HomeMy WebLinkAbout2022-07-19; City Council; ; Report on City Investments as of May 31, 2022CA Review CKM
Meeting Date: July 19, 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 May 31, 2022
District: All
Recommended Action
Accept and file Report on City Investments as of May 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 May 31, 2022, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $846,773,333 $839,721,749
Investment cost $856,825,606 $849,840,513
Amortized cost2 $852,168,180 $845,325,487
Market value3 $821,428,843 $811,750,262
(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).
July 19, 2022 Item #1 Page 1 of 20
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $11,067,607 $895,830 $974,639
The cash income received is adjusted for any accrued interest purchased.
Pooled investment performance
Average life (years) Yield4 Modified duration
March 2022 2.32 1.16% 2.15
April 2022 2.24 1.19% 2.07
May 2022 2.15 1.16% 1.99
(4) Yield is computed by totaling the weighted average of each investment’s return less any costs.
All pooled investments have been made in accordance with the city’s Investment Policy, which
was adopted Jan. 2, 1985, and last revised 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
$392
Enterprise$199
General
$157
Internal service
$54
Special revenue
$35
Fiduciary
$15
Fund equity in pooled investments
May 31, 2022
($ in millions)
July 19, 2022 Item #1 Page 2 of 20
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
July 19, 2022 Item #1 Page 3 of 20
City of Carlsbad investment portfolio
As of May 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 $ 315,476,378 $ 315,476,378 $ 299,164,483 $ 297,663,064 $ 3,242,684 0.95%0.95%
SN 28,654,402 28,654,402 27,309,456 27,218,298 564,855 1.53 1.53
TR 81,500,900 83,486,525 78,868,085 80,548,348 871,543 0.97 0.99
CN 205,221,816 214,195,847 196,473,171 204,869,660 4,791,385 1.79 1.82
CD 21,822,226 21,576,226 20,899,726 20,693,957 292,073 1.49 1.47
MBS (agency)25,546,508 25,743,598 23,938,153 24,021,391 431,845 1.80 1.79
MBS (non-agency)- - - - - 0.00 0.00
Muni 55,806,879 55,806,879 51,979,273 51,834,886 561,436 1.07 1.07
Bank account 17,798,062 11,676,945 17,798,062 11,676,945 - 0.01 0.01
IRT 16,456,492 4,682,184 16,456,492 4,682,184 372 0.01 0.01
CAMP 1,007,369 1,006,956 1,007,369 1,006,956 1,020 0.91 0.53
LAIF 87,534,573 87,534,573 87,534,573 87,534,573 310,394 0.75 0.61
Total $856,825,606 $849,840,513 $821,428,843 $811,750,262 $11,067,607 1.16%1.19%
FA - Federal agency notes Muni - Municipal Bonds
SN - Supranational Bank account - General cash account
TR - US Treasury Sweep - Overnight cash account
CN - Corporate notes IRT - Investment cash account
CD - Certificate of deposit CAMP - California Asset Management Program
MBS - Passthrough/mortgage backed securities LAIF - Local Area Investment Fund
EXHIBIT 1July 19, 2022Item #1 Page 4 of 20
City of Carlsbad investment portfolio
As of May 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 $16,508,876 $7,802,870 $274,852,737 $299,164,483 36.42%
SN 2,802,622 2,711,850 21,794,984 27,309,456 3.32
TR 8,256,920 14,418,945 56,192,220 78,868,085 9.60
CN 25,478,258 34,731,584 136,263,329 196,473,171 23.92 (2)
CD 1,982,719 1,745,987 17,171,020 20,899,726 2.54
MBS (agency)1,110,000 1,260,000 21,568,153 23,938,153 2.91 (3)
MBS (non-agency)- - - - 0.00 (3)(4)
Muni - 3,078,570 48,900,703 51,979,273 6.33 (5)
Bank account 17,798,062 - - 17,798,062 2.17
Sweep - - - - 0.00
IRT 16,456,492 - - 16,456,492 2.00
CAMP 1,007,369 - - 1,007,369 0.12
LAIF 87,534,573 - - 87,534,573 10.66
Totals $178,935,891 $65,749,806 $576,743,146 $821,428,843 100.0%
% Totals 21.8%8.0%70.2%100.0%
Total within one year $244,685,697 (1)
Percentage of the budget within one year 77.2%
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 2July 19, 2022Item #1 Page 5 of 20
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 JanMarchMayYield (%)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
5/31/2022 1.16 2.53 2.81 2.85Market rate (%)City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
July 19, 2022 Item #1 Page 6 of 20
EXHIBIT 4$1.02 $0.83 $1.44 $1.00 $0.89 $0.95 $0.94 $0.89 $1.23 $0.97 $0.90$0.93 $0.93
$11.07
$13.10 $14.03
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
May June July August Sep Oct Nov Dec Jan Feb March April MayInterest income ($ 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 cumulativeJuly 19, 2022Item #1 Page 7 of 20I I I I I~
EXHIBIT 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of May 31, 2022
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total
3135G0T45 FNMA 05/25/2017 04/05/2022 1,600,000 1,600,000 15,000 1,615,000
3135G0T45 FNMA 01/09/2020 04/05/2022 2,500,000 2,500,000 23,438 2,523,438
9128286M7 US Treasury 11/20/2019 04/15/2022 1,200,000 1,200,000 13,500 1,213,500
31398E6W9 FHLMC 08/27/2020 04/15/2022 26,618 27,891 1,352 29,243
3137F32A1 FHLMC 04/15/2020 04/25/2022 78,806 84,470 7,650 92,121
30324QAC2 FRESB 01/21/2022 04/25/2022 3,147 3,161 6,141 9,302
3137BP4J5 FHLMC 08/20/2021 04/25/2022 38,914 40,756 4,303 45,059
30315EAA4 FRESB 07/24/2020 04/25/2022 1,247 1,253 678 1,932
30318NAA1 FRESB 02/19/2021 04/25/2022 2,267 2,278 749 3,027
30321CAQ5 FRESB 07/23/2021 04/25/2022 2,922 2,936 1,439 4,375
3137FBTA4 FHLMC 03/10/2021 04/26/2022 3,619 3,904 8,017 11,920
3133ELXW9 FFCB 05/20/2020 04/27/2022 2,000,000 2,000,000 3,000 2,003,000
3134GBHM7 FHLMC 04/27/2017 04/27/2022 3,500,000 3,500,000 45,938 3,545,938
037833CQ1 Apple Inc.05/23/2017 05/11/2022 3,300,000 3,300,000 37,950 3,337,950
084664BT7 Berkshire Hathaway 12/06/2017 05/15/2022 1,503,000 1,503,000 22,545 1,525,545
084664BT7 Berkshire Hathaway 01/08/2018 05/15/2022 1,000,000 1,000,000 15,000 1,015,000
084664BT7 Berkshire Hathaway 10/09/2018 05/15/2022 1,100,000 1,100,000 16,500 1,116,500
912828SV3 US Treasury 05/15/2017 05/15/2022 2,000,000 2,000,000 17,500 2,017,500
31398E6W9 FHLMC 08/27/2020 05/16/2022 28,087 29,429 1,263 30,693
89236TFD2 Toyota 02/21/2019 05/17/2022 2,000,000 2,000,000 4,295 2,004,295
3137F32A1 FHLMC 04/15/2020 05/25/2022 84,849 90,947 7,431 98,379
30324QAC2 FRESB 01/21/2022 05/25/2022 3,342 3,358 6,136 9,494
3137BP4J5 FHLMC 08/20/2021 05/25/2022 41,584 43,553 4,223 47,776
30315EAA4 FRESB 07/24/2020 05/25/2022 1,334 1,340 677 2,018
30318NAA1 FRESB 02/19/2021 05/25/2022 21,273 21,373 748 22,121
30321CAQ5 FRESB 07/23/2021 05/25/2022 3,116 3,130 1,437 4,567
3137FBTA4 FHLMC 03/10/2021 05/25/2022 3,670 3,959 7,544 11,503
22,047,796$ 22,066,740$ 274,455$ 22,341,195$
Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total
None this quarter so far
-$ -$ -$
Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value
30311SAA7 FRESB 2022-SB97 A5F 04/22/2022 02/25/2027 05/25/2022 2.80%3,448,105 96.04 3,311,450
254673D94 Discover Bank 05/18/2022 05/19/2027 11/18/2022 3.20%246,000 100.00 246,000
3,694,105$ 98.02 3,557,450$
July 19, 2022 Item #1 Page 8 of 20
EXHIBIT 6
City of Carlsbad
Investment summary
As of May 31, 2022
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Federal investments
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
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
July 19, 2022 Item #1 Page 9 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
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 314,051,000.00 315,476,377.90 0.954%14,917,430.04 328,969,412.54
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
July 19, 2022 Item #1 Page 10 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
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
04/14/22 04/30/23 US Treasury 2,000,000.00 1,967,500.00 1.702%2,610.50 2,002,610.50
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
04/12/22 07/31/23 US Treasury 3,000,000.00 2,925,937.50 2.054%4,889.50 3,004,889.50
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 81,250,000.00 81,500,899.90 0.971% 2,483,589.76 83,733,589.76
Corporate notes
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 (MMM)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
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 (PG)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 (PG)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 (PG)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 (MSFT)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 (WMT)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 (WMT)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
July 19, 2022 Item #1 Page 11 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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. (AAPL)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 (MMM)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 (WMT)1,000,000.00 974,100.00 3.121%125,658.33 1,125,658.33
12/18/18 04/11/23 Wal-Mart (WMT)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 (BNY)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 (BNY)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. (AAPL)4,000,000.00 3,862,600.00 3.150%478,400.00 4,478,400.00
04/18/22 06/03/23 Amazon.com Inc. (AMZN)3,000,000.00 2,945,880.00 2.030%13,500.00 3,013,500.00
08/06/16 06/26/23 Wal-Mart (WMT)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 (WMT)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 (WMT)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 (JNJ)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 (WMT)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 (JPM)1,765,000.00 1,900,834.40 2.000%294,473.10 2,059,473.10
01/24/22 02/26/24 Bank of America (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 (MSFT)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 (WMT)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 (WMT)2,000,000.00 2,191,860.00 0.700%263,633.33 2,263,633.33
04/29/22 04/29/24 JP Morgan Chase Bank (JPM)1,500,000.00 1,500,000.00 3.125%93,750.00 1,593,750.00
12/13/21 05/13/24 JP Morgan Chase Bank (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 (JPM)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 (JPM)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 (BNY)3,000,000.00 3,316,860.00 0.560%392,416.67 3,392,416.67
12/03/21 06/03/24 Bank of America (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. (AMZN)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. (AMZN)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 (BNY)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 (JNJ)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 (JNJ)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 (JNJ)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 (JNJ)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
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 Chase Bank (JPM)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 (JNJ)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 Chase Bank (JPM)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 Chase Bank (JPM)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 (BAC)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 Chase Bank (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
July 19, 2022 Item #1 Page 12 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
02/04/22 02/01/27 Procter & Gamble (PG)2,000,000.00 2,010,459.28 1.331%189,683.33 2,189,683.33
02/25/22 02/25/27 JP Morgan Chase Bank (JPM)5,000,000.00 5,000,000.00 2.550%637,500.00 5,637,500.00
04/18/22 03/03/27 Johnson & Johnson (JNJ)1,750,000.00 1,757,538.77 2.850%251,671.87 2,001,671.87
Corporate notes 199,853,000.00 205,221,816.45 1.788%20,704,664.28 220,557,664.28
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
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
July 19, 2022 Item #1 Page 13 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
04/05/22 02/23/27 Sallie May Bank 247,000.00 242,902.27 2.564%26,574.50 273,574.50
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
05/18/22 05/19/27 Discover Bank 246,000.00 246,000.00 3.200%39,403.14 285,403.14
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 21,829,000.00 21,822,225.52 1.489%1,579,015.88 23,408,015.88
Mortgage backed securities (agency)
03/10/21 08/25/24 FHLM - FHMS K728 2,954,158.73 3,188,608.14 3.064%150,091.53 3,104,250.26
04/15/20 11/25/24 FHMS KHG1 A1 2,580,827.61 2,766,301.81 0.999%217,130.28 2,797,957.89
07/24/20 05/25/25 FRESB MFM 978,085.65 982,869.48 0.830%19,418.08 997,503.73
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 350,871.13 430,333.86 0.532%83,540.73 434,411.86
02/19/21 01/25/26 FRESB 2021-SB83 1,402,869.33 1,409,457.20 0.505%22,551.11 1,425,420.44
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 2,030,444.93 2,126,573.79 0.414%165,584.45 2,196,029.38
07/23/21 04/25/26 FRESB 1,956,786.86 1,965,975.93 0.746%40,585.81 1,997,372.67
01/21/22 11/25/26 FRESB 2022-SB94 4,486,686.92 4,507,437.85 1.500%171,584.69 4,658,271.61
04/22/22 04/25/27 FRESB 2022-SB97 A5F 3,448,105.00 3,311,449.70 2.803%145,011.91 3,593,116.91
Mortgage backed securities (agency)24,688,836.16 25,546,507.76 1.796%1,280,706.87 25,969,543.03
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 0.600%- 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
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
04/18/22 12/01/26 CASWTR 2,705,000.00 2,475,237.30 3.035%170,415.98 2,875,415.98
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 54,365,000.00 55,806,879.45 1.072% 4,021,797.92 58,386,797.92
July 19, 2022 Item #1 Page 14 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Cash
Wells Fargo Bank - General 17,798,062.30 17,798,062.30 0.010%146.29 17,798,208.59
Wells Fargo Sweep account - - 0.010%- -
Wells Fargo Bank - Custody 16,456,492.04 16,456,492.04 0.010%137.14 16,456,629.18
CAMP 1,007,369.38 1,007,369.38 0.907%750.89 1,008,120.27
LAIF City 72,009,918.15 72,009,918.15 0.750%45,006.20 72,054,924.35
LAIF CMWD 14,784,301.64 14,784,301.64 0.750%9,240.19 14,793,541.83
LAIF CPFA 740,353.17 740,353.17 0.750%462.72 740,815.89
Cash 122,796,496.68 122,796,496.68 0.545%55,743.42 122,852,240.10
GRAND TOTAL 846,773,332.84 856,825,605.55 1.1624%47,092,504.81 893,866,820.15
July 19, 2022 Item #1 Page 15 of 20
EXHIBIT 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of May 31, 2022
Cash balance by fund:
General 156,812,943
Special revenue 35,193,024
Capital projects:
Infrastructure replacement 119,476,208
Special districts 116,794,644
General capital construction 45,349,871
Public facilities fees 29,480,360
Traffic impact fees 22,605,331
Gas tax 19,455,031
Park development 14,725,932
Technology investment 9,194,011
TransNet taxes 9,583,208
Drainage fees 4,701,312
Capital project subtotal 391,365,907
Enterprise:
Carlsbad Municipal Water District 139,300,981
Sewer fund 43,529,956
Storm water 8,165,943
Solid waste 4,583,129
Golf course 3,305,746
Enterprise subtotal 198,885,755
Internal service 54,100,018
Fiduciary 15,238,150
Total general ledger balance **851,595,797
Reconciling adjustments (1)572,383
Total treasurer's investment portfolio at amortized cost $852,168,180
**Figures based on best estimate at the time report run on 06/17/2022.
(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.
July 19, 2022 Item #1 Page 16 of 20
EXHIBIT 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of May 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
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.
July 19, 2022 Item #1 Page 17 of 20
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 5,303,005$
Citibank A3 BBB+A 01/23/24 02/20/20 7,187,958
Merck A1 A+A+02/24/26 04/12/21 1,489,077
Public Service Electric A1 A 03/27/25 12/31/20 2,576,039
Toyota A1 A+A+01/08/24 07/01/19 11,758,500
28,314,579$
* 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.
July 19, 2022 Item #1 Page 18 of 20
EXHIBIT 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of May 31, 2022
Corporate notes Amortized cost Portfolio allocation*
3M Company 5,303,005$ 0.62%
Amazon.com Inc.7,538,681 0.88%
Apple Inc.9,062,947 1.06%
Bank of America 13,444,872 1.58%
Bank of Montreal 4,450,000 0.52%
Bank of New York Mellon 10,303,955 1.21%
Berkshire Hathaway 5,994,339 0.70%
Blackrock Inc.8,260,958 0.97%
Century Housing Corp 1,000,000 0.12%
Cisco Systems Inc.500,236 0.06%
Citibank 7,187,958 0.84%
CME Group 2,934,241 0.34%
Colgate-Palmolive 9,618,712 1.13%
Florida Power & Light 3,848,932 0.45%
Johnson & Johnson 13,195,466 1.55%
JP Morgan Chase Bank 23,373,018 2.74%
Massmutual Global 3,778,589 0.44%
Merck 1,489,077 0.17%
Metlife 4,260,699 0.50%
Microsoft 6,253,923 0.73%
Nike Inc.3,015,965 0.35%
Novartis Capital Corp 4,848,196 0.57%
Procter & Gamble 9,194,750 1.08%
Public Service Electric 2,576,039 0.30%
Royal Bank of Canada 1,990,912 0.23%
State Street Corporation 2,049,042 0.24%
Toyota 11,758,500 1.38%
US Bank NA 6,559,393 0.77%
Visa Inc.1,341,591 0.16%
Wal-Mart 17,706,365 2.08%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FHLMC 13,304,475 1.56%
FNMA 12,177,190 1.43%
July 19, 2022 Item #1 Page 19 of 20
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.21,499,864 2.52%
Federal Farm Credit Bank 85,263,332 10.01%
Federal Home Loan Bank 113,634,445 13.33%
Federal Home Loan Mortgage Corp.44,430,005 5.21%
Federal National Mortgage Assoc.45,846,159 5.38%
Private Export Funding Corp.2,527,688 0.30%
Tennessee Valley Authority 1,058,580 0.12%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,646,803 0.19%
Amarillo Independent SD 1,771,535 0.21%
Cache County SD 3,421,048 0.40%
City of San Francisco 1,002,933 0.12%
County of Multnomah 2,004,201 0.24%
Marion County SD 1,884,686 0.22%
Mason/Kitsap Cty SD 640,000 0.08%
Portland CC 1,102,523 0.13%
San Diego CC 3,175,699 0.37%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 791,779 0.09%
San Jose Redevelpment 3,200,845 0.38%
Santa Barbara CA USD 510,098 0.06%
Southern CA Public Power 2,420,472 0.28%
State of California 13,261,125 1.56%
State of Connecticut 3,125,756 0.37%
State of Hawaii 6,906,431 0.81%
Texas Tech University 2,517,252 0.30%
University of California 5,414,346 0.64%
Other Amortized cost Portfolio allocation
Supranational 28,318,606 3.32%
US Treasury 81,350,333 9.55%
Certificate of deposits 21,823,112 2.56%
Cash 122,796,497 14.41%
Total portfolio amortized cost 852,168,180$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
July 19, 2022 Item #1 Page 20 of 20