HomeMy WebLinkAbout2023-07-18; City Council; ; Report on City Investments as of May 31, 2023CA Review CKM
Meeting Date: July 18, 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 May 31, 2023
District: All
Recommended Action
Accept and file Report on City Investments as of May 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 May 31, 2023, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $876,506,101 $868,313,550
Investment cost $883,064,838 $874,951,983
Amortized cost2 $877,523,225 $869,957,222
Market value3 $835,762,911 $831,359,425
(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).
July 18, 2023 Item #1 Page 1 of 19
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $14,408,678 $1,532,137 $1,545,940
The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield4 Modified duration
March 2023 1.84 2.02% 1.66
April 2023 1.79 2.09% 1.61
May 2023 1.76 2.21% 1.57
(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
Capital projects
$377
Enterprise$203
General
$187
Internal service
$67
Special revenue
$33
Fiduciary
$9
Fund equity in pooled investments
May 31, 2023
($ in millions)
July 18, 2023 Item #1 Page 2 of 19
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
July 18, 2023 Item #1 Page 3 of 19
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July 18, 2023 Item #1 Page 4 of 19
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July 18, 2023 Item #1 Page 5 of 19
Exhibit 3
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City of Carlsbad investment portfolio
Yield comparison
Portfolio yield ex pool money investment accounts (PMIA) vs CAMP yield vs LAIF
yield
Portfolio ex PMIA CAMP LAIF
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
May 31, 2023 5.52 4.40 3.74 3.64
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City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
July 18, 2023 Item #1 Page 6 of 19
Exhibit 4
$0.90 $0.98 $0.92 $1.12 $1.36 $1.24 $1.03 $1.30 $1.30 $1.37 $1.69 $1.55 $1.53
$11.07
$12.05
$14.41
-
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Cumulative cash income
13-month comparison
FY 2022-23 interest income FY 2021-22 interest income
July 18, 2023 Item #1 Page 7 of 19
-----=--=---11111=1111 ___ __
■ ■
Exhibit 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of May 31, 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
31398E6W9 FHLMC FHR 3544 08/27/20 05/16/23 14,746.08 15,451.13 452.56 15,903.69
3137F32A1 FHLMC FHMS 04/15/20 05/25/23 88,002.87 94,328.08 4,628.61 98,956.69
30315EAA4 FRESB 07/24/20 05/25/23 1,408.90 1,415.79 620.91 2,036.70
30318NAA1 FRESB 02/19/21 05/25/23 2,283.96 2,294.69 678.44 2,973.13
3137FBTA4 FHLMC FHMS 03/10/21 05/25/23 4,382.07 4,726.64 7,421.82 12,148.46
30321CAQ5 FRESB 07/23/21 05/25/23 3,018.39 3,032.56 1,314.37 4,346.93
3137BP4J5 FHLMC 08/20/21 05/25/23 43,366.18 45,419.30 3,212.14 48,631.44
30324QAC2 FRESB 01/21/22 05/25/23 7,374.74 7,408.85 5,834.79 13,243.64
30311SAA7 FRESB 04/22/22 05/25/23 5,120.27 4,917.34 5,057.80 9,975.14
3137BM7B6 FHLMC FHMS 06/30/22 05/25/23 94,028.85 93,294.25 7,229.28 100,523.53
3137BL6J2 FHLMC FHMC 07/22/22 05/25/23 73,446.60 72,712.13 2,930.29 75,642.42
30329MAA0 FRESB 10/28/22 05/25/23 864.53 774.52 2,768.72 3,543.24
30329QAA1 FAMCA 11/18/22 05/25/23 3,116.44 2,844.80 8,633.71 11,478.51
3138L7D60 FNMA 12/19/22 05/25/23 2,452.55 2,374.37 2,867.44 5,241.81
91282CBX8 US Treasury 11/09/21 05/01/23 2,000,000.00 1,967,500.00 1,250.00 1,968,750.00
91282CBX8 US Treasury 02/04/22 05/01/23 2,500,000.00 2,478,125.00 1,562.50 2,479,687.50
91282CBX8 US Treasury 04/14/22 05/01/23 2,000,000.00 1,995,625.00 1,250.00 1,996,875.00
19416QEC0 Colgate-Palmolive 05/02/18 05/01/23 4,666,000.00 4,443,179.84 48,993.00 4,492,172.84
037833AK6 Apple Inc 05/09/18 05/03/23 4,000,000.00 3,862,600.00 48,000.00 3,910,600.00
06653LAE0 First Farmers Bank & Trust 05/08/19 05/08/23 249,000.00 249,000.00 511.64 249,511.64
080515CQ0 Belmont Savings Bank 05/16/18 05/16/23 245,000.00 245,000.00 3,705.54 248,705.54
91282CCD1 US Treasury 02/07/22 05/31/23 2,000,000.00 1,978,906.26 1,250.00 1,980,156.26
24,574,042.56 24,152,528.76 318,310.48 24,470,839.24
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
194162AN3 COLGATE-PALM CO 05/09/23 08/15/27 08/15/23 3.694000%2,000,000.00 97.67 1,953,420.00
912828Z78 US TREASURY 05/08/23 01/31/27 07/31/23 3.500275%1,500,000.00 93.06 1,395,855.00
357155BA7 FREMONT CA USD 05/09/23 08/01/27 08/11/23 3.750000%2,000,000.00 89.78 1,795,540.00
3133EPJP1 FFCB 05/12/23 05/12/27 11/12/23 3.635022%2,000,000.00 99.96 1,999,260.00
742718FV6 PROCTER & GAMBLE 05/11/23 02/01/27 08/01/23 3.777008%1,000,000.00 93.54 935,367.00
05600XQE3 BMO HARRIS BANK NA 05/16/23 05/16/28 11/16/23 4.500000%244,000.00 100.00 244,000.00
91412HGF4 UNIVERSITY OF CA 05/15/23 05/15/27 11/15/23 3.810000%1,000,000.00 90.83 908,270.00
3130AW6F2 FHLB 05/22/23 11/22/27 11/22/23 5.000000%1,500,000.00 100.00 1,500,000.00
19,493,000.00 97.39 18,957,997.00
July 18, 2023 Item #1 Page 8 of 19
Exhibit 6
City of Carlsbad
Investment summary
As of May 2023
Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return
08/13/20 08/10/23 FA FNMA 2,000,000.00 1,997,600.00 0.300% 0.0000181 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% 0.0000897 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% 0.0000192 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% 0.0000378 21,701.39 2,521,701.39
09/18/18 09/05/23 FA FFCB 1,000,000.00 991,290.00 2.990% 0.0000897 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% 0.0002143 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% 0.0000930 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% 0.0000767 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% 0.0001301 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% 0.0001452 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% 0.0002301 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% 0.0000801 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% 0.0001381 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% 0.0000242 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% 0.0000281 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% 0.0000151 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% 0.0000888 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% 0.0000212 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% 0.0000114 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% 0.0001115 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% 0.0000436 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% 0.0001184 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% 0.0000349 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% 0.0001172 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% 0.0002374 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% 0.0001424 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% 0.0000206 20,381.11 2,020,381.11
04/05/21 04/23/24 FA FHLMC 1,000,000.00 997,570.00 0.400% 0.0000121 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% 0.0000696 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% 0.0000508 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% 0.0000546 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% 0.0000669 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% 0.0001164 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% 0.0000525 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% 0.0000266 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% 0.0001212 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% 0.0000340 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% 0.0001902 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% 0.0001152 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% 0.0000099 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% 0.0000124 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% 0.0000236 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% 0.0000318 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% 0.0000303 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% 0.0000124 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% 0.0001085 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% 0.0000207 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% 0.0000254 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% 0.0000604 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% 0.0000303 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% 0.0002532 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% 0.0000375 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% 0.0000392 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% 0.0002118 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% 0.0000275 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% 0.0000194 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% 0.0000191 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% 0.0000761 351,302.08 3,351,302.08
06/07/21 03/28/25 FA FHLMC 1,000,000.00 998,500.00 0.540% 0.0000163 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% 0.0000472 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% 0.0000322 42,600.00 1,542,600.00
09/30/22 04/21/25 FA FHLB 1,055,000.00 963,215.00 4.287% 0.0001249 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% 0.0000454 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% 0.0000303 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% 0.0000777 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% 0.0000454 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% 0.0000272 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% 0.0000355 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% 0.0000362 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% 0.0000560 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% 0.0000307 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% 0.0000172 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% 0.0000526 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% 0.0000481 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% 0.0000309 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% 0.0000561 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% 0.0000393 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% 0.0000302 47,833.33 2,047,833.33
Federal investments
July 18, 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% 0.0000272 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% 0.0000393 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% 0.0000545 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% 0.0000363 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% 0.0000519 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% 0.0000236 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% 0.0001072 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% 0.0000499 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% 0.0000430 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% 0.0000507 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% 0.0000735 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% 0.0000374 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% 0.0000344 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% 0.0000472 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% 0.0000945 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% 0.0000315 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% 0.0000359 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% 0.0000617 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% 0.0000286 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% 0.0000218 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% 0.0000454 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% 0.0000217 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% 0.0000333 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% 0.0000605 100,000.00 4,100,000.00
03/03/21 03/03/26 FA FFCB 674,000.00 674,000.00 0.790% 0.0000161 26,623.00 700,623.00
03/09/21 03/09/26 FA FFCB 3,500,000.00 3,500,000.00 0.800% 0.0000847 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% 0.0000680 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% 0.0000136 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% 0.0000605 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% 0.0000553 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% 0.0000605 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% 0.0000719 118,750.00 2,618,750.00
09/30/22 05/19/26 FA FHLB 1,100,000.00 979,726.00 4.300% 0.0001275 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% 0.0000378 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% 0.0000557 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% 0.0000303 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% 0.0000378 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% 0.0000525 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% 0.0000681 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% 0.0000333 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% 0.0000756 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% 0.0000958 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% 0.0001089 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% 0.0000803 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% 0.0000650 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% 0.0000947 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% 0.0004811 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% 0.0002528 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% 0.0002023 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% 0.0001258 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% 0.0000688 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% 0.0000502 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% 0.0002003 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% 0.0002009 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% 0.0003854 589,235.56 4,589,235.56
05/12/23 05/12/27 FA FFCB 2,000,000.00 1,999,260.00 3.620% 0.0002190 290,000.00 2,290,000.00
06/28/22 06/28/27 FA FHLB 2,500,000.00 2,500,000.00 3.250% 0.0002458 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% 0.0002647 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% 0.0002931 418,359.37 2,918,359.37
05/22/23 11/22/27 FA FHLB 1,500,000.00 1,500,000.00 5.000% 0.0004464 337,500.00 1,837,500.00
12/07/22 12/07/27 FA FFCB 3,000,000.00 2,995,920.00 3.780% 0.0003426 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% 0.0006026 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% 0.0003736 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% 0.0001619 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% 0.0001815 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% 0.0002666 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% 0.0002269 375,000.00 1,875,000.00
330,133,000.00 330,521,011.83 1.331%19,220,609.74 349,335,092.24
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
Federal investments
Supranationals
July 18, 2023 Item #1 Page 10 of 19
Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return
01/20/22 06/30/23 TR US Treasury 2,000,000.00 2,016,250.00 0.808% 0.0002034 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% 0.0002114 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% 0.0007503 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% 0.0005331 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% 0.0002084 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% 0.0003714 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% 0.0001154 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% 0.0002086 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% 0.0001684 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% 0.0000234 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% 0.0007033 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% 0.0001108 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% 0.0007413 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% 0.0007358 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% 0.0001678 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% 0.0004926 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% 0.0005288 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% 0.0001721 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% 0.0001208 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% 0.0014984 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% 0.0010770 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% 0.0003912 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% 0.0001129 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% 0.0021082 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% 0.0001434 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% 0.0000998 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% 0.0000993 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% 0.0016276 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% 0.0000775 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% 0.0001168 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% 0.0002740 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% 0.0001851 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% 0.0003889 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% 0.0002713 91,432.01 1,591,432.01
05/08/23 01/31/27 TR US Treasury 1,500,000.00 1,395,855.00 3.500% 0.0006101 83,970.99 1,583,970.99
04/21/23 07/31/27 TR US Treasury 2,500,000.00 2,400,000.00 3.770% 0.0011299 294,181.63 2,794,181.63
01/25/23 12/31/27 TR US Treasury 500,000.00 508,167.05 3.570% 0.0002265 96,393.30 596,393.30
01/31/23 12/31/27 TR US Treasury 750,000.00 760,105.97 3.647% 0.0003461 144,108.25 894,108.25
US Treasury 81,000,000.00 80,083,438.12 1.735%2,631,125.53 83,631,125.53
04/18/22 06/03/23 CN Amazon.com Inc. (AMZN)3,000,000.00 2,945,880.00 2.030% 0.0003559 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% 0.0003381 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% 0.0002898 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% 0.0001690 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% 0.0002511 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% 0.0005037 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% 0.0001897 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% 0.0003185 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% 0.0004226 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% 0.0001157 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% 0.0002483 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% 0.0002536 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% 0.0001787 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% 0.0002338 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% 0.0001747 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% 0.0002818 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% 0.0002210 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% 0.0001699 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% 0.0002263 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% 0.0002280 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% 0.0001510 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% 0.0002111 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% 0.0001149 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% 0.0001219 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% 0.0001661 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% 0.0001426 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% 0.0000913 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% 0.0002790 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% 0.0002901 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% 0.0001388 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% 0.0001107 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% 0.0001106 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% 0.0001488 62,500.00 2,562,500.00
06/27/19 07/15/24 CN PEFCO 2,500,000.00 2,565,850.00 1.900% 0.0001475 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% 0.0003479 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% 0.0002884 339,305.56 2,839,305.56
US Treasury
Corporate notes
July 18, 2023 Item #1 Page 11 of 19
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% 0.0003344 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% 0.0001190 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% 0.0001777 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% 0.0001743 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% 0.0000331 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% 0.0000712 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% 0.0002615 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% 0.0001326 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% 0.0000920 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% 0.0002417 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% 0.0001544 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% 0.0000521 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% 0.0000670 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% 0.0000741 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% 0.0000589 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% 0.0000840 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% 0.0000952 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% 0.0001205 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% 0.0001190 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% 0.0001369 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% 0.0002160 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% 0.0002275 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% 0.0002299 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% 0.0001428 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% 0.0001369 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% 0.0001488 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% 0.0004944 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% 0.0002916 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% 0.0001593 189,683.33 2,189,683.33
05/11/23 02/01/27 CN Procter & Gamble (PG)1,000,000.00 935,367.00 3.620% 0.0002015 76,000.00 1,076,000.00
02/25/22 02/25/27 CN JP Morgan Chase Bank (JPM)5,000,000.00 5,000,000.00 2.550% 0.0007589 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% 0.0002981 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% 0.0004679 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% 0.0008928 750,000.00 3,750,000.00
05/09/23 08/15/27 CN Colgate-Palmolive (COLGAT)2,000,000.00 1,953,420.00 3.694% 0.0004295 267,588.33 2,264,533.33
3/10/2023 10/01/27 CN Seattle Children Hosp (CHLDHS)1,000,000.00 852,445.33 5.000% 0.0002537 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% 0.0008482 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% 0.0014880 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% 0.0008110 691,090.22 3,191,090.22
Corporate notes 162,755,000.00 168,009,884.07 1.913%19,284,919.48 182,036,864.48
06/20/18 06/20/23 CD RBC Bank 249,000.00 249,000.00 3.150% 0.0003731 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% 0.0003849 40,462.50 289,462.50
07/31/18 07/31/23 CD Medallion Bank Utah 249,000.00 249,000.00 3.150% 0.0003731 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% 0.0003335 31,549.50 277,549.50
09/26/18 09/26/23 CD Bank Midwest 245,000.00 245,000.00 3.150% 0.0003671 38,587.50 283,587.50
09/28/18 09/28/23 CD Bank Of Baroda 245,000.00 245,000.00 3.300% 0.0003845 40,425.00 285,425.00
11/15/18 10/30/23 CD National Cooperative Bank 245,000.00 245,000.00 3.450% 0.0004020 41,891.98 286,891.98
11/14/18 11/14/23 CD Bank Hapoalim Bm 245,000.00 245,000.00 3.500% 0.0004079 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% 0.0004137 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% 0.0004195 44,100.00 289,100.00
05/16/19 05/16/24 CD Enterprise Bank 246,000.00 246,000.00 2.600% 0.0003042 31,980.00 277,980.00
05/24/19 05/24/24 CD Eagle Bank 249,000.00 249,000.00 2.500% 0.0002961 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% 0.0002724 28,635.00 277,635.00
07/31/19 07/31/24 CD Capital One 247,000.00 247,000.00 2.250% 0.0002643 27,787.50 274,787.50
08/30/19 08/30/24 CD Washington Federal 249,000.00 249,000.00 2.000% 0.0002369 24,900.00 273,900.00
09/13/19 09/13/24 CD Enerbank Usa 249,000.00 249,000.00 1.750% 0.0002073 21,787.50 270,787.50
09/18/19 09/30/24 CD Celtic Bank 249,000.00 249,000.00 1.700% 0.0002013 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% 0.0002173 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% 0.0002232 23,490.72 270,490.72
02/27/20 02/27/25 CD Bell Bank Corp 249,000.00 249,000.00 1.600% 0.0001895 19,941.88 268,941.88
03/13/20 03/13/25 CD Choice Financial Group 248,000.00 248,000.00 1.100% 0.0001298 13,647.47 261,647.47
03/13/20 03/13/25 CD American Eagle bank 249,000.00 249,000.00 1.100% 0.0001303 13,702.54 262,702.54
03/18/20 03/18/25 CD Poppy Bank 249,000.00 249,000.00 1.100% 0.0001303 13,702.54 262,702.54
03/19/20 03/19/25 CD Somerset Trust 249,000.00 249,000.00 1.000% 0.0001184 12,456.88 261,456.88
03/20/20 03/20/25 CD Iberia Bank 248,000.00 248,000.00 1.000% 0.0001180 12,406.79 260,406.79
03/27/20 03/27/25 CD Baycoast Bank 248,000.00 248,000.00 0.950% 0.0001121 11,786.45 259,786.45
03/27/20 03/27/25 CD American Commerce Bank 249,000.00 249,000.00 0.950% 0.0001125 11,834.03 260,834.03
04/08/20 04/08/25 CD Capital One 248,000.00 248,000.00 1.600% 0.0001887 19,850.88 267,850.88
05/15/20 05/15/25 CD Flagstar Bank 248,000.00 248,000.00 0.850% 0.0001003 10,545.77 258,545.77
05/15/20 05/15/25 CD Encore Bank 249,000.00 249,000.00 0.800% 0.0000947 9,965.41 258,965.41
05/26/20 05/27/25 CD Haddon Savings Bank 248,000.00 248,000.00 0.750% 0.0000885 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% 0.0000947 9,965.41 258,965.41
05/29/20 05/29/25 CD Pacific Western Bank 249,000.00 249,000.00 0.700% 0.0000829 8,719.77 257,719.77
05/29/20 05/29/25 CD Malaga Bank 249,000.00 249,000.00 0.700% 0.0000829 8,719.87 257,719.87
06/10/20 06/10/25 CD Stockman Bank 249,000.00 249,000.00 0.600% 0.0000711 7,474.10 256,474.10
07/17/20 07/17/25 CD Preferred Bank 249,000.00 249,000.00 0.500% 0.0000592 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% 0.0000770 8,096.93 257,096.93
07/29/20 07/29/25 CD Continental Bank 249,000.00 249,000.00 0.500% 0.0000592 6,228.46 255,228.46
08/09/22 08/04/25 CD Ally Bank (GMATBK)201,000.00 201,000.00 3.400% 0.0003250 20,427.10 221,427.10
08/14/20 08/14/25 CD Luana Savings Bank 249,000.00 249,000.00 0.450% 0.0000533 5,605.57 254,605.57
08/19/20 08/19/25 CD 1st Financial Bank 249,000.00 249,000.00 0.450% 0.0000533 5,605.82 254,605.82
08/20/20 08/20/25 CD 1st Carolina Bank 249,000.00 249,000.00 0.450% 0.0000533 5,605.82 254,605.82
08/20/20 08/20/25 CD Northeast Community Bank 249,000.00 249,000.00 0.450% 0.0000533 5,605.82 254,605.82
09/04/20 09/04/25 CD Crown Bank 249,000.00 249,000.00 0.400% 0.0000474 4,982.62 253,982.62
09/15/20 09/15/25 CD Merrick 249,000.00 249,000.00 0.400% 0.0000474 4,982.62 253,982.62
10/22/20 09/25/25 CD Commonwealth Bus Bank 249,000.00 249,000.00 0.400% 0.0000474 4,908.94 253,908.94
09/29/20 09/29/25 CD Landmark Community 249,000.00 249,000.00 0.400% 0.0000474 4,982.58 253,982.58
10/22/20 10/08/25 CD Live Oak Bank 249,000.00 249,000.00 0.400% 0.0000474 4,944.42 253,944.42
Certificate of deposit
July 18, 2023 Item #1 Page 12 of 19
Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return
10/15/20 10/15/25 CD Maine Comm Bank 249,000.00 249,000.00 0.350% 0.0000415 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% 0.0000415 4,359.94 253,359.94
11/06/20 10/23/25 CD Royal Savings Bank 249,000.00 249,000.00 0.400% 0.0000474 4,944.42 253,944.42
11/18/20 11/18/25 CD First US Bank 249,000.00 249,000.00 0.400% 0.0000474 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% 0.0000533 5,605.56 254,605.56
12/18/20 12/18/25 CD Unity Bank 249,000.00 248,377.50 0.400% 0.0000473 4,982.72 253,982.72
01/08/21 12/23/25 CD Texas Bank Henderson 249,000.00 249,000.00 0.450% 0.0000533 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% 0.0000473 4,968.98 253,968.98
12/23/20 12/23/25 CD Belmont Savings Bank 249,000.00 248,377.50 0.400% 0.0000473 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% 0.0000473 4,982.62 253,982.62
01/08/21 01/08/26 CD Grand Bank Tulsa 249,000.00 248,688.75 0.400% 0.0000473 4,982.62 253,982.62
01/26/21 01/26/26 CD Commercial Bank 249,000.00 248,751.00 0.471% 0.0000557 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% 0.0000557 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% 0.0000474 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% 0.0000474 4,982.61 253,982.61
03/03/21 03/03/26 CD CFG Community Bk 249,000.00 249,000.00 0.400% 0.0000474 4,982.73 253,982.73
03/10/21 03/10/26 CD Bristol Morgan Bank 249,000.00 249,000.00 0.450% 0.0000533 5,605.82 254,605.82
09/03/21 09/03/26 CD Syncrony Bank (SYF)249,000.00 249,000.00 0.900% 0.0001066 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% 0.0001125 11,834.03 260,834.03
04/05/22 02/23/27 CD Sallie May Bank 247,000.00 242,902.27 2.564% 0.0002962 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% 0.0005507 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% 0.0002291 24,095.69 271,095.69
03/09/22 03/09/27 CD Eaglemark Savings (EAGSBK)247,000.00 247,000.00 2.000% 0.0002350 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% 0.0002115 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% 0.0002115 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% 0.0002585 27,184.89 274,184.89
02/15/22 04/15/27 CD First Business Bank 245,000.00 245,000.00 3.900% 0.0004545 33,790.69 278,790.69
05/18/22 05/19/27 CD Discover Bank 246,000.00 246,000.00 3.200% 0.0003744 39,403.14 285,403.14
12/15/22 12/15/27 CD Forebright Bank (FORBBK)249,000.00 248,651.40 4.031% 0.0004767 49,827.34 298,827.34
12/16/22 12/16/27 CD Southern Bank (SBSARD)245,000.00 245,000.00 4.000% 0.0004661 49,026.84 294,026.84
02/22/23 02/22/28 CD Partners Bank California 245,000.00 245,000.00 3.850% 0.0004486 47,188.34 292,188.34
03/08/23 3/7/2028 CD Bank Five Nine 249,000.00 249,000.00 4.550% 0.0005389 56,678.44 305,678.44
03/10/23 3/10/2028 CD BMW Bank North America 244,000.00 244,000.00 4.600% 0.0005338 56,181.50 300,181.50
3/29/2023 3/29/2028 CD Bridgewater Bk 249,000.00 249,000.00 4.800% 0.0005685 59,825.54 308,825.54
3/31/2023 3/31/2028 CD City Natl Bk - Los Angeles 243,000.00 243,000.00 5.000% 0.0005779 60,816.56 303,816.56
04/03/23 04/03/28 CD University Bank NA 249,000.00 249,000.00 4.800% 0.0005685 59,825.53 308,825.53
5/16/2023 5/16/2028 CD BMO Harris Bank NA 244,000.00 244,000.00 4.500% 0.0005222 54,700.00 298,700.00
21,032,000.00 21,024,876.92 1.747%1,788,803.72 22,820,803.72
03/10/21 08/25/24 NM FHLM - FHMS K728 - 3137FBTA4 2,902,335.51 3,136,121.30 3.064% 0.0026765 153,244.21 3,055,579.72
04/15/20 11/25/24 NM FHMS KHG1 A1 - 3137F32A1 1,574,474.58 1,684,002.78 0.999% 0.0004686 217,130.28 1,791,604.86
07/22/22 12/25/24 NM FHLMC FHMS K048 A1 - 3137BL6J2 1,234,232.60 1,221,890.28 3.425% 0.0011657 64,096.69 1,298,329.29
06/30/22 04/25/25 NM FHMS K051 A1 - 3137BM7B6 2,910,869.71 2,888,128.54 3.299% 0.0026539 163,239.98 3,074,109.69
07/24/20 05/25/25 NM FRESB MFM - 30315EAA4 896,292.89 900,676.68 0.830% 0.0002082 19,418.08 915,710.97
03/15/21 05/25/25 NM FHLMC - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770% 0.0016646 110,231.60 2,110,231.60
08/27/20 06/15/25 NM FHLMC FHR 3544 BC - 31398E6W9 121,023.01 189,496.12 0.532% 0.0000281 83,540.73 204,563.74
02/19/21 01/25/26 NM FRESB 2021-SB83 - 30318NAA1 1,289,976.09 1,295,354.71 0.505% 0.0001822 22,551.11 1,312,527.20
03/25/21 03/25/26 NM FHLM - KHMS K055 2,500,000.00 2,700,000.00 2.673% 0.0020102 154,976.68 2,654,976.68
08/20/21 03/25/26 NM FHLMC - FHMS K1R1 - 3137BP4J5 1,532,497.96 1,378,577.86 0.414% 0.0001590 239,848.91 1,772,346.87
07/23/21 04/25/26 NM FRESB - 30321CAQ5 1,792,151.86 1,800,569.57 0.746% 0.0003741 40,587.56 1,832,739.42
01/21/22 11/25/26 NM FRESB 2022-SB94 - 30324QAC2 4,259,136.94 4,278,835.24 1.500% 0.0017877 171,584.69 4,430,721.63
04/22/22 04/25/27 NM FRESB 2022-SB97 A5F - 30311SAA7 3,404,631.18 3,269,698.85 2.803% 0.0025528 145,011.91 3,549,643.09
10/28/22 06/25/27 NM FRESB 2022-SB103 A5F - 30329MAA0 1,596,476.42 1,430,262.46 4.989% 0.0019875 186,362.10 1,782,838.52
11/18/22 09/25/27 NM FRESB - 30329QAA1 3,981,673.28 3,634,622.68 2.600% 0.0026322 248,449.63 4,230,122.91
01/27/23 11/01/27 NM FRESB - FR WN2287 3,000,000.00 2,972,812.50 3.929% 0.0032531 259,613.30 3,259,613.30
12/16/22 12/16/27 NM FN AM6424 - 3138L7D60 994,917.11 963,204.13 4.212% 0.0011301 77,476.88 1,072,393.99
35,990,689.14 35,901,753.70 2.493%2,357,364.34 38,348,053.48
06/09/21 08/01/23 SC San Dieguito Union HS 500,000.00 500,000.00 0.275% 0.0000208 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% 0.0001345 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% 0.0002121 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% 0.0001991 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% 0.0006317 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% 0.0000912 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% 0.0000521 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% 0.0001600 - 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% 0.0002593 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% 0.0002376 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% 0.0001377 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% 0.0001305 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% 0.0001536 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% 0.0013799 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% 0.0001863 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% 0.0006572 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% 0.0003918 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% 0.0001403 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% 0.0007053 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% 0.0007341 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% 0.0004175 342,742.58 3,342,742.58
08/23/21 08/01/26 SC Santa Barbara CA USD (SBBSCD)500,000.00 511,970.00 0.842% 0.0000652 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% 0.0001018 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% 0.0005973 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% 0.0005309 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% 0.0006461 264,891.67 2,664,891.67
Municpal Bonds
Mortgage backed securities (agency)
Certificate of deposit
Mortgage backed securities (agency)
July 18, 2023 Item #1 Page 13 of 19
Settlement Maturity Type Issuer Par Invested Yield Weighted average Interest expected Return
04/18/22 12/01/26 SC CASWTR 2,705,000.00 2,475,237.30 3.035% 0.0011364 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% 0.0005416 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% 0.0001999 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% 0.0022442 977,643.33 4,477,643.33
08/27/23 07/01/27 SC Los Angeles Dept of Water & Power (LASUTL)1,500,000.00 1,580,685.00 4.100% 0.0009804 345,669.33 1,845,669.33
05/09/23 08/01/27 SC Fremont CA Unified School District 2,000,000.00 1,795,450.00 3.750% 0.0010185 94,110.34 2,094,110.34
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
05/15/23 08/15/27 SC University of California 1,000,000.00 908,270.00 3.810% 0.0005235 52,640.00 1,052,640.00
Municpal Bonds 64,930,000.00 66,106,069.45 1.647%5,835,183.87 70,765,183.87
Cash
RRP Wells Fargo Bank - General 2,107,537.00 2,107,537.00 0.100% 0.0000133 173.22 2,107,710.22
RRP Wells Fargo Sweep account 9,180,280.35 9,180,280.35 4.948% 0.0028709 37,336.02 9,217,616.37
RRP Wells Fargo Bank - Custody 2,739,851.91 2,739,851.91 0.100% 0.0000173 228.32 2,740,080.23
RRP CAMP 142,418,892.84 142,418,892.84 5.160% 0.0464452 604,012.18 143,022,905.02
RRP LAIF City 203,425.54 203,425.54 3.100% 0.0000399 525.52 203,951.06
RRP LAIF CMWD 822,230.38 822,230.38 3.100%0.0001611 2,124.10 824,354.48
RRP LAIF CPFA 753,193.57 753,193.57 3.100%0.0001476 1,945.75 755,139.32
Cash 158,225,411.59 158,225,411.59 4.970%646,345.11 158,871,756.70
GRAND TOTAL 876,506,100.73 883,064,837.68 2.2110%53,243,820.00 929,728,348.23
July 18, 2023 Item #1 Page 14 of 19
Exhibit 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of May 31, 2023
Cash balance by fund:
General 186,652,345
Special revenue 32,970,900
Capital projects:
Infrastructure replacement 118,097,379
Special districts 108,678,684
General capital construction 40,292,112
Public facilities fees 29,442,332
Traffic impact fees 22,822,513
Gas tax 18,315,392
Park development 15,447,986
Technology investment 11,207,969
TransNet taxes 7,708,302
Drainage fees 5,012,548
Capital project subtotal 377,025,219
Enterprise:
Carlsbad Municipal Water District 140,996,695
Sewer fund 44,896,274
Storm water 7,036,812
Solid waste 4,246,081
Golf course 5,615,086
Enterprise subtotal 202,790,949
Internal service 67,347,645
Fiduciary 8,758,640
Total general ledger balance **875,545,698
Reconciling adjustments (1)1,977,527
Total treasurer's investment portfolio at amortized cost $877,523,225
**Figures based on best estimate at the time report run on 06/12/2023.
(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.
July 18, 2023 Item #1 Page 15 of 19
Exhibit 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of May 31, 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
Blackrock Inc.Aa3 AA-Stable/Stable/
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/Negative
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/
Private Export Funding Aaa AAA stable/negative
Public Service Electric A1 A Stable/Stable/
Royal Bank of Canada A1 A 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 A2 A+ AA- stable/stable/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.
July 18, 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
Fremont CA Unified Aa2 AA-Stable
Los Angeles Water & Power Aa3 AA-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 1,514,069$
Merck A1 A+04/24/26 04/12/21 1,492,005$
Public Service Electric A1 A 09/01/23 05/14/20 2,515,208$
Toyota A1 A+A+01/08/24 07/01/19 1,002,227$
6,523,509$
* 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.
July 18, 2023 Item #1 Page 17 of 19
Exhibit 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of May 31, 2023
Corporate notes Amortized cost Portfolio allocation*
3M Company 1,514,069$ 0.17%
Amazon.com Inc.7,547,662 0.86%
Apple Inc.1,543,611 0.18%
Bank of America 16,473,592 1.88%
Bank of Montreal 8,450,000 0.96%
Bank of New York Mellon 6,145,257 0.70%
Blackrock Inc.7,115,757 0.81%
Citibank 7,073,659 0.81%
CME Group 2,875,709 0.33%
Colgate-Palmolive 1,954,087 0.22%
Florida Power & Light 3,784,721 0.43%
Johnson & Johnson 13,066,507 1.49%
JP Morgan Chase Bank 23,184,835 2.64%
Massmutual Global 3,771,658 0.43%
Merck 1,492,005 0.17%
Metlife 4,202,412 0.48%
Microsoft 4,186,533 0.48%
Nike Inc.2,963,182 0.34%
Novartis Capital Corp 3,334,498 0.38%
Procter & Gamble 6,901,414 0.79%
Private Export Funding Corp.2,514,641 0.29%
Public Service Electric 2,515,208 0.29%
Royal Bank of Canada 8,993,916 1.02%
Seattle Children's Hospital 854,657 0.10%
State Street Corporation 2,015,668 0.23%
Toyota 1,002,227 0.11%
US Bank NA 6,551,205 0.75%
Visa Inc.1,315,689 0.15%
Wal-Mart 10,867,836 1.24%
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FAMCA 3,634,623 0.41%
FHLMC 15,517,575 1.77%
FNMA 16,912,091 1.93%
July 18, 2023 Item #1 Page 18 of 19
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.23,146,120 2.64%
Federal Farm Credit Bank 97,626,907 11.13%
Federal Home Loan Bank 121,545,353 13.85%
Federal Home Loan Mortgage Corp.46,986,679 5.35%
Federal National Mortgage Assoc.39,413,150 4.49%
Tennessee Valley Authority 1,032,987 0.12%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,580,242 0.18%
Amarillo Independent SD 1,782,180 0.20%
Cache County SD 3,337,155 0.38%
City of San Francisco 1,001,722 0.11%
County of Multnomah 2,002,818 0.23%
Fremont CA SD 1,798,495 0.20%
LA Unified SD 3,735,409 0.43%
LA Dept of Water & Power 1,578,861 0.18%
Marion County SD 1,883,526 0.21%
Mason/Kitsap Cty SD 640,000 0.07%
Minnesota State 1,215,000 0.14%
Portland CC 1,101,899 0.13%
San Bernardino CC 1,338,810 0.15%
San Diego CC 3,133,531 0.36%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 781,752 0.09%
San Jose Redevelpment 3,152,642 0.36%
Santa Barbara CA USD 507,675 0.06%
Southern CA Public Power 2,436,275 0.28%
State of California 13,232,703 1.51%
State of Connecticut 2,859,312 0.33%
State of Hawaii 6,935,103 0.79%
Texas Tech University 2,510,875 0.29%
University of California 6,274,964 0.72%
Other Amortized cost Portfolio allocation
Supranational 22,585,849 2.57%
US Treasury 80,335,828 9.15%
Certificate of deposits 21,027,485 2.40%
Cash 158,225,412 18.03%
Total portfolio amortized cost 877,523,225$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
July 18, 2023 Item #1 Page 19 of 19