HomeMy WebLinkAbout2021-03-09; City Council; ; Report on City Investments as of Jan. 31, 2021 Meeting Date: Mar. 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 Jan. 31, 2021
District: All
Recommended Action
Accept and file Report on City Investments as of Jan. 31, 2021.
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 Jan. 31, 2021 is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $797,134,810 $784,259,941
Investment cost $805,429,462 $792,077,292
Amortized cost2 $803,533,346 $790,358,339
Market value3 $814,628,451 $802,308,457
(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.)
Mar. 9, 2021 Item #1 Page 1 of 17
Pooled investment interest income
Year to date Current month Prior month
Cash income $8,912,822 $1,236,243 $974,938
The cash income received is adjusted for any accrued interest purchased.
Pooled investment performance
Average life (years) Yield to maturity Modified duration
Nov. 2020 1.87 1.38% 1.80
Dec. 2020 1.89 1.30% 1.83
Jan. 2021 1.92 1.29% 1.87
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 that occur 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
$378
Enterprise
$196
General
$128
Internal service
$50
Special revenue
$34
Agency/trust
$17
Fund equity in pooled investments
Jan. 31, 2021
($ in millions)
Mar. 9, 2021 Item #1 Page 2 of 17
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. Therefore, it 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.Security ratings and outlooks
9.Portfolio allocation at amortized cost by issuer
Mar. 9, 2021 Item #1 Page 3 of 17
City of Carlsbad investment portfolio
As of Jan. 31, 2021
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 $282,039,660 277,905,372$ 284,628,122$ 280,832,987$ 1,939,472$ 1.17%1.14%
SN 28,628,535 28,541,013 29,124,142 29,194,786 363,395 2.02 1.40
TR 70,683,231 63,620,100 71,896,669 64,909,940 527,975 1.67 1.78
CN 205,909,305 207,892,005 210,193,840 212,622,531 2,663,962 2.02 2.02
CD 21,827,323 20,832,444 22,497,205 21,508,929 152,933 1.58 1.64
MBS (agency)7,118,056 9,212,139 7,067,577 9,165,065 90,279 1.17 1.29
MBS (non-agency)- - - - - 0.00 0.00
Muni 1,995,211 - 1,992,756 - - 0.51 0.00
Bank account 4,783,318 3,128,196 4,783,318 3,128,196 - 0.01 0.01
Sweep - 4,474,208 0 4,474,208 671 0.01 0.01
IRT 6,387,603 682,423 6,387,603 682,423 136 0.01 0.01
CAMP 1,006,010 1,005,907 1,006,010 1,005,907 1,380 0.12 0.12
LAIF 175,051,209 174,783,485 175,051,209 174,783,485 961,440 0.42 0.52
Total $805,429,462 $792,077,292 $814,628,451 $802,308,457 $6,701,642 1.29%1.30%
FA - Federal agency notes Muni - Municipal Bonds
SN - Supranational Bank account - General cash account
TR - US Treasury Sweep - Overnight cash account
CN - Corporate notes IRT - Investment cash account
CD - Certificate of deposit CAMP - California Asset Management Program
MBS - Passthrough/mortgage backed securities LAIF - Local Area Investment Fund
EXHIBIT 1Mar. 9, 2021 Item #1 Page 4 of 17
City of Carlsbad investment portfolio
As of Jan. 31, 2021
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 $22,891,816 $13,653,555 $248,082,751 $284,628,122 34.94%
SN - 4,581,895 24,542,247 29,124,142 3.58
TR 17,332,904 24,993,032 29,570,733 71,896,669 8.83
CN 15,327,323 18,736,595 176,129,922 210,193,840 25.80 (2)
CD 1,749,712 1,263,925 19,483,568 22,497,205 2.76
MBS (agency)120,000 120,000 6,827,577 7,067,577 0.87 (3)
MBS (non-agency)- - - - 0.00 (4)
Muni - - 1,992,756 1,992,756 0.24 (5)
Bank account 4,783,318 - - 4,783,318 0.59
Sweep - - - - 0.00
IRT 6,387,603 - - 6,387,603 0.78
CAMP 1,006,010 - - 1,006,010 0.12
LAIF 175,051,209 - - 175,051,209 21.49
Totals $244,649,896 $63,349,002 $506,629,554 $814,628,451 100.0%
% Totals 30.0%7.8%62.2%100.0%
Total within One Year $307,998,897 (1)
37.8%
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.
(5) Policy states that not more than 15% of portfolio is to be invested in municipal bonds at time of purchase.EXHIBIT 2Mar. 9, 2021 Item #1 Page 5 of 17
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 JanAprJulyOctJanYield (%)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
1/31/2021 0.03 0.09 0.47 1.19Market rate (%)City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
Mar. 9, 2021 Item #1 Page 6 of 17
EXHIBIT 4
$1.75 $1.00 $1.58 $1.79 $1.16 $1.10 $1.67 $1.20 $1.28 $1.33 $1.22 $0.97 $1.24
$10.40
$17.03
$8.91
- 1 2
3
4 5
6
7 8 9 10
11 12 13
14
15 16 17
18
Jan Feb Mar Apr May June Jul Aug Sept Oct Nov Dec JanInterest income ($ 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
Mar. 9, 2021 Item #1 Page 7 of 17
EXHIBIT 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of Jan. 31, 2021
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total
3132X0MT5 FAMCA 03/10/2017 01/15/2021 1,580,000 1,580,000 15,800 1,595,800
46147URD4 Inv Com 01/15/2016 01/15/2021 249,000 249,000 391 249,391
94988J5N3 Wells Fargo Bank 02/26/2018 01/15/2021 2,000,000 2,000,000 26,000 2,026,000
31398E6W9 FHLMC 08/27/2020 01/15/2021 51,084 53,527 3,189 56,716
3132X0EQ0 FAMCA 09/09/2016 01/25/2021 2,000,000 2,000,000 15,500 2,015,500
3138L1CU1 FNMA AM0982 02/04/2020 01/25/2021 2,000,000 2,036,563 42,027 2,078,589
3138L14F3 FNMA AM1721 12/26/2019 01/25/2021 3,417 3,441 3,658 7,099
30315EAA4 FRESB 07/24/2020 01/25/2021 551 553 690 1,243
7,884,052 7,923,083 107,255 8,030,338
Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total
31422BRJ1 FAMCA 01/06/2020 01/06/2023 01/06/2021 2,000,000 2,000,000 2,017,500
3133ELYV0 FFCB 05/11/2020 08/11/2023 01/13/2021 2,250,000 2,250,000 2,254,750
3134GUT91 FHLMC 01/15/2020 01/15/2025 01/15/2021 2,000,000 2,000,000 2,019,000
45905U4P6 IBRD 10/25/2019 10/25/2023 01/25/2021 3,000,000 3,000,000 3,012,750
45905U5U4 IBRD 02/19/2020 01/27/2023 01/27/2021 1,170,000 1,170,366 1,180,238
3130AFRQ2 FHLB 01/29/2019 01/29/2024 01/29/2021 1,500,000 1,500,675 1,521,563
11,920,000 11,921,041 12,005,800
Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value
06424KBH2 Bank of Santa Clarita 01/08/2021 01/08/2026 02/08/2021 0.40%249,000 99.875 248,689
38522ABP0 Grand Bank Tulsa 01/08/2021 01/08/2026 02/08/2021 0.40%249,000 99.875 248,689
882214AA7 Texas Bank Henderson 01/08/2021 12/23/2025 01/23/2021 0.45%249,000 100.000 249,000
3135G04Z3 FNMA 01/11/2021 06/17/2025 06/17/2021 0.39%3,000,000 100.488 3,014,640
91282CAZ4 US Treasury 01/11/2021 11/30/2025 05/31/2021 0.43%2,500,000 99.734 2,493,350
91282CAM3 US Treasury 01/11/2021 09/30/2025 03/31/2021 0.41%2,500,000 99.253 2,481,333
3130AKMZ6 FHLB 01/14/2021 01/14/2026 07/14/2021 0.51%4,000,000 100.000 4,000,000
3130AKMZ6 FHLB 01/14/2021 01/14/2026 07/14/2021 0.54%1,750,000 99.850 1,747,375
45905U6L3 IBRD 01/14/2021 11/20/2025 05/20/2021 0.51%2,000,000 112.511 2,250,220
912828YH7 US Treasury 01/14/2021 09/30/2024 03/31/2021 0.30%2,000,000 104.422 2,088,449
3133EMMP4 FFCB 01/15/2021 07/14/2025 07/14/2021 0.46%2,225,000 99.700 2,218,325
31422B6K1 FAMCA 01/25/2021 01/15/2026 07/15/2021 0.48%1,500,000 100.000 1,500,000
45950VPJ9 IFC 01/25/2021 01/15/2026 06/15/2021 0.50%2,000,000 100.392 2,007,840
20143PEH9 Commercial Bank 01/26/2021 01/26/2026 02/26/2021 0.47%249,000 99.900 248,751
15258RAV9 Central Bank Storm Lake 01/27/2021 01/27/2026 02/27/2021 0.47%249,000 99.900 248,751
3130AKN69 FHLB 01/28/2021 01/28/2026 07/28/2021 0.50%3,000,000 100.000 3,000,000
91412GU94 UNVHGR - UC 01/28/2021 07/01/2025 07/01/2021 0.51%1,805,000 110.538 1,995,211
29,525,000 101.555 30,040,622
Mar. 9, 2021 Item #1 Page 8 of 17
EXHIBIT 6
City of Carlsbad
Investment summaryAs of Jan. 31, 2021
Settlement Maturity Type Issuer Par Invested Yield Interest expected Return
Federal investments
10/12/16 02/15/21 FA TENN 3,000,000.00 3,315,660.00 1.370%189,058.75 3,504,718.75
08/16/17 02/16/21 FA FNMA 2,000,000.00 2,000,000.00 1.750%122,500.00 2,122,500.00
01/10/19 02/23/21 FA FFCB 1,500,000.00 1,502,895.00 2.605%82,942.50 1,585,837.50
12/12/18 02/24/21 FA FHLB 1,000,000.00 977,940.00 2.790%60,560.00 1,038,500.00
02/14/18 03/12/21 FA FHLB 1,500,000.00 1,500,768.00 2.357%108,778.87 1,609,546.87
06/12/18 03/12/21 FA FHLB 1,000,000.00 976,760.00 2.631%71,365.00 1,048,125.00
09/29/17 03/26/21 FA FHLMC 2,535,000.00 2,531,197.50 1.794%158,701.56 2,689,899.06
01/08/19 04/09/21 FA FFCB 1,500,000.00 1,504,860.00 2.550%86,377.50 1,591,237.50
10/26/17 04/26/21 FA FHLMC 1,975,000.00 1,974,012.50 1.865%128,868.75 2,102,881.25
10/12/16 06/11/21 FA FHLB 1,500,000.00 1,559,427.00 1.370%97,979.25 1,657,406.25
06/15/17 06/15/21 FA FHLMC 1,400,000.00 1,400,000.00 1.800%100,800.00 1,500,800.00
04/03/20 06/16/21 FA FFCB 2,000,000.00 2,004,800.00 0.300%7,227.78 2,012,027.78
10/26/16 07/14/21 FA FHLB 2,500,000.00 2,476,850.00 1.328%155,806.25 2,632,656.25
02/16/17 07/26/21 FA FHLMC 1,400,000.00 1,392,580.00 2.000%124,086.67 1,516,666.67
12/19/17 08/12/21 FA FHLMC 1,000,000.00 967,646.98 2.050%73,384.27 1,041,031.25
10/28/16 10/07/21 FA FNMA 2,500,000.00 2,491,075.00 1.450%178,794.79 2,669,869.79
11/29/16 11/29/21 FA FFCB 3,000,000.00 3,000,000.00 1.760%264,000.00 3,264,000.00
04/12/17 12/10/21 FA FHLB 2,000,000.00 2,003,620.00 1.834%171,171.67 2,174,791.67
09/10/19 12/13/21 FA FFCB 2,000,000.00 2,017,240.00 1.490%67,673.33 2,084,913.33
11/04/19 01/03/22 FA FAMCA 2,000,000.00 1,998,180.00 2.169%95,553.01 2,093,733.01
11/12/19 01/13/22 FA FHLMC 1,000,000.00 1,015,200.00 1.658%36,324.31 1,051,524.31
03/25/19 02/03/22 FA FFCB 2,500,000.00 2,483,900.00 2.264%161,019.44 2,644,919.44
02/23/17 02/23/22 FA FAMCA 2,600,000.00 2,609,204.00 2.025%263,796.00 2,873,000.00
03/01/19 03/01/22 FA FFCB 2,000,000.00 2,000,000.00 2.550%153,000.00 2,153,000.00
03/29/17 03/29/22 FA FHLMC 1,500,000.00 1,500,000.00 2.265%170,625.00 1,670,625.00
05/25/17 04/05/22 FA FNMA 1,600,000.00 1,600,581.01 1.867%145,252.32 1,745,833.33
01/09/20 04/05/22 FA FNMA 2,500,000.00 2,517,775.00 1.550%87,172.92 2,604,947.92
04/27/17 04/27/22 FA FHLMC 3,500,000.00 3,545,920.00 2.345%413,455.00 3,959,375.00
05/19/20 04/27/22 FA FFCB 2,000,000.00 2,003,480.00 0.210%8,136.67 2,011,616.67
01/09/20 06/10/22 FA FHLB 3,000,000.00 3,297,270.00 1.560%120,084.17 3,417,354.17
06/30/20 06/30/22 FA FHLMC 3,000,000.00 3,000,000.00 0.300%18,000.00 3,018,000.00
01/15/20 07/15/22 FA FHLMC 1,500,000.00 1,500,510.00 1.586%59,490.00 1,560,000.00
12/01/17 09/09/22 FA FHLB 1,750,000.00 1,739,692.50 2.130%177,335.28 1,917,027.78
07/05/19 09/09/22 FA FHLB 1,800,000.00 1,874,106.00 1.786%104,644.00 1,978,750.00
01/15/20 09/09/22 FA FHLB 2,000,000.00 2,021,180.00 1.590%84,820.00 2,106,000.00
09/28/17 09/28/22 FA FNMA 2,500,000.00 2,500,000.00 2.000%249,861.11 2,749,861.11
10/22/20 09/30/22 FA FHLMC 3,000,000.00 3,000,000.00 0.350%41,358.33 3,041,358.33
03/09/18 10/05/22 FA FNMA 1,000,000.00 971,120.00 2.000%120,324.44 1,091,444.44
10/05/18 10/05/22 FA FNMA 1,000,000.00 962,570.00 3.000%117,430.00 1,080,000.00
05/20/20 10/05/22 FA FNMA 1,923,000.00 2,005,439.01 0.190%8,903.49 2,014,342.50
04/24/18 12/09/22 FA FHLB 2,250,000.00 2,215,102.50 2.500%295,053.75 2,510,156.25
09/10/19 12/09/22 FA FHLB 1,500,000.00 1,670,736.00 1.630%84,545.25 1,755,281.25
03/22/19 03/10/23 FA FHLB 2,000,000.00 2,028,220.00 2.375%189,946.67 2,218,166.67
04/27/20 04/27/23 FA FNMA 2,000,000.00 2,000,000.00 0.550%33,000.00 2,033,000.00
09/09/20 06/09/23 FA FHLMC 3,500,000.00 3,500,000.00 0.270%25,987.50 3,525,987.50
10/07/20 07/07/23 FA FHLMC 2,000,000.00 2,000,000.00 0.250%13,750.00 2,013,750.00
10/07/20 07/07/23 FA FHLMC 1,750,000.00 1,750,000.00 0.250%12,031.25 1,762,031.25
08/13/20 08/10/23 FA FNMA 2,000,000.00 1,997,600.00 0.300%20,350.00 2,017,950.00
09/13/19 08/14/23 FA FFCB 1,800,000.00 1,796,580.00 1.650%116,300.00 1,912,880.00
09/18/18 09/05/23 FA FFCB 1,000,000.00 991,290.00 2.990%147,698.89 1,138,988.89
10/10/18 09/05/23 FA FFCB 2,300,000.00 2,266,190.00 3.125%349,548.89 2,615,738.89
09/03/19 09/08/23 FA FHLB 2,000,000.00 2,069,108.00 1.485%121,551.72 2,190,659.72
02/27/19 09/12/23 FA FNMA 1,000,000.00 1,016,210.00 2.495%114,362.92 1,130,572.92
04/16/19 09/12/23 FA FNMA 1,750,000.00 1,783,757.50 2.410%187,617.50 1,971,375.00
10/17/18 10/02/23 FA FFCB 2,500,000.00 2,493,150.00 3.050%384,922.92 2,878,072.92
02/07/19 10/23/23 FA FFCB 1,000,000.00 1,017,530.00 2.602%123,803.33 1,141,333.33
05/09/19 11/08/23 FA FFCB 2,000,000.00 2,001,700.00 2.280%205,172.22 2,206,872.22
11/24/20 11/24/23 FA FHLMC 2,500,000.00 2,500,000.00 0.320%24,000.00 2,524,000.00
11/30/20 11/30/23 FA FFCB 3,000,000.00 3,000,000.00 0.310%27,900.00 3,027,900.00
06/28/19 12/05/23 FA FFCB 1,500,000.00 1,569,280.50 1.870%127,682.83 1,696,963.33
12/09/20 12/08/23 FA FFCB 2,500,000.00 2,500,000.00 0.280%20,980.56 2,520,980.56
05/13/20 12/08/23 FA FHLB 1,000,000.00 1,107,630.00 0.339%12,838.75 1,120,468.75
05/09/19 12/20/23 FA FFCB 1,000,000.00 1,052,900.00 3.500%108,586.11 1,161,486.11
05/13/20 01/30/24 FA FHLMC 2,000,000.00 2,000,000.00 0.550%40,852.78 2,040,852.78
02/26/19 02/26/24 FA FHLB 2,500,000.00 2,500,000.00 2.800%350,000.00 2,850,000.00
03/06/19 02/27/24 FA FFCB 1,500,000.00 1,498,950.00 2.610%195,821.25 1,694,771.25
02/28/20 02/28/24 FA FFCB 2,500,000.00 2,500,000.00 1.550%155,000.00 2,655,000.00
03/08/19 03/08/24 FA FHLB 3,000,000.00 3,100,851.00 2.530%386,649.00 3,487,500.00
03/12/20 03/12/24 FA FFCB 3,000,000.00 3,000,000.00 1.050%126,000.00 3,126,000.00
Mar. 9, 2021 Item #1 Page 9 of 17
Settlement Maturity Type Issuer Par Invested Yield Interest expected Return
04/09/19 04/05/24 FA FFCB 2,000,000.00 1,994,380.00 2.360%234,725.56 2,229,105.56
04/22/20 04/22/24 FA FFCB 3,000,000.00 3,000,000.00 0.800%96,000.00 3,096,000.00
05/09/19 05/07/24 FA FHLB 1,000,000.00 1,005,320.00 2.287%114,546.67 1,119,866.67
06/03/20 06/03/24 FA FFCB 2,000,000.00 2,000,000.00 0.580%46,400.00 2,046,400.00
08/28/19 06/25/24 FA FFCB 1,183,000.00 1,237,524.47 1.457%85,320.92 1,322,845.39
08/28/19 06/30/24 FA FFCB 1,470,000.00 1,517,378.10 1.457%103,884.90 1,621,263.00
07/02/19 07/02/24 FA FHLMC 2,500,000.00 2,500,000.00 2.000%250,000.00 2,750,000.00
06/27/19 07/15/24 FA PEFCO 2,500,000.00 2,565,850.00 1.900%243,292.36 2,809,142.36
07/24/20 07/22/24 FA FFCB 2,000,000.00 2,000,000.00 0.440%35,151.11 2,035,151.11
08/08/19 07/26/24 FA FFCB 2,500,000.00 2,532,125.00 1.582%197,583.33 2,729,708.33
10/29/20 07/29/24 FA FHLMC 3,000,000.00 3,000,000.00 0.375%42,187.50 3,042,187.50
11/10/20 08/15/24 FA FHLB 4,000,000.00 4,191,800.00 1.500%64,033.33 4,255,833.33
08/30/19 09/10/24 FA FFCB 2,500,000.00 2,572,420.00 1.480%189,024.44 2,761,444.44
11/06/20 09/30/24 FA FHLMC 1,170,000.00 1,170,000.00 0.350%15,970.50 1,185,970.50
07/15/20 10/15/24 FA FFCB 4,000,000.00 4,000,000.00 0.610%103,700.00 4,103,700.00
11/25/20 10/16/24 FA FFCB 1,400,000.00 1,466,052.00 0.280%15,673.00 1,481,725.00
11/15/19 11/01/24 FA FAMCA 2,000,000.00 1,999,720.00 1.793%177,887.78 2,177,607.78
07/10/20 11/13/24 FA FFCB 1,621,000.00 1,751,360.82 0.390%28,694.40 1,780,055.22
11/18/20 11/18/24 FA FNMA 2,000,000.00 2,000,000.00 0.420%33,600.00 2,033,600.00
09/11/20 12/03/24 FA FHLMC 1,250,000.00 1,250,000.00 0.450%23,781.25 1,273,781.25
12/30/20 12/30/24 FA FHLB 4,000,000.00 4,000,000.00 0.310%49,600.00 4,049,600.00
01/10/20 01/10/25 FA FHLMC 2,000,000.00 2,000,000.00 1.800%180,000.00 2,180,000.00
02/12/20 02/12/25 FA FHLMC 1,500,000.00 1,500,000.00 1.800%680,000.00 2,180,000.00
04/09/20 03/14/25 FA FHLB 3,000,000.00 3,231,300.00 0.778%120,002.08 3,351,302.08
12/23/20 04/23/25 FA FNMA 3,000,000.00 3,000,000.00 0.500%65,000.00 3,065,000.00
10/30/20 04/30/25 FA FHLMC 2,000,000.00 2,000,000.00 0.500%45,111.12 2,045,111.12
06/03/20 05/27/25 FA FFCB 3,500,000.00 3,499,300.00 0.734%128,024.17 3,627,324.17
06/03/20 05/28/25 FA FHLMC 2,000,000.00 2,000,000.00 0.750%74,791.66 2,074,791.66
06/11/20 06/11/25 FA FHLMC 2,000,000.00 2,000,000.00 0.750%75,000.00 2,075,000.00
12/16/20 06/16/25 FA FNMA 2,000,000.00 2,000,000.00 0.450%40,500.00 2,040,500.00
01/11/21 06/17/25 FA FNMA 3,000,000.00 3,014,640.00 0.389%51,860.00 3,066,500.00
07/01/20 06/30/25 FA FNMA 2,500,000.00 2,500,000.00 0.740%92,448.61 2,592,448.61
01/15/21 07/14/25 FA FFCB 2,225,000.00 2,218,325.00 0.457%45,699.65 2,264,024.65
09/14/20 07/21/25 FA FHLMC 1,500,000.00 1,499,625.00 0.380%27,671.87 1,527,296.87
07/29/20 07/29/25 FA FFCB 3,000,000.00 3,000,000.00 0.580%87,000.00 3,087,000.00
10/29/20 07/29/25 FA FFCB 3,000,000.00 3,000,000.00 0.530%75,525.00 3,075,525.00
10/01/20 07/30/25 FA FHLMC 2,000,000.00 2,000,000.00 0.510%49,271.67 2,049,271.67
08/12/20 08/12/25 FA FFCB 3,500,000.00 3,500,000.00 0.530%92,750.00 3,592,750.00
08/14/20 08/14/25 FA FNMA 2,000,000.00 2,000,000.00 0.650%65,000.00 2,065,000.00
11/06/20 08/18/25 FA FNMA 2,000,000.00 1,999,000.00 0.500%48,833.33 2,047,833.33
08/21/20 08/21/25 FA FNMA 2,000,000.00 2,000,000.00 0.450%45,000.00 2,045,000.00
08/27/20 08/27/25 FA FHLMC 2,500,000.00 2,500,000.00 0.520%58,500.00 2,558,500.00
08/31/20 08/29/25 FA FNMA 3,000,000.00 3,000,000.00 0.600%89,900.00 3,089,900.00
12/28/20 09/23/25 FA FHLMC 3,000,000.00 2,996,460.00 0.400%56,821.25 3,053,281.25
10/22/20 09/23/25 FA FHLMC 4,000,000.00 3,989,280.00 0.430%84,511.67 4,073,791.67
10/14/20 10/14/25 FA FFCB 1,500,000.00 1,500,000.00 0.520%39,000.00 1,539,000.00
10/15/20 10/15/25 FA FHLMC 3,000,000.00 3,000,000.00 0.550%82,500.00 3,082,500.00
12/11/20 10/20/25 FA FNMA 2,410,000.00 2,408,795.00 0.590%69,114.78 2,477,909.78
12/09/20 10/21/25 FA FFCB 3,000,000.00 2,994,300.00 0.560%81,620.00 3,075,920.00
11/03/20 11/03/25 FA FFCB 4,500,000.00 4,500,000.00 0.540%121,500.00 4,621,500.00
12/29/20 11/07/25 FA FNMA 3,000,000.00 3,012,960.00 0.410%59,873.34 3,072,833.34
12/17/20 12/17/25 FA FHLMC 5,000,000.00 5,000,000.00 0.625%156,250.00 5,156,250.00
12/30/20 12/30/25 FA FNMA 2,500,000.00 2,504,125.00 0.474%75,875.00 2,580,000.00
01/14/21 01/14/26 FA FHLB 4,000,000.00 4,000,000.00 0.510%102,000.00 4,102,000.00
01/14/21 01/14/26 FA FHLB 1,750,000.00 1,747,375.00 0.540%47,250.00 1,794,625.00
01/25/21 01/15/26 FA FAMCA 1,500,000.00 1,500,000.00 0.480%35,800.00 1,535,800.00
01/28/21 01/28/26 FA FHLB 3,000,000.00 3,000,000.00 0.500%75,000.00 3,075,000.00
Federal investments 279,812,000.00 282,039,660.39 1.173%14,364,678.77 296,404,339.16
Supranationals
01/08/18 01/18/22 SN IADB 2,000,000.00 1,988,880.00 2.270%182,300.56 2,171,180.56
12/18/17 01/26/22 SN IBRD 2,500,000.00 2,485,325.00 2.150%219,952.78 2,705,277.78
10/10/17 10/07/22 SN IBRD 1,300,000.00 1,290,907.89 2.024%130,763.88 1,421,671.77
02/08/19 10/24/22 SN IFC 1,500,000.00 1,470,780.00 2.553%140,553.33 1,611,333.33
01/18/18 01/18/23 SN IADB 1,700,000.00 1,702,652.00 2.467%209,848.00 1,912,500.00
01/24/18 01/18/23 SN IADB 1,000,000.00 997,670.00 2.550%126,913.33 1,124,583.33
11/10/20 06/19/23 SN IBRD 3,000,000.00 3,129,060.00 1.875%17,658.75 3,146,718.75
11/10/20 10/04/23 SN IADB 3,000,000.00 3,240,000.00 3.000%21,000.00 3,261,000.00
05/09/19 10/24/23 SN IADB 2,000,000.00 2,058,280.00 2.300%205,886.67 2,264,166.67
02/15/19 02/15/24 SN IBRD 3,000,000.00 3,000,000.00 2.625%468,750.00 3,468,750.00
08/29/19 08/28/24 SN IBRD 2,000,000.00 2,006,920.00 1.428%142,996.67 2,149,916.67
01/27/20 01/15/25 SN IFC 1,000,000.00 1,000,000.00 1.625%80,708.33 1,080,708.33
01/14/21 11/20/25 SN IBRD 2,000,000.00 2,250,220.00 0.510%52,905.00 2,303,125.00
Mar. 9, 2021 Item #1 Page 10 of 17
Settlement Maturity Type Issuer Par Invested Yield Interest expected Return
01/25/21 01/15/26 SN IFC 2,000,000.00 2,007,840.00 0.500%49,837.78 2,057,677.78
Supranationals 28,000,000.00 28,628,534.89 2.019% 2,050,075.08 30,678,609.97
US Treasury
01/20/17 02/28/21 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR US Treasury 2.125%2,000,000.00 2,022,656.25 1.572%66,270.38 2,088,926.63
01/11/21 11/30/25 TR US Treasury 0.375%2,500,000.00 2,493,350.00 0.375%52,443.27 2,545,793.27
01/11/21 09/30/25 TR US Treasury 0.25%2,500,000.00 2,481,332.50 0.250%48,148.96 2,529,481.46
01/14/21 09/30/24 TR US Treasury 1.5%2,000,000.00 2,088,448.94 1.500%22,814.80 2,111,263.74
01/20/17 01/31/22 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR 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 TR US Treasury 2.625%3,000,000.00 3,085,572.00 1.800%275,650.83 3,361,222.83
US Treasury 70,875,000.00 70,683,230.94 1.668% 5,057,695.17 75,740,926.11
Corporate notes
04/28/16 03/01/21 CN 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 CN 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 CN Toyota 3,000,000.00 3,031,680.00 1.659%228,303.33 3,259,983.33
11/18/19 04/26/21 CN 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 CN Chevron 3,250,000.00 3,175,770.00 2.920%273,861.25 3,449,631.25
05/26/16 05/19/21 CN 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 CN 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 CN 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 CN Microsoft 6,000,000.00 5,995,740.00 1.565%460,218.33 6,455,958.33
02/07/17 08/08/21 CN Microsoft 2,000,000.00 1,947,120.00 2.170%192,466.11 2,139,586.11
02/22/18 08/08/21 CN Microsoft 1,500,000.00 1,441,912.50 2.730%138,558.33 1,580,470.83
12/19/19 10/22/21 CN 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 CN 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 CN 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 CN 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 CN Microsoft 1,250,000.00 1,254,025.00 2.316%119,808.33 1,373,833.33
11/29/19 02/09/22 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN Toyota 2,000,000.00 2,000,000.00 3.083%200,044.66 2,200,044.66
01/06/20 05/27/22 CN 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 CN 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 CN Cisco Systems Inc 500,000.00 515,230.00 1.755%22,436.67 537,666.67
02/20/20 06/20/22 CN 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 CN 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 CN Toyota 1,500,000.00 1,547,160.00 2.119%158,056.67 1,705,216.67
Mar. 9, 2021 Item #1 Page 11 of 17
Settlement Maturity Type Issuer Par Invested Yield Interest expected Return
01/16/19 07/13/22 CN Toyota 1,500,000.00 1,483,770.00 3.129%162,880.00 1,646,650.00
07/01/19 07/13/22 CN Toyota 2,500,000.00 2,551,875.00 2.090%160,458.33 2,712,333.33
11/06/17 08/11/22 CN 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 CN 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 CN 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 CN 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 CN Microsoft 2,000,000.00 2,064,180.00 1.514%98,206.11 2,162,386.11
01/04/18 11/15/22 CN 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 CN 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 CN Toyota 2,250,000.00 2,250,000.00 2.125%238,132.81 2,488,132.81
01/14/19 12/15/22 CN 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 CN 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 CN Toyota 3,000,000.00 3,000,000.00 2.750%412,500.00 3,412,500.00
08/29/19 02/01/23 CN 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 CN 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 CN 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 CN 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 CN Berkshire Hathaway 1,000,000.00 983,890.00 3.101%153,228.06 1,137,118.06
04/18/18 03/15/23 CN 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 CN 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 CN Wal-Mart 1,000,000.00 974,100.00 3.121%151,558.33 1,125,658.33
12/18/18 04/11/23 CN Wal-Mart 1,000,000.00 969,800.00 3.301%141,054.17 1,110,854.17
05/16/19 04/28/23 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN Toyota 1,000,000.00 1,017,865.00 2.950%144,144.72 1,162,009.72
01/16/20 01/15/24 CN 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 CN Citibank 1,000,000.00 1,034,870.00 2.836%136,173.06 1,171,043.06
02/13/20 01/23/24 CN Citibank 2,500,000.00 2,674,670.00 1.770%185,260.56 2,859,930.56
02/13/20 01/23/24 CN Citibank 2,000,000.00 2,142,600.00 1.733%145,344.44 2,287,944.44
02/20/20 01/23/24 CN Citibank 1,500,000.00 1,603,710.00 1.780%111,183.75 1,714,893.75
10/11/19 02/01/24 CN 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 CN Microsoft 1,500,000.00 1,581,000.00 1.604%107,379.17 1,688,379.17
08/29/19 03/18/24 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN 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 CN Flordia Power & Light 3,667,000.00 3,980,565.17 1.020%195,628.34 4,176,193.51
Corporate notes 200,806,000.00 205,909,305.29 2.016% 16,881,939.49 222,791,244.78
Certificate of deposit
05/09/18 05/10/21 CD Connectone Bank 249,000.00 249,000.00 2.850%21,309.21 270,309.21
06/10/16 06/07/21 CD Ubs Bank Usa 249,000.00 249,000.00 1.650%20,508.73 269,508.73
Mar. 9, 2021 Item #1 Page 12 of 17
Settlement Maturity Type Issuer Par Invested Yield Interest expected Return
06/21/18 06/21/21 CD Mercantil Bank 246,000.00 246,000.00 3.000%22,140.00 268,140.00
06/22/17 06/22/21 CD Lakeside Bank 249,000.00 249,000.00 1.900%18,924.00 267,924.00
06/23/16 06/23/21 CD East Boston Saving 248,000.00 248,000.00 1.500%18,600.00 266,600.00
06/24/16 06/24/21 CD First Business Bk 248,000.00 248,000.00 1.500%18,600.00 266,600.00
06/30/16 06/30/21 CD First Technology Federal 248,000.00 248,000.00 1.750%21,700.00 269,700.00
09/21/17 09/21/21 CD Pinacle Bank Tn 249,000.00 249,000.00 2.000%19,920.00 268,920.00
01/12/18 01/12/22 CD LCA Bank Corporation 246,000.00 246,000.00 2.300%22,632.00 268,632.00
01/18/17 01/18/22 CD Mb Financial Bank 249,000.00 249,000.00 2.050%25,522.50 274,522.50
01/20/17 01/20/22 CD First Natl Bank 249,000.00 249,000.00 2.050%25,522.50 274,522.50
01/24/19 01/24/22 CD Dollar Bank 246,000.00 246,000.00 2.850%21,033.00 267,033.00
02/12/20 02/14/22 CD Sallie Mae Bank 247,000.00 247,000.00 1.700%8,432.52 255,432.52
06/07/17 06/07/22 CD Mechantile Bank Of 247,000.00 247,000.00 2.100%25,935.00 272,935.00
07/31/17 07/29/22 CD KS State Bank 245,000.00 245,000.00 2.100%25,710.71 270,710.71
08/16/17 08/16/22 CD Everbank 247,000.00 247,000.00 2.200%27,170.00 274,170.00
08/30/17 08/30/22 CD Willamette Valley Bank 249,000.00 249,000.00 2.100%26,145.00 275,145.00
09/14/17 09/14/22 CD First Bank Of 247,000.00 247,000.00 2.150%26,552.50 273,552.50
09/29/17 09/29/22 CD Allegiane Bank Texs 249,000.00 249,000.00 2.150%26,767.50 275,767.50
10/23/19 10/11/22 CD Goldman Sachs Bank USA 247,000.00 247,000.00 1.900%13,898.99 260,898.99
10/18/17 10/18/22 CD Beneficial Bank 247,000.00 247,000.00 2.150%26,552.50 273,552.50
12/22/17 12/22/22 CD Industrial & Coml Bak China 249,000.00 249,000.00 2.500%31,125.00 280,125.00
01/11/19 01/11/23 CD Sterling Bank 246,000.00 246,000.00 3.100%30,504.00 276,504.00
02/07/20 02/07/23 CD BMW Bank 247,000.00 247,000.00 1.650%12,237.67 259,237.67
02/21/20 02/21/23 CD Wells Fargo Bank 249,000.00 249,000.00 1.750%13,084.44 262,084.44
04/24/18 04/24/23 CD Citibank 246,000.00 246,000.00 3.000%36,900.00 282,900.00
05/08/19 05/08/23 CD Bank3 249,000.00 249,000.00 2.336%24,900.00 273,900.00
05/16/18 05/16/23 CD Belmont Savings Bank 245,000.00 245,000.00 3.050%37,362.50 282,362.50
06/20/18 06/20/23 CD RBC Bank 249,000.00 249,000.00 3.150%39,217.50 288,217.50
07/31/18 07/31/23 CD Bank Of New England 249,000.00 249,000.00 3.250%40,462.50 289,462.50
07/31/18 07/31/23 CD Medallion Bank Utah 249,000.00 249,000.00 3.150%40,462.50 289,462.50
02/13/19 08/14/23 CD First Missouri State Bank 246,000.00 246,000.00 2.850%31,549.50 277,549.50
09/26/18 09/26/23 CD Bank Midwest 245,000.00 245,000.00 3.150%38,587.50 283,587.50
09/28/18 09/28/23 CD Bank Of Baroda 245,000.00 245,000.00 3.300%40,425.00 285,425.00
11/15/18 10/30/23 CD National Cooperative Bank 245,000.00 245,000.00 3.450%41,891.98 286,891.98
11/14/18 11/14/23 CD Bank Hapoalim Bm 245,000.00 245,000.00 3.500%42,875.00 287,875.00
11/15/18 11/15/23 CD Morgan Stanley Pvt Bank 245,000.00 245,000.00 3.550%43,487.50 288,487.50
11/19/18 11/29/23 CD State Bank Of India 245,000.00 245,000.00 3.600%44,100.00 289,100.00
05/16/19 05/16/24 CD Enterprise Bank 246,000.00 246,000.00 2.600%31,980.00 277,980.00
05/24/19 05/24/24 CD Eagle Bank 249,000.00 249,000.00 2.500%31,125.00 280,125.00
06/28/19 06/28/24 CD First State Bank Dequeen 249,000.00 249,000.00 2.300%28,635.00 277,635.00
07/31/19 07/31/24 CD Capital One 247,000.00 247,000.00 2.250%27,787.50 274,787.50
08/30/19 08/30/24 CD Washington Federal 249,000.00 249,000.00 2.000%24,900.00 273,900.00
09/13/19 09/13/24 CD Enerbank Usa 249,000.00 249,000.00 1.750%21,787.50 270,787.50
09/18/19 09/30/24 CD Celtic Bank 249,000.00 249,000.00 1.700%20,956.25 269,956.25
11/26/19 11/26/24 CD Raymond James Bank NA 247,000.00 247,000.00 1.850%22,872.54 269,872.54
01/09/20 01/09/25 CD Morgan Stanley Bank NA 247,000.00 247,000.00 1.900%23,490.72 270,490.72
02/27/20 02/27/25 CD Bell Bank Corp 249,000.00 249,000.00 1.600%19,941.88 268,941.88
03/13/20 03/13/25 CD Choice Financial Group 248,000.00 248,000.00 1.100%13,647.47 261,647.47
03/13/20 03/13/25 CD American Eagle bank 249,000.00 249,000.00 1.100%13,702.54 262,702.54
03/18/20 03/18/25 CD Poppy Bank 249,000.00 249,000.00 1.100%13,702.54 262,702.54
03/19/20 03/19/25 CD Somerset Trust 249,000.00 249,000.00 1.000%12,456.88 261,456.88
03/20/20 03/20/25 CD Iberia Bank 248,000.00 248,000.00 1.000%12,406.79 260,406.79
03/27/20 03/27/25 CD Baycoast Bank 248,000.00 248,000.00 0.950%11,786.45 259,786.45
03/27/20 03/27/25 CD American Commerce Bank 249,000.00 249,000.00 0.950%11,834.03 260,834.03
04/08/20 04/08/25 CD Capital One 248,000.00 248,000.00 1.600%19,850.88 267,850.88
05/15/20 05/15/25 CD Flagstar Bank 248,000.00 248,000.00 0.850%10,545.77 258,545.77
05/15/20 05/15/25 CD Encore Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41
05/26/20 05/27/25 CD Haddon Savings Bank 248,000.00 248,000.00 0.750%9,310.19 257,310.19
05/29/20 05/29/25 CD Home Loan Inv Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41
05/29/20 05/29/25 CD Pacific Western Bank 249,000.00 249,000.00 0.700%8,719.77 257,719.77
05/29/20 05/29/25 CD Malaga Bank 249,000.00 249,000.00 0.700%8,719.87 257,719.87
06/10/20 06/10/25 CD Stockman Bank 249,000.00 249,000.00 0.600%7,474.10 256,474.10
07/17/20 07/17/25 CD Preferred Bank 249,000.00 249,000.00 0.500%6,228.46 255,228.46
07/16/20 07/28/25 CD Toyota Financial Savings Bank 249,000.00 249,000.00 0.650%8,096.93 257,096.93
07/29/20 07/29/25 CD Continental Bank 249,000.00 249,000.00 0.500%6,228.46 255,228.46
08/14/20 08/14/25 CD Luana Savings Bank 249,000.00 249,000.00 0.450%5,605.57 254,605.57
08/19/20 08/19/25 CD 1st Financial Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
08/20/20 08/20/25 CD 1st Carolina Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
08/20/20 08/20/25 CD Northeast Community Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
09/04/20 09/04/25 CD Crown Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62
09/15/20 09/15/25 CD Merrick 249,000.00 249,000.00 0.400%4,982.62 253,982.62
10/22/20 09/25/25 CD Commonwealth Bus Bank 249,000.00 249,000.00 0.400%4,908.94 253,908.94
Mar. 9, 2021 Item #1 Page 13 of 17
Settlement Maturity Type Issuer Par Invested Yield Interest expected Return
09/29/20 09/29/25 CD Landmark Community 249,000.00 249,000.00 0.400%4,982.58 253,982.58
10/22/20 10/08/25 CD Live Oak Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42
10/15/20 10/15/25 CD Maine Comm Bank 249,000.00 249,000.00 0.350%4,359.94 253,359.94
10/16/20 10/16/25 CD First Security Bank Wash 249,000.00 249,000.00 0.350%4,359.94 253,359.94
11/06/20 10/23/25 CD Royal Savings Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42
11/18/20 11/18/25 CD First US Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62
12/18/20 12/18/25 CD 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 CD Unity Bank 249,000.00 248,377.50 0.400%5,605.22 253,982.72
01/08/21 12/23/25 CD Texas Bank Henderson 249,000.00 249,000.00 0.450%5,556.70 254,556.70
12/28/20 12/23/25 CD 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 CD Belmont Savings Bank 249,000.00 248,377.50 0.400%5,605.12 253,982.62
01/08/21 01/08/26 CD Bank of Santa Clarita 249,000.00 248,688.75 0.400%5,293.87 253,982.62
01/08/21 01/08/26 CD Grand Bank Tulsa 249,000.00 248,688.75 0.400%5,293.87 253,982.62
01/26/21 01/26/26 CD Commercial Bank 249,000.00 248,751.00 0.471%5,854.82 254,605.82
01/27/21 01/27/26 CD Central Bank Storm Lake 249,000.00 248,751.00 0.471%5,854.82 254,605.82
Certificate of deposit 21,830,000.00 21,827,323.25 1.582% 1,616,688.93 23,444,012.18
Mortgage backed securities (agency)
12/26/19 12/01/22 NM FNMA AM1721 1,876,406.96 1,889,307.25 2.001%92,546.36 1,981,853.61
08/27/20 06/15/25 NM FHLMC FHR 3544 BC 905,618.64 1,011,605.23 0.532%240,895.51 1,252,500.74
04/15/20 11/25/24 NM 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 NM FRESB MFM 996,643.82 1,001,518.40 0.830%17,899.68 1,019,418.08
Mortgage backed securities (agency)6,778,669.42 7,118,055.88 1.175%352,846.83 7,470,902.71
Municpal Bonds
01/28/21 07/01/25 SC University of California UNVHGR 1,805,000.00 1,995,210.90 0.509%54,434.78 2,049,645.68
Municpal Bonds 1,805,000.00 1,995,210.90 0.509%54,434.78 2,049,645.68
Cash
Cash Wells Fargo Bank - General 4,783,318.48 4,783,318.48 0.010%39.31 4,783,357.79
Cash Wells Fargo Sweep account - - 0.010%- -
Cash Wells Fargo Bank - Custody 6,387,602.75 6,387,602.75 0.010%53.23 6,387,655.98
Cash CAMP 1,006,010.37 1,006,010.37 0.120%99.22 1,006,109.59
Cash LAIF City 71,731,059.77 71,731,059.77 0.420%25,105.87 71,756,165.64
Cash LAIF CMWD 71,599,927.29 71,599,927.29 0.420%25,059.97 71,624,987.26
Cash LAIF CPFA 31,720,222.26 31,720,222.26 0.420%11,102.08 31,731,324.34
Cash 187,228,140.92 187,228,140.92 0.394%61,459.69 187,289,600.61
GRAND TOTAL 797,134,810.34 805,429,462.46 1.290% 40,439,818.74 845,869,281.20
Mar. 9, 2021 Item #1 Page 14 of 17
EXHIBIT 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of Jan. 31, 2021
Cash balance by fund:
General 127,853,023
Special revenue 34,191,783
Capital projects:
General capital construction 45,981,599
Traffic impact fees 25,486,874
Public facilities fees 30,389,642
Park development 13,634,975
TransNet taxes 8,039,509
Drainage fees 5,284,082
Special districts 112,658,321
Infrastructure replacement 119,944,934
Gas tax 16,964,919
Capital project subtotal 378,384,855
Enterprise:
Carlsbad Municipal Water District 135,180,155
Sewer fund 45,980,439
Solid waste 5,723,625
Storm water 8,091,250
Golf course 699,671
Enterprise subtotal 195,675,140
Internal service 49,658,538
Trust and agency 16,950,320
Total general ledger balance **802,713,659
Reconciling adjustments (1)819,687
Total treasurer's investment portfolio at amortized cost $803,533,346
**Figures based on best estimate at the time report run on 02/10/2021.
(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.
Mar. 9, 2021 Item #1 Page 15 of 17
EXHIBIT 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of Jan. 31, 2021
Corporate notes Moody's S&P Fitch Outlook
3M Company A1 A+Negative/negative
Alphabet Inc.Aa2 AA+Stable/stable
Amazon.com Inc.A2 AA-A+Positive/stable/positive
Apple Inc.Aa1 AA+Stable/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
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.
Mortgage backed securities Moody's S&P Fitch Outlook
FHLMC Aaa AAA Stable
FNMA Aaa AAA Stable
Ratings of mortgage backed securities must be AA or better by one of the three: Moody's, S&P, or Fitch.
Municipal Bonds Moody's S&P Fitch Outlook
University of California Aa2 AA AA Stable
Ratings of municipal bonds must be AA or better by one and A or better another 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 5,347,253$
Citibank A3 BBB+A 01/23/24 02/20/20 7,340,356$
Toyota A1 A+A+01/08/24 07/01/19 16,794,192$
* All investments were in compliance with the city's investment policy when initially purchased.
The city's Investment Policy allows the city treasurer to determine the course of action that would correct exceptions
to the policy. All current exceptions are paying interest at the required times. The principal of all investments are
considered secure. It is the intent of the city treasurer to hold these assets in the portfolio until maturity unless events
indicate they should be sold.
Mar. 9, 2021 Item #1 Page 16 of 17
EXHIBIT 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of Jan. 31, 2021
Corporate notes Amortized cost Portfolio allocation*
3M Company 5,347,253$ 0.67%
Alphabet Inc.5,025,594 0.63%
Amazon.com Inc.4,639,223 0.58%
Apple Inc.12,804,497 1.59%
Bank of New York Mellon 10,524,711 1.31%
Berkshire Hathaway 9,604,856 1.20%
Blackrock Inc.8,458,609 1.05%
Chevron 3,242,598 0.40%
Cisco Systems Inc.508,323 0.06%
Citibank 7,340,356 0.91%
CME Group 3,012,285 0.37%
Colgate-Palmolive 9,538,390 1.19%
Exxon Mobil 5,002,097 0.62%
Florida Power & Light 3,934,547 0.49%
Johnson & Johnson 10,926,670 1.36%
JP Morgan Chase Bank 13,725,306 1.71%
Microsoft 12,772,493 1.59%
Nike Inc.3,086,342 0.38%
Novartis Capital Corp 4,864,377 0.61%
Procter & Gamble 7,660,397 0.95%
Public Service Electric 2,657,148 0.33%
State Street Corporation 2,093,542 0.26%
Toyota 16,794,192 2.09%
US Bank NA 12,620,831 1.57%
Wal-Mart 17,858,375 2.22%
Wells Fargo Bank NA 10,593,290 1.32%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FHLMC 4,164,544 0.52%
FNMA 2,890,825 0.36%
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.8,100,966 1.01%
Federal Farm Credit Bank 91,870,552 11.43%
Federal Home Loan Bank 53,931,780 6.71%
Federal Home Loan Mortgage Corp.70,478,345 8.77%
Federal National Mortgage Assoc.51,279,668 6.38%
Private Export Funding Corp.2,545,083 0.32%
Tennessee Valley Authority 3,002,827 0.37%
Municipal Bonds Amortized cost Portfolio allocation*
University of California 1,994,853 0.25%
Other Amortized cost Portfolio allocation
Supranational 28,612,509 3.56%
US Treasury 70,969,584 8.83%
Certificate of deposits 21,827,368 2.72%
Cash 187,228,141 23.30%
Total portfolio amortized cost 803,533,346$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
Mar. 9, 2021 Item #1 Page 17 of 17