HomeMy WebLinkAbout2023-05-16; City Council; ; Report on City Investments as of March 31, 2023CA Review CKM
Meeting Date: May 16, 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 March 31, 2023
District: All
Recommended Action
Accept and file Report on City Investments as of March 31, 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 March 31, 2023, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $855,298,636 $857,831,422
Investment cost $862,141,665 $865,082,528
Amortized cost2 $857,089,969 $859,913,305
Market value3 $817,403,084 $810,506,030
(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).
May 16, 2023 Item #1 Page 1 of 22
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $11,330,602 $1,690,393 $1,366,815
The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield4 Modified duration
January 2023 1.97 1.87% 1.78
February 2023 1.88 1.89% 1.67
March 2023 1.84 2.02% 1.66
(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 four 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
$387
Enterprise
$202
General
$158
Internal service
$63
Special revenue
$35
Fiduciary
$10
Fund equity in pooled investments
March 31, 2023
($ in millions)
May 16, 2023 Item #1 Page 2 of 22
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
10. Investments of bond proceeds held separately
11. Affordable housing loan summary
May 16, 2023 Item #1 Page 3 of 22
City of Carlsbad investment portfolio
As of March 31, 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 $ 325,591,002 $ 324,138,722 $ 304,981,911 $ 298,070,919 $ 2,648,461 1.24% 1.19%
SN 23,192,392 23,192,392 21,466,280 21,182,878 322,777 1.32% 1.32%
TR 84,707,739 84,707,739 82,190,295 81,262,373 659,043 1.55% 1.55%
CN 177,035,207 182,637,162 165,188,564 169,196,228 3,821,998 1.96% 1.98%
CD 21,271,877 20,037,877 19,793,695 18,606,916 199,954 1.72% 1.53%
MBS (agency)36,584,879 36,975,938 34,745,264 34,660,729 551,664 2.49% 2.48%
MBS (non-agency)- -
Muni 61,821,664 65,083,804 57,100,170 59,217,095 1,099,731 1.49% 1.43%
Bank account 2,080,891 2,418,276 2,080,891 2,418,276 - 0.10% 0.10%
Sweep 5,118,345 16,121,662 5,118,345 16,121,662 197,152 4.65% 4.36%
IRT 2,435,450 15,801,541 2,435,450 15,801,541 70,248 0.10% 0.10%
CAMP 120,535,276 92,200,472 120,535,276 92,200,472 1,527,205 4.80% 4.73%
LAIF 1,766,942 1,766,942 1,766,942 1,766,942 232,370 2.88% 2.71%
Total $862,141,665 865,082,528$ $817,403,084 $810,506,030 $11,330,602 2.02% 1.89%
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
Ex
h
i
b
i
t
1
Ma
y
16
,
20
2
3
It
e
m
#1
Pa
g
e
4
of
22
City of Carlsbad investment portfolio
As of March 31, 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
Federal Investments $0 $37,426,623 $267,555,288 $304,981,911 37.31%
Supranational 2,981,160 4,950,900 13,534,220 21,466,280 2.63
US Treasury 15,371,515 15,083,200 51,735,580 82,190,295 10.06
Corporate Notes 28,362,756 15,817,405 121,008,403 165,188,564 20.21 (2)
Certificate of Deposit 1,481,501 1,700,354 16,611,840 19,793,695 2.42
MBS (agency)1,920,000 2,040,000 30,785,264 34,745,264 4.25 (3)
MBS (non-agency)- - - - 0.00 (3)(4)
Municipal Bonds - 492,545 56,607,625 57,100,170 6.99 (5)
Bank account 2,080,891 - - 2,080,891 0.25
Sweep 5,118,345 - - 5,118,345 0.63
IRT 2,435,450 - - 2,435,450 0.30
CAMP 120,535,276 - - 120,535,276 14.75
LAIF 1,766,942 - - 1,766,942 0.22
Totals $182,053,837 $77,511,027 $557,838,221 $817,403,084 100.0%
% Totals 22.3%9.5%68.3%100.0%
Total within one year $259,564,863 (1)
Percentage of the budget within one year 75.9%
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.
Ex
h
i
b
i
t
2
Ma
y
16
,
20
2
3
It
e
m
#1
Pa
g
e
5
of
22
Exhibit 3
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Ap
r
Ma
y
Ju
n
Ju
l
Au
g
Se
p
Oc
t
No
v
De
c
20
2
1
J
a
n
Fe
b
Ma
r
Ap
r
Ma
y
Ju
n
Ju
l
Au
g
Se
p
Oc
t
No
v
De
c
20
2
2
J
a
n
Fe
b
Ma
r
Ap
r
Ma
y
Ju
n
Ju
l
Au
g
Se
p
Oc
t
No
v
De
c
20
2
3
J
a
n
Fe
b Ma
r
Yi
e
l
d
(
%
)
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
0.00
1.00
2.00
3.00
4.00
5.00
6.00
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
Mar 31 2023 4.85 4.06 3.60 3.48
Ma
r
k
e
t
r
a
t
e
(
%
)
City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
May 16, 2023 Item #1 Page 6 of 22
Exhibit 4
$1.23 $0.97 $0.90 $0.98 $0.92 $1.12 $1.36 $1.24 $1.03 $1.30 $1.30 $1.37 $1.69
$9.20
$12.05 $11.33
-
1
2
3
4
5
6
7
8
9
10
11
12
13
March April May June July Aug Sep Oct Nov Dec Jan Feb Mar
In
t
e
r
e
s
t
i
n
c
o
m
e
(
$
i
n
m
i
l
l
i
o
n
s
)
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
May 16, 2023 Item #1 Page 7 of 22
----
Exhibit 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of March 31, 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
3137F32A1 FHLMC FHMS 04/15/20 03/27/23 98,838.90 105,942.95 5,132.25 111,075.20
30315EAA4 FRESB 07/24/20 03/27/23 1,418.54 1,425.48 622.81 2,048.29
31398E6W9 FHLMC FHR 3544 08/27/20 03/15/23 16,225.30 17,001.07 561.92 17,562.99
30318NAA1 FRESB 02/19/21 03/27/23 2,495.00 2,506.72 680.88 3,187.60
3137FBTA4 FHLMC FHMS 03/10/21 03/27/23 4,918.11 5,304.83 7,444.81 12,749.64
30321CAQ5 FRESB 07/23/21 03/27/23 3,337.30 3,352.97 1,318.91 4,671.88
3137BP4J5 FHLMC 08/20/21 03/27/23 48,001.28 50,273.84 3,393.04 53,666.88
30324QAC2 FRESB 01/21/22 03/27/23 8,106.53 8,144.02 5,855.39 13,999.41
30311SAA7 FRESB 04/22/22 03/27/23 5,649.69 5,425.78 5,073.34 10,499.12
3137BM7B6 FHLMC FHMS 06/30/22 03/27/23 105,560.11 104,735.42 7,694.06 112,429.48
May 16, 2023 Item #1 Page 8 of 22
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total
3137BL6J2 FHLMC FHMC 07/22/22 03/27/23 81,302.35 80,489.33 3,267.24 83,756.57
30329MAA0 FRESB 10/28/22 03/27/23 966.47 865.85 2,771.80 3,637.65
30329QAA1 FAMCA 11/18/22 03/27/23 3,541.44 3,232.76 8,647.64 11,880.40
3138L7D60 FNMA 12/19/22 03/27/23 2,436.00 2,358.35 2,881.47 5,239.82
3130ADRG9 FHLB 03/22/19 03/10/23 2,000,000.00 2,028,220.00 27,500.00 2,055,720.00
084670BR8 Berkshire Hathaway (BRK)03/20/18 03/15/23 1,000,000.00 983,890.00 13,750.00 997,640.00
084670BR8 Berkshire Hathaway (BRK)04/18/18 03/15/23 1,750,000.00 1,719,130.00 24,062.50 1,743,192.50
084670BR8 Berkshire Hathaway (BRK)04/25/18 03/15/23 2,000,000.00 1,953,300.00 27,500.00 1,980,800.00
88579YAX9 3M Company (MMM)10/08/19 03/15/23 1,762,000.00 1,798,080.47 19,822.50 1,817,902.97
20772GE53 State of Connecticut 07/23/21 03/15/23 3,000,000.00 3,262,140.00 85,350.00 3,347,490.00
34,794,123$ 35,049,519.93 638,905.30 35,688,425.23
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
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
05580AW59 BMW BANK NORTH AMERICA 03/10/23 03/10/28 09/10/23 4.60%244,000.00 100.00 244,000.00
598580AM0 Mifflinburg Bank and Trust Company03/08/23 03/08/27 04/08/23 4.65%249,000.00 100.00 249,000.00
062119BH4 BANK FIVE NINE 03/08/23 03/07/28 04/07/23 4.55%249,000.00 100.00 249,000.00
3130AUW59 FHLB 03/08/23 02/17/28 08/17/23 4.54%1,500,000.00 98.70 1,480,500.00
3133EPDC6 FFCB 03/13/23 03/13/28 09/13/23 5.35%1,000,000.00 100.00 1,000,000.00
81257VAA9 Seattle Children Hosp (CHLDHS)03/10/23 10/01/27 04/01/21 5.00%1,000,000.00 84.71 847,110.00
3130AVCS9 FHLB 03/29/23 03/29/28 09/29/23 6.00%1,000,000.00 100.00 1,000,000.00
108622NK3 Bridgewater Bk 03/29/23 03/29/28 04/29/23 4.80%249,000.00 100.00 249,000.00
178180GY5 City Natl Bk - Los Angeles 03/31/23 03/31/28 09/30/23 5.00%243,000.00 100.00 243,000.00
16,974,000$ 98.44 16,617,194$
May 16, 2023 Item #1 Page 9 of 22
Exhibit 6
City of Carlsbad
Investment summary
As of March 31, 2023
Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return
Federal investments
08/13/20 08/10/23 FA FNMA 2,000,000.00 1,997,600.00 0.300%0.0000184 17,950.00 2,017,950.00
09/13/19 08/14/23 FA FFCB 1,800,000.00 1,796,580.00 1.650%0.0000910 112,880.00 1,912,880.00
12/15/21 08/18/23 FA FNMA 1,250,000.00 1,246,675.00 0.510%0.0000195 7,328.12 1,257,328.12
11/30/21 08/25/23 FA FHLB 2,500,000.00 2,500,000.00 0.500%0.0000384 21,701.39 2,521,701.39
09/18/18 09/05/23 FA FFCB 1,000,000.00 991,290.00 2.990%0.0000910 138,988.89 1,138,988.89
10/10/18 09/05/23 FA FFCB 2,300,000.00 2,266,190.00 3.125%0.0002175 315,738.89 2,615,738.89
09/03/19 09/08/23 FA FHLB 2,000,000.00 2,069,108.00 1.485%0.0000944 190,659.72 2,190,659.72
02/27/19 09/12/23 FA FNMA 1,000,000.00 1,016,210.00 2.495%0.0000779 130,572.92 1,130,572.92
04/16/19 09/12/23 FA FNMA 1,750,000.00 1,783,757.50 2.410%0.0001320 221,375.00 1,971,375.00
06/30/22 09/29/23 FA FHLB 1,500,000.00 1,500,000.00 3.200%0.0001474 59,866.67 1,559,866.67
10/17/18 10/02/23 FA FFCB 2,500,000.00 2,493,150.00 3.050%0.0002335 378,072.92 2,878,072.92
02/07/19 10/23/23 FA FFCB 1,000,000.00 1,017,530.00 2.602%0.0000813 141,333.33 1,141,333.33
05/09/19 11/08/23 FA FFCB 2,000,000.00 2,001,700.00 2.280%0.0001402 206,872.22 2,206,872.22
11/24/20 11/24/23 FA FHLMC 2,500,000.00 2,500,000.00 0.320%0.0000246 24,000.00 2,524,000.00
11/30/20 11/30/23 FA FFCB 3,000,000.00 3,000,000.00 0.310%0.0000286 26,917.50 3,027,900.00
03/19/21 12/04/23 FA FHLMC 2,000,000.00 1,998,100.00 0.250%0.0000153 13,541.67 2,013,541.67
06/28/19 12/05/23 FA FFCB 1,500,000.00 1,569,280.50 1.870%0.0000901 196,963.33 1,696,963.33
12/09/20 12/08/23 FA FFCB 2,500,000.00 2,500,000.00 0.280%0.0000215 20,980.56 2,520,980.56
05/13/20 12/08/23 FA FHLB 1,000,000.00 1,107,630.00 0.339%0.0000115 120,468.75 1,120,468.75
05/09/19 12/20/23 FA FFCB 1,000,000.00 1,052,900.00 3.500%0.0001132 161,486.11 1,161,486.11
12/29/21 12/29/23 FA FHLB 2,000,000.00 2,000,000.00 0.720%0.0000442 28,800.00 2,028,800.00
03/06/19 02/27/24 FA FFCB 1,500,000.00 1,498,950.00 2.610%0.0001202 194,771.25 1,694,771.25
11/30/21 02/28/24 FA FHLB 1,500,000.00 1,500,000.00 0.770%0.0000355 25,922.80 1,525,922.80
02/28/20 02/28/24 FA FFCB 2,500,000.00 2,500,000.00 1.550%0.0001190 155,000.00 2,655,000.00
03/08/19 03/08/24 FA FHLB 3,000,000.00 3,100,851.00 2.530%0.0002410 487,500.00 3,487,500.00
04/09/19 04/05/24 FA FFCB 2,000,000.00 1,994,380.00 2.360%0.0001446 229,105.56 2,229,105.56
04/23/21 04/22/24 FA FFCB 2,000,000.00 2,000,000.00 0.340%0.0000209 20,381.11 2,020,381.11
04/05/21 04/23/24 FA FHLMC 1,000,000.00 997,570.00 0.400%0.0000123 9,760.00 1,009,760.00
05/09/19 05/07/24 FA FHLB 1,000,000.00 1,005,320.00 2.287%0.0000706 119,866.67 1,119,866.67
11/29/21 06/14/24 FA FNMA 2,000,000.00 1,976,200.00 0.849%0.0000515 19,062.50 2,019,062.50
08/28/19 06/25/24 FA FFCB 1,183,000.00 1,237,524.47 1.457%0.0000554 139,845.39 1,322,845.39
08/28/19 06/30/24 FA FFCB 1,470,000.00 1,517,378.10 1.457%0.0000679 151,263.00 1,621,263.00
03/21/22 07/02/24 FA FFCB 2,005,000.00 1,942,243.50 1.980%0.0001181 26,063.33 2,031,063.33
06/27/19 07/15/24 FA PEFCO 2,500,000.00 2,565,850.00 1.900%0.0001497 309,142.36 2,809,142.36
12/10/21 07/19/24 FA FHLB 2,000,000.00 1,978,000.00 0.878%0.0000533 23,475.00 2,023,475.00
07/24/20 07/22/24 FA FFCB 2,000,000.00 2,000,000.00 0.440%0.0000270 35,151.11 2,035,151.11
08/08/19 07/26/24 FA FFCB 2,500,000.00 2,532,125.00 1.582%0.0001230 229,708.33 2,729,708.33
10/29/20 07/29/24 FA FHLMC 3,000,000.00 3,000,000.00 0.375%0.0000346 42,187.50 3,042,187.50
11/10/20 08/15/24 FA FHLB 4,000,000.00 4,191,800.00 1.500%0.0001931 255,833.33 4,255,833.33
08/30/19 09/10/24 FA FFCB 2,500,000.00 2,572,420.00 1.480%0.0001169 261,444.44 2,761,444.44
02/19/21 09/15/24 FA TVA 1,000,000.00 1,091,424.00 0.300%0.0000101 102,701.39 1,102,701.39
11/06/20 09/30/24 FA FHLMC 1,170,000.00 1,170,000.00 0.350%0.0000126 15,970.50 1,185,970.50
03/30/21 09/30/24 FA FHLB 1,500,000.00 1,500,000.00 0.520%0.0000240 27,300.00 1,527,300.00
10/22/20 09/30/24 FA FHLMC 3,000,000.00 3,000,000.00 0.350%0.0000322 41,358.33 3,041,358.33
10/04/21 10/04/24 FA FAMCA 2,000,000.00 2,000,000.00 0.500%0.0000307 30,000.00 2,030,000.00
11/25/20 10/16/24 FA FFCB 1,400,000.00 1,466,052.00 0.280%0.0000126 81,725.00 1,481,725.00
11/15/19 11/01/24 FA FAMCA 2,000,000.00 1,999,720.00 1.793%0.0001101 177,607.78 2,177,607.78
07/10/20 11/13/24 FA FFCB 1,621,000.00 1,751,360.82 0.390%0.0000210 159,055.22 1,780,055.22
11/18/20 11/18/24 FA FNMA 2,000,000.00 2,000,000.00 0.420%0.0000258 33,600.00 2,033,600.00
12/02/21 12/02/24 FA FHLB 1,900,000.00 1,900,000.00 1.050%0.0000613 59,850.00 1,959,850.00
12/16/21 12/16/24 FA FHLB 2,000,000.00 2,000,000.00 0.500%0.0000307 70,000.00 2,070,000.00
07/07/22 12/30/24 FA FHLMC 2,500,000.00 2,500,000.00 3.348%0.0002571 207,746.53 2,707,746.53
12/30/20 12/30/24 FA FHLB 4,000,000.00 4,000,000.00 0.310%0.0000381 49,600.00 4,049,600.00
05/27/21 01/08/25 FA FHLB 2,000,000.00 2,000,000.00 0.648%0.0000398 46,980.56 2,046,980.56
07/21/22 01/21/25 FA FHLB 2,000,000.00 2,000,000.00 3.500%0.0002150 175,000.00 2,175,000.00
07/28/21 01/28/25 FA FHLB 1,750,000.00 1,750,000.00 0.520%0.0000279 31,850.00 1,781,850.00
02/03/21 02/03/25 FA FFCB 2,000,000.00 2,000,000.00 0.320%0.0000197 25,600.00 2,025,600.00
02/18/21 03/14/25 FA FHLB 1,500,000.00 1,620,240.00 0.389%0.0000194 145,072.92 1,645,072.92
04/09/20 03/14/25 FA FHLB 3,000,000.00 3,231,300.00 0.778%0.0000772 351,302.08 3,351,302.08
06/07/21 03/28/25 FA FHLMC 1,000,000.00 998,500.00 0.540%0.0000166 19,041.67 1,019,041.67
06/28/21 03/28/25 FA FHLB 3,120,000.00 3,122,340.00 0.500%0.0000479 70,200.00 3,190,200.00
04/21/21 04/21/25 FA FFCB 1,500,000.00 1,500,000.00 0.710%0.0000327 42,600.00 1,542,600.00
09/30/22 04/21/25 FA FHLB 1,055,000.00 963,215.00 4.287%0.0001268 17,813.67 1,072,813.67
12/23/20 04/23/25 FA FNMA 3,000,000.00 3,000,000.00 0.500%0.0000461 65,000.00 3,065,000.00
10/30/20 04/30/25 FA FHLMC 2,000,000.00 2,000,000.00 0.500%0.0000307 45,111.12 2,045,111.12
06/03/20 05/27/25 FA FFCB 3,500,000.00 3,499,300.00 0.734%0.0000789 127,324.17 3,627,324.17
06/03/20 05/28/25 FA FHLMC 2,000,000.00 2,000,000.00 0.750%0.0000461 74,791.66 2,074,791.66
12/16/20 06/16/25 FA FNMA 2,000,000.00 2,000,000.00 0.450%0.0000276 40,500.00 2,040,500.00
01/11/21 06/17/25 FA FNMA 3,000,000.00 3,014,640.00 0.389%0.0000360 66,500.00 3,066,500.00
05/20/21 06/17/25 FA FNMA 2,000,000.00 1,991,940.00 0.600%0.0000367 40,750.00 2,040,750.00
07/01/20 06/30/25 FA FNMA 2,500,000.00 2,500,000.00 0.740%0.0000568 92,448.61 2,592,448.61
01/15/21 07/14/25 FA FFCB 2,225,000.00 2,218,325.00 0.457%0.0000312 39,024.65 2,264,024.65
09/14/20 07/21/25 FA FHLMC 1,500,000.00 1,499,625.00 0.380%0.0000175 27,296.87 1,527,296.87
07/29/20 07/29/25 FA FFCB 3,000,000.00 3,000,000.00 0.580%0.0000534 87,000.00 3,087,000.00
10/29/20 07/29/25 FA FFCB 3,000,000.00 3,000,000.00 0.530%0.0000488 75,525.00 3,075,525.00
10/01/20 07/30/25 FA FHLMC 2,000,000.00 2,000,000.00 0.510%0.0000313 49,271.67 2,049,271.67
08/12/20 08/12/25 FA FFCB 3,500,000.00 3,500,000.00 0.530%0.0000570 92,750.00 3,592,750.00
08/14/20 08/14/25 FA FNMA 2,000,000.00 2,000,000.00 0.650%0.0000399 65,000.00 2,065,000.00
11/06/20 08/18/25 FA FNMA 2,000,000.00 1,999,000.00 0.500%0.0000307 47,833.33 2,047,833.33
May 16, 2023 Item #1 Page 10 of 22
Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return
08/21/20 08/21/25 FA FNMA 2,000,000.00 2,000,000.00 0.450%0.0000276 45,000.00 2,045,000.00
08/27/20 08/27/25 FA FHLMC 2,500,000.00 2,500,000.00 0.520%0.0000399 58,500.00 2,558,500.00
08/31/20 08/29/25 FA FNMA 3,000,000.00 3,000,000.00 0.600%0.0000553 89,900.00 3,089,900.00
12/28/20 09/23/25 FA FHLMC 3,000,000.00 2,996,460.00 0.400%0.0000368 53,281.25 3,053,281.25
10/22/20 09/23/25 FA FHLMC 4,000,000.00 3,989,280.00 0.430%0.0000527 73,791.67 4,073,791.67
10/14/20 10/14/25 FA FFCB 1,500,000.00 1,500,000.00 0.520%0.0000240 39,000.00 1,539,000.00
11/01/22 10/14/25 FA FAMCA 1,650,000.00 1,645,264.50 2.153%0.0001088 184,415.59 1,834,415.59
10/15/20 10/15/25 FA FHLMC 3,000,000.00 3,000,000.00 0.550%0.0000507 82,500.00 3,082,500.00
12/11/20 10/20/25 FA FNMA 2,410,000.00 2,408,795.00 0.590%0.0000437 67,909.78 2,477,909.78
12/09/20 10/21/25 FA FFCB 3,000,000.00 2,994,300.00 0.560%0.0000515 75,920.00 3,075,920.00
11/03/20 11/03/25 FA FFCB 4,500,000.00 4,500,000.00 0.540%0.0000746 121,500.00 4,621,500.00
12/29/20 11/07/25 FA FNMA 3,000,000.00 3,012,960.00 0.410%0.0000379 72,833.34 3,072,833.34
03/10/21 12/10/25 FA FHLB 1,750,000.00 1,750,000.00 0.650%0.0000349 54,031.25 1,804,031.25
03/02/21 12/15/25 FA FAMCA 3,000,000.00 3,000,000.00 0.520%0.0000479 74,663.33 3,074,663.33
12/17/20 12/17/25 FA FHLMC 5,000,000.00 5,000,000.00 0.625%0.0000960 156,250.00 5,156,250.00
03/24/21 12/23/25 FA FHLMC 1,500,000.00 1,489,500.00 0.700%0.0000320 49,845.83 1,549,845.83
12/30/20 12/30/25 FA FNMA 2,500,000.00 2,504,125.00 0.474%0.0000365 80,000.00 2,580,000.00
01/14/21 01/14/26 FA FHLB 4,000,000.00 4,000,000.00 0.510%0.0000627 102,000.00 4,102,000.00
01/14/21 01/14/26 FA FHLB 1,750,000.00 1,747,375.00 0.540%0.0000290 44,625.00 1,794,625.00
01/25/21 01/15/26 FA FAMCA 1,500,000.00 1,500,000.00 0.480%0.0000221 35,800.00 1,535,800.00
01/28/21 01/28/26 FA FHLB 3,000,000.00 3,000,000.00 0.500%0.0000461 75,000.00 3,075,000.00
02/09/21 02/09/26 FA FHLB 2,050,000.00 2,050,000.00 0.350%0.0000220 14,575.00 2,064,575.00
02/12/21 02/12/26 FA FHLB 2,000,000.00 2,000,000.00 0.550%0.0000338 55,000.00 2,055,000.00
02/18/21 02/18/26 FA FHLB 4,000,000.00 4,000,000.00 0.500%0.0000614 100,000.00 4,100,000.00
03/03/21 03/03/26 FA FFCB 674,000.00 674,000.00 0.790%0.0000164 26,623.00 700,623.00
03/09/21 03/09/26 FA FFCB 3,500,000.00 3,500,000.00 0.800%0.0000860 140,000.00 3,640,000.00
03/18/21 03/18/26 FA FHLB 3,000,000.00 2,997,000.00 0.750%0.0000690 112,500.00 3,112,500.00
03/30/21 03/30/26 FA FHLB 1,500,000.00 1,500,000.00 0.300%0.0000138 22,500.00 1,522,500.00
04/20/21 04/20/26 FA FAMCA 2,000,000.00 2,000,000.00 1.000%0.0000614 100,000.00 2,100,000.00
04/21/21 04/21/26 FA FHLB 2,000,000.00 1,998,500.00 0.915%0.0000562 90,000.00 2,090,000.00
04/29/21 04/29/26 FA FHLB 4,000,000.00 4,000,000.00 0.500%0.0000614 100,000.00 4,100,000.00
05/04/21 05/04/26 FA FAMCA 2,500,000.00 2,500,000.00 0.950%0.0000729 118,750.00 2,618,750.00
09/30/22 05/19/26 FA FHLB 1,100,000.00 979,726.00 4.300%0.0001294 40,797.17 1,140,797.17
05/26/21 05/26/26 FA FHLB 2,500,000.00 2,500,000.00 0.500%0.0000384 112,500.00 2,612,500.00
05/27/21 05/27/26 FA FAMCA 2,000,000.00 2,000,000.00 0.920%0.0000565 92,000.00 2,092,000.00
06/16/21 06/16/26 FA FHLB 2,000,000.00 2,000,000.00 0.500%0.0000307 94,000.00 2,094,000.00
06/16/21 06/16/26 FA FHLB 2,500,000.00 2,500,000.00 0.500%0.0000384 117,500.00 2,617,500.00
06/22/21 06/22/26 FA FFCB 2,000,000.00 1,993,160.00 0.870%0.0000533 80,000.00 2,080,000.00
06/30/21 06/30/26 FA FHLB 4,500,000.00 4,500,000.00 0.500%0.0000691 186,750.00 4,686,750.00
06/30/21 06/30/26 FA FHLB 2,000,000.00 2,000,000.00 0.550%0.0000338 88,000.00 2,088,000.00
07/27/21 07/27/26 FA FHLB 2,500,000.00 2,500,000.00 1.000%0.0000768 125,000.00 2,625,000.00
08/25/21 08/25/26 FA FHLB 3,500,000.00 3,494,750.00 0.906%0.0000972 153,125.00 3,653,125.00
09/01/21 09/01/26 FA FAMCA 4,000,000.00 4,000,000.00 0.900%0.0001106 180,000.00 4,180,000.00
09/07/21 09/01/26 FA FFCB 3,000,000.00 2,997,750.00 0.885%0.0000815 130,065.00 3,130,065.00
09/30/21 09/30/26 FA FAMCA 2,500,000.00 2,500,000.00 0.860%0.0000660 107,798.60 2,607,798.60
12/27/21 10/07/26 FA FFCB 2,500,000.00 2,469,000.00 1.268%0.0000962 119,444.44 2,619,444.44
10/19/22 10/19/26 FA FFCB 3,000,000.00 3,000,000.00 5.300%0.0004883 636,000.00 3,636,000.00
02/15/22 10/28/26 FA FHLMC 4,500,000.00 4,266,900.00 1.958%0.0002566 169,300.00 4,669,300.00
02/25/22 10/28/26 FA FHLB 3,500,000.00 3,378,200.00 1.979%0.0002054 197,283.33 3,697,283.33
12/09/21 11/30/26 FA FFCB 2,950,000.00 2,952,950.00 1.408%0.0001277 167,958.25 3,117,958.25
01/14/22 12/21/26 FA FHLB 1,550,000.00 1,532,857.00 1.483%0.0000698 95,637.15 1,645,637.15
02/07/22 01/26/27 FA FHLB 1,250,000.00 1,245,000.00 1.331%0.0000509 112,070.31 1,362,070.31
03/29/22 01/28/27 FA FHLB 2,500,000.00 2,384,750.00 2.776%0.0002033 211,336.81 2,711,336.81
06/24/22 03/25/27 FA FHLB 2,000,000.00 1,941,720.00 3.420%0.0002040 260,791.67 2,260,791.67
06/10/22 04/26/27 FA FHLB 4,000,000.00 3,982,764.44 3.198%0.0003912 589,235.56 4,589,235.56
06/28/22 06/28/27 FA FHLB 2,500,000.00 2,500,000.00 3.250%0.0002495 406,250.00 2,906,250.00
06/30/22 06/30/27 FA FHLB 2,500,000.00 2,500,000.00 3.500%0.0002687 437,500.00 2,937,500.00
09/30/22 09/15/27 FA FFCB 2,500,000.00 2,432,200.00 3.983%0.0002975 418,359.37 2,918,359.37
12/07/22 12/07/27 FA FFCB 3,000,000.00 2,995,920.00 3.780%0.0003478 562,500.00 3,562,500.00
02/02/23 02/02/28 FA FHLB 2,500,000.00 2,500,000.00 4.050%0.0005719 506,250.00 3,006,250.00
03/08/23 02/17/28 FA FHLB 1,500,000.00 1,480,500.00 4.240%0.0003546 318,000.00 1,798,500.00
03/13/23 03/13/28 FA FFCB 1,000,000.00 1,000,000.00 5.350%0.0001643 267,500.00 1,267,500.00
03/29/23 03/29/28 FA FHLB 1,000,000.00 1,000,000.00 6.000%0.0001843 300,000.00 1,300,000.00
Federal investments 325,133,000.00$ 325,591,001.83$ 1.242%18,089,752.10$ 343,204,234.60$
Supranationals
11/10/20 06/19/23 SN IBRD 3,000,000.00 3,129,060.00 1.875%0.0025297 146,718.75 3,146,718.75
11/10/20 10/04/23 SN IADB 3,000,000.00 3,240,000.00 3.000%0.0041910 261,000.00 3,261,000.00
05/09/19 10/24/23 SN IADB 2,000,000.00 2,058,280.00 2.300%0.0020412 264,166.67 2,264,166.67
08/29/19 08/28/24 SN IBRD 2,000,000.00 2,006,920.00 1.428%0.0012357 149,916.67 2,149,916.67
11/03/21 10/15/24 SN IADB 1,440,000.00 1,419,552.00 0.828%0.0005069 14,443.20 1,454,443.20
02/04/21 10/16/24 SN IFC 2,000,000.00 2,079,800.00 0.290%0.0002602 101,750.00 2,101,750.00
01/14/21 11/20/25 SN IBRD 2,000,000.00 2,250,220.00 0.510%0.0004948 303,125.00 2,303,125.00
01/25/21 01/15/26 SN IFC 2,000,000.00 2,007,840.00 0.500%0.0004329 57,677.78 2,057,677.78
04/23/21 04/20/26 SN IADB 3,000,000.00 3,000,720.00 0.870%0.0011257 131,031.25 3,131,031.25
05/28/21 05/15/26 SN IFC 2,000,000.00 2,000,000.00 0.500%0.0004312 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$
May 16, 2023 Item #1 Page 11 of 22
Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return
US Treasury
04/14/22 04/30/23 TR US Treasury 2,000,000.00 1,967,500.00 1.702%0.0003952 2,610.50 2,002,610.50
02/04/22 04/30/23 TR US Treasury 2,500,000.00 2,478,125.00 0.839%0.0002454 3,858.77 2,503,858.77
11/09/21 04/30/23 TR US Treasury 2,000,000.00 1,995,625.00 0.274%0.0000645 3,687.85 2,003,687.85
02/07/22 05/31/23 TR US Treasury 2,000,000.00 1,978,906.25 0.274%0.0000639 3,276.10 2,003,276.10
01/20/22 06/30/23 TR US Treasury 2,000,000.00 2,016,250.00 0.808%0.0001923 39,370.66 2,039,370.66
01/20/22 07/31/23 TR US Treasury 2,000,000.00 1,977,812.50 0.856%0.0001999 3,824.73 2,003,824.73
04/12/22 07/31/23 TR US Treasury 3,000,000.00 2,925,937.50 2.054%0.0007093 4,889.50 3,004,889.50
06/23/22 08/31/23 TR US Treasury 1,500,000.00 1,451,659.84 2.941%0.0005040 2,226.56 1,502,226.56
01/21/22 08/31/23 TR US Treasury 2,000,000.00 1,977,084.46 0.844%0.0001970 4,012.43 2,004,012.43
01/10/22 10/15/23 TR US Treasury 2,500,000.00 2,455,078.13 1.211%0.0003511 5,236.95 2,505,236.95
11/12/21 10/31/23 TR US Treasury 2,000,000.00 1,996,562.50 0.463%0.0001091 14,751.38 2,014,751.38
01/14/22 11/30/23 TR US Treasury 2,000,000.00 1,987,343.75 0.841%0.0001972 18,763.74 2,018,763.74
12/13/21 01/15/24 TR US Treasury 2,000,000.00 1,976,920.00 0.682%0.0001592 5,224.18 2,005,224.18
11/15/21 01/15/24 TR US Treasury 1,500,000.00 1,485,825.00 0.126%0.0000221 4,060.80 1,504,060.80
06/13/22 01/31/24 TR US Treasury 2,000,000.00 1,942,288.94 2.900%0.0006649 28,570.44 2,028,570.44
06/25/21 02/15/24 TR US Treasury 2,500,000.00 2,484,765.63 0.357%0.0001047 8,252.76 2,508,252.76
11/15/21 02/29/24 TR US Treasury 2,500,000.00 2,600,183.50 2.283%0.0007008 135,972.03 2,635,972.03
06/13/22 03/31/24 TR US Treasury 2,000,000.00 1,984,020.24 2.970%0.0006956 80,901.64 2,080,901.64
12/07/21 04/15/24 TR US Treasury 2,000,000.00 1,985,937.50 0.677%0.0001586 17,657.97 2,017,657.97
03/17/22 04/30/24 TR US Treasury 2,000,000.00 2,011,875.00 1.961%0.0004657 94,972.38 2,094,972.38
10/21/22 05/15/24 TR US Treasury 1,750,000.00 1,694,057.40 2.500%0.0005000 68,597.15 1,818,597.15
12/07/21 05/15/24 TR US Treasury 2,000,000.00 1,978,437.50 0.697%0.0001627 12,196.13 2,012,196.13
03/01/21 06/30/24 TR US Treasury 2,500,000.00 2,614,215.00 0.370%0.0001142 145,873.62 2,645,873.62
10/21/22 07/15/24 TR US Treasury 3,000,000.00 2,789,648.44 4.302%0.0014166 19,504.08 3,019,504.08
10/21/22 09/30/24 TR US Treasury 2,000,000.00 1,912,187.50 4.511%0.0010182 82,548.08 2,082,548.08
01/14/21 09/30/24 TR US Treasury 2,000,000.00 2,088,448.94 1.500%0.0003698 111,263.74 2,111,263.74
06/07/21 11/30/24 TR US Treasury 2,000,000.00 2,073,437.50 0.436%0.0001067 104,426.23 2,104,426.23
10/21/22 01/15/25 TR US Treasury 4,000,000.00 3,712,187.50 4.548%0.0019931 100,516.30 4,100,516.30
07/15/21 02/28/25 TR US Treasury 2,000,000.00 2,040,312.50 0.563%0.0001356 81,623.64 2,081,623.64
02/19/21 04/30/25 TR US Treasury 2,000,000.00 1,997,920.00 0.400%0.0000943 31,450.28 2,031,450.28
02/19/21 05/31/25 TR US Treasury 2,000,000.00 1,987,280.00 0.400%0.0000939 21,387.36 2,021,387.36
10/21/22 06/15/25 TR US Treasury 3,000,000.00 2,877,180.00 4.530%0.0015388 228,586.07 3,228,586.07
01/11/21 09/30/25 TR US Treasury 2,500,000.00 2,481,332.50 0.250%0.0000732 29,481.46 2,529,481.46
01/11/21 11/30/25 TR US Treasury 2,500,000.00 2,493,350.00 0.375%0.0001104 45,793.27 2,545,793.27
03/01/21 02/28/26 TR US Treasury 3,000,000.00 2,964,726.56 0.740%0.0002590 74,959.24 3,074,959.24
03/02/21 02/28/26 TR US Treasury 2,000,000.00 1,975,513.02 0.750%0.0001750 49,945.65 2,049,945.65
12/27/21 11/15/26 TR US Treasury 2,500,000.00 2,594,531.25 1.200%0.0003677 244,198.90 2,744,198.90
01/14/22 11/30/26 TR US Treasury 1,500,000.00 1,485,000.00 1.463%0.0002565 91,432.01 1,591,432.01
01/25/23 12/31/27 TR US Treasury 500,000.00 508,167.05 3.570%0.0002142 96,393.30 596,393.30
01/31/23 12/31/27 TR US Treasury 750,000.00 760,105.97 3.647%0.0003272 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
05/07/18 04/11/23 CN Wal-Mart (WMT)1,000,000.00 974,100.00 3.121%0.0001717 125,658.33 1,125,658.33
12/18/18 04/11/23 CN Wal-Mart (WMT)1,000,000.00 969,800.00 3.301%0.0001808 110,854.17 1,110,854.17
05/16/19 04/28/23 CN Bank of New York Mellon (BNY)2,000,000.00 2,061,800.00 2.670%0.0003110 276,500.00 2,276,500.00
06/23/20 04/28/23 CN Bank of New York Mellon (BNY)2,000,000.00 2,168,480.00 0.510%0.0000625 198,916.67 2,198,916.67
05/02/18 05/01/23 CN Colgate-Palmolive (COLGAT)4,666,000.00 4,443,179.84 3.140%0.0007881 489,657.82 5,155,657.82
05/09/18 05/03/23 CN Apple Inc. (APPLEI)4,000,000.00 3,862,600.00 3.150%0.0006873 478,400.00 4,478,400.00
04/18/22 06/03/23 CN Amazon.com Inc. (AMZN)3,000,000.00 2,945,880.00 2.030%0.0003378 13,500.00 3,013,500.00
08/06/16 06/26/23 CN Wal-Mart (WMT)1,750,000.00 1,763,895.00 3.220%0.0003208 290,888.89 2,040,888.89
07/25/18 06/26/23 CN Wal-Mart (WMT)1,500,000.00 1,512,000.00 3.220%0.0002750 250,891.66 1,750,891.66
02/19/19 06/26/23 CN Wal-Mart (WMT)1,000,000.00 1,025,140.00 2.770%0.0001604 147,805.56 1,147,805.56
07/24/18 07/24/23 CN US Bank NA (USBANK)1,250,000.00 1,251,625.00 3.371%0.0002383 212,381.94 1,462,381.94
12/11/18 07/24/23 CN US Bank NA (USBANK)2,500,000.00 2,489,250.00 3.400%0.0004781 21,597.22 2,521,597.22
01/24/19 07/24/23 CN US Bank NA (USBANK)1,000,000.00 1,010,000.00 3.156%0.0001801 153,000.00 1,153,000.00
02/28/19 07/24/23 CN US Bank NA (USBANK)1,800,000.00 1,835,100.00 2.916%0.0003023 269,620.00 2,069,620.00
08/15/22 08/15/23 CN Royal Bank of Canada (RY)2,000,000.00 2,000,000.00 3.550%0.0004011 71,000.00 2,071,000.00
05/14/20 09/01/23 CN Public Service Electric 2,500,000.00 2,700,575.00 0.720%0.0001098 267,899.31 2,767,899.31
12/23/19 11/20/23 CN State Street Corporation 2,000,000.00 2,130,440.00 1.958%0.0002356 289,216.67 2,289,216.67
01/28/19 12/05/23 CN Johnson & Johnson (JNJ)1,500,000.00 1,541,250.00 2.765%0.0002407 245,671.87 1,745,671.87
03/07/19 01/08/24 CN Toyota 1,000,000.00 1,017,865.00 2.950%0.0001696 162,009.72 1,162,009.72
01/16/20 01/15/24 CN Wal-Mart (WMT)2,000,000.00 2,067,790.00 1.900%0.0002219 260,436.11 2,260,436.11
05/16/19 01/23/24 CN Citibank 1,000,000.00 1,034,870.00 2.836%0.0001658 171,043.06 1,171,043.06
02/13/20 01/23/24 CN Citibank 2,500,000.00 2,674,670.00 1.770%0.0002674 359,930.56 2,859,930.56
02/13/20 01/23/24 CN Citibank 2,000,000.00 2,142,600.00 1.733%0.0002097 287,944.44 2,287,944.44
02/20/20 01/23/24 CN Citibank 1,500,000.00 1,603,710.00 1.780%0.0001612 214,893.75 1,714,893.75
10/11/19 02/01/24 CN JP Morgan Chase Bank (JPM)1,765,000.00 1,900,834.40 2.000%0.0002147 294,473.10 2,059,473.10
01/24/22 02/26/24 CN Bank of America (BAC)3,000,000.00 2,945,610.00 1.300%0.0002164 26,300.00 3,026,300.00
10/08/19 03/07/24 CN Microsoft (MSFT)1,500,000.00 1,581,000.00 1.604%0.0001433 188,379.17 1,688,379.17
08/29/19 03/18/24 CN Blackrock Inc.2,000,000.00 2,162,500.00 1.640%0.0002003 318,694.44 2,318,694.44
10/28/19 03/18/24 CN Blackrock Inc.1,000,000.00 1,071,360.00 1.801%0.0001090 153,611.11 1,153,611.11
11/14/19 03/18/24 CN Blackrock Inc.1,000,000.00 1,065,420.00 1.923%0.0001157 152,055.56 1,152,055.56
05/14/20 03/18/24 CN Blackrock Inc.3,000,000.00 3,300,600.00 0.845%0.0001576 403,666.67 3,403,666.67
04/24/20 04/22/24 CN Wal-Mart (WMT)2,500,000.00 2,737,467.50 0.875%0.0001353 329,541.67 2,829,541.67
04/24/20 04/22/24 CN Wal-Mart (WMT)2,000,000.00 2,191,860.00 0.700%0.0000867 263,633.33 2,263,633.33
04/29/22 04/29/24 CN JP Morgan Chase Bank (JPM)1,500,000.00 1,500,000.00 3.125%0.0002648 93,750.00 1,593,750.00
07/31/19 05/13/24 CN JP Morgan Chase Bank (JPM)2,000,000.00 2,119,320.00 2.300%0.0002753 346,791.67 2,346,791.67
07/13/20 05/13/24 CN JP Morgan Chase Bank (JPM)3,000,000.00 3,331,290.00 0.700%0.0001317 416,875.00 3,416,875.00
12/13/21 05/13/24 CN JP Morgan Chase Bank (JPM)1,750,000.00 1,859,392.50 1.000%0.0001051 153,307.29 1,903,307.29
07/01/20 05/15/24 CN Bank of NY Mellon (BNY)3,000,000.00 3,316,860.00 0.560%0.0001050 392,416.67 3,392,416.67
12/03/21 06/03/24 CN Bank of America (BAC)2,500,000.00 2,500,000.00 1.000%0.0001412 62,500.00 2,562,500.00
08/22/19 08/22/24 CN Amazon.com Inc. (AMZN)2,000,000.00 2,087,280.00 2.800%0.0003301 279,377.78 2,279,377.78
10/17/19 08/22/24 CN Amazon.com Inc. (AMZN)2,500,000.00 2,604,850.00 1.860%0.0002737 339,305.56 2,839,305.56
May 16, 2023 Item #1 Page 12 of 22
Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return
02/18/20 10/24/24 CN Bank of NY Mellon (BNY)3,055,000.00 3,093,737.40 1.816%0.0003174 300,459.25 3,355,459.25
11/15/21 11/15/24 CN BMO 2,000,000.00 2,000,000.00 1.000%0.0001130 60,000.00 2,060,000.00
01/15/20 01/15/25 CN Johnson & Johnson (JNJ)1,820,000.00 1,882,380.50 1.586%0.0001686 238,875.00 2,058,875.00
04/08/20 01/15/25 CN Johnson & Johnson (JNJ)3,000,000.00 3,231,960.00 0.906%0.0001654 375,593.75 3,375,593.75
07/13/20 01/15/25 CN Johnson & Johnson (JNJ)1,000,000.00 1,090,640.00 0.510%0.0000314 118,270.83 1,118,270.83
09/10/21 02/09/25 CN Apple Inc. (AAPL)1,500,000.00 1,588,155.00 0.753%0.0000675 128,020.83 1,628,020.83
04/13/20 02/14/25 CN Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300%0.0002482 280,131.74 3,590,131.74
06/03/20 03/15/25 CN CME Group Inc 2,771,000.00 3,050,981.84 0.730%0.0001258 397,638.50 3,168,638.50
12/31/20 03/27/25 CN Nike Inc.2,867,000.00 3,090,740.68 0.500%0.0000873 291,669.47 3,158,669.47
05/13/20 04/01/25 CN Flordia Power & Light 3,667,000.00 3,980,565.17 1.020%0.0002293 509,193.51 4,176,193.51
12/07/21 06/10/25 CN Royal Bank of Canada (RY)2,000,000.00 1,989,460.00 1.304%0.0001466 80,691.67 2,080,691.67
04/23/21 09/01/25 CN Johnson & Johnson (JNJ)1,250,000.00 1,241,700.00 0.705%0.0000494 29,944.44 1,279,944.44
09/20/21 10/29/25 CN Procter & Gamble (PG)1,500,000.00 1,487,460.00 0.757%0.0000636 33,893.75 1,533,893.75
05/17/21 12/14/25 CN Visa Inc 1,250,000.00 1,368,500.00 0.910%0.0000703 180,140.62 1,430,140.62
08/23/21 01/26/26 CN Bank of America (BAC)1,000,000.00 989,470.00 1.000%0.0000559 33,550.00 1,033,550.00
04/12/21 02/24/26 CN Merck 1,500,000.00 1,485,750.00 0.950%0.0000797 54,750.00 1,554,750.00
03/01/21 02/26/26 CN JP Morgan Chase Bank (JPM)2,000,000.00 2,000,000.00 0.800%0.0000904 80,000.00 2,080,000.00
03/01/21 03/01/26 CN Johnson & Johnson (JNJ)2,500,000.00 2,697,950.00 0.750%0.0001143 306,250.00 2,806,250.00
03/03/21 03/03/26 CN JP Morgan Chase Bank (JPM)2,000,000.00 2,000,000.00 1.000%0.0001130 100,000.00 2,100,000.00
06/11/21 06/11/26 CN JP Morgan Chase Bank (JPM)2,000,000.00 2,000,000.00 1.150%0.0001299 115,000.00 2,115,000.00
07/12/21 06/25/26 CN Bank of America (BAC)3,000,000.00 2,998,500.00 1.210%0.0002050 178,300.00 3,178,300.00
07/22/21 07/16/26 CN Massmtual Global 3,750,000.00 3,784,537.50 1.010%0.0002159 224,250.00 3,974,250.00
08/11/21 08/08/26 CN Microsoft (MSFT)4,000,000.00 4,292,240.00 0.900%0.0002182 293,040.00 4,293,040.00
08/25/21 08/25/26 CN JP Morgan Chase Bank (JPM)2,000,000.00 2,000,000.00 1.200%0.0001356 120,000.00 2,120,000.00
09/10/21 09/10/26 CN Bank of America (BAC)2,000,000.00 2,000,000.00 1.150%0.0001299 115,000.00 2,115,000.00
09/24/21 09/24/26 CN Bank of America (BAC)2,000,000.00 2,000,000.00 1.250%0.0001412 125,000.00 2,125,000.00
01/19/22 12/18/26 CN Metlife (MET)4,000,000.00 4,281,720.00 1.940%0.0004692 678,116.67 4,678,116.67
12/30/21 12/30/26 CN BMO 2,450,000.00 2,450,000.00 2.000%0.0002768 245,000.00 2,695,000.00
02/04/22 02/01/27 CN Procter & Gamble (PG)2,000,000.00 2,010,459.28 1.331%0.0001512 189,683.33 2,189,683.33
02/25/22 02/25/27 CN JP Morgan Chase Bank (JPM)5,000,000.00 5,000,000.00 2.550%0.0007202 637,500.00 5,637,500.00
04/18/22 03/03/27 CN Johnson & Johnson (JNJ)1,750,000.00 1,757,538.77 2.850%0.0002829 251,671.87 2,001,671.87
07/08/22 03/25/27 CN Procter & Gamble (PG)2,500,000.00 2,456,475.00 3.200%0.0004440 329,972.22 2,829,972.22
06/23/22 06/22/27 CN BAC 3,000,000.00 3,000,000.00 5.000%0.0008473 750,000.00 3,750,000.00
03/10/23 10/01/27 CN Seattle Children Hosp (CHLDHS)1,000,000.00 852,445.33 5.000%0.0002408 222,581.34 1,222,581.34
10/18/22 10/18/27 CN Royal Bank of Canada (RY)2,500,000.00 2,500,000.00 5.700%0.0008049 712,500.00 3,212,500.00
11/15/22 11/15/27 CN BMO 4,000,000.00 4,000,000.00 6.250%0.0014121 1,250,000.00 5,250,000.00
01/18/23 01/18/28 CN Royal Bank of Canada (RY)2,500,000.00 2,500,000.00 5.450%0.0007696 691,090.22 3,191,090.22
Corporate notes 171,921,000.00$ 177,035,206.91$ 1.961%20,312,175.78$ 192,233,175.78$
Certificate of deposit
04/24/18 04/24/23 CD Citibank 246,000.00 246,000.00 3.000%0.0003469 36,900.00 282,900.00
05/08/19 05/08/23 CD Bank3 249,000.00 249,000.00 2.336%0.0002734 24,900.00 273,900.00
05/16/18 05/16/23 CD Belmont Savings Bank 245,000.00 245,000.00 3.050%0.0003513 37,362.50 282,362.50
06/20/18 06/20/23 CD RBC Bank 249,000.00 249,000.00 3.150%0.0003687 39,217.50 288,217.50
07/31/18 07/31/23 CD Bank Of New England 249,000.00 249,000.00 3.250%0.0003804 40,462.50 289,462.50
07/31/18 07/31/23 CD Medallion Bank Utah 249,000.00 249,000.00 3.150%0.0003687 40,462.50 289,462.50
02/13/19 08/14/23 CD First Missouri State Bank 246,000.00 246,000.00 2.850%0.0003296 31,549.50 277,549.50
09/26/18 09/26/23 CD Bank Midwest 245,000.00 245,000.00 3.150%0.0003628 38,587.50 283,587.50
09/28/18 09/28/23 CD Bank Of Baroda 245,000.00 245,000.00 3.300%0.0003801 40,425.00 285,425.00
11/15/18 10/30/23 CD National Cooperative Bank 245,000.00 245,000.00 3.450%0.0003974 41,891.98 286,891.98
11/14/18 11/14/23 CD Bank Hapoalim Bm 245,000.00 245,000.00 3.500%0.0004031 42,875.00 287,875.00
11/15/18 11/15/23 CD Morgan Stanley Pvt Bank 245,000.00 245,000.00 3.550%0.0004089 43,487.50 288,487.50
11/19/18 11/29/23 CD State Bank Of India 245,000.00 245,000.00 3.600%0.0004146 44,100.00 289,100.00
05/16/19 05/16/24 CD Enterprise Bank 246,000.00 246,000.00 2.600%0.0003007 31,980.00 277,980.00
05/24/19 05/24/24 CD Eagle Bank 249,000.00 249,000.00 2.500%0.0002926 31,125.00 280,125.00
06/28/19 06/28/24 CD First State Bank Dequeen 249,000.00 249,000.00 2.300%0.0002692 28,635.00 277,635.00
07/31/19 07/31/24 CD Capital One 247,000.00 247,000.00 2.250%0.0002613 27,787.50 274,787.50
08/30/19 08/30/24 CD Washington Federal 249,000.00 249,000.00 2.000%0.0002341 24,900.00 273,900.00
09/13/19 09/13/24 CD Enerbank Usa 249,000.00 249,000.00 1.750%0.0002048 21,787.50 270,787.50
09/18/19 09/30/24 CD Celtic Bank 249,000.00 249,000.00 1.700%0.0001990 20,956.25 269,956.25
11/26/19 11/26/24 CD Raymond James Bank NA 247,000.00 247,000.00 1.850%0.0002148 22,872.54 269,872.54
01/09/20 01/09/25 CD Morgan Stanley Bank NA 247,000.00 247,000.00 1.900%0.0002206 23,490.72 270,490.72
02/27/20 02/27/25 CD Bell Bank Corp 249,000.00 249,000.00 1.600%0.0001873 19,941.88 268,941.88
03/13/20 03/13/25 CD Choice Financial Group 248,000.00 248,000.00 1.100%0.0001282 13,647.47 261,647.47
03/13/20 03/13/25 CD American Eagle bank 249,000.00 249,000.00 1.100%0.0001288 13,702.54 262,702.54
03/18/20 03/18/25 CD Poppy Bank 249,000.00 249,000.00 1.100%0.0001288 13,702.54 262,702.54
03/19/20 03/19/25 CD Somerset Trust 249,000.00 249,000.00 1.000%0.0001171 12,456.88 261,456.88
03/20/20 03/20/25 CD Iberia Bank 248,000.00 248,000.00 1.000%0.0001166 12,406.79 260,406.79
03/27/20 03/27/25 CD Baycoast Bank 248,000.00 248,000.00 0.950%0.0001108 11,786.45 259,786.45
03/27/20 03/27/25 CD American Commerce Bank 249,000.00 249,000.00 0.950%0.0001112 11,834.03 260,834.03
04/08/20 04/08/25 CD Capital One 248,000.00 248,000.00 1.600%0.0001865 19,850.88 267,850.88
05/15/20 05/15/25 CD Flagstar Bank 248,000.00 248,000.00 0.850%0.0000991 10,545.77 258,545.77
05/15/20 05/15/25 CD Encore Bank 249,000.00 249,000.00 0.800%0.0000936 9,965.41 258,965.41
05/26/20 05/27/25 CD Haddon Savings Bank 248,000.00 248,000.00 0.750%0.0000874 9,310.19 257,310.19
05/29/20 05/29/25 CD Home Loan Inv Bank 249,000.00 249,000.00 0.800%0.0000936 9,965.41 258,965.41
05/29/20 05/29/25 CD Pacific Western Bank 249,000.00 249,000.00 0.700%0.0000819 8,719.77 257,719.77
05/29/20 05/29/25 CD Malaga Bank 249,000.00 249,000.00 0.700%0.0000819 8,719.87 257,719.87
06/10/20 06/10/25 CD Stockman Bank 249,000.00 249,000.00 0.600%0.0000702 7,474.10 256,474.10
07/17/20 07/17/25 CD Preferred Bank 249,000.00 249,000.00 0.500%0.0000585 6,228.46 255,228.46
07/16/20 07/28/25 CD Toyota Financial Savings Bank 249,000.00 249,000.00 0.650%0.0000761 8,096.93 257,096.93
07/29/20 07/29/25 CD Continental Bank 249,000.00 249,000.00 0.500%0.0000585 6,228.46 255,228.46
08/09/22 08/04/25 CD Ally Bank (GMATBK)201,000.00 201,000.00 3.400%0.0003213 20,427.10 221,427.10
08/14/20 08/14/25 CD Luana Savings Bank 249,000.00 249,000.00 0.450%0.0000527 5,605.57 254,605.57
08/19/20 08/19/25 CD 1st Financial Bank 249,000.00 249,000.00 0.450%0.0000527 5,605.82 254,605.82
08/20/20 08/20/25 CD 1st Carolina Bank 249,000.00 249,000.00 0.450%0.0000527 5,605.82 254,605.82
May 16, 2023 Item #1 Page 13 of 22
Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return
08/20/20 08/20/25 CD Northeast Community Bank 249,000.00 249,000.00 0.450%0.0000527 5,605.82 254,605.82
09/04/20 09/04/25 CD Crown Bank 249,000.00 249,000.00 0.400%0.0000468 4,982.62 253,982.62
09/15/20 09/15/25 CD Merrick 249,000.00 249,000.00 0.400%0.0000468 4,982.62 253,982.62
10/22/20 09/25/25 CD Commonwealth Bus Bank 249,000.00 249,000.00 0.400%0.0000468 4,908.94 253,908.94
09/29/20 09/29/25 CD Landmark Community 249,000.00 249,000.00 0.400%0.0000468 4,982.58 253,982.58
10/22/20 10/08/25 CD Live Oak Bank 249,000.00 249,000.00 0.400%0.0000468 4,944.42 253,944.42
10/15/20 10/15/25 CD Maine Comm Bank 249,000.00 249,000.00 0.350%0.0000410 4,359.94 253,359.94
10/16/20 10/16/25 CD First Security Bank Wash 249,000.00 249,000.00 0.350%0.0000410 4,359.94 253,359.94
11/06/20 10/23/25 CD Royal Savings Bank 249,000.00 249,000.00 0.400%0.0000468 4,944.42 253,944.42
11/18/20 11/18/25 CD First US Bank 249,000.00 249,000.00 0.400%0.0000468 4,982.62 253,982.62
12/18/20 12/18/25 CD Third Federal Savings and Loan 249,000.00 249,000.00 0.450%0.0000527 5,605.56 254,605.56
12/18/20 12/18/25 CD Unity Bank 249,000.00 248,377.50 0.400%0.0000467 4,982.72 253,982.72
01/08/21 12/23/25 CD Texas Bank Henderson 249,000.00 249,000.00 0.450%0.0000527 5,556.70 254,556.70
12/28/20 12/23/25 CD National Bank of NY City 249,000.00 248,688.75 0.400%0.0000468 4,968.98 253,968.98
12/23/20 12/23/25 CD Belmont Savings Bank 249,000.00 248,377.50 0.400%0.0000467 4,982.62 253,982.62
01/08/21 01/08/26 CD Bank of Santa Clarita 249,000.00 248,688.75 0.400%0.0000468 4,982.62 253,982.62
01/08/21 01/08/26 CD Grand Bank Tulsa 249,000.00 248,688.75 0.400%0.0000468 4,982.62 253,982.62
01/26/21 01/26/26 CD Commercial Bank 249,000.00 248,751.00 0.471%0.0000550 5,605.82 254,605.82
01/27/21 01/27/26 CD Central Bank Storm Lake 249,000.00 248,751.00 0.471%0.0000550 5,605.82 254,605.82
02/18/21 01/29/26 CD Hometown Bk of Alabama 249,000.00 249,000.00 0.400%0.0000468 4,928.04 253,928.04
02/26/21 02/26/26 CD United Rep Bk Omaha 249,000.00 249,000.00 0.400%0.0000468 4,982.61 253,982.61
03/03/21 03/03/26 CD CFG Community Bk 249,000.00 249,000.00 0.400%0.0000468 4,982.73 253,982.73
03/10/21 03/10/26 CD Bristol Morgan Bank 249,000.00 249,000.00 0.450%0.0000527 5,605.82 254,605.82
09/03/21 09/03/26 CD Syncrony Bank (SYF)249,000.00 249,000.00 0.900%0.0001054 11,205.00 260,205.00
09/09/21 09/09/26 CD UBS Bank USA (UBS)249,000.00 249,000.00 0.950%0.0001112 11,834.03 260,834.03
04/05/22 02/23/27 CD Sallie May Bank 247,000.00 242,902.27 2.564%0.0002927 26,574.50 273,574.50
03/08/23 3/8/2027 CD Mifflinburg Bank and Trust Company 249,000.00 249,000.00 4.650%0.0005443 46,345.77 295,345.77
03/09/22 03/09/27 CD Nelnet Bank Inc (NELNTB)247,000.00 247,000.00 1.950%0.0002264 24,095.69 271,095.69
03/09/22 03/09/27 CD Eaglemark Savings (EAGSBK)247,000.00 247,000.00 2.000%0.0002322 24,713.53 271,713.53
03/16/22 03/10/27 CD Beal Bank NV (BSVBK)247,000.00 247,000.00 1.800%0.0002090 22,169.09 269,169.09
03/16/22 03/10/27 CD Beal Bank TX (BEALBK)247,000.00 247,000.00 1.800%0.0002090 22,169.09 269,169.09
03/23/22 03/23/27 CD American Exp Bank (AXP)247,000.00 247,000.00 2.200%0.0002555 27,184.89 274,184.89
02/15/22 04/15/27 CD First Business Bank 245,000.00 245,000.00 3.900%0.0004492 33,790.69 278,790.69
05/18/22 05/19/27 CD Discover Bank 246,000.00 246,000.00 3.200%0.0003701 39,403.14 285,403.14
12/15/22 12/15/27 CD Forebright Bank (FORBBK)249,000.00 248,651.40 4.031%0.0004712 49,827.34 298,827.34
12/16/22 12/16/27 CD Southern Bank (SBSARD)245,000.00 245,000.00 4.000%0.0004607 49,026.84 294,026.84
02/22/23 02/22/28 CD Partners Bank California 245,000.00 245,000.00 3.850%0.0004434 47,188.34 292,188.34
03/08/23 03/07/28 CD Bank Five Nine 249,000.00 249,000.00 4.550%0.0005326 56,678.44 305,678.44
03/10/23 03/10/28 CD BMW Bank North America 244,000.00 244,000.00 4.600%0.0005276 56,181.50 300,181.50
03/29/23 03/29/28 CD Bridgewater Bk 249,000.00 249,000.00 4.800%0.0005619 59,825.54 308,825.54
03/31/23 03/31/28 CD City Natl Bk - Los Angeles 243,000.00 243,000.00 5.000%0.0005712 243,000.00
Certificate of deposit 21,279,000.00$ 21,271,876.92$ 1.716%1,712,624.13$ 22,991,624.13$
Mortgage backed securities (agency)
03/10/21 08/25/24 NM FHLM - FHMS K728 - 3137FBTA4 2,910,803.55 3,145,255.20 3.064%0.0026342 153,254.21 3,064,057.76$
04/15/20 11/25/24 NM FHMS KHG1 A1 - 3137F32A1 1,744,532.13 1,866,283.22 0.999%0.0005096 217,130.28 1,961,662.41
07/22/22 12/25/24 NM FHLMC FHMS K048 A1 - 3137BL6J2 1,376,742.15 1,362,974.73 3.425%0.0012760 64,096.69 1,440,838.84
06/30/22 04/25/25 NM FHMS K051 A1 - 3137BM7B6 3,092,525.17 3,068,364.82 3.299%0.0027669 163,239.98 3,255,765.15
07/24/20 05/25/25 NM FRESB MFM - 30315EAA4 899,025.25 903,422.40 0.830%0.0002050 19,418.08 918,443.33
03/15/21 05/25/25 NM FHLMC - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770%0.0016335 110,231.60 2,110,231.60
08/27/20 06/15/25 NM FHLMC FHR 3544 BC 152,349.65 222,320.57 0.532%0.0000323 83,540.73 235,890.38
02/19/21 01/25/26 NM FRESB 2021-SB83 - 30318NAA1 1,294,426.71 1,300,505.33 0.505%0.0001795 22,551.11 1,316,977.82
03/25/21 03/25/26 NM FHLM - KHMS K055 2,500,000.00 2,700,000.00 2.673%0.0019727 154,976.68 2,654,976.68
08/20/21 03/25/26 NM FHLMC - FHMS K1R1 - 3137BP4J5 1,616,612.78 1,466,674.99 0.414%0.0001660 239,848.91 1,856,461.69
07/23/21 04/25/26 NM FRESB - 30321VAQ5 1,795,172.00 1,803,602.13 0.746%0.0003678 40,585.81 1,835,757.81
01/21/22 11/25/26 NM FRESB 2022-SB94 - 30324QAC2 4,276,324.72 4,296,102.72 1.500%0.0017614 171,584.69 4,447,909.41
04/22/22 04/25/27 NM FRESB 2022-SB97 A5F - 30311SAA7 3,414,579.80 3,279,253.18 2.803%0.0025124 145,011.91 3,559,591.71
10/28/22 06/25/27 NM FRESB 2022-SB103 A5F - 30329MAA0 1,598,149.52 1,431,761.37 4.989%0.0019525 186,362.10 1,784,511.62
11/18/22 09/25/27 NM FRESB - 30329QAA1 3,987,674.36 3,640,100.69 2.600%0.0025869 248,449.63 4,236,123.99
01/27/23 11/01/27 NM FRESB - FR WN2287 3,000,000.00 2,972,812.50 3.929%0.0031924 259,613.30 3,259,613.30
12/16/22 12/16/27 NM FN AM6424 - 3138L7D60 999,813.91 967,944.84 4.212%0.0011144 77,907.09 1,077,721.00
Mortgage backed securities (agency) 36,658,731.70$ 36,584,878.69$ 2.486%2,357,802.80$ 39,016,534.50$
Municpal Bonds
06/09/21 08/01/23 SC San Dieguito Union HS 500,000.00 500,000.00 0.275%0.0000222 2,948.61 502,948.61
06/17/21 03/15/24 SC Ada&Canyon Cty SD 1,500,000.00 1,710,405.00 0.520%0.0001439 237,083.33 1,737,083.33
05/27/21 06/15/24 SC Cache County SD 3,250,000.00 3,505,872.50 0.400%0.0002268 297,375.00 3,547,375.00
02/26/21 10/01/24 SC State of Hawaii 3,000,000.00 3,039,420.00 0.433%0.0002129 86,549.17 3,086,549.17
03/17/22 10/01/24 SC State of Hawaii (HIS)2,000,000.00 1,933,240.00 2.160%0.0006755 40,723.78 2,040,723.78
03/01/21 11/01/24 SC City of San Francisco Util 1,000,000.00 1,004,450.00 0.600%0.0000975 26,523.31 1,026,523.31
06/02/21 12/01/24 SC Mason & Kitsap Counties SD 640,000.00 640,000.00 0.538%0.0000557 12,041.64 652,041.64
07/19/21 02/01/25 SC Amarillo Independent SD 1,800,000.00 1,762,290.00 0.600%0.0001710 - 1,800,000.00
03/22/21 02/15/25 SC Texas St Tech Univ 2,500,000.00 2,524,850.00 0.679%0.0002773 91,389.86 2,591,389.86
06/29/21 05/15/25 SC University of California 1,960,000.00 1,966,154.40 0.799%0.0002541 67,111.92 2,027,111.92
03/01/21 05/15/25 SC University of California 1,500,000.00 1,517,250.00 0.600%0.0001473 55,724.13 1,555,724.13
02/02/21 06/15/25 SC County of Multnomah OR 2,000,000.00 2,006,040.00 0.430%0.0001395 37,553.89 2,037,553.89
01/28/21 07/01/25 SC University of California UNVHGR 1,805,000.00 1,995,210.90 0.509%0.0001643 244,645.68 2,049,645.68
06/30/22 09/15/25 SC State of Connecticut (CTS)2,850,000.00 2,850,000.00 3.201%0.0014755 342,250.56 3,192,250.56
05/18/21 04/01/26 SC State of California 1,250,000.00 1,353,350.00 0.910%0.0001992 161,300.35 1,411,300.35
04/01/21 04/01/26 SC State of California 4,140,000.00 4,478,652.00 0.970%0.0007027 548,550.00 4,688,550.00
12/07/21 06/15/26 SC Marion County School (MARSCD)1,880,000.00 1,885,245.20 1.374%0.0004190 122,255.56 2,002,255.56
09/01/21 06/15/26 SC Portland Community College (PORHGR)1,100,000.00 1,102,992.00 0.841%0.0001500 47,357.32 1,147,357.32
02/11/22 07/01/26 SC Sthrn CA ST Pub Pwr Auth (STNPWR)2,485,000.00 2,415,643.65 1.930%0.0007541 15,705.20 2,500,705.20
01/06/22 08/01/26 SC San Jose Redev (SJSDEV)3,000,000.00 3,220,260.00 1.507%0.0007850 476,400.00 3,476,400.00
08/12/21 08/01/26 SC San Diego Community College (SDGHGR)3,000,000.00 3,209,550.00 0.860%0.0004465 342,742.58 3,342,742.58
May 16, 2023 Item #1 Page 14 of 22
Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return
08/23/21 08/01/26 SC Santa Barbara CA USD (SBBSCD)500,000.00 511,970.00 0.842%0.0000697 33,041.17 533,041.17
08/23/21 08/01/26 SC San Jose Evergreen CC (SJSHGR)750,000.00 799,522.50 0.842%0.0001089 81,862.08 831,862.08
08/10/22 08/01/26 SC Minnesota State (MNS)1,215,000.00 1,215,000.00 3.250%0.0006387 174,512.81 1,389,512.81
03/02/22 10/01/26 SC State of Hawaii (HIS)2,000,000.00 1,938,920.00 1.810%0.0005677 101,809.78 2,101,809.78
02/08/22 10/01/26 SC CAS 2,400,000.00 2,468,808.00 1.730%0.0006909 264,891.67 2,664,891.67
04/18/22 12/01/26 SC CASWTR 2,705,000.00 2,475,237.30 3.035%0.0012152 170,415.98 2,875,415.98
03/29/22 12/01/26 SC CASWTR 1,425,000.00 1,322,001.00 2.708%0.0005791 90,565.95 1,515,565.95
12/20/21 12/01/26 SC CASWTR 1,275,000.00 1,257,405.00 1.051%0.0002138 84,523.29 1,359,523.29
06/13/22 05/01/27 SC LA Unified (LOSSCD)3,500,000.00 3,883,600.00 3.820%0.0023997 977,643.33 4,477,643.33
02/22/23 08/01/27 SC SBDHGR 1,500,000.00 1,328,325.00 1.480%0.0008477 107,266.25 1,607,266.25
Municpal Bonds 60,430,000.00$ 61,821,664.45$ 1.485%5,342,764.20$ 65,772,764.20$
Cash
Cash Wells Fargo Bank - General 2,080,891.00 2,080,891.00 0.100%0.0000158 171.03 2,081,062.03
Cash Wells Fargo Sweep account 5,118,344.56 5,118,344.56 4.640%0.0018000 19,519.82 5,137,864.38
Cash Wells Fargo Bank - Custody 2,435,450.22 2,435,450.22 0.100%0.0000185 202.95 2,435,653.17
Cash CAMP 120,535,276.15 120,535,276.15 4.940%0.0451310 489,406.24 121,024,682.39
Cash LAIF City 202,065.55 202,065.55 2.870%0.0000440 483.27 202,548.82
Cash LAIF CMWD 816,725.78 816,725.78 2.870%0.0001777 1,953.34 818,679.12
Cash LAIF CPFA 748,151.15 748,151.15 2.870%0.0001627 1,789.33 749,940.48
Cash 131,936,904.41$ 131,936,904.41$ 4.735%513,525.99$ 132,450,430.40$
GRAND TOTAL 855,298,636.11$ 862,141,664.58$ 2.0391%52,074,519.34$ 907,354,637.95$
May 16, 2023 Item #1 Page 15 of 22
Exhibit 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of March 31, 2023
Cash balance by fund:
General 158,102,023
Special revenue 34,657,626
Capital projects:
Infrastructure replacement 118,367,161
Special districts 116,545,353
General capital construction 42,248,733
Public facilities fees 29,385,237
Traffic impact fees 23,081,747
Gas tax 18,225,021
Park development 15,357,703
Technology investment 11,469,772
TransNet taxes 7,805,177
Drainage fees 4,993,381
Capital project subtotal 387,479,287
Enterprise:
Carlsbad Municipal Water District 144,013,741
Sewer fund 42,675,703
Storm water 7,262,827
Solid waste 4,222,692
Golf course 3,768,539
Enterprise subtotal 201,943,501
Internal service 63,125,492
Fiduciary 10,090,395
Total general ledger balance **855,398,325
Reconciling adjustments (1)1,691,644
Total treasurer's investment portfolio at amortized cost $857,089,969
**Figures based on best estimate at the time report run on 04/11/2023.
(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.
May 16, 2023 Item #1 Page 16 of 22
Exhibit 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of March 31, 2023
Corporate notes Moody's S&P Fitch Outlook
3M Company A1 A - /Neg/
Amazon.com Inc.A1 AA AA-Stable/Stable/Stable
Apple Inc.Aaa AA+Stable/Stable/
Bank of America A2 +A-AA-Stable/ /Stable
Bank of Montreal A2 A+AA-Stable/Stable/Neg
Bank of New York Mellon A1 A AA-Stable/Stable/Stable
Berkshire Hathaway Aa2 AA AA-Stable/Stable/Stable
Blackrock Inc.Aa3 AA-Stable/Stable/
BLC Commuity Bank A+AA-Stable/Stable/Neg
Century Housing Corp AA-AA / /Stable
Citibank Aa3 A+A+Stable/Stable/Stable
CME Group Aa3 AA-AA-Stable/Stable/Stable
Colgate-Palmolive Aa3 AA-Stable/Stable/
Florida Power & Light Aa2 A+AA-Stable/Stable/Stable
Johnson & Johnson Aaa AAA Stable/Stable/
JP Morgan Chase Bank A1 A-AA-Stable/Stable/Stable
MassMutual Global Aa3 AA+AA+ /Stable/
Merck A1 A+Stable/Stable/
MetLife Aa3 AA-AA- /Stable/
Microsoft Aaa AAA Stable/Stable/
Nike Inc.A1 AA-Stable/Stable/
Novartis Capital Corp A1 AA-AA- /Pos/
Procter & Gamble Aa3 AA-Stable/Stable/
Public Service Electric A1 A Stable/Stable/
Royal Bank of Canada A1 A AA-Stable/Stable/Stable
Seattle Children's Hospital Aa2 AA
State Street Corporation A1 A AA-Stable/Stable/Stable
Toyota A1 A+A+Stable/Stable/Stable
US Bank NA A1 AA-AA-Neg/Neg/Stable
Visa Inc.Aa3 AA-Stable/Stable/
Wal-Mart Aa2 AA AA Stable/Stable/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.
May 16, 2023 Item #1 Page 17 of 22
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 Bernardino CCD Aa1 AA Stable
San Diego CC Aaa AAA Stable
San Dieguito Union HS Aa1 AA Stable
San Francisco Public Utl CommAa2 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 1,517,128$
Merck A1 A+04/24/26 04/12/21 1,485,750$
Public Service Electric A1 A 09/01/23 05/14/20 2,700,575$
Toyota A1 A+A+01/08/24 07/01/19 1,002,842$
6,706,295$
* 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.
May 16, 2023 Item #1 Page 18 of 22
Exhibit 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of March 31, 2023
Corporate notes Amortized cost Portfolio allocation*
3M Company 1,517,128$ 0.18%
Amazon.com Inc.7,546,165 0.88%
Apple Inc.5,545,464 0.65%
Bank of America 16,468,805 1.92%
Bank of Montreal 8,450,000 0.99%
Bank of New York Mellon 10,165,983 1.19%
Blackrock Inc.7,139,957 0.83%
Citibank 7,092,709 0.83%
CME Group 2,885,464 0.34%
Colgate-Palmolive 4,662,284 0.54%
Florida Power & Light 3,795,423 0.44%
Johnson & Johnson 13,088,000 1.53%
JP Morgan Chase Bank 23,216,199 2.71%
Massmutual Global 3,772,813 0.44%
Merck 1,491,517 0.17%
Metlife 4,211,967 0.49%
Microsoft 4,196,290 0.49%
Nike Inc.2,971,979 0.35%
Novartis Capital Corp 3,336,895 0.39%
Procter & Gamble 5,963,384 0.70%
Public Service Electric 2,525,346 0.29%
Royal Bank of Canada 8,993,416 1.05%
Seattle Children's Hospital 849,067 0.10%
State Street Corporation 2,021,230 0.24%
Toyota 1,002,842 0.12%
US Bank NA 6,552,570 0.76%
Visa Inc.1,320,006 0.15%
Wal-Mart 12,889,554 1.50%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FAMCA 3,640,101 0.42%
FHLMC 16,151,231 1.88%
FNMA 16,955,404 1.98%
May 16, 2023 Item #1 Page 19 of 22
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.23,145,843 2.70%
Federal Farm Credit Bank 93,140,202 10.87%
Federal Home Loan Bank 118,551,969 13.83%
Federal Home Loan Mortgage Corp.46,977,234 5.48%
Federal National Mortgage Assoc.39,413,725 4.60%
Private Export Funding Corp.2,516,816 0.29%
Tennessee Valley Authority 1,037,252 0.12%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,591,336 0.19%
Amarillo Independent SD 1,780,401 0.21%
Cache County SD 3,351,137 0.39%
City of San Francisco 1,001,925 0.12%
County of Multnomah 2,003,049 0.23%
LA Unified SD 3,745,426 0.44%
Marion County SD 1,883,720 0.22%
Mason/Kitsap Cty SD 640,000 0.07%
Minnesota State 1,215,000 0.14%
Portland CC 1,102,003 0.13%
San Bernardino CC 1,332,349 0.16%
San Diego CC 3,140,559 0.37%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 783,424 0.09%
San Jose Redevelpment 3,160,676 0.37%
Santa Barbara CA USD 508,079 0.06%
Southern CA Public Power 2,433,641 0.28%
State of California 13,237,440 1.54%
State of Connecticut 2,859,990 0.33%
State of Hawaii 6,930,324 0.81%
Texas Tech University 2,511,938 0.29%
University of California 5,373,789 0.63%
Other Amortized cost Portfolio allocation
Supranational 22,642,020 2.64%
US Treasury 84,948,346 9.91%
Certificate of deposits 21,274,256 2.48%
Cash 131,936,904 15.39%
Total portfolio amortized cost 857,089,969$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
May 16, 2023 Item #1 Page 20 of 22
City of Carlsbad
Investments of bond proceeds held separately
As of March 31, 2023
Market Maturity
Name and fund type Investments Yield date Par value
Reassessment District 22-01 (College/Cannon)
Reserve Fund Pacific Premier Bank various 09/02/34 902,760$
Assessment District 96-01 (Rancho Carrillo)
Reserve fund Repub Natl Bank Repo Agreement: HSBC (GIC)various 09/02/28 942,770$
Reassessment District 2012-1 (College/Cannon & Poinsettia Lane)
Reserve fund Invesco Gov. & Agency - Institutional Money Market 4.23% N/A 3,466$
Communities Facilities District #3 Improvement Area 1, 2016 Bonds
Reserve fund Invesco Gov. & Agency - Institutional Money Market 4.73% 09/01/36 586,900$
Communities Facilities District #3 Improvement Area 2, 2016 Bonds
Reserve fund Invesco Gov. & Agency - Institutional Money Market 4.73% 09/01/38 586,054$
Other Invesco Gov. & Agency - Institutional Money Market 4.73% 09/01/38 403$
3,022,353$
Ex
h
i
b
i
t
1
0
Ma
y
16
,
20
2
3
It
e
m
#1
Pa
g
e
21
of
22
Affordable housing loan summary
FY2022-23 Q2
Borrower Development Purpose Date Issued Issued Outstanding Issued Repaid Balance
Individual homebuyers Calavera Hills Sale 5 1 75,000 60,000 15,000
Individual homebuyers Cherry Tree Walk Sales 42 11 453,600 334,800 118,800
Individual homebuyers Serrano Sales 90 19 1,350,000 1,065,000 285,000
Individual homebuyers Rancho Carlsbad Sales 22 4 752,533 691,076 61,457
Individual homebuyers Mulberry at Bressi Ranch Sales 100 100 1,840,000 - 1,840,000
Individual homebuyers Village by the Sea Sales 11 11 220,000 - 220,000
Individual homebuyers Laguna Point Sale 3 2 140,000 - 140,000
Individual homebuyers The Bluffs Sale 10 10 200,000 - 200,000
Individual homebuyers Roosevelt Gardens Sales 11 11 $1,583,423 - 1,583,423
294 169 6,614,556 2,150,876 4,463,680
Not-for-Profits
Catholic Charities Homeless Shelter Shelter 1 1 200,000 - 200,000
Catholic Charities allowance (200,000) - (200,000)
Catholic Charities Shelter Shelter 3 3 507,585 - 507,585
Catholic Charities allowance (507,585) - (507,585)
Hospice of North Coast Property acquisition Hospice 1 1 1,065,000 - 1,065,000
Hospice allowance (1,065,000) - (1,065,000)
5 5 - - -
Developers - Rentals
Pacific Vista Las Flores Vista Las Flores Apts Rentals 1 1 363,948 - 363,948
CIC Calavera LP Mariposa Apts Rentals 1 1 1,060,000 - 1,060,000
CIC La Costa LP Hunter's Pointe Rentals 1 1 1,932,000 - 1,932,000
CIC Glen Ridge LP Glen Ridge Rentals 1 1 1,014,000 - 1,014,000
Solutions for Change-Vista Terrace Property acquisition Rentals 1 1 780,000 - 780,000
Harding Street Neighbors LLP Property acquisition Rentals 1 1 7,408,000 - 7,408,000
Solutions for Change-Chestnut Property acquisition Rentals 1 1 2,646,000 - 2,646,000
Chelsea Investment Corp. / Quarry Creek CIC LLP Quarry Creek Rentals 1 1 1,280,000 689,478 590,522
Carlsbad Veteran Housing LP Windsor Pointe Rentals 1 1 3,793,392 - 3,793,392
Bridge Housing Corporation Aviara East Rentals 1 1 48,484 - 48,484
10 10 20,325,824 689,478 19,636,345
Other Affordable Housing assistance
DPCCA Various Purch assistance 22 15 255,518 82,750 172,768
Individual home buyers Various Minor home repair 13 7 30,522 - 30,522
Minor Home Repair allowance (30,522) - (30,522)
35 22 255,518 82,750 172,768
Individuals (non-development related)
Individual homebuyers Laguna Point Sales 1 1 108,150 - 108,150
Individual homebuyers Rose Bay Sales 1 1 229,775 - 229,775
2 2 337,925 - 337,925
Prior year AR adjustments (135) (135)
346 208 27,533,688 2,923,104 24,610,584
Ex
h
i
b
i
t
11
Number of Loans Principal AmountsMa
y
16
,
20
2
3
It
e
m
#1
Pa
g
e
22
of
22