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HomeMy WebLinkAbout2021-02-09; City Council; ; Report on City Investments as of Dec. 31, 2020 Meeting Date: Feb. 9, 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 Dec. 31, 2020 District: All Recommended Action Accept and file Report on City Investments as of Dec. 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 Dec. 31, 2020 is summarized below. Pooled investment portfolio (cash and securities) Current month Prior month Par value1 $784,259,941 $769,847,960 Investment cost $792,077,292 $777,768,106 Amortized cost2 $790,358,339 $776,003,195 Market value3 $802,308,457 $788,215,184 (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.) Feb. 9, 2021 Item #1 Page 1 of 20 Pooled investment interest income Year to date Current month Prior month Cash income $7,676,580 $974,938 $1,217,580 The cash income received is adjusted for any accrued interest purchased. Pooled investment performance Average life (years) Yield to maturity Modified duration Oct. 2020 1.84 1.45% 1.78 Nov. 2020 1.87 1.38% 1.80 Dec. 2020 1.89 1.30% 1.83 All pooled investments have been made in accordance with the city’s Investment Policy, which was adopted Jan. 2, 1985, and last revised Jan. 12, 2021; 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 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. Capital projects$375 Enterprise $194 General $117 Internal service $50 Special revenue$34 Agency/trust $17 Fund equity in pooled investments Dec. 31, 2020 ($ in millions) Feb. 9, 2021 Item #1 Page 2 of 20 The city’s Investment Policy allows the city treasurer to determine the course of action that would correct exceptions to the policy. These investments are paying interest at the required times and their principal is considered secure. It is the intent of the city treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. Next Steps The report on city investments will continue to be produced monthly by the city treasurer. Environmental Evaluation (CEQA) In keeping with 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 10.Investments of bond proceeds held separately 11.Summary of outstanding housing loans Feb. 9, 2021 Item #1 Page 3 of 20 City of Carlsbad investment portfolio As of Dec. 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 $277,905,372 256,986,482$ 280,832,987$ 259,961,129$ 2,363,063$ 1.14%1.30% SN 28,541,013 33,488,518 29,194,786 34,153,179 416,616 1.40 1.38 TR 63,620,100 69,796,774 64,909,940 71,009,180 705,350 1.78 1.76 CN 207,892,005 212,183,676 212,622,531 217,110,408 2,936,475 2.02 2.02 CD 20,832,444 20,085,000 21,508,929 20,793,563 181,076 1.64 1.72 MBS (agency)9,212,139 9,265,683 9,165,065 9,225,753 110,198 1.29 1.28 MBS (non-agency)- - - - - 0.00 0.00 Bank account 3,128,196 3,166,910 3,128,196 3,166,910 - 0.01 0.01 Sweep 4,474,208 6,910,461 4,474,208 6,910,461 701 0.01 0.01 IRT 682,423 595,322 682,423 595,322 168 0.01 0.01 CAMP 1,005,907 1,005,795 1,005,907 1,005,795 1,492 0.12 0.14 LAIF 174,783,485 164,283,485 174,783,485 164,283,485 961,440 0.52 0.56 Total $792,077,292 $777,768,106 $802,308,457 $788,215,184 $7,676,580 1.30%1.38% 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 1Feb. 9, 2021 Item #1 Page 4 of 20 City of Carlsbad investment portfolio As of Dec. 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 $22,582,548 $14,568,749 $243,681,690 $280,832,987 35.00% SN - - 29,194,786 29,194,786 3.64 TR 15,839,834 23,490,072 25,580,034 64,909,940 8.09 CN 17,357,363 18,762,910 176,502,258 212,622,531 26.50 (2) CD 2,001,558 252,536 19,254,835 21,508,929 2.68 MBS (agency)120,000 120,000 8,925,065 9,165,065 1.14 (3) MBS (non-agency)- - - - 0.00 (4) Bank account 3,128,196 - - 3,128,196 0.39 Sweep 4,474,208 - - 4,474,208 0.56 IRT 682,423 - - 682,423 0.09 CAMP 1,005,907 - - 1,005,907 0.13 LAIF 174,783,485 - - 174,783,485 21.79 Totals $241,975,522 $57,194,267 $503,138,669 $802,308,457 100.0% % Totals 30.2%7.1%62.7%100.0% Total within One Year $299,169,788 (1) 37.3% 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 2Feb. 9, 2021 Item #1 Page 5 of 20 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 JanAprJulyOctYield (%)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 12/31/2020 0.09 0.13 0.36 0.93Market rate (%)City of Carlsbad investment portfolio Market yield curve Fiscal year end compared to current Feb. 9, 2021 Item #1 Page 6 of 20 EXHIBIT 4 $1.24 $1.75 $1.00 $1.58 $1.79 $1.16 $1.10 $1.67 $1.20 $1.28 $1.33 $1.22 $0.97 $8.65 $17.03 $7.68 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Dec Jan Feb Mar Apr May June Jul Aug Sept Oct Nov DecInterest income ($ 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 Feb. 9, 2021 Item #1 Page 7 of 20 EXHIBIT 5 City of Carlsbad investment portfolio Maturities, calls, and purchases this quarter As of Dec. 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 02006L7E7 Ally Bank 12/14/2017 12/14/2020 247,000 247,000 2,601 249,601 931142EA7 Wal-Mart 01/07/2019 12/15/2020 1,500,000 1,500,000 14,250 1,514,250 31398E6W9 FHLMC FHR 3544 BC 08/27/2020 12/15/2020 47,097 49,349 3,346 52,695 30315EAA4 FRESB 07/24/2020 12/28/2020 588 591 690 1,281 3138L14F3 FNMA AM1721 12/26/2019 12/28/2020 3,580 3,604 3,547 7,151 912828A83 US Treasury 01/05/2016 12/31/2020 4,000,000 4,000,000 47,500 4,047,500 912828N48 US Treasury 05/05/2016 12/31/2020 2,000,000 2,000,000 17,500 2,017,500 26,570,257 26,578,059 230,880 26,808,939 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 3133ELCQ5 FFCB 12/19/2019 06/03/2024 12/03/2020 3,000,000 2,998,233 27,450 45905U5S9 IBRD 03/24/2020 12/12/2024 12/14/2020 3,500,000 3,519,081 - 45905U4Z4 IBRD 01/08/2020 12/15/2024 12/15/2020 1,425,000 1,425,000 12,113 19416QDZ0 Colgate-Palmolive 05/07/2020 05/03/2022 12/18/2020 3,500,000 3,589,504 10,063 19416QDY3 Colgate-Palmolive 12/04/2017 11/15/2021 12/18/2020 2,250,000 2,254,865 5,053 3134GUYU8 FHLMC 12/18/2019 12/18/2023 12/18/2020 1,500,000 1,500,000 13,875 3130AFKR7 FHLB 12/28/2020 12/28/2023 12/28/2020 2,000,000 2,000,000 31,000 3134GV2L1 FHLMC 06/30/2020 06/30/2025 12/30/2020 3,000,000 3,000,000 11,550 52,290,000 52,524,777 24,252,807 Feb. 9, 2021 Item #1 Page 8 of 20 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 3133EMDZ FFCB 12/09/2020 10/21/2025 04/21/2021 0.56%3,000,000 99.810 2,994,300 3133EMJQ6 FFCB 12/09/2020 12/08/2023 06/08/2021 0.28%2,500,000 100.000 2,500,000 3135G06A6 FNMA 12/11/2020 10/20/2025 04/20/2021 0.59%2,410,000 99.950 2,408,795 3135GA5S6 FNMA 12/16/2020 06/16/2025 06/16/2021 0.45%2,000,000 100.000 2,000,000 3134GXFV1 FHLMC 12/17/2020 12/17/2025 06/17/2021 0.63%5,000,000 100.000 5,000,000 88413QCU0 Third Federal Savings and Loan12/18/2020 12/18/2025 06/18/2021 0.45%249,000 100.000 249,000 91330ACR6 Unity Bank 12/18/2020 12/18/2025 06/18/2021 0.40%249,000 99.750 248,378 3135GAA43 FNMA 12/23/2020 04/23/2025 04/23/2021 0.50%3,000,000 100.000 3,000,000 08016PDV8 Belmont Bank 12/23/2020 12/23/2025 01/23/2021 0.40%249,000 99.750 248,378 634116CW5 National Bank of NY City 12/28/2020 12/23/2025 01/23/2021 0.40%249,000 99.875 248,689 3137EAEX3 FHLMC 12/28/2020 09/23/2025 03/23/2021 0.40%3,000,000 99.882 2,996,460 3135G06G3 FNMA 12/29/2020 11/07/2025 05/07/2021 0.41%3,000,000 100.432 3,012,960 3135G06Q1 FNMA 12/30/2020 12/30/2025 06/30/2021 0.47%2,500,000 100.165 2,504,125 3130AKLQ7 FHLB 12/30/2020 12/30/2024 06/30/2021 0.31%4,000,000 100.000 4,000,000 654106AH6 Nike 12/31/2020 03/27/2025 03/27/2021 0.50%2,867,000 107.804 3,090,741 87,587,000 100.705 88,431,016 Feb. 9, 2021 Item #1 Page 9 of 20 EXHIBIT 6 City of Carlsbad Investment summary As of Dec. 31, 2020 Settlement Maturity Issuer Par Invested Yield Interest expected Return Federal investments 03/10/17 01/15/21 FAMCA 1,580,000.00 1,576,287.00 2.063%125,285.22 1,701,572.22 09/09/16 01/25/21 FAMCA 2,000,000.00 2,018,640.00 1.550%117,071.11 2,135,711.11 10/12/16 02/15/21 TENN 3,000,000.00 3,315,660.00 1.370%189,058.75 3,504,718.75 08/16/17 02/16/21 FNMA 2,000,000.00 2,000,000.00 1.750%122,500.00 2,122,500.00 01/10/19 02/23/21 FFCB 1,500,000.00 1,502,895.00 2.605%82,942.50 1,585,837.50 12/12/18 02/24/21 FHLB 1,000,000.00 977,940.00 2.790%60,560.00 1,038,500.00 02/14/18 03/12/21 FHLB 1,500,000.00 1,500,768.00 2.357%108,778.87 1,609,546.87 06/12/18 03/12/21 FHLB 1,000,000.00 976,760.00 2.631%71,365.00 1,048,125.00 09/29/17 03/26/21 FHLMC 2,535,000.00 2,531,197.50 1.794%158,701.56 2,689,899.06 01/08/19 04/09/21 FFCB 1,500,000.00 1,504,860.00 2.550%86,377.50 1,591,237.50 10/26/17 04/26/21 FHLMC 1,975,000.00 1,974,012.50 1.865%128,868.75 2,102,881.25 10/12/16 06/11/21 FHLB 1,500,000.00 1,559,427.00 1.370%97,979.25 1,657,406.25 06/15/17 06/15/21 FHLMC 1,400,000.00 1,400,000.00 1.800%100,800.00 1,500,800.00 04/03/20 06/16/21 FFCB 2,000,000.00 2,004,800.00 0.300%7,227.78 2,012,027.78 10/26/16 07/14/21 FHLB 2,500,000.00 2,476,850.00 1.328%155,806.25 2,632,656.25 02/16/17 07/26/21 FHLMC 1,400,000.00 1,392,580.00 2.000%124,086.67 1,516,666.67 12/19/17 08/12/21 FHLMC 1,000,000.00 967,646.98 2.050%73,384.27 1,041,031.25 10/28/16 10/07/21 FNMA 2,500,000.00 2,491,075.00 1.450%178,794.79 2,669,869.79 11/29/16 11/29/21 FFCB 3,000,000.00 3,000,000.00 1.760%264,000.00 3,264,000.00 04/12/17 12/10/21 FHLB 2,000,000.00 2,003,620.00 1.834%171,171.67 2,174,791.67 09/10/19 12/13/21 FFCB 2,000,000.00 2,017,240.00 1.490%67,673.33 2,084,913.33 11/04/19 01/03/22 FAMCA 2,000,000.00 1,998,180.00 2.169%95,553.01 2,093,733.01 11/12/19 01/13/22 FHLMC 1,000,000.00 1,015,200.00 1.658%36,324.31 1,051,524.31 03/25/19 02/03/22 FFCB 2,500,000.00 2,483,900.00 2.264%161,019.44 2,644,919.44 02/23/17 02/23/22 FAMCA 2,600,000.00 2,609,204.00 2.025%263,796.00 2,873,000.00 03/01/19 03/01/22 FFCB 2,000,000.00 2,000,000.00 2.550%153,000.00 2,153,000.00 03/29/17 03/29/22 FHLMC 1,500,000.00 1,500,000.00 2.265%170,625.00 1,670,625.00 05/25/17 04/05/22 FNMA 1,600,000.00 1,600,581.01 1.867%145,252.32 1,745,833.33 01/09/20 04/05/22 FNMA 2,500,000.00 2,517,775.00 1.550%87,172.92 2,604,947.92 04/27/17 04/27/22 FHLMC 3,500,000.00 3,545,920.00 2.345%413,455.00 3,959,375.00 05/19/20 04/27/22 FFCB 2,000,000.00 2,003,480.00 0.210%8,136.67 2,011,616.67 01/09/20 06/10/22 FHLB 3,000,000.00 3,297,270.00 1.560%120,084.17 3,417,354.17 06/30/20 06/30/22 FHLMC 3,000,000.00 3,000,000.00 0.300%18,000.00 3,018,000.00 01/15/20 07/15/22 FHLMC 1,500,000.00 1,500,510.00 1.586%59,490.00 1,560,000.00 12/01/17 09/09/22 FHLB 1,750,000.00 1,739,692.50 2.130%177,335.28 1,917,027.78 07/05/19 09/09/22 FHLB 1,800,000.00 1,874,106.00 1.786%104,644.00 1,978,750.00 01/15/20 09/09/22 FHLB 2,000,000.00 2,021,180.00 1.590%84,820.00 2,106,000.00 09/28/17 09/28/22 FNMA 2,500,000.00 2,500,000.00 2.000%249,861.11 2,749,861.11 10/22/20 09/30/22 FHLMC 3,000,000.00 3,000,000.00 0.350%41,358.33 3,041,358.33 03/09/18 10/05/22 FNMA 1,000,000.00 971,120.00 2.000%120,324.44 1,091,444.44 12/30/20 12/30/24 FHLB 4,000,000.00 4,000,000.00 0.310%49,600.00 4,049,600.00 10/05/18 10/05/22 FNMA 1,000,000.00 962,570.00 3.000%117,430.00 1,080,000.00 05/20/20 10/05/22 FNMA 1,923,000.00 2,005,439.01 0.190%8,903.49 2,014,342.50 04/24/18 12/09/22 FHLB 2,250,000.00 2,215,102.50 2.500%295,053.75 2,510,156.25 09/10/19 12/09/22 FHLB 1,500,000.00 1,670,736.00 1.630%84,545.25 1,755,281.25 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 09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990%147,698.89 1,138,988.89 10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125%349,548.89 2,615,738.89 09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485%121,551.72 2,190,659.72 02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495%114,362.92 1,130,572.92 04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410%187,617.50 1,971,375.00 10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050%384,922.92 2,878,072.92 02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602%123,803.33 1,141,333.33 05/09/19 11/08/23 FFCB 2,000,000.00 2,001,700.00 2.280%205,172.22 2,206,872.22 11/24/20 11/24/23 FHLMC 2,500,000.00 2,500,000.00 0.320%24,000.00 2,524,000.00 11/30/20 11/30/23 FFCB 3,000,000.00 3,000,000.00 0.310%27,900.00 3,027,900.00 06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870%127,682.83 1,696,963.33 12/09/20 12/08/23 FFCB 2,500,000.00 2,500,000.00 0.280%20,980.56 2,520,980.56 05/13/20 12/08/23 FHLB 1,000,000.00 1,107,630.00 0.339%12,838.75 1,120,468.75 Feb. 9, 2021 Item #1 Page 10 of 20 Settlement Maturity Issuer Par Invested Yield Interest expected Return 05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.500%108,586.11 1,161,486.11 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 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 11/10/20 08/15/24 FHLB 4,000,000.00 4,191,800.00 1.500%64,033.33 4,255,833.33 08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480%189,024.44 2,761,444.44 11/06/20 09/30/24 FHLMC 1,170,000.00 1,170,000.00 0.350%15,970.50 1,185,970.50 07/15/20 10/15/24 FFCB 4,000,000.00 4,000,000.00 0.610%103,700.00 4,103,700.00 11/25/20 10/16/24 FFCB 1,400,000.00 1,466,052.00 0.280%15,673.00 1,481,725.00 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 11/18/20 11/18/24 FNMA 2,000,000.00 2,000,000.00 0.420%33,600.00 2,033,600.00 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 12/23/20 04/23/25 FNMA 3,000,000.00 3,000,000.00 0.500%65,000.00 3,065,000.00 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 12/16/20 06/16/25 FNMA 2,000,000.00 2,000,000.00 0.450%40,500.00 2,040,500.00 07/01/20 06/30/25 FNMA 2,500,000.00 2,500,000.00 0.740%92,448.61 2,592,448.61 09/14/20 07/21/25 FHLMC 1,500,000.00 1,499,625.00 0.380%27,671.87 1,527,296.87 07/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.580%87,000.00 3,087,000.00 10/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.530%75,525.00 3,075,525.00 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 11/06/20 08/18/25 FNMA 2,000,000.00 1,999,000.00 0.500%48,833.33 2,047,833.33 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 12/28/20 09/23/25 FHLMC 3,000,000.00 2,996,460.00 0.400%56,821.25 3,053,281.25 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 12/11/20 10/20/25 FNMA 2,410,000.00 2,408,795.00 0.590%69,114.78 2,477,909.78 12/09/20 10/21/25 FFCB 3,000,000.00 2,994,300.00 0.560%81,620.00 3,075,920.00 11/03/20 11/03/25 FFCB 4,500,000.00 4,500,000.00 0.540%121,500.00 4,621,500.00 12/29/20 11/07/25 FNMA 3,000,000.00 3,012,960.00 0.410%59,873.34 3,072,833.34 12/17/20 12/17/25 FHLMC 5,000,000.00 5,000,000.00 0.625%156,250.00 5,156,250.00 12/30/20 12/30/25 FNMA 2,500,000.00 2,504,125.00 0.474%75,875.00 2,580,000.00 Federal investments 275,667,000.00 277,905,372.39 1.145%14,795,487.95 292,700,860.34 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 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 11/10/20 06/19/23 IBRD 3,000,000.00 3,129,060.00 1.875%17,658.75 3,146,718.75 11/10/20 10/04/23 IADB 3,000,000.00 3,240,000.00 3.000%21,000.00 3,261,000.00 Feb. 9, 2021 Item #1 Page 11 of 20 Settlement Maturity Issuer Par Invested Yield Interest expected Return 05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300%205,886.67 2,264,166.67 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 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 28,170,000.00 28,541,013.09 1.397% 2,210,967.85 30,751,980.94 US Treasury 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 63,875,000.00 63,620,099.50 1.780% 4,934,288.14 68,554,387.64 Corporate notes 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 12/23/19 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 03/06/17 03/06/22 Exxon Mobil 2,000,000.00 2,003,380.00 2.360%236,320.00 2,239,700.00 05/23/17 05/11/22 Apple Inc.3,300,000.00 3,318,150.00 2.181%358,820.00 3,676,970.00 12/06/17 05/15/22 Berkshire Hathaway 1,503,000.00 1,540,770.39 2.400%162,504.36 1,703,274.75 01/08/18 05/15/22 Berkshire Hathaway 1,000,000.00 1,023,300.00 2.432%107,283.33 1,130,583.33 10/09/18 05/15/22 Berkshire Hathaway 1,100,000.00 1,091,810.50 3.220%126,989.50 1,218,800.00 02/19/19 05/17/22 Toyota 2,000,000.00 2,000,000.00 3.083%200,044.66 2,200,044.66 01/06/20 05/27/22 Wells Fargo Bank NA 3,000,000.00 3,040,020.00 1.920%167,839.75 3,207,859.75 08/09/18 06/01/22 Blackrock Inc.1,000,000.00 1,011,600.00 3.050%117,306.25 1,128,906.25 Feb. 9, 2021 Item #1 Page 12 of 20 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 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 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 Feb. 9, 2021 Item #1 Page 13 of 20 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 12/31/20 03/27/25 Nike Inc.2,867,000.00 3,090,740.68 0.500%67,928.79 3,158,669.47 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 202,806,000.00 207,892,005.29 2.017% 17,049,317.26 224,941,322.55 Certificate of deposit 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 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 Feb. 9, 2021 Item #1 Page 14 of 20 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 11/06/20 10/23/25 Royal Savings Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42 11/18/20 11/18/25 First US Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62 12/18/20 12/18/25 Third Federal Savings and Loan 249,000.00 249,000.00 0.450%5,605.56 254,605.56 12/18/20 12/18/25 Unity Bank 249,000.00 248,377.50 0.400%5,605.22 253,982.72 12/28/20 12/23/25 National Bank of NY City 249,000.00 248,688.75 0.400%5,280.23 253,968.98 12/23/20 12/23/25 Belmont Savings Bank 249,000.00 248,377.50 0.400%5,605.12 253,982.62 Certificate of deposit 20,834,000.00 20,832,443.75 1.638% 1,611,867.35 22,444,311.10 Mortgage backed securities (agency) 12/26/19 12/01/22 FNMA AM1721 1,879,824.24 1,892,748.02 2.001%89,105.59 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 956,702.69 1,065,131.74 0.532%187,369.00 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 997,194.60 1,002,071.87 0.830%17,346.21 1,019,418.08 Mortgage backed securities (agency)8,833,721.53 9,212,139.13 1.288%323,170.96 9,535,310.09 Cash Wells Fargo Bank - General 3,128,196.00 3,128,196.00 0.010%25.71 3,128,221.71 Wells Fargo Sweep account 4,474,208.22 4,474,208.22 0.010%36.77 4,474,244.99 Wells Fargo Bank - Custody 682,423.25 682,423.25 0.010%5.69 682,428.94 CAMP 1,005,906.96 1,005,906.96 0.120%99.21 1,006,006.17 LAIF City 71,617,822.90 71,617,822.90 0.520%31,034.39 71,648,857.29 LAIF CMWD 71,486,897.43 71,486,897.43 0.520%30,977.66 71,517,875.09 LAIF CPFA 31,678,764.22 31,678,764.22 0.520%13,727.46 31,692,491.68 Cash 184,074,218.98 184,074,218.98 0.495%75,906.90 184,150,125.88 GRAND TOTAL 784,259,940.51 792,077,292.13 1.297% 41,001,006.40 833,078,298.54 Feb. 9, 2021 Item #1 Page 15 of 20 EXHIBIT 7 City of Carlsbad investment portfolio Fund equity in pooled investments As of Dec. 2020 Cash balance by fund: General 117,223,136 Special revenue 33,740,499 Capital projects: General capital construction 46,137,375 Traffic impact fees 25,432,233 Public facilities fees 30,229,835 Park development 13,582,500 TransNet taxes 8,047,439 Drainage fees 5,279,968 Special districts 110,062,521 Infrastructure replacement 119,978,140 Gas tax 16,600,063 Capital project subtotal 375,350,074 Enterprise: Carlsbad Municipal Water District 134,367,503 Sewer fund 45,711,436 Solid waste 5,746,019 Storm water 7,739,201 Golf course 692,212 Enterprise subtotal 194,256,371 Internal service 50,338,707 Trust and agency 17,209,873 Total general ledger balance **788,118,660 Reconciling adjustments (1)2,239,679 Total treasurer's investment portfolio at amortized cost $790,358,339 **Figures based on best estimate at the time report run on 01/07/2021. (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. Feb. 9, 2021 Item #1 Page 16 of 20 EXHIBIT 8 City of Carlsbad investment portfolio Corporate note and mortgage backed security ratings As of Dec. 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 Microsoft Aaa AAA AA+Stable Nike Inc.A1 AA-Negative/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 5,350,018$ Citibank A3 BBB+A 01/23/24 02/20/20 7,349,881$ Toyota A1 A+A+01/08/24 07/01/19 16,796,920$ * 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 Feb. 9, 2021 Item #1 Page 17 of 20 EXHIBIT 9 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer As of Dec. 2020 Corporate notes Amortized cost Portfolio allocation* 3M Company 5,350,018$ 0.68% Alphabet Inc.5,032,703 0.64% Amazon.com Inc.4,642,483 0.59% Apple Inc.12,805,355 1.62% Bank of New York Mellon 10,538,508 1.33% Berkshire Hathaway 9,605,358 1.22% Blackrock Inc.8,470,962 1.07% Chevron 3,240,483 0.41% Cisco Systems Inc.508,828 0.06% Citibank 7,349,881 0.93% CME Group 3,017,163 0.38% Colgate-Palmolive 9,533,370 1.21% Exxon Mobil 5,003,509 0.63% Florida Power & Light 3,939,898 0.50% Johnson & Johnson 10,935,004 1.38% JP Morgan Chase Bank 13,737,215 1.74% Microsoft 12,771,870 1.62% Nike Inc.3,090,741 0.39% Novartis Capital Corp 4,865,388 0.62% Procter & Gamble 7,658,051 0.97% Public Service Electric 2,662,217 0.34% State Street Corporation 2,096,324 0.27% Toyota 16,796,920 2.13% US Bank NA 12,627,434 1.60% Wal-Mart 17,867,876 2.26% Wells Fargo Bank NA 12,600,732 1.59% Mortgage backed securities (agency)Amortized cost Portfolio allocation* FHLMC 4,218,070 0.53% FNMA 4,931,381 0.62% Federal agencies Amortized cost Portfolio allocation** Federal Agricultural Mortgage Corp.12,181,291 1.54% Federal Farm Credit Bank 91,912,016 11.63% Federal Home Loan Bank 46,715,166 5.91% Federal Home Loan Mortgage Corp.72,478,452 9.17% Federal National Mortgage Assoc.48,268,442 6.11% Private Export Funding Corp.2,546,170 0.32% Tennessee Valley Authority 3,008,886 0.38% Other Amortized cost Portfolio allocation Supranational 28,538,199 3.61% US Treasury 63,904,683 8.09% Certificate of deposits 20,833,072 2.64% Cash 184,074,219 23.29% Total portfolio amortized cost 790,358,339$ * No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers. Feb. 9, 2021 Item #1 Page 18 of 20 City of Carlsbad Investments of bond proceeds held separately As of Jan. 31, 2020 Stated int. Maturity Name and fund type Investments rate date Par value Cost Assessment District 03-01 (College/Cannon)Fiscal agent: Project fund Invesco Gov. & Agency - Institutional Money Market N/A N/A 980,274$ 980,274$ Assessment District 96-01 (Rancho Carrillo)Fiscal agent: Reserve fund Repub Natl Bank Repo Agreement: HSBC (GIC)6.03% 09/02/28 942,770$ 942,770$ Reassessment District 2012-1 (College/Cannon & Poinsettia Lane)Fiscal agent: Reserve fund Invesco Gov. & Agency - Institutional Money Market various N/A 2,285,934$ 2,285,934$ Other Invesco Gov. & Agency - Institutional Money Market various N/A 428$ 428$ Communities Facilities District #3 Improvement Area 1, 2016 Bonds Fiscal agent: Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/36 573,418$ 573,418$ Other Invesco Gov. & Agency - Institutional Money Market various 09/01/36 -$ -$ Communities Facilities District #3 Improvement Area 2, 2016 Bonds Fiscal agent: Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/38 836,392$ 836,392$ Other Invesco Gov. & Agency - Institutional Money Market various 09/01/38 359$ 359$ 5,619,575$ 5,619,575$ EXHIBIT 10Feb. 9, 2021 Item #1 Page 19 of 20 City of Carlsbad Summary of outstanding housing loans As of Dec. 31, 2020 Borrower Development Purpose Status First date issued # of loans issued Loans issued by City to developers/ homeowners Loans issued by developer to homeowners # of loans outstanding City loan repaid to City Developer loan repaid to City Loan amount due to City Developer loan amount due to City Total Individual homebuyers Calavera Hills Sale Outstanding 10/15/99 5 75,000 150,000 1 (60,000) (120,000) 15,000 30,000 15,000 Individual homebuyers Cherry Tree Walk Sale Outstanding 06/28/99 42 453,600 452,600 11 (334,800) (283,250) 118,800 169,350 118,800 Individual homebuyers Serrano Sale Outstanding 05/25/01 90 1,350,000 4,050,000 21 (1,050,135) (2,790,000) 299,865 1,260,000 299,865 Individual homebuyers Rancho Carlsbad Sale Outstanding 05/20/99 22 752,533 - 4 (616,633) - 135,900 - 135,900 Individual homebuyers Solamar Sale Outstanding 09/26/88 9 147,726 - 1 (135,065) - 12,661 - 12,661 Catholic Charities Homeless shelter Shelter Outstanding 09/19/97 1 200,000 - 1 - - 200,000 - 200,000 Pacific Vista Las Flores Vista Las Flores Rentals Outstanding 02/27/01 1 363,948 - 1 - - 363,948 - 363,948 CIC Calavera LP Mariposa Apts Rentals Outstanding 09/15/04 1 1,060,000 - 1 - - 1,060,000 - 1,060,000 Individual homebuyers Mulberry at Bressi Ranch Sale Outstanding 04/29/05 100 1,840,000 19,660,200 100 - - 1,840,000 19,660,200 1,840,000 Individual homebuyers Village by the Sea Sale Outstanding 10/28/05 11 220,000 4,087,200 11 - - 220,000 4,087,200 220,000 Individual homebuyers Laguna Point Sale Outstanding 07/06/06 3 210,000 - 2 (70,000) - 140,000 - 140,000 Individual homebuyers The Bluffs Sale Outstanding 06/14/07 10 200,000 - 10 - - 200,000 - 200,000 Individual homebuyers Roosevelt Gardens Sale Outstanding 08/30/07 11 1,583,423 - 11 - - 1,583,423 - 1,583,423 CIC La Costa Hunter's Point Rentals Outstanding 08/19/08 1 1,932,000 - 1 - - 1,932,000 - 1,932,000 Down Payment & Closing Cost AssistanceVarious Assistance Outstanding 06/25/09 22 255,518 - 18 (43,900) - 211,618 - 211,618 CIC Glen Ridge, LP Glen Ridge Rentals Outstanding 10/05/09 1 1,014,000 - 1 - - 1,014,000 - 1,014,000 North County Solutions for Change Property Acquisition Rentals Outstanding 06/28/12 1 780,000 - 1 - - 780,000 - 780,000 Catholic Charities Homeless shelter Shelter Outstanding 03/01/10 3 507,585 - 3 - - 507,585 - 507,585 Individual homeowners N/A Minor Home Repair Outstanding 05/20/10 13 39,605 - 8 (4,083) - 35,522 - 35,522 Hospice of North Coast N/A Property Acquisition Outstanding 02/27/13 1 1,065,000 - 1 - - 1,065,000 - 1,065,000 Harding Street Neighbors, LP Carol-Harding Duplex Property Acquisition Outstanding 03/14/13 1 7,408,000 - 1 - - 7,408,000 - 7,408,000 Tracy Templeton Laguna Point Sale Outstanding 04/17/13 1 108,150 - 1 - - 108,150 - 108,150 Thomas & Judy Kim Rose Bay Sale Outstanding 08/23/13 1 229,775 - 1 - - 229,775 - 229,775 Solutions for Change N/A Property Acquisition Outstanding 12/19/14 1 2,646,000 - 1 - - 2,646,000 - 2,646,000 Chelsea Inv Corp/Quarry Creek CiC LLP Quarry Creek Rentals Outstanding 08/31/16 1 1,280,000 - 1 (398,717) - 881,283 - 881,283 Carlsbad Veteran Housing LP Windsor Pointe Rentals Outstanding 12/03/20 1 259,389 - 1 - - 259,389 - 259,389 354 25,981,252 28,400,000 213 (2,713,332) (3,193,250) 23,267,920 25,206,750 23,267,920 Individual homebuyers City-wide (CHAP) Sale Paid-Off 06/28/99 133 $1,680,000 -$ 0 ($1,680,000)-$ $0.00 -$ 0 CB Laurel Tree Apartments Laurel Tree Rentals Paid-Off 12/24/98 2 1,134,000 - 0 (1,134,000) - 0 - 0 USA Properties c/o CFHP Rancho Carrillo Rentals Paid-Off 03/05/01 1 1,157,584 - 0 (1,157,584) - 0 - 0 Poinsettia Housing Assoc Poinsettia Station Rentals Paid-Off 10/21/99 1 920,000 - 0 (920,001) - 0 - 0 Bridge Housing Corp Villa Loma Rentals Paid-Off 11/04/94 2 2,212,000 - 0 (2,212,000) - - - - Dove Family Housing La Costa Paloma Rentals Paid-Off 07/15/03 1 2,070,000 - 0 (2,070,000) - 0 - 0 El Camino Family Housing Cassia Heights Rentals Paid-Off 03/07/06 1 1,454,276 - 0 (1,454,276) - - - - 141 10,627,860 - 0 (10,627,861) - 0 -$ 0 Allowances Other (1,798,379) (1,798,379) (1,798,379) 495.00 34,810,733.11 28,400,000.00 213.00 (13,341,193.65) (3,193,250.00) 21,469,540.46 25,206,750.00 21,469,540.46 EXHIBIT 11October 2020: issued a $4,046 Minor Home Repair loan; November 2020: received a $112,808 payment related to the Quarry Creek development; December 2020: issued a total $259,389 in loans to the Windsor Pointe development; received a $12,000 pay-off related to the DPCCA program. Feb. 9, 2021 Item #1 Page 20 of 20