HomeMy WebLinkAboutFinance Committee Agenda Packet - September 12, 2024CITY OF NEWPORT BEACH
FINANCE COMMITTEE AGENDA
Community Room - 100 Civic Center Drive, Newport Beach, CA 92660
Thursday, September 12, 2024 - 3:00 PM
Finance Committee Members:
Joe Stapleton, Mayor Pro Tem / Chair
Will O' Neill, Mayor
Noah Blom, Council Member
Allen Cashion, Committee Member
William Collopy, Committee Member
Keith Curry, Committee Member
Nancy Scarbrough, Committee Member
Staff Members:
Grace K. Leung, City Manager
Jason Al-Imam, Finance Director/Treasurer
Shelby Burguan, Deputy Finance Director
Brittany Cleberg, Assistant Management Analyst
NOTICE REGARDING PRESENTATIONS REQUIRING USE OF CITY EQUIPMENT
Any presentation requiring the use of the City of Newport Beach’s equipment must be submitted to the Finance
Director/Treasurer 24 hours prior to the scheduled Finance Committee meeting.
NOTICE REGARDING PUBLIC PARTICIPATION
Questions and comments may also be submitted in writing for the Finance Committee’s consideration by sending them
to Jason Al-Imam, Finance Director/Treasurer, at jalimam@newportbeachca.gov. To give the Finance Committee
adequate time to review your questions and comments, please submit your written comments by no later than 5 p.m.
the day prior to the Finance Committee meeting. All correspondence will be made part of the record.
NOTICE TO THE PUBLIC
The Finance Committee meeting is subject to the Ralph M. Brown Act. Among other things, the Brown Act requires that
their agenda be posted at least twenty-four (24) hours in advance of each special meeting and that the public be allowed
to comment on agenda items before the Committee and items not on the agenda but are within the subject matter
jurisdiction of the Finance Committee. The Chair may limit public comments to a reasonable amount of time, generally
three (3) minutes per person.
It is the intention of the City of Newport Beach to comply with the Americans with Disabilities Act (“ADA”) in all respects.
If, as an attendee or a participant at this meeting, you will need special assistance beyond what is normally provided, the
City of Newport Beach will attempt to accommodate you in every reasonable manner. If requested, this agenda will be
made available in appropriate alternative formats to persons with a disability, as required by Section 202 of the
Americans with Disabilities Act of 1990 (42 U.S.C. Sec. 12132), and the federal rules and regulations adopted in
implementation thereof. Please contact the City Clerk’s Office at least forty-eight (48) hours prior to the meeting to
inform us of your particular needs and to determine if accommodation is feasible at (949) 644-3127 or
jalimam@newportbeachca.gov.
I.CALL MEETING TO ORDER
II.ROLL CALL
III.PLEDGE OF ALLEGIANCE
IV.PUBLIC COMMENTS
Public comments are invited on agenda and non-agenda items generally considered to be
within the subject matter jurisdiction of the Finance Committee. Speakers must limit comments
to three (3) minutes. Before speaking, we invite, but do not require, you to state your name for
the record. The Finance Committee has the discretion to extend or shorten the speakers’ time
limit on agenda or non-agenda items, provided the time limit adjustment is applied equally to all
speakers. As a courtesy, please turn cell phones off or set them in the silent mode.1
September 12, 2024
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Finance Committee Meeting
ADDITIONAL MATERIALS RECEIVEDA.
PUBLIC COMMENTS - ADDITIONAL MATERIALS RECEIVED
V.CONSENT CALENDAR
All matters listed under CONSENT CALENDAR are considered to be routine and will all be
enacted by one motion in the form listed below. [Board/Committee/Commission] Members
have received detailed staff reports on each of the items recommending an action. There will be
no separate discussion of these items prior to the time the [Board/Committee/Commission]
votes on the motion unless members of the [Board/Committee/Commission] request specific
items to be discussed and/or removed from the Consent Calendar for separate action.
Members of the public who wish to discuss a Consent Calendar item should come forward to
the lectern upon invitation by the Chair.
MINUTES OF MAY 30, 2024A.
Recommended Action:
Approve and file.
MINUTES
VI.CURRENT BUSINESS
ANNUAL REVIEW OF INVESTMENT POLICYA.
Summary:
Consistent with Section K-2 of Council Policy F-1, Statement of Investment Policy
(the Policy), the Finance Department has completed an annual review of the Policy to
ensure its consistency with the overall objectives of preservation of principal, liquidity,
and return, as well as its relevance to current law and financial and economic trends.
Modifications to the Policy are proposed based on a recent change to the California
Government Code.
Recommended Action:
Review and discuss this report and recommend that the City Council formally
approve the proposed changes by adopting a resolution. These changes are in
furtherance of the City’s investment objectives.
STAFF REPORT
ATTACHMENT A
ANNUAL REVIEW OF INVESTMENT PERFORMANCEB.
Summary:
A representative from Chandler Asset Management, the City’s investment advisor,
will report on the performance of the City’s investment portfolio for the fiscal year
ending June 30, 2024.
Recommended Action:
Receive and file.
ATTACHMENT A
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September 12, 2024
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Finance Committee Meeting
BUDGET AMENDMENTS FOR QUARTER ENDING JUNE 30, 2024C.
Summary:
Staff will report on the budget amendments from the prior quarter.
Recommended Action:
Receive and file.
STAFF REPORT
ATTACHMENT A
D.DEPARTMENTAL OVERVIEWS
Summary:
At the Finance Committee meeting on May 30, 2024, Mayor Will O’Neill noted that
the Public Works Department will be reviewed in-depth in October 2024 and
requested that staff provide information at the September 2024 meeting as to which
department will be reviewed in January 2025.
Recommended Action:
Based on an examination of the departments that have been reviewed over the past
five years, it is recommended that the Utilities Department be reviewed at the
Finance Committee meeting in January 2025.
STAFF REPORT
E.WORK PLAN REVIEW
Summary:
Staff and Finance Committee to review the proposed work plan and identify matters
that members would like placed on a future Agenda for discussion, action, or report.
Recommended Action:
Receive and file.
WORK PLAN
VII. ADJOURNMENT
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ITEM NO. 4A1 PUBLIC COMMENTS
ATTACHMENT A
PUBLIC COMMENTS – ADDITIONAL MATERIALS RECEIVED
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September 12,2024,Finance Committee Agenda Comments
These comments on Newport Beach Finance Committee agenda items are submitted by:
Jim Mosher (jimmosher@yahoo.com ),2210 Private Road,Newport Beach 92660 (949-548-6229).
Item No.V.A.MINUTES OF MAY 30,2024
These minor corrections are suggested:
Page 2 of 6 (agenda packet page 5),Item VI.A,paragraph 1,sentence 3:“Their firm will review
the annual financial statements,perform procedures related to the City’s GANN Gann limitation
worksheets and conduct a single audit.”
Page 5 of 6 (agenda packet page 8),full paragraph 1,sentence 3:“Approximately 78%of those
costs are related to IT services to support Library computer-related services and maintenance,
which is why it why the Library’s budget is charged for those services provided by another
Department.”
Item No.VI.A.ANNUAL REVIEW OF INVESTMENT POLICY
The recommended revision is to append the following statement to the definition of “Maturity”
found on page 18 of Policy F-1 (agenda packet page 8):“An investment’s term or remaining
maturity is measured from the settlement date to final maturity.”
Since “Maturity”is defined as a date (the one on which the principal is paid),and “term or
remaining maturity”is not a date,but a length of time,it seems to me these represent a
separate concept that deserves separate definitions,not buried under that of a different concept.
I would suggest something like:
Maturity,Remaining:see “Term”
Settlement Date:The date on which a trade settles and the transfer of cash or assets is
completed
Term:The length of time from the Settlement Date to Maturity (also known as “Remaining
Maturity”)
It would also seem that the Glossary should be referenced in the introduction to the policy to
clarify it defines terms appearing in it,and not a possibly unrelated document.Assuming the
definitions in the Glossary are indeed controlling,they should make possible the elimination of
some of the redundancies then occurring in the body of Policy F-1.For example:
Section G.1.a on page 8 (agenda packet page 18):“United States Treasury bills,notes,or
bonds with a final remaining maturity not exceeding five years from the date of trade
settlement.”[or “with a term not exceeding”]…and similarly in the following Sections G.1.b
through G.1.k and o,where “trade settlement date”is redundantly mentioned.
Similarly,in Section H.2 on page 12 (agenda packet page 24):“The City will not invest in
securities maturing with a term of more than five years from the date of trade settlement,
unless the City Council has by resolution granted authority to make such an investment at least
three months prior to the date of investment.”[or “with remaining maturity of more than”].
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Finance Committee Regular Meeting Minutes May 30, 2024
Page 1 of 6
CITY OF NEWPORT BEACH FINANCE COMMITTEE COMMUNITY ROOM – 100 CIVIC CENTER DRIVE, NEWPORT BEACH MAY 30, 2024 REGULAR MEETING MINUTES I. CALL MEETING TO ORDER The meeting was called to order at 3:01 p.m. by Mayor O’Neill. II. ROLL CALL PRESENT: Will O’Neill, Mayor/Chair
Joe Stapleton, Mayor Pro Tem Noah Blom, Councilmember (arrived at 3:08 p.m.) Allen Cashion, Committee Member Nancy Scarbrough, Committee Member
ABSENT: William Collopy, Committee Member (excused)
Keith Curry, Committee Member (excused) STAFF PRESENT: Grace K. Leung, City Manager Jason Al-Imam, Finance Director/Treasurer
Shelby Burguan, Acting Deputy Finance Director Brittany Cleberg, Assistant Management Analyst
Steven Anderson, Department Assistant Jessica Nguyen, Budget Analyst
Abigail Marin, Budget Analyst Anthony Alannouf, Budget Analyst
Trevor Power – Accounting Manager Jessica Kan, Revenue Manager
Jennifer Anderson, Purchasing & Contracts Administrator Theresa Schweitzer, Public Works Finance Administrative Manager
Raymund Reyes, Fire Administrative Manager
MEMBERS OF THE PUBLIC: Jim Mosher
Charles Klobe III. PLEDGE OF ALLEGIANCE
The Pledge of Allegiance was led by Mayor Pro Tem Stapleton. IV. PUBLIC COMMENTS
A. ADDITIONAL MATERIALS RECEIVED
Mayor/Chair O’Neill opened public comments. Jim Mosher commented on contracting transparency and the City’s internal audit program. He commended the City for providing public access to contract documents and requested further
transparency into “on-call” types of contractual agreements. He requested the City follow the procedure for posting related letter proposals for “on-call” services over $10,000. He noted his
recent public records request related to the City’s noise consultant for the General Plan update. He requested status updates on internal audit program projects that remain pending for which the City Council approved four contractual agreements. He expressed concern that the subject contractors were sent letters of termination and inquired as to the status of the internal audit program.
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Seeing no others, Mayor/Chair O’Neill closed public comments. V. CONSENT CALENDAR A. MINUTES OF MAY 9, 2024 Recommended Action: Approve and file.
Mayor/Chair O’Neill requested the motion incorporate the amendments submitted by Jim
Mosher.
MOTION: Committee Member Scarbrough moved to approve the minutes of May 9, 2024, as amended seconded by Committee Member Cashion. The motion carried as follows: AYES: Cashion, Scarbrough, Blom, Stapleton, O’Neill NOES: None ABSENT: Collopy (excused), Curry (excused) ABSTAIN: None VI. CURRENT BUSINESS A. FINANCIAL STATEMENT AUDITOR’S COMMUNICATION WITH THE FINANCE COMMITTEE ACTING AS THE CITY’S AUDIT COMMITTEE Recommended Action: Receive and file. Marc Davis, partner with Davis Farr LLP discussed the planned scope and timing of the audit for the Fiscal Year Ending June 30, 2024. The presentation noted the audit process will remain the same as previous years. Their firm will review the annual financial statements, perform procedures related to the City’s GANN limitation worksheets and conduct a single audit. He stated the audit procedures are not for the purpose of identifying fraud, however if such activity is spotted, it will be appropriately reported. Mr. Davis continued by reporting the firm’s responsibility as external auditors is to open lines of communication with the Audit Committee. Auditing standards require at least two points of communication with the Audit Committee each year, the first being for the upcoming audit, and the second to communicate the audit results, once completed. Any material findings in the interim will be communicated to the Audit Committee. The audit will be conducted in compliance with Generally Accepted Auditing Standards. The audit will be conducted in two phases, commencing in July with procedures related to risk assessment of the organization. This involves a review of internal controls for financial reporting and work related to the Gann limit. The interim portion of the audit drives the final audit procedures, which are based upon the various facts and circumstances established for the City from a financial reporting perspective over the past fiscal year. Questionnaires will be distributed selectively throughout the City, to employees in management and throughout the organization, to gain input related to any activities which may appear or indicate actual fraud or suspected fraud. This will assist in developing the risk assessment procedures. The audit must contain elements of unpredictability to increase the ability for the process to identify activities which may be increasing the City’s financial risk exposure. Mr. Davis continued by detailing the audit timelines. He reported the final audit is scheduled for October and will feature a deep dive into all key financial reporting activities. The single audit is scheduled for January 2025 after all financial statements are compiled in December 2024. His firm will return in January 2025 to present the results of the audits, which will include mandated reporting of certain audit elements, including violation of laws or regulations, the firm’s views of accounting practices including policies, estimates and disclosures, significant
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difficulties, disagreements with management, significant unusual transactions, potential effects of uncorrected misstatements, and any other necessary matters. Committee Member Scarbrough requested clarification as to the process for contacting employees for transmission of the questionnaires. Mr. Davis responded that a complete list of City employees is provided to the firm, they evaluate who has received them in the past, and
select individuals from every Department. City management sends an informational email to all employees to notify them they may be receiving a questionnaire. Committee Member Scarbrough inquired as to the firm’s process for developing trust with employees in order to reduce fear of retaliation for reporting suspicious financial activity. Mr. Davis responded their firm’s experience is that most employees feel comfortable talking about
the organization. The firm has a process by which they conduct one-on-one meetings if an employee wants to report without transmitting information in writing. Committee Member Cashion requested clarification concerning the audit processes which may
indicate weaknesses or gaps in controls which could result in fraudulent activity or that could result in improvements to internal controls or procedures. Mr. Davis responded the firm reviews
the City’s various financial management processes and policies, such as those for cash disbursements, cash receipts, and grants management, as they have a direct impact on the preparation of the financial statements. The controls for those processes will be tested, including pulling a number of transactions to ensure the City is complying with its own policies
and that the controls are effective. The firm will communicate any minor instances of ineffective controls or opportunities to institute best practices with Finance Director/Treasurer Al-Imam
and his team. If any of the audit test findings are significant or material, the firm will issue a management letter comment and transmit that information to the Audit Committee in January
to discuss opportunities for improvement.
Committee Member Cashion inquired if the audit is strictly accounting-related or would include review of items such as contract management or capital projects. Mr. Davis responded the
audit is generally focused on accounting related matters, however, deep dives into other areas, including capital projects, could occur as a result of the auditor’s risk assessment process if
certain areas are determined to have a material impact on the financial statements.
Mayor/Chair O’Neill opened public comments.
Jim Mosher stated the Charter originally called for the auditor to be appointed at the beginning of the fiscal year, rather than at the end. He requested confirmation that the audit is actually
performed on the City’s financial statement, the ACFR, which is prepared independently by the City’s financial team or another consultant. He also requested confirmation that the audit
performed as described in this agenda item is not a substitute for the internal audit tasks which the City had contracted for previously. He inquired whether a written report is prepared for
public presentation as to the audit work actually completed to provide a better understanding of the audit’s scope.
Finance Director/Treasurer Al-Imam responded the audit is of the financial statements and its
primary purpose is to ensure the amounts reflected in the ACFR are materially correct. There is consideration for fraud, which is required under the audit standards, but not for the purpose of expressing an opinion on internal control, but in order to ensure that the amounts reflected in the financial statements or the ACFR are materially correct. The Finance Committee will
receive a letter upon completion of the audit, typically in January, with required auditor communications which outlines a summary of significant accounting estimates and other
required disclosures and communications as part of the audit process. Mr. Davis responded to Mr. Mosher’s comments noting the communication at the end of the audit will include the auditor’s opinion on the City’s financial statements, the scope of the
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auditor’s responsibilities related to the audit, and the basis for the auditor’s opinion on the financial statements. Seeing no others, Mayor/Chair O’Neill closed public comments. This item was received and filed and there was no further action taken.
B. FINANCE COMMITTEE RECOMMENDATION TO THE CITY COUNCIL FOR THE FISCAL
YEAR 2024-25 OPERATING BUDGET
Recommended Action: Make final recommendations to the City Council concerning the City Manager’s Fiscal Year 2024-25 Proposed Budget. Chair O’Neill expressed appreciation for the follow-up information provided on his previous inquiries and confirmed his understanding of the variances. Acting Deputy Finance Director Shelby Burguan presented a summary of the proposed budget revisions for the upcoming fiscal year, which will be reviewed by the City Council at their meeting on June 11th. One of the Finance Committee’s key responsibilities is to provide recommendations to the City Council on the City Manager’s proposed budget. Acting Deputy Finance Director Shelby Burguan continued by stating that the operating budget’s growth in expenditures is primarily attributable to personnel. The growth in transfers out is primarily attributable to transfers to capital funds. The growth in the CIP expenditures is largely due to the Balboa Library, Fire Station No. 1, and Big Canyon Restoration projects. There is a General Fund projected preliminary operating surplus of $5.3 million, of which it is recommended that $5 million be allocated to the City’s pension liability by the City Council at the time of budget adoption. If the City Council approves the additional $5 million allocation to the City’s pension liability at the time of adoption of the budget, it will bring the total paid towards the unfunded pension liability to $45 million in Fiscal Year 2024-25, which is approximately $14 million more than what is required to be paid. The final two budget revision items which were not presented at the last Finance Committee meeting are associated with the Peninsula Point Habitat Restoration and the Trash Wheel Habitat Restoration projects. The proposals from the selected lowest bids required additional funding for the projects. The proposed budget revisions reflect the proposed use of restricted funds, not General Funds, to fully fund the projects. Committee Member Cashion requested clarification concerning the Peninsula Point Habitat Restoration project and whether the costs are for a multi-year project. Public Works Finance Administrative Manager Theresa Schweitzer responded the Coastal Commission requires cleanup of the extra encroachments and continuous monitoring is required. A contractor performs the monitoring and ensures compliance. The site currently features special native landscaping. City Manager Leung confirmed the restoration costs are proposed for a multi-year project. Mayor/Chair O’Neill opened public comments. Jim Mosher commented that it appeared that some material expenses may have not been adjusted for inflation such as the budgeted cost for library materials. He also expressed confusion and requested clarification concerning internal service charges, how they are accrued and reported, and the process for identifying which items have internal service charges applied. City Manager Leung expressed appreciation for Mr. Mosher’s careful review of the City’s proposed budget and confirmed City staff conducts a similar thorough review of each line item. Budget line items are not automatically increased to account for inflation. For items such as library materials, budgeted at over $500,000, actual historical expenditures are reviewed, including donations from the Friends of the Library organization which provides supplemental
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materials. The budget is prepared to meet service levels rather than automatically adjusted on an inflation factor. A similar process is conducted throughout the City’s budget preparation process to ensure the appropriate funds are proposed and allocated to meet service level needs. Finance Director/Treasurer Al-Imam confirmed City staff conducts the types of review outlined
by City Manager Leung. He provided an example from the Library to explain the City’s internal service fund charges, as reflected in the Library’s budget includes $1.85 million in internal service fund charges. Approximately 78% of those costs are related to IT services to support Library computer-related services and maintenance, which is why it why the Library’s budget is charged for those services provided by another Department.
Seeing no others, Mayor/Chair O’Neill closed public comments. Mayor/Chair O’Neill stated that traditionally, a non-elected member of the Finance Committee makes the motion and second on the recommendation concerning the proposed budget, as
the City Council members of the Finance Committee will vote on adoption of the final proposed budget. He acknowledged this was his last budget and meeting as Chair and thanked the City
Manager, who is obligated by the Charter to provide the budget proposal, for her work in presenting a non-controversial budget. He reflected on historical actions related to the budget and his desire to be part of this Committee when contemplating his interest in running for City Council. He acknowledged the importance of developing a strong City-wide budget which did
not use General Fund money to subsidize other funds and the Committee’s extensive work to address matters such as the pension liability and capital projects for the City’s benefit. He
expressed his sincere gratitude to the members of the Finance Committee for their work. He concluded by acknowledging his pride in the proposed budget and its plan to address the
services desired by the community.
Mayor Pro Tem Stapleton echoed Mayor/Chair O’Neill’s comments and thanked him for his leadership and service.
Committee Member Scarbrough also thanked Mayor/Chair O’Neill, Finance Director/Treasurer
Al-Imam and all City staff who were involved in the budget preparation process.
Councilmember Blom acknowledged the excellent work of staff to mitigate difficult financial situations and that his financial expertise was not needed.
MOTION: Committee Member Scarbrough moved to recommend the Fiscal Year 2024-25
Operating Budget, as presented, to the City Council for approval, seconded by Committee Member Cashion. The motion carried as follows:
AYES: Cashion, Scarbrough, Blom, Stapleton, O’Neill
NOES: None ABSENT: Collopy (excused), Curry (excused)
ABSTAIN: None C. WORK PLAN REVIEW Recommended Action: Receive and file. A summary of items scheduled for upcoming Finance Committee meetings was provided as
listed in the publicly noticed agenda report, including upcoming joint meetings with the City Council for budget review and the fall meeting schedule.
He noted that the Public Works Department will be reviewed in-depth in October and requested staff provide information at the September meeting as to which Department will be reviewed in January.
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Mayor/Chair O’Neill opened public comments. Seeing none, Mayor/Chair O’Neill closed public comments. This item was received and filed and there was no further action taken. VII. ADJOURNMENT The Finance Committee meeting adjourned at 3:38 p.m. Attest:
___________________________________ _____________________ Joe Stapleton, Mayor Pro Tem/Chair Date Finance Committee
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CITY OF NEWPORT BEACH FINANCE COMMITTEE STAFF REPORT
Agenda Item No. 6A September 12, 2024
TO: HONORABLE CHAIRMAN AND MEMBERS OF THE COMMITTEE
FROM: Finance Department Jason Al-Imam, Finance Director/Treasurer 949-644-3123, jalimam@newportbeachca.gov
SUBJECT: ANNUAL REVIEW OF INVESTMENT POLICY
SUMMARY: Consistent with Section K-2 of Council Policy F-1, Statement of Investment Policy (the Policy), the Finance Department has completed an annual review of the Policy to ensure
its consistency with the overall objectives of preservation of principal, liquidity, and return, as well as its relevance to current law and financial and economic trends. The investment of City funds is governed by the California Government Code (Sections 53600-53610), which prescribes the investment vehicles in which local agencies are permitted to invest available funds. Staff, working with the City’s investment advisor Chandler Asset
Management (Chandler), has completed a comprehensive review of the Policy including compliance with relevant sections of the Government Code, as well as, incorporating best investment practices. Modifications to the Policy are proposed based on a recent change to the California Government Code. RECOMMENDED ACTION: Review and discuss this report and recommend that the City Council formally approve the proposed change by adopting a resolution. DISCUSSION: California Government Code Section 53600.5 mandates that the City Treasurer shall follow three objectives when investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds. The primary objective of the City Treasurer
shall be to safeguard the principal of the funds under his or her control. The secondary objective shall be to meet the liquidity needs of the City. The third objective shall be to achieve a market rate of return on the funds under his or her control.
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Annual Review of Investment Policy September 12, 2024 Page 2
Guided by the Policy and constrained by California Government Code, the City’s core investment objectives are to provide safety of the invested principal by maintaining a well-diversified, high-quality portfolio of liquid assets while earning a market rate of return
commensurate with the City’s conservative risk profile.
Based on Staff and Chandler’s recent review of the City’s Investment Policy, the following change to the City’s Investment Policy is proposed based on a change to the California Government Code in connection with California Senate Bill No. 1489 (SB 1489), the Local
Government Omnibus Act of 2022, which became effective January 1, 2023:
• Glossary of Investment Terms – Specify that, per SB 1489, an investment’s term
or remaining maturity shall be measured from the settlement date to final maturity
(rather than trade date).
Prepared and Submitted by:
/s/ Jason Al-Imam _____________________________
Jason Al-Imam Finance Director/Treasurer
ATTACHMENT: Attachment A – Statement of Investment Policy with Redlined Changes
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ATTACHMENT A
STATEMENT OF INVESTMENT POLICY WITH REDLINED CHANGES
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F-1
1
STATEMENT OF INVESTMENT POLICY
Purpose
The City Council has adopted this Investment Policy (the Policy) in order to establish the scope of the
investment policy, investment objectives, standards of care, authorized investments, investment parameters,
reporting, investment policy compliance and adoption, and the safekeeping and custody of assets.
This Policy is organized in the following sections:
A. Scope of Investment Policy
1. Pooling of Funds
2. Funds Included in the Policy
3. Funds Excluded from the Policy
B. Investment Objectives
1. Safety
2. Liquidity
3. Yield
C. Standards of Care
1. Prudence
2. Ethics and Conflicts of Interest
3. Delegation of Authority
4. Internal Controls
D. Banking Services
E. Broker/Dealers
F. Safekeeping and Custody of Assets
G. Authorized Investments
1. Investments Specifically Permitted
2. Investments Specifically Not Permitted
3. Exceptions to Prohibited and Restricted Investments
H. Investment Parameters
1. Diversification
2. Maximum Maturities
3. Credit Quality
4. Competitive Transactions
I. Portfolio Performance
J. Reporting
K. Investment Policy Compliance and Adoption
1. Compliance
2. Adoption
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F-1
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A. SCOPE OF INVESTMENT POLICY
1. Pooling of Funds
All cash shall be pooled for investment purposes. The investment income derived from the
pooled investment shall be allocated to the contributing funds, net of all banking and
investing expenses, based upon the proportion of the respective average balances relative to
the total pooled balance. Investment income shall be distributed to the individual funds not
less than annually.
2. Funds Included in the Policy
The provisions of this Policy shall apply to all financial assets of the City as accounted for
in the City’s Comprehensive Annual Financial Report, including;
a) General Fund
b) Special Revenue Funds
c) Capital Project Funds
d) Enterprise Funds
e) Internal Service Funds
f) Trust and Agency Funds
g) Permanent Endowment Funds
h) Any new fund created unless specifically exempted
If the City invests funds on behalf of another agency and, if that agency does not have its
own investment policy, this Policy shall govern the agency’s investments.
3. Funds Excluded from the Policy
Bond Proceeds – Investment of bond proceeds will be made in accordance with applicable
bond indentures.
B. INVESTMENT OBJECTIVES
The City’s funds shall be invested in accordance with all applicable City policies and codes, State
statutes, and Federal regulations, and in a manner designed to accomplish the following objectives,
which are listed in priority order:
1. Safety
Preservation of principal is the foremost objective of the investment program. Investments
of the City shall be undertaken in a manner that seeks to ensure the preservation of capital
in the overall portfolio. The objective shall be to mitigate credit risk and interest rate risk.
To attain this objective, the City shall diversify its investments by investing funds among
several financial institutions and a variety of securities offering independent returns.
a) Credit Risk
The City shall minimize credit risk, the risk of loss due to the failure of the security
issuer or backer, by:
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F-1
3
Limiting investments in securities that have higher credit risks, pre-qualifying
the financial institutions, broker/dealers, intermediaries, and advisors with
which the City will do business
Diversifying the investment portfolio so as to minimize the impact any one
industry/investment class can have on the portfolio
b) Interest Rate Risk
To minimize the negative impact of material changes in the market value of securities
in the portfolio, the City shall:
Structure the investment portfolio so that securities mature concurrent with
cash needs to meet anticipated demands, thereby avoiding the need to sell
securities on the open market prior to maturity
Invest in securities of varying maturities
2. Liquidity
The City’s investment portfolio shall remain sufficiently liquid to enable the City to meet all
operating requirements which might be reasonably anticipated without requiring a sale of
securities. Since all possible cash demands cannot be anticipated, the portfolio should consist
largely of securities with active secondary or resale markets. A portion of the portfolio also
may be placed in money market mutual funds or LAIF which offer same-day liquidity for
short-term funds.
3. Yield
The City’s investment portfolio shall be designed with the objective of attaining a benchmark
rate of return throughout budgetary and economic cycles, commensurate with the City’s
investment risk constraints and the liquidity characteristics of the portfolio. Return on
investment is of secondary importance compared to the safety and liquidity objectives
described above. The core of investments is limited to relatively low risk securities in
anticipation of earning a fair return relative to the risk being assumed.
C. STANDARDS OF CARE
1. Prudence
The standard of prudence to be used for managing the City's investment program is
California Government Code Section 53600.3, the prudent investor standard, which 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.”
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F-1
4
The City's overall investment program shall be designed and managed with a degree of
professionalism that is worthy of the public trust. The City recognizes that no investment is
totally without risk and that the investment activities of the City are a matter of public record.
Accordingly, the City recognizes that occasional measured losses may occur in a diversified
portfolio and shall be considered within the context of the overall portfolio's return, provided
that adequate diversification has been implemented and that the sale of a security is in the
best long-term interest of the City.
The Finance Director and authorized investment personnel acting in accordance with
established procedures and exercising due diligence shall be relieved of personal
responsibility for an individual security's credit risk or market price changes, provided that
deviations from expectations are reported in a timely fashion to the City Council and
appropriate action is taken to control adverse developments.
2. Ethics and Conflicts of Interest
Elected officials and employees involved in the investment process shall refrain from
personal business activity that could conflict with proper execution of the City’s investment
program or could impair or create the appearance of an impairment of their ability to make
impartial investment decisions. Employees and investment officials shall subordinate their
personal investment transactions to those of the City. In addition, City Council members, the
City Manager, and the Finance Director shall file a Statement of Economic Interests each
year as required by California Government Code Section 87203 and regulations of the Fair
Political Practices Commission.
3. Delegation of Authority
Authority to manage the City’s investment program is derived from the Charter of the City
of Newport Beach section 605 (j). The Finance Director shall assume the title of and act as
City Treasurer and with the approval of the City Manager appoint deputies annually as
necessary to act under the provisions of any law requiring or permitting action by the City
Treasurer. The Finance Director may then delegate the authority to conduct investment
transactions and to manage the operation of the investment portfolio to other specifically
authorized staff members. No person may engage in an investment transaction except as
expressly provided under the terms of this Policy.
The City may engage the support services of outside investment advisors with respect to its
investment program, so long as it can be demonstrated that these services produce a net
financial advantage or necessary financial protection of the City's financial resources. Such
companies must be registered under the Investment Advisors Act of 1940, be well-
established and exceptionally reputable. Members of the staff of such companies who will
have primary responsibility for managing the City’s investments must have a working
familiarity with the special requirements and constraints of investing municipal funds in
general and this City's funds in particular. These firms must insure that the portion of the
portfolio under their management complies with various concentration and other constraints
specified herein, and contractually agree to conform to all provisions of governing law and
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the collateralization and other requirements of this Policy. Selection and retention of
broker/dealers by investment advisors shall be at their sole discretion and dependent upon
selection and retention criteria as stated in the Uniform Application for Investment Advisor
Registration and related Amendments (SEC Form ADV 2A).
4. Internal Controls
The Finance Director is responsible for establishing and maintaining a system of internal
controls. The internal controls shall be designed to prevent losses of public funds arising
from fraud, employee error, and misrepresentation by third parties, unanticipated changes in
financial markets, or imprudent action by City employees and officers. The internal structure
shall be designed to provide reasonable assurance that these objectives are met. The concept
of reasonable assurance recognizes that (1) the cost of a control should not exceed the
benefits likely to be derived, and (2) the valuation of costs and benefits requires estimates
and judgments by management.
D. BANKING SERVICES
Banking services for the City shall be provided by FDIC insured banks approved to provide
depository and other banking services. To be eligible, a bank shall qualify as a depository of public
funds in the State of California as defined in California Government Code Section 53630.5 and shall
secure deposits in excess of FDIC insurance coverage in accordance with California Government
Code Section 53652.
E. BROKER/DEALERS
In the event that an investment advisor is not used to purchase securities, the City will select
broker/dealers on the basis of their expertise in public cash management and their ability to provide
service to the City’s account.
Each approved broker/dealer must possess an authorizing certificate from the California
Commissioner of Corporations as required by Section 25210 of the California Corporations Code.
To be eligible, a firm must meet at least one of the following criteria:
1. Be recognized as Primary Dealers by the Federal Reserve Bank of New York or have a
primary dealer within their holding company structure, or
2. Report voluntarily to the Federal Reserve Bank of New York, or
3. Qualify under Securities and Exchange Commission (SEC) Rule 15c3-1 (Uniform Net
Capital Rule).
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F. SAFEKEEPING AND CUSTODY OF ASSETS
The Finance Director shall select one or more banks to provide safekeeping and custodial services
for the City. A Safekeeping Agreement approved by the City shall be executed with each custodian
bank prior to utilizing that bank's safekeeping services.
Custodian banks will be selected on the basis of their ability to provide services for the City's account
and the competitive pricing of their safekeeping related services.
The purchase and sale of securities and repurchase agreement transactions shall be settled on a
delivery versus payment basis. All securities shall be perfected in the name of the City. Sufficient
evidence to title shall be consistent with modern investment, banking and commercial practices.
All investment securities, except non-negotiable Certificates of Deposit, Money Market Funds and
local government investment pools, purchased by the City will
be delivered by book entry and will be held in third-party safekeeping by a City approved custodian
bank, its correspondent bank or its Depository Trust Company (DTC) participant account.
All Fed wireable book entry securities owned by the City shall be held in the Federal Reserve system
in a customer account for the custodian bank which will name the City as “customer.”
All DTC eligible securities shall be held in the custodian bank’s DTC participant account and the
custodian bank shall provide evidence that the securities are held for the City as “customer.”
G. AUTHORIZED INVESTMENTS
All investments and deposits of the City shall be made in accordance with California Government
Code Sections 16429.1, 53600-53609 and 53630-53686. Any revisions or extensions of these code
sections will be assumed to be part of this Policy immediately upon being enacted. The City has
further restricted the eligible types of securities and transactions. The foregoing list of authorized
securities and transactions shall be strictly interpreted. Any deviation from this list must be pre-
approved by resolution of the City Council. In the event an apparent discrepancy is found between
this Policy and the Government Code, the more restrictive parameter(s) will take precedence.
Where this section specifies a percentage limitation or minimum credit rating for a particular
security type, that percentage or credit rating minimum is applicable only at the date of purchase.
1. Investments Specifically Permitted
a) United States Treasury bills, notes, or bonds with a final maturity not exceeding five
years from the date of trade settlement. There is no limitation as to the percentage of
the City’s portfolio that may be invested in this category.
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b) Federal Instrumentality (government-sponsored enterprise) debentures, discount
notes, callable and step-up securities, with a final maturity not exceeding five years
from the date of trade settlement. There is no limitation as to the percentage of the
portfolio that can be invested in this category. No more than thirty percent (30%) of
the portfolio may be invested in any single Federal Instrumentality/GSE issuer. The
maximum percentage of callable Federal Instrumentality/GSE securities in the
portfolio will be twenty percent (20%.)
c) Federal Agency Obligations for which the full faith and credit of the United States
are pledged for the payment of principal and interest and which have a final maturity
not exceeding five years from the date of trade settlement. There is no limitation as
to the percentage of the portfolio that can be invested in this category.
d) Mortgage-backed Securities, Collateralized Mortgage Obligation (CMO) and Asset-
backed Securities from issuers not defined sections a, b and c of the Investments
Specifically Permitted section of this investment policy are limited to bonds with a
final maturity not exceeding five years from the date of trade settlement. The security
itself shall be rated at least “AAA” or the equivalent by an NRSRO. No more than
five percent (5%) of the City’s total portfolio shall be invested in any one issuer of
mortgage-backed and asset-backed securities listed above, and the aggregate
investment in mortgage-backed and asset-backed securities shall not exceed twenty
percent (20%) of the City’s total portfolio.
e) Medium-Term Notes issued by corporations organized and operating within the
United States or by depository institutions licensed by the United States or any state
and operating within the United States, with a final maturity not exceeding five years
from the date of trade settlement, and rated in at least the “A” category or the
equivalent by an NRSRO. No more than five percent (5%) of the City’s total portfolio
shall be invested in any one issuer of medium- term notes, and the aggregate
investment in medium-term notes shall not exceed thirty percent (30%) of the City’s
total portfolio.
f) Municipal Bonds including bonds issued by the City of Newport Beach, including
bonds payable solely out of the revenues from a revenue-producing property owned,
controlled, or operated by the City or by a department, board, agency, or authority of
the City.
State of California registered warrants or treasury notes or bonds, including bonds
payable solely out of the revenues from a revenue- producing property owned,
controlled, or operated by the state or by a department, board, agency, or authority
of the state.
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Registered treasury notes or bonds of any of the other 49 states in addition to
California, including bonds payable solely out of the revenues from a revenue
producing property owned, controlled, or operated by a state or by a department,
board, agency, or authority of any of the other 49 states, in addition to California.
Bonds, notes, warrants, or other evidences of indebtedness of a local agency within
California, including bonds payable solely out of the revenues from a revenue-
producing property owned, controlled, or operated by the local agency, or by a
department, board, agency, or authority of the local agency.
In addition, these securities must be rated in at least the “A” category or the
equivalent by a NRSRO with maturities not exceeding five years from the date of
trade settlement. No more than five percent (5%) of the City’s total portfolio shall be
invested in any one municipal issuer. In addition, the aggregate investment in
municipal bonds may not exceed thirty percent (30%) of the portfolio.
g) Non-negotiable Certificates of Deposit and savings deposits with a maturity not
exceeding two years from the date of trade settlement, in FDIC insured state or
nationally chartered banks or savings banks that qualify as a depository of public
funds in the State of California as defined in California Government Code Section
53630.5. Deposits exceeding the FDIC insured amount shall be secured pursuant to
California Government Code Section 53652. No one issuer shall exceed more than
five percent (5%) of the portfolio, and investment in negotiable and nonnegotiable
certificates of deposit shall be limited to thirty percent (30%) of the portfolio
combined.
h) Negotiable Certificates of Deposit only with a nationally or state- chartered bank, a
savings association or a federal association (as defined by Section 5102 of the
Financial Code), a state or federal credit union, or by a federally licensed or state-
licensed branch of a foreign bank whose senior long-term debt is rated in at least the
“A” category, or the equivalent, or short-term debt is rated at least “A-1” or the
equivalent by an NRSRO and having assets in excess of $10 billion, so as to ensure
security and a large, well-established secondary market. Ease of subsequent
marketability should be further ascertained prior to initial investment by examining
currently quoted bids by primary dealers and the acceptability of the issuer by these
dealers. No one issuer shall exceed more than five percent (5%) of the portfolio, and
maturity shall not exceed two years. Investment in negotiable and non- negotiable
certificates of deposit shall be limited to thirty percent (30%) of the portfolio
combined.
i) Prime Commercial Paper with a maturity not exceeding 270 days from the date of
trade settlement that is rated “A-1”, or the equivalent, by an NRSRO. The entity that
issues the commercial paper shall meet all of the following conditions in either
sub- paragraph i. or sub-paragraph ii. below:
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i. The entity shall (1) be organized and operating in the United States as a
general corporation, (2) have total assets in excess of $500,000,000 and (3)
have debt other than commercial paper, if any, that is rated in at least the “A”
category or the equivalent by an NRSRO.
ii. The entity shall (1) be organized within the United States as a special purpose
corporation, trust, or limited liability company, (2) have program wide credit
enhancements, including, but not limited to, over collateralization, letters of
credit or surety bond and (3) have commercial paper that is rated at least “A-
1” or the equivalent, by an NRSRO.
iii. No more than five percent (5%) of the City’s total portfolio shall be invested
in the commercial paper of any one issuer, and the aggregate investment in
commercial paper shall not exceed twenty-five percent (25%) of the City’s
total portfolio. Under a provision sunsetting on January 1, 2026, no more than
forty percent (40%) of the portfolio may be invested in commercial paper if
the City’s assets under management are greater than $100,000,000.
j) Eligible Banker’s Acceptances with a maturity not exceeding 180 days from the date
of trade settlement, drawn on and accepted by a commercial bank whose senior long-
term debt is rated in at least the “A” category or the equivalent by an NRSRO at the
time of purchase. Banker’s Acceptances shall be rated at least “A-1”, or the
equivalent at the time of purchase by an NRSRO. If the bank has senior debt
outstanding, it must be rated in at least the “A” category or the equivalent by an
NRSRO. The aggregate investment in banker’s acceptances shall not exceed forty
percent (40%) of the City’s total portfolio, and no more than five percent (5%) of the
City’s total portfolio shall be invested in banker’s acceptances of any one bank.
k) Repurchase Agreements and Reverse Repurchase Agreements with a final
termination date not exceeding 30 days collateralized by U.S. Treasury obligations
or Federal Instrumentality securities listed in items 1 and 2 above with the maturity
of the collateral not exceeding ten years. For the purpose of this section, the term
collateral shall mean purchased securities under the terms of the City’s approved
Master Repurchase Agreement. The purchased securities shall have a minimum
market value including accrued interest of one hundred and two percent (102%) of
the dollar value of the funds borrowed. Collateral shall be held in the City's custodian
bank, as safekeeping agent, and the market value of the collateral securities shall be
marked-to-the-market daily.
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Repurchase Agreements and Reverse Repurchase Agreements shall be entered into
only with broker/dealers and who are recognized as Primary Dealers with the Federal
Reserve Bank of New York, or with firms that have a Primary Dealer within their
holding company structure. Primary Dealers approved as Repurchase Agreement
counterparties shall have a short-term credit rating of at least “A-1” or the equivalent
and a long-term credit rating of at least “A” or the equivalent. Repurchase agreement
counterparties shall execute a City approved Master Repurchase Agreement with the
City. The Finance Director shall maintain a copy of the City's approved Master
Repurchase Agreement and a list of the broker/dealers who have executed same.
In addition, the City must own assets for more than 30 days before they can be used
as collateral for a reverse repurchase agreement. No more than ten percent (10%) of
the portfolio can be involved in reverse repurchase agreements.
l) State of California’s Local Agency Investment Fund (LAIF), pursuant to California
Government Code Section 16429.1.
m) California Asset Management Trust Cash Reserve Portfolio (CAMP): Investments
in CAMP shall not exceed the same maximum limit established for LAIF.
n) Mutual Funds and Money Market Mutual Funds registered under the Investment
Company Act of 1940, provided that:
i. MUTUAL FUNDS that invest in the securities and obligations as authorized
under California Government Code, Section 53601 (a) to (k) and (m) to (q)
inclusive and that meet either of the following criteria:
1) Attained the highest ranking or the highest letter and numerical rating
provided by not less than two (2) NRSROs; or
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2) Have retained an investment adviser registered or exempt from
registration with the Securities and Exchange Commission with not
less than five years’ experience investing in the securities and
obligations authorized by California Government Code, Section
53601 and with assets under management in excess of $500 million.
3) No more than 10% of the total portfolio may be invested in shares of
any one mutual fund.
ii. MONEY MARKET MUTUAL FUNDS registered with the Securities and
Exchange Commission under the Investment Company Act of 1940 and
issued by diversified management companies and meet either of the
following criteria:
1) Have attained the highest ranking or the highest letter and numerical
rating provided by not less than two (2) NRSROs; or
2) Have retained an investment adviser registered or exempt from
registration with the Securities and Exchange Commission with not
less than five years’ experience managing money market mutual
funds with assets under management in excess of $500 million.
3) No more than 20% of the total portfolio may be invested in Money
Market Mutual Funds.
iii. No more than 20% of the total portfolio may be invested in these securities.
o) Supranationals which are United States dollar denominated senior unsecured
unsubordinated obligations issued or unconditionally guaranteed by the International
Bank for Reconstruction and Development (IBRD), International Finance
Corporation (IFC), or Inter-American Development Bank (IADB), with a maximum
remaining maturity of five years or less from the date of trade settlement, and eligible
for purchase and sale within the United States. Investments under this paragraph shall
be rated in the "AA" category, its equivalent, or better by at least one NRSRO.
No more than ten percent (10%) of the City’s total portfolio shall be invested in any
one issuer of supranational obligations. Purchases of supranational obligations shall
not exceed twenty percent (20%) of the investment portfolio of the City.
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2. Investments Specifically Not Permitted
Any security type or structure not specifically approved by this policy is hereby prohibited.
Security types, which are thereby prohibited include, but are not limited to: “exotic”
derivative structures such as range notes, dual index notes, inverse floating rate notes,
leveraged or de-leveraged floating rate notes, interest only strips that are derived from a pool
of mortgages and any security that could result in zero interest accrual if held to maturity, or
any other complex variable or structured note with an unusually high degree of volatility
risk.
Under a provision sunsetting on January 1, 2026, securities backed by the U.S. Government
that could result in a zero or negative interest accrual if held to maturity are permitted.
The City shall not invest funds with the Orange County Pool.
The purchase of a security with a forward settlement date exceeding 45 days from the time
of the investment is prohibited.
3. Exceptions to Prohibited and Restricted Investments
The City shall not be required to sell securities prohibited or restricted in this policy, or any
future policies, or prohibited or restricted by new State regulations, if purchased prior to their
prohibition and/or restriction. Insofar as these securities provided no notable credit risk to
the City, holding of these securities until maturity is approved. At maturity or liquidation,
such monies shall be reinvested as provided by this policy.
H. INVESTMENT PARAMETERS
1. Diversification
The City shall diversify its investments to avoid incurring unreasonable risks inherent in
over-investing in specific instruments, individual financial institutions or maturities. As
such, no more than five percent (5%) of the City’s portfolio may be invested in the
instruments of any one issuer, except governmental issuers, supranationals, investment
pools, mutual funds and money market funds, or unless otherwise specified in this
investment policy. This restriction does not apply to any type of Federal Instrumentality or
Federal Agency Security listed in Sections G1 b and G1 c above. Nevertheless, the asset
allocation in the investment portfolio should be flexible depending upon the outlook for the
economy, the securities markets and the City’s anticipated cash flow needs.
2. Maximum Maturities
To the extent possible, investments shall be matched with anticipated cash flow requirements
and known future liabilities. The City will not invest in securities maturing more than five
years from the date of trade settlement, unless the City Council has by resolution granted
authority to make such an investment at least three months prior to the date of investment.
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3. Credit Quality
Each investment manager will monitor the credit quality of the securities in their respective
portfolio. In the event a security held by the City is downgraded to a level below the
requirements of this policy, making the security ineligible for additional purchases, the
following steps will be taken:
Any actions taken related to the downgrade by the investment manager will be
communicated to the Finance Director in a timely manner.
If a decision is made to retain the security, the credit quality will be monitored and
reported to the City Council.
4. Competitive Transactions
Investment advisors shall make best effort to price investment transactions on a competitive
basis with broker/dealers selected consistent with their practices disclosed in form ADV 2A
filed with the SEC. Where possible, at least three broker/dealers shall be contacted for each
transaction and their bid or offering prices shall be recorded. If there is no other readily
available competitive offering, the investment advisor shall make their best efforts to
document quotations for comparable or alternative securities. If qualitative characteristics of
a transaction, including, but not limited to, complexity of the transaction, or sector expertise
of the broker, prevent a competitive selection process, investment advisors shall use
brokerage selection practices as described above.
I. PORTFOLIO PERFORMANCE
The investment portfolio shall be designed to attain a market rate of return throughout budgetary
and economic cycles, taking into account prevailing market conditions, risk constraints for eligible
securities, and cash flow requirements. The performance of the City’s investments shall be
compared to the total return of a benchmark that most closely corresponds to the portfolio’s duration,
universe of allowable securities, risk profile, and other relevant characteristics. When comparing
the performance of the City’s portfolio, its rate of return will be computed consistent with Global
Investment Performance Standards (GIPS).
J. REPORTING
Monthly, the Finance Director shall produce a treasury report of the investment portfolio balances,
transactions, risk characteristics, earnings, and performance results of the City’s investment
portfolio available to City Council and the public on the City’s Website. The report shall include
the following information:
1. Investment type, issuer, date of maturity, par value and dollar amount invested in all
securities, and investments and monies held by the City;
2. A description of the funds, investments and programs;
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3. A market value as of the date of the report (or the most recent valuation as to assets not
valued monthly) and the source of the valuation;
4. A statement of compliance with this Policy or an explanation for non-compliance
K. INVESTMENT POLICY COMPLIANCE AND ADOPTION
1. Compliance
Any deviation from the policy shall be reported to Finance Committee as soon as practical,
but no later than the next scheduled Finance Committee meeting. Upon recommendation of
the Finance Committee, the Finance Director shall review deviations from policy with the
City Council.
2. Adoption
The Finance Director shall review the Investment Policy with the Finance Committee at least
annually to ensure its consistency with the overall
objectives of preservation of principal, liquidity and return, and its relevance to current law
and financial and economic trends.
The Finance Director shall review the Investment Policy with City Council at a public
meeting if there are changes recommended to the Investment Policy.
History
Adopted F-1 – 4-6-1959
Reaffirmed F-1 – 8-15-1966
Reaffirmed F-1 – 11-12-1968
Reaffirmed F-1 – 3-9-1970
Amended F-1 – 11-9-1970
Reaffirmed F-1 – 2-8-1971
Reaffirmed F-1 – 2-14-1972
Reaffirmed F-1 – 12-10-1973
Amended F-1 – 2-11-1974
Amended F-1 –2-9-1981
Amended F-1 –10-27-1986
Rewritten F-1 – 10-22-1990
Amended F-1 – 1-28-1991
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Amended F-1 – 1-24-1994
Amended F-1 – 1-9-1995
Amended F-1 – 4-22-1996
Corrected F-1 – 1-27-1997
Amended F-1 – 2-24-1997
Amended F-1 – 5-26-1998
Reaffirmed F-1 – 3-22-1999
Reaffirmed F-1 – 3-14-2000
Amended and Reaffirmed F-1 – 5-8-2001
Amended and Reaffirmed F-1 – 4-23-2002
Amended and Reaffirmed F-1 – 4-8-2003
Amended and Reaffirmed F-1 – 4-13-2004
Amended and Reaffirmed F-1 – 9-13-2005
Amended F-1 – 8-11-2009
Amended and Reaffirmed F-1 – 8-10-2010
Amended and Reaffirmed F-1 – 9-28-2010
Reaffirmed F-1 – 6-28-2011
Amended and Reaffirmed F-1 – 10-9-2012
Amended F-1 – 8-13-2013
Amended F-1 – 9-8-2015
Amended F-1 – 3-28-2017
Amended F-1 – 1-28-2020
Amended F-1 – 9-28-2021
Amended F-1 – 10-10-2023
Amended F-1 – 4-9-2024
Amended F-1 – 10-22-2024
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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.
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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 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.
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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."
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. An
investment’s term or remaining maturity is measured from the settlement date to final maturity.
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.
32
F-1
19
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.
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.
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.
33
F-1
20
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.
34
ATTACHMENT A
ANNUAL REVIEW OF INVESTMENT PERFORMANCE
35
Annual Investment Report
City of Newport Beach | As of June 30, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact clientservice@chandlerasset.com
UPDATED 09/11/2024
36
▪
▪
▪
Recent economic data suggests positive but slower growth this year fueled by consumer spending. While the consumer has been resilient,
declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future
economic growth. Inflationary trends are subsiding,but core levels remain above the &ĞĚ͛Ɛtarget. The labor market is showing signs of
cooling, reflecting an improved balance between supply and demand for workers. Given the cumulative effects of restrictive monetary
policy and tighter financial conditions,we believe the economy will gradually soften and the Fed will begin lowering interest rates at
upcoming meetings with pace and magnitude determined by the incoming data.
As expected at the July meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a
target range of 5.25-5.50%. Although this was the eighth straight meeting they left the overnight rate unchanged, they noted that risks to
achieving their employment and inflation goals are moving ͞ŝŶƚŽbetter ďĂůĂŶĐĞ͘͟In addition, the FOMC adjusted their evaluation of the
labor market pointing out that job gains have moderated. The market is now pricing in more aggressive easing in the coming months.
The US Treasury yield curve shifted significantly lower in August as economic data continued to moderate. The 2-year Treasury yield fell 34
basis points to 3.92%, the 5-year Treasury dropped 21 basis points to 3.70%, and the 10-year Treasury yield declined 13 basis points to
3.90%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -2 basis points at August month-end versus -
23 basis points at July month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -75 basis points.
The inversion between 3-month and 10-year Treasuries ended the month of August at -121 basis points.
ECONOMIC UPDATE
1 37
-400
-200
0
200
400
600
800
1,000
MO
M
C
h
a
n
g
e
I
n
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Ra
t
e
(
%
)
The U.S. economy added 142,000 jobs in August, below expectations of 165,000. The three-month moving average and six-month moving
average payrolls continued to trend weaker to 116,000 and 163,000 respectively. The unemployment rate increased to 4.2%in August,
and the labor participation rate remained at 62.7%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment rate,
which includes those who are marginally attached to the labor force and employed part time for economic reasons rose to 7.9% from
7.8%. Average hourly earnings rose 3.8% year-over-year in August. The labor markets continue to show signs of cooling,in line with the
Federal Reserve’s view that there has been “substantial”progress towards better balance in the labor market between demand and
supply for workers.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
2 38
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) decreased to 7.67 million job openings in July from a
downwardly revised 7.91 million in June. Job openings have declined to a ratio of 1.07 jobs for each unemployed individual. The quits rate,
an indicator of job availability, remained at 2.1%, which is the lowest level since 2020.While the current level of job openings remains
elevated from a historical perspective, the trend is decelerating.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
3 39
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YO
Y
(
%
)
C
h
a
n
g
e
In July, the Consumer Price Index (CPI) rose 0.2% month-over-month and 2.9% year-over-year, down from 3.0%in June and lower than
expected. The Core CPI, which excludes volatile food and energy components, was up 0.2% month-over-month and 3.2% year-over-year in
July, down from 3.3%in June. The Personal Consumption Expenditures (PCE) Index rose 0.2% fromthe previous month and 2.5% year-over-
year in July. The Core PCE deflator (the Fed’s preferred gauge) increased 0.2% month-over-month and 2.6% over the past year, still above
the Fed’s 2%inflation target. Much of the lingering inflation has been driven by shelter costs and demand for services,but recent data
provide confirmation that inflation is moderating.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
4 40
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YO
Y
(
%
)
C
h
a
n
g
e
Retail Sales grew more than expected month-over-month in July at 1.0% after a downwardly revised -0.2%in June.On a year-over-year
basis, Retail Sales growth increased to 2.7%in July from2.0%in June. Auto sales bounced back sharply after a cyberattack on dealerships
caused a sizable decline in June. Control-group sales, which are used to calculate gross domestic product, rose 0.3%in July, down from
June’s 0.9% increase. The Conference Board’s Consumer Confidence Index rose to 103.3 in August,up from July’s upwardly revised 101.9
reading. Both the present situation index and expectations index improved. While the consumer has been resilient, consumption has
begun to moderate in the face of declining savings rates, growing credit card debt, higher delinquencies, and a moderating labor market.
0
20
40
60
80
100
120
140
160
In
d
e
x
L
e
v
e
l
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board
All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
5 41
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YO
Y
(%
)
C
h
a
n
g
e
-1.00
-0.75
-0.50
-0.25
0.00
0.25
0.50
0.75
1.00
Chicago Fed National Activity Index (CFNAI)
Recession
3
M
o
n
t
h
A
v
e
r
a
g
e
The Conference Board’s Leading Economic Index (LEI) fell 0.6% in July following a 0.2% decline in June. The index dropped 5.2% year-over-
year. The report indicated slowing economic growth over the next few quarters rather than a pending recession. The Chicago Fed National
Activity Index (CFNAI) decreased to -0.34 in July from a downwardly revised -0.09 in June, which was below consensus expectations. The
three-month moving average remained unchanged in July at -.06, indicating slightly below-trend growth expectations for the economy.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
6 42
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In
T
h
o
u
s
a
n
d
s
o
f
U
n
i
t
s
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts were down 6.8% month-over-month in July to 1.238 million units, with the decline attributable to weak single-family home
starts. Total starts were down 16.0% year-over-year. The Freddie Mac average rate for a 30-year fixed mortgage edged down to 6.35%in
August from 6.85%in July. According to the Case-Shiller 20-City Home Price Index, housing prices rose 6.5% year-over-year in June,
decelerating from 6.9% reported in the previous month. Tight inventories and higher mortgage rates continue to impact affordability.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YO
Y
(
%
)
C
h
a
n
g
e
HOUSING
7 43
40
45
50
55
60
65
70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index contracted at a slower rate of 47.2 in August compared to 46.8 in July.
Demand remains subdued, while employment contracted slower than July. The ISM Services Index increased to 51.5 in August, increasing
from 51.4 in July,due to all four indices reading close to or above 50 percent. A reading over 50 indicates expansion, while a reading
under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
8 44
Components of GDP 9/23 12/23 3/24 6/24
2.1% 2.2% 1.0% 2.0%
1.7% 0.2% 0.8% 1.3%
0.0% 0.3% -0.7% -0.8%
0.5% 0.2% 0.0% 0.2%
0.5% 0.6% 0.3% 0.3%
4.9% 3.4% 1.4% 3.0%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total -40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce
According to the second estimate, second quarter GDP increased at an annualized rate of 3.0%, revised up from the advanced estimate of
2.8%. The update reflects an upward revision to consumer spending. Compared to first quarter 1.4% growth, the acceleration reflects an
upturn in private inventory investment and an acceleration in consumer spending, offset by downturn in residential fixed investment. The
consensus projection calls for 1.7% growth in the third quarter and 2.5% growth for the full year 2024.
GROSS DOMESTIC PRODUCT (GDP)
9 45
Source: Federal Reserve Source: Bloomberg
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In
$
m
i
l
l
i
o
n
s
As expected at the July meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a
target range of 5.25-5.50%. Although this was the eighth straight meeting they left the overnight rate unchanged, they noted that risks to
achieving their employment and inflation goals are moving “into better balance”. In addition, the FOMC adjusted their evaluation of the
labor market pointing out that job gains have moderated. The Fed continues to reduce its holdings of U.S. Treasury securities and agency
mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative
Tightening campaign in June 2022, securities holdings have declined by approximately $1.7T to approximately $7.3T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yi
e
l
d
(
%
)
FEDERAL RESERVE
10 46
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yi
e
l
d
(
%
)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Aug-24
May-24
Aug-23
Yi
e
l
d
(
%
)
At the end of August, the 2-year Treasury yield was 34 basis points lower, and the 10-Year Treasury yield was 13 basis points lower, year-
over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -2 basis points at August month-end
versus -23 basis points at July month-end. The yield curve inversion which began in July 2022 has been historically long. The average
historical spread (since 2003)is about +110 basis points. The inversion between 3-month and 10-year Treasuries tightened to -121 basis
points in August from -126 basis points in July.
BOND YIELDS
11 47
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Account Summary
Maturity Distribution
Top Issuers
Credit Quality
Average Modified Duration 0.71
Average Coupon 2.31%
Average Purchase YTM 3.74%
Average Market YTM 4.91%
Average Quality AA+
Average Final Maturity 0.78
Average Life 0.76
Beg. Values as of 06/01/2024 End Values as of 06/30/2024
Market Value 411,580,643.96 397,485,683.97
Accrued Interest 1,176,128.21 1,138,137.62
Total Market Value 412,756,772.17 398,623,821.59
Income Earned 1,208,323.86 959,900.87
Cont/WD 743,548.78 (15,877,234.95)
Par 418,407,676.49 404,044,243.39
Book Value 415,860,281.75 401,223,343.48
Cost Value 414,948,327.31 400,214,480.18
United States 47.75%
California Asset Mgmt Program 19.19%
FHLMC 3.16%
Federal Home Loan Banks 3.02%
The Goldman Sachs Group, Inc.2.99%
Farm Credit System 2.69%
LAIF 2.61%
Bank of Montreal 1.26%
*See Footnote
12 48
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV)100.0 3.2 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)30.0 3.0 Compliant
Max Maturity (Years)5.0 3.0 Compliant
ASSET-BACKED SECURITIES (ABS), MBS, CMO
Max % (MV)20.0 1.5 Compliant
Max % Issuer (MV)5.0 0.6 Compliant
Max Maturity (ABS; Years)5.0 2.4 Compliant
Min Rating (AAA by 1)0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV)40.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Days)180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CAMP
Max Concentration (MV)75.0 51.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE CD/TD)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)2.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV)40.0 1.2 Compliant
Max % Issuer (MV)5.0 1.2 Compliant
Max Maturity (Days)270 247 Compliant
Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV)30.0 11.8 Compliant
Max % Issuer (MV)5.0 0.8 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max % (MV)30.0 0.0 Compliant
13 49
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance Status Notes
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)2 0.0 Compliant
FEDERAL AGENCIES
Max % (MV)100.0 6.5 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)30.0 3.0 Compliant
Max Callables (MV)20.0 0.0 Compliant
Max Maturity (Years)5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV)75.0 10.4 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV)20.0 3.1 Compliant
Max % Issuer (MV)20.0 3.0 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUTUAL FUNDS
Max % (MV)20.0 0.0 Compliant
Max % Issuer (MV)10.0 0.0 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)30.0 1.6 Compliant
Max % Issuer (MV)5.0 0.8 Compliant
Max Maturity (Years)2 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max Maturity (Days)30.0 0.0 Compliant
14 50
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance Status Notes
Min Rating (A by 1 or A-1 by 1)0.0 0.0 Compliant
REVERSE REPURCHASE AGREEMENTS
Max % (MV)10.0 0.0 Compliant
Max Maturity (Days)30.0 0.0 Compliant
Min Rating (A by 1 or A-1 by 1)0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV)20.0 1.6 Compliant
Max % Issuer (MV)10.0 1.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV)100.0 47.7 Compliant
Max % Issuer (BV)100.0 47.8 Compliant
Max Maturity (Years)5 3 Compliant
15 51
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date(01/01/2024)
Beginning Book Value 415,860,281.75 382,334,783.85
Maturities/Calls (26,890,000.00)(145,217,000.00)
Principal Paydowns (504,685.53)(4,805,022.77)
Purchases 65,552,648.22 379,141,268.47
Sales (58,372,271.02)(212,706,810.25)
Change in Cash, Payables, Receivables 5,155,840.98 13,664.51
Amortization/Accretion 421,529.09 2,462,315.82
Realized Gain (Loss)0.00 0.02
Ending Book Value 401,223,343.49 401,223,343.49
Month to Date Fiscal Year to Date
(01/01/2024)
Beginning Market Value 411,580,643.96 377,391,584.59
Maturities/Calls (26,890,000.00)(145,217,000.00)
Principal Paydowns (504,685.53)(4,805,022.77)
Purchases 65,552,648.22 379,141,268.47
Sales (58,372,271.02)(212,706,810.25)
Change in Cash, Payables, Receivables 5,155,840.98 13,664.51
Amortization/Accretion 421,529.09 2,462,315.82
Change in Net Unrealized Gain (Loss)541,978.27 1,205,539.74
Realized Gain (Loss)0.00 0.02
Ending Market Value 397,485,683.97 397,485,683.97
Maturities / Calls
Month to Date (26,890,000.00)
Fiscal Year to Date (145,217,000.00)
Principal Paydowns
Month to Date (504,685.53)
Fiscal Year to Date (4,805,022.77)
Purchases
Month to Date 65,552,648.22
Fiscal Year to Date 379,141,268.47
Sales
Month to Date (58,372,271.02)
Fiscal Year to Date (212,706,810.25)
Interest Received
Month to Date 576,527.31
Fiscal Year to Date 4,377,077.66
Purchased / Sold Interest
Month to Date (164.93)
Fiscal Year to Date (170,115.18)
16 52
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/S&P/Fitch
Maturity
Duration
ABS
44933LAC7 HART 2021-A A3 0.38 09/15/2025 29,758.89 04/20/20210.39%29,755.7629,758.26 99.764.84%29,687.715.03 0.01%(70.55)NA/AAAAAA 1.210.06
47788UAC6 JDOT 2021 A3 0.36 09/15/2025 68,581.78 03/02/2021
0.37%
68,568.60
68,578.86
99.37
4.93%
68,150.36
10.97
0.02%
(428.49)
Aaa/NA
AAA
1.21
0.14
44934KAC8 HART 2021-B A3 0.38
01/15/2026 381,738.15 07/20/2021
0.60%
381,653.90
381,714.90
99.09
3.83%
378,260.36
64.47
0.10%
(3,454.54)
NA/AAA
AAA
1.54
0.27
43815GAC3 HAROT 2021-4 A3 0.88 01/21/2026 343,634.83 11/16/20210.89%343,562.39343,610.45 97.974.64%336,642.9284.00 0.08%(6,967.53)Aaa/NAAAA 1.560.55
47789QAC4 JDOT 2021-B A3 0.52
03/16/2026 294,054.80 07/13/2021
0.52%
294,028.57
294,046.38
98.07
4.81%
288,392.10
67.96
0.07%
(5,654.28)
Aaa/NA
AAA
1.71
0.45
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 333,046.24 11/09/20210.71%333,039.15333,043.72 98.004.44%326,381.82105.09 0.08%(6,661.90)NA/AAAAAA 1.790.57
44935FAD6 HART 2021-C A3 0.74
05/15/2026 232,476.34 11/09/2021
0.75%
232,424.45
232,457.76
98.36
4.11%
228,664.03
76.46
0.06%
(3,793.72)
NA/AAA
AAA
1.87
0.49
05602RAD3 BMWOT 2022-A A3 3.21 08/25/2026 597,328.73 05/10/20223.23%597,297.67597,314.11 98.664.97%589,341.85319.57 0.15%(7,972.26)Aaa/AAANA 2.150.78
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 616,350.44 03/10/2022
2.34%
616,214.10
616,287.70
98.03
5.46%
604,226.02
635.53
0.15%
(12,061.67)
Aaa/NA
AAA
2.21
0.64
362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 286,250.91 10/13/20210.68%286,243.61286,248.09 97.674.17%279,588.3081.10 0.07%(6,659.78)Aaa/AAANA 2.210.69
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 308,093.68 01/11/2022
1.27%
308,066.91
308,081.95
97.78
4.27%
301,268.42
161.75
0.08%
(6,813.53)
NA/AAA
AAA
2.38
0.76
02582JJT8 AMXCA 2022-2 A 05/17/2027 2,485,000.00 05/17/2022
3.42%
2,484,450.32
2,484,768.00
98.21
5.54%
2,440,518.50
3,744.07
0.61%
(44,249.50)
NA/AAA
AAA
0.87
0.92
Total ABS 5,976,314.78 2.28%5,975,305.425,975,910.16 98.245.02%5,871,122.405,356.00 1.48%(104,787.76)Aaa/AAAAAA 1.500.72
AGENCY
3130AQF40 FEDERAL HOME LOAN BANKS 1.0 12/20/2024 2,250,000.00 12/21/20211.03%2,248,020.002,249,688.70 97.975.40%2,204,361.90687.50 0.55%(45,326.80)Aaa/AA+AA+0.470.46
313385AC0 FEDERAL HOME LOAN BANKS
01/03/2025 3,000,000.00 02/13/2024
5.00%
2,869,590.00
2,925,135.00
97.37
5.29%
2,921,013.75
0.00
0.73%
(4,121.25)
P-1/A-1+
F1+
0.51
0.50
3133ENKS8 FEDERAL FARM CREDIT BANKS FUNDING CORP 1.125
01/06/2025
2,000,000.00 01/06/2022
1.20%
1,995,500.00
1,999,220.44
97.88
5.35%
1,957,501.98
10,937.50
0.49%
(41,718.46)
Aaa/AA+
AA+
0.52
0.50
17 53
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/S&P/Fitch
Maturity
Duration
313385BP0 FEDERAL HOME LOAN BANKS 02/07/2025 3,000,000.00 02/13/20244.94%2,857,596.672,912,336.67 96.925.22%2,907,506.670.00 0.73%(4,830.00)P-1/A-1+F1+0.610.59
3133ENPY0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.75 02/25/2025 4,000,000.00 03/03/2022
1.76%
3,999,280.00
3,999,841.98
97.71
5.36%
3,908,518.04
24,500.00
0.98%
(91,323.94)
Aaa/AA+
AA+
0.66
0.63
313313DN5 FEDERAL FARM CREDIT BANKS FUNDING CORP 03/26/2025 5,000,000.00 03/26/20244.96%4,758,344.444,822,077.77 96.305.18%4,814,816.650.00 1.21%(7,261.12)P-1/A-1+F1+0.740.72
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 3,500,000.00 12/02/2021
1.14%
3,401,720.00
3,469,671.12
94.81
5.07%
3,318,361.13
4,593.75
0.83%
(151,309.99)
Aaa/AA+
AA+
1.15
1.12
3130ATUS4 FEDERAL HOME LOAN BANKS
4.25 12/10/2027 4,000,000.00 01/30/2023
3.77%
4,084,480.00
4,059,893.60
99.11
4.53%
3,964,464.60
9,916.67
1.00%
(95,429.00)
Aaa/AA+
AA+
3.45
3.16
Total Agency 26,750,000.00 3.19%26,214,531.1126,437,865.29 97.205.14%25,996,544.7250,635.42 6.54%(441,320.57)Aaa/AA+AA+1.111.05
AGENCY CMBS
3137BFE98 FHMS K-041 A2 3.171 10/25/2024 662,673.86 04/21/20222.93%664,796.49662,893.52 99.205.64%657,390.491,751.12 0.17%(5,503.03)Aaa/AA+AAA 0.320.24
3137BFXT3 FHMS K-042 A2 2.67 12/25/2024 2,474,903.10 08/19/2021
0.63%
2,627,264.32
2,494,394.13
98.77
5.64%
2,444,564.50
5,506.66
0.62%
(49,829.63)
Aaa/AA+
AA+
0.49
0.35
3137BKRJ1 FHMS K-047 A2 3.329 05/25/2025 2,488,341.90 05/19/20223.04%2,502,727.632,492,417.63 98.195.44%2,443,319.836,903.08 0.61%(49,097.80)Aaa/AA+AAA 0.900.76
3137BM7C4 FHMS K-051 A2 3.308
09/25/2025 2,000,000.00 05/16/2022
2.99%
2,015,546.88
2,005,527.49
97.68
5.34%
1,953,604.20
5,513.33
0.49%
(51,923.29)
Aaa/AA+
AAA
1.24
1.05
3137BTUM1 FHMS K-061 A2 3.347 11/25/2026 2,960,495.55 10/05/20224.47%2,837,796.882,889,873.45 96.145.10%2,846,073.298,257.32 0.72%(43,800.16)Aaa/AA+AAA 2.412.13
3137F2LJ3 FHMS K-066 A2 3.117
06/25/2027 2,338,600.00 10/20/2022
4.80%
2,177,181.79
2,236,272.38
95.14
4.92%
2,224,895.40
6,074.51
0.56%
(11,376.98)
Aaa/AA+
AAA
2.99
2.66
Total Agency CMBS 12,925,014.41 3.19%12,825,314.0012,781,378.60 97.275.31%12,569,847.7134,006.01 3.16%(211,530.90)Aaa/AA+AAA 1.551.34
CASH
CCYUSD Receivable 79,687.00 --
0.00%
79,687.00
79,687.00
1.00
0.00%
79,687.00
0.00
0.02%
0.00
Aaa/AAA
AAA
0.00
0.00
CCYUSD Receivable 112,419.63 --
0.00%
112,419.63
112,419.63
1.00
0.00%
112,419.63
0.00
0.03%
0.00
Aaa/AAA
AAA
0.00
0.00
CCYUSD Receivable 118,993.66 --
0.00%
118,993.66
118,993.66
1.00
0.00%
118,993.66
0.00
0.03%
0.00
Aaa/AAA
AAA
0.00
0.00
18 54
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/S&P/Fitch
Maturity
Duration
CCYUSD Receivable 149,244.68 --0.00%149,244.68149,244.68 1.000.00%149,244.680.00 0.04%0.00 Aaa/AAAAAA 0.000.00
90CASH$03 Cash 25,270,959.52 --
1.68%
25,270,959.52
25,270,959.52
1.00
1.68%
25,270,959.52
0.00
6.36%
0.00
NA/NA
NA
0.00
0.00
Total Cash 25,731,304.49 1.65%25,731,304.4925,731,304.49 1.001.65%25,731,304.490.00 6.47%0.00 Aaa/AAAAAA 0.000.00
COMMERCIAL
PAPER
62479LQ40 MUFG Bank, Ltd. - New York Branch 03/04/2025 5,000,000.00 06/07/20245.36%4,805,375.004,822,675.00 96.405.38%4,819,805.000.00 1.21%(2,870.00)P-1/NRNA 0.680.66
Total Commercial
Paper 5,000,000.00 5.36%
4,805,375.00
4,822,675.00
96.40
5.38%
4,819,805.00
0.00
1.21%
(2,870.00)
P-1/NR
NA
0.68
0.66
CORPORATE
06367TQW3 BANK OF MONTREAL 0.625
07/09/2024 2,000,000.00 09/10/2021
0.65%
1,998,380.00
1,999,987.41
99.88
5.24%
1,997,686.60
5,972.22
0.50%
(2,300.81)
A2/A-
AA-
0.02
0.02
79466LAG9 SALESFORCE INC 0.625 07/15/2024 470,000.00 06/29/20210.64%469,760.30469,996.95 99.815.23%469,097.001,354.51 0.12%(899.94)A1/A+NA 0.040.04
69371RR40 PACCAR FINANCIAL CORP 0.5
08/09/2024 700,000.00 08/05/2021
0.52%
699,555.00
699,984.17
99.49
5.27%
696,396.51
1,380.56
0.18%
(3,587.65)
A1/A+
NA
0.11
0.11
037833DM9 APPLE INC 1.8 09/11/2024 1,000,000.00 08/18/2021
0.59%
1,035,810.00
1,001,350.70
99.29
5.43%
992,857.28
5,500.00
0.25%
(8,493.42)
Aaa/AA+
NA
0.20
0.20
59217GEP0 METROPOLITAN LIFE GLOBAL FUNDING I 0.7 09/27/2024 1,555,000.00 --0.85%1,548,375.401,554,439.94 98.825.63%1,536,696.952,842.19 0.39%(17,742.99)Aa3/AA-AA-0.240.24
78015K7C2 ROYAL BANK OF CANADA 2.25
11/01/2024 2,500,000.00 05/19/2021
0.75%
2,628,225.00
2,512,517.20
98.87
5.65%
2,471,787.70
9,375.00
0.62%
(40,729.50)
A1/A
AA-
0.34
0.33
69371RR57 PACCAR FINANCIAL CORP 0.9 11/08/2024 2,120,000.00 11/02/20210.90%2,119,872.802,119,984.91 98.425.44%2,086,399.252,809.00 0.52%(33,585.66)A1/A+NA 0.360.35
74153WCQ0 PRICOA GLOBAL FUNDING I 1.15
12/06/2024 1,655,000.00 12/01/2021
1.18%
1,653,295.35
1,654,753.81
98.03
5.80%
1,622,449.53
1,321.70
0.41%
(32,304.28)
Aa3/AA-
AA-
0.44
0.42
64952WEK5 NEW YORK LIFE GLOBAL FUNDING 1.45 01/14/2025 3,255,000.00 01/11/20221.49%3,251,484.603,254,368.13 97.745.76%3,181,493.6721,894.40 0.80%(72,874.46)Aaa/AA+AAA 0.540.52
63743HFC1
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP
1.875 02/07/2025
1,000,000.00 03/18/20222.75%975,700.00994,900.00 97.805.64%977,970.537,500.00 0.25%(16,929.47)A2/A-A 0.610.58
19 55
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/S&P/Fitch
Maturity
Duration
57636QAN4 MASTERCARD INC 2.0 03/03/2025 3,000,000.00 10/28/20211.05%3,091,470.003,016,679.82 97.815.35%2,934,160.8319,666.67 0.74%(82,518.99)Aa3/A+NA 0.670.65
24422EWB1 JOHN DEERE CAPITAL CORP
2.125 03/07/2025 670,000.00 03/02/2022
2.14%
669,711.90
669,934.55
97.82
5.40%
655,398.80
4,508.54
0.16%
(14,535.74)
A1/A
A+
0.68
0.66
59217GEW5 METROPOLITAN LIFE GLOBAL FUNDING I 2.8 03/21/2025 970,000.00 03/14/20222.83%969,136.70969,792.84 98.045.59%950,986.747,544.44 0.24%(18,806.10)Aa3/AA-AA-0.720.70
87612EBL9 TARGET CORP 2.25 04/15/2025 3,000,000.00 03/15/2022
2.52%
2,975,610.00
2,993,756.16
97.57
5.43%
2,927,016.33
14,250.00
0.74%
(66,739.83)
A2/A
A
0.79
0.77
06406RBC0 BANK OF NEW YORK MELLON
CORP 3.35 04/25/2025 1,475,000.00 04/19/2022
3.35%
1,474,793.50
1,474,943.80
98.31
5.48%
1,450,122.21
9,058.96
0.36%
(24,821.60)
A1/A
AA-
0.82
0.79
26442UAA2 DUKE ENERGY PROGRESS LLC 3.25 08/15/2025 2,422,000.00 --3.25%2,421,770.622,421,824.06 97.805.28%2,368,777.8329,736.78 0.60%(53,046.23)Aa3/AWR 1.131.07
857477BR3 STATE STREET CORP 1.746
02/06/2026 900,000.00 02/02/2022
1.75%
900,000.00
900,000.00
97.57
5.84%
878,160.21
6,329.25
0.22%
(21,839.79)
A1/A
AA-
1.61
0.58
61747YET8 MORGAN STANLEY 4.679 07/17/2026 2,000,000.00 08/10/20224.34%2,018,580.002,006,615.87 99.026.32%1,980,399.1242,630.89 0.50%(26,216.75)A1/A-A+2.050.99
09247XAN1 BLACKROCK INC 3.2 03/15/2027 2,000,000.00 07/06/2022
3.47%
1,976,760.00
1,986,593.88
96.04
4.77%
1,920,852.66
18,844.44
0.48%
(65,741.22)
Aa3/AA-
NA
2.71
2.53
665859AW4 NORTHERN TRUST CORP 4.0 05/10/2027 3,000,000.00 --4.01%2,998,940.002,999,321.34 97.614.90%2,928,420.5117,000.00 0.74%(70,900.83)A2/A+A+2.862.65
931142EX7 WALMART INC 3.95 09/09/2027 1,000,000.00 09/08/2022
3.91%
1,001,920.00
1,001,215.00
97.70
4.73%
977,034.82
12,288.89
0.25%
(24,180.18)
Aa2/AA
AA
3.19
2.92
89115A2H4 TORONTO-DOMINION BANK 4.693 09/15/2027 1,060,000.00 09/08/20224.69%1,060,000.001,060,000.00 98.515.20%1,044,155.7214,647.37 0.26%(15,844.28)A1/AAA-3.212.90
66815L2K4
NORTHWESTERN MUTUAL
GLOBAL FUNDING 4.35
09/15/2027
2,200,000.00 --4.65%2,170,840.002,181,075.62 97.785.11%2,151,237.7028,178.33 0.54%(29,837.91)Aaa/AA+AAA 3.212.92
40139LBG7 GUARDIAN LIFE GLOBAL FUNDING 5.55 10/28/2027 2,755,000.00 10/25/20225.55%2,754,173.502,754,450.51 101.365.10%2,792,337.9926,757.94 0.70%37,887.48 Aa1/AA+NA 3.332.98
89236TLL7 TOYOTA MOTOR CREDIT CORP
4.65 01/05/2029 1,200,000.00 02/12/2024
4.78%
1,193,208.00
1,193,732.51
98.78
4.96%
1,185,324.38
27,280.00
0.30%
(8,408.12)
A1/A+
A+
4.52
3.93
14913UAJ9 CATERPILLAR FINANCIAL SERVICES CORP 4.85 02/27/2029 1,200,000.00 04/30/20245.13%1,185,672.001,186,159.90 100.024.84%1,200,283.8020,046.67 0.30%14,123.90 A2/AA+4.664.06
24422EXT1 JOHN DEERE CAPITAL CORP 4.85
06/11/2029 1,000,000.00 06/07/2024
5.01%
993,130.00
993,205.25
99.68
4.92%
996,764.63
2,694.44
0.25%
3,559.38
A1/A
A+
4.95
4.34
20 56
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/S&P/Fitch
Maturity
Duration
437076DC3 HOME DEPOT INC 4.75 06/25/2029 1,250,000.00 06/25/20244.82%1,246,312.501,246,322.60 99.424.88%1,242,721.06989.58 0.31%(3,601.54)A2/AA 4.994.39
Total Corporate 47,357,000.00 2.78%
47,482,487.17
47,317,906.91
98.45
5.35%
46,616,990.39
362,402.78
11.73%
(700,916.53)
A1/A+
AA-
1.68
1.48
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 10,358,659.96 --
4.56%
10,358,659.96
10,358,659.96
1.00
4.56%
10,358,659.96
0.00
2.61%
0.00
NA/NA
NA
0.00
0.00
Total LAIF 10,358,659.96 4.56%10,358,659.9610,358,659.96 1.004.56%10,358,659.960.00 2.61%0.00 NA/NANA 0.000.00
LOCAL GOV
INVESTMENT POOL
90CAMP$00 CAMP 51,011,427.66 --5.44%51,011,427.6651,011,427.66 1.005.44%51,011,427.660.00 12.83%0.00 NA/AAAmAAA 0.000.00
Total Local Gov Investment Pool 51,011,427.66 5.44%51,011,427.6651,011,427.66 1.005.44%51,011,427.660.00 12.83%0.00
NA/
AAAmAAA 0.000.00
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 191,466.17 --
5.19%
191,466.17
191,466.17
1.00
5.19%
191,466.17
0.00
0.05%
0.00
Aaa/AAAmAAA
0.00
0.00
60934N104 FEDERATED HRMS GV O INST 240,784.51 --5.19%240,784.51240,784.51 1.005.19%240,784.510.00 0.06%0.00
Aaa/
AAAmAAA
0.000.00
38141W323 GOLDMAN:FS TRS O INST 11,897,271.41 --5.16%11,897,271.4111,897,271.41 1.005.16%11,897,271.410.00 2.99%0.00
Aaa/
AAAm
NA
0.000.00
Total Money Market Fund 12,329,522.09 5.16%12,329,522.0912,329,522.09 1.005.16%12,329,522.090.00 3.10%0.00
Aaa/AAAmAAA 0.000.00
NEGOTIABLE CD
21 57
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/S&P/Fitch
Maturity
Duration
06367DFC4 Bank of Montreal - Chicago
Branch 5.54 09/03/2024 3,000,000.00 12/06/2023
5.51%
2,999,944.55
2,999,986.90
100.00
5.37%
2,999,982.00
96,950.00
0.75%
(4.90)
P-1/A-1
F1+
0.18
0.18
89115BL57 Toronto-Dominion Bank - New York Branch 5.65 11/20/2024 3,000,000.00 11/20/20235.61%3,000,000.003,000,000.00 100.015.44%3,000,261.00104,995.83 0.75%261.00 P-1/A-1+F1+0.390.39
Total Negotiable
CD 6,000,000.00 5.56%
5,999,944.55
5,999,986.90
100.00
5.41%
6,000,243.00
201,945.83
1.51%
256.10
P-1/AA-
F1+
0.28
0.29
SUPRANATIONAL
4581X0DZ8
INTER-AMERICAN
DEVELOPMENT BANK 0.5
09/23/2024
3,955,000.00 09/15/20210.52%3,952,073.303,954,775.69 98.885.40%3,910,767.485,383.19 0.98%(44,008.21)Aaa/AAANA 0.230.23
45950KCR9 INTERNATIONAL FINANCE CORP 1.375 10/16/2024 2,500,000.00 07/12/20210.55%2,567,250.002,506,046.85 98.835.41%2,470,650.257,161.46 0.62%(35,396.60)Aaa/AAANA 0.300.29
Total
Supranational 6,455,000.00 0.53%
6,519,323.30
6,460,822.54
98.86
5.41%
6,381,417.73
12,544.65
1.61%
(79,404.81)
Aaa/AAA
NA
0.26
0.25
US TREASURY
912797KH9 UNITED STATES TREASURY
07/02/2024 9,000,000.00 03/26/2024
5.35%
8,873,839.38
8,998,699.38
99.99
2.67%
8,998,682.31
0.00
2.26%
(17.07)
P-1/A-1+
F1+
0.01
0.01
912797KN6 UNITED STATES TREASURY 07/09/2024 3,200,000.00 03/11/20245.37%3,144,955.893,196,299.56 99.884.71%3,196,286.210.00 0.80%(13.35)P-1/A-1+F1+0.020.02
91282CCL3 UNITED STATES TREASURY 0.375
07/15/2024 3,500,000.00 07/13/2021
0.46%
3,490,703.13
3,499,881.24
99.81
5.03%
3,493,285.25
6,057.69
0.88%
(6,595.99)
Aaa/AA+
AA+
0.04
0.04
912797KQ9 UNITED STATES TREASURY 07/23/2024 5,000,000.00 03/27/20245.37%4,915,378.134,984,088.20 99.685.11%4,983,958.350.00 1.25%(129.85)P-1/A-1+F1+0.060.06
912797JT5 UNITED STATES TREASURY
07/25/2024 2,000,000.00 06/24/2024
5.31%
1,991,329.17
1,993,063.34
99.65
5.13%
1,993,020.00
0.00
0.50%
(43.34)
P-1/A-1+
F1+
0.07
0.07
912828D56 UNITED STATES TREASURY 2.375
08/15/2024 5,000,000.00 12/15/2023
5.13%
4,911,328.13
4,983,443.01
99.62
5.35%
4,981,054.70
44,694.37
1.25%
(2,388.31)
Aaa/AA+
AA+
0.13
0.13
912797KY2 UNITED STATES TREASURY 08/20/2024 2,000,000.00 06/24/20245.36%1,983,674.441,985,423.61 99.275.25%1,985,423.620.00 0.50%0.01 P-1/A-1+F1+0.140.14
912797KY2 UNITED STATES TREASURY
08/20/2024 5,000,000.00 04/18/2024
5.40%
4,913,477.08
4,963,645.83
99.27
5.25%
4,963,559.05
0.00
1.25%
(86.78)
P-1/A-1+
F1+
0.14
0.14
912828YE4 UNITED STATES TREASURY 1.25 08/31/2024 4,000,000.00 02/24/20210.33%4,128,125.004,006,091.68 99.305.41%3,972,070.3216,711.96 1.00%(34,021.36)Aaa/AA+AA+0.170.17
22 58
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/S&P/Fitch
Maturity
Duration
912797KK2 UNITED STATES TREASURY 09/12/2024 5,000,000.00 04/18/20245.36%4,895,062.504,947,531.25 98.945.30%4,946,893.750.00 1.24%(637.50)P-1/A-1+F1+0.200.20
91282CCX7 UNITED STATES TREASURY 0.375
09/15/2024 5,000,000.00 09/08/2021
0.44%
4,990,234.38
4,999,322.82
98.98
5.28%
4,949,218.75
5,502.72
1.25%
(50,104.07)
Aaa/AA+
AA+
0.21
0.21
912797KL0 UNITED STATES TREASURY 09/19/2024 2,000,000.00 06/24/20245.36%1,975,074.331,976,813.33 98.845.28%1,976,827.780.00 0.50%14.45 P-1/A-1+F1+0.220.22
912797LK1 UNITED STATES TREASURY
10/01/2024 5,000,000.00 05/30/2024
5.40%
4,913,435.76
4,933,076.39
98.67
5.30%
4,933,427.80
0.00
1.24%
351.41
P-1/A-1+
F1+
0.25
0.25
912797GW1 UNITED STATES TREASURY
10/03/2024 5,000,000.00 10/31/2023
5.42%
4,758,073.78
4,932,519.10
98.65
5.28%
4,932,437.50
0.00
1.24%
(81.60)
P-1/A-1+
F1+
0.26
0.26
91282CDB4 UNITED STATES TREASURY 0.625 10/15/2024 1,800,000.00 12/29/20210.94%1,784,460.941,798,385.16 98.635.37%1,775,390.622,366.80 0.45%(22,994.54)Aaa/AA+AA+0.290.29
912797KU0 UNITED STATES TREASURY
10/17/2024 5,000,000.00 04/18/2024
5.37%
4,870,220.49
4,922,562.50
98.44
5.31%
4,921,925.00
0.00
1.24%
(637.50)
P-1/A-1+
F1+
0.30
0.29
912797LU9 UNITED STATES TREASURY 10/22/2024 2,000,000.00 06/24/20245.38%1,965,523.061,967,261.39 98.365.32%1,967,292.780.00 0.49%31.39 P-1/A-1+F1+0.310.31
912828YM6 UNITED STATES TREASURY 1.5
10/31/2024 4,500,000.00 08/05/2021
0.42%
4,655,917.97
4,516,093.06
98.72
5.40%
4,442,226.57
11,372.28
1.12%
(73,866.49)
Aaa/AA+
AA+
0.34
0.33
9128283D0 UNITED STATES TREASURY 2.25 10/31/2024 5,000,000.00 03/27/20245.23%4,914,257.814,951,794.71 98.975.38%4,948,291.0018,953.80 1.24%(3,503.71)Aaa/AA+AA+0.340.33
912797LC9 UNITED STATES TREASURY
11/07/2024 2,000,000.00 06/24/2024
5.34%
1,961,290.25
1,963,010.68
98.15
5.30%
1,962,948.34
0.00
0.49%
(62.34)
P-1/A-1+
F1+
0.36
0.35
91282CDH1 UNITED STATES TREASURY 0.75 11/15/2024 5,000,000.00 11/17/20210.85%4,985,156.254,998,139.44 98.315.35%4,915,332.054,789.40 1.24%(82,807.39)Aaa/AA+AA+0.380.37
912797LP0 UNITED STATES TREASURY
12/12/2024 5,000,000.00 06/14/2024
5.34%
4,873,132.97
4,883,111.28
97.67
5.28%
4,883,337.90
0.00
1.23%
226.62
P-1/A-1+
F1+
0.45
0.44
912797LQ8 UNITED STATES TREASURY
12/19/2024 2,000,000.00 06/24/2024
5.35%
1,949,420.28
1,951,134.85
97.57
5.28%
1,951,402.74
0.00
0.49%
267.89
P-1/A-1+F1+0.470.46
91282CGD7 UNITED STATES TREASURY 4.25
12/31/2024 3,000,000.00 03/12/2024
5.15%
2,979,023.44
2,986,898.60
99.46
5.36%
2,983,740.24
346.47
0.75%
(3,158.36)
Aaa/AA+
AA+
0.50
0.49
912797JR9 UNITED STATES TREASURY
01/23/2025 3,000,000.00 02/13/2024
4.96%
2,864,779.33
2,919,024.83
97.19
5.09%
2,915,797.50
0.00
0.73%
(3,227.33)
P-1/A-1+
F1+
0.57
0.55
91282CGG0 UNITED STATES TREASURY 4.125 01/31/2025 3,000,000.00 03/14/20245.15%2,973,867.192,982,632.23 99.315.34%2,979,169.9251,675.82 0.75%(3,462.31)Aaa/AA+AA+0.590.56
912828Z52 UNITED STATES TREASURY 1.375
01/31/2025 3,000,000.00 02/16/2021
0.38%
3,117,656.25
3,017,436.59
97.76
5.31%
2,932,792.98
17,225.27
0.74%
(84,643.61)
Aaa/AA+
AA+
0.59
0.57
23 59
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/S&P/Fitch
Maturity
Duration
912797KA4 UNITED STATES TREASURY 02/20/2025 3,000,000.00 03/12/20245.01%2,863,612.602,907,224.85 96.775.18%2,902,987.500.00 0.73%(4,237.35)P-1/A-1+F1+0.640.63
912828ZC7 UNITED STATES TREASURY 1.125
02/28/2025 2,700,000.00 01/26/2022
1.42%
2,676,058.59
2,694,863.63
97.33
5.24%
2,627,833.00
10,152.51
0.66%
(67,030.64)
Aaa/AA+
AA+
0.67
0.65
912828ZC7 UNITED STATES TREASURY 1.125 02/28/2025 3,000,000.00 03/12/20245.04%2,890,664.062,924,831.54 97.335.24%2,919,814.4411,280.57 0.73%(5,017.10)Aaa/AA+AA+0.670.65
912828ZF0 UNITED STATES TREASURY 0.5
03/31/2025 2,900,000.00 03/17/2021
0.64%
2,884,140.63
2,897,062.68
96.57
5.21%
2,800,567.38
3,644.81
0.70%
(96,495.30)
Aaa/AA+
AA+
0.75
0.73
9128284F4 UNITED STATES TREASURY 2.625
03/31/2025 5,000,000.00 03/26/2024
5.01%
4,883,789.06
4,914,022.80
98.12
5.21%
4,905,859.40
32,991.80
1.23%
(8,163.40)
Aaa/AA+
AA+
0.75
0.73
91282CEH0 UNITED STATES TREASURY 2.625 04/15/2025 5,000,000.00 04/18/20245.18%4,878,320.314,902,925.90 98.035.19%4,901,318.3527,612.70 1.23%(1,607.55)Aaa/AA+AA+0.790.77
912797KS5 UNITED STATES TREASURY
04/17/2025 5,000,000.00 05/16/2024
5.15%
4,771,888.26
4,802,530.14
96.04
5.12%
4,802,125.35
0.00
1.21%
(404.79)
P-1/A-1+
F1+
0.80
0.78
912828ZL7 UNITED STATES TREASURY 0.375 04/30/2025 5,000,000.00 --0.50%4,974,296.884,994,715.17 96.125.19%4,805,908.203,158.97 1.21%(188,806.97)Aaa/AA+AA+0.830.81
912797LB1 UNITED STATES TREASURY
05/15/2025 5,000,000.00 05/16/2024
5.12%
4,754,911.98
4,785,294.79
95.68
5.11%
4,783,914.60
0.00
1.20%
(1,380.19)
P-1/A-1+
F1+
0.87
0.85
91282CHD6 UNITED STATES TREASURY 4.25 05/31/2025 5,000,000.00 05/30/20245.23%4,952,929.694,956,927.44 99.175.19%4,958,251.9517,998.63 1.25%1,324.51 Aaa/AA+AA+0.920.88
912828ZT0 UNITED STATES TREASURY 0.25
05/31/2025 5,000,000.00 10/05/2021
0.70%
4,919,335.94
4,979,788.60
95.62
5.19%
4,781,103.50
1,058.74
1.20%
(198,685.10)
Aaa/AA+
AA+
0.92
0.89
912797LN5 UNITED STATES TREASURY 06/12/2025 4,000,000.00 06/25/20245.10%3,810,703.753,813,400.28 95.335.09%3,813,160.000.00 0.96%(240.28)P-1/A-1+F1+0.950.93
912828K74 UNITED STATES TREASURY 2.0
08/15/2025 2,300,000.00 04/05/2022
2.77%
2,243,218.75
2,281,026.64
96.69
5.06%
2,223,902.34
17,313.19
0.56%
(57,124.30)
Aaa/AA+
AA+
1.13
1.08
9128285C0 UNITED STATES TREASURY 3.0
09/30/2025 5,000,000.00 05/05/2022
2.99%
5,001,953.13
5,000,716.52
97.56
5.03%
4,878,125.00
37,704.92
1.23%
(122,591.52)
Aaa/AA+AA+1.251.20
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 5,000,000.00 06/06/2022
3.02%
4,883,203.13
4,933,363.33
94.79
4.54%
4,739,257.80
31,420.77
1.19%
(194,105.53)
Aaa/AA+
AA+
2.75
2.60
91282CEN7 UNITED STATES TREASURY 2.75
04/30/2027 5,000,000.00 06/02/2022
2.92%
4,959,960.94
4,976,919.45
95.27
4.54%
4,763,671.90
23,165.76
1.20%
(213,247.55)
Aaa/AA+
AA+
2.83
2.67
91282CET4 UNITED STATES TREASURY 2.625 05/31/2027 3,000,000.00 07/08/20223.12%2,933,203.132,960,183.83 94.844.53%2,845,078.146,670.08 0.72%(115,105.69)Aaa/AA+AA+2.922.76
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 5,000,000.00 08/17/2022
3.05%
5,045,703.13
5,028,136.87
96.49
4.51%
4,824,414.05
441.58
1.21%
(203,722.82)
Aaa/AA+
AA+
3.00
2.82
24 60
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/S&P/Fitch
Maturity
Duration
91282CFH9 UNITED STATES TREASURY 3.125 08/31/2027 5,000,000.00 09/08/20223.39%4,940,429.694,962,100.56 95.944.51%4,796,875.0052,224.86 1.21%(165,225.56)Aaa/AA+AA+3.172.94
9128283F5 UNITED STATES TREASURY 2.25
11/15/2027 5,000,000.00 11/28/2022
3.93%
4,623,828.13
4,744,236.34
93.02
4.50%
4,651,171.90
14,368.21
1.17%
(93,064.44)
Aaa/AA+
AA+
3.38
3.18
91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 3,250,000.00 01/26/20233.60%3,289,736.333,278,228.48 98.084.47%3,187,666.01342.22 0.80%(90,562.47)Aaa/AA+AA+3.503.23
Total US Treasury 194,150,000.00 3.84%
190,961,285.44
191,995,883.87
97.79
4.99%
189,798,798.83
471,246.92
47.75%
(2,197,085.05)
Aaa/AA+
AA+
0.87
0.83
Total Portfolio 404,044,243.39 3.74%400,214,480.18401,223,343.48 73.644.91%397,485,683.971,138,137.62 100.00%(3,737,659.52)Aa1/AAAA+0.780.71
Total Market
Value + Accrued 398,623,821.59
25 61
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
TRANSACTION LEDGER
Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 06/03/2024 60934N104 4,120.00 FEDERATED HRMS GV OINST 1.000 5.19%(4,120.00)0.00 (4,120.00)0.00
Purchase 06/03/2024 60934N104 1,000,000.00 FEDERATED HRMS GV O
INST 1.000 5.19%(1,000,000.00)0.00 (1,000,000.00)0.00
Purchase 06/04/2024 38141W323 97,534.02 GOLDMAN:FS TRS O INST 1.000 5.16%(97,534.02)0.00 (97,534.02)0.00
Purchase 06/04/2024 60934N104 2,049.82 FEDERATED HRMS GV O
INST 1.000 5.19%(2,049.82)0.00 (2,049.82)0.00
Purchase 06/04/2024 60934N104 39,154.21 FEDERATED HRMS GV O
INST 1.000 5.19%(39,154.21)0.00 (39,154.21)0.00
Purchase 06/06/2024 38141W323 62,618.75 GOLDMAN:FS TRS O INST 1.000 5.16%(62,618.75)0.00 (62,618.75)0.00
Purchase 06/06/2024 38141W323 4,937,381.25 GOLDMAN:FS TRS O INST 1.000 5.16%(4,937,381.25)0.00 (4,937,381.25)0.00
Purchase 06/06/2024 60934N104 9,516.25 FEDERATED HRMS GV O
INST 1.000 5.17%(9,516.25)0.00 (9,516.25)0.00
Purchase 06/07/2024 62479LQ40 5,000,000.00 MUFG Bank, Ltd. - NewYork Branch 03/04/2025 96.108 5.36%(4,805,375.00)0.00 (4,805,375.00)0.00
Purchase 06/10/2024 60934N104 85,000.00 FEDERATED HRMS GV O
INST 1.000 5.17%(85,000.00)0.00 (85,000.00)0.00
Purchase 06/11/2024 24422EXT1 1,000,000.00 JOHN DEERE CAPITALCORP 4.85 06/11/2029 99.313 5.01%(993,130.00)0.00 (993,130.00)0.00
Purchase 06/12/2024 60934N104 26,500.00 FEDERATED HRMS GV O
INST 1.000 5.17%(26,500.00)0.00 (26,500.00)0.00
Purchase 06/12/2024 60934N104 2,000,000.00 FEDERATED HRMS GV OINST 1.000 5.17%(2,000,000.00)0.00 (2,000,000.00)0.00
Purchase 06/13/2024 38141W323 10,736,899.86 GOLDMAN:FS TRS O INST 1.000 5.16%(10,736,899.86)0.00 (10,736,899.86)0.00
Purchase 06/13/2024 38141W323 263,100.14 GOLDMAN:FS TRS O INST 1.000 5.16%(263,100.14)0.00 (263,100.14)0.00
Purchase 06/13/2024 60934N104 5,000,000.00 FEDERATED HRMS GV OINST 1.000 5.17%(5,000,000.00)0.00 (5,000,000.00)0.00
Purchase 06/17/2024 60934N104 361,287.59 FEDERATED HRMS GV O
INST 1.000 5.17%(361,287.59)0.00 (361,287.59)0.00
Purchase 06/17/2024 60934N104 9,550.31 FEDERATED HRMS GV OINST 1.000 5.17%(9,550.31)0.00 (9,550.31)0.00
Purchase 06/17/2024 912797LP0 5,000,000.00 UNITED STATES TREASURY
12/12/2024 97.463 5.34%(4,873,132.97)0.00 (4,873,132.97)0.00
26 62
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
TRANSACTION LEDGER
Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
Purchase 06/18/2024 60934N104 2,225.00 FEDERATED HRMS GV O
INST 1.000 5.17%(2,225.00)0.00 (2,225.00)0.00
Purchase 06/18/2024 60934N104 890,000.00 FEDERATED HRMS GV O
INST 1.000 5.17%(890,000.00)0.00 (890,000.00)0.00
Purchase 06/20/2024 60934N104 11,250.00 FEDERATED HRMS GV OINST 1.000 0.00%(11,250.00)0.00 (11,250.00)0.00
Purchase 06/21/2024 60934N104 40,277.11 FEDERATED HRMS GV O
INST 1.000 5.18%(40,277.11)0.00 (40,277.11)0.00
Purchase 06/21/2024 60934N104 281.54 FEDERATED HRMS GV OINST 1.000 5.18%(281.54)0.00 (281.54)0.00
Purchase 06/25/2024 60934N104 103,120.83 FEDERATED HRMS GV O
INST 1.000 5.17%(103,120.83)0.00 (103,120.83)0.00
Purchase 06/25/2024 60934N104 35,869.13 FEDERATED HRMS GV OINST 1.000 5.17%(35,869.13)0.00 (35,869.13)0.00
Purchase 06/25/2024 912797JT5 2,000,000.00 UNITED STATES TREASURY
07/25/2024 99.566 5.31%(1,991,329.17)0.00 (1,991,329.17)0.00
Purchase 06/25/2024 912797LC9 2,000,000.00 UNITED STATES TREASURY11/07/2024 98.065 5.34%(1,961,290.25)0.00 (1,961,290.25)0.00
Purchase 06/25/2024 912797LQ8 2,000,000.00 UNITED STATES TREASURY
12/19/2024 97.471 5.35%(1,949,420.28)0.00 (1,949,420.28)0.00
Purchase 06/25/2024 912797KL0 2,000,000.00 UNITED STATES TREASURY09/19/2024 98.754 5.36%(1,975,074.33)0.00 (1,975,074.33)0.00
Purchase 06/25/2024 912797KY2 2,000,000.00 UNITED STATES TREASURY
08/20/2024 99.184 5.36%(1,983,674.44)0.00 (1,983,674.44)0.00
Purchase 06/25/2024 912797LU9 2,000,000.00 UNITED STATES TREASURY
10/22/2024 98.276 5.38%(1,965,523.06)0.00 (1,965,523.06)0.00
Purchase 06/26/2024 437076DC3 1,250,000.00 HOME DEPOT INC 4.7506/25/2029 99.705 4.82%(1,246,312.50)(164.93)(1,246,477.43)0.00
Purchase 06/26/2024 912797LN5 4,000,000.00 UNITED STATES TREASURY
06/12/2025 95.268 5.10%(3,810,703.75)0.00 (3,810,703.75)0.00
Purchase 06/27/2024 90CAMP$00 12,000,000.00 CAMP 1.000 0.00%(12,000,000.00)0.00 (12,000,000.00)0.00
Purchase 06/27/2024 60934N104 83,301.30 FEDERATED HRMS GV O
INST 1.000 5.18%(83,301.30)0.00 (83,301.30)0.00
Purchase 06/28/2024 90CAMP$00 196,645.36 CAMP 1.000 0.00%(196,645.36)0.00 (196,645.36)0.00
27 63
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
TRANSACTION LEDGER
Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
Total Purchase 66,247,682.47 (65,552,648.22)(164.93)(65,552,813.15)0.00
TOTAL
ACQUISITIONS 66,247,682.47 (65,552,648.22)(164.93)(65,552,813.15)0.00
DISPOSITIONS
Maturity 06/06/2024 912797HT7 (5,000,000.00)UNITED STATES TREASURY
06/06/2024 100.000 0.00%5,000,000.00 0.00 5,000,000.00 0.00
Maturity 06/07/2024 55380UR90 (2,000,000.00)MUFG Bank, Ltd. - New York Branch 5.59 06/07/2024 100.000 5.59%2,000,000.00 0.00 2,000,000.00 0.00
Maturity 06/12/2024 89114QCA4 (2,000,000.00)TORONTO-DOMINION
BANK 2.65 06/12/2024 100.000 2.65%2,000,000.00 0.00 2,000,000.00 0.00
Maturity 06/13/2024 912797FS1 (11,000,000.00)UNITED STATES TREASURY06/13/2024 100.000 0.00%11,000,000.00 0.00 11,000,000.00 0.00
Maturity 06/13/2024 912797FS1 (5,000,000.00)UNITED STATES TREASURY
06/13/2024 100.000 0.00%5,000,000.00 0.00 5,000,000.00 0.00
Maturity 06/18/2024 89236TJH9 (890,000.00)TOYOTA MOTOR CREDITCORP 0.5 06/18/2024 100.000 0.50%890,000.00 0.00 890,000.00 0.00
Total Maturity (25,890,000.00)25,890,000.00 0.00 25,890,000.00 0.00
Sale 06/04/2024 60934N104 (4,913,435.76)FEDERATED HRMS GV O
INST 1.000 5.19%4,913,435.76 0.00 4,913,435.76 0.00
Sale 06/06/2024 90CAMP$00 (4,000,000.00)CAMP 1.000 0.00%4,000,000.00 0.00 4,000,000.00 0.00
Sale 06/07/2024 60934N104 (220,697.23)FEDERATED HRMS GV O
INST 1.000 5.17%220,697.23 0.00 220,697.23 0.00
Sale 06/07/2024 60934N104 (2,527,846.10)FEDERATED HRMS GV OINST 1.000 5.17%2,527,846.10 0.00 2,527,846.10 0.00
Sale 06/11/2024 60934N104 (993,130.00)FEDERATED HRMS GV O
INST 1.000 5.16%993,130.00 0.00 993,130.00 0.00
Sale 06/13/2024 90CAMP$00 (3,000,000.00)CAMP 1.000 0.00%3,000,000.00 0.00 3,000,000.00 0.00
Sale 06/17/2024 60934N104 (4,873,132.97)FEDERATED HRMS GV OINST 1.000 5.17%4,873,132.97 0.00 4,873,132.97 0.00
Sale 06/20/2024 90CAMP$00 (3,000,000.00)CAMP 1.000 0.00%3,000,000.00 0.00 3,000,000.00 0.00
Sale 06/25/2024 38141W323 (11,826,311.53)GOLDMAN:FS TRS O INST 1.000 5.17%11,826,311.53 0.00 11,826,311.53 0.00
28 64
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
TRANSACTION LEDGER
Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
Sale 06/26/2024 38141W323 (16,000,000.00)GOLDMAN:FS TRS O INST 1.000 5.17%16,000,000.00 0.00 16,000,000.00 0.00
Sale 06/26/2024 60934N104 (1,054,298.80)FEDERATED HRMS GV O
INST 1.000 5.18%1,054,298.80 0.00 1,054,298.80 0.00
Sale 06/26/2024 60934N104 (192,178.63)FEDERATED HRMS GV OINST 1.000 5.18%192,178.63 0.00 192,178.63 0.00
Sale 06/26/2024 60934N104 (793,836.72)FEDERATED HRMS GV O
INST 1.000 5.18%793,836.72 0.00 793,836.72 0.00
Sale 06/26/2024 60934N104 (3,016,867.03)FEDERATED HRMS GV OINST 1.000 5.18%3,016,867.03 0.00 3,016,867.03 0.00
Sale 06/27/2024 60934N104 (83,301.30)FEDERATED HRMS GV O
INST 1.000 5.18%83,301.30 0.00 83,301.30 0.00
Sale 06/30/2024 90CASH$03 (1,877,234.95)Cash 1.000 0.00%1,877,234.95 0.00 1,877,234.95 0.00
Total Sale (58,372,271.02)58,372,271.02 0.00 58,372,271.02 0.00
TOTAL
DISPOSITIONS (84,262,271.02)84,262,271.02 0.00 84,262,271.02 0.00
OTHER
Call Redemption 06/03/2024 46647PCH7 (1,000,000.00)JPMORGAN CHASE & CO
0.824 06/01/2025 100.000 0.82%1,000,000.00 0.00 1,000,000.00 0.00
Total Call Redemption (1,000,000.00)1,000,000.00 0.00 1,000,000.00 0.00
Cash Transfer 06/06/2024 CCYUSD (4,000,000.00)Cash 0.00%(4,000,000.00)0.00 (4,000,000.00)0.00
Cash Transfer 06/13/2024 CCYUSD (3,000,000.00)Cash 0.00%(3,000,000.00)0.00 (3,000,000.00)0.00
Cash Transfer 06/20/2024 CCYUSD (3,000,000.00)Cash 0.00%(3,000,000.00)0.00 (3,000,000.00)0.00
Cash Transfer 06/26/2024 CCYUSD (16,000,000.00)Cash 0.00%(16,000,000.00)0.00 (16,000,000.00)0.00
Cash Transfer 06/27/2024 CCYUSD 12,000,000.00 Cash 0.00%12,000,000.00 0.00 12,000,000.00 0.00
Cash Transfer 06/30/2024 CCYUSD (1,877,234.95)Cash 0.00%(1,877,234.95)0.00 (1,877,234.95)0.00
Total Cash
Transfer (15,877,234.95)(15,877,234.95)0.00 (15,877,234.95)0.00
Coupon 06/01/2024 3137BFE98 0.00 FHMS K-041 A2 3.17110/25/2024 2.39%1,784.69 0.00 1,784.69 0.00
Coupon 06/01/2024 3137BFXT3 0.00 FHMS K-042 A2 2.67
12/25/2024 0.16%5,562.50 0.00 5,562.50 0.00
29 65
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
TRANSACTION LEDGER
Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
Coupon 06/01/2024 3137BKRJ1 0.00 FHMS K-047 A2 3.329
05/25/2025 2.89%6,916.78 0.00 6,916.78 0.00
Coupon 06/01/2024 3137BM7C4 0.00 FHMS K-051 A2 3.308
09/25/2025 2.88%5,513.33 0.00 5,513.33 0.00
Coupon 06/01/2024 3137BTUM1 0.00 FHMS K-061 A2 3.34711/25/2026 4.40%8,273.09 0.00 8,273.09 0.00
Coupon 06/01/2024 3137F2LJ3 0.00 FHMS K-066 A2 3.117
06/25/2027 4.74%6,074.51 0.00 6,074.51 0.00
Coupon 06/01/2024 46647PCH7 0.00 JPMORGAN CHASE & CO0.824 06/01/2025 0.00%4,120.00 0.00 4,120.00 0.00
Coupon 06/06/2024 74153WCQ0 0.00
PRICOA GLOBAL
FUNDING I 1.15
12/06/2024
1.18%9,516.25 0.00 9,516.25 0.00
Coupon 06/07/2024 55380UR90 0.00 MUFG Bank, Ltd. - New York Branch 5.59
06/07/2024
5.59%56,831.67 0.00 56,831.67 0.00
Coupon 06/10/2024 3130ATUS4 0.00 FEDERAL HOME LOANBANKS 4.25 12/10/2027 3.77%85,000.00 0.00 85,000.00 0.00
Coupon 06/12/2024 89114QCA4 0.00 TORONTO-DOMINION
BANK 2.65 06/12/2024 2.65%26,500.00 0.00 26,500.00 0.00
Coupon 06/15/2024 47788UAC6 0.00 JDOT 2021 A3 0.36
09/15/2025 0.38%26.43 0.00 26.43 0.00
Coupon 06/15/2024 44933LAC7 0.00 HART 2021-A A3 0.3809/15/2025 0.41%21.41 0.00 21.41 0.00
Coupon 06/15/2024 47789QAC4 0.00 JDOT 2021-B A3 0.52
03/16/2026 0.53%144.88 0.00 144.88 0.00
Coupon 06/15/2024 44934KAC8 0.00 HART 2021-B A3 0.3801/15/2026 0.62%151.47 0.00 151.47 0.00
Coupon 06/15/2024 89238JAC9 0.00 TAOT 2021-D A3 0.71
04/15/2026 0.71%218.78 0.00 218.78 0.00
Coupon 06/15/2024 44935FAD6 0.00 HART 2021-C A3 0.7405/15/2026 0.76%162.24 0.00 162.24 0.00
Coupon 06/15/2024 47787JAC2 0.00 JDOT 2022 A3 0.36
09/15/2026 2.35%1,272.31 0.00 1,272.31 0.00
30 66
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
TRANSACTION LEDGER
Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
Coupon 06/15/2024 02582JJT8 0.00 AMXCA 2022-2 A
05/17/2027 3.42%7,020.13 0.00 7,020.13 0.00
Coupon 06/16/2024 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026 0.68%178.53 0.00 178.53 0.00
Coupon 06/16/2024 380146AC4 0.00 GMCAR 2022-1 A3 1.2611/16/2026 1.27%354.13 0.00 354.13 0.00
Coupon 06/18/2024 89236TJH9 0.00 TOYOTA MOTOR CREDIT
CORP 0.5 06/18/2024 0.50%2,225.00 0.00 2,225.00 0.00
Coupon 06/20/2024 3130AQF40 0.00 FEDERAL HOME LOANBANKS 1.0 12/20/2024 1.03%11,250.00 0.00 11,250.00 0.00
Coupon 06/21/2024 43815GAC3 0.00 HAROT 2021-4 A3 0.88
01/21/2026 0.90%281.54 0.00 281.54 0.00
Coupon 06/25/2024 05602RAD3 0.00 BMWOT 2022-A A3 3.2108/25/2026 3.24%1,744.23 0.00 1,744.23 0.00
Coupon 06/30/2024 91282CEW7 0.00 UNITED STATES TREASURY
3.25 06/30/2027 3.05%81,250.00 0.00 81,250.00 0.00
Coupon 06/30/2024 91282CGC9 0.00 UNITED STATES TREASURY3.875 12/31/2027 3.60%62,968.75 0.00 62,968.75 0.00
Coupon 06/30/2024 91282CGD7 0.00 UNITED STATES TREASURY
4.25 12/31/2024 5.15%63,750.00 0.00 63,750.00 0.00
Total Coupon 0.00 449,112.65 0.00 449,112.65 0.00
Dividend 06/28/2024 60934N104 0.00 FEDERATED HRMS GV OINST 5.17%20,962.93 0.00 20,962.93 0.00
Dividend 06/28/2024 90CAMP$00 0.00 CAMP 0.00%196,645.36 0.00 196,645.36 0.00
Dividend 06/30/2024 38141W323 0.00 GOLDMAN:FS TRS O INST 5.17%118,993.66 0.00 118,993.66 0.00
Total Dividend 0.00 336,601.95 0.00 336,601.95 0.00
Principal
Paydown 06/01/2024 3137BFXT3 25,096.90 FHMS K-042 A2 2.67
12/25/2024 0.16%25,096.90 --25,096.90 0.00
Principal
Paydown 06/01/2024 3137BFE98 12,706.83 FHMS K-041 A2 3.171
10/25/2024 2.39%12,706.83 --12,706.83 0.00
Principal Paydown 06/01/2024 3137BKRJ1 4,940.38 FHMS K-047 A2 3.32905/25/2025 2.89%4,940.38 --4,940.38 0.01
Principal
Paydown 06/01/2024 3137BTUM1 5,657.19 FHMS K-061 A2 3.347
11/25/2026 4.40%5,657.19 --5,657.19 0.00
31 67
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
TRANSACTION LEDGER
Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
Principal
Paydown 06/15/2024 47788UAC6 19,510.51 JDOT 2021 A3 0.36
09/15/2025 0.39%19,510.51 --19,510.51 0.00
Principal
Paydown 06/15/2024 44933LAC7 37,848.78 HART 2021-A A3 0.38
09/15/2025 0.41%37,848.78 --37,848.78 (0.00)
Principal Paydown 06/15/2024 47789QAC4 40,281.56 JDOT 2021-B A3 0.5203/16/2026 0.53%40,281.56 --40,281.56 (0.00)
Principal
Paydown 06/15/2024 44934KAC8 96,590.42 HART 2021-B A3 0.38
01/15/2026 0.62%96,590.42 --96,590.42 0.00
Principal Paydown 06/15/2024 89238JAC9 36,719.30 TAOT 2021-D A3 0.7104/15/2026 0.71%36,719.30 --36,719.30 (0.00)
Principal
Paydown 06/15/2024 44935FAD6 30,614.84 HART 2021-C A3 0.74
05/15/2026 0.76%30,614.84 --30,614.84 0.00
Principal Paydown 06/15/2024 47787JAC2 41,740.92 JDOT 2022 A3 0.3609/15/2026 2.35%41,740.92 --41,740.92 0.00
Principal
Paydown 06/16/2024 362554AC1 28,808.00 GMCAR 2021-4 A3 0.68
09/16/2026 0.68%28,808.00 --28,808.00 0.00
Principal Paydown 06/16/2024 380146AC4 29,173.26 GMCAR 2022-1 A3 1.2611/16/2026 1.27%29,173.26 --29,173.26 (0.00)
Principal
Paydown 06/21/2024 43815GAC3 40,277.11 HAROT 2021-4 A3 0.88
01/21/2026 0.90%40,277.11 --40,277.11 0.00
Principal Paydown 06/25/2024 05602RAD3 54,719.53 BMWOT 2022-A A3 3.2108/25/2026 3.24%54,719.53 --54,719.53 (0.00)
Total Principal
Paydown 504,685.53 504,685.53 --504,685.53 0.00
TOTAL OTHER TRANSACTIONS (16,372,549.42)(13,586,834.82)0.00 (13,586,834.82)0.00
32 68
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
60934N104 432,250.68
9,397,472.139,703,503.09
(18,668,724.54)
432,250.68
0.0041,204.03
0.00
41,204.03
0.000.00
0.00
41,204.03
41,204.03
Total 432,250.68
9,397,472.139,703,503.09(18,668,724.54)
432,250.68
0.0041,204.030.00
41,204.03
0.000.000.00
41,204.03 41,204.03
CASH & EQUIVALENTS
38141W323 GOLDMAN:FS TRS O INST 11,897,271.41
23,626,048.92
16,097,534.02
(27,826,311.53)
11,897,271.41
0.00
97,534.02
0.00
97,534.02
0.00
0.00
0.00
97,534.02
97,534.02
90CASH$03 Cash 25,270,959.52
27,148,194.470.00
(1,877,234.95)
25,270,959.52
0.000.00
0.00
0.00
0.000.00
0.00
0.00
0.00
912797HT7 UNITED STATES TREASURY 06/06/2024
03/11/2024
03/12/2024
0.00
4,996,359.380.00(5,000,000.00)
0.00
0.000.000.00
0.00
3,640.630.003,640.63
3,640.63
3,640.63
912797JT5 UNITED STATES TREASURY 07/25/2024
06/24/2024
06/25/2024
2,000,000.00
0.00
1,991,329.170.001,993,063.34
0.00
0.000.000.00
1,734.17
0.001,734.171,734.17
1,734.17
912797KL0 UNITED STATES TREASURY 09/19/2024
06/24/202406/25/2024
2,000,000.00
0.00
1,975,074.330.001,976,813.33
0.00
0.000.000.00
1,739.00
0.001,739.001,739.00
1,739.00
CCYUSD Receivable
460,344.97
217,939.75
0.00
0.00460,344.97
0.00
0.00
0.000.00
0.00
0.00
0.000.00
0.00
33 69
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
Total Cash & Equivalents 41,628,575.90
55,988,542.5220,063,937.52
(34,703,546.48)
41,598,452.57
0.0097,534.02
0.00
97,534.02
7,113.790.00
7,113.79
104,647.81 104,647.81
FIXED INCOME
02582JJT8 AMXCA 2022-2 A 05/17/2027 05/17/202205/24/2022
2,485,000.00
2,484,746.11
0.00
0.002,484,768.00
3,744.07
7,020.13
3,744.077,020.13
21.89
0.00
21.897,042.02
7,042.02
037833DM9 APPLE INC 1.8 09/11/2024 08/18/202108/20/20211,000,000.00
1,002,339.02
0.00
0.00
1,001,350.70
4,000.00
0.00
5,500.00
1,500.00
0.00
(988.32)
(988.32)
511.68
511.68
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026
05/10/202205/18/2022597,328.73
652,031.690.00
(54,719.53)
597,314.11
348.851,744.23
319.57
1,714.96
1.950.00
1.95
1,716.90
1,716.90
06367DFC4 Bank of Montreal - Chicago
Branch 5.54 09/03/2024
12/06/2023
12/07/20233,000,000.00
2,999,980.770.00
0.00
2,999,986.90
83,100.000.00
96,950.00
13,850.00
6.140.00
6.14
13,856.14
13,856.14
06367TQW3 BANK OF MONTREAL 0.625 07/09/2024
09/10/2021
09/14/2021
2,000,000.00
1,999,940.180.000.00
1,999,987.41
4,930.560.005,972.22
1,041.67
47.230.0047.23
1,088.90
1,088.90
06406RBC0 BANK OF NEW YORK MELLON CORP 3.35 04/25/2025
04/19/2022
04/26/2022
1,475,000.00
1,474,938.15
0.000.001,474,943.80
4,941.25
0.009,058.964,117.71
5.66
0.005.664,123.37
4,123.37
09247XAN1 BLACKROCK INC 3.2 03/15/2027
07/06/202207/08/2022
2,000,000.00
1,986,186.40
0.000.001,986,593.88
13,511.11
0.0018,844.445,333.33
407.48
0.00407.485,740.81
5,740.81
14913UAJ9 CATERPILLAR FINANCIAL SERVICES CORP 4.85
02/27/2029
04/30/202405/02/2024
1,200,000.00
1,185,915.95
0.00
0.001,186,159.90
15,196.67
0.00
20,046.674,850.00
243.95
0.00
243.955,093.95
5,093.95
34 70
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
24422EWB1 JOHN DEERE CAPITAL CORP
2.125 03/07/2025
03/02/2022
03/07/2022670,000.00
669,926.660.00
0.00
669,934.55
3,322.080.00
4,508.54
1,186.46
7.890.00
7.89
1,194.34
1,194.34
24422EXT1 JOHN DEERE CAPITAL CORP 4.85 06/11/2029
06/07/2024
06/11/20241,000,000.00
0.00993,130.000.00
993,205.25
0.000.002,694.44
2,694.44
75.250.0075.25
2,769.69
2,769.69
26442UAA2 DUKE ENERGY PROGRESS LLC 3.25 08/15/2025 2,422,000.00
2,421,821.520.000.00
2,421,824.06
23,177.190.0029,736.78
6,559.58
48.59(46.05)2.54
6,562.12
6,562.12
3130AQF40 FEDERAL HOME LOAN BANKS 1.0 12/20/2024
12/21/2021
12/22/2021
2,250,000.00
2,249,634.41
0.000.002,249,688.70
10,062.50
11,250.00687.501,875.00
54.30
0.0054.301,929.30
1,929.30
3130ATUS4 FEDERAL HOME LOAN BANKS
4.25 12/10/2027
01/30/202302/01/2023
4,000,000.00
4,061,323.05
0.00
0.004,059,893.60
80,750.00
85,000.00
9,916.6714,166.67
0.00
(1,429.44)
(1,429.44)12,737.23
12,737.23
313313DN5 FEDERAL FARM CREDIT BANKS FUNDING CORP 03/26/2025
03/26/202403/27/20245,000,000.00
4,802,161.11
0.00
0.00
4,822,077.77
0.00
0.00
0.00
0.00
19,916.67
0.00
19,916.67
19,916.67
19,916.67
313385AC0 FEDERAL HOME LOAN BANKS
01/03/2025
02/13/202402/14/20243,000,000.00
2,913,060.00
0.00
0.00
2,925,135.00
0.00
0.00
0.00
0.00
12,075.00
0.00
12,075.00
12,075.00
12,075.00
313385BP0 FEDERAL HOME LOAN BANKS
02/07/2025
02/13/2024
02/14/20243,000,000.00
2,900,436.670.00
0.00
2,912,336.67
0.000.00
0.00
0.00
11,900.000.00
11,900.00
11,900.00
11,900.00
3133ENKS8
FEDERAL FARM CREDIT
BANKS FUNDING CORP 1.125
01/06/2025
01/06/2022
01/11/2022
2,000,000.00
1,999,096.700.000.00
1,999,220.44
9,062.500.0010,937.50
1,875.00
123.740.00123.74
1,998.74
1,998.74
35 71
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
3133ENPY0
FEDERAL FARM CREDIT
BANKS FUNDING CORP 1.75 02/25/2025
03/03/2022
03/04/20224,000,000.00
3,999,822.150.00
0.00
3,999,841.98
18,666.670.00
24,500.00
5,833.33
19.830.00
19.83
5,853.17
5,853.17
3135G05X7
FEDERAL NATIONAL
MORTGAGE ASSOCIATION 0.375 08/25/2025
12/02/2021
12/03/20213,500,000.00
3,467,504.770.000.00
3,469,671.12
3,500.000.004,593.75
1,093.75
2,166.350.002,166.35
3,260.10
3,260.10
3137BFE98 FHMS K-041 A2 3.171 10/25/2024
04/21/2022
04/26/2022
662,673.86
675,677.560.00(12,706.83)
662,893.52
1,784.691,784.691,751.12
1,751.11
0.00(77.22)(77.22)
1,673.90
1,673.90
3137BFXT3 FHMS K-042 A2 2.67 12/25/2024
08/19/2021
08/23/2021
2,474,903.10
2,523,549.20
0.00(25,096.90)2,494,394.13
5,562.50
5,562.505,506.665,506.66
0.00
(4,058.17)(4,058.17)1,448.48
1,448.48
3137BKRJ1 FHMS K-047 A2 3.329
05/25/2025
05/19/202205/24/2022
2,488,341.90
2,497,769.11
0.00
(4,940.38)2,492,417.63
6,916.78
6,916.78
6,903.086,903.07
0.00
(411.10)
(411.10)6,491.97
6,491.97
3137BM7C4 FHMS K-051 A2 3.308
09/25/2025
05/16/202205/19/20222,000,000.00
2,005,915.84
0.00
0.00
2,005,527.49
5,513.33
5,513.33
5,513.33
5,513.33
0.00
(388.35)
(388.35)
5,124.98
5,124.98
3137BTUM1 FHMS K-061 A2 3.347
11/25/2026
10/05/202210/11/20222,960,495.55
2,892,907.16
0.00
(5,657.19)
2,889,873.45
8,273.09
8,273.09
8,257.32
8,257.31
2,623.48
0.00
2,623.48
10,880.79
10,880.79
3137F2LJ3 FHMS K-066 A2 3.117
06/25/2027
10/20/2022
10/25/20222,338,600.00
2,233,389.910.00
0.00
2,236,272.38
6,074.516,074.51
6,074.51
6,074.51
2,882.470.00
2,882.47
8,956.98
8,956.98
362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026
10/13/2021
10/21/2021
286,250.91
315,055.690.00(28,808.00)
286,248.09
89.27178.5381.10
170.37
0.400.000.40
170.77
170.77
36 72
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026
01/11/2022
01/19/2022308,093.68
337,253.660.00
(29,173.26)
308,081.95
177.07354.13
161.75
338.81
1.550.00
1.55
340.37
340.37
40139LBG7 GUARDIAN LIFE GLOBAL FUNDING 5.55 10/28/2027
10/25/2022
10/28/20222,755,000.00
2,754,436.930.000.00
2,754,450.51
14,016.060.0026,757.94
12,741.88
13.580.0013.58
12,755.45
12,755.45
437076DC3 HOME DEPOT INC 4.75 06/25/2029
06/25/2024
06/26/2024
1,250,000.00
0.001,246,312.500.00
1,246,322.60
0.00(164.93)989.58
824.65
10.100.0010.10
834.76
834.76
43815GAC3 HAROT 2021-4 A3 0.88 01/21/2026
11/16/2021
11/24/2021
343,634.83
383,883.27
0.00(40,277.11)343,610.45
93.85
281.5484.00271.69
4.29
0.004.29275.99
275.99
44933LAC7 HART 2021-A A3 0.38
09/15/2025
04/20/202104/28/2021
29,758.89
67,606.15
0.00
(37,848.78)29,758.26
11.42
21.41
5.0315.02
0.90
0.00
0.9015.91
15.91
44934KAC8 HART 2021-B A3 0.38
01/15/2026
07/20/202107/28/2021381,738.15
478,297.88
0.00
(96,590.42)
381,714.90
80.78
151.47
64.47
135.16
7.44
0.00
7.44
142.59
142.59
44935FAD6 HART 2021-C A3 0.74
05/15/2026
11/09/202111/17/2021232,476.34
263,069.23
0.00
(30,614.84)
232,457.76
86.53
162.24
76.46
152.17
3.37
0.00
3.37
155.54
155.54
4581X0DZ8
INTER-AMERICAN
DEVELOPMENT BANK 0.5 09/23/2024
09/15/2021
09/23/20213,955,000.00
3,954,695.580.00
0.00
3,954,775.69
3,735.280.00
5,383.19
1,647.92
80.110.00
80.11
1,728.03
1,728.03
45950KCR9 INTERNATIONAL FINANCE CORP 1.375 10/16/2024
07/12/2021
07/14/2021
2,500,000.00
2,507,742.230.000.00
2,506,046.85
4,296.880.007,161.46
2,864.58
0.00(1,695.38)(1,695.38)
1,169.21
1,169.21
37 73
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
46647PCH7 JPMORGAN CHASE & CO
0.824 06/01/2025
05/26/2021
06/01/20210.00
1,000,000.000.00
(1,000,000.00)
0.00
4,120.004,120.00
0.00
0.00
0.000.00
0.00
0.00
0.00
47787JAC2 JDOT 2022 A3 0.36 09/15/2026
03/10/2022
03/16/2022616,350.44
658,021.870.00(41,740.92)
616,287.70
678.571,272.31635.53
1,229.27
6.740.006.74
1,236.01
1,236.01
47788UAC6 JDOT 2021 A3 0.36 09/15/2025
03/02/2021
03/10/2021
68,581.78
88,088.280.00(19,510.51)
68,578.86
14.0926.4310.97
23.31
1.090.001.09
24.39
24.39
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026
07/13/2021
07/21/2021
294,054.80
334,326.32
0.00(40,281.56)294,046.38
77.27
144.8867.96135.57
1.62
0.001.62137.19
137.19
55380UR90 MUFG Bank, Ltd. - New York
Branch 5.59 06/07/2024
12/12/202312/13/2023
0.00
2,000,004.81
0.00
(2,000,000.00)0.00
54,968.33
56,831.67
0.001,863.34
0.00
(4.81)
(4.81)1,858.53
1,858.53
57636QAN4 MASTERCARD INC 2.0
03/03/2025
10/28/202111/01/20213,000,000.00
3,018,985.79
0.00
0.00
3,016,679.82
14,666.67
0.00
19,666.67
5,000.00
0.00
(2,305.97)
(2,305.97)
2,694.03
2,694.03
59217GEP0 METROPOLITAN LIFE GLOBAL
FUNDING I 0.7 09/27/2024 1,555,000.00
1,554,249.01
0.00
0.00
1,554,439.94
1,935.11
0.00
2,842.19
907.08
190.93
0.00
190.93
1,098.01
1,098.01
59217GEW5 METROPOLITAN LIFE GLOBAL
FUNDING I 2.8 03/21/2025
03/14/2022
03/21/2022970,000.00
969,769.210.00
0.00
969,792.84
5,281.110.00
7,544.44
2,263.33
23.630.00
23.63
2,286.96
2,286.96
61747YET8 MORGAN STANLEY 4.679 07/17/2026
08/10/2022
08/12/2022
2,000,000.00
2,007,136.800.000.00
2,006,615.87
34,832.560.0042,630.89
7,798.33
0.00(520.93)(520.93)
7,277.40
7,277.40
38 74
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
62479LQ40 MUFG Bank, Ltd. - New York
Branch 03/04/2025
06/07/2024
06/07/20245,000,000.00
0.004,805,375.00
0.00
4,822,675.00
0.000.00
0.00
0.00
17,300.000.00
17,300.00
17,300.00
17,300.00
63743HFC1
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 1.875 02/07/2025
03/18/2022
03/22/20221,000,000.00
994,207.690.000.00
994,900.00
5,937.500.007,500.00
1,562.50
692.310.00692.31
2,254.81
2,254.81
64952WEK5 NEW YORK LIFE GLOBAL FUNDING 1.45 01/14/2025
01/11/2022
01/14/2022
3,255,000.00
3,254,271.900.000.00
3,254,368.13
17,961.270.0021,894.40
3,933.13
96.220.0096.22
4,029.35
4,029.35
665859AW4 NORTHERN TRUST CORP 4.0 05/10/2027 3,000,000.00
2,999,302.26
0.000.002,999,321.34
7,000.00
0.0017,000.0010,000.00
34.24
(15.15)19.0810,019.08
10,019.08
66815L2K4 NORTHWESTERN MUTUAL GLOBAL FUNDING 4.35
09/15/2027 2,200,000.00
2,180,590.79
0.00
0.002,181,075.62
20,203.33
0.00
28,178.337,975.00
484.83
0.00
484.838,459.83
8,459.83
69371RR40 PACCAR FINANCIAL CORP 0.5
08/09/2024
08/05/202108/09/2021700,000.00
699,971.98
0.00
0.00
699,984.17
1,088.89
0.00
1,380.56
291.67
12.18
0.00
12.18
303.85
303.85
69371RR57 PACCAR FINANCIAL CORP 0.9
11/08/2024
11/02/202111/08/20212,120,000.00
2,119,981.43
0.00
0.00
2,119,984.91
1,219.00
0.00
2,809.00
1,590.00
3.48
0.00
3.48
1,593.48
1,593.48
74153WCQ0 PRICOA GLOBAL FUNDING I
1.15 12/06/2024
12/01/2021
12/08/20211,655,000.00
1,654,707.060.00
0.00
1,654,753.81
9,251.919,516.25
1,321.70
1,586.04
46.750.00
46.75
1,632.79
1,632.79
78015K7C2 ROYAL BANK OF CANADA 2.25 11/01/2024
05/19/2021
05/21/2021
2,500,000.00
2,515,570.180.000.00
2,512,517.20
4,687.500.009,375.00
4,687.50
0.00(3,052.98)(3,052.98)
1,634.52
1,634.52
39 75
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
79466LAG9 SALESFORCE INC 0.625
07/15/2024
06/29/2021
07/12/2021470,000.00
469,990.400.00
0.00
469,996.95
1,109.720.00
1,354.51
244.79
6.540.00
6.54
251.34
251.34
857477BR3 STATE STREET CORP 1.746 02/06/2026
02/02/2022
02/07/2022900,000.00
900,000.000.000.00
900,000.00
5,019.750.006,329.25
1,309.50
0.000.000.00
1,309.50
1,309.50
87612EBL9 TARGET CORP 2.25 04/15/2025
03/15/2022
03/17/2022
3,000,000.00
2,993,105.760.000.00
2,993,756.16
8,625.000.0014,250.00
5,625.00
650.400.00650.40
6,275.40
6,275.40
89114QCA4 TORONTO-DOMINION BANK 2.65 06/12/2024
04/23/2021
04/27/2021
0.00
2,001,199.21
0.00(2,000,000.00)0.00
24,880.56
26,500.000.001,619.44
0.00
(1,199.21)(1,199.21)420.23
420.23
89115A2H4 TORONTO-DOMINION BANK
4.693 09/15/2027
09/08/202209/15/2022
1,060,000.00
1,060,000.00
0.00
0.001,060,000.00
10,501.89
0.00
14,647.374,145.48
0.00
0.00
0.004,145.48
4,145.48
89115BL57 Toronto-Dominion Bank - New York Branch 5.6511/20/2024
11/20/202311/21/20233,000,000.00
3,000,000.00
0.00
0.00
3,000,000.00
90,870.83
0.00
104,995.83
14,125.00
0.00
0.00
0.00
14,125.00
14,125.00
89236TJH9 TOYOTA MOTOR CREDIT
CORP 0.5 06/18/2024
06/15/202106/18/20210.00
889,983.57
0.00
(890,000.00)
0.00
2,014.86
2,225.00
0.00
210.14
16.43
0.00
16.43
226.57
226.57
89236TLL7 TOYOTA MOTOR CREDIT
CORP 4.65 01/05/2029
02/12/2024
02/14/20241,200,000.00
1,193,618.480.00
0.00
1,193,732.51
22,630.000.00
27,280.00
4,650.00
114.020.00
114.02
4,764.02
4,764.02
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026
11/09/2021
11/15/2021
333,046.24
369,762.620.00(36,719.30)
333,043.72
116.68218.78105.09
207.19
0.410.000.41
207.60
207.60
40 76
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
912797FS1 UNITED STATES TREASURY
06/13/2024 0.00
15,972,826.670.00
(16,000,000.00)
0.00
0.000.00
0.00
0.00
27,173.330.00
27,173.33
27,173.33
27,173.33
912797GW1 UNITED STATES TREASURY 10/03/2024
10/31/2023
11/01/20235,000,000.00
4,910,982.640.000.00
4,932,519.10
0.000.000.00
0.00
21,536.460.0021,536.46
21,536.46
21,536.46
912797JR9 UNITED STATES TREASURY 01/23/2025
02/13/2024
02/14/2024
3,000,000.00
2,907,232.330.000.00
2,919,024.83
0.000.000.00
0.00
11,792.500.0011,792.50
11,792.50
11,792.50
912797KA4 UNITED STATES TREASURY 02/20/2025
03/12/2024
03/13/2024
3,000,000.00
2,895,330.60
0.000.002,907,224.85
0.00
0.000.000.00
11,894.25
0.0011,894.2511,894.25
11,894.25
912797KH9 UNITED STATES TREASURY
07/02/2024
03/26/202403/27/2024
9,000,000.00
8,959,680.63
0.00
0.008,998,699.38
0.00
0.00
0.000.00
39,018.75
0.00
39,018.7539,018.75
39,018.75
912797KK2 UNITED STATES TREASURY
09/12/2024
04/18/202404/19/20245,000,000.00
4,925,968.75
0.00
0.00
4,947,531.25
0.00
0.00
0.00
0.00
21,562.50
0.00
21,562.50
21,562.50
21,562.50
912797KN6 UNITED STATES TREASURY
07/09/2024
03/11/202403/12/20243,200,000.00
3,182,422.89
0.00
0.00
3,196,299.56
0.00
0.00
0.00
0.00
13,876.67
0.00
13,876.67
13,876.67
13,876.67
912797KQ9 UNITED STATES TREASURY
07/23/2024
03/27/2024
03/28/20245,000,000.00
4,962,390.280.00
0.00
4,984,088.20
0.000.00
0.00
0.00
21,697.920.00
21,697.92
21,697.92
21,697.92
912797KS5 UNITED STATES TREASURY 04/17/2025
05/16/2024
05/17/2024
5,000,000.00
4,782,102.220.000.00
4,802,530.14
0.000.000.00
0.00
20,427.920.0020,427.92
20,427.92
20,427.92
41 77
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
912797KU0 UNITED STATES TREASURY
10/17/2024
04/18/2024
04/19/20245,000,000.00
4,901,052.090.00
0.00
4,922,562.50
0.000.00
0.00
0.00
21,510.420.00
21,510.42
21,510.42
21,510.42
912797KY2 UNITED STATES TREASURY 08/20/2024 7,000,000.00
4,941,833.331,983,674.440.00
6,949,069.44
0.000.000.00
0.00
23,561.670.0023,561.67
23,561.67
23,561.67
912797LB1 UNITED STATES TREASURY 05/15/2025
05/16/2024
05/17/2024
5,000,000.00
4,765,039.580.000.00
4,785,294.79
0.000.000.00
0.00
20,255.210.0020,255.21
20,255.21
20,255.21
912797LC9 UNITED STATES TREASURY 11/07/2024
06/24/2024
06/25/2024
2,000,000.00
0.00
1,961,290.250.001,963,010.68
0.00
0.000.000.00
1,720.43
0.001,720.431,720.43
1,720.43
912797LK1 UNITED STATES TREASURY
10/01/2024
05/30/202406/04/2024
5,000,000.00
4,913,435.76
0.00
0.004,933,076.39
0.00
0.00
0.000.00
19,640.63
0.00
19,640.6319,640.63
19,640.63
912797LN5 UNITED STATES TREASURY
06/12/2025
06/25/202406/26/20244,000,000.00
0.00
3,810,703.75
0.00
3,813,400.28
0.00
0.00
0.00
0.00
2,696.53
0.00
2,696.53
2,696.53
2,696.53
912797LP0 UNITED STATES TREASURY
12/12/2024
06/14/202406/17/20245,000,000.00
0.00
4,873,132.97
0.00
4,883,111.28
0.00
0.00
0.00
0.00
9,978.31
0.00
9,978.31
9,978.31
9,978.31
912797LQ8 UNITED STATES TREASURY
12/19/2024
06/24/2024
06/25/20242,000,000.00
0.001,949,420.28
0.00
1,951,134.85
0.000.00
0.00
0.00
1,714.570.00
1,714.57
1,714.57
1,714.57
912797LU9 UNITED STATES TREASURY 10/22/2024
06/24/2024
06/25/2024
2,000,000.00
0.001,965,523.060.00
1,967,261.39
0.000.000.00
0.00
1,738.330.001,738.33
1,738.33
1,738.33
42 78
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
9128283D0 UNITED STATES TREASURY
2.25 10/31/2024
03/27/2024
03/28/20245,000,000.00
4,939,940.950.00
0.00
4,951,794.71
9,782.610.00
18,953.80
9,171.20
11,853.760.00
11,853.76
21,024.95
21,024.95
9128283F5 UNITED STATES TREASURY 2.25 11/15/2027
11/28/2022
11/29/20225,000,000.00
4,738,008.330.000.00
4,744,236.34
5,197.010.0014,368.21
9,171.20
6,228.010.006,228.01
15,399.21
15,399.21
9128284F4 UNITED STATES TREASURY 2.625 03/31/2025
03/26/2024
03/27/2024
5,000,000.00
4,904,574.760.000.00
4,914,022.80
22,233.610.0032,991.80
10,758.20
9,448.040.009,448.04
20,206.24
20,206.24
9128285C0 UNITED STATES TREASURY 3.0 09/30/2025
05/05/2022
05/06/2022
5,000,000.00
5,000,763.65
0.000.005,000,716.52
25,409.84
0.0037,704.9212,295.08
0.00
(47.14)(47.14)12,247.94
12,247.94
912828D56 UNITED STATES TREASURY
2.375 08/15/2024
12/15/202312/18/2023
5,000,000.00
4,972,405.02
0.00
0.004,983,443.01
34,907.28
0.00
44,694.379,787.09
11,037.99
0.00
11,037.9920,825.08
20,825.08
912828K74 UNITED STATES TREASURY 2.0
08/15/2025
04/05/202204/06/20222,300,000.00
2,279,638.34
0.00
0.00
2,281,026.64
13,521.98
0.00
17,313.19
3,791.21
1,388.29
0.00
1,388.29
5,179.50
5,179.50
912828YE4 UNITED STATES TREASURY
1.25 08/31/2024
02/24/202102/25/20214,000,000.00
4,009,087.59
0.00
0.00
4,006,091.68
12,635.87
0.00
16,711.96
4,076.09
0.00
(2,995.91)
(2,995.91)
1,080.18
1,080.18
912828YM6 UNITED STATES TREASURY 1.5
10/31/2024
08/05/2021
08/06/20214,500,000.00
4,520,050.370.00
0.00
4,516,093.06
5,869.570.00
11,372.28
5,502.72
0.00(3,957.31)
(3,957.31)
1,545.41
1,545.41
912828Z52 UNITED STATES TREASURY 1.375 01/31/2025
02/16/2021
02/17/2021
3,000,000.00
3,019,880.970.000.00
3,017,436.59
13,825.550.0017,225.27
3,399.73
0.00(2,444.38)(2,444.38)
955.34
955.34
43 79
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
912828ZC7 UNITED STATES TREASURY
1.125 02/28/2025 5,700,000.00
5,609,740.030.00
0.00
5,619,695.18
16,205.500.00
21,433.08
5,227.58
9,955.140.00
9,955.14
15,182.73
15,182.73
912828ZF0 UNITED STATES TREASURY 0.5 03/31/2025
03/17/2021
03/18/20212,900,000.00
2,896,739.900.000.00
2,897,062.68
2,456.280.003,644.81
1,188.52
322.780.00322.78
1,511.31
1,511.31
912828ZL7 UNITED STATES TREASURY 0.375 04/30/2025 5,000,000.00
4,994,191.920.000.00
4,994,715.17
1,630.430.003,158.97
1,528.53
523.250.00523.25
2,051.78
2,051.78
912828ZT0 UNITED STATES TREASURY 0.25 05/31/2025
10/05/2021
10/06/2021
5,000,000.00
4,977,973.20
0.000.004,979,788.60
34.15
0.001,058.741,024.59
1,815.40
0.001,815.402,839.99
2,839.99
91282CCL3 UNITED STATES TREASURY
0.375 07/15/2024
07/13/202107/15/2021
3,500,000.00
3,499,626.77
0.00
0.003,499,881.24
4,975.96
0.00
6,057.691,081.73
254.48
0.00
254.481,336.21
1,336.21
91282CCX7 UNITED STATES TREASURY
0.375 09/15/2024
09/08/202109/15/20215,000,000.00
4,999,055.51
0.00
0.00
4,999,322.82
3,974.18
0.00
5,502.72
1,528.53
267.31
0.00
267.31
1,795.84
1,795.84
91282CDB4 UNITED STATES TREASURY
0.625 10/15/2024
12/29/202112/30/20211,800,000.00
1,797,928.12
0.00
0.00
1,798,385.16
1,444.67
0.00
2,366.80
922.13
457.03
0.00
457.03
1,379.16
1,379.16
91282CDH1 UNITED STATES TREASURY
0.75 11/15/2024
11/17/2021
11/18/20215,000,000.00
4,997,732.020.00
0.00
4,998,139.44
1,732.340.00
4,789.40
3,057.07
407.420.00
407.42
3,464.49
3,464.49
91282CEF4 UNITED STATES TREASURY 2.5 03/31/2027
06/06/2022
06/07/2022
5,000,000.00
4,931,370.210.000.00
4,933,363.33
21,174.860.0031,420.77
10,245.90
1,993.120.001,993.12
12,239.02
12,239.02
44 80
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
91282CEH0 UNITED STATES TREASURY
2.625 04/15/2025
04/18/2024
04/19/20245,000,000.00
4,892,814.010.00
0.00
4,902,925.90
16,854.510.00
27,612.70
10,758.20
10,111.890.00
10,111.89
20,870.08
20,870.08
91282CEN7 UNITED STATES TREASURY 2.75 04/30/2027
06/02/2022
06/03/20225,000,000.00
4,976,249.150.000.00
4,976,919.45
11,956.520.0023,165.76
11,209.24
670.300.00670.30
11,879.54
11,879.54
91282CET4 UNITED STATES TREASURY 2.625 05/31/2027
07/08/2022
07/11/2022
3,000,000.00
2,959,061.190.000.00
2,960,183.83
215.160.006,670.08
6,454.92
1,122.640.001,122.64
7,577.55
7,577.55
91282CEW7 UNITED STATES TREASURY 3.25 06/30/2027
08/17/2022
08/18/2022
5,000,000.00
5,028,908.45
0.000.005,028,136.87
68,303.57
0.00441.58(67,862.00)
0.00
(771.58)(771.58)(68,633.57)
(68,633.57)
91282CFH9 UNITED STATES TREASURY
3.125 08/31/2027
09/08/202209/09/2022
5,000,000.00
4,961,117.01
0.00
0.004,962,100.56
39,487.09
0.00
52,224.8612,737.77
983.55
0.00
983.5513,721.32
13,721.32
91282CGC9 UNITED STATES TREASURY
3.875 12/31/2027
01/26/202301/27/20233,250,000.00
3,278,891.12
0.00
0.00
3,278,228.48
52,935.27
0.00
342.22
(52,593.05)
0.00
(662.64)
(662.64)
(53,255.69)
(53,255.69)
91282CGD7 UNITED STATES TREASURY
4.25 12/31/2024
03/12/202403/13/20243,000,000.00
2,984,750.83
0.00
0.00
2,986,898.60
53,592.03
0.00
346.47
(53,245.57)
2,147.77
0.00
2,147.77
(51,097.80)
(51,097.80)
91282CGG0 UNITED STATES TREASURY
4.125 01/31/2025
03/14/2024
03/15/20243,000,000.00
2,980,197.500.00
0.00
2,982,632.23
41,476.650.00
51,675.82
10,199.18
2,434.730.00
2,434.73
12,633.91
12,633.91
91282CHD6 UNITED STATES TREASURY 4.25 05/31/2025
05/30/2024
05/31/2024
5,000,000.00
4,953,058.650.000.00
4,956,927.44
580.600.0017,998.63
17,418.03
3,868.790.003,868.79
21,286.83
21,286.83
45 81
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
INCOME EARNED
Cusip Security Description
Trade Date
Settle DateUnits
Book Value: BeginBook Value: AcqBook Value: Disp
Book Value: End
Prior AccruedInc. ReceivedEnding Accrued
Total Interest
Accr. Of DiscountAmort. Of PremiumNet Accret/Amort
Income Earned
Total Income
931142EX7 WALMART INC 3.95
09/09/2027
09/08/2022
09/12/20221,000,000.00
1,001,247.140.00
0.00
1,001,215.00
8,997.220.00
12,288.89
3,291.67
0.00(32.14)
(32.14)
3,259.52
3,259.52
Total Fixed Income 300,613,329.19
296,214,260.6023,588,562.25(22,394,685.53)
297,822,552.62
1,176,128.21240,978.971,138,137.62
202,988.38
441,519.46(27,104.17)414,415.29
617,403.67 617,403.67
LAIF
90LAIF$00 Local Agency Investment
Fund State Pool 10,358,659.96
10,358,659.96
0.00
0.00
10,358,659.96
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total LAIF 10,358,659.96
10,358,659.960.00
0.00
10,358,659.96
0.000.00
0.00
0.00
0.000.00
0.00
0.00 0.00
LOCAL GOV INVESTMENT
POOL
90CAMP$00 CAMP
51,011,427.66
48,814,782.30
12,196,645.36(10,000,000.00)51,011,427.66
0.00
196,645.360.00196,645.36
0.00
0.000.00196,645.36
196,645.36
Total Local Gov Investment Pool 51,011,427.66
48,814,782.30
12,196,645.36(10,000,000.00)51,011,427.66
0.00
196,645.360.00196,645.36
0.00
0.000.00196,645.36 196,645.36
TOTAL PORTFOLIO 404,044,243.39
420,773,717.5165,552,648.22(85,766,956.55)401,223,343.48
1,176,128.21576,362.381,138,137.62538,371.79
448,633.25(27,104.17)421,529.09959,900.87 959,900.87
46 82
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
JULY 2024
07/01/2024 Dividend 0.00 38,165.28 38,165.28
07/01/2024 Coupon 91282CEW7 0.00 UNITED STATES TREASURY 3.25 06/30/2027 81,250.00 81,250.00
07/01/2024 Coupon 91282CGC9 0.00 UNITED STATES TREASURY 3.875 12/31/2027 62,968.75 62,968.75
07/01/2024 Coupon 91282CGD7 0.00 UNITED STATES TREASURY 4.25 12/31/2024 63,750.00 63,750.00
07/02/2024 Dividend 38141W323 0.00 118,993.66 118,993.66
07/02/2024 Dividend 60934N104 0.00 15,937.00 15,937.00
07/02/2024 Dividend 60934N104 0.00 5,025.93 5,025.93
07/02/2024 Maturity 912797KH9 (9,000,000.00)UNITED STATES TREASURY 07/02/2024 9,000,000.00 9,000,000.00
07/05/2024 Coupon 89236TLL7 0.00 TOYOTA MOTOR CREDIT CORP 4.65 01/05/2029 27,900.00 27,900.00
07/08/2024 Coupon 3133ENKS8 0.00 FEDERAL FARM CREDIT BANKS FUNDING CORP
1.125 01/06/2025 11,250.00 11,250.00
07/09/2024 Coupon 06367TQW3 0.00 BANK OF MONTREAL 0.625 07/09/2024 6,250.00 6,250.00
07/09/2024 Maturity 06367TQW3 (2,000,000.00)BANK OF MONTREAL 0.625 07/09/2024 2,000,000.00 2,000,000.00
07/09/2024 Maturity 912797KN6 (3,200,000.00)UNITED STATES TREASURY 07/09/2024 3,200,000.00 3,200,000.00
07/15/2024 Dividend 0.00 36,179.89 36,179.89
07/15/2024 Dividend 0.00 38,074.46 38,074.46
07/15/2024 Coupon 02582JJT8 0.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
07/15/2024 Coupon 44933LAC7 0.00 HART 2021-A A3 0.38 09/15/2025 9.42 9.42
07/15/2024 Principal Paydown 44933LAC7 (29,758.89)HART 2021-A A3 0.38 09/15/2025 29,758.89 29,758.89
07/15/2024 Coupon 44934KAC8 0.00 HART 2021-B A3 0.38 01/15/2026 120.88 120.88
07/15/2024 Principal Paydown 44934KAC8 (86,812.01)HART 2021-B A3 0.38 01/15/2026 86,812.01 86,812.01
07/15/2024 Coupon 44935FAD6 0.00 HART 2021-C A3 0.74 05/15/2026 143.36 143.36
07/15/2024 Principal Paydown 44935FAD6 (29,272.68)HART 2021-C A3 0.74 05/15/2026 29,272.68 29,272.68
07/15/2024 Coupon 47788UAC6 0.00 JDOT 2021 A3 0.36 09/15/2025 20.57 20.57
07/15/2024 Principal Paydown 47788UAC6 (17,892.41)JDOT 2021 A3 0.36 09/15/2025 17,892.41 17,892.41
07/15/2024 Coupon 47789QAC4 0.00 JDOT 2021-B A3 0.52 03/16/2026 127.42 127.42
07/15/2024 Principal Paydown 47789QAC4 (24,741.96)JDOT 2021-B A3 0.52 03/16/2026 24,741.96 24,741.96
07/15/2024 Coupon 47787JAC2 0.00 JDOT 2022 A3 0.36 09/15/2026 1,191.61 1,191.61
07/15/2024 Principal Paydown 47787JAC2 (45,499.53)JDOT 2022 A3 0.36 09/15/2026 45,499.53 45,499.53
07/15/2024 Coupon 64952WEK5 0.00 NEW YORK LIFE GLOBAL FUNDING 1.45
01/14/2025 23,598.75 23,598.75
47 83
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
07/15/2024 Coupon 79466LAG9 0.00 SALESFORCE INC 0.625 07/15/2024 1,468.75 1,468.75
07/15/2024 Maturity 79466LAG9 (470,000.00)SALESFORCE INC 0.625 07/15/2024 470,000.00 470,000.00
07/15/2024 Coupon 89238JAC9 0.00 TAOT 2021-D A3 0.71 04/15/2026 197.05 197.05
07/15/2024 Principal Paydown 89238JAC9 (33,162.07)TAOT 2021-D A3 0.71 04/15/2026 33,162.07 33,162.07
07/15/2024 Coupon 91282CCL3 0.00 UNITED STATES TREASURY 0.375 07/15/2024 6,562.50 6,562.50
07/15/2024 Maturity 91282CCL3 (3,500,000.00)UNITED STATES TREASURY 0.375 07/15/2024 3,500,000.00 3,500,000.00
07/16/2024 Coupon 362554AC1 0.00 GMCAR 2021-4 A3 0.68 09/16/2026 162.21 162.21
07/16/2024 Principal Paydown 362554AC1 (25,936.88)GMCAR 2021-4 A3 0.68 09/16/2026 25,936.88 25,936.88
07/16/2024 Coupon 380146AC4 0.00 GMCAR 2022-1 A3 1.26 11/16/2026 323.50 323.50
07/16/2024 Principal Paydown 380146AC4 (25,953.75)GMCAR 2022-1 A3 1.26 11/16/2026 25,953.75 25,953.75
07/17/2024 Coupon 61747YET8 0.00 MORGAN STANLEY 4.679 07/17/2026 46,790.00 46,790.00
07/22/2024 Coupon 43815GAC3 0.00 HAROT 2021-4 A3 0.88 01/21/2026 252.00 252.00
07/22/2024 Principal Paydown 43815GAC3 (36,382.37)HAROT 2021-4 A3 0.88 01/21/2026 36,382.37 36,382.37
07/23/2024 Maturity 912797KQ9 (5,000,000.00)UNITED STATES TREASURY 07/23/2024 5,000,000.00 5,000,000.00
07/25/2024 Coupon 05602RAD3 0.00 BMWOT 2022-A A3 3.21 08/25/2026 1,597.85 1,597.85
07/25/2024 Principal Paydown 05602RAD3 (49,126.60)BMWOT 2022-A A3 3.21 08/25/2026 49,126.60 49,126.60
07/25/2024 Coupon 3137BFE98 0.00 FHMS K-041 A2 3.171 10/25/2024 1,751.12 1,751.12
07/25/2024 Principal Paydown 3137BFE98 (10,818.22)FHMS K-041 A2 3.171 10/25/2024 10,818.22 10,818.22
07/25/2024 Coupon 3137BFXT3 0.00 FHMS K-042 A2 2.67 12/25/2024 5,506.66 5,506.66
07/25/2024 Principal Paydown 3137BFXT3 (139,209.85)FHMS K-042 A2 2.67 12/25/2024 139,209.85 139,209.85
07/25/2024 Coupon 3137BKRJ1 0.00 FHMS K-047 A2 3.329 05/25/2025 6,903.08 6,903.08
07/25/2024 Principal Paydown 3137BKRJ1 (5,227.73)FHMS K-047 A2 3.329 05/25/2025 5,227.73 5,227.73
07/25/2024 Coupon 3137BM7C4 0.00 FHMS K-051 A2 3.308 09/25/2025 5,513.33 5,513.33
07/25/2024 Coupon 3137BTUM1 0.00 FHMS K-061 A2 3.347 11/25/2026 8,257.32 8,257.32
07/25/2024 Principal Paydown 3137BTUM1 (6,030.36)FHMS K-061 A2 3.347 11/25/2026 6,030.36 6,030.36
07/25/2024 Coupon 3137F2LJ3 0.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
07/25/2024 Maturity 912797JT5 (2,000,000.00)UNITED STATES TREASURY 07/25/2024 2,000,000.00 2,000,000.00
07/31/2024 Coupon 912828Z52 0.00 UNITED STATES TREASURY 1.375 01/31/2025 20,625.00 20,625.00
07/31/2024 Coupon 91282CGG0 0.00 UNITED STATES TREASURY 4.125 01/31/2025 61,875.00 61,875.00
July 2024 Total 25,988,201.53 459,460.77 26,447,662.30
AUGUST 2024
08/01/2024 Dividend 0.00 39,709.14 39,709.14
48 84
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
08/02/2024 Dividend 60934N104 0.00 FEDERATED HRMS GV O INST 16,098.43 16,098.43
08/02/2024 Dividend 60934N104 0.00 FEDERATED HRMS GV O INST 3,102.13 3,102.13
08/02/2024 Dividend 38141W323 0.00 GOLDMAN:FS TRS O INST 96,961.75 96,961.75
08/07/2024 Coupon 63743HFC1 1,000,000.00 NATIONAL RURAL UTILITIES COOPERATIVEFINANCE CORP 1.875 02/07/2025 9,375.00 9,375.00
08/09/2024 Coupon 69371RR40 700,000.00 PACCAR FINANCIAL CORP 0.5 08/09/2024 1,750.00 1,750.00
08/09/2024 Final Maturity 69371RR40 700,000.00 PACCAR FINANCIAL CORP 0.5 08/09/2024 700,000.00 700,000.00
08/15/2024 Coupon 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
08/15/2024 Coupon 26442UAA2 2,422,000.00 DUKE ENERGY PROGRESS LLC 3.25 08/15/2025 39,357.50 39,357.50
08/15/2024 Coupon 44934KAC8 294,926.14 HART 2021-B A3 0.38 01/15/2026 147.10 147.10
08/15/2024 Principal Paydown 44934KAC8 294,926.14 HART 2021-B A3 0.38 01/15/2026 85,524.35 85,524.35
08/15/2024 Coupon 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 125.56 125.56
08/15/2024 Principal Paydown 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 27,956.42 27,956.42
08/15/2024 Coupon 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 1,080.84 1,080.84
08/15/2024 Principal Paydown 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 48,018.05 48,018.05
08/15/2024 Coupon 47788UAC6 50,689.37 JDOT 2021 A3 0.36 09/15/2025 15.21 15.21
08/15/2024 Principal Paydown 47788UAC6 50,689.37 JDOT 2021 A3 0.36 09/15/2025 21,431.63 21,431.63
08/15/2024 Coupon 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 116.86 116.86
08/15/2024 Principal Paydown 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 26,561.29 26,561.29
08/15/2024 Coupon 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 174.12 174.12
08/15/2024 Principal Paydown 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 35,678.70 35,678.70
08/15/2024 Coupon 912828D56 5,000,000.00 UNITED STATES TREASURY 2.375 08/15/2024 59,375.00 59,375.00
08/15/2024 Final Maturity 912828D56 5,000,000.00 UNITED STATES TREASURY 2.375 08/15/2024 5,000,000.00 5,000,000.00
08/15/2024 Coupon 912828K74 2,300,000.00 UNITED STATES TREASURY 2.0 08/15/2025 23,000.00 23,000.00
08/16/2024 Coupon 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 149.47 149.47
08/16/2024 Principal Paydown 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 24,514.90 24,514.90
08/16/2024 Coupon 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 295.38 295.38
08/16/2024 Principal Paydown 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 25,172.04 25,172.04
08/20/2024 Final Maturity 912797KY2 2,000,000.00 UNITED STATES TREASURY 08/20/2024 2,000,000.00 2,000,000.00
08/20/2024 Final Maturity 912797KY2 5,000,000.00 UNITED STATES TREASURY 08/20/2024 5,000,000.00 5,000,000.00
08/21/2024 Coupon 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 225.32 225.32
08/21/2024 Principal Paydown 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 35,373.54 35,373.54
49 85
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
08/26/2024 Coupon 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 1,466.44 1,466.44
08/26/2024 Principal Paydown 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 51,878.12 51,878.12
08/26/2024 Coupon 3133ENPY0 4,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP1.75 02/25/2025 35,000.00 35,000.00
08/26/2024 Coupon 3135G05X7 3,500,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION
0.375 08/25/2025 6,562.50 6,562.50
08/26/2024 Coupon 3137BFE98 651,855.64 FHMS K-041 A2 3.171 10/25/2024 1,722.53 1,722.53
08/26/2024 Coupon 3137BFXT3 2,335,693.25 FHMS K-042 A2 2.67 12/25/2024 5,196.92 5,196.92
08/26/2024 Coupon 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 6,888.57 6,888.57
08/26/2024 Coupon 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 5,513.33 5,513.33
08/26/2024 Coupon 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 8,240.50 8,240.50
08/26/2024 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
08/27/2024 Coupon 14913UAJ9 1,200,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.8502/27/2029 29,100.00 29,100.00
August 2024 Total 13,237,980.49 247,972.78 13,485,953.27
SEPTEMBER 2024
09/03/2024 Coupon 06367DFC4 3,000,000.00 Bank of Montreal - Chicago Branch 5.5409/03/2024 126,496.67 126,496.67
09/03/2024 Final Maturity 06367DFC4 3,000,000.00 Bank of Montreal - Chicago Branch 5.54
09/03/2024 3,000,000.00 3,000,000.00
09/03/2024 Coupon 57636QAN4 3,000,000.00 MASTERCARD INC 2.0 03/03/2025 30,000.00 30,000.00
09/03/2024 Coupon 912828YE4 4,000,000.00 UNITED STATES TREASURY 1.25 08/31/2024 25,000.00 25,000.00
09/03/2024 Final Maturity 912828YE4 4,000,000.00 UNITED STATES TREASURY 1.25 08/31/2024 4,000,000.00 4,000,000.00
09/03/2024 Coupon 912828ZC7 2,700,000.00 UNITED STATES TREASURY 1.125 02/28/2025 15,187.50 15,187.50
09/03/2024 Coupon 912828ZC7 3,000,000.00 UNITED STATES TREASURY 1.125 02/28/2025 16,875.00 16,875.00
09/03/2024 Coupon 91282CFH9 5,000,000.00 UNITED STATES TREASURY 3.125 08/31/2027 78,125.00 78,125.00
09/09/2024 Coupon 24422EWB1 670,000.00 JOHN DEERE CAPITAL CORP 2.125 03/07/2025 7,118.75 7,118.75
09/09/2024 Coupon 931142EX7 1,000,000.00 WALMART INC 3.95 09/09/2027 19,750.00 19,750.00
09/11/2024 Coupon 037833DM9 1,000,000.00 APPLE INC 1.8 09/11/2024 9,000.00 9,000.00
09/11/2024 Final Maturity 037833DM9 1,000,000.00 APPLE INC 1.8 09/11/2024 1,000,000.00 1,000,000.00
09/12/2024 Final Maturity 912797KK2 5,000,000.00 UNITED STATES TREASURY 09/12/2024 5,000,000.00 5,000,000.00
09/16/2024 Coupon 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
09/16/2024 Coupon 09247XAN1 2,000,000.00 BLACKROCK INC 3.2 03/15/2027 32,000.00 32,000.00
50 86
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
09/16/2024 Coupon 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 135.57 135.57
09/16/2024 Principal Paydown 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 24,001.70 24,001.70
09/16/2024 Coupon 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 268.95 268.95
09/16/2024 Principal Paydown 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 24,588.90 24,588.90
09/16/2024 Coupon 44934KAC8 294,926.14 HART 2021-B A3 0.38 01/15/2026 105.05 105.05
09/16/2024 Principal Paydown 44934KAC8 294,926.14 HART 2021-B A3 0.38 01/15/2026 83,390.07 83,390.07
09/16/2024 Coupon 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 108.32 108.32
09/16/2024 Principal Paydown 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 27,251.51 27,251.51
09/16/2024 Coupon 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 988.00 988.00
09/16/2024 Principal Paydown 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 47,467.18 47,467.18
09/16/2024 Coupon 47788UAC6 50,689.37 JDOT 2021 A3 0.36 09/15/2025 8.78 8.78
09/16/2024 Principal Paydown 47788UAC6 50,689.37 JDOT 2021 A3 0.36 09/15/2025 22,659.49 22,659.49
09/16/2024 Coupon 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 105.35 105.35
09/16/2024 Principal Paydown 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 26,215.42 26,215.42
09/16/2024 Coupon 66815L2K4 2,200,000.00 NORTHWESTERN MUTUAL GLOBAL FUNDING
4.35 09/15/2027 47,850.00 47,850.00
09/16/2024 Coupon 89115A2H4 1,060,000.00 TORONTO-DOMINION BANK 4.693 09/15/2027 24,872.90 24,872.90
09/16/2024 Coupon 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 153.01 153.01
09/16/2024 Principal Paydown 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 33,122.47 33,122.47
09/16/2024 Coupon 91282CCX7 5,000,000.00 UNITED STATES TREASURY 0.375 09/15/2024 9,375.00 9,375.00
09/16/2024 Final Maturity 91282CCX7 5,000,000.00 UNITED STATES TREASURY 0.375 09/15/2024 5,000,000.00 5,000,000.00
09/19/2024 Final Maturity 912797KL0 2,000,000.00 UNITED STATES TREASURY 09/19/2024 2,000,000.00 2,000,000.00
09/23/2024 Coupon 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 199.38 199.38
09/23/2024 Principal Paydown 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 34,530.28 34,530.28
09/23/2024 Coupon 4581X0DZ8 3,955,000.00 INTER-AMERICAN DEVELOPMENT BANK 0.5
09/23/2024 9,887.50 9,887.50
09/23/2024 Final Maturity 4581X0DZ8 3,955,000.00 INTER-AMERICAN DEVELOPMENT BANK 0.5
09/23/2024 3,955,000.00 3,955,000.00
09/23/2024 Coupon 59217GEW5 970,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 2.803/21/2025 13,580.00 13,580.00
09/24/2024 Final Maturity 912797LJ4 3,000,000.00 UNITED STATES TREASURY 09/24/2024 3,000,000.00 3,000,000.00
09/25/2024 Coupon 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 1,327.67 1,327.67
51 87
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
09/25/2024 Principal Paydown 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 47,871.82 47,871.82
09/25/2024 Coupon 3137BFE98 651,855.64 FHMS K-041 A2 3.171 10/25/2024 1,301.91 1,301.91
09/25/2024 Principal Paydown 3137BFE98 651,855.64 FHMS K-041 A2 3.171 10/25/2024 235,117.51 235,117.51
09/25/2024 Coupon 3137BFXT3 2,335,693.25 FHMS K-042 A2 2.67 12/25/2024 5,187.05 5,187.05
09/25/2024 Principal Paydown 3137BFXT3 2,335,693.25 FHMS K-042 A2 2.67 12/25/2024 19,956.51 19,956.51
09/25/2024 Coupon 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 6,874.79 6,874.79
09/25/2024 Principal Paydown 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 4,977.68 4,977.68
09/25/2024 Coupon 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 5,376.83 5,376.83
09/25/2024 Principal Paydown 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 3,960.03 3,960.03
09/25/2024 Coupon 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 8,224.61 8,224.61
09/25/2024 Principal Paydown 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 5,713.91 5,713.91
09/25/2024 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
09/27/2024 Coupon 59217GEP0 1,555,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 0.7
09/27/2024 5,442.50 5,442.50
09/27/2024 Final Maturity 59217GEP0 1,555,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 0.7
09/27/2024 1,555,000.00 1,555,000.00
09/30/2024 Coupon 9128284F4 5,000,000.00 UNITED STATES TREASURY 2.625 03/31/2025 65,625.00 65,625.00
09/30/2024 Coupon 9128285C0 5,000,000.00 UNITED STATES TREASURY 3.0 09/30/2025 75,000.00 75,000.00
09/30/2024 Coupon 912828ZF0 2,900,000.00 UNITED STATES TREASURY 0.5 03/31/2025 7,250.00 7,250.00
09/30/2024 Coupon 91282CEF4 5,000,000.00 UNITED STATES TREASURY 2.5 03/31/2027 62,500.00 62,500.00
September 2024 Total 29,150,824.47 724,395.72 29,875,220.19
OCTOBER 2024
10/01/2024 Final Maturity 912797LK1 5,000,000.00 UNITED STATES TREASURY 10/01/2024 5,000,000.00 5,000,000.00
10/03/2024 Final Maturity 912797GW1 5,000,000.00 UNITED STATES TREASURY 10/03/2024 5,000,000.00 5,000,000.00
10/15/2024 Coupon 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
10/15/2024 Coupon 44934KAC8 294,926.14 HART 2021-B A3 0.38 01/15/2026 64.05 64.05
10/15/2024 Principal Paydown 44934KAC8 294,926.14 HART 2021-B A3 0.38 01/15/2026 80,110.37 80,110.37
10/15/2024 Coupon 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 91.51 91.51
10/15/2024 Principal Paydown 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 26,143.42 26,143.42
10/15/2024 Coupon 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 896.23 896.23
10/15/2024 Principal Paydown 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 52,503.91 52,503.91
52 88
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
10/15/2024 Coupon 47788UAC6 50,689.37 JDOT 2021 A3 0.36 09/15/2025 1.98 1.98
10/15/2024 Effective Maturity 47788UAC6 50,689.37 JDOT 2021 A3 0.36 09/15/2025 6,598.24 6,598.24
10/15/2024 Coupon 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 93.99 93.99
10/15/2024 Principal Paydown 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 27,503.56 27,503.56
10/15/2024 Coupon 87612EBL9 3,000,000.00 TARGET CORP 2.25 04/15/2025 33,750.00 33,750.00
10/15/2024 Coupon 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 133.42 133.42
10/15/2024 Principal Paydown 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 31,821.82 31,821.82
10/15/2024 Coupon 91282CDB4 1,800,000.00 UNITED STATES TREASURY 0.625 10/15/2024 5,625.00 5,625.00
10/15/2024 Final Maturity 91282CDB4 1,800,000.00 UNITED STATES TREASURY 0.625 10/15/2024 1,800,000.00 1,800,000.00
10/15/2024 Coupon 91282CEH0 5,000,000.00 UNITED STATES TREASURY 2.625 04/15/2025 65,625.00 65,625.00
10/16/2024 Coupon 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 121.97 121.97
10/16/2024 Principal Paydown 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 23,085.00 23,085.00
10/16/2024 Coupon 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 243.13 243.13
10/16/2024 Principal Paydown 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 23,601.51 23,601.51
10/16/2024 Coupon 45950KCR9 2,500,000.00 INTERNATIONAL FINANCE CORP 1.375
10/16/2024 17,187.50 17,187.50
10/16/2024 Final Maturity 45950KCR9 2,500,000.00 INTERNATIONAL FINANCE CORP 1.37510/16/2024 2,500,000.00 2,500,000.00
10/17/2024 Final Maturity 912797KU0 5,000,000.00 UNITED STATES TREASURY 10/17/2024 5,000,000.00 5,000,000.00
10/21/2024 Coupon 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 174.06 174.06
10/21/2024 Principal Paydown 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 33,131.77 33,131.77
10/22/2024 Final Maturity 912797LU9 2,000,000.00 UNITED STATES TREASURY 10/22/2024 2,000,000.00 2,000,000.00
10/25/2024 Coupon 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 1,199.61 1,199.61
10/25/2024 Principal Paydown 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 45,673.58 45,673.58
10/25/2024 Coupon 06406RBC0 1,475,000.00 BANK OF NEW YORK MELLON CORP 3.3504/25/2025 24,706.25 24,706.25
10/25/2024 Coupon 3137BFE98 651,855.64 FHMS K-041 A2 3.171 10/25/2024 680.61 680.61
10/25/2024 Final Maturity 3137BFE98 651,855.64 FHMS K-041 A2 3.171 10/25/2024 257,561.80 257,561.80
10/25/2024 Coupon 3137BFXT3 2,335,693.25 FHMS K-042 A2 2.67 12/25/2024 5,142.64 5,142.64
10/25/2024 Principal Paydown 3137BFXT3 2,335,693.25 FHMS K-042 A2 2.67 12/25/2024 1,002,843.25 1,002,843.25
10/25/2024 Coupon 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 6,860.98 6,860.98
10/25/2024 Principal Paydown 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 5,256.28 5,256.28
53 89
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
10/25/2024 Coupon 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 5,365.91 5,365.91
10/25/2024 Principal Paydown 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 4,224.26 4,224.26
10/25/2024 Coupon 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 8,208.67 8,208.67
10/25/2024 Principal Paydown 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 6,084.38 6,084.38
10/25/2024 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
10/28/2024 Coupon 40139LBG7 2,755,000.00 GUARDIAN LIFE GLOBAL FUNDING 5.55
10/28/2027 76,451.25 76,451.25
10/31/2024 Coupon 9128283D0 5,000,000.00 UNITED STATES TREASURY 2.25 10/31/2024 56,250.00 56,250.00
10/31/2024 Final Maturity 9128283D0 5,000,000.00 UNITED STATES TREASURY 2.25 10/31/2024 5,000,000.00 5,000,000.00
10/31/2024 Coupon 912828YM6 4,500,000.00 UNITED STATES TREASURY 1.5 10/31/2024 33,750.00 33,750.00
10/31/2024 Final Maturity 912828YM6 4,500,000.00 UNITED STATES TREASURY 1.5 10/31/2024 4,500,000.00 4,500,000.00
10/31/2024 Coupon 912828ZL7 5,000,000.00 UNITED STATES TREASURY 0.375 04/30/2025 9,375.00 9,375.00
10/31/2024 Coupon 91282CEN7 5,000,000.00 UNITED STATES TREASURY 2.75 04/30/2027 68,750.00 68,750.00
October 2024
Total 32,426,143.14 433,843.41 32,859,986.55
NOVEMBER 2024
11/01/2024 Coupon 78015K7C2 2,500,000.00 ROYAL BANK OF CANADA 2.25 11/01/2024 28,125.00 28,125.00
11/01/2024 Final Maturity 78015K7C2 2,500,000.00 ROYAL BANK OF CANADA 2.25 11/01/2024 2,500,000.00 2,500,000.00
11/07/2024 Final Maturity 912797LC9 2,000,000.00 UNITED STATES TREASURY 11/07/2024 2,000,000.00 2,000,000.00
11/08/2024 Coupon 69371RR57 2,120,000.00 PACCAR FINANCIAL CORP 0.9 11/08/2024 9,540.00 9,540.00
11/08/2024 Final Maturity 69371RR57 2,120,000.00 PACCAR FINANCIAL CORP 0.9 11/08/2024 2,120,000.00 2,120,000.00
11/12/2024 Coupon 665859AW4 3,000,000.00 NORTHERN TRUST CORP 4.0 05/10/2027 60,000.00 60,000.00
11/15/2024 Coupon 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
11/15/2024 Coupon 44934KAC8 294,926.14 HART 2021-B A3 0.38 01/15/2026 24.67 24.67
11/15/2024 Effective Maturity 44934KAC8 294,926.14 HART 2021-B A3 0.38 01/15/2026 50,170.08 50,170.08
11/15/2024 Coupon 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 75.39 75.39
11/15/2024 Principal Paydown 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 25,483.07 25,483.07
11/15/2024 Coupon 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 794.72 794.72
11/15/2024 Principal Paydown 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 56,291.59 56,291.59
11/15/2024 Coupon 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 82.08 82.08
11/15/2024 Principal Paydown 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 32,667.62 32,667.62
11/15/2024 Coupon 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 114.59 114.59
54 90
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
11/15/2024 Principal Paydown 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 31,026.03 31,026.03
11/15/2024 Coupon 9128283F5 5,000,000.00 UNITED STATES TREASURY 2.25 11/15/2027 56,250.00 56,250.00
11/15/2024 Coupon 91282CDH1 5,000,000.00 UNITED STATES TREASURY 0.75 11/15/2024 18,750.00 18,750.00
11/15/2024 Final Maturity 91282CDH1 5,000,000.00 UNITED STATES TREASURY 0.75 11/15/2024 5,000,000.00 5,000,000.00
11/18/2024 Coupon 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 108.89 108.89
11/18/2024 Principal Paydown 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 22,555.25 22,555.25
11/18/2024 Coupon 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 218.35 218.35
11/18/2024 Principal Paydown 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 23,058.00 23,058.00
11/20/2024 Coupon 89115BL57 3,000,000.00 Toronto-Dominion Bank - New York Branch
5.65 11/20/2024 171,854.17 171,854.17
11/20/2024 Final Maturity 89115BL57 3,000,000.00 Toronto-Dominion Bank - New York Branch
5.65 11/20/2024 3,000,000.00 3,000,000.00
11/21/2024 Coupon 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 149.76 149.76
11/21/2024 Principal Paydown 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 32,274.62 32,274.62
11/25/2024 Coupon 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 1,077.43 1,077.43
11/25/2024 Principal Paydown 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 44,271.66 44,271.66
11/25/2024 Coupon 3137BFXT3 2,335,693.25 FHMS K-042 A2 2.67 12/25/2024 2,911.32 2,911.32
11/25/2024 Principal Paydown 3137BFXT3 2,335,693.25 FHMS K-042 A2 2.67 12/25/2024 1,094,855.39 1,094,855.39
11/25/2024 Coupon 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 6,846.40 6,846.40
11/25/2024 Principal Paydown 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 4,998.75 4,998.75
11/25/2024 Coupon 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 5,354.27 5,354.27
11/25/2024 Principal Paydown 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 3,989.20 3,989.20
11/25/2024 Coupon 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 8,191.70 8,191.70
11/25/2024 Principal Paydown 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 5,751.86 5,751.86
11/25/2024 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
11/26/2024 Final Maturity 912797MD6 3,000,000.00 UNITED STATES TREASURY 11/26/2024 3,000,000.00 3,000,000.00
November 2024 Total 19,047,393.13 383,563.37 19,430,956.49
DECEMBER 2024
12/02/2024 Coupon 912828ZT0 5,000,000.00 UNITED STATES TREASURY 0.25 05/31/2025 6,250.00 6,250.00
12/02/2024 Coupon 91282CET4 3,000,000.00 UNITED STATES TREASURY 2.625 05/31/2027 39,375.00 39,375.00
12/02/2024 Coupon 91282CHD6 5,000,000.00 UNITED STATES TREASURY 4.25 05/31/2025 106,250.00 106,250.00
55 91
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
12/06/2024 Coupon 74153WCQ0 1,655,000.00 PRICOA GLOBAL FUNDING I 1.15 12/06/2024 9,516.25 9,516.25
12/06/2024 Final Maturity 74153WCQ0 1,655,000.00 PRICOA GLOBAL FUNDING I 1.15 12/06/2024 1,655,000.00 1,655,000.00
12/10/2024 Coupon 3130ATUS4 4,000,000.00 FEDERAL HOME LOAN BANKS 4.25 12/10/2027 85,000.00 85,000.00
12/11/2024 Coupon 24422EXT1 1,000,000.00 JOHN DEERE CAPITAL CORP 4.85 06/11/2029 24,250.00 24,250.00
12/12/2024 Final Maturity 912797LP0 5,000,000.00 UNITED STATES TREASURY 12/12/2024 5,000,000.00 5,000,000.00
12/16/2024 Coupon 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
12/16/2024 Coupon 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 96.11 96.11
12/16/2024 Principal Paydown 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 21,486.32 21,486.32
12/16/2024 Coupon 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 194.14 194.14
12/16/2024 Principal Paydown 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 21,858.97 21,858.97
12/16/2024 Coupon 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 59.68 59.68
12/16/2024 Principal Paydown 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 24,235.83 24,235.83
12/16/2024 Coupon 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 685.89 685.89
12/16/2024 Principal Paydown 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 40,160.51 40,160.51
12/16/2024 Coupon 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 67.92 67.92
12/16/2024 Principal Paydown 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 23,339.02 23,339.02
12/16/2024 Coupon 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 96.23 96.23
12/16/2024 Principal Paydown 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 29,590.91 29,590.91
12/19/2024 Final Maturity 912797LQ8 2,000,000.00 UNITED STATES TREASURY 12/19/2024 2,000,000.00 2,000,000.00
12/20/2024 Coupon 3130AQF40 2,250,000.00 FEDERAL HOME LOAN BANKS 1.0 12/20/2024 11,250.00 11,250.00
12/20/2024 Final Maturity 3130AQF40 2,250,000.00 FEDERAL HOME LOAN BANKS 1.0 12/20/2024 2,250,000.00 2,250,000.00
12/23/2024 Coupon 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 126.09 126.09
12/23/2024 Principal Paydown 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 30,779.29 30,779.29
12/25/2024 Coupon 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 959.01 959.01
12/25/2024 Principal Paydown 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 41,889.03 41,889.03
12/25/2024 Coupon 3137BFXT3 2,335,693.25 FHMS K-042 A2 2.67 12/25/2024 475.26 475.26
12/25/2024 Final Maturity 3137BFXT3 2,335,693.25 FHMS K-042 A2 2.67 12/25/2024 213,601.48 213,601.48
12/25/2024 Coupon 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 6,832.53 6,832.53
12/25/2024 Principal Paydown 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 5,275.59 5,275.59
12/25/2024 Coupon 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 5,343.27 5,343.27
12/25/2024 Principal Paydown 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 4,252.52 4,252.52
12/25/2024 Coupon 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 8,175.66 8,175.66
56 92
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
12/25/2024 Principal Paydown 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 6,121.05 6,121.05
12/25/2024 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
12/26/2024 Coupon 437076DC3 1,250,000.00 HOME DEPOT INC 4.75 06/25/2029 29,687.50 29,687.50
12/31/2024 Coupon 91282CEW7 5,000,000.00 UNITED STATES TREASURY 3.25 06/30/2027 81,250.00 81,250.00
12/31/2024 Coupon 91282CGC9 3,250,000.00 UNITED STATES TREASURY 3.875 12/31/2027 62,968.75 62,968.75
12/31/2024 Coupon 91282CGD7 3,000,000.00 UNITED STATES TREASURY 4.25 12/31/2024 63,750.00 63,750.00
12/31/2024 Final Maturity 91282CGD7 3,000,000.00 UNITED STATES TREASURY 4.25 12/31/2024 3,000,000.00 3,000,000.00
December 2024 Total 14,367,590.52 555,753.93 14,923,344.45
JANUARY 2025
01/03/2025 Final Maturity 313385AC0 3,000,000.00 FEDERAL HOME LOAN BANKS 01/03/2025 3,000,000.00 3,000,000.00
01/06/2025 Coupon 3133ENKS8 2,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP1.125 01/06/2025 11,250.00 11,250.00
01/06/2025 Final Maturity 3133ENKS8 2,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP
1.125 01/06/2025 2,000,000.00 2,000,000.00
01/06/2025 Coupon 89236TLL7 1,200,000.00 TOYOTA MOTOR CREDIT CORP 4.65 01/05/2029 27,900.00 27,900.00
01/09/2025 Final Maturity 912797LX3 2,000,000.00 UNITED STATES TREASURY 01/09/2025 2,000,000.00 2,000,000.00
01/14/2025 Coupon 64952WEK5 3,255,000.00 NEW YORK LIFE GLOBAL FUNDING 1.45
01/14/2025 23,598.75 23,598.75
01/14/2025 Final Maturity 64952WEK5 3,255,000.00 NEW YORK LIFE GLOBAL FUNDING 1.4501/14/2025 3,255,000.00 3,255,000.00
01/15/2025 Coupon 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
01/15/2025 Coupon 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 44.73 44.73
01/15/2025 Principal Paydown 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 23,703.06 23,703.06
01/15/2025 Coupon 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 608.25 608.25
01/15/2025 Principal Paydown 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 47,110.89 47,110.89
01/15/2025 Coupon 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 57.81 57.81
01/15/2025 Principal Paydown 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 42,148.43 42,148.43
01/15/2025 Coupon 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 78.72 78.72
01/15/2025 Principal Paydown 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 28,949.78 28,949.78
01/16/2025 Coupon 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 83.93 83.93
01/16/2025 Principal Paydown 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 21,079.56 21,079.56
01/16/2025 Coupon 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 171.18 171.18
57 93
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
01/16/2025 Principal Paydown 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 21,461.80 21,461.80
01/17/2025 Coupon 61747YET8 2,000,000.00 MORGAN STANLEY 4.679 07/17/2026 46,790.00 46,790.00
01/21/2025 Coupon 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 103.52 103.52
01/21/2025 Principal Paydown 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 29,983.98 29,983.98
01/23/2025 Final Maturity 912797JR9 3,000,000.00 UNITED STATES TREASURY 01/23/2025 3,000,000.00 3,000,000.00
01/27/2025 Coupon 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 846.95 846.95
01/27/2025 Principal Paydown 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 40,740.82 40,740.82
01/27/2025 Coupon 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 6,817.90 6,817.90
01/27/2025 Principal Paydown 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 42,894.76 42,894.76
01/27/2025 Coupon 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 5,331.55 5,331.55
01/27/2025 Principal Paydown 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 4,018.57 4,018.57
01/27/2025 Coupon 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 8,158.59 8,158.59
01/27/2025 Principal Paydown 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 5,790.04 5,790.04
01/27/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
01/31/2025 Coupon 912828Z52 3,000,000.00 UNITED STATES TREASURY 1.375 01/31/2025 20,625.00 20,625.00
01/31/2025 Final Maturity 912828Z52 3,000,000.00 UNITED STATES TREASURY 1.375 01/31/2025 3,000,000.00 3,000,000.00
01/31/2025 Coupon 91282CGG0 3,000,000.00 UNITED STATES TREASURY 4.125 01/31/2025 61,875.00 61,875.00
01/31/2025 Final Maturity 91282CGG0 3,000,000.00 UNITED STATES TREASURY 4.125 01/31/2025 3,000,000.00 3,000,000.00
January 2025 Total 19,562,881.70 227,436.52 19,790,318.22
FEBRUARY 2025
02/06/2025 Coupon 857477BR3 900,000.00 STATE STREET CORP 1.746 02/06/2026 7,857.00 7,857.00
02/06/2025 Effective Maturity 857477BR3 900,000.00 STATE STREET CORP 1.746 02/06/2026 900,000.00 900,000.00
02/07/2025 Final Maturity 313385BP0 3,000,000.00 FEDERAL HOME LOAN BANKS 02/07/2025 3,000,000.00 3,000,000.00
02/07/2025 Coupon 63743HFC1 1,000,000.00 NATIONAL RURAL UTILITIES COOPERATIVEFINANCE CORP 1.875 02/07/2025 9,375.00 9,375.00
02/07/2025 Final Maturity 63743HFC1 1,000,000.00 NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORP 1.875 02/07/2025 1,000,000.00 1,000,000.00
02/17/2025 Coupon 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 71.99 71.99
02/17/2025 Principal Paydown 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 20,777.54 20,777.54
02/17/2025 Coupon 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 148.65 148.65
02/17/2025 Principal Paydown 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 21,176.54 21,176.54
02/17/2025 Coupon 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 30.11 30.11
58 94
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
02/17/2025 Principal Paydown 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 23,286.58 23,286.58
02/17/2025 Coupon 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 517.17 517.17
02/17/2025 Principal Paydown 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 35,637.83 35,637.83
02/17/2025 Coupon 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 39.54 39.54
02/17/2025 Principal Paydown 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 37,366.49 37,366.49
02/17/2025 Coupon 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 61.59 61.59
02/17/2025 Principal Paydown 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 28,435.48 28,435.48
02/18/2025 Coupon 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
02/18/2025 Coupon 26442UAA2 2,422,000.00 DUKE ENERGY PROGRESS LLC 3.25 08/15/2025 39,357.50 39,357.50
02/18/2025 Coupon 912828K74 2,300,000.00 UNITED STATES TREASURY 2.0 08/15/2025 23,000.00 23,000.00
02/20/2025 Final Maturity 912797KA4 3,000,000.00 UNITED STATES TREASURY 02/20/2025 3,000,000.00 3,000,000.00
02/21/2025 Coupon 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 81.53 81.53
02/21/2025 Principal Paydown 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 29,318.50 29,318.50
02/25/2025 Coupon 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 737.97 737.97
02/25/2025 Principal Paydown 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 37,298.68 37,298.68
02/25/2025 Coupon 3133ENPY0 4,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP1.75 02/25/2025 35,000.00 35,000.00
02/25/2025 Final Maturity 3133ENPY0 4,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP
1.75 02/25/2025 4,000,000.00 4,000,000.00
02/25/2025 Coupon 3135G05X7 3,500,000.00 FEDERAL NATIONAL MORTGAGE ASSOCIATION0.375 08/25/2025 6,562.50 6,562.50
02/25/2025 Coupon 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 6,698.90 6,698.90
02/25/2025 Principal Paydown 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 63,808.92 63,808.92
02/25/2025 Coupon 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 5,320.47 5,320.47
02/25/2025 Principal Paydown 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 29,193.62 29,193.62
02/25/2025 Coupon 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 8,142.44 8,142.44
02/25/2025 Principal Paydown 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 5,808.63 5,808.63
02/25/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
02/25/2025 Final Maturity 89233GPR1 2,000,000.00 Toyota Motor Credit Corporation 02/25/2025 2,000,000.00 2,000,000.00
02/27/2025 Coupon 14913UAJ9 1,200,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.85
02/27/2029 29,100.00 29,100.00
02/28/2025 Coupon 912828ZC7 2,700,000.00 UNITED STATES TREASURY 1.125 02/28/2025 15,187.50 15,187.50
59 95
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
02/28/2025 Coupon 912828ZC7 3,000,000.00 UNITED STATES TREASURY 1.125 02/28/2025 16,875.00 16,875.00
02/28/2025 Final Maturity 912828ZC7 2,700,000.00 UNITED STATES TREASURY 1.125 02/28/2025 2,700,000.00 2,700,000.00
02/28/2025 Final Maturity 912828ZC7 3,000,000.00 UNITED STATES TREASURY 1.125 02/28/2025 3,000,000.00 3,000,000.00
02/28/2025 Coupon 91282CFH9 5,000,000.00 UNITED STATES TREASURY 3.125 08/31/2027 78,125.00 78,125.00
February 2025
Total 19,932,108.81 295,384.51 20,227,493.32
MARCH 2025
03/03/2025 Coupon 57636QAN4 3,000,000.00 MASTERCARD INC 2.0 03/03/2025 30,000.00 30,000.00
03/03/2025 Final Maturity 57636QAN4 3,000,000.00 MASTERCARD INC 2.0 03/03/2025 3,000,000.00 3,000,000.00
03/04/2025 Final Maturity 62479LQ40 5,000,000.00 MUFG Bank, Ltd. - New York Branch
03/04/2025 5,000,000.00 5,000,000.00
03/07/2025 Coupon 24422EWB1 670,000.00 JOHN DEERE CAPITAL CORP 2.125 03/07/2025 7,118.75 7,118.75
03/07/2025 Final Maturity 24422EWB1 670,000.00 JOHN DEERE CAPITAL CORP 2.125 03/07/2025 670,000.00 670,000.00
03/10/2025 Coupon 931142EX7 1,000,000.00 WALMART INC 3.95 09/09/2027 19,750.00 19,750.00
03/17/2025 Coupon 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
03/17/2025 Coupon 09247XAN1 2,000,000.00 BLACKROCK INC 3.2 03/15/2027 32,000.00 32,000.00
03/17/2025 Coupon 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 60.21 60.21
03/17/2025 Principal Paydown 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 20,233.06 20,233.06
03/17/2025 Coupon 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 126.41 126.41
03/17/2025 Principal Paydown 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 20,549.99 20,549.99
03/17/2025 Coupon 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 15.75 15.75
03/17/2025 Principal Paydown 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 22,587.31 22,587.31
03/17/2025 Coupon 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 448.27 448.27
03/17/2025 Principal Paydown 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 29,116.11 29,116.11
03/17/2025 Coupon 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 23.35 23.35
03/17/2025 Principal Paydown 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 31,452.11 31,452.11
03/17/2025 Coupon 66815L2K4 2,200,000.00 NORTHWESTERN MUTUAL GLOBAL FUNDING
4.35 09/15/2027 47,850.00 47,850.00
03/17/2025 Coupon 89115A2H4 1,060,000.00 TORONTO-DOMINION BANK 4.693 09/15/2027 24,872.90 24,872.90
03/17/2025 Coupon 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 44.77 44.77
03/17/2025 Principal Paydown 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 27,618.88 27,618.88
03/21/2025 Coupon 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 60.03 60.03
60 96
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
03/21/2025 Principal Paydown 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 28,403.78 28,403.78
03/21/2025 Coupon 59217GEW5 970,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 2.8
03/21/2025 13,580.00 13,580.00
03/21/2025 Final Maturity 59217GEW5 970,000.00 METROPOLITAN LIFE GLOBAL FUNDING I 2.803/21/2025 970,000.00 970,000.00
03/24/2025 Final Maturity 313385DL7 1,047,000.00 FEDERAL HOME LOAN BANKS 03/24/2025 1,047,000.00 1,047,000.00
03/25/2025 Coupon 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 638.20 638.20
03/25/2025 Principal Paydown 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 34,807.65 34,807.65
03/25/2025 Coupon 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 6,521.88 6,521.88
03/25/2025 Principal Paydown 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 183,551.47 183,551.47
03/25/2025 Coupon 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 5,239.99 5,239.99
03/25/2025 Principal Paydown 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 4,722.11 4,722.11
03/25/2025 Coupon 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 8,126.24 8,126.24
03/25/2025 Principal Paydown 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 6,873.16 6,873.16
03/25/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
03/26/2025 Final Maturity 313313DN5 5,000,000.00 FEDERAL FARM CREDIT BANKS FUNDING CORP03/26/2025 5,000,000.00 5,000,000.00
03/31/2025 Coupon 9128284F4 5,000,000.00 UNITED STATES TREASURY 2.625 03/31/2025 65,625.00 65,625.00
03/31/2025 Final Maturity 9128284F4 5,000,000.00 UNITED STATES TREASURY 2.625 03/31/2025 5,000,000.00 5,000,000.00
03/31/2025 Coupon 9128285C0 5,000,000.00 UNITED STATES TREASURY 3.0 09/30/2025 75,000.00 75,000.00
03/31/2025 Coupon 912828ZF0 2,900,000.00 UNITED STATES TREASURY 0.5 03/31/2025 7,250.00 7,250.00
03/31/2025 Final Maturity 912828ZF0 2,900,000.00 UNITED STATES TREASURY 0.5 03/31/2025 2,900,000.00 2,900,000.00
03/31/2025 Coupon 91282CEF4 5,000,000.00 UNITED STATES TREASURY 2.5 03/31/2027 62,500.00 62,500.00
March 2025 Total 23,996,915.62 419,946.40 24,416,862.03
APRIL 2025
04/15/2025 Coupon 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
04/15/2025 Coupon 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 1.83 1.83
04/15/2025 Effective Maturity 44935FAD6 203,203.67 HART 2021-C A3 0.74 05/15/2026 2,960.29 2,960.29
04/15/2025 Coupon 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 391.98 391.98
04/15/2025 Principal Paydown 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 37,024.68 37,024.68
04/15/2025 Coupon 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 9.72 9.72
04/15/2025 Effective Maturity 47789QAC4 269,312.84 JDOT 2021-B A3 0.52 03/16/2026 22,430.14 22,430.14
61 97
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
04/15/2025 Coupon 87612EBL9 3,000,000.00 TARGET CORP 2.25 04/15/2025 33,750.00 33,750.00
04/15/2025 Final Maturity 87612EBL9 3,000,000.00 TARGET CORP 2.25 04/15/2025 3,000,000.00 3,000,000.00
04/15/2025 Coupon 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 28.43 28.43
04/15/2025 Principal Paydown 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 27,972.65 27,972.65
04/15/2025 Coupon 91282CEH0 5,000,000.00 UNITED STATES TREASURY 2.625 04/15/2025 65,625.00 65,625.00
04/15/2025 Final Maturity 91282CEH0 5,000,000.00 UNITED STATES TREASURY 2.625 04/15/2025 5,000,000.00 5,000,000.00
04/16/2025 Coupon 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 48.75 48.75
04/16/2025 Principal Paydown 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 20,805.85 20,805.85
04/16/2025 Coupon 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 104.84 104.84
04/16/2025 Principal Paydown 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 21,234.96 21,234.96
04/17/2025 Final Maturity 912797KS5 5,000,000.00 UNITED STATES TREASURY 04/17/2025 5,000,000.00 5,000,000.00
04/21/2025 Coupon 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 39.20 39.20
04/21/2025 Principal Paydown 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 28,499.56 28,499.56
04/25/2025 Coupon 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 545.09 545.09
04/25/2025 Principal Paydown 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 34,866.10 34,866.10
04/25/2025 Coupon 06406RBC0 1,475,000.00 BANK OF NEW YORK MELLON CORP 3.3504/25/2025 24,706.25 24,706.25
04/25/2025 Final Maturity 06406RBC0 1,475,000.00 BANK OF NEW YORK MELLON CORP 3.35
04/25/2025 1,475,000.00 1,475,000.00
04/25/2025 Coupon 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 6,012.68 6,012.68
04/25/2025 Principal Paydown 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 1,780,192.86 1,780,192.86
04/25/2025 Coupon 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 5,226.98 5,226.98
04/25/2025 Principal Paydown 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 41,013.03 41,013.03
04/25/2025 Coupon 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 8,107.07 8,107.07
04/25/2025 Principal Paydown 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 5,849.52 5,849.52
04/25/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
04/28/2025 Coupon 40139LBG7 2,755,000.00 GUARDIAN LIFE GLOBAL FUNDING 5.55
10/28/2027 76,451.25 76,451.25
04/30/2025 Coupon 912828ZL7 5,000,000.00 UNITED STATES TREASURY 0.375 04/30/2025 9,375.00 9,375.00
04/30/2025 Final Maturity 912828ZL7 5,000,000.00 UNITED STATES TREASURY 0.375 04/30/2025 5,000,000.00 5,000,000.00
04/30/2025 Coupon 91282CEN7 5,000,000.00 UNITED STATES TREASURY 2.75 04/30/2027 68,750.00 68,750.00
April 2025 Total 21,497,849.65 312,268.69 21,810,118.34
62 98
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount
MAY 2025
05/12/2025 Coupon 665859AW4 3,000,000.00 NORTHERN TRUST CORP 4.0 05/10/2027 60,000.00 60,000.00
05/15/2025 Coupon 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 7,020.13 7,020.13
05/15/2025 Final Maturity 02582JJT8 2,485,000.00 AMXCA 2022-2 A 05/17/2027 2,485,000.00 2,485,000.00
05/15/2025 Coupon 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 320.40 320.40
05/15/2025 Principal Paydown 47787JAC2 570,850.91 JDOT 2022 A3 0.36 09/15/2026 33,982.93 33,982.93
05/15/2025 Coupon 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 11.88 11.88
05/15/2025 Effective Maturity 89238JAC9 299,884.17 TAOT 2021-D A3 0.71 04/15/2026 20,074.81 20,074.81
05/15/2025 Final Maturity 912797LB1 5,000,000.00 UNITED STATES TREASURY 05/15/2025 5,000,000.00 5,000,000.00
05/15/2025 Coupon 9128283F5 5,000,000.00 UNITED STATES TREASURY 2.25 11/15/2027 56,250.00 56,250.00
05/16/2025 Coupon 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 36.96 36.96
05/16/2025 Principal Paydown 362554AC1 260,314.03 GMCAR 2021-4 A3 0.68 09/16/2026 20,121.70 20,121.70
05/16/2025 Coupon 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 82.54 82.54
05/16/2025 Principal Paydown 380146AC4 282,139.93 GMCAR 2022-1 A3 1.26 11/16/2026 20,439.64 20,439.64
05/21/2025 Coupon 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 18.30 18.30
05/21/2025 Effective Maturity 43815GAC3 307,252.46 HAROT 2021-4 A3 0.88 01/21/2026 24,957.14 24,957.14
05/26/2025 Coupon 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 451.82 451.82
05/26/2025 Principal Paydown 05602RAD3 548,202.13 BMWOT 2022-A A3 3.21 08/25/2026 33,469.29 33,469.29
05/26/2025 Coupon 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 1,074.13 1,074.13
05/26/2025 Final Maturity 3137BKRJ1 2,483,114.18 FHMS K-047 A2 3.329 05/25/2025 387,190.30 387,190.30
05/26/2025 Coupon 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 5,113.92 5,113.92
05/26/2025 Principal Paydown 3137BM7C4 2,000,000.00 FHMS K-051 A2 3.308 09/25/2025 34,454.03 34,454.03
05/26/2025 Coupon 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 8,090.75 8,090.75
05/26/2025 Principal Paydown 3137BTUM1 2,954,465.19 FHMS K-061 A2 3.347 11/25/2026 6,215.43 6,215.43
05/26/2025 Coupon 3137F2LJ3 2,338,600.00 FHMS K-066 A2 3.117 06/25/2027 6,074.51 6,074.51
May 2025 Total 8,065,905.26 144,545.33 8,210,450.59
Grand Total 706,267,415.29 227,273,794.31 4,204,571.43 231,478,365.74
63 99
City of Newport Beach Cons | Account #11134 | As of June 30, 2024
IMPORTANT DISCLOSURES
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Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
64 100
CITY OF NEWPORT BEACH FINANCE COMMITTEE STAFF REPORT
Agenda Item No. 6C
September 12, 2024 TO: HONORABLE CHAIR AND MEMBERS OF THE COMMITTEE
FROM: Finance Department
Jason Al-Imam, Finance Director/Treasurer 949-644-3123 or jalimam@newportbeachca.gov SUBJECT: BUDGET AMENDMENTS FOR QUARTER ENDING JUNE 30, 2024
EXECUTIVE SUMMARY
The purpose of this memorandum is to report on the budget amendments for the fourth
quarter of Fiscal Year 2023-24. All budget amendments are in compliance with City Council Policy F-3, Budget Adoption and Administration. DISCUSSION
City Council Policy F-3, Budget Adoption and Administration, identifies how appropriations can be transferred, increased or reduced. The Finance Committee reviews a quarterly report of City Council and City Manager budget amendments including their effect on fund balance. Please find the list of budget amendments included as Attachment A.
Prepared by: Submitted by:
/s/ Anthony Alannouf
/s/ Jason Al-Imam
Anthony Alannouf Jason Al-Imam Budget Analyst Finance Director/Treasurer
ATTACHMENT:
Attachment A – Budget Amendments Fiscal Year 2023-24 Quarter Ending June 30, 2024
101
ATTACHMENT A
BUDGET AMENDMENTS FISCAL YEAR 2023-24 QUARTER ENDING JUNE 30, 2024
102
BA # Date
Amendment
Type Fund Revenues Expenditures
Net Effect on
Fund Balance
Increase/
(Decrease)Department Explanation
66 04/09/2024 CC GENERAL FUND 34,181.00 34,181.00
-
RSS To recognize revenues from the State of California Division of
Boating and Waterways (State DBW) grant in Marina Park Sailing
and increase expenditures associated with the grant in Marina
Park Equipment NOC.
67 04/18/2024 CM GENERAL FUND 648.16 648.16
-
Library To recognize revenues in and increase expenditures in the Library
Cultural & Arts Special Events account and increase expenditures
in the Library Cultural & Arts Exhibition Event account.
GENERAL FUND 4,810.00 1,610.00
3,200.00
TIDE & SUBMERGED LANDS FUND - 3,200.00 (3,200.00)
GENERAL FUND CAPITAL PROJECTS 625,391.00 625,391.00 -
WATER CAPITAL FUND 1,750,000.00 1,750,000.00 -
GENERAL FUND - 625,391.00 (625,391.00)
WATER ENTERPRISE FUND - 1,750,000.00 (1,750,000.00)
GENERAL FUND 408,768.25 217,711.81 191,056.44 Multiple
TIDE & SUBMERGED LANDS FUND 82,345.38 - 82,345.38
MEASURE M-COMPETITIVE FUND 7,711.81 - 7,711.81
ENVIRONMENTAL CONTRIBUTIONS - 218,237.63 (218,237.63)
72 05/07/2024 CM BALBOA VILLAGE PARKING MGMT - -
-
PW To transfer funds from project 53501-980000-19T13, Balboa
Peninsula Summer Trolley to 53501-980000-17T13, Balboa
Peninsula Trolley to ensure sufficient funding in the accurate
project based on the timing of grants. Per Council Policy F-3,
E.7.b, a transfer of funds between CIP projects that use the same
funding source and are for substantially the same project purpose
can be done with the approval from the City Manager.
73 05/08/2024 CC GENERAL FUND 13,270.00 13,270.00
-
PD To recognize revenues from the 2021 Emergency Management
Performance Grant (EMPG) from FEMA in Emergency
Preparedness and increase expenditures associated with the
grant in Emergency Preparedness.
74 05/28/2024 CC GENERAL FUND 14,269.00 14,269.00
-
PD To recognize revenues from the 2022 Emergency Management
Performance Grant (EMPG) from FEMA in Emergency
Preparedness and increase expenditures associated with the
grant in Emergency Preparedness.
75 05/15/2024 CM GENERAL FUND - -
-
PD/PW To transfer budget from Police Traffic Services Professional to
Public Works Facility Maintenance - Maintenance and Repair
Building for the ongoing animal shelter maintenance.
76 05/28/2024 CC OCEANFRONT ENCROACHMENT FUND - 152,041.00 (152,041.00) Public Works To appropriate funds from the Oceanfront Encroachment
unappropriated fund balance for the 38th Street and Lake Avenue
Landscape Improvement Proejct (24L01).
77 05/16/2024 CM GENERAL FUND - -
-
PD To transfer budget from expected salary savings in Patrol Salaries
Part Time for the PD Surveillance Camera Project, Lobby
Bulletproof Barrier Project, and Recruitment Advertising.
78 05/16/2024 CC CONTRIBUTIONS FUND 42,000.00 42,000.00
-
PW To accept new revenue from the Orange County Santitation
Distrct and expense the revenue to the Balboa Boulevard,
Newport Boulevard, and 32nd Street Pavement Rehabilitation
project (22R11).
79 05/21/2024 CM GENERAL FUND - -
-
PW To appropriate disencumbered funds from the Turf Renovation
account to Park Renovations for Back Bay View and for needed
irrigation maintenance.
GENERAL FUND 9,847.44 9,847.44 -
SPECIAL PURPOSE DEPOSIT FUND - - (9,847.44)
CC
City of Newport Beach
Fiscal Year 2023-24 Budget Amendments
Quarter Ending June 30, 2024
68 04/19/2024 CM
To recognize revenues in the Real Property General Fund from
Ruby's Balboa Pier Concession and WNCC Pacifica HS and
increase expenditures for service contracts in Real Property
General Fund and Tidelands.
CDD
To adjust revenue estimates and expenditure appropriations
relating to the fiscal year 2023-24 quarter three staff report.
80 05/28/2024 CM
Expense funds to the East Coast Highway and San Miguel Drive
Pavement Rehabilitation project (23R11) and Evening Canyon
Road Drainage Improvements project account and the Shore Cliff
Community Water System Improvement project (24W14).
To increase revenue estimates and expenditure appropriations
from the Police Donations Special Deposit Account. Funds will be
allocated to various org-objects.
Public Works
PD
69 05/14/2024 CC
71 05/28/2024
10
3
BA # Date
Amendment
Type Fund Revenues Expenditures
Net Effect on
Fund Balance
Increase/
(Decrease)Department Explanation
City of Newport Beach
Fiscal Year 2023-24 Budget Amendments
Quarter Ending June 30, 2024
81 05/24/2024 CM CONTRIBUTIONS FUND 4,021.50 4,021.50
-
PW Accept reimbursement from the City of Costa Mesa for costs
associated with the Slurry Seal Program (24R04).
82 05/30/2024 CM GENERAL FUND 3,075.86 3,075.86
-
LIB To recognize revenues in the Library's Cultural Arts - Special
Events account and increase expenditures in the Library's Cultural
Arts - Programming account.
84 06/06/2024 CM TIDE & SUBMERGED LANDS FUND - -
-
Harbor To transfer budget from Harbor Office Furniture/Fixutres to
Maint/Repair Marinas for trash containers.
85 06/30/2024 CM
GENERAL FUND - -
-
Library/RSS
To transfer budget from Library's Cultural and Arts Programming
to Recreation and Senior Services Civic Center Rentals Services
Professional; recreation paid for the security guard for the Art
Exhibition.
10
4
CITY OF NEWPORT BEACH FINANCE COMMITTEE STAFF REPORT
Agenda Item No. 6D September 12, 2024
TO: HONORABLE CHAIRMAN AND MEMBERS OF THE COMMITTEE
FROM: Finance Department Jason Al-Imam, Finance Director/Treasurer 949-644-3123, jalimam@newportbeachca.gov
SUBJECT: DEPARTMENTAL OVERVIEWS
SUMMARY: At the Finance Committee meeting on May 30, 2024, Mayor Will O’Neill noted that the Public Works Department will be reviewed in-depth in October 2024 and requested that
staff provide information at the September 2024 meeting as to which department will be reviewed in January 2025. RECOMMENDED ACTION:
Based on an examination of the departments that have been reviewed over the past five years, it is recommended that the Utilities Department be reviewed at the Finance Committee meeting in January 2025. DISCUSSION:
The following departments have been reviewed by the Finance Committee over the past five years:
Department Review Date
Harbor March 14, 2019
Public Works February 13, 2020
Utilities February 18, 2021
Harbor September 16, 2021
Police October 20, 2022
Harbor March 16, 2023
Fire October 12, 2023
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Departmental Overviews September 12, 2024 Page 2
CITY COUNCIL0.3%
CITY CLERK0.4%
HARBOR DEPARTMENT0.9%
CITY ATTORNEY0.8%
HUMAN RESOURCES1.2%
FINANCE3.4%LIBRARY3.3%
RECREATION & SENIOR SERVICES4.9%
COMMUNITY DEVELOPMENT5.3%
CITY MANAGER4.7%
UTILITIES13.2%
PUBLIC WORKS18.0%
FIRE19.9%
POLICE23.9%
The following chart shows the allocation of departmental expenditures across all funds based on the budget for Fiscal Year 2024-25, which shows that 75% of all budgeted appropriations are expended from the following four departments: Police (23.9%), Fire
(19.9%), Public Works (18.0%) and Utilities (13.2%).
Since Utilities has not been reviewed by the Finance Committee since 2021, it is
recommended that the Utilities Department be reviewed at the Finance Committee
meeting in January 2025. Prepared and Submitted by:
/s/ Jason Al-Imam _____________________________
Jason Al-Imam Finance Director/Treasurer
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9/4/24
Scheduled Date Agenda Title Report Type Agenda Description
Thursday, October 10, 2024
Overview of Public Works Department Budget Presentation Staff will provide the Committee with a presentation covering the budget for the Public Works Department.
Budget Amendments for Quarter Ending September 30, 2024 Receive and File Staff will report on the budget amendments from the prior quarter.
Year-End Budget Results and Surplus Allocation Presentation Staff will provide a presentation regarding the year-end budget results for FY
2023-24 and recommendations for allocation of any year-end budget surplus.
Work Plan Review Receive and File Staff will report on the upcoming Finance Committee items.
Thursday, November 14, 2024
First Quarter Budget Update Presentation Staff will provide a presentation regarding the year-to-date and projected FY 2024-25 budget performance.
OPEB Actuarial Valuation Report Update Presentation Staff will provide the Committee with an overview of the Fiscal Year 2023-24 actuarial valuation report prepared by the City's actuary.
CalPERS Update Presentation Staff will provide the Committee with an overview of the data from the latest actuarial reports from CalPERS as well as their impact on prior projections of the paydown of the City's unfunded pension liability.
Internal Audit Program Update Presentation Presentation of internal audit reports, findings, and recommendations from the
FY 2023-24 audit program.
Work Plan Review Receive and File Staff will report on the upcoming Finance Committee items.
October 2024
November 2024
December 2024
Committee Recess
Newport Beach Finance Committee Work Plan
1
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