02-19-2019 - AGENDA ITEM 03 CITY INVESTMENT REPORT FOR THE MONTH ENDED DECEMBER 31, 2018AGENDA ITEM NO.3
AGENDA STAFF REPORT
City of West Covina I Office of the City Manager
DATE: February 19, 2019
TO: Mayor and City Council
FROM: Chris Freeland
City Manager
SUBJECT: CITY INVESTMENT REPORT FOR THE MONTH ENDED DECEMBER 31, 2018
RECOMMENDATION:
It is recommended that the City Council receive and file the Investment Report for the month ended December
31, 2018.
DISCUSSION:
The Investment Report (Attachment No. 1) presents the City's cash and investments for the month ended
December 31, 2018. This report is in compliance with California Government Code Section 53646 regarding
the reporting of detailed information on all securities, investments, and monies of the City, as well as, reporting
of the market value of the investments held. All of the investments contained within the portfolio are in full
compliance with Government Code Section 53601 and the City's Investment Policy as to the types of
investments allowed. The City's Investment Policy was last revised and adopted by City Council on June 5,
2018. As stated in the attached report, there are sufficient funds to meet the budgeted expenditures over the
next six months.
The City's Investment Policy has set primary goals of the portfolio management of safety, liquidity and yield.
The City's surplus funds are with the Los Angeles County Investment Pool (LACIP) and Chandler Asset
Management. At December 31, 2018, the City's investment portfolio had a market value of $46,262,352.
Bond reserves are held and invested by a Trustee. The investment of these funds is governed by an investment
policy approved by the City Council as a part of the governing documents for each specific bond issue. At
December 31, 2018, the City's bond reserves had a market value of $1,656,372.
Prepared by: Todd H. Owens, Accounting Manager
Additional Approval: Marcie Medina, Finance Director
Fiscal Impact
FISCAL IMPACT:
No Fiscal Impact.
Attachments
Attachment No. 1 - Investment Report
City of West
Covina Consolidated
Holdings Report
Account #10482
As of December
31, 2018
US CORPORATE
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
DurationCUSIP
Fitch
Maturity
084664CK5
Berkshire Hathaway Note
205,000.00
08/08/2016
204,801.15
98.95
202,848.12
0.92%
Aa2 / AA
0.62
1.3% Due 8/15/2019
1.33%
204,958.96
3.01%
1,006.78
(2,110.84)
A+
0.61
06406HCW7
Bank of New York Callable Note Cont
500,000.00
Various
514,405.00
99.48
497,401.00
2.27%
Al/A
0.70
8/11/2019
1.36%
503,191.70
3.06%
3,513.90
(5,790.70)
AA-
0.68
2.3% Due 9/11/2019
68389XAX3
Oracle Corp Note
250,000.00
08/09/2016
257,177.50
99.53
248,819.50
1.13%
Al/AA-
0.77
2.25% Due 10/8/2019
1.32%
251,744.53
2.87%
1,296.88
(2,925.03)
A
0.75
46625HKA7
1P Morgan Chase Callable Note Cont
445,000.00
08/26/2016
451,363.50
99.00
440,567.80
2.02%
A2 / A-
1.06
12/23/2019
1.81%
446,986.03
3.21%
4,394.38
(6,418.23)
AA-
1.03
2.25% Due 1/23/2020
94974BGF1
Wells Fargo Corp Note
250,000.00
07/15/2016
254,060.00
98.91
247,281.25
1.13%
A2 / A-
1.08
2.15% Due 1/30/2020
1.67%
251,240.99
3.18%
2,254.51
(3,959.74)
A+
1.05
22160KAGO
Costco Wholesale Corp Note
150,000.00
11/01/2016
150,873.00
98.96
148,443.75
0.68%
Aa3 / A+
1.13
1.75%Due 2/15/2020
1.57%
150,298.77
2.69%
991.67
(1,855.02)
A+
1.09
747525ADS
Qualcomm Inc Note
500,000.00
07/26/2016
513,955.00
98.61
493,050.00
2.24%
A2/A-
1.39
2.25% Due 5/20/2020
1.49%
505,066.34
3.28%
1,281.26
(12,016.34)
NR
1.35
437076BQ4
Home Depot Note
90,000.00
05/24/2017
89,947.80
98.57
88,712.19
0.40%
A2 / A
1.43
1.8% Due 6/5/2020
1.82%
89,975.19
2.83%
117.00
(1,263.00)
A
1.39
00440EAT4
Chubb INA Holdings Inc Callable Note
390,000.00
02/06/2017
391,836.90
98.57
384,422.62
1.75%
A3 / A
1.84
Cont 10/3/2020
2.17%
390,905.65
3.10%
1,445.16
(6,483.03)
A
1.78
2.3% Due 11/3/2020
44932HAG8
IBM Credit Corp Note
250,000.00
02/14/2018
248,662.50
98.88
247,188.25
1.13%
Al/A
2.10
2.65% Due 2/5/2021
2.84%
249,055.74
3.21%
2,686.81
(1,867.49)
A
2.00
037833BS8
Apple Inc Callable Note Cont 1/23/2021
250,000.00
08/19/2016
257,375.00
98.83
247,071.00
1.13%
Aal/AA+
2.15
2.25% Due 2/23/2021
1.57%
253,517.03
2.81%
2,000.00
(6,446.03)
NR
2.06
30231GAV4
Exxon Mobil Corp Callable Note Cont
250,000.00
07/11/2016
258,810.00
98.56
246,400.50
1.13%
Aaa / AA+
2.17
2/1/2021
1.43%
254,115.85
2.91%
1,851.67
(7,715.35)
NR
2.08
2.222% Due 3/1/2021
166764BG4
Chevron Corp Callable Note Cont
250,000.00
08/16/2016
255,022.50
98.07
245,174.00
1.11%
Aa2 / AA
2.38
4/15/2021
1.66%
252,512.70
2.94%
656.25
(7,338.70)
NR
2.29
2.1% Due 5/16/2021
857477AV5
State Street Bank Note
250,000.00
08/26/2016
252,750.00
97.19
242,981.00
1.10%
Al / A
2.38
1.95% Due 5/19/2021
1.71%
251,387.78
3.18%
568.75
(8,406.78)
AA-
2.30
Chandler Asset Management-
CONFIDENTIAL
Page
6
Execution Time:
1/2/201910:13:32
PM
City of West
Covina Consolidated
Holdings Report
Account #10482
As of December 31, 2018
US CORPORATE
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
DurationCUSIP
Fitch
Maturity
594918BPS
Microsoft Callable Note Cont 7/8/21
200,000.00
08/26/2016
199,536.00
97.15
194,293.40
0.89%
Aaa / AAA
2.61
1.55% Due 8/8/2021
1.60%
199,755.52
2.69%
1,231.39
(5,462.12)
AA+
2.51
69371RN44
Paccar Financial Corp Note
225,000.00
01/25/2017
216,153.00
96.41
216,915.30
0.99%
Al / A+
2.61
1.65% Due 8/11/2021
2.57%
219,902.54
3.09%
1,443.75
(2,987.24)
NR
2.51
69353RFE3
PNC Bank Callable Note Cont 6/28/2022
250,000.00
07/25/2017
249,977.50
96.85
242,135.75
1.11%
A2/A
3.58
2.45% Due 7/28/2022
2.45%
249,983.93
3.39%
2,603.13
(7,848.18)
A+
3.35
6,197,609.05
6,037,393.88
27.54%
Al/A+
1.37
Total US Corporate
6,115,000.00
1.64%
6,136,614.21
3.03%
36,022.26
(99,220.33)
A+
1.32
US TREASURY
.
i
912828WS5
US Treasury Note
375,000.00
07/20/2016
383,497.35
99.55
373,300.88
1.69%
Aaa /AA+
0.50
1.625% Due 6/30/2019
0.84%
376,424.14
2.54%
16.83
(3,123.26)
AAA
0.49
91282SG95
US Treasury Note
750,000.00
07/25/2016
766,848.22
99.00
742,529.26
3.37%
Aaa /AA+
1.00
1.625% Due 12/31/2019
0.96%
754,894.46
2.64%
33.66
(12,365.20)
AAA
0.98
912828UL2
US Treasury Note
375,000.00
08/05/2016
380,992.47
98.69
370,092.75
1.69%
Aaa /AA+
1.08
1.375% Due 1/31/2020
0.91%
376,862.33
2.61%
2,157.78
(6,769.58)
AAA
1.06
912828UVO
US Treasury Note
375,000.00
08/05/2016
377,799.11
98.26
368,481.38
1.68%
Aaa /AA+
1.25
1.125% Due 3/31/2020
0.92%
375,956.87
2.55%
1,077.87
(7,475.49)
AAA
1.22
9128281(58
US Treasury Note
225,000.00
06/27/2017
224,113.06
98.46
221,537.03
1.01%
Aaa /AA+
1.33
1.375% Due 4/30/2020
1.52%
224,585.18
2.56%
529.87
(3,048.15)
AAA
1.30
912828VF4
US Treasury Note
375,000.00
08/05/2016
380,391.88
98.39
368,950.13
1.67%
Aaa / AA+
1.42
1.375% Due 5/31/2020
0.99%
376,998.71
2.54%
453.30
(8,048.58)
AAA
1.39
9128281-99
US Treasury Note
250,000.00
12/14/2016
246,319.20
97.97
244,922.00
1.11%
Aaa / AA+
1.84
1.375% Due 10/31/2020
1.77%
248,260.98
2.52%
588.74
(3,338.98)
AAA
1.79
91282SN48
US Treasury Note
250,000.00
01/24/2018
246,796.88
98.57
246,435.50
1.12%
Aaa / AA+
2.00
1.75%Due 12/31/2020
2.20%
247,816.73
2.49%
12.09
(1,381.23)
AAA
1.95
91282SN89
US Treasury Note
375,000.00
08/11/2016
380,054.97
97.71
366,401.25
1.67%
Aaa /AA+
2.09
1.375% Due 1/31/2021
1.07%
377,355.68
2.51%
2,157.78
(10,954.43)
AAA
2.02
91282SP87
US Treasury Note
350,000.00
06/27/2017
343,397.66
97.11
339,896.55
1.55%
Aaa /AA+
2.16
1.125%Due 2/28/2021
1.66%
346,115.40
2.50%
1,337.88
(6,218.85)
AAA
2.11
912828WN6
US Treasury Note
750,000.00
Various
766,555.25
98.89
741,679.50
3.37%
Aaa /AA+
2.42
2% Due 5/31/2021
1.51%
758,538.68
2.48%
1,318.68
(16,859.18)
AAA
2.34
Chandler Asset Management-
CONFIDENTIAL
Paee 7
Execution Time:
1/2/201910:13:32
PM
City of West Covina Consolidated
Holdings Report
Account #10482
As of December 31, 2018
CUSIP Security Description
US TREASURY
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282SS76 US Treasury Note
250,000.00
05/30/2017
244,366.07
96.62
241,552.75
1.10%
Aaa /AA+
2.58
1.125% Due 7/31/2021
1.69%
246,513.03
2.48%
1,176.97
(4,960.28)
AAA
2.51
912828G87 US Treasury Note
165,000.00
06/29/2017
167,307.98
99.02
163,375.74
0.74%
Aaa / AA+
3.00
2.125% Due 12/31/2021
1.80%
166,536.31
2.47%
9.69
(3,160.57)
AAA
2.89
91282SV72 US Treasury Note
200,000.00
07/25/2017
200,492.86
98.22
196,437.60
0.90%
Aaa / AA+
3.09
1.875% Due 1/31/2022
1.82%
200,336.34
2.48%
1,569.29
(3,898.74)
AAA
2.95
91282BJ43 US Treasury Note
355,000.00
03/13/2017
348,580.68
97.82
347,262.07
1.58%
Aaa /AA+
3.16
1.75% Due 2/28/2022
2.14%
350,909.50
2.47%
2,110.88
(3,647.43)
AAA
3.03
912828XGO US Treasury Note
365,000.00
08/15/2017
370,176.81
98.81
360,665.63
1.64%
Aaa /AA+
3.50
2.125% Due 6/30/2022
1.82%
368,715.19
2.48%
21.43
(8,049.56)
AAA
3.35
5,827,690.45
5,693,520.02
25.88%
Aaa / AA+
1.92
Total US Treasury
5,785,000.00
1.39%
5,796,819.53
2.53%
14,572.74
(103,299.51)
AAA
1.86
22,471,902.06
21,961,369.36
100.00%
Aal / AA
1.67
TOTAL PORTFOLIO
22,281,301.12
1.47%
22,335,856.84
2.71%
92,769.40
(374,487.48)
AAA
1.57
TOTAL MARKET VALUE PLUS ACCRUED
22,054,138.76
Chandler Asset Management- CONFIDENTIAL Page 8 Execution Time: 1/2/201910:13:32 PM
City of West Covina Consolidated
Transaction Ledger
OR
Account #10482
As of December 31, 2018
Transaction
Type
ACQUISITIONS
Settlement
Date
CUSIP
Quantity
Security Description
Price Acq/Disp
Yield
Amount
Interest
Pur/sold
Total Amount
Gain/Loss
Purchase
12/03/2018
31846V203
1,125,205.98
First American Govt Obligation Fund
1.000
1.81%
1,125,205.98
0.00
1,125,205.98
0.00
Class Y
Purchase
12/03/2018
31846V203
221.01
First American Govt Obligation Fund
1.000
1.81%
221.01
0.00
221.01
0.00
Class Y
Purchase
12/05/2018
31846V203
810.00
First American Govt Obligation Fund
1.000
1.81%
810.00
0.00
810.00
0.00
Class Y
Purchase
12/11/2018
31846V203
3,281.25
First American Govt Obligation Fund
1.000
1.81%
3,281.25
0.00
3,281.25
0.00
Class Y
Purchase
12/12/2018
31846V203
3,062.50
First American Govt Obligation Fund
1.000
1.81%
3,062.50
0.00
3,062.50
0.00
Class Y
Purchase
12/14/2018
31846V203
3,062.50
First American Govt Obligation Fund
1.000
1.81%
3,062.50
0.00
3,062.50
0.00
Class Y
Purchase
12/14/2018
31846V203
350,000.00
First American Govt Obligation Fund
1.000
1.81%
350,000.00
0.00
350,000.00
0.00
Class Y
Purchase
12/17/2018
31846V203
154.00
First American Govt Obligation Fund
1.000
1.81%
154.00
0.00
154.00
0.00
Class Y
Purchase
12/17/2018
31846V203
6,990.22
First American Govt Obligation Fund
1.000
1.81%
6,990.22
0.00
6,990.22
0.00
Class Y
Purchase
12/17/2018
31846V203
53.08
First American Govt Obligation Fund
1.000
1.81%
53.08
0.00
53.08
0.00
Class Y
Purchase
12/17/2018
31846V203
15,255.20
First American Govt Obligation Fund
1.000
1.81%
15,255.20
0.00
15,255.20
0.00
Class Y
Purchase
12/17/2018
31846V203
110.83
First American Govt Obligation Fund
1.000
1.81%
110.83
0.00
110.83
0.00
Class Y
Purchase
12/17/2018
31846V203
9,347.32
First American Govt Obligation Fund
1.000
1.81%
9,347.32
0.00
9,347.32
0.00
Class Y
Purchase
12/17/2018
31846V203
22,058.54
First American Govt Obligation Fund
1.000
1.81%
22,058.54
0.00
22,058.54
0.00
Class Y
Purchase
12/17/2018
31846V203
15,209.75
First American Govt Obligation Fund
1.000
1.81%
15,209.75
0.00
15,209.75
0.00
Class Y
Purchase
12/22/2018
31846V203
5,250.00
First American Govt Obligation Fund
1.000
1.81%
5,250.00
0.00
5,250.00
0.00
Class Y
Chandler Asset Management-
CONFIDENTIAL
Page 9
Execution
Time: 1/2/201910:13:32 PM
City of West
Covina Consolidated
Transaction Ledger
OR
Account #10482
As of December 31,
2018
Transaction
Type
ACQUISITIONS
Settlement
Date
CUSIP
Quantity
Security Description
Price Acq/Disp
Yield
Amount
Interest
Pur/sold
Total Amount
Gain/Loss
Purchase
12/26/2018
31846V203
373.88
First American Govt Obligation Fund
1.000
1.81%
373.88
0.00
373.88
0.00
Class Y
Purchase
12/31/2018
31846V203
16,959.39
First American Govt Obligation Fund
1.000
2.05%
16,959.39
0.00
16,959.39
0.00
Class Y
Subtotal
1,577,405.45
1,577,405.45
0.00
1,577,405.45
0.00
TOTAL ACQUISITIONS
1,577,405.45
1,577,405.45
0.00
1,577,405.45
0.00
DISPOSITIONS
i
Sale
12/03/2018
037833AQ3
250,000.00
Apple Inc Note
99.700
2.81%
249,250.00
393.75
249,643.75
-1,845.71
2.1% Due 5/6/2019
Sale
12/03/2018
17275RAR3
250,000.00
Cisco Systems Note
99.837
2.78%
249,592.50
1,357.64
250,950.14
-1,008.93
2.125% Due 3/1/2019
Sale
12/03/2018
30231GAD4
250,000.00
Exxon Mobil Corp Callable Note Cont
99.750
2.70%
249,375.00
985.29
250,360.29
-1,085.42
2/15/2019
1.819% Due 3/15/2019
Sale
12/03/2018
91282SD23
375,000.00
US Treasury Note
99.652
2.48%
373,696.29
555.51
374,251.80
-1,747.03
1.625% Due 4/30/2019
Subtotal
1,125,000.00
1,121,913.79
3,292.19
1,125,205.98
-5,687.09
Paydown
12/17/2018
43811BACS
0.00
Honda Auto Receivables 2017-2 A3
100.000
0.00
154.00
154.00
0.00
1.68% Due 8/16/2021
Paydown
12/17/2018
47788BABO
6,926.64
John Deere Owner Trust 2017-B A2A
100.000
6,926.64
63.58
6,990.22
0.00
1.59% Due 4/15/2020
Paydown
12/17/2018
47788BAD6
0.00
John Deere Owner Trust 2017-B A3
100.000
0.00
53.08
53.08
0.00
1.82% Due 10/15/2021
Paydown
12/17/2018
4778SCABS
14,923.28
John Deere Owner Trust 2018-A A2
100.000
14,923.28
331.92
15,255.20
0.00
2.42% Due 10/15/2020
Paydown
12/17/2018
47788CAC6
0.00
John Deere Owner Trust 2016-B A4
100.000
0.00
110.83
110.83
0.00
2.66% Due 4/18/2022
Paydown
12/17/2018
654747ABO
9,325.38
Nissan Auto Receivables 2017-A A2A
100.000
9,325.38
21.94
9,347.32
0.00
1.47% Due 1/15/2020
Chandler Asset Management-
CONFIDENTIAL
Page 10
Execution
Time: 1/2/201910:13:32 PM
City of West
Covina Consolidated
Transaction Ledger
OR
Account #10482
As of December 31,
2018
DISPOSITIONS
r
Paydown
12/17/2018
89237RAB4
21,816.38
Toyota Auto Receivable 2017-C A2A
100.000
21,816.38
242.16
22,058.54
0.00
1.58% Due 7/15/2020
Paydown
12/17/2018
89238BAB8
14,921.36
Toyota Auto Receivables Owner 2018-A
100.000
14,921.36
288.39
15,209.75
0.00
A2A
2.1% Due 10/15/2020
Paydown
12/26/2018
3137BFDQ1
0.00
FHLMC K717 A2
100.000
0.00
373.88
373.88
0.00
2.991% Due 9/25/2021
Subtotal
67,913.04
67,913.04
1,639.78
69,552.82
0.00
Maturity
12/14/2018
313376BR5
350,000.00
FHLB Note
100.000
350,000.00
0.00
350,000.00
0.00
1.75% Due 12/14/2018
Subtotal
350,000.00
350,000.00
0.00
350,000.00
0.00
Security
12/03/2018
31846V203
1,100,000.00
First American Govt Obligation Fund
1.000
1,100,000.00
0.00
1,100,000.00
0.00
Withdrawal
Class Y
Security
12/06/2018
31846V203
1,775.25
First American Govt Obligation Fund
1.000
1,775.25
0.00
1,775.25
0.00
Withdrawal
Class Y
Security
12/14/2018
31846V203
375,000.00
First American Govt Obligation Fund
1.000
375,000.00
0.00
375,000.00
0.00
Withdrawal
Class
Security
12/24/2018
31846V203
194.02
First American Govt Obligation Fund
1.000
194.02
0.00
194.02
0.00
Withdrawal
Class Y
Subtotal
1,476,969.27
1,476,969.27
0.00
1,476,969.27
0.00
TOTAL DISPOSITIONS
3,019,882.31
3,016,796.10
4,931.97
3,021,728.07
-5,687.09
OTHER TRANSACTIONS
Interest
12/05/2018
437076BQ4
90,000.00
Home Depot Note
0.000
810.00
0.00
810.00
0.00
1.8% Due 6/5/2020
Interest
12/11/2018
313379RB7
350,000.00
FHLB Note
0.000
3,281.25
0.00
3,281.25
0.00
1.875% Due 6/11/2021
Interest
12/12/2018
313383HU8
350,000.00
FHLB Note
0.000
3,062.50
0.00
3,062.50
0.00
1.75% Due 6/12/2020
Interest
12/14/2018
31337613115
350,000.00
FHLB Note
0.000
3,062.50
0.00
3,062.50
0.00
1.75% Due 12/14/2018
Chandler Asset Manaaement- CONFIDENTIAL
Paee 11
Execution
Time: 1/2/201910:13:32
PM
City of West Covina Consolidated
Transaction Ledger
OR
Account #10482
As of December 31,
2018
Transaction Settlement
Type Date
OTHER TRANSACTIONS
CUSIP
Quantity
Security Description
Price Acq/Disp
Yield
Amount
Interest
Pur/sold
Total Amount
Gain/Loss
Interest 12/22/2018
3135GOD75
700,000.00
FNMA Note
0.000
5,250.00
0.00
5,250.00
0.00
1.5% Due 6/22/2020
Interest 12/31/2018
912828G87
165,000.00
US Treasury Note
0.000
1,753.13
0.00
1,753.13
0.00
2.125% Due 12/31/2021
Interest 12/31/2018
91282BG95
750,000.00
US Treasury Note
0.000
6,093.75
0.00
6,093.75
0.00
1.625% Due 12/31/2019
Interest 12/31/2018
912828N48
250,000.00
US Treasury Note
0.000
2,187.50
0.00
2,187.50
0.00
1.75% Due 12/31/2020
Interest 12/31/2018
912828WS5
375,000.00
US Treasury Note
0.000
3,046.88
0.00
3,046.88
0.00
1.625% Due 6/30/2019
Interest 12/31/2018
912828XGO
365,000.00
US Treasury Note
0.000
3,878.13
0.00
3,878.13
0.00
2.125% Due 6/30/2022
Subtotal
3,745,000.00
32,425.64
0.00
32,425.64
0.00
Dividend 12/03/2018
31846V203
1,129,791.92
First American Govt Obligation Fund
0.000
221.01
0.00
221.01
0.00
Class Y
Subtotal
1,129,791.92
221.01
0.00
221.01
0.00
TOTAL OTHER TRANSACTIONS
4,874,791.92
32,646.65
0.00
32,646.65
0.00
Chandler Asset Management- CONFIDENTIAL Page 12 Execution Time: 1/2/201910:13:32 PM
Chandler Report December 2018
ATTACHMENT NO. 1
City of West Covina
Investment Report
For the Month Ended December 31, 2018
Description
Cash and Cash Equivalents
Wells Fargo Checking Account
Pacific Western Bank Checking - HPP (CDBG)
Pacific Western Bank Checking - HPP (LMIHF)
Los Angeles County Investment Pool (LACIP)
Money Market Fund - Bank of the West
Investments - Chandler Asset Management
Asset -Backed Securities
Federal Agencies
Collateralized Mortgage Obligation
Money Market Funds
Supranationals
US Corporate
US Treasury
Total Cash and Investments
Interest/
Yield to Maturity % of
Book Value Market Value Maturity Date Portfolio
$ 13,132,057 $ 13,132,057 0.00% n/a 27.40%
8,618 8,618 0.00 % n/a 0.02%
12,256 12,256 0.00 % n/a 0.03%
10,643,809 10,643,809 2.06% n/a 22.21%
504,243 504,243 0.59% n/a 1.05%
704,793 702,983 2.98% See attached 1.47%
7,260,683 7,124,970 2.58% See attached 14.87%
152,089 150,355 2.83% See attached 0.31%
105,022 105,022 2.05% See attached 0.22%
2,179,836 2,147,125 2.64% See attached 4.48%
6,136,614 6,037,394 3.03% See attached 12.60%
5,796,820 5,693,520 2.53% See attached 11.88%
$ 46,636,840 $ 46,262,352
Bond Reserves
Lease Revenue Bonds, 2006 Series A & 2006 Series B (Taxable)
First American Treasury Obligations Fund Class D $ 1,071,000 $ 1,071,000 1.88 % n/a 2.24 %
First American Treasury Obligations Fund Class D 585,372 585,372 1.88 % n/a 1.22 %
Total Bond Reserves $ 1,656,372 $ 1,656,372
Total Investment Portfolio $ 48,293,212 $ 47,918,724 100.00%
Blended Yield of Cash and Investments" 2.461/6
Benchmarks:
LAIF 2.29%
LACIP ` 2.06%
6mo U.S. Treasury 2.56%
2yr U.S. Treasury 2.48%
5 r U.S. Treasury 2.51%
' To ensure timely submission of the Investment Report, the prior month's tACIP percentage yield is used.
I hereby certify that the investments are in compliance with the investment policy adopted by the City Council. The investment
portfolio provides sufficient funds to meet the budgeted expenditures over the next six months. This report meets the requirements of
Government Code Section 53646.
PREPARED
BY:
j/(J��
Todd H. Owens - Accounting Manager
APPROVED BY:
Marcie Medina - Finance Director
REVIEWED BY:
Colleen B. Rozattl - City Treasurer
ity of West Covina Consolidated - Account #10482
C
DECEMBER 1, 2018 THROUGH DECEMBER 31, 2018
Chandler Team:
For questions about your account, please call (800) 317-4747,
or contact operations@chandlerasset.com
Custodian
US Bank
Christopher Isles
(503)464-3685
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.
City of West Covina Consolidated
Portfolio Summary
C11%
Account #10482
As of December 31, 2018
PORTFOLIO CHARACTERISTICS
ACCOUNT SUMMARY
TOP ISSUERS
Average Modified Duration
1.57
Beg. Values
End Values
Government of United States
25.9%
as of 11/30/18
as of 12/31/18
Federal National Mortgage Assoc
15.8%
Average Coupon
1.72%
Market Value 23,282,434
21,961,369
Federal Home Loan Mortgage Corp
11.1%
Average Purchase YTM
1.47%
Accrued Interest 97866
,
92 769
Federal Home Loan Bank
6.2%
Total Market Value 23,380,300
22,054,139
Average Market YTM
2.71%
Income Earned 29,568
27,729
International Finance Corp
5.4%
Average S&P/Moody Rating
AA/Aa1
Cont/WD
Inter -American Dev Bank
4.4%
Par 23,723,778
22,281,301
Microsoft
2.7%
Average Final Maturity
1.67 yrs
Book Value 23,785,688
22,335,857
Eli Lilly & Co
2.3%
Average Life
1.63 yrs
Cost Value 23,941,617
22,471,902
Total
73.8%
SECTOR ALLOCATION
Abe 32.4%
us corn 27.5%
us Treasury 25.9%
s.nraz_ 9.8%
ABs, 3.2%
cmol 0.1%
Money Mkt FE 10.5%
MATURITY DISTRIBUTION
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5+
Maturity (Yrs)
CREDIT QUALITY (S&P)
AA (66.0%)
A (17.1%)
NR (3.5%)
AAA (13.3%)
Chandler Asset Management - CONFIDENTIAL Page 1 Execution Time: 1/2/201910:13:32 PM
Statement of Compliance
ORAs
of December 31, 2018
City of West Covina
Assets managed by Chandler Asset Management are in full compliance with state law and the District's investment policy.
Category
Standard
Comment
Treasury Issues
No limitations
Complies
Federal Agencies
No limitations
Complies
Municipal Securities
"A" or higher by a NRSRO; 30% maximum; 5% max per issuer
Complies
Supranationals
"AA" rated or higher by a NRSRO; 30% max; 10% max per issuer; Unsubordinated obligations issued by: IBRD, IFC, IADB
Complies
"A" rated or higher by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within
Medium Term Notes
Complies
the U.S.
Collateralized Certificates of Deposit
25%maximum
Complies
Negotiable Certificates of Deposit
"A" rated or better by a NRSRO; 30% maximum
Complies
Banker's Acceptances
40% maximum; 30% max per one commercial bank; 180 days max maturity
Complies
A-1/P-1 rating or higher by both S&P and Moody's; 25% maximum; 5% per issuer; 270 days max maturity; Eligible paper is
Commercial Paper
limited to corporations organized and operating within the U.S. with total assets of at least $500 million
Complies
Asset -Backed Securities/ Mortgage-
"AA" or better by a NRSRO; "A" rated issuer rating or higher by a NRSRO; 20% maximum
Complies
Backed Securities
Money Market Mutual Funds
"AAA" rated or highest rating by a NRSRO; 20% maximum; 10% per fund
Complies
Inverse floaters; Ranges notes, Interest -only strips from mortgaged backed securities; Zero interest accrual securities;
Prohibited Securities
Complies
Reverse Repurchase Agreements
Repurchase Agreements
20% maximum; 100 days max maturity; collateralized 102%of market value; Not used by investment adviser
Complies
Local Agency Investment Fund (LAIF)
Maximum program; Not used by investment adviser
Complies
Los Angeles County Investment Pool
Maximum program; Not used by investment adviser
Complies
Max per Security Type
No more than 40%of the City's total portfolio shall be invested in a single security type or with a single financial institution
Complies
Max per Issuer
No more than 5% in any single issuer except US Gov, Agencies, Supranationals, Money Market Funds, LAIF, or LGIP
Complies
Maximum Maturity
5 years
Complies
City of West Covina Consolidated
Holdings Report
OR
Account #10482
As of December 31, 2018
Purchase Date Cost Va
Mkt Price
Market Value
% of Port.
Moody/S&P
Maturity
CUSIP
enc
654747ABO
Security Description
Nissan Auto Receivables 2017-A A2A
Par Value/Units
8,579.58
Book Yield
03/21/2017
BookVa !u:
i
8,579.54
Mkt YTM
99.95
Accrued Int.
8,575.64
Gain/Loss
0.04%
Fitch
Aaa / NR
Duration
1.04
1.47% Due 1/15/2020
1.47%
8,579.56
2.98%
5.60
(3.92)
AAA
0.03
47788BABO
John Deere Owner Trust 2017-B A2A
41,058.35
07/11/2017
41,054.79
99.81
40,979.90
0.19%
Aaa / NR
1.29
1.59% Due 4/15/2020
1.60%
41,056.68
2.95%
29.01
(76.78)
AAA
0.14
89237RAB4
Toyota Auto Receivable 2017-C A2A
162,106.06
07/25/2017
162,104.50
99.60
161,454.70
0.73%
Aaa / AAA
1.54
1.58% Due 7/15/2020
1.59%
162,105.24
2.98%
113.84
(650.54)
NR
0.29
89238BAB8
Toyota Auto Receivables Owner 2018-A
149,870.55
01/23/2018
149,855.23
99.61
149,286.49
0.68%
Aaa / AAA
1.79
A2A
2.12%
149,860.42
3.07%
139.88
(573.93)
NR
0.40
2.1% Due 10/15/2020
47788CAB8
John Deere Owner Trust 2018-A A2
149,664.46
Various
149,509.20
99.81
149,380.96
0.68%
Aaa / NR
1.79
2.42% Due 10/15/2020
2.51%
149,556.65
2.94%
160.98
(175.69)
AAA
0.38
43811BAC8
Honda Auto Receivables 2017-2 A3
110,000.00
04/27/2018
108,289.84
98.97
108,862.60
0.49%
Aaa / AAA
2.63
1.68%Due 8/16/2021
2.62%
108,639.26
2.95%
82.13
223.34
NR
0.82
47788BAD6
John Deere Owner Trust 2017-B A3
35,000.00
07/11/2017
34,997.44
98.87
34,604.57
0.16%
Aaa / NR
2.79
1.82%Due 10/15/2021
1.83%
34,998.32
2.99%
28.31
(393.75)
AAA
0.97
47788CAC6
John Deere Owner Trust 2016-B A4
50,000.00
02/21/2018
49,996.41
99.68
49,838.05
0.23%
Aaa / NR
3.30
2.66%Due 4/18/2022
2.68%
49,997.14
2.90%
59.11
(159.09)
AAA
1.42
704,386.95
702,982.91
3.19%
Aaa/AAA
1.98
Total ABS
706,279.00
2.14%
704,793.27
2.98%
618.86
(1,810.36)
AAA
0.52
AGENCY
l
3137EADK2
FHLMC Note
565,000.00
07/29/2016
570,938.15
99.17
560,298.07
2.55%
Aaa / AA-
0.58
1.25%Due 8/1/2019
0.89%
566,146.53
2.70%
2,942.71
(5,848.46)
AAA
0.57
3135GOP49
FNMA Note
700,000.00
09/02/2016
698,782.00
98.93
692,540.80
3.15%
Aaa /AA+
0.66
1% Due 8/28/2019
1.06%
699,731.96
2.66%
2,391.66
(7,191.16)
AAA
0.65
3137EADM8
FHLMC Note
700,000.00
08/05/2016
706,153.00
98.97
692,766.90
3.15%
Aaa / AA+
0.75
1.25% Due 10/2/2019
0.97%
701,466.02
2.64%
2,163.20
(8,699.12)
AAA
0.74
3137EAEE5
FHLMC Note
350,000.00
01/12/2017
349,622.00
98.88
346,074.05
1.58%
Aaa / AA+
1.05
1.5% Due 1/17/2020
1.54%
349,868.48
2.60%
2,391.67
(3,794.43)
AAA
1.02
3135GOA78
FNMA Note
350,000.00
10/14/2016
355,204.50
99.00
346,516.45
1.58%
Aaa /AA+
1.06
1.625% Due 1/21/2020
1.16%
351,682.40
2.59%
2,527.78
(5,165.95)
AAA
1.03
3137EADR7
FHLMC Note
350,000.00
06/29/2017
348,015.50
98.46
344,594.95
1.57%
Aaa / AA+
1.33
1.375% Due 5/1/2020
1.58%
349,069.05
2.56%
802.08
(4,474.10)
AAA
1.31
Chandler Asset Manaeement- CONFIDENTIAL
Paee 3
Execution Time: 1/2/201910:13:32 PM
City of West
Covina Consolidated
Holdings Report
Account #10482
As of December 31, 2018
AGENCY
Security Description
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTIVI
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
DurationCUSIP
313383HUS
FHLB Note
350,000.00
Various
358,197.50
98.85
345,962.40
1.57%
Aaa /AA+
1.45
1.75% Due 6/12/2020
1.12%
353,120.85
2.57%
323.27
(7,158.45)
NR
1.42
3135GOD75
FNMA Note
700,000.00
07/29/2016
712,474.00
98.54
689,759.70
3.13%
Aaa /AA+
1.48
1.5% Due 6/22/2020
1.03%
704,712.78
2.52%
262.50
(14,953.08)
AAA
1.45
3135GOF73
FNMA Note
350,000.00
07/29/2016
355,939.50
98.02
343,064.40
1.56%
Aaa /AA+
1.92
1.5% Due 11/30/2020
1.10%
352,619.38
2.57%
452.08
(9,554.98)
AAA
1.87
313OA7CV5
FHLB Note
350,000.00
07/29/2016
353,846.50
97.68
341,864.95
1.56%
Aaa / AA+
2.14
1.375% Due 2/18/2021
1.13%
351,799.65
2.50%
1,777.95
(9,934.70)
AAA
2.07
3135GOK69
FNMA Note
350,000.00
07/22/2016
349,744.50
97.10
339,860.15
1.54%
Aaa /AA+
2.35
1.25%Due 5/6/2021
1.27%
349,874.67
2.53%
668.40
(10,014.52)
AAA
2.29
313379RB7
FHLB Note
350,000.00
08/15/2017
351,802.50
98.14
343,489.65
1.56%
Aaa / AA+
2.45
1.875% Due 6/11/2021
1.73%
351,152.57
2.67%
364.58
(7,662.92)
AAA
2.37
313OA8QS5
FHLB Note
350,000.00
08/19/2016
347,452.00
96.58
338,017.40
1.54%
Aaa / AA+
2.54
1.125%Due 7/14/2021
1.28%
348,681.09
2.53%
1,826.56
(10,663.69)
AAA
2.46
3137EAEC9
FHLMC Note
350,000.00
08/19/2016
346,720.50
96.58
338,032.45
1.54%
Aaa / AA+
2.62
1.125%Due 8/12/2021
1.32%
348,277.18
2.48%
1,520.31
(10,244.73)
AAA
2.54
3135GOS38
FNMA Note
725,000.00
Various
728,871.25
98.52
714,272.18
3.27%
Aaa /AA+
3.02
2% Due 1/5/2022
1.88%
727,516.97
2.51%
7,088.89
(13,244.79)
AAA
2.87
3135GOT45
FNMA Note
355,000.00
06/19/2017
354,946.40
97.99
347,855.63
1.58%
Aaa /AA-
3.26
1.875% Due 4/5/2022
1.88%
354,963.55
2.52%
1,590.10
(7,107.92)
AAA
3.12
7,288,709.80
7,124,970.13
32.44%
Aaa / AA+
1.69
Total Agency
7,245,000.00
1.28%
7,260,683.13
2.58%
29,093.74
(135,713.00)
AAA
1.64
CIVIC,
-
3137BFDQ1
FHLMC K717 A2
150,000.00
01/04/2018
152,835.94
100.24
150,354.90
0.68%
NR/NR
2.74
2.991%Due 9/25/2021
1.91%
152,088.76
2.83%
373.88
(1,733.86)
AAA
2.41
152,835.94
150,354.90
0.68%
NR/NR
2.74
Total CMO
150,000.00
1.91%
152,088.76
2.83%
373.88
(1,733.86)
AAA
2.41
Chandler Asset Management- CONFIDENTIAL Paee 4 Execution Time: 1/2/201910:13:32 PM
City of West Covina Consolidated
Holdings Report
Account #10482
As of December 31, 2018
Security Description
MONEY MARKET FUND FI
Par Value/Units
Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTIVI
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
DurationCUSIP
31846V203 First American Govt Obligation Fund
105,022.12
Various
105,022.12
1.00
105,022.12
0.48%
Aaa / AAA
0.00
Class Y
2.05%
105,022.12
2.05%
0.00
0.00
AAA
0.00
105,022.12
105,022.12
0.48%
Aaa / AAA
0.00
Total Money Market Fund FI
105,022.12
2.05%
105,022.12
2.05%
0.00
0.00
AAA
0.00
SUPRANATIONAL
1
45950KCDO International Finance Corp Note
700,000.00
08/05/2016
715,554.00
99.33
695,303.70
3.17%
Aaa / AAA
0.71
1.75% Due 9/16/2019
1.02%
703,538.74
2.71%
3,572.92
(8,235.04)
NR
0.69
4581XOCX4 Inter -American Dev Bank Note
290,000.00
04/05/2017
289,312.70
98.72
286,281.33
1.30%
Aaa/AAA
1.36
1.625% Due 5/12/2020
1.70%
289,696.64
2.59%
641.42
(3,415.31)
AAA
1.33
4581XOCD8 Inter -American Dev Bank Note
350,000.00
08/05/2016
363,261.50
99.07
346,733.45
1.58%
Aaa/AAA
1.86
2.125% Due 11/9/2020
1.21%
355,785.91
2.64%
1,074.31
(9,052.46)
AAA
1.80
45950KCMO International Finance Corp Note
215,000.00
01/18/2018
214,367.90
99.34
213,588.96
0.98%
Aaa / AAA
2.07
2.25% Due 1/25/2021
2.35%
214,564.57
2.58%
2,096.25
(975.61)
NR
1.99
45950KCI7 International Finance Corp Note
275,000.00
11/09/2016
268,576.00
96.43
265,179.75
1.21%
Aaa / AAA
2.55
1.125%Due 7/20/2021
1.64%
271,508.61
2.58%
1,383.59
(6,328.86)
NR
2.48
4581XOCW6 Inter -American Dev Bank Note
345,000.00
01/10/2017
344,575.65
98.56
340,038.21
1.56%
Aaa / NR
3.05
2.125% Due 1/18/2022
2.15%
344,741.35
2.62%
3,319.43
(4,703.14)
AAA
2.90
2,195,647.75
2,147,125.40
9.79%
Aaa/AAA
1.72
Total Supranational
2,175,000.00
1.53%
2,179,835.82
2.64%
12,087.92
(32,710.42)
AAA
1.66
US CORPORATE
53245781`4 Eli Lilly & Co Note
500,000.00
09/08/2016
509,180.00
99.77
498,864.00
2.28%
A2 / AA-
0.20
1.95% Due 3/15/2019
1.20%
500,734.00
3.04%
2,870.84
(1,870.00)
A
0.20
91159HHH6 US Bancorp Callable Note Cont
500,000.00
07/12/2016
512,145.00
99.78
498,906.00
2.27%
Al/A+
0.32
3/25/2019
1.31%
501,365.42
2.89%
2,016.66
(2,459.42)
AA-
0.31
2.2% Due 4/25/2019
594918BN3 Microsoft Note
410,000.00
08/01/2016
409,577.70
99.00
405,918.45
1.85%
Aaa/AAA
0.60
1.1% Due 8/8/2019
1.14%
409,915.54
2.78%
1,791.47
(3,997.09)
AA+
0.59
Chandler Asset Management- CONFIDENTIAL Paee 5 Execution Time: 1/2/201910:13:32 PM