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2020-03-10; City Council; ; Report on City Investments as of Jan. 31, 2020
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 March 10, 2020 Item #1 Page 3 of 17 City of Carlsbad Investment Portfolio As of January 31, 2020 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 $296,261,912 $316,474,972 $298,435,829 $317,379,573 $ 4,635,909 1.96% 2.00% FN 2,964,786 2,750,760 2,965,170 2,958,990 1.75 1.75 SN 35,040,525 32,551,226 35,442,115 32,810,107 238,454 1.90 1.92 TR 83,359,233 83,311,271 83,854,705 83,601,954 907,941 1.74 1.74 CN 205,786,940 199,366,755 208,769,724 200;835,560 2,088,804 3.91 3.63 CD 14,793,571 15,786,064 15,037,326 16,021,030 440,640 2.35 2.32 MBS (Agency) 1,930,995 1,934,318 1,948,649 1,929,775 724 2.00 2.00 MBS (Non-agency) 0.00 0.00 Bank Account 247,805 557,934 247,805 557,934 0.30 0.30 Sweep 6,686,489 6,503,333 6,686,489 6,503,333 62,865 1.48 0.75 IRT 2,899,791 4,478,921 2,899,791 4,478,921 6,822 0.60 0.30 CAMP 1,000,000 1,000,000 1.76 1.85 LAIF 154,092,558 128,544,097 154,092,558 128,544,097 2,021,558 1.94 2.03 Total $805,064,604 $792,259,652 $811,380,160 $795,621,275 $10,403,715 2.43% 2.37% FA -Federal Agency Notes MBS -Passthrough/Mortgage Backed Securities 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 CAMP -California Asset Management Program CD -Certificate of Deposit LAIF -Local Area Investment Fund m X :::c c:, =i .... March 10, 2020 Item #1 Page 4 of 17 EXHIBIT 2 City of Carlsbad Investment Portfolio As of January 31, 2020 Maturities by Classification and Length of Time at Market Value Class Within 6 Months 7 Months to 1 Year 1 to 5 Years Total % Total FA $53,950,104 $32,352,552 $212,133,173 $298,435,829 36.78% FN 2,965,170 2,965,170 0.37 SN 4,599,487 30,842,628 35,442,115 4.37 TR 10,748,702 13,286,908 59,819,096 83,854,705 10.33 CN 17,304,168 24,058,730 167,406,826 208,769,724 25.73 (2) CD 1,438,803 1,741,787 11,856,736 15,037,326 1.85 MBS (Agency) 1,948,649 1,948,649 0.24 (3) MBS (Non-agency) 0.00 (4) Bank Account 247,805 247,805 0.03 Sweep 6,686,489 6,686,489 0.82 IRT 2,899,791 2,899,791 0.36 CAMP 1,000,000 1,000,000 0.12 LAIF 154,092,558 154,092,558 18.99 Totals $248,368,419 $79,004,634 $484,007,108 $811,380,160 100.0% % Totals 30.6% 9.7% 59.7% 100.0% Total within One Year $327,373,052 (1) 40.4% 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. March 10, 2020 Item #1 Page 5 of 17 16 15 14 13 VI C 12 .2 11 ~ C 10 ·-9 -{/). OJ 8 E 7 0 $8.71 u C 6 +-' VI 5 OJ .... OJ 4 +-' C 3 2 1 $1.48 $1.10 $0.97 ■ --Jan Feb Mar -FY2018-19 City of Carlsbad Investment Portfolio Cumulative Cash Income 13-Month Comparison $1.80 $1.27 $1.34 $0.99 ---■ Apr May Jun Jul Aug Sept -FY 2019-20 -FY 2018-19 Cumulative EXHIBIT 4 $10.40 $1.72 $1.24 $1.24 $1.75 --Oct Nov Dec Jan -FY 2019-20 Cumulative March 10, 2020 Item #1 Page 7 of 17 EXHIBIT 5 City of Carlsbad Investment Portfolio Maturities, Purchases, and Calls this Quarter Maturities CUSIP Issuer Settled Maturity Par Value Book Value Interest Total 3134G33T5 FHLMC 10/5/2015 1/9/2020 3,500,000 3,500,000 24,500 3,524,500 3137EAEE5 FHLMC 4/26/2027 1/17/2020 1,250,000 1,250,000 9,375 1,259,375 3137EAEE5 FHLMC 2/7/2019 1/17/2020 2,000,000 2,000,000 15,000 2,015,000 74267GUU9 Private Bank & Trust 1/23/2015 1/23/2020 247,000 247,000 2,366 249,366 26942ADEO Eagle Bank 7/24/2015 1/24/2020 249,000 249,000 368 249,368 33847EZ34 Flagstar Bank 1/26/2018 . 1/27/2020 247,000 247,000 . 15 247,015 66612AAMO Northfield Bank 1/27/2015 1/27/2020 249,000 249,000 2,071 251,071 3136G3P90 FNMA 7/28/2016 1/28/2020 4,850,000 4,850,000 29,100 4,879,100 06424XBT8 Bank Of Georgetown 1/30/2015 1/30/2020 249,000 249,000 2,071 251,071 3138L14F3 FNMA 12/26/2019 12/25/2022 3,300 3,300 3,739 7,039 12,844,300 12,844,300 88,605 12,932,905 Purchases CUSIP Issuer Settled Maturity Payment Rate Par Value Dollar Price Book Value 31422BRJ1 FAMCA 1/6/2020 1/6/2023 7/6/2020 0.02 2,000,000 100.000 2,000,000 94988J5Xl Wells Fargo Bank NA 1/6/2020 5/27/2022 5/27/2020 0.02 3,000,000 101.334 3,040,020 45905U4Z4 IBRD 1/8/2020 12/15/2024 6/15/2020 0.02 1,425,000 100.000 1,425,000 61690URM4 Morgan Stanley Bank NA 1/9/2020 1/9/2025 7/9/2020 0.02 247,000 100.000 247,000 3135GOT45 FNMA 1/9/2020 4/5/2022 4/5/2020 0.02 2,500,000 100.711 2,517,775 3133XLPP2 FHLB 1/9/2020 6/10/2022 7/10/2020 0.02 3,000,000 109.909 3,297,270 3134GUQ94 FHLMC 1/10/2020 1/10/2025 7/10/2020 0.02 2,000,000 100.000 2,000,000 3134GUT91 FHLMC 1/15/2020 1/15/2025 7/15/2020 0.02 2,000,000 100.000 2,000,000 3133ELHU1 FFCB 1/15/2020 7/15/2022 7/15/2020 0.02 1,500,000 100.034 1,500,510 478160CJ1 Johnson & Johnson 1/15/2020 1/15/2025 7/15/2020 0.02 1,820,000 103.428 1,882,381 313380GJO FHLB 1/15/2020 9/9/2022 3/9/2020 0.02 2,000,000 101.059 2,021,180 931142DV2 Walmart Inc 1/16/2020 12/15/2024 6/15/2020 0.02 2,000,000 103.390 2,067,790 45950VNR3 IFC 1/27/2020 1/15/2025 7/15/2020 0.02 1,000,000 100.000 1,000,000 24,492,000 101.528 . 24,998,926 Calls CUSIP Issuer Settled Maturity Redeemed Par Value Book Value Interest Total 3133EHEN9 FFCB 08/29/2027 04/03/2020 01/09/2020 2,000,000 1,999,964 8,907 2,008,907 3133EF4A2 FFCB 08/18/2017 04/19/2022 01/10/2020 2,000,000 1,996,521 8,640 2,008,640 3133EHYB3 FFCB 12/01/2017 09/12/2022 01/10/2020 1,250,000 1,242,705 7,949 1,257,949 3134GBS86 FHLMC 05/06/2019 10/16/2020 01/16/2020 1,500,000 1,493,948 6,938 1,506,938 3134G9N52 FHLMC 01/11/2019 07/19/202101/19/2020 2,000,000 1,985,727 2,000,000 3133EJ554 FFCB 01/22/2019 01/22/2024 01/22/2020 1,750,000 1,750,000 1,750,000 3134GTGT4 FHLMC 04/24/2019 01/24/2023 01/24/2020 1,750,000 1,750,000 1,750,000 3134GTHH9 FHLMC 04/24/2019 01/24/2022 01/24/2020 2,000,000 2,000,000 2,000,000 3130A8MQ3 FHLB 08/03/2018 10/12/2022 01/27/2020 595,238 579,777 3,255 598,493 3130A8N41 FHLB 04/24/2018 07/27/2021 01/27/2020 1,400,000 1,380,550 1,40Q,OOO 3135GOT37 FNMA 04/23/2018 10/27/2020 01/27/2020 1,750,000 1,741,376 8,313 1,758,313 3l34GBYZ9 FHLMC 10/02/2017 07/27/2021 01/27/2020 3,000,000 3,001,767 3,000,000 3130AFTA5 FHLB 01/30/2019 01/30/2024 01/30/2020 2,500,000 2,500,000 2,500,000 23,495,238 23,422,336 44,000 23,539,239 March 10, 2020 Item #1 Page 8 of 17 EXHIBIT 6 City of Carlsbad Investment Summary As of January 31, 2020 Settlement Maturity Issuer Par Invested Yield Interest Expected Return Federal Investments 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 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 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 02/15i21 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 03/26/19 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 02/16/17 07 /26/21 FHLMC 1,400,000.00 1,392,580.00 2.000% 124,086.67 1,516,666.67 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 03/25/19 02/03/22 FFCB 2,500,000.00 2,483,900.00 2.264% 161,019.44 2,644,919.44 March 10, 2020 Item #1 Page 9 of 17 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 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 01/09/20 04/05/22 FNMA 2,500,000.00 2,517,775.00 1.550% 87,172.92 2,604,947.92 04/23/19 04/08/22 FHLMC 1,500,000.00 1,501,562.50 2.500% 109,375.00 1,610,937.50 04/27/17 04/27 /22 FHLMC 3,500,000.00 3,545,920.00 2.345% 413,455.00 3,959,375.00 01/09/20 06/10/22 FHLB 3,000,000.00 3,297,270.00 1.560% 120,084.17 3,417,354.17 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 01/15/20 07/15/22 FHLMC 1,500,000.00 1,500,510.00 1.586% 59,490.00 1,560,000.00 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 01/15/20 09/09/22 FHLB 2,000,000.00 2,021,180.00 1.590% 84,820.00 2,106,000.00 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 654,761.91 619,972.80 2.900% 728,269.39 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 01/06/20 01/06/23 FAMCA 2,000,000.00 2,000,000.00 1.750% 105,000.00 2,105,000.00 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 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 01/29/19 01/29/24 FHLB 1,500,000.00 1,501,125.00 2.859% 214,500.00 1,715,625.00 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 09/10/2.4 FFCB 2,500,000.00 2,572,420.00 1.480% 189,024.44 2,761,444.44 March 10, 2020 Item #1 Page 10 of 17 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 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 01/10/20 01/10/25 FHLMC 2,000,000.00 2,000,000.00 1.800% 180,000.00 2,180,000.00 01/15/20 01/15/25 FHLMC 2,000,000.00 2,000,000.00 1.900% 190,000.00 2,190,000.00 Sub Total FA 295,252,761.91 296,851,966.59 1.965% 24,366,725.51 321,218,692.10 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 298,252,761.91 299,602,726.59 24,615,965.51 324,218,692.10 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 1,500,000.00 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 01/08/20 12/15/24 IBRD 1,425,000.00 1,425,000.00 1.700% 119,577.30 1,544,577.30 01/27/20 01/15/25 I FC 1,000,000.00 1,000,000.00 1.625% 80,708.33 1,080,708.33 Supranationals 35,025,000.00 34,976,225.89 1.900% 3,309,393.80 38,285,619.69 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 04/15/22 US Treasury 2.25% 1,200,000.00 1,219,125.00 1.571% 45,719.26 1,264,844.26 March 10, 2020 Item #1 Page 11 of 17 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 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 04/09/15 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 Processing 4,000,000.00 4,029,600.00 2.090% 418,lSO.OO 4,447,750.00 11/10/15 11/03/20 Microsoft 5,000,000.00 5,018,550.00 1.920% 479,SOS.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 Bank 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. 2,00_0,000.00 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 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 01/06/20 05/27 /22 Wells Fargo Bank NA 3,000,000.00 3,040,020.00 1.920% 167,839.75 3,207,859.75 08/09/18 06/01/22 Blackrock Inc. 1,000,000.00 1,011,600.0Q 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 3M Company 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 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 Bank 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 March 10, 2020 Item #1 Page 12 of 17 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 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 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 New York 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 Corporation 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 2.9SO% 144,144.72 1,162,009.72 01/16/20 01/15/24 Wal-Mart 2,000,000.00 2,067,790.00 1.900% 192,646.11 2,260,436.11 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 Bank 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 1,5B4,745.83 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 Bank 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 Bank 3,500,000.00 3,500,000.00 2.200% 390,775.03 3,890,775.03 01/15/20 01/15/25 Johnson & Johnson 1,820,000.00 1,882,380.50 1.586% 176,494.50 2,058,875.00 Corporate Notes 204,286,000.00 206,356,945.25 3.906% 18,841,707.05 225,198,652.30 Certificate of Deposit 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 (amenity 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 Federal 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 Bank 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 March 10, 2020 Item #1 Page 13 of 17 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 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 USA 247,000.00 247,180.01 1.900% 13,718.98 260,898.99 12/22/17 12/22/22 Industrial & Cami Bak China 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 24S,000.00 245,000.00 3.050% 37,362.50 -282,362.50 06/20/18 06/20/23 RSC 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 Bank 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 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 Bank 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 Dequeen 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 Bank NA 247,000.00 247,000.00 1.850% 22,872.54 269,872.54 01/09/20 01/09/25 Morgan Stanley Bank NA 247,000.00 247,000.00 1.900% 23,490.72 270,490.72 Certificate of Deposit 14,794,000.00 14,792,063.96 2.352% 1,637,514.60 16,429,578.56 Mortgage Backed Securities (Agency) 12/26/19 12/01/22 FNMA AMl 721 1,917,810.54 1,934,318.11 2.001% 47,535.50 1,981,853.61 Mortgage Backed Securities (Agency) 1,917,810.54 1,934,318.11 2.001% 47,535.50 1,981,853.61 Cash Wells Fargo Bank -General 247,805.00 247,805.00 0.300% 61.10 247,866.10 Sweep Account 6,686,488.53 6,686,488.53 1.480% 8,132.93 6,694,621.46 Wells Fargo Banli -Custody 2,899,790.70 2,899,790.70 0.600% 1,449.90 2,901,240.60 CAMP 1,000,000.00 1,000,000.00 1.760% 1,446.58 1,001,446.58 LAIF City 70,853,256.16 70,853,256.16 1.940% 114,546.10 70,967,802.26 LAIFCMWD 69,749,912.34 69,749,912.34 1.940% 112,762.36 69,862,674.70 LAIF CPFA 13,489,389.34 13,489,389.34 1.940% 21,807.85 13,511,197.19 LAIF CPIC 1.940% Cash 164,926,642.07 164,926,642.07 1.894% 260,206.81 165,186,848.88 GRAND TOTAL 802,577,214.52 805,900,193.34 2.428% 55,018,473.65 860,918,667.00 March 10, 2020 Item #1 Page 14 of 17 City of Carlsbad Investment Portfolio Fund Equity in Pooled Investments As of January 31, 2020 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) 46,633,734 24,068,225 27,692,447 12,001,648 7,514,189 5,912,709 109,057,972 123,325,743 15,342,401 139,876,193 47,792,296 6,528,233 8,230,305 1,471,723 Total Treasurer's Investment Portfolio at Amortized Cost **Figures based an best estimate at the time report run on 2/7/2020. 125,590,799 37,963,917 371,549,069 203,898,750 48,594,571 15,872,758 803,469,863 1,594,740 805,064,604 (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 March 10, 2020 Item #1 Page 15 of 17 City of Carlsbad Investment Portfolio Corporate Note and Commercial Paper Ratings As of January 31, 2020 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 Negative/Stable/Stable Novartis Capital Corp Al AA-AA-Stable Procter & Gamble Aa3 AA-Stable State Street Corporation Al A AA-Stable Toyota Aa3 AA-A+ Negative/Stable/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 01/23/24 05/16/19 1,030,839 Coca Cola Company Al A+ A 09/01/21 01/10/18 5,118,090 IBM Corp. A2 A 11/01/21 11/07 /16 2,521,517 * All investments were in compliance with the city's investment policy when initially purchased. The city's investment policy allows the city treasurer to determine the course of action that would correct exceptions to the policy. All current exceptions 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. March 10, 2020 Item #1 Page 16 of 17 City of Carlsbad Investment Portfolio Corporate and Federal Agency Issuers -Percent of Total Portfolio As of January 31, 2020 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 Morg9n 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 $ 8,886,322 5,110,905 4,678,349 19,315,889 4,003,702 2,050,718 9,610,880 5,283,875 6,017,034 514,388 1,029,599 5,115,623 11,737,730 10,020,333 2,518,690 5,662,132 12,004,614 19,274,613 4,000,101 1,494,059 7,632,249 2,126,917 19,826,937 10,681,531 14,510,090 12,679,663 Amortized Cost 1,930,995 Amortized Cost 15,662,124 81,418,696 79,214,905 74,694,141 32,436,492 5,561,306 2,964,786 7,274,249 35,040,525 83,359,233 Amortized Cost 179,720,213 805,064,604 ========== * No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers. Portfolio Allocation* 1.10% 0.63% 0.58% 2.40% 0.50% 0.25% 1.19% 0.66% 0.75% 0.06% 0.13% 0.64% 1.46% 1.24% 0.31% 0.70% 1.49% 2.39% 0.50% 0.19% 0.95% 0.26% 2.46% 1.33% 1.80% 1.57% Portfolio Allocation* 0.24% Portfolio Allocation** 1.95% 10.11% 9.84% 9.28% 4.03% 0.69% 0.37% 0.90% 4.35% 10.35% Portfolio Allocation 22 .32% EXHIBIT9 March 10, 2020 Item #1 Page 17 of 17