HomeMy WebLinkAbout2025-02-20; Investment Review Committee; 01; Fiscal Year 2024-25 Second Quarter Investment ReviewMeeting Date: Feb. 20, 2025
To: Investment Review Committee
From: Christian Peacox, City Treasurer
Staff Contact: Katie Schroeder, Senior Accountant
katie.schroeder@carlsbadca.gov, 442-339-5246
Subject: Fiscal Year 2024-25 Second Quarter Investment Review
District: All
Recommended Action
Receive Report on City Investments presentation for the first quarter of fiscal year 2024-25.
Executive Summary
The city’s Investment Policy requires quarterly reviews of the city’s investment portfolio.
Discussion & Fiscal Analysis
The city’s pooled investment portfolio for the quarter ending Dec. 31, 2024, is summarized
below.
Pooled investment portfolio (cash and securities)
Valuation Oct. 2024 Nov. 2024 Dec. 2024
Par value1 $873,589,820 $879,804,796 $898,594,019
Investment cost $867,723,500 $873,731,629 $892,129,903
Amortized cost2 $867,223,181 $873,471,467 $892,127,955
Market value3 $852,171,599 $859,924,879 $877,704,775
(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 Principal custodial
report.
INVESTMENT REVIEW COMMITTEE
Feb. 20, 2025 Item #1 Page 1 of 84
Staff Report
The equity portion of the various funds in the total portfolio, that is, the part of the total
investment portfolio assigned to each fund, is summarized for the quarter end in the graph
below. Fund balances are restricted for various purposes.
Pooled investment interest income4
Revenue Oct. 2024 Nov. 2024 Dec. 2024 Quarter income
Cash income $2,010,316 $1,363,194 $2,167,964 $5,541,474
(4) The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield5 Modified duration
Oct. 2024 1.98 2.91% 1.67
Nov. 2024 1.96 2.94% 1.65
Dec. 2024 1.95 3.03% 1.62
(5) Yield is computed by totaling the weighted average of each investment’s return less any costs.
All pooled investments have been made in accordance with the city’s Investment Policy, which
was adopted Jan. 2, 1985, and last revised Mar. 12, 2024; 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.
Investments out of compliance with the current policy experienced a subsequent change in
Capital projects, $409
Enterprise, $212
General, $149
Internal service, $89
Special revenue, $36
Fiduciary, $3
Fund equity in pooled investments
(in millions)
Feb. 20, 2025 Item #1 Page 2 of 84
credit rating. Ratings on one investment has dropped to less than the rating required by the
Investment Policy since the 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. All 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.
Not less than two-thirds of the current fiscal year operating budget shall mature within one
year. As of Dec. 31, 2024, the maturity value within one year is $314,976,377 which is 75.2% of
the current year operating budget. The investment portfolio has the ability to meet the city’s
anticipated cash flow demands for the next six months.
Next Steps
The City Treasurer will continue to provide a quarterly summary of the portfolio for review.
Environmental Evaluation
This action does not require environmental review because it does not constitute a project
within the meaning of the California Environmental Quality Act under California Public
Resources Code Section 21065 in that it has no potential to cause either a direct physical
change or a reasonably foreseeable indirect physical change in the environment.
Exhibits
1. Report on City Investments as of Oct. 31, 2024
2. Report on City Investments as of Nov. 30, 2024
3. Report on City Investments as of Dec. 31, 2024
Feb. 20, 2025 Item #1 Page 3 of 84
Meeting Date: Dec. 10, 2024
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Zach Korach, Finance Director/Deputy City Treasurer
zach.korach@carlsbadca.gov, 442-339-2127
Subject: Report on City Investments as of Oct. 31, 2024
District: All
Recommended Action
Accept and file Report on City Investments as of Oct. 31, 2024.
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 Oct. 31, 2024, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $873,589,820 $884,445,644
Investment cost $867,723,500 $879,000,619
Amortized cost2 $867,223,181 $878,221,220
Market value3 $852,171,599 $868,870,644
(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 Principal custodial
report.
Exhibit 1
Feb. 20, 2025 Item #1 Page 4 of 84
The equity portion of the various funds in the total portfolio, that is, the part of the total
investment portfolio assigned to each fund, is summarized in the graph below. Fund balances
are restricted for various purposes (See Exhibit 6 for a more detailed breakdown).
Pooled investment interest income4
Fiscal year to date Current month Prior month
Cash income $8,674,769 $2,010,316 $1,969,876
(4) The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield5 Modified duration
August 2024 1.92 2.94% 1.65
September 2024 1.91 2.93% 1.65
October 2024 1.98 2.91% 1.67
(5) Yield is computed by totaling the weighted average of each investment’s return less any costs.
All pooled investments have been made in accordance with the city’s Investment Policy, which
was adopted Jan. 2, 1985, and last revised Mar. 12, 2024; 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.
Capital projects, $409
Enterprise, $208
General, $125
Internal service, $85
Special revenue, $36
Fiduciary, $2
Fund equity in pooled investments
(in millions)
Feb. 20, 2025 Item #1 Page 5 of 84
Exhibit 7 shows the investments out of compliance with the current policy that experienced a
subsequent change in credit rating. Ratings on one investment has dropped to less than the
rating required by the Investment Policy since the initial purchase. In addition, one investment
was refunded and collateralized by the US Treasury since the initial purchase and is therefore
not rated. 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. All 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.
Not less than two-thirds (66.67%) of the current fiscal year operating budget shall mature
within one year. The maturity value within one year is $292,400,993 which is 69.8% of the
current year operating budget. The investment portfolio has the ability to meet the city’s
anticipated cash flow demands for the next six months.
Next Steps
With the recent election of the new City Treasurer, the report on city investments will be
produced monthly by the City Treasurer.
Environmental Evaluation
This action does not require environmental review because it does not constitute a project
within the meaning of the California Environmental Quality Act under California Public
Resources Code Section 21065 in that it has no potential to cause either a direct physical
change or a reasonably foreseeable indirect physical change in the environment.
Exhibits
1. Investments by cost, market value, cash income and average yield by class
2. Maturities by classification and length of time at market value
3. Yield comparison & market yield curve
4. Cash income by month & cumulative cash income
5. Maturities, calls and purchases this quarter
6. Fund equity in pooled investments
7. Security ratings and outlooks
8. Portfolio allocation at amortized cost by issuer
9. Investment detail
10. Section 115 Trust activity
Feb. 20, 2025 Item #1 Page 6 of 84
City of Carlsbad investment portfolio
Investments by cost, market value, cash income and average yield by class Exhibit 1
Investment cost Market value Average yield
Class Current month Prior month Current month Prior month YTD net income
Current
month
Prior
month
Percent
of total
Certificate of
deposit 22,220,876.92$ 22,220,876.92$ 21,941,814.35$ 22,003,758.26$ 161,756.23$ 2.21% 2.21% 2.57%
Corporate notes 129,203,243.60$ 128,689,806.00$ 124,263,938.51$ 124,783,077.28$ 1,152,350.39$ 2.63% 2.63% 14.58%
Federal agency $ 340,603,579.97 $ 339,676,976.97 $ 333,843,866.54 $ 334,446,669.38 $ 2,589,371.20 2.19% 2.16% 39.18%
Mortgage
passthrough
securities
86,906,152.61$ 78,134,782.98$ 85,631,605.35$ 78,306,684.47$ 946,822.28$ 3.95% 3.93% 10.05%
Municipal bonds 99,062,112.90$ 101,613,447.90$ 97,769,827.30$ 101,214,638.90$ 912,352.96$ 2.92% 2.82% 11.47%
Supranational
securities 16,677,140.00$ 20,176,492.00$ 16,131,314.00$ 19,744,428.10$ 151,393.00$ 2.37% 2.05% 1.89%
US Treasury 51,519,676.29$ 51,519,676.29$ 51,058,515.00$ 51,402,827.50$ 336,551.83$ 2.70% 2.70% 5.99%
General cash
account 2,091,263.00$ 2,351,846.00$ 2,091,263.00$ 2,351,846.00$ -$ 0.00% 0.00% 0.25%
Sweep account 11,076,130.65$ 5,445,787.81$ 11,076,130.65$ 5,445,787.81$ 215,438.57$ 4.72% 4.80% 1.30%
Investment cash
account 7,652,244.17$ 10,482,297.37$ 7,652,244.17$ 10,482,297.37$ 67,302.98$ 2.65% 2.65% 0.90%
California Asset
Mgmt Program
(CAMP)
98,821,418.66$ 116,821,114.17$ 98,821,418.66$ 116,821,114.17$ 2,098,446.91$ 5.03% 5.29% 11.60%
Local Agency
Investment Fund
(LAIF)
1,889,661.64$ 1,867,514.89$ 1,889,661.64$ 1,867,514.89$ 42,982.77$ 4.52% 4.58% 0.22%
Total 867,723,500.40$ 879,000,619.30$ 852,171,599.17$ 868,870,644.13$ 8,674,769.12$ 2.91% 2.93% 100.00%
Policy:
Certificates of deposit and corporate notes are limited to 30% of total portfolio at the time of purchase.
Municipal bonds are limited to 15% of total portfolio at the time of purchase.
Supranational securities are limited to 10% of total portfolio at the time of purchase.
Oct. 31, 2024
Feb. 20, 2025 Item #1 Page 7 of 84
City of Carlsbad investment portfolio
Maturities by classification and length of time at market value
Exhibit 2
Class Overnight Within 12 months 13-36 months 37-60 months Total
Certificate of deposit - 8,222,589.68$ 7,456,279.29$ 6,262,945.38$ 21,941,814.35$
Corporate notes - 28,397,548.51$ 56,480,243.00$ 39,386,147.00$ 124,263,938.51$
Federal agency - 98,235,129.05$ 139,000,968.49$ 96,607,769.00$ 333,843,866.54$
Mortgage
passthrough
securities
- 2,916,404.73$ 18,543,470.10$ 64,171,730.52$ 85,631,605.35$
Municipal bonds - 15,860,227.50$ 55,632,906.75$ 26,276,693.05$ 97,769,827.30$
Supranational
securities --$ 8,666,960.00$ 7,464,354.00$ 16,131,314.00$
US Treasury - 17,238,375.00$ 25,263,815.00$ 8,556,325.00$ 51,058,515.00$
General cash account 2,091,263.00$ - - - 2,091,263.00$
Sweep account 11,076,130.65$ - - - 11,076,130.65$
Investment cash
account 7,652,244.17$ - - - 7,652,244.17$
California Asset
Mgmt Program
(CAMP)
$ 98,821,418.66 - - - 98,821,418.66$
Local Agency
Investment Fund
(LAIF)
$ 1,889,661.64 - - - 1,889,661.64$
Totals 121,530,718.12$ 170,870,274.47$ 311,044,642.63$ 248,725,963.95$ 852,171,599.17$
Percent Total 14.26%20.05%36.50%29.19%100.00%
292,400,992.59$
69.79%
Policy:
Maximum term for all securities is five years.
Not less than $279,333,609 to mature within one year, two-thirds of FY 24-25 operating budget of $419,000,413.
Oct. 31, 2024
Percentage of the budget
Funds maturing within one year
Feb. 20, 2025 Item #1 Page 8 of 84
City of Carlsbad investment portfolio
Yield comparisons
Exhibit 3
Oct. 31, 2024
0.00
1.00
2.00
3.00
4.00
5.00
6.00
3 month 2 year 5 year 10 year
FY 22-23 end 5.43 4.87 4.13 3.81
FY 23-24 end 5.48 4.71 4.33 4.36
Oct. 2024 4.64 4.16 4.15 4.28
Ma
r
k
e
t
r
a
t
e
(
%
)
Yield comparison: market yields
Fiscal year ends compared to current
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Yi
e
l
d
(
%
)
Yield comparison: Securities vs CAMP vs LAIF
Three year comparison
Securities CAMP LAIF
Feb. 20, 2025 Item #1 Page 9 of 84
City of Carlsbad investment portfolio
Cash income
Exhibit 4
Fiscal year 2023-24
Oct. 31, 2024
Fiscal year 2024-25
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
In
t
e
r
e
s
t
I
n
c
o
m
e
Cash income by month
13-month comparison
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
In
t
e
r
e
s
t
I
n
c
o
m
e
Cumulative cash income
13-month comparison, by fiscal year
Feb. 20, 2025 Item #1 Page 10 of 84
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter Exhibit 5
CUSIP Issuer Settled Maturity Yield Par value Book value Total Interest Total
Corporate notes
06406RAL1 Bank of NY Mellon 02/18/20 10/24/24 2.10% 3,055,000.00$ 3,055,000.00$ 300,459.25$ 3,355,459.25$
Federal agency
31422XMV1 Federal Agricultural Mortgage Corp 10/04/21 10/04/24 0.50% 2,000,000.00$ 2,000,000.00$ 30,000.00$ 2,030,000.00$
3133EK3B0 Federal Farm Credit Banks 11/25/20 10/16/24 1.50% 1,400,000.00$ 1,400,000.00$ 81,725.00$ 1,481,725.00$
Mortgage passthrough securities
30311SAA7 FRESB - 2022-SB97 A5F 04/22/22 10/25/24 2.80%5,294.05$ 5,084.24$ 4,871.57$ 10,165.62$
30315EAA4 FRESB - MFM 07/24/20 10/25/24 0.83%1,481.16$ 1,488.40$ 604.45$ 2,085.61$
30318NAA1 FRESB - 2021-SB83 02/19/21 10/25/24 0.51%2,264.28$ 2,274.91$ 627.24$ 2,891.52$
30321CAQ5 FRESB - 2021-SB88 A5F 07/23/21 10/25/24 0.75%3,017.52$ 3,031.69$ 1,212.97$ 4,230.49$
30324QAC2 FRESB - 2022-SB94 01/21/22 10/25/24 1.50%7,320.37$ 7,354.23$ 5,352.14$ 12,672.51$
30329MAA0 FRESB - 2022-SB103 A5F 10/28/22 10/25/24 4.99%2,140.98$ 1,918.08$ 2,536.45$ 4,677.43$
30329QAA1 FRESB - 2022-SB104 A5F 11/18/22 10/25/24 2.60%5,242.35$ 4,785.42$ 8,274.99$ 13,517.34$
30332EAA3 FRESB - 2023-SB107 A5F 07/20/23 10/25/24 4.09%1,002.56$ 980.76$ 10,199.34$ 11,201.90$
30333AAA0 FRESB - 2023-SB108 A5F 08/17/23 10/25/24 4.79%1,985.36$ 1,942.57$ 12,344.85$ 14,330.21$
30334CAA5 FRESB - 2023-SB111 A5F 11/16/23 10/25/24 5.28%1,721.83$ 1,683.28$ 10,783.93$ 12,505.76$
30336BAA5 FRESB - 2024-SB113 04/25/24 10/25/24 5.22%423.24$ 419.70$ 14,639.46$ 15,062.70$
30337MAA0 FRESB - 2024-SB114 06/27/24 10/25/24 4.99%387.53$ 389.45$ 12,372.70$ 12,760.23$
3132XGRH1 FRESB - WN2287 01/27/23 10/25/24 3.93%4,065.66$ 4,028.81$ 9,108.18$ 13,173.84$
3132XGYJ9 FHLM - WN2512 03/07/24 10/25/24 4.80%1,690.18$ 1,655.85$ 5,489.58$ 7,179.76$
3137BP4J5 FHLM - FHMS K1R1 08/20/21 10/25/24 0.41%46,010.99$ 48,189.32$ 1,711.14$ 47,722.13$
3137BPW21 FHLM - KHMS K055 03/25/21 10/25/24 2.67%5,730.50$ 6,188.94$ 5,568.75$ 11,299.25$
3137F32A1 FHLM - KHG1 A1 04/15/20 10/25/24 0.99%92,647.95$ 99,307.02$ 501.17$ 93,149.12$
3138L7D60 FHLM - AM6424 12/16/22 10/25/24 4.21%2,597.85$ 2,515.04$ 2,744.26$ 5,342.11$
35564CAA5 FHLM - SLST 2018 01/11/24 10/25/24 5.37%7,957.29$ 7,636.82$ 2,728.23$ 10,685.52$
Municipal bonds
419792ZK5 Hawaii, State of 02/26/21 10/01/24 0.80% 3,000,000.00$ 3,000,000.00$ 86,549.17$ 3,086,549.17$
419792ZK5 Hawaii, State of 03/17/22 10/01/24 0.80% 2,000,000.00$ 2,000,000.00$ 40,723.78$ 2,040,723.78$
Supranational securities
45950KCR9 International Finance Corporation 02/04/21 10/16/24 1.38% 2,000,000.00$ 1,957,463.96$ 101,830.00$ 2,101,830.00$
13,647,981.65$ 13,613,338.49$ 752,958.60$ 14,400,940.25$
Oct. 31, 2024
Maturities
Maturities Total
Feb. 20, 2025 Item #1 Page 11 of 84
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter
CUSIP Issuer Settled Call Date Yield Par value Book value Interest Total
Federal agency
3130AVZQ8 Federal Home Loan Bank 1,880,000.00 1,873,350.98$ 117,650.40$ 1,997,650.40$
3134GYXX5 Federal Home Loan Mortgage Corp 1,750,000.00 1,747,982.61$ 110,959.72$ 1,860,959.72$
3134H1GH0 Federal Home Loan Mortgage Corp 1,500,000.00
07/07/23 10/04/24 5.04% $
09/12/23 10/28/24 5.65% $
11/01/23 10/30/24 5.00% $ 1,491,558.37$ 74,791.67$ 1,574,791.67$
Corporate Notes
78014RHK9 Royal Bank of Canada 10/18/22 10/18/24 5.70% 2,500,000.00$ 2,500,000.00$ 285,000.00$ 2,785,000.00$
Calls Total 7,630,000.00$ 7,612,891.96$ 588,401.79$ 8,218,401.79$
Oct. 31, 2024
Calls
Feb. 20, 2025 Item #1 Page 12 of 84
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter
CUSIP Issuer Settled Maturity Yield First Coupon Par value Book value Anticipated Interest
Corporate notes
48130CUB9 JPMorgan Chase 10/23/24 10/23/29 4.13%04/23/25 2,000,000.00$ 2,000,000.00$ 412,500.00$
6944PL3C1 Pacific Life Global 10/09/24 08/28/29 4.39%02/28/25 2,000,000.00$ 2,009,920.00$ 450,250.00$
74368CBG8 Protective Life Global 10/23/24 07/06/28 4.51%01/06/25 2,300,000.00$ 2,097,255.00$ 174,800.00$
Federal agency
3130B3CC5 Federal Home Loan Bank 10/17/24 10/09/29 4.10%04/09/25 2,500,000.00$ 2,500,000.00$ 510,222.22$
3133ERWK3 Federal Farm Credit Banks 10/07/24 10/07/27 3.67%04/07/25 2,000,000.00$ 2,000,000.00$ 220,200.00$
3134HAPK3 Federal Home Loan Mortgage Corp 10/10/24 10/10/29 4.03%04/10/24 2,500,000.00$ 2,500,000.00$ 503,750.00$
31424WQB1 Federal Agricultural Mortgage Corp 10/15/24 10/15/29 4.45%04/15/25 2,500,000.00$ 2,500,000.00$ 556,250.00$
Mortgage passthrough securities
3132XKTD9 FHLMC WN5047 10/07/24 07/01/29 3.89%11/25/24 2,500,000.00$ 2,498,750.00$ 226,955.69$
3132XKTE7 FHLMC WN5048 10/09/24 08/01/29 4.15%11/25/24 2,500,000.00$ 2,489,150.00$ 242,860.85$
3140NWFK6 FNMA BZ1969 10/21/24 10/01/29 4.01%11/25/24 2,000,000.00$ 1,990,000.00$ 196,133.86$
3140NWGS8 FNMA BZ2008 10/15/24 10/01/29 4.23%11/25/24 2,000,000.00$ 1,996,000.00$ 203,992.36$
Municipal bonds
91412HFG3 University of CA 10/10/24 07/01/29 4.09%01/01/25 2,500,000.00$ 2,421,325.00$ 418,625.00$
27,300,000.00$ 27,002,400.00$ 4,116,539.98$
Oct. 31, 2024
Purchases
Purchases total
Feb. 20, 2025 Item #1 Page 13 of 84
City of Carlsbad investment portfolio
Fund equity in pooled investments
Exhibit 6
Cash balance by fund:Cash balance by fund:
General 124,603,702.21$
Special revenue 35,634,065.94$
Capital projects:
Infrastructure replacement 117,380,602.81$
Special districts 111,328,766.70$
General capital construction 63,142,183.23$
Public facilities fees 34,489,985.47$
Traffic impact fees 17,683,006.53$
Gas tax 19,508,050.96$
Park development 16,323,350.69$
Technology investment 19,308,462.33$
TransNet taxes 5,072,815.97$
Drainage fees 5,206,168.45$
Total capital projects 409,443,393.14$
Enterprise:
Carlsbad Municipal Water District 140,361,538.47$
Sewer fund 51,604,318.43$
Storm water 4,657,942.00$
Solid waste 4,207,872.42$
Golf course 7,467,995.51$
Total enterprise 208,299,666.83$
Internal service 84,964,973.26$
Fiduciary 1,747,536.29$
Total general ledger balance *864,693,338.00$
Reconciling adjustments¹2,529,843.00$
Total treasurer's investment portfolio at amortized cost 867,223,181.48$
*Figures based on best estimate at the time report run on 11/08/2024.
¹The 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.
Oct. 31, 2024
Feb. 20, 2025 Item #1 Page 14 of 84
City of Carlsbad investment portfolio
Security ratings and outlooks
Exhibit 7
Issuer Moody's S&P Fitch Outlook
Corporate notes
Apple Inc AAA AA+Stable/Stable/
Bank of America A1 A- AA-Positive/ /Stable
Bank of Montreal A2 N/A AA-Stable
BLC Community Bank A2 N/A AA-Stable
Citibank AA3 A+ A+Stable
CME Group Inc AA3 AA- AA-Stable/Stable/Stable
Colgate-Palmolive AA3 A+Stable/Negative
Flordia Power and Light Co AA2 A+ AA-Stable/Stable/Stable
Johnson & Johnson AAA AAA Stable/Neg
JP Morgan Chase Bank A1 A- AA-Stable/Stable/Stable
MassMutual Global Funding AA3 AA+ AA+ /Stable/
Merck & Co*A1 A+Positive/Stable/
Met Life Global AA3 AA- AA- /Stable/
Microsoft AAA AAA Stable/Stable/
New York Life AAA AA+ AAA Stable
Nike Inc.A1 AA-Stable/Stable/
Novartis Capital Corp AA3 AA- AA-Positive/Stable
Pacific Life Global AA3 AA- AA-Stable
Procter & Gamble AA3 AA-Stable/Stable/
Protective Life Global A1 AA- AA-Stable
Roche Holdings Inc AA2 AA AA Stable
Royal Bank of Canada A1 A AA-Stable/Stable/Stable
Seattle Children's Hospital AA2 N/A AA Stable
Visa Inc.AA3 AA-Stable/Stable/
Wal-Mart AA2 AA AA Stable/Stable/Stable
Mortgage passthrough securities
FAMCA AAA AA+Stable
FHLMC AAA AA+Stable
FNMA AAA AA+Stable
FRESB AAA AA+Stable
Municipal Bonds
Alief Independent School Dist AAA AAA
Amarillo Independent SD AAA AAA Stable
Anaheim California N/A AA+ AA+
Bay Area Water & Utl AA3 AA-
California State University AA2 AA-
California, State AA2 AA- AA Stable/positive/stable
Connecticut, State AA3 AA-
Ratings of corporate notes must be AA or better by one and A or better by another of the three: Moody's, S&P, or Fitch.
Ratings of mortgage passthrough securities must be AA or better by one of the three: Moody's, S&P, or Fitch.
Oct. 31, 2024
All investments were in compliance with the city's investment policy at the time of purchase.
Feb. 20, 2025 Item #1 Page 15 of 84
City of Carlsbad investment portfolio
Security ratings and outlooks
Issuer Moody's S&P Fitch Outlook
Oct. 31, 2024
All investments were in compliance with the city's investment policy at the time of purchase.
Contra Costa Cmty College AA1 AA+
Fremont CA Unified AA2 AA-Stable
Hawaii, State AA2 AA+ AA Stable
Honolulu Wastewater AA3 N/A AA-Stable
Los Angeles Cmty Clg Dist AAA AA+
Los Angeles Unified SD AA2 AA-Stable
Los Angeles Water & Power AA2 AA-Stable
Marion County SD AA1 N/A AA+Stable
Mason/Kitsap Cty SD AAA N/A AA+Stable
Miami Beach FL AA2 AA+
Minnesota State AAA AAA AAA Stable
Multnomah County OR AAA AAA Stable
Oregon State Dept Admin Serv AA2 AA
Oregon State Dept of Transp AA1 AAA AA+Stable
Pajaro Valley Unified SD AA3 A+
Portland Cmty College AA1 N/A AA+Stable
Riverside California N/A AA AA-Stable
San Antonio, Texas AAA AAA
San Bernardino CCD AA1 AA Stable
San Diego Cmty College AA1 AAA Stable
San Diego Public Finance AA2 N/A AA Stable
San Francisco City Pub Utl¹N/A N/A
San Jose Evergreen CC AAA AA+Stable
San Jose Redevelopment N/A AA AA+Stable
San Ramon Valley USD AA1 AA+
Santa Barbara CA USD AA1 AA Stable
Santa Monica Cmty College AA2 AA+
Solano County Cmty College AA2 AA Stable
Southern CA Public Power N/A AA- AA-Stable
Texas Tech University AA1 AA+Stable
University of California AA2 AA AA Stable
Corporate notes Moody's S&P Fitch Maturity date Purchased Book value
Merck & Co A1 A+ N/R 02/24/26 04/12/21 1,495,665$
1,495,665$
¹San Francisco City Public Utility refunded and is collateralized by State and Local Government Series Securities (SLGS). The security is
backed by the US Treasury and is therefore not rated.
*Investments with subsequent changes in credit rating
The city's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. The
current exception is paying interest at the required times. The principal of the investment is considered secure. It is the intent of the City
Treasurer to hold the asset in the portfolio until maturity unless events indicate they shoud be sold.
Ratings of municipal bonds must be AA or better by one and A or better by another of the three: Moody's, S&P, or Fitch.
Feb. 20, 2025 Item #1 Page 16 of 84
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Exhibit 8
Issuer Amortized cost Portfolio allocation
Corporate notes
Apple Inc.1,507,029.45$ 0.17%
Bank of America 10,996,558.75$ 1.27%
Bank of Montreal 2,000,000.00$ 0.23%
BLC Community Bank (Bank of Montreal)5,950,000.00$ 0.69%
Citibank 2,038,409.85$ 0.24%
CME Group 2,792,787.20$ 0.32%
Colgate-Palmolive 1,969,553.18$ 0.23%
Florida Power & Light 3,693,754.71$ 0.43%
Johnson & Johnson 17,177,392.73$ 1.98%
JP Morgan Chase Bank 20,800,000.00$ 2.40%
Massmutual Global 3,761,839.78$ 0.43%
Merck & Co 1,496,152.83$ 0.17%
Met Life Global 5,108,784.84$ 0.59%
Microsoft 4,103,593.14$ 0.47%
New York Life 6,428,195.08$ 0.74%
Nike Inc.2,888,406.38$ 0.33%
Novartis Capital Corp 3,314,116.23$ 0.38%
Pacific Life Global 3,015,251.74$ 0.35%
Procter & Gamble 12,820,836.98$ 1.48%
Protective Life Global 2,098,471.77$ 0.24%
Roche Holdings Inc 4,840,991.72$ 0.56%
Royal Bank of Canada 4,498,172.40$ 0.52%
Seattle Children's Hospital 902,172.76$ 0.10%
Visa Inc.1,278,995.45$ 0.15%
Wal-Mart 2,001,686.13$ 0.23%
Mortgage passthrough securities
FAMCA 3,481,549.46$ 0.40%
FHLMC 30,995,166.86$ 3.57%
FNMA 21,964,780.25$ 2.53%
FRESB 30,528,471.21$ 3.52%
Federal agencies
Federal Agricultural Mortgage Corp.23,648,471.99$ 2.73%
Federal Farm Credit Bank 77,303,272.08$ 8.91%
Federal Home Loan Bank 143,201,209.18$ 16.51%
Federal Home Loan Mortgage Corp.61,420,628.93$ 7.08%
Federal National Mortgage Assoc.35,898,547.90$ 4.14%
Oct. 31, 2024
Feb. 20, 2025 Item #1 Page 17 of 84
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Issuer Amortized cost Portfolio allocation
Oct. 31, 2024
Municipal Bonds
Alief Independent SD 1,972,496.38$ 0.23%
Amarillo Independent SD 1,797,316.84$ 0.21%
Anaheim California 1,535,113.49$ 0.18%
Bay Area Water 1,204,893.75$ 0.14%
California State University 2,254,236.05$ 0.26%
California, State 18,310,776.67$ 2.11%
Connecticut, State 2,853,548.61$ 0.33%
Contra Costa Cmty College 936,464.47$ 0.11%
Fremont CA Unified 1,867,006.96$ 0.22%
Hawaii, State 3,020,700.64$ 0.35%
Honolulu Wastewater 1,428,738.46$ 0.16%
Los Angeles Cmty College 2,063,180.96$ 0.24%
Los Angeles Unified SD 3,650,261.09$ 0.42%
Los Angeles Water & Power 1,551,501.06$ 0.18%
Marion County SD 1,881,877.60$ 0.22%
Mason/Kitsap Cty SD 640,000.00$ 0.07%
Miami Beach FL 1,396,976.00$ 0.16%
Minnesota State 1,215,000.00$ 0.14%
Multnomah County OR 2,000,860.11$ 0.23%
Oregon State Dept of Admin Services 960,091.55$ 0.11%
Oregon State Dept of Transp 3,271,920.50$ 0.38%
Pajaro Valley USD 996,582.66$ 0.11%
Portland CC 1,101,013.53$ 0.13%
Riverside California 1,260,414.24$ 0.15%
San Antonio, Texas 500,000.00$ 0.06%
San Bernardino CCD 1,393,775.43$ 0.16%
San Diego Cmty College 5,164,151.56$ 0.60%
San Diego Public Finance 1,897,584.62$ 0.22%
San Francisco City Pub Utl 1,000,000.00$ 0.12%
San Jose Evergreen CC 767,547.34$ 0.09%
San Jose Redevelpment 4,030,641.16$ 0.46%
San Ramon Valley SD 895,061.62$ 0.10%
Santa Barbara CA USD 952,869.54$ 0.11%
Santa Monica Cmty College 504,241.34$ 0.06%
Solano County Cmty College 1,814,182.32$ 0.21%
Southern CA Public Power 2,458,662.15$ 0.28%
Texas Tech University 5,758,298.79$ 0.66%
University of California 12,868,437.90$ 1.48%
Feb. 20, 2025 Item #1 Page 18 of 84
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Issuer Amortized cost Portfolio allocation
Oct. 31, 2024
Other
Supranational 16,481,956.60$ 1.90%
US Treasury 51,883,392.58$ 5.98%
Certificate of deposits 22,225,437.83$ 2.56%
Cash 121,530,718.12$ 14.01%
Total portfolio amortized cost 867,223,181.48$ 100.00%
Policy:
Corporate notes, non-agency mortgage passthrough securities, municpal bonds, and supranational securities may have no more than 5%
invested with a single issuer.
Certificates of deposit may have no more than 10% invested with any single issuer.
Federal agencies, U.S. Treasury and agency-backed mortgage passthrough securities do not have issuer limitations.
Feb. 20, 2025 Item #1 Page 19 of 84
City of Carlsbad investment portfolio
Investment detail
Exhibit 9
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
31422BPG9 11/15/19 11/01/24 Federal Agricultural Mortgage Corp 2,000,000.00$ 1,999,720.00$ 1.793% 177,607.78$ 2,177,607.78$
3133EC2D5 07/10/20 11/13/24 Federal Farm Credit Banks 1,621,000.00$ 1,751,360.82$ 0.390% 159,055.22$ 1,780,055.22$
3135G06E8 11/18/20 11/18/24 Federal National Mortgage Assoc 2,000,000.00$ 2,000,000.00$ 0.420% 33,600.00$ 2,033,600.00$
3130APVZ5 12/02/21 12/02/24 Federal Home Loan Banks 1,900,000.00$ 1,900,000.00$ 1.050% 59,850.00$ 1,959,850.00$
3130AQ5L3 12/16/21 12/16/24 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 0.500% 70,000.00$ 2,070,000.00$
3130AKLQ7 12/30/20 12/30/24 Federal Home Loan Banks 4,000,000.00$ 4,000,000.00$ 0.310% 49,600.00$ 4,049,600.00$
3134GXYX6 07/07/22 12/30/24 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,500,000.00$ 3.348% 207,746.53$ 2,707,746.53$
3130AJSF7 05/27/21 01/08/25 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 0.648% 46,980.56$ 2,046,980.56$
3130ASLP2 07/21/22 01/21/25 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 3.500% 175,000.00$ 2,175,000.00$
3130AN7L8 07/28/21 01/28/25 Federal Home Loan Banks 1,750,000.00$ 1,750,000.00$ 0.520% 31,850.00$ 1,781,850.00$
3133EMPV8 02/03/21 02/03/25 Federal Farm Credit Banks 2,000,000.00$ 2,000,000.00$ 0.320% 25,600.00$ 2,025,600.00$
3134GWMN3 08/27/20 02/27/25 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,500,000.00$ 0.520% 58,500.00$ 2,558,500.00$
3130A4CH3 04/09/20 03/14/25 Federal Home Loan Banks 3,000,000.00$ 3,231,300.00$ 0.778% 351,302.08$ 3,351,302.08$
3130A4CH3 02/18/21 03/14/25 Federal Home Loan Banks 1,500,000.00$ 1,620,240.00$ 0.389% 145,072.92$ 1,645,072.92$
3134GWP26 06/07/21 03/28/25 Federal Home Loan Mortgage Corp 1,000,000.00$ 998,500.00$ 0.540% 19,041.67$ 1,019,041.67$
3130AMRJ3 06/28/21 03/28/25 Federal Home Loan Banks 3,120,000.00$ 3,122,340.00$ 0.500% 70,200.00$ 3,190,200.00$
3133EMWH1 04/21/21 04/21/25 Federal Farm Credit Banks 1,500,000.00$ 1,500,000.00$ 0.710% 42,600.00$ 1,542,600.00$
3130APA39 09/30/22 04/21/25 Federal Home Loan Banks 1,055,000.00$ 963,215.00$ 4.287% 17,813.67$ 1,072,813.67$
3135GAA43 12/23/20 04/23/25 Federal National Mortgage Assoc 3,000,000.00$ 3,000,000.00$ 0.500% 65,000.00$ 3,065,000.00$
3134GWYW0 10/30/20 04/30/25 Federal Home Loan Mortgage Corp 2,000,000.00$ 2,000,000.00$ 0.500% 45,111.12$ 2,045,111.12$
3133ELC28 06/03/20 05/27/25 Federal Farm Credit Banks 3,500,000.00$ 3,499,300.00$ 0.734% 127,324.17$ 3,627,324.17$
3134GVB31 06/03/20 05/28/25 Federal Home Loan Mortgage Corp 2,000,000.00$ 2,000,000.00$ 0.750% 74,791.66$ 2,074,791.66$
3135GA5S6 12/16/20 06/16/25 Federal National Mortgage Assoc 2,000,000.00$ 2,000,000.00$ 0.450% 40,500.00$ 2,040,500.00$
3135G04Z3 01/11/21 06/17/25 Federal National Mortgage Assoc 3,000,000.00$ 3,014,640.00$ 0.389% 66,500.00$ 3,066,500.00$
3135G04Z3 05/20/21 06/17/25 Federal National Mortgage Assoc 2,000,000.00$ 1,991,940.00$ 0.600% 40,750.00$ 2,040,750.00$
3136G4XZ1 07/01/20 06/30/25 Federal National Mortgage Assoc 2,500,000.00$ 2,500,000.00$ 0.740% 92,448.61$ 2,592,448.61$
3133EMMP4 01/15/21 07/14/25 Federal Farm Credit Banks 2,225,000.00$ 2,218,325.00$ 0.457% 39,024.65$ 2,264,024.65$
3137EAEU9 09/14/20 07/21/25 Federal Home Loan Mortgage Corp 1,500,000.00$ 1,499,625.00$ 0.380% 27,296.87$ 1,527,296.87$
3133ELZ80 07/29/20 07/29/25 Federal Farm Credit Banks 3,000,000.00$ 3,000,000.00$ 0.580% 87,000.00$ 3,087,000.00$
3133EMFC1 10/29/20 07/29/25 Federal Farm Credit Banks 3,000,000.00$ 3,000,000.00$ 0.530% 75,525.00$ 3,075,525.00$
3134GWXM3 10/01/20 07/30/25 Federal Home Loan Mortgage Corp 2,000,000.00$ 2,000,000.00$ 0.510% 49,271.67$ 2,049,271.67$
3133EL3P7 08/12/20 08/12/25 Federal Farm Credit Banks 3,500,000.00$ 3,500,000.00$ 0.530% 92,750.00$ 3,592,750.00$
3136G4C43 08/14/20 08/14/25 Federal National Mortgage Assoc 2,000,000.00$ 2,000,000.00$ 0.650% 65,000.00$ 2,065,000.00$
3136G4H71 11/06/20 08/18/25 Federal National Mortgage Assoc 2,000,000.00$ 1,999,000.00$ 0.500% 47,833.33$ 2,047,833.33$
3136G4K77 08/21/20 08/21/25 Federal National Mortgage Assoc 2,000,000.00$ 2,000,000.00$ 0.450% 45,000.00$ 2,045,000.00$
3136G4X24 08/31/20 08/29/25 Federal National Mortgage Assoc 3,000,000.00$ 3,000,000.00$ 0.600% 89,900.00$ 3,089,900.00$
3137EAEX3 10/22/20 09/23/25 Federal Home Loan Mortgage Corp 4,000,000.00$ 3,989,280.00$ 0.430% 73,791.67$ 4,073,791.67$
3137EAEX3 12/28/20 09/23/25 Federal Home Loan Mortgage Corp 3,000,000.00$ 2,996,460.00$ 0.400% 53,281.25$ 3,053,281.25$
3133EMCP5 10/14/20 10/14/25 Federal Farm Credit Banks 1,500,000.00$ 1,500,000.00$ 0.520% 39,000.00$ 1,539,000.00$
3132X0CK5 11/01/22 10/14/25 Federal Agricultural Mortgage Corp 1,650,000.00$ 1,645,264.50$ 2.153% 184,415.59$ 1,834,415.59$
3134GWXX9 10/15/20 10/15/25 Federal Home Loan Mortgage Corp 3,000,000.00$ 3,000,000.00$ 0.550% 82,500.00$ 3,082,500.00$
3135G06A6 12/11/20 10/20/25 Federal National Mortgage Assoc 2,410,000.00$ 2,408,795.00$ 0.590% 67,909.78$ 2,477,909.78$
3133EMDZ2 12/09/20 10/21/25 Federal Farm Credit Banks 3,000,000.00$ 2,994,300.00$ 0.560% 75,920.00$ 3,075,920.00$
3133EMFR8 11/03/20 11/03/25 Federal Farm Credit Banks 4,500,000.00$ 4,500,000.00$ 0.540% 121,500.00$ 4,621,500.00$
3135G06G3 12/29/20 11/07/25 Federal National Mortgage Assoc 3,000,000.00$ 3,012,960.00$ 0.410% 72,833.34$ 3,072,833.34$
3130ALFF6 03/10/21 12/10/25 Federal Home Loan Banks 1,750,000.00$ 1,750,000.00$ 0.650% 54,031.25$ 1,804,031.25$
31422XAT9 03/02/21 12/15/25 Federal Agricultural Mortgage Corp 3,000,000.00$ 3,000,000.00$ 0.520% 74,663.33$ 3,074,663.33$
3134GXFV1 12/17/20 12/17/25 Federal Home Loan Mortgage Corp 5,000,000.00$ 5,000,000.00$ 0.625% 156,250.00$ 5,156,250.00$
3134GXHD9 03/24/21 12/23/25 Federal Home Loan Mortgage Corp 1,500,000.00$ 1,489,500.00$ 0.700% 49,845.83$ 1,549,845.83$
3135G06Q1 12/30/20 12/30/25 Federal National Mortgage Assoc 2,500,000.00$ 2,504,125.00$ 0.474% 80,000.00$ 2,580,000.00$
3130AKMZ6 01/14/21 01/14/26 Federal Home Loan Banks 4,000,000.00$ 4,000,000.00$ 0.510% 102,000.00$ 4,102,000.00$
3130AKMZ6 01/14/21 01/14/26 Federal Home Loan Banks 1,750,000.00$ 1,747,375.00$ 0.540% 44,625.00$ 1,794,625.00$
31422B6K1 01/25/21 01/15/26 Federal Agricultural Mortgage Corp 1,500,000.00$ 1,500,000.00$ 0.480% 35,800.00$ 1,535,800.00$
3130AKN69 01/28/21 01/28/26 Federal Home Loan Banks 3,000,000.00$ 3,000,000.00$ 0.500% 75,000.00$ 3,075,000.00$
3130AKRF5 02/09/21 02/09/26 Federal Home Loan Banks 2,050,000.00$ 2,050,000.00$ 0.350% 14,575.00$ 2,064,575.00$
3130AKVR4 02/12/21 02/12/26 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 0.550% 55,000.00$ 2,055,000.00$
3130AKVV5 02/18/21 02/18/26 Federal Home Loan Banks 4,000,000.00$ 4,000,000.00$ 0.500% 100,000.00$ 4,100,000.00$
3133EMSH6 03/03/21 03/03/26 Federal Farm Credit Banks 674,000.00$ 674,000.00$ 0.790% 26,623.00$ 700,623.00$
3133EMSU7 03/09/21 03/09/26 Federal Farm Credit Banks 3,500,000.00$ 3,500,000.00$ 0.800% 140,000.00$ 3,640,000.00$
Oct. 31, 2024
Federal investments
Feb. 20, 2025 Item #1 Page 20 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Oct. 31, 2024
3130ALH56 03/18/21 03/18/26 Federal Home Loan Banks 3,000,000.00$ 2,997,000.00$ 0.750% 112,500.00$ 3,112,500.00$
3130ALUQ5 03/30/21 03/30/26 Federal Home Loan Banks 1,500,000.00$ 1,500,000.00$ 0.300% 22,500.00$ 1,522,500.00$
31422XCX8 04/20/21 04/20/26 Federal Agricultural Mortgage Corp 2,000,000.00$ 2,000,000.00$ 1.000% 100,000.00$ 2,100,000.00$
3130ALVB7 04/21/21 04/21/26 Federal Home Loan Banks 2,000,000.00$ 1,998,500.00$ 0.915% 90,000.00$ 2,090,000.00$
3130AM4L3 04/29/21 04/29/26 Federal Home Loan Banks 4,000,000.00$ 4,000,000.00$ 0.500% 100,000.00$ 4,100,000.00$
31422XFP2 05/04/21 05/04/26 Federal Agricultural Mortgage Corp 2,500,000.00$ 2,500,000.00$ 0.950% 118,750.00$ 2,618,750.00$
3130AMCL4 09/30/22 05/19/26 Federal Home Loan Banks 1,100,000.00$ 979,726.00$ 4.300% 40,797.17$ 1,140,797.17$
3130AMHN5 05/26/21 05/26/26 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 0.500% 112,500.00$ 2,612,500.00$
31422XGL0 05/27/21 05/27/26 Federal Agricultural Mortgage Corp 2,000,000.00$ 2,000,000.00$ 0.920% 92,000.00$ 2,092,000.00$
3130AMQK1 06/16/21 06/16/26 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 0.500% 94,000.00$ 2,094,000.00$
3130AMQK1 06/16/21 06/16/26 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 0.500% 117,500.00$ 2,617,500.00$
3133EML67 06/22/21 06/22/26 Federal Farm Credit Banks 2,000,000.00$ 1,993,160.00$ 0.870% 80,000.00$ 2,080,000.00$
3130AMTW2 06/30/21 06/30/26 Federal Home Loan Banks 4,500,000.00$ 4,500,000.00$ 0.500% 186,750.00$ 4,686,750.00$
3130AMWN8 06/30/21 06/30/26 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 0.550% 88,000.00$ 2,088,000.00$
3130ANCH1 07/27/21 07/27/26 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 1.000% 125,000.00$ 2,625,000.00$
3130ANL57 08/25/21 08/25/26 Federal Home Loan Banks 3,500,000.00$ 3,494,750.00$ 0.906% 153,125.00$ 3,653,125.00$
31422XLY6 09/01/21 09/01/26 Federal Agricultural Mortgage Corp 4,000,000.00$ 4,000,000.00$ 0.900% 180,000.00$ 4,180,000.00$
3133EM3T7 09/07/21 09/01/26 Federal Farm Credit Banks 3,000,000.00$ 2,997,750.00$ 0.885% 130,065.00$ 3,130,065.00$
31422XNB4 09/30/21 09/30/26 Federal Agricultural Mortgage Corp 2,500,000.00$ 2,500,000.00$ 0.860% 107,798.60$ 2,607,798.60$
3133ENAF7 12/27/21 10/07/26 Federal Farm Credit Banks 2,500,000.00$ 2,469,000.00$ 1.268% 119,444.44$ 2,619,444.44$
3134GW6C5 02/15/22 10/28/26 Federal Home Loan Mortgage Corp 4,500,000.00$ 4,266,900.00$ 1.958% 169,300.00$ 4,669,300.00$
3130APJZ9 02/25/22 10/28/26 Federal Home Loan Banks 3,500,000.00$ 3,378,200.00$ 1.979% 210,000.00$ 3,710,000.00$
3130B1DC8 05/16/24 11/09/26 Federal Home Loan Banks 1,500,000.00$ 1,500,000.00$ 5.249% 196,875.00$ 1,696,875.00$
3133ENFP0 12/09/21 11/30/26 Federal Farm Credit Banks 2,950,000.00$ 2,952,950.00$ 1.408% 167,958.25$ 3,117,958.25$
3130AQF65 01/14/22 12/21/26 Federal Home Loan Banks 1,550,000.00$ 1,532,857.00$ 1.483% 95,637.15$ 1,645,637.15$
3130AQMX8 02/07/22 01/26/27 Federal Home Loan Banks 1,250,000.00$ 1,245,000.00$ 1.331% 112,070.31$ 1,362,070.31$
3130AQJR5 12/14/23 01/27/27 Federal Home Loan Banks 2,000,000.00$ 1,820,000.00$ 4.631% 105,000.00$ 2,105,000.00$
3130AQLD3 03/29/22 01/28/27 Federal Home Loan Banks 2,500,000.00$ 2,384,750.00$ 2.776% 211,336.81$ 2,711,336.81$
3130ARAB7 06/24/22 03/25/27 Federal Home Loan Banks 2,000,000.00$ 1,941,720.00$ 3.420% 260,791.67$ 2,260,791.67$
3134GXNM2 02/20/24 03/25/27 Federal Home Loan Mortgage Corp 2,000,000.00$ 1,899,720.00$ 4.419% 186,700.00$ 2,186,700.00$
3130ARL58 06/10/22 04/26/27 Federal Home Loan Banks 4,000,000.00$ 3,982,764.44$ 3.198% 589,235.56$ 4,589,235.56$
3133EPJP1 05/12/23 05/12/27 Federal Farm Credit Banks 2,000,000.00$ 1,999,260.00$ 3.620% 290,000.00$ 2,290,000.00$
3130ASCT4 06/28/22 06/28/27 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 3.250% 406,250.00$ 2,906,250.00$
3130ASF46 06/30/22 06/30/27 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 3.500% 437,500.00$ 2,937,500.00$
3130ASLA5 09/13/23 07/26/27 Federal Home Loan Banks 1,915,000.00$ 1,891,497.21$ 4.850% 344,700.00$ 2,259,700.00$
3133ERNT4 08/14/24 08/12/27 Federal Farm Credit Banks 2,500,000.00$ 2,498,750.00$ 4.968% 371,250.00$ 2,871,250.00$
3130B2QD0 09/13/24 09/10/27 Federal Home Loan Banks 1,500,000.00$ 1,500,000.00$ 4.070% 182,641.25$ 1,682,641.25$
3133ENL99 09/30/22 09/15/27 Federal Farm Credit Banks 2,500,000.00$ 2,432,200.00$ 3.983% 418,359.37$ 2,918,359.37$
3133EPXB6 09/28/23 09/28/27 Federal Farm Credit Banks 2,000,000.00$ 1,993,860.00$ 4.625% 370,000.00$ 2,370,000.00$
3134GX3H5 05/15/24 09/29/27 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,477,000.00$ 5.048% 415,625.00$ 2,915,625.00$
3133ERWK3 10/07/24 10/07/27 Federal Farm Credit Banks 2,000,000.00$ 2,000,000.00$ 3.670% 220,200.00$ 2,220,200.00$
3133EPJ30 12/06/23 12/06/27 Federal Farm Credit Banks 2,000,000.00$ 2,000,000.00$ 5.380% 430,400.00$ 2,430,400.00$
3133EN3S7 12/07/22 12/07/27 Federal Farm Credit Banks 3,000,000.00$ 2,995,920.00$ 3.780% 562,500.00$ 3,562,500.00$
3130AYPJ9 01/29/24 01/26/28 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 4.500% 359,500.00$ 2,359,500.00$
3130AUQA5 02/02/23 02/02/28 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.050% 506,250.00$ 3,006,250.00$
3130AYVC7 02/13/24 02/09/28 Federal Farm Credit Banks 2,000,000.00$ 2,000,000.00$ 4.625% 370,000.00$ 2,370,000.00$
3130AUW59 03/08/23 02/17/28 Federal Home Loan Banks 1,500,000.00$ 1,480,500.00$ 4.240% 318,000.00$ 1,818,000.00$
3133EP3Z6 02/28/24 02/28/28 Federal Farm Credit Banks 2,000,000.00$ 1,997,320.00$ 4.375% 350,000.00$ 2,350,000.00$
3130B0EE5 04/23/24 03/06/28 Federal Home Loan Banks 2,000,000.00$ 1,985,960.00$ 5.000% 384,000.00$ 2,384,000.00$
313382GT4 11/15/23 03/10/28 Federal Home Loan Banks 2,500,000.00$ 2,333,600.00$ 4.720% 337,500.00$ 2,837,500.00$
3133EPDC6 03/13/23 03/13/28 Federal Farm Credit Banks 1,000,000.00$ 1,000,000.00$ 5.350% 267,500.00$ 1,267,500.00$
3133EPFU4 04/12/23 04/12/28 Federal Farm Credit Banks 2,500,000.00$ 2,496,600.00$ 3.530% 437,500.00$ 2,937,500.00$
3130AVK50 04/24/23 04/24/28 Federal Home Loan Banks 1,500,000.00$ 1,500,000.00$ 5.000% 375,000.00$ 1,875,000.00$
3130ALZW7 12/14/23 04/28/28 Federal Home Loan Banks 1,000,000.00$ 895,070.00$ 4.362% 76,500.00$ 1,076,500.00$
3133EPMA0 06/09/23 06/09/28 Federal Farm Credit Banks 1,500,000.00$ 1,500,000.00$ 4.690% 351,750.00$ 1,851,750.00$
3130B0NE5 05/01/24 07/06/28 Federal Home Loan Banks 2,400,000.00$ 2,376,000.00$ 4.969% 478,773.33$ 2,878,773.33$
3134H1GL1 10/18/23 07/18/28 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,493,750.00$ 5.002% 593,750.00$ 3,093,750.00$
3134H1GL1 11/01/23 07/18/28 Federal Home Loan Mortgage Corp 2,000,000.00$ 1,982,760.00$ 5.210% 475,000.00$ 2,475,000.00$
3133ERLM1 07/24/24 07/24/28 Federal Farm Credit Banks 2,500,000.00$ 2,500,000.00$ 5.100% 510,000.00$ 3,010,000.00$
3133EPTA3 09/07/23 08/14/28 Federal Farm Credit Banks 1,000,000.00$ 1,000,000.00$ 5.108% 255,500.00$ 1,255,500.00$
Feb. 20, 2025 Item #1 Page 21 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Oct. 31, 2024
3133ERPK1 08/14/24 08/14/28 Federal Farm Credit Banks 2,500,000.00$ 2,500,000.00$ 4.670% 467,000.00$ 2,967,000.00$
3134HAGR8 08/28/24 08/28/28 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,485,000.00$ 4.164% 400,000.00$ 2,900,000.00$
3134GWS23 05/17/24 09/14/28 Federal Home Loan Mortgage Corp 2,000,000.00$ 1,719,760.00$ 4.610% 90,000.00$ 2,090,000.00$
3134H1CM3 11/17/23 09/25/28 Federal Home Loan Mortgage Corp 1,500,000.00$ 1,477,875.00$ 4.843% 327,750.00$ 1,827,750.00$
3130B0PR4 04/02/24 10/02/28 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 5.000% 450,000.00$ 2,450,000.00$
3130AP6J9 12/06/23 10/05/28 Federal Home Loan Banks 2,000,000.00$ 1,745,060.00$ 4.300% 135,000.00$ 2,135,000.00$
3130APSR7 01/08/24 11/16/28 Federal Farm Credit Banks 1,500,000.00$ 1,342,500.00$ 4.107% 127,500.00$ 1,627,500.00$
3130APTC9 01/19/24 11/22/28 Federal Home Loan Banks 1,000,000.00$ 896,600.00$ 4.193% 90,000.00$ 1,090,000.00$
3130B0M89 03/28/24 12/28/28 Federal Home Loan Banks 3,000,000.00$ 2,949,000.00$ 4.402% 570,000.00$ 3,570,000.00$
3130AYE51 01/08/24 01/02/29 Federal Home Loan Banks 2,500,000.00$ 2,501,250.00$ 4.947% 623,958.34$ 3,123,958.34$
3130AYCV6 01/11/24 01/03/29 Federal Home Loan Banks 2,700,000.00$ 2,700,000.00$ 5.000% 675,000.00$ 3,375,000.00$
3135GAM81 02/01/24 01/17/29 Federal National Mortgage Assoc 2,500,000.00$ 2,500,000.00$ 5.000% 624,305.56$ 3,124,305.56$
3130AYJR8 02/20/24 01/17/29 Federal Home Loan Banks 2,000,000.00$ 1,990,000.00$ 4.714% 460,000.00$ 2,460,000.00$
3130AYRG3 02/05/24 02/05/29 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.400% 550,000.00$ 3,050,000.00$
3130AYWQ5 02/20/24 02/07/29 Federal Home Loan Banks 2,500,000.00$ 2,497,500.00$ 4.572% 568,118.05$ 3,068,118.05$
3133ENUR9 07/22/24 04/18/29 Federal Farm Credit Banks 2,000,000.00$ 1,462,500.00$ 4.287% 370,000.00$ 2,370,000.00$
3130B14U8 04/24/24 04/27/29 Federal Home Loan Banks 1,500,000.00$ 1,500,000.00$ 5.250% 393,093.75$ 1,893,093.75$
3133EKKA3 09/30/24 05/02/29 Federal Farm Credit Banks 2,500,000.00$ 2,447,500.00$ 3.651% 393,750.00$ 2,893,750.00$
3135GASP7 05/28/24 05/22/29 Federal National Mortgage Assoc 2,000,000.00$ 1,983,000.00$ 4.819% 462,500.00$ 2,462,500.00$
3134H15T6 07/16/24 07/16/29 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,491,875.00$ 4.074% 625,000.00$ 3,125,000.00$
3134HAAN3 07/30/24 07/30/29 Federal Home Loan Mortgage Corp 3,000,000.00$ 2,965,500.00$ 4.635% 656,250.00$ 3,656,250.00$
3134H16A6 07/30/24 07/30/29 Federal Home Loan Mortgage Corp 2,000,000.00$ 1,990,300.00$ 5.111% 500,000.00$ 2,500,000.00$
3134HAEB5 08/14/24 08/14/29 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,472,000.00$ 4.251% 500,000.00$ 3,000,000.00$
3130B2PT6 09/13/24 09/12/29 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.200% 524,708.33$ 3,024,708.33$
3130B3CC5 10/17/24 10/09/29 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.100% 510,222.22$ 3,010,222.22$
3134HAPK3 10/10/24 10/10/29 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,500,000.00$ 4.030% 503,750.00$ 3,003,750.00$
31424WQB1 10/15/24 10/15/29 Federal Agricultural Mortgage Corp 2,500,000.00$ 2,500,000.00$ 4.450% 556,250.00$ 3,056,250.00$
Total federal investments 343,320,000.00$ 340,603,579.97$ 2.186% 32,217,752.71$ 375,537,752.71$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
45905U6L3 01/14/21 11/20/25 International Bank for Recon & Devel 2,000,000.00$ 2,250,220.00$ 0.510% 303,125.00$ 2,303,125.00$
45950VPJ9 01/25/21 01/15/26 International Finance Corporation 2,000,000.00$ 2,007,840.00$ 0.500% 57,677.78$ 2,057,677.78$
4581X0DV7 04/23/21 04/20/26 Inter-American Development Bank 3,000,000.00$ 3,000,720.00$ 0.870% 131,031.25$ 3,131,031.25$
45950VPY6 05/28/21 05/15/26 International Finance Corporation 2,000,000.00$ 2,000,000.00$ 0.500% 49,638.89$ 2,049,638.89$
45906M4E8 07/31/23 06/26/28 International Bank for Recon & Devel 1,250,000.00$ 1,240,000.00$ 4.684% 281,250.00$ 1,531,250.00$
45906M4E8 09/07/23 06/26/28 International Bank for Recon & Devel 1,700,000.00$ 1,686,400.00$ 4.500% 382,500.00$ 2,082,500.00$
459058KW2 09/28/23 08/01/28 International Bank for Recon & Devel 2,000,000.00$ 1,991,960.00$ 4.720% 448,368.06$ 2,448,368.06$
45818WFE1 03/01/24 03/01/29 Inter-American Development Bank 2,500,000.00$ 2,500,000.00$ 4.400% 550,000.00$ 3,050,000.00$
Total supranationals 16,450,000.00$ 16,677,140.00$ 2.372% 2,203,590.98$ 18,653,590.98$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
912828YV6 06/07/21 11/30/24 U.S. Treasury 2,000,000.00$ 2,073,437.50$ 0.436% 104,426.23$ 2,104,426.23$
91282CDS7 10/21/22 01/15/25 U.S. Treasury 4,000,000.00$ 3,712,187.50$ 4.548% 100,516.30$ 4,100,516.30$
912828ZC7 07/15/21 02/28/25 U.S. Treasury 2,000,000.00$ 2,040,312.50$ 0.563% 81,623.64$ 2,081,623.64$
912828ZL7 02/19/21 04/30/25 U.S. Treasury 2,000,000.00$ 1,997,920.00$ 0.400% 31,450.28$ 2,031,450.28$
912828ZT0 02/19/21 05/31/25 U.S. Treasury 2,000,000.00$ 1,987,280.00$ 0.400% 21,387.36$ 2,021,387.36$
91282CEU1 10/21/22 06/15/25 U.S. Treasury 3,000,000.00$ 2,877,180.00$ 4.530% 228,586.07$ 3,228,586.07$
91282CAM3 01/11/21 09/30/25 U.S. Treasury 2,500,000.00$ 2,481,332.50$ 0.250% 29,481.46$ 2,529,481.46$
91282CAZ4 01/11/21 11/30/25 U.S. Treasury 2,500,000.00$ 2,493,350.00$ 0.375% 45,793.27$ 2,545,793.27$
91282CGA3 10/17/23 12/15/25 U.S. Treasury 2,000,000.00$ 1,962,187.50$ 4.930% 199,992.72$ 2,199,992.72$
91282CBQ3 03/01/21 02/28/26 U.S. Treasury 3,000,000.00$ 2,964,726.56$ 0.740% 74,959.24$ 3,074,959.24$
91282CBQ3 03/02/21 02/28/26 U.S. Treasury 2,000,000.00$ 1,975,513.02$ 0.750% 49,945.65$ 2,049,945.65$
91282CLB5 08/27/24 07/31/26 U.S. Treasury 2,500,000.00$ 2,523,046.88$ 3.872% 218,875.49$ 2,718,875.49$
912828U24 12/27/21 11/15/26 U.S. Treasury 2,500,000.00$ 2,594,531.25$ 1.200% 244,198.90$ 2,744,198.90$
91282CDK4 01/14/22 11/30/26 U.S. Treasury 1,500,000.00$ 1,485,000.00$ 1.463% 91,432.01$ 1,591,432.01$
U.S. Treasury
Supranationals
Feb. 20, 2025 Item #1 Page 22 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Oct. 31, 2024
912828Z78 05/08/23 01/31/27 U.S. Treasury 1,500,000.00$ 1,485,855.00$ 3.500% 83,970.99$ 1,583,970.99$
91282CKJ9 05/06/24 04/15/27 U.S. Treasury 3,000,000.00$ 2,983,583.44$ 4.710% 404,870.90$ 3,404,870.90$
91282CFB2 04/21/23 07/31/27 U.S. Treasury 2,500,000.00$ 2,400,000.00$ 3.770% 294,181.63$ 2,794,181.63$
91282CFB2 05/03/24 07/31/27 U.S. Treasury 1,500,000.00$ 1,417,441.41$ 4.600% 144,375.00$ 1,644,375.00$
91282CFU0 09/08/23 10/31/27 U.S. Treasury 1,500,000.00$ 1,479,375.00$ 4.491% 278,437.50$ 1,778,437.50$
9128283F5 09/11/24 11/15/27 U.S. Treasury 2,000,000.00$ 1,928,750.00$ 3.443% 157,500.00$ 2,157,500.00$
91282CGC9 01/25/23 12/31/27 U.S. Treasury 500,000.00$ 508,167.05$ 3.570% 96,393.30$ 596,393.30$
91282CGC9 01/31/23 12/31/27 U.S. Treasury 750,000.00$ 760,105.97$ 3.647% 144,108.25$ 894,108.25$
91282CGC9 09/08/23 12/31/27 U.S. Treasury 1,500,000.00$ 1,465,195.31$ 4.472% 261,562.50$ 1,761,562.50$
91282CHA2 12/14/23 04/30/28 U.S. Treasury 1,000,000.00$ 969,687.50$ 4.265% 157,452.99$ 1,157,452.99$
9128284N7 07/17/23 05/15/28 U.S. Treasury 1,000,000.00$ 953,056.40$ 3.952% 143,750.00$ 1,143,750.00$
91282CHQ7 07/18/24 07/31/28 U.S. Treasury 2,000,000.00$ 2,000,454.00$ 4.118% 371,250.00$ 2,371,250.00$
Total U.S. Treasury 52,250,000.00$ 51,519,676.29$ 2.696% 4,060,521.68$ 56,310,521.68$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
06368G3W5 11/15/21 11/15/24 Bank of Montreal 2,000,000.00$ 2,000,000.00$ 1.000% 60,000.00$ 2,060,000.00$
931142DV2 01/16/20 12/15/24 Wal-Mart 2,000,000.00$ 2,067,790.00$ 1.900% 260,436.11$ 2,260,436.11$
478160CJ1 01/15/20 01/15/25 Johnson & Johnson 1,820,000.00$ 1,882,380.50$ 1.586% 238,875.00$ 2,058,875.00$
478160CJ1 04/08/20 01/15/25 Johnson & Johnson 3,000,000.00$ 3,231,960.00$ 0.906% 375,593.75$ 3,375,593.75$
478160CJ1 07/13/20 01/15/25 Johnson & Johnson 1,000,000.00$ 1,090,640.00$ 0.510% 118,270.83$ 1,118,270.83$
037833AZ3 09/10/21 02/09/25 Apple Inc 1,500,000.00$ 1,588,155.00$ 0.753% 128,020.83$ 1,628,020.83$
66989HAP3 04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00$ 3,379,576.20$ 1.300% 280,131.74$ 3,590,131.74$
12572QAG0 06/03/20 03/15/25 CME Group Inc 2,771,000.00$ 3,050,981.84$ 0.730% 397,638.50$ 3,168,638.50$
654106AH6 12/31/20 03/27/25 Nike Inc.2,867,000.00$ 3,090,740.68$ 0.500% 291,669.47$ 3,158,669.47$
341081FZ53 05/13/20 04/01/25 Flordia Power & Light 3,667,000.00$ 3,980,565.17$ 1.020% 509,193.51$ 4,176,193.51$
78015K7H17 12/07/21 06/10/25 Royal Bank of Canada 2,000,000.00$ 1,989,460.00$ 1.304% 80,691.67$ 2,080,691.67$
478160CN2 04/23/21 09/01/25 Johnson & Johnson 1,250,000.00$ 1,241,700.00$ 0.705% 29,944.44$ 1,279,944.44$
742718FL8 09/20/21 10/29/25 Procter & Gamble 1,500,000.00$ 1,487,460.00$ 0.757% 33,893.75$ 1,533,893.75$
92826CAD4 05/17/21 12/14/25 Visa Inc 1,250,000.00$ 1,368,500.00$ 0.910% 180,140.62$ 1,430,140.62$
06048WK82 08/23/21 01/26/26 Bank of America 1,000,000.00$ 989,470.00$ 1.000% 33,550.00$ 1,033,550.00$
58933YAY1 04/12/21 02/24/26 Merck & Co 1,500,000.00$ 1,485,750.00$ 0.950% 54,750.00$ 1,554,750.00$
48128G2Q2 03/01/21 02/26/26 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 0.800% 80,000.00$ 2,080,000.00$
478160BY9 03/01/21 03/01/26 Johnson & Johnson 2,500,000.00$ 2,697,950.00$ 0.750% 306,250.00$ 2,806,250.00$
48128G3A6 03/03/21 03/03/26 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 1.000% 100,000.00$ 2,100,000.00$
48128G3V0 06/11/21 06/11/26 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 1.150% 115,000.00$ 2,115,000.00$
06048WM64 07/12/21 06/25/26 Bank of America 3,000,000.00$ 2,998,500.00$ 1.210% 178,300.00$ 3,178,300.00$
57629WDE7 07/22/21 07/16/26 Massmtual Global 3,750,000.00$ 3,784,537.50$ 1.010% 224,250.00$ 3,974,250.00$
594918BR4 08/11/21 08/08/26 Microsoft 4,000,000.00$ 4,292,240.00$ 0.900% 293,040.00$ 4,293,040.00$
48128G5A4 08/25/21 08/25/26 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 1.200% 120,000.00$ 2,120,000.00$
06048WN63 09/10/21 09/10/26 Bank of America 2,000,000.00$ 2,000,000.00$ 1.150% 115,000.00$ 2,115,000.00$
06048WP20 09/24/21 09/24/26 Bank of America 2,000,000.00$ 2,000,000.00$ 1.250% 125,000.00$ 2,125,000.00$
59217GBY4 01/19/22 12/18/26 Met Life Global 4,000,000.00$ 4,281,720.00$ 1.940% 678,116.67$ 4,678,116.67$
06368GC39 12/30/21 12/30/26 Bank of Montreal (BLC)2,450,000.00$ 2,450,000.00$ 2.000% 245,000.00$ 2,695,000.00$
742718FV6 02/04/22 02/01/27 Procter & Gamble 2,000,000.00$ 2,010,459.28$ 1.331% 189,683.33$ 2,189,683.33$
742718FV6 05/11/23 02/01/27 Procter & Gamble 1,000,000.00$ 935,367.00$ 3.620% 76,000.00$ 1,076,000.00$
48128G6F2 02/25/22 02/25/27 JP Morgan Chase Bank 5,000,000.00$ 5,000,000.00$ 2.550% 197,283.33$ 5,197,283.33$
478160CE2 04/18/22 03/03/27 Johnson & Johnson 1,750,000.00$ 1,757,538.77$ 2.850% 251,671.87$ 2,001,671.87$
742718FG9 07/08/22 03/25/27 Procter & Gamble 2,500,000.00$ 2,456,475.00$ 3.200% 329,972.22$ 2,829,972.22$
64952WEQ2 06/23/23 04/07/27 New York Life Global 1,500,000.00$ 1,428,750.00$ 4.630% 195,000.00$ 1,695,000.00$
64952WEQ2 07/18/23 04/07/27 New York Life Global 2,000,000.00$ 1,908,020.00$ 4.610% 260,000.00$ 2,260,000.00$
06048WW63 06/23/22 06/22/27 Bank of America 3,000,000.00$ 3,000,000.00$ 5.000% 750,000.00$ 3,750,000.00$
742718EV7 09/11/24 08/11/27 Procter & Gamble 2,000,000.00$ 1,951,140.00$ 3.741% 171,000.00$ 2,171,000.00$
194162AN3 05/09/23 08/15/27 Colgate-Palmolive 2,000,000.00$ 1,997,600.00$ 3.694% 223,408.33$ 2,223,408.33$
81257VAA9 03/10/23 10/01/27 Seattle Children Hosp 1,000,000.00$ 852,445.33$ 5.000% 222,581.34$ 1,222,581.34$
592179KF1 10/17/23 01/06/28 Met Life Global 1,000,000.00$ 983,540.00$ 5.050% 227,250.00$ 1,227,250.00$
78014RKF6 01/18/23 01/18/28 Royal Bank of Canada 2,500,000.00$ 2,500,000.00$ 5.450% 691,090.22$ 3,191,090.22$
742718FZ7 11/01/23 01/26/28 Procter & Gamble 2,000,000.00$ 1,922,140.00$ 4.979% 355,500.00$ 2,355,500.00$
74368CG8 10/23/24 07/06/28 Protective Life Global 2,300,000.00$ 2,097,255.00$ 1.900% 161,811.39$ 2,461,811.39$
Corporate notes
Feb. 20, 2025 Item #1 Page 23 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Oct. 31, 2024
48130CDL6 11/03/23 11/03/28 JP Morgan Chase Bank 1,800,000.00$ 1,800,000.00$ 6.150% 553,500.00$ 2,353,500.00$
771196BW1 12/22/23 12/13/28 Roche Holdings Inc 2,000,000.00$ 1,787,220.00$ 4.330% 193,000.00$ 2,193,000.00$
6944PL2Z1 01/12/24 01/11/29 Pacific Life Global 1,000,000.00$ 1,006,500.00$ 4.752% 245,000.00$ 1,245,000.00$
742718GF0 02/20/24 01/29/29 Procter & Gamble 2,000,000.00$ 1,984,175.26$ 4.530% 435,241.67$ 2,435,241.67$
771196CJ9 03/28/24 03/08/29 Roche Holdings Inc 3,000,000.00$ 3,019,380.00$ 4.640% 718,500.00$ 3,718,500.00$
478160CU6 06/13/24 06/01/29 Johnson & Johnson 3,000,000.00$ 3,044,268.57$ 4.800% 724,400.00$ 3,724,400.00$
478160CU6 06/03/24 06/01/29 Johnson & Johnson 2,750,000.00$ 2,744,582.50$ 4.895% 664,033.34$ 3,414,033.34$
64952WFG3 07/16/24 06/06/29 New York Life Global 3,000,000.00$ 3,036,390.00$ 4.718% 750,000.00$ 3,750,000.00$
06376A5W6 06/18/24 06/18/29 Bank of Montreal (BLC)3,500,000.00$ 3,500,000.00$ 5.750% 1,006,250.00$ 4,506,250.00$
17325FBK3 08/20/24 08/06/29 Citibank 2,000,000.00$ 2,040,000.00$ 4.838% 483,800.00$ 2,483,800.00$
6944PL3C1 10/09/24 08/28/29 Pacific Life Global 2,000,000.00$ 2,009,920.00$ 4.500% 450,000.00$ 2,450,000.00$
48130CSW6 09/20/24 08/29/29 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 4.000% 393,333.33$ 2,393,333.33$
48130CSE6 09/13/24 09/13/29 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 4.125% 412,500.00$ 2,412,500.00$
48130CUB9 10/23/24 10/23/29 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 4.125% 412,500.00$ 2,412,500.00$
Total corporate notes 127,735,000.00$ 129,203,243.60$ 2.627% 17,397,067.26$ 145,132,067.26$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
75472RAN1 11/26/19 11/26/24 Raymond James Bank NA 247,000.00$ 247,000.00$ 1.850% 22,872.54$ 269,872.54$
61690URM4 01/09/20 01/09/25 Morgan Stanley Bank NA 247,000.00$ 247,000.00$ 1.900% 23,490.72$ 270,490.72$
07815AAZ0 02/27/20 02/27/25 Bell Bank Corp 249,000.00$ 249,000.00$ 1.600% 19,941.88$ 268,941.88$
02554BDA6 03/13/20 03/13/25 American Eagle bank 249,000.00$ 249,000.00$ 1.100% 13,702.54$ 262,702.54$
17037TEN3 03/13/20 03/13/25 Choice Financial Group 248,000.00$ 248,000.00$ 1.100% 13,647.47$ 261,647.47$
73319FAF6 03/18/20 03/18/25 Poppy Bank 249,000.00$ 249,000.00$ 1.100% 13,702.54$ 262,702.54$
835104BZ2 03/19/20 03/19/25 Somerset Trust 249,000.00$ 249,000.00$ 1.000% 12,456.88$ 261,456.88$
45083ANS7 03/20/20 03/20/25 Iberia Bank 248,000.00$ 248,000.00$ 1.000% 12,406.79$ 260,406.79$
02519TAZ9 03/27/20 03/27/25 American Commerce Bank 249,000.00$ 249,000.00$ 0.950% 11,834.03$ 260,834.03$
072727BF6 03/27/20 03/27/25 Baycoast Bank 248,000.00$ 248,000.00$ 0.950% 11,786.45$ 259,786.45$
14042TDD6 04/08/20 04/08/25 Capital One 248,000.00$ 248,000.00$ 1.600% 19,850.88$ 267,850.88$
29260MBF1 05/15/20 05/15/25 Encore Bank 249,000.00$ 249,000.00$ 0.800% 9,965.41$ 258,965.41$
33847E3H8 05/15/20 05/15/25 Flagstar Bank 248,000.00$ 248,000.00$ 0.850% 10,545.77$ 258,545.77$
404730CR2 05/26/20 05/27/25 Haddon Savings Bank 248,000.00$ 248,000.00$ 0.750% 9,310.19$ 257,310.19$
43719LAE5 05/29/20 05/29/25 Home Loan Inv Bank 249,000.00$ 249,000.00$ 0.800% 9,965.41$ 258,965.41$
56102AAJ5 05/29/20 05/29/25 Malaga Bank 249,000.00$ 249,000.00$ 0.700% 8,719.87$ 257,719.87$
69506YRT8 05/29/20 05/29/25 Pacific Western Bank 249,000.00$ 249,000.00$ 0.700% 8,719.77$ 257,719.77$
86128QCF3 06/10/20 06/10/25 Stockman Bank 249,000.00$ 249,000.00$ 0.600% 7,474.10$ 256,474.10$
740367MA2 07/17/20 07/17/25 Preferred Bank 249,000.00$ 249,000.00$ 0.500% 6,228.46$ 255,228.46$
89235MJZ5 07/16/20 07/28/25 Toyota Financial Savings Bank 249,000.00$ 249,000.00$ 0.650% 8,096.93$ 257,096.93$
211163KQ2 07/29/20 07/29/25 Continental Bank 249,000.00$ 249,000.00$ 0.500% 6,228.46$ 255,228.46$
02007GXF5 08/09/22 08/04/25 Ally Bank 201,000.00$ 201,000.00$ 3.400% 20,427.10$ 221,427.10$
549104RV1 08/14/20 08/14/25 Luana Savings Bank 249,000.00$ 249,000.00$ 0.450% 5,605.57$ 254,605.57$
32022RNT0 08/19/20 08/19/25 1st Financial Bank 249,000.00$ 249,000.00$ 0.450% 5,605.82$ 254,605.82$
31944MBB0 08/20/20 08/20/25 1st Carolina Bank 249,000.00$ 249,000.00$ 0.450% 5,605.82$ 254,605.82$
664122AF5 08/20/20 08/20/25 Northeast Community Bank 249,000.00$ 249,000.00$ 0.450% 5,605.82$ 254,605.82$
228212AQ9 09/04/20 09/04/25 Crown Bank 249,000.00$ 249,000.00$ 0.400% 4,982.62$ 253,982.62$
59013KKJ4 09/15/20 09/15/25 Merrick 249,000.00$ 249,000.00$ 0.400% 4,982.62$ 253,982.62$
2027506P5 10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00$ 249,000.00$ 0.400% 4,908.94$ 253,908.94$
51507LBY9 09/29/20 09/29/25 Landmark Community 249,000.00$ 249,000.00$ 0.400% 4,982.58$ 253,982.58$
538036LQ5 10/22/20 10/08/25 Live Oak Bank 249,000.00$ 249,000.00$ 0.400% 4,944.42$ 253,944.42$
560390AS5 10/15/20 10/15/25 Maine Comm Bank 249,000.00$ 249,000.00$ 0.350% 4,359.94$ 253,359.94$
33625CDS5 10/16/20 10/16/25 First Security Bank Wash 249,000.00$ 249,000.00$ 0.350% 4,359.94$ 253,359.94$
780684AJ5 11/06/20 10/23/25 Royal Savings Bank 249,000.00$ 249,000.00$ 0.400% 4,944.42$ 253,944.42$
33744AAW9 11/18/20 11/18/25 First US Bank 249,000.00$ 249,000.00$ 0.400% 4,982.62$ 253,982.62$
88413QCU0 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$
91330ACR6 12/18/20 12/18/25 Unity Bank 249,000.00$ 248,377.50$ 0.400% 4,982.72$ 253,982.72$
08016PDV8 12/23/20 12/23/25 Belmont Savings Bank 249,000.00$ 248,377.50$ 0.400% 4,982.62$ 253,982.62$
634116CW5 12/28/20 12/23/25 National Bank of NY City 249,000.00$ 248,688.75$ 0.400% 4,968.98$ 253,968.98$
882214AA7 01/08/21 12/23/25 Texas Bank Henderson 249,000.00$ 249,000.00$ 0.450% 5,556.70$ 254,556.70$
06424KBH2 01/08/21 01/08/26 Bank of Santa Clarita 249,000.00$ 248,688.75$ 0.400% 4,982.62$ 253,982.62$
Certificate of deposit
Feb. 20, 2025 Item #1 Page 24 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Oct. 31, 2024
38522ABP0 01/08/21 01/08/26 Grand Bank Tulsa 249,000.00$ 248,688.75$ 0.400% 4,982.62$ 253,982.62$
20143PEH9 01/26/21 01/26/26 Commercial Bank 249,000.00$ 248,751.00$ 0.471% 5,605.82$ 254,605.82$
15258RAV9 01/27/21 01/27/26 Central Bank Storm Lake 249,000.00$ 248,751.00$ 0.471% 5,605.82$ 254,605.82$
43786UAJ2 02/18/21 01/29/26 Hometown Bk of Alabama 249,000.00$ 249,000.00$ 0.400% 4,928.04$ 253,928.04$
909242AN9 02/26/21 02/26/26 United Rep Bk Omaha 249,000.00$ 249,000.00$ 0.400% 4,982.61$ 253,982.61$
12527CDV1 03/03/21 03/03/26 CFG Community Bk 249,000.00$ 249,000.00$ 0.400% 4,982.73$ 253,982.73$
110087AS2 03/10/21 03/10/26 Bristol Morgan Bank 249,000.00$ 249,000.00$ 0.450% 5,605.82$ 254,605.82$
87164XA30 09/03/21 09/03/26 Syncrony Bank 249,000.00$ 249,000.00$ 0.900% 11,205.00$ 260,205.00$
90348JS92 09/09/21 09/09/26 UBS Bank USA 249,000.00$ 249,000.00$ 0.950% 11,834.03$ 260,834.03$
919853NZ0 09/17/24 09/17/26 Valley National Bank 245,000.00$ 245,000.00$ 3.950% 19,355.00$ 264,355.00$
795451BH5 04/05/22 02/23/27 Sallie May Bank 247,000.00$ 242,902.27$ 2.564% 26,574.50$ 273,574.50$
598580AM0 03/08/23 03/08/27 Mifflinburg Bank and Trust Company 249,000.00$ 249,000.00$ 4.650% 46,345.77$ 295,345.77$
27004PCN1 03/09/22 03/09/27 Eaglemark Savings 247,000.00$ 247,000.00$ 2.000% 24,713.53$ 271,713.53$
64034KBF7 03/09/22 03/09/27 Nelnet Bank Inc 247,000.00$ 247,000.00$ 1.950% 24,095.69$ 271,095.69$
07371CN21 03/16/22 03/10/27 Beal Bank NV 247,000.00$ 247,000.00$ 1.800% 22,169.09$ 269,169.09$
07371AB28 03/16/22 03/10/27 Beal Bank TX 247,000.00$ 247,000.00$ 1.800% 22,169.09$ 269,169.09$
47804GLM3 09/20/24 03/22/27 John Marshall Bank 249,000.00$ 249,000.00$ 3.800% 23,667.93$ 272,667.93$
02589ABW1 03/23/22 03/23/27 American Exp Bank 247,000.00$ 247,000.00$ 2.200% 27,184.89$ 274,184.89$
31938QW34 02/15/22 04/15/27 First Business Bank 245,000.00$ 245,000.00$ 3.900% 33,790.69$ 278,790.69$
254673D94 05/18/22 05/19/27 Discover Bank 246,000.00$ 246,000.00$ 3.200% 39,403.14$ 285,403.14$
910286GS6 07/14/23 07/14/27 United Fidelity Bank 249,000.00$ 249,000.00$ 4.600% 45,847.38$ 294,847.38$
78577TMR3 11/06/23 08/06/27 Saco & Biddeford Savings Institution 244,000.00$ 244,000.00$ 5.000% 45,750.00$ 289,750.00$
68405VAU3 09/15/23 09/13/27 Optum Bank 244,000.00$ 244,000.00$ 4.700% 45,872.00$ 289,872.00$
20347MAS0 10/20/23 10/20/27 Community Bank and Trust 244,000.00$ 244,000.00$ 4.900% 47,824.00$ 291,824.00$
37173RAJ2 12/13/23 12/13/27 Genesee Regional Bank 244,000.00$ 244,000.00$ 4.400% 42,944.00$ 286,944.00$
34520LAY9 12/15/22 12/15/27 Forebright Bank 249,000.00$ 248,651.40$ 4.031% 49,827.34$ 298,827.34$
84229LBJ0 12/16/22 12/16/27 Southern Bank 245,000.00$ 245,000.00$ 4.000% 49,026.84$ 294,026.84$
32026U4X1 01/17/24 01/18/28 First Foundation Bank 245,000.00$ 245,000.00$ 4.000% 38,689.86$ 283,689.86$
70212YBE1 02/22/23 02/22/28 Partners Bank California 245,000.00$ 245,000.00$ 3.850% 47,188.34$ 292,188.34$
062119BH4 03/08/23 03/07/28 Bank Five Nine 249,000.00$ 249,000.00$ 4.550% 56,678.44$ 305,678.44$
05580AW59 03/10/23 03/10/28 BMW Bank North America 244,000.00$ 244,000.00$ 4.600% 56,181.50$ 300,181.50$
108622NK3 03/29/23 03/29/28 Bridgewater Bk 249,000.00$ 249,000.00$ 4.800% 59,825.54$ 308,825.54$
178180GY5 03/31/23 03/31/28 City Natl Bk - Los Angeles 243,000.00$ 243,000.00$ 5.000% 60,816.56$ 303,816.56$
914098DQ8 04/03/23 04/03/28 University Bank NA 249,000.00$ 249,000.00$ 4.800% 59,825.53$ 308,825.53$
61768E3D3 05/08/24 05/08/28 Morgan Stanley Bank NA 244,000.00$ 244,000.00$ 4.700% 45,903.42$ 289,903.42$
05600XQE3 05/16/23 05/16/28 BMO Harris Bank NA 244,000.00$ 244,000.00$ 4.500% 54,960.16$ 298,960.16$
23204HPB8 06/06/23 06/14/28 Customers Bank 244,000.00$ 244,000.00$ 4.500% 53,365.81$ 297,365.81$
91527PCD7 06/06/23 06/21/28 Univest Bank & Trust 249,000.00$ 249,000.00$ 4.500% 56,546.88$ 305,546.88$
501798UJ9 07/18/23 07/18/28 LCA Bank Corporation 243,000.00$ 243,000.00$ 4.500% 54,734.92$ 297,734.92$
58404DTG6 09/19/23 09/19/28 Medallion Bank 249,000.00$ 249,000.00$ 4.600% 57,332.81$ 306,332.81$
59936MAA4 09/25/23 09/25/28 Milford Building & Loan 244,000.00$ 244,000.00$ 4.550% 55,510.00$ 299,510.00$
84287PJB9 10/17/23 10/17/28 Southern First Bank 244,000.00$ 244,000.00$ 4.850% 59,170.00$ 303,170.00$
949765HZ0 11/21/23 11/21/28 Wells Fargo Bank NA 248,000.00$ 248,000.00$ 5.050% 62,898.31$ 310,898.31$
523343AA9 12/29/23 12/29/28 Ledyark National Bank 244,000.00$ 244,000.00$ 4.050% 49,464.16$ 293,464.16$
227563EX7 03/12/24 03/07/29 Cross River Bank 244,000.00$ 244,000.00$ 4.250% 51,736.36$ 295,736.36$
04518XAH7 03/14/24 03/14/29 Asian Bank 244,000.00$ 244,000.00$ 4.200% 51,268.08$ 295,268.08$
38150VUH0 05/21/24 05/21/29 Goldman Sachs Bank 244,000.00$ 244,000.00$ 4.500% 54,930.08$ 298,930.08$
93883MAZ1 05/22/24 05/22/29 Washington Financial Bank 244,000.00$ 244,000.00$ 4.450% 54,319.75$ 298,319.75$
06652CHX2 07/31/24 07/31/29 Bankwest Inc 248,000.00$ 248,000.00$ 4.900% 60,760.00$ 308,760.00$
Total certificate of deposit 22,228,000.00$ 22,220,876.92$ 2.211% 2,276,724.40$ 24,504,724.40$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
3137F32A1 04/15/20 11/25/24 FHLM - KHG1 A1 87,359.52$ 93,638.48$ 0.999%364.37$ 87,723.89$
30315EAA4 07/24/20 05/25/25 FRESB - MFM 872,423.55$ 876,690.58$ 0.830% 1,764.45$ 874,188.00$
3137BJQ71 03/15/21 05/25/25 FHLM - FHMS KPLB A 2,000,000.00$ 2,157,500.00$ 2.770% 13,484.05$ 2,013,484.05$
30318NAA1 02/19/21 01/25/26 FRESB - 2021-SB83 1,192,483.86$ 1,135,924.41$ 0.505% 5,300.25$ 1,197,784.11$
3137BPW21 03/25/21 03/25/26 FHLM - KHMS K055 2,494,269.50$ 2,693,811.06$ 2.673% 42,930.55$ 2,537,200.05$
3137BP4J5 08/20/21 03/25/26 FHLM - FHMS K1R1 793,471.94$ 831,037.89$ 0.414% 14,808.03$ 808,279.97$
Mortgage backed securities (agency)
Feb. 20, 2025 Item #1 Page 25 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Oct. 31, 2024
30321CAQ5 07/23/21 04/25/26 FRESB - 2021-SB88 1,651,037.47$ 1,658,790.74$ 0.746% 9,894.86$ 1,660,932.33$
30324QAC2 01/21/22 11/25/26 FRESB - 2022-SB94 3,908,881.44$ 3,926,960.01$ 1.500% 61,221.80$ 3,970,103.24$
30311SAA7 04/22/22 04/25/27 FRESB - 2022-SB97 3,278,911.00$ 3,148,961.19$ 2.803% 64,427.79$ 3,343,338.79$
30329MAA0 10/28/22 06/25/27 FRESB - 2022-SB103 1,461,195.61$ 1,309,066.15$ 4.989% 37,396.21$ 1,498,591.82$
30329QAA1 11/18/22 09/25/27 FRESB - 2022-SB104 3,813,983.93$ 3,481,549.46$ 2.600% 135,629.12$ 3,949,613.05$
3138L7D60 12/16/22 10/01/27 FHLM - AM6424 951,927.83$ 921,585.14$ 4.212% 44,405.15$ 996,332.98$
3132XGRH1 01/27/23 11/01/27 FRESB - WN2287 2,957,944.92$ 2,931,138.55$ 3.929% 152,313.31$ 3,110,258.23$
3132XFGC6 01/08/24 03/01/28 FHLM - WN1094 1,000,000.00$ 884,882.81$ 4.476% 21,640.13$ 1,021,640.13$
3140LBSE4 01/09/24 03/01/28 FNMA - BS1416 1,000,000.00$ 877,773.44$ 4.300% 16,342.23$ 1,016,342.23$
3140LKEG4 01/09/24 05/01/28 FNMA - BS8234 1,381,540.00$ 1,378,841.68$ 4.448% 98,873.76$ 1,480,413.76$
3132XFMP0 02/06/24 05/01/28 FHLM - WN1265 2,000,000.00$ 2,007,500.00$ 4.611% 155,004.69$ 2,155,004.69$
30332EAA3 07/20/23 05/25/28 FRESB - 2023-SB107 2,991,469.42$ 2,926,431.89$ 4.090% 206,448.97$ 3,197,918.39$
35564CAA5 01/11/24 06/25/28 FHLM - SLST 2018 927,434.71$ 890,083.72$ 5.366% 58,251.77$ 985,686.48$
30333AAA0 08/17/23 06/25/28 FRESB - 2023-SB108 3,483,619.80$ 3,408,540.83$ 4.793% 256,546.38$ 3,740,166.18$
3132XGYJ9 03/07/24 09/01/28 FHLM - WN2512 1,548,309.82$ 1,515,203.93$ 4.800% 119,852.98$ 1,668,162.80$
30334CAA5 11/16/23 09/25/28 FRESB - 2023-SB111 2,745,776.36$ 2,684,301.17$ 5.284% 241,468.30$ 2,987,244.66$
3132XGYR1 03/18/24 11/01/28 FHLM - WN2519 2,500,000.00$ 2,494,531.25$ 4.797% 224,230.72$ 2,724,230.72$
3132XFNX2 02/13/24 11/01/28 FHLM - WN1305 2,000,000.00$ 1,992,031.25$ 4.350% 165,593.31$ 2,165,593.31$
3132XGYU4 03/15/24 12/01/28 FHLM - WN2522 3,000,000.00$ 3,000,000.00$ 4.530% 263,359.38$ 3,263,359.38$
3140NUFX2 01/30/24 12/01/28 FNMA - BZ0181 3,000,000.00$ 3,069,720.00$ 4.920% 287,113.04$ 3,287,113.04$
30336BAA5 04/25/24 12/25/28 FRESB - 2024-SB113 3,499,050.59$ 3,469,763.54$ 5.217% 353,781.46$ 3,852,832.05$
3132XGZE9 03/13/24 01/01/29 FHLM - WN2540 3,500,000.00$ 3,510,390.63$ 4.900% 278,159.14$ 3,778,159.14$
3140NUN54 01/29/24 01/01/29 FNMA - BZ0411 2,000,000.00$ 1,985,220.00$ 4.400% 165,992.20$ 2,165,992.20$
3140HRZS5 01/17/24 01/01/29 FNMA - BL0752 1,500,000.00$ 1,458,450.00$ 3.650% 103,731.56$ 1,603,731.56$
3140NUUA5 03/19/24 03/01/29 FNMA - BZ0576 2,000,000.00$ 2,000,000.00$ 4.561% 187,360.07$ 2,187,360.07$
3140NUUL1 03/13/24 03/01/29 FNMA - BZ0586 2,000,000.00$ 1,993,440.00$ 4.371% 176,218.48$ 2,176,218.48$
30337MAA0 06/27/24 03/25/29 FRESB - 2024-SB114 2,975,010.56$ 2,989,742.81$ 4.990% 321,149.69$ 3,296,160.25$
3132XFQN1 07/02/24 04/01/29 FHLM - WN1360 2,000,000.00$ 1,950,000.00$ 4.568% 167,846.22$ 2,167,846.22$
3140LGDL3 08/13/24 06/01/29 FNMA - BS5506 2,000,000.00$ 1,912,500.00$ 4.125% 129,327.07$ 2,129,327.07$
3132XG3G9 07/23/24 06/01/29 FHLM - WN3598 2,000,000.00$ 1,985,000.00$ 4.592% 188,542.43$ 2,188,542.43$
3132XKTD9 10/07/24 07/01/29 FHLM - WN5047 2,500,000.00$ 2,498,750.00$ 3.887% 226,955.69$ 2,726,955.69$
3140HURA6 08/27/24 07/01/29 FNMA - BL3180 2,500,000.00$ 2,381,250.00$ 4.007% 156,378.24$ 2,656,378.24$
3132XKTE7 10/09/24 08/01/29 FHLM - WN5048 2,500,000.00$ 2,489,150.00$ 4.150% 242,860.85$ 2,742,860.85$
3140NWFK6 12/21/24 10/01/29 FNMA - BZ1969 2,000,000.00$ 1,990,000.00$ 4.155% 196,133.86$ 2,196,133.86$
3140NWGS8 10/15/24 10/01/29 FNMA - BZ2008 2,000,000.00$ 1,996,000.00$ 4.150% 203,992.36$ 2,203,992.36$
Total mortgage backed securities (agency) 88,016,101.83$ 86,906,152.61$ 3.947% 5,797,094.92$ 93,813,196.75$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
79771FAX5 03/01/21 11/01/24 San Francisco City Public Utilities 1,000,000.00$ 1,004,450.00$ 0.600% 26,523.31$ 1,026,523.31$
575181GX 06/02/21 12/01/24 Mason & Kitsap Counties School District 640,000.00$ 640,000.00$ 0.538% 12,041.64$ 652,041.64$
023051YW9 07/19/21 02/01/25 Amarillo Independent SD 1,800,000.00$ 1,762,290.00$ 0.600%-$ 1,800,000.00$
882806HG0 03/22/21 02/15/25 Texas St Tech Univ 2,500,000.00$ 2,524,850.00$ 0.679% 93,800.00$ 2,593,800.00$
91412HGE7 03/01/21 05/15/25 University of California 1,500,000.00$ 1,517,250.00$ 0.600% 55,724.13$ 1,555,724.13$
91412HGE7 06/29/21 05/15/25 University of California 1,960,000.00$ 1,966,154.40$ 0.799% 67,111.92$ 2,027,111.92$
625506QN3 02/02/21 06/15/25 Multnomah County OR 2,000,000.00$ 2,006,040.00$ 0.430% 37,553.89$ 2,037,553.89$
91412GU94 01/28/21 07/01/25 University of California 1,805,000.00$ 1,995,210.90$ 0.509% 244,645.68$ 2,049,645.68$
20772KEW5 06/30/22 09/15/25 Connecticut, State of 2,850,000.00$ 2,863,053.00$ 3.201% 476,400.00$ 3,326,400.00$
13063DMA3 04/01/21 04/01/26 California, State of 4,140,000.00$ 4,478,652.00$ 0.970% 161,300.35$ 4,301,300.35$
13063DMA3 05/18/21 04/01/26 California, State of 1,250,000.00$ 1,353,350.00$ 0.910% 342,250.56$ 1,592,250.56$
736688MF6 09/01/21 06/15/26 Portland Community College 1,100,000.00$ 1,102,992.00$ 0.841% 122,255.56$ 1,222,255.56$
569280EX4 12/07/21 06/15/26 Marion County School 1,880,000.00$ 1,885,245.20$ 1.374% 548,550.00$ 2,428,550.00$
842475P82 02/11/22 07/01/26 Sthrn CA ST Pub Pwr Auth 2,485,000.00$ 2,415,643.65$ 1.930% 47,357.32$ 2,532,357.32$
797272QR5 08/12/21 08/01/26 San Diego Community College 3,000,000.00$ 3,209,550.00$ 0.860% 33,041.17$ 3,033,041.17$
801315KR2 08/23/21 08/01/26 Santa Barbara CA USD 500,000.00$ 511,970.00$ 0.842% 81,862.08$ 581,862.08$
798189PY6 08/23/21 08/01/26 San Jose Evergreen Community College 750,000.00$ 799,522.50$ 0.842% 101,809.78$ 851,809.78$
798170AJ5 01/06/22 08/01/26 San Jose Redevelopment 3,000,000.00$ 3,220,260.00$ 1.507% 342,742.58$ 3,342,742.58$
6041295T9 08/10/22 08/01/26 Minnesota, State of 1,215,000.00$ 1,215,000.00$ 3.250% 174,512.81$ 1,389,512.81$
79730CJK1 04/22/24 08/01/26 San Diego Pub Fin Auth Water Revenue 2,000,000.00$ 1,866,860.00$ 5.035% 86,586.50$ 2,086,586.50$
Municpal bonds
Feb. 20, 2025 Item #1 Page 26 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Oct. 31, 2024
13063DRD2 02/08/22 10/01/26 California, State of 2,400,000.00$ 2,468,808.00$ 1.730% 170,415.98$ 2,570,415.98$
419792ZN9 03/02/22 10/01/26 Hawaii, State of 2,000,000.00$ 1,938,920.00$ 1.810% 264,891.67$ 2,264,891.67$
13067WSW3 12/20/21 12/01/26 California, State of 1,275,000.00$ 1,257,405.00$ 1.051% 977,643.33$ 2,252,643.33$
13067WSW3 03/29/22 12/01/26 California, State of 1,425,000.00$ 1,322,001.00$ 2.708% 84,523.29$ 1,509,523.29$
13067WSW3 04/18/22 12/01/26 California, State of 2,705,000.00$ 2,475,237.30$ 3.035% 90,565.95$ 2,795,565.95$
79623PSA4 09/18/24 02/01/27 San Antonio TX, City of 500,000.00$ 500,000.00$ 4.158% 49,260.75$ 549,260.75$
016249FQ2 10/30/23 02/15/27 Alief Independent School District 1,980,000.00$ 1,969,209.00$ 5.380% 360,360.00$ 2,340,360.00$
544646A77 06/13/22 05/01/27 Los Angeles Unified School District 3,500,000.00$ 3,883,600.00$ 3.820% 15,705.20$ 3,515,705.20$
68608VDX9 10/13/23 05/01/27 Oregon, State of 1,000,000.00$ 943,330.00$ 5.080% 132,640.00$ 1,132,640.00$
91412HGF4 05/15/23 05/15/27 University of California 1,000,000.00$ 908,270.00$ 3.810% 52,640.00$ 1,052,640.00$
91412HGF4 05/16/24 05/15/27 University of California 2,500,000.00$ 2,266,050.00$ 4.712% 98,700.00$ 2,598,700.00$
91412HGF4 05/03/24 05/15/27 University of California 1,000,000.00$ 904,080.00$ 4.780% 46,060.00$ 1,046,060.00$
544495VX9 08/27/23 07/01/27 Los Angeles Dept of Water & Power 1,500,000.00$ 1,580,685.00$ 4.100% 345,669.33$ 1,845,669.33$
419794F72 06/06/23 07/01/27 Hawaii, State of 1,125,000.00$ 1,004,962.50$ 4.720% 82,624.50$ 1,207,624.50$
438701Y40 06/28/23 07/01/27 Honolulu Wastewater System Revenue 1,500,000.00$ 1,392,885.00$ 4.460% 168,412.50$ 1,668,412.50$
796720NT3 02/22/23 08/01/27 San Bernardino Community College Dist 1,500,000.00$ 1,328,325.00$ 1.480% 107,266.25$ 1,607,266.25$
357155BA7 05/09/23 08/01/27 Fremont CA Unified School District 2,000,000.00$ 1,795,450.00$ 3.750% 94,110.34$ 2,094,110.34$
68609TU22 08/22/23 08/01/27 Oregon State Dept of Transportation 1,585,000.00$ 1,394,070.90$ 1.354% 85,843.60$ 1,670,843.60$
212204JH5 08/31/23 08/01/27 Contra Costa CA Community College Dist 1,000,000.00$ 909,510.00$ 4.720% 86,520.00$ 1,086,520.00$
797272RP8 10/25/23 08/01/27 San Diego Community College 2,290,000.00$ 2,016,551.10$ 5.161% 149,582.80$ 2,439,582.80$
072031AP2 08/01/23 10/01/27 Bay Area Water 1,250,000.00$ 1,185,562.50$ 4.742% 189,281.25$ 1,439,281.25$
032556FB3 10/17/23 10/01/27 Anaheim California 1,670,000.00$ 1,487,068.20$ 1.998% 133,466.40$ 1,803,466.40$
68607DVD4 06/16/23 11/15/27 Oregon State Dept of Transportation 2,000,000.00$ 1,738,740.00$ 4.370% 97,560.00$ 2,097,560.00$
13063DC48 12/14/23 02/01/28 California, State of 1,440,000.00$ 1,289,520.00$ 4.500% 110,160.00$ 1,550,160.00$
13063DGC6 07/23/24 04/01/28 California, State of 3,000,000.00$ 2,901,480.00$ 4.474% 420,000.00$ 3,420,000.00$
54438CYM8 12/19/23 08/01/28 Los Angeles Community College Dist 2,250,000.00$ 2,020,005.00$ 4.350% 180,675.00$ 2,430,675.00$
802385SN5 11/17/23 08/01/28 Santa Monica Community College Dist 1,000,000.00$ 940,860.00$ 4.950% 176,350.00$ 1,176,350.00$
798170AL0 08/09/23 08/01/28 San Jose Redevelopment 1,000,000.00$ 948,450.00$ 4.742% 189,281.25$ 1,189,281.25$
83412PHS4 01/22/24 08/01/28 Solano County Community College Dist 2,000,000.00$ 1,775,780.00$ 4.227% 147,900.00$ 2,147,900.00$
7994082H1 08/24/23 08/01/28 San Ramon Valley School District 1,000,000.00$ 861,870.00$ 4.850% 83,500.00$ 1,083,500.00$
695802NN4 12/07/23 08/01/28 Pajaro Valley Unified School District 1,015,000.00$ 992,162.50$ 4.294% 257,640.00$ 1,272,640.00$
882723B40 11/21/23 10/01/28 Texas, State of 1,500,000.00$ 1,410,330.00$ 4.700% 248,325.00$ 1,748,325.00$
882724RD1 11/21/23 10/01/28 Texas PFA, State of 2,000,000.00$ 1,787,400.00$ 4.750% 227,600.00$ 2,227,600.00$
13063DL22 11/15/23 10/01/28 California, State of 1,000,000.00$ 860,500.00$ 5.008% 87,500.00$ 1,087,500.00$
13077DQG0 02/08/24 11/01/28 California State University 2,500,000.00$ 2,209,350.00$ 4.260% 190,125.00$ 2,690,125.00$
59320A30 05/01/24 05/01/29 Miami Beach FL, City of 1,400,000.00$ 1,396,640.00$ 4.674% 327,180.00$ 1,727,180.00$
769036BR4 06/03/24 06/01/29 Riverside California 1,375,000.00$ 1,250,136.25$ 4.895% 194,081.25$ 1,569,081.25$
91412HFG3 10/10/24 07/01/29 University of California 2,500,000.00$ 2,421,325.00$ 3.349% 395,600.62$ 2,895,600.62$
91412HFG3 09/11/24 07/01/29 University of California 1,000,000.00$ 987,240.00$ 3.640% 167,450.00$ 1,167,450.00$
Total municpal bonds 102,060,000.00$ 99,062,112.90$ 2.915% 10,343,180.53$ 112,403,180.53$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
N/A N/A N/A Wells Fargo Bank - General 2,091,263.00$ 2,091,263.00$ 0.000%-$ 2,091,263.00$
N/A N/A N/A Wells Fargo Sweep account 11,076,130.65$ 11,076,130.65$ 4.716% 34,367.40$ 11,110,498.05$
N/A N/A N/A Principal - Custody 7,652,244.17$ 7,652,244.17$ 2.650% 8,009.52$ 7,660,253.69$
N/A N/A N/A CAMP 98,821,418.66$ 98,821,418.66$ 5.030% 500,304.49$ 99,321,723.15$
N/A N/A N/A LAIF City 216,097.79$ 216,097.79$ 4.518% 2,532.66$ 218,630.45$
N/A N/A N/A LAIF CMWD 873,450.63$ 873,450.63$ 4.518% 10,236.80$ 883,687.43$
N/A N/A N/A LAIF CPFA 800,113.22$ 800,113.22$ 4.518% 9,377.29$ 809,490.51$
Total cash and pooled investments 121,530,718.12$ 121,530,718.12$ 4.757% 564,828.16$ 122,095,546.28$
GRAND TOTAL 873,589,819.95$ 867,723,500.40$ 2.9060% 74,860,760.65$ 948,450,580.60$
Cash and pooled investments
Feb. 20, 2025 Item #1 Page 27 of 84
City of Carlsbad investment portfolio
115 Trust Activity
Exhibit 10
Period Ending Contributions Net Earnings Distributions Ending Balance
Fiscal year 2023-24 10,000,000.00$ 849,412.96$ -$ 10,849,412.96$
07/31/24 -$ 260,092.28$ -$ 11,109,505.24$
08/31/24 -$ 228,127.56$ -$ 11,337,632.80$
09/30/24 -$ 219,108.00$ -$ 11,556,740.80$
10/31/24 7,500,000.00$ (318,789.75)$ -$ 18,737,951.05$
Current year summary 7,500,000.00$ 388,538.09$ -$ 18,737,951.05$
Grand total 17,500,000.00$ 1,237,951.05$ -$ 18,737,951.05$
Oct. 31, 2024
The city's Section 115 Trust is a post-employment benefit trust that was established by City Council on
September 12, 2023 (Resolution 2023-240). In connection with City Council Policy No. 86 and 98, the trust
allows the city to stabilize pension cost volatility, maintain local control over the city's assets and earn a
potentially higher rate of return than if the assets were kept in the General Fund. These funds are restricted and
not pooled with other investment funds.
Feb. 20, 2025 Item #1 Page 28 of 84
Meeting Date: Jan. 14, 2025
To: Mayor and City Council
From: Geoff Patnoe, City Manager
Staff Contact: Christian Peacox, City Treasurer
Christian.peacox@carlsbadca.gov, 442-339-5119
Zach Korach, Finance Director
Zach.korach@carlsbadca.gov, 442-339-2127
Subject: Report on City Investments as of Nov. 30, 2024
District: All
Recommended Action
Accept and file Report on City Investments as of Nov. 30, 2024.
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 Nov. 30, 2024, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $879,804,796 $873,589,820
Investment cost $873,731,629 $867,723,500
Amortized cost2 $873,471,467 $867,223,181
Market value3 $859,924,879 $852,171,599
(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 Principal custodial
report.
CA Review AZ
Exhibit 2
Feb. 20, 2025 Item #1 Page 29 of 84
The equity portion of the various funds in the total portfolio, that is, the part of the total
investment portfolio assigned to each fund, is summarized in the graph below. Fund balances
are restricted for various purposes (See Exhibit 6 for a more detailed breakdown).
Pooled investment interest income4
Fiscal year to date Current month Prior month
Cash income $10,037,963 $1,363,194 $2,010,316
(4) The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield5 Modified duration
September 2024 1.91 2.93% 1.65
October 2024 1.98 2.91% 1.67
November 2024 1.96 2.94% 1.64
(5) Yield is computed by totaling the weighted average of each investment’s return less any costs.
All pooled investments have been made in accordance with the city’s Investment Policy, which
was adopted Jan. 2, 1985, and last revised Mar. 12, 2024; 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.
Capital projects, $409
Enterprise, $211
General, $130
Internal service, $87
Special revenue, $36
Fiduciary, $3
Fund equity in pooled investments
(in millions)
Feb. 20, 2025 Item #1 Page 30 of 84
Exhibit 7 shows the investments out of compliance with the current policy that experienced a
subsequent change in credit rating. Ratings on one investment has dropped to less than the
rating required by the Investment Policy since the initial purchase. In addition, one investment
was refunded and collateralized by the US Treasury since the initial purchase and is therefore
not rated. 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. All 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.
Not less than two-thirds (66.67%) of the current fiscal year operating budget shall mature
within one year. The maturity value within one year is $298,505,215 which is 71.2% of the
current year operating budget. The investment portfolio has the ability to meet the city’s
anticipated cash flow demands for the next six months.
Next Steps
The report on city investments will continue to be produced monthly by the City Treasurer.
Environmental Evaluation
This action does not require environmental review because it does not constitute a project
within the meaning of the California Environmental Quality Act under California Public
Resources Code Section 21065 in that it has no potential to cause either a direct physical
change or a reasonably foreseeable indirect physical change in the environment.
Exhibits
1. Investments by cost, market value, cash income and average yield by class
2. Maturities by classification and length of time at market value
3. Yield comparison & market yield curve
4. Cash income by month & cumulative cash income
5. Maturities, calls and purchases this quarter
6. Fund equity in pooled investments
7. Security ratings and outlooks
8. Portfolio allocation at amortized cost by issuer
9. Investment detail
10. Section 115 Trust activity
Feb. 20, 2025 Item #1 Page 31 of 84
City of Carlsbad investment portfolio
Investments by cost, market value, cash income and average yield by class Exhibit 1
Investment cost Market value Average yield
Class Current month Prior month Current month Prior month YTD net income
Current
month
Prior
month
Percent
of total
Certificate of
deposit 21,973,876.92$ 22,220,876.92$ 21,670,943.86$ 21,941,814.35$ 244,183.21$ 2.22% 2.21% 2.52%
Corporate notes 132,225,518.60$ 129,203,243.60$ 127,669,621.68$ 124,263,938.51$ 1,217,700.39$ 2.73% 2.63% 14.85%
Federal agency $ 334,852,499.15 $ 340,603,579.97 $ 328,716,835.94 $ 333,843,866.54 $ 2,860,068.49 2.21% 2.19% 38.23%
Mortgage
passthrough
securities
91,622,739.31$ 86,906,152.61$ 90,681,821.75$ 85,631,605.35$ 1,207,733.99$ 3.98% 3.95% 10.55%
Municipal bonds 98,057,662.90$ 99,062,112.90$ 97,054,240.55$ 97,769,827.30$ 1,039,547.43$ 2.94% 2.92% 11.29%
Supranational
securities 16,677,140.00$ 16,677,140.00$ 16,174,635.50$ 16,131,314.00$ 158,893.00$ 2.37% 2.37% 1.88%
US Treasury 53,998,582.54$ 51,519,676.29$ 53,633,170.00$ 51,058,515.00$ 383,875.20$ 2.76% 2.70% 6.24%
General cash
account 2,111,874.00$ 2,091,263.00$ 2,111,874.00$ 2,091,263.00$ -$ 0.00% 0.00% 0.25%
Sweep account 5,863,600.67$ 11,076,130.65$ 5,863,600.67$ 11,076,130.65$ 251,604.00$ 4.52% 4.72% 0.68%
Investment cash
account 5,190,583.37$ 7,652,244.17$ 5,190,583.37$ 7,652,244.17$ 86,456.12$ 2.40% 2.65% 0.60%
California Asset
Mgmt Program
(CAMP)
109,267,890.33$ 98,821,418.66$ 109,267,890.33$ 98,821,418.66$ 2,544,918.58$ 4.87% 5.03% 12.71%
Local Agency
Investment Fund
(LAIF)
1,889,661.64$ 1,889,661.64$ 1,889,661.64$ 1,889,661.64$ 42,982.77$ 4.47% 4.52% 0.22%
Total 873,731,629.42$ 867,723,500.40$ 859,924,879.29$ 852,171,599.17$ 10,037,963.18$ 2.94% 2.91% 100.00%
Policy:
Certificates of deposit and corporate notes are limited to 30% of total portfolio at the time of purchase.
Municipal bonds are limited to 15% of total portfolio at the time of purchase.
Supranational securities are limited to 10% of total portfolio at the time of purchase.
Nov. 30, 2024
Feb. 20, 2025 Item #1 Page 32 of 84
City of Carlsbad investment portfolio
Maturities by classification and length of time at market value
Exhibit 2
Class Overnight Within 12 months 13-36 months 37-60 months Total
Certificate of deposit - 8,233,892.61$ 7,204,804.94$ 6,232,246.31$ 21,670,943.86$
Corporate notes - 26,464,293.68$ 59,161,324.50$ 42,044,003.50$ 127,669,621.68$
Federal agency - 100,086,546.15$ 131,930,263.79$ 96,700,026.00$ 328,716,835.94$
Mortgage
passthrough
securities
- 2,835,150.45$ 21,388,858.69$ 66,457,812.61$ 90,681,821.75$
Municipal bonds - 14,897,827.45$ 57,593,092.45$ 24,563,320.65$ 97,054,240.55$
Supranational
securities - 1,974,080.00$ 6,706,270.00$ 7,494,285.50$ 16,174,635.50$
US Treasury - 19,689,815.00$ 24,782,620.00$ 9,160,735.00$ 53,633,170.00$
General cash account 2,111,874.00$ - - - 2,111,874.00$
Sweep account 5,863,600.67$ - - - 5,863,600.67$
Investment cash
account 5,190,583.37$ - - - 5,190,583.37$
California Asset
Mgmt Program
(CAMP)
$ 109,267,890.33 - - - 109,267,890.33$
Local Agency
Investment Fund
(LAIF)
$ 1,889,661.64 - - - 1,889,661.64$
Totals 124,323,610.01$ 174,181,605.34$ 308,767,234.37$ 252,652,429.57$ 859,924,879.29$
Percent Total 14.46%20.26%35.91%29.38%100.00%
298,505,215.35$
71.24%
Policy:
Maximum term for all securities is five years.
Not less than $279,333,609 to mature within one year, two-thirds of FY 24-25 operating budget of $419,000,413.
Nov. 30, 2024
Percentage of the budget
Funds maturing within one year
Feb. 20, 2025 Item #1 Page 33 of 84
City of Carlsbad investment portfolio
Yield comparisons
Exhibit 3
Nov. 30, 2024
0.00
1.00
2.00
3.00
4.00
5.00
6.00
3 month 2 year 5 year 10 year
FY 22-23 end 5.43 4.87 4.13 3.81
FY 23-24 end 5.48 4.71 4.33 4.36
Nov. 2024 4.58 4.13 4.05 4.18
Ma
r
k
e
t
r
a
t
e
(
%
)
Yield comparison: market yields
Fiscal year ends compared to current
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Yi
e
l
d
(
%
)
Yield comparison: Securities vs CAMP vs LAIF
Three year comparison
Securities CAMP LAIF
Feb. 20, 2025 Item #1 Page 34 of 84
City of Carlsbad investment portfolio
Cash income
Exhibit 4
Fiscal year 2023-24
Nov. 30, 2024
Fiscal year 2024-25
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
In
t
e
r
e
s
t
I
n
c
o
m
e
Cash income by month
13-month comparison
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
In
t
e
r
e
s
t
I
n
c
o
m
e
Cumulative cash income
13-month comparison, by fiscal year
Feb. 20, 2025 Item #1 Page 35 of 84
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter Exhibit 5
CUSIP Issuer Settled Maturity Yield Par value Book value Total Interest Total
Certificate of deposit
75472RAN1 Raymond James Bank NA 11/26/19 11/26/24 1.85% 247,000.00$ 247,000.00$ 22,872.54$ 269,872.54$
Corporate notes
06406RAL1 Bank of NY Mellon 02/18/20 10/24/24 2.10% 3,055,000.00$ 3,055,000.00$ 300,459.25$ 3,355,459.25$
06368G3W5 Bank of Montreal 11/15/21 11/15/24 1.00% 2,000,000.00$ 2,000,000.00$ 60,000.00$ 2,060,000.00$
Federal agency
31422XMV1 Federal Agricultural Mortgage Corp 10/04/21 10/04/24 0.50% 2,000,000.00$ 2,000,000.00$ 30,000.00$ 2,030,000.00$
3133EK3B0 Federal Farm Credit Banks 11/25/20 10/16/24 1.50% 1,400,000.00$ 1,400,000.00$ 81,725.00$ 1,481,725.00$
31422BPG9 Federal Agricultural Mortgage Corp 11/15/19 11/01/24 1.79% 2,000,000.00$ 2,000,000.00$ 177,607.78$ 2,177,607.78$
3133EC2D5 Federal Farm Credit Banks 07/10/20 11/13/24 2.26% 1,621,000.00$ 1,621,000.00$ 159,055.22$ 1,780,055.22$
3135G06E8 Federal National Mortgage Assoc 11/18/20 11/18/24 0.42% 2,000,000.00$ 2,000,000.00$ 33,600.00$ 2,033,600.00$
Mortgage passthrough securities
30311SAA7 FRESB - 2022-SB97 A5F 04/22/22 10/25/24 2.80%5,294.05$ 5,084.24$ 4,871.57$ 10,165.62$
30315EAA4 FRESB - MFM 07/24/20 10/25/24 0.83%1,481.16$ 1,488.40$ 604.45$ 2,085.61$
30318NAA1 FRESB - 2021-SB83 02/19/21 10/25/24 0.51%2,264.28$ 2,274.91$ 627.24$ 2,891.52$
30321CAQ5 FRESB - 2021-SB88 A5F 07/23/21 10/25/24 0.75%3,017.52$ 3,031.69$ 1,212.97$ 4,230.49$
30324QAC2 FRESB - 2022-SB94 01/21/22 10/25/24 1.50%7,320.37$ 7,354.23$ 5,352.14$ 12,672.51$
30329MAA0 FRESB - 2022-SB103 A5F 10/28/22 10/25/24 4.99%2,140.98$ 1,918.08$ 2,536.45$ 4,677.43$
30329QAA1 FRESB - 2022-SB104 A5F 11/18/22 10/25/24 2.60%5,242.35$ 4,785.42$ 8,274.99$ 13,517.34$
30332EAA3 FRESB - 2023-SB107 A5F 07/20/23 10/25/24 4.09%1,002.56$ 980.76$ 10,199.34$ 11,201.90$
30333AAA0 FRESB - 2023-SB108 A5F 08/17/23 10/25/24 4.79%1,985.36$ 1,942.57$ 12,344.85$ 14,330.21$
30334CAA5 FRESB - 2023-SB111 A5F 11/16/23 10/25/24 5.28%1,721.83$ 1,683.28$ 10,783.93$ 12,505.76$
30336BAA5 FRESB - 2024-SB113 04/25/24 10/25/24 5.22%423.24$ 419.70$ 14,639.46$ 15,062.70$
30337MAA0 FRESB - 2024-SB114 06/27/24 10/25/24 4.99%387.53$ 389.45$ 12,372.70$ 12,760.23$
3132XGRH1 FRESB - WN2287 01/27/23 10/25/24 3.93%4,065.66$ 4,028.81$ 9,108.18$ 13,173.84$
3132XGYJ9 FHLM - WN2512 03/07/24 10/25/24 4.80%1,690.18$ 1,655.85$ 5,489.58$ 7,179.76$
3137BP4J5 FHLM - FHMS K1R1 08/20/21 10/25/24 0.41%46,010.99$ 48,189.32$ 1,711.14$ 47,722.13$
3137BPW21 FHLM - KHMS K055 03/25/21 10/25/24 2.67%5,730.50$ 6,188.94$ 5,568.75$ 11,299.25$
3137F32A1 FHLM - KHG1 A1 04/15/20 10/25/24 0.99%92,647.95$ 99,307.02$ 501.17$ 93,149.12$
3138L7D60 FHLM - AM6424 12/16/22 10/25/24 4.21%2,597.85$ 2,515.04$ 2,744.26$ 5,342.11$
35564CAA5 FHLM - SLST 2018 01/11/24 10/25/24 5.37%7,957.29$ 7,636.82$ 2,728.23$ 10,685.52$
30311SAA7 FRESB - 2022-SB97 A5F 04/22/22 11/25/24 2.80%5,042.59$ 4,842.74$ 4,863.72$ 9,906.31$
30315EAA4 FRESB - MFM 07/24/20 11/25/24 0.83%1,406.82$ 1,413.70$ 603.43$ 2,010.25$
30318NAA1 FRESB - 2021-SB83 02/19/21 11/25/24 0.51%21,305.92$ 21,405.97$ 626.05$ 21,931.97$
30321CAQ5 FRESB - 2021-SB88 A5F 07/23/21 11/25/24 0.75%2,873.80$ 2,887.30$ 1,210.76$ 4,084.56$
30324QAC2 FRESB - 2022-SB94 01/21/22 11/25/24 1.50%6,984.78$ 7,017.08$ 5,342.14$ 12,326.92$
30329MAA0 FRESB - 2022-SB103 A5F 10/28/22 11/25/24 4.99%2,013.66$ 1,804.01$ 2,532.74$ 4,546.40$
30329QAA1 FRESB - 2022-SB104 A5F 11/18/22 11/25/24 2.60%4,868.48$ 4,444.13$ 8,263.63$ 13,132.11$
30332EAA3 FRESB - 2023-SB107 A5F 07/20/23 11/25/24 4.09%881.78$ 862.61$ 10,195.93$ 11,077.71$
30333AAA0 FRESB - 2023-SB108 A5F 08/17/23 11/25/24 4.79%1,746.87$ 1,709.22$ 12,337.82$ 14,084.69$
30334CAA5 FRESB - 2023-SB111 A5F 11/16/23 11/25/24 5.28%1,450.25$ 1,417.78$ 10,777.17$ 12,227.42$
30336BAA5 FRESB - 2024-SB113 04/25/24 11/25/24 5.22%1,018.45$ 1,009.93$ 14,637.70$ 15,656.15$
30337MAA0 FRESB - 2024-SB114 06/27/24 11/25/24 4.99%307.68$ 309.20$ 12,371.09$ 12,678.77$
3132XGRH1 FRESB - WN2287 01/27/23 11/25/24 3.93%3,708.03$ 3,674.43$ 9,398.87$ 13,106.90$
Nov. 30, 2024
Maturities
Feb. 20, 2025 Item #1 Page 36 of 84
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter
Nov. 30, 2024
CUSIP Issuer Settled Maturity Yield Par value Book value Total Interest Total
3132XGYJ9 FHLM - WN2512 03/07/24 11/25/24 4.80%1,460.58$ 1,430.91$ 5,666.38$ 7,126.96$
3137BP4J5 FHLM - FHMS K1R1 08/20/21 11/25/24 0.41%43,803.64$ 45,877.47$ 1,617.36$ 45,421.00$
3137BPW21 FHLM - KHMS K055 03/25/21 11/25/24 2.67%5,550.20$ 5,994.22$ 5,555.99$ 11,106.19$
3137F32A1 FHLM - KHG1 A1 04/15/20 11/25/24 0.99%87,359.52$ 93,638.48$ 243.23$ 87,602.75$
3138L7D60 FHLM - AM6424 12/16/22 11/25/24 4.21%2,606.67$ 2,523.58$ 2,736.79$ 5,343.46$
35564CAA5 FHLM - SLST 2018 01/11/24 11/25/24 5.37%15,525.82$ 14,900.54$ 2,705.02$ 18,230.84$
Municipal bonds
419792ZK5 Hawaii, State of 02/26/21 10/01/24 0.80% 3,000,000.00$ 3,000,000.00$ 86,549.17$ 3,086,549.17$
419792ZK5 Hawaii, State of 03/17/22 10/01/24 0.80% 2,000,000.00$ 2,000,000.00$ 40,723.78$ 2,040,723.78$
79771FAX5 San Francisco City Public Utilities 03/01/21 11/01/24 0.72% 1,000,000.00$ 1,000,000.00$ 26,510.03$ 1,026,510.03$
Supranational securities
45950KCR9 International Finance Corporation 02/04/21 10/16/24 1.38% 2,000,000.00$ 1,957,463.96$ 101,830.00$ 2,101,830.00$
45818WCW4 Inter-American Development Bank 11/03/21 10/15/24 0.34% 1,440,000.00$ 1,440,000.00$ 14,443.20$ 1,454,443.20$
24,165,897.19$ 24,138,501.79$ 1,358,733.19$ 25,524,630.38$ Maturities Total
Feb. 20, 2025 Item #1 Page 37 of 84
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter
CUSIP Issuer Settled Call Date Yield Par value Book value Interest Total
Federal agency
3130AVZQ8 Federal Home Loan Bank 10/04/24 10/04/24 5.04% 1,880,000.00$ 1,873,350.98$ 117,650.40$ 1,997,650.40$
3134GYXX5 Federal Home Loan Mortgage Corp 09/12/23 10/28/24 5.65% 1,750,000.00$ 1,747,982.61$ 110,959.72$ 1,860,959.72$
3134H1GH0 Federal Home Loan Mortgage Corp 11/01/23 10/30/24 5.00% 1,500,000.00$ 1,491,558.37$ 74,791.67$ 1,574,791.67$
Corporate Notes
78014RHK9 Royal Bank of Canada 10/18/22 10/18/24 5.70% 2,500,000.00$ 2,500,000.00$ 285,000.00$ 2,785,000.00$
Calls Total 7,630,000.00$ 7,612,891.96$ 588,401.79$ 8,218,401.79$
Nov. 30, 2024
Calls
Feb. 20, 2025 Item #1 Page 38 of 84
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter
CUSIP Issuer Settled Maturity Yield First Coupon Par value Book value Anticipated Interest
Corporate notes
48130CUB9 JPMorgan Chase 10/23/24 10/23/29 4.13%04/23/25 2,000,000.00$ 2,000,000.00$ 412,500.00$
6944PL3C1 Pacific Life Global 10/09/24 08/28/29 4.39%02/28/25 2,000,000.00$ 2,009,920.00$ 450,250.00$
74368CBG8 Protective Life Global 10/23/24 07/06/28 4.51%01/06/25 2,300,000.00$ 2,097,255.00$ $ 174,800.00
58989V2G8 Met Tower Global Funding 11/08/24 01/16/27 4.42%01/16/25 2,500,000.00$ 2,522,275.00$ 303,125.00$
48130CVE2 JPMorgan Chase 11/14/24 11/14/29 4.50%05/14/25 2,500,000.00$ 2,500,000.00$ 562,500.00$
Federal agency
3130B3CC5 Federal Home Loan Bank 10/17/24 10/09/29 4.10%04/09/25 2,500,000.00$ 2,500,000.00$ 510,222.22$
3133ERWK3 Federal Farm Credit Banks 10/07/24 10/07/27 3.67%04/07/25 2,000,000.00$ 2,000,000.00$ 220,200.00$
3134HAPK3 Federal Home Loan Mortgage Corp 10/10/24 10/10/29 4.03%04/10/24 2,500,000.00$ 2,500,000.00$ 503,750.00$
31424WQB1 Federal Agricultural Mortgage Corp 10/15/24 10/15/29 4.45%04/15/25 2,500,000.00$ 2,500,000.00$ 556,250.00$
Mortgage passthrough securities
3132XKTD9 FHLMC WN5047 10/07/24 07/01/29 3.89%11/25/24 2,500,000.00$ 2,498,750.00$ 226,955.69$
3132XKTE7 FHLMC WN5048 10/09/24 08/01/29 4.15%11/25/24 2,500,000.00$ 2,489,150.00$ 242,860.85$
3140NWFK6 FNMA BZ1969 10/21/24 10/01/29 4.01%11/25/24 2,000,000.00$ 1,990,000.00$ 196,133.86$
3140NWGS8 FNMA BZ2008 10/15/24 10/01/29 4.23%11/25/24 2,000,000.00$ 1,996,000.00$ 203,992.36$
3140NWLH6 FNMA BZ2127 11/05/24 10/01/29 4.52%12/25/24 2,500,000.00$ 2,467,500.00$ 256,364.95$
3140NWJL0 FNMA BZ2066 11/19/24 11/01/29 4.54%12/25/24 2,500,000.00$ 2,466,250.00$ 257,746.06$
Municipal bonds
91412HFG3 University of CA 10/10/24 07/01/29 4.09%01/01/25 2,500,000.00$ 2,421,325.00$ 418,625.00$
U.S. Treasury
91282CFT3 U.S. Treasury 11/08/24 10/31/29 4.19%04/30/24 2,500,000.00$ 2,478,906.25$ 500,265.50$
39,800,000.00$ 39,437,331.25$ 5,996,541.48$
Nov. 30, 2024
Purchases
Purchases total
Feb. 20, 2025 Item #1 Page 39 of 84
City of Carlsbad investment portfolio
Fund equity in pooled investments
Exhibit 6
Cash balance by fund:Cash balance by fund:
General 130,342,433.29$
Special revenue 35,927,432.11$
Capital projects:
Infrastructure replacement 116,439,733.26$
Special districts 111,987,264.38$
General capital construction 62,948,921.10$
Public facilities fees 34,736,363.52$
Traffic impact fees 17,537,072.13$
Gas tax 19,866,359.57$
Park development 16,360,813.61$
Technology investment 18,981,461.61$
TransNet taxes 4,861,827.60$
Drainage fees 5,225,821.12$
Total capital projects 408,945,637.90$
Enterprise:
Carlsbad Municipal Water District 141,317,570.75$
Sewer fund 53,275,620.42$
Storm water 4,423,164.15$
Solid waste 4,109,202.88$
Golf course 7,494,431.81$
Total enterprise 210,619,990.01$
Internal service 87,288,548.94$
Fiduciary 2,546,048.99$
Total general ledger balance *875,670,091.00$
Reconciling adjustments¹(2,198,624.00)$
Total treasurer's investment portfolio at amortized cost 873,471,467.02$
*Figures based on best estimate at the time report run on 12/10/2024.
¹The 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.
Nov. 30, 2024
Feb. 20, 2025 Item #1 Page 40 of 84
City of Carlsbad investment portfolio
Security ratings and outlooks
Exhibit 7
Issuer Moody's S&P Fitch Outlook
Corporate notes
Apple Inc AAA AA+Stable/Stable/
Bank of America A1 A- AA-Positive/ /Stable
BLC Community Bank A2 N/A AA-Stable
Citibank AA3 A+ A+Stable
CME Group Inc AA3 AA- AA-Stable/Stable/Stable
Colgate-Palmolive AA3 A+Stable/Negative
Flordia Power and Light Co AA2 A+ AA-Stable/Stable/Stable
Johnson & Johnson AAA AAA Stable/Neg
JP Morgan Chase Bank A1 A- AA-Stable/Stable/Stable
MassMutual Global Funding AA3 AA+ AA+ /Stable/
Merck & Co*A1 A+Positive/Stable/
Met Life Global AA3 AA- AA- /Stable/
Met Tower Global Funding AA3 AA- AA-Stable
Microsoft AAA AAA Stable/Stable/
New York Life AAA AA+ AAA Stable
Nike Inc.A1 AA-Stable/Stable/
Novartis Capital Corp AA3 AA- AA-Positive/Stable
Pacific Life Global AA3 AA- AA-Stable
Procter & Gamble AA3 AA-Stable/Stable/
Protective Life Global A1 AA- AA-Stable
Roche Holdings Inc AA2 AA AA Stable
Royal Bank of Canada A1 A AA-Stable/Stable/Stable
Seattle Children's Hospital AA2 N/A AA Stable
Visa Inc.AA3 AA-Stable/Stable/
Wal-Mart AA2 AA AA Stable/Stable/Stable
Mortgage passthrough securities
FAMCA AAA AA+Stable
FHLMC AAA AA+Stable
FNMA AAA AA+Stable
FRESB AAA AA+Stable
Municipal Bonds
Alief Independent School Dist AAA AAA
Amarillo Independent SD AAA AAA Stable
Anaheim California N/A AA+ AA+
Bay Area Water & Utl AA3 AA-
California State University AA2 AA-
California, State AA2 AA- AA Stable/positive/stable
Connecticut, State AA3 AA-
Ratings of corporate notes must be AA or better by one and A or better by another of the three: Moody's, S&P, or Fitch.
Ratings of mortgage passthrough securities must be AA or better by one of the three: Moody's, S&P, or Fitch.
Nov. 30, 2024
All investments were in compliance with the city's investment policy at the time of purchase.
Feb. 20, 2025 Item #1 Page 41 of 84
City of Carlsbad investment portfolio
Security ratings and outlooks
Issuer Moody's S&P Fitch Outlook
Nov. 30, 2024
All investments were in compliance with the city's investment policy at the time of purchase.
Contra Costa Cmty College AA1 AA+
Fremont CA Unified AA2 AA-Stable
Hawaii, State AA2 AA+ AA Stable
Honolulu Wastewater AA3 N/A AA-Stable
Los Angeles Cmty Clg Dist AAA AA+
Los Angeles Unified SD AA2 AA-Stable
Los Angeles Water & Power AA2 AA-Stable
Marion County SD AA1 N/A AA+Stable
Mason/Kitsap Cty SD AAA N/A AA+Stable
Miami Beach FL AA2 AA+
Minnesota State AAA AAA AAA Stable
Multnomah County OR AAA AAA Stable
Oregon State Dept Admin Serv AA2 AA
Oregon State Dept of Transp AA1 AAA AA+Stable
Pajaro Valley Unified SD AA3 A+
Portland Cmty College AA1 N/A AA+Stable
Riverside California N/A AA AA-Stable
San Antonio, Texas AAA AAA
San Bernardino CCD AA1 AA Stable
San Diego Cmty College AA1 AAA Stable
San Diego Public Finance AA2 N/A AA Stable
San Jose Evergreen CC AAA AA+Stable
San Jose Redevelopment N/A AA AA+Stable
San Ramon Valley USD AA1 AA+
Santa Barbara CA USD AA1 AA Stable
Santa Monica Cmty College AA2 AA+
Solano County Cmty College AA2 AA Stable
Southern CA Public Power N/A AA- AA-Stable
Texas Tech University AA1 AA+Stable
University of California AA2 AA AA Stable
Corporate notes Moody's S&P Fitch Maturity date Purchased Book value
Merck & Co A1 A+ N/R 02/24/26 04/12/21 1,495,665$
1,495,665$
*Investments with subsequent changes in credit rating
The city's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. The
current exception is paying interest at the required times. The principal of the investment is considered secure. It is the intent of the City
Treasurer to hold the asset in the portfolio until maturity unless events indicate they shoud be sold.
Ratings of municipal bonds must be AA or better by one and A or better by another of the three: Moody's, S&P, or Fitch.
Feb. 20, 2025 Item #1 Page 42 of 84
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Exhibit 8
Issuer Amortized cost Portfolio allocation
Corporate notes
Apple Inc.1,504,949.30$ 0.17%
Bank of America 10,996,774.85$ 1.26%
BLC Community Bank (Bank of Montreal)5,950,000.00$ 0.68%
Citibank 2,037,760.36$ 0.23%
CME Group 2,788,072.06$ 0.32%
Colgate-Palmolive 1,970,432.62$ 0.23%
Florida Power & Light 3,688,582.13$ 0.42%
Johnson & Johnson 17,167,058.47$ 1.97%
JP Morgan Chase Bank 23,300,000.00$ 2.67%
Massmutual Global 3,761,281.48$ 0.43%
Merck & Co 1,496,388.70$ 0.17%
Met Life Global 2,521,653.11$ 0.29%
Met Tower Global Funding 5,104,480.73$ 0.58%
Microsoft 4,098,876.97$ 0.47%
New York Life 6,431,105.40$ 0.74%
Nike Inc.2,884,154.43$ 0.33%
Novartis Capital Corp 3,312,957.29$ 0.38%
Pacific Life Global 3,014,983.41$ 0.35%
Procter & Gamble 12,826,144.82$ 1.47%
Protective Life Global 2,102,882.58$ 0.24%
Roche Holdings Inc 4,844,121.33$ 0.55%
Royal Bank of Canada 4,498,414.41$ 0.52%
Seattle Children's Hospital 904,874.66$ 0.10%
Visa Inc.1,276,908.93$ 0.15%
Wal-Mart 2,000,574.82$ 0.23%
Mortgage passthrough securities
FAMCA 3,477,105.33$ 0.40%
FHLMC 30,833,325.24$ 3.53%
FNMA 26,896,006.67$ 3.08%
FRESB 30,480,117.23$ 3.49%
Federal agencies
Federal Agricultural Mortgage Corp.21,648,601.18$ 2.48%
Federal Farm Credit Bank 75,685,337.67$ 8.66%
Federal Home Loan Bank 143,227,526.49$ 16.40%
Federal Home Loan Mortgage Corp.61,435,814.76$ 7.03%
Federal National Mortgage Assoc.33,898,471.38$ 3.88%
Nov. 30, 2024
Feb. 20, 2025 Item #1 Page 43 of 84
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Issuer Amortized cost Portfolio allocation
Nov. 30, 2024
Municipal Bonds
Alief Independent SD 1,972,760.47$ 0.23%
Amarillo Independent SD 1,798,162.62$ 0.21%
Anaheim California 1,538,838.93$ 0.18%
Bay Area Water 1,206,139.54$ 0.14%
California State University 2,259,185.47$ 0.26%
California, State 18,315,877.14$ 2.10%
Connecticut, State 2,853,220.87$ 0.33%
Contra Costa Cmty College 938,325.61$ 0.11%
Fremont CA Unified 1,870,902.72$ 0.21%
Hawaii, State 3,024,150.99$ 0.35%
Honolulu Wastewater 1,430,891.15$ 0.16%
Los Angeles Cmty College 2,067,194.11$ 0.24%
Los Angeles Unified SD 3,645,419.35$ 0.42%
Los Angeles Water & Power 1,549,945.30$ 0.18%
Marion County SD 1,881,785.46$ 0.22%
Mason/Kitsap Cty SD 640,000.00$ 0.07%
Miami Beach FL 1,397,030.13$ 0.16%
Minnesota State 1,215,000.00$ 0.14%
Multnomah County OR 2,000,748.76$ 0.23%
Oregon State Dept of Admin Services 961,377.49$ 0.11%
Oregon State Dept of Transp 3,280,590.63$ 0.38%
Pajaro Valley USD 996,978.29$ 0.11%
Portland CC 1,100,963.20$ 0.13%
Riverside California 1,262,428.18$ 0.14%
San Antonio, Texas 500,000.00$ 0.06%
San Bernardino CCD 1,396,846.73$ 0.16%
San Diego Cmty College 5,166,602.82$ 0.59%
San Diego Public Finance 1,902,298.97$ 0.22%
San Jose Evergreen CC 766,739.61$ 0.09%
San Jose Redevelpment 4,027,912.01$ 0.46%
San Ramon Valley SD 897,315.85$ 0.10%
Santa Barbara CA USD 953,881.97$ 0.11%
Santa Monica Cmty College 504,046.10$ 0.06%
Solano County Cmty College 1,818,173.96$ 0.21%
Southern CA Public Power 2,459,935.14$ 0.28%
Texas Tech University 5,762,794.19$ 0.66%
University of California 12,876,808.08$ 1.47%
Feb. 20, 2025 Item #1 Page 44 of 84
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Issuer Amortized cost Portfolio allocation
Nov. 30, 2024
Other
Supranational 16,478,188.58$ 1.89%
US Treasury 54,384,110.84$ 6.23%
Certificate of deposits 21,978,546.94$ 2.52%
Cash 124,323,610.01$ 14.23%
Total portfolio amortized cost 873,471,467.02$ 100.00%
Policy:
Corporate notes, non-agency mortgage passthrough securities, municpal bonds, and supranational securities may have no more than 5%
invested with a single issuer.
Certificates of deposit may have no more than 10% invested with any single issuer.
Federal agencies, U.S. Treasury and agency-backed mortgage passthrough securities do not have issuer limitations.
Feb. 20, 2025 Item #1 Page 45 of 84
City of Carlsbad investment portfolio
Investment detail
Exhibit 9
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
3130APVZ5 12/02/21 12/02/24 Federal Home Loan Banks 1,900,000.00 1,900,000.00 1.050%59,850.00 1,959,850.00
3130AQ5L3 12/16/21 12/16/24 Federal Home Loan Banks 2,000,000.00 2,000,000.00 0.500%70,000.00 2,070,000.00
3130AKLQ7 12/30/20 12/30/24 Federal Home Loan Banks 4,000,000.00 4,000,000.00 0.310%49,600.00 4,049,600.00
3134GXYX6 07/07/22 12/30/24 Federal Home Loan Mortgage Corp 2,500,000.00 2,500,000.00 3.348% 207,746.53 2,707,746.53
3130AJSF7 05/27/21 01/08/25 Federal Home Loan Banks 2,000,000.00 2,000,000.00 0.648%46,980.56 2,046,980.56
3130ASLP2 07/21/22 01/21/25 Federal Home Loan Banks 2,000,000.00 2,000,000.00 3.500% 175,000.00 2,175,000.00
3130AN7L8 07/28/21 01/28/25 Federal Home Loan Banks 1,750,000.00 1,750,000.00 0.520%31,850.00 1,781,850.00
3133EMPV8 02/03/21 02/03/25 Federal Farm Credit Banks 2,000,000.00 2,000,000.00 0.320%25,600.00 2,025,600.00
3134GWMN3 08/27/20 02/27/25 Federal Home Loan Mortgage Corp 2,500,000.00 2,500,000.00 0.520%58,500.00 2,558,500.00
3130A4CH3 04/09/20 03/14/25 Federal Home Loan Banks 3,000,000.00 3,231,300.00 0.778% 351,302.08 3,351,302.08
3130A4CH3 02/18/21 03/14/25 Federal Home Loan Banks 1,500,000.00 1,620,240.00 0.389% 145,072.92 1,645,072.92
3134GWP26 06/07/21 03/28/25 Federal Home Loan Mortgage Corp 1,000,000.00 998,500.00 0.540%19,041.67 1,019,041.67
3130AMRJ3 06/28/21 03/28/25 Federal Home Loan Banks 3,120,000.00 3,122,340.00 0.500%70,200.00 3,190,200.00
3133EMWH1 04/21/21 04/21/25 Federal Farm Credit Banks 1,500,000.00 1,500,000.00 0.710%42,600.00 1,542,600.00
3130APA39 09/30/22 04/21/25 Federal Home Loan Banks 1,055,000.00 963,215.00 4.287%17,813.67 1,072,813.67
3135GAA43 12/23/20 04/23/25 Federal National Mortgage Assoc 3,000,000.00 3,000,000.00 0.500%65,000.00 3,065,000.00
3134GWYW0 10/30/20 04/30/25 Federal Home Loan Mortgage Corp 2,000,000.00 2,000,000.00 0.500%45,111.12 2,045,111.12
3133ELC28 06/03/20 05/27/25 Federal Farm Credit Banks 3,500,000.00 3,499,300.00 0.734% 127,324.17 3,627,324.17
3134GVB31 06/03/20 05/28/25 Federal Home Loan Mortgage Corp 2,000,000.00 2,000,000.00 0.750%74,791.66 2,074,791.66
3135GA5S6 12/16/20 06/16/25 Federal National Mortgage Assoc 2,000,000.00 2,000,000.00 0.450%40,500.00 2,040,500.00
3135G04Z3 01/11/21 06/17/25 Federal National Mortgage Assoc 3,000,000.00 3,014,640.00 0.389%66,500.00 3,066,500.00
3135G04Z3 05/20/21 06/17/25 Federal National Mortgage Assoc 2,000,000.00 1,991,940.00 0.600%40,750.00 2,040,750.00
3136G4XZ1 07/01/20 06/30/25 Federal National Mortgage Assoc 2,500,000.00 2,500,000.00 0.740%92,448.61 2,592,448.61
3133EMMP4 01/15/21 07/14/25 Federal Farm Credit Banks 2,225,000.00 2,218,325.00 0.457%39,024.65 2,264,024.65
3137EAEU9 09/14/20 07/21/25 Federal Home Loan Mortgage Corp 1,500,000.00 1,499,625.00 0.380%27,296.87 1,527,296.87
3133ELZ80 07/29/20 07/29/25 Federal Farm Credit Banks 3,000,000.00 3,000,000.00 0.580%87,000.00 3,087,000.00
3133EMFC1 10/29/20 07/29/25 Federal Farm Credit Banks 3,000,000.00 3,000,000.00 0.530%75,525.00 3,075,525.00
3134GWXM3 10/01/20 07/30/25 Federal Home Loan Mortgage Corp 2,000,000.00 2,000,000.00 0.510%49,271.67 2,049,271.67
3133EL3P7 08/12/20 08/12/25 Federal Farm Credit Banks 3,500,000.00 3,500,000.00 0.530%92,750.00 3,592,750.00
3136G4C43 08/14/20 08/14/25 Federal National Mortgage Assoc 2,000,000.00 2,000,000.00 0.650%65,000.00 2,065,000.00
3136G4H71 11/06/20 08/18/25 Federal National Mortgage Assoc 2,000,000.00 1,999,000.00 0.500%47,833.33 2,047,833.33
3136G4K77 08/21/20 08/21/25 Federal National Mortgage Assoc 2,000,000.00 2,000,000.00 0.450%45,000.00 2,045,000.00
3136G4X24 08/31/20 08/29/25 Federal National Mortgage Assoc 3,000,000.00 3,000,000.00 0.600%89,900.00 3,089,900.00
3137EAEX3 10/22/20 09/23/25 Federal Home Loan Mortgage Corp 4,000,000.00 3,989,280.00 0.430%73,791.67 4,073,791.67
3137EAEX3 12/28/20 09/23/25 Federal Home Loan Mortgage Corp 3,000,000.00 2,996,460.00 0.400%53,281.25 3,053,281.25
3133EMCP5 10/14/20 10/14/25 Federal Farm Credit Banks 1,500,000.00 1,500,000.00 0.520%39,000.00 1,539,000.00
3132X0CK5 11/01/22 10/14/25 Federal Agricultural Mortgage Corp 1,650,000.00 1,645,264.50 2.153% 184,415.59 1,834,415.59
3134GWXX9 10/15/20 10/15/25 Federal Home Loan Mortgage Corp 3,000,000.00 3,000,000.00 0.550%82,500.00 3,082,500.00
3135G06A6 12/11/20 10/20/25 Federal National Mortgage Assoc 2,410,000.00 2,408,795.00 0.590%67,909.78 2,477,909.78
3133EMDZ2 12/09/20 10/21/25 Federal Farm Credit Banks 3,000,000.00 2,994,300.00 0.560%75,920.00 3,075,920.00
3133EMFR8 11/03/20 11/03/25 Federal Farm Credit Banks 4,500,000.00 4,500,000.00 0.540% 121,500.00 4,621,500.00
3135G06G3 12/29/20 11/07/25 Federal National Mortgage Assoc 3,000,000.00 3,012,960.00 0.410%72,833.34 3,072,833.34
3130ALFF6 03/10/21 12/10/25 Federal Home Loan Banks 1,750,000.00 1,750,000.00 0.650%54,031.25 1,804,031.25
31422XAT9 03/02/21 12/15/25 Federal Agricultural Mortgage Corp 3,000,000.00 3,000,000.00 0.520%74,663.33 3,074,663.33
3134GXFV1 12/17/20 12/17/25 Federal Home Loan Mortgage Corp 5,000,000.00 5,000,000.00 0.625% 156,250.00 5,156,250.00
3134GXHD9 03/24/21 12/23/25 Federal Home Loan Mortgage Corp 1,500,000.00 1,489,500.00 0.700%49,845.83 1,549,845.83
3135G06Q1 12/30/20 12/30/25 Federal National Mortgage Assoc 2,500,000.00 2,504,125.00 0.474%80,000.00 2,580,000.00
3130AKMZ6 01/14/21 01/14/26 Federal Home Loan Banks 4,000,000.00 4,000,000.00 0.510% 102,000.00 4,102,000.00
3130AKMZ6 01/14/21 01/14/26 Federal Home Loan Banks 1,750,000.00 1,747,375.00 0.540%44,625.00 1,794,625.00
31422B6K1 01/25/21 01/15/26 Federal Agricultural Mortgage Corp 1,500,000.00 1,500,000.00 0.480%35,800.00 1,535,800.00
3130AKN69 01/28/21 01/28/26 Federal Home Loan Banks 3,000,000.00 3,000,000.00 0.500%75,000.00 3,075,000.00
3130AKRF5 02/09/21 02/09/26 Federal Home Loan Banks 2,050,000.00 2,050,000.00 0.350%14,575.00 2,064,575.00
3130AKVR4 02/12/21 02/12/26 Federal Home Loan Banks 2,000,000.00 2,000,000.00 0.550%55,000.00 2,055,000.00
3130AKVV5 02/18/21 02/18/26 Federal Home Loan Banks 4,000,000.00 4,000,000.00 0.500% 100,000.00 4,100,000.00
3133EMSH6 03/03/21 03/03/26 Federal Farm Credit Banks 674,000.00 674,000.00 0.790%26,623.00 700,623.00
3133EMSU7 03/09/21 03/09/26 Federal Farm Credit Banks 3,500,000.00 3,500,000.00 0.800% 140,000.00 3,640,000.00
3130ALH56 03/18/21 03/18/26 Federal Home Loan Banks 3,000,000.00 2,997,000.00 0.750% 112,500.00 3,112,500.00
3130ALUQ5 03/30/21 03/30/26 Federal Home Loan Banks 1,500,000.00 1,500,000.00 0.300%22,500.00 1,522,500.00
31422XCX8 04/20/21 04/20/26 Federal Agricultural Mortgage Corp 2,000,000.00 2,000,000.00 1.000% 100,000.00 2,100,000.00
3130ALVB7 04/21/21 04/21/26 Federal Home Loan Banks 2,000,000.00 1,998,500.00 0.915%90,000.00 2,090,000.00
3130AM4L3 04/29/21 04/29/26 Federal Home Loan Banks 4,000,000.00 4,000,000.00 0.500% 100,000.00 4,100,000.00
31422XFP2 05/04/21 05/04/26 Federal Agricultural Mortgage Corp 2,500,000.00 2,500,000.00 0.950% 118,750.00 2,618,750.00
Nov. 30, 2024
Federal investments
Feb. 20, 2025 Item #1 Page 46 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Nov. 30, 2024
3130AMCL4 09/30/22 05/19/26 Federal Home Loan Banks 1,100,000.00 979,726.00 4.300%40,797.17 1,140,797.17
3130AMHN5 05/26/21 05/26/26 Federal Home Loan Banks 2,500,000.00 2,500,000.00 0.500% 112,500.00 2,612,500.00
31422XGL0 05/27/21 05/27/26 Federal Agricultural Mortgage Corp 2,000,000.00 2,000,000.00 0.920%92,000.00 2,092,000.00
3130AMQK1 06/16/21 06/16/26 Federal Home Loan Banks 2,000,000.00 2,000,000.00 0.500%94,000.00 2,094,000.00
3130AMQK1 06/16/21 06/16/26 Federal Home Loan Banks 2,500,000.00 2,500,000.00 0.500% 117,500.00 2,617,500.00
3133EML67 06/22/21 06/22/26 Federal Farm Credit Banks 2,000,000.00 1,993,160.00 0.870%80,000.00 2,080,000.00
3130AMTW2 06/30/21 06/30/26 Federal Home Loan Banks 4,500,000.00 4,500,000.00 0.500% 186,750.00 4,686,750.00
3130AMWN8 06/30/21 06/30/26 Federal Home Loan Banks 2,000,000.00 2,000,000.00 0.550%88,000.00 2,088,000.00
3130ANCH1 07/27/21 07/27/26 Federal Home Loan Banks 2,500,000.00 2,500,000.00 1.000% 125,000.00 2,625,000.00
3130ANL57 08/25/21 08/25/26 Federal Home Loan Banks 3,500,000.00 3,494,750.00 0.906% 153,125.00 3,653,125.00
31422XLY6 09/01/21 09/01/26 Federal Agricultural Mortgage Corp 4,000,000.00 4,000,000.00 0.900% 180,000.00 4,180,000.00
3133EM3T7 09/07/21 09/01/26 Federal Farm Credit Banks 3,000,000.00 2,997,750.00 0.885% 130,065.00 3,130,065.00
31422XNB4 09/30/21 09/30/26 Federal Agricultural Mortgage Corp 2,500,000.00 2,500,000.00 0.860% 107,798.60 2,607,798.60
3133ENAF7 12/27/21 10/07/26 Federal Farm Credit Banks 2,500,000.00 2,469,000.00 1.268% 119,444.44 2,619,444.44
3134GW6C5 02/15/22 10/28/26 Federal Home Loan Mortgage Corp 4,500,000.00 4,266,900.00 1.958% 169,300.00 4,669,300.00
3130APJZ9 02/25/22 10/28/26 Federal Home Loan Banks 3,500,000.00 3,378,200.00 1.979% 210,000.00 3,710,000.00
3130B1DC8 05/16/24 11/09/26 Federal Home Loan Banks 1,500,000.00 1,500,000.00 5.249% 196,875.00 1,696,875.00
3133ENFP0 12/09/21 11/30/26 Federal Farm Credit Banks 2,950,000.00 2,952,950.00 1.408% 167,958.25 3,117,958.25
3130AQF65 01/14/22 12/21/26 Federal Home Loan Banks 1,550,000.00 1,532,857.00 1.483%95,637.15 1,645,637.15
3130AQMX8 02/07/22 01/26/27 Federal Home Loan Banks 1,250,000.00 1,245,000.00 1.331% 112,070.31 1,362,070.31
3130AQJR5 12/14/23 01/27/27 Federal Home Loan Banks 2,000,000.00 1,820,000.00 4.631% 105,000.00 2,105,000.00
3130AQLD3 03/29/22 01/28/27 Federal Home Loan Banks 2,500,000.00 2,384,750.00 2.776% 211,336.81 2,711,336.81
3130ARAB7 06/24/22 03/25/27 Federal Home Loan Banks 2,000,000.00 1,941,720.00 3.420% 260,791.67 2,260,791.67
3134GXNM2 02/20/24 03/25/27 Federal Home Loan Mortgage Corp 2,000,000.00 1,899,720.00 4.419% 186,700.00 2,186,700.00
3130ARL58 06/10/22 04/26/27 Federal Home Loan Banks 4,000,000.00 3,982,764.44 3.198% 589,235.56 4,589,235.56
3133EPJP1 05/12/23 05/12/27 Federal Farm Credit Banks 2,000,000.00 1,999,260.00 3.620% 290,000.00 2,290,000.00
3130ASCT4 06/28/22 06/28/27 Federal Home Loan Banks 2,500,000.00 2,500,000.00 3.250% 406,250.00 2,906,250.00
3130ASF46 06/30/22 06/30/27 Federal Home Loan Banks 2,500,000.00 2,500,000.00 3.500% 437,500.00 2,937,500.00
3130ASLA5 09/13/23 07/26/27 Federal Home Loan Banks 1,915,000.00 1,891,497.21 4.850% 344,700.00 2,259,700.00
3133ERNT4 08/14/24 08/12/27 Federal Farm Credit Banks 2,500,000.00 2,498,750.00 4.968% 371,250.00 2,871,250.00
3130B2QD0 09/13/24 09/10/27 Federal Home Loan Banks 1,500,000.00 1,500,000.00 4.070% 182,641.25 1,682,641.25
3133ENL99 09/30/22 09/15/27 Federal Farm Credit Banks 2,500,000.00 2,432,200.00 3.983% 418,359.37 2,918,359.37
3133EPXB6 09/28/23 09/28/27 Federal Farm Credit Banks 2,000,000.00 1,993,860.00 4.625% 370,000.00 2,370,000.00
3134GX3H5 05/15/24 09/29/27 Federal Home Loan Mortgage Corp 2,500,000.00 2,477,000.00 5.048% 415,625.00 2,915,625.00
3133ERWK3 10/07/24 10/07/27 Federal Farm Credit Banks 2,000,000.00 2,000,000.00 3.670% 220,200.00 2,220,200.00
3133EPJ30 12/06/23 12/06/27 Federal Farm Credit Banks 2,000,000.00 2,000,000.00 5.380% 430,400.00 2,430,400.00
3133EN3S7 12/07/22 12/07/27 Federal Farm Credit Banks 3,000,000.00 2,995,920.00 3.780% 562,500.00 3,562,500.00
3130AYPJ9 01/29/24 01/26/28 Federal Home Loan Banks 2,000,000.00 2,000,000.00 4.500% 359,500.00 2,359,500.00
3130AUQA5 02/02/23 02/02/28 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.050% 506,250.00 3,006,250.00
3130AYVC7 02/13/24 02/09/28 Federal Farm Credit Banks 2,000,000.00 2,000,000.00 4.625% 370,000.00 2,370,000.00
3130AUW59 03/08/23 02/17/28 Federal Home Loan Banks 1,500,000.00 1,480,500.00 4.240% 318,000.00 1,818,000.00
3133EP3Z6 02/28/24 02/28/28 Federal Farm Credit Banks 2,000,000.00 1,997,320.00 4.375% 350,000.00 2,350,000.00
3130B0EE5 04/23/24 03/06/28 Federal Home Loan Banks 2,000,000.00 1,985,960.00 5.000% 384,000.00 2,384,000.00
313382GT4 11/15/23 03/10/28 Federal Home Loan Banks 2,500,000.00 2,333,600.00 4.720% 337,500.00 2,837,500.00
3133EPDC6 03/13/23 03/13/28 Federal Farm Credit Banks 1,000,000.00 1,000,000.00 5.350% 267,500.00 1,267,500.00
3133EPFU4 04/12/23 04/12/28 Federal Farm Credit Banks 2,500,000.00 2,496,600.00 3.530% 437,500.00 2,937,500.00
3130AVK50 04/24/23 04/24/28 Federal Home Loan Banks 1,500,000.00 1,500,000.00 5.000% 375,000.00 1,875,000.00
3130ALZW7 12/14/23 04/28/28 Federal Home Loan Banks 1,000,000.00 895,070.00 4.362%76,500.00 1,076,500.00
3133EPMA0 06/09/23 06/09/28 Federal Farm Credit Banks 1,500,000.00 1,500,000.00 4.690% 351,750.00 1,851,750.00
3130B0NE5 05/01/24 07/06/28 Federal Home Loan Banks 2,400,000.00 2,376,000.00 4.969% 478,773.33 2,878,773.33
3134H1GL1 10/18/23 07/18/28 Federal Home Loan Mortgage Corp 2,500,000.00 2,493,750.00 5.002% 593,750.00 3,093,750.00
3134H1GL1 11/01/23 07/18/28 Federal Home Loan Mortgage Corp 2,000,000.00 1,982,760.00 5.210% 475,000.00 2,475,000.00
3133ERLM1 07/24/24 07/24/28 Federal Farm Credit Banks 2,500,000.00 2,500,000.00 5.100% 510,000.00 3,010,000.00
3133EPTA3 09/07/23 08/14/28 Federal Farm Credit Banks 1,000,000.00 1,000,000.00 5.108% 255,500.00 1,255,500.00
3133ERPK1 08/14/24 08/14/28 Federal Farm Credit Banks 2,500,000.00 2,500,000.00 4.670% 467,000.00 2,967,000.00
3134HAGR8 08/28/24 08/28/28 Federal Home Loan Mortgage Corp 2,500,000.00 2,485,000.00 4.164% 400,000.00 2,900,000.00
3134GWS23 05/17/24 09/14/28 Federal Home Loan Mortgage Corp 2,000,000.00 1,719,760.00 4.610%90,000.00 2,090,000.00
3134H1CM3 11/17/23 09/25/28 Federal Home Loan Mortgage Corp 1,500,000.00 1,477,875.00 4.843% 327,750.00 1,827,750.00
3130B0PR4 04/02/24 10/02/28 Federal Home Loan Banks 2,000,000.00 2,000,000.00 5.000% 450,000.00 2,450,000.00
3130AP6J9 12/06/23 10/05/28 Federal Home Loan Banks 2,000,000.00 1,745,060.00 4.300% 135,000.00 2,135,000.00
3130APSR7 01/08/24 11/16/28 Federal Farm Credit Banks 1,500,000.00 1,342,500.00 4.107% 127,500.00 1,627,500.00
3130APTC9 01/19/24 11/22/28 Federal Home Loan Banks 1,000,000.00 896,600.00 4.193%90,000.00 1,090,000.00
3130B0M89 03/28/24 12/28/28 Federal Home Loan Banks 3,000,000.00 2,949,000.00 4.402% 570,000.00 3,570,000.00
Feb. 20, 2025 Item #1 Page 47 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Nov. 30, 2024
3130AYE51 01/08/24 01/02/29 Federal Home Loan Banks 2,500,000.00 2,501,250.00 4.947% 623,958.34 3,123,958.34
3130AYCV6 01/11/24 01/03/29 Federal Home Loan Banks 2,700,000.00 2,700,000.00 5.000% 675,000.00 3,375,000.00
3135GAM81 02/01/24 01/17/29 Federal National Mortgage Assoc 2,500,000.00 2,500,000.00 5.000% 624,305.56 3,124,305.56
3130AYJR8 02/20/24 01/17/29 Federal Home Loan Banks 2,000,000.00 1,990,000.00 4.714% 460,000.00 2,460,000.00
3130AYRG3 02/05/24 02/05/29 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.400% 550,000.00 3,050,000.00
3130AYWQ5 02/20/24 02/07/29 Federal Home Loan Banks 2,500,000.00 2,497,500.00 4.572% 568,118.05 3,068,118.05
3133ENUR9 07/22/24 04/18/29 Federal Farm Credit Banks 2,000,000.00 1,462,500.00 4.287% 370,000.00 2,370,000.00
3130B14U8 04/24/24 04/27/29 Federal Home Loan Banks 1,500,000.00 1,500,000.00 5.250% 393,093.75 1,893,093.75
3133EKKA3 09/30/24 05/02/29 Federal Farm Credit Banks 2,500,000.00 2,447,500.00 3.651% 393,750.00 2,893,750.00
3135GASP7 05/28/24 05/22/29 Federal National Mortgage Assoc 2,000,000.00 1,983,000.00 4.819% 462,500.00 2,462,500.00
3134H15T6 07/16/24 07/16/29 Federal Home Loan Mortgage Corp 2,500,000.00 2,491,875.00 4.074% 625,000.00 3,125,000.00
3134HAAN3 07/30/24 07/30/29 Federal Home Loan Mortgage Corp 3,000,000.00 2,965,500.00 4.635% 656,250.00 3,656,250.00
3134H16A6 07/30/24 07/30/29 Federal Home Loan Mortgage Corp 2,000,000.00 1,990,300.00 5.111% 500,000.00 2,500,000.00
3134HAEB5 08/14/24 08/14/29 Federal Home Loan Mortgage Corp 2,500,000.00 2,472,000.00 4.251% 500,000.00 3,000,000.00
3130B2PT6 09/13/24 09/12/29 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.200% 524,708.33 3,024,708.33
3130B3CC5 10/17/24 10/09/29 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.100% 510,222.22 3,010,222.22
3134HAPK3 10/10/24 10/10/29 Federal Home Loan Mortgage Corp 2,500,000.00 2,500,000.00 4.030% 503,750.00 3,003,750.00
31424WQB1 10/15/24 10/15/29 Federal Agricultural Mortgage Corp 2,500,000.00 2,500,000.00 4.450% 556,250.00 3,056,250.00
Total federal investments 337,699,000.00$ 334,852,499.15$ 2.209% 31,847,489.71$ 369,546,489.71$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return
45905U6L3 01/14/21 11/20/25 International Bank for Recon & Devel 2,000,000.00 2,250,220.00 0.510% 303,125.00 2,303,125.00
45950VPJ9 01/25/21 01/15/26 International Finance Corporation 2,000,000.00 2,007,840.00 0.500%57,677.78 2,057,677.78
4581X0DV7 04/23/21 04/20/26 Inter-American Development Bank 3,000,000.00 3,000,720.00 0.870% 131,031.25 3,131,031.25
45950VPY6 05/28/21 05/15/26 International Finance Corporation 2,000,000.00 2,000,000.00 0.500%49,638.89 2,049,638.89
45906M4E8 07/31/23 06/26/28 International Bank for Recon & Devel 1,250,000.00 1,240,000.00 4.684% 281,250.00 1,531,250.00
45906M4E8 09/07/23 06/26/28 International Bank for Recon & Devel 1,700,000.00 1,686,400.00 4.500% 382,500.00 2,082,500.00
459058KW2 09/28/23 08/01/28 International Bank for Recon & Devel 2,000,000.00 1,991,960.00 4.720% 448,368.06 2,448,368.06
45818WFE1 03/01/24 03/01/29 Inter-American Development Bank 2,500,000.00 2,500,000.00 4.400% 550,000.00 3,050,000.00
Total supranationals 16,450,000.00$ 16,677,140.00$ 2.372% 2,203,590.98$ 18,653,590.98$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return
912828YV6 06/07/21 11/30/24 U.S. Treasury 2,000,000.00 2,073,437.50 0.436% 104,426.23 2,104,426.23
91282CDS7 10/21/22 01/15/25 U.S. Treasury 4,000,000.00 3,712,187.50 4.548% 100,516.30 4,100,516.30
912828ZC7 07/15/21 02/28/25 U.S. Treasury 2,000,000.00 2,040,312.50 0.563%81,623.64 2,081,623.64
912828ZL7 02/19/21 04/30/25 U.S. Treasury 2,000,000.00 1,997,920.00 0.400%31,450.28 2,031,450.28
912828ZT0 02/19/21 05/31/25 U.S. Treasury 2,000,000.00 1,987,280.00 0.400%21,387.36 2,021,387.36
91282CEU1 10/21/22 06/15/25 U.S. Treasury 3,000,000.00 2,877,180.00 4.530% 228,586.07 3,228,586.07
91282CAM3 01/11/21 09/30/25 U.S. Treasury 2,500,000.00 2,481,332.50 0.250%29,481.46 2,529,481.46
91282CAZ4 01/11/21 11/30/25 U.S. Treasury 2,500,000.00 2,493,350.00 0.375%45,793.27 2,545,793.27
91282CGA3 10/17/23 12/15/25 U.S. Treasury 2,000,000.00 1,962,187.50 4.930% 199,992.72 2,199,992.72
91282CBQ3 03/01/21 02/28/26 U.S. Treasury 3,000,000.00 2,964,726.56 0.740%74,959.24 3,074,959.24
91282CBQ3 03/02/21 02/28/26 U.S. Treasury 2,000,000.00 1,975,513.02 0.750%49,945.65 2,049,945.65
91282CLB5 08/27/24 07/31/26 U.S. Treasury 2,500,000.00 2,523,046.88 3.872% 218,875.49 2,718,875.49
912828U24 12/27/21 11/15/26 U.S. Treasury 2,500,000.00 2,594,531.25 1.200% 244,198.90 2,744,198.90
91282CDK4 01/14/22 11/30/26 U.S. Treasury 1,500,000.00 1,485,000.00 1.463%91,432.01 1,591,432.01
912828Z78 05/08/23 01/31/27 U.S. Treasury 1,500,000.00 1,485,855.00 3.500%83,970.99 1,583,970.99
91282CKJ9 05/06/24 04/15/27 U.S. Treasury 3,000,000.00 2,983,583.44 4.710% 404,870.90 3,404,870.90
91282CFB2 04/21/23 07/31/27 U.S. Treasury 2,500,000.00 2,400,000.00 3.770% 294,181.63 2,794,181.63
91282CFB2 05/03/24 07/31/27 U.S. Treasury 1,500,000.00 1,417,441.41 4.600% 144,375.00 1,644,375.00
91282CFU0 09/08/23 10/31/27 U.S. Treasury 1,500,000.00 1,479,375.00 4.491% 278,437.50 1,778,437.50
9128283F5 09/11/24 11/15/27 U.S. Treasury 2,000,000.00 1,928,750.00 3.443% 157,500.00 2,157,500.00
91282CGC9 01/25/23 12/31/27 U.S. Treasury 500,000.00 508,167.05 3.570%96,393.30 596,393.30
91282CGC9 01/31/23 12/31/27 U.S. Treasury 750,000.00 760,105.97 3.647% 144,108.25 894,108.25
91282CGC9 09/08/23 12/31/27 U.S. Treasury 1,500,000.00 1,465,195.31 4.472% 261,562.50 1,761,562.50
91282CHA2 12/14/23 04/30/28 U.S. Treasury 1,000,000.00 969,687.50 4.265% 157,452.99 1,157,452.99
9128284N7 07/17/23 05/15/28 U.S. Treasury 1,000,000.00 953,056.40 3.952% 143,750.00 1,143,750.00
91282CHQ7 07/18/24 07/31/28 U.S. Treasury 2,000,000.00 2,000,454.00 4.118% 371,250.00 2,371,250.00
91282CFT3 11/08/24 10/31/29 U.S. Treasury 2,500,000.00 2,478,906.25 4.189% 500,265.50 3,000,265.50
Total U.S. Treasury 54,750,000.00$ 53,998,582.54$ 2.765% 4,560,787.18$ 59,310,787.18$
Supranationals
U.S. Treasury
Feb. 20, 2025 Item #1 Page 48 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Nov. 30, 2024
931142DV2 01/16/20 12/15/24 Wal-Mart 2,000,000.00 2,067,790.00 1.900% 260,436.11 2,260,436.11
478160CJ1 01/15/20 01/15/25 Johnson & Johnson 1,820,000.00 1,882,380.50 1.586% 238,875.00 2,058,875.00
478160CJ1 04/08/20 01/15/25 Johnson & Johnson 3,000,000.00 3,231,960.00 0.906% 375,593.75 3,375,593.75
478160CJ1 07/13/20 01/15/25 Johnson & Johnson 1,000,000.00 1,090,640.00 0.510% 118,270.83 1,118,270.83
037833AZ3 09/10/21 02/09/25 Apple Inc 1,500,000.00 1,588,155.00 0.753% 128,020.83 1,628,020.83
66989HAP3 04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300% 280,131.74 3,590,131.74
12572QAG0 06/03/20 03/15/25 CME Group Inc 2,771,000.00 3,050,981.84 0.730% 397,638.50 3,168,638.50
654106AH6 12/31/20 03/27/25 Nike Inc.2,867,000.00 3,090,740.68 0.500% 291,669.47 3,158,669.47
341081FZ53 05/13/20 04/01/25 Flordia Power & Light 3,667,000.00 3,980,565.17 1.020% 509,193.51 4,176,193.51
78015K7H17 12/07/21 06/10/25 Royal Bank of Canada 2,000,000.00 1,989,460.00 1.304%80,691.67 2,080,691.67
478160CN2 04/23/21 09/01/25 Johnson & Johnson 1,250,000.00 1,241,700.00 0.705%29,944.44 1,279,944.44
742718FL8 09/20/21 10/29/25 Procter & Gamble 1,500,000.00 1,487,460.00 0.757%33,893.75 1,533,893.75
92826CAD4 05/17/21 12/14/25 Visa Inc 1,250,000.00 1,368,500.00 0.910% 180,140.62 1,430,140.62
06048WK82 08/23/21 01/26/26 Bank of America 1,000,000.00 989,470.00 1.000%33,550.00 1,033,550.00
58933YAY1 04/12/21 02/24/26 Merck & Co 1,500,000.00 1,485,750.00 0.950%54,750.00 1,554,750.00
48128G2Q2 03/01/21 02/26/26 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 0.800%80,000.00 2,080,000.00
478160BY9 03/01/21 03/01/26 Johnson & Johnson 2,500,000.00 2,697,950.00 0.750% 306,250.00 2,806,250.00
48128G3A6 03/03/21 03/03/26 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 1.000% 100,000.00 2,100,000.00
48128G3V0 06/11/21 06/11/26 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 1.150% 115,000.00 2,115,000.00
06048WM64 07/12/21 06/25/26 Bank of America 3,000,000.00 2,998,500.00 1.210% 178,300.00 3,178,300.00
57629WDE7 07/22/21 07/16/26 Massmtual Global 3,750,000.00 3,784,537.50 1.010% 224,250.00 3,974,250.00
594918BR4 08/11/21 08/08/26 Microsoft 4,000,000.00 4,292,240.00 0.900% 293,040.00 4,293,040.00
48128G5A4 08/25/21 08/25/26 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 1.200% 120,000.00 2,120,000.00
06048WN63 09/10/21 09/10/26 Bank of America 2,000,000.00 2,000,000.00 1.150% 115,000.00 2,115,000.00
06048WP20 09/24/21 09/24/26 Bank of America 2,000,000.00 2,000,000.00 1.250% 125,000.00 2,125,000.00
59217GBY4 01/19/22 12/18/26 Met Life Global 4,000,000.00 4,281,720.00 1.940% 678,116.67 4,678,116.67
06368GC39 12/30/21 12/30/26 Bank of Montreal (BLC)2,450,000.00 2,450,000.00 2.000% 245,000.00 2,695,000.00
58989V2G8 11/08/24 01/16/27 Met Tower Global Funding 2,500,000.00 2,522,275.00 4.850% 303,125.00 2,803,125.00
742718FV6 02/04/22 02/01/27 Procter & Gamble 2,000,000.00 2,010,459.28 1.331% 189,683.33 2,189,683.33
742718FV6 05/11/23 02/01/27 Procter & Gamble 1,000,000.00 935,367.00 3.620%76,000.00 1,076,000.00
48128G6F2 02/25/22 02/25/27 JP Morgan Chase Bank 5,000,000.00 5,000,000.00 2.550% 197,283.33 5,197,283.33
478160CE2 04/18/22 03/03/27 Johnson & Johnson 1,750,000.00 1,757,538.77 2.850% 251,671.87 2,001,671.87
742718FG9 07/08/22 03/25/27 Procter & Gamble 2,500,000.00 2,456,475.00 3.200% 329,972.22 2,829,972.22
64952WEQ2 06/23/23 04/07/27 New York Life Global 1,500,000.00 1,428,750.00 4.630% 195,000.00 1,695,000.00
64952WEQ2 07/18/23 04/07/27 New York Life Global 2,000,000.00 1,908,020.00 4.610% 260,000.00 2,260,000.00
06048WW63 06/23/22 06/22/27 Bank of America 3,000,000.00 3,000,000.00 5.000% 750,000.00 3,750,000.00
742718EV7 09/11/24 08/11/27 Procter & Gamble 2,000,000.00 1,951,140.00 3.741% 171,000.00 2,171,000.00
194162AN3 05/09/23 08/15/27 Colgate-Palmolive 2,000,000.00 1,997,600.00 3.694% 223,408.33 2,223,408.33
81257VAA9 03/10/23 10/01/27 Seattle Children Hosp 1,000,000.00 852,445.33 5.000% 222,581.34 1,222,581.34
592179KF1 10/17/23 01/06/28 Met Life Global 1,000,000.00 983,540.00 5.050% 227,250.00 1,227,250.00
78014RKF6 01/18/23 01/18/28 Royal Bank of Canada 2,500,000.00 2,500,000.00 5.450% 691,090.22 3,191,090.22
742718FZ7 11/01/23 01/26/28 Procter & Gamble 2,000,000.00 1,922,140.00 4.979% 355,500.00 2,355,500.00
74368CG8 10/23/24 07/06/28 Protective Life Global 2,300,000.00 2,097,255.00 1.900% 161,811.39 2,461,811.39
48130CDL6 11/03/23 11/03/28 JP Morgan Chase Bank 1,800,000.00 1,800,000.00 6.150% 553,500.00 2,353,500.00
771196BW1 12/22/23 12/13/28 Roche Holdings Inc 2,000,000.00 1,787,220.00 4.330% 193,000.00 2,193,000.00
6944PL2Z1 01/12/24 01/11/29 Pacific Life Global 1,000,000.00 1,006,500.00 4.752% 245,000.00 1,245,000.00
742718GF0 02/20/24 01/29/29 Procter & Gamble 2,000,000.00 1,984,175.26 4.530% 435,241.67 2,435,241.67
771196CJ9 03/28/24 03/08/29 Roche Holdings Inc 3,000,000.00 3,019,380.00 4.640% 718,500.00 3,718,500.00
478160CU6 06/13/24 06/01/29 Johnson & Johnson 3,000,000.00 3,044,268.57 4.800% 724,400.00 3,724,400.00
478160CU6 06/03/24 06/01/29 Johnson & Johnson 2,750,000.00 2,744,582.50 4.895% 664,033.34 3,414,033.34
64952WFG3 07/16/24 06/06/29 New York Life Global 3,000,000.00 3,036,390.00 4.718% 750,000.00 3,750,000.00
06376A5W6 06/18/24 06/18/29 Bank of Montreal (BLC)3,500,000.00 3,500,000.00 5.750% 1,006,250.00 4,506,250.00
17325FBK3 08/20/24 08/06/29 Citibank 2,000,000.00 2,040,000.00 4.838% 483,800.00 2,483,800.00
6944PL3C1 10/09/24 08/28/29 Pacific Life Global 2,000,000.00 2,009,920.00 4.500% 450,000.00 2,450,000.00
48130CSW6 09/20/24 08/29/29 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 4.000% 393,333.33 2,393,333.33
48130CSE6 09/13/24 09/13/29 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 4.125% 412,500.00 2,412,500.00
48130CUB9 10/23/24 10/23/29 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 4.125% 412,500.00 2,412,500.00
48130CVE2 11/14/24 11/14/29 JP Morgan Chase Bank 2,500,000.00 2,500,000.00 4.500% 562,500.00 3,062,500.00
Total corporate notes 130,735,000.00$ 132,225,518.60$ 2.729% 18,202,692.26$ 148,937,692.26$
Corporate notes
Feb. 20, 2025 Item #1 Page 49 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Nov. 30, 2024
61690URM4 01/09/20 01/09/25 Morgan Stanley Bank NA 247,000.00 247,000.00 1.900%23,490.72 270,490.72
07815AAZ0 02/27/20 02/27/25 Bell Bank Corp 249,000.00 249,000.00 1.600%19,941.88 268,941.88
02554BDA6 03/13/20 03/13/25 American Eagle bank 249,000.00 249,000.00 1.100%13,702.54 262,702.54
17037TEN3 03/13/20 03/13/25 Choice Financial Group 248,000.00 248,000.00 1.100%13,647.47 261,647.47
73319FAF6 03/18/20 03/18/25 Poppy Bank 249,000.00 249,000.00 1.100%13,702.54 262,702.54
835104BZ2 03/19/20 03/19/25 Somerset Trust 249,000.00 249,000.00 1.000%12,456.88 261,456.88
45083ANS7 03/20/20 03/20/25 Iberia Bank 248,000.00 248,000.00 1.000%12,406.79 260,406.79
02519TAZ9 03/27/20 03/27/25 American Commerce Bank 249,000.00 249,000.00 0.950%11,834.03 260,834.03
072727BF6 03/27/20 03/27/25 Baycoast Bank 248,000.00 248,000.00 0.950%11,786.45 259,786.45
14042TDD6 04/08/20 04/08/25 Capital One 248,000.00 248,000.00 1.600%19,850.88 267,850.88
29260MBF1 05/15/20 05/15/25 Encore Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41
33847E3H8 05/15/20 05/15/25 Flagstar Bank 248,000.00 248,000.00 0.850%10,545.77 258,545.77
404730CR2 05/26/20 05/27/25 Haddon Savings Bank 248,000.00 248,000.00 0.750%9,310.19 257,310.19
43719LAE5 05/29/20 05/29/25 Home Loan Inv Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41
56102AAJ5 05/29/20 05/29/25 Malaga Bank 249,000.00 249,000.00 0.700%8,719.87 257,719.87
69506YRT8 05/29/20 05/29/25 Pacific Western Bank 249,000.00 249,000.00 0.700%8,719.77 257,719.77
86128QCF3 06/10/20 06/10/25 Stockman Bank 249,000.00 249,000.00 0.600%7,474.10 256,474.10
740367MA2 07/17/20 07/17/25 Preferred Bank 249,000.00 249,000.00 0.500%6,228.46 255,228.46
89235MJZ5 07/16/20 07/28/25 Toyota Financial Savings Bank 249,000.00 249,000.00 0.650%8,096.93 257,096.93
211163KQ2 07/29/20 07/29/25 Continental Bank 249,000.00 249,000.00 0.500%6,228.46 255,228.46
02007GXF5 08/09/22 08/04/25 Ally Bank 201,000.00 201,000.00 3.400%20,427.10 221,427.10
549104RV1 08/14/20 08/14/25 Luana Savings Bank 249,000.00 249,000.00 0.450%5,605.57 254,605.57
32022RNT0 08/19/20 08/19/25 1st Financial Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
31944MBB0 08/20/20 08/20/25 1st Carolina Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
664122AF5 08/20/20 08/20/25 Northeast Community Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
228212AQ9 09/04/20 09/04/25 Crown Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62
59013KKJ4 09/15/20 09/15/25 Merrick 249,000.00 249,000.00 0.400%4,982.62 253,982.62
2027506P5 10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00 249,000.00 0.400%4,908.94 253,908.94
51507LBY9 09/29/20 09/29/25 Landmark Community 249,000.00 249,000.00 0.400%4,982.58 253,982.58
538036LQ5 10/22/20 10/08/25 Live Oak Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42
560390AS5 10/15/20 10/15/25 Maine Comm Bank 249,000.00 249,000.00 0.350%4,359.94 253,359.94
33625CDS5 10/16/20 10/16/25 First Security Bank Wash 249,000.00 249,000.00 0.350%4,359.94 253,359.94
780684AJ5 11/06/20 10/23/25 Royal Savings Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42
33744AAW9 11/18/20 11/18/25 First US Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62
88413QCU0 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
91330ACR6 12/18/20 12/18/25 Unity Bank 249,000.00 248,377.50 0.400%4,982.72 253,982.72
08016PDV8 12/23/20 12/23/25 Belmont Savings Bank 249,000.00 248,377.50 0.400%4,982.62 253,982.62
634116CW5 12/28/20 12/23/25 National Bank of NY City 249,000.00 248,688.75 0.400%4,968.98 253,968.98
882214AA7 01/08/21 12/23/25 Texas Bank Henderson 249,000.00 249,000.00 0.450%5,556.70 254,556.70
06424KBH2 01/08/21 01/08/26 Bank of Santa Clarita 249,000.00 248,688.75 0.400%4,982.62 253,982.62
38522ABP0 01/08/21 01/08/26 Grand Bank Tulsa 249,000.00 248,688.75 0.400%4,982.62 253,982.62
20143PEH9 01/26/21 01/26/26 Commercial Bank 249,000.00 248,751.00 0.471%5,605.82 254,605.82
15258RAV9 01/27/21 01/27/26 Central Bank Storm Lake 249,000.00 248,751.00 0.471%5,605.82 254,605.82
43786UAJ2 02/18/21 01/29/26 Hometown Bk of Alabama 249,000.00 249,000.00 0.400%4,928.04 253,928.04
909242AN9 02/26/21 02/26/26 United Rep Bk Omaha 249,000.00 249,000.00 0.400%4,982.61 253,982.61
12527CDV1 03/03/21 03/03/26 CFG Community Bk 249,000.00 249,000.00 0.400%4,982.73 253,982.73
110087AS2 03/10/21 03/10/26 Bristol Morgan Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
87164XA30 09/03/21 09/03/26 Syncrony Bank 249,000.00 249,000.00 0.900%11,205.00 260,205.00
90348JS92 09/09/21 09/09/26 UBS Bank USA 249,000.00 249,000.00 0.950%11,834.03 260,834.03
919853NZ0 09/17/24 09/17/26 Valley National Bank 245,000.00 245,000.00 3.950%19,355.00 264,355.00
795451BH5 04/05/22 02/23/27 Sallie May Bank 247,000.00 242,902.27 2.564%26,574.50 273,574.50
598580AM0 03/08/23 03/08/27 Mifflinburg Bank and Trust Company 249,000.00 249,000.00 4.650%46,345.77 295,345.77
27004PCN1 03/09/22 03/09/27 Eaglemark Savings 247,000.00 247,000.00 2.000%24,713.53 271,713.53
64034KBF7 03/09/22 03/09/27 Nelnet Bank Inc 247,000.00 247,000.00 1.950%24,095.69 271,095.69
07371CN21 03/16/22 03/10/27 Beal Bank NV 247,000.00 247,000.00 1.800%22,169.09 269,169.09
07371AB28 03/16/22 03/10/27 Beal Bank TX 247,000.00 247,000.00 1.800%22,169.09 269,169.09
47804GLM3 09/20/24 03/22/27 John Marshall Bank 249,000.00 249,000.00 3.800%23,667.93 272,667.93
02589ABW1 03/23/22 03/23/27 American Exp Bank 247,000.00 247,000.00 2.200%27,184.89 274,184.89
31938QW34 02/15/22 04/15/27 First Business Bank 245,000.00 245,000.00 3.900%33,790.69 278,790.69
254673D94 05/18/22 05/19/27 Discover Bank 246,000.00 246,000.00 3.200%39,403.14 285,403.14
910286GS6 07/14/23 07/14/27 United Fidelity Bank 249,000.00 249,000.00 4.600%45,847.38 294,847.38
78577TMR3 11/06/23 08/06/27 Saco & Biddeford Savings Institution 244,000.00 244,000.00 5.000%45,750.00 289,750.00
Certificate of deposit
Feb. 20, 2025 Item #1 Page 50 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Nov. 30, 2024
68405VAU3 09/15/23 09/13/27 Optum Bank 244,000.00 244,000.00 4.700%45,872.00 289,872.00
20347MAS0 10/20/23 10/20/27 Community Bank and Trust 244,000.00 244,000.00 4.900%47,824.00 291,824.00
37173RAJ2 12/13/23 12/13/27 Genesee Regional Bank 244,000.00 244,000.00 4.400%42,944.00 286,944.00
34520LAY9 12/15/22 12/15/27 Forebright Bank 249,000.00 248,651.40 4.031%49,827.34 298,827.34
84229LBJ0 12/16/22 12/16/27 Southern Bank 245,000.00 245,000.00 4.000%49,026.84 294,026.84
32026U4X1 01/17/24 01/18/28 First Foundation Bank 245,000.00 245,000.00 4.000%38,689.86 283,689.86
70212YBE1 02/22/23 02/22/28 Partners Bank California 245,000.00 245,000.00 3.850%47,188.34 292,188.34
062119BH4 03/08/23 03/07/28 Bank Five Nine 249,000.00 249,000.00 4.550%56,678.44 305,678.44
05580AW59 03/10/23 03/10/28 BMW Bank North America 244,000.00 244,000.00 4.600%56,181.50 300,181.50
108622NK3 03/29/23 03/29/28 Bridgewater Bk 249,000.00 249,000.00 4.800%59,825.54 308,825.54
178180GY5 03/31/23 03/31/28 City Natl Bk - Los Angeles 243,000.00 243,000.00 5.000%60,816.56 303,816.56
914098DQ8 04/03/23 04/03/28 University Bank NA 249,000.00 249,000.00 4.800%59,825.53 308,825.53
61768E3D3 05/08/24 05/08/28 Morgan Stanley Bank NA 244,000.00 244,000.00 4.700%45,903.42 289,903.42
05600XQE3 05/16/23 05/16/28 BMO Harris Bank NA 244,000.00 244,000.00 4.500%54,960.16 298,960.16
23204HPB8 06/06/23 06/14/28 Customers Bank 244,000.00 244,000.00 4.500%53,365.81 297,365.81
91527PCD7 06/06/23 06/21/28 Univest Bank & Trust 249,000.00 249,000.00 4.500%56,546.88 305,546.88
501798UJ9 07/18/23 07/18/28 LCA Bank Corporation 243,000.00 243,000.00 4.500%54,734.92 297,734.92
58404DTG6 09/19/23 09/19/28 Medallion Bank 249,000.00 249,000.00 4.600%57,332.81 306,332.81
59936MAA4 09/25/23 09/25/28 Milford Building & Loan 244,000.00 244,000.00 4.550%55,510.00 299,510.00
84287PJB9 10/17/23 10/17/28 Southern First Bank 244,000.00 244,000.00 4.850%59,170.00 303,170.00
949765HZ0 11/21/23 11/21/28 Wells Fargo Bank NA 248,000.00 248,000.00 5.050%62,898.31 310,898.31
523343AA9 12/29/23 12/29/28 Ledyark National Bank 244,000.00 244,000.00 4.050%49,464.16 293,464.16
227563EX7 03/12/24 03/07/29 Cross River Bank 244,000.00 244,000.00 4.250%51,736.36 295,736.36
04518XAH7 03/14/24 03/14/29 Asian Bank 244,000.00 244,000.00 4.200%51,268.08 295,268.08
38150VUH0 05/21/24 05/21/29 Goldman Sachs Bank 244,000.00 244,000.00 4.500%54,930.08 298,930.08
93883MAZ1 05/22/24 05/22/29 Washington Financial Bank 244,000.00 244,000.00 4.450%54,319.75 298,319.75
06652CHX2 07/31/24 07/31/29 Bankwest Inc 248,000.00 248,000.00 4.900%60,760.00 308,760.00
Total certificate of deposit 21,981,000.00$ 21,973,876.92$ 2.215% 2,253,851.86$ 24,234,851.86$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return
Less Principal Cash Less Fed Tax Cost Less Interest
30315EAA4 07/24/20 05/25/25 FRESB - MFM 871,016.73 875,276.88 0.830%1,161.02 872,177.75
3137BJQ71 03/15/21 05/25/25 FHLM - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770%8,867.38 2,008,867.38
30318NAA1 02/19/21 01/25/26 FRESB - 2021-SB83 1,171,177.94 1,114,518.44 0.505%4,674.20 1,175,852.14
3137BP4J5 08/20/21 03/25/26 FHLM - FHMS K1R1 749,668.30 785,160.42 0.414%13,190.67 762,858.97
3137BPW21 03/25/21 03/25/26 FHLM - KHMS K055 2,488,719.30 2,687,816.84 2.673%37,374.56 2,526,093.86
30321CAQ5 07/23/21 04/25/26 FRESB - 2021-SB88 1,648,163.67 1,655,903.44 0.746%8,684.10 1,656,847.77
30324QAC2 01/21/22 11/25/26 FRESB - 2022-SB94 3,901,896.66 3,919,942.93 1.500%55,879.66 3,957,776.32
30311SAA7 04/22/22 04/25/27 FRESB - 2022-SB97 3,273,868.41 3,144,118.45 2.803%59,564.07 3,333,432.48
30329MAA0 10/28/22 06/25/27 FRESB - 2022-SB103 1,459,181.95 1,307,262.14 4.989%34,863.47 1,494,045.42
30329QAA1 11/18/22 09/25/27 FRESB - 2022-SB104 3,809,115.45 3,477,105.33 2.600% 127,365.49 3,936,480.94
3138L7D60 12/16/22 10/01/27 FHLM - AM6424 949,321.16 919,061.56 4.212%41,668.36 990,989.52
3132XGRH1 01/27/23 11/01/27 FRESB - WN2287 2,954,236.89 2,927,464.12 3.929% 142,914.44 3,097,151.33
3132XFGC6 01/08/24 03/01/28 FHLM - WN1094 1,000,000.00 884,882.81 4.476%20,400.13 1,020,400.13
3140LBSE4 01/09/24 03/01/28 FNMA - BS1416 1,000,000.00 877,773.44 4.300%15,403.62 1,015,403.62
3132XFMP0 02/06/24 05/01/28 FHLM - WN1265 2,000,000.00 2,007,500.00 4.611% 146,944.69 2,146,944.69
3140LKEG4 01/09/24 05/01/28 FNMA - BS8234 1,381,540.00 1,378,841.68 4.448%93,674.95 1,475,214.95
30332EAA3 07/20/23 05/25/28 FRESB - 2023-SB107 2,990,587.64 2,925,569.28 4.090% 196,253.04 3,186,840.68
30333AAA0 08/17/23 06/25/28 FRESB - 2023-SB108 3,481,872.93 3,406,831.61 4.793% 244,208.56 3,726,081.49
35564CAA5 01/11/24 06/25/28 FHLM - SLST 2018 911,908.89 875,183.18 5.366%55,546.75 967,455.64
3132XGYJ9 03/07/24 09/01/28 FHLM - WN2512 1,546,849.24 1,513,773.02 4.800% 114,186.60 1,661,035.84
30334CAA5 11/16/23 09/25/28 FRESB - 2023-SB111 2,744,326.11 2,682,883.39 5.284% 230,691.13 2,975,017.24
3132XFNX2 02/13/24 11/01/28 FHLM - WN1305 2,000,000.00 1,992,031.25 4.350% 158,101.64 2,158,101.64
3132XGYR1 03/18/24 11/01/28 FHLM - WN2519 2,500,000.00 2,494,531.25 4.797% 214,112.66 2,714,112.66
3132XGYU4 03/15/24 12/01/28 FHLM - WN2522 3,000,000.00 3,000,000.00 4.530% 251,760.21 3,251,760.21
3140NUFX2 01/30/24 12/01/28 FNMA - BZ0181 3,000,000.00 3,069,720.00 4.920% 274,403.04 3,274,403.04
30336BAA5 04/25/24 12/25/28 FRESB - 2024-SB113 3,498,032.14 3,468,753.61 5.217% 339,143.76 3,837,175.90
3132XGZE9 03/13/24 01/01/29 FHLM - WN2540 3,500,000.00 3,510,390.63 4.900% 263,391.08 3,763,391.08
3140HRZS5 01/17/24 01/01/29 FNMA - BL0752 1,500,000.00 1,458,450.00 3.650%99,016.98 1,599,016.98
3140NUN54 01/29/24 01/01/29 FNMA - BZ0411 2,000,000.00 1,985,220.00 4.400% 158,767.48 2,158,767.48
3140NUUA5 03/19/24 03/01/29 FNMA - BZ0576 2,000,000.00 2,000,000.00 4.561% 179,575.63 2,179,575.63
3140NUUL1 03/13/24 03/01/29 FNMA - BZ0586 2,000,000.00 1,993,440.00 4.371% 168,881.81 2,168,881.81
30337MAA0 06/27/24 03/25/29 FRESB - 2024-SB114 2,974,702.88 2,989,433.61 4.990% 308,778.60 3,283,481.48
Mortgage backed securities (agency)
Feb. 20, 2025 Item #1 Page 51 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Nov. 30, 2024
3132XFQN1 07/02/24 04/01/29 FHLM - WN1360 2,000,000.00 1,950,000.00 4.568% 161,043.44 2,161,043.44
3132XG3G9 07/23/24 06/01/29 FHLM - WN3598 2,000,000.00 1,985,000.00 4.592% 180,999.10 2,180,999.10
3140LGDL3 08/13/24 06/01/29 FNMA - BS5506 2,000,000.00 1,912,500.00 4.125% 123,988.18 2,123,988.18
3132XKTD9 10/07/24 07/01/29 FHLM - WN5047 2,500,000.00 2,498,750.00 3.887% 218,667.50 2,718,667.50
3140HURA6 08/27/24 07/01/29 FNMA - BL3180 2,500,000.00 2,381,250.00 4.007% 150,113.66 2,650,113.66
3132XKTE7 10/09/24 08/01/29 FHLM - WN5048 2,500,000.00 2,489,150.00 4.150% 234,206.68 2,734,206.68
3140NWFK6 12/21/24 10/01/29 FNMA - BZ1969 2,000,000.00 1,990,000.00 4.155% 189,227.75 2,189,227.75
3140NWGS8 10/15/24 10/01/29 FNMA - BZ2008 2,000,000.00 1,996,000.00 4.150% 196,845.14 2,196,845.14
3140NWLH6 11/05/24 10/01/29 FNMA - BZ2127 2,500,000.00 2,467,500.00 4.520% 256,364.95 2,756,364.95
3140NWJL0 11/19/24 11/01/29 FNMA - BZ2066 2,500,000.00 2,466,250.00 4.542% 257,746.06 2,757,746.06
Total mortgage backed securities (agency) 92,806,186.29$ 91,622,739.31$ 3.984% 6,038,652.24$ 98,844,838.53$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return
575181GX 06/02/21 12/01/24 Mason & Kitsap Counties School District 640,000.00 640,000.00 0.538%12,041.64 652,041.64
023051YW9 07/19/21 02/01/25 Amarillo Independent SD 1,800,000.00 1,762,290.00 0.600%- 1,800,000.00
882806HG0 03/22/21 02/15/25 Texas St Tech Univ 2,500,000.00 2,524,850.00 0.679%93,800.00 2,593,800.00
91412HGE7 03/01/21 05/15/25 University of California 1,500,000.00 1,517,250.00 0.600%55,724.13 1,555,724.13
91412HGE7 06/29/21 05/15/25 University of California 1,960,000.00 1,966,154.40 0.799%67,111.92 2,027,111.92
625506QN3 02/02/21 06/15/25 Multnomah County OR 2,000,000.00 2,006,040.00 0.430%37,553.89 2,037,553.89
91412GU94 01/28/21 07/01/25 University of California 1,805,000.00 1,995,210.90 0.509% 244,645.68 2,049,645.68
20772KEW5 06/30/22 09/15/25 Connecticut, State of 2,850,000.00 2,863,053.00 3.201% 476,400.00 3,326,400.00
13063DMA3 04/01/21 04/01/26 California, State of 4,140,000.00 4,478,652.00 0.970% 161,300.35 4,301,300.35
13063DMA3 05/18/21 04/01/26 California, State of 1,250,000.00 1,353,350.00 0.910% 342,250.56 1,592,250.56
736688MF6 09/01/21 06/15/26 Portland Community College 1,100,000.00 1,102,992.00 0.841% 122,255.56 1,222,255.56
569280EX4 12/07/21 06/15/26 Marion County School 1,880,000.00 1,885,245.20 1.374% 548,550.00 2,428,550.00
842475P82 02/11/22 07/01/26 Sthrn CA ST Pub Pwr Auth 2,485,000.00 2,415,643.65 1.930%47,357.32 2,532,357.32
797272QR5 08/12/21 08/01/26 San Diego Community College 3,000,000.00 3,209,550.00 0.860%33,041.17 3,033,041.17
801315KR2 08/23/21 08/01/26 Santa Barbara CA USD 500,000.00 511,970.00 0.842%81,862.08 581,862.08
798189PY6 08/23/21 08/01/26 San Jose Evergreen Community College 750,000.00 799,522.50 0.842% 101,809.78 851,809.78
798170AJ5 01/06/22 08/01/26 San Jose Redevelopment 3,000,000.00 3,220,260.00 1.507% 342,742.58 3,342,742.58
6041295T9 08/10/22 08/01/26 Minnesota, State of 1,215,000.00 1,215,000.00 3.250% 174,512.81 1,389,512.81
79730CJK1 04/22/24 08/01/26 San Diego Pub Fin Auth Water Revenue 2,000,000.00 1,866,860.00 5.035%86,586.50 2,086,586.50
13063DRD2 02/08/22 10/01/26 California, State of 2,400,000.00 2,468,808.00 1.730% 170,415.98 2,570,415.98
419792ZN9 03/02/22 10/01/26 Hawaii, State of 2,000,000.00 1,938,920.00 1.810% 264,891.67 2,264,891.67
13067WSW3 12/20/21 12/01/26 California, State of 1,275,000.00 1,257,405.00 1.051% 977,643.33 2,252,643.33
13067WSW3 03/29/22 12/01/26 California, State of 1,425,000.00 1,322,001.00 2.708%84,523.29 1,509,523.29
13067WSW3 04/18/22 12/01/26 California, State of 2,705,000.00 2,475,237.30 3.035%90,565.95 2,795,565.95
79623PSA4 09/18/24 02/01/27 San Antonio TX, City of 500,000.00 500,000.00 4.158%49,260.75 549,260.75
016249FQ2 10/30/23 02/15/27 Alief Independent School District 1,980,000.00 1,969,209.00 5.380% 360,360.00 2,340,360.00
544646A77 06/13/22 05/01/27 Los Angeles Unified School District 3,500,000.00 3,883,600.00 3.820%15,705.20 3,515,705.20
68608VDX9 10/13/23 05/01/27 Oregon, State of 1,000,000.00 943,330.00 5.080% 132,640.00 1,132,640.00
91412HGF4 05/15/23 05/15/27 University of California 1,000,000.00 908,270.00 3.810%52,640.00 1,052,640.00
91412HGF4 05/16/24 05/15/27 University of California 2,500,000.00 2,266,050.00 4.712%98,700.00 2,598,700.00
91412HGF4 05/03/24 05/15/27 University of California 1,000,000.00 904,080.00 4.780%46,060.00 1,046,060.00
544495VX9 08/27/23 07/01/27 Los Angeles Dept of Water & Power 1,500,000.00 1,580,685.00 4.100% 345,669.33 1,845,669.33
419794F72 06/06/23 07/01/27 Hawaii, State of 1,125,000.00 1,004,962.50 4.720%82,624.50 1,207,624.50
438701Y40 06/28/23 07/01/27 Honolulu Wastewater System Revenue 1,500,000.00 1,392,885.00 4.460% 168,412.50 1,668,412.50
796720NT3 02/22/23 08/01/27 San Bernardino Community College Dist 1,500,000.00 1,328,325.00 1.480% 107,266.25 1,607,266.25
357155BA7 05/09/23 08/01/27 Fremont CA Unified School District 2,000,000.00 1,795,450.00 3.750%94,110.34 2,094,110.34
68609TU22 08/22/23 08/01/27 Oregon State Dept of Transportation 1,585,000.00 1,394,070.90 1.354%85,843.60 1,670,843.60
212204JH5 08/31/23 08/01/27 Contra Costa CA Community College Dist 1,000,000.00 909,510.00 4.720%86,520.00 1,086,520.00
797272RP8 10/25/23 08/01/27 San Diego Community College 2,290,000.00 2,016,551.10 5.161% 149,582.80 2,439,582.80
072031AP2 08/01/23 10/01/27 Bay Area Water 1,250,000.00 1,185,562.50 4.742% 189,281.25 1,439,281.25
032556FB3 10/17/23 10/01/27 Anaheim California 1,670,000.00 1,487,068.20 1.998% 133,466.40 1,803,466.40
68607DVD4 06/16/23 11/15/27 Oregon State Dept of Transportation 2,000,000.00 1,738,740.00 4.370%97,560.00 2,097,560.00
13063DC48 12/14/23 02/01/28 California, State of 1,440,000.00 1,289,520.00 4.500% 110,160.00 1,550,160.00
13063DGC6 07/23/24 04/01/28 California, State of 3,000,000.00 2,901,480.00 4.474% 420,000.00 3,420,000.00
54438CYM8 12/19/23 08/01/28 Los Angeles Community College Dist 2,250,000.00 2,020,005.00 4.350% 180,675.00 2,430,675.00
802385SN5 11/17/23 08/01/28 Santa Monica Community College Dist 1,000,000.00 940,860.00 4.950% 176,350.00 1,176,350.00
798170AL0 08/09/23 08/01/28 San Jose Redevelopment 1,000,000.00 948,450.00 4.742% 189,281.25 1,189,281.25
83412PHS4 01/22/24 08/01/28 Solano County Community College Dist 2,000,000.00 1,775,780.00 4.227% 147,900.00 2,147,900.00
7994082H1 08/24/23 08/01/28 San Ramon Valley School District 1,000,000.00 861,870.00 4.850%83,500.00 1,083,500.00
Municpal bonds
Feb. 20, 2025 Item #1 Page 52 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Nov. 30, 2024
695802NN4 12/07/23 08/01/28 Pajaro Valley Unified School District 1,015,000.00 992,162.50 4.294% 257,640.00 1,272,640.00
882723B40 11/21/23 10/01/28 Texas, State of 1,500,000.00 1,410,330.00 4.700% 248,325.00 1,748,325.00
882724RD1 11/21/23 10/01/28 Texas PFA, State of 2,000,000.00 1,787,400.00 4.750% 227,600.00 2,227,600.00
13063DL22 11/15/23 10/01/28 California, State of 1,000,000.00 860,500.00 5.008%87,500.00 1,087,500.00
13077DQG0 02/08/24 11/01/28 California State University 2,500,000.00 2,209,350.00 4.260% 190,125.00 2,690,125.00
59320A30 05/01/24 05/01/29 Miami Beach FL, City of 1,400,000.00 1,396,640.00 4.674% 327,180.00 1,727,180.00
769036BR4 06/03/24 06/01/29 Riverside California 1,375,000.00 1,250,136.25 4.895% 194,081.25 1,569,081.25
91412HFG3 10/10/24 07/01/29 University of California 2,500,000.00 2,421,325.00 3.349% 395,600.62 2,895,600.62
91412HFG3 09/11/24 07/01/29 University of California 1,000,000.00 987,240.00 3.640% 167,450.00 1,167,450.00
Total municpal bonds 101,060,000.00$ 98,057,662.90$ 2.939% 10,316,657.22$ 111,376,657.22$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
N/A N/A N/A Wells Fargo Bank - General 2,111,874.00 2,111,874.00 0.000%- 2,111,874.00
N/A N/A N/A Wells Fargo Sweep account 5,863,600.67 5,863,600.67 4.517%36,165.43 5,899,766.10
N/A N/A N/A Principal - Custody 5,190,583.37 5,190,583.37 2.400%19,153.14 5,209,736.51
N/A N/A N/A CAMP 109,267,890.33 109,267,890.33 4.870% 446,471.67 109,714,362.00
N/A N/A N/A LAIF City 216,097.79 216,097.79 4.477%- 216,097.79
N/A N/A N/A LAIF CMWD 873,450.63 873,450.63 4.477%- 873,450.63
N/A N/A N/A LAIF CPFA 800,113.22 800,113.22 4.477%- 800,113.22
Total cash and pooled investments 124,323,610.01$ 124,323,610.01$ 4.662% 501,790.24$ 124,825,400.25$
GRAND TOTAL 879,804,796.30$ 873,731,629.42$ 2.9422% 75,925,511.69$ 955,730,307.99$
Cash and pooled investments
Feb. 20, 2025 Item #1 Page 53 of 84
City of Carlsbad investment portfolio
115 Trust Activity
Exhibit 10
Period Ending Contributions Net Earnings Fees Distributions Ending Balance Period Return
Fiscal year
2023-24 10,000,000.00$ 865,953.87$ (16,540.91)$ -$ 10,849,412.96$ 8.66%
07/31/24 -$ 262,987.57$ (2,895.29)$ -$ 11,109,505.24$ 2.42%
08/31/24 -$ 231,078.31$ (2,950.75)$ -$ 11,337,632.80$ 2.08%
09/30/24 -$ 222,105.34$ (2,997.34)$ -$ 11,556,740.80$ 1.96%
10/31/24 7,500,000.00$ (315,568.76)$ (3,220.99)$ -$ 18,737,951.05$ -2.10%
11/30/24 -$ 564,161.64$ (4,517.65)$ -$ 19,297,595.04$ 3.01%
Current year
summary 7,500,000.00$ 964,764.10$ (16,582.02)$ -$ 19,297,595.04$ 5.51%
Grand total 17,500,000.00$ 1,830,717.97$ (33,122.93)$ -$ 19,297,595.04$ 10.46%
The city's Section 115 Trust is a post-employment benefit trust that was established by City Council on
September 12, 2023 (Resolution 2023-240). In connection with City Council Policy No. 86 and 98, the trust
allows the city to stabilize pension cost volatility, maintain local control over the city's assets and earn a
potentially higher rate of return than if the assets were kept in the General Fund. These funds are restricted
and not pooled with other investment funds.
Nov. 30, 2024
Feb. 20, 2025 Item #1 Page 54 of 84
Feb. 20, 2025 Item #1 Page 55 of 84
All Receive -Agenda Item # j_
For the Information of the:
CITY COUNCIL
!)ate\\ \U. l2.5 CA ✓ CC ✓
C:.M ~CM _0cM (3) ✓
January 14, 2025
Council Memorandum .
To: Honorable Mayor Blackburn and Members of the City Council
From: Laura Rocha, Deputy City Manager, Administrative Services
Zach Korach, Finance Director
{city of
Carlsbad
Via: Sheila Cobian, Assistant City Manager~
Re: Additional Materials Related to Staff Report Item No. 1-Report on City Investments as
of Nov. 30, 2024 (District -All)
This memorandum provides additional materials to Consent Calendar item No.1: Report on City
Investments as of Nov. 30, 2024.
Page 10 of 26 reports the investments that have been called as of November 30, 2024. A called
federal agency (CUSIP 3130AVZQ8) erroneously reported the original settlement date of
10/04/24. The correct settlement date is 07 /07 /23. There is no fiscal impact associated with the
clerical error.
cc: Geoff Patnoe, City Manager
Cindie McMahon, City Attorney
Administrative Services
Treasury Department
1635 Faraday Avenue I Carlsbad, CA 92008 I 442-339-5246 t
CA Review AZ
Meeting Date: Feb. 11, 2025
To: Mayor and City Council
From: Geoff Patnoe, City Manager
Staff Contact: Christian Peacox, City Treasurer
christian.peacox@carlsbadca.gov, 442-339-5119
Zach Korach, Finance Director
zach.korach@carlsbadca.gov, 442-339-2127
Subject: Report on City Investments as of Dec. 31, 2024
District: All
Recommended Action
Accept and file Report on City Investments as of Dec. 31, 2024.
Executive Summary
The city’s Investment Policy requires the City Treasurer to report the status of the city’s pooled
investment portfolio to the City Council each month.
Discussion & Fiscal Analysis
The city’s pooled investment portfolio as of the month ending Dec. 31, 2024, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $898,594,019 $879,804,796
Investment cost $892,129,903 $873,731,629
Amortized cost2 $892,127,955 $873,471,467
Market value3 $877,704,775 $859,924,879
(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 Principal custodial
report.
Exhibit 3
Feb. 20, 2025 Item #1 Page 56 of 84
The equity portion of the various funds in the total portfolio, that is, the part of the total
investment portfolio assigned to each fund, is summarized in the graph below. Fund balances
are restricted for various purposes (See Exhibit 6 for a more detailed breakdown).
Pooled investment interest income4
Fiscal year to date Current month Prior month
Cash income $12,205,928 $2,167,964 $1,363,194
(4) The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield5 Modified duration
October 2024 1.98 2.91% 1.67
November 2024 1.96 2.94% 1.65
December 2024 1.95 3.03% 1.62
(5) Yield is computed by totaling the weighted average of each investment’s return less any costs.
All pooled investments have been made in accordance with the city’s Investment Policy, which
was adopted Jan. 2, 1985, and last revised Mar. 12, 2024; 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.
Capital projects, $409
Enterprise, $212
General, $149
Internal service, $89
Special revenue, $36
Fiduciary, $3
Fund equity in pooled investments
(in millions)
Feb. 20, 2025 Item #1 Page 57 of 84
Exhibit 7 shows the investments out of compliance with the current policy that experienced a
subsequent change in credit rating. Ratings on one investment has dropped to less than the
rating required by the Investment Policy since the 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. All 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.
Not less than two-thirds (66.67%) of the current fiscal year operating budget shall mature
within one year. The maturity value within one year is $314,976,377 which is 75.2% of the
current year operating budget. The investment portfolio has the ability to meet the city’s
anticipated cash flow demands for the next six months.
Next Steps
The report on city investments will continue to be produced monthly by the City Treasurer.
Environmental Evaluation
This action does not require environmental review because it does not constitute a project
within the meaning of the California Environmental Quality Act under California Public
Resources Code Section 21065 in that it has no potential to cause either a direct physical
change or a reasonably foreseeable indirect physical change in the environment.
Exhibits
1. Investments by cost, market value, cash income and average yield by class
2. Maturities by classification and length of time at market value
3. Yield comparison & market yield curve
4. Cash income by month & cumulative cash income
5. Maturities, calls and purchases this quarter
6. Fund equity in pooled investments
7. Security ratings and outlooks
8. Portfolio allocation at amortized cost by issuer
9. Investment detail
10. Section 115 Trust activity
11. Investments of bond accounts
12. Affordable housing loan summary
Feb. 20, 2025 Item #1 Page 58 of 84
City of Carlsbad investment portfolio
Investments by cost, market value, cash income and average yield by class
Exhibit 1
Investment cost Market value Average yield
Class Current month Prior month Current month Prior month YTD net income
Current
month
Prior
month
Percent
of total
Certificate of
deposit 21,973,876.92$ 21,973,876.92$ 21,750,316.44$ 21,670,943.86$ 282,050.59$ 2.22% 2.22% 2.48%
Corporate notes 132,163,028.60$ 132,225,518.60$ 127,369,020.70$ 127,669,621.68$ 1,784,112.89$ 2.80% 2.73% 14.51%
Federal agency $ 334,952,499.15 $ 334,852,499.15 $ 329,002,398.82 $ 328,716,835.94 $ 3,390,203.40 2.32% 2.21% 37.48%
Mortgage
passthrough
securities
96,461,413.05$ 91,622,739.31$ 95,020,820.48$ 90,681,821.75$ 1,485,229.38$ 4.02% 3.98% 10.83%
Municipal bonds 97,417,662.90$ 98,057,662.90$ 96,273,189.30$ 97,054,240.55$ 1,112,326.49$ 3.09% 2.94% 10.97%
Supranational
securities 16,677,140.00$ 16,677,140.00$ 16,126,872.00$ 16,174,635.50$ 225,268.00$ 2.39% 2.37% 1.84%
US Treasury 56,905,515.04$ 53,998,582.54$ 56,583,390.00$ 53,633,170.00$ 551,843.95$ 2.99% 2.76% 6.45%
General cash
account 2,038,796.00$ 2,111,874.00$ 2,038,796.00$ 2,111,874.00$ -$ 0.00% 0.00% 0.23%
Sweep account 10,830,478.00$ 5,863,600.67$ 10,830,478.00$ 5,863,600.67$ 285,353.01$ 4.36% 4.52% 1.23%
Investment cash
account 7,648,548.55$ 5,190,583.37$ 7,648,548.55$ 5,190,583.37$ 98,246.10$ 2.25% 2.40% 0.87%
California Asset
Mgmt Program
(CAMP)
113,171,282.68$ 109,267,890.33$ 113,171,282.68$ 109,267,890.33$ 2,948,310.93$ 4.73% 4.87% 12.89%
Local Agency
Investment Fund
(LAIF)
1,889,661.64$ 1,889,661.64$ 1,889,661.64$ 1,889,661.64$ 42,982.77$ 4.43% 4.47% 0.22%
Total 892,129,902.52$ 873,731,629.42$ 877,704,774.61$ 859,924,879.29$ 12,205,927.51$ 3.03% 2.94% 100.00%
Policy:
Certificates of deposit and corporate notes are limited to 30% of total portfolio at the time of purchase.
Municipal bonds are limited to 15% of total portfolio at the time of purchase.
Supranational securities are limited to 10% of total portfolio at the time of purchase.
Dec. 31, 2024
Feb. 20, 2025 Item #1 Page 59 of 84
City of Carlsbad investment portfolio
Maturities by classification and length of time at market value
Exhibit 2
Class Overnight Within 12 months 13-36 months 37-60 months Total
Certificate of deposit - 9,469,536.13$ 6,777,543.58$ 5,503,236.73$ 21,750,316.44$
Corporate notes - 27,753,542.70$ 57,956,116.00$ 41,659,362.00$ 127,369,020.70$
Federal agency - 103,312,451.50$ 124,322,716.32$ 101,367,231.00$ 329,002,398.82$
Mortgage
passthrough
securities
- 2,841,354.03$ 21,325,855.52$ 70,853,610.93$ 95,020,820.48$
Municipal bonds - 14,296,510.60$ 57,601,562.25$ 24,375,116.45$ 96,273,189.30$
Supranational
securities - 1,976,860.00$ 6,722,740.00$ 7,427,272.00$ 16,126,872.00$
US Treasury - 19,747,355.00$ 27,990,330.00$ 8,845,705.00$ 56,583,390.00$
General cash account 2,038,796.00$ - - - 2,038,796.00$
Sweep account 10,830,478.00$ - - - 10,830,478.00$
Investment cash
account 7,648,548.55$ - - - 7,648,548.55$
California Asset
Mgmt Program
(CAMP)
$ 113,171,282.68 - - - 113,171,282.68$
Local Agency
Investment Fund
(LAIF)
$ 1,889,661.64 - - - 1,889,661.64$
Totals 135,578,766.87$ 179,397,609.96$ 302,696,863.67$ 260,031,534.11$ 877,704,774.61$
Percent Total 15.45%20.44%34.49%29.63%100.00%
314,976,376.83$
75.17%
Policy:
Maximum term for all securities is five years.
Not less than $279,333,609 to mature within one year, two-thirds of FY 24-25 operating budget of $419,000,413.
Dec. 31, 2024
Percentage of the budget
Funds maturing within one year
Feb. 20, 2025 Item #1 Page 60 of 84
City of Carlsbad investment portfolio
Yield comparisons
Exhibit 3
Dec. 31, 2024
0.00
1.00
2.00
3.00
4.00
5.00
6.00
3 month 2 year 5 year 10 year
FY 22-23 end 5.43 4.87 4.13 3.81
FY 23-24 end 5.48 4.71 4.33 4.36
Dec. 2024 4.37 4.25 4.38 4.58
Ma
r
k
e
t
r
a
t
e
(
%
)
Yield comparison: market yields
Fiscal year ends compared to current
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Yi
e
l
d
(
%
)
Yield comparison: Securities vs CAMP vs LAIF
Three year comparison
Securities CAMP LAIF
Feb. 20, 2025 Item #1 Page 61 of 84
City of Carlsbad investment portfolio
Cash income
Exhibit 4
Fiscal year 2023-24
Dec. 31, 2024
Fiscal year 2024-25
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
In
t
e
r
e
s
t
I
n
c
o
m
e
Cash income by month
13-month comparison
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
In
t
e
r
e
s
t
I
n
c
o
m
e
Cumulative cash income
13-month comparison, by fiscal year
Feb. 20, 2025 Item #1 Page 62 of 84
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
Exhibit 5
CUSIP Issuer Settled Maturity Yield Par value Book value Total Interest Total
Certificate of deposit
75472RAN1 Raymond James Bank NA 11/26/19 11/26/24 1.85% 247,000.00$ 247,000.00$ 22,872.54$ 269,872.54$
Corporate notes
06406RAL1 Bank of NY Mellon 02/18/20 10/24/24 2.10% 3,055,000.00$ 3,055,000.00$ 300,459.25$ 3,355,459.25$
06368G3W5 Bank of Montreal 11/15/21 11/15/24 1.00% 2,000,000.00$ 2,000,000.00$ 60,000.00$ 2,060,000.00$
931142DV2 Wal-Mart 01/16/20 12/16/24 2.65% 2,000,000.00$ 2,000,000.00$ 260,436.11$ 2,260,436.11$
Federal agency
31422XMV1 Federal Agricultural Mortgage Corp 10/04/21 10/04/24 0.50% 2,000,000.00$ 2,000,000.00$ 30,000.00$ 2,030,000.00$
3133EK3B0 Federal Farm Credit Banks 11/25/20 10/16/24 1.50% 1,400,000.00$ 1,400,000.00$ 81,725.00$ 1,481,725.00$
31422BPG9 Federal Agricultural Mortgage Corp 11/15/19 11/01/24 1.79% 2,000,000.00$ 2,000,000.00$ 177,607.78$ 2,177,607.78$
3133EC2D5 Federal Farm Credit Banks 07/10/20 11/13/24 2.26% 1,621,000.00$ 1,621,000.00$ 159,055.22$ 1,780,055.22$
3135G06E8 Federal National Mortgage Assoc 11/18/20 11/18/24 0.42% 2,000,000.00$ 2,000,000.00$ 33,600.00$ 2,033,600.00$
3130APVZ5 Federal Home Loan Banks 12/02/21 12/02/24 1.05% 1,900,000.00$ 1,900,000.00$ 59,850.00$ 1,959,850.00$
3130AQ5L3 Federal Home Loan Banks 12/16/21 12/16/24 0.50% 2,000,000.00$ 2,000,000.00$ 70,000.00$ 2,070,000.00$
3130AKLQ7 Federal Home Loan Banks 12/30/20 12/30/24 0.31% 4,000,000.00$ 4,000,000.00$ 49,600.00$ 4,049,600.00$
3134GXYX6 Federal Home Loan Mortgage Corp 07/07/22 12/30/24 3.35% 2,500,000.00$ 2,500,000.00$ 207,746.53$ 2,707,746.53$
Mortgage passthrough securities
30311SAA7 FRESB - 2022-SB97 A5F 04/22/22 10/25/24 2.80%5,294.05$ 5,084.24$ 4,871.57$ 10,165.62$
30315EAA4 FRESB - MFM 07/24/20 10/25/24 0.83%1,481.16$ 1,488.40$ 604.45$ 2,085.61$
30318NAA1 FRESB - 2021-SB83 02/19/21 10/25/24 0.51%2,264.28$ 2,274.91$ 627.24$ 2,891.52$
30321CAQ5 FRESB - 2021-SB88 A5F 07/23/21 10/25/24 0.75%3,017.52$ 3,031.69$ 1,212.97$ 4,230.49$
30324QAC2 FRESB - 2022-SB94 01/21/22 10/25/24 1.50%7,320.37$ 7,354.23$ 5,352.14$ 12,672.51$
30329MAA0 FRESB - 2022-SB103 A5F 10/28/22 10/25/24 4.99%2,140.98$ 1,918.08$ 2,536.45$ 4,677.43$
30329QAA1 FRESB - 2022-SB104 A5F 11/18/22 10/25/24 2.60%5,242.35$ 4,785.42$ 8,274.99$ 13,517.34$
30332EAA3 FRESB - 2023-SB107 A5F 07/20/23 10/25/24 4.09%1,002.56$ 980.76$ 10,199.34$ 11,201.90$
30333AAA0 FRESB - 2023-SB108 A5F 08/17/23 10/25/24 4.79%1,985.36$ 1,942.57$ 12,344.85$ 14,330.21$
30334CAA5 FRESB - 2023-SB111 A5F 11/16/23 10/25/24 5.28%1,721.83$ 1,683.28$ 10,783.93$ 12,505.76$
30336BAA5 FRESB - 2024-SB113 04/25/24 10/25/24 5.22%423.24$ 419.70$ 14,639.46$ 15,062.70$
30337MAA0 FRESB - 2024-SB114 06/27/24 10/25/24 4.99%387.53$ 389.45$ 12,372.70$ 12,760.23$
3132XGRH1 FRESB - WN2287 01/27/23 10/25/24 3.93%4,065.66$ 4,028.81$ 9,108.18$ 13,173.84$
3132XGYJ9 FHLM - WN2512 03/07/24 10/25/24 4.80%1,690.18$ 1,655.85$ 5,489.58$ 7,179.76$
3137BP4J5 FHLM - FHMS K1R1 08/20/21 10/25/24 0.41%46,010.99$ 48,189.32$ 1,711.14$ 47,722.13$
3137BPW21 FHLM - KHMS K055 03/25/21 10/25/24 2.67%5,730.50$ 6,188.94$ 5,568.75$ 11,299.25$
3137F32A1 FHLM - KHG1 A1 04/15/20 10/25/24 0.99%92,647.95$ 99,307.02$ 501.17$ 93,149.12$
3138L7D60 FHLM - AM6424 12/16/22 10/25/24 4.21%2,597.85$ 2,515.04$ 2,744.26$ 5,342.11$
35564CAA5 FHLM - SLST 2018 01/11/24 10/25/24 5.37%7,957.29$ 7,636.82$ 2,728.23$ 10,685.52$
30311SAA7 FRESB - 2022-SB97 A5F 04/22/22 11/25/24 2.80%5,042.59$ 4,842.74$ 4,863.72$ 9,906.31$
30315EAA4 FRESB - MFM 07/24/20 11/25/24 0.83%1,406.82$ 1,413.70$ 603.43$ 2,010.25$
30318NAA1 FRESB - 2021-SB83 02/19/21 11/25/24 0.51%21,305.92$ 21,405.97$ 626.05$ 21,931.97$
30321CAQ5 FRESB - 2021-SB88 A5F 07/23/21 11/25/24 0.75%2,873.80$ 2,887.30$ 1,210.76$ 4,084.56$
30324QAC2 FRESB - 2022-SB94 01/21/22 11/25/24 1.50%6,984.78$ 7,017.08$ 5,342.14$ 12,326.92$
30329MAA0 FRESB - 2022-SB103 A5F 10/28/22 11/25/24 4.99%2,013.66$ 1,804.01$ 2,532.74$ 4,546.40$
30329QAA1 FRESB - 2022-SB104 A5F 11/18/22 11/25/24 2.60%4,868.48$ 4,444.13$ 8,263.63$ 13,132.11$
30332EAA3 FRESB - 2023-SB107 A5F 07/20/23 11/25/24 4.09%881.78$ 862.61$ 10,195.93$ 11,077.71$
30333AAA0 FRESB - 2023-SB108 A5F 08/17/23 11/25/24 4.79%1,746.87$ 1,709.22$ 12,337.82$ 14,084.69$
Dec. 31, 2024
Maturities
Feb. 20, 2025 Item #1 Page 63 of 84
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
Dec. 31, 2024
CUSIP Issuer Settled Maturity Yield Par value Book value Total Interest Total
30334CAA5 FRESB - 2023-SB111 A5F 11/16/23 11/25/24 5.28%1,450.25$ 1,417.78$ 10,777.17$ 12,227.42$
30336BAA5 FRESB - 2024-SB113 04/25/24 11/25/24 5.22%1,018.45$ 1,009.93$ 14,637.70$ 15,656.15$
30337MAA0 FRESB - 2024-SB114 06/27/24 11/25/24 4.99%307.68$ 309.20$ 12,371.09$ 12,678.77$
3132XGRH1 FRESB - WN2287 01/27/23 11/25/24 3.93%3,708.03$ 3,674.43$ 9,398.87$ 13,106.90$
3132XGYJ9 FHLM - WN2512 03/07/24 11/25/24 4.80%1,460.58$ 1,430.91$ 5,666.38$ 7,126.96$
3137BP4J5 FHLM - FHMS K1R1 08/20/21 11/25/24 0.41%43,803.64$ 45,877.47$ 1,617.36$ 45,421.00$
3137BPW21 FHLM - KHMS K055 03/25/21 11/25/24 2.67%5,550.20$ 5,994.22$ 5,555.99$ 11,106.19$
3137F32A1 FHLM - KHG1 A1 04/15/20 11/25/24 0.99%87,359.52$ 93,638.48$ 243.23$ 87,602.75$
3138L7D60 FHLM - AM6424 12/16/22 11/25/24 4.21%2,606.67$ 2,523.58$ 2,736.79$ 5,343.46$
35564CAA5 FHLM - SLST 2018 01/11/24 11/25/24 5.37%15,525.82$ 14,900.54$ 2,705.02$ 18,230.84$
30311SAA7 FRESB - 2022-SB97 A5F 04/22/22 12/26/24 2.80%5,326.05$ 5,114.97$ 4,856.24$ 10,182.29$
30315EAA4 FRESB - MFM 07/24/20 12/26/24 0.83%1,489.25$ 1,496.53$ 602.45$ 2,091.70$
30318NAA1 FRESB - 2021-SB83 02/19/21 12/26/24 0.51%2,241.97$ 2,252.50$ 614.87$ 2,856.84$
30321CAQ5 FRESB - 2021-SB88 A5F 07/23/21 12/26/24 0.75%3,034.66$ 3,048.91$ 1,208.65$ 4,243.31$
30324QAC2 FRESB - 2022-SB94 01/21/22 12/26/24 1.50%7,345.40$ 7,379.37$ 5,332.59$ 12,677.99$
30329MAA0 FRESB - 2022-SB103 A5F 10/28/22 12/26/24 4.99%2,153.86$ 1,929.62$ 2,529.25$ 4,683.11$
30329QAA1 FRESB - 2022-SB104 A5F 11/18/22 12/26/24 2.60%5,276.88$ 4,816.94$ 8,253.08$ 13,529.96$
30332EAA3 FRESB - 2023-SB107 A5F 07/20/23 12/26/24 4.09%1,011.29$ 989.30$ 10,192.92$ 11,204.21$
30333AAA0 FRESB - 2023-SB108 A5F 08/17/23 12/26/24 4.79%2,004.56$ 1,961.36$ 12,331.63$ 14,336.19$
30334CAA5 FRESB - 2023-SB111 A5F 11/16/23 12/26/24 5.28%1,737.52$ 1,698.62$ 10,771.48$ 12,509.00$
30336BAA5 FRESB - 2024-SB113 04/25/24 12/26/24 5.22%2,270.11$ 2,251.11$ 14,633.43$ 16,903.54$
30337MAA0 FRESB - 2024-SB114 06/27/24 12/26/24 4.99%549.58$ 552.30$ 12,369.81$ 12,919.39$
3132XGRH1 FRESB - WN2287 01/27/23 12/26/24 3.93%4,095.09$ 4,057.98$ 9,084.28$ 13,179.37$
3132XGYJ9 FHLM - WN2512 03/07/24 12/26/24 4.80%1,704.69$ 1,670.06$ 5,478.42$ 7,183.11$
3137BP4J5 FHLM - FHMS K1R1 08/20/21 12/26/24 0.41%46,333.64$ 48,527.25$ 1,528.07$ 47,861.71$
3137BPW21 FHLM - KHMS K055 03/25/21 12/26/24 2.67%5,932.33$ 4,606.92$ 5,543.62$ 11,475.95$
3138L7D60 FHLM - AM6424 12/16/22 12/26/24 4.21%2,615.51$ 2,532.14$ 2,729.30$ 5,344.81$
35564CAA5 FHLM - SLST 2018 01/11/24 12/26/24 5.37%5,811.95$ 5,577.88$ 2,659.74$ 8,471.69$
Municipal bonds
419792ZK5 Hawaii, State of 02/26/21 10/01/24 0.80% 3,000,000.00$ 3,000,000.00$ 86,549.17$ 3,086,549.17$
419792ZK5 Hawaii, State of 03/17/22 10/01/24 0.80% 2,000,000.00$ 2,000,000.00$ 40,723.78$ 2,040,723.78$
79771FAX5 San Francisco City Public Utilities 03/01/21 11/01/24 0.72% 1,000,000.00$ 1,000,000.00$ 26,510.03$ 1,026,510.03$
575181GX Mason & Kitsap Counties School District 06/02/21 12/01/24 0.54% 640,000.00$ 640,000.00$ 12,041.64$ 652,041.64$
Supranational securities
45950KCR9 International Finance Corporation 02/04/21 10/16/24 1.38% 2,000,000.00$ 1,957,463.96$ 101,830.00$ 2,101,830.00$
45818WCW4 Inter-American Development Bank 11/03/21 10/15/24 0.34% 1,440,000.00$ 1,440,000.00$ 14,443.20$ 1,454,443.20$
U.S. Treasury
912828YV6 U.S. Treasury 06/07/21 12/01/24 1.50% 2,000,000.00$ 2,000,000.00$ 104,426.23$ 2,104,426.23$
39,306,831.53$ 39,278,965.55$ 2,233,553.53$ 41,540,385.06$ Maturities Total
Maturities continued
Feb. 20, 2025 Item #1 Page 64 of 84
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter
CUSIP Issuer Settled Call Date Yield Par value Book value Interest Total
Federal agency
3130AVZQ8 Federal Home Loan Bank 07/07/23* 10/04/24 5.04% 1,880,000.00$ 1,873,350.98$ 117,650.40$ 1,997,650.40$
3134GYXX5 Federal Home Loan Mortgage Corp 09/12/23 10/28/24 5.65% 1,750,000.00$ 1,747,982.61$ 110,959.72$ 1,860,959.72$
3134H1GH0 Federal Home Loan Mortgage Corp 11/01/23 10/30/24 5.00% 1,500,000.00$ 1,491,558.37$ 74,791.67$ 1,574,791.67$
3133EPJ30 Federal Farm Credit Bank 11/29/23 12/06/24 5.38% 2,000,000.00$ 2,000,000.00$ 107,600.00$ 2,107,600.00$
Corporate Notes
78014RHK9 Royal Bank of Canada 10/18/22 10/18/24 5.70% 2,500,000.00$ 2,500,000.00$ 285,000.00$ 2,785,000.00$
Calls Total 9,630,000.00$ 9,612,891.96$ 696,001.79$ 10,326,001.79$
*Prior reports for months ending October 31, 2024, and November 30, 2024, misstated the settlement date for CUSIP 3130AVZQ8 as 10/04/24.
Dec. 31, 2024
Calls
Feb. 20, 2025 Item #1 Page 65 of 84
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter
CUSIP Issuer Settled Maturity Yield First Coupon Par value Book value Anticipated Interest
Corporate notes
48130CUB9 JPMorgan Chase 10/23/24 10/23/29 4.13%04/23/25 2,000,000.00$ 2,000,000.00$ 412,500.00$
6944PL3C1 Pacific Life Global 10/09/24 08/28/29 4.39%02/28/25 2,000,000.00$ 2,009,920.00$ 450,250.00$
74368CBG8 Protective Life Global 10/23/24 07/06/28 4.51%01/06/25 2,300,000.00$ 2,097,255.00$ 174,800.00$
58989V2G8 Met Tower Global Funding 11/08/24 01/16/27 4.42%01/16/25 2,500,000.00$ 2,522,275.00$ 303,125.00$
48130CVE2 JPMorgan Chase 11/14/24 11/14/29 4.50%05/14/25 2,500,000.00$ 2,500,000.00$ 562,500.00$
023135CN4 Amazon.com Inc 12/04/24 12/01/25 4.32%06/01/24 2,000,000.00$ 2,005,300.00$ 92,000.00$
Federal agency
3130B3CC5 Federal Home Loan Bank 10/17/24 10/09/29 4.10%04/09/25 2,500,000.00$ 2,500,000.00$ 510,222.22$
3133ERWK3 Federal Farm Credit Banks 10/07/24 10/07/27 3.67%04/07/25 2,000,000.00$ 2,000,000.00$ 220,200.00$
3134HAPK3 Federal Home Loan Mortgage Corp 10/10/24 10/10/29 4.03%04/10/24 2,500,000.00$ 2,500,000.00$ 503,750.00$
31424WQB1 Federal Agricultural Mortgage Corp 10/15/24 10/15/29 4.45%04/15/25 2,500,000.00$ 2,500,000.00$ 556,250.00$
3130B4A43 Federal Home Loan Bank 12/18/24 12/10/29 4.38%06/10/25 2,500,000.00$ 2,500,000.00$ 544,444.44$
3130B46B2 Federal Home Loan Bank 12/18/24 12/18/29 4.50%06/18/25 2,500,000.00$ 2,500,000.00$ 562,500.00$
3133ERM40 Federal Farm Credit Bank 12/18/24 12/18/28 4.46%06/18/25 2,500,000.00$ 2,500,000.00$ 446,000.00$
3130B42Y6 Federal Home Loan Bank 12/23/24 12/23/27 4.50%06/23/25 2,500,000.00$ 2,500,000.00$ 337,500.00$
3130B4CU3 Federal Home Loan Bank 12/26/24 12/19/29 5.00%06/19/25 2,500,000.00$ 2,500,000.00$ 624,652.77$
Mortgage passthrough securities
3132XKTD9 FHLMC WN5047 10/07/24 07/01/29 3.89%11/25/24 2,500,000.00$ 2,498,750.00$ 226,955.69$
3132XKTE7 FHLMC WN5048 10/09/24 08/01/29 4.15%11/25/24 2,500,000.00$ 2,489,150.00$ 242,860.85$
3140NWFK6 FNMA BZ1969 10/21/24 10/01/29 4.01%11/25/24 2,000,000.00$ 1,990,000.00$ 196,133.86$
3140NWGS8 FNMA BZ2008 10/15/24 10/01/29 4.23%11/25/24 2,000,000.00$ 1,996,000.00$ 203,992.36$
3140NWLH6 FNMA BZ2127 11/05/24 10/01/29 4.52%12/25/24 2,500,000.00$ 2,467,500.00$ 256,364.95$
3140NWJL0 FNMA BZ2066 11/19/24 11/01/29 4.54%12/25/24 2,500,000.00$ 2,466,250.00$ 257,746.06$
3140HWKB7 FNMA BL4789 12/06/24 12/01/29 4.31%01/25/25 2,675,000.00$ 2,440,937.50$ 145,882.27$
3140NWXA8 FNMA BZ2472 12/19/24 12/01/29 4.81%01/25/25 2,500,000.00$ 2,500,000.00$ 294,015.92$
Municipal bonds
91412HFG3 University of CA 10/10/24 07/01/29 4.09%01/01/25 2,500,000.00$ 2,421,325.00$ 418,625.00$
U.S. Treasury
91282CFT3 U.S. Treasury 11/08/24 10/31/29 4.19%04/30/24 2,500,000.00$ 2,478,906.25$ 500,265.50$
91282CLX7 US Treasury 12/17/24 11/15/27 4.21%05/15/25 2,500,000.00$ 2,494,120.00$ 309,324.35$
91282CMA6 US Treasury 12/17/24 11/30/29 4.25%05/31/25 2,500,000.00$ 2,486,250.00$ 515,571.49$
64,475,000.00$ 63,863,938.75$ 9,868,432.73$
Dec. 31, 2024
Purchases
Purchases total
Feb. 20, 2025 Item #1 Page 66 of 84
City of Carlsbad investment portfolio
Fund equity in pooled investments
Exhibit 6
Cash balance by fund:Cash balance by fund:
General 148,901,772.89$
Special revenue 35,897,108.81$
Capital projects:
Infrastructure replacement 115,056,180.77$
Special districts 112,769,682.48$
General capital construction 62,758,903.46$
Public facilities fees 35,500,581.11$
Traffic impact fees 17,720,103.46$
Gas tax 20,005,849.31$
Park development 16,426,910.90$
Technology investment 18,876,796.39$
TransNet taxes 4,295,639.05$
Drainage fees 5,274,672.22$
Total capital projects 408,685,319.15$
Enterprise:
Carlsbad Municipal Water District 141,742,405.42$
Sewer fund 54,769,057.73$
Storm water 4,100,515.28$
Solid waste 4,092,854.39$
Golf course 7,517,146.83$
Total enterprise 212,221,979.65$
Internal service 88,957,450.55$
Fiduciary 3,472,429.85$
Total general ledger balance *898,136,061.00$
Reconciling adjustments¹(6,008,106.00)$
Total treasurer's investment portfolio at amortized cost 892,127,954.76$
*Figures based on best estimate at the time report run on 01/08/2025.
¹The 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.
Dec. 31, 2024
Feb. 20, 2025 Item #1 Page 67 of 84
City of Carlsbad investment portfolio
Security ratings and outlooks
Exhibit 7
Issuer Moody's S&P Fitch Outlook
Corporate notes
Amazon.com Inc A1 AA AA- Stable/Stable/Stable
Apple Inc Aaa AA+ NR Stable/Stable/NR
Bank of America A1 A- AA-Stable/Stable/Stable
BLC Community Bank Aa2 A+ AA-Stable/Stable/Stable
Citibank Aa3 A+ A+Stable/Stable/Stable
CME Group Inc Aa3 AA- AA-Stable/Stable/Stable
Colgate-Palmolive Aa3 A+ NR Stable/Negative/NR
Flordia Power and Light Co Aa2 A+ A Stable/Stable/Stable
Johnson & Johnson Aaa AAA NR Stable/Negative/NR
JP Morgan Chase Bank A1 A AA-Stable/Stable/Stable
MassMutual Global Funding Aa3 AA+ AA+Stable/Stable/Stable
Merck & Co*A1 A+ NR Positive/Stable/NR
Met Life Global Aa3 AA- AA-Stable/Stable/Stable
Met Tower Global Funding Aa3 AA- AA-Stable/Stable/Stable
Microsoft Aaa AAA NR Stable/Stable/NR
New York Life Aaa AA+ AAA Negative/Stable/Stable
Nike Inc.A1 AA- NR Stable/Negative/NR
Novartis Capital Corp Aa3 AA- AA-Stable/Stable/Stable
Pacific Life Global Aa3 AA- AA-Stable/Stable/Stable
Procter & Gamble Aa3 AA- NR Stable/Stable/NR
Protective Life Global A1 AA- AA-Stable/Stable/Stable
Roche Holdings Inc Aa2 AA AA Stable/Stable/Stable
Royal Bank of Canada A1 A AA-Stable/Stable/Stable
Seattle Children's Hospital Aa2 NR AA Stable/NR/Stable
Visa Inc.Aa3 AA- NR Stable/Stable/NR
Mortgage passthrough securities
FFCB Aaa AA+ AA+Stable/Stable/Stable
FHLB Aaa AA+ AA+Stable/Stable/Stable
FHLMC Aaa AA+ AA+Stable/Stable/Stable
FNMA Aaa AA+ AA+Stable/Stable/Stable
FRESB Aaa AA+ AA+Stable/Stable/Stable
Municipal Bonds
Alief Independent School Dist Aaa AAA NR NR/Stable/NR
Amarillo Independent SD Aaa AAA NR NR/Stable/NR
Anaheim California NR AA+ AA+NR/Stable/Stable
Bay Area Water & Utl Aa3 AA- NR NR/Stable/NR
California State University Aa2 AA- NR NR/Stable/NR
California, State Aa2 AA- AA NR/Stable/Stable
Ratings of corporate notes must be AA or better by one and A or better by another of the three: Moody's, S&P, or Fitch.
Ratings of mortgage passthrough securities must be AA or better by one of the three: Moody's, S&P, or Fitch.
Dec. 31, 2024
All investments were in compliance with the city's investment policy at the time of purchase.
Feb. 20, 2025 Item #1 Page 68 of 84
City of Carlsbad investment portfolio
Security ratings and outlooks
Issuer Moody's S&P Fitch Outlook
Dec. 31, 2024
All investments were in compliance with the city's investment policy at the time of purchase.
Connecticut, State Aa3 AA- AA-NR/Stable/Positive
Contra Costa Cmty College Aa1 AA+ NR NR/Stable/NR
Fremont CA Unified Aa2 AA- NR NR/Stable/NR
Hawaii, State Aa2 AA+ AA NR/Stable/NR
Honolulu Wastewater Aa3 NR AA-NR/NR/Positive
Los Angeles Cmty Clg Dist Aaa AA+ NR NR/Stable/NR
Los Angeles Unified SD Aa2 AA- NR NR/Stable/NR
Los Angeles Water & Power Aa2 A AA-NR/NR/Stable
Marion County SD Aa1 NR AA+NR/NR/Stable
Miami Beach FL Aa2 AA+ NR NR/Stable/NR
Minnesota State Aaa AAA AAA NR/Stable/Stable
Multnomah County OR Aaa AAA NR NR/Stable/NR
Oregon State Dept Admin Serv Aa2 AA AA NR/Stable/Positive
Oregon State Dept of Transp Aa1 AAA AA+NR/Stable/Stable
Pajaro Valley Unified SD Aa3 A+ NR NR/Stable/NR
Portland Cmty College Aa1 NR AA+NR/NR/Stable
Riverside California NR AA AA NR/Stable/Stable
San Antonio, Texas Aaa AAA AA+NR/Stable/Positive
San Bernardino CCD Aa1 AA NR NR/Stable/NR
San Diego Cmty College Aa1 AAA NR NR/Stable/NR
San Diego Public Finance Aa2 NR AA NR/NR/Stable
San Jose Evergreen CC Aaa AA+ NR NR/Stable/NR
San Jose Redevelopment NR AA AA+NR/Stable/Stable
San Ramon Valley USD Aa1 AA+ NR NR/Stable/NR
Santa Barbara CA USD Aa1 AA NR NR/Stable/NR
Santa Monica Cmty College Aa2 AA+ NR NR/Negative/NR
Solano County Cmty College Aa2 AA NR NR/Stable/NR
Southern CA Public Power NR AA- AA-NR/Stable/Stable
Texas Tech University Aa1 AA+ NR NR/Stable/NR
University of California Aa2 AA AA NR/Stable/Stable
Corporate notes Moody's S&P Fitch Maturity date Purchased Book value
Merck & Co A1 A+ N/R 02/24/26 04/12/21 1,496,641$
1,496,641$
*Investments with subsequent changes in credit rating
The city's Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. The
current exception is paying interest at the required times. The principal of the investment is considered secure. It is the intent of the City
Treasurer to hold the asset in the portfolio until maturity unless events indicate they shoud be sold.
Ratings of municipal bonds must be AA or better by one and A or better by another of the three: Moody's, S&P, or Fitch.
Feb. 20, 2025 Item #1 Page 69 of 84
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Exhibit 8
Issuer Amortized cost Portfolio allocation
Corporate notes
Amazon.com Inc 2,004,899.16$ 0.22%
Apple Inc.1,502,725.70$ 0.17%
Bank of America 10,997,005.84$ 1.23%
BLC Community Bank (Bank of Montreal)5,950,000.00$ 0.67%
Citibank 2,037,066.07$ 0.23%
CME Group 2,783,031.74$ 0.31%
Colgate-Palmolive 1,971,372.71$ 0.22%
Florida Power & Light 3,683,052.82$ 0.41%
Johnson & Johnson 17,156,011.52$ 1.92%
JP Morgan Chase Bank 23,300,000.00$ 2.61%
Massmutual Global 3,760,684.68$ 0.42%
Merck & Co 1,496,640.84$ 0.17%
Met Life Global 2,520,776.81$ 0.28%
Met Tower Global Funding 5,099,879.78$ 0.57%
Microsoft 4,093,835.55$ 0.46%
New York Life 6,434,216.43$ 0.72%
Nike Inc.2,879,609.24$ 0.32%
Novartis Capital Corp 3,311,718.42$ 0.37%
Pacific Life Global 3,014,696.58$ 0.34%
Procter & Gamble 12,831,818.75$ 1.44%
Protective Life Global 2,107,597.58$ 0.24%
Roche Holdings Inc 4,847,466.77$ 0.54%
Royal Bank of Canada 4,498,673.11$ 0.50%
Seattle Children's Hospital 907,762.89$ 0.10%
Visa Inc.1,274,678.51$ 0.14%
Mortgage passthrough securities
FAMCA 3,472,288.39$ 0.39%
FHLMC 30,771,143.13$ 3.45%
FNMA 31,834,412.03$ 3.57%
FRESB 30,447,384.68$ 3.41%
Federal agencies
Federal Agricultural Mortgage Corp.21,648,739.28$ 2.43%
Federal Farm Credit Bank 76,189,684.55$ 8.54%
Federal Home Loan Bank 145,355,658.81$ 16.29%
Federal Home Loan Mortgage Corp.58,952,047.88$ 6.61%
Federal National Mortgage Assoc.33,898,389.58$ 3.80%
Dec. 31, 2024
Feb. 20, 2025 Item #1 Page 70 of 84
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Issuer Amortized cost Portfolio allocation
Dec. 31, 2024
Municipal Bonds
Alief Independent SD 1,973,042.76$ 0.22%
Amarillo Independent SD 1,799,095.89$ 0.20%
Anaheim California 1,542,821.29$ 0.17%
Bay Area Water 1,207,471.25$ 0.14%
California State University 2,264,476.22$ 0.25%
California, State 18,321,329.35$ 2.05%
Connecticut, State 2,852,870.53$ 0.32%
Contra Costa Cmty College 940,315.11$ 0.11%
Fremont CA Unified 1,875,067.15$ 0.21%
Hawaii, State 3,027,839.29$ 0.34%
Honolulu Wastewater 1,433,192.31$ 0.16%
Los Angeles Cmty College 2,071,484.03$ 0.23%
Los Angeles Unified SD 3,640,243.69$ 0.41%
Los Angeles Water & Power 1,548,282.25$ 0.17%
Marion County SD 1,881,683.80$ 0.21%
Miami Beach FL 1,397,088.00$ 0.16%
Minnesota State 1,215,000.00$ 0.14%
Multnomah County OR 2,000,629.73$ 0.22%
Oregon State Dept of Admin Services 962,752.11$ 0.11%
Oregon State Dept of Transp 3,289,858.68$ 0.37%
Pajaro Valley USD 997,401.21$ 0.11%
Portland CC 1,100,909.40$ 0.12%
Riverside California 1,264,581.00$ 0.14%
San Antonio, Texas 500,000.00$ 0.06%
San Bernardino CCD 1,400,235.75$ 0.16%
San Diego Cmty College 5,169,223.12$ 0.58%
San Diego Public Finance 1,907,338.46$ 0.21%
San Jose Evergreen CC 765,876.17$ 0.09%
San Jose Redevelpment 4,024,994.64$ 0.45%
San Ramon Valley SD 899,725.55$ 0.10%
Santa Barbara CA USD 954,964.23$ 0.11%
Santa Monica Cmty College 503,837.40$ 0.06%
Solano County Cmty College 1,822,440.88$ 0.20%
Southern CA Public Power 2,461,295.93$ 0.28%
Texas Tech University 5,767,599.62$ 0.65%
University of California 12,885,739.94$ 1.44%
Feb. 20, 2025 Item #1 Page 71 of 84
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Issuer Amortized cost Portfolio allocation
Dec. 31, 2024
Other
Supranational 16,474,160.70$ 1.85%
US Treasury 57,390,683.30$ 6.43%
Certificate of deposits 21,978,667.32$ 2.46%
Cash 135,578,766.87$ 15.20%
Total portfolio amortized cost 892,127,954.76$ 100.00%
Policy:
Corporate notes, non-agency mortgage passthrough securities, municpal bonds, and supranational securities may have no more than 5%
invested with a single issuer.
Certificates of deposit may have no more than 10% invested with any single issuer.
Federal agencies, U.S. Treasury and agency-backed mortgage passthrough securities do not have issuer limitations.
Feb. 20, 2025 Item #1 Page 72 of 84
City of Carlsbad investment portfolio
Investment detail
Exhibit 9
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
3130AJSF7 05/27/21 01/08/25 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 0.648% 46,980.56$ 2,046,980.56$
3130ASLP2 07/21/22 01/21/25 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 3.500% 175,000.00$ 2,175,000.00$
3130AN7L8 07/28/21 01/28/25 Federal Home Loan Banks 1,750,000.00$ 1,750,000.00$ 0.520% 31,850.00$ 1,781,850.00$
3133EMPV8 02/03/21 02/03/25 Federal Farm Credit Banks 2,000,000.00$ 2,000,000.00$ 0.320% 25,600.00$ 2,025,600.00$
3134GWMN3 08/27/20 02/27/25 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,500,000.00$ 0.520% 58,500.00$ 2,558,500.00$
3130A4CH3 04/09/20 03/14/25 Federal Home Loan Banks 3,000,000.00$ 3,231,300.00$ 0.778% 351,302.08$ 3,351,302.08$
3130A4CH3 02/18/21 03/14/25 Federal Home Loan Banks 1,500,000.00$ 1,620,240.00$ 0.389% 145,072.92$ 1,645,072.92$
3134GWP26 06/07/21 03/28/25 Federal Home Loan Mortgage Corp 1,000,000.00$ 998,500.00$ 0.540% 19,041.67$ 1,019,041.67$
3130AMRJ3 06/28/21 03/28/25 Federal Home Loan Banks 3,120,000.00$ 3,122,340.00$ 0.500% 70,200.00$ 3,190,200.00$
3133EMWH1 04/21/21 04/21/25 Federal Farm Credit Banks 1,500,000.00$ 1,500,000.00$ 0.710% 42,600.00$ 1,542,600.00$
3130APA39 09/30/22 04/21/25 Federal Home Loan Banks 1,055,000.00$ 963,215.00$ 4.287% 17,813.67$ 1,072,813.67$
3135GAA43 12/23/20 04/23/25 Federal National Mortgage Assoc 3,000,000.00$ 3,000,000.00$ 0.500% 65,000.00$ 3,065,000.00$
3134GWYW0 10/30/20 04/30/25 Federal Home Loan Mortgage Corp 2,000,000.00$ 2,000,000.00$ 0.500% 45,111.12$ 2,045,111.12$
3133ELC28 06/03/20 05/27/25 Federal Farm Credit Banks 3,500,000.00$ 3,499,300.00$ 0.734% 127,324.17$ 3,627,324.17$
3134GVB31 06/03/20 05/28/25 Federal Home Loan Mortgage Corp 2,000,000.00$ 2,000,000.00$ 0.750% 74,791.66$ 2,074,791.66$
3135GA5S6 12/16/20 06/16/25 Federal National Mortgage Assoc 2,000,000.00$ 2,000,000.00$ 0.450% 40,500.00$ 2,040,500.00$
3135G04Z3 01/11/21 06/17/25 Federal National Mortgage Assoc 3,000,000.00$ 3,014,640.00$ 0.389% 66,500.00$ 3,066,500.00$
3135G04Z3 05/20/21 06/17/25 Federal National Mortgage Assoc 2,000,000.00$ 1,991,940.00$ 0.600% 40,750.00$ 2,040,750.00$
3136G4XZ1 07/01/20 06/30/25 Federal National Mortgage Assoc 2,500,000.00$ 2,500,000.00$ 0.740% 92,448.61$ 2,592,448.61$
3133EMMP4 01/15/21 07/14/25 Federal Farm Credit Banks 2,225,000.00$ 2,218,325.00$ 0.457% 39,024.65$ 2,264,024.65$
3137EAEU9 09/14/20 07/21/25 Federal Home Loan Mortgage Corp 1,500,000.00$ 1,499,625.00$ 0.380% 27,296.87$ 1,527,296.87$
3133ELZ80 07/29/20 07/29/25 Federal Farm Credit Banks 3,000,000.00$ 3,000,000.00$ 0.580% 87,000.00$ 3,087,000.00$
3133EMFC1 10/29/20 07/29/25 Federal Farm Credit Banks 3,000,000.00$ 3,000,000.00$ 0.530% 75,525.00$ 3,075,525.00$
3134GWXM3 10/01/20 07/30/25 Federal Home Loan Mortgage Corp 2,000,000.00$ 2,000,000.00$ 0.510% 49,271.67$ 2,049,271.67$
3133EL3P7 08/12/20 08/12/25 Federal Farm Credit Banks 3,500,000.00$ 3,500,000.00$ 0.530% 92,750.00$ 3,592,750.00$
3136G4C43 08/14/20 08/14/25 Federal National Mortgage Assoc 2,000,000.00$ 2,000,000.00$ 0.650% 65,000.00$ 2,065,000.00$
3136G4H71 11/06/20 08/18/25 Federal National Mortgage Assoc 2,000,000.00$ 1,999,000.00$ 0.500% 47,833.33$ 2,047,833.33$
3136G4K77 08/21/20 08/21/25 Federal National Mortgage Assoc 2,000,000.00$ 2,000,000.00$ 0.450% 45,000.00$ 2,045,000.00$
3136G4X24 08/31/20 08/29/25 Federal National Mortgage Assoc 3,000,000.00$ 3,000,000.00$ 0.600% 89,900.00$ 3,089,900.00$
3137EAEX3 10/22/20 09/23/25 Federal Home Loan Mortgage Corp 4,000,000.00$ 3,989,280.00$ 0.430% 73,791.67$ 4,073,791.67$
3137EAEX3 12/28/20 09/23/25 Federal Home Loan Mortgage Corp 3,000,000.00$ 2,996,460.00$ 0.400% 53,281.25$ 3,053,281.25$
3133EMCP5 10/14/20 10/14/25 Federal Farm Credit Banks 1,500,000.00$ 1,500,000.00$ 0.520% 39,000.00$ 1,539,000.00$
3132X0CK5 11/01/22 10/14/25 Federal Agricultural Mortgage Corp 1,650,000.00$ 1,645,264.50$ 2.153% 184,415.59$ 1,834,415.59$
3134GWXX9 10/15/20 10/15/25 Federal Home Loan Mortgage Corp 3,000,000.00$ 3,000,000.00$ 0.550% 82,500.00$ 3,082,500.00$
3135G06A6 12/11/20 10/20/25 Federal National Mortgage Assoc 2,410,000.00$ 2,408,795.00$ 0.590% 67,909.78$ 2,477,909.78$
3133EMDZ2 12/09/20 10/21/25 Federal Farm Credit Banks 3,000,000.00$ 2,994,300.00$ 0.560% 75,920.00$ 3,075,920.00$
3133EMFR8 11/03/20 11/03/25 Federal Farm Credit Banks 4,500,000.00$ 4,500,000.00$ 0.540% 121,500.00$ 4,621,500.00$
3135G06G3 12/29/20 11/07/25 Federal National Mortgage Assoc 3,000,000.00$ 3,012,960.00$ 0.410% 72,833.34$ 3,072,833.34$
3130ALFF6 03/10/21 12/10/25 Federal Home Loan Banks 1,750,000.00$ 1,750,000.00$ 0.650% 54,031.25$ 1,804,031.25$
31422XAT9 03/02/21 12/15/25 Federal Agricultural Mortgage Corp 3,000,000.00$ 3,000,000.00$ 0.520% 74,663.33$ 3,074,663.33$
3134GXFV1 12/17/20 12/17/25 Federal Home Loan Mortgage Corp 5,000,000.00$ 5,000,000.00$ 0.625% 156,250.00$ 5,156,250.00$
3134GXHD9 03/24/21 12/23/25 Federal Home Loan Mortgage Corp 1,500,000.00$ 1,489,500.00$ 0.851% 49,845.83$ 1,549,845.83$
3135G06Q1 12/30/20 12/30/25 Federal National Mortgage Assoc 2,500,000.00$ 2,504,125.00$ 0.474% 80,000.00$ 2,580,000.00$
3130AKMZ6 01/14/21 01/14/26 Federal Home Loan Banks 4,000,000.00$ 4,000,000.00$ 0.510% 102,000.00$ 4,102,000.00$
3130AKMZ6 01/14/21 01/14/26 Federal Home Loan Banks 1,750,000.00$ 1,747,375.00$ 0.540% 44,625.00$ 1,794,625.00$
31422B6K1 01/25/21 01/15/26 Federal Agricultural Mortgage Corp 1,500,000.00$ 1,500,000.00$ 0.480% 35,800.00$ 1,535,800.00$
3130AKN69 01/28/21 01/28/26 Federal Home Loan Banks 3,000,000.00$ 3,000,000.00$ 0.500% 75,000.00$ 3,075,000.00$
3130AKRF5 02/09/21 02/09/26 Federal Home Loan Banks 2,050,000.00$ 2,050,000.00$ 0.350% 14,575.00$ 2,064,575.00$
3130AKVR4 02/12/21 02/12/26 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 0.550% 55,000.00$ 2,055,000.00$
3130AKVV5 02/18/21 02/18/26 Federal Home Loan Banks 4,000,000.00$ 4,000,000.00$ 0.500% 100,000.00$ 4,100,000.00$
3133EMSH6 03/03/21 03/03/26 Federal Farm Credit Banks 674,000.00$ 674,000.00$ 0.790% 26,623.00$ 700,623.00$
3133EMSU7 03/09/21 03/09/26 Federal Farm Credit Banks 3,500,000.00$ 3,500,000.00$ 0.800% 140,000.00$ 3,640,000.00$
3130ALH56 03/18/21 03/18/26 Federal Home Loan Banks 3,000,000.00$ 2,997,000.00$ 0.750% 112,500.00$ 3,112,500.00$
3130ALUQ5 03/30/21 03/30/26 Federal Home Loan Banks 1,500,000.00$ 1,500,000.00$ 0.300% 22,500.00$ 1,522,500.00$
31422XCX8 04/20/21 04/20/26 Federal Agricultural Mortgage Corp 2,000,000.00$ 2,000,000.00$ 1.000% 100,000.00$ 2,100,000.00$
3130ALVB7 04/21/21 04/21/26 Federal Home Loan Banks 2,000,000.00$ 1,998,500.00$ 0.915% 90,000.00$ 2,090,000.00$
3130AM4L3 04/29/21 04/29/26 Federal Home Loan Banks 4,000,000.00$ 4,000,000.00$ 0.500% 100,000.00$ 4,100,000.00$
31422XFP2 05/04/21 05/04/26 Federal Agricultural Mortgage Corp 2,500,000.00$ 2,500,000.00$ 0.950% 118,750.00$ 2,618,750.00$
3130AMCL4 09/30/22 05/19/26 Federal Home Loan Banks 1,100,000.00$ 979,726.00$ 4.300% 40,797.17$ 1,140,797.17$
3130AMHN5 05/26/21 05/26/26 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 0.500% 112,500.00$ 2,612,500.00$
Dec. 31, 2024
Federal investments
Feb. 20, 2025 Item #1 Page 73 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Dec. 31, 2024
31422XGL0 05/27/21 05/27/26 Federal Agricultural Mortgage Corp 2,000,000.00$ 2,000,000.00$ 0.920% 92,000.00$ 2,092,000.00$
3130AMQK1 06/16/21 06/16/26 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 0.500% 94,000.00$ 2,094,000.00$
3130AMQK1 06/16/21 06/16/26 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 0.500% 117,500.00$ 2,617,500.00$
3133EML67 06/22/21 06/22/26 Federal Farm Credit Banks 2,000,000.00$ 1,993,160.00$ 0.870% 80,000.00$ 2,080,000.00$
3130AMTW2 06/30/21 06/30/26 Federal Home Loan Banks 4,500,000.00$ 4,500,000.00$ 0.500% 186,750.00$ 4,686,750.00$
3130AMWN8 06/30/21 06/30/26 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 0.550% 88,000.00$ 2,088,000.00$
3130ANCH1 07/27/21 07/27/26 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 1.000% 125,000.00$ 2,625,000.00$
3130ANL57 08/25/21 08/25/26 Federal Home Loan Banks 3,500,000.00$ 3,494,750.00$ 0.906% 153,125.00$ 3,653,125.00$
31422XLY6 09/01/21 09/01/26 Federal Agricultural Mortgage Corp 4,000,000.00$ 4,000,000.00$ 0.900% 180,000.00$ 4,180,000.00$
3133EM3T7 09/07/21 09/01/26 Federal Farm Credit Banks 3,000,000.00$ 2,997,750.00$ 0.885% 130,065.00$ 3,130,065.00$
31422XNB4 09/30/21 09/30/26 Federal Agricultural Mortgage Corp 2,500,000.00$ 2,500,000.00$ 0.860% 107,798.60$ 2,607,798.60$
3133ENAF7 12/27/21 10/07/26 Federal Farm Credit Banks 2,500,000.00$ 2,469,000.00$ 1.268% 119,444.44$ 2,619,444.44$
3134GW6C5 02/15/22 10/28/26 Federal Home Loan Mortgage Corp 4,500,000.00$ 4,266,900.00$ 1.958% 169,300.00$ 4,669,300.00$
3130APJZ9 02/25/22 10/28/26 Federal Home Loan Banks 3,500,000.00$ 3,378,200.00$ 1.979% 210,000.00$ 3,710,000.00$
3130B1DC8 05/16/24 11/09/26 Federal Home Loan Banks 1,500,000.00$ 1,500,000.00$ 5.249% 196,875.00$ 1,696,875.00$
3133ENFP0 12/09/21 11/30/26 Federal Farm Credit Banks 2,950,000.00$ 2,952,950.00$ 1.408% 167,958.25$ 3,117,958.25$
3130AQF65 01/14/22 12/21/26 Federal Home Loan Banks 1,550,000.00$ 1,532,857.00$ 1.483% 95,637.15$ 1,645,637.15$
3130AQMX8 02/07/22 01/26/27 Federal Home Loan Banks 1,250,000.00$ 1,245,000.00$ 1.331% 112,070.31$ 1,362,070.31$
3130AQJR5 12/14/23 01/27/27 Federal Home Loan Banks 2,000,000.00$ 1,820,000.00$ 4.631% 105,000.00$ 2,105,000.00$
3130AQLD3 03/29/22 01/28/27 Federal Home Loan Banks 2,500,000.00$ 2,384,750.00$ 2.776% 211,336.81$ 2,711,336.81$
3130ARAB7 06/24/22 03/25/27 Federal Home Loan Banks 2,000,000.00$ 1,941,720.00$ 3.420% 260,791.67$ 2,260,791.67$
3134GXNM2 02/20/24 03/25/27 Federal Home Loan Mortgage Corp 2,000,000.00$ 1,899,720.00$ 4.419% 186,700.00$ 2,186,700.00$
3130ARL58 06/10/22 04/26/27 Federal Home Loan Banks 4,000,000.00$ 3,982,764.44$ 3.198% 589,235.56$ 4,589,235.56$
3133EPJP1 05/12/23 05/12/27 Federal Farm Credit Banks 2,000,000.00$ 1,999,260.00$ 3.620% 290,000.00$ 2,290,000.00$
3130ASCT4 06/28/22 06/28/27 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 3.250% 406,250.00$ 2,906,250.00$
3130ASF46 06/30/22 06/30/27 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 3.500% 437,500.00$ 2,937,500.00$
3130ASLA5 09/13/23 07/26/27 Federal Home Loan Banks 1,915,000.00$ 1,891,497.21$ 4.850% 344,700.00$ 2,259,700.00$
3133ERNT4 08/14/24 08/12/27 Federal Farm Credit Banks 2,500,000.00$ 2,498,750.00$ 4.968% 371,250.00$ 2,871,250.00$
3130B2QD0 09/13/24 09/10/27 Federal Home Loan Banks 1,500,000.00$ 1,500,000.00$ 4.070% 182,641.25$ 1,682,641.25$
3133ENL99 09/30/22 09/15/27 Federal Farm Credit Banks 2,500,000.00$ 2,432,200.00$ 3.983% 418,359.37$ 2,918,359.37$
3133EPXB6 09/28/23 09/28/27 Federal Farm Credit Banks 2,000,000.00$ 1,993,860.00$ 4.710% 370,000.00$ 2,370,000.00$
3134GX3H5 05/15/24 09/29/27 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,477,000.00$ 5.048% 415,625.00$ 2,915,625.00$
3133ERWK3 10/07/24 10/07/27 Federal Farm Credit Banks 2,000,000.00$ 2,000,000.00$ 3.670% 220,200.00$ 2,220,200.00$
3133EN3S7 12/07/22 12/07/27 Federal Farm Credit Banks 3,000,000.00$ 2,995,920.00$ 3.780% 562,500.00$ 3,562,500.00$
3130AYPJ9 01/29/24 01/26/28 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 4.500% 359,500.00$ 2,359,500.00$
3130AUQA5 02/02/23 02/02/28 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.050% 506,250.00$ 3,006,250.00$
3130AYVC7 02/13/24 02/09/28 Federal Farm Credit Banks 2,000,000.00$ 2,000,000.00$ 4.625% 370,000.00$ 2,370,000.00$
3130AUW59 03/08/23 02/17/28 Federal Home Loan Banks 1,500,000.00$ 1,480,500.00$ 4.536% 318,000.00$ 1,818,000.00$
3133EP3Z6 02/28/24 02/28/28 Federal Farm Credit Banks 2,000,000.00$ 1,997,320.00$ 4.375% 350,000.00$ 2,350,000.00$
3130B0EE5 04/23/24 03/06/28 Federal Home Loan Banks 2,000,000.00$ 1,985,960.00$ 5.000% 384,000.00$ 2,384,000.00$
313382GT4 11/15/23 03/10/28 Federal Home Loan Banks 2,500,000.00$ 2,333,600.00$ 4.720% 337,500.00$ 2,837,500.00$
3133EPDC6 03/13/23 03/13/28 Federal Farm Credit Banks 1,000,000.00$ 1,000,000.00$ 5.350% 267,500.00$ 1,267,500.00$
3133EPFU4 04/12/23 04/12/28 Federal Farm Credit Banks 2,500,000.00$ 2,496,600.00$ 3.530% 437,500.00$ 2,937,500.00$
3130AVK50 04/24/23 04/24/28 Federal Home Loan Banks 1,500,000.00$ 1,500,000.00$ 5.000% 375,000.00$ 1,875,000.00$
3130ALZW7 12/14/23 04/28/28 Federal Home Loan Banks 1,000,000.00$ 895,070.00$ 4.362% 76,500.00$ 1,076,500.00$
3133EPMA0 06/09/23 06/09/28 Federal Farm Credit Banks 1,500,000.00$ 1,500,000.00$ 4.690% 351,750.00$ 1,851,750.00$
3130B0NE5 05/01/24 07/06/28 Federal Home Loan Banks 2,400,000.00$ 2,376,000.00$ 4.969% 478,773.33$ 2,878,773.33$
3134H1GL1 10/18/23 07/18/28 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,493,750.00$ 5.062% 593,750.00$ 3,093,750.00$
3134H1GL1 11/01/23 07/18/28 Federal Home Loan Mortgage Corp 2,000,000.00$ 1,982,760.00$ 5.210% 475,000.00$ 2,475,000.00$
3133ERLM1 07/24/24 07/24/28 Federal Farm Credit Banks 2,500,000.00$ 2,500,000.00$ 5.100% 510,000.00$ 3,010,000.00$
3133EPTA3 09/07/23 08/14/28 Federal Farm Credit Banks 1,000,000.00$ 1,000,000.00$ 5.108% 255,500.00$ 1,255,500.00$
3133ERPK1 08/14/24 08/14/28 Federal Farm Credit Banks 2,500,000.00$ 2,500,000.00$ 4.670% 467,000.00$ 2,967,000.00$
3134HAGR8 08/28/24 08/28/28 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,485,000.00$ 4.164% 400,000.00$ 2,900,000.00$
3134GWS23 05/17/24 09/14/28 Federal Home Loan Mortgage Corp 2,000,000.00$ 1,719,760.00$ 4.610% 90,000.00$ 2,090,000.00$
3134H1CM3 11/17/23 09/25/28 Federal Home Loan Mortgage Corp 1,500,000.00$ 1,477,875.00$ 4.843% 327,750.00$ 1,827,750.00$
3130B0PR4 04/02/24 10/02/28 Federal Home Loan Banks 2,000,000.00$ 2,000,000.00$ 5.000% 450,000.00$ 2,450,000.00$
3130AP6J9 12/06/23 10/05/28 Federal Home Loan Banks 2,000,000.00$ 1,745,060.00$ 4.300% 135,000.00$ 2,135,000.00$
3130APSR7 01/08/24 11/16/28 Federal Farm Credit Banks 1,500,000.00$ 1,342,500.00$ 4.107% 127,500.00$ 1,627,500.00$
3130APTC9 01/19/24 11/22/28 Federal Home Loan Banks 1,000,000.00$ 896,600.00$ 4.193% 90,000.00$ 1,090,000.00$
3133ERM40 12/18/24 12/18/28 Federal Farm Credit Banks 2,500,000.00$ 2,500,000.00$ 4.460% 446,000.00$ 2,946,000.00$
3130B0M89 03/28/24 12/28/28 Federal Home Loan Banks 3,000,000.00$ 2,949,000.00$ 4.402% 570,000.00$ 3,570,000.00$
Feb. 20, 2025 Item #1 Page 74 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Dec. 31, 2024
3130AYE51 01/08/24 01/02/29 Federal Home Loan Banks 2,500,000.00$ 2,501,250.00$ 4.947% 623,958.34$ 3,123,958.34$
3130AYCV6 01/11/24 01/03/29 Federal Home Loan Banks 2,700,000.00$ 2,700,000.00$ 5.000% 675,000.00$ 3,375,000.00$
3135GAM81 02/01/24 01/17/29 Federal National Mortgage Assoc 2,500,000.00$ 2,500,000.00$ 5.000% 624,305.56$ 3,124,305.56$
3130AYJR8 02/20/24 01/17/29 Federal Home Loan Banks 2,000,000.00$ 1,990,000.00$ 4.714% 460,000.00$ 2,460,000.00$
3130AYRG3 02/05/24 02/05/29 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.400% 550,000.00$ 3,050,000.00$
3130AYWQ5 02/20/24 02/07/29 Federal Home Loan Banks 2,500,000.00$ 2,497,500.00$ 4.572% 568,118.05$ 3,068,118.05$
3133ENUR9 07/22/24 04/18/29 Federal Farm Credit Banks 2,000,000.00$ 1,462,500.00$ 4.287% 370,000.00$ 2,370,000.00$
3130B14U8 04/24/24 04/27/29 Federal Home Loan Banks 1,500,000.00$ 1,500,000.00$ 5.250% 393,093.75$ 1,893,093.75$
3133EKKA3 09/30/24 05/02/29 Federal Farm Credit Banks 2,500,000.00$ 2,447,500.00$ 3.651% 393,750.00$ 2,893,750.00$
3135GASP7 05/28/24 05/22/29 Federal National Mortgage Assoc 2,000,000.00$ 1,983,000.00$ 4.819% 462,500.00$ 2,462,500.00$
3134H15T6 07/16/24 07/16/29 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,491,875.00$ 5.074% 625,000.00$ 3,125,000.00$
3134HAAN3 07/30/24 07/30/29 Federal Home Loan Mortgage Corp 3,000,000.00$ 2,965,500.00$ 4.635% 656,250.00$ 3,656,250.00$
3134H16A6 07/30/24 07/30/29 Federal Home Loan Mortgage Corp 2,000,000.00$ 1,990,300.00$ 5.111% 500,000.00$ 2,500,000.00$
3134HAEB5 08/14/24 08/14/29 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,472,000.00$ 4.251% 500,000.00$ 3,000,000.00$
3130B2PT6 09/13/24 09/12/29 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.200% 524,708.33$ 3,024,708.33$
3130B3CC5 10/17/24 10/09/29 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.100% 510,222.22$ 3,010,222.22$
3134HAPK3 10/10/24 10/10/29 Federal Home Loan Mortgage Corp 2,500,000.00$ 2,500,000.00$ 4.030% 503,750.00$ 3,003,750.00$
31424WQB1 10/15/24 10/15/29 Federal Agricultural Mortgage Corp 2,500,000.00$ 2,500,000.00$ 4.450% 556,250.00$ 3,056,250.00$
3130B4A43 12/18/24 12/10/29 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.375% 544,444.44$ 3,044,444.44$
3130B46B2 12/18/24 12/18/29 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.500% 562,500.00$ 3,062,500.00$
3130B4CU3 12/26/24 12/19/29 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.998% 624,652.78$ 3,124,652.78$
3130B42Y6 12/23/24 12/23/29 Federal Home Loan Banks 2,500,000.00$ 2,500,000.00$ 4.500% 337,500.00$ 2,837,500.00$
Total federal investments 337,799,000.00$ 334,952,499.15$ 2.319% 33,544,990.40$ 371,343,990.40$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
45905U6L3 01/14/21 11/20/25 International Bank for Recon & Devel 2,000,000.00$ 2,250,220.00$ 0.510% 303,125.00$ 2,303,125.00$
45950VPJ9 01/25/21 01/15/26 International Finance Corporation 2,000,000.00$ 2,007,840.00$ 0.500% 57,677.78$ 2,057,677.78$
4581X0DV7 04/23/21 04/20/26 Inter-American Development Bank 3,000,000.00$ 3,000,720.00$ 0.870% 131,031.25$ 3,131,031.25$
45950VPY6 05/28/21 05/15/26 International Finance Corporation 2,000,000.00$ 2,000,000.00$ 0.500% 49,638.89$ 2,049,638.89$
45906M4E8 07/31/23 06/26/28 International Bank for Recon & Devel 1,250,000.00$ 1,240,000.00$ 4.684% 281,250.00$ 1,531,250.00$
45906M4E8 09/07/23 06/26/28 International Bank for Recon & Devel 1,700,000.00$ 1,686,400.00$ 4.687% 382,500.00$ 2,082,500.00$
459058KW2 09/28/23 08/01/28 International Bank for Recon & Devel 2,000,000.00$ 1,991,960.00$ 4.720% 448,368.06$ 2,448,368.06$
45818WFE1 03/01/24 03/01/29 Inter-American Development Bank 2,500,000.00$ 2,500,000.00$ 4.400% 550,000.00$ 3,050,000.00$
Total supranationals 16,450,000.00$ 16,677,140.00$ 2.391% 2,203,590.98$ 18,653,590.98$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
91282CDS7 10/21/22 01/15/25 U.S. Treasury 4,000,000.00$ 3,712,187.50$ 4.548% 100,516.30$ 4,100,516.30$
912828ZC7 07/15/21 02/28/25 U.S. Treasury 2,000,000.00$ 2,040,312.50$ 0.563% 81,623.64$ 2,081,623.64$
912828ZL7 02/19/21 04/30/25 U.S. Treasury 2,000,000.00$ 1,997,920.00$ 0.400% 31,450.28$ 2,031,450.28$
912828ZT0 02/19/21 05/31/25 U.S. Treasury 2,000,000.00$ 1,987,280.00$ 0.400% 21,387.36$ 2,021,387.36$
91282CEU1 10/21/22 06/15/25 U.S. Treasury 3,000,000.00$ 2,877,180.00$ 4.530% 228,586.07$ 3,228,586.07$
91282CAM3 01/11/21 09/30/25 U.S. Treasury 2,500,000.00$ 2,481,332.50$ 0.410% 29,481.46$ 2,529,481.46$
91282CAZ4 01/11/21 11/30/25 U.S. Treasury 2,500,000.00$ 2,493,350.00$ 0.430% 45,793.27$ 2,545,793.27$
91282CGA3 10/17/23 12/15/25 U.S. Treasury 2,000,000.00$ 1,962,187.50$ 4.930% 199,992.72$ 2,199,992.72$
91282CBQ3 03/01/21 02/28/26 U.S. Treasury 3,000,000.00$ 2,964,726.56$ 0.740% 74,959.24$ 3,074,959.24$
91282CBQ3 03/02/21 02/28/26 U.S. Treasury 2,000,000.00$ 1,975,513.02$ 0.750% 49,945.65$ 2,049,945.65$
91282CLB5 08/27/24 07/31/26 U.S. Treasury 2,500,000.00$ 2,523,046.88$ 3.872% 218,875.49$ 2,718,875.49$
912828U24 12/27/21 11/15/26 U.S. Treasury 2,500,000.00$ 2,594,531.25$ 1.200% 244,198.90$ 2,744,198.90$
91282CDK4 01/14/22 11/30/26 U.S. Treasury 1,500,000.00$ 1,485,000.00$ 1.463% 91,432.01$ 1,591,432.01$
912828Z78 05/08/23 01/31/27 U.S. Treasury 1,500,000.00$ 1,485,855.00$ 3.500% 83,970.99$ 1,583,970.99$
91282CKJ9 05/06/24 04/15/27 U.S. Treasury 3,000,000.00$ 2,983,583.44$ 4.710% 404,870.90$ 3,404,870.90$
91282CFB2 04/21/23 07/31/27 U.S. Treasury 2,500,000.00$ 2,400,000.00$ 3.770% 294,181.63$ 2,794,181.63$
91282CFB2 05/03/24 07/31/27 U.S. Treasury 1,500,000.00$ 1,417,441.41$ 4.600% 144,375.00$ 1,644,375.00$
91282CFU0 09/08/23 10/31/27 U.S. Treasury 1,500,000.00$ 1,479,375.00$ 4.491% 278,437.50$ 1,778,437.50$
9128283F5 09/11/24 11/15/27 U.S. Treasury 2,000,000.00$ 1,928,750.00$ 3.443% 157,500.00$ 2,157,500.00$
91282CLX7 12/17/24 11/15/27 U.S. Treasury 2,500,000.00$ 2,494,120.00$ 4.211% 300,258.98$ 2,800,258.98$
91282CGC9 01/25/23 12/31/27 U.S. Treasury 500,000.00$ 508,167.05$ 3.570% 96,393.30$ 596,393.30$
Supranationals
U.S. Treasury
Feb. 20, 2025 Item #1 Page 75 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Dec. 31, 2024
91282CGC9 01/31/23 12/31/27 U.S. Treasury 750,000.00$ 760,105.97$ 3.647% 144,108.25$ 894,108.25$
91282CGC9 09/08/23 12/31/27 U.S. Treasury 1,500,000.00$ 1,465,195.31$ 4.472% 261,562.50$ 1,761,562.50$
91282CHA2 12/14/23 04/30/28 U.S. Treasury 1,000,000.00$ 969,687.50$ 4.265% 157,452.99$ 1,157,452.99$
9128284N7 07/17/23 05/15/28 U.S. Treasury 1,000,000.00$ 953,056.40$ 3.952% 143,750.00$ 1,143,750.00$
91282CHQ7 07/18/24 07/31/28 U.S. Treasury 2,000,000.00$ 2,000,454.00$ 4.118% 371,250.00$ 2,371,250.00$
91282CFT3 11/08/24 10/31/29 U.S. Treasury 2,500,000.00$ 2,478,906.25$ 4.189% 500,265.50$ 3,000,265.50$
91282CMA6 12/17/24 11/30/29 U.S. Treasury 2,500,000.00$ 2,486,250.00$ 4.249% 510,808.72$ 3,010,808.72$
Total U.S. Treasury 57,750,000.00$ 56,905,515.04$ 2.987% 5,267,428.65$ 63,017,428.65$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
478160CJ1 01/15/20 01/15/25 Johnson & Johnson 1,820,000.00$ 1,882,380.50$ 1.880% 238,875.00$ 2,058,875.00$
478160CJ1 04/08/20 01/15/25 Johnson & Johnson 3,000,000.00$ 3,231,960.00$ 0.906% 375,593.75$ 3,375,593.75$
478160CJ1 07/13/20 01/15/25 Johnson & Johnson 1,000,000.00$ 1,090,640.00$ 0.510% 118,270.83$ 1,118,270.83$
037833AZ3 09/10/21 02/09/25 Apple Inc 1,500,000.00$ 1,588,155.00$ 0.753% 128,020.83$ 1,628,020.83$
66989HAP3 04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00$ 3,379,576.20$ 1.300% 280,131.74$ 3,590,131.74$
12572QAG0 06/03/20 03/15/25 CME Group Inc 2,771,000.00$ 3,050,981.84$ 0.730% 397,638.50$ 3,168,638.50$
654106AH6 12/31/20 03/27/25 Nike Inc.2,867,000.00$ 3,090,740.68$ 0.500% 291,669.47$ 3,158,669.47$
341081FZ53 05/13/20 04/01/25 Flordia Power & Light 3,667,000.00$ 3,980,565.17$ 1.020% 509,193.51$ 4,176,193.51$
78015K7H17 12/07/21 06/10/25 Royal Bank of Canada 2,000,000.00$ 1,989,460.00$ 1.304% 80,691.67$ 2,080,691.67$
478160CN2 04/23/21 09/01/25 Johnson & Johnson 1,250,000.00$ 1,241,700.00$ 0.705% 29,944.44$ 1,279,944.44$
742718FL8 09/20/21 10/29/25 Procter & Gamble 1,500,000.00$ 1,487,460.00$ 0.757% 33,893.75$ 1,533,893.75$
023135CN4 12/04/24 12/01/25 Amazon 2,000,000.00$ 2,005,300.00$ 4.324% 91,233.33$ 2,091,233.33$
92826CAD4 05/17/21 12/14/25 Visa Inc 1,250,000.00$ 1,368,500.00$ 0.910% 180,140.62$ 1,430,140.62$
06048WK82 08/23/21 01/26/26 Bank of America 1,000,000.00$ 989,470.00$ 1.000% 33,550.00$ 1,033,550.00$
58933YAY1 04/12/21 02/24/26 Merck & Co 1,500,000.00$ 1,485,750.00$ 0.950% 54,750.00$ 1,554,750.00$
48128G2Q2 03/01/21 02/26/26 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 0.800% 80,000.00$ 2,080,000.00$
478160BY9 03/01/21 03/01/26 Johnson & Johnson 2,500,000.00$ 2,697,950.00$ 0.750% 306,250.00$ 2,806,250.00$
48128G3A6 03/03/21 03/03/26 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 1.000% 100,000.00$ 2,100,000.00$
48128G3V0 06/11/21 06/11/26 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 1.150% 115,000.00$ 2,115,000.00$
06048WM64 07/12/21 06/25/26 Bank of America 3,000,000.00$ 2,998,500.00$ 1.210% 178,300.00$ 3,178,300.00$
57629WDE7 07/22/21 07/16/26 Massmtual Global 3,750,000.00$ 3,784,537.50$ 1.010% 224,250.00$ 3,974,250.00$
594918BR4 08/11/21 08/08/26 Microsoft 4,000,000.00$ 4,292,240.00$ 0.900% 293,040.00$ 4,293,040.00$
48128G5A4 08/25/21 08/25/26 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 1.200% 120,000.00$ 2,120,000.00$
06048WN63 09/10/21 09/10/26 Bank of America 2,000,000.00$ 2,000,000.00$ 1.150% 115,000.00$ 2,115,000.00$
06048WP20 09/24/21 09/24/26 Bank of America 2,000,000.00$ 2,000,000.00$ 1.250% 125,000.00$ 2,125,000.00$
59217GBY4 01/19/22 12/18/26 Met Life Global 4,000,000.00$ 4,281,720.00$ 1.940% 678,116.67$ 4,678,116.67$
06368GC39 12/30/21 12/30/26 Bank of Montreal (BLC)2,450,000.00$ 2,450,000.00$ 2.000% 245,000.00$ 2,695,000.00$
58989V2G8 11/08/24 01/16/27 Met Tower Global Funding 2,500,000.00$ 2,522,275.00$ 4.415% 303,125.00$ 2,803,125.00$
742718FV6 02/04/22 02/01/27 Procter & Gamble 2,000,000.00$ 2,010,459.28$ 1.790% 189,683.33$ 2,189,683.33$
742718FV6 05/11/23 02/01/27 Procter & Gamble 1,000,000.00$ 935,367.00$ 3.777% 76,000.00$ 1,076,000.00$
48128G6F2 02/25/22 02/25/27 JP Morgan Chase Bank 5,000,000.00$ 5,000,000.00$ 2.550% 197,283.33$ 5,197,283.33$
478160CE2 04/18/22 03/03/27 Johnson & Johnson 1,750,000.00$ 1,757,538.77$ 2.850% 251,671.87$ 2,001,671.87$
742718FG9 07/08/22 03/25/27 Procter & Gamble 2,500,000.00$ 2,456,475.00$ 3.200% 329,972.22$ 2,829,972.22$
64952WEQ2 06/23/23 04/07/27 New York Life Global 1,500,000.00$ 1,428,750.00$ 4.630% 195,000.00$ 1,695,000.00$
64952WEQ2 07/18/23 04/07/27 New York Life Global 2,000,000.00$ 1,908,020.00$ 4.610% 260,000.00$ 2,260,000.00$
06048WW63 06/23/22 06/22/27 Bank of America 3,000,000.00$ 3,000,000.00$ 5.000% 750,000.00$ 3,750,000.00$
742718EV7 09/11/24 08/11/27 Procter & Gamble 2,000,000.00$ 1,951,140.00$ 3.741% 171,000.00$ 2,171,000.00$
194162AN3 05/09/23 08/15/27 Colgate-Palmolive 2,000,000.00$ 1,997,600.00$ 3.694% 223,408.33$ 2,223,408.33$
81257VAA9 03/10/23 10/01/27 Seattle Children Hosp 1,000,000.00$ 852,445.33$ 5.000% 222,581.34$ 1,222,581.34$
592179KF1 10/17/23 01/06/28 Met Life Global 1,000,000.00$ 983,540.00$ 5.490% 227,250.00$ 1,227,250.00$
78014RKF6 01/18/23 01/18/28 Royal Bank of Canada 2,500,000.00$ 2,500,000.00$ 5.450% 691,090.22$ 3,191,090.22$
742718FZ7 11/01/23 01/26/28 Procter & Gamble 2,000,000.00$ 1,922,140.00$ 4.979% 355,500.00$ 2,355,500.00$
74368CG8 10/23/24 07/06/28 Protective Life Global 2,300,000.00$ 2,097,255.00$ 4.511% 161,811.39$ 2,461,811.39$
48130CDL6 11/03/23 11/03/28 JP Morgan Chase Bank 1,800,000.00$ 1,800,000.00$ 6.150% 553,500.00$ 2,353,500.00$
771196BW1 12/22/23 12/13/28 Roche Holdings Inc 2,000,000.00$ 1,787,220.00$ 4.330% 193,000.00$ 2,193,000.00$
6944PL2Z1 01/12/24 01/11/29 Pacific Life Global 1,000,000.00$ 1,006,500.00$ 4.752% 245,000.00$ 1,245,000.00$
742718GF0 02/20/24 01/29/29 Procter & Gamble 2,000,000.00$ 1,984,175.26$ 4.530% 435,241.67$ 2,435,241.67$
771196CJ9 03/28/24 03/08/29 Roche Holdings Inc 3,000,000.00$ 3,019,380.00$ 4.640% 718,500.00$ 3,718,500.00$
478160CU6 06/13/24 06/01/29 Johnson & Johnson 3,000,000.00$ 3,044,268.57$ 4.460% 724,400.00$ 3,724,400.00$
Corporate notes
Feb. 20, 2025 Item #1 Page 76 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Dec. 31, 2024
478160CU6 06/03/24 06/01/29 Johnson & Johnson 2,750,000.00$ 2,744,582.50$ 4.844% 664,033.34$ 3,414,033.34$
64952WFG3 07/16/24 06/06/29 New York Life Global 3,000,000.00$ 3,036,390.00$ 4.718% 750,000.00$ 3,750,000.00$
06376A5W6 06/18/24 06/18/29 Bank of Montreal (BLC)3,500,000.00$ 3,500,000.00$ 5.750% 1,006,250.00$ 4,506,250.00$
17325FBK3 08/20/24 08/06/29 Citibank 2,000,000.00$ 2,040,000.00$ 4.378% 483,800.00$ 2,483,800.00$
6944PL3C1 10/09/24 08/28/29 Pacific Life Global 2,000,000.00$ 2,009,920.00$ 4.385% 450,000.00$ 2,450,000.00$
48130CSW6 09/20/24 08/29/29 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 4.000% 393,333.33$ 2,393,333.33$
48130CSE6 09/13/24 09/13/29 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 4.125% 412,500.00$ 2,412,500.00$
48130CUB9 10/23/24 10/23/29 JP Morgan Chase Bank 2,000,000.00$ 2,000,000.00$ 4.125% 412,500.00$ 2,412,500.00$
48130CVE2 11/14/24 11/14/29 JP Morgan Chase Bank 2,500,000.00$ 2,500,000.00$ 4.500% 562,500.00$ 3,062,500.00$
Total corporate notes 130,735,000.00$ 132,163,028.60$ 2.797% 18,033,489.48$ 148,768,489.48$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
61690URM4 01/09/20 01/09/25 Morgan Stanley Bank NA 247,000.00$ 247,000.00$ 1.900% 23,490.72$ 270,490.72$
07815AAZ0 02/27/20 02/27/25 Bell Bank Corp 249,000.00$ 249,000.00$ 1.600% 19,941.88$ 268,941.88$
02554BDA6 03/13/20 03/13/25 American Eagle Bank 249,000.00$ 249,000.00$ 1.100% 13,702.54$ 262,702.54$
17037TEN3 03/13/20 03/13/25 Choice Financial Group 248,000.00$ 248,000.00$ 1.100% 13,647.47$ 261,647.47$
73319FAF6 03/18/20 03/18/25 Poppy Bank 249,000.00$ 249,000.00$ 1.100% 13,702.54$ 262,702.54$
835104BZ2 03/19/20 03/19/25 Somerset Trust 249,000.00$ 249,000.00$ 1.000% 12,456.88$ 261,456.88$
45083ANS7 03/20/20 03/20/25 Iberia Bank 248,000.00$ 248,000.00$ 1.000% 12,406.79$ 260,406.79$
02519TAZ9 03/27/20 03/27/25 American Commerce Bank 249,000.00$ 249,000.00$ 0.950% 11,834.03$ 260,834.03$
072727BF6 03/27/20 03/27/25 Baycoast Bank 248,000.00$ 248,000.00$ 0.950% 11,786.45$ 259,786.45$
14042TDD6 04/08/20 04/08/25 Capital One 248,000.00$ 248,000.00$ 1.600% 19,850.88$ 267,850.88$
29260MBF1 05/15/20 05/15/25 Encore Bank 249,000.00$ 249,000.00$ 0.800%9,965.41$ 258,965.41$
33847E3H8 05/15/20 05/15/25 Flagstar Bank 248,000.00$ 248,000.00$ 0.850% 10,545.77$ 258,545.77$
404730CR2 05/26/20 05/27/25 Haddon Savings Bank 248,000.00$ 248,000.00$ 0.750%9,310.19$ 257,310.19$
43719LAE5 05/29/20 05/29/25 Home Loan Inv Bank 249,000.00$ 249,000.00$ 0.800%9,965.41$ 258,965.41$
56102AAJ5 05/29/20 05/29/25 Malaga Bank 249,000.00$ 249,000.00$ 0.700%8,719.87$ 257,719.87$
69506YRT8 05/29/20 05/29/25 Pacific Western Bank 249,000.00$ 249,000.00$ 0.700%8,719.77$ 257,719.77$
86128QCF3 06/10/20 06/10/25 Stockman Bank 249,000.00$ 249,000.00$ 0.600%7,474.10$ 256,474.10$
740367MA2 07/17/20 07/17/25 Preferred Bank 249,000.00$ 249,000.00$ 0.500%6,228.46$ 255,228.46$
89235MJZ5 07/16/20 07/28/25 Toyota Financial Savings Bank 249,000.00$ 249,000.00$ 0.650%8,096.93$ 257,096.93$
211163KQ2 07/29/20 07/29/25 Continental Bank 249,000.00$ 249,000.00$ 0.500%6,228.46$ 255,228.46$
02007GXF5 08/09/22 08/04/25 Ally Bank 201,000.00$ 201,000.00$ 3.400% 20,427.10$ 221,427.10$
549104RV1 08/14/20 08/14/25 Luana Savings Bank 249,000.00$ 249,000.00$ 0.450%5,605.57$ 254,605.57$
32022RNT0 08/19/20 08/19/25 1st Financial Bank 249,000.00$ 249,000.00$ 0.450%5,605.82$ 254,605.82$
31944MBB0 08/20/20 08/20/25 1st Carolina Bank 249,000.00$ 249,000.00$ 0.450%5,605.82$ 254,605.82$
664122AF5 08/20/20 08/20/25 Northeast Community Bank 249,000.00$ 249,000.00$ 0.450%5,605.82$ 254,605.82$
228212AQ9 09/04/20 09/04/25 Crown Bank 249,000.00$ 249,000.00$ 0.400%4,982.62$ 253,982.62$
59013KKJ4 09/15/20 09/15/25 Merrick 249,000.00$ 249,000.00$ 0.400%4,982.62$ 253,982.62$
2027506P5 10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00$ 249,000.00$ 0.400%4,908.94$ 253,908.94$
51507LBY9 09/29/20 09/29/25 Landmark Community 249,000.00$ 249,000.00$ 0.400%4,982.58$ 253,982.58$
538036LQ5 10/22/20 10/08/25 Live Oak Bank 249,000.00$ 249,000.00$ 0.400%4,944.42$ 253,944.42$
560390AS5 10/15/20 10/15/25 Maine Comm Bank 249,000.00$ 249,000.00$ 0.350%4,359.94$ 253,359.94$
33625CDS5 10/16/20 10/16/25 First Security Bank Wash 249,000.00$ 249,000.00$ 0.350%4,359.94$ 253,359.94$
780684AJ5 11/06/20 10/23/25 Royal Savings Bank 249,000.00$ 249,000.00$ 0.400%4,944.42$ 253,944.42$
33744AAW9 11/18/20 11/18/25 First US Bank 249,000.00$ 249,000.00$ 0.400%4,982.62$ 253,982.62$
88413QCU0 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$
91330ACR6 12/18/20 12/18/25 Unity Bank 249,000.00$ 248,377.50$ 0.400%4,982.72$ 253,982.72$
08016PDV8 12/23/20 12/23/25 Belmont Savings Bank 249,000.00$ 248,377.50$ 0.400%4,982.62$ 253,982.62$
634116CW5 12/28/20 12/23/25 National Bank of NY City 249,000.00$ 248,688.75$ 0.400%4,968.98$ 253,968.98$
882214AA7 01/08/21 12/23/25 Texas Bank Henderson 249,000.00$ 249,000.00$ 0.450%5,556.70$ 254,556.70$
06424KBH2 01/08/21 01/08/26 Bank of Santa Clarita 249,000.00$ 248,688.75$ 0.400%4,982.62$ 253,982.62$
38522ABP0 01/08/21 01/08/26 Grand Bank Tulsa 249,000.00$ 248,688.75$ 0.400%4,982.62$ 253,982.62$
20143PEH9 01/26/21 01/26/26 Commercial Bank 249,000.00$ 248,751.00$ 0.471%5,605.82$ 254,605.82$
15258RAV9 01/27/21 01/27/26 Central Bank Storm Lake 249,000.00$ 248,751.00$ 0.471%5,605.82$ 254,605.82$
43786UAJ2 02/18/21 01/29/26 Hometown Bk of Alabama 249,000.00$ 249,000.00$ 0.400%4,928.04$ 253,928.04$
909242AN9 02/26/21 02/26/26 United Rep Bk Omaha 249,000.00$ 249,000.00$ 0.400%4,982.61$ 253,982.61$
12527CDV1 03/03/21 03/03/26 CFG Community Bk 249,000.00$ 249,000.00$ 0.400%4,982.73$ 253,982.73$
110087AS2 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
Feb. 20, 2025 Item #1 Page 77 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Dec. 31, 2024
87164XA30 09/03/21 09/03/26 Syncrony Bank 249,000.00$ 249,000.00$ 0.900% 11,205.00$ 260,205.00$
90348JS92 09/09/21 09/09/26 UBS Bank USA 249,000.00$ 249,000.00$ 0.950% 11,834.03$ 260,834.03$
919853NZ0 09/17/24 09/17/26 Valley National Bank 245,000.00$ 245,000.00$ 3.950% 19,355.00$ 264,355.00$
795451BH5 04/05/22 02/23/27 Sallie May Bank 247,000.00$ 242,902.27$ 2.564% 26,574.50$ 273,574.50$
598580AM0 03/08/23 03/08/27 Mifflinburg Bank and Trust Company 249,000.00$ 249,000.00$ 4.650% 46,345.77$ 295,345.77$
27004PCN1 03/09/22 03/09/27 Eaglemark Savings 247,000.00$ 247,000.00$ 2.000% 24,713.53$ 271,713.53$
64034KBF7 03/09/22 03/09/27 Nelnet Bank Inc 247,000.00$ 247,000.00$ 1.950% 24,095.69$ 271,095.69$
07371CN21 03/16/22 03/10/27 Beal Bank NV 247,000.00$ 247,000.00$ 1.800% 22,169.09$ 269,169.09$
07371AB28 03/16/22 03/10/27 Beal Bank TX 247,000.00$ 247,000.00$ 1.800% 22,169.09$ 269,169.09$
47804GLM3 09/20/24 03/22/27 John Marshall Bank 249,000.00$ 249,000.00$ 3.800% 23,667.93$ 272,667.93$
02589ABW1 03/23/22 03/23/27 American Exp Bank 247,000.00$ 247,000.00$ 2.200% 27,184.89$ 274,184.89$
31938QW34 02/15/22 04/15/27 First Business Bank 245,000.00$ 245,000.00$ 3.900% 33,790.69$ 278,790.69$
254673D94 05/18/22 05/19/27 Discover Bank 246,000.00$ 246,000.00$ 3.200% 39,403.14$ 285,403.14$
910286GS6 07/14/23 07/14/27 United Fidelity Bank 249,000.00$ 249,000.00$ 4.600% 45,847.38$ 294,847.38$
78577TMR3 11/06/23 08/06/27 Saco & Biddeford Savings Institution 244,000.00$ 244,000.00$ 5.000% 45,750.00$ 289,750.00$
68405VAU3 09/15/23 09/13/27 Optum Bank 244,000.00$ 244,000.00$ 4.700% 45,872.00$ 289,872.00$
20347MAS0 10/20/23 10/20/27 Community Bank and Trust 244,000.00$ 244,000.00$ 4.900% 47,824.00$ 291,824.00$
37173RAJ2 12/13/23 12/13/27 Genesee Regional Bank 244,000.00$ 244,000.00$ 4.400% 42,944.00$ 286,944.00$
34520LAY9 12/15/22 12/15/27 Forebright Bank 249,000.00$ 248,651.40$ 4.031% 49,827.34$ 298,827.34$
84229LBJ0 12/16/22 12/16/27 Southern Bank 245,000.00$ 245,000.00$ 4.000% 49,026.84$ 294,026.84$
32026U4X1 01/17/24 01/18/28 First Foundation Bank 245,000.00$ 245,000.00$ 4.000% 38,689.86$ 283,689.86$
70212YBE1 02/22/23 02/22/28 Partners Bank California 245,000.00$ 245,000.00$ 3.850% 47,188.34$ 292,188.34$
062119BH4 03/08/23 03/07/28 Bank Five Nine 249,000.00$ 249,000.00$ 4.550% 56,678.44$ 305,678.44$
05580AW59 03/10/23 03/10/28 BMW Bank North America 244,000.00$ 244,000.00$ 4.600% 56,181.50$ 300,181.50$
108622NK3 03/29/23 03/29/28 Bridgewater Bk 249,000.00$ 249,000.00$ 4.800% 59,825.54$ 308,825.54$
178180GY5 03/31/23 03/31/28 City Natl Bk - Los Angeles 243,000.00$ 243,000.00$ 5.000% 60,816.56$ 303,816.56$
914098DQ8 04/03/23 04/03/28 University Bank NA 249,000.00$ 249,000.00$ 4.800% 59,825.53$ 308,825.53$
61768E3D3 05/08/24 05/08/28 Morgan Stanley Bank NA 244,000.00$ 244,000.00$ 4.700% 45,903.42$ 289,903.42$
05600XQE3 05/16/23 05/16/28 BMO Harris Bank NA 244,000.00$ 244,000.00$ 4.500% 54,960.16$ 298,960.16$
23204HPB8 06/06/23 06/14/28 Customers Bank 244,000.00$ 244,000.00$ 4.500% 53,365.81$ 297,365.81$
91527PCD7 06/06/23 06/21/28 Univest Bank & Trust 249,000.00$ 249,000.00$ 4.500% 56,546.88$ 305,546.88$
501798UJ9 07/18/23 07/18/28 LCA Bank Corporation 243,000.00$ 243,000.00$ 4.500% 54,734.92$ 297,734.92$
58404DTG6 09/19/23 09/19/28 Medallion Bank 249,000.00$ 249,000.00$ 4.600% 57,332.81$ 306,332.81$
59936MAA4 09/25/23 09/25/28 Milford Building & Loan 244,000.00$ 244,000.00$ 4.550% 55,510.00$ 299,510.00$
84287PJB9 10/17/23 10/17/28 Southern First Bank 244,000.00$ 244,000.00$ 4.850% 59,170.00$ 303,170.00$
949765HZ0 11/21/23 11/21/28 Wells Fargo Bank NA 248,000.00$ 248,000.00$ 5.050% 62,898.31$ 310,898.31$
523343AA9 12/29/23 12/29/28 Ledyark National Bank 244,000.00$ 244,000.00$ 4.050% 49,464.16$ 293,464.16$
227563EX7 03/12/24 03/07/29 Cross River Bank 244,000.00$ 244,000.00$ 4.250% 51,736.36$ 295,736.36$
04518XAH7 03/14/24 03/14/29 Asian Bank 244,000.00$ 244,000.00$ 4.200% 51,268.08$ 295,268.08$
38150VUH0 05/21/24 05/21/29 Goldman Sachs Bank 244,000.00$ 244,000.00$ 4.500% 54,930.08$ 298,930.08$
93883MAZ1 05/22/24 05/22/29 Washington Financial Bank 244,000.00$ 244,000.00$ 4.450% 54,319.75$ 298,319.75$
06652CHX2 07/31/24 07/31/29 Bankwest Inc 248,000.00$ 248,000.00$ 4.900% 60,760.00$ 308,760.00$
Total certificate of deposit 21,981,000.00$ 21,973,876.92$ 2.215% 2,253,851.86$ 24,234,851.86$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
30315EAA4 07/24/20 05/25/25 FRESB - MFM 869,527.48$ 873,780.35$ 0.695%558.57$ 870,086.05$
3137BJQ71 03/15/21 05/25/25 FHLM - FHMS KPLB A 2,000,000.00$ 2,157,500.00$ 0.816%4,250.71$ 2,004,250.71$
30318NAA1 02/19/21 01/25/26 FRESB - 2021-SB83 1,168,935.97$ 1,112,265.94$ 0.505%4,059.33$ 1,172,995.30$
3137BP4J5 08/20/21 03/25/26 FHLM - FHMS K1R1 703,334.66$ 736,633.17$ 0.414% 11,662.60$ 714,997.26$
3137BPW21 03/25/21 03/25/26 FHLM - KHMS K055 2,482,786.97$ 2,681,409.92$ 0.966% 31,830.94$ 2,514,617.91$
30321CAQ5 07/23/21 04/25/26 FRESB - 2021-SB88 1,645,129.01$ 1,652,854.53$ 0.746%7,475.45$ 1,652,604.46$
30324QAC2 01/21/22 11/25/26 FRESB - 2022-SB94 3,894,551.26$ 3,912,563.56$ 1.500% 50,547.07$ 3,945,098.33$
30311SAA7 04/22/22 04/25/27 FRESB - 2022-SB97 3,268,542.36$ 3,139,003.48$ 2.803% 54,707.83$ 3,323,250.19$
30329MAA0 10/28/22 06/25/27 FRESB - 2022-SB103 1,457,028.09$ 1,305,332.52$ 4.989% 32,334.22$ 1,489,362.31$
30329QAA1 11/18/22 09/25/27 FRESB - 2022-SB104 3,803,838.57$ 3,472,288.39$ 5.003% 119,112.41$ 3,922,950.98$
3138L7D60 12/16/22 10/01/27 FHLM - AM6424 946,705.65$ 916,529.42$ 4.212% 38,939.06$ 985,644.71$
3132XGRH1 01/27/23 11/01/27 FRESB - WN2287 2,950,141.80$ 2,923,406.14$ 3.929% 133,830.16$ 3,083,971.96$
3132XFGC6 01/08/24 03/01/28 FHLM - WN1094 1,000,000.00$ 884,882.81$ 4.476% 19,200.13$ 1,019,200.13$
3140LBSE4 01/09/24 03/01/28 FNMA - BS1416 1,000,000.00$ 877,773.44$ 4.300% 14,495.29$ 1,014,495.29$
Mortgage backed securities (agency)
Feb. 20, 2025 Item #1 Page 78 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Dec. 31, 2024
3132XFMP0 02/06/24 05/01/28 FHLM - WN1265 2,000,000.00$ 2,007,500.00$ 4.611% 139,144.69$ 2,139,144.69$
3140LKEG4 01/09/24 05/01/28 FNMA - BS8234 1,381,540.00$ 1,378,841.68$ 4.448% 88,643.84$ 1,470,183.84$
30332EAA3 07/20/23 05/25/28 FRESB - 2023-SB107 2,989,576.35$ 2,924,579.98$ 4.633% 186,060.12$ 3,175,636.47$
30333AAA0 08/17/23 06/25/28 FRESB - 2023-SB108 3,479,868.37$ 3,404,870.25$ 4.793% 231,876.93$ 3,711,745.30$
35564CAA5 01/11/24 06/25/28 FHLM - SLST 2018 906,096.94$ 869,605.30$ 4.802% 52,887.01$ 958,983.95$
3132XGYJ9 03/07/24 09/01/28 FHLM - WN2512 1,545,144.55$ 1,512,102.96$ 4.800% 108,708.18$ 1,653,852.73$
30334CAA5 11/16/23 09/25/28 FRESB - 2023-SB111 2,742,588.59$ 2,681,184.77$ 5.284% 219,919.65$ 2,962,508.24$
3132XFNX2 02/13/24 11/01/28 FHLM - WN1305 2,000,000.00$ 1,992,031.25$ 4.479% 150,851.64$ 2,150,851.64$
3132XGYR1 03/18/24 11/01/28 FHLM - WN2519 2,500,000.00$ 2,494,531.25$ 4.797% 204,320.99$ 2,704,320.99$
3132XGYU4 03/15/24 12/01/28 FHLM - WN2522 3,000,000.00$ 3,000,000.00$ 4.530% 240,535.21$ 3,240,535.21$
3140NUFX2 01/30/24 12/01/28 FNMA - BZ0181 3,000,000.00$ 3,069,720.00$ 4.430% 262,103.04$ 3,262,103.04$
30336BAA5 04/25/24 12/25/28 FRESB - 2024-SB113 3,495,762.03$ 3,466,502.50$ 5.217% 324,510.33$ 3,820,272.36$
3132XGZE9 03/13/24 01/01/29 FHLM - WN2540 3,500,000.00$ 3,510,390.63$ 4.900% 249,099.41$ 3,749,099.41$
3140HRZS5 01/17/24 01/01/29 FNMA - BL0752 1,500,000.00$ 1,458,450.00$ 4.302% 94,454.48$ 1,594,454.48$
3140NUN54 01/29/24 01/01/29 FNMA - BZ0411 2,000,000.00$ 1,985,220.00$ 4.400% 151,775.81$ 2,151,775.81$
3140NUUA5 03/19/24 03/01/29 FNMA - BZ0576 2,000,000.00$ 2,000,000.00$ 4.561% 172,042.30$ 2,172,042.30$
3140NUUL1 03/13/24 03/01/29 FNMA - BZ0586 2,000,000.00$ 1,993,440.00$ 4.371% 161,781.81$ 2,161,781.81$
30337MAA0 06/27/24 03/25/29 FRESB - 2024-SB114 2,974,153.30$ 2,988,881.31$ 4.808% 296,408.79$ 3,270,562.09$
3132XFQN1 07/02/24 04/01/29 FHLM - WN1360 2,000,000.00$ 1,950,000.00$ 4.568% 154,460.11$ 2,154,460.11$
3132XG3G9 07/23/24 06/01/29 FHLM - WN3598 2,000,000.00$ 1,985,000.00$ 4.592% 173,699.10$ 2,173,699.10$
3140LGDL3 08/13/24 06/01/29 FNMA - BS5506 2,000,000.00$ 1,912,500.00$ 4.125% 118,821.51$ 2,118,821.51$
3132XKTD9 10/07/24 07/01/29 FHLM - WN5047 2,500,000.00$ 2,498,750.00$ 3.887% 210,646.67$ 2,710,646.67$
3140HURA6 08/27/24 07/01/29 FNMA - BL3180 2,500,000.00$ 2,381,250.00$ 4.007% 144,051.16$ 2,644,051.16$
3132XKTE7 10/09/24 08/01/29 FHLM - WN5048 2,500,000.00$ 2,489,150.00$ 4.150% 225,831.68$ 2,725,831.68$
3140NWFK6 12/21/24 10/01/29 FNMA - BZ1969 2,000,000.00$ 1,990,000.00$ 4.155% 182,544.42$ 2,182,544.42$
3140NWGS8 10/15/24 10/01/29 FNMA - BZ2008 2,000,000.00$ 1,996,000.00$ 4.229% 189,928.47$ 2,189,928.47$
3140NWLH6 11/05/24 10/01/29 FNMA - BZ2127 2,500,000.00$ 2,467,500.00$ 4.520% 247,635.78$ 2,747,635.78$
3140NWJL0 11/19/24 11/01/29 FNMA - BZ2066 2,500,000.00$ 2,466,250.00$ 4.542% 248,996.06$ 2,748,996.06$
3140HWKB7 12/06/24 12/01/29 FNMA - BL4789 2,675,000.00$ 2,440,937.50$ 4.305% 145,882.27$ 2,820,882.27$
3140NWXA8 12/19/24 12/01/29 FNMA - BZ2472 2,500,000.00$ 2,500,000.00$ 4.875% 294,015.92$ 2,794,015.92$
Total mortgage backed securities (agency) 97,880,251.95$ 96,461,413.05$ 4.016% 6,194,641.15$ 104,074,893.10$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
023051YW9 07/19/21 02/01/25 Amarillo Independent SD 1,800,000.00$ 1,762,290.00$ 0.608%-$ 1,800,000.00$
882806HG0 03/22/21 02/15/25 Texas St Tech Univ 2,500,000.00$ 2,524,850.00$ 0.679% 93,800.00$ 2,593,800.00$
91412HGE7 03/01/21 05/15/25 University of California 1,500,000.00$ 1,517,250.00$ 0.600% 55,724.13$ 1,555,724.13$
91412HGE7 06/29/21 05/15/25 University of California 1,960,000.00$ 1,966,154.40$ 0.799% 67,111.92$ 2,027,111.92$
625506QN3 02/02/21 06/15/25 Multnomah County OR 2,000,000.00$ 2,006,040.00$ 0.430% 37,553.89$ 2,037,553.89$
91412GU94 01/28/21 07/01/25 University of California 1,805,000.00$ 1,995,210.90$ 0.509% 244,645.68$ 2,049,645.68$
20772KEW5 06/30/22 09/15/25 Connecticut, State of 2,850,000.00$ 2,863,053.00$ 3.589% 476,400.00$ 3,326,400.00$
13063DMA3 04/01/21 04/01/26 California, State of 4,140,000.00$ 4,478,652.00$ 0.970% 161,300.35$ 4,301,300.35$
13063DMA3 05/18/21 04/01/26 California, State of 1,250,000.00$ 1,353,350.00$ 0.910% 342,250.56$ 1,592,250.56$
736688MF6 09/01/21 06/15/26 Portland Community College 1,100,000.00$ 1,102,992.00$ 0.841% 122,255.56$ 1,222,255.56$
569280EX4 12/07/21 06/15/26 Marion County School 1,880,000.00$ 1,885,245.20$ 1.374% 548,550.00$ 2,428,550.00$
842475P82 02/11/22 07/01/26 Sthrn CA ST Pub Pwr Auth 2,485,000.00$ 2,415,643.65$ 1.930% 47,357.32$ 2,532,357.32$
797272QR5 08/12/21 08/01/26 San Diego Community College 3,000,000.00$ 3,209,550.00$ 0.860% 33,041.17$ 3,033,041.17$
801315KR2 08/23/21 08/01/26 Santa Barbara CA USD 500,000.00$ 511,970.00$ 0.842% 81,862.08$ 581,862.08$
798189PY6 08/23/21 08/01/26 San Jose Evergreen Community College 750,000.00$ 799,522.50$ 0.842% 101,809.78$ 851,809.78$
798170AJ5 01/06/22 08/01/26 San Jose Redevelopment 3,000,000.00$ 3,220,260.00$ 1.507% 342,742.58$ 3,342,742.58$
6041295T9 08/10/22 08/01/26 Minnesota, State of 1,215,000.00$ 1,215,000.00$ 3.250% 174,512.81$ 1,389,512.81$
79730CJK1 04/22/24 08/01/26 San Diego Pub Fin Auth Water Revenue 2,000,000.00$ 1,866,860.00$ 5.035% 86,586.50$ 2,086,586.50$
13063DRD2 02/08/22 10/01/26 California, State of 2,400,000.00$ 2,468,808.00$ 1.730% 170,415.98$ 2,570,415.98$
419792ZN9 03/02/22 10/01/26 Hawaii, State of 2,000,000.00$ 1,938,920.00$ 1.810% 264,891.67$ 2,264,891.67$
13067WSW3 12/20/21 12/01/26 California, State of 1,275,000.00$ 1,257,405.00$ 1.340% 977,643.33$ 2,252,643.33$
13067WSW3 03/29/22 12/01/26 California, State of 1,425,000.00$ 1,322,001.00$ 2.708% 84,523.29$ 1,509,523.29$
13067WSW3 04/18/22 12/01/26 California, State of 2,705,000.00$ 2,475,237.30$ 3.035% 90,565.95$ 2,795,565.95$
79623PSA4 09/18/24 02/01/27 San Antonio TX, City of 500,000.00$ 500,000.00$ 4.158% 49,260.75$ 549,260.75$
016249FQ2 10/30/23 02/15/27 Alief Independent School District 1,980,000.00$ 1,969,209.00$ 5.380% 360,360.00$ 2,340,360.00$
544646A77 06/13/22 05/01/27 Los Angeles Unified School District 3,500,000.00$ 3,883,600.00$ 3.820% 15,705.20$ 3,515,705.20$
Municpal bonds
Feb. 20, 2025 Item #1 Page 79 of 84
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
Dec. 31, 2024
68608VDX9 10/13/23 05/01/27 Oregon, State of 1,000,000.00$ 943,330.00$ 5.080% 132,640.00$ 1,132,640.00$
91412HGF4 05/15/23 05/15/27 University of California 1,000,000.00$ 908,270.00$ 3.810% 52,640.00$ 1,052,640.00$
91412HGF4 05/16/24 05/15/27 University of California 2,500,000.00$ 2,266,050.00$ 4.712% 98,700.00$ 2,598,700.00$
91412HGF4 05/03/24 05/15/27 University of California 1,000,000.00$ 904,080.00$ 4.780% 46,060.00$ 1,046,060.00$
544495VX9 08/27/23 07/01/27 Los Angeles Dept of Water & Power 1,500,000.00$ 1,580,685.00$ 4.100% 345,669.33$ 1,845,669.33$
419794F72 06/06/23 07/01/27 Hawaii, State of 1,125,000.00$ 1,004,962.50$ 4.720% 82,624.50$ 1,207,624.50$
438701Y40 06/28/23 07/01/27 Honolulu Wastewater System Revenue 1,500,000.00$ 1,392,885.00$ 4.460% 168,412.50$ 1,668,412.50$
796720NT3 02/22/23 08/01/27 San Bernardino Community College Dist 1,500,000.00$ 1,328,325.00$ 1.480% 107,266.25$ 1,607,266.25$
357155BA7 05/09/23 08/01/27 Fremont CA Unified School District 2,000,000.00$ 1,795,450.00$ 3.750% 94,110.34$ 2,094,110.34$
68609TU22 08/22/23 08/01/27 Oregon State Dept of Transportation 1,585,000.00$ 1,394,070.90$ 4.740% 85,843.60$ 1,670,843.60$
212204JH5 08/31/23 08/01/27 Contra Costa CA Community College Dist 1,000,000.00$ 909,510.00$ 4.720% 86,520.00$ 1,086,520.00$
797272RP8 10/25/23 08/01/27 San Diego Community College 2,290,000.00$ 2,016,551.10$ 5.161% 149,582.80$ 2,439,582.80$
072031AP2 08/01/23 10/01/27 Bay Area Water 1,250,000.00$ 1,185,562.50$ 4.742% 189,281.25$ 1,439,281.25$
032556FB3 10/17/23 10/01/27 Anaheim California 1,670,000.00$ 1,487,068.20$ 5.090% 133,466.40$ 1,803,466.40$
68607DVD4 06/16/23 11/15/27 Oregon State Dept of Transportation 2,000,000.00$ 1,738,740.00$ 4.370% 97,560.00$ 2,097,560.00$
13063DC48 12/14/23 02/01/28 California, State of 1,440,000.00$ 1,289,520.00$ 4.500% 110,160.00$ 1,550,160.00$
13063DGC6 07/23/24 04/01/28 California, State of 3,000,000.00$ 2,901,480.00$ 4.474% 420,000.00$ 3,420,000.00$
54438CYM8 12/19/23 08/01/28 Los Angeles Community College Dist 2,250,000.00$ 2,020,005.00$ 4.350% 180,675.00$ 2,430,675.00$
802385SN5 11/17/23 08/01/28 Santa Monica Community College Dist 1,000,000.00$ 940,860.00$ 4.950% 176,350.00$ 1,176,350.00$
798170AL0 08/09/23 08/01/28 San Jose Redevelopment 1,000,000.00$ 948,450.00$ 4.742% 189,281.25$ 1,189,281.25$
83412PHS4 01/22/24 08/01/28 Solano County Community College Dist 2,000,000.00$ 1,775,780.00$ 4.227% 147,900.00$ 2,147,900.00$
7994082H1 08/24/23 08/01/28 San Ramon Valley School District 1,000,000.00$ 861,870.00$ 4.850% 83,500.00$ 1,083,500.00$
695802NN4 12/07/23 08/01/28 Pajaro Valley Unified School District 1,015,000.00$ 992,162.50$ 5.150% 257,640.00$ 1,272,640.00$
882723B40 11/21/23 10/01/28 Texas, State of 1,500,000.00$ 1,410,330.00$ 4.700% 248,325.00$ 1,748,325.00$
882724RD1 11/21/23 10/01/28 Texas PFA, State of 2,000,000.00$ 1,787,400.00$ 4.750% 227,600.00$ 2,227,600.00$
13063DL22 11/15/23 10/01/28 California, State of 1,000,000.00$ 860,500.00$ 5.008% 87,500.00$ 1,087,500.00$
13077DQG0 02/08/24 11/01/28 California State University 2,500,000.00$ 2,209,350.00$ 4.260% 190,125.00$ 2,690,125.00$
59320A30 05/01/24 05/01/29 Miami Beach FL, City of 1,400,000.00$ 1,396,640.00$ 4.728% 327,180.00$ 1,727,180.00$
769036BR4 06/03/24 06/01/29 Riverside California 1,375,000.00$ 1,250,136.25$ 4.895% 194,081.25$ 1,569,081.25$
91412HFG3 10/10/24 07/01/29 University of California 2,500,000.00$ 2,421,325.00$ 4.087% 395,600.62$ 2,895,600.62$
91412HFG3 09/11/24 07/01/29 University of California 1,000,000.00$ 987,240.00$ 3.640% 167,450.00$ 1,167,450.00$
Total municpal bonds 100,420,000.00$ 97,417,662.90$ 3.094% 10,304,615.58$ 110,724,615.58$
CUSIP Settlement Maturity Issuer Par Invested Yield Interest Return
N/A N/A N/A Wells Fargo Bank - General 2,038,796.00$ 2,038,796.00$ 0.000%-$ 2,038,796.00$
N/A N/A N/A Wells Fargo Sweep account 10,830,478.00$ 10,830,478.00$ 4.359% 33,749.01$ 10,864,227.01$
N/A N/A N/A Principal - Custody 7,648,548.55$ 7,648,548.55$ 2.250% 11,789.98$ 7,660,338.53$
N/A N/A N/A CAMP 113,171,282.68$ 113,171,282.68$ 4.730% 403,392.35$ 113,574,675.03$
N/A N/A N/A LAIF City 216,097.79$ 216,097.79$ 4.434%-$ 216,097.79$
N/A N/A N/A LAIF CMWD 873,450.63$ 873,450.63$ 4.434%-$ 873,450.63$
N/A N/A N/A LAIF CPFA 800,113.22$ 800,113.22$ 4.434%-$ 800,113.22$
Total cash and pooled investments 135,578,766.87$ 135,578,766.87$ 4.485% 448,931.34$ 136,027,698.21$
GRAND TOTAL 898,594,018.82$ 892,129,902.52$ 3.0285% 78,251,539.44$ 976,845,558.26$
Cash and pooled investments
Feb. 20, 2025 Item #1 Page 80 of 84
City of Carlsbad investment portfolio
115 Trust Activity
Exhibit 10
Period Ending Contributions Net Earnings Fees Distributions Ending Balance Period Return
Fiscal year
2023-24 10,000,000.00$ 865,953.87$ (16,540.91)$ -$ 10,849,412.96$ 8.66%
07/31/24 -$ 262,987.57$ (2,895.29)$ -$ 11,109,505.24$ 2.42%
08/31/24 -$ 231,078.31$ (2,950.75)$ -$ 11,337,632.80$ 2.08%
09/30/24 -$ 222,105.34$ (2,997.34)$ -$ 11,556,740.80$ 1.96%
10/31/24 7,500,000.00$ (315,568.76)$ (3,220.99)$ -$ 18,737,951.05$ -2.10%
11/30/24 -$ 564,161.64$ (4,517.65)$ -$ 19,297,595.04$ 3.01%
12/31/24 -$ (494,118.47)$ (4,613.54)$ -$ 18,798,863.03$ -2.56%
Current year
summary 7,500,000.00$ 470,645.63$ (21,195.56)$ -$ 18,798,863.03$ 2.69%
Grand total 17,500,000.00$ 1,336,599.50$ (37,736.47)$ -$ 18,798,863.03$ 7.64%
Dec. 31, 2024
The city's Section 115 Trust is a post-employment benefit trust that was established by City Council on
September 12, 2023 (Resolution 2023-240). In connection with City Council Policy No. 86 and 98, the trust
allows the city to stabilize pension cost volatility, maintain local control over the city's assets and earn a
potentially higher rate of return than if the assets were kept in the General Fund. These funds are restricted
and not pooled with other investment funds.
Feb. 20, 2025 Item #1 Page 81 of 84
City of Carlsbad investment portfolio
Investments of bond accounts
Exhibit 11
Fund Type Investments Market yield Maturity date Par value
Reserve fund Invesco Gov. & Agency - Institutional Money Market 4.42% 09/01/36 641,686.67$
Other Invesco Gov. & Agency - Institutional Money Market 4.42% 09/01/36 725.60$
Total 642,412.27$
Reserve fund Invesco Gov. & Agency - Institutional Money Market 4.42% 09/01/38 935,967.08$
Other Invesco Gov. & Agency - Institutional Money Market 4.42% 09/01/38 1,067.74$
Total 937,034.82$
Reserve Fund Bank of New York Mellon 0.00% 09/01/35 882,577.60$
Other Bank of New York Mellon 0.00% 09/01/35 25,963.71$
Total 908,541.31$
2,487,988.40$
Communities Facilities District #3 Improvement Area 2, 2016 Bonds
Dec. 31, 2024
Reassessment District 22-01 (College/Cannon)
Communities Facilities District #3 Improvement Area 1, 2016 Bonds
Total funds held in bond accounts
Feb. 20, 2025 Item #1 Page 82 of 84
City of Carlsbad investment portfolio
Affordable housing loan summary Exhibit 12
Borrower Development Purpose Issued Issued Outstanding Issued Repaid Balance
Individual homebuyers Calavera Hills Sale 10/15/99 5 1 75,000.00$ 60,000.00$ 15,000.00$
Individual homebuyers Cherry Tree Walk Sales 06/28/99 42 11 453,600.00$ 334,800.00$ 118,800.00$
Individual homebuyers Serrano Sales 05/25/01 90 19 1,350,000.00$ 1,065,000.00$ 285,000.00$
Individual homebuyers Rancho Carlsbad Sales 05/20/99 22 4 752,533.00$ 691,075.74$ 61,457.26$
Individual homebuyers Mulberry at Bressi
Ranch Sales 04/29/05 100 100 1,780,000.00$ -$ 1,780,000.00$
Individual homebuyers Village by the Sea Sales 10/28/05 11 11 180,000.00$ -$ 180,000.00$
Individual homebuyers Laguna Point Sale 07/06/06 3 2 140,000.00$ -$ 140,000.00$
Individual homebuyers The Bluffs Sale 06/14/07 10 10 200,000.00$ -$ 200,000.00$
Individual homebuyers Roosevelt Gardens Sales 08/30/07 11 11 1,583,423.00$ -$ 1,583,423.00$
294 169 6,514,556.00$ 2,150,875.74$ 4,363,680.26$
Not-for-Profits
Catholic Charities Homeless Shelter Shelter 35692 1 1 $ 200,000.00 $ - $ 200,000.00
Catholic Charities allowance (200,000.00)$ -$ (200,000.00)$
Catholic Charities Shelter Shelter 03/01/10 3 3 507,585.00$ -$ 507,585.00$
Catholic Charities allowance (507,585.00)$ -$ (507,585.00)$
Hospice of North Coast Property acquisition Hospice 02/27/13 1 1 1,065,000.00$ -$ 1,065,000.00$
Hospice allowance (1,065,000.00)$ -$ (1,065,000.00)$
5 5 -$ -$ -$
Developers - Rentals
Pacific Vista Las Flores Vista Las Flores Apts Rentals 02/27/01 1 1 363,948.00$ -$ 363,948.00$
CIC Calavera LP Mariposa Apts Rentals 09/15/01 1 1 $ 1,060,000.00 $ - $ 1,060,000.00
CIC La Costa LP Hunter's Pointe Rentals 08/19/08 1 1 1,932,000.00$ -$ 1,932,000.00$
CIC Glen Ridge LP Glen Ridge Rentals 10/05/09 1 1 1,014,000.00$ -$ 1,014,000.00$
Solutions for Change-Vista
Terrace Property acquisition Rentals 06/28/12 1 1 780,000.00$ -$ 780,000.00$
Harding Street Neighbors LLP Property acquisition Rentals 03/14/13 1 1 7,408,000.00$ -$ 7,408,000.00$
Solutions for Change-Chestnut Property acquisition Rentals 12/19/14 1 1 2,646,000.00$ -$ 2,646,000.00$
Chelsea Investment Corp. /
Quarry Creek CIC LLP Quarry Creek Rentals 08/31/16 1 1 1,280,000.00$ 1,030,362.09$ 249,637.91$
Carlsbad Veteran Housing LP Windsor Pointe Rentals 12/03/20 1 1 3,793,392.00$ -$ 3,793,392.00$
Bridge Housing Corporation Aviara East Rentals 03/01/23 1 1 2,790,000.00$ -$ 2,790,000.00$
USA Properties Fund / Carlsbad
685, L.P.Marja Acres Rentals 10/26/23 1 1 715,000.04$ 715,000.04$
11 11 23,782,340.04$ 1,030,362.09$ 22,751,977.95$
DPCCA Various Purch
assistance 06/25/09 22 15 255,518.00$ 82,750.00$ 172,768.00$
Individual home buyers Various
Minor home
repair 05/20/10 13 1 $ 2,154.80 $ - $ 2,154.80
Minor Home Repair allowance (2,154.80)$ -$ (2,154.80)$
35 16 255,518.00$ 82,750.00$ 172,768.00$
Other Affordable Housing assistance
Dec. 31, 2024
Feb. 20, 2025 Item #1 Page 83 of 84
City of Carlsbad investment portfolio
Affordable housing loan summary
Borrower Development Purpose Issued Issued Outstanding Issued Repaid Balance
Dec. 31, 2024
Individual home buyers Sales 04/08/24 1 1 822,866.00$ -$ 822,866.00$
Individual home buyer
allowance (822,866.00)$ (822,866.00)$
Individual home buyers Rose Bay Sale 08/23/13 1 1 229,775.00$ -$ 229,775.00$
Individual home buyers Sale 01/10/24 1 1 693,103.00$ -$ 693,103.00$
Individual home buyer
allowance (693,103.00)$ (693,103.00)$
Individual home buyers Sale 09/17/24 1 1 346,256.00$ -$ 346,256.00$
Individual home buyer
allowance (346,256.00)$ (346,256.00)$
Individual home buyers 11/01/24 1 1 604,635.00$ -$ 604,635.00$
Individual home buyer
allowance (604,635.00)$ (604,635.00)$
5 5 229,775.00$ -$ 229,775.00$
Total Housing Loans 350 206 30,782,189.04$ 3,263,987.83$ 27,518,201.21$
Individuals (non-development related)
Feb. 20, 2025 Item #1 Page 84 of 84
FY 24-25 Second Quarter
Investment Review
Christian Peacox, City Treasurer
February 20, 2025
( City of
Carlsbad
PORTFOLIO REVIEW
OCTOBER 1, 2024 – DECEMBER 31, 2024
Item 1: FY 24-25 Q2 – Investment Review
•Investment summary of changes during quarter
•Graph: classification changes beginning vs. ending of the quarter
•Yield summary during quarter
•Positions as of December 31, 2024
•Graph: four quarter portfolio view {city of
Carlsbad
INVESTMENT SUMMARY OF CHANGES OVER FIRST QUARTER
•$39,306,832 maturities
•$64,475,000 buys
•$9,630,000 calls
•$1,389,793 decrease in overnight
cash
•$14,148,375 net increase in total
portfolio
•108 investment transactions $-
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
Maturities Buys Calls
Item 1: FY 24-25 Q2 – Investment Review
FIRST QUARTER PORTFOLIO CHANGES BY INVESTMENT CLASS, PAR VALUE
4
FY 24-25 Q2 – Investment Review
Certificates of
Deposit
Corporate
Notes
Federal
Agency
Treasury
Coupon
Supra-
national Municipal Pass-through
Cash &
Pooled
Beginning Balance $22,228,000 $126,990,000 $342,350,000 $52,250,000 $19,890,000 $104,560,000 $79,209,083 $136,968,560
Ending Balance $21,981,000 $130,735,000 $337,799,000 $57,750,000 $16,450,000 $100,420,000 $97,880,252 $135,578,767
Difference $(247,000) $3,745,000 $(4,551,000) $5,500,000 $(3,440,000) $(4,140,000) $18,671,168 $(1,389,793)
$(50,000,000)
$-
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
■
■
■
•• - -I I _. -II_ II. -
+
+
+
YIELD SUMMARY, WEIGHTED AVERAGE
Dec. 2023Dec. 2024Nov. 2024Oct. 2024
1.60%2.35%2.28%2.24%Securities
0.89%0.68%0.66%0.67%Pooled cash
2.49%3.03%2.94%2.91%Portfolio yield
5.554.734.875.03CAMP
3.934.434.484.52LAIF
3.844.384.054.15Treasury, 5 year
Item 1: FY 24-25 Q2 – Investment Review
INVESTMENT POSITIONS AS OF DECEMBER 31, 2024
% of portfolio
(market)Book valueMarket valuePar valueSecurities
2.48%21,978,667 21,750,316 21,981,000 Certificates of Deposit
14.51%130,465,222 127,369,021 130,735,000 Corporate Notes
37.48%336,044,520 329,002,399 337,799,000 Federal Agency Coupon Securities
6.45%57,390,683 56,583,390 57,750,000 Treasury Coupon Securities
1.84%16,474,161 16,126,872 16,450,000 Supranational
10.97%97,670,707 96,273,189 100,420,000 Municipal
10.83%96,525,228 95,020,820 97,880,252 Pass Through Securities
84.55%$ 756,549,188 $ 742,126,008 $ 763,015,252 Total securities
% of portfolio
(market)Cash value Cash and Pooled Cash
12.89%113,171,283 California Asset Management Program
0.22%1,889,662 Local Agency Investment Funds
2.34%20,517,823 Cash, overnight cash, custody
15.45%135,578,767 Total cash and pooled cash
100.0%$ 892,127,955 $ 877,704,775 $ 898,594,019 Total portfolio
Item 1: FY 24-25 Q2 – Investment Review
FOUR QUARTER PORTFOLIO COMPARISON
7
2024 Q3 03/31/24 2024 Q4 06/30/24 2025 Q1 09/30/24 2025 Q2 12/31/24
PAR $881,953,385 $902,855,260 $884,445,644 $898,594,019
MARKET $849,376,232 $871,929,110 $868,870,644 $877,704,775
BOOK $877,073,705 $897,056,042 $878,221,220 $892,127,955
$820,000,000
$830,000,000
$840,000,000
$850,000,000
$860,000,000
$870,000,000
$880,000,000
$890,000,000
$900,000,000
$910,000,000
Item 1: FY 24-25 Q2 – Investment Review
■
■
■
+
+
+
+
..
..
NEXT STEPS
•FY 24-25 Third Quarter Investment Review – May 15,
2025
Item 1: FY 24-25 Q2 – Investment Review
{city of
Carlsbad