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HomeMy WebLinkAbout2021-04-06; City Council; ; Report on City Investments as of Feb. 28, 2021Meeting Date: April 6, 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 Feb. 28, 2021 District: All Recommended Action Accept and file Report on City Investments as of Feb. 28, 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 Feb. 28, 2021 is summarized below. Pooled investment portfolio (cash and securities) Current month Prior month Par value1 $791,777,110 $797,134,810 Investment cost $800,102,384 $805,429,462 Amortized cost2 $798,321,294 $803,533,346 Market value3 $806,547,052 $814,628,451 (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). April 6, 2021 Item #1 Page 1 of 18 Pooled investment interest income Year to date Current month Prior month Cash income $9,779,252 $866,430 $1,236,243 The cash income received is adjusted for any accrued interest purchased. Pooled investment performance Average life (years) Yield to maturity Modified duration Dec. 2020 1.89 1.30% 1.83 Jan. 2021 1.92 1.29% 1.87 Feb. 2021 1.98 1.24% 1.90 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. The city’s Investment Policy allows the city treasurer to determine the course of action that would correct exceptions to the policy. These investments are paying interest at the required times and their principal is considered secure. It is the intent of the city treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. Capital projects $378 Enterprise $194 General$128 Internal service $50 Special revenue $34 Agency/trust $17 Fund equity in pooled investments Feb. 28, 2021 ($ in millions) April 6, 2021 Item #1 Page 2 of 18 Next Steps The report on city investments will continue to be produced monthly by the city treasurer. Environmental Evaluation Pursuant to California Public Resources Code Section 21065, this action does not constitute a “project” within the meaning of the California Environmental Quality Act in that it has no potential to cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment. Therefore, it does not require environmental review. Public Notification and Outreach Public notice of this item was posted in keeping with the state's Ralph M. Brown Act and it was available for public viewing and review at least 72 hours before 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 April 6, 2021 Item #1 Page 3 of 18 City of Carlsbad investment portfolio As of Feb. 28, 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 $279,004,829 282,039,660$ 280,377,669$ 284,628,122$ 2,901,182$ 1.11%1.17% SN 27,708,335 28,628,535 28,026,848 29,124,142 567,124 1.82 2.02 TR 74,668,431 70,683,231 75,680,244 71,896,669 787,381 1.60 1.67 CN 202,909,305 205,909,305 206,439,779 210,193,840 3,878,201 2.02 2.02 CD 22,325,323 21,827,323 22,681,673 22,497,205 229,686 1.56 1.58 MBS (agency)8,576,724 7,118,056 8,489,508 7,067,577 183,827 1.06 1.17 MBS (non-agency)- - - - - 0.00 0.00 Muni 7,040,671 1,995,211 6,982,565 1,992,756 - 0.45 0.51 Bank account 12,920,527 4,783,318 12,920,527 4,783,318 - 0.01 0.01 Sweep - - - - 745 0.01 0.01 IRT 10,890,917 6,387,603 10,890,917 6,387,603 244 0.01 0.01 CAMP 1,006,112 1,006,010 1,006,112 1,006,010 1,698 0.09 0.12 LAIF 153,051,209 175,051,209 153,051,209 175,051,209 1,229,165 0.37 0.42 Total $800,102,384 $805,429,462 $806,547,052 $814,628,451 $9,779,252 1.24%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 1April 6, 2021 Item #1 Page 4 of 18 City of Carlsbad investment portfolio As of Feb. 28, 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 $16,364,635 $17,830,952 $246,182,083 $280,377,669 34.76% SN - 4,575,085 23,451,763 28,026,848 3.47 TR 19,329,304 24,481,059 31,869,882 75,680,244 9.38 CN 24,851,725 12,465,525 169,122,529 206,439,779 25.60 (2) CD 1,746,932 1,261,745 19,672,997 22,681,673 2.81 MBS (agency)118,800 118,800 8,251,908 8,489,508 1.05 (3) MBS (non-agency)- - - - 0.00 (4) Muni - - 6,982,565 6,982,565 0.87 (5) Bank account 12,920,527 - - 12,920,527 1.60 Sweep - - - - 0.00 IRT 10,890,917 - - 10,890,917 1.35 CAMP 1,006,112 - - 1,006,112 0.12 LAIF 153,051,209 - - 153,051,209 18.98 Totals $240,280,161 $60,733,165 $505,533,726 $806,547,052 100.0% % Totals 29.8%7.5%62.7%100.0% Total within One Year $301,013,326 (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. (5) Policy states that not more than 15% of portfolio is to be invested in municipal bonds at time of purchase.EXHIBIT 2April 6, 2021 Item #1 Page 5 of 18 EXHIBIT 3 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 2.60 2.80 2013 JanAprJulyOct2014 JanAprJulyOct2015 JanAprJulyOct2016 JanAprJulyOct2017 JanAprJulyOct2018 JanAprJulyOct2019 JanAprJulyOct2020 JanAprJulyOct2021 JanYield (%)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 2/28/2021 0.04 0.14 0.75 1.44Market rate (%)City of Carlsbad investment portfolio Market yield curve Fiscal year end compared to current April 6, 2021 Item #1 Page 6 of 18 EXHIBIT 4 $1.00 $1.58 $1.79 $1.16 $1.10 $1.67 $1.20 $1.28 $1.33 $1.22 $0.97 $1.24 $0.87 $11.40 $17.03 $9.78 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Feb Mar Apr May June Jul Aug Sept Oct Nov Dec Jan FebInterest income ($ 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 April 6, 2021 Item #1 Page 7 of 18 EXHIBIT 5 City of Carlsbad investment portfolio Maturities, calls, and purchases this quarter As of Feb. 28, 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 880591EL2 TVA 10/12/2016 02/15/2021 3,000,000 3,000,000 58,125 3,058,125 3136G4NR0 FNMA 08/16/2017 02/16/2021 2,000,000 2,000,000 17,500 2,017,500 3133EJXV6 FFCB 01/10/2019 02/23/2021 1,500,000 1,500,000 20,250 1,520,250 3130ABYY6 FHLB 12/12/2018 02/24/2021 1,000,000 1,000,000 8,750 1,008,750 31398E6W9 FHLMC 08/27/2020 02/15/2021 42,345 44,370 3,019 47,389 3138L14F3 FNMA AM0982 02/04/2020 02/25/2021 3,427 3,451 3,652 7,102 30315EAA4 FRESB 07/24/2020 02/25/2021 553 555 689 1,245 15,430,377$ 15,471,459$ 219,240$ 15,690,699$ 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 3133ELU77 FFCB 07/15/2020 10/15/2024 02/11/2021 4,000,000 4,000,000 4,007,862 3134GVAT5 FHLMC 02/12/2020 02/12/2025 02/12/2021 1,500,000 1,500,000 1,513,500 45905U6M1 IBRD 02/15/2019 02/15/2024 02/16/2021 3,000,000 3,000,000 3,000,000 46632FRF4 JP Morgan Chase Bk 02/20/2020 06/20/2022 02/22/2021 3,000,000 3,000,000 3,000,296 3130AFUM7 FHLB 02/26/2019 02/26/2024 02/26/2021 2,500,000 2,500,000 2,500,000 25,920,000$ 25,921,041$ 26,027,458$ April 6, 2021 Item #1 Page 8 of 18 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 625506QN3 County of Multnomah OR 02/02/2021 06/15/2025 12/15/2021 0.43%2,000,000 100.302 2,006,040 3133EMPV8 FFCB 02/03/2021 02/03/2025 08/03/2021 0.32%2,000,000 100.000 2,000,000 45950KCR9 IFC 02/04/2021 10/16/2024 04/16/2021 0.29%2,000,000 103.990 2,079,800 3130AKRF5 FHLB 02/09/2021 02/09/2026 08/09/2021 0.35%2,050,000 100.000 2,050,000 3130AKVR4 FHLB 02/12/2021 02/12/2026 08/12/2021 0.55%2,000,000 100.000 2,000,000 43786UAJ2 Hometown Bk of Alabama 02/18/2021 01/29/2026 02/28/2021 0.40%249,000 100.000 249,000 3130AKVV5 FHLB 02/18/2021 02/18/2026 08/18/2021 0.50%4,000,000 100.000 4,000,000 3130A4CH3 FHLB 02/18/2021 03/14/2025 09/14/2021 0.39%1,500,000 108.016 1,620,240 880591ER9 TVA 02/19/2021 09/15/2024 03/15/2021 0.30%1,000,000 109.142 1,091,424 30318NAA1 FRESB 2021-SB83 02/19/2021 01/25/2026 03/25/2021 0.51%1,500,000 100.470 1,507,044 912828ZT0 US Treasury 0.25%02/19/2021 05/31/2025 05/31/2021 0.40%2,000,000 99.364 1,987,280 912828ZL7 US Treasury 0.375%02/19/2021 04/30/2025 04/30/2021 0.40%2,000,000 99.896 1,997,920 909242AN9 United Rep Bk Omaha 02/26/2021 02/26/2026 03/26/2021 0.40%249,000 100.000 249,000 419792ZK5 State of Hawaii 02/26/2021 10/01/2024 10/01/2021 0.43%3,000,000 101.314 3,039,420 55,073,000$ 101.6$ 55,917,790$ April 6, 2021 Item #1 Page 9 of 18 EXHIBIT 6 City of Carlsbad Investment summary As of Feb. 28, 2021 Settlement Maturity Issuer Par Invested Yield Interest expected Return Federal investments 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 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 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 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 05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.500%108,586.11 1,161,486.11 05/13/20 01/30/24 FHLMC 2,000,000.00 2,000,000.00 0.550%40,852.78 2,040,852.78 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 April 6, 2021 Item #1 Page 10 of 18 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 02/19/21 09/15/24 TVA 1,000,000.00 1,091,424.00 0.300%11,277.39 1,102,701.39 11/06/20 09/30/24 FHLMC 1,170,000.00 1,170,000.00 0.350%15,970.50 1,185,970.50 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 12/30/20 12/30/24 FHLB 4,000,000.00 4,000,000.00 0.310%49,600.00 4,049,600.00 01/10/20 01/10/25 FHLMC 2,000,000.00 2,000,000.00 1.800%180,000.00 2,180,000.00 02/03/21 02/03/25 FFCB 2,000,000.00 2,000,000.00 0.320%25,600.00 2,025,600.00 02/18/21 03/14/25 FHLB 1,500,000.00 1,620,240.00 0.389%24,832.92 1,645,072.92 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 01/11/21 06/17/25 FNMA 3,000,000.00 3,014,640.00 0.389%51,860.00 3,066,500.00 07/01/20 06/30/25 FNMA 2,500,000.00 2,500,000.00 0.740%92,448.61 2,592,448.61 01/15/21 07/14/25 FFCB 2,225,000.00 2,218,325.00 0.457%45,699.65 2,264,024.65 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 01/14/21 01/14/26 FHLB 4,000,000.00 4,000,000.00 0.510%102,000.00 4,102,000.00 01/14/21 01/14/26 FHLB 1,750,000.00 1,747,375.00 0.540%47,250.00 1,794,625.00 01/25/21 01/15/26 FAMCA 1,500,000.00 1,500,000.00 0.480%35,800.00 1,535,800.00 01/28/21 01/28/26 FHLB 3,000,000.00 3,000,000.00 0.500%75,000.00 3,075,000.00 02/09/21 02/09/26 FHLB 2,050,000.00 2,050,000.00 0.350% 1,044,500.00 3,094,500.00 02/12/21 02/12/26 FHLB 2,000,000.00 2,000,000.00 0.550%55,000.00 2,055,000.00 02/18/21 02/18/26 FHLB 4,000,000.00 4,000,000.00 0.500%100,000.00 4,100,000.00 Federal investments 276,862,000.00 279,004,829.39 1.109%14,037,127.83 293,041,957.22 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 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 05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300%205,886.67 2,264,166.67 08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428%142,996.67 2,149,916.67 April 6, 2021 Item #1 Page 11 of 18 Settlement Maturity Issuer Par Invested Yield Interest expected Return 02/04/21 10/16/24 IFC 2,000,000.00 2,079,800.00 0.290%21,950.00 2,101,750.00 01/27/20 01/15/25 IFC 1,000,000.00 1,000,000.00 1.625%80,708.33 1,080,708.33 01/14/21 11/20/25 IBRD 2,000,000.00 2,250,220.00 0.510%52,905.00 2,303,125.00 01/25/21 01/15/26 IFC 2,000,000.00 2,007,840.00 0.500%49,837.78 2,057,677.78 Supranationals 27,000,000.00 27,708,334.89 1.824% 1,603,275.08 29,311,609.97 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 01/14/21 09/30/24 US Treasury 1.5%2,000,000.00 2,088,448.94 1.500%22,814.80 2,111,263.74 02/19/21 04/30/25 US Treasury 0.375%2,000,000.00 1,997,920.00 0.400%33,530.28 2,031,450.28 02/19/21 05/31/25 US Treasury 0.25%2,000,000.00 1,987,280.00 0.400%34,107.36 2,021,387.36 01/11/21 09/30/25 US Treasury 0.25%2,500,000.00 2,481,332.50 0.250%48,148.96 2,529,481.46 01/11/21 11/30/25 US Treasury 0.375%2,500,000.00 2,493,350.00 0.375%52,443.27 2,545,793.27 US Treasury 74,875,000.00 74,668,430.94 1.601% 5,125,332.81 79,793,763.75 Corporate notes 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 April 6, 2021 Item #1 Page 12 of 18 Settlement Maturity Issuer Par Invested Yield Interest expected Return 02/19/19 05/17/22 Toyota 2,000,000.00 2,000,000.00 3.083%200,044.66 2,200,044.66 01/06/20 05/27/22 Wells Fargo Bank NA 3,000,000.00 3,040,020.00 1.920%167,839.75 3,207,859.75 08/09/18 06/01/22 Blackrock Inc.1,000,000.00 1,011,600.00 3.050%117,306.25 1,128,906.25 12/11/19 06/15/22 Cisco Systems Inc 500,000.00 515,230.00 1.755%22,436.67 537,666.67 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 April 6, 2021 Item #1 Page 13 of 18 Settlement Maturity Issuer Par Invested Yield Interest expected Return 07/13/20 01/15/25 Johnson & Johnson 1,000,000.00 1,090,640.00 0.510%27,630.83 1,118,270.83 04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300%210,555.54 3,590,131.74 06/03/20 03/15/25 CME Group Inc 2,771,000.00 3,050,981.84 0.730%117,656.66 3,168,638.50 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 197,806,000.00 202,909,305.29 2.019% 16,757,689.49 219,666,994.78 Certificate of deposit 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 April 6, 2021 Item #1 Page 14 of 18 Settlement Maturity Issuer Par Invested Yield Interest expected Return 07/17/20 07/17/25 Preferred Bank 249,000.00 249,000.00 0.500%6,228.46 255,228.46 07/16/20 07/28/25 Toyota Financial Savings Bank 249,000.00 249,000.00 0.650%8,096.93 257,096.93 07/29/20 07/29/25 Continental Bank 249,000.00 249,000.00 0.500%6,228.46 255,228.46 08/14/20 08/14/25 Luana Savings Bank 249,000.00 249,000.00 0.450%5,605.57 254,605.57 08/19/20 08/19/25 1st Financial Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82 08/20/20 08/20/25 1st Carolina Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82 08/20/20 08/20/25 Northeast Community Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82 09/04/20 09/04/25 Crown Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62 09/15/20 09/15/25 Merrick 249,000.00 249,000.00 0.400%4,982.62 253,982.62 10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00 249,000.00 0.400%4,908.94 253,908.94 09/29/20 09/29/25 Landmark Community 249,000.00 249,000.00 0.400%4,982.58 253,982.58 10/22/20 10/08/25 Live Oak Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42 10/15/20 10/15/25 Maine Comm Bank 249,000.00 249,000.00 0.350%4,359.94 253,359.94 10/16/20 10/16/25 First Security Bank Wash 249,000.00 249,000.00 0.350%4,359.94 253,359.94 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 01/08/21 12/23/25 Texas Bank Henderson 249,000.00 249,000.00 0.450%5,556.70 254,556.70 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 01/08/21 01/08/26 Bank of Santa Clarita 249,000.00 248,688.75 0.400%5,293.87 253,982.62 01/08/21 01/08/26 Grand Bank Tulsa 249,000.00 248,688.75 0.400%5,293.87 253,982.62 01/26/21 01/26/26 Commercial Bank 249,000.00 248,751.00 0.471%5,854.82 254,605.82 01/27/21 01/27/26 Central Bank Storm Lake 249,000.00 248,751.00 0.471%5,854.82 254,605.82 02/18/21 01/29/26 Hometown Bk of Alabama 249,000.00 249,000.00 0.400%4,928.04 253,928.04 02/26/21 02/26/26 United Rep Bk Omaha 249,000.00 249,000.00 0.400%4,982.61 253,982.61 Certificate of deposit 22,328,000.00 22,325,323.25 1.556% 1,626,599.58 23,951,922.83 Mortgage backed securities (agency) 12/26/19 12/01/22 FNMA AM1721 1,872,979.98 1,885,856.71 2.001%95,996.90 1,981,853.61 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 996,091.27 1,000,963.15 0.830%18,454.93 1,019,418.08 08/27/20 06/15/25 FHLMC FHR 3544 BC 863,273.26 967,235.21 0.532%285,265.53 1,252,500.74 02/19/21 01/25/26 FRESB 2021-SB83 1,500,000.00 1,507,044.00 0.505%15,510.11 1,522,554.11 Mortgage backed securities (agency)8,232,344.51 8,576,724.07 1.060%416,732.75 8,993,456.82 Municpal Bonds 02/26/21 10/01/24 State of Hawaii 3,000,000.00 3,039,420.00 0.433%47,129.17 3,086,549.17 02/02/21 06/15/25 County of Multnomah OR 2,000,000.00 2,006,040.00 0.430%31,513.89 2,037,553.89 01/28/21 07/01/25 University of California UNVHGR 1,805,000.00 1,995,210.90 0.509%54,434.78 2,049,645.68 Municpal Bonds 6,805,000.00 7,040,670.90 0.454%133,077.84 7,173,748.74 Cash Wells Fargo Bank - General 12,920,527.00 12,920,527.00 0.010%106.20 12,920,633.20 Wells Fargo Sweep account - - 0.010%- - Wells Fargo Bank - Custody 10,890,916.60 10,890,916.60 0.010%90.76 10,891,007.36 CAMP 1,006,112.41 1,006,112.41 0.090%74.42 1,006,186.83 LAIF City 71,731,059.77 71,731,059.77 0.370%22,117.08 71,753,176.85 LAIF CMWD 71,599,927.29 71,599,927.29 0.370%22,076.64 71,622,003.93 LAIF CPFA 9,720,222.26 9,720,222.26 0.370%2,997.07 9,723,219.33 Cash 177,868,765.33 177,868,765.33 0.320%47,462.17 177,916,227.50 GRAND TOTAL 791,777,109.84 800,102,384.06 1.241% 39,747,297.55 839,849,681.61 April 6, 2021 Item #1 Page 15 of 18 EXHIBIT 7 City of Carlsbad investment portfolio Fund equity in pooled investments As of Feb. 28, 2021 Cash balance by fund: General 127,754,047 Special revenue 33,524,320 Capital projects: General capital construction 45,473,672 Traffic impact fees 25,491,698 Public facilities fees 30,514,998 Park development 13,753,021 TransNet taxes 8,161,879 Drainage fees 5,277,266 Special districts 112,881,638 Infrastructure replacement 119,580,401 Gas tax 17,048,635 Capital project subtotal 378,183,208 Enterprise: Carlsbad Municipal Water District 135,187,818 Sewer fund 44,318,956 Solid waste 5,629,131 Storm water 7,935,060 Golf course 636,006 Enterprise subtotal 193,706,971 Internal service 49,678,049 Trust and agency 16,807,905 Total general ledger balance **799,654,500 Reconciling adjustments (1)(1,333,206) Total treasurer's investment portfolio at amortized cost $798,321,294 **Figures based on best estimate at the time report run on 03/08/2021. (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. April 6, 2021 Item #1 Page 16 of 18 EXHIBIT 8 City of Carlsbad investment portfolio Security ratings and outlooks As of Feb. 28, 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 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-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/stable/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 County of Multnomah Aaa AAA Stable State of Hawaii As2 AA+AA Negative/stable/stable 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 5,344,487$ Citibank A3 BBB+A 01/23/24 02/20/20 7,330,831$ Toyota A1 A+A+01/08/24 07/01/19 16,791,463$ * 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. April 6, 2021 Item #1 Page 17 of 18 EXHIBIT 9 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer As of Feb. 28, 2021 Corporate notes Amortized cost Portfolio allocation* 3M Company 5,344,487$ 0.67% Alphabet Inc.5,018,484 0.63% Amazon.com Inc.4,635,962 0.58% Apple Inc.12,803,638 1.60% Bank of New York Mellon 10,510,913 1.32% Berkshire Hathaway 9,604,354 1.20% Blackrock Inc.8,446,255 1.06% Chevron 3,244,713 0.41% Cisco Systems Inc.507,817 0.06% Citibank 7,330,831 0.92% CME Group 3,007,407 0.38% Colgate-Palmolive 9,543,410 1.20% Exxon Mobil 5,000,685 0.63% Florida Power & Light 3,929,196 0.49% Johnson & Johnson 10,918,336 1.37% JP Morgan Chase Bank 10,713,396 1.34% Microsoft 12,773,116 1.60% Nike Inc.3,081,944 0.39% Novartis Capital Corp 4,863,366 0.61% Procter & Gamble 7,662,743 0.96% Public Service Electric 2,652,079 0.33% State Street Corporation 2,090,761 0.26% Toyota 16,791,463 2.10% US Bank NA 12,614,228 1.58% Wal-Mart 17,848,874 2.24% Wells Fargo Bank NA 10,585,615 1.33% Mortgage backed securities (agency)Amortized cost Portfolio allocation* FHLMC 4,120,174 0.52% FNMA 4,393,863 0.55% Federal agencies Amortized cost Portfolio allocation** Federal Agricultural Mortgage Corp.8,100,887 1.01% Federal Farm Credit Bank 88,360,851 11.07% Federal Home Loan Bank 60,070,710 7.52% Federal Home Loan Mortgage Corp.68,978,239 8.64% Federal National Mortgage Assoc.49,276,162 6.17% Private Export Funding Corp.2,543,996 0.32% Tennessee Valley Authority 1,090,571 0.14% Municipal Bonds Amortized cost Portfolio allocation* University of California 1,991,271 0.25% County of Multnomah 2,005,929 0.25% State of Hawaii 3,039,268 0.38% Other Amortized cost Portfolio allocation Supranational 27,675,353 3.47% US Treasury 74,955,771 9.39% Certificate of deposits 22,325,409 2.80% Cash 177,868,765 22.28% Total portfolio amortized cost 798,321,294$ * No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers. April 6, 2021 Item #1 Page 18 of 18