25 7,725,000.00 1.23% 90 27 -Dec -17 27 -Mar -18
14,999,051.58 15,038,000.00 1.23% 77 28 -Dec -17 15 -Mar -18
2,097,480.00 2,124,747.24 1.30% 365 26 -Jan -17 26 -Jan -18
2,071,618.00 2,097,513.23 1.25% 365 23 -Feb -17 23 -Feb -18
2,148,679.00 2,179,141.38 1.41% 367 25 -Aug -17 27 -Rug -18
112.255,988_53 112,554,401.85
2.448,956.92 2,444,000.00 4.20% 2711 05 -Oct -10
1,482,583.52 1,482,000.00 2.22% 1807 26 -Mar -13
1,320,330.86 1,320,000.00 2.24% 1745 11 -Jun -13
1,851,235.42 1,848,000.00 2.24% 1053 04 -May -15
2,455,846.55 2,437,000.00 2.75% 970 17 -Dec -15
3,711,740.70 3,665,000.00 2.77% 1058 18 -Jan -16
2,734,119.38 2,712,000.00 2.10% 906 16 -Mar -16
1,880,007.72 1,857,000.00 3.21% 911 15 -Mer --16
1,817,745.16 1,790,000.00 2.45% 868 15 -Nov -16
3,972,962.28 3,957,000.00 1.70% 676 02 -Dec -16
3,573,783.66 3,522,000.00 2.35% 927 09 -Dec -16
3,601,800.47 3,543,000.00 2.40% 1053 09 -Dec -16
2,344,975.36 2,294,000.00 2.98% 788 10 -Mar -17
1,892,677.68 1,892,000.00 2.37% 121 12 -Sep -17
2,451,917.68 2,439,000.00 2.00% 514 25 -Sap -17
1,123,697.07 1,116,000.00 2.82% 265 20 -Oct -17
3,697,62670 3,663,000.00 2.46% 455 14 -Dec -17
1,899,140.93 1,825,000.00 4.40% 534 15 -Dec -17
2,000,000.00 2,000,000.00 2.70% 3653 06 -Nov -15
2,099,000.00 2,099,000.00 2.50% 3653 18 -Nov -15
48,360,148.06 47,905,000.00
160,616,136.59 160,459,401.85
triter -fund Investments (Internal Loans)
Development Charge Reserve Fund
Interest
Payable Dates
08 -Mar -18 Mar 8 & Sept 8
07 -Mar -18 Mar 7 & Sept 7
22 -Mar -18 Mar 22 & Sept 22
22 -Mar -18 Mar 22 & Sept 22
13 -Aug -18 Feb 13 & Aug 13
11 -Dec -18 Jun 11 & Dec 11
08 -Sep -18 Mar 8 & Sept 8
13 -Sep -18 Mar 13&Sept 13
02 -Apr -19 Apr 2 & Oct 2
09 -Oct -18 Apr 9 & Oct 9
24 -Jun -19 Jun 24 & Dec 24
28 -Oct -19 Apr 28 & Oct 28
07 -May -19 May 7 & Nov 7
11 -Jan -18 Jan 11 & Jul 11
01 -Jun -19 Jun 1 & Oec 1
12 -Jul -18 Jan 12 & Jul 12
14 -Mar -19 Mar 14 & Sept 14
02 -Jun -19 Jun 2 & Dec 2
06 -Nov -25 Nov 6
18 -Nov -25 May 18&Nov 18
3,595,241.00 1.83% to 3.96% various various various
Total as at December 31, 2017 164,054,642.85
j ei r 11-0.1Y
ATTACHMENT # TO REPO RT #
Portfolio Performance Review
For comparison purposes we have included the following benchmarks that provide the closest representative
return data. There are three separate issues that should be taken into consideration when comparing the
representative rates of return. First, the guidelines set out in the Municipal Finance Statutes governing your
investment policy prohibit you from owning any fixed income investments that are not either government
guaranteed or issued byy a major Canadian Chartered Bank. Canadian money market funds used to construct the
Morningstar Canadian Money Market Index contain a high percentage of higher yielding money market products
including investments such as asset backed securities, some of which your investment policy prohibits you from
holding. Secondly, your portfolio has a smaller percentage of qualified fixed income investments that are slightly
longer than the 1 year maturity period that typically defines money market investments.
Annual Account Return Benchmark Comparisons*
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
0.89%
0.84%
1.36%
1.51%
.23%
1.37%
2.49%
1.25%
1.54%
4.92%
4.27%
3.81%
2.51%
4.39%
0.52%
0.47%
0.50%
0.32%
0.64%
0.37%
0.91%
0.59%
0.97%
0.56%
0.93%
0.58%
0.96% 0.64%
0.37% 0.31%
0.52% 0.53%
3.13% 2.84%
4.29% 3.82%
3.84% 3.21%
2.48% 1.87%
2.27% 1.51%
* Return Comparisons are derived from separate third party sources which are believed to be accurate but are
not guaranteed by BMO Nesbitt Burns Inc.
** Comparative benchmarks have been selected that are most reasonable to use for comparison purposes but
are not 100% specific to the investment guidelines followed by the representative account in question.
*** The Morningstar Fund Indices are the best available representation of the performance of aggregate dollars
actually invested, currently and historically, in Canadian money market mutual funds and/or segregated funds.
The indices measure the dollar weighted return of assets in Canadian funds. The return calculation does not
suffer from survivorship bias, as the impact of returns with funds that are no longer active are retained. Funds
that report returns before fees are excluded from Morningstar Fund Indices. Returns are rounded to 2 decimal
places.
In conclusion, once I would once again like to highlight the following points;
a) Our investment parameters are much narrower than money market funds. Government legislation
governing Municipal Investments limits the selection of qualified investments.
b) Within the portfolio, we have successfully blended a small percentage of investments with a time horizon
exceeding 18 months.
c) The account maintains an active pattern of cash in -flows and out -flows as a result of the nature of the
cash-flow requirements of an entity like the City of Pickering. As a result, it can be difficult to execute 8
specific investment plan that is not highly liquid and flexible.
d) While the current and anticipated interest rate environment is extremely important in shaping the
composition of the account portfolio, we always endeavour to attempt to avoid making decisions that
could be construed as market timing any changes in relation to Bank of Canada rate decisions.
Sincerely,
4,fieelo ,C, 7e&e1r
Andrew R. Geddes PFP, CIM, FCSI
Vice President, Portfolio Manager
BMO Wealth Management, BMO Nesbitt Burns Inc.
GIM° CHARTERED
INVESTMENT MANAGER
6cs
FELLOW OF CSI
G
FINANCIAL PLANNER
BMO Nesbitt Burns Inc. ("BMO NBI") provides this commentary to clients for informational purposes only. The information
contained herein is based on sources that we believe to be reliable, but is not guaranteed by us, may be incomplete or may
change without notice. The comments included in this document are general in nature, and professional advice regarding
an individual's particular position should be obtained. "BMO (M -bar roundel symbol)" is a registered trade -mark of Bank of
Montreal, used under licence. "Nesbitt Burns" is a registered trade -mark of BMO Nesbitt Burns Inc. BMO Nesbitt Burns
Inc. is a wholly-owned subsidiary of Bank of Montreal. Member -Canadian Investor Protection Fund.
General Disclosure
"BMO Capital Markets" is a trade name used by the BMO Financial Group for the wholesale banking businesses of Bank of
Montreal and its subsidiaries BMO Nesbitt Bums Inc., BMO Capital Markets Limited in the U.K. and BMO Capital Markets
Corp. in the U.S. BMO Nesbitt Burns Inc., BMO Capital Markets Limited and BMO Capital Markets Corp are affiliates. Bank of
Montreal or its subsidiaries ("BMO Financial Group") has lending arrangements with, or provide other remunerated services
to, many issuers covered by BMO Capital Markets. The opinions, estimates and projections contained in this report are
those of BMO Capital Markets as of the date of this report and are subject to change without notice. BMO Capital Markets
endeavours to ensure that the contents have been compiled or derived from sources that we believe are reliable and
contain information and opinions that are accurate and complete. However, BMO Capital Markets makes no representation
or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions contained herein
and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this report or its contents.
Information may be available to BMO Capital Markets or its affiliates that is not reflected in this report. The information in
this report is not intended to be used as the primary basis of investment decisions, and because of individual client
objectives, should not be construed as advice designed to meet the particular investment needs of any investor.
This material is for information purposes only and is not an offer to sell or the solicitation of an offer to buy any security.
BMO Capital Markets or its affiliates will buy from or sell to customers the securities of issuers mentioned in this report on a
principal basis. BMO Capital Markets or its affiliates, officers, directors or employees have a long or short position in many
of the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.
The reader should assume that BMO Capital Markets or its affiliates may have a conflict of interest and should not' rely
solely on this report in evaluating whether or not to buy or sell securities of issuers discussed herein.
TD Wealth
Bill MacMillan
THE CORPORATION OF THE CITY OF PICKERING (7AS047A)
As of May 28, 2018
PORTFOLIO PERFORMANCE (CAD)
01/01/2017 - 12/31/2017
Starting Value
Inflows
Outflows
Income
Ending Value
$ 10,303,070.53
$ 0.00
$ -107,536.17
$ 193,717.17
$ 10,384,480.84
Time -Weighted Perf.-Net
Money -Weighted Perf.-Net
1.834 %
1.841 %
Notes: Values in percentage are annualized for periods of more than twelve months.
Account Number Account Type Name Currency Market Value (CAD)
7AS047A Cash (CAD) THE CORPORATION OF THE CITY OF PICKERING CAD 10,342,762.82
05/29/2018
12:52 PM
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