HomeMy WebLinkAbout2022-10-18; City Council; ; Report on City Investments as of Aug. 31, 2022CA Review CKM
Meeting Date: Oct. 18, 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 Aug. 31, 2022
District: All
Recommended Action
Accept and file Report on City Investments as of Aug. 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 Aug 31, 2022, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $828,820,282 $828,838,193
Investment cost $838,353,333 $838,544,523
Amortized cost2 $833,618,281 $833,831,170
Market value3 $792,080,388 $801,538,380
(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.
Oct. 18, 2022 Item #1 Page 1 of 19
The equity portion of the various funds in the total portfolio is summarized in the graph below.
Fund balances are restricted for various purposes (see Exhibit 7 for a more detailed
breakdown).
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $2,043,315 $1,119,207 $924,108
The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield4 Modified duration
June 2022 2.21 1.28% 2.03
July 2022 2.23 1.37% 2.05
August 2022 2.16 1.39% 1.97
(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.
Capital projects
$389
Enterprise
$203
General
$152
Internal service
$49
Special revenue
$32
Fiduciary
$9
Fund equity in pooled investments
August 31, 2022
($ in millions)
Oct. 18, 2022 Item #1 Page 2 of 19
The city’s Investment Policy allows the City Treasurer to determine the course of action that
would correct exceptions to the policy. These investments are paying interest at the required
times and their principal is considered secure. It is the intent of the City Treasurer to hold these
assets in the portfolio until maturity unless events indicate they should be sold.
Next Steps
The report on city investments will continue to be produced monthly by the City Treasurer.
Environmental Evaluation
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
Oct. 18, 2022 Item #1 Page 3 of 19
City of Carlsbad investment portfolio
As of August 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 $ 327,603,082 $ 305,349,733 $ 310,633,937 $ 248,013 1.07%1.07%
SN 28,654,402 28,654,402 26,931,810 27,241,343 54,550 1.53 1.53
TR 82,602,233 86,878,869 79,176,550 84,027,830 197,500 1.06 1.09
CN 197,945,148 201,557,736 186,723,485 192,330,907 929,081 1.83 1.83
CD 21,035,226 21,330,226 19,949,129 20,208,312 42,330 1.48 1.48
MBS (agency)30,486,538 31,050,307 28,663,182 29,414,904 98,731 2.12 2.11
MBS (non-agency)- - - - - 0.00 0.00
Muni 63,755,479 62,540,479 59,015,272 58,751,726 283,629 1.38 1.34
Bank account 18,840,286 9,994,686 18,840,286 9,994,686 - 0.10 0.01
IRT 8,705,444 10,232,573 8,705,444 10,232,573 6,629 0.10 0.01
CAMP 55,032,347 55,009,015 55,032,347 55,009,015 24,276 2.37 1.88
LAIF 3,693,148 3,693,148 3,693,148 3,693,148 158,575 1.28 1.17
Total $838,353,333 $838,544,523 $792,080,388 $801,538,380 $2,043,315 1.39%1.37%
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 1Oct. 18, 2022Item #1 Page 4 of 19
City of Carlsbad investment portfolio
As of August 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 $17,716,206 $9,325,965 $278,307,562 $305,349,733 38.55%
SN 5,489,226 2,960,880 18,481,704 26,931,810 3.40
TR 11,969,060 18,516,410 48,691,080 79,176,550 10.00
CN 24,172,420 36,785,744 125,765,321 186,723,485 23.57 (2)
CD 1,978,691 1,732,825 16,237,614 19,949,129 2.52
MBS (agency)3,270,000 3,510,000 21,883,182 28,663,182 3.62 (3)
MBS (non-agency)- - - - 0.00 (3)(4)
Muni - 3,515,205 55,500,067 59,015,272 7.45 (5)
Bank account 18,840,286 - - 18,840,286 2.38
Sweep - - - - 0.00
IRT 8,705,444 - - 8,705,444 1.10
CAMP 55,032,347 - - 55,032,347 6.95
LAIF 3,693,148 - - 3,693,148 0.47
Totals $150,866,828 $76,347,029 $564,866,530 $792,080,388 100.0%
% Totals 19.1%9.6%71.3%100.0%
Total within one year $227,213,857 (1)
Percentage of the budget within one year 66.4% (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 2Oct. 18, 2022Item #1 Page 5 of 19
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
4.00
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
Aug 31, 2022 2.96 3.45 3.30 3.15Market rate (%)City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
Oct. 18, 2022 Item #1 Page 6 of 19
$0.83 $1.44 $1.00 $0.89 $0.95 $0.94 $0.89 $1.23 $0.97 $0.90 $0.98 $0.92 $1.12
$12.05
$2.04
-
1
2
3
4
5
6
7
8
9
10
11
12
13
Aug Sep Oct Nov Dec Jan Feb March April May June July AugInterest income ($ 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 cumulative
Exhibit 4Oct. 18, 2022Item #1 Page 7 of 19
Exhibit 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of August 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
9128282P4 US Treasury 08/25/2017 08/01/2022 1,250,000 1,250,000 11,719 1,261,719
742718EU9 Procter & Gamble (PG)11/06/2017 08/11/2022 1,800,000 1,800,000 19,350 1,819,350
742718EU9 Procter & Gamble (PG)11/09/2018 08/11/2022 1,900,000 1,900,000 20,425 1,920,425
742718EU9 Procter & Gamble (PG)05/02/2019 08/11/2022 2,000,000 2,000,000 21,500 2,021,500
31398E6W9 FHLMC FHR 3544 08/27/2020 08/15/2022 20,538 21,520 1,016 22,536
87270LAJ2 Everbank 08/16/2017 08/16/2022 247,000 247,000 2,695 249,695
30311SAA7 FRESB 04/22/2022 08/25/2022 2,410 2,315 5,104 7,418
30315EAA4 FRESB 07/24/2020 08/25/2022 23,018 23,131 675 23,805
30318NAA1 FRESB 02/19/2021 08/25/2022 2,208 2,219 717 2,936
30321CAQ5 FRESB 07/23/2021 08/25/2022 2,958 2,972 1,431 4,402
30324QAC2 FRESB 01/21/2022 08/25/2022 3,044 3,058 5,995 9,053
3137BM7B6 FHLMC FHMS 06/30/2022 08/25/2022 85,513 84,844 9,825 94,669
3137BP4J5 FHLMC 08/20/2021 08/25/2022 39,514 41,384 3,973 45,358
3137FBTA4 FHLMC FHMS 03/10/2021 08/25/2022 3,459 3,731 7,517 11,248
3137F32A1 FHLMC FHMS 04/15/2020 08/25/2022 79,869 85,610 6,736 92,346
3137BL6J2 FHLMC FHMC 07/22/2022 08/25/2022 67,184 66,512 4,351 70,863
969294BZ9 Willamette Valley Bank 08/30/2017 08/30/2022 249,000 249,000 444 249,444
912828L24 US Treasury 08/31/2017 08/31/2022 3,000,000 3,000,000 28,125 3,028,125
18,404,194$ 18,414,576$ 284,782$ 18,699,358$
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
02007GXF5 Ally Bank (GMATBK)08/09/2022 08/04/2025 02/04/2023 3.40%201,000 100.00 201,000
6041295T9 Minnesota State (MNS)08/10/2022 08/01/2026 02/01/2023 3.25%1,215,000 100.00 1,215,000
78014RFS4 Royal Bank of Canada (RY)08/15/2022 08/15/2023 02/15/2023 3.55%2,000,000 100.00 2,000,000
12,357,534$ 99.61 12,294,594$
Oct. 18, 2022 Item #1 Page 8 of 19
Exhibit 6
City of Carlsbad
Investment summary
As of August 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
04/09/20 03/14/25 FHLB 3,000,000.00 3,231,300.00 0.778%351,302.08 3,351,302.08
Oct. 18, 2022 Item #1 Page 9 of 19
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
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$
Oct. 18, 2022 Item #1 Page 10 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Supranationals
10/10/17 10/07/22 IBRD 1,300,000.00 1,290,907.89 2.024%121,671.77 1,421,671.77
02/08/19 10/24/22 IFC 1,500,000.00 1,470,780.00 2.553%111,333.33 1,611,333.33
01/18/18 01/18/23 IADB 1,700,000.00 1,702,652.00 2.467%212,500.00 1,912,500.00
01/24/18 01/18/23 IADB 1,000,000.00 997,670.00 2.550%124,583.33 1,124,583.33
11/10/20 06/19/23 IBRD 3,000,000.00 3,129,060.00 1.875%146,718.75 3,146,718.75
11/10/20 10/04/23 IADB 3,000,000.00 3,240,000.00 3.000%261,000.00 3,261,000.00
05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300%264,166.67 2,264,166.67
08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428%149,916.67 2,149,916.67
11/03/21 10/15/24 IADB 1,440,000.00 1,419,552.00 0.828%14,443.20 1,454,443.20
02/04/21 10/16/24 IFC 2,000,000.00 2,079,800.00 0.290%101,750.00 2,101,750.00
01/14/21 11/20/25 IBRD 2,000,000.00 2,250,220.00 0.510%303,125.00 2,303,125.00
01/25/21 01/15/26 IFC 2,000,000.00 2,007,840.00 0.500%57,677.78 2,057,677.78
04/23/21 04/20/26 IADB 3,000,000.00 3,000,720.00 0.870%131,031.25 3,131,031.25
05/28/21 05/15/26 IFC 2,000,000.00 2,000,000.00 0.500%49,638.89 2,049,638.89
Supranationals 27,940,000.00$ 28,654,401.89$ 1.530% 2,049,556.64$ 29,989,556.64$
US Treasury
11/20/19 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 82,500,000.00$ 82,602,232.67$ 1.059%2,198,443.12$ 84,698,443.12$
Corporate notes
01/18/18 09/21/22 Novartis Capital Corp 1,500,000.00 1,489,500.00 2.560%167,900.00 1,667,900.00
10/10/19 11/03/22 Microsoft (MSFT)2,000,000.00 2,064,180.00 1.514%162,386.11 2,162,386.11
11/12/21 11/15/22 Century Housing (CENHOU)1,000,000.00 1,000,000.00 0.350%3,529.17 1,003,529.17
01/04/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,982,400.00 2.443%218,875.00 2,218,875.00
09/17/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,935,820.00 3.077%187,250.00 2,187,250.00
12/06/17 11/29/22 Toyota 2,250,000.00 2,250,000.00 2.125%238,132.81 2,488,132.81
01/14/19 12/15/22 Wal-Mart (WMT)2,720,000.00 2,653,088.00 3.020%250,530.89 2,970,530.89
12/23/19 12/15/22 Wal-Mart (WMT)2,000,000.00 2,032,580.00 1.770%139,955.56 2,139,955.56
01/24/18 01/26/23 Toyota 3,000,000.00 3,000,000.00 2.750%412,500.00 3,412,500.00
08/29/19 02/01/23 Colgate-Palmolive 1,000,000.00 1,011,600.00 1.600%66,733.33 1,066,733.33
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
Oct. 18, 2022 Item #1 Page 11 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
08/15/22 08/15/23 Royal Bank of Canada (RY)2,000,000.00 2,000,000.00 3.550%71,000.00 2,071,000.00
05/14/20 09/01/23 Public Service Electric 2,500,000.00 2,700,575.00 0.720%267,899.31 2,767,899.31
12/23/19 11/20/23 State Street Corporation 2,000,000.00 2,130,440.00 1.958%289,216.67 2,289,216.67
01/28/19 12/05/23 Johnson & Johnson (JNJ)1,500,000.00 1,541,250.00 2.765%245,671.87 1,745,671.87
03/07/19 01/08/24 Toyota 1,000,000.00 1,017,865.00 2.950%162,009.72 1,162,009.72
01/16/20 01/15/24 Wal-Mart (WMT)2,000,000.00 2,067,790.00 1.900%260,436.11 2,260,436.11
05/16/19 01/23/24 Citibank 1,000,000.00 1,034,870.00 2.836%171,043.06 1,171,043.06
02/13/20 01/23/24 Citibank 2,500,000.00 2,674,670.00 1.770%359,930.56 2,859,930.56
02/13/20 01/23/24 Citibank 2,000,000.00 2,142,600.00 1.733%287,944.44 2,287,944.44
02/20/20 01/23/24 Citibank 1,500,000.00 1,603,710.00 1.780%214,893.75 1,714,893.75
10/11/19 02/01/24 JP Morgan Chase Bank (JPM)1,765,000.00 1,900,834.40 2.000%294,473.10 2,059,473.10
01/24/22 02/26/24 Bank of America (BAC)3,000,000.00 2,945,610.00 1.300%26,300.00 3,026,300.00
10/08/19 03/07/24 Microsoft (MSFT)1,500,000.00 1,581,000.00 1.604%188,379.17 1,688,379.17
08/29/19 03/18/24 Blackrock Inc.2,000,000.00 2,162,500.00 1.640%318,694.44 2,318,694.44
10/28/19 03/18/24 Blackrock Inc.1,000,000.00 1,071,360.00 1.801%153,611.11 1,153,611.11
11/14/19 03/18/24 Blackrock Inc.1,000,000.00 1,065,420.00 1.923%152,055.56 1,152,055.56
05/14/20 03/18/24 Blackrock Inc.3,000,000.00 3,300,600.00 0.845%403,666.67 3,403,666.67
04/24/20 04/22/24 Wal-Mart (WMT)2,500,000.00 2,737,467.50 0.875%329,541.67 2,829,541.67
04/24/20 04/22/24 Wal-Mart (WMT)2,000,000.00 2,191,860.00 0.700%263,633.33 2,263,633.33
04/29/22 04/29/24 JP Morgan Chase Bank (JPM)1,500,000.00 1,500,000.00 3.125%93,750.00 1,593,750.00
12/13/21 05/13/24 JP Morgan Chase Bank (JPM)1,750,000.00 1,859,392.50 1.000%153,307.29 1,903,307.29
07/31/19 05/13/24 JP Morgan Chase Bank (JPM)2,000,000.00 2,119,320.00 2.300%346,791.67 2,346,791.67
07/13/20 05/13/24 JP Morgan Chase Bank (JPM)3,000,000.00 3,331,290.00 0.700%416,875.00 3,416,875.00
07/01/20 05/15/24 Bank of NY Mellon (BNY)3,000,000.00 3,316,860.00 0.560%392,416.67 3,392,416.67
12/03/21 06/03/24 Bank of America (BAC)2,500,000.00 2,500,000.00 1.000%62,500.00 2,562,500.00
10/17/19 08/22/24 Amazon.com Inc. (AMZN)2,500,000.00 2,604,850.00 1.860%339,305.56 2,839,305.56
08/22/19 08/22/24 Amazon.com Inc. (AMZN)2,000,000.00 2,087,280.00 2.800%279,377.78 2,279,377.78
02/18/20 10/24/24 Bank of NY Mellon (BNY)3,055,000.00 3,093,737.40 1.816%300,459.25 3,355,459.25
11/15/21 11/15/24 BMO 2,000,000.00 2,000,000.00 1.000%60,000.00 2,060,000.00
01/15/20 01/15/25 Johnson & Johnson (JNJ)1,820,000.00 1,882,380.50 1.586%238,875.00 2,058,875.00
04/08/20 01/15/25 Johnson & Johnson (JNJ)3,000,000.00 3,231,960.00 0.906%375,593.75 3,375,593.75
07/13/20 01/15/25 Johnson & Johnson (JNJ)1,000,000.00 1,090,640.00 0.510%118,270.83 1,118,270.83
09/10/21 02/09/25 Apple Inc. (AAPL)1,500,000.00 1,588,155.00 0.753%128,020.83 1,628,020.83
04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300%280,131.74 3,590,131.74
06/03/20 03/15/25 CME Group Inc 2,771,000.00 3,050,981.84 0.730%397,638.50 3,168,638.50
12/31/20 03/27/25 Nike Inc.2,867,000.00 3,090,740.68 0.500%291,669.47 3,158,669.47
05/13/20 04/01/25 Flordia Power & Light 3,667,000.00 3,980,565.17 1.020%509,193.51 4,176,193.51
12/07/21 06/10/25 Royal Bank of Canada (RY)2,000,000.00 1,989,460.00 1.304%80,691.67 2,080,691.67
04/23/21 09/01/25 Johnson & Johnson (JNJ)1,250,000.00 1,241,700.00 0.705%29,944.44 1,279,944.44
09/20/21 10/29/25 Procter & Gamble (PG)1,500,000.00 1,487,460.00 0.757%33,893.75 1,533,893.75
05/17/21 12/14/25 Visa Inc 1,250,000.00 1,368,500.00 0.910%180,140.62 1,430,140.62
08/23/21 01/26/26 Bank of America (BAC)1,000,000.00 989,470.00 1.000%33,550.00 1,033,550.00
04/12/21 02/24/26 Merck 1,500,000.00 1,485,750.00 0.950%54,750.00 1,554,750.00
03/01/21 02/26/26 JP Morgan Chase Bank (JPM)2,000,000.00 2,000,000.00 0.800%80,000.00 2,080,000.00
03/01/21 03/01/26 Johnson & Johnson (JNJ)2,500,000.00 2,697,950.00 0.750%306,250.00 2,806,250.00
03/03/21 03/03/26 JP Morgan Chase Bank (JPM)2,000,000.00 2,000,000.00 1.000%100,000.00 2,100,000.00
06/11/21 06/11/26 JP Morgan Chase Bank (JPM)2,000,000.00 2,000,000.00 1.150%115,000.00 2,115,000.00
07/12/21 06/25/26 Bank of America (BAC)3,000,000.00 2,998,500.00 1.210%178,300.00 3,178,300.00
07/22/21 07/16/26 Massmtual Global 3,750,000.00 3,784,537.50 1.010%224,250.00 3,974,250.00
08/11/21 08/08/26 Microsoft (MSFT)4,000,000.00 4,292,240.00 0.900%293,040.00 4,293,040.00
08/25/21 08/25/26 JP Morgan Chase Bank (JPM)2,000,000.00 2,000,000.00 1.200%120,000.00 2,120,000.00
09/10/21 09/10/26 Bank of America (BAC)2,000,000.00 2,000,000.00 1.150%115,000.00 2,115,000.00
09/24/21 09/24/26 Bank of America (BAC)2,000,000.00 2,000,000.00 1.250%125,000.00 2,125,000.00
01/19/22 12/18/26 Metlife (MET)4,000,000.00 4,281,720.00 1.940%678,116.67 4,678,116.67
12/30/21 12/30/26 BMO 2,450,000.00 2,450,000.00 2.000%245,000.00 2,695,000.00
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 192,653,000.00$ 197,945,147.55$ 1.829%20,545,483.86$ 213,198,483.86$
Oct. 18, 2022 Item #1 Page 12 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Certificate of deposit
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
08/09/22 08/04/25 Ally Bank (GMATBK)201,000.00 201,000.00 3.400%20,427.10 221,427.10
08/14/20 08/14/25 Luana Savings Bank 249,000.00 249,000.00 0.450%5,605.57 254,605.57
08/19/20 08/19/25 1st Financial Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
08/20/20 08/20/25 1st Carolina Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
08/20/20 08/20/25 Northeast Community Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82
09/04/20 09/04/25 Crown Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62
09/15/20 09/15/25 Merrick 249,000.00 249,000.00 0.400%4,982.62 253,982.62
10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00 249,000.00 0.400%4,908.94 253,908.94
09/29/20 09/29/25 Landmark Community 249,000.00 249,000.00 0.400%4,982.58 253,982.58
10/22/20 10/08/25 Live Oak Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42
10/15/20 10/15/25 Maine Comm Bank 249,000.00 249,000.00 0.350%4,359.94 253,359.94
10/16/20 10/16/25 First Security Bank Wash 249,000.00 249,000.00 0.350%4,359.94 253,359.94
11/06/20 10/23/25 Royal Savings Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42
11/18/20 11/18/25 First US Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62
12/18/20 12/18/25 Third Federal Savings and Loan 249,000.00 249,000.00 0.450%5,605.56 254,605.56
12/18/20 12/18/25 Unity Bank 249,000.00 248,377.50 0.400%4,982.72 253,982.72
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
Oct. 18, 2022 Item #1 Page 13 of 19
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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 21,042,000.00$ 21,035,225.52$ 1.478%1,494,482.27$ 22,536,482.27$
Mortgage backed securities (agency)
03/10/21 08/25/24 FHLM - FHMS K728 2,943,570.89 3,177,187.75 3.064%150,091.53 3,093,662.42
04/15/20 11/25/24 FHMS KHG1 A1 2,336,258.91 2,504,154.73 0.999%217,130.28 2,553,389.19
06/30/22 04/25/25 FHMS K051 A1 3,998,242.07 3,967,005.81 3.299%163,239.98 4,161,482.05
07/24/20 05/25/25 FRESB MFM 952,470.24 957,128.79 0.830%19,418.08 971,888.32
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 284,302.57 360,582.50 0.532%83,540.73 367,843.30
07/22/22 12/25/24 FHLMC FHMS K048 A1 1,874,350.55 1,855,607.05 3.425%64,096.69 1,938,447.24
02/19/21 01/25/26 FRESB 2021-SB83 1,364,392.48 1,370,799.66 0.505%22,551.11 1,386,943.59
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 1,909,844.15 1,773,789.03 0.414%165,584.45 2,075,428.60
07/23/21 04/25/26 FRESB 1,947,756.22 1,956,902.88 0.746%40,585.81 1,988,342.03
01/21/22 11/25/26 FRESB 2022-SB94 4,383,651.00 4,403,925.39 1.500%171,584.69 4,555,235.69
04/22/22 04/25/27 FRESB 2022-SB97 A5F 3,438,217.43 3,301,954.00 2.803%145,011.91 3,583,229.34
Mortgage backed securities (agency)29,933,056.51$ 30,486,537.59$ 2.119%1,508,043.54$ 31,441,100.05$
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
08/10/22 08/01/26 Minnesota State (MNS)1,215,000.00 1,215,000.00 3.250%174,512.81 1,389,512.81
03/02/22 10/01/26 State of Hawaii (HIS)2,000,000.00 1,938,920.00 1.810%101,809.78 2,101,809.78
02/08/22 10/01/26 CAS 2,400,000.00 2,468,808.00 1.730%264,891.67 2,664,891.67
04/18/22 12/01/26 CASWTR 2,705,000.00 2,475,237.30 3.035%170,415.98 2,875,415.98
03/29/22 12/01/26 CASWTR 1,425,000.00 1,322,001.00 2.708%90,565.95 1,515,565.95
12/20/21 12/01/26 CASWTR 1,275,000.00 1,257,405.00 1.051%84,523.29 1,359,523.29
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 61,930,000.00$ 63,755,479.45$ 1.376%5,173,954.06$ 67,446,204.62$
Cash
Wells Fargo Bank - General 18,840,286.48 18,840,286.48 0.100%1,548.52 18,841,835.00
Wells Fargo Sweep account - - 2.643%- -
Wells Fargo Bank - Custody 8,705,444.04 8,705,444.04 0.100%725.45 8,706,169.49
CAMP 55,032,347.03 55,032,347.03 2.368%107,123.10 55,139,470.13
LAIF City 2,144,324.27 2,144,324.27 1.276%2,280.13 2,146,604.40
LAIF CMWD 807,084.47 807,084.47 1.276%858.20 807,942.67
LAIF CPFA 741,739.27 741,739.27 1.276%788.72 742,527.99
Cash 86,271,225.56$ 86,271,225.56$ 1.597%113,324.12$ 86,384,549.68$
GRAND TOTAL 828,820,282.07$ 838,353,332.57$ 1.3889%49,659,753.91$ 878,823,269.04$
Oct. 18, 2022 Item #1 Page 14 of 19
Exhibit 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of August 31, 2022
Cash balance by fund:
General 151,797,363
Special revenue 32,252,875
Capital projects:
Infrastructure replacement 117,752,092
Special districts 118,168,466
General capital construction 41,129,021
Public facilities fees 29,465,206
Traffic impact fees 22,966,467
Gas tax 21,881,794
Park development 14,789,334
Technology investment 8,876,515
TransNet taxes 9,364,338
Drainage fees 4,957,721
Capital project subtotal 389,350,954
Enterprise:
Carlsbad Municipal Water District 151,054,112
Sewer fund 35,622,212
Storm water 7,943,438
Solid waste 4,540,650
Golf course 4,014,905
Enterprise subtotal 203,175,316
Internal service 49,265,083
Fiduciary 8,651,236
Total general ledger balance **834,492,827
Reconciling adjustments (1)(874,546)
Total treasurer's investment portfolio at amortized cost $833,618,281
**Figures based on best estimate at the time report run on 10/11/2022.
(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.
Oct. 18, 2022 Item #1 Page 15 of 19
Exhibit 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of August 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.
Oct. 18, 2022 Item #1 Page 16 of 19
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
Minnesota State Aaa AAA AAA 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 3,295,491$
Citibank A3 BBB+A 01/23/24 02/20/20 7,159,383
Merck A1 A+A+02/24/26 04/12/21 1,489,809
Public Service Electric A1 A 03/27/25 12/31/20 2,560,832
Toyota A1 A+A+01/08/24 07/01/19 6,254,997
20,760,512$
* 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.
Oct. 18, 2022 Item #1 Page 17 of 19
Exhibit 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of August 31, 2022
Corporate notes Amortized cost Portfolio allocation*
3M Company 3,295,491$ 0.40%
Amazon.com Inc.7,540,926 0.90%
Apple Inc.9,056,878 1.09%
Bank of America 16,452,052 1.97%
Bank of Montreal 4,450,000 0.53%
Bank of New York Mellon 10,262,563 1.23%
Berkshire Hathaway 5,995,729 0.72%
Blackrock Inc.7,224,658 0.87%
Century Housing Corp 1,000,000 0.12%
Citibank 7,159,383 0.86%
CME Group 2,919,608 0.35%
Colgate-Palmolive 9,633,772 1.16%
Florida Power & Light 3,832,879 0.46%
Johnson & Johnson 13,163,226 1.58%
JP Morgan Chase Bank 23,325,972 2.80%
Massmutual Global 3,776,856 0.45%
Merck 1,489,809 0.18%
Metlife 4,245,410 0.51%
Microsoft 6,234,049 0.75%
Nike Inc.3,002,769 0.36%
Novartis Capital Corp 4,845,163 0.58%
Procter & Gamble 5,957,440 0.71%
Public Service Electric 2,560,832 0.31%
Royal Bank of Canada 3,991,663 0.48%
State Street Corporation 2,040,699 0.24%
Toyota 6,254,997 0.75%
US Bank NA 6,557,346 0.79%
Visa Inc.1,335,116 0.16%
Wal-Mart 17,677,863 2.12%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FHLMC 18,657,459 2.24%
FNMA 11,990,711 1.44%
Oct. 18, 2022 Item #1 Page 18 of 19
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.21,499,878 2.58%
Federal Farm Credit Bank 83,745,800 10.05%
Federal Home Loan Bank 124,985,955 14.99%
Federal Home Loan Mortgage Corp.46,944,174 5.63%
Federal National Mortgage Assoc.45,840,537 5.50%
Private Export Funding Corp.2,524,426 0.30%
Tennessee Valley Authority 1,052,181 0.13%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,630,163 0.20%
Amarillo Independent SD 1,774,218 0.21%
Cache County SD 3,400,075 0.41%
City of San Francisco 1,002,628 0.12%
County of Multnomah 2,003,855 0.24%
LA Unified SD 3,780,487 0.45%
Marion County SD 1,884,394 0.23%
Mason/Kitsap Cty SD 640,000 0.08%
Minnesota State 1,215,000 0.15%
Portland CC 1,102,367 0.13%
San Diego CC 3,165,157 0.38%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 789,273 0.09%
San Jose Redevelpment 3,188,794 0.38%
Santa Barbara CA USD 509,493 0.06%
Southern CA Public Power 2,424,423 0.29%
State of California 13,254,019 1.59%
State of Connecticut 5,948,268 0.71%
State of Hawaii 6,913,599 0.83%
Texas Tech University 2,515,657 0.30%
University of California 5,402,167 0.65%
Other Amortized cost Portfolio allocation
Supranational 28,267,037 3.39%
US Treasury 82,475,254 9.89%
Certificate of deposits 21,036,458 2.52%
Cash 86,271,226 10.35%
Total portfolio amortized cost 833,618,281$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
Oct. 18, 2022 Item #1 Page 19 of 19