HomeMy WebLinkAbout2022-08-16; City Council; ; Report on City Investments as of June 30, 2022CA Review CKM
Meeting Date: Aug. 16, 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 June 30, 2022
District: All
Recommended Action
Accept and file Report on City Investments as of June 30, 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 June 30, 2022, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $849,893,084 $846,773,333
Investment cost $859,755,006 $856,825,606
Amortized cost2 $855,133,832 $852,168,180
Market value3 $819,445,026 $821,428,843
(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).
Aug. 16, 2022 Item #1 Page 1 of 23
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $12,047,464 $979,857 $895,830
The cash income received is adjusted for any accrued interest purchased.
Pooled investment performance
Average life (years) Yield4 Modified duration
April 2022 2.24 1.19% 2.07
May 2022 2.15 1.16% 1.99
June 2022 2.21 1.28% 2.03
(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
$196
General
$160
Internal service
$53
Special revenue
$35
Fiduciary
$16
Fund equity in pooled investments
June 30, 2022
($ in millions)
Aug. 16, 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
This action does not require environmental review because it does not constitute a project
within the meaning of the California Environmental Quality Act under California Public
Resources Code Section 21065 in that it has no potential to cause either a direct physical
change or a reasonably foreseeable indirect physical change in the environment.
Public Notification
This item was noticed 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
Aug. 16, 2022 Item #1 Page 3 of 23
City of Carlsbad investment portfolio
As of June 30, 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 $ 324,603,592 $ 315,476,378 $ 306,300,521 $ 299,164,483 $ 3,629,078 1.04%0.95%
SN 28,654,402 28,654,402 27,133,111 27,309,456 592,995 1.53 1.53
TR 86,878,869 83,486,525 83,743,025 78,868,085 905,649 1.09 0.97
CN 204,684,066 214,195,847 194,443,619 196,473,171 5,167,961 1.83 1.79
CD 21,575,226 21,576,226 20,470,981 20,899,726 307,242 1.48 1.49
MBS (agency)29,521,002 25,743,598 27,719,558 23,938,153 481,274 2.01 1.80
MBS (non-agency)- - - - - 0.00 0.00
Muni 62,540,479 55,806,879 58,336,841 51,979,273 648,646 1.34 1.07
Bank account 22,124,732 11,676,945 22,124,732 11,676,945 - 0.01 0.01
IRT 629,993 4,682,184 629,993 4,682,184 2,504 0.01 0.01
CAMP 1,008,071 1,006,956 1,008,071 1,006,956 1,722 1.50 0.91
LAIF 77,534,573 87,534,573 77,534,573 87,534,573 310,394 0.86 0.75
Total $859,755,006 $849,840,513 $819,445,026 $803,533,004 $12,047,464 1.28%1.16%
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 1Aug. 16, 2022Item #1 Page 4 of 23
City of Carlsbad investment portfolio
As of June 30, 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 $17,249,981 $3,994,500 $285,056,040 $306,300,521 37.38%
SN 2,796,740 2,697,867 21,638,504 27,133,111 3.31
TR 8,243,550 14,345,850 61,153,625 83,743,025 10.22
CN 26,649,124 34,124,982 133,669,513 194,443,619 23.73 (2)
CD 1,981,483 1,732,805 16,756,693 20,470,981 2.50
MBS (agency)1,110,480 1,263,600 25,345,478 27,719,558 3.38 (3)
MBS (non-agency)- - - - 0.00 (3)(4)
Muni - 3,051,330 55,285,511 58,336,841 7.12 (5)
Bank account 22,124,732 - - 22,124,732 2.70
Sweep - - - - 0.00
IRT 629,993 - - 629,993 0.08
CAMP 1,008,071 - - 1,008,071 0.12
LAIF 77,534,573 - - 77,534,573 9.46
Totals $159,328,726 $61,210,934 $598,905,365 $819,445,026 100.0%
% Totals 19.4%7.5%73.1%100.0%
Total within one year $220,539,661 (1)
Percentage of the budget within one year 69.6%
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 2Aug. 16, 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 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
3.50
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
FY 2021-22 end 1.72 2.92 3.01 2.98Market rate (%)City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
Aug. 16, 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 $0.97 $0.90 $0.98$0.93
$12.05
$14.03
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
June July August Sep Oct Nov Dec Jan Feb March April May JuneInterest income ($ 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 cumulativeAug. 16, 2022Item #1 Page 7 of 23
Exhibit 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of June 30, 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
09247XAJ0 Blackrock Inc 08/09/2018 06/01/2022 1,000,000 1,000,000 16,875 1,016,875
30311SAA7 FRESB 04/22/2022 06/02/2022 2,534 2,434 5,115 7,548
58740XZH6 Mercantile Bank 06/07/2017 06/07/2022 247,000 247,000 2,586 249,586
3133XLPP2 FHLB 01/09/2020 06/10/2022 3,000,000 3,000,000 86,250 3,086,250
EK9706152 Cisco Systems 12/11/2019 06/15/2022 500,000 500,000 7,500 507,500
31398E6W9 FHLMC 08/27/2020 06/15/2022 22,752 23,840 1,170 25,009
88579YAF8 3M Company 12/19/2019 06/26/2022 2,000,000 2,000,000 20,000 2,020,000
3137F32A1 FHLMC 04/15/2020 06/27/2022 79,336 85,038 7,195 92,233
30324QAC2 FRESB 01/21/2022 06/27/2022 3,165 3,180 6,132 9,312
3137BP4J5 FHLMC 08/20/2021 06/27/2022 39,213 41,069 4,139 45,208
30315EAA4 FRESB 07/24/2020 06/27/2022 1,256 1,262 677 1,938
30318NAA1 FRESB 02/19/2021 06/27/2022 2,253 2,263 737 3,000
30321CAQ5 FRESB 07/23/2021 06/27/2022 2,940 2,954 1,435 4,389
3137FBTA4 FHLMC 03/10/2021 06/27/2022 3,434 3,704 7,535 11,239
30311SAA7 FRESB 04/22/2022 06/27/2022 2,396 2,301 5,111 7,412
28,954,074$ 28,981,785$ 446,910$ 29,428,694$
Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total
None this quarter so far
-$ -$ -$
Aug. 16, 2022 Item #1 Page 8 of 23
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
3130ASCT4 FHLB 06/28/2022 06/28/2027 12/28/2022 3.25%2,500,000 100.00 2,500,000
3130ARL58 FHLB 06/10/2022 04/26/2027 10/26/2022 3.20%4,000,000 99.20 3,968,000
544646A77 LA Unified (LOSSCD)06/13/2022 05/01/2027 07/01/2022 3.82%3,500,000 108.39 3,793,510
3130ASF46 FHLB 06/30/2022 06/30/2027 12/30/2022 3.50%2,500,000 100.00 2,500,000
91282CDV0 US Treasury 06/13/2022 01/31/2024 07/31/2022 2.90%2,000,000 96.79 1,935,859
91282CEG2 US Treasury 06/13/2022 03/31/2024 09/30/2022 2.97%2,000,000 98.75 1,974,922
91282CCU3 US Treasury 06/23/2022 08/31/2023 08/31/2022 2.94%1,500,000 96.74 1,451,074
06048WW63 BAC 06/23/2022 06/22/2027 12/22/2022 5.00%3,000,000 100.00 3,000,000
3130ARAB7 FHLB 06/28/2022 03/25/2027 09/30/2022 3.42%2,000,000 97.09 1,941,720
3137BM7B6 FHMS K051 A1 06/30/2022 04/25/2025 07/25/2022 3.30%4,175,158 99.22 4,142,540
20772KEW5 State of Connecticut (CTS)06/30/2022 09/15/2025 09/15/2022 3.20%2,850,000 100.46 2,863,053
3130ASLE7 FHLB 06/30/2022 09/29/2023 09/29/2022 3.20%1,500,000 100.00 1,500,000
35,219,263$ 99.48 35,128,127$
Aug. 16, 2022 Item #1 Page 9 of 23
Exhibit 6
City of Carlsbad
Investment summary
As of June 30, 2022
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Federal investments
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
06/30/22 09/29/23 FHLB 1,500,000.00 1,500,000.00 3.200%59,866.67 1,559,866.67
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
Aug. 16, 2022 Item #1 Page 10 of 23
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
06/24/22 03/25/27 FHLB 2,000,000.00 1,941,720.00 3.420%260,791.67 2,260,791.67
Aug. 16, 2022 Item #1 Page 11 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
06/10/22 04/26/27 FHLB 4,000,000.00 3,982,764.44 3.198%589,235.56 4,589,235.56
06/28/22 06/28/27 FHLB 2,500,000.00 2,500,000.00 3.250%406,250.00 2,906,250.00
06/30/22 06/30/27 FHLB 2,500,000.00 2,500,000.00 3.500%437,500.00 2,937,500.00
Federal investments 323,551,000.00 324,603,592.34 1.038%16,253,719.77 339,805,702.27
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
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
06/13/22 01/31/24 US Treasury 2,000,000.00 1,942,288.94 2.900%28,570.44 2,028,570.44
06/13/22 03/31/24 US Treasury 2,000,000.00 1,984,020.24 2.970%80,901.64 2,080,901.64
06/23/22 08/31/23 US Treasury 1,500,000.00 1,451,659.84 2.941%2,226.56 1,502,226.56
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 86,750,000.00 86,878,868.92 1.093%2,595,288.40 89,345,288.40
Corporate notes
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
Aug. 16, 2022 Item #1 Page 12 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
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
Aug. 16, 2022 Item #1 Page 13 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
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
06/23/22 06/22/27 BAC 3,000,000.00 3,000,000.00 5.000%750,000.00 3,750,000.00
Corporate notes 199,353,000.00 204,684,066.45 1.829%21,187,313.58 220,540,313.58
Certificate of deposit
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
Aug. 16, 2022 Item #1 Page 14 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
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 21,582,000.00 21,575,225.52 1.482%1,553,080.88 23,135,080.88
Mortgage backed securities (agency)
03/10/21 08/25/24 FHLM - FHMS K728 2,950,724.33 3,184,903.68 3.064%150,091.53 3,100,815.86
04/15/20 11/25/24 FHMS KHG1 A1 2,501,491.59 2,681,263.51 0.999%217,130.28 2,718,621.87
07/24/20 05/25/25 FRESB MFM 976,830.09 981,607.78 0.830%19,418.08 996,248.17
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
06/30/22 04/25/25 FHMS K051 A1 4,175,158.02 4,142,539.60 3.299%163,239.98 4,338,398.00
08/27/20 06/15/25 FHLMC FHR 3544 BC 328,119.30 406,494.21 0.532%83,540.73 411,660.03
02/19/21 01/25/26 FRESB 2021-SB83 1,400,616.43 1,407,193.72 0.505%22,551.11 1,423,167.54
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 1,991,232.18 2,085,504.56 0.414%165,584.45 2,156,816.63
07/23/21 04/25/26 FRESB 1,953,847.04 1,963,022.30 0.746%40,585.81 1,994,432.85
01/21/22 11/25/26 FRESB 2022-SB94 4,483,521.44 4,504,257.73 1.500%171,584.69 4,655,106.13
04/22/22 04/25/27 FRESB 2022-SB97 A5F 3,443,175.32 3,306,715.40 2.803%145,011.91 3,588,187.23
Mortgage backed securities (agency)28,704,715.74 29,521,002.49 2.012%1,443,946.85 30,148,662.59
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
06/13/22 05/01/27 LA Unified (LOSSCD)3,500,000.00 3,883,600.00 3.820%977,643.33 4,477,643.33
06/30/22 09/15/25 State of Connecticut (CTS)2,850,000.00 2,850,000.00 3.201%342,250.56 3,192,250.56
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
Aug. 16, 2022 Item #1 Page 15 of 23
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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 60,715,000.00 62,540,479.45 1.340% 5,341,691.81 66,056,691.81
Cash
Wells Fargo Bank - General 22,124,731.80 22,124,731.80 0.010%181.85 22,124,913.65
Wells Fargo Sweep account - - 0.010%- -
Wells Fargo Bank - Custody (IRT)629,993.15 629,993.15 0.010%5.25 629,998.40
CAMP 1,008,070.79 1,008,070.79 1.500%1,242.83 1,009,313.62 LAIF City 72,009,918.15 72,009,918.15 0.990%59,408.18 72,069,326.33 LAIF CMWD 4,784,301.64 4,784,301.64 0.990%3,947.05 4,788,248.69 LAIF CPFA 740,353.17 740,353.17 0.990%610.79 740,963.96 Cash 101,297,368.70 101,297,368.70 0.775%65,395.95 101,362,764.65
GRAND TOTAL 849,893,084.44 859,755,005.76 1.2837%50,489,993.88 900,384,060.82
Aug. 16, 2022 Item #1 Page 16 of 23
Exhibit 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of June 30, 2022
Cash balance by fund:
General 159,595,597
Special revenue 35,081,609
Capital projects:
Infrastructure replacement 119,517,520
Special districts 117,374,476
General capital construction 45,313,249
Public facilities fees 29,382,461
Traffic impact fees 22,479,729
Gas tax 19,643,377
Park development 14,740,332
Technology investment 9,152,098
TransNet taxes 9,537,091
Drainage fees 4,793,337
Capital project subtotal 391,933,669
Enterprise:
Carlsbad Municipal Water District 136,177,493
Sewer fund 43,952,786
Storm water 8,086,557
Solid waste 4,790,175
Golf course 3,308,980
Enterprise subtotal 196,315,991
Internal service 53,171,008
Fiduciary 15,651,447
Total general ledger balance **851,749,321
Reconciling adjustments (1)3,384,511
Total treasurer's investment portfolio at amortized cost $855,133,832
**Figures based on best estimate at the time report run on 07/19/2022.
(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.
Aug. 16, 2022 Item #1 Page 17 of 23
Exhibit 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of June 30, 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 Stable/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.
Aug. 16, 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
LA County SD Aa3 A+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 3,300,300$
Citibank A3 BBB+A 01/23/24 02/20/20 7,178,433
Merck A1 A+A+02/24/26 04/12/21 1,489,321
Public Service Electric A1 A 03/27/25 12/31/20 2,570,970
Toyota A1 A+A+01/08/24 07/01/19 11,756,350
26,295,373$
* 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.
Aug. 16, 2022 Item #1 Page 19 of 23
Exhibit 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of June 30, 2022
Corporate notes Amortized cost Portfolio allocation*
3M Company 3,300,300$ 0.39%
Amazon.com Inc.7,539,429 0.88%
Apple Inc.9,060,924 1.06%
Bank of America 16,447,265 1.92%
Bank of Montreal 4,450,000 0.52%
Bank of New York Mellon 10,290,158 1.20%
Berkshire Hathaway 5,994,802 0.70%
Blackrock Inc.7,248,858 0.85%
Century Housing Corp 1,000,000 0.12%
Citibank 7,178,433 0.84%
CME Group 2,929,364 0.34%
Colgate-Palmolive 9,623,732 1.13%
Florida Power & Light 3,843,581 0.45%
Johnson & Johnson 13,184,720 1.54%
JP Morgan Chase Bank 23,357,336 2.73%
Massmutual Global 3,778,011 0.44%
Merck 1,489,321 0.17%
Metlife 4,254,965 0.50%
Microsoft 6,247,298 0.73%
Nike Inc.3,011,566 0.35%
Novartis Capital Corp 4,847,185 0.57%
Procter & Gamble 9,196,808 1.08%
Public Service Electric 2,570,970 0.30%
Royal Bank of Canada 1,991,162 0.23%
State Street Corporation 2,046,261 0.24%
Toyota 11,756,350 1.37%
US Bank NA 6,558,711 0.77%
Visa Inc.1,339,433 0.16%
Wal-Mart 17,696,864 2.07%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FHLMC 17,293,363 2.02%
FNMA 12,162,797 1.42%
Aug. 16, 2022 Item #1 Page 20 of 23
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.21,499,868 2.51%
Federal Farm Credit Bank 85,257,479 9.97%
Federal Home Loan Bank 123,021,990 14.39%
Federal Home Loan Mortgage Corp.44,434,728 5.20%
Federal National Mortgage Assoc.45,844,285 5.36%
Private Export Funding Corp.2,526,601 0.30%
Tennessee Valley Authority 1,056,447 0.12%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,641,256 0.19%
Amarillo Independent SD 1,772,410 0.21%
Cache County SD 3,414,057 0.40%
City of San Francisco 1,002,834 0.12%
County of Multnomah 2,004,086 0.23%
LA Unified SD 3,790,505 0.44%
Marion County SD 1,884,591 0.22%
Mason/Kitsap Cty SD 640,000 0.07%
Portland CC 1,102,471 0.13%
San Diego CC 3,172,185 0.37%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 790,944 0.09%
San Jose Redevelpment 3,196,828 0.37%
Santa Barbara CA USD 509,896 0.06%
Southern CA Public Power 2,421,789 0.28%
State of California 13,258,756 1.55%
State of Connecticut 5,975,514 0.70%
State of Hawaii 6,908,821 0.81%
Texas Tech University 2,516,720 0.29%
University of California 5,410,297 0.63%
Other Amortized cost Portfolio allocation
Supranational 28,301,233 3.31%
US Treasury 86,713,680 10.14%
Certificate of deposits 21,576,225 2.52%
Cash 101,297,369 11.85%
Total portfolio amortized cost 855,133,832$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
Aug. 16, 2022 Item #1 Page 21 of 23
City of Carlsbad
Investments of bond proceeds held separately
As of June 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 981,480$
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 2,288,743$
Communities Facilities District #3 Improvement Area 1, 2016 Bonds
Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/36 574,123$
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 09/01/38 837,419$
Other Invesco Gov. & Agency - Institutional Money Market various 09/01/38 360$
5,624,895$Exhibit 10Aug. 16, 2022Item #1 Page 22 of 23
City of Carlsbad
Summary of outstanding housing loans
As of June 30, 2022
Borrower Development Purpose Status
First date
issued
# of loans
issued
Loans issued by
City to developers/
homeowners
Loans issued by
developer to
homeowners
# of loans
outstanding
City loan repaid to
City
Developer loan
repaid to City
Loan amount due
to City
Developer loan
amount due to
City
Individual homebuyers Calavera Hills Sale Outstanding 10/15/99 5 75,000$ 150,000$ 1 (60,000)$ (120,000)$ 15,000$ 30,000$
Individual homebuyers Cherry Tree Walk Sale Outstanding 06/28/99 42 453,600 452,600 11 (334,800) (283,250) 118,800 169,350
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
Individual homebuyers Rancho Carlsbad Sale Outstanding 05/20/99 22 752,533 - 4 (616,633) - 135,900 -
Catholic Charities Homeless shelter Shelter Outstanding 09/19/97 1 200,000 - 1 - - 200,000 -
Pacific Vista Las Flores Vista Las Flores Rentals Outstanding 02/27/01 1 363,948 - 1 - - 363,948 -
CIC Calavera LP Mariposa Apts Rentals Outstanding 09/15/04 1 1,060,000 - 1 - - 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
Individual homebuyers Village by the Sea Sale Outstanding 10/28/05 11 220,000 4,087,200 11 - - 220,000 4,087,200
Individual homebuyers Laguna Point Sale Outstanding 07/06/06 3 210,000 2 (70,000) 140,000 -
Individual homebuyers The Bluffs Sale Outstanding 06/14/07 10 200,000 10 - 200,000 -
Individual homebuyers Roosevelt Gardens Sale Outstanding 08/30/07 11 1,583,423 11 1,583,423 -
CIC La Costa Hunter's Point Rentals Outstanding 08/19/08 1 1,932,000 - 1 - - 1,932,000 -
Down Payment & Closing Cost AssistanceVarious Assistance Outstanding 06/25/09 22 255,518 15 (82,750) - 172,768 -
CIC Glen Ridge, LP Glen Ridge Rentals Outstanding 10/05/09 1 1,014,000 - 1 1,014,000 -
North County Solutions for Change Property Acquisition Rentals Outstanding 06/28/12 1 780,000 - 1 - 780,000 -
Catholic Charities Homeless shelter Shelter Outstanding 03/01/10 3 507,585 - 3 - 507,585 -
Individual homeowners N/A Minor Home Repair Outstanding 05/20/10 13 34,605 - 7 (4,083) - 30,522 -
Hospice of North Coast N/A Property Acquisition Outstanding 02/27/13 1 1,065,000 - 1 - - 1,065,000 -
Harding Street Neighbors, LP Carol-Harding Duplex Property Acquisition Outstanding 03/14/13 1 7,408,000 - 1 - 7,408,000 -
Tracy Templeton Laguna Point Sale Outstanding 04/17/13 1 108,150 - 1 - 108,150 -
Thomas & Judy Kim Rose Bay Sale Outstanding 08/23/13 1 229,775 - 1 - 229,775 -
Solutions for Change N/A Property Acquisition Outstanding 12/19/14 1 2,646,000 - 1 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 -
Carlsbad Veteran Housing LP Windsor Pointe Rentals Outstanding 12/03/20 1 2,475,728 - 1 - 2,475,728 -
345 28,044,865 28,400,000 209 (2,758,652) (3,193,250) 25,286,213 25,206,750
Allowances Other (1,803,107) (1,803,107)
495 26,241,758$ 28,400,000$ 209 (2,758,652)$ (3,193,250)$ 23,483,106$ 25,206,750$ Exhibit 11Aug. 16, 2022Item #1 Page 23 of 23