AGENDA REPORT CityofPoway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
May 16, 2023
Honorable Mayor and Members of the City Council
Tim McDermott, Interim Director of Finance 'frrJ
Mehrnoush Jamshidi, Finance Manager ~
(858) 668-4426 or mjamshidi@poway .org
City's Investment Report as of March 31, 2023
CITY COUNCIL
Quarterly reports of investments are required to be presented to the City Council per California Government Code and the City's Investment Policy. Attached is the Investment Portfolio Report as of March 31, 2023.
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 March 31 , 2023, was $136,169,015. It consisted of the following:
Investment Portfolio Total
Cash $107,221
Deposits at CalTRUST 23,139,475
Deposits at the Local Agency Investment Fund (LAIF) 36,728,969 U. S. Treasury Notes 27,622,812
U.S. Instrumentalities 26,752,399
Corporate Notes 21,818,139
Fair Value of Investment Portfolio as of March 31 , 2023 $136,169,015 1 of 32
May 16, 2023, Item #2
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.
The attached Investment 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 March 31, 2023, is estimated at 2.83% for LAIF, 3.92% for the CalTRUST short-term fund, and 3.36% 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 $77,526,144; the fair value is $76,300,571 for an unrealized loss of $1,225,573 or 1.58% 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 March 31, 2023, was $107,221. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $201,595 at March 31, 2023. The City's cash on hand at March 31, 2023 totaled $4,721,279.
The March 31, 2023, balance of the City's Library Trust Fund is $263,298. Through the Fiscal Year 2022- 23 period ending March 31, 2023, no transfer of interest earnings has been made to the General Fund.
At the close of Fiscal Year 2022-23, 90% of the Library Trust Fund's interest earnings will be transferred to the General Fund to partially 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 $144,479 of interest during March 2023, as well as $115,089 of interest during February 2023, and $126,402 during January 2023. Fees for investment services during this period totaled $9,437.
2 of 32
May 16, 2023, Item #2
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 March 31, 2023
Reviewed/Approved By:
Wendy Kaserman
Assistant City Manager
3 of32
Reviewed By:
Alan Fenstermacher ·
City Attorney
Approved By:
Ch~
City Manager
May 16, 2023, Item #2
City of Poway
Investment Statistics
Separately Managed Investment Pools
Fair Value:
March
2022
December
2022
March
2023
CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
$ 11,392,456 $ 11,500,594 $ 11,630,123
11,460,595
34,226,662
11,342,355
21,089,325
11,509,352
36,728,969 Deposits at the Local Agency Investment Fund (LAIF) Total Fair Value $ 57,079,713 $ 43,932,274 $ 59,868,444 Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:
0.42%
1 1
2.47%
1 1
3.14%
1 1
Cash $ 20,425 $ 202,255 $ 107,221
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
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)
-1.28%
132,583
1.30%
1.30 1.40
27,273,744
26,374,063
21,258,709
75,108,771
202,255
21,798,450
26,966,500
28,162,691
77,129,895
(2,021,124)
-2.62%
130,069
1.84%
1.35 1.48
27,622,812
26,752,399
21,818,139
76,300,571
107,221
28,224,586
27,089,241
22,105,096
77,526,144
(1,225,574)
-1.58%
144,479
2.30%
1.74 1.90
Total Fair Value of Portfolio Assets $ 132,360,275 $ 119,041,045 $ 136,169,015 Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology
0.92%
0.74 0.80
2.07%
0.85 0.93
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.
2.67%
0.98 1.07
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. 4of32 ATTACHMENT A
May 16, 2023, Item #2
City of Poway
Monthly Investment Portfolio Report
March 31, 2023
Separately Managed Investment Pools % Return
LAIF $ 36,728,969 61% 2.83%
CalTrust - Short $ 11,630,123 19% 3.92%
CalTrust - Medium $ 11,509,352 19% 3.36%
Total Internally Managed $ 59,868,444 44%
Weighted Average Yield 3.14%
Days
Effective Average Duration - Internal 1
Weighted Average Maturity - Internal 1
Externally Managed Assets % Return
Cash $ 107,221 0% 1.00%
Treasury Securities $ 27,622,812 36% 1.95%
Instrumentality Securities $ 26,752,399 35% 2.31%
Corporate Notes $ 21,818,139 29% 2.57%
Total Externally Managed $ 76,300,571 56%
Weighted Average Yield 2.25%
Years
Effective Average Duration - External 1.74
Weighted Average Final Maturity - External 1.90
Total Portfolio Assets % Return
LAIF $
Ca IT rust - 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
5 of 32
36,728,969 27% 2.83%
11,630,123 9% 3.92%
11,509,352 8% 3.36%
107,221 0% 1.00%
27,622,812 20% 1.95%
26,752,399 20% 2.31%
21,818,139 16% 2.57%
136,169,015
2.64%
Years
0.98 1.07
$
$
Ca IT rust -
Medium, 19%
CalTrust - Short,
19%
Securities
27%
119,333,254
136,169,015
ATTACHMENT B
IF, 61%
Cash, 0%
Treasury
Securities, 36%
Instrumentality
Securities, 35%
CalTrust - Short CalTrust-
12% Medium
Cash
0%
Securities
28%
May 16, 2023, Item #2
6of32 ATTACHMENT C
May 16, 2023, Item #2
.....
Contents 0 ....
w
N
Fixed income market review 3
Activity and performance summary 4
Recap of securities held 6
Maturity distribution of securities held 7
Securities held 8
GASS 40 - Deposit and investment risk disclosure 13
Securities purchased 17
Securities sold and matured 18
Detail of return and interest received 19
Transaction report 23
Additional information 25
May 16, 2023, Item #2
00 0 ....
w N
FIXED INCOME MARKET REVIEW
As of March 31, 2023
Chart 1: The use of the Fed's "discount window" liquidity facility spiked 160
140
120
100
-5 80
V}
60 40
20 0 I.
CO Cl'\ 0
9 9 ~ C C C
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7 7 '-;i
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Source : Federal Reserve, March 31, 2023
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Chart 2: Core services inflation showed no signs of flagging 10 8
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- Core services - Core goods - Food - Energy - - - CPI
Source: Bureau of Labor Statistics, Insight calculations, March 31, 2023
CITY OF POWAY
Economic Indicators and Monetary Policy
The market became concerned about the health of the banking sector . Silicon Valley Bank became the largest bank failure since Lehman Brothers in 2008, with Signature Bank failing the same weekend, given depositor concerns . All deposits, including those uninsured by the FDIC, were protected, but other banks, principally First Republic, drew market attention. The Federal Reserve (Fed) introduced a new liquidity facility to address interest rate risks on bank balance sheets, and the use of its existing "discount window" facility spiked to even higher levels than in 2008 (Chart 1 ). Concerns spilled over to Europe, and regulators engineering a takeover of Credit .Suisse by UBS through an all-share sale, while Credit Suisse's AT1 bond instruments were written off.
The FOMC raised the Fed Funds rate by 0.25%, taking The Fed Funds rate to a 4.75%-5% range.
Market probabilities going into the meeting were finely balanced between a hike and a pause.
The Fed addressed banking sector concerns stating "The US banking system is sound and resilient" but "tighter credit conditions" may result. The Fed's "dot plot" remained largely unchanged , projecting a year-end 2023 Fed Funds Rate of 5.125%. Elsewhere, the Fed slightly lowered its growth projections for both 2023 and 2024 (from 0.5% and 1.6% to 0.4% and 1.2% respectively) . Chair Powell signalled the central bank would look to its liquidity facilities to address banking sector issues, while maintaining a tight interest policy to target inflation.
CPI and Core CPI edged down to 6.0% and 5.5% year-on-year respectively, the lowest since the tail-end of 2021, albeit still representing a relatively slow rate of descent (Chart 2). The Fed's closely-watched "supercore" inflation measure (core services excluding housing) continued to run strong at 6.1 % year-on-year . Meanwhile, shelter inflation was once again the largest contributor and showed no signs of slowing yet- it was up 8.1 % year-on-year.
Nonfarm payrolls rose by 311,000, stronger than consensus expectations at 225,000. Tech layoffs started to show up in the data as Information sector was the largest detractor with employment falling by 25,000. Wage growth edged up slightly from 4.4% to 4.6%. The unemployment rate rose to 3.6% from 3.4%, partly due to an uptick in the participation rate.
Interest Rate Summary
Yields fell across the curve due to the banking sector developments . At the end of March, the 3-month US Treasury bill yielded 4.80%, the 6-month US Treasury bill yielded 4.91%, the 2-year US Treasury note yielded 4.03%, the 5-year US Treasury note yielded 3.58% and the 10-year US Treasury note yielded 3.47%.
3 May 16, 2023, Item #2
\0
0 ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2023 - March 31, 2023
: I Amortized Cost Basis Activity Summary
N
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)
202,253.43
0.00 Comparative Rates of Return (%l
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
2.76 2.73
3.00 3.32
3.73 3.70
3.35 * Six
month trailing
2.01 2.01
2.09 2.19
2.31 2.15
1.83 77,312,229.37
202,253.43
0.00 0.00
0.00 0.00
(33,475.84)
45,137.32
0.00 77,526,144.28
76,300,571.73
{1,225,572.55)
* One month
0.39 0.39
0.38 0.39
0.39 0.36
0.32 Detail of Amortized Cost Basis Retyrn
Interest Accretion Realized
earned {amortization) gain (loss)
Cash and Cash Equivalents 122.53 0.00 0.00
Corporate Bonds 66,208.33 (14,268.68) 0.00
Government Agencies 51,446.12 4,610.62 0.00
Government Bonds 26,702.25 21,319.54 0.00
Total 144,479.23 11,661.48 0.00
Summary of Amortized Cost Basis Retyrn 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
122.53
51,939.65
56,056.74
48,021.79
156,140 .71
Total portfolio
144,479.23
11,661.48
0.00 156,140.71
77,446,867 .17
0.20 0.52
692
4 May 16, 2023, Item #2
...
0 ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2023 - March 31, 2023
~ I Fair Value Basis Activity Summary
N Opening balance 75,164,892 .29
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
202,253.43
0.00 Comparative Rates of Beturn (%l
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
2.76 2.73
2.50 2.61
1.02 0.20
(0.38)
* Six
month trailing
2.01 2.01
1.93 2.13
2.01 2.30
2.78 202,253.43
0.00 0.00
0.00 0.00
0.00 933,426 .
01 76,300,571 .73
* One month
0.39 0.39
0.43 0.54
0.87 1.60
1.98 Detail of Fair Value Basis Beturn
Interest Change in
earned fair value
Cash and Cash Equivalents 122.53 0.00
Corporate Bonds 66,208 .33 240,077.20
Government Agencies 51,446.12 330,932.83
Government Bonds 26,702.25 362,415 .98
Total 144,479.23 933,426.01
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
122.53
306,285 .53
382,378.95
389,118 .23
1,077,905.24
Total portfolio
144,479. 23
933,426 .01
1,077,905 .24
76,213,775 .27
1.43 1.59
692
5 May 16, 2023, Item #2
RECAP OF SECURITIES HELD
As of March 31, 2023 .... ....
0 Historical ....
w cost N
Cash and Cash Equivalents 107,221.18
Corporate Bonds 22,671,325.00
Government Agencies 27,250,848.59
Government Bonds 28,134,115.19
'i1t1I
~ ~
Amortized Fair value Unrealized Weighted
cost gain (loss) average
final
maturity (days)
107,221 .18 107,221.18 0.00 1
22,105,096 .17 21,818,139.40 (286,956.77) 727
27,089,240 .88 26,752,398 .67 (336,842.21) 742
28,224,586.05 27,622,812 .48 (601,773.57) 618
~ ....... ~ rw'I. ~ ~ .... ~~
Portfolio diversification (%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ GovernmentAgencies
■ Government Bonds
Total
Percent
of
portfolio
0.14 29.00
34.86 35.99
0.14 29.00
34.86 35.99
100.00
CITY OF POWAY
Weighted
average
effective
duration (years)
0.00 1.72
1.88 1.63
6 May 16, 2023, Item #2
....
N
0 ....
w
N
MATURITY DISTRIBUTION OF SECURITIES HELD
As of March 31 , 2023
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
25.00 E 20.00
.s .... 15.00 1/)
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Historic cost Percent
8,162,287.18 10.44
4,293,620.77 5.49
21,797,932 .67 27.89
13,941,040.70 17.84
9,881,480.90 12.64
7,247,868.48 9.27
12,839,279.26 16.43
0.00 0.00
78,163,509.96 100.00
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CITY OF POWAY
7 May 16, 2023, Item #2
SECURITIES HELD
CITY OF POWAY
As of March 31, 2023
~
w
g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port
"" (loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 107,221.18 107,221 .18 107,221.18 107,221.18 0.00 0.00 0.14 - -- - --- - - -
Total Cash and Cash Equivalents 107,221.18 107,221.18 107,221.18 107,221.18 0.00 0.00 0.14 Corporate Bonds
931142DH3 WALMART INC 2.55% 11 APR2023 CALLABLE 2.550 04/11/2023 1,000,000 .00 1,015,270 .00 1,000,000.00 999,543 .80 (456.20) 12,041 .67 1.30 037833AK6 APPLE INC 2.4% 03MAY2023 2.400 05/03/2023 1,000,000.00 1,007,920 .00 1,000,192.89 998 ,159.41 (2,033.48) 9,866 .67 1.29 69353RFL7 PNC BANK NA 3.5% 08JUN2023 (CALLABLE 09MAY23) 3.500 06/08/2023 1,900 ,000 .00 1,995 ,436.00 1,902 ,764 .18 1,890,980 .93 (11,783.25) 20,873 .61 2.55 05/09/2023
17325FA57 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 3.650 01/23/2024 1,400,000.00 1,484,224 .00 1,415,544 .50 1,380 ,798.93 (34,745.57) 9,652 .22 1.90 12/23/2023
91159HHVS US BANCORP 3.375% OSFEB2024 (CALLABLE OSJAN24) 3.375 02/05/2024 1,900,000.00 1,999,636 .00 1,917,803.70 1,863 ,749 .84 (54,053 .86) 9,975.00 2.56 01/05/2024
17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 3.625 03/04/2024 1,000,000.00 1,070,370 .00 1,015,710.95 989 ,267.75 (26,443.20) 2,718 .75 1.37 459200JY8 IBM CORP 3% 15MAY2024 3.000 05/15/2024 2,300,000 .00 2,463,231 .00 2,358,399.78 2,257,432 .45 (100,967.33) 26,066 .67 3.15 02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 2.400 06/27/2024 1,000,000.00 1,012,410 .00 1,003 ,388 .68 970,313 .60 (33,075.08) 6,266.67 1.30 46647PAY2 JPMORGAN CHASE & CO 4.023% OSDEC2024 (CALLABLE 4.023 12/05/2024 2,000,000.00 2,207,640 .00 2,045,259.61 1,980,492 .90 (64,766.71) 25,926 .00 2.82 OSDEC23) 12/05/2023
166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 1.554 OS/11 /2025 1,800,000.00 1,715,436 .00 1,740,523.84 1,697,414.87 (43,108.97) 10,878 .00 2.19 11APR25) 04/11/2025
----~- -
8 May 16, 2023, Item #2
SECURITIES HELD
CITY OF POWAY
As of March 31, 2023 .... :,.
g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port
I\,)
(loss) interest cost
Corporate Bonds
24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 3.400 09/11/2025 1,000 ,000 .00 989,920 .00 991,875.13 975,006 .07 {16,869 .06) 1,888.89 1.27 037833DB3 APPLE INC 2. 9% 12SEP2027 {CALLABLE 12JUN27) 2. 900 09/12/2027 1,300,000.00 1,234,987.00 1,238 ,152.72 1,244,303.45 6,150.73 1,989.72 1.58 06/12/2027
24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020 .00 992 ,407.88 994,734 .10 2,326 .22 1,844.44 1.27 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091,585.00 1,091,686 .39 1,115,256 .99 23,570 .60 11 ,164.24 1.40 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 4.600 03/01/2028 2,400,000 .00 2,391 ,240.00 2,391 ,385 .92 2,460,68 4.31 69,298.39 9,200.00 3.06 01 FEB28) 02/01/2028
Total Corporate Bonds 22,100 ,000.00 22,671 ,325.00 22,105,096.17 21,818 ,139.40 {286,956.77) 160,352.55 29.00 Government Agencies
3133EMF31 FEDERAL FARM CREDIT BANK 0.125 % 02JUN2023 0.125 06/02/2023 2,000,000.00 1,968,700.00 1,995,629.28 1,984,781.94 (10,847.34) 826.39 2.52 3137EAEN5 FREDDIE MAC 2. 75% 19JUN2023 2.750 06/19/2023 2,000 ,000 .00 2,067,740 .00 2,003,792 .67 1,991,124.40 (12,668 .27) 15,583 .33 2.65 3135GOU43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,000,000.00 1,039,050.00 1,004 ,211.78 990,968 .68 (13,243 .10) 1,517.36 1.33 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 170CT2023 1.860 10/17/2023 2,000,000.00 1,997 ,646 .00 1,999,696 .71 1,969,493 .00 {30,203 .71) 16,946 .67 2.56 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 3.000 12/06/2023 1,000 ,000.00 1,071,740 .00 1,018,324.49 987,645 .39 (30,679 .10) 9,583.33 1.37 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 2.250 12/08/2023 1,000,000 .00 1,014 ,600 .00 1,002,306 .24 982 ,870.67 {19,435 .57) 7,062 .50 1.30 9 May 16, 2023, Item #2
SECURITIES HELD
CITY OF POWAY
As of March 31, 2023
~
u,
g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port
"' (loss) interest cost
Government Agencies
3135GOV34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 1,750,000.00 1,820,547.50 1,768,898 .34 1,716,721 .18 (52,177.16) 6,805 .56 2.33 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 0.250 02/26/2024 1,250,000 .00 1,246,747 .50 1,248,906 .89 1,202,001.76 (46,905 .13) 303 .82 1.60 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 0.300 03/28/2024 2,000,000.00 1,998,500.00 1,999,573.13 1,913,258.38 (86,314.75) 50.00 2.56 (CALLABLE 12APR23)
3135GOV75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000,000.00 2,007,920.00 2,002,075.27 1,929,607 .70 (72,467.57) 8,652.78 2.57 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 0.500 02/10/2025 1,000,000.00 1,002,860 .00 1,000,000.00 931,443 .97 (68,556.03) 708.33 1.28 (CALLABLE 1 OMA Y23) 05/10/2023
3130APJH9 FEDERAL HOME LOAN BANK 0.75% 280CT2026 0.750 10/28/2026 2,050,000.00 1,860,110.55 1,870,427 .60 1,875,218 .99 4,791 .39 6,534 .38 2.38 (CALLABLE 28APR23) #0001 04/28/2023
3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1 .250 12/21/2026 2,300,000.00 2,055,763 .00 2,076,130.00 2,094,571 .98 18,441.98 7,986.11 2.63 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 4.125 09/10/2027 2,000,000.00 1,993,260.00 1,993,907.34 2,026,082.32 32,174.98 4,812 .50 2.55 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12/01/2027 1,000,000.00 989,640 .00 989,785 .83 1,015,777 .14 25,991 .31 3,437 .50 1.27 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 4.250 12/10/2027 2,000,000 .00 2,010,731.16 2,010,446.81 2,031,726.00 21,279.19 34,708 .33 2.57 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 01/06/2028 1,100,000.00 1,105,292.88 1,105,128.50 1,109,105 .17 3,976.67 10,388.89 1.41 Total Government Agencies 27,450,000.00 27,250,848 .59 27,089,240.88 26,752,398.67 (336,842.21) 135,907.78 34.86 10 May 16, 2023, Item #2
SECURITIES HELD
CITY OF POWAY
As of March 31, 2023 ..... en
g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port
11,,)
(loss) interest cost
Government Bonds
91282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 1,300,000.00 1,287,461.39 1,297,297 .33 1,280,347.65 (16,949.68) 264.85 1.65 912828201 USA TREASURY 1.375% 31 AUG2023 1.375 08/31/2023 2,000,000.00 1,967,109.38 1,996,654.08 1,972,578.12 (24,075.96) 2,316.58 2.52 91282CDA6 USA TREASURY 0.25% 30SEP2023 0.250 09/30/2023 1,500,000 .00 1,485,761 .72 1,495,850.95 1,467,773.43 (28,077 .52) 0.00 1.90 912828T91 USA TREASURY 1.625% 31 OCT2023 1.625 10/31/2023 1,600,000.00 1,640,630.36 1,611,624.19 1,571,750.00 (39,874.19) 10,845.30 2.10 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 1,900,000 .00 1,925,679 .69 1,903,928.43 1,868,085.93 (35,842.50) 13,421 .36 2.46 9128285P1 USA TREASURY 2.875% 30NOV2023 2.875 11/30/2023 1,100,000 .00 1,151 ,566.19 1,117,212.24 1,086,808.59 (30,403 .65) 10,512 .71 1.47 91282CBEO USA TREASURY 0.125% 15JAN2024 0.125 01/15/2024 1,900,000.00 1,890,283 .71 1,896,613.31 1,832,906 .25 (63,707.06) 492.06 2.42 912828X70 USA TREASURY 2% 30APR2024 2.000 04/30/2024 2,000 ,000.00 2,036,015.63 2,008,504.59 1,945,078 .12 (63,426.47) 16,685 .08 2.60 912828YH7 USA TREASURY 1.5% 30SEP2024 1.500 09/30/2024 1,000,000.00 1,032,304.69 1,015,475.81 959,492.19 (55,983.62) 0.00 1.32 912828YM6 USA TREASURY 1.5% 31 OCT2024 1.500 10/31/2024 1,100,000 .00 1,132,015.40 1,116,461.82 1,053,765 .63 (62,696.19) 6,882.60 1.45 912828YYO USA TREASURY 1.75% 31 DEC2024 1.750 12/31/2024 1,000,000.00 1,046,643.98 1,022,981.39 959,375 .00 (63,606.39) 4,350.83 1.34 912828ZL7 USA TREASURY 0.375% 30APR2025 0.375 04/30/2025 2,900,000 .00 2,704,703 .13 2,767,184.17 2,689,750 .00 (77,434.17) 4,536.26 3.46 11 May 16, 2023, Item #2
SECURITIES HELD
CITY OF POWAY
As of March 31, 2023 .... ......
g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port N (loss) interest cost Government Bonds
91282CAJO USA TREASURY 0.25% 31 AUG2025 0.250 08/31/2025 1,400,000.00 1,279,250.00 1,308,375.11 1,282,476.57 (25,898.54) 294.84 1.64 91282CAT8 USA TREASURY 0.25% 31 OCT2025 0.250 10/31/2025 1,200,000.00 1,086,046 .88 1,107,087.40 1,094,109.37 (12,978.03) 1,251.38 1.39 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12/31/2025 2,300,000.00 2,106,124.89 2,143,593.94 2,096,414 .07 (47,179.87) 2,144.34 2.69 91282CBT7 USA TREASURY 0.75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707.82 1,266,174.82 1,280,835.93 14,661.11 0.00 1.59 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 1.250 12/31/2026 2,350,000.00 2,088,287 .11 2,114,870 .01 2, 146,578.)3 31,708 .12 7,303.18 2.67 9128283F5 USA TREASURY 2.25% 15NOV2027 2.250 11/15/2027 1,100,000.00 1,030,523 .22 1,034,696.46 1,034,687.50 (8.96) 9,298.34 1.32 Total Government Bonds 29,050,000.00 28,134,115.19 28,224,586.05 27,622,812.48 (601,773.57) 90,599.71 35.99 ·• II l"'lfflffll
.,.,,,.,.,,.,..
12 May 16, 2023, Item #2
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2023 ....
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) N United States Treasury Note/Bond
91282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,300,000.00 1,287,461.39 1.65 1,280,347.65 1.68 0.33 9128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 2,000,000.00 1,967,109.38 2.52 1,972,578.12 2.59 0.41 91282CDA6 USA TREASURY 0.25% 0.250 09/30/2023 AA+ Aaa 1,500,000.00 1,485,761.72 1.90 1,467,773.43 1.92 0.49 912828T91 USA TREASURY 1.625% 1.625 10/31/2023 AA+ Aaa 1,600,000.00 1,640,630.36 2.10 1,571,750.00 2.06 0.57 912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 1,900,000.00 1,925,679.69 2.46 1,868,085.93 2.45 0.65 9128285P1 USA TREASURY 2.875% 2.875 11/30/2023 AA+ Aaa 1,100,000.00 1 , 151 ,566.19 1.47 1,086,808.59 1.42 0.65 91282CBEO USA TREASURY 0.125% 0.125 01/15/2024 AA+ Aaa 1,900,000.00 1,890,283.71 2.42 1,832,906.25 2.40 0.78 912828X70 USA TREASURY 2% 2.000 04/30/2024 AA+ Aaa 2,000,000.00 2,036,015.63 2.60 1,945,078.12 2.55 1.04 912828YH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.32 959,492.19 1.26 1.45 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.45 1,053,765.63 1.38 1.52 912828YYO USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000.00 1,046,643.98 1.34 959,375.00 1.26 1.69 912828ZL7 USA TREASURY 0.375% 0.375 04/30/2025 AA+ Aaa 2,900,000.00 2,704,703.13 3.46 2,689,750.00 3.53 2.02 91282CAJO USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,400,000.00 1,279,250.00 1.64 1,282,476.57 1.68 2.35 91282CAT8 USA TREASURY 0.25% 0.250 10/31/2025 AA+ Aaa 1,200,000.00 1,086,046.88 1.39 1,094,109.37 1.43 2.51 91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 2,300,000.00 2,106, 124.89 2.69 2,096,414.07 2.75 2.67 91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 AA+ Aaa 1,400,000.00 1,243,707.82 1.59 1,280,835.93 1.68 2.90 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aaa 2,350,000.00 2,088,287.11 2.67 2,146,578.13 2.81 3.57 9128283FS USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aaa 1,100,000.00 1,030,523.22 1.32 1,034,687.50 1.36 4.27 Issuer total 29,050,000.00 28,134,115.19 35.99 27,622,812.48 36.20 1.63 Federal Farm Credit Banks Funding Corp
3133EMF31 FEDERAL FARM CREDIT 0.125 06/02/2023 AA+ Aaa 2,000,000.00 1,968,700.00 2.52 1,984,781.94 2.60 0.17 3133EKVB9 FEDERAL FARM CREDIT 1.860 10/17/2023 AA+ Aaa 2,000,000.00 1,997,646.00 2.56 1,969,493.00 2.58 0.53 3133EJ2B4 FEDERAL FARM CREDIT 3.000 12/06/2023 AA+ Aaa 1,000,000.00 1,071,740.00 1.37 987,645.39 1.29 0.66 3133EMRZ7 FEDERAL FARM CREDIT 0.250 02/26/2024 AA+ Aaa 1,250,000.00 1,246,747.50 1.60 1,202,001.76 1.58 0.89 13 May 16, 2023, Item #2
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2023 ....
\0
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) N Federal Farm Credit Banks Funding Corp
3133EMBE1 FEDERAL FARM CREDIT 0.300 03/28/2024 AA+ Aaa 2,000,000.00 1,998,500.00 2.56 1,913,258.38 2.51 0.97 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aaa 1,000,000.00 989,640.00 1.27 1,015,777 .14 1.33 4.19 3133ENSN6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aaa 1,100,000.00 1,105,292.88 1.41 1,109,105 .17 1.45 4.24 Issuer total 10,350,000.00 10,378,266.38 13.28 10,182,062.78 13.34 1.35 Federal Home Loan Banks
3130A3VCS FEDERAL HOME LOAN 2.250 12/08/2023 AA+ Aaa 1,000,000 .00 1,014,600.00 1.30 982,870.67 1.29 0.67 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 05/10/2023 AA+ Aaa 1,000,000.00 1,002,860.00 1.28 931,443.97 1.22 1.80 3130APJH9 FEDERAL HOME LOAN 0.750 10/28/2026 04/28/2023 AA+ Aaa 2,050,000.00 1,860,110.55 2.38 1,875,218.99 2.46 3.44 3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aaa 2,300,000.00 2,055,763.00 2.63 2,094,571.98 2.75 3.54 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aaa 2,000,000.00 1,993,260.00 2.55 2,026,082 .32 2.66 4.01 3130ATU54 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aaa 2,000,000.00 2,010,731.16 2.57 2,031,726 .00 2.66 4.13 Issuer total 10,350,000.00 9,937,324.71 12.71 9,941,913.93 13.03 3.27 Federal National Mortgage Association
3135GOU43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,039,050.00 1.33 990,968.68 1.30 0.44 3135GOV34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 1,750,000 .00 1,820,547.50 2.33 1,716,721.18 2.25 0.83 3135GOV75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000,000 .00 2,007,920 .00 2.57 1,929,607 .70 2.53 1.21 Issuer total 4,750,000 .00 4,867,517 .50 6.23 4,637,297.56 6.08 0.90 · Colgate-Palmolive Co
194162AR4 COLGATE-PALMOLIVE CO 4.600 03/01/2028 02/01/2028 AA- Aa3 2,400,000.00 2,391,240.00 3.06 2,460,684.31 3.22 4.30 Issuer total 2,400,000.00 2,391 ,240.00 3.06 2,460,684.31 3.22 4.30 International Business Machines Corp
459200JY8 IBM CORP 3% 3.000 05/15/2024 A- A3 2,300,000.00 2,463,231.00 3.15 2,257,432.45 2.96 1.07 Issuer total 2,300,000 .00 2,463,231.00 3.15 2,257,432.45 2.96 1.07 ----·- -
14 May 16, 2023, Item #2
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2023
N
0 g,cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w
N date rating rating shares cost hist cost value mkt value dur (yrs) Apple Inc
037833AK6 APPLE INC 2.4% 2.400 05/03/2023 AA+ Aaa 1,000,000.00 1,007,920.00 1.29 998,159.41 1.31 0.09 037833D83 APPLE INC 2.9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000 .00 1,234,987.00 1.58 1,244,303.45 1.63 4.01 Issuer total 2,300,000 .00 2,242,907.00 2.87 2,242,462.86 2.94 2.25 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 2.65 1,991,124.40 2.61 0.22 Issuer total 2,000,000 .00 2,067,740.00 2.65 1,991,124.40 2.61 0.22 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 2.82 1,980,492.90 2.60 0.66 Issuer total 2,000,000 .00 2,207,640 .00 2.82 1,980,492.90 2.60 0.66 John Deere Capital Corp
24422ETC3 JOHN DEERE CAPITAL 3.400 09/11/2025 A A2 1,000,000.00 989,920.00 1.27 975,006.07 1.28 2.30 24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A A2 1,000,000.00 992,020.00 1.27 994,734.10 1.30 4.00 Issuer total 2,000,000.00 1,981,940.00 2.54 1,969,740.17 2.58 3.15 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 2.55 1,890,980.93 2.48 0.19 Issuer total 1,900,000.00 1,995,436.00 2.55 1,890 ,980.93 2.48 0.19 US Bancorp
91159HHVS US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A+ A2 1,900,000 .00 1,999 ,636.00 2.56 1,863,749.84 2.44 0.82 Issuer total 1,900,000.00 1,999,636.00 2.56 1,863,749.84 2.44 0.82 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 2.19 1,697,414.87 2.22 2.01 Issuer total 1,800,000.00 1,715,436.00 2.19 1,697,414.87 2.22 2.01 15 May 16, 2023, Item #2
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31 , 2023
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) N Citibank NA
17325FA57 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 1,400,000.00 1,484,224.00 1.90 1,380,798.93 1.81 0.78 Issuer total 1,400,000.00 1 ,484,224.00 1.90 1,380,798.93 1.81 0.78 Toyota Motor Credit Corp
89236TKQ7 TOYOTA MOTOR CREDIT 4.625 01/12/2028 A+ A1 1,100,000.00 1,091,585.00 1.40 1,115,256 .99 1.46 4.19 Issuer total 1,100,000.00 1,091,585.00 1.40 1,115,256 .99 1.46 4.19 Walmart Inc
931142DH3 WALMART INC 2.55% 2.550 04/11/2023 AA Aa2 1,000,000 .00 1,015,270.00 1.30 999,543.80 1.31 0.03 Issuer total 1,000,000.00 1,015,270.00 1.30 999,543.80 1.31 0.03 Cisco Systems Inc
17275RAN2 CISCO SYSTEMS INC 3.625 03/04/2024 AA- A1 1,000,000.00 1,070,370.00 1.37 989,267.75 1.30 0.90 Issuer total 1,000,000.00 1,070,370.00 1.37 989,267.75 1.30 0.90 American Honda Finance Corp
02665WCZ2 AMERICAN HONDA 2.400 06/27/2024 A- A3 1,000,000.00 1,012,410.00 1.30 970,313.60 1.27 1.19 Issuer total 1,000,000 .00 1,012,410.00 1.30 970,313.60 1.27 1.19 Cash and Cash Equivalents
INVESTED CASH 0.000 107,221.18 107,221.18 0.00 107,221.18 0.14 0.00 Issuer total 107,221.18 107,221.18 0.00 107,221.18 0.14 0.00 16 May 16, 2023, Item #2
SECURITIES PURCHASED
CITY OF POWAY
For the period March 1, 2023 - March 31, 2023
N
N
g,cusip Description / Broker Trade date Coupon Maturity/ Par value or Unit cost Principal Accrued w Settle date Call date shares cost interest
N
Corporate Bonds
194162AR4 COLGATE-PALMOLIVE CO 4.6% 03/01/2023 4.600 03/01/2028 2,400,000.00 99.64 (2,391,240.00) (1,533 .33) MORGAN STANLEY AND CO., LLC 03/06/2023 02/01/2028
89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 03/10/2023 4.625 01/12/2028 1,100,000.00 99.24 (1,091,585.00) (8,903.13) WELLS FARGO SECURITIES, LLC 03/15/2023
Total Corporate Bonds 3,500,000.00 (3,482,825.00) (10,436.46) Government Agencies
3133EPCG8 FEDERAL FARM CREDIT BANK4 .125% 03/07/2023 4.125 12/01/2027 1,000,000 .00 98.96 (989,640.00) (802.08) MORGAN STANLEY AND CO., LLC 03/08/2023
-
Total Government Agencies 1,000,000.00 (989,640.00) (802.08) 17 May 16, 2023, Item #2
SECURITIES SOLD AND MATURED
CITY OF POWAY
For the period March 1, 2023 - March 31, 2023
N
1./J
g,cusip Description / Broker Trade date Coupon Maturity/ Par value or Historical cost Amortized cost Price Fair value at Realized Accrued
1./J Settle date Call date shares at sale or sale or gain interest N maturity maturity (loss) sold
Corporate Bonds
06051GHF9 BANK OF AMERICA CORP 3.55% 03/06/2023 3.550 (2,350,000 .00) 2,488,495 :00 2,350 ,000.00 0.00 2,350,000.00 0.00 0.00 05MAR2024 (CALLABLE 05MAR23) 03/06/2023
084670BR8 BERKSHIRE HATHAWAY 2.75% DUE 03/15/2023 2.750 (1,000,000 .00) 1,021 ,370 .00 1,000,000 .00 0.00 1,000,000.00 0.00 0.00 03-15-2023 03/15/2023
-Total (Corporate Bonds) (3,350,000.00) 3,509,865 .00 3,350,000 .00 3,350,000.00 0.00 0.00 Government Agencies
3133EJFKO FEDERAL FARM CR BKS CONS 03/08/2023 2.650 (1,000,000.00) 1,032,790.00 1,000,000.00 0.00 1,000,000.00 0.00 0.00 SYSTEMWIDE BDS 2.65% DUE 03/08/2023
03-08-2023
- - --· -- ---
Total (Government Agencies) (1 ,000,000.00) 1,032,790.00 1,000,000.00 1,000,000 .00 0.00 0.00 - ---- -~ [00!,
18 May 16, 2023, Item #2
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period March 1, 2023 - March 31, 2023
"' :..
g,cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value
"' --
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 122.53 122.53
Total Cash 0.00 0.00 0.00 122.53 122.53
------- ~~
Corporate Bonds
02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 (227.43) 0.00 7,612.83 2,200.00 0.00 037833AK6 APPLE INC 2.4% 03MAY2023 (175.35) 0.00 2,878.83 2,200.00 0.00 037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 1,158.19 0.00 35,671.77 3,455.83 18,850.00 06051GHF9 BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23) (913.91) 0.00 306.23 1,622.15 41 ,712.50 084670BR8 BERKSHIRE HATHAWAY 2.75% DUE 03-15-2023 0.00 0.00 878.84 1,298.61 13,750.00 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 11 APR25) 2,344 .66 0.00 26,647.08 2,564.10 0.00 17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 (1,411.16) 0.00 4,143.79 3,322.92 18,125.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,773.14) 0.00 1,1 76.01 4,684.16 0.00 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) 145.92 0.00 69,444.31 7,666.67 0.00 459200JY8 IBM CORP 3% 15MAY2024 (4,325.91) 0.00 21,406.33 6,325.00 0.00 24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 276.67 0.00 15,442.43 3,116.67 17,000.00 24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 141.90 0.00 22,854.64 3,804.16 21,556.94 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 05DEC23) (5,541.99) 0.00 6,548.30 7,375.50 0.00 69353RFL7 PNC BANK NA 3.5% 08JUN2023 (CALLABLE 09MAY23) (2,126.29) 0.00 (280.38) 6,095.83 0.00 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 101.39 0.00 23,671.99 2,261.11 0.00 91159HHV5 US BANCORP 3.37S% 05FEB2024 (CALLABLE 05JAN24) (1,942.23) 0.00 (869.20) 5,878.12 0.00 19 May 16, 2023, Item #2
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period March 1, 2023 - March 31, 2023
N u,
g,cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value
N
Corporate Bonds
931142DH3 WALMART INC 2.55% 11 APR2023 CALLABLE 0.00 0.00 2,543.40 2,337.50 0.00 ~ ~
Total Corporate Bonds (14,268.68) 0.00 240,077.20 66,208.33 130,994.44 Government Agencies
313SGOV75 FANNIE MAE 1.75% 02JUL2024 (137.74) 0.00 16,462.18 3,208.34 0.00 3135GOV34 FANNIE MAE 2.5% 05FEB2024 (1,858.85) 0.00 11,108.37 4,010.42 0.00 3135GOU43 FANNIE MAE 2.875% 12SEP2023 (779.96) 0.00 3,220.58 2,635.42 14,375.00 3133EJFKO FEDERAL FARM CR BKS CONS SYSTEMWIDE BD5 2.65% DUE 03-08-2023 (215.37) 0.00 383.48 736.11 13,250.00 3133EMF31 FEDERAL FARM CREDIT BANK 0.125% 02JUN2023 2,114.87 0.00 8,773.02 229.17 0.00 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 100.59 0.00 11,580.46 286.46 0.00 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 (CALLABLE 12APR23) 35.77 0.00 17,158.24 550.00 3,000.00 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 170CT2023 46.19 0.00 10,497.30 3,410.00 0.00 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 (2,151.46) 0.00 5,143.23 2,750.00 0.00 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 (89.66) 0.00 23,356.55 4,033.33 0.00 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 145.83 0.00 26,137.14 2,635.42 0.00 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 OMAY23) 0.00 0.00 16,201.81 458.33 0.00 3130APJH9 FEDERAL HOME LOAN BANK 0. 75% 280CT2026 (CALLABLE 28APR23) #0001 4,182.59 0.00 50,357.55 1,409.38 0.00 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 5,008.28 0.00 46,239.38 2,635.42 0.00 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 (278.98) 0.00 5,803.68 2,062.50 0.00 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 114.23 0.00 41,470.74 7,562.50 37,125.00 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 10DEC2027 (185.45) 0.00 31,928.88 7,791.66 0.00 20 May 16, 2023, Item #2
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period March 1, 2023 - March 31, 2023
N
CTI
~Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w {amortization) {loss) value
N
Government Agencies
3137EAEN5 FREDDIE MAC 2. 75% 19JUN2023 (1,440.26) 0.00 5,110.24 5,041.66 0.00 - -
Total Government Agencies 4,610.62 0.00 330,932.83 51,446.12 67,750.00 Government Bonds
91282CBEO USA TREASURY 0.125% 15JAN2024 362.02 0.00 13,582.04 203.39 0.00 91282CCN9 USA TREASURY 0.12S% 31 JUL2023 686.74 0.00 6,500.00 139.16 0.00 91282CDA6 USA TREASURY 0.25% 30SEP2023 702.85 0.00 9,316.39 319.37 1,875.00 91282CAJO USA TREASURY 0.25% 31 AUG2025 3,213.09 0.00 25,101.57 294.84 0.00 91282CAT8 USA TREASURY 0.25% 31 OCT2025 3,047.92 0.00 22,453.11 256.90 0.00 912828ZL7 USA TREASURY 0.375% 30APR2025 5,410.37 0.00 47,804.70 931.29 0.00 91282CBC4 USA TREASURY 0.375% 31DEC2025 4,819.67 0.00 44,472.66 738.61 0.00 91282CBT7 USA TREASURY 0. 75% 31 MAR2026 3,785.20 0.00 28,109.36 894.23 5,250.00 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 5,316.58 0.00 51,130.86 2,515.54 0.00 912828201 USA TREASURY 1.37S% 31 AUG2023 677.93 0.00 8,671.88 2,316.58 0.00 912828YH7 USA TREASURY 1.5% 30SEP2024 (873.86) 0.00 12,226.57 1,277.47 7,500.00 912828YM6 USA TREASURY 1.5% 31 OCT2024 (879.86) 0.00 14,093.75 1,412.99 0.00 912828T91 USA TREASURY 1.625% 31 OCT2023 (1,683.88) 0.00 8,250.00 2,226.51 0.00 912828YYO USA TREASURY 1.75% 31DEC2024 (1,111.43) 0.00 13,75000 1,498.62 0.00 912828X70 USA TREASURY 2% 30APR2024 (665.76) 0.00 15,859.36 3,425.41 0.00 912828U57 USA TREASURY 2.125% 30NOV2023 (499.10) 0.00 9,425.77 3,438.53 0.00 9128283F5 USA TREASURY 2.2S% 1 SNOV2027 1,197.87 0.00 26,812.50 2,119.47 0.00 21 May 16, 2023, Item #2
DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2023 - March 31, 2023
~
g, Cusip Description
w N
Government Bonds
9128285P1 USA TREASURY 2.875% 30NOV2023
Total Government Bonds
Accretion
(amortization)
(2,186.81)
21,319.54
Realized gain
(loss)
0.00 0.00
CITY OF POWAY
Change in fair Interest earned Interest received
value
4,855.46
362,415 .98
2,693 .34
26,702 .25
0.00 14,625.00
iiii••ffitiii vUEJ u ~ ~ ~
22 May 16, 2023, Item #2
TRANSACTION REPORT
CITY OF POWAY
For the period March 1, 2023 - March 31, 2023
N
00 g_Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total wSettle date shares gain{loss)
N
03/01/2023 194162AR4 Bought Corporate Bonds COLGATE-PALMOLIVE CO 4.6% 03/01/2028 2,400,000 .00 0.00 (2,391,240.00) (1,533.33) (2,392,773.33) 03/06/2023
03/04/2023 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 03/04/2023
03/05/2023 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 03/05/2023
03/06/2023 06051 GHF9 Capital Change Corporate Bonds BANK OF AMERICA CORP 3.55% 03/05/2024 (2,350,000 .00) 0.00 2,350,000.00 0.00 2,350,000 .00 03/06/2023
03/07/2023 3133EPCG8 Bought Government Agencies
FEDERAL FARM CREDIT BANK 12/01/2027 1,000,000.00 0.00 (989,640.00) (802.08) (990,442.08) 03/08/2023
03/08/2023
3133EJFKO Income Government Agencies FEDERAL FARM CR BKS CONS 03/08/2023 1,000,000.00 0.00 0.00 13,250.00 13,250.00 03/08/2023
03/08/2023 3133EJFKO Capital Change Government Agencies FEDERAL FARM CR BKS CONS 03/08/2023 (1,000,000.00) 0.00 1,000,000.00 0.00 1,000,000 .00 03/08/2023
03/10/2023 3130ATHWO Income Government Agencies FEDERAL HOME LOAN BANK 09/10/2027 2,000,000 .00 0.00 0.00 37,125.00 37,125.00 03/10/2023
03/10/2023 89236TKQ7 Bought Corporate Bonds TOY OT A MOTOR CREDIT CORP 01/12/2028 1,100,000.00 0.00 (1,091,585.00) (8,903.13) (1,100,488.13) 03/15/2023
03/11/2023 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 03/11/2023
03/12/2023 037833DB3 Income Corporate Bonds APPLE INC 2.9% 12SEP2027 09/12/2027 1,300,000.00 0.00 0.00 18,850.00 18,850.00 03/12/2023
03/12/2023 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 03/12/2023
03/15/2023 084670BR8 Income Corporate Bonds
BERKSHIRE HATHAWAY 2.75% 03/15/2023 1,000,000.00 0.00 0.00 13,750.00 13,750 .00 03/15/2023
03/15/2023 084670BR8 Capital Change Corporate Bonds
BERKSHIRE HATHAWAY 2.75% 03/15/2023 (1,000,000. 00) 0.00 1,000,000 .00 0.00 1,000,000.00 03/15/2023
03/15/2023 24422EWK1 Income Corporate Bonds JOHN DEERE CAPITAL CORP 09/15/2027 1,000,000 .00 0.00 0.00 21,556.94 21,556 .94 03/15/2023
03/28/2023 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 03/28/2023
03/31/2023 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 03/31/2023
23 May 16, 2023, Item #2
TRANSACTION REPORT
CITY OF POWAY
For the period March 1, 2023 - March 31, 2023
N
ID
g, Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total wSettle date shares gain(loss)
N
03/31/2023 91282CBT7 Income Government Bonds USA TREASURY 0.75% 03/31/2026 1,400,000 .00 0.00 0.00 5,250.00 5,250.00 03/31/2023
03/31/2023 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 03/31/2023
03/31/2023 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 122.53 122.53 24 May 16, 2023, Item #2
w
ADDITIONAL INFORMATION
As of March 31 , 2023
CITY OF POWAY
OPast 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 0 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 Nyour 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 S-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. 25 May 16, 2023, Item #2
w ....
ADDITIONAL INFORMATION
As of March 31, 2023
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
Nlnsight 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 of The 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 ofThe 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. © 2023 Insight Investment. All rights reserved .
26 May 16, 2023, Item #2
City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash W I I March 2023
N
0 ....
~ I Investments & Cash with Fiscal Agents
Part I
Settlement . Yield to I Days to r % of Total I Face -1, Book I r Market I
Unrealized
INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value I Value Gain(Loss) Value 1st Am Gov't Obligations Money Mkt Fd 03131123 1 Various! 1r 100.00%1. $513,734.33 1 $513,734.33 1 $513,734.3 31 $0.00 J I L - I I I' I r I ,- I - 1 11 - ir -_-,, I r I r- )I I I I' I I Various! - 1 I r 100.00%1 r $513,734.33 1 . $513,734.33 1 r $513,734.33 1 • Average/Total $0.00 -- - --Paying Agent or Uninvested Cash & DITs $0.00
-- - I[ Total Investments and Cash with Fiscal Agent $513,734.33 I I -)>
-1 -1 Part II )>
n Non-Mana ed Investments :I:
~
Days to 1 % of Total j: ·
I
-1 r
I·
s: Settlement Yield to Face Book Market Unrealized
m INVESTMENT DESCRIPTION Date I Maturity Maturity Investment Value Value I Value Gain(Loss) z -1
County Pool ~ 03/31 /23 I . 3.17%1 1Jr 100.00%1 $201,594.82 1 - $201,594.82 1 s195,653.oo I ($5, 941.82) 1 C I - I I I I I •
- ---
I 3.17%1 ! I 100.00%1 I $201,594.82 I 1 $201,594.82 1 r $195,653.oo I· ($5,941.82) 1 Average/Total NIA -
Part Ill
General, Pa',lroll & Pettll Cash
r Book
Value
General Cash (Union Bank) $4,662,679.18
-Payroll Cash (Union Bank) $20,000.00
Emergency Cash (Union Bank) I $10,000.00
------ - -· I Grant Cash (Union Bank) $0.00
- s20,ooo .oo I r-Flexible Benefits Cash (Union Bank)
-- -ir $8,600.00 I r-Petty Cash
Total Cash -r $4,721,279 .18
May 16, 2023, Item #2