Poway City Council
February 1, 2022

February 1, 2022, Item #3
,->-. r
AGENDA REPORT CityofPoway
/-'I--{ . ~~-~ ·-
DATE:

TO:

FROM:

CONTACT:

SUBJECT:

Summary:

February 1, 2022
Honorable Mayor and Members of the City Council
Aaron Beanan, Director of Finance ~
Aaron Beanan, Director of Finance
(858) 668-4411 or [email protected]
City's Investment Report as of December 31, 2021

CITY COUNCIL
Quarterly reports of investments are required to be presented to the City Council per state code and the City's Investment Policy. For your information, attached is an investment portfolio report as of December 31, 2021.

Recommended Action:

It is recommended that the City Council accept and file the attached report.

Discussion:

Pursuant to Government Code Sec. 53646(b)(1) and the City's Investment Policy, the Director of Finance (i.e., Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information.

The City is in compliance with its adopted investment policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of December 31, 2021, was $123,998,906. It consisted of the following:

Investment Portfolio Total
Cash $213,218
Deposits at CalTRUST 23,187,170
Deposits at the Local Agency Investment Fund (LAIF) 33,912,075 U. 5. Treasury Notes 15,853,027
U. 5. Instrumentalities 29,733,396
Corporate Notes 21,100,020
Fair Value of Investment Portfolio as of December 31, 2021 $123,998,906 1 of 27
February 1, 2022, Item #3
It is the City's practice to keep funds (including those identified to pay for Capital Improvement Projects) invested and earning interest until they are needed. In addition to changing market conditions, reductions in the fair value of the Investment Portfolio can also be reflective of payments for large capital projects.

The attached portfolio report (Attachment B) and investment report (Attachment C) were prepared by the City's investment manager, Insight Investment, with input from the City's Finance Department. The portfolio report includes all investments while the investment report includes only those investments managed by Insight Investment.

All City funds, including the General Fund, Water Fund, Wastewater Fund and others -except those identified in Attachment D, are pooled and invested, with earned interest allocated quarterly based on the average daily cash balance in each fund. The funds on deposit at LAIF and CalTRUST earn interest at variable rates. The interest rate for the month ending December 31, 2021, is estimated at

0.21 % for LAIF, 0.16% for the CalTRUST short-term fund, and 0.41 % for the CalTRUST medium-term fund.

For fixed income securities, the difference between amortized cost and fair value is considered an unrealized gain or loss. A realized loss is when the principal of the security is redeemed before its maturity date at a fair value lower than its amortized cost value. The amortized cost value of the externally managed investment portfolio is $66,365,376; the fair value is $66,899,661 for an unrealized gain of $534,285 or 0.81 % of the total amortized cost value. The source of the fair value information for the U.S. Treasury Notes, the U.S. Instrumentalities, Corporate Notes, and Municipal Bonds is Interactive Data Corporation.

Also included with this report are recaps of the City's cash and investments held by fiscal agents, non­ managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at December 31, 2021, was $1,251,675. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $52,969 at December 31, 2021. The City's cash on hand at December 31, 2021 totaled $(309,458). The cash on hand represents the City's adjusted book balance, taking into consideration deposits in transit and uncashed checks. The adjusted book balance is used for reporting purposes only, the actual bank balance was a positive amount.

The December 31, 2021 balance of the City's Library Trust Fund was $258,913. Through the Fiscal Year 2021-22 period ending December 31, 2021, no transfer of interest earnings has been made to the General Fund. At the close of Fiscal Year 2021-22, 90% of the Library Trust Fund's interest earnings will be transferred to the General Fund to partially offset library operating expenses.

Environmental Review:

This action is not subject to review under the California Environmental Quality Act (CEQA).

Fiscal Impact:

The externally managed investment portfolio earned $132,480 interest during December 2021, as well as $122,151 interest during November 2021, and $131,044 during October 2021. Fees for investment services during this period totaled $8,369.
2 of27
February 1, 2022, Item #3
Public
Notification:

None. Attachments: A.

Investment
Statistics
B.

Investment
Portfolio
Report
prepared
by
Insight
Investment
C.

Investment
Report
Prepared
by
Insight
Investment
D.

City
of
Poway
Investments
and
Cash
with
Fiscal
Agent;
General,
Payroll,
and
Petty
Cash
Report
at
December
31,
2021
Reviewed/
Approved
By:

Wendy
Kaserman
Assistant
City
Manager
3 of27
Reviewed
By:

Alan
Fenstermacher
City
Attorney
Approved
By:
c~ City
Manager
February 1, 2022, Item #3
City of Poway
Investment Statistics
Separately Managed Investment Pools
Fair Value:

CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
Deposits at the Local Agency Investment Fund (LAIF)
Total Fair Value
Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:

Cash
U. S. Treasury Notes
U. S. Instrumentalities
Corporate Bonds
Total Fair Value
Amortized Cost Value:

Cash
U. S. Treasury Notes
U. S. Instrumentalities
Corporate Bonds
Total Amortized Cost Value
Unrealized Gain (Loss)
Accrued Interest Earned
Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Total Fair Value of Portfolio Assets
Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology
December
2020
11,451,341
11,811,550
12,421,930
35,684,821

0.57%
1 1
10,793,820
36,309,513
21,934,198
69,037,531
10,423,137
35,433,831
21,212,765
67,069,733
1,967,798
139,897

1.82%

1.93 2.11
104,722,352

1.40%

1.27 1.39
September
2021
11,461,249
11,814,225
22,195,881
45,471,355

0.22%
1 1
81,833
12,826,608
32,891,155
21,359,508
67,159,104
81,833
12,622,861
32,427,513
20,957,617
66,089,824
1,069,280
125,208

1.55%

1.61 1.78
112,630,459

1.01%

0.96 1.06
Coupon: A bond's coupon is the periodic interest payment made to the holder of the fixed income security during the life of the bond. Coupon payments can be made monthly, quarterly, or annually.

Book Yield: The Book Yield is that rate of return that will make the present value of the future cash flows of a fixed income security equal to the price paid for the security. This assumes that the security will be held to its maturity.

Current Yield: Annual rate of return on an investment expressed as a percentage. Current Yield of a fixed income security is the annualized earnings (coupon) divided by the bond's market value as of the valuation date.

One Year Total Yield: The One Year Total Yield or One Year Return represents the portfolio's percentage change over a year's time, factoring in interest payments, changes in market value and reinvestment of distributions.

December
2021
33,912,075
11,442,789
11,744,381
57,099,245

0.24%
1 213,218
15,853,027
29,733,396
21,100,020
66,899,661
213,218
15,789,778
29,480,781
20,881,599
66,365,376
534,285
132,480

1.43%

1.53 1.67
123,998,906

0.88%

0.83 0.90
Weighted Average Yield: The total yield
on a bond portfolio divided by the number of bonds contained in it, weighted for the size of each bond so that the yield of large holdings does not drown out the calculation of yields on small holdings.

Yield to Maturity: The Yield to Maturity (YTM) or Market Yield to Maturity of a fixed income security is that rate of interest that will make the present value of the future cash flows equal to the market value as of the valuation date, assuming the bond is held to maturity. 4of27 ATTACHMENT A
February 1, 2022, Item #3
City
of
Poway
Monthly
Investment
Portfolio
Report
December
31,
2021
Separately
Managed
Investment
Pools
%
Return
LAIF
$
33,912,075
59%

0.21%
CalTrust
-Short
$
11,442,789
20%

0.16%
CalTrust
-Medium
$
11,744,381
21%

0.41%
Total
Internally
Managed
$
57,099,245
46%
Weighted
Average
Yield

0.24% Days
Effective
Average
Duration
-Internal
1 Weighted
Average
Maturity
-Internal
1 Externally
Managed
Assets
%
Return
Cash
$
213,218
0%

0.01%
Treasury
Securities
$
15,853,027
24%

1.09%
Instrumentality
Securities
$
29,733
,396
44%

1.48%
Corporate
Notes
$
21,100,020
32%

1.62%
Total
Externally
Managed
$
66,899,661
54%
Weighted
Average
Yield

1.43% Years
Effective
Average
Duration
-External

1.53 Weighted
Average
Final
Maturity
-External

1.67 Total
Portfolio
Assets
%
Return
LAIF
$
CalTrust
-Short
$
CalTrust
-Medium
$
Cash
$
Treasury
Securities
$
Instrumentality
Securities
$
Corporate
Notes
$
Total
Portfolio
Assets
$
Weighted
Average
Yield
Effective
Average
Duration
-Total
Weighted
Average
Maturity
-Total
Portfolio
Change
2nd
Quarter
Beginning
Balance
2nd Quarter
Ending
Balance
Assets
values
shown
at
Market
5 of27
33,912,075
27%

0.21%
11,442,789
9%

0.16%
11,744,381
9%

0.41%
213,218
0%

0.00%
15,853,027
13%

1.09%
29,733,396
24%

1.48%
21,100,020
17%

1.62%
123,998,906

0.88% Years 0.83 0.90
$ $
CalTrust
-
CalTrust
-Short,
20%
Securities
33% 112,630,459 123,998,906

ATTACHMENT
B
Treasury
Securities,
24%
Instrumental
ity
Securities,
44%
CalTrust
-Short
CalTrust
-
13%
Medium
13% Cash 0%
February 1, 2022, Item #3

ATTACHMENT
C
February 1, 2022, Item #3
......

Contents 0 ....

N ......

Fixed income market review 3
Activity and performance summary 4
Recap of securities held 6
Maturity distribution of securities held 7
Securities held 8
GASB 40 - Deposit and investment risk disclosure 12
Detail of return and interest received 16
Transaction report 19
Additional information 20
February 1, 2022, Item #3
00 0 ....

N .....

FIXED INCOME MARKET REVIEW
As of December 31, 2021
Chart 1: The Fed's most significant recent upward policy rate forecast revision 2 5
~
"O
C
~ 2
::0 a.,
>­
ii,
~ 1 5
0 :;:;;
0 <l)
0 a..
a.,
~
_g O 5
0 Q
VJ
~ 0
lJ.. 2021
.,
2022
., .,
., .,
2023
., .,
., , .,
Dec 2020 and t,larch 2021 l,1eetings - - - June 2021 f.1eetin - -
• September 2021 l.1eeting --- Decentier 2021 t,leeting Source: Bloomberg, December 31, 2021
Chart 2: Unemployment rate continues to descend
16 14
12 0
8 6
4 2
0 2016 2017 2018 2019 2020
--Unemployment rate (%)
Source: Bloomberg, December 31, 2021
., .,
2024
2021

CITY OF POWAY
Economic Indicators and Monetary Policy
The Federal Reserve (Fed) doubled its pace of 'tapering' to a rate of $30bn per month.

This puts the Fed on course to cease expanding its balance sheet in March 2022. It revised its dot plot to reflects a median expectation of three hikes in 2022 (Chart 1 ).

November's CPI report came in at 6.8% for headline inflation (the highest since 1982, but modestly lower than market fears of 7%+) with core inflation reaching 4.9% (the highest since 1991 ). Energy prices were a key factor, rising 33% pa. Regarding 'sticky' inflation categories, rents ran at ~0.4% in November, pushing owners' equivalent rent to 3.5% pa and medical prices showed a small but notable 2.1 % pa rise.

The US economy added 210,000 jobs in November, less than the 550,000 expected.

However, the unemployment rate fell unexpectedly to 4.2% from 4.6%. The participation rate increased to 61.8% from 61.6%. Wage data was close to expectations with average hourly earnings up 4.8% pa. Leisure and hospitality wages continue to advance faster than other sectors - up 12.35% pa.

The JOLTS report was further indicative of a tight labor market. Job openings rose

4.1 % to 11 m, close to July's record high. The number of layoffs declined 2.5% to

1.361 m, close to a record low.

On the political front, President Joe Biden failed to secure Democratic Senator Joe Manchin's approval for the 'American Families Plan', the last component of the $1.75trn 'Build Back Better' fiscal program, forcing Congress to return to the drawing board.

In response to the global spread of the more transmissible but potentially less severe Omicron Covid-19 variant, a number of countries enacted precautionary restrictions around the holiday period, although such measures were relatively modest in the US.

Risk assets enjoyed a strong end to the year.

Interest Rate Summary
Yields rose modestly across the curve. At the end of December, the 3-month US Treasury bill yielded 0.06%, the 6-month US Treasury bill yielded 0.19%, the 2-year US Treasury note yielded 0.74%, the 5-year US Treasury note yielded 1.27% and the 10- year US Treasury note yielded 1 .51 %.

February 1, 2022, Item #3
\0
0 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2021 - December 31, 2021
;::; I Amortized Cost Basis Activity Summary ....

Opening balance
Income received
Total receipts
Total dlsbunements
lnterportfolio transfers
Total lnterportfollo transfen
Realized gain (loss)
Change in accruals from security movement
Total amortization expense
Total 01D/MKT acaetlon Income
Return of capital
Closing balance
Ending fair value
Unrealized gain (loss)
171,812 .74

0.00 Comparative Rates of Return {%}
Fed Funds
Overnight Repo
Merrill Lynch 3m US Treas Bill
Merrill Lynch 6m US Treas Bill
ML 1 Yea.r US Treasury Note
ML 2 Year US Treasury Note
ML 5 Year US Treasury Note
* rates reflected are cumulative
*Twelve
month trailing

0.08 0.04

0.03 0.04

0.10 0.27

0.86 * Six
month trailing

0.04 0.02
· 0.02

0.02 O.Q7

0.19 0.50
66,241,461 .33
171,812 .74

0.00 0.00

0.00 0.00
(49,177.62)
1,279.09

0.00 66,365,375 .54
66,899,661 .18
534,285.64
* One month

0.01 0.00

0.00 0.01

0.03 0.06

0.10 Detail of Amortized Cost Basis Return
Interest Accretion Realized
earned (amortization) gain {loss)
Cash and Cash Equivalents 1,532.74 0.00 0.00
Corporate Bonds 55,223.20 (25,339.40) 0.00
Government Agencies 54,255.61 (15,754.98) 0.00
Government Bonds 21,468 .05 (6,804.15) 0.00
Total 132,479.60 (47,898.53) 0.00
Summary of Amortized Cost Basis Return for the Period
Interest earned
Accretion (amortization)
Realized gain (loss) on sales
Total income on portfolio
Average daily amortized cost
Period return (%)
YTD return(%)
Weighted average final maturity in days

CITY OF POWAY
Total
income
1,532.74
29,883.80
38,500.63
14,663.90
84,581.07
Total portfolio
132,479.60
(47,898.53)

0.00 84,581.07
66,318,893.49

0.13 1.76
608
4 February 1, 2022, Item #3
...a.
0 ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2021 - December 31, 2021
~ I Fair Value Basis Activity Summary
-.J Opening balance 66,892,030.40
Income received
Total receipts
Total disbursements
lnterportfolio transfers
Total lnterportfollo transfers
Unrealized gain (loss) on security movements
Change in accruals from security movement
Return of capital
Change in fair value for the period
Ending fair value
171,812 .74

0.00 CQmJJarative Rates Qf Return {%}
*Twelve * Six
month trailing month trailing
Fed Funds 0.08 0.04
Overnight Repo 0.04 0.02
ICE Bofa 3 Months UST-BILL 0.05 0.02
ICE Bofa 6m US Treas Bill 0.09 0.03
ICE Bofa 1 Yr US Treasury Note (0.07) (0.16)
ICE BofA US Treasury 1-3 (0.55) (0.47)
ICE Bof A US Treasury 1-5 (1 .10) (0.69)
* rates reflected are cumulative
171,812.74

0.00 0.00

0.00 0.00

0.00 (164,181 .96)
66,899,661 .18
* One month

0.01 0.00

0.01 0.01
(0.11)
(0.25)
(0.28)
Detail Qf Fair Value Basis Return
Interest Change in
earned fair value
Cash and Cash Equivalents 1,532.74 0.00
Corporate Bonds 55,223.20 (42,310.80)
Government Agencies 54,255 .61 (67,414.12)
Government Bonds 21,468 .05 (54,457.04)
Total 132,479.60 (164,181 .96)
Summary of Fair Value Basis Return for the PeriQd
Interest earned
Change in fair value
Total income on portfolio
Average daily total value*
Period return (%)
YTD return (%)
Weighted average final maturity in days
* Total value equals market value and accrued interest

CITY OF POWAY
Total
income
1,532.74
12,912.40
(13,158.51)
(32,988.99)
(31,702.36)
Total portfolio
132,479 .60
(164,181 .96)
(31,702.36)
67,250,111 .53
(0.05)
(0.39)
608
5 February 1, 2022, Item #3

RECAP OF SECURITIES HELD
As of December 31 , 2021
..a.
..a.
0 Historical ....

N cost -.J
Cash and Cash Equivalents 213,217 .87
Corporate Bonds 21,319,597.00
Government Agencies 29,849,434.86
Government Bonds 15,820, 182.07
Amortized Fair value Unrealized Weighted
cost gain (loss) average
final
maturity (days)
213,217.87 213,217.87 0.00 1
20,881,598 .93 21,100 ,020.46 218,421.53 698
29,480,780.41 29,733,395.53 252,615.12 488
15,789,778.33 15,853,027.32 63,248.99 720
Portfolio diversification (%)
■ Cash and Cash Equivalents
■ Corpo rate Bonds
■ GovernmentAgencies
■ Government Bonds
Total
Percent
of
portfolio

0.32 31.72

44.42 23.54

0.32 31 .72

44.42 23.54
100.00

CITY OF POWAY
Weighted
average
effective
duration (years)

0.00 1.59

1.28 1.94
6 February 1, 2022, Item #3
...a.

N
0 ....

N .....

MATURITY DISTRIBUTION OF SECURITIES HELD
As of December 31, 2021
Maturity
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years

35.00 30.00
E .s 25.00
+-' VI

20.00 0 u
~ 15.00 u ·;::
0 10.00 +-' VI
5:

Historic cost Percent
4,748,491.87 7.07
2,943,346.30 4.38
5,042 ,674.10 7.50
32,708,434 .12 48.67
19,709,981.43 29.33
2,049,503.98 3.05

0.00 0.00

0.00 0.00
67,202,431.80 100.00
Maturity distribution
~ # ~ # ~ ~ ~ ~ ~ ~ 0 ~ ~ ~ ~ ~ ~ ~ ,o o'1, o'"':J b-- (:, ~(:, ~ ~ ~ ~ ~ ~ ~ ~ v~ ~<;:) ~"lf o
q,<:::>
"

CITY OF POWAY
7 February 1, 2022, Item #3

SECURITIES HELD

CITY OF POWA Y
As of December 31, 2021
..a.
w
acusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % N Call date shares gain accrued Port .....
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 213,217.87 213,217.87 213,217 .87 213,217.87 0.00 0.00 0.32 - - -- -Total cash and Cash Equivalents 213,217.87 213,217.87 213,217.87 213,217.87 0.00 0.00 0.32 Corporate Bonds
89233P7F7 TOYOTA MOTOR CREDIT CORP 2.625% 1 0JAN2023 2.625 01/10/2023 2,000,000 .00 2,001,380 .00 2,000 ,388.29 2,040 ,712 .60 40,324.31 24,937 .50 2.98 084670BR8 BERKSHIRE HATHAWAY INC 2.75% 15MAR2023 2.750 03/15/2023 1,000,000.00 1,021,370 .00 1,006,375 .30 1,021,102.23 14,726.93 8,097.22 1.52 {CALLABLE 15JAN23) 01/15/2023
931142DH3 WALMART INC 2.55% 11 APR2023 {CALLABLE 11 JAN23) 2.550 04/11/2023 1,000,000.00 1,015,270.00 1,004,521 .28 1,022,025.19 17,503.91 5,666.67 1.51 01/11/2023
037833AK6 APPLE INC 2.4% 03MA Y2023 2.400 05/03/2023 1,000,000 .00 1,007,920 .00 1,002,823 .14 1,023,929.54 21 I 106.40 3,866 .67 1.50 166764BK5 CHEVRON CORP 2.566% 16MAY2023 {CALLABLE 2.566 05/16/2023 1,500,000.00 1,552,215 .00 1,520,714.96 1,532,629.07 11,914 .11 4,811 .25 2.31 16MAR23) 03/16/2023
69353RFL7 PNC BANK NA 3.5% 08JUN2023 {CALLABLE 09MAY23) 3.500 06/08/2023 1,900,000.00 1 I 995,436.00 1,934,658.59 1,971,454 .02 36,795.43 4,248.61 2.97 05/09/2023
17325FAS7 CITIBANK NA 3.65% 23JAN2024 {CALLABLE 23DEC23) 3.650 01/23/2024 1,400,000.00 1,484,224.00 1,442,141 .55 1,472,854 .05 30,712.50 22,427 .22 2.21 12/23/2023
91159HHV5 US BANCORP 3.375% 05FEB2024 {CALLABLE 05JAN24) 3.375 02/05/2024 1 I 900,000.00 1 I 999,636 .00 1,946,937 .04 1,992,007 .35 45,070.31 26,006.25 2.98 01/05/2024
17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 3.625 03/04/2024 1,000,000 .00 1,070,370 .00 1,036,878.40 1,061 ,060 .14 24,181.74 11,781 .25 1.59 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 {CALLABLE 3.550 03/05/2024 2,350,000.00 2,488 ,495.00 2,427,682 .35 2,420,020 .01 {7,662.34) 26,881.39 3.70 05MAR23) 03/05/2023
8 February 1, 2022, Item #3

SECURITIES HELD

CITY OF POWA Y
As of December 31, 2021 ....
.i::.
acusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % N Call date shares gain accrued Port -...I
(loss) interest cost
Corporate Bonds
459200JY8 IBM CORP 3% 15MAY2024 3.000 05/15/2024 2,300,000.00 2,463,231.00 2,423,288.43 2,403,034.09 (20,254.34) 8,816.67 3.67 02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27 JUN2024 2.400 06/27/2024 1,000,000.00 1,012,410.00 1,006,800 .10 1,030,214.47 23,414.37 133.33 1.51 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 4.023 12/05/2024 2,000,000.00 2,207,640.00 2,128,389 .50 2,108,977.70 (19,411.80) 5,811.00 3.29 05DEC23) 12/05/2023
-· - --- . --
Total Corporate Bonds 20,350,000.00 21,319,597.00 20,881,598.93 21,100,020.46 218,421.53 153,485.03 31.72 Government Agencies
3135G0U92 FANNIE MAE 2.625% 11JAN2022 2.625 01/11/2022 1,500,000.00 1,513,185.00 1,500,162 .78 1,500,861.59 698.81 18,593.75 2.25 3137EADB2 FREDDIE MAC 2.375% 13JAN2022 2.375 01/13/2022 1,000,000 .00 1,018,089.00 1,000,285.73 1,000,648.95 363 .22 11,083.33 1.51 313378CR0 FEDERAL HOME LOAN BANK 2.25% 11 MAR2022 2.250 03/11/2022 2,000,000.00 2,004,000.00 2,000,281.47 2,008,110.86 7,829.39 13,750.00 2.98 3135G0V59 FANNIE MAE 2.25% 12APR2022 2.250 04/12/2022 2,900,000.00 2,943,346.30 2,905,478.71 2,916,941 .60 11,462.89 14,318.75 4.38 3133EA5E4 FEDERAL FARM CREDIT BANK 1.93% 18OCT2022 1.930 10/18/2022 2,000,000.00 2,015,820.00 2,004,556.16 2,025,959.30 21,403.14 7,827.22 3.00 31331K3A6 FEDERAL FARM CREDIT BANK 2.71% 13DEC2022 2.710 12/13/2022 1,000,000.00 1,028,921.06 1,007,980.63 1,024,228.96 16,248 .33 1,355.00 1.53 31331KAF7 FEDERAL FARM CREDIT BANK 4.09% 18JAN2023 4.090 01/18/2023 1,850,000.00 2,008,452.50 1,899,013.95 1,924,899.04 25,885.09 34,259.43 2.99 3133EKKT2 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 2.250 02/08/2023 1,000,000.00 1,017,480.00 1,005,314 .77 1,022,298.82 16,984.05 8,937.50 1.51 9 February 1, 2022, Item #3

SECURITIES HELD

CITY OF POWAY
As of December 31, 2021
..a,
U'I
acusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % N Call date shares gain accrued Port ....,
(loss) interest cost
Government Agencies
3133EJFK0 FEDERAL FARM CREDIT BANK 2.65% 08MAR2023 2.650 03/08/2023 1,000,000 .00 1,032 ,790 .00 1,011 ,522 .27 1,028 ,378.48 16,856 .21 8,318 .06 1.54 3137EAEN5 FREDDIE MAC 2. 75% 19JUN2023 2.750 06/19/2023 2,000 ,000 .00 2,067,740.00 2,025,396 .50 2,062 ,924.68 37,528.18 1,833.33 3.08 3135G0U43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,000 ,000.00 1,039,050 .00 1,015 ,911.19 1,036,977.87 21 ,066.68 8,704.86 1.55 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 17OCT2023 1.860 10/17/2023 2,000,000 .00 1,997,646 .00 1,999,003.90 2,050 ,471 .16 51 ,467 .26 7,646 .67 2.97 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 3.000 12/06/2023 1,000,000 .00 1,071,740.00 1,051,709 .18 1,048,127 .83 (3,581.35) 2,083.33 1.59 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 2.250 12/08/2023 1,000,000.00 1,014,600.00 1,006 ,490.96 1,029,237 .27 22,746.31 1,437 .50 1.51 3135G0V34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 1,750 ,000.00 1,820,547 .50 1,796,78 1.13 1,812 ,265 .53 15,484.40 17,743 .06 2.71 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 0.250 02/26/2024 1,250 ,000 .00 1,246,747 .50 1,247 ,398.00 1,237,190 .98 (10,207.02) 1,085 .07 1.86 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 0.300 03/28/2024 2,000 ,000 .00 1,998,500 .00 1,999,036 .57 1,977,588.56 (21,448 .01) 1,550 .00 2.97 (CALLABLE 12JAN22)
3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000 ,000 .00 2,007,920 .00 2,004 ,141 .36 2,044, 218 .66 40,077 .30 17,402 .78 2.99 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 0FEB2025 0.500 02/10/2025 1,000 ,000 .00 1,002,860 .00 1,000 ,315 .15 982 ,065 .39 (18,249 .76) 1,958.33 1.49 (CALLABLE 1 0FEB22) 02/10/2022
-Total Government Agencies 29,250,000.00 29,849,434.86 29,480,780.41 29,733,395.53 252,615.12 179,887.97 44.42 10 February 1, 2022, Item #3

SECURITIES HELD

CITY OF POWAY
As of December 31, 2021 ....
°' g.cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % N Call date shares gain accrued Port
"' (loss) interest cost
Government Bonds
912828XW5 USA TREASURY 1.75% 30JUN2022 1 . 7 50 06/30/2022 1,000,000 .00 998,515 .63 999,758 .61 1,007 ,578 .12 7,819.51 0.00 1.49 912828L57 USA TREASURY 1.75% 30SEP2022 1.750 09/30/2022 1,000 ,000.00 999,417.41 999 ,866 .01 1,010,664 .06 10,798 .05 4,423 .08 1.49 9128282D1 USA TREASURY 1.375% 31 AUG2023 1 .375 08/31/2023 2,000,000 .00 1,967,109.38 1,986,703 .79 2,023 ,828.12 37,124.33 9,267.96 2.93 912828T91 USA TREASURY 1.625% 31 OCT2023 1.625 10/31/2023 1,600 ,000 .00 1,640,630.36 1,636,339.19 1,627,062.50 (9,276 .69) 4,381 .22 2.44 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 1,900,000.00 1,925,679.69 1,911 ,253 .98 1,951,210 .93 39,956 .95 3,438 .53 2.87 9128285P1 USA TREASURY 2.875% 30NOV2023 2.875 11/30/2023 1,100,000.00 1,151,566.19 1, 149,308.85 1,145,160 .16 (4,148.69) 2,693.34 1.71 91282CBEO USA TREASURY 0.125% 15JAN2024 0.125 01/15/2024 1,900,000 .00 1,890 ,283.71 1,891 ,299 .72 1,876,324 .21 (14,975 .51) 1,090 .69 2.81 912828X70 USA TREASURY 2% 30APR2024 2.000 04/30/2024 2,000 ,000.00 2,036,015 .63 2,018,276 .27 2,054,609 .38 36,333 .11 6,740 .33 3.03 912828YH7 USA TREASURY 1.5% 30SEP2024 1 .500 09/30/2024 1,000 ,000 .00 1,032,304 .69 1,028,301.84 1,016,015 .62 (12,286.22) 3,791 .21 1.54 912828YM6 USA TREASURY 1 .5% 31 OCT2024 1.500 10/31/2024 1,100,000 .00 1,132,015.40 1, 129,375 .83 1,117,488 .28 (11 ,887 .55) 2,780 .39 1.68 912828YY0 USA TREASURY 1. 75% 31DEC2024 1.750 12/31/2024 1,000,000 .00 1,046,643 .98 1,039, 294.24 1,023 ,085 .94 (16,208 .30) 0.00 1.56 Total Government Bonds 15,600,000.00 15,820,182.07 15,789,778.33 15,853,027.32 63,248.99 38,606.75 23.54 11 February 1, 2022, Item #3
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of December 31, 2021
..a.
.....
~Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective N date rating rating shares cost hist cost value mkt value dur (yrs) .....

United States Treasury Note/Bond
912828XW5 USA TREASURY 1. 75% 1.750 06/30/2022 AA+ Aaa 1,000,000.00 998,515.63 1.49 1,007,578.12 1.51 0.50 912828L57 USA TREASURY 1.75% 1.750 09/30/2022 AA+ Aaa 1,000,000.00 999,417.41 1.49 1,010,664.06 1.51 0.74 9128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 2,000,000.00 1,967,109.38 2.93 2,023,828.12 3.03 1.64 912828T91 USA TREASURY 1.625% 1.625 10/31/2023 AA+ Aaa 1,600,000.00 1,640,630.36 2.44 1,627,062.50 2.43 1.81 912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 1,900,000.00 1,925,679.69 2.87 1,951,210.93 2.92 1.88 9128285P1 USA TREASURY 2.875% 2.875 11/30/2023 AA+ Aaa 1,100,000.00 1,151,566.19 1.71 1,145,160.16 1.71 1.87 91282CBEO USA TREASURY 0.125% 0.125 01/15/2024 AA+ Aaa 1,900,000.00 1,890,283.71 2.81 1,876,324.21 2.80 2.03 912828X70 USA TREASURY 2% 2.000 04/30/2024 AA+ Aaa 2,000,000.00 2,036,015.63 3.03 2,054,609.38 3.07 2.28 912828YH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.54 1,016,015.62 1.52 2.69 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.68 1,117,488.28 1.67 2.77 912828YYO USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000.00 1,046,643.98 1.56 1,023,085.94 1.53 2.93 Issuer total 15,600,000.00 15,820,182.07 23.54 15,853,027.32 23.70 1.94 Federal Farm Credit Banks Funding Corp
3133EA5E4 FEDERAL FARM CREDIT 1.930 10/18/2022 AA+ Aaa 2,000,000.00 2,015,820.00 3.00 2,025,959.30 3.03 0.79 31331K3A6 FEDERAL FARM CREDIT 2.710 12/13/2022 AA+ Aaa 1,000,000.00 1,028,921.06 1.53 1,024,228.96 1.53 0.94 31331KAF7 FEDERAL FARM CREDIT 4.090 01/18/2023 AA+ Aaa 1,850,000.00 2,008,452.50 2.99 1,924,899.04 2.88 1.02 3133EKKT2 FEDERAL FARM CREDIT 2.250 02/08/2023 AA+ Aaa 1,000,000.00 1,017,480.00 1.51 1,022,298.82 1.53 1.09 3133EJFKO FEDERAL FARM CREDIT 2.650 03/08/2023 AA+ Aaa 1,000,000.00 1,032,790.00 1.54 1,028,378.48 1.54 1.16 3133EKVB9 FEDERAL FARM CREDIT 1.860 10/17/2023 AA+ Aaa 2,000,000.00 1,997,646.00 2.97 2,050,471.16 3.06 1.77 3133EJ2B4 FEDERAL FARM CREDIT 3.000 12/06/2023 AA+ Aaa 1,000,000.00 1,071,740.00 1.59 1,048,127.83 1.57 1.89 3133EMRZ7 FEDERAL FARM CREDIT 0.250 02/26/2024 AA+ Aaa 1,250,000 .00 1,246,747.50 1.86 1,237,190.98 1.85 2.14 3133EMBE1 FEDERAL FARM CREDIT 0.300 03/28/2024 AA+ Aaa 2,000,000 .00 1,998,500 .00 2.97 1,977,588.56 2.96 1.97 Issuer total 13,100,000.00 13,418,097.06 19.97 13,339,143.13 19.94 1.42 12 February 1, 2022, Item #3
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of December 31, 2021
-00
acusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective N date rating rating shares cost hist cost value mkt value dur (yrs) ......

Federa l National Mortgage Association
3135G0U92 FANNIE MAE 2.625% 2.625 01/11/2022 AA+ Aaa 1,500,000.00 1,513,185 .00 2.25 1,500,861.59 2.24 0.03 3135G0V59 FANNIE MAE 2.25% 2.250 04/12/2022 AA+ Aaa 2,900 ,000.00 2,943,346.30 4.38 2,916,941.60 4.36 0.28 3135G0U43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000 .00 1,039,050.00 1.55 1,036,977.87 1.55 1.66 3135G0V34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 1,750,000 .00 1,820,547.50 2.71 1,812,265.53 2.7 1 2.03 3135G0V75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000 ,000 .00 2,007,920.00 2.99 2,044 ,218.66 3.06 2.43 Issuer total 9,150,000.00 9,324,048.80 13.87 9,311,265.25 13.92 1.20 Federal Home Loan Banks
313378CR0 FEDERAL HOME LOAN 2.250 03/11/2022 AA+ Aaa 2,000,000.00 2,004,000.00 2.98 2,008,110 .86 3.00 0.19 3130A3VCS FEDERAL HOME LOAN 2.250 12/08/2023 AA+ Aaa 1,000,000.00 1,014,600 .00 1.51 1,029,237.27 1.54 1.90 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 02/10/2022 AA+ Aaa 1,000,000.00 1,002,860.00 1.49 982,065.39 1.47 2.58 Issuer total 4,000,000.00 4,021,460.00 5.98 4,019,413.52 6.01 1.22 Federal Home Loan Mortgage Corp
3137EADB2 FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,000,000.00 1,018,089 .00 1.51 1,000,648.95 1.50 0.04 3137EAEN5 FREDDIE MAC 2.75% 2.750 06/19/2023 AA+ Aaa 2,000,000.00 2,067,740.00 3.08 2,062,924.68 3.08 1.44 Issuer total 3,000,000.00 3,085,829.00 4.59 3,063,573.63 4.58 0.98 Bank of America Corp
06051 GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 2,350,000 .00 2,488,495.00 3.70 2,420,020 .01 3.62 1.14 Issuer total 2,350,000.00 2,488,495.00 3.70 2,420,020.01 3.62 1.14 International Business Machines Corp
459200JY8 IBM CORP 3% 3.000 05/15/2024 A- A3 2,300,000.00 2,463,231 .00 3.67 2,403,034 .09 3.59 2.29 Issuer total 2,300,000.00 2,463,231.00 3.67 2,403 ,034.09 3.59 2.29 13 February 1, 2022, Item #3
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWA Y
As of December 31, 2021
-ID
~Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective N date rating rating shares cost hist cost value mktvalue dur (yrs) -.J JPMorgan Chase & Co
46647PAY2 JPMORGAN CHASE & CO 4.023 12/05/2024 12/05/2023 A- A2 2,000,000 .00 2,207,640.00 3.29 2,108,977.70 3.15 1.86 Issuer total 2,000,000.00 2,207,640.00 3.29 2,108,977.70 3.15 1.86 Toyota Motor Credit Corp
89233P7F7 TOY OT A MOTOR CREDIT 2.625 01/10/2023 A+ A1 2,000,000.00 2,001 ,380.00 2.98 2,040,712.60 3.05 1.00 Issuer total 2,000,000.00 2,001,380 .00 2.98 2,040,712.60 3.05 1.00 US Bancorp
91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,900,000 .00 1,999,636.00 2.98 1,992,007.35 2.98 1.94 Issuer total 1,900,000.00 1,999,636.00 2.98 1,992,007.35 2.98 1.94 PNC Bank NA
69353RFL7 PNC BANK NA 3.5% 3.500 06/08/2023 05/09/2023 A A2 1,900,000 .00 1,995,436.00 2.97 1,971,454 .02 2.95 1.33 Issuer total 1,900,000.00 1,995,436.00 2.97 1 , 971 ,454.02 2.95 1.33 Chevron Corp
166764BK5 CHEVRON CORP 2.566% 2.566 05/16/2023 03/16/2023 AA- Aa2 1,500,000 .00 1,552,215.00 2.31 1,532,629.07 2.29 1.21 Issuer total 1,500,000.00 1,552 ,215.00 2.31 1,532,629.07 2.29 1.21 Citibank NA
17325FA57 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 1,400,000.00 1,484,224.00 2.21 1,472,854.05 2.20 1.90 Issuer total 1,400,000.00 1,484,224.00 2.21 1 ,472,854.05 2.20 1.90 Cisco Systems Inc/Delaware
17275RAN2 CISCO SYSTEMS INC 3.625 03/04/2024 AA- A1 1,000,000.00 1,070,370.00 1.59 1,061,060 .14 1.59 2.08 Issuer total 1,000,000.00 1,070,370.00 1.59 1,061,060.14 1.59 2.08 14 February 1, 2022, Item #3
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of December 31, 2021
N
0 g_cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective N date rating rating shares -.J cost hist cost value mkt value dur (yrs) American Honda Finance Corp
02665WCZ2 AMERICAN HONDA 2.400 06/27/2024 A- A3 1,000,000.00 1,012,410.00 1.51 1,030,214.47 1.54 2.42 Issuer total 1,000,000.00 1,012,410.00 1.51 1,030,214.47 1.54 2.42 Apple Inc
037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 1,000,000.00 1,007,920.00 1.50 1,023,929.54 1.53 1.32 Issuer total 1,000,000.00 1,007,920.00 1.50 1,023,929.54 1.53 1.32 Walmart Inc
931142DH3 WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 1,000,000.00 1,015,270 .00 1.51 1,022,025 .19 1.53 1.03 Issuer total 1,000,000.00 1,015,270.00 1.51 1,022,025.19 1.53 1.03 Berkshire Hathaway Inc
084670BR8 BERKSHIRE HATHAWAY 2.750 03/15/2023 01/15/2023 AA Aa2 1,000,000.00 1,021,370.00 1.52 1,021,102.23 1.53 1.03 Issuer total 1,000,000.00 1,021,370.00 1.52 1,021 , 102.23 1.53 1.03 Cash and Cash Equivalents
INVESTED CASH 0.000 213,217.87 213,217.87 0.00 213,217 .87 0.32 0.00 Issuer total 213,217.87 213,217.87 0.00 213,217.87 0.32 0.00 15 February 1, 2022, Item #3

DETAIL OF RETURN AND INTEREST RECEIVED

CITY OF POWAY
For the period December 1, 2021 - December 31, 2021
N
~
~Cusip Description Accretion Realized gain Change in fair Interest earned Interest received N (amortization) (loss) value -.J
--
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 1,532 .74 1,532 .74 --
Total cash 0.00 0.00 0.00 1,532.74 1,532.74
Corporate Bonds
02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 (227.43) 0.00 (1,666 .24) 1,933 .33 12,000.00 037833AK6 APPLE INC 2.4% 03MAY2023 (175.35) 0.00 (121 .22) 2,066.67 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (5,483.46) 0.00 (7,072.66) 7,183.82 0.00 084670BR8 BERKSHIRE HATHAWAY INC 2.75% 15MAR2023 (CALLABLE 15JAN23) (510.02) 0.00 (3,112 .65) 2,368 .05 0.00 166764BK5 CHEVRON CORP 2.566% 16MAY2023 (CALLABLE 16MAR23) (1,425 .34) 0.00 (2,820 .81) 3,314.42 0.00 17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 (1,411.16) 0.00 (1,102.74) 3,121.53 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,773 .14) 0.00 (4,896.48) 4,400.28 0.00 459200JY8 IBM CORP 3% 15MA Y2024 (4,325.91) 0.00 (3,540.34) 5,941 .67 0.00 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 05DEC23) (5,541.99) 0.00 (4,271.28) 6,928 .50 40,230.00 69353RFL7 PNC BANK NA 3.5% 08JUN2023 (CALLABLE 09MAY23) (2,126.29) 0.00 (6,503.2 8) 5,726.39 33,250.00 89233P7F7 TOYOTA MOTOR CREDIT CORP 2.625% 10JAN2023 (31.48) 0.00 (3,770 .14) 4,520.83 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (1,942.22) 0.00 (3,677.26) 5,521.87 0.00 931142DH3 WALMART INC 2.55% 11 APR2023 (CALLABLE 11 JAN23) (365.61) 0.00 244.30 2,195.84 0.00 --Total Corporate Bonds (25,339.40) 0.00 (42,310.80) 55,223.20 85,480.00 Government Agencies
3135G0V75 FANNIE MAE 1.75% 02JUL2024 (137.74) 0.00 (6,105.74) 3,013 .89 0.00 3135G0V59 FANNIE MAE 2.25% 12APR2022 (1,611.39) 0.00 (5,839.64) 5,618.75 0.00 16 February 1, 2022, Item #3

DETAIL OF RETURN AND INTEREST RECEIVED

CITY OF POWAY
For the period December 1, 2021 - December 31, 2021
N
N
~Cusip Description Accretion Realized gain Change in fair Interest earned Interest received N (amortization) (loss) value -.J
Government Agencies
3135GOV34 FANNIE MAE 2.5% 05FEB2024 (1,858.85) 0.00 (9,486.45) 3,767.37 0.00 3135GOU92 FANNIE MAE 2.625% 11JAN2022 (393.38) 0.00 (3,502.17) 3,390.62 0.00 3135GOU43 FANNIE MAE 2.875% 12SEP2023 (779.96) 0.00 (4,717.16) 2,475.69 0.00 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 100.59 0.00 (3,042.76) 269.10 0.00 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 (CALLABLE 12JAN22) 35.78 0.00 (3,772.14) 516.67 0.00 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 170CT2023 46.19 0.00 1,582.04 3,203.34 0.00 3133EA5E4 FEDERAL FARM CREDIT BANK 1. 93% 180CT2022 (474.60) 0.00 (3,620.00) 3,323.89 0.00 3133EKKT2 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 (400.62) 0.00 (952.85) 1,937.50 0.00 3133EJFKO FEDERAL FARM CREDIT BANK 2.65% 08MAR2023 (807.63) 0.00 (1,167.67) 2,281.95 0.00 31331K3A6 FEDERAL FARM CREDIT BANK 2.71% 13DEC2022 (698.01) 0.00 (1,169.14) 2,333.61 13,550.00 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 (2,151.46) 0.00 (37.57) 2,583.33 15,000.00 31331KAF7 FEDERAL FARM CREDIT BANK 4.09% 18JAN2023 (3,889.99) 0.00 (5,126.97) 6,515.60 0.00 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 OFEB22) (236.37) 0.00 (1 ,773.16) 430.55 0.00 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 (278.98) 0.00 (4,159.76) 1,937.50 11,250.00 313378CRO FEDERAL HOME LOAN BANK 2.25% 11 MAR2022 (118.93) 0.00 (3,796.18) 3,875.00 0.00 3137EADB2 FREDDIE MAC 2.375% 13JAN2022 (659.38) 0.00 (2,025.66) 2,045.14 0.00 3137EAEN5 FREDDIE MAC 2.75% 19JUN2023 (1,440.25) 0.00 (8,701.14) 4,736.11 27,500.00 Total Government Agencies (15,754.98) 0.00 (67,414.12) 54,255.61 67,300.00 Government Bonds
91282CBEO USA TREASURY 0.125% 15JAN2024 362.03 0.00 (4,230.47) 200.06 0.00 17 February 1, 2022, Item #3

DETAIL OF RETURN AND INTEREST RECEIVED

CITY OF POWAY
For the period December 1, 2021 - December 31, 2021
N
w
g_cusip Description Accretion Realized gain Change in fair Interest earned Interest received N (amortization) (loss) value
"'
Government Bonds
9128282D1 USA TREASURY 1.375% 31 AUG2023 677.93 0.00 (7,109.38) 2,354.98 0.00 912828YH7 USA TREASURY 1 .5% 30SEP2024 (873.86) 0.00 (3,515.63) 1,277.47 0.00 912828YM6 USA TREASURY 1.5% 31 OCT2024 (879.86) 0.00 (3,910.15) 1,412.99 0.00 912828T91 USA TREASURY 1.625% 31 OCT2023 (1,683.87) 0.00 (6,125.00) 2,226.52 0.00 912828XW5 USA TREASURY 1.75% 30JUN2022 41.35 0.00 (1,757.82) 1,474.18 8,750.00 912828L57 USA TREASURY 1.75% 30SEP2022 15.22 0.00 (2,070.32) 1,490.39 0.00 912828YY0 USA TREASURY 1.75% 31 DEC2024 (1,111.42) 0.00 (4,101.56) 1,474.18 8,750.00 912828X70 USA TREASURY 2% 30APR2024 (665.76) 0.00 (8,281.24) 3,425.41 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (499.11) 0.00 (7,941.41) 3,438.53 0.00 9128285P1 USA TREASURY 2.875% 30NOV2023 (2,186.80) 0.00 (5,414.06) 2,693.34 0.00 Total Government Bonds (6,804.15) 0.00 (54,457.04) 21,468.05 17,500.00 18 February 1, 2022, Item #3

TRANSACTION REPORT

CITY OF POWAY
For the period December 1, 2021 - December 31, 2021
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~
2_ Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total NSettle date shares gain(loss) .....
12/05/2021 46647PAY2 Income Corporate Bonds JPMORGAN CHASE & CO 12/05/2024 2,000,000.00 0.00 0.00 40,230.00 40,230 .00 12/05/2021
12/06/2021 3133EJ2B4 Income Government Agenc ies FEDERAL FARM CREDIT BANK 12/06/2023 1,000,000.00 0.00 0.00 15,000.00 15,000.00 12/06/2021
12/08/2021 3130A3VC5 Income Government Agenc ies FEDERAL HOME LOAN BANK 12/08/2023 1,000,000 .00 0.00 0.00 11,250.00 11,250.00 12/08/2021
12/08/2021 69353RFL7 Income Corporate Bonds PNC BANK NA 3.5% 08JUN2023 06/08/2023 1 , 900,000.00 0.00 0.00 33,250.00 33,250.00 12/08/2021
12/13/2021 31331 K3A6 Income Government Agencies
FEDERAL FARM CREDIT BANK 12/13/2022 1,000,000.00 0.00 0.00 13,550.00 13,550.00 12/13/2021
12/19/2021 3137EAEN5 Income Government Agencies FREDDIE MAC 2.75% 06/19/2023 2,000,000.00 0.00 0.00 27,500 .00 27,500.00 12/19/2021
12/29/2021 02665WCZ2 Income Corporate Bonds AMERICAN HONDA FINANCE 06/27/2024 1,000,000.00 0.00 0.00 12,000 .00 12,000.00 12/29/2021
12/31/2021 912828XW5 Income Government Bonds USA TREASURY 1.75% 06/30/2022 1,000,000.00 0.00 0.00 8,750.00 8,750.00 12/31/2021
12/31/2021 912828YY0 Income Government Bonds USA TREASURY 1.75% 12/31/2024 1,000,000.00 0.00 0.00 8,750.00 8,750.00 12/31/2021
12/31/2021 Income Cash and
Cash Equivalents Cash 0.00 0.00 0.00 1,532.74 1,532.74
19 February 1, 2022, Item #3

ADDITIONAL INFORMATION

CITY OF POWAY
As of December 31, 2021
N
U1Past performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not get o back the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates . Investment returns fluctuate due to changes ~in market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is for -.Jyour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness . This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not be duplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clients Investment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as Insight, Insight Group or Insight Investment. !NA is an investment adviser registered with the Securities and Exchange Commission (SEC). under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.

You may request , without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which is available without charge upon request.

Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. !NA charges management fees on all portfolios managed and these fees will reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with !NA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.

At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end of the five year period would be $38,022,447 . Actual fees for new accounts are dependent on size and subject to negotiation. lNA's investment advisory fees are discussed in Part 2A of its Form ADV.

Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight's own at the date of this document (or as otherwise specified) and may change. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security . Insight makes no implied or expressed recommendations concerning the manner in which an account should or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy will remain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed .

Please compare the information provided in this statement to the information provided in the statement received from your Custodian.

For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.

In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. When Moody's, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower of Moody's and S&P ratings.

Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices . There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs . The volatility of the indices may be materially different from that of the strategy. In addition, the strategy's holdings may differ substantially from the securities that comprise the indices shown .

The ICE BofA 3 Month UST-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

The ICE BofA 6 Month UST-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.

The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note . The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctioned on or before the third business day before the last business day of the month.

The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly . In order to qualify for inclusion, a 3-year note must be auctioned on or before the third business day before the last business day of the month.

The ICE BofA 5-Year us Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctioned on or before the third business day before the last business day of the month.

The ICE BofA 1-3 us Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.

The ICE Bot A 1-5 us Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. 20 February 1, 2022, Item #3
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CJ\

ADDITIONAL INFORMATION
As of December 31, 2021

CITY OF POWAY
~Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.

N -.Jlnsight is a group of wholly owned subsidiaries ofThe Bank of New York Mellon Corporation . BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures ofThe Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity) and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection therewith. © 2021 Insight Investment. All rights reserved.
21 February 1, 2022, Item #3
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City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash December 2021
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Investments & Cash with Fiscal AS!ents
Settlement
INVESTMENT DESCRIPTION Date
1st Am Gov't Obligations Money Mkt Fd 12/31/21
Average/Total
Paying Agent or Uninvested Cash & DITs
Total Investments and Cash with Fiscal Agent
Non-Managed Investments

INVESTMENT DESCRIPTION
County Pool
Settlement
Date
Yield to I Days to
Maturity Maturity

0.01%) 11
I . . I
r= ~I II
F = -1 L
I -~
Yield to I Days to
Maturity

0.63%1
% of Total I
Face
Investment Value
100.00%1 $1,251,675.00
~ I~
=~11_ -
I
$1,251,675.00
Part II
Book
Value
$1,251,675.00
$1,251,675.00
$0.00
$1,251,675.00
% of Total Face I: Book
Investment Value I Value
100.00%) $52,968.65 1 $52,968.65 1
Market
Value
Unrealized
Gain(Loss
$1,251,67~QQ J $0.00
_____ 1 ____ _
s1,251,675.oo I so.oo
Market Unrealized
Value Gain(Loss) I
$52,874.00 I C ($94.65) 1
~ . I __ I" 1.·- I ___ 1, I
Average/Total
General Cash (Union Bank)
Payroll Cash (Union Bank)
Emergency Cash (Union Bank)
Grant Cash (Union Bank)
Flexible Benefits Cash (Union Bank)
Petty Cash
Total Cash
n- 0.63%1 N/A
Part Ill
· $52,968.65 J = $52,968.65 1
Book
Value
~-- $52,874.oo I ~-~~ ($94.65) 1
($368,008.00) 1 (1) -----------$20,000.00 ] - - -- - - - - ~ - . - -- $ 1 O,QQQ._QQJ
so.oo I
s20,ooo.oo I
ss,550.00 1
($309,458.00) 1
(1) Adjusted book balance is used for reporting purposes, the actual bank balance was a positive amount.