HomeMy WebLinkAbout2022-05-10; City Council; ; Report on City Investments as of March 31, 2022CA Review CKM
Meeting Date: May 10, 2022
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Craig Lindholm, City Treasurer
craig.lindholm@carlsbadca.gov, 442-339-2473
Laura Rocha, Deputy City Manager, Administrative Services
laura.rocha@carlsbadca.gov, 442-339-2415
Subject: Report on City Investments as of March 31, 2022
District: All
Recommended Action
Accept and file Report on City Investments as of March 31, 2022.
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 March 31, 2022, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $818,543,163 $816,682,395
Investment cost $829,281,576 $827,771,262
Amortized cost2 $824,909,389 $823,640,730
Market value3 $797,994,035 $809,892,101
(1)The face value of the investments.
(2)The cost of investments adjusted for amortized premiums and discounts.
(3)The amount at which the investments could be sold. Source of market value
is Wells Fargo Bank’s custodial report.
The equity portion of the various funds in the total portfolio is summarized in the graph below.
Fund balances are restricted for various purposes (See Exhibit 7 for a more detailed
breakdown).
May 10, 2022 Item #1 Page 1 of 23
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $9,197,139 $1,231,367 $894,289
The cash income received is adjusted for any accrued interest purchased.
Pooled investment performance
Average life (years) Yield to maturity Modified duration
Jan. 2022 2.26 1.10% 2.13
Feb. 2022 2.33 1.13% 2.19
March 2022 2.32 1.16% 2.15
All pooled investments have been made in accordance with the city’s Investment Policy, which
was adopted Jan. 2, 1985, and last revised Nov. 2, 2021; however, events after the purchase
might result in perceived non-compliance with the current policy. These events are typically a
change in the credit rating after a purchase, a change in the city’s Investment Policy, or a
temporary reduction in total portfolio assets.
Exhibit 8 shows the investments out of compliance with the current policy that experienced a
subsequent change in credit rating. Ratings on five investments have dropped to less than the
rating required by the Investment Policy since their initial purchase. Corporate notes and
municipal bonds require a “split rating” of AA from one rating company and an A rating from a
second. Mortgage-backed securities require an AA rating from one rating company.
The city’s Investment Policy allows the City Treasurer to determine the course of action that
would correct exceptions to the policy. These investments are paying interest at the required
times and their principal is considered secure. It is the intent of the City Treasurer to hold these
assets in the portfolio until maturity unless events indicate they should be sold.
Capital projects$394
Enterprise$199
General
$126
Internal service
$51
Special revenue
$34
Fiduciary
$14
Fund equity in pooled investments
March 31, 2022
($ in millions)
May 10, 2022 Item #1 Page 2 of 23
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
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
May 10, 2022 Item #1 Page 3 of 23
City of Carlsbad investment portfolio
As of March 31, 2022
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 $ 325,144,134 $ 322,296,400 $ 310,303,863 $ 313,863,405 $ 2,196,546 0.97%0.97%
SN 28,654,402 28,654,402 27,438,941 27,901,389 410,438 1.53 1.53
TR 79,812,212 78,739,575 77,336,888 77,415,396 694,775 0.95 0.96
CN 207,992,429 211,258,976 200,573,064 206,974,552 3,567,168 1.80 1.80
CD 21,333,323 20,098,323 20,626,019 19,764,314 204,624 1.46 1.43
MBS (agency)22,598,798 22,922,765 21,146,443 21,967,135 284,832 1.63 1.62
MBS (non-agency)- - - - - 0.00 0.00
Muni 53,331,642 48,137,481 50,154,181 46,342,570 363,003 0.98 0.85
Bank account 6,038,310 10,703,438 6,038,310 10,703,438 - 1.00 0.01
IRT 2,901,644 3,485,268 2,901,644 3,485,268 280 1.00 0.01
CAMP 1,006,740 1,006,693 1,006,740 1,006,693 343 0.50 0.05
LAIF 80,467,941 80,467,941 80,467,941 80,467,941 243,762 0.42 0.20
Total $829,281,576 $827,771,262 $797,994,035 $809,892,101 $7,965,771 1.16%1.13%
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 1May 10, 2022Item #1 Page 4 of 23
City of Carlsbad investment portfolio
As of March 31, 2022
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 $22,231,379 $11,773,609 $276,298,876 $310,303,863 38.89%
SN - 5,527,435 21,911,506 27,438,941 3.44
TR 7,470,708 12,066,390 57,799,790 77,336,888 9.69
CN 25,163,985 29,339,573 146,069,506 200,573,064 25.13 (2)
CD 1,491,985 1,497,305 17,636,729 20,626,019 2.58
MBS (agency)2,160,000 2,940,000 16,046,443 21,146,443 2.65 (3)
MBS (non-agency)- - - - 0.00 (3)(4)
Muni - 3,107,190 47,046,991 50,154,181 6.29 (5)
Bank account 6,038,310 - - 6,038,310 0.76
Sweep - - - - 0.00
IRT 2,901,644 - - 2,901,644 0.36
CAMP 1,006,740 - - 1,006,740 0.13
LAIF 80,467,941 - - 80,467,941 10.08
Totals $148,932,692 $66,251,501 $582,809,841 $797,994,035 100.0%
% Totals 18.7%8.3%73.0%100.0%
Total within one year $215,184,194 (1)
Percentage of the budget within one year 67.9%
Policy
(1) Not less than $211,200,000 to mature within one year, two-thirds of FY 21-22 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 2May 10, 2022Item #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
2017 JanMarchMayJulySeptNov2018 JanMarchMayJulySeptNov2019 JanMarchMayJulySeptNov2020 JanMarchMayJulySeptNov2021 JanMarchMayJulySeptNov2022 JanMarchYield (%)City of Carlsbad investment portfolio
Yield comparison
Portfolio yield ex pool money investment accounts (PMIA) vs CAMP yield vs LAIF yield
Portfolio ex PMIA CAMP LAIF
Began tracking published data for CAMP
at time of investment, Jan. 2019.
0.00
0.50
1.00
1.50
2.00
2.50
3.00
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
3/31/2022 0.52 2.28 2.45 2.32Market rate (%)City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
May 10, 2022 Item #1 Page 6 of 23
EXHIBIT 4$1.02 $0.83 $1.44 $1.00 $0.89 $0.95 $0.94 $0.89 $1.23$1.28 $1.11 $0.93 $0.93
$9.20
$11.06
$14.03
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
March April May June July August Sep Oct Nov Dec Jan Feb MarchInterest income ($ in millions)City of Carlsbad investment portfolio
Cumulative cash income
13-month comparison
FY 2021-22 interest income FY 2020-21 interest income FY 2021-22 cumulative FY 2020-21 cumulativeMay 10, 2022Item #1 Page 7 of 23------------~ ---=----1111111£ ---=----------------
EXHIBIT 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of March 31, 2022
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total
3132X0NX5 FAMCA 11/04/2019 01/03/2022 2,000,000 2,000,000 10,843 2,010,843
501798LJ9 LCA 01/12/2018 01/12/2022 246,000 246,000 2,852 248,852
3137EADB2 FHLMC 11/12/2019 01/13/2022 1,000,000 1,000,000 11,875 1,011,875
31398E6W9 FHLMC 08/27/2020 01/18/2022 28,472 29,833 1,628 31,461
4581X0CW6 IADB 01/08/2018 01/18/2022 2,000,000 2,000,000 21,250 2,021,250
55266CUG9 MBFINA 01/18/2017 01/18/2022 249,000 249,000 434 249,434
32110YJR7 FIRSTA 01/20/2017 01/20/2022 249,000 249,000 434 249,434
25665QAZ8 DOLLAR 01/24/2019 01/24/2022 246,000 246,000 3,534 249,534
3138L14F3 FNMA AM1721 12/26/2019 01/25/2022 1,836,955 1,849,584 16,808 1,866,393
30315EAA4 FRESB 07/24/2020 01/25/2022 1,235 1,241 681 1,922
30318NAA1 FRESB 02/19/2021 01/25/2022 2,142 2,152 753 2,905
30321CAQ5 FRESB 07/23/2021 01/25/2022 909 913 1,442 2,355
3137BP4J5 FHLMC 08/20/2021 01/25/2022 38,456 40,277 4,554 44,831
3137FBTA4 FHLMC 03/10/2021 01/25/2022 3,372 3,637 7,581 11,218
3137F32A1 FHLMC 04/15/2020 01/25/2022 77,990 83,595 8,353 91,948
459058FY4 IBRD 12/18/2017 01/26/2022 2,500,000 2,500,000 25,000 2,525,000
912828H86 USTR 01/20/2017 01/31/2022 3,000,000 3,000,000 22,500 3,022,500
3133EG6E0 FFCB 03/25/2019 02/03/2022 2,500,000 2,500,000 23,375 2,523,375
037833AY6 Apple 11/29/2019 02/09/2022 2,000,000 2,000,000 21,500 2,021,500
7954506G5 Sallie 02/12/2020 02/14/2022 247,000 247,000 23 247,023
31398E6W9 FHLMC 08/27/2020 02/15/2022 28,315 29,669 1,533 31,202
3132X0PX3 FAMCA 02/23/2017 02/23/2022 2,600,000 2,600,000 27,300 2,627,300
30315EAA4 FRESB 07/24/2020 02/25/2022 1,239 1,245 680 1,925
30318NAA1 FRESB 02/19/2021 02/25/2022 2,254 2,264 751 3,016
30321CAQ5 FRESB 07/23/2021 02/25/2022 1,257 1,263 1,442 2,704
912828W55 US Treasury 04/23/2019 02/28/2022 1,500,000 1,500,000 14,063 1,514,063
3133EKBV7 FFCB 03/01/2019 03/01/2022 2,000,000 2,000,000 25,500 2,025,500
478160CD4 JNJ 03/07/2019 03/03/2022 1,250,000 1,250,000 14,063 1,264,063
478160CD4 JNJ 02/24/2020 03/03/2022 2,000,000 2,000,000 22,500 2,022,500
3137FBTA4 FHLMC 03/10/2021 03/04/2022 3,384 3,650 7,572 11,222
3137F32A1 FHLMC 04/15/2020 03/08/2022 78,242 83,866 8,135 92,001
30324QAC2 FRESB 01/21/2022 03/08/2022 3,127 3,142 6,150 9,292
3137BP4J5 FHLMC 08/20/2021 03/09/2022 38,599 40,426 4,476 44,902
31398E6W9 FHLMC 08/27/2020 03/15/2022 26,095 27,343 1,439 28,782
30315EAA4 FRESB 07/24/2020 03/25/2022 1,491 1,498 679 2,178
30318NAA1 FRESB 02/19/2021 03/25/2022 2,630 2,642 750 3,392
30321CAQ5 FRESB 07/23/2021 03/25/2022 1,856 1,865 1,441 3,306
30324QAC2 FRESB 01/21/2022 03/25/2022 3,697 3,714 6,146 9,859
3137BP4J5 FHLMC 08/20/2021 03/25/2022 46,350 48,544 4,397 52,941
3137F32A1 FHLMC 04/15/2020 03/25/2022 95,913 102,807 7,918 110,725
3137FBTA4 FHLMC 03/10/2021 03/25/2022 4,144 4,470 7,564 12,034
3134GBDS8 FHLMC 03/29/2017 03/29/2022 1,500,000 1,500,000 18,750 1,518,750
912828J76 USTR 03/02/2017 03/31/2022 3,000,000 3,000,000 26,250 3,026,250
32,415,123$ 32,456,640$ 394,918$ 32,851,559$
Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total
30231GAJ1 Exxon Mobil 03/06/2017 03/06/2022 01/06/2022 2,000,000 2,000,113 2,015,980
594918BW3 Microsoft 12/20/2017 02/06/2022 01/06/2022 1,250,000 1,250,081 1,262,500
3134GUQ94 FHLMC 01/10/2020 01/10/2025 01/10/2022 2,000,000 2,000,000 2,018,000
45950VNR3 IFC 01/27/2020 01/15/2025 01/18/2022 1,000,000 1,000,000 1,008,130
6,250,000$ 6,250,194$ 6,304,610$
May 10, 2022 Item #1 Page 8 of 23
Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value
798170AJ5 San Jose Redev (SJSDEV)01/06/2022 08/01/2026 02/01/2022 1.51%3,000,000 107.34 3,220,260
91282CDM0 US Treasury 01/14/2022 11/30/2023 05/31/2022 0.84%2,000,000 99.37 1,987,344
91282CDK4 US Treasury 01/14/2022 11/30/2026 05/31/2022 1.46%1,500,000 99.00 1,485,000
3130AQF65 FHLB 01/14/2022 12/21/2026 06/21/2022 1.48%1,550,000 98.89 1,532,857
59217GBY4 Metlife (MET)01/19/2022 12/18/2026 06/18/2022 1.94%4,000,000 107.04 4,281,720
9128283U2 US Treasury 01/20/2022 01/31/2023 01/31/2022 0.55%3,000,000 101.87 3,056,016
912828S35 US Treasury 01/20/2022 06/30/2023 06/30/2022 0.81%2,000,000 100.81 2,016,250
91282CCN9 US Treasury 01/20/2022 07/31/2023 01/31/2022 0.86%2,000,000 98.89 1,977,813
30324QAC2 FRESB 2022-SB94 01/21/2022 11/25/2026 02/25/2022 1.50%4,500,000 100.46 4,520,813
91282CCU3 US Treasury 01/21/2022 08/31/2023 02/28/2022 0.84%2,000,000 98.85 1,977,084
06048WL40 BAC 01/24/2022 02/26/2024 02/26/2022 1.30%3,000,000 98.19 2,945,610
742718FV6 PG 02/04/2022 02/01/2027 08/01/2022 1.79%2,000,000 100.52 2,010,459
91282CBX8 US Treasury 02/04/2022 04/30/2023 04/30/2022 0.84%2,500,000 99.13 2,478,125
3130AQMX8 FHLB 02/07/2022 01/26/2027 07/26/2022 1.33%1,250,000 99.60 1,245,000
91282CCD1 US Treasury 02/07/2022 05/31/2023 05/31/2022 0.94%2,000,000 98.95 1,978,906
13063DRD2 CAS 02/08/2022 10/01/2026 04/01/2022 1.73%2,400,000 102.87 2,468,808
91282CAP6 T 02/10/2022 10/15/2023 04/15/2022 1.21%2,500,000 98.20 2,455,078
842475P82 STNPWR 02/11/2022 07/01/2026 07/01/2022 1.93%2,485,000 97.21 2,415,644
3134GW6C5 FHLMC 02/15/2022 10/28/2026 04/28/2022 1.96%4,500,000 94.82 4,266,900
48128G6F2 JPM 02/25/2022 02/25/2027 08/25/2022 2.55%5,000,000 100.00 5,000,000
3130APJZ9 FHLB 02/17/2022 10/28/2026 04/28/2022 1.98%3,500,000 96.52 3,378,200
419792ZN9 State of Hawaii GO (HIS)03/02/2022 10/01/2026 04/01/2022 1.81%2,000,000 96.95 1,938,920
9128283U2 US Treasury 03/07/2022 01/31/2023 07/31/2022 1.00%2,000,000 101.23 2,024,688
313382AL7 FHLB 03/07/2022 02/13/2023 08/13/2022 1.04%2,000,000 101.04 2,020,740
64034KBF7 Nelnet Bank Inc (NELNTB)03/09/2022 03/09/2027 09/09/2022 1.95%247,000 100.00 247,000
27004PCN1 Eaglemark Savings (EAGSBK)03/09/2022 03/09/2027 09/09/2022 2.00%247,000 100.00 247,000
07371CN21 Beal Bank NV (BSVBK)03/16/2022 03/10/2027 09/10/2022 1.80%247,000 100.00 247,000
07371AB28 Beal Bank TX (BEALBK)03/16/2022 03/10/2027 09/10/2022 1.80%247,000 100.00 247,000
419792ZK5 HIS 03/17/2022 10/01/2024 04/01/2022 2.16%2,000,000 96.66 1,933,240
9128286R6 US Treasury 03/21/2022 04/30/2024 04/30/2022 1.96%2,000,000 100.59 2,011,875
3133ELQ56 FFCB 03/21/2022 07/02/2024 01/02/2021 1.98%2,005,000 96.87 1,942,244
02589ABW1 American Exp Bank (AXP)03/23/2022 03/23/2027 09/23/2022 2.20%247,000 100.00 247,000
13067WSW3 CASWTR 03/29/2022 12/01/2026 06/01/2022 2.71%1,425,000 92.77 1,322,001
3130AQLD3 FHLB 03/29/2022 01/28/2027 07/28/2022 2.78%2,500,000 95.39 2,384,750
73,850,000$ 99.41 73,511,343$
May 10, 2022 Item #1 Page 9 of 23
EXHIBIT 6
City of Carlsbad
Investment summary
As of March 31, 2022
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Federal investments
05/25/17 04/05/22 FNMA 1,600,000.00 1,600,581.01 1.867%145,833.33 1,745,833.33
01/09/20 04/05/22 FNMA 2,500,000.00 2,517,775.00 1.550%104,947.92 2,604,947.92
04/27/17 04/27/22 FHLMC 3,500,000.00 3,545,920.00 2.345%459,375.00 3,959,375.00
05/19/20 04/27/22 FFCB 2,000,000.00 2,003,480.00 0.210%11,616.67 2,011,616.67
01/09/20 06/10/22 FHLB 3,000,000.00 3,297,270.00 1.560%417,354.17 3,417,354.17
01/15/20 07/15/22 FHLMC 1,500,000.00 1,500,510.00 1.586%60,000.00 1,560,000.00
12/01/17 09/09/22 FHLB 1,750,000.00 1,739,692.50 2.130%167,027.78 1,917,027.78
07/05/19 09/09/22 FHLB 1,800,000.00 1,874,106.00 1.786%178,750.00 1,978,750.00
01/15/20 09/09/22 FHLB 2,000,000.00 2,021,180.00 1.590%106,000.00 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%91,444.44 1,091,444.44
10/05/18 10/05/22 FNMA 1,000,000.00 962,570.00 3.000%80,000.00 1,080,000.00
05/20/20 10/05/22 FNMA 1,923,000.00 2,005,439.01 0.190%91,342.50 2,014,342.50
04/24/18 12/09/22 FHLB 2,250,000.00 2,215,102.50 2.500%260,156.25 2,510,156.25
09/10/19 12/09/22 FHLB 1,500,000.00 1,670,736.00 1.630%255,281.25 1,755,281.25
03/07/22 02/13/23 FHLB 2,000,000.00 2,020,740.00 1.040%40,320.00 2,040,320.00
03/22/19 03/10/23 FHLB 2,000,000.00 2,028,220.00 2.375%218,166.67 2,218,166.67
08/13/20 08/10/23 FNMA 2,000,000.00 1,997,600.00 0.300%17,950.00 2,017,950.00
09/13/19 08/14/23 FFCB 1,800,000.00 1,796,580.00 1.650%112,880.00 1,912,880.00
12/15/21 08/18/23 FNMA 1,250,000.00 1,246,675.00 0.510%7,328.12 1,257,328.12
11/30/21 08/25/23 FHLB 2,500,000.00 2,500,000.00 0.500%21,701.39 2,521,701.39
09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990%138,988.89 1,138,988.89
10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125%315,738.89 2,615,738.89
09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485%190,659.72 2,190,659.72
02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495%130,572.92 1,130,572.92
04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410%221,375.00 1,971,375.00
10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050%378,072.92 2,878,072.92
02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602%141,333.33 1,141,333.33
05/09/19 11/08/23 FFCB 2,000,000.00 2,001,700.00 2.280%206,872.22 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%26,917.50 3,027,900.00
03/19/21 12/04/23 FHLMC 2,000,000.00 1,998,100.00 0.250%13,541.67 2,013,541.67
06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870%196,963.33 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%120,468.75 1,120,468.75
05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.500%161,486.11 1,161,486.11
12/29/21 12/29/23 FHLB 2,000,000.00 2,000,000.00 0.720%28,800.00 2,028,800.00
03/06/19 02/27/24 FFCB 1,500,000.00 1,498,950.00 2.610%194,771.25 1,694,771.25
11/30/21 02/28/24 FHLB 1,500,000.00 1,500,000.00 0.770%25,922.80 1,525,922.80
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%487,500.00 3,487,500.00
04/09/19 04/05/24 FFCB 2,000,000.00 1,994,380.00 2.360%229,105.56 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%9,760.00 1,009,760.00
05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287%119,866.67 1,119,866.67
11/29/21 06/14/24 FNMA 2,000,000.00 1,976,200.00 0.849%19,062.50 2,019,062.50
08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457%139,845.39 1,322,845.39
08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457%151,263.00 1,621,263.00
03/21/22 07/02/24 FFCB 2,005,000.00 1,942,243.50 1.980%26,063.33 2,031,063.33
06/27/19 07/15/24 PEFCO 2,500,000.00 2,565,850.00 1.900%309,142.36 2,809,142.36
12/10/21 07/19/24 FHLB 2,000,000.00 1,978,000.00 0.878%23,475.00 2,023,475.00
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%229,708.33 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%255,833.33 4,255,833.33
08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480%261,444.44 2,761,444.44
02/19/21 09/15/24 TVA 1,000,000.00 1,091,424.00 0.300%102,701.39 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
10/04/21 10/04/24 FAMCA 2,000,000.00 2,000,000.00 0.500%30,000.00 2,030,000.00
11/25/20 10/16/24 FFCB 1,400,000.00 1,466,052.00 0.280%81,725.00 1,481,725.00
11/15/19 11/01/24 FAMCA 2,000,000.00 1,999,720.00 1.793%177,607.78 2,177,607.78
07/10/20 11/13/24 FFCB 1,621,000.00 1,751,360.82 0.390%159,055.22 1,780,055.22
11/18/20 11/18/24 FNMA 2,000,000.00 2,000,000.00 0.420%33,600.00 2,033,600.00
12/02/21 12/02/24 FHLB 1,900,000.00 1,900,000.00 1.050%59,850.00 1,959,850.00
12/16/21 12/16/24 FHLB 2,000,000.00 2,000,000.00 0.500%70,000.00 2,070,000.00
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
May 10, 2022 Item #1 Page 10 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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%145,072.92 1,645,072.92
04/09/20 03/14/25 FHLB 3,000,000.00 3,231,300.00 0.778%351,302.08 3,351,302.08
06/07/21 03/28/25 FHLMC 1,000,000.00 998,500.00 0.540%19,041.67 1,019,041.67
06/28/21 03/28/25 FHLB 3,120,000.00 3,122,340.00 0.500%70,200.00 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%127,324.17 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%66,500.00 3,066,500.00
05/20/21 06/17/25 FNMA 2,000,000.00 1,991,940.00 0.600%40,750.00 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%39,024.65 2,264,024.65
09/14/20 07/21/25 FHLMC 1,500,000.00 1,499,625.00 0.380%27,296.87 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%47,833.33 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%53,281.25 3,053,281.25
10/22/20 09/23/25 FHLMC 4,000,000.00 3,989,280.00 0.430%73,791.67 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%67,909.78 2,477,909.78
12/09/20 10/21/25 FFCB 3,000,000.00 2,994,300.00 0.560%75,920.00 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%72,833.34 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%49,845.83 1,549,845.83
12/30/20 12/30/25 FNMA 2,500,000.00 2,504,125.00 0.474%80,000.00 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%44,625.00 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%14,575.00 2,064,575.00
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%112,500.00 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%90,000.00 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%80,000.00 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%153,125.00 3,653,125.00
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%130,065.00 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
12/27/21 10/07/26 FFCB 2,500,000.00 2,469,000.00 1.268%119,444.44 2,619,444.44
May 10, 2022 Item #1 Page 11 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
02/15/22 10/28/26 FHLMC 4,500,000.00 4,266,900.00 1.958%169,300.00 4,669,300.00
02/25/22 10/28/26 FHLB 3,500,000.00 3,378,200.00 1.979%197,283.33 3,697,283.33
12/09/21 11/30/26 FFCB 2,950,000.00 2,952,950.00 1.408%167,958.25 3,117,958.25
01/14/22 12/21/26 FHLB 1,550,000.00 1,532,857.00 1.483%95,637.15 1,645,637.15
02/07/22 01/26/27 FHLB 1,250,000.00 1,245,000.00 1.331%112,070.31 1,362,070.31
03/29/22 01/28/27 FHLB 2,500,000.00 2,384,750.00 2.776%211,336.81 2,711,336.81
Federal investments 323,651,000.00 325,144,133.91 0.974%15,639,202.96 339,291,185.46
Supranationals
10/10/17 10/07/22 IBRD 1,300,000.00 1,290,907.89 2.024%121,671.77 1,421,671.77
02/08/19 10/24/22 IFC 1,500,000.00 1,470,780.00 2.553%111,333.33 1,611,333.33
01/18/18 01/18/23 IADB 1,700,000.00 1,702,652.00 2.467%212,500.00 1,912,500.00
01/24/18 01/18/23 IADB 1,000,000.00 997,670.00 2.550%124,583.33 1,124,583.33
11/10/20 06/19/23 IBRD 3,000,000.00 3,129,060.00 1.875%146,718.75 3,146,718.75
11/10/20 10/04/23 IADB 3,000,000.00 3,240,000.00 3.000%261,000.00 3,261,000.00
05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300%264,166.67 2,264,166.67
08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428%149,916.67 2,149,916.67
11/03/21 10/15/24 IADB 1,440,000.00 1,419,552.00 0.828%14,443.20 1,454,443.20
02/04/21 10/16/24 IFC 2,000,000.00 2,079,800.00 0.290%101,750.00 2,101,750.00
01/14/21 11/20/25 IBRD 2,000,000.00 2,250,220.00 0.510%303,125.00 2,303,125.00
01/25/21 01/15/26 IFC 2,000,000.00 2,007,840.00 0.500%57,677.78 2,057,677.78
04/23/21 04/20/26 IADB 3,000,000.00 3,000,720.00 0.870%131,031.25 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 27,940,000.00 28,654,401.89 1.530%2,049,556.64 29,989,556.64
US Treasury
11/20/19 04/15/22 US Treasury 1,200,000.00 1,219,125.00 1.571%64,844.26 1,264,844.26
05/15/17 05/15/22 US Treasury 2,000,000.00 1,985,625.00 1.901%175,000.00 2,175,000.00
08/25/17 07/31/22 US Treasury 1,250,000.00 1,257,346.25 1.750%115,595.28 1,365,595.28
08/31/17 08/31/22 US Treasury 3,000,000.00 3,019,290.00 1.740%281,250.00 3,281,250.00
11/20/19 10/15/22 US Treasury 1,500,000.00 1,491,720.00 1.570%59,846.31 1,559,846.31
02/27/20 10/15/22 US Treasury 1,500,000.00 1,509,082.03 1.141%54,267.42 1,554,267.42
11/28/17 11/15/22 US Treasury 1,000,000.00 980,950.00 2.030%80,666.44 1,080,666.44
01/20/22 01/31/23 US Treasury 3,000,000.00 3,056,015.63 0.554%73,379.76 3,073,379.76
03/07/22 01/31/23 US Treasury 2,000,000.00 2,024,687.50 0.998%42,907.46 2,042,907.46
07/30/19 02/28/23 US Treasury 3,000,000.00 3,085,572.00 1.800%361,222.83 3,361,222.83
02/04/22 04/30/23 US Treasury 2,500,000.00 2,478,125.00 0.839%3,858.77 2,503,858.77
11/09/21 04/30/23 US Treasury 2,000,000.00 1,995,625.00 0.274%3,687.85 2,003,687.85
02/07/22 05/31/23 US Treasury 2,000,000.00 1,978,906.25 0.274%3,276.10 2,003,276.10
01/20/22 06/30/23 US Treasury 2,000,000.00 2,016,250.00 0.808%39,370.66 2,039,370.66
01/20/22 07/31/23 US Treasury 2,000,000.00 1,977,812.50 0.856%3,824.73 2,003,824.73
01/21/22 08/31/23 US Treasury 2,000,000.00 1,977,084.46 0.844%4,012.43 2,004,012.43
01/10/22 10/15/23 US Treasury 2,500,000.00 2,455,078.13 1.211%5,236.95 2,505,236.95
11/12/21 10/31/23 US Treasury 2,000,000.00 1,996,562.50 0.463%14,751.38 2,014,751.38
01/14/22 11/30/23 US Treasury 2,000,000.00 1,987,343.75 0.841%18,763.74 2,018,763.74
12/13/21 01/15/24 US Treasury 2,000,000.00 1,976,920.00 0.682%5,224.18 2,005,224.18
11/15/21 01/15/24 US Treasury 1,500,000.00 1,485,825.00 0.126%4,060.80 1,504,060.80
06/25/21 02/15/24 US Treasury 2,500,000.00 2,484,765.63 0.357%8,252.76 2,508,252.76
11/15/21 02/29/24 US Treasury 2,500,000.00 2,600,183.50 2.283%135,972.03 2,635,972.03
12/07/21 04/15/24 US Treasury 2,000,000.00 1,985,937.50 0.677%17,657.97 2,017,657.97
03/17/22 04/30/24 US Treasury 2,000,000.00 2,011,875.00 1.961%94,972.38 2,094,972.38
12/07/21 05/15/24 US Treasury 2,000,000.00 1,978,437.50 0.697%12,196.13 2,012,196.13
03/01/21 06/30/24 US Treasury 2,500,000.00 2,614,215.00 0.370%145,873.62 2,645,873.62
01/14/21 09/30/24 US Treasury 2,000,000.00 2,088,448.94 1.500%111,263.74 2,111,263.74
06/07/21 11/30/24 US Treasury 2,000,000.00 2,073,437.50 0.436%104,426.23 2,104,426.23
07/15/21 02/28/25 US Treasury 2,000,000.00 2,040,312.50 0.563%81,623.64 2,081,623.64
02/19/21 04/30/25 US Treasury 2,000,000.00 1,997,920.00 0.400%31,450.28 2,031,450.28
02/19/21 05/31/25 US Treasury 2,000,000.00 1,987,280.00 0.400%21,387.36 2,021,387.36
01/11/21 09/30/25 US Treasury 2,500,000.00 2,481,332.50 0.250%29,481.46 2,529,481.46
01/11/21 11/30/25 US Treasury 2,500,000.00 2,493,350.00 0.375%45,793.27 2,545,793.27
03/01/21 02/28/26 US Treasury 3,000,000.00 2,964,726.56 0.740%74,959.24 3,074,959.24
03/02/21 02/28/26 US Treasury 2,000,000.00 1,975,513.02 0.750%49,945.65 2,049,945.65
12/27/21 11/15/26 US Treasury 2,500,000.00 2,594,531.25 1.200%244,198.90 2,744,198.90
01/14/22 11/30/26 US Treasury 1,500,000.00 1,485,000.00 1.463%91,432.01 1,591,432.01
US Treasury 79,450,000.00 79,812,212.40 0.946%2,715,934.02 82,165,934.02
Corporate notes
05/23/17 05/11/22 Apple Inc.3,300,000.00 3,318,150.00 2.181%376,970.00 3,676,970.00
12/06/17 05/15/22 Berkshire Hathaway 1,503,000.00 1,540,770.39 2.400%200,274.75 1,703,274.75
01/08/18 05/15/22 Berkshire Hathaway 1,000,000.00 1,023,300.00 2.432%130,583.33 1,130,583.33
10/09/18 05/15/22 Berkshire Hathaway 1,100,000.00 1,091,810.50 3.220%118,800.00 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%128,906.25 1,128,906.25
12/11/19 06/15/22 Cisco Systems Inc 500,000.00 515,230.00 1.755%37,666.67 537,666.67
12/19/19 06/26/22 3M Company 2,000,000.00 2,010,920.00 1.777%100,777.78 2,100,777.78
08/24/17 07/13/22 Toyota 1,500,000.00 1,547,160.00 2.119%205,216.67 1,705,216.67
May 10, 2022 Item #1 Page 12 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
01/16/19 07/13/22 Toyota 1,500,000.00 1,483,770.00 3.129%146,650.00 1,646,650.00
07/01/19 07/13/22 Toyota 2,500,000.00 2,551,875.00 2.090%212,333.33 2,712,333.33
11/06/17 08/11/22 Procter & Gamble 1,800,000.00 1,799,161.20 2.160%184,362.50 1,984,362.50
11/09/18 08/11/22 Procter & Gamble 1,900,000.00 1,826,627.70 3.250%153,414.44 2,053,414.44
05/02/19 08/11/22 Procter & Gamble 2,000,000.00 1,986,800.00 2.150%140,825.00 2,140,825.00
01/18/18 09/21/22 Novartis Capital Corp 1,500,000.00 1,489,500.00 2.560%167,900.00 1,667,900.00
10/10/19 11/03/22 Microsoft 2,000,000.00 2,064,180.00 1.514%162,386.11 2,162,386.11
11/12/21 11/15/22 Century Housing (CENHOU)1,000,000.00 1,000,000.00 0.350%3,529.17 1,003,529.17
01/04/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,982,400.00 2.443%218,875.00 2,218,875.00
09/17/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,935,820.00 3.077%187,250.00 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%250,530.89 2,970,530.89
12/23/19 12/15/22 Wal-Mart 2,000,000.00 2,032,580.00 1.770%139,955.56 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%66,733.33 1,066,733.33
09/12/19 02/11/23 Berkshire Hathaway 1,250,000.00 1,296,137.50 1.878%128,020.83 1,378,020.83
07/31/19 02/23/23 Apple Inc.3,500,000.00 3,592,680.00 2.039%355,220.83 3,855,220.83
10/04/19 03/15/23 3M Company 1,762,000.00 1,798,080.47 1.620%136,224.62 1,898,224.62
03/20/18 03/15/23 Berkshire Hathaway 1,000,000.00 983,890.00 3.101%137,118.06 1,137,118.06
04/18/18 03/15/23 Berkshire Hathaway 1,750,000.00 1,719,130.00 3.140%236,213.54 1,986,213.54
04/25/18 03/15/23 Berkshire Hathaway 2,000,000.00 1,953,300.00 3.270%268,888.89 2,268,888.89
05/07/18 04/11/23 Wal-Mart 1,000,000.00 974,100.00 3.121%125,658.33 1,125,658.33
12/18/18 04/11/23 Wal-Mart 1,000,000.00 969,800.00 3.301%110,854.17 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%276,500.00 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%198,916.67 2,198,916.67
05/02/18 05/01/23 Colgate-Palmolive 4,666,000.00 4,443,179.84 3.140%489,657.82 5,155,657.82
05/09/18 05/03/23 Apple Inc.4,000,000.00 3,862,600.00 3.150%478,400.00 4,478,400.00
08/06/16 06/26/23 Wal-Mart 1,750,000.00 1,763,895.00 3.220%290,888.89 2,040,888.89
07/25/18 06/26/23 Wal-Mart 1,500,000.00 1,512,000.00 3.220%250,891.66 1,750,891.66
02/19/19 06/26/23 Wal-Mart 1,000,000.00 1,025,140.00 2.770%147,805.56 1,147,805.56
07/24/18 07/24/23 US Bank NA 1,250,000.00 1,251,625.00 3.371%212,381.94 1,462,381.94
01/24/19 07/24/23 US Bank NA 1,000,000.00 1,010,000.00 3.156%153,000.00 1,153,000.00
02/28/19 07/24/23 US Bank NA 1,800,000.00 1,835,100.00 2.916%269,620.00 2,069,620.00
12/11/18 07/24/23 US Bank NA 2,500,000.00 2,489,250.00 3.400%21,597.22 2,521,597.22
05/14/20 09/01/23 Public Service Electric 2,500,000.00 2,700,575.00 0.720%267,899.31 2,767,899.31
12/23/19 11/20/23 State Street Corporation 2,000,000.00 2,130,440.00 1.958%289,216.67 2,289,216.67
01/28/19 12/05/23 Johnson & Johnson 1,500,000.00 1,541,250.00 2.765%245,671.87 1,745,671.87
03/07/19 01/08/24 Toyota 1,000,000.00 1,017,865.00 2.950%162,009.72 1,162,009.72
01/16/20 01/15/24 Wal-Mart 2,000,000.00 2,067,790.00 1.900%260,436.11 2,260,436.11
05/16/19 01/23/24 Citibank 1,000,000.00 1,034,870.00 2.836%171,043.06 1,171,043.06
02/13/20 01/23/24 Citibank 2,500,000.00 2,674,670.00 1.770%359,930.56 2,859,930.56
02/13/20 01/23/24 Citibank 2,000,000.00 2,142,600.00 1.733%287,944.44 2,287,944.44
02/20/20 01/23/24 Citibank 1,500,000.00 1,603,710.00 1.780%214,893.75 1,714,893.75
10/11/19 02/01/24 JP Morgan Chase Bank 1,765,000.00 1,900,834.40 2.000%294,473.10 2,059,473.10
01/24/22 02/26/24 BAC 3,000,000.00 2,945,610.00 1.300%26,300.00 3,026,300.00
10/08/19 03/07/24 Microsoft 1,500,000.00 1,581,000.00 1.604%188,379.17 1,688,379.17
08/29/19 03/18/24 Blackrock Inc.2,000,000.00 2,162,500.00 1.640%318,694.44 2,318,694.44
10/28/19 03/18/24 Blackrock Inc.1,000,000.00 1,071,360.00 1.801%153,611.11 1,153,611.11
11/14/19 03/18/24 Blackrock Inc.1,000,000.00 1,065,420.00 1.923%152,055.56 1,152,055.56
05/14/20 03/18/24 Blackrock Inc.3,000,000.00 3,300,600.00 0.845%403,666.67 3,403,666.67
04/24/20 04/22/24 Wal-Mart 2,500,000.00 2,737,467.50 0.875%329,541.67 2,829,541.67
04/24/20 04/22/24 Wal-Mart 2,000,000.00 2,191,860.00 0.700%263,633.33 2,263,633.33
12/13/21 05/13/24 JPM 1,750,000.00 1,859,392.50 1.000%153,307.29 1,903,307.29
07/31/19 05/13/24 JP Morgan Chase Bank 2,000,000.00 2,119,320.00 2.300%346,791.67 2,346,791.67
07/13/20 05/13/24 JP Morgan Chase Bank 3,000,000.00 3,331,290.00 0.700%416,875.00 3,416,875.00
07/01/20 05/15/24 Bank of NY Mellon 3,000,000.00 3,316,860.00 0.560%392,416.67 3,392,416.67
12/03/21 06/03/24 BAC 2,500,000.00 2,500,000.00 1.000%62,500.00 2,562,500.00
10/17/19 08/22/24 Amazon.com Inc.2,500,000.00 2,604,850.00 1.860%339,305.56 2,839,305.56
08/22/19 08/22/24 Amazon.com Inc.2,000,000.00 2,087,280.00 2.800%279,377.78 2,279,377.78
02/18/20 10/24/24 Bank of NY Mellon 3,055,000.00 3,093,737.40 1.816%300,459.25 3,355,459.25
11/15/21 11/15/24 BMO 2,000,000.00 2,000,000.00 1.000%60,000.00 2,060,000.00
01/15/20 01/15/25 Johnson & Johnson 1,820,000.00 1,882,380.50 1.586%238,875.00 2,058,875.00
04/08/20 01/15/25 Johnson & Johnson 3,000,000.00 3,231,960.00 0.906%375,593.75 3,375,593.75
07/13/20 01/15/25 Johnson & Johnson 1,000,000.00 1,090,640.00 0.510%118,270.83 1,118,270.83
09/10/21 02/09/25 Apple Inc. (AAPL)1,500,000.00 1,588,155.00 0.753%128,020.83 1,628,020.83
04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300%280,131.74 3,590,131.74
06/03/20 03/15/25 CME Group Inc 2,771,000.00 3,050,981.84 0.730%397,638.50 3,168,638.50
12/31/20 03/27/25 Nike Inc.2,867,000.00 3,090,740.68 0.500%291,669.47 3,158,669.47
05/13/20 04/01/25 Flordia Power & Light 3,667,000.00 3,980,565.17 1.020%509,193.51 4,176,193.51
12/07/21 06/10/25 Royal Bank of Canada (RY)2,000,000.00 1,989,460.00 1.304%80,691.67 2,080,691.67
04/23/21 09/01/25 Johnson & Johnson 1,250,000.00 1,241,700.00 0.705%29,944.44 1,279,944.44
09/20/21 10/29/25 Procter & Gamble (PG)1,500,000.00 1,487,460.00 0.757%33,893.75 1,533,893.75
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
08/23/21 01/26/26 Bank of America (BAC)1,000,000.00 989,470.00 1.000%33,550.00 1,033,550.00
May 10, 2022 Item #1 Page 13 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
04/12/21 02/24/26 Merck 1,500,000.00 1,485,750.00 0.950%54,750.00 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%306,250.00 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%178,300.00 3,178,300.00
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
08/11/21 08/08/26 Microsoft (MSFT)4,000,000.00 4,292,240.00 0.900%293,040.00 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
01/19/22 12/18/26 Metlife (MET)4,000,000.00 4,281,720.00 1.940%678,116.67 4,678,116.67
12/30/21 12/30/26 BMO 2,450,000.00 2,450,000.00 2.000%245,000.00 2,695,000.00
02/04/22 02/01/27 PG 2,000,000.00 2,010,459.28 1.331%189,683.33 2,189,683.33
02/25/22 02/25/27 JPM 5,000,000.00 5,000,000.00 2.550%637,500.00 5,637,500.00
Corporate notes 202,506,000.00 207,992,428.57 1.800%21,372,415.15 223,878,415.15
Certificate of deposit
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
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
May 10, 2022 Item #1 Page 14 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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%4,982.72 253,982.72
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%4,968.98 253,968.98
12/23/20 12/23/25 Belmont Savings Bank 249,000.00 248,377.50 0.400%4,982.62 253,982.62
01/08/21 01/08/26 Bank of Santa Clarita 249,000.00 248,688.75 0.400%4,982.62 253,982.62
01/08/21 01/08/26 Grand Bank Tulsa 249,000.00 248,688.75 0.400%4,982.62 253,982.62
01/26/21 01/26/26 Commercial Bank 249,000.00 248,751.00 0.471%5,605.82 254,605.82
01/27/21 01/27/26 Central Bank Storm Lake 249,000.00 248,751.00 0.471%5,605.82 254,605.82
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
03/09/22 03/09/27 Nelnet Bank Inc (NELNTB)247,000.00 247,000.00 1.950%24,095.69 271,095.69
03/09/22 03/09/27 Eaglemark Savings (EAGSBK)247,000.00 247,000.00 2.000%24,713.53 271,713.53
03/16/22 03/10/27 Beal Bank NV (BSVBK)247,000.00 247,000.00 1.800%22,169.09 269,169.09
03/16/22 03/10/27 Beal Bank TX (BEALBK)247,000.00 247,000.00 1.800%22,169.09 269,169.09
03/23/22 03/23/27 American Exp Bank (AXP)247,000.00 247,000.00 2.200%27,184.89 274,184.89
Certificate of deposit 21,336,000.00 21,333,323.25 1.457%1,513,038.24 22,849,038.24
Mortgage backed securities (agency)
03/10/21 08/25/24 FHLM - FHMS K728 2,961,448.35 3,196,470.96 3.064%153,965.31 3,115,413.66
04/15/20 11/25/24 FHMS KHG1 A1 2,744,482.68 2,941,719.59 0.999%217,130.28 2,961,612.96
07/24/20 05/25/25 FRESB MFM 980,666.89 985,463.34 0.830%19,418.08 1,000,084.97
03/15/21 05/25/25 FHLMC - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770%110,231.60 2,110,231.60
08/27/20 06/15/25 FHLMC FHR 3544 BC 405,575.96 487,654.27 0.532%83,540.73 489,116.69
02/19/21 01/25/26 FRESB 2021-SB83 1,426,409.60 1,433,108.02 0.505%22,554.11 1,448,963.71
03/25/21 03/25/26 FHLM - KHMS K055 2,500,000.00 2,700,000.00 2.673%154,976.68 2,654,976.68
08/20/21 03/25/26 FHLMC - FHMS K1R1 2,110,943.04 2,210,882.99 0.414%165,584.45 2,276,527.49
07/23/21 04/25/26 FRESB 1,962,824.28 1,972,041.70 0.746%40,585.81 2,003,410.09
01/21/22 11/25/26 FRESB 2022-SB94 4,493,175.92 4,513,956.86 1.500%174,379.00 4,667,554.92
Mortgage backed securities (agency)21,585,526.72 22,598,797.73 1.632%1,142,366.05 22,727,892.77
Municpal Bonds
07/23/21 03/15/23 State of Connecticut 3,000,000.00 3,262,140.00 0.356%280,706.67 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%237,083.33 1,737,083.33
05/27/21 06/15/24 Cache County SD 3,250,000.00 3,505,872.50 0.400%297,375.00 3,547,375.00
02/26/21 10/01/24 State of Hawaii 3,000,000.00 3,039,420.00 0.433%86,549.17 3,086,549.17
03/17/22 10/01/24 State of Hawaii (HIS)2,000,000.00 1,933,240.00 2.160%40,723.78 2,040,723.78
03/01/21 11/01/24 City of San Francisco Util 1,000,000.00 1,004,450.00 0.600%26,523.31 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 0.210%- 1,800,000.00
03/22/21 02/15/25 Texas St Tech Univ 2,500,000.00 2,524,850.00 0.679%91,389.86 2,591,389.86
06/29/21 05/15/25 University of California 1,960,000.00 1,966,154.40 0.799%67,111.92 2,027,111.92
03/01/21 05/15/25 University of California 1,500,000.00 1,517,250.00 0.600%55,724.13 1,555,724.13
02/02/21 06/15/25 County of Multnomah OR 2,000,000.00 2,006,040.00 0.430%37,553.89 2,037,553.89
01/28/21 07/01/25 University of California UNVHGR 1,805,000.00 1,995,210.90 0.509%244,645.68 2,049,645.68
05/18/21 04/01/26 State of California 1,250,000.00 1,353,350.00 0.910%161,300.35 1,411,300.35
04/01/21 04/01/26 State of California 4,140,000.00 4,478,652.00 0.970%548,550.00 4,688,550.00
12/07/21 06/15/26 Marion County School (MARSCD)1,880,000.00 1,885,245.20 1.374%122,255.56 2,002,255.56
09/01/21 06/15/26 Portland Community College (PORHGR)1,100,000.00 1,102,992.00 0.841%47,357.32 1,147,357.32
02/11/22 07/01/26 Sthrn CA ST Pub Pwr Auth (STNPWR)2,485,000.00 2,415,643.65 1.930%15,705.20 2,500,705.20
01/06/22 08/01/26 San Jose Redev (SJSDEV)3,000,000.00 3,220,260.00 1.507%476,400.00 3,476,400.00
08/12/21 08/01/26 San Diego Community College (SDGHGR)3,000,000.00 3,209,550.00 0.860%342,742.58 3,342,742.58
08/23/21 08/01/26 Santa Barbara CA USD (SBBSCD)500,000.00 511,970.00 0.842%33,041.17 533,041.17
May 10, 2022 Item #1 Page 15 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
08/23/21 08/01/26 San Jose Evergreen CC (SJSHGR)750,000.00 799,522.50 0.842%81,862.08 831,862.08
03/02/22 10/01/26 State of Hawaii (HIS)2,000,000.00 1,938,920.00 1.810%101,809.78 2,101,809.78
02/08/22 10/01/26 CAS 2,400,000.00 2,468,808.00 1.730%264,891.67 2,664,891.67
03/29/22 12/01/26 CASWTR 1,425,000.00 1,322,001.00 2.708%90,565.95 1,515,565.95
12/20/21 12/01/26 CASWTR 1,275,000.00 1,257,405.00 1.051%84,523.29 1,359,523.29
Municpal Bonds 51,660,000.00 53,331,642.15 0.968% 3,851,381.94 55,511,381.94
0.0210
Cash
Wells Fargo Bank - General 6,038,310.47 6,038,310.47 0.010%49.63 6,038,360.10
Wells Fargo Sweep account - - 0.010%- -
Wells Fargo Bank - Custody 2,901,644.40 2,901,644.40 0.010%24.18 2,901,668.58
CAMP 1,006,740.15 1,006,740.15 0.501%414.56 1,007,154.71
LAIF City 71,953,217.15 71,953,217.15 0.420%25,183.63 71,978,400.78
LAIF CMWD 7,774,953.54 7,774,953.54 0.420%2,721.23 7,777,674.77
LAIF CPFA 739,770.21 739,770.21 0.420%258.92 740,029.13 Cash 90,414,635.92 90,414,635.92 0.380%28,652.14 90,443,288.06
GRAND TOTAL 818,543,162.64$ 829,281,575.82$ 1.1627%48,312,547.14$ 866,856,692.28$
May 10, 2022 Item #1 Page 16 of 23
EXHIBIT 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of March 31, 2022
Cash balance by fund:
General 126,479,913
Special revenue 34,415,203
Capital projects:
Infrastructure replacement 120,476,944
Special districts 113,755,854
General capital construction 49,592,925
Public facilities fees 29,871,548
Traffic impact fees 23,100,116
Gas tax 19,047,962
Park development 14,665,156
Technology investment 9,327,163
TransNet taxes 9,754,622
Drainage fees 4,689,121
Capital project subtotal 394,281,412
Enterprise:
Carlsbad Municipal Water District 139,366,820
Sewer fund 43,952,984
Storm water 8,038,566
Solid waste 4,736,115
Golf course 3,326,229
Enterprise subtotal 199,420,714
Internal service 50,582,115
Fiduciary 13,837,950
Total general ledger balance **819,017,307
Reconciling adjustments (1)5,892,082
Total treasurer's investment portfolio at amortized cost $824,909,389
**Figures based on best estimate at the time report run on 04/15/2022.
(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.
May 10, 2022 Item #1 Page 17 of 23
EXHIBIT 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of March 31, 2022
Corporate notes Moody's S&P Fitch Outlook
3M Company A1 A+Stable/negative
Amazon.com Inc.A1 AA AA-Stable
Apple Inc.Aaa AA+Stable/stable
Bank of America A2 A-AA-Positive/positive/stable
Bank of Montreal A2 A+AA-stable/stable/negative
Bank of New York Mellon A1 A AA-Stable
Berkshire Hathaway Aa2 AA A+Stable
Blackrock Inc.Aa3 AA-Stable
Century Housing Corp AA-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
MetLife Aa3 AA-AA-Stable
Microsoft Aaa AAA AAA Stable
Nike Inc.A1 AA-Stable
Novartis Capital Corp A1 AA-AA-Stable
Procter & Gamble Aa3 AA-Stable
Public Service Electric A1 A Stable
Royal Bank of Canada A1 A AA-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.
May 10, 2022 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
Marion County SD Aa1 A-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
San Jose Redevelopment Aa1 AA AA Stable
Southern CA Public Power Aa1 AA-AA-Stable
State of California Aa2 AA-AA Stable/positive/stable
State of Connecticut Aa3 A+AA-Stable
State of Hawaii Aa2 AA+AA 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 5,308,536$
Citibank A3 BBB+A 01/23/24 02/20/20 7,207,008
Merck A1 A+A+02/24/26 04/12/21 1,488,589
Public Service Electric A1 A 03/27/25 12/31/20 2,586,178
Toyota A1 A+A+01/08/24 07/01/19 13,762,800
30,353,110$
* 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.
May 10, 2022 Item #1 Page 19 of 23
EXHIBIT 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of March 31, 2022
Corporate notes Amortized cost Portfolio allocation*
3M Company 5,308,536$ 0.64%
Amazon.com Inc.4,593,576 0.56%
Apple Inc.12,367,399 1.50%
Bank of America 13,440,085 1.63%
Bank of Montreal 4,450,000 0.54%
Bank of New York Mellon 10,331,549 1.25%
Berkshire Hathaway 9,597,828 1.16%
Blackrock Inc.8,285,664 1.00%
Century Housing Corp 1,000,000 0.12%
Cisco Systems Inc.501,247 0.06%
Citibank 7,207,008 0.87%
CME Group 2,943,997 0.36%
Colgate-Palmolive 9,608,672 1.16%
Florida Power & Light 3,859,634 0.47%
Johnson & Johnson 11,459,348 1.39%
JP Morgan Chase Bank 21,904,382 2.66%
Massmutual Global 3,779,744 0.46%
Merck 1,488,589 0.18%
Metlife 4,270,254 0.52%
Microsoft 6,267,171 0.76%
Nike Inc.3,024,762 0.37%
Novartis Capital Corp 4,850,219 0.59%
Procter & Gamble 9,190,633 1.11%
Public Service Electric 2,586,178 0.31%
Royal Bank of Canada 1,990,411 0.24%
State Street Corporation 2,054,605 0.25%
Toyota 13,762,800 1.67%
US Bank NA 6,560,757 0.80%
Visa Inc.1,345,908 0.16%
Wal-Mart 17,725,366 2.15%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FHLMC 13,629,386 1.65%
FNMA 8,904,570 1.08%
May 10, 2022 Item #1 Page 20 of 23
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.21,499,854 2.61%
Federal Farm Credit Bank 87,275,168 10.58%
Federal Home Loan Bank 113,694,100 13.78%
Federal Home Loan Mortgage Corp.47,921,223 5.81%
Federal National Mortgage Assoc.49,949,996 6.06%
Private Export Funding Corp.2,529,863 0.31%
Tennessee Valley Authority 1,062,845 0.13%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,657,896 0.20%
Amarillo Independent SD 1,769,756 0.21%
Cache County SD 3,435,030 0.42%
City of San Francisco 1,003,136 0.12%
County of Multnomah 2,004,431 0.24%
Marion County SD 1,884,880 0.23%
Mason/Kitsap Cty SD 640,000 0.08%
Portland CC 1,102,628 0.13%
San Diego CC 3,182,727 0.39%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 793,451 0.10%
San Jose Redevelpment 3,208,879 0.39%
Santa Barbara CA USD 510,502 0.06%
Southern CA Public Power 2,417,838 0.29%
State of California 10,792,973 1.31%
State of Connecticut 3,152,325 0.38%
State of Hawaii 6,901,653 0.84%
Texas Tech University 2,518,314 0.31%
University of California 5,422,460 0.66%
Other Amortized cost Portfolio allocation
Supranational 28,374,369 3.44%
US Treasury 79,664,189 9.66%
Certificate of deposits 21,333,990 2.59%
Cash 90,414,636 10.96%
Total portfolio amortized cost 824,909,389$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
May 10, 2022 Item #1 Page 21 of 23
City of Carlsbad
Investments of bond proceeds held separately
As of March 31, 2022
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 980,603$
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 2,286,701$
Communities Facilities District #3 Improvement Area 1, 2016 Bonds
Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/36 573,611$
Other Invesco Gov. & Agency - Institutional Money Market various 09/01/36 0$
Communities Facilities District #3 Improvement Area 2, 2016 Bonds
Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/38 836,672$
Other Invesco Gov. & Agency - Institutional Money Market various 09/01/38 360$
5,620,716$EXHIBIT 10May 10, 2022Item #1 Page 22 of 23
City of Carlsbad
Summary of outstanding housing loans
As of March 31, 2022
Borrower Development Purpose Status
First date
issued
# of loans
issued
Loans issued by
City to developers/
homeowners
Loans issued by
developer to
homeowners
# of loans
outstanding
City loan repaid to
City
Developer loan
repaid to City
Loan amount due
to City
Developer loan
amount due to
City Total
Individual homebuyers Calavera Hills Sale Outstanding 10/15/99 5 75,000$ 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 15 (82,750) - 172,768 - 172,768
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 28,400,000 209 (2,758,652) (3,193,250) 25,086,213 25,206,750 25,086,213
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$ 209 (13,534,240)$ (3,193,250)$ 23,283,106$ 25,206,750$ 23,283,106$ 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.May 10, 2022Item #1 Page 23 of 23
Tammy Cloud-McMinn
From:
Sent:
To:
Subject:
Lennie A <lenarkans@gmail.com>
Monday, May 9, 2022 5:25 PM
City Clerk
May 10, 2022 Agenda item #1
Dear Mayor Hall, Council and Staff,
All Receive -Agenda Item# L
For the Information of the:
CITY COUNCIL
Date5/id'J:).. CA VCC ✓
CM L ACM L DCM (3) /
Freeze all spending! No more new city projects!!! The cities Investment portfolio regardless of how healthy it may
appear, we are negligently over spending taxpayer monies!
Ms. Acosta and Ms. Patel and City Manager Chadwick need to understand and listen to their constituents: the current
inflation rate at 8.5%, a negative growth rate at -1.4%, high gas prices, increases in rent, an unstable stock market,
economic hardships on small businesses, and on low income and fixed income residents are the ones you are punishing!
We have asked you to sacrifice and put on hold projects and or eliminate commissions, or manager positions that are
not purposeful. I will gladly help the city do this for free!
Mayor Hall, Mayor ProTem Blackburn and Mr. Norby, thank you for your sound advise, experience, and opposition votes
to stop the unnecessary spending on future projects mentioned at the May 3rd special meeting.
No one wants to address the elephant in the room: it was then District 1 Representative Schumacher's irresponsible
spending and self serving decisions that have led us down this path of reckless spending with the help of district 2, and
especially the 3, and 4 representatives.
True leaders make the hard and most unpopular decisions. Mayor Hall, Mr. Blackburn and Mr Norby, please do the right
thing and act responsibly.
Respectfully,
Ellie Arkans
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1
Tammy Cloud-McMinn
From:
Sent:
To:
Subject:
Dear Mayor Hall, Council and Staff,
tamara9497@yahoo.com
Monday, May 9, 2022 11 :49 PM
City Clerk
Item 1
No more spending! The spending has got to stop. Ever since Ms. Acosta and Ms. Patel have been in office our once healthy p01tfolio
is now in a deficit. Mr. Chadwick, Ms. Patel and Ms. Acosta, you are spending the taxpayers money like an open wallet. You need to
begin to listen to your constituents and consider how inflation rates are effecting our lives, especially those who are already struggling
to stay ahead.
Mr. Chadwick, Ms. Patel and Ms. Acosta, you must go back to school for an economic refresher course. You have no idea how to
budget money. Mr. Chadwick, you are leading Carlsbad into deep debt, while you vote to give yourself a raise. Inflation doesn 't
bother you a bit as you are making well over $450,000 per year. The decisions you make are totally wrong, especially when it hurts
the tax payers.
Mayor Hall, Mayor ProTem Blackbum and Mr. Norby, thank you for opposing unnecessary spending on future projects mentioned at
the May 3rd special meeting. Please continue to support your constituents and act responsibly toward the tax payers.
Mr. Chadwick, Ms. Patel and Ms. Acosta, I am disgusted by your attitude toward your constituents. I have just two words to say to
you. STOP SPENDING!
Tamara
Tamara Dixon
619-787-7396
Tamara9497@yahoo.com
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1