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2020-05-05; City Council; ; Report on City Investments as of March 31, 2020
~ CITY COUNCIL .~ Staff Report Meeting Date: To: From: Staff Contact: Subject: May 5, 2020 Mayor and City Council Scott Chadwick, City Manager Craig Lindholm, City Treasurer craig.lindholm@carlsbadca.gov or 760-602-2473 Laura Rocha, Deputy City Manager, Administrative Services laura.rocha@carlsbadca.gov or 760-602-2415 Report on City Investments as of March 31, 2020 Recommended Action Accept and file Report on City Investments as of March 31, 2020 Executive Summary CA Review CKM The city's Investment Policy requires the city treasurer to report the status of the city's pooled investment portfolio to the City Council each month. Discussion & Fiscal Analysis The city's pooled investment portfolio as of the month ending March 31, 2020 is summarized below. Pooled Investment Portfolio (Cash and Securities) Current Month Prior Month Par value 1 $787,678,099 $799,610,453 Investment cost $791,742,320 $803,624,089 Amortized cost2 $790,714,689 $802,655,941 Market value 3 $800,719,241 $812,267,690 (1) The face value of the investments. (2) The cost of investments adjusted for amortized premiums and discounts. (3) The amount at which the investments could be sold. Source of market value is Wells Fargo Bank's custodial report, as of March 31, 2020. May 5, 2020 Item #1 Page 1 of 21 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 shouid be sold. The U.S. economy has been unmeasurably impacted by the COVID-19 pandemic. The United States, and much of the rest of the world, is on a social lockdown in order to prevent the spread of the virus. Many businesses are suspended, which greatly reduces city revenues. However, the city treasurer is ensuring cash demands can be met during this time by continuing to make informed, sound and secure market decisions. Security and liquidity have always been at the forefront of decision-making, which enables the investment portfolio to continue to meet the needs of the city through this emergency. On March 15th the Federal Reserve reduced the target loan rate to 0%. As a result, the Local Agency Investment Fund and California Asset Management Program rates have reduced significantly. The yield of investment portfolio has also decreased. However, the investment portfolio continues to return a competitive yield. 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 the California Environmental Quality Act 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 L 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 5. Maturities, Purchases and Calls this Quarter 6. Detailed Investment Report 7. Fund Equity in Pooled Investments 8. Corporate Note and Mortgage Backed Security Ratings 9. Issuers Portfolio Allocation at Amortized Cost 10. Investments of Bond Proceeds Held Separately as of March 31, 2020 11. Summary of Housing Loans as of March 31, 2020 May 5, 2020 Item #1 Page 3 of 21 City of Carlsbad Investment Portfolio As of March 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 FA $265,885,448 $292,461,049 FN 2,750,760 2,750,760 SN 39,669,269 36,146,764 TR 84,289,262 87,869,314 CN 211,490,748 220,391,752 CD 17,034,034 15,294,034 MBS (Agency) 3,960,531 3,964,226 MBS (Non-agency) Bank Account 3,355,486 61,668 Sweep 2,165,958 3,974,719 IRT 1,535,886 106,250 CAMP 1,001,769 1,000,384 LAIF 158,603,169 139,603,169 Total $791,742,320 $803,624,089 FA -Federal Agency Notes FN -Federal Discount Notes SN -Supranational TR -US Treasury CN -Corporate Notes CD -Certificate of Deposit Current Month $270,003,627 2,991,270 40,578,265 86,170,511 212,982,740 17,311,982 4,018,579 3,355,486 2,165,958 1,535,886 1,001,769 158,603,169 $800,719,241 Prior Month YTD Income Current Month $295,363,671 $ 5,800,734 1.95% 2;974,320 1.75 36,799,964 366,894 1.83 88,908,951 1,162,863 1.73 223,875,536 3,037,781 2.24 15,590,416 498,873 2.18 4,008,642 11,394 1.85 0.00 61,668 0.30 3,974,719 75,374 0.21 106,250 7,871 0.01 1,000,384 I 1,769 1.22 139,603,169 2,021,558 1.73 $812,267,690 $12,985,110 1.94% MBS -Passthrough/Mortgage Backed Securities Bank Account -General Fund Cash account Sweep -General Fund Overnight Cash account IRT.-Investment Cash account CAMP -California Asset Management Program LAIF -Local Area Investment Fund Prior Month 1.92% 1.75 1.89 1.66 4.04 2.31 1.85 0.00 0.30 1.44 0.60 1.73 1.91 2.47% m X :::c C::J =i .... May 5, 2020 Item #1 Page 4 of 21 City of Carlsbad Investment Portfolio As of March 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 $41,356,075 $23,585,653 $205,061,900 $270,003,627 33.72% FN 2,991,270 2,991,270 0.37 SN 3,104,338 1,512,555 35,961,372 40,578,265 5.07 TR 10,199,946 15,803,077 60,167,489 86,170,511 10.76 CN 14,012,830 18,541,205 180,428,705 212,982,740 26.60 (2) CD 3,421,111 749,747 13,141,124 17,311,982 2.16 MBS (Agency) 4,018,579 4,018,579 0.50 (3) MBS (Non-agency) 0.00 (4) Bank Account .3,355,486 3,355,486 0.42 Sweep 2,165,958 2,165,958 0.27 IRT 1,535,886 1,535,886 0.19 CAMP 1,001,769 1,001,769 0.13 LAIF 158,603,169 158,603,169 19.81 Totals $238,756,567 $63,183,506 $498,779,168 $800,719,241 100.0% % Totals 29.8% 7.9% 62.3% 100.0% Total within One Year $301,940,073 (1) 37.7% 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 at time of purchase. (3) Policy states that not more than 20% of portfolio is to be invested in mortgage backed securities at time of purchase. (4) Total non-agency mortgage backed securities shall be limited to 5% of the city's portfolio. m >< :c c:, =i N May 5, 2020 Item #1 Page 5 of 21 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 FNMAAM1721 12/26/2019 1/25/2020 3,300 3,300 3,739 7,039 554479DT9 Macias Savings Bank 2/6/2015 2/6/2020 247,000 247,000 2,055 249,055 64952WBY8 New York Life 4/9/2015 2/11/2020 2,000,000 2,000,000 19,500 2,019,500 64952WBY8 New York Life 1/20/2017 2/11/2020 2,000,000 2,000,000 19,500 2,019,500 3134G9CPO FHLMC 5/13/2016 2/13/2020 2,750,000 2,750,000 17,875 2,767,875 3133EFZT7 FFCB 2/24/2016 2/24/2020 1,000,000 1,000,000 7,000 1,007,000 3134G8JT7 FHLMC 2/24/2016 2/24/2020 1,750,000 1,750,000 13,125 1,763,125 88413QBB3 Third Federal 3/3/2015 2/26/2020 247,000 247,000 2,179 249,179 3134GAXC3 FHLMC 1/4/2017 2/28/2020 2,000,000 2,000,000 12,500 2,012,500 3138L14F3 FNMAAM1721 12/26/2019 2/25/2020 3,309 3,332 3,732 7,064 912828J50 US Treasury 12/22/2016 2/29/2020 2,200,000 2,200,000 15,125 2,215,125 912828J50 US Treasury 1/10/2017 2/29/2020 1,400,000 1,400,000 9,625 1,409,625 166764AR1 Chevron 9/25/2015 3/3/2020 2,800,000 2,800,000 27,454 2,827,454 30231GAG7 Exxon Mobil 11/4/2015 3/6/2020 5,000,000 5,000,000 47,800 5,047,800 742651DU3 PEFCO 5/23/2016 3/15/2020 3,000,000 3,000,000 33,750 3,033,750 880591EVO TVA 5/4/2018 3/15/2020 1,700,000 1,700,000 19,125 1,719,125 880591EVO TVA 6/11/2018 3/15/2020 1,250,000 1,250,000 14,063 1,264,063 880591EVO TVA 6/12/2018 3/15/2020 1,250,000 1,250,000 14,063 1,264,063 3138L14F3 FNMAAM1721 12/26/2019 3/26/2020 3,670 3,695 3,460 7,180 43,445,279 43,445,327 370,535 43,815,887 May 5, 2020 Item #1 Page 8 of 21 Purchases CUSIP Issuer Settled Maturity Payment Rate Par Value Dollar Price Book Value 31422BRJ1 FAMCA 1/6/2020 1/6/2023 7/6/2020 1.75% 2,000,000 100.000 2,000,000 94988J5Xl Wells Fargo Bank NA 1/6/2020 5/27/2022 5/27/2020 1.92% 3,000,000 101.334 3,040,020 45905U4Z4 IBRD 1/8/2020 12/15/2024 6/15/2020 1.70% 1,425,000 100.000 1,425,000 61690URM4 Morgan Stanley Bank NA 1/9/2020 1/9/2025 7/9/2020 1.90% 247,000 100.000 247,000 3135GOT45 FNMA 1/9/2020 4/5/2022 4/5/2020 1.55% 2,500,000 100.711 2,517,775 3133XLPP2 FHLB 1/9/2020 6/10/2022 7/10/2020 1.56% 3,000,000 109.909 3,297,270 3134GUQ94 FHLMC 1/10/2020 1/10/2025 7/10/2020 1.80% 2,000,000 100.000 2,000,000 3134GUT91 FHLMC 1/15/2020 1/15/2025 7/15/2020 1.90% 2,000,000 100.000 2,000,000 3133ELHU1 FFCB 1/15/2020 7/15/2022 7/15/2020 1.59% 1,500,000 100.034 1,500,510 47816001 Johnson.& Johnson 1/15/2020 1/15/2025 7/15/2020 1.88% 1,820,000 103.428 1,882,381 313380GJO FHLB 1/15/2020 9/9/2022 3/9/2020 1.59% 2,000,000 101.059 2,021,180 931142DV2 Walmart Inc 1/16/2020 12/15/2024 6/15/2020 1.90% 2,000,000 103.390 2,067,790 45950VNR3 IFC 1/27/2020 1/15/2025 7/15/2020 1.63% 1,000,000 100.000 1,000,000 3138L1CU1 FN AM0982 2/4/2020 11/1/2022 3/25/2020 1.70% 2,000,000 101.828 2,036,563 912828Y20 US Treasury 2/6/2020 7/15/2021 7/15/2020 1.47% 3,000,000 101.632 3,048,960 94988J5Q6 Wells Fargo Bank 2/6/2020 7/23/2021 4/23/2020 1.74% 3,500,000 100.224 3,507,849 05580AUR3 BMW Bank 2/7/2020 2/7/2023 8/7/2020 1.65% 247,000 100.000 247,000 3133ELMH4 FFCB 2/7/2020 5/6/2024 5/6/2020 1.78% 2,000,000 99.950 1,999,000 3130AJ3K3 FHLB 2/10/2020 2/10/2025 8/10/2020 1.87% 2,500,000 99.875 2,496,875 3134GVAT5 FHLMC 2/12/2020 2/12/2025 8/12/2020 1.80% 2,000,000 100.000 2,000,000 3134GVAS7 FHLMC 2/12/2020 8/12/2024 8/12/2020 1.80% 2,000,000 100.000 2,000,000 7954506G5 Sallie Mae Bank 2/12/2020 2/14/2022 8/12/2020 1.70% 247,000 100.000 247,000 17325FAS7 Citibank 2/13/2020 1/23/2024 7/23/2020 1.77% 2,500,000 106.987 2,674,670 17325FAS7 Citibank 2/13/2020 1/23/2024 7/23/2020 1.73% 2,000,000 107.130 2,142,600 3134GVBQO FHLMC 2/14/2020 2/14/2025 8/14/2020 1.85% 2,500,000 100.000 2,500,000 06406RAL1 Bank of NY Mellon 2/18/2020 10/24/2024 4/24/2020 1.82% 3,055,000 101.268 3,093,737 45905U5U4 IBRD 2/19/2020 1/27/2023 7/27/2020 1.73% 1,170,000 100.046 1,170,538 .46632FRF4 JP Morgan 2/20/2020 6/20/2022 8/20/2020 1.78% 3,000,000 100.000 3,000,000 17325FAS7 Citibank 2/20/2020 1/23/2024 7/23/2020 1.78% 1,500,000 106.914 1,603,710 949495BC8 Wells Fargo Bank 2/21/2020 2/21/2023 3/21/2020 1.75% 249,000 100.000 249,000 478160CD4 Johnson & Johnson 2/24/2020 3/3/2022 3/3/2020 1.47% 2,000,000 101.488 2,029,760 3133ELNJ9 FFCB 2/28/2020 2/28/2024 8/28/2020 1.55% 2,500,000 100.000 2,500,000 20726ABK3 Congressional Bank 2/28/2020 2/28/2025 3/28/2020 1.75% 249,000 99.750 248,378 912828YKO US Treasury 2/27/2020 10/15/2022 4/15/2020 1.14% 1,500,000 100.605 1,509,082 07815AAZO _Bell Bank Corp 2/27./2020 2/27/2025 3/27/2020 1.60% 249,000 100.000 249,000 3133ELQU1 FFCB 3/3/2020 6/3/2024 6/3/2020 1.67% 1,500,000 100.000 1,500,000 3130AJ6P9 FHLB 3/6/2020 2/21/2025 8/21/2020 1.05% 2,000,000 100.410 2,008,202 3133ELQT4 FFCB 3/9/2020 9/9/2022 9/9/2020 1.50% 1,000,000 100.000 1,000,000 3133ELSL9 FFCB 3/12/2020 3/12/2024 9/12/2020 1.05% 3,000,000 100.000 3,000,000 17037TEN3 Choice Financial Group 3/13/2020 3/13/2025 9/13/2020 1.10% 248,000 100.000 248,000 02554BDA6 American Eagle Bank 3/13/2020 3/13/2025 4/13/2020 1.10% 249,000 100.000 249,000 3133ELSZ8 FFCB 3/16/2020 3/16/2023 9/16/2020 1.05% 2,500,000 100.000 2,500,000 73319FAF6 Poppy Bank 3/18/2020 3/18/2025 4/18/2020 1.10% 249,000 100.000 249,000 835104BZ2 Somerset Trust 3/19/2020 3/19/2025 4/19/2020 1.00% 249,000 100.000 249,000 45083ANS7 Iberia Bank 3/20/2020 3/20/2025 9/20/2020 1.00% 248,000 100.000 248,000 072727BF6 Baycoast Bank 3/27/2020 3/27/2025 9/27/2020 0.95% 248,000 100.000 248,000 02519TAZ9 American Commerce Bank 3/27/2020 3/27/2025 4/27/2020 0.95% 249,000 100.000 249,000 45905U5S9 IBRD 3/26/2020 12/12/2024 6/12/2020 1.10% 3,500,000 100.643 3,522,505 79,698,000 101.013 80,823,354 May 5, 2020 Item #1 Page 9 of 21 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 07/19/2021 01/19/2020 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 3,255 591!,493 3130A8N41 FHLB 04/24/2018 07/27/2021 01/27/2020 1,400,000 1,380,550 1,400,000 3135GOT37 FNMA 04/23/2018 10/27/2020 01/27/2020 1,750,000 1,741,376 8,313 1,758,313 3134GBYZ9 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 3133EGFP5 FFCB 06/05/2018 06/15/2022 02/05/2020 1,000,000 979,776 2,542 1,002,542 3130ABHF6 FHLB 09/12/2017 06/01/2021 02/06/2020 2,500,000 2,499,557 8,464 2,508,464 48128HGB8 JP Morgan 02/15/2019 02/15/2024 02/15/2020 245,000 245,000 245,000 3133EF3R6 FFCB 04/26/2016 01/19/2021 02/21/2020 3,250,000 3,249,419 3,250,000 3133EHMD FFCB 06/15/2017 06/14/2021 02/24/2020 1,760,000 1,760,000 1,760,000 3133EHYU1 FFCB 05/01/2018 09/13/202102/26/2020 2,000,000 1,974,960 2,000,000 459200HA2 IBM Corp 11/07/2016 11/01/2021 03/06/2020 1,000,000 1,017,445 10,069 1,010,069 3130A7CL7 FHLB 02/26/2016 02/26/2021 03/09/2020 480,000 480,000 293 480,293 3133EGEU5 FFCB 06/14/2016 12/14/2020 03/10/2020 2,250,000 2,250,000 8,278 2,258,278 3134GVAT5 FHLMC 02/12/2020 02/12/2025 03/10/2020 500,000 500,000 700 500,700 3130A8MQ3 FHLB 08/03/2018 10/12/2022 03/11/2020 654,762 638,400 6,889 661,651 3133EGGT6 FFCB 06/21/2016 12/21/2020 03/11/2020 2,000,000 2,000,000 1,670 2,001,670 3133EGRW7 FFCB 04/17/2018 08/23/2022 03/11/2020 2,000,000 1,950,156 2,655 2,002,655 3133EK5Y8 FFCB 11/14/2019 02/14/2022 03/11/2020 2,000,000 2,000,000 5,081 2,005,081 3130A8P80 FHLB 07/19/2016 01/19/2021 03/12/2020 3,500,000 3,500,000 7,214 3,507,214 3130ABGC4 FHLB 06/05/2017 06/05/2020 03/12/2020 2,500,000 2,500,000 10,778 2,510,778 3130ABGC4 FHLB 06/05/2017 06/05/2020 03/12/2020 1,300,000 1,300,000 5,604 1,305,604 3130A9NK3 FHLB 10/12/2016 10/06/2020 03/13/2020 1,800,000 1,799,610 10,794 1,810,794 3133EF2LO FFCB 01/06/2017 04/13/2020 03/16/2020 1,000,000 999,769 5,950 1,005,950 3133EGBZ7 FFCB 05/25/2016 05/25/202103/16/2020 4,000,000 3,999,419 20,473 4,020,473 3133EGLFO FFCB 04/13/2018 07/13/2020 03/17/2020 2,000,000 1,992,168 4,587 2,004,587 3134GTAN3 FHLMC 03/26/2019 03/26/2021 03/26/2020 2,000,000 2,000,000 25,000 2,025,000 3130AG3R4 FHLB 03/27/2019 09/27/2021 03/27/2020 1,500,000 1,500,000 19,125 1,519,125 64,735,000 64,558,015 200,166 64,935,166 May 5, 2020 Item #1 Page 10 of 21 EXHIBIT6 City of Carlsbad Investment Summary As of March 31, 2020 Settlement Maturity Issuer Par Invested Yield Interest Expected Return Federal Investments 07/13/16 04/13/20 FNMA 5,000,000.00 5,000,000.00 1.250% 234,375.00 5,234,375.00 12/15/17 04/17 /20 FAM CA 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 06/12/15 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 04/27/17 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 . 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 03/10/17 01/15/21 FAMCA 1,580,000.00 1,576,287.00 2.063% 125,285.22 1,701,572.22 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 02/14/18 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 09/29/17 03/26/21 FHLMC 2,535,000.00 2,531,197.50 1.794% 158,70i.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 10/12/16 06/11/21 FH LB 1,500,000.00 1,559,427.00 1.370% 97,979.25 1,657,406.25 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 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 FH LB 2,000,000.00 2,003,620.00 1.834% 171,171.67 2,1.74,791.67 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 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 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 08/28/19 08/26/22 FFCB 1,500,000.00 1,499,565.00 ' 1.860% 83,530.83 1,583,095.83 12/01/17 09/09/22 FH LB 1,750,000.00 1,739,692.50 2.130% 177,335.28 1,917,027.78 07/05/19 09/09/22 FHLB 1,800,000.00 1,874,106.00 1.786% 104,644.00 1,978,750.00 01/15/20 09/09/22 FHLB 2,000,000.00 2,021,180.00 1.590% 84,820.00 2,106,000.00 03/09/20 09/09/22 FFCB 1,000,000.00 1,000,000.00 1.500% 37,500.00 1,037,500.00 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 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 May 5, 2020 Item #1 Page 11 of 21 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 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 03/16/20 03/16/23 FFCB 2,500,000.00 2,500,000.00 1.050% 78,750.00 2,578,750.00 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 02/28/20 02/28/24 FFCB 2,500,000.00 2,500,000.00 1.550% 155,000.00 2,655,000.00 03/08/19 03/08/24 FHLB 3,000,000.00 3,100,851.00 2.530% 386,649.00 3,487,500.00 03/12/20 03/12/24 FFCB 3,000,000.00 3,000,000.00 1.050% 126,000.00 3,126,000.00 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 FH LMC 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 02/07/20 05/06/24 FFCB 2,000,000.00 1,999,000.00 1.783% 151,351.67 2,150,351.67 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 03/03/20 06/03/24 FFCB 1,500,000.00 1,500,000.00 1.670% 106,462.50 1,606,462.50 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% 197,583.3_3 2,729,708.33 02/12/20 08/12/24 FHLMC 2,000,000.00 2,000,000.00 1.800% 162,000.00 2,162,000.00 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 01/10/20 01/10/25 FHLMC 2,D00,000.00 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 02/10/20 02/10/25 FHLB 2,500,000.00 2,496,875.00 1.866% 233,125.00 2,730,000.00 02/12/20 02/12/25 FHLMC 1,500,000.00 1,500,000.00 1.800% 680,000.00 2,180,000.00 02/14/20 02/14/25 FHLMC 2,500,000.00 2,500,000.00 1.850% 231,250.00 2,731,250.00 03/06/20 02/21/25 FHLB 2,000,000.00 2,009,827.00 1.050% 183,548.00 2,193,375.00 Sub Total FA 264,058,000.00 265,885,448.29 1.949% 22,321,280.22 288,206,728.51 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 1.750% 249,240.00 3,000,000.00 Federal Investments 267,058,000.00 268,636,208.29 22,570,520.22 291,206,728.51 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 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 May 5, 2020 Item #1 Page 12 of 21 Settlement Maturity lssu~r Par Invested Yield Interest Expected Return 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 02/19/20 01/27/23 IBRD 1,170,000.00 1,170,538.20 1.734% 59,635.55 1,230,173.75 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. 03/26/20 12/12/24 IBRD 3,500,000.00 3,522,505.00 1.096% 329,777.78 3,829,777.78 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 IFC 1,000,000.00 1,000,000.00 1.625% 80,708.33 1,080,708.33 Supranationals 39,695,000.00 39,669,269.09 1.828% 3,698,807.13 43,345,571.22 US Treasury 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 02/06/20 07/15/21 US Treasury 2.625% 3,000,000.00 3,048,960.00 1.475% 64,405.38 3,113,365.38 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 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 02/27/20 10/15/22 US Treasury 1.375% 1,500,000.00 1,509,082.03 1.141% 45,185.39 1,554,267.42 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 84,275,000.00 84,289,262.25 1.731% 6,239,004.43 90,528,266.68 Corporate Notes 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% 418,150.00 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 May 5, 2020 Item #1 Page 13 of 21 Settlement Maturity -Issuer Par Invested Yield Interest Expected Return 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. 2,000,000.00 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 02/06/20 07/23/21 Wells Fargo Bank NA 3,500,000.00 3,507,848.93 1.741% 110,314.37 3,618,163.30 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 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 02/24/20 03/03/22 Johnson & Johnson 2,000,000.00 2,029,760.00 1.470% 61,365.00 2,091,125.00 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 1,011,600.00 3.050% 117,306.25 1,128,906.25 12/11/19 06/15/22 Cisco Systems Inc 500,000.00 51S,230.00 1.755% 22,436.67 537,666.67 02/20/20 06/20/22 JP Morgan Chase Bank 3,000,000.00 3,000,000.00 1.775% 124,250.00 3,124,250.00 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/ll/i2 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 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 Wa I-Ma rt 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 02/2B/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 May 5, 2020 Item #1 Page 14 of 21 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 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 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 02/13/20 01/23/24 Citibank 2,500,000.00 2,674,670.00 1.770% 185,260.56 2,859,930.56 02/13/20 01/23/24 Citibank 2,000,000.00 2,142,600.00 1.733% 145,344.44 2,287,944.44 02/20/20 01/23/24 Citibank 1,500,000.00 1,603,710.00 1.780% 111,183.75 1,714,893.75 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 1,584,745.83 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 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 02/18/20 10/24/24 Bank of NY Mellon 3,055,000.00 3,093,737.40 1.816% 261,721.85 3,355,459.25 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 209,041,000.00 211,490,747.58 2.240% 18,848,634.39 230,339,381.97 Certificate of Deposit 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 Ba relays 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 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% 21,03,3.00 267,033.00 02/12/20 02/14/22 Sallie Mae Bank 247,000.00 247,000.00 1.700% 8,432.52 255,432.52 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 Everba nk 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 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 & Coml 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% 34,547.50 280,05S.SO 02/07/20 02/07/23 BMW Bank 247,000.00 247,000.00 1.650% 12,237.67 259,237.67, 02/21/20 02/21/23 Wells Fargo Bank 249,000.00 249,000.00 1.750% 13,084.44 262,084.44 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 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 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 May 5, 2020 Item #1 Page 15 of 21 Settlement Maturity Issuer Par Invested Yield Interest Expected Return 07/31/19 07 /31/24 Capita I 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 02/27/20 02/27/25 Bell Bank Corp 249,000.00 249,000.00 1.600% 19,941.88 268,941.88 02/2B/20 02/28/25 Congressional Bank 249,000.00 248,377.50 1.750% 22,433.88 270,811.38 03/13/20 03/13/25 Choice Financial Group 248,000.00 . 248,000.00 1.100% 13,647.47 261,647.47 03/13/20 03/13/25 American Eagle bank 249,000.00 249,000.00 1.100% 13,702.54 262,702.54 03/18/20 03/18/25 Poppy Bank 249,000.00 249,000.00 1.100% 13,702.54 262,702.54 03/19/20 03/19/25 Somerset Trust 249,000.00 249,000.00 1.000% 12,456.88 261,456.88 03/20/20 03/20/25 Iberia Bank 248,000.00 248,000.00 1.000% 12,406.79 260,406.79 03/27/20 03/27 /25 Baycoast Bank 248,000.00 248,000.00 0.950% 11,786.45 259,786.45 03/27/20 03/27/25 American Commerce Bank 249,000.00 249,000.00 0.950% 11,834.03 260,834.03 Certificate of Deposit 17,036,000.00 17,034,034.26 2.176% 1,722,070.60 18,756,104.86 Mortgage Backed Securities {Agency) 12/26/19 12/01/22 FNMA AMl 721 1,910,831.50 1,923,968.46 2.001% 57,885.15 1,981,853.61 02/04/20 11/01/22 FNMA AM0982 2,000,000.00 2,036,562.50 1.704% 27,844.88 2,064,407.38 Mortgage Backed Securities {Agency) 3,910,831.50 3,960,530.96 1.848% 85,730.03 4,046,260.99 Cash Wells Fargo Bank -General 3,355,486.00 3,355,486.00 0.300% 827.38 3,356,313.38 Sweep Account 2,165,958.34 2,165,958.34 0.209% 372.14 2,166,330.48 Wells Fargo Bank -Custody 1,535,886.20 1,535,886.20 0.010% 12.80 1,535,899.00 CAMP 1,001,768.79 1,001,768.79 1.220% 1;004.51 1,002,773.30 LAIF City 70,853,256.16 70,853,256.16 1.730% 102,146.78 70,955,402.94 LAIFCMWD 70,749,912.34 70,749,912.34 1.730% 101,997.79 70,851,910.13 LAIF CPFA 17,000,000.00 17,000,000.00 1.730% 24,508.33 17,024,508.33 LAIF CPIC 1.730% Cash 166,662,267.83 166,662,267.83 1.663% 230,869.74 166,893,137.57 GRAND TOTAL 787,678,099.33 791,742,320.26 1.941% 53,395,636.54 845,115,451.80 May 5, 2020 Item #1 Page 16 of 21 City of Carlsbad Investment Portfolio Fund Equity in Pooled Investments As of March 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) 43,744,323 24,393,956 28,064,654 12,278,559 8,173,198 5,860,517 108,109,376 122,541,719 15,570,138 136,248,349 49,058,369 6,424,880 7,875,989 1,310,668 Total Treasurer's Investment Portfolio at Amortized Cost **Figures based on best estimate at the time report run on 4/3/2020. 118,503,397 38,177,131 368,736,440 200,918,255 49,773,795 16,497,557 792,606,575 (1,891,886) 790,714,689 {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. EXHIBIT7 May 5, 2020 Item #1 Page 17 of 21 City of Carlsbad Investment Portfolio Corporate Note and Commercial Paper Ratings As of March 31, 2020 Corporate Notes Moody's S&P Fitch Outlook 3M Company Al A+ Negative/Negative Alphabet Inc. Aa2 AA+ Stable Amazon.com Inc. A2 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/Negative Cisco Systems Inc. Al AA-Stable Citibank A3 BBB+ A Stable Coca Cola Company Al A+ A Stable Colgate-Pa I mo live Aa3 AA-Stable Exxon Mobil Aal 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+ Stab I e/N egative/Sta ble Microsoft Aaa AAA AA+ Stable New York Life Aaa AA+ AAA Negative/Stab I e/Sta ble Novartis Capital Corp Al AA-AA-Stable Procter & Gamble Aa3 AA-Stable State Street Corporation Al A AA-Stable Toyota Al AA-A+ Negative/Negative/Stab le US Bank NA Al A+ AA-Stable Wal-Mart Aa2 AA AA Stable Wells Fargo Bank NA A2 A-A+ Stable/Negative/Stable Mortgage Backed Securities Moody's S&P Fitch Outlook FNMA (AM1721) .Aaa AAA Stable FNMA (AM0982) 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 3M Company Al A+ 06/26/22 12/19/19 5,374,908 Citibank A3 BBB+ A 01/23/24 05/16/19 7,435,605 Coca Cola Company Al A+ A 09/01/21 01/10/18 5,113,979 IBM Corp. A2 A 05/15/20 05/24/16 1,500,092 Wells Fargo Bank NA A2 A-A+ 08/14/23 02/04/20 14,177,070 * 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 . May 5, 2020 Item #1 Page 18 of 21 City of Carlsbad Investment Portfolio Issuers Portfolio Allocation at Amortized Cost As of March 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 Morgan Chase Bank Microsoft 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 Other Supranational US Treasury Certificate of Deposits Cash Total Portfolio Amortized Cost $ Amortized Cost $ 8,878,893 5,096,687 4,671,828 19,313,253 4,002,710 5,140,860 9,609,876 5,272,201 3,221,450 513,377 7,435,605 5,113,979 11,746,877 5,016,217 1,500,092 7,685,662 14,994,312 19,273,742 1,494,434 7,636,940 2,121,355 19,821,479 10,669,892 14,510,566 16,172,341 Amortized Cost 3,960,531 Amortized Cost 15,664,391 69,757,074 69,452,360 72,192,722 32,431,058 2,555,956 2,973,007 3,063,415 Amortized Cost 39,737,817 84,314,438 17,035,025 166,662,268 790,714,689 ========== * No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers. EXHIBIT9 Portfolio Allocation* 1.12% 0.64% 0.59% 2.44% 0.51% 0.65% 1.22% 0.67% 0.41% 0.06% 0.94% 0.65% 1.49% 0.63% 0.19% 0.97% 1.90% 2.44% 0.19% 0.97% 0.27% 2.51% 1.35% 1.84% 2.05% Portfolio Allocation* 0.50% Portfolio Allocation** 1.98% 8.82% 8.78% 9.13% 4.10% 0.32% 0.38% 0.39% Portfolio Allocation 5.03% 10.66% 2.15% 21.08% May 5, 2020 Item #1 Page 19 of 21 City of Carlsbad Bond Proceeds Investment Report March 31, 2020 Stated Int. Maturity Fund Type Investments Rate Date Assessment District 03-01 (College/Cannon) Project Fund Invesco Gov. & Agency -Institutional Money Market N/A N/A Assessment District 96-01 (Rancho Carrillo) Reserve Fund Repub Natl Bank Repo Agreement: HSBC (GIC) 6.03% 09/20/28 ReAssessment District 2012-1 (College/Cannon & Poinsettia Lane) Reserve Fund Invesco Gov. & Agency -Institutional Money Market various N/A Other Invesco Gov. & Agency -Institutional Money Market various N/A Communities Facilities District #3 Improvement Area 1, 2016 Bonds Reserve Fund Invesco Gov. & Agency -Institutional Money Market various 09/01/36 Other Invesco Gov. & Agency -Institutional Money Market various 09/01/36 Communities Facilities District #3 Improvement Area 2, 2016 Bonds Reserve Fund Invesco Gov. & Agency -Institutional Money Market various 09/01/38 Other Invesco Gov. & Agency -Institutional Money Market various 09/01/38 $ $ $ $ $ $ $ $ $ Par Value Cost Source Fiscal Agent: BNY Mellon 978,995 $ 978,995 Invesco 942,770 $ 2,282,952 $ 408 $ 572,670 $ 8 $ 835,301 $ 5,525 $ 5,618,629 $ Fiscal Agent: 942,770 Fiscal Agent: 2,282,952 408 Fiscal Agent: 572,670 8 Fiscal Agent: 835,301 5,525 5,618,629 BNYMellon HSBC Bank of New York BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNY Mellon BNYMellon BNY Mellon BNY Mellon m X :I: c:, :::j .... 0 May 5, 2020 Item #1 Page 20 of 21 City of Carlsbad Summary of Outstanding Housing Loans As of March 31, 2020 Loan amount Loans Issued by City to Loans issued by due to City Developer loan First date # of loans developers/ Developer to # of loans City loan repaid to Developer loan (recorded as amount due to City Borrower Develoement Pureose Status issued issued homeowners homeowners outstanding City reeaid to Citl ARI jnot on City's bookâ˘! Total Individual homebuyers Calavera Hills Sale Outstanding 10/15/99 5 75,000 150,000 1 (60,000) (120,000) 15,000 30,000 15,000 Individual homebuyers Cherry Tree Walk Sale Outstanding 06/28199 42 453,600 452,600 11 (334,800) (283,250) 118,800 169,350 118,800 Individual homebuyers Serrano Sale Outstanding 05/25101 90 1,350,000 4,050,000 23 (1,050,135) (2,790,000) 299,865 1,260,000 299,865 Individual homebuyers Rancho Carlsbad Sale Outstanding 05/20/99 22 752,533 5 (616,633) 135,900 135,900 Individual homebuyers Solamar Sale Outstanding 09126/88 9 147,726 1 (135,065) 12,661 12,661 Catholic Charities Homeless shelter Shelter Outstanding 09/19197 1 200,000 1 200,000 200,000 Pacific Vista Las Flores Vista Las Flores Rentals Outstanding 02/27/01 1 363,948 1 363,948 363,948 CIC Calavera LP Mariposa Apts Rentals Outstanding 09/15104 1 1,060,000 1 1,060,000 1,060,000 Mulberry at Individual homebuyers Bressi Ranch Sale Outst~nding 04/29/05 100 1,840,000 19,660,200 100 1,840,000 19,660,200 1,840,000 Individual homebuyers Village by the Sea Sale Outstanding 10/28/05 11 220,000 4,087,200 11 220,000 4,087,200 220,000 Individual homebuyers Laguna Point Sale Outstanding 07/06/06 3 210,000 2 (70,000) 140,000 140,000 Individual homebuyers The Bluffs Sale Outstanding 06/14/07 10 200,000 10 200,000 200,000 Individual homebuyers Roosevelt Gardens Sale Outstanding 08/30/07 11 1,583,423 11 1,583,423 1,583,423 CIC La Costa Hunter's Point Rentals Outstanding 08/19/08 1 1,932,000 1 1,932,000 1,932,000 Down Payment & Closing Cost Assistance Various Assistance Outstanding 06/25/09 22 255,518 20 (31,900) 223,618 223,618 CIC Glen Ridge, LP Glen Ridge Rentals Outstanding 10/05/09 1 1,014,000 1 1,014,000 1,014,000 North County Solutions for Change Property Acquisition Rentals Outstanding 06/28/12 1 780,000 1 780,000 780,000 Catholic Charities Homeless shelter Shelter Outstanding 03/01/10 3 507,585 3 507,585 507,585 Individual homeowners N/A Minor Home Repair Outstanding 05/20/10 12 35,559 7 (4,083) 31,476 31,476 Property Hospice of North Coast N/A Acquisition Outstanding 02/27/13 1 1,065,000 1 1,065,000 1,065,000 Harding Street Neighbors, Carol-Harding Property LP Duplex Acquisition Outstanding 03/14/13 1 7,408,000 1 7,408,000 7,408,000 Tracy Templeton Laguna Point Sale Outstanding 04/17/13 1 108,150 1 108,150 108,150 Thomas & Judy Kim Rose Bay Sale Outstanding 08/23/13 1 229,775 1 229,775 229,775 Property Solutions for Change N/A Acquisition Outstanding 12/19/14 1 2,646,000 1 2,646,000 2,646,000 Chelsea Inv Corp/Quarry CreeitQ.LC LLP QuarQ: Creek Rentals Outstanding 08/31/16 1 1 280 000 1 (285 908} 994 092 994 092 352 25,717,817 28,400,000 217 (2 588 524} (3193 250} 23,129,293 25,206,750 23,129 293 Individual homebuyers City-wide (CHAP) Sale Paid-Ott 06/28/99 133 $1,680,000 $ 0 ($1,680,000) $ ($0.08) $ (0) CB Laurel Tree Apartments Laurel Tree Rentals Paid-Off 12/24/98 2 1,134,000 2 (1,134,000) (0) (0) USA Properties C/o CFHP Rancho Carrillo Rentals Paid-Off 03/05/01 1 1,157,584 1 (1,157,584) (0) (0) Poinsettia Housing Assoc Poinsettia Station Rentals Paid-Off 10/21/99 1 920,000 1 (920,001) (0) (0) Bridge Housing Corp Villa Loma Rentals Paid-Ott 11/04/94 2 2,212,000 0 (2,212,000) Dove Family Housing La Costa Paloma Rentals Paid-Ott 07/15/03 1 2,070,000 1 (2,070,000) (0) (0) m El Camino Fami~ Housin9 Cassia Hei9hts Rentals Pak!-Ott 03/07/06 1 1,454 276 1 (1 454 276} X ::I: 141 10627 860 6 (10 627 861) m $ (1) 0:1 =i Allowances NIA 1 798 379 1 798 379 1 798 379 1--" 1--" 493.00 34,547,298.41 28,400,000.00 223.00 {13,216,385.17! {3, 193,250.00! 21,330~1:!02!__ 2~206,_750.00_ 21,330,913.24 May 5, 2020 Item #1 Page 21 of 21