CA Review CKM
Meeting Date: Feb. 15, 2022
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Craig Lindholm, City Treasurer
[email protected], 760-602-2473
Laura Rocha, Deputy City Manager, Administrative Services [email protected], 760-602-2415
Subject: Report on City Investments as of Dec. 31, 2021 District: All
Recommended Action
Accept and file Report on City Investments as of Dec. 31, 2021.
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 Dec. 31, 2021 is summarized below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $803,591,281 $787,446,254
Investment cost $814,605,814 $798,525,971
Amortized cost2 $811,015,111 $795,033,227
Market value3 $808,265,653 $793,735,800
(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).
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Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $6,134,959 $950,699 $892,061
The cash income received is adjusted for any accrued interest purchased.
Pooled investment performance
Average life (years) Yield to maturity Modified duration Oct. 2021 2.29 1.15% 2.18
Nov. 2021 2.26 1.14% 2.13
Dec. 2021 2.28 1.12% 2.17
All p
ooled investments have been made in accordance with the city’s Investment Policy, which was adopted Jan. 2, 1985, and last revised Nov. 2, 2021; 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 five investments have dropped to less than the rating required by the Investment Policy since their initial purchase. Corporate notes and municipal bonds require a “split rating” of AA from one rating company and an A rating from a second. Mortgage backed securities require an AA rating from one rating company.
The city’s Investment Policy allows the City Treasurer to determine the course of action that would correct exceptions to the policy. These investments are paying interest at the required times and their principal is considered secure. It is the intent of the City Treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold.
Capital projects
$396
Enterprise
$199
General
$116
Internal service
$51
Special revenue
$34
Fiduciary
$14
Fund equity in pooled investments
Dec. 31, 2021
($ in millions)
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Next Steps
The report on city investments will continue to be produced monthly by the City Treasurer.
Environmental Evaluation
In keeping with California Public Resources Code Section 21065, this action does not constitute a “project” within the meaning of the California Environmental Quality Act in that it has no potential to cause either a direct physical change in the environment or a reasonably foreseeable indirect physical change in the environment.
Public Notification
This item was noticed in keeping with the state's Ralph M. Brown Act and it was available for public viewing and review at least 72 hours before the scheduled meeting date.
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
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City of Carlsbad investment portfolio
As of Dec. 31, 2021
Investments by cost, market value, cash income, and average yield by class Investment cost Market value Average yield
Class Current month Prior month Current month Prior month YTD income Current month Prior month FA $321,979,927 $311,454,162 $ 318,744,733 $308,776,810 $ 1,798,393 0.98% 0.98% SN 34,128,607 34,128,607 33,804,730 33,918,435 301,508 1.62 1.62 TR 63,737,530 63,144,121 63,393,639 62,893,308 533,458 1.07 1.19 CN 202,296,572 199,014,635 201,229,809 198,493,683 2,719,874 1.80 1.82 CD 21,335,323 21,335,323 21,411,057 21,442,789 154,797 1.47 1.47 MBS (agency) 20,447,454 20,561,327 19,877,451 20,049,343 214,680 1.67 1.67 MBS (non-agency) - - - - -
Muni 40,032,770 36,890,119 39,156,604 36,163,756 224,710 0.68 0.63 Bank account 11,380,113 8,099,844 11,380,113 8,099,844 - 0.01 0.01 Sweep - - - - -
IRT 9,849,631 1,479,987 9,849,631 1,479,987 182 0.01 0.01 CAMP 1,006,606 1,006,564 1,006,606 1,006,564 257 0.05 0.05 LAIF 88,411,281 101,411,281 88,411,281 101,411,281 187,102 0.21 0.20 Total $814,605,814 $798,525,971 $808,265,653 $793,735,800 $6,134,959 1.12% 1.14% FA - Federal agency notes Muni - Municipal Bonds
SN - Supranational Bank account - General cash account
TR - US Treasury Sweep - Overnight cash account
CN - Corporate notes IRT - Investment cash account
CD - Certificate of deposit CAMP - California Asset Management Program MBS - Passthrough/mortgage backed securities LAIF - Local Area Investment Fund EXHIBIT 1
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City of Carlsbad investment portfolio
As of Dec. 31, 2021
Maturities by classification and length of time at market value Class Within 6 months 7 to 12 months 1 to 5 years Total % Total FA $24,341,684 $17,508,860 $276,894,188 $318,744,733 39.44% SN 4,505,905 2,832,450 26,466,375 33,804,730 4.18 TR 10,738,294 8,327,985 44,327,360 63,393,639 7.84 CN 20,997,988 26,995,047 153,236,773 201,229,809 24.90 (2) CD 1,240,069 2,007,198 18,163,790 21,411,057 2.65 MBS (agency) 235,800 2,067,743 17,573,908 19,877,451 2.46 (3) MBS (non-agency) - - - - 0.00 (3)(4)
Muni - - 39,156,604 39,156,604 4.84 (5)
Bank account 11,380,113 - - 11,380,113 1.41
Sweep - - - - 0.00
IRT 9,849,631 - - 9,849,631 1.22
CAMP 1,006,606 - - 1,006,606 0.12
LAIF 88,411,281 - - 88,411,281 10.94
Totals $172,707,371 $59,739,283 $575,818,999 $808,265,653 100.0% % Totals 21.4% 7.4% 71.2% 100.0%
Total within One Year $232,446,654 (1)
28.8%
Policy
(1) Not less than $211,200,000 to mature within one year, two-thirds of FY 21-22 operating budget of $316,800,000. (2) Policy states that not more than 30% of portfolio is to be invested in corporate notes at time of purchase. (3) Policy states that not more than 20% of portfolio is to be invested in mortgage backed securities at time of purchase. (4) Total non-agency mortgage backed securities shall be limited to 5% of the city's portfolio. (5) Policy states that not more than 15% of portfolio is to be invested in municipal bonds at time of purchase.
EXHIBIT 2
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EXHIBIT 3
0.00 0.20
0.40 0.60
0.80 1.00
1.20 1.40
1.60 1.80
2.00 2.20
2.40 2.60
2.80 2013 Jan
April
July
Oct
2014 Jan
April
July
Oct
2015 Jan
April
July
Oct
2016 Jan
April
July
Oct
2017 Jan
April
July
Oct
2018 Jan
April
July
Oct
2019 Jan
April
July
Oct
2020 Jan
April
July
Oct
2021 Jan
April
July
Oct
Yield (%)
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
Began tracking published data for CAMP
at time of investment, Jan. 2019.
0.00 0.20
0.40 0.60
0.80 1.00
1.20 1.40
1.60 3 month 2 year 5 year 10 year
FY 2019-20 end 0.13 0.16 0.31 0.68
FY 2020-21 end 0.05 0.25 0.87 1.45
12/31/2021 0.06 0.73 1.26 1.52
Market rate (%)
City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
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$1.02 $0.83 $1.44 $1.00 $0.89 $0.95$0.97 $1.24 $0.87 $1.28 $1.11 $0.93 $0.93 $6.13
$7.68
-
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 Dec Jan Feb March April May June July August Sep Oct Nov Dec Interest income ($ in millions)
City of Carlsbad investment portfolio
Cumulative cash income
13-month comparison
FY 2021-22 cumulative FY 2020-21 FY 2021-22 cumulative FY 2020-21 cumulative Exhibit 4
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EXHIBIT 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of Dec. 31, 2021
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total 3135G0Q89 FNMA 10/28/2016 10/07/2021 2,500,000 2,500,000 17,188 2,517,188 31398E6W9 FHLMC 08/27/2020 10/15/2021 32,681 34,244 1,925 36,169 3138L14F3 FNMA AM1721 12/26/2019 10/25/2021 3,678 3,703 3,480 7,183 30315EAA4 FRESB 07/24/2020 10/25/2021 1,306 1,313 684 1,996 30318NAA1 FRESB 02/19/2021 10/25/2021 1,527 1,534 755 2,289 30321CAQ5 FRESB 07/23/2021 10/25/2021 842 846 1,466 2,312 3137BP4J5 FHLMC 08/20/2021 10/25/2021 40,572 42,492 4,798 47,290 912828F96 US Treasury 11/17/2016 11/01/2021 2,000,000 2,000,000 20,000 2,020,000 912828F96 US Treasury 11/18/2016 11/01/2021 2,000,000 2,000,000 20,000 2,020,000 742718EQ8 PG 10/10/2017 11/03/2021 2,000,000 2,000,000 17,000 2,017,000 31398E6W9 FHLMC 08/27/2020 11/15/2021 27,698 29,023 1,816 30,839 912828RR3 US Treasury 11/22/2016 11/15/2021 2,000,000 2,000,000 20,000 2,020,000 3138L14F3 FNMA AM1721 12/26/2019 11/25/2021 3,519 3,543 3,589 7,132 30315EAA4 FRESB 07/24/2020 11/25/2021 1,227 1,233 683 1,916 30318NAA1 FRESB 02/19/2021 11/25/2021 1,456 1,463 754 2,217 30321CAQ5 FRESB 07/23/2021 11/25/2021 794 798 1,465 2,262 3137BP4J5 FHLMC 08/20/2021 11/25/2021 38,163 39,970 4,715 44,685 3137FBTA4 FHLMC FHMS K728 03/10/2021 11/25/2021 27,413 29,569 7,850 37,418 3133EGL60 FFCB 11/29/2016 11/29/2021 3,000,000 3,000,000 26,400 3,026,400 3130AAB49 FHLB 04/12/2017 12/10/2021 2,000,000 2,000,000 18,750 2,018,750 3133EKQN9 FFCB 09/10/2019 12/13/2021 2,000,000 2,000,000 18,800 2,018,800 31398E6W9 FHLMC 08/27/2020 12/15/2021 28,758 30,133 1,724 31,857 3138L14F3 FNMA AM1721 12/26/2019 12/27/2021 3,697 3,723 3,467 7,189 30315EAA4 FRESB 07/24/2020 12/27/2021 1,314 1,320 682 2,002 30318NAA1 FRESB 02/19/2021 12/27/2021 1,752 1,760 753 2,514 30321CAQ5 FRESB 07/23/2021 12/27/2021 29,942 30,083 1,464 31,547 3137BP4J5 FHLMC 08/20/2021 12/27/2021 40,854 42,789 4,638 47,426 3137FBTA4 FHLMC 03/10/2021 12/27/2021 3,610 3,894 7,590 11,484 912828G87 US Treasury 01/06/2017 12/31/2021 4,000,000 4,000,000 42,500 4,042,500 912828G87 US Treasury 02/03/2017 12/31/2021 1,850,000 1,850,000 19,656 1,869,656 912828G87 US Treasury 11/27/2019 12/31/2021 2,000,000 2,000,000 21,250 2,021,250 25,640,803$ 25,653,431$ 295,842$ 25,949,272$ Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total 3134GWVF0 FHLMC 10/07/2020 07/07/2023 10/07/2021 1,750,000 1,750,000 1,752,188 3134GWVF0 FHLMC 10/07/2020 07/07/2023 10/07/2021 2,000,000 2,000,000 2,002,500 90331HNX7 US Bank 12/23/2019 11/16/2021 10/15/2021 3,000,000 3,004,158 3,042,838 90331HPJ6 US Bank 04/03/2020 01/21/2022 12/21/2021 2,000,000 2,000,783 2,015,000 46632FQW8 JP Morgan Chase 12/23/2019 12/23/2024 12/23/2021 3,500,000 3,500,000 3,519,250 12,250,000$ 12,254,942$ 12,331,775$
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Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value 31422XMV1 FAMCA 10/04/2021 10/04/2024 04/04/2022 0.50% 2,000,000 100.00 2,000,000 45818WCW4 IADB 11/03/2021 10/15/2024 04/15/2022 0.83% 1,440,000 98.58 1,419,552 91282CBX8 US Treasury 0.125% 11/09/2021 04/30/2023 04/30/2022 0.27% 2,000,000 99.78 1,995,625 15654VAV0 Century Housing (CENHOU) 11/12/2021 11/15/2022 02/15/2022 0.35% 1,000,000 100.00 1,000,000 91282CDD0 US Treasury 0.375% 11/12/2021 10/31/2023 04/30/2022 0.46% 2,000,000 99.83 1,996,563 06368G3W5 BMO 11/15/2021 11/15/2024 05/15/2022 1.00% 2,000,000 100.00 2,000,000 91282CBE0 US Treasury 0.125% 11/15/2021 01/15/2024 01/15/2022 0.13% 1,500,000 99.06 1,485,825 9128286G0 US Treasury 2.375% 11/15/2021 02/29/2024 02/28/2022 2.28% 2,500,000 104.01 2,600,184 3135GA5Y3 FNMA 11/29/2021 06/14/2024 03/14/2022 0.85% 2,000,000 98.81 1,976,200 3130APV85 FHLB 11/30/2021 08/25/2023 02/25/2022 0.50% 2,500,000 100.00 2,500,000 3130APZV0 FHLB 11/30/2021 02/28/2024 02/28/2022 0.77% 1,500,000 100.00 1,500,000 3130APVZ5 FHLB 12/02/2021 12/02/2024 05/02/2022 1.05% 1,900,000 100.00 1,900,000 06048WQ60 BAC 12/03/2021 06/03/2024 06/03/2022 1.00% 2,500,000 100.00 2,500,000 569280EX4 Marion County School (MARSCD) 12/07/2021 06/15/2026 06/15/2022 1.37% 1,880,000 100.28 1,885,245 91282CBV2 US Treasury 12/07/2021 04/15/2024 04/15/2022 0.68% 2,000,000 99.30 1,985,938 91282CCC3 US Treasury 12/07/2021 05/15/2024 05/17/2022 0.70% 2,000,000 98.92 1,978,438 78015K7H17 Royal Bank of Canada (RY) 12/07/2021 06/10/2025 12/10/2021 1.30% 2,000,000 99.47 1,989,460 3133ENFP0 FFCB 12/09/2021 11/30/2026 05/30/2022 1.41% 2,950,000 100.10 2,952,950 3130AP7D1 FHLB 12/10/2021 07/19/2024 01/19/2022 0.88% 2,000,000 98.90 1,978,000 46625HJX9 JPM 12/13/2021 05/13/2024 05/13/2022 1.00% 1,750,000 106.25 1,859,393 91282CBE0 US Treasury 12/13/2021 01/15/2024 01/15/2022 0.68% 2,000,000 98.85 1,976,920 3135G05U3 FNMA 12/15/2021 08/18/2023 02/18/2022 0.51% 1,250,000 99.73 1,246,675 3130AQ5L3 FHLB 12/16/2021 12/16/2024 06/16/2022 0.50% 2,000,000 100.00 2,000,000 13067WSW3 CASWTR 12/20/2021 12/01/2026 06/01/2022 1.05% 1,275,000 98.62 1,257,405 912828U24 US Treasury 12/27/2021 11/15/2026 05/15/2022 1.20% 2,500,000 103.78 2,594,531 3133ENAF7 FFCB 12/27/2021 10/07/2026 04/07/2022 1.27% 2,500,000 98.76 2,469,000 3130AQD26 FHLB 12/29/2021 12/29/2023 06/29/2022 0.72% 2,000,000 100.00 2,000,000 06368GC39 BMO 12/30/2021 12/30/2026 06/30/2022 2.00% 2,450,000 100.00 2,450,000 55,395,000$ 100.11 55,497,902$
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EXHIBIT 6
City of Carlsbad
Investment summary
As of December 31, 2021
Settlement Maturity Issuer Par Invested Yield Interest expected Return Federal investments
11/04/19 01/03/22 FAMCA 2,000,000.00 1,998,180.00 2.169% 95,553.01 2,093,733.01 11/12/19 01/13/22 FHLMC 1,000,000.00 1,015,200.00 1.658% 36,324.31 1,051,524.31 03/25/19 02/03/22 FFCB 2,500,000.00 2,483,900.00 2.264% 161,019.44 2,644,919.44 02/23/17 02/23/22 FAMCA 2,600,000.00 2,609,204.00 2.025% 263,796.00 2,873,000.00 03/01/19 03/01/22 FFCB 2,000,000.00 2,000,000.00 2.550% 153,000.00 2,153,000.00 03/29/17 03/29/22 FHLMC 1,500,000.00 1,500,000.00 2.265% 170,625.00 1,670,625.00 05/25/17 04/05/22 FNMA 1,600,000.00 1,600,581.01 1.867% 145,252.32 1,745,833.33 01/09/20 04/05/22 FNMA 2,500,000.00 2,517,775.00 1.550% 87,172.92 2,604,947.92 04/27/17 04/27/22 FHLMC 3,500,000.00 3,545,920.00 2.345% 413,455.00 3,959,375.00 05/19/20 04/27/22 FFCB 2,000,000.00 2,003,480.00 0.210% 8,136.67 2,011,616.67 01/09/20 06/10/22 FHLB 3,000,000.00 3,297,270.00 1.560% 120,084.17 3,417,354.17 01/15/20 07/15/22 FHLMC 1,500,000.00 1,500,510.00 1.586% 59,490.00 1,560,000.00 12/01/17 09/09/22 FHLB 1,750,000.00 1,739,692.50 2.130% 177,335.28 1,917,027.78 07/05/19 09/09/22 FHLB 1,800,000.00 1,874,106.00 1.786% 104,644.00 1,978,750.00 01/15/20 09/09/22 FHLB 2,000,000.00 2,021,180.00 1.590% 84,820.00 2,106,000.00 09/28/17 09/28/22 FNMA 2,500,000.00 2,500,000.00 2.000% 249,861.11 2,749,861.11 10/22/20 09/30/22 FHLMC 3,000,000.00 3,000,000.00 0.350% 41,358.33 3,041,358.33 03/09/18 10/05/22 FNMA 1,000,000.00 971,120.00 2.000% 120,324.44 1,091,444.44 10/05/18 10/05/22 FNMA 1,000,000.00 962,570.00 3.000% 117,430.00 1,080,000.00 05/20/20 10/05/22 FNMA 1,923,000.00 2,005,439.01 0.190% 8,903.49 2,014,342.50 04/24/18 12/09/22 FHLB 2,250,000.00 2,215,102.50 2.500% 295,053.75 2,510,156.25 09/10/19 12/09/22 FHLB 1,500,000.00 1,670,736.00 1.630% 84,545.25 1,755,281.25 03/22/19 03/10/23 FHLB 2,000,000.00 2,028,220.00 2.375% 189,946.67 2,218,166.67 08/13/20 08/10/23 FNMA 2,000,000.00 1,997,600.00 0.300% 20,350.00 2,017,950.00 09/13/19 08/14/23 FFCB 1,800,000.00 1,796,580.00 1.650% 116,300.00 1,912,880.00 12/15/21 08/18/23 FNMA 1,250,000.00 1,246,675.00 0.510% 10,653.12 1,257,328.12 11/30/21 08/25/23 FHLB 2,500,000.00 2,500,000.00 0.500% 21,701.39 2,521,701.39 09/18/18 09/05/23 FFCB 1,000,000.00 991,290.00 2.990% 147,698.89 1,138,988.89 10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125% 349,548.89 2,615,738.89 09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485% 121,551.72 2,190,659.72 02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495% 114,362.92 1,130,572.92 04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410% 187,617.50 1,971,375.00 10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050% 384,922.92 2,878,072.92 02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602% 123,803.33 1,141,333.33 05/09/19 11/08/23 FFCB 2,000,000.00 2,001,700.00 2.280% 205,172.22 2,206,872.22 11/24/20 11/24/23 FHLMC 2,500,000.00 2,500,000.00 0.320% 24,000.00 2,524,000.00 11/30/20 11/30/23 FFCB 3,000,000.00 3,000,000.00 0.310% 27,900.00 3,027,900.00 03/19/21 12/04/23 FHLMC 2,000,000.00 1,998,100.00 0.250% 15,441.67 2,013,541.67 06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870% 127,682.83 1,696,963.33 12/09/20 12/08/23 FFCB 2,500,000.00 2,500,000.00 0.280% 20,980.56 2,520,980.56 05/13/20 12/08/23 FHLB 1,000,000.00 1,107,630.00 0.339% 12,838.75 1,120,468.75 05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.500% 108,586.11 1,161,486.11 12/29/21 12/29/23 FHLB 2,000,000.00 2,000,000.00 0.720% 28,800.00 2,028,800.00 03/06/19 02/27/24 FFCB 1,500,000.00 1,498,950.00 2.610% 195,821.25 1,694,771.25 11/30/21 02/28/24 FHLB 1,500,000.00 1,500,000.00 0.770% 25,922.80 1,525,922.80 02/28/20 02/28/24 FFCB 2,500,000.00 2,500,000.00 1.550% 155,000.00 2,655,000.00 03/08/19 03/08/24 FHLB 3,000,000.00 3,100,851.00 2.530% 386,649.00 3,487,500.00 04/09/19 04/05/24 FFCB 2,000,000.00 1,994,380.00 2.360% 234,725.56 2,229,105.56 04/23/21 04/22/24 FFCB 2,000,000.00 2,000,000.00 0.340% 20,381.11 2,020,381.11 04/05/21 04/23/24 FHLMC 1,000,000.00 997,570.00 0.400% 12,190.00 1,009,760.00 05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287% 114,546.67 1,119,866.67 11/29/21 06/14/24 FNMA 2,000,000.00 1,976,200.00 0.849% 42,862.50 2,019,062.50 08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457% 85,320.92 1,322,845.39 08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457% 103,884.90 1,621,263.00 06/27/19 07/15/24 PEFCO 2,500,000.00 2,565,850.00 1.900% 243,292.36 2,809,142.36 12/10/21 07/19/24 FHLB 2,000,000.00 1,978,000.00 0.878% 45,475.00 2,023,475.00 07/24/20 07/22/24 FFCB 2,000,000.00 2,000,000.00 0.440% 35,151.11 2,035,151.11 08/08/19 07/26/24 FFCB 2,500,000.00 2,532,125.00 1.582% 197,583.33 2,729,708.33 10/29/20 07/29/24 FHLMC 3,000,000.00 3,000,000.00 0.375% 42,187.50 3,042,187.50 11/10/20 08/15/24 FHLB 4,000,000.00 4,191,800.00 1.500% 64,033.33 4,255,833.33 08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480% 189,024.44 2,761,444.44 02/19/21 09/15/24 TVA 1,000,000.00 1,091,424.00 0.300% 11,277.39 1,102,701.39 11/06/20 09/30/24 FHLMC 1,170,000.00 1,170,000.00 0.350% 15,970.50 1,185,970.50 03/30/21 09/30/24 FHLB 1,500,000.00 1,500,000.00 0.520% 27,300.00 1,527,300.00 10/04/21 10/04/24 FAMCA 2,000,000.00 2,000,000.00 0.500% 30,000.00 2,030,000.00 11/25/20 10/16/24 FFCB 1,400,000.00 1,466,052.00 0.280% 15,673.00 1,481,725.00 11/15/19 11/01/24 FAMCA 2,000,000.00 1,999,720.00 1.793% 177,887.78 2,177,607.78 07/10/20 11/13/24 FFCB 1,621,000.00 1,751,360.82 0.390% 28,694.40 1,780,055.22 11/18/20 11/18/24 FNMA 2,000,000.00 2,000,000.00 0.420% 33,600.00 2,033,600.00 Feb. 15, 2022
Item #1 Page 10 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return 12/02/21 12/02/24 FHLB 1,900,000.00 1,900,000.00 1.050% 59,850.00 1,959,850.00 12/16/21 12/16/24 FHLB 2,000,000.00 2,000,000.00 0.500% 70,000.00 2,070,000.00 12/30/20 12/30/24 FHLB 4,000,000.00 4,000,000.00 0.310% 49,600.00 4,049,600.00 05/27/21 01/08/25 FHLB 2,000,000.00 2,000,000.00 0.648% 46,980.56 2,046,980.56 01/10/20 01/10/25 FHLMC 2,000,000.00 2,000,000.00 1.800% 180,000.00 2,180,000.00 07/28/21 01/28/25 FHLB 1,750,000.00 1,750,000.00 0.520% 31,850.00 1,781,850.00 02/03/21 02/03/25 FFCB 2,000,000.00 2,000,000.00 0.320% 25,600.00 2,025,600.00 02/18/21 03/14/25 FHLB 1,500,000.00 1,620,240.00 0.389% 24,832.92 1,645,072.92 04/09/20 03/14/25 FHLB 3,000,000.00 3,231,300.00 0.778% 120,002.08 3,351,302.08 06/07/21 03/28/25 FHLMC 1,000,000.00 998,500.00 0.540% 20,541.67 1,019,041.67 06/28/21 03/28/25 FHLB 3,120,000.00 3,122,340.00 0.500% 67,860.00 3,190,200.00 04/21/21 04/21/25 FFCB 1,500,000.00 1,500,000.00 0.710% 42,600.00 1,542,600.00 12/23/20 04/23/25 FNMA 3,000,000.00 3,000,000.00 0.500% 65,000.00 3,065,000.00 10/30/20 04/30/25 FHLMC 2,000,000.00 2,000,000.00 0.500% 45,111.12 2,045,111.12 06/03/20 05/27/25 FFCB 3,500,000.00 3,499,300.00 0.734% 128,024.17 3,627,324.17 06/03/20 05/28/25 FHLMC 2,000,000.00 2,000,000.00 0.750% 74,791.66 2,074,791.66 12/16/20 06/16/25 FNMA 2,000,000.00 2,000,000.00 0.450% 40,500.00 2,040,500.00 01/11/21 06/17/25 FNMA 3,000,000.00 3,014,640.00 0.389% 51,860.00 3,066,500.00 05/20/21 06/17/25 FNMA 2,000,000.00 1,991,940.00 0.600% 48,810.00 2,040,750.00 07/01/20 06/30/25 FNMA 2,500,000.00 2,500,000.00 0.740% 92,448.61 2,592,448.61 01/15/21 07/14/25 FFCB 2,225,000.00 2,218,325.00 0.457% 45,699.65 2,264,024.65 09/14/20 07/21/25 FHLMC 1,500,000.00 1,499,625.00 0.380% 27,671.87 1,527,296.87 07/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.580% 87,000.00 3,087,000.00 10/29/20 07/29/25 FFCB 3,000,000.00 3,000,000.00 0.530% 75,525.00 3,075,525.00 10/01/20 07/30/25 FHLMC 2,000,000.00 2,000,000.00 0.510% 49,271.67 2,049,271.67 08/12/20 08/12/25 FFCB 3,500,000.00 3,500,000.00 0.530% 92,750.00 3,592,750.00 08/14/20 08/14/25 FNMA 2,000,000.00 2,000,000.00 0.650% 65,000.00 2,065,000.00 11/06/20 08/18/25 FNMA 2,000,000.00 1,999,000.00 0.500% 48,833.33 2,047,833.33 08/21/20 08/21/25 FNMA 2,000,000.00 2,000,000.00 0.450% 45,000.00 2,045,000.00 08/27/20 08/27/25 FHLMC 2,500,000.00 2,500,000.00 0.520% 58,500.00 2,558,500.00 08/31/20 08/29/25 FNMA 3,000,000.00 3,000,000.00 0.600% 89,900.00 3,089,900.00 12/28/20 09/23/25 FHLMC 3,000,000.00 2,996,460.00 0.400% 56,821.25 3,053,281.25 10/22/20 09/23/25 FHLMC 4,000,000.00 3,989,280.00 0.430% 84,511.67 4,073,791.67 10/14/20 10/14/25 FFCB 1,500,000.00 1,500,000.00 0.520% 39,000.00 1,539,000.00 10/15/20 10/15/25 FHLMC 3,000,000.00 3,000,000.00 0.550% 82,500.00 3,082,500.00 12/11/20 10/20/25 FNMA 2,410,000.00 2,408,795.00 0.590% 69,114.78 2,477,909.78 12/09/20 10/21/25 FFCB 3,000,000.00 2,994,300.00 0.560% 81,620.00 3,075,920.00 11/03/20 11/03/25 FFCB 4,500,000.00 4,500,000.00 0.540% 121,500.00 4,621,500.00 12/29/20 11/07/25 FNMA 3,000,000.00 3,012,960.00 0.410% 59,873.34 3,072,833.34 03/10/21 12/10/25 FHLB 1,750,000.00 1,750,000.00 0.650% 54,031.25 1,804,031.25 03/02/21 12/15/25 FAMCA 3,000,000.00 3,000,000.00 0.520% 74,663.33 3,074,663.33 12/17/20 12/17/25 FHLMC 5,000,000.00 5,000,000.00 0.625% 156,250.00 5,156,250.00 03/24/21 12/23/25 FHLMC 1,500,000.00 1,489,500.00 0.700% 60,345.83 1,549,845.83 12/30/20 12/30/25 FNMA 2,500,000.00 2,504,125.00 0.474% 75,875.00 2,580,000.00 01/14/21 01/14/26 FHLB 4,000,000.00 4,000,000.00 0.510% 102,000.00 4,102,000.00 01/14/21 01/14/26 FHLB 1,750,000.00 1,747,375.00 0.540% 47,250.00 1,794,625.00 01/25/21 01/15/26 FAMCA 1,500,000.00 1,500,000.00 0.480% 35,800.00 1,535,800.00 01/28/21 01/28/26 FHLB 3,000,000.00 3,000,000.00 0.500% 75,000.00 3,075,000.00 02/09/21 02/09/26 FHLB 2,050,000.00 2,050,000.00 0.350% 14,575.00 2,064,575.00 02/12/21 02/12/26 FHLB 2,000,000.00 2,000,000.00 0.550% 55,000.00 2,055,000.00 02/18/21 02/18/26 FHLB 4,000,000.00 4,000,000.00 0.500% 100,000.00 4,100,000.00 03/03/21 03/03/26 FFCB 674,000.00 674,000.00 0.790% 26,623.00 700,623.00 03/09/21 03/09/26 FFCB 3,500,000.00 3,500,000.00 0.800% 140,000.00 3,640,000.00 03/18/21 03/18/26 FHLB 3,000,000.00 2,997,000.00 0.750% 115,500.00 3,112,500.00 03/30/21 03/30/26 FHLB 1,500,000.00 1,500,000.00 0.300% 22,500.00 1,522,500.00 04/20/21 04/20/26 FAMCA 2,000,000.00 2,000,000.00 1.000% 100,000.00 2,100,000.00 04/21/21 04/21/26 FHLB 2,000,000.00 1,998,500.00 0.915% 91,500.00 2,090,000.00 04/29/21 04/29/26 FHLB 4,000,000.00 4,000,000.00 0.500% 100,000.00 4,100,000.00 05/04/21 05/04/26 FAMCA 2,500,000.00 2,500,000.00 0.950% 118,750.00 2,618,750.00 05/26/21 05/26/26 FHLB 2,500,000.00 2,500,000.00 0.500% 112,500.00 2,612,500.00 05/27/21 05/27/26 FAMCA 2,000,000.00 2,000,000.00 0.920% 92,000.00 2,092,000.00 06/16/21 06/16/26 FHLB 2,000,000.00 2,000,000.00 0.500% 94,000.00 2,094,000.00 06/16/21 06/16/26 FHLB 2,500,000.00 2,500,000.00 0.500% 117,500.00 2,617,500.00 06/22/21 06/22/26 FFCB 2,000,000.00 1,993,160.00 0.870% 86,840.00 2,080,000.00 06/30/21 06/30/26 FHLB 4,500,000.00 4,500,000.00 0.500% 186,750.00 4,686,750.00 06/30/21 06/30/26 FHLB 2,000,000.00 2,000,000.00 0.550% 88,000.00 2,088,000.00 07/27/21 07/27/26 FHLB 2,500,000.00 2,500,000.00 1.000% 125,000.00 2,625,000.00 08/25/21 08/25/26 FHLB 3,500,000.00 3,494,750.00 0.906% 158,375.00 3,653,125.00 09/01/21 09/01/26 FAMCA 4,000,000.00 4,000,000.00 0.900% 180,000.00 4,180,000.00 09/07/21 09/01/26 FFCB 3,000,000.00 2,997,750.00 0.885% 132,315.00 3,130,065.00 09/30/21 09/30/26 FAMCA 2,500,000.00 2,500,000.00 0.860% 107,798.60 2,607,798.60 12/27/21 10/07/26 FFCB 2,500,000.00 2,469,000.00 1.268% 150,444.44 2,619,444.44 12/09/21 11/30/26 FFCB 2,950,000.00 2,952,950.00 1.408% 165,008.25 3,117,958.25 Federal investments 319,946,000.00 321,979,927.41 0.975% 14,850,973.88 336,830,901.29 Feb. 15, 2022
Item #1 Page 11 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return Supranationals
01/08/18 01/18/22 IADB 2,000,000.00 1,988,880.00 2.270% 182,300.56 2,171,180.56 12/18/17 01/26/22 IBRD 2,500,000.00 2,485,325.00 2.150% 219,952.78 2,705,277.78 10/10/17 10/07/22 IBRD 1,300,000.00 1,290,907.89 2.024% 130,763.88 1,421,671.77 02/08/19 10/24/22 IFC 1,500,000.00 1,470,780.00 2.553% 140,553.33 1,611,333.33 01/18/18 01/18/23 IADB 1,700,000.00 1,702,652.00 2.467% 209,848.00 1,912,500.00 01/24/18 01/18/23 IADB 1,000,000.00 997,670.00 2.550% 126,913.33 1,124,583.33 11/10/20 06/19/23 IBRD 3,000,000.00 3,129,060.00 1.875% 17,658.75 3,146,718.75 11/10/20 10/04/23 IADB 3,000,000.00 3,240,000.00 3.000% 21,000.00 3,261,000.00 05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300% 205,886.67 2,264,166.67 08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428% 142,996.67 2,149,916.67 11/03/21 10/15/24 IADB 1,440,000.00 1,419,552.00 0.828% 34,891.20 1,454,443.20 02/04/21 10/16/24 IFC 2,000,000.00 2,079,800.00 0.290% 21,950.00 2,101,750.00 01/27/20 01/15/25 IFC 1,000,000.00 1,000,000.00 1.625% 80,708.33 1,080,708.33 01/14/21 11/20/25 IBRD 2,000,000.00 2,250,220.00 0.510% 52,905.00 2,303,125.00 01/25/21 01/15/26 IFC 2,000,000.00 2,007,840.00 0.500% 49,837.78 2,057,677.78 04/23/21 04/20/26 IADB 3,000,000.00 3,000,720.00 0.870% 130,311.25 3,131,031.25 05/28/21 05/15/26 IFC 2,000,000.00 2,000,000.00 0.500% 49,638.89 2,049,638.89 Supranationals 33,440,000.00 34,128,606.89 1.621% 1,818,116.42 35,946,723.31 US Treasury
01/20/17 01/31/22 US Treasury 1.50% 3,000,000.00 2,928,555.00 2.000% 297,790.11 3,226,345.11 04/23/19 02/28/22 US Treasury 1.875% 1,500,000.00 1,481,015.63 1.875% 99,232.33 1,580,247.96 03/02/17 03/31/22 US Treasury 1.750% 3,000,000.00 2,963,925.00 2.000% 302,757.69 3,266,682.69 11/20/19 04/15/22 US Treasury 2.25% 1,200,000.00 1,219,125.00 1.571% 45,719.26 1,264,844.26 05/15/17 05/15/22 US Treasury 1.750% 2,000,000.00 1,985,625.00 1.901% 189,375.00 2,175,000.00 08/25/17 07/31/22 US Treasury 1.875% 1,250,000.00 1,257,346.25 1.750% 108,249.03 1,365,595.28 08/31/17 08/31/22 US Treasury 1.875% 3,000,000.00 3,019,290.00 1.740% 261,960.00 3,281,250.00 11/20/19 10/15/22 US Treasury 1.375% 1,500,000.00 1,491,720.00 1.570% 68,126.31 1,559,846.31 02/27/20 10/15/22 US Treasury 1.375% 1,500,000.00 1,509,082.03 1.141% 45,185.39 1,554,267.42 11/28/17 11/15/22 US Treasury 1.625% 1,000,000.00 980,950.00 2.030% 99,716.44 1,080,666.44 07/30/19 02/28/23 US Treasury 2.625% 3,000,000.00 3,085,572.00 1.800% 275,650.83 3,361,222.83 11/09/21 04/30/23 US Treasury 0.125% 2,000,000.00 1,995,625.00 0.274% 8,062.85 2,003,687.85 11/12/21 10/31/23 US Treasury 0.375% 2,000,000.00 1,996,562.50 0.463% 18,188.88 2,014,751.38 11/15/21 01/15/24 US Treasury 0.125% 1,500,000.00 1,485,825.00 0.126% 18,235.80 1,504,060.80 12/13/21 01/15/24 US Treasury 0.125% 2,000,000.00 1,976,920.00 0.682% 28,304.18 2,005,224.18 06/25/21 02/15/24 US Treasury 0.125% 2,500,000.00 2,484,765.63 0.357% 23,487.13 2,508,252.76 11/15/21 02/29/24 US Treasury 2.375% 2,500,000.00 2,600,183.50 2.283% 35,788.53 2,635,972.03 12/07/21 04/15/24 US Treasury 0.375% 2,000,000.00 1,985,937.50 0.677% 31,720.47 2,017,657.97 12/07/21 05/15/24 US Treasury 0.250% 2,000,000.00 1,978,437.50 0.697% 33,758.63 2,012,196.13 03/01/21 06/30/24 US Treasury 1.75% 2,500,000.00 2,614,215.00 0.370% 31,658.62 2,645,873.62 01/14/21 09/30/24 US Treasury 1.5% 2,000,000.00 2,088,448.94 1.500% 22,814.80 2,111,263.74 06/07/21 11/30/24 US Treasury 1.500% 2,000,000.00 2,073,437.50 0.436% 30,988.73 2,104,426.23 07/15/21 02/28/25 US Treasury 1.125% 2,000,000.00 2,040,312.50 0.563% 41,311.14 2,081,623.64 02/19/21 04/30/25 US Treasury 0.375% 2,000,000.00 1,997,920.00 0.400% 33,530.28 2,031,450.28 02/19/21 05/31/25 US Treasury 0.25% 2,000,000.00 1,987,280.00 0.400% 34,107.36 2,021,387.36 01/11/21 09/30/25 US Treasury 0.25% 2,500,000.00 2,481,332.50 0.250% 48,148.96 2,529,481.46 01/11/21 11/30/25 US Treasury 0.375% 2,500,000.00 2,493,350.00 0.375% 52,443.27 2,545,793.27 03/01/21 02/28/26 US Treasury 0.5% 3,000,000.00 2,964,726.56 0.740% 110,232.68 3,074,959.24 03/02/21 02/28/26 US Treasury 0.5% 2,000,000.00 1,975,513.02 0.750% 74,432.63 2,049,945.65 12/27/21 11/15/26 US Treasury 2% 2,500,000.00 2,594,531.25 1.200% 149,667.65 2,744,198.90 US Treasury 63,450,000.00 63,737,529.81 1.066% 2,620,644.98 66,358,174.79 Corporate notes
12/20/17 02/06/22 Microsoft 1,250,000.00 1,254,025.00 2.316% 119,808.33 1,373,833.33 11/29/19 02/09/22 Apple Inc. 2,000,000.00 2,017,980.00 1.730% 76,381.11 2,094,361.11 03/07/19 03/03/22 Johnson & Johnson 1,250,000.00 1,236,787.50 2.620% 97,275.00 1,334,062.50 02/24/20 03/03/22 Johnson & Johnson 2,000,000.00 2,029,760.00 1.470% 61,365.00 2,091,125.00 03/06/17 03/06/22 Exxon Mobil 2,000,000.00 2,003,380.00 2.360% 236,320.00 2,239,700.00 05/23/17 05/11/22 Apple Inc. 3,300,000.00 3,318,150.00 2.181% 358,820.00 3,676,970.00 12/06/17 05/15/22 Berkshire Hathaway 1,503,000.00 1,540,770.39 2.400% 162,504.36 1,703,274.75 01/08/18 05/15/22 Berkshire Hathaway 1,000,000.00 1,023,300.00 2.432% 107,283.33 1,130,583.33 10/09/18 05/15/22 Berkshire Hathaway 1,100,000.00 1,091,810.50 3.220% 126,989.50 1,218,800.00 02/19/19 05/17/22 Toyota 2,000,000.00 2,000,000.00 3.083% 200,044.66 2,200,044.66 08/09/18 06/01/22 Blackrock Inc. 1,000,000.00 1,011,600.00 3.050% 117,306.25 1,128,906.25 12/11/19 06/15/22 Cisco Systems Inc 500,000.00 515,230.00 1.755% 22,436.67 537,666.67 12/19/19 06/26/22 3M Company 2,000,000.00 2,010,920.00 1.777% 89,857.78 2,100,777.78 08/24/17 07/13/22 Toyota 1,500,000.00 1,547,160.00 2.119% 158,056.67 1,705,216.67 01/16/19 07/13/22 Toyota 1,500,000.00 1,483,770.00 3.129% 162,880.00 1,646,650.00 07/01/19 07/13/22 Toyota 2,500,000.00 2,551,875.00 2.090% 160,458.33 2,712,333.33 11/06/17 08/11/22 Procter & Gamble 1,800,000.00 1,799,161.20 2.160% 185,201.30 1,984,362.50 11/09/18 08/11/22 Procter & Gamble 1,900,000.00 1,826,627.70 3.250% 226,786.74 2,053,414.44 05/02/19 08/11/22 Procter & Gamble 2,000,000.00 1,986,800.00 2.150% 154,025.00 2,140,825.00 Feb. 15, 2022
Item #1 Page 12 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return 01/18/18 09/21/22 Novartis Capital Corp 1,500,000.00 1,489,500.00 2.560% 178,400.00 1,667,900.00 10/10/19 11/03/22 Microsoft 2,000,000.00 2,064,180.00 1.514% 98,206.11 2,162,386.11 11/12/21 11/15/22 Century Housing (CENHOU) 1,000,000.00 1,000,000.00 0.350% 3,529.17 1,003,529.17 01/04/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,982,400.00 2.443% 236,475.00 2,218,875.00 09/17/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,935,820.00 3.077% 251,430.00 2,187,250.00 12/06/17 11/29/22 Toyota 2,250,000.00 2,250,000.00 2.125% 238,132.81 2,488,132.81 01/14/19 12/15/22 Wal-Mart 2,720,000.00 2,653,088.00 3.020% 317,442.89 2,970,530.89 12/23/19 12/15/22 Wal-Mart 2,000,000.00 2,032,580.00 1.770% 107,375.56 2,139,955.56 01/24/18 01/26/23 Toyota 3,000,000.00 3,000,000.00 2.750% 412,500.00 3,412,500.00 08/29/19 02/01/23 Colgate-Palmolive 1,000,000.00 1,011,600.00 1.600% 55,133.33 1,066,733.33 09/12/19 02/11/23 Berkshire Hathaway 1,250,000.00 1,296,137.50 1.878% 81,883.33 1,378,020.83 07/31/19 02/23/23 Apple Inc. 3,500,000.00 3,592,680.00 2.039% 262,540.83 3,855,220.83 10/04/19 03/15/23 3M Company 1,762,000.00 1,798,080.47 1.620% 100,144.15 1,898,224.62 03/20/18 03/15/23 Berkshire Hathaway 1,000,000.00 983,890.00 3.101% 153,228.06 1,137,118.06 04/18/18 03/15/23 Berkshire Hathaway 1,750,000.00 1,719,130.00 3.140% 267,083.54 1,986,213.54 04/25/18 03/15/23 Berkshire Hathaway 2,000,000.00 1,953,300.00 3.270% 315,588.89 2,268,888.89 05/07/18 04/11/23 Wal-Mart 1,000,000.00 974,100.00 3.121% 151,558.33 1,125,658.33 12/18/18 04/11/23 Wal-Mart 1,000,000.00 969,800.00 3.301% 141,054.17 1,110,854.17 05/16/19 04/28/23 Bank of New York Mellon 2,000,000.00 2,061,800.00 2.670% 214,700.00 2,276,500.00 06/23/20 04/28/23 Bank of New York Mellon 2,000,000.00 2,168,480.00 0.510% 30,436.67 2,198,916.67 05/02/18 05/01/23 Colgate-Palmolive 4,666,000.00 4,443,179.84 3.140% 712,477.98 5,155,657.82 05/09/18 05/03/23 Apple Inc. 4,000,000.00 3,862,600.00 3.150% 615,800.00 4,478,400.00 08/06/16 06/26/23 Wal-Mart 1,750,000.00 1,763,895.00 3.220% 276,993.89 2,040,888.89 07/25/18 06/26/23 Wal-Mart 1,500,000.00 1,512,000.00 3.220% 238,891.66 1,750,891.66 02/19/19 06/26/23 Wal-Mart 1,000,000.00 1,025,140.00 2.770% 122,665.56 1,147,805.56 07/24/18 07/24/23 US Bank NA 1,250,000.00 1,251,625.00 3.371% 210,756.94 1,462,381.94 01/24/19 07/24/23 US Bank NA 1,000,000.00 1,010,000.00 3.156% 143,000.00 1,153,000.00 02/28/19 07/24/23 US Bank NA 1,800,000.00 1,835,100.00 2.916% 234,520.00 2,069,620.00 12/11/18 07/24/23 US Bank NA 2,500,000.00 2,489,250.00 3.400% 32,347.22 2,521,597.22 05/14/20 09/01/23 Public Service Electric 2,500,000.00 2,700,575.00 0.720% 67,324.31 2,767,899.31 12/23/19 11/20/23 State Street Corporation 2,000,000.00 2,130,440.00 1.958% 158,776.67 2,289,216.67 01/28/19 12/05/23 Johnson & Johnson 1,500,000.00 1,541,250.00 2.765% 204,421.87 1,745,671.87 03/07/19 01/08/24 Toyota 1,000,000.00 1,017,865.00 2.950% 144,144.72 1,162,009.72 01/16/20 01/15/24 Wal-Mart 2,000,000.00 2,067,790.00 1.900% 192,646.11 2,260,436.11 05/16/19 01/23/24 Citibank 1,000,000.00 1,034,870.00 2.836% 136,173.06 1,171,043.06 02/13/20 01/23/24 Citibank 2,500,000.00 2,674,670.00 1.770% 185,260.56 2,859,930.56 02/13/20 01/23/24 Citibank 2,000,000.00 2,142,600.00 1.733% 145,344.44 2,287,944.44 02/20/20 01/23/24 Citibank 1,500,000.00 1,603,710.00 1.780% 111,183.75 1,714,893.75 10/11/19 02/01/24 JP Morgan Chase Bank 1,765,000.00 1,900,834.40 2.000% 158,638.70 2,059,473.10 10/08/19 03/07/24 Microsoft 1,500,000.00 1,581,000.00 1.604% 107,379.17 1,688,379.17 08/29/19 03/18/24 Blackrock Inc. 2,000,000.00 2,162,500.00 1.640% 156,194.44 2,318,694.44 10/28/19 03/18/24 Blackrock Inc. 1,000,000.00 1,071,360.00 1.801% 82,251.11 1,153,611.11 11/14/19 03/18/24 Blackrock Inc. 1,000,000.00 1,065,420.00 1.923% 86,635.56 1,152,055.56 05/14/20 03/18/24 Blackrock Inc. 3,000,000.00 3,300,600.00 0.845% 103,066.67 3,403,666.67 04/24/20 04/22/24 Wal-Mart 2,500,000.00 2,737,467.50 0.875% 92,074.17 2,829,541.67 04/24/20 04/22/24 Wal-Mart 2,000,000.00 2,191,860.00 0.700% 71,773.33 2,263,633.33 12/13/21 05/13/24 JPM 1,750,000.00 1,859,392.50 1.000% 43,914.79 1,903,307.29 07/31/19 05/13/24 JP Morgan Chase Bank 2,000,000.00 2,119,320.00 2.300% 227,471.67 2,346,791.67 07/13/20 05/13/24 JP Morgan Chase Bank 3,000,000.00 3,331,290.00 0.700% 85,585.00 3,416,875.00 07/01/20 05/15/24 Bank of NY Mellon 3,000,000.00 3,316,860.00 0.560% 75,556.67 3,392,416.67 12/03/21 06/03/24 BAC 2,500,000.00 2,500,000.00 1.000% 62,500.00 2,562,500.00 10/17/19 08/22/24 Amazon.com Inc. 2,500,000.00 2,604,850.00 1.860% 234,455.56 2,839,305.56 08/22/19 08/22/24 Amazon.com Inc. 2,000,000.00 2,087,280.00 2.800% 192,097.78 2,279,377.78 02/18/20 10/24/24 Bank of NY Mellon 3,055,000.00 3,093,737.40 1.816% 261,721.85 3,355,459.25 11/15/21 11/15/24 BMO 2,000,000.00 2,000,000.00 1.000% 60,000.00 2,060,000.00 01/15/20 01/15/25 Johnson & Johnson 1,820,000.00 1,882,380.50 1.586% 176,494.50 2,058,875.00 04/08/20 01/15/25 Johnson & Johnson 3,000,000.00 3,231,960.00 0.906% 143,633.75 3,375,593.75 07/13/20 01/15/25 Johnson & Johnson 1,000,000.00 1,090,640.00 0.510% 27,630.83 1,118,270.83 09/10/21 02/09/25 Apple Inc. (AAPL) 1,500,000.00 1,588,155.00 0.753% 39,865.83 1,628,020.83 04/13/20 02/14/25 Novartis Capital Corp 3,310,000.00 3,379,576.20 1.300% 210,555.54 3,590,131.74 06/03/20 03/15/25 CME Group Inc 2,771,000.00 3,050,981.84 0.730% 117,656.66 3,168,638.50 12/31/20 03/27/25 Nike Inc. 2,867,000.00 3,090,740.68 0.500% 67,928.79 3,158,669.47 05/13/20 04/01/25 Flordia Power & Light 3,667,000.00 3,980,565.17 1.020% 195,628.34 4,176,193.51 12/07/21 06/10/25 Royal Bank of Canada (RY) 2,000,000.00 1,989,460.00 1.304% 91,231.67 2,080,691.67 04/23/21 09/01/25 Johnson & Johnson 1,250,000.00 1,241,700.00 0.705% 38,244.44 1,279,944.44 09/20/21 10/29/25 Procter & Gamble (PG) 1,500,000.00 1,487,460.00 0.757% 46,433.75 1,533,893.75 05/17/21 12/14/25 Visa Inc 1,250,000.00 1,368,500.00 0.910% 61,640.62 1,430,140.62 08/23/21 01/26/26 Bank of America (BAC) 1,000,000.00 989,470.00 1.000% 44,080.00 1,033,550.00 04/12/21 02/24/26 Merck 1,500,000.00 1,485,750.00 0.950% 69,000.00 1,554,750.00 03/01/21 02/26/26 JP Morgan 2,000,000.00 2,000,000.00 0.800% 80,000.00 2,080,000.00 03/01/21 03/01/26 Johnson & Johnson 2,500,000.00 2,697,950.00 0.750% 108,300.00 2,806,250.00 03/03/21 03/03/26 JP Morgan 2,000,000.00 2,000,000.00 1.000% 100,000.00 2,100,000.00 06/11/21 06/11/26 JP Morgan 2,000,000.00 2,000,000.00 1.150% 115,000.00 2,115,000.00 07/12/21 06/25/26 Bank of America 3,000,000.00 2,998,500.00 1.210% 179,800.00 3,178,300.00 Feb. 15, 2022
Item #1 Page 13 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return 07/22/21 07/16/26 Massmtual Global 3,750,000.00 3,784,537.50 1.010% 189,712.50 3,974,250.00 08/11/21 08/08/26 Microsoft (MSFT) 4,000,000.00 4,292,240.00 0.900% 800.00 4,293,040.00 08/25/21 08/25/26 JP Morgan (JPM) 2,000,000.00 2,000,000.00 1.200% 120,000.00 2,120,000.00 09/10/21 09/10/26 Bank of America (BAC) 2,000,000.00 2,000,000.00 1.150% 115,000.00 2,115,000.00 09/24/21 09/24/26 Bank of America (BAC) 2,000,000.00 2,000,000.00 1.250% 125,000.00 2,125,000.00 12/30/21 12/30/26 BMO 2,450,000.00 2,450,000.00 2.000% 245,000.00 2,695,000.00 Corporate notes 197,006,000.00 202,296,571.79 1.800% 15,183,325.30 217,479,897.09 Certificate of deposit
01/12/18 01/12/22 LCA Bank Corporation 246,000.00 246,000.00 2.300% 22,632.00 268,632.00 01/18/17 01/18/22 Mb Financial Bank 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 01/20/17 01/20/22 First Natl Bank 249,000.00 249,000.00 2.050% 25,522.50 274,522.50 01/24/19 01/24/22 Dollar Bank 246,000.00 246,000.00 2.850% 21,033.00 267,033.00 02/12/20 02/14/22 Sallie Mae Bank 247,000.00 247,000.00 1.700% 8,432.52 255,432.52 06/07/17 06/07/22 Mechantile Bank Of 247,000.00 247,000.00 2.100% 25,935.00 272,935.00 07/31/17 07/29/22 KS State Bank 245,000.00 245,000.00 2.100% 25,710.71 270,710.71 08/16/17 08/16/22 Everbank 247,000.00 247,000.00 2.200% 27,170.00 274,170.00 08/30/17 08/30/22 Willamette Valley Bank 249,000.00 249,000.00 2.100% 26,145.00 275,145.00 09/14/17 09/14/22 First Bank Of 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 09/29/17 09/29/22 Allegiane Bank Texs 249,000.00 249,000.00 2.150% 26,767.50 275,767.50 10/23/19 10/11/22 Goldman Sachs Bank USA 247,000.00 247,000.00 1.900% 13,898.99 260,898.99 10/18/17 10/18/22 Beneficial Bank 247,000.00 247,000.00 2.150% 26,552.50 273,552.50 12/22/17 12/22/22 Industrial & Coml Bak China 249,000.00 249,000.00 2.500% 31,125.00 280,125.00 01/11/19 01/11/23 Sterling Bank 246,000.00 246,000.00 3.100% 30,504.00 276,504.00 02/07/20 02/07/23 BMW Bank 247,000.00 247,000.00 1.650% 12,237.67 259,237.67 02/21/20 02/21/23 Wells Fargo Bank 249,000.00 249,000.00 1.750% 13,084.44 262,084.44 04/24/18 04/24/23 Citibank 246,000.00 246,000.00 3.000% 36,900.00 282,900.00 05/08/19 05/08/23 Bank3 249,000.00 249,000.00 2.336% 24,900.00 273,900.00 05/16/18 05/16/23 Belmont Savings Bank 245,000.00 245,000.00 3.050% 37,362.50 282,362.50 06/20/18 06/20/23 RBC Bank 249,000.00 249,000.00 3.150% 39,217.50 288,217.50 07/31/18 07/31/23 Bank Of New England 249,000.00 249,000.00 3.250% 40,462.50 289,462.50 07/31/18 07/31/23 Medallion Bank Utah 249,000.00 249,000.00 3.150% 40,462.50 289,462.50 02/13/19 08/14/23 First Missouri State Bank 246,000.00 246,000.00 2.850% 31,549.50 277,549.50 09/26/18 09/26/23 Bank Midwest 245,000.00 245,000.00 3.150% 38,587.50 283,587.50 09/28/18 09/28/23 Bank Of Baroda 245,000.00 245,000.00 3.300% 40,425.00 285,425.00 11/15/18 10/30/23 National Cooperative Bank 245,000.00 245,000.00 3.450% 41,891.98 286,891.98 11/14/18 11/14/23 Bank Hapoalim Bm 245,000.00 245,000.00 3.500% 42,875.00 287,875.00 11/15/18 11/15/23 Morgan Stanley Pvt Bank 245,000.00 245,000.00 3.550% 43,487.50 288,487.50 11/19/18 11/29/23 State Bank Of India 245,000.00 245,000.00 3.600% 44,100.00 289,100.00 05/16/19 05/16/24 Enterprise Bank 246,000.00 246,000.00 2.600% 31,980.00 277,980.00 05/24/19 05/24/24 Eagle Bank 249,000.00 249,000.00 2.500% 31,125.00 280,125.00 06/28/19 06/28/24 First State Bank Dequeen 249,000.00 249,000.00 2.300% 28,635.00 277,635.00 07/31/19 07/31/24 Capital One 247,000.00 247,000.00 2.250% 27,787.50 274,787.50 08/30/19 08/30/24 Washington Federal 249,000.00 249,000.00 2.000% 24,900.00 273,900.00 09/13/19 09/13/24 Enerbank Usa 249,000.00 249,000.00 1.750% 21,787.50 270,787.50 09/18/19 09/30/24 Celtic Bank 249,000.00 249,000.00 1.700% 20,956.25 269,956.25 11/26/19 11/26/24 Raymond James Bank NA 247,000.00 247,000.00 1.850% 22,872.54 269,872.54 01/09/20 01/09/25 Morgan Stanley Bank NA 247,000.00 247,000.00 1.900% 23,490.72 270,490.72 02/27/20 02/27/25 Bell Bank Corp 249,000.00 249,000.00 1.600% 19,941.88 268,941.88 03/13/20 03/13/25 Choice Financial Group 248,000.00 248,000.00 1.100% 13,647.47 261,647.47 03/13/20 03/13/25 American Eagle bank 249,000.00 249,000.00 1.100% 13,702.54 262,702.54 03/18/20 03/18/25 Poppy Bank 249,000.00 249,000.00 1.100% 13,702.54 262,702.54 03/19/20 03/19/25 Somerset Trust 249,000.00 249,000.00 1.000% 12,456.88 261,456.88 03/20/20 03/20/25 Iberia Bank 248,000.00 248,000.00 1.000% 12,406.79 260,406.79 03/27/20 03/27/25 Baycoast Bank 248,000.00 248,000.00 0.950% 11,786.45 259,786.45 03/27/20 03/27/25 American Commerce Bank 249,000.00 249,000.00 0.950% 11,834.03 260,834.03 04/08/20 04/08/25 Capital One 248,000.00 248,000.00 1.600% 19,850.88 267,850.88 05/15/20 05/15/25 Flagstar Bank 248,000.00 248,000.00 0.850% 10,545.77 258,545.77 05/15/20 05/15/25 Encore Bank 249,000.00 249,000.00 0.800% 9,965.41 258,965.41 05/26/20 05/27/25 Haddon Savings Bank 248,000.00 248,000.00 0.750% 9,310.19 257,310.19 05/29/20 05/29/25 Home Loan Inv Bank 249,000.00 249,000.00 0.800% 9,965.41 258,965.41 05/29/20 05/29/25 Pacific Western Bank 249,000.00 249,000.00 0.700% 8,719.77 257,719.77 05/29/20 05/29/25 Malaga Bank 249,000.00 249,000.00 0.700% 8,719.87 257,719.87 06/10/20 06/10/25 Stockman Bank 249,000.00 249,000.00 0.600% 7,474.10 256,474.10 07/17/20 07/17/25 Preferred Bank 249,000.00 249,000.00 0.500% 6,228.46 255,228.46 07/16/20 07/28/25 Toyota Financial Savings Bank 249,000.00 249,000.00 0.650% 8,096.93 257,096.93 07/29/20 07/29/25 Continental Bank 249,000.00 249,000.00 0.500% 6,228.46 255,228.46 08/14/20 08/14/25 Luana Savings Bank 249,000.00 249,000.00 0.450% 5,605.57 254,605.57 08/19/20 08/19/25 1st Financial Bank 249,000.00 249,000.00 0.450% 5,605.82 254,605.82 08/20/20 08/20/25 1st Carolina Bank 249,000.00 249,000.00 0.450% 5,605.82 254,605.82 08/20/20 08/20/25 Northeast Community Bank 249,000.00 249,000.00 0.450% 5,605.82 254,605.82 09/04/20 09/04/25 Crown Bank 249,000.00 249,000.00 0.400% 4,982.62 253,982.62 09/15/20 09/15/25 Merrick 249,000.00 249,000.00 0.400% 4,982.62 253,982.62 10/22/20 09/25/25 Commonwealth Bus Bank 249,000.00 249,000.00 0.400% 4,908.94 253,908.94 Feb. 15, 2022
Item #1 Page 14 of 20
Settlement Maturity Issuer Par Invested Yield Interest expected Return 09/29/20 09/29/25 Landmark Community 249,000.00 249,000.00 0.400% 4,982.58 253,982.58 10/22/20 10/08/25 Live Oak Bank 249,000.00 249,000.00 0.400% 4,944.42 253,944.42 10/15/20 10/15/25 Maine Comm Bank 249,000.00 249,000.00 0.350% 4,359.94 253,359.94 10/16/20 10/16/25 First Security Bank Wash 249,000.00 249,000.00 0.350% 4,359.94 253,359.94 11/06/20 10/23/25 Royal Savings Bank 249,000.00 249,000.00 0.400% 4,944.42 253,944.42 11/18/20 11/18/25 First US Bank 249,000.00 249,000.00 0.400% 4,982.62 253,982.62 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 12/18/20 12/18/25 Unity Bank 249,000.00 248,377.50 0.400% 5,605.22 253,982.72 01/08/21 12/23/25 Texas Bank Henderson 249,000.00 249,000.00 0.450% 5,556.70 254,556.70 12/28/20 12/23/25 National Bank of NY City 249,000.00 248,688.75 0.400% 5,280.23 253,968.98 12/23/20 12/23/25 Belmont Savings Bank 249,000.00 248,377.50 0.400% 5,605.12 253,982.62 01/08/21 01/08/26 Bank of Santa Clarita 249,000.00 248,688.75 0.400% 5,293.87 253,982.62 01/08/21 01/08/26 Grand Bank Tulsa 249,000.00 248,688.75 0.400% 5,293.87 253,982.62 01/26/21 01/26/26 Commercial Bank 249,000.00 248,751.00 0.471% 5,854.82 254,605.82 01/27/21 01/27/26 Central Bank Storm Lake 249,000.00 248,751.00 0.471% 5,854.82 254,605.82 02/18/21 01/29/26 Hometown Bk of Alabama 249,000.00 249,000.00 0.400% 4,928.04 253,928.04 02/26/21 02/26/26 United Rep Bk Omaha 249,000.00 249,000.00 0.400% 4,982.61 253,982.61 03/03/21 03/03/26 CFG Community Bk 249,000.00 249,000.00 0.400% 4,982.73 253,982.73 03/10/21 03/10/26 Bristol Morgan Bank 249,000.00 249,000.00 0.450% 5,605.82 254,605.82 09/03/21 09/03/26 Syncrony Bank (SYF) 249,000.00 249,000.00 0.900% 11,205.00 260,205.00 09/09/21 09/09/26 UBS Bank USA (UBS) 249,000.00 249,000.00 0.950% 11,834.03 260,834.03 Certificate of deposit 21,338,000.00 21,335,323.25 1.471% 1,498,525.22 22,833,848.47 Mortgage backed securities (agency)
12/26/19 12/01/22 FNMA AM1721 1,836,955.26 1,849,412.93 2.001% 132,440.68 1,981,853.61 03/10/21 08/25/24 FHLM - FHMS K728 2,968,976.37 3,204,590.93 3.064% (50,625.62) 3,153,965.31 04/15/20 11/25/24 FHMS KHG1 A1 3,000,000.00 3,215,625.00 0.999% 1,505.28 3,217,130.28 07/24/20 05/25/25 FRESB MFM 984,631.56 989,447.40 0.830% 29,970.68 1,019,418.08 03/15/21 05/25/25 FHLMC - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770% (47,268.40) 2,110,231.60 08/27/20 06/15/25 FHLMC FHR 3544 BC 488,458.00 574,499.10 0.532% 678,001.64 1,252,500.74 02/19/21 01/25/26 FRESB 2021-SB83 1,433,435.44 1,440,166.85 0.505% 82,387.26 1,522,554.11 03/25/21 03/25/26 FHLM - KHMS K055 2,500,000.00 2,700,000.00 2.673% (45,023.32) 2,654,976.68 08/20/21 03/25/26 FHLMC - FHMS K1R1 2,234,347.42 2,340,129.80 0.414% 217,262.38 2,557,392.18 07/23/21 04/25/26 FRESB 1,966,845.94 1,976,082.25 0.746% 64,503.56 2,040,585.81 Mortgage backed securities (agency) 19,413,649.99 20,447,454.26 1.674% 1,063,154.14 21,510,608.40 Municpal Bonds
07/23/21 03/15/23 State of Connecticut 3,000,000.00 3,262,140.00 0.356% 18,566.67 3,280,706.67 06/09/21 08/01/23 San Dieguito Union HS 500,000.00 500,000.00 0.275% 2,948.61 502,948.61 06/17/21 03/15/24 Ada&Canyon Cty SD 1,500,000.00 1,710,405.00 0.520% 26,678.33 1,737,083.33 05/27/21 06/15/24 Cache County SD 3,250,000.00 3,505,872.50 0.400% 41,502.50 3,547,375.00 02/26/21 10/01/24 State of Hawaii 3,000,000.00 3,039,420.00 0.433% 47,129.17 3,086,549.17 03/01/21 11/01/24 City of San Francisco Util 1,000,000.00 1,004,450.00 0.600% 22,073.31 1,026,523.31 06/02/21 12/01/24 Mason & Kitsap Counties SD 640,000.00 640,000.00 0.538% 12,041.64 652,041.64 07/19/21 02/01/25 Amarillo Independent SD 1,800,000.00 1,762,290.00 0.600% 37,710.00 1,800,000.00 03/22/21 02/15/25 Texas St Tech Univ 2,500,000.00 2,524,850.00 0.679% 66,539.86 2,591,389.86 06/29/21 05/15/25 University of California 1,960,000.00 1,966,154.40 0.799% 60,957.52 2,027,111.92 03/01/21 05/15/25 University of California 1,500,000.00 1,517,250.00 0.600% 38,474.13 1,555,724.13 02/02/21 06/15/25 County of Multnomah OR 2,000,000.00 2,006,040.00 0.430% 31,513.89 2,037,553.89 01/28/21 07/01/25 University of California UNVHGR 1,805,000.00 1,995,210.90 0.509% 54,434.78 2,049,645.68 05/18/21 04/01/26 State of California 1,250,000.00 1,353,350.00 0.910% 57,950.35 1,411,300.35 04/01/21 04/01/26 State of California 4,140,000.00 4,478,652.00 0.970% 209,898.00 4,688,550.00 12/07/21 06/15/26 Marion County School (MARSCD) 1,880,000.00 1,885,245.20 1.374% 117,010.36 2,002,255.56 09/01/21 06/15/26 Portland Community College (PORHGR) 1,100,000.00 1,102,992.00 0.841% 44,365.32 1,147,357.32 08/12/21 08/01/26 San Diego Community College (SDGHGR) 3,000,000.00 3,209,550.00 0.860% 133,192.58 3,342,742.58 08/23/21 08/01/26 Santa Barbara CA USD (SBBSCD) 500,000.00 511,970.00 0.842% 21,071.17 533,041.17 08/23/21 08/01/26 San Jose Evergreen CC (SJSHGR) 750,000.00 799,522.50 0.842% 32,339.58 831,862.08 12/20/21 12/01/26 State of California 1,275,000.00 1,257,405.00 1.051% 102,118.29 1,359,523.29 Municpal Bonds 38,350,000.00 40,032,769.50 0.681% 1,178,516.06 41,211,285.56
Cash
Wells Fargo Bank - General 11,380,113.35 11,380,113.35 0.010% 93.54 11,380,206.89 Wells Fargo Sweep account - - 0.010% - - Wells Fargo Bank - Custody 9,849,630.85 9,849,630.85 0.010% 82.08 9,849,712.93 CAMP 1,006,605.77 1,006,605.77 0.051% 42.53 1,006,648.30 LAIF City 71,911,817.91 71,911,817.91 0.200% 11,985.30 71,923,803.21 LAIF CMWD 15,760,118.35 15,760,118.35 0.200% 2,626.69 15,762,745.04 LAIF CPFA 739,344.57 739,344.57 0.210% 129.39 739,473.95 Cash 110,647,630.80 110,647,630.80 0.162% 14,959.52 110,662,590.32 GRAND TOTAL 803,591,280.79 814,605,813.71 1.1199% 38,228,215.51 852,834,029.23 Feb. 15, 2022
Item #1 Page 15 of 20
EXHIBIT 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of Dec. 31, 2021
Cash balance by fund:
General 115,548,235
Special revenue 33,985,752
Capital projects:
General capital construction 52,212,072
Traffic impact fees 23,326,322
Public facilities fees 30,354,566
Park development 14,523,709
TransNet taxes 8,657,921
Drainage fees 4,723,967
Special districts 122,882,399
Infrastructure replacement 121,310,568
Gas tax 18,293,471
Capital project subtotal 396,284,995
Enterprise:
Carlsbad Municipal Water District 138,823,411
Sewer fund 44,388,727
Solid waste 4,923,874
Storm water 8,049,697
Golf course 2,759,516
Enterprise subtotal 198,945,226
Internal service 50,728,487
Fiduciary 14,185,580
Total general ledger balance ** 809,678,275
Reconciling adjustments (1) 1,336,836
Total treasurer's investment portfolio at amortized cost $811,015,111 **Figures based on best estimate at the time report run on 01/20/2022. (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.
Feb. 15, 2022
Item #1 Page 16 of 20
EXHIBIT 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of Dec. 31, 2021
Corporate notes Moody's S&P Fitch Outlook
3M Company A1 A+ Negative/negative
Amazon.com Inc. A1 AA AA- stable
Apple Inc. Aaa AA+ Stable/stable
Bank of America A2 A- AA- Positive/positive/stable
Bank of Montreal A2 A+ AA- stable/stable/negative
Bank of New York Mellon A1 A AA- Stable
Berkshire Hathaway Aa2 AA A+ Stable
Blackrock Inc. Aa3 AA- Stable
Century Housing Corp AA- AA Stable
Cisco Systems Inc. A1 AA- Stable
Citibank A3 BBB+ A Stable
CME Group Aa3 AA- AA- Stable
Colgate-Palmolive Aa3 AA- Stable
Exxon Mobil Aa2 AA- Stable/negative
Florida Power & Light Aa2 A+ AA- Stable
Johnson & Johnson Aaa AAA Negative
JP Morgan Chase Bank A2 A- AA- Positive/positive/stable Massmutual Global Aa3 AA+ AA+ Stable
Merck A1 A+ A+ Negative/stable/stable
Microsoft Aaa AAA AAA Stable
Nike Inc. A1 AA- Negative/stable
Novartis Capital Corp A1 AA- AA- Stable
Procter & Gamble Aa3 AA- Stable
Public Service Electric A1 A Stable
Royal Bank of Canada A2 A AA- Stable
State Street Corporation A1 A AA- Stable
Toyota A1 A+ A+ Stable
US Bank NA A1 AA- AA- Negative/negative/stable
Visa Inc. Aa3 AA- Stable
Wal-Mart Aa2 AA AA Stable
Ratings of corporate notes must be AA or better by one and A or better another of the three: Moody's, S&P, or Fitch.
Mortgage backed securities Moody's S&P Fitch Outlook
FHLMC Aaa AAA Stable
FNMA Aaa AAA Stable
Ratings of mortgage backed securities must be AA or better by one of the three: Moody's, S&P, or Fitch.
Feb. 15, 2022
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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
Marion County SD Aa1 A- Stable
Mason/Kitsap Cty SD Aaa AA+ Stable
Portland CC Aa1 AA+ Stable
San Diego CC Aaa AAA Stable
San Dieguito Union HS Aa1 AA Stable
San Jose Evergreen CC Aa1 AA+ Stable
Santa Barbara CA USD Aa1 AA Stable
State of California Aa2 AA- AA Stable
State of Connecticut Aa3 A+ AA- Stable
State of Hawaii Aa2 AA+ AA Stable
Texas Tech University Aa1 AA+ Stable
University of California Aa2 AA AA Stable
Ratings of municipal bonds must be AA or better by one and A or better another of the three: Moody's, S&P, or Fitch.
Investments with subsequent changes in credit rating *
Corporate notes Moody's S&P Fitch Maturity date Purchased Book value 3M Company A1 A+ 03/07/24 12/19/19 5,316,832$
Citibank A3 BBB+ A 01/23/24 02/20/20 7,235,582
Merck A1 A+ A+ 02/24/26 04/12/21 1,487,857
Public Service Electric A1 A 03/27/25 12/31/20 2,601,386 Toyota A1 A+ A+ 01/08/24 07/01/19 13,769,249
30,410,907$
* All investments were in compliance with the city's investment policy unless otherwise denoted.
The city's Investment Policy allows the city treasurer to determine the course of action that would correct exceptions to the policy. All current exceptions are paying interest at the required times. The principal of all investments are considered secure. It is the intent of the city treasurer to hold these assets in the portfolio until maturity unless events indicate they should be sold.
1: The investment was purchased with a Aaa Moody’s rating, stable outlooks, and underlying ratings of AAA from all three major ratings agencies. The bond was purchased with the consideration that it is backed by the State of Utah in which the Utah School Bond Guaranty Program provides credit enhancement to voter-approved general obligation bonds issued by school districts. The program pledges the full faith and credit of the state to the payment of voter-approved school district general obligation bonds providing the qualifying bond with the state's AAA ratings.
Feb. 15, 2022
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EXHIBIT 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of Dec. 31, 2021
Corporate notes Amortized cost Portfolio allocation*
3M Company 5,316,832$ 0.66%
Amazon.com Inc. 4,603,357 0.57%
Apple Inc. 14,375,247 1.77%
Bank of America 10,488,958 1.29%
Bank of Montreal 4,450,000 0.55%
Bank of New York Mellon 10,372,941 1.28%
Berkshire Hathaway 9,599,334 1.18%
Blackrock Inc. 8,322,724 1.03%
Century Housing Corp 1,000,000 0.12%
Cisco Systems Inc. 502,763 0.06%
Citibank 7,235,582 0.89%
CME Group 2,958,630 0.36%
Colgate-Palmolive 9,593,611 1.18%
Exxon Mobil 2,000,122 0.25%
Florida Power & Light 3,875,687 0.48%
Johnson & Johnson 14,742,971 1.82%
JP Morgan Chase Bank 16,951,427 2.09%
Massmutual Global 3,781,476 0.47%
Merck 1,487,857 0.18%
Microsoft 7,537,139 0.93%
Nike Inc. 3,037,958 0.37%
Novartis Capital Corp 4,853,253 0.60%
Procter & Gamble 7,173,806 0.88%
Public Service Electric 2,601,386 0.32%
Royal Bank of Canada 1,989,660 0.25%
State Street Corporation 2,062,949 0.25%
Toyota 13,769,249 1.70%
US Bank NA 6,562,804 0.81%
Visa Inc. 1,352,383 0.17%
Wal-Mart 17,753,868 2.19%
Mortgage backed securities (agency) Amortized cost Portfolio allocation* FHLMC 14,127,503 1.74%
FNMA 6,255,281 0.77%
Feb. 15, 2022
Item #1 Page 19 of 20
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp. 26,100,101 3.22% Federal Farm Credit Bank 89,856,547 11.08%
Federal Home Loan Bank 103,227,332 12.73%
Federal Home Loan Mortgage Corp. 48,148,742 5.94%
Federal National Mortgage Assoc. 49,957,633 6.16%
Private Export Funding Corp. 2,533,124 0.31%
Tennessee Valley Authority 1,069,243 0.13%
Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,674,536 0.21%
Amarillo Independent SD 1,767,131 0.22%
Cache County SD 3,456,003 0.43%
City of San Francisco 1,003,435 0.12%
County of Multnomah 2,004,777 0.25%
Marion County SD 1,885,166 0.23%
Mason/Kitsap Cty SD 640,000 0.08%
Portland CC 1,102,784 0.14%
San Diego CC 3,193,269 0.39%
San Dieguito Union HS 500,000 0.06%
San Jose Evergreen CC 795,957 0.10%
Santa Barbara CA USD 511,108 0.06%
State of California 7,025,571 0.87%
State of Connecticut 3,192,177 0.39%
State of Hawaii 3,030,136 0.37%
Texas Tech University 2,519,908 0.31%
University of California 5,434,609 0.67%
Other Amortized cost Portfolio allocation
Supranational 33,925,285 4.18%
US Treasury 63,740,287 7.86%
Certificate of deposits 21,335,858 2.63%
Cash 110,647,631 13.64%
Total portfolio amortized cost 811,015,111$
* No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers.
Feb. 15, 2022
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