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2019-12-17; City Council; ; Report on City Investments as of Oct. 31, 2019
~ CITY COUNCIL ~ Staff Report Meeting Date: To: From: Staff Contact: Dec. 17,2019 Mayor and City Council Scott Chadwick, City Manager Craig Lindholm, City Treasurer CA Review w(_ Laura Rocha, Deputy City Manager -Administrative Services, Laura.Rocha@carlsbadca.gov or 760-602-2415 Subject: Report on City Investments as of Oct. 31, 2019 Recommended Action Accept and file Report on City Investments as of Oct. 31, 2019. Executive Summary The city's Investment Policy requires the city treasurer to report the status of the city's pooled investment portfolio to the City Council monthly. A quarterly report is also required for the investments of bond proceeds held separately. Discussion The city's pooled investment portfolio as of the month ending Oct. 31, 2019 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Investment Cost Amortized Cost (1) Market Value (2) Current Month $774,290,672 $776,440,181 $775,663,747 $780,739,192 Prior Month $772,869,419 $774,164,956 $773,750,354 $779,530,733 (1) The cost of investments adjusted for amortized premiums and discounts. (2) The amount at which the investments could be sold. Source of market value is Wells Fargo Bank's custodial report, as of Oct. 31, 2019. The equity portion of the various funds in the total portfolio is summarized in the graph on the next page. Fund balances are restricted for various purposes. See Exhibit 7 for a more detailed breakdown. Dec. 17, 2019 Item #2 Page 1 of 17 Exhibit 8 shows that the investments out of compliance with the current policy had a subsequent change in credit rating. Ratings on two investments have dropped to less than a double A (AA)/ single A (A) rating. The city's Investment Policy allows the city treasurer to determine the course of action that would correct exceptions to the policy. These investments are paying interest at the required times and their principal is con~idered secure. It is the intent of the city treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. The pooled investment portfolio has the ability to meet the city's cash flow demands for the next six months. Fiscal Analysis None. Next Steps The report on city investments will continue to be produced monthly by the city treasurer. Environmental Evaluation (CEQA) Pursuant to Public Resources Code section 21065, this action does not constitute a "project" within the meaning of CEQA in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment, and therefore does not require environmental review. Public Notification and Outreach This item was noticed in accordance with the Ralph M. Brown Act and was available for viewing at least 72 hours prior to the posting of the agenda. Exhibits 1. Investments by Cost, Market Value, Cash Income, and Average Yield by Class 2. Maturities by Classification and Length of Time at Market Value 3. Yield Comparison & Market Yield Curve 4. Cumulative Cash Income Graph 5. Maturities, Purchases and Calls this Quarter 6. Detailed Investment Report 7. Fund Equity in Pooled Investments 8. Corporate Note and Commercial Paper Ratings 9. Corporate and Federal Agency Issuers -Percent of Total Portfolio Dec. 17, 2019 Item #2 Page 3 of 17 Class CD FN TR FA SN CN LAIF Custody Sweep Bank Account Total City of Carlsbad Investment Portfolio As of October 31, 2019 Investments by Cost, Market Value, Cash Income, and Average Yield by Class Investment Cost Market Value EXHIBIT 1 Average Yield Current Month Prior Month Current Month Prior Month YTD Income Current Month Prior Month 17,021,063.96 $17,264,317 $17,254,429 $17,505,605 $144,844 2.31% 1.99% 2,750,760 7,641,820 2,951,880 8,130,476 0 1.75 1.71 78,577,770 78,577,770 78,938,416 78,977,698 634,356 1.75 1.75 348,062,114 361,589,019 349,508,372 363,298,651 2,780,289 2.04 1.58 28,045,226 21,534,726 28,394,209 21,906,665 217,620 1.90 1.75 186,504,575 175,430,885 188,213,214 177,585,219 1,031,231 3.10 2.87 110,950,538 106,306,794 110,950,538 106,306,794 1,378,647 2.25 2.34 304,150 1,351,270 304,150 1,351,270 4,503 0.50 0.75 4,004,993 4,103,024 4,004,993 4,103,024 45,055 2.00 2.00 218,991 365,332 218,991 365,332 0 0.50 0.75 $776,440,181 $774,164,956 $780,739,192 $779,530,733 $6,236,545 2.31% 2.01% CD -Certificate of Deposit LAIF -Local Area Investment Fund FN -Federal Discount Notes Custody -Investment Cash account TR -US Treasury Sweep -General Fund Overnight Cash account FA -Federal Agency Notes Bank Account -General Fund Cash account SN -Supranational Dec. 17, 2019 Item #2 Page 4 of 17 City of Carlsbad Investment Portfolio As of October 31, 2019 Maturities by Classification and Length ofTime at Market Value EXHIBIT 2 Class Within 6 Months · 7 Months to 1 Year 1 to 5 Years Total % Total CD $3,467,531 $1,943,941 $11,842,956 $17,254,429 FN $0 2,951,880 0 2,951,880 TR $5,894,069 12,102,825 60,941,522 78,938,416 FA $51,901,252 43,166,213 254,440,907 349,508,372 SN $0 4,591,410 23,802,799 28,394,209 CN $24,853,948 14,027,615 149,331,651 188,213,214 LAIF 110,950,538 0 0 110,950,538 Custody 304,150 0 0 304,150 Sweep 4,004,993 0 0 4,004,993 Bank Acct 218,991 0 0 218,991 Totals $201,595,472 (1) $78,783,884 (1) $500,359,836 $780,739,192 % Totals 25.8% 10.1% 64.1% 100.0% Total within One Year $280,379,355 (1) 35.9% Policy: (1) Not less than $199,022,000 to mature within one year. Two-thirds of current year operating budget $297,048,458 (2) Po licy states that not more than 30% of portfolio is to be invested in corporate notes. 2.21% 1.04 10.13 46.60 2.81 22.88 (2) 13.64 0.17 0.53 0.05 100.0% Dec. 17, 2019 Item #2 Page 5 of 17 EXHIBIT 5 City of Carlsbad Investment Portfolio Maturities, Purchases, and Calls this Quarter Maturities CUSIP Issuer Settled Maturity Par Value Book Value Interest Total 3137EADM8 FHLMC 7/19/2016 10/2/2019 3,000,000 3,000,000 18,750 3,018,750 140420PS3 Capital Bank 10/8/2014 10/8/2019 247,000 247,000 2,601 249,601 313586RC5 FNMA 3/3/2015 10/9/2019 2,000,000 2,000,000 2,000,000 313586RC5 FNMA 11/7/2016 10/9/2019 2,200,000 2,200,000 2,200,000 313586RC5 FNMA 1/27/2017 10/9/2019 1,000,000 1,000,000 1,000,000 36161T4H5 GECAPB 10/10/2014 10/10/2019 247,000 247,000 2,477 249,477 3136GOT68 FNMA 10/6/2015 10/24/2019 4,183,000 4,183,000 27,817 4,210,817 71270QJT4 People's Bank 10/29/2014 10/29/2019 247,000 247,000 2,353 249,353 13,124,000 13,124,000 53,997 13,177,997 Purchases CUSIP Issuer Settled Maturity Payment Rate Par Value Dollar Price Book Value 88579YAX9 3M Company 10/8/2019 3/15/2023 3/15/2020 1.62 1,762,000 102.048 1,798,080 58933YAU9 3M Company 10/8/2019 3/7/2024 3/7/2020 1.60 1,500,000 105.400 1,581,000 459058HG1 IBRD 10/10/2019 9/23/2024 3/23/2020 2.14 3,500,000 100.300 3,510,500 594918BH6 Microsoft 10/10/2019 11/3/2022 11/3/2019 1.51 2,000,000 103.209 2,064,180 46625HJT8 JP Morgan 10/11/2019 2/1/2024 2/1/2020 2.00 1,765,000 107.696 1,900,834 3133EK2A3 FFCB 10/15/2019 10/15/2024 4/15/2020 1.92 2,000,000 100.000 2,000,000 45905U4P6 IBRD 10/25/2019 10/25/2023 4/25/2020 1.70 3,000,000 100.000 3,000,000 023135AZ9 Amazon.com Inc. 10/17/2019 8/22/2024 2/22/2020 1.86 2,500,000 104.194 2,604,850 15118RSC2 Celtic Bank 10/18/2019 9/30/2024 3/30/2020 1.70 249,000 100.000 249,000 3130AHD67 FHLB 10/18/2019 10/16/2024 4/16/2020 2.00 2,250,000 100.000 2,250,000 38149MHE6 Goldman Sachs 10/23/2019 10/11/2022 4/9/2020 1.90 247,000 100.000 247,000 09247XAL5 Blackrock Inc. 10/28/2019 3/18/2024 3/18/2020 1.80 1,000,000 107.136 1,07l,360 3134GUHK9 FHLMC 10/28/2019 10/15/2024 4/15/2020 1.92 2,500,000 99.800 2,495,000 24,273,000 102.291 24,771,805 Calls CUSIP Issuer Settled Maturity Redeemed Par Value Book Value Interest Total 3130ACH72 FHLB 04/10/2019 10/04/2022 10/04/2019 1,000,000 995,987 11,300 1,011,300 3133EJE39 FFCB 10/04/2018 10/04/2023 10/04/2019 1,000,000 1,000,000 16,700 1,016,700 3132X06N6 FAMCA 11/07/2018 10/10/2023 10/10/2019 1,150,000 1,148,365 19,608 1,169,608 3134GBWC2 FHLMC 04/27/2018 07/18/2022 10/18/2019 1,000,000 987,698 5,750 1,005,750 3130ACKK9 FHLB 11/03/2017 04/25/2022 10/25/2019 2,000,000 1,998,883 20,000 2,020,000 3134GBP71 FHLMC 10/26/2017 10/26/2022 10/26/2019 3,250,000 3,250,000 33,313 3,283,313 3134GBDT6 FHLMC 04/27/2017 04/27/2022 10/27/2019 1,180,000 1,180,000 11,800 1,191,800 3134G8Y29 FHLMC 04/28/2016 04/28/2021 10/28/2019 2,500,000 2,498,875 18,750 2,518,750 13,080,000 13,059,809 137,220 13,217,220 Dec. 17, 2019 Item #2 Page 8 of 17 EXHIBIT 6 City of Carlsbad Investment Portfolio Detailed Investment Report As of October 31, 2019 Settlement Maturity Security Par Invested Yield Interest Expected Return Term (Days) Federal Investments 05/26/16 11/26/19 FNMA 4,000,000.00 4,000,000.00 1.300% 182,000.00 4,182,000.00 1,279 06/15/15 12/13/19 FHLB 3,370,000.00 3,468,026.56 1.700% 261,697.54 3,729,724.10 1,642 02/21/17 · 12/13/19 FHLB 1,000,000.00 1,024,070.00 1.497% 42,693.89 1,066,763.89 1,025 05/19/17 12/27/19 FNMA 2,500,000.00 2,482,475.00 1.475% 95,691.67 2,578,166.67 952 10/05/15 01/09/20 FHLMC 3,500,000.00 3,519,495.00 1.265% 189,299.44 3,708,794.44 1,557 04/26/17 01/17/20 FHLMC 1,250,000.00 1,251,150.00 1.465% 49,943.75 1,301,093.75 996 02/07/19 01/17/20 FHLMC 2,000,000.oq 1,981,420.00 2.500% 46,913.33 2,028,333.33 344 07/28/16 01/28/20 FNMA 4,850,000.00 4,850,000.00 1.200% 203,700.00 5,053,700.00 1,279 05/13/16 02/13/20 FHLMC 2,750,000.00 2,750,000.00 1.300% 134,062.50 2,884,062.50 1,371 06/11/18 02/14/20 FHLB 1,500,000.00 1,491,780.00 2.485% 62,238.75 1,554,018.75 613 02/24/16 02/24/20 FHLMC 1,750,000.00 1,750,000.00 1.500% 105,000.00 1,855,000.00 1,461 02/24/16 02/24/20 FFCB 1,000,000.00 1,000,000.00 1.400% 56,000.00 1,056,000.00 1,461 01/04/17 02/28/20 FHLMC 2,000,000.00 1,978,000.00 1.610% 100,750.00 2,078,750.00 1,150 05/23/16 03/15/20 PEFCO 3,000,000.00 3,099,000.00 1.358% 158,250.00 3,257,250.00 1,392 05/04/18 03/15/20 TENN 1,700,000.00 1,692,265.00 2.500% 79,028.75 1,771,293.75 681 06/12/18 03/15/20 TENN 1,250,000.00 1,244,200.00 2.520% 55,253.13 1,299,453.13 642 06/11/18 03/15/20 TENN 1,250,000.00 1,244,622.50 2.500% 54,908.75 1,299,531.25 643 08/29/17 04/03/20 FFCB 2,000,000.00 1,999,600.00 1.678% 87,054.44 2,086,654.44 948 07/13/16 04/13/20 FNMA 5,000,000.00 5,000,000.00 1.250% 234,375.00 5,234,375.00 1,370 01/06/17 04/13/20 FFCB 1,000,000.00 992,000.00 1.652% 53,772.22 1,045,772.22 1,193 12/15/17 04/17/20 FAMCA 1,500,000.00 1,487,706.00 2.000% 69,830.67 1,557,536.67 854 07/28/16 04/28/20 FNMA 3,750,000.00 3,750,000.00 1.250% 175,781.25 3,925,781.25 1,370 11/03/17 05/15/20 FHLB 1,650,000.00 1,650,000.00 1.700% 71,060.00 1,721,060.00 924 05/22/17 05/22/20 FHLMC 1,200,000.00 1,200,000.00 1.625% 58,500.00 1,258,500.00 1,096 05/24/17 05/29/20 FHLMC 2,250,000.00 2,255,062.50 1.548% 104,523.44 2,359,585.94 1,101 06/27/17 05/29/20 FHLMC 1,600,000.00 1,604,000.00 1.537% 71,977.78 1,675,977.78 1,067 06/05/17 06/05/20 FHLB 1,300,000.00 1,300,000.00 1.600% 62,400.00 1,362,400.00 1,096 06/08/17 06/05/20 FHLB 2,500,000.00 2,500,000.00 1.600% 120,000.00 2,620,000.00 1,093 06/12/15 06/12/20 FHLB 3,000,000.00 3,000,000.00 1.750% 262,500.00 3,262,500.00 1,827 02/23/16 06/12/20 FHLB 2,000,000.00 2,039,980.00 1.271% 110,617.22 2,150,597.22 1,571 04/15/16 06/26/20 FNMA 2,150,000.00 2,159,632.00 1.240% 112,192.37 2,271,824.37 1,533 07/13/16 07/13/20 FFCB 4,250,000.00 4,250,000.00 1.190% 202,300.00 4,452,300.00 1,461 04/13/18 07/13/20 FFCB 2,000,000.00 1,948,000.00 2.485% 110,050.00 2,058,050.00 822 04/27/17 07/27/20 FHLMC 1,600,000.00 1,600,000.00 1.700% 88,400.00 1,688,400.00 1,187 01/21/16 07/29/20 FHLB 2,500,000.00 2,549,375.00 1.378% 157,516.67 2,706,891.67 1,651 09/07/16 08/24/20 FFCB 3,000,000.00 2,998,260.00 1.335% 158,710.00 3;156,970.00 1,447 04/19/16 08/28/20 FHLMC 1,000,000.00 1,017,760.00 1.230% 54,152.50 1,071,912.50 1,592 06/08/16 09/11/20 FHLB 3,000,000.00 3,206,160.00 1.214% 161,121.25 3,367,281.25 1,556 10/12/16 09/11/20 FHLB 1,800,000.00 1,808,975.18 1.244% 87,893.57 1,896,868.75 1,430 10/12/16 10/06/20 FHLB 1,800,000.00 1,797,300.00 1.414% 101,287.50 1,898,587.50 1,455 04/26/17 10/16/20 FNMA 1,300,000.00 1,332,019:00 1.618% 74,057.39 1,406,076.39 1,269 05/06/19 10/16/20 FHLMC 1,500,000.00 1,488,345.00 2.400% 51,738.33 1,540,083.33 529 04/23/18 10/27/20 FNMA 1,750,000.00 1,721,125.00 2.583% 112,369.44 1,833,494.44 918 07/22/16 11/27/20 FNMA 3,250,000.00 3,316,612.00 1.165% 166,507.79 3,483,119.79 1,589 11/27/17 11/27/20 FHLMC 1,500,000.00 1,500,000.00 1.875% 84,375.00 1,584,375.00 1,096 06/15/17 11/30/20 FNMA 1,100,000.00 1,113,618.00 1.630% 62,404.22 1,176,022.22 1,264 06/14/16 12/14/20 FFCB 2,250,000.00 2,250,000.00 1.540% 155,925.00 2,405,925.00 1,644 06/21/16 12/21/20 FFCB 2,000,000.00 2,000,000.00 1.550% 139,500.00 2,139,500.00 1,644 03/10/17 01/15/21 FAMCA 1,580,000.00 1,576,287.00 2.063% 125,285.22 1,701,572.22 1,407 04/26/16 01/19/21 FFCB 3,250,000.00 3,247,010.00 1.620% 248,978.89 3,495,988.89 1,729 07/19/16 01/19/21 FHLB 3,500,000.00 3,500,000.00 1.400% 220,500.00 3,720,500.00 1,645 09/09/16 01/25/21 FAMCA 2,000,000.00 2,018,640.00 1.550% 117,071.11 2,135,711.11 1,599 10/12/16 02/15/21 TENN 3,000,000.00 3,315,660.00 1.370% 189,058.75 3,504,718.75 1,587 08/16/17 02/16/21 FNMA 2,000,000.00 2,000,000.00 1.750% 122,500.00 2,122,500.00 1,280 12/12/18 02/16/21 FHLMC 1,000,000.00 982,400.00 2.838% 61,155.56 1,043,555.56 797 01/10/19 02/23/21 FFCB 1,500,000.00 1,502,895.00 2.605% 82,942.50 1,585,837.50 775 12/12/18 02/24/21 FHLB 1,000,000.00 977,940.00 2.790% 60,560.00 1,038,500.00 805 02/26/16 . 02/26/21 FHLB 480,000.00 480,000.00 1.690% 74,495.20 554,495.20 1,827 02/14/18 03/12/21 FHLB 1,500,000.00 1,500,768.00 2.357% 108,778.87 1,609,546.87 1,122 06/12/18 03/12/21 FHLB 1,000,000.00 976,760.00 2.631% 71,365.00 1,048,125.00 1,004 03/22/16 03/22/21 FHLB 2,500,000.00 2,498,750.00 1.870% 235,625.00 2,734,375.00 1,826 03/26/19 03/26/21 FHLMC 2,000,000.00 2,000,000.00 2.500% 100,000.00 2,100,000.00 731 09/29/17 03/26/21 FHLMC 2,535,000.00 2,531,197.50 1.794% 158,701.56 2,689,899.06 1,274 01/08/19 04/09/21 FFCB 1,500,000.00 1,504,860.00 2.550% 86,377.50 1,591,237.50 822 10/26/17 04/26/21 FHLMC 1,975,000.00 1,974,012.50 1.865% 128,868.75 2,102,881.25 1,278 05/25/16 05/25/21 FFCB 4,000,000.00 3,997,600.00 1.673% 334,400.00 4,332,000.00 1,826 Dec. 17, 2019 Item #2 Page 9 of 17 Settlement Maturity Security Par Invested Yield Interest Expected Return Term (Days) 09/12/17 06/01/21 FHLB 2,500,000.00 2,498,750.00 1.875% 175,598.96 2,674,348.96 1,358 10/12/16 06/11/21 FHLB 1,500,000.00 1,559,427.00 1.370% 97,979.25 1,657,406.25 1,703 06/15/17 06/14/21 FFCB 1,760,000.00 1,760,000.00 1.810% 127,335.51 1,887,335.51 1,460 06/15/17 06/15/21 FHLMC 1,400,000.00 1,400,000.00 1.800% 100,800.00 1,500,800.00 1,461 10/26/16 07/14/21 FHLB 2,500,000.00 2,476,850.00 1.328% 155,806.25 2,632,656.25 1,722 01/11/19 07/19/21 FHLMC 2,000,000.00 1,976,000.00 2.776% 139,666.67 2,115,666.67 920 02/16/17 07/26/21 FHLMC 1,400,000.00 1,392,580.00 2.000% 124,086.67 1,516,666.67 1,621 04/24/18 07/27/21 FHLB 1,400,000.00 1,358,518.00 2.743% 141,348.67 1,499,866.67 1,190 10/02/17 07/27/21 FHLMC 3,000,000.00 3,004,500.00 1.959% 224,666.67 3,229,166.67 1,394 12/19/17 08/12/21 FHLMC 1,000,000.00 967,646.98 2.050% 73,384.27 1,041,031.25 1,332 02/16/17 08/16/21 FHLB 1,325,000.00 1,325,000.00 2.000% 119,250.00 1,444,250.00 1,642 05/01/18 09/13/21 FFCB 2,000,000.00 1,946,000.00 2.684% 177,893.33 2,123,893.33 1,231 03/27/19 09/27/21 FHLB 1,500,000.00 1,500,000.00 2.550% 95,625.00 1,595,625.00 915 12/11/17 10/05/21 FFCB 2,750,000.00 2,739,907.50 2.100% 220,009.17 2,959,916.67 1,394 10/28/16 10/07/21 FNMA 2,500,000.00 2,491,075.00 1.450% 178,794.79 2,669,869.79 1,805 01/03/18 10/29/21 FAMCA 2,000,000.00 1,951,928.00 2.285% 172,294.22 2,124,222.22 1,395 12/14/18 11/26/21 FHLMC 2,000,000.00 2,005,000.00 3.160% 181,440.00 2,186,440.00 1,078 11/29/16 11/29/21 FFCB 3,000,000.00 3,000,000.00 1.760% 264,000.00 3,264,000.00 1,826 04/12/17 12/10/21 FHLB 2,000,000.00 2,003,620.00 1.834% 171,171.67 2,174,791.67 1,703 09/10/19 12/13/21 FFCB 2,000,000.00 2,017,240.00 1.490% 67,673.33 2,084,913.33 825 01/04/19 12/27/21 FHLMC 1,250,000.00 1,255,937.50 2.566% 107,696.18 1,363,633.68 1,088 04/11/19 01/24/22 FHLMC 2,000,000.00 2,000,000.00 2.501% 137,500.00 2,137,500.00 1,019 03/25/19 02/03/22 FFCB 2,500,000.00 2,483,900.00 2.264% 161,019.44 2,644,919.44 1,046 08/08/19 02/08/22 · FFCB 2,000,000.00 2,000,000.00 2.160% 108,000.00 2,108,000.00 915 02/23/17 02/23/22 FAMCA 2,600,000.00 2,609,204.00 2.025% 263,796.00 2,873,000.00 1,826 03/08/19 02/28/22 FHLB 2,000,000.00 1,969,400.00 2.000% 219,488.89 2,188,888.89 1,088 03/01/19 03/01/22 FFCB 2,000,000.00 2,000,000.00 2.550% 153,000.00 2,153,000.00 1,096 03/29/17 03/29/22 FHLMC 1,500,000.00 1,500,000.00 2.265% 170,625.00 1,670,625.00 1,826 05/25/17 04/05/22 FNMA 1,600,000.00 1,600,581.01 1.867% 145,252.32 1,745,833.33 1,776 04/23/19 04/08/22 FHLMC 1,500,000.00 1,501,562.50 2.500% 109,375.00 1,610,937.50 1,081 08/18/17 04/19/22 FFCB 2,000,000.00 1,992,860.00 2.200% 186,446.67 2,179,306.67 l,,705 04/27/17 04/27/22 FHLMC 3,500,000.00 3,545,920.00 2.345% 413,455.00 3,959,375.00 1,826 03/13/19 06/08/22 FHLMC 1,800,000.00 1,776,708.00 2.518% 145,617.00 1,922,325.00 1,183 03/09/18 06/14/22 FHLMC 1,000,000.00 980,000.00 2.568% 108,262.50 1,088,262.50 1,558 06/05/18 06/15/22 FFCB 1,000,000.00 965,500.00 2.740% 108,208.33 1,073,708.33 1,471 06/22/17 06/22/22 FHLMC 875,000.00 875,000.00 2.175% 95,156.25 970,156.25 1,826 01/16/19 06/22/22 FFCB 1,205,000.00 1,180,900.00 2.673% 109,325.63 1,290,225.63 1,253 06/29/17 06/29/22 FHLMC 2,500,000.00 2,500,000.00 2.150% 268,750.00 2,768,750.00 1,826 12/19/17 06/29/22 FHLMC 1,500,000.00 1,494,000.00 2.243% 152,020.83 1,646,020.83 1,653 01/08/18 07/01/22 FHLMC 1,500,000.00 1,500,000.00 2.220% 149,202.50 1,649,202.50 1,635 07/03/19 07/01/22 FHLMC 2,500,000.00 2,500,000.00 2.000% 149,722.22 2,649,722.22 1,094 11/03/17 07/26/22 FFCB 1,400,000.00 1,400,000.00 2.150% 142,389.72 1,542,389.72 1,726 04/17/18 08/23/22 FFCB 2,000,000.00 1,912,000.00 2.750% 233,290.00 2,145,290.00 1,589 08/28/19 08/26/22 FFCB 1,500,000.00 1,499,565.00 1.860% 83,530.83 1,583,095.83 1,094 12/01/17 09/09/22 FHLB 1,750,000.00 1,739,692.50 2.130% 177,335.28 1,917,027.78 1,743 07/05/19 09/09/22 FHLB 1,800,000.00 1,874,106.00 1.786% 104,644.00 1,978,750.00 1,162 12/01/17 09/12/22 FFCB 1,250,000.00 1,236,950.00 2.171% 128,978.47 1,365,928.47 1,746 01/15/19 09/26/22 FHLB 1,000,000.00 979,710.00 2.730% 99,780.28 1,079,490.28 1,350 09/28/17 09/28/22 FNMA 2,500,000.00 2,500,000.00 2.000% 249,861.11 2,749,861.11 1,826 03/09/18 10/05/22 FNMA 1,000,000.00 971,120.00 2.000% 120,324.44 1,091,444.44 1,671 10/05/18 10/05/22 FNMA 1,000,000.00 962,570.00 3.000% 117,430.00 1,080,000.00 1,461 08/03/18 10/12/22 FHLB 1,250,000.00 1,199,750.00 2.900% 148,492.19 1,348,242.19 1,531 09/10/19 12/09/22 FHLB 1,500,000.00 1,670,736.00 1.630% 84,545.25 1,755,281.25 1,186 04/24/18 12/09/22 FHLB 2,250,000.00 2,215,102.50 2.500% 295,053.75 2,510,156.25 1,690 07/05/19 12/23/22 FHLMC 1,500,000.00 1,500,000.00 2.000% 104,416.67 1,604,416.67 1,267 12/27/17 12/27/22 FHLMC 3,000,000.00 3,000,000.00 2.300% 345,000.00 3,345,000.00 1,826 04/16/19 01/24/23 FHLMC 1,750,000.00 1,750,000.00 2.551% 167,343.75 1,917,343.75 1,379 03/22/19, 03/10/23 FHLB 2,000,000.00 2,028,220.00 2.375% 189,946.67 2,218,166.67 1,449 05/22/19 04/28/23 FHLMC 5,000,000.00 5,000,000.00 2.625% 516,250.00 5,516,250.00 1,437 06/04/18 06/26/23 FHLMC 1,250,000.00 1,250,000.00 3.050% 190,625.00 1,440,625.00 1,848 06/28/19 06/26/23 FHLMC 3,000,000.00 3,000,000.00 2.050% 246,000.00 3,246,000.00 1,459 07/24/18 06/29/23 FHLMC 1,000,000.00 1,000,000.00 3.100% 152,847.22 1,152,847.22 1,801 07/30/18 07/28/23 FHLMC 2,500,000.00 2,500,000.00 3.070% 383,323.61 2,883,323.61 1,824 09/13/19 08/14/23 FFCB 1,800,000.00 1,796,580.00 1.650% 116,300.00 1,912,880.00 1,431 09/13/19 08/28/23 FFCB 1,000,000.00 997,650.00 1.982% 78,350.00 1,076,000.00 1,445 08/24/18 08/24/23 FHLB 1,750,000.00 1,750,000.00 3.125% 273,437.50 2,023,437.50 1,826 09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990% 147,698.89 1,138,988.89 1,813 10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125% 349,548.89 2,615,738.89 1,791 09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485% 121,551.72 2,190,659.72 1,466 02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495% 114,362.92 1,130,572.92 1,658 04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410% 187,617.50 1,971,375.00 1,610 Dec. 17, 2019 Item #2 Page 10 of 17 Settlement Maturity Security Par Invested Yield Interest Expected Return Term (Days) 09/18/18 09/18/23 FHLB 1,000,000.00 999,250.00 3.076% 153,750.00 1,153,000.00 1,826 09/28/18 09/28/23 FHLB 1,250,000.00 1,250,000.00 3.200% 200,000.00 1,450,000.00 1,826 10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050% 384,922.92 2,878,072.92 1,811 02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602% 123,803.33 1,141,333.33 1,719 05/09/19 11/08/23 FFCB 2,000,000.00 2,001,700.00 2.280% 205,172.22 2,206,872.22 1,644 11/19/18 11/22/23 FAMCA 2,600,000.00 2,600,000.00 3.480% 451,394.67 3,051,394.67 1,829 11/27/18 11/27/23 FHLB 1,800,000.00 1,800,000.00 3.350% 301,500.00 2,101,500.00 1,826 06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870% 127,682.83 1,696,963.33 1,621 12/18/18 12/18/23 FHLB 1,750,000.00 1,750,000.00 3.050% 266,875.00 2,016,875.00 1,826 05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.500% 108,586.11 1,161,486.11 1,686 12/28/18 12/28/23 FHLB 2,000,000.00 2,000,000.00 3.100% 310,000.00 2,310,000.00 1,826 01/22/19 01/22/24 FFCB 1,750,000.00 1,750,000.00 3.010% 263,375.00 2,013,375.00 1,826 01/29/19 01/29/24 FHLB 1,500,000.00 1,501,125.00 2.859% 214,500.00 1,715,625.00 1,826 01/30/19 01/30/24 FHLB 2,500,000.00 2,500,000.00 3.050% 381,250.00 2,881,250.00 1,826 02/26/19 02/26/24 FHLB 2,500,000.00 2,500,000.00 2.800% 350,000.00 2,850,000.00 1,826 03/06/19 02/27/24 FFCB 1,500,000.00 1,498,950.00 2.610% 195,821.25 1,694,771.25 1,819 03/08/19 03/08/24 FHLB 3,000,000.00 3,100,851.00 2.530% 386,649.00 3,487,500.00 1,827 04/09/19 04/05/24 FFCB 2,000,000.00 1,994,380.00 2.360% 234,725.56 2,229,105.56 1,823 04/09/19 04/15/24 FHLB 2,000,000.00 2,000,000.00 2.742% 245,000.00 2,245,000.00 1,833 04/11/19 04/15/24 FHLMC 1,000,000.00 1,000,000.00 2.791% 112,500.00 1,112,500.00 1,831 04/10/19 04/15/24 FHLMC 2,000,000.00 2,000,000.00 2.791% 250,000.00 2,250,000.00 1,832 05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287% 114,546.67 1,119,866.67 1,825 05/09/19 05/08/24 FHLB 3,000,000.00 2,998,800.00 2.739% 410,472.50 3,409,272.50 1,826 05/20/19 05/20/24 FHLMC 2,500,000.00 2,500,000.00 2.700% 337,500.00 2,837,500.00 1,827 08/28/19 06/30/24 FFCB. 1,470,000.00 1,517,378.10 1.457% 103,884.90 1,621,263.00 1,768 06/26/19 06/20/24 FHLMC 2,790,000.00 2,790,000.00 2.249% 312,480.00 3,102,480.00 1,821 08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457% 85,320.92 1,322,845.39 1,763 07/30/19 06/26/24 FHLMC 2,000,000.00 2,004,000.00 2.150% 229,013.89 2,233,013.89 1,793 07/02/19 07/02/24 FHLMC 2,500,000.00 2,500,000.00 2.000% 250,000.00 2,750,000.00 1,827 06/27/19 07/15/24 PEFCO 2,500,000.00 2,565,850.00 1.900% 243,292.36 2,809,142.36 1,845 08/08/19 07/26/24 FFCB 2,500,000.00 2,532,125.00 1.582% 197,583.33 2,729,708.33 1,814 09/03/19 09/03/24 FFCB 4,000,000.00 4,000,000.00 2.000% 400,000.00 4,400,000.00 1,827 08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480% 189,024.44 2,761,444.44 1,838 09/23/19 09/23/24 FHLMC 1,000,000.00 1,000,000.00 2.100% 10,500.00 1,010,500.00 1,827 10/15/19 10/15/24 FFCB 2,000,000.00 2,000,000.00 1.920% 192,000.00 2,192,000.00 1,827 10/28/19 10/15/24 FHLMC 2,500,000.00 2,496,692.71 1.917% 235,989.58 2,732,682.29 1,814 10/18/19 10/16/24 FHLB 2,250,000.00 2,250,250.00 2.000% 224,500.00 2,474,750.00 1,825 Sub Total FA 346,998,000.00 348,062,113.51 2.042% 28,911,624.79 376,973,738.30 1,454 10/23/15 10/15/20 RFCSP 3,000,000.00 2,750,760.00 1.750% 249,240.00 3,000,000.00 1,819 Total Federal Investments 349,998,000.00 350,812,873.51 29,160,864.79 379,973,738.30 1,456 Supranational 08/03/17 08/10/20 IBRD 2,000,000.00 1,972,100.00 1.600% 95,837.50 2,067,937.50 1,103 11/08/18 09/04/20 IBRD 1,100,000.00 1,074,711.00 2.930% 57,859.27 1,132,570.27 666 01/08/18 10/05/20 IBRD 1,500,000.00 1,486,500.00 2.164% 88,765.62 1,575,265.62 1,001 01/08/18 01/18/22 IADB 2,000,000.00 1,988,880.00 2.270% 182,300.56 2,171,180.56 1,471 12/18/17 01/26/22 IBRD 2,500,000.00 2,485,325.00 2.150% 219,952.78 2,705,277.78 1,500 10/10/17 10/07/22 IBRD 1,300,000.00 1,290,907.89 2.024% 130,763.88 1,421,671.77 1,823 02/08/19 10/24/22 IFC 1,500,000.00 1,470,780.00 2.553% 140,553.33 1,611,333.33 1,354 05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300% 205,886.67 2,264,166.67 1,629 01/18/18 01/18/23 IADB 1,700,000.00 1,702,652.00 2.467% 209,848.00 1,912,500.00 1,826 01/24/18 01/18/23 IADB 1,000,000.00 997,670.00 2.550% 126,913.33 1,124,583.33 1,820 10/25/19 10/25/23 IBRD 3,000,000.00 3,000,000.00 1.700% 204,000.00 3,204,000.00 1,461 02/15/19 02/15/24 IBRD 3,000,000.00 3,000,000.00 2:625% 468,750.00 3,468,750.00 1,826 08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428% 142,996:67 2,149,916.67 1,826 10/10/19 09/23/24 IBRD 3,500,000.00 3,510,500.00 2.136% 370,863.89 3,881,363.89 1,810 Total Supranational 28,100,000.00 28,045,225.89 1.902% 2,274,427.61 26,809,153.50 1,485 US Treasury 12/22/16 02/29/20 US Treasury 1.375% 2,200,000.00 2,184,531.25 1.602% 111,901.07 2,296,432.32 1,164 01/10/17 02/29/20 US Treasury 1.375% 1,400,000.00 1,395,520.00 1.480% 64,835.66 1,460,355.66 1,145 05/24/16 04/30/20 US Treasury 1.375% 2,300,000.00 2,315,093.75 1.204% 109,343.75 2,424,437.50 1,437 12/19/16 06/30/20 US Treasury 1.625% 1,350,000.00 1,345,570.31 1.721% 81,926.29 1,427,496.60 1,289 12/02/16 07/31/20 US Treasury 1.625% 1,500,000.00 1,500,000.00 1.625% 89,286.68 1,589,286.68 1,337 06/07/17 07/31/20 US Treasury 1.625% 2,000,000.00 2,011,320.00 1.440% 91,028.07 2,102,348.07 1,150 09/22/15 08/31/20 US Treasury 2.125% 3,000,000.00 3,085,500.00 2.097% 229,396.98 3,314,896.98 1,805 10/28/16 10/31/20 US Treasury 1.375% 1,750,000.00 1,759,570.31 1.235% 86,875.85 1,846,446.16 1,464 12/02/16 10/31/20 US Treasury 1.375% 1,200,000.00 1,186,200.00 1.680% 78,341.44 1,264,541.44 1,429 01/13/17 10/31/20 US Treasury 1.375% 1,300,000.00 1,289,234.38 1.601% 78,611.61 1,367,845.99 1,387 01/05/16 12/31/20 US Treasury 2.375% 4,000,000.00 4,127,500.00 1.705% 346,195.00 4,473,695.00 1,822 05/05/16 12/31/20 US Treasury 1.75% 2,000,000.00 2,049,174.00 1.205% 113,710.62 2,162,884.62 1,701 01/20/17 02/28/21 US Treasury 1.125% 2,750,000.00 2,673,515.63 1.831% 203,567.42 2,877,083.05 1,500 02/17/17 02/28/21 US Treasury 1.125% 1,225,000.00 1,194,853.52 1.760% 85,690.25 1,280,543.77 1,472 Dec. 17, 2019 Item #2 Page 11 of 17 Settlement Maturity Security Par Invested Yield Interest Expected Return Term (Days) 05/09/17 03/31/21 US Treasury 1.25% 1,400,000.00 1,374,786.00 1.730% 93,349.25 1,468,135.25" 1,422 08/19/16 04/30/21 US Treasury 1.375% 3,000,000.00 3,037,662.00 1.100% 156,145.74 3,193,807.74 1,715 12/16/16 05/31/21 US Treasury 2.000% 2,250,000.00 2,250,000.00 2.000% 200,521.98 2,450,521.98 1,627 10/28/16 06/30/21 US Treasury 1.125% 2,500,000.00 2,477,400.00 1.325% 154,053.80 2,631,453.80 1,706 12/16/16 06/30/21 US Treasury 1.125% 2,650,000.00 2,547,312.50 2.022% 238,058.93 2,785,371.43 1,657 01/20/17 07/31/21 US Treasury 1.125% 1,500,000.00 1,448,203.13 1.925% 145,113.79 1,593,316.92 1,653 02/20/18 08/31/21 US Treasury 1.125% 2,000,000.00 1,911,080.00 2.450% 168,167.24 2,079,247.24 1,288 12/02/16 09/30/21 US Treasury 2.125% 1,600,000.00 1,615,500.00 1.913% 148,615.38 1,764,115.38 1,763 03/10/17 09/30/21 US Treasury 1.125% 1,200,000.00 1,150,500.00 2.078% 111,028.85 1,261,528.85 1,665 05/19/17 09/30/21 US Treasury 1.125% 1,500,000.00 1,464,375.00 1.691% 109,303.28 1,573,678.28 1,595 02/14/18 09/30/21 US Treasury 2.125% 1,500,000.00 1,486,406.25 2.387% 1_29,096.84 1,615,503.09 1,324 11/17/16 10/31/21 US Treasury 2.00% 2,000,000.00 2,030,000.00 1.683% 168,121.55 2,198,121.55 1,809 11/18/16 10/31/21 US Treasury 2.00% 2,000,000.00 2,028,360.00 1.700% 169,651.15 2,198,011.15 1,808 11/22/16 11/15/21 US Treasury 2.00% 2,000,000.00 2,016,562.50 1.825% 182,664.02 2,199,226.52 1,819 01/06/17 12/31/21 US Treasury 2.125% 4,000,000.00 4,052,128.00 1.850% 371,463.16 4,423,591.16 1,820 02/03/17 12/31/21 US Treasury 2.125% 1,850,000.00 1,867,632.81 1.920% 175,237.36 2,042,870.17 1,792 01/20/17 01/31/22 US Treasury 1.50% 3,000,000.00 2,928,555.00 2.000% 297,790.11 3,226,345.11 1,837 04/23/19 02/28/22 US Treasury 1.875% 1,500,000.00 1,481,015:63 1.875%. 99,232.33 1,580,247.96 1,042 03/02/17 03/31/22 US Treasury 1.750% 3,000,000.00 2,963,925.00 2.000% 302,757.69 3,266,682.69 1,855 05/15/17 05/15/22 US Treasury 1.750% 2,000,000.00 1,985,625.00 1.901% 189,375.00 2,175,000.00 1,826 08/25/17 07/31/22 US Treasury 1.875% 1,250,000.00 1,257,346.25 1.750% 108,249.03 1,365,595.28 1,801 08/31/17 08/31/22 US Treasury 1.875% 3,000,000.00 3,019,290.00 1.740% 261,960.00 3,281,250.00 1,826 11/28/17 11/15/22 US Treasury 1.625% 1,000,000.00 980,950.00 2.030% 99,716.44 1,080,666.44 1,813 07/30/19 02/28/23 US Treasury 2.625% 3,000,000.00 3,085,572.00 1.800% 275,650.83 3,361,222.83 1,309 Total US Treasury 78,675,000.00 78,577,770.22 1.754% 6,126,034.44 84,703,804.66 1,576 Corporate Notes 11/18/14 11/15/19 Chevron 3,000,000.00 3,017,400.00 2.070% 311,001.75 3,328,401.75 1,823 12/22/15 11/15/19 Chevron 2,800,000.00 2,811,200.00 2.083% 228,105.03 3,039,305.03 1,424 12/13/17 11/15/19 Chevron 2,500,000.00 2,512,725.00 1.190% 92,660.83 2,605,385.83 702 04/20/16 12/05/19 Johnson & Johnson 2,250,000.00 2,315,250.00 1.057% 87,679.69 2,402,929.69 1,324 01/17/18 12/06/19 Wells Fargo Bank NA 2,500,000.00 2,499,750.00 2.155% 101,628.47 2,601,378.47 688 04/09/15 02/11/20 New York Life 2,000,000.00 2,017,520.00 1.760% 171,196.67 2,188,716.67 1,769 01/20/17 02/11/20 New York Life 2,000,000.00 2,000,000.00 1.950% 119,275.00 2,119,275.00 1,117 09/25/15 03/03/20 Chevron 2,800,000.00 2,790,704.00 2.039% 253,026.51 3,043,730.51 1,621 11/04/15 03/06/20 Exxon Mobil 5,000,000.00 5,057,700.00 1.630% 357,097.78 5,414,797.78 1,584 11/03/15 05/06/20 Apple Inc. 4,000,000.00 4,028,000.00 1.837% 332,666.66 4,360,666.66 1,646 05/24/16 05/15/20 IBM Corp 1,500,000.00 1,503,000.00 1.573% 93,890.62 1,596,890.62 1,452 11/03/15 08/07/20 3M Company 3,500,000.00 3,554,215.00 1.660% 279,062.78 3,833,277.78 1,739 09/25/15 09/01/20 Johnson & Johnson 1,000,000.00 1,058,028.49 1.718% 87,504.84 1,145,533.33 1,803 09/24/15 09/15/20 Automatic Data Processing 4,000,000.00 4,029,600.00 2.090% 418,150.00 4,447,750.00 1,818 11/10/15 11/03/20 Microsoft 5,000,000.00 5,018,550.00 1.920% 479,505.56 5,498,055.56 1,820 06/10/16 11/03/20 Microsoft 1,500,000.00 1,539,450.00 1.370% 92,466.67 1,631,916.67 1,607 11/13/17 11/13/20 Apple Inc. 2,500,000.00 2,497,900.00 2.000% 152,100.00 2,650,000.00 1,096 01/07/19 12/15/20 Wal-Mart 1,500,000.00 1,481,805.00 2.545% 73,453.33 1,555,258.33 708 06/29/17 12/29/20 Toyota 3,000,000.00 3,000,000.00 2.000% 210,000.00 3,210,000.00 1,279 02/26/18 01/15/21 Wells Fargo Bank NA 2,000,000.00 1,982,700.00 2.914% 167,377.77 2,150,077.77 1,054 04/28/16 03/01/21 Exxon Mobil 2,000,000.00 2,042,900.00 1.750% 172,263.67 2,215,163.67 1,768 07/26/16 03/01/21 Exxon Mobil 1,000,000.00 1,034,050.00 1.440% 68,038.55 1,102,088.55 1,679 09/16/16 04/08/21 Toyota 3,000,000.00 3,031,680.00 1.659% 228,303.33 3,259,983.33 1,665 06/13/18 05/16/21 Chevron 3,250,000.00 3,175,770.00 2.920% 273,861.25 3,449,631.25 1,068 05/26/16 05/19/21 Alphabet Inc. 1,000,000.00 1,094,000.00 1.651% 86,545.14 1,180,545.14 1,819 04/17/17 05/19/21 Alphabet Inc. 2,000,000.00 2,136,700.00 1.883% 159,744.44 2,296,444.44 1,493 05/14/17 05/19/21 Alphabet Inc. 2,000,000.00 2,133,400.00 1.900% 159,620.83 2,293,020.83 1,466 09/13/16 08/08/21 Microsoft 6,000,000.00 5,995,740.00 1.565% 460,218.33 6,455,958.33 1,790 02/07/17 08/08/21 Microsoft 2,000,000.00 1,947,120.00 2.170% 192,466.11 2,139,586.11 1,643 02/22/18 08/08/21 Microsoft 1,500,000.00 1,441,912.50 2.730% 138,558.33 1,580,470.83 1,263 10/14/16 09/01/21 Coca Cola Company 3,600,000.00 3,581,496.00 1.660% 290,839.00 3,872,335.00 1,783 01/10/18 09/01/21 Coca Cola Company 1,500,000.00 1,549,740.00 2.344% 130,522.50 1,680,262.50 1,330 11/07/16 11/01/21 IBM Corp 1,000,000.00 1,052,600.00 1.792% 91,916.67 1,144,516.67 1,820 10/10/17 11/03/21 Procter & Gamble 2,000,000.00 1,982,100.00 1.930% 156,072.22 2,138,172.22 1,485 12/04/17 11/15/21 Colgate-Palmolive 2,250,000.00 2,271,141.00 2.200% 196,449.62 2,467,590.62 1,442 12/20/17 02/06/22 Microsoft 1,250,000.00 1,254,025.00 2.316% 119,808.33 1,373,833.33 1,509 03/07/19 03/03/22 Johnson & Johnson 1,250,000.00 1,236,787.50 2.620% 97,275.00 1,334,062.50 1,092 03/06/17 03/06/22 Exxon Mobil 2,000,000.00 2,003,380.00 2.360% 236,320.00 2,239,700.00 1,826 05/23/17 05/11/22 Apple Inc. 3,300,000.00 3,318,150.00 2.181% 358,820.00 3,676,970.00 1,814 12/06/17 05/15/22 Berkshire Hathaway 1,503,000.00 1,540,770.39 2.400% 162,504.36 1,703,274.75 1,621 01/08/18 05/15/22 Berkshire Hathaway 1,000,000.00 1,023,300.00 2.432% 107,283.33 1,130,583.33 1,588 10/09/18 05/15/22 Berkshire Hathaway 1,100,000.00 1,091,810.50 3.220% 126,989.50 1,218,800.00 1,314 02/19/19 05/17/22 Toyota 2,000,000.00 2,000,000.00 3.083% 200,044.66 2,200,044.66 1,183 08/09/18 06/01/22 Blackrock Inc. 1,000,000.00 1,011,600.00 3.050% 117,306.25 1,128,906.25 1,392 08/24/17 07/13/22 Toyota 1,500,000.00 1,547,160.00 2.119% 158,056.67 1,705,216.67 1,784 Dec. 17, 2019 Item #2 Page 12 of 17 Settlement Maturity Security Par Invested Yield Interest Expected Return Term (Days) 01/16/19 07/13/22 Toyota 1,500,000.00 1,483,770.00 3.129% 162,880.00 1,646,650.00 1,274 07/01/19 07/13/22 Toyota 2,500,000.00 2,551,875.00 2.090% 160,458.33 2,712,333.33 1,108 11/06/17 08/11/22 Procter & Gamble 1,800,000.00 1,799,161.20 2.160% 185,201.30 1,984,362.50 1,739 11/09/18 08/11/22 Procter & Gamble 1,900,000.00 1,826,627.70 3.250% 226,786.74 2,053,414.44 1,371 05/02/19 08/11/22 Procter & Gamble 2,000,000.00 1,986,800.00 2.150% 154,025.00 2,140,825.00 1,197 01/18/18 09/21/22 Novartis Capital Corp 1,500,000.00 1,489,500.00 2.560% 178,400.00 1,667,900.00 1,707 10/10/19 11/03/22 Microsoft 2,000,000.00 2,087,293.89 1.514% 75,092.22 2,162,386.11 1,120 01/04/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,982,400.00 2.443% 236,475.00 2,218,875.00 1,776 09/17/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,935,820.00 3.077% 251,430.00 2,187,250.00 1,520 12/06/17 11/29/22 Toyota 2,250,000.00 2,250,000.00 2.125% 238,132.81 2,488,132.81 1,819 01/14/19 12/15/22 Wal-Mart 2,720,000.00 2,653,088.00 3.020% 317,442.89 2,970,530.89 1,431 01/24/18 01/26/23 Toyota 3,000,000.00 3,000,000.00 2.750% 412,500.00 3,412,500.00 1,828 08/29/19 02/01/23 Colgate-Palmolive 1,000,000.00 1,011,600.00 1.600% 55,133.33 1,066,733.33 1,252 09/12/19 02/11/23 Berkshire Hathaway 1,250,000.00 1,296,137.50 1.878% 81,883.33 1,378,020.83 1,248 07/31/19 02/23/23 Apple Inc. 3,500,000.00 3,592,680.00 2.039% 262,540.83 3,855,220.83 1,303 10/04/19 03/15/23 3M Company 1,762,000.00 1,800,613.35 1.620% 97,611.27 1,898,224.62 1,258 03/20/18 03/15/23 Berkshire Hathaway 1,000,000.00 983,890.00 3.101% 153,228.06 1,137,118.06 1,821 04/18/18 03/15/23 Berkshire Hathaway 1,750,000.00 1,719,130.00 3.140% 267,083.54 1,986,213.54 1,792 04/25/18 03/15/23 Berkshire Hathaway 2,000,000.00 1,953,300.00 3.270% 315,588.89 2,268,888.89 1,785 05/07/18 04/11/23 Wa l-Mart 1,000,000.00 974,100.00 3.121% 151,558.33 1,125,658.33 1,800 12/18/18 04/11/23 Wal-Mart 1,000,000.00 969,800.00 3.301% 141,054.17 1,110,854.17 1,575 05/16/19 04/28/23 Bank of Ny Mellon 2,000,000.00 2,061,800.00 2.670% 214,700.00 2,276,500.00 1,443 05/02/18 05/01/23 Colgate-Palmolive 4,666,000.00 4,443,179.84 3.140% 712,477.98 5,155,657.82 1,825 05/09/18 05/03/23 Apple Inc. 4,000,000.00 3,862,600.00 3.150% 615,800.00 4,478,400.00 1,820 08/06/16 06/26/23 Wal-Mart 1,750,000.00 1,763,895.00 3.220% 276,993.89 2,040,888.89 2,515 07/25/18 06/26/23 Wal-Mart 1,500,000.00 1,512,000.00 3.220% 238,891.66 1,750,891.66 1,797 02/19/19 06/26/23 Wal-Mart 1,000,000.00 1,025,140.00 2.770% 122,665.56 1,147,805.56 1,588 07/24/18 07/24/23 US Bank NA 1,250,000.00 1,251,625.00 3.371% 210,756.94 1,462,381.94 1,826 01/24/19 07/24/23 US Bank NA 1,000,000.00 1,010,000.00 3.156% 143,000.00 1,153,000.00 1,642 02/28/19 07/24/23 US Bank NA 1,800,000.00 1,835,100.00 2.916% 234,520.00 2,069,620.00 1,607 12/11/18 07/24/23 US Bank NA 2,500,000.00 2,489,250.00 3.400% 32,347.22 2,521,597.22 1,686 02/28/19 08/14/23 Wells Fargo Bank NA 2,000,000.00 2,040,700.00 3.050% 276,038.89 2,316,738.89 1,628 10/01/18 08/14/23 Wells Fargo Bank NA 1,500,000.00 1,500,000.00 3.550% 259,297.92 1,759,297.92 1,778 01/28/19 12/05/23 Johnson & Johnson 1,500,000.00 1,541,250.00 2.765% 204,421.87 1,745,671.87 1,772 03/07/19 01/08/24 Toyota 1,000,000.00 1,017,865.00 2.950% 144,144.72 1,162,009.72 1,768 05/16/19 01/23/24 Citibank 1,000,000.00 1,034,870.00 2.836% 136,173.06 1,171,043.06 1,713 10/11/19 02/01/24 JP Morgan Chase Bank 1,765,000.00 1,914,133.18 2.000% 145,339.92 2,059,473.10 1,574 10/08/19 03/07/24 Microsoft 1,500,000.00 1,584,745.83 1.604% 103,633.34 1,688,379.17 1,612 08/29/19 03/18/24 Blackrock Inc. 2,000,000.00 2,162,500.00 1.640% 156,194.44 2,318,694.44 1,663 10/28/19 03/18/24 Blackrock Inc. 1,000,000.00 1,071,360.00 1.801% 82,251.11 1,153,611.11 1,603 07/31/19 05/13/24 JP Morgan Chase Bank 2,000,000.00 2,119,320.00 2.300% 227,471.67 2,346,791.67 1,748 10/17/19 08/22/24 Amazon.com Inc. 2,500,000.00 2,615,544.44 1.860% 223,761.12 2,839,305.56 1,771 08/22/19 08/22/24 Amazon.com Inc. 2,000,000.00 2,087,280.00 2.800% 192,097.78 2,279,377.78 1,827 Total Corporate Notes 185,016,000.00 186,504,575.31 3.103% 17,675,163.18 204,179,738.49 1,553 Certificate of Deposit 11/03/14 11/04/19 Webster Bank 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,827 12/03/14 12/03/19 Citi Bank 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 12/04/14 12/04/19 American Express 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 12/10/14 12/10/19 BMW Bank 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 12/23/14 12/10/19 Sallie Mae 247,000.00 247,000.00 2.200% 26,976.46 273,976.46 1,813 12/21/17 12/23/19 Morgan Stanley 247,000.00 247,000.00 2.100% 10,402.82 257,402.82 732 01/23/15 01/23/20 Private Bank & Trust 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 1,826 07/24/15 01/24/20 Eagle Bank 249,000.00 249,000.00 1.800% 20,169.00 269,169.00 1,645 01/27/15 01/27/20 Northfield Bank 249,000.00 249,000.00 1.650% 20,542.50 269,542.50 1,826 01/26/18 01/27/20 Flagstar Bank 247,000.00 247,000.00 2.150% 10,635.75 257,635.75 731 01/30/15 01/30/20 Bank Of Georgetown 249,000.00 249,000.00 1.650% 20,542.50 269,542.50 1,826 02/06/15 02/06/20 Machias Savings Bank 247,000.00 247,000.00 1.650% 20,377.50 267,377.50 1,826 03/03/15 02/26/20 Third Federal Saving 247,000.00 246,407.20 1.754% 22,146.09 268,553.29 1,821 04/22/15 04/22/20 Marlin Business Bank 247,000.00 247,000.00 1.600% 19,760.00 266,760.00 1,827 05/13/15 05/13/20 World Foremost Bank 200,000.00 200,000.00 2.000% 20,000.00 220,000.00 1,827 06/29/15 06/29/20 First Source Bank 247,000.00 246,382.50 1.904% 23,465.00 269,847.50 1,827 07/31/15 07/31/20 Institution For Savings 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 1,827 08/02/17 08/03/20 Wex Bank 247,000.00 247,000.00 1.850% 13,721.19 260,721.19 1,097 08/11/15 08/25/20 Investor Bank 247,000.00 247,000.00 2.000% 24,700.00. 271,700.00 1,841 09/10/15 09/10/20 Merrick Bank 249,000.00 248,377.50 1.910% 23,655.00 272,032.50 1,827 09/22/15 09/16/20 Barclays Bank 248,000.00 248,000.00 2.200% 27,190.31 275,190.31 1,821 10/19/15 10/13/20 Comenity Cap Bank 249,000.00 249,000.00 2.000% 24,818.14 273,818.14 1,821 12/14/17 12/14/20 Al ly Bank 247,000.00 247,000.00 2.100% 15,561.00 262,561.00 1,096 01/15/16 01/15/21 Investors Cmnty Bank 249,000.00 249,000.00 1.850% 23,032.50 272,032.50 1,827 05/09/18 05/10/21 Connectone Bank · 249,000.00 249,000.00 2.850% 21,309.21 270,309.21 1,097 06/10/16 06/07/21 Ubs Bank Usa 249,000.00 249,000.00 1.650% 20,508.73 269,508.73 1,823 Dec. 17, 2019 Item #2 Page 13 of 17 Settlement Maturity Security Par Invested Yield Interest Expected Return Term (Days) 06/21/18 06/21/21 Mercantil Bank 246,000.00 246,000.00 3.000% 22,140.00 268,140.00 1,096 06/22/17 06/22/21 Lakeside Bank 249,000.00 249,000.00 1.900% 18,924.00 267,924.00 1,461 06/23/16 06/23/2i East Boston Saving 248,000.00 248,000.00 1.500% 18,600.00 266,600.00 1,826 06/24/16 06/24/21 First Business Bk 248,000.00 248,000.00 1.500% 18,600.00 266,600.00 1,826 06/30/16 06/30/21 First Technology Fed 248,000.00 248,000.00 1.750% 21,700.00 269,700.00 1,826 09/21/17 09/21/21 Pinacle Bank Tn 249,000.00 249,000.00 2.000% 19,920.00 268,920.00 1,461 01/12/18 01/12/22 LCA Bank Corporation 246,000.00 246,000.00 2.300% 22,632.00 268,632.00 1,461 01/18/17 01/18/22 Mb Financial Bank 249;000.00 249,000.00 2.050% 25,522.50 274,522.50 1,826 01/20/17 01/20/22 First Natl Bank 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 1,826 01/24/19 01/24/22 Dollar Bank 246,000.00 246,000.00 2.850% 21,033.00 267,033.00 1,096 06/07/17 06/07/22 Mechantile Bank Of 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 1,826 07/31/17 07/29/22 KS State Bank 245,000.00 245,000.00 2.100% 25,710.71 270,710.71 1,824 08/16/17 08/16/22 Everbank 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 1,826 08/30/17 08/30/22 Willamette Valley Bk 249,000.00 249,000.00 2.100% 26,145.00 275,145.00 1,826 09/29/17 09/29/22 Allegiane Bank Texs 249,000.00 249,000.00 2.150% 26,767.50 275,767.50 1,826 09/14/17 09/14/22 First Bank Of 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 10/18/17 10/18/22 Beneficial Bank 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 1,826 10/23/19 10/11/22 Goldman Sachs Bank 247,000.00 247,180.01 1.900% 13,718.98 260,898.99 1,084 12/22/17 12/22/22 Industrial & Com Chna 249,000.00 249,000.00 2.500% 31,125.00 280,125.00 1,826 01/11/19 01/11/23 Sterling Bank 246,000.00 246,000.00 3.100% 30,504.00 276,504.00 1,461 01/29/18 01/30/23 Suntrust Bank 246,000.00 245,508.00 2.792% 34,547.50 280,055.50 1,827 04/24/18 04/24/23 Citibank 246,000.00 246,000.00 3.000% 36,900.00 282,900.00 1,826 05/08/19 05/08/23 Bank3 249,000.00 249,000.00 2.336% 24,900.00 273,900.00 1,461 05/16/18 05/16/23 Belmont Savings Bank 245,000.00 245,000.00 3.050% 37,362.50 282,362.50 1,826 06/20/18 06/20/23 RBC Bank 249,000.00 249,000.00 3.150% 39,217.50 288,217.50 1,826 07/31/18 07/31/23 Bank Of New England 249,000.00 249,000.00 3.250% 40,462.50 289,462.50 1,826 07/31/18 07/31/23 Medallion Bank Utah 249,000.00 249,000.00 3.150% 40,462.50 289,462.50 1,826 02/13/19 08/14/23 First Missouri State 246,000.00 246,000.00 2.850% 31,549.50 277,549.50 1,643 09/26/18 09/26/23 Bank Midwest 245,000.00 245,000.00 3.150% 38,587.50 283,587.50 1,826 09/28/18 09/28/23 Bank Of Baroda 245,000.00 245,000.00 3.300% 40,425.00 285,425.00 1,826 11/15/18 10/30/23 National Cooperative 245,000.00 245,000.00 3.450% 41,891.98 286,891.98 1,810 11/14/18 11/14/23 Bank Hapoalim Bm 245,000.00 245,000.00 3.500% 42,875.00 287,875.00 1,826 11/15/18 11/15/23 Morgan Stanley Pvt 245,000.00 245,000.00 3.550% 43,487.50 288,487.50 1,826 11/19/18 11/29/23 State Bank Of India 245,000.00 245,000.00 3.600% 44,100.00 289,100.00 1,836 02/26/19 02/15/24 JP Morgan Chase 245,000.00 245,000.00 3.150% 38,S87.50 283,587.50 1,815 05/16/19 05/16/24 Enterprise Bank 246,000.00 246,000.00 2.600% 31,980.00 277,980.00 1,827 05/24/19 05/24/24 Eagle Bank 249,000.00 249,000.00 2.500% 31,125.00 280,125.00 1,827 06/28/19 06/28/24 First State Bank 249,000.00 249,000.00 2.300% 28,635.00 277,635.00 1,827 07/31/19 07/31/24 Capital One 247,000.00 247,000.00 2.250% 27,787.50 274,787.50 1,827, 08/13/19 08/13/24 Hsbc Bank 246,000.00 246,000.00 2.300% 28,290.00 274,290.00 1,827 08/30/19 08/30/24 Washington Federal 249,000.00 249,000.00 2.000% 24,900.00 273,900.00 1,827 09/13/19 09/13/24 Enerbank Usa 249,000.00 249,000.00 1.750% 21,787.50 270,787.50 1,827 09/18/19 09/30/24 Celtic Bank 249,000.00 249,208.75 1.700% 20,747.50 269,956.25 1,839 Total Certificate of Deposit 17,023,000.00 17,021,063.96 2.308% 1,828,242.87 18,849,306.83 1,699 Cash WFB -General 218,991.00 218,991.00 0.500% 90.00 219,081.00 · Sweep Account 4,004,992.52 4,004,992.52 2.000% 6,583.55 4,011,576.07 WFB -Custody 304,150.34 304,150.34 0.500% 126.73 304,277.07 LAIF City 44,086,071.82 44,086,071.82 2.250% 82,661.39 44,168,733.21 LAIF CMWD 22,586,642.50 22,586,642.50 2.250% 42,349.96 22,628,992.46 LAIF CPFA 24,371,382.82 24,371,382.82 2.250% 45,696.34 24,417,079.16 LAIF CPIC 19,906,441.16 19,906,441.16 2.250% 37,324.58 19,943,765.74 Total Cash 115,478,672.16 115,478,672.16 2.233% 214,832.54 115,693,504.70 GRAND TOTAL 774,290,672.16 776,440,181.05 2.296% 55,005,137.82 803,400,092.98 Dec. 17, 2019 Item #2 Page 14 of 17 City of Carlsbad Investment Portfolio Fund Equity in Pooled Investments As of October 31, 2019 Cash Balance by Fund: General Special Revenue Capital Projects: General Capital Construction Traffic Impact Fees Public Facilities Fees Park Development Transnet Taxes Drainage Fees Special Districts Infrastructure Replacement Gas Tax Capital Project Subtotal Enterprise: Carlsbad Municipal Water District Sewer Fund Solid Waste · Storm Water Golf Course Enterprise Subtotal Internal Service Trust and Agency Total General Ledger Balance ** Reconciling Adjustments (1) 47,341,760 23,876,408 26,962,904 11,735,220 7,113,360 5,938,162 105,328,044 124,273,122 14,991,717 138,754,854 49,839,429 6,638,676 8,176,197 1,514,602 Total Treasurer's Investment Portfolio at Amortized Cost **Figures based on best estimate at the time report run on 11/8/2019. 101,626,621 37,263,058 367,560,696 204,923,758 48,838,381 16,734,046 776,946,560 (1,282,813) 775,663,747 {1) The reconciling adjustments consist of differences between the general ledger which is prepared on an accrual basis arid the treasurer's report which is prepared on the cash basis. Accrued interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the treasurer's summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment. EXHIBIT7 Dec. 17, 2019 Item #2 Page 15 of 17 EXHIBIT 8 City of Carlsbad Investment Portfolio Corporate Note and Commercial Paper Ratings As of October 31, 2019 Corporate Notes Moody's S&P Fitch Outlook 3M Company Al AA-Stable/Negative Alphabet Inc. WR AA+ Stable Amazon.com Inc. A3 AA-A+ Positive/Stable/Positive Apple Inc. Aal AA+ Stable Automatic Data Processing Aa3 AA Stable Bank of New York Mellon Al A AA-Stable Berkshire Hathaway Aa2 AA AA-Stable Blackrock Inc. Aa3 AA-Stable Chevron Aa2 AA Stable Citibank Aa3 BBB+ A Stable Coca Cola Company Al A+ A Stable Colgate-Palmolive Aa3 AA-Stable Exxon Mobil Aaa AA+ Stable/Negative IBM Corp. A2 A Stable/Negative Johnson & Johnson Aaa AAA Negative/Stable JP Morgan Chase Bank A2 A-AA-Stable Merck & Co Al AA A+ Stable Microsoft Aaa AAA AA+ Stable New York Life Aaa AA+ AAA Stable Novartis Capital Corp Al AA-AA-Stable Procter & Gamble Aa3 AA-Stable Toyota Aa3 AA-A+ Stable US Bank NA Al AA-AA-Stable Wal-Mart Aa2 AA AA Stable Wells Fargo Bank NA Aa2 A+ AA-Stable Commercial paper investments meeting the current investment policy: · Ratings of corporate notes must be AA or better by one and A or better another of the three: Moody's, S&P, or Fitch Investments with Subsequent Changes in Credit Rating * Corporate Notes Moody's S&P Fitch Maturity Date Purchased Book Value Alphabet Inc. WR AA+ Coca Cola Company IBM Corp. Al A2 A+ A A 05/19/21 09/01/21 11/01/21 05/01/17 01/10/18 11/07/16 5,132,233 5,118,090 2,521,517 * The city's investment policy allows the city treasurer to determine the course of action that would correct exceptions to the policy. All of these investments are paying interest at the required times. The principal of all investments are considered secure. It is the intent of the city treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold.· Dec. 17, 2019 Item #2 Page 16 of 17 City of Carlsbad Investment Portfolio Corporate and Federal Agency Issuers -Percent of Total Portfolio As of October 31, 2019 Corporate Notes Amortized Cost 3M Company $ 6,885,967 Alphabet Inc. 5,132,233 Amazon.com Inc. 4,688,130 Apple Inc. 17,301,224 Automatic Data Processing 4,005,190 Bank of New York Mellon 2,054,629 Berkshire Hathaway 9,612,386 Blackrock Inc. 4,235,423 Chevron 14,310,671 Citibank 1,031,459 Coca Cola Company 5,118,090 Colgate-Palmolive 11,724,008 Exxon Mobil 10,027,894 IBM Corp 2,52l,517 Johnson & Johns.on 6,035,967 JP Morgan Chase Bank 4,012,165 Microsoft 19,275,918 New York Life 4,001,006 Novartis Capital Corp 1,493,496 Procter & Gamble 7,625,212 Toyota 19,835,123 US Bank NA 6,580,544 Wal-Mart 10,404,551 Wells Fargo Bank NA 8,027,303 Federal Agencies Amortized Cost Federal Agricultural Mortgage Corp. 12,260,834 Federal Farm Credit Bank 89,238,565 Federal Home Loan Bank 91,307,917 Federal Home Loan Mortgage Corp. 98,866,477 Federal National Mortgage Assoc. 43,012,950 Private Export Funding Corp. 5,571,061 RFCO STRIPS 2,952,180 Tennessee Valley Authority 7,289,799 Supranational 28,102,889 US Treasury 78,619,843 Other Amortized Cost Cash and Investments 132,501,126 Total Portfolio Amortized Cost $ 775,663,747 * No more than 5% may be invested with a single corporate issuer. **There are no percentage limits on federal agency issuers. Portfolio Allocation* 0.89% 0.66% 0.60% 2.23% 0.52% 0.26% 1.24% 0.55% 1.84% 0.13% 0.66% 1.51% 1.29% 0.33% 0.78% 0.52% 2.49% 0.52% 0.19% 0.98% 2.56% 0.85% 1.34% 1.03% Portfolio Allocation** 1.58% 11.50% 11.77% 12.75% 5.55% 0.72% 0.38% 0.94% 3.62% 10.14% Portfolio Allocation 17.08% EXHIBIT 9 Dec. 17, 2019 Item #2 Page 17 of 17