The URL can be used to link to this page

Home My WebLink About2024-04-16; City Council; ; Report on City Investments as of Feb. 29, 2024CA Review AZ Meeting Date: April 16, 2024 To: Mayor and City Council From: Scott Chadwick, City Manager Staff Contact: Craig Lindholm, City Treasurer craig.lindholm@carlsbadca.gov, 442-339-2472 Zach Korach, Finance Director zach.korach@carlsbadca.gov, 442-339-2127 Subject: Report on City Investments as of Feb. 29, 2024 District: All Recommended Action Accept and file Report on City Investments as of Feb. 29, 2024. 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 Feb. 29, 2024, is summarized below. Pooled investment portfolio (cash and securities) Current month Prior month Par value1 $889,064,835 $882,158,591 Investment cost $888,877,242 $882,580,295 Amortized cost2 $884,234,681 $877,762,858 Market value3 $855,487,843 $851,889,539 (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 Principal custodial report. April 16, 2024 Item #1 Page 1 of 24 The equity portion of the various funds in the total portfolio, that is, the part of the total investment portfolio assigned to each fund, is summarized in the graph below. Fund balances are restricted for various purposes (See Exhibit 6 for a more detailed breakdown). Pooled investment interest income4 Fiscal year to date Current month Prior month Cash income $14,011,160 $1,915,023 $1,972,108 (4) The cash income received is adjusted for any received interest previously purchased. Pooled investment performance Average life (years) Yield5 Modified duration December 2023 1.75 2.49% 1.58 January 2024 1.78 2.58% 1.58 February 2024 1.82 2.63% 1.60 (5) 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 Mar. 12, 2024; 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. Capital projects, $391 Enterprise, $212 General, $164 Internal service, $73 Special revenue, $35 Fiduciary, $7 Fund equity in pooled investments (in millions) April 16, 2024 Item #1 Page 2 of 24 Exhibit 7 shows the investments out of compliance with the current policy that experienced a subsequent change in credit rating. Ratings on one investment has dropped to less than the rating required by the Investment Policy since their initial purchase. Corporate notes and municipal bonds require a “split rating” of AA from one rating company and an A rating from a second. Mortgage-backed securities require an AA rating from one rating company. The city’s Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. These investments are paying interest at the required times and their principal is considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold. Not less than two-thirds of the current fiscal year operating budget shall mature within one year. The maturity value within one year is $321,212,385 which is 85.1% of the current year operating budget. The investment portfolio has the ability to meet the city’s anticipated cash flow demands for the next six months. Next Steps The report on city investments will continue to be produced monthly by the City Treasurer. Environmental Evaluation This action does not require environmental review because it does not constitute a project within the meaning of the California Environmental Quality Act under California Public Resources Code Section 21065 in that it has no potential to cause either a direct physical change or a reasonably foreseeable indirect physical change in the environment. Exhibits 1. Investments by cost, market value, cash income and average yield by class 2. Maturities by classification and length of time at market value 3. Yield comparison & market yield curve 4. Cash income by month & cumulative cash income 5. Maturities, calls and purchases this quarter 6. Fund equity in pooled investments 7. Security ratings and outlooks 8. Portfolio allocation at amortized cost by issuer 9. Investment detail 10. Section 115 Trust activity April 16, 2024 Item #1 Page 3 of 24 City of Carlsbad investment portfolio Investments by cost, market value, cash income and average yield by class Exhibit 1 Investment cost Market value Average yield Class Current month Prior month Current month Prior month YTD net income Current month Prior month Percent of total Certificate of deposit 21,996,876.92$ 21,996,876.92$ 21,270,614.47$ 21,281,173.77$ 250,808.82$ 2.02% 2.02% 2.49% Corporate notes 141,349,094.93 148,211,364.07 131,801,862.74 139,064,917.68 2,832,003.51 1.97% 2.04% 15.41% Federal agency 343,133,893.04 330,764,728.04 327,890,106.48 316,810,505.04 2,857,311.42 1.81% 1.66% 38.33% Mortgage passthrough securities 57,846,434.72 54,220,042.72 55,999,933.71 52,892,073.07 703,912.87 3.45% 3.37% 6.55% Municipal bonds 94,938,076.65 92,728,726.65 91,383,533.55 89,423,182.15 1,280,034.25 2.46% 2.42% 10.68% Supranational securities 19,683,412.00 19,683,412.00 18,649,887.00 18,772,600.30 261,267.86 1.69% 1.69% 2.18% US Treasury 59,725,228.08 64,810,177.21 58,287,680.00 63,480,120.00 585,075.62 2.26% 2.19% 6.81% General cash account 2,223,861.00 2,735,304.00 2,223,861.00 2,735,304.00 - 0.00% 0.00% 0.26% Sweep account 8,038,617.41 13,493,502.95 8,038,617.41 13,493,502.95 325,842.18 5.19% 5.21% 0.94% Investment cash account 8,302,881.38 3,872,829.21 8,302,881.38 3,872,829.21 60,944.99 2.95% 2.95% 0.97% California Asset Mgmt Program (CAMP) 129,811,709.22 128,236,174.88 129,811,709.22 128,236,174.88 4,805,652.14 5.50% 5.54% 15.17% Local Agency Investment Fund (LAIF) 1,827,156.16 1,827,156.16 1,827,156.16 1,827,156.16 48,306.67 4.12% 4.01% 0.21% Total 888,877,241.50$ 882,580,294.80$ 855,487,843.12$ 851,889,539.21$ 14,011,160.33$ 2.63% 2.58% 100.00% Policy: Certificates of deposit and corporate notes are limited to 30% of total portfolio at the time of purchase. Pass through securities are limited to 20% of total portfolio at the time of purchase. Municipal bonds are limited to 15% of total portfolio at the time of purchase. Supranational securities are limited to 10% of total portfolio at the time of purchase. February 29, 2024 April 16, 2024 Item #1 Page 4 of 24 City of Carlsbad investment portfolio Maturities by classification and length of time at market value Exhibit 2 Class Overnight Within 12 months 13-36 months 37-60 months Total Certificate of deposit $ - 2,438,707.72$ 11,162,260.45$ 7,669,646.30$ 21,270,614.47$ Corporate notes - 50,777,422.65 53,503,945.59 27,520,494.50 131,801,862.74 Federal agency - 66,510,958.67 175,788,397.36 85,590,750.45 327,890,106.48 Mortgage passthrough securities - 3,897,770.82 17,931,756.20 34,170,406.69 55,999,933.71 Municipal bonds - 15,310,124.50 37,355,235.40 38,718,173.65 91,383,533.55 Supranational securities - 5,308,340.00 8,409,000.00 4,932,547.00 18,649,887.00 US Treasury - 26,764,835.00 23,045,750.00 8,477,095.00 58,287,680.00 General cash account 2,223,861.00 - - - 2,223,861.00 Sweep account 8,038,617.41 - - - 8,038,617.41 Investment cash account 8,302,881.38 - - - 8,302,881.38 California Asset Mgmt Program (CAMP) 129,811,709.22 - - - 129,811,709.22 Local Agency Investment Fund (LAIF) 1,827,156.16 - - - 1,827,156.16 Totals 150,204,225.17$ 171,008,159.36$ 327,196,345.00$ 207,079,113.59$ 855,487,843.12$ Percent Total 17.56%19.99%38.25%24.21%100.00% 321,212,384.53$ 85.14% Policy: Maximum term for all securities is five years. Not less than $251,510,000 to mature within one year, two-thirds of FY 23-24 operating budget of $377,263,607. February 29, 2024 Percentage of the budget Funds maturing within one year April 16, 2024 Item #1 Page 5 of 24 City of Carlsbad investment portfolio Yield comparisons Exhibit 3 February 29, 2024 0.00 1.00 2.00 3.00 4.00 5.00 6.00 3 month 2 year 5 year 10 year FY 20-21 end 0.05 0.25 0.87 1.45 FY 21-22 end 1.72 2.92 3.01 2.98 FY 22-23 end 5.43 4.87 4.13 3.81 Feb 29, 2024 5.45 4.56 4.26 4.25 Ma r k e t r a t e ( % ) Yield comparison: market yields Fiscal year ends compared to current 0.00 1.00 2.00 3.00 4.00 5.00 6.00 Yi e l d ( % ) Yield comparison: Securities vs CAMP vs LAIF Three year comparison Securities CAMP LAIF April 16, 2024 Item #1 Page 6 of 24 City of Carlsbad investment portfolio Cash income Exhibit 4 February 29, 2024 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 In t e r e s t I n c o m e Cash income by month 13-month comparison $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000 In t e r e s t I n c o m e Cumulative cash income 13-month comparison, by fiscal year April 16, 2024 Item #1 Page 7 of 24 I • • • • • • • • • • • • ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ '$> I: I: ~ ~ ~'\, ~ f:i ?f ~ ~ ~ '$> <,.'l., ~'b .f. ~"/, -..,v -..,v '?-v c-,'l., 0 ~o <::)'l., -..,'b <,.'l., City of Carlsbad investment portfolio Maturities, calls and purchases this quarter Exhibit 5 CUSIP Issuer Settled Maturity Yield Par value Book value Interest Total Corporate notes 89236TFS9 Toyota 03/07/19 01/08/24 2.95% 1,000,000.00$ 1,000,000.00$ 16,750.00$ 1,016,750.00$ 17325FAS7 Citibank 05/16/19 01/23/24 2.84% 1,000,000.00 1,000,000.00 18,250.00 1,018,250.00 17325FAS7 Citibank 02/13/20 01/23/24 1.77% 2,500,000.00 2,500,000.00 45,625.00 2,545,625.00 17325FAS7 Citibank 02/13/20 01/23/24 1.73% 2,000,000.00 2,000,000.00 36,500.00 2,036,500.00 17325FAS7 Citibank 02/20/20 01/23/24 1.78% 1,500,000.00 1,500,000.00 27,375.00 1,527,375.00 46625HJT8 JP Morgan Chase Bank 10/11/19 02/01/24 3.88% 1,765,000.00 1,765,000.00 34,196.88 1,799,196.88 06048WL40 Bank of America 01/24/22 02/26/24 0.50% 3,000,000.00 3,000,000.00 3,750.00 3,003,750.00 Federal agency 3133EKBW5 Federal Farm Credit Banks 03/06/19 02/27/24 2.61% 1,500,000.00$ 1,500,000.00$ 19,575.00$ 1,519,575.00$ 3133ELNJ9 Federal Farm Credit Banks 02/28/20 02/28/24 1.55% 2,500,000.00 2,500,000.00 19,375.00 2,519,375.00 3130APZV0 Federal Home Loan Banks 11/30/21 02/28/24 0.77% 1,500,000.00 1,500,000.00 5,742.74 1,505,742.74 Mortgage passthrough securities 31398E6W9 FHLM - FHR 3544 BC 08/27/20 01/16/24 0.53%10,047.34$ 10,527.73$ 109.79$ 10,637.52$ 3137F32A1 FHLM - KHG1 A1 04/15/20 01/25/24 1.00%84,550.98 90,628.08 2,710.50 93,338.58 30315EAA4 FRESB - MFM 07/24/20 01/25/24 0.83%1,362.08 1,368.74 613.26 1,982.00 30318NAA1 FRESB - 2021-SB83 02/19/21 01/25/24 0.51%2,340.25 2,351.24 637.53 2,988.77 3137FBTA4 FHLM - FHMS K728 03/10/21 01/25/24 3.06%4,218.24 4,549.93 6,498.52 11,048.45 30321CAQ5 FRESB - 2021-SB88 A5F 07/23/21 01/25/24 0.75%2,790.42 2,803.52 1,232.06 4,035.58 3137BP4J5 FHLM - FHMS K1R1 08/20/21 01/25/24 0.41%42,166.96 44,163.30 2,516.24 46,679.54 30324QAC2 FRESB - 2022-SB94 01/21/22 01/25/24 1.50%7,161.69 7,194.81 5,755.50 12,950.31 30311SAA7 FRESB - 2022-SB97 A5F 04/22/22 01/25/24 0.03%4,964.62 4,767.86 4,998.05 9,765.91 3137BM7B6 FHMS - K051 A1 06/30/22 01/25/24 3.30%90,629.08 89,921.04 5,455.97 95,377.01 3137BL6J2 FHLM - FHMS K048 A1 07/22/22 01/25/24 3.43%71,214.45 70,502.31 1,636.12 72,138.43 30329MAA0 FRESB - 2022-SB103 A5F 10/28/22 01/25/24 4.79%1,948.15 1,745.32 2,568.19 4,313.51 30329QAA1 FRESB - 2022-SB104 A5F 11/18/22 01/25/24 2.60%49,443.67 45,134.06 8,564.42 53,698.48 3138L7D60 FHLM - AM6424 12/19/22 01/25/24 4.21%2,519.89 2,439.57 2,810.36 5,249.93 30332EAA3 FRESB - 2023-SB107 A5F 07/20/23 01/25/24 4.09%371.62 363.54 10,218.42 10,581.96 30333AAA0 FRESB - 2023-SB108 A5F 08/17/23 01/25/24 4.99%789.47 772.46 12,384.07 13,156.53 30334CAA5 FRESB - 2023-SB111 A5F 11/16/23 01/25/24 5.28%140.09 136.95 10,793.10 10,930.05 3132XGRH1 FRESB - FR WN2287 01/27/23 01/25/24 3.93%3,558.96 3,526.71 9,520.04 13,046.75 31398E6W9 FHLM - FHR 3544 BC 08/27/20 02/15/24 0.53%7,799.02 8,171.91 76.30 8,248.21 3137FBTA4 FHLM - FHMS K728 03/10/21 02/26/24 3.06%4,232.76 4,565.59 6,487.75 11,053.34 3137F32A1 FHLM - KHG1 A1 04/15/20 02/26/24 1.00%84,824.76 90,921.54 2,475.09 93,396.63 3137BL6J2 FHLM - FHMS K048 A1 07/22/22 02/26/24 3.43%71,451.35 70,736.84 1,476.54 72,213.38 3137BM7B6 FHMS - K051 A1 06/30/22 02/26/24 3.30%90,959.05 90,248.43 5,237.93 95,486.36 30315EAA4 FRESB - MFM 07/24/20 02/26/24 0.83%1,366.33 1,373.01 612.32 1,985.33 30318NAA1 FRESB - 2021-SB83 02/19/21 02/26/24 0.51%1,878.73 1,887.55 636.42 2,523.97 3137BP4J5 FHLM - FHMS K1R1 08/20/21 02/26/24 0.41%42,323.45 44,327.20 2,430.29 46,757.49 30321CAQ5 FRESB - 2021-SB88 A5F 07/23/21 02/26/24 0.75%2,798.57 2,811.71 1,230.02 4,041.73 30324QAC2 FRESB - 2022-SB94 01/21/22 02/26/24 1.50%7,181.61 7,214.82 5,745.71 12,960.53 30311SAA7 FRESB - 2022-SB97 A5F 04/22/22 02/26/24 2.80%4,977.18 4,779.92 4,990.68 9,770.60 30329MAA0 FRESB - 2022-SB103 A5F 10/28/22 02/26/24 4.99%1,954.39 1,750.91 2,564.81 4,315.72 30329QAA1 FRESB - 2022-SB104 A5F 11/18/22 02/26/24 2.60%4,503.23 4,110.72 8,457.29 12,568.01 3138L7D60 FHLM - AM6424 12/16/22 02/26/24 4.21%2,528.43 2,447.84 2,803.11 5,250.95 3132XGRH1 FRESB - WN2287 01/27/23 02/26/24 3.93%3,572.85 3,540.47 9,508.73 13,049.20 30332EAA3 FRESB - 2023-SB107 A5F 07/20/23 02/26/24 4.09%373.24 365.13 10,217.16 10,582.29 February 29, 2024 Maturities April 16, 2024 Item #1 Page 8 of 24 City of Carlsbad investment portfolio Maturities, calls and purchases this quarter Exhibit 5 February 29, 2024 CUSIP Issuer Settled Maturity Yield Par value Book value Interest Total 35564CAA5 FHLM - SLST 2018 01/11/24 02/26/24 5.37%12,089.17 11,602.30 2,988.22 14,590.52 30333AAA0 FRESB - 2023-SB108 A5F 08/17/23 02/26/24 4.79%792.86 775.77 12,381.28 13,157.05 30334CAA5 FRESB - 2023-SB111 A5F 11/16/23 02/26/24 5.28%140.80 137.65 10,792.55 10,930.20 U.S. Treasury 91282CBE0 U.S. Treasury 11/15/21 01/16/24 0.13% 1,500,000.00$ 1,500,000.00$ 937.50$ 1,500,937.50$ 91282CBE0 U.S. Treasury 12/13/21 01/16/24 0.68% 2,000,000.00 2,000,000.00 1,250.00 2,001,250.00 91282CDV0 U.S. Treasury 06/13/22 01/31/24 2.90% 2,000,000.00 2,000,000.00 8,750.00 2,008,750.00 91282CBM2 U.S. Treasury 06/25/21 02/15/24 0.13% 2,500,000.00 2,500,000.00 1,562.50 2,501,562.50 9128286G0 U.S. Treasury 11/15/21 02/29/24 2.38% 2,500,000.00 2,500,000.00 29,687.50 2,529,687.50 29,490,965.74$ 29,499,666.48$ 449,461.46$ 29,949,127.94$ CUSIP Issuer Settled Maturity Yield Par value Book value Interest Total 06374VBX3 Bank of Montreal 11/15/22 11/15/27 6.25% 4,000,000.00$ 4,000,000.00$ 125,000.00$ 4,125,000.00$ Calls Total 4,000,000.00$ 4,000,000.00$ 125,000.00$ 4,125,000.00$ CUSIP Issuer Settled Maturity Yield First Coupon Par value Book value Certificate of deposit 32026U4X1 First Foundation Bank 01/17/24 01/18/28 4.00%07/17/24 245,000.00$ 245,000.00$ Corporate notes 6944PL2Z1 Pacific Life Global 01/12/24 01/11/29 4.75%07/11/24 1,000,000.00$ 1,006,500.00$ 742718GF0 Proctor & Gamble 02/21/24 01/29/29 4.53%07/29/24 2,000,000.00 1,984,175.26 Federal agency 3130APSR7 Federal Home Loan Bank 01/08/24 11/16/28 4.11%05/16/24 1,500,000.00$ 1,342,500.00$ 3130AYE51 Federal Home Loan Bank 01/08/24 01/02/29 4.95%07/02/24 2,500,000.00 2,501,250.00 3130AYCV6 Federal Home Loan Bank 01/11/24 01/03/29 5.00%07/03/24 2,700,000.00 2,700,000.00 3130APTC9 Federal Home Loan Bank 01/19/24 11/22/28 4.19%05/22/24 1,000,000.00 896,600.00 3130AYPJ9 Federal Home Loan Bank 01/29/24 01/26/28 4.50%07/26/24 2,000,000.00 2,000,000.00 3135GAM81 Federal National Mortgage Assoc02/01/24 01/17/29 5.00%07/17/24 2,500,000.00 2,500,000.00 3130AYRG3 Federal Home Loan Bank 02/05/24 02/05/29 4.40%08/05/24 2,500,000.00 2,500,000.00 3134H1SK0 Federal Home Loan Mortgage Corp02/09/24 02/09/29 4.52%08/09/24 2,500,000.00 2,483,575.00 3130AYVC7 Federal Home Loan Bank 02/13/24 02/09/28 4.62%08/09/24 2,000,000.00 2,000,000.00 3134GXNM2 Federal Home Loan Mortgage Corp02/20/24 03/25/27 4.42%03/25/24 2,000,000.00 1,899,720.00 3130AYWQ5 Federal Home Loan Bank 02/20/24 02/07/29 4.57%08/07/24 2,500,000.00 2,497,500.00 3130AYJR8 Federal Home Loan Bank 02/20/24 01/17/29 4.71%07/17/24 2,000,000.00 1,990,000.00 3133EP3Z6 Federal Farm Credit Banks 02/28/24 02/28/28 4.41%08/28/24 2,000,000.00 1,997,320.00 Mortgage passthrough securities 3132XFGC6 FHLMC FR WN1094 01/08/24 03/01/28 4.48%02/25/24 1,000,000.00$ 884,882.81$ 3140LKEG4 FNMA BS8234 01/09/24 05/01/28 4.45%02/25/24 1,381,540.00 1,378,841.68 3140LBSE4 FNMA BS1416 01/09/24 03/01/28 4.30%02/25/24 1,000,000.00 877,773.44 35564CAA5 FHLMCT SLST 2018 01/11/24 06/25/28 4.80%02/25/24 1,024,532.87 983,271.41 3140HRZS5 FNMA BL0752 01/17/24 01/01/29 4.30%02/25/24 1,500,000.00 1,458,450.00 3140LJJC1 FNMA BS7458 01/17/24 04/01/28 4.77%02/25/24 2,000,000.00 2,003,593.75 Purchases Calls Maturities Total Maturities cont. April 16, 2024 Item #1 Page 9 of 24 City of Carlsbad investment portfolio Maturities, calls and purchases this quarter Exhibit 5 February 29, 2024 CUSIP Issuer Settled Maturity Yield First Coupon Par value Book value 3140NUN54 FNMA BZ0411 01/29/24 01/01/29 4.40%02/25/24 2,000,000.00 1,985,220.00 3140NUFX2 FNMA BZ0181 01/30/24 12/01/28 4.43%02/25/24 3,000,000.00 3,069,720.00 3132XFMP0 FHLMC WN1265 02/06/24 05/01/28 4.61%03/25/24 2,000,000.00 2,007,500.00 3132XFNX2 FHLMC WN1305 02/13/24 11/01/28 4.48%03/25/24 2,000,000.00 1,992,031.25 Municipal bonds 83412PHS4 Solano County CCD 01/22/24 08/01/24 4.23%02/01/24 2,000,000.00$ 1,775,780.00$ 13077DQG0 California State University 02/08/24 11/01/28 4.26%05/01/24 2,500,000.00 2,209,350.00 Purchases total 52,351,072.87$ 51,170,554.60$ Purchases cont. April 16, 2024 Item #1 Page 10 of 24 City of Carlsbad investment portfolio Fund equity in pooled investments Exhibit 6 Cash balance by fund: General 163,532,435$ Special revenue 34,534,059 Capital projects: Infrastructure replacement 119,300,877 Special districts 110,112,191 General capital construction 48,733,352 Public facilities fees 31,865,720 Traffic impact fees 21,832,862 Gas tax 18,060,232 Park development 16,573,377 Technology investment 14,781,965 TransNet taxes 4,732,822 Drainage fees 5,112,842 Capital project subtotal 391,106,240 Enterprise: Carlsbad Municipal Water District 147,492,356 Sewer fund 48,227,952 Storm water 5,680,587 Solid waste 3,939,329 Golf course 6,833,288 Enterprise subtotal 212,173,512 Internal service 72,522,760 Fiduciary 7,104,049 Total general ledger balance **880,973,054 Reconciling adjustments (1)3,261,627 884,234,681$ **Figures based on best estimate at the time report run on 03/12/2024. Total treasurer's investment portfolio at amortized cost (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. February 29, 2024 April 16, 2024 Item #1 Page 11 of 24 City of Carlsbad investment portfolio Security ratings and outlooks Exhibit 7 Issuer Moody's S&P Fitch Outlook Corporate notes 3M Company (Merck & Co)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-Positive/ /Stable Bank of Montreal A2 N/A AA-Stable Bank of New York Mellon Corp A1 A AA-Neg/Stable/Stable Blackrock Inc AA3 AA-Stable/Stable/ BLC Commuity Bank A2 N/A AA-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/ New York Life AAA AA+ AAA Stable Nike Inc.A1 AA-Stable/Stable/ Novartis Capital Corp A1 AA- AA-Positive/Stable Pacific Life Global AA3 AA- AA-Stable Private Export Funding AAA N/A AA+Stable Procter & Gamble AA3 AA-Stable/Stable/ Roche Holdings Inc AA2 AA AA Stable Royal Bank of Canada A1 A AA-Stable/Stable/Stable Seattle Children's Hospital AA2 N/A AA Stable Visa Inc.AA3 AA-Stable/Stable/ Wal-Mart AA2 AA AA Stable/Stable/Stable Mortgage passthrough securities FHLMC AAA AA+Stable FNMA AAA AA+Stable FRESB AAA AA+Stable Municipal Bonds Ada/Canyon Cty SD AA1 AA+Stable Alief Independent School Dist AAA AAA Amarillo Independent SD AAA AAA Stable Bay Area Water & Utl AA3 AA- Cache County SD AAA AAA1 AAA1 Stable California State University AA2 AA- Ratings of corporate notes must be AA or better by one and A or better by another of the three: Moody's, S&P, or Fitch. Ratings of mortgage passthrough securities must be AA or better by one of the three: Moody's, S&P, or Fitch. February 29, 2024 * April 16, 2024 Item #1 Page 12 of 24 City of Carlsbad investment portfolio Security ratings and outlooks Exhibit 7 Issuer Moody's S&P Fitch Outlook February 29, 2024 City of Anaheim N/A AA+ Contra Costa Cmty College AA1 AA+ County of Multnomah OR AAA AAA Stable Fremont CA Unified AA2 AA-Stable Honolulu Wastewater AA3 N/A AA-Stable Los Angeles Cmty Clg Dist AAA AA+ Los Angeles Unified SD AA3 AA-Stable Los Angeles Water & Power AA2 AA-Stable Marion County SD AA1 N/A AA+Stable Mason/Kitsap Cty SD AAA N/A AA+Stable Minnesota State AAA AAA AAA Stable Oregon State Dept Admin Serv AA2 AA Oregon State Dept of Transp AA1 AAA AA+Stable Pajaro Valley Unified SD AA3 A+ Portland Cmty College AA1 N/A AA+Stable San Bernardino CCD AA1 AA Stable San Diego Cmty College AA1 AAA Stable San Francisco City Pub Utl N/A AA- San Jose Evergreen CC AA1 AA+Stable San Jose Redevelopment N/A AA AA Stable San Ramon Valley USD AA1 AA+ Santa Barbara CA USD AA1 AA Stable Santa Monica Cmty College AA2 AA+ Solano County Cmty College AA2 AA Stable Southern CA Public Power N/A AA- AA-Stable State of California AA2 AA- AA Stable/positive/stable State of Connecticut AA3 AA- State of Hawaii AA2 AA+ AA Stable Texas Tech University AA1 AA+Stable University of California AA2 AA AA Stable Corporate notes Moody's S&P Fitch Maturity date Purchased Book value Merck & Co A1 A+03/07/24 10/08/19 1,503,364$ 1,503,364$ Investments with subsequent changes in credit rating * * 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. The current exception is paying interest at the required times. The principal of the investment is considered secure. It is the intent of the City Treasurer to hold the asset in the portfolio until maturity unless events indicate they shoud be sold. Ratings of municipal bonds must be AA or better by one and A or better by another of the three: Moody's, S&P, or Fitch. April 16, 2024 Item #1 Page 13 of 24 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer Exhibit 8 Issuer Amortized cost Portfolio allocation Corporate notes 3M Company (Meric)1,500,306$ 0.17% Amazon.com Inc.4,518,585 0.51% Apple Inc.1,524,244 0.17% Bank of America 13,494,770 1.53% Bank of Montreal 2,000,000 0.23% Bank of New York Mellon 6,077,283 0.69% Blackrock Inc.7,006,857 0.79% BLC Community Bank (Bank of Montreal)2,450,000 0.28% CME Group 2,831,809 0.32% Colgate-Palmolive 1,962,275 0.22% Florida Power & Light 3,736,562 0.42% Johnson & Johnson 11,471,818 1.30% JP Morgan Chase Bank 23,081,327 2.61% Massmutual Global 3,766,460 0.43% Merck & Co 1,494,201 0.17% Met Life Global 5,144,405 0.58% Microsoft 4,142,624 0.47% New York Life 3,364,928 0.38% Nike Inc.2,923,595 0.33% Novartis Capital Corp 3,323,707 0.38% Pacific Life Global 1,006,323 0.11% Private Export Funding Corp.2,504,856 0.28% Procter & Gamble 10,834,611 1.23% Roche Holdings Inc 1,795,418 0.20% Royal Bank of Canada 6,996,170 0.79% Seattle Children's Hospital 879,812 0.10% Visa Inc.1,296,263 0.15% Wal-Mart 6,526,110 0.74% Mortgage passthrough securities FAMCA 3,559,027 0.40% FHLMC 18,183,415 2.06% FNMA 11,715,068 1.32% FRESB 24,554,870 2.78% Federal agencies Federal Agricultural Mortgage Corp.23,147,365 2.62% Federal Farm Credit Bank 83,479,891 9.44% Federal Home Loan Bank 139,067,569 15.73% Federal Home Loan Mortgage Corp.60,081,314 6.79% February 29, 2024 April 16, 2024 Item #1 Page 14 of 24 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer Exhibit 8 Issuer Amortized cost Portfolio allocation February 29, 2024 Federal National Mortgage Assoc.35,914,327 4.06% Tennessee Valley Authority 1,013,792 0.11% Municipal Bonds Ada/Canyon Cty SD 1,530,322 0.17% Alief Independent SD 1,970,311 0.22% Amarillo Independent SD 1,790,171 0.20% Bay Area Water 1,194,584 0.14% Cache County SD 3,274,236 0.37% California State University 2,213,275 0.25% City of Anaheim 1,504,282 0.17% Contra Costa Cmty College 921,062 0.10% County of Multnomah OR 2,001,782 0.23% Fremont CA Unified 1,834,766 0.21% Honolulu Wastewater 1,410,923 0.16% Los Angeles Cmty College 2,029,969 0.23% Los Angeles Unified SD 3,690,331 0.42% Los Angeles Water & Power 1,564,376 0.18% Marion County SD 1,882,656 0.21% Mason/Kitsap Cty SD 640,000 0.07% Minnesota State 1,215,000 0.14% Oregon State Dept of Admin Services 949,449 0.11% Oregon State Dept of Transp 3,200,168 0.36% Pajaro Valley USD 1,174,355 0.13% Portland CC 1,101,430 0.12% San Bernardino CCD 1,367,828 0.15% San Diego Cmty College 5,143,865 0.58% San Francisco City Pub Utl 1,000,813 0.11% San Jose Evergreen CC 774,232 0.09% San Jose Redevelpment 4,053,227 0.46% San Ramon Valley SD 876,406 0.10% Santa Barbara CA USD 944,491 0.11% Santa Monica Cmty College 505,857 0.06% Solano County Cmty College 1,781,148 0.20% Southern CA Public Power 2,448,127 0.28% State of California 15,377,620 1.74% State of Connecticut 2,856,261 0.32% State of Hawaii 7,983,282 0.90% Texas Tech University 5,721,096 0.65% University of California 6,255,656 0.71% April 16, 2024 Item #1 Page 15 of 24 City of Carlsbad investment portfolio Portfolio allocation at amortized cost by issuer Exhibit 8 Issuer Amortized cost Portfolio allocation February 29, 2024 Other Supranational 19,420,452 2.20% US Treasury 60,054,174 6.79% Certificate of deposits 22,000,516 2.49% Cash 150,204,225 16.99% Total portfolio amortized cost 884,234,681$ 100.00% Policy: Corporate notes, mortgage passthrough securities, municpal bonds, and supranational securities may have no more than 5% invested with a single issuer. Certificates of deposit may have no more than 10% invested with any single issuer. Federal agencies and U.S. Treasury do not have issuer limitations April 16, 2024 Item #1 Page 16 of 24 City of Carlsbad investment portfolio Investment detail Exhibit 9 CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return 3130A0XE5 03/08/19 03/08/24 Federal Home Loan Banks 3,000,000.00 3,100,851.00 2.530%487,500.00 3,487,500.00 3133EKGD2 04/09/19 04/05/24 Federal Farm Credit Banks 2,000,000.00 1,994,380.00 2.360%229,105.56 2,229,105.56 3133EMXB3 04/23/21 04/22/24 Federal Farm Credit Banks 2,000,000.00 2,000,000.00 0.340%20,381.11 2,020,381.11 3134GWZT6 04/05/21 04/23/24 Federal Home Loan Mortgage Corp 1,000,000.00 997,570.00 0.400%9,760.00 1,009,760.00 3130AGEF8 05/09/19 05/07/24 Federal Home Loan Banks 1,000,000.00 1,005,320.00 2.287%119,866.67 1,119,866.67 3133EKNX0 08/28/19 06/03/24 Federal Farm Credit Banks 1,470,000.00 1,517,378.10 1.457%151,263.00 1,621,263.00 3135GA5Y3 11/29/21 06/14/24 Federal National Mortgage Assoc 2,000,000.00 1,976,200.00 0.849%19,062.50 2,019,062.50 3133EKEC6 08/28/19 06/25/24 Federal Farm Credit Banks 1,183,000.00 1,237,524.47 1.457%139,845.39 1,322,845.39 3133ELQ56 03/21/22 07/02/24 Federal Farm Credit Banks 2,005,000.00 1,942,243.50 1.980%26,063.33 2,031,063.33 3130AP7D1 12/10/21 07/19/24 Federal Home Loan Banks 2,000,000.00 1,978,000.00 0.878%23,475.00 2,023,475.00 3133ELX66 07/24/20 07/22/24 Federal Farm Credit Banks 2,000,000.00 2,000,000.00 0.440%35,151.11 2,035,151.11 3133EKWV4 08/08/19 07/26/24 Federal Farm Credit Banks 2,500,000.00 2,532,125.00 1.582%229,708.33 2,729,708.33 3134GW4X1 10/29/20 07/29/24 Federal Home Loan Mortgage Corp 3,000,000.00 3,000,000.00 0.375%42,187.50 3,042,187.50 3130AGWK7 11/10/20 08/15/24 Federal Home Loan Banks 4,000,000.00 4,191,800.00 1.500%255,833.33 4,255,833.33 3133EKQA7 08/30/19 09/10/24 Federal Farm Credit Banks 2,500,000.00 2,572,420.00 1.480%261,444.44 2,761,444.44 880591ER9 02/19/21 09/15/24 Tennessee Valley Authority 1,000,000.00 1,091,424.00 0.300%102,701.39 1,102,701.39 3134GWVM5 10/22/20 09/30/24 Federal Home Loan Mortgage Corp 3,000,000.00 3,000,000.00 0.350%41,358.33 3,041,358.33 3134GWVM5 11/06/20 09/30/24 Federal Home Loan Mortgage Corp 1,170,000.00 1,170,000.00 0.350%15,970.50 1,185,970.50 3130ALRK2 03/30/21 09/30/24 Federal Home Loan Banks 1,500,000.00 1,500,000.00 0.520%27,300.00 1,527,300.00 31422XMV1 10/04/21 10/04/24 Federal Agricultural Mortgage Corp 2,000,000.00 2,000,000.00 0.500%30,000.00 2,030,000.00 3133EK3B0 11/25/20 10/16/24 Federal Farm Credit Banks 1,400,000.00 1,466,052.00 0.280%81,725.00 1,481,725.00 31422BPG9 11/15/19 11/01/24 Federal Agricultural Mortgage Corp 2,000,000.00 1,999,720.00 1.793%177,607.78 2,177,607.78 3133EC2D5 07/10/20 11/13/24 Federal Farm Credit Banks 1,621,000.00 1,751,360.82 0.390%159,055.22 1,780,055.22 3135G06E8 11/18/20 11/18/24 Federal National Mortgage Assoc 2,000,000.00 2,000,000.00 0.420%33,600.00 2,033,600.00 3130APVZ5 12/02/21 12/02/24 Federal Home Loan Banks 1,900,000.00 1,900,000.00 1.050%59,850.00 1,959,850.00 3130AQ5L3 12/16/21 12/16/24 Federal Home Loan Banks 2,000,000.00 2,000,000.00 0.500%70,000.00 2,070,000.00 3130AKLQ7 12/30/20 12/30/24 Federal Home Loan Banks 4,000,000.00 4,000,000.00 0.310%49,600.00 4,049,600.00 3134GXYX6 07/07/22 12/30/24 Federal Home Loan Mortgage Corp 2,500,000.00 2,500,000.00 3.348%207,746.53 2,707,746.53 3130AJSF7 05/27/21 01/08/25 Federal Home Loan Banks 2,000,000.00 2,000,000.00 0.648%46,980.56 2,046,980.56 3130ASLP2 07/21/22 01/21/25 Federal Home Loan Banks 2,000,000.00 2,000,000.00 3.500%175,000.00 2,175,000.00 3130AN7L8 07/28/21 01/28/25 Federal Home Loan Banks 1,750,000.00 1,750,000.00 0.520%31,850.00 1,781,850.00 3133EMPV8 02/03/21 02/03/25 Federal Farm Credit Banks 2,000,000.00 2,000,000.00 0.320%25,600.00 2,025,600.00 3134GWMN3 08/27/20 02/27/25 Federal Home Loan Mortgage Corp 2,500,000.00 2,500,000.00 0.520%58,500.00 2,558,500.00 3130A4CH3 04/09/20 03/14/25 Federal Home Loan Banks 3,000,000.00 3,231,300.00 0.778%351,302.08 3,351,302.08 3130A4CH3 02/18/21 03/14/25 Federal Home Loan Banks 1,500,000.00 1,620,240.00 0.389%145,072.92 1,645,072.92 3134GWP26 06/07/21 03/28/25 Federal Home Loan Mortgage Corp 1,000,000.00 998,500.00 0.540%19,041.67 1,019,041.67 3130AMRJ3 06/28/21 03/28/25 Federal Home Loan Banks 3,120,000.00 3,122,340.00 0.500%70,200.00 3,190,200.00 3133EMWH1 04/21/21 04/21/25 Federal Farm Credit Banks 1,500,000.00 1,500,000.00 0.710%42,600.00 1,542,600.00 3130APA39 09/30/22 04/21/25 Federal Home Loan Banks 1,055,000.00 963,215.00 4.287%17,813.67 1,072,813.67 3135GAA43 12/23/20 04/23/25 Federal National Mortgage Assoc 3,000,000.00 3,000,000.00 0.500%65,000.00 3,065,000.00 3134GWYW0 10/30/20 04/30/25 Federal Home Loan Mortgage Corp 2,000,000.00 2,000,000.00 0.500%45,111.12 2,045,111.12 3133ELC28 06/03/20 05/27/25 Federal Farm Credit Banks 3,500,000.00 3,499,300.00 0.734%127,324.17 3,627,324.17 3134GVB31 06/03/20 05/28/25 Federal Home Loan Mortgage Corp 2,000,000.00 2,000,000.00 0.750%74,791.66 2,074,791.66 3135GA5S6 12/16/20 06/16/25 Federal National Mortgage Assoc 2,000,000.00 2,000,000.00 0.450%40,500.00 2,040,500.00 3135G04Z3 01/11/21 06/17/25 Federal National Mortgage Assoc 3,000,000.00 3,014,640.00 0.389%66,500.00 3,066,500.00 3135G04Z3 05/20/21 06/17/25 Federal National Mortgage Assoc 2,000,000.00 1,991,940.00 0.600%40,750.00 2,040,750.00 3136G4XZ1 07/01/20 06/30/25 Federal National Mortgage Assoc 2,500,000.00 2,500,000.00 0.740%92,448.61 2,592,448.61 3133EMMP4 01/15/21 07/14/25 Federal Farm Credit Banks 2,225,000.00 2,218,325.00 0.457%39,024.65 2,264,024.65 3137EAEU9 09/14/20 07/21/25 Federal Home Loan Mortgage Corp 1,500,000.00 1,499,625.00 0.380%27,296.87 1,527,296.87 3133ELZ80 07/29/20 07/29/25 Federal Farm Credit Banks 3,000,000.00 3,000,000.00 0.580%87,000.00 3,087,000.00 3133EMFC1 10/29/20 07/29/25 Federal Farm Credit Banks 3,000,000.00 3,000,000.00 0.530%75,525.00 3,075,525.00 3134GWXM3 10/01/20 07/30/25 Federal Home Loan Mortgage Corp 2,000,000.00 2,000,000.00 0.510%49,271.67 2,049,271.67 3133EL3P7 08/12/20 08/12/25 Federal Farm Credit Banks 3,500,000.00 3,500,000.00 0.530%92,750.00 3,592,750.00 3136G4C43 08/14/20 08/14/25 Federal National Mortgage Assoc 2,000,000.00 2,000,000.00 0.650%65,000.00 2,065,000.00 3136G4H71 11/06/20 08/18/25 Federal National Mortgage Assoc 2,000,000.00 1,999,000.00 0.500%47,833.33 2,047,833.33 3136G4K77 08/21/20 08/21/25 Federal National Mortgage Assoc 2,000,000.00 2,000,000.00 0.450%45,000.00 2,045,000.00 3136G4X24 08/31/20 08/29/25 Federal National Mortgage Assoc 3,000,000.00 3,000,000.00 0.600%89,900.00 3,089,900.00 3137EAEX3 10/22/20 09/23/25 Federal Home Loan Mortgage Corp 4,000,000.00 3,989,280.00 0.430%73,791.67 4,073,791.67 3137EAEX3 12/28/20 09/23/25 Federal Home Loan Mortgage Corp 3,000,000.00 2,996,460.00 0.400%53,281.25 3,053,281.25 3133EMCP5 10/14/20 10/14/25 Federal Farm Credit Banks 1,500,000.00 1,500,000.00 0.520%39,000.00 1,539,000.00 3132X0CK5 11/01/22 10/14/25 Federal Agricultural Mortgage Corp 1,650,000.00 1,645,264.50 2.153%184,415.59 1,834,415.59 3134GWXX9 10/15/20 10/15/25 Federal Home Loan Mortgage Corp 3,000,000.00 3,000,000.00 0.550%82,500.00 3,082,500.00 3135G06A6 12/11/20 10/20/25 Federal National Mortgage Assoc 2,410,000.00 2,408,795.00 0.590%67,909.78 2,477,909.78 3133EMDZ2 12/09/20 10/21/25 Federal Farm Credit Banks 3,000,000.00 2,994,300.00 0.560%75,920.00 3,075,920.00 3133EMFR8 11/03/20 11/03/25 Federal Farm Credit Banks 4,500,000.00 4,500,000.00 0.540%121,500.00 4,621,500.00 3135G06G3 12/29/20 11/07/25 Federal National Mortgage Assoc 3,000,000.00 3,012,960.00 0.410%72,833.34 3,072,833.34 3130ALFF6 03/10/21 12/10/25 Federal Home Loan Banks 1,750,000.00 1,750,000.00 0.650%54,031.25 1,804,031.25 31422XAT9 03/02/21 12/15/25 Federal Agricultural Mortgage Corp 3,000,000.00 3,000,000.00 0.520%74,663.33 3,074,663.33 3134GXFV1 12/17/20 12/17/25 Federal Home Loan Mortgage Corp 5,000,000.00 5,000,000.00 0.625%156,250.00 5,156,250.00 3134GXHD9 03/24/21 12/23/25 Federal Home Loan Mortgage Corp 1,500,000.00 1,489,500.00 0.700%49,845.83 1,549,845.83 February 29, 2024 Federal investments April 16, 2024 Item #1 Page 17 of 24 City of Carlsbad investment portfolio Investment detail Exhibit 9 CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return February 29, 2024 3135G06Q1 12/30/20 12/30/25 Federal National Mortgage Assoc 2,500,000.00 2,504,125.00 0.474%80,000.00 2,580,000.00 3130AKMZ6 01/14/21 01/14/26 Federal Home Loan Banks 4,000,000.00 4,000,000.00 0.510%102,000.00 4,102,000.00 3130AKMZ6 01/14/21 01/14/26 Federal Home Loan Banks 1,750,000.00 1,747,375.00 0.540%44,625.00 1,794,625.00 31422B6K1 01/25/21 01/15/26 Federal Agricultural Mortgage Corp 1,500,000.00 1,500,000.00 0.480%35,800.00 1,535,800.00 3130AKN69 01/28/21 01/28/26 Federal Home Loan Banks 3,000,000.00 3,000,000.00 0.500%75,000.00 3,075,000.00 3130AKRF5 02/09/21 02/09/26 Federal Home Loan Banks 2,050,000.00 2,050,000.00 0.350%14,575.00 2,064,575.00 3130AKVR4 02/12/21 02/12/26 Federal Home Loan Banks 2,000,000.00 2,000,000.00 0.550%55,000.00 2,055,000.00 3130AKVV5 02/18/21 02/18/26 Federal Home Loan Banks 4,000,000.00 4,000,000.00 0.500%100,000.00 4,100,000.00 3133EMSH6 03/03/21 03/03/26 Federal Farm Credit Banks 674,000.00 674,000.00 0.790%26,623.00 700,623.00 3133EMSU7 03/09/21 03/09/26 Federal Farm Credit Banks 3,500,000.00 3,500,000.00 0.800%140,000.00 3,640,000.00 3130ALH56 03/18/21 03/18/26 Federal Home Loan Banks 3,000,000.00 2,997,000.00 0.750%112,500.00 3,112,500.00 3130ALUQ5 03/30/21 03/30/26 Federal Home Loan Banks 1,500,000.00 1,500,000.00 0.300%22,500.00 1,522,500.00 31422XCX8 04/20/21 04/20/26 Federal Agricultural Mortgage Corp 2,000,000.00 2,000,000.00 1.000%100,000.00 2,100,000.00 3130ALVB7 04/21/21 04/21/26 Federal Home Loan Banks 2,000,000.00 1,998,500.00 0.915%90,000.00 2,090,000.00 3130AM4L3 04/29/21 04/29/26 Federal Home Loan Banks 4,000,000.00 4,000,000.00 0.500%100,000.00 4,100,000.00 31422XFP2 05/04/21 05/04/26 Federal Agricultural Mortgage Corp 2,500,000.00 2,500,000.00 0.950%118,750.00 2,618,750.00 3130AMCL4 09/30/22 05/19/26 Federal Home Loan Banks 1,100,000.00 979,726.00 4.300%40,797.17 1,140,797.17 3130AMHN5 05/26/21 05/26/26 Federal Home Loan Banks 2,500,000.00 2,500,000.00 0.500%112,500.00 2,612,500.00 31422XGL0 05/27/21 05/27/26 Federal Agricultural Mortgage Corp 2,000,000.00 2,000,000.00 0.920%92,000.00 2,092,000.00 3130AMQK1 06/16/21 06/16/26 Federal Home Loan Banks 2,000,000.00 2,000,000.00 0.500%94,000.00 2,094,000.00 3130AMQK1 06/16/21 06/16/26 Federal Home Loan Banks 2,500,000.00 2,500,000.00 0.500%117,500.00 2,617,500.00 3133EML67 06/22/21 06/22/26 Federal Farm Credit Banks 2,000,000.00 1,993,160.00 0.870%80,000.00 2,080,000.00 3130AMTW2 06/30/21 06/30/26 Federal Home Loan Banks 4,500,000.00 4,500,000.00 0.500%186,750.00 4,686,750.00 3130AMWN8 06/30/21 06/30/26 Federal Home Loan Banks 2,000,000.00 2,000,000.00 0.550%88,000.00 2,088,000.00 3130ANCH1 07/27/21 07/27/26 Federal Home Loan Banks 2,500,000.00 2,500,000.00 1.000%125,000.00 2,625,000.00 3130ANL57 08/25/21 08/25/26 Federal Home Loan Banks 3,500,000.00 3,494,750.00 0.906%153,125.00 3,653,125.00 31422XLY6 09/01/21 09/01/26 Federal Agricultural Mortgage Corp 4,000,000.00 4,000,000.00 0.900%180,000.00 4,180,000.00 3133EM3T7 09/07/21 09/01/26 Federal Farm Credit Banks 3,000,000.00 2,997,750.00 0.885%130,065.00 3,130,065.00 31422XNB4 09/30/21 09/30/26 Federal Agricultural Mortgage Corp 2,500,000.00 2,500,000.00 0.860%107,798.60 2,607,798.60 3133ENAF7 12/27/21 10/07/26 Federal Farm Credit Banks 2,500,000.00 2,469,000.00 1.268%119,444.44 2,619,444.44 3133ENT26 10/19/22 10/19/26 Federal Farm Credit Banks 3,000,000.00 3,000,000.00 5.300%636,000.00 3,636,000.00 3134GW6C5 02/15/22 10/28/26 Federal Home Loan Mortgage Corp 4,500,000.00 4,266,900.00 1.958%169,300.00 4,669,300.00 3130APJZ9 02/25/22 10/28/26 Federal Home Loan Banks 3,500,000.00 3,378,200.00 1.979%210,000.00 3,710,000.00 3133ENFP0 12/09/21 11/30/26 Federal Farm Credit Banks 2,950,000.00 2,952,950.00 1.408%167,958.25 3,117,958.25 3130AQF65 01/14/22 12/21/26 Federal Home Loan Banks 1,550,000.00 1,532,857.00 1.483%95,637.15 1,645,637.15 3130AQMX8 02/07/22 01/26/27 Federal Home Loan Banks 1,250,000.00 1,245,000.00 1.331%112,070.31 1,362,070.31 3130AQJR5 12/14/23 01/27/27 Federal Home Loan Banks 2,000,000.00 1,820,000.00 4.631%105,000.00 2,105,000.00 3130AQLD3 03/29/22 01/28/27 Federal Home Loan Banks 2,500,000.00 2,384,750.00 2.776%211,336.81 2,711,336.81 3130ARAB7 06/24/22 03/25/27 Federal Home Loan Banks 2,000,000.00 1,941,720.00 3.420%260,791.67 2,260,791.67 3134GXNM2 02/20/24 03/25/27 Federal Home Loan Mortgage Corp 2,000,000.00 1,899,720.00 4.419%186,700.00 2,186,700.00 3130ARL58 06/10/22 04/26/27 Federal Home Loan Banks 4,000,000.00 3,982,764.44 3.198%589,235.56 4,589,235.56 3133EPJP1 05/12/23 05/12/27 Federal Farm Credit Banks 2,000,000.00 1,999,260.00 3.620%290,000.00 2,290,000.00 3130ASCT4 06/28/22 06/28/27 Federal Home Loan Banks 2,500,000.00 2,500,000.00 3.250%406,250.00 2,906,250.00 3130ASF46 06/30/22 06/30/27 Federal Home Loan Banks 2,500,000.00 2,500,000.00 3.500%437,500.00 2,937,500.00 3130ASLA5 09/13/23 07/26/27 Federal Home Loan Banks 1,915,000.00 1,891,497.21 4.850%344,700.00 2,259,700.00 3133ENL99 09/30/22 09/15/27 Federal Farm Credit Banks 2,500,000.00 2,432,200.00 3.983%418,359.37 2,918,359.37 3133EPXB6 09/28/23 09/28/27 Federal Farm Credit Banks 2,000,000.00 1,993,860.00 4.625%370,000.00 2,370,000.00 3130AW6F2 05/22/23 11/22/27 Federal Home Loan Banks 1,500,000.00 1,500,000.00 5.000%337,500.00 1,837,500.00 3133EPJ30 12/06/23 12/06/27 Federal Farm Credit Banks 2,000,000.00 2,000,000.00 5.380%430,400.00 2,430,400.00 3133EN3S7 12/07/22 12/07/27 Federal Farm Credit Banks 3,000,000.00 2,995,920.00 3.780%562,500.00 3,562,500.00 3134H1GH0 10/30/23 12/30/27 Federal Home Loan Mortgage Corp 1,500,000.00 1,488,900.00 5.201%312,500.00 1,812,500.00 3130AYPJ9 01/29/24 01/26/28 Federal Home Loan Banks 2,000,000.00 2,000,000.00 4.500%359,500.00 2,359,500.00 3130AUQA5 02/02/23 02/02/28 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.050%506,250.00 3,006,250.00 3130AYVC7 02/13/24 02/09/28 Federal Farm Credit Banks 2,000,000.00 2,000,000.00 4.625%370,000.00 2,370,000.00 3130AUW59 03/08/23 02/17/28 Federal Home Loan Banks 1,500,000.00 1,480,500.00 4.240%318,000.00 1,818,000.00 3133EP3Z6 02/28/24 02/28/28 Federal Farm Credit Banks 2,000,000.00 1,997,320.00 4.375%350,000.00 2,350,000.00 313382GT4 11/15/23 03/10/28 Federal Home Loan Banks 2,500,000.00 2,333,600.00 4.720%337,500.00 2,837,500.00 3133EPDC6 03/13/23 03/13/28 Federal Farm Credit Banks 1,000,000.00 1,000,000.00 5.350%267,500.00 1,267,500.00 3133EPFU4 04/12/23 04/12/28 Federal Farm Credit Banks 2,500,000.00 2,496,600.00 3.530%437,500.00 2,937,500.00 3130AVK50 04/24/23 04/24/28 Federal Home Loan Banks 1,500,000.00 1,500,000.00 5.000%375,000.00 1,875,000.00 3130ALZW7 12/14/23 04/28/28 Federal Home Loan Banks 1,000,000.00 895,070.00 4.362%76,500.00 1,076,500.00 3130AVZQ8 04/12/23 05/17/28 Federal Home Loan Banks 1,880,000.00 1,871,070.00 5.150%460,600.00 2,340,600.00 3133EPMA0 06/09/23 06/09/28 Federal Farm Credit Banks 1,500,000.00 1,500,000.00 4.690%351,750.00 1,851,750.00 3134H1GL1 10/18/23 07/18/28 Federal Home Loan Mortgage Corp 2,500,000.00 2,493,750.00 5.002%593,750.00 3,093,750.00 3134H1GL1 11/01/23 07/18/28 Federal Home Loan Mortgage Corp 2,000,000.00 1,982,760.00 5.210%475,000.00 2,475,000.00 3134GYXX5 09/12/23 07/26/28 Federal Home Loan Mortgage Corp 1,750,000.00 1,747,375.00 5.650%494,375.00 2,244,375.00 3133EPTA3 09/07/23 08/14/28 Federal Farm Credit Banks 1,000,000.00 1,000,000.00 5.108%255,500.00 1,255,500.00 3134H1BP7 10/13/23 09/11/28 Federal Home Loan Mortgage Corp 1,000,000.00 995,750.00 5.148%252,500.00 1,252,500.00 3134H1BP7 09/11/23 09/11/28 Federal Home Loan Mortgage Corp 3,000,000.00 2,974,500.00 5.245%757,500.00 3,757,500.00 3134H1CM3 11/17/23 09/25/28 Federal Home Loan Mortgage Corp 1,500,000.00 1,477,875.00 4.843%327,750.00 1,827,750.00 3130AP6J9 12/06/23 10/05/28 Federal Home Loan Banks 2,000,000.00 1,745,060.00 4.300%135,000.00 2,135,000.00 April 16, 2024 Item #1 Page 18 of 24 City of Carlsbad investment portfolio Investment detail Exhibit 9 CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return February 29, 2024 3130APSR7 01/08/24 11/16/28 Federal Farm Credit Banks 1,500,000.00 1,342,500.00 4.107%127,500.00 1,627,500.00 3130APTC9 01/19/24 11/22/28 Federal Home Loan Banks 1,000,000.00 896,600.00 4.193%90,000.00 1,090,000.00 3130AYE51 01/08/24 01/02/29 Federal Home Loan Banks 2,500,000.00 2,501,250.00 4.947%623,958.34 3,123,958.34 3130AYCV6 01/11/24 01/03/29 Federal Home Loan Banks 2,700,000.00 2,700,000.00 5.000%675,000.00 3,375,000.00 3135GAM81 02/01/24 01/17/29 Federal National Mortgage Assoc 2,500,000.00 2,500,000.00 5.000%624,305.56 3,124,305.56 3130AYJR8 02/20/24 01/17/29 Federal Home Loan Banks 2,000,000.00 1,990,000.00 4.714%460,000.00 2,460,000.00 3130AYRG3 02/05/24 02/05/29 Federal Home Loan Banks 2,500,000.00 2,500,000.00 4.400%550,000.00 3,050,000.00 3130AYWQ5 02/20/24 02/07/29 Federal Home Loan Banks 2,500,000.00 2,497,500.00 4.572%568,118.05 3,068,118.05 3134H1SK0 02/09/24 02/09/29 Federal Home Loan Mortgage Corp 2,500,000.00 2,483,575.00 4.375%546,875.00 3,046,875.00 Total federal investments 344,278,000.00$ 343,133,893.04$ 1.811%27,633,416.32$ 371,911,416.32$ CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return 459056HV2 08/29/19 08/28/24 International Bank for Recon & Devel 2,000,000.00 2,006,920.00 1.428%149,916.67 2,149,916.67 45818WCW4 11/03/21 10/15/24 Inter-American Development Bank 1,440,000.00 1,419,552.00 0.828%14,443.20 1,454,443.20 45950KCR9 02/04/21 10/16/24 International Finance Corporation 2,000,000.00 2,079,800.00 0.290%101,750.00 2,101,750.00 45905U6L3 01/14/21 11/20/25 International Bank for Recon & Devel 2,000,000.00 2,250,220.00 0.510%303,125.00 2,303,125.00 45950VPJ9 01/25/21 01/15/26 International Finance Corporation 2,000,000.00 2,007,840.00 0.500%57,677.78 2,057,677.78 4581X0DV7 04/23/21 04/20/26 Inter-American Development Bank 3,000,000.00 3,000,720.00 0.870%131,031.25 3,131,031.25 45950VPY6 05/28/21 05/15/26 International Finance Corporation 2,000,000.00 2,000,000.00 0.500%49,638.89 2,049,638.89 45906M4E8 07/31/23 06/26/28 International Bank for Recon & Devel 1,250,000.00 1,240,000.00 4.684%281,250.00 1,531,250.00 45906M4E8 09/07/23 06/26/28 International Bank for Recon & Devel 1,700,000.00 1,686,400.00 4.500%382,500.00 2,082,500.00 459058KW2 09/28/23 08/01/28 International Bank for Recon & Devel 2,000,000.00 1,991,960.00 4.720%448,368.06 2,448,368.06 Total supranationals 19,390,000.00$ 19,683,412.00$ 1.687%1,919,700.85$ 21,309,700.85$ CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return 91282CEG2 06/13/22 03/31/24 U.S. Treasury 2,000,000.00 1,984,020.24 2.970%80,901.64 2,080,901.64 91282CBV2 12/07/21 04/15/24 U.S. Treasury 2,000,000.00 1,985,937.50 0.677%17,657.97 2,017,657.97 9128286R6 03/17/22 04/30/24 U.S. Treasury 2,000,000.00 2,011,875.00 1.961%94,972.38 2,094,972.38 91282CCC3 12/07/21 05/15/24 U.S. Treasury 2,000,000.00 1,978,437.50 0.697%12,196.13 2,012,196.13 912828WJ5 10/21/22 05/15/24 U.S. Treasury 1,750,000.00 1,694,057.40 2.500%68,597.15 1,818,597.15 9128286Z8 03/01/21 06/30/24 U.S. Treasury 2,500,000.00 2,614,215.00 0.370%145,873.62 2,645,873.62 91282CCL3 10/21/22 07/15/24 U.S. Treasury 3,000,000.00 2,789,648.44 4.302%19,504.08 3,019,504.08 912828YH7 01/14/21 09/30/24 U.S. Treasury 2,000,000.00 2,088,448.94 1.500%111,263.74 2,111,263.74 9128282Y5 10/21/22 09/30/24 U.S. Treasury 2,000,000.00 1,912,187.50 4.511%82,548.08 2,082,548.08 912828YV6 06/07/21 11/30/24 U.S. Treasury 2,000,000.00 2,073,437.50 0.436%104,426.23 2,104,426.23 91282CDS7 10/21/22 01/15/25 U.S. Treasury 4,000,000.00 3,712,187.50 4.548%100,516.30 4,100,516.30 912828ZC7 07/15/21 02/28/25 U.S. Treasury 2,000,000.00 2,040,312.50 0.563%81,623.64 2,081,623.64 912828ZL7 02/19/21 04/30/25 U.S. Treasury 2,000,000.00 1,997,920.00 0.400%31,450.28 2,031,450.28 912828ZT0 02/19/21 05/31/25 U.S. Treasury 2,000,000.00 1,987,280.00 0.400%21,387.36 2,021,387.36 91282CEU1 10/21/22 06/15/25 U.S. Treasury 3,000,000.00 2,877,180.00 4.530%228,586.07 3,228,586.07 91282CAM3 01/11/21 09/30/25 U.S. Treasury 2,500,000.00 2,481,332.50 0.250%29,481.46 2,529,481.46 91282CAZ4 01/11/21 11/30/25 U.S. Treasury 2,500,000.00 2,493,350.00 0.375%45,793.27 2,545,793.27 91282CGA3 10/17/23 12/15/25 U.S. Treasury 2,000,000.00 1,962,187.50 4.930%199,992.72 2,199,992.72 91282CBQ3 03/01/21 02/28/26 U.S. Treasury 3,000,000.00 2,964,726.56 0.740%74,959.24 3,074,959.24 91282CBQ3 03/02/21 02/28/26 U.S. Treasury 2,000,000.00 1,975,513.02 0.750%49,945.65 2,049,945.65 912828U24 12/27/21 11/15/26 U.S. Treasury 2,500,000.00 2,594,531.25 1.200%244,198.90 2,744,198.90 91282CDK4 01/14/22 11/30/26 U.S. Treasury 1,500,000.00 1,485,000.00 1.463%91,432.01 1,591,432.01 912828Z78 05/08/23 01/31/27 U.S. Treasury 1,500,000.00 1,485,855.00 3.500%83,970.99 1,583,970.99 91282CFB2 04/21/23 07/31/27 U.S. Treasury 2,500,000.00 2,400,000.00 3.770%294,181.63 2,794,181.63 91282CFU0 09/08/23 10/31/27 U.S. Treasury 1,500,000.00 1,479,375.00 4.491%278,437.50 1,778,437.50 91282CGC9 01/25/23 12/31/27 U.S. Treasury 500,000.00 508,167.05 3.570%96,393.30 596,393.30 91282CHA2 12/14/23 04/30/28 U.S. Treasury 1,000,000.00 969,687.50 4.265%157,452.99 1,157,452.99 91282CGC9 01/31/23 12/31/27 U.S. Treasury 750,000.00 760,105.97 3.647%144,108.25 894,108.25 91282CGC9 09/08/23 12/31/27 U.S. Treasury 1,500,000.00 1,465,195.31 4.472%261,562.50 1,761,562.50 9128284N7 07/17/23 05/15/28 U.S. Treasury 1,000,000.00 953,056.40 3.952%143,750.00 1,143,750.00 Total U.S. Treasury 60,500,000.00$ 59,725,228.08$ 2.264%3,397,165.08$ 63,897,165.08$ CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return 58933YAU9 10/08/19 03/07/24 3M (Merck & Co)1,500,000.00 1,581,000.00 1.604%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%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%153,611.11 1,153,611.11 Supranationals U.S. Treasury Corporate notes April 16, 2024 Item #1 Page 19 of 24 City of Carlsbad investment portfolio Investment detail Exhibit 9 CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return February 29, 2024 09247XAL5 11/14/19 03/18/24 Blackrock Inc.1,000,000.00 1,065,420.00 1.923%152,055.56 1,152,055.56 09247XAL5 05/14/20 03/18/24 Blackrock Inc.3,000,000.00 3,300,600.00 0.845%403,666.67 3,403,666.67 931142DP5 04/24/20 04/22/24 Wal-Mart 2,500,000.00 2,737,467.50 0.875%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%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%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%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%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%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%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%62,500.00 2,562,500.00 742651DP4 06/27/19 07/15/24 Private Export Funding 2,500,000.00 2,565,850.00 1.900%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%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%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%300,459.25 3,355,459.25 06368G3W5 11/15/21 11/15/24 Bank of Montreal 2,000,000.00 2,000,000.00 1.000%60,000.00 2,060,000.00 931142DV2 01/16/20 12/15/24 Wal-Mart 2,000,000.00 2,067,790.00 1.900%260,436.11 2,260,436.11 478160CJ1 01/15/20 01/15/25 Johnson & Johnson 1,820,000.00 1,882,380.50 1.586%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%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%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%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%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%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%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%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%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%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%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%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%33,550.00 1,033,550.00 58933YAY1 04/12/21 02/24/26 Merck & Co 1,500,000.00 1,485,750.00 0.950%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%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%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%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%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%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%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%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%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%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%125,000.00 2,125,000.00 59217GBY4 01/19/22 12/18/26 Met Life Global 4,000,000.00 4,281,720.00 1.940%678,116.67 4,678,116.67 06368GC39 12/30/21 12/30/26 Bank of Montreal (BLC)2,450,000.00 2,450,000.00 2.000%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%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%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%197,283.33 5,197,283.33 478160CE2 04/18/22 03/03/27 Johnson & Johnson 1,750,000.00 1,757,538.77 2.850%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%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%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%260,000.00 2,260,000.00 06048WW63 06/23/22 06/22/27 Bank of America 3,000,000.00 3,000,000.00 5.000%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%223,408.33 2,223,408.33 81257VAA9 03/10/23 10/01/27 Seattle Children Hosp 1,000,000.00 852,445.33 5.000%222,581.34 1,222,581.34 78014RHK9 10/18/22 10/18/27 Royal Bank of Canada 2,500,000.00 2,500,000.00 5.700%712,500.00 3,212,500.00 592179KF1 10/17/23 01/06/28 Met Life Global 1,000,000.00 983,540.00 5.050%227,250.00 1,227,250.00 78014RKF6 01/18/23 01/18/28 Royal Bank of Canada 2,500,000.00 2,500,000.00 5.450%691,090.22 3,191,090.22 742718FZ7 11/01/23 01/26/28 Procter & Gamble 2,000,000.00 1,922,140.00 4.979%355,500.00 2,355,500.00 48130CDL6 11/03/23 11/03/28 JP Morgan Chase Bank 1,800,000.00 1,800,000.00 6.150%553,500.00 2,353,500.00 771196BW1 12/22/23 12/13/28 Roche Holdings Inc 2,000,000.00 1,787,220.00 4.330%193,000.00 2,193,000.00 6944PL2Z1 01/12/24 01/11/29 Pacific Life Global 1,000,000.00 1,006,500.00 4.752%245,000.00 1,245,000.00 742718GF0 02/20/24 01/29/29 Procter & Gamble 2,000,000.00 1,984,175.26 4.530%435,241.67 2,435,241.67 Total corporate notes 137,490,000.00$ 141,349,094.93$ 1.970%16,264,946.73$ 153,754,946.73$ 29367RKT2 05/16/19 05/16/24 Enterprise Bank 246,000.00 246,000.00 2.600%31,980.00 277,980.00 27002YEN2 05/24/19 05/24/24 Eagle Bank 249,000.00 249,000.00 2.500%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%28,635.00 277,635.00 14042RMN8 07/31/19 07/31/24 Capital One 247,000.00 247,000.00 2.250%27,787.50 274,787.50 938828BM1 08/30/19 08/30/24 Washington Federal 249,000.00 249,000.00 2.000%24,900.00 273,900.00 29278TLH1 09/13/19 09/13/24 Enerbank Usa 249,000.00 249,000.00 1.750%21,787.50 270,787.50 15118RSC2 09/18/19 09/30/24 Celtic Bank 249,000.00 249,000.00 1.700%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%22,872.54 269,872.54 Certificate of deposit April 16, 2024 Item #1 Page 20 of 24 City of Carlsbad investment portfolio Investment detail Exhibit 9 CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return February 29, 2024 61690URM4 01/09/20 01/09/25 Morgan Stanley Bank NA 247,000.00 247,000.00 1.900%23,490.72 270,490.72 07815AAZ0 02/27/20 02/27/25 Bell Bank Corp 249,000.00 249,000.00 1.600%19,941.88 268,941.88 17037TEN3 03/13/20 03/13/25 Choice Financial Group 248,000.00 248,000.00 1.100%13,647.47 261,647.47 02554BDA6 03/13/20 03/13/25 American Eagle bank 249,000.00 249,000.00 1.100%13,702.54 262,702.54 73319FAF6 03/18/20 03/18/25 Poppy Bank 249,000.00 249,000.00 1.100%13,702.54 262,702.54 835104BZ2 03/19/20 03/19/25 Somerset Trust 249,000.00 249,000.00 1.000%12,456.88 261,456.88 45083ANS7 03/20/20 03/20/25 Iberia Bank 248,000.00 248,000.00 1.000%12,406.79 260,406.79 072727BF6 03/27/20 03/27/25 Baycoast Bank 248,000.00 248,000.00 0.950%11,786.45 259,786.45 02519TAZ9 03/27/20 03/27/25 American Commerce Bank 249,000.00 249,000.00 0.950%11,834.03 260,834.03 14042TDD6 04/08/20 04/08/25 Capital One 248,000.00 248,000.00 1.600%19,850.88 267,850.88 33847E3H8 05/15/20 05/15/25 Flagstar Bank 248,000.00 248,000.00 0.850%10,545.77 258,545.77 29260MBF1 05/15/20 05/15/25 Encore Bank 249,000.00 249,000.00 0.800%9,965.41 258,965.41 404730CR2 05/26/20 05/27/25 Haddon Savings Bank 248,000.00 248,000.00 0.750%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%9,965.41 258,965.41 69506YRT8 05/29/20 05/29/25 Pacific Western Bank 249,000.00 249,000.00 0.700%8,719.77 257,719.77 56102AAJ5 05/29/20 05/29/25 Malaga Bank 249,000.00 249,000.00 0.700%8,719.87 257,719.87 86128QCF3 06/10/20 06/10/25 Stockman Bank 249,000.00 249,000.00 0.600%7,474.10 256,474.10 740367MA2 07/17/20 07/17/25 Preferred Bank 249,000.00 249,000.00 0.500%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%8,096.93 257,096.93 211163KQ2 07/29/20 07/29/25 Continental Bank 249,000.00 249,000.00 0.500%6,228.46 255,228.46 02007GXF5 08/09/22 08/04/25 Ally Bank 201,000.00 201,000.00 3.400%20,427.10 221,427.10 549104RV1 08/14/20 08/14/25 Luana Savings Bank 249,000.00 249,000.00 0.450%5,605.57 254,605.57 32022RNT0 08/19/20 08/19/25 1st Financial Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82 31944MBB0 08/20/20 08/20/25 1st Carolina Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82 664122AF5 08/20/20 08/20/25 Northeast Community Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82 228212AQ9 09/04/20 09/04/25 Crown Bank 249,000.00 249,000.00 0.400%4,982.62 253,982.62 59013KKJ4 09/15/20 09/15/25 Merrick 249,000.00 249,000.00 0.400%4,982.62 253,982.62 2027506P5 10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00 249,000.00 0.400%4,908.94 253,908.94 51507LBY9 09/29/20 09/29/25 Landmark Community 249,000.00 249,000.00 0.400%4,982.58 253,982.58 538036LQ5 10/22/20 10/08/25 Live Oak Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42 560390AS5 10/15/20 10/15/25 Maine Comm Bank 249,000.00 249,000.00 0.350%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%4,359.94 253,359.94 780684AJ5 11/06/20 10/23/25 Royal Savings Bank 249,000.00 249,000.00 0.400%4,944.42 253,944.42 33744AAW9 11/18/20 11/18/25 First US Bank 249,000.00 249,000.00 0.400%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%5,605.56 254,605.56 91330ACR6 12/18/20 12/18/25 Unity Bank 249,000.00 248,377.50 0.400%4,982.72 253,982.72 08016PDV8 12/23/20 12/23/25 Belmont Savings Bank 249,000.00 248,377.50 0.400%4,982.62 253,982.62 634116CW5 12/28/20 12/23/25 National Bank of NY City 249,000.00 248,688.75 0.400%4,968.98 253,968.98 882214AA7 01/08/21 12/23/25 Texas Bank Henderson 249,000.00 249,000.00 0.450%5,556.70 254,556.70 06424KBH2 01/08/21 01/08/26 Bank of Santa Clarita 249,000.00 248,688.75 0.400%4,982.62 253,982.62 38522ABP0 01/08/21 01/08/26 Grand Bank Tulsa 249,000.00 248,688.75 0.400%4,982.62 253,982.62 20143PEH9 01/26/21 01/26/26 Commercial Bank 249,000.00 248,751.00 0.471%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%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%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%4,982.61 253,982.61 12527CDV1 03/03/21 03/03/26 CFG Community Bk 249,000.00 249,000.00 0.400%4,982.73 253,982.73 110087AS2 03/10/21 03/10/26 Bristol Morgan Bank 249,000.00 249,000.00 0.450%5,605.82 254,605.82 87164XA30 09/03/21 09/03/26 Syncrony Bank 249,000.00 249,000.00 0.900%11,205.00 260,205.00 90348JS92 09/09/21 09/09/26 UBS Bank USA 249,000.00 249,000.00 0.950%11,834.03 260,834.03 795451BH5 04/05/22 02/23/27 Sallie May Bank 247,000.00 242,902.27 2.564%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%46,345.77 295,345.77 64034KBF7 03/09/22 03/09/27 Nelnet Bank Inc 247,000.00 247,000.00 1.950%24,095.69 271,095.69 27004PCN1 03/09/22 03/09/27 Eaglemark Savings 247,000.00 247,000.00 2.000%24,713.53 271,713.53 07371CN21 03/16/22 03/10/27 Beal Bank NV 247,000.00 247,000.00 1.800%22,169.09 269,169.09 07371AB28 03/16/22 03/10/27 Beal Bank TX 247,000.00 247,000.00 1.800%22,169.09 269,169.09 02589ABW1 03/23/22 03/23/27 American Exp Bank 247,000.00 247,000.00 2.200%27,184.89 274,184.89 31938QW34 02/15/22 04/15/27 First Business Bank 245,000.00 245,000.00 3.900%33,790.69 278,790.69 254673D94 05/18/22 05/19/27 Discover Bank 246,000.00 246,000.00 3.200%39,403.14 285,403.14 910286GS6 07/14/23 07/14/27 United Fidelity Bank 249,000.00 249,000.00 4.600%45,847.38 294,847.38 78577TMR3 11/06/23 08/06/27 Saco & Biddeford Savings Institution 244,000.00 244,000.00 5.000%45,750.00 289,750.00 68405VAU3 09/15/23 09/13/27 Optum Bank 244,000.00 244,000.00 4.700%45,872.00 289,872.00 20347MAS0 10/20/23 10/20/27 Community Bank and Trust 244,000.00 244,000.00 4.900%47,824.00 291,824.00 37173RAJ2 12/13/23 12/13/27 Genesee Regional Bank 244,000.00 244,000.00 4.400%42,944.00 286,944.00 34520LAY9 12/15/22 12/15/27 Forebright Bank 249,000.00 248,651.40 4.031%49,827.34 298,827.34 84229LBJ0 12/16/22 12/16/27 Southern Bank 245,000.00 245,000.00 4.000%49,026.84 294,026.84 32026U4X1 01/17/24 01/18/28 First Foundation Bank 245,000.00 245,000.00 4.000%38,689.86 283,689.86 70212YBE1 02/22/23 02/22/28 Partners Bank California 245,000.00 245,000.00 3.850%47,188.34 292,188.34 062119BH4 03/08/23 03/07/28 Bank Five Nine 249,000.00 249,000.00 4.550%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%56,181.50 300,181.50 108622NK3 03/29/23 03/29/28 Bridgewater Bk 249,000.00 249,000.00 4.800%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%60,816.56 303,816.56 April 16, 2024 Item #1 Page 21 of 24 City of Carlsbad investment portfolio Investment detail Exhibit 9 CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return February 29, 2024 914098DQ8 04/03/23 04/03/28 University Bank NA 249,000.00 249,000.00 4.800%59,825.53 308,825.53 05600XQE3 05/16/23 05/16/28 BMO Harris Bank NA 244,000.00 244,000.00 4.500%54,960.16 298,960.16 23204HPB8 06/06/23 06/14/28 Customers Bank 244,000.00 244,000.00 4.500%53,365.81 297,365.81 91527PCD7 06/06/23 06/21/28 Univest Bank & Trust 249,000.00 249,000.00 4.500%56,546.88 305,546.88 501798UJ9 07/18/23 07/18/28 LCA Bank Corporation 243,000.00 243,000.00 4.500%54,734.92 297,734.92 58404DTG6 09/19/23 09/19/28 Medallion Bank 249,000.00 249,000.00 4.600%57,332.81 306,332.81 59936MAA4 09/25/23 09/25/28 Milford Building & Loan 244,000.00 244,000.00 4.550%55,510.00 299,510.00 84287PJB9 10/17/23 10/17/28 Southern First Bank 244,000.00 244,000.00 4.850%59,170.00 303,170.00 949765HZ0 11/21/23 11/21/28 Wells Fargo Bank NA 248,000.00 248,000.00 5.050%62,898.31 310,898.31 523343AA9 12/29/23 12/29/28 Ledyark National Bank 244,000.00 244,000.00 4.050%49,464.16 293,464.16 Total certificate of deposit 22,004,000.00$ 21,996,876.92$ 2.017%2,101,955.03$ 24,105,955.03$ CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return 31398E6W9 08/27/20 06/15/24 FHLM - FHR 3544 BC 15,090.13 78,498.32 0.532%125.31 15,215.44 3137FBTA4 03/10/21 08/25/24 FHLM - FHMS K728 2,536,661.85 2,741,693.70 3.064%25,707.87 2,562,369.72 3137F32A1 04/15/20 11/25/24 FHLM - KHG1 A1 804,163.29 858,325.37 0.999%12,176.07 816,339.36 3137BL6J2 07/22/22 12/25/24 FHLM - FHMS K048 A1 587,470.45 581,595.74 3.425%52,572.93 640,043.38 3137BM7B6 06/30/22 04/25/25 FHMS - K051 A1 2,086,220.24 2,069,921.64 3.299%39,421.59 2,125,641.83 30315EAA4 07/24/20 05/25/25 FRESB - MFM 883,910.74 884,886.09 0.830%5,074.02 888,984.76 3137BJQ71 03/15/21 05/25/25 FHLM - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770%38,467.56 2,038,467.56 30318NAA1 02/19/21 01/25/26 FRESB - 2021-SB83 1,210,123.04 1,215,126.67 0.505%8,980.07 1,219,103.11 3137BPW21 03/25/21 03/25/26 FHLM - KHMS K055 2,500,000.00 2,700,000.00 2.673%72,705.15 2,572,705.15 3137BP4J5 08/20/21 03/25/26 FHLM - FHMS K1R1 1,149,969.58 977,939.15 0.414%30,580.09 1,180,549.67 30321CAQ5 07/23/21 04/25/26 FRESB - 2021-SB88 A5F 1,674,497.98 1,682,363.19 0.746%16,500.22 1,690,998.20 30324QAC2 01/21/22 11/25/26 FRESB - 2022-SB94 4,196,998.74 4,216,409.85 1.500%95,766.39 4,292,765.13 30311SAA7 04/22/22 04/25/27 FRESB - 2022-SB97 A5F 3,359,528.51 3,226,383.70 2.803%92,478.78 3,452,007.29 30329MAA0 10/28/22 06/25/27 FRESB - 2022-SB103 A5F 1,477,742.95 1,323,890.69 4.989%51,467.64 1,529,210.59 30329QAA1 11/18/22 09/25/27 FRESB - 2022-SB104 A5F 3,898,859.66 3,559,027.27 2.600%181,984.52 4,080,844.18 3138L7D60 12/16/22 10/01/27 FHLM - AM6424 972,466.48 941,469.11 4.212%59,665.48 1,032,131.96 3132XGRH1 01/27/23 11/01/27 FRESB - WN2287 2,988,946.26 2,961,858.93 3.929%204,158.31 3,193,104.57 3132XFGC6 01/08/24 03/01/28 FHLM - WN1094 1,000,000.00 884,882.81 4.476%27,927.77 1,027,927.77 3140LBSE4 01/09/24 03/01/28 FNMA - BS1416 1,000,000.00 877,773.44 4.300%21,093.05 1,021,093.05 3140LJJC1 01/17/24 04/01/28 FNMA - BS7458 2,000,000.00 2,003,531.75 4.780%196,479.21 2,196,479.21 3140LKEG4 01/09/24 05/01/28 FNMA - BS8234 1,381,540.00 1,378,841.68 4.448%127,126.97 1,508,666.97 3132XFMP0 02/06/24 05/01/28 FHLM - WN1265 2,000,000.00 2,007,500.00 4.611%198,042.58 2,198,042.58 30332EAA3 07/20/23 05/25/28 FRESB - 2023-SB107 A5F 2,997,325.82 2,932,160.95 4.090%263,581.17 3,260,906.99 35564CAA5 01/11/24 06/25/28 FHLM - SLST 2018 1,012,443.70 971,669.10 5.366%76,467.78 1,088,911.48 30333AAA0 08/17/23 06/25/28 FRESB - 2023-SB108 A5F 3,495,097.46 3,419,771.12 4.793%326,230.10 3,821,327.56 30334CAA5 11/16/23 09/25/28 FRESB - 2023-SB111 A5F 2,749,552.94 2,687,993.20 5.284%302,700.32 3,052,253.26 3132XFNX2 02/13/24 11/01/28 FHLM - WN1305 2,000,000.00 1,992,031.25 4.350%204,442.53 2,204,442.53 3140NUFX2 01/30/24 12/01/28 FNMA - BZ0181 3,000,000.00 3,069,720.00 4.920%358,044.05 3,358,044.05 3140NUN54 01/29/24 01/01/29 FNMA - BZ0411 2,000,000.00 1,985,220.00 4.400%206,276.62 2,206,276.62 3140HRZS5 01/17/24 01/01/29 FNMA - BL0752 1,500,000.00 1,458,450.00 3.650%127,662.23 1,627,662.23 Total mortgage backed securities (agency)58,478,609.82$ 57,846,434.72$ 3.448%3,423,906.38$ 61,902,516.20$ CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return 127145LE8 05/27/21 06/15/24 Cache County SD 3,250,000.00 3,505,872.50 0.400%297,375.00 3,547,375.00 005158XL9 06/17/21 08/15/24 Ada & Canyon County School District 1,500,000.00 1,710,405.00 0.520%237,083.33 1,737,083.33 419792ZK5 02/26/21 10/01/24 State of Hawaii 3,000,000.00 3,039,420.00 0.433%86,549.17 3,086,549.17 419792ZK5 03/17/22 10/01/24 State of Hawaii 2,000,000.00 1,933,240.00 2.160%40,723.78 2,040,723.78 79771FAX5 03/01/21 11/01/24 San Francisco City Public Utilities 1,000,000.00 1,004,450.00 0.600%26,523.31 1,026,523.31 575181GX 06/02/21 12/01/24 Mason & Kitsap Counties School District 640,000.00 640,000.00 0.538%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%- 1,800,000.00 882806HG0 03/22/21 02/15/25 Texas St Tech Univ 2,500,000.00 2,524,850.00 0.679%93,800.00 2,593,800.00 91412HGE7 03/01/21 05/15/25 University of California 1,500,000.00 1,517,250.00 0.600%55,724.13 1,555,724.13 91412HGE7 06/29/21 05/15/25 University of California 1,960,000.00 1,966,154.40 0.799%67,111.92 2,027,111.92 625506QN3 02/02/21 06/15/25 County of Multnomah OR 2,000,000.00 2,006,040.00 0.430%37,553.89 2,037,553.89 91412GU94 01/28/21 07/01/25 University of California 1,805,000.00 1,995,210.90 0.509%244,645.68 2,049,645.68 20772KEW5 06/30/22 09/15/25 State of Connecticut 2,850,000.00 2,863,053.00 3.201%476,400.00 3,326,400.00 13063DMA3 04/01/21 04/01/26 State of California 4,140,000.00 4,478,652.00 0.970%161,300.35 4,301,300.35 13063DMA3 05/18/21 04/01/26 State of California 1,250,000.00 1,353,350.00 0.910%342,250.56 1,592,250.56 736688MF6 09/01/21 06/15/26 Portland Community College 1,100,000.00 1,102,992.00 0.841%122,255.56 1,222,255.56 569280EX4 12/07/21 06/15/26 Marion County School 1,880,000.00 1,885,245.20 1.374%548,550.00 2,428,550.00 842475P82 02/11/22 07/01/26 Sthrn CA ST Pub Pwr Auth 2,485,000.00 2,415,643.65 1.930%47,357.32 2,532,357.32 797272QR5 08/12/21 08/01/26 San Diego Community College 3,000,000.00 3,209,550.00 0.860%33,041.17 3,033,041.17 Municpal bonds Mortgage backed securities (agency) April 16, 2024 Item #1 Page 22 of 24 City of Carlsbad investment portfolio Investment detail Exhibit 9 CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return February 29, 2024 801315KR2 08/23/21 08/01/26 Santa Barbara CA USD 500,000.00 511,970.00 0.842%81,862.08 581,862.08 798189PY6 08/23/21 08/01/26 San Jose Evergreen Community College 750,000.00 799,522.50 0.842%101,809.78 851,809.78 798170AJ5 01/06/22 08/01/26 San Jose Redevelopment 3,000,000.00 3,220,260.00 1.507%342,742.58 3,342,742.58 6041295T9 08/10/22 08/01/26 Minnesota State 1,215,000.00 1,215,000.00 3.250%174,512.81 1,389,512.81 13063DRD2 02/08/22 10/01/26 State of California 2,400,000.00 2,468,808.00 1.730%170,415.98 2,570,415.98 419792ZN9 03/02/22 10/01/26 State of Hawaii 2,000,000.00 1,938,920.00 1.810%264,891.67 2,264,891.67 13067WSW3 12/20/21 12/01/26 State of California 1,275,000.00 1,257,405.00 1.051%977,643.33 2,252,643.33 13067WSW3 03/29/22 12/01/26 State of California 1,425,000.00 1,322,001.00 2.708%84,523.29 1,509,523.29 13067WSW3 04/18/22 12/01/26 State of California 2,705,000.00 2,475,237.30 3.035%90,565.95 2,795,565.95 016249FQ2 10/30/23 02/15/27 Alief Independent School District 1,980,000.00 1,969,209.00 5.380%360,360.00 2,340,360.00 544646A77 06/13/22 05/01/27 Los Angeles Unified School District 3,500,000.00 3,883,600.00 3.820%15,705.20 3,515,705.20 68608VDX9 10/13/23 05/01/27 State of Oregon 1,000,000.00 943,330.00 5.080%132,640.00 1,132,640.00 91412HGF4 05/15/23 05/15/27 University of California 1,000,000.00 908,270.00 3.810%52,640.00 1,052,640.00 544495VX9 08/27/23 07/01/27 Los Angeles Dept of Water & Power 1,500,000.00 1,580,685.00 4.100%345,669.33 1,845,669.33 419794F72 06/06/23 07/01/27 State of Hawaii 1,125,000.00 1,004,962.50 4.720%82,624.50 1,207,624.50 438701Y40 06/28/23 07/01/27 Honolulu Wastewater System Revenue 1,500,000.00 1,392,885.00 4.460%168,412.50 1,668,412.50 796720NT3 02/22/23 08/01/27 San Bernardino Community College Dist 1,500,000.00 1,328,325.00 1.480%107,266.25 1,607,266.25 357155BA7 05/09/23 08/01/27 Fremont CA Unified School District 2,000,000.00 1,795,450.00 3.750%94,110.34 2,094,110.34 68609TU22 08/22/23 08/01/27 Oregon State Dept of Transportation 1,585,000.00 1,394,070.90 1.354%85,843.60 1,670,843.60 212204JH5 08/31/23 08/01/27 Contra Costa CA Community College Dist 1,000,000.00 909,510.00 4.720%86,520.00 1,086,520.00 797272RP8 10/25/23 08/01/27 San Diego Community College 2,290,000.00 2,016,551.10 5.161%149,582.80 2,439,582.80 072031AP2 08/01/23 10/01/27 Bay Area Water 1,250,000.00 1,185,562.50 4.742%189,281.25 1,439,281.25 032556FB3 10/17/23 10/01/27 City of Anaheim 1,670,000.00 1,487,068.20 1.998%133,466.40 1,803,466.40 68607DVD4 06/16/23 11/15/27 Oregon State Dept of Transportation 2,000,000.00 1,738,740.00 4.370%97,560.00 2,097,560.00 13063DC48 12/14/23 02/01/28 State of California 1,440,000.00 1,289,520.00 4.500%110,160.00 1,550,160.00 54438CYM8 12/19/23 08/01/28 Los Angeles Community College Dist 2,250,000.00 2,020,005.00 4.350%180,675.00 2,430,675.00 802385SN5 11/17/23 08/01/28 Santa Monica Community College Dist 1,000,000.00 940,860.00 4.950%176,350.00 1,176,350.00 798170AL0 08/09/23 08/01/28 San Jose Redevelopment 1,000,000.00 948,450.00 4.742%189,281.25 1,189,281.25 83412PHS4 01/22/24 08/01/28 Solano County Community College Dist 2,000,000.00 1,775,780.00 4.227%147,900.00 2,147,900.00 7994082H1 08/24/23 08/01/28 San Ramon Valley School District 1,000,000.00 861,870.00 4.850%83,500.00 1,083,500.00 695802NN4 12/07/23 08/01/28 Pajaro Valley Unified School District 1,200,000.00 1,173,000.00 4.294%257,640.00 1,457,640.00 882723B40 11/21/23 10/01/28 State of Texas 1,500,000.00 1,410,330.00 4.700%248,325.00 1,748,325.00 882724RD1 11/21/23 10/01/28 State of Texas PFA 2,000,000.00 1,787,400.00 4.750%227,600.00 2,227,600.00 13063DL22 11/15/23 10/01/28 State of California 1,000,000.00 860,500.00 5.008%87,500.00 1,087,500.00 13077DQG0 02/08/24 11/01/28 California State University 2,500,000.00 2,209,350.00 4.260%190,125.00 2,690,125.00 Total municpal bonds 96,720,000.00$ 94,938,076.65$ 2.460%9,219,992.70$ 105,939,992.70$ CUSIP Settlement Maturity Issuer Par Invested Yield Interest expected Return 01WFBCASH Wells Fargo Bank - General 2,223,861.00 2,223,861.00 0.000%- 2,223,861.00 01WFBSWEEP Wells Fargo Sweep account 8,038,617.41 8,038,617.41 5.191%34,773.72 8,073,391.13 01WFBCUSTODY Principal - Custody 8,302,881.38 8,302,881.38 2.950%20,411.25 8,323,292.63 01CAMP1028 CAMP 129,811,709.22 129,811,709.22 5.500%594,970.33 130,406,679.55 01CI0502 LAIF City 208,949.79 208,949.79 4.122%717.74 209,667.53 01CM0502 LAIF CMWD 844,558.98 844,558.98 4.122%2,901.06 847,460.04 01PF10391 LAIF CPFA 773,647.39 773,647.39 4.122%2,657.48 776,304.87 Total cash and pooled investments 150,204,225.17$ 150,204,225.17$ 5.244%656,431.58$ 150,860,656.75$ GRAND TOTAL 889,064,834.99$ 888,877,241.50$ 2.6251%64,617,514.67$ 953,682,349.66$ Cash and pooled investments April 16, 2024 Item #1 Page 23 of 24 City of Carlsbad investment portfolio 115 Trust Activity Exhibit 10 Period Ending Contributions Net Earnings Distributions Ending Balance 12/31/23 10,000,000.00$ 294,069.68$ -$ 10,294,069.68$ 01/31/24 - (40,308.43) - 10,253,761.25 02/29/24 - 216,565.94 - 10,470,327.19 Summary 10,000,000.00$ 470,327.19$ -$ 10,470,327.19$ February 29, 2024 The city's Section 115 Trust is a post-employment benefit trust that was established by City Council on September 12, 2023 (Resolution 2023-240). In connection with City Council Policy No. 86 and 98, the trust allows the city to stabilize pension cost volatility, maintain local control over the city's assets and earn a potentially higher rate of return than if the assets were kept in the General Fund. These funds are restricted and not pooled with other investment funds. April 16, 2024 Item #1 Page 24 of 24 All Receive -Ac!!ndil lt!!m # j_ For the lnform,1tiG1n t f th!!: CITY COUNCIL / Date l\/ lE"~CA ✓ CC v CM _✓Acrl,~cM (3) L April 15, 2024 Council Memorandum To: Honorable Mayor Blackburn and Members of the City Council From: Laura Rocha, Deputy City Manager, Administrative Services Zach Korach, Finance Director Via: Geoff Patnoe, Assistant City Manager e! {city of Carlsbad Re: Additional Materials Related to Staff Report Item No. 1 -Report on City Investments as of Feb. 29, 2024 (District -All) This memorandum provides correction to Consent Calendar item No.1: Report on City Investments as of Feb. 29, 2024, Exhibit 7. Exhibit 7, City of Carlsbad investment portfolio, Security ratings and outlooks, incorrectly marked two municipal bonds investments' ratings: • The City of Anaheim was not rated under Fitch. • San Francisco City Public Utilities was marked 'N/A' by Moody's ratings. The corrections are: • The City of Anaheim includes Fitch rating of AA+ • San Francisco City Public Utilities Moody's rating of AA2 Attachment: A. Exhibit 7 -City of Carlsbad investment portfolio, Security ratings and outlooks cc: Scott Chadwick, City Manager Cindie McMahon, Ci_ty Attorney Administrative Services Treasury Department 1635 Faraday Avenue I Carlsbad, CA 92008 I 442-339-5246 t City of Carlsbad investment portfolio Security ratings and outlooks February 29, 2024 Issuer Moody's S&P Fitch Outlook Corporate notes 3M Company (Merck & Co) Al A+ Neg/Neg Amazon.com Inc Al AA AA-Stable/Stable/Stable Apple Inc AAA AA+ Stable/Stable/ Bank of America Al A-AA-Positive/ /Stable Bank of Montreal A2 N/A AA-Stable Bank of New York Mellon Corp Al A AA-Neg/Stable/Stable Blackrock Inc AA3 AA-Stable/Stable/ BLC Commuity Bank A2 N/A AA-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 Al A-AA-Stable/Stable/Stable MassMutual Global Funding AA3 AA+ AA+ /Stable/ Merck & Co Al A+ Stable/Stable/ Met Life Global AA3 AA-AA-/Stable/ Microsoft AAA AAA Stable/Stable/ New York Life AAA AA+ AAA Stable Nike Inc. Al AA-Stable/Stable/ Novartis Capital Corp Al AA-AA-Positive/Stable Pacific Life Global AA3 AA-AA-Stable Private Export Funding AAA N/A AA+ Stable Procter & Gamble AA3 AA-Stable/Stable/ Roche Holdings Inc AA2 AA AA Stable Royal Bank of Canada Al A AA-Stable/Stable/Stable Seattle Children's Hospital AA2 N/A AA 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 by another of the three: Moody's, S&P, or Fitch. Mortgage passthrough securities FHLMC FNMA FRESB AAA AAA AAA AA+ AA+ AA+ Stable Stable Stable Ratings of mortgage passthrough securities must be AA or better by one of the three: Moody's, S&P, or Fitch. Municipal Bonds Ada/Canyon Cty SD AAl AA+ Stable Alief Independent School Dist AAA AAA Amarillo Independent SD AAA AAA Stable Bay Area Water & Utl AA3 AA- Cache County SD AAA AAAl AAAl Stable California State University AA2 AA- Exhibit 7 City of Carlsbad investment portfolio Exhibit 7 Security ratings and outlooks February 29, 2024 Issuer Moody's S&P Fitch Outlook City of Anaheim N/A AA+ AA+ Contra Costa Cmty College AAl AA+ County of Multnomah OR AAA AAA Stable Fremont CA Unified AA2 AA-Stable Honolulu Wastewater AA3 N/A AA-Stable Los Angeles Cmty Clg Dist AAA AA+ Los Angeles Unified SD AA3 AA-Stable Los Angeles Water & Power AA2 AA-Stable Marion County SD AAl N/A AA+ Stable Mason/Kitsap Cty SD AAA N/A AA+ Stable Minnesota State AAA AAA AAA Stable Oregon State Dept Ad min Serv AA2 AA Oregon State Dept of Transp AAl AAA AA+ Stable Pajaro Valley Unified SD AA3 A+ Portland Cmty College AAl N/A AA+ Stable San Bernardino CCD AAl AA Stable San Diego Cmty College AAl AAA Stable San Francisco City Pub Utl AA2 AA- San Jose Evergreen CC AAl AA+ Stable San Jose Redevelopment N/A AA AA Stable San Ramon Valley USD AAl AA+ Santa Barbara CA USD AAl AA Stable Santa Monica Cmty College AA2 AA+ Solano County Cmty College AA2 AA Stable Southern CA Public Power N/A AA-AA-Stable State of California AA2 AA-AA Stable/positive/stable State of Connecticut AA3 AA- State of Hawaii AA2 AA+ AA Stable Texas Tech University AAl AA+ Stable University of California AA2 AA AA Stable Ratings of municipal bonds must be AA or better by one and A or better by 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 & Co Al A+ 03/07/24 10/08/19 $ 1,503,364 $ 1,503,364 * 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. The current exception is paying interest at the required times. The principal of the investment is considered secure. It is the intent of the City Treasurer to hold the asset in the portfolio until maturity unless events indicate they shoud be sold.