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HomeMy WebLinkAbout2023-06-13; City Council; ; Report on City Investments as of April 28, 2023CA Review JRT Meeting Date: June 13, 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 April 28, 2023 Districts: All Recommended Action Accept and file Report on City Investments as of April 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 April 28, 2023, is summarized below. Pooled investment portfolio (cash and securities) Current month Prior month Par value1 $868,313,550 $855,298,636 Investment cost $874,951,983 $862,141,665 Amortized cost2 $869,957,222 $857,089,969 Market value3 $831,359,425 $817,403,084 (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). June 13, 2023 Item #1 Page 1 of 19 Pooled investment interest income Fiscal year to date Current month Prior month Cash income $12,876,542 $1,545,940 $1,690,393 The cash income received is adjusted for any received interest previously purchased. Pooled investment performance Average life (years) Yield4 Modified duration February 2023 1.88 1.89% 1.67 March 2023 1.84 2.02% 1.66 April 2023 1.79 2.09% 1.61 (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. Capital projects $377 Enterprise$201 General $178 Internal service$64 Special revenue $34 Fiduciary $11 Fund equity in pooled investments April 28, 2023 ($ in millions) June 13, 2023 Item #1 Page 2 of 19 The city’s Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. These investments are paying interest at the required times and their principal is considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. Next Steps The report on city investments will continue to be produced monthly by the City Treasurer. Environmental Evaluation This action does not require environmental review because it does not constitute a project within the meaning of the California Environmental Quality Act under California Public Resources Code Section 21065 in that it has no potential to cause either a direct physical change or a reasonably foreseeable indirect physical change in the environment. 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 June 13, 2023 Item #1 Page 3 of 19 Ci t y o f C a r l s b a d i n v e s t m e n t p o r t f o l i o As o f A p r i l 2 8 , 2 0 2 3 In v e s t m e n t s b y c o s t , m a r k e t v a l u e , c a s h i n c o m e , a n d a v e r a g e y i e l d b y c l a s s In v e s t m e n t c o s t Ma r k e t v a l u e Av e r a g e y i e l d Cl a s s C u r r e n t m o n t h P r i o r m o n t h C u r r e n t m o n t h P r i o r m o n t h Y T D i n c o m e C u r r e n t m o n t h P r i o r m o n t h FA $ 3 2 7 , 0 2 1 , 7 5 2 $ 3 2 5 , 5 9 1 , 0 0 2 $ 3 0 6 , 6 7 2 , 9 6 9 $ 3 0 4 , 9 8 1 , 9 1 1 $ 3 , 0 0 7 , 1 7 3 1. 2 7 % 1. 2 4 % SN 2 3 , 1 9 2 , 3 9 2 23 , 1 9 2 , 3 9 2 21 , 5 1 6 , 8 4 2 21 , 4 6 6 , 2 8 0 42 7 , 1 0 0 1. 3 2 % 1. 3 2 % TR 8 7 , 1 0 7 , 7 3 9 84 , 7 0 7 , 7 3 9 84 , 7 9 0 , 5 0 5 82 , 1 9 0 , 2 9 5 66 1 , 9 0 4 1. 6 1 % 1. 5 5 % CN 1 7 3 , 4 2 6 , 8 7 7 17 7 , 0 3 5 , 2 0 7 16 2 , 0 2 2 , 3 4 5 16 5 , 1 8 8 , 5 6 4 4, 1 8 3 , 9 7 2 1. 9 4 % 1. 9 6 % CD 2 1 , 2 7 4 , 8 7 7 21 , 2 7 1 , 8 7 7 19 , 8 3 7 , 9 3 2 19 , 7 9 3 , 6 9 5 21 4 , 4 6 5 1. 7 4 % 1. 7 2 % MB S ( a g e n c y ) 3 6 , 2 5 2 , 7 4 8 36 , 5 8 4 , 8 7 9 34 , 4 9 8 , 4 5 7 34 , 7 4 5 , 2 6 4 62 5 , 8 1 1 2. 4 9 % 2. 4 9 % MB S ( n o n - a g e n c y ) - Mu n i 6 3 , 4 0 2 , 3 4 9 61 , 8 2 1 , 6 6 4 58 , 7 4 7 , 1 2 7 57 , 1 0 0 , 1 7 0 1, 2 2 9 , 8 3 1 1. 5 5 % 1. 4 9 % Ba n k a c c o u n t 2 , 2 0 8 , 8 3 7 2, 0 8 0 , 8 9 1 2, 2 0 8 , 8 3 7 2, 0 8 0 , 8 9 1 - 0. 1 0 % 0. 1 0 % Sw e e p 9 , 1 6 5 , 4 3 2 5, 1 1 8 , 3 4 5 9, 1 6 5 , 4 3 2 5, 1 1 8 , 3 4 5 25 0 , 6 5 2 4. 6 7 % 4. 6 5 % IR T 4 , 1 7 6 , 9 9 1 2, 4 3 5 , 4 5 0 4, 1 7 6 , 9 9 1 2, 4 3 5 , 4 5 0 96 , 2 8 9 0. 1 0 % 0. 1 0 % CA M P 1 2 5 , 9 4 3 , 1 3 9 12 0 , 5 3 5 , 2 7 6 12 5 , 9 4 3 , 1 3 9 12 0 , 5 3 5 , 2 7 6 1, 9 3 5 , 0 6 8 4. 9 7 % 4. 8 0 % LA I F 1 , 7 7 8 , 8 4 9 1, 7 6 6 , 9 4 2 1, 7 7 8 , 8 4 9 1, 7 6 6 , 9 4 2 24 4 , 2 7 7 2. 8 9 % 2. 8 8 % To t a l $8 7 4 , 9 5 1 , 9 8 3 8 6 2 , 1 4 1 , 6 6 5 $ $8 3 1 , 3 5 9 , 4 2 5 $ 8 1 7 , 4 0 3 , 0 8 4 $ 1 2 , 8 7 6 , 5 4 2 2 . 0 9 % 2. 0 2 % FA - F e d e r a l a g e n c y n o t e s Mu n i - M u n i c i p a l B o n d s SN - S u p r a n a t i o n a l Ba n k a c c o u n t - G e n e r a l c a s h a c c o u n t TR - U S T r e a s u r y Sw e e p - O v e r n i g h t c a s h a c c o u n t CN - C o r p o r a t e n o t e s IR T - I n v e s t m e n t c a s h a c c o u n t CD - C e r t i f i c a t e o f d e p o s i t CA M P - C a l i f o r n i a A s s e t M a n a g e m e n t P r o g r a m MB S - P a s s t h r o u g h / m o r t g a g e b a c k e d s e c u r i t i e s LA I F - L o c a l A r e a I n v e s t m e n t F u n d Exhibit 1 June 13, 2023 Item #1 Page 4 of 19 Ci t y o f C a r l s b a d i n v e s t m e n t p o r t f o l i o As o f A p r i l 2 8 , 2 0 2 3 Ma t u r i t i e s b y c l a s s i f i c a t i o n a n d l e n g t h o f t i m e a t m a r k e t v a l u e Cl a s s Wi t h i n 6 m o n t h s 7 t o 1 2 m o n t h s 1 t o 5 y e a r s To t a l % T o t a l Fe d e r a l I n v e s t m e n t s $2 0 , 3 8 8 , 5 9 4 $3 0 , 2 2 6 , 9 4 0 $2 5 6 , 0 5 7 , 4 3 5 $3 0 6 , 6 7 2 , 9 6 9 36 . 8 9 % Su p r a n a t i o n a l 7 , 9 4 0 , 8 2 0 - 1 3 , 5 7 6 , 0 2 2 21 , 5 1 6 , 8 4 2 2. 5 9 US T r e a s u r y 2 3 , 2 6 4 , 8 5 5 17 , 9 5 1 , 5 3 5 43 , 5 7 4 , 1 1 5 84 , 7 9 0 , 5 0 5 10 . 2 0 Co r p o r a t e N o t e s 2 6 , 8 7 7 , 8 7 7 30 , 2 7 0 , 1 0 5 10 4 , 8 7 4 , 3 6 3 16 2 , 0 2 2 , 3 4 5 19 . 4 9 ( 2 ) Ce r t i f i c a t e o f D e p o s i t 2 , 2 1 1 , 9 9 1 72 9 , 6 1 7 16 , 8 9 6 , 3 2 4 19 , 8 3 7 , 9 3 2 2. 3 9 MB S ( a g e n c y ) 1 , 9 2 0 , 0 0 0 2, 0 4 0 , 0 0 0 30 , 5 3 8 , 4 5 7 34 , 4 9 8 , 4 5 7 4. 1 5 ( 3 ) MB S ( n o n - a g e n c y ) - - - - 0 . 0 0 ( 3 ) ( 4 ) Mu n i c i p a l B o n d s 4 9 4 , 0 3 5 - 5 8 , 2 5 3 , 0 9 2 58 , 7 4 7 , 1 2 7 7. 0 7 ( 5 ) Ba n k a c c o u n t 2 , 2 0 8 , 8 3 7 - - 2 , 2 0 8 , 8 3 7 0. 2 7 Sw e e p 9 , 1 6 5 , 4 3 2 - - 9 , 1 6 5 , 4 3 2 1. 1 0 IR T 4 , 1 7 6 , 9 9 1 - - 4 , 1 7 6 , 9 9 1 0. 5 0 CA M P 1 2 5 , 9 4 3 , 1 3 9 - - 1 2 5 , 9 4 3 , 1 3 9 15 . 1 5 LA I F 1 , 7 7 8 , 8 4 9 - - 1 , 7 7 8 , 8 4 9 0. 2 1 To t a l s $2 2 6 , 3 7 1 , 4 2 0 $8 1 , 2 1 8 , 1 9 7 $5 2 3 , 7 6 9 , 8 0 8 $8 3 1 , 3 5 9 , 4 2 5 10 0 . 0 % % T o t a l s 27 . 2 % 9. 8 % 63 . 0 % 10 0 . 0 % To t a l w i t h i n o n e y e a r $3 0 7 , 5 8 9 , 6 1 7 (1 ) Pe r c e n t a g e o f t h e b u d g e t w i t h i n o n e y e a r 89 . 9 % Po l i c y (1 ) N o t l e s s t h a n $ 2 2 8 , 0 0 0 , 0 0 0 t o m a t u r e w i t h i n o n e y e a r , t w o - t h i r d s o f F Y 2 2 - 2 3 o p e r a t i n g b u d g e t o f $ 3 4 2 , 2 0 0 , 0 0 0 . (2 ) P o l i c y s t a t e s t h a t n o t m o r e t h a n 3 0 % o f p o r t f o l i o i s t o b e i n v e s t e d i n c o r p o r a t e n o t e s a t t i m e o f p u r c h a s e . (3 ) P o l i c y s t a t e s t h a t n o t m o r e t h a n 2 0 % o f p o r t f o l i o i s t o b e i n v e s t e d i n m o r t g a g e b a c k e d s e c u r i t i e s a t t i m e o f p u r c h a s e . (4 ) T o t a l n o n - a g e n c y m o r t g a g e b a c k e d s e c u r i t i e s s h a l l b e l i m i t e d t o 5 % o f t h e c i t y ' s p o r t f o l i o . (5 ) P o l i c y s t a t e s t h a t n o t m o r e t h a n 1 5 % o f p o r t f o l i o i s t o b e i n v e s t e d i n m u n i c i p a l b o n d s a t t i m e o f p u r c h a s e . Exhibit 2 June 13, 2023 Item #1 Page 5 of 19 0.00 1.00 2.00 3.00 4.00 5.00 6.00 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 Ap 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 Apr 28 2023 5.10 4.04 3.51 3.44 Ma r k e t r a t e ( % ) City of Carlsbad investment portfolio Market yield curve Fiscal year end compared to current Exhibit 3 June 13, 2023 Item #1 Page 6 of 19 Exhibit 4 $0.97 $0.90 $0.98 $0.92 $1.12 $1.36 $1.24 $1.03 $1.30 $1.30 $1.37 $1.69 $1.69 $10.17 $12.05 $12.88 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 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 June 13, 2023 Item #1 Page 7 of 19 Exhibit 5 City of Carlsbad investment portfolio Maturities, calls, and purchases this quarter As of April 28, 2023 Maturities CUSIP Issuer Settled Maturity Par value Book value Interest Total 31398E6W9 FHLMC FHR 3544 08/27/20 04/17/23 16,580.56 17,373.32 507.83 17,881.15 3137F32A1 FHLMC FHMS 04/15/20 04/25/23 82,054.68 87,952.36 4,857.07 92,809.43 30315EAA4 FRESB 07/24/20 04/25/23 1,323.46 1,329.93 621.83 1,951.76 30318NAA1 FRESB 02/19/21 04/25/23 2,166.66 2,176.83 679.57 2,856.40 3137FBTA4 FHLMC FHMS 03/10/21 04/25/23 4,085.97 4,407.26 7,432.25 11,839.51 30321CAQ5 FRESB 07/23/21 04/25/23 2,844.33 7,002.70 5,844.31 12,847.01 3137BP4J5 FHLMC 08/20/21 04/25/23 40,748.64 42,677.83 3,295.20 45,973.03 30324QAC2 FRESB 01/21/22 04/25/23 6,970.46 7,002.70 5,844.31 12,847.01 30311SAA7 FRESB 04/22/22 04/25/23 4,828.35 4,636.99 5,064.96 9,701.95 3137BM7B6 FHLMC FHMS 06/30/22 04/25/23 87,626.61 86,942.03 7,440.10 94,382.13 3137BL6J2 FHLMC FHMC 07/22/22 04/25/23 69,062.95 68,372.32 3,085.05 71,457.37 30329MAA0 FRESB 10/28/22 04/25/23 808.57 724.39 2,770.13 3,494.52 30329QAA1 FAMCA 11/18/22 04/25/23 2,884.64 2,633.21 8,639.96 11,273.17 3138L7D60 FNMA 12/19/22 04/25/23 2,444.25 2,366.34 2,874.46 5,240.80 931142DH3 WAL-MART 05/07/18 04/11/23 1,000,000.00 1,000,000.00 12,750.00 1,012,750.00 931142DH3 WAL-MART 12/06/18 04/11/23 1,000,000.00 1,000,000.00 12,750.00 1,012,750.00 17312QJ67 CITIBANK 04/24/18 04/24/23 246,000.00 246,000.00 3,679.89 249,679.89 06406RAG2 BANK NEW YORK MELLON 05/16/19 04/28/23 2,000,000.00 2,000,000.00 35,000.00 2,035,000.00 06406RAG2 BANK NEW YORK MELLON 06/25/20 04/28/23 2,000,000.00 2,000,000.00 35,000.00 2,035,000.00 6,570,430.13 6,581,598.21 158,136.92 6,739,735.13 Calls CUSIP Issuer Settled Maturity Redeemed Par value Book value Total - - - Purchases CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value 914098DQ8 University BK 04/03/23 04/03/28 05/03/23 4.850000%249,000.00 100.00 249,000.00 3130AVK50 FHLB 04/24/23 04/24/28 10/24/23 5.000000%1,500,000.00 100.00 1,500,000.00 3133EPFU4 FFCB 04/12/23 04/12/28 10/12/23 3.529910%2,500,000.00 99.86 2,496,600.00 91282CFB2 US Treasury 04/21/23 07/31/27 07/31/23 3.770184%2,500,000.00 96.00 2,400,000.00 544495VX9 LA CA DEPT WTR & PWR 04/27/23 07/01/27 07/01/23 4.100000%1,500,000.00 105.38 1,580,685.00 8,249,000.00 100.25 8,226,285.00 June 13, 2023 Item #1 Page 8 of 19 Exhibit 6 City of Carlsbad Investment summary As of April 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% 0.0000183 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% 0.0000906 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% 0.0000194 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% 0.0000382 21,701.39 2,521,701.39 09/18/18 09/05/23 FA FFCB 1,000,000.00 991,290.00 2.990% 0.0000906 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% 0.0002166 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% 0.0000940 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% 0.0000775 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% 0.0001315 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% 0.0001468 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% 0.0002325 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% 0.0000810 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% 0.0001396 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% 0.0000245 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% 0.0000284 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% 0.0000897 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% 0.0000214 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% 0.0001127 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% 0.0000440 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% 0.0001196 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% 0.0000353 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% 0.0001185 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% 0.0002399 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% 0.0001439 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% 0.0000208 20,381.11 2,020,381.11 04/05/21 04/23/24 FA FHLMC 1,000,000.00 997,570.00 0.400% 0.0000122 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% 0.0000703 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% 0.0000513 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% 0.0000551 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% 0.0000676 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% 0.0001176 26,063.33 2,031,063.33 12/10/21 07/19/24 FA FHLB 2,000,000.00 1,978,000.00 0.878% 0.0000531 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% 0.0000269 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% 0.0001225 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% 0.0000344 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% 0.0001923 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% 0.0001164 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% 0.0000100 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% 0.0000125 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% 0.0000239 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% 0.0000321 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% 0.0000306 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% 0.0001096 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% 0.0000209 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% 0.0000257 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% 0.0000610 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% 0.0000306 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% 0.0002559 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% 0.0000379 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% 0.0000397 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% 0.0002141 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% 0.0000278 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% 0.0000196 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% 0.0000193 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% 0.0000769 351,302.08 3,351,302.08 06/07/21 03/28/25 FA FHLMC 1,000,000.00 998,500.00 0.540% 0.0000165 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% 0.0000477 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% 0.0000326 42,600.00 1,542,600.00 09/30/22 04/21/25 FA FHLB 1,055,000.00 963,215.00 4.287% 0.0001263 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% 0.0000459 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% 0.0000306 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% 0.0000786 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% 0.0000459 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% 0.0000275 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% 0.0000358 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% 0.0000366 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% 0.0000566 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% 0.0000310 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% 0.0000174 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% 0.0000532 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% 0.0000486 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% 0.0000312 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% 0.0000567 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% 0.0000398 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% 0.0000306 47,833.33 2,047,833.33 June 13, 2023 Item #1 Page 9 of 19 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% 0.0000275 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% 0.0000398 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% 0.0000550 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% 0.0000367 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% 0.0000525 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% 0.0000239 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% 0.0001083 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% 0.0000505 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% 0.0000435 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% 0.0000512 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% 0.0000743 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% 0.0000378 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% 0.0000348 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% 0.0000477 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% 0.0000956 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% 0.0000319 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% 0.0000363 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% 0.0000624 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% 0.0000289 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% 0.0000220 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% 0.0000459 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% 0.0000219 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% 0.0000336 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% 0.0000612 100,000.00 4,100,000.00 03/03/21 03/03/26 FA FFCB 674,000.00 674,000.00 0.790% 0.0000163 26,623.00 700,623.00 03/09/21 03/09/26 FA FFCB 3,500,000.00 3,500,000.00 0.800% 0.0000856 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% 0.0000687 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% 0.0000612 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% 0.0000559 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% 0.0000612 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% 0.0000726 118,750.00 2,618,750.00 09/30/22 05/19/26 FA FHLB 1,100,000.00 979,726.00 4.300% 0.0001288 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% 0.0000382 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% 0.0000563 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% 0.0000306 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% 0.0000382 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% 0.0000530 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% 0.0000688 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% 0.0000336 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% 0.0000764 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% 0.0000968 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% 0.0001101 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% 0.0000812 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% 0.0000657 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% 0.0000957 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% 0.0004862 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% 0.0002555 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% 0.0002045 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% 0.0001272 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% 0.0000695 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% 0.0000507 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% 0.0002024 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% 0.0002031 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% 0.0003895 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% 0.0002485 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% 0.0002676 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% 0.0002962 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% 0.0003463 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% 0.0005838 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% 0.0003620 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% 0.0001636 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% 0.0001835 300,000.00 1,300,000.00 04/12/23 04/12/28 FA FFCB 2,500,000.00 2,496,600.00 3.530% 0.0002695 437,500.00 2,937,500.00 04/24/23 04/24/28 FA FHLB 1,500,000.00 1,500,000.00 5.000% 0.0002293 375,000.00 1,875,000.00 Federal investments 326,633,000.00$ 327,021,751.83$ 1.274%18,593,109.74$ 345,207,592.24$ 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$ June 13, 2023 Item #1 Page 10 of 19 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% 0.0003844 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% 0.0002386 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% 0.0000627 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% 0.0000622 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% 0.0001870 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% 0.0001944 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% 0.0006898 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% 0.0004901 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% 0.0001916 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% 0.0003414 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% 0.0001061 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% 0.0001918 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% 0.0001548 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% 0.0000215 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% 0.0006466 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% 0.0001018 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% 0.0006815 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% 0.0006765 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% 0.0001542 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% 0.0004529 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% 0.0004862 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% 0.0001582 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% 0.0001110 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% 0.0013776 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% 0.0009902 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% 0.0003596 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% 0.0001038 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% 0.0019382 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% 0.0001318 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% 0.0000918 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% 0.0000913 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% 0.0014964 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% 0.0000712 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% 0.0001073 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% 0.0002519 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% 0.0001701 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% 0.0003576 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% 0.0002494 91,432.01 1,591,432.01 04/21/23 07/31/27 TR US Treasury 2,500,000.00 2,400,000.00 3.770% 0.0010388 294,181.63 2,794,181.63 01/25/23 12/31/27 TR US Treasury 500,000.00 508,167.05 3.570% 0.0002083 96,393.30 596,393.30 01/31/23 12/31/27 TR US Treasury 750,000.00 760,105.97 3.647% 0.0003182 144,108.25 894,108.25 US Treasury 88,000,000.00$ 87,107,739.37$ 1.614%2,560,587.76$ 90,560,587.76$ Corporate notes 05/02/18 05/01/23 CN Colgate-Palmolive (COLGAT)4,666,000.00 4,443,179.84 3.140% 0.0008045 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% 0.0007016 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% 0.0003448 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% 0.0003275 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% 0.0002807 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% 0.0001637 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% 0.0002433 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% 0.0004880 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% 0.0001838 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% 0.0003086 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% 0.0004094 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% 0.0001121 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% 0.0002405 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% 0.0002457 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% 0.0001731 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% 0.0002265 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% 0.0001692 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% 0.0002730 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% 0.0002141 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% 0.0001646 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% 0.0002192 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% 0.0002209 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% 0.0001462 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% 0.0002045 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% 0.0001113 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% 0.0001181 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% 0.0001609 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% 0.0001381 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% 0.0000885 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% 0.0002703 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% 0.0002811 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% 0.0001345 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% 0.0001072 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% 0.0001071 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% 0.0001442 62,500.00 2,562,500.00 June 13, 2023 Item #1 Page 11 of 19 Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return 06/27/19 07/15/24 CN Private Export Funding Corp (PEFCO)2,500,000.00 2,565,850.00 1.900% 0.0001491 309,142.36 2,809,142.36 08/22/19 08/22/24 CN Amazon.com Inc. (AMZN)2,000,000.00 2,087,280.00 2.800% 0.0003370 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% 0.0002794 339,305.56 2,839,305.56 02/18/20 10/24/24 CN Bank of NY Mellon (BNY)3,055,000.00 3,093,737.40 1.816% 0.0003240 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% 0.0001153 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% 0.0001721 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% 0.0001689 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% 0.0000321 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% 0.0000690 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% 0.0002533 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% 0.0001284 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% 0.0000891 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% 0.0002341 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% 0.0001496 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% 0.0000505 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% 0.0000649 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% 0.0000718 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% 0.0000571 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% 0.0000814 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% 0.0000923 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% 0.0001167 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% 0.0001153 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% 0.0001326 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% 0.0002093 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% 0.0002204 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% 0.0002227 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% 0.0001384 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% 0.0001326 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% 0.0001442 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% 0.0004790 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% 0.0002825 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% 0.0001543 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% 0.0007352 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% 0.0002888 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% 0.0004533 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% 0.0008649 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% 0.0002458 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% 0.0008217 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% 0.0014415 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% 0.0007856 691,090.22 3,191,090.22 Corporate notes 168,421,000.00$ 173,426,876.91$ 1.943%19,909,388.97$ 188,330,388.97$ Certificate of deposit 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% 0.0003512 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% 0.0003295 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% 0.0003800 40,425.00 285,425.00 11/15/18 10/30/23 CD National Cooperative Bank 245,000.00 245,000.00 3.450% 0.0003973 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% 0.0004088 43,487.50 288,487.50 11/29/18 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% 0.0003006 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% 0.0002612 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% 0.0001287 13,702.54 262,702.54 03/18/20 03/18/25 CD Poppy Bank 249,000.00 249,000.00 1.100% 0.0001287 13,702.54 262,702.54 03/19/20 03/19/25 CD Somerset Trust 249,000.00 249,000.00 1.000% 0.0001170 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% 0.0001107 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% 0.0003212 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 June 13, 2023 Item #1 Page 12 of 19 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% 0.0001053 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 03/08/27 CD Mifflinburg Bank and Trust Company 249,000.00 249,000.00 4.650% 0.0005442 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% 0.0002554 27,184.89 274,184.89 02/15/22 04/15/27 CD First Business Bank 245,000.00 245,000.00 3.900% 0.0004491 33,790.69 278,790.69 05/18/22 05/19/27 CD Discover Bank 246,000.00 246,000.00 3.200% 0.0003700 39,403.14 285,403.14 12/15/22 12/15/27 CD Forebright Bank (FORBBK)249,000.00 248,651.40 4.031% 0.0004711 49,827.34 298,827.34 12/16/22 12/16/27 CD Southern Bank (SBSARD)245,000.00 245,000.00 4.000% 0.0004606 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% 0.0005325 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% 0.0005618 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% 0.0005711 60,816.56 303,816.56 04/03/23 04/03/28 CD University Bank NA 249,000.00 249,000.00 4.800% 0.0005618 59,825.53 308,825.53 Certificate of deposit 21,282,000.00$ 21,274,876.92$ 1.737%1,796,366.22$ 23,078,366.22$ Mortgage backed securities (agency) 03/10/21 08/25/24 NM FHLM - FHMS K728 - 3137FBTA4 2,906,717.58 3,140,847.94 3.064% 0.0026546 153,244.21 3,059,961.79$ 04/15/20 11/25/24 NM FHMS KHG1 A1 - 3137F32A1 1,662,477.45 1,778,330.86 0.999% 0.0004900 217,130.28 1,879,607.73 07/22/22 12/25/24 NM FHLMC FHMS K048 A1 - 3137BL6J2 1,307,679.20 1,294,602.41 3.425% 0.0012231 64,096.69 1,371,775.89 06/30/22 04/25/25 NM FHMS K051 A1 - 3137BM7B6 3,004,898.56 2,981,422.79 3.299% 0.0027131 163,239.98 3,168,138.54 07/24/20 05/25/25 NM FRESB MFM - 30315EAA4 897,701.79 902,092.47 0.830% 0.0002065 19,418.08 917,119.87 03/15/21 05/25/25 NM FHLMC - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770% 0.0016485 110,231.60 2,110,231.60 08/27/20 06/15/25 NM FHLMC FHR 3544 BC 135,769.09 204,947.25 0.532% 0.0000301 83,540.73 219,309.82 02/19/21 01/25/26 NM FRESB 2021-SB83 - 30318NAA1 1,292,260.05 1,297,649.40 0.505% 0.0001808 22,551.11 1,314,811.16 03/25/21 03/25/26 NM FHLM - KHMS K055 2,500,000.00 2,700,000.00 2.673% 0.0019908 154,976.68 2,654,976.68 08/20/21 03/25/26 NM FHLMC - FHMS K1R1 - 3137BP4J5 1,575,864.14 1,423,997.16 0.414% 0.0001626 239,848.91 1,815,713.05 07/23/21 04/25/26 NM FRESB - 30321VAQ5 1,795,170.25 1,803,602.13 0.746% 0.0003711 40,587.56 1,835,757.81 01/21/22 11/25/26 NM FRESB 2022-SB94 - 30324QAC2 4,266,511.68 4,286,244.09 1.500% 0.0017735 171,584.69 4,438,096.37 04/22/22 04/25/27 NM FRESB 2022-SB97 A5F - 30311SAA7 3,409,751.45 3,274,616.19 2.803% 0.0025319 145,011.91 3,554,763.36 10/28/22 06/25/27 NM FRESB 2022-SB103 A5F - 30329MAA0 1,597,340.95 1,431,036.98 4.989% 0.0019694 186,362.10 1,783,703.05 11/18/22 09/25/27 NM FRESB - 30329QAA1 3,984,789.72 3,637,467.48 2.600% 0.0026087 248,449.63 4,233,239.35 01/27/23 11/01/27 NM FRESB - FR WN2287 3,000,000.00 2,972,812.50 3.929% 0.0032216 259,613.30 3,259,613.30 12/16/22 12/16/27 NM FN AM6424 - 3138L7D60 997,369.66 965,578.50 4.212% 0.0011219 77,476.88 1,074,846.54 Mortgage backed securities (agency)36,334,301.57$ 36,252,748.15$ 2.490%2,357,364.34$ 38,691,665.91$ Municpal Bonds 06/09/21 08/01/23 SC San Dieguito Union HS 500,000.00 500,000.00 0.275% 0.0000217 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% 0.0001403 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% 0.0002212 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% 0.0002076 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% 0.0006586 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% 0.0000951 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% 0.0000543 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% 0.0001668 - 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% 0.0002704 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% 0.0002478 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% 0.0001436 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% 0.0001361 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% 0.0001602 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% 0.0014387 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% 0.0001942 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% 0.0006852 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% 0.0004086 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% 0.0001463 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% 0.0007353 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% 0.0007654 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% 0.0004353 342,742.58 3,342,742.58 June 13, 2023 Item #1 Page 13 of 19 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% 0.0000680 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% 0.0001062 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% 0.0006228 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% 0.0005535 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% 0.0006736 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% 0.0011849 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% 0.0005646 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% 0.0002084 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% 0.0023399 977,643.33 4,477,643.33 08/27/23 07/01/27 SC LA Dept of Water & Power (LASUTL)1,500,000.00 1,580,685.00 4.100% 0.0010222 345,669.33 1,845,669.33 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 61,930,000.00$ 63,402,349.45$ 1.552%5,688,433.53$ 67,618,433.53$ Cash RRP Wells Fargo Bank - General 2,208,837.00 2,208,837.00 0.100% 0.0000154 181.55 2,209,018.55 RRP Wells Fargo Sweep account 9,165,431.99 9,165,431.99 4.665% 0.0029843 35,142.23 9,200,574.22 RRP Wells Fargo Bank - Custody 4,176,991.09 4,176,991.09 0.100% 0.0000292 348.08 4,177,339.17 RRP CAMP 125,943,138.86 125,943,138.86 4.970% 0.0436884 514,469.10 126,457,607.96 RRP LAIF City 203,425.54 203,425.54 2.890% 0.0000410 489.92 203,915.46 RRP LAIF CMWD 822,230.38 822,230.38 2.890%0.0001659 1,980.21 824,210.59 RRP LAIF CPFA 753,193.57 753,193.57 2.890%0.0001519 1,813.94 755,007.51 Cash 143,273,248.43$ 143,273,248.43$ 4.708%554,425.01$ 143,827,673.44$ GRAND TOTAL 868,313,550.00$ 874,951,983.06$ 2.0860%52,939,143.78$ 921,234,176.28$ June 13, 2023 Item #1 Page 14 of 19 Exhibit 7 City of Carlsbad investment portfolio Fund equity in pooled investments As of April 28, 2023 Cash balance by fund: General 177,862,790 Special revenue 33,686,738 Capital projects: Infrastructure replacement 118,211,780 Special districts 107,700,444 General capital construction 41,478,741 Public facilities fees 29,378,248 Traffic impact fees 22,815,574 Gas tax 18,077,139 Park development 15,399,398 Technology investment 11,327,635 TransNet taxes 7,742,209 Drainage fees 5,012,102 Capital project subtotal 377,143,270 Enterprise: Carlsbad Municipal Water District 142,262,758 Sewer fund 43,695,581 Storm water 7,402,162 Solid waste 4,385,609 Golf course 3,747,626 Enterprise subtotal 201,493,736 Internal service 63,967,129 Fiduciary 11,251,295 Total general ledger balance **865,404,959 Reconciling adjustments (1)4,552,263 Total treasurer's investment portfolio at amortized cost $869,957,222 **Figures based on best estimate at the time report run on 05/10/2023. (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. June 13, 2023 Item #1 Page 15 of 19 Exhibit 8 City of Carlsbad investment portfolio Security ratings and outlooks As of April 28, 2023 Corporate notes Moody's S&P Fitch Outlook 3M Company A1 A - Neg/Neg Amazon.com Inc.A1 AA AA- Stable/Stable/Stable Apple Inc.Aaa AA+Stable/Stable/ Bank of America A1 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/Neg 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- Positive/Stable Procter & Gamble Aa3 AA-Stable/Stable/ Public Service Electric A1 A Stable/Stable/ Royal Bank of Canada Aa1 A1+ AA Stable/Stable/Stable Seattle Children's Hospital Aa2 AA Stable 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. June 13, 2023 Item #1 Page 16 of 19 Municipal Bonds Moody's S&P Fitch Outlook Ada/Canyon Cty SD Aa1 AA+Stable Amarillo Independent SD Aaa AAA Stable Cache County SD Aaa AAA1 AAA1 Stable City of San Francisco Util Aa2 AA-Stable County of Multnomah Aaa AAA Stable LA County SD Aa3 A+Stable Marion County SD Aa1 A-Stable Mason/Kitsap Cty SD Aaa AA+Stable Minnesota State Aaa AAA AAA Stable Portland CC Aa1 AA+Stable San Bernardino CCD Aa1 AA Stable San Diego CC Aaa AAA Stable San Dieguito Union HS Aa1 AA Stable San Francisco Public Utl Comm Aa2 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 1,515,700$ 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 1,002,555$ 6,704,581$ * 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. June 13, 2023 Item #1 Page 17 of 19 Exhibit 9 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer As of April 28, 2023 Corporate notes Amortized cost Portfolio allocation* 3M Company 1,515,700$ 0.17% Amazon.com Inc.7,546,864 0.87% Apple Inc.5,545,600 0.64% Bank of America 16,471,039 1.89% Bank of Montreal 8,450,000 0.97% Bank of New York Mellon 6,153,313 0.71% Blackrock Inc.7,128,664 0.82% Citibank 7,083,819 0.81% CME Group 2,880,912 0.33% Colgate-Palmolive 4,665,752 0.54% Florida Power & Light 3,790,428 0.44% Johnson & Johnson 13,077,970 1.50% JP Morgan Chase Bank 23,201,562 2.67% Massmutual Global 3,772,274 0.43% Merck 1,491,744 0.17% Metlife 4,207,508 0.48% Microsoft 4,191,737 0.48% Nike Inc.2,967,874 0.34% Novartis Capital Corp 3,335,776 0.38% Procter & Gamble 5,964,177 0.69% Private Export Funding Corp.2,515,801 0.29% Public Service Electric 2,520,615 0.29% Royal Bank of Canada 8,993,649 1.03% Seattle Children's Hospital 851,675 0.10% State Street Corporation 2,018,634 0.23% Toyota 1,002,555 0.12% US Bank NA 6,551,933 0.75% Visa Inc.1,317,992 0.15% Wal-Mart 10,879,599 1.25% Mortgage backed securities (agency)Amortized cost Portfolio allocation* FAMCA 3,637,467 0.42% FHLMC 15,843,506 1.82% FNMA 16,934,310 1.95% June 13, 2023 Item #1 Page 18 of 19 Federal agencies Amortized cost Portfolio allocation** Federal Agricultural Mortgage Corp.23,145,972 2.66% Federal Farm Credit Bank 95,632,514 10.99% Federal Home Loan Bank 120,048,882 13.80% Federal Home Loan Mortgage Corp.46,981,642 5.40% Federal National Mortgage Assoc.39,413,457 4.53% Tennessee Valley Authority 1,035,262 0.12% Municipal Bonds Amortized cost Portfolio allocation* Ada/Canyon Cty SD 1,586,159 0.18% Amarillo Independent SD 1,781,218 0.20% Cache County SD 3,344,612 0.38% City of San Francisco 1,001,832 0.12% County of Multnomah 2,002,941 0.23% LA Unified SD 3,740,752 0.43% LA Dept of Water & Power 1,580,578 0.18% Marion County SD 1,883,631 0.22% Mason/Kitsap Cty SD 640,000 0.07% Minnesota State 1,215,000 0.14% Portland CC 1,101,954 0.13% San Bernardino CC 1,335,315 0.15% San Diego CC 3,137,279 0.36% San Dieguito Union HS 500,000 0.06% San Jose Evergreen CC 782,644 0.09% San Jose Redevelpment 3,156,927 0.36% Santa Barbara CA USD 507,890 0.06% Southern CA Public Power 2,434,870 0.28% State of California 13,235,230 1.52% State of Connecticut 2,859,674 0.33% State of Hawaii 6,932,554 0.80% Texas Tech University 2,511,442 0.29% University of California 5,370,010 0.62% Other Amortized cost Portfolio allocation Supranational 22,604,943 2.60% US Treasury 87,390,978 10.05% Certificate of deposits 21,277,361 2.45% Cash 143,273,248 16.47% Total portfolio amortized cost 869,957,222$ * No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers. June 13, 2023 Item #1 Page 19 of 19