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2020-02-11; City Council; ; Report on City Investments as of Dec. 31, 2019
@ CITY COUNCIL Staff Report Meeting Date: To: From: Staff Contact: Feb. 11,2020 Mayor and City Council Scott Chadwick, City Manager Craig Lindholm, City Treasurer crai_g.lindholm@carlsbadca.gov or 760-602-2473 CA Review l)..)c;., Laura Rocha, Deputy City Manager, Administrative Services laura.rocha@carlsbadca.gov or 760-602-2415 Subject: Report on City Investments as of Dec. 31, 2019 Recommended Action Accept and file Report on City Investments as of Dec. 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. Discussion The city's pooled investment portfolio as of the month ending Dec. 31, 2019 is summarized below. Pooled Investment Portfolio {Cash and Securities) Par Value Investment Cost Amortized Cost (1) Market Value (2) Current Month $789,582,396 $792,259,652 $791,554,650 $795,621,275 Prior Month $771,753,816 $774,092,883 $773,287,569 $777,320,111 (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 Dec. 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. Feb. 11, 2020 Item #1 Page 1 of 23 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 the rating required by the investment policy. Corporate Notes require a double A (AA)/ single A (A) rating while mortgage backed securities require a double A (AA) rating from one rating company. 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 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 10. Investments of Bond Proceeds Held Separately as of Dec. 31, 2019 11. Summary of Outstanding Housing Loans as of Dec. 31, 2019 Feb. 11, 2020 Item #1 Page 3 of 23 City of Carlsbad Investment Portfolio As of December 31, 2019 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 $316,474,972 $336,568,781 $317,379,573 $337,521,435 $ 3,981,837 2.00% 2.02% FN 2,750,760 2,750,760 2,958,990 2,953,770 -1.75 1.75 SN 32,551,226 29,545,226 32,810,107 29,821,877 205,954 1.92 1.91 TR 83,311,271 83,311,271 83,601,954 83,553,248 854,171 1.74 1.74 CN 199,366,755 186,778,965 200,835,560 188,083,988 1,948,429 3.63 3.12 CD 15,786,064 17,021,064 16,021,030 17,268,977 220,777 2.32 2.31 MBS (Agency) 1,934,318 1,929,775 -2.00 0.00 MBS (Non-agency) -0.00 0.00 Bank Account 557,934 422,955 557,934 422,955 0.30 0.75 Sweep 6,503,333 5,711,322 6,503,333 5,711,322 54,947 0.75 1.70 IRT 4,478,921 532,001 4,478,921 532,001 6,246 0.30 0.30 CAMP 1.85 0.00 LAIF 128,544,097 111,450,538 128,544,097 111,450,538 1,378,647 2.03 2.08 Total $792,259,652 $774,092,883 $795,621,275 $777,320,111 $8,651,007 2.37% 2.26% FA -Federal Agency Notes MBS -Passthrough/Mortgage Backed Securities FN -Federal Discount Notes Bank Accownt -General Fund Cash account SN -Supranational Sweep -General Fund Overnight Cash account TR -US Treasury IRT -Investment Cash account CN -Corporate Notes CAMP -California Asset Management Program CD -Certificate of Deposit LAIF -Local Area Investment Fund m X :::c c,:, =i .... Feb. 11, 2020 Item #1 Page 4 of 23 City of Carlsbad Investment Portfolio As of December 31, 2019 Maturities by Classification and Length of Time at Market Value Class Within 6 Months 7 Months to 1 Year 1 to 5 Years Total FA $57,190,480.50 $35,606,287 $224,582,806 $317,379,573 FN 2,958,990 -2,958,990 SN 4,593,820 28,216,287 32,810,107 TR 7,246,182.00 16,779,395 59,576,377 83,601,954 CN 17,302,286.00 22,018,950 161,514,324 200,835,560 CD 2,430,636.27 1,742,473 11,847,921 16,021,030 MBS (Agency) -1,929,775 1,929,775 MBS (Non-agency) - Bank Account 557,934.00 557,934 Sweep 6,503,333.14 -6,503,333 IRT 4,478,921.29 -4,478,921 CAMP - LAIF 128,544,097.14 -128,544,097 Totals $224,253,870 $83,699,915 $487,667,490 $795,621,275 % Totals 28.2 % 10.5% 61.3% 100.0% Total within One Year $307,953,785 (1) 38.7% % Total 39.89% 0.37 4.12 10.51 25.24 (2) 2.01 0.24 (3) 0.00 (4) 0.07 0.82 0.56 0.00 16.16 100.0% 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. (3) Policy states that not more than 20% of portfolio is to be invested in mortgage backed securities. (4) Total non-agency mortgage backed securities shall be limited to 5% of the City's portfolio. m X ::I: c:, :::::j N Feb. 11, 2020 Item #1 Page 5 of 23 16 15 14 13 V) C 12 0 11 ~ C 10 ·-9 -v,. QJ 8 E 0 7 u C 6 ...., V) 5 QJ .... QJ 4 ...., C 3 2 $1.07 $1.48 $1.10 1 1111 ■ -Dec Jan Feb -FY2018-19 City of Carlsbad Investment Portfolio Cumulative Cash Income 13-Month Comparison $0.97 $1.80 $1.27 $0.99 -• --Mar Apr May Jun Jul Aug -FY2019-20 -FY 2018-19 Cumulative EXHIBIT4 $1.34 $1.72 $1.24 $1.24 --• Sept Oct Nov Dec -FY 2019-20 Cumulative Feb. 11, 2020 Item #1 Page 7 of 23 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 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 17284C5A8 Citi Bank 12/3/2014 12/3/2019 247,000 247,000 2,724 249,724 02587DWS3 American Express 12/4/2014 12/4/2019 247,000 247,000 2,724 249,724 478160BM5 Johnson & Johnson 4/20/2016 12/5/2019 2,250,000 2,250,000 21,094 2,271,094 94988J5G8 Wells Fargo Bank NA 1/17/2018 12/6/2019 2,500,000 2,500,000 26,875 2,526,875 05580AAZ7 BMW Bank 12/10/2014 12/10/2019 247,000 247,000 2,663 249,663 795450VR3 Sallie Mae 12/23/2014 12/10/2019 247,000 247,000 2,724 249,724 3130AOJR2 FHLB 6/15/2015 12/13/2019 3,370,000 3,370,000 40,019 3,410,019 3130AOJR2 FHLB 2/21/2017 12/13/2019 1,000,000 1,000,000 11,875 1,011,875 61747MD99 Morgan Stanley 12/21/2017 12/23/2019 247,000 247,000 28 247,028 3136G3TQ8 FNMA 5/19/2017 12/27/2019 2,500,000 2,500,000 15,000 2,515,000 38,526,000 38,526,000 299,112 38,825,112 Feb. 11, 2020 Item #1 Page 8 of 23 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 3132X0NX5 FAMCA 11/4/2019 1/3/2022 1/3/2020 2.17 2,000,000 99.909 1,998,180 3137EADB2 FHLMC 11/12/2019 1/13/2022 1/13/2020 1.66 1,000,000 101.520 1,015,200 459058HP1 IBRD 11/13/2019 11/13/2024 5/13/2020 2.05 1,500,000 100.000 1,500,000 3133EK5Y8 FFCB 11/14/2019 2/14/2022 2/14/2020 1.79 2,000,000 99.950 1,999,000 09247XAL5 Blackrock Inc. 11/14/2019 3/18/2024 3/18/2020 1.92 1,000,000 106.542 1,065,420 31422BPG9 FAMCA 11/15/2019 11/1/2024 5/15/2020 1.79 2,000,000 99.986 1,999,720 3134GUKY5 FHLMC 11/15/2019 10/21/2022 4/21/2020 1.82 2,000,000 100.100 2,002,000 46632FQP3 JP Morgan Chase Bank 11/18/2019 11/18/2022 5/18/2020 2.10 3,000,000 100.000 3,000,000 90331HNP4 USBankNA 11/18/2019 4/26/2021 4/26/2020 1.71 1,000,000 101.922 1,019,220 48125LRN4 JP Morgan Chase Bank 11/18/2019 4/26/2021 4/26/2020 1.91 1,500,000 100.510 1,507,650 . 3130AHJQ7 FHLB 11/19/2019 11/19/2024 5/19/2020 2.07 3,000,000 100.000 3,000,000 9128286M7 US Treasury 2.25% 11/20/2019 4/15/2022 4/15/2020 1.57 1,200,000 101.594 1,219,125 912828YK0 US Treasury 1.375% 11/20/2019 10/15/2022 4/15/2020 1.57 1,500,000 99.448 1,491,720 75472RAN1 Raymond James Bank NA 11/26/2019 11/26/2024 5/26/2020 1.85 247,000 100.000 247,000 912828G87 US Treasury 2.125% 11/27/2019 12/31/2021 12/31/2019 1.57 2,000,000 101.133 2,022,656 037833AY6 Apple Inc. 11/29/2019 2/9/2022 2/9/2020 1.73 2,000,000 . 100.899 2,017,980 459058HG1 IBRD 12/9/2019 9/23/2024 3/23/2020 1.94 3,000,000 100.200 3,006,000 17275RAV4 . Cisco Systems Inc 12/11/2019 6/15/2022 12/15/2019 1.75 500,000 103.046 515,230 3134GUVG2 FHLMC 12/13/2019 11/27/2023 5/27/2020 1.79 1,965,000 99.950 1,964,018 3134GUYU8 FHLMC 12/18/2019 12/18/2023 6/18/2020 1.85 1,500,000 100.000 1,500,000 3133ELCQ5 FFCB 12/19/2019 6/3/2024 6/3/2020 1.83 3,000,000 99.925 2,997,750 88579YAF8 3M Company 12/19/2019 6/26/2022 12/26/2019 1.78 2,000,000 100.546 2,010,920 94988JST0 Wells Fargo Bank 12/19/2019 10/22/2021 4/22/2020 1.85 4,000,000 103.050 4,122,000 3130AHQ71 FHLB 12/23/2019 6/23/2022 6/23/2020 1.73 1,500,000 100.000 1,500,000 46632FQW8 JP Morgan Chase Bank 12/23/2019 12/23/2024 3/23/2020 2.20 3,500,000 100.000 3,500,000 90331HNX7 US Bank NA 12/23/2019 11/16/2021 5/16/2020 1.73 3,000,000 103.054 3,091,620 857477AM5 State Street Corporation 12/23/2019 11/20/2023 5/20/2020 1.96 2,000,000 106.522 2,130,440 931142DU4 Wal-Mart 12/23/2019 12/15/2022 6/15/2020 1.77 2,000,000 101.629 2,032,580 3138L14F3 FNMAAM1721 12/26/2019 12/1/2022 1/25/2020 2.00 1,921,110 100.688 1,934,318 81,106,110 101.474 82,181,552 Feb. 11, 2020 Item #1 Page 9 of 23 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 1.0/18/2019 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 04/28/202110/28/2019 2,500,000 2,498,875 18,750 2,518,750 3130AGDU6 FH LB 05/09/2019 05/08/2024 11/08/2019 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 3133EHPE7 FFCB 01/16/2019 06/22/2022 12/03/2019 1,205,000 1,187,081 11,101 1,216,101 3134GBRM6 FHLMC 03/13/2019 06/08/2022 12/08/2019 1,800,000 1,782,006 1,800,000 3134GBC83 FHLMC 03/09/2018 06/14/2022 12/14/2019 1,000,000 988,374 1,000,000 3130AFKJS . FHLB 12/18/2018 12/28/2023 12/18/2019 1,750,000 1,750,000 1,750,000 3134GTTX1 FHLMC 06/28/2019 06/20/2024 12/20/2019 2,790,000 2,790,000 2,790,000 3130A7ESO FHLB 03/22/2016 03/22/202112/22/2019 2,500,000 2,499,688 12,500 2,512,500 3134GBTE2 FHLMC 06/22/2017 06/22/2022 12/22/2019 875,000 875,000 875,000 3130ACF66 FHLB 01/14/2019 09/26/2022 12/26/2019 1,000,000 984,908 5,375 1,005,375 3134GB6QO FHLMC 12/27/2017 12/27/2022 12/27/2019 3,000,000 3,000,000 3,000,000 3134GSJSS FHLMC 01/04/2019 12/27/202112/27/2019 1,250,000 1,253,984 1,250,000 3134GBSC7 FHLMC 12/19/2017 06/29/2022 12/29/2019 1,soo;ooo 2,500,000 1,500,000 3134GBUJ9 FHLMC 06/29/2017 06/29/2022 12/29/2019 2,500,000 1,496,687 2,500,000 53,825,000 53,705,409 264,430 54,089,430 Feb. 11, 2020 Item #1 Page 10 of 23 EXHIBIT6 City of Carlsbad Investment Summary As of December 31, 2019 Settlement Maturity Issuer Par Invested Yield Interest Expected Return Federal Investments 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 1,557,53Ei.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 Feb. 11, 2020 Item #1 Page 11 of 23 Settlement Maturity Issuer Pa r Invested Yield Interest Expected Return 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 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 2J43% 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 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 FHLMC 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 1,610,937.50 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 FHLIViC 3,500,000.00 3,545,920.00 2.345% 413,455.00 3,959,375.00 06/05/18 06/15/22 FFCB 1,000,000.00 965,500.00 2.740% 108,208.33 1,073,708.33 12/23/19 06/23/22 FHLB 1,500,000.00 1,500,000.00 1.730% 64,875.00 1,564,875.00 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 FHLB 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 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 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 Feb. 11, 2020 Item #1 Page 12 of 23 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 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 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 12/13/19 11/27/23 FHLMC 1,965,000.00 1,964,017.50 1.788% 138,947.33 2,102,964.83 06/28/19 12/05/23 FFCB 1,500,000.00 . 1,569,280.50 1.870% 127,682.83 1,696,963.33 12/18/19 12/18/23 FHLMC 1,500,000.00 1,500,000.00 1.850% 111,000.00 1,611,000.00 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 12/19/19 06/03/24 FFCB 3,000,000.00 2,997,750.00 1.830% 246,860.00 3,244,610.00 08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457% 103,884.90 1,621,263.00 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 315,348,000.00 316,474,971.79 1.998% 25;428,208.86 341,903,180.65 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 318,348,000.00 319,225,731.79 25,677,448.86 344,903,180.65 Supra nationals 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 Feb. 11, 2020 Item #1 Page 13 of 23 Settlement Maturity Issuer Par Invest ed Yield Interest Expected Return 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 1,500,000.00 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 12/10/19 09/23/24 IBRD 3,000,000.00 3,006,000.00 1.941% 310,066.67 3,316,066.67 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 32,600,000.00 32,551,225.89 1.916% 3,109,108.17 35,660,334.06 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 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 1,150,500.00 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/p 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 Feb. 11, 2020 Item #1 Page 14 of 23 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 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 04/09/15 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 ExxonMobil 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 ADP 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 ExxonMobil 2,000,000.00 2,042,900.00 1.750% 172,263.67 2,215,163.67 07/26/16 03/01/21 ExxonMobil 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 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 12/19/19 10/22/21 Wells Fargo Bank 4,000,000.00 4,122,000.00 1.851% 145,041.67 4,267,041.67 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 11/15/21 Colgate-Palmolive 2,250,000.00 2,271,141.00 2.200% 196,449.62 2,467,590.62 12/23/19 11/16/21 US Bank NA 3,000,000.00 3,091,620.00 1.730% 104,742.50 3,196,362.50 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 ExxonMobil 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 12/11/19 06/15/22 Cisco Systems Inc 500,000.00 515,230.00 1.755% 22,436.67 537,666.67 12/19/19 06/26/22 3MCompany 2,000,000,00 2,010,920.00 1.777% 89,857.78 2,100,777.78 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 Feb. 11, 2020 Item #1 Page 15 of 23 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 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 12/23/19 12/15/22 Wal-Mart 2,000,000.00 2,032,580.00 1.770% 107,375.56 2,139,955.56 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 3MCompany 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 1,250,000.00 1,251,625.00 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 12/23/19 11/20/23 State Street Corp 2,000,000.00 2,130,440.00 1.958% 158,776.67 2,289,216.67 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 Inc. 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 Inc. 2,000,000.00 2,087,280.00 2.800% 192,097.78 2,279,377.78 12/23/19 12/23/24 JP Morgan Chase 3,500,000.00 3,500,000.00 2.200% 390,775.03 3,890,775.03 Corporate Notes 197,466,000.00 199,366,754.75 3.630% 18,304,726.69 217,671,481.44 Certificate of Deposit 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 EagleBank 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 WexBank 247,000.00 247,000.00 1.850% 13,721.19 260,721.19 Feb. 11, 2020 Item #1 Page 16 of 23 Settlement Maturity Issuer Par Invested Yield Interest Expected Return . 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 MechantileBankOf 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 07/31/17 07/29/22 KSStateBank 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 WillametteValleyBank 249,000.00 249,000.00 2.100% 26,145.00 275,145.00 09/29/17 09/29/22 Allegiane Bank Texs 249,000.00 249,000.00 2.150% 26,767.50 275,767.50 09/14/17 09/14/22 First Bank of 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 Bank 247,000.00 247,180.01 1.900% 13,718.98 260,898.99 12/22/17 12/22/22 Industrial & Cami Bak 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 Coop Bank 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 JPMorgan 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 EagleBank 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 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 247,000.00 247,000.00 1.850% 22,872.54 269,872.54 Certificate of Deposit 15,788,000.00 15,786,063.96 2.318% 1,709,378.63 17,495,442.59 Mortgage Backed Sec1,1rities 12/26/19 12/01/22 FNMAAM1721 1,921,110.48 . 1,934,318.11 2.001% 47,535.50 1,981,853.61 Mortgage Backed Securities 1,921,110.48 1,934,318.11 2.001% 47,535.50 1,981,853.61 Feb. 11, 2020 Item #1 Page 17 of 23 Settlement Maturity Issuer Par Invested Yield Interest Expected Return Cash Wells Fargo Bank-General 557,934.00 557,934.00 0.300% 137.57 558,071.57 Sweep Account 6,503,333.14 6,503,333.14 0.750% 4,008.90 6,507,342.04 Wells Fargo Bank-Custody 4,478,921.29 4,478,921.29 0.300% 1,119.73 4,480,041.02 CAMP 1.850% LAIF City 64,586,071.82 64,586,071.82 2.030% 109,258.11 64,695,329.93 LAIF CMWD 62,586,642.50 62,586,642.50 2.030% 105,875.74 62,692,518.24 LAIF CPFA 1,371,382.82 1,371,382.82 2.030% 2,319.92 1,373,702.74 LAIF CPIC 2.030% Cash 140,084,285.57 140,084,285.57 1.908% 222,719.97 140,307,005.54 GRANDTOTAL 789,582,396.05 792,259,651.54 2.368% 55,377,068.21 847,636,719.75 Feb. 11, 2020 Item #1 Page 18 of 23 City of Carlsbad Investment Portfolio Fund Equity in Pooled Investments As of December 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) 46,979,797 24,019,217 27,543,040 11,927,319 6,719,108 5,993,957 107,104,046 124,299,764 15,042,800 141,300,155 49,850,716 6,516,332 7,921,578 1,534,116 Total Treasurer's Investment Portfolio at Amortized Cost **Figures based on best estimate at the time report run on 1/10/2020. 115,674,154 37,474,066 369,629,049 207,122,897 48,507,604 16,321,146 794,728,917 (3,174,267) 791,554,650 (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 Feb. 11, 2020 Item #1 Page 19 of 23 City of Carlsbad Investment Portfolio Corporate Note and Commercial Paper Ratings As of December 31, 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 Cisco Systems Inc. Al 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 State Street Corporation Al A 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 Mortgage Backed Securities Moody's S&P Fitch Outlook FNMA (AM1721) Aaa AAA Stable 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. Ratings of mortgage backed securities must be AA or better by one of the three: Moody's, S&P, or Fitch. Investments with Subsequent Changes in Credit Rating* EXHIBIT 8 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. Feb. 11, 2020 Item #1 Page 20 of 23 City of Carlsbad Investment Portfolio Corporate and Federal Agency Issuers -Percent of Total Portfolio As of December 31, 2019 Corporate Notes 3M Company Alphabet Inc. Amazon.com Inc. Apple Inc. Automatic Data Processing Bank of New York Mellon Berkshire Hathaway Blackrock Inc. Chevron Cisco Systems Inc. Citibank Coca Cola Company Colgate-Palmolive Exxon Mobil IBM Corp Johnson & Johnson JP Morgan Chase Bank Microsoft New York Life Novartis Capital Corp Procter & Gamble State Street Corporation Toyota US Bank NA Wal-Mart Wells Fargo Bank NA Mortgage Backed Securities (Agency) FNMA Federal Agencies Federal Agricultural Mortgage Corp. Federal Farm Credit Bank Federal Home Loan Bank Federal Home Loan Mortgage Corp. Federal National Mortgage Assoc. Private Export Funding Corp. RFCO STRIPS Tennessee Valley Authority Supranational US Treasury Other Cash and Investments Total Portfolio Amortized Cost $ Amortized Cost $ 8,890,036 5,118,014 4,681,609 19,317,206 4,004,198 2,052,022 9,611,382 5,289,713 6,014,745 514,893 1,030,219 5,116,445 11,733,156 10,022,854 2,519,6~2 3,781,627 12,009,765 19,275,048 4,000,402 1,493,871 7,629,903 2,129,698 19,829,665 10,687,351 12,441,487 9,646,586 Amortized Cost 1,934,318 Amortized Cost 13,660,991 86,906,725 78,377,496 87,674,492 36,511,802 5,564,558 2,960,538 7,279,432 32,613,358 83,357,597 Amortized Cost 155,871,817 791,554,650 ========== * No more than 5% may be investe·d with a single issuer. **There are no percentage limits on federal agency issuers. Portfolio Allocation* 1.12% 0.65% 0.59% 2.44% 0.51% 0.26% 1.21% 0.67% 0.76% 0.07% 0.13% 0.65% 1.48% 1.27% 0.32% 0.48% 1.52% 2.44% 0.51% 0.19% 0.96% 0.27% 2.51% 1.35% 1.57% 1.22% Portfolio Allocation* 0.24% Portfolio Allocation** 1.73% 10.98% 9.90% 11.08% 4.61% 0.70% 0.37% 0.92% 4.12% 10.53% Portfolio Allocation 19.69% EXHIBIT9 Feb. 11, 2020 Item #1 Page 21 of 23 City of Carlsbad Investments of Bond Proceeds Held Separately December 31, 2019 Stated Int. Maturity Name and Fund Type Investments Rate Date Par Value Assessment District 03-01 (College/Cannon) Project Fund Invesco Gov. & Agency -Institutional Money Market N/A N/A $ 976,600 Assessment District 96-01 (Rancho Carrillo) Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIC) 6.03% 09/02/28 $ 1,292,770 Reassessment District 2012-1 (College/Cannon & Poinsettia Lane) Reserve Fund Invesco Gov. & Agency -Institutional Money Market various N/A $ 2,274,444 Other Invesco Gov. & Agency -Institutional Money Market various N/A $ 366 Communities Facilities District #3 Improvement Area 1, 2016 Bonds Reserve Fund Invesco Gov. & Agency -Institutional Money Market various 09/01/36 $ 570,536 Other Invesco Gov. & Agency -Institutional Money Market various 09/01/36 $ 52 Communities Facilities District #3 Improvement Area 2, 2016 Bonds Reserve Fund Invesco Gov. & Agency -Institutional Money Market various 09/01/38 $ 832,188 Other Invesco Gov. & Agency -Institutional Money Market various 09/01/38 $ 498 $ $ $ $ $ $ $ $ $ 5,947,454 $ Cost Fiscal Agent: 976,600 Fiscal Agent: 1,292,770 Fiscal Agent: 2,274,444 366 Fiscal Agent: 570,536 52 Fiscal Agent: 832,188 498 5,947,454 Source BNY Mellon Invesco BNY Mellon HSBC Bank of New York BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon m X :I: !!? --i I-" 0 Feb. 11, 2020 Item #1 Page 22 of 23 City of Carlsbad Summary of Housing Loans As of December 31, 2019 Loans issued by Loans issued First date #of loans City to developers/ by Developer # of loans Borrower Develoement Pureose issued issued homeowners to homeowners outstanding Outstanding Loans lndi~dual homebuyers Calavera Hills Sale 10/15/99 5 $75,000 $ 150,000 1 lndi~dual homebuyers Cherry Tree Walk Sale 06/28/99 42 453,600 452,600 12 lndh,idual homebuyers Serrano Sale 05/25/01 90 1,350,000 4,050,000 23 1ndi\.1dual homebuyers Rancho Cansbad Sale 05/20/99 22 752,533 5 lndi\.1dual homebuyers Solamar Sale 09/26/88 9 147,726 1 Catholic Charities Homeless shelter Shelter 09/19/97 1 200,000 1 Pacific Vista Las Flores Vista Las Flores Rentals 02/27101 1 363,948 1 CIC Cala\era LP Mariposa Apts Rentals 09115104 1 1,060,000 1 lndi\.tdual homebuyers Mulberry at Bressi Sale 04129/05 100 1,840,000 19,660,200 100 lndi\tdual homebuyers Village by the Sea Sale 10/28/05 11 220,000 4,087,200 11 lndi\4dual homebuyers-Laguna Point Sale 07/06/06 3 210,000 2 lndi\.1dual homebuyers The Bluffs Sale 06/14/07 10 200,000 10 lndi\.1dual homebuyers Roose-..elt Gardens Sale 08/30/07 11 1,583,423 11 CIC La Costa Hunters Point Rentals 08119/08 1 1,932,000 1 Down Payment & Closing Cost Assistance Various Assistance 06/25/09 22 255,518 20 CIC Glen Ridge, LP Glen Ridge Rentals 10/05/09 1 1,014,000 1 North County Solutions for Change Property Acquisition Rentals 06/28/12 1 780,000 1 Catholic Charities Homeless shelter Shelter 03/01/10 3 507,585 3 lndi\.1dual homeowners N/A Minor Home Repair 05/20/10 12 32,877 6 Hospice of North Coast NIA Property Acquisition 02/27113 1 1,065,000 1 Harding Street Neighbors, LP Carol-Harding Duplex Property Acquisition 03/14113 1 7,408,000 1 Tracy Templeton Laguna Point Sale 04/17113 1 108,150 1 Thomas & Judy Kim Rose Bay Sale 08/23113 1 229,775 1 Solutions for Change NIA Property Acquisition 12/19114 1 2,646,000 1 Chelsea Inv Corp/Quarry Creek CiC LLP Quarry Creek Rentals 08/31/16 1 1,280,000 1 Subtotal Outstanding Loans 352 $ 25,715,135 $ 28,400,000 217 Loans Paid Off lndi\.1dual homebuyers City-wide (CHAP) Sale 06128199 133 $1,680,000 $ o CB Laurel Tree Apartments Laurel Tree Rentals 12/24198 2 1,134,000 o USA Properties clo CFHP Rancho Carrillo Rentals 03105101 1 1,157,584 o Poinsettia Housing Assoc Poinsettia Station Rentals 1012119.9 1 920,000 o Bridge Housing Corp Villa Loma Rentals 11104/94 2 2,212,000 o Do\€ Family Housing La Costa Paloma Rentals 07115/03 1 2,070,000 o El Camirio Family Housing Cassia Heights Rentals 03/07/06 1 1,454,276 o Tavarua Senior Apartments, LP Tavarua Rentals 12114/11 1 o Subtotal Loans Paid Off 142 $ 10,627,860 $ o Total 494 $ 36,342,996 $ 28,400,000 217 October: Received a $229.471.49 payment related to the Poinsettia Station development & issued a $2,200.00 Minor Home Repair loan. Developer Developer City loan loan repaid Loan amount loan amount reeaid to City to Cit:{ due to City Allowance due to City ($60,000) $ (120,000) $ 15,000 $0.00 $ 30,000 (324,000) (283,250) 129,600 169,350 (1,050,000) (2,790,000) 300,000 1,260,000 (616,633) 135,900 (135,065) 12,661 200,000 (200,000) 363,948 1,060,000 1,840,000 19,660,200 220,000 4,087,200 (70,000) 140,000 200,000 1,583,423 1,932,000 (31,900) 223,618 1,014,000 780,000 507,585 (507,585) (4,083) 28,794 (25,794) 1,065,000 (1,065,000) 7,408,000 108,150 . 229,775 2,646,000 (285,908) 994,092 $ (2,577,724) $ (3,193,250) $ 23,137,411 $ (1,798,379) $ 25,206,750 ($1,680,000) $ ($0) $0.00 $ (1,134,000) (0) (1,157,584) (0) (920,001) (0) (2,212,000) (2,070,000) ,, (0) (1,454,276) $ (10,627,861) $ $ (1) $ $ $ (13,205,585) $ (3,193,250) $ 23,137,410 $ (1,798,379) $ 25,206,750 Total 45,000 298,950 1,560,000 135,900 12,661 200,000 363,948 1,060,000 21,500,200 4,307,200 140,000 · 200,000 1,583,423 1,932,000 223,618 1,014,000 780,000 507,585 28,794 1,065,000 7,408,000 108,150 229,775 2,646,000 994,092 $ 48,344, 161 (0) (0) (0) (0) (0) $ (1) _$ 48,344,160 m X ::I: 0::, =i .... .... Feb. 11, 2020 Item #1 Page 23 of 23