City of Manhattan Beach
Finance Department
Investment Portfolio
July 2022
As Finance Director for the City of Manhattan Beach, I hereby certify that these investments are in complianc e with the City’s investment policy (unless otherwise noted). Sufficient liquidity has been maintained to meet budget expenditure requirements for the current six month period.
DocuSign Envelope ID: 28C41FF8-D9F0-49FE-A53D-ED66CA08BB63
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PORTFOLIO PROFILE Jul 31, 2022 Jun 30, 2022 May 31, 2022 Apr 30, 2022 Mar 31, 2022 Total Book Value (Excluding Trust Funds)$130,236,392$133,234,849 $128,525,189 $123,551,851 $120,690,830 Increase/(Decrease) from Prior Period (2,998,458) 4,709,661 4,973,338 2,861,021 (1,000,545) Percentage Change (2.3%) 3.7% 4.0% 2.4% (0.8%)
Average Yield to Maturity (365 Days) 1.624% 1.564% 1.436% 1.325% 1.216% Increase/(Decrease) from Prior Period 0.060% 0.128% 0.111% 0.109% 0.028%
PORTFOLIO ALLOCATIONS
By Security Value (Par) Percent Par YTM Time Horizon Percent LAIF* $48,000,000 36.64% 1.090%Next 12 months 50%
Medium Term Notes 13,000,000 9.9% 2.284%Months 13-24 11% Federal Agencies 35,000,000 26.7% 2.178%Months 25-36 18% U.S. Treasuries 35,000,000 26.7% 1.555%Months 37-48 14% Total $131,000,000 100.0% 1.623% Months 49-60 7%
*LAIF YTM as of July 31, 2022 GOOD Total 100.0%
RECENT ACTIVITY
Security Date of Activity Maturity Date Purchase (Par) Maturing/Call YTM FHLB - 2.75% Coupon 6/17/2022 6/28/2024 1,000,000 3.230% FFCB - 0.875% Coupon 6/17/2022 11/18/2024 1,000,000 3.250% T - 0.375% Coupon 6/17/2022 7/31/2026 1,000,000 3.187%
T - 1.5% Coupon 6/17/2022 8/15/2026 1,000,000 3.287%
T - 0.875% Coupon 6/17/2022 9/30/2026 1,000,000 3.302%
Total Purchases $5,000,00 0 3.251%
Matured: FFCB - 2.15% Coupon 3/15/2022 3/15/2022 1,000,000 1.894% Matured: FNMA - 1.875% Coupon 4/5/2022 4/5/2022 1,000,000 1.850% Called: MTN - 2.65% Coupon 4/22/2022 5/23/2022 1,000,000 1.883% Matured: MTN - 2.35% Coupon 5/16/2022 5/16/2022 1,000,000 3.193% Total Maturing/Calls $4,000,00 0 2.205%
FUNDS HELD IN TRUST Value
Police/Fire Refunding Bonds $37.34
Fire Station 2 COPs 59.37
Marine Avenue Refunding Bonds 1.29
Pension Obligation Bonds 2,434.45
Metlox & Water/Wastewater Refunding Bonds21.64
UUAD Assessment Refunding Bonds 12,070.68
UUAD Assessment District 12 & 14 97,242.11
UUAD Assessment District 4 34,453.08
PARS Investment Trust 1,660,693.59
Total Funds Held in Trust $1,807,013.55
As of July 31, 2022
3 Month 6 Month 2 Year 5 Year 10 Year
May 2022 0.99% 1.49% 2.62% 2.87% 2.90%
June 2022 1.54% 2.17% 3.00% 3.19% 3.14%
July 2022 2.30% 2.87% 3.04% 2.96% 2.90%
Portfolio 1.624% 1.624% 1.624% 1.624% 1.624%
LAIF 1 090% 1 090% 1 090% 1 090% 1 090%
Portfolio, 1.624%
LAIF, 1.090%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
US Treasuries Yield Curve
www.treas.gov
Monthly yields are interpolated by the Treasury from the daily yield curve.
Mth Mat. YTM Inv Call Amt Mth Mat. YTM Inv Call Amt Mth Mat. YTM Inv Call Amt Mth Mat. YTM Inv Call Amt Mth Mat. YTM Inv Call Amt Aug 228/15/22 2.8% TVA nc $2.0MAug 238/31/23 2.43% T nc $1.0MAug 248/15/24 1.47% FHLBnc $1.0MAug 258/31/25 0.62% T nc $1.0MAug 268/31/26 0.91% T nc $1.0M 8/15/22 2.5% TVA nc $1.0M 8/8/23 2.03% MTN MW:12.5$1.0M 8/30/24 1.98% MTN 7/30/24 $2.0M 8/31/25 0.59% T nc $1.0M 8/15/26 3.29% T nc $1.0M 8/16/23 1.95% MTN6/16/23 $1.0M 8/31/24 1.49% T nc $2.0M 8/22/25 1.87% FFCB nc $1.0M Sep 22 9/12/22 3.1% MTNMW: 7.5 $1.0MSep 23 9/20/23 3.46% MTNnc $1.0MSep 24 9/6/24 1.89% MTN9/6/24 $1.0MSep 259/12/25 1.87% FHLBnc $1.0MSep 26 9/30/26 1.21% T nc $1.0M 9/30/22 2.2% T nc $1.0M 9/12/23 0.50% FNMA nc $1.0M 9/13/24 1.77% FHLB nc $2.0M 9/23/25 2.72% FHLM C nc $2.0M 9/30/26 3.30% T nc $1.0M 9/30/25 1.68% T nc $2.0M
Oct 2210/31/22 2.2% T nc $1.0MOct 2310/18/23 2.63% MTNnc $1.0MOct 2410/15/24 1.70% FNMAnc $2.0MOct 2510/31/25 0.71% T nc $2.0MOct 2610/31/26 2.58% T nc $1.0M 10/15/22 2.6% MTNMW: 12.5$1.0M 10/15/24 1.50% FNMA nc $2.0M 10/24/24 1.85% MTN9/6/24 $1.0M
Nov 22 Nov 23 Nov 24 11/18/24 3.25% FFCBnc $1.0MNov 2511/30/25 0.66% T nc $1.0MNov 26 11/1/25 2.89% TVA nc $1.0M
Dec 22 12/9/22 2.4% FHLB nc $2.0MDec 23 Dec 24 Dec 25 Dec 26 Jan 23 Jan 24 Jan 25 Jan 26 Jan 27 1/31/27 2.67% T nc $2.0M Feb 23 2/16/23 2.7% FFCB nc $2.0MFeb 24 2/29/24 2.23% T nc $1.0MFeb 25 2/28/25 1.00% T nc $1.0MFeb 26 2/24/26 0.95% MTNMW: 10 $1.0MFeb 27 Mar 23 Mar 24 3/31/24 2.24% T nc $1.0MMar 25 Mar 26 Mar 27 3/22/27 2.75% FFCBnc $2.0M Apr 23 Apr 24 Apr 25 4/15/25 2.75% T nc $1.0MApr 26 Apr 27 May 23 5/3/23 3.3% MTN MW: 15 $1.0MMay 245/16/24 2.63% FFCBnc $2.0MMay 255/15/25 1.76% TVA nc $1.0MMay 265/31/26 1.19% T nc $1.0MMay 27 5/31/25 1.06% T nc $1.0M 5/12/26 1.96% MTN nc $1.0M
Jun 23 6/19/23 3.0% FFCB nc $2.0M Jun 24 6/14/24 0.31% FHLBnc $1.0MJun 25 6/30/25 0.56% T nc $1.0MJun 26 6/30/26 1.18% T nc $1.0MJun 27 6/28/24 3.23% FHLBnc $1.0M 6/30/25 0.59% T nc $1.0M
Jul 23 7/24/23 2.8% FFCB nc $2.0M Jul 24 7/2/24 1.53% FNMAnc $2.0MJul 25 7/31/25 0.58% T nc $2.0M Jul 26 7/31/26 0.89% T nc $1.0MJul 27 7/31/23 2.5% T nc $1.0M 7/2/24 0.26% FNMA nc $1.0M 7/31/25 0.60% T nc $1.0M 7/31/26 3.19% T nc $1.0M 7/31/25 0.68% T nc $1.0M
Total By Year (excl LAIF) $17.0m $15.0m $24.0m $18.0m $9.0m % of Total Securities (excl LAIF) 20% 18% 29% 22% 11%
% of Total Investments (incl LAIF) 50% 11% 18% 14% 7%
Total Securities 63% $83.0M
LAIF 37% $48.0M
Total Investments 100% $131.0M
Shaded rows indicate months with significant cash inflows.
Instrument % of Total Limit Compliant? Limit Compliant? Limit Compliant? Local Agency Investment Fund (LAIF) $48,000,000 36.6% $75,000,000 Yes Treasury Securities
US Treasury $35,000,000 26.7% 5 Years Yes
Total U.S. Treasuries (30)TRUE $35,000,000 26.7%
Medium Term (Corporate) Notes
Coca-Cola 1,000,000 0.8% 5.0% Yes 5 Years Yes
Amazon 1,000,000 0.8% 5.0% Yes 5 Years Yes
Total Consumer Goods Sector $2,000,000 1.5% 10.0% Yes
Toyota Motor Credit 2,000,000 1.5% 5.0% Yes 5 Years Yes Bank of NY 2,000,000 1.5% 5.0% Yes 5 Years Yes
Total Financial Sector $4,000,000 3.1% 10.0% Yes
Merck 1,000,000 0.8% 5.0% Yes 5 Years Yes
Total Pharmaceuticals Sector $1,000,000 0.8% 10.0% Yes
Apple Inc 2,000,000 1.5% 5.0% Yes 5 Years Yes
Microsoft Corp 1,000,000 0.8% 5.0% Yes 5 Years Yes
Oracle Corp 1,000,000 0.8% 5.0% Yes 5 Years Yes
Total Technology Sector $4,000,000 3.1% 10.0% Yes
Walt Disney Co 2,000,000 1.5% 5.0% Yes 5 Years Yes
Total Communication Services Sector $2,000,000
Total Medium Term Notes (12)TRUE $13,000,000 9.9% 20.0% Yes Federal Agencies
Federal Home Loan Bank (FHLB) $8,000,000 6.1% 33.3% Yes 5 Years Yes Federal Farm Credit (FFCB) 12,000,000 9.2% 33.3% Yes 5 Years Yes Fannie Mae (FNMA) 8,000,000 6.1% 33.3% Yes 5 Years Yes
Freddie Mac (FHLMC) 2,000,000 1.5% 33.3% Yes 5 Years Yes Tennessee Valley Authority (TVA) 5,000,000 3.8% 33.3% Yes 5 Years Yes Total Federal Agencies (23)TRUE $35,000,000 26.7% 60.0% Yes Total Portfolio $131,000,000 100.0%
Dollar Compliance Percentage Compliance Term Compliance Temporary Suspension
Investments Book Value
LAIF $48,000,000.00
Treasury Securities 34,214,233.50
Federal Agency Issues-Coupon 35,083,296.38
Medium Term Notes 12,938,861.86
Subtotal Investments $130,236,391.74
Demand Deposit/Petty Cash
Cash in Bank $6,660,242.23
Petty Cash 2,095.70
$6,662,337.93
Subtotal City Cash & Investments $136,898,729.67
Bond Funds Held in Trust
Police Fire Refunding $37.34
Fire Station 2 COPs 59.37
Marine Ave Park Refunding 1.29
Metlox & Water/Wastewater Refunding 21.64
Utility Assessment Districts 1,118,945.20
Pension Obligation Bonds 2,434.45
Subtotal Bonds Held in Trust $1,121,499.29
Investment Trust Funds
PARS Pension Rate Stabilization Trust 1,660,693.59
Treasurer's Balance $139,680,922.55
Subtotal Demand Deposit
July 1.090
June 0.861
May 0.684
0.00002057622201151
0.987125414 LAIF Earnings Ratio(2):
LAIF Fair Value Factor(1):
PMIA Daily(1): 0.99%
0.75LAIF Apportionment Rate(2):
PMIA Quarter to Date(1): 0.69%
311PMIA Average Life(1):
Treasuries
68.57%
Agencies
18.86%
Certificates of
Deposit/Bank Notes
5.59%
Time
Deposits
2.01%
Commercial
Paper
4.40%
Corporate
Bonds
0.21%
Loans
0.36%
Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a).
Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
PMIA Average Monthly
Effective Yields(1)
PMIA/LAIF Performance Report
as of 08/10/22
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 06/30/22
Chart does not include $4,432,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
07/31/22
$229.9 billion