AG EN DA REPORT City of Poway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary :
December 3, 2024
Honorable Mayor and Members of the City Council
Craig Schmollinger, Director of Finance ~
Mehrnoush Jamshidi, Finance Manager
(858) 668-4426 or mjamsh [email protected]
City's Investment Report as of September 30, 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 September 30, 2024.
Recommended Action:
It is recommended the City Council accept and file the attached report.
Discussion:
Pursuant to California Government Code Sec. 53646{b){1) and the City's Investment Policy, the Director of Finance {i.e., City Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information .
The City is in compliance with its adopted Investment Policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of September 30, 2024, was $148,757,078. It consisted of the following :
Investment Portfolio Total
Cash $60,283
Deposits at CalTRUST $25,015,195
Deposits at the Local Agency Investment Fund {LAIF) $41,309,924 U.S. Treasury Notes $33,912,608
U.S. Instrumentalities $24,887,356
Corporate Notes $23,571,712
Fair Value of Investment Portfolio as of September 30, 2024 $148,757,078 1 of 33
December 3, 2024, Item #4
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, fluctuations 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 September 30, 2024, is estimated at
4.58% for LAIF, 4.73% for the CalTRUST short-term fund, and 4.14% for the CalTRUST medium-term fund.
For fixed income securities, the difference between amortized cost and fair value is considered an unrealized gain or loss. A realized loss is when the principal of the security is redeemed before its maturity date at a fair value lower than its amortized cost value. The amortized cost value of the externally managed investment portfolio is $81,347, 11 O; the fair value is $82,431,959 for an unrealized gain of $1,084,849 or 1.33% of the total amortized cost value. The source of the fair value information for the U.S. Treasury Notes, the U.S. Instrumentalities, Corporate Notes, and Municipal Bonds is Interactive Data Corporation.
Also included with this report are recaps of the City's cash and investments held by fiscal agents, non managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at September 30, 2024, was $503,006. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $21,452 at September 30, 2024. The City's cash on hand at September 30, 2024 totaled $1,408,637.
The September 30, 2024 balance of the City's Library Trust Fund is $262,500. Through the Fiscal Year 2024-25 period ending September 30, 2024, no interest earnings has been transferred to the General Fund. At the close of Fiscal Year 2024-25, 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 $183,703 of interest during September 2024, as well as $188,638 of interest during August 2024, and $194,366 during July 2024. Fees for investment services during this period totaled $10,146.
Public Notification:
None.
2 of33
December 3, 2024, Item #4
Attachments:
A. Investment Statistics
B. Investment Portfolio Report prepared by Insight Investment C. Investment Report prepared by Insight Investment
D. City of Poway Investments and Cash with Fiscal Agent; General, Payroll, and Petty Cash Report at September 30, 2024
Reviewed/Approved By:
Assistant City Manager
3 of33
Reviewed By:
Alan Fenstermacher
City Attorney
Approved B:t
Ch~
City Manager
December 3, 2024, Item #4
City of Poway
Investment Statistics
Separately Managed Investment Pools
Fair Value:
CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
September
2023
$ 11,894,050
11,544,557
38,662,184
June
2024
$ 12,378,961
12,014,766
49,322,370
September
2024
12,620,874
12,394,321
41,309,924
Deposits at the Local Agency Investment Fund (LAIF)
Total Fair Value $ 62,100,791 $ 73,716,097 $ 66,325,119 Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:
3.82%
1 1
4.52%
1 1
4.53%
1 1
Cash $ 127,179 $ 548,599 $ 60,283
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
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
32,531,265
23,656,692
22,968,276
79,704,832
548,599
32,869,178
23,853,451
23,148,785
80,420,012
(715,180)
-0.89%
176,854
4.02%
2.23 2.45
33,912,608
24,887,356
23,571,712
82,431,959
60,283
33,583,566
24,509,438
23,193,823
81,347,110
1,084,849
1.33%
183,703
4.17%
2.18 2.38
Total Fair Value of Portfolio Assets $ 138,815,708 $ 153,420,929 $ 148,757,078 Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology
3.20%
0.97 1.06
4.26%
1.16 1.27
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.
4.33%
1.21 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 of33 ATTACHMENT A
December 3, 2024, Item #4
City of Poway
Monthly Investment Portfolio Report
September 30, 2024
Separately Managed Investment Pools % Return
LAIF $ 41,309,924 62% 4.58%
CalTrust - Short $ 12,620,874 19% 4.73%
CalTrust - Medium $ 12,394,321 19% 4.14%
Total Internally Managed $ 66,325,119 45%
Weighted Average Yield 4.53%
Days
Effective Average Duration - Internal 1
Weighted Average Maturity - Internal 1
Externally Managed Assets % Return
Cash $ 60,283 0% 4.00%
Treasury Securities $ 33,912,608 41% 3.82%
Instrumentality Securities $ 24,887,356 30% 4.24%
Corporate Notes $ 23,571,712 29% 4.60%
Total Externally Managed $ 82,431,959 55%
Weighted Average Yield 4.17%
Years
Effective Average Duration - External 2.18
Weighted Average Final Maturity - External 2.38
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 of33
41,309,924 28% 4.58%
12,620,874 8% 4.73%
12,394,321 8% 4.14%
60,283 0% 4.00%
33,912,608 23% 3.82%
24,887,356 17% 4.24%
23,571,712 16% 4.60%
148,757,078
4.33%
Years
1.21 1.32
Ca!Trust -
Medium, 19%
CalTrust - Short,
19%
Corporate
Securities
23%
146,209,542
148,757,078
ATTACHMENT B
Cash, 0%
LAIF, 62%
Treasury
Securities, 41 %
Instrumentality
Securities, 30%
CalTrust - Short CalTrust-
12%
Cash
0%
Securities
32%
December 3, 2024, Item #4
6 of 33 ATTACHMENT C
December 3, 2024, Item #4
" Contents 0 .....
w w
Fixed income market review 3
Activity and performance summary 4
Recap of securities held 6
Maturity distribution of securities held 7
Securities held 8
GASS 40 - Deposit and investment risk disclosure 14
Securities purchased 18
Securities sold and matured 19
Detail of return and interest received 20
Transaction report 24
Additional information 26
December 3, 2024, Item #4
FIXED INCOME MARKET REVIEW
As of September 30, 2024
co
0 ....
w w
Chart 1: The FOMC cut rates by SObp and projected a further SObp to follow in 2024
6.0 5.0
4.0 ~ 3.0
2.0 1.0
0.0 --- Fed Funds rate
- FOMC Median projection (Sep-
2024)
- FOMC Median projection (Jun-
2024)
, , , • , • Market expectations (Sep-2024)
Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 Jan-28
Source: Federal Reserve, Bloomberg, Insight , September 30, 2024 Chart 2: The Fed shifts its focus to supporting the labor market 100
C: 80 0 ·.;;
2 ~ X 60
- "' C: "'O
"' C:
[ ·- 40
0 0.
E 20 ......
0 • lfrtf'• ••••••••••••
M N ~ ~ ~ 00 0 N M ~ ~ 00 0 M M ~ ~ ~ m M N ~
m m m m m m O O O O O O M M ~ ~ M M M N N N m m m m m m o o o o o o o o o o o o o o o o M M M M M M N N N N N N N N N N N N N N N N Recessions --- 3-month --- 6-month • • • • • • Mid-point (equal job gains and losses across industries)
Source: Bureau of Labor Statistics, Bloomberg, September 30, 2024
CITY OF POWAY
Economic Indicators and Monetary Policy
The FOMC cut the Fed funds rate by SObp, taking it to a range of 4.75% to 5%. The central bank made several changes to its official statement to reflect a shift in focus from inflation to the labor market. The central bank noted "progress on inflation" and declared the committee has "gained greater confidence that inflation is moving sustainably toward 2%". On the labor market, it changed its characterization of job gains as having moderated" to "slowed" and added that the committee is "strongly committed to supporting maximum employment" . The FOMC projected another SObp of further rate cuts into the end of the year and 1 OObp to follow in 2025 (Chart 1 ).
The FOMC left most of its longer-term estimates unchanged, but slightly adjusted some of its near-term projections to reflect slower growth and inflation as well as higher unemployment.
The Fed trimmed its year-end PCE inflation outlook from 2.6% to 2.3% and its core inflation projection from 2.8% to 2.6%. It raised its near-team unemployment rate projection from 4% to
4.4% for end-2024.
Including food and energy, CPI fell from 2.9% to 2.5% and PCE fell from 2.5% to 2.2%. Both reached the closest levels to the Fed's 2% target since early 2021. Core CPI remained at 3.2% and Core PCE rose slightly from 2.6% to 2.7%.
The US economy added 142,000 jobs in August, below the 165,000 expected, and up from a downwardly revised 89,000 in July. Besides the pandemic, it was the weakest three months of private sector hiring since 2012. The unemployment rate fell slightly from 4.3% to 4.2%. Wage growth rose from 3.6% to 3.8%.
The third release of Q2 GDP was unchanged at 3% but with marginally softer domestic demand.
Annual revisions to the five years from Ql-2019 to Ql -2023 showed notably higher post pandemic growth in 2021 (up from 5.8% to 6.1%). 2022 (up from 1.9% to 2.5%), and 2023 (up from 2.5% to 2.9%).
Interest Rate Summary
Yields generally fell during the month and the 2-year to 10-year part of the curve dis-inverted for the first time since July 2022. At the end of September, the 3-month US Treasury bill yielded
4.62%, the 6-month US Treasury bill yielded 4.40%, the 2-year US Treasury note yielded 3.64%, the 5-year us Treasury note yielded 3.56% and the 10-year US Treasury note yielded 3.78%. 3 December 3, 2024, Item #4
ACTIVITY AND PERFORMANCE SUMMARY
For the period September 1, 2024 - September 30, 2024
\D
0 :; I Amortized Cost Basis Activity Summary
w 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)
340,195.34
0.00 Comparative Rates of Return 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
5.31 5.38
5.23 5.10
4.92 4.53
4.19 2.60
2.65 2.55
2.47 2.35
2.18 2.03
80,917,490.12
340,195.34
0.00 0.00
0.00 0.00
(5,322.65)
94,747.01
0.00 81,347,109.82
82,431,959 .37
1,084,849.55
* One month
0.41 0.42
0.38 0.36
0.33 0.29
0.28 Detail Qf Amortized CQst Basis Return
Interest Accretion Realized
earned (amortization) gain (loss)
Cash and Cash Equivalents 1,068.72 0.00 0.00
Corporate Bonds 70,661.80 15,012.72 0.00
Government Agencies 57,271.37 27,314.09 0.00
Government Bonds 54,700.76 47,097.55 0.00
Total 183,702.65 89,424.36 0.00
Summary of Amortized CQst Basis Return for the Period
Interest earned
Accretion (amortization)
Realized gain (loss) on sales
Total income on portfolio
Average daily amortized cost
Period return(%)
YTD return (%)
Weighted average final maturity in days
CITY OF POWAY
Total
income
1,068.72
85,674.52
84,585.46
101,798.31
273,127.01
Total portfolio
183,702.65
89,424.36
0.00 273,127.01
81,168,401.12
0.33 2.93
869
4 December 3, 2024, Item #4
ACTIVITY AND PERFORMANCE SUMMARY
For the period September 1, 2024 - September 30, 2024 ..... 0 ~ I Fair Value Basis Activity Summary
w Opening balance 81,565,373.73
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
340,195.34
0.00 Comparative Rates Qf Return 1%1
Fed Funds
Overnight Repo
ICE Bofa 3 Months UST-BILL
ICE Bofa 6m US Treas Bill
ICE Bofa 1 Yr US Treasury Note
ICE BofAUS Treasury 1-3
ICE BofA US Treasury 1-5
* rates reflected are cumulative
*Twelve
month trailing
5.31 5.38
5.46 5.73
5.87 6.74
7.44 * Six
month trailing
2.60 2.65
2.71 2.90
3.16 3.84
4.23 340,195.34
0.00 0.00
0.00 0.00
0.00 526,390.30
82,431 ,959.37
* One month
0.41 0.42
0.43 0.52
0.66 0.80
0.88 Detail Qf Fair Value Basis Retur □
Interest Change in
earned fair value
Cash and Cash Equivalents 1,068.72 0.00
Corporate Bonds 70,661.80 162,972.45
Government Agencies 57,271.37 155,433.59
Government Bonds 54,700.76 207,984.26
Total 183,702.65 526,390.30
Summary Qf Fair Value Basis Return 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
1,068.72
233,634.25
212,704.96
262,685.02
710,092 .95
Total portfolio
183,702.65
526,390.30
710,092.95
82,810,708.25
0.86 4.46
869
5 December 3, 2024, Item #4
RECAP OF SECURITIES HELD
As of September 30, 2024 .... ....
0 ....
w w
Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
~.J~"
Historical
cost
60,283.08
Amortized
cost
60,283.08
Fair value
60,283.08
22,944,931.00 23,193,822 .68 23,571,712.41
24,113,261 .59 24,509,438.23 24,887,355.78
32,721,230 .72 33,583,565 .83 33,912,608.10
Unrealized
gain (loss)
0.00 377,889.73
377,917 .55
329,042 .27
Weighted Percent
average of
final portfolio
maturity (days)
944
904
793
0.08 28.74
30.20 40.98
Portfolio diversification {%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ GovernmentAgencies
■ Government Bonds
Total
0.08 28.74
30.20 40.98
100.00
Weighted
average
effective
duration (years)
0.00 2.25
2.31 2.04
CITY OF POWAY
6 December 3, 2024, Item #4
MATURITY DISTRIBUTION OF SECURITIES HELD
As of September 30, 2024 .....
N
0 ....
w w
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
25.00 E 20.00
.§.
~ 15.00
u
"' -~ 10.00
E "' :i: 5.00
0.00 -01>1
Oj~
"b<t;,
,:f' s::,'-0
qJ
Maturity distribution
~
"---~rz,'l>
,o
-01>1
.::o.i
-o1f-"'
,'h~
'l>{o
~rz,
'l,
"'o
rb"'
~rz,
~
'l,'-0
rb"
~rz,
~
~,o
Historic cost Percent
1 , 192,298.48 1.49
2,049,503 .98 2.57
9,796,685.44 12.27
17,951 ,185.50 22.48
21,650,432.86 27.12
19,757,015.99 24.75
7,442,584.14 9.32
0.00 0.00
79,839,706.39 100.00
rb"
'-J~rz,
~,o
rb"
~rz,
1-.'-J
o~rz,
CITY OF POWAY
7 December 3, 2024, Item #4
SECURITIES HELD
CITY OF POWAY
As of September 30, 2024 ... w
g,cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port
w (loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 60,283.08 60,283.08 60,283.08 60,283.08 0.00 0.00 0.08 ---- - - - -
Total Cash and Cash Equivalents 60,283.08 60,283.08 60,283.08 60,283.08 0.00 0.00 0.08 Corporate Bonds
166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 1 .554 05/11/2025 1,800,000 .00 1,715,436.00 1,782,727.69 1,768,582.40 (14,145.29) 10,800.30 2.15 11APR25) 04/11/2025
24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 3.400 09/11/2025 1,000,000.00 989,920.00 996,855.19 992,574.11 (4,281.08) 1,794.44 1.24 02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 4.950 01/09/2026 1,000,000.00 995,500.00 996,285.07 1,009,086.67 12,801.60 11,137.50 1.25 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 0.700 02/08/2026 1,200,000.00 1,096,152.00 1,149,423.33 1, 1S0,391.60 968.27 1,213.33 1.37 01/08/2026
06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 1,800,000.00 1,736,028.00 1,765,448.94 1,782,389.16 16,940 .22 28,175.00 2.17 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 2.375 07/22/2026 1,000,000 .00 944,140.00 959,169 .60 972,890 .12 13,720.52 4,486.11 1.18 06/22/2026
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 2.300 09/09/2026 1,100,000.00 1,034,869.00 1,063, 136.38 1,064,899.42 1,763 .04 1,475.83 1.30 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) 5.488 12/04/2026 1,400,000 .00 1,420, 132.00 1,415,088.99 1,440,392 .10 25,303.11 24,756 .98 1.78 11/04/2026
17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 4.800 02/26/2027 1,250,000.00 1,253,775.00 1,253,087.96 1,277,355.74 24,267.78 5,666.67 1.57 26JAN27) 01/26/2027
037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 2. 900 09/12/2027 1,300,000 .00 1,234,987 .00 1,259,000 .12 1,270,822.40 11,822 .28 1,885.00 1.55 06/12/2027
-- -·---- --- ---- --- - ----- - --- -- -------- --~·- -------- - 8 December 3, 2024, Item #4
SECURITIES HELD
CITY OF POWAY
As of September 30, 2024 ..... .,:,.
Sfusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port
w (loss) interest cost
Corporate Bonds
24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020.00 994,962 .24 1,007,463.49 12,501 .25 1,729.17 1.24 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091,585.00 1,094,293.44 1,120,359.36 26,065.92 11,022.92 1.37 46625HRY8 JPMORGAN CHASE & CO 3.782% 01FEB2028 (CALLABLE 3.782 02/01/2028 2,000,000.00 1,909,600 .00 1,927,764.20 1,978,164.18 50,399.98 12,396.56 2.39 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 2,394,012.46 2,462,649.89 68,637.43 8,893 .33 3.00 01FEB28) 02/01/2028
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 4.548 07/22/2028 900,000.00 890,253.00 891,704 .17 907,096 .92 15,392.75 7,731.60 1.12 07/22/2027
17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 5.803 09/29/2028 1,000,000.00 1,027,800.00 1,022,987.21 1,058,570.62 35,583.41 161.19 1.29 08/29/2028
17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 4.850 02/26/2029 1,000,000.00 999,390.00 999,440 .13 1,034,183.22 34,743.09 4,580.56 1.25 26JAN29) 01/26/2029
717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 3.450 03/15/2029 1,300,000.00 1,222,104. 00 1,228,435.56 1,273,841 .01 45,405.45 1,868.75 1.53 12/15/2028
Total Corporate Bonds 23,550,000.00 22,944,931.00 23,193,822.68 23,571,712.41 377,889.73 139,775.24 28.74 Government Agencies
3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 0.500 02/10/2025 1,000,000 .00 1,002,860 .00 1,000,000.00 983,973 .1 5 (16,026.85) 694.44 1.26 (CALLABLE 1 ONOV24) 11/10/2024
3136G4K85 FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000 0.500 08/18/2025 1,350,000.00 1,266,394.50 1,300,119.05 1,308,988.05 8,869.00 787.50 1.59 3134A2HG6 FREDDIE MAC 0% 11 DEC2025 0.000 12/11/2025 1,000,000.00 895,930.00 948,223 .06 953,914 .35 5,691 .29 0.00 1.12 9 December 3, 2024, Item #4
SECURITIES HELD
CITY OF POWAY
As of September 30, 2024 ...
u,
g=usip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port w (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 2,192,729.02 2,204,904 .91 12,175.89 1,533.33 2.62 (CALLABLE 05NOV24) 10/05/2024
3130AWLZ1 FEDERAL HOME LOAN BANK 4.75% 12JUN2026 4.750 06/12/2026 1,100,000 .00 1,096,612.00 1,097,920.30 1,118,214.70 20,294.40 15,675.00 1.37 3133EPUW3 FEDERAL FARM CREDITBANK 4.75% 01 SEP2026 4.750 09/01/2026 2,000,000.00 1,987,080.00 1,991,382.51 2,040,446.48 49,063.97 7,652 .78 2.49 3130APJH9 FEDERAL HOME LOAN BANK 1.25% 280CT2026 1.250 10/28/2026 2,050,000.00 1,860,110 .55 1,945,714.16 1,969,526 .78 23,812.62 10,819.44 2.33 (CALLABLE 280CT24) #0006 10/28/2024
3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 1,200,000.00 1,196,508 .00 1,197,464.76 1,216,934 .16 19,469.40 16,479 .17 1.50 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1.250 12/21/2026 2,300,000.00 2,055,763 .00 2,166,278.99 2,180,918.60 14,639 .61 7,906 .25 2.57 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 4 .125 09/10/2027 2,000,000.00 1,993,260.00 1,995,963.62 2,029,539 .56 33,575.94 4,583.33 2.50 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12/01/2027 1,000,000.00 989,640.00 993,067 .00 1,015,491 .17 22,424 .17 13 ,635.42 1.24 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 4.250 12/10/2027 2,000,000 .00 2,010,731 .16 2,007,108.78 2,039,445.00 32,336.22 25,972 .22 2.52 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 01/06/2028 1,100,000.00 1,105,292.88 1,103,514 .64 1,112,374 .92 8,860.28 10,266 .67 1.38 3130AEB25 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 3.250 06/09/2028 2,700,000 .00 2,574,679 .50 2,582,627 .95 2,669,953.67 87,325.72 27,056 .25 3.22 10 December 3, 2024, Item #4
SECURITIES HELD
CITY OF POWAY
As of September 30, 2024 .....
C'
$=USip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port w (loss) interest cost Government Agencies
3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 4.125 03/20/2029 2,000,000 .00 1,985,860. 00 1,987,324.39 2,042,730. 28 55,405.89 2,291.67 2.49 Total Government Agencies 25,100,000 .00 24,113,261.59 24,509,438.23 24,887,355.78 377,917.55 145,353.47 30.20 Government Bonds
912828YM6 USA TREASURY 1.5% 31 OCT2024 1.500 10/31/2024 1,100,000.00 1,132,015.40 1,100,879.86 1,096,946.41 (3,933.45) 6,860.05 1.42 912828YYO USA TREASURY 1. 75% 31 DEC2024 1.750 12/31/2024 1,000,000. 00 1,046,643.98 1,003,298.42 992,812.50 (10,485.92) 4,375.00 1.31 912828ZL7 USA TREASURY 0.375% 30APR2025 0.375 04/30/2025 2,900,000.00 2,704,703.13 2,863,000.06 2,834,953 .90 (28,046.16) 4,521.40 3.39 912828XZ8 USA TREASURY 2.75% 30JUN2025 2.750 06/30/2025 1,500,000 .00 1,445,449.22 1,480,037.05 1,485,556.64 5,519.59 10,312.50 1.81 91282CEY3 USA TREASURY 3% 15JUL2025 3.000 07/15/2025 400,000.00 395,532.59 395,902.50 396,743.75 841.25 2,510.87 0.50 91282CAJO USA TREASURY 0.25% 31 AUG2025 0.250 08/31/2025 1,400,000.00 1,279,250.00 1,365,277 .90 1,352,575.00 (12,702.90) 290.06 1.60 91282CAT8 USA TREASURY 0.25% 31 OCT2025 0.250 10/31/2025 1,200,000.00 1,086,046.88 1,161,065 .20 1,153,546.87 (7,518.33) 1,247.28 1.36 9128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 1,700,000. 00 1,636,454. 91 1,663,119.61 1,680,542.97 17,423.36 16,291.67 2.05 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12/31/2025 2,300,000.00 2,106,124.89 2,228,948.74 2,203,597.66 (25,351.08) 2,156.25 2.64 91282CBT7 USA TREASURY 0. 75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707. 82 1,333,209 .51 1,338,914. 07 5,704.56 0.00 1.56 -·- --·----·- - - ----- -- ---- ~- -
11 December 3, 2024, Item #4
SECURITIES HELD
CITY OF POWAY
As of September 30, 2024 ...
" ~usip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port w (loss) interest cost Government Bonds
912828YU8 USA TREASURY 1.625% 30NOV2026 1.625 11/30/2026 1,600,000.00 1,468,130 .36 1,505,087.46 1,533,500.00 28,412 .54 8,666.67 1.84 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 1 .250 1 2/3112026 2,350,000.00 2,088,287 .11 2,209,024 .90 2,231,490 .23 22,465.33 7,343.75 2.62 91282CEF4 USA TREASURY 2.5% 31 MAR2027 2.500 03/31/2027 1,000,000. 00 924,573 .66 946,047.98 974,296.88 28,248 .90 0.00 1.16 91282CET4 USA TREASURY 2.625% 31 MAY2027 2.625 05/31/2027 2,000,000.00 1,901,256 .70 1,920,662.90 1,951,250.00 30,587 .10 17,500.00 2.38 91282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 740,000.00 699,620.45 710,350.89 733,756.25 23,405.36 6,012.50 0.88 91282CFB2 USA TREASURY 2. 75% 31 JUL2027 2.750 07/31/2027 1,800,000. 00 1,671,756. 03 1,703,420.05 1,759,851 .56 56,431.51 8,205 .16 2.09 91282CFUO USA TREASURY 4.125% 31 OCT2027 4.125 10/31/2027 2,100,000.00 2,077,858.60 2,083,640.93 2,133,222.65 49,581 .72 36,015.29 2.60 9128283F5 USA TREASURY 2.25% 15NOV2027 2.250 11/15/2027 1,100,000.00 1,030,523.22 1,055,910.45 1,057,074.22 1,163.77 9,281.25 1.29 91282CHE4 USA TREASURY 3.625% 31 MAY2028 3.625 05/31/2028 2,100,000.00 2,074,577 .35 2,078,684.45 2,103,281.25 24,596.80 25,375 .00 2.60 91282CCH2 USA TREASURY 1.25% 30JUN2028 1.250 06/30/2028 1,700,000. 00 1,473,488.28 1,527,725.25 1,562,007.80 34,282.55 5,312.50 1.85 9128285M8 USA TREASURY 3.125% 15NOV2028 3.125 11/15/2028 2,200,000.00 2,059,929 .24 2,072,915.93 2,161,671.86 88,755.93 25,781.25 2.58 12 December 3, 2024, Item #4
SECURITIES HELD
As of September 30, 2024 .....
00 s;:usip Description
w w
Government Bonds
91282CFJ5 USA TREASURY 3.125% 31 AUG2029
Total Government Bonds
Coupon Maturity/ Par value or Historical cost
Call date shares
3.125 08/31/2029 1,200,000.00 1,175,300.90
34,790,000.00 32,721,230.72
CITY OF POWAY
Amortized cost Fair value Unrealized Total %
gain accrued Port
(loss) interest cost
1,175,355.79 1,175,015.63 (340.16) 3,107.74 1.47
-33,583,565.83 33,912,608.10 329,042.27 201,166.19 40.98 Grand total 83,500,283.08 79,839,706.39 81,347,109.82 82,431,959.37 1,084,849.55 486,294.90 100.00. 13 December 3, 2024, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 2024
~
ID
s;=usip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares cost hist cost value mkt value dur (yrs) w United States Treasury Note/Bond
912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.42 1,096,946.41 1.33 0.08 912828YYO USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000 .00 1,046,643.98 1.31 992,812.50 1.20 0.25 912828ZL7 USA TREASURY 0.375% 0.375 04/30/2025 AA+ Aaa 2,900,000.00 2,704,703.13 3.39 2,834,953.90 3.44 0.57 912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 1,500,000.00 1,445,449.22 1.81 1,485,556.64 1.80 0.73 91282CEY3 USA TREASURY 3% 3.000 07/15/2025 AA+ Aaa 400,000.00 395,532.59 0.50 396,743.75 0.48 0.77 91282CAJO USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,400,000.00 1,279,250.00 1.60 1,352,575.00 1.64 0.90 91282CAT8 USA TREASURY 0.25% 0.250 10/31/2025 AA+ Aaa 1,200,000.00 1,086,046.88 1.36 1, 153,546.87 1.40 1.06 9128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 1,700,000.00 1,636,454.91 2.05 1,680,542.97 2.04 1.12 91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 2,300,000.00 2,106,124.89 2.64 2,203,597.66 2.67 1.22 91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 AA+ Aaa 1,400,000.00 1,243,707.82 1.56 1,338,914.07 1.62 1.46 912828YU8 USA TREASURY 1.625% 1.625 11/30/2026 AA+ Aaa 1,600,000.00 1,468, 130.36 1.84 1,533,500.00 1.86 2.08 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aaa 2,350,000.00 2,088,287.11 2.62 2,231,490.23 2.71 2.17 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aaa 1,000,000.00 924,573.66 1.16 974,296.88 1.18 2.39 91282CET4 USA TREASURY 2.625% 2.625 05/31/2027 AA+ Aaa 2,000,000.00 1,901,256.70 2.38 1,951,250.00 2.37 2.52 91282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aaa 740,000.00 699,620.45 0.88 733,756.25 0.89 2.58 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aaa 1,800,000.00 1,671,756.03 2.09 1,759,851.56 2.13 2.68 91282CFUO USA TREASURY 4.125% 4.125 10/31/2027 AA+ Aaa 2,100,000.00 2,077,858.60 2.60 2,133,222.65 2.59 2.82 9128283F5 USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aaa 1,100,000.00 1,030,523.22 1.29 1,057,074.22 1.28 2.95 91282CHE4 USA TREASURY 3.625% 3.625 05/31/2028 AA+ Aaa 2,100,000.00 2,074,577.35 2.60 2,103,281.25 2.55 3.36 91282CCH2 USA TREASURY 1.25% 1.250 06/30/2028 AA+ Aaa 1,700,000.00 1,473,488.28 1.85 1,562,007.80 1.89 3.58 9128285MB USA TREASURY 3.125% 3.125 11/15/2028 AA+ Aaa 2,200,000.00 2,059,929.24 2.58 2,161,671.86 2.62 3.78 91282CFJ5 USA TREASURY 3.125% 3.125 08/31/2029 AA+ Aaa 1,200,000.00 1,175,300.90 1.47 1,175,015.63 1.43 4.49 Issuer total 34,790,000.00 32,721,230.72 40.98 33,912,608.10 41.14 2.04 14 December 3, 2024, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 2024
N
0 s;:usip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares cost hist cost value mktvalue dur (yrs) w Federal Home Loan Banks
3130AL2A1 FEDERAL HOME LOAN 0.500 02/10/2025 11/10/2024 AA+ Aaa 1,000,000.00 1,002,860.00 1.26 983,973.15 1.19 0.36 3130ALHHO FEDERAL HOME LOAN 0.960 03/05/2026 10/05/2024 AA+ Aaa 2,300,000 .00 2,092,540 .00 2.62 2,204,904.91 2.67 1.37 3130AWLZ1 FEDERAL HOME LOAN 4.750 06/12/2026 AA+ Aaa 1,100,000.00 1,096,612.00 1.37 1,118,214.70 1.36 1.60 3130AP JH9 FEDERAL HOME LOAN 1.250 10/28/2026 10/28/2024 AA+ Aaa 2,050,000.00 1,860,110.55 2.33 1,969,526.78 2.39 2.00 3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aaa 2,300,000.00 2,055,763.00 2.57 2,180,918.60 2.65 2.15 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aaa 2,000,000.00 1,993,260.00 2.50 2,029,539.56 2.46 2.74 3130ATU54 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aaa 2,000,000.00 2,010,731.16 2.52 2,039,445.00 2.47 2.92 3130AEB25 FEDERAL HOME LOAN 3.250 06/09/2028 AA+ Aaa 2,700,000.00 2,574,679.50 3.22 2,669,953.67 3.24 3.40 Issuer total 15,450,000.00 14,686,556.21 18.40 15,196,476.37 18.44 2.26 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 2.49 2,040,446.48 2.48 1.81 3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aaa 1,200,000.00 1,196,508.00 1.50 1,216,934.16 1.48 2.04 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aaa 1,000,000.00 989,640.00 1.24 1,015,491.17 1.23 2.91 3133ENSN6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aaa 1,100,000.00 1,105,292.88 1.38 1,112,374.92 1.35 3.01 3133EPSU5 FEDERAL FARM CREDIT 4.125 03/20/2029 AA+ Aaa 2,000,000.00 1,985,860.00 2.49 2,042,730.28 2.48 4.04 Issuer total 7,300,000.00 7,264,380.88 9.10 7,427,977.01 9.01 2.79 Citibank NA
17325FBC1 CITIBANK NA 5.488% 5.488 12/04/2026 11/04/2026 A+ Aa3 1,400,000.00 1,420,132.00 1.78 1,440,392.10 1.75 1.95 17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 08/29/2028 A+ Aa3 1,000,000.00 1,027,800.00 1.29 1,058,570.62 1.28 3.50 Issuer total 2,400,000.00 2,447,932.00 3.07 2,498,962.72 3.03 2.60 Colgate-Palmolive Co
194162AR4 COLGATE-PALMOLIVE CO 4.600 03/01/2028 02/01/2028 A+ Aa3 2,400,000.00 2,391,240.00 3.00 2,462,649.89 2.99 3.08 Issuer total 2,400,000.00 2,391,240.00 3.00 2,462,649.89 2.99 3.08 -- ·-- --- ·- ~-- -
15 December 3, 2024, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 2024
N ....
~usip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares cost hist cost value mktvalue dur (yrs) w 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 1.37 1,150,391.60 1.40 1.32 037833D83 APPLE INC 2.9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000 .00 1,234,987.00 1.55 1,270,822.40 1.54 2.70 Issuer total 2,500,000.00 2,331,139.00 2.92 2,421,214.00 2.94 2.05 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 1.57 1,277,355.74 1.55 2.19 17275RBR2 CISCO SYSTEMS INC 4.850 02/26/2029 01/26/2029 AA- A1 1,000,000.00 999,390.00 1.25 1,034,183.22 1.25 3.88 Issuer total 2,250,000 .00 2,253,165.00 2.82 2,311,538.96 2.80 2.94 American Honda Finance Corp
02665WEY3 AMERICAN HONDA 4.950 01/09/2026 A- A3 1,000,000.00 995,500.00 1.25 1,009,086.67 1.22 1.21 02665WBH3 AMERICAN HONDA 2.300 09/09/2026 A- A3 1,100,000.00 1,034,869.00 1.30 1,064,899.42 1.29 1.86 Issuer total 2,100,000.00 2,030,369.00 2.54 2,073,986.09 2.52 1.54 John Deere Capital Corp
24422ETC3 JOHN DEERE CAPITAL 3.400 09/11/2025 A A1 1,000,000.00 989,920.00 1.24 992,574.11 1.20 0.93 24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A A1 1,000,000.00 992,020.00 1.24 1,007,463.49 1.22 2.75 Issuer total 2,000,000.00 1,981,940.00 2.48 2,000,037.60 2.43 1.84 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 2.39 1,978,164.18 2.40 2.19 Issuer total 2,000,000.00 1,909,600.00 2.39 1,978,164.18 2.40 2.19 US Bancorp
91159HHN3 US BANCORP 2.375% 2.375 07/22/2026 06/22/2026 A A3 1,000,000.00 944,140.00 1.18 972,890.12 1.18 1.72 91159HJF8 US BANCORP 4.548% 4.548 07/22/2028 07/22/2027 A A3 900,000.00 890,253.00 1.12 907,096.92 1.10 2.58 Issuer total 1,900,000.00 1,834,393.00 2.30 1,879,987.04 2.28 2.14 - ---·-- - -- ·--·-- · -·- -· ------- ·- ·-- -------
16 December 3, 2024, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 2024
"' "' s;:usip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares cost hist cost value mktvalue dur (yrs) w 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 2.17 1,782,389.16 2.16 1.46 Issuer total 1,800,000.00 1,736,028.00 2.17 1,782,389.16 2.16 1.46 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 2.15 1,768,582.40 2.15 0.60 Issuer total 1,800,000 .00 1,715,436.00 2.15 1,768,582.40 2.15 0.60 Federal National Mortgage Association
3136G4K85 FANNIE MAE 0.5% 0.500 08/18/2025 AA+ Aaa 1,350,000.00 1,266,394.50 1.59 1,308,988.05 1.59 0.86 Issuer total 1,350,000.00 1,266,394.50 1.59 1,308,988.05 1.59 0.86 Pfizer Inc
717081 ET6 PFIZER INC 3.45% 3.450 03/15/2029 12/15/2028 A A2 1,300,000.00 1,222,104.00 1.53 1,273,841.01 1.55 3.98 Issuer total 1,300,000.00 1,222,104.00 1.53 1,273,841.01 1.55 3.98 Toyota Motor Credit Corp
89236TKQ7 TOYOTA MOTOR CREDIT 4.625 01/12/2028 A+ A1 1,100,000.00 1,091,585.00 1.37 1,120,359.36 1.36 2.99 Issuer total 1,100,000 .00 1,091,585.00 1.37 1,120,359.36 1.36 2.99 Federal Home Loan Mortgage Corp
3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 1,000,000.00 895,930.00 1.12 953,914.35 1.16 1.17 Issuer total 1,000,000.00 895,930.00 1.12 953,914.35 1.16 1.17 Cash and Cash Equivalents
CASH 0.000 60,283.08 60,283.08 0.00 60,283.08 0.07 0.00 Issuer total 60,283.08 60,283.08 0.00 60,283.08 0.07 0.00 at.ml ---
17 December 3, 2024, Item #4
SECURITIES PURCHASED
For the period September 1, 2024 - September 30, 2024
N w
~usip Description / Broker Trade date Coupon Maturity/
w Settle date Call date w
Government Bonds
91282CEY3
91282CFJ5
USA TREASURY 3% 15JUL2025
MORGAN STANLEY AND CO., LLC
USA TREASURY 3. 125% 31 AUG2029
J.P. MORGAN SECURITIES LLC
09/04/2024
09/05/2024
09/26/2024
09/30/2024
3.000
3.125
07/15/2025
08/31/2029
Par value or
shares
400,000.00
1,200,000.00
Unit cost
98.88 97.94
Principal
cost
(395,532.59)
(1 ,175,300.90)
CITY OF POWAY
Accrued
interest
(1 ,695.65)
(3,107.73)
18 December 3, 2024, Item #4
SECURITIES SOLD AND MATURED
CITY OF POWAY
For the period September 1, 2024 - September 30, 2024
N :,.
~usip Description / Broker Trade date Coupon Maturity/ Par value or Historical cost Amortized cost Price Fair value at Realized Accrued I.I.I Settle date Call date shares at sale or sale or gain interest I.I.I maturity maturity (loss) sold Government Bonds
912828YH7 USA TREASURY 1.5% 30SEP2024 09/30/2024 1.500 (1,000,000.00) 1,032,304.69 1,000,000.00 0.00 1,000,000.00 0.00 0.00 09/30/2024
- - --- -Total (Government Bonds) (1,000,000.00) 1 ,032,304.69 1 ,000,000.00 1,000,000.00 0.00 0.00 - -·- - ----- ----
19 December 3, 2024, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period September 1, 2024 - September 30, 2024
l'J u,
s;:usip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value
w
--
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 1,068.72 1,068.72 -- --
Total Cash 0.00 0.00 0.00 1,068.72 1,068.72
--
Corporate Bonds
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 1,582.13 0.00 8,290.91 2,038.05 12,650.00 02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 242.80 0.00 3,733.06 3,987.50 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 3,109.22 0.00 8,562.31 676.66 0.00 037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 1,158.19 0.00 11,585.23 3,036.94 18,850.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 1,854.26 0.00 10,499.26 5,075.00 0.00 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 11 APR25) 2,344.66 0.00 8,863.47 2,253.30 0.00 17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 26JAN27) (110.82) 0.00 7,103.40 4,833.34 0.00 17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29) 10.59 0.00 6,819.77 3,906.95 0.00 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) (600.36) 0.00 8,765.39 6,189.25 0.00 17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) (489.43) 0.00 9,111.61 4,674.63 29,015.00 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) 145.92 0.00 19,661.21 8,893.33 55,200.00 24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11SEP2025 276.67 0.00 3,789.45 2,738.88 17,000.00 24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 141 .91 0.00 7,049.95 3,343.06 20,750.00 46625HRYB JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 01 FEB27) 1,804.39 0.00 12,785.24 6,093.23 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 1,337.66 0.00 13,681.68 3,612.92 22,425.00 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 144.83 0.00 8,682.31 4,098.27 0.00 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 1,878.70 0.00 7,191.59 1,913.19 0.00 20 December 3, 2024, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period September 1, 2024 - September 30, 2024
N
O'I
~usip Description Accretion Realized gain Change in fair Interest earned Interest received w {amortization) (loss) value w
Corporate Bonds
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 181.40 0.00 6,796.61 3,297.30 0.00 - --~
~
-Total Corporate Bonds 15,012.72 0.00 162,972.45 70,661.80 175,890.00 Government Agencies
3136G4K85 FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000 4,705.76 0.00 8,446.96 543.75 0.00 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 (89.66) 0.00 4,378.23 3,544.45 0.00 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 182.28 0.00 6,177.08 3,322.92 0.00 3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 236.19 0.00 13,548.58 6,645.84 41,250.00 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 96.65 0.00 6,290.83 4,229.17 0.00 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 374.13 0.00 11,644.90 7,652.78 47,500.00 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 ONOV24) 0.00 0.00 5,126.04 402.77 0.00 3130ALHHO FEDERAL HOME LOAN BANK 0. 96% OSMAR2026 (CALLABLE 05NOV24) 6,457.09 0.00 13,164.51 1,778.66 11,040.00 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 5,008.28 0.00 13,095.25 2,315.97 0.00 3130APJH9 FEDERAL HOME LOAN BANK 1.25% 280CT2026 (CALLABLE 280CT24) #0006 4,182.58 0.00 14,226.26 2,064.23 0.00 3130AEB25 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 2,649.49 0.00 17,896.27 7,068.75 0.00 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 114.24 0.00 12,426.76 6,645.83 41,250.00 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 (185.44) 0.00 17,212.28 6,847.22 0.00 3130AWLZ1 FEDERAL HOME LOAN BANK 4.75% 12JUN2026 101 .94 0.00 5,271.59 4,209.03 0.00 3134A2HG6 FREDDIE MAC 0% 11 DEC2025 3,480.56 0.00 6,528.05 0.00 0.00 - - -- -
Total Government Agencies 27,314.09 0.00 155,433.59 57,271.37 141,040.00 --·~ --· -----·--- -- ---- -- ---- - -·-
21 December 3, 2024, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period September 1, 2024 - September 30, 2024
N ....
~usip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value w
Government Bonds
91282CAJO USA TREASURY 0.25% 31 AUG2025 3,109.45 0.00 8,443.75 290.06 1,750.00 91282CAT8 USA TREASURY 0.25% 31 OCT2025 2,949.61 0.00 7,781.24 244.56 0.00 912828ZL7 USA TREASURY 0.375% 30APR2025 5,235.84 0.00 14,635.92 886.55 0.00 91282CBC4 USA TREASURY 0.375% 31 DEC2025 4,664.20 0.00 15,812.50 703.12 0.00 91282CBT7 USA TREASURY 0.75% 31 MAR2026 3,663.09 0.00 9,351.57 860.66 5,250.00 91282CCH2 USA TREASURY 1.25% 30JUN2028 3,775.19 0.00 13,480.45 1,732.34 0.00 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 5,145.07 0.00 16,156.25 2,394.70 0.00 912828YH7 USA TREASURY 1.5% 30SEP2024 (845.67) 0.00 2,774.10 1,229.51 7,500.00 912828YM6 USA TREASURY 1.5% 31 OCT2024 (851.47) 0.00 3,546.41 1,34S.10 0.00 912828YU8 USA TREASURY 1.625% 30NOV2026 3,599.72 0.00 10,500.00 2,131.15 0.00 912828YYO USA TREASURY 1.7S% 31 DEC2024 (1,075.57) 0.00 3,300.78 1,426.63 0.00 9128283F5 USA TREASURY 2.25% 15NOV2027 1,159.23 0.00 7,906.25 2,017.66 0.00 91282CEF4 USA TREASURY 2.5% 31 MAR2027 1,774.73 0.00 6,210.94 2,049.18 12,500.00 91282CET4 USA TREASURY 2.625% 31 MAY2027 2,446.16 0.00 12,890.62 4,303.28 0.00 912828XZ8 USA TREASURY 2.75% 30JUN2025 2,193.73 0.00 6,251.96 3,362.77 0.00 91282CFB2 USA TREASURY 2.75% 31JUL2027 2,802.12 0.00 12,023.44 4,035.32 0.00 9128285N6 USA TREASURY 2.875% 30NOV2025 2,597.21 0.00 8,367.19 4,006.1S 0.00 91282CEY3 USA TREASURY 3% 15JUL2025 369.91 0.00 1,211.16 815.22 0.00 9128285M8 USA TREASURY 3.125% 15NOV2028 2,529.87 0.00 16,585.93 5,604.62 0.00 91282CFJ5 USA TREASURY 3.125% 31 AUG2029 54.89 0.00 (285.27) 0.01 0.00 22 December 3, 2024, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
For the period September 1, 2024 - September 30, 2024
N
00 ~usip
w w
Description
Government Bonds
91282CEW7 USA TREASURY 3.25% 30JUN2027
91282CHE4 USA TREASURY 3.625% 31 MAY2028
91282CFUO USA TREASURY 4.125% 31 OCT2027
Total Government Bonds
:-:a o1t:1
Accretion
(amortization)
886.82
477.57
435.85
47,097.55
•k~1•
Realized gain
(loss)
0.00 0.00
0.00 0.00
0.00 Change in fair
value
4,625.00
13,617.20
12,796.87
-
207,984.26
52 9 .3
CITY OF POWAY
Interest earned Interest received
1,960.60 0.00
6,239.75 0.00
7,061.82 0.00
- -54,700.76 27,000.00
18 7 2 4
23 December 3, 2024, Item #4
TRANSACTION REPORT
CITY OF POWAY
For the period September 1, 2024 - September 30, 2024
N
\D
g_Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total wSettle date shares gain(loss)
08/31/2024 91282CAJO Income Government Bonds USA TREASURY 0.25% 08/31/2025 1,400,000.00 0.00 0.00 1,750.00 1,750.00 08/31/2024
09/01/2024 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 09/01/2024
09/01/2024 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 09/01/2024
09/04/2024 91282CEY3 Bought Government Bonds USA TREASURY 3% 15JUL2025 07/15/2025 400,000 .00 0.00 (395,532.59) (1,695.65) (397,228.24) 09/05/2024
09/05/2024 3130ALHHO Income Government Agencies FEDERAL HOME LOAN BANK 03/05/2026 2,300,000.00 0.00 0.00 11,040.00 11,040.00 09/05/2024
09/09/2024 02665WBH3 Income Corporate Bonds AMERICAN HONDA FINANCE 09/09/2026 1,100,000.00 0.00 0.00 12,650.00 12,650.00 09/09/2024
09/10/2024 3130ATHWO Income Government Agencies
FEDERAL HOME LOAN BANK 09/10/2027 2,000,000.00 0.00 0.00 41,250 .00 41,250.00 09/10/2024
09/11/2024 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 09/11/2024
09/12/2024 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 09/12/2024
09/15/2024 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 09/16/2024
09/15/2024 717081ET6 Income Corporate Bonds PFIZER INC 3.45% 15MAR2029 03/15/2029 1,300,000.00 0.00 0.00 22,425.00 22,425.00 09/15/2024
09/20/2024 3133EP5U5 Income Government Agencies FEDERAL FARM CREDIT BANK 03/20/2029 2,000,000.00 0.00 0.00 41,250.00 41,250.00 09/20/2024
09/26/2024 91282CFJ5 Bought Government Bonds USA TREASURY 3.125% 08/31/2029 1,200,000 .00 0.00 (1,175,300.90) (3,107.73) (1,178,408.63) 09/30/2024
09/29/2024 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 09/29/2024
09/30/2024 912828YH7 Income Government Bonds USA TREASURY 1.5% 09/30/2024 1,000,000.00 0.00 0.00 7,500.00 7,500.00 09/30/2024
09/30/2024 912828YH7 Capital Change Government Bonds
USA TREASURY 1.5% 09/30/2024 (1,000,000.00) 0.00 1,000,000.00 0.00 1,000,000 .00 09/30/2024
09/30/2024 91282CBT7 Income Government Bonds USA TREASURY 0.75% 03/31/2026 1,400,000.00 0.00 0.00 5,250.00 5,250.00 09/30/2024
-· - -------- ----- -- - - --·-- - -- -·- ---- -- ---
24 December 3, 2024, Item #4
w
0 TRANSACTION REPORT
For the period September 1, 2024 - September 30, 2024
g, Trade date Cusip Transaction Sec type Description Maturity Par value or Realized
CITY OF POWAY
Principal Interest Transaction total
wsettle date shares gain(loss) w __________________________________________________________ _ 09/30/2024 91282CEF4 Income Government Bonds USA TREASURY 2.5% 03/3112027 1,000,000.00 0.00 0.00 12,500.00 12,500.00 09/30/2024
09/30/2024 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 1,068.72 1,068.72 25 December 3, 2024, Item #4
ADDITIONAL INFORMATION
CITY OF POWAY
As of September 30, 2024
w
.... Past performance is not indicative offuture results. Investment in any strategy involves a risk of loss which may partly be due to exchange rate fluctuations. 0 ~The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and Wcharges and these can have a material detrimental effect on the performance of an investment. The performance shown is for the stated time period(s) only.
Any target performance aims are not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected. Investments are subject to risks, including loss of principal. There can be no guarantee that any investment strategy will meet the liability funding needs of a particular client.
Performance information for certain accounts may reflect performance achieved while the account was managed at a prior firm . In addition, the performance and customized benchmark information for these periods are based on Information from 3rd parties that Insight believes to be accurate, but Insight has not independently verified such information and no representation is made regarding its accuracy or completeness.
The quoted benchmarks do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors . Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in volatility, and regulatory and legal restrictions between the indices shown and the strategy .
Any currency conversions performed for this presentation, use FX rates as per WM Reuters 4pm spot rates, unless noted otherwise.
Funds and portfolios with an ESG objective follow a sustainable or ESG related investment approach, which may cause them to perform differently than funds that are not required to integrate sustainable investment criteria when selecting securities . Funds and portfolios with no ESG objective are not required to integrate sustainable investment criteria when selecting securities so any ESG approach shown is only indicative and there is no guarantee that the specific approach will be applied across the whole portfolio.
This is a client report intended for professional clients only. This material is for professional clients only and is not intended for distribution to retail clients. 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 is intended only for the parties to whom it was delivered or its authorised agents and should not be copied or passed to any other person. Please contact the Client Services Team if there has been any change in your financial circumstances or risk tolerance since the previous valuation that could affect the investment objective of your portfolio. Insight obtains market data and prices from an independent pricing source for all of our currency positions on a daily basis. For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker .
Some information contained in this client report comes from external sources which Insight believes to be reliable . A list of sources is available on request. All statistics represent month end figures unless otherwise noted. 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. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future . Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment. 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 Investment is the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL) and Insight North America LLC (INA), each of which provides asset management services. This group of companies may be referred to as 'Insight' or 'Insight Investment'.
Please compare the information provided in this statement to the information provided in the statement received from your Custodian. This report is not intended to replace your custodial statement which is your official record for all pertinent account information. Please notify us promptly if you do not receive from your custodian on at least a quarterly basis account statements that contain the amount of funds and each security in the account at the end of the period and all transactions in the account during that period .
For clients based in North America:
This material is for professional clients only and is not intended for distribution to retail clients.
Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC). using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as 'Insight' or 'Insight Investment' . INA is registered with the CFTC as a Commodity Trading Advisor and a Commodity Pool Operator and are members of the NFA.
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. 26 December 3, 2024, Item #4
w N
ADDITIONAL INFORMATION
As of September 30, 2024
CITY OF POWAY
g, 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 won or before the third business day before the last business day of the month. w
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. © 2024 Insight Investment. All rights reserved.
27 December 3, 2024, Item #4
w w
0 ....
w
w
► •
City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash September 2024
Investments 8: Cash with Fiscal Al!ents
Settlement I Yield to
INVESTMENT DESCRIPTION Date
1st Am Gov't Obligations Money Mkt Fd 09/30/24
Maturity
Variousj
Average /Total
Paying Agent or Uninvested Cash &. DITs
Total Investments and Cash with Fiscal Agent
Variousj
Part I
-
% of Total Face
. d I Maturity , Investment ___ Value
11. 100.00%1
- ir
I
I I
1) 100.00%1
Book
Value
$503,005.95
$0.00
$503,005.95
Market
Value
$503,005.95
$503,005.95
~ n ~ -
Non-Manal!ed Investments
t'art II
~
~ m
z
~
C
INVESTMENT DESCRIPTION
County Pool
Average/Total
General, Payroll 8: Petty Cash
General Cash (Union Bank)
Payroll Cash (Union Bank)
Emergency Cash (Union Bank)
Grant Cash (Union Bank)
Flexible Benefits Cash (Union Bank)
Petty Cash
Total Cash
Settlement Yield to
Date Maturity
09/30/24 1 3.67%1
I
I 3.67%1
Days to % of Total
Maturity Investment
1 I - 100.00%1 -
- I - -1 --
N/A I 100.00%1 ;--
----
Part Ill
Face -1 r - Book
-1 I
- Market
-1 ----Unrealized
Value . Value Value Gain(Loss)
s21,452.oo I s21,452.oo 1 - s21,257.oo 1 - ($195.00) 1
I
---
I I I - I
s21,452.oo I s21,452.oo I - s21,257.oo I - ($1 95.00) 1 ---
r Book
Value
$1,340,036.68
$20,000 .00
s10,ooo.oo I r-
$0.00
$30,000.00
$8,600.00
$1,408,636.68
December 3, 2024, Item #4