HomeMy WebLinkAbout2021-07-13; City Council; ; Report on City Investments as of May 31, 2021Meeting Date: July 13, 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 May 31, 2021
District: All
Recommended Action
Accept and file Report on City Investments as of May 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 May 31, 2021 is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $819,958,428 $801,337,128
Investment cost $829,595,745 $810,836,647
Amortized cost2 $827,574,042 $808,682,340
Market value3 $835,314,052 $815,852,944
(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).
July 13, 2021 Item #1 Page 1 of 19
Pooled investment interest income
Year to date Current month Prior month
Cash income $13,100,643 $930,287 $1,114,145
The cash income received is adjusted for any accrued interest purchased.
Pooled investment performance
Average life (years) Yield to maturity Modified duration
March 2021 2.15 1.26% 2.05
April 2021 2.16 1.23% 2.06
May 2021 2.15 1.19% 2.04
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 a 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 five investments have dropped to less than the
rating required by the Investment Policy since their initial purchase. Corporate notes and
municipal bonds 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
$379
Enterprise
$192
General
$147
Internal service$52
Special revenue
$32
Agency/trust$15
Fund equity in pooled investments
May 31, 2021
($ in millions)
July 13, 2021 Item #1 Page 2 of 19
Next Steps
The report on city investments will continue to be produced monthly by the City Treasurer.
Environmental Evaluation
In keeping with California Public Resources Code Section 21065, this action does not constitute
a “project” within the meaning of the California Environmental Quality Act in that it has no
potential to cause either a direct physical change in the environment, or a reasonably
foreseeable indirect physical change in the environment, and therefore does not require
environmental review.
Public Notification and Outreach
Public notice of this item was posted in 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 and 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
July 13, 2021 Item #1 Page 3 of 19
City of Carlsbad investment portfolio
As of May 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 $302,413,841 291,421,901$ 303,503,140$ 292,213,412$ 3,886,311$ 1.03%1.04%
SN 32,709,055 30,709,055 32,962,630 30,947,036 702,713 1.66 1.73
TR 73,942,068 73,942,068 74,651,155 74,671,159 1,135,123 1.51 1.51
CN 194,995,465 205,206,855 198,343,639 208,250,643 5,391,113 1.96 1.98
CD 22,574,323 22,823,323 23,073,188 23,293,065 318,104 1.52 1.53
MBS (agency)16,515,876 16,564,556 16,387,388 16,418,701 258,244 1.94 1.94
MBS (non-agency)- - - - -
Muni 21,425,095 16,565,873 21,372,892 16,455,913 3,928 0.63 0.65
Bank account 11,389,416 3,216,325 11,389,416 3,216,325 - 0.01 0.01
Sweep - - - - 745
IRT 1,400,122 5,156,254 1,400,122 5,156,254 339 0.01 0.01
CAMP 1,006,303 1,006,257 1,006,303 1,006,257 1,889 0.05 0.05
LAIF 151,224,179 144,224,179 151,224,179 144,224,179 1,402,135 0.30 0.33
Total $829,595,745 $810,836,647 $835,314,052 $815,852,944 $13,100,643 1.19%1.23%
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 1July 13, 2021 Item #1 Page 4 of 19
City of Carlsbad investment portfolio
As of May 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 $13,348,003 $25,540,847 $264,614,290 $303,503,140 36.33%
SN - 4,555,000 28,407,630 32,962,630 3.95
TR 22,793,716 18,790,719 33,066,720 74,651,155 8.94
CN 18,605,905 17,683,108 162,054,627 198,343,639 23.74 (2)
CD 1,740,354 1,004,461 20,328,372 23,073,188 2.76
MBS (agency)285,000 280,500 15,821,888 16,387,388 1.96 (3)
MBS (non-agency)- - - - 0.00 (4)
Muni - - 21,372,892 21,372,892 2.56 (5)
Bank account 11,389,416 - - 11,389,416 1.36
Sweep - - - - 0.00
IRT 1,400,122 - - 1,400,122 0.17
CAMP 1,006,303 - - 1,006,303 0.12
LAIF 151,224,179 - - 151,224,179 18.10
Totals $221,792,999 $67,854,635 $545,666,418 $835,314,052 100.0%
% Totals 26.6%8.1%65.3%100.0%
Total within One Year $289,647,634 (1)
34.7%
Policy
(1) Not less than $195,096,000 to mature within one year, two-thirds of FY 20-21 operating budget of $292,643,525.
(2) Policy states that not more than 30% of portfolio is to be invested in corporate notes at time of purchase.
(3) Policy states that not more than 20% of portfolio is to be invested in mortgage backed securities at time of purchase.
(4) Total non-agency mortgage backed securities shall be limited to 5% of the city's portfolio.
(5) Policy states that not more than 15% of portfolio is to be invested in municipal bonds at time of purchase.EXHIBIT 2July 13, 2021 Item #1 Page 5 of 19
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 JanAprilJulyOct2014 JanAprilJulyOct2015 JanAprilJulyOct2016 JanAprilJulyOct2017 JanAprilJulyOct2018 JanAprilJulyOct2019 JanAprilJulyOct2020 JanAprilJulyOct2021 Jan.AprilYield (%)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
5/31/2021 0.02 0.16 0.81 1.62Market rate (%)City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
July 13, 2021 Item #1 Page 6 of 19
EXHIBIT 4
$1.16 $1.10 $1.67 $1.20 $1.28 $1.33 $1.22 $0.97 $1.24 $0.87 $1.28 $1.11 $0.95
$13.12
$17.03
-
1
2 3 4
5
6 7 8
9
10 11 12
13
14 15
16
17 18
May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr MayInterest income ($ 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
July 13, 2021 Item #1 Page 7 of 19
EXHIBIT 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of May 31, 2021
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total
89236TCZ6 Toyota 09/16/2016 04/08/2021 3,000,000 3,000,000 28,500 3,028,500
3133EJUA5 FFCB 01/08/2019 04/09/2021 1,500,000 1,500,000 20,250 1,520,250
31398E6W9 FHLMC FHR 3544 BC 08/27/2020 04/15/2021 42,680 44,720 2,723 47,443
3134GBP89 FHLMC 10/26/2017 04/26/2021 1,975,000 1,975,000 18,269 1,993,269
30315EAA4 FRESB 07/24/2020 04/26/2021 939 944 689 1,632
30318NA1 FRESB 02/19/2021 04/26/2021 1,429 1,436 787 2,222
3138L14F3 FNMA AM1721 12/26/2019 04/26/2021 3,448 3,472 3,637 7,109
912828Q78 US Treasury 08/19/2016 04/30/2021 3,000,000 3,000,000 20,625 3,020,625
20786ACE3 Connectone Bank 05/09/2018 05/10/2021 249,000 249,000 603 249,603
166764BG4 Chevron 06/13/2018 05/16/2021 3,250,000 3,250,000 34,125 3,284,125
31398E6W9 FHLMC FHR 3544BC 08/27/2020 05/17/2021 40,504 42,440 2,580 45,021
02079KAA5 Alphabet 05/26/2016 05/19/2021 1,000,000 1,000,000 18,125 1,018,125
02079KAA5 Alphabet 04/17/2017 05/19/2021 2,000,000 2,000,000 36,250 2,036,250
02079KAA5 Alphabet 05/04/2017 05/19/2021 2,000,000 2,000,000 36,250 2,036,250
30315EAA4 FRESB 07/24/2020 05/25/2021 1,066 1,071 688 1,759
30318NAA1 FRESB 02/19/2021 05/25/2021 1,508 1,515 786 2,301
3138L14F3 FNMA AM1721 12/26/2019 05/25/2021 3,629 3,654 3,514 7,167
18,069,202$ 18,073,252$ 228,399$ 18,301,651$
Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total
3133ELXC3 FFCB 04/22/2020 04/22/2024 04/22/2021 3,000,000 3,000,000 3,012,000
3136G4VE0 FNMA 04/27/2020 04/27/2023 04/27/2021 2,000,000 2,000,000 2,005,500
3134GVQC5 FHLMC 05/13/2020 01/30/2024 04/30/2021 2,000,000 2,000,000 2,005,500
94988J5X1 Wells Fargo Bank 01/06/2020 05/27/2022 05/27/2021 3,000,000 3,016,733 3,043,455
10,000,000$ 10,016,733$ 10,066,455$
Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value
13063DMA3 State of California 04/01/2021 04/01/2026 10/01/2021 0.97%4,140,000 108.180 4,478,652
3134GWZT6 FHLMC 04/05/2021 04/23/2024 04/23/2021 0.40%1,000,000 99.757 997,570
58933YAY1 Merck 04/12/2021 02/24/2026 08/24/2021 0.95%1,500,000 99.050 1,485,750
31422XCX8 FAMCA 04/20/2021 04/20/2026 10/20/2021 1.00%2,000,000 100.000 2,000,000
3133EMWH1 FFCB 04/21/2021 04/21/2025 10/21/2021 0.71%1,500,000 100.000 1,500,000
3130ALVB7 FHLB 04/21/2021 04/21/2026 10/21/2021 0.92%2,000,000 99.925 1,998,500
3133EMXB3 FFCB 04/23/2021 04/22/2024 10/22/2021 0.34%2,000,000 100.000 2,000,000
478160CN2 Johnson & Johnson 04/23/2021 09/01/2025 09/01/2021 0.71%1,250,000 99.336 1,241,700
4581X0DV7 IADB 04/23/2021 04/20/2026 10/20/2021 0.87%3,000,000 100.024 3,000,720
3130AM4L3 FHLB 04/29/2021 04/29/2026 10/29/2021 0.50%4,000,000 100.000 4,000,000
31422XFP2 FAMCA 05/04/2021 05/04/2026 11/04/2021 0.95%2,500,000 100.000 2,500,000
92826CAD4 Visa Inc 05/17/2021 12/14/2025 06/14/2021 0.91%1,250,000 109.480 1,368,500
13063DMA3 State of California 05/18/2021 04/01/2026 10/01/2021 0.91%1,250,000 108.268 1,353,350
3135G04Z3 FNMA 05/20/2021 06/17/2025 06/17/2021 0.60%2,000,000 99.597 1,991,940
3130AMHN5 FHLB 05/26/2021 05/26/2026 11/26/2021 0.50%2,500,000 100.000 2,500,000
31422XGL0 FAMCA 05/27/2021 05/27/2026 11/27/2021 0.92%2,000,000 100.000 2,000,000
127145LE8 Cache County SD 05/27/2021 06/15/2024 12/15/2021 0.40%3,250,000 107.873 3,505,873
3130AJSF7 FHLB 05/27/2021 01/08/2025 07/08/2021 0.65%2,000,000 100.000 2,000,000
45950VPY6 IFC 05/28/2021 05/15/2026 11/15/2021 0.50%2,000,000 100.000 2,000,000
41,140,000$ 101.7$ 41,922,555$
July 13, 2021 Item #1 Page 8 of 19
EXHIBIT 6
City of Carlsbad
Investment summary
As of May 31, 2021
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Federal investments
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
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
03/19/21 12/04/23 FHLMC 2,000,000.00 1,998,100.00 0.250%15,441.67 2,013,541.67
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
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
04/09/19 04/05/24 FFCB 2,000,000.00 1,994,380.00 2.360%234,725.56 2,229,105.56
04/23/21 04/22/24 FFCB 2,000,000.00 2,000,000.00 0.340%20,381.11 2,020,381.11
04/05/21 04/23/24 FHLMC 1,000,000.00 997,570.00 0.400%12,190.00 1,009,760.00
05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287%114,546.67 1,119,866.67
06/03/20 06/03/24 FFCB 2,000,000.00 2,000,000.00 0.580%46,400.00 2,046,400.00
08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457%85,320.92 1,322,845.39
08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457%103,884.90 1,621,263.00
07/02/19 07/02/24 FHLMC 2,500,000.00 2,500,000.00 2.000%250,000.00 2,750,000.00
06/27/19 07/15/24 PEFCO 2,500,000.00 2,565,850.00 1.900%243,292.36 2,809,142.36
07/24/20 07/22/24 FFCB 2,000,000.00 2,000,000.00 0.440%35,151.11 2,035,151.11
July 13, 2021 Item #1 Page 9 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
03/30/21 09/30/24 FHLB 1,500,000.00 1,500,000.00 0.520%27,300.00 1,527,300.00
11/25/20 10/16/24 FFCB 1,400,000.00 1,466,052.00 0.280%15,673.00 1,481,725.00
11/15/19 11/01/24 FAMCA 2,000,000.00 1,999,720.00 1.793%177,887.78 2,177,607.78
07/10/20 11/13/24 FFCB 1,621,000.00 1,751,360.82 0.390%28,694.40 1,780,055.22
11/18/20 11/18/24 FNMA 2,000,000.00 2,000,000.00 0.420%33,600.00 2,033,600.00
09/11/20 12/03/24 FHLMC 1,250,000.00 1,250,000.00 0.450%23,781.25 1,273,781.25
12/30/20 12/30/24 FHLB 4,000,000.00 4,000,000.00 0.310%49,600.00 4,049,600.00
05/27/21 01/08/25 FHLB 2,000,000.00 2,000,000.00 0.648%46,980.56 2,046,980.56
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
04/21/21 04/21/25 FFCB 1,500,000.00 1,500,000.00 0.710%42,600.00 1,542,600.00
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
05/20/21 06/17/25 FNMA 2,000,000.00 1,991,940.00 0.600%48,810.00 2,040,750.00
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
03/10/21 12/10/25 FHLB 1,750,000.00 1,750,000.00 0.650%54,031.25 1,804,031.25
03/02/21 12/15/25 FAMCA 3,000,000.00 3,000,000.00 0.520%74,663.33 3,074,663.33
12/17/20 12/17/25 FHLMC 5,000,000.00 5,000,000.00 0.625%156,250.00 5,156,250.00
03/24/21 12/23/25 FHLMC 1,500,000.00 1,489,500.00 0.700%60,345.83 1,549,845.83
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
03/03/21 03/03/26 FFCB 674,000.00 674,000.00 0.790%26,623.00 700,623.00
03/09/21 03/09/26 FFCB 3,500,000.00 3,500,000.00 0.800%140,000.00 3,640,000.00
03/18/21 03/18/26 FHLB 3,000,000.00 2,997,000.00 0.750%115,500.00 3,112,500.00
03/30/21 03/30/26 FHLB 1,500,000.00 1,500,000.00 0.300%22,500.00 1,522,500.00
04/20/21 04/20/26 FAMCA 2,000,000.00 2,000,000.00 1.000%100,000.00 2,100,000.00
04/21/21 04/21/26 FHLB 2,000,000.00 1,998,500.00 0.915%91,500.00 2,090,000.00
04/29/21 04/29/26 FHLB 4,000,000.00 4,000,000.00 0.500%100,000.00 4,100,000.00
05/04/21 05/04/26 FAMCA 2,500,000.00 2,500,000.00 0.950%118,750.00 2,618,750.00
05/26/21 05/26/26 FHLB 2,500,000.00 2,500,000.00 0.500%112,500.00 2,612,500.00
05/27/21 05/27/26 FAMCA 2,000,000.00 2,000,000.00 0.920%92,000.00 2,092,000.00
Federal investments 300,276,000.00 302,413,841.39 1.026% 14,509,300.12 316,923,141.51
July 13, 2021 Item #1 Page 10 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
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
04/23/21 04/20/26 IADB 3,000,000.00 3,000,720.00 0.870%130,311.25 3,131,031.25
05/28/21 05/15/26 IFC 2,000,000.00 2,000,000.00 0.500%49,638.89 2,049,638.89
Supranationals 32,000,000.00 32,709,054.89 1.655% 1,783,225.22 34,492,280.11
US Treasury
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
03/01/21 06/30/24 US Treasury 1.75%2,500,000.00 2,614,215.00 0.370%31,658.62 2,645,873.62
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
03/01/21 02/28/26 US Treasury 0.5%3,000,000.00 2,964,726.56 0.740%110,232.68 3,074,959.24
03/02/21 02/28/26 US Treasury 0.5%2,000,000.00 1,975,513.02 0.750%74,432.63 2,049,945.65
US Treasury 74,000,000.00 73,942,068.37 1.507% 4,802,904.08 78,744,972.45
Corporate notes
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
July 13, 2021 Item #1 Page 11 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return
05/23/17 05/11/22 Apple Inc.3,300,000.00 3,318,150.00 2.181%358,820.00 3,676,970.00
12/06/17 05/15/22 Berkshire Hathaway 1,503,000.00 1,540,770.39 2.400%162,504.36 1,703,274.75
01/08/18 05/15/22 Berkshire Hathaway 1,000,000.00 1,023,300.00 2.432%107,283.33 1,130,583.33
10/09/18 05/15/22 Berkshire Hathaway 1,100,000.00 1,091,810.50 3.220%126,989.50 1,218,800.00
02/19/19 05/17/22 Toyota 2,000,000.00 2,000,000.00 3.083%200,044.66 2,200,044.66
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
July 13, 2021 Item #1 Page 12 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return
12/23/19 12/23/24 JP Morgan Chase Bank 3,500,000.00 3,500,000.00 2.200%390,775.03 3,890,775.03
01/15/20 01/15/25 Johnson & Johnson 1,820,000.00 1,882,380.50 1.586%176,494.50 2,058,875.00
04/08/20 01/15/25 Johnson & Johnson 3,000,000.00 3,231,960.00 0.906%143,633.75 3,375,593.75
07/13/20 01/15/25 Johnson & Johnson 1,000,000.00 1,090,640.00 0.510%27,630.83 1,118,270.83
04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300%210,555.54 3,590,131.74
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
04/23/21 09/01/25 Johnson & Johnson 1,250,000.00 1,241,700.00 0.705%38,244.44 1,279,944.44
05/17/21 12/14/25 Visa Inc 1,250,000.00 1,368,500.00 0.910%61,640.62 1,430,140.62
04/12/21 02/24/26 Merck 1,500,000.00 1,485,750.00 0.950%69,000.00 1,554,750.00
03/01/21 02/26/26 JP Morgan 2,000,000.00 2,000,000.00 0.800%80,000.00 2,080,000.00
03/01/21 03/01/26 Johnson & Johnson 2,500,000.00 2,697,950.00 0.750%108,300.00 2,806,250.00
03/03/21 03/03/26 JP Morgan 2,000,000.00 2,000,000.00 1.000%100,000.00 2,100,000.00
Corporate notes 190,056,000.00 194,995,465.29 1.959%15,872,552.59 210,868,017.88
Certificate of deposit
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
July 13, 2021 Item #1 Page 13 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return
04/08/20 04/08/25 Capital One 248,000.00 248,000.00 1.600%19,850.88 267,850.88
05/15/20 05/15/25 Flagstar Bank 248,000.00 248,000.00 0.850%10,545.77 258,545.77
05/15/20 05/15/25 Encore Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41
05/26/20 05/27/25 Haddon Savings Bank 248,000.00 248,000.00 0.750%9,310.19 257,310.19
05/29/20 05/29/25 Home Loan Inv Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41
05/29/20 05/29/25 Pacific Western Bank 249,000.00 249,000.00 0.700%8,719.77 257,719.77
05/29/20 05/29/25 Malaga Bank 249,000.00 249,000.00 0.700%8,719.87 257,719.87
06/10/20 06/10/25 Stockman Bank 249,000.00 249,000.00 0.600%7,474.10 256,474.10
07/17/20 07/17/25 Preferred Bank 249,000.00 249,000.00 0.500%6,228.46 255,228.46
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
03/03/21 03/03/26 CFG Community Bk 249,000.00 249,000.00 0.400%4,982.73 253,982.73
03/10/21 03/10/26 Bristol Morgan Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
Certificate of deposit 22,577,000.00 22,574,323.25 1.516% 1,615,878.92 24,190,202.17
Mortgage backed securities (agency)
12/26/19 12/01/22 FNMA AM1721 1,861,951.48 1,874,752.39 2.001%107,101.22 1,981,853.61
03/10/21 08/25/24 FHLM - FHMS K728 3,000,000.00 3,235,898.44 3.064%(81,933.13) 3,153,965.31
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 993,413.94 998,272.73 0.830%21,145.35 1,019,418.08
03/15/21 05/25/25 FHLMC - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770%(47,268.40) 2,110,231.60
08/27/20 06/15/25 FHLMC FHR 3544 BC 733,628.14 831,391.44 0.532%421,109.30 1,252,500.74
02/19/21 01/25/26 FRESB 2021-SB83 1,495,413.20 1,502,435.66 0.505%20,118.45 1,522,554.11
03/25/21 03/25/26 FHLM - KHMS K055 2,500,000.00 2,700,000.00 2.673%(45,023.32) 2,654,976.68
Mortgage backed securities (agency) 15,584,406.76 16,515,875.66 1.944%396,754.75 16,912,630.41
Municpal Bonds
05/27/21 06/15/24 Cache County SD 3,250,000.00 3,505,872.50 0.400%41,502.50 3,547,375.00
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
03/01/21 11/01/24 City of San Francisco Util 1,000,000.00 1,004,450.00 0.600%22,073.31 1,026,523.31
03/22/21 02/15/25 Texas St Tech Univ 2,500,000.00 2,524,850.00 0.679%66,539.86 2,591,389.86
03/01/21 05/15/25 University of CA 1,500,000.00 1,517,250.00 0.600%38,474.13 1,555,724.13
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
05/18/21 04/01/26 State of California 1,250,000.00 1,353,350.00 0.910%57,950.35 1,411,300.35
04/01/21 04/01/26 State of California 4,140,000.00 4,478,652.00 0.970%209,898.00 4,688,550.00
Municpal Bonds 20,445,000.00 21,425,095.40 0.625%569,515.99 21,994,611.39
July 13, 2021 Item #1 Page 14 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Cash
Wells Fargo Bank - General 11,389,416.47 11,389,416.47 0.010%93.61 11,389,510.08
Wells Fargo Sweep account - - 0.010%- -
Wells Fargo Bank - Custody 1,400,122.35 1,400,122.35 0.010%11.67 1,400,134.02
CAMP 1,006,303.07 1,006,303.07 0.050%41.35 1,006,344.42
LAIF City 71,809,425.22 71,809,425.22 0.300%17,952.36 71,827,377.58
LAIF CMWD 70,677,311.70 70,677,311.70 0.300%17,669.33 70,694,981.03
LAIF CPFA 8,737,442.18 8,737,442.18 0.300%2,184.36 8,739,626.54
Cash 165,020,020.99 165,020,020.99 0.276%37,952.68 165,057,973.67
GRAND TOTAL 819,958,427.75 829,595,745.24 1.185% 39,588,084.35 869,183,829.59
July 13, 2021 Item #1 Page 15 of 19
EXHIBIT 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of May 31, 2021
Cash balance by fund:
General 146,880,399
Special revenue 32,119,891
Capital projects:
General capital construction 43,219,541
Traffic impact fees 25,338,805
Public facilities fees 30,741,246
Park development 14,018,051
TransNet taxes 8,447,078
Drainage fees 5,271,334
Special districts 114,204,189
Infrastructure replacement 120,469,466
Gas tax 17,174,339
Capital project subtotal 378,884,049
Enterprise:
Carlsbad Municipal Water District 132,226,543
Sewer fund 44,425,858
Solid waste 5,709,055
Storm water 8,186,414
Golf course 1,486,778
Enterprise subtotal 192,034,648
Internal service 52,229,726
Trust and agency 15,295,958
Total general ledger balance **817,444,671
Reconciling adjustments (1)10,129,371
Total treasurer's investment portfolio at amortized cost $827,574,042
**Figures based on best estimate at the time report run on 06/07/2021.
(1) The reconciling adjustments consist of differences between the general ledger which is prepared
on an accrual basis and the treasurer's report which is prepared on a cash basis. Accrued interest,
amortized premium or discounts and outstanding checks and deposits in transit are not included in the
treasurer's summary. Differences between the time journal entries are posted and the time this
report is produced may also be a component of the adjustment.
July 13, 2021 Item #1 Page 16 of 19
EXHIBIT 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of May 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.A1 AA-A+Stable/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
CME Group Aa3 AA-AA-Stable
Colgate-Palmolive Aa3 AA-Stable
Exxon Mobil Aa2 AA-Stable/negative
Florida Power & Light Aa2 A+AA-Stable
Johnson & Johnson Aaa AAA Negative
JP Morgan Chase Bank A2 A-AA-Stable/positive/stable
Merck A1 A+A+Stable
Microsoft Aaa AAA AAA Stable
Nike Inc.A1 AA-Negative/stable
Novartis Capital Corp A1 AA-AA-Stable
Procter & Gamble Aa3 AA-Stable
Public Service Electric Aa3 A Negative/stable
State Street Corporation A1 A AA-Stable
Toyota A1 A+A+Stable
US Bank NA A1 AA-AA-Negative/stable/stable
Visa Inc.Aa3 AA-Stable
Wal-Mart Aa2 AA AA Stable
Wells Fargo Bank NA A2 BBB+A+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
Cache County SD Aaa AAA1 AAA1 Stable
City of San Francisco Util Aa2 AA Stable
County of Multnomah Aaa AAA Stable
County of Multnomah Aaa AAA Stable
State of California Aa2 AA-AA Stable
State of Hawaii Aa2 AA+AA Negative/stable/stable
Texas Tech University Aa1 AA+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.
July 13, 2021 Item #1 Page 17 of 19
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 5,336,375$
Citibank A3 BBB+A 01/23/24 02/20/20 7,302,892
Merck A1 A+A+02/24/26 04/12/21 1,486,132
Toyota A1 A+A+01/08/24 07/01/19 13,784,442
Wells Fargo Bank NA A2 BBB+A+08/14/23 01/06/20 7,546,461
35,456,303$
* All investments were in compliance with the city's investment policy unless otherwise denoted.
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.
1: The investment was purchased with a Aaa Moody’s rating, stable outlooks, and underlying ratings of AAA from all
three major ratings agencies. The bond was purchased with the consideration that it is backed by the State of Utah
in which the Utah School Bond Guaranty Program provides credit enhancement to vober-approved general obligation
bonds issued by school districts. The program pledges the full faith and credit of the stateto the payment of
voter- approved school district general obligation bonds providing the qualifying bond with the state's AAA ratings.
July 13, 2021 Item #1 Page 18 of 19
EXHIBIT 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of May 31, 2021
Corporate notes Amortized cost Portfolio allocation*
3M Company 5,336,375$ 0.64%
Amazon.com Inc.4,626,398 0.56%
Apple Inc.12,801,120 1.55%
Bank of New York Mellon 10,470,441 1.27%
Berkshire Hathaway 9,602,882 1.16%
Blackrock Inc.8,410,020 1.02%
Cisco Systems Inc.506,335 0.06%
Citibank 7,302,892 0.88%
CME Group 2,993,099 0.36%
Colgate-Palmolive 9,558,136 1.15%
Exxon Mobil 2,000,520 0.24%
Florida Power & Light 3,913,500 0.47%
Johnson & Johnson 14,824,054 1.79%
JP Morgan Chase Bank 14,678,461 1.77%
Merck 1,486,132 0.18%
Microsoft 12,774,943 1.54%
Nike Inc.3,069,041 0.37%
Novartis Capital Corp 4,860,399 0.59%
Procter & Gamble 7,669,623 0.93%
Public Service Electric 2,637,209 0.32%
State Street Corporation 2,082,603 0.25%
Toyota 13,784,442 1.67%
US Bank NA 11,596,084 1.40%
Visa Inc.1,367,637 0.17%
Wal-Mart 17,821,006 2.15%
Wells Fargo Bank NA 7,546,461 0.91%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FHLMC 12,077,728 1.46%
FNMA 4,375,460 0.53%
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.17,600,657 2.13%
Federal Farm Credit Bank 88,506,939 10.69%
Federal Home Loan Bank 75,716,793 9.15%
Federal Home Loan Mortgage Corp.66,953,536 8.09%
Federal National Mortgage Assoc.49,257,868 5.95%
Private Export Funding Corp.2,540,806 0.31%
Tennessee Valley Authority 1,084,315 0.13%
Municipal Bonds Amortized cost Portfolio allocation*
City of San Francisco 1,004,155 0.12%
County of Multnomah 2,005,591 0.24%
Cache County SD 3,505,406 0.42%
State of California 5,820,441 0.70%
State of Hawaii 3,036,589 0.37%
Texas Tech University 2,523,663 0.30%
University of California 3,497,013 0.42%
Other Amortized cost Portfolio allocation
Supranational 32,625,794 3.94%
US Treasury 74,126,912 8.96%
Certificate of deposits 22,574,539 2.73%
Cash 165,020,021 19.94%
Total portfolio amortized cost 827,574,042$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
July 13, 2021 Item #1 Page 19 of 19