2022-10-19 Item 08D Annual Investment Report and Investment PolicyMEETING DATE: October 19, 2022
PREPARED BY: Teresa S. McBroome
Director of Finance/City
Treasurer
DEPT. DIRECTOR: Teresa S. McBroome
DEPARTMENT: Finance CITY MANAGER: Pamela Antil
SUBJECT:
Treasurer’s Annual Report for the Fiscal Year Ended June 30, 2022 and Investment Policy.
RECOMMENDATION:
That City Council take the following actions:
1.Receive and file the Treasurer’s Report for the Fiscal Year Ended June 30, 2022; and
2.Adopt Resolution No. 2022-99 titled “A Resolution of the City Council of the City of
Encinitas Approving the Statement of Investment Policy for the Fiscal Year 2022-23, and
Delegating the Authority to Invest City Funds to the Treasurer” (Attachment 1).
STRATEGIC PLAN:
This agenda item falls within the Organizational Efficiency and Effectiveness focus area of the
Strategic Plan by maintaining the City’s financial health.
FISCAL CONSIDERATIONS:
There is no direct fiscal impact associated with this report. Investment earnings in the pooled
investment fund for FY 2021-22 were $1,455,618, of which $571,009 were allocated to the
General Fund. Investment earnings exceeded the budgeted amount of $1,129,127 by $325,831
or by $171,009, in the General Fund.
BACKGROUND:
The City’s adopted Investment Policy (Section XVI) requires the City Treasurer to report
investment positions and results of the Pooled Investment Fund and the Investment of Bond
Proceeds to the City Council annually at a public meeting. Section XVII requires that the
Investment Policy be reviewed and adopted at least annually, regardless of whether there are any
proposed changes to the Policy. Staff is recommending minor and administrative changes to the
policy this year. The following information is included in this agenda report and the related
attachments:
Detailed reports on the Pooled Investment Fund of the City for FY 2021-22 (Attachment 2)
Summary report for the investment of bond proceeds (Attachment 3)
Investment Policy Redlined (Attachment 4)
Investment Policy (Attachment 1; Exhibit A)
AGENDA REPORT
2022-10-19 Item #08D Page 1 of 88
ANALYSIS:
Pooled Investment Fund Report
The Annual Investment Report for the Pooled Investment Fund (Attachment 2) is produced via
the City’s SymPro investment-tracking software and includes the following separate reports,
which together are intended to address all significant aspects of the City’s Investment Program.
Portfolio Summary Portfolio Details Investments by Issuer Activity Report
Interest Earnings Summary Interest Earnings Purchases Report Accrued Interest
Realized Gain/Loss Unrealized Gain/Loss Cash and Investments by Fund
As of June 30, 2022, the book value (purchase price of securities as recorded on the City’s books)
of the Pooled Investment Fund was $136.1million and the average weighted yield to maturity was
1.30 percent. Fiscal year-to-date investment revenue generated by the Pooled Investment Fund
as of June 30, 2022, was $1,455,618 for an effective rate of return of 1.28 percent. The current
market value of the City’s portfolio is $132,281,867 which results in an unrealized loss of
$3,791,510 or 2.79 percent, when compared to the book value or purchase value of the City’s
portfolio of $136,073,377. This is due to the rising interest rate environment that the market is in.
Since the City intends to hold all investments until maturity, the unrealized loss will not become a
realized loss. The following table compares the Pooled Investment Fund statistics for the last four
quarters.
As stated in Section IV of the City’s investment policy, the investment objectives for the City’s
portfolio in priority order are: 1. safety of principal; 2. liquidity of funds; and 3. return on
investments. In order to achieve those objectives, the investment policy also defines (a) maximum
allocations of the portfolio by security type, (b) liquidity sufficiency and (c) return on investment
benchmarks. The charts below provide graphical information about portfolio investment
allocation, liquidity and performance compared to various benchmarks.
FY 2021-22 June 30, 2022 March 31, 2022 Dec. 31, 2021 Sep. 30, 2021
Book Value 136,073,377$ 121,316,026$ 113,540,519$ 108,584,422$
Market Value 132,281,867$ 118,954,232$ 113,821,823$ 109,637,863$
Unrealized Gain/(Loss)(3,791,510)$ (2,361,794)$ 281,304$ 1,053,441$
Unrealized Gain/Loss as % of Book Value -2.79%-1.95%0.25%0.97%
Effective Rate of Return 1.28%1.29%1.33%1.32%
Average Yield To Maturity 1.30%1.25%1.23%1.31%
Average Maturity (Years)1.37 1.76 1.71 1.90
Investment Earnings Year to Date 1,455,618$ 1,056,642$ 724,153$ 388,307$
2022-10-19 Item #08D Page 2 of 88
The U.S. Treasury Coupon Securities are issued by the U.S. Government and carry the full faith
and credit of the U.S. Government and are considered to be the safest investments. The Federal
Agency Coupon Securities are issued by the Federal National Mortgage Association, Federal
Home Loan Bank and Federal Farm Credit. This diversity of issuers provides additional security.
Although the Federal Agency securities are rated AA+, they continue to be regarded as among
the safest securities in the global market. The remaining funds are in the California Local Agency
Investment Fund (LAIF), California Asset Management Program (CAMP), the San Diego County
Investment Pool, and Certificates of Deposit and Money Market Funds with US Bank as Trustee
and a Union Bank Checking Account. LAIF is a program created by State statute that began in
1977 as an investment alternative for California's local governments and special districts. All
securities in LAIF are purchased under the authority of Government Code Sections 16430 and
16480.4. All funds invested in LAIF are essentially available overnight and provide the City with
liquidity for City operations. LAIF has not been assigned a rating by Moody’s or Standard and
Poor’s.
The City’s investment portfolio complied with the City’s investment policy because it adhered to
the required allocations by investment type.
2022-10-19 Item #08D Page 3 of 88
Liquidity is important to the City, and it is critical that funds are available when needed in order to
meet the City’s day-to-day operations, large CIP program and debt service program. The portfolio
is currently very liquid with 34.0 percent available overnight and an additional 10.8 percent of
securities available within 180 days. Best management practices recommend that agencies have
six months of cash needs of their portfolio liquid. The weighted average maturity of the entire
portfolio is 1.37 years. The City utilizes a laddered maturity investment strategy in that as
securities mature, new investments are directed to the 49–60-month segment to take advantage
of higher rates further out on the yield curve. The Treasury Indexes began to slowly accelerate at
the beginning of Fiscal Year 2021-22, then began to increase more steadily towards the end of
the fiscal year. One of the primary ways for the Federal Reserve to adjust monetary policy is
through changes to the federal funds rate. With rising inflation, the Federal Reserve has been
more aggressive in policy rate increases. The City remains consistent with its use of this laddered
maturities investment strategy while also considering the City’s investments objectives.
In the chart above the performance of the portfolio is compared to the six-month, one-year and
two-year treasury constant maturity rate as of the end of each quarter. The stated performance
benchmark for the portfolio is the one-year treasury which averaged a 1.10 percent yield over the
2022-10-19 Item #08D Page 4 of 88
twelve months ended June 30, 2022, as compared to the City’s average yield of 1.65 percent over
the same twelve-month period.
Investment of Bond Proceeds
The Annual Investment Report for the Investment of Bond Proceeds (Attachment 3) is subject to
minor changes in activity from year-to-year. Total bond proceeds held in trust accounts on June
30, 2022, were $655,263. Earnings on the bond trust accounts were $720 for the year. Bond
proceeds held by trustee banks and investments are based upon the bond indenture agreement
for each bond issue. Rates on available investment vehicles, which are extremely limited by the
bond indentures, are yielding an effective rate of return ranging from 0.84 percent to 1.33 percent.
As the City has paid off bond issues or refunded bonds in the past few years, the requirement for
bond reserves for these bond issues has been eliminated, reducing the amount of bond proceeds
held in trust. The majority of funds held on June 30, 2022, were for the 2007 Water Revenue
Bonds reserve funds ($640,239).
Investment Policy Update
Section XVII of the investment policy requires at least an annual review of the investment policy
regardless of whether there are any proposed changes to the policy. The last revisions to the
investment policy were made in 2021.
There were no approved changes to the local agency investment related codes during the 2021
California State Legislative Session. Therefore, the Local Agency Investment Guidelines provided
by the California Debt and Advisory Commission reflect the most current investment statutes.
Staff performed a review of the City’s current investment policy, which follows these investment
guidelines, and is recommending adoption of the City’s investment policy for Fiscal Year 2022-23
with minor formatting and grammatical corrections.
In Fiscal Year 2020-21, the City adopted Resolution 2021-67, whereby the City Council has
directed the City Treasurer not to invest in certain companies as well as to petition the managers
of the pooled funds the City is invested in to divest from fossil fuel companies. The City Treasurer
has complied with this direction from the City Council.
ENVIRONMENTAL CONSIDERATIONS:
The action being considered by the City Council is exempt from the California Environmental
Quality Act (CEQA) because it is not a “project” under Section 15378(b)(5) of CEQA Guidelines.
The action involves an organizational or administrative activity of government that will not result
in the direct or indirect physical change in the environment.
ATTACHMENTS:
1. Resolution No. 2022-99 titled “A Resolution of the City Council of the City of Encinitas
Approving the Statement of Investment Policy for the Fiscal Year 2022-23, and Delegating
the Authority to Invest City Funds to the Treasurer
2. Annual Investment Report for the Pooled Investment Fund, June 30, 2022
3. Annual Investment Report for the Investment of Bond Proceeds, June 30, 2022
4. City of Encinitas Investment Policy (F019), amended October 19, 2022, Redlined
2022-10-19 Item #08D Page 5 of 88
Attachment 1
RESOLUTION 2022-99
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ENCINITAS APPROVING THE
STATEMENT OF INVESTMENT POLICY FOR THE FISCAL YEAR 2022-2023, AND
DELEGATING THE AUTHORITY TO INVEST CITY FUNDS TO THE TREASURER
WHEREAS, Section 53646 of the Government Code provides for the Treasurer of a local
agency to present to the legislative body a statement of the agency’s investment policy and any
changes to the policy for consideration at a public meeting; and
WHEREAS, the City Council of the City of Encinitas (“City”) last considered and approved
the City’s Investment Policy (“Policy”) on October 20, 2021; and
WHEREAS, there were no approved changes to the local agency investment related
government codes during the 2021 California Legislative session. Therefore, the Local Agency
Investment Guidelines, which the City follows, have the most current investment statutes.
WHEREAS it is good practice for the City Council to review the Statement of Investment
Policy to ensure its consistency with the overall objectives of preservation of principal, liquidity
and return, and its relevance to current laws and financial and economic trends; and
WHEREAS, Section 53601 of the Government Code authorizes the City Council to invest
City funds, and Section 53607 of the Government Code further authorizes the City Council to
delegate said authority to the City Treasurer, and Encinitas Municipal Code Chapter 2.28
designates that the Director of Finance shall serve as the City Treasurer; and
WHEREAS, the City Council desires to delegate its authority to invest City funds to the
City Treasurer.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Encinitas:
1. That the above recitals are true and correct.
2. That the Investment Policy for Fiscal Year 2022-2023, as contained in Exhibit A to this
resolution is hereby approved.
3. That the City Council of the City of Encinitas does hereby authorize the Treasurer to
invest City funds.
PASSED, APPROVED AND ADOPTED this 19th day of October 2022 by the City Council
of the City of Encinitas, State of California.
______________________________
Catherine S. Blakespear, Mayor
2022-10-19 Item #08D Page 6 of 88
ATTEST:
______________________________
Kathy Hollywood, City Clerk
APPROVED AS TO FORM:
_____________________________
Tarquin Preziosi, City Attorney
CERTIFICATION: I, Kathy Hollywood, City Clerk of the City of Encinitas, California, do hereby
certify under penalty of perjury that the foregoing Resolution was duly adopted at a regular
meeting of the City Council on the 19th day of October 2022 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
_____________________________
Kathy Hollywood, City Clerk
2022-10-19 Item #08D Page 7 of 88
Exhibit A
CITY OF ENCINITAS
ADMINISTRATIVE MANUAL
Policy Title: Investment Policy Section: Finance
Responsible Department: Finance Number: Admin Policy F019
Approved By: City Council Date Approved: 1994
Last Amended: October 19, 2022
I. Philosophy
The Investment Policy of the Encinitas City Council for the City of Encinitas represents the financial
guidelines for the City’s Investment Program. It is the policy of the City of Encinitas to invest excess
public funds in a prudent manner that safeguards the public trust, minimizes the risk of loss of capital,
and provides assurance that all financial obligations will be met in the regular course of business. The
City Council shall provide direction to the City Treasurer as to the goals and specific objectives of the
Investment Program.
II. Scope
This Investment Policy applies to all financial assets under the oversight of the City of Encinitas, except
bond proceeds held by outside trustees and funds held by other governmental agencies. The City of
Encinitas includes the City and all component units: the Encinitas Housing Authority (EHA), the
Encinitas Public Financing Authority (EPFA), and the San Dieguito Water District (SDWD). These
funds are accounted for in the City of Encinitas’ Annual Comprehensive Financial Report and include:
GENERAL FUND
SPECIAL REVENUE FUNDS
CAPITAL PROJECT FUNDS
ENTERPRISE FUNDS
INTERNAL SERVICE FUNDS
This policy also applies to funds that the City manages for other governmental agencies. Currently,
the City manages funds for the Encinitas Ranch Golf Authority (ERGA), a legally separate joint powers
authority which is not a component unit of the City.
The investment of Bond Proceeds held with trustees is directed by the City, but is governed by the
restrictions on Permitted Investments in the applicable Bond Indenture agreements.
A portion of City funds is held by other governmental agencies. These funds are invested under the
guidelines of the investment policies of those agencies.
The City retirement plan is with CALPERS, and the City has no authority or oversight over the
investments in any of those plans. Further, the City administers several deferred compensation plans.
2022-10-19 Item #08D Page 8 of 88
Assets held in those plans are held in trust for the participants, and are not assets of the City. The
City does not have any authority over the investments held in these trusts.
III. Prudence
Investments shall be made with reasonable financial judgment and care, under circumstances then
prevailing, which persons of prudence, discretion and intelligence exercise in the management of their
own affairs, not for speculation, but for investment, considering the probable safety of their capital as
well as the probable income to be derived.
The standard of prudence to be used by investment officials shall be the “prudent investor” standard.
California Gov’t Code 53600.3 states that, “When investing, reinvesting, purchasing, acquiring,
exchanging, selling or managing public funds, a trustee shall act with care, skill, prudence, and
diligence under the circumstances then prevailing, including, but not limited to, the general economic
conditions and the anticipated needs of the Agency, that a prudent person acting in a like capacity and
familiarity with those matters would use in the conduct of funds of a like character and with like aims,
to safeguard the principal and maintain the liquidity needs of the Agency. The standard shall be
applied in the context of managing an overall portfolio. Investment officials acting in accordance with
established procedures and exercising due prudence shall be relieved of personal responsibility for an
individual security's credit risk or market price changes.
IV. Investment Objectives
A. Safety of Principal - the first objective of this policy is to ensure the safety of principal. The
portfolio shall be planned and managed to minimize the risk of actual loss of principal. Principal is
defined as the original purchase price of the security, excluding any purchase of accrued interest, up
to the par (face) value of the security. Any purchase amount above par value (premium) is considered
to be a purchase of accrued interest, and is excluded from the calculation of principal amount. The
City Treasurer shall consider both credit risk and concentration risk (the concept of diversification)
when assessing safety, and shall follow the guidelines outlined later in this policy to achieve that
objective.
B. Liquidity - The second objective is the maintenance of sufficient liquidity to meet all operating
and capital spending requirements that can be reasonably anticipated.
C. Return on investments - The third objective is yield, specifically, attaining a market rate of
return over time, consistent with Council direction as to acceptable levels of risk. Refer to Section XV
below for further discussion of performance measurement.
V. Delegation of Authority
In accordance with the California Government Code, Section 53607, the City Council hereby
delegates the authority to invest or reinvest the City’s funds, to sell or exchange securities purchased,
and to deposit securities for safekeeping to the City Treasurer. Encinitas Municipal Code Chapter
2.28 designates that the Director of Finance shall serve as City Treasurer. The City Treasurer has
the option to delegate some, or all, of the duties described in this Policy to other qualified individuals
within the organization.
Investment Procedures
The City Treasurer is responsible for establishing written investment procedures for the management
and operation of the Investment Program, consistent with this Policy. Those procedures shall include
reference to such items as: custody/safekeeping, repurchase agreements (if applicable), wire transfer
agreements, banking service agreements, and explicit delegation of authority to personnel involved
in the processing of banking or investment transactions. No person may engage in any investment
transaction except as provided under the terms of this Policy and the established procedures.
2022-10-19 Item #08D Page 9 of 88
VI. Ethics, & Conflict of Interest
The investment responsibility carries with it the responsibility of ensuring that investments placed are
done so without improper influence or the appearance of improper influence. All officers and
employees (officials) involved in the investment function shall adhere to the State's Code of Economic
Interest and to the following:
Officials shall refrain from personal business activity that could conflict with proper and impartial
execution of the Investment Program, or that could impair their ability to make impartial investment
decisions. Further, officials shall not personally or through a close relative maintain any accounts,
interest, or private dealings with any firm with which the City places investments, with the exception
of regular savings, checking and money market accounts, or other similar transactions that are offered
on a non-negotiable basis to the general public. Any such relationships shall be disclosed annually
to the City Clerk in conjunction with annual disclosure statements of economic interest.
VII. Authorized Financial Dealers and Institutions
The City Treasurer shall maintain a list of qualified financial institutions authorized to provide financial
or investment services to the City.
The City shall contract with one institution to provide general banking services, which shall be
reviewed at least every five years. City Council shall approve the selected institution and the
contract for banking services.
The City shall contract with one institution to provide investment custody services, which shall be
reviewed at least every five (5) years. City Council shall approve the selected institution and the
contract for custody services.
The City Treasurer shall maintain a list of qualified security broker-dealers authorized to provide
financial or investment services to the City. To be eligible for consideration to become an authorized
provider, each Broker/Firm shall meet the following MINIMUM requirements:
(1) have a net capital position in excess of $10 million,
(2) have been in business for at least five years,
(3) are currently licensed as a broker-dealer or investment adviser in California, and
(4) Must carry adequate insurance coverage including liability, errors and omissions, and
workers compensation (if applicable.)
Firms providing only representation of money market funds are exempt for requirement #1, but must
still comply with all other requirements, including those listed below.
The City Council shall approve the initial authorization of any broker-dealer. Authorized firms shall
be notified by the City Treasurer via an engagement letter, which outlines each parties’ responsibilities
(primarily the continuing compliance requirements discussed directly below). There is no contract for
professional services or term to the engagement. The City Treasurer shall periodically evaluate the
performance of all qualified broker-dealers, and determine if any changes need to be made.
All broker-dealers authorized to do business with the City of Encinitas must also comply with the
following requirements.
(1) Firms must submit audited financial statements annually, within six months of their fiscal
year-end,
(2) Firms must provide proof of their Financial Industry Regulatory Authority (FINRA)
certification, and must disclose to the City immediately any regulatory actions or complaints
against the broker assigned to the City account,
2022-10-19 Item #08D Page 10 of 88
(3) Firms must provide proof of their registration/license to do business in the State of California,
and shall immediately disclose to the City any change in that status.
(4) Firms must certify in writing that they have received, read, and agree to comply with the City
of Encinitas’ most recently adopted Investment Policy.
VIII. Authorized & Suitable Investment Instruments
As a unit of local government in the State of California, the City of Encinitas is restricting itself to
the investments authorized by Government Code, Sections 16429.1, 27133 and Sections 53600
through 53635 (the Gov’t “Code”) except as otherwise provided herein by specific additional
Council actions.
SPECIFIC INVESTMENT TYPES AND AMOUNTS - The City Treasurer is authorized to invest in
only the following types of investments listed below in Section VIII.
INVESTMENT ALLOCATIONS - The State Law Maximum allocations listed below refer to the
percentage of the total portfolio or dollar amount that may be invested in each instrument under the
provisions of the Gov’t Code. The Investment Policy Maximum allocations refer to maximum
allocations the City Treasurer follows, in order to effect proper diversification of the portfolio and
limit concentration risk. The City Treasurer is permitted to exceed these maximum allocations for
temporary periods. Any asset allocation that exceeds the Investment Policy Maximum allocation
for a period of more than three months shall be reported to the City Manager.
For purposes of calculating the percentage allocations, the assumption will be applied that the size
of the portfolio for any fiscal year shall be determined by the total par value of the portfolio at the
beginning of the first day of the fiscal year. Any investment types that exceed the maximum
allowable under the Gov’t Code shall be reported to the City Council in the quarterly investment
report.
INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
MAXIMUM MAXIMUM
(1) Repurchase agreements NO LIMIT 20%
This type of investment is only authorized in relation to the City’s general banking
arrangements, in which excess cash balances are “swept” into an interest earning
account overnight. Maximum maturity is one year. All balances are required to be
properly collateralized at 102% of par value in accordance with State requirements.
(2) CA Local Agency Inv Fund (LAIF) STATE LAW MAXIMUM 30%
The “STATE LAW MAXIMUM” refers to the LAIF limit on maximum deposits per local
agency, not to the CA gov’t code restrictions. The City of Encinitas maintains two
accounts with the LAIF, one in the name of the City and the other in the name of the
San Dieguito Water District. Each account has a deposit limit of the maximum
2022-10-19 Item #08D Page 11 of 88
INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
MAXIMUM MAXIMUM
amount allowed by CA state law. Since San Dieguito Water District is a component
unit of the City, the City may legally utilize the SDWD account in the operation of the
City Pool. Thus, SDWD owns its ratable share of all City Pooled investments, but
does not have a direct ownership interest in the LAIF account in its name.
(3) Other Gov’t Managed Pools NO LIMIT 30%
Per Issuer 10% per Pool
Investments in individual pools shall be limited to 10% of the total portfolio. Currently
approved pools are the San Diego County Investment Pool and the California Asset
Management Program (CAMP). The City Council must approve the addition of any
other governmental pools.
(4) Mutual Funds and Money Market Mutual Funds (Total)
20% 20%
Per Issuer 10% 10%
(A) Money Market Mutual Funds N/A 20%
Per Issuer N/A 10%
Qualifying funds must meet one of the following criteria: (1) Attained the highest
ranking or the highest letter and numerical rating provided by not less than two
nationally recognized statistical rating organizations, OR (2) Retained an Investment
Advisor registered or exempt from registration with the SEC with not less than five
years’ experience managing money market mutual funds with assets under
management in excess of $500 million.
(B) Mutual Funds N/A 10%
Per Issuer N/A 5%
A mutual fund must receive the highest ranking by not less than two nationally
recognized rating agencies or the fund must retain an investment advisor who is
registered with the SEC (or exempt from registration), has assets under
management in excess of $500 million, and has at least five years experience
investing in instruments authorized by California Government Code sections 53601
and 53635.
(5) Certificates of Deposit (CD’s) NO LIMIT 30%
Per Issuer NO LIMIT 5%
All CD’s must be either insured by the FDIC or properly collateralized, pursuant to
Section X below. Maturity shall not exceed five years. No more than 5% of the total
account value per issuer. To be eligible to receive deposits from the City of
Encinitas, each qualified financial institution must have received an overall rating of
not less than “satisfactory” in its most recent evaluation by regulators of its record of
meeting the credit needs of its community.
2022-10-19 Item #08D Page 12 of 88
INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
MAXIMUM MAXIMUM
(6) Negotiable Certificates of Deposit 30% 30%
Per Issuer 5%
All Negotiable CD’s must be issued by a provider rated either: (1) Aaa by Moody’s,
(2) AAA by Standard & Poors, or (3) Aa1 by Moody’s and AA+ by Standard & Poor’s.
Investments of $250,000 or less that are fully insured by the FDIC are exempt from
the above credit rating requirements. Maturity shall not exceed five years. No more
than 5% of the total account value per issuer.
(7) Bankers Acceptances 40% 10%
Per Issuer 30% 5%
Bankers Acceptances (BA’s) represent a time draft drawn on and accepted by a
Bank for payment of the shipment or storage of merchandise. They are generally
considered a very safe investment since both the credit of the issuer and the Bank
is pledged for repayment. They must not exceed 180 days maturity. BA’s must have
an underlying credit rating of A1/P1, and are limited to 5% of the total account value
per issuer.
(8) U.S. Treasury Bills, Notes and Bonds NO LIMIT 50%
(9) U.S. Government-Sponsored Agencies NO LIMIT 60%
Per Issuer 25%
City shall invest primarily in securities issued by Federal Home Loan Bank (FHLB),
Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage
Corporation (FHLMC), and Federal Farm Credit Bureau (FFCB). City may invest in
Private Equity Funding Corporation (PEFCO) and Tennessee Valley Authority
(TVA); however, the overall limit of 60% still applies. City may also invest in the
Government National Mortgage Association, but only via authorized Mutual Funds
cited in Category 5 above, and subject to those limitations.
(10) Commercial Paper 40% 25%
Per Issuer 10% 5%
Commercial Paper (CP) is a short-term I.O.U. issued by large corporations of high
credit standing which is unsecured. Investments are limited to only “prime quality”
CP issued with the highest letter and number rating provided by one of the two
nationally recognized rating agencies. City limits itself only to CP rated A-1 or better
by Standard & Poors and P-1 by Moodys. Issuing corporations must be organized
and operating within the United States, have assets in excess of $500 million, and
debt other than commercial paper must be in a rating category of “A” or its equivalent
or higher by a nationally recognized statistical rating organization or the issuing
corporation must be organized within the U.S. as a special purpose corporation,
trust, or LLC, have program wide credit enhancements, and have commercial paper
that is rated “A-1” or higher or the equivalent, by a nationally recognized statistical
rating agency. City may not purchase more than 5% of outstanding commercial
paper of any single corporate issuer. The maximum allowable maturity is 270 days
or less.
2022-10-19 Item #08D Page 13 of 88
INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
MAXIMUM MAXIMUM
Per California Code Section 53601(h) beginning January 1, 2021, until January 1,
2026, portfolio limitation maximums are 40% and revert back to 25% after January
1, 2026. The 10% single issue limitation for commercial paper and medium-term
notes will remain in effect.
(11) Commercial Medium-Term Notes 30% 15%
Per Issuer 10% 5%
Medium-Term Notes are defined as all corporate and depository institution debt
securities with a maximum remaining maturity of five years or less, issued by
corporations organized and operating in the United States or by depository
institutions licensed by the United States. State Code requires a credit rating of “A”
or better by one nationally recognized rating agency. The City is further limiting itself
to notes that are rated Aa3 or better (Moody’s) and AA- or better (S & P).
(12) Guaranteed Investment Contracts None 10%
Per Issuer 5%
Guaranteed Investment Contracts (GIC’s) are corporate obligations similar to
medium-term notes, but are issued directly to the Agency by the issuer in the form
of an investment contract. They are generally longer term in nature. They are
generally utilized for the investment of bond proceeds, but may be utilized for the
investment of Pooled funds. Uncollateralized GIC’s are permitted only with issuers
rated Aaa (Moody’s) and/or AAA (Standard & Poors) Collateralized GIC’s are
permitted with issuers rated Aa2 or better (Moody’s) and AA or better (Standard &
Poors). No more than $5 million per issuer.
(13) Demand Deposits (non-interest bearing) None 0-2%
Per Issuer 0-2%
Non-interest bearing demand deposits with a financial institution approved to do
business with the City shall be an allowable investment for the City Pool. These
types of accounts are necessary to carry on the regular day-to-day financial
operations of the City, must be collateralized, and are reported as “cash” on the
monthly investment reports. When available, the City Treasurer shall execute a
“sweep arrangement” with the designated financial institution, to provide for excess
overnight balances to earn interest.
(14) Demand Deposits (interest bearing) None 20%
Per Issuer 10%
Interest-bearing demand deposits with a financial institution approved to do business
with the City shall be an allowable investment for the City Pool. These types of
accounts generally serve as an alternative to bank certificates of deposit, and have
a stated minimum balance requirement. These types of accounts require a separate
2022-10-19 Item #08D Page 14 of 88
INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
MAXIMUM MAXIMUM
agreement with the financial institution and must be fully collateralized as Public
Deposits under California law. In addition, some part of the deposit (currently
$250,000) may be insured by the Federal Deposit Insurance Corporation (FDIC) in
lieu of collateralization.
(15) Asset-Backed Securities 20% 10%
Per Issuer 5%
These securities consist of Traditional Asset-Backed, Mortgage-Backed, Mortgage
Pass-Through Securities, and Collateralized Mortgage Obligations. They are
permitted given that the securities are rated in a rating category of “AA” or its
equivalent or better by a NRSRO and have a maximum remaining maturity of five
years or less. No more than 10% of the total portfolio may be invested in these
securities. No more than 5% of the portfolio may be invested in any single Asset-
Backed or Commercial Mortgage security issuer. There is no issuer limitation on
any mortgage security where the issuer is the U.S. Treasury or a Federal
Agency/GSE.
(16) Supranationals 30% 20%
Per Issuer 15%
Supranational issues are U.S. dollar denominated senior unsecured unsubordinated
obligations issued or unconditionally guaranteed by the International Bank for
Reconstruction and Development, International Finance Corporation, or Inter-
American Development Bank. They are permitted if rated in a rating category of
“AA” or its equivalent or better by a NRSRO. No more than 20% of the total portfolio
may be invested in these securities. No more than 15% of the portfolio may be
invested in any single issuer. The maximum maturity does not exceed five years.
2022-10-19 Item #08D Page 15 of 88
SUMMARY TABLE of INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
(1) REPURCHASE AGREEMENTS NO LIMIT 20%
(2) CALIFORNIA LAIF NO LIMIT 30%
(3) OTHER GOV’T POOLS NO LIMIT 30%
Per Issuer 10%
(4) MUTUAL FUNDS TOTAL 20% 20%
Per Issuer 10% 10%
(4-A) Money Market Mutual Funds N/A 20%
Per Issuer N/A 10%
(4-B) Mutual Funds N/A 10%
Per Issuer N/A 5%
(5) CD’s NO LIMIT 30%
Per Issuer 5%
(6) NEGOTIABLE CD’s 30% 30%
Per Issuer 5%
(7) BANKERS ACCEPTANCES 40% 10%
Per Issuer 30% 5%
(8) U.S. TREASURYS NO LIMIT 50%
(9) U.S. FEDERAL AGENCIES NO LIMIT 60%
Per Issuer 25%
(10) COMMERCIAL PAPER 40% 25%
Per Issuer 10% 5%
(11) COMMERCIAL MTN NOTES 30% 15%
Per Issuer 10% 5%
(12) GIC’s NO LIMIT 10%
Per Issuer 5%
(13) Demand Deposits (non-interest bearing) NO LIMIT 0-2%
Per Issuer 0-2%
(14) Demand Deposits (interest bearing) NO LIMIT 20%
Per Issuer 10%
(15) Asset-Backed Securities 20% 10%
Per Issuer 5%
(16) Supranationals 30% 20%
Per Issuer 15%
The State of California Government Code restricts local agencies from investing in securities with
final maturity dates greater than five (5) years, except as specifically authorized by the City Council.
This Policy authorizes two specific exceptions to the above restriction.
(1) The City may invest in up to $5 million (par value) of securities (at date of purchase)
rated AAA or equivalent by either S&P or Moody’s with maturities of greater than five
(5) years, but not exceeding seven (7) years.
(2) The City’s General Contingency Reserve is not a part of normal operating reserves,
and the related funds are not expected to be utilized in the foreseeable future, thus,
2022-10-19 Item #08D Page 16 of 88
the likelihood of liquidation is very small. The objective(s) of investment in this area
are to maximize earnings with safety, while recognizing that liquidity is less of an
issue than with operating or capital funds. Consistent with these objectives, the City
Treasurer is authorized to invest contingency funds in securities rated AAA or
equivalent with maturities greater than seven (7) years that have a ready market
should the need arise to liquidate the investment.
The City Council has directed the City Treasurer not to invest in securities of companies involved in
the production of tobacco, alcohol related products, or fossil fuel companies. Furthermore, Encinitas’
City Council directs the City Treasurer to annually, if not more often, petition the managers of the
pooled funds the City is invested in to divest from fossil fuel companies. The City recognizes that, due
to the extreme complexity of today’s corporate structures, it is possible that investments may be
placed in good faith in corporations that have an interest in tobacco, alcohol related products or fossil
fuel companies that is not widely known or properly disclosed by those corporations. The City
Treasurer shall make his/her best efforts, including notice to broker/dealers, to assure that any
corporate investments are placed with companies who are not in the tobacco, alcohol, or fossil fuel
business. This policy applies at the time of purchase only.
Certain investments are specifically prohibited by the State Code. Local Agencies may not invest in
the following: Inverse floating-rate notes, range notes, or mortgage-derived interest-only strips. The
Code also states that “A local Agency shall not invest in any security that could result in zero interest
accrual if held to maturity.” The City’s interpretation of this Code section is that it does not prohibit
investment in U.S. Treasury or Federal Agency securities which carry a variable rate of interest;
because the chance that such notes could result in zero interest accrual to maturity is remote.
California SB 998 added Government Code Section 53601.6(b)2), which allows a local agency to
invest in securities issued by, or backed by, the United States government that could result in zero-
or negative-interest accrual if held to maturity, in the event of, and for the duration of a period of
negative market interest rates. This is applicable from January 1, 2021 until January 1, 2026.
IX. Due Diligence Requirements for Investment Pools, Mutual Funds, and CD’s
Investments of these types are authorized in Section VIII. above. Before investing any funds in pools
or mutual funds, the City Treasurer shall perform a thorough investigation of the fund(s) to determine
the suitability of the investment for the City of Encinitas Pooled Investment Fund. This investigation
shall include, at a minimum: review of the Funds investment policy and/or prospectus, a review of the
performance history of the Fund, review of ratings (where applicable), review of the latest published
portfolio composition, review of fees and charges, and references from other agencies who invest in
the Fund.
The City Treasurer shall monitor placement of Certificates of Deposit with financial institutions on a
regular basis. Compliance with collateral requirements shall be monitored (if applicable).
X. Collateralization of Public Deposits
Collateralization will be required on two types of investments: demand and timed deposits (which are
not fully insured by FDIC) and repurchase agreements. The City Treasurer has agreed to waive
collateral requirements on the first $250,000 of CD’s from each institution, which are insured by FDIC.
In order to anticipate market changes and provide a level of security for all invested funds, the required
collateralization levels will be:
(1) Overnight repurchases 102% of market value
(2) Timed Deposits in accordance with CA law regarding Public Deposits
2022-10-19 Item #08D Page 17 of 88
(3) Demand Deposits in accordance with CA law regarding Public Deposits
Collateral must be held by an independent third party with whom the entity has a current custodial
agreement. Collateral for overnight repurchases (sweep agreements) may be held by the Trust
Department of the institution providing such sweep services. Sweep contracts shall provide for a
perfected security interest for the City in collateralized securities.
Collateral shall be provided by the issuing institution in accordance and compliance with the California
Gov’t Code Sections 53630 et al. Issuing institution is responsible for compliance with all collateral
requirements, and must provide the City periodic evidence of that compliance, in a form acceptable
to the City.
XI. Safekeeping and Custody
All security transactions entered into by the City shall be conducted on a delivery-versus-payment
(DVP) basis. Securities shall be held by an independent third-party custodian approved by the City
Council. All broker-dealers shall send a transaction confirmation to the City Treasurer, and all security
transactions confirmations shall be treated as a “Vital Record” by City personnel and kept safe per
the requirements of City policy on Vital Records. Broker-dealers shall also send a monthly activity
statement to the City showing all transactions entered into in the period. No City securities or cash
will be held by any broker-dealer. The custodian sends a monthly statement to the City Treasurer
covering all investment activity handled by that institution.
XII. Diversification
The City will diversify its investments by security type and institution, to avoid incurring unreasonable
risks inherent in over-investing in specific instruments or individual financial institutions. This Policy
sets limits on maximum allocations by investment type and by issuer. Refer to Section VIII. above
for a listing of authorized investments and the maximum allocation by type of investment. Section
VIII. also details specific limitations per issuer. For purposes of this Policy, those limits each apply to
the overall portfolio.
XIII. Maximum Maturities
To the extent possible, the City of Encinitas will attempt to match its investments with anticipated cash
flow requirements, after taking into consideration interest rate (market) risk and the potential benefits
of extending investment maturities. The City conforms to the California Gov’t Code requirements
limiting investments in notes to five (5) years, subject to the exceptions cited in Section VIII. This
relates principally to funds classified as reserves, which may be invested in specified instruments with
maturities greater than five (5) years.
XIV. Internal Control
The City Treasurer shall establish a system of internal controls over all cash management and
investment transactions, designed to provide reasonable assurance that assets are safeguarded and
that all transactions are properly and timely recorded.
The City’s independent auditor shall annually review the system of internal controls and report any
deficiencies and/or suggestions for improvements to the Director of Finance/City Treasurer. Any
confirmed significant deficiencies shall be reported to the City Manager and City Council in writing,
along with the City’s response to the audit findings.
2022-10-19 Item #08D Page 18 of 88
XV. Performance Standards:
The City has determined that periodic quantitative measurement of investment portfolio performance
is an important component of the overall monitoring of the investment program. As stated in Section
IV(C) above, the performance objective of the Program is attaining a market rate of return over time
consistent with the overall risk tolerance of the organization.
The City Treasurer is charged with determining an appropriate benchmark by which to measure
periodic performance. The chosen benchmark shall be designed to match as closely as practicable
the City’s tolerance for investment risk. Utilization of the benchmark and analysis of actual
performance vs. the benchmark represent an important risk management tool, and analysis of
significant variations shall be reported to the City Council in a timely manner. At the same time, it is
recognized that the benchmark represents a guideline only, and that performance may vary,
especially over relatively short time periods. A timeframe of 2-3 years is considered to be the
minimum time period necessary for judging overall performance, due to changing market conditions,
cash flow requirements and the fact that no chosen performance benchmark will exactly mirror the
City’s portfolio.
Attaining a market rate of return over time shall be measured and reported to the City Council, at least
quarterly, via the utilization of the following benchmark to measure performance.
The one (1) year constant maturity Treasury index
Any change to the above performance benchmark shall be reported to the City Council during the
City Treasurer’s quarterly investment report.
The City Treasurer shall report performance on a quarterly basis based on the book yield (standard
income) approach. Book yield calculates the earnings on an investment based on actual interest
earned during any reporting period, including the accretion of purchase discounts and/or the
amortization of purchase premiums. The City Treasurer shall also report the estimated market value
of investments held (as provided by a third-party data provider) with each periodic report. The City no
longer reports investment income on a total return basis each fiscal year (the alternative method
presented in Gov’t Actg. Standards Board (GASB) Statement No. 31) as the results over time are
roughly comparable.
XVI. Investment Accounting and Reporting
The City Treasurer shall prepare (or have prepared) monthly investment reports sufficient to properly
track and record all investment transactions and activity. The City Treasurer shall report investment
positions and results of the Pooled Investment Fund to the City Council at least quarterly, in a form
acceptable to the City Council. These reports shall either be presented as an Agenda Report or as a
memo report to the City Council members, at the discretion of the City Manager. The City Treasurer
shall report positions and results of the Pooled Investment Fund and the Investment of Bond
Proceeds annually to the City Council at a Public Meeting. Detailed annual reports of the Pooled
Investment Fund shall be made available on the City’s website for public review. The City shall
publicly report on the results of the annual petitions to the managers of the pooled funds the City is
invested in to define and divest from fossil fuel companies.
XVII. Investment Policy Adoption:
The Investment Policy shall be reviewed and adopted by the City Council at a Public Meeting at least
annually, regardless of whether there are any proposed changes to the Policy. The Policy shall be
posted for public review on the City’s website (www.encinitasca.gov) under Departments/Finance.
2022-10-19 Item #08D Page 19 of 88
Any typographical errors of other minor errors or inconsistencies shall be investigated and interpreted by the
City Treasurer, who shall then seek the concurrence of the City Manager before making any changes to
policies or procedures.
XVIII. Glossary of Investment Terms
AGENCIES. Shorthand market terminology for any obligation issued by a government-sponsored entity
(GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full
faith and credit of the US government. Examples are:
FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural
industry. FFCB issues discount notes and bonds.
FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB
issues discount notes and bonds.
FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in
the housing market. FHLMC, also called “FreddieMac” issues discount notes, bonds and
mortgage pass-through securities.
FNMA. Like FHLB and FreddieMac, the Federal National Mortgage Association was established to
provide credit and liquidity in the housing market. FNMA, also known as “FannieMae,” issues
discount notes, bonds and mortgage pass-through securities.
GNMA. The Government National Mortgage Association, known as “GinnieMae,” issues mortgage
pass-through securities, which are guaranteed by the full faith and credit of the US
Government.
PEFCO. The Private Export Funding Corporation assists exporters. Obligations of PEFCO are not
guaranteed by the full faith and credit of the US government.
TVA. The Tennessee Valley Authority provides flood control and power and promotes development
in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount
notes and bonds.
ASKED. The price at which a seller offers to sell a security.
ASSET BACKED SECURITIES. Securities supported by pools of installment loans or leases or by pools of
revolving lines of credit.
AVERAGE LIFE. In mortgage-related investments, including CMOs, the average time to expected receipt of
principal payments, weighted by the amount of principal expected.
BANKER’S ACCEPTANCE. A money market instrument created to facilitate international trade transactions. It
is highly liquid and safe because the risk of the trade transaction is transferred to the bank which
“accepts” the obligation to pay the investor.
BENCHMARK. A comparison security or portfolio. A performance benchmark is a partial market index, which
reflects the mix of securities allowed under a specific investment policy.
BID. The price at which a buyer offers to buy a security.
BROKER. A broker brings buyers and sellers together for a transaction for which the broker receives a
commission. A broker does not sell securities from his own position.
CALLABLE. A callable security gives the issuer the option to call it from the investor prior to its maturity. The
main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues
securities, it will likely call its current securities and reissue them at a lower rate of interest. Callable
securities have reinvestment risk as the investor may receive its principal back when interest rates
are lower than when the investment was initially made.
CERTIFICATE OF DEPOSIT (CD). A time deposit with a specific maturity evidenced by a certificate. Large
denomination CDs may be marketable.
CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SYSTEM (CDARS). A private placement service that allows
local agencies to purchase more than $250,000 in CDs from a single financial institution (must be
a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS is
currently the only entity providing this service. CDARS facilitates the trading of deposits between
2022-10-19 Item #08D Page 20 of 88
the California institution and other participating institutions in amounts that are less than $250,000
each, so that FDIC coverage is maintained.
COLLATERAL. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase
agreement. Also, securities pledged by a financial institution to secure deposits of public monies.
COLLATERALIZED MORTGAGE OBLIGATIONS (CMO). Classes of bonds that redistribute the cash flows of
mortgage securities (and whole loans) to create securities that have different levels of prepayment
risk, as compared to the underlying mortgage securities.
COMMERCIAL PAPER. The short-term unsecured debt of corporations.
COST YIELD. The annual income from an investment divided by the purchase cost. Because it does not give
effect to premiums and discounts which may have been included in the purchase cost, it is an
incomplete measure of return.
COUPON. The rate of return at which interest is paid on a bond.
CREDIT RISK. The risk that principal and/or interest on an investment will not be paid in a timely manner due
to changes in the condition of the issuer.
CURRENT YIELD. The annual income from an investment divided by the current market value. Since the
mathematical calculation relies on the current market value rather than the investor’s cost, current
yield is unrelated to the actual return the investor will earn if the security is held to maturity.
DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities
for his own position.
DEBENTURE. A bond secured only by the general credit of the issuer.
DELIVERY VS. PAYMENT (DVP). A securities industry procedure whereby payment for a security must be
made at the time the security is delivered to the purchaser’s agent.
DERIVATIVE. Any security that has principal and/or interest payments which are subject to uncertainty (but
not for reasons of default or credit risk) as to timing and/or amount, or any security which represents
a component of another security which has been separated from other components (“Stripped”
coupons and principal). A derivative is also defined as a financial instrument the value of which is
totally or partially derived from the value of another instrument, interest rate, or index.
DISCOUNT. The difference between the par value of a bond and the cost of the bond, when the cost is below
par. Some short-term securities, such as T-bills and banker’s acceptances, are known as discount
securities. They sell at a discount from par, and return the par value to the investor at maturity
without additional interest. Other securities, which have fixed coupons, trade at a discount when
the coupon rate is lower than the current market rate for securities of that maturity and/or quality.
DIVERSIFICATION. Dividing investment funds among a variety of investments to avoid excessive exposure to
any one source of risk.
DURATION. The weighted average time to maturity of a bond where the weights are the present values of
the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates.
(See modified duration).
FEDERAL FUNDS RATE. The rate of interest charged by banks for short-term loans to other banks. The
Federal Reserve Bank through open-market operations establishes it.
FEDERAL OPEN MARKET COMMITTEE. A committee of the Federal Reserve Board that establishes monetary
policy and executes it through temporary and permanent changes to the supply of bank reserves.
LEVERAGE. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate
higher than the cost of borrowing.
LIQUIDITY. The speed and ease with which an asset can be converted to cash.
LOCAL AGENCY INVESTMENT FUND (LAIF). A voluntary investment fund open to government entities and
certain non-profit organizations in California that is managed by the State Treasurer’s Office.
LOCAL GOVERNMENT INVESTMENT POOL. Investment pools that range from the State Treasurer’s Office Local
Agency Investment Fund (LAIF) to county pools, to Joint Powers Authorities (JPAs). These funds
are not subject to the same SEC rules applicable to money market mutual funds.
MAKE WHOLE CALL. A type of call provision on a bond that allows the issuer to pay off the remaining debt
early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment
that equals the net present value (NPV) of future coupon payments that will not be paid because
of the call. With this type of call, an investor is compensated, or "made whole."
2022-10-19 Item #08D Page 21 of 88
MARGIN. The difference between the market value of a security and the loan a broker makes using that
security as collateral.
MARKET RISK. The risk that the value of securities will fluctuate with changes in overall market conditions
or interest rates.
MARKET VALUE. The price at which a security can be traded.
MARKING TO MARKET. The process of posting current market values for securities in a portfolio.
MATURITY. The final date upon which the principal of a security becomes due and payable.
MEDIUM TERM NOTES. Unsecured, investment-grade senior debt securities of major corporations which are
sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly
flexible debt instruments that can be structured to respond to market opportunities or to investor
preferences.
MODIFIED DURATION. The percent change in price for a 100 basis point change in yields. Modified duration
is the best single measure of a portfolio’s or security’s exposure to market risk.
MONEY MARKET. The market in which short-term debt instruments (T-bills, discount notes, commercial
paper, and banker’s acceptances) are issued and traded.
MORTGAGE PASS-THROUGH SECURITIES. A securitized participation in the interest and principal cash flows
from a specified pool of mortgages. Principal and interest payments made on the mortgages are
passed through to the holder of the security.
MUNICIPAL SECURITIES. Securities issued by state and local agencies to finance capital and operating
expenses.
MUTUAL FUND. An entity which pools the funds of investors and invests those funds in a set of securities
which is specifically defined in the fund’s prospectus. Mutual funds can be invested in various types
of domestic and/or international stocks, bonds, and money market instruments, as set forth in the
individual fund’s prospectus. For most large, institutional investors, the costs associated with
investing in mutual funds are higher than the investor can obtain through an individually managed
portfolio.
NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION (NRSRO).
A credit rating agency that the Securities and Exchange Commission in the United States uses
for regulatory purposes. Credit rating agencies provide assessments of an investment's risk. The
issuers of investments, especially debt securities, pay credit rating agencies to provide them with
ratings. The three most prominent NRSROs are Fitch, S&P, and Moody's.
NEGOTIABLE CD. A short-term debt instrument that pays interest and is issued by a bank, savings or federal
association, state or federal credit union, or state-licensed branch of a foreign bank. Negotiable
CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor
(investor).
PREMIUM. The difference between the par value of a bond and the cost of the bond, when the cost is above
par.
PREPAYMENT SPEED. A measure of how quickly principal is repaid to investors in mortgage securities.
PREPAYMENT WINDOW. The time period over which principal repayments will be received on mortgage
securities at a specified prepayment speed.
PRIMARY DEALER. A financial institution (1) that is a trading counterparty with the Federal Reserve in its
execution of market operations to carry out U.S. monetary policy, and (2) that participates for
statistical reporting purposes in compiling data on activity in the U.S. Government securities market.
PRUDENT PERSON (PRUDENT INVESTOR) RULE. A standard of responsibility which applies to fiduciaries. In
California, the rule is stated as “Investments shall be managed with the care, skill, prudence and
diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity
and familiar with such matters, would use in the conduct of an enterprise of like character and with
like aims to accomplish similar purposes.”
REALIZED YIELD. The change in value of the portfolio due to interest received and interest earned and
realized gains and losses. It does not give effect to changes in market value on securities, which
have not been sold from the portfolio.
REGIONAL DEALER. A financial intermediary that buys and sells securities for the benefit of its customers
without maintaining substantial inventories of securities and that is not a primary dealer.
2022-10-19 Item #08D Page 22 of 88
REPURCHASE AGREEMENT. Short-term purchases of securities with a simultaneous agreement to sell the
securities back at a higher price. From the seller’s point of view, the same transaction is a reverse
repurchase agreement.
SAFEKEEPING. A service to bank customers whereby securities are held by the bank in the customer’s name.
STRUCTURED NOTE. A complex, fixed income instrument, which pays interest, based on a formula tied to
other interest rates, commodities or indices. Examples include inverse floating rate notes which
have coupons that increase when other interest rates are falling, and which fall when other interest
rates are rising, and "dual index floaters," which pay interest based on the relationship between
two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate.
Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap
agreements.
SUPRANATIONAL. A Supranational is a multi-national organization whereby member states transcend
national boundaries or interests to share in the decision making to promote economic development
in the member countries.
TOTAL RATE OF RETURN. A measure of a portfolio’s performance over time. It is the internal rate of
return, which equates the beginning value of the portfolio with the ending value; it includes interest
earnings, realized and unrealized gains, and losses in the portfolio.
U.S. TREASURY OBLIGATIONS. Securities issued by the U.S. Treasury and backed by the full faith and credit
of the United States. Treasuries are considered to have no credit risk, and are the benchmark for
interest rates on all other securities in the US and overseas. The Treasury issues both discounted
securities and fixed coupon notes and bonds.
TREASURY BILLS. All securities issued with initial maturities of one year or less are issued as discounted
instruments, and are called Treasury bills. The Treasury currently issues three- and six-month T-
bills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out
cash flows.
TREASURY NOTES. All securities issued with initial maturities of two to ten years are called Treasury notes,
and pay interest semi-annually.
TREASURY BONDS. All securities issued with initial maturities greater than ten years are called Treasury
bonds. Like Treasury notes, they pay interest semi-annually.
VOLATILITY. The rate at which security prices change with changes in general economic conditions or the
general level of interest rates.
YIELD TO MATURITY. The annualized internal rate of return on an investment which equates the expected
cash flows from the investment to its cost.
2022-10-19 Item #08D Page 23 of 88
City of Encinitas - YTD Report
Portfolio Management
June 30, 2022
CITY OF ENCINITAS
505 S. VULCAN
Encinitas, CA 92024
(760)633-2641
Portfolio Summary
% of
Portfolio
Book
ValueInvestmentsMarket
Value
Par
Value
YTM
Term
Days to
Maturity
Local Agency Investment Funds 34,266,457.21 26.26 10.99033,825,290.7634,266,457.21 1
Managed Pool Accounts 2,301,189.02 1.76 11.1352,268,998.872,301,189.02 1
Money Market Funds 4,081,904.25 3.13 11.3704,081,904.254,081,904.25 1
Certificates of Deposit - Bank 12,644,000.00 9.69 1,7611.76212,178,198.1012,644,000.00 762
Negotiable CDs 498,000.00 0.38 1,6431.727485,181.48498,000.00 667
U.S. Treasury Coupon Securities 56,709,084.76 43.46 1,3561.18054,193,674.3157,000,000.00 818
Federal Agency Coupon Securities 19,995,582.47 15.32 1,4941.88519,671,460.0020,000,000.00 444
130,496,217.71 100.00%Investments 126,704,707.77130,791,550.48 1.302 995 500
Cash
(not included in yield calculations)
Passbook/Checking 5,577,158.84 10.0005,577,158.845,577,158.84 1
136,073,376.55Total Cash and Investments 132,281,866.61136,368,709.32 1.302 995 500
Current Year
June 30
1,455,618.16 1,455,618.16
Fiscal Year Ending
Average Daily Balance
Effective Rate of Return
113,960,743.36
1.28%
Total Earnings Period Ending
I certify the accuracy of the attached report on the City of Encinitas' Pooled Investment Fund. All funds for which the City has oversight responsibility are reflected in this report. All investments are in
compliance with the City's adopted Investment Policy., which is available through the City Clerk's office. The City's Investment Program provides sufficient liquidity to meet the next six (6) months
expenditure requirements. The source of the market values of investments owned is US Bank Custody Services.
__________________________________________________ ____________________
Teresa McBroome, Finance Director\Treasurer
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Reporting period 07/01/2021-06/30/2022
Run Date: 08/15/2022 - 15:08 PM (PRF_PM1) 7.3.0No fiscal year history available
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 24 of 88
S&P
Page 1
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of Encinitas - YTD Report
Moody's
YTM
CUSIP Investment #
Purchase
Date
Local Agency Investment Funds
NRCA LAIF1012 34,266,457.21 34,266,457.21 0.99033,825,290.76 0.990SYS1012
34,266,457.21 0.99033,825,290.7634,266,457.2117,465,405.28Subtotal and Average
Managed Pool Accounts
AAACA Asset Management Program1003 1,072,561.71 1,072,561.71 1.1401,072,561.71 1.140SYS1003
AAASD County Investment Pool1584 1,228,627.31 1,228,627.31 1.1301,196,437.16 1.130SYS1584
2,301,189.02 1.1352,268,998.872,301,189.023,329,134.99Subtotal and Average
Money Market Funds
AAAUS BANK1004 4,081,904.25 4,081,904.25 1.3704,081,904.25 1.370SYS1004
4,081,904.25 1.3704,081,904.254,081,904.252,154,865.92Subtotal and Average
Certificates of Deposit - Bank
NRCapital One NA1552 245,000.00 245,000.00 07/19/20222.30007/19/2017 245,075.95 2.30014042RGN5
Capital One Bank USA, NA1553 245,000.00 245,000.00 07/19/20222.30007/19/2017 245,075.95 2.3001404203Q1
NRTIAA FSB1554 245,000.00 245,000.00 07/19/20222.15007/19/2017 245,056.35 2.15087270LAD5 NR
Medallion Bank UT1561 249,000.00 249,000.00 03/28/20232.90003/28/2018 249,883.95 2.90058404DBL4
BMW Bank North America1562 246,000.00 246,000.00 03/29/20232.90003/29/2018 246,865.92 2.90005580AMB7
Citi Bank NA1563 246,000.00 246,000.00 03/29/20232.85003/29/2018 246,774.90 2.85017312QH69
Enerbank USA1568 246,000.00 246,000.00 03/29/20232.85003/29/2018 246,774.90 2.85029278TAU4
Industrial & Comm Bank China1564 249,000.00 249,000.00 03/29/20232.90003/29/2018 249,878.97 2.90045581EAS0
LCA Bank Corp1566 246,000.00 246,000.00 03/29/20232.80003/29/2018 246,683.88 2.800501798LT7
Morgan Stanley Bank1565 246,000.00 246,000.00 03/29/20232.90003/29/2018 246,865.92 2.90061747MR37
First Source Bank1569 246,000.00 246,000.00 04/11/20232.85004/11/2018 246,691.26 2.85033646CJP0
Denver Savings Bank1596 249,000.00 249,000.00 06/21/20232.25006/21/2019 247,630.50 2.250249398BT4
NRAmerican Express National Bank1580 245,000.00 245,000.00 06/26/20233.30006/26/2018 246,085.35 3.30002589AAM4 NR
NRSallie Mae Bank/Murray1570 245,000.00 245,000.00 06/27/20233.30006/27/2018 246,078.00 3.300795450S89 NR
NRComenity Capital Bank1571 245,000.00 245,000.00 06/29/20233.30006/29/2018 246,058.40 3.30020033AZK5 NR
ALMA BANK1619 249,000.00 249,000.00 09/29/20230.90003/30/2020 242,672.91 0.900020080BU0
FIRST SERVICE BANK1609 249,000.00 249,000.00 11/15/20231.70011/15/2019 244,547.88 1.70033640VDE5
Merrick Bank1597 249,000.00 249,000.00 12/28/20232.40006/28/2019 246,527.43 2.40059013KAR7
BANK HAPOALIM BM NY1585 246,000.00 246,000.00 03/25/20242.90003/25/2019 244,814.28 2.90006251AW48
FORTUNE BANK ARNOLD1616 249,000.00 249,000.00 03/27/20241.00003/27/2020 239,784.51 1.00034969RCS5
NICOLET NATIONAL BANK1625 249,000.00 249,000.00 03/28/20241.15003/31/2020 240,397.05 1.150654062JR0
CORNHUSKER BANK1623 249,000.00 249,000.00 03/29/20241.10003/30/2020 240,167.97 1.100219255AK2
MORGAN STANLEY PRIVATE BANK1593 246,000.00 246,000.00 06/13/20242.60006/13/2019 242,846.28 2.60061760AG52
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 PM (PRF_PM2) 7.3.0
Report Ver. 7.3.6.12022-10-19 Item #08D Page 25 of 88
S&P
Page 2
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of Encinitas - YTD Report
Moody's
YTM
CUSIP Investment #
Purchase
Date
Certificates of Deposit - Bank
EAGLEBANK1594 249,000.00 249,000.00 06/20/20242.30006/20/2019 244,308.84 2.30027002YEQ5
COMMERCE BANK GENEVA MN1595 249,000.00 249,000.00 06/26/20242.30006/26/2019 244,236.63 2.300200056QRZ8
First State Bank Dequeen1598 249,000.00 249,000.00 06/28/20242.30006/28/2019 244,211.73 2.300336460CQ1
REVERE BANK1599 247,000.00 247,000.00 06/28/20242.30006/28/2019 242,262.54 2.300761400BY1
FLAGSTAR BANK FSB1626 249,000.00 249,000.00 09/30/20240.40009/30/2020 233,295.57 0.40033847E4E4
LEGENDS BANK1618 249,000.00 249,000.00 09/30/20241.00003/30/2020 236,450.40 1.00052465JHT7
PEOPLES BANK/SARDIS TN1624 249,000.00 249,000.00 09/30/20241.00003/31/2020 236,450.40 1.000710673AC8
POPPY BANK1611 249,000.00 249,000.00 11/04/20241.65011/04/2019 239,552.94 1.65073319FAD1
COMMUNITY BANK1610 249,000.00 249,000.00 11/08/20241.65011/08/2019 239,503.14 1.650203522AT4
ENTERPRISE BANK AND TRUST1607 249,000.00 249,000.00 11/08/20241.80011/08/2019 240,347.25 1.80029367SJQ8
PADUCAH BANK AND TRUST1613 249,000.00 249,000.00 11/08/20241.65011/08/2019 239,503.14 1.650695292FP2
TRIAD BANK FRONTENAC MO1612 249,000.00 249,000.00 11/08/20241.80011/08/2019 240,347.25 1.80089579NCB7
EVERGREEN BANK GROUP1615 249,000.00 249,000.00 03/26/20251.00003/26/2020 233,557.02 1.000300185JF3
MIDCOUNTRY BANK1617 249,000.00 249,000.00 03/27/20251.00003/27/2020 233,542.08 1.00059565QCS2
CENTERSTATE BANK NA1620 248,000.00 248,000.00 03/31/20251.00003/30/2020 232,621.52 1.00015201QCJ4
LIVE OAK BANKING COMPANY1622 249,000.00 249,000.00 03/31/20251.10003/31/2020 234,127.23 1.100538036KU7
PACIFIC ENTERPRISE BANK1621 249,000.00 249,000.00 03/31/20251.15003/30/2020 234,455.91 1.150694231AD3
LUANA SAVINGS BANK1627 249,000.00 249,000.00 10/02/20250.40010/02/2020 226,223.97 0.400549104SS7
1ST SECURITY BK OF WASH1629 249,000.00 249,000.00 10/15/20250.40011/13/2020 225,885.33 0.40033625CDV8
LANDMARK COMMUNITY BANK1628 249,000.00 249,000.00 10/29/20250.40010/29/2020 225,641.31 0.40051507LBZ6
FIRST US BANK1630 249,000.00 249,000.00 11/18/20250.40011/18/2020 225,315.12 0.40033744AAW9
KS STATEBANK1631 249,000.00 249,000.00 11/28/20250.45011/30/2020 225,526.77 0.45050116CCP2
UBS BANK USA1632 249,000.00 249,000.00 06/23/20260.75006/23/2021 224,931.66 0.75090348JN48
NEW YORK COMMUNITY BANK1633 249,000.00 249,000.00 07/01/20260.70006/30/2021 224,458.56 0.700649447UZ0
NRSTATE BANK OF INDIA1650 248,000.00 248,000.00 01/13/20271.40001/13/2022 227,289.52 1.400856285C41 NR
TOYOTA FINANCIAL SVGS BK1649 248,000.00 248,000.00 01/13/20271.35001/13/2022 226,773.68 1.35089235MMP3
GREENSTATE CREDIT UNION1648 248,000.00 248,000.00 01/14/20271.35001/14/2022 226,619.92 1.35039573LCE6
NELNET BANK INC1651 248,000.00 248,000.00 02/02/20271.45002/02/2022 227,520.16 1.45064034KAJ0
12,644,000.00 1.76212,178,198.1012,644,000.0013,091,128.77Subtotal and Average
Negotiable CDs
CELTIC BANK1614 249,000.00 249,000.00 10/30/20231.60010/30/2019 244,405.95 1.60115118RSN8
NRFirst Bank Puerto Rico1608 249,000.00 249,000.00 10/25/20241.85010/28/2019 240,775.53 1.85233767GAMO NR
498,000.00 1.727485,181.48498,000.00498,000.00Subtotal and Average
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 PM (PRF_PM2) 7.3.0
2022-10-19 Item #08D Page 26 of 88
S&P
Page 3
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of Encinitas - YTD Report
Moody's
YTM
CUSIP Investment #
Purchase
Date
U.S. Treasury Coupon Securities
U.S. Treasury Notes1578 4,000,000.00 3,997,819.18 07/31/20222.00006/26/2018 4,002,800.00 2.705912828XQ8 Aaa
U.S. Treasury Notes1572 2,000,000.00 1,997,378.44 08/31/20221.87506/26/2018 2,000,980.00 2.710912828L24 Aaa
U.S. Treasury Notes1579 2,000,000.00 1,996,091.44 09/30/20221.87506/26/2018 2,000,300.00 2.7119128282W9 Aaa
U.S. Treasury Notes1592 3,000,000.00 2,971,299.03 07/31/20231.25003/27/2019 2,945,850.00 2.181912828S92
U.S. Treasury Notes1604 2,000,000.00 1,992,066.55 08/31/20231.37506/26/2019 1,963,040.00 1.7299128282D1
AAAU.S. Treasury Notes1636 2,000,000.00 1,996,804.13 10/15/20230.12507/08/2021 1,928,120.00 0.24991282CAP6 Aaa
U.S. Treasury Notes1638 2,000,000.00 1,994,296.71 02/15/20240.12507/08/2021 1,910,860.00 0.30191282CBM2
U.S. Treasury Notes1655 1,000,000.00 977,810.38 03/15/20240.25003/09/2022 954,810.00 1.57891282CBR1
U.S. Treasury Notes1656 2,000,000.00 1,947,307.56 06/15/20240.25003/09/2022 1,896,560.00 1.62791282CCG4
U.S. Treasury Notes1634 6,000,000.00 6,168,317.69 07/31/20241.75007/08/2021 5,849,520.00 0.394912828Y87
U.S. Treasury Notes1646 2,000,000.00 2,035,726.09 08/31/20241.25007/08/2021 1,926,800.00 0.419912828YE4
U.S. Treasury Notes1642 2,000,000.00 2,047,674.26 09/30/20241.50007/08/2021 1,934,680.00 0.432912828YH7
U.S. Treasury Notes1647 1,000,000.00 1,024,212.94 10/31/20241.50007/08/2021 966,130.00 0.453912828YM6
U.S. Treasury Notes1653 1,000,000.00 978,316.57 11/15/20240.75003/09/2022 948,200.00 1.68891282CDH1
U.S. Treasury Notes1641 2,000,000.00 2,031,297.19 02/28/20251.12507/08/2021 1,903,600.00 0.531912828ZC7
U.S. Treasury Notes1652 1,000,000.00 967,867.29 03/31/20250.50003/09/2022 933,280.00 1.705912828ZF0
U.S. Treasury Notes1645 2,000,000.00 1,979,275.64 06/30/20250.25007/08/2021 1,841,400.00 0.600912828ZW3
U.S. Treasury Notes1640 6,000,000.00 5,931,711.59 07/31/20250.25007/08/2021 5,508,960.00 0.62491282CAB7
U.S. Treasury Notes1643 2,000,000.00 1,975,895.83 08/31/20250.25007/08/2021 1,831,260.00 0.63691282CAJ0
U.S. Treasury Notes1644 2,000,000.00 1,974,550.57 09/30/20250.25007/08/2021 1,827,260.00 0.64891282CAM3
U.S. Treasury Notes1657 1,000,000.00 951,493.18 10/31/20250.25003/09/2022 911,250.00 1.75991282CAT8
U.S. Treasury Notes1639 2,000,000.00 1,984,160.07 02/28/20260.50007/08/2021 1,822,900.00 0.72091282CBQ3
AAAU.S. Treasury Notes1635 2,000,000.00 2,000,990.88 03/31/20260.75007/08/2021 1,836,960.00 0.73691282CBT7 Aaa
U.S. Treasury Notes1654 1,000,000.00 965,940.68 06/30/20260.87503/09/2022 918,010.00 1.76391282CCJ8
U.S. Treasury Notes1659 4,000,000.00 3,820,780.87 07/31/20260.62503/10/2022 3,630,144.31 1.78791282CCP4
56,709,084.76 1.18054,193,674.3157,000,000.0050,099,361.85Subtotal and Average
Federal Agency Coupon Securities
Federal Nat'l Mortgage Assoc.1589 2,000,000.00 1,999,049.62 10/05/20222.00003/27/2019 1,999,060.00 2.1903135G0T78
Federal Nat'l Mortgage Assoc.1603 1,000,000.00 1,000,656.25 10/05/20222.00006/26/2019 999,530.00 1.7403135G0T78
Federal Farm Credit1600 1,000,000.00 1,002,081.95 10/06/20222.60006/26/2019 1,002,210.00 1.7843133EDWW8
AA+Federal Farm Credit1558 2,000,000.00 1,993,522.81 11/23/20221.82002/23/2018 1,993,300.00 2.7003133EC4Q4 Aaa
AAAFederal Farm Credit1590 2,000,000.00 2,003,237.36 02/02/20232.50003/27/2019 1,998,640.00 2.2103133EJBP3 Aaa
AAAFederal Farm Credit1605 4,000,000.00 3,998,863.01 06/26/20231.77006/26/2019 3,953,120.00 1.8003133EKSN7 Aaa
FEDERAL FARM CREDIT BANK1591 1,000,000.00 997,725.56 07/26/20232.01003/27/2019 990,340.00 2.2343133EHST1
Federal Nat'l Mortgage Assoc.1602 2,000,000.00 2,024,648.88 09/12/20232.87506/26/2019 1,999,820.00 1.8013135G0U43
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 PM (PRF_PM2) 7.3.0
2022-10-19 Item #08D Page 27 of 88
S&P
Page 4
Par Value Book Value
Maturity
Date
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Investments
Average
BalanceIssuer
Portfolio Management
City of Encinitas - YTD Report
Moody's
YTM
CUSIP Investment #
Purchase
Date
Federal Agency Coupon Securities
FEDERAL FARM CREDIT BANK1606 2,000,000.00 2,010,072.33 11/01/20232.20006/26/2019 1,981,980.00 1.8053133EHN25
Federal Nat'l Mortgage Assoc.1658 1,000,000.00 957,634.45 11/07/20250.50003/09/2022 918,100.00 1.8133135G06G3
Federal Home Loan Bank1637 2,000,000.00 2,008,090.25 06/12/20260.87507/08/2021 1,835,360.00 0.7703130AN4T4
19,995,582.47 1.88519,671,460.0020,000,000.0026,846,515.30Subtotal and Average
1.302113,960,743.36 130,791,550.48 126,704,707.77 130,496,217.71Total and Average
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 PM (PRF_PM2) 7.3.0
2022-10-19 Item #08D Page 28 of 88
S&P
Page 5
Par Value Book Value
Stated
RateMarket Value
June 30, 2022
Portfolio Details - Cash
Average
BalanceIssuer
Portfolio Management
City of Encinitas - YTD Report
Moody's
YTM
CUSIP Investment #
Purchase
Date
Passbook/Checking Accounts
Union Bank Checking Acct.1010 5,577,158.84 5,577,158.845,577,158.84 0.000SYS1010
0.00
1.302113,960,743.36 136,368,709.32
Average Balance
132,281,866.61 136,073,376.55Total Cash and Investments
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 PM (PRF_PM2) 7.3.0
2022-10-19 Item #08D Page 29 of 88
City of Encinitas - YTD Report
Investments by Issuer
CITY OF ENCINITAS
505 S. VULCAN
Encinitas, CA 92024
(760)633-2641
Sorted by Issuer
Active Investments
June 30, 2022
Market
DateMarket Value
Redemption
DateSecurity Type
Current
Rate
Call
Date
Days To
Maturity CollateralCUSIPInvestment #
Investment
Class
YTM
365Remaining Cost
ALMA BANK
242,672.911619020080BU0 4550.900Certificates of Deposit - Bank Amort 09/29/202306/30/2022 0.900249,000.00
242,672.91 0.900249,000.00Subtotal and Average 455
American Express National Bank
246,085.35158002589AAM4 3603.300Certificates of Deposit - Bank Amort 06/26/202306/30/2022 3.300245,000.00
246,085.35 3.300245,000.00Subtotal and Average 360
BANK HAPOALIM BM NY
244,814.28158506251AW48 6332.900Certificates of Deposit - Bank Amort 03/25/202406/30/2022 2.900246,000.00
244,814.28 2.900246,000.00Subtotal and Average 633
BMW Bank North America
246,865.92156205580AMB7 2712.900Certificates of Deposit - Bank Amort 03/29/202306/30/2022 2.900246,000.00
246,865.92 2.900246,000.00Subtotal and Average 271
CA Asset Management Program
1,072,561.711003SYS1003 10.050Managed Pool Accounts Amort 06/30/2022 0.0501,072,561.71
1,072,561.71 0.0501,072,561.71Subtotal and Average 1
Capital One NA
245,075.95155214042RGN5 182.300Certificates of Deposit - Bank Amort 07/19/202206/30/2022 2.300245,000.00
245,075.95 2.300245,000.00Subtotal and Average 18
Capital One Bank USA, NA
245,075.9515531404203Q1 182.300Certificates of Deposit - Bank Amort 07/19/202206/30/2022 2.300245,000.00
245,075.95 2.300245,000.00Subtotal and Average 18
CELTIC BANK
244,405.95161415118RSN8 4861.600Negotiable CDs Amort 10/30/202306/30/2022 1.601249,000.00
244,405.95 1.601249,000.00Subtotal and Average 486
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 DI (PRF_DI) 7.1.1No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 30 of 88
Market
DateMarket Value
Redemption
DateSecurity Type
Current
Rate
Call
Date
Days To
Maturity Collateral
Page 2Sorted by Issuer
Investments by Issuer
City of Encinitas - YTD Report
CUSIP Investment #
Investment
Class
YTM
365Remaining Cost
Citi Bank NA
246,774.90156317312QH69 2712.850Certificates of Deposit - Bank Amort 03/29/202306/30/2022 2.850246,000.00
246,774.90 2.850246,000.00Subtotal and Average 271
COMMERCE BANK GENEVA MN
244,236.631595200056QRZ8 7262.300Certificates of Deposit - Bank Amort 06/26/202406/30/2022 2.300249,000.00
244,236.63 2.300249,000.00Subtotal and Average 726
COMMUNITY BANK
239,503.141610203522AT4 8611.650Certificates of Deposit - Bank Amort 11/08/202406/30/2022 1.650249,000.00
239,503.14 1.650249,000.00Subtotal and Average 861
Comenity Capital Bank
246,058.40157120033AZK5 3633.300Certificates of Deposit - Bank Amort 06/29/202306/30/2022 3.300245,000.00
246,058.40 3.300245,000.00Subtotal and Average 363
SD County Investment Pool
1,196,437.161584SYS1584 10.060Managed Pool Accounts Amort 06/30/2022 0.0601,228,627.31
1,196,437.16 0.0601,228,627.31Subtotal and Average 1
CORNHUSKER BANK
240,167.971623219255AK2 6371.100Certificates of Deposit - Bank Amort 03/29/202406/30/2022 1.100249,000.00
240,167.97 1.100249,000.00Subtotal and Average 637
CENTERSTATE BANK NA
232,621.52162015201QCJ4 1,0041.000Certificates of Deposit - Bank Amort 03/31/202506/30/2022 1.000248,000.00
232,621.52 1.000248,000.00Subtotal and Average 1,004
Denver Savings Bank
247,630.501596249398BT4 3552.250Certificates of Deposit - Bank Amort 06/21/202306/30/2022 2.250249,000.00
247,630.50 2.250249,000.00Subtotal and Average 355
EAGLEBANK
244,308.84159427002YEQ5 7202.300Certificates of Deposit - Bank Amort 06/20/202406/30/2022 2.300249,000.00
244,308.84 2.300249,000.00Subtotal and Average 720
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 DI (PRF_DI) 7.1.1No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 31 of 88
Market
DateMarket Value
Redemption
DateSecurity Type
Current
Rate
Call
Date
Days To
Maturity Collateral
Page 3Sorted by Issuer
Investments by Issuer
City of Encinitas - YTD Report
CUSIP Investment #
Investment
Class
YTM
365Remaining Cost
Enerbank USA
246,774.90156829278TAU4 2712.850Certificates of Deposit - Bank Amort 03/29/202306/30/2022 2.850246,000.00
246,774.90 2.850246,000.00Subtotal and Average 271
ENTERPRISE BANK AND TRUST
240,347.25160729367SJQ8 8611.800Certificates of Deposit - Bank Amort 11/08/202406/30/2022 1.800249,000.00
240,347.25 1.800249,000.00Subtotal and Average 861
EVERGREEN BANK GROUP
233,557.021615300185JF3 9991.000Certificates of Deposit - Bank Amort 03/26/202506/30/2022 1.000249,000.00
233,557.02 1.000249,000.00Subtotal and Average 999
First Bank Puerto Rico
240,775.53160833767GAMO 8471.850Negotiable CDs Amort 10/25/202406/30/2022 1.852249,000.00
240,775.53 1.852249,000.00Subtotal and Average 847
FEDERAL FARM CREDIT BANK
990,340.0015913133EHST1 3902.010Federal Agency Coupon Securities Amort 07/26/202306/30/2022 2.234990,790.00
1,981,980.0016063133EHN25 4882.200Federal Agency Coupon Securities Amort 11/01/202306/30/2022 1.8052,032,840.00
2,972,320.00 1.9373,023,630.00Subtotal and Average 453
Federal Farm Credit
1,993,300.0015583133EC4Q4 1451.820Federal Agency Coupon Securities Fair 11/23/202206/30/2022 2.7001,922,000.00
1,998,640.0015903133EJBP3 2162.500Federal Agency Coupon Securities Amort 02/02/202306/30/2022 2.2102,021,250.00
1,002,210.0016003133EDWW8 972.600Federal Agency Coupon Securities Amort 10/06/202206/30/2022 1.7841,025,860.00
3,953,120.0016053133EKSN7 3601.770Federal Agency Coupon Securities Amort 06/26/202306/30/2022 1.8003,995,388.00
8,947,270.00 2.0978,964,498.00Subtotal and Average 251
Federal Home Loan Bank
1,835,360.0016373130AN4T4 1,4420.875Federal Agency Coupon Securities Amort 06/12/202606/30/2022 0.7702,010,100.00
1,835,360.00 0.7702,010,100.00Subtotal and Average 1,440
FIRST SERVICE BANK
244,547.88160933640VDE5 5021.700Certificates of Deposit - Bank Amort 11/15/202306/30/2022 1.700249,000.00
244,547.88 1.700249,000.00Subtotal and Average 502
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 DI (PRF_DI) 7.1.1No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 32 of 88
Market
DateMarket Value
Redemption
DateSecurity Type
Current
Rate
Call
Date
Days To
Maturity Collateral
Page 4Sorted by Issuer
Investments by Issuer
City of Encinitas - YTD Report
CUSIP Investment #
Investment
Class
YTM
365Remaining Cost
FLAGSTAR BANK FSB
233,295.57162633847E4E4 8220.400Certificates of Deposit - Bank Amort 09/30/202406/30/2022 0.400249,000.00
233,295.57 0.400249,000.00Subtotal and Average 822
Federal Nat'l Mortgage Assoc.
1,999,060.0015893135G0T78 962.000Federal Agency Coupon Securities Amort 10/05/202206/30/2022 2.1901,987,180.00
1,999,820.0016023135G0U43 4382.875Federal Agency Coupon Securities Amort 09/12/202306/30/2022 1.8012,086,700.00
999,530.0016033135G0T78 962.000Federal Agency Coupon Securities Amort 10/05/202206/30/2022 1.7401,008,231.00
918,100.0016583135G06G3 1,2250.500Federal Agency Coupon Securities Amort 11/07/202506/30/2022 1.813953,700.00
5,916,510.00 1.9066,035,811.00Subtotal and Average 388
FORTUNE BANK ARNOLD
239,784.51161634969RCS5 6351.000Certificates of Deposit - Bank Amort 03/27/202406/30/2022 1.000249,000.00
239,784.51 1.000249,000.00Subtotal and Average 635
First State Bank Dequeen
244,211.731598336460CQ1 7282.300Certificates of Deposit - Bank Amort 06/28/202406/30/2022 2.300249,000.00
244,211.73 2.300249,000.00Subtotal and Average 728
1ST SECURITY BK OF WASH
225,885.33162933625CDV8 1,2020.400Certificates of Deposit - Bank Amort 10/15/202506/30/2022 0.400249,000.00
225,885.33 0.400249,000.00Subtotal and Average 1,202
First Source Bank
246,691.26156933646CJP0 2842.850Certificates of Deposit - Bank Amort 04/11/202306/30/2022 2.850246,000.00
246,691.26 2.850246,000.00Subtotal and Average 284
Industrial & Comm Bank China
249,878.97156445581EAS0 2712.900Certificates of Deposit - Bank Amort 03/29/202306/30/2022 2.900249,000.00
249,878.97 2.900249,000.00Subtotal and Average 271
KS STATEBANK
225,526.77163150116CCP2 1,2460.450Certificates of Deposit - Bank Amort 11/28/202506/30/2022 0.450249,000.00
225,526.77 0.450249,000.00Subtotal and Average 1,246
CA LAIF
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 DI (PRF_DI) 7.1.1No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 33 of 88
Market
DateMarket Value
Redemption
DateSecurity Type
Current
Rate
Call
Date
Days To
Maturity Collateral
Page 5Sorted by Issuer
Investments by Issuer
City of Encinitas - YTD Report
CUSIP Investment #
Investment
Class
YTM
365Remaining Cost
33,825,290.761012SYS1012 10.262Local Agency Investment Funds Amort 06/30/2022 0.26234,266,457.21
33,825,290.76 0.26234,266,457.21Subtotal and Average 1
LCA Bank Corp
246,683.881566501798LT7 2712.800Certificates of Deposit - Bank Amort 03/29/202306/30/2022 2.800246,000.00
246,683.88 2.800246,000.00Subtotal and Average 271
LANDMARK COMMUNITY BANK
225,641.31162851507LBZ6 1,2160.400Certificates of Deposit - Bank Amort 10/29/202506/30/2022 0.400249,000.00
225,641.31 0.400249,000.00Subtotal and Average 1,216
LEGENDS BANK
236,450.40161852465JHT7 8221.000Certificates of Deposit - Bank Amort 09/30/202406/30/2022 1.000249,000.00
236,450.40 1.000249,000.00Subtotal and Average 822
LIVE OAK BANKING COMPANY
234,127.231622538036KU7 1,0041.100Certificates of Deposit - Bank Amort 03/31/202506/30/2022 1.100249,000.00
234,127.23 1.100249,000.00Subtotal and Average 1,004
LUANA SAVINGS BANK
226,223.971627549104SS7 1,1890.400Certificates of Deposit - Bank Amort 10/02/202506/30/2022 0.400249,000.00
226,223.97 0.400249,000.00Subtotal and Average 1,189
Medallion Bank UT
249,883.95156158404DBL4 2702.900Certificates of Deposit - Bank Amort 03/28/202306/30/2022 2.900249,000.00
249,883.95 2.900249,000.00Subtotal and Average 270
Merrick Bank
246,527.43159759013KAR7 5452.400Certificates of Deposit - Bank Amort 12/28/202306/30/2022 2.400249,000.00
246,527.43 2.400249,000.00Subtotal and Average 545
MORGAN STANLEY PRIVATE BANK
242,846.28159361760AG52 7132.600Certificates of Deposit - Bank Amort 06/13/202406/30/2022 2.600246,000.00
242,846.28 2.600246,000.00Subtotal and Average 713
MIDCOUNTRY BANK
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 DI (PRF_DI) 7.1.1No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 34 of 88
Market
DateMarket Value
Redemption
DateSecurity Type
Current
Rate
Call
Date
Days To
Maturity Collateral
Page 6Sorted by Issuer
Investments by Issuer
City of Encinitas - YTD Report
CUSIP Investment #
Investment
Class
YTM
365Remaining Cost
233,542.08161759565QCS2 1,0001.000Certificates of Deposit - Bank Amort 03/27/202506/30/2022 1.000249,000.00
233,542.08 1.000249,000.00Subtotal and Average 1,000
Morgan Stanley Bank
246,865.92156561747MR37 2712.900Certificates of Deposit - Bank Amort 03/29/202306/30/2022 2.900246,000.00
246,865.92 2.900246,000.00Subtotal and Average 271
NICOLET NATIONAL BANK
240,397.051625654062JR0 6361.150Certificates of Deposit - Bank Amort 03/28/202406/30/2022 1.150249,000.00
240,397.05 1.150249,000.00Subtotal and Average 636
NELNET BANK INC
227,520.16165164034KAJ0 1,6771.450Certificates of Deposit - Bank Amort 02/02/202706/30/2022 1.450248,000.00
227,520.16 1.450248,000.00Subtotal and Average 1,677
NEW YORK COMMUNITY BANK
224,458.561633649447UZ0 1,4610.700Certificates of Deposit - Bank Amort 07/01/202606/30/2022 0.700249,000.00
224,458.56 0.700249,000.00Subtotal and Average 1,461
PACIFIC ENTERPRISE BANK
234,455.911621694231AD3 1,0041.150Certificates of Deposit - Bank Amort 03/31/202506/30/2022 1.150249,000.00
234,455.91 1.150249,000.00Subtotal and Average 1,004
PADUCAH BANK AND TRUST
239,503.141613695292FP2 8611.650Certificates of Deposit - Bank Amort 11/08/202406/30/2022 1.650249,000.00
239,503.14 1.650249,000.00Subtotal and Average 861
PEOPLES BANK/SARDIS TN
236,450.401624710673AC8 8221.000Certificates of Deposit - Bank Amort 09/30/202406/30/2022 1.000249,000.00
236,450.40 1.000249,000.00Subtotal and Average 822
POPPY BANK
239,552.94161173319FAD1 8571.650Certificates of Deposit - Bank Amort 11/04/202406/30/2022 1.650249,000.00
239,552.94 1.650249,000.00Subtotal and Average 857
REVERE BANK
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 DI (PRF_DI) 7.1.1No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 35 of 88
Market
DateMarket Value
Redemption
DateSecurity Type
Current
Rate
Call
Date
Days To
Maturity Collateral
Page 7Sorted by Issuer
Investments by Issuer
City of Encinitas - YTD Report
CUSIP Investment #
Investment
Class
YTM
365Remaining Cost
242,262.541599761400BY1 7282.300Certificates of Deposit - Bank Amort 06/28/202406/30/2022 2.300247,000.00
242,262.54 2.300247,000.00Subtotal and Average 728
STATE BANK OF INDIA
227,289.521650856285C41 1,6571.400Certificates of Deposit - Bank Amort 01/13/202706/30/2022 1.400248,000.00
227,289.52 1.400248,000.00Subtotal and Average 1,657
Sallie Mae Bank/Murray
246,078.001570795450S89 3613.300Certificates of Deposit - Bank Amort 06/27/202306/30/2022 3.300245,000.00
246,078.00 3.300245,000.00Subtotal and Average 361
TIAA FSB
245,056.35155487270LAD5 182.150Certificates of Deposit - Bank Amort 07/19/202206/30/2022 2.150245,000.00
245,056.35 2.150245,000.00Subtotal and Average 18
TOYOTA FINANCIAL SVGS BK
226,773.68164989235MMP3 1,6571.350Certificates of Deposit - Bank Amort 01/13/202706/30/2022 1.350248,000.00
226,773.68 1.350248,000.00Subtotal and Average 1,657
TRIAD BANK FRONTENAC MO
240,347.25161289579NCB7 8611.800Certificates of Deposit - Bank Amort 11/08/202406/30/2022 1.800249,000.00
240,347.25 1.800249,000.00Subtotal and Average 861
Union Bank Checking Acct.
5,577,158.841010SYS1010 1Passbook/Checking Accounts Amort 06/30/20185,577,158.84
5,577,158.845,577,158.84Subtotal and Average 1
US BANK
4,081,904.251004SYS1004 10.030Money Market Funds Amort 04/30/2019 0.0304,081,904.25
4,081,904.25 0.0304,081,904.25Subtotal and Average 1
UBS BANK USA
224,931.66163290348JN48 1,4530.750Certificates of Deposit - Bank Amort 06/23/202606/30/2022 0.750249,000.00
224,931.66 0.750249,000.00Subtotal and Average 1,453
GREENSTATE CREDIT UNION
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 DI (PRF_DI) 7.1.1No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 36 of 88
Market
DateMarket Value
Redemption
DateSecurity Type
Current
Rate
Call
Date
Days To
Maturity Collateral
Page 8Sorted by Issuer
Investments by Issuer
City of Encinitas - YTD Report
CUSIP Investment #
Investment
Class
YTM
365Remaining Cost
226,619.92164839573LCE6 1,6581.350Certificates of Deposit - Bank Amort 01/14/202706/30/2022 1.350248,000.00
226,619.92 1.350248,000.00Subtotal and Average 1,658
FIRST US BANK
225,315.12163033744AAW9 1,2360.400Certificates of Deposit - Bank Amort 11/18/202506/30/2022 0.400249,000.00
225,315.12 0.400249,000.00Subtotal and Average 1,236
U.S. Treasury Notes
2,000,980.001572912828L24 611.875U.S. Treasury Coupon Securities Fair 08/31/202206/30/2022 2.7101,934,375.00
4,002,800.001578912828XQ8 302.000U.S. Treasury Coupon Securities Fair 07/31/202206/30/2022 2.7053,891,250.00
2,000,300.0015799128282W9 911.875U.S. Treasury Coupon Securities Fair 09/30/202206/30/2022 2.7111,933,125.00
2,945,850.001592912828S92 3951.250U.S. Treasury Coupon Securities Fair 07/31/202306/30/2022 2.1812,884,687.50
1,963,040.0016049128282D1 4261.375U.S. Treasury Coupon Securities Amort 08/31/202306/30/2022 1.7291,971,562.50
5,849,520.001634912828Y87 7611.750U.S. Treasury Coupon Securities Amort 07/31/202406/30/2022 0.3946,247,500.00
1,836,960.00163591282CBT7 1,3690.750U.S. Treasury Coupon Securities Amort 03/31/202606/30/2022 0.7362,001,250.00
1,928,120.00163691282CAP6 4710.125U.S. Treasury Coupon Securities Amort 10/15/202306/30/2022 0.2491,994,375.00
1,910,860.00163891282CBM2 5940.125U.S. Treasury Coupon Securities Amort 02/15/202406/30/2022 0.3011,990,859.38
1,822,900.00163991282CBQ3 1,3380.500U.S. Treasury Coupon Securities Amort 02/28/202606/30/2022 0.7201,979,921.88
5,508,960.00164091282CAB7 1,1260.250U.S. Treasury Coupon Securities Amort 07/31/202506/30/2022 0.6245,910,000.00
1,903,600.001641912828ZC7 9731.125U.S. Treasury Coupon Securities Amort 02/28/202506/30/2022 0.5312,042,812.50
1,934,680.001642912828YH7 8221.500U.S. Treasury Coupon Securities Amort 09/30/202406/30/2022 0.4322,068,437.50
1,831,260.00164391282CAJ0 1,1570.250U.S. Treasury Coupon Securities Amort 08/31/202506/30/2022 0.6361,968,437.50
1,827,260.00164491282CAM3 1,1870.250U.S. Treasury Coupon Securities Amort 09/30/202506/30/2022 0.6481,966,875.00
1,841,400.001645912828ZW3 1,0950.250U.S. Treasury Coupon Securities Amort 06/30/202506/30/2022 0.6001,972,500.00
1,926,800.001646912828YE4 7921.250U.S. Treasury Coupon Securities Amort 08/31/202406/30/2022 0.4192,051,875.00
966,130.001647912828YM6 8531.500U.S. Treasury Coupon Securities Amort 10/31/202406/30/2022 0.4531,034,375.00
933,280.001652912828ZF0 1,0040.500U.S. Treasury Coupon Securities Amort 03/31/202506/30/2022 1.705964,218.75
948,200.00165391282CDH1 8680.750U.S. Treasury Coupon Securities Amort 11/15/202406/30/2022 1.688975,468.75
918,010.00165491282CCJ8 1,4600.875U.S. Treasury Coupon Securities Amort 06/30/202606/30/2022 1.763963,281.25
954,810.00165591282CBR1 6230.250U.S. Treasury Coupon Securities Amort 03/15/202406/30/2022 1.578973,750.00
1,896,560.00165691282CCG4 7150.250U.S. Treasury Coupon Securities Amort 06/15/202406/30/2022 1.6271,938,906.25
911,250.00165791282CAT8 1,2180.250U.S. Treasury Coupon Securities Amort 10/31/202506/30/2022 1.759946,953.13
3,630,144.31165991282CCP4 1,4910.625U.S. Treasury Coupon Securities Amort 07/31/202606/30/2022 1.7873,804,375.00
54,193,674.31 1.18656,411,171.89Subtotal and Average 821
132,281,866.61 1.009135,813,920.21Total and Average 480
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 DI (PRF_DI) 7.1.1No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 37 of 88
City of Encinitas FY 22
Activity Report
CITY OF ENCINITAS
505 S. VULCAN
Encinitas, CA 92024
(760)633-2641Sorted By Issuer
July 1, 2021 - June 30, 2022
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Percent
of Portfolio
Par Value
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Issuer: ALMA BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: American Express National Bank
Certificates of Deposit - Bank
245,000.00 245,000.00Subtotal and Balance
0.00 0.00245,000.00 245,000.000.180%Issuer Subtotal
Issuer: BANK HAPOALIM BM NY
Certificates of Deposit - Bank
246,000.00 246,000.00Subtotal and Balance
0.00 0.00246,000.00 246,000.000.180%Issuer Subtotal
Issuer: BankVista
Certificates of Deposit - Bank
BankVista1533 0.002.000 06/30/2022 245,000.0006653ABM5
245,000.00245,000.00 0.00Subtotal and Balance 0.00
0.00 245,000.00245,000.00 0.000.000%Issuer Subtotal
Issuer: BMW Bank North America
Certificates of Deposit - Bank
246,000.00 246,000.00Subtotal and Balance
0.00 0.00246,000.00 246,000.000.180%Issuer Subtotal
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 38 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 2
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Issuer: CA Asset Management Program
Managed Pool Accounts
CA Asset Management Program1003 1,831.811.140 0.00SYS1003
0.001,070,729.90 1,072,561.71Subtotal and Balance 1,831.81
1,831.81 0.001,070,729.90 1,072,561.710.787%Issuer Subtotal
Issuer: Capital One NA
Certificates of Deposit - Bank
245,000.00 245,000.00Subtotal and Balance
0.00 0.00245,000.00 245,000.000.180%Issuer Subtotal
Issuer: Capital One Bank USA, NA
Certificates of Deposit - Bank
245,000.00 245,000.00Subtotal and Balance
0.00 0.00245,000.00 245,000.000.180%Issuer Subtotal
Issuer: CELTIC BANK
Negotiable CDs
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: Citi Bank NA
Certificates of Deposit - Bank
246,000.00 246,000.00Subtotal and Balance
0.00 0.00246,000.00 246,000.000.180%Issuer Subtotal
Issuer: Citizens State Bankl
Certificates of Deposit - Bank
Citizens State Bankl1530 0.001.900 12/30/2021 245,000.0017670DAC8
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 39 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 3
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
245,000.00245,000.00 0.00Subtotal and Balance 0.00
0.00 245,000.00245,000.00 0.000.000%Issuer Subtotal
Issuer: COMMERCE BANK GENEVA MN
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: City National Bank Metropolis
Certificates of Deposit - Bank
City National Bank Metropolis1551 0.002.000 02/03/2022 245,000.0017801GSB7
245,000.00245,000.00 0.00Subtotal and Balance 0.00
0.00 245,000.00245,000.00 0.000.000%Issuer Subtotal
Issuer: COMMUNITY BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: Comenity Capital Bank
Certificates of Deposit - Bank
245,000.00 245,000.00Subtotal and Balance
0.00 0.00245,000.00 245,000.000.180%Issuer Subtotal
Issuer: SD County Investment Pool
Managed Pool Accounts
SD County Investment Pool1584 20,211.311.130 3,000,000.00SYS1584
3,000,000.004,208,416.00 1,228,627.31Subtotal and Balance 20,211.31
20,211.31 3,000,000.004,208,416.00 1,228,627.310.901%Issuer Subtotal
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 40 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 4
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Issuer: CORNHUSKER BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: CENTERSTATE BANK NA
Certificates of Deposit - Bank
248,000.00 248,000.00Subtotal and Balance
0.00 0.00248,000.00 248,000.000.182%Issuer Subtotal
Issuer: Denver Savings Bank
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: EAGLEBANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: Enerbank USA
Certificates of Deposit - Bank
246,000.00 246,000.00Subtotal and Balance
0.00 0.00246,000.00 246,000.000.180%Issuer Subtotal
Issuer: ENTERPRISE BANK AND TRUST
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 41 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 5
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: EVERGREEN BANK GROUP
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: First Bank Puerto Rico
Negotiable CDs
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: FEDERAL FARM CREDIT BANK
Federal Agency Coupon Securities
FEDERAL FARM CREDIT BANK1601 0.002.200 02/28/2022 2,000,000.003133EKNM4
2,000,000.005,000,000.00 3,000,000.00Subtotal and Balance 0.00
0.00 2,000,000.005,000,000.00 3,000,000.002.200%Issuer Subtotal
Issuer: Federal Farm Credit
Federal Agency Coupon Securities
Federal Farm Credit1536 0.002.150 03/15/2022 2,000,000.003133EHCT8
2,000,000.0011,000,000.00 9,000,000.00Subtotal and Balance 0.00
0.00 2,000,000.0011,000,000.00 9,000,000.006.600%Issuer Subtotal
Issuer: Federal Home Loan Bank
Federal Agency Coupon Securities
Federal Home Loan Bank1524 0.001.125 07/14/2021 2,000,000.003130A8QS5
Federal Home Loan Bank1555 0.001.875 11/29/2021 2,000,000.003130AABG2
Federal Home Loan Bank1573 0.002.750 06/10/2022 2,000,000.003130AEBM1
Federal Home Loan Bank1575 0.002.375 09/10/2021 2,000,000.00313378JP7
Federal Home Loan Bank1588 0.002.420 02/15/2022 2,000,000.003130AG3Y9
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 42 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 6
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Issuer: Federal Home Loan Bank
Federal Agency Coupon Securities
Federal Home Loan Bank1637 2,000,000.000.875 07/08/2021 0.003130AN4T4
10,000,000.0010,000,000.00 2,000,000.00Subtotal and Balance 2,000,000.00
2,000,000.00 10,000,000.0010,000,000.00 2,000,000.001.467%Issuer Subtotal
Issuer: Federal Home Loan Mortgage
Federal Agency Coupon Securities
Federal Home Loan Mortgage1537 0.001.875 07/27/2021 2,000,000.003134G9N94
Federal Home Loan Mortgage1557 0.001.125 08/12/2021 2,000,000.003137EAEC9
4,000,000.004,000,000.00 0.00Subtotal and Balance 0.00
0.00 4,000,000.004,000,000.00 0.000.000%Issuer Subtotal
Issuer: FIRST SERVICE BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: FLAGSTAR BANK FSB
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: Federal Nat'l Mortgage Assoc.
Federal Agency Coupon Securities
Federal Nat'l Mortgage Assoc.1658 1,000,000.000.500 03/09/2022 0.003135G06G3
0.005,000,000.00 6,000,000.00Subtotal and Balance 1,000,000.00
1,000,000.00 0.005,000,000.00 6,000,000.004.400%Issuer Subtotal
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 43 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 7
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Issuer: FORTUNE BANK ARNOLD
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: First State Bank Dequeen
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: 1ST SECURITY BK OF WASH
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: First Source Bank
Certificates of Deposit - Bank
246,000.00 246,000.00Subtotal and Balance
0.00 0.00246,000.00 246,000.000.180%Issuer Subtotal
Issuer: Goldman Sachs Bank USA
Certificates of Deposit - Bank
Goldman Sachs Bank USA1528 0.002.350 06/21/2022 245,000.0038148PKX4
245,000.00245,000.00 0.00Subtotal and Balance 0.00
0.00 245,000.00245,000.00 0.000.000%Issuer Subtotal
Issuer: Industrial & Comm Bank China
Certificates of Deposit - Bank
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 44 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 8
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: KS STATEBANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: CA LAIF
Local Agency Investment Funds
CA LAIF1012 41,056,866.000.990 44,725,000.00SYS1012
44,725,000.0037,934,591.21 34,266,457.21Subtotal and Balance 41,056,866.00
41,056,866.00 44,725,000.0037,934,591.21 34,266,457.2125.128%Issuer Subtotal
Issuer: LCA Bank Corp
Certificates of Deposit - Bank
246,000.00 246,000.00Subtotal and Balance
0.00 0.00246,000.00 246,000.000.180%Issuer Subtotal
Issuer: LANDMARK COMMUNITY BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: LEGENDS BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 45 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 9
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Issuer: LIVE OAK BANKING COMPANY
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: LUANA SAVINGS BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: Medallion Bank UT
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: Merrick Bank
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: MORGAN STANLEY PRIVATE BANK
Certificates of Deposit - Bank
246,000.00 246,000.00Subtotal and Balance
0.00 0.00246,000.00 246,000.000.180%Issuer Subtotal
Issuer: MIDCOUNTRY BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 46 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 10
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: Morgan Stanley Bank
Certificates of Deposit - Bank
246,000.00 246,000.00Subtotal and Balance
0.00 0.00246,000.00 246,000.000.180%Issuer Subtotal
Issuer: NICOLET NATIONAL BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: NELNET BANK INC
Certificates of Deposit - Bank
NELNET BANK INC1651 248,000.001.450 02/02/2022 0.0064034KAJ0
0.000.00 248,000.00Subtotal and Balance 248,000.00
248,000.00 0.000.00 248,000.000.182%Issuer Subtotal
Issuer: NEW YORK COMMUNITY BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: PACIFIC ENTERPRISE BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: PADUCAH BANK AND TRUST
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 47 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 11
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Issuer: PADUCAH BANK AND TRUST
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: PEOPLES BANK/SARDIS TN
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: POPPY BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: REVERE BANK
Certificates of Deposit - Bank
247,000.00 247,000.00Subtotal and Balance
0.00 0.00247,000.00 247,000.000.181%Issuer Subtotal
Issuer: STATE BANK OF INDIA
Certificates of Deposit - Bank
STATE BANK OF INDIA1650 248,000.001.400 01/13/2022 0.00856285C41
0.000.00 248,000.00Subtotal and Balance 248,000.00
248,000.00 0.000.00 248,000.000.182%Issuer Subtotal
Issuer: Sallie Mae Bank/Murray
Certificates of Deposit - Bank
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 48 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 12
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
245,000.00 245,000.00Subtotal and Balance
0.00 0.00245,000.00 245,000.000.180%Issuer Subtotal
Issuer: TIAA FSB
Certificates of Deposit - Bank
245,000.00 245,000.00Subtotal and Balance
0.00 0.00245,000.00 245,000.000.180%Issuer Subtotal
Issuer: TOYOTA FINANCIAL SVGS BK
Certificates of Deposit - Bank
TOYOTA FINANCIAL SVGS BK1649 248,000.001.350 01/13/2022 0.0089235MMP3
0.000.00 248,000.00Subtotal and Balance 248,000.00
248,000.00 0.000.00 248,000.000.182%Issuer Subtotal
Issuer: TRIAD BANK FRONTENAC MO
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: Union Bank Checking Acct.
Passbook/Checking Accounts
Union Bank Checking Acct.1010 87,297,965.42 86,758,955.20SYS1010
86,758,955.205,038,148.62 5,577,158.84Subtotal and Balance 87,297,965.42
87,297,965.42 86,758,955.205,038,148.62 5,577,158.844.090%Issuer Subtotal
Issuer: US BANK
Money Market Funds
US BANK1004 49,664,218.551.370 64,962,503.84SYS1004
64,962,503.8419,380,189.54 4,081,904.25Subtotal and Balance 49,664,218.55
49,664,218.55 64,962,503.8419,380,189.54 4,081,904.252.993%Issuer Subtotal
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 49 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 13
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Issuer: UBS BANK USA
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: GREENSTATE CREDIT UNION
Certificates of Deposit - Bank
GREENSTATE CREDIT UNION1648 248,000.001.350 01/14/2022 0.0039573LCE6
0.000.00 248,000.00Subtotal and Balance 248,000.00
248,000.00 0.000.00 248,000.000.182%Issuer Subtotal
Issuer: FIRST US BANK
Certificates of Deposit - Bank
249,000.00 249,000.00Subtotal and Balance
0.00 0.00249,000.00 249,000.000.183%Issuer Subtotal
Issuer: U.S. Treasury Notes
U.S. Treasury Coupon Securities
U.S. Treasury Notes1523 0.001.125 08/02/2021 2,000,000.00912828S76
U.S. Treasury Notes1556 0.001.125 09/30/2021 2,000,000.00912828T34
U.S. Treasury Notes1574 0.002.000 11/01/2021 2,000,000.00912828F96
U.S. Treasury Notes1634 6,000,000.001.750 07/08/2021 0.00912828Y87
U.S. Treasury Notes1635 2,000,000.000.750 07/08/2021 0.0091282CBT7
U.S. Treasury Notes1636 2,000,000.000.125 07/08/2021 0.0091282CAP6
U.S. Treasury Notes1638 2,000,000.000.125 07/08/2021 0.0091282CBM2
U.S. Treasury Notes1639 2,000,000.000.500 07/08/2021 0.0091282CBQ3
U.S. Treasury Notes1640 6,000,000.000.250 07/08/2021 0.0091282CAB7
U.S. Treasury Notes1641 2,000,000.001.125 07/08/2021 0.00912828ZC7
U.S. Treasury Notes1642 2,000,000.001.500 07/08/2021 0.00912828YH7
U.S. Treasury Notes1643 2,000,000.000.250 07/08/2021 0.0091282CAJ0
U.S. Treasury Notes1644 2,000,000.000.250 07/08/2021 0.0091282CAM3
U.S. Treasury Notes1645 2,000,000.000.250 07/08/2021 0.00912828ZW3
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 50 of 88
Current
Rate
Transaction
Date Balance
Beginning
Balance
Ending
Par Value
Page 14
Percent
of Portfolio
Par Value
July 1, 2021 - June 30, 2022
Activity Report
City of Encinitas FY 22
CUSIP Investment # Issuer
Purchases or
Deposits
Redemptions or
Withdrawals
Issuer: U.S. Treasury Notes
U.S. Treasury Coupon Securities
U.S. Treasury Notes1646 2,000,000.001.250 07/08/2021 0.00912828YE4
U.S. Treasury Notes1647 1,000,000.001.500 07/08/2021 0.00912828YM6
U.S. Treasury Notes1652 1,000,000.000.500 03/09/2022 0.00912828ZF0
U.S. Treasury Notes1653 1,000,000.000.750 03/09/2022 0.0091282CDH1
U.S. Treasury Notes1654 1,000,000.000.875 03/09/2022 0.0091282CCJ8
U.S. Treasury Notes1655 1,000,000.000.250 03/09/2022 0.0091282CBR1
U.S. Treasury Notes1656 2,000,000.000.250 03/09/2022 0.0091282CCG4
U.S. Treasury Notes1657 1,000,000.000.250 03/09/2022 0.0091282CAT8
U.S. Treasury Notes1659 4,000,000.000.625 03/10/2022 0.0091282CCP4
6,000,000.0019,000,000.00 57,000,000.00Subtotal and Balance 44,000,000.00
44,000,000.00 6,000,000.0019,000,000.00 57,000,000.0041.798%Issuer Subtotal
Issuer: Wells Fargo Bank
Certificates of Deposit - Bank
Wells Fargo Bank1535 0.002.250 06/30/2022 245,000.00949763JG2
245,000.00245,000.00 0.00Subtotal and Balance 0.00
0.00 245,000.00245,000.00 0.000.000%Issuer Subtotal
135,007,075.27 136,368,709.32Total224,671,459.04226,033,093.09100.000%
Portfolio FY22
AC
Run Date: 08/31/2022 - 14:01 DA (PRF_DA) 7.2.0
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 51 of 88
Page 1
June 30, 2022
Interest Earnings Summary
Month EndingJune 30 Fiscal Year To Date
Portfolio Management
City of Encinitas-MTH Report
CD/Coupon/Discount Investments:
109,959.08Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
291,834.68
( 304,051.37)
1,434,289.34
291,834.70
( 308,383.33)
Less Accrued Interest at Purchase During Period ( 0.00)( 106,577.27)
Interest Earned during Period
Adjusted by Premiums and Discounts
Adjusted by Capital Gains or Losses
Earnings during Periods
97,742.39
10,145.13
0.00
1,311,163.44
37,480.94
0.00
107,887.52 1,348,644.38
Pass Through Securities:
0.00Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
0.00
( 0.00)
0.00
0.00
( 0.00)
Less Accrued Interest at Purchase During Period ( 0.00)( 0.00)
Interest Earned during Period
Adjusted by Premiums and Discounts
Adjusted by Capital Gains or Losses
Earnings during Periods
0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
Cash/Checking Accounts:
1,349.70Interest Collected
Plus Accrued Interest at End of Period
Less Accrued Interest at Beginning of Period
63,941.98
( 40,595.84)
80,483.99
63,941.98
( 37,452.19)
Interest Earned during Period 24,695.84 106,973.78
Total Interest Earned during Period
Total Adjustments from Premiums and Discounts
Total Capital Gains or Losses
Total Earnings during Period
122,438.23
10,145.13
0.00
1,418,137.22
37,480.94
0.00
132,583.36 1,455,618.16
Portfolio ENCI
ACData Updated: SET_MTH: 08/03/2022 14:47
Run Date: 08/03/2022 - 14:47 PM (PRF_PM6) 7.3.0
Report Ver. 7.3.6.1
3
2022-10-19 Item #08D Page 52 of 88
City of Encinitas - YTD Report
Interest Earnings
CITY OF ENCINITAS
505 S. VULCAN
Encinitas, CA 92024
(760)633-2641Sorted by Security Type - Maturity Date
July 1, 2021 - June 30, 2022
Yield on Beginning Book Value
Maturity
Date
Current
Rate
Ending
Par Value
Ending
IssuerFund Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted InterestAnnualized
YieldCUSIPInvestment #
Interest
Earned
Security Type: Passbook/Checking Accounts
5,577,158.8410105,577,158.84UBCKG 0.00 0.00 0.000015,038,148.62SYS1010
5,577,158.84Subtotal 5,577,158.84 0.000.000.005,038,148.62
Security Type: Local Agency Investment Funds
34,266,457.21101234,266,457.21 0.990LAIF 84,706.12 0.00 84,706.120.22300137,934,591.21SYS1012
34,266,457.21Subtotal 34,266,457.21 0.223 84,706.120.0084,706.1237,934,591.21
Security Type: Managed Pool Accounts
1,228,627.3115841,228,627.31 1.130COUNTY 15,702.98 0.00 15,702.980.3730014,208,416.00SYS1584
1,072,561.7110031,072,561.71 1.140CAMP 2,791.91 0.00 2,791.910.2610011,070,729.90SYS1003
2,301,189.02Subtotal 2,301,189.02 0.350 18,494.890.0018,494.895,279,145.90
Security Type: Money Market Funds
4,081,904.2510044,081,904.25 1.370UBCUST 3,772.77 0.00 3,772.770.01900119,380,189.54SYS1004
4,081,904.25Subtotal 4,081,904.25 0.019 3,772.770.003,772.7719,380,189.54
Security Type: Certificates of Deposit - Bank
0.0015300.00 1.900CITIZN12/30/2021 2,321.13 0.00 2,321.131.900001245,000.0017670DAC8
0.0015510.00 2.000CNBMET02/03/2022 2,913.13 0.00 2,913.132.000001245,000.0017801GSB7
0.0015280.00 2.350GSBNK06/21/2022 5,599.76 0.00 5,599.762.350001245,000.0038148PKX4
0.0015330.00 2.000BKVIST06/30/2022 4,886.56 0.00 4,886.562.000001245,000.0006653ABM5
0.0015350.00 2.250WFBANK06/30/2022 5,497.36 0.00 5,497.362.250001245,000.00949763JG2
245,000.001553245,000.00 2.300CAPONE07/19/2022 5,635.00 0.00 5,635.002.300001245,000.001404203Q1
245,000.001552245,000.00 2.300CAP1NA07/19/2022 5,635.00 0.00 5,635.002.300001245,000.0014042RGN5
245,000.001554245,000.00 2.150TIAAFS07/19/2022 5,267.50 0.00 5,267.502.150001245,000.0087270LAD5
249,000.001561249,000.00 2.900MEDALL03/28/2023 7,221.01 0.00 7,221.012.900001249,000.0058404DBL4
246,000.001562246,000.00 2.900BMWBNK03/29/2023 7,134.00 0.00 7,134.002.900001246,000.0005580AMB7
246,000.001563246,000.00 2.850CITIBK03/29/2023 7,011.00 0.00 7,011.002.850001246,000.0017312QH69
249,000.001564249,000.00 2.900INDUST03/29/2023 7,221.01 0.00 7,221.012.900001249,000.0045581EAS0
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 IE (PRF_IE) 7.2.0No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 53 of 88
Maturity
Date
Current
Rate
Ending
Par Value
Ending
IssuerFund
Page 2
Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted Interest
July 1, 2021 - June 30, 2022
Interest Earnings
City of Encinitas - YTD Report
Annualized
YieldCUSIPInvestment #
Interest
Earned
Security Type: Certificates of Deposit - Bank
246,000.001565246,000.00 2.900MORSTN03/29/2023 7,134.00 0.00 7,134.002.900001246,000.0061747MR37
246,000.001566246,000.00 2.800LCABNK03/29/2023 6,888.00 0.00 6,888.002.800001246,000.00501798LT7
246,000.001568246,000.00 2.850ENERBK03/29/2023 7,011.00 0.00 7,011.002.850001246,000.0029278TAU4
246,000.001569246,000.00 2.850FSRCBK04/11/2023 7,011.00 0.00 7,011.002.850001246,000.0033646CJP0
249,000.001596249,000.00 2.250DENSVB06/21/2023 5,602.51 0.00 5,602.512.250001249,000.00249398BT4
245,000.001580245,000.00 3.300AMEXNL06/26/2023 8,085.00 0.00 8,085.003.300001245,000.0002589AAM4
245,000.001570245,000.00 3.300SMAEBN06/27/2023 8,085.00 0.00 8,085.003.300001245,000.00795450S89
245,000.001571245,000.00 3.300COMNTY06/29/2023 8,084.99 0.00 8,084.993.300001245,000.0020033AZK5
249,000.001619249,000.00 0.900ALMABK09/29/2023 2,240.98 0.00 2,240.980.900001249,000.00020080BU0
249,000.001609249,000.00 1.700FIRSTS11/15/2023 4,233.04 0.00 4,233.041.700001249,000.0033640VDE5
249,000.001597249,000.00 2.400MERRBK12/28/2023 5,976.00 0.00 5,976.002.400001249,000.0059013KAR7
246,000.001585246,000.00 2.900BKHAPO03/25/2024 7,134.00 0.00 7,134.002.900001246,000.0006251AW48
249,000.001616249,000.00 1.000FORTUB03/27/2024 2,490.01 0.00 2,490.011.000001249,000.0034969RCS5
249,000.001625249,000.00 1.150NCBS03/28/2024 2,863.51 0.00 2,863.511.150001249,000.00654062JR0
249,000.001623249,000.00 1.100CRNHSK03/29/2024 2,739.00 0.00 2,739.001.100001249,000.00219255AK2
246,000.001593246,000.00 2.600MGSTPB06/13/2024 6,396.00 0.00 6,396.002.600001246,000.0061760AG52
249,000.001594249,000.00 2.300EGLEBK06/20/2024 5,726.97 0.00 5,726.972.300001249,000.0027002YEQ5
249,000.001595249,000.00 2.300CMBKGN06/26/2024 5,726.97 0.00 5,726.972.300001249,000.00200056QRZ8
249,000.001598249,000.00 2.300FSBDQ06/28/2024 5,726.97 0.00 5,726.972.300001249,000.00336460CQ1
247,000.001599247,000.00 2.300RVBANK06/28/2024 5,681.00 0.00 5,681.002.300001247,000.00761400BY1
249,000.001618249,000.00 1.000LEGEND09/30/2024 2,490.02 0.00 2,490.021.000001249,000.0052465JHT7
249,000.001624249,000.00 1.000PEBATN09/30/2024 2,490.02 0.00 2,490.021.000001249,000.00710673AC8
249,000.001626249,000.00 0.400FLGSB09/30/2024 996.00 0.00 996.000.400001249,000.0033847E4E4
249,000.001611249,000.00 1.650POPBK11/04/2024 4,108.47 0.00 4,108.471.650001249,000.0073319FAD1
249,000.001607249,000.00 1.800ENTERB11/08/2024 4,481.96 0.00 4,481.961.800001249,000.0029367SJQ8
249,000.001610249,000.00 1.650COMMBK11/08/2024 4,108.47 0.00 4,108.471.650001249,000.00203522AT4
249,000.001612249,000.00 1.800TRIADB11/08/2024 4,481.96 0.00 4,481.961.800001249,000.0089579NCB7
249,000.001613249,000.00 1.650PADUCA11/08/2024 4,108.47 0.00 4,108.471.650001249,000.00695292FP2
249,000.001615249,000.00 1.000EVRGRN03/26/2025 2,490.01 0.00 2,490.011.000001249,000.00300185JF3
249,000.001617249,000.00 1.000MIDCBK03/27/2025 2,490.01 0.00 2,490.011.000001249,000.0059565QCS2
248,000.001620248,000.00 1.000CTRSTE03/31/2025 2,480.00 0.00 2,480.001.000001248,000.0015201QCJ4
249,000.001621249,000.00 1.150PACENT03/31/2025 2,863.51 0.00 2,863.511.150001249,000.00694231AD3
249,000.001622249,000.00 1.100LIVOAK03/31/2025 2,739.01 0.00 2,739.011.100001249,000.00538036KU7
249,000.001627249,000.00 0.400LUANSB10/02/2025 996.00 0.00 996.000.400001249,000.00549104SS7
249,000.001629249,000.00 0.400FSECWA10/15/2025 995.98 0.00 995.980.400001249,000.0033625CDV8
249,000.001628249,000.00 0.400LDMCB10/29/2025 995.97 0.00 995.970.400001249,000.0051507LBZ6
249,000.001630249,000.00 0.400USBI11/18/2025 995.98 0.00 995.980.400001249,000.0033744AAW9
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 IE (PRF_IE) 7.2.0No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 54 of 88
Maturity
Date
Current
Rate
Ending
Par Value
Ending
IssuerFund
Page 3
Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted Interest
July 1, 2021 - June 30, 2022
Interest Earnings
City of Encinitas - YTD Report
Annualized
YieldCUSIPInvestment #
Interest
Earned
Security Type: Certificates of Deposit - Bank
249,000.001631249,000.00 0.450KANBNK11/28/2025 1,120.55 0.00 1,120.550.450001249,000.0050116CCP2
249,000.001632249,000.00 0.750UBS06/23/2026 1,867.49 0.00 1,867.490.750001249,000.0090348JN48
249,000.001633249,000.00 0.700NYCB07/01/2026 1,743.00 0.00 1,743.000.700001249,000.00649447UZ0
248,000.001649248,000.00 1.350TOYFBN01/13/2027 1,550.17 0.00 1,550.171.3500010.0089235MMP3
248,000.001650248,000.00 1.400SBIIN01/13/2027 1,607.58 0.00 1,607.581.4000010.00856285C41
248,000.001648248,000.00 1.350UNIICC01/14/2027 1,531.83 0.00 1,531.831.3500010.0039573LCE6
248,000.001651248,000.00 1.450NELNTB02/02/2027 1,467.95 0.00 1,467.951.4500010.0064034KAJ0
12,644,000.00Subtotal 12,644,000.00 1.806 236,378.820.00236,378.8212,877,000.00
Security Type: Negotiable CDs
249,000.001614249,000.00 1.600CELTIC10/30/2023 3,984.02 0.00 3,984.021.600001249,000.0015118RSN8
249,000.001608249,000.00 1.850FBPR10/25/2024 4,606.54 0.00 4,606.541.850001249,000.0033767GAMO
498,000.00Subtotal 498,000.00 1.725 8,590.560.008,590.56498,000.00
Security Type: U.S. Treasury Coupon Securities
0.0015230.00 1.125UST07/31/2021 1,864.64 1,037.57 2,902.211.7660011,998,962.43912828S76
0.0015560.00 1.125UST09/30/2021 5,594.26 6,649.83 12,244.092.4640011,993,350.17912828T34
0.0015740.00 2.000UST10/31/2021 13,260.87 4,130.47 17,391.342.6070011,995,869.53912828F96
3,997,819.1815784,000,000.00 2.000UST07/31/2022 80,000.00 26,533.25 106,533.252.6830013,971,285.93912828XQ8
1,997,378.4415722,000,000.00 1.875UST08/31/2022 37,500.00 15,686.40 53,186.402.6840011,981,692.04912828L24
1,996,091.4415792,000,000.00 1.875UST09/30/2022 37,500.00 15,677.18 53,177.182.6850011,980,414.269128282W9
2,971,299.0315923,000,000.00 1.250UST07/31/2023 37,500.00 26,521.15 64,021.152.1740012,944,777.88912828S92
1,992,066.5516042,000,000.00 1.375UST08/31/2023 27,500.00 6,797.44 34,297.441.7280011,985,269.119128282D1
1,996,804.1316362,000,000.00 0.125UST10/15/2023 2,452.19 2,429.13 4,881.320.2500010.0091282CAP6
1,994,296.7116382,000,000.00 0.125UST02/15/2024 2,451.66 3,437.33 5,888.990.3020010.0091282CBM2
977,810.3816551,000,000.00 0.250UST03/15/2024 775.14 4,060.38 4,835.521.5900010.0091282CBR1
1,947,307.5616562,000,000.00 0.250UST06/15/2024 1,564.73 8,401.31 9,966.041.6460010.0091282CCG4
6,168,317.6916346,000,000.00 1.750UST07/31/2024 102,969.61 -79,182.31 23,787.300.3880010.00912828Y87
2,035,726.0916462,000,000.00 1.250UST08/31/2024 24,524.46 -16,148.91 8,375.550.4160010.00912828YE4
2,047,674.2616422,000,000.00 1.500UST09/30/2024 29,426.23 -20,763.24 8,662.990.4270010.00912828YH7
1,024,212.9416471,000,000.00 1.500UST10/31/2024 14,714.67 -10,162.06 4,552.610.4490010.00912828YM6
978,316.5716531,000,000.00 0.750UST11/15/2024 2,346.00 2,847.82 5,193.821.7050010.0091282CDH1
2,031,297.1916412,000,000.00 1.125UST02/28/2025 22,072.01 -11,515.31 10,556.700.5270010.00912828ZC7
967,867.2916521,000,000.00 0.500UST03/31/2025 1,559.03 3,648.54 5,207.571.7290010.00912828ZF0
1,979,275.6416452,000,000.00 0.250UST06/30/2025 4,904.89 6,775.64 11,680.530.6040010.00912828ZW3
5,931,711.5916406,000,000.00 0.250UST07/31/2025 14,709.95 21,711.59 36,421.540.6280010.0091282CAB7
1,975,895.8316432,000,000.00 0.250UST08/31/2025 4,904.90 7,458.33 12,363.230.6400010.0091282CAJ0
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 IE (PRF_IE) 7.2.0No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 55 of 88
Maturity
Date
Current
Rate
Ending
Par Value
Ending
IssuerFund
Page 4
Book Value
Beginning
Book Value
Adjusted Interest Earnings
Accretion
Amortization/
Earnings
Adjusted Interest
July 1, 2021 - June 30, 2022
Interest Earnings
City of Encinitas - YTD Report
Annualized
YieldCUSIPInvestment #
Interest
Earned
Security Type: U.S. Treasury Coupon Securities
1,974,550.5716442,000,000.00 0.250UST09/30/2025 4,904.37 7,675.57 12,579.940.6520010.0091282CAM3
951,493.1816571,000,000.00 0.250UST10/31/2025 780.32 4,540.05 5,320.371.7990010.0091282CAT8
1,984,160.0716392,000,000.00 0.500UST02/28/2026 9,809.78 4,238.19 14,047.970.7230010.0091282CBQ3
2,000,990.8816352,000,000.00 0.750UST03/31/2026 14,713.11 -259.12 14,453.990.7360010.0091282CBT7
965,940.6816541,000,000.00 0.875UST06/30/2026 2,755.13 2,659.43 5,414.561.8000010.0091282CCJ8
3,820,780.8716594,000,000.00 0.625UST07/31/2026 7,803.87 13,781.56 21,585.431.8330010.0091282CCP4
57,000,000.00Subtotal 56,709,084.76 1.137 569,529.0358,667.21510,861.8218,851,621.35
Security Type: Federal Agency Coupon Securities
0.0015240.00 1.125FHLB07/14/2021 812.50 459.86 1,272.361.7870011,999,540.143130A8QS5
0.0015370.00 1.875FHLMC07/27/2021 2,708.33 -228.99 2,479.341.7400012,000,228.993134G9N94
0.0015570.00 1.125FHLMC08/12/2021 2,562.50 2,967.63 5,530.132.4070011,997,032.373137EAEC9
0.0015750.00 2.375FHLB09/10/2021 9,104.17 1,188.19 10,292.362.6470011,998,811.81313378JP7
0.0015550.00 1.875FHLB11/29/2021 15,416.67 5,032.65 20,449.322.4780011,994,967.353130AABG2
0.0015880.00 2.420FHLB02/15/2022 30,115.56 -2,343.58 27,771.982.2110012,002,343.583130AG3Y9
0.0016010.00 2.200FFCB02/28/2022 28,966.67 -5,637.74 23,328.931.7540012,005,637.743133EKNM4
0.0015360.00 2.150FFCRED03/15/2022 30,338.89 -4,369.64 25,969.251.8400012,004,369.643133EHCT8
0.0015730.00 2.750FHLB06/10/2022 51,791.67 548.97 52,340.642.7780011,999,451.033130AEBM1
1,000,656.2516031,000,000.00 2.000FNMA10/05/2022 20,000.00 -2,513.28 17,486.721.7430011,003,169.533135G0T78
1,999,049.6215892,000,000.00 2.000FNMA10/05/2022 40,000.00 3,639.75 43,639.752.1870011,995,409.873135G0T78
1,002,081.9516001,000,000.00 2.600FFCRED10/06/2022 26,000.00 -7,889.49 18,110.511.7930011,009,971.443133EDWW8
1,993,522.8115582,000,000.00 1.820FFCRED11/23/2022 36,400.00 16,421.06 52,821.062.6720011,977,101.753133EC4Q4
2,003,237.3615902,000,000.00 2.500FFCRED02/02/2023 50,000.00 -5,523.47 44,476.532.2140012,008,760.833133EJBP3
3,998,863.0116054,000,000.00 1.770FFCRED06/26/2023 70,800.00 1,153.00 71,953.001.8000013,997,710.013133EKSN7
997,725.5615911,000,000.00 2.010FFCB07/26/2023 20,100.00 2,126.75 22,226.752.233001995,598.813133EHST1
2,024,648.8816022,000,000.00 2.875FNMA09/12/2023 57,500.00 -20,588.39 36,911.611.8050012,045,237.273135G0U43
2,010,072.3316062,000,000.00 2.200FFCB11/01/2023 44,000.00 -7,554.25 36,445.751.8060012,017,626.583133EHN25
957,634.4516581,000,000.00 0.500FNMA11/07/2025 1,555.56 3,934.45 5,490.011.8430010.003135G06G3
2,008,090.2516372,000,000.00 0.875FHLB06/12/2026 17,159.72 -2,009.75 15,149.970.7680010.003130AN4T4
20,000,000.00Subtotal 19,995,582.47 1.989 534,145.97-21,186.27555,332.2435,052,968.74
136,368,709.32Total 136,073,376.55 0.920 1,455,618.1637,480.941,418,137.22134,911,665.36
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 IE (PRF_IE) 7.2.0No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 56 of 88
CITY OF ENCINITAS
505 S. VULCAN
Encinitas, CA 92024
(760)633-2641
City of Encinitas
Purchases Report
Sorted by Issuer - Purchase Date
July 1, 2021 - June 30, 2022
Original
Par Value
Ending
Book Value
Sec.
TypeFund
Maturity
YTM
Accrued Interest
at PurchasePayment Periods DateCUSIPInvestment #Issuer
Purchase
Date
Principal
Purchased
Rate at
Purchase
Federal Home Loan Bank
2,000,000.00 0.875 06/12/2026 2,008,090.252,010,100.00 Received07/08/2021 0.77012/12 - 06/12FHLB16373130AN4T4FAC001
Subtotal 2,008,090.252,010,100.00 0.002,000,000.00
Federal Nat'l Mortgage Assoc.
1,000,000.00 0.500 11/07/2025 957,634.45953,700.00 Received03/09/2022 1.81305/07 - 11/07FNMA16583135G06G3FAC001
Subtotal 957,634.45953,700.00 0.001,000,000.00
NELNET BANK INC
248,000.00 1.450 02/02/2027 248,000.00248,000.0002/02/2022 1.45008/02 - 02/02NELNTB165164034KAJ0BCD001
Subtotal 248,000.00248,000.00 0.00248,000.00
STATE BANK OF INDIA
248,000.00 1.400 01/13/2027 248,000.00248,000.0001/13/2022 1.40007/13 - 01/13SBIIN1650856285C41BCD001
Subtotal 248,000.00248,000.00 0.00248,000.00
TOYOTA FINANCIAL SVGS BK
248,000.00 1.350 01/13/2027 248,000.00248,000.0001/13/2022 1.35007/13 - 01/13TOYFBN164989235MMP3BCD001
Subtotal 248,000.00248,000.00 0.00248,000.00
GREENSTATE CREDIT UNION
248,000.00 1.350 01/14/2027 248,000.00248,000.0001/14/2022 1.35002/01 - MonthlyUNIICC164839573LCE6BCD001
Subtotal 248,000.00248,000.00 0.00248,000.00
U.S. Treasury Notes
6,000,000.00 1.750 07/31/2024 6,168,317.696,247,500.00 Received07/08/2021 0.39407/31 - 01/31UST1634912828Y87TRC001
2,000,000.00 0.750 03/31/2026 2,000,990.882,001,250.00 Received07/08/2021 0.73609/30 - 03/31UST163591282CBT7TRC001
2,000,000.00 0.125 10/15/2023 1,996,804.131,994,375.00 Received07/08/2021 0.24910/15 - 04/15UST163691282CAP6TRC001
2,000,000.00 0.125 02/15/2024 1,994,296.711,990,859.38 Received07/08/2021 0.30108/15 - 02/15UST163891282CBM2TRC001
2,000,000.00 0.500 02/28/2026 1,984,160.071,979,921.88 Received07/08/2021 0.72008/31 - 02/28UST163991282CBQ3TRC001
6,000,000.00 0.250 07/31/2025 5,931,711.595,910,000.00 Received07/08/2021 0.62407/31 - 01/31UST164091282CAB7TRC001
2,000,000.00 1.125 02/28/2025 2,031,297.192,042,812.50 Received07/08/2021 0.53108/31 - 02/28UST1641912828ZC7TRC001
2,000,000.00 1.500 09/30/2024 2,047,674.262,068,437.50 Received07/08/2021 0.43209/30 - 03/31UST1642912828YH7TRC001
2,000,000.00 0.250 08/31/2025 1,975,895.831,968,437.50 Received07/08/2021 0.63608/31 - 02/28UST164391282CAJ0TRC001
Received = Accrued Interest at Purchase was received by report ending date.
Portfolio ENCI
AC
Run Date: 08/08/2022 - 14:01 PU (PRF_PU) 7.1.1
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 57 of 88
Original
Par Value
Ending
Book Value
Sec.
Type
Page 2
Fund
Maturity
YTM
Accrued Interest
at PurchasePayment Periods
July 1, 2021 - June 30, 2022
Purchases Report
City of Encinitas
DateCUSIPInvestment #Issuer
Purchase
Date
Principal
Purchased
Rate at
Purchase
U.S. Treasury Notes
2,000,000.00 0.250 09/30/2025 1,974,550.571,966,875.00 Received07/08/2021 0.64809/30 - 03/31UST164491282CAM3TRC001
2,000,000.00 0.250 06/30/2025 1,979,275.641,972,500.00 Received07/08/2021 0.60012/31 - 06/30UST1645912828ZW3TRC001
2,000,000.00 1.250 08/31/2024 2,035,726.092,051,875.00 Received07/08/2021 0.41908/31 - 02/28UST1646912828YE4TRC001
1,000,000.00 1.500 10/31/2024 1,024,212.941,034,375.00 Received07/08/2021 0.45310/31 - 04/30UST1647912828YM6TRC001
1,000,000.00 0.500 03/31/2025 967,867.29964,218.75 Received03/09/2022 1.70503/31 - 09/30UST1652912828ZF0TRC001
1,000,000.00 0.750 11/15/2024 978,316.57975,468.75 Received03/09/2022 1.68805/15 - 11/15UST165391282CDH1TRC001
1,000,000.00 0.875 06/30/2026 965,940.68963,281.25 Received03/09/2022 1.76306/30 - 12/31UST165491282CCJ8TRC001
1,000,000.00 0.250 03/15/2024 977,810.38973,750.00 Received03/09/2022 1.57803/15 - 09/15UST165591282CBR1TRC001
2,000,000.00 0.250 06/15/2024 1,947,307.561,938,906.25 Received03/09/2022 1.62706/15 - 12/15UST165691282CCG4TRC001
1,000,000.00 0.250 10/31/2025 951,493.18946,953.13 Received03/09/2022 1.75904/30 - 10/31UST165791282CAT8TRC001
4,000,000.00 0.625 07/31/2026 3,820,780.873,804,375.00 2,624.3103/10/2022 1.78707/31 - 01/31UST165991282CCP4TRC001
Subtotal 43,754,430.1243,796,171.89 2,624.3144,000,000.00
47,751,971.89Total Purchases 47,992,000.00 2,624.31 47,712,154.82
Received = Accrued Interest at Purchase was received by report ending date.
Portfolio ENCI
AC
Run Date: 08/08/2022 - 14:01 PU (PRF_PU) 7.1.1
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 58 of 88
City of Encinitas
Accrued Interest
CITY OF ENCINITAS
505 S. VULCAN
Encinitas, CA 92024
(760)633-2641Sorted by Security Type - Maturity Date
July 1, 2021 - June 30, 2022
Maturity
Date
Security
Type
Current
Rate
Par
Value
* Beginning
Accrued Interest
* Ending
Accrued Interest
Adjusted Acc'd Int.
at Purchase
During PeriodCUSIPInvestment #
Interest
Earned
Interest
Received
Local Agency Investment Funds
29,804.981012SYS101234,266,457.21 0.990LA5 84,706.12 56,866.00 57,645.100.00
29,804.9834,266,457.21Subtotal 57,645.1084,706.12 56,866.000.00
Managed Pool Accounts
44.211003SYS10031,072,561.71 1.140LA1 2,791.91 1,831.81 1,004.310.00
7,280.851584SYS15841,228,627.31 1.130LA1 15,702.98 20,211.31 2,772.520.00
7,325.062,301,189.02Subtotal 3,776.8318,494.89 22,043.120.00
Money Market Funds
322.131004SYS10044,081,904.25 1.370LA3 3,772.77 1,574.87 2,520.030.00
322.134,081,904.25Subtotal 2,520.033,772.77 1,574.870.00
Certificates of Deposit - Bank
12.76153017670DAC80.00 1.900BCD12/30/2021 2,321.13 2,333.88 0.010.00
375.90155117801GSB70.00 2.000BCD02/03/2022 2,913.13 3,289.02 0.010.00
157.74152838148PKX40.00 2.350BCD06/21/2022 5,599.76 5,757.50 0.000.00
13.42153306653ABM50.00 2.000BCD06/30/2022 4,886.56 4,899.98 0.000.00
14.871535949763JG20.00 2.250BCD06/30/2022 5,497.36 5,512.52 -0.290.00
2,516.45155214042RGN5245,000.00 2.300BCD07/19/2022 5,635.00 5,635.00 2,516.450.00
2,516.4515531404203Q1245,000.00 2.300BCD07/19/2022 5,635.00 5,635.00 2,516.450.00
2,352.33155487270LAD5245,000.00 2.150BCD07/19/2022 5,267.50 5,267.50 2,352.330.00
59.35156158404DBL4249,000.00 2.900BCD03/28/2023 7,221.01 7,221.01 59.350.00
1,837.25156205580AMB7246,000.00 2.900BCD03/29/2023 7,134.00 7,134.00 1,837.250.00
1,805.57156317312QH69246,000.00 2.850BCD03/29/2023 7,011.00 7,011.00 1,805.570.00
1,805.57156829278TAU4246,000.00 2.850BCD03/29/2023 7,011.00 7,011.00 1,805.570.00
39.56156445581EAS0249,000.00 2.900BCD03/29/2023 7,221.01 7,221.01 39.560.00
1,773.901566501798LT7246,000.00 2.800BCD03/29/2023 6,888.00 6,888.00 1,773.900.00
1,837.25156561747MR37246,000.00 2.900BCD03/29/2023 7,134.00 7,134.00 1,837.250.00
1,555.86156933646CJP0246,000.00 2.850BCD04/11/2023 7,011.00 7,011.00 1,555.860.00
138.141596249398BT4249,000.00 2.250BCD06/21/2023 5,602.51 5,602.51 138.140.00
110.75158002589AAM4245,000.00 3.300BCD06/26/2023 8,085.00 8,085.00 110.750.00
88.601570795450S89245,000.00 3.300BCD06/27/2023 8,085.00 8,085.00 88.600.00
44.30157120033AZK5245,000.00 3.300BCD06/29/2023 8,084.99 8,084.99 44.300.00
0.001619020080BU0249,000.00 0.900BCD09/29/2023 2,240.98 2,240.98 0.000.00
173.96160933640VDE5249,000.00 1.700BCD11/15/2023 4,233.04 4,233.04 173.960.00
Portfolio ENCI
AC
Run Date: 08/03/2022 - 15:48 AI (PRF_AI) 7.2.8
Report Ver. 7.3.6.1
* Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest. Ending Accrued includes outstanding purchase interest.
9
2022-10-19 Item #08D Page 59 of 88
Maturity
Date
Security
Type
Current
Rate
Par
Value
Sorted by Security Type - Maturity Date Page 2
* Beginning
Accrued Interest
* Ending
Accrued Interest
Adjusted Acc'd Int.
at Purchase
During Period
Accrued Interest
City of Encinitas
CUSIP Investment #
Interest
Earned
Interest
Received
Certificates of Deposit - Bank
32.75159759013KAR7249,000.00 2.400BCD12/28/2023 5,976.00 5,976.00 32.750.00
1,915.43158506251AW48246,000.00 2.900BCD03/25/2024 7,134.00 7,134.00 1,915.430.00
20.47161634969RCS5249,000.00 1.000BCD03/27/2024 2,490.01 2,490.01 20.470.00
-15.681625654062JR0249,000.00 1.150BCD03/28/2024 2,863.51 2,855.67 -7.840.00
0.001623219255AK2249,000.00 1.100BCD03/29/2024 2,739.00 2,739.00 0.000.00
315.42159361760AG52246,000.00 2.600BCD06/13/2024 6,396.00 6,396.00 315.420.00
156.90159427002YEQ5249,000.00 2.300BCD06/20/2024 5,726.97 5,726.97 156.900.00
62.761595200056QRZ8249,000.00 2.300BCD06/26/2024 5,726.97 5,726.97 62.760.00
31.381598336460CQ1249,000.00 2.300BCD06/28/2024 5,726.97 5,726.97 31.380.00
46.691599761400BY1247,000.00 2.300BCD06/28/2024 5,681.00 5,681.00 46.690.00
253.77162633847E4E4249,000.00 0.400BCD09/30/2024 996.00 996.00 253.770.00
0.00161852465JHT7249,000.00 1.000BCD09/30/2024 2,490.02 2,490.02 0.000.00
-13.631624710673AC8249,000.00 1.000BCD09/30/2024 2,490.02 2,483.19 -6.800.00
292.66161173319FAD1249,000.00 1.650BCD11/04/2024 4,108.47 4,108.47 292.660.00
247.631610203522AT4249,000.00 1.650BCD11/08/2024 4,108.47 4,108.47 247.630.00
270.15160729367SJQ8249,000.00 1.800BCD11/08/2024 4,481.96 4,481.96 270.150.00
247.631613695292FP2249,000.00 1.650BCD11/08/2024 4,108.47 4,108.47 247.630.00
270.15161289579NCB7249,000.00 1.800BCD11/08/2024 4,481.96 4,481.96 270.150.00
27.291615300185JF3249,000.00 1.000BCD03/26/2025 2,490.01 2,490.01 27.290.00
20.47161759565QCS2249,000.00 1.000BCD03/27/2025 2,490.01 2,490.01 20.470.00
631.89162015201QCJ4248,000.00 1.000BCD03/31/2025 2,480.00 2,480.00 631.890.00
217.621622538036KU7249,000.00 1.100BCD03/31/2025 2,739.01 2,739.01 217.620.00
0.001621694231AD3249,000.00 1.150BCD03/31/2025 2,863.51 2,863.51 0.000.00
245.591627549104SS7249,000.00 0.400BCD10/02/2025 996.00 996.00 245.590.00
46.39162933625CDV8249,000.00 0.400BCD10/15/2025 995.98 995.98 46.390.00
2.73162851507LBZ6249,000.00 0.400BCD10/29/2025 995.97 995.97 2.730.00
32.74163033744AAW9249,000.00 0.400BCD11/18/2025 995.98 995.98 32.740.00
0.00163150116CCP2249,000.00 0.450BCD11/28/2025 1,120.55 1,120.55 0.000.00
35.81163290348JN48249,000.00 0.750BCD06/23/2026 1,867.49 1,867.49 35.810.00
4.781633649447UZ0249,000.00 0.700BCD07/01/2026 1,743.00 1,743.00 4.780.00
0.001650856285C41248,000.00 1.400BCD01/13/2027 1,607.58 0.00 1,607.580.00
0.00164989235MMP3248,000.00 1.350BCD01/13/2027 1,550.17 0.00 1,550.170.00
0.00164839573LCE6248,000.00 1.350BCD01/14/2027 1,531.83 1,265.82 266.010.00
0.00165164034KAJ0248,000.00 1.450BCD02/02/2027 1,467.95 0.00 1,467.950.00
24,629.7712,644,000.00Subtotal 28,961.19236,378.82 232,047.400.00
Negotiable CDs
10.91161415118RSN8249,000.00 1.600NCB10/30/2023 3,984.02 3,984.01 10.920.00
75.72160833767GAMO249,000.00 1.850NCB10/25/2024 4,606.54 4,606.54 75.720.00
Portfolio ENCI
AC
Run Date: 08/03/2022 - 15:48 AI (PRF_AI) 7.2.8
Report Ver. 7.3.6.1
* Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest. Ending Accrued includes outstanding purchase interest.
2022-10-19 Item #08D Page 60 of 88
Maturity
Date
Security
Type
Current
Rate
Par
Value
Sorted by Security Type - Maturity Date Page 3
* Beginning
Accrued Interest
* Ending
Accrued Interest
Adjusted Acc'd Int.
at Purchase
During Period
Accrued Interest
City of Encinitas
CUSIP Investment #
Interest
Earned
Interest
Received
86.63498,000.00Subtotal 86.648,590.56 8,590.550.00
U.S. Treasury Coupon Securities
9,385.361523912828S760.00 1.125TRC07/31/2021 1,864.64 11,250.00 0.000.00
5,655.741556912828T340.00 1.125TRC09/30/2021 5,594.26 11,250.00 0.000.00
6,739.131574912828F960.00 2.000TRC10/31/2021 13,260.87 20,000.00 0.000.00
33,370.171578912828XQ84,000,000.00 2.000TRC07/31/2022 80,000.00 80,000.00 33,370.170.00
12,533.971572912828L242,000,000.00 1.875TRC08/31/2022 37,500.00 37,500.00 12,533.970.00
9,426.2315799128282W92,000,000.00 1.875TRC09/30/2022 37,500.00 37,500.00 9,426.230.00
15,642.271592912828S923,000,000.00 1.250TRC07/31/2023 37,500.00 37,500.00 15,642.270.00
9,191.5816049128282D12,000,000.00 1.375TRC08/31/2023 27,500.00 27,500.00 9,191.580.00
0.00163691282CAP62,000,000.00 0.125TRC10/15/2023 2,452.19 2,500.00 525.96573.77
0.00163891282CBM22,000,000.00 0.125TRC02/15/2024 2,451.66 2,500.00 939.23987.57
0.00165591282CBR11,000,000.00 0.250TRC03/15/2024 775.14 1,250.00 733.701,208.56
0.00165691282CCG42,000,000.00 0.250TRC06/15/2024 1,564.73 2,500.00 218.581,153.85
0.001634912828Y876,000,000.00 1.750TRC07/31/2024 102,969.61 105,000.00 43,798.3445,828.73
0.001646912828YE42,000,000.00 1.250TRC08/31/2024 24,524.46 25,000.00 8,355.988,831.52
0.001642912828YH72,000,000.00 1.500TRC09/30/2024 29,426.23 30,000.00 7,540.988,114.75
0.001647912828YM61,000,000.00 1.500TRC10/31/2024 14,714.67 15,000.00 2,527.172,812.50
0.00165391282CDH11,000,000.00 0.750TRC11/15/2024 2,346.00 3,750.00 957.882,361.88
0.001641912828ZC72,000,000.00 1.125TRC02/28/2025 22,072.01 22,500.00 7,520.387,948.37
0.001652912828ZF01,000,000.00 0.500TRC03/31/2025 1,559.03 2,500.00 1,256.832,197.80
0.001645912828ZW32,000,000.00 0.250TRC06/30/2025 4,904.89 5,000.00 13.59108.70
0.00164091282CAB76,000,000.00 0.250TRC07/31/2025 14,709.95 15,000.00 6,256.916,546.96
0.00164391282CAJ02,000,000.00 0.250TRC08/31/2025 4,904.90 5,000.00 1,671.201,766.30
0.00164491282CAM32,000,000.00 0.250TRC09/30/2025 4,904.37 5,000.00 1,256.831,352.46
0.00165791282CAT81,000,000.00 0.250TRC10/31/2025 780.32 1,250.00 421.20890.88
0.00163991282CBQ32,000,000.00 0.500TRC02/28/2026 9,809.78 10,000.00 3,342.393,532.61
0.00163591282CBT72,000,000.00 0.750TRC03/31/2026 14,713.11 15,000.00 3,770.494,057.38
0.00165491282CCJ81,000,000.00 0.875TRC06/30/2026 2,755.13 4,375.00 23.781,643.65
0.00165991282CCP44,000,000.00 0.625TRC07/31/2026 7,803.87 0.00 10,428.182,624.31
101,944.4557,000,000.00Subtotal 181,723.82510,861.82 535,625.00104,542.55
Federal Agency Coupon Securities
10,437.5015243130A8QS50.00 1.125FAC07/14/2021 812.50 11,250.00 0.000.00
16,041.6715373134G9N940.00 1.875FAC07/27/2021 2,708.33 18,750.00 0.000.00
8,687.5015573137EAEC90.00 1.125FAC08/12/2021 2,562.50 11,250.00 0.000.00
14,645.831575313378JP70.00 2.375FAC09/10/2021 9,104.17 23,750.00 0.000.00
3,333.3315553130AABG20.00 1.875FAC11/29/2021 15,416.67 18,750.00 0.000.00
18,284.4415883130AG3Y90.00 2.420FAC02/15/2022 30,115.56 48,400.00 0.000.00
15,033.3316013133EKNM40.00 2.200FAC02/28/2022 28,966.67 44,000.00 0.000.00
Portfolio ENCI
AC
Run Date: 08/03/2022 - 15:48 AI (PRF_AI) 7.2.8
Report Ver. 7.3.6.1
* Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest. Ending Accrued includes outstanding purchase interest.
2022-10-19 Item #08D Page 61 of 88
Maturity
Date
Security
Type
Current
Rate
Par
Value
Sorted by Security Type - Maturity Date Page 4
* Beginning
Accrued Interest
* Ending
Accrued Interest
Adjusted Acc'd Int.
at Purchase
During Period
Accrued Interest
City of Encinitas
CUSIP Investment #
Interest
Earned
Interest
Received
Federal Agency Coupon Securities
12,661.1115363133EHCT80.00 2.150FAC03/15/2022 30,338.89 43,000.00 0.000.00
3,208.3315733130AEBM10.00 2.750FAC06/10/2022 51,791.67 55,000.00 0.000.00
9,555.5615893135G0T782,000,000.00 2.000FAC10/05/2022 40,000.00 40,000.00 9,555.560.00
4,777.7816033135G0T781,000,000.00 2.000FAC10/05/2022 20,000.00 20,000.00 4,777.780.00
6,138.8916003133EDWW81,000,000.00 2.600FAC10/06/2022 26,000.00 26,000.00 6,138.890.00
3,842.2215583133EC4Q42,000,000.00 1.820FAC11/23/2022 36,400.00 36,400.00 3,842.220.00
20,694.4415903133EJBP32,000,000.00 2.500FAC02/02/2023 50,000.00 50,000.00 20,694.440.00
983.3316053133EKSN74,000,000.00 1.770FAC06/26/2023 70,800.00 70,800.00 983.330.00
8,654.1715913133EHST11,000,000.00 2.010FAC07/26/2023 20,100.00 20,100.00 8,654.170.00
17,409.7216023135G0U432,000,000.00 2.875FAC09/12/2023 57,500.00 57,500.00 17,409.720.00
7,333.3316063133EHN252,000,000.00 2.200FAC11/01/2023 44,000.00 44,000.00 7,333.330.00
0.0016583135G06G31,000,000.00 0.500FAC11/07/2025 1,555.56 2,500.00 750.001,694.44
0.0016373130AN4T42,000,000.00 0.875FAC06/12/2026 17,159.72 16,576.39 923.61340.28
181,722.4820,000,000.00Subtotal 81,063.05555,332.24 658,026.392,034.72
106,577.27130,791,550.48Total 355,776.661,418,137.22 1,514,773.33345,835.50
Portfolio ENCI
AC
Run Date: 08/03/2022 - 15:48 AI (PRF_AI) 7.2.8
Report Ver. 7.3.6.1
* Beginning Accrued may not include investments that redeemed in the previous month that had outstanding accrued interest. Ending Accrued includes outstanding purchase interest.
2022-10-19 Item #08D Page 62 of 88
City of Encinitas - YTD Report
CITY OF ENCINITAS
505 S. VULCAN
Encinitas, CA 92024
(760)633-2641
Sorted By Maturity/Sale/Call Date
Sales/Calls/Maturities: July 1, 2021 - June 30, 2022
Realized Gains and Losses
Investment #
Maturity DateCurrent Rate
Par Value
Book Value
Maturity/Sale
Proceeds
Realized
Gain/Loss
Sale Date Total
Earnings Yield 365
Inv.
Type
Purchase
Date Term
Days Held
Net Earnings
Total Total
Issuer
155,717.502,000,000.001524
1.125 07/14/2021
2,000,000.00 2,000,000.00 0.00FAC07/14/2021 155,717.5002/13/2017 1.763
1,612
1,612
Federal Home Loan Bank
140,559.672,000,000.001537
1.875 07/27/2021
2,000,000.00 2,000,000.00 0.00FAC07/27/2021 140,559.6706/23/2017 1.716
1,495
1,495
Federal Home Loan Mortgage
156,781.992,000,000.001523
1.125 07/31/2021
2,000,000.00 2,000,000.00 0.00TRC07/31/2021 156,781.9902/13/2017 1.756
1,629
1,629
U.S. Treasury Notes
168,466.502,000,000.001557
1.125 08/12/2021
2,000,000.00 2,000,000.00 0.00FAC08/12/2021 168,466.5002/23/2018 2.429
1,266
1,266
Federal Home Loan Mortgage
172,135.892,000,000.001575
2.375 09/10/2021
2,000,000.00 2,000,000.00 0.00FAC09/10/2021 172,135.8906/26/2018 2.680
1,172
1,172
Federal Home Loan Bank
177,069.022,000,000.001556
1.125 09/30/2021
2,000,000.00 2,000,000.00 0.00TRC09/30/2021 177,069.0202/23/2018 2.457
1,315
1,315
U.S. Treasury Notes
175,210.602,000,000.001574
2.000 10/31/2021
2,000,000.00 2,000,000.00 0.00TRC10/31/2021 175,210.6006/26/2018 2.615
1,223
1,223
U.S. Treasury Notes
187,360.002,000,000.001555
1.875 11/29/2021
2,000,000.00 2,000,000.00 0.00FAC11/29/2021 187,360.0002/23/2018 2.487
1,375
1,375
Federal Home Loan Bank
20,966.68245,000.001530
1.900 12/30/2021
245,000.00 245,000.00 0.00BCD12/30/2021 20,966.6806/30/2017 1.900
1,644
1,644
Citizens State Bankl
22,499.60245,000.001551
2.000 02/03/2022
245,000.00 245,000.00 0.00BCD02/03/2022 22,499.6007/03/2017 2.000
1,676
1,676
City National Bank Metropolis
128,693.332,000,000.001588
2.420 02/15/2022
2,000,000.00 2,000,000.00 0.00FAC02/15/2022 128,693.3303/27/2019 2.224
1,056
1,056
Federal Home Loan Bank
94,693.782,000,000.001601
2.200 02/28/2022
2,000,000.00 2,000,000.00 0.00FAC02/28/2022 94,693.7806/26/2019 1.767
978
978
FEDERAL FARM CREDIT BANK
174,014.442,000,000.001536
2.150 03/15/2022
2,000,000.00 2,000,000.00 0.00FAC03/15/2022 174,014.4406/23/2017 1.840
1,726
1,726
Federal Farm Credit
219,861.552,000,000.001573
2.750 06/10/2022
2,000,000.00 2,000,000.00 0.00FAC06/10/2022 219,861.5506/26/2018 2.777
1,445
1,445
Federal Home Loan Bank
28,803.28245,000.001528
2.350 06/21/2022
245,000.00 245,000.00 0.00BCD06/21/2022 28,803.2806/21/2017 2.350
1,826
1,826
Goldman Sachs Bank USA
24,513.32245,000.001533
2.000 06/30/2022
245,000.00 245,000.00 0.00BCD06/30/2022 24,513.3206/30/2017 2.000
1,826
1,826
BankVista
27,577.40245,000.001535
2.250 06/30/2022
245,000.00 245,000.00 0.00BCD06/30/2022 27,577.4006/30/2017 2.250
1,826
1,826
Wells Fargo Bank
2,074,924.5525,225,000.00 25,225,000.00 0.00 2,074,924.55 2.204Total Realized Gains/Losses
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 CG (PRF_CGR1) 7.1.1No fiscal year history available
Report Ver. 7.3.6.12022-10-19 Item #08D Page 63 of 88
Investment #
Current Rate
Par Value
Book Value
Unrealized
Gain/Loss
To Date
Earnings
Actual
Yield 365
Inv.
Type
Purchase
Date
To Date
Net EarningsIssuer
Maturity Date Term
Days Held
Market Value
Market Date
245,000.001552
2.300
245,000.00 245,075.95 75.95BCD 27,912.55 27,988.5007/19/2017 2.306
Capital One NA
07/19/2022 1,826
1,808 06/30/2022
245,000.001553
2.300
245,000.00 245,075.95 75.95BCD 27,912.55 27,988.5007/19/2017 2.306
Capital One Bank USA, NA
07/19/2022 1,826
1,808 06/30/2022
245,000.001554
2.150
245,000.00 245,056.35 56.35BCD 26,092.16 26,148.5107/19/2017 2.155
TIAA FSB
07/19/2022 1,826
1,808 06/30/2022
4,000,000.001578
2.000
3,997,819.18 4,002,800.00 4,980.82TRC 427,674.16 432,654.9806/26/2018 2.694
U.S. Treasury Notes
07/31/2022 1,496
1,466 06/30/2022
2,000,000.001572
1.875
1,997,378.44 2,000,980.00 3,601.56TRC 213,512.95 217,114.5106/26/2018 2.706
U.S. Treasury Notes
08/31/2022 1,527
1,466 06/30/2022
2,000,000.001579
1.875
1,996,091.44 2,000,300.00 4,208.56TRC 213,478.74 217,687.3006/26/2018 2.715
U.S. Treasury Notes
09/30/2022 1,557
1,466 06/30/2022
2,000,000.001589
2.000
1,999,049.62 1,999,060.00 10.38FAC 142,314.07 142,324.4503/27/2019 2.180
Federal Nat'l Mortgage Assoc.
10/05/2022 1,288
1,192 06/30/2022
1,000,000.001603
2.000
1,000,656.25 999,530.00 -1,126.25FAC 52,703.03 51,576.7806/26/2019 1.709
Federal Nat'l Mortgage Assoc.
10/05/2022 1,197
1,101 06/30/2022
1,000,000.001600
2.600
1,002,081.95 1,002,210.00 128.05FAC 54,583.06 54,711.1106/26/2019 1.810
Federal Farm Credit
10/06/2022 1,198
1,101 06/30/2022
2,000,000.001558
1.820
1,993,522.81 1,993,300.00 -222.81FAC 230,065.03 229,842.2202/23/2018 2.648
Federal Farm Credit
11/23/2022 1,734
1,589 06/30/2022
2,000,000.001590
2.500
2,003,237.36 1,998,640.00 -4,597.36FAC 145,042.91 140,445.5503/27/2019 2.147
Federal Farm Credit
02/02/2023 1,408
1,192 06/30/2022
249,000.001561
2.900
249,000.00 249,883.95 883.95BCD 30,783.26 31,667.2103/28/2018 2.983
Medallion Bank UT
03/28/2023 1,826
1,556 06/30/2022
246,000.001562
2.900
246,000.00 246,865.92 865.92BCD 30,392.80 31,258.7203/29/2018 2.983
BMW Bank North America
03/29/2023 1,826
1,555 06/30/2022
246,000.001563
2.850
246,000.00 246,774.90 774.90BCD 29,868.78 30,643.6803/29/2018 2.924
Citi Bank NA
03/29/2023 1,826
1,555 06/30/2022
246,000.001568
2.850
246,000.00 246,774.90 774.90BCD 29,868.78 30,643.6803/29/2018 2.924
Enerbank USA
03/29/2023 1,826
1,555 06/30/2022
249,000.001564
2.900
249,000.00 249,878.97 878.97BCD 30,763.47 31,642.4403/29/2018 2.983
Industrial & Comm Bank China
03/29/2023 1,826
1,555 06/30/2022
246,000.001566
2.800
246,000.00 246,683.88 683.88BCD 29,344.77 30,028.6503/29/2018 2.865
LCA Bank Corp
03/29/2023 1,826
1,555 06/30/2022
246,000.001565
2.900
246,000.00 246,865.92 865.92BCD 30,392.80 31,258.7203/29/2018 2.983
Morgan Stanley Bank
03/29/2023 1,826
1,555 06/30/2022
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 CG (PRF_CGU1) 7.1.1No fiscal year history available
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 64 of 88
Investment #
Unrealized Gains and Losses
Current Rate
Par Value
Book Value
Unrealized
Gain/Loss
To Date
Earnings
Actual
Yield 365
Page 2Open Positions through June 30, 2022
Inv.
Type
Purchase
Date
To Date
Net EarningsIssuer
Maturity Date Term
Days Held
Market Value
Market Date
246,000.001569
2.850
246,000.00 246,691.26 691.26BCD 29,619.06 30,310.3204/11/2018 2.917
First Source Bank
04/11/2023 1,826
1,542 06/30/2022
249,000.001596
2.250
249,000.00 247,630.50 -1,369.50BCD 16,961.02 15,591.5206/21/2019 2.068
Denver Savings Bank
06/21/2023 1,461
1,105 06/30/2022
245,000.001580
3.300
245,000.00 246,085.35 1,085.35BCD 32,472.91 33,558.2606/26/2018 3.410
American Express National Bank
06/26/2023 1,826
1,466 06/30/2022
4,000,000.001605
1.770
3,998,863.01 3,953,120.00 -45,743.01FAC 216,858.34 171,115.3306/26/2019 1.419
Federal Farm Credit
06/26/2023 1,461
1,101 06/30/2022
245,000.001570
3.300
245,000.00 246,078.00 1,078.00BCD 32,450.76 33,528.7606/27/2018 3.410
Sallie Mae Bank/Murray
06/27/2023 1,826
1,465 06/30/2022
245,000.001571
3.300
245,000.00 246,058.40 1,058.40BCD 32,406.41 33,464.8106/29/2018 3.408
Comenity Capital Bank
06/29/2023 1,826
1,463 06/30/2022
1,000,000.001591
2.010
997,725.56 990,340.00 -7,385.56FAC 72,483.90 65,098.3403/27/2019 1.998
FEDERAL FARM CREDIT BANK
07/26/2023 1,582
1,192 06/30/2022
3,000,000.001592
1.250
2,971,299.03 2,945,850.00 -25,449.03TRC 209,056.29 183,607.2603/27/2019 1.892
U.S. Treasury Notes
07/31/2023 1,587
1,192 06/30/2022
2,000,000.001604
1.375
1,992,066.55 1,963,040.00 -29,026.55TRC 103,377.70 74,351.1506/26/2019 1.237
U.S. Treasury Notes
08/31/2023 1,527
1,101 06/30/2022
2,000,000.001602
2.875
2,024,648.88 1,999,820.00 -24,828.88FAC 111,247.49 86,418.6106/26/2019 1.415
Federal Nat'l Mortgage Assoc.
09/12/2023 1,539
1,101 06/30/2022
249,000.001619
0.900
249,000.00 242,672.91 -6,327.09BCD 5,046.81 -1,280.2803/30/2020 -0.228
ALMA BANK
09/29/2023 1,278
822 06/30/2022
2,000,000.001636
0.125
1,996,804.13 1,928,120.00 -68,684.13TRC 4,881.32 -63,802.8107/08/2021 -3.258
U.S. Treasury Notes
10/15/2023 829
358 06/30/2022
249,000.001614
1.600
249,000.00 244,405.95 -4,594.05NCB 10,642.22 6,048.1710/30/2019 0.909
CELTIC BANK
10/30/2023 1,461
975 06/30/2022
2,000,000.001606
2.200
2,010,072.33 1,981,980.00 -28,092.33FAC 109,843.44 81,751.1106/26/2019 1.348
FEDERAL FARM CREDIT BANK
11/01/2023 1,589
1,101 06/30/2022
249,000.001609
1.700
249,000.00 244,547.88 -4,452.12BCD 11,110.28 6,658.1611/15/2019 1.019
FIRST SERVICE BANK
11/15/2023 1,461
958 06/30/2022
249,000.001597
2.400
249,000.00 246,527.43 -2,472.57BCD 17,977.13 15,504.5606/28/2019 2.070
Merrick Bank
12/28/2023 1,644
1,098 06/30/2022
2,000,000.001638
0.125
1,994,296.71 1,910,860.00 -83,436.71TRC 5,888.99 -77,547.7207/08/2021 -3.965
U.S. Treasury Notes
02/15/2024 952
358 06/30/2022
1,000,000.001655
0.250
977,810.38 954,810.00 -23,000.38TRC 4,835.52 -18,164.8603/09/2022 -5.948
U.S. Treasury Notes
03/15/2024 737
114 06/30/2022
246,000.001585
2.900
246,000.00 244,814.28 -1,185.72BCD 23,336.98 22,151.2603/25/2019 2.753
BANK HAPOALIM BM NY
03/25/2024 1,827
1,194 06/30/2022
249,000.001616
1.000
249,000.00 239,784.51 -9,215.49BCD 5,628.11 -3,587.3803/27/2020 -0.637
FORTUNE BANK ARNOLD
03/27/2024 1,461
825 06/30/2022
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 CG (PRF_CGU1) 7.1.1No fiscal year history available
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 65 of 88
Investment #
Unrealized Gains and Losses
Current Rate
Par Value
Book Value
Unrealized
Gain/Loss
To Date
Earnings
Actual
Yield 365
Page 3Open Positions through June 30, 2022
Inv.
Type
Purchase
Date
To Date
Net EarningsIssuer
Maturity Date Term
Days Held
Market Value
Market Date
249,000.001625
1.150
249,000.00 240,397.05 -8,602.95BCD 6,440.94 -2,162.0103/31/2020 -0.386
NICOLET NATIONAL BANK
03/28/2024 1,458
821 06/30/2022
249,000.001623
1.100
249,000.00 240,167.97 -8,832.03BCD 6,168.38 -2,663.6503/30/2020 -0.475
CORNHUSKER BANK
03/29/2024 1,460
822 06/30/2022
246,000.001593
2.600
246,000.00 242,846.28 -3,153.72BCD 19,520.94 16,367.2206/13/2019 2.180
MORGAN STANLEY PRIVATE BANK
06/13/2024 1,827
1,114 06/30/2022
2,000,000.001656
0.250
1,947,307.56 1,896,560.00 -50,747.56TRC 9,966.04 -40,781.5203/09/2022 -6.705
U.S. Treasury Notes
06/15/2024 829
114 06/30/2022
249,000.001594
2.300
249,000.00 244,308.84 -4,691.16BCD 17,353.50 12,662.3406/20/2019 1.678
EAGLEBANK
06/20/2024 1,827
1,106 06/30/2022
249,000.001595
2.300
249,000.00 244,236.63 -4,763.37BCD 17,259.36 12,495.9906/26/2019 1.665
COMMERCE BANK GENEVA MN
06/26/2024 1,827
1,100 06/30/2022
249,000.001598
2.300
249,000.00 244,211.73 -4,788.27BCD 17,227.98 12,439.7106/28/2019 1.661
First State Bank Dequeen
06/28/2024 1,827
1,098 06/30/2022
247,000.001599
2.300
247,000.00 242,262.54 -4,737.46BCD 17,105.25 12,367.7906/28/2019 1.663
REVERE BANK
06/28/2024 1,827
1,099 06/30/2022
6,000,000.001634
1.750
6,168,317.69 5,849,520.00 -318,797.69TRC 23,787.30 -295,010.3907/08/2021 -4.876
U.S. Treasury Notes
07/31/2024 1,119
358 06/30/2022
2,000,000.001646
1.250
2,035,726.09 1,926,800.00 -108,926.09TRC 8,375.55 -100,550.5407/08/2021 -5.036
U.S. Treasury Notes
08/31/2024 1,150
358 06/30/2022
249,000.001626
0.400
249,000.00 233,295.57 -15,704.43BCD 1,743.68 -13,960.7509/30/2020 -3.203
FLAGSTAR BANK FSB
09/30/2024 1,461
639 06/30/2022
249,000.001618
1.000
249,000.00 236,450.40 -12,549.60BCD 5,607.66 -6,941.9403/30/2020 -1.238
LEGENDS BANK
09/30/2024 1,645
822 06/30/2022
249,000.001624
1.000
249,000.00 236,450.40 -12,549.60BCD 5,600.84 -6,948.7603/31/2020 -1.241
PEOPLES BANK/SARDIS TN
09/30/2024 1,644
821 06/30/2022
2,000,000.001642
1.500
2,047,674.26 1,934,680.00 -112,994.26TRC 8,662.99 -104,331.2707/08/2021 -5.195
U.S. Treasury Notes
09/30/2024 1,180
358 06/30/2022
249,000.001608
1.850
249,000.00 240,775.53 -8,224.47NCB 12,330.38 4,105.9110/28/2019 0.616
First Bank Puerto Rico
10/25/2024 1,824
977 06/30/2022
1,000,000.001647
1.500
1,024,212.94 966,130.00 -58,082.94TRC 4,552.61 -53,530.3307/08/2021 -5.329
U.S. Treasury Notes
10/31/2024 1,211
358 06/30/2022
249,000.001611
1.650
249,000.00 239,552.94 -9,447.06BCD 10,907.15 1,460.0911/04/2019 0.221
POPPY BANK
11/04/2024 1,827
969 06/30/2022
249,000.001610
1.650
249,000.00 239,503.14 -9,496.86BCD 10,862.12 1,365.2611/08/2019 0.207
COMMUNITY BANK
11/08/2024 1,827
965 06/30/2022
249,000.001607
1.800
249,000.00 240,347.25 -8,652.75BCD 11,849.57 3,196.8211/08/2019 0.486
ENTERPRISE BANK AND TRUST
11/08/2024 1,827
965 06/30/2022
249,000.001613
1.650
249,000.00 239,503.14 -9,496.86BCD 10,862.12 1,365.2611/08/2019 0.207
PADUCAH BANK AND TRUST
11/08/2024 1,827
965 06/30/2022
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 CG (PRF_CGU1) 7.1.1No fiscal year history available
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 66 of 88
Investment #
Unrealized Gains and Losses
Current Rate
Par Value
Book Value
Unrealized
Gain/Loss
To Date
Earnings
Actual
Yield 365
Page 4Open Positions through June 30, 2022
Inv.
Type
Purchase
Date
To Date
Net EarningsIssuer
Maturity Date Term
Days Held
Market Value
Market Date
249,000.001612
1.800
249,000.00 240,347.25 -8,652.75BCD 11,849.57 3,196.8211/08/2019 0.486
TRIAD BANK FRONTENAC MO
11/08/2024 1,827
965 06/30/2022
1,000,000.001653
0.750
978,316.57 948,200.00 -30,116.57TRC 5,193.82 -24,922.7503/09/2022 -8.157
U.S. Treasury Notes
11/15/2024 982
114 06/30/2022
2,000,000.001641
1.125
2,031,297.19 1,903,600.00 -127,697.19TRC 10,556.70 -117,140.4907/08/2021 -5.880
U.S. Treasury Notes
02/28/2025 1,331
358 06/30/2022
249,000.001615
1.000
249,000.00 233,557.02 -15,442.98BCD 5,634.93 -9,808.0503/26/2020 -1.741
EVERGREEN BANK GROUP
03/26/2025 1,826
826 06/30/2022
249,000.001617
1.000
249,000.00 233,542.08 -15,457.92BCD 5,628.11 -9,829.8103/27/2020 -1.747
MIDCOUNTRY BANK
03/27/2025 1,826
825 06/30/2022
248,000.001620
1.000
248,000.00 232,621.52 -15,378.48BCD 5,591.89 -9,786.5903/30/2020 -1.750
CENTERSTATE BANK NA
03/31/2025 1,827
823 06/30/2022
249,000.001622
1.100
249,000.00 234,127.23 -14,872.77BCD 6,168.40 -8,704.3703/31/2020 -1.552
LIVE OAK BANKING COMPANY
03/31/2025 1,826
822 06/30/2022
249,000.001621
1.150
249,000.00 234,455.91 -14,544.09BCD 6,448.78 -8,095.3103/30/2020 -1.444
PACIFIC ENTERPRISE BANK
03/31/2025 1,827
822 06/30/2022
1,000,000.001652
0.500
967,867.29 933,280.00 -34,587.29TRC 5,207.57 -29,379.7203/09/2022 -9.719
U.S. Treasury Notes
03/31/2025 1,118
114 06/30/2022
2,000,000.001645
0.250
1,979,275.64 1,841,400.00 -137,875.64TRC 11,680.53 -126,195.1107/08/2021 -6.500
U.S. Treasury Notes
06/30/2025 1,453
358 06/30/2022
6,000,000.001640
0.250
5,931,711.59 5,508,960.00 -422,751.59TRC 36,421.54 -386,330.0507/08/2021 -6.640
U.S. Treasury Notes
07/31/2025 1,484
358 06/30/2022
2,000,000.001643
0.250
1,975,895.83 1,831,260.00 -144,635.83TRC 12,363.23 -132,272.6007/08/2021 -6.825
U.S. Treasury Notes
08/31/2025 1,515
358 06/30/2022
2,000,000.001644
0.250
1,974,550.57 1,827,260.00 -147,290.57TRC 12,579.94 -134,710.6307/08/2021 -6.956
U.S. Treasury Notes
09/30/2025 1,545
358 06/30/2022
249,000.001627
0.400
249,000.00 226,223.97 -22,776.03BCD 1,738.23 -21,037.8010/02/2020 -4.841
LUANA SAVINGS BANK
10/02/2025 1,826
637 06/30/2022
249,000.001629
0.400
249,000.00 225,885.33 -23,114.67BCD 1,620.86 -21,493.8111/13/2020 -5.304
1ST SECURITY BK OF WASH
10/15/2025 1,797
594 06/30/2022
249,000.001628
0.400
249,000.00 225,641.31 -23,358.69BCD 1,661.77 -21,696.9210/29/2020 -5.222
LANDMARK COMMUNITY BANK
10/29/2025 1,826
609 06/30/2022
1,000,000.001657
0.250
951,493.18 911,250.00 -40,243.18TRC 5,320.37 -34,922.8103/09/2022 -11.751
U.S. Treasury Notes
10/31/2025 1,332
114 06/30/2022
1,000,000.001658
0.500
957,634.45 918,100.00 -39,534.45FAC 5,490.01 -34,044.4403/09/2022 -11.382
Federal Nat'l Mortgage Assoc.
11/07/2025 1,339
114 06/30/2022
249,000.001630
0.400
249,000.00 225,315.12 -23,684.88BCD 1,607.21 -22,077.6711/18/2020 -5.495
FIRST US BANK
11/18/2025 1,826
589 06/30/2022
249,000.001631
0.450
249,000.00 225,526.77 -23,473.23BCD 1,771.39 -21,701.8411/30/2020 -5.513
KS STATEBANK
11/28/2025 1,824
577 06/30/2022
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 CG (PRF_CGU1) 7.1.1No fiscal year history available
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 67 of 88
Investment #
Unrealized Gains and Losses
Current Rate
Par Value
Book Value
Unrealized
Gain/Loss
To Date
Earnings
Actual
Yield 365
Page 5Open Positions through June 30, 2022
Inv.
Type
Purchase
Date
To Date
Net EarningsIssuer
Maturity Date Term
Days Held
Market Value
Market Date
2,000,000.001639
0.500
1,984,160.07 1,822,900.00 -161,260.07TRC 14,047.97 -147,212.1007/08/2021 -7.564
U.S. Treasury Notes
02/28/2026 1,696
358 06/30/2022
2,000,000.001635
0.750
2,000,990.88 1,836,960.00 -164,030.88TRC 14,453.99 -149,576.8907/08/2021 -7.621
U.S. Treasury Notes
03/31/2026 1,727
358 06/30/2022
2,000,000.001637
0.875
2,008,090.25 1,835,360.00 -172,730.25FAC 15,149.97 -157,580.2807/08/2021 -8.001
Federal Home Loan Bank
06/12/2026 1,800
358 06/30/2022
249,000.001632
0.750
249,000.00 224,931.66 -24,068.34BCD 1,903.30 -22,165.0406/23/2021 -8.734
UBS BANK USA
06/23/2026 1,826
372 06/30/2022
1,000,000.001654
0.875
965,940.68 918,010.00 -47,930.68TRC 5,414.56 -42,516.1203/09/2022 -14.093
U.S. Treasury Notes
06/30/2026 1,574
114 06/30/2022
249,000.001633
0.700
249,000.00 224,458.56 -24,541.44BCD 1,747.78 -22,793.6606/30/2021 -9.129
NEW YORK COMMUNITY BANK
07/01/2026 1,827
366 06/30/2022
4,000,000.001659
0.625
3,820,780.87 3,630,144.31 -190,636.56TRC 21,585.43 -169,051.1303/10/2022 -14.292
U.S. Treasury Notes
07/31/2026 1,604
113 06/30/2022
248,000.001650
1.400
248,000.00 227,289.52 -20,710.48BCD 1,607.58 -19,102.9001/13/2022 -16.636
STATE BANK OF INDIA
01/13/2027 1,826
169 06/30/2022
248,000.001649
1.350
248,000.00 226,773.68 -21,226.32BCD 1,550.17 -19,676.1501/13/2022 -17.135
TOYOTA FINANCIAL SVGS BK
01/13/2027 1,826
169 06/30/2022
248,000.001648
1.350
248,000.00 226,619.92 -21,380.08BCD 1,531.83 -19,848.2501/14/2022 -17.492
GREENSTATE CREDIT UNION
01/14/2027 1,826
167 06/30/2022
248,000.001651
1.450
248,000.00 227,520.16 -20,479.84BCD 1,467.95 -19,011.8902/02/2022 -18.779
NELNET BANK INC
02/02/2027 1,826
149 06/30/2022
3,290,010.2989,846,667.23 86,528,513.89 -3,318,153.34 -28,143.05 -3.251Total Current Bond Positions
5,364,934.84-3,318,153.34 2,046,781.50 -2.055Total Realized and Unrealized Gains/Losses
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 CG (PRF_CGU1) 7.1.1No fiscal year history available
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 68 of 88
Unrealized Gains and Losses
Passbook/Checking Accounts through June 30, 2022
Page 1
Investment #
Current Rate Book Value
Inv.
Type
Purchase
DateIssuer
Market Value
Market Date
1003 0.050 1,072,561.71LA1 07/01/2021
CA Asset Management Program
1,072,561.71
06/30/2022
1584 0.060 1,228,627.31LA1 07/01/2021
SD County Investment Pool
1,196,437.16
06/30/2022
1012 0.262 34,266,457.21LA5 07/01/2021
CA LAIF
33,825,290.76
06/30/2022
1010 5,577,158.84PA1 07/01/2021
Union Bank Checking Acct.
5,577,158.84
06/30/2018
1004 0.030 4,081,904.25LA3 07/01/2021
US BANK
4,081,904.25
04/30/2019
1524 1.125 0.00FAC 02/13/2017
Federal Home Loan Bank
0.00
1537 1.875 0.00FAC 06/23/2017
Federal Home Loan Mortgage
0.00
1523 1.125 0.00TRC 02/13/2017
U.S. Treasury Notes
0.00
1557 1.125 0.00FAC 02/23/2018
Federal Home Loan Mortgage
0.00
1575 2.375 0.00FAC 06/26/2018
Federal Home Loan Bank
0.00
1556 1.125 0.00TRC 02/23/2018
U.S. Treasury Notes
0.00
1574 2.000 0.00TRC 06/26/2018
U.S. Treasury Notes
0.00
1555 1.875 0.00FAC 02/23/2018
Federal Home Loan Bank
0.00
1530 1.900 0.00BCD 06/30/2017
Citizens State Bankl
0.00
1551 2.000 0.00BCD 07/03/2017
City National Bank Metropolis
0.00
1588 2.420 0.00FAC 03/27/2019
Federal Home Loan Bank
0.00
1601 2.200 0.00FAC 06/26/2019
FEDERAL FARM CREDIT BANK
0.00
1536 2.150 0.00FAC 06/23/2017
Federal Farm Credit
0.00
1573 2.750 0.00FAC 06/26/2018
Federal Home Loan Bank
0.00
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 CG (PRF_CGU2) 7.1.1No fiscal year history available
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 69 of 88
Investment #
Unrealized Gains and Losses
Current Rate Book Value
Page 2
Inv.
Type
Purchase
DateIssuer
Market Value
Market Date
Passbook/Checking Accounts through June 30, 2022
1528 2.350 0.00BCD 06/21/2017
Goldman Sachs Bank USA
0.00
1533 2.000 0.00BCD 06/30/2017
BankVista
0.00
1535 2.250 0.00BCD 06/30/2017
Wells Fargo Bank
0.00
136,073,376.55Total Portfolio 132,281,866.61
Portfolio ENCI
ACData Updated: SET_ANNU: 08/15/2022 15:08
Run Date: 08/15/2022 - 15:08 CG (PRF_CGU2) 7.1.1No fiscal year history available
Report Ver. 7.3.6.1
2022-10-19 Item #08D Page 70 of 88
The City of Encinitas
Cash and Investments by Fund
FY 2021-22
FY 2022 Actual Percentage of Total Interest Income
GENERAL FUND 32,515,611 25.55%571,009
INFRASTRUCTURE FUNDS 2,017,093 1.59%42,974
GRANT FUNDS 1,040,057 0.83%19,926
DEVELOPMENT IMPACT FUNDS 2,801,861 2.20%91,725
MUNICIPAL IMPROVEMENTS DISTRICTS 4,459,385 3.50%45,355
DEBT SERVICE FUNDS - - -
CAPITAL IMPROVEMENTS FUNDS 31,500,162 24.76%-
CARDIFF SANITARY FUNDS 9,928,825 7.80%105,195
ENCINITAS SANITARY FUNDS 12,093,770 9.50%126,591
SAN DIEGUITO WATER DISTRICT FUNDS 20,296,581 15.95%212,770
OTHER PROPRIETARY FUNDS 200,925 0.16%2,667
INTERNAL SERVICE FUNDS 7,772,037 6.11%-
711 - CFD #1 DEBT SERVICE 2,281,988 1.79%14,026
712 - CFD #1 ADMINISTRATION 25,761 0.02%127
931:932 - ERGA - - 19,949
119 - OPPORTUNITY FUND - - -
RESTRICTED 303,744 0.24%-
ADMIN COSTS BANK FEES - - 203,304
TOTAL PER GENERAL LEDGER 127,237,800 100.00%1,455,618
To reconcile from GL to Investment Report:
Not included in Market Value per Investment Report - Book Bal Checking (3,210,281)
Not included in Market Value per Investment Report - Register Cash (3,555)
Not included in Market Value per Investment Report - Restricted Cash (303,743)
Included in Investment Report not in GL - ERGA 2,984,487
Total Market Value per Investment Report 126,704,708
Cash - Checking Account Bank Balance 5,577,159
Total Cash and Investments 132,281,867
CASH AND INVESTMENTS
2022-10-19 Item #08D Page 71 of 88
CITY OF ENCINITAS
INVESTMENT OF BOND PROCEEDS
For the Fiscal Year ended June 30, 2022
Maturity FY 2021-2022
GOVERNMENTAL FUNDS TRUSTEE CASH & INVESTMENTS Yield Date Income Budget
ENCINITAS PUBLIC FINANCING AUTHORITY
2013 LEASE REVENUE BONDS (COMM PARK DEVELOPMENT)
Bond Fund Blackrock T-Fund Institutional 1.27%$6 $6
$6 $ 6 $ -
2014 A & B LEASE REVENUE BONDS
(PACIFIC VIEW PROPERTY & MOONLIGHT BEACH LIFEGUARD TOWER)
Bond Fund Blackrock T-Fund Institutional 1.32%$4 $4
$4 $ 4 $ -
2015 LEASE REVENUE BONDS (PUBLIC LIBRARY)
Bond Fund Blackrock T-Fund Institutional 1.32% $17 $18 $
$17 $ 18 $ -
2017 LEASE REVENUE BONDS (PARK)
Bond Fund First American Government Obligations Fund 0.92% $2 $3
$2 $ 3 -
2021 FEDERALLY TAXABLE LEASE REVENUE REFUNDING BONDS
(PACIFIC VIEW PROPERTY)
Interest Account First American Government Obligations Fund 0.84%$ 14,992 $2
$ 14,992 $ 2 $ -
ENCINITAS PUBLIC FINANCING AUTHORITY (TOTALS) (A)$ 15,021 $ 33 $ -
TOTALS FOR GOVERNMENTAL FUNDS (A) $ 15,021 $ 33 $ -
Maturity FY 2021-2022
ENTERPRISE FUNDS TRUSTEE CASH & INVESTMENTS Yield Date Income Budget
SAN DIEGUITO WATER DISTRICT
2007 WATER REVENUE BONDS
Bond Fund JP MORGAN US TRSY PlLUS PREM 0.00%$0 $4
Reserve Fund-SDWD BLACKROCK FEDERAL FD INSTL 81 1.33%640,239 680
TOTAL $ 640,239 $ 684 $ -
2014 WATER REVENUE BONDS
Debt Service Fund Blackrock T-Fund Institutional 1.31%$3 $3
TOTAL $3 $ 3 $ -
TOTALS FOR ENTERPRISE FUNDS (B)$ 640,242 $ 687 $ -
TOTAL TRUSTEE CASH & INVESTMENTS (A) + (B) $ 655,263 $ 720 $ -
NOTE: The City's leases for capital equipment do not require any trustee deposits, and thus, are not listed on this summary.
Market
Value
Market
Value
2022-10-19 Item #08D Page 72 of 88
Attachment 4
CITY OF ENCINITAS
ADMINISTRATIVE MANUAL
Policy Title: Investment Policy Section: Finance
Responsible Department: Finance Number: Admin Policy F019
Approved By: City Council Date Approved: 1994
Last Amended: October 2019, 20212
I. Philosophy
The Investment Policy of the Encinitas City Council for the City of Encinitas represents the financial
guidelines for the City’s Investment Program. It is the policy of the City of Encinitas to invest excess
public funds in a prudent manner that safeguards the public trust, minimizes the risk of loss of capital,
and provides assurance that all financial obligations will be met in the regular course of business. The
City Council shall provide direction to the City Treasurer as to the goals and specific objectives of the
Investment Program.
II. Scope
This Investment Policy applies to all financial assets under the oversight of the City of Encinitas, except
bond proceeds held by outside trustees and funds held by other governmental agencies. The City of
Encinitas includes the City and all component units: the Encinitas Housing Authority (EHA), the
Encinitas Public Financing Authority (EPFA), and the San Dieguito Water District (SDWD). These
funds are accounted for in the City of Encinitas’ Annual Comprehensive Annual Financial Report and
include:
GENERAL FUND
SPECIAL REVENUE FUNDS
CAPITAL PROJECT FUNDS
ENTERPRISE FUNDS
INTERNAL SERVICE FUNDS
This policy also applies to funds that the City manages for other governmental agencies. Currently,
the City manages funds for the Encinitas Ranch Golf Authority (ERGA), a legally separate joint powers
authority which is not a component unit of the City.
The investment of Bond Proceeds held with trustees is directed by the City, but is governed by the
restrictions on Permitted Investments in the applicable Bond Indenture agreements.
A portion of City funds is held by other governmental agencies. These funds are invested under the
guidelines of the investment policies of those agencies.
2022-10-19 Item #08D Page 73 of 88
The City retirement plan is with CALPERS, and the City has no authority or oversight over the
investments in any of those plans. Further, the City administers several deferred compensation plans.
Assets held in those plans are held in trust for the participants, and are not assets of the City. The
City does not have any authority over the investments held in these trusts.
III. Prudence
Investments shall be made with reasonable financial judgment and care, under circumstances then
prevailing, which persons of prudence, discretion and intelligence exercise in the management of their
own affairs, not for speculation, but for investment, considering the probable safety of their capital as
well as the probable income to be derived.
The standard of prudence to be used by investment officials shall be the “prudent investor” standard.
California Gov’t Code 53600.3 states that, “When investing, reinvesting, purchasing, acquiring,
exchanging, selling or managing public funds, a trustee shall act with care, skill, prudence, and
diligence under the circumstances then prevailing, including, but not limited to, the general economic
conditions and the anticipated needs of the Agency, that a prudent person acting in a like capacity and
familiarity with those matters would use in the conduct of funds of a like character and with like aims,
to safeguard the principal and maintain the liquidity needs of the Agency. The standard shall be
applied in the context of managing an overall portfolio. Investment officials acting in accordance with
established procedures and exercising due prudence shall be relieved of personal responsibility for an
individual security's credit risk or market price changes.
IV. Investment Objectives
A. Safety of Principal - the first objective of this policy is to ensure the safety of principal. The
portfolio shall be planned and managed to minimize the risk of actual loss of principal. Principal is
defined as the original purchase price of the security, excluding any purchase of accrued interest, up
to the par (face) value of the security. Any purchase amount above par value (premium) is considered
to be a purchase of accrued interest, and is excluded from the calculation of principal amount. The
City Treasurer shall consider both credit risk and concentration risk (the concept of diversification)
when assessing safety, and shall follow the guidelines outlined later in this policy to achieve that
objective.
B. Liquidity - The second objective is the maintenance of sufficient liquidity to meet all operating
and capital spending requirements that can be reasonably anticipated.
C. Return on investments - The third objective is yield, specifically, attaining a market rate of
return over time, consistent with Council direction as to acceptable levels of risk. Refer to Section XV
below for further discussion of performance measurement.
V. Delegation of Authority
In accordance with the California Government Code, Section 53607, the City Council hereby
delegates the authority to invest or reinvest the City’s funds, to sell or exchange securities purchased,
and to deposit securities for safekeeping to the City Treasurer. Encinitas Municipal Code Chapter
2.28 designates that the Director of Finance shall serve as City Treasurer. The City Treasurer has
the option to delegate some, or all, of the duties described in this Policy to other qualified individuals
within the organization.
Investment Procedures
The City Treasurer is responsible for establishing written investment procedures for the management
and operation of the Investment Program, consistent with this Policy. Those procedures shall include
reference to such items as: custody/safekeeping, repurchase agreements (if applicable), wire transfer
agreements, banking service agreements, and explicit delegation of authority to personnel involved
2022-10-19 Item #08D Page 74 of 88
in the processing of banking or investment transactions. No person may engage in any investment
transaction except as provided under the terms of this Policy and the established procedures.
VI. Ethics, & Conflict of Interest
The investment responsibility carries with it the responsibility of ensuring that investments placed are
done so without improper influence or the appearance of improper influence. All officers and
employees (officials) involved in the investment function shall adhere to the State's Code of Economic
Interest and to the following:
Officials shall refrain from personal business activity that could conflict with proper and impartial
execution of the Investment Program, or that could impair their ability to make impartial investment
decisions. Further, officials shall not personally or through a close relative maintain any accounts,
interest, or private dealings with any firm with which the City places investments, with the exception
of regular savings, checking and money market accounts, or other similar transactions that are offered
on a non-negotiable basis to the general public. Any such relationships shall be disclosed annually
to the City Clerk in conjunction with annual disclosure statements of economic interest.
VII. Authorized Financial Dealers and Institutions
The City Treasurer shall maintain a list of qualified financial institutions authorized to provide financial
or investment services to the City.
The City shall contract with one institution to provide general banking services, which shall be
reviewed at least every five years. City Council shall approve the selected institution and the
contract for banking services.
The City shall contract with one institution to provide investment custody services, which shall be
reviewed at least every five (5) years. City Council shall approve the selected institution and the
contract for custody services.
The City Treasurer shall maintain a list of qualified security broker-dealers authorized to provide
financial or investment services to the City. To be eligible for consideration to become an authorized
provider, each Broker/Firm shall meet the following MINIMUM requirements:
(1) have a net capital position in excess of $10 million,
(2) have been in business for at least five years,
(3) are currently licensed as a broker-dealer or investment adviser in California, and
(4) Must carry adequate insurance coverage including liability, errors and omissions, and
workers compensation (if applicable.)
Firms providing only representation of money market funds are exempt for requirement #1, but must
still comply with all other requirements, including those listed below.
The City Council shall approve the initial authorization of any broker-dealer. Authorized firms shall
be notified by the City Treasurer via an engagement letter, which outlines each parties’ responsibilities
(primarily the continuing compliance requirements discussed directly below). There is no contract for
professional services or term to the engagement. The City Treasurer shall periodically evaluate the
performance of all qualified broker-dealers, and determine if any changes need to be made.
All broker-dealers authorized to do business with the City of Encinitas must also comply with the
following requirements.
(1) Firms must submit audited financial statements annually, within six months of their fiscal
year-end,
2022-10-19 Item #08D Page 75 of 88
(2) Firms must provide proof of their Financial Industry Regulatory Authority (FINRA)
certification, and must disclose to the City immediately any regulatory actions or complaints
against the broker assigned to the City account,
(3) Firms must provide proof of their registration/license to do business in the State of California,
and shall immediately disclose to the City any change in that status.
(4) Firms must certify in writing that they have received, read, and agree to comply with the City
of Encinitas’ most recently adopted Investment Policy.
VIII. Authorized & Suitable Investment Instruments
As a unit of local government in the State of California, the City of Encinitas is restricting itself to
the investments authorized by Government Code, Sections 16429.1, 27133 and Sections 53600
through 53635 (the Gov’t “Code”) except as otherwise provided herein by specific additional
Council actions.
SPECIFIC INVESTMENT TYPES AND AMOUNTS - The City Treasurer is authorized to invest in
only the following types of investments listed below in Section VIII.
INVESTMENT ALLOCATIONS - The State Law Maximum allocations listed below refer to the
percentage of the total portfolio or dollar amount that may be invested in each instrument under the
provisions of the Gov’t Code. The Investment Policy Maximum allocations refer to maximum
allocations the City Treasurer follows, in order to effect proper diversification of the portfolio and
limit concentration risk. The City Treasurer is permitted to exceed these maximum allocations for
temporary periods. Any asset allocation that exceeds the Investment Policy Maximum allocation
for a period of more than three months shall be reported to the City Manager.
For purposes of calculating the percentage allocations, the assumption will be applied that the size
of the portfolio for any fiscal year shall be determined by the total par value of the portfolio at the
beginning of the first day of the fiscal year. Any investment types that exceed the maximum
allowable under the Gov’t Code shall be reported to the City Council in the quarterly investment
report.
INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
MAXIMUM MAXIMUM
(1) Repurchase agreements NO LIMIT 20%
This type of investment is only authorized in relation to the City’s general banking
arrangements, in which excess cash balances are “swept” into an interest earning
account overnight. Maximum maturity is one year. All balances are required to be
properly collateralized at 102% of par value in accordance with State requirements.
(2) CA Local Agency Inv Fund (LAIF) STATE LAW MAXIMUM 30%
The “STATE LAW MAXIMUM” refers to the LAIF limit on maximum deposits per local
agency, not to the CA gov’t code restrictions. The City of Encinitas maintains two
accounts with the LAIF, one in the name of the City and the other in the name of the
San Dieguito Water District. Each account has a deposit limit of the maximum
2022-10-19 Item #08D Page 76 of 88
INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
MAXIMUM MAXIMUM
deposit limit of the maximum amount allowed by CA state law. Since San Dieguito
Water District is a component unit of the City, the City may legally utilize the SDWD
account in the operation of the City Pool. Thus, SDWD owns its ratable share of all
City Pooled investments, but does not have a direct ownership interest in the LAIF
account in its name.
(3) Other Gov’t Managed Pools NO LIMIT 30%
Per Issuer 10% per Pool
Investments in individual pools shall be limited to 10% of the total portfolio. Currently
approved pools are the San Diego County Investment Pool and the California Asset
Management Program (CAMP). The City Council must approve the addition of any
other governmental pools.
(4) Mutual Funds and Money Market Mutual Funds (Total)
20% 20%
Per Issuer 10% 10%
(A) Money Market Mutual Funds N/A 20%
Per Issuer N/A 10%
Qualifying funds must meet one of the following criteria: (1) Attained the highest
ranking or the highest letter and numerical rating provided by not less than two
nationally recognized statistical rating organizations, OR (2) Retained an Investment
Advisor registered or exempt from registration with the SEC with not less than five
years’ experience managing money market mutual funds with assets under
management in excess of $500 million.
(B) Mutual Funds N/A 10%
Per Issuer N/A 5%
A mutual fund must receive the highest ranking by not less than two nationally
recognized rating agencies or the fund must retain an investment advisor who is
registered with the SEC (or exempt from registration), has assets under
management in excess of $500 million, and has at least five years experience
investing in instruments authorized by California Government Code sections 53601
and 53635.
(5) Certificates of Deposit (CD’s) NO LIMIT 30%
Per Issuer NO LIMIT 5%
All CD’s must be either insured by the FDIC or properly collateralized, pursuant to
Section X below. Maturity shall not exceed five years. No more than 5% of the total
account value per issuer. To be eligible to receive deposits from the City of
Encinitas, each qualified financial institution must have received an overall rating of
not less than “satisfactory” in its most recent evaluation by regulators of its record of
meeting the credit needs of its community.
2022-10-19 Item #08D Page 77 of 88
INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
MAXIMUM MAXIMUM
(6) Negotiable Certificates of Deposit 30% 30%
Per Issuer 5%
All Negotiable CD’s must be issued by a provider rated either: (1) Aaa by Moody’s,
(2) AAA by Standard & Poors, or (3) Aa1 by Moody’s and AA+ by Standard & Poor’s.
Investments of $250,000 or less that are fully insured by the FDIC are exempt from
the above credit rating requirements. Maturity shall not exceed five years. No more
than 5% of the total account value per issuer.
(7) Bankers Acceptances 40% 10%
Per Issuer 30% 5%
Bankers Acceptances (BA’s) represent a time draft drawn on and accepted by a
Bank for payment of the shipment or storage of merchandise. They are generally
considered a very safe investment since both the credit of the issuer and the Bank
is pledged for repayment. They must not exceed 180 days maturity. BA’s must have
an underlying credit rating of A1/P1, and are limited to 5% of the total account value
per issuer.
(8) U.S. Treasury Bills, Notes and Bonds NO LIMIT 50%
(9) U.S. Government-Sponsored Agencies NO LIMIT 60%
Per Issuer 25%
City shall invest primarily in securities issued by Federal Home Loan Bank (FHLB),
Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage
Corporation (FHLMC), and Federal Farm Credit Bureau (FFCB). City may invest in
Private Equity Funding Corporation (PEFCO) and Tennessee Valley Authority
(TVA); however, the overall limit of 60% still applies. City may also invest in the
Government National Mortgage Association, but only via authorized Mutual Funds
cited in Category 5 above, and subject to those limitations.
(10) Commercial Paper 40% 25%
Per Issuer 10% 5%
Commercial Paper (CP) is a short-term I.O.U. issued by large corporations of high
credit standing which is unsecured. Investments are limited to only “prime quality”
CP issued with the highest letter and number rating provided by one of the two
nationally recognized rating agencies. City limits itself only to CP rated A-1 or better
by Standard & Poors and P-1 by Moodys. Issuing corporations must be organized
and operating within the United States, have assets in excess of $500 million, and
debt other than commercial paper must be in a rating category of “A” or its equivalent
or higher by a nationally recognized statistical rating organization or the issuing
corporation must be organized within the U.S. as a special purpose corporation,
trust, or LLC, have program wide credit enhancements, and have commercial paper
that is rated “A-1” or higher or the equivalent, by a nationally recognized statistical
rating agency. City may not purchase more
2022-10-19 Item #08D Page 78 of 88
INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
MAXIMUM MAXIMUM
than 5% of outstanding commercial paper of any single corporate issuer. The
maximum allowable maturity is 270 days or less.
Per California Code Section 53601(h) beginning January 1, 2021, until January 1,
2026, portfolio limitation maximums are 40% and revert back to 25% after January
1, 2026. The 10% single issue limitation for commercial paper and medium- term
notes will remain in effect.
(11) Commercial Medium-Term Notes 30% 15%
Per Issuer 10% 5%
Medium-Term Notes are defined as all corporate and depository institution debt
securities with a maximum remaining maturity of five years or less, issued by
corporations organized and operating in the United States or by depository
institutions licensed by the United States. State Code requires a credit rating of “A”
or better by one nationally recognized rating agency. The City is further limiting itself
to notes that are rated Aa3 or better (Moody’s) and AA- or better (S & P).
(12) Guaranteed Investment Contracts None 10%
Per Issuer 5%
Guaranteed Investment Contracts (GIC’s) are corporate obligations similar to
medium-term notes, but are issued directly to the Agency by the issuer in the form
of an investment contract. They are generally longer term in nature. They are
generally utilized for the investment of bond proceeds, but may be utilized for the
investment of Pooled funds. Uncollateralized GIC’s are permitted only with issuers
rated Aaa (Moody’s) and/or AAA (Standard & Poors) Collateralized GIC’s are
permitted with issuers rated Aa2 or better (Moody’s) and AA or better (Standard &
Poors). No more than $5 million per issuer.
(13) Demand Deposits (non-interest bearing) None 0-2%
Per Issuer 0-2%
Non-interest bearing demand deposits with a financial institution approved to do
business with the City shall be an allowable investment for the City Pool. These
types of accounts are necessary to carry on the regular day-to-day financial
operations of the City, must be collateralized, and are reported as “cash” on the
monthly investment reports. When available, the City Treasurer shall execute a
“sweep arrangement” with the designated financial institution, to provide for excess
overnight balances to earn interest.
(14) Demand Deposits (interest bearing) None 20%
Per Issuer 10%
Interest-bearing demand deposits with a financial institution approved to do business
with the City shall be an allowable investment for the City Pool. These types of
accounts generally serve as an alternative to bank certificates of deposit, and have
a stated minimum balance requirement. These types of accounts require a separate
2022-10-19 Item #08D Page 79 of 88
INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
MAXIMUM MAXIMUM
agreement with the financial institution, and must be fully collateralized as Public
Deposits under California law. In addition, some part of the deposit (currently
$250,000) may be insured by the Federal Deposit Insurance Corporation (FDIC) in
lieu of collateralization.
(15) Asset-Backed Securities 20% 10%
Per Issuer 5%
These securities consist of Traditional Asset-Backed, Mortgage-Backed, Mortgage
Pass-Through Securities, and Collateralized Mortgage Obligations. They are
permitted given that the securities are rated in a rating category of “AA” or its
equivalent or better by a NRSRO and have a maximum remaining maturity of five
years or less. No more than 10% of the total portfolio may be invested in these
securities. No more than 5% of the portfolio may be invested in any single Asset-
Backed or Commercial Mortgage security issuer. There is no issuer limitation on
any mortgage security where the issuer is the U.S. Treasury or a Federal
Agency/GSE.
(16) Supranationals 30% 20%
Per Issuer 15%
Supranational issues are U.S. dollar denominated senior unsecured unsubordinated
obligations issued or unconditionally guaranteed by the International Bank for
Reconstruction and Development, International Finance Corporation, or Inter-
American Development Bank. They are permitted if rated in a rating category of
“AA” or its equivalent or better by a NRSRO. No more than 20% of the total portfolio
may be invested in these securities. No more than 15% of the portfolio may be
invested in any single issuer. The maximum maturity does not exceed five years.
2022-10-19 Item #08D Page 80 of 88
SUMMARY TABLE of INVESTMENT ALLOCATIONS
STATE LAW INV POLICY
(1) REPURCHASE AGREEMENTS NO LIMIT 20%
(2) CALIFORNIA LAIF NO LIMIT 30%
(3) OTHER GOV’T POOLS NO LIMIT 30%
Per Issuer 10%
(4) MUTUAL FUNDS TOTAL 20% 20%
Per Issuer 10% 10%
(4-A) Money Market Mutual Funds N/A 20%
Per Issuer N/A 10%
(4-B) Mutual Funds N/A 10%
Per Issuer N/A 5%
(5) CD’s NO LIMIT 30%
Per Issuer 5%
(6) NEGOTIABLE CD’s 30% 30%
Per Issuer 5%
(7) BANKERS ACCEPTANCES 40% 10%
Per Issuer 30% 5%
(8) U.S. TREASURYS NO LIMIT 50%
(9) U.S. FEDERAL AGENCIES NO LIMIT 60%
Per Issuer 25%
(10) COMMERCIAL PAPER 40% 25%
Per Issuer 10% 5%
(11) COMMERCIAL MTN NOTES 30% 15%
Per Issuer 10% 5%
(12) GIC’s NO LIMIT 10%
Per Issuer 5%
(13) Demand Deposits (non-interest bearing) NO LIMIT 0-2%
Per Issuer 0-2%
(14) Demand Deposits (interest bearing) NO LIMIT 20%
Per Issuer 10%
(15) Asset-Backed Securities 20% 10%
Per Issuer 5%
(16) Supranationals 30% 20%
Per Issuer 15%
The State of California Government Code restricts local agencies from investing in securities with
final maturity dates greater than five (5) years, except as specifically authorized by the City Council.
This Policy authorizes two specific exceptions to the above restriction.
(1) The City may invest in up to $5 million (par value) of securities (at date of purchase)
rated AAA or equivalent by either S&P or Moody’s with maturities of greater than five
(5) years, but not exceeding seven (7) years.
(2) The City’s General Contingency Reserve is not a part of normal operating reserves,
and the related funds are not expected to be utilized in the foreseeable future, thus,
2022-10-19 Item #08D Page 81 of 88
the likelihood of liquidation is very small. The objective(s) of investment in this area
are to maximize earnings with safety, while recognizing that liquidity is less of an
issue than with operating or capital funds. Consistent with these objectives, the City
Treasurer is authorized to invest contingency funds in securities rated AAA or
equivalent with maturities greater than seven (7) years that have a ready market
should the need arise to liquidate the investment.
The City Council has directed the City Treasurer not to invest in securities of companies involved in
the production of tobacco, alcohol related products, or fossil fuel companies. Furthermore, Encinitas’
City Council directs the City Treasurer to annually, if not more often, petition the managers of the
pooled funds the City is invested in to divest from fossil fuel companies. The City recognizes that, due
to the extreme complexity of today’s corporate structures, it is possible that investments may be
placed in good faith in corporations that have an interest in tobacco, alcohol related products or fossil
fuel companies that is not widely known or properly disclosed by those corporations. The City
Treasurer shall make his/her best efforts, including notice to broker/dealers, to assure that any
corporate investments are placed with companies who are not in the tobacco, alcohol, or fossil fuel
business. This policy applies at the time of purchase only.
Certain investments are specifically prohibited by the State Code. Local Agencies may not invest in
the following: Inverse floating-rate notes, range notes, or mortgage-derived interest-only strips. The
Code also states that “A local Agency shall not invest in any security that could result in zero interest
accrual if held to maturity.” The City’s interpretation of this Code section is that it does not prohibit
investment in U.S. Treasury or Federal Agency securities which carry a variable rate of interest;
because the chance that such notes could result in zero interest accrual to maturity is remote.
California SB 998 added Government Code Section 53601.6(b)2), which allows a local agency to
invest in securities issued by, or backed by, the United States government that could result in zero-
or negative-interest accrual if held to maturity, in the event of, and for the duration of a period of
negative market interest rates. This is applicable from January 1, 2021 until January 1, 2026.
IX. Due Diligence Requirements for Investment Pools, Mutual Funds, and CD’s
Investments of these types are authorized in Section VIII. above. Before investing any funds in pools
or mutual funds, the City Treasurer shall perform a thorough investigation of the fund(s) to determine
the suitability of the investment for the City of Encinitas Pooled Investment Fund. This investigation
shall include, at a minimum: review of the Funds investment policy and/or prospectus, a review of the
performance history of the Fund, review of ratings (where applicable), review of the latest published
portfolio composition, review of fees and charges, and references from other agencies who invest in
the Fund.
The City Treasurer shall monitor placement of Certificates of Deposit with financial institutions on a
regular basis. Compliance with collateral requirements shall be monitored (if applicable).
X. Collateralization of Public Deposits
Collateralization will be required on two types of investments: demand and timed deposits (which are
not fully insured by FDIC) and repurchase agreements. The City Treasurer has agreed to waive
collateral requirements on the first $250,000 of CD’s from each institution, which are insured by FDIC.
In order to anticipate market changes and provide a level of security for all invested funds, the required
collateralization levels will be:
(1) Overnight repurchases 102% of market value
(2) Timed Deposits in accordance with CA law regarding Public Deposits
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(3) Demand Deposits in accordance with CA law regarding Public Deposits
Collateral must be held by an independent third party with whom the entity has a current custodial
agreement. Collateral for overnight repurchases (sweep agreements) may be held by the Trust
Department of the institution providing such sweep services. Sweep contracts shall provide for a
perfected security interest for the City in collateralized securities.
Collateral shall be provided by the issuing institution in accordance and compliance with the California
Gov’t Code Sections 53630 et al. Issuing institution is responsible for compliance with all collateral
requirements, and must provide the City periodic evidence of that compliance, in a form acceptable
to the City.
XI. Safekeeping and Custody
All security transactions entered into by the City shall be conducted on a delivery-versus-payment
(DVP) basis. Securities shall be held by an independent third-party custodian approved by the City
Council. All broker-dealers shall send a transaction confirmation to the City Treasurer, and all security
transactions confirmations shall be treated as a “Vital Record” by City personnel and kept safe per
the requirements of City policy on Vital Records. Broker-dealers shall also send a monthly activity
statement to the City showing all transactions entered into in the period. No City securities or cash
will be held by any broker-dealer. The custodian sends a monthly statement to the City Treasurer
covering all investment activity handled by that institution.
XII. Diversification
The City will diversify its investments by security type and institution, to avoid incurring unreasonable
risks inherent in over-investing in specific instruments or individual financial institutions. This Policy
sets limits on maximum allocations by investment type and by issuer. Refer to Section VIII. above
for a listing of authorized investments and the maximum allocation by type of investment. Section
VIII. also details specific limitations per issuer. For purposes of this Policy, those limits each apply to
the overall portfolio.
XIII. Maximum Maturities
To the extent possible, the City of Encinitas will attempt to match its investments with anticipated cash
flow requirements, after taking into consideration interest rate (market) risk and the potential benefits
of extending investment maturities. The City conforms to the California Gov’t Code requirements
limiting investments in notes to five (5) years, subject to the exceptions cited in Section VIII. This
relates principally to funds classified as reserves, which may be invested in specified instruments with
maturities greater than five (5) years.
XIV. Internal Control
The City Treasurer shall establish a system of internal controls over all cash management and
investment transactions, designed to provide reasonable assurance that assets are safeguarded and
that all transactions are properly and timely recorded.
The City’s independent auditor shall annually review the system of internal controls and report any
deficiencies and/or suggestions for improvements to the Director of Finance/City Treasurer. Any
confirmed significant deficiencies shall be reported to the City Manager and City Council in writing,
along with the City’s response to the audit findings.
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XV. Performance Standards:
The City has determined that periodic quantitative measurement of investment portfolio performance
is an important component of the overall monitoring of the investment program. As stated in Section
IV(C) above, the performance objective of the Program is attaining a market rate of return over time
consistent with the overall risk tolerance of the organization.
The City Treasurer is charged with determining an appropriate benchmark by which to measure
periodic performance. The chosen benchmark shall be designed to match as closely as practicable
the City’s tolerance for investment risk. Utilization of the benchmark and analysis of actual
performance vs. the benchmark represent an important risk management tool, and analysis of
significant variations shall be reported to the City Council in a timely manner. At the same time, it is
recognized that the benchmark represents a guideline only, and that performance may vary,
especially over relatively short time periods. A timeframe of 2-3 years is considered to be the
minimum time period necessary for judging overall performance, due to changing market conditions,
cash flow requirements and the fact that no chosen performance benchmark will exactly mirror the
City’s portfolio.
Attaining a market rate of return over time shall be measured and reported to the City Council, at least
quarterly, via the utilization of the following benchmark to measure performance.
The one (1) year constant maturity Treasury index
Any change to the above performance benchmark shall be reported to the City Council during the
City Treasurer’s quarterly investment report.
The City Treasurer shall report performance on a quarterly basis based on the book yield (standard
income) approach. Book yield calculates the earnings on an investment based on actual interest
earned during any reporting period, including the accretion of purchase discounts and/or the
amortization of purchase premiums. The City Treasurer shall also report the estimated market value
of investments held (as provided by a third-party data provider) with each periodic report. The City no
longer reports investment income on a total return basis each fiscal year (the alternative method
presented in Gov’t Actg. Standards Board (GASB) Statement No. 31) as the results over time are
roughly comparable.
XVI. Investment Accounting and Reporting
The City Treasurer shall prepare (or have prepared) monthly investment reports sufficient to properly
track and record all investment transactions and activity. The City Treasurer shall report investment
positions and results of the Pooled Investment Fund to the City Council at least quarterly, in a form
acceptable to the City Council. These reports shall either be presented as an Agenda Report or as a
memo report to the City Council members, at the discretion of the City Manager. The City Treasurer
shall report positions and results of the Pooled Investment Fund and the Investment of Bond
Proceeds annually to the City Council at a Public Meeting. Detailed annual reports of the Pooled
Investment Fund shall be made available on the City’s website for public review. The City shall
publicly report on the results of the annual petitions to the managers of the pooled funds the City is
invested in to define and divest from fossil fuel companies.
XVII. Investment Policy Adoption:
The Investment Policy shall be reviewed and adopted by the City Council at a Public Meeting at least
annually, regardless of whether there are any proposed changes to the Policy. The Policy shall be
posted for public review on the City’s website (www.encinitasca.gov) under Departments/Finance.
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Any typographical errors of other minor errors or inconsistencies shall be investigated and interpreted by the
City Treasurer, who shall then seek the concurrence of the City Manager before making any changes to
policies or procedures.
XVIII. Glossary of Investment Terms
AGENCIES. Shorthand market terminology for any obligation issued by a government-sponsored entity
(GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full
faith and credit of the US government. Examples are:
FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural
industry. FFCB issues discount notes and bonds.
FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB
issues discount notes and bonds.
FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in
the housing market. FHLMC, also called “FreddieMac” issues discount notes, bonds and
mortgage pass-through securities.
FNMA. Like FHLB and FreddieMac, the Federal National Mortgage Association was established to
provide credit and liquidity in the housing market. FNMA, also known as “FannieMae,” issues
discount notes, bonds and mortgage pass-through securities.
GNMA. The Government National Mortgage Association, known as “GinnieMae,” issues mortgage
pass-through securities, which are guaranteed by the full faith and credit of the US
Government.
PEFCO. The Private Export Funding Corporation assists exporters. Obligations of PEFCO are not
guaranteed by the full faith and credit of the US government.
TVA. The Tennessee Valley Authority provides flood control and power and promotes development
in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount
notes and bonds.
ASKED. The price at which a seller offers to sell a security.
ASSET BACKED SECURITIES. Securities supported by pools of installment loans or leases or by pools of
revolving lines of credit.
AVERAGE LIFE. In mortgage-related investments, including CMOs, the average time to expected receipt of
principal payments, weighted by the amount of principal expected.
BANKER’S ACCEPTANCE. A money market instrument created to facilitate international trade transactions. It
is highly liquid and safe because the risk of the trade transaction is transferred to the bank which
“accepts” the obligation to pay the investor.
BENCHMARK. A comparison security or portfolio. A performance benchmark is a partial market index, which
reflects the mix of securities allowed under a specific investment policy.
BID. The price at which a buyer offers to buy a security.
BROKER. A broker brings buyers and sellers together for a transaction for which the broker receives a
commission. A broker does not sell securities from his own position.
CALLABLE. A callable security gives the issuer the option to call it from the investor prior to its maturity. The
main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues
securities, it will likely call its current securities and reissue them at a lower rate of interest. Callable
securities have reinvestment risk as the investor may receive its principal back when interest rates
are lower than when the investment was initially made.
CERTIFICATE OF DEPOSIT (CD). A time deposit with a specific maturity evidenced by a certificate. Large
denomination CDs may be marketable.
CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SYSTEM (CDARS). A private placement service that allows
local agencies to purchase more than $250,000 in CDs from a single financial institution (must be
a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS is
currently the only entity providing this service. CDARS facilitates the trading of deposits between
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the California institution and other participating institutions in amounts that are less than $250,000
each, so that FDIC coverage is maintained.
COLLATERAL. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase
agreement. Also, securities pledged by a financial institution to secure deposits of public monies.
COLLATERALIZED MORTGAGE OBLIGATIONS (CMO). Classes of bonds that redistribute the cash flows of
mortgage securities (and whole loans) to create securities that have different levels of prepayment
risk, as compared to the underlying mortgage securities.
COMMERCIAL PAPER. The short-term unsecured debt of corporations.
COST YIELD. The annual income from an investment divided by the purchase cost. Because it does not give
effect to premiums and discounts which may have been included in the purchase cost, it is an
incomplete measure of return.
COUPON. The rate of return at which interest is paid on a bond.
CREDIT RISK. The risk that principal and/or interest on an investment will not be paid in a timely manner due
to changes in the condition of the issuer.
CURRENT YIELD. The annual income from an investment divided by the current market value. Since the
mathematical calculation relies on the current market value rather than the investor’s cost, current
yield is unrelated to the actual return the investor will earn if the security is held to maturity.
DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities
for his own position.
DEBENTURE. A bond secured only by the general credit of the issuer.
DELIVERY VS. PAYMENT (DVP). A securities industry procedure whereby payment for a security must be
made at the time the security is delivered to the purchaser’s agent.
DERIVATIVE. Any security that has principal and/or interest payments which are subject to uncertainty (but
not for reasons of default or credit risk) as to timing and/or amount, or any security which represents
a component of another security which has been separated from other components (“Stripped”
coupons and principal). A derivative is also defined as a financial instrument the value of which is
totally or partially derived from the value of another instrument, interest rate, or index.
DISCOUNT. The difference between the par value of a bond and the cost of the bond, when the cost is below
par. Some short-term securities, such as T-bills and banker’s acceptances, are known as discount
securities. They sell at a discount from par, and return the par value to the investor at maturity
without additional interest. Other securities, which have fixed coupons, trade at a discount when
the coupon rate is lower than the current market rate for securities of that maturity and/or quality.
DIVERSIFICATION. Dividing investment funds among a variety of investments to avoid excessive exposure to
any one source of risk.
DURATION. The weighted average time to maturity of a bond where the weights are the present values of
the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates.
(See modified duration).
FEDERAL FUNDS RATE. The rate of interest charged by banks for short-term loans to other banks. The
Federal Reserve Bank through open-market operations establishes it.
FEDERAL OPEN MARKET COMMITTEE. A committee of the Federal Reserve Board that establishes monetary
policy and executes it through temporary and permanent changes to the supply of bank reserves.
LEVERAGE. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate
higher than the cost of borrowing.
LIQUIDITY. The speed and ease with which an asset can be converted to cash.
LOCAL AGENCY INVESTMENT FUND (LAIF). A voluntary investment fund open to government entities and
certain non-profit organizations in California that is managed by the State Treasurer’s Office.
LOCAL GOVERNMENT INVESTMENT POOL. Investment pools that range from the State Treasurer’s Office Local
Agency Investment Fund (LAIF) to county pools, to Joint Powers Authorities (JPAs). These funds
are not subject to the same SEC rules applicable to money market mutual funds.
MAKE WHOLE CALL. A type of call provision on a bond that allows the issuer to pay off the remaining debt
early. Unlike a call option, with a make whole call provision, the issuer makes a lump sum payment
that equals the net present value (NPV) of future coupon payments that will not be paid because
of the call. With this type of call, an investor is compensated, or "made whole."
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MARGIN. The difference between the market value of a security and the loan a broker makes using that
security as collateral.
MARKET RISK. The risk that the value of securities will fluctuate with changes in overall market conditions
or interest rates.
MARKET VALUE. The price at which a security can be traded.
MARKING TO MARKET. The process of posting current market values for securities in a portfolio.
MATURITY. The final date upon which the principal of a security becomes due and payable.
MEDIUM TERM NOTES. Unsecured, investment-grade senior debt securities of major corporations which are
sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly
flexible debt instruments that can be structured to respond to market opportunities or to investor
preferences.
MODIFIED DURATION. The percent change in price for a 100 basis point change in yields. Modified duration
is the best single measure of a portfolio’s or security’s exposure to market risk.
MONEY MARKET. The market in which short-term debt instruments (T-bills, discount notes, commercial
paper, and banker’s acceptances) are issued and traded.
MORTGAGE PASS-THROUGH SECURITIES. A securitized participation in the interest and principal cash flows
from a specified pool of mortgages. Principal and interest payments made on the mortgages are
passed through to the holder of the security.
MUNICIPAL SECURITIES. Securities issued by state and local agencies to finance capital and operating
expenses.
MUTUAL FUND. An entity which pools the funds of investors and invests those funds in a set of securities
which is specifically defined in the fund’s prospectus. Mutual funds can be invested in various types
of domestic and/or international stocks, bonds, and money market instruments, as set forth in the
individual fund’s prospectus. For most large, institutional investors, the costs associated with
investing in mutual funds are higher than the investor can obtain through an individually managed
portfolio.
NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION (NRSRO).
A credit rating agency that the Securities and Exchange Commission in the United States uses
for regulatory purposes. Credit rating agencies provide assessments of an investment's risk. The
issuers of investments, especially debt securities, pay credit rating agencies to provide them with
ratings. The three most prominent NRSROs are Fitch, S&P, and Moody's.
NEGOTIABLE CD. A short-term debt instrument that pays interest and is issued by a bank, savings or federal
association, state or federal credit union, or state-licensed branch of a foreign bank. Negotiable
CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor
(investor).
PREMIUM. The difference between the par value of a bond and the cost of the bond, when the cost is above
par.
PREPAYMENT SPEED. A measure of how quickly principal is repaid to investors in mortgage securities.
PREPAYMENT WINDOW. The time period over which principal repayments will be received on mortgage
securities at a specified prepayment speed.
PRIMARY DEALER. A financial institution (1) that is a trading counterparty with the Federal Reserve in its
execution of market operations to carry out U.S. monetary policy, and (2) that participates for
statistical reporting purposes in compiling data on activity in the U.S. Government securities market.
PRUDENT PERSON (PRUDENT INVESTOR) RULE. A standard of responsibility which applies to fiduciaries. In
California, the rule is stated as “Investments shall be managed with the care, skill, prudence and
diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity
and familiar with such matters, would use in the conduct of an enterprise of like character and with
like aims to accomplish similar purposes.”
REALIZED YIELD. The change in value of the portfolio due to interest received and interest earned and
realized gains and losses. It does not give effect to changes in market value on securities, which
have not been sold from the portfolio.
REGIONAL DEALER. A financial intermediary that buys and sells securities for the benefit of its customers
without maintaining substantial inventories of securities and that is not a primary dealer.
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REPURCHASE AGREEMENT. Short-term purchases of securities with a simultaneous agreement to sell the
securities back at a higher price. From the seller’s point of view, the same transaction is a reverse
repurchase agreement.
SAFEKEEPING. A service to bank customers whereby securities are held by the bank in the customer’s name.
STRUCTURED NOTE. A complex, fixed income instrument, which pays interest, based on a formula tied to
other interest rates, commodities or indices. Examples include inverse floating rate notes which
have coupons that increase when other interest rates are falling, and which fall when other interest
rates are rising, and "dual index floaters," which pay interest based on the relationship between
two other interest rates - for example, the yield on the ten-year Treasury note minus the Libor rate.
Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap
agreements.
SUPRANATIONAL. A Supranational is a multi-national organization whereby member states transcend
national boundaries or interests to share in the decision making to promote economic development
in the member countries.
TOTAL RATE OF RETURN. A measure of a portfolio’s performance over time. It is the internal rate of
return, which equates the beginning value of the portfolio with the ending value; it includes interest
earnings, realized and unrealized gains, and losses in the portfolio.
U.S. TREASURY OBLIGATIONS. Securities issued by the U.S. Treasury and backed by the full faith and credit
of the United States. Treasuries are considered to have no credit risk, and are the benchmark for
interest rates on all other securities in the US and overseas. The Treasury issues both discounted
securities and fixed coupon notes and bonds.
TREASURY BILLS. All securities issued with initial maturities of one year or less are issued as discounted
instruments, and are called Treasury bills. The Treasury currently issues three- and six-month T-
bills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out
cash flows.
TREASURY NOTES. All securities issued with initial maturities of two to ten years are called Treasury notes,
and pay interest semi-annually.
TREASURY BONDS. All securities issued with initial maturities greater than ten years are called Treasury
bonds. Like Treasury notes, they pay interest semi-annually.
VOLATILITY. The rate at which security prices change with changes in general economic conditions or the
general level of interest rates.
YIELD TO MATURITY. The annualized internal rate of return on an investment which equates the expected
cash flows from the investment to its cost.
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