Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
2020-09-01; City Council; ; Report on City Investments as of July 31, 2020
Meeting Date: Sep. 1, 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 July 31, 2020 Recommended Action Accept and file report on city investments as of July 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 July 31, 2020 is summarized below. Pooled investment portfolio (cash and securities) Current month Prior month Par value1 $788,773,526 $807,311,873 Investment cost $796,390,558 $814,122,940 Amortized cost2 $795,018,467 $812,848,717 Market value3 $810,026,324 $827,577,140 (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 July 31, 2020. Sept. 1, 2020 Item #1 Page 1 of 18 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 interest income Year to date Current month Prior month Cash income $1,673,791 $1,673,791 $1,100,983 The cash income received is adjusted for any accrued interest purchased. Pooled investment performance Average life (years) Yield to maturity Modified duration May 2020 1.85 1.77% 1.77 June 2020 1.84 1.69% 1.77 July 2020 1.92 1.61% 1.84 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. A temporary reduction in total portfolio assets has caused corporate note ownership to exceed the Investment Policy limit of 30%. All corporate note purchases, when made, resulted in a corporate note percentage of the total portfolio lower than 30% in accordance with the Investment Policy. Capital projects$376 Enterprise $195 General $113 Internal service$49 Special revenue $37 Agency/trust$31 Fund equity in pooled investments July 31, 2020 ($ in millions) Sept. 1, 2020 Item #1 Page 2 of 18 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 a “split rating” of AA from one rating company and an A rating from a second. Mortgage backed securities require an AA rating from one rating company. The city’s Investment Policy allows the city treasurer to determine the course of action that would correct exceptions to the policy. These investments are paying interest at the required times and their principal is considered secure. It is the intent of the city treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. Next Steps The report on city investments will continue to be produced monthly by the city treasurer. Environmental Evaluation (CEQA) Pursuant to California 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 the 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, calls, and purchases 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 Sept. 1, 2020 Item #1 Page 3 of 18 City of Carlsbad investment portfolio As of July 31, 2020Investments by cost, market value, cash income, and average yield by classInvestment costMarket valueAverage yieldClassCurrent monthPrior monthCurrent monthPrior monthYTD incomeCurrent monthPrior monthFA $240,976,954 238,374,968$ 244,832,920$ 242,273,461$ 346,875$ 1.67%1.75%FN2,750,760 2,750,760 2,998,680 2,997,330- 1.751.75SN39,669,269 39,669,269 40,558,475 40,575,352 111,733 1.821.82TR77,117,278 80,628,598 78,654,315 82,219,190 105,709 1.761.75CN239,094,895 234,863,954 245,484,370 240,987,959 439,443 2.022.06CD18,581,755 18,329,263 19,235,504 18,956,503 26,242 1.982.05MBS (agency)8,167,229 7,165,895 8,229,643 7,227,112 15,915 1.391.47MBS (non-agency)- - - - - 0.000.00Bank account3,125,562 3,193,463 3,125,562 3,193,463- 0.100.10Sweep5,482,105 755,812 5,482,105 755,812 115 0.060.06IRT1,470,544 3,064,499 1,470,544 3,064,49912 0.010.01CAMP1,004,837 1,004,415 1,004,837 1,004,415 422 0.300.57LAIF158,949,370 184,322,044 158,949,370 184,322,044 627,325 0.841.31Total$796,390,558 $814,122,940 $810,026,324 $827,577,140 $1,673,791 1.61%1.69%FA - Federal agency notesMBS - Passthrough/mortgage backed securitiesFN - Federal discount notesBank account - General cash accountSN - SupranationalSweep - Overnight cash accountTR - US TreasuryIRT - Investment cash accountCN - Corporate notesCAMP - California Asset Management ProgramCD - Certificate of depositLAIF - Local Area Investment FundSept. 1, 2020Item #1 Page 4 of 18Exhibit 1 City of Carlsbad investment portfolio As of July 31, 2020Maturities by classification and length of time at market valueClassWithin 6 months7 to 12 months 1 to 5 yearsTotal% TotalFA$16,605,674 $23,119,349 $205,107,897 $244,832,92030.23%FN2,998,680 - - 2,998,680 0.37SN4,606,441 - 35,952,034 40,558,475 5.01TR13,318,108 17,431,962 47,904,245 78,654,315 9.71CN21,068,025 15,510,698 208,905,648 245,484,370 30.31(2)CD1,742,684 1,765,228 15,727,591 19,235,504 2.37MBS (agency)42,000 42,000 8,145,643 8,229,643 1.02(3)MBS (non-agency)- - - - 0.00(4)Bank account3,125,562 - - 3,125,562 0.39Sweep5,482,105 - - 5,482,105 0.68IRT1,470,544 - - 1,470,544 0.18CAMP1,004,837 - - 1,004,837 0.12LAIF158,949,370 - - 158,949,370 19.62Totals$230,414,029 $57,869,237 $521,743,059 $810,026,324100.0%% Totals28.5% 7.1%64.4%100.0%Total within One Year$288,283,265(1)35.6%Policy:(1) Not less than $195,096,000 to mature within one year, two-thirds of FY 20-21 operating budget of $292,643,525.(2) Policy states that not more than 30% of portfolio is to be invested in corporate notes at time of purchase.Corporate notes exceeded their 30% limit; all purchases, when made, were within the limit.(3) Policy states that not more than 20% of portfolio is to be invested in mortgage backed securities at time of purchase.(4) Total non-agency mortgage backed securities shall be limited to 5% of the city's portfolio.Sept. 1, 2020Item #1 Page 5 of 18Exhibit 2 2.00 EXHIBIT 3 City of Carlsbad investment portfolio Yield comparison Portfolio yield ex pool money investment accounts(PMIA) vs CAMP yield vs LAIF yield 2.80 2.60 2.40 2.20 2.00 1.80 1.60 -0 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 Began tra cking published data for CAMP at time of investment, Ja n. 2019. 0_ ra ra co ra 0 0 0 0 r•-• 00 Ci 0 C 0 ra Portfolio ex PMIA CAMP -LAI F City of Carlsbad investment portfolio Market yield curve Fiscal yearend compared to current 2.50 1.50 1.00 0.50 0.00 3 month 2 year 5 year 10 year -s- FY 2018-19 end 2.09 1.74 1.76 2.00 FY 2019-20 end 0.13 0.16 0.31 0.68 7/31/2020 0.09 0.11 0.21 0.55 Sept. 1, 2020 Item #1 Page 6 of 18 Interest income ($ in millions 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $2.16 $0.95 $1.34 $112 $1.24 $1.24 $1.75 $1.00 $1.58 $1.79 $1.16 $1.10 $1.67 III al IIIII • 1111 IIIII 0111 Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Jul $17.03 EXHIBIT 4 City of Carlsbad investment portfolio Cumulative cash income 13-month comparison =2:7 FY 2019-20 FY 2020-21 2019-20 cumulative FY 2020-21 cumulative Sept. 1, 2020 Item #1 Page 7 of 18 EXHIBIT 5 City of Carlsbad investment portfolio Maturities, calls, and purchases this quarter As of July 31, 2020 Maturities CUSIP Issuer Settled Maturity Par value Book value Interest Total 3138L14F3 FNMA AM1721 12/26/2019 7/27/2020 3,532 3,557 3,580 7,136 3134GBHQ8 FHLMC 4/27/2017 7/27/2020 1,600,000 1,600,000 6,800 1,606,800 3130A5Z77 FHLB 1/21/2016 7/29/2020 2,500,000 2,500,000 22,875 2,522,875 912828XM7 US Treasury 6/7/2017 7/31/2020 2,000,000 2,000,000 16,250 2,016,250 912828XM7 US Treasury 12/2/2016 7/31/2020 1,500,000 1,500,000 12,188 1,512,188 45780PAL9 Institution For Savings 7/31/2015 7/31/2020 249,000 249,000 420 249,420 7,852,532 7,852,557 62,112 7,914,668 Calls CUSIP Issuer Settled Maturity Redeemed Par value Book value Total 3134G1Y56 FHLMC 07/03/2019 07/01/2022 07/01/2020 2,500,000 2,500,000 2,500,000 3134GSAX3 FHLMC 01/08/2018 07/01/2022 07/01/2020 1,500,000 1,500,000 1,500,000 94988.1526 Wells Fargo 02/06/2020 07/23/2021 07/23/2020 3,500,000 3,505,451 3,500,000 3134GSTD7 FHLMC 07/30/2018 07/28/2023 07/28/2020 2,500,000 2,500,000 2,500,000 86789VVL8 Suntrust Bank 01/29/2018 01/30/2023 07/30/2020 246,000 245,752 246,000 10,246,000 10,251,203 10,246,000 Purchases CUSIP Issuer Settled Maturity Payment Rate Par value Dollar price Book value 313604XZ1 FNMA 7/1/2020 6/30/2025 12/30/2020 0.74% 2500,000 100.000 2,500,000 06406HCV9 Bank of NY Mellon Corp 7/10/2020 5/15/2024 11/15/2020 0.56% 3,000,000 110.562 3,316,860 3133EC2D5 FFCB 7/10/2020 11/13/2024 11/13/2020 0.39% 1,621,000 108.042 1,751,361 46625HJX9 JP Morgan 7/13/2020 5/13/2024 11/13/2020 0.70% 3,000,000 111.043 3,331,290 478160CJ1 Johnson & Johnson 7/13/2020 1/15/2025 7/15/2020 0.51% 1,000,000 109.064 1,090,640 3133ELU77 FFCB 7/15/2020 10/15/2024 10/15/2020 0.61% 4,000,000 100.000 4,000,000 740367MA2 Preferred Bank 7/17/2020 7/17/2025 8/17/2020 0.50% 249,000 100.000 249,000 30315EAA4 FRESB Multifamily Mortgaf 7/24/2020 5/25/2025 8/25/2020 0.83% 1,000,000 100.489 1,004,891 3133E1)(66 FFCB 7/24/2020 7/22/2024 1/22/2021 0.44% 2,000,000 100.000 2,000,000 89235MJZ5 Toyota FinS Bank 7/28/2020 7/28/2025 1/28/2021 0.65% 249,000 100.000 249,000 211163KQ2 Continental Bank 7/29/2020 7/29/2025 8/29/2020 0.50% 249,000 100.000 249,000 3133ELZ80 FFCB 7/29/2020 7/29/2025 1/29/2021 0.58% 3,000,000 100.000 3,000,000 21,868,000 103.267 22,742,042 Sept. 1, 2020 Item #1 Page 8 of 18 EXHIBIT 6 City of Carlsbad Investment summary As of July 31, 2020 Settlement Maturity Issuer Par Invested Yield Interest expected Return Federal investments 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% 158,701.56 2,689,899.06 01/08/19 04/09/21 FFCB 1,500,000.00 1,504,860.00 2.550% 86,377.50 1,591,237.50 10/26/17 04/26/21 FHLMC 1,975,000.00 1,974,012.50 1.865% 128,868.75 2,102,881.25 10/12/16 06/11/21 FHLB 1,500,000.00 1,559,427.00 1.370% 97,979.25 1,657,406.25 06/15/17 06/15/21 FHLMC 1,400,000.00 1,400,000.00 1.800% 100,800.00 1,500,800.00 04/03/20 06/16/21 FFCB 2,000,000.00 2,004,800.00 0.300% 7,227.78 2,012,027.78 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 11/29/16 11/29/21 FFCB 3,000,000.00 3,000,000.00 1.760% 264,000.00 3,264,000.00 04/12/17 12/10/21 FHLB 2,000,000.00 2,003,620.00 1.834% 171,171.67 2,174,791.67 09/10/19 12/13/21 FFCB 2,000,000.00 2,017,240.00 1.490% 67,673.33 2,084,913.33 11/04/19 01/03/22 FAMCA 2,000,000.00 1,998,180.00 2.169% 95,553.01 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 04/27/17 04/27/22 FHLMC 3,500,000.00 3,545,920.00 2.345% 413,455.00 3,959,375.00 05/19/20 04/27/22 FFCB 2,000,000.00 2,003,480.00 0.210% 8,136.67 2,011,616.67 01/09/20 06/10/22 FHLB 3,000,000.00 3,297,270.00 1.560% 120,084.17 3,417,354.17 06/30/20 06/30/22 FHLMC 3,000,000.00 3,000,000.00 0.300% 18,000.00 3,018,000.00 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 FHLB 1,750,000.00 1,739,692.50 2.130% 177,335.28 1,917,027.78 07/05/19 09/09/22 FHLB 1,800,000.00 1,874,106.00 1.786% 104,644.00 1,978,750.00 01/15/20 09/09/22 FHLB 2,000,000.00 2,021,180.00 1.590% 84,820.00 2,106,000.00 09/28/17 09/28/22 FNMA 2,500,000.00 2,500,000.00 2.000% 249,861.11 2,749,861.11 03/09/18 10/05/22 FNMA 1,000,000.00 971,120.00 2.000% 120,324.44 1,091,444.44 05/20/20 10/05/22 FNMA 1,923,000.00 2,005,439.01 0.190% 8,903.49 2,014,342.50 10/05/18 10/05/22 FNMA 1,000,000.00 962,570.00 3.000% 117,430.00 1,080,000.00 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 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 04/27/20 04/27/23 FNMA 2,000,000.00 2,000,000.00 0.550% 33,000.00 2,033,000.00 05/11/20 08/11/23 FFCB 2,250,000.00 2,250,000.00 0.500% 36,562.50 2,286,562.50 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 Sept. 1, 2020 Item #1 Page 9 of 18 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 05/13/20 12/08/23 FHLB 1,000,000.00 1,107,630.00 0.339% 12,838.75 1,120,468.75 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 05/13/20 01/30/24 FHLMC 2,000,000.00 2,000,000.00 0.550% 40,852.78 2,040,852.78 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 04/22/20 04/22/24 FFCB 3,000,000.00 3,000,000.00 0.800% 96,000.00 3,096,000.00 05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287% 114,546.67 1,119,866.67 12/19/19 06/03/24 FFCB 3,000,000.00 2,997,750.00 1.830% 246,860.00 3,244,610.00 06/03/20 06/03/24 FFCB 2,000,000.00 2,000,000.00 0.580% 46,400.00 2,046,400.00 08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457% 103,884.90 1,621,263.00 08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457% 85,320.92 1,322,845.39 07/02/19 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 07/24/20 07/22/24 FFCB 2,000,000.00 2,000,000.00 0.440% 35,151.11 2,035,151.11 08/08/19 07/26/24 FFCB 2,500,000.00 2,532,125.00 1.582% 197,583.33 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 2,495,000.00 1.917% 237,682.29 2,732,682.29 07/15/20 10/15/24 FFCB 4,000,000.00 4,000,000.00 0.610% 103,700.00 4,103,700.00 10/18/19 10/16/24 FHLB 2,250,000.00 2,250,000.00 2.000% 224,750.00 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 07/10/20 11/13/24 FFCB 1,621,000.00 1,751,360.82 0.390% 28,694.40 1,780,055.22 01/10/20 01/10/25 FHLMC 2,000,000.00 2,000,000.00 1.800% 180,000.00 2,180,000.00 01/15/20 01/15/25 FHLMC 2,000,000.00 2,000,000.00 1.900% 190,000.00 2,190,000.00 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 2,008,202.00 1.050% 185,173.00 2,193,375.00 04/09/20 03/14/25 FHLB 3,000,000.00 3,231,300.00 0.778% 120,002.08 3,351,302.08 04/09/20 04/09/25 FFCB 2,000,000.00 2,000,000.00 1.150% 115,000.00 2,115,000.00 04/09/20 04/09/25 FFCB 2,500,000.00 2,498,125.00 1.165% 145,625.00 2,643,750.00 06/03/20 05/27/25 FFCB 3,500,000.00 3,499,300.00 0.734% 128,024.17 3,627,324.17 06/03/20 05/28/25 FHLMC 2,000,000.00 2,000,000.00 0.750% 74,791.66 2,074,791.66 06/11/20 06/11/25 FHLMC 2,000,000.00 2,000,000.00 0.750% 75,000.00 2,075,000.00 06/30/20 06/30/25 FHLMC 3,000,000.00 3,000,000.00 0.770% 115,500.00 3,115,500.00 07/01/20 06/30/25 FNMA 2,500,000.00 2,500,000.00 0.740% 92,448.61 2,592,448.61 07/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.580% 87,000.00 3,087,000.00 Sub total FA 238,652,000.00 240,976,954.07 1.669% 17,753,398.37 258,730,352.44 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 241,652,000.00 243,727,714.07 18,002,638.37 261,730,352.44 Sept. 1, 2020 Item #1 Page 10 of 18 Su pranationa Is 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 I BRD 1,100,000.00 1,074,711.00 2.930% 57,859.27 1,132,570.27 01/08/18 10/05/20 IBRD 1,500,000.00 1,486,500.00 2.164% 88,765.62 1,575,265.62 01/08/18 01/18/22 IADB 2,000,000.00 1,988,880.00 2.270% 182,300.56 2,171,180.56 12/18/17 01/26/22 I B RD 2,500,000.00 2,485,325.00 2.150% 219,952.78 2,705,277.78 10/10/17 10/07/22 I B RD 1,300,000.00 1,290,907.89 2.024% 130,763.88 1,421,671.77 02/08/19 10/24/22 I FC 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 I BRD 1,170,000.00 1,170,538.20 1.734% 59,635.55 1,230,173.75 10/25/19 10/25/23 I BRD 3,000,000.00 3,000,000.00 1.700% 204,000.00 3,204,000.00 02/15/19 02/15/24 I BRD 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 I BRD 3,500,000.00 3,510,500.00 2.136% 370,863.89 3,881,363.89 12/10/19 09/23/24 I BRD 3,000,000.00 3,006,000.00 1.941% 310,066.67 3,316,066.67 11/13/19 11/13/24 I B RD 1,500,000.00 1,500,000.00 2.050% 153,750.00 1,653,750.00 03/26/20 12/12/24 I B RD 3,500,000.00 3,522,505.00 1.096% 329,777.78 3,829,777.78 01/08/20 12/15/24 I B RD 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 Su pra nationa Is 39,695,000.00 39,669,269.09 1.823% 3,698,807.13 43,345,571.22 US Treasury 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% 238,053.93 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 77,125,000.00 77,117,278.19 1.756% 5,867,419.64 82,984,697.83 Sept. 1, 2020 Item #1 Page 11 of 18 Corporate notes 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 02/26/18 01/15/21 Wells Fargo Bank NA 2,000,000.00 1,982,700.00 2.914% 167,377.77 2,150,077.77 04/28/16 03/01/21 Exxon Mobil 2,000,000.00 2,042,900.00 1.750% 172,263.67 2,215,163.67 07/26/16 03/01/21 Exxon Mobil 1,000,000.00 1,034,050.00 1.440% 68,038.55 1,102,088.55 09/16/16 04/08/21 Toyota 3,000,000.00 3,031,680.00 1.659% 228,303.33 3,259,983.33 11/18/19 04/26/21 US Bank NA 1,000,000.00 1,019,220.00 1.710% 26,105.00 1,045,325.00 06/13/18 05/16/21 Chevron 3,250,000.00 3,175,770.00 2.920% 273,861.25 3,449,631.25 05/26/16 05/19/21 Alphabet Inc. 1,000,000.00 1,094,000.00 1.651% 86,545.14 1,180,545.14 04/17/17 05/19/21 Alphabet Inc. 2,000,000.00 2,136,700.00 1.883% 159,744.44 2,296,444.44 05/14/17 05/19/21 Alphabet Inc. 2,000,000.00 2,133,400.00 1.900% 159,620.83 2,293,020.83 09/13/16 08/08/21 Microsoft 6,000,000.00 5,995,740.00 1.565% 460,218.33 6,455,958.33 02/07/17 08/08/21 Microsoft 2,000,000.00 1,947,120.00 2.170% 192,466.11 2,139,586.11 02/22/18 08/08/21 Microsoft 1,500,000.00 1,441,912.50 2.730% 138,558.33 1,580,470.83 10/14/16 09/01/21 Coca Cola Company 3,600,000.00 3,581,496.00 1.660% 290,839.00 3,872,335.00 01/10/18 09/01/21 Coca Cola Company 1,500,000.00 1,549,740.00 2.344% 130,522.50 1,680,262.50 12/19/19 10/22/21 Wells Fargo Bank 4,000,000.00 4,122,000.00 1.851% 145,041.67 4,267,041.67 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 04/03/20 01/21/22 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 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 05/07/20 05/03/22 Colgate-Palmolive 3,500,000.00 3,629,465.00 0.420% 30,640.56 3,660,105.56 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 500,000.00 515,230.00 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 08/11/22 Procter & Gamble 1,800,000.00 1,799,161.20 2.160% 185,201.30 1,984,362.50 11/09/18 08/11/22 Procter & Gamble 1,900,000.00 1,826,627.70 3.250% 226,786.74 2,053,414.44 05/02/19 08/11/22 Procter & Gamble 2,000,000.00 1,986,800.00 2.150% 154,025.00 2,140,825.00 01/18/18 09/21/22 Novartis Capital Corp 1,500,000.00 1,489,500.00 2.560% 178,400.00 1,667,900.00 10/10/19 11/03/22 Microsoft 2,000,000.00 2,064,180.00 1.514% 98,206.11 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 1,798,080.47 1.620% 100,144.15 1,898,224.62 03/20/18 03/15/23 Berkshire Hathaway 1,000,000.00 983,890.00 3.101% 153,228.06 1,137,118.06 04/18/18 03/15/23 Berkshire Hathaway 1,750,000.00 1,719,130.00 3.140% 267,083.54 1,986,213.54 04/25/18 03/15/23 Berkshire Hathaway 2,000,000.00 1,953,300.00 3.270% 315,588.89 2,268,888.89 05/07/18 04/11/23 Wal-Mart 1,000,000.00 974,100.00 3.121% 151,558.33 1,125,658.33 12/18/18 04/11/23 Wal-Mart 1,000,000.00 969,800.00 3.301% 141,054.17 1,110,854.17 Sept. 1, 2020 Item #1 Page 12 of 18 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 06/23/20 04/28/23 Bank of New York Mellon 2,000,000.00 2,168,480.00 0.510% 30,436.67 2,198,916.67 05/02/18 05/01/23 Colgate-Palmolive 4,666,000.00 4,443,179.84 3.140% 712,477.98 5,155,657.82 05/09/18 05/03/23 Apple Inc. 4,000,000.00 3,862,600.00 3.150% 615,800.00 4,478,400.00 08/06/16 06/26/23 Wal-Mart 1,750,000.00 1,763,895.00 3.220% 276,993.89 2,040,888.89 07/25/18 06/26/23 Wal-Mart 1,500,000.00 1,512,000.00 3.220% 238,891.66 1,750,891.66 02/19/19 06/26/23 Wal-Mart 1,000,000.00 1,025,140.00 2.770% 122,665.56 1,147,805.56 07/24/18 07/24/23 US Bank NA 1,250,000.00 1,251,625.00 3.371% 210,756.94 1,462,381.94 01/24/19 07/24/23 US Bank NA 1,000,000.00 1,010,000.00 3.156% 143,000.00 1,153,000.00 02/28/19 07/24/23 US Bank NA 1,800,000.00 1,835,100.00 2.916% 234,520.00 2,069,620.00 12/11/18 07/24/23 US Bank NA 2,500,000.00 2,489,250.00 3.400% 32,347.22 2,521,597.22 02/28/19 08/14/23 Wells Fargo Bank NA 2,000,000.00 2,040,700.00 3.050% 276,038.89 2,316,738.89 10/01/18 08/14/23 Wells Fargo Bank NA 1,500,000.00 1,500,000.00 3.550% 259,297.92 1,759,297.92 05/14/20 09/01/23 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 State Street Corporation 2,000,000.00 2,130,440.00 1.958% 158,776.67 2,289,216.67 01/28/19 12/05/23 Johnson & Johnson 1,500,000.00 1,541,250.00 2.765% 204,421.87 1,745,671.87 03/07/19 01/08/24 Toyota 1,000,000.00 1,017,865.00 2.950% 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 1,900,834.40 2.000% 158,638.70 2,059,473.10 10/08/19 03/07/24 Microsoft 1,500,000.00 1,581,000.00 1.604% 107,379.17 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 1,065,420.00 1.923% 86,635.56 1,152,055.56 05/14/20 03/18/24 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 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 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 JP Morgan Chase Bank 2,000,000.00 2,119,320.00 2.300% 227,471.67 2,346,791.67 07/13/20 05/13/24 JP Morgan Chase Bank 3,000,000.00 3,331,290.00 0.700% 85,585.00 3,416,875.00 07/01/20 05/15/24 Bank of NY Mellon 3,000,000.00 3,316,860.00 0.560% 75,556.67 3,392,416.67 10/17/19 08/22/24 Amazon.com Inc. 2,500,000.00 2,604,850.00 1.860% 234,455.56 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 04/08/20 01/15/25 Johnson &Johnson 3,000,000.00 3,231,960.00 0.906% 143,633.75 3,375,593.75 07/13/20 01/15/25 Johnson &Johnson 1,000,000.00 1,090,640.00 0.510% 27,630.83 1,118,270.83 04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300% 210,555.54 3,590,131.74 06/03/20 03/15/25 CME Group Inc 2,771,000.00 3,050,981.84 0.730% 117,656.66 3,168,638.50 06/09/20 03/25/25 Procter & Gamble 1,000,000.00 1,082,240.00 0.703% 35,223.89 1,117,463.89 05/13/20 04/01/25 Flordia Power & Light 3,667,000.00 3,980,565.17 1.020% 195,628.34 4,176,193.51 Corporate notes 233,789,000.00 239,094,895.10 2.016% 19,436,307.22 258,531,202.32 Sept. 1, 2020 Item #1 Page 13 of 18 Certificate of deposit 08/02/17 08/03/20 Wex Bank 247,000.00 247,000.00 1.850% 13,721.19 260,721.19 08/11/15 08/25/20 Investor Bank 247,000.00 247,000.00 2.000% 24,700.00 271,700.00 09/10/15 09/10/20 Merrick Bank 249,000.00 248,377.50 1.910% 23,655.00 272,032.50 09/22/15 09/16/20 Barclays Bank 248,000.00 248,000.00 2.200% 27,190.31 275,190.31 10/19/15 10/13/20 Comenity Cap Bank 249,000.00 249,000.00 2.000% 24,818.14 273,818.14 12/14/17 12/14/20 Ally Bank 247,000.00 247,000.00 2.100% 15,561.00 262,561.00 01/15/16 01/15/21 Investors Cmnty Bank 249,000.00 249,000.00 1.850% 23,032.50 272,032.50 05/09/18 05/10/21 Connectone Bank 249,000.00 249,000.00 2.850% 21,309.21 270,309.21 06/10/16 06/07/21 Ubs Bank Usa 249,000.00 249,000.00 1.650% 20,508.73 269,508.73 06/21/18 06/21/21 Mercantil Bank 246,000.00 246,000.00 3.000% 22,140.00 268,140.00 06/22/17 06/22/21 Lakeside Bank 249,000.00 249,000.00 1.900% 18,924.00 267,924.00 06/23/16 06/23/21 East Boston Saving 248,000.00 248,000.00 1.500% 18,600.00 266,600.00 06/24/16 06/24/21 First Business Bk 248,000.00 248,000.00 1.500% 18,600.00 266,600.00 06/30/16 06/30/21 First Technology Federal 248,000.00 248,000.00 1.750% 21,700.00 269,700.00 09/21/17 09/21/21 Pinacle Bank Tn 249,000.00 249,000.00 2.000% 19,920.00 268,920.00 01/12/18 01/12/22 LCA Bank Corporation 246,000.00 246,000.00 2.300% 22,632.00 268,632.00 01/18/17 01/18/22 Mb Financial Bank 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 01/20/17 01/20/22 First Natl Bank 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 01/24/19 01/24/22 Dollar Bank 246,000.00 246,000.00 2.850% 21,033.00 267,033.00 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 Everbank 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 08/30/17 08/30/22 Willamette Valley Bank 249,000.00 249,000.00 2.100% 26,145.00 275,145.00 09/29/17 09/29/22 Allegiane Bank Tess 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 247,000.00 247,000.00 1.900% 13,898.99 260,898.99 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 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 07/31/19 07/31/24 Capital One 247,000.00 247,000.00 2.250% 27,787.50 274,787.50 08/13/19 08/13/24 HSBC Bank 246,000.00 246,000.00 2.300% 28,290.00 274,290.00 08/30/19 08/30/24 Washington Federal 249,000.00 249,000.00 2.000% 24,900.00 273,900.00 09/13/19 09/13/24 Enerbank Usa ' 249,000.00 249,000.00 1.750% 21,787.50 270,787.50 09/18/19 09/30/24 Celtic Bank 249,000.00 249,000.00 1.700% 20,956.25 269,956.25 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 02/28/20 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 04/08/20 04/08/25 Capital One 248,000.00 248,000.00 1.600% 19,850.88 267,850.88 05/15/20 05/15/25 Flagstar Bank 248,000.00 248,000.00 0.850% 10,545.77 258,545.77 05/15/20 05/15/25 Encore Bank 249,000.00 249,000.00 0.800% 9,965.41 258,965.41 05/26/20 05/27/25 Haddon Savings Bank 248,000.00 248,000.00 0.750% 9,310.19 257,310.19 05/29/20 05/29/25 Home Loan Inv Bank 249,000.00 249,000.00 0.800% 9,965.41 258,965.41 Sept. 1, 2020 Item #1 Page 14 of 18 05/29/20 05/29/25 Pacific Western Bank 249,000.00 249,000.00 0.700% 8,719.77 257,719.77 05/29/20 05/29/25 Malaga Bank 249,000.00 249,000.00 0.700% 8,719.87 257,719.87 06/10/20 06/10/25 Stockman Bank 249,000.00 249,000.00 0.600% 7,474.10 256,474.10 07/17/20 07/17/25 Preferred Bank 249,000.00 249,000.00 0.500% 6,228.46 255,228.46 07/16/20 07/28/25 Toyota Financial Savings Bank 249,000.00 249,000.00 0.650% 8,096.93 257,096.93 07/29/20 07/29/25 Continental Bank 249,000.00 249,000.00 0.500% 6,228.46 255,228.46 Certificate of deposit 18,583,000.00 18,581,755.00 1.975% 1,704,269.61 20,286,024.61 Mortgage backed securities (agency) 12/26/19 12/01/22 FN MA AM 1721 1,897,107.92 1,910,150.53 2.001% 71,703.08 1,981,853.61 02/04/20 11/01/22 FN MA AM0982 2,000,000.00 2,036,562.50 1.704% 27,844.88 2,064,407.38 04/15/20 11/25/24 FHMS KHG1 Al 3,000,000.00 3,215,625.00 0.999% 1,505.28 3,217,130.28 07/24/20 05/25/25 FRESB MFM 1,000,000.00 1,004,891.00 0.830% 14,527.08 1,019,418.08 Mortgage backed securities (agency) 7,897,107.92 8,167,229.03 1.388% 115,580.32 8,282,809.35 Cash Wells Fargo Bank - General 3,125,562.00 3,125,562.00 0.100% 256.90 3,125,818.90 Sweep account 5,482,105.26 5,482,105.26 0.060% 270.35 5,482,375.61 Wells Fargo Bank - Custody 1,470,543.97 1,470,543.97 0.010% 12.25 1,470,556.22 CAMP 1,004,836.88 1,004,836.88 0.300% 247.77 1,005,084.65 LAI F City 71,466,066.18 71,466,066.18 0.840% 50,026.25 71,516,092.43 LAIF CMWD 71,335,418.15 71,335,418.15 0.840% 49,934.79 71,385,352.94 LAIF CPFA 16,147,885.33 16,147,885.33 0.840% 11,303.52 16,159,188.85 Cash 170,032,417.77 170,032,417.77 0.791% 112,051.83 170,144,469.60 GRAND TOTAL 788,773,525.69 796,390,558.25 1.606% 48,937,074.12 845,305,127.37 Sept. 1, 2020 Item #1 Page 15 of 18 EXHIBIT 7 City of Carlsbad investment portfolio Fund equity in pooled investments As of July 31, 2020 Cash balance by fund: General 112,623,541 Special revenue 37,606,437 Capital projects: General capital construction 46,877,078 Traffic impact fees 24,839,755 Public facilities fees 28,980,716 Park development 12,749,414 TransNet taxes 7,567,850 Drainage fees 5,491,832 Special districts 111,117,428 Infrastructure replacement 122,125,996 Gas tax 16,057,807 Capital project subtotal 375,807,876 Enterprise: Carlsbad Municipal Water District 131,082,037 Sewer fund 48,573,624 Solid waste 6,151,658 Storm water 8,497,730 Golf course 576,670 Enterprise subtotal 194,881,719 Internal service 49,226,516 Trust and agency 31,391,715 Total general ledger balance ** 801,537,804 Reconciling adjustments (1) (6,519,337) Total treasurer's investment portfolio at amortized cost 795,018,467 **Figures based on best estimate at the time report run on 8/7/2020. (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. Sept. 1, 2020 Item #1 Page 16 of 18 EXHIBIT 8 City of Carlsbad investment portfolio Corporate note and mortgage backed security ratings As of July 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. Aa1 AA+ Stable Automatic Data Processing Aa3 AA Negative/stable Bank of New York Mellon Al A AA- Stable Berkshire Hathaway Aa2 AA A+ Stable Blackrock Inc. Aa3 AA- Stable Chevron Aa2 AA Stable/negative Cisco Systems Inc. Al AA- Stable Citibank A3 BBB+ A Stable/stable/negative CME Group Aa3 AA- AA- Stable Coca Cola Company Al 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 Al AA- A+ Stable/negative/stable Microsoft Aaa AAA AA+ Stable New York Life Aaa AA+ AAA Negative/stable/stable Novartis Capital Corp Al AA- AA- Stable Procter & Gamble Aa3 AA- Stable Public Service Electric Aa3 A Stable State Street Corporation Al A AA- Stable Toyota Al A+ A+ Negative US Bank NA Al A+ AA- Negative/stable/negative Wal-Mart Aa2 AA AA Stable Wells Fargo Bank NA A2 BBB+ A+ Stable/stable/negative Mortgage backed securities Moody's S&P Fitch Outlook FHLMC (KHG1 Al) 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 Al A+ 03/07/24 12/19/19 $ 8,864,035 Citibank A3 BBB+ A 01/23/24 02/20/20 $ 7,397,506 Coca Cola Company Al A+ A 09/01/21 01/10/18 $ 5,110,689 Toyota Al A+ A+ 01/08/24 07/01/19 $ 16,810,564 Wells Fargo Bank NA A2 BBB+ A+ 08/14/23 01/06/20 $ 12,636,609 * 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. Sept. 1, 2020 Item #1 Page 17 of 18 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer As of July 31, 2020 EXHIBIT 9 Corporate notes Amortized cost Portfolio allocation* 3M Company $ 8,864,035 1.11% Alphabet Inc. 5,068,249 0.64% Amazon.com Inc. 4,658,786 0.59% Apple Inc. 15,309,449 1.93% Automatic Data Processing 4,000,727 0.50% Bank of New York Mellon 10,607,494 1.33% Berkshire Hathaway 9,607,868 1.21% Blackrock Inc. 8,532,728 1.07% Chevron 3,229,909 0.41% Cisco Systems Inc. 511,355 0.06% Citibank 7,397,506 0.93% CME Group 3,041,552 0.38% Coca Cola Company 5,110,689 0.64% Colgate-Palmolive 15,379,449 1.93% Exxon Mobil 5,010,569 0.63% Florida Power & Light 3,966,653 0.50% Johnson & Johnson 11,977,652 1.51% JP Morgan Chase Bank 16,796,764 2.11% Microsoft 19,272,001 2.42% Novartis Capital Corp 4,870,445 0.61% Procter & Gamble 8,726,085 1.10% Public Service Electric 2,687,564 0.34% State Street Corporation 2,110,230 0.27% Toyota 16,810,564 2.11% US Bank NA 12,660,448 1.59% Wal-Mart 19,411,886 2.44% Wells Fargo Bank NA 12,636,609 1.59% Mortgage backed securities (agency) Amortized cost Portfolio allocation* FHLMC 3,215,625 0.40% FNMA 4,951,604 0.62% Federal agencies Amortized cost Portfolio allocation** Federal Agricultural Mortgage Corp. 12,183,056 1.53% Federal Farm Credit Bank 87,990,157 11.07% Federal Home Loan Bank 58,019,783 7.30% Federal Home Loan Mortgage Corp. 48,284,667 6.07% Federal National Mortgage Assoc. 28,019,008 3.52% Private Export Funding Corp. 2,551,607 0.32% RFC° STRIPS 2,989,723 0.38% Tennessee Valley Authority 3,039,180 0.38% Other Amortized cost Portfolio allocation Supranational 39,744,835 5.00% US Treasury 77,157,121 9.71% Certificate of deposits 18,582,417 2.34% Cash 170,032,419 21.39% Total portfolio amortized cost 795,018,467 * No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers. Sept. 1, 2020 Item #1_ Page 18 of 18