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2020-12-15; City Council; ; Report on City Investments as of Oct. 31, 2020
Meeting Date: Dec. 15, 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 Oct. 31, 2020 Recommended Action Accept and file Report on City Investments as of Oct. 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 Oct. 31, 2020 is summarized below. (1)The face value of the investments. (2)The cost of investments adjusted for amortized premiums and discounts. (3)The amount at which the investments could be sold. Source of market value is Wells Fargo Bank’s custodial report. 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 portfolio (cash and securities) Current month Prior month Par value1 $768,827,567 $770,929,764 Investment cost $776,186,613 $778,173,611 Amortized cost2 $770,279,278 $776,884,284 Market value3 $782,751,399 $790,472,780 Dec. 15, 2020 Item #1 Page 1 of 17 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; however, events after the purchase might have resulted in non-compliance with the current policy. These events are typically a change in the credit rating after a purchase, a change in the city’s Investment Policy or a temporary reduction in total portfolio assets. Exhibit 8 shows the investments out of compliance with the current policy that experienced a subsequent change in credit rating. Ratings on three investments have dropped to less than the rating required by the Investment Policy since their initial purchase. 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. Capital projects $371 Enterprise $195 General $109 Internal service $51 Special revenue $34 Agency/trust $18 Fund equity in pooled investments Oct. 31, 2020 ($ in millions) Pooled investment interest income Year to date Current month Prior month Cash income $5,484,062 $1,330,755 $1,278,492 The cash income received is adjusted for any accrued interest purchased. Pooled investment performance Average life (years) Yield to maturity Modified duration Aug. 2020 2.62 1.54%2.33 Sept. 2020 1.82 1.50%1.75 Oct. 2020 1.84 1.45%1.78 Dec. 15, 2020 Item #1 Page 2 of 17 Next Steps The report on city investments will continue to be produced monthly by the city treasurer. Environmental Evaluation (CEQA) This action does not constitute a “project” within the meaning of the California Environmental Quality Act under California Public Resources Code Section 21065 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 Dec. 15, 2020 Item #1 Page 3 of 17 City of Carlsbad investment portfolio As of Oct. 31, 2020Investments by cost, market value, cash income, and average yield by classInvestment costMarket valueAverage yieldClassCurrent monthPrior monthCurrent monthPrior monthYTD incomeCurrent monthPrior monthFA $245,853,878 233,189,742$ 248,898,318$ 236,733,019$ 1,728,550$ 1.42%1.54%FN- 2,750,760- 2,999,850- 0.001.75SN28,619,458 30,105,958 29,328,163 30,890,866348,020 1.721.74TR74,031,778 74,031,778 71,085,018 75,450,993 370,006 1.741.74CN217,681,576 230,453,052 222,734,921 235,955,010 1,891,074 2.042.02CD19,587,000 18,840,000 20,334,545 19,597,232 113,087 1.751.83MBS (agency)9,327,364 9,331,536 9,284,875 9,375,025 69,918 1.281.28MBS (non-agency)- - - - - 0.000.00Bank account3,122,320 3,266,515 3,122,320 3,266,515- 0.010.01Sweep516,451 3,001,792 516,451 3,001,792 644 0.010.03IRT157,670 2,247,701 157,670 2,247,701 104 0.010.01CAMP1,005,634 1,005,408 1,005,634 1,005,408 1,219 0.140.25LAIF176,283,485 169,949,370 176,283,485 169,949,370 961,440 0.600.65Total$776,186,613 $778,173,611 $782,751,399 $790,472,780 $5,484,062 1.45%1.50%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 FundDec. 15, 2020Item #1 Page 4 of 17EXHIBIT 1 City of Carlsbad investment portfolio As of Oct. 31, 2020Maturities by classification and length of time at market valueClassWithin 6 months7 to 12 months 1 to 5 yearsTotal% TotalFA$25,586,627 $10,405,057 $212,906,634 $248,898,31831.80%SN- - 29,328,163 29,328,163 3.75TR14,432,696 20,939,434 35,712,888 71,085,018 9.08CN13,060,730 22,069,165 187,605,026 222,734,921 28.46(2)CD497,571 2,011,063 17,825,911 20,334,545 2.60MBS (agency)102,000 102,000 9,080,875 9,284,875 1.19(3)MBS (non-agency)- - - - 0.00(4)Bank account3,122,320 - - 3,122,320 0.40Sweep516,451 - - 516,451 0.07IRT157,670 - - 157,670 0.02CAMP1,005,634 - - 1,005,634 0.13LAIF176,283,485 - - 176,283,485 22.52Totals$234,765,184 $55,526,719 $492,459,496 $782,751,399100.0%% Totals30.0% 7.1%62.9%100.0%Total within One Year$290,291,903(1)37.1%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.Dec. 15, 2020Item #1 Page 5 of 17EXHIBIT 2 EXHIBIT 3 0.00 0.20 0.40 0.60 0.801.00 1.20 1.40 1.60 1.802.00 2.20 2.40 2.60 2.80 2013 JanAprJulyOct2014 JanAprJulyOct2015 JanAprJulyOct2016 JanAprJulyOct2017 JanAprJulyOct2018 JanAprJulyOct2019 JanAprJulyOct2020 JanAprJulyOctYield (%)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 10/31/2020 0.09 0.14 0.38 0.88Market rate (%)City of Carlsbad investment portfolio Market yield curve Fiscal year end compared to current Dec. 15, 2020 Item #1 Page 6 of 17 EXHIBIT 4 $1.72 $1.24 $1.24 $1.75 $1.00 $1.58 $1.79 $1.16 $1.10 $1.67 $1.20 $1.28 $1.33 $6.17 $17.03 $5.48 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sept OctInterest income ($ in millions)City of Carlsbad investment portfolioCumulative cash income 13-month comparison FY 2019-20 FY 2020-21 FY 2019-20 cumulative FY 2020-21 cumulative Dec. 15, 2020 Item #1 Page 7 of 17 EXHIBIT 5 City of Carlsbad investment portfolio Maturities, calls, and purchases this quarter As of Oct. 31, 2020 Maturities CUSIP Issuer Settled Maturity Par value Book value Interest Total 45905U7J7 IBRD 01/08/2018 10/05/2020 1,500,000 1,500,000 7,500 1,507,500 20033AND4 COMENI 10/19/2015 10/13/2020 249,000 249,000 409 249,409 76116FAE7 RFCSP 10/23/2015 10/15/2020 3,000,000 3,000,000 - 3,000,000 3136G0AW1 FNMA 04/26/2017 10/16/2020 1,300,000 1,300,000 15,275 1,315,275 30315EAA4 FRESB 07/24/2020 10/26/2020 585 588 691 1,279 3138L14F3 FNMA AM1721 12/26/2019 10/26/2020 3,561 3,560 3,585 7,145 31398E6W9 FHLMC 08/27/2020 10/15/2020 59,826 62,687 - 62,687 6,112,972 6,115,835 27,460 6,143,295 Calls CUSIP Issuer Settled Maturity Redeemed Par value Book value Total 594918BG8 Microsoft 11/10/2015 11/03/2020 10/05/2020 5,000,000 5,000,310 5,012,500 594918BG8 Microsoft 06/10/2016 11/03/2020 10/05/2020 1,500,000 1,500,698 1,541,667 191216BY5 Coca-Cola 10/14/2016 09/01/2021 10/05/2020 3,600,000 3,596,567 3,643,009 3133ELWC4 FFCB 04/09/2020 04/09/2025 10/09/2020 2,000,000 2,000,000 2,011,500 3133ELWC4 FFCB 04/09/2020 04/09/2025 10/09/2020 2,500,000 2,498,313 2,514,375 3133EK2A3 FFCB 10/15/2019 10/15/2024 10/15/2020 2,000,000 2,000,000 2,019,200 3134GUHK9 FHLMC 10/28/2019 10/15/2024 10/15/2020 2,500,000 2,495,971 2,523,438 3130AHD67 FHLB 10/18/2019 10/16/2024 10/16/2020 2,250,000 2,250,000 2,272,500 191216AV2 Coca-Cola 01/10/2018 09/01/2021 10/20/2020 1,500,000 1,549,740 1,506,738 742718FF1 Procter & Gamble 06/09/2020 03/25/2025 10/29/2020 1,000,000 1,082,240 1,002,314 23,850,000 23,973,838 24,047,240 Purchases CUSIP Issuer Settled Maturity Payment Rate Par value Dollar price Book value 3134GWXM3 FHLMC 10/01/2020 07/30/2025 03/30/2021 0.51%2,000,000 100.000 2,000,000 3134GWVF0 FHLMC 10/07/2020 07/07/2023 04/07/2021 0.25%1,750,000 100.000 1,750,000 3134GWVF0 FHLMC 10/07/2020 07/07/2023 04/07/2021 0.25%2,000,000 100.000 2,000,000 3133EMCP5 FFCB 10/14/2020 10/14/2025 04/14/2021 0.52%1,500,000 100.000 1,500,000 3134GWXX9 FHLMC 10/15/2020 10/15/2025 04/15/2021 0.55%3,000,000 100.000 3,000,000 560390AS5 Maine Comm Bank 10/15/2020 10/15/2025 11/15/2020 0.35%249,000 100.000 249,000 33625CDS5 First Security Bank Wash 10/16/2020 10/16/2025 11/16/2020 0.35%249,000 100.000 249,000 538036LQ5 Live Oak Bank 10/22/2020 10/08/2025 11/08/2020 0.40%249,000 100.000 249,000 2027506P5 Commonwealth Bus Bank 10/22/2020 09/25/2025 10/25/2020 0.40%249,000 100.000 249,000 3134GWVM5 FHLMC 10/22/2020 09/30/2022 03/30/2021 0.35%3,000,000 100.000 3,000,000 3137EAEX3 FHLMC 10/22/2020 09/23/2025 03/23/2021 0.43%4,000,000 99.732 3,989,280 3134GW4X1 FHLMC 10/29/2020 07/29/2024 04/29/2021 0.38%3,000,000 100.000 3,000,000 3133EMFC1 FFCB 10/29/2020 07/29/2025 01/29/2021 0.53%3,000,000 100.000 3,000,000 3134GWYW0 FHLMC 10/30/2020 04/30/2025 04/30/2021 0.50%2,000,000 100.000 2,000,000 26,246,000 99.981 26,235,280 Dec. 15, 2020 Item #1 Page 8 of 17 EXHIBIT 6 City of Carlsbad Investment summary As of Oct. 31, 2020 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 01/09/20 04/05/22 FNMA 2,500,000.00 2,517,775.00 1.550%87,172.92 2,604,947.92 05/25/17 04/05/22 FNMA 1,600,000.00 1,600,581.01 1.867%145,252.32 1,745,833.33 05/19/20 04/27/22 FFCB 2,000,000.00 2,003,480.00 0.210%8,136.67 2,011,616.67 04/27/17 04/27/22 FHLMC 3,500,000.00 3,545,920.00 2.345%413,455.00 3,959,375.00 01/09/20 06/10/22 FHLB 3,000,000.00 3,297,270.00 1.560%120,084.17 3,417,354.17 06/30/20 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 01/15/20 09/09/22 FHLB 2,000,000.00 2,021,180.00 1.590%84,820.00 2,106,000.00 07/05/19 09/09/22 FHLB 1,800,000.00 1,874,106.00 1.786%104,644.00 1,978,750.00 12/01/17 09/09/22 FHLB 1,750,000.00 1,739,692.50 2.130%177,335.28 1,917,027.78 09/28/17 09/28/22 FNMA 2,500,000.00 2,500,000.00 2.000%249,861.11 2,749,861.11 10/22/20 09/30/22 FHLMC 3,000,000.00 3,000,000.00 0.350%41,358.33 3,041,358.33 05/20/20 10/05/22 FNMA 1,923,000.00 2,005,439.01 0.190%8,903.49 2,014,342.50 03/09/18 10/05/22 FNMA 1,000,000.00 971,120.00 2.000%120,324.44 1,091,444.44 10/05/18 10/05/22 FNMA 1,000,000.00 962,570.00 3.000%117,430.00 1,080,000.00 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 04/27/20 04/27/23 FNMA 2,000,000.00 2,000,000.00 0.550%33,000.00 2,033,000.00 09/09/20 06/09/23 FHLMC 3,500,000.00 3,500,000.00 0.270%25,987.50 3,525,987.50 10/07/20 07/07/23 FHLMC 2,000,000.00 2,000,000.00 0.250%13,750.00 2,013,750.00 10/07/20 07/07/23 FHLMC 1,750,000.00 1,750,000.00 0.250%12,031.25 1,762,031.25 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 10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125%349,548.89 2,615,738.89 09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990%147,698.89 1,138,988.89 09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485%121,551.72 2,190,659.72 04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410%187,617.50 1,971,375.00 02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495%114,362.92 1,130,572.92 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 12/13/19 11/27/23 FHLMC 1,965,000.00 1,964,017.50 1.788%138,947.33 2,102,964.83 11/27/18 11/27/23 FHLB 1,800,000.00 1,800,000.00 3.350%301,500.00 2,101,500.00 06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870%127,682.83 1,696,963.33 Dec. 15, 2020 Item #1 Page 9 of 17 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 06/03/20 06/03/24 FFCB 2,000,000.00 2,000,000.00 0.580%46,400.00 2,046,400.00 12/19/19 06/03/24 FFCB 3,000,000.00 2,997,750.00 1.830%246,860.00 3,244,610.00 08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457%85,320.92 1,322,845.39 08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457%103,884.90 1,621,263.00 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 10/29/20 07/29/24 FHLMC 3,000,000.00 3,000,000.00 0.375%42,187.50 3,042,187.50 08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480%189,024.44 2,761,444.44 07/15/20 10/15/24 FFCB 4,000,000.00 4,000,000.00 0.610%103,700.00 4,103,700.00 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 09/11/20 12/03/24 FHLMC 1,250,000.00 1,250,000.00 0.450%23,781.25 1,273,781.25 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 10/30/20 04/30/25 FHLMC 2,000,000.00 2,000,000.00 0.500%45,111.12 2,045,111.12 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 07/01/20 06/30/25 FNMA 2,500,000.00 2,500,000.00 0.740%92,448.61 2,592,448.61 06/30/20 06/30/25 FHLMC 3,000,000.00 3,000,000.00 0.770%115,500.00 3,115,500.00 09/14/20 07/21/25 FHLMC 1,500,000.00 1,499,625.00 0.380%27,671.87 1,527,296.87 10/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.530%75,525.00 3,075,525.00 07/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.580%87,000.00 3,087,000.00 10/01/20 07/30/25 FHLMC 2,000,000.00 2,000,000.00 0.510%49,271.67 2,049,271.67 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 10/22/20 09/23/25 FHLMC 4,000,000.00 3,989,280.00 0.430%84,511.67 4,073,791.67 10/14/20 10/14/25 FFCB 1,500,000.00 1,500,000.00 0.520%39,000.00 1,539,000.00 10/15/20 10/15/25 FHLMC 3,000,000.00 3,000,000.00 0.550%82,500.00 3,082,500.00 Federal investments 243,802,000.00 245,853,877.89 1.423%15,305,437.20 261,159,315.09 Supranationals 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 08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428% 142,996.67 2,149,916.67 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 28,595,000.00 28,619,458.09 1.719%2,775,414.18 31,372,367.27 Dec. 15, 2020 Item #1 Page 10 of 17 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 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 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 Dec. 15, 2020 Item #1 Page 11 of 17 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 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 Dec. 15, 2020 Item #1 Page 12 of 17 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 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 212,689,000.00 217,681,575.61 2.039%17,623,031.98 235,304,607.59 Certificate of deposit 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 09/14/17 09/14/22 First Bank Of 247,000.00 247,000.00 2.150%26,552.50 273,552.50 09/29/17 09/29/22 Allegiane Bank Texs 249,000.00 249,000.00 2.150%26,767.50 275,767.50 10/23/19 10/11/22 Goldman Sachs Bank USA 247,000.00 247,000.00 1.900%13,898.99 260,898.99 10/18/17 10/18/22 Beneficial Bank 247,000.00 247,000.00 2.150%26,552.50 273,552.50 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 08/30/19 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 Dec. 15, 2020 Item #1 Page 13 of 17 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 09/04/20 09/04/25 Crown Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62 09/15/20 09/15/25 Merrick 249,000.00 249,000.00 0.400%4,982.62 253,982.62 10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00 249,000.00 0.400%4,908.94 253,908.94 09/29/20 09/29/25 Landmark Community 249,000.00 249,000.00 0.400%4,982.58 253,982.58 10/22/20 10/08/25 Live Oak Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42 10/15/20 10/15/25 Maine Comm Bank 249,000.00 249,000.00 0.350%4,359.94 253,359.94 10/16/20 10/16/25 First Security Bank Wash 249,000.00 249,000.00 0.350%4,359.94 253,359.94 Certificate of deposit 19,587,000.00 19,587,000.00 1.754%1,595,405.18 21,182,405.18 Mortgage backed securities (agency) 12/26/19 12/01/22 FNMA AM1721 1,886,801.42 1,899,773.17 2.001% 82,080.44 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 1,058,875.81 1,172,190.01 0.532% 80,310.73 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 998,330.02 1,003,212.85 0.830% 16,205.23 1,019,418.08 Mortgage backed securities (agency)8,944,007.25 9,327,363.53 1.280%207,946.56 9,535,310.09 Cash Wells Fargo Bank - General 3,122,320.00 3,122,320.00 0.010%25.66 3,122,345.66 Sweep account 516,451.37 516,451.37 0.010%4.25 516,455.62 Wells Fargo Bank - Custody 157,669.76 157,669.76 0.010%1.31 157,671.07 CAMP 1,005,633.87 1,005,633.87 0.140%115.72 1,005,749.59 LAIF City 71,617,822.90 71,617,822.90 0.600% 35,808.91 71,653,631.81 LAIF CMWD 71,486,897.43 71,486,897.43 0.600% 35,743.45 71,522,640.88 LAIF CPFA 33,178,764.22 33,178,764.22 0.600% 16,589.38 33,195,353.60 Cash 181,085,559.55 181,085,559.55 0.585%88,288.68 181,173,848.23 GRAND TOTAL 768,827,566.80 776,186,612.86 1.448%43,233,546.44 819,397,654.30 Dec. 15, 2020 Item #1 Page 14 of 17 EXHIBIT 7 City of Carlsbad investment portfolio Fund equity in pooled investments As of Oct. 31, 2020 Cash balance by fund: General 108,988,325 Special revenue 33,737,492 Capital projects: General capital construction 46,304,108 Traffic impact fees 25,022,161 Public facilities fees 29,728,180 Park development 13,049,742 TransNet taxes 7,173,777 Drainage fees 5,351,150 Special districts 107,859,100 Infrastructure replacement 120,543,764 Gas tax 16,573,150 Capital project subtotal 371,605,132 Enterprise: Carlsbad Municipal Water District 133,689,172 Sewer fund 46,755,403 Solid waste 5,978,801 Storm water 7,921,906 Golf course 521,017 Enterprise subtotal 194,866,299 Internal service 50,741,067 Trust and agency 18,121,116 Total general ledger balance **778,059,431 Reconciling adjustments (1)(7,780,153) Total treasurer's investment portfolio at amortized cost $770,279,278 **Figures based on best estimate at the time report run on 11/12/2020. (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 a 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. Dec. 15, 2020 Item #1 Page 15 of 17 EXHIBIT 8 City of Carlsbad investment portfolio Corporate note and mortgage backed security ratings As of Oct. 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 Colgate-Palmolive Aa3 AA-Stable Exxon Mobil Aa1 AA Negative Florida Power & Light Aa2 A+ AA- Stable Johnson & Johnson Aaa AAA Negative 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- 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 Aa2 A+ AA- Negative/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 5,511,060$ Citibank A3 BBB+A 01/23/24 02/20/20 7,671,370$ Toyota A1 A+ A+01/08/24 07/01/19 17,026,838$ * 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.Dec. 15, 2020 Item #1 Page 16 of 17 EXHIBIT 9 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer As of Oct. 31, 2020 Corporate notes Amortized cost Portfolio allocation* 3M Company 5,355,549$ 0.70% Alphabet Inc.5,046,921 0.66% Amazon.com Inc.4,649,004 0.60% Apple Inc.15,307,049 1.99% Bank of New York Mellon 10,566,102 1.37% Berkshire Hathaway 9,606,362 1.25% Blackrock Inc.8,495,668 1.10% Chevron 3,236,254 0.42% Cisco Systems Inc.509,839 0.07% Citibank 7,368,931 0.96% CME Group 3,026,918 0.39% Colgate-Palmolive 15,376,897 2.00% Exxon Mobil 5,006,333 0.65% Florida Power & Light 3,950,600 0.51% Johnson & Johnson 10,951,671 1.42% JP Morgan Chase Bank 16,761,035 2.18% Microsoft 12,770,625 1.66% Novartis Capital Corp 4,867,411 0.63% Procter & Gamble 7,653,360 0.99% Public Service Electric 2,672,356 0.35% State Street Corporation 2,101,886 0.27% Toyota 16,802,378 2.18% US Bank NA 12,640,640 1.64% Wal-Mart 19,385,730 2.52% Wells Fargo Bank NA 12,615,083 1.64% Mortgage backed securities (agency)Amortized cost Portfolio allocation* FHLMC 4,325,128 0.56% FNMA 4,939,548 0.64% Federal agencies Amortized cost Portfolio allocation** Federal Agricultural Mortgage Corp.12,181,997 1.58% Federal Farm Credit Bank 80,468,553 10.45% Federal Home Loan Bank 42,382,315 5.50% Federal Home Loan Mortgage Corp.68,776,559 8.93% Federal National Mortgage Assoc.35,700,912 4.63% Private Export Funding Corp.2,548,345 0.33% Tennessee Valley Authority 3,021,004 0.39% Other Amortized cost Portfolio allocation Supranational 28,632,331 3.72% US Treasury 69,905,424 9.08% Certificate of deposits 19,587,000 2.54% Cash 181,085,560 23.51% Total portfolio amortized cost 770,279,278$ * No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers.Dec. 15, 2020 Item #1 Page 17 of 17