HomeMy WebLinkAbout2023-04-11; City Council; ; Report on City Investments as of February 28, 2023CA Review CKM
Meeting Date: April 11, 2023
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Craig Lindholm, City Treasurer
craig.lindholm@carlsbadca.gov, 442-339-2472
Laura Rocha, Deputy City Manager, Administrative Services
laura.rocha@carlsbadca.gov, 442-339-2415
Subject: Report on City Investments as of February 28, 2023
Districts: All
Recommended Action
Accept and file Report on City Investments as of February 28, 2023.
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 February 28, 2023, is
summarized below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $857,831,422 $854,301,603
Investment cost $865,082,528 $861,988,146
Amortized cost2 $859,913,305 $856,692,976
Market value3 $810,506,030 $814,108,207
(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).
April 11, 2023 Item #2 Page 1 of 20
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $9,640,209 $1,366,815 $1,301,427
The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield4 Modified duration
December 2022 2.00 2.01% 1.80
January 2023 1.97 1.87% 1.78
February 2023 1.88 1.89% 1.67
(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 Feb. 7, 2023; 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
$390
Enterprise
$204
General
$157
Internal service
$62
Special revenue
$35
Fiduciary
$9
Fund equity in pooled investments
February 28, 2023
($ in millions)
April 11, 2023 Item #2 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.
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
April 11, 2023 Item #2 Page 3 of 20
City of Carlsbad investment portfolio
As of February 28, 2023
Investments by cost, market value, cash income, and average yield by class
Investment cost Market value Average yield
Class Current month Prior month Current month Prior month YTD income Current month Prior month
FA $ 324,138,722 $ 324,659,462 $ 298,070,919 $ 302,319,265 $ 2,143,195 1.19%1.16%
SN 23,192,392 23,192,392 21,182,878 21,354,798 322,777 1.32%0.01
TR 84,707,739 87,793,311 81,262,373 84,680,303 597,168 1.55%0.02
CN 182,637,162 188,537,580 169,196,228 176,203,640 3,340,894 1.98%0.02
CD 20,037,877 20,043,877 18,606,916 18,663,932 165,935 1.53%0.01
MBS (agency)36,975,938 37,305,813 34,660,729 35,449,715 477,523 2.48%0.02
MBS (non-agency)- - - -
Muni 65,083,804 63,755,479 59,217,095 58,736,323 961,043 1.43%0.01
Bank account 2,418,276 2,157,975 2,418,276 2,157,975 - 0.10 0.10
Sweep 16,121,662 14,355,751 16,121,662 14,355,751 152,194 4.36 4.11
IRT 15,801,541 6,550,294 15,801,541 6,550,294 54,709 0.10 0.10
CAMP 92,200,472 91,869,269 92,200,472 91,869,269 1,192,401 4.73 4.56
LAIF 1,766,942 1,766,942 1,766,942 1,766,942 232,370 2.71 2.55
Total $865,082,528 $861,988,146 $810,506,030 $814,108,207 $9,640,209 1.89%1.87%
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
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City of Carlsbad investment portfolio
As of February 28, 2023
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 $1,999,080 $37,232,740 $258,839,099 $298,070,919 36.78%
SN 2,971,920 4,931,250 13,279,708 21,182,878 2.61
TR 15,301,365 14,987,240 50,973,768 81,262,373 10.03
CN 34,808,800 15,797,205 118,590,223 169,196,228 20.88 (2)
CD 1,481,484 1,699,125 15,426,307 18,606,916 2.30
MBS (agency)1,920,000 2,040,000 30,700,729 34,660,729 4.28 (3)
MBS (non-agency)- - - - 0.00 (3)(4)
Muni 3,000,600 490,385 55,726,110 59,217,095 7.31 (5)
Bank account 2,418,276 - - 2,418,276 0.30
Sweep 16,121,662 - - 16,121,662 1.99
IRT 15,801,541 - - 15,801,541 1.95
CAMP 92,200,472 - - 92,200,472 11.38
LAIF 1,766,942 - - 1,766,942 0.22
Totals $189,792,143 $77,177,945 $543,535,942 $810,506,030 100.0%
% Totals 23.4%9.5%67.1%100.0%
Total within one year $266,970,088 (1)
Percentage of the budget within one year 78.0%
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.
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Exhibit 3
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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
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1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
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
Feb 28 2023 4.42 4.41 3.99 3.88
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City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
April 11, 2023 Item #2 Page 6 of 20
ii. •
Exhibit 4
$0.89 $1.23 $0.97 $0.90 $0.98 $0.92 $1.12 $1.36 $1.24 $1.03 $1.30 1.30 1.37
$7.97
$12.05
$9.64
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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
April 11, 2023 Item #2 Page 7 of 20
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Exhibit 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of February 28, 2023
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total
85916VCY9 STERL 01/11/19 01/11/23 246,000.00 246,000.00 3,844.34 249,844.34
31398E6W9 FHLMC FHR 3544 08/27/20 01/17/23 16,973.56 17,785.11 677.13 18,462.24
4581X0DA3 IADB 01/18/18 01/18/23 1,700,000.00 1,700,000.00 21,250.00 1,721,250.00
4581XODA3 IADB 01/24/18 01/18/23 1,000,000.00 1,000,000.00 12,500.00 1,012,500.00
30311SAA7 FRESB 04/22/22 01/25/23 3,077.64 2,955.67 5,084.76 8,040.43
30315EAA4 FRESB 07/24/20 01/25/23 1,190.11 1,195.93 624.46 1,820.39
30318NAA1 FRESB 02/19/21 01/25/23 2,147.94 2,158.03 683.14 2,841.17
30321CAQ5 FRESB 07/23/21 01/25/23 2,816.10 2,829.32 1,323.04 4,152.36
30324QAC2 FRESB 01/21/22 01/25/23 71,736.03 72,067.81 5,962.89 78,030.70
3137BM7B6 FHLMC FHMS 06/30/22 01/25/23 86,610.47 85,933.83 8,111.56 94,045.39
3137BP4J5 FHLMC 08/20/21 01/25/23 40,271.02 42,177.60 3,557.52 45,735.12
3137FBTA4 FHLMC FHMS 03/10/21 01/25/23 4,041.15 4,358.92 7,465.48 11,824.40
3137F32A1 FHLMC FHMS 04/15/20 01/25/23 81,207.96 87,044.78 5,585.18 92,629.96
3137BL6J2 FHLMC FHMC 07/22/22 01/25/23 68,336.80 67,653.43 3,574.01 71,227.44
30329MAA0 FRESB 10/28/22 01/25/23 800.59 717.24 2,774.58 3,491.82
30329QAA1 FAMCA 11/18/22 01/25/23 2,853.72 2,604.98 8,660.02 11,265.00
3138L7D60 FNMA 12/19/22 01/25/23 2,419.55 2,342.43 2,895.40 5,237.83
89236TES0 TOYOTA 01/26/18 01/26/23 3,000,000.00 3,000,000.00 33,951.45 3,033,951.45
9128283U2 US Treasury 01/20/22 01/31/23 3,000,000.00 3,000,000.00 35,625.00 3,035,625.00
9128283U2 US Treasury 03/07/22 01/31/23 2,000,000.00 2,000,000.00 23,750.00 2,023,750.00
19416QEA4 COLGAT 08/29/19 02/01/23 1,000,000.00 1,000,000.00 9,750.00 1,009,750.00
05580AUR3 BMW 02/07/20 02/07/23 247,000.00 247,000.00 2,054.50 249,054.50
084670BJ6 BRK 09/12/19 02/11/23 1,250,000.00 1,250,000.00 18,750.00 1,268,750.00
313382AL7 FHLB 03/07/22 02/13/23 2,000,000.00 2,000,000.00 21,600.00 2,021,600.00
31398E6W9 FHLMC FHR 3544 08/27/20 02/15/23 17,590.79 18,431.85 620.55 19,052.40
949495BC8 WELLS 02/21/20 02/21/23 249,000.00 249,000.00 358.15 249,358.15
037833BU3 APPLE 07/31/19 02/23/23 3,500,000.00 3,500,000.00 49,875.00 3,549,875.00
9128284A5 USTR 07/30/19 02/28/23 3,000,000.00 3,000,000.00 39,375.00 3,039,375.00
30311SAA7 FRESB 04/22/22 02/27/23 4,621.22 4,438.07 5,080.20 9,518.27
30315EAA4 FRESB 07/24/20 02/27/23 1,193.83 1,199.67 623.63 1,823.30
30318NAA1 FRESB 02/19/21 02/27/23 2,153.85 2,163.96 682.01 2,845.97
30321CAQ5 FRESB 07/23/21 02/27/23 2,824.40 2,837.66 1,320.98 4,158.64
30324QAC2 FRESB 01/21/22 02/27/23 6,928.65 6,960.70 5,864.86 12,825.56
3137BM7B6 FHLMC FHMS 06/30/22 02/27/23 86,925.66 86,246.55 7,903.19 94,149.74
3137BP4J5 FHLMC 08/20/21 02/27/23 40,420.48 42,334.14 3,475.43 45,809.57
3137FBTA4 FHLMC FHMS 03/10/21 02/27/23 4,055.07 4,373.93 7,455.16 11,829.09
3137FBTA4 FHLMC FHMS (adj)03/10/21 01/05/23 (209.32) (209.32)
3137F32A1 FHLMC FHMS 04/15/20 02/27/23 81,470.85 87,326.57 5,359.08 92,685.65
3137BL6J2 FHLMC FHMC 07/22/22 02/27/23 68,564.05 67,878.41 3,420.88 71,299.29
30329MAA0 FRESB 10/28/22 02/27/23 803.09 719.48 2,773.19 3,492.67
30329QAA1 FAMCA 11/18/22 02/27/23 2,863.20 2,613.64 8,653.84 11,267.48
3138L7D60 FNMA 12/19/22 02/27/23 2,427.76 2,350.38 2,888.45 5,238.83
22,899,326$ 22,913,700.09 385,574.74 23,299,274.83
Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total
3130ATP27 FHLB 02/10/23 11/10/27 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00
1,000,000.00 1,000,000.00 1,000,000.00
April 11, 2023 Item #2 Page 8 of 20
Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value
78014RKF6 Royal Bank of Canada (RY)01/18/23 01/18/28 04/18/23 5.45%2,500,000.00 100.00 2,500,000.00
91282CGC9 US Treasury 01/25/23 12/31/27 06/30/23 3.57%500,000.00 101.37 506,829.00
3132XGRH1 FR WN2287 01/27/23 11/01/27 02/25/23 3.93%3,000,000.00 99.09 2,972,812.50
91282CGC9 US Treasury 01/31/23 12/31/27 06/30/23 3.65%750,000.00 101.02 757,617.19
3130AUQA5 Federal Home Loan Bank (FHLB)02/02/23 02/02/28 08/02/23 4.05%2,500,000.00 100.00 2,500,000.00
31938QW34 First Business Bank 02/15/23 04/15/27 08/15/23 3.90%245,000.00 100.00 245,000.00
70212YBE1 Partners Bank California 02/22/23 02/22/28 08/22/23 3.85%245,000.00 100.00 245,000.00
796720NT3 SBDHGR 02/22/23 08/01/27 08/01/23 4.48%1,500,000.00 88.56 1,328,325.00
11,240,000$ 98.75 11,055,584$
April 11, 2023 Item #2 Page 9 of 20
Exhibit 6
City of Carlsbad
Detailed investment report
As of February 28, 2023
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Federal investments
03/22/19 03/10/23 FHLB 2,000,000.00 2,028,220.00 2.375%218,166.67 2,218,166.67
08/13/20 08/10/23 FNMA 2,000,000.00 1,997,600.00 0.300%17,950.00 2,017,950.00
09/13/19 08/14/23 FFCB 1,800,000.00 1,796,580.00 1.650%112,880.00 1,912,880.00
12/15/21 08/18/23 FNMA 1,250,000.00 1,246,675.00 0.510%7,328.12 1,257,328.12
11/30/21 08/25/23 FHLB 2,500,000.00 2,500,000.00 0.500%21,701.39 2,521,701.39
09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990%138,988.89 1,138,988.89
10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125%315,738.89 2,615,738.89
09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485%190,659.72 2,190,659.72
02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495%130,572.92 1,130,572.92
04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410%221,375.00 1,971,375.00
06/30/22 09/29/23 FHLB 1,500,000.00 1,500,000.00 3.200%59,866.67 1,559,866.67
10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050%378,072.92 2,878,072.92
02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602%141,333.33 1,141,333.33
05/09/19 11/08/23 FFCB 2,000,000.00 2,001,700.00 2.280%206,872.22 2,206,872.22
11/24/20 11/24/23 FHLMC 2,500,000.00 2,500,000.00 0.320%24,000.00 2,524,000.00
11/30/20 11/30/23 FFCB 3,000,000.00 3,000,000.00 0.310%26,917.50 3,027,900.00
03/19/21 12/04/23 FHLMC 2,000,000.00 1,998,100.00 0.250%13,541.67 2,013,541.67
06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870%196,963.33 1,696,963.33
12/09/20 12/08/23 FFCB 2,500,000.00 2,500,000.00 0.280%20,980.56 2,520,980.56
05/13/20 12/08/23 FHLB 1,000,000.00 1,107,630.00 0.339%120,468.75 1,120,468.75
05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.500%161,486.11 1,161,486.11
12/29/21 12/29/23 FHLB 2,000,000.00 2,000,000.00 0.720%28,800.00 2,028,800.00
03/06/19 02/27/24 FFCB 1,500,000.00 1,498,950.00 2.610%194,771.25 1,694,771.25
11/30/21 02/28/24 FHLB 1,500,000.00 1,500,000.00 0.770%25,922.80 1,525,922.80
02/28/20 02/28/24 FFCB 2,500,000.00 2,500,000.00 1.550%155,000.00 2,655,000.00
03/08/19 03/08/24 FHLB 3,000,000.00 3,100,851.00 2.530%487,500.00 3,487,500.00
04/09/19 04/05/24 FFCB 2,000,000.00 1,994,380.00 2.360%229,105.56 2,229,105.56
04/23/21 04/22/24 FFCB 2,000,000.00 2,000,000.00 0.340%20,381.11 2,020,381.11
04/05/21 04/23/24 FHLMC 1,000,000.00 997,570.00 0.400%9,760.00 1,009,760.00
05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287%119,866.67 1,119,866.67
11/29/21 06/14/24 FNMA 2,000,000.00 1,976,200.00 0.849%19,062.50 2,019,062.50
08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457%139,845.39 1,322,845.39
08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457%151,263.00 1,621,263.00
03/21/22 07/02/24 FFCB 2,005,000.00 1,942,243.50 1.980%26,063.33 2,031,063.33
06/27/19 07/15/24 PEFCO 2,500,000.00 2,565,850.00 1.900%309,142.36 2,809,142.36
12/10/21 07/19/24 FHLB 2,000,000.00 1,978,000.00 0.878%23,475.00 2,023,475.00
07/24/20 07/22/24 FFCB 2,000,000.00 2,000,000.00 0.440%35,151.11 2,035,151.11
08/08/19 07/26/24 FFCB 2,500,000.00 2,532,125.00 1.582%229,708.33 2,729,708.33
10/29/20 07/29/24 FHLMC 3,000,000.00 3,000,000.00 0.375%42,187.50 3,042,187.50
11/10/20 08/15/24 FHLB 4,000,000.00 4,191,800.00 1.500%255,833.33 4,255,833.33
08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480%261,444.44 2,761,444.44
02/19/21 09/15/24 TVA 1,000,000.00 1,091,424.00 0.300%102,701.39 1,102,701.39
11/06/20 09/30/24 FHLMC 1,170,000.00 1,170,000.00 0.350%15,970.50 1,185,970.50
03/30/21 09/30/24 FHLB 1,500,000.00 1,500,000.00 0.520%27,300.00 1,527,300.00
10/22/20 09/30/24 FHLMC 3,000,000.00 3,000,000.00 0.350%41,358.33 3,041,358.33
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
07/07/22 12/30/24 FHLMC 2,500,000.00 2,500,000.00 3.348%207,746.53 2,707,746.53
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
07/21/22 01/21/25 FHLB 2,000,000.00 2,000,000.00 3.500%175,000.00 2,175,000.00
07/28/21 01/28/25 FHLB 1,750,000.00 1,750,000.00 0.520%31,850.00 1,781,850.00
02/03/21 02/03/25 FFCB 2,000,000.00 2,000,000.00 0.320%25,600.00 2,025,600.00
02/18/21 03/14/25 FHLB 1,500,000.00 1,620,240.00 0.389%145,072.92 1,645,072.92
04/09/20 03/14/25 FHLB 3,000,000.00 3,231,300.00 0.778%351,302.08 3,351,302.08
06/07/21 03/28/25 FHLMC 1,000,000.00 998,500.00 0.540%19,041.67 1,019,041.67
06/28/21 03/28/25 FHLB 3,120,000.00 3,122,340.00 0.500%70,200.00 3,190,200.00
04/21/21 04/21/25 FFCB 1,500,000.00 1,500,000.00 0.710%42,600.00 1,542,600.00
09/30/22 04/21/25 FHLB 1,055,000.00 963,215.00 4.287%17,813.67 1,072,813.67
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
April 11, 2023 Item #2 Page 10 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
11/01/22 10/14/25 FAMCA 1,650,000.00 1,645,264.50 2.153%184,415.59 1,834,415.59
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
09/30/22 05/19/26 FHLB 1,100,000.00 979,726.00 4.300%40,797.17 1,140,797.17
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
10/19/22 10/19/26 FFCB 3,000,000.00 3,000,000.00 5.300%636,000.00 3,636,000.00
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
09/30/22 09/15/27 FFCB 2,500,000.00 2,432,200.00 3.983%418,359.37 2,918,359.37
12/07/22 12/07/27 FFCB 3,000,000.00 2,995,920.00 3.780%562,500.00 3,562,500.00
02/02/23 02/02/28 FHLB 2,500,000.00 2,500,000.00 4.050%506,250.00 3,006,250.00
Federal investments 323,633,000.00$ 324,138,721.83$ 1.190%17,422,418.77$ 341,056,401.27$
April 11, 2023 Item #2 Page 11 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
Supranationals
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 22,440,000.00$ 23,192,392.00$ 1.325%1,479,468.21$ 23,919,468.21$
US Treasury
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
10/21/22 05/15/24 US Treasury 1,750,000.00 1,694,057.40 2.500%68,597.15 1,818,597.15
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
10/21/22 07/15/24 US Treasury 3,000,000.00 2,789,648.44 4.302%19,504.08 3,019,504.08
10/21/22 09/30/24 US Treasury 2,000,000.00 1,912,187.50 4.511%82,548.08 2,082,548.08
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
10/21/22 01/15/25 US Treasury 4,000,000.00 3,712,187.50 4.548%100,516.30 4,100,516.30
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
10/21/22 06/15/25 US Treasury 3,000,000.00 2,877,180.00 4.530%228,586.07 3,228,586.07
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
01/25/23 12/31/27 US Treasury 500,000.00 508,167.05 3.570%96,393.30 596,393.30
01/31/23 12/31/27 US Treasury 750,000.00 760,105.97 3.647%144,108.25 894,108.25
US Treasury 85,500,000.00$ 84,707,739.37$ 1.553%2,266,406.13$ 87,766,406.13$
Corporate notes
03/20/18 03/15/23 Berkshire Hathaway (BRK)1,000,000.00 983,890.00 3.101%137,118.06 1,137,118.06
04/18/18 03/15/23 Berkshire Hathaway (BRK)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 (BRK)2,000,000.00 1,953,300.00 3.270%268,888.89 2,268,888.89
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
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 (COLGAT)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. (APPLEI)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 (USBANK)1,250,000.00 1,251,625.00 3.371%212,381.94 1,462,381.94
12/11/18 07/24/23 US Bank NA (USBANK)2,500,000.00 2,489,250.00 3.400%21,597.22 2,521,597.22
01/24/19 07/24/23 US Bank NA (USBANK)1,000,000.00 1,010,000.00 3.156%153,000.00 1,153,000.00
April 11, 2023 Item #2 Page 12 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
02/28/19 07/24/23 US Bank NA (USBANK)1,800,000.00 1,835,100.00 2.916%269,620.00 2,069,620.00
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
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
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
07/01/20 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
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
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
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
10/18/22 10/18/27 Royal Bank of Canada (RY)2,500,000.00 2,500,000.00 5.700%712,500.00 3,212,500.00
11/15/22 11/15/27 BMO 4,000,000.00 4,000,000.00 6.250% 1,250,000.00 5,250,000.00
01/18/23 01/18/28 Royal Bank of Canada (RY)2,500,000.00 2,500,000.00 5.450%691,090.22 3,191,090.22
Corporate notes 177,433,000.00$ 182,637,162.05$ 1.975%20,868,039.55$ 198,301,039.55$
Certificate of deposit
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
April 11, 2023 Item #2 Page 13 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
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
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
April 11, 2023 Item #2 Page 14 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return
03/23/22 03/23/27 American Exp Bank (AXP)247,000.00 247,000.00 2.200%27,184.89 274,184.89
02/15/22 04/15/27 First Business Bank 245,000.00 245,000.00 3.900%33,790.69 278,790.69
05/18/22 05/19/27 Discover Bank 246,000.00 246,000.00 3.200%39,403.14 285,403.14
12/15/22 12/15/27 Forebright Bank (FORBBK)249,000.00 248,651.40 4.031%49,827.34 298,827.34
12/16/22 12/16/27 Southern Bank (SBSARD)245,000.00 245,000.00 4.000%49,026.84 294,026.84
02/22/23 02/22/28 Partners Bank California 245,000.00 245,000.00 3.850%47,188.34 292,188.34
Certificate of deposit 20,045,000.00$ 20,037,876.92$ 1.531%1,493,592.88$ 21,538,592.88$
Mortgage backed securities (agency)
03/10/21 08/25/24 FHLM - FHMS K728 - 3137FBTA4 2,915,721.66 3,150,560.03 3.064%153,254.21 3,068,975.87
04/15/20 11/25/24 FHMS KHG1 A1 - 3137F32A1 1,843,371.03 1,972,226.17 0.999%217,130.28 2,060,501.31
07/22/22 12/25/24 FHLMC FHMS K048 A1 - 3137BL6J2 1,458,044.50 1,443,464.06 3.425%64,096.69 1,522,141.19
06/30/22 04/25/25 FHMS K051 A1 - 3137BM7B6 3,198,085.28 3,173,100.24 3.299%163,239.98 3,361,325.26
07/24/20 05/25/25 FRESB MFM - 30315EAA4 900,443.79 904,847.88 0.830%19,418.08 919,861.87
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 168,574.95 239,321.64 0.532%83,540.73 252,115.68
02/19/21 01/25/26 FRESB 2021-SB83 - 30318NSS1 1,296,921.71 1,303,012.05 0.505%22,551.11 1,319,472.82
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 - 3137BP4J5 1,664,614.06 1,516,948.83 0.414%239,848.91 1,904,462.97
07/23/21 04/25/26 FRESB - 30321VSQ5 1,798,509.30 1,806,955.10 0.746%40,585.81 1,839,095.11
01/21/22 11/25/26 FRESB 2022-SB94 - 30324QAC2 4,284,431.25 4,304,246.74 1.500%171,584.69 4,456,015.94
04/22/22 04/25/27 FRESB 2022-SB97 A5F - 30311SAA7 3,420,229.49 3,284,678.96 2.803%145,011.91 3,565,241.40
10/28/22 06/25/27 FRESB 2022-SB103 A5F - 30329MAA0 1,599,115.99 1,432,627.22 4.989%186,362.10 1,785,478.09
11/18/22 09/25/27 FRESB - 30329QAA1 3,991,215.80 3,643,333.45 2.600%248,449.63 4,239,665.43
01/27/23 11/01/27 FRESB - FR WN2287 3,000,000.00 2,972,812.50 3.929%259,613.30 3,259,613.30
12/16/22 12/16/27 FN AM6424 - 3138L7D60 1,002,249.91 970,303.19 4.212%77,907.09 1,080,157.00
Mortgage backed securities (agency)37,041,528.72$ 36,975,938.06$ 2.482%2,357,802.80$ 39,399,331.52$
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%342,250.56 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
02/22/23 08/01/27 SBDHGR 1,500,000.00 1,328,325.00 1.480%107,266.25 1,607,266.25
Municpal Bonds 63,430,000.00$ 65,083,804.45$ 1.433%5,623,470.87$ 69,053,470.87$
Cash
Wells Fargo Bank - General 2,418,276.00 2,418,276.00 0.100%198.76 2,418,474.76
Wells Fargo Sweep account 16,121,661.54 16,121,661.54 4.358%57,746.47 16,179,408.01
Wells Fargo Bank - Custody 15,801,541.44 15,801,541.44 0.100%1,316.80 15,802,858.24
CAMP 92,200,472.12 92,200,472.12 4.730%358,445.12 92,558,917.24
LAIF City 202,065.55 202,065.55 2.710%456.33 202,521.88
LAIF CMWD 816,725.78 816,725.78 2.710%1,844.44 818,570.22
LAIF CPFA 748,151.15 748,151.15 2.710%1,689.58 749,840.73
Cash 128,308,893.58$ 128,308,893.58$ 3.998%421,697.49$ 128,730,591.07$
GRAND TOTAL 857,831,422.30$ 865,082,528.26$ 1.8928% 51,932,896.70$ 909,765,301.50$
April 11, 2023 Item #2 Page 15 of 20
Exhibit 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of February 28, 2023
Cash balance by fund:
General 156,815,950
Special revenue 35,271,400
Capital projects:
Infrastructure replacement 118,475,227
Special districts 119,250,972
General capital construction 40,483,401
Public facilities fees 29,286,003
Traffic impact fees 23,117,050
Gas tax 18,959,327
Park development 15,311,608
Technology investment 11,758,085
TransNet taxes 7,872,655
Drainage fees 4,989,845
Capital project subtotal 389,504,173
Enterprise:
Carlsbad Municipal Water District 143,954,165
Sewer fund 44,670,125
Storm water 7,444,188
Solid waste 4,263,883
Golf course 3,753,338
Enterprise subtotal 204,085,698
Internal service 62,288,279
Fiduciary 9,197,186
Total general ledger balance **857,162,686
Reconciling adjustments (1)2,750,619
Total treasurer's investment portfolio at amortized cost $859,913,305
**Figures based on best estimate at the time report run on 03/10/2023.
(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.
April 11, 2023 Item #2 Page 16 of 20
Exhibit 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of February 28, 2023
Corporate notes Moody's S&P Fitch Outlook
3M Company A1 A 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
Citibank A3 BBB+A Stable
CME Group Aa3 AA-AA-Stable
Colgate-Palmolive Aa3 AA-Stable
Florida Power & Light Aa2 A+AA-Stable
Johnson & Johnson Aaa AAA Stable/negative
JP Morgan Chase Bank A1 A-AA-stable/positive/stable
MassMutual Global Aa3 AA+AA+Stable
Merck A1 A+Negative/stable
MetLife Aa3 AA-AA-Stable
Microsoft Aaa AAA AAA Stable
Nike Inc.A1 AA-Stable
Novartis Capital Corp A1 AA-AA-Positive/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.
April 11, 2023 Item #2 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
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 3,281,065$
Citibank A3 BBB+A 01/23/24 02/20/20 7,102,234
Merck A1 A+ 02/24/26 04/12/21 1,491,273
Public Service Electric A1 A 03/27/25 12/31/20 2,530,416
Toyota A1 A+A+01/08/24 07/01/19 1,003,150
15,408,138$
* 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.
April 11, 2023 Item #2 Page 18 of 20
Exhibit 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of February 28, 2023
Corporate notes Amortized cost Portfolio allocation*
3M Company 3,281,065$ 0.38%
Amazon.com Inc.7,545,417 0.88%
Apple Inc.5,545,318 0.64%
Bank of America 16,466,412 1.91%
Bank of Montreal 8,450,000 0.98%
Bank of New York Mellon 10,179,780 1.18%
Berkshire Hathaway 4,749,258 0.55%
Blackrock Inc.7,152,058 0.83%
Citibank 7,102,234 0.83%
CME Group 2,890,342 0.34%
Colgate-Palmolive 4,658,569 0.54%
Florida Power & Light 3,800,774 0.44%
Johnson & Johnson 13,098,747 1.52%
JP Morgan Chase Bank 23,231,881 2.70%
Massmutual Global 3,773,391 0.44%
Merck 1,491,273 0.17%
Metlife 4,216,744 0.49%
Microsoft 4,201,169 0.49%
Nike Inc.2,976,378 0.35%
Novartis Capital Corp 3,338,094 0.39%
Procter & Gamble 5,962,535 0.69%
Public Service Electric 2,530,416 0.29%
Royal Bank of Canada 8,993,165 1.05%
State Street Corporation 2,024,011 0.24%
Toyota 1,003,150 0.12%
US Bank NA 6,553,252 0.76%
Visa Inc.1,322,165 0.15%
Wal-Mart 12,899,565 1.50%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FAMCA 3,643,333 0.42%
FHLMC 16,514,979 1.92%
FNMA 16,979,484 1.97%
April 11, 2023 Item #2 Page 19 of 20
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.23,145,705 2.69%
Federal Farm Credit Bank 92,144,830 10.72%
Federal Home Loan Bank 118,075,032 13.73%
Federal Home Loan Mortgage Corp.46,972,511 5.46%
Federal National Mortgage Assoc.39,414,013 4.58%
Private Export Funding Corp.2,517,903 0.29%
Tennessee Valley Authority 1,039,385 0.12%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,596,882 0.19%
Amarillo Independent SD 1,779,497 0.21%
Cache County SD 3,358,128 0.39%
City of San Francisco 1,002,028 0.12%
County of Multnomah 2,003,164 0.23%
LA Unified SD 3,750,435 0.44%
Marion County SD 1,883,819 0.22%
Mason/Kitsap Cty SD 640,000 0.07%
Minnesota State 1,215,000 0.14%
Portland CC 1,102,055 0.13%
San Bernardino CC 1,329,066 0.15%
San Diego CC 3,144,073 0.37%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 784,259 0.09%
San Jose Redevelpment 3,164,693 0.37%
Santa Barbara CA USD 508,281 0.06%
Southern CA Public Power 2,432,324 0.28%
State of California 13,239,809 1.54%
State of Connecticut 5,866,529 0.68%
State of Hawaii 6,927,935 0.81%
Texas Tech University 2,512,469 0.29%
University of California 5,377,854 0.63%
Other Amortized cost Portfolio allocation
Supranational 22,659,920 2.64%
US Treasury 84,901,715 9.87%
Certificate of deposits 20,040,139 2.33%
Cash 128,308,894 14.92%
Total portfolio amortized cost 859,913,305$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
April 11, 2023 Item #2 Page 20 of 20
Tammy Cloud-McMinn
From:
Sent:
To:
Subject:
Mary Real <anewday4me2020@gmail.com>
Monday, April 10, 2023 5:38 AM
All Receive -Agenda Item # d_
For the Information of the:
_ _(}~!:_OUNCIL
Date ~A v cc _.:::
CM v--ACM ......--DCM (3) ..,..,-
City Clerk; Council Internet Email; Scott Chadwick; Kyle Lancaster; Mick Calarco; Mary
Real
Item number 2 Carlsbad city council meeting 4-11-2023
To all those concerned about full accountability and making sure that money is actually spent on the people in the
budget and not sent back to the general fund by people who feel they are"helping" the city of Carlsbad and the general
fund save money or recover costs for a money losing proposition that serves the people. There is a billiards room at the
senior center that is open to all. The room to work clay and do other art projects is restricted mostly to paid classes and
not open for general use even though other rooms are available for paid classes!! The ping pong room is used for other
activities! On Saturday Maggie Hammer per Mike Pacheco? Started 1 hour later and close one hour early? It discouraged
some people from showing up instead of encouraging intergenerational or other activities like volunteering to connect
with seniors? These money saving ideas do not serve the community and are not reflected in the financial budget?
Where is the accountability if you do not report the actual budget amount and then the money that is not spent that is
returned to the general fund? You can say you budget a million dollars for the senior center but we don't see the effects
of that money because it is not spent on seniors nor is it kept in the budget for the senior center? Is that true
accountability or a public relations maneuver? We would like both the budget and the unused money spent that was
returned to the general fund. Thank you for your time Mary Lucid ®
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