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2021-01-19; City Council; ; Report on City Investments as of Nov. 30, 2020
Meeting Date: Jan. 19, 2021 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 Nov. 30, 2020 District: Citywide Recommended Action Accept and file Report on City Investments as of Nov. 30, 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 Nov. 30, 2020 is summarized below. Pooled investment portfolio (cash and securities) Current month Prior month Par value1 $769,847,960 $768,827,567 Investment cost $777,768,106 $776,186,613 Amortized cost2 $776,003,195 $770,279,278 Market value3 $788,215,184 $782,751,399 (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.) Jan. 19, 2021 Item #1 Page 1 of 18 Pooled investment interest income Year to date Current month Prior month Cash income $6,701,642 $1,217,580 $1,330,755 The cash income received is adjusted for any accrued interest purchased. Pooled investment performance Average life (years) Yield to maturity Modified duration Sept. 2020 1.82 1.50% 1.75 Oct. 2020 1.84 1.45% 1.78 Nov. 2020 1.87 1.38% 1.80 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 result in perceived 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 four 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$373 Enterprise $193 General $108 Internal service $51 Special revenue $34 Agency/trust $18 Fund equity in pooled investments Nov. 30, 2020 ($ in millions) Jan. 19, 2021 Item #1 Page 2 of 18 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 Jan. 19, 2021 Item #1 Page 3 of 18 City of Carlsbad investment portfolio As of Nov. 30, 2020 Investments by cost, market value, cash income, and average yield by class Investment cost Market value Average yield Class Current month Prior month Current month Prior month YTD income Current month Prior month FA $256,986,482 245,853,878$ 259,961,129$ 248,898,318$ 1,939,472$ 1.30%1.42% SN 33,488,518 28,619,458 34,153,179 29,328,163 363,395 1.38 1.72 TR 69,796,774 74,031,778 71,009,180 71,085,018 527,975 1.76 1.74 CN 212,183,676 217,681,576 217,110,408 222,734,921 2,663,962 2.02 2.04 CD 20,085,000 19,587,000 20,793,563 20,334,545 152,933 1.72 1.75 MBS (agency)9,265,683 9,327,364 9,225,753 9,284,875 90,279 1.28 1.28 MBS (non-agency)- - - - - 0.00 0.00 Bank account 3,166,910 3,122,320 3,166,910 3,122,320 - 0.01 0.01 Sweep 6,910,461 516,451 6,910,461 516,451 671 0.01 0.01 IRT 595,322 157,670 595,322 157,670 136 0.01 0.01 CAMP 1,005,795 1,005,634 1,005,795 1,005,634 1,380 0.14 0.14 LAIF 164,283,485 176,283,485 164,283,485 176,283,485 961,440 0.56 0.60 Total $777,768,106 $776,186,613 $788,215,184 $782,751,399 $6,701,642 1.38%1.45% FA - Federal agency notes Bank account - General cash account SN - Supranational Sweep - Overnight cash account TR - US Treasury IRT - Investment cash account CN - Corporate notes CAMP - California Asset Management Program CD - Certificate of deposit LAIF - Local Area Investment Fund MBS - Passthrough/mortgage backed securities EXHIBIT 1Jan. 19, 2021 Item #1 Page 4 of 18 City of Carlsbad investment portfolio As of Nov. 30, 2020 Maturities by classification and length of time at market value Class Within 6 months 7 to 12 months 1 to 5 years Total % Total FA $19,695,820 $13,443,358 $226,821,951 $259,961,129 32.98% SN - - 34,153,179 34,153,179 4.33 TR 16,687,677 20,687,012 33,634,492 71,009,180 9.01 CN 18,894,308 21,092,695 177,123,405 217,110,408 27.54 (2) CD 748,855 1,755,797 18,288,910 20,793,563 2.64 MBS (agency)120,000 120,000 8,985,753 9,225,753 1.17 (3) MBS (non-agency)- - - - 0.00 (4) Bank account 3,166,910 - - 3,166,910 0.40 Sweep 6,910,461 - - 6,910,461 0.88 IRT 595,322 - - 595,322 0.08 CAMP 1,005,795 - - 1,005,795 0.13 LAIF 164,283,485 - - 164,283,485 20.84 Totals $232,108,633 $57,098,862 $499,007,689 $788,215,184 100.0% % Totals 29.5%7.2%63.3%100.0% Total within One Year $289,207,495 (1) 36.7% 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. EXHIBIT 2Jan. 19, 2021 Item #1 Page 5 of 18 EXHIBIT 3 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 2.60 2.80 2013 JanAprJulyOct2014 JanAprJulyOct2015 JanAprJulyOct2016 JanAprJulyOct2017 JanAprJulyOct2018 JanAprJulyOct2019 JanAprJulyOct2020 JanAprJulyNovYield (%)City of Carlsbad investment portfolio Yield comparison Portfolio 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 11/30/2020 0.08 0.16 0.36 0.84Market rate (%)City of Carlsbad investment portfolio Market yield curve Fiscal year end compared to current Jan. 19, 2021 Item #1 Page 6 of 18 EXHIBIT 4 $1.24 $1.24 $1.75 $1.00 $1.58 $1.79 $1.16 $1.10 $1.67 $1.20 $1.28 $1.33 $1.22 $7.41 $17.03 $6.70 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Nov Dec Jan Feb Mar Apr May June Jul Aug Sept Oct NovInterest income ($ 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 Jan. 19, 2021 Item #1 Page 7 of 18 EXHIBIT 5 City of Carlsbad investment portfolio Maturities, calls, and purchases this quarter As of Nov. 30, 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 31398E6W9 FHLMC 08/27/2020 10/15/2020 59,826 62,687 - 62,687 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 912828L99 US Treasury 10/28/2016 11/02/2020 1,750,000 1,750,000 12,031 1,762,031 912828L99 US Treasury 12/02/2016 11/02/2020 1,200,000 1,200,000 8,250 1,208,250 912828L99 US Treasury 01/13/2017 11/02/2020 1,300,000 1,300,000 8,938 1,308,938 037833DJ6 Apple 11/13/2017 11/13/2020 2,500,000 2,500,000 25,000 2,525,000 31398E6W9 FHLMC FHR 3544 BC 08/27/2020 11/16/2020 55,076 57,710 3,530 61,239 3138L14F3 FNMA AM1721 12/26/2019 11/25/2020 3,397 3,421 3,672 7,093 30315EAA4 FRESB MFM 07/24/2020 11/25/2020 547 550 691 1,240 3134GBZ70 FHLMC 11/27/2017 11/27/2020 1,500,000 1,500,000 14,063 1,514,063 3136G05N7 FNMA 07/22/2016 11/27/2020 3,250,000 3,250,000 26,813 3,276,813 3136G0GZ8 FNMA 06/16/2017 11/30/2020 1,100,000 1,100,000 11,000 1,111,000 18,771,992 18,777,515 141,446 18,918,961 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 459058HP1 IBRD 11/13/2019 11/13/2024 11/13/2020 1,500,000 1,500,000 15,375 46632FQP3 JP Morgan Chase 11/18/2019 11/18/2022 11/18/2020 3,000,000 3,000,000 31,500 3130AFE29 FHLB 11/27/2018 11/27/2023 11/27/2020 1,800,000 1,800,000 30,150 3134GUVG2 FHLMC 12/13/2019 11/27/2023 11/27/2020 1,965,000 1,964,255 17,439 32,115,000 32,238,093 24,141,704 Jan. 19, 2021 Item #1 Page 8 of 18 Purchases CUSIP Issuer Settled Maturity First Coupon Yield 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 3133EMFR8 FFCB 11/03/2020 11/03/2025 05/03/2021 0.54%4,500,000 100.000 4,500,000 780684AJ5 Royal Savings Bank 11/06/2020 10/23/2025 11/23/2020 0.40%249,000 100.000 249,000 3134GWVM5 FHLMC 11/06/2020 09/30/2024 03/30/2021 0.35%1,170,000 100.000 1,170,000 3136G4H71 FNMA 11/06/2020 08/18/2025 02/18/2021 0.51%2,000,000 99.950 1,999,000 3130AGWK7 FHLB 11/10/2020 08/15/2024 02/15/2021 0.22%4,000,000 104.795 4,191,800 459058GX5 IBRD 11/10/2020 06/19/2023 12/19/2020 0.22%3,000,000 104.302 3,129,060 4581X0CC0 IADB 11/10/2020 10/04/2023 04/04/2021 0.23%3,000,000 108.000 3,240,000 33744AAW9 First US Bank 11/18/2020 11/18/2025 12/18/2020 0.40%249,000 100.000 249,000 3135G06E8 FNMA 11/18/2020 11/18/2024 05/18/2021 0.42%2,000,000 100.000 2,000,000 3134GXCA0 FHLMC 11/24/2020 11/24/2023 05/24/2021 0.32%2,500,000 100.000 2,500,000 3133EK3B0 FFCB 11/25/2020 10/16/2024 04/16/2021 0.28%1,400,000 104.718 1,466,052 3133EMHL9 FFCB 11/30/2020 11/30/2023 05/30/2021 0.31%3,000,000 100.000 3,000,000 53,314,000 100.827 53,929,192 Jan. 19, 2021 Item #1 Page 9 of 18 EXHIBIT 6 City of Carlsbad Investment summary As of Nov 30, 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 Jan. 19, 2021 Item #1 Page 10 of 18 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 Jan. 19, 2021 Item #1 Page 11 of 18 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 Jan. 19, 2021 Item #1 Page 12 of 18 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 Jan. 19, 2021 Item #1 Page 13 of 18 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 Jan. 19, 2021 Item #1 Page 14 of 18 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 Jan. 19, 2021 Item #1 Page 15 of 18 EXHIBIT 7 City of Carlsbad investment portfolio Fund equity in pooled investments As of Nov. 30, 2020 Cash balance by fund: General 107,789,212 Special revenue 34,152,183 Capital projects: General capital construction 46,239,054 Traffic impact fees 25,291,335 Public facilities fees 30,067,585 Park development 13,156,502 TransNet taxes 7,964,523 Drainage fees 5,351,674 Special districts 108,300,670 Infrastructure replacement 120,485,505 Gas tax 16,424,168 Capital project subtotal 373,281,016 Enterprise: Carlsbad Municipal Water District 132,854,809 Sewer fund 45,614,786 Solid waste 5,945,025 Storm water 8,060,049 Golf course 686,271 Enterprise subtotal 193,160,940 Internal service 51,006,310 Trust and agency 18,323,699 Total general ledger balance **777,713,360 Reconciling adjustments (1)(1,710,165) Total treasurer's investment portfolio at amortized cost $776,003,195 **Figures based on best estimate at the time report run on 12/8/2020. (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. Jan. 19, 2021 Item #1 Page 16 of 18 EXHIBIT 8 City of Carlsbad investment portfolio Corporate note and mortgage backed security ratings As of Nov. 30, 2020 Corporate notes Moody's S&P Fitch Outlook 3M Company A1 A+Negative/negative Alphabet Inc. 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/negative/stable US Bank NA A1 AA-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$ Alphabet Inc.AA+05/19/21 05/04/17 5,039,812$ 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 Jan. 19, 2021 Item #1 Page 17 of 18 EXHIBIT 9 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer As of Nov. 30, 2020 Corporate notes Amortized cost Portfolio allocation* 3M Company 5,352,784$ 0.69% Alphabet Inc.5,039,812 0.65% Amazon.com Inc.4,645,744 0.60% Apple Inc.12,806,214 1.65% Bank of New York Mellon 10,552,305 1.36% Berkshire Hathaway 9,605,860 1.24% Blackrock Inc.8,483,315 1.09% Chevron 3,238,369 0.42% Cisco Systems Inc.509,333 0.07% Citibank 7,359,406 0.95% CME Group 3,022,041 0.39% Colgate-Palmolive 15,376,046 1.98% Exxon Mobil 5,004,921 0.64% Florida Power & Light 3,945,249 0.51% Johnson & Johnson 10,943,337 1.41% JP Morgan Chase Bank 13,749,125 1.77% Microsoft 12,771,248 1.65% Novartis Capital Corp 4,866,400 0.63% Procter & Gamble 7,655,706 0.99% Public Service Electric 2,667,287 0.34% State Street Corporation 2,099,105 0.27% Toyota 16,799,649 2.16% US Bank NA 12,634,037 1.63% Wal-Mart 19,377,011 2.50% Wells Fargo Bank NA 12,607,907 1.62% Mortgage backed securities (agency)Amortized cost Portfolio allocation* FHLMC 4,267,419 0.55% FNMA 4,935,577 0.64% Federal agencies Amortized cost Portfolio allocation** Federal Agricultural Mortgage Corp.12,181,644 1.57% Federal Farm Credit Bank 89,425,826 11.52% Federal Home Loan Bank 44,745,278 5.77% Federal Home Loan Mortgage Corp.68,982,154 8.89% Federal National Mortgage Assoc.35,345,525 4.55% Private Export Funding Corp.2,547,257 0.33% Tennessee Valley Authority 3,014,945 0.39% Other Amortized cost Portfolio allocation Supranational 33,493,376 4.32% US Treasury 69,905,011 9.01% Certificate of deposits 20,085,000 2.59% Cash 175,961,973 22.68% Total portfolio amortized cost 776,003,195$ * No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers. Jan. 19, 2021 Item #1 Page 18 of 18