HomeMy WebLinkAbout2022-09-13; City Council; ; Report on City Investments as of July 31, 2022CA Review CKM
Meeting Date: Sept. 13, 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 July 31, 2022
District: All
Recommended Action
Accept and file a report on city investments as of July 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 July 31, 2022, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $828,838,193 $849,893,084
Investment cost $838,544,523 $859,755,006
Amortized cost2 $833,831,170 $855,133,832
Market value3 $801,538,380 $819,445,026
(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).
Sept. 13, 2022 Item #1 Page 1 of 20
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $924,108 $924,108 $979,857
The cash income received is adjusted for any accrued interest purchased.
Pooled investment performance
Average life (years) Yield4 Modified duration
May 2022 2.15 1.16% 1.99
June 2022 2.21 1.28% 2.03
July 2022 2.23 1.37% 2.05
(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
$198
General
$150
Internal service
$50
Special revenue
$33
Fiduciary$9
Fund equity in pooled investments
July 31, 2022
($ in millions)
Sept. 13, 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
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 accordance with the Ralph M. Brown Act and available for viewing at
least 72 hours prior to the meeting.
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
Sept. 13, 2022 Item #1 Page 3 of 20
City of Carlsbad investment portfolio
As of July 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 $ 327,603,082 $ 324,603,592 $ 310,633,937 $ 306,300,521 $ 46,818 1.07%1.04%
SN 28,654,402 28,654,402 27,241,343 27,133,111 39,550 1.53 1.53
TR 86,878,869 86,878,869 84,027,830 83,743,025 2,188 1.09 1.09
CN 201,557,736 204,684,066 192,330,907 194,443,619 474,465 1.83 1.83
CD 21,330,226 21,575,226 20,208,312 20,470,981 14,922 1.48 1.48
MBS (agency)31,050,307 29,521,002 29,414,904 27,719,558 44,251 2.11 2.01
MBS (non-agency)- - - - - 0.00 0.00
Muni 62,540,479 62,540,479 58,751,726 58,336,841 139,959 1.34 1.34
Bank account 9,994,686 22,124,732 9,994,686 22,124,732 - 0.01 0.01
IRT 10,232,573 629,993 10,232,573 629,993 2,436 0.01 0.01
CAMP 55,009,015 1,008,071 55,009,015 1,008,071 944 1.88 1.50
LAIF 3,693,148 77,534,573 3,693,148 77,534,573 158,575 1.17 0.86
Total $838,544,523 $859,755,006 $801,538,380 $819,445,026 $924,108 1.37%1.28%
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 1Sept. 13, 2022Item #1 Page 4 of 20
City of Carlsbad investment portfolio
As of July 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 $15,726,909 $11,363,761 $283,543,267 $310,633,937 38.75%
SN 5,491,230 2,971,590 18,778,523 27,241,343 3.40
TR 8,240,360 26,522,895 49,264,575 84,027,830 10.48
CN 24,146,956 40,602,905 127,581,047 192,330,907 24.00 (2)
CD 1,981,110 2,227,422 15,999,779 20,208,312 2.52
MBS (agency)3,270,000 3,510,000 22,634,904 29,414,904 3.67 (3)
MBS (non-agency)- - - - 0.00 (3)(4)
Muni - 3,528,955 55,222,771 58,751,726 7.33 (5)
Bank account 9,994,686 - - 9,994,686 1.25
Sweep - - - - 0.00
IRT 10,232,573 - - 10,232,573 1.28
CAMP 55,009,015 - - 55,009,015 6.86
LAIF 3,693,148 - - 3,693,148 0.46
Totals $137,785,987 $90,727,528 $573,024,865 $801,538,380 100.0%
% Totals 17.2% 11.3%71.5%100.0%
Total within one year $228,513,515 (1)
Percentage of the budget within one year 66.8% (6)
Policy
(1) Not less than $228,000,000 to mature within one year, two-thirds of FY 22-23 operating budget of $342,200,000.
(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.
(6) Due to change in operating budget one year requirement is not met. This will be resolved in the coming months. Exhibit 2Sept. 13, 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 JanMarchMayJulyYield (%)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 2020-21 end 0.05 0.25 0.87 1.45
FY 2021-22 end 1.72 2.92 3.01 2.98
July 31, 2022 2.41 2.89 2.70 2.67Market rate (%)City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
Sept. 13, 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 $0.98 $0.92
$12.05
-
1
2
3
4
5
6
7
8
9
10
11
12
13
July August Sep Oct Nov Dec Jan Feb March April May June JulyInterest income ($ in millions)City of Carlsbad investment portfolio
Cumulative cash income
13-month comparison
FY 2021-22 interest income FY 2022-23 interest income FY 2021-22 cumulative FY 2022-23 cumulativeSept. 13, 2022Item #1 Page 7 of 20
Exhibit 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of July 31, 2022
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total
89236TCQ6 Toyota 08/24/2017 07/13/2022 1,500,000 1,499,866 21,000 1,520,866
89236TCQ6 Toyota 01/16/2019 07/13/2022 1,500,000 1,502,389 21,000 1,523,389
89236TCQ6 Toyota 07/01/2019 07/13/2022 2,500,000 2,491,212 35,000 2,526,212
31398E6W9 FHLMC FHR 3544 08/27/2020 07/15/2022 23,279 24,392 1,094 25,485
3133ELHU1 FFCB 01/15/2020 07/15/2022 1,500,000 1,500,000 12,000 1,512,000
30311SAA7 FRESB 04/22/2022 07/25/2022 2,548 2,447 5,107 7,554
30315EAA4 FRESB 07/24/2020 07/25/2022 1,342 1,348 676 2,024
30318NAA1 FRESB 02/19/2021 07/25/2022 34,016 34,175 735 34,911
30321CAQ5 FRESB 07/23/2021 07/25/2022 3,133 3,148 1,433 4,580
30324QAC2 FRESB 01/21/2022 07/25/2022 96,827 97,275 6,127 103,402
3137BM7B6 FHLMC FHMS 06/30/2022 07/25/2022 91,403 90,689 10,045 100,734
3137CP4J5 FHLMC 08/20/2021 07/25/2022 41,874 43,857 4,059 47,916
3137FBTA4 FHLMC FHMS 03/10/2021 07/25/2022 3,694 3,985 7,526 11,511
3137F32A1 FHLMC FHMS 04/15/2020 07/25/2022 85,363 91,499 6,974 98,473
50116CBD0 KS Bank 07/31/2017 07/29/2022 245,000 245,000 409 245,409
7,628,479$ 7,631,280$ 133,185$ 7,764,465$
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
3134GXYX6 FHLMC 07/07/2022 12/30/2024 12/30/2022 3.35%2,500,000 100.00 2,500,000
742718FG9 PG 07/08/2022 03/25/2027 09/25/2022 3.20%2,500,000 98.26 2,456,475
3130ASLP2 FHLB 07/21/2022 01/21/2025 01/21/2023 3.50%2,000,000 100.00 2,000,000
3137BL6J2 FHMS K048 A1 07/22/2022 12/25/2024 08/25/2022 3.43%1,941,534 99.00 1,922,119
8,941,534$ 99.31 8,878,594$
Sept. 13, 2022 Item #1 Page 8 of 20
Exhibit 6
City of Carlsbad
Investment summary
As of July 31, 2022
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Federal investments
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
07/07/22 12/30/24 FHLMC 2,500,000.00 2,500,000.00 3.348%207,746.53 2,707,746.53
07/21/22 01/21/25 FHLB 2,000,000.00 2,000,000.00 3.500%175,000.00 2,175,000.00
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
Sept. 13, 2022 Item #1 Page 9 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
04/09/20 03/14/25 FHLB 3,000,000.00 3,231,300.00 0.778%351,302.08 3,351,302.08
06/07/21 03/28/25 FHLMC 1,000,000.00 998,500.00 0.540%19,041.67 1,019,041.67
06/28/21 03/28/25 FHLB 3,120,000.00 3,122,340.00 0.500%70,200.00 3,190,200.00
04/21/21 04/21/25 FFCB 1,500,000.00 1,500,000.00 0.710%42,600.00 1,542,600.00
12/23/20 04/23/25 FNMA 3,000,000.00 3,000,000.00 0.500%65,000.00 3,065,000.00
10/30/20 04/30/25 FHLMC 2,000,000.00 2,000,000.00 0.500%45,111.12 2,045,111.12
06/03/20 05/27/25 FFCB 3,500,000.00 3,499,300.00 0.734%127,324.17 3,627,324.17
06/03/20 05/28/25 FHLMC 2,000,000.00 2,000,000.00 0.750%74,791.66 2,074,791.66
12/16/20 06/16/25 FNMA 2,000,000.00 2,000,000.00 0.450%40,500.00 2,040,500.00
01/11/21 06/17/25 FNMA 3,000,000.00 3,014,640.00 0.389%66,500.00 3,066,500.00
05/20/21 06/17/25 FNMA 2,000,000.00 1,991,940.00 0.600%40,750.00 2,040,750.00
07/01/20 06/30/25 FNMA 2,500,000.00 2,500,000.00 0.740%92,448.61 2,592,448.61
01/15/21 07/14/25 FFCB 2,225,000.00 2,218,325.00 0.457%39,024.65 2,264,024.65
09/14/20 07/21/25 FHLMC 1,500,000.00 1,499,625.00 0.380%27,296.87 1,527,296.87
07/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.580%87,000.00 3,087,000.00
10/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.530%75,525.00 3,075,525.00
10/01/20 07/30/25 FHLMC 2,000,000.00 2,000,000.00 0.510%49,271.67 2,049,271.67
08/12/20 08/12/25 FFCB 3,500,000.00 3,500,000.00 0.530%92,750.00 3,592,750.00
08/14/20 08/14/25 FNMA 2,000,000.00 2,000,000.00 0.650%65,000.00 2,065,000.00
11/06/20 08/18/25 FNMA 2,000,000.00 1,999,000.00 0.500%47,833.33 2,047,833.33
08/21/20 08/21/25 FNMA 2,000,000.00 2,000,000.00 0.450%45,000.00 2,045,000.00
08/27/20 08/27/25 FHLMC 2,500,000.00 2,500,000.00 0.520%58,500.00 2,558,500.00
08/31/20 08/29/25 FNMA 3,000,000.00 3,000,000.00 0.600%89,900.00 3,089,900.00
12/28/20 09/23/25 FHLMC 3,000,000.00 2,996,460.00 0.400%53,281.25 3,053,281.25
10/22/20 09/23/25 FHLMC 4,000,000.00 3,989,280.00 0.430%73,791.67 4,073,791.67
10/14/20 10/14/25 FFCB 1,500,000.00 1,500,000.00 0.520%39,000.00 1,539,000.00
10/15/20 10/15/25 FHLMC 3,000,000.00 3,000,000.00 0.550%82,500.00 3,082,500.00
12/11/20 10/20/25 FNMA 2,410,000.00 2,408,795.00 0.590%67,909.78 2,477,909.78
12/09/20 10/21/25 FFCB 3,000,000.00 2,994,300.00 0.560%75,920.00 3,075,920.00
11/03/20 11/03/25 FFCB 4,500,000.00 4,500,000.00 0.540%121,500.00 4,621,500.00
12/29/20 11/07/25 FNMA 3,000,000.00 3,012,960.00 0.410%72,833.34 3,072,833.34
03/10/21 12/10/25 FHLB 1,750,000.00 1,750,000.00 0.650%54,031.25 1,804,031.25
03/02/21 12/15/25 FAMCA 3,000,000.00 3,000,000.00 0.520%74,663.33 3,074,663.33
12/17/20 12/17/25 FHLMC 5,000,000.00 5,000,000.00 0.625%156,250.00 5,156,250.00
03/24/21 12/23/25 FHLMC 1,500,000.00 1,489,500.00 0.700%49,845.83 1,549,845.83
12/30/20 12/30/25 FNMA 2,500,000.00 2,504,125.00 0.474%80,000.00 2,580,000.00
01/14/21 01/14/26 FHLB 4,000,000.00 4,000,000.00 0.510%102,000.00 4,102,000.00
01/14/21 01/14/26 FHLB 1,750,000.00 1,747,375.00 0.540%44,625.00 1,794,625.00
01/25/21 01/15/26 FAMCA 1,500,000.00 1,500,000.00 0.480%35,800.00 1,535,800.00
01/28/21 01/28/26 FHLB 3,000,000.00 3,000,000.00 0.500%75,000.00 3,075,000.00
02/09/21 02/09/26 FHLB 2,050,000.00 2,050,000.00 0.350%14,575.00 2,064,575.00
02/12/21 02/12/26 FHLB 2,000,000.00 2,000,000.00 0.550%55,000.00 2,055,000.00
02/18/21 02/18/26 FHLB 4,000,000.00 4,000,000.00 0.500%100,000.00 4,100,000.00
03/03/21 03/03/26 FFCB 674,000.00 674,000.00 0.790%26,623.00 700,623.00
03/09/21 03/09/26 FFCB 3,500,000.00 3,500,000.00 0.800%140,000.00 3,640,000.00
03/18/21 03/18/26 FHLB 3,000,000.00 2,997,000.00 0.750%112,500.00 3,112,500.00
03/30/21 03/30/26 FHLB 1,500,000.00 1,500,000.00 0.300%22,500.00 1,522,500.00
04/20/21 04/20/26 FAMCA 2,000,000.00 2,000,000.00 1.000%100,000.00 2,100,000.00
04/21/21 04/21/26 FHLB 2,000,000.00 1,998,500.00 0.915%90,000.00 2,090,000.00
04/29/21 04/29/26 FHLB 4,000,000.00 4,000,000.00 0.500%100,000.00 4,100,000.00
05/04/21 05/04/26 FAMCA 2,500,000.00 2,500,000.00 0.950%118,750.00 2,618,750.00
05/26/21 05/26/26 FHLB 2,500,000.00 2,500,000.00 0.500%112,500.00 2,612,500.00
05/27/21 05/27/26 FAMCA 2,000,000.00 2,000,000.00 0.920%92,000.00 2,092,000.00
06/16/21 06/16/26 FHLB 2,000,000.00 2,000,000.00 0.500%94,000.00 2,094,000.00
06/16/21 06/16/26 FHLB 2,500,000.00 2,500,000.00 0.500%117,500.00 2,617,500.00
06/22/21 06/22/26 FFCB 2,000,000.00 1,993,160.00 0.870%80,000.00 2,080,000.00
06/30/21 06/30/26 FHLB 4,500,000.00 4,500,000.00 0.500%186,750.00 4,686,750.00
06/30/21 06/30/26 FHLB 2,000,000.00 2,000,000.00 0.550%88,000.00 2,088,000.00
07/27/21 07/27/26 FHLB 2,500,000.00 2,500,000.00 1.000%125,000.00 2,625,000.00
08/25/21 08/25/26 FHLB 3,500,000.00 3,494,750.00 0.906%153,125.00 3,653,125.00
09/01/21 09/01/26 FAMCA 4,000,000.00 4,000,000.00 0.900%180,000.00 4,180,000.00
09/07/21 09/01/26 FFCB 3,000,000.00 2,997,750.00 0.885%130,065.00 3,130,065.00
09/30/21 09/30/26 FAMCA 2,500,000.00 2,500,000.00 0.860%107,798.60 2,607,798.60
12/27/21 10/07/26 FFCB 2,500,000.00 2,469,000.00 1.268%119,444.44 2,619,444.44
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
Sept. 13, 2022 Item #1 Page 10 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
06/24/22 03/25/27 FHLB 2,000,000.00 1,941,720.00 3.420%260,791.67 2,260,791.67
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 326,551,000.00 327,603,082.34 1.068%16,576,466.30 343,128,448.80
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
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
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
01/21/22 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
06/13/22 01/31/24 US Treasury 2,000,000.00 1,942,288.94 2.900%28,570.44 2,028,570.44
06/25/21 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
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
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
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
Sept. 13, 2022 Item #1 Page 11 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
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
Sept. 13, 2022 Item #1 Page 12 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
07/08/22 03/25/27 Procter & Gamble (PG)2,500,000.00 2,456,475.00 3.200%329,972.22 2,829,972.22
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 196,353,000.00 201,557,736.45 1.831% 20,953,085.80 217,306,085.80
Certificate of deposit
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
Sept. 13, 2022 Item #1 Page 13 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
03/23/22 03/23/27 American Exp Bank (AXP)247,000.00 247,000.00 2.200%27,184.89 274,184.89
05/18/22 05/19/27 Discover Bank 246,000.00 246,000.00 3.200%39,403.14 285,403.14
Certificate of deposit 21,337,000.00 21,330,225.52 1.475% 1,527,370.17 22,864,370.17
Mortgage backed securities (agency)
03/10/21 08/25/24 FHLM - FHMS K728 2,947,030.01 3,180,918.87 3.064%150,091.53 3,097,121.54
04/15/20 11/25/24 FHMS KHG1 A1 2,416,128.18 2,589,764.60 0.999%217,130.28 2,633,258.46
06/30/22 04/25/25 FHMS K051 A1 4,083,754.58 4,051,850.25 3.299%163,239.98 4,246,994.56
07/24/20 05/25/25 FRESB MFM 975,488.31 980,259.44 0.830%19,418.08 994,906.39
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 304,840.78 382,102.69 0.532%83,540.73 388,381.51
07/22/22 12/25/24 FHLMC FHMS K048 A1 1,941,534.30 1,922,118.96 3.425%64,096.69 2,005,630.99
02/19/21 01/25/26 FRESB 2021-SB83 1,366,600.87 1,373,018.42 0.505%22,551.11 1,389,151.98
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 1,949,357.83 2,041,647.72 0.414%165,584.45 2,114,942.28
07/23/21 04/25/26 FRESB 1,950,714.10 1,959,874.65 0.746%40,585.81 1,991,299.91
01/21/22 11/25/26 FRESB 2022-SB94 4,386,694.62 4,406,983.09 1.500%171,584.69 4,558,279.31
04/22/22 04/25/27 FRESB 2022-SB97 A5F 3,440,627.52 3,304,268.57 2.803%145,011.91 3,585,639.43
Mortgage backed securities (agency) 30,262,771.10 31,050,307.26 2.105% 1,508,043.54 31,770,814.64
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
06/30/22 09/15/25 State of Connecticut (CTS)2,850,000.00 2,850,000.00 3.201%3,192,250.56
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
Sept. 13, 2022 Item #1 Page 14 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
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
Municpal Bonds 60,715,000.00 62,540,479.45 1.340% 4,999,441.25 66,056,691.81
Cash
Wells Fargo Bank - General 9,994,685.78 9,994,685.78 0.010%82.15 9,994,767.93
Wells Fargo Sweep account - - 0.010%- -
Wells Fargo Bank - Custody 10,232,573.06 10,232,573.06 0.010%85.27 10,232,658.33
CAMP 55,009,014.71 55,009,014.71 1.883%85,131.35 55,094,146.06
LAIF City 2,144,324.27 2,144,324.27 1.170%2,090.72 2,146,414.99
LAIF CMWD 807,084.47 807,084.47 1.170%786.91 807,871.38
LAIF CPFA 741,739.27 741,739.27 1.170%723.20 742,462.47
Cash 78,929,421.56 78,929,421.56 1.370%88,899.59 79,018,321.15
GRAND TOTAL 828,838,192.66 838,544,523.39 1.3670% 50,298,151.69 879,479,577.41
Sept. 13, 2022 Item #1 Page 15 of 20
Exhibit 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of July 31, 2022
Cash balance by fund:
General 150,059,412
Special revenue 33,433,887
Capital projects:
Infrastructure replacement 118,408,821
Special districts 118,635,956
General capital construction 43,087,375
Public facilities fees 29,368,135
Traffic impact fees 22,366,052
Gas tax 21,525,443
Park development 14,765,913
Technology investment 8,955,867
TransNet taxes 9,544,640
Drainage fees 4,801,601
Capital project subtotal 391,459,803
Enterprise:
Carlsbad Municipal Water District 138,300,892
Sewer fund 43,037,228
Storm water 8,280,146
Solid waste 4,596,368
Golf course 4,015,360
Enterprise subtotal 198,229,995
Internal service 49,976,594
Fiduciary 8,801,304
Total general ledger balance **831,960,995
Reconciling adjustments (1)1,870,175
Total treasurer's investment portfolio at amortized cost $833,831,170
**Figures based on best estimate at the time report run on 08/29/2022.
(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.
Sept. 13, 2022 Item #1 Page 16 of 20
Exhibit 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of July 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 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.
Sept. 13, 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
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 3,297,895$
Citibank A3 BBB+A 01/23/24 02/20/20 7,168,908
Merck A1 A+A+02/24/26 04/12/21 1,489,565
Public Service Electric A1 A 03/27/25 12/31/20 2,565,901
Toyota A1 A+A+01/08/24 07/01/19 6,255,305
20,777,574$
* 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.
Sept. 13, 2022 Item #1 Page 18 of 20
Exhibit 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of July 31, 2022
Corporate notes Amortized cost Portfolio allocation*
3M Company 3,297,895$ 0.40%
Amazon.com Inc.7,540,178 0.90%
Apple Inc.9,058,901 1.09%
Bank of America 16,449,658 1.97%
Bank of Montreal 4,450,000 0.53%
Bank of New York Mellon 10,276,360 1.23%
Berkshire Hathaway 5,995,265 0.72%
Blackrock Inc.7,236,758 0.87%
Century Housing Corp 1,000,000 0.12%
Citibank 7,168,908 0.86%
CME Group 2,924,486 0.35%
Colgate-Palmolive 9,628,752 1.15%
Florida Power & Light 3,838,230 0.46%
Johnson & Johnson 13,173,973 1.58%
JP Morgan Chase Bank 23,341,654 2.80%
Massmutual Global 3,777,434 0.45%
Merck 1,489,565 0.18%
Metlife 4,250,188 0.51%
Microsoft 6,240,674 0.75%
Nike Inc.3,007,168 0.36%
Novartis Capital Corp 4,846,174 0.58%
Procter & Gamble 11,655,931 1.40%
Public Service Electric 2,565,901 0.31%
Royal Bank of Canada 1,991,413 0.24%
State Street Corporation 2,043,480 0.25%
Toyota 6,255,305 0.75%
US Bank NA 6,558,028 0.79%
Visa Inc.1,337,274 0.16%
Wal-Mart 17,687,364 2.12%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FHLMC 18,961,061 2.27%
FNMA 12,024,404 1.44%
Sept. 13, 2022 Item #1 Page 19 of 20
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.21,499,873 2.58%
Federal Farm Credit Bank 83,751,636 10.04%
Federal Home Loan Bank 125,003,973 14.99%
Federal Home Loan Mortgage Corp.46,939,451 5.63%
Federal National Mortgage Assoc.45,842,411 5.50%
Private Export Funding Corp.2,525,514 0.30%
Tennessee Valley Authority 1,054,314 0.13%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,635,709 0.20%
Amarillo Independent SD 1,773,314 0.21%
Cache County SD 3,407,066 0.41%
City of San Francisco 1,002,731 0.12%
County of Multnomah 2,003,970 0.24%
LA Unified SD 3,785,496 0.45%
Marion County SD 1,884,492 0.23%
Mason/Kitsap Cty SD 640,000 0.08%
Portland CC 1,102,419 0.13%
San Diego CC 3,168,671 0.38%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 790,108 0.09%
San Jose Redevelpment 3,192,811 0.38%
Santa Barbara CA USD 509,694 0.06%
Southern CA Public Power 2,423,106 0.29%
State of California 13,256,388 1.59%
State of Connecticut 5,961,891 0.71%
State of Hawaii 6,911,210 0.83%
Texas Tech University 2,516,189 0.30%
University of California 5,406,232 0.65%
Other Amortized cost Portfolio allocation
Supranational 28,284,135 3.39%
US Treasury 86,725,221 10.40%
Certificate of deposits 21,331,342 2.56%
Cash 78,929,422 9.47%
Total portfolio amortized cost 833,831,170$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
Sept. 13, 2022 Item #1 Page 20 of 20