AGENDA REPORT CityofPoway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
August 16, 2022
Honorable Mayor and Members of the City Council
Aaron Bea nan, Director of Finance Jb
Aaron Bea nan, Director of Finance
(858) 668-4411 or [email protected]
City's Investment Report as of June 30, 2022
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 June 30, 2022.
Recommended Action:
It is recommended 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 June 30, 2022, was $137,390,168. It consisted of the following:
Investment Portfolio Total
Cash $125,352
Deposits at CalTRUST 22,775,559
Deposits at the Local Agency Investment Fund (LAIF) 39,558,165 U. S. Treasury Notes 28,941,906
U.S. Instrumentalities 25,495,080
Corporate Notes 20,494,106
Fair Value of Investment Portfolio as of March 31, 2022 $137,390,168 1 of 30
August 16, 2022, Item #4
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 June 30, 2022, is estimated at 0.86% for LAIF, 1.02% for the CalTRUST short-term fund, and 1.14% 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 $76,554,301; the fair value is $75,056,444 for an unrealized loss of $1,497,857 or -1.96% 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 June 30, 2022, was $627,109. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $113,312 at June 30, 2022. The City's cash on hand at June 30, 2022 totaled $2,432,652.
TheJune 30, 2022 balance of the City's Library Trust Fund was $258,882. Through the Fiscal Year 2021- 22 period ending June 30, 2022, 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 $113,057 interest during June 2022, as well as $120,187 interest during May 2022, and $115,774 during April 2022. Fees for investment services during this period totaled $9,211.
Public Notification:
None.
[Remainder of page intentionally left blank]
2 of30
August 16, 2022, Item #4
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 June 30, 2022
Reviewed/Approved By:
Assistant City Manager
3 of 30
Reviewed By:
Alan Fenstermacher
City Attorney
August 16, 2022, Item #4
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
June 2021 11,456,558 11,805,007 34,973,287 58,234
,852 0.27%
1 1
11,712,717 35,038
,689
21,515,934 68,267,340 11,465,215 34,472,188 21,011,252 66,948,655 1,318,685 129,421
1.64% 1.74 1.90
126,502,192
1.01% 0.94 1.03
March 2022 11,392,456 11,460,595 34,226,662 57,079,713
0.42%
1 1
20,425
26,110,692 28,616,701 20,532,744 75,280,562
20,425
26,519,685 28,909,902 20,805,581 76,255,593
(975,031) 132,583
1.30% 1.30 1.40
132,360,275
0.92% 0.74
0.80 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
.
June 2022 11,378,567 11,396,992 39,558,165 62,333,724
0.94%
1 1
125,352
28,941,906 25,495,080 20,494,106 75,056,444
125
,352
29,515,931 25,976,196 20,936,821 76,554,301 (1,497,857) 113,057
1.39% 1.25 1.35
137,390,168
1.19% 0.68 0.74
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
.
4 of30
ATTACHMENT
A
August 16, 2022, Item #4
City
of
Poway
Monthly
Investment
Portfolio
Report
June
30,
2022
Separately
Managed
Investment
Pools
%
Return
LAIF
$
39,558,165
63%
0.86%
CalTrust
-Short
$
11,378,567
18%
1.02%
CalTrust
-Medium
$
11,396,992
18%
1.14%
Total
Internally
Managed
$
62,333,724
45%
Weighted
Average
Yield
0.94% Days
Effective
Average
Duration
-Internal
1 Weighted
Average
Maturity
-Internal
1 Externally
Managed
Assets
%
Return
Cash
$
125
,352
0%
0.01%
Treasury
Securities
$
28,941,906
39%
1.19%
Instrumentality
Securities
$
25,495,080
34%
1.34%
Corporate
Notes
$
20,494,106
27%
1.76%
Total
Externally
Managed
$
75,056,444
55%
Weighted
Average
Yield
1.39% Years
Effective
Average
Duration
-External
1.25 Weighted
Average
Final
Maturity
-External
1.35 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
4th
Quarter
Beginning
Balance
4th
Quarter
Ending
Balance
Assets
values
shown
at
Market
5 of30
39,558,165
29%
0.86%
11,378,567
8%
1.02%
11,396,992
8%
1.14%
125,352
0%
0.00%
28,941,906
21%
1.19%
25,495
,080
19%
1.34%
20,494,106
15%
1.76%
137,390,168
1.19% Years 0.68 0.74
$ $
CalTrust
-
Medium,
18%
Ca
IT rust
-Short,
18%
Corporate
Notes~
21%
Securities
26% 132,360,275 137,390,168
ATTACHMENT
B
IF,
63%
Cash,
0%
Treasury
Securities,
39%
Instrumentality Securities,
34%
Ca
IT rust
-Short
CalTrust
-
12%
Cash 0%
Securities
29%
August 16, 2022, Item #4
ATTACHMENT
C
August 16, 2022, Item #4
.....
Contents 0 ....
w
0 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 13
Securities purchased 17
Securities sold and matured 18
Detail of return and interest received 19
Transaction report 22
Additional information 23
August 16, 2022, Item #4
00 0 ...
w
0 FIXED INCOME MARKET REVIEW
As of June 30, 2022
Chart 1: Federal Reserve once again forecasts a steeper hiking cycle
4.5 4
3.5 3
2.5 ?,'<
2 -
1.5 1
--
0.5 --
- ----
......_ ______ _
Fed Dots June
2022
..6. Fed Dots March
2022
__ - - - - ■ Fed Dots
-- .. -■---- ___ ~December2021
... ------ ----... --- ♦-------
-------_ - - - Fed Dots
September 2021 0 '------------------------
2022
Source : Bloomberg, June 30, 2022
2023
Year-end
Chart 2: Treasury yields largely edge down from their highs
3.5%
3.0%
2.5%
u
~ /
>- 2.0lo
>-
::,
}g 1.5%
(!)
,::
1.0l~
0.5%
---- ------------
2024
----------------
--0.0% ~ =------~---~-- - ~----,-- --,--- ---,
3M 6M lY 2Y 3Y SY 7Y lOY
--Jun-22 ----- May-22 - - - Dec-21
Source : Bloomberg , June 30, 2022
CITY OF POWAY
Economic Indicators and Monetary Policy
CPI rebounded to another 40-year record at 8.6% year-on-year . Core CPI, however, came in at 6% year-on-year, below the 6.5% high from two months ago. "Non-core" (food and energy) items drove the surprise, although both "sticky" and "flexible" categories accelerated. On the flexible" side, used car prices rebounded 1.8% (16% year-on-year) and travel and fuel costs also surged 13% (38% year-on-year). On the " sticky" side, health services rose a strong 0.4%, driven by insurance . Shelter rose
0.6%, the fastest since 1990.
Following the CPI report, the Federal Reserve guided markets to expect a 75bp hike instead of a 50bp hike at its June 15 meeting, which it duly delivered . It was the largest US policy rate move since 1994, taking rates to 1.5-1.75%. The new quarterly "dot plot" was revised sharply higher, with the median projection approaching 4% for end- 2023, from less than 3% at the previous meeting (Chart 1).
Job growth remained robust. Payrolls showed 390,000 jobs added. The unemployment rate remained unchanged at 3.6%, and average hourly earnings rose a somewhat more modest 0.3% than the recent trend, indicating labor market conditions did not materially tighten during the month .
Elsewhere, the ISM manufacturing index remained well in expansionary territory, printing at 56.1, up from 55.4, a bit stronger than consensus expectations at 54.5. The new orders index increased to 55.1 from 53.5. The ISM services index weakened by more than anticipated, however, from 57.1 to 55.9.
Interest Rate Summary
Yields edged up again in response to inflation and rate hike concerns (Chart 2). At the end of June, the 3-month US Treasury bill yielded 1.71 %, the 6-month us Treasury bill yielded 2.52%, the 2-year US Treasury note yielded 2.96%, the 5-year US Treasury note yielded 3.04% and the 10-year US Treasury note yielded 3.02%. 3 August 16, 2022, Item #4
ACTIVITY AND PERFORMANCE SUMMARY
ID
0 For the period June 1, 2022 - June 30, 2022
: Amortized Cost Basis Activity Summary
0 Opening balance
Income received
Total receipts
Total disbursements
lnterportfolio transfers
Total lnterportfollo transfers
Realized gain (loss)
Change in accruals from security movement
Total amortization expense
Total 01D/MKT accretion Income
Return of capital
Closing balance
Ending fair value
Unrealized gain (loss)
170,504.90
0.00 Comparative Rates of Return 1%1
Fed Funds
Overnight Repo
Merrill Lynch 3m US Treas Bill
Merrill Lynch 6m US Treas Bill
ML 1 Year US Treasury Note
ML 2 Year US Treasury Note
ML 5 Year US Treasury Note
* rates reflected are cumulative
* Twelve
month trailing
0.26 0.22
0.34 0.51
0.85 1.22
1.68 * Six
month trailing
0.22 0.20
0.32 0.49
0.78 1.03
1.18 76,411,494.18
170,504.90
0.00 0.00
0.00 0.00
(44,927.28)
17,229.68
0.00 76,554,301.48
75,056,444.42
(1,497,857.06)
* One month
0.10 0.09
0.12 0.16
0.22 0.24
0.26 Detail of Amortized Cost Basis Return
Interest Accretion Realized
earned (amortization) gain (loss)
Cash and Cash Equivalents 135.23 0.00 0.00
Corporate Bonds 50,937.84 (21,569.42) 0.00
Government Agencies 39,205.57 (11,069.94) 0.00
Government Bonds 22,778.63 4,941.76 0.00
Total 113,057 .27 (27,697.60) 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
135.23
29,368.42
28,135.63
27,720.39
85,359.67
Total portfolio
113,057.27
(27,697.60)
0.00 85,359.67
76,497,893.22
0.11 0.66
493
4 August 16, 2022, Item #4
ACTIVITY AND PERFORMANCE SUMMARY
For the period June 1, 2022 - June 30, 2022 .....
0 0 -.. Fair Value Basis Activity Summary
w o Opening balance 75,356,451.32
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
170,504.90
0.00 /
Comparative Rates of Return (%1
Fed Funds
Overnight Repo
ICE Bofa 3 Months UST-BILL
ICE Bofa 6m US Treas Bill
ICE Bofa 1 Yr US Treasury Note
ICE BofA US Treasury 1-3
ICE BofA US Treasury 1-5
* rates reflected are cumulative
* Twelve
month trailing
0.26 0.22
0.17 0.02
(1.44)
(3.30)
(4.61)
* Six
month trailing
0.22 0.20
0.14 (0.02)
(1.27)
(2.84)
(3.95)
170,504.90
0.00 0.00
0.00 0.00
0.00 (470,511.80)
75,056,444.42
* One month
0.10 0.09
0.02 (0.07)
(0.51)
(0.58)
(0.58)
Detail of Falr Value Basis Return
Interest Change in
earned fair value
Cash and Cash Equivalents 135.23 0.00
Corporate Bonds 50,937.84 (169,357.46)
Government Agencies 39,205.57 (154,226.70)
Government Bonds 22,778.63 (146,927.64)
Total 113,057.27 (470,511.80)
Summary of Fair Value Basis Return for the Period
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
135.23
(118,419.62)
(115,021.13)
(124,149.01)
(357,454.53)
Total portfolio
113,057.27
(470,511.80)
(357,454.53)
75,362,113.71
(0.47)
(2.14)
493
5 August 16, 2022, Item #4
RECAP OF SECURITIES HELD
As of June 30, 2022 ... ...
0 Historical ....
w cost 0
Cash and Cash Equivalents 125,352.48
Corporate Bonds 21,482,818.00
Government Agencies 26,342,914.56
Government Bonds 29,548,621.71
..
\
Amortized Fair value Unrealized Weighted
cost gain (loss) average
final
maturity (days)
125,352.48 125,352.48 0.00
20,936,821.48 20,494,105.98 (442,715.50) 573
25,976,196.11 25,495,080.48 (481,115.63) 424
29,515,931.41 28,941,905.48 (574,025.93) 499
Portfolio diversification {%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ GovernmentAgencies
■ Government Bonds
Total
Percent
of
portfolio
0.16 27.72
33.99 38.13
0.16 27.72
33.99 38.13
100.00
CITY OF POWAY
Weighted
average
effective
duration (years)
0.00 1.28
1.13 1.33
6 August 16, 2022, Item #4
....
N
0 ....
w
0 MATURITY DISTRIBUTION OF SECURITIES HELD
As of June 30, 2022
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
....
~ u
~ ·c::
0 .... "' :i:
o'l>~
o.,lcl '\o.,
b& " ,o v~ o.,lcl
Maturity distribution
o'l>~ ~ rt>~ ~<-:,
, ..... ~fl) .:,,'ll .:,,'ll
,o o'\, ":,
'l,,o <-:, ,"" 011,
q,lcl
"
CITY OF POWAY
Historic cost Percent
4,116,147.13 5.31
8,023, 142.85 10.35
17,139,938.50 22.12
34,091,705.07 43.99
12,849,523.20 16.58
1,279,250.00 1.65
0.00 0.00
0.00 0.00
77,499,706 .75 100.00
~<-:, ~<-:, ~<-:,
.:,,'ll .:,,'ll .:,,'ll
I>< ~ /..~ ,o 1><'0 ":, s.rz;
0 7
August 16, 2022, Item #4
SECURITIES HELD
CITY OF POWAY
As of June 30, 2022 .... w
g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port 0
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 125,352.48 125,352.48 125,352.48 125,352.48 0.00 0.00 0.16 Total Cash and Cash Equivalents 125,352.48 125,352.48 125,352.48 125,352.48 0.00 0.00 0.16 Corporate Bonds
89233P7F7 TOYOTA MOTOR CREDIT CORP 2.625% 10JAN2023 2.625 01/10/2023 2,000,000.00 2,001,380.00 2,000,199.39 1,994,009.72 (6,189.67) 24,791.67 2.58 084670BR8 BERKSHIRE HATHAWAY INC 2.75% 15MAR2023 2.750 03/15/2023 1,000,000.00 1,021,370.00 1,003,315 .16 999,886.21 (3,428.95) 8,020.83 1.32 (CALLABLE 15JAN23) 01/15/2023
931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) 2.550 04/11/2023 1,000,000 .00 1,015,270.00 1,002,327 .67 999,969.64 (2,358.03) 5,595.83 1.31 01/11/2023
037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 1,000,000 .00 1,007,920 .00 1,001,771 .04 994,216.05 (7,554.99) 3,800 .00 1.30 69353RFL7 PNC BANK NA 3.5% 08JUN2023 (CALLABLE 09MAY23) 3.500 06/08/2023 1,900,000.00 1,995,436.00 1,921,900.82 1,899,892.12 (22,008 .70) 4,063.89 2.57 05/09/2023
17325FA57 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 3.650 01/23/2024 1,400,000.00 1,484,224.00 1,431,502 .73 1,404,052.68 (27,450.05) 22,285.28 1.92 12/23/2023
91159HHVS US BANCORP 3.375% OSFEB2024 (CALLABLE OSJAN24) 3.375 02/05/2024 1,900,000 .00 1,999,636.00 1,935,283 .70 1,895,674.52 (39,609.18) 25,828 .13 2.58 01/05/2024
17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 3.625 03/04/2024 1,000,000 .00 1,070,370.00 1,028,411.42 1,005,663.00 (22,748.42) 11,680.56 1.38 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 3.550 03/05/2024 2,350,000.00 2,488,495.00 2,394,781.59 2,342,451.68 (52,329 .91) 26,649.65 3.21 05MAR23) 03/05/2023
459200JY8 IBM CORP 3% 15MA Y2024 3.000 05/15/2024 2,300,000.00 2,463,231.00 2,397,332 .97 2,281,578.56 (115,754.41) 8,625.00 3.18 8 August 16, 2022, Item #4
SECURITIES HELD
CITY OF POWAY
As of June 30, 2022 ...
.i::.
g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port 0
(loss) interest cost
Corporate Bonds
02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27 JUN2024 2.400 06/27/2024 1,000,000.00 1,012,410.00 1,005,435.53 976,797.19 {28,638.34) 200.00 1.31 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 4.023 12/05/2024 2,000,000.00 2,207,640.00 2,095,137.54 1,993,143.36 (101,994.18) 5,587.50 2.85 05DEC23) 12/05/2023
166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 1 .554 05/11/2025 1,800,000.00 1,715,436.00 1,719,421.92 1,706,771.25 {12,650.67) 3,807.30 2.21 11APR25) 04/11/2025
Total Corporate Bonds 20,650,000.00 21,482,818.00 20,936,821.48 20,494,105.98 (442,715.50) 150,935.64 27.72 Government Agencies
3133EA5E4 FEDERAL FARM CREDIT BANK 1.93% 180CT2022 1.930 10/18/2022 2,000,000.00 2,015,820.00 2,001,708.56 2,000,314.48 (1,394.08) 7,720.00 2.60 31331K3A6 FEDERAL FARM CREDIT BANK 2.71 % 13DEC2022 2.710 12/13/2022 1,000,000.00 1,028,921.06 1,003,792.54 1,000,210.34 (3,582.20) 1,279.72 1.33 31331KAF7 FEDERAL FARM CREDIT BANK 4.09% 18JAN2023 4.090 01/18/2023 1,850,000.00 2,008,452.50 1,875,673.97 1,867,340.83 (8,333.14) 34,049.25 2.59 3133EKKT2 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 2.250 02/08/2023 1,000,000.00 1,017,480.00 1,002,911.11 998,610.13 (4,300.98) 8,875.00 1.31 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 2,000,000.00 2,003,400.00 2,002,276.70 1,983,523.56 (18,753.14) 10,159.72 2.59 3133EJFKO FEDERAL FARM CREDIT BANK 2.65% 08MAR2023 2.650 03/08/2023 1,000,000.00 1,032,790.00 1,006,676.45 1,001,212.31 {5,464.14) 8,244.44 1.33 3133EMF31 FEDERAL FARM CREDIT BANK 0.125% 02JUN2023 0.125 06/02/2023 2,000,000.00 1,968,700.00 1,976,595.50 1,949,648.20 (26,947.30) 194.44 2.54 3137EAEN5 FREDDIE MAC 2.75% 19JUN2023 2.750 06/19/2023 2,000,000.00 2,067,740.00 2,016,754.97 1,995,292.76 {21,462.21) 1,680.56 2.67 9 August 16, 2022, Item #4
SECURITIES HELD
CITY OF POWAY
As of June 30, 2022 ... u,
g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port 0 (loss) interest cost Government Agencies
3135GOU43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,000,000.00 1,039,050.00 1,011,231.42 999,909.12 (11,322.30) 8,625.00 1.34 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 170CT2023 1.860 10/17/2023 2,000,000.00 1,997,646.00 1,999,281.02 1,973,853.16 (25,427.86) 7,543.33 2.58 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 3.000 12/06/2023 1,000,000.00 1,071,740.00 1,038,281.12 1,001,589.59 (36,691.53) 2,000.00 1.38 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 2.250 12/08/2023 1,000,000.00 1,014,600.00 1,004,817.07 988,277.21 (16,539.86) 1,375.00 1.31 3135GOV34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 1,750,000.00 1,820,547.50 1,785,628.01 1,737,584.99 (48,043.02) 17,621.53 2.35 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 0.250 02/26/2024 1,250,000.00 1,246,747.50 1,248,001.56 1,197,853.53 (50,148.03) 1,076.39 1.61 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 0.300 03/28/2024 2,000,000.00 1,998,500.00 1,999,251.19 1,909,708.20 (89,542.99) 1,533.33 2.58 (CALLABLE 12JUL22)
3135GOV75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000,000.00 2,007,920.00 2,003,314.92 1,954,811.52 (48,503.40) 17,305.56 2.59 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 0.500 02/10/2025 1,000,000.00 1,002,860.00 1,000,000.00 935,340.55 (64,659.45) 1,944.44 1.29 (CALLABLE 1 OAUG22) 08/10/2022
Total Government Agencies 25,850,000.00 26,342,914.56 25,976,196.11 25,495,080.48 (481,115.63) 131,227.71 33.99 Government Bonds
91282CAC5 USA TREASURY 0.125% 31JUL2022 0.125 07/31/2022 2,000,000.00 1,996,178.57 1,999,177.33 1,998,346.42 (830.91) 1,035.91 2.58 91282CAG6 USA TREASURY 0.125% 31 AUG2022 0.125 08/31/2022 2,000,000.00 1,994,616.08 1,998,092.55 1,995,223.08 (2,869.47) 828.80 2.57 10 August 16, 2022, Item #4
SECURITIES HELD
CITY OF POWAY
As of June 30, 2022 ....
°' g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port C
(loss) interest cost
Government Bonds
912828L57 USA TREASURY 1.75% 30SEP2022 1.750 09/3012022 1,000,000.00 999,417.41 999,954.85 999,841 .72 (113.13) 4,351.09 1.29 91282CAR2 USA TREASURY 0.125% 31 OCT2022 0.125 10/31/2022 2,000,000.00 1,990,859.38 1,995,236.03 1,986,822.40 (8,413.63) 414.40 2.57 91282CAX9 USA TREASURY 0.125% 30NOV2022 0.125 11/30/2022 2,000,000.00 1,988,125.00 1,993,169.64 1,981,640.62 (11,529.02) 204.92 2.57 91282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 1,300,000.00 1,287,461 .39 1,291,227.40 1,261,000 .00 (30,227.40) 673.34 1.66 9128282D1 USA TREASURY 1.375% 31 AUG2023 1.375 08131/2023 2,000,000.00 1,967,109.38 1,990,662.04 1,963,046.88 (27,615.16) 9,116.85 2.54 91282CDA6 USA TREASURY 0.25% 30SEP2023 0.250 09/30/2023 1,500,000.00 1,485,761.72 1,489,638.70 1,450,546.88 (39,091.82) 932.38 1.92 912828T91 USA TREASURY 1.625% 31 OCT2023 1.625 10/31/2023 1,600,000.00 1,640,630.36 1,626,507.51 1,572,312.50 (54,195.01 I 4,309.78 2.12 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 1,900,000.00 1,925,679.69 1,908,339.86 1,878,179.68 (30,160.18) 3,309.43 2.48 9128285P1 USA TREASURY 2.875% 30NOV2023 2.875 11/3012023 1,100,000.00 1,151,566.19 1,136,540.75 1,098,582.03 (37,958.72) 2,592.21 1.49 91282CBEO USA TREASURY 0.125% 15JAN2024 0.125 01/15/2024 1,900,000.00 1,890,283.71 1,893,413.48 1,818,730 .46 (74,683.02) 1,089.09 2.44 912828X70 USA TREASURY 2% 30APR2024 2.000 04/30/2024 2,000,000.00 2,036,015.63 2,014,389.07 1,965,078.12 (49,310.95) 6,630.44 2.63 912828YH7 USA TREASURY 1.5% 30SEP2024 1.500 09/30/2024 1,000,000 .00 1,032,304. 69 1,023,199 .62 967,343.75 (55,855.87) 3,729 .51 1.33 11 August 16, 2022, Item #4
SECURITIES HELD
CITY OF POWAY
As of June 30, 2022 ..... .....
g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port 0
(loss) interest cost
Government Bonds
912828YM6 USA TREASURY 1.5% 310CT2024 1.500 10/31/2024 1,100,000 .00 1,132,015.40 1,124,238.61 1,062,746.09 (61,492 .52) 2,735.05 1.46 912828YY0 USA TREASURY 1.75%31DEC2024 1.750 12/31/2024 1,000,000.00 1,046,643 .98 1,032,804.95 969,140.62 (63,664.33) 0.00 1.35 912828ZL7 USA TREASURY 0.375% 30APR2025 0.375 04/30/2025 2,900,000 .00 2,704,703.13 2,719,363.48 2,691 ,449.23 (27,914.25) 1,802.65 3.49 91282CAJ0 USA TREASURY 0.25% 31 AUG2025 0.250 08/31/2025 1,400,000 .00 1,279,250.00 1,279,975.54 1,281,875.00 1,899.46 1,160.33 1.65 Total Government Bonds 29,700,000.00 29,548,621.71 29,515,931.41 28,941,905.48 (574,025 .93) 44,916.18 38.13 12 August 16, 2022, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of June 30, 2022 ...
00 g,cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares cost hist cost value mktvalue dur (yrs) 0 United States Treasury Note/Bond
91282CACS USA TREASURY 0.125% 0.125 07/31/2022 AA+ Aaa 2,000,000.00 1,996,178.57 2.58 1,998,346.42 2.66 0.09 91282CAG6 USA TREASURY 0.125% 0.125 08/31/2022 AA+ Aaa 2,000,000.00 1,994,616.08 2.57 1,995,223.08 2.66 0.17 912828L57 USA TREASURY 1.75% 1.750 09/30/2022 AA+ Aaa 1,000,000.00 999,417.41 1.29 999,841.72 1.33 0.25 91282CAR2 USA TREASURY 0.125% 0.125 10/31/2022 AA+ Aaa 2,000,000.00 1,990,859.38 2.57 1,986,822.40 2.65 0.33 91282CAX9 USA TREASURY 0.125% 0.125 11/30/2022 AA+ Aaa 2,000,000.00 1,988,125.00 2.57 1,981,640.62 2.64 0.42 91282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,300,000.00 1 ,287,461.39 1.66 1,261,000.00 1.68 1.07 9128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 2,000,000.00 1,967,109.38 2.54 1,963,046.88 2.62 1.14 91282CDA6 USA TREASURY 0.25% 0.250 09/30/2023 AA+ Aaa 1,500,000.00 1,485,761.72 1.92 1,450,546.88 1.93 1.23 912828T91 USA TREASURY 1.625% 1.625 10/31/2023 AA+ Aaa 1,600,000.00 1,640,630.36 2.12 1,572,312.50 2.09 1.30 912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 1,900,000.00 1,925,679.69 2.48 1,878,179.68 2.50 1.38 9128285P1 USA TREASURY 2.875% 2.875 11/30/2023 AA+ Aaa 1,100,000.00 1, 151,566.19 1.49 1,098,582.03 1.46 1.38 91282CBEO USA TREASURY 0.125% 0.125 01/15/2024 AA+ Aaa 1,900,000.00 1,890,283.71 2.44 1,818,730.46 2.42 1.52 912828X70 USA TREASURY 2% 2.000 04/30/2024 AA+ Aaa 2,000,000.00 2,036,015.63 2.63 1,965,078.12 2.62 1.78 912828YH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.33 967,343.75 1.29 2.18 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.46 1,062,746.09 1.42 2.26 912828YYO USA TREASURY 1 .75% 1.750 12/31/2024 AA+ Aaa 1,000,000.00 1,046,643.98 1.35 969,140.62 1.29 2.42 912828ZL7 USA TREASURY 0.375% 0.375 04/30/2025 AA+ Aaa 2,900,000.00 2,704,703.13 3.49 2,691,449.23 3.59 2.78 91282CAJO USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,400,000.00 1,279,250.00 1.65 1,281,875.00 1.71 3.11 Issuer total 29,700,000.00 29,548,621.71 38.13 28,941,905.48 38.56 1.33 Federal Farm Credit Banks Funding Corp
3133EASE4 FEDERAL FARM CREDIT 1.930 10/18/2022 AA+ Aaa 2,000,000.00 2,015,820.00 2.60 2,000,314.48 2.67 0.30 31331K3A6 FEDERAL FARM CREDIT 2.710 12/13/2022 AA+ Aaa 1,000,000.00 1,028,921.06 1.33 1,000,210.34 1.33 0.45 31331 KAF7 FEDERAL FARM CREDIT 4.090 01/18/2023 AA+ Aaa 1,850,000.00 2,008,452.50 2.59 1,867,340.83 2.49 0.54 3133EKKT2 FEDERAL FARM CREDIT 2.250 02/08/2023 AA+ Aaa 1,000,000.00 1,017,480.00 1.31 998,610.13 1.33 0.60 - --------- ------- - - -···------ -·-· -- -- --- -· -
13 August 16, 2022, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of June 30, 2022 ....
IJ)
g,cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares cost hist cost value mktvalue dur (yrs) 0 Federal Farm Credit Banks Funding Corp
3133EJFKO FEDERAL FARM CREDIT 2.650 03/08/2023 AA+ Aaa 1,000,000.00 1,032,790.00 1.33 1,001,212.31 1.33 0.67 3133EMF31 FEDERAL FARM CREDIT 0.125 06/02/2023 AA+ Aaa 2,000,000.00 1,968,700.00 2.54 1,949,648.20 2.60 0.91 3133EKVB9 FEDERAL FARM CREDIT 1.860 10/17/2023 AA+ Aaa 2,000,000.00 1,997,646.00 2.58 1,973,853.16 2.63 1.27 3133EJ2B4 FEDERAL FARM CREDIT 3.000 12/06/2023 AA+ Aaa 1,000,000.00 1,071,740.00 1.38 1,001,589.59 1.33 1.39 3133EMRZ7 FEDERAL FARM CREDIT 0.250 02/26/2024 AA+ Aaa 1,250,000.00 1,246,747.50 1.61 1,197,853.53 1.60 1.63 3133EMBE1 FEDERAL FARM CREDIT 0.300 03/28/2024 AA+ Aaa 2,000,000.00 1,998,500.00 2.58 1,909,708.20 2.54 1.68 Issuer total 15,100,000.00 15,386,797.06 19.85 14,900,340.77 19.85 0.95 Federal National Mortgage Association
3135GOU43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,039,050.00 1.34 999,909.12 1.33 1.16 3135GOV34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 1,750,000.00 1,820,547.50 2.35 1,737,584.99 2.32 1.54 3135GOV75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000,000.00 2,007,920.00 2.59 1,954,811.52 2.60 1.93 Issuer total 4,750,000 .00 4,867,517.50 6.28 4,692,305.63 6.25 1.62 Federal Home Loan Banks
3130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 2,000,000.00 2,003,400.00 2.59 1,983,523.56 2.64 0.62 3130A3VC5 FEDERAL HOME LOAN 2.250 12/08/2023 AA+ Aaa 1,000,000.00 1,014,600.00 1.31 988,277.21 1.32 1.40 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 08/10/2022 AA+ Aaa 1,000,000.00 1,002,860.00 1.29 935,340.55 1.25 2.48 Issuer total 4,000,000.00 4,020,860.00 5.19 3,907,141.32 5.21 1.28 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 3.21 2,342,451.68 3.12 0.67 Issuer total 2,350,000.00 2,488,495.00 3.21 2,342,451.68 3.12 0.67 International Business Machines Corp
459200JY8 IBM CORP 3% 3.000 05/15/2024 A- A3 2,300,000.00 2,463,231.00 3.18 2,281,578.56 3.04 1.80 Issuer total 2,300,000.00 2,463,231.00 3.18 2,281,578.56 3.04 1.80 -·-- --- ---------
14 August 16, 2022, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of June 30, 2022
N
0 ~Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date 0 rating rating shares cost hist cost value mktvalue dur (yrs) Federal Home Loan Mortgage Corp
3137EAEN5 FREDDIE MAC 2.75% 2.750 06/19/2023 AA+ Aaa 2,000,000 .00 2,067,740.00 2.67 1,995,292.76 2.66 0.95 Issuer total 2,000,000.00 2,067 ,740.00 2.67 1,995,292.76 2.66 0.95 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 2.58 1,994,009.72 2.66 0.52 Issuer total 2,000,000.00 2,001,380.00 2.58 1,994,009.72 2.66 0.52 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 2.85 1,993,143.36 2.66 1.37 Issuer total 2,000,000.00 2,207,640.00 2.85 1 , 993,143.36 2.66 1.37 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 2.57 1,899,892.12 2.53 0.90 Issuer total 1,900,000.00 1,995,436.00 2.57 1,899,892.12 2.53 0.90 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 2.58 1,895,674.52 2.53 1.49 Issuer total 1,900,000 .00 1,999,636.00 2.58 1,895,674.52 2.53 1.49 Chevron Corp
166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA- Aa2 1,800,000 .00 1,715,436.00 2.21 1,706,771.25 2.27 2.74 Issuer total 1,800,000.00 1,715,436.00 2.21 1,706,771.25 2.27 2.74 Citibank NA
17325FAS7 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 1,400,000.00 1,484,224.00 1.92 1,404,052 .68 1.87 1.45 Issuer total 1,400,000.00 1,484,224.00 1.92 1,404,052.68 1.87 1.45 15 August 16, 2022, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of June 30, 2022
N ....
g,cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares cost hist cost value mkt value dur (yrs) 0 Cisco Systems Inc
'17275RAN2 CISCO SYSTEMS INC 3.625 03/04/2024 AA- A1 1,000,000 .00 1,070,370.00 1.38 1,005,663 .00 1.34 1.60 Issuer total 1,000,000.00 1,070,370.00 1.38 1,005,663.00 1.34 1.60 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 1.31 999,969.64 1.33 0.67 Issuer total 1,000,000.00 1,015,270.00 1.31 999,969.64 1.33 0.67 Berkshire Hathaway Inc
084670BR8 BERKSHIRE HATHAWAY 2.750 03/15/2023 01/15/2023 AA Aa2 1,000,000 .00 1,021,370.00 1.32 999,886.21 1.33 0.63 Issuer total 1,000,000.00 1 ,021 ,370.00 1.32 999,886.21 1.33 0.63 Apple Inc
037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 1,000,000 .00 1,007,920.00 1.30 994,216 .05 1.32 0.82 Issuer total 1,000,000 .00 1,007 ,920.00 1.30 994,216.05 1.32 0.82 American Honda Finance Corp
02665WCZ2 AMERICAN HONDA 2.400 06/27/2024 A- A3 1,000,000.00 1,012,410.00 1.31 976,797 .19 1.30 1.92 Issuer total 1,000 ,000 .00 1,012,410.00 1.31 976,797.19 1.30 1.92 Cash and Cash Equivalents
INVESTED CASH 0.000 125,352 .48 125,352.48 0.00 125,352.48 0.17 0.00 Issuer total 125,352.48 125,352.48 0.00 125,352.48 0.17 0.00 • . .
16 August 16, 2022, Item #4
N N
SECURITIES PURCHASED
For the period June 1, 2022 - June 30, 2022
g,cusip Description/ Broker Trade date
w Settle date 0
Government Bonds
91282CAJ0 USA TREASURY 0.25% 31 AUG2025
J.P. MORGAN SECURITIES LLC
Total Government Bonds
06/23/2022
06/30/2022
Coupon
0.250
Maturity/
Call date
08/31/2025
Par value or
shares
1,400,000.00
1,400,000.00
Unit cost
91 .38
Principal
cost
(1 ,279,250.00)
CITY OF POWAY
Accrued
interest
(1,160.33}
17 August 16, 2022, Item #4
SECURITIES SOLD AND MATURED
CITY OF POWAY
For the period June 1, 2022 - June 30, 2022
N
w
g,cusip Description I Broker Trade date Coupon Maturity/ Par value or Historical cost Amortized cost Price Fair value at Realized Accrued w Settle date Call date shares at sale or sale or gain interest 0 maturity maturity (loss) sold
Government Bonds
912828XW5 USA TREASURY 1.75% 30JUN2022 06/30/2022 1.750 (1 ,000,000.00) 998,515.63 1,000,000.00 0.00 1,000,000.00 0.00 0.00 06/30/2022
Total (Government Bonds) (1,000,000.00) 998,515.63 1 ,000,000.00 1,000,000.00 0.00 0.00 . . ..
18 August 16, 2022, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period June 1, 2022 - June 30, 2022
N
.i:,.
g,cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value 0
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 135.23 135.23
Total Cash 0.00 0.00 0.00 135.23 135.23
Corporate Bonds
02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 (227.43) 0.00 (9,476.91) 1,933.33 12,000.00 037833AK6 APPLE INC 2.4% 03MAY2023 (175.35) 0.00 (7,024.00) 1,933.33 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (5,483.46) 0.00 (16,838.46) 6,720.34 0.00 084670BR8 BERKSHIRE HATHAWAY INC 2.75% 1SMAR2023 (CALLABLE 15JAN23) (510.02) 0.00 (4,466.68) 2,215.27 0.00 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 11 APR25) 2,344.66 0.00 (18,696.40) 2,253.30 0.00 1727SRAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 (1,411.16) 0.00 (10,327.61) 2,920.14 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,773.14) 0.00 (13,798.15) 4,116.39 0.00 459200JY8 IBM CORP 3% 15MAY2024 (4,325.91) 0.00 (21,931.65) 5,558.33 0.00 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE OSDEC23) (5,542.00) 0.00 (27,135.36) 6,481.50 40,230.00 69353RFL7 PNC BANK NA 3.5% 08JUN2023 (CALLABLE 09MA Y23) (2,126.30) 0.00 (13,355.76) 5,356.95 33,250.00 89233P7F7 TOYOTA MOTOR CREDIT CORP 2.625% 1 OJAN2023 (31.48) 0.00 (8,166.36) 4,229.17 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE OSJAN24) (1,942.23) 0.00 (15,69803) 5,165.63 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (365.60) 0.00 (2,442.09) 2,054.16 0.00 Total Corporate Bonds (21,569.42) 0.00 (169,357.46) 50,937.84 85,480.00 Government Agencies
3135GOV75 FANNIE MAE 1.75% 02JUL2024 (137.74) 0.00 (13,610.64) 2,819.45 0.00 3135GOV34 FANNIE MAE 2.5% 05FEB2024 (1,858.86) 0.00 (10,988.90) 3,524.31 0.00 19 August 16, 2022, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period June 1, 2022 - June 30, 2022
"' u,
g_cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value 0
Government Agencies
3135GOU43 FANNIE MAE 2.875% 12SEP2023 (779.96) 0.00 (6,902.11) 2,315.97 0.00 3133EMF31 FEDERAL FARM CREDIT BANK 0.125% 02JUN2023 2,114.87 0.00 (10,084.06) 201.38 1,250.00 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 100.60 0.00 (6,050.72) 251.74 0.00 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 (CALLABLE 12JUL22) 35.77 0.00 (9,824.60) 483.33 0.00 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 170CT2023 46.19 0.00 (15,840.40) 2,996.66 0.00 3133EA5E4 FEDERAL FARM CREDIT BANK 1.93% 180CT2022 (474.60) 0.00 (3,748.04) 3,109.44 0.00 3133EKKT2 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 (400.61) 0.00 (5,108.27) 1,812.50 0.00 3133EJFKO FEDERAL FARM CREDIT BANK 2.65% 08MAR2023 (807.64) 0.00 (6,120.12) 2,134.72 0.00 31331K3A6 FEDERAL FARM CREDIT BANK 2.71% 13DEC2022 (698.02) 0.00 (3,833.40) 2,183.05 13,550.00 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 (2,299.83) 0.00 (9,127.87) 2,416.67 15,000.00 31331KAF7 FEDERAL FARM CREDIT BANK 4.09% 18JAN2023 (3,890.00) 0.00 (11,483.32) 6,095.24 0.00 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 OAUG22) 0.00 0.00 (6,745.96) 402.77 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 (300.88) 0.00 (9,064.98) 2,215.28 0.00 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 (278.98) 0.00 (8,017.27) 1,812.50 11,250.00 3137EAEN5 FREDDIE MAC 2.75% 19JUN2023 (1,440.25) 0.00 (17,676.04) 4,430.56 27,500.00 Total Government Agencies (11,069.94) 0.00 (154,226.70) 39,205.57 68,550.00 Government Bonds
91282CBEO USA TREASURY 0.12S% 15JAN2024 350.35 0.00 (13,285.17) 196.82 0.00 91282CAX9 USA TREASURY 0.125% 30NOV2022 1,339.28 0.00 (3,906.26) 204.92 0.00 91282CAG6 USA TREASURY 0.125% 31 AUG2022 922.95 0.00 245.34 203.80 0.00 20 August 16, 2022, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period June 1, 2022 - June 30, 2022
N
0\
g,cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value 0
Government Bonds
91282CACS USA TREASURY 0.125% 31 JUL2022 796.13 0.00 1,260.08 207.18 0.00 91282CCN9 USA TREASURY 0.125% 31JUL2023 664.59 0.00 {7,921.88) 134.67 0.00 91282CAR2 USA TREASURY 0.125% 310CT2022 1,161.94 0.00 {2,005.72) 203.80 0.00 91282CDA6 USA TREASURY 0.25% 30SEP2023 680.17 0.00 (10,429.69) 307.38 0.00 91282CAJO USA TREASURY 0.25% 31 AUG2025 725.54 0.00 2,625.00 0.00 0.00 912828ZL7 USA TREASURY 0.375% 30APR2025 5,235.84 0.00 (18,125 00) 886.55 0.00 9128282D1 USA TREASURY 1.375% 31 AUG2023 656.06 0.00 {15,468.74) 2,241 .85 0.00 912828YH7 USA TREASURY 1.5% 30SEP2024 (845.67) 0.00 {7,500.00) 1,229.51 0.00 912828YM6 USA TREASURY 1.5% 31 OCT2024 (851.47) 0.00 {7,992.19) 1,345.10 0.00 912828T91 USA TREASURY 1.625% 31 OCT2023 {1,629.56) 0.00 {12,375.00) 2,119.56 0.00 912828XW5 USA TREASURY 1.75% 30JUN2022 40.01 0.00 (679.19) 1,450.28 8,750.00 912828L57 USA TREASURY 1.75% 30SEP2022 14.73 0.00 {1,447 34) 1,434.42 0.00 912828YY0 USA TREASURY 1.75% 31 DEC2024 {1 ,075.57) 0.00 (7,69532) 1,450.28 8,750.00 912828X70 USA TREASURY 2% 30APR2024 (644.29) 0.00 {16,171.88) 3,260.87 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (483.01) 0.00 (15,957.03) 3,309.43 0.00 9128285P1 USA TREASURY 2.875% 30NOV2023 {2,116.26) 0.00 (10,097.65) 2,592.21 0.00 Total Government Bonds 4,941 .76 0.00 (146,927.64) 22,778 .63 17,500.00 Grand total ,. . (27,697.60) 0.00 {470,511.80) 113,057.27 171,665.23 . . . . _,,• ' , 21 August 16, 2022, Item #4
TRANSACTION REPORT
CITY OF POWAY
For the period June 1, 2022 - June 30, 2022
N
-.J
g, Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total wsettle date shares gain(loss) 0
06/02/2022 3133EMF31 Income Government Agencies FEDERAL FARM CREDIT BANK 06/02/2023 2,000,000.00 0.00 0.00 1,250.00 1,250.00 06/02/2022
06/05/2022 46647PAY2 Income Corporate Bonds JPMORGAN CHASE & CO 12/05/2024 2,000,000.00 0.00 0.00 40,230 .00 40,230 .00 06/05/2022
06/06/2022 3133EJ2B4 Income Government Agencies FEDERAL FARM CREDIT BANK 12/06/2023 1,000,000.00 0.00 0.00 15,000.00 15,000.00 06/06/2022
06/08/2022 3130A3VC5 Income Government Agencies FEDERAL HOME LOAN BANK 12/08/2023 1,000,000 .00 0.00 0.00 11,250.00 11,250.00 06/08/2022
06/08/2022 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 06/08/2022
06/13/2022 31331K3A6 Income Government Agencies FEDERAL FARM CREDIT BANK 12/13/2022 1,000,000 .00 0.00 0.00 13,550 .00 13,550.00 06/13/2022
06/19/2022 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 06/19/2022
06/23/2022 91282CAJO Bought Government Bonds USA TREASURY 0.25% 08/31/2025 1,400,000.00 0.00 (1,279,250.00) (1,160.33) (1,280,410.33) 06/30/2022
06/27/2022 02665WCZ2 Income Corporate Bonds AMERICAN HONDA FINANCE 06/27/2024 1,000,000.00 0.00 0.00 12,000.00 12,000.00 06/27/2022
06/30/2022 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 06/30/2022
06/30/2022 912828XW5 Capital Change Government Bonds USA TREASURY 1.75% 06/30/2022 (1,000,000.00) 0.00 1,000,000 .00 0.00 1,000,000.00 06/30/2022
06/30/2022 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 06/30/2022
06/30/2022 Income Cash and Cash Equivalents Cash 0.
00 0.00 0.00 135.23 135.23
22 August 16, 2022, Item #4
ADDITIONAL INFORMATION
CITY OF POWAY
As of June 30, 2022
N
co Past 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 oyour 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.
INA 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. INA 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 INA, 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. INA'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.5 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 BofA 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 . 23 August 16, 2022, Item #4
N
\0
ADDITIONAL INFORMATION
As of June 30, 2022
CITY OF POWAY
g,1nsight 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. w Olnsight is a group of wholly owned subsidiaries ofThe Bank of New York Mellon Corporation. BNY Mellon is the corporate brand ofThe 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. © 2022 Insight Investment. All rights reserved.
24 August 16, 2022, Item #4
City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash w June 2022
0 0 .... Part I w
0 Investments ft Cash with Fiscal Agents
Settlement Yield to Days to % of Total Face Book Market Unrealized INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) 1st Am Gov't Obligations Money Mkt Fd 06/30/22 ·1 0.01%1 1 I 100.00%1 $621, 109.oo 1 $621,109.00 1 so .oo 1
I I I I I I I I I I I I
Average /Total I 0.01%1 1 I 100.00%1 $627, 109.oo 1 $621, 109.oo 1 Paying Agent or Uninvested Cash & DITs so.oo 1
Total Investments and Cash with Fiscal Agent $627, 109.oo 1 ; Part II
)> Non-Managed Investments
n Settlement Yield to Days to % of Total Face Book Market Unrealized :c ~ INVESTMENT DESCRIPTION Date Maturity Maturity i Investment Value Value Value Gain(Loss) m 06/30/22 1 1.25%1 11 100.00%1 s11J,312.oo I s113,312.oo I s110,359.oo I ($2,953 .00)1 z County Pool -t
C I I I
Average/Total I 1.25%1 N/A I 100.00%1 s11J,312.oo I s113 ,312.oo 1 s110,359.oo I ($2,953 .00)1 Part Ill
General Pa roll ft Pett Cash
Book
Value
General Cash (Union Bank) $2,374,052 .00
Payroll Cash (Union Bank) $20,000 .00
Emergency Cash (Union Bank) $10,000.00
Grant Cash (Union Bank) $0.00
Flexible Benefits Cash (Union Bank) $20,000.00
Petty Cash $8,600.00
Total Cash $2,432,652 .00
August 16, 2022, Item #4