HomeMy WebLinkAbout2023-09-12; City Council; ; Report on City Investments as of July 31, 2023CA Review JRT
Meeting Date:
To:
From:
Staff Contact:
Subject:
Districts:
Sept. 12, 2023
Mayor and City Council
Scott Chadwick, City Manager
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
Report on City Investments as of July 31, 2023
All
Recommended Action
Accept and file Report on City Investments as of July 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 July 31, 2023, is summarized
below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $858,905,852 $874,350,106
Investment cost $864,719,920 $880,334,154
Amortized cost2 $858,945,684 $874,704,150
Market value3 $816,237,410 $830,832,607
(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).
Sept. 12, 2023 Item #1 Page 1 of 19
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $1,589,456 $1,589,456 $1,759,471
The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield4 Modified duration
May 2023 1.76 2.21% 1.57
June 2023 1.73 2.22% 1.55
July 2023 1.74 2.23% 1.56
(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 three 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
$399
Enterprise
$205
General
$148
Internal service
$59
Special revenue
$34
Fiduciary
$9
Fund equity in pooled investments
July 31, 2023
($ in millions)
Sept. 12, 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
Sept. 12, 2023 Item #1 Page 3 of 19
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Sept. 12, 2023 Item #1 Page 4 of 19
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Exhibit 2
Sept. 12, 2023 Item #1 Page 5 of 19
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(
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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
FY 2022-23 end 5.43 4.87 4.13 3.81
July 31, 2023 5.55 4.80 4.18 3.97
Ma
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(
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City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
Exhibit 3
Sept. 12, 2023 Item #1 Page 6 of 19
$-
$200,000.00
$400,000.00
$600,000.00
$800,000.00
$1,000,000.00
$1,200,000.00
$1,400,000.00
$1,600,000.00
$1,800,000.00
$2,000,000.00
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
In
t
e
r
e
s
t
I
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c
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e
City of Carlsbad investment portfolio
Cash income by month
13-month comparison
$-
$2,000,000.00
$4,000,000.00
$6,000,000.00
$8,000,000.00
$10,000,000.00
$12,000,000.00
$14,000,000.00
$16,000,000.00
$18,000,000.00
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
In
t
e
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e
s
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I
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c
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City of Carlsbad investment portfolio
Cumulative cash income
13-month comparison
Exhibit 4
Sept. 12, 2023 Item #1 Page 7 of 19
■
■
■
■
■
■
11
■
■
■
■
I
■
■
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of July 31, 2023
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total
31398E6W9 FHLMC FHR 3544 08/27/20 07/17/23 13,181.83 13,812.09 352.36 14,164.45
3137F32A1 FHLMC FHMS 04/15/20 07/25/23 88,537.44 94,901.07 4,153.61 99,054.68
30315EAA4 FRESB 07/24/20 07/25/23 1,416.70 1,423.63 619.02 2,042.65
30318NAA1 FRESB 02/19/21 07/25/23 2,295.86 2,306.64 676.09 2,982.73
3137FBTA4 FHLMC FHMS 03/10/21 07/25/23 4,410.39 4,757.19 7,400.12 12,157.31
30321CAQ5 FRESB 07/23/21 07/25/23 3,035.16 3,049.41 1,310.06 4,359.47
3137BP4J5 FHLMC 08/20/21 07/25/23 43,669.46 45,736.94 3,040.05 48,776.99
30324QAC2 FRESB 01/21/22 07/25/23 7,413.48 7,447.77 5,815.13 13,262.90
30311SAA7 FRESB 04/22/22 07/25/23 5,150.99 4,946.85 5,042.99 9,989.84
3137BM7B6 FHLMC FHMS 06/30/22 07/25/23 94,671.18 93,931.56 6,790.67 100,722.23
3137BL6J2 FHLMC FHMC 07/22/22 07/25/23 73,907.00 73,167.93 2,609.89 75,777.82
30329MAA0 FRESB 10/28/22 07/25/23 2,219.56 1,988.47 2,765.42 4,753.89
30329QAA1 FAMCA 11/18/22 07/25/23 3,486.93 3,183.00 8,620.66 11,803.66
3138L7D60 FNMA 12/19/22 07/25/23 2,469.21 2,390.50 2,853.31 5,243.81
90331HNV1 USBANK 07/25/18 07/24/23 1,250,000.00 1,251,625.00 21,250.00 1,272,875.00
90331HNV1 USBANK 12/11/18 07/24/23 2,500,000.00 2,489,250.00 42,500.00 2,531,750.00
90331HNV1 USBANK 01/24/19 07/24/23 1,000,000.00 1,010,000.00 17,000.00 1,027,000.00
90331HNV1 USBANK 02/28/19 07/24/23 1,800,000.00 1,835,100.00 30,600.00 1,865,700.00
06426KAN8 BK NEN 07/31/18 07/31/23 249,000.00 249,000.00 665.14 249,665.14
58404DCM1 MEDALL 07/31/18 07/31/23 249,000.00 249,000.00 665.14 249,665.14
91282CCN9 USTR 01/20/22 07/31/23 2,000,000.00 1,977,812.50 1,250.00 1,979,062.50
91282CCN9 USTR 04/12/22 07/31/23 3,000,000.00 2,925,937.50 1,875.00 2,927,812.50
12,393,865.19 12,340,768.05 167,854.66 12,508,622.71
Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total
No calls this quarter
- - -
Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value
3130AVZQ8 Federal Home Loan Bank (FHLB)07/07/23 05/17/28 11/17/23 5.150194%1,880,000.00 99.53 1,871,070.00
910286GS6 United Fidelity Bank 07/14/23 07/14/27 08/14/23 4.600000%249,000.00 100.00 249,000.00
9128284N7 US Treasury 07/17/23 05/15/28 11/15/23 3.952000%1,000,000.00 95.31 953,056.42
501798UJ9 LCA Bank Corporation 07/18/23 07/18/28 01/18/24 4.500000%243,000.00 100.00 243,000.00
30332EAA3 FRESB 07/20/23 05/25/28 08/25/23 4.633100%3,000,000.00 97.83 2,934,777.00
64952WEQ2 New York Life Global 07/20/23 04/07/27 10/07/23 4.610201%2,000,000.00 95.40 1,908,020.00
45906M4E8 IBRD 07/31/23 06/26/28 12/26/23 4.683580%1,250,000.00 99.20 1,240,000.00
9,622,000.00 98.18 9,398,923.42
Exhibit 5
Sept. 12, 2023 Item #1 Page 8 of 19
Federal investments
CUSIP Settlement Maturity Issuer Par Invested Yield Weighted average Interest expected Return
3135G05R0 08/13/20 08/10/23 FNMA 2,000,000.00 1,997,600.00 0.300%0.0000179 17,950.00 2,017,950.00
3133EKZK5 09/13/19 08/14/23 FFCB 1,800,000.00 1,796,580.00 1.650%0.0000888 112,880.00 1,912,880.00
3135G05U3 12/15/21 08/18/23 FNMA 1,250,000.00 1,246,675.00 0.510%0.0000190 7,328.12 1,257,328.12
3130APV85 11/30/21 08/25/23 FHLB 2,500,000.00 2,500,000.00 0.500%0.0000374 21,701.39 2,521,701.39
3133EJYL7 09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990%0.0000888 138,988.89 1,138,988.89
3133EJYL7 10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125%0.0002121 315,738.89 2,615,738.89
3130A3DL5 09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485%0.0000920 190,659.72 2,190,659.72
3135G0U43 02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495%0.0000759 130,572.92 1,130,572.92
3135G0U43 04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410%0.0001287 221,375.00 1,971,375.00
3130ASLE7 06/30/22 09/29/23 FHLB 1,500,000.00 1,500,000.00 3.200%0.0001438 59,866.67 1,559,866.67
3133EJD48 10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050%0.0002277 378,072.92 2,878,072.92
3133EJQA0 02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602%0.0000793 141,333.33 1,141,333.33
3133EKKU9 05/09/19 11/08/23 FFCB 2,000,000.00 2,001,700.00 2.280%0.0001367 206,872.22 2,206,872.22
3134GXCA0 11/24/20 11/24/23 FHLMC 2,500,000.00 2,500,000.00 0.320%0.0000240 24,000.00 2,524,000.00
3133EMHL9 11/30/20 11/30/23 FFCB 3,000,000.00 3,000,000.00 0.310%0.0000279 26,917.50 3,027,900.00
3137EAFA2 03/19/21 12/04/23 FHLMC 2,000,000.00 1,998,100.00 0.250%0.0000150 13,541.67 2,013,541.67
31331KZ78 06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870%0.0000879 196,963.33 1,696,963.33
3133EMJQ6 12/09/20 12/08/23 FFCB 2,500,000.00 2,500,000.00 0.280%0.0000210 20,980.56 2,520,980.56
3130A0F70 05/13/20 12/08/23 FHLB 1,000,000.00 1,107,630.00 0.339%0.0000112 120,468.75 1,120,468.75
3133EDBU5 05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.500%0.0001104 161,486.11 1,161,486.11
3130AQD26 12/29/21 12/29/23 FHLB 2,000,000.00 2,000,000.00 0.720%0.0000431 28,800.00 2,028,800.00
3133EKBW5 03/06/19 02/27/24 FFCB 1,500,000.00 1,498,950.00 2.610%0.0001172 194,771.25 1,694,771.25
3130APZV0 11/30/21 02/28/24 FHLB 1,500,000.00 1,500,000.00 0.770%0.0000346 25,922.80 1,525,922.80
3133ELNJ9 02/28/20 02/28/24 FFCB 2,500,000.00 2,500,000.00 1.550%0.0001161 155,000.00 2,655,000.00
3130A0XE5 03/08/19 03/08/24 FHLB 3,000,000.00 3,100,851.00 2.530%0.0002350 487,500.00 3,487,500.00
3133EKGD2 04/09/19 04/05/24 FFCB 2,000,000.00 1,994,380.00 2.360%0.0001410 229,105.56 2,229,105.56
3133EMXB3 04/23/21 04/22/24 FFCB 2,000,000.00 2,000,000.00 0.340%0.0000204 20,381.11 2,020,381.11
3134GWZT6 04/05/21 04/23/24 FHLMC 1,000,000.00 997,570.00 0.400%0.0000120 9,760.00 1,009,760.00
3130AGEF8 05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287%0.0000689 119,866.67 1,119,866.67
3135GA5Y3 11/29/21 06/14/24 FNMA 2,000,000.00 1,976,200.00 0.849%0.0000503 19,062.50 2,019,062.50
3133EKEC6 08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457%0.0000540 139,845.39 1,322,845.39
3133EKNX0 08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457%0.0000662 151,263.00 1,621,263.00
3133ELQ56 03/21/22 07/02/24 FFCB 2,005,000.00 1,942,243.50 1.980%0.0001152 26,063.33 2,031,063.33
3130AP7D1 12/10/21 07/19/24 FHLB 2,000,000.00 1,978,000.00 0.878%0.0000520 23,475.00 2,023,475.00
3133ELX66 07/24/20 07/22/24 FFCB 2,000,000.00 2,000,000.00 0.440%0.0000264 35,151.11 2,035,151.11
3133EKWV4 08/08/19 07/26/24 FFCB 2,500,000.00 2,532,125.00 1.582%0.0001200 229,708.33 2,729,708.33
3134GW4X1 10/29/20 07/29/24 FHLMC 3,000,000.00 3,000,000.00 0.375%0.0000337 42,187.50 3,042,187.50
3130AGWK7 11/10/20 08/15/24 FHLB 4,000,000.00 4,191,800.00 1.500%0.0001883 255,833.33 4,255,833.33
3133EKQA7 08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480%0.0001140 261,444.44 2,761,444.44
880591ER9 02/19/21 09/15/24 TVA 1,000,000.00 1,091,424.00 0.300%0.0000098 102,701.39 1,102,701.39
3134GWVM5 11/06/20 09/30/24 FHLMC 1,170,000.00 1,170,000.00 0.350%0.0000123 15,970.50 1,185,970.50
3130ALRK2 03/30/21 09/30/24 FHLB 1,500,000.00 1,500,000.00 0.520%0.0000234 27,300.00 1,527,300.00
3134GWVM5 10/22/20 09/30/24 FHLMC 3,000,000.00 3,000,000.00 0.350%0.0000314 41,358.33 3,041,358.33
31422XMV1 10/04/21 10/04/24 FAMCA 2,000,000.00 2,000,000.00 0.500%0.0000299 30,000.00 2,030,000.00
3133EK3B0 11/25/20 10/16/24 FFCB 1,400,000.00 1,466,052.00 0.280%0.0000123 81,725.00 1,481,725.00
31422BPG9 11/15/19 11/01/24 FAMCA 2,000,000.00 1,999,720.00 1.793%0.0001074 177,607.78 2,177,607.78
3133EC2D5 07/10/20 11/13/24 FFCB 1,621,000.00 1,751,360.82 0.390%0.0000205 159,055.22 1,780,055.22
3135G06E8 11/18/20 11/18/24 FNMA 2,000,000.00 2,000,000.00 0.420%0.0000252 33,600.00 2,033,600.00
3130APVZ5 12/02/21 12/02/24 FHLB 1,900,000.00 1,900,000.00 1.050%0.0000597 59,850.00 1,959,850.00
3130AQ5L3 12/16/21 12/16/24 FHLB 2,000,000.00 2,000,000.00 0.500%0.0000299 70,000.00 2,070,000.00
3134GXYX6 07/07/22 12/30/24 FHLMC 2,500,000.00 2,500,000.00 3.348%0.0002507 207,746.53 2,707,746.53
3130AKLQ7 12/30/20 12/30/24 FHLB 4,000,000.00 4,000,000.00 0.310%0.0000371 49,600.00 4,049,600.00
3130AJSF7 05/27/21 01/08/25 FHLB 2,000,000.00 2,000,000.00 0.648%0.0000388 46,980.56 2,046,980.56
3130ASLP2 07/21/22 01/21/25 FHLB 2,000,000.00 2,000,000.00 3.500%0.0002096 175,000.00 2,175,000.00
3130AN7L8 07/28/21 01/28/25 FHLB 1,750,000.00 1,750,000.00 0.520%0.0000273 31,850.00 1,781,850.00
3133EMPV8 02/03/21 02/03/25 FFCB 2,000,000.00 2,000,000.00 0.320%0.0000192 25,600.00 2,025,600.00
3130A4CH3 02/18/21 03/14/25 FHLB 1,500,000.00 1,620,240.00 0.389%0.0000189 145,072.92 1,645,072.92
3130A4CH3 04/09/20 03/14/25 FHLB 3,000,000.00 3,231,300.00 0.778%0.0000753 351,302.08 3,351,302.08
3134GWP26 06/07/21 03/28/25 FHLMC 1,000,000.00 998,500.00 0.540%0.0000161 19,041.67 1,019,041.67
3130AMRJ3 06/28/21 03/28/25 FHLB 3,120,000.00 3,122,340.00 0.500%0.0000467 70,200.00 3,190,200.00
3133EMWH1 04/21/21 04/21/25 FFCB 1,500,000.00 1,500,000.00 0.710%0.0000319 42,600.00 1,542,600.00
3130APA39 09/30/22 04/21/25 FHLB 1,055,000.00 963,215.00 4.287%0.0001237 17,813.67 1,072,813.67
3135GAA43 12/23/20 04/23/25 FNMA 3,000,000.00 3,000,000.00 0.500%0.0000449 65,000.00 3,065,000.00
3134GWYW0 10/30/20 04/30/25 FHLMC 2,000,000.00 2,000,000.00 0.500%0.0000299 45,111.12 2,045,111.12
3133ELC28 06/03/20 05/27/25 FFCB 3,500,000.00 3,499,300.00 0.734%0.0000769 127,324.17 3,627,324.17
3134GVB31 06/03/20 05/28/25 FHLMC 2,000,000.00 2,000,000.00 0.750%0.0000449 74,791.66 2,074,791.66
3135GA5S6 12/16/20 06/16/25 FNMA 2,000,000.00 2,000,000.00 0.450%0.0000270 40,500.00 2,040,500.00
3135G04Z3 01/11/21 06/17/25 FNMA 3,000,000.00 3,014,640.00 0.389%0.0000351 66,500.00 3,066,500.00
3135G04Z3 05/20/21 06/17/25 FNMA 2,000,000.00 1,991,940.00 0.600%0.0000358 40,750.00 2,040,750.00
3136G4XZ1 07/01/20 06/30/25 FNMA 2,500,000.00 2,500,000.00 0.740%0.0000554 92,448.61 2,592,448.61
3133EMMP4 01/15/21 07/14/25 FFCB 2,225,000.00 2,218,325.00 0.457%0.0000304 39,024.65 2,264,024.65
3137EAEU9 09/14/20 07/21/25 FHLMC 1,500,000.00 1,499,625.00 0.380%0.0000171 27,296.87 1,527,296.87
3133ELZ80 07/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.580%0.0000521 87,000.00 3,087,000.00
3133EMFC1 10/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.530%0.0000476 75,525.00 3,075,525.00
3134GWXM3 10/01/20 07/30/25 FHLMC 2,000,000.00 2,000,000.00 0.510%0.0000305 49,271.67 2,049,271.67
3133EL3P7 08/12/20 08/12/25 FFCB 3,500,000.00 3,500,000.00 0.530%0.0000556 92,750.00 3,592,750.00
3136G4C43 08/14/20 08/14/25 FNMA 2,000,000.00 2,000,000.00 0.650%0.0000389 65,000.00 2,065,000.00
3136G4H71 11/06/20 08/18/25 FNMA 2,000,000.00 1,999,000.00 0.500%0.0000299 47,833.33 2,047,833.33
3136G4K77 08/21/20 08/21/25 FNMA 2,000,000.00 2,000,000.00 0.450%0.0000270 45,000.00 2,045,000.00
3134GWMN3 08/27/20 08/27/25 FHLMC 2,500,000.00 2,500,000.00 0.520%0.0000389 58,500.00 2,558,500.00
3136G4X24 08/31/20 08/29/25 FNMA 3,000,000.00 3,000,000.00 0.600%0.0000539 89,900.00 3,089,900.00
3137EAEX3 12/28/20 09/23/25 FHLMC 3,000,000.00 2,996,460.00 0.400%0.0000359 53,281.25 3,053,281.25
3137EAEX3 10/22/20 09/23/25 FHLMC 4,000,000.00 3,989,280.00 0.430%0.0000514 73,791.67 4,073,791.67
3133EMCP5 10/14/20 10/14/25 FFCB 1,500,000.00 1,500,000.00 0.520%0.0000234 39,000.00 1,539,000.00
3132X0CK5 11/01/22 10/14/25 FAMCA 1,650,000.00 1,645,264.50 2.153%0.0001061 184,415.59 1,834,415.59
3134GWXX9 10/15/20 10/15/25 FHLMC 3,000,000.00 3,000,000.00 0.550%0.0000494 82,500.00 3,082,500.00
City of Carlsbad
Investment summary
As of July 2023
Exhibit 6
Sept. 12, 2023 Item #1 Page 9 of 19
3135G06A6 12/11/20 10/20/25 FNMA 2,410,000.00 2,408,795.00 0.590%0.0000426 67,909.78 2,477,909.78
3133EMDZ2 12/09/20 10/21/25 FFCB 3,000,000.00 2,994,300.00 0.560%0.0000502 75,920.00 3,075,920.00
3133EMFR8 11/03/20 11/03/25 FFCB 4,500,000.00 4,500,000.00 0.540%0.0000728 121,500.00 4,621,500.00
3135G06G3 12/29/20 11/07/25 FNMA 3,000,000.00 3,012,960.00 0.410%0.0000370 72,833.34 3,072,833.34
3130ALFF6 03/10/21 12/10/25 FHLB 1,750,000.00 1,750,000.00 0.650%0.0000341 54,031.25 1,804,031.25
31422XAT9 03/02/21 12/15/25 FAMCA 3,000,000.00 3,000,000.00 0.520%0.0000467 74,663.33 3,074,663.33
3134GXFV1 12/17/20 12/17/25 FHLMC 5,000,000.00 5,000,000.00 0.625%0.0000936 156,250.00 5,156,250.00
3134GXHD9 03/24/21 12/23/25 FHLMC 1,500,000.00 1,489,500.00 0.700%0.0000312 49,845.83 1,549,845.83
3135G06Q1 12/30/20 12/30/25 FNMA 2,500,000.00 2,504,125.00 0.474%0.0000356 80,000.00 2,580,000.00
3130AKMZ6 01/14/21 01/14/26 FHLB 4,000,000.00 4,000,000.00 0.510%0.0000611 102,000.00 4,102,000.00
3130AKMZ6 01/14/21 01/14/26 FHLB 1,750,000.00 1,747,375.00 0.540%0.0000283 44,625.00 1,794,625.00
31422B6K1 01/25/21 01/15/26 FAMCA 1,500,000.00 1,500,000.00 0.480%0.0000216 35,800.00 1,535,800.00
3130AKN69 01/28/21 01/28/26 FHLB 3,000,000.00 3,000,000.00 0.500%0.0000449 75,000.00 3,075,000.00
3130AKRF5 02/09/21 02/09/26 FHLB 2,050,000.00 2,050,000.00 0.350%0.0000215 14,575.00 2,064,575.00
3130AKVR4 02/12/21 02/12/26 FHLB 2,000,000.00 2,000,000.00 0.550%0.0000329 55,000.00 2,055,000.00
3130AKVV5 02/18/21 02/18/26 FHLB 4,000,000.00 4,000,000.00 0.500%0.0000599 100,000.00 4,100,000.00
3133EMSH6 03/03/21 03/03/26 FFCB 674,000.00 674,000.00 0.790%0.0000159 26,623.00 700,623.00
3133EMSU7 03/09/21 03/09/26 FFCB 3,500,000.00 3,500,000.00 0.800%0.0000839 140,000.00 3,640,000.00
3130ALH56 03/18/21 03/18/26 FHLB 3,000,000.00 2,997,000.00 0.750%0.0000673 112,500.00 3,112,500.00
3130ALUQ5 03/30/21 03/30/26 FHLB 1,500,000.00 1,500,000.00 0.300%0.0000135 22,500.00 1,522,500.00
31422XCX8 04/20/21 04/20/26 FAMCA 2,000,000.00 2,000,000.00 1.000%0.0000599 100,000.00 2,100,000.00
3130ALVB7 04/21/21 04/21/26 FHLB 2,000,000.00 1,998,500.00 0.915%0.0000548 90,000.00 2,090,000.00
3130AM4L3 04/29/21 04/29/26 FHLB 4,000,000.00 4,000,000.00 0.500%0.0000599 100,000.00 4,100,000.00
31422XFP2 05/04/21 05/04/26 FAMCA 2,500,000.00 2,500,000.00 0.950%0.0000711 118,750.00 2,618,750.00
3130AMCL4 09/30/22 05/19/26 FHLB 1,100,000.00 979,726.00 4.300%0.0001262 40,797.17 1,140,797.17
3130AMHN5 05/26/21 05/26/26 FHLB 2,500,000.00 2,500,000.00 0.500%0.0000374 112,500.00 2,612,500.00
31422XGL0 05/27/21 05/27/26 FAMCA 2,000,000.00 2,000,000.00 0.920%0.0000551 92,000.00 2,092,000.00
3130AMQK1 06/16/21 06/16/26 FHLB 2,000,000.00 2,000,000.00 0.500%0.0000299 94,000.00 2,094,000.00
3130AMQK1 06/16/21 06/16/26 FHLB 2,500,000.00 2,500,000.00 0.500%0.0000374 117,500.00 2,617,500.00
3133EML67 06/22/21 06/22/26 FFCB 2,000,000.00 1,993,160.00 0.870%0.0000519 80,000.00 2,080,000.00
3130AMTW2 06/30/21 06/30/26 FHLB 4,500,000.00 4,500,000.00 0.500%0.0000674 186,750.00 4,686,750.00
3130AMWN8 06/30/21 06/30/26 FHLB 2,000,000.00 2,000,000.00 0.550%0.0000329 88,000.00 2,088,000.00
3130ANCH1 07/27/21 07/27/26 FHLB 2,500,000.00 2,500,000.00 1.000%0.0000749 125,000.00 2,625,000.00
3130ANL57 08/25/21 08/25/26 FHLB 3,500,000.00 3,494,750.00 0.906%0.0000948 153,125.00 3,653,125.00
31422XLY6 09/01/21 09/01/26 FAMCA 4,000,000.00 4,000,000.00 0.900%0.0001078 180,000.00 4,180,000.00
3133EM3T7 09/07/21 09/01/26 FFCB 3,000,000.00 2,997,750.00 0.885%0.0000795 130,065.00 3,130,065.00
31422XNB4 09/30/21 09/30/26 FAMCA 2,500,000.00 2,500,000.00 0.860%0.0000644 107,798.60 2,607,798.60
3133ENAF7 12/27/21 10/07/26 FFCB 2,500,000.00 2,469,000.00 1.268%0.0000938 119,444.44 2,619,444.44
3133ENT26 10/19/22 10/19/26 FFCB 3,000,000.00 3,000,000.00 5.300%0.0004762 636,000.00 3,636,000.00
3134GW6C5 02/15/22 10/28/26 FHLMC 4,500,000.00 4,266,900.00 1.958%0.0002502 169,300.00 4,669,300.00
48128G6F2 02/25/22 10/28/26 FHLB 3,500,000.00 3,378,200.00 1.979%0.0002003 197,283.33 3,697,283.33
3133ENFP0 12/09/21 11/30/26 FFCB 2,950,000.00 2,952,950.00 1.408%0.0001246 167,958.25 3,117,958.25
3130AQF65 01/14/22 12/21/26 FHLB 1,550,000.00 1,532,857.00 1.483%0.0000681 95,637.15 1,645,637.15
3130AQMX8 02/07/22 01/26/27 FHLB 1,250,000.00 1,245,000.00 1.331%0.0000496 112,070.31 1,362,070.31
3130AQLD3 03/29/22 01/28/27 FHLB 2,500,000.00 2,384,750.00 2.776%0.0001983 211,336.81 2,711,336.81
3130ARAB7 06/24/22 03/25/27 FHLB 2,000,000.00 1,941,720.00 3.420%0.0001989 260,791.67 2,260,791.67
3130ARL58 06/10/22 04/26/27 FHLB 4,000,000.00 3,982,764.44 3.198%0.0003815 589,235.56 4,589,235.56
3133EPJP1 05/12/23 05/12/27 FFCB 2,000,000.00 1,999,260.00 3.620%0.0002168 290,000.00 2,290,000.00
3130ASCT4 06/28/22 06/28/27 FHLB 2,500,000.00 2,500,000.00 3.250%0.0002433 406,250.00 2,906,250.00
3130ASF46 06/30/22 06/30/27 FHLB 2,500,000.00 2,500,000.00 3.500%0.0002621 437,500.00 2,937,500.00
3133ENL99 09/30/22 09/15/27 FFCB 2,500,000.00 2,432,200.00 3.983%0.0002901 418,359.37 2,918,359.37
3130AW6F2 05/22/23 11/22/27 FHLB 1,500,000.00 1,500,000.00 5.000%0.0004760 337,500.00 1,837,500.00
3133EN3S7 12/07/22 12/07/27 FFCB 3,000,000.00 2,995,920.00 3.780%0.0003392 562,500.00 3,562,500.00
3130AUQA5 02/02/23 02/02/28 FHLB 2,500,000.00 2,500,000.00 4.050%0.0006426 506,250.00 3,006,250.00
3130AUW59 03/08/23 02/17/28 FHLB 1,500,000.00 1,480,500.00 4.240%0.0003984 318,000.00 1,798,500.00
3133EPDC6 03/13/23 03/13/28 FFCB 1,000,000.00 1,000,000.00 5.350%0.0001602 267,500.00 1,267,500.00
3130AVCS9 03/29/23 03/29/28 FHLB 1,000,000.00 1,000,000.00 6.000%0.0001797 300,000.00 1,300,000.00
3133EPFU4 04/12/23 04/12/28 FFCB 2,500,000.00 2,496,600.00 3.530%0.0002639 437,500.00 2,937,500.00
3130AVK50 04/24/23 04/24/28 FHLB 1,500,000.00 1,500,000.00 5.000%0.0002246 375,000.00 1,875,000.00
3130AVZQ8 04/12/23 05/17/28 FHLB 1,880,000.00 1,871,070.00 5.150%0.0002886 460,600.00 2,340,600.00
3133EPMA0 06/09/23 06/09/28 FFCB 1,500,000.00 1,500,000.00 4.690%0.0002107 351,750.00 1,851,750.00
Federal investments 333,513,000.00 333,892,081.83 1.379%20,032,959.74$ 353,527,442.24$
Supranationals
CUSIP Settlement Maturity Issuer Par Invested Yield Weighted average Interest expected Return
4581X0CC0 11/10/20 10/04/23 IADB 3,000,000.00 3,240,000.00 3.000%0.0045627 261,000.00 3,261,000.00
4581X0CC0 05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300%0.0022222 264,166.67 2,264,166.67
459056HV2 08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428%0.0013453 149,916.67 2,149,916.67
45818WCW4 11/03/21 10/15/24 IADB 1,440,000.00 1,419,552.00 0.828%0.0005519 14,443.20 1,454,443.20
45950KCR9 02/04/21 10/16/24 IFC 2,000,000.00 2,079,800.00 0.290%0.0002833 101,750.00 2,101,750.00
45905U6L3 01/14/21 11/20/25 IBRD 2,000,000.00 2,250,220.00 0.510%0.0005387 303,125.00 2,303,125.00
45950VPJ9 01/25/21 01/15/26 IFC 2,000,000.00 2,007,840.00 0.500%0.0004713 57,677.78 2,057,677.78
4581X0DV7 04/23/21 04/20/26 IADB 3,000,000.00 3,000,720.00 0.870%0.0012256 131,031.25 3,131,031.25
45950VPY6 05/28/21 05/15/26 IFC 2,000,000.00 2,000,000.00 0.500%0.0004694 49,638.89 2,049,638.89
45906M4E8 07/31/23 06/26/28 IBRD 1,250,000.00 1,240,000.00 4.684%0.0027262 281,250.00 1,531,250.00
Supranationals 20,690,000.00 21,303,332.00 1.440%1,613,999.46$ 22,303,999.46$
US Treasury
CUSIP Settlement Maturity Issuer Par Invested Yield Weighted average Interest expected Return
91282CCU3 06/23/22 08/31/23 US Treasury 1,500,000.00 1,451,659.84 2.941%0.0005753 2,226.56 1,502,226.56
91282CCU3 01/21/22 08/31/23 US Treasury 2,000,000.00 1,977,084.46 0.844%0.0002249 4,012.43 2,004,012.43
91282CAP6 01/10/22 10/15/23 US Treasury 2,500,000.00 2,455,078.13 1.211%0.0004008 5,236.95 2,505,236.95
91282CDD0 11/12/21 10/31/23 US Treasury 2,000,000.00 1,996,562.50 0.463%0.0001246 14,751.38 2,014,751.38
91282CDM0 01/14/22 11/30/23 US Treasury 2,000,000.00 1,987,343.75 0.841%0.0002251 18,763.74 2,018,763.74
91282CBE0 12/13/21 01/15/24 US Treasury 2,000,000.00 1,976,920.00 0.682%0.0001817 5,224.18 2,005,224.18
91282CBE0 11/15/21 01/15/24 US Treasury 1,500,000.00 1,485,825.00 0.126%0.0000252 4,060.80 1,504,060.80
91282CDV0 06/13/22 01/31/24 US Treasury 2,000,000.00 1,942,288.94 2.900%0.0007590 28,570.44 2,028,570.44
91282CBM2 06/25/21 02/15/24 US Treasury 2,500,000.00 2,484,765.63 0.357%0.0001196 8,252.76 2,508,252.76
9128286G0 11/15/21 02/29/24 US Treasury 2,500,000.00 2,600,183.50 2.283%0.0008000 135,972.03 2,635,972.03
91282CEG2 06/13/22 03/31/24 US Treasury 2,000,000.00 1,984,020.24 2.970%0.0007941 80,901.64 2,080,901.64
91282CBV2 12/07/21 04/15/24 US Treasury 2,000,000.00 1,985,937.50 0.677%0.0001810 17,657.97 2,017,657.97
9128286R6 03/17/22 04/30/24 US Treasury 2,000,000.00 2,011,875.00 1.961%0.0005317 94,972.38 2,094,972.38
912828WJ5 10/21/22 05/15/24 US Treasury 1,750,000.00 1,694,057.40 2.500%0.0005707 68,597.15 1,818,597.15
Sept. 12, 2023 Item #1 Page 10 of 19
91282CCC3 12/07/21 05/15/24 US Treasury 2,000,000.00 1,978,437.50 0.697%0.0001857 12,196.13 2,012,196.13
9128286Z8 03/01/21 06/30/24 US Treasury 2,500,000.00 2,614,215.00 0.370%0.0001303 145,873.62 2,645,873.62
91282CCL3 10/21/22 07/15/24 US Treasury 3,000,000.00 2,789,648.44 4.302%0.0016171 19,504.08 3,019,504.08
9128282Y5 10/21/22 09/30/24 US Treasury 2,000,000.00 1,912,187.50 4.511%0.0011623 82,548.08 2,082,548.08
912828YH7 01/14/21 09/30/24 US Treasury 2,000,000.00 2,088,448.94 1.500%0.0004222 111,263.74 2,111,263.74
912828YV6 06/07/21 11/30/24 US Treasury 2,000,000.00 2,073,437.50 0.436%0.0001218 104,426.23 2,104,426.23
91282CDS7 10/21/22 01/15/25 US Treasury 4,000,000.00 3,712,187.50 4.548%0.0022751 100,516.30 4,100,516.30
912828ZC7 07/15/21 02/28/25 US Treasury 2,000,000.00 2,040,312.50 0.563%0.0001548 81,623.64 2,081,623.64
912828ZL7 02/19/21 04/30/25 US Treasury 2,000,000.00 1,997,920.00 0.400%0.0001077 31,450.28 2,031,450.28
912828ZT0 02/19/21 05/31/25 US Treasury 2,000,000.00 1,987,280.00 0.400%0.0001071 21,387.36 2,021,387.36
91282CEU1 10/21/22 06/15/25 US Treasury 3,000,000.00 2,877,180.00 4.530%0.0017565 228,586.07 3,228,586.07
91282CAM3 01/11/21 09/30/25 US Treasury 2,500,000.00 2,481,332.50 0.250%0.0000836 29,481.46 2,529,481.46
91282CAZ4 01/11/21 11/30/25 US Treasury 2,500,000.00 2,493,350.00 0.375%0.0001260 45,793.27 2,545,793.27
91282CBQ3 03/01/21 02/28/26 US Treasury 3,000,000.00 2,964,726.56 0.740%0.0002957 74,959.24 3,074,959.24
91282CBQ3 03/02/21 02/28/26 US Treasury 2,000,000.00 1,975,513.02 0.750%0.0001997 49,945.65 2,049,945.65
912828U24 12/27/21 11/15/26 US Treasury 2,500,000.00 2,594,531.25 1.200%0.0004197 244,198.90 2,744,198.90
91282CDK4 01/14/22 11/30/26 US Treasury 1,500,000.00 1,485,000.00 1.463%0.0002928 91,432.01 1,591,432.01
912828Z78 05/08/23 01/31/27 US Treasury 1,500,000.00 1,485,855.00 3.500%0.0007009 83,970.99 1,583,970.99
91282CFB2 04/21/23 07/31/27 US Treasury 2,500,000.00 2,400,000.00 3.770%0.0012194 294,181.63 2,794,181.63
91282CGC9 01/25/23 12/31/27 US Treasury 500,000.00 508,167.05 3.570%0.0002445 96,393.30 596,393.30
91282CGC9 01/31/23 12/31/27 US Treasury 750,000.00 760,105.97 3.647%0.0003735 144,108.25 894,108.25
9128284N7 07/17/23 05/15/28 US Treasury 1,000,000.00 953,056.40 3.952%0.0005076 143,750.00 1,143,750.00
US Treasury 75,000,000.00 74,206,494.52 1.802%2,726,790.64$ 77,726,790.64$
Corporate notes
CUSIP Settlement Maturity Issuer Par Invested Yield Weighted average Interest expected Return
78014RFS4 08/15/22 08/15/23 Royal Bank of Canada 2,000,000.00 2,000,000.00 3.550%0.0004506 71,000.00 2,071,000.00
74456QBW5 05/14/20 09/01/23 Public Service Electric 2,500,000.00 2,700,575.00 0.720%0.0001234 267,899.31 2,767,899.31
857477AM5 12/23/19 11/20/23 State Street Corporation 2,000,000.00 2,130,440.00 1.958%0.0002648 289,216.67 2,289,216.67
478160BH6 01/28/19 12/05/23 Johnson & Johnson 1,500,000.00 1,541,250.00 2.765%0.0002705 245,671.87 1,745,671.87
89236TFS9 03/07/19 01/08/24 Toyota 1,000,000.00 1,017,865.00 2.950%0.0001906 162,009.72 1,162,009.72
931142DV2 01/16/20 01/15/24 Wal-Mart 2,000,000.00 2,067,790.00 1.900%0.0002494 260,436.11 2,260,436.11
17325FAS7 05/16/19 01/23/24 Citibank 1,000,000.00 1,034,870.00 2.836%0.0001863 171,043.06 1,171,043.06
17325FAS7 02/13/20 01/23/24 Citibank 2,500,000.00 2,674,670.00 1.770%0.0003005 359,930.56 2,859,930.56
17325FAS7 02/13/20 01/23/24 Citibank 2,000,000.00 2,142,600.00 1.733%0.0002357 287,944.44 2,287,944.44
17325FAS7 02/20/20 01/23/24 Citibank 1,500,000.00 1,603,710.00 1.780%0.0001812 214,893.75 1,714,893.75
46625HJT8 10/11/19 02/01/24 JP Morgan Chase Bank 1,765,000.00 1,900,834.40 2.000%0.0002413 294,473.10 2,059,473.10
06048WL40 01/24/22 02/26/24 Bank of America 3,000,000.00 2,945,610.00 1.300%0.0002431 26,300.00 3,026,300.00
58933YAU9 10/08/19 03/07/24 Microsoft 1,500,000.00 1,581,000.00 1.604%0.0001610 188,379.17 1,688,379.17
09247XAL5 08/29/19 03/18/24 Blackrock Inc.2,000,000.00 2,162,500.00 1.640%0.0002251 318,694.44 2,318,694.44
09247XAL5 10/28/19 03/18/24 Blackrock Inc.1,000,000.00 1,071,360.00 1.801%0.0001225 153,611.11 1,153,611.11
09247XAL5 11/14/19 03/18/24 Blackrock Inc.1,000,000.00 1,065,420.00 1.923%0.0001300 152,055.56 1,152,055.56
09247XAL5 05/14/20 03/18/24 Blackrock Inc.3,000,000.00 3,300,600.00 0.845%0.0001771 403,666.67 3,403,666.67
931142DP5 04/24/20 04/22/24 Wal-Mart 2,500,000.00 2,737,467.50 0.875%0.0001520 329,541.67 2,829,541.67
931142DP5 04/24/20 04/22/24 Wal-Mart 2,000,000.00 2,191,860.00 0.700%0.0000974 263,633.33 2,263,633.33
48133DE55 04/29/22 04/29/24 JP Morgan Chase Bank 1,500,000.00 1,500,000.00 3.125%0.0002975 93,750.00 1,593,750.00
46625HJX9 07/31/19 05/13/24 JP Morgan Chase Bank 2,000,000.00 2,119,320.00 2.300%0.0003094 346,791.67 2,346,791.67
46625HJX9 07/13/20 05/13/24 JP Morgan Chase Bank 3,000,000.00 3,331,290.00 0.700%0.0001480 416,875.00 3,416,875.00
46625HJX9 12/13/21 05/13/24 JP Morgan Chase Bank 1,750,000.00 1,859,392.50 1.000%0.0001180 153,307.29 1,903,307.29
06406HCV9 07/01/20 05/15/24 Bank of NY Mellon 3,000,000.00 3,316,860.00 0.560%0.0001179 392,416.67 3,392,416.67
06048WQ60 12/03/21 06/03/24 Bank of America 2,500,000.00 2,500,000.00 1.000%0.0001587 62,500.00 2,562,500.00
742651DP4 06/27/19 07/15/24 PEFCO 2,500,000.00 2,565,850.00 1.900%0.0001460 309,142.36 2,809,142.36
023135AZ9 08/22/19 08/22/24 Amazon.com Inc 2,000,000.00 2,087,280.00 2.800%0.0003709 279,377.78 2,279,377.78
023135AZ9 10/17/19 08/22/24 Amazon.com Inc 2,500,000.00 2,604,850.00 1.860%0.0003075 339,305.56 2,839,305.56
06406RAL1 02/18/20 10/24/24 Bank of NY Mellon 3,055,000.00 3,093,737.40 1.816%0.0003566 300,459.25 3,355,459.25
06368G3W5 11/15/21 11/15/24 BMO 2,000,000.00 2,000,000.00 1.000%0.0001269 60,000.00 2,060,000.00
478160CJ1 01/15/20 01/15/25 Johnson & Johnson 1,820,000.00 1,882,380.50 1.586%0.0001895 238,875.00 2,058,875.00
478160CJ1 04/08/20 01/15/25 Johnson & Johnson 3,000,000.00 3,231,960.00 0.906%0.0001859 375,593.75 3,375,593.75
478160CJ1 07/13/20 01/15/25 Johnson & Johnson 1,000,000.00 1,090,640.00 0.510%0.0000353 118,270.83 1,118,270.83
037833AZ3 09/10/21 02/09/25 Apple Inc 1,500,000.00 1,588,155.00 0.753%0.0000759 128,020.83 1,628,020.83
66989HAP3 04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300%0.0002788 280,131.74 3,590,131.74
12572QAG0 06/03/20 03/15/25 CME Group Inc 2,771,000.00 3,050,981.84 0.730%0.0001414 397,638.50 3,168,638.50
654106AH6 12/31/20 03/27/25 Nike Inc.2,867,000.00 3,090,740.68 0.500%0.0000981 291,669.47 3,158,669.47
341081FZ53 05/13/20 04/01/25 Flordia Power & Light 3,667,000.00 3,980,565.17 1.020%0.0002577 509,193.51 4,176,193.51
78015K7H17 12/07/21 06/10/25 Royal Bank of Canada 2,000,000.00 1,989,460.00 1.304%0.0001647 80,691.67 2,080,691.67
478160CN2 04/23/21 09/01/25 Johnson & Johnson 1,250,000.00 1,241,700.00 0.705%0.0000556 29,944.44 1,279,944.44
742718FL8 09/20/21 10/29/25 Procter & Gamble 1,500,000.00 1,487,460.00 0.757%0.0000715 33,893.75 1,533,893.75
92826CAD4 05/17/21 12/14/25 Visa Inc 1,250,000.00 1,368,500.00 0.910%0.0000790 180,140.62 1,430,140.62
06048WK82 08/23/21 01/26/26 Bank of America 1,000,000.00 989,470.00 1.000%0.0000628 33,550.00 1,033,550.00
58933YAY1 04/12/21 02/24/26 Merck 1,500,000.00 1,485,750.00 0.950%0.0000896 54,750.00 1,554,750.00
48128G2Q2 03/01/21 02/26/26 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 0.800%0.0001015 80,000.00 2,080,000.00
478160BY9 03/01/21 03/01/26 Johnson & Johnson 2,500,000.00 2,697,950.00 0.750%0.0001285 306,250.00 2,806,250.00
48128G3A6 03/03/21 03/03/26 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 1.000%0.0001269 100,000.00 2,100,000.00
48128G3V0 06/11/21 06/11/26 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 1.150%0.0001460 115,000.00 2,115,000.00
06048WM64 07/12/21 06/25/26 Bank of America 3,000,000.00 2,998,500.00 1.210%0.0002304 178,300.00 3,178,300.00
57629WDE7 07/22/21 07/16/26 Massmtual Global 3,750,000.00 3,784,537.50 1.010%0.0002426 224,250.00 3,974,250.00
594918BR4 08/11/21 08/08/26 Microsoft 4,000,000.00 4,292,240.00 0.900%0.0002452 293,040.00 4,293,040.00
48128G5A4 08/25/21 08/25/26 JP Morgan Chase Bank 2,000,000.00 2,000,000.00 1.200%0.0001523 120,000.00 2,120,000.00
06048WN63 09/10/21 09/10/26 Bank of America 2,000,000.00 2,000,000.00 1.150%0.0001460 115,000.00 2,115,000.00
06048WP20 09/24/21 09/24/26 Bank of America 2,000,000.00 2,000,000.00 1.250%0.0001587 125,000.00 2,125,000.00
59217GBY4 01/19/22 12/18/26 Metlife 4,000,000.00 4,281,720.00 1.940%0.0005272 678,116.67 4,678,116.67
06368GC39 12/30/21 12/30/26 BMO 2,450,000.00 2,450,000.00 2.000%0.0003110 245,000.00 2,695,000.00
742718FV6 02/04/22 02/01/27 Procter & Gamble 2,000,000.00 2,010,459.28 1.331%0.0001699 189,683.33 2,189,683.33
742718FV6 05/11/23 02/01/27 Procter & Gamble 1,000,000.00 935,367.00 3.620%0.0002149 76,000.00 1,076,000.00
48128G6F2 02/25/22 02/25/27 JP Morgan Chase Bank 5,000,000.00 5,000,000.00 2.550%0.0008092 637,500.00 5,637,500.00
478160CE2 04/18/22 03/03/27 Johnson & Johnson 1,750,000.00 1,757,538.77 2.850%0.0003179 251,671.87 2,001,671.87
742718FG9 07/08/22 03/25/27 Procter & Gamble 2,500,000.00 2,456,475.00 3.200%0.0004989 329,972.22 2,829,972.22
64952WEQ2 06/23/23 04/07/27 New York Life Global 1,500,000.00 1,428,750.00 4.630%0.0004198 195,000.00 1,695,000.00
64952WEQ2 07/18/23 04/07/27 New York Life Global 2,000,000.00 1,908,020.00 4.610%0.0005583 260,000.00 2,260,000.00
06048WW63 06/23/22 06/22/27 BAC 3,000,000.00 3,000,000.00 5.000%0.0009520 750,000.00 3,750,000.00
194162AN3 05/09/23 08/15/27 Colgate-Palmolive 2,000,000.00 1,997,600.00 3.694%0.0004683 223,408.33 2,264,533.33
81257VAA9 03/10/23 10/01/27 Seattle Children Hosp 1,000,000.00 852,445.33 5.000%0.0002705 222,581.34 1,222,581.34
Sept. 12, 2023 Item #1 Page 11 of 19
78014RHK9 10/18/22 10/18/27 Royal Bank of Canada 2,500,000.00 2,500,000.00 5.700%0.0009044 712,500.00 3,212,500.00
06374VBX3 11/15/22 11/15/27 BMO 4,000,000.00 4,000,000.00 6.250%0.0015867 1,250,000.00 5,250,000.00
78014RKF6 01/18/23 01/18/28 Royal Bank of Canada 2,500,000.00 2,500,000.00 5.450%0.0008648 691,090.22 3,191,090.22
Corporate notes 152,455,000.00 157,557,944.07 1.880%18,336,054.21$ 170,832,179.21$
Certificate of deposit
CUSIP Settlement Maturity Issuer Par Invested Yield Weighted average Interest expected Return
32100LBY0 02/13/19 08/14/23 First Missouri State Bank 246,000.00 246,000.00 2.850%0.0003297 31,549.50 277,549.50
063615BQ0 09/26/18 09/26/23 Bank Midwest 245,000.00 245,000.00 3.150%0.0003630 38,587.50 283,587.50
06062R4E9 09/28/18 09/28/23 Bank Of Baroda 245,000.00 245,000.00 3.300%0.0003802 40,425.00 285,425.00
635573AK4 11/15/18 10/30/23 National Cooperative Bank 245,000.00 245,000.00 3.450%0.0003975 41,891.98 286,891.98
06251AV31 11/14/18 11/14/23 Bank Hapoalim Bm 245,000.00 245,000.00 3.500%0.0004033 42,875.00 287,875.00
61760ARV3 11/15/18 11/15/23 Morgan Stanley Pvt Bank 245,000.00 245,000.00 3.550%0.0004090 43,487.50 288,487.50
856283G59 11/29/18 11/29/23 State Bank Of India 245,000.00 245,000.00 3.600%0.0004148 44,100.00 289,100.00
29367RKT2 05/16/19 05/16/24 Enterprise Bank 246,000.00 246,000.00 2.600%0.0003008 31,980.00 277,980.00
27002YEN2 05/24/19 05/24/24 Eagle Bank 249,000.00 249,000.00 2.500%0.0002928 31,125.00 280,125.00
336460CQ1 06/28/19 06/28/24 First State Bank Dequeen 249,000.00 249,000.00 2.300%0.0002693 28,635.00 277,635.00
14042RMN8 07/31/19 07/31/24 Capital One 247,000.00 247,000.00 2.250%0.0002614 27,787.50 274,787.50
938828BM1 08/30/19 08/30/24 Washington Federal 249,000.00 249,000.00 2.000%0.0002342 24,900.00 273,900.00
29278TLH1 09/13/19 09/13/24 Enerbank Usa 249,000.00 249,000.00 1.750%0.0002049 21,787.50 270,787.50
15118RSC2 09/18/19 09/30/24 Celtic Bank 249,000.00 249,000.00 1.700%0.0001991 20,956.25 269,956.25
75472RAN1 11/26/19 11/26/24 Raymond James Bank NA 247,000.00 247,000.00 1.850%0.0002149 22,872.54 269,872.54
61690URM4 01/09/20 01/09/25 Morgan Stanley Bank NA 247,000.00 247,000.00 1.900%0.0002207 23,490.72 270,490.72
07815AAZ0 02/27/20 02/27/25 Bell Bank Corp 249,000.00 249,000.00 1.600%0.0001874 19,941.88 268,941.88
17037TEN3 03/13/20 03/13/25 Choice Financial Group 248,000.00 248,000.00 1.100%0.0001283 13,647.47 261,647.47
02554BDA6 03/13/20 03/13/25 American Eagle bank 249,000.00 249,000.00 1.100%0.0001288 13,702.54 262,702.54
73319FAF6 03/18/20 03/18/25 Poppy Bank 249,000.00 249,000.00 1.100%0.0001288 13,702.54 262,702.54
835104BZ2 03/19/20 03/19/25 Somerset Trust 249,000.00 249,000.00 1.000%0.0001171 12,456.88 261,456.88
45083ANS7 03/20/20 03/20/25 Iberia Bank 248,000.00 248,000.00 1.000%0.0001166 12,406.79 260,406.79
072727BF6 03/27/20 03/27/25 Baycoast Bank 248,000.00 248,000.00 0.950%0.0001108 11,786.45 259,786.45
02519TAZ9 03/27/20 03/27/25 American Commerce Bank 249,000.00 249,000.00 0.950%0.0001113 11,834.03 260,834.03
14042TDD6 04/08/20 04/08/25 Capital One 248,000.00 248,000.00 1.600%0.0001866 19,850.88 267,850.88
33847E3H8 05/15/20 05/15/25 Flagstar Bank 248,000.00 248,000.00 0.850%0.0000991 10,545.77 258,545.77
29260MBF1 05/15/20 05/15/25 Encore Bank 249,000.00 249,000.00 0.800%0.0000937 9,965.41 258,965.41
404730CR2 05/26/20 05/27/25 Haddon Savings Bank 248,000.00 248,000.00 0.750%0.0000875 9,310.19 257,310.19
43719LAE5 05/29/20 05/29/25 Home Loan Inv Bank 249,000.00 249,000.00 0.800%0.0000937 9,965.41 258,965.41
69506YRT8 05/29/20 05/29/25 Pacific Western Bank 249,000.00 249,000.00 0.700%0.0000820 8,719.77 257,719.77
56102AAJ5 05/29/20 05/29/25 Malaga Bank 249,000.00 249,000.00 0.700%0.0000820 8,719.87 257,719.87
86128QCF3 06/10/20 06/10/25 Stockman Bank 249,000.00 249,000.00 0.600%0.0000703 7,474.10 256,474.10
740367MA2 07/17/20 07/17/25 Preferred Bank 249,000.00 249,000.00 0.500%0.0000586 6,228.46 255,228.46
89235MJZ5 07/16/20 07/28/25 Toyota Financial Savings Bank 249,000.00 249,000.00 0.650%0.0000761 8,096.93 257,096.93
211163KQ2 07/29/20 07/29/25 Continental Bank 249,000.00 249,000.00 0.500%0.0000586 6,228.46 255,228.46
02007GXF5 08/09/22 08/04/25 Ally Bank (GMATBK)201,000.00 201,000.00 3.400%0.0003214 20,427.10 221,427.10
549104RV1 08/14/20 08/14/25 Luana Savings Bank 249,000.00 249,000.00 0.450%0.0000527 5,605.57 254,605.57
32022RNT0 08/19/20 08/19/25 1st Financial Bank 249,000.00 249,000.00 0.450%0.0000527 5,605.82 254,605.82
31944MBB0 08/20/20 08/20/25 1st Carolina Bank 249,000.00 249,000.00 0.450%0.0000527 5,605.82 254,605.82
664122AF5 08/20/20 08/20/25 Northeast Community Bank 249,000.00 249,000.00 0.450%0.0000527 5,605.82 254,605.82
228212AQ9 09/04/20 09/04/25 Crown Bank 249,000.00 249,000.00 0.400%0.0000468 4,982.62 253,982.62
59013KKJ4 09/15/20 09/15/25 Merrick 249,000.00 249,000.00 0.400%0.0000468 4,982.62 253,982.62
2027506P5 10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00 249,000.00 0.400%0.0000468 4,908.94 253,908.94
51507LBY9 09/29/20 09/29/25 Landmark Community 249,000.00 249,000.00 0.400%0.0000468 4,982.58 253,982.58
538036LQ5 10/22/20 10/08/25 Live Oak Bank 249,000.00 249,000.00 0.400%0.0000468 4,944.42 253,944.42
560390AS5 10/15/20 10/15/25 Maine Comm Bank 249,000.00 249,000.00 0.350%0.0000410 4,359.94 253,359.94
33625CDS5 10/16/20 10/16/25 First Security Bank Wash 249,000.00 249,000.00 0.350%0.0000410 4,359.94 253,359.94
780684AJ5 11/06/20 10/23/25 Royal Savings Bank 249,000.00 249,000.00 0.400%0.0000468 4,944.42 253,944.42
33744AAW9 11/18/20 11/18/25 First US Bank 249,000.00 249,000.00 0.400%0.0000468 4,982.62 253,982.62
88413QCU0 12/18/20 12/18/25 Third Federal Savings and Loan 249,000.00 249,000.00 0.450%0.0000527 5,605.56 254,605.56
91330ACR6 12/18/20 12/18/25 Unity Bank 249,000.00 248,377.50 0.400%0.0000467 4,982.72 253,982.72
882214AA7 01/08/21 12/23/25 Texas Bank Henderson 249,000.00 249,000.00 0.450%0.0000527 5,556.70 254,556.70
634116CW5 12/28/20 12/23/25 National Bank of NY City 249,000.00 248,688.75 0.400%0.0000468 4,968.98 253,968.98
08016PDV8 12/23/20 12/23/25 Belmont Savings Bank 249,000.00 248,377.50 0.400%0.0000467 4,982.62 253,982.62
06424KBH2 01/08/21 01/08/26 Bank of Santa Clarita 249,000.00 248,688.75 0.400%0.0000468 4,982.62 253,982.62
38522ABP0 01/08/21 01/08/26 Grand Bank Tulsa 249,000.00 248,688.75 0.400%0.0000468 4,982.62 253,982.62
20143PEH9 01/26/21 01/26/26 Commercial Bank 249,000.00 248,751.00 0.471%0.0000551 5,605.82 254,605.82
15258RAV9 01/27/21 01/27/26 Central Bank Storm Lake 249,000.00 248,751.00 0.471%0.0000551 5,605.82 254,605.82
43786UAJ2 02/18/21 01/29/26 Hometown Bk of Alabama 249,000.00 249,000.00 0.400%0.0000468 4,928.04 253,928.04
909242AN9 02/26/21 02/26/26 United Rep Bk Omaha 249,000.00 249,000.00 0.400%0.0000468 4,982.61 253,982.61
12527CDV1 03/03/21 03/03/26 CFG Community Bk 249,000.00 249,000.00 0.400%0.0000468 4,982.73 253,982.73
110087AS2 03/10/21 03/10/26 Bristol Morgan Bank 249,000.00 249,000.00 0.450%0.0000527 5,605.82 254,605.82
87164XA30 09/03/21 09/03/26 Syncrony Bank (SYF)249,000.00 249,000.00 0.900%0.0001054 11,205.00 260,205.00
90348JS92 09/09/21 09/09/26 UBS Bank USA (UBS)249,000.00 249,000.00 0.950%0.0001113 11,834.03 260,834.03
795451BH5 04/05/22 02/23/27 Sallie May Bank 247,000.00 242,902.27 2.564%0.0002928 26,574.50 273,574.50
598580AM0 03/08/23 03/08/27 Mifflinburg Bank and Trust Company 249,000.00 249,000.00 4.650%0.0005445 46,345.77 295,345.77
64034KBF7 03/09/22 03/09/27 Nelnet Bank Inc 247,000.00 247,000.00 1.950%0.0002265 24,095.69 271,095.69
27004PCN1 03/09/22 03/09/27 Eaglemark Savings 247,000.00 247,000.00 2.000%0.0002323 24,713.53 271,713.53
07371CN21 03/16/22 03/10/27 Beal Bank NV 247,000.00 247,000.00 1.800%0.0002091 22,169.09 269,169.09
07371AB28 03/16/22 03/10/27 Beal Bank TX 247,000.00 247,000.00 1.800%0.0002091 22,169.09 269,169.09
02589ABW1 03/23/22 03/23/27 American Exp Bank 247,000.00 247,000.00 2.200%0.0002556 27,184.89 274,184.89
31938QW34 02/15/22 04/15/27 First Business Bank 245,000.00 245,000.00 3.900%0.0004494 33,790.69 278,790.69
254673D94 05/18/22 05/19/27 Discover Bank 246,000.00 246,000.00 3.200%0.0003702 39,403.14 285,403.14
910286GS6 07/14/23 07/14/27 United Fidelity Bank 249,000.00 249,000.00 4.600%0.0005387 45,847.38 294,847.38
34520LAY9 12/15/22 12/15/27 Forebright Bank 249,000.00 248,651.40 4.031%0.0004714 49,827.34 298,827.34
84229LBJ0 12/16/22 12/16/27 Southern Bank=245,000.00 245,000.00 4.000%0.0004609 49,026.84 294,026.84
70212YBE1 02/22/23 02/22/28 Partners Bank California 245,000.00 245,000.00 3.850%0.0004436 47,188.34 292,188.34
062119BH4 03/08/23 03/07/28 Bank Five Nine 249,000.00 249,000.00 4.550%0.0005328 56,678.44 305,678.44
05580AW59 03/10/23 03/10/28 BMW Bank North America 244,000.00 244,000.00 4.600%0.0005279 56,181.50 300,181.50
108622NK3 03/29/23 03/29/28 Bridgewater Bk 249,000.00 249,000.00 4.800%0.0005621 59,825.54 308,825.54
178180GY5 03/31/23 03/31/28 City Natl Bk - Los Angeles 243,000.00 243,000.00 5.000%0.0005714 60,816.56 303,816.56
914098DQ8 04/03/23 04/03/28 University Bank NA 249,000.00 249,000.00 4.800%0.0005621 59,825.53 308,825.53
23204HPB8 06/06/23 04/14/28 Customers Bank 244,000.00 244,000.00 4.500%0.0005164 53,365.81 298,960.16
05600XQE3 05/16/23 05/16/28 BMO Harris Bank NA 244,000.00 244,000.00 4.500%0.0005164 54,960.16 298,960.16
91527PCD7 06/06/23 06/21/28 Univest Bank & Trust 249,000.00 249,000.00 4.500%0.0005270 56,546.88 305,546.88
Sept. 12, 2023 Item #1 Page 12 of 19
501798UJ9 07/18/23 07/18/28 LCA Bank Corporation 243,000.00 243,000.00 4.500%0.0005143 54,734.92 297,734.92 Certificate of deposit 21,270,000.00 21,262,876.92 1.825%1,879,416.37$ 23,151,010.72$
Mortgage backed securities (agency)
CUSIP Settlement Maturity Issuer Par Invested Yield Weighted average Interest expected Return
3137FBTA4 03/10/21 08/25/24 FHLM - FHMS K728 2,893,810.02 3,126,925.43 3.064%0.0025113 153,244.21 3,047,054.23$
3137F32A1 04/15/20 11/25/24 FHMS KHG1 A1 1,403,331.87 1,500,559.19 0.999%0.0003929 217,130.28 1,620,462.15
3137BL6J2 07/22/22 12/25/24 FHLMC FHMS K048 A1 1,090,788.50 1,079,880.62 3.425%0.0009695 64,096.69 1,154,885.19
3137BM7B6 06/30/22 04/25/25 FHMS K051 A1 2,727,910.55 2,706,598.75 3.299%0.0023405 163,239.98 2,891,150.53
30315EAA4 07/24/20 05/25/25 FRESB MFM 893,544.24 897,914.59 0.830%0.0001953 19,418.08 912,962.32
3137BJQ71 03/15/21 05/25/25 FHLMC - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770%0.0015665 110,231.60 2,110,231.60
31398E6W9 08/27/20 06/15/25 FHLMC FHR 3544 BC 92,527.22 159,637.87 0.532%0.0000223 83,540.73 176,067.95
30318NAA1 02/19/21 01/25/26 FRESB 2021-SB83 1,285,501.29 1,290,858.90 0.505%0.0001709 22,551.11 1,308,052.40
3137BPW21 03/25/21 03/25/26 FHLM - KHMS K055 2,500,000.00 2,700,000.00 2.673%0.0018917 154,976.68 2,654,976.68
3137BP4J5 08/20/21 03/25/26 FHLMC - FHMS K1R1 1,447,767.70 1,289,836.15 0.414%0.0001400 239,848.91 1,687,616.61
30321CAQ5 07/23/21 04/25/26 FRESB 1,786,257.00 1,794,647.03 0.746%0.0003509 40,587.56 1,826,844.56
30324QAC2 01/21/22 11/25/26 FRESB 2022-SB94 4,244,713.05 4,264,344.64 1.500%0.0016766 171,584.69 4,416,297.74
30311SAA7 04/22/22 04/25/27 FRESB 2022-SB97 A5F 3,394,620.52 3,260,084.93 2.803%0.0023952 145,119.91 3,539,740.43
30329MAA0 10/28/22 06/25/27 FRESB 2022-SB103 A5F 1,593,217.77 1,427,343.08 4.989%0.0018665 186,362.10 1,779,579.87
30329QAA1 11/18/22 09/25/27 FRESB 3,975,281.69 3,628,788.20 2.600%0.0024730 248,449.63 4,223,731.32
3132XGRH1 01/27/23 11/01/27 FRESB - FR WN2287 3,000,000.00 2,972,812.50 3.929%0.0030613 259,613.30 3,259,613.30
3138L7D60 12/16/22 12/16/27 FN AM6424 989,987.04 958,431.21 4.212%0.0010582 77,476.88 1,067,463.92
30332EAA3 07/20/23 05/25/28 FRESB 3,000,000.00 2,934,777.00 4.090%0.0031462 298,198.55 3,298,198.55
Mortgage backed securities (agency)38,319,258.46 38,150,940.09 2.623%2,655,670.89$ 40,974,929.35$
Municpal Bonds
CUSIP Settlement Maturity Issuer Par Invested Yield Weighted average Interest expected Return
797508HV3 06/09/21 08/01/23 San Dieguito Union HS 500,000.00 500,000.00 0.275%0.0000196 2,948.61 502,948.61
005158XL9 06/17/21 03/15/24 Ada&Canyon Cty SD 1,500,000.00 1,710,405.00 0.520%0.0001266 237,083.33 1,737,083.33
127145LE8 05/27/21 06/15/24 Cache County SD 3,250,000.00 3,505,872.50 0.400%0.0001996 297,375.00 3,547,375.00
419792ZK5 02/26/21 10/01/24 State of Hawaii 3,000,000.00 3,039,420.00 0.433%0.0001874 86,549.17 3,086,549.17
419792ZK5 03/17/22 10/01/24 State of Hawaii 2,000,000.00 1,933,240.00 2.160%0.0005945 40,723.78 2,040,723.78
79771FAX5 03/01/21 11/01/24 City of San Francisco Util 1,000,000.00 1,004,450.00 0.600%0.0000858 26,523.31 1,026,523.31
575181GX 06/02/21 12/01/24 Mason & Kitsap Counties SD 640,000.00 640,000.00 0.538%0.0000490 12,041.64 652,041.64
023051YW9 07/19/21 02/01/25 Amarillo Independent SD 1,800,000.00 1,762,290.00 0.600%0.0001505 - 1,800,000.00
3130ALRK2 03/22/21 02/15/25 Texas St Tech Univ 2,500,000.00 2,524,850.00 0.679%0.0002441 91,389.86 2,591,389.86
91412HGE7 06/29/21 05/15/25 University of California 1,960,000.00 1,966,154.40 0.799%0.0002236 67,111.92 2,027,111.92
91412HGE7 03/01/21 05/15/25 University of California 1,500,000.00 1,517,250.00 0.600%0.0001296 55,724.13 1,555,724.13
625506QN3 02/02/21 06/15/25 County of Multnomah OR 2,000,000.00 2,006,040.00 0.430%0.0001228 37,553.89 2,037,553.89
91412GU94 01/28/21 07/01/25 University of California UNVHGR 1,805,000.00 1,995,210.90 0.509%0.0001446 244,645.68 2,049,645.68
13063DMA3 06/30/22 09/15/25 State of Connecticut 2,850,000.00 2,850,000.00 3.201%0.0012986 342,250.56 3,192,250.56
13063DMA3 05/18/21 04/01/26 State of California 1,250,000.00 1,353,350.00 0.910%0.0001753 161,300.35 1,411,300.35
569280EX4 04/01/21 04/01/26 State of California 4,140,000.00 4,478,652.00 0.970%0.0006185 548,550.00 4,688,550.00
736688MF6 12/07/21 06/15/26 Marion County School 1,880,000.00 1,885,245.20 1.374%0.0003688 122,255.56 2,002,255.56
842475P82 09/01/21 06/15/26 Portland Community College 1,100,000.00 1,102,992.00 0.841%0.0001321 47,357.32 1,147,357.32
544646A77 02/11/22 07/01/26 Sthrn CA ST Pub Pwr Auth 2,485,000.00 2,415,643.65 1.930%0.0006637 15,705.20 2,500,705.20
20772KEW5 01/06/22 08/01/26 San Jose Redev 3,000,000.00 3,220,260.00 1.507%0.0006909 476,400.00 3,476,400.00
798170AJ5 08/12/21 08/01/26 San Diego Community College 3,000,000.00 3,209,550.00 0.860%0.0003930 342,742.58 3,342,742.58
797272QR5 08/23/21 08/01/26 Santa Barbara CA USD 500,000.00 511,970.00 0.842%0.0000614 33,041.17 533,041.17
801315KR2 08/23/21 08/01/26 San Jose Evergreen CC 750,000.00 799,522.50 0.842%0.0000958 81,862.08 831,862.08
6041295T9 08/10/22 08/01/26 Minnesota State 1,215,000.00 1,215,000.00 3.250%0.0005622 174,512.81 1,389,512.81
798189PY6 03/02/22 10/01/26 State of Hawaii 2,000,000.00 1,938,920.00 1.810%0.0004996 101,809.78 2,101,809.78
419792ZN9 02/08/22 10/01/26 CAS 2,400,000.00 2,468,808.00 1.730%0.0006080 264,891.67 2,664,891.67
13063DRD2 04/18/22 12/01/26 CASWTR 2,705,000.00 2,475,237.30 3.035%0.0010695 170,415.98 2,875,415.98
13067WSW3 03/29/22 12/01/26 CASWTR 1,425,000.00 1,322,001.00 2.708%0.0005097 90,565.95 1,515,565.95
13067WSW3 12/20/21 12/01/26 CASWTR 1,275,000.00 1,257,405.00 1.051%0.0001881 84,523.29 1,359,523.29
13067WSW3 06/13/22 05/01/27 LA Unified 3,500,000.00 3,883,600.00 3.820%0.0021120 977,643.33 4,477,643.33
419794F72 06/06/23 07/01/27 Hawaii State 1,125,000.00 1,004,962.50 4.720%0.0006753 82,624.50 1,207,624.50
544495VX9 08/27/23 07/01/27 Los Angeles Dept of Water & Power 1,500,000.00 1,580,685.00 4.100%0.0009226 345,669.33 1,845,669.33
438701Y40 06/28/23 07/01/27 Honolulu Wastewater System Revenue 1,500,000.00 1,392,885.00 4.460%0.0008844 168,412.50 1,668,412.50
357155BA7 05/09/23 08/01/27 Fremont CA Unified School District 2,000,000.00 1,795,450.00 3.750%0.0009585 94,110.34 2,094,110.34
796720NT3 02/22/23 08/01/27 SBDHGR 1,500,000.00 1,328,325.00 1.480%0.0009228 107,266.25 1,607,266.25
91412HGF4 05/15/23 08/15/27 University of California 1,000,000.00 908,270.00 3.810%0.0004927 52,640.00 1,052,640.00
68607DVD4 06/16/23 11/15/27 Oregon State Dept of Transportation 2,000,000.00 1,738,740.00 4.370%0.0010817 97,560.00 2,097,560.00
Municpal Bonds 69,555,000.00 70,242,656.95 1.826%6,183,780.87$ 75,738,780.87$
Cash
CUSIP Settlement Maturity Issuer Par Invested Yield Weighted average Interest expected Return
01WFBCASH Wells Fargo Bank - General 2,488,161.00 2,488,161.00 0.100%0.0000168 204.51 2,488,365.51
01WFBSWEEP Wells Fargo Sweep account 4,137,368.75 4,137,368.75 5.162%0.0014419 17,552.08 4,154,920.83
01WFBCUSTODY Wells Fargo Bank - Custody 5,060,771.01 5,060,771.01 0.100%0.0000342 415.95 5,061,186.96
01CAMP1028 CAMP 134,624,476.56 134,624,476.56 5.310%0.0482673 587,552.85 135,212,029.41
01CI0502 LAIF City 205,022.72 205,022.72 3.390%0.0000469 579.19 205,601.91
01CM0502 LAIF CMWD 828,686.04 828,686.04 3.390%0.0001897 2,341.04 831,027.08
01PF10391 LAIF CPFA 759,107.19 759,107.19 3.390%0.0001738 2,144.48 761,251.67 Cash 148,103,593.27 148,103,593.27 5.017%610,790.10$ 148,714,383.37$
GRAND TOTAL 858,905,851.73 864,719,919.65 2.2332%54,039,462.27$ 912,969,515.86$
Sept. 12, 2023 Item #1 Page 13 of 19
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of July 31, 2023
Cash balance by fund:
General 148,345,332
Special revenue 33,577,964
Capital projects:
Infrastructure replacement 121,783,960
Special districts 110,215,693
General capital construction 50,592,399
Public facilities fees 30,514,890
Traffic impact fees 22,407,332
Gas tax 18,937,310
Park development 16,567,517
Technology investment 15,237,591
TransNet taxes 7,824,410
Drainage fees 5,026,339
Capital project subtotal 399,107,440
Enterprise:
Carlsbad Municipal Water District 142,481,246
Sewer fund 45,476,725
Storm water 7,008,593
Solid waste 4,230,421
Golf course 5,632,786
Enterprise subtotal 204,829,771
Internal service 58,902,584
Fiduciary 9,417,395
Total general ledger balance **854,180,486
Reconciling adjustments (1)4,765,198
Total treasurer's investment portfolio at amortized cost $858,945,684
**Figures based on best estimate at the time report run on 08/21/2023.
(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.
Exhibit 7
Sept. 12, 2023 Item #1 Page 14 of 19
City of Carlsbad investment portfolio
Security ratings and outlooks
As of July 31, 2023
Corporate notes Moody's S&P Fitch Outlook
3M Company A2 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
Bank of New York Mellon Corp A1 A AA- Neg/Stable/Stable
Blackrock Inc Aa3 AA-Stable/Stable/
Citibank Aa3 A+ A+ Stable/Stable/Stable
CME Group Inc Aa3 AA- AA- Stable/Stable/Stable
Colgate-Palmolive Aa3 AA-Stable/Negative
Flordia Power and Light Co Aa2 A+ AA- Stable/Stable/Stable
Johnson & Johnson Aaa AAA Stable/Neg
JP Morgan Chase Bank A1 A- AA- Stable/Stable/Stable
MassMutual Global Funding Aa3 AA+ AA+ /Stable/
Merck & Co A1 A+Stable/Stable/
Met Life Global Aa3 AA- AA- /Stable/
Microsoft Aaa AAA Stable/Stable/
Nike Inc.A1 AA-Stable/Stable/
New York Life Aaa AA+ AAA Stable
Novartis Capital Corp A1 AA- AA- Positive/Stable
Procter & Gamble Aa3 AA-Stable/Stable/
Private Export Funding Aaa AA+ Stable
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
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 AA+Stable
FNMA Aaa AAA Stable
FRESB Aaa AA+Stable
Ratings of mortgage backed securities must be AA or better by one of the three: Moody's, S&P, or Fitch.
Exhibit 8
Sept. 12, 2023 Item #1 Page 15 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
Honolulu Wastewater Aa3 AA- Stable
Los Angeles Water & Power Aa3 AA-Stable
LA County SD Aa3 AA-Stable
Marion County SD Aa1 AA+ AA+Stable
Mason/Kitsap Cty SD Aaa AA+ AA+Stable
Minnesota State Aaa AAA AAA Stable
Oregon State Dept of Transp Aa1 AAA AA+ Stable
Portland CC Aa1 AA+ AA+Stable
San Bernardino CCD Aa1 AA Stable
San Diego CC Aa1 AAA Stable
San Dieguito Union HS Aa1 AAA 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 AA- AA-Stable
State of California Aa2 AA- AA Stable/positive/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
Merck A1 A+04/24/26 04/12/21 1,492,493$
Public Service Electric A1 A 09/01/23 05/14/20 2,505,069$
Toyota A1 A+A+01/08/24 07/01/19 1,001,611$
4,999,173$
* 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.
Sept. 12, 2023 Item #1 Page 16 of 19
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of July 31, 2023
Corporate notes Amortized cost Portfolio allocation*
3M Company 1,511,011$ 0.18%
Amazon.com Inc.4,541,408 0.53%
Apple Inc.1,539,308 0.18%
Bank of America 16,478,379 1.92%
Bank of Montreal 8,450,000 0.98%
Bank of New York Mellon 6,130,152 0.71%
Blackrock Inc.7,091,557 0.83%
Citibank 7,054,609 0.82%
CME Group 2,865,953 0.33%
Colgate-Palmolive 1,955,907 0.23%
Florida Power & Light 3,774,019 0.44%
Johnson & Johnson 13,045,014 1.52%
JP Morgan Chase Bank 23,153,471 2.70%
Massmutual Global 3,770,503 0.44%
Merck 1,492,493 0.17%
Metlife 4,192,856 0.49%
Microsoft 4,176,775 0.49%
New York Life Global 3,339,512 0.39%
Nike Inc.2,954,385 0.34%
Novartis Capital Corp 3,332,100 0.39%
Procter & Gamble 6,906,007 0.80%
Private Export Funding Corp.2,512,467 0.29%
Public Service Electric 2,505,069 0.29%
Royal Bank of Canada 8,994,417 1.05%
Seattle Children's Hospital 860,247 0.10%
State Street Corporation 2,010,105 0.23%
Toyota 1,001,611 0.12%
Visa Inc.1,311,373 0.15%
Wal-Mart 6,596,854 0.77%
Exhibit 9
Sept. 12, 2023 Item #1 Page 17 of 19
Mortgage backed securities (agency)Amortized cost Portfolio allocation*
FAMCA 3,628,788 0.42%
FHLMC 14,882,796 1.73%
FNMA 19,801,891 2.31%
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp.23,146,397 2.69%
Federal Farm Credit Bank 99,117,794 11.54%
Federal Home Loan Bank 123,409,930 14.37%
Federal Home Loan Mortgage Corp.46,996,125 5.47%
Federal National Mortgage Assoc.39,412,575 4.59%
Tennessee Valley Authority 1,028,721 0.12%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,569,149 0.18%
Amarillo Independent SD 1,783,959 0.21%
Cache County SD 3,323,173 0.39%
City of San Francisco 1,001,520 0.12%
County of Multnomah 2,002,588 0.23%
Fremont CA SD 1,806,556 0.21%
Honolulu Wastewater 1,395,335 0.16%
LA Unified SD 3,725,392 0.43%
LA Dept of Water & Power 1,575,642 0.18%
Marion County SD 1,883,333 0.22%
Mason/Kitsap Cty SD 640,000 0.07%
Minnesota State 1,215,000 0.14%
Oregon State Dept of Transp 1,746,139 0.20%
Portland CC 1,101,795 0.13%
San Bernardino CC 1,345,270 0.16%
San Diego CC 3,126,503 0.36%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 780,081 0.09%
San Jose Redevelpment 3,144,608 0.37%
Santa Barbara CA USD 507,271 0.06%
Southern CA Public Power 2,438,909 0.28%
State of California 13,227,966 1.54%
State of Connecticut 2,858,634 0.33%
State of Hawaii 7,949,350 0.93%
Texas Tech University 2,509,812 0.29%
University of California 6,270,672 0.73%
Sept. 12, 2023 Item #1 Page 18 of 19
Other Amortized cost Portfolio allocation
Supranational 20,796,100 2.42%
US Treasury 74,379,041 8.66%
Certificate of deposits 21,265,715 2.48%
Cash 148,103,593 17.24%
Total portfolio amortized cost 858,945,684$
* No more than 5% may be invested with a single issuer.
**There are no percentage limits on federal agency issuers.
Sept. 12, 2023 Item #1 Page 19 of 19