Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
2020-10-06; City Council; ; Report on City Investments as of Aug. 31, 2020
Meeting Date: Oct. 6, 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 Aug. 31, 2020 Recommended Action Accept and file Report on City Investments as of Aug. 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 Aug. 31, 2020 is summarized below. Pooled investment portfolio (cash and securities) Current month Prior month Par value1 $781,721,709 $788,773,526 Investment cost $789,231,362 $796,390,558 Amortized cost2 $787,852,526 $795,018,467 Market value3 $802,149,520 $810,026,324 (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. Oct. 6, 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 interest income Year to date Current month Prior month Cash income $2,874,815 $1,201,024 $1,673,791 The cash income received is adjusted for any accrued interest purchased. Pooled investment performance Average life (years) Yield to maturity Modified duration June 2020 1.84 1.69% 1.77 July 2020 1.92 1.61% 1.84 Aug 2020 2.62 1.54% 2.33 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 6 shows the city’s investments by class as a percentage of the total portfolio. The city’s Investment Policy states that not more that 30% of the portfolio is to be invested in corporate notes at the time of purchase. 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 $375 Enterprise $198 General $114 Internal service $51 Special revenue $38 Agency/trust $17 Fund equity in pooled investments Aug. 31, 2020 ($ in millions) Oct. 6, 2020 Item #1 Page 2 of 17 Exhibit 8 shows the investments out of compliance with the current policy that experienced 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 Oct. 6, 2020 Item #1 Page 3 of 17 City of Carlsbad investment portfolio As of Aug. 31, 2020Investments by cost, market value, cash income, and average yield by classInvestment costMarket valueAverage yieldClassCurrent monthPrior monthCurrent monthPrior monthYTD incomeCurrent monthPrior monthFA $241,704,502 240,976,954$ 245,288,200$ 244,832,920$ 755,531$ 1.59%1.67%FN2,750,760 2,750,760 2,999,310 2,998,680- 1.751.75SN37,697,169 39,669,269 38,506,280 40,558,475 177,383 1.831.82TR74,031,778 77,117,278 75,532,696 78,654,315 252,756 1.741.76CN231,511,080 239,094,895 237,578,196 245,484,370 971,106 2.022.02CD18,589,378 18,581,755 19,255,968 19,235,504 57,253 1.891.98MBS (agency)9,388,144 8,167,229 9,430,319 8,229,643 32,237 1.281.39MBS (non-agency)- - - - - 0.000.00Bank account3,506,954 3,125,562 3,506,954 3,125,562- 0.100.10Sweep12,894,456 5,482,105 12,894,456 5,482,105 445 0.030.06IRT1,202,619 1,470,544 1,202,619 1,470,54440 0.010.01CAMP1,005,153 1,004,837 1,005,153 1,004,837 738 0.280.30LAIF154,949,370 158,949,370 154,949,370 158,949,370 627,325 0.720.84Total$789,231,362 $796,390,558 $802,149,520 $810,026,324 $2,874,815 1.54%1.61%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 FundOct. 6, 2020Item #1 Page 4 of 17 City of Carlsbad investment portfolio As of Aug. 31, 2020Maturities by classification and length of time at market valueClassWithin 6 months7 to 12 months 1 to 5 yearsTotal% TotalFA$23,173,197 $16,501,295 $205,613,709 $245,288,20030.58%FN2,999,310 - - 2,999,310 0.37SN2,602,742 - 35,903,538 38,506,280 4.80TR14,293,133 15,436,600 45,802,963 75,532,696 9.42CN13,544,555 25,086,245 198,947,396 237,578,196 29.62(2)CD1,246,173 1,763,068 16,246,727 19,255,968 2.40MBS (agency)96,000 96,000 9,238,319 9,430,319 1.18(3)MBS (non-agency)- - - - 0.00(4)Bank account3,506,954 - - 3,506,954 0.44Sweep12,894,456 - - 12,894,456 1.61IRT1,202,619 - - 1,202,619 0.15CAMP1,005,153 - - 1,005,153 0.13LAIF154,949,370 - - 154,949,370 19.32Totals$231,513,661 $58,883,208 $511,752,651 $802,149,520100.0%% Totals28.9% 7.3%63.8%100.0%Total within One Year$290,396,869(1)36.2%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. (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. Oct. 6, 2020Item #1 Page 5 of 17 0.000.20 0.400.60 0.80 1.00 1.20 1.401.60 1.80 2.00 2.20 2.40 2.60 2.80 2013 JanAprJulyOct2014 JanAprJulyOct2015 JanAprJulyOct2016 JanAprJulyOct2017 JanAprJulyOct2018 JanAprJulyOct2019 JanAprJulyOct2020 JanAprJulyYield (%)City of Carlsbad investment portfolio Yield comparisonPortfolio yield ex pool money investment accounts(PMIA) 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 month 2 year 5 year 10 year FY 2018-19 end 2.09 1.74 1.76 2.00 FY 2019-20 end 0.13 0.16 0.31 0.68 8/31/2020 0.11 0.14 0.28 0.72Market rate (%)City of Carlsbad investment portfolio Market yield curve Fiscal year end compared to current Oct. 6, 2020 Item #1 Page 6 of 17 $0.95 $1.34 $1.72 $1.24 $1.24 $1.75 $1.00 $1.58 $1.79 $1.16 $1.10 $1.67 $1.20 $3.11 $17.03 $2.87 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Jul AugInterest income ($ in millions)City of Carlsbad investment portfolio Cumulative cash income 13-month comparison FY 2019-20 FY 2020-21 FY 2019-20 cumulative FY 2020-21 cumulative Oct. 6, 2020 Item #1 Page 7 of 17 City of Carlsbad investment portfolio Maturities, calls, and purchases this quarter As of Aug. 31, 2020 Maturities CUSIP Issuer Settled Maturity Par value Book value Interest Total 3138L14F3 FNMA AM1721 12/26/2019 07/27/2020 3,532 3,557 3,580 7,136 3134GBHQ8 FHLMC 04/27/2017 07/27/2020 1,600,000 1,600,000 6,800 1,606,800 3130A5Z77 FHLB 01/21/2016 07/29/2020 2,500,000 2,500,000 22,875 2,522,875 912828XM7 US Treasury 06/07/2017 07/31/2020 2,000,000 2,000,000 16,250 2,016,250 912828XM7 US Treasury 12/02/2016 07/31/2020 1,500,000 1,500,000 12,188 1,512,188 45780PAL9 Institution For Savings 07/31/2015 07/31/2020 249,000 249,000 420 249,420 92937CFV5 WEX 08/02/2017 08/03/2020 247,000 247,000 13 247,013 88579YAQ4 MMM 11/03/2015 08/07/2020 3,500,000 3,500,000 35,000 3,535,000 459058FM0 IBRD 08/03/2017 08/10/2020 2,000,000 2,000,000 11,250 2,011,250 46176PEJ0 INVEST 08/25/2015 08/25/2020 247,000 247,000 2,463 249,463 31315EAA4 FRESB 07/24/2020 08/25/2020 542 544 692 1,236 3138L14F3 FNMA AM1721 12/26/2019 08/25/2020 3,368 3,391 3,692 7,083 3134G3F96 FHLMC 04/19/2016 08/28/2020 1,000,000 1,000,000 8,250 1,008,250 912828VV9 USTR 09/22/2015 08/31/2020 3,000,000 3,000,000 31,875 3,031,875 17,850,442 17,850,492 155,346 18,005,838 Calls CUSIP Issuer Settled Maturity Redeemed Par value Book value Total 3134GTYS6 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 94988J5Q6 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 3130AJ3K3 FHLB 02/10/2020 02/10/2025 08/10/2020 2,500,000 2,497,188 2,523,000 3134GVAS7 FHLMC 02/12/2020 08/12/2024 08/12/2020 2,000,000 2,000,000 2,018,000 44329MA45 HSBC Bank 08/13/2019 08/13/2024 08/13/2020 246,000 246,000 246,000 3134GVBQ0 FHLMC 02/14/2020 02/14/2025 08/14/2020 2,500,000 2,500,000 2,523,125 053015AD5 ADP 09/24/2015 09/15/2020 08/15/2020 4,000,000 4,000,496 4,037,500 3130AJ6P9 FHLB 03/06/2020 02/21/2025 08/21/2020 2,000,000 2,007,444 2,019,500 3130AEQC7 FHLB 08/24/2018 08/24/2023 08/24/2020 1,750,000 1,750,000 1,777,344 3133EKF27 FFCB 08/28/2019 08/26/2022 08/26/2020 1,500,000 1,499,709 1,513,875 20726ABK3 Congressional Bank 02/28/2020 02/28/2025 08/28/2020 249,000 248,433 249,000 3133EKG42 FFCB 09/13/2019 08/28/2023 08/28/2020 1,000,000 998,219 1,009,600 27,991,000 27,998,692 28,162,944 Purchases CUSIP Issuer Settled Maturity Payment Rate Par value Dollar price Book value 3136G4XZ1 FNMA 07/01/2020 06/30/2025 12/30/2020 0.74%2,500,000 100.000 2,500,000 06406HCV9 Bank of NY Mellon Corp 07/10/2020 05/15/2024 11/15/2020 0.56%3,000,000 110.562 3,316,860 3133EC2D5 FFCB 07/10/2020 11/13/2024 11/13/2020 0.39%1,621,000 108.042 1,751,361 46625HJX9 JP Morgan 07/13/2020 05/13/2024 11/13/2020 0.70%3,000,000 111.043 3,331,290 478160CJ1 Johnson & Johnson 07/13/2020 01/15/2025 07/15/2020 0.51%1,000,000 109.064 1,090,640 3133ELU77 FFCB 07/15/2020 10/15/2024 10/15/2020 0.61%4,000,000 100.000 4,000,000 740367MA2 Preferred Bank 07/17/2020 07/17/2025 08/17/2020 0.50%249,000 100.000 249,000 30315EAA4 FRESB Multifamily Mortgag 07/24/2020 05/25/2025 08/25/2020 0.83%1,000,000 100.489 1,004,891 3133ELX66 FFCB 07/24/2020 07/22/2024 01/22/2021 0.44%2,000,000 100.000 2,000,000 89235MJZ5 Toyota FinS Bank 07/28/2020 07/28/2025 01/28/2021 0.65%249,000 100.000 249,000 211163KQ2 Continental Bank 07/29/2020 07/29/2025 08/29/2020 0.50%249,000 100.000 249,000 3133ELZ80 FFCB 07/29/2020 07/29/2025 01/29/2021 0.58%3,000,000 100.000 3,000,000 3133EL3P7 FFCB 08/12/2020 08/12/2025 02/12/2021 0.53%3,500,000 100.000 3,500,000 3135G05R0 FNMA 08/13/2020 08/10/2023 02/10/2021 0.34%2,000,000 99.880 1,997,600 3136G4C43 FNMA 08/14/2020 08/14/2025 02/14/2021 0.65%2,000,000 100.000 2,000,000 549104RV1 Luana Savings Bank 08/14/2020 08/14/2025 02/14/2021 0.45%249,000 100.000 249,000 32022RNT0 1st Financial Bank 08/19/2020 08/19/2025 09/19/2020 0.45%249,000 100.000 249,000 31944MBB0 1st Carolina Bank 08/20/2020 08/20/2025 09/20/2020 0.45%249,000 100.000 249,000 664122AF5 Northeast Community Ban 08/20/2020 08/20/2025 09/20/2020 0.45%249,000 100.000 249,000 3136G4K77 FNMA 08/21/2020 08/21/2025 02/21/2021 0.45%2,000,000 100.000 2,000,000 3134GWMN3 FHLMC 08/27/2020 02/27/2025 02/27/2021 0.52%2,500,000 100.000 2,500,000 31398E6W9 FHLMC FHR 3544 BC 08/27/2020 06/15/2024 09/15/2020 0.53%1,168,960 104.781 1,224,851 3136G4X24 FNMA 08/31/2020 08/29/2025 02/28/2021 0.60%3,000,000 100.000 3,000,000 39,032,960 101.907 39,960,493 Oct. 6, 2020 Item #1 Page 8 of 17 EXHIBIT 6 City of Carlsbad Investment summary As of Aug. 31, 2020 Settlement Maturity Issuer Par Invested Yield Interest expected Return Federal investments 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 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 08/13/20 08/10/23 FNMA 2,000,000.00 1,997,600.00 0.300%20,350.00 2,017,950.00 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 09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990%147,698.89 1,138,988.89 10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125%349,548.89 2,615,738.89 09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485%121,551.72 2,190,659.72 02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495%114,362.92 1,130,572.92 04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410%187,617.50 1,971,375.00 09/18/18 09/18/23 FHLB 1,000,000.00 999,250.00 3.076%153,750.00 1,153,000.00 09/28/18 09/28/23 FHLB 1,250,000.00 1,250,000.00 3.200%200,000.00 1,450,000.00 10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050%384,922.92 2,878,072.92 02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602%123,803.33 1,141,333.33 05/09/19 11/08/23 FFCB 2,000,000.00 2,001,700.00 2.280%205,172.22 2,206,872.22 Oct. 6, 2020 Item #1 Page 9 of 17 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 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 02/12/20 02/12/25 FHLMC 1,500,000.00 1,500,000.00 1.800%680,000.00 2,180,000.00 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 08/12/20 08/12/25 FFCB 3,500,000.00 3,500,000.00 0.530%92,750.00 3,592,750.00 08/14/20 08/14/25 FNMA 2,000,000.00 2,000,000.00 0.650%65,000.00 2,065,000.00 08/21/20 08/21/25 FNMA 2,000,000.00 2,000,000.00 0.450%45,000.00 2,045,000.00 08/27/20 08/27/25 FHLMC 2,500,000.00 2,500,000.00 0.520%58,500.00 2,558,500.00 08/31/20 08/29/25 FNMA 3,000,000.00 3,000,000.00 0.600%89,900.00 3,089,900.00 Sub total FA 239,402,000.00 241,704,502.07 1.586%16,823,879.54 258,528,381.61 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 242,402,000.00 244,455,262.07 17,073,119.54 261,528,381.61 Supranationals 11/08/18 09/04/20 IBRD 1,100,000.00 1,074,711.00 2.930%57,859.27 1,132,570.27 01/08/18 10/05/20 IBRD 1,500,000.00 1,486,500.00 2.164%88,765.62 1,575,265.62 01/08/18 01/18/22 IADB 2,000,000.00 1,988,880.00 2.270%182,300.56 2,171,180.56 12/18/17 01/26/22 IBRD 2,500,000.00 2,485,325.00 2.150%219,952.78 2,705,277.78 10/10/17 10/07/22 IBRD 1,300,000.00 1,290,907.89 2.024%130,763.88 1,421,671.77 02/08/19 10/24/22 IFC 1,500,000.00 1,470,780.00 2.553% 140,553.33 1,611,333.33 05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300% 205,886.67 2,264,166.67 01/18/18 01/18/23 IADB 1,700,000.00 1,702,652.00 2.467% 209,848.00 1,912,500.00 01/24/18 01/18/23 IADB 1,000,000.00 997,670.00 2.550% 126,913.33 1,124,583.33 02/19/20 01/27/23 IBRD 1,170,000.00 1,170,538.20 1.734% 59,635.55 1,230,173.75 10/25/19 10/25/23 IBRD 3,000,000.00 3,000,000.00 1.700% 204,000.00 3,204,000.00 02/15/19 02/15/24 IBRD 3,000,000.00 3,000,000.00 2.625% 468,750.00 3,468,750.00 Oct. 6, 2020 Item #1 Page 10 of 17 Settlement Maturity Issuer Par Invested Yield Interest expected Return 08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428% 142,996.67 2,149,916.67 10/10/19 09/23/24 IBRD 3,500,000.00 3,510,500.00 2.136% 370,863.89 3,881,363.89 12/10/19 09/23/24 IBRD 3,000,000.00 3,006,000.00 1.941% 310,066.67 3,316,066.67 11/13/19 11/13/24 IBRD 1,500,000.00 1,500,000.00 2.050%153,750.00 1,653,750.00 03/26/20 12/12/24 IBRD 3,500,000.00 3,522,505.00 1.096%329,777.78 3,829,777.78 01/08/20 12/15/24 IBRD 1,425,000.00 1,425,000.00 1.700% 119,577.30 1,544,577.30 01/27/20 01/15/25 IFC 1,000,000.00 1,000,000.00 1.625% 80,708.33 1,080,708.33 Supranationals 37,695,000.00 37,697,169.09 1.834%3,602,969.63 41,277,633.72 US Treasury 10/28/16 10/31/20 US Treasury 1.375%1,750,000.00 1,759,570.31 1.235% 86,875.85 1,846,446.16 12/02/16 10/31/20 US Treasury 1.375%1,200,000.00 1,186,200.00 1.680% 78,341.44 1,264,541.44 01/13/17 10/31/20 US Treasury 1.375%1,300,000.00 1,289,234.38 1.601% 78,611.61 1,367,845.99 01/05/16 12/31/20 US Treasury 2.375%4,000,000.00 4,127,500.00 1.705% 346,195.00 4,473,695.00 05/05/16 12/31/20 US Treasury 1.75%2,000,000.00 2,049,174.00 1.205% 113,710.62 2,162,884.62 01/20/17 02/28/21 US Treasury 1.125%2,750,000.00 2,673,515.63 1.831% 203,567.42 2,877,083.05 02/17/17 02/28/21 US Treasury 1.125%1,225,000.00 1,194,853.52 1.760%85,690.25 1,280,543.77 05/09/17 03/31/21 US Treasury 1.25%1,400,000.00 1,374,786.00 1.730%93,349.25 1,468,135.25 08/19/16 04/30/21 US Treasury 1.375%3,000,000.00 3,037,662.00 1.100% 156,145.74 3,193,807.74 12/16/16 05/31/21 US Treasury 2.000%2,250,000.00 2,250,000.00 2.000% 200,521.98 2,450,521.98 10/28/16 06/30/21 US Treasury 1.125%2,500,000.00 2,477,400.00 1.325% 154,053.80 2,631,453.80 12/16/16 06/30/21 US Treasury 1.125%2,650,000.00 2,547,312.50 2.022% 238,058.93 2,785,371.43 02/06/20 07/15/21 US Treasury 2.625%3,000,000.00 3,048,960.00 1.475% 64,405.38 3,113,365.38 01/20/17 07/31/21 US Treasury 1.125%1,500,000.00 1,448,203.13 1.925% 145,113.79 1,593,316.92 02/20/18 08/31/21 US Treasury 1.125%2,000,000.00 1,911,080.00 2.450% 168,167.24 2,079,247.24 12/02/16 09/30/21 US Treasury 2.125%1,600,000.00 1,615,500.00 1.913% 148,615.38 1,764,115.38 03/10/17 09/30/21 US Treasury 1.125%1,200,000.00 1,150,500.00 2.078% 111,028.85 1,261,528.85 05/19/17 09/30/21 US Treasury 1.125%1,500,000.00 1,464,375.00 1.691% 109,303.28 1,573,678.28 02/14/18 09/30/21 US Treasury 2.125%1,500,000.00 1,486,406.25 2.387% 129,096.84 1,615,503.09 11/17/16 10/31/21 US Treasury 2.00%2,000,000.00 2,030,000.00 1.683% 168,121.55 2,198,121.55 11/18/16 10/31/21 US Treasury 2.00%2,000,000.00 2,028,360.00 1.700% 169,651.15 2,198,011.15 11/22/16 11/15/21 US Treasury 2.00%2,000,000.00 2,016,562.50 1.825% 182,664.02 2,199,226.52 01/06/17 12/31/21 US Treasury 2.125%4,000,000.00 4,052,128.00 1.850% 371,463.16 4,423,591.16 02/03/17 12/31/21 US Treasury 2.125%1,850,000.00 1,867,632.81 1.920% 175,237.36 2,042,870.17 11/27/19 12/31/21 US Treasury 2.125%2,000,000.00 2,022,656.25 1.572% 66,270.38 2,088,926.63 01/20/17 01/31/22 US Treasury 1.50%3,000,000.00 2,928,555.00 2.000% 297,790.11 3,226,345.11 04/23/19 02/28/22 US Treasury 1.875%1,500,000.00 1,481,015.63 1.875% 99,232.33 1,580,247.96 03/02/17 03/31/22 US Treasury 1.750%3,000,000.00 2,963,925.00 2.000% 302,757.69 3,266,682.69 11/20/19 04/15/22 US Treasury 2.25%1,200,000.00 1,219,125.00 1.571% 45,719.26 1,264,844.26 05/15/17 05/15/22 US Treasury 1.750%2,000,000.00 1,985,625.00 1.901% 189,375.00 2,175,000.00 08/25/17 07/31/22 US Treasury 1.875%1,250,000.00 1,257,346.25 1.750% 108,249.03 1,365,595.28 08/31/17 08/31/22 US Treasury 1.875%3,000,000.00 3,019,290.00 1.740% 261,960.00 3,281,250.00 11/20/19 10/15/22 US Treasury 1.375%1,500,000.00 1,491,720.00 1.570% 68,126.31 1,559,846.31 02/27/20 10/15/22 US Treasury 1.375%1,500,000.00 1,509,082.03 1.141% 45,185.39 1,554,267.42 11/28/17 11/15/22 US Treasury 1.625%1,000,000.00 980,950.00 2.030% 99,716.44 1,080,666.44 07/30/19 02/28/23 US Treasury 2.625%3,000,000.00 3,085,572.00 1.800% 275,650.83 3,361,222.83 US Treasury 74,125,000.00 74,031,778.19 1.742%5,638,022.66 79,669,800.85 Corporate notes 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 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 Oct. 6, 2020 Item #1 Page 11 of 17 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 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 Oct. 6, 2020 Item #1 Page 12 of 17 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 226,289,000.00 231,511,080.10 2.020%18,739,094.44 250,250,174.54 Certificate of deposit 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 Texs 249,000.00 249,000.00 2.150%26,767.50 275,767.50 09/14/17 09/14/22 First Bank Of 247,000.00 247,000.00 2.150%26,552.50 273,552.50 10/18/17 10/18/22 Beneficial Bank 247,000.00 247,000.00 2.150%26,552.50 273,552.50 10/23/19 10/11/22 Goldman Sachs Bank USA 247,000.00 247,000.00 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 Oct. 6, 2020 Item #1 Page 13 of 17 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 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 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 08/14/20 08/14/25 Luana Savings Bank 249,000.00 249,000.00 0.450%5,605.57 254,605.57 08/19/20 08/19/25 1st Financial Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82 08/20/20 08/20/25 1st Carolina Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82 08/20/20 08/20/25 Northeast Community Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82 Certificate of deposit 18,590,000.00 18,589,377.50 1.894%1,637,547.57 20,226,925.07 Mortgage backed securities (agency) 12/26/19 12/01/22 FNMA AM1721 1,893,739.76 1,906,759.21 2.001% 75,094.40 1,981,853.61 02/04/20 11/01/22 FNMA AM0982 2,000,000.00 2,036,562.50 1.704% 27,844.88 2,064,407.38 08/27/20 06/15/25 FHLMC FHR 3544 BC 1,168,960.01 1,224,850.91 0.532% 27,649.83 1,252,500.74 04/15/20 11/25/24 FHMS KHG1 A1 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 999,458.27 1,004,346.62 0.830% 15,071.46 1,019,418.08 Mortgage backed securities (agency)9,062,158.04 9,388,144.24 1.276%147,165.85 9,535,310.09 Cash Wells Fargo Bank - General 3,506,954.00 3,506,954.00 0.100%288.24 3,507,242.24 Sweep account 12,894,455.74 12,894,455.74 0.060%635.89 12,895,091.63 Wells Fargo Bank - Custody 1,202,618.95 1,202,618.95 0.010%10.02 1,202,628.97 CAMP 1,005,152.89 1,005,152.89 0.280%231.32 1,005,384.21 LAIF City 71,466,066.18 71,466,066.18 0.720% 42,879.64 71,508,945.82 LAIF CMWD 71,335,418.15 71,335,418.15 0.720% 42,801.25 71,378,219.40 LAIF CPFA 12,147,885.33 12,147,885.33 0.720%7,288.73 12,155,174.06 Cash 173,558,551.24 173,558,551.24 0.651%94,135.10 173,652,686.34 GRAND TOTAL 781,721,709.28 789,231,362.43 1.538%46,932,054.79 836,140,912.22 Oct. 6, 2020 Item #1 Page 14 of 17 City of Carlsbad investment portfolio Fund equity in pooled investments As of Aug. 31, 2020 Cash balance by fund: General 113,835,729 Special revenue 37,978,874 Capital projects: General capital construction 46,707,230 Traffic impact fees 24,950,696 Public facilities fees 29,553,270 Park development 12,886,897 TransNet taxes 7,381,815 Drainage fees 5,422,299 Special districts 111,398,996 Infrastructure replacement 120,814,841 Gas tax 16,046,749 Capital project subtotal 375,162,793 Enterprise: Carlsbad Municipal Water District 134,406,599 Sewer fund 49,281,679 Solid waste 6,087,309 Storm water 8,058,953 Golf course 517,761 Enterprise subtotal 198,352,301 Internal service 50,663,639 Trust and agency 17,514,165 Total general ledger balance **793,507,501 Reconciling adjustments (1)(5,654,975) Total treasurer's investment portfolio at amortized cost 787,852,526 **Figures based on best estimate at the time report run on 9/9/2020. (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. Oct. 6, 2020 Item #1 Page 15 of 17 City of Carlsbad investment portfolio Corporate note and mortgage backed security ratings As of Aug. 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 Bank of New York Mellon A1 A AA- Stable Berkshire Hathaway Aa2 AA A+ Stable Blackrock Inc.Aa3 AA-Stable Chevron Aa2 AA Stable/negative Cisco Systems Inc.A1 AA-Stable Citibank A3 BBB+A Stable/stable/negative CME Group Aa3 AA- AA- Stable 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- 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 A1)Aaa AAA Stable FHLMC (FHR 3544 BC)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 5,361,080$ Citibank A3 BBB+A 01/23/24 02/20/20 7,387,981$ Coca Cola Company A1 A+A 09/01/21 01/10/18 5,109,867$ Toyota A1 A+ A+01/08/24 07/01/19 16,807,835$ Wells Fargo Bank NA A2 BBB+A+08/14/23 01/06/20 12,629,434$ * 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.Oct. 6, 2020 Item #1 Page 16 of 17 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer As of Aug. 31, 2020 Corporate notes Amortized cost Portfolio allocation* 3M Company 5,361,080$ 0.68% Alphabet Inc.5,061,140 0.64% Amazon.com Inc.4,655,525 0.59% Apple Inc.15,308,649 1.94% Bank of New York Mellon 10,593,697 1.34% Berkshire Hathaway 9,607,366 1.22% Blackrock Inc.8,520,374 1.08% Chevron 3,232,024 0.41% Cisco Systems Inc.510,850 0.06% Citibank 7,387,981 0.94% CME Group 3,036,674 0.39% Coca Cola Company 5,109,867 0.65% Colgate-Palmolive 15,378,598 1.95% Exxon Mobil 5,009,157 0.64% Florida Power & Light 3,961,302 0.50% Johnson & Johnson 11,968,338 1.52% JP Morgan Chase Bank 16,784,854 2.13% Microsoft 19,271,566 2.45% Novartis Capital Corp 4,869,434 0.62% Procter & Gamble 8,727,002 1.11% Public Service Electric 2,682,495 0.34% State Street Corporation 2,107,448 0.27% Toyota 16,807,835 2.13% US Bank NA 12,653,845 1.61% Wal-Mart 19,403,167 2.46% Wells Fargo Bank NA 12,629,434 1.60% Mortgage backed securities (agency)Amortized cost Portfolio allocation* FHLMC 4,440,476 0.56% FNMA 4,947,668 0.63% Federal agencies Amortized cost Portfolio allocation** Federal Agricultural Mortgage Corp.12,182,703 1.55% Federal Farm Credit Bank 88,983,818 11.29% Federal Home Loan Bank 51,734,997 6.57% Federal Home Loan Mortgage Corp.45,284,109 5.75% Federal National Mortgage Assoc.37,011,230 4.70% Private Export Funding Corp.2,550,520 0.32% RFCO STRIPS 2,993,971 0.38% Tennessee Valley Authority 3,033,121 0.38% Other Amortized cost Portfolio allocationSupranational37,746,051 4.79% US Treasury 74,155,611 9.41% Certificate of deposits 18,589,997 2.36% Cash 173,558,552 22.03% Total portfolio amortized cost 787,852,526$ * No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers.Oct. 6, 2020 Item #1 Page 17 of 17