March 19, 2024, Item #2
AG EN DA REPORT City of Poway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
March 19, 2024
Honorable Mayor and Members of the City Council
Brad Rosen, Interim Director of Finance ~
Mehrnoush Jamshidi, Finance Manager \e
(858) 668-4426 or [email protected]
City's Investment Report as of December 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 December 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 December 31, 2023, was $129,868,458. It consisted of the following:
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
1 of 31
March 19, 2024, Item #2
Investment Portfolio Total
Cash $79,918
Deposits at CalTRUST 23,983,252
Deposits at the Local Agency Investment Fund (LAIF} 27,034,723 U. S. Treasury Notes 30,352,151
U.S. Instrumentalities 25,458,662
Corporate Notes 22,959,752
Fair Value of Investment Portfolio as of December 31, 2023 $129,868,458 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. Additional funding was needed in November to issue debt service payments.
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 December 31, 2023, is estimated at
3.93% for LAIF, 4.90% for the CalTRUST short-term fund, and 3.87% 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 $78,978,795; the fair value is $78,850,483 for an unrealized loss of $128,312 or 0.16% of the total amortized cost value. The source of the fair value information for the U.S. Treasury Notes, the U.S. Instrumentalities, Corporate Notes, and Municipal Bonds is Interactive Data Corporation.
Also included with this report are recaps of the City's cash and investments held by fiscal agents, non managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at December 31, 2023, was $79,918. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $132,075 at December 31, 2023. The City's cash on hand at December 31, 2023 totaled $538,657.
The December 31, 2023 balance of the City's Library Trust Fund is $264,506. Through the Fiscal Year 2023-24 period ending December 31, 2023, no transfer of interest earnings has been transferred to the General Fund. At the close of Fiscal Year 2023-24, 90% of the Library Trust Fund's interest earnings will be transferred to the General Fund to partially offset library operating costs. 2 of 31
March 19, 2024, Item #2
Environmental Review:
This action is not subject to review under the California Environmental Quality Act (CEQA).
Fiscal Impact:
The externally managed investment portfolio earned $161,525 of interest during December 2023, as well as $149,752 of interest during November 2023, and $153,020 during October 2023. Fees for investment services during this period totaled $9,686.
Public Notification:
None.
Attachments:
A. Investment Statistics
B. Investment Portfolio Report prepared by Insight Investment C. Investment Report prepared by Insight Investment
D. City of Poway Investments and Cash with Fiscal Agent; General, Payroll, and Petty Cash Report at December 31, 2023
Reviewed/Approved By:
Wendy aserman
Assistant City Manager
3 of 31
Reviewed By:
Alan Fenstermacher
City Attorney
Approved By:
c~
City Manager
March 19, 2024, Item #2
City
of
Poway
Investment
Statistics
Separately
Managed
Investment
Pools
Fair
Value
:
CalTRUST
Short-Term
Deposits
CalTRUST
Medium
-Term
Deposits
December
2022
$
11,500,594 11,342,355 21,089
,325
September
2023
$
11,894,050 11,544
,557
38,662,184
December
2023 12,110,989 11
,872,263
27,034,723
Deposits
at
the
Local
Agency
Investment
Fund
(LAIF)
Total
Fair
Value
$
43,932,274
$
62,100,791
$
51,017,975
Weighted
Average
Yield
Effective
Average
Duration
in
days
Weighted
Average
Maturity
in
days
Externally
Managed
Investment
Pools
Fair
Value:
2.47%
1 1
3.82%
1 1
4.15%
1 1
Cash
$
202,255
$
127,179
$
79,918
U.S. Treasury
Notes
U.S.
Instrumentalities
Corpo
rate
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
Matur
ity
in
years
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
29,342,353 25,698,281 21,547,103 76,714,917
127,179
30,061,698 26
,236,861
22,035,542 78,461,280 (1,746,363)
-2.23% 138
,390
2.70% 1.75 1.91
30,352,151 25
,458,662
22,959,752 78,850,483
79,918
30,465
,999
25,466,779 22,966,099 78,978,795
(128,312)
-0.16% 161
,525
3.31% 1.98 2.17
Total
Fair
Value
of
Portfolio
Assets
$
119,041,045
$
138,815,708
$
129
,868
,458
Weighted
Average
Yield
Effective
Average
Duration
in
years
Weighted
Average
Maturity
in
years
Glossary
of
Yield
Terminology
2.07% 0.85
0.93 3.20% 0.97 1.06
Coupon:
A
bond
's
coupon
is
the
periodic
interest
payment
made
to
the
ho
lder
of
the
fixed
income
security
dur
ing
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
.
Th
is 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
dale.
One
Year
Total
Yield:
The
One
Year
Total
Yield
or
One
Year
Return
represents
the
portfolio
's
percentage
change
over
a
year's
time
, factor
ing
in
interest
payments,
changes
in
market
value
and
reinvestment
of
distributions
.
3.64% 1.20 1.32
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 of31
ATTACHMENT
A
March 19, 2024, Item #2
City of Poway
Monthly Investment Portfolio Report
December 31, 2023
Separately Managed Investment Pools % Return
LAIF $ 27,034,723 53% 3.93%
CalTrust -Short $ 12,110,989 24% 4.90%
CalTrust -Medium $ 11,872,263 23% 3.87%
Total Internally Managed $ 51,017,974 39%
Weighted Average Yield 4.15%
Days
Effective Average Duration -Internal 1
Weighted Average Maturity-Internal 1
Externally Managed Assets % Return
Cash $ 79,918 0% 3.50%
Treasury Securities $ 30,352,151 38% 3.24%
Instrumentality Securities $ 25,458,662 32% 3.26%
Corporate Notes $ 22,959,752 29% 3.48%
Total Externally Managed $ 78,850,483 61%
Weighted Average Yield 3.31%
Years
Effective Average Duration -External 1.98
Weighted Average Final Maturity -External 2.17
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
5 of 31
27,034,723 21% 3.93%
12,110,989 9% 4.90%
11,872,263 9% 3.87%
79,918 0% 3.50%
30,352,151 23% 3.24%
25,458,662 20% 3.26%
22,959,752 18% 3.48%
129,868,458
3.64%
Years
1.20 1.32
$
$
Ca IT rust -Short,
24%
Securities
25%
128,604,752
129,868,458
ATTACHMENT B
lAIF, 53%
Cash, 0%
Treasury
Securities, 38%
Instrumentality
Securities, 32%
CalTrust -Short CalTrust-
12% Medium
12%
Cash
0%
March 19, 2024, Item #2
6 of31
ATTACHMENT
C
March 19, 2024, Item #2
Contents
Fixed income market review
Activity and performance summary
Recap of securities held
Maturity distribution of securities held
Securities held
GASB 40-Deposit and investment risk disclosure
Securities purchased
Securities sold and matured
Detail of return and interest received
Transaction report
Additional information
3 4
6 7
8 13
17 18
19 23
24 ...
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March 19, 2024, Item #2
FIXED INCOME MARKET REVIEW
As of December 31, 2023
Chart 1: The Fed pivoted to project three rate cuts in 2024, markets priced in far more 6 5
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-
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-.... • -·'
""-3
2 ....... :.-:-:°.:":--··-:..
- 1
0 CITY OF POWAY
Economic Indicators and Monetary Policy
As expected, the Fed left the Fed Funds Rate at 5.25% to 5.5%. However, for the first time since the hiking cycle began, it adjusted its "dot plot" to reflect a more dovish set of projections than the previous quarter. The committee pencilled in three cuts for 2024. Markets responded by aggressively pricing in an even steeper path of rate cuts (Chart 1). The Fed updated its quarterly economic projections to reflect lower near-term GDP growth and lower inflation than it projected in September. For 2024, it lowered its GDP estimate from 1.5% to 1.4% and reduced its inflation estimates marginally .
Headline consumer prices rose 0.1 % in November, bringing CPI down from 3.2% to 3.1 % on a year-on-year basis. Core CPI accelerated slightly from 0.2% to 0.3% month-on-month, remaining at 4% year-on-year. Energy prices (and related categories such as gasoline, energy goods and private transportation) were the largest negative contributors to the index. Shelter had the largest weighted contribution to the index. Excluding shelter, CPI was 1.4% year-on-year. The 2022 2023 2024 2025 2026 2027 Fed's "supercore" CPI measure (core services excluding shelter) remained relatively high, --Fed Funds rate
Source: Federal Reserve, Bloomberg, Insight, December 31, 2023 Chart 2: The job market shows signs of easing
2 0 .g 15
-"' • "' ... Ol)-
c: -0
·-"' C: >
~.!2 1
0 C.
.o E
0 "' ~ C:
::, 0.5
0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
.5
1.5 Recession _._ Job openings per worker (LHS) -• -Quits rate (RHS) Source: Bureau of Labor Statistics, Bloomberg, Insight, December 31, 2023 "'
~-"' ~ -~::,
0 mostly due to transportation services and medical care services.
The final estimate of Q3 GDP was revised back down from 5.2% to 4. 9%, with consumption once again revised down, but business investment notably revised up (with investment in manufacturing structures encouragingly the leading light).
The labor market showed signs of loosening. The ratio of job openings to unemployed people fell to 1.4, the lowest figure since 2021 (Chart 2). Nonfarm payrolls rose by 199,000 in November. Wage growth was 4.0% year-on-year, unchanged from the prior month and the lowest since June 2021. The unemployment rate unexpectedly fell to 3.7% from 3.9% despite the labor force participation rate ticking up from 62.7 to 62.8%.
Interest Rate Summary
Longer-dated yields continue to fall given the Fed's "pivot" to more dovish projections. At the end of December, the 3-month US Treasury bill yielded 5.36%, the 6-month US Treasury bill yielded 5.27%, the 2-year US Treasury note yielded 4.25%, the 5-year US Treasury note yielded
3.85% and the 10-year US Treasury note yielded 3.88%.
...
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3 March 19, 2024, Item #2
ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2023 -December 31, 2023
Amortized cost Basis Activity summary
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)
166,916.50
0.00 comparative Bates of Beturn (%1
* Twelve * Six
month trailing month trailing
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
5.02 2.63
5.05 2.65
5.04 2.64
5.02 2.64
5.08 2.64
4.58 2.42
4.06 2.18
78,750,841.56
166,916.50
0.00 0.00
0.00 0.00
(17,952.80)
78,989.86
0.00 78,978,795.12
78,850,483.48
(128,311.64)
* One month
0.44 0.45
0.44 0.43
0.41 0.37
0.33 [2etail of Amortized cost Basis Beturn
Interest Accretion Realized
earned (amortization) gain (loss)
Cash and Cash Equivalents 481.39 0.00 0.00
Corporate Bonds 65,227.31 1,964.53 0.00
Government Agencies 53,084.34 16,783.12 0.00
Government Bonds 42,732.04 42,289.41 0.00
Total 161,525.08 61,037.06 0.00
summary of Amortized cost Basis Beturn 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
481.39
67,191.84
69,867.46
85,021.45
222,562.14
Total portfolio
161,525.08
61,037.06
0.00 222,562.14
78,898,976.91
0.28 2.57
791
4 March 19, 2024, Item #2
ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2023 -December 31, 2023
Fair Value Basis Activity summary
Opening balance
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
166,916.50
0.00 CQmparative Bates Qf Beturn !%!
*Twelve * Six
month trailing month trailing
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
5.02 2.63
S.0S 2.65
S.01 2.70
5.14 2.83
4.74 3.02
4.26 3.2S
4.30 3.34
77,813,662.55
166,916.50
0.00 0.00
0.00 0.00
0.00 869,904.43
78,850,483.48
* One month
0.44 0.45
0.47 0.52
0.70 1.12
1.49 Detail Qf Fair Value Basis Betur□
Interest Change in
earned fair value
Cash and Cash Equivalents 481.39 0.00
Corporate Bonds 65,227.31 239,207.51
Government Agencies 53,084.34 281,553.51
Government Bonds 42,732.04 349,143.41
Total 161,525.08 869,904.43
Summary Qf Fair 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
481.39
304,434.82
334,637.85
391,875.45
1,031,429.51
Total portfolio
161,525.08
869,904.43
1,031,429.51
78,919,186.13
1.32 5.15
791
5 March 19, 2024, Item #2
RECAP OF SECURITIES HELD
As of December 31, 2023
Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
"l..11Co:
Historical
cost
79,917.84
23,249,508.00
25,360,042.59
30,073,237.97
Amortized
cost
79,917.84
22,966,099.07
25,466,778.83
30,465,999.38
Fair value
79,917.84
22,959,751.97
25,458,662.19
30,352, 151.48
Unrealized
gain (loss)
0.00 (6,347.10)
(8,116.64)
(113,847.90)
Weighted Percent
average of
final portfolio
maturity (days)
792
805
781
0.10 29.52
32.20 38.18
Portfolio diversification (%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ GovernmentAgencies
■ Government Bonds
Total
0.10 29.52
32.20 38.18
100.00
Weighted
average
effective
duration (years)
0.00 1.88
2.04 2.02
CITY OF POWAY
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6 March 19, 2024, Item #2
MATURITY DISTRIBUTION OF SECURITIES HELD
As of December 31, 2023
Maturity
---
Under 90 days
90 to 1 79 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
11,590,226.55 14.72
5,527,046.63 7.02
5,184,650.09 6.58
13,802,694.12 17.52
18,973,625.62 24.09
15,713,257.23 19.95
7,971,206.16 10.12
0.00 0.00
78,762,706.40 100.00
E .s ...,
"' 0
u
"' u ·;::
.8 "' ::i:
20.00 Maturity distribution
~ ~ # ~ ~ ~ ~ ~ ~ ~ 0 ~ ~ ~ ~ ~
1,-.r::s ::!-,o o'\.-o"J ot,,. ~ 1,-.":J
~ ~ fa ~ ~ ~ ~ ~ .;:;,<::' Cl)<::> ~'1>"' 0
'b<::>
"
CITY OF POWAY
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7 March 19, 2024, Item #2
SECURITIES HELD
CITY OF POWAY
As of December 31, 2023
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 79,917.84 79,917.84 79,917.84 79,917.84 0.00 0.00 0.10 Total Cash and Cash Equivalents 79,917.84 79,917.84 79,917.84 79,917.84 0.00 0.00 0.10 Corporate Bonds
17325FAS7 CITIBANK NA 3.65% 23JAN2024 CALLABLE 3.650 01/23/2024 1,400,000.00 1,484,224.00 1,400,000.00 1,398,433.86 (1,566.14) 22,427.22 1.88 91159HHVS US BANCORP 3.375% OSFEB2024 CALLABLE 3.375 02/05/2024 1,900,000.00 1,999,636.00 1,900,323.70 1,895,492.02 (4,831.68) 26,006.25 2.54 01/05/2024
1727SRAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 3.625 03/04/2024 1,000,000.00 1,070,370.00 1,003,010.48 996,772.51 (6,237.97) 11,781.25 1.36 459200JY8 IBM CORP 3% 15MAY2024 3.000 05/15/2024 2,300,000.00 2,463,231.00 2,319,466.59 2,279,199.26 (40,267.33) 8,816.67 3.13 02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 2.400 06/27/2024 1,000,000.00 1,012,410.00 1,001,341.83 985,213.26 (16,128.57) 266.67 1.29 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 1.554 OS/11 /2025 1,800,000.00 1,715,436.00 1,761,625.76 1,726,277.60 (35,348.16) 3,885.00 2.18 11APR25) 04/11/2025
24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 3.400 09/11/2025 1,000,000.00 989,920.00 994,365.16 980,155.25 (14,209.91) 10,388.89 1.26 037833EB2 APPLE INC 0. 7% 08FEB2026 (CALLABLE 08JAN26) 0.700 02/08/2026 1,200,000.00 1,096, 152.00 1,121,440.34 1,111,789.50 (9,650.84) 3,336.67 1.39 01/08/2026
06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 1,800,000.00 1,736,028.00 1,748,760.59 1,752,308.33 3,547.74 12,600.00 2.20 02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 2.300 09/09/2026 1,100,000.00 1,034,869.00 1,048,897.22 1,040,211.22 (8,686.00) 7,871.11 1.31 ...
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8 March 19, 2024, Item #2
SECURITIES HELD
CITY OF POWAY
As of December 31, 2023
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Corporate Bonds
037833DB3 APPLE INC 2. 9% 12SEP2027 (CALLABLE 12JUN27) 2.900 09/12/2027 1,300,000.00 1,234,987.00 1,248,576.42 1,245,809.40 (2,767.02) 11,414.72 1.57 06/12/2027
24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020.00 993,685.06 994,110.97 425.91 12,219.44 1.26 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091,585.00 1,092,989.91 1,114,709.87 21,719.96 23,882.99 1.39 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 3.782 02/01/2028 2,000,000.00 1,909,600.00 1,911,524.68 1,933,238.22 21,713.54 31,516.67 2.42 01 FEB27) 02/01/2027
194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 4.600 03/01/2028 2,400,000.00 2,391,240.00 2,392,699.19 2,460,622.18 67,922.99 36,800.00 3.04 01FEB28) 02/01/2028
17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 5.803 09/29/2028 1,000,000.00 1,027,800.00 1,027,392.14 1,045,408.52 18,016.38 14,829.89 1.30 03/29/2024
Total Corporate Bonds 23,300,000.00 23,249,508.00 22,966,099.07 22,959,751.97 (6,347.10) 238,043.44 29.52 Government Agencies
3135GOV34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 1,750,000.00 1,820,547.50 1,752,168.66 1,745,354.45 (6,814.21) 17,743.06 2.31 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 0.250 02/26/2024 1,250,000.00 1,246,747.50 1,249,812.23 1,240,361.16 (9,451.07) 1,085.07 1.58 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 0.300 03/28/2024 2,000,000.00 1,998,500.00 1,999,895.07 1,974,858.06 (25,037.01) 1,550.00 2.54 (CALLABLE 11JAN24)
3135GOV75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000,000.00 2,007,920.00 2,000,835.62 1,966,641.28 (34, 194.34) 17,402.78 2.55 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 0.500 02/10/2025 1,000,000.00 1,002,860.00 1,000,000.00 958,992.70 (41,007.30) 1,958.33 1.27 (CALLABLE 1 OFEB24) 02/10/2024 ...
M
....
0 'q'
...
------·-----~ ---
~
9 March 19, 2024, Item #2
SECURITIES HELD
CITY OF POWAY
As of December 31, 2023
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Government Agencies
3134A2HG6 FREDDIE MAC 0% 11 DEC2025 0.000 12/11/2025 1,000,000.00 895,930.00 917,435.95 918,620.74 1,184.79 0.00 1.14 3130ALHHO FEDERAL HOME LOAN BANK 0.96% 05MAR2026 0.960 03/05/2026 2,300,000.00 2,092,540.00 2,136,281.57 2,138,553.92 2,272.35 7,114.67 2.66 (CALLABLE 05FEB24) 01/05/2024
3130AWLZ1 FEDERAL HOME LOAN BANK 4. 75% 12JUN2026 4.750 06/12/2026 1,100,000.00 1,096,612.00 1,097,002.79 1,114,033.62 17,030.83 2,757.64 1.39 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 4.750 09/01/2026 2,000,000.00 1,987,080.00 1,988,015.33 2,030,819.70 42,804.37 31,666.67 2.52 3130APJH9 FEDERAL HOME LOAN BANK 1 % 280CT2026 (CALLABLE 1.000 10/28/2026 2,050,000.00 1,860,110.55 1,908,070.88 1,910,738.95 2,668.07 3,587.50 2.36 28JAN24) #0006 01/28/2024
3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 1,200,000.00 1,196,508.00 1,196,594.98 1,211,229.95 14,634.97 3,500.00 1.52 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1 .250 12/21/2026 2,300,000.00 2,055,763.00 2,121,204.49 2,115,254.02 (5,950.47) 798.61 2.61 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 4.125 09/10/2027 2,000,000.00 1,993,260.00 1,994,935.48 2,008,242.54 13,307.06 25,437.50 2.53 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12/01/2027 1,000,000.00 989,640.00 991,426.42 1,003,845.16 12,418.74 3,437.50 1.26 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 4.250 12/10/2027 2,000,000.00 2,010,731.16 2,008,777.79 2,021,620.30 12,842.51 4,958.33 2.55 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 01/06/2028 1,100,000.00 1,105,292.88 1,104,321.57 1,099,495.64 (4,825.93) 21,388.89 1.40 - Total Government Agencies 26,050,000.00 25,360,042.59 25,466,778.83 25,458,662.19 (8,116.64) 144,386.55 32.20 ...
M
....
0 Ill
... --·-----··-···---------·-····------~------------·-·----------------------------------··-····-----·----. -----------·-··· 10 March 19, 2024, Item #2
SECURITIES HELD
CITY OF POWAY
As of December 31, 2023
Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port
(loss) interest cost
Government Bonds
91282CBEO USA TREASURY O_ 125% 15JAN2024 0.125 01/15/2024 1,900,000.00 1,890,283.71 1,899,824.83 1,896,506.17 (3,318.66) 1,090.69 2.40 912828X70 USA TREASURY 2% 30APR2024 2.000 04/30/2024 2,000,000_00 2,036,015_63 2,002,598.62 1,979,062.50 (23,536.12) 6,703-30 2.58 912828YH7 USA TREASURY 1.5% 305EP2024 1.500 09/30/2024 1,000,000.00 1,032,304.69 1,007,723.81 974,882.81 (32,841.00) 3,770.49 1.31 912828YM6 USA TREASURY 1.5% 31 OCT2024 1.500 10/31/2024 1,100,000.00 1,132,015.40 1,108,656.65 1,070,179.68 (38,476.97) 2,765.11 1.44 912828YYO USA TREASURY 1.75% 31 DEC2024 1.750 12/31/2024 1,000,000.00 1,046,643.98 1,013,121-98 970,S46.88 (42,S75.10) 8,750.00 1-33 912828ZL7 USA TREASURY 0.375% 30APR2025 0.375 04/30/2025 2,900,000.00 2,704,703.13 2,815,179.38 2,744,804.70 (70,374.68) 1,822.46 3.43 912828XZ8 USA TREASURY 2.75% 30JUN2025 2.750 06/30/2025 1,500,000.00 1,445,449.22 1,460,000.97 1,463,437.50 3,436.53 20,625.00 1.84 91282CAJO USA TREASURY 0.25% 31 AUG2025 0.250 08/31/2025 1,400,000.00 1,279,250.00 1,336,878.33 1,307,304.68 (29,573.65) 1,173.08 1.62 91282CAT8 USA TREASURY 0.25% 31 OCT2025 0.250 10/31/2025 1,200,000.00 1,086,046.88 1,134, 125.46 1,114,921.87 (19,203.59) 502.75 1.38 912828SN6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 1,700,000.00 1,636,454.91 1,639,398.42 1,656,437.50 17,039.08 4,139.69 2.08 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12/31/2025 2,300,000.00 2,106, 124.89 2,186,349.07 2,132,082.04 (54,267.03) 4,312.50 2.67 91282CBT7 USA TREASURY 0. 75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707.82 1,299,753.22 1,299,320.32 (432.90) 2,639.34 1.58 .-
M
....
0 ID .- --·------···-------·-·-----
11 March 19, 2024, Item #2
SECURITIES HELD
As of December 31, 2023
Cusip Description Coupon Maturity/ Par value or Historical cost Call date shares
Government Bonds
912828YU8 USA TREASURY 1.625% 30NOV2026 1.625 11/30/2026 1,600,000.00 1,468,130.36 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 1.250 12/31/2026 2,350,000.00 2,088,287.11 91282CEF4 USA TREASURY 2.5% 31 MAR2027 2.500 03/31/2027 1,000,000.00 924,573.66 91282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 740,000.00 699,620.45 91282CFB2 USA TREASURY 2. 75% 31 JUL2027 2.750 07/31/2027 1,800,000.00 1,671,756.03 91282CFUO USA TREASURY 4.125% 31 OCT2027 4.125 10/31/2027 2,100,000.00 2,077,858.60 9128283F5 USA TREASURY 2.25% 1 SNOV2027 2.250 11/15/2027 1,100,000.00 1,030,523.22 91282CCH2 USA TREASURY 1.25% 30JUN2028 1.250 06/30/2028 1,700,000.00 1,473,488.28 Total Government Bonds 31,790,000.00 30,073,237.97
Amortized cost Fair value Unrealized
gain
(loss)
1,472,210.04 1,496,124.99 23,914.95
2, 162,033.21 2,170,261.71 8,228.50
929,838.71 956,328.12 26,489.41
702,251.33 723,610.15 21,358.82
1,677,827.30 1,728,984.38 51,157.08
2,079,660.13 2,114,765.63 35,105.50
1,045,322.78 1,035,074.22 (10,248.56)
1,493,245.14 1,517,515.63 24,270.49
30,465,999.38 30,352,151.48 (113,847.90)
CITY OF POWAY
Total
accrued
interest
2,202.19
14,687.50
6,284.15
12,025.00
20,580.16
14,516.83
3,127.75
10,625.00
142,342.99
....
M
....
0 ...... ....
%
Port
cost
1.86 2.65
1.17 0.89
2.12 2.64
1.31 1.87
38.18 12
March 19, 2024, Item #2
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 31, 2023
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mkt value dur (yrs) United States Treasury Note/Bond
91282CBE0 USA TREASURY 0.125% 0.125 01/15/2024 AA+ Aaa 1,900,000.00 1,890,283.71 2.40 1,896,506.17 2.41 0.05 912828X70 USA TREASURY 2% 2.000 04/30/2024 AA+ Aaa 2,000,000.00 2,036,015.63 2.58 1,979,062.50 2.51 0.33 91282BYH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.31 974,882.81 1.24 0.73 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.44 1,070,179.68 1.36 0.82 912828YY0 USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000.00 1,046,643.98 1.33 970,546.88 1.23 0.97 912828ZL7 USA TREASURY 0.375% 0.375 04/30/2025 AA+ Aaa 2,900,000.00 2,704,703.13 3.43 2,744,804.70 3.48 1.29 912828XZB USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 1,500,000.00 1,445,449.22 1.84 1,463,437.50 1.86 1.44 91282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,400,000.00 1,279,250.00 1.62 1,307,304.68 1.66 1.62 91282CATB USA TREASURY 0.25% 0.250 10/31/2025 AA+ Aaa 1,200,000.00 1,086,046.88 1.38 1,114,921.87 1.41 1.78 9128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 1,700,000.00 1,636,454.91 2.08 1,656,437.50 2.10 1.83 91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 2,300,000.00 2,106,124.89 2.67 2, 132,082.04 2.70 1.94 91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 AA+ Aaa 1,400,000.00 1,243,707.82 1.58 1,299,320.32 1.65 2.17 91282BYUB USA TREASURY 1.625% 1.625 11/30/2026 AA+ Aaa 1,600,000.00 1,468, 130.36 1.86 1,496,124.99 1.90 2.78 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aaa 2,350,000.00 2,088,287.11 2.65 2,170,261.71 2.75 2.88 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aaa 1,000,000.00 924,573.66 1.17 956,328.12 1.21 3.04 91282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aaa 740,000.00 699,620.45 0.89 723,610.15 0.92 3.25 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aaa 1,800,000.00 1,671,756.03 2.12 1,728,984.38 2.19 3.31 91282CFU0 USA TREASURY 4.125% 4.125 10/31/2027 AA+ Aaa 2,100,000.00 2,077,858.60 2.64 2,114,765.63 2.68 3.47 9128283F5 USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aaa 1,100,000.00 1,030,523.22 1.31 1,035,074.22 1.31 3.62 91282CCH2 USA TREASURY 1.25% 1.250 06/30/2028 AA+ Aaa 1,700,000.00 1,473,488.28 1.87 1,517,515.63 1.92 4.27 Issuer total 31,790,000.00 30,073,237.97 38.18 30,352,151.48 38.49 2.02 Federal Home Loan Banks ...
M 3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 02/10/2024 AA+ Aaa 1,000,000.00 1,002,860.00 1.27 958,992.70 1.22 1.09 ~ 3130ALHH0 FEDERAL HOME LOAN 0.960 03/05/2026 01/05/2024 AA+ Aaa 2,300,000.00 2,092,540.00 2.66 2,138,553.92 2.71 2.02 ~ --------·
13 March 19, 2024, Item #2
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 31, 2023
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mktvalue dur (yrs) Federal Home Loan Banks
3130AWLZ1 FEDERAL HOME LOAN 4.750 06/12/2026 AA+ Aaa 1,100,000.00 1,096,612.00 1.39 1, 114,033.62 1.41 2.27 3130APJH9 FEDERAL HOME LOAN 1.000 10/28/2026 01/28/2024 AA+ Aaa 2,050,000.00 1,860,110.55 2.36 1,910,738.95 2.42 2.72 3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aaa 2,300,000.00 2,055,763.00 2.61 2, 115,254.02 2.68 2.85 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aaa 2,000,000.00 1,993,260.00 2.53 2,008,242.54 2.55 3.35 3130ATU54 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aaa 2,000,000.00 2,010,731.16 2.55 2,021,620.30 2.56 3.57 Issuer total 12,750,000.00 12,111,876.71 15.38 12,267,436.05 15.56 2.69 Federal Farm Credit Banks Funding Corp
3133EMRZ7 FEDERAL FARM CREDIT 0.250 02/26/2024 AA+ Aaa 1,250,000.00 1,246,747.50 1.58 1,240,361.16 1.57 0.16 3133EMBE1 FEDERAL FARM CREDIT 0.300 03/28/2024 AA+ Aaa 2,000,000.00 1,998,500.00 2.54 1,974,858.06 2.50 0.24 3133EPUW3 FEDERAL FARM CREDIT 4.750 09/01/2026 AA+ Aaa 2,000,000.00 1,987,080.00 2.52 2,030,819.70 2.58 2.44 3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aaa 1,200,000.00 1 , 196,508.00 1.52 1,211,229.95 1.54 2.72 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aaa 1,000,000.00 989,640.00 1.26 1,003,845.16 1.27 3.57 3133EN5N6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aaa l, 100,000.00 1,105,292.88 1.40 1,099,495.64 1.39 3.58 Issuer total 8,550,000.00 8,523,768.38 10.82 8,560,609.67 10.86 1.91 Federal National Mortgage Association
3135GOV34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 1,750,000.00 1,820,547.50 2.31 1,745,354.45 2.21 0.10 3135GOV75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000,000.00 2,007,920.00 2.55 1,966,641.28 2.49 0.49 Issuer total 3,750,000.00 3,828,467.50 4.86 3,711,995.73 4.71 0.30 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 3.04 2,460,622.18 3.12 3.65 Issuer total 2,400,000.00 2,391,240.00 3.04 2,460,622.18 3.12 3.6s m ....
Citibank NA 0
CJ\ ... 17325FA57 CITIBANK NA 3.65% 3.650 01/23/2024 A+ Aa3 1,400,000.00 1,484,224.00 1.88 1,398,433.86 1.77 0.07 14 March 19, 2024, Item #2
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 31, 2023
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mktvalue dur (yrs) Citibank NA
17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 03/29/2024 A+ Aa3 1,000,000.00 1,027,800.00 1.30 1,045,408.52 1.33 4.01 Issuer total 2,400,000.00 2,512,024.00 3.19 2,443,842.38 3.10 1.68 Apple Inc
037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 1,200,000.00 1,096, 152.00 1.39 1,111,789.50 1.41 2.03 037833D83 APPLE INC 2.9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000.00 1,234,987.00 1.57 1,245,809.40 1.58 3.33 Issuer total 2,500,000.00 2,331,139.00 2.96 2,357,598.90 2.99 2.72 International Business Machines Corp
459200JY8 IBM CORP 3% 3.000 05/15/2024 A-A3 2,300,000.00 2,463,231.00 3.13 2,279,199.26 2.89 0.37 Issuer total 2,300,000.00 2,463,231.00 3.13 2,279,199.26 2.89 0.37 American Honda Finance Corp
02665WCZ2 AMERICAN HONDA 2.400 06/27/2024 A-A3 1,000,000.00 1,012,410.00 1.29 985,213.26 1.25 0.48 02665WBH3 AMERICAN HONDA 2.300 09/09/2026 A-A3 1,100,000.00 1,034,869.00 1.31 1,040,211.22 1.32 2.53 Issuer total 2,100,000.00 2,047,279.00 2.60 2,025,424.48 2.57 1.52 John Deere Capital Corp
24422ETC3 JOHN DEERE CAPITAL 3.400 09/11/2025 A A2 1,000,000.00 989,920.00 1.26 980,155.25 1.24 1.60 24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A A2 1,000,000.00 992,020.00 1.26 994,110.97 1.26 3.34 Issuer total 2,000,000.00 1,981,940.00 2.52 1,974,266.22 2.50 2.47 JPMorgan Chase & Co
46625HRY8 JPMORGAN CHASE & CO 3.782 02/01/2028 02/01/2027 A-A1 2,000,000.00 1,909,600.00 2.42 1,933,238.22 2.45 2.81 Issuer total 2,000,000.00 1,909,600.00 2.42 1,933,238.22 2.45 2.81 ;:;; ....
0 0
N
-------· ----· -· --·-···---------··-·----··---
15 March 19, 2024, Item #2
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 31, 2023
Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mkt value dur (yrs) US Bancorp
91159HHV5 US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A A3 1,900,000.00 1,999,636.00 2.54 1,895,492.02 2.40 0.10 Issuer total 1,900,000.00 1,999,636.00 2.54 1,895,492.02 2.40 0.10 Bank of America Corp
06051 GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A-A1 1,800,000.00 1,736,028.00 2.20 1,752,308.33 2.22 2.15 Issuer total 1,800,000.00 1,736,028.00 2.20 1,752,308.33 2.22 2.15 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 2.18 1,726,277.60 2.19 1.31 Issuer total 1,800,000.00 1,715,436.00 2.18 1,726,277.60 2.19 1.31 Toyota Motor Credit Corp
89236TKQ7 TOYOTA MOTOR CREDIT 4.625 01/12/2028 A+ Al 1,100,000.00 1,091,585.00 1.39 1,114,709.87 1.41 3.55 Issuer total 1,100,000.00 1,091,585.00 1.39 1,114,709.87 1.41 3.55 Cisco Systems Inc
17275RAN2 CISCO SYSTEMS INC 3.625 03/04/2024 AA-A1 1,000,000.00 1,070,370.00 1.36 996,772.51 1.26 0.18 Issuer total 1,000,000.00 1,070,370.00 1.36 996,772.51 1.26 0.18 Federal Home Loan Mortgage Corp
3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 1,000,000.00 895,930.00 1.14 -918,620.74 1.17 1.89 Issuer total 1,000,000.00 895,930.00 1.14 918,620.74 1.17 1.89 Cash and Cash Equivalents
CASH 0.000 79,917.84 79,917.84 0.00 79,917.84 0.10 0.00 Issuer total 79,917.84 79,917.84 0.00 79,917.84 0.10 ... 0.00 M ....
0 ...
N
----·--------------·--·----------
16 March 19, 2024, Item #2
SECURITIES PURCHASED
For the period December 1, 2023 -December 31, 2023
Cusip Description / Broker Trade date Coupon Maturity/
Settle date Call date
Corporate Bonds
17325FBB3 CITIBANK NA 5.803% 29SEP2028 12/06/2023 5.803 09/29/2028 BARCLAYS CAPITAL 12/11/2023 03/29/2024
---- Total Corporate Bonds
---
Government Agencies
3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 12/04/2023 4.375 12/07/2026 RBC CAPITAL MARKETS, LLC 12/07/2023
-
Total Government Agencies
Par value or Unit cost Principal
shares cost
1,000,000.00 102.78 (1,027,800.00)
1,000,000.00 (1,027,800.00)
-
1,200,000.00 99.71 (1,196,508.00)
1,200,000.00
CITY OF POWAY
Accrued
interest
(11,606.00)
(11,606.00)
0.00 ...
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17 March 19, 2024, Item #2
SECURITIES SOLD AND MATURED
For the period December 1, 2023 -December 31, 2023
Cusip Description I Broker Trade date Coupon Maturity/ Par value or Historical cost Settle date Call date shares
Corporate Bonds
46647PAY2 JPMORGAN CHASE & CO 4.023% 12/05/2023 4.023 (2,000,000.00) 2,207,640.00 05DEC2024 (CALLABLE 05DEC23) 12/05/2023 11/05/2024
- Total (Corporate Bonds) (2,000,000.00) 2,207,640.00
-
Government Agencies
3133EJ2B4 FEDERAL FARM CREDIT 3.0% DUE 12/06/2023 3.000 (1,000,000.00) 1,071,740.00 12-06-2023 REG 12/06/2023
3130A3VC5 FEDERAL HOME LN BKS CONS BD DTD 12/08/2023 2.250 (1,000,000.00) 1,014,600.00
2.25% 12-08-2023 12/08/2023
Total (Government Agencies) (2,000,000.00) 2,086,340.00 ----·-·---·----~--------------•· ·---~ --~------
Amortized cost Price Fair value at
at sale or sale or
maturity maturity
2,000,000.00 0.00 2,000,000.00
2,000,000.00 2,000,000.00
---
1,000,000.00 0.00 1,000,000.00
1,000,000.00 0.00 1,000,000.00
2,000,000.00 2,000,000.00
CITY OF POWAY
Realized
gain
(loss)
0.00 0.00
0.00 0.00
0.00 Accrued
interest
...
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sold
0.00 0.00
0.00 0.00
0.00 18
March 19, 2024, Item #2
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period December 1, 2023 -December 31, 2023
Cusip Description Accretion Realized gain Change in fair Interest earned Interest received (amortization) (loss) value
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 481.39 481.39
-- Total Cash 0.00 0.00 0.00 481.39 481.39
-------
Corporate Bonds
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 1,582.13 0.00 17,451.45 2,178.61 0.00 02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 (227.42) 0.00 3,084.07 2,066.67 12,000.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 3,109.23 0.00 11,312.02 723.34 0.00 037833DB3 APPLE INC 2. 9% 12SEP2027 (CALLABLE 12JUN27) 1,158.19 0.00 22,155.38 3,246.39 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 1,854.26 0.00 20,574.25 S,425.00 0.00 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 11 APR25) 2,344.65 0.00 13,361.65 2,408.70 0.00 17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 (1,411.16) 0.00 521.92 3,121.53 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 CALLABLE (1,359.40) 0.00 2,460.62 4,400.28 0.00 17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) (407.86) 0.00 17,608.52 3,223.89 0.00 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) 145.92 0.00 40,509.17 9,506.67 0.00 459200JY8 IBM CORP 3% 15MAY2024 (4,325.91) 0.00 5,666.00 5,941.67 0.00 24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 276.67 0.00 8,013.97 2,927.78 0.00 24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 141.91 0.00 16,432.88 3,573.61 0.00 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 01 FEB27) 1,804.39 0.00 29,210.96 5,462.89 0.00 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 05DEC23) (923.67) 0.00 114.92 1,117.50 40,230.00 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 144.83 0.00 26,690.41 4,380.91 .-0.00 M
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19 March 19, 2024, Item #2
DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2023 -December 31, 2023
cusip Description
Corporate Bonds
91159HHV5 US BANCORP 3.375% 05FEB2024 CALLABLE
Total Corporate Bonds
Government Agencies
3135GOV75
3135GOV34
3133EJ2B4
3133EMRZ7
3133EMBE1
3133EN5N6
3133EPCG8
3133EPK79
3133EPUW3
3130A3VC5
3130AL2A1
3130ALHHO
3130APJH9
3130AQF65
3130ATHWO
3130ATUS4
3130AWLZ1
FANNIE MAE 1.75% 02JUL2024
FANNIE MAE 2.5% 05FEB2024
FEDERAL FARM CREDIT 3.0% DUE 12-06-2023 REG
FEDERAL FARM CREDIT BANK 0.25% 26FEB2024
FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 (CALLABLE 11JAN24) FEDERAL FARM CREDIT BANK 4% 06JAN2028
FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027
FEDERAL FARM CREDIT BANK 4.375% 07DEC2026
FEDERAL FARM CREDIT BANK 4.75% 01SEP2026
FEDERAL HOME LN BKS CONS BD DTD 2.25% 12-08-2023
FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 OFEB24) FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 (CALLABLE 05FEB24) FEDERAL HOME LOAN BANK 1 % 280CT2026 (CALLABLE 28JAN24) #0006 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026
FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027
FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027
FEDERAL HOME LOAN BANK 4.75% 12JUN2026
Accretion
(amortization)
(1,942.23)
1,964.53
(137.74)
(1,858.86)
(445.13)
100.60
35.77 (89.66)
182.29
86.98 374.13
(74.39)
0.00 6,040.51
4,182.59
5,008.27
114.24
(185.45)
101.94
Realized gain
(loss)
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 --
~
Change in fair
value
4,039.32
- 239,207.51
7,635.16
4,539.24
333.58
5,681.20
9,660.58
19,484.03
16,973.09
14,721.95
20,833.80
580.74
13,444.24
26,335.46
26,919.39
28,405.58
31,841.20
34,227.32
9,370.08
CITY OF POWAY
Interest earned Interest received
5,521.87 0.00
-----,-. =
65,227.31 52,230.00
-··----
3,013.89 0.00
3,767.37 0.00
500.00 15,000.00
269.10 0.00
516.67 0.00
3,788.89 0.00
3,552.08 20,625.00
3,500.00 0.00
8,180.56 0.00
500.00 11,250.00
430.55 0.00
1,901.34 0.00
1,765.28 0.00
2,475.69 14,375.00
7,104.17 0.00
7,319.44 42,500.00
4,499.31 22,061.11
..-
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20 March 19, 2024, Item #2
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period December 1, 2023 -December 31, 2023
Cusip Description Accretion Realized gain Change in fair Interest earned Interest received (amortization) (loss) value
Government Agencies
3134A2HG6 FREDDIE MAC 0% 11 DEC2025 3,347.03 0.00 10,566.87 0.00 0.00 ------ Total Government Agencies 16,783.12 0.00 281,553.51 53,084.34 125,811.11 ----
Government Bonds
91282CBEO USA TREASURY 0.125% 1 SJAN2024 362.03 0.00 8,655.93 200.06 0.00 91282CAJO USA TREASURY 0.25% 31AUG2025 3,213.09 0.00 13,398.43 298.08 0.00 91282CAT8 USA TREASURY 0.25% 31 OCT2025 3,047.93 0.00 12,468.74 255.50 0.00 912828ZL7 USA TREASURY 0.375% 30APR2025 5,410.37 0.00 25,714.85 926.17 0.00 91282CBC4 USA TREASURY 0.375% 31 DEC2025 4,819.67 0.00 24,347.66 726.56 0.00 91282CBT7 USA TREASURY 0.75% 31 MAR2026 3,785.20 0.00 15,914.07 889.34 0.00 91282CCH2 USA TREASURY 1.25% 30JUN2028 3,901.04 0.00 34,730.48 1,790.08 0.00 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 5,316.58 0.00 32,128.90 2,474.52 0.00 912828YH7 USA TREASURY 1.5% 30SEP2024 (873.86) 0.00 5,156.25 1,270.49 0.00 912828YM6 USA TREASURY 1.5% 31 OCT2024 (879.85) 0.00 6,703.11 1,405.22 0.00 912828YU8 USA TREASURY 1.625% 30NOV2026 3,719.71 0.00 22,124.99 2,202.19 0.00 912828YYO USA TREASURY 1.75% 31 DEC2024 (1,111.43) 0.00 6,132.82 1,474.18 0.00 912828X70 USA TREASURY 2% 30APR2024 (665.77) 0.00 6,406.26 3,406.60 0.00 9128283FS USA TREASURY 2.25% 15NOV2027 1,197.88 0.00 19,164.06 2,107.83 0.00 91282CEF4 USA TREASURY 2.5% 31 MAR2027 1,833.89 0.00 15,039.06 2,117.48 0.00 912828XZ8 USA TREASURY 2.75% 30JUN2025 2,266.86 0.00 11,191.41 3,474.86 .--0.00 M
91282CFB2 USA TREASURY 2. 75% 31 JUL2027 .... 2,895.53 0.00 28,898.44 4,169.83 0 0.00
1.0 N
-· -~----·-·----------
21 March 19, 2024, Item #2
DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2023 -December 31, 2023
Cusip Description
Government Bonds
9128285N6
91282CEW7
91282CFU0
USA TREASURY 2.875% 30NOV2025
USA TREASURY 3.25% 30JUN2027
USA TREASURY 4.125% 31 OCT2027
Total Government Bonds
Accretion
(amortization)
2,683.79
916.37
450.38
42,289.41
Realized gain
(loss)
0.00 0.00
0.00 0.00
Change in fair
value
15,140.62
11,620.30
34,207.03
349,143.41
CITY OF POWAY
Interest earned Interest received
4,139.69
2,025.95
7,377.41
42,732.04
0.00 0.00
0.00 0.00
pm:mrn tfflmJiffl a ~ ~ -1
...
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22 March 19, 2024, Item #2
TRANSACTION REPORT
For the period December 1, 2023 -December 31, 2023
Trade date Cusip Transaction Sec type Description Maturity Settle date
12/01/2023 3133EPCG8 Income Government Agencies FEDERAL FARM CREDIT BANK 12/01/2027 12/01/2023
12/04/2023 3133EPK79 Bought Government Agencies FEDERAL FARM CREDIT BANK 12/07/2026 12/07/2023
12/05/2023 46647PAY2 Income Corporate Bonds JPMORGAN CHASE & CO 12/05/2024 12/05/2023
12/05/2023 46647PAY2 Capital Change Corporate Bonds JPMORGAN CHASE & CO 12/05/2024 12/05/2023
12/06/2023 17325FBB3 Bought Corporate Bonds
CITIBANK NA 5.803% 09/29/2028
12/11/2023
12/06/2023 3133EJ2B4 Income Government Agencies FEDERAL FARM CREDIT 3.0% 12/06/2023 12/06/2023
12/06/2023 3133EJ2B4 Capital Change Government Agencies FEDERAL FARM CREDIT 3.0% 12/06/2023 12/06/2023
12/08/2023 3130A3VC5 Income Government Agencies FEDERAL HOME LN BKS CONS 12/08/2023 12/08/2023
12/08/2023 3130A3VC5 Capital Change Government Agencies FEDERAL HOME LN BKS CONS 12/08/2023 12/08/2023
12/10/2023 3130ATUS4 Income Government Agencies FEDERAL HOME LOAN BANK 12/10/2027 12/10/2023
12/12/2023 3130AWLZ1 Income Government Agencies FEDERAL HOME LOAN BANK 06/12/2026 12/12/2023
12/21/2023 3130AQF65 Income Government Agencies FEDERAL HOME LOAN BANK 12/21/2026 12/21/2023
12/27/2023 02665WCZ2 Income Corporate Bonds AMERICAN HONDA FINANCE 06/27/2024 12/27/2023
12/31/2023 Income Cash and Cash Equivalents Cash
Par value or Realized Principal
shares gain(loss)
1,000,000.00 0.00 0.00
1,200,000.00 0.00 (1,196,508.00)
2,000,000.00 0.00 0.00
(2,000,000.00) 0.00 2,000,000.00
1,000,000.00 0.00 (1,027,800.00)
1,000,000.00 0.00 0.00
(1,000,000.00) 0.00 1,000,000.00
1,000,000.00 0.00 0.00
(1,000,000.00) 0.00 1,000,000.00
2,000,000.00 0.00 0.00
1,100,000.00 0.00 0.00
2,300,000.00 0.00 0.00
1,000,000.00 0.00 0.00
0.00 0.00 0.00
CITY OF POWAY
Interest Transaction total
20,625.00
0.00 40,230.00
0.00 (11,606.00)
15,000.00
0.00 11,250.00
0.00 42,500.00
22,061.11
14,375.00
12,000.00
481.39
20,625.00
(1, 196,508.00)
40,230.00
2,000,000.00
(1,039,406.00)
15,000.00
1,000,000.00
11,250.00
1,000,000.00
42,500.00
22,061.11
14,375.00
12,000.00
481.39
...
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23 March 19, 2024, Item #2
ADDITIONAL INFORMATION
CITY OF POWAY
As of December 31, 2023
Past performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not get 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 your 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 S.0% annual return compounded monthly, gross of fees, for a period offive years.
At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end of the five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.
Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight's own at the date of this document (or as otherwise specified) and may change. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an account should or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy will remain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.
Please compare the information provided in this statement to the information provided in the statement received from your Custodian.
For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.
In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.5 Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. When Moody's, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower of Moody's and S&P ratings.
Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of the indices may be materially different from that of the strategy. In addition, the strategy's holdings may differ substantially from the securities that comprise the indices shown.
The ICE BofA 3 Month UST-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.
The ICE BofA 6 Month UST-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.
The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctioned on or before the third business day before the last business day of the month.
The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctioned on or before the third business day before the last business day of the month.
The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 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. ...
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24 March 19, 2024, Item #2
ADDITIONAL INFORMATION
As of December 31, 2023
Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.
CITY OF POWAY
Insight is a group of wholly owned subsidiaries ofThe Bank of New York Mellon Corporation. BNY Mellon is the corporate brand ofThe Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures ofThe Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity) and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection therewith. © 2023 Insight Investment. All rights reserved.
--~--------··· --------------
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25 March 19, 2024, Item #2
City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash December 2023
Part I
Investments 6: Cash with Fiscal Agents
Settlement Yield to Days to % of Total Face • 11 Book
I
Market
I
Unrealized
INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) 1st Arn Gov't Obligations Money Mkt Fd 12131123 I Various! 1 I 100.00%1 $1,303,124.071 $1,303,124.071 $1,303,124.071 so.oo I I I I
I I I ----~-,
I ---, r· ------I
. ~
· I
I Various! -1 I 100.00%1 $1,303,124.071 $1,303,124.071 $1,303,124.071 so.oo I Average/Total Paying Agent or Uninvested Cash Et DITs so.oo I
-------
I $1,303,124.07] Total Investments and Cash with Fiscal Agent ... ..,.. -
Pai-YII
Non-Managed Investments
·-
~I~ ~I Settlement Yield to Days to % of Total Face Book I Market Unrealized INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value I
Value Gain(Loss)
County Pool 12/31/231 3.17%1 1 I 100.00%1 $132,074.771 $132,074.771 s129,ooo.oo I ($3,074.77) 1 I
-
I I I I
..
Average /Total I 3.17%' N/A I 100.00%1 $132,014. n I $132,074.771 s129,ooo.oo I ($3,074.77), Part Ill
General, Pavroll 6: Petty Cash
,-Book
Value
----.L.-
- General Cash (Union Bank) $480,056.96
~
----------------
I Payroll Cash (Union Bank) $20,000.00
---- Emergency Cash (Union Bank) $10,000.00
---_..._ ____ -- Grant Cash (Union Bank) $0.00
Flexible Benefits Cash (Union Bank) ~--~~----------I s20,ooo.oo I -----
I sa,600.00 I Petty Cash
-
~
-------------I $538,656.96 I Total Cash
I
C
I-
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:iE :c u
<t I-
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