CA Review CKM
Meeting Date: Nov. 15, 2022
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Craig Lindholm, City Treasurer
[email protected], 442-339-2474
Laura Rocha, Deputy City Manager, Administrative Services [email protected], 442-339-2415
Subject: Report on City Investments as of Sept. 30, 2022
District: All
Recommended Action
Accept and file a report on city investments as of Sept. 30, 2022.
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 Sept. 30, 2022, is summarized below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $824,467,060 $828,820,282
Investment cost $833,575,964 $838,353,333
Amortized cost2 $828,797,528 $833,618,281
Market value3 $787,463,864 $792,080,388
(1) The face value of the investments.
(2) T he 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.
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Item #1 Page 1 of 22
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).
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $3,405,120 $1,361,805 $1,119,207
The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield4 Modified duration
July 2022 2.23 1.37% 2.05
August 2022 2.16 1.39% 1.97
September 2022 2.11 1.51% 1.93
(4) Yield is computed by totaling the weighted average of each investment’s return less any costs.
All poo
led 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 Capital projects
$399
Enterprise
$198
General
$130
Internal service
$61
Special revenue
$34
Fiduciary
$9
Fund equity in pooled investments
September 30, 2022
($ in millions)
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Item #1 Page 2 of 22
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.
Next Steps
The report on city investments will continue to be produced monthly by the City Treasurer.
Environmental Eval uation
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.
Public Notification
This item was noticed in keeping with the state's Ralph M. Brown Act and 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
10. Investments of bond proceeds held separately
11. Affordable Housing Loan Summary
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Item #1 Page 3 of 22
City of Carlsbad investment portfolio
As of September 30, 2022
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 $ 323,843,245 $ 327,603,082 $ 301,676,814 $ 310,633,937 $ 769,023 1.09% 1.07% SN 28,654,402 28,654,402 26,931,810 27,241,343 54,550 1.53 1.53 TR 82,602,233 82,602,233 79,176,550 84,027,830 229,027 1.06 1.06 CN 194,391,468 197,945,148 183,223,745 192,330,907 1,419,370 1.83 1.83 CD 20,539,226 21,035,226 19,453,117 20,208,312 49,517 1.46 1.48 MBS (agency) 29,847,511 30,486,538 28,044,155 29,414,904 155,492 2.11 2.12 MBS (non-agency) - - - - - 0.00 0.00
Muni 63,755,479 63,755,479 59,015,272 58,751,726 422,316 1.38 1.38 Bank account 18,776,771 18,840,286 18,776,771 9,994,686 - 2.37 0.10 IRT 2,332,764 8,705,444 2,332,764 10,232,573 15,601 0.10 0.10 CAMP 65,139,719 55,032,347 65,139,719 55,009,015 131,648 2.97 2.37 LAIF 3,693,148 3,693,148 3,693,148 3,693,148 158,575 1.63 1.28 Total $833,575,964 $838,353,333 $787,463,864 $801,538,380 $3,405,120 1.51% 1.39% 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 September 30, 2022
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 $11,660,397 $16,802,575 $273,213,843 $301,676,814 38.31% SN 5,489,226 2,960,880 18,481,704 26,931,810 3.42 TR 11,969,060 18,516,410 48,691,080 79,176,550 10.05 CN 27,162,259 32,784,290 123,277,196 183,223,745 23.27 (2) CD 1,482,678 2,223,104 15,747,335 19,453,117 2.47 MBS (agency) 3,270,000 3,510,000 21,264,155 28,044,155 3.56 (3) MBS (non-agency) - - - - 0.00 (3)(4)
Muni 3,030,240 484,965 55,500,067 59,015,272 7.49 (5) Bank account 18,776,771 - - 18,776,771 2.38
Sweep - - - - 0.00
IRT 2,332,764 - - 2,332,764 0.30
CAMP 65,139,719 - - 65,139,719 8.27
LAIF 3,693,148 - - 3,693,148 0.47
Totals $154,006,262 $77,282,223 $556,175,379 $787,463,864 100.0% % Totals 19.6% 9.8% 70.6% 100.0%
Total within one year $231,288,485 (1)
Percentage of the budget within one year 67.6%
Policy
(1) Not less than $228,000,000 to mature within one year, two-thirds of FY 22-23 operating budget of $342,200,000. (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 3.00
3.20 2017 Jan
March
May
July
Sept
Nov
2018 Jan
March
May
July
Sept
Nov
2019 Jan
March
May
July
Sept
Nov
2020 Jan
March
May
July
Sept
Nov
2021 Jan
March
May
July
Sept
Nov
2022 Jan
March
May
July
Sept
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 0.50
1.00 1.50
2.00 2.50
3.00 3.50
4.00 3 month 2 year 5 year 10 year
FY 2020-21 end 0.05 0.25 0.87 1.45
FY 2021-22 end 1.72 2.92 3.01 2.98
Sept 30, 2022 2.96 3.45 3.30 3.15
Market rate (%)
City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
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Item #1 Page 6 of 22
Exhibit 4
$1.44 $1.00 $0.89 $0.95 $0.94 $0.89 $1.23 $0.97 $0.90 $0.98 $0.92 $1.12 $1.36 $3.41
-
1 2
3 4
5 6
7 8
9 10
11 12
13 Sept Oct Nov Dec Jan Feb March April May June July Aug Sept Interest income ($ in millions)
City of Carlsbad investment portfolio
Cumulative cash income
13-month comparison
FY 2021-22 interest income FY 2022-23 interest income FY 2021-22 cumulative FY 2022-23 cumulative Nov. 15, 2022
Item #1 Page 7 of 22
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Exhibit 5
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of September 30, 2022
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total 89236TCQ6 Toyota 08/24/2017 07/13/2022 1,500,000 1,499,866 21,000 1,520,866 89236TCQ6 Toyota 01/16/2019 07/13/2022 1,500,000 1,502,389 21,000 1,523,389 89236TCQ6 Toyota 07/01/2019 07/13/2022 2,500,000 2,491,212 35,000 2,526,212 31398E6W9 FHLMC FHR 3544 08/27/2020 07/15/2022 23,279 24,392 1,094 25,485 3133ELHU1 FFCB 01/15/2020 07/15/2022 1,500,000 1,500,000 12,000 1,512,000 30311SAA7 FRESB 04/22/2022 07/25/2022 2,548 2,447 5,107 7,554 30315EAA4 FRESB 07/24/2020 07/25/2022 1,342 1,348 676 2,024 30318NAA1 FRESB 02/19/2021 07/25/2022 34,016 34,175 735 34,911 30321CAQ5 FRESB 07/23/2021 07/25/2022 3,133 3,148 1,433 4,580 30324QAC2 FRESB 01/21/2022 07/25/2022 96,827 97,275 6,127 103,402 3137BM7B6 FHLMC FHMS 06/30/2022 07/25/2022 91,403 90,689 10,045 100,734 3137CP4J5 FHLMC 08/20/2021 07/25/2022 41,874 43,857 4,059 47,916 3137FBTA4 FHLMC FHMS 03/10/2021 07/25/2022 3,694 3,985 7,526 11,511 3137F32A1 FHLMC FHMS 04/15/2020 07/25/2022 85,363 91,499 6,974 98,473 50116CBD0 KS Bank 07/31/2017 07/29/2022 245,000 245,000 409 245,409 9128282P4 US Treasury 08/25/2017 08/01/2022 1,250,000 1,250,000 11,719 1,261,719 742718EU9 Procter & Gamble (PG) 11/06/2017 08/11/2022 1,800,000 1,800,000 19,350 1,819,350 742718EU9 Procter & Gamble (PG) 11/09/2018 08/11/2022 1,900,000 1,900,000 20,425 1,920,425 742718EU9 Procter & Gamble (PG) 05/02/2019 08/11/2022 2,000,000 2,000,000 21,500 2,021,500 31398E6W9 FHLMC FHR 3544 08/27/2020 08/15/2022 20,538 21,520 1,016 22,536 87270LAJ2 Everbank 08/16/2017 08/16/2022 247,000 247,000 2,695 249,695 30311SAA7 FRESB 04/22/2022 08/25/2022 2,410 2,315 5,104 7,418 30315EAA4 FRESB 07/24/2020 08/25/2022 23,018 23,131 675 23,805 30318NAA1 FRESB 02/19/2021 08/25/2022 2,208 2,219 717 2,936 30321CAQ5 FRESB 07/23/2021 08/25/2022 2,958 2,972 1,431 4,402 30324QAC2 FRESB 01/21/2022 08/25/2022 3,044 3,058 5,995 9,053 3137BM7B6 FHLMC FHMS 06/30/2022 08/25/2022 85,513 84,844 9,825 94,669 3137BP4J5 FHLMC 08/20/2021 08/25/2022 39,514 41,384 3,973 45,358 3137FBTA4 FHLMC FHMS 03/10/2021 08/25/2022 3,459 3,731 7,517 11,248 3137F32A1 FHLMC FHMS 04/15/2020 08/25/2022 79,869 85,610 6,736 92,346 3137BL6J2 FHLMC FHMC 07/22/2022 08/25/2022 67,184 66,512 4,351 70,863 969294BZ9 Willamette Valley Bank 08/30/2017 08/30/2022 249,000 249,000 444 249,444 912828L24 US Treasury 08/31/2017 08/31/2022 3,000,000 3,000,000 28,125 3,028,125 313380GJ0 FHLB 12/01/2017 09/09/2022 1,750,000 1,750,000 17,500 1,767,500 313383WD9 FHLB 07/05/2019 09/09/2022 1,800,000 1,800,000 28,125 1,828,125 313380GJ0 FHLB 01/15/2020 09/09/2022 2,000,000 2,000,000 20,000 2,020,000 319141HR1 FBHIGH 09/14/2017 09/14/2022 247,000 247,000 2,677 249,677 31398E6W9 FHLMC FHR 3544 08/27/2020 09/15/2022 19,545 20,480 948 21,427 66989HAE8 NOVNVX 01/22/2018 09/21/2022 1,500,000 1,500,000 18,000 1,518,000 30311SAA7 FRESB 04/22/2022 09/26/2022 2,417 2,321 5,100 7,421 30315EAA4 FRESB 07/24/2020 09/26/2022 1,237 1,243 659 1,902 30318NAA1 FRESB 02/19/2021 09/26/2022 56,537 56,802 716 57,519 30321CAQ5 FRESB 07/23/2021 09/26/2022 2,967 2,981 1,428 4,409 30324QAC2 FRESB 01/21/2022 09/26/2022 3,052 3,066 5,991 9,057 3137BM7B6 FHLMC FHMS 06/30/2022 09/26/2022 356,463 353,678 9,619 363,298 3137BP4J5 FHLMC 08/20/2021 09/26/2022 39,660 41,538 3,893 45,431 3137FBTA4 FHLMC FHMS 03/10/2021 09/26/2022 3,984 4,297 7,508 11,805 3137F32A1 FHLMC FHMS 04/15/2020 09/26/2022 80,128 85,887 6,514 92,401 3137BL6J2 FHLMC FHMC 07/22/2022 09/26/2022 67,407 66,733 4,200 70,933 3136G4PM9 FNMA 09/29/2017 09/28/2022 2,500,000 2,500,000 25,000 2,525,000 01748DAX4 Allegiance Bank Texas 09/29/2017 09/29/2022 249,000 249,000 455 249,455 29,083,591$ 29,099,603$ 443,115$ 29,542,717$ Nov. 15, 2022
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Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total 594918BH6 ABN 10/10/2019 11/03/2022 09/06/2022 2,000,000 2,003,317 2,017,666 2,000,000$ 2,003,317$ 2,017,666$
Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value 3134GXYX6 FHLMC 07/07/2022 12/30/2024 12/30/2022 3.35% 2,500,000 100.00 2,500,000 742718FG9 PG 07/08/2022 03/25/2027 09/25/2022 3.20% 2,500,000 98.26 2,456,475 3130ASLP2 FHLB 07/21/2022 01/21/2025 01/21/2023 3.50% 2,000,000 100.00 2,000,000 3137BL6J2 FHMS K048 A1 07/22/2022 12/25/2024 08/25/2022 3.43% 1,941,534 99.00 1,922,119 02007GXF5 Ally Bank (GMATBK) 08/09/2022 08/04/2025 02/04/2023 3.40% 201,000 100.00 201,000 6041295T9 Minnesota State (MNS) 08/10/2022 08/01/2026 02/01/2023 3.25% 1,215,000 100.00 1,215,000 78014RFS4 Royal Bank of Canada (RY) 08/15/2022 08/15/2023 02/15/2023 3.55% 2,000,000 100.00 2,000,000 12,357,534$ 99.61 12,294,594$
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Exhibit 6
City of Carlsbad
Investment summary
As of September 30, 2022
Settlement Maturity Issuer Par Invested Yield Interest expected Return Federal investments
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% 91,444.44 1,091,444.44 10/05/18 10/05/22 FNMA 1,000,000.00 962,570.00 3.000% 80,000.00 1,080,000.00 05/20/20 10/05/22 FNMA 1,923,000.00 2,005,439.01 0.190% 91,342.50 2,014,342.50 04/24/18 12/09/22 FHLB 2,250,000.00 2,215,102.50 2.500% 260,156.25 2,510,156.25 09/10/19 12/09/22 FHLB 1,500,000.00 1,670,736.00 1.630% 255,281.25 1,755,281.25 03/07/22 02/13/23 FHLB 2,000,000.00 2,020,740.00 1.040% 40,320.00 2,040,320.00 03/22/19 03/10/23 FHLB 2,000,000.00 2,028,220.00 2.375% 218,166.67 2,218,166.67 08/13/20 08/10/23 FNMA 2,000,000.00 1,997,600.00 0.300% 17,950.00 2,017,950.00 09/13/19 08/14/23 FFCB 1,800,000.00 1,796,580.00 1.650% 112,880.00 1,912,880.00 12/15/21 08/18/23 FNMA 1,250,000.00 1,246,675.00 0.510% 7,328.12 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% 138,988.89 1,138,988.89 10/10/18 09/05/23 FFCB 2,300,000.00 2,266,190.00 3.125% 315,738.89 2,615,738.89 09/03/19 09/08/23 FHLB 2,000,000.00 2,069,108.00 1.485% 190,659.72 2,190,659.72 02/27/19 09/12/23 FNMA 1,000,000.00 1,016,210.00 2.495% 130,572.92 1,130,572.92 04/16/19 09/12/23 FNMA 1,750,000.00 1,783,757.50 2.410% 221,375.00 1,971,375.00 06/30/22 09/29/23 FHLB 1,500,000.00 1,500,000.00 3.200% 59,866.67 1,559,866.67 10/17/18 10/02/23 FFCB 2,500,000.00 2,493,150.00 3.050% 378,072.92 2,878,072.92 02/07/19 10/23/23 FFCB 1,000,000.00 1,017,530.00 2.602% 141,333.33 1,141,333.33 05/09/19 11/08/23 FFCB 2,000,000.00 2,001,700.00 2.280% 206,872.22 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% 26,917.50 3,027,900.00 03/19/21 12/04/23 FHLMC 2,000,000.00 1,998,100.00 0.250% 13,541.67 2,013,541.67 06/28/19 12/05/23 FFCB 1,500,000.00 1,569,280.50 1.870% 196,963.33 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% 120,468.75 1,120,468.75 05/09/19 12/20/23 FFCB 1,000,000.00 1,052,900.00 3.500% 161,486.11 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% 194,771.25 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% 487,500.00 3,487,500.00 04/09/19 04/05/24 FFCB 2,000,000.00 1,994,380.00 2.360% 229,105.56 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% 9,760.00 1,009,760.00 05/09/19 05/07/24 FHLB 1,000,000.00 1,005,320.00 2.287% 119,866.67 1,119,866.67 11/29/21 06/14/24 FNMA 2,000,000.00 1,976,200.00 0.849% 19,062.50 2,019,062.50 08/28/19 06/25/24 FFCB 1,183,000.00 1,237,524.47 1.457% 139,845.39 1,322,845.39 08/28/19 06/30/24 FFCB 1,470,000.00 1,517,378.10 1.457% 151,263.00 1,621,263.00 03/21/22 07/02/24 FFCB 2,005,000.00 1,942,243.50 1.980% 26,063.33 2,031,063.33 06/27/19 07/15/24 PEFCO 2,500,000.00 2,565,850.00 1.900% 309,142.36 2,809,142.36 12/10/21 07/19/24 FHLB 2,000,000.00 1,978,000.00 0.878% 23,475.00 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% 229,708.33 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% 255,833.33 4,255,833.33 08/30/19 09/10/24 FFCB 2,500,000.00 2,572,420.00 1.480% 261,444.44 2,761,444.44 02/19/21 09/15/24 TVA 1,000,000.00 1,091,424.00 0.300% 102,701.39 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% 81,725.00 1,481,725.00 11/15/19 11/01/24 FAMCA 2,000,000.00 1,999,720.00 1.793% 177,607.78 2,177,607.78 07/10/20 11/13/24 FFCB 1,621,000.00 1,751,360.82 0.390% 159,055.22 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 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 07/07/22 12/30/24 FHLMC 2,500,000.00 2,500,000.00 3.348% 207,746.53 2,707,746.53 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 07/21/22 01/21/25 FHLB 2,000,000.00 2,000,000.00 3.500% 175,000.00 2,175,000.00 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% 145,072.92 1,645,072.92 04/09/20 03/14/25 FHLB 3,000,000.00 3,231,300.00 0.778% 351,302.08 3,351,302.08 06/07/21 03/28/25 FHLMC 1,000,000.00 998,500.00 0.540% 19,041.67 1,019,041.67 06/28/21 03/28/25 FHLB 3,120,000.00 3,122,340.00 0.500% 70,200.00 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 09/30/22 04/21/25 FHLB 1,055,000.00 963,215.00 4.287% 17,813.67 1,072,813.67 Nov. 15, 2022
Item #1 Page 10 of 22
Settlement Maturity Issuer Par Invested Yield Interest expected Return 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% 127,324.17 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% 66,500.00 3,066,500.00 05/20/21 06/17/25 FNMA 2,000,000.00 1,991,940.00 0.600% 40,750.00 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% 39,024.65 2,264,024.65 09/14/20 07/21/25 FHLMC 1,500,000.00 1,499,625.00 0.380% 27,296.87 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% 47,833.33 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% 53,281.25 3,053,281.25 10/22/20 09/23/25 FHLMC 4,000,000.00 3,989,280.00 0.430% 73,791.67 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% 67,909.78 2,477,909.78 12/09/20 10/21/25 FFCB 3,000,000.00 2,994,300.00 0.560% 75,920.00 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% 72,833.34 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% 49,845.83 1,549,845.83 12/30/20 12/30/25 FNMA 2,500,000.00 2,504,125.00 0.474% 80,000.00 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% 44,625.00 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% 112,500.00 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% 90,000.00 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 09/30/22 05/19/26 FHLB 1,100,000.00 979,726.00 4.300% 40,797.17 1,140,797.17 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% 80,000.00 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% 153,125.00 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% 130,065.00 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% 119,444.44 2,619,444.44 02/15/22 10/28/26 FHLMC 4,500,000.00 4,266,900.00 1.958% 169,300.00 4,669,300.00 02/25/22 10/28/26 FHLB 3,500,000.00 3,378,200.00 1.979% 197,283.33 3,697,283.33 12/09/21 11/30/26 FFCB 2,950,000.00 2,952,950.00 1.408% 167,958.25 3,117,958.25 01/14/22 12/21/26 FHLB 1,550,000.00 1,532,857.00 1.483% 95,637.15 1,645,637.15 02/07/22 01/26/27 FHLB 1,250,000.00 1,245,000.00 1.331% 112,070.31 1,362,070.31 03/29/22 01/28/27 FHLB 2,500,000.00 2,384,750.00 2.776% 211,336.81 2,711,336.81 06/24/22 03/25/27 FHLB 2,000,000.00 1,941,720.00 3.420% 260,791.67 2,260,791.67 06/10/22 04/26/27 FHLB 4,000,000.00 3,982,764.44 3.198% 589,235.56 4,589,235.56 06/28/22 06/28/27 FHLB 2,500,000.00 2,500,000.00 3.250% 406,250.00 2,906,250.00 06/30/22 06/30/27 FHLB 2,500,000.00 2,500,000.00 3.500% 437,500.00 2,937,500.00 09/30/22 09/15/27 FFCB 2,500,000.00 2,432,200.00 3.983% 418,359.37 2,918,359.37 Federal investments 323,156,000.00$ 323,843,244.84$ 1.089% 16,351,797.62$ 339,508,780.12$ Supranationals
Nov. 15, 2022
Item #1 Page 11 of 22
Settlement Maturity Issuer Par Invested Yield Interest expected Return 10/10/17 10/07/22 IBRD 1,300,000.00 1,290,907.89 2.024% 121,671.77 1,421,671.77 02/08/19 10/24/22 IFC 1,500,000.00 1,470,780.00 2.553% 111,333.33 1,611,333.33 01/18/18 01/18/23 IADB 1,700,000.00 1,702,652.00 2.467% 212,500.00 1,912,500.00 01/24/18 01/18/23 IADB 1,000,000.00 997,670.00 2.550% 124,583.33 1,124,583.33 11/10/20 06/19/23 IBRD 3,000,000.00 3,129,060.00 1.875% 146,718.75 3,146,718.75 11/10/20 10/04/23 IADB 3,000,000.00 3,240,000.00 3.000% 261,000.00 3,261,000.00 05/09/19 10/24/23 IADB 2,000,000.00 2,058,280.00 2.300% 264,166.67 2,264,166.67 08/29/19 08/28/24 IBRD 2,000,000.00 2,006,920.00 1.428% 149,916.67 2,149,916.67 11/03/21 10/15/24 IADB 1,440,000.00 1,419,552.00 0.828% 14,443.20 1,454,443.20 02/04/21 10/16/24 IFC 2,000,000.00 2,079,800.00 0.290% 101,750.00 2,101,750.00 01/14/21 11/20/25 IBRD 2,000,000.00 2,250,220.00 0.510% 303,125.00 2,303,125.00 01/25/21 01/15/26 IFC 2,000,000.00 2,007,840.00 0.500% 57,677.78 2,057,677.78 04/23/21 04/20/26 IADB 3,000,000.00 3,000,720.00 0.870% 131,031.25 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 27,940,000.00$ 28,654,401.89$ 1.530% 2,049,556.64$ 29,989,556.64$ US Treasury
11/20/19 10/15/22 US Treasury 1,500,000.00 1,491,720.00 1.570% 59,846.31 1,559,846.31 02/27/20 10/15/22 US Treasury 1,500,000.00 1,509,082.03 1.141% 54,267.42 1,554,267.42 11/28/17 11/15/22 US Treasury 1,000,000.00 980,950.00 2.030% 80,666.44 1,080,666.44 01/20/22 01/31/23 US Treasury 3,000,000.00 3,056,015.63 0.554% 73,379.76 3,073,379.76 03/07/22 01/31/23 US Treasury 2,000,000.00 2,024,687.50 0.998% 42,907.46 2,042,907.46 07/30/19 02/28/23 US Treasury 3,000,000.00 3,085,572.00 1.800% 361,222.83 3,361,222.83 04/14/22 04/30/23 US Treasury 2,000,000.00 1,967,500.00 1.702% 2,610.50 2,002,610.50 02/04/22 04/30/23 US Treasury 2,500,000.00 2,478,125.00 0.839% 3,858.77 2,503,858.77 11/09/21 04/30/23 US Treasury 2,000,000.00 1,995,625.00 0.274% 3,687.85 2,003,687.85 02/07/22 05/31/23 US Treasury 2,000,000.00 1,978,906.25 0.274% 3,276.10 2,003,276.10 01/20/22 06/30/23 US Treasury 2,000,000.00 2,016,250.00 0.808% 39,370.66 2,039,370.66 01/20/22 07/31/23 US Treasury 2,000,000.00 1,977,812.50 0.856% 3,824.73 2,003,824.73 04/12/22 07/31/23 US Treasury 3,000,000.00 2,925,937.50 2.054% 4,889.50 3,004,889.50 06/23/22 08/31/23 US Treasury 1,500,000.00 1,451,659.84 2.941% 2,226.56 1,502,226.56 01/21/22 08/31/23 US Treasury 2,000,000.00 1,977,084.46 0.844% 4,012.43 2,004,012.43 01/10/22 10/15/23 US Treasury 2,500,000.00 2,455,078.13 1.211% 5,236.95 2,505,236.95 11/12/21 10/31/23 US Treasury 2,000,000.00 1,996,562.50 0.463% 14,751.38 2,014,751.38 01/14/22 11/30/23 US Treasury 2,000,000.00 1,987,343.75 0.841% 18,763.74 2,018,763.74 12/13/21 01/15/24 US Treasury 2,000,000.00 1,976,920.00 0.682% 5,224.18 2,005,224.18 11/15/21 01/15/24 US Treasury 1,500,000.00 1,485,825.00 0.126% 4,060.80 1,504,060.80 06/13/22 01/31/24 US Treasury 2,000,000.00 1,942,288.94 2.900% 28,570.44 2,028,570.44 06/25/21 02/15/24 US Treasury 2,500,000.00 2,484,765.63 0.357% 8,252.76 2,508,252.76 11/15/21 02/29/24 US Treasury 2,500,000.00 2,600,183.50 2.283% 135,972.03 2,635,972.03 06/13/22 03/31/24 US Treasury 2,000,000.00 1,984,020.24 2.970% 80,901.64 2,080,901.64 12/07/21 04/15/24 US Treasury 2,000,000.00 1,985,937.50 0.677% 17,657.97 2,017,657.97 03/17/22 04/30/24 US Treasury 2,000,000.00 2,011,875.00 1.961% 94,972.38 2,094,972.38 12/07/21 05/15/24 US Treasury 2,000,000.00 1,978,437.50 0.697% 12,196.13 2,012,196.13 03/01/21 06/30/24 US Treasury 2,500,000.00 2,614,215.00 0.370% 145,873.62 2,645,873.62 01/14/21 09/30/24 US Treasury 2,000,000.00 2,088,448.94 1.500% 111,263.74 2,111,263.74 06/07/21 11/30/24 US Treasury 2,000,000.00 2,073,437.50 0.436% 104,426.23 2,104,426.23 07/15/21 02/28/25 US Treasury 2,000,000.00 2,040,312.50 0.563% 81,623.64 2,081,623.64 02/19/21 04/30/25 US Treasury 2,000,000.00 1,997,920.00 0.400% 31,450.28 2,031,450.28 02/19/21 05/31/25 US Treasury 2,000,000.00 1,987,280.00 0.400% 21,387.36 2,021,387.36 01/11/21 09/30/25 US Treasury 2,500,000.00 2,481,332.50 0.250% 29,481.46 2,529,481.46 01/11/21 11/30/25 US Treasury 2,500,000.00 2,493,350.00 0.375% 45,793.27 2,545,793.27 03/01/21 02/28/26 US Treasury 3,000,000.00 2,964,726.56 0.740% 74,959.24 3,074,959.24 03/02/21 02/28/26 US Treasury 2,000,000.00 1,975,513.02 0.750% 49,945.65 2,049,945.65 12/27/21 11/15/26 US Treasury 2,500,000.00 2,594,531.25 1.200% 244,198.90 2,744,198.90 01/14/22 11/30/26 US Treasury 1,500,000.00 1,485,000.00 1.463% 91,432.01 1,591,432.01 US Treasury 82,500,000.00$ 82,602,232.67$ 1.059% 2,198,443.12$ 84,698,443.12$ Corporate notes
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% 218,875.00 2,218,875.00 09/17/18 11/15/22 Colgate-Palmolive 2,000,000.00 1,935,820.00 3.077% 187,250.00 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 (WMT) 2,720,000.00 2,653,088.00 3.020% 250,530.89 2,970,530.89 12/23/19 12/15/22 Wal-Mart (WMT) 2,000,000.00 2,032,580.00 1.770% 139,955.56 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% 66,733.33 1,066,733.33 09/12/19 02/11/23 Berkshire Hathaway 1,250,000.00 1,296,137.50 1.878% 128,020.83 1,378,020.83 07/31/19 02/23/23 Apple Inc. (AAPL) 3,500,000.00 3,592,680.00 2.039% 355,220.83 3,855,220.83 10/04/19 03/15/23 3M Company (MMM) 1,762,000.00 1,798,080.47 1.620% 136,224.62 1,898,224.62 03/20/18 03/15/23 Berkshire Hathaway 1,000,000.00 983,890.00 3.101% 137,118.06 1,137,118.06 04/18/18 03/15/23 Berkshire Hathaway 1,750,000.00 1,719,130.00 3.140% 236,213.54 1,986,213.54 04/25/18 03/15/23 Berkshire Hathaway 2,000,000.00 1,953,300.00 3.270% 268,888.89 2,268,888.89 05/07/18 04/11/23 Wal-Mart (WMT) 1,000,000.00 974,100.00 3.121% 125,658.33 1,125,658.33 12/18/18 04/11/23 Wal-Mart (WMT) 1,000,000.00 969,800.00 3.301% 110,854.17 1,110,854.17 05/16/19 04/28/23 Bank of New York Mellon (BNY) 2,000,000.00 2,061,800.00 2.670% 276,500.00 2,276,500.00 Nov. 15, 2022
Item #1 Page 12 of 22
Settlement Maturity Issuer Par Invested Yield Interest expected Return 06/23/20 04/28/23 Bank of New York Mellon (BNY) 2,000,000.00 2,168,480.00 0.510% 198,916.67 2,198,916.67 05/02/18 05/01/23 Colgate-Palmolive 4,666,000.00 4,443,179.84 3.140% 489,657.82 5,155,657.82 05/09/18 05/03/23 Apple Inc. (AAPL) 4,000,000.00 3,862,600.00 3.150% 478,400.00 4,478,400.00 04/18/22 06/03/23 Amazon.com Inc. (AMZN) 3,000,000.00 2,945,880.00 2.030% 13,500.00 3,013,500.00 08/06/16 06/26/23 Wal-Mart (WMT) 1,750,000.00 1,763,895.00 3.220% 290,888.89 2,040,888.89 07/25/18 06/26/23 Wal-Mart (WMT) 1,500,000.00 1,512,000.00 3.220% 250,891.66 1,750,891.66 02/19/19 06/26/23 Wal-Mart (WMT) 1,000,000.00 1,025,140.00 2.770% 147,805.56 1,147,805.56 07/24/18 07/24/23 US Bank NA 1,250,000.00 1,251,625.00 3.371% 212,381.94 1,462,381.94 01/24/19 07/24/23 US Bank NA 1,000,000.00 1,010,000.00 3.156% 153,000.00 1,153,000.00 02/28/19 07/24/23 US Bank NA 1,800,000.00 1,835,100.00 2.916% 269,620.00 2,069,620.00 12/11/18 07/24/23 US Bank NA 2,500,000.00 2,489,250.00 3.400% 21,597.22 2,521,597.22 08/15/22 08/15/23 Royal Bank of Canada (RY) 2,000,000.00 2,000,000.00 3.550% 71,000.00 2,071,000.00 05/14/20 09/01/23 Public Service Electric 2,500,000.00 2,700,575.00 0.720% 267,899.31 2,767,899.31 12/23/19 11/20/23 State Street Corporation 2,000,000.00 2,130,440.00 1.958% 289,216.67 2,289,216.67 01/28/19 12/05/23 Johnson & Johnson (JNJ) 1,500,000.00 1,541,250.00 2.765% 245,671.87 1,745,671.87 03/07/19 01/08/24 Toyota 1,000,000.00 1,017,865.00 2.950% 162,009.72 1,162,009.72 01/16/20 01/15/24 Wal-Mart (WMT) 2,000,000.00 2,067,790.00 1.900% 260,436.11 2,260,436.11 05/16/19 01/23/24 Citibank 1,000,000.00 1,034,870.00 2.836% 171,043.06 1,171,043.06 02/13/20 01/23/24 Citibank 2,500,000.00 2,674,670.00 1.770% 359,930.56 2,859,930.56 02/13/20 01/23/24 Citibank 2,000,000.00 2,142,600.00 1.733% 287,944.44 2,287,944.44 02/20/20 01/23/24 Citibank 1,500,000.00 1,603,710.00 1.780% 214,893.75 1,714,893.75 10/11/19 02/01/24 JP Morgan Chase Bank (JPM) 1,765,000.00 1,900,834.40 2.000% 294,473.10 2,059,473.10 01/24/22 02/26/24 Bank of America (BAC) 3,000,000.00 2,945,610.00 1.300% 26,300.00 3,026,300.00 10/08/19 03/07/24 Microsoft (MSFT) 1,500,000.00 1,581,000.00 1.604% 188,379.17 1,688,379.17 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 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 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 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 04/24/20 04/22/24 Wal-Mart (WMT) 2,500,000.00 2,737,467.50 0.875% 329,541.67 2,829,541.67 04/24/20 04/22/24 Wal-Mart (WMT) 2,000,000.00 2,191,860.00 0.700% 263,633.33 2,263,633.33 04/29/22 04/29/24 JP Morgan Chase Bank (JPM) 1,500,000.00 1,500,000.00 3.125% 93,750.00 1,593,750.00 12/13/21 05/13/24 JP Morgan Chase Bank (JPM) 1,750,000.00 1,859,392.50 1.000% 153,307.29 1,903,307.29 07/31/19 05/13/24 JP Morgan Chase Bank (JPM) 2,000,000.00 2,119,320.00 2.300% 346,791.67 2,346,791.67 07/13/20 05/13/24 JP Morgan Chase Bank (JPM) 3,000,000.00 3,331,290.00 0.700% 416,875.00 3,416,875.00 07/01/20 05/15/24 Bank of NY Mellon (BNY) 3,000,000.00 3,316,860.00 0.560% 392,416.67 3,392,416.67 12/03/21 06/03/24 Bank of America (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. (AMZN) 2,500,000.00 2,604,850.00 1.860% 339,305.56 2,839,305.56 08/22/19 08/22/24 Amazon.com Inc. (AMZN) 2,000,000.00 2,087,280.00 2.800% 279,377.78 2,279,377.78 02/18/20 10/24/24 Bank of NY Mellon (BNY) 3,055,000.00 3,093,737.40 1.816% 300,459.25 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 (JNJ) 1,820,000.00 1,882,380.50 1.586% 238,875.00 2,058,875.00 04/08/20 01/15/25 Johnson & Johnson (JNJ) 3,000,000.00 3,231,960.00 0.906% 375,593.75 3,375,593.75 07/13/20 01/15/25 Johnson & Johnson (JNJ) 1,000,000.00 1,090,640.00 0.510% 118,270.83 1,118,270.83 09/10/21 02/09/25 Apple Inc. (AAPL) 1,500,000.00 1,588,155.00 0.753% 128,020.83 1,628,020.83 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 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 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 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 12/07/21 06/10/25 Royal Bank of Canada (RY) 2,000,000.00 1,989,460.00 1.304% 80,691.67 2,080,691.67 04/23/21 09/01/25 Johnson & Johnson (JNJ) 1,250,000.00 1,241,700.00 0.705% 29,944.44 1,279,944.44 09/20/21 10/29/25 Procter & Gamble (PG) 1,500,000.00 1,487,460.00 0.757% 33,893.75 1,533,893.75 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 08/23/21 01/26/26 Bank of America (BAC) 1,000,000.00 989,470.00 1.000% 33,550.00 1,033,550.00 04/12/21 02/24/26 Merck 1,500,000.00 1,485,750.00 0.950% 54,750.00 1,554,750.00 03/01/21 02/26/26 JP Morgan Chase Bank (JPM) 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 (JNJ) 2,500,000.00 2,697,950.00 0.750% 306,250.00 2,806,250.00 03/03/21 03/03/26 JP Morgan Chase Bank (JPM) 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 Chase Bank (JPM) 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 (BAC) 3,000,000.00 2,998,500.00 1.210% 178,300.00 3,178,300.00 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 08/11/21 08/08/26 Microsoft (MSFT) 4,000,000.00 4,292,240.00 0.900% 293,040.00 4,293,040.00 08/25/21 08/25/26 JP Morgan Chase Bank (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 01/19/22 12/18/26 Metlife (MET) 4,000,000.00 4,281,720.00 1.940% 678,116.67 4,678,116.67 12/30/21 12/30/26 BMO 2,450,000.00 2,450,000.00 2.000% 245,000.00 2,695,000.00 02/04/22 02/01/27 Procter & Gamble (PG) 2,000,000.00 2,010,459.28 1.331% 189,683.33 2,189,683.33 02/25/22 02/25/27 JP Morgan Chase Bank (JPM) 5,000,000.00 5,000,000.00 2.550% 637,500.00 5,637,500.00 04/18/22 03/03/27 Johnson & Johnson (JNJ) 1,750,000.00 1,757,538.77 2.850% 251,671.87 2,001,671.87 07/08/22 03/25/27 Procter & Gamble (PG) 2,500,000.00 2,456,475.00 3.200% 329,972.22 2,829,972.22 06/23/22 06/22/27 BAC 3,000,000.00 3,000,000.00 5.000% 750,000.00 3,750,000.00 Corporate notes 189,153,000.00$ 194,391,467.55$ 1.826% 20,215,197.75$ 209,368,197.75$ Certificate of deposit
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 Nov. 15, 2022
Item #1 Page 13 of 22
Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 08/09/22 08/04/25 Ally Bank (GMATBK) 201,000.00 201,000.00 3.400% 20,427.10 221,427.10 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 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% 4,982.72 253,982.72 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% 4,968.98 253,968.98 12/23/20 12/23/25 Belmont Savings Bank 249,000.00 248,377.50 0.400% 4,982.62 253,982.62 01/08/21 01/08/26 Bank of Santa Clarita 249,000.00 248,688.75 0.400% 4,982.62 253,982.62 01/08/21 01/08/26 Grand Bank Tulsa 249,000.00 248,688.75 0.400% 4,982.62 253,982.62 01/26/21 01/26/26 Commercial Bank 249,000.00 248,751.00 0.471% 5,605.82 254,605.82 01/27/21 01/27/26 Central Bank Storm Lake 249,000.00 248,751.00 0.471% 5,605.82 254,605.82 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 Nov. 15, 2022
Item #1 Page 14 of 22
Settlement Maturity Issuer Par Invested Yield Interest expected Return 04/05/22 02/23/27 Sallie May Bank 247,000.00 242,902.27 2.564% 26,574.50 273,574.50 03/09/22 03/09/27 Nelnet Bank Inc (NELNTB) 247,000.00 247,000.00 1.950% 24,095.69 271,095.69 03/09/22 03/09/27 Eaglemark Savings (EAGSBK) 247,000.00 247,000.00 2.000% 24,713.53 271,713.53 03/16/22 03/10/27 Beal Bank NV (BSVBK) 247,000.00 247,000.00 1.800% 22,169.09 269,169.09 03/16/22 03/10/27 Beal Bank TX (BEALBK) 247,000.00 247,000.00 1.800% 22,169.09 269,169.09 03/23/22 03/23/27 American Exp Bank (AXP) 247,000.00 247,000.00 2.200% 27,184.89 274,184.89 05/18/22 05/19/27 Discover Bank 246,000.00 246,000.00 3.200% 39,403.14 285,403.14 Certificate of deposit 20,546,000.00$ 20,539,225.52$ 1.462% 1,441,162.27$ 21,987,162.27$ Mortgage backed securities (agency)
03/10/21 08/25/24 FHLM - FHMS K728 2,939,586.86 3,172,890.44 3.064% 150,091.53 3,089,678.39 04/15/20 11/25/24 FHMS KHG1 A1 2,256,131.04 2,418,267.67 0.999% 217,130.28 2,473,261.32 06/30/22 04/25/25 FHMS K051 A1 3,641,778.79 3,613,327.40 3.299% 163,239.98 3,805,018.77 07/24/20 05/25/25 FRESB MFM 951,233.44 955,885.94 0.830% 19,418.08 970,651.52 03/15/21 05/25/25 FHLMC - FHMS KPLB A 2,000,000.00 2,157,500.00 2.770% 110,231.60 2,110,231.60 08/27/20 06/15/25 FHLMC FHR 3544 BC 264,757.38 340,102.80 0.532% 83,540.73 348,298.11 07/22/22 12/25/24 FHLMC FHMS K048 A1 1,806,943.40 1,788,873.97 3.425% 64,096.69 1,871,040.09 02/19/21 01/25/26 FRESB 2021-SB83 1,307,855.75 1,313,997.43 0.505% 22,551.11 1,330,406.86 03/25/21 03/25/26 FHLM - KHMS K055 2,500,000.00 2,700,000.00 2.673% 154,976.68 2,654,976.68 08/20/21 03/25/26 FHLMC - FHMS K1R1 1,870,183.78 1,732,250.99 0.414% 201,351.92 2,071,535.70 07/23/21 04/25/26 FRESB 1,944,789.56 1,953,922.29 0.746% 40,585.81 1,985,375.37 01/21/22 11/25/26 FRESB 2022-SB94 4,380,598.74 4,400,859.01 1.500% 171,584.69 4,552,183.43 04/22/22 04/25/27 FRESB 2022-SB97 A5F 3,435,800.34 3,299,632.70 2.803% 145,011.91 3,580,812.25 Mortgage backed securities (agency) 29,299,659.08$ 29,847,510.64$ 2.112% 1,543,811.01$ 30,843,470.09$ Municpal Bonds
07/23/21 03/15/23 State of Connecticut 3,000,000.00 3,262,140.00 0.356% 280,706.67 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% 237,083.33 1,737,083.33 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 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 03/17/22 10/01/24 State of Hawaii (HIS) 2,000,000.00 1,933,240.00 2.160% 40,723.78 2,040,723.78 03/01/21 11/01/24 City of San Francisco Util 1,000,000.00 1,004,450.00 0.600% 26,523.31 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% - 1,800,000.00 03/22/21 02/15/25 Texas St Tech Univ 2,500,000.00 2,524,850.00 0.679% 91,389.86 2,591,389.86 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 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 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 01/28/21 07/01/25 University of California UNVHGR 1,805,000.00 1,995,210.90 0.509% 244,645.68 2,049,645.68 06/30/22 09/15/25 State of Connecticut (CTS) 2,850,000.00 2,850,000.00 3.201% 3,192,250.56 05/18/21 04/01/26 State of California 1,250,000.00 1,353,350.00 0.910% 161,300.35 1,411,300.35 04/01/21 04/01/26 State of California 4,140,000.00 4,478,652.00 0.970% 548,550.00 4,688,550.00 12/07/21 06/15/26 Marion County School (MARSCD) 1,880,000.00 1,885,245.20 1.374% 122,255.56 2,002,255.56 09/01/21 06/15/26 Portland Community College (PORHGR) 1,100,000.00 1,102,992.00 0.841% 47,357.32 1,147,357.32 02/11/22 07/01/26 Sthrn CA ST Pub Pwr Auth (STNPWR) 2,485,000.00 2,415,643.65 1.930% 15,705.20 2,500,705.20 01/06/22 08/01/26 San Jose Redev (SJSDEV) 3,000,000.00 3,220,260.00 1.507% 476,400.00 3,476,400.00 08/12/21 08/01/26 San Diego Community College (SDGHGR) 3,000,000.00 3,209,550.00 0.860% 342,742.58 3,342,742.58 08/23/21 08/01/26 Santa Barbara CA USD (SBBSCD) 500,000.00 511,970.00 0.842% 33,041.17 533,041.17 08/23/21 08/01/26 San Jose Evergreen CC (SJSHGR) 750,000.00 799,522.50 0.842% 81,862.08 831,862.08 08/10/22 08/01/26 Minnesota State (MNS) 1,215,000.00 1,215,000.00 3.250% 174,512.81 1,389,512.81 03/02/22 10/01/26 State of Hawaii (HIS) 2,000,000.00 1,938,920.00 1.810% 101,809.78 2,101,809.78 02/08/22 10/01/26 CAS 2,400,000.00 2,468,808.00 1.730% 264,891.67 2,664,891.67 04/18/22 12/01/26 CASWTR 2,705,000.00 2,475,237.30 3.035% 170,415.98 2,875,415.98 03/29/22 12/01/26 CASWTR 1,425,000.00 1,322,001.00 2.708% 90,565.95 1,515,565.95 12/20/21 12/01/26 CASWTR 1,275,000.00 1,257,405.00 1.051% 84,523.29 1,359,523.29 06/13/22 05/01/27 LA Unified (LOSSCD) 3,500,000.00 3,883,600.00 3.820% 977,643.33 4,477,643.33 Municpal Bonds 61,930,000.00$ 63,755,479.45$ 1.376% 5,173,954.06$ 67,446,204.62$
Cash
Wells Fargo Bank - General 2,176,297.00 2,176,297.00 0.100% 178.87 2,176,475.87 Wells Fargo Sweep account 16,600,473.76 16,600,473.76 2.368% 32,309.52 16,632,783.28 Wells Fargo Bank - Custody 2,332,763.54 2,332,763.54 0.100% 194.40 2,332,957.94 CAMP 65,139,718.96 65,139,718.96 2.967% 158,835.62 65,298,554.58 LAIF City 2,144,324.27 2,144,324.27 1.630% 2,912.71 2,147,236.98 LAIF CMWD 807,084.47 807,084.47 1.630% 1,096.29 808,180.76 LAIF CPFA 741,739.27 741,739.27 1.630% 1,007.53 742,746.80 Cash 89,942,401.27$ 89,942,401.27$ 2.658% 196,534.94$ 90,138,936.21$ GRAND TOTAL 824,467,060.35$ 833,575,963.83$ 1.5101% 49,170,457.41$ 873,980,750.82$ Nov. 15, 2022
Item #1 Page 15 of 22
Exhibit 7
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of September 30, 2022
Cash balance by fund:
General 129,769,501
Special revenue 33,642,645
Capital projects:
Infrastructure replacement 121,542,579
Special districts 118,466,117
General capital construction 44,477,959
Public facilities fees 29,354,381
Traffic impact fees 23,056,587
Gas tax 21,499,730
Park development 14,805,027
Technology investment 12,490,934
TransNet taxes 8,440,879
Drainage fees 4,962,980
Capital project subtotal 399,097,173
Enterprise:
Carlsbad Municipal Water District 139,542,270
Sewer fund 42,022,155
Storm water 8,466,748
Solid waste 4,665,098
Golf course 3,798,499
Enterprise subtotal 198,494,772
Internal service 61,176,479
Fiduciary 8,825,993
Total general ledger balance ** 831,006,563
Reconciling adjustments (1) (2,209,035)
Total treasurer's investment portfolio at amortized cost $828,797,528 **Figures based on best estimate at the time report run on 10/31/2022. (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.
Nov. 15, 2022
Item #1 Page 16 of 22
Exhibit 8
City of Carlsbad investment portfolio
Security ratings and outlooks
As of September 30, 2022
Corporate notes Moody's S&P Fitch Outlook
3M Company A1 A+ Stable/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
Citibank A3 BBB+ A Stable
CME Group Aa3 AA- AA- Stable
Colgate-Palmolive Aa3 AA- Stable
Florida Power & Light Aa2 A+ AA- Stable
Johnson & Johnson Aaa AAA Stable/negative
JP Morgan Chase Bank A1 A- AA- Positive/positive/stable MassMutual Global Aa3 AA+ AA+ Stable
Merck A1 A+ A+ Negative/stable/stable
MetLife Aa3 AA- AA- Stable
Microsoft Aaa AAA AAA Stable
Nike Inc. A1 AA- Stable
Novartis Capital Corp A1 AA- AA- Stable
Procter & Gamble Aa3 AA- Stable
Public Service Electric A1 A Stable
Royal Bank of Canada A1 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.
Nov. 15, 2022
Item #1 Page 17 of 22
Municipal Bonds Moody's S&P Fitch Outlook
Ada/Canyon Cty SD Aa1 AA+ Stable
Amarillo Independent SD Aaa AAA Stable
Cache County SD Aaa AAA1 AAA1
Stable
City of San Francisco Util Aa2 AA- Stable
County of Multnomah Aaa AAA Stable
LA County SD Aa3 A+ Stable
Marion County SD Aa1 A- Stable
Mason/Kitsap Cty SD Aaa AA+ Stable
Minnesota State Aaa AAA AAA Stable
Portland CC Aa1 AA+ Stable
San 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
San Jose Redevelopment Aa1 AA AA Stable
Southern CA Public Power Aa1 AA- AA- Stable
State of California Aa2 AA- AA Stable/positive/stable
State of Connecticut Aa3 A+ AA- Stable
State of Hawaii Aa2 AA+ AA Stable
Texas Tech University Aa1 AA+ Stable
University of California Aa2 AA AA Stable
Ratings of municipal bonds must be AA or better by one and A or better another of the three: Moody's, S&P, or Fitch.
Investments with subsequent changes in credit rating *
Corporate notes Moody's S&P Fitch Maturity date Purchased Book value 3M Company A1 A+ 03/07/24 12/19/19 3,293,087$
Citibank A3 BBB+ A 01/23/24 02/20/20 7,149,858
Merck A1 A+ A+ 02/24/26 04/12/21 1,490,053
Public Service Electric A1 A 03/27/25 12/31/20 2,555,762 Toyota A1 A+ A+ 01/08/24 07/01/19 6,254,689
20,743,449$
* 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.
Nov. 15, 2022
Item #1 Page 18 of 22
Exhibit 9
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of September 30, 2022
Corporate notes Amortized cost Portfolio allocation*
3M Company 3,293,087$ 0.40%
Amazon.com Inc. 7,541,675 0.91%
Apple Inc. 9,054,855 1.09%
Bank of America 16,454,445 1.99%
Bank of Montreal 4,450,000 0.54%
Bank of New York Mellon 10,248,766 1.24%
Berkshire Hathaway 5,996,192 0.72%
Blackrock Inc. 7,212,558 0.87%
Century Housing Corp 1,000,000 0.12%
Citibank 7,149,858 0.86%
CME Group 2,914,731 0.35%
Colgate-Palmolive 9,638,792 1.16%
Florida Power & Light 3,827,528 0.46%
Johnson & Johnson 13,152,480 1.59%
JP Morgan Chase Bank 23,310,290 2.81%
Massmutual Global 3,776,279 0.46%
Merck 1,490,053 0.18%
Metlife 4,240,633 0.51%
Microsoft 4,225,563 0.51%
Nike Inc. 2,998,371 0.36%
Novartis Capital Corp 3,344,089 0.40%
Procter & Gamble 5,958,289 0.72%
Public Service Electric 2,555,762 0.31%
Royal Bank of Canada 3,991,913 0.48%
State Street Corporation 2,037,918 0.25%
Toyota 6,254,689 0.75%
US Bank NA 6,556,664 0.79%
Visa Inc. 1,332,957 0.16%
Wal-Mart 17,668,362 2.13%
Mortgage backed securities (agency) Amortized cost Portfolio allocation* FHLMC 18,084,845 2.18%
FNMA 11,924,297 1.44%
Nov. 15, 2022
Item #1 Page 19 of 22
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp. 21,499,882 2.59% Federal Farm Credit Bank 86,172,202 10.40% Federal Home Loan Bank 121,362,852 14.64% Federal Home Loan Mortgage Corp. 46,948,897 5.66% Federal National Mortgage Assoc. 43,338,663 5.23% Private Export Funding Corp. 2,523,339 0.30% Tennessee Valley Authority 1,050,049 0.13% Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,624,616 0.20%
Amarillo Independent SD 1,775,093 0.21% Cache County SD 3,393,084 0.41%
City of San Francisco 1,002,529 0.12% County of Multnomah 2,003,740 0.24% LA Unified SD 3,775,479 0.46%
Marion County SD 1,884,298 0.23%
Mason/Kitsap Cty SD 640,000 0.08% Minnesota State 1,215,000 0.15%
Portland CC 1,102,315 0.13%
San Diego CC 3,161,643 0.38%
San Dieguito Union HS 500,000 0.06% San Jose Evergreen CC 788,437 0.10% San Jose Redevelpment 3,184,777 0.38% Santa Barbara CA USD 509,291 0.06% Southern CA Public Power 2,425,740 0.29% State of California 13,251,651 1.60% State of Connecticut 5,934,644 0.72% State of Hawaii 6,915,988 0.83%
Texas Tech University 2,515,126 0.30% University of California 5,398,117 0.65% Other Amortized cost Portfolio allocation
Supranational 28,249,939 3.41%
US Treasury 82,481,225 9.95%
Certificate of deposits 20,540,571 2.48% Cash 89,942,401 10.85%
Total portfolio amortized cost 828,797,528$
* No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers.
Nov. 15, 2022
Item #1 Page 20 of 22
City of Carlsbad
Investments of bond proceeds held separately
As of September 30, 2022
Stated Maturity
Name and fund type Investments rate date Par value
Reassessment District 22-01 (College/Cannon)
Reserve Fund Pacific Premier Bank various 09/02/34 934,760$ Assessment District 96-01 (Rancho Carrillo)
Reserve fund Repub Natl Bank Repo Agreement: HSBC (GIC) 6.03% 09/02/28 942,770$ Reassessment District 2012-1 (College/Cannon & Poinsettia Lane) Reserve fund Invesco Gov. & Agency - Institutional Money Market various N/A 3,440$ Communities Facilities District #3 Improvement Area 1, 2016 Bonds Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/36 576,434$ Communities Facilities District #3 Improvement Area 2, 2016 Bonds Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/38 840,789$ Other Invesco Gov. & Agency - Institutional Money Market various 09/01/38 400$ 3,298,594$
Exhibit 10
Nov. 15, 2022
Item #1 Page 21 of 22
Affordable Housing Loan Summary
1st Qtr. FY2022-23
Borrower Development Purpose Date Issued Issued Outstanding Issued Repaid Balance Individual homebuyers Rancho Carlsbad Sales 5/20/1999 22 4 752,533$ 616,633$ 135,900$ Individual homebuyers Cherry Tree Walk Sales 6/28/1999 42 11 453,600 334,800 118,800 Individual homebuyers Calavera Hills Sales 10/15/1999 5 1 75,000 60,000 15,000 Individual homebuyers Serrano Sales 5/25/2001 90 21 1,350,000 1,050,000 300,000 Individual homebuyers Mulberry at Bressi Ranch Sales 4/29/2005 100 100 1,840,000 - 1,840,000 Individual homebuyers Village by the Sea Sales 10/28/2005 11 11 220,000 - 220,000 Individual homebuyers Laguna Point Sales 7/6/2006 3 2 210,000 70,000 140,000 Individual homebuyers The Bluffs Sales 6/14/2007 10 10 200,000 - 200,000 Individual homebuyers Roosevelt Gardens Sales 8/30/2007 11 11 1,583,423 - 1,583,423 294 171 6,684,556 2,131,433 4,553,123
Not-for-Profits
Catholic Charities Shelter Shelter 9/19/1997 1 1 200,000 - 200,000 Catholic Charities allowance - - (200,000)
Catholic Charities Shelter Shelter 3/1/2010 3 3 507,585 - 507,585 Catholic Charities allowance - - (507,585)
Hospice of North Coast Property acquisition Hospice 2/27/2013 1 1 1,065,000 - 1,065,000 Hospice allowance - - (1,065,000)
5 5 1,772,585 - -
Developers - Rentals
Pacific Vista Las Flores Vista Las Flores Apts Rentals 2/27/2001 1 1 363,948 - 363,948 CIC Calavera LP Mariposa Apts Rentals 9/15/2001 1 1 1,060,000 - 1,060,000 CIC La Costa LP Hunter's Pointe Rentals 8/19/2008 1 1 1,932,000 - 1,932,000 CIC Glen Ridge LP Glen Ridge Rentals 10/5/2009 1 1 1,014,000 - 1,014,000 Solutions for Change-Vista Terrace Property acquisition Rentals 6/28/2012 1 1 780,000 - 780,000 Harding Street Neighbors LLP Property acquisition Rentals 3/14/2013 1 1 7,408,000 - 7,408,000 Solutions for Change-Chestnut Property acquisition Rentals 12/19/2014 1 1 2,646,000 - 2,646,000 Chelsea Investment Corp. / Quarry Creek CIC LLP Quarry Creek Rentals 8/31/2016 1 1 1,280,000 689,478 590,522 Carlsbad Veteran Housing LP Windsor Pointe Rentals 12/3/2020 1 1 2,779,460 - 2,779,460 9 9 19,263,408 689,478 18,573,930
Other Affordable Housing assistance
DPCCA Various Purch assistance 6/25/2009 22 15 255,518 82,750 172,768 Individual homebuyers Various Minor home repair 5/20/2010 13 7 34,605 4,083 30,522 Minor Home Repair allowance - - (30,522)
35 22 290,123 86,833 172,768
Individuals (non-development related)
Individual homebuyers Laguna Point Sales 4/17/2013 1 1 108,150 - 108,150 Individual homebuyers Rose Bay Sales 8/23/2013 1 1 229,775 - 229,775 2 2 337,925 - 337,925
Prior year AR adjustments (136)
345 209 28,348,597$ 2,907,744$ 23,637,610$
Exhibit 11
Number of Loans Principal Amounts
Nov. 15, 2022
Item #1 Page 22 of 22