AGENDA RE PQ RT City of Poway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
November 15, 2022
Honorable Mayor and Members of the City Council
Aaron Beanan, Director of Finance ,Ac,
Aaron Bea nan, Director of Finance
(858) 668-4411 or abeanan@poway .org
City's Investment Report as of September 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. Attached is an investment portfolio report as of September 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., City 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 September 30, 2022, was $125,654,582. It consisted of the following :
Investment Portfolio Total
Cash $32,182
Deposits at CalTRUST 22,641,949
Deposits at the Local Agency Investment Fund (LAIF) 28,523,954 U. S. Treasury Notes 28,001,371
U.S. Instrumentalities 25,240,127
Corporate Notes 21,214,999
Fair Value of Investment Portfolio as of September 30, 2022 $125,654,582 1 of 30
November 15, 2022, Item #11
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 as well as operational expenses. Due to year-end deadlines, there was an influx of invoices to be paid with FY 2021-22 funding in addition to the FY 2022-23 invoices through end of September 2022.
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 September 30, 2022, is estimated at
1.51 % for LAIF, 2.25% for the CalTRUST short-term fund, and 1.83% 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 $76,821,895; the fair value is $74,488,679 for an unrealized loss of $2,333,216 or -3.04% 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 September 30, 2022, was $496,700. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $113,832 at September 30, 2022. The City's cash on hand at September 30, 2022 totaled $5,858,785.
The September 30, 2022, balance of the City's Library Trust Fund is $261,721. Through the Fiscal Year 2022-23 period ending September 30, 2022, $628 of interest earnings has been transferred to the General Fund. The City Transfers 90% of the Library Trust Fund's interest revenue to the General Fund on an annual basis to help offset library operating costs.
Environmental Review:
This action is not subject to review under the California Environmental Quality Act (CEQA).
Fiscal Impact:
The externally managed investment portfolio earned $115,610 interest during September 2022, as well as $1116,207 interest during August 2022, and $118,933 during July 2022. Fees for investment services during this period totaled $9,377.
2 of 30
November 15, 2022, Item #11
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 September 30, 2022
Reviewed/Approved By:
Assistant City Manager
3 of30
Reviewed By:
Alan Fenstermacher
City Attorney
~
City Manager
November 15, 2022, Item #11
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)
Unrealized Gain (Loss) Percentage
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
September June
2021 2022
11,461,249 11,378,567
11,814,225 11,396,992
22,195,881 39,558,165
45,471,355 62,333,724
0.22% 0.94%
1 1
1 1
81,833 125,352
12,826,608 28,941,906
32,891,155 25,495,080
21,359,508 20,494,106
67,159,104 75,056,444
81,833 125,352
12,622,861 29,515,931
32,427,513 25,976,196
20,957,617 20,936,821
66,089,824 76,554,301
1,069,280 (1,497,857)
1.62% -1.96%
125,208 113,057
1.55% 1.39%
1.61 1.25
1.78 1.35
112,630,459 137,390,168
1.01% 1.19%
0.96 0.68
1.06 0.74
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 .
September
2022
11,409,244
11,232,705
28,523,955
51,165,904
1.75%
1 1
32,182
28,001,371
25,240,127
21,214,999
74,488,679
32,182
28,984,175
25,943 ,209
21,862,328
76,821,895
(2,333,216)
-3.04%
115,610
1.58%
1.22 1.33
125,654,583
1.65%
0.72 0.79
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
November 15, 2022, Item #11
City of Poway
Monthly Investment Portfolio Report
September 30, 2022
Separately Managed Investment Pools % Return
LAIF $ 28,523,955 56% 1.51%
CalTrust - Short $ 11,409,244 22% 2.25%
CalTrust - Medium $ 11,232,705 22% 1.83%
Total Internally Managed $ 51,165,904 41%
Weighted Average Yield 1.75%
Days
Effective Average Duration - Internal 1
Weighted Average Maturity - Internal 1
Externally Managed Assets % Return
Cash $ 32,182 0% 0.60%
Treasury Securities $ 28,001,371 38% 1.59%
Instrumentality Securities $ 25,240,127 34% 1.34%
Corporate Notes $ 21,214,999 28% 1.85%
Total Externally Managed $ 74,488,679 59%
Weighted Average Yield 1.58%
Years
Effective Average Duration - External 1.22
Weighted Average Final Maturity - External 1.33
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
Beginning Balance
Ending Balance
Assets values shown at Market
$
$
$
$
$
$
$
$
28,523,955 23% 1.51%
11,409,244 9% 2.25%
11,232,705 9% 1.83%
32,182 0% 0.60%
28,001,371 22% 1.59%
25,240,127 20% 1.34%
21,214,999 17% 1.85%
125,654,582
1.65%
Years
0.72 0.79
$
$
CalTrust -
CalTrust - Short,
22%
Corporate
Securities
26%
128,782,078
125,654,582
5 of 30 ATTACHMENT B
Cash, 0% ·
CalTrust - Short
12%
Treasury
Securities, 38%
Instrumentality
Securities, 34%
CalTrust -
Medium
Cash
0%
Securities
29%
November 15, 2022, Item #11
6 of30 ATTACHMENT C
November 15, 2022, Item #11
-.J
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
November 15, 2022, Item #11
00 0 ....
w
0 FIXED INCOME MARKET REVIEW
As of September 30, 2022
Chart 1: The Fed's rate projections were revised up again 5 4.5
4 3.5
3 * 2.5
2 1.5
1 0.5
0 . . . . . . . . . . ................. .. ..
. .............. . . . . . .. . . . . . . . ..
. . . . . . .
. ...................... .
Jan-22 Jan-23 Jan-24
• • • • • • Fed dots December 2021 • • • • • • Fed Dots March 2022 Jan-25
••••••Fed Dots June 2022 Fed Dots September 2022
Source: Federal Reserve, September 30, 2022
Chart 2: Labor market remains robust
25 20
..., 15
C
~
~ 10
5 0
Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 --Continuing jobless claims (seasonally adjusted)
--Initial jobless claims (seasonally adjusted)
Source: Bloomberg, September 30, 2022
CITY OF POWAY
Economic Indicators and Monetary Policy
The Fed announced a third consecutive 75bp rate hike, bringing the fed funds rate to a range of 3% to 3.25% and it continued to set a hawkish tone. It raised its dot plot to reflect policy rates at 4.375% by year-end (up 88bp from the projection in June and 188bp higher than in March - see Chart 1 ). This implies another 125bp of hikes yet for the final two meetings of the year. The Fed materially cut its growth forecasts for 2022 and 2023 to 0.2% and 1.2% from 1.7% and 1.7%, respectively. It also projects the unemployment rate will rise to 4.4% by the end of next year from 3.7% today.
Inflation made less progress than markets had hoped, falling from 8.5% to only 8.3% (where ~8.1 % was expected). Core CPI was particularly disappointing, rising from 5.9% to 6.3%, narrowly below the recent peak of 6.5% in March. 'Flexible' categories like gasoline continued to reverse, but 'sticky' services sectors like rents and medical prices continued to be high.
Labor market data remained robust. The economy added 315,000 jobs, close to consensus estimates with broad-based gains, albeit the previous two months were revised down. Wage growth was largely in line with expectations at 5.2%. The unemployment rate ticked up to 3.7% from 3.5%, more than expected, but this was partly a result of the labor participation rate rising from 62.1 % from 62.4%. Initial jobless claims reached the lowest levels since April on a seasonally adjusted basis, at 193,000 at the end of the month . Continuing jobless claims saw four straight weeks of declines (Chart 2).
Real GDP for Q2 2022 was unrevised at -0.6%, albeit the mix changed with real consumer spending revised up from 1.5% pa to 2% pa. Revisions back to 2017 showed the economy growing 3.5% since 2019, above the 2. 9% previously estimated, indica'ting a significantly hotter economy than previously indicated .
Interest Rate Summary
Yields generally rose sharply during the month, given the Federal Reserve's hawkish projections . At the end of September, the 3-month US Treasury bill yielded 3.29%, the 6-month US Treasury bill yielded 3.97%, the 2-year US Treasury note yielded 4.28%, the 5-year US Treasury note yielded 4.09% and the 10-year US Treasury note yielded
3.84%.
3 November 15, 2022, Item #11
ID
0 ACTIVITY AND PERFORMANCE SUMMARY
For the period September 1, 2022 - September 30, 2022
~ I 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)
139,878.33
0.00 CQmparative Bates Qf Beturn 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
0.79 0.74
0.97 1.25
1.68 2.01
2.24 * Six
month trailing
0.74 0.
71 0.89
1.10 1.39
1.52 1.49
76,700,953.82
139,878.33
0.00 0.00
0.00 0.00
(44,927.27)
25,989.18
0.00 76,821,894 .06
74,488,678.70
(2,333,215.36)
* One month
0.21 0.20
0.24 0.28
0.31 0.31
0.25 -··-- --
Detail Qf 8mQr:tized CQSt Basis Beturn
Interest Accretion Realized
earned (amortization) gain (loss)
Cash and Cash Equivalents 540.83 0.00 0.00
Corporate Bonds 53,676.72 (21,292.74) 0.00
Government Agencies 39,205.57 (11,069.96) 0.00
Government Bonds 22,187.12 13,424.61 0.00
Total 115,610.24 (18,938.09) 0.00
summary Qf 8mQr:tized CQst Basis Bet!.!ro for the PeriQd 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
540.83
32,383.98
28,135.61
35,611.73
96,672.15
Total portfolio
115,610.24
(18,938.09)
0.00 96,672.15
76,779,946.18
0.13 1.04
484
4 November 15, 2022, Item #11
....
0 ACTIVITY AND PERFORMANCE SUMMARY
Forthe period September 1, 2022 - September 30, 2022
~ I Fair Value Basis Activity Summary
o Opening balance 74,969,040.36
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
139,878.33
0.00 CQmparnti~e Bates Qf Beturn !~l
*Twelve * Six
month trailing month trailing
Fed Funds 0.79 0.74
Overnight Repo 0.74 0.71
ICE Bola 3 Months UST-BILL 0.62 0.57
ICE Bola 6m US Treas Bill 0.39 0.47
ICE Bola 1 Yr US Treasury Note (1.95) (0.97)
ICE BofA US Treasury 1-3 (4.86) (2.06)
ICE BofA US Treasury 1-5 (6.78) (3.07)
* rates reflected are cumulative
139,878.33
0.00 0.00
0.00 0.00
0.00 (620,239.99)
74,488,678.70
* One month
0.21 0.20
0.25 0.15
(0.44)
(1.18)
(1.70)
Detail Qf Eair Vah.1e Basis Beturn
Interest Change in
earned fair value
Cash and Cash Equivalents 540.83 0.00
Corporate Bonds 53,676 .72 (217,595 .91)
Government Agencies 39,205.57 (136,795.61)
Government Bonds 22,187.12 (265,848.47)
Total 115,610.24 (620,239.99)
summary Qf Eair value Basis Beturn 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
540.83
(163,919.19)
(97,590.04)
(243,661.35)
(504,629.75)
Total portfolio
115,610 .24
(620,239.99)
(504,629.75)
75,107,527.95
(0.67)
(2.85)
484
5 November 15, 2022, Item #11
--0 ....
w
0 RECAP OF SECURITIES HELD
As .of September 30, 2022
Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
IJI{ •_
Historical
cost
32,181 .50
Amortized
cost
32,181.50
Fair value
32,181.50
22,472,738.00 21,862,328.38 21,214,999.20
26,342,914.56 25,943,208.83 25,240,126.82
28,994,289.24 28,984,175.35 28,001,371 .18
Unrealized
gain (loss)
0.00 (647,329.18)
(703,082.01)
(982,804.17)
mmmm>
Weighted Percent
average of
final portfolio
maturity (days)
508
332
604
0.04 28.87
33.84 37.25
Portfolio diversification (%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ GovernmentAgencies
■ Government Bonds
Total
0.04 28.87
33.84 37.25
100.00
Weighted
average
effective
duration (years)
0.00 1.12
0.88 1.60
CITY OF POWAY
6 November 15, 2022, Item #11
...
"' 0 ....
w
0 MATURITY DISTRIBUTION OF SECURITIES HELD
As of September 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
Historic cost Percent
7,055,906.94 9.06
9,084,872.50 11.67
12,348,686.77 15.86
31,806,004.30 40.86
13,110,773.20 16.84
4,435,879.59 5.70
0.00 0.00
0.00 0.00
77,842, 123.30 100.00
E .s .... "' 0 u
ra u ·;::
0 ti
:i:
35.00 Maturity distribution
✓ ✓ ~ # ~ ~ ~ ~
~ ~ ~ ~ ~ ~ ~ ~ 4 ~ ~ ~ ~ ~ ~ ~ ..::,v cf> o'l> 0
'bl:)
"'
CITY OF POWAY
7 November 15, 2022, Item #11
SECURITIES HELD
CITY OF POWAY
As of September 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 32,181.50 32,181.50 32,181 .50 32,181 .50 0.00 0.00 0.04 Total Cash and Cash Equivalents 32,181 .50 32,181.50 32,181.50 32,181.50 0.00 Corporate Bonds
89233P7F7 TOYOTA MOTOR CREDIT CORP 2.625% 1 OJAN2023 2.625 01/10/2023 2,000 ,000.00 2,001,380.00 2,000,104.94 1,991,435.72 (8,669.22) 11,666.67 2.57 084670BR8 BERKSHIRE HATHAWAY INC 2.75% 15MAR2023 2.750 03/15/2023 1,000,000.00 1,021,370.00 1,001,785 .08 994,592.62 (7,192.46) 1,145.83 1.31 (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 1,001,230.86 990,977.95 (10,252.91) 11,970 .83 1.30 01/11/2023
037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 1,000,000.00 1,007,920.00 1,001,244.99 989,070.83 (12,174 .16) 9,800 .00 1.29 69353RFL7 PNC BANK NA 3.5% 08JUN2023 (CALLABLE 09MAY23) 3.500 06/08/2023 1,900,000.00 1,995,436.00 1,915,521.95 1,889,166.64 (26,355.31) 20,688.89 2.56 05/09/2023
17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 3.650 01/23/2024 1,400,000.00 1,484,224.00 1,426 ,183.32 1,380,805 .31 (45,378 .01) 9,510 .28 1.91 12/23/2023
91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 3.375 02/05/2024 1,900,000.00 1,999,636.00 1,929,457 .04 1,867,306 .05 (62,150.99) 9,796.88 2.57 01/05/2024
17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 3.625 03/04/2024 1,000,000.00 1,070,370.00 1,024,177.93 987,221.26 {36,956.67) 2,618.06 1.38 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 3.550 03/05/2024 2,350,000.00 2,488,495.00 2,378,331.21 2,331,508.72 (46,822.49) 5,793.40 3.20 05MAR23) 03/05/2023
459200JY8 IBM CORP 3% 15MAY2024 3.000 05/15/2024 2,300,000.00 2,463,231.00 2,384,355 .24 2,237,164 .30 (147,190.94) 25,875.00 3.16 8 November 15, 2022, Item #11
SECURITIES HELD
CITY OF POWAY
As of September 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 1,004,753.25 960,463.79 (44,289.46) 6,200.00 1.30 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 4.023 12/05/2024 2,000,000.00 2,207,640.00 2,078,511.57 1,967,930.34 (110,581.23) 25,702.50 2.84 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 1,726,455.89 1,663,067.86 (63,388.03) 10,800.30 2.20 11APR25) 04/11/2025
24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 3 .400 09/11/2025 1,000,000.00 989,920.00 990,215.11 964,287.81 (25,927.30) 1,794.44 1.27 Total Corporate Bonds 21,650,000.00 22,472,738.00 21,862,328.38 21,214,999.20 (647,329.18) 153,363.08 28.87 Government Agencies
3133EA5E4 FEDERAL FARM CREDIT BANK 1. 93% 18OCT2022 1. 930 10/18/2022 2,000,000.00 2,015,820.00 2,000,284.76 1,998,905.08 (1,379.68) 17,370.00 2.59 31331K3A6 FEDERAL FARM CREDIT BANK 2.71 % 13DEC2022 2.710 12/13/2022 1,000,000.00 1,028,921.06 1,001,698.50 998,213.57 (3,484.93) 8,054.72 1.32 31331KAF7 FEDERAL FARM CREDIT BANK 4.09% 18JAN2023 4.090 01/18/2023 1,850,000.00 2,008,452.50 1,864,003.99 1,854,347.24 (9,656.75) 15,133.00 2.58 3133EKKT2 FEDERAL FARM CREDIT BANK 2.25% 08FEB2023 2.250 02/08/2023 1,000,000.00 1,017,480.00 1,001,709.27 995,521.87 (6,187.40) 3,250.00 1.31 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 1.375 02/17/2023 2,000,000.00 2,003,400.00 2,001,374.04 1,982,477.38 (18,896.66) 3,284.72 2.57 3133EJFK0 FEDERAL FARM CREDIT BANK 2.65% 08MAR2023 2.650 03/08/2023 1,000,000.00 1,032,790.00 1,004,253.55 995,888.12 (8,365.43) 1,619.44 1.33 3133EMF31 FEDERAL FARM CREDIT BANK 0.125% 02JUN2023 0.125 06/02/2023 2,000,000.00 1,968,700.00 1,982,940.09 1,946,344.66 (36,595.43) 819.44 2.53 9 November 15, 2022, Item #11
SECURITIES HELD
CITY OF POWAY
As of September 30, 2022 .... u,
!a,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
3137EAEN5 FREDDIE MAC 2.75% 19JUN2023 2.750 06/19/2023 2,000,000.00 2,067,740.00 2,012,434.20 1,978,254 .26 (34,179 .94) 15,430.56 2.66 3135GOU43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,000,000.00 1,039,050.00 1,008,891.54 985,671.68 (23,219.86) 1,437.50 1.33 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 170CT2023 1.860 10/17/2023 2,000,000.00 1,997,646.00 1,999,419.58 1,951,357.76 (48,061.82) 16,843.33 2.57 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 3.000 12/06/2023 1,000,000.00 1,071,740.00 1,031,604.18 984,312.49 (47,291.69) 9,500.00 1.38 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 2.250 12/08/2023 1,000,000 .00 1,014,600.00 1,003,980.13 976,654.04 (27,326.09) 7,000.00 1.30 3135GOV34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 1,750,000.00 1,820,547.50 1,780,051.45 1,707,531 .60 (72,519.85) 6,684.03 2.34 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 0.250 02/26/2024 1,250,000 .00 1,246,747.50 1,248,303.34 1,182 ,166.85 (66,136.49) 295.14 1.60 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 0.300 03/28/2024 2,000,000.00 1,998,500.00 1,999,358.51 1,878,392 .22 (120,966.29) 33.33 2.57 (CALLABLE 130CT22)
3135GOV75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000,000.00 2,007,920.00 2,002,901.70 1,914,841.50 (88,060.20) 8,555.56 2.58 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 0.500 02/10/2025 1,000,000.00 1,002,860.00 1,000,000.00 909,246.50 (90,753.50) 694.44 1.29 (CALLABLE 1 ONOV22) 11/10/2022
Total Government Agencies 25,850,000.00 26,342,914.56 25,943,208.83 25,240,126. 82 (703,082.01) 116,005.21 33.84 ~
Government Bonds
91282CAR2 USA TREASURY 0.125% 31 OCT2022 0.125 10/31/2022 2,000,000 .00 1,990,859.38 1,998,799 .33 1,995,973 .66 (2,825.67) 1,039.40 2.56 10 November 15, 2022, Item #11
SECURITIES HELD
CITY OF POWAY
As of September 30, 2022 ....
O'I
g,cusip Description Coupon Matur ity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port
0 (loss) interest cost
Government Bonds
91282CAX9 USA TREASURY 0.125% 30NOV2022 0.125 11/30/2022 2,000,000.00 1,988,125.00 1,997,276.79 1,990,327.22 (6,949.57) 833.33 2.55 91282CCN9 USA TREASURY 0.12S% 31 JUL2023 0.125 07/31/2023 1,300,000.00 1,287,461.39 1,293,265.48 1,256,531.25 (36,734.23) 269.36 1.65 912828201 USA TREASURY 1.375% 31 AUG2023 1.375 08/31/2023 2,000,000.00 1,967,109.38 1,992,673.96 1,947,812.50 [44,861.46) 2,279.01 2.53 91282CDA6 USA TREASURY 0.25% 30SEP2023 0.250 09/30/2023 1,500,000.00 1,485,761 .72 1,491,724.57 1,440,703.13 [51,021.44) 0.00 1.91 912828T91 USA TREASURY 1.625% 31 OCT2023 1.625 10/31/2023 1,600,000.00 1,640,630.36 1,621,510.19 1,554,750 .00 (66,760.19) 10,809.78 2.11 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 1,900,000.00 1,925,679 .69 1,906,858.65 1,853,984.38 (52,874 .27) 13,458.33 2.47 9128285P1 USA TREASURY 2.875% 30NOV2023 2.875 11/30/2023 1,100,000.00 1,151,566.19 1,130,050.89 1,081,910.16 (48,140.73) 10,541.67 1.48 91282CBEO USA TREASURY 0.125% 15JAN2024 0.125 01/15/2024 1,900,000.00 1,890,283.71 1,894,487.87 1,800,917.96 (93,569.91) 496.94 2.43 912828X70 USA TREASURY 2% 30APR2024 2.000 04/30/2024 2,000,000.00 2,036,015.63 2,012,413.26 1,929 ,140.62 (83,272.64) 16,630.44 2.62 912828YH7 USA TREASURY 1.5% 30SEP2024 1.500 09/30/2024 1,000 ,000.00 1,032,304.69 1,020,606.22 948,007.81 (72,598.41) 0.00 1.33 912828YM6 USA TREASURY 1.5% 31 OCT2024 1.500 10/31/2024 1,100,000.00 1,132,015.40 1,121,627.42 1,040,187 .50 (81,439 .92) 6,860.05 1.45 912828YYO USA TREASURY 1.75% 31 DEC2024 1.750 12/31/2024 1,000,000.00 1,046,643.98 1,029,506.53 947,500.00 [82,006.53) 4,398.91 1.34 11 November 15, 2022, Item #11
SECURITIES HELD
CITY OF POWAY
As of September 30, 2022 ....
-.J
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
912828ZL7 USA TREASURY 0.375% 30APR2025 0.375 04/30/2025 2,900,000.00 2,704,703.13 2,735,420.06 2,626,878.90 (108,541.16) 4,521.40 3.47 91282CAJ0 USA TREASURY 0.25% 31 AUG2025 0.250 08/31/2025 1,400,000.00 1,279,250.00 1,289,511.16 1,247,148.43 (42,362.73) 290.06 1.64 91282CAT8 USA TREASURY 0.25% 31 OCT2025 0.250 10/31/2025 1,200,000.00 1,086,046.88 1,089,193.13 1,062,703.13 (26,490.00) 1,247.28 1.40 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12/31/2025 2,300,000.00 2,106,124.89 2,115,297.81 2,033,792.96 (81,504.85) 2,156.25 2.71 91282CBT7 USA TREASURY 0. 75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707.82 1,243,952.03 1,243,101.57 (850.46) 0.00 1.60 Total Government Bonds 29,600,000.00 28,994,289.24 28,984,175.35 28,001,371.18 (982,804.17) 75,832.21 37.25 fmii:..111:~
12 November 15, 2022, Item #11
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 2022 ....
00 g,cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w
0 date rating rating shares cost hist cost value mkt value dur (yrs) United States Treasury Note/Bond
91282CAR2 USA TREASURY 0.125% 0.125 10/31/2022 AA+ Aaa 2,000,000.00 1,990,859.38 2.56 1,995,973.66 2.68 0.08 91282CAX9 USA TREASURY 0.125% 0.125 11/30/2022 AA+ Aaa 2,000,000.00 1,988, 125.00 2.SS 1,990,327 .22 2.67 0.17 91282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,300,000 .00 1,287,461 .39 1.65 1 ,256,531.25 1.69 0.82 9128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 2,000,000.00 1,967,109 .38 2.53 1,947,812 .50 2.61 0.90 91282CDA6 USA TREASURY 0.25% 0.250 09/30/2023 AA+ Aaa 1,500,000.00 1,485,761.72 1.91 1,440,703.13 1.93 0.98 912828T91 USA TREASURY 1.625% 1.625 10/31/2023 AA+ Aaa 1,600,000.00 1,640,630 .36 2.11 1,554,750.00 2.09 1.05 912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 1,900,000.00 1,925,679.69 2.47 1,853,984 .38 2.49 1.13 9128285P1 USA TREASURY 2.875% 2.875 11/30/2023 AA+ Aaa 1,100,000.00 1,151,566.19 1.48 1,081,910.16 1.45 1.12 91282CBEO USA TREASURY 0.12S% 0.125 01/15/2024 AA+ Aaa 1,900,000.00 1,890,283.71 2.43 1,800,917.96 2.42 1.27 912828X70 USA TREASURY 2% 2.000 04/30/2024 AA+ Aaa 2,000,000.00 2,036,015.63 2.62 1,929,140 .62 2.59 1.52 912828YH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.33 948,007.81 1.27 1.93 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.45 1 ,040, 187 .50 1.40 2.00 912828YYO USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000.00 1,046,643.98 1.34 947,500.00 1.27 2.16 912828ZL7 USA TREASURY 0.375% 0.375 04/30/2025 AA+ Aaa 2,900,000 .00 2,704,703.13 3.47 2,626,878.90 3.53 2.51 91282CAJO USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,400,000.00 1,279,250.00 1.64 1 ,247, 148.43 1.67 2.84 91282CAT8 USA TREASURY 0.25% 0.250 10/31/2025 AA+ Aaa 1 ,200,000.00 1,086,046.88 1.40 1,062,703.13 1.43 3.00 91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 2,300,000.00 2,106 , 124.89 2.71 2,033,792 .96 2.73 3.16 91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 AA+ Aaa 1,400,000.00 1,243,707 .82 1.60 1,243,101.57 1.67 3.38 Issuer total 29,600,000.00 28,994,289.24 37.25 28,001,371.18 37.59 1.60 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 2.59 1,998,905.08 2.68 0.05 31331 K3A6 FEDERAL FARM CREDIT 2.710 12/13/2022 AA+ Aaa 1 ,000,000.00 1,028,921.06 1.32 998,213.57 1.34 0.20 31331KAF7 FEDERAL FARM CREDIT 4.090 01/18/2023 AA+ Aaa 1,850,000.00 2,008,452.50 2.58 1,854,347.24 2.49 0.30 3133EKKT2 FEDERAL FARM CREDIT 2.250 02/08/2023 AA+ Aaa 1,000,000.00 1,017,480.00 1.31 995,521.87 1.34 0.35 13 November 15, 2022, Item #11
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 2022 ...
1.0 g,cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating 0 rating shares cost hist cost value mkt value dur (yrs) 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 1.33 995,888.12 1.34 0.43 3133EMF31 FEDERAL FARM CREDIT 0.125 06/02/2023 AA+ Aaa 2,000,000.00 1,968,700.00 2.53 1,946,344.66 2.61 0.66 3133EKVB9 FEDERAL FARM CREDIT 1.860 10/17/2023 AA+ Aaa 2,000,000.00 1,997,646.00 2.57 1,951,357.76 2.62 1.01 3133EJ2B4 FEDERAL FARM CREDIT 3.000 12/06/2023 AA+ Aaa 1,000,000.00 1,071,740.00 1.38 984,312.49 1.32 1.14 3133EMRZ7 FEDERAL FARM CREDIT 0.250 02/26/2024 AA+ Aaa 1,250,000.00 1,246,747.50 1.60 1 , 182, 166.85 1.59 1.38 3133EMBE1 FEDERAL FARM CREDIT 0.300 03/28/2024 AA+ Aaa 2,000,000.00 1,998,500.00 2.57 1 ,878,392.22 2.52 1.44 Issuer total 15,100,000.00 15,386,797.06 19.77 14,785,449.86 19.85 0.70 Federal National Mortgage Association
3135GOU43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,039,050.00 1.33 985,671.68 1.32 0.92 3135GOV34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 1,750,000.00 1,820,547.50 2.34 1,707,531.60 2.29 1.30 3135GOV75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000,000.00 2,007,920.00 2.58 1,914,841.50 2.57 1.69 Issuer total 4,750,000.00 4,867,517.50 6.25 4,608,044.78 6.19 1.38 Federal Home Loan Banks
3130AJ7E3 FEDERAL HOME LOAN 1.375 02/17/2023 AA+ Aaa 2,000,000.00 2,003,400.00 2.57 1,982,477.38 2.66 0.38 3130A3VC5 FEDERAL HOME LOAN 2.250 12/08/2023 AA+ Aaa 1,000,000.00 1,014,600.00 1.30 976,654.04 1.31 1.15 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 11/10/2022 AA+ Aaa 1,000,000.00 1,002,860.00 1.29 909,246.50 1.22 2.28 Issuer total 4,000,000.00 4,020,860.00 5.17 3,868,377.92 5.19 1.05 Bank of America Corp
06051GHF9 BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 2,350,000.00 2,488,495.00 3.20 2,331 ,508. 72 3.13 0.42 Issuer total 2,350,000.00 2,488,495.00 3.20 2,331,508.72 3.13 0.42 International Business Machines Corp
459200JY8 IBM CORP3% 3.000 05/15/2024 A- A3 2,300,000.00 2,463,231.00 3.16 2,237,164.30 3.00 1.54 Issuer total 2,300,000.00 2,463,231.00 3.16 2,237,164.30 3.00 1.54 14 November 15, 2022, Item #11
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 2022
N
0 2,cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares 0 cost hist cost value mkt value dur (yrs) Toyota Motor Credit Corp
89233P7F7 TOYOTA MOTOR CREDIT 2.625 01/10/2023 A+ A1 2,000,000.00 2,001,380.00 2.57 1,991,435.72 2.67 0.28 Issuer total 2,000,000.00 2,001,380.00 2.57 1,991,435.72 2.67 0.28 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 2.66 1,978,254.26 2.66 0.70 Issuer total 2,000,000.00 2,067,740.00 2.66 1 , 978,254.26 2.66 0.70 JPMorgan Chase & Co
46647PAY2 JPMORGAN CHASE & CO 4.023 12/05/2024 12/05/2023 A- A1 2,000,000.00 2,207,640.00 2.84 1,967,930.34 2.64 1.12 Issuer total 2,000,000.00 2,207,640.00 2.84 1,967,930.34 2.64 1.12 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 2.56 1,889,166.64 2.54 0.66 Issuer total 1,900,000.00 1,995,436.00 2.56 1,889,166.64 2.54 0.66 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 2.57 1,867,306.05 2.51 1.28 Issuer total 1,900,000.00 1,999,636.00 2.57 1,867,306.05 2.51 1.28 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 2.20 1,663,067.86 2.23 2.48 Issuer total 1,800,000.00 1,715,436.00 2.20 1,663,067.86 2.23 2.48 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 1.91 1,380,805.31 1.85 1.24 Issuer total 1 ,400,000.00 1 ,484,224.00 1.91 1,380,805.31 1.85 1.24 -·- - ·- -·-~---· -- -·- -- --
15 November 15, 2022, Item #11
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 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 Berkshire Hathaway Inc
084670BR8 BERKSHIRE HATHAWAY 2.750 03/15/2023 01/15/2023 AA Aa2 1 ,000,000.00 1,021,370.00 1.31 994,592.62 1.34 0.44 Issuer total 1 ,000,000.00 1,021,370.00 1.31 994,592.62 1.34 0.44 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 1.30 990,977.95 1.33 0.51 Issuer total 1,000,000.00 1,015,270.00 1.30 990,977.95 1.33 0.51 Apple Inc
037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 1 ,000,000.00 1,007,920.00 1.29 989,070.83 1.33 0.57 Issuer total 1 ,000,000.00 1 ,007, 920.00 1.29 989,070.83 1.33 0.57 Cisco Systems Inc
17275RAN2 CISCO SYSTEMS INC 3.625 03/04/2024 AA- A1 1,000,000.00 1,070,370.00 1.38 987,221.26 1.33 1.37 Issuer total 1 ,000,000.00 1 ,070,370.00 1.38 987,221.26 1.33 1.37 John Deere Capital Corp
24422ETC3 JOHN DEERE CAPITAL 3.400 09/11/2025 A A2 1,000,000.00 989,920.00 1.27 964,287.81 1.29 2.75 Issuer total 1 ,000,000.00 989,920.00 1.27 964,287.81 1.29 2.75 American Honda Finance Corp
02665WCZ2 AMERICAN HONDA 2.400 06/27/2024 A- A3 1,000,000.00 1,012,410.00 1.30 960,463.79 1.29 1.67 Issuer total 1 ,000,000.00 1 ,012,41 0.00 1.30 960,463.79 1.29 1.67 Cash and Cash Equivalents
INVESTED CASH 0.000 32,181.50 32,181.50 0.00 32,181.50 0.04 0.00 Issuer total 32,181.50 32,181.50 0.00 32,181.50 0.04 0.00 16 November 15, 2022, Item #11
N
N
SECURITIES PURCHASED
For the period September 1, 2022 - September 30, 2022
g,cusip Description/ Broker Trade date Coupon Maturity/ w Settle date Call date
0 Government Bonds
91282CBT7 USA TREASURY 0.75% 31 MAR2026
WELLS FARGO SECURITIES, LLC
Total Government Bonds
09/28/2022
09/30/2022
0.750 03/31/2026
Par value or
shares
1,400,000.00
1,400,000.00
Unit cost
88.84 Principal
cost
(1,243,707.82)
(1,243,707.82)
CITY OF POWAY
Accrued
interest
0.00 0.00
17 November 15, 2022, Item #11
N w
SECURITIES SOLD AND MATURED
For the period September 1, 2022 - September 30, 2022
!a_ Cusip Description/ Broker Trade date Coupon Maturity/ Par value or Historical cost w Settle date Call date shares
0 Government Bonds
912828L57 USA TREASURY 1.75% 30SEP2022 09/30/2022 1.750 (1 ,000,000.00) 999,417.41 09/30/2022
Total (Government Bonds) (1 ,000,000.00) 999,417.41
Amortized cost
at sale or
maturity
1,000,000.00
1,000,000.00
Price
0.00 Fair value at
sale or
maturity
1,000,000.00
1,000,000.00
CITY OF POWAY
Realized
gain
(loss)
0.00 0.00
Accrued
interest
sold
0.00 0.00
IX'11
18 November 15, 2022, Item #11
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period September 1, 2022 - September 30, 2022
"' :,,.
g,cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization)
0 (loss) value
--
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 540.83 540.83
~
Total Cash 0.00 0.00 0.00 540.83 540.83
-- --
Corporate Bonds
02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 (227.43) 0.00 (1 4,677.26) 1,933.33 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (175.35) 0.00 (4,041.75) 1,933.33 0.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (5,483.46) 0.00 (8,985.65) 6,720.34 41,712.50 084670BR8 BERKSHIRE HATHAWAY INC 2.75% 1 SMAR2023 (CALLABLE 15JAN23) (510.03) 0.00 (3,646.82) 2,215.27 13,750.00 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 11 APR25) 2,344.66 0.00 (35,413.67) 2,253.30 0.00 17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 (1,411.16) 0.00 (15,064.24) 2,920.14 18,125.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,773.14) 0.00 (16,884.07) 4,116.39 0.00 459200JY8 IBM CORP 3% 15MAY2024 (4,325.91) 0.00 (34,510.81) 5,558.33 0.00 24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 276.67 0.00 (22,811.66) 2,738.88 17,000.00 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 05DEC23) (5,541.99) 0.00 (22,999.36) 6,481.50 0.00 69353RFL7 PNC BANK NA 3.5% 08JUN2023 (CALLABLE 09MAY23) (2,126.29) 0.00 (9,451.76) 5,356.95 0.00 89233P7F7 TOYOTA MOTOR CREDIT CORP 2.625% 1 OJAN2023 (31.49) 0.00 (2,627.64) 4,229.17 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (1,942.22) 0.00 (23,437.17) 5,165.63 0.00 931142DH3 WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23) (365.60) 0.00 (3,044.05) 2,054.16 0.00 - - -
Total Corporate Bonds (21,292 .74) 0.00 (217,595.91) 53,676.72 90,587.50 -
Government Agencies
3135GOV75 FANNIE MAE 1.75% 02JUL2024 (137.74) 0.00 (25,546.08) 2,819.45 0.00 19 November 15, 2022, Item #11
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period September 1, 2022 - September 30, 2022
N u,
g,cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value
0 Government Agencies
3135GOV34 FANNIE MAE 2.5% 05FEB2024 (1 ,858.86) 0.00 {19,854.66) 3,524.31 0.00 3135GOU43 FANNIE MAE 2.875% 12SEP2023 {779.96) 0.00 {6,956.48) 2,315.97 14,375.00 3133EMF31 FEDERAL FARM CREDIT BANK 0.125% 02JUN2023 2,114.86 0.00 {2,547.26) 201.38 0.00 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 100.60 0.00 (7,834.59) 251.74 0.00 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 {CALLABLE 130CT22) 35.78 0.00 {16,561.44) 483.33 3,000.00 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 170CT2023 46.18 0.00 {12,150.08) 2,996.66 0.00 3133EA5E4 FEDERAL FARM CREDIT BANK 1.93% 180CT2022 (474.60) 0.00 2,047.14 3,109.44 0.00 3133EKKT2 FEDERAL FARM CREDIT BANK 2.2S% 08FEB2023 (400.62) 0.00 {805.07) 1,812.50 0.00 3133EJFKO FEDERAL FARM CREDIT BANK 2.65% 08MAR2023 (807.63) 0.00 {1 ,873.07) 2,134.72 13,250.00 31331K3A6 FEDERAL FARM CREDIT BANK 2.71 % 13DEC2022 (698.02) 0.00 (712.18) 2,183.05 0.00 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 (2,299.83) 0.00 (8,132.39) 2,416.67 0.00 31331KAF7 FEDERAL FARM CREDIT BANK 4.09% 18JAN2023 {3,889.99) 0.00 {3,538.05) 6,095.24 0.00 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 ONOV22) 0.00 0.00 {14,50005) 402.77 0.00 3130AJ7E3 FEDERAL HOME LOAN BANK 1.375% 17FEB2023 {300.89) 0.00 {2,516.96) 2,215.28 0.00 3130A3VCS FEDERAL HOME LOAN BANK 2.25% 08DEC2023 {278.98) 0.00 {6,809.51) 1,812.50 0.00 3137EAEN5 FREDDIE MAC 2.75% 19JUN2023 {1,440.26) 0.00 {8,504.88) 4,430.56 0.00 - - -
Total Government Agencies (11,069.96) 0.00 (136,795.61) 39,205.57 30,625.00 Government Bonds
91282CBEO USA TREASURY 0.125% 15JAN2024 350.34 0.00 (14,027.36) 193.61 0.00 91282CAX9 USA TREASURY 0.125% 30NOV2022 1,339.29 0.00 3,533.24 204.91 0.00 20 November 15, 2022, Item #11
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period September 1, 2022 - September 30, 2022
N
0\
g,cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value
0 Government Bonds
91282CCN9 USA TREASURY 0.125% 31JUL2023 664.59 0.00 (4,468.75) 132.47 0.00 91282CAR2 USA TREASURY 0.125% 31 OCT2022 1,161.95 0.00 4,321.12 203.80 0.00 91282CDA6 USA TREASURY 0.25% 30SEP2023 680.18 0.00 (8,320.30) 307.38 1,875.00 91282CAJO USA TREASURY 0.25% 31 AUG2025 3,109.44 0.00 (24,062.50) 290.06 0.00 91282CAT8 USA TREASURY 0.25% 31 OCT2025 2,949.61 0.00 (21,515.61) 244.56 0.00 912828ZL7 USA TREASURY 0.375% 30APR2025 5,235.84 0.00 (44,632.83) 886.55 0.00 91282CBC4 USA TREASURY 0.375% 31 DEC2025 4,664.20 0.00 (42,226.58) 703.12 0.00 91282CBT7 USA TREASURY 0. 75% 31 MAR2026 244.21 0.00 (606.25) 0.00 0.00 912828201 USA TREASURY 1.375% 31 AUG2023 656.06 0.00 (10,781.26) 2,279.01 0.00 912828YH7 USA TREASURY 1.5% 30SEP2024 (845.67) 0.00 (12,851.57) 1,229.Sl 7,500.00 912828YM6 USA TREASURY 1.5% 31 OCT2024 (851.48) 0.00 (15, 125.00) 1,345.10 0.00 912828T91 USA TREASURY 1.625% 31 OCT2023 (1,629.56) 0.00 (12,000.00) 2,119.56 0.00 912828L57 USA TREASURY 1. 75% 30SEP2022 14.72 0.00 426.89 1,434.43 8,750.00 912828YYO USA TREASURY 1.75% 31 DEC2024 (1,075.57) 0.00 (14,257.81) 1,450.54 0.00 912828X70 USA TREASURY 2% 30APR2024 (644.29) 0.00 (23,750.00) 3,260.87 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (483.00) 0.00 (15,363.28) 3,309.42 0.00 9128285P1 USA TREASURY 2.875% 30NOV2023 (2,116.25) 0.00 (10,140.62) 2,592.22 0.00 - - -
Total Government Bonds 13,424.61 0.00 (265,848.47) 22,187.12 18,125.00 ..
~ (OOii
21 November 15, 2022, Item #11
TRANSACTION REPORT
CITY OF POWAY
For the period September 1, 2022 - September 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)
C
09/04/2022 17275RAN2 Income Corporate Bonds CISCO SYSTEMS INC 3.625% 03/04/2024 1,000,000.00 0.00 0.00 18,125.00 18,125.00 09/04/2022
09/05/2022 06051 GHF9 Income Corporate Bonds BANK OF AMERICA CORP 3.55% 03/05/2024 2,350,000.00 0.00 0.00 41,712.50 41,712.50 09/05/2022
09/08/2022 3133EJFKO Income Government Agencies FEDERAL FARM CREDIT BANK 03/08/2023 1,000,000.00 0.00 0.00 13,250.00 13,250.00 09/08/2022
09/11/2022 24422ETC3 Income Corporate Bonds JOHN DEERE CAPITAL CORP 09/11/2025 1,000,000.00 0.00 0.00 17,000.00 17,000.00 09/11/2022
09/12/2022 3135GOU43 Income Government Agencies FANNIE MAE 2.875% 09/12/2023 1,000,000.00 0.00 0.00 14,375.00 14,375 .00 09/12/2022
09/15/2022 084670BR8 Income Corporate Bonds BERKSHIRE HATHAWAY INC 03/15/2023 1,000,000.00 0.00 0.00 13,750.00 13,750.00 09/15/2022
09/28/2022 3133EMBE1 Income Government Agencies FEDERAL FARM CREDIT BANK 03/28/2024 2,000,000.00 0.00 0.00 3,000.00 3,000.00 09/28/2022
09/28/2022 91282CBT7 Bought Government Bonds USA TREASURY 0.75% 03/31/2026 1,400,000.00 0.00 (1,243,707.82) 0.00 (1,243,707 .82) 09/30/2022
09/30/2022 912828L57 Income Government Bonds USA TREASURY 1.75% 09/30/2022 1,000,000 .00 0.00 0.00 8,750.00 8,750 .00 09/30/2022
09/30/2022 912828L57 Capital Change Government Bonds USA TREASURY 1. 75% 09/30/2022 (1,000,000.00) 0.00 1,000,000.00 0.00 1,000,000.00 09/30/2022
09/30/2022 912828YH7 Income Government Bonds USA TREASURY 1.5% 09/30/2024 1,000,000.00 0.00 0.00 7,500.00 7,500.00 09/30/2022
09/30/2022 91282CDA6 Income Government Bonds
USA TREASURY 0.25% 09/30/2023 1,500,000.00 0.00 0.00 1,875.00 1,875.00 09/30/2022
09/30/2022 Income Cash and
Cash Equivalents Cash 0.00 0.00 0.00 540.83 540.83
22 November 15, 2022, Item #11
ADDITIONAL INFORMATION
CITY OF POWAY
As of September 30, 2022
N
OOPast 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.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 S-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 November 15, 2022, Item #11
N \D
ADDITIONAL INFORMATION
As of September 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 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. © 2022 Insight Investment. All rights reserved.
24 November 15, 2022, Item #11
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City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash September 2022
Investments & Cash with Fiscal A!lents
Settlement Yield to
INVESTMENT DESCRIPTION Date Maturity
1st Am Gov't Obligations Money Mkt Fd 09/30/22 I Various! Average/Total
Paying Agent or Uninvested Cash ft DITs
Total Investments and Cash with Fiscal Agent
Non-Managed Investments
INVESTMENT DESCRIPTION
County Pool
Average/Total
General, Payroll & Petty Cash
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
Various]
Settlement Yield to
Date Maturity
09/30/22 1 1.80%1
I·
I 1.80%1
Part I
Days t~ % of Total
Maturity Investment
1J 100.00%1
I I I
I I
I I
1J 100.00%1
Part II
Days to % of Total
Maturity Investment
1 I 100.00%1
I I
N/A Ir 100.00%1
Part Ill
Face
Value
$496,699.90 I
Face . -1 f~
Value
$113,83 1.54 1
$113,831.54 1
Book
Value
$496,699.90 J
$496,699.90 I
so.oo I
$496,699.90 J
Book
Value
$113,831.54 1
$113,831.54 1
Book
Value
$5,808,615.00
$20,000.00
$10,000 .00
$0.00
$20,000.00
$170.00
$5,858,785 .00
Market
Value
$496,699. 90
$496,699.90
Market
Value
s110,865 .oo I
s 110,865.oo I
Unrealized
Gain(Loss)
so.oo J
so.oo I
Unrealized
Gain(Loss)
($2,966 .54)1
I
($2,966.54) 1
November 15, 2022, Item #11