HomeMy WebLinkAbout2020-07-14; City Council; ; Report on City Investments as of May 31, 2020CA Review CKM
Meeting Date: July 14, 2020
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Craig Lindholm, City Treasurer
craig.lindholm@carlsbadca.gov, 760-602-2473
Laura Rocha, Deputy City Manager, Administrative Services
laura.rocha@carlsbadca.gov, 760-602-2415
Subject: Report on City Investments as of May 31, 2020
Recommended Action
Accept and file Report on City Investments as of May 31, 2020.
Executive Summary
The city’s Investment Policy requires the city treasurer to report the status of the city’s pooled
investment portfolio to the City Council each month.
Discussion & Fiscal Analysis
The city’s pooled investment portfolio as of the month ending May 31, 2020 is summarized
below.
(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 May 31, 2020.
Pooled Investment Portfolio (Cash and Securities)
Current Month Prior Month
Par value1 $805,058,480 $808,184,899
Investment cost $811,454,775 $811,482,526
Amortized cost2 $810,213,529 $812,329,241
Market value3 $824,621,827 $825,629,937
July 14, 2020 Item #1 Page 1 of 17
The equity portion of the various funds in the total portfolio is summarized in the graph below.
Fund balances are restricted for various purposes. (See Exhibit 7 for a more detailed
breakdown.)
Pooled Investment Performance
Average Life (Years) Yield to Maturity Modified Duration
March 2020 1.86 1.94% 1.79
April 2020 1.85 1.84% 1.77
May 2020 1.85 1.77% 1.77
All pooled investments have been made in accordance with the city’s Investment Policy, which
was adopted Jan. 2, 1985, and last revised Dec. 17, 2019. All investments were initially made in
accordance with the city’s Investment Policy, however, events after the purchase might have
resulted in non-compliance with the current policy. These events are typically a change in the
credit rating after a purchase, a change in the city’s Investment Policy or a temporary reduction
in total portfolio assets.
Exhibit 8 shows that the investments out of compliance with the current policy had a
subsequent change in credit rating. Ratings on five investments have dropped to less than the
rating required by the Investment Policy. Corporate Notes require an AA or A rating while
mortgage backed securities require an AA rating from one rating company. The city’s
Capital Projects
$372
Enterprise
$198
General
$141
Internal Service
$49
Special Revenue
$38
Agency/Trust
$18
Fund Equity in Pooled Investments
May 31, 2020
($ in Millions)
Pooled Investment Interest Income
Year to Date*Prior Month*Current Month
Cash Income $15,930,621 $14,773,361 $1,157,260
*The cash income received is adjusted for any accrued interest purchased.
July 14, 2020 Item #1 Page 2 of 17
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 U.S. economy has been unmeasurably impacted by the continuing 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, in general, 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. Additionally, 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
Public notice of this item was posted in accordance with the Ralph M. Brown Act and it was
available for public viewing and review at least 72 hours prior to scheduled meeting date.
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
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. Portfolio Allocation at Amortized Cost by Issuer
July 14, 2020 Item #1 Page 3 of 17
EXHIBIT 1
City of Carlsbad Investment Portfolio As of May 31, 2020Investments by Cost, Market Value, Cash Income, and Average Yield by ClassInvestment CostMarket ValueAverage YieldClass Current Month Prior Month Current Month Prior Month YTD Income Current Month Prior MonthFA $242,836,703 245,678,217$ 246,881,101$ 251,749,855$ 6,681,715$ 1.83%1.90%FN2,750,760 2,750,760 2,997,420 2,995,590- 1.751.75SN39,669,269 39,669,269 40,600,179 40,598,342 457,463 1.821.83TR81,974,169 81,974,169 83,671,040 83,770,192 1,335,977 1.751.75CN231,621,082 223,540,877 237,246,620 228,095,741 4,009,826 2.102.17CD18,327,034 17,035,034 18,902,976 17,541,228 590,618 2.062.18MBS (Agency)7,169,266 7,172,804 7,216,000 7,217,591 23,683 1.471.47MBS (Non-agency)- - - - - 0.000.00Bank Account3,079,242 3,264,997 3,079,242 3,264,997- 0.100.30Sweep2,209,654 4,141,287 2,209,654 4,141,287 78,995 0.060.06IRT1,491,704 930,027 1,491,704 930,027 8,063 0.010.01CAMP1,003,846 1,003,039 1,003,846 1,003,039 3,846 0.570.85LAIF179,322,044 184,322,046 179,322,044 184,322,046 2,740,435 1.311.47Total$811,454,775 $811,482,526 $824,621,827 $825,629,937 $15,930,621 1.77%1.84%FA - Federal Agency NotesMBS - Passthrough/Mortgage Backed SecuritiesFN - Federal Discount NotesBank Account - General Fund Cash accountSN - SupranationalSweep - General Fund Overnight Cash accountTR - US Treasury IRT - Investment Cash accountCN - Corporate NotesCAMP - California Asset Management ProgramCD - Certificate of DepositLAIF - Local Area Investment FundJuly 14, 2020Item #1 Page 4 of 17
EXHIBIT 2
City of Carlsbad Investment Portfolio As of May 31, 2020Maturities by Classification and Length of Time at Market ValueClassWithin 6 Months7 Months to 1 Year1 to 5 YearsTotal% TotalFA$24,294,021$19,892,254$202,694,826$246,881,10129.94%FN2,997,420 - - 2,997,420 0.36SN4,615,764 - 35,984,415 40,600,179 4.92TR12,145,844 16,806,183 54,719,014 83,671,040 10.15CN17,582,970 22,081,063 197,582,587 237,246,620 28.77 (2)CD1,744,516 756,667 16,401,793 18,902,976 2.29MBS (Agency)20,400 20,400 7,175,200 7,216,000 0.88 (3)MBS (Non-agency)- - - - 0.00 (4)Bank Account3,079,242 - - 3,079,242 0.37Sweep2,209,654 - - 2,209,654 0.27IRT1,491,704 - - 1,491,704 0.18CAMP1,003,846 - - 1,003,846 0.12LAIF179,322,044 - - 179,322,044 21.75Totals$250,507,425$59,556,566$514,557,835$824,621,827100.0%% Totals30.4%7.2%62.4%100.0%Total within One Year$310,063,991 (1)37.6%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. July 14, 2020Item #1 Page 5 of 17
EXHIBIT 3
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2.20
2.40
2.60
2.80
2013 JanAprJulyOct2014 JanAprJulOct2015 JanAprJulOct2016 JanAprJulyOct2017 JanAprJulyOct2018 JanAprJulyOct2019 JanAprJulyOct2020 JanAprYield (%)City of Carlsbad Investment Portfolio
Yield Comparison
Portfolio Yield Ex Pool Money Investment Accounts vs CAMP Yield vs LAIF Yield
Portfolio Ex PMIA CAMP LAIF
Began tracking published data for CAMP
at time of investment, Jan. 2019.
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
3 Month 2 Year 5 Year 10 Year
FY 2017-18 End 1.91 2.53 2.74 2.86
FY 2018-19 End 2.09 1.74 1.76 2.00
5/31/2020 0.14 0.16 0.30 0.65Market Rate (%)City of Carlsbad Investment Portfolio
Market Yield Curve
Fiscal Year End Compared to Current
July 14, 2020 Item #1 Page 6 of 17
EXHIBIT 4
$1.27 $0.99
$2.16
$0.95 $1.34 $1.72 $1.24 $1.24 $1.75 $1.00 $1.58 $1.79 $1.16
$13.85
$15.93
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr MayInterest Income ($ in Millions)City of Carlsbad Investment Portfolio
Cumulative Cash Income
13-Month Comparison
FY 2018-19 FY 2019-20 FY 2018-19 Cumulative FY 2019-20 Cumulative
July 14, 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
3136G3UG8 FNMA 7/13/2016 4/13/2020 5,000,000 5,000,000 31,250 5,031,250
3132X0SA0 FAMCA 12/15/2017 4/17/2020 1,500,000 1,500,000 12,300 1,512,300
57116AJP4 Marlin Bank 4/22/2015 4/22/2020 247,000 247,000 1,981 248,981
3136G3Q40 FNMA 7/28/2016 4/28/2020 3,750,000 3,750,000 23,438 3,773,438
912828K58 US Treasury 5/24/2016 4/30/2020 2,300,000 2,300,000 15,813 2,315,813
3138L14F3 FNMA AM1721 12/26/2019 4/27/2020 3,329 3,352 3,719 7,071
037833BD1 Apple 11/3/2015 5/6/2020 4,000,000 4,000,000 38,444 4,038,444
981571BD3 World Fist Bank 5/13/2015 5/13/2020 200,000 200,000 329 200,329
3130ACN83 FHLB 11/3/2017 5/15/2020 1,650,000 1,650,000 14,025 1,664,025
459200HM6 IBM 5/24/2016 5/15/2020 1,500,000 1,500,000 12,188 1,512,188
3134GBLL4 FHLMC 5/22/2017 5/22/2020 1,200,000 1,200,000 9,750 1,209,750
3138L14F3 FNMA AM1721 12/26/2019 5/27/2020 3,513 3,538 3,592 7,130
3134GBNK4 FHLMC 5/30/2017 5/29/2020 2,250,000 2,250,000 18,281 2,268,281
3134GBNK4 FHLMC 6/27/2017 5/29/2020 1,600,000 1,600,000 13,000 1,613,000
25,203,843 25,203,890 198,110 25,401,999
Purchases
CUSIP Issuer Settled Maturity Payment Rate Par Value Dollar Price Book Value
3133ELTP9 FFCB 4/3/2020 6/16/2021 6/16/2020 0.30%2,000,000 100.240 2,004,800
90331HPJ6 US Bank 4/3/2020 1/21/2022 7/21/2020 1.30%2,000,000 100.846 2,016,916
478160CJ1 Johnson & Johnson 4/8/2020 1/15/2025 7/15/2020 0.91%3,000,000 107.732 3,231,960
14042TDD6 Capital One 4/8/2020 4/8/2025 10/8/2020 1.60%248,000 100.000 248,000
3130A4CH3 FHLB 4/9/2020 3/14/2025 9/14/2020 0.78%3,000,000 107.710 3,231,300
3133ELWC4 FFCB 4/9/2020 4/9/2025 10/9/2020 1.15%2,000,000 100.000 2,000,000
3133ELWC4 FFCB 4/9/2020 4/9/2025 10/9/2020 1.17%2,500,000 99.925 2,498,125
66989HAP3 Novartis Capital Corp 4/13/2020 2/14/2025 8/14/2020 1.30%3,310,000 102.102 3,379,576
3137F32A1 FHMS KHG1 A1 4/15/2020 11/25/2024 4/25/2020 1.00%3,000,000 107.188 3,215,625
3133ELXC3 FFCB 4/22/2020 4/22/2024 10/22/2020 0.80%3,000,000 100.000 3,000,000
931142DP5 Walmart 4/24/2020 4/22/2024 10/22/2020 0.88%2,500,000 109.499 2,737,468
931142DP5 Walmart 4/24/2020 4/22/2024 10/22/2020 0.70%2,000,000 109.593 2,191,860
3136G4VE0 FNMA 4/27/2020 4/27/2023 10/27/2020 0.55%2,000,000 100.000 2,000,000
19416QDZ0 Colgate-Palmolive 5/7/2020 5/3/2022 11/3/2020 0.42%3,500,000 103.699 3,629,465
3133ELYV0 FFCB 5/11/2020 8/11/2023 8/11/2020 0.50%2,250,000 100.000 2,250,000
341081FZ53 Florida Power & Light 5/13/2020 4/1/2025 10/1/2020 1.02%3,667,000 108.551 3,980,565
3134GVQC5 FHLMC 5/13/2020 1/30/2024 10/30/2020 0.55%2,000,000 100.000 2,000,000
3130A0F70 FHLB 5/13/2020 12/8/2023 6/8/2020 0.34%1,000,000 110.763 1,107,630
74456QBW5 Public Service Electric 5/14/2020 9/1/2023 9/1/2020 0.72%2,500,000 108.023 2,700,575
0947XAL5 Blackrock Inc 5/14/2020 3/18/2024 9/18/2020 0.85%3,000,000 110.020 3,300,600
33847E3H8 Flagstar Bank 5/15/2020 5/15/2025 11/15/2020 0.85%248,000 100.000 248,000
29260MBF1 Encore Bank 5/15/2020 5/15/2025 6/15/2020 0.80%249,000 100.000 249,000
3135G0T78 FNMA 5/20/2020 10/5/2022 10/5/2020 0.19%1,923,000 104.287 2,005,439
3133ELXW9 FFCB 5/20/2020 4/27/2022 10/27/2020 0.21%2,000,000 100.174 2,003,480
404730CR2 Haddon Savings Bank 5/26/2020 5/27/2025 11/26/2020 0.75%248,000 100.000 248,000
43719LAE5 Home Loan Inv Bank 5/29/2020 5/29/2025 7/1/2020 0.80%249,000 100.000 249,000
69506YRT8 Pacific Western Bank 5/29/2020 5/29/2025 11/29/2020 0.70%249,000 100.000 249,000
56102AAJ5 Malaga Bank 5/29/2020 5/29/2025 6/29/2020 0.70%249,000 100.000 249,000
53,890,000 103.227 56,225,384
Calls
CUSIP Issuer Settled Maturity Redeemed Par Value Book Value Interest Total
3133EGSA4 FFCB 09/07/2016 08/24/2020 04/01/2020 3,000,000 2,999,827 4,070 3,004,070
3133EGLB9 FFCB 07/13/2016 07/13/2020 04/06/2020 4,250,000 4,250,000 11,660 4,261,660
3134GTEW9 FHLMC 04/23/2019 04/08/2022 04/08/2020 1,500,000 1,500,000 18,750 1,518,750
3130AGAA3 FHLB 04/15/2019 04/15/2024 04/15/2020 2,000,000 2,000,000 24,500 2,024,500
3134GTGZ0 FHLMC 04/15/2019 04/15/2024 04/15/2020 1,000,000 1,000,000 12,500 1,012,500
3134GTGZ0 FHLMC 04/15/2019 04/15/2024 04/15/2020 2,000,000 2,000,000 25,000 2,025,000
3134GUKY5 FHLMC 11/15/2019 10/21/2022 04/21/2020 2,000,000 2,001,691 18,600 2,018,600
48125LRN4 JP Morgan 11/18/2019 04/26/2021 04/27/2020 1,500,000 1,505,287 129 1,500,129
3134GTNE9 FHLMC 05/22/2019 04/28/2023 04/28/2020 5,000,000 5,000,000 65,625 5,065,625
3132X0GH8 FAMCA 01/03/2018 10/29/2021 04/29/2020 2,000,000 1,981,100 16,250 2,016,250
3133ELMH4 FFCB 02/07/2020 05/06/2024 05/06/2020 2,000,000 1,999,057 8,850 2,008,850
3130AHJQ7 FHLB 11/19/2019 11/19/2024 05/19/2020 3,000,000 3,000,000 31,050 3,031,050
3134GTMR1 FHLMC 05/20/2019 05/20/2024 05/20/2020 2,500,000 2,500,000 33,750 2,533,750
31,750,000 31,736,962 270,734 32,020,734
July 14, 2020 Item #1 Page 8 of 17
EXHIBIT 6
City of Carlsbad Investment Summary
As of April 30, 2020
Settlement Maturity Type Issuer Par Invested Yield Interest Expected Return
Federal Investments
06/12/15 06/12/20 FA FHLB 3,000,000.00 3,000,000.00 1.750% 262,500.00 3,262,500.00
02/23/16 06/12/20 FA FHLB 2,000,000.00 2,039,980.00 1.271% 110,617.22 2,150,597.22
04/15/16 06/26/20 FA FNMA 2,150,000.00 2,159,632.00 1.240% 112,192.37 2,271,824.37
04/27/17 07/27/20 FA FHLMC 1,600,000.00 1,600,000.00 1.700% 88,400.00 1,688,400.00
01/21/16 07/29/20 FA FHLB 2,500,000.00 2,549,375.00 1.378% 157,516.67 2,706,891.67
04/19/16 08/28/20 FA FHLMC 1,000,000.00 1,017,760.00 1.230% 54,152.50 1,071,912.50
06/08/16 09/11/20 FA FHLB 3,000,000.00 3,206,160.00 1.214% 161,121.25 3,367,281.25
10/12/16 09/11/20 FA FHLB 1,800,000.00 1,808,975.18 1.244% 87,893.57 1,896,868.75
04/26/17 10/16/20 FA FNMA 1,300,000.00 1,332,019.00 1.618% 74,057.39 1,406,076.39
07/22/16 11/27/20 FA FNMA 3,250,000.00 3,316,612.00 1.165% 166,507.79 3,483,119.79
11/27/17 11/27/20 FA FHLMC 1,500,000.00 1,500,000.00 1.875% 84,375.00 1,584,375.00
06/15/17 11/30/20 FA FNMA 1,100,000.00 1,113,618.00 1.630% 62,404.22 1,176,022.22
03/10/17 01/15/21 FA FAMCA 1,580,000.00 1,576,287.00 2.063% 125,285.22 1,701,572.22
09/09/16 01/25/21 FA FAMCA 2,000,000.00 2,018,640.00 1.550% 117,071.11 2,135,711.11
10/12/16 02/15/21 FA TENN 3,000,000.00 3,315,660.00 1.370% 189,058.75 3,504,718.75
08/16/17 02/16/21 FA FNMA 2,000,000.00 2,000,000.00 1.750% 122,500.00 2,122,500.00
01/10/19 02/23/21 FA FFCB 1,500,000.00 1,502,895.00 2.605% 82,942.50 1,585,837.50
12/12/18 02/24/21 FA FHLB 1,000,000.00 977,940.00 2.790% 60,560.00 1,038,500.00
02/14/18 03/12/21 FA FHLB 1,500,000.00 1,500,768.00 2.357% 108,778.87 1,609,546.87
06/12/18 03/12/21 FA FHLB 1,000,000.00 976,760.00 2.631% 71,365.00 1,048,125.00
09/29/17 03/26/21 FA FHLMC 2,535,000.00 2,531,197.50 1.794% 158,701.56 2,689,899.06
01/08/19 04/09/21 FA FFCB 1,500,000.00 1,504,860.00 2.550% 86,377.50 1,591,237.50
10/26/17 04/26/21 FA FHLMC 1,975,000.00 1,974,012.50 1.865% 128,868.75 2,102,881.25
10/12/16 06/11/21 FA FHLB 1,500,000.00 1,559,427.00 1.370% 97,979.25 1,657,406.25
06/15/17 06/15/21 FA FHLMC 1,400,000.00 1,400,000.00 1.800%100,800.00 1,500,800.00
04/03/20 06/16/21 FA FFCB 2,000,000.00 2,004,800.00 0.300%7,227.78 2,012,027.78
10/26/16 07/14/21 FA FHLB 2,500,000.00 2,476,850.00 1.328%155,806.25 2,632,656.25
02/16/17 07/26/21 FA FHLMC 1,400,000.00 1,392,580.00 2.000% 124,086.67 1,516,666.67
12/19/17 08/12/21 FA FHLMC 1,000,000.00 967,646.98 2.050% 73,384.27 1,041,031.25
10/28/16 10/07/21 FA FNMA 2,500,000.00 2,491,075.00 1.450% 178,794.79 2,669,869.79
11/29/16 11/29/21 FA FFCB 3,000,000.00 3,000,000.00 1.760% 264,000.00 3,264,000.00
04/12/17 12/10/21 FA FHLB 2,000,000.00 2,003,620.00 1.834% 171,171.67 2,174,791.67
09/10/19 12/13/21 FA FFCB 2,000,000.00 2,017,240.00 1.490% 67,673.33 2,084,913.33
11/04/19 01/03/22 FA FAMCA 2,000,000.00 2,002,035.34 2.169% 91,697.67 2,093,733.01
11/12/19 01/13/22 FA FHLMC 1,000,000.00 1,015,200.00 1.658% 36,324.31 1,051,524.31
03/25/19 02/03/22 FA FFCB 2,500,000.00 2,483,900.00 2.264% 161,019.44 2,644,919.44
02/23/17 02/23/22 FA FAMCA 2,600,000.00 2,609,204.00 2.025% 263,796.00 2,873,000.00
03/01/19 03/01/22 FA FFCB 2,000,000.00 2,000,000.00 2.550% 153,000.00 2,153,000.00
03/29/17 03/29/22 FA FHLMC 1,500,000.00 1,500,000.00 2.265% 170,625.00 1,670,625.00
05/25/17 04/05/22 FA FNMA 1,600,000.00 1,600,581.01 1.867% 145,252.32 1,745,833.33
01/09/20 04/05/22 FA FNMA 2,500,000.00 2,517,775.00 1.550% 87,172.92 2,604,947.92
04/27/17 04/27/22 FA FHLMC 3,500,000.00 3,545,920.00 2.345% 413,455.00 3,959,375.00
05/19/20 04/27/22 FA FFCB 2,000,000.00 2,003,480.00 0.210%8,136.67 2,011,616.67
01/09/20 06/10/22 FA FHLB 3,000,000.00 3,297,270.00 1.560% 120,084.17 3,417,354.17
12/23/19 06/23/22 FA FHLB 1,500,000.00 1,500,000.00 1.730% 64,875.00 1,564,875.00
01/08/18 07/01/22 FA FHLMC 1,500,000.00 1,500,000.00 2.220% 149,202.50 1,649,202.50
07/03/19 07/01/22 FA FHLMC 2,500,000.00 2,500,000.00 2.000% 149,722.22 2,649,722.22
01/15/20 07/15/22 FA FHLMC 1,500,000.00 1,500,510.00 1.586% 59,490.00 1,560,000.00
08/28/19 08/26/22 FA FFCB 1,500,000.00 1,499,565.00 1.860% 83,530.83 1,583,095.83
12/01/17 09/09/22 FA FHLB 1,750,000.00 1,739,692.50 2.130% 177,335.28 1,917,027.78
07/05/19 09/09/22 FA FHLB 1,800,000.00 1,874,106.00 1.786% 104,644.00 1,978,750.00
01/15/20 09/09/22 FA FHLB 2,000,000.00 2,021,180.00 1.590% 84,820.00 2,106,000.00
03/09/20 09/09/22 FA FFCB 1,000,000.00 1,000,000.00 1.500% 37,500.00 1,037,500.00
09/28/17 09/28/22 FA FNMA 2,500,000.00 2,500,000.00 2.000% 249,861.11 2,749,861.11
03/09/18 10/05/22 FA FNMA 1,000,000.00 971,120.00 2.000% 120,324.44 1,091,444.44
05/20/20 10/05/22 FA FNMA 1,923,000.00 2,005,439.01 0.190%8,903.49 2,014,342.50
10/05/18 10/05/22 FA FNMA 1,000,000.00 962,570.00 3.000% 117,430.00 1,080,000.00
09/10/19 12/09/22 FA FHLB 1,500,000.00 1,670,736.00 1.630% 84,545.25 1,755,281.25
04/24/18 12/09/22 FA FHLB 2,250,000.00 2,215,102.50 2.500% 295,053.75 2,510,156.25
07/05/19 12/23/22 FA FHLMC 1,500,000.00 1,500,000.00 2.000% 104,416.67 1,604,416.67
01/06/20 01/06/23 FA FAMCA 2,000,000.00 2,000,000.00 1.750% 105,000.00 2,105,000.00
03/22/19 03/10/23 FA FHLB 2,000,000.00 2,028,220.00 2.375% 189,946.67 2,218,166.67
03/16/20 03/16/23 FA FFCB 2,500,000.00 2,500,000.00 1.050% 78,750.00 2,578,750.00
04/27/20 04/27/23 FA FNMA 2,000,000.00 2,000,000.00 0.550% 33,000.00 2,033,000.00
06/04/18 06/26/23 FA FHLMC 1,250,000.00 1,250,000.00 3.050% 190,625.00 1,440,625.00
06/28/19 06/26/23 FA FHLMC 3,000,000.00 3,000,000.00 2.050% 246,000.00 3,246,000.00
07/24/18 06/29/23 FA FHLMC 1,000,000.00 1,000,000.00 3.100% 152,847.22 1,152,847.22
07/30/18 07/28/23 FA FHLMC 2,500,000.00 2,500,000.00 3.070% 383,323.61 2,883,323.61
July 14, 2020 Item #1 Page 9 of 17
Settlement Maturity Type Issuer Par Invested Yield Interest Expected Return
05/11/20 08/11/23 FA FFCB 2,250,000.00 2,250,000.00 0.500% 36,562.50 2,286,562.50
09/13/19 08/14/23 FA FFCB 1,800,000.00 1,796,580.00 1.650% 116,300.00 1,912,880.00
09/13/19 08/28/23 FA FFCB 1,000,000.00 997,650.00 1.982% 78,350.00 1,076,000.00
08/24/18 08/24/23 FA FHLB 1,750,000.00 1,750,000.00 3.125% 273,437.50 2,023,437.50
09/18/18 09/05/23 FA FFCB 1,000,000.00 991,290.00 2.990% 147,698.89 1,138,988.89
10/10/18 09/05/23 FA FFCB 2,300,000.00 2,266,190.00 3.125% 349,548.89 2,615,738.89
09/03/19 09/08/23 FA FHLB 2,000,000.00 2,069,108.00 1.485% 121,551.72 2,190,659.72
02/27/19 09/12/23 FA FNMA 1,000,000.00 1,016,210.00 2.495% 114,362.92 1,130,572.92
04/16/19 09/12/23 FA FNMA 1,750,000.00 1,783,757.50 2.410% 187,617.50 1,971,375.00
09/18/18 09/18/23 FA FHLB 1,000,000.00 999,250.00 3.076% 153,750.00 1,153,000.00
09/28/18 09/28/23 FA FHLB 1,250,000.00 1,250,000.00 3.200% 200,000.00 1,450,000.00
10/17/18 10/02/23 FA FFCB 2,500,000.00 2,493,150.00 3.050% 384,922.92 2,878,072.92
02/07/19 10/23/23 FA FFCB 1,000,000.00 1,017,530.00 2.602% 123,803.33 1,141,333.33
05/09/19 11/08/23 FA FFCB 2,000,000.00 2,001,700.00 2.280% 205,172.22 2,206,872.22
11/27/18 11/27/23 FA FHLB 1,800,000.00 1,800,000.00 3.350% 301,500.00 2,101,500.00
12/13/19 11/27/23 FA FHLMC 1,965,000.00 1,964,017.50 1.788% 138,947.33 2,102,964.83
06/28/19 12/05/23 FA FFCB 1,500,000.00 1,569,280.50 1.870% 127,682.83 1,696,963.33
05/13/20 12/08/23 FA FHLB 1,000,000.00 1,107,630.00 0.339% 12,838.75 1,120,468.75
12/18/19 12/18/23 FA FHLMC 1,500,000.00 1,500,000.00 1.850% 111,000.00 1,611,000.00
05/09/19 12/20/23 FA FFCB 1,000,000.00 1,052,900.00 3.500% 108,586.11 1,161,486.11
12/28/18 12/28/23 FA FHLB 2,000,000.00 2,000,000.00 3.100% 310,000.00 2,310,000.00
01/29/19 01/29/24 FA FHLB 1,500,000.00 1,501,125.00 2.859% 214,500.00 1,715,625.00
05/13/20 01/30/24 FA FHLMC 2,000,000.00 2,000,000.00 0.550% 40,852.78 2,040,852.78
02/26/19 02/26/24 FA FHLB 2,500,000.00 2,500,000.00 2.800% 350,000.00 2,850,000.00
03/06/19 02/27/24 FA FFCB 1,500,000.00 1,498,950.00 2.610% 195,821.25 1,694,771.25
02/28/20 02/28/24 FA FFCB 2,500,000.00 2,500,000.00 1.550% 155,000.00 2,655,000.00
03/08/19 03/08/24 FA FHLB 3,000,000.00 3,100,851.00 2.530% 386,649.00 3,487,500.00
03/12/20 03/12/24 FA FFCB 3,000,000.00 3,000,000.00 1.050% 126,000.00 3,126,000.00
04/09/19 04/05/24 FA FFCB 2,000,000.00 1,994,380.00 2.360% 234,725.56 2,229,105.56
04/22/20 04/22/24 FA FFCB 3,000,000.00 3,000,000.00 0.800% 96,000.00 3,096,000.00
05/09/19 05/07/24 FA FHLB 1,000,000.00 1,005,320.00 2.287% 114,546.67 1,119,866.67
12/19/19 06/03/24 FA FFCB 3,000,000.00 2,997,750.00 1.830% 246,860.00 3,244,610.00
03/03/20 06/03/24 FA FFCB 1,500,000.00 1,500,000.00 1.670% 106,462.50 1,606,462.50
08/28/19 06/30/24 FA FFCB 1,470,000.00 1,517,378.10 1.457% 103,884.90 1,621,263.00
08/28/19 06/25/24 FA FFCB 1,183,000.00 1,237,524.47 1.457% 85,320.92 1,322,845.39
07/30/19 06/26/24 FA FHLMC 2,000,000.00 2,004,000.00 2.150% 229,013.89 2,233,013.89
07/02/19 07/02/24 FA FHLMC 2,500,000.00 2,500,000.00 2.000% 250,000.00 2,750,000.00
06/27/19 07/15/24 FA PEFCO 2,500,000.00 2,565,850.00 1.900% 243,292.36 2,809,142.36
08/08/19 07/26/24 FA FFCB 2,500,000.00 2,532,125.00 1.582% 197,583.33 2,729,708.33
02/12/20 08/12/24 FA FHLMC 2,000,000.00 2,000,000.00 1.800% 162,000.00 2,162,000.00
09/03/19 09/03/24 FA FFCB 4,000,000.00 4,000,000.00 2.000% 400,000.00 4,400,000.00
08/30/19 09/10/24 FA FFCB 2,500,000.00 2,572,420.00 1.480% 189,024.44 2,761,444.44
09/23/19 09/23/24 FA FHLMC 1,000,000.00 1,000,000.00 2.100% 10,500.00 1,010,500.00
10/15/19 10/15/24 FA FFCB 2,000,000.00 2,000,000.00 1.920% 192,000.00 2,192,000.00
10/28/19 10/15/24 FA FHLMC 2,500,000.00 2,496,692.71 1.917% 235,989.58 2,732,682.29
10/18/19 10/16/24 FA FHLB 2,250,000.00 2,250,250.00 2.000% 224,500.00 2,474,750.00
11/15/19 11/01/24 FA FAMCA 2,000,000.00 1,999,720.00 1.793% 177,887.78 2,177,607.78
01/10/20 01/10/25 FA FHLMC 2,000,000.00 2,000,000.00 1.800% 180,000.00 2,180,000.00
01/15/20 01/15/25 FA FHLMC 2,000,000.00 2,000,000.00 1.900% 190,000.00 2,190,000.00
02/10/20 02/10/25 FA FHLB 2,500,000.00 2,496,875.00 1.866% 233,125.00 2,730,000.00
02/12/20 02/12/25 FA FHLMC 1,500,000.00 1,500,000.00 1.800% 680,000.00 2,180,000.00
02/14/20 02/14/25 FA FHLMC 2,500,000.00 2,500,000.00 1.850% 231,250.00 2,731,250.00
03/06/20 02/21/25 FA FHLB 2,000,000.00 2,009,827.00 1.050% 183,548.00 2,193,375.00
04/09/20 03/14/25 FA FHLB 3,000,000.00 3,231,300.00 0.778% 120,002.08 3,351,302.08
04/09/20 04/09/25 FA FFCB 2,000,000.00 2,000,000.00 1.150% 115,000.00 2,115,000.00
04/09/20 04/09/25 FA FFCB 2,500,000.00 2,498,125.00 1.165% 145,625.00 2,643,750.00
Sub Total FA 240,531,000.00 242,836,703.30 1.830% 19,486,480.24 262,323,183.54
10/23/15 10/15/20 FN 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 243,531,000.00 245,587,463.30 19,735,720.24 265,323,183.54
Supranationals
08/03/17 08/10/20 SN IBRD 2,000,000.00 1,972,100.00 1.600% 95,837.50 2,067,937.50
11/08/18 09/04/20 SN IBRD 1,100,000.00 1,074,711.00 2.930% 57,859.27 1,132,570.27
01/08/18 10/05/20 SN IBRD 1,500,000.00 1,486,500.00 2.164% 88,765.62 1,575,265.62
01/08/18 01/18/22 SN IADB 2,000,000.00 1,988,880.00 2.270% 182,300.56 2,171,180.56
12/18/17 01/26/22 SN IBRD 2,500,000.00 2,485,325.00 2.150% 219,952.78 2,705,277.78
10/10/17 10/07/22 SN IBRD 1,300,000.00 1,290,907.89 2.024% 130,763.88 1,421,671.77
02/08/19 10/24/22 SN IFC 1,500,000.00 1,470,780.00 2.553% 140,553.33 1,611,333.33
05/09/19 10/24/23 SN IADB 2,000,000.00 2,058,280.00 2.300% 205,886.67 2,264,166.67
01/18/18 01/18/23 SN IADB 1,700,000.00 1,702,652.00 2.467% 209,848.00 1,912,500.00
July 14, 2020 Item #1 Page 10 of 17
Settlement Maturity Type Issuer Par Invested Yield Interest Expected Return
01/24/18 01/18/23 SN IADB 1,000,000.00 997,670.00 2.550% 126,913.33 1,124,583.33
02/19/20 01/27/23 SN IBRD 1,170,000.00 1,170,538.20 1.734% 59,635.55 1,230,173.75
10/25/19 10/25/23 SN IBRD 3,000,000.00 3,000,000.00 1.700% 204,000.00 3,204,000.00
02/15/19 02/15/24 SN IBRD 3,000,000.00 3,000,000.00 2.625% 468,750.00 3,468,750.00
08/29/19 08/28/24 SN IBRD 2,000,000.00 2,006,920.00 1.428% 142,996.67 2,149,916.67
10/10/19 09/23/24 SN IBRD 3,500,000.00 3,510,500.00 2.136% 370,863.89 3,881,363.89
12/10/19 09/23/24 SN IBRD 3,000,000.00 3,006,000.00 1.941% 310,066.67 3,316,066.67
11/13/19 11/13/24 SN IBRD 1,500,000.00 1,500,000.00 2.050% 153,750.00 1,653,750.00
03/26/20 12/12/24 SN IBRD 3,500,000.00 3,522,505.00 1.096% 329,777.78 3,829,777.78
01/08/20 12/15/24 SN IBRD 1,425,000.00 1,425,000.00 1.700% 119,577.30 1,544,577.30
01/27/20 01/15/25 SN 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 1.824%3,698,807.13 43,345,571.22
US Treasury
12/19/16 06/30/20 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR US Treasury 2.625%3,000,000.00 3,085,572.00 1.800% 275,650.83 3,361,222.83
US Treasury 81,975,000.00 81,974,168.50 1.746%6,129,660.68 88,103,829.18
Corporate Notes
11/03/15 08/07/20 CN 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 CN 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 CN 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 CN Microsoft 5,000,000.00 5,018,550.00 1.920% 479,505.56 5,498,055.56
06/10/16 11/03/20 CN Microsoft 1,500,000.00 1,539,450.00 1.370% 92,466.67 1,631,916.67
11/13/17 11/13/20 CN 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 CN 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 CN Toyota 3,000,000.00 3,000,000.00 2.000% 210,000.00 3,210,000.00
02/26/18 01/15/21 CN 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 CN 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 CN 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 CN Toyota 3,000,000.00 3,031,680.00 1.659% 228,303.33 3,259,983.33
11/18/19 04/26/21 CN US Bank NA 1,000,000.00 1,019,220.00 1.710% 26,105.00 1,045,325.00
06/13/18 05/16/21 CN Chevron 3,250,000.00 3,175,770.00 2.920% 273,861.25 3,449,631.25
05/26/16 05/19/21 CN 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 CN 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 CN Alphabet Inc.2,000,000.00 2,133,400.00 1.900% 159,620.83 2,293,020.83
July 14, 2020 Item #1 Page 11 of 17
Settlement Maturity Type Issuer Par Invested Yield Interest Expected Return
02/06/20 07/23/21 CN 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 CN Microsoft 6,000,000.00 5,995,740.00 1.565% 460,218.33 6,455,958.33
02/07/17 08/08/21 CN Microsoft 2,000,000.00 1,947,120.00 2.170% 192,466.11 2,139,586.11
02/22/18 08/08/21 CN Microsoft 1,500,000.00 1,441,912.50 2.730% 138,558.33 1,580,470.83
10/14/16 09/01/21 CN 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 CN 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 CN 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 CN 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 CN 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 CN US Bank NA 3,000,000.00 3,091,620.00 1.730% 104,742.50 3,196,362.50
04/03/20 01/21/22 CN US Bank NA 2,000,000.00 2,016,916.00 1.300% 47,884.00 2,064,800.00
12/20/17 02/06/22 CN Microsoft 1,250,000.00 1,254,025.00 2.316% 119,808.33 1,373,833.33
11/29/19 02/09/22 CN 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 CN 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 CN Johnson & Johnson 2,000,000.00 2,029,760.00 1.470% 61,365.00 2,091,125.00
05/07/20 05/03/22 CN Colgate-Palmolive 3,500,000.00 3,629,465.00 0.420%894.44 3,630,359.44
03/06/17 03/06/22 CN 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 CN 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 CN 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 CN 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 CN 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 CN Toyota 2,000,000.00 2,000,000.00 3.083% 200,044.66 2,200,044.66
01/06/20 05/27/22 CN 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 CN 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 CN Cisco Systems Inc 500,000.00 515,230.00 1.755% 22,436.67 537,666.67
02/20/20 06/20/22 CN 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 CN 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 CN Toyota 1,500,000.00 1,547,160.00 2.119% 158,056.67 1,705,216.67
01/16/19 07/13/22 CN Toyota 1,500,000.00 1,483,770.00 3.129% 162,880.00 1,646,650.00
07/01/19 07/13/22 CN Toyota 2,500,000.00 2,551,875.00 2.090% 160,458.33 2,712,333.33
11/06/17 08/11/22 CN 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 CN 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 CN 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 CN 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 CN Microsoft 2,000,000.00 2,087,293.89 1.514% 75,092.22 2,162,386.11
01/04/18 11/15/22 CN 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 CN 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 CN 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 CN Toyota 2,250,000.00 2,250,000.00 2.125% 238,132.81 2,488,132.81
01/14/19 12/15/22 CN 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 CN 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 CN Toyota 3,000,000.00 3,000,000.00 2.750% 412,500.00 3,412,500.00
08/29/19 02/01/23 CN 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 CN 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 CN 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 CN 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 CN Berkshire Hathaway 1,000,000.00 983,890.00 3.101% 153,228.06 1,137,118.06
04/18/18 03/15/23 CN 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 CN 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 CN Wal-Mart 1,000,000.00 974,100.00 3.121% 151,558.33 1,125,658.33
12/18/18 04/11/23 CN Wal-Mart 1,000,000.00 969,800.00 3.301% 141,054.17 1,110,854.17
05/16/19 04/28/23 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN Wells Fargo Bank NA 1,500,000.00 1,500,000.00 3.550% 259,297.92 1,759,297.92
05/14/20 09/01/23 CN Public Service Electric 2,500,000.00 2,700,575.00 0.720% 67,324.31 2,767,899.31
12/23/19 11/20/23 CN 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 CN 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 CN Toyota 1,000,000.00 1,017,865.00 2.950% 144,144.72 1,162,009.72
01/16/20 01/15/24 CN 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 CN Citibank 1,000,000.00 1,034,870.00 2.836% 136,173.06 1,171,043.06
02/13/20 01/23/24 CN Citibank 2,500,000.00 2,674,670.00 1.770% 185,260.56 2,859,930.56
02/13/20 01/23/24 CN Citibank 2,000,000.00 2,142,600.00 1.733% 145,344.44 2,287,944.44
July 14, 2020 Item #1 Page 12 of 17
Settlement Maturity Type Issuer Par Invested Yield Interest Expected Return
02/20/20 01/23/24 CN Citibank 1,500,000.00 1,603,710.00 1.780% 111,183.75 1,714,893.75
10/11/19 02/01/24 CN 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 CN Microsoft 1,500,000.00 1,584,745.83 1.604% 103,633.34 1,688,379.17
08/29/19 03/18/24 CN 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 CN 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 CN Blackrock Inc.1,000,000.00 1,070,864.44 1.923% 81,191.12 1,152,055.56
05/14/20 03/18/24 CN Blackrock Inc.3,000,000.00 3,300,600.00 0.845% 103,066.67 3,403,666.67
04/24/20 04/22/24 CN Wal-Mart 2,500,000.00 2,737,467.50 0.875% 92,074.17 2,829,541.67
04/24/20 04/22/24 CN Wal-Mart 2,000,000.00 2,191,860.00 0.700% 71,773.33 2,263,633.33
07/31/19 05/13/24 CN 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 CN 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 CN 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 CN 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 CN 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 CN Johnson & Johnson 1,820,000.00 1,882,380.50 1.586% 176,494.50 2,058,875.00
04/08/20 01/15/25 CN Johnson & Johnson 3,000,000.00 3,231,960.00 0.906% 143,633.75 3,375,593.75
04/13/20 02/14/25 CN Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300% 210,555.54 3,590,131.74
05/13/20 04/01/25 CN Florida Power & Light 3,667,000.00 3,980,565.17 1.020% 195,628.34 4,176,193.51
Corporate Notes 227,518,000.00 231,621,082.45 2.096%19,295,955.49 250,917,037.94
Certificate of Deposit
06/29/15 06/29/20 CD First Source Bank 247,000.00 246,382.50 1.904% 23,465.00 269,847.50
07/31/15 07/31/20 CD Institution For Savings 249,000.00 249,000.00 2.050% 25,522.50 274,522.50
08/02/17 08/03/20 CD Wex Bank 247,000.00 247,000.00 1.850% 13,721.19 260,721.19
08/11/15 08/25/20 CD Investor Bank 247,000.00 247,000.00 2.000% 24,700.00 271,700.00
09/10/15 09/10/20 CD Merrick Bank 249,000.00 248,377.50 1.910% 23,655.00 272,032.50
09/22/15 09/16/20 CD Barclays Bank 248,000.00 248,000.00 2.200% 27,190.31 275,190.31
10/19/15 10/13/20 CD Comenity Cap Bank 249,000.00 249,000.00 2.000% 24,818.14 273,818.14
12/14/17 12/14/20 CD Ally Bank 247,000.00 247,000.00 2.100% 15,561.00 262,561.00
01/15/16 01/15/21 CD Investors Cmnty Bank 249,000.00 249,000.00 1.850% 23,032.50 272,032.50
05/09/18 05/10/21 CD Connectone Bank 249,000.00 249,000.00 2.850% 21,309.21 270,309.21
06/10/16 06/07/21 CD Ubs Bank Usa 249,000.00 249,000.00 1.650% 20,508.73 269,508.73
06/21/18 06/21/21 CD Mercantil Bank 246,000.00 246,000.00 3.000% 22,140.00 268,140.00
06/22/17 06/22/21 CD Lakeside Bank 249,000.00 249,000.00 1.900% 18,924.00 267,924.00
06/23/16 06/23/21 CD East Boston Saving 248,000.00 248,000.00 1.500% 18,600.00 266,600.00
06/24/16 06/24/21 CD First Business Bk 248,000.00 248,000.00 1.500% 18,600.00 266,600.00
06/30/16 06/30/21 CD First Technology Federal 248,000.00 248,000.00 1.750% 21,700.00 269,700.00
09/21/17 09/21/21 CD Pinacle Bank Tn 249,000.00 249,000.00 2.000% 19,920.00 268,920.00
01/12/18 01/12/22 CD LCA Bank Corporation 246,000.00 246,000.00 2.300% 22,632.00 268,632.00
01/18/17 01/18/22 CD Mb Financial Bank 249,000.00 249,000.00 2.050% 25,522.50 274,522.50
01/20/17 01/20/22 CD First Natl Bank 249,000.00 249,000.00 2.050% 25,522.50 274,522.50
01/24/19 01/24/22 CD Dollar Bank 246,000.00 246,000.00 2.850% 21,033.00 267,033.00
02/12/20 02/14/22 CD Sallie Mae Bank 247,000.00 247,000.00 1.700%8,432.52 255,432.52
06/07/17 06/07/22 CD Mechantile Bank Of 247,000.00 247,000.00 2.100% 25,935.00 272,935.00
07/31/17 07/29/22 CD KS State Bank 245,000.00 245,000.00 2.100% 25,710.71 270,710.71
08/16/17 08/16/22 CD Everbank 247,000.00 247,000.00 2.200% 27,170.00 274,170.00
08/30/17 08/30/22 CD Willamette Valley Bank 249,000.00 249,000.00 2.100% 26,145.00 275,145.00
09/29/17 09/29/22 CD Allegiane Bank Texs 249,000.00 249,000.00 2.150% 26,767.50 275,767.50
09/14/17 09/14/22 CD First Bank Of 247,000.00 247,000.00 2.150% 26,552.50 273,552.50
10/18/17 10/18/22 CD Beneficial Bank 247,000.00 247,000.00 2.150% 26,552.50 273,552.50
10/23/19 10/11/22 CD Goldman Sachs Bank USA 247,000.00 247,180.01 1.900% 13,718.98 260,898.99
12/22/17 12/22/22 CD Industrial & Coml Bak China 249,000.00 249,000.00 2.500% 31,125.00 280,125.00
01/11/19 01/11/23 CD Sterling Bank 246,000.00 246,000.00 3.100% 30,504.00 276,504.00
01/29/18 01/30/23 CD Suntrust Bank 246,000.00 245,508.00 2.792% 34,547.50 280,055.50
02/07/20 02/07/23 CD BMW Bank 247,000.00 247,000.00 1.650% 12,237.67 259,237.67
02/21/20 02/21/23 CD Wells Fargo Bank 249,000.00 249,000.00 1.750% 13,084.44 262,084.44
04/24/18 04/24/23 CD Citibank 246,000.00 246,000.00 3.000% 36,900.00 282,900.00
05/08/19 05/08/23 CD Bank3 249,000.00 249,000.00 2.336% 24,900.00 273,900.00
05/16/18 05/16/23 CD Belmont Savings Bank 245,000.00 245,000.00 3.050% 37,362.50 282,362.50
06/20/18 06/20/23 CD RBC Bank 249,000.00 249,000.00 3.150% 39,217.50 288,217.50
07/31/18 07/31/23 CD Bank Of New England 249,000.00 249,000.00 3.250% 40,462.50 289,462.50
07/31/18 07/31/23 CD Medallion Bank Utah 249,000.00 249,000.00 3.150% 40,462.50 289,462.50
02/13/19 08/14/23 CD First Missouri State Bank 246,000.00 246,000.00 2.850% 31,549.50 277,549.50
09/26/18 09/26/23 CD Bank Midwest 245,000.00 245,000.00 3.150% 38,587.50 283,587.50
09/28/18 09/28/23 CD Bank Of Baroda 245,000.00 245,000.00 3.300% 40,425.00 285,425.00
11/15/18 10/30/23 CD National Cooperative Bank 245,000.00 245,000.00 3.450% 41,891.98 286,891.98
11/14/18 11/14/23 CD Bank Hapoalim Bm 245,000.00 245,000.00 3.500% 42,875.00 287,875.00
11/15/18 11/15/23 CD Morgan Stanley Pvt Bank 245,000.00 245,000.00 3.550% 43,487.50 288,487.50
11/19/18 11/29/23 CD State Bank Of India 245,000.00 245,000.00 3.600% 44,100.00 289,100.00
05/16/19 05/16/24 CD Enterprise Bank 246,000.00 246,000.00 2.600% 31,980.00 277,980.00
05/24/19 05/24/24 CD Eagle Bank 249,000.00 249,000.00 2.500% 31,125.00 280,125.00
06/28/19 06/28/24 CD First State Bank Dequeen 249,000.00 249,000.00 2.300% 28,635.00 277,635.00
07/31/19 07/31/24 CD Capital One 247,000.00 247,000.00 2.250% 27,787.50 274,787.50
July 14, 2020 Item #1 Page 13 of 17
Settlement Maturity Type Issuer Par Invested Yield Interest Expected Return
08/13/19 08/13/24 CD HSBC Bank 246,000.00 246,000.00 2.300% 28,290.00 274,290.00
08/30/19 08/30/24 CD Washington Federal 249,000.00 249,000.00 2.000% 24,900.00 273,900.00
09/13/19 09/13/24 CD Enerbank Usa 249,000.00 249,000.00 1.750% 21,787.50 270,787.50
09/18/19 09/30/24 CD Celtic Bank 249,000.00 249,208.75 1.700% 20,747.50 269,956.25
11/26/19 11/26/24 CD Raymond James Bank NA 247,000.00 247,000.00 1.850% 22,872.54 269,872.54
01/09/20 01/09/25 CD Morgan Stanley Bank NA 247,000.00 247,000.00 1.900% 23,490.72 270,490.72
02/27/20 02/27/25 CD Bell Bank Corp 249,000.00 249,000.00 1.600% 19,941.88 268,941.88
02/28/20 02/28/25 CD Congressional Bank 249,000.00 248,377.50 1.750% 22,433.88 270,811.38
03/13/20 03/13/25 CD Choice Financial Group 248,000.00 248,000.00 1.100% 13,647.47 261,647.47
03/13/20 03/13/25 CD American Eagle bank 249,000.00 249,000.00 1.100% 13,702.54 262,702.54
03/18/20 03/18/25 CD Poppy Bank 249,000.00 249,000.00 1.100% 13,702.54 262,702.54
03/19/20 03/19/25 CD Somerset Trust 249,000.00 249,000.00 1.000% 12,456.88 261,456.88
03/20/20 03/20/25 CD Iberia Bank 248,000.00 248,000.00 1.000% 12,406.79 260,406.79
03/27/20 03/27/25 CD Baycoast Bank 248,000.00 248,000.00 0.950% 11,786.45 259,786.45
03/27/20 03/27/25 CD American Commerce Bank 249,000.00 249,000.00 0.950% 11,834.03 260,834.03
04/08/20 04/08/25 CD Capital One 248,000.00 248,000.00 1.600% 19,850.88 267,850.88
05/15/20 05/15/25 CD Flagstar Bank 248,000.00 248,000.00 0.850% 10,545.77 258,545.77
05/15/20 05/15/25 CD Encore Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41
05/26/20 05/27/25 CD Haddon Savings Bank 248,000.00 248,000.00 0.750%9,310.19 257,310.19
05/29/20 05/29/25 CD Home Loan Inv Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41
05/29/20 05/29/25 CD Pacific Western Bank 249,000.00 249,000.00 0.700%8,719.77 257,719.77
05/29/20 05/29/25 CD Malaga Bank 249,000.00 249,000.00 0.700%8,719.87 257,719.87
Certificate of Deposit 18,329,000.00 18,327,034.26 2.063%1,759,387.90 20,086,422.16
Mortgage Backed Securities (Agency)
12/26/19 12/01/22 NM FNMA AM1721 1,903,988.86 1,917,078.77 2.001% 64,774.84 1,981,853.61
02/04/20 11/01/22 NM FNMA AM0982 2,000,000.00 2,036,562.50 1.704% 27,844.88 2,064,407.38
04/15/20 11/25/24 NM FHMS KHG1 A1 3,000,000.00 3,215,625.00 0.999%1,505.28 3,217,130.28
Mortgage Backed Securities (Agency)6,903,988.86 7,169,266.27 1.467%94,125.00 7,263,391.27
Cash
Cash Wells Fargo Bank - General 3,079,242.00 3,079,242.00 0.100%253.09 3,079,495.09
Cash Sweep Account 2,209,654.40 2,209,654.40 0.060%108.97 2,209,763.37
Cash Wells Fargo Bank - Custody 1,491,704.48 1,491,704.48 0.010%12.43 1,491,716.91
Cash CAMP 1,003,845.67 1,003,845.67 0.570%470.29 1,004,315.96
Cash LAIF City 71,206,246.51 71,206,246.51 1.310% 77,733.49 71,283,980.00
Cash LAIF CMWD 71,076,058.80 71,076,058.80 1.310% 77,591.36 71,153,650.16
Cash LAIF CPFA 37,039,738.87 37,039,738.87 1.310% 40,435.05 37,080,173.92
Cash LAIF CPIC - - 1.310%- -
Cash 187,106,490.73 187,106,490.73 1.261%196,604.68 187,303,095.41
GRAND TOTAL 805,058,479.59 811,454,774.60 1.768%50,910,261.12 862,342,530.72
July 14, 2020 Item #1 Page 14 of 17
EXHIBIT 7
City of Carlsbad Investment Portfolio
Fund Equity in Pooled Investments
As of May 31, 2020
Cash Balance by Fund:
General 140,982,598
Special Revenue 37,829,484
Capital Projects:
General Capital Construction 43,156,993
Traffic Impact Fees 24,771,986
Public Facilities Fees 28,814,251
Park Development 12,497,820
Transnet Taxes 7,927,957
Drainage Fees 5,746,540
Special Districts 111,139,644
Infrastructure Replacement 122,070,771
Gas Tax 15,867,697
Capital Project Subtotal 371,993,659
Enterprise:
Carlsbad Municipal Water District 135,038,009
Sewer Fund 47,623,699
Solid Waste 6,301,988
Storm Water 8,210,467
Golf Course 1,239,714
Enterprise Subtotal 198,413,877
Internal Service 49,383,975
Trust and Agency 17,505,920
Total General Ledger Balance **816,109,513
Reconciling Adjustments (1)(5,895,984)
Total Treasurer's Investment Portfolio at Amortized Cost 810,213,529
**Figures based on best estimate at the time report run on 6/4/2020.
(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.
July 14, 2020 Item #1 Page 15 of 17
EXHIBIT 8
City of Carlsbad Investment Portfolio
Corporate Note and Mortgage Baked Security Ratings
As of May 31, 2020
Corporate Notes Moody's S&P Fitch Outlook
3M Company A1 A+Negative/Negative
Alphabet Inc.Aa2 AA+Stable
Amazon.com Inc.A2 AA-A+Positive/Stable/Positive
Apple Inc.Aa1 AA+Stable
Automatic Data Processing Aa3 AA Negative/Stable
Bank of New York Mellon A1 A AA-Stable
Berkshire Hathaway Aa2 AA AA-Stable
Blackrock Inc.Aa3 AA-Stable
Chevron Aa2 AA Stable/Negative
Cisco Systems Inc.A1 AA-Stable
Citibank A3 BBB+A Stable/Stable/Negative
Coca Cola Company A1 A+A Stable/Negative/Stable
Colgate-Palmolive Aa3 AA-Stable
Exxon Mobil Aa1 AA Negative
Florida Power & Light Aa2 A+AA-Stable
Johnson & Johnson Aaa AAA Negative/Stable
JP Morgan Chase Bank A2 A-AA-Stable/Stable/Negative
Merck & Co A1 AA-A+Stable/Negative/Stable
Microsoft Aaa AAA AA+Stable
New York Life Aaa AA+AAA Negative/Stable/Stable
Novartis Capital Corp A1 AA-AA-Stable
Procter & Gamble Aa3 AA-Stable
Public Service Electric Aa3 A Stable
State Street Corporation A1 A AA-Stable
Toyota A1 A+A+Negative
US Bank NA A1 A+AA-Stable/Stable/Negative
Wal-Mart Aa2 AA AA Stable
Wells Fargo Bank NA A2 A-A+Stable/Negative/Negative
Mortgage Backed Securities Moody's S&P Fitch Outlook
FHLMC (KHG1 A1)Aaa AAA Stable
FNMA (AM0982)Aaa AAA Stable
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 *
Corporate Notes Moody's S&P Fitch Maturity Date Purchased Book Value
3M Company A1 A+03/07/24 12/19/19 8,871,464$
Citibank A3 BBB+A 01/23/24 02/20/20 7,416,555$
Coca Cola Company A1 A+A 09/01/21 01/10/18 5,112,334$
Toyota A1 A+A+01/08/24 07/01/19 19,816,022$
Wells Fargo Bank NA A2 A-A+02/06/20 08/14/23 16,157,097$
* 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.July 14, 2020 Item #1 Page 16 of 17
EXHIBIT 9
City of Carlsbad Investment Portfolio
Portfolio Allocation at Amortized Cost by Issuer
As of May 31, 2020
Corporate Notes Amortized Cost Portfolio Allocation*
3M Company 8,871,464$ 1.09%
Alphabet Inc.5,082,468 0.63%
Amazon.com Inc.4,665,307 0.58%
Apple Inc.15,311,049 1.89%
Automatic Data Processing 4,001,719 0.49%
Bank of New York Mellon 5,136,873 0.63%
Berkshire Hathaway 9,608,872 1.19%
Blackrock Inc.8,557,434 1.06%
Chevron 3,225,680 0.40%
Cisco Systems Inc.512,366 0.06%
Citibank 7,416,555 0.92%
Coca Cola Company 5,112,334 0.63%
Colgate-Palmolive 15,381,150 1.90%
Exxon Mobil 5,013,393 0.62%
Florida Power & Light 3,977,355 0.49%
Johnson & Johnson 10,903,293 1.35%
JP Morgan Chase Bank 13,479,211 1.66%
Microsoft 19,272,872 2.38%
Novartis Capital Corp 4,872,467 0.60%
Procter & Gamble 7,641,632 0.94%
Public Service Electric 2,697,702 0.33%
State Street Corporation 2,115,792 0.26%
Toyota 19,816,022 2.45%
US Bank NA 12,673,654 1.56%
Wal-Mart 19,429,323 2.40%
Wells Fargo Bank NA 16,157,097 1.99%
Mortgage Backed Securities (Agency)Amortized Cost Portfolio Allocation*
FHLMC 3,215,625 0.40%
FNMA 3,953,640 0.49%
Federal Agencies Amortized Cost Portfolio Allocation**
Federal Agricultural Mortgage Corp.12,183,762 1.50%
Federal Farm Credit Bank 74,253,051 9.16%
Federal Home Loan Bank 67,082,154 8.28%
Federal Home Loan Mortgage Corp.55,139,168 6.81%
Federal National Mortgage Assoc.27,680,003 3.42%
Private Export Funding Corp.2,553,782 0.32%
RFCO STRIPS 2,981,365 0.37%
Tennessee Valley Authority 3,051,297 0.38%
Other Amortized Cost Portfolio Allocation
Supranational 39,741,326 4.91%
US Treasury 82,010,678 10.12%
Certificate of Deposits 18,328,103 2.26%
Cash 187,106,491 23.09%
Total Portfolio Amortized Cost 810,213,529$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
July 14, 2020 Item #1 Page 17 of 17