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2021-08-17; City Council; ; Report on City Investments as of June 30, 2021
Meeting Date: Aug. 17, 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 June 30, 2021 District: All Recommended Action Accept and file Report on City Investments as of June 30, 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 June 30, 2021 is summarized below. Pooled investment portfolio (cash and securities) Current month Prior month Par value1 $813,600,409 $819,958,428 Investment cost $823,565,399 $829,595,745 Amortized cost2 $821,268,939 $827,574,042 Market value3 $827,094,051 $835,314,052 (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). Aug. 17, 2021 Item #1 Page 1 of 22 Pooled investment interest income Year to date Current month Prior month Cash income $14,026,325 $925,683 $930,355 The cash income received is adjusted for any accrued interest purchased. Pooled investment performance Average life (years) Yield to maturity Modified duration April 2021 2.16 1.23% 2.06 May 2021 2.15 1.19% 2.04 June 2021 2.21 1.17% 2.11 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 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 $382 Enterprise $196 General $144 Internal service $51 Special revenue $33 Agency/trust $17 Fund equity in pooled investments June 30, 2021 ($ in millions) Aug. 17, 2021 Item #1 Page 2 of 22 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, 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 & 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 10. Investments of bond proceeds held separately 11. Summary of outstanding housing loans Aug. 17, 2021 Item #1 Page 3 of 22 City of Carlsbad investment portfolio As of June 30, 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 $307,563,614 302,413,841$ 307,864,192$ 303,503,140$ 4,310,285$ 1.01%1.03% SN 32,709,055 32,709,055 32,863,776 32,962,630 730,853 1.66 1.66 TR 71,225,559 73,942,068 71,633,795 74,651,155 1,289,615 1.41 1.51 CN 196,995,465 194,995,465 199,599,561 198,343,639 5,640,572 1.95 1.96 CD 21,086,323 22,574,323 21,538,503 23,073,188 353,900 1.49 1.52 MBS (agency)16,463,398 16,515,876 16,273,298 16,387,388 291,983 1.95 1.94 MBS (non-agency)- - - - - Muni 26,241,655 21,425,095 26,040,598 21,372,892 3,928 0.62 0.63 Bank account 7,345,352 11,389,416 7,345,352 11,389,416 - 0.01 0.01 Sweep - - - - 745 IRT 2,704,449 1,400,122 2,704,449 1,400,122 375 0.01 0.01 CAMP 1,006,349 1,006,303 1,006,349 1,006,303 1,935 0.05 0.05 LAIF 140,224,179 151,224,179 140,224,179 151,224,179 1,402,135 0.22 0.30 Total $823,565,399 $829,595,745 $827,094,051 $835,314,052 $14,026,325 1.17%1.19% 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 1Aug. 17, 2021 Item #1 Page 4 of 22 City of Carlsbad investment portfolio As of June 30, 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 $14,466,011 $24,626,367 $268,771,814 $307,864,192 37.22% SN - 4,547,140 28,316,636 32,863,776 3.97 TR 23,298,563 10,830,457 37,504,775 71,633,795 8.66 CN 18,571,610 21,227,619 159,800,332 199,599,561 24.13 (2) CD 250,093 1,254,047 20,034,363 21,538,503 2.60 MBS (agency)285,000 280,500 15,707,798 16,273,298 1.97 (3) MBS (non-agency)- - - - 0.00 (4) Muni - - 26,040,598 26,040,598 3.15 (5) Bank account 7,345,352 - - 7,345,352 0.89 Sweep - - - - 0.00 IRT 2,704,449 - - 2,704,449 0.33 CAMP 1,006,349 - - 1,006,349 0.12 LAIF 140,224,179 - - 140,224,179 16.95 Totals $208,151,606 $62,766,130 $556,176,315 $827,094,051 100.0% % Totals 25.2%7.6%67.2%100.0% Total within One Year $270,917,736 (1) 32.8% Policy (1) Not less than $195,096,000 to mature within one year, two-thirds of FY 20-21 operating budget of $292,643,525. (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes at time of purchase. (3) Policy states that not more than 20% of portfolio is to be invested in mortgage backed securities at time of purchase. (4) Total non-agency mortgage backed securities shall be limited to 5% of the city's portfolio. (5) Policy states that not more than 15% of portfolio is to be invested in municipal bonds at time of purchase.EXHIBIT 2Aug. 17, 2021 Item #1 Page 5 of 22 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 FY 2020-21 end 0.05 0.25 0.87 1.45Market rate (%)City of Carlsbad investment portfolio Market yield curve Fiscal year end compared to current Aug. 17, 2021 Item #1 Page 6 of 22 EXHIBIT 4 $1.10 $1.67 $1.20 $1.28 $1.33 $1.22 $0.97 $1.24 $0.87 $1.28 $1.11 $0.93 $0.93 $14.03 $17.03 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 June July August Sept Oct Nov Dec Jan Feb March April May JuneInterest income ($ 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 Aug. 17, 2021 Item #1 Page 7 of 22 EXHIBIT 5 City of Carlsbad investment portfolio Maturities, calls, and purchases this quarter As of June 30, 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 912828WN6 US Treasury 12/16/2016 06/01/2021 2,250,000 2,250,000 22,500 2,272,500 90348JAR1 UBS Bank 06/10/2016 06/07/2021 249,000 249,000 338 249,338 3130A1W95 FHLB 10/12/2016 06/11/2021 1,500,000 1,500,000 16,875 1,516,875 3134GBRR5 FHLMC 06/15/2017 06/15/2021 1,400,000 1,400,000 12,600 1,412,600 3133ELTP9 FFCB 04/03/2020 06/16/2021 2,000,000 2,000,000 5,000 2,005,000 58733AEX3 MER1 06/21/2018 06/21/2021 246,000 246,000 3,680 249,680 51210SNA1 LAKESI 06/22/2017 06/22/2021 249,000 249,000 389 249,389 27113PBE0 EASTBO 06/23/2016 06/23/2021 248,000 248,000 1,855 249,855 31938QS54 FIRSTM 06/24/2016 06/24/2021 248,000 248,000 1,855 249,855 33715LAD2 FIRSTT 06/30/2016 06/30/2021 248,000 248,000 2,152 250,152 912828S27 US Treasury 10/28/2016 06/30/2021 2,500,000 2,500,000 14,063 2,514,063 912828S27 US Treasury 12/16/2016 06/30/2021 2,650,000 2,650,000 14,906 2,664,906 30315EAA4 FESB 07/24/2020 06/25/2021 1,207 1,213 687 1,900 30318NAA1 FRESB 02/19/2021 06/25/2021 1,437 1,444 785 2,229 3138L14F3 FNMA AM1721 12/26/2019 06/25/2021 3,468 3,492 3,624 7,115 31398E6W9 FHLMC 08/27/2020 06/15/2021 44,215 46,329 2,445 48,775 31,907,529$ 31,913,729$ 332,153$ 32,245,882$ 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 3133ELE67 FFCB 06/03/2020 06/03/2024 06/03/2021 2,000,000 2,000,000 2,005,800 3134GVL30 FHLMC 06/11/2020 06/11/2025 06/11/2021 2,000,000 2,000,000 2,007,500 3134GV2M9 FHLMC 06/30/2020 06/30/2022 06/30/2021 3,000,000 3,000,000 3,004,500 17,000,000$ 17,016,733$ 17,084,255$ Aug. 17, 2021 Item #1 Page 8 of 22 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 575181GX4 MASSCD 06/02/2021 12/01/2024 12/01/2021 0.54%640,000 100.000 640,000 912828YV6 US Treasury 06/07/2021 11/30/2024 11/30/2021 0.44%2,000,000 103.672 2,073,438 3134GWP26 FHLMC 06/07/2021 03/28/2025 09/28/2021 0.54%1,000,000 99.850 998,500 797508HV3 SDTSCD 06/09/2021 08/01/2023 02/01/2022 0.28%500,000 100.000 500,000 48128G3V0 JP Morgan 06/11/2021 06/11/2026 12/11/2021 1.15%2,000,000 100.000 2,000,000 3130AMQK1 FHLB 06/16/2021 06/16/2026 12/16/2021 0.50%2,000,000 100.000 2,000,000 3130AMQK1 FHLB 06/16/2021 06/16/2026 12/16/2021 0.50%2,500,000 100.000 2,500,000 005158XL9 Ada&Canyon Cty SD 06/17/2021 03/15/2024 02/15/2022 0.52%1,500,000 114.027 1,710,405 3133EML67 FFCB 06/22/2021 06/22/2026 12/22/2021 0.87%2,000,000 99.658 1,993,160 91282CBM2 US Treasury 06/25/2021 02/15/2024 08/15/2021 0.36%2,500,000 99.391 2,484,766 3130AMRJ3 FHLB 06/28/2021 03/28/2025 09/28/2021 0.50%3,120,000 100.075 3,122,340 91412HGE7 University of California 06/29/2021 05/15/2025 11/15/2021 0.80%1,960,000 100.314 1,966,154 3130AMTW2 FHLB 06/30/2021 06/30/2026 12/30/2021 0.50%4,500,000 100.000 4,500,000 3130AMWN8 FHLB 06/30/2021 06/30/2026 12/30/2021 0.55%2,000,000 100.000 2,000,000 69,360,000$ 101.5$ 70,411,317$ Aug. 17, 2021 Item #1 Page 9 of 22 EXHIBIT 6 City of Carlsbad Investment summary As of June 30, 2021 Settlement Maturity Issuer Par Invested Yield Interest expected Return Federal investments 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 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 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 Aug. 17, 2021 Item #1 Page 10 of 22 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 06/07/21 03/28/25 FHLMC 1,000,000.00 998,500.00 0.540%20,541.67 1,019,041.67 06/28/21 03/28/25 FHLB 3,120,000.00 3,122,340.00 0.500%67,860.00 3,190,200.00 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 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 06/16/21 06/16/26 FHLB 2,000,000.00 2,000,000.00 0.500%94,000.00 2,094,000.00 06/16/21 06/16/26 FHLB 2,500,000.00 2,500,000.00 0.500%117,500.00 2,617,500.00 06/22/21 06/22/26 FFCB 2,000,000.00 1,993,160.00 0.870%86,840.00 2,080,000.00 Aug. 17, 2021 Item #1 Page 11 of 22 Settlement Maturity Issuer Par Invested Yield Interest expected Return 06/30/21 06/30/26 FHLB 4,500,000.00 4,500,000.00 0.500%186,750.00 4,686,750.00 06/30/21 06/30/26 FHLB 2,000,000.00 2,000,000.00 0.550%88,000.00 2,088,000.00 Federal investments 305,496,000.00 307,563,614.39 1.011% 14,825,384.76 322,388,999.15 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 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 06/25/21 02/15/24 US Treasury 0.125%2,500,000.00 2,484,765.63 0.357%23,487.13 2,508,252.76 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 06/07/21 11/30/24 US Treasury 1.500%2,000,000.00 2,073,437.50 0.436%30,988.73 2,104,426.23 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 71,100,000.00 71,225,559.00 1.408% 4,264,745.23 75,490,304.23 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 Aug. 17, 2021 Item #1 Page 12 of 22 Settlement Maturity Issuer Par Invested Yield Interest expected Return 02/24/20 03/03/22 Johnson & Johnson 2,000,000.00 2,029,760.00 1.470%61,365.00 2,091,125.00 03/06/17 03/06/22 Exxon Mobil 2,000,000.00 2,003,380.00 2.360%236,320.00 2,239,700.00 05/23/17 05/11/22 Apple Inc.3,300,000.00 3,318,150.00 2.181%358,820.00 3,676,970.00 12/06/17 05/15/22 Berkshire Hathaway 1,503,000.00 1,540,770.39 2.400%162,504.36 1,703,274.75 01/08/18 05/15/22 Berkshire Hathaway 1,000,000.00 1,023,300.00 2.432%107,283.33 1,130,583.33 10/09/18 05/15/22 Berkshire Hathaway 1,100,000.00 1,091,810.50 3.220%126,989.50 1,218,800.00 02/19/19 05/17/22 Toyota 2,000,000.00 2,000,000.00 3.083%200,044.66 2,200,044.66 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 Aug. 17, 2021 Item #1 Page 13 of 22 Settlement Maturity Issuer Par Invested Yield Interest expected Return 08/22/19 08/22/24 Amazon.com Inc.2,000,000.00 2,087,280.00 2.800%192,097.78 2,279,377.78 02/18/20 10/24/24 Bank of NY Mellon 3,055,000.00 3,093,737.40 1.816%261,721.85 3,355,459.25 12/23/19 12/23/24 JP Morgan Chase Bank 3,500,000.00 3,500,000.00 2.200%390,775.03 3,890,775.03 01/15/20 01/15/25 Johnson & Johnson 1,820,000.00 1,882,380.50 1.586%176,494.50 2,058,875.00 04/08/20 01/15/25 Johnson & Johnson 3,000,000.00 3,231,960.00 0.906%143,633.75 3,375,593.75 07/13/20 01/15/25 Johnson & Johnson 1,000,000.00 1,090,640.00 0.510%27,630.83 1,118,270.83 04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300%210,555.54 3,590,131.74 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 06/11/21 06/11/26 JP Morgan 2,000,000.00 2,000,000.00 1.150%115,000.00 2,115,000.00 Corporate notes 192,056,000.00 196,995,465.29 1.951%15,987,552.59 212,983,017.88 Certificate of deposit 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 Aug. 17, 2021 Item #1 Page 14 of 22 Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 21,089,000.00 21,086,323.25 1.491% 1,495,406.19 22,581,729.44 Mortgage backed securities (agency) 12/26/19 12/01/22 FNMA AM1721 1,858,483.42 1,871,260.49 2.001%110,593.12 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 992,206.88 997,059.77 0.830%22,358.31 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 689,413.00 785,062.26 0.532%467,438.48 1,252,500.74 02/19/21 01/25/26 FRESB 2021-SB83 1,493,976.39 1,500,992.10 0.505%21,562.01 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) 15,534,079.69 16,463,398.06 1.948%449,232.35 16,912,630.41 Municpal Bonds 06/09/21 08/01/23 San Dieguito Union HS 500,000.00 500,000.00 0.275%2,948.61 502,948.61 06/17/21 03/15/24 Ada&Canyon Cty SD 1,500,000.00 1,710,405.00 0.520%26,678.33 1,737,083.33 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 06/02/21 12/01/24 Mason & Kitsap Counties SD 640,000.00 640,000.00 0.538%12,041.64 652,041.64 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 06/29/21 05/15/25 University of California 1,960,000.00 1,966,154.40 0.799%60,957.52 2,027,111.92 03/01/21 05/15/25 University of California 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 25,045,000.00 26,241,654.80 0.623%672,142.09 26,913,796.89 Aug. 17, 2021 Item #1 Page 15 of 22 Settlement Maturity Issuer Par Invested Yield Interest expected Return Cash Wells Fargo Bank - General 7,345,352.00 7,345,352.00 0.010%60.37 7,345,412.37 Wells Fargo Sweep account - - 0.010%- - Wells Fargo Bank - Custody 2,704,449.28 2,704,449.28 0.010%22.54 2,704,471.82 CAMP 1,006,349.14 1,006,349.14 0.050%41.36 1,006,390.50 LAIF City 71,809,425.22 71,809,425.22 0.220%13,165.06 71,822,590.28 LAIF CMWD 67,677,311.70 67,677,311.70 0.220%12,407.51 67,689,719.21 LAIF CPFA 737,442.18 737,442.18 0.220%135.20 737,577.38 Cash 151,280,329.52 151,280,329.52 0.205%25,832.03 151,306,161.55 GRAND TOTAL 813,600,409.21 823,565,399.20 1.166% 39,503,520.46 863,068,919.66 Aug. 17, 2021 Item #1 Page 16 of 22 EXHIBIT 7 City of Carlsbad investment portfolio Fund equity in pooled investments As of June 30, 2021 Cash balance by fund: General 144,297,724 Special revenue 32,654,729 Capital projects: General capital construction 43,093,026 Traffic impact fees 25,092,230 Public facilities fees 30,778,486 Park development 14,031,128 TransNet taxes 8,555,153 Drainage fees 4,650,631 Special districts 114,103,799 Infrastructure replacement 123,820,731 Gas tax 17,666,948 Capital project subtotal 381,792,132 Enterprise: Carlsbad Municipal Water District 134,923,144 Sewer fund 45,092,732 Solid waste 5,607,354 Storm water 8,086,463 Golf course 1,968,210 Enterprise subtotal 195,677,903 Internal service 51,463,710 Trust and agency 16,629,715 Total general ledger balance **822,515,913 Reconciling adjustments (1)(1,246,974) Total treasurer's investment portfolio at amortized cost $821,268,939 **Figures based on best estimate at the time report run on 07/07/2021. (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. Aug. 17, 2021 Item #1 Page 17 of 22 EXHIBIT 8 City of Carlsbad investment portfolio Security ratings and outlooks As of June 30, 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-AA-stable 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 Ada/Canyon Cty SD Aa1 AA+Stable Cache County SD Aaa AAA1 AAA1 Stable City of San Francisco Util Aa2 AA Stable County of Multnomah Aaa AAA Stable Mason/Kitsap Cty SD Aaa AA+Stable San Dieguito Union HS Aa1 AA 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. Aug. 17, 2021 Item #1 Page 18 of 22 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 5,333,425$ Citibank A3 BBB+A 01/23/24 02/20/20 7,292,732 Merck A1 A+A+02/24/26 04/12/21 1,486,393 Toyota A1 A+A+01/08/24 07/01/19 13,782,149 Wells Fargo Bank NA A2 BBB+A+08/14/23 01/06/20 7,539,762 35,434,460$ * 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. Aug. 17, 2021 Item #1 Page 19 of 22 EXHIBIT 9 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer As of June 30, 2021 Corporate notes Amortized cost Portfolio allocation* 3M Company 5,333,425$ 0.65% Amazon.com Inc.4,622,920 0.56% Apple Inc.12,800,204 1.56% Bank of New York Mellon 10,455,724 1.27% Berkshire Hathaway 9,602,346 1.17% Blackrock Inc.8,396,843 1.02% Cisco Systems Inc.505,795 0.06% Citibank 7,292,732 0.89% CME Group 2,987,897 0.36% Colgate-Palmolive 9,563,491 1.16% Exxon Mobil 2,000,460 0.24% Florida Power & Light 3,907,792 0.48% Johnson & Johnson 14,811,815 1.80% JP Morgan Chase Bank 16,665,757 2.03% Merck 1,486,393 0.18% Microsoft 12,775,607 1.56% Nike Inc.3,064,349 0.37% Novartis Capital Corp 4,859,321 0.59% Procter & Gamble 7,672,126 0.93% Public Service Electric 2,631,802 0.32% State Street Corporation 2,079,636 0.25% Toyota 13,782,149 1.68% US Bank NA 11,590,228 1.41% Visa Inc.1,365,334 0.17% Wal-Mart 17,810,872 2.17% Wells Fargo Bank NA 7,539,762 0.92% Mortgage backed securities (agency)Amortized cost Portfolio allocation* FHLMC 12,031,399 1.46% FNMA 4,369,312 0.53% Federal agencies Amortized cost Portfolio allocation** Federal Agricultural Mortgage Corp.17,600,573 2.14% Federal Farm Credit Bank 86,490,233 10.53% Federal Home Loan Bank 88,303,618 10.75% Federal Home Loan Mortgage Corp.61,552,157 7.49% Federal National Mortgage Assoc.49,254,304 6.00% Private Export Funding Corp.2,539,648 0.31% Tennessee Valley Authority 1,082,040 0.13% Municipal Bonds Amortized cost Portfolio allocation* Ada/Canyon Cty SD 1,707,817 0.21% Cache County SD 3,497,949 0.43% City of San Francisco 1,004,045 0.12% County of Multnomah 2,005,468 0.24% Mason/Kitsap Cty SD 640,000 0.08% San Dieguito Union HS 500,000 0.06% State of California 5,812,534 0.71% State of Hawaii 3,035,615 0.37% Texas Tech University 2,523,097 0.31% University of California 5,458,968 0.66% Other Amortized cost Portfolio allocation Supranational 32,607,503 3.97% US Treasury 71,280,963 8.68% Certificate of deposits 21,086,588 2.57% Cash 151,280,330 18.42% Total portfolio amortized cost 821,268,939$ * No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers. Aug. 17, 2021 Item #1 Page 20 of 22 City of Carlsbad Investments of bond proceeds held separately As of June 30, 2021 Stated Maturity Name and fund type Investments rate date Par value Cost Assessment District 03-01 (College/Cannon)Fiscal agent: Project fund Invesco Gov. & Agency - Institutional Money Market N/A N/A 980,411$ 980,411$ Assessment District 96-01 (Rancho Carrillo)Fiscal agent: Reserve fund Repub Natl Bank Repo Agreement: HSBC (GIC)6.03% 09/02/28 942,770$ 942,770$ Reassessment District 2012-1 (College/Cannon & Poinsettia Lane)Fiscal agent: Reserve fund Invesco Gov. & Agency - Institutional Money Market various N/A 2,286,255$ 2,286,255$ Communities Facilities District #3 Improvement Area 1, 2016 Bonds Fiscal agent: Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/36 573,499$ 573,499$ Other Invesco Gov. & Agency - Institutional Money Market various 09/01/36 0$ 0$ Communities Facilities District #3 Improvement Area 2, 2016 Bonds Fiscal agent: Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/38 836,509$ 836,509$ Other Invesco Gov. & Agency - Institutional Money Market various 09/01/38 359$ 359$ 5,619,804$ 5,619,804$ EXHIBIT 10Aug. 17, 2021 Item #1 Page 21 of 22 City of Carlsbad Summary of outstanding housing loans As of June 30, 2021 Borrower Development Purpose Status First date issued # of loans issued Loans issued by City to developers/ homeowners Loans issued by developer to homeowners # of loans outstanding City loan repaid to City Developer loan repaid to City Loan amount due to City Developer loan amount due to City Total Individual homebuyers Calavera Hills Sale Outstanding 10/15/99 5 75,000.00$ 150,000.00$ 1 (60,000.00)$ (120,000.00)$ 15,000.00$ 30,000.00$ 15,000.00$ Individual homebuyers Cherry Tree Walk Sale Outstanding 06/28/99 42 453,600 452,600 11 (334,800) (283,250) 118,800 169,350 118,800 Individual homebuyers Serrano Sale Outstanding 05/25/01 90 1,350,000 4,050,000 21 (1,050,135) (2,790,000) 299,865 1,260,000 299,865 Individual homebuyers Rancho Carlsbad Sale Outstanding 05/20/99 22 752,533 - 4 (616,633) - 135,900 - 135,900 Catholic Charities Homeless shelter Shelter Outstanding 09/19/97 1 200,000 - 1 - - 200,000 - 200,000 Pacific Vista Las Flores Vista Las Flores Rentals Outstanding 02/27/01 1 363,948 - 1 - - 363,948 - 363,948 CIC Calavera LP Mariposa Apts Rentals Outstanding 09/15/04 1 1,060,000 - 1 - - 1,060,000 - 1,060,000 Individual homebuyers Mulberry at Bressi Ranch Sale Outstanding 04/29/05 100 1,840,000 19,660,200 100 - - 1,840,000 19,660,200 1,840,000 Individual homebuyers Village by the Sea Sale Outstanding 10/28/05 11 220,000 4,087,200 11 - - 220,000 4,087,200 220,000 Individual homebuyers Laguna Point Sale Outstanding 07/06/06 3 210,000 - 2 (70,000) - 140,000 - 140,000 Individual homebuyers The Bluffs Sale Outstanding 06/14/07 10 200,000 - 10 - - 200,000 - 200,000 Individual homebuyers Roosevelt Gardens Sale Outstanding 08/30/07 11 1,583,423 11 - - 1,583,423 - 1,583,423 CIC La Costa Hunter's Point Rentals Outstanding 08/19/08 1 1,932,000 - 1 - - 1,932,000 - 1,932,000 Down Payment & Closing Cost AssistanceVarious Assistance Outstanding 06/25/09 22 255,518 - 17 (63,900) - 191,618 - 191,618 CIC Glen Ridge, LP Glen Ridge Rentals Outstanding 10/05/09 1 1,014,000 - 1 - - 1,014,000 - 1,014,000 North County Solutions for Change Property Acquisition Rentals Outstanding 06/28/12 1 780,000 - 1 - - 780,000 - 780,000 Catholic Charities Homeless shelter Shelter Outstanding 03/01/10 3 507,585 - 3 - - 507,585 - 507,585 Individual homeowners N/A Minor Home Repair Outstanding 05/20/10 13 34,605 - 7 (4,083) - 30,522 - 30,522 Hospice of North Coast N/A Property Acquisition Outstanding 02/27/13 1 1,065,000 - 1 - - 1,065,000 - 1,065,000 Harding Street Neighbors, LP Carol-Harding Duplex Property Acquisition Outstanding 03/14/13 1 7,408,000 - 1 - - 7,408,000 - 7,408,000 Tracy Templeton Laguna Point Sale Outstanding 04/17/13 1 108,150 - 1 - - 108,150 - 108,150 Thomas & Judy Kim Rose Bay Sale Outstanding 08/23/13 1 229,775 - 1 - - 229,775 - 229,775 Solutions for Change N/A Property Acquisition Outstanding 12/19/14 1 2,646,000 - 1 - - 2,646,000 - 2,646,000 Chelsea Inv Corp/Quarry Creek CiC LLP Quarry Creek Rentals Outstanding 08/31/16 1 1,280,000 - 1 (540,252) - 739,748 - 739,748 Carlsbad Veteran Housing LP Windsor Pointe Rentals Outstanding 12/03/20 1 2,275,728 - 1 - - 2,275,728 - 2,275,728 345 27,844,865 28,400,000 211 (2,739,802) (3,193,250) 25,105,063 25,206,750 25,105,063 Individual homebuyers City-wide (CHAP)Sale Paid-Off 06/28/99 133 1,680,000 - 0 (1,680,000) - - - - Individual homebuyers Solamar Sale Paid-Off 09/26/88 9 147,726 - 0 (147,726) - - - - CB Laurel Tree Apartments Laurel Tree Rentals Paid-Off 12/24/98 2 1,134,000 - 0 (1,134,000) - - - - USA Properties c/o CFHP Rancho Carrillo Rentals Paid-Off 03/05/01 1 1,157,584 - 0 (1,157,584) - - - - Poinsettia Housing Assoc Poinsettia Station Rentals Paid-Off 10/21/99 1 920,000 - 0 (920,001) - - - - Bridge Housing Corp Villa Loma Rentals Paid-Off 11/04/94 2 2,212,000 - 0 (2,212,000) - - - - Dove Family Housing La Costa Paloma Rentals Paid-Off 07/15/03 1 2,070,000 - 0 (2,070,000) - - - - El Camino Family Housing Cassia Heights Rentals Paid-Off 03/07/06 1 1,454,276 - 0 (1,454,276) - - - - 150 10,775,586 - 0 (10,775,587) - - - - Allowances Other (1,793,379) (1,793,379) (1,793,379) 495 36,827,072$ 28,400,000$ 211 (13,515,390)$ (3,193,250)$ 23,311,684$ 25,206,750$ 23,311,684$ EXHIBIT 11October 2020: Issued a $4,046 Minor Home Repair loan; November 2020: Received a $112,808 payment related to the Quarry Creek development; December 2020: Issued a total $259,389 in loans to the Windsor Pointe development; received a $12,000 pay-off related to the DPCCA program; January 2021: Windsor Pointe loan of $131,950.31; February 2021: Windsor Pointe loan of $510,029.83; March 2021: Windsor Pointe loan of $451,399.19; DPCCA loan pay-off of $20,000; April 2021: Issued Windsor Pointe loan draw of $683,960; June 2021: issued Windsor Pointe loan draw of $239,000; received loan payment of $141,535 related to the Quarry Creek development; received a $12,661 loan pay-off related to the Solamar development. Aug. 17, 2021 Item #1 Page 22 of 22