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2020-01-14; City Council; ; Report on City Investments as of Nov. 30, 2019
~ CITY COUNCIL ~ Staff Report Meeting Date: To: From: Staff Contact: Jan. 14,2020 Mayor and City Council Scott Chadwick, City Manager Craig Lindholm, City Treasurer CA Review ~ Laura Rocha, Deputy City Manager, Administrative Services, laura.rocha@carlsbadca.gov or 760-602-2415 Subject: Report on City Investments as of Nov. 30, 2019 Recommended Action Accept and file Report on City Investments as of Nov. 30, 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. Discussion The city's pooled investment portfolio as of the month ending Nov. 30, 2019 is summarized below. Pooled Investment Portfolio (Cash and Securities) Par Value Investment Cost Amortized Cost (1) Market Value (2) Current Month $771,753,816 $774,092,883 $773,287,569 $777,320,111 Prior Month $774,290,672 $776,440,181 $775,663,747 $780,739,192 (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 Nov. 30, 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. Jan. 14, 2020 Item #1 Page 1 of 19 Exhibit 8 shows that the investments out of compliance with the current policy had a subsequent change in credit rating. Ratings on three investments have dropped to less than a double A (AA)/ single A (A) rating. The city's Investment Policy al.lows 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 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. 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 Jan. 14, 2020 Item #1 Page 3 of 19 City of Carlsbad Investment Portfolio As of November 30, 2019 EXHIBIT 1 Investments by Cost, Market Value, Cash Income, and Average Yield by Class Investment Cost Market Value Average Yield Class Current Month Prior Month Current Month Prior Month YTD Income Current Month Prior Month FA $336,568,781 $348,062,114 $337,521,435 $349,508,372 $ 3,224,730 2.02% 2.04% FN 2,750,760 2,750,760 2,953,770 2,951,880 0 1.75 1.75 SN 29,545,226 28,045,226 29,821,877 28,394,209 205,954 1.91 1.90 TR 83,311,271 78,577,770 83,553,248 78,938,416 643,327 1.74 1.75 CN 186,778,965 186,504,575 188,083,988 188,213,214 1,723,868 3.12 3.10 CD 17,021,064 17,021,064 17,268,977 17,254,429 175,500 2.31 2.31 Bank Account 422,955 218,991 422,955 218,991 0 0.75 0.50 Sweep 5,711,322 4,004,993 5,711,322 4,004,993 50,342 1.70 2.00 IRT 532,001 304,150 532,001 304,150 5,344 0.30 · 0.50 LAIF 111,450,538 110,950,538 111,450,538 110,950,538 1,378,647 2.08 2.25 Total $774,092,883 $776,440,181 $777,320,111 $780,739,192 $7,407,711 2.26% 2.31% FA -Federal Agency Notes CD -Certificate of Deposit FN -Federal Discount Notes Bank Account -General Fund Cash account SN -Supranational Sweep -General Fund Overnight Cash account TR -US Treasury IRT -Investment Cash account CN -Corporate Notes LAIF -Local Area Investment Fund Jan. 14, 2020 Item #1 Page 4 of 19 City of Carlsbad Investment Portfolio As of November 30, 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 FA $53,105,707.20 $42,310,322 $242,105,406 $337,521,435 FN 2,953,770 2,953,770 SN 4,590,919 25,230,958 29,821,877 TR 5,894,161.00 12,096,727 65,562,361 83,553,248 CN 22,053,305.50 17,544,340 148,486,342 188,083,988 CD 3,419,492.57 1,743,439 12,106,046 17,268,977 Bank Account 422,955.00 422,955 Sweep 5,711,321.60 5,711,322 IRT 532,000.60 532,001 LAIF 111,450,538.30 111,450,538 Totals $202,589,482 (1) $81,239,516 (1) $493,491,113 $777,320,111 % Totals 26.1% 10.5% 63.5% 100.0% Total within One Year $283,828,998 (1) 36.5% Policy: (1) Not less than $198,032,000 to mature within one year, two-thirds of current year operating budget $297,048,458. (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes. 46.60% 1.04 2.81 10.13 22.88 2.22 0.05 0.53 0.17 13.64 100.0% (2) Jan. 14, 2020 Item #1 Page 5 of 19 EXHIBIT 5 City of Carlsbad Investment Portfolio Maturities, Purchases, and Calls this Quarter Maturities CUSIP Issuer Settled Maturity Par Value Book Va.lue 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 94768NJY1 Webster 11/3/2014 11/4/2019 247,000 247,000 2,379 249,379 166764ANO Chevron 11/18/2014 11/15/2019 3,000,000 3,000,000 32,895 3,032,895 166764ANO Chevron 12/22/2015 11/15/2019 2,800,000 2,800,000 30,702 2,830,702 166764ANO Chevron 12/13/2017 11/15/2019 2,500,000 2,500,000 27,413 2,527,413 3136G3QDO FNMA 5/26/2016 11/26/2019 4,000,000 4,000,000 26,000 4,026,000 25,671,000 25,671,000 173,385 25,844,385 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 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 45905U4P6 IBRD 10/25/2019 10/25/2023 4/25/2020 1.70 3,000,000 100.000 3,000,000 09247XAL5 Blackrock Inc. 10/28/2019 3/18/2024 3/18/2020 1.80 1,000,000 107.136 1,071,360 3134GUHK9 FHLMC 10/28/2019 10/15/2024 4/15/2020 1.92 2,500,000 99.800 2,495,000 3132XONX5 FAMCA 11/4/2019 1/3/2022 1/3/2020 0.02 2,000,000 99.909 1,998,180 3137EADB2 FHLMC 11/12/2019 1/13/2022 .1/13/2020 0.02 1,000,000 101.520 1,015,200 459058HP1 IBRD 11/13/2019 11/13/2024 5/13/2020 0.02 1,500,000 100.000 1,500,000 3133EK5Y8 FFCB 11/14/2019 2/14/2022 2/14/2020 0.02 2,000,000 99.950 1,999,000 09247XAL5 Blackrock Inc. 11/14/2019 3/18/2024 3/18/2020 0.02 1,000,000 106.542 1,065,420 31422BPG9 FAMCA 11/15/2019 11/1/2024 5/15/2020 0.02 2,000,000 99.986 1,999,720 3134GUKY5 FHLMC 11/15/2019 10/21/2022 4/21/2020 0.02 2,000,000 100.100 2,002,000 46632FQP3 JP Morgan Chase Bank 11/18/2019 11/18/2022 5/18/2020 0.02 3,000,000 100.000 3,000,000 90331HNP4 US Bank NA 11/18/2019 4/26/2021 4/26/2020 0.02 1,000,000 101.922 1,019,220 48125LRN4 JP Morgan Chase Bank 11/18/2019 4/26/2021 4/26/2020 0.02 1,500,000 100.510 1,507,650 3130AHJQ7 FHLB 11/19/2019 11/19/2024 5/19/2020 0.02 3,000,000 100.000 3,000,000 9128286M7 US Treasury 2.25% 11/20/2019 4/15/2022 4/15/2020 0.02 1,200,000 101.594 1,219,125 912828YKO US Treasury 1.375% 11/20/2019 10/15/2022 4/15/2020 0.02 1,500,000 99.448 1,491,720 75472RAN1 Raymond James Bank NA 11/26/2019 11/26/2024 5/26/2020 0.02 247,000 100.000 247,000 912828G87 US Treasury 2.125% 11/27/2019 12/31/2021 12/31/2019 0.02 2,000,000 101.133 2,022,656 037833AY6 Apple Inc. 11/29/2019 2/9/2022 2/9/2020 0.02 2,000,000 100.899 2,017,980 51,220,000 101.493 51,876,676 Jan. 14, 2020 Item #1 Page 8 of 19 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 3134G8V29 FHLMC 04/28/2016 04/28/2021 10/28/2019 2;500,000 2,498,875 18,750 2,518,750 3130AGDU6 FHLB 05/09/2019 05/08/202411/08/2019 3,000,000 2,998,919 40,950 3,040,950 3133EKYR1 FFCB 08/08/2019 02/08/2022 11/08/2019 2,000,000 2,000,000 10,800 2,010;800 3130ADMS8 FHLB 06/11/2018 02/14/2020 11/14/2019 1,500,000 1,498,773 8,063 1,508,063 3134GBU75 FHLMC 12/12/2018 02/16/202111/16/2019 1,000,000 989,898 5,000 1,005,000 3130AAQB7 FHLB 02/16/2027 08/16/202111/16/2019 1,325,000 1,325,000 6,625 1,331,625 3133EHL43 FFCB 11/03/2017 07/26/2022 11/21/2019 1,400,000 1,400,000 9,615 1,409,615 3133EHD83 FFCB 12/11/2017 10/05/202111/22/2019 2,750,000 2,745,057 7,181 2,757,181 3132X07L9 FAMCA 11/26/2018 11/22/2023 11/22/2019 2,600,000 2,600,000 2,600,000 3134GSC45 FHLMC 12/14/2018 11/26/2021 11/26/2019 2,000,000 2,003,390 2,000,000 3130AC6J8 FHLB 03/08/2019 02/28/2022 11/28/2019 2,000,000 1,976,836 10,000 2,010,000 32,655,000 32,597,681 235,453 32,890,453 Jan. 14, 2020 Item #1 Page 9 of 19 EXHIBIT 6 City of Carlsbad Detailed Investment Report As of November 30, 2019 Settlement Maturity Security Par Invested Yield Interest Expected Return Federal Investments 06/15/15 12/13/19 FHLB 3,370,000.00 3,468,026.56 1.700% 261,697.54 3,729,724.10 02/21/17 12/13/19 FHLB 1,000,000.00 1,024,070.00 1.497% 42,693.89 1,066,763.89 05/19/17 12/27 /19 FNMA 2,500,000.00 2,482,475.00 1.475% 95,691.67 2,578,166.67 10/05/15 01/09/20 FHLMC 3,500,000.00 3,519,495.00 1.265% 189,299.44 3,708,794.44 04/26/17 01/17 /20 FHLMC 1,250,000.00 1,251,150.00 1.465% 49,943.75 1,301,093.75 02/07 /19 01/17/20 FHLMC 2,000,000.00 1,981,420.00 2.500% 46,913.33 2,028,333.33 07 /28/16 01/28/20 FNMA 4,850,000.00 4,850,000.00 1.200% 203,700.00 5,053,700.00 05/13/16 02/13/20 FHLMC 2,750,000.00 2,750,000.00 1.300% 134,062.50 2,884,062.50 02/24/16 02/24/20 FHLMC 1,750,000.00 1,750,000.00 1.500% 105,000.00 1,855,000.00 02/24/16 02/24/20 FFCB 1,000,000.00 1,000,000.00 1.400% 56,000.00 1,056,000.00 01/04/17 02/28/20 FHLMC 2,000,000.00 1,978,000.00 1.610% 100,750.00 2,078,750.00 05/23/16 03/15/20 PEFCO 3,000,000.00 3,099,000.00 1.358% 158,250.00 3,257,250.00 05/04/18 03/15/20 TENN 1,700,000.00 1,692,265.00 2.500% 79,028.75 1,771,293.75 06/12/18 03/15/20 TENN 1,250,000.00 1,244,200.00 2.520% 55,253.13 1,299,453.13 06/11/18 03/15/20 TENN 1,250,000.00 1,244,622.50 2.500% 54,908.75 1,299,531.25 08/29/17 04/03/20 FFCB 2,000,000.00 1,999,600.00 1.678% 87,054.44 2,086,654.44 07/13/16 04/13/20 FNMA 5,000,000.00 5,000,000.00 1.250% 234,375.00 5,234,375.00 01/06/17 04/13/20 FFCB 1,000,000.00 992,000.00 1.652% 53,772.22 1,045,772.22 12/15/17 04/17/20 FAMCA 1,500,000.00 1,487,706.00 2.000% 69,830.67 1,557,536.67 07/28/16 04/28/20 FNMA 3,750,000.00 3,750,000.00 1.250% 175,781.25 3,925,781.25 11/03/17 05/15/20 FHLB 1,650,000.00 1,650,000.00 1.700% 71,060.00 1,721,060.00 05/22/17 05/22/20 FHLMC 1,200,000.00 1,200,000.00 1.625% 58,500.00 1,258,500.00 05/24/17 05/29/20 FHLMC 2,250,000.00 2,255,062.50 1.548% 104,523.44 2,359,585.94 06/27/17 05/29/20 FHLMC 1,600,000.00 1,604,000.00 1.537% 71,977.78 1,675,977.78 06/05/17 06/05/20 FHLB 1,300,000.00 1,300,000.00 1.600% 62,400.00 1,362,400.00 06/08/17 06/05/20 FHLB 2,500,000.00 2,500,000.00 1.600% 120,000.00 2,620,000.00 06/12/15 06/12/20 FHLB 3,000,000.00 3,000,000.00 1.750% 262,500.00 3,262,500.00 02/23/16 06/12/20 FHLB 2,000,000.00 2,039,980.00 1.271% 110,617.22 2,150,597.22 04/15/16 06/26/20 FNMA 2,150,000.00 2,159,632.00 1.240% 112,192.37 2,271,824.37 07/13/16 07/13/20 FFCB 4,250,000.00 4,250,000.00 1.190% 202,300.00 4,452,300.00 04/13/18 07/13/20 FFCB 2,000,000.00 1,948,000.00 2.485% 110,050.00 2,058,050.00 04/27/17 07/27/20 FHLMC 1,600,000.00 1,600,000.00 1.700% 88,400.00 1,688,400.00 01/21/16 07/29/20 FHLB 2,500,000.00 2,549,375.00 1.378% 157,516.67 2,706,891.67 09/07/16 08/24/20 FFCB 3,000,000.00 2,998,260.00 1.335% 158,710.00 3,156,970.00 04/19/16 08/28/20 FHLMC 1,000,000.00 1,017,760.00 1.230% 54,152.50 1,071,912.50 06/08/16 09/11/20 FHLB 3,000,000.00 3,206,160.00 1.214% 161,121.25 3,367,281.25 10/12/16 09/11/20 FHLB 1,800,000.00 1,808,975.18 1.244% 87,893.57 1,896,868.75 10/12/16 10/06/20 FHLB 1,800,000.00 1,797,300.00 1.414% 101,287.50 1,898,587.50 04/26/17 10/16/20 FNMA 1,300,000.00 1,332,019.00 1.618% 74,057.39 1,406,076.39 05/06/19 10/16/20 FHLMC 1,500,000.00 1,488,345.00 2.400% 51,738.33 1,540,083.33 04/23/18 10/27/20 FNMA 1,750,000.00 1,721,125.00 2.583% 112,369.44 1,833,494.44 07 /22/16 11/27/20 FNMA 3,250,000.00 3,316,612.00 1.165% 166,507.79 3,483,119.79 11/27/17 11/27/20 FHLMC 1,500,000.00 1,500,000.00 1.875% 84,375.00 1,584,375.00 06/15/17 11/30/20 FNMA 1,100,000.00 1,113,618.00 1.630% 62,404.22 1,176,022.22 06/14/16 12/14/20 FFCB 2,250,000.00 2,250,000.00 1.540% 155,925.00 2,405,925.00 06/21/16 12/21/20 FFCB 2,000,000.00 2,000,000.00 1.550% 139,500.00 2,139,500.00 03/10/17 01/15/21 FAMCA 1,580,000.00 1,576,287.00 2.063% 125,285.22 1,701,572.22 04/26/16 01/19/21 FFCB 3,250,000.00 3,247,010.00 1.620% 248,978.89 3,495,988.89 07 /19/16 01/19/21 FHLB 3,500,000.00 3,500,000.00 1.400% 220,500.00 3,720,500.00 09/09/16 01/25/21 FAMCA 2,000,000.00 2,018,640.00 1.550% 117,071.11 2,135,711.11 10/12/16 02/15/21 TENN 3,000,000.00 3,315,660.00 1.370% 189,058.75 3,504,718.75 08/16/17 02/16/21 FNMA 2,000,000.00 2,000,000.00 1.750% 122,500.00 2,122,500.00 01/10/19 02/23/21 FFCB 1,500,000.00 1,502,895.00 2.605% 82,942.50 1,585,837.50 12/12/18 02/24/21 FHLB 1,000,000.00 977,940.00 2.790% 60,560.00 1,038,500.00 02/26/16 02/26/21 FHLB 480,000.00 480,000.00 1.690% 74,495.20 554,495.20 02/14/18 03/12/21 FHLB 1,500,000.00 1,500,768.00 2.357% 108,778.87 1,609,546.87 06/12/18 03/12/21 FHLB 1,000,000.00 976,760.00 2.631% 71,365.00 1,048,125.00 03/22/16 03/22/21 FHLB 2,500,000.00 2,498,750.00 1.870% 235,625.00 2,734,375.00 03/26/19 03/26/21 FHLMC 2,000,000.00 2,000,000.00 2.500% 100,000.00 2,100,000.00 09/29/17 03/26/21 FHLMC 2,535,000.00 2,531,197.50 1.794% 158,701.56 2,689,899.06 01/08/19 04/09/21 FFCB 1,500,000.00 1,504,860.00 2.550% 86,377.50 1,591,237.50 10/26/17 04/26/21 FHLMC 1,975,000.00 1,974,012.50 1.865% 128,868.75 2,102,881.25 05/25/16 05/25/21 FFCB 4,000,000.00 3,997,600.00 1.673% 334,400.00 4,332,000.00 Jan. 14, 2020 Item #1 Page 10 of 19 Settlement Maturity Security Par Invested Yield Interest Expected Return 09/12/17 06/01/21" FHLB 2,500,000.00 2,498,750.00 1.875% 175,598.96 2,674,348.96 10/12/16 06/11/21 FHLB 1,500,000.00 1,559,427.00 1.370% 97,979.25 1,657,406.25 06/15/17 06/14/21 FFCB 1,760,000.00 1,760,000.00 1.810% 127,335.51 1,887,335.51 06/15/17 06/15/21 FHLMC 1,400,000.00 1,400,000.00 1.800% 100,800.00 1,500,800.00 10/26/16 07/14/21 FHLB 2,500,000.00 2,476,850.00 1.328% 155,806.25 2,632,656.25 01/11/19 07/19/21 FHLMC 2,000,000.00 1,976,000.00 2.776% 139,666.67 2,115,666.67 02/16/17 07/26/21 FHLMC 1,400,000.00 1,392,580.00 · 2.000% 124,086.67 1,516,666.67 04/24/18 07 /27 /21 FHLB 1,400,000.00 1,358,518.00 2.743% 141,348.67 1,499,866.67 10/02/17 07/27/21 FHLMC 3,000,000.00 3,004,500.00 1.959% 224,666.67 3,229,166.67 12/19/17 08/12/21 FHLMC 1,000,000.00 967,646.98 2.050% 73,384.27 1,041,031.25 05/01/18 09/13/21 FFCB 2,000,000.00 1,946,000.00 2.684% 177,893.33 2,123,893.33 03/27/19 09/27/21 FHLB 1,500,000.00 1,500,000.00 2.550% 95,625.00 1,595,625.00 10/28/16 10/07/21 FNMA 2,500,000.00 2,491,075.00 1.450% 178,794.79 2,669,869.79 01/03/18 10/29/21 FAMCA 2,000,000.00 1,951,928.00 2.285% 172,294.22 2,124,222.22 11/29/16 11/29/21 FFCB 3,000,000.00 3,000,000.00 1.760% 264,000.00 3,264,000.00 04/12/17 12/10/21 FHLB 2,000,000.00 2,003,620.00 1.834% 171,171.67 2,174,791.67 09/10/19 12/13/21 FFCB 2,000,000.00 2,017,240.00 1.490% 67,673.33 2,084,913.33 01/04/19 12/27/21 FHLMC 1,250,000.00 1,255,937.50 2.566% 107,696.18 1,363,633.68 11/04/19 01/03/22 FAMCA 2,000,000.00 2,002,035.34 2.169% 91,697.67 2,093,733.01 11/12/19 01/13/22 FHLMC 1,000,000.00 1,015,200.00 1.658% 36,324.31 1,051,524.31 04/11/19 01/24/22 FH LMC 2,000,000.00 2,000,000.00 2.501% 93,733.01 2,093,733.01 03/25/19 02/03/22 FFCB 2,500,000.00 2,483,900.00 2.264% 161,019.44 2,644,919.44 11/14/19 02/14/22 FFCB 2,000,000.00 2,000,000.00 1.793% 79,650.00 2,079,650.00 02/23/17 02/23/22 FAMCA 2,600,000.00 2,609,204.00 2.025% 263,796.00 2,873,000.00 03/01/19 03/01/22 FFCB 2,000,000.00 2,000,000.00 2.550% 153,000.00 2,153,000.00 03/29/17 03/29/22 FHLMC 1,500,000.00 1,500,000.00 2.265% 170,625.00 1,670,625.00 05/25/17 04/05/22 FNMA 1,600,000.00 1,600,581.01 1.867% 145,252.32 1,745,833.33 04/23/19 04/08/22 FHLMC 1,500,000.00 1,501,562.50 2.500% 109,375.00 1,610,937 .so 08/18/17 04/19/22 FFCB 2,000,000.00 1,992,860.00 2.200% 186,446.67 2,179,306.67 04/27/17 04/27/22 FHLMC 3,500,000.00 3,545,920.00 2.345% 413,455.00 3,959,375.00 03/13/19 06/08/22 FHLMC 1,800,000.00 1,776,708.00 2.518% 145,617.00 1,922,325.00 03/09/18 06/14/22 FHLMC 1,000,000.00 980,000.00 2.568% 108,262.50 1,088,262.50 06/05/18 06/15/22 FFCB 1,000,000.00 965,500.00 2.740% 108,208.33 1,073,708.33 06/22/17 06/22/22 FHLMC 875,000.00 875,000.00 2.175% 95,156.25 970,156.25 01/16/19 06/22/22 FFCB 1,205,000.00 1,180,900.00 2.673% 109,325.63 1,290,225.63 06/29/17 06/29/22 FHLMC 2,500,000.00 2,500,000.00 2.150% 268,750.00 2,768,750.00 12/19/17 06/29/22 FHLMC 1,500,000.00 1,494,000.00 2.243% 152,020.83 1,646,020.83 01/08/18 07/01/22 FHLMC 1,500,000.00 1,500,000.00 2.220% 149,202.50 1,649,202.50 07/03/19 07/01/22 FHLMC 2,500,000.00 2,500,000.00 2.000% 149,722.22 2,649,722.22 04/17/18 08/23/22 FFCB 2,000,000.00 1,912,000.00 2.750% 233,290.00 2,145,290.00 08/28/19 08/26/22 FFCB 1,500,000.00 1,499,565.00 1.860% 83,530.83 1,583,095.83 12/01/17 09/09/22 FH LB 1,750,000.00 1,739,692.50 2.130% 177,335.28 1,917,027.78 07/05/19 09/09/22 FHLB 1,800,000.00 1,874,106.00 1.786% 104,644.00 1,978,750.00 12/01/17 09/12/22 FFCB 1,250,000.00 1,236,950.00 2.171% 128,978.47 1,365,928.47 01/15/19 09/26/22 FHLB 1,000,000.00 979,710.00 2.730% 99,780.28 1,079,490.28 09/28/17 09/28/22 FNMA 2,500,000.00 2,500,000.00 2.000% 249,861.11 2,749,861.11 03/09/18 10/05/22 FNMA 1,000,000.00 971,120.00 2.000% 120,324.44 1,091,444.44 10/05/18 10/05/22 FNMA 1,000,000.00 962,570.00 3.000% 117,430.00 1,080,000.00 08/03/18 10/12/22 FHLB 1,250,000.00 1,199,750.00 2.900% 148,492.19 1,348,242.19 11/15/19 10/21/22 FHLMC 2,000,000.00 2,002,000.00 1.825% 107,120.00 2,109,120.00 09/10/19 12/09/22 FHLB 1,500,000.00 1,670,736.00 1.630% 84,545.25 1,755,281.25 04/24/18 12/09/22 FHLB 2,250,000.00 2,215,102.50 2.500% 295,053.75 2,510,156.25 07/05/19 12/23/22 FHLMC 1,500,000.00 1,500,000.00 2.000% 104,416.67 1,604,416.67 12/27 /17 12/27/22 FHLMC 3,000,000.00 3,000,000.00 2.300% 345,000.00 3,345,000.00 04/16/19 01/24/23 FHLMC 1,750,000.00 1,750,000.00 2.551% 167,343.75 1,917,343.75 03/22/19 03/10/23 FHLB 2,000,000.00 2,028,220.00 2.375% 189,946.67 2,218,166.67 05/22/19 04/28/23 FHLMC 5,000,000.00 5,000,000.00 2.625% 516,250.00 5,516,250.00 06/04/18 06/26/23 FHLMC 1,250,000.00 1,250,000.00 3.050% 190,625.00 1,440,625.00 06/28/19 06/26/23 FHLMC 3,000,000.00 3,000,000.00 2.050% 246,000.00 3,246,000.00 07 /24/18 06/29/23 FHLMC 1,000,000.00 1,000,000.00 3.100% 152,847.22 1,152,847.22 07 /30/18 07/28/23 FHLMC 2,500,000.00 2,500,000.00 3.070% 383,323.61 2,883,323.61 09/13/19 08/14/23 FFCB 1,800,000.00 1,796,580.00 1.650% 116,300.00 1,912,880.00 09/13/19 08/28/23 FFCB 1,000,000.00 997,650.00 1.982% 78,350.00 1,076,000.00 08/24/18 08/24/23 FHLB 1,750,000.00 1,750,000.00 3.125% 273,437.50 2,023,437.50 09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990% 147,698.89 1,138,988.89 10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125% 349,548.89 2,615,738.89 Jan. 14, 2020 Item #1 Page 11 of 19 Settlement Maturity Security Par Invested Yield Interest Expected Return 09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485% 121,551.72 2,190,659.72 02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495% 114,362.92 1,130,572.92 04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410% 187,617.50 1,971,375.00 09/18/18 09/18/23 FHLB 1,000,000.00 999,250.00 3.076% 153,750.00 1,153,000.00 09/28/18 09/28/23 FHLB 1,250,000.00 1,250,000.00 3.200% 200,000.00 1,450,000.00 10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050% 384,922.92 2,878,072.92 02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602% 123,803.33 1,141,333.33 05/09/19 11/08/23 FFCB 2,000,000.00 2,001,700.00 2.280% 205,172.22 2,206,872.22 11/27/18 11/27 /23 FHLB 1,800,000.00 1,800,000.00 3.350% 301,500.00 2,101,500.00 06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870% 127,682.83 1,696,963.33 12/18/18 12/18/23 FHLB 1,750,000.00 1,750,000.00 3.050% 266,875.00 2,016,875.00 05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.500% 108,586.11 1,161,486.11 12/28/18 12/28/23 FHLB 2,000,000.00 2,000,000.00 3.100% 310,000.00 2,310,000.00 01/22/19 01/22/24 FFCB 1,750,000.00 1,750,000.00 3.010% 263,375.00 2,013,375.00 01/29/19 01/29/24 FHLB 1,500,000.00 1,501,125.00 2.859% 214,500.00 1,715,625.00 01/30/19 01/30/24 FHLB 2,500,000.00 2,500,000.00 3.050% 381,250.00 2,881,250.00 02/26/19 02/26/24 FHLB 2,500,000.00 2,500,000.00 · 2.800% 350,000.00 2,850,000.00 03/06/19 02/27/24 FFCB 1,500,000.00 1,498,950.00 2.610% 195,821.25 1,694,771.25 03/08/19 03/08/24 FHLB 3,000,000.00 3,100,851.00 2.530% 386,649.00 3,487,500.00 04/09/19 04/05/24 FFCB 2,000,000.00 1,994,380.00 2.360% 234,725.56 2,229,105:56 04/09/19 04/15/24 FHLB 2,000,000.00 2,000,000.00 2.742% 245,000.00 2,245,000.00 04/11/19 04/15/24 FHLMC 1,000,000.00 1,000,000.00 2.791% 112,500.00 1,112,500.00 04/10/19 04/15/24 FHLMC 2,000,000.00 2,000,000.00 2.791% 250,000.00 2,250,000.00 05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287% 114,546.67 1,119,866.67 05/20/19 05/20/24 FHLMC 2,500,000.00 2,500,000.00 2.700% 337,500.00 2,837,500.00 08/28/19 06/30/24 · FFCB 1,470,000.00 1,517,378.10 1.457% 103,884.90 1,621,263.00 06/26/19 06/20/24 FHLMC 2,790,000.00 2,790,000.00 2.249% 312,480.00 3,102,480 .00 08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457% 85,320.92 1,322,845.39 07/30/19 06/26/24 FHLMC 2,000,000.00 2,004,000.00 2.150% 229,013.89 2,233,013.89 07 /02/19 07 /02/24 FHLMC 2,500,000.00 2,500,000.00 2.000% 250,000.00 2,750,000.00 06/27 /19 07 /15/24 PEFCO 2,500,000.00 2,565,850.00 1.900% 243,292.36 2,809,142.36 08/08/19 07/26/24 FFCB 2,500,000.00 2,532,125.00 1.582% 197,583.33 2,729,708.33 09/03/19 09/03/24 FFCB 4,000,000.00 4,000,000.00 2.000% 400,000.00 4,400,000.00 08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480% 189,024.44 2,761,444.44 09/23/19 09/23/24 FHLMC 1,000,000.00 1,000,000.00 2.100% 10,500.00 1,010,500.00 10/15/19 10/15/24 FFCB 2,000,000.00 2,000,000.00 1.920% 192,000.00 2,192,000.00 10/28/19 10/15/24 FHLMC 2,500,000.00 2,496,692.71 1.917% 235,989.58 2,732,682.29 10/18/19 10/16/24 FHLB 2,250,000.00 2,250,250.00 2.000% 224,500.00 2,474,750.00 11/15/19 11/01/24 FAMCA 2,000,000.00 1,999,720.00 1.793% 177,887.78 2,177,607.78 11/19/19 11/19/24 FHLB 3,000,000.00 3,000,000.00 2.070% 310,500.00 3,310,500.00 Sub Total FA 335,423,000.00 336,568,781.35 2.017% 27,513,198.30 364,081,979.65 10/23/15 10/15/20 RFCSP 3,000,000.00 2,750,760.00 1.750% 249,240.00 3,000,000.00 Sub Total FN 3,000,000.00 2,750,760.00 1.7500% 249,240.00 3,000,000.00 Federal Investments 338,423,000.00 339,319,541.35 27,762,438.30 367,081,979.65 Supranationals 08/03/17 08/10/20 IBRD 2,000,000.00 1,972,100.00 1.600% 95,837.50 2,067,937.50 11/08/18 09/04/20 IBRD 1,100,000.00 1,074,711.00 2.930% 57,859.27 1,132,570.27 01/08/18 10/05/20 IBRD 1,500,000.00 1,486,500.00 2.164% 88,765.62 1,575,265.62 01/08/18 01/18/22 IADB 2,000,000.00 1,988,880.00 2.270% 182,300.56 2,171,180.56 12/18/17 01/26/22 IBRD 2,500,000.00 2,485,325.00 2.150% 219,952.78 2,705,277.78 10/10/17 10/07/22 IBRD 1,300,000.00 1,290,907.89 2.024% 130,763.88 1,421,671.77 02/08/19 10/24/22 IFC 1,500,000.0Q 1,470,780.00 2.553% 140,553.33 1,611,333.33 05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300% 205,886.67 2,264,166.67 01/18/18 01/18/23 IADB 1,700,000.00 1,702,652.00 2.467% 209,848.00 1,912,500.00 01/24/18 01/18/23 IADB 1,000,000.00 997,670.00 2.550% 126,913.33 1,124,583.33 10/25/19 10/25/23 IBRD 3,000,000.00 3,000,000.00 1.700% 204,000.00 3,204,000.00 02/15/19 02/15/24 IBRD 3,000,000.00 3,000,000.00 2.625% 468,750.00 3,468,750.00 08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428% 142,996.67 2,149,916.67 10/10/19 09/23/24 IBRD 3,500,000.00 3,510,500.00 2.136% 370,863.89 3,881,363.89 11/13/19 11/13/24 IBRD 1,500,000.00 1,500,000.00. 2.050% 153,750.00 1,653,750.00 Supranationals 29,600,000.00 29,545,225.89 1.912% 2,799,041.50 32,344,267.39 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 Jan. 14, 2020 Item #1 Page 12 of 19 Settlement Maturity Security Par Invested Yield Interest Expected Return 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 03/10/17 09/30/21 US Treasury 1.125% 1,200,000.00 1,150,500.QO 2.078% 111,028.85 1,261,528.85 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 02/14/18 09/30/21 US Treasury 2.125% 1,500,000.00 1,486,406.25 2.387% 129,096.84 1,615,503.09 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 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 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 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 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 11/27/19 12/31/21 US Treasury 2.125% 2,000,000.00 2,022,656.25 1.572% 66,270.38 2,088,926.63 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 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 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 11/20/19 04/15/22 US Treasury 2.25% 1,200,000.00 1,219,125.00 1.571% 45,719.26 1,264,844.26 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 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 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 11/20/19 10/15/22 US Treasury 1.375% 1,500,000.00 1,491,720.00 1.570% 68,126.31 1,559,846.31 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 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 US Treasury 83,375,000.00 83,311,271.47 1.743% 6,306,150.39 89,617,421.86 Corporate Notes 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 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 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 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 09/25/15 03/03/20 Chevron 2,800,000.00 2,790,704.00 2.039% 253,026.51 3,043,730.51 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 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 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 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 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 09/24/15 09/15/20 Automatic Data Pro 4,000,000.00 4,029,600.00 2.090% 418,150.00 4,447,750.00 11/10/15 11/03/20 Microsoft 5,000,000.00 5,018,550.00 1.920% 479,505.56 5,498,055.56 06/10/16 11/03/20 Microsoft 1,500,000.00 1,539,450.00 1.370% 92,466.67 1,631,916.67 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 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 06/29/17 12/29/20 Toyota 3,000,000.00 3,000,000.00 2.000% 210,000.00 3,210,000.00 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 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 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 09/16/16 04/08/21 Toyota 3,000,000.00 3,031,680.00 1.659% 228,303.33 3,259,983.33 11/18/19 04/26/21 US Bank NA 1,000,000.00 1,019,220.00 1.710% 26,105.00 1,045,325.00 11/18/19 04/26/21 JP Morgan Chase 1,500,000.00 1,507,650.00 1.911% 58,956.17 1,566,606.17 06/13/18 05/16/21 Chevron 3,250,000.00 3,175,770.00 2.920% 273,861.25 3,449,631.25 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 Jan. 14, 2020 Item #1 Page 13 of 19 Settlement Maturity Security Par Invested Yield Interest Expected Return 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 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 09/13/16 08/08/21 Microsoft 6,000,000.00 5,995,740.00 1.565% 460,218.33 6,455,958.33 02/07/17 08/08/21 Microsoft 2,000,000.00 1,947,120.00 2.170% 192,466.11 2,139,586.11 02/22/18 08/08/21 Microsoft 1,500,000.00 1,441,912.50 2.730% 138,558.33 1,580,470.83 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 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 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 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 12/04/17 fl/15/21 Colgate-Palmolive 2,250,000.00 2,271,141.00 2.200% 196,449.62 2,467,590.62 12/20/17 02/06/22 Microsoft 1,250,000.00 1,254,025.00 2.316% 119,808.33 1,373,833.33 11/29/19 02/09/22 Apple Inc. 2,000,000.00 2,017,980.00 1.730% 76,381.11 2,094,361.11 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 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 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 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 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 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 02/19/19 05/17/22 Toyota 2,000,000.00 2,000,000.00 3.083% 200,044.66 2,200,044.66 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 08/24/17 07/13/22 Toyota 1,500,000.00 1,547,160.00 2.119% 158,056.67 1,705,216.67 01/16/19 07/13/22 Toyota 1,500,000.00 1,483,770.00 3.129% 162,880.00 1,646,650.00 07 /01/19 07/13/22 Toyota 2,500,000.00 2,551,875.00 2.090% 160,458.33 2,712,333.33 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 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 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 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 10/10/19 11/03/22 Microsoft 2,000,000.00 2,087,293.89 1.514% 75,092.22 2,162,386.11 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 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 11/18/19 11/18/22 JP Morgan Chase 3,000,000.00 3,000,000.00 3.077% 189,000.00 3,189,000.00 12/06/17 11/29/22 Toyota 2,250,000.00 2,250,000.00 2.125% 238,132.81 2,488,132.81 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 01/24/18 01/26/23 Toyota 3,000,000.00 3,000,000.00 2.750% 412,500.00 3,412,500.00 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 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 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 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 03/20/18 03/15/23 Berkshire Hathaway 1,000,000.00 983,890.00 3.101% 153,228.06 1,137,118.06 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 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 05/07/18 04/11/23 Wal-Mart 1,000,000.00 974,100.00 3.121% 151,558.33 1,125,658.33 12/18/18 04/11/23 Wal-Mart 1,000,000.00 969,800.00 3.301% 141,054.17 1,110,854.17 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 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 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 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 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 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 07/24/18 07/24/23 US Bank NA 1,2SO,OOO.OO 1,2S1,625.00 3.371% 210,756.94 1,462,381.94 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 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 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 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 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 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 03/07/19 01/08/24 Toyota 1,000,000.00 1,017,865.00 2.950% 144,144.72 1,162,009.72 05/16/19 01/23/24 Citibank 1,000,000.00 1,034,870.00 2.836% 136,173.06 1,171,043.06 10/11/19 02/01/24 JP Morgan Chase 1,765,000.00 1,914,133.18 2.000% 145,339.92 2,059,473.10 10/08/19 03/07/24 Microsoft 1,500,000.00 1,584,745.83 1.604% 103,633.34 1,688,379.17 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 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 11/14/19 03/18/24 Blackrock Inc. 1,000,000.00 1,070,864.44 1.923% 81,191.12 1,152,055.56 07 /31/19 05/13/24 JP Morgan Chase 2,000,000.00 2,119,320.00 2.300% 227,471.67 2,346,791.67 10/17/19 08/22/24 Amazon.com 2,500,000.00 2,615,544.44 1.860% 223,761.12 2,839,305.56 08/22/19 08/22/24 Amazon.com 2,000,000.00 2,087,280.00 2.800% 192,097.78 2,279,377.78 Jan. 14, 2020 Item #1 Page 14 of 19 Settlement Maturity Security Par Invested Yield Interest Expected Return Corporate Notes 185,216,000.00 186,778,964.75 3.123% 17,475,028.97 204,253,993.72 Certificate of Deposit 12/03/14 12/03/19 Citi Bank 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 12/04/14 12/04/19 American Express 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 12/10/14 12/10/19 BMW Bank 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 12/23/14 12/10/19 Sall ie Mae 247,000.00 247,000.00 2.200% 26,976.46 273,976.46 12/21/17 12/23/19 Morgan Stanley 247,000.00 247,000.00 2.100% 10,402.82 257,402.82 01/23/15 01/23/20 Private Bank & Trust 247,000.00 247,000.00 1.900% 23,465.00 270,465.00 07/24/15 01/24/20 Eagle Bank 249,000.00 249,000.00 1.800% 20,169.00 269,169.00 01/27 /15 01/27/20 Northfield Bank 249,000.00 249,000.00 1.650% 20,542.50 269,542.50 01/26/18 01/27/20 Flagstar Bank 247,000.00 247,000.00 2.150% 10,635.75 257,635.75 01/30/15 01/30/20 Bank Of Georgetown 249,000.00 249,000.00 1.650% 20,542.50 269,542.50 02/06/15 02/06/20 Machias Savings Bank 247,000.00 247,000.00 1.650% 20,377.50 267,377.50 03/03/15 02/26/20 Third Federal Saving 247,000.00 246,407.20 1.754% 22,146.09 268,553.29 04/22/15 04/22/20 Marlin Business Bank 247,000.00 247,000.00 1.600% 19,760.00 266,760.00 05/13/15 05/13/20 World Foremost Bank 200,000.00 200,000.00 2.000% 20,000.00 220,000.00 06/29/15 06/29/20 First Source Bank 247,000.00 246,382.50 1.904% 23,465.00 269,847.50 07 /31/15 07 /31/20 Institution For Savings 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 08/02/17 08/03/20 Wex Bank 247,000.00 247,000.00 1.850% 13,721.19 260,721.19 08/11/15 08/25/20 Investor Bank 247,000.00 247,000.00 2.000% 24,700.00 271,700.00 09/10/15 09/10/20 Merrick Bank 249,000.00 248,377.50 1.910% 23,655.00 272,032.50 09/22/15 09/16/20 Barclays Bank 248,000.00 248,000.00 2.200% 27,190.31 275,190.31 10/19/15 10/13/20 Comenity Cap Bank 249,000.00 249,000.00 2.000% 24,818.14 273,818.14 12/14/17 12/14/20 Ally Bank 247,000.00 247,000.00 2.100% 15,561.00 262,561.00 01/15/16 01/15/21 Investors Cmnty Bank 249,000.00 249,000.00 1.850% 23,032.50 272,032.50 05/09/18 05/10/21 Connectone Bank 249,000.00 249,000.00 2.850% 21,309.21 270,309.21 06/10/16 06/07 /21 Ubs Bank Usa 249,000.00 249,000.00 1.650% 20,508.73 269,508.73 06/21/18 06/21/21 Mercantil Bank 246,000.00 246,000.00 3.000% 22,140.00 268,140.00 06/22/17 06/22/21 Lakeside Bank 249,000.00 249,000.00 . 1.900% 18,924.00 267,924.00 06/23/16 06/23/21 East Boston Saving 248,000.00 248,000.00 1.500% 18,600.00 266,600.00 06/24/16 06/24/21 First Business Bk 248,000.00 248,000.00 1.500% 18,600.00 266,600.00 06/30/16 06/30/21 First Technology Fed 248,000.00 248,000.00 1.750% 21,700.00 269,700.00 09/21/17 09/21/21 Pinacle Bank Tn 249,000.00 249,000.00 2.000% 19,920.00 268,920.00 01/12/18 01/12/22 LCA Bank Corporation 246,000.00 246,000.00 2.300% 22,632.00 268,632.00 01/18/17 01/18/22 Mb Financial Bank 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 01/20/17 01/20/22 First Natl Bank 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 01/24/19 01/24/22 Dollar Bank 246,000.00 246,000.00 2.850% 21,033.00 267,033.00 06/07/17 06/07 /22 Mechantile Bank Of 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 07 /31/17 07/29/22 KS State Bank 245,000.00 245,000.00 2.100% 25,710.71 270,710.71 08/16/17 08/16/22 Everbank 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 08/30/17 08/30/22 Willamette Valley Bk 249,000.00 249,000.00 2.100% 26,145.00 275,145.00 09/29/17 09/29/22 Allegiane Bank Texas 249,000.00 249,000.00 2.150% 26,767.50 275,767.50 09/14/17 . 09/14/22 First Bank 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 10/18/17 10/18/22 Beneficial Bank 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 10/23/19 10/11/22 Goldman Sachs USA 247,000.00 247,180.01 1.900% 13,718.98 260,898.99 12/22/17 12/22/22 Industrial & Cami Bk 249,000.00 249,000.00 2.500% 31,125.00 280,125.00 01/11/19 01/11/23 Sterling Bank 246,000.00 246,000.00 3.100% 30,504.00 276,504.00 01/29/18 01/30/23 Suntrust Bank 246,000.00 245,508.00 2.792% 34,547.50 280,055.50 04/24/18 04/24/23 Citibank 246,000.00 246,000.00 3.000% 36,900.00 282,900.00 05/08/19 05/08/23 Bank3 249,000.00 249,000.00 2.336% 24,900.00 273,900.00 05/16/18 05/16/23 Belmont Savings Bank 245,000.00 245,000.00 3.050% 37,362.50 282,362.50 06/20/18 06/20/23 RBC Bank 249,000.00 249,000.00 3.150% 39,217.50 288,217.50 07 /31/18 07 /31/23 Bank Of New England 249,000.00 249,000.00 3.250% 40,462.50 289,462.50 07 /31/18 07 /31/23 Medallion Bank Utah 249,000.00 249,000.00 3.150% 40,462.50 289,462.50 02/13/19 08/14/23 First Missouri State 246,000.00 246,000.00 2.850% 31,549.50 277,549.50 09/26/18 09/26/23 Bank Midwest 245,000.00 245,000.00 3.150% 38,587.50 283,587.50 09/28/18 09/28/23 Bank Of Baroda 245,000.00 245,000.00 3.300% 40,425.00 285,425.00 11/15/18 10/30/23 National Cooperative 245,000.00 245,000.00 3.450% 41,891.98 286,891.98 11/14/18 11/14/23 Bank Hapoalim Bm 245,000.00 245,000.00 3.500% 42,875.00 287,875.00 11/15/18 11/15/23 Morgan Stanley Pvt 245,000.00 245,000.00 3.550% 43,487.50 288,487.50 11/19/18 11/29/23 State Bank Of India 245,000.00 245,000.00 3.600% 44,100.00 289,100.00 02/26/19 02/15/24 JP Morgan Chase 245,000.00 245,000.00 3.150% 38,587.50 283,587.50 05/16/19 05/16/24 Enterprise Bank 246,000.00 246,000.00 2.600% 31,980.00 277,980.00 05/24/19 05/24/24 Eagle Bank 249,000.00 249,000.00 2.500% 31,125.00 280,125.00 06/28/19 06/28/24 First State Bank 249,000.00 249,000.00 2.300% 28,635.00 277,635.00 07 /31/19 07 /31/24 Capital One 247,000.00 247,000.00 2.250% 27,787.50 274,787.50 Jan. 14, 2020 Item #1 Page 15 of 19 Settlement Maturity Security Par Invested Yield Interest Expected Return 08/13/19 08/13/24 Hsbc Bank 246,000.00 246,000.00 2.300% 28,290.00 274,290.00 08/30/19 08/30/24 Washington Federal 249,000.00 249,000.00 2.000% 24,900.00 273,900.00 09/13/19 09/13/24 Enerbank Usa 249,000.00 249,000.00 1.750% 21,787.50 270,787.50 09/18/19 09/30/24 Celtic Bank 249,000.00 249,208.75 1.700% 20,747.50 269,956.25 11/26/19 11/26/24 Raymond James NA 247,000.00 247,000.00 1.850% 22,872.54 269,872.54 Certificate of Deposit 17,023,000.00 17,021,063.96 2.307% 1,827,650.41 18,848,714.37 Cash Wells Fargo Bank 422,955.00 422,955.00 0.750% 260.73 423,215.73 Wells Fargo Sweep 5,711,321.60 5,711,321.60 1.700% 7,980.20 5,719,301.80 Wells Fargo IRT 532,000.60 532,000.60 0.300% 133.00 532,133.60 LAIF City 47,586,071.82 47,586,071.82 2.080% 82,482.52 47,668,554.34 LAIF CMWD 19,586,642.50 19,586,642.50 2.080% 33,950.18 19,620,592.68 LAIF CPFA 24,371,382.82 24,371,382.82 2.080% 42,243.73 24,413,626.55 LAIF CPIC 19,906,441.16 19,906,441.16 2.080% 34,504.50 19,940,945.66 Cash 118,116,815.50 118,116,815.50 2.049% 201,554.86 118,318,370.36 GRAND TOTAL 771,753,815.50 774,092,882.92 -2.261% 53,572,822.93 798,120,479.96 Jan. 14, 2020 Item #1 Page 16 of 19 City of Carlsbad Investment Portfolio Fund Equity in Pooled Investments As of November 30, 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) 47,186,367 24,012,387 27,385,094 11,829,172 7,223,948 5,941,309 106,210,646 124,387,619 15,097,784 138,788,003 48,954,480 6,534,266 8,036,302 1,521,985 Total Treasurer's Investment Portfolio at Amortized Cost **Figures based on best estimate at the time report run on 12/10/2019. 101,322,963 37,270,070 369,274,327 203,835,037 49,220,988 15,228,437 776,151,822 (2,864,253) 773,287,569 (1) The reconciling adjustments consist of differences between the general ledger which is prepared on an accrual basis and 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. EXHIBIT 7 Jan. 14, 2020 Item #1 Page 17 of 19 EXHIBIT 8 City of Carlsbad Investment Portfolio Corporate Note and Commercial Paper Ratings As of November 30, 2019 Corporate Notes Moody's S&P Fitch Outlook 3M Company Al AA-Stable/Negative Alphabet Inc. Aa2 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 A3 BBB+ A Stable Coca Cola Company Al A+ A Stable Colgate-Palmolive Aa3 AA-Stable Exxon Mobil Aaa AA+ 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 A+ 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 Citibank A3 BBB+ A Coca Cola Company IBM Corp. Al A2 A+ A A 01/23/24 09/01/21 11/01/21 05/16/19 01/10/18 11/07/16 1,030,839 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. Jan. 14, 2020 Item #1 Page 18 of 19 City of Carlsbad Investment Portfolio Corporate and Federal Agency Issuers -Percent of Total Portfolio As of November 30, 2019 Corporate Notes Amortized Cost 3M Company $ 6,882,614 Alphabet Inc. 5,125,124 Amazon.com Inc. 4,684,870 Apple Inc. 19,318,524 Automatic Data Processing 4,004,694 Bank of New York Mellon 2,053,325 Berkshire Hathaway 9,611,884 Blackrock Inc. 5,295,550 Chevron 6,012,456 Citibank 1,030,839 Coca Cola Company 5,117,268 Colgate-Palmolive 11,728,582 Exxon Mobil 10,025,374 IBM Corp 2,520,575 Johnson & Johnson 6,033,147 JP Morgan Chase Bank 8,514,916 Microsoft 19,275,483 New York Life 4,000,704 Novartis Capital Corp 1,493,684 Procter & Gamble 7,627,557 Toyota 19,832,394 US Bank NA 7,598,599 Wal-Mart 10,406,850 Wells Fargo Bank NA 8,027,053 Federal Agencies Amortized Cost Federal Agricultural Mortgage Corp. 13,659,858 Federal Farm Credit Bank 85,095,124 Federal Home Loan Bank 86,494,999 Federal Home Loan Mortgage Corp. 98,893,964 Federal National Mortgage Assoc. 39,012,413 Private Export Funding Corp. 5,567,809 RFCO STRIPS 2,956,291 Tennessee Valley Authority 7,284,616 Supranational 29,605,162 US Treasury 83,355,962 Other Amortized Cost Cash and Investments 135,139,307 Total Portfolio Amortized Cost $ 773,287,569 * 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% 0.61% 2.50% 0.52% 0.27% 1.24% 0.68% 0.78% 0.13% 0.66% 1.52% 1.30% 0.33% 0.78% 1.10% 2.49% 0.52% 0.19% 0.99% 2.56% 0.98% 1.35% 1.04% Portfolio Allocation** 1.77% 11.00% 11.19% 12.79% 5.05% 0.72% 0.38% 0.94% 3.83% 10.78% Portfolio Allocation 17.48% EXHIBIT 9 Jan. 14, 2020 Item #1 Page 19 of 19