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COMPLIANCE WITH STATE LAW AND INVESTMENT POLICY: <br /> As of March 31, 2023, all investments in the portfolio are authorized by State of <br /> California Government Section 53600 et. Seq. and the City's investment policy. <br /> SECURITIES RATED BELOW"AA-/Aa3": <br /> Issuer Par Value Maturity Rating (S&P/ <br /> Date Moody) <br /> Toyota Motor Credit Corp 1,000,000 7/20/2023 A <br /> CitiBank NA 1,000,000 1/23/2024 A <br /> PACCAR Finance Corp 1,330,000 8/15/2024 A <br /> Toyota Motor Credit Corp 1,600,000 10/7/2024 A <br /> 3M Company 2,000,000 2/14/2025 A <br /> Truist Bank 2,000,000 3/10/2025 A <br /> Toyota Motor Credit Corp 3,000,000 1/9/2026 A <br /> Total $11,930,000 <br /> QUARTER INVESTMENT DECISIONS (excluding LAIF and money market funds).. <br /> No Purchases <br /> No Maturities <br /> CURRENT INVESTMENT STRATEGY: <br /> The effective rate of return on the portfolio was 1.29 percent, an increase of 0.07 <br /> percent from 1.22 percent from last quarter and 1.22 percent reported at the same <br /> time last year. <br /> During the third quarter of FY 2022/23, staff continued to be conservative on <br /> investment, with no new investment purchase, to ensure liquidity. Staff will continue <br /> to monitor cash inflows and outflows taking into consideration anticipated <br /> construction costs for large capital projects and unexpected events. <br /> SECTION 115 TRUST FUND <br /> In June 2018, the City Council approved the investment of$28.0 million of various <br /> reserves into a Section 115 Trust Fund to help smooth the pension liabilities which <br /> are expected to grow in the long run. The investment is made into two separate <br /> portfolios, the first one for $6.7 million into a Conservative portfolio which is available <br />