HomeMy WebLinkAbout2021-11-02; City Council; ; Report on City Investments as of Sept. 30, 2021 Meeting Date: Nov. 2, 2021
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Craig Lindholm, City Treasurer
craig.lindholm@carlsbadca.gov, 760-602-2473
Laura Rocha, Deputy City Manager, Administrative Services
laura.rocha@carlsbadca.gov, 760-602-2415
Subject: Report on City Investments as of Sept. 30, 2021
District: All
Recommended Action
Accept and file Report on City Investments as of Sept. 30, 2021.
Executive Summary
The city’s Investment Policy requires the City Treasurer to report the status of the city’s pooled
investment portfolio to the City Council each month.
Discussion & Fiscal Analysis
The city’s pooled investment portfolio as of the month ending Sept. 30, 2021 is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $793,308,522 $792,170,599
Investment cost $804,500,706 $803,371,506
Amortized cost2 $801,325,539 $800,371,343
Market value3 $805,376,200 $806,715,307
1) The face value of the investments
2) The cost of investments adjusted for amortized premiums and
discounts
3) The amount at which the investments could be sold. Source of
market value is Wells Fargo Bank’s custodial report.
Nov. 2, 2021 Item #1 Page 1 of 23
The equity portion of the various funds in the total portfolio is summarized in the graph below.
Fund balances are restricted for various purposes (See Exhibit 7 for a more detailed
breakdown).
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $3,287,898 $1,436,352 $827,144
The cash income received is adjusted for any accrued interest purchased.
Pooled investment performance
Average life (years) Yield to maturity Modified duration
July 2021 2.28 1.16% 2.17
August 2021 2.33 1.17% 2.24
Sept. 2021 2.34 1.15% 2.23
All pooled investments have been made in accordance with the city’s Investment Policy, which
was adopted Jan. 2, 1985, and last revised Jan. 12, 2021; however, events after the purchase
might result in perceived non-compliance with the current policy. These events are typically a
change in the credit rating after a purchase, a change in the city’s Investment Policy, or a
temporary reduction in total portfolio assets.
The pooled investment performance chart above shows that its modified duration is above the
maximum of 2.2 as set by the City of Carlsbad Investment Policy Section 15.2. Being out of
compliance requires that the city’s future investment purchases help reduce the modified
duration and that the City Treasurer continue reporting on this metric of performance.
The portfolio’s modified duration has risen because available interest rates have decreased and
because higher yield investments have been called, or bought back, by the issuers. Modified
duration is a representation of the portfolio’s volatility, or its sensitivity to market rate changes.
Capital projects
$399
Enterprise$195
General
$106
Internal service
$50
Special revenue
$33
Agency/trust
$13
Fund equity in pooled investments
Sept. 30, 2021
($ in millions)
Nov. 2, 2021 Item #1 Page 2 of 23
With a modified duration of 2.2, the portfolio’s unrealized gains and losses would be expected
change about 2.2% for every 1% in market rate changes. Volatility is partially mitigated by the
city’s buy and hold strategy.
Decreasing modified duration in the current market is made more difficult by continuing market
rate decline in 1 to 3-year maturities. Lowering the average life and increasing the yield to
maturity will decrease modified duration which will be accomplished by purchasing securities
with shorter maturity rates and higher coupons; however, accomplishing this is difficult in the
current market due to continuing reduction in rates. In the short term, modified duration is
expected to remain near the current level and decrease slowly.
Exhibit 8 shows the investments out of compliance with the current policy that experienced a
subsequent change in credit rating. Ratings on five investments have dropped to less than the
rating required by the Investment Policy since their initial purchase. Corporate notes and
municipal bonds require a “split rating” of AA from one rating company and an A rating from a
second. Mortgage backed securities require an AA rating from one rating company.
The city’s Investment Policy allows the City Treasurer to determine the course of action that
would correct exceptions to the policy. These investments are paying interest at the required
times and their principal is considered secure. It is the intent of the City Treasurer to hold these
assets in the portfolio until maturity unless events indicate they should be sold.
Next Steps
The report on city investments will continue to be produced monthly by the City Treasurer.
Environmental Evaluation
Pursuant to California Public Resources Code Section 21065, this action does not constitute a
“project” within the meaning of the California Environmental Quality Act in that it has no
potential to cause either a direct physical change in the environment, or a reasonably
foreseeable indirect physical change in the environment, and therefore does not require
environmental review.
Public Notification and Outreach
Public notice of this item was posted in keeping with the state's Ralph M. Brown Act and it was
available for public viewing and review at least 72 hours before the scheduled meeting date.
Exhibits
1. Investments by cost, market value, cash income, and average yield by class
2. Maturities by classification and length of time at market value
3. Yield comparison & market yield curve
4. Cumulative cash income
5. Maturities, calls, and purchases this quarter
6. Detailed investment report
7. Fund equity in pooled investments
8. Security ratings and outlooks
9. Portfolio allocation at amortized cost by issuer
10. Investments of bond proceeds held separately
11. Summary of outstanding housing loans
Nov. 2, 2021 Item #1 Page 3 of 23
City of Carlsbad investment portfolio
As of Sept. 30, 2021
Investments by cost, market value, cash income, and average yield by class
Investment cost Market value Average yield
Class Current month Prior month Current month Prior month YTD income Current month Prior month
FA $312,719,037 307,971,287$ 312,682,789$ 308,978,912$ 905,755$ 1.00%0.99%
SN 32,709,055 32,709,055 32,727,343 32,845,668 108,608 1.66 1.66
TR 61,140,847 66,857,628 61,148,034 67,139,947 283,063 1.28 1.34
CN 201,088,355 201,675,440 202,321,248 203,692,224 1,635,949 1.84 1.89
CD 21,335,323 21,086,323 21,615,075 21,354,182 77,522 1.47 1.49
MBS (agency)20,748,901 20,878,444 20,459,398 20,675,362 103,840 1.66 1.65
MBS (non-agency)- - - - - 0.00 0.00
Muni 36,890,119 35,787,127 36,553,245 35,622,811 57,469 0.63 0.63
Bank account 9,810,923 6,091,579 9,810,923 6,091,579 - 0.01 0.01
Sweep - - - - -
IRT 4,712,015 6,968,535 4,712,015 6,968,535 91 0.01 0.01
CAMP 1,006,478 1,006,434 1,006,478 1,006,434 129 0.05 0.05
LAIF 102,339,653 102,339,653 102,339,653 102,339,653 115,474 0.20 0.21
Total $804,500,706 $803,371,506 $805,376,200 $806,715,307 $3,287,898 1.15%1.17%
FA - Federal agency notes Muni - Municipal Bonds
SN - Supranational Bank account - General cash account
TR - US Treasury Sweep - Overnight cash account
CN - Corporate notes IRT - Investment cash account
CD - Certificate of deposit CAMP - California Asset Management Program
MBS - Passthrough/mortgage backed securities LAIF - Local Area Investment Fund
EXHIBIT 1Nov. 2, 2021 Item #1 Page 4 of 23
City of Carlsbad investment portfolio
As of Sept. 30, 2021
Maturities by classification and length of time at market value
Class Within 6 months 7 to 12 months 1 to 5 years Total % Total
FA $21,205,681 $22,542,924 $268,934,184 $312,682,789 38.82%
SN 4,525,830 - 28,201,513 32,727,343 4.06
TR 21,452,409 7,553,140 32,142,485 61,148,034 7.59
CN 13,567,345 25,502,384 163,251,518 202,321,248 25.12 (2)
CD 996,682 1,510,683 19,107,710 21,615,075 2.68
MBS (agency)226,800 216,000 20,016,598 20,459,398 2.54 (3)
MBS (non-agency)- - - - 0.00 (3)(4)
Muni - - 36,553,245 36,553,245 4.54 (5)
Bank account 9,810,923 - - 9,810,923 1.22
Sweep - - - - 0.00
IRT 4,712,015 - - 4,712,015 0.59
CAMP 1,006,478 - - 1,006,478 0.12
LAIF 102,339,653 - - 102,339,653 12.71
Totals $179,843,816 $57,325,131 $568,207,254 $805,376,200 100.0%
% Totals 22.3%7.1%70.6%100.0%
Total within One Year $237,168,946 (1)
29.5%
Policy
(1)Not less than $211,200,000 to mature within one year, two-thirds of FY 2021-22 operating budget of $316,800,000.
(2)Policy states that not more than 30% of portfolio is to be invested in corporate notes at time of purchase.
(3)Policy states that not more than 20% of portfolio is to be invested in mortgage backed securities at time of purchase.
(4)Total non-agency mortgage backed securities shall be limited to 5% of the city's portfolio.
(5)Policy states that not more than 15% of portfolio is to be invested in municipal bonds at time of purchase.EXHIBIT 2Nov. 2, 2021 Item #1 Page 5 of 23
EXHIBIT 3
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2.20
2.40
2.60
2.80
2013 JanAprilJulyOct2014 JanAprilJulyOct2015 JanAprilJulyOct2016 JanAprilJulyOct2017 JanAprilJulyOct2018 JanAprilJulyOct2019 JanAprilJulyOct2020 JanAprilJulyOct2021 JanAprilJulyYield (%)City of Carlsbad investment portfolio
Yield comparison
Portfolio yield ex pool money investment accounts (PMIA) vs CAMP yield vs LAIF yield
Portfolio ex PMIA CAMP LAIF
Began tracking published data for CAMP
at time of investment, Jan. 2019.
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
3 month 2 year 5 year 10 year
FY 2019-20 end 0.13 0.16 0.31 0.68
FY 2020-21 end 0.05 0.25 0.87 1.45
9/30/2021 0.04 0.28 0.98 1.52Market rate (%)City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
Nov. 2, 2021 Item #1 Page 6 of 23
EXHIBIT 4$1.02 $0.83 $1.44 $1.28 $1.33 $1.22 $0.97 $1.24 $0.87 $1.28 $1.11 $0.93 $0.93
$3.29
$4.15
$14.03
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Sept Oct Nov Dec Jan Feb March April May June July August SeptInterest income ($ in millions)City of Carlsbad investment portfolio
Cumulative cash income
13-month comparison
FY 2021-22 cumulative FY 2020-21 FY 2021-22 cumulative FY 2020-21 cumulative
Nov. 2, 2021 Item #1 Page 7 of 23
EXHIBIT 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of Sept. 30, 2021
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total
3130A8QS5 FHLB 10/26/2016 07/14/2021 2,500,000 2,500,000 14,063 2,514,063
31398E6W9 FHLMC 08/27/2020 07/15/2021 37,030 38,801 2,298 41,099
912828Y20 US Treasury 02/06/2020 07/15/2021 3,000,000 3,000,000 39,375 3,039,375
3134G9M20 FHLMC 02/16/2017 07/26/2021 1,400,000 1,400,000 13,125 1,413,125
3138L14F3 FNMA AM1721 12/26/2019 07/26/2021 3,648 3,673 3,500 7,173
30315EAA4 FRESB 07/24/2020 07/26/2021 1,295 1,301 686 1,987
30318NAA1 FRESB 02/19/2021 07/26/2021 52,913 53,161 784 53,946
912828S76 US Treasury 01/20/2017 08/02/2021 1,500,000 1,500,000 8,438 1,508,438
3137EAEC9 FHLMC 12/19/2017 08/12/2021 1,000,000 1,000,000 5,625 1,005,625
9128282F6 US Treasury 02/20/2018 08/31/2021 2,000,000 2,000,000 11,250 2,011,250
3138L14F3 FNMA AM1721 12/26/2019 08/25/2021 3,488 3,512 3,610 7,122
30315EAA4 FRESB 07/24/2020 08/25/2021 1,215 1,221 685 1,906
31398E6W9 FHLMC 08/27/2020 08/16/2021 33,401 34,998 2,175 37,172
30318NAA1 FRESB 02/19/2021 08/25/2021 1,445 1,451 757 2,208
30321CAQ5 FRESB 07/23/2021 08/25/2021 787 790 1,467 2,257
31398E6W9 FHLMC 08/27/2020 09/15/2021 41,387 43,366 2,063 45,429
72345SFV8 Pinnacle Bank 09/21/2017 09/21/2021 249,000 249,000 423 249,423
3138L14F3 FNMA AM1721 12/26/2019 09/27/2021 3,498 3,522 3,603 7,125
30315EAA4 FRESB 07/24/2020 09/27/2021 1,219 1,225 685 1,909
30318NAA1 FRESB 02/19/2021 09/27/2021 1,448 1,455 756 2,211
30321CAQ5 FRESB 07/23/2021 09/27/2021 789 793 1,466 2,259
3137BP4J5 FHLMC 08/20/2021 09/27/2021 37,872 39,665 4,875 44,540
912828F21 US Treasury 12/02/2016 09/30/2021 1,600,000 1,600,000 17,000 1,617,000
912828T34 US Treasury 03/10/2017 09/30/2021 1,200,000 1,200,000 6,750 1,206,750
912828T34 US Treasury 05/19/2017 09/30/2021 1,500,000 1,500,000 8,438 1,508,438
912828F21 US Treasury 02/14/2018 09/30/2021 1,500,000 1,500,000 15,938 1,515,938
17,670,434$ 17,677,934$ 169,833$ 17,847,767$
Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total
594918BP8 Microsoft 02/22/2018 08/08/2021 07/09/2021 1,500,000 1,498,648 1,509,688
594918BP8 Microsoft 02/07/2017 08/08/2021 07/09/2021 2,000,000 1,999,054 2,012,917
594918BP8 Microsoft 09/13/2016 08/08/2021 07/09/2021 6,000,000 5,999,930 6,038,750
3134GTYK3 FHLMC 07/02/2019 07/02/2024 07/02/2021 2,500,000 2,500,000 2,525,000
3134GWB47 FHLMC 09/11/2020 12/03/2024 09/03/2021 1,250,000 1,250,000 1,252,813
3134GWJ56 FHLMC 09/09/2020 06/09/2023 09/09/2021 3,500,000 3,500,000 3,504,725
94988J5T0 Wells Fargo Bank 12/19/2019 10/22/2021 09/21/2021 4,000,000 4,005,704 4,060,014
94988J5R4 Wells Fargo Bank 10/01/2018 08/14/2023 09/21/2021 1,500,000 1,500,000 1,592,266
94988J5R4 Wells Fargo Bank 02/28/2019 08/14/2023 09/21/2021 2,000,000 2,017,309 2,123,021
24,250,000$ 24,270,645$ 24,619,192$
Nov. 2, 2021 Item #1 Page 8 of 23
Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value
06048WM64 Bank of America 07/12/2021 06/25/2026 12/25/2021 1.21%3,000,000 99.95 2,998,500
912828ZC7 US Treasury 07/15/2021 02/28/2025 08/31/2021 0.56%2,000,000 102.02 2,040,313
023051YW9 Amarillo Independent SD 07/19/2021 02/01/2025 08/01/2021 0.60%1,800,000 97.91 1,762,290
57629WDE7 Massmtual Global 07/22/2021 07/16/2026 01/16/2022 1.01%3,750,000 100.92 3,784,538
30321CAQ5 FRESB 07/23/2021 04/25/2026 08/25/2021 0.75%2,000,000 100.47 2,009,392
20772GE53 State of Connecticut 07/23/2021 03/15/2023 09/15/2021 0.36%3,000,000 108.74 3,262,140
3130ANCH1 FHLB 07/27/2021 07/27/2026 01/27/2021 1.00%2,500,000 100.00 2,500,000
3130AN7L8 FHLB 07/28/2021 01/28/2025 01/28/2022 0.52%1,750,000 100.00 1,750,000
594918BR4 Microsoft (MSFT)08/11/2021 08/08/2026 02/08/2022 0.90%4,000,000 107.31 4,292,240
797272QR5 San Diego Community College (SDGHGR)08/12/2021 08/01/2026 02/01/2021 0.86%3,000,000 106.99 3,209,550
3137BP4J5 FHLMC - FHMS K1R1 08/20/2021 03/25/2026 09/25/2021 0.41%2,429,539 104.73 2,544,563
801315KR2 Santa Barbara CA USD (SBBSCD)08/23/2021 08/01/2026 02/01/2022 0.84%500,000 102.39 511,970
798189PY6 San Jose Evergreen CC (SJSHGR)08/23/2021 08/01/2026 02/01/2022 0.84%750,000 106.60 799,523
06048WK82 Bank of America (BAC)08/23/2021 01/26/2026 10/26/2021 1.00%1,000,000 98.95 989,470
3130ANL57 FHLB 08/25/2021 08/25/2026 02/25/2021 0.91%3,500,000 99.85 3,494,750
48128G5A4 JP Morgan (JPM)08/25/2021 08/25/2026 02/25/2022 1.20%2,000,000 100.00 2,000,000
31422XLY6 Farmer Mac (FAMCA)09/01/2021 09/01/2026 03/01/2022 0.90%4,000,000 100.00 4,000,000
736688MF6 Portland Community College (PORHGR)09/01/2021 06/15/2026 12/15/2021 0.84%1,100,000 100.27 1,102,992
87164XA30 Syncrony Bank (SYF)09/03/2021 09/03/2026 03/03/2022 0.90%249,000 100.00 249,000
3133EM3T7 FFCB 09/07/2021 09/01/2026 03/01/2022 0.89%3,000,000 99.93 2,997,750
90348JS92 UBS Bank USA (UBS)09/09/2021 09/09/2026 10/09/2021 0.95%249,000 100.00 249,000
06048WN63 Bank of America (BAC)09/10/2021 09/10/2026 03/10/2022 1.15%2,000,000 100.00 2,000,000
037833AZ3 Apple Inc. (AAPL)09/10/2021 02/09/2025 02/09/2022 0.75%1,500,000 105.88 1,588,155
742718FL8 Procter & Gamble (PG)09/20/2021 10/29/2025 10/29/2021 0.76%1,500,000 99.16 1,487,460
06048WP20 Bank of America (BAC)09/24/2021 09/24/2026 03/24/2022 1.25%2,000,000 100.00 2,000,000
31422XNB4 FAMCA 09/30/2021 09/30/2026 03/31/2022 0.86%2,500,000 100.00 2,500,000
55,077,539$ 101.62 56,123,594$
Nov. 2, 2021 Item #1 Page 9 of 23
EXHIBIT 6
City of Carlsbad
Investment summary
As of Sept. 30, 2021
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Federal investments
10/28/16 10/07/21 FNMA 2,500,000.00 2,491,075.00 1.450%178,794.79 2,669,869.79
11/29/16 11/29/21 FFCB 3,000,000.00 3,000,000.00 1.760%264,000.00 3,264,000.00
04/12/17 12/10/21 FHLB 2,000,000.00 2,003,620.00 1.834%171,171.67 2,174,791.67
09/10/19 12/13/21 FFCB 2,000,000.00 2,017,240.00 1.490%67,673.33 2,084,913.33
11/04/19 01/03/22 FAMCA 2,000,000.00 1,998,180.00 2.169%95,553.01 2,093,733.01
11/12/19 01/13/22 FHLMC 1,000,000.00 1,015,200.00 1.658%36,324.31 1,051,524.31
03/25/19 02/03/22 FFCB 2,500,000.00 2,483,900.00 2.264%161,019.44 2,644,919.44
02/23/17 02/23/22 FAMCA 2,600,000.00 2,609,204.00 2.025%263,796.00 2,873,000.00
03/01/19 03/01/22 FFCB 2,000,000.00 2,000,000.00 2.550%153,000.00 2,153,000.00
03/29/17 03/29/22 FHLMC 1,500,000.00 1,500,000.00 2.265%170,625.00 1,670,625.00
05/25/17 04/05/22 FNMA 1,600,000.00 1,600,581.01 1.867%145,252.32 1,745,833.33
01/09/20 04/05/22 FNMA 2,500,000.00 2,517,775.00 1.550%87,172.92 2,604,947.92
04/27/17 04/27/22 FHLMC 3,500,000.00 3,545,920.00 2.345%413,455.00 3,959,375.00
05/19/20 04/27/22 FFCB 2,000,000.00 2,003,480.00 0.210%8,136.67 2,011,616.67
01/09/20 06/10/22 FHLB 3,000,000.00 3,297,270.00 1.560%120,084.17 3,417,354.17
01/15/20 07/15/22 FHLMC 1,500,000.00 1,500,510.00 1.586%59,490.00 1,560,000.00
12/01/17 09/09/22 FHLB 1,750,000.00 1,739,692.50 2.130%177,335.28 1,917,027.78
07/05/19 09/09/22 FHLB 1,800,000.00 1,874,106.00 1.786%104,644.00 1,978,750.00
01/15/20 09/09/22 FHLB 2,000,000.00 2,021,180.00 1.590%84,820.00 2,106,000.00
09/28/17 09/28/22 FNMA 2,500,000.00 2,500,000.00 2.000%249,861.11 2,749,861.11
10/22/20 09/30/22 FHLMC 3,000,000.00 3,000,000.00 0.350%41,358.33 3,041,358.33
03/09/18 10/05/22 FNMA 1,000,000.00 971,120.00 2.000%120,324.44 1,091,444.44
10/05/18 10/05/22 FNMA 1,000,000.00 962,570.00 3.000%117,430.00 1,080,000.00
05/20/20 10/05/22 FNMA 1,923,000.00 2,005,439.01 0.190%8,903.49 2,014,342.50
04/24/18 12/09/22 FHLB 2,250,000.00 2,215,102.50 2.500%295,053.75 2,510,156.25
09/10/19 12/09/22 FHLB 1,500,000.00 1,670,736.00 1.630%84,545.25 1,755,281.25
03/22/19 03/10/23 FHLB 2,000,000.00 2,028,220.00 2.375%189,946.67 2,218,166.67
10/07/20 07/07/23 FHLMC 2,000,000.00 2,000,000.00 0.250%13,750.00 2,013,750.00
10/07/20 07/07/23 FHLMC 1,750,000.00 1,750,000.00 0.250%12,031.25 1,762,031.25
08/13/20 08/10/23 FNMA 2,000,000.00 1,997,600.00 0.300%20,350.00 2,017,950.00
09/13/19 08/14/23 FFCB 1,800,000.00 1,796,580.00 1.650%116,300.00 1,912,880.00
09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990%147,698.89 1,138,988.89
10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125%349,548.89 2,615,738.89
09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485%121,551.72 2,190,659.72
02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495%114,362.92 1,130,572.92
04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410%187,617.50 1,971,375.00
10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050%384,922.92 2,878,072.92
02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602%123,803.33 1,141,333.33
05/09/19 11/08/23 FFCB 2,000,000.00 2,001,700.00 2.280%205,172.22 2,206,872.22
11/24/20 11/24/23 FHLMC 2,500,000.00 2,500,000.00 0.320%24,000.00 2,524,000.00
11/30/20 11/30/23 FFCB 3,000,000.00 3,000,000.00 0.310%27,900.00 3,027,900.00
03/19/21 12/04/23 FHLMC 2,000,000.00 1,998,100.00 0.250%15,441.67 2,013,541.67
06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870%127,682.83 1,696,963.33
12/09/20 12/08/23 FFCB 2,500,000.00 2,500,000.00 0.280%20,980.56 2,520,980.56
05/13/20 12/08/23 FHLB 1,000,000.00 1,107,630.00 0.339%12,838.75 1,120,468.75
05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.500%108,586.11 1,161,486.11
03/06/19 02/27/24 FFCB 1,500,000.00 1,498,950.00 2.610%195,821.25 1,694,771.25
02/28/20 02/28/24 FFCB 2,500,000.00 2,500,000.00 1.550%155,000.00 2,655,000.00
03/08/19 03/08/24 FHLB 3,000,000.00 3,100,851.00 2.530%386,649.00 3,487,500.00
04/09/19 04/05/24 FFCB 2,000,000.00 1,994,380.00 2.360%234,725.56 2,229,105.56
04/23/21 04/22/24 FFCB 2,000,000.00 2,000,000.00 0.340%20,381.11 2,020,381.11
04/05/21 04/23/24 FHLMC 1,000,000.00 997,570.00 0.400%12,190.00 1,009,760.00
05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287%114,546.67 1,119,866.67
08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457%85,320.92 1,322,845.39
08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457%103,884.90 1,621,263.00
06/27/19 07/15/24 PEFCO 2,500,000.00 2,565,850.00 1.900%243,292.36 2,809,142.36
07/24/20 07/22/24 FFCB 2,000,000.00 2,000,000.00 0.440%35,151.11 2,035,151.11
08/08/19 07/26/24 FFCB 2,500,000.00 2,532,125.00 1.582%197,583.33 2,729,708.33
10/29/20 07/29/24 FHLMC 3,000,000.00 3,000,000.00 0.375%42,187.50 3,042,187.50
11/10/20 08/15/24 FHLB 4,000,000.00 4,191,800.00 1.500%64,033.33 4,255,833.33
08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480%189,024.44 2,761,444.44
02/19/21 09/15/24 TVA 1,000,000.00 1,091,424.00 0.300%11,277.39 1,102,701.39
11/06/20 09/30/24 FHLMC 1,170,000.00 1,170,000.00 0.350%15,970.50 1,185,970.50
03/30/21 09/30/24 FHLB 1,500,000.00 1,500,000.00 0.520%27,300.00 1,527,300.00
11/25/20 10/16/24 FFCB 1,400,000.00 1,466,052.00 0.280%15,673.00 1,481,725.00
11/15/19 11/01/24 FAMCA 2,000,000.00 1,999,720.00 1.793%177,887.78 2,177,607.78
07/10/20 11/13/24 FFCB 1,621,000.00 1,751,360.82 0.390%28,694.40 1,780,055.22
Nov. 2, 2021 Item #1 Page 10 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
11/18/20 11/18/24 FNMA 2,000,000.00 2,000,000.00 0.420%33,600.00 2,033,600.00
12/30/20 12/30/24 FHLB 4,000,000.00 4,000,000.00 0.310%49,600.00 4,049,600.00
05/27/21 01/08/25 FHLB 2,000,000.00 2,000,000.00 0.648%46,980.56 2,046,980.56
01/10/20 01/10/25 FHLMC 2,000,000.00 2,000,000.00 1.800%180,000.00 2,180,000.00
07/28/21 01/28/25 FHLB 1,750,000.00 1,750,000.00 0.520%31,850.00 1,781,850.00
02/03/21 02/03/25 FFCB 2,000,000.00 2,000,000.00 0.320%25,600.00 2,025,600.00
02/18/21 03/14/25 FHLB 1,500,000.00 1,620,240.00 0.389%24,832.92 1,645,072.92
04/09/20 03/14/25 FHLB 3,000,000.00 3,231,300.00 0.778%120,002.08 3,351,302.08
06/07/21 03/28/25 FHLMC 1,000,000.00 998,500.00 0.540%20,541.67 1,019,041.67
06/28/21 03/28/25 FHLB 3,120,000.00 3,122,340.00 0.500%67,860.00 3,190,200.00
04/21/21 04/21/25 FFCB 1,500,000.00 1,500,000.00 0.710%42,600.00 1,542,600.00
12/23/20 04/23/25 FNMA 3,000,000.00 3,000,000.00 0.500%65,000.00 3,065,000.00
10/30/20 04/30/25 FHLMC 2,000,000.00 2,000,000.00 0.500%45,111.12 2,045,111.12
06/03/20 05/27/25 FFCB 3,500,000.00 3,499,300.00 0.734%128,024.17 3,627,324.17
06/03/20 05/28/25 FHLMC 2,000,000.00 2,000,000.00 0.750%74,791.66 2,074,791.66
12/16/20 06/16/25 FNMA 2,000,000.00 2,000,000.00 0.450%40,500.00 2,040,500.00
01/11/21 06/17/25 FNMA 3,000,000.00 3,014,640.00 0.389%51,860.00 3,066,500.00
05/20/21 06/17/25 FNMA 2,000,000.00 1,991,940.00 0.600%48,810.00 2,040,750.00
07/01/20 06/30/25 FNMA 2,500,000.00 2,500,000.00 0.740%92,448.61 2,592,448.61
01/15/21 07/14/25 FFCB 2,225,000.00 2,218,325.00 0.457%45,699.65 2,264,024.65
09/14/20 07/21/25 FHLMC 1,500,000.00 1,499,625.00 0.380%27,671.87 1,527,296.87
07/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.580%87,000.00 3,087,000.00
10/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.530%75,525.00 3,075,525.00
10/01/20 07/30/25 FHLMC 2,000,000.00 2,000,000.00 0.510%49,271.67 2,049,271.67
08/12/20 08/12/25 FFCB 3,500,000.00 3,500,000.00 0.530%92,750.00 3,592,750.00
08/14/20 08/14/25 FNMA 2,000,000.00 2,000,000.00 0.650%65,000.00 2,065,000.00
11/06/20 08/18/25 FNMA 2,000,000.00 1,999,000.00 0.500%48,833.33 2,047,833.33
08/21/20 08/21/25 FNMA 2,000,000.00 2,000,000.00 0.450%45,000.00 2,045,000.00
08/27/20 08/27/25 FHLMC 2,500,000.00 2,500,000.00 0.520%58,500.00 2,558,500.00
08/31/20 08/29/25 FNMA 3,000,000.00 3,000,000.00 0.600%89,900.00 3,089,900.00
12/28/20 09/23/25 FHLMC 3,000,000.00 2,996,460.00 0.400%56,821.25 3,053,281.25
10/22/20 09/23/25 FHLMC 4,000,000.00 3,989,280.00 0.430%84,511.67 4,073,791.67
10/14/20 10/14/25 FFCB 1,500,000.00 1,500,000.00 0.520%39,000.00 1,539,000.00
10/15/20 10/15/25 FHLMC 3,000,000.00 3,000,000.00 0.550%82,500.00 3,082,500.00
12/11/20 10/20/25 FNMA 2,410,000.00 2,408,795.00 0.590%69,114.78 2,477,909.78
12/09/20 10/21/25 FFCB 3,000,000.00 2,994,300.00 0.560%81,620.00 3,075,920.00
11/03/20 11/03/25 FFCB 4,500,000.00 4,500,000.00 0.540%121,500.00 4,621,500.00
12/29/20 11/07/25 FNMA 3,000,000.00 3,012,960.00 0.410%59,873.34 3,072,833.34
03/10/21 12/10/25 FHLB 1,750,000.00 1,750,000.00 0.650%54,031.25 1,804,031.25
03/02/21 12/15/25 FAMCA 3,000,000.00 3,000,000.00 0.520%74,663.33 3,074,663.33
12/17/20 12/17/25 FHLMC 5,000,000.00 5,000,000.00 0.625%156,250.00 5,156,250.00
03/24/21 12/23/25 FHLMC 1,500,000.00 1,489,500.00 0.700%60,345.83 1,549,845.83
12/30/20 12/30/25 FNMA 2,500,000.00 2,504,125.00 0.474%75,875.00 2,580,000.00
01/14/21 01/14/26 FHLB 4,000,000.00 4,000,000.00 0.510%102,000.00 4,102,000.00
01/14/21 01/14/26 FHLB 1,750,000.00 1,747,375.00 0.540%47,250.00 1,794,625.00
01/25/21 01/15/26 FAMCA 1,500,000.00 1,500,000.00 0.480%35,800.00 1,535,800.00
01/28/21 01/28/26 FHLB 3,000,000.00 3,000,000.00 0.500%75,000.00 3,075,000.00
02/09/21 02/09/26 FHLB 2,050,000.00 2,050,000.00 0.350% 1,044,500.00 3,094,500.00
02/12/21 02/12/26 FHLB 2,000,000.00 2,000,000.00 0.550%55,000.00 2,055,000.00
02/18/21 02/18/26 FHLB 4,000,000.00 4,000,000.00 0.500%100,000.00 4,100,000.00
03/03/21 03/03/26 FFCB 674,000.00 674,000.00 0.790%26,623.00 700,623.00
03/09/21 03/09/26 FFCB 3,500,000.00 3,500,000.00 0.800%140,000.00 3,640,000.00
03/18/21 03/18/26 FHLB 3,000,000.00 2,997,000.00 0.750%115,500.00 3,112,500.00
03/30/21 03/30/26 FHLB 1,500,000.00 1,500,000.00 0.300%22,500.00 1,522,500.00
04/20/21 04/20/26 FAMCA 2,000,000.00 2,000,000.00 1.000%100,000.00 2,100,000.00
04/21/21 04/21/26 FHLB 2,000,000.00 1,998,500.00 0.915%91,500.00 2,090,000.00
04/29/21 04/29/26 FHLB 4,000,000.00 4,000,000.00 0.500%100,000.00 4,100,000.00
05/04/21 05/04/26 FAMCA 2,500,000.00 2,500,000.00 0.950%118,750.00 2,618,750.00
05/26/21 05/26/26 FHLB 2,500,000.00 2,500,000.00 0.500%112,500.00 2,612,500.00
05/27/21 05/27/26 FAMCA 2,000,000.00 2,000,000.00 0.920%92,000.00 2,092,000.00
06/16/21 06/16/26 FHLB 2,000,000.00 2,000,000.00 0.500%94,000.00 2,094,000.00
06/16/21 06/16/26 FHLB 2,500,000.00 2,500,000.00 0.500%117,500.00 2,617,500.00
06/22/21 06/22/26 FFCB 2,000,000.00 1,993,160.00 0.870%86,840.00 2,080,000.00
06/30/21 06/30/26 FHLB 4,500,000.00 4,500,000.00 0.500%186,750.00 4,686,750.00
06/30/21 06/30/26 FHLB 2,000,000.00 2,000,000.00 0.550%88,000.00 2,088,000.00
07/27/21 07/27/26 FHLB 2,500,000.00 2,500,000.00 1.000%125,000.00 2,625,000.00
08/25/21 08/25/26 FHLB 3,500,000.00 3,494,750.00 0.906%158,375.00 3,653,125.00
Nov. 2, 2021 Item #1 Page 11 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
09/01/21 09/01/26 FAMCA 4,000,000.00 4,000,000.00 0.900%180,000.00 4,180,000.00
09/07/21 09/01/26 FFCB 3,000,000.00 2,997,750.00 0.885%132,315.00 3,130,065.00
09/30/21 09/30/26 FAMCA 2,500,000.00 2,500,000.00 0.860%107,798.60 2,607,798.60
Federal investments 310,596,000.00 312,719,037.41 0.996% 14,907,677.42 327,626,714.83
Supranationals
01/08/18 01/18/22 IADB 2,000,000.00 1,988,880.00 2.270%182,300.56 2,171,180.56
12/18/17 01/26/22 IBRD 2,500,000.00 2,485,325.00 2.150%219,952.78 2,705,277.78
10/10/17 10/07/22 IBRD 1,300,000.00 1,290,907.89 2.024%130,763.88 1,421,671.77
02/08/19 10/24/22 IFC 1,500,000.00 1,470,780.00 2.553%140,553.33 1,611,333.33
01/18/18 01/18/23 IADB 1,700,000.00 1,702,652.00 2.467%209,848.00 1,912,500.00
01/24/18 01/18/23 IADB 1,000,000.00 997,670.00 2.550%126,913.33 1,124,583.33
11/10/20 06/19/23 IBRD 3,000,000.00 3,129,060.00 1.875%17,658.75 3,146,718.75
11/10/20 10/04/23 IADB 3,000,000.00 3,240,000.00 3.000%21,000.00 3,261,000.00
05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300%205,886.67 2,264,166.67
08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428%142,996.67 2,149,916.67
02/04/21 10/16/24 IFC 2,000,000.00 2,079,800.00 0.290%21,950.00 2,101,750.00
01/27/20 01/15/25 IFC 1,000,000.00 1,000,000.00 1.625%80,708.33 1,080,708.33
01/14/21 11/20/25 IBRD 2,000,000.00 2,250,220.00 0.510%52,905.00 2,303,125.00
01/25/21 01/15/26 IFC 2,000,000.00 2,007,840.00 0.500%49,837.78 2,057,677.78
04/23/21 04/20/26 IADB 3,000,000.00 3,000,720.00 0.870%130,311.25 3,131,031.25
05/28/21 05/15/26 IFC 2,000,000.00 2,000,000.00 0.500%49,638.89 2,049,638.89
Supranationals 32,000,000.00 32,709,054.89 1.655% 1,783,225.22 34,492,280.11
US Treasury
11/17/16 10/31/21 US Treasury 2.00%2,000,000.00 2,030,000.00 1.683%168,121.55 2,198,121.55
11/18/16 10/31/21 US Treasury 2.00%2,000,000.00 2,028,360.00 1.700%169,651.15 2,198,011.15
11/22/16 11/15/21 US Treasury 2.00%2,000,000.00 2,016,562.50 1.825%182,664.02 2,199,226.52
01/06/17 12/31/21 US Treasury 2.125%4,000,000.00 4,052,128.00 1.850%371,463.16 4,423,591.16
07/15/21 02/28/25 US Treasury 1.125%2,000,000.00 2,040,312.50 0.563%41,311.14 2,081,623.64
02/03/17 12/31/21 US Treasury 2.125%1,850,000.00 1,867,632.81 1.920%175,237.36 2,042,870.17
11/27/19 12/31/21 US Treasury 2.125%2,000,000.00 2,022,656.25 1.572%66,270.38 2,088,926.63
01/20/17 01/31/22 US Treasury 1.50%3,000,000.00 2,928,555.00 2.000%297,790.11 3,226,345.11
04/23/19 02/28/22 US Treasury 1.875%1,500,000.00 1,481,015.63 1.875%99,232.33 1,580,247.96
03/02/17 03/31/22 US Treasury 1.750%3,000,000.00 2,963,925.00 2.000%302,757.69 3,266,682.69
11/20/19 04/15/22 US Treasury 2.25%1,200,000.00 1,219,125.00 1.571%45,719.26 1,264,844.26
05/15/17 05/15/22 US Treasury 1.750%2,000,000.00 1,985,625.00 1.901%189,375.00 2,175,000.00
08/25/17 07/31/22 US Treasury 1.875%1,250,000.00 1,257,346.25 1.750%108,249.03 1,365,595.28
08/31/17 08/31/22 US Treasury 1.875%3,000,000.00 3,019,290.00 1.740%261,960.00 3,281,250.00
11/20/19 10/15/22 US Treasury 1.375%1,500,000.00 1,491,720.00 1.570%68,126.31 1,559,846.31
02/27/20 10/15/22 US Treasury 1.375%1,500,000.00 1,509,082.03 1.141%45,185.39 1,554,267.42
11/28/17 11/15/22 US Treasury 1.625%1,000,000.00 980,950.00 2.030%99,716.44 1,080,666.44
07/30/19 02/28/23 US Treasury 2.625%3,000,000.00 3,085,572.00 1.800%275,650.83 3,361,222.83
06/25/21 02/15/24 US Treasury 0.125%2,500,000.00 2,484,765.63 0.357%23,487.13 2,508,252.76
03/01/21 06/30/24 US Treasury 1.75%2,500,000.00 2,614,215.00 0.370%31,658.62 2,645,873.62
01/14/21 09/30/24 US Treasury 1.5%2,000,000.00 2,088,448.94 1.500%22,814.80 2,111,263.74
06/07/21 11/30/24 US Treasury 1.500%2,000,000.00 2,073,437.50 0.436%30,988.73 2,104,426.23
02/19/21 04/30/25 US Treasury 0.375%2,000,000.00 1,997,920.00 0.400%33,530.28 2,031,450.28
02/19/21 05/31/25 US Treasury 0.25%2,000,000.00 1,987,280.00 0.400%34,107.36 2,021,387.36
01/11/21 09/30/25 US Treasury 0.25%2,500,000.00 2,481,332.50 0.250%48,148.96 2,529,481.46
01/11/21 11/30/25 US Treasury 0.375%2,500,000.00 2,493,350.00 0.375%52,443.27 2,545,793.27
03/01/21 02/28/26 US Treasury 0.5%3,000,000.00 2,964,726.56 0.740%110,232.68 3,074,959.24
03/02/21 02/28/26 US Treasury 0.5%2,000,000.00 1,975,513.02 0.750%74,432.63 2,049,945.65
US Treasury 60,800,000.00 61,140,847.12 1.276% 3,430,325.61 64,571,172.73
Corporate notes
10/10/17 11/03/21 Procter & Gamble 2,000,000.00 1,982,100.00 1.930%156,072.22 2,138,172.22
12/23/19 11/16/21 US Bank NA 3,000,000.00 3,091,620.00 1.730%104,742.50 3,196,362.50
04/03/20 01/21/22 US Bank NA 2,000,000.00 2,016,916.00 1.300%47,884.00 2,064,800.00
12/20/17 02/06/22 Microsoft 1,250,000.00 1,254,025.00 2.316%119,808.33 1,373,833.33
11/29/19 02/09/22 Apple Inc.2,000,000.00 2,017,980.00 1.730%76,381.11 2,094,361.11
03/07/19 03/03/22 Johnson & Johnson 1,250,000.00 1,236,787.50 2.620%97,275.00 1,334,062.50
02/24/20 03/03/22 Johnson & Johnson 2,000,000.00 2,029,760.00 1.470%61,365.00 2,091,125.00
03/06/17 03/06/22 Exxon Mobil 2,000,000.00 2,003,380.00 2.360%236,320.00 2,239,700.00
05/23/17 05/11/22 Apple Inc.3,300,000.00 3,318,150.00 2.181%358,820.00 3,676,970.00
12/06/17 05/15/22 Berkshire Hathaway 1,503,000.00 1,540,770.39 2.400%162,504.36 1,703,274.75
01/08/18 05/15/22 Berkshire Hathaway 1,000,000.00 1,023,300.00 2.432%107,283.33 1,130,583.33
10/09/18 05/15/22 Berkshire Hathaway 1,100,000.00 1,091,810.50 3.220%126,989.50 1,218,800.00
02/19/19 05/17/22 Toyota 2,000,000.00 2,000,000.00 3.083%200,044.66 2,200,044.66
08/09/18 06/01/22 Blackrock Inc.1,000,000.00 1,011,600.00 3.050%117,306.25 1,128,906.25
12/11/19 06/15/22 Cisco Systems Inc 500,000.00 515,230.00 1.755%22,436.67 537,666.67
Nov. 2, 2021 Item #1 Page 12 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
12/19/19 06/26/22 3M Company 2,000,000.00 2,010,920.00 1.777%89,857.78 2,100,777.78
08/24/17 07/13/22 Toyota 1,500,000.00 1,547,160.00 2.119%158,056.67 1,705,216.67
01/16/19 07/13/22 Toyota 1,500,000.00 1,483,770.00 3.129%162,880.00 1,646,650.00
07/01/19 07/13/22 Toyota 2,500,000.00 2,551,875.00 2.090%160,458.33 2,712,333.33
11/06/17 08/11/22 Procter & Gamble 1,800,000.00 1,799,161.20 2.160%185,201.30 1,984,362.50
11/09/18 08/11/22 Procter & Gamble 1,900,000.00 1,826,627.70 3.250%226,786.74 2,053,414.44
05/02/19 08/11/22 Procter & Gamble 2,000,000.00 1,986,800.00 2.150%154,025.00 2,140,825.00
01/18/18 09/21/22 Novartis Capital Corp 1,500,000.00 1,489,500.00 2.560%178,400.00 1,667,900.00
10/10/19 11/03/22 Microsoft 2,000,000.00 2,064,180.00 1.514%98,206.11 2,162,386.11
01/04/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,982,400.00 2.443%236,475.00 2,218,875.00
09/17/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,935,820.00 3.077%251,430.00 2,187,250.00
12/06/17 11/29/22 Toyota 2,250,000.00 2,250,000.00 2.125%238,132.81 2,488,132.81
01/14/19 12/15/22 Wal-Mart 2,720,000.00 2,653,088.00 3.020%317,442.89 2,970,530.89
12/23/19 12/15/22 Wal-Mart 2,000,000.00 2,032,580.00 1.770%107,375.56 2,139,955.56
01/24/18 01/26/23 Toyota 3,000,000.00 3,000,000.00 2.750%412,500.00 3,412,500.00
08/29/19 02/01/23 Colgate-Palmolive 1,000,000.00 1,011,600.00 1.600%55,133.33 1,066,733.33
09/12/19 02/11/23 Berkshire Hathaway 1,250,000.00 1,296,137.50 1.878%81,883.33 1,378,020.83
07/31/19 02/23/23 Apple Inc.3,500,000.00 3,592,680.00 2.039%262,540.83 3,855,220.83
10/04/19 03/15/23 3M Company 1,762,000.00 1,798,080.47 1.620%100,144.15 1,898,224.62
03/20/18 03/15/23 Berkshire Hathaway 1,000,000.00 983,890.00 3.101%153,228.06 1,137,118.06
04/18/18 03/15/23 Berkshire Hathaway 1,750,000.00 1,719,130.00 3.140%267,083.54 1,986,213.54
04/25/18 03/15/23 Berkshire Hathaway 2,000,000.00 1,953,300.00 3.270%315,588.89 2,268,888.89
05/07/18 04/11/23 Wal-Mart 1,000,000.00 974,100.00 3.121%151,558.33 1,125,658.33
12/18/18 04/11/23 Wal-Mart 1,000,000.00 969,800.00 3.301%141,054.17 1,110,854.17
05/16/19 04/28/23 Bank of New York Mellon 2,000,000.00 2,061,800.00 2.670%214,700.00 2,276,500.00
06/23/20 04/28/23 Bank of New York Mellon 2,000,000.00 2,168,480.00 0.510%30,436.67 2,198,916.67
05/02/18 05/01/23 Colgate-Palmolive 4,666,000.00 4,443,179.84 3.140%712,477.98 5,155,657.82
05/09/18 05/03/23 Apple Inc.4,000,000.00 3,862,600.00 3.150%615,800.00 4,478,400.00
08/06/16 06/26/23 Wal-Mart 1,750,000.00 1,763,895.00 3.220%276,993.89 2,040,888.89
07/25/18 06/26/23 Wal-Mart 1,500,000.00 1,512,000.00 3.220%238,891.66 1,750,891.66
02/19/19 06/26/23 Wal-Mart 1,000,000.00 1,025,140.00 2.770%122,665.56 1,147,805.56
07/24/18 07/24/23 US Bank NA 1,250,000.00 1,251,625.00 3.371%210,756.94 1,462,381.94
01/24/19 07/24/23 US Bank NA 1,000,000.00 1,010,000.00 3.156%143,000.00 1,153,000.00
02/28/19 07/24/23 US Bank NA 1,800,000.00 1,835,100.00 2.916%234,520.00 2,069,620.00
12/11/18 07/24/23 US Bank NA 2,500,000.00 2,489,250.00 3.400%32,347.22 2,521,597.22
05/14/20 09/01/23 Public Service Electric 2,500,000.00 2,700,575.00 0.720%67,324.31 2,767,899.31
12/23/19 11/20/23 State Street Corporation 2,000,000.00 2,130,440.00 1.958%158,776.67 2,289,216.67
01/28/19 12/05/23 Johnson & Johnson 1,500,000.00 1,541,250.00 2.765%204,421.87 1,745,671.87
03/07/19 01/08/24 Toyota 1,000,000.00 1,017,865.00 2.950%144,144.72 1,162,009.72
01/16/20 01/15/24 Wal-Mart 2,000,000.00 2,067,790.00 1.900%192,646.11 2,260,436.11
05/16/19 01/23/24 Citibank 1,000,000.00 1,034,870.00 2.836%136,173.06 1,171,043.06
02/13/20 01/23/24 Citibank 2,500,000.00 2,674,670.00 1.770%185,260.56 2,859,930.56
02/13/20 01/23/24 Citibank 2,000,000.00 2,142,600.00 1.733%145,344.44 2,287,944.44
02/20/20 01/23/24 Citibank 1,500,000.00 1,603,710.00 1.780%111,183.75 1,714,893.75
10/11/19 02/01/24 JP Morgan Chase Bank 1,765,000.00 1,900,834.40 2.000%158,638.70 2,059,473.10
10/08/19 03/07/24 Microsoft 1,500,000.00 1,581,000.00 1.604%107,379.17 1,688,379.17
08/29/19 03/18/24 Blackrock Inc.2,000,000.00 2,162,500.00 1.640%156,194.44 2,318,694.44
10/28/19 03/18/24 Blackrock Inc.1,000,000.00 1,071,360.00 1.801%82,251.11 1,153,611.11
11/14/19 03/18/24 Blackrock Inc.1,000,000.00 1,065,420.00 1.923%86,635.56 1,152,055.56
05/14/20 03/18/24 Blackrock Inc.3,000,000.00 3,300,600.00 0.845%103,066.67 3,403,666.67
04/24/20 04/22/24 Wal-Mart 2,500,000.00 2,737,467.50 0.875%92,074.17 2,829,541.67
04/24/20 04/22/24 Wal-Mart 2,000,000.00 2,191,860.00 0.700%71,773.33 2,263,633.33
07/31/19 05/13/24 JP Morgan Chase Bank 2,000,000.00 2,119,320.00 2.300%227,471.67 2,346,791.67
07/13/20 05/13/24 JP Morgan Chase Bank 3,000,000.00 3,331,290.00 0.700%85,585.00 3,416,875.00
07/01/20 05/15/24 Bank of NY Mellon 3,000,000.00 3,316,860.00 0.560%75,556.67 3,392,416.67
10/17/19 08/22/24 Amazon.com Inc.2,500,000.00 2,604,850.00 1.860%234,455.56 2,839,305.56
08/22/19 08/22/24 Amazon.com Inc.2,000,000.00 2,087,280.00 2.800%192,097.78 2,279,377.78
02/18/20 10/24/24 Bank of NY Mellon 3,055,000.00 3,093,737.40 1.816%261,721.85 3,355,459.25
12/23/19 12/23/24 JP Morgan Chase Bank 3,500,000.00 3,500,000.00 2.200%390,775.03 3,890,775.03
01/15/20 01/15/25 Johnson & Johnson 1,820,000.00 1,882,380.50 1.586%176,494.50 2,058,875.00
04/08/20 01/15/25 Johnson & Johnson 3,000,000.00 3,231,960.00 0.906%143,633.75 3,375,593.75
07/13/20 01/15/25 Johnson & Johnson 1,000,000.00 1,090,640.00 0.510%27,630.83 1,118,270.83
09/10/21 02/09/25 Apple Inc. (AAPL)1,500,000.00 1,588,155.00 0.753%39,865.83 1,628,020.83
04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300%210,555.54 3,590,131.74
06/03/20 03/15/25 CME Group Inc 2,771,000.00 3,050,981.84 0.730%117,656.66 3,168,638.50
12/31/20 03/27/25 Nike Inc.2,867,000.00 3,090,740.68 0.500%67,928.79 3,158,669.47
05/13/20 04/01/25 Flordia Power & Light 3,667,000.00 3,980,565.17 1.020%195,628.34 4,176,193.51
Nov. 2, 2021 Item #1 Page 13 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
04/23/21 09/01/25 Johnson & Johnson 1,250,000.00 1,241,700.00 0.705%38,244.44 1,279,944.44
09/20/21 10/29/25 Procter & Gamble (PG)1,500,000.00 1,487,460.00 0.757%46,433.75 1,533,893.75
05/17/21 12/14/25 Visa Inc 1,250,000.00 1,368,500.00 0.910%61,640.62 1,430,140.62
08/23/21 01/26/26 Bank of America (BAC)1,000,000.00 989,470.00 1.000%44,080.00 1,033,550.00
04/12/21 02/24/26 Merck 1,500,000.00 1,485,750.00 0.950%69,000.00 1,554,750.00
03/01/21 02/26/26 JP Morgan 2,000,000.00 2,000,000.00 0.800%80,000.00 2,080,000.00
03/01/21 03/01/26 Johnson & Johnson 2,500,000.00 2,697,950.00 0.750%108,300.00 2,806,250.00
03/03/21 03/03/26 JP Morgan 2,000,000.00 2,000,000.00 1.000%100,000.00 2,100,000.00
06/11/21 06/11/26 JP Morgan 2,000,000.00 2,000,000.00 1.150%115,000.00 2,115,000.00
07/12/21 06/25/26 Bank of America 3,000,000.00 2,998,500.00 1.210%179,800.00 3,178,300.00
07/22/21 07/16/26 Massmtual Global 3,750,000.00 3,784,537.50 1.010%189,712.50 3,974,250.00
08/11/21 08/08/26 Microsoft (MSFT)4,000,000.00 4,292,240.00 0.900%800.00 4,293,040.00
08/25/21 08/25/26 JP Morgan (JPM)2,000,000.00 2,000,000.00 1.200%120,000.00 2,120,000.00
09/10/21 09/10/26 Bank of America (BAC)2,000,000.00 2,000,000.00 1.150%115,000.00 2,115,000.00
09/24/21 09/24/26 Bank of America (BAC)2,000,000.00 2,000,000.00 1.250%125,000.00 2,125,000.00
Corporate notes 195,806,000.00 201,088,355.29 1.837% 15,376,623.42 216,464,978.71
Certificate of deposit
01/12/18 01/12/22 LCA Bank Corporation 246,000.00 246,000.00 2.300%22,632.00 268,632.00
01/18/17 01/18/22 Mb Financial Bank 249,000.00 249,000.00 2.050%25,522.50 274,522.50
01/20/17 01/20/22 First Natl Bank 249,000.00 249,000.00 2.050%25,522.50 274,522.50
01/24/19 01/24/22 Dollar Bank 246,000.00 246,000.00 2.850%21,033.00 267,033.00
02/12/20 02/14/22 Sallie Mae Bank 247,000.00 247,000.00 1.700%8,432.52 255,432.52
06/07/17 06/07/22 Mechantile Bank Of 247,000.00 247,000.00 2.100%25,935.00 272,935.00
07/31/17 07/29/22 KS State Bank 245,000.00 245,000.00 2.100%25,710.71 270,710.71
08/16/17 08/16/22 Everbank 247,000.00 247,000.00 2.200%27,170.00 274,170.00
08/30/17 08/30/22 Willamette Valley Bank 249,000.00 249,000.00 2.100%26,145.00 275,145.00
09/14/17 09/14/22 First Bank Of 247,000.00 247,000.00 2.150%26,552.50 273,552.50
09/29/17 09/29/22 Allegiane Bank Texs 249,000.00 249,000.00 2.150%26,767.50 275,767.50
10/23/19 10/11/22 Goldman Sachs Bank USA 247,000.00 247,000.00 1.900%13,898.99 260,898.99
10/18/17 10/18/22 Beneficial Bank 247,000.00 247,000.00 2.150%26,552.50 273,552.50
12/22/17 12/22/22 Industrial & Coml Bak China 249,000.00 249,000.00 2.500%31,125.00 280,125.00
01/11/19 01/11/23 Sterling Bank 246,000.00 246,000.00 3.100%30,504.00 276,504.00
02/07/20 02/07/23 BMW Bank 247,000.00 247,000.00 1.650%12,237.67 259,237.67
02/21/20 02/21/23 Wells Fargo Bank 249,000.00 249,000.00 1.750%13,084.44 262,084.44
04/24/18 04/24/23 Citibank 246,000.00 246,000.00 3.000%36,900.00 282,900.00
05/08/19 05/08/23 Bank3 249,000.00 249,000.00 2.336%24,900.00 273,900.00
05/16/18 05/16/23 Belmont Savings Bank 245,000.00 245,000.00 3.050%37,362.50 282,362.50
06/20/18 06/20/23 RBC Bank 249,000.00 249,000.00 3.150%39,217.50 288,217.50
07/31/18 07/31/23 Bank Of New England 249,000.00 249,000.00 3.250%40,462.50 289,462.50
07/31/18 07/31/23 Medallion Bank Utah 249,000.00 249,000.00 3.150%40,462.50 289,462.50
02/13/19 08/14/23 First Missouri State Bank 246,000.00 246,000.00 2.850%31,549.50 277,549.50
09/26/18 09/26/23 Bank Midwest 245,000.00 245,000.00 3.150%38,587.50 283,587.50
09/28/18 09/28/23 Bank Of Baroda 245,000.00 245,000.00 3.300%40,425.00 285,425.00
11/15/18 10/30/23 National Cooperative Bank 245,000.00 245,000.00 3.450%41,891.98 286,891.98
11/14/18 11/14/23 Bank Hapoalim Bm 245,000.00 245,000.00 3.500%42,875.00 287,875.00
11/15/18 11/15/23 Morgan Stanley Pvt Bank 245,000.00 245,000.00 3.550%43,487.50 288,487.50
11/19/18 11/29/23 State Bank Of India 245,000.00 245,000.00 3.600%44,100.00 289,100.00
05/16/19 05/16/24 Enterprise Bank 246,000.00 246,000.00 2.600%31,980.00 277,980.00
05/24/19 05/24/24 Eagle Bank 249,000.00 249,000.00 2.500%31,125.00 280,125.00
06/28/19 06/28/24 First State Bank Dequeen 249,000.00 249,000.00 2.300%28,635.00 277,635.00
07/31/19 07/31/24 Capital One 247,000.00 247,000.00 2.250%27,787.50 274,787.50
08/30/19 08/30/24 Washington Federal 249,000.00 249,000.00 2.000%24,900.00 273,900.00
09/13/19 09/13/24 Enerbank Usa 249,000.00 249,000.00 1.750%21,787.50 270,787.50
09/18/19 09/30/24 Celtic Bank 249,000.00 249,000.00 1.700%20,956.25 269,956.25
11/26/19 11/26/24 Raymond James Bank NA 247,000.00 247,000.00 1.850%22,872.54 269,872.54
01/09/20 01/09/25 Morgan Stanley Bank NA 247,000.00 247,000.00 1.900%23,490.72 270,490.72
02/27/20 02/27/25 Bell Bank Corp 249,000.00 249,000.00 1.600%19,941.88 268,941.88
03/13/20 03/13/25 Choice Financial Group 248,000.00 248,000.00 1.100%13,647.47 261,647.47
03/13/20 03/13/25 American Eagle bank 249,000.00 249,000.00 1.100%13,702.54 262,702.54
03/18/20 03/18/25 Poppy Bank 249,000.00 249,000.00 1.100%13,702.54 262,702.54
03/19/20 03/19/25 Somerset Trust 249,000.00 249,000.00 1.000%12,456.88 261,456.88
03/20/20 03/20/25 Iberia Bank 248,000.00 248,000.00 1.000%12,406.79 260,406.79
03/27/20 03/27/25 Baycoast Bank 248,000.00 248,000.00 0.950%11,786.45 259,786.45
03/27/20 03/27/25 American Commerce Bank 249,000.00 249,000.00 0.950%11,834.03 260,834.03
04/08/20 04/08/25 Capital One 248,000.00 248,000.00 1.600%19,850.88 267,850.88
05/15/20 05/15/25 Flagstar Bank 248,000.00 248,000.00 0.850%10,545.77 258,545.77
05/15/20 05/15/25 Encore Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41
05/26/20 05/27/25 Haddon Savings Bank 248,000.00 248,000.00 0.750%9,310.19 257,310.19
05/29/20 05/29/25 Home Loan Inv Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41
05/29/20 05/29/25 Pacific Western Bank 249,000.00 249,000.00 0.700%8,719.77 257,719.77
Nov. 2, 2021 Item #1 Page 14 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
05/29/20 05/29/25 Malaga Bank 249,000.00 249,000.00 0.700%8,719.87 257,719.87
06/10/20 06/10/25 Stockman Bank 249,000.00 249,000.00 0.600%7,474.10 256,474.10
07/17/20 07/17/25 Preferred Bank 249,000.00 249,000.00 0.500%6,228.46 255,228.46
07/16/20 07/28/25 Toyota Financial Savings Bank 249,000.00 249,000.00 0.650%8,096.93 257,096.93
07/29/20 07/29/25 Continental Bank 249,000.00 249,000.00 0.500%6,228.46 255,228.46
08/14/20 08/14/25 Luana Savings Bank 249,000.00 249,000.00 0.450%5,605.57 254,605.57
08/19/20 08/19/25 1st Financial Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
08/20/20 08/20/25 1st Carolina Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
08/20/20 08/20/25 Northeast Community Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
09/04/20 09/04/25 Crown Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62
09/15/20 09/15/25 Merrick 249,000.00 249,000.00 0.400%4,982.62 253,982.62
10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00 249,000.00 0.400%4,908.94 253,908.94
09/29/20 09/29/25 Landmark Community 249,000.00 249,000.00 0.400%4,982.58 253,982.58
10/22/20 10/08/25 Live Oak Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42
10/15/20 10/15/25 Maine Comm Bank 249,000.00 249,000.00 0.350%4,359.94 253,359.94
10/16/20 10/16/25 First Security Bank Wash 249,000.00 249,000.00 0.350%4,359.94 253,359.94
11/06/20 10/23/25 Royal Savings Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42
11/18/20 11/18/25 First US Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62
12/18/20 12/18/25 Third Federal Savings and Loan 249,000.00 249,000.00 0.450%5,605.56 254,605.56
12/18/20 12/18/25 Unity Bank 249,000.00 248,377.50 0.400%5,605.22 253,982.72
01/08/21 12/23/25 Texas Bank Henderson 249,000.00 249,000.00 0.450%5,556.70 254,556.70
12/28/20 12/23/25 National Bank of NY City 249,000.00 248,688.75 0.400%5,280.23 253,968.98
12/23/20 12/23/25 Belmont Savings Bank 249,000.00 248,377.50 0.400%5,605.12 253,982.62
01/08/21 01/08/26 Bank of Santa Clarita 249,000.00 248,688.75 0.400%5,293.87 253,982.62
01/08/21 01/08/26 Grand Bank Tulsa 249,000.00 248,688.75 0.400%5,293.87 253,982.62
01/26/21 01/26/26 Commercial Bank 249,000.00 248,751.00 0.471%5,854.82 254,605.82
01/27/21 01/27/26 Central Bank Storm Lake 249,000.00 248,751.00 0.471%5,854.82 254,605.82
02/18/21 01/29/26 Hometown Bk of Alabama 249,000.00 249,000.00 0.400%4,928.04 253,928.04
02/26/21 02/26/26 United Rep Bk Omaha 249,000.00 249,000.00 0.400%4,982.61 253,982.61
03/03/21 03/03/26 CFG Community Bk 249,000.00 249,000.00 0.400%4,982.73 253,982.73
03/10/21 03/10/26 Bristol Morgan Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
09/03/21 09/03/26 Syncrony Bank (SYF)249,000.00 249,000.00 0.900%11,205.00 260,205.00
09/09/21 09/09/26 UBS Bank USA (UBS)249,000.00 249,000.00 0.950%11,834.03 260,834.03
Certificate of deposit 21,338,000.00 21,335,323.25 1.471% 1,498,525.22 22,833,848.47
Mortgage backed securities (agency)
12/26/19 12/01/22 FNMA AM1721 1,847,848.68 1,860,552.64 2.001%121,300.97 1,981,853.61
03/10/21 08/25/24 FHLM - FHMS K728 3,000,000.00 3,235,898.44 3.064%(81,933.13) 3,153,965.31
04/15/20 11/25/24 FHMS KHG1 A1 3,000,000.00 3,215,625.00 0.999%1,505.28 3,217,130.28
07/24/20 05/25/25 FRESB MFM 988,478.37 993,313.03 0.830%26,105.05 1,019,418.08
03/15/21 05/25/25 FHLMC - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770%(47,268.40) 2,110,231.60
08/27/20 06/15/25 FHLMC FHR 3544 BC 577,595.17 667,898.14 0.532%584,602.60 1,252,500.74
02/19/21 01/25/26 FRESB 2021-SB83 1,438,170.42 1,444,924.07 0.505%77,630.04 1,522,554.11
03/25/21 03/25/26 FHLM - KHMS K055 2,500,000.00 2,700,000.00 2.673%(45,023.32) 2,654,976.68
08/20/21 03/25/26 FHLMC - FHMS K1R1 2,353,936.11 2,465,380.27 0.414%92,011.91 2,557,392.18
07/23/21 04/25/26 FRESB 1,998,424.58 2,007,809.19 0.746%32,776.62 2,040,585.81
Mortgage backed securities (agency) 19,704,453.33 20,748,900.78 1.661%761,707.62 21,510,608.40
Municpal Bonds
07/23/21 03/15/23 State of Connecticut 3,000,000.00 3,262,140.00 0.356%18,566.67 3,280,706.67
06/09/21 08/01/23 San Dieguito Union HS 500,000.00 500,000.00 0.275%2,948.61 502,948.61
06/17/21 03/15/24 Ada&Canyon Cty SD 1,500,000.00 1,710,405.00 0.520%26,678.33 1,737,083.33
05/27/21 06/15/24 Cache County SD 3,250,000.00 3,505,872.50 0.400%41,502.50 3,547,375.00
02/26/21 10/01/24 State of Hawaii 3,000,000.00 3,039,420.00 0.433%47,129.17 3,086,549.17
03/01/21 11/01/24 City of San Francisco Util 1,000,000.00 1,004,450.00 0.600%22,073.31 1,026,523.31
06/02/21 12/01/24 Mason & Kitsap Counties SD 640,000.00 640,000.00 0.538%12,041.64 652,041.64
07/19/21 02/01/25 Amarillo Independent SD 1,800,000.00 1,762,290.00 0.600%37,710.00 1,800,000.00
03/22/21 02/15/25 Texas St Tech Univ 2,500,000.00 2,524,850.00 0.679%66,539.86 2,591,389.86
06/29/21 05/15/25 University of California 1,960,000.00 1,966,154.40 0.799%60,957.52 2,027,111.92
03/01/21 05/15/25 University of California 1,500,000.00 1,517,250.00 0.600%38,474.13 1,555,724.13
02/02/21 06/15/25 County of Multnomah OR 2,000,000.00 2,006,040.00 0.430%31,513.89 2,037,553.89
01/28/21 07/01/25 University of California UNVHGR 1,805,000.00 1,995,210.90 0.509%54,434.78 2,049,645.68
05/18/21 04/01/26 State of California 1,250,000.00 1,353,350.00 0.910%57,950.35 1,411,300.35
04/01/21 04/01/26 State of California 4,140,000.00 4,478,652.00 0.970%209,898.00 4,688,550.00
09/01/21 06/15/26 Portland Community College (PORHGR)1,100,000.00 1,102,992.00 0.841%44,365.32 1,147,357.32
Nov. 2, 2021 Item #1 Page 15 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
08/12/21 08/01/26 San Diego Community College (SDGHGR)3,000,000.00 3,209,550.00 0.860%133,192.58 3,342,742.58
08/23/21 08/01/26 Santa Barbara CA USD (SBBSCD)500,000.00 511,970.00 0.842%21,071.17 533,041.17
08/23/21 08/01/26 San Jose Evergreen CC (SJSHGR)750,000.00 799,522.50 0.842%32,339.58 831,862.08
Municpal Bonds 35,195,000.00 36,890,119.30 0.633%959,387.41 37,849,506.71
Cash
Wells Fargo Bank - General 9,810,922.63 9,810,922.63 0.010%80.64 9,811,003.27
Wells Fargo Sweep account - - 0.010%- -
Wells Fargo Bank - Custody 4,712,014.65 4,712,014.65 0.010%39.27 4,712,053.92
CAMP 1,006,478.25 1,006,478.25 0.050%41.36 1,006,519.61
LAIF City 71,868,055.55 71,868,055.55 0.200%11,978.01 71,880,033.56
LAIF CMWD 29,732,702.44 29,732,702.44 0.200%4,955.45 29,737,657.89
LAIF CPFA 738,894.72 738,894.72 0.200%123.15 739,017.87
Cash 117,869,068.24 117,869,068.24 0.175%17,217.87 117,886,286.11
GRAND TOTAL 793,308,521.57 804,500,706.28 1.1471% 38,734,689.79 843,235,396.07
Nov. 2, 2021 Item #1 Page 16 of 23
EXHIBIT 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of Sept. 30, 2021
Cash balance by fund:
General 106,313,040
Special revenue 33,009,907
Capital projects:
General capital construction 54,062,373
Traffic impact fees 23,967,348
Public facilities fees 30,934,555
Park development 14,193,612
TransNet taxes 8,708,682
Drainage fees 4,656,245
Special districts 121,530,619
Infrastructure replacement 123,440,626
Gas tax 17,827,427
Capital project subtotal 399,321,488
Enterprise:
Carlsbad Municipal Water District 136,445,704
Sewer fund 43,752,411
Solid waste 5,088,680
Storm water 8,116,199
Golf course 1,916,455
Enterprise subtotal 195,319,449
Internal service 49,583,482
Trust and agency 12,926,202
Total general ledger balance **796,473,569
Reconciling adjustments (1)4,851,970
Total treasurer's investment portfolio at amortized cost $801,325,539
**Figures based on best estimate at the time report run on 10/19/2021.
(1) The reconciling adjustments consist of differences between the general ledger which is prepared
on an accrual basis and the treasurer's report which is prepared on a cash basis. Accrued interest,
amortized premium or discounts and outstanding checks and deposits in transit are not included in the
treasurer's summary. Differences between the time journal entries are posted and the time this
report is produced may also be a component of the adjustment.
Nov. 2, 2021 Item #1 Page 17 of 23
EXHIBIT 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of Sept. 30, 2021
Corporate notes Moody's S&P Fitch Outlook
3M Company A1 A+Negative/negative
Alphabet Inc.Aa2 AA+Stable/stable
Amazon.com Inc.A1 AA AA-stable
Apple Inc.Aa1 AA+Stable/stable
Bank of America A2 A-AA-Stable/positive/Stable
Bank of New York Mellon A1 A AA-Stable
Berkshire Hathaway Aa2 AA A+Stable
Blackrock Inc.Aa3 AA-Stable
Chevron Aa2 AA-Stable
Cisco Systems Inc.A1 AA-Stable
Citibank A3 BBB+A Stable
CME Group Aa3 AA-AA-Stable
Colgate-Palmolive Aa3 AA-Stable
Exxon Mobil Aa2 AA-Stable/negative
Florida Power & Light Aa2 A+AA-Stable
Johnson & Johnson Aaa AAA Negative
JP Morgan Chase Bank A2 A-AA-Positive/positive/stable
Massmutual Global Aa3 AA+AA+Stable
Merck A1 A+A+Negative/stable/stable
Microsoft Aaa AAA AAA Stable
Nike Inc.A1 AA-Negative/stable
Novartis Capital Corp A1 AA-AA-Stable
Procter & Gamble Aa3 AA-Stable
Public Service Electric A1 A Stable
State Street Corporation A1 A AA-Stable
Toyota A1 A+A+Stable
US Bank NA A1 AA-AA-Negative/negative/stable
Visa Inc.Aa3 AA-Stable
Wal-Mart Aa2 AA AA Stable
Ratings of corporate notes must be AA or better by one and A or better another of the three: Moody's, S&P, or Fitch.
Mortgage backed securities Moody's S&P Fitch Outlook
FHLMC Aaa AAA Stable
FNMA Aaa AAA Stable
Ratings of mortgage backed securities must be AA or better by one of the three: Moody's, S&P, or Fitch.
Nov. 2, 2021 Item #1 Page 18 of 23
Municipal Bonds Moody's S&P Fitch Outlook
Ada/Canyon Cty SD Aa1 AA+Stable
Amarillo Independent SD Aaa AAA Stable
Cache County SD Aaa AAA1 AAA1 Stable
City of San Francisco Util Aa2 AA Stable
County of Multnomah Aaa AAA Stable
Mason/Kitsap Cty SD Aaa AA+Stable
Portland CC Aa1 AA+Stable
San Diego CC Aaa AAA Stable
San Dieguito Union HS Aa1 AA Stable
San Jose Evergreen CC Aa1 AA+Stable
Santa Barbara CA USD Aa1 AA Stable
State of California Aa2 AA-AA Stable
State of Connecticut Aa3 A+AA-Stable
State of Hawaii Aa2 AA+AA Negative/stable/stable
Texas Tech University Aa1 AA+Stable
University of California Aa2 AA AA Stable
Ratings of municipal bonds must be AA or better by one and A or better another of the three: Moody's, S&P, or Fitch.
Investments with subsequent changes in credit rating *
Corporate notes Moody's S&P Fitch Maturity date Purchased Book value
3M Company A1 A+03/07/24 12/19/19 5,325,129$
Citibank A3 BBB+A 01/23/24 02/20/20 7,264,157
Merck A1 A+A+02/24/26 04/12/21 1,487,125
Public Service Electric A1 A 03/27/25 12/31/20 2,616,594
Toyota A1 A+A+01/08/24 07/01/19 13,775,699
30,468,704$
* All investments were in compliance with the city's investment policy unless otherwise denoted.
The city's Investment Policy allows the city treasurer to determine the course of action that would correct exceptions
to the policy. All current exceptions are paying interest at the required times. The principal of all investments are
considered secure. It is the intent of the city treasurer to hold these assets in the portfolio until maturity unless events
indicate they should be sold.
1: The investment was purchased with a Aaa Moody’s rating, stable outlooks, and underlying ratings of AAA from all
three major ratings agencies. The bond was purchased with the consideration that it is backed by the State of Utah
in which the Utah School Bond Guaranty Program provides credit enhancement to voter-approved general obligation
bonds issued by school districts. The program pledges the full faith and credit of the state to the payment of
voter-approved school district general obligation bonds providing the qualifying bond with the state's AAA ratings.
Nov. 2, 2021 Item #1 Page 19 of 23
EXHIBIT 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of Sept. 30, 2021
Corporate notes Amortized cost Portfolio allocation*
3M Company 5,325,129$ 0.66%
Amazon.com Inc.4,613,139 0.58%
Apple Inc.14,384,278 1.80%
Bank of America 7,988,288 1.00%
Bank of New York Mellon 10,414,333 1.30%
Berkshire Hathaway 9,600,840 1.20%
Blackrock Inc.8,359,783 1.04%
Cisco Systems Inc.504,279 0.06%
Citibank 7,264,157 0.91%
CME Group 2,973,263 0.37%
Colgate-Palmolive 9,578,550 1.20%
Exxon Mobil 2,000,291 0.25%
Florida Power & Light 3,891,740 0.49%
Johnson & Johnson 14,777,393 1.84%
JP Morgan Chase Bank 18,630,028 2.32%
Massmutual Global 3,783,209 0.47%
Merck 1,487,125 0.19%
Microsoft 7,557,256 0.94%
Nike Inc.3,051,154 0.38%
Novartis Capital Corp 4,856,287 0.61%
Procter & Gamble 9,166,716 1.14%
Public Service Electric 2,616,594 0.33%
State Street Corporation 2,071,292 0.26%
Toyota 13,775,699 1.72%
US Bank NA 11,573,759 1.44%
Visa Inc.1,358,859 0.17%
Wal-Mart 17,782,370 2.22%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FHLMC 14,379,615 1.79%
FNMA 6,306,599 0.79%
Nov. 2, 2021 Item #1 Page 20 of 23
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.24,100,337 3.01%
Federal Farm Credit Bank 89,461,040 11.16%
Federal Home Loan Bank 93,448,592 11.66%
Federal Home Loan Mortgage Corp.51,901,012 6.48%
Federal National Mortgage Assoc.49,244,282 6.15%
Private Export Funding Corp.2,536,386 0.32%
Tennessee Valley Authority 1,075,642 0.13%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,691,176 0.21%
Amarillo Independent SD 1,764,448 0.22%
Cache County SD 3,476,976 0.43%
City of San Francisco 1,003,740 0.13%
County of Multnomah 2,005,122 0.25%
Mason/Kitsap Cty SD 640,000 0.08%
Portland CC 1,102,940 0.14%
San Diego CC 3,203,811 0.40%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 798,464 0.10%
Santa Barbara CA USD 511,714 0.06%
State of California 5,790,296 0.72%
State of Connecticut 3,232,029 0.40%
State of Hawaii 3,032,875 0.38%
Texas Tech University 2,521,502 0.31%
University of California 5,446,788 0.68%
Other Amortized cost Portfolio allocation
Supranational 32,556,060 4.06%
US Treasury 61,003,491 7.61%
Certificate of deposits 21,335,723 2.66%
Cash 117,869,068 14.71%
Total portfolio amortized cost 801,325,539$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
Nov. 2, 2021 Item #1 Page 21 of 23
City of Carlsbad
Investments of bond proceeds held separately
As of Sept. 30, 2021
Stated Maturity
Name and fund type Investments rate date Par value
Assessment District 03-01 (College/Cannon)
Project fund Invesco Gov. & Agency - Institutional Money Market N/A N/A 980,476$
Assessment District 96-01 (Rancho Carrillo)
Reserve fund Repub Natl Bank Repo Agreement: HSBC (GIC)6.03% 09/02/28 942,770$
Reassessment District 2012-1 (College/Cannon & Poinsettia Lane)
Reserve fund Invesco Gov. & Agency - Institutional Money Market various N/A 2,286,405$
Communities Facilities District #3 Improvement Area 1, 2016 Bonds
Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/36 573,536$
Other Invesco Gov. & Agency - Institutional Money Market various 09/01/36 1$
Communities Facilities District #3 Improvement Area 2, 2016 Bonds
Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/38 536,564$
Other Invesco Gov. & Agency - Institutional Money Market various 09/01/38 360$
5,320,110$EXHIBIT 10Nov. 2, 2021 Item #1 Page 22 of 23
City of Carlsbad
Summary of outstanding housing loans
As of Sept. 30, 2021
Borrower Development Purpose Status
First date
issued
# of loans
issued
Loans issued by
City to developers/
homeowners
Loans issued by
developer to
homeowners
# of loans
outstanding
City loan repaid to
City
Developer loan
repaid to City
Loan amount due
to City
Developer loan
amount due to
City Total
Individual homebuyers Calavera Hills Sale Outstanding 10/15/99 5 75,000$ 150,000$ 1 (60,000)$ (120,000)$ 15,000$ 30,000$ 15,000$
Individual homebuyers Cherry Tree Walk Sale Outstanding 06/28/99 42 453,600 452,600 11 (334,800) (283,250) 118,800 169,350 118,800
Individual homebuyers Serrano Sale Outstanding 05/25/01 90 1,350,000 4,050,000 21 (1,050,135) (2,790,000) 299,865 1,260,000 299,865
Individual homebuyers Rancho Carlsbad Sale Outstanding 05/20/99 22 752,533 - 4 (616,633) - 135,900 - 135,900
Catholic Charities Homeless shelter Shelter Outstanding 09/19/97 1 200,000 - 1 - - 200,000 - 200,000
Pacific Vista Las Flores Vista Las Flores Rentals Outstanding 02/27/01 1 363,948 - 1 - - 363,948 - 363,948
CIC Calavera LP Mariposa Apts Rentals Outstanding 09/15/04 1 1,060,000 - 1 - - 1,060,000 - 1,060,000
Individual homebuyers Mulberry at Bressi Ranch Sale Outstanding 04/29/05 100 1,840,000 19,660,200 100 - - 1,840,000 19,660,200 1,840,000
Individual homebuyers Village by the Sea Sale Outstanding 10/28/05 11 220,000 4,087,200 11 - - 220,000 4,087,200 220,000
Individual homebuyers Laguna Point Sale Outstanding 07/06/06 3 210,000 - 2 (70,000) - 140,000 - 140,000
Individual homebuyers The Bluffs Sale Outstanding 06/14/07 10 200,000 - 10 - - 200,000 - 200,000
Individual homebuyers Roosevelt Gardens Sale Outstanding 08/30/07 11 1,583,423 11 - - 1,583,423 - 1,583,423
CIC La Costa Hunter's Point Rentals Outstanding 08/19/08 1 1,932,000 - 1 - - 1,932,000 - 1,932,000
Down Payment & Closing Cost AssistanceVarious Assistance Outstanding 06/25/09 22 255,518 - 17 (63,900) - 191,618 - 191,618
CIC Glen Ridge, LP Glen Ridge Rentals Outstanding 10/05/09 1 1,014,000 - 1 - - 1,014,000 - 1,014,000
North County Solutions for Change Property Acquisition Rentals Outstanding 06/28/12 1 780,000 - 1 - - 780,000 - 780,000
Catholic Charities Homeless shelter Shelter Outstanding 03/01/10 3 507,585 - 3 - - 507,585 - 507,585
Individual homeowners N/A Minor Home Repair Outstanding 05/20/10 13 34,605 - 7 (4,083) - 30,522 - 30,522
Hospice of North Coast N/A Property Acquisition Outstanding 02/27/13 1 1,065,000 - 1 - - 1,065,000 - 1,065,000
Harding Street Neighbors, LP Carol-Harding Duplex Property Acquisition Outstanding 03/14/13 1 7,408,000 - 1 - - 7,408,000 - 7,408,000
Tracy Templeton Laguna Point Sale Outstanding 04/17/13 1 108,150 - 1 - - 108,150 - 108,150
Thomas & Judy Kim Rose Bay Sale Outstanding 08/23/13 1 229,775 - 1 - - 229,775 - 229,775
Solutions for Change N/A Property Acquisition Outstanding 12/19/14 1 2,646,000 - 1 - - 2,646,000 - 2,646,000
Chelsea Inv Corp/Quarry Creek CiC LLP Quarry Creek Rentals Outstanding 08/31/16 1 1,280,000 - 1 (540,252) - 739,748 - 739,748
Carlsbad Veteran Housing LP Windsor Pointe Rentals Outstanding 12/03/20 1 2,275,728 - 1 - - 2,275,728 - 2,275,728
345 27,844,865 28,400,000 211 (2,739,802) (3,193,250) 25,105,063 25,206,750 25,105,063
Individual homebuyers City-wide (CHAP)Sale Paid-Off 06/28/99 133 1,680,000 - 0 (1,680,000) - - - -
Individual homebuyers Solamar Sale Paid-Off 09/26/88 9 147,726 - 0 (147,726) - - - -
CB Laurel Tree Apartments Laurel Tree Rentals Paid-Off 12/24/98 2 1,134,000 - 0 (1,134,000) - - - -
USA Properties c/o CFHP Rancho Carrillo Rentals Paid-Off 03/05/01 1 1,157,584 - 0 (1,157,584) - - - -
Poinsettia Housing Assoc Poinsettia Station Rentals Paid-Off 10/21/99 1 920,000 - 0 (920,001) - - - -
Bridge Housing Corp Villa Loma Rentals Paid-Off 11/04/94 2 2,212,000 - 0 (2,212,000) - - - -
Dove Family Housing La Costa Paloma Rentals Paid-Off 07/15/03 1 2,070,000 - 0 (2,070,000) - - - -
El Camino Family Housing Cassia Heights Rentals Paid-Off 03/07/06 1 1,454,276 - 0 (1,454,276) - - - -
150 10,775,586 - 0 (10,775,587) - - - -
Allowances Other (1,803,107) (1,803,107) (1,803,107)
495 36,817,344$ 28,400,000$ 211 (13,515,390)$ (3,193,250)$ 23,301,956$ 25,206,750$ 23,301,956$ EXHIBIT 11Oct. 2020: Issued a $4,046 Minor Home Repair loan; Nov. 2020: Received a $112,808 payment related to the Quarry Creek development; Dec. 2020: Issued a total $259,389 in loans to the Windsor Pointe development; received a $12,000 pay-off related to the DPCCA
program; Jan. 2021: Windsor Pointe loan of $131,950.31; Feb. 2021: Windsor Pointe loan of $510,029.83; March 2021: Windsor Pointe loan of $451,399.19; DPCCA loan pay-off of $20,000; April 2021: Issued Windsor Pointe loan draw of $683,960; June 2021: issued Windsor
Pointe loan draw of $239,000; received loan payment of $141,535 related to the Quarry Creek development; received a $12,661 loan pay-off related to the Solamar development.
Nov. 2, 2021 Item #1 Page 23 of 23