Item 8 - City's Investment Report as of March 31, 2024

May 21, 2024, Item #8
AGENDA REPORT CityofPoway
DATE:

TO:

FROM:

CONTACT:

SUBJECT:

Summary:

May 21, 2024
Honorable Mayor and Members of the City Council
Brad Rosen, Interim Director of Finance ~
Mehrnoush Jamshidi, Finance Manager
(858) 668-4426 or [email protected]
City's Investment Report as of March 31, 2024

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, 2024.

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 sufficiec,t 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, 2024, was $145,636,698. It consisted of the following:

Investment Portfolio Total
Cash $69,598
Deposits at CalTRUST 24,150,803
Deposits at the Local Agency Investment Fund (LAIF) 42,366,056 U. S. Treasury Notes 32,331,747
U. S. Instrumentalities 23,643,740
Corporate Notes 23,074,754
Fair Value of Investment Portfolio as of March 31, 2024 $145,636,698 1 of 31
May 21, 2024, Item #8
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, 2024, is estimated at 4.23% for LAIF, 5.20% for the CalTRUST short-term fund, and 3.95% 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 $79,717,165; the fair value is $79,119,839 for an unrealized loss of $597,326 or 0.75% 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, 2024, was $69,598. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $181,813 at March 31, 2024. The City's cash on hand at March 31, 2024 totaled $1,732,396.

The March 31, 2024 balance of the City's Library Trust Fund is $265,773. Through the Fiscal Year 2023- 24 period ending March 31, 2024, 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.

Environmental Review:

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

Fiscal Impact:

The externally managed investment portfolio earned $175,385 of interest during March 2024, as well as $157,601 of interest during February 2024, and $163,300 during January 2024. Fees for investment services during this period totaled $9,867.

Public Notification:

None.
2 of31
May 21, 2024, Item #8
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, 2024
Reviewed/Approved By:

Assistant City Manager
3 of31
Reviewed By:

Alan Fenstermacher
City Attorney
Approved By:
c(fjjjf;1
City Manager
May 21, 2024, Item #8
City of Poway
Investment Statistics
Separately Managed Investment Pools
Fair Value:

CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
March
2023
$ 11,630,123
11,509,352
36,728,969
December
2023
$ 12,110,989
11,872,263
27,034,723
March
2024
12,236,228
11,914,575
42,366,056
Deposits at the Local Agency Investment Fund {LAIF)
Total Fair Value $ 59,868,444 $ 51,017,975 $ 66,516,859 Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:

3.14%
1 1

4.15%
1 1

4.36%
1 1
Cash $ 107,221 $ 79,918 $ 69,598
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
27,622,812
26,752,399
21,818,139
76,300,572
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
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
32,331,747
23,643,740
23,074,754
79,119,839
69,598
32,670,764
23,780,522
23,196,280
79,717,165
(597,326)
-0.75%
175,385

3.80%

2.22 2.47
Total Fair Value of Portfolio Assets $ 136,169,016 $ 129,868,458 $ 145,636,698 Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology

2.67%

0.98 1.07

3.64%

1.20 1.32
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.

4.05%

1.21 1.34
Weighted Average Yield: The total yield on a bond portfolio divided by the number of bonds contained in ii, 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. 4of31 ATTACHMENT A
May 21, 2024, Item #8
City of Poway
Monthly Investment Portfolio Report
March 31, 2024
Separately Managed Investment Pools % Return
LAIF $ 42,366,056 64% 4.23%
CalTrust -Short $ 12,236,228 18% 5.20%
CalTrust -Medium $ 11,914,575 18% 3.95%
Total Internally Managed $ 66,516,859 46%
Weighted Average Yield 4.36%
Days
Effective Average Duration -Internal 1
Weighted Average Maturity -Internal 1
Externally Managed Assets % Return
Cash $ 69,598 0% 4.00%
Treasury Securities $ 32,331,747 41% 3.51%
Instrumentality Securities $ 23,643,740 30% 3.98%
Corporate Notes $ 23,074,754 29% 4.02%
Total Externally Managed $ 79,119,839 54%
Weighted Average Yield 3.80%
Years
Effective Average Duration -External 2.22
Weighted Average Final Maturity -External 2.47
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 of31
42,366,056 29% 4.23%
12,236,228 8% 5.20%
11,914,575 8% 3.95%
69,598 0% 4.00%
32,331,747 22% 3.51%
23,643,740 16% 3.98%
23,074,754 16% 4.02%
145,636,697

4.05%
Years

1.21 1.34
$
$
CalTrust -
Medium, 18%
18%
Securities
23%
147,077,196
145,636,697

ATTACHMENT B
Cash, 0%
Treasury
Securities, 41%
Instrumentality
Securities, 30%
CalTrust -Short CalTrust -
12% Medium
Cash
0%
Securities
31%
May 21, 2024, Item #8
6 of31

ATTACHMENT
C
May 21, 2024, Item #8
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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May 21, 2024, Item #8

FIXED INCOME MARKET REVIEW
A·s of March 31, 2024
Chart 1: The Fed's "dot plot" remained largely unchanged 6 5
4 ~ 3 ---Fed Funds rate
- - -FOMC Dots (Dec-2023)
2 1
• • • • • • Market expectations (Mar-2024)
~ FOMC Dots (Mar-2024)
0 Jan-22 Jan-23 Jan-24 Jan-25
Source: Federal Reserve, Bloomberg Insight, March 31, 2024 Chart 2: Q4 GDP was revised up again

4.0 3.5
~ 3.0
l/l 2.5
~ -2.0 a..
~ 1.5
~ 1.0

0.5 o.o~---

0.4 lntial estimate Second estimate
Jan-26 Jan-27 Jan-28
Third estimate
-Consumption
-Net exports
-Business investment -Government spending
_._ GDP (overall)
Source: Bureau of Economic Analysis, FRED, Insight, March 31, 2024

CITY OF POWAY
Economic Indicators and Monetary Policy
The Federal Reserve left the Fed Funds Rate and its quantitative tightening operations unchanged at the March meeting. The "dot plot" continued to project three rate hikes in 2024, albeit reflecting one less cut over 2025 and 2026, and its economic forecasts were largely unchanged. (Chart 1.) Some members raised their estimate of the "neutral" or longer run equilibrium rate, although this only nudged the median estimate up slightly from 2.5% to 2.6%.

Chair Powell signaled an announcement that tapering" the pace of QT will come "fairly soon CPI increased from 0.3% to 0.4%, pushing the year-on-year rate up from 3.1 % to 3.2%. Core CPI remained at 0.4% and the year-on-year figure decreased from 3. 9 % to 3.8%. Rising energy prices in February helped inflation accelerate slightly at the headline level. Overall, the main drivers of inflation continue to be the "core services" categories (which include shelter and " supercore services). which accounted for 97% of the rise in CPI on a year-on-year basis.

Supercore services remained relatively high, supported in particular by an acceleration in transportation services. Encouragingly, the shelter" component moderated on a year-over year basis, reaching the lowest level since July 2022.

The third estimate of Q4 GDP was revised up to 3.4%, from 3.2% last month and was also higher than the 3.3% initial estimate. (Chart 2.) The main reason was a significant upward revision in consumption, although business investment was once again revised down slightly.

The US economy added 275,000 jobs in February, above consensus for 200,000. The prior two months were revised down by 160,000. Private jobs were up a solid 223,000 with strength concentrated in services including 58,000 in leisure and hospitality. Temporary help continued to decline at -15,000, indicating some loosening in conditions. The unemployment rate rose from 3.7% to 3.9% the highest since late 2020 while the labor force participation rate was unchanged at 62.5%.

Interest Rate Summary
Yields generally fell slightly during the month. At the end of March, the 3-month US Treasury bill yielded 5.38%, the 6-month US Treasury bill yielded 5.33%, the 2-year US Treasury note yielded 4.62%, the 5-year US Treasury note yielded 4.21 % and the 10-year US Treasury note yielded 4.20%.
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3 May 21, 2024, Item #8

ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2024 -March 31; 2024
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)
267,898.29

0.00 comparative Bates of Beturn 1%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

5.24 5.28

5.23 5.15

5.13 4.63

4.15 2.64

2.66 2.62

2.57 2.51

2.30 2.12
79,371,695.15
267,898.29

0.00 0.00

0.00 0.00
(10,840.30)
88,411.52

0.00 79,717,164.66
79,119,838.64
(597,326.02)
* One month

0.44 0.44

0.44 0.43

0.41 0.38

0.35 Detail of Amoctized cost B11sis Beturn
Interest Accretion Realized
earned {amortization) gain (loss)
Cash and Cash Equivalents 684.95 0.00 0.00
Corporate Bonds 69,210.68 8,768.82 0.00
Government Agencies 51,889.05 23,853.84 0.00
Government Bonds 53,600.56 44,948.56 0.00
Total 175,385.24 77,571.22 0.00
summary of Amoctized cost Basis Betum tor 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
684.95
77,979.50
75,742.89
98,549.12
252,956.46
Total portfolio
175,385.24
77,571.22

0.00 252,956.46
79,613,727.22

0.32 0.89
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4 May 21, 2024, Item #8

ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2024 -March 31, 2024
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
267,898.29

0.00 comparative Rates of Return (%1
*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

5.24 2.64

5.28 2.66

5.24 2.68

5.22 2.75

4.30 2.63

2.97 2.79

2.42 3.08
78,669,138.94
267,898.29

0.00 0.00

0.00 182,801.41
79, 119,838.64
* One month

0.44 0.44

0.45 0.45

0.39 0.32

0.36 [Mail of Fair Y'.alue Basis Return
Interest Change in
earned fair value
Cash and Cash Equivalents 684.95 0.00
Corporate Bonds 69,210.68 55,680.98
Government Agencies 51,889.05 56,065.68
Government Bonds 53,600.56 71,054.75
Total 175,385.24 182,801.41
summary of Fair Y'.alue 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
684.95
124,891.66
107,954.73
124,655.31
358,186.65
Total portfolio
175,385.24
182,801.41
358,186.65
79,499,204.68

0.45 0.30
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5 May 21, 2024, Item #8

RECAP OF SECURITIES HELD
As of March 31, 2024
Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
_IJ.1[•.

Historical
cost
69,598.23
23,203,578.00
23,546,502.09
32,158,788.31
Amortized
cost
69,598.23
23, 196,280.28
23,780,521.88
32,670,764.27
Fair value
69,598.23
23,074,753.79
23,643,740.07
32,331,746.55
Unrealized
gain (loss)

0.00 (121,526.49)
(136,781.81)
(339,017.72)
Weighted Percent
average of
final portfolio
maturity (days)
0 0
0 0.09

29.38 29.81

40.72 Portfolio diversification (%}
■ Cash and Cash Equivalents
■ Corporate Bonds
■ GovernmentAgencies
■ Government Bonds
Total

0.09 29.38

29.81 40.72
100.00
Weighted
average
effective
duration (years)

0.00 2.19

2.41 2.09

CITY OF POWAY
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6 May 21, 2024, Item #8

MATURITY DISTRIBUTION OF SECURITIES HELD
As of March 31, 2024
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
E
.§.
.....
"' 0 u
;; u ·c::
0 .....
"' :i:

25.00 20.00

15.00 10.00

5.00 0.00
o'l>-f
of>
o&
-v"' OJ<::>,o
Maturity distribution
o'l>-f
'\OJ
"
!,.
"4,"'?i
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o'l>4,""
,<o<::>
(!>
4,0?;
'l,
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rb""
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rb' 4,fli
t>,.
~~
Historic cost Percent
7,001,386.86 8.87
2,007,920.00 2.54
4,213,824.07 5.34
18,314,401 .53 23.19
17,965,010.84 22.75
22,023,944.70 27.89
7,451,978.63 9.44

0.00 0.00
78,978,466.63 :,oo:oo: ·\:?8
rb"" 4,0
" t>,.'--0
~<-:,
4,0
1--"
0--:,.'li

CITY OF POWAY
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7 May 21, 2024, Item #8

SECURITIES HELD

CITY OF POWAY
As of March 31, 2024
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 69,598.23 69,598.23 69,598.23 69,598.23 0.00 0.00 0.09 Total Cash and Cash Equivalents 69,598.23 69,598.23 69,598.23 69,598.23 0.00 0.00 0.09 Corporate Bonds
459200JY8 IBM CORP 3% 15MAY2024 3.000 05/15/2024 2,300,000.00 2,463,231.00 2,306,488.86 2,292,049.84 (14,439.02) 26,066.67 3.12 02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 2.400 06/27/2024 1,000,000.00 1,012,410.00 1,000,659.54 992,567.71 (8,091.83) 6,266.67 1.28 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 1.554 05/11/2025 1,800,000.00 1,715,436.00 1,768,659.74 1,731,276.49 (37,383.25) 10,878.00 2.17 11APR25) 04/11/2025
24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 3.400 09/11/2025 1,000,000.00 989,920.00 995,195.17 976,817.44 (18,37773) 1,888.89 1.25 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 0.700 02/08/2026 1,200,000.00 1,096,152.00 1,130,768.00 1,113,400.69 (17,367.31) 1,236.67 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 1,754,323.37 1,745,648.59 (8,674.78) 28,350.00 2.20 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 2.375 07/22/2026 1,000,000.00 944,140.00 947,897.40 942,326.68 (5,570.72) 4,552.08 1.20 06/22/2026
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 2.300 09/09/2026 1,100,000.00 1,034,869.00 1,053,643.60 1,033,028.01 (20,615.59) 1,546.11 1.31 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) 5.488 12/04/2026 1,400,000.00 1,420,132.00 1,418,691.14 1,415,439.40 (3,2S1 .74) 24,970.40 1.80 06/04/2024
17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 4.800 02/26/2027 1,250,000.00 1,253,775.00 1,253,752.84 1,252,374.41 (1,378.43) 5,833.33 1.59 26JAN27) 01/26/2027 ...
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8 May 21, 2024, Item #8

SECURITIES HELD

CITY OF POWAY
As of March 31, 2024
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 1,252,050.98 1,230,398.42 (21,652.56) 1,989.72 1.56 06/12/2027
24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020.00 994,110.79 982,593.89 (11,516.90) 1,844.44 1.26 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091,585.00 1,093,424.42 1,095,951.11 2,526.69 11,164.24 1.38 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 3.782 02/01/2028 2,000,000.00 1,909,600.00 1,916,937.86 1,927,193.62 10,255.76 12,606.67 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 2,393,136.95 2,426,236.27 33,099.32 9,200.00 3.03 01 FEB28) 02/01/2028
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 4.548 07/2212028 900,000.00 890,253.00 890,615.79 882,345.76 (8,270.03) 7,845.30 1.13 07/22/2027
17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 5.803 09/29/2028 1,000,000.00 1,027,800.00 1,025,923.83 1,035,105.46 9,181.63 322.39 1.30 08/29/2028
----------
Total Corporate Bonds 23,550,000.00 23,203,578.00 23,196,280.28 23,074,753.79 (121,526.49) 156,561.58 29.38 -. ·---·---·--------
Government Agencies
3135GOV75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000,000.00 2,007,920.00 2,000,422.40 1,981,761.78 (18,660.62) 8,652.78 2.54 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 0.500 02/10/2025 1,000,000.00 1,002,860.00 1,000,000.00 960,430.65 (39,569.35) 708.33 1.27 (CALLABLE 1 OMAY24) 05110/2024
3136G4K85 FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000 0.500 08/18/2025 1,350,000.00 1,266,394.50 1,271,884.54 1,271,959.56 75.02 806.25 1.60 3134A2HG6 FREDDIE MAC 0% 11 DEC2025 0.000 12/11/2025 1,000,000.00 895,930.00 927,575.02 923,296.36 (4,278.66) 0.00 1.13 ....

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9 May 21, 2024, Item #8

SECURITIES HELD

CITY OF POWAY
As of March 31, 2024
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
3130ALHHO FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 0.960 03/05/2026 2,300,000.00 2,092,540.00 2,155,027.95 2,141,529.26 (13,498.69) 1,594.67 2.65 (CALLABLE 05APR24) 04/05/2024
3130AWLZ1 FEDERAL HOME LOAN BANK 4.75% 12JUN2026 4.750 06/12/2026 1,100,000.00 1,096,612.00 1,097,308.63 1,103,473.17 6,164.54 15,820.14 1.39 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 4.750 09/01/2026 2,000,000.00 1,987,080.00 1,989,137.72 2,006,887.06 17,749.34 7,916.67 2.52 3130APJH9 FEDERAL HOME LOAN BANK 1 % 280CT2026 (CALLABLE 1.000 10/28/2026 2,050,000.00 1,860,110.55 1,920,618.64 1,906,396.29 (14,222.35) 8,712.50 2.36 28APR24) #0006 04/28/2024
3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 1,200,000.00 1,196,508.00 1,196,884.90 1,196,916.67 31.77 16,625.00 1.51 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1 .250 12/21/2026 2,300,000.00 2,055,763.00 2,136,229.33 2, 114, 152.87 (22,076.46) 7,986.11 2.60 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 4.125 09/10/2027 2,000,000.00 1,993,260.00 1,995,278.19 1,983,074.86 (12,203.33) 4,812.50 2.52 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12/01/2027 1,000,000.00 989,640.00 991,973.28 989,268.74 (2,704.54) 13,750.00 1.25 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 4.250 12/10/2027 2,000,000.00 2,010,731.16 2,008,221.45 1,990, 164.28 (18,057.17) 26,208.33 2.55 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 01/06/2028 1,100,000.00 1,105,292.88 1,104,052.59 1,086,197.72 (17,854.87) 10,388.89 1.40 3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 4.125 03/20/2029 2,000,000.00 1,985,860.00 1,985,907.24 1,988,230.80 2,323.56 2,520.83 2.51 ----- Total Government Agencies 24,400,000.00 23,546,502.09 23,780,521.88 23,643,740.07 (136,781.81) 126,503.00 29.81 ....

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10 May 21, 2024, Item #8

SECURITIES HELD

CITY OF POWAY
As of March 31, 2024
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
912828X70 USA TREASURY 2% 30APR2024 2.000 04/30/2024 2,000,000.00 2,036,015.63 2,000,644.29 1,994,602.78 (6,041.51) 16,703.30 2.58 912828YH7 USA TREASURY 1.5% 30SEP2024 1.500 09/30/2024 1,000,000.00 1,032,304.69 1,005,158.60 981,582.03 (23,576.57) 7,500.00 1.31 912828YM6 USA TREASURY 1.5% 31 OCT2024 1.500 10/31/2024 1,100,000.00 1,132,015.40 1,106,073.84 1,076,453.13 (29,620.71) 6,890.11 1.43 912828YYO USA TREASURY 1.75% 31 DEC2024 1.750 12/31/2024 1,000,000.00 1,046,643.98 1,009,859.41 975,078.12 (34,781.29) 4,375.00 1.33 912828ZL7 USA TREASURY 0.375% 30APR2025 0.375 04/30/2025 2,900,000.00 2,704,703.13 2,831,061.43 2,760,550.77 (70,510.66) 4,541.21 3.42 912828XZ8 USA TREASURY 2.75% 30JUN2025 2.750 06/30/2025 1,500,000.00 1,445,449.22 1,466,655.29 1,461,386.72 (5,268.57) 10,312.50 1.83 91282CAJO USA TREASURY 0.25% 31 AUG2025 0.250 08/31/2025 1,400,000.00 1,279,250.00 1,346,310.30 1,312,828.13 (33,482.17) 294.84 1.62 91282CAT8 USA TREASURY 0.25% 31 OCT2025 0.250 10/31/2025 1,200,000.00 1,086,046.88 1,143,072.60 1,118,015.63 (25,056.97) 1,252.75 1.38 9128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 1,700,000.00 1,636,454.91 1,647,276.62 1,649,199.22 1,922.60 16,291.67 2.07 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12/31/2025 2,300,000.00 2,106,124.89 2,200,497.14 2,133,699.21 (66,797.93) 2,156.25 2.67 91282CBT7 USA TREASURY 0.75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707.82 1,310,864.62 1,297,515.63 (13,348.99) 5,250.00 1.57 912828YU8 USA TREASURY 1.625% 30NOV2026 1.625 11/30/2026 1,600,000.00 1,468,130.36 1,483,129.18 1,487,000.00 3,870.82 8,666.67 1.86 ...

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11 May 21, 2024, Item #8

SECURITIES HELD
As of March 31, 2024
Cusip Description
Government Bonds
91282CDQ1 USA TREASURY 1 .25% 31 DEC2026
91282CEF4 USA TREASURY 2.5% 31 MAR2027
91282CET4 USA TREASURY 2.625% 31 MAY2027
91282CEW7 USA TREASURY 3.25% 30JUN2027
91282CFB2 USA TREASURY 2.75% 31JUL2027
91282CFUO USA TREASURY 4.125% 31 OCT2027
9128283FS USA TREASURY 2.25% 1 SNOV2027
91282CHE4 USA TREASURY 3.625% 31 MAY2028
91282CCH2 USA TREASURY 1.25% 30JUN2028
Total Government Bonds
Coupon Maturity/
Call date

1.250 12/31/2026

2.500 03/31/2027

2.625 05/31/2027

3.250 06/30/2027

2.750 07/31/2027

4.125 10/31/2027

2.250 11/15/2027

3.625 05/31/2028
1 .250 06/30/2028
Par value or
shares
2,350,000.00
1,000,000.00
2,000,000.00
740,000.00
1,800,000.00
2,100,000.00
1,100,000.00
2,100,000.00
1,700,000.00
33,990,000.00
Historical cost Amortized cost
2,088,287.11 2,177,639.94
924,573.66 935,222.08
1,901,256.70 1,905,741.33
699,620.45 704,941.33
1,671,756.03 1,686,327.09
2,077,858.60 2,080,982.22
1,030,523.22 1,048,839.12
2,074,577.35 2,075,771.28
1,473,488.28 1,504,696.56
32,158,788.31 32,670,764.27
lfMJll•1•:

Fair value Unrealized
gain
(loss)
2,158,144.54 (19,495.40)
947,148.44 11,926.36
1,896,015.62 (9,725.71)
714,909.38 9,968.05
1,710,140.62 23,813.53
2,084,250.00 3,267.78
1,023,687 .SO (25,151.62)
2,047,828.13 (27,943.15)
1,501,710.95 (2,985.61)
32,331,746.55 (339,017.72)

CITY OF POWAY
Total %
accrued Port
interest cost
7,343.75 2.64
12,500.00 1.17
17,500.00 2.41
6,012.50 0.89
8,159.34 2.12
36,173.08 2.63
9,315.25 1.30
25,375.00 2.63
5,312.50 1.87
211,925.72 40.72
~mm)
...

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12 May 21, 2024, Item #8
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of March 31, 2024
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
912828X70 USA TREASURY 2% 2.000 04/30/2024 AA+ Aaa 2,000,000.00 2,036,015.63 2.58 1,994,602.78 2.52 0.09 912828YH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.31 981,582.03 1.24 0.49 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.43 1,076,453.13 1.36 0.57 912828YYO USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000.00 1,046,643.98 1.33 975,078.12 1.23 0.74 912828ZL7 USA TREASURY 0.375% 0.375 04/30/2025 AA+ Aaa 2,900,000.00 2,704,703.13 3.42 2,760,550.77 3.49 1.05 912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 1,500,000.00 1,445,449.22 1.83 1,461,386.72 1.85 1.20 91282CAJO USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,400,000.00 1,279,250.00 1.62 1,312,828.13 1.66 1.38 91282CAT8 USA TREASURY 0.25% 0.250 10/31/2025 AA+ Aaa 1,200,000.00 1,086,046.88 1.38 1,118,015.63 1.41 1.54 9128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 1,700,000.00 1,636,454.91 2.07 1,649,199.22 2.08 1.58 91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 2,300,000.00 2,106,124.89 2.67 2,133,699.21 2.70 1.70 91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 AA+ Aaa 1,400,000.00 1,243,707.82 1.57 1,297,515.63 1.64 1.94 912828YU8 USA TREASURY 1 .625% 1.625 11/30/2026 AA+ Aaa 1,600,000.00 1,468, 130.36 1.86 1,487,000.00 1.88 2.54 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aaa 2,350,000.00 2,088,287.11 2.64 2,158,144.54 2.73 2.63 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aaa 1,000,000.00 924,573.66 1.17 947,148.44 1.20 2.83 91282CET4 USA TREASURY 2.625% 2.625 05/31/2027 AA+ Aaa 2,000,000.00 1,901,256.70 2.41 1,896,015.62 2.40 2.95 91282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aaa 740,000.00 699,620.45 0.89 714,909.38 0.90 3.00 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aaa 1,800,000.00 1,671,756.03 2.12 1,710,140.62 2.16 3.11 91282CFUO USA TREASURY 4.125% 4.125 10/31/2027 AA+ Aaa 2,100,000.00 2,077,858.60 2.63 2,084,250.00 2.63 3.22 9128283F5 USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aaa 1,100,000.00 1,030,523.22 1.30 1,023,687.50 1.29 3.37 91282CHE4 USA TREASURY 3.625% 3.625 05/31/2028 AA+ Aaa 2,100,000.00 2,074,577.35 2.63 2,047,828.13 2.59 3.75 91282CCH2 USA TREASURY 1.25% 1.250 06/30/2028 AA+ Aaa 1,700,000.00 1,473,488.28 1.87 1,501,710.95 1.90 4.02 Issuer total 33,990,000.00 32,158,788.31 40.72 32,331,746.55 40.86 2.09 Federal Home Loan Banks ...
3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 05/10/2024 AA+ Aaa 1,000,000.00 M
1,002,860.00 1.27 960,430.65 1.21 0.85 ~
0 00 ...
13 May 21, 2024, Item #8
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of March 31, 2024
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) Federal Home Loan Banks
3130ALHHO FEDERAL HOME LOAN 0.960 03/05/2026 04/05/2024 AA+ Aaa 2,300,000.00 2,092,540.00 2.65 2,141,529.26 2.71 1.84 3130AWLZ1 FEDERAL HOME LOAN 4.750 06/12/2026 AA+ Aaa 1,100,000.00 1,096,612.00 1.39 1,103,473.17 1.39 2.03 3130APJH9 FEDERAL HOME LOAN 1.000 10/28/2026 04/28/2024 AA+ Aaa 2,050,000.00 1,860,110.55 2.36 1,906,396.29 2.41 2.48 3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aaa 2,300,000.00 2,055,763.00 2.60 2,114,152.87 2.67 2.61 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aaa 2,000,000.00 1,993,260.00 2.52 1,983,074.86 2.51 3.16 3130ATU54 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aaa 2,000,000.00 2,010,731.16 2.55 1,990,164.28 2.52 3.32 Issuer total 12,750,000.00 12,111,876.71 15.34 12,199,221.38 15.42 2.47 Federal Farm Credit Banks Funding Corp
3133EPUW3 FEDERAL FARM CREDIT 4.750 09/01/2026 AA+ Aaa 2,000,000.00 1,987,080.00 2.52 2,006,887.06 2.54 2.25 3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aaa 1,200,000.00 1, 196,508.00 1.51 1,196,916.67 1.51 2.47 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aaa 1,000,000.00 989,640.00 1.25 989,268.74 1.25 3.32 3133EN5N6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aaa 1,100,000.00 1,105,292.88 1.40 1,086,197.72 1.37 3.41 3133EP5U5 FEDERAL FARM CREDIT 4.125 03/20/2029 AA+ Aaa 2,000,000.00 1,985,860.00 2.51 1,988,230.80 2.51 4.42 Issuer total 7,300,000.00 7,264,380.88 9.20 7,267,500.99 9.19 3.20 Federal National Mortgage Association
3135GOV75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000,000.00 2,007,920.00 2.54 1,981,761.78 2.50 0.26 3136G4K85 FANNIE MAE 0.5% 0.500 08/18/2025 AA+ Aaa 1,350,000.00 1,266,394.50 1.60 1,271,959.56 1.61 1.35 Issuer total 3,350,000.00 3,274,314.50 4.15 3,253,721.34 4.11 0.68 Citibank NA
17325FBC1 CITIBANK NA 5.488% 5.488 12/04/2026 06/04/2024 A+ Aa3 1,400,000.00 1,420,132.00 1.80 1,415,439.40 1.79 2.37 17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 08/29/2028 A+ Aa3 1,000,000.00 1,027,800.00 1.30 1,035,105.46 1.31 3.87 Issuer total 2,400,000.00 2,447,932.00 3.10 2,450,544.86 3.10 3.00 ....

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14 May 21, 2024, Item #8
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of March 31, 2024
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) 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 3.03 2,426,236.27 3.07 3.48 Issuer total 2,400,000.00 2,391,240.00 3.03 2,426,236.27 3.07 3.48 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 1,113,400.69 1.41 1.80 037833D83 APPLE INC 2.9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000.00 1,234,987.00 1.56 1,230,398.42 1.56 3.15 Issuer total 2,500,000.00 2,331,139.00 2.95 2,343,799.11 2.96 2.52 International Business Machines Corp
459200JY8 IBM CORP 3% 3.000 05/15/2024 A-A3 2,300,000.00 2,463,231.00 3.12 2,292,049.84 2.90 0.13 Issuer total 2,300,000.00 2,463,231.00 3.12 2,292,049.84 2.90 0.13 American Honda Finance Corp
02665WCZ2 AMERICAN HONDA 2.400 06/27/2024 A-A3 1,000,000.00 1,012,410.00 1.28 992,567.71 1.25 0.24 02665WBH3 AMERICAN HONDA 2.300 09/09/2026 A-A3 1,100,000.00 1,034,869.00 1.31 1,033,028.01 1.31 2.32 Issuer total 2,100,000.00 2,047,279.00 2.59 2,025,595.72 2.56 1.29 John Deere Capital Corp
24422ETC3 JOHN DEERE CAPITAL 3.400 09/11/2025 A A1 1,000,000.00 989,920.00 1.25 976,817.44 1.23 1.38 24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A A1 1,000,000.00 992,020.00 1.26 982,593.89 1.24 3.16 Issuer total 2,000,000.00 1,981,940.00 2.51 1,959,411.33 2.48 2.27 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 1,927,193.62 2.44 2.62 Issuer total 2,000,000.00 1,909,600.00 2.42 1,927,193.62 2.44 2.62 US Bancorp
91159HHN3 US BANCORP 2.375% 2.375 07/22/2026 06/22/2026 A A3 1,000,000.00 944,140.00 1.20 942,326.68 1.19 2.18 ....

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May 21, 2024, Item #8
GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of March 31, 2024
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) US Bancorp
91159HJF8 US BANCORP 4.548% 4.548 07/22/2028 07/22/2027 A A3 900,000.00 890,253.00 1.13 882,345.76 1.12 2.99 Issuer total 1,900,000.00 1,834,393.00 2.32 1,824,672.44 2.31 2.57 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 1,745,648.59 2.21 1.91 Issuer total 1,800,000.00 1,736,028.00 2.20 1,745,648.59 2.21 1.91 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 2.17 1,731,276.49 2.19 1.07 Issuer total 1,800,000.00 1,715,436.00 2.17 1,731,276.49 2.19 1.07 Cisco Systems Inc
17275RBQ4 CISCO SYSTEMS INC 4.8% 4.800 02/26/2027 01/26/2027 AA-A1 1,250,000.00 1,253,775.00 1.59 1,252,374.41 1.58 2.62 Issuer total 1,250,000.00 1,253,775.00 1.59 1,252,374.41 1.58 2.62 Toyota Motor Credit Corp
89236TKQ7 TOYOTA MOTOR CREDIT 4.625 01/12/2028 A+ A1 1,100,000.00 1,091,585.00 1.38 1,095,951.11 1.39 3.38 Issuer total 1,100,000.00 1,091,585.00 1.38 1,095,951.11 1.39 3.38 Federal Home Loan Mortgage Corp
3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 1,000,000.00 895,930.00 1.13 923,296.36 1.17 1.65 Issuer total 1,000,000.00 895,930.00 1.13 923,296.36 1.17 1.65 Cash and Cash Equivalents
CASH 0.000 69,598.23 69,598.23 0.00 69,598.23 0.09 0.00 Issuer total 69,598.23 69,598.23 0.00 69,598.23 0.09 0.00 ~ AAl•I•WfflH ~ . U'!100ID ~ ~
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16 May 21, 2024, Item #8

SECURITIES PURCHASED
For the period March 1, 2024 -March 31, 2024
Cusip Description / Broker Trade date Coupon Maturity/
Settle date Call date
Corporate Bonds
17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 03/25/2024 4.800 02/26/2027 J.P. MORGAN SECURITIES LLC 03/28/2024 01/26/2027
--
Total Corporate Bonds
--
Government Agencies
3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 03/25/2024 4.125 03/20/2029 WELLS FARGO SECURITIES, LLC 03/28/2024
·--. ---
Total Government Agencies
Par value or Unit cost Principal
shares cost
1,250,000.00 100.30 (1,253,775.00)
--- -
1,250,000.00 (1,253,775.00)
2,000,000.00 99.29 (1,985,860.00)
2,000,000.00 (1,985,860.00)

CITY OF POWAY
Accrued
interest
(5,333.33)
(5,333.33)
(1,833.33)
(1,833.33)
~ I
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17 May 21, 2024, Item #8

SECURITIES SOLD AND MATURED
For the period March 1, 2024 -March 31, 2024
Cusip Description / Broker
Corporate Bonds
17275RAN2 CISCO SYS INC 3.625% 04/03/2024
Total (Corporate Bonds)
Government Agencies
3133EMBE1 FEDERAL FARM CREDIT BANK 0.3%
28MAR2024 CALLABLE
Total (Government Agencies)
•lll~ft(I.JI[~
Trade date Coupon Maturity/ Par value or Historical cost Amortized cost Settle date Call date shares at sale or
maturity
03/04/2024 3.625 (1,000,000.00) 1,070,370.00 1,000,000.00 03/04/2024
(1,000,000.00) 1 ,070,370.00 1,000,000.00
03/28/2024 0.300 (2,000,000.00) 1,998,500.00 2,000,000.00 03/28/2024
(2,000,000.00) 1,998,500.00 2,000,000.00
Price

0.00 0.00
Fair value at
sale or
maturity
1,000,000.00
1,000,000.00
2,000,000.00
2,000,000.00

CITY OF POWAY
Realized Accrued
gain interest
(loss) sold

0.00 0.00

0.00 0.00
lOOID ~
...

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18 May 21, 2024, Item #8

DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2024 -March 31, 2024
cusip Description
Cash
Cash and Cash Equivalents
Total Cash
Corporate Bonds
02665WBH3
02665WCZ2
037833EB2
037833DB3
06051GFX2
166764BW9
17275RAN2
17275RBQ4
17325FBC1
17325FBB3
194162AR4
459200JY8
24422ETC3
24422EWK1
46625HRY8
89236TKQ7
91159HHN3
AMERICAN HONDA FINANCE 2.3% 09SEP2026
AMERICAN HONDA FINANCE 2.4% 27JUN2024
APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26)
APPLE INC 2. 9% 12SEP2027 (CALLABLE 12JUN27)
BANK OF AMERICA CORP 3.5% 19APR2026
CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 11APR25)
CISCO SYS INC 3.625% 04/03/2024
CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 26JAN27)
CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26)
CITIBANK NA S.803% 29SEP2028 (CALLABLE 29AUG28)
COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) IBM CORP 3% 15MAY2024
JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025
JOHN DEERE CAPITAL CORP 4.15% 15SEP2027
JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 01 FEB27) TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028
US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26)
Accretion
(amortization)

0.00 0.00
1,582.13
(227.43)
3,109.22
1,158.19
1,854.26
2,344.66
(188.16)
(22.16)
(600.36)
(489.43)
145.92
(4,325.91)
276.67
141.91
1,804.39
144.83
1,878-70
Realized gain
(loss)

0.00 0.00

0.00 Change in fair
value

0.00 0.00
476.05
2,604.34
4,101.78
3,738.69
632.96
4,155.81

0.00 (1,400.59)
3,766.30.
4,836.27
8,026.08
4,121.71
520.75
1,951.24
6,746.74
2,721.54
5,029.23

CITY OF POWAY
Interest earned Interest received
684.95
684.95
2,248.89
2,133.34
746.67
3,351.11
5,600.00
2,486.40
503.47
500.00
6,829.51
5,158.22
9,813.33
6,133.34
3,022.22
3,688.88
6,723.56
4,522.23
2,111.11
684.95
684.95
12,650.00

0.00 0.00
18,850.00

0.00 0.00
18,125.00

0.00 0.00
29,015.00
55,200.00

0.00 17,000.00
20,750.00

0.00 0.00

0.00 .-
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19 May 21, 2024, Item #8

DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2024 -March 31, 2024
Cusip Description
Corporate Bonds
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) Total Corporate Bonds
Government Agencies
3136G4K85
3135GOV75
3133EMBE1
3133EN5N6
3133EPCG8
3133EP5U5
3133EPK79
3133EPUW3
3130AL2A1
3130ALHHO
3130APJH9
3130AQF65
3130ATHWO
3130ATUS4
3130AWLZ1
3134A2HG6
FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000
FANNIE MAE 1.75% 02JUL2024
FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 CALLABLE
FEDERAL FARM CREDIT BANK 4% 06JAN2028
FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027
FEDERAL FARM CREDIT BANK 4.125% 20MAR2029
FEDERAL FARM CREDIT BANK 4.375% 07DEC2026
FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026
FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 OMAY24) FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 (CALLABLE 05APR24) FEDERAL HOME LOAN BANK 1 % 280CT2026 (CALLABLE 28APR24) #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
FREDDIE MAC 0% 11 DEC202S
Total Government Agencies
Accretion
(amortization)
181.39
8,768.82
4,705.75
(137.74)

33.39 (89.66)
182.29

47.24 96.64
374.13

0.00 6,040.50
4,182.59
5,008.28
114.24
(185.45)
101.95
3,379.69
23,853.84
Realized gain
(loss)

0.00 0.00

0.00 Change in fair
value
3,652.08
55,680.98
4,725.36
6,014.78
7,962.36
1,929.73
(795.44)
2,370.80
(1,167.48)
(2,331.38)
3,835.71
7,724.36
3,247.30
8,570.97
5,243.38
5,157.98
(178.78)
3,756.03
56,065.68

CITY OF POWAY
Interest earned Interest received
3,638.40 0.00
69,210.68 171,590.00
600.00 0.00
3,111.11 0.00
483.33 3,000.00
3,911.11 0.00
3,666.67 0.00
687.50 0.00
4,666.67 0.00
8,444.45 47,500.00
444.44 0.00
1,962.67 11,040.00
1,822.22 0.00
2,555.55 0.00
7,333.33 41,250.00
7,555.55 0.00
4,644.45 0.00

0.00 0.00

5.1,889.05 102,790.00
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20 May 21, 2024, Item #8

DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2024 -March 31, 2024
Cusip Description
Government Bonds
91282CAJO USA TREASURY 0.25% 31 AUG2025
91282CAT8 USA TREASURY 0.2S% 31 OCT2025
912828ZL7 USA TREASURY 0.375% 30APR2025
91282CBC4 USA TREASURY 0.375% 31 DEC2025
91282CBT7 USA TREASURY 0. 7S% 31 MAR2026
91282CCH2 USA TREASURY 1.25% 30JUN2028
91282CDQ1 USA TREASURY 1.25% 31 DEC2026
912828YH7 USA TREASURY 1 .5% 30SEP2024
912828YM6 USA TREASURY 1.5% 31 OCT2024
912828YU8 USA TREASURY 1.625% 30NOV2026
912828YYO USA TREASURY 1. 75% 31 DEC2024
912828X70 USA TREASURY 2% 30APR2024
9128283F5 USA TREASURY 2.25% 15NOV2027
91282CEF4 USA TREASURY 2.5% 31 MAR2027
91282CET4 USA TREASURY 2.625% 31 MAY2027
912828XZ8 USA TREASURY 2.75% 30JUN2025
91282CFB2 USA TREASURY 2.75% 31 JUL2027
9128285N6 USA TREASURY 2.875% 30NOV2025
91282CEW7 USA TREASURY 3.25% 30JUN2027
91282CHE4 USA TREASURY 3.625% 31 MAY2028
Accretion
(amortization)
3,213.09
3,047.93
5,410.37
4,819.67
3,785.21
3,901.03
5,316.58
(873.86)
(879.86)
3,719.71
(1,111.43)
(665.76)
1,197.87
1,833.89
2,527.70
2,266.86
2,895.53
2,683.78
916.38
493.49
Realized gain
(loss)

0.00 0.00

0.00 0.00
Change in fair
value
4,210.95
3,796.89
9,062.50
5,839.83
3,062.50
5,445.32
5,048.83
2,871.09
2,964.85
3,000.00
2,382.81
5,462.16
2,105.47
1,601.56
2,890.62
1,640.63
2,671.87
1,328.12
664.85
3,527.35

CITY OF POWAY
Interest earned Interest received
294.84 0.00
255.50 0.00
926.17 0.00
734.55 0.00
889.34 0.00
1,809.75 0.00
2,501.72 0.00
1,270.49 0.00
1,405.22 0.00
2,202.19 0.00
1,490.38 0.00
3,406.60 0.00
2,107.83 0.00
2,117.49 0.00
4,446.72 0.00
3,513.05 0.00
4,215.66 0.00
4,139.69 0.00
2,048.21 0.00
6,447.75 0.00
...

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21 May 21, 2024, Item #8

DETAIL OF RETURN AND INTEREST RECEIVED
For the period March 1, 2024 -March 31, 2024
cusip Description
Government Bonds
91282CFUO USA TREASURY 4.125% 31 OCT2027
Total Government Bonds
Accretion
(amortization)
450.38
44,948.56
Realized gain
(loss)

0.00 0.00
:,x,r,:

Change in fair
value
1,476.55
71,054.75

CITY OF POWAY
Interest earned Interest received
7,377.41
53,600.56

0.00 0.00
waJ:J. .. ~J -11
...

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22 May 21, 2024, Item #8

TRANSACTION REPORT

CITY OF POWAY
For the period March 1, 2024 -March 31, 2024
Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Prfncipal Interest Transaction total Settle date shares gain(loss)
03/01/2024 194162AR4 Income Corporate Bonds COLGATE-PALMOLIVE CO 4.6% 03/01/2028 2,400,000.00 0.00 0.00 55,200.00 55,200.00 03/01/2024
03/01/2024 3133EPUW3 Income Government Agencies FEDERAL FARM CREDIT BANK 09/01/2026 2,000,000.00 0.00 0.00 47,500.00 47,500.00 03/01/2024
03/04/2024 17275RAN2 Income Corporate Bonds CISCO SYS INC 3.625% 03104/2024 1,000,000.00 0.00 0.00 18,125.00 18,125.00 03/04/2024
03/04/2024 17275RAN2 Capital Change Corporate Bonds CISCO SYS INC 3.625% 03/04/2024 (1,000,000.00) 0.00 1,000,000.00 0.00 1,000,000.00 03/04/2024
03/05/2024 3130ALHHO Income Government Agencies FEDERAL HOME LOAN BANK 0310512026 2,300,000.00 0.00 0.00 11,040.00 11,040.00 03/05/2024
03/09/2024 02665WBH3 Income Corporate Bonds AMERICAN HONDA FINANCE 09109/2026 1,100,000.00 0.00 0.00 12,650.00 12,650.00 03/11/2024
03/10/2024 3130A THWO Income Government Agencies FEDERAL HOME LOAN BANK 09/10/2027 2,000,000.00 0.00 0.00 41,250.00 41,250.00 03/10/2024
03/11/2024 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 03/11/2024
03/12/2024 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 03/12/2024
03/15/2024 24422EWK1 Income Corporate Bonds JOHN DEERE CAPITAL CORP 09/15/2027 1,000,000.00 0.00 0.00 20,750.00 20,750.00 03/15/2024
03/25/2024 17275RBQ4 Bought Corporate Bonds CISCO SYSTEMS INC 4.8% 02126/2027 1,250,000.00 0.00 (1,253,775.00) (5,333.33) (1,259,108.33) 03/28/2024
03/2512024 3133EP5U5 Bought Government Agencies FEDERAL FARM CREDIT BANK 03/20/2029 2,000,000.00 0.00 (1,985,860.00) (1,833.33) (1,987,693.33) 03/28/2024
03/28/2024 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 03/28/2024
03/28/2024 3133EMBE1 Capital Change Government Agencies FEDERAL FARM CREDIT BANK 03/28/2024 (2,000,000.00) 0.00 2,000,000.00 0.00 2,000,000.00 03/28/2024
03/29/2024 17325FBB3 Income Corporate Bonds CITIBANK NA 5.803% 09/29/2028 1,000,000.00 0.00 0.00 29,015.00 29,015.00 03/29/2024
03/31/2024 Income
Cash and Cash Equivalents Cash 0.00 0.00 0.00 684.95 684.95 ...

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23 May 21, 2024, Item #8

ADDITIONAL INFORMATION
As of March 31, 2024

CITY OF POWAY
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 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,S00,760 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 orthat 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 ofTreasury bills with time to maturity of less than 6 months.

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

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

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

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

The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. ...

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24 May 21, 2024, Item #8

ADDITIONAL INFORMATION
As of March 31, 2024
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 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. © 202_4 Insight Investment. All rights reserved.
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25 May 21, 2024, Item #8
City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash March 2024
Part I
Investments & Cash with Fiscal Agents
Settlement Yield to Days to % of Total Face ~r Book Market I
Unrealized
INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) 1st Arn Gov't Obligations Money Mkt Fd 03131124 I Various! 1 I 100.00%1 $516,124.01 I' $516,124.01 so.oo I l .
-
I' I
Jr -I
... ----
I
... ---
I
-
1r I -I 1 •
Average/Total I Various! 1 I 100.00%1 $516, 124.01 $516,124.01 1 so.oo 1 - Paying Agent or Uninvested Cash & DITs
'
$0.00
--r Total Investments and Cash with Fiscal Agent $516, 124.01 Part II
Non-Managed Investments
Settlement Yield to Days to % of Total Face
1 •
Book
I
Market
I
Unrealized
INVESTMENT DESCRIPTION Maturity Investment Value Value Value Gain(Loss) Date Maturity County Pool 03/31/241 3.17%1 1 I 100.00%1 s181 ,813.33 I $181,813.331 s177,647.oo 1 ($4, 166.33)1 I I I I I I -l r 3.17%1 I 100.00%1 $181,813.331 $181,813.331 s1n,647.oo I ($4, 166.33)1 Average /Total NIA --
Part Ill
Gen!!_ral, PaJlroll & PettJl Cash
l Book
Value
General Cash (Union Bank) $1,663,796.42
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 $30,000.00
Petty Cash
~~--~-- -I $8,600.00
Total Cash -
-~
I s1, 732,396.42 I ~--------------___ _J
I
C
I-
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:E :::c u
<C
~ <C
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Poway City CouncilMay 21, 2024

Poway City Council
May 21, 2024