CA Review CKM
Meeting Date: Feb. 14, 2023
To: Mayor and City Council
From: Scott Chadwick, City Manager
Staff Contact: Craig Lindholm, City Treasurer
[email protected], 442-339-2472
Laura Rocha, Deputy City Manager, Administrative Services [email protected], 442-339-2415
Subject: Report on City Investments as of Dec. 31, 2022
District: All
Recommended Action
Accept and file Report on City Investments as of Dec. 31, 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.
Explanation & Analysis
The city’s pooled investment portfolio as of the month ending Dec. 31, 2022, is summarized below.
Pooled investment portfolio (cash and securities)
Current month Prior month
Par value1 $842,164,165 $829,073,197
Investment cost $849,948,199 $837,003,177
Amortized cost2 $844,712,068 $831,802,626
Market value3 $795,853,503 $783,135,744
(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.
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).
Feb. 14, 2023
Item #1 Page 1 of 22
Pooled investment interest income
Fiscal year to date Current month Prior month
Cash income $6,971,966 $1,301,852 $1,025,192
The cash income received is adjusted for any received interest previously purchased.
Pooled investment performance
Average life (years) Yield4 Modified duration
October 2022 2.10 1.84% 1.87
November 2022 2.08 1.89% 1.88
December 2022 2.00 2.01% 1.80
(4) Yield is computed by totaling the weighted average of each investment ’s return less any costs.
All pooled investments have been made in accordance with the city’s Investment Policy, which was adopted Jan. 2, 1985, and last revised 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
$393
Enterprise
$200
General
$154
Internal service
$61
Special revenue
$35
Fiduciary
$9
Fund equity in pooled investments
December 31, 2022
($ in millions)
Feb. 14, 2023
Item #1 Page 2 of 22
Next Steps
The report on city investments will continue to be produced monthly by the City Treasurer.
Environmental E valuation
This action does not require environmental review because it does not constitute a project within the meaning of the California Environmental Quality Act under California Public Resources Code Section 21065 in that it has no potential to cause either a direct physical change or a reasonably foreseeable indirect physical change in the environment.
Exhibits
1. Investments by cost, market value, cash income, and average yield by class
2. Maturities by classification and length of time at market value
3. Yield comparison & market yield curve
4. Cumulative cash income
5. Maturities, calls, and purchases this quarter
6. Detailed investment report
7. Fund equity in pooled investments
8. Security ratings and outlooks
9. Portfolio allocation at amortized cost by issuer
10. Investments of bond proceeds held separately
11. Affordable housing loan summary
Feb. 14, 2023
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City of Carlsbad investment portfolio
As of December 31, 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 $ 324,659,462 $ 325,549,380 $ 299,341,634 $ 300,099,047 $ 1,728,417 1.77% 1.76% SN 25,892,714 25,892,714 23,903,008 23,912,077 250,477 1.45 1.45 TR 91,605,741 91,605,741 87,933,598 87,816,253 378,398 1.49 1.49 CN 189,037,580 193,723,248 175,328,067 180,447,048 2,548,677 1.94 1.95 CD 20,289,877 20,045,226 18,893,914 18,518,373 122,549 1.50 1.45 MBS (agency) 34,724,826 34,098,681 32,541,961 32,008,141 325,681 2.35 2.29 MBS (non-agency) - - - - -
Muni 63,755,479 63,755,479 57,928,802 58,002,097 673,924 1.38 1.38 Bank account 2,285,765 2,896,524 2,285,765 2,896,524 - 0.10 0.01 Sweep 14,353,470 13,996,911 14,353,470 13,996,911 56,275 4.04 3.28 IRT 8,952,184 3,249,896 8,952,184 3,249,896 39,111 0.10 0.10 CAMP 72,635,447 60,433,723 72,635,447 60,433,723 627,376 4.51 3.67 LAIF 1,755,654 1,755,654 1,755,654 1,755,654 221,081 2.29 2.08 Total $849,948,199 $837,003,177 $795,853,503 $783,135,744 $6,971,966 2.01% 1.89% 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 December 31, 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 $3,989,000 $29,928,088 $265,424,546 $299,341,634 37.61% SN 2,695,902 7,887,890 13,319,216 23,903,008 3.00 TR 16,359,555 16,495,930 55,078,113 87,933,598 11.05 CN 34,004,434 17,334,684 123,988,950 175,328,067 22.03 (2) CD 1,477,881 2,194,767 15,221,266 18,893,914 2.37 MBS (agency) 1,920,000 2,040,000 28,581,961 32,541,961 4.09 (3) MBS (non-agency) - - - - 0.00 (3)(4)
Muni 3,007,200 488,235 54,433,367 57,928,802 7.28 (5) Bank account 2,285,765 - - 2,285,765 0.29
Sweep 14,353,470 - - 14,353,470 1.80
IRT 8,952,184 - - 8,952,184 1.12
CAMP 72,635,447 - - 72,635,447 9.13
LAIF 1,755,654 - - 1,755,654 0.22
Totals $163,436,493 $76,369,594 $556,047,417 $795,853,503 100.0% % Totals 20.5% 9.6% 69.9% 100.0%
Total within one year $239,806,086 (1)
Percentage of the budget within one year 70.1%
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
Feb. 14, 2023
Item #1 Page 5 of 22
0.000.200.400.600.801.001.201.401.601.802.002.202.402.602.803.003.203.403.60
3.804.004.204.404.60
4.80 2017 Jan
March
May
July
Sep
Nov
2018 Jan
March
May
July
Sep
Nov
2019 Jan
March
May
July
Sep
Nov
2020 Jan
March
May
July
Sep
Nov
2021 Jan
March
May
July
Sep
Nov
2022 Jan
March
May
July
Sep
Nov
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
0.00 0.50
1.00 1.50
2.00 2.50
3.00 3.50
4.00 4.50
5.00 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
Dec 31, 2022 4.42 4.41 3.99 3.88
Market rate (%)
City of Carlsbad investment portfolio
Market yield curve
Fiscal year end compared to current
Exhibit 3
Feb. 14, 2023
Item #1 Page 6 of 22
ii.
•
$0.95 $0.94 $0.89 $1.23 $0.97 $0.90 $0.98 $0.92 $1.12 $1.36 $1.24 $1.03 $1.30 $6.13
$12.05
$6.97
-
1 2
3 4
5 6
7 8
9 10
11 12
13 Dec Jan Feb March April May June July Aug Sep Oct Nov Dec Interest income ($ 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 Exhibit 4
Feb. 14, 2023
Item #1 Page 7 of 22
City of Carlsbad investment portfolio
Maturities, calls, and purchases this quarter
As of December 31, 2022
Maturities
CUSIP Issuer Settled Maturity Par value Book value Interest Total 3135G0T78 FNMA 03/09/2018 10/05/2022 1,000,000 1,000,000 10,000 1,010,000 3135G0T78 FNMA 10/05/2018 10/05/2022 1,000,000 1,000,000 10,000 1,010,000 3135G0T78 FNMA 05/20/2020 10/05/2022 1,923,000 1,923,000 19,230 1,942,230 459058ES8 IBRD 10/10/2017 10/07/2022 1,300,000 1,300,121 12,188 1,312,309 38149MHE6 GOLDMA 10/23/2019 10/11/2022 247,000 247,000 2,379 249,379 912828YK0 USTR 11/20/2019 10/15/2022 1,500,000 1,500,000 10,313 1,510,313 912828YK0 USTR 02/27/2020 10/15/2022 1,500,000 1,500,000 10,313 1,510,313 31398E6W9 FHLMC FHR 3544 08/27/2020 10/17/2022 19,172 20,088 883 20,971 08173QBX3 BENEFI 10/18/2017 10/18/2022 247,000 247,000 2,663 249,663 45950VLH7 IFC 02/08/2019 10/24/2022 1,500,000 1,500,000 15,000 1,515,000 30311SAA7 FRESB 04/22/2022 10/25/2022 2,569 2,467 5,096 7,563 30315EAA4 FRESB 07/24/2020 10/25/2022 45,964 46,189 658 46,847 30318NAA1 FRESB 02/19/2021 10/25/2022 2,242 2,253 687 2,940 30321CAQ5 FRESB 07/23/2021 10/25/2022 134,868 135,501 1,426 136,927 30324QAC2 FRESB 01/21/2022 10/25/2022 3,686 3,703 5,987 9,689 3137BM7B6 FHLMC FHMS 06/30/2022 10/25/2022 91,785 91,068 8,762 99,830 3137BP4J5 FHLMC 08/20/2021 10/25/2022 42,309 44,312 3,812 48,124 3137FBTA4 FHLMC FHMS 03/10/2021 10/25/2022 4,283 4,620 7,498 12,118 3137F32A1 FHLMC FHMS 04/15/2020 10/25/2022 86,132 92,323 6,291 98,614 3137BL6J2 FHLMC FHMC 07/22/2022 10/25/2022 71,839 71,121 4,049 75,170 31398E6W9 FHLMC FHR 3544 08/27/2020 11/15/2022 24,454 25,623 819 26,442 15654VAV0 CENHOU 11/12/2021 11/15/2022 1,000,000 1,000,000 875 1,000,875 19416QEL0 COLGAT 01/04/2018 11/15/2022 2,000,000 2,000,000 22,500 2,022,500 19416QEL0 COLGAT 09/17/2018 11/15/2022 2,000,000 2,000,000 22,500 2,022,500 912828TY6 USTR 11/28/2017 11/15/2022 1,000,000 1,000,000 8,125 1,008,125 30311SAA7 FRESB 04/22/2022 11/25/2022 2,432 2,335 5,093 7,428 30315EAA4 FRESB 07/24/2020 11/25/2022 1,182 1,188 626 1,814 30318NAA1 FRESB 02/19/2021 11/25/2022 2,136 2,146 685 2,831 30321CAQ5 FRESB 07/23/2021 11/25/2022 2,798 2,811 1,327 4,138 30324QAC2 FRESB 01/21/2022 11/25/2022 6,431 6,461 5,982 12,442 3137BM7B6 FHLMC FHMS 06/30/2022 11/25/2022 85,961 85,290 8,541 93,830 3137BP4J5 FHLMC 08/20/2021 11/25/2022 39,965 41,857 3,753 45,609 3137F32A1 FHLMC FHMS 04/15/2020 11/25/2022 80,666 86,464 6,051 92,515 3137BL6J2 FHLMC FHMC 07/22/2022 11/25/2022 67,870 67,192 3,888 71,080 30329MAA0 FRESB 10/28/2022 11/25/2022 796 713 2,777 3,490 3137FBTA4 FHLMC FHMS 03/10/2021 11/28/2022 5,588 6,027 10,426 16,453 89236TEG6 TOYOTA 12/06/2017 11/29/2022 2,250,000 2,250,000 133 2,250,133 3130A3KM5 FHLB 04/24/2018 12/09/2022 2,250,000 2,250,000 28,125 2,278,125 3133XN4B2 FHLB 09/12/2019 12/09/2022 1,500,000 1,500,000 39,375 1,539,375 31398E6W9 FHLMC FHR 3544 08/27/2020 12/15/2022 17,993 18,853 737 19,590 931142DU4 Wal-Mart Inc. 01/14/2019 12/15/2022 2,720,000 2,720,000 31,960 2,751,960 931142DU4 Wal-Mart Inc. 12/23/2019 12/15/2022 2,000,000 2,000,000 23,500 2,023,500 45581EAP6 IDUST 12/22/2017 12/22/2022 249,000 249,000 512 249,512 30311SAA7 FRESB 04/22/2022 12/25/2022 2,872 2,758 5,089 7,847 30315EAA4 FRESB 07/24/2020 12/25/2022 1,260 1,266 625 1,891 30318NAA1 FRESB 02/19/2021 12/25/2022 2,254 2,265 684 2,949 30321CAQ5 FRESB 07/23/2021 12/25/2022 2,975 2,989 1,325 4,314 30324QAC2 FRESB 01/21/2022 12/25/2022 7,386 7,421 5,973 13,394 3137BM7B6 FHLMC FHMS 06/30/2022 12/25/2022 92,411 91,689 8,334 100,023 3137BP4J5 FHLMC 08/20/2021 12/25/2022 42,605 44,622 3,644 48,266 3137FBTA4 FHLMC FHMS 03/10/2021 12/25/2022 4,311 4,650 7,476 12,126 3137F32A1 FHLMC FHMS 04/15/2020 12/25/2022 86,655 92,883 5,826 98,710 3137BL6J2 FHLMC FHMC 07/22/2022 12/25/2022 72,289 71,566 3,736 75,302 30329MAA0 FRESB 10/28/2022 12/25/2022 852 763 2,776 3,539 30329QAA1 FAMCA 11/18/2022 12/25/2022 3,067 2,800 8,667 11,467 28,348,054$ 28,372,393$ 419,698$ 28,792,091$ Calls
CUSIP Issuer Settled Maturity Redeemed Par value Book value Total No calls so so far this quarter
-$ -$ -$
Exhibit 5
Feb. 14, 2023
Item #1 Page 8 of 22
Purchases
CUSIP Issuer Settled Maturity First Coupon Yield Par value Dollar price Book value 78014RHK9 Royal Bank of Canada (RY) 10/18/2022 10/18/2027 04/18/2023 5.70% 2,500,000 100.00 2,500,000 3133ENT26 FFCB 10/19/2022 10/19/2026 04/19/2023 5.30% 3,000,000 100.00 3,000,000 91282CDS7 US Treasury 10/21/2022 01/15/2025 01/15/2023 4.55% 4,000,000 92.80 3,712,188 91282CEU1 US Treasury 10/21/2022 06/15/2025 12/15/2022 4.53% 3,000,000 95.91 2,877,180 91282CCL3 US Treasury 10/21/2022 07/15/2024 01/15/2023 4.30% 3,000,000 92.99 2,789,648 9128282Y5 US Treasury 10/21/2022 09/30/2024 03/31/2023 4.51% 2,000,000 95.61 1,912,188 912828WJ5 US Treasury 10/21/2022 05/15/2024 11/15/2022 2.50% 1,750,000 96.80 1,694,057 30329MAA0 FRESB 2022-SB103 A5F 10/28/2022 06/25/2027 11/25/2022 4.99% 1,602,367 89.59 1,435,540 3132X0CK5 FAMCA 11/01/2022 10/14/2025 11/14/2022 2.15% 1,650,000 99.71 1,645,265 3130ATP27 FHLB 11/10/2022 11/10/2027 05/10/2023 6.00% 1,000,000 100.00 1,000,000 06374VBX3 BMO 11/15/2022 11/15/2027 05/15/2023 6.25% 4,000,000 100.00 4,000,000 30329QAA1 FRESB 11/18/2022 09/25/2027 12/25/2022 5.00% 4,000,000 91.28 3,651,352 3133EN3S7 FFCB 12/07/2022 12/07/2027 06/07/2023 3.78% 3,000,000 99.86 2,995,920 34520LAY9 Forebright Bank (FORBBK) 12/15/2022 12/15/2027 01/15/2023 4.03% 249,000 99.86 248,651 84229LBJ0 Southern Bank (SBSARD) 12/16/2022 12/16/2027 06/16/2023 4.00% 245,000 100.00 245,000 3138L7D60 FN AM6424 12/19/2022 10/01/2027 01/25/2023 4.21% 1,007,097 96.81 974,996 36,003,464$ 96.95 34,681,985$
Feb. 14, 2023
Item #1 Page 9 of 22
City of Carlsbad
Investment summary
As of December 31, 2022
Settlement Maturity Issuer Par Invested Yield Interest expected Return Federal investments
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 10/22/20 09/30/24 FHLMC 3,000,000.00 3,000,000.00 0.350% 41,358.33 3,041,358.33 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 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 Exhibit 6
Feb. 14, 2023
Item #1 Page 10 of 22
Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 11/01/22 10/14/25 FAMCA 1,650,000.00 1,645,264.50 2.153% 184,415.59 1,834,415.59 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 10/19/22 10/19/26 FFCB 3,000,000.00 3,000,000.00 5.300% 636,000.00 3,636,000.00 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 11/10/22 11/10/27 FHLB 1,000,000.00 1,000,000.00 6.000% 300,000.00 1,300,000.00 12/07/22 12/07/27 FFCB 3,000,000.00 2,995,920.00 3.780% 562,500.00 3,562,500.00 Federal investments 324,133,000.00$ 324,659,461.83$ 1.771% 17,256,488.77$ 341,390,471.27$ Feb. 14, 2023
Item #1 Page 11 of 22
Settlement Maturity Issuer Par Invested Yield Interest expected Return Supranationals
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 25,140,000.00$ 25,892,714.00$ 1.447% 1,816,551.54$ 26,956,551.54$ US Treasury
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 10/21/22 05/15/24 US Treasury 1,750,000.00 1,694,057.40 2.500% 68,597.15 1,818,597.15 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 10/21/22 07/15/24 US Treasury 3,000,000.00 2,789,648.44 4.302% 19,504.08 3,019,504.08 10/21/22 09/30/24 US Treasury 2,000,000.00 1,912,187.50 4.511% 82,548.08 2,082,548.08 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 10/21/22 01/15/25 US Treasury 4,000,000.00 3,712,187.50 4.548% 100,516.30 4,100,516.30 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 10/21/22 06/15/25 US Treasury 3,000,000.00 2,877,180.00 4.530% 228,586.07 3,228,586.07 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 92,250,000.00$ 91,605,741.48$ 1.487% 2,503,414.63$ 94,753,414.63$ Corporate notes
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 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 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 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 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 Feb. 14, 2023
Item #1 Page 12 of 22
Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 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 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 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 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 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 07/01/20 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 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 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 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 10/18/22 10/18/27 Royal Bank of Canada (RY) 2,500,000.00 2,500,000.00 5.700% 712,500.00 3,212,500.00 11/15/22 11/15/27 BMO 4,000,000.00 4,000,000.00 6.250% 1,250,000.00 5,250,000.00 Corporate notes 183,683,000.00$ 189,037,579.55$ 1.940% 21,139,424.32$ 204,822,424.32$ Certificate of deposit
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 Feb. 14, 2023
Item #1 Page 13 of 22
Settlement Maturity Issuer Par Invested Yield Interest expected Return 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 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 Feb. 14, 2023
Item #1 Page 14 of 22
Settlement Maturity Issuer Par Invested Yield Interest expected Return 05/18/22 05/19/27 Discover Bank 246,000.00 246,000.00 3.200% 39,403.14 285,403.14 12/15/22 12/15/27 Forebright Bank (FORBBK) 249,000.00 248,651.40 4.031% 49,827.34 298,827.34 12/16/22 12/16/27 Southern Bank (SBSARD) 245,000.00 245,000.00 4.000% 49,026.84 294,026.84 Certificate of deposit 20,297,000.00$ 20,289,876.92$ 1.497% 1,468,439.96$ 21,765,439.96$ Mortgage backed securities (agency)
03/10/21 08/25/24 FHLM - FHMS K728 2,926,980.56 3,159,292.88 3.064% 150,091.53 3,077,072.09 04/15/20 11/25/24 FHMS KHG1 A1 2,002,677.84 2,146,597.52 0.999% 220,502.28 2,223,180.12 07/22/22 12/25/24 FHLMC FHMS K048 A1 1,594,945.35 1,578,995.90 3.425% 64,096.69 1,659,042.04 06/30/22 04/25/25 FHMS K051 A1 3,371,621.41 3,345,280.62 3.299% 163,239.98 3,534,861.39 07/24/20 05/25/25 FRESB MFM 902,827.73 907,243.48 0.830% 19,418.08 922,245.81 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 203,139.30 275,538.60 0.532% 83,540.73 286,680.03 02/19/21 01/25/26 FRESB 2021-SB83 1,301,223.50 1,307,334.04 0.505% 22,551.11 1,323,774.61 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 1,745,305.56 1,601,460.57 0.414% 239,848.91 1,985,154.47 07/23/21 04/25/26 FRESB 1,804,149.80 1,812,622.08 0.746% 40,585.81 1,844,735.61 12/16/22 12/16/27 FN AM6424 1,007,097.22 974,996.00 4.212% 77,907.09 1,085,004.31 01/21/22 11/25/26 FRESB 2022-SB94 4,363,095.93 4,383,275.25 1.500% 171,584.69 4,534,680.62 04/22/22 04/25/27 FRESB 2022-SB97 A5F 3,427,928.35 3,292,072.70 2.803% 145,011.91 3,572,940.26 10/28/22 06/25/27 FRESB 2022-SB103 A5F 1,600,719.67 1,434,063.94 4.989% 186,362.10 1,787,081.77 11/18/22 09/25/27 FRESB 3,996,932.72 3,648,552.07 2.600% 248,449.63 4,245,382.35 Mortgage backed securities (agency) 34,748,644.94$ 34,724,825.65$ 2.350% 2,098,398.82$ 36,847,043.76$ 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% 342,250.56 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% 5,516,204.62$ 67,446,204.62$
Cash
Wells Fargo Bank - General 2,285,765.00 2,285,765.00 0.100% 187.87 2,285,952.87 Wells Fargo Sweep account 14,353,470.44 14,353,470.44 4.043% 47,692.41 14,401,162.85 Wells Fargo Bank - Custody 8,952,184.07 8,952,184.07 0.100% 746.02 8,952,930.09 CAMP 72,635,446.91 72,635,446.91 4.510% 269,248.66 72,904,695.57 LAIF City 198,907.52 198,907.52 2.290% 379.58 199,287.10 LAIF CMWD 812,483.35 812,483.35 2.290% 1,550.49 814,033.84 LAIF CPFA 744,263.14 744,263.14 2.290% 1,420.30 745,683.44 Cash 99,982,520.43$ 99,982,520.43$ 3.908% 321,225.33$ 100,303,745.76$ GRAND TOTAL 842,164,165.37$ 849,948,199.31$ 2.0071% 52,120,147.99$ 894,285,295.86$ Feb. 14, 2023
Item #1 Page 15 of 22
City of Carlsbad investment portfolio
Fund equity in pooled investments
As of December 31, 2022
Cash balance by fund:
General 154,046,698
Special revenue 35,284,011
Capital projects:
Infrastructure replacement 119,526,695
Special districts 121,886,199
General capital construction 41,809,719
Public facilities fees 28,958,568
Traffic impact fees 22,855,408
Gas tax 18,925,397
Park development 14,873,086
Technology investment 11,823,552
TransNet taxes 7,640,758
Drainage fees 4,979,120
Capital project subtotal 393,278,502
Enterprise:
Carlsbad Municipal Water District 143,205,469
Sewer fund 41,279,363
Storm water 7,557,306
Solid waste 4,358,807
Golf course 3,787,077
Enterprise subtotal 200,188,022
Internal service 60,571,566
Fiduciary 8,731,178
Total general ledger balance ** 852,099,977
Reconciling adjustments (1) (7,387,909)
Total treasurer's investment portfolio at amortized cost $844,712,068 **Figures based on best estimate at the time report run on 01/30/2023. (1) The reconciling adjustments consist of differences between the general ledger which is prepared on an accrual basis and the treasurer's report which is prepared on a cash basis. Accrued interest, amortized premium or discounts and outstanding checks and deposits in transit are not included in the treasurer's summary. Differences between the time journal entries are posted and the time this report is produced may also be a component of the adjustment.
Exhibit 7
Feb. 14, 2023
Item #1 Page 16 of 22
City of Carlsbad investment portfolio
Security ratings and outlooks
As of December 31, 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
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- stable/positive/stable
MassMutual Global Aa3 AA+ AA+ Stable
Merck A1 A+ Negative/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.
Exhibit 8
Feb. 14, 2023
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 3,285,874$
Citibank A3 BBB+ A 01/23/24 02/20/20 7,121,284
Merck A1 A+ 02/24/26 04/12/21 1,490,785
Public Service Electric A1 A 03/27/25 12/31/20 2,540,554 Toyota A1 A+ A+ 01/08/24 07/01/19 4,003,766
18,442,263$
* 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. 14, 2023
Item #1 Page 18 of 22
City of Carlsbad investment portfolio
Portfolio allocation at amortized cost by issuer
As of December 31, 2022
Corporate notes Amortized cost Portfolio allocation*
3M Company 3,285,874$ 0.39%
Amazon.com Inc. 7,543,920 0.89%
Apple Inc. 9,048,786 1.07%
Bank of America 16,461,625 1.95%
Bank of Montreal 8,450,000 1.00%
Bank of New York Mellon 10,207,374 1.21%
Berkshire Hathaway 5,997,581 0.71%
Blackrock Inc. 7,176,258 0.85%
Citibank 7,121,284 0.84%
CME Group 2,900,097 0.34%
Colgate-Palmolive 5,651,420 0.67%
Florida Power & Light 3,811,475 0.45%
Johnson & Johnson 13,120,240 1.55%
JP Morgan Chase Bank 23,263,245 2.75%
Massmutual Global 3,774,546 0.45%
Merck 1,490,785 0.18%
Metlife 4,226,300 0.50%
Microsoft 4,210,927 0.50%
Nike Inc. 2,985,175 0.35%
Novartis Capital Corp 3,340,492 0.40%
Procter & Gamble 5,960,837 0.71%
Public Service Electric 2,540,554 0.30%
Royal Bank of Canada 6,492,665 0.77%
State Street Corporation 2,029,574 0.24%
Toyota 4,003,766 0.47%
US Bank NA 6,554,617 0.78%
Visa Inc. 1,326,482 0.16%
Wal-Mart 12,919,588 1.53%
Mortgage backed securities (agency) Amortized cost Portfolio allocation* FAMCA 3,648,552 0.43%
FHLMC 17,126,298 2.03%
FNMA 14,111,607 1.67%
Exhibit 9
Feb. 14, 2023
Item #1 Page 19 of 22
Federal agencies Amortized cost Portfolio allocation**
Federal Agricultural Mortgage Corp. 23,145,428 2.74% Federal Farm Credit Bank 92,154,087 10.91% Federal Home Loan Bank 118,586,084 14.04% Federal Home Loan Mortgage Corp. 46,963,065 5.56% Federal National Mortgage Assoc. 39,414,588 4.67% Private Export Funding Corp. 2,520,078 0.30% Tennessee Valley Authority 1,043,650 0.12% Municipal Bonds Amortized cost Portfolio allocation*
Ada/Canyon Cty SD 1,607,976 0.19%
Amarillo Independent SD 1,777,776 0.21% Cache County SD 3,372,110 0.40%
City of San Francisco 1,002,223 0.12% County of Multnomah 2,003,394 0.24% LA Unified SD 3,760,453 0.45%
Marion County SD 1,884,006 0.22%
Mason/Kitsap Cty SD 640,000 0.08% Minnesota State 1,215,000 0.14%
Portland CC 1,102,159 0.13%
San Diego CC 3,151,101 0.37%
San Dieguito Union HS 500,000 0.06% San Jose Evergreen CC 785,930 0.09% San Jose Redevelpment 3,172,727 0.38% Santa Barbara CA USD 508,685 0.06% Southern CA Public Power 2,429,691 0.29% State of California 13,244,545 1.57% State of Connecticut 5,893,775 0.70% State of Hawaii 6,923,156 0.82%
Texas Tech University 2,513,532 0.30% University of California 5,385,938 0.64% Other Amortized cost Portfolio allocation
Supranational 25,395,725 3.01%
US Treasury 91,558,805 10.84%
Certificate of deposits 20,291,917 2.40% Cash 99,982,520 11.84%
Total portfolio amortized cost 844,712,068$
* No more than 5% may be invested with a single issuer. **There are no percentage limits on federal agency issuers.
Feb. 14, 2023
Item #1 Page 20 of 22
City of Carlsbad
Investments of bond proceeds held separately
As of December 31, 2022
Stated Maturity
Name and fund type Investments rate date Par value
Reassessment District 22-01 (College/Cannon)
Reserve Fund Pacific Premier Bank various 09/02/34 902,760$ 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 3,466$ Communities Facilities District #3 Improvement Area 1, 2016 Bonds Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/36 580,799$ Communities Facilities District #3 Improvement Area 2, 2016 Bonds Reserve fund Invesco Gov. & Agency - Institutional Money Market various 09/01/38 847,156$ Other Invesco Gov. & Agency - Institutional Money Market various 09/01/38 403$ 3,277,355$
Exhibit 10
Feb. 14, 2023
Item #1 Page 21 of 22
Affordable Housing Loan Summary
FY2022-23 Q2
Borrower Development Purpose Date Issued Issued Outstanding Issued Repaid Balance Individual homebuyers Rancho Carlsbad Sales 5/20/1999 5 1 75,000$ 60,000$ 15,000$ 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 90 21 1,350,000 1,065,000 285,000 Individual homebuyers Serrano Sales 5/25/2001 22 4 752,533 645,993 106,540 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 2 140,000 - 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 6,614,556 2,105,793 4,508,763
Not-for-Profits
Catholic Charities Shelter Shelter 9/19/1997 1 1 200,000 - 200,000 Catholic Charities allowance (200,000) - (200,000)
Catholic Charities Shelter Shelter 3/1/2010 3 3 507,585 - 507,585 Catholic Charities allowance (507,585) - (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) - (1,065,000)
5 5 - - -
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 3,793,392 - 3,793,392 9 9 20,277,340 689,478 19,587,862
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 30,522 - 30,522 Minor Home Repair allowance (30,522) - (30,522)
35 22 255,518 82,750 172,768
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 (135) - (135)
345 209 27,485,204$ 2,878,022$ 24,607,182$
Number of Loans Principal Amounts
Exhibit 11
Feb. 14, 2023
Item #1 Page 22 of 22