HomeMy WebLinkAbout2025-12-09; City Council; 02; Report on City Investments as of Oct. 31, 2025CA Review CKM
Meeting Date: Dec. 9, 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 Oct. 31, 2025
Districts: All
Recommended Action
Accept and file Report on City Investments as of Oct. 31, 2025.
Executive Summary
The city’s Investment Policy requires the City Treasurer to report on 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, 2025, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $913,667,794 $920,846,667
Investment cost $902,368,568 $909,961,934
Amortized cost2 $905,347,398 $912,768,831
Market value3 $906,993,371 $913,876,154
(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.
Dec. 9, 2025 Item #2 Page 1 of 24
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 following graph. 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 $9,906,612 $2,318,415 $2,483,538
(4)The cash income received is adjusted for any interest received previously purchased.
Pooled investment performance
Average life (years) Yield5 Modified duration
Aug. 2025 2.02 3.44% 1.73
Sept. 2025 1.98 3.46% 1.69
Oct. 2025 2.01 3.50% 1.72
(5)Yield is computed by totaling the weighted average of each investment’s return less any costs.
The city’s Investment Policy was first adopted Jan. 2, 1985, and last revised May 13, 2025.
Except as noted below, all pooled investments have been made in accordance with the
Investment Policy in effect at the time of purchase. 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, $427
Enterprise, $213
General, $128
Internal service, $88
Special revenue, $42
Fiduciary, $5
Fund equity in pooled investments
(in millions)
Dec. 9, 2025 Item #2 Page 2 of 24
Exhibit 7 shows the investments out of compliance with the current policy. Six municipal bond
investments are outside the Investment Policy’s requirement that issuing local agencies be
within California. The Investment Policy allows for the purchase of municipal bonds issued by
any state authority outside California but limits the purchase of municipal bonds issued by local
agencies to those within California. In addition, one of those municipal bonds is no longer rated
by two of the credit rating agencies. The rating of the remaining credit agency has maintained
the same double A rating.
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 the
noncompliant municipal bonds 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 $323,478,271, which is 70.5% of the
current year operating budget. The investment portfolio has the ability to meet the city’s
anticipated cash flow demands for the next six months.
Next Steps
The report on city investments will continue to be produced monthly by the City Treasurer.
Environmental Evaluation
The proposed action is not a “project” as defined by California Environmental Quality Act
Section 21065 and CEQA Guidelines Section 15378(b)(5) and does not require environmental
review under CEQA Guidelines Section 15060(c)(3) and 15061(b)(3) because the proposed
action to report on the monthly update of city investments is an organizational or
administrative government activity that does not involve any commitment to any specific
project which may result in a potentially significant physical impact on the environment. Any
subsequent action or direction stemming from the proposed action may require preparation of
an environmental document in accordance with CEQA or the CEQA Guidelines.
Exhibits
1.Investments by cost, market value, cash income and average yield by class
2.Maturities by classification and length of time at par value
3.Yield comparison & market yield curve
4.Cash income by month & cumulative cash income
5.Maturities, calls and purchases this quarter
6.Fund equity in pooled investments
7.Security ratings
8.Portfolio allocation at amortized cost by issuer
9.Investment detail
10.Section 115 Trust activity
Dec. 9, 2025 Item #2 Page 3 of 24
Exhibit 1
Investment cost Market value Average yield
Class Current month Prior month Current month Prior month YTD net income
Current
month
Prior
month
Certificate of
deposit 13,564,876.92$ 14,808,876.92$ 13,652,307.61$ 14,887,987.40$ 140,762.65$ 3.01% 2.86% 1.51% 30%
Corporate notes 183,591,279.21$ 170,656,689.21$ 183,589,994.00$ 170,494,887.50$ 1,646,569.16$ 3.63% 3.57% 20.24% 30%
Federal agency $ 259,819,517.04 $ 276,333,376.54 $ 261,003,492.00 $ 277,232,023.19 $ 3,245,945.37 2.80% 2.75% 28.78% 100%
Mortgage
passthrough
securities
(agency)
102,425,545.50$ 103,111,956.88$ 103,542,573.09$ 104,129,734.02$ 1,356,303.57$ 4.22% 4.20% 11.42% 100%
Municipal bonds 107,795,716.62$ 102,688,866.62$ 109,232,675.55$ 104,050,539.50$ 1,017,280.04$ 3.63% 3.61% 12.04% 15%
Supranational
securities 31,986,015.00$ 31,986,015.00$ 32,019,772.00$ 31,989,665.00$ 165,510.00$ 3.33% 3.33% 3.53% 10%
US Treasury 91,432,630.19$ 86,438,730.19$ 92,199,569.30$ 87,153,893.80$ 630,111.63$ 3.62% 3.63% 10.17% 100%
General cash
account 2,390,435.00$ 2,182,090.00$ 2,390,435.00$ 2,182,090.00$ -$ 0.00% 0.00% 0.26% N/A
Sweep account 8,029,691.08$ 21,056,455.87$ 8,029,691.08$ 21,056,455.87$ 187,933.69$ 3.97% 4.02% 0.89% N/A
Investment cash
account 480,061.32$ 5,208,130.55$ 480,061.32$ 5,208,130.55$ 48,804.93$ 2.10% 2.10% 0.05% N/A
California Asset
Mgmt Program
(CAMP)
98,877,576.77$ 93,536,866.90$ 98,877,576.77$ 93,536,866.90$ 1,424,872.12$ 4.26% 4.36% 10.90% N/A
Local Agency
Investment Fund
(LAIF)
1,975,223.61$ 1,953,879.78$ 1,975,223.61$ 1,953,879.78$ 42,518.63$ 4.15% 4.21% 0.22% N/A
Total 902,368,568.26$ 909,961,934.46$ 906,993,371.33$ 913,876,153.51$ 9,906,611.79$ 3.50% 3.46% 100.00%
Percent
of total
(market
value)
Policy
limitation
City of Carlsbad investment portfolio
Investments by cost, market value, cash income and average yield by class
Oct. 31, 2025
Dec. 9, 2025 Item #2 Page 4 of 24
City of Carlsbad investment portfolio
Maturities by classification and length of time at par value
Exhibit 2
Class Overnight Within 12 months 13-36 months 37-60 months Total
Certificate of deposit - 4,229,000.00$ 7,875,000.00$ 1,468,000.00$ 13,572,000.00$
Corporate notes - 31,000,000.00$ 79,250,000.00$ 76,550,000.00$ 186,800,000.00$
Federal agency - 103,324,000.00$ 81,650,000.00$ 77,935,000.00$ 262,909,000.00$
Mortgage
passthrough
securities
- 4,792,283.28$ 31,325,883.09$ 67,750,640.04$ 103,868,806.41$
Municipal bonds - 37,380,000.00$ 54,480,000.00$ 18,775,000.00$ 110,635,000.00$
Supranational
securities - 9,000,000.00$ 7,950,000.00$ 15,000,000.00$ 31,950,000.00$
US Treasury - 22,000,000.00$ 47,680,000.00$ 22,500,000.00$ 92,180,000.00$
General cash account 2,390,435.00$ - - - 2,390,435.00$
Sweep account 8,029,691.08$ - - - 8,029,691.08$
Investment cash
account 480,061.32$ - - - 480,061.32$
California Asset
Mgmt Program
(CAMP)
$ 98,877,576.77 - - - 98,877,576.77$
Local Agency
Investment Fund
(LAIF)
$ 1,975,223.61 - - - 1,975,223.61$
Totals 111,752,987.78$ 211,725,283.28$ 310,210,883.09$ 279,978,640.04$ 913,667,794.19$
Percent Total 12.23%23.17%33.95%30.64%100.00%
323,478,271.06$
70.46%
Policy:
Maximum term for all securities is five years.
Not less than $305,055,224.67 to mature within one year, two-thirds of FY 25-26 operating budget of $459,082,837.
Oct. 31, 2025
Percentage of the budget
Funds maturing within one year
Dec. 9, 2025 Item #2 Page 5 of 24
City of Carlsbad investment portfolio
Yield comparisons
Exhibit 3
Oct. 31, 2025
3.00
3.50
4.00
4.50
5.00
5.50
6.00
3 month 2 year 5 year 10 year
FY 23-24 end 5.48 4.71 4.33 4.36
FY 24-25 end 4.36 3.72 3.79 4.24
Oct. 31, 2025 3.89 3.60 3.71 4.11
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: Total Portfolio vs CAMP vs LAIF
Three year comparison
Total Portfolio CAMP LAIF
Dec. 9, 2025 Item #2 Page 6 of 24
Exhibit 4City of Carlsbad investment portfolio
Cash income
Oct. 31, 2025
$-
$250,000
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
$1,750,000
$2,000,000
$2,250,000
$2,500,000
$2,750,000
$3,000,000
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
In
t
e
r
e
s
t
i
n
c
o
m
e
Cash income by month
Fiscal year comparison
FY 2024-25 FY 2025-26
$-
$2,500,000
$5,000,000
$7,500,000
$10,000,000
$12,500,000
$15,000,000
$17,500,000
$20,000,000
$22,500,000
$25,000,000
$27,500,000
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
In
t
e
r
e
s
t
i
n
c
o
m
e
Cumulative cash income by month
Fiscal year comparison
FY 2024-25 FY 2025-26
Dec. 9, 2025 Item #2 Page 7 of 24
Exhibit 5
CUSIP Issuer Settled Maturity Yield Par value Book value Interest Total
Certificate of deposit
538036LQ5 Live Oak Bank 10/22/20 10/08/25 0.40% 249,000.00$ 249,000.00$ 4,944.42$ 253,944.42$
560390AS5 Maine Comm Bank 10/15/20 10/15/25 0.35% 249,000.00$ 249,000.00$ 4,359.94$ 253,359.94$
33625CDS5 First Security Bank Wash 10/16/20 10/16/25 0.35% 249,000.00$ 249,000.00$ 4,359.94$ 253,359.94$
780684AJ5 Royal Savings Bank 11/06/20 10/23/25 0.40% 249,000.00$ 249,000.00$ 4,944.42$ 253,944.42$
Corporate notes
742718FL8 Procter & Gamble 09/20/21 10/29/25 0.55% 1,500,000.00$ 1,500,000.00$ 33,893.75$ 1,533,893.75$
Federal agency
3132X0CK5 Federal Agricultural Mortgage Corp 11/01/22 10/14/25 3.79% 1,650,000.00$ 1,650,000.00$ 264,611.37$ 1,914,611.37$
3133EMCP5 Federal Farm Credit Banks 10/14/20 10/14/25 0.52% 1,500,000.00$ 1,500,000.00$ 39,000.00$ 1,539,000.00$
3134GWXX9 Federal Home Loan Mortgage Corp 10/15/20 10/15/25 0.55% 3,000,000.00$ 3,000,000.00$ 82,500.00$ 3,082,500.00$
3135G06A6 Federal National Mortgage Assoc 12/11/20 10/20/25 0.58% 2,410,000.00$ 2,410,000.00$ 67,909.78$ 2,477,909.78$
3133EMDZ2 Federal Farm Credit Banks 12/09/20 10/21/25 0.52% 3,000,000.00$ 3,000,000.00$ 75,920.00$ 3,075,920.00$
Mortgage passthrough securities
30311SAA7 FRESB - 2022-SB97 A5F 04/22/22 10/27/25 2.80% 5,073.51$ 4,872.44$ 4,465.46$ 9,538.97$
30318NAA1 FRESB - 2021-SB83 02/19/21 10/27/25 0.51% 353,179.56$ 354,838.09$ 590.64$ 353,770.20$
30321CAQ5 FRESB - 2021-SB88 A5F 07/23/21 10/27/25 0.75% 39,979.11$ 40,166.85$ 1,078.95$ 41,058.06$
30324QAC2 FRESB - 2022-SB94 01/21/22 10/27/25 1.50% 6,473.45$ 6,503.39$ 4,485.49$ 10,958.94$
30329MAA0 FRESB - 2022-SB103 A5F 10/28/22 10/27/25 4.99% 34,915.04$ 31,279.93$ 2,492.32$ 37,407.36$
30329QAA1 FRESB - 2022-SB104 A5F 11/18/22 10/27/25 5.00% 4,983.96$ 4,549.55$ 6,918.67$ 11,902.63$
30332EAA3 FRESB - 2023-SB107 A5F 07/20/23 10/27/25 4.63% 2,985.15$ 2,920.25$ 10,134.77$ 13,119.92$
30333AAA0 FRESB - 2023-SB108 A5F 08/17/23 10/27/25 4.79% 4,021.82$ 3,935.14$ 11,996.47$ 16,018.29$
30334CAA5 FRESB - 2023-SB111 A5F 11/16/23 10/27/25 5.28% 162,256.77$ 158,624.00$ 10,702.68$ 172,959.45$
30336BAA5 FRESB - 2024-SB113 04/25/24 10/27/25 5.22% 1,089.97$ 1,080.85$ 13,633.00$ 14,722.97$
30337MAA0 FRESB - 2024-SB114 06/27/24 10/27/25 4.81% 1,993.18$ 2,003.05$ 11,725.83$ 13,719.01$
3132XGRH1 FRESB - WN2287 01/27/23 10/27/25 3.93% 4,247.01$ 4,208.52$ 8,960.79$ 13,207.80$
3132XGYJ9 FHLM - WN2512 03/07/24 10/27/25 4.80% 1,780.35$ 1,744.19$ 5,420.17$ 7,200.52$
3137BP4J5 FHLM - FHMS K1R1 08/20/21 10/27/25 0.41% 47,990.97$ 50,263.04$ 587.47$ 48,578.44$
3137BPW21 FHLM - KHMS K055 03/25/21 10/27/25 0.97% 5,952.40$ 6,428.59$ 5,245.45$ 11,197.85$
3138L7D60 FHLM - AM6424 12/16/22 10/27/25 4.21% 2,705.58$ 2,619.34$ 2,652.94$ 5,358.52$
35564CAA5 FHLM - SLST 2018 01/11/24 10/27/25 4.80% 10,809.50$ 10,374.16$ 2,351.41$ 13,160.91$
14,746,437.33$ 14,742,411.38$ 685,886.13$ 15,432,323.46$
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
Oct. 31, 2025
Maturities
Maturities Total
Dec. 9, 2025 Item #2 Page 8 of 24
CUSIP Issuer Settled Call date Yield Par value Book value Interest Total
Certificate of Deposit
06652CHX2 Bankwest Inc 07/31/24 10/31/25 4.90% 248,000.00$ 248,000.00$ 15,214.97$ 263,214.97$
Federal agency
3130B0PR4 Federal Home Loan Bank 04/02/24 10/02/25 5.00% 2,000,000.00$ 2,000,000.00$ 150,000.00$ 2,150,000.00$
3134HAAN3 Federal Home Loan Mortgage Corp. 07/30/24 10/31/25 4.64% 3,000,000.00$ 2,974,125.00$ 164,062.50$ 3,164,062.50$
Calls Total 5,248,000.00$ 5,222,125.00$ 329,277.47$ 5,577,277.47$
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter
Oct. 31, 2025
Calls
Dec. 9, 2025 Item #2 Page 9 of 24
CUSIP Issuer Settled Maturity Yield First Coupon Par value Book value Anticipated Interest
Corporate notes
57629WCW8 Massmtual Global 10/09/25 10/09/30 4.24% 04/09/26 5,000,000.00$ 4,399,500.00$ 387,500.00$
532457DB1 Eli Lilly & Co 10/09/25 10/15/28 3.83% 04/15/26 5,000,000.00$ 5,022,550.00$ 603,333.33$
48130C6S9 JPMorgan Chase & Co 10/29/25 10/29/30 4.00% 04/29/26 5,000,000.00$ 5,000,000.00$ 1,000,000.00$
Supranational securities
544647LD0 LA Unified School District 10/01/25 10/01/30 4.00% 04/01/26 5,000,000.00$ 5,106,850.00$ 1,119,250.00$
U.S. Treasury
91282CLL3 U.S. Treasury 10/21/25 09/15/27 3.44% 03/15/26 5,000,000.00$ 4,993,900.00$ 320,625.00$
25,000,000.00$ 24,522,800.00$ 3,430,708.33$
City of Carlsbad investment portfolio
Maturities, calls and purchases this quarter
Oct. 31, 2025
Purchases
Purchases total
Dec. 9, 2025 Item #2 Page 10 of 24
Exhibit 6
Cash balance by fund:
General 128,050,483.95$
Special revenue 42,487,949.25$
Capital projects:
Infrastructure replacement 117,245,413.75$
Special districts 117,168,488.41$
General capital construction 67,272,490.92$
Public facilities fees 38,213,578.86$
Traffic impact fees 18,304,064.24$
Gas tax 24,316,257.60$
Park development 16,217,094.01$
Technology investment 16,603,467.75$
TransNet taxes 6,070,763.13$
Drainage fees 5,476,961.94$
Total capital projects 426,888,580.61$
Enterprise:
Carlsbad Municipal Water District 127,275,125.79$
Sewer fund 61,935,441.57$
Storm water 9,983,349.02$
Solid waste 4,095,213.18$
Golf course 10,051,878.35$
Total enterprise 213,341,007.91$
Internal service 87,823,152.98$
Fiduciary 5,402,145.10$
Total general ledger balance *903,993,320.00$
Reconciling adjustments¹1,354,078.00$
Total treasurer's investment portfolio at amortized cost 905,347,398.42$
*Figures based on best estimate at the time report run on 11/18/2025.
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.
City of Carlsbad investment portfolio
Fund equity in pooled investments
Oct. 31, 2025
Dec. 9, 2025 Item #2 Page 11 of 24
City of Carlsbad investment portfolio
Security ratings
Exhibit 7
Issuer Moody's S&P Fitch
Corporate notes
Amazon.com Inc Amazon.com Inc A1 AA AA-
Bank of America MBNA AMER BK NA A1 A-AA-
Berkshire Hathway BERKSHIRE HATHWAY Aa2 AA A+
Citibank Citibank Aa3 A+A+
CME Group Inc CME Group Inc Aa3 AA-AA-
Colgate-Palmolive Colgate-Palmolive Aa3 A+NR
Eli Lilly & Co Aa3 A+NR
Guardian Life Global Fund Guardian Life Global Fund Aa1 AA+NR
Johnson & Johnson Johnson & Johnson Aaa AAA NR
JP Morgan Chase Bank JP Morgan Chase Bank A1 A AA-
MassMutual Global Funding MassMutual Global Funding Aa3 AA+AA+
Merck & Co Merck & Co AA3 A+NR
Met Life Global Met Life Global Aa3 AA-AA-
Met Tower Global Funding Met Tower Global Funding Aa3 AA-AA-
Microsoft Microsoft Aaa AAA NR
Nestle Holdings Inc Nestle Holdings Inc Aa3 AA-AA
New York Life New York Life Aa1 AA+AAA
Pacific Life Global Pacific Life Global Aa3 AA-AA-
Procter & Gamble Procter & Gamble Aa3 AA-NR
Protective Life Global Protective Life A1 AA-AA-
Roche Holdings Inc Roche Holdings Inc Aa2 AA AA
Seattle Children's Hospital Seattle Children Hosp Aa2 NR AA
Visa Inc.Visa Inc.Aa3 AA-NR
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.
Municipal Bonds
Alief Independent School Dist Aaa AAA NR
Anaheim CA, City of NR AA+AA+
BAY AREA WATER UTL Aa3 AA-NR
California State University Aa2 AA-NR
California, State of Aa2 AA-AA
Contra Costa CA Cmnty Clg Dist Aa1 AA+NR
FREMONT CA UNIFIED SCHOOL DISTAa2 AA-NR
Hawaii, State of Aa2 AA+AA
Alief Independent School District, TX¹
Anaheim CA, City of
Bay Area Water & Utlility, CA
California State University
California, State of
Contra Costa Community College, CA
Fremont Unified School District, CA
Hawaii, State of
Honolulu Wastewater, HI¹,²Honolulu Wstwtr Sys Revenue Aa3 NR NR
Los Angeles Community College District, CA Los Angeles Cmty ClgDist Aaa AA+NR
Los Angeles Unified School District, CA LA Unified School District Aa2 AA-NR
Los Angeles Water & Power, CA LOS ANGELES WATER & POWER REVAa2 A AA-
Marion County School District, OR¹Marion County School Aa1 NR AA+
Miami Beach FL, City of¹City of Miami Beach FL Aa2 AA+NR
Minnesota, State of Minnesota State Aaa AAA AAA
Oregon, State of Oregon, State of Aa1 AA+AA+
Oregon State Dept Admin Serv Oregon State Dept Admin ServAa2 AA AA
Oregon State Dept of Transportation OREGON ST DEPT TRANSPORATIONAa1 AAA AA+
Pajaro Valley Unified School District, CA Pajaro Valley USD Aa3 A+NR
Portland Community College, OR¹Portland Community CollegeAa1 NR AA+
Riverside CA, City of Riverside City NR AA AA
San Antonio TX, City of¹San Antonio, City of Aaa AAA AA+
Oct. 31, 2025
Dec. 9, 2025 Item #2 Page 12 of 24
City of Carlsbad investment portfolio
Security ratings
Issuer Moody's S&P Fitch
Oct. 31, 2025
San Bernardino Community College, CA SAN BERNARDINO CCD Aa1 AA NR
San Diego Community College, CA San Diego Community CollegeAa1 AAA NR
San Diego Public Finance, CA San Diego Pub Fin Auth Aa2 NR AA
San Jose Evergreen Community College, CA San Jose Evergreen CC Aaa AA+NR
San Jose Redevelopment, CA San Jose CA Redev Ag SuccessorNR AA AA+
San Ramon Valley Unified School District, CA San Ramon Valley USD Aa1 AA NR
Santa Barbara Unified School District, CA Santa Barbara CA USD Aa1 AA NR
Santa Monica Community College, CA Santa Moncia Cmnty Clg DistAa2 AA+NR
Solano County Community College, CA Solano County Cmty Clg DistAa2 AA NR
Southern California Public Power Sthrn CA ST Public Pwr AuthNR AA-AA-
Texas, State of Texas St Tech Univ Aaa AAA NR
University of California University of California - RevAa2 AA NR
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.
Supranational
Inter-American Development Bank INTER-AMERICAN DEVEL BANK Aaa AAA NR
International Bank for Recon & Devel INTL BANK RECON & DEVELOP Aaa AAA NR
International Finance Corporation INTL FINANCE CORP Aaa AAA NR
Ratings of supranational must be AA or better by two of the three: Moody's, S&P, or Fitch.
Other
Federal agency AA1 AA+AA+
Mortgage backed securities (agency)AA1 AA+AA+
U.S. Treasury AA1 NR AA+
Certificates of deposit N/A N/A N/A
¹Non-compliant as policy authorizes local agencies only within California:
Security Purchase date Maturity date Book value
Alief Independent School Dist, TX 10/30/23 02/15/27 1,975,774.66$
Honolulu Wastewater, HI 06/28/23 07/01/27 1,455,461.54$
Marion County School District, OR 12/07/21 06/15/26 1,880,718.00$
Miami Beach FL, City of 05/01/24 05/01/29 1,397,648.00$
Portland Community College, OR 09/01/21 06/15/26 1,100,388.75$
San Antonio TX, City of 09/18/24 02/01/27 500,000.00$
²Non-compliant as policy requires ratings by at least two credit rating agencies.
Security Purchase date Maturity date Book value
Honolulu Wastewater, HI 06/28/23 07/01/27 1,455,461.54$
1, 2: 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 the noncompliant municipal
bonds in the portfolio until maturity unless events indicate they should be sold.
Ratings of Obligations of the U.S. Government, agency mortgage backed securities and certificates of deposit do not have rating requirements.
Dec. 9, 2025 Item #2 Page 13 of 24
Exhibit 8
Issuer Amortized cost Portfolio allocation
Corporate notes
Amazon.com Inc 4,420,152.02$ 0.49%
Bank of America 7,999,241.28$ 0.88%
Berkshire Hathaway 4,537,253.22$ 0.50%
Citibank 2,030,347.14$ 0.22%
CME Group 2,981,616.24$ 0.33%
Colgate-Palmolive 1,980,470.36$ 0.22%
Eli Lilly & Co 5,022,093.19$ 0.55%
Guardian Life Global Fund 5,209,560.19$ 0.58%
Johnson & Johnson 15,529,404.29$ 1.72%
JP Morgan Chase Bank 33,300,000.00$ 3.68%
Massmutual Global 8,161,748.62$ 0.90%
Merck & Co 10,942,852.01$ 1.21%
Met Life Global 12,438,495.13$ 1.37%
Met Tower Global Funding 12,246,485.59$ 1.35%
Microsoft 4,045,047.57$ 0.45%
Nestle Holdings 3,964,100.00$ 0.44%
New York Life 10,798,467.48$ 1.19%
Pacific Life Global 7,626,663.45$ 0.84%
Procter & Gamble 16,396,813.14$ 1.81%
Protective Life Global 6,849,280.75$ 0.76%
Roche Holdings Inc 4,879,842.02$ 0.54%
Seattle Children's Hospital 935,713.53$ 0.10%
Visa Inc.1,253,093.81$ 0.14%
Federal agencies
Federal Agricultural Mortgage Corp.20,000,000.00$ 2.21%
Federal Farm Credit Bank 66,895,029.00$ 7.39%
Federal Home Loan Bank 139,550,841.70$ 15.41%
Federal Home Loan Mortgage Corp.29,663,278.13$ 3.28%
Federal National Mortgage Assoc.5,500,179.70$ 0.61%
Mortgage backed securities (agency)
FAMCA 2,910,354.70$ 0.32%
FHLMC 30,348,779.26$ 3.35%
FNMA 41,849,863.42$ 4.62%
FRESB 27,316,548.11$ 3.02%
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Oct. 31, 2025
Corporate notes may have no more than 5% invested with a single issuer.
Federal agencies do not have issuer limitations.
Agency mortgage passthrough securities do not have issuer limitations.
Dec. 9, 2025 Item #2 Page 14 of 24
Issuer Amortized cost Portfolio allocation
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Oct. 31, 2025
Municipal Bonds
Alief Independent School District, TX 1,975,774.66$ 0.22%
Anaheim CA, City of 1,581,360.29$ 0.17%
Bay Area Water & Utility, CA 1,220,358.75$ 0.13%
California State University 7,572,890.21$ 0.84%
California, State of 18,374,092.76$ 2.03%
Contra Costa Community College,CA 959,568.30$ 0.11%
Fremont CA Unified School District, CA 1,915,368.07$ 0.21%
Hawaii, State of 3,063,532.54$ 0.34%
Honolulu Wastewater, HI 1,455,461.54$ 0.16%
Los Angeles Community College, CA 2,112,999.37$ 0.23%
Los Angeles Unified School District, CA 23,535,225.83$ 2.60%
Los Angeles Water & Power, CA 1,532,188.16$ 0.17%
Marion County School District, OR 1,880,718.00$ 0.21%
Miami Beach FL, City of 1,397,648.00$ 0.15%
Minnesota, State of 1,215,000.00$ 0.13%
Oregon State Dept of Admin Services 976,054.93$ 0.11%
Oregon State Dept of Transportation 3,379,549.60$ 0.37%
Pajaro Valley Unified School District 794,288.31$ 0.09%
Portland Community College, OR 1,100,388.75$ 0.12%
Riverside CA, City of 1,285,414.77$ 0.14%
San Antonio TX, City of 500,000.00$ 0.06%
San Bernardino Community College, CA 1,432,431.43$ 0.16%
San Diego Community College, CA 5,194,580.93$ 0.57%
San Diego Public Finance, CA 1,956,107.69$ 0.22%
San Jose Evergreen Community College, CA 757,520.29$ 0.08%
San Jose Redevelpment, CA 3,996,762.03$ 0.44%
San Ramon Valley School District, CA 923,045.19$ 0.10%
Santa Barbara Unified School District, CA 965,437.66$ 0.11%
Santa Monica Community College, CA 501,817.72$ 0.06%
Solano County Community College, CA 1,863,733.70$ 0.21%
Southern California Public Power 2,474,464.86$ 0.27%
Texas, State of 3,318,638.00$ 0.37%
University of California 7,724,242.25$ 0.85%
Supranational
Inter-American Development Bank 8,000,067.71$ 0.88%
International Bank for Recon & Devel 12,315,783.42$ 1.36%
International Finance Corporation 11,466,606.04$ 1.27%
Municpal bonds may have no more than 5% invested with a single issuer.
Supranational securities may have no more than 5% invested with a single issuer.
Dec. 9, 2025 Item #2 Page 15 of 24
Issuer Amortized cost Portfolio allocation
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
Oct. 31, 2025
Other
US Treasury 91,721,010.61$ 10.13%
Certificate of deposits 13,570,663.22$ 1.50%
Cash 111,752,987.78$ 12.34%
Total portfolio amortized cost 905,347,398.42$ 100.00%
U.S. Treasury do not have issuer limitations.
Certificates of deposit may have no more than 10% invested with any single issuer.
Dec. 9, 2025 Item #2 Page 16 of 24
City of Carlsbad investment portfolio
Investment detail
Exhibit 9
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
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 0.770% 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% 113,888.88 2,613,888.88
3134GW6C5 02/15/22 10/28/26 Federal Home Loan Mortgage Corp 4,500,000.00 4,266,900.00 1.958% 158,600.00 4,658,600.00
3130APJZ9 02/17/22 10/28/26 Federal Home Loan Banks 3,500,000.00 3,378,200.00 1.979% 197,283.33 3,697,283.33
3133ENFP0 12/09/21 11/30/26 Federal Farm Credit Banks 2,950,000.00 2,952,950.00 1.408% 166,881.50 3,116,881.50
3130AQF65 01/14/22 12/21/26 Federal Home Loan Banks 1,550,000.00 1,532,857.00 1.483%94,453.12 1,644,453.12
3130AQMX8 02/07/22 01/26/27 Federal Home Loan Banks 1,250,000.00 1,245,000.00 1.331% 111,640.62 1,361,640.62
3130AQJR5 12/14/23 01/27/27 Federal Home Loan Banks 2,000,000.00 1,820,000.00 4.631%93,583.33 2,093,583.33
3130AQLD3 03/29/22 01/28/27 Federal Home Loan Banks 2,500,000.00 2,384,750.00 2.776% 203,923.62 2,703,923.62
3130ARAB7 06/28/22 03/25/27 Federal Home Loan Banks 2,000,000.00 1,941,720.00 3.420% 247,347.23 2,247,347.23
3134GXNM2 02/20/24 03/25/27 Federal Home Loan Mortgage Corp 2,000,000.00 1,899,720.00 4.419% 165,191.67 2,165,191.67
3130ARL58 06/10/22 04/26/27 Federal Home Loan Banks 4,000,000.00 3,982,764.44 3.198% 574,471.12 4,574,471.12
3133EPJP1 05/12/23 05/12/27 Federal Farm Credit Banks 2,000,000.00 1,999,260.00 3.635% 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
3133ENL99 09/30/22 09/15/27 Federal Farm Credit Banks 2,500,000.00 2,432,200.00 3.983% 414,843.74 2,914,843.74
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
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
3130B42Y6 12/23/24 12/23/27 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.500% 337,500.00 2,837,500.00
3133ERT84 01/14/25 01/14/28 Federal Farm Credit Banks 5,000,000.00 4,979,100.00 4.400% 637,500.00 5,637,500.00
3130AYPJ9 01/29/24 01/26/28 Federal Home Loan Banks 2,000,000.00 2,000,000.00 4.500% 358,750.00 2,358,750.00
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% 368,972.22 2,368,972.22
3130AUW59 03/08/23 02/17/28 Federal Home Loan Banks 1,500,000.00 1,480,500.00 4.536% 314,290.00 1,814,290.00
3130B4WZ0 02/18/25 02/18/28 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.550% 341,250.00 2,841,250.00
Oct. 31, 2025
Federal investments
Dec. 9, 2025 Item #2 Page 17 of 24
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
Oct. 31, 2025
3133EP3Z6 02/28/24 02/28/28 Federal Farm Credit Banks 2,000,000.00 1,997,320.00 4.412% 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% 371,466.67 2,371,466.67
313382GT4 11/15/23 03/10/28 Federal Home Loan Banks 2,500,000.00 2,333,600.00 4.720% 323,958.33 2,823,958.33
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
3130ALZW7 12/14/23 04/28/28 Federal Home Loan Banks 1,000,000.00 895,070.00 4.362%74,327.78 1,074,327.78
3133ETNU7 07/23/25 07/03/28 Federal Farm Credit Banks 5,000,000.00 4,986,950.00 3.844% 551,562.50 5,551,562.50
3133ETNU7 07/15/25 07/03/28 Federal Farm Credit Banks 5,000,000.00 4,982,200.00 3.878% 556,250.00 5,556,250.00
3130B0NE5 05/01/24 07/06/28 Federal Home Loan Banks 2,400,000.00 2,376,000.00 4.969% 471,566.66 2,871,566.66
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%86,500.00 2,086,500.00
3130AP6J9 12/06/23 10/05/28 Federal Home Loan Banks 2,000,000.00 1,745,060.00 4.300% 130,425.00 2,130,425.00
3130APSR7 01/08/24 11/16/28 Federal Farm Credit Banks 1,500,000.00 1,342,500.00 4.107% 123,816.67 1,623,816.67
3130APTC9 01/19/24 11/22/28 Federal Home Loan Banks 1,000,000.00 896,600.00 4.193%88,416.67 1,088,416.67
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
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% 561,166.68 3,061,166.68
3133ENUR9 07/22/24 04/18/29 Federal Farm Credit Banks 2,000,000.00 1,462,500.00 4.287% 331,355.56 2,331,355.56
3130B14U8 04/30/24 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% 329,000.00 2,829,000.00
3134HBJY8 04/16/25 07/16/29 Federal Home Loan Mortgage Corp 5,000,000.00 5,000,000.00 4.301% 913,750.00 5,913,750.00
3130B4RC7 01/28/25 07/27/29 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.500% 506,250.00 3,006,250.00
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
3133ERJ85 01/07/25 09/06/29 Federal Farm Credit Banks 2,495,000.00 2,452,784.60 4.406% 457,693.89 2,952,693.89
3130B2P58 02/07/25 09/10/29 Federal Home Loan Banks 1,440,000.00 1,412,640.00 4.335% 278,690.00 1,718,690.00
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
3130B4LW9 01/23/25 01/11/30 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.750% 589,791.67 3,089,791.67
3134HA2L6 01/16/25 01/16/30 Federal National Mortgage Assoc 2,500,000.00 2,471,250.00 4.635% 546,875.00 3,046,875.00
3130B4LA7 01/24/25 01/24/30 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.600% 575,000.00 3,075,000.00
3130B4WP2 02/07/25 02/07/30 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.500% 562,500.00 3,062,500.00
3130B4X71 02/11/25 02/11/30 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.875% 609,375.00 3,109,375.00
3130B4YB1 02/24/25 02/12/30 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.500% 558,750.00 3,058,750.00
3133ER7L9 03/26/25 03/18/30 Federal Farm Credit Banks 2,500,000.00 2,488,375.00 4.104% 497,500.00 2,997,500.00
3130B5N79 03/27/25 03/27/30 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4.250% 1,062,500.00 6,062,500.00
3133ETKQ9 06/12/25 06/10/30 Federal Farm Credit Banks 5,000,000.00 4,979,800.00 4.090% 998,888.89 5,998,888.89
3130B6WZ5 07/02/25 07/02/30 Federal Home Loan Banks 5,000,000.00 5,000,000.00 4.000% 1,000,000.00 6,000,000.00
Total federal investments 262,909,000.00$ 259,819,517.04$ 2.799% 30,428,240.28$ 293,337,240.28$
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated 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
459058KJ1 02/21/25 06/15/27 International Bank for Recon & Devel 3,000,000.00 2,921,700.00 4.320% 234,375.00 3,234,375.00
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 09/11/23 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
459058KL6 02/06/25 09/21/29 International Bank for Recon & Devel 2,500,000.00 2,423,675.00 4.360% 453,140.63 2,953,140.63
45818WGB6 01/22/25 01/22/30 Inter-American Development Bank 2,500,000.00 2,500,000.00 4.800% 608,666.68 3,108,666.68
45950VUJ3 02/14/25 02/14/30 International Finance Corporation 2,500,000.00 2,493,750.00 4.557% 562,500.00 3,062,500.00
45950VUS3 07/09/25 07/02/30 International Finance Corporation 5,000,000.00 4,969,750.00 4.010% 964,982.64 5,964,982.64
Total supranationals 31,950,000.00$ 31,986,015.00$ 3.325% 5,027,255.93$ 36,977,255.93$
Supranationals
Dec. 9, 2025 Item #2 Page 18 of 24
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
Oct. 31, 2025
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
91282CHM6 06/05/25 07/15/26 U.S. Treasury 5,000,000.00 5,024,250.00 4.045% 249,861.88 5,249,861.88
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
91282CLP4 08/22/25 09/30/26 U.S. Treasury 5,000,000.00 4,976,562.50 3.934% 193,472.22 5,193,472.22
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
912828YX2 09/17/25 12/31/26 U.S. Treasury 2,430,000.00 2,373,085.76 3.630%54,658.49 2,484,658.49
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
91282CKZ3 09/26/25 07/15/27 U.S. Treasury 5,000,000.00 5,065,429.69 3.615% 349,106.66 5,349,106.66
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 05/07/24 07/31/27 U.S. Treasury 1,500,000.00 1,417,441.41 4.600% 144,375.00 1,644,375.00
91282CFB2 04/08/25 07/31/27 U.S. Treasury 10,000,000.00 9,779,900.00 3.750% 636,602.21 10,636,602.21
91282CLL3 10/21/25 09/15/27 U.S. Treasury 5,000,000.00 4,993,900.00 3.441% 320,718.23 5,320,718.23
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
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
91282CKD2 01/16/25 02/28/29 U.S. Treasury 2,500,000.00 2,472,265.63 4.547% 484,393.03 2,984,393.03
91282CKD2 02/11/25 02/28/29 U.S. Treasury 2,500,000.00 2,495,000.00 4.304% 478,152.72 2,978,152.72
91282CKT7 01/16/25 05/31/29 U.S. Treasury 2,500,000.00 2,494,140.63 4.559% 491,723.90 2,991,723.90
91282CLC3 01/29/25 07/31/29 U.S. Treasury 2,500,000.00 2,469,921.88 4.297% 500,012.08 3,000,012.08
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 01/16/25 11/30/29 U.S. Treasury 2,500,000.00 2,450,976.56 4.578% 522,924.97 3,022,924.97
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
91282CNN7 08/06/25 07/31/30 U.S. Treasury 5,000,000.00 5,027,895.00 3.751% 965,064.54 5,965,064.54
Total U.S. Treasury 92,180,000.00$ 91,432,630.19$ 3.621% 10,021,074.46$ 102,201,074.46$
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
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
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
478160CE2 03/06/25 03/03/27 Johnson & Johnson 2,500,000.00 2,447,275.00 4.063% 147,500.00 2,647,500.00
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
U.S. Treasury
Corporate notes
Dec. 9, 2025 Item #2 Page 19 of 24
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
Oct. 31, 2025
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 07/20/23 04/07/27 New York Life Global 2,000,000.00 1,908,020.00 4.610% 260,000.00 2,260,000.00
59217GFB0 02/20/25 06/30/27 Met Life Global 2,000,000.00 1,990,820.00 4.605% 220,000.00 2,220,000.00
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
641062AS3 05/15/25 09/15/27 Nestle Holdings Inc 4,200,000.00 3,906,000.00 4.179%98,000.00 4,298,000.00
81257VAA9 03/10/23 10/01/27 Seattle Children Hosp 1,000,000.00 852,445.33 5.001% 222,581.34 1,222,581.34
58989V2J2 04/10/25 10/01/27 Met Tower Global Funding 10,000,000.00 9,904,700.00 4.410% 990,000.00 10,990,000.00
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
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
478160DH4 03/10/25 03/01/28 Johnson & Johnson 3,000,000.00 3,027,450.00 4.210% 406,087.50 3,406,087.50
74368CBG8 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
74368CBG8 04/16/25 07/06/28 Protective Life Global 5,000,000.00 4,634,950.00 4.354% 305,847.22 5,305,847.22
59217GFQ7 09/19/25 09/12/28 Met Life Global 5,000,000.00 5,205,650.00 3.924% 804,750.00 5,804,750.00
6944PL2H1 04/23/25 09/21/28 Pacific Life Global 5,000,000.00 4,545,100.00 4.507% 272,888.89 5,272,888.89
40139LBH5 04/30/25 10/02/28 Guardian Life Global Fund 5,000,000.00 5,245,650.00 4.180% 981,664.44 5,981,664.44
532457DB1 10/09/25 10/15/28 Eli Lilly & Co 5,000,000.00 5,022,550.00 4.000% 603,333.34 5,603,333.34
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 02/21/24 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 4.642% 718,500.00 3,718,500.00
023135CG9 01/07/25 04/13/29 Amazon 2,500,000.00 2,400,700.00 4.482% 388,125.00 2,888,125.00
478160CU6 06/13/24 06/01/29 Johnson & Johnson 3,000,000.00 3,044,268.57 4.464% 724,400.00 3,724,400.00
478160CU6 06/03/24 06/01/29 Johnson & Johnson 2,750,000.00 2,744,582.50 4.844% 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
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
48130CSW6 09/20/24 08/20/29 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 4.001% 393,333.33 2,393,333.33
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
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
084664CU3 03/12/25 03/12/30 Berkshire Hathaway Finance 5,000,000.00 4,469,800.00 4.225% 462,500.00 5,462,500.00
12572QAL9 03/17/25 03/15/30 CME Group Inc 3,000,000.00 2,979,000.00 4.558% 659,266.66 3,659,266.66
742718GM5 05/01/25 05/01/30 Procter & Gamble 5,000,000.00 5,011,225.00 4.000% 1,012,500.00 6,012,500.00
58933YAZ8 06/25/25 06/24/30 Merck & Co 5,000,000.00 4,360,100.00 4.325% 362,298.61 5,362,298.61
46632FVR3 07/24/25 07/24/30 JP Morgan Chase Bank 5,000,000.00 5,000,000.00 4.235% 1,058,750.00 6,058,750.00
64952WDS9 08/07/25 08/07/30 New York Life Global 5,000,000.00 4,301,550.00 4.338% 300,000.00 5,300,000.00
58933YBQ7 09/16/25 09/15/30 Merck & Co 5,000,000.00 5,039,850.00 3.970% 1,036,923.61 6,036,923.61
57629WCW8 10/09/25 10/09/30 Massmtual Global 5,000,000.00 4,399,500.00 4.241% 387,500.00 5,387,500.00
48130C6S9 10/29/25 10/29/30 JP Morgan Chase Bank 5,000,000.00 5,000,000.00 4.000% 1,000,000.00 6,000,000.00
Total corporate notes 186,800,000.00$ 183,591,279.21$ 3.631% 24,355,161.03$ 211,155,161.03$
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
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
Certificate of deposit
Dec. 9, 2025 Item #2 Page 20 of 24
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
Oct. 31, 2025
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 3.798%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 02/15/23 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 06/14/23 06/14/28 Customers Bank 244,000.00 244,000.00 4.500%53,365.81 297,365.81
91527PCD7 06/21/23 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 4.252%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
Total certificate of deposit 13,572,000.00$ 13,564,876.92$ 3.008% 1,873,701.70$ 15,445,701.70$
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
30318NAA1 02/19/21 01/25/26 FRESB - 2021-SB83 771,841.52 775,466.09 0.505%1,282.42 773,123.94
3137BP4J5 08/20/21 03/25/26 FHLM - FHMS K1R1 240,218.48 251,591.33 0.414%1,702.01 241,920.49
3137BPW21 03/25/21 03/25/26 FHLM - KHMS K055 2,348,908.05 2,536,820.70 0.966%18,189.94 2,367,097.99
30321CAQ5 07/23/21 04/25/26 FRESB - 2021-SB88 1,431,315.23 1,438,036.69 0.746%4,158.64 1,435,473.87
30324QAC2 01/21/22 11/25/26 FRESB - 2022-SB94 3,275,592.41 3,290,742.02 1.500%32,933.81 3,308,526.22
30311SAA7 04/22/22 02/25/27 FRESB - 2022-SB97 3,005,348.58 2,886,240.60 2.803%40,283.86 3,045,632.44
30329MAA0 10/28/22 06/25/27 FRESB - 2022-SB103 1,402,959.97 1,256,893.59 4.989%26,000.93 1,428,960.90
30329QAA1 11/18/22 09/25/27 FRESB - 2022-SB104 3,188,248.85 2,910,354.70 5.003%83,711.54 3,271,960.39
3138L7D60 12/19/22 10/01/27 FHLM - AM6424 920,057.63 890,730.80 4.212%32,139.08 952,196.71
3132XGRH1 01/27/23 11/01/27 FRESB - WN2287 2,909,829.66 2,883,459.33 3.929% 113,012.50 3,022,842.16
3132XFGC6 01/08/24 03/01/28 FHLM - WN1094 1,000,000.00 884,882.81 4.476%17,258.69 1,017,258.69
3140LBSE4 01/09/24 03/01/28 FNMA - BS1416 1,000,000.00 877,773.44 4.300%13,046.69 1,013,046.69
3132XFMP0 02/06/24 05/01/28 FHLM - WN1265 2,000,000.00 2,007,500.00 4.611% 121,043.52 2,121,043.52
3140LKEG4 01/09/24 05/01/28 FNMA - BS8234 1,381,540.00 1,378,841.68 4.448%77,858.61 1,459,398.61
30332EAA3 07/20/23 05/25/28 FRESB - 2023-SB107 2,970,539.92 2,905,957.41 4.633% 161,293.39 3,131,833.31
30333AAA0 08/17/23 06/25/28 FRESB - 2023-SB108 3,383,218.36 3,310,303.24 4.793% 196,671.22 3,579,889.58
35564CAA5 01/11/24 06/25/28 FHLM - SLST 2018 795,386.83 763,353.86 4.802%38,982.43 834,369.26
3132XGYJ9 03/07/24 09/01/28 FHLM - WN2512 1,528,620.52 1,497,570.42 4.800%94,174.53 1,622,795.05
Mortgage backed securities (agency)
Dec. 9, 2025 Item #2 Page 21 of 24
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
Oct. 31, 2025
30334CAA5 11/16/23 09/25/28 FRESB - 2023-SB111 2,564,540.36 2,507,122.87 5.284% 179,965.21 2,744,505.57
3132XFNX2 02/13/24 11/01/28 FHLM - WN1305 2,000,000.00 1,992,031.25 4.479% 133,033.52 2,133,033.52
3132XGYR1 03/18/24 11/01/28 FHLM - WN2519 2,500,000.00 2,494,531.25 4.797% 179,968.09 2,679,968.09
3132XGYU4 03/15/24 12/01/28 FHLM - WN2522 3,000,000.00 3,000,000.00 4.530% 211,830.25 3,211,830.25
3140NUFX2 01/30/24 12/01/28 FNMA - BZ0181 3,000,000.00 3,069,720.00 4.430% 231,770.70 3,231,770.70
30336BAA5 04/25/24 12/25/28 FRESB - 2024-SB113 3,257,794.65 3,230,526.90 5.217% 264,561.77 3,522,356.42
3132XGZE9 03/13/24 01/01/29 FHLM - WN2540 3,500,000.00 3,510,390.63 4.880% 276,888.71 3,776,888.71
3140HRZS5 01/17/24 01/01/29 FNMA - BL0752 1,500,000.00 1,458,450.00 4.302%87,166.02 1,587,166.02
3140NUN54 01/29/24 01/01/29 FNMA - BZ0411 2,000,000.00 1,985,220.00 4.400% 134,648.64 2,134,648.64
3140NUUA5 03/19/24 03/01/29 FNMA - BZ0576 2,000,000.00 2,000,000.00 4.561% 152,640.22 2,152,640.22
3140NUUL1 03/13/24 03/01/29 FNMA - BZ0586 2,000,000.00 1,993,440.00 4.371% 143,665.36 2,143,665.36
30337MAA0 06/27/24 03/25/29 FRESB - 2024-SB114 2,817,845.39 2,831,799.36 4.808% 244,523.91 3,062,369.30
3132XFQN1 07/02/24 04/01/29 FHLM - WN1360 2,000,000.00 1,950,000.00 4.568% 136,848.65 2,136,848.65
3132XG3G9 07/23/24 06/01/29 FHLM - WN3598 2,000,000.00 1,985,000.00 4.592% 158,844.30 2,158,844.30
3140LGDL3 08/13/24 06/01/29 FNMA - BS5506 2,000,000.00 1,912,500.00 4.125% 110,044.57 2,110,044.57
3132XKTD9 10/07/24 07/01/29 FHLM - WN5047 2,500,000.00 2,498,750.00 3.887% 178,329.01 2,678,329.01
3140HURA6 08/27/24 07/01/29 FNMA - BL3180 2,500,000.00 2,381,250.00 4.007% 131,683.82 2,631,683.82
3132XKTE7 10/09/24 08/01/29 FHLM - WN5048 2,500,000.00 2,489,150.00 4.150% 190,238.10 2,690,238.10
3132XFSR0 02/10/25 09/01/29 FHLM - WN1427 2,500,000.00 2,487,207.03 4.576% 214,750.80 2,714,750.80
3140NWFK6 10/21/24 10/01/29 FNMA - BZ1969 2,000,000.00 1,990,000.00 4.155% 158,240.70 2,158,240.70
3140NWGS8 10/15/24 10/01/29 FNMA - BZ2008 2,000,000.00 1,996,000.00 4.229% 163,583.87 2,163,583.87
3140NWLH6 11/05/24 10/01/29 FNMA - BZ2127 2,500,000.00 2,467,500.00 4.520% 206,906.46 2,706,906.46
3140NWJL0 11/19/24 11/01/29 FNMA - BZ2066 2,500,000.00 2,466,250.00 4.542% 211,863.55 2,711,863.55
3140NWUV5 01/17/25 11/01/29 FNMA - BZ2395 2,500,000.00 2,497,500.00 4.846% 241,988.77 2,741,988.77
3140HWKB7 12/06/24 12/01/29 FNMA - BL4789 2,675,000.00 2,440,937.50 4.305% 124,360.63 2,799,360.63
3140NWXA8 12/19/24 12/01/29 FNMA - BZ2472 2,500,000.00 2,500,000.00 4.875% 246,591.14 2,746,591.14
3140NXA78 01/10/25 01/01/30 FNMA - BZ2729 2,500,000.00 2,493,750.00 4.810% 247,939.68 2,747,939.68
3140NX6U2 05/05/25 05/01/30 FNMA - BZ3582 5,000,000.00 5,050,000.00 4.195% 499,572.81 5,499,572.81
Total mortgage backed securities (agency) 103,868,806.41$ 102,425,545.50$ 4.217% 6,536,193.07$ 110,404,999.48$
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
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 OR 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 OR School District 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
544647KW9 05/13/25 07/01/26 Los Angeles CA Unified School District 7,550,000.00 7,550,000.00 4.428% 379,231.47 7,929,231.47
797272QR5 08/12/21 08/01/26 San Diego CA 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 Unified School District 500,000.00 511,970.00 0.842%81,862.08 581,862.08
798189PY6 08/23/21 08/01/26 San Jose Evergreen CA 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 CA 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 CA 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
544647KZ2 07/09/25 10/01/26 Los Angeles CA Unified School District 4,110,000.00 4,110,000.00 4.228% 213,604.24 4,323,604.24
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 4.160%49,260.75 549,260.75
016249FQ2 10/30/23 02/15/27 Alief Independent TX 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 CA Unified School District 3,500,000.00 3,883,600.00 3.822%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 05/20/24 05/15/27 University of California 2,500,000.00 2,266,050.00 4.712%98,700.00 2,598,700.00
91412HGF4 05/13/24 05/15/27 University of California 1,000,000.00 904,080.00 4.780%46,060.00 1,046,060.00
544495VX9 04/27/23 07/01/27 Los Angeles CA Dept of Water & Power 1,500,000.00 1,580,685.00 4.102% 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 HI Wastewater System Revenue 1,500,000.00 1,392,885.00 4.460% 168,412.50 1,668,412.50
544647KX7 05/13/25 07/01/27 Los Angeles CA Unified School District 2,000,000.00 2,000,000.00 4.380% 186,965.33 2,186,965.33
Municpal bonds
Dec. 9, 2025 Item #2 Page 22 of 24
City of Carlsbad investment portfolio
Investment detail
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
Oct. 31, 2025
796720NT3 02/22/23 08/01/27 San Bernardino CA Community College Dist 1,500,000.00 1,328,325.00 4.476% 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 CA 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 CA Water Supply & Consv. Agency 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 CA, City of 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
544647KY5 05/13/25 07/01/28 Los Angeles CA Unified School District 1,180,000.00 1,180,000.00 4.421% 163,533.05 1,343,533.05
54438CYM8 12/19/23 08/01/28 Los Angeles CA 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 CA 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 CA Redevelopment 1,000,000.00 948,450.00 4.750% 189,281.25 1,189,281.25
83412PHS4 01/22/24 08/01/28 Solano County CA 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 CA 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 CA Unified School District 805,000.00 793,314.52 5.150% 180,562.70 985,562.70
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 CA, City of 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
13063EHU3 09/09/25 09/01/30 California, State of 5,000,000.00 5,264,900.00 3.700% 1,213,333.33 6,213,333.33
544647LD0 10/01/25 10/01/30 Los Angeles CA Unified School District 5,000,000.00 5,106,850.00 4.001% 1,119,250.00 6,119,250.00
Total municpal bonds 110,635,000.00$ 107,795,716.62$ 3.633% 12,528,220.08$ 123,163,220.08$
CUSIP Settlement Maturity Issuer Par Invested Yield Anticipated Interest Return
N/A N/A N/A Wells Fargo Bank - General 2,390,435.00 2,390,435.00 0.000%- 2,390,435.00
N/A N/A N/A Wells Fargo Sweep account 8,029,691.08 8,029,691.08 3.968%43,541.30 8,029,691.08
N/A N/A N/A Principal - Custody 480,061.32 480,061.32 2.100%5,119.65 480,061.32
N/A N/A N/A CAMP 98,877,576.77 98,877,576.77 4.260% 340,709.87 98,877,576.77
N/A N/A N/A LAIF City 225,882.49 225,882.49 4.150%2,440.84 225,882.49
N/A N/A N/A LAIF CMWD 912,999.58 912,999.58 4.150%9,865.67 912,999.58
N/A N/A N/A LAIF CPFA 836,341.54 836,341.54 4.150%9,037.32 836,341.54
Total cash and pooled investments 111,752,987.78$ 111,752,987.78$ 4.137% 410,714.65$ 111,752,987.78$
GRAND TOTAL 913,667,794.19$ 902,368,568.26$ 3.4996% 91,180,561.20$ 1,004,437,640.74$
Cash and pooled investments
Dec. 9, 2025 Item #2 Page 23 of 24
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%
Fiscal year
2024-25 7,500,000.00$ 1,889,845.41$ (48,596.23)$ -$ 20,190,662.14$ 10.80%
07/31/25 -$ 123,533.86$ (4,763.19)$ -$ 20,309,432.81$ 0.61%
08/31/25 -$ 448,711.36$ (4,766.11)$ -$ 20,753,378.06$ 2.21%
09/30/25 -$ 485,088.62$ (4,834.68)$ -$ 21,233,632.00$ 2.34%
10/31/25 7,500,000.00$ 345,687.85$ (5,264.54)$ -$ 29,074,055.31$ 1.21%
Current year
summary 7,500,000.00$ 1,403,021.69$ (19,628.52)$ -$ 29,074,055.31$ 6.91%
Grand total 25,000,000.00$ 4,158,820.97$ (84,765.66)$ -$ 29,074,055.31$ 16.64%
Oct. 31, 2025
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.
Dec. 9, 2025 Item #2 Page 24 of 24