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Item 1.8 -City’s Investment Report as of June 30, 2019August 20, 2019, Item #1.8 August 20, 2019, Item #1.8 August 20, 2019, Item #1.8 City of Poway Investment Statistics June March June 2018 2019 2019 Separately Managed Investment Pools Fair Value: CalTRUST Short-Term Deposits 10,836,888 11,050,617 11,136,533 CalTRUST Medium-Term Deposits 10,848,111 11,139,326 11,293,865 Deposits at the Local Agency Investment Fund (LAIF)21,221,900 17,903,428 29,261,212 Total Fair Value 42,906,899 40,093,371 51,691,610 Weighted Average Yield 1.92%2.44%2.49% Effective Average Duration in days 1 1 1 Weighted Average Maturity in days 1 1 1 Externally Managed Investment Pools Fair Value: U. S. Treasury Notes 13,886,728 12,473,258 11,035,860 U. S. Instrumentalities 36,409,814 38,221,348 40,004,279 Corporate Bonds 21,319,559 21,342,785 21,426,732 Municipal Bonds 1,233,432 0 0 Total Fair Value 72,849,533 72,037,391 72,466,871 Amortized Cost Value: U. S. Treasury Notes 13,979,906 12,497,341 10,999,625 U. S. Instrumentalities 36,805,075 38,326,583 39,893,064 Corporate Bonds 21,585,780 21,431,153 21,421,640 Municipal Bonds 1,235,000 0 0 Total Amortized Cost Value 73,605,761 72,255,077 72,314,329 Unrealized Gain (Loss) (756,228)(217,686)152,542 Accrued Interest Earned 95,010 121,176 116,235 Weighted Average Yield 1.82%1.95%2.01% Effective Average Duration in years 1.13 0.88 1.00 Weighted Average Maturity in years 1.16 0.92 1.05 Total Fair Value of Portfolio Assets 115,756,432 112,130,762 124,158,481 Weighted Average Yield 1.85%2.13%2.21% Effective Average Duration in years 0.71 0.57 0.58 Weighted Average Maturity in years 0.73 0.59 0.61 Glossary of Yield Terminology 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. 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. 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. ATTACHMENT A 4 of 29 August 20, 2019, Item #1.8 %Return LAIF 29,261,212$ 57%2.43% CalTrust - Short 11,136,533$ 22%2.84% CalTrust - Medium 11,293,865$ 22%2.31% Total Internally Managed 51,691,610$ 42% Weighted Average Yield 2.49% Days Effective Average Duration - Internal 1 Weighted Average Maturity - Internal 1 %Return Treasury Securities 11,035,860$ 15%1.94% Instrumentality Securities 40,004,279$ 55%1.97% Corporate Notes 21,426,732$ 30%2.11% Total Externally Managed 72,466,871$ 58% Weighted Average Yield 2.01% Years Effective Average Duration - External 1.00 Weighted Average Final Maturity - External 1.05 Total Portfolio Assets %Return LAIF 29,261,212$ 24%2.43% CalTrust - Short 11,136,533$ 9%2.84% CalTrust - Medium 11,293,865$ 9%2.31% Treasury Securities 11,035,860$ 9%1.94% Instrumentality Securities 40,004,279$ 32%1.97% Corporate Notes 21,426,732$ 17%2.11% Total Portfolio Assets 124,158,481$ Weighted Average Yield 2.21% Years Effective Average Duration - Total 0.58 Weighted Average Maturity - Total 0.61 Portfolio Change Beginning Balance 114,896,151$ Ending Balance 124,158,481$ Assets values shown at Market June 30, 2019 City of Poway Monthly Investment Portfolio Report Externally Managed Assets Seperately Managed Investment Pools LAIF, 57% CalTrust -Short, 22% CalTrust - Medium, 22% Treasury Securities, 15% Instrumentality Securities, 55% Corporate Notes, 30% CalTrust -Short 12% CalTrust - Medium 12% Treasury Securities 12% Instrumentality Securities 42% Corporate Notes 22% ATTACHMENT B 5 of 29 August 20, 2019, Item #1.8 CITY OF POWAYJune 2019FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVALATTACHMENT C 6 of 29 August 20, 2019, Item #1.8 ContentsFixed income market review3Activity and performance summary4Recap of securities held6Maturity distribution of securities held7Securities held8GASB 40 - Deposit and investment risk disclosure14Securities purchased19Securities sold and matured20Transaction report21Additional information227 of 29 August 20, 2019, Item #1.8 FIXED INCOME MARKET REVIEWAs of June 30, 2019CITY OF POWAYChart 1: ISM Manufacturing & Non-Manufacturing Indices: 5/31/2014-5/31/2019Source: Bloomberg Finance LP, June 30, 2019.Chart 2: Treasury yield curve: 6/30/2018 and 6/30/2019Source: Bloomberg Finance LP, June 30, 2019.Economic Indicators and Monetary PolicyInterest rates decreased across the yield curve in June fueled by softening in someeconomic indicators, trade tensions, and comments by the Federal Reserve. TheInstitute for Supply Management (ISM) Manufacturing Index was released on June 3and reached a 31-month low of 52.1 in May versus 52.8 in April. On June 5, the ISMNon-manufacturing Index for May surprised to the upside, increasing to 56.9compared to an April reading of 55.5. (See Chart 1)The employment report released on June 7 showed that non-farm payrolls increasedby 75,000 in May compared to expectation for 175,000 new jobs and the prior monthgains were revised lower to 224,000 from 263,000. The unemployment rate wasunchanged from April at 3.6% while the underemployment rate, which includesmarginally attached workers, decreased to 7.1% in May from 7.3% in April. Averagehourly earnings increased 0.2% in May for annual growth of 3.1% compared to 3.2% inApril.On June 19, the Federal Open Market Committee (FOMC) voted to maintain the targetrange for the federal funds rate at 2.25% to 2.50%. The FOMC statement andcomments by Chair Powell were more dovish than expected. The statement removedreference to a “patient” approach to policy, and Chair Powell noted that the FOMCwould “act as appropriate to sustain the expansion”. The committee’s ‘dot plot’continued to project a median expectation for no policy rate cuts this year, but sevenmembers (up from zero last quarter) now expect two rate cuts this year. The FOMCreduced its near-term inflation forecasts and also hinted at uncertainties relating totheevolutionof trade tensions.At the end of June, President Trump prepared to travel to the two-day G20 summit inOsaka, where a meeting is expected between Presidents Trump and Xi. While tariffsare likely to be the main topic of discussion, reports indicate that President Trump willlook toaddress intellectual property theft and industrial subsidies as well.InterestRateSummaryAt the end of June, the 3-month US Treasury bill yielded 2.09%, the 6-month USTreasury bill yielded 2.10%, the 2-year US Treasury note yielded 1.76%, the 5-year USTreasury note yielded 1.77% and the 10-year US Treasury note yielded 2.01%. (SeeChart2).3040506070May14 May15 May16 May17 May18 May19Monthly IndexManufacturingNonManufacturing0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%3 m 6 m 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr 8 yr 9 yr 10 yr6/30/20196/30/201838 of 29 August 20, 2019, Item #1.8 ACTIVITY AND PERFORMANCE SUMMARYFor the period June 1, 2019 - June 30, 2019CITY OF POWAYAmortized Cost Basis Activity Summary72,296,781.53Opening balance79,440.95Income received79,440.95Total receipts0.00Total disbursements(63,445.32)Interportfolio transfers(63,445.32)Total Interportfolio transfers0.00Realized gain (loss)(9,273.44)Total amortization expense10,825.16Total OID/MKT accretion income0.00Return of capitalClosing balance72,314,328.88Ending fair value72,466,870.89152,542.01Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.241.190.19Overnight Repo2.331.220.20Merrill Lynch 3m US Treas Bill2.251.160.17Merrill Lynch 6m US Treas Bill2.331.160.16ML 1 Year US Treasury Note2.491.190.16ML 2 Year US Treasury Note2.531.140.15ML 5 Year US Treasury Note2.571.140.15* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned116,234.57Accretion (amortization)1,551.72Realized gain (loss) on sales0.00Total income on portfolio117,786.29Average daily amortized cost72,298,956.18Period return (%)Weighted average final maturity in days385YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Corporate Bonds40,016.93 (3,547.49)36,469.440.00Government Agencies59,269.37 4,470.4563,739.820.00Government Bonds16,948.27628.7617,577.03Total116,234.57 1,551.72 0.00 117,786.290.160.9649 of 29 August 20, 2019, Item #1.8 ACTIVITY AND PERFORMANCE SUMMARYFor the period June 1, 2019 - June 30, 2019CITY OF POWAYFair Value Basis Activity Summary72,304,403.70Opening balance79,440.95Income received79,440.95Total receipts0.00Total disbursements(63,445.32)Interportfolio transfers(63,445.32)Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period146,471.56Ending fair value72,466,870.89Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.241.190.19Overnight Repo2.331.220.20ICE ML 3m US Treas Bill2.311.240.22ICE ML 6m US Treas Bill2.511.380.27ICE ML 1 Year US Treasury Note2.981.760.40ICE ML US Treasury 1-33.962.440.52ICE ML US Treasury 1-54.893.060.65* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCorporate Bonds40,016.93 39,454.69 79,471.62Government Agencies59,269.37 80,670.00 139,939.37Government Bonds16,948.27 26,346.87 43,295.14Total116,234.57 146,471.56 262,706.13Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned116,234.57Total income on portfolio262,706.13Average daily total value *72,795,960.69Period return (%)0.36Weighted average final maturity in days385Change in fair value146,471.56YTD return (%)1.85* Total value equals market value and accrued interest510 of 29 August 20, 2019, Item #1.8 RECAP OF SECURITIES HELDAs of June 30, 2019CITY OF POWAYWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Corporate Bonds21,523,444.28 21,421,639.99 21,426,731.89 5,091.90313 29.750.81Government Agencies39,828,852.50 39,893,064.19 40,004,278.50 111,214.31411 55.051.07Government Bonds11,002,441.42 10,999,624.70 11,035,860.50 36,235.80429 15.211.14Total72,354,738.20 72,314,328.88 72,466,870.89 152,542.01385 100.001.00Corporate BondsGovernment AgenciesGovernment BondsPortfolio diversification (%)Corporate Bonds29.75Government Agencies55.05Government Bonds15.21Portfolio diversification (%)611 of 29 August 20, 2019, Item #1.8 MATURITY DISTRIBUTION OF SECURITIES HELDAs of June 30, 2019CITY OF POWAYMaturityHistoric cost PercentUnder 90 days13,046,803.4718.0390 to 179 days11,875,739.3716.41180 days to 1 year17,536,222.9424.241 to 2 years17,865,397.2524.692 to 3 years8,013,199.5411.083 to 4 years4,017,375.635.554 to 5 years0.000.00Over 5 years0.000.0072,354,738.20100.00Maturity distribution0.005.0010.0015.0020.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years712 of 29 August 20, 2019, Item #1.8 SECURITIES HELDAs of June 30, 2019CITY OF POWAYAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds68389XAG05.000 07/08/20191,038,880.00 1,000,606.32(1,760.00)(196.32) 0.00 4,027.78 23,888.890.00 (2,273.68)ORACLE CORP 5% 08JUL20191.441,000,410.001,000,000.00037833CB41.100 08/02/2019989,640.00 999,591.221,450.00(591.22) 0.00 886.11 4,461.110.00383.23APPLE INC 1.1% 02AUG20191.37999,000.001,000,000.000258M0DP12.250 08/15/20192,025,389.28 2,008,859.91901.59(1,313.72) 0.00 3,639.50 16,942.500.00(573.27)AMERICAN EXPRESS CREDIT2.25% 15AUG20192.802,007,546.192,008,000.0048127HAA72.200 10/22/2019990,780.00 997,853.14838.001,814.86 0.00 1,772.23 4,155.560.00575.05JPMORGAN CHASE & CO 2.2%22OCT20191.37999,668.001,000,000.0090331HML42.125 10/28/20191,886,035.00 1,895,509.891,423.103,403.31 0.00 3,252.43 6,953.4709/28/20190.001,141.55US BANK NA CINCINNATI2.125% 28OCT2019 (CALLABLE28SEP19)2.611,898,913.201,900,000.0002665WBZ32.000 11/13/2019993,010.00 998,465.89673.00225.11 0.00 1,611.11 2,611.110.00346.04AMERICAN HONDA FINANCE2% 13NOV20191.37998,691.001,000,000.0014912L6F32.250 12/01/20191,011,910.00 1,002,179.89136.50(2,712.39) 11,250.00 1,812.50 1,812.500.00(433.09)CATERPILLAR FINL SERVICE2.25% 01DEC20191.40999,467.501,000,000.00717081EB51.700 12/15/2019999,940.00 999,989.511,397.00(2,385.51) 8,500.00 1,369.44 708.330.001.90PFIZER INC 1.7% 15DEC20191.38997,604.001,000,000.0017275RAH54.450 01/15/20201,070,170.00 1,014,048.41(968.00)(2,995.41) 0.00 3,584.72 20,395.830.00 (2,161.29)CISCO SYSTEMS INC 4.45%15JAN20201.481,011,053.001,000,000.00594918AY01.850 02/12/20201,506,140.00 1,501,239.753,066.00(4,178.25) 0.00 2,235.42 10,637.5001/12/20200.00(193.71)MICROSOFT CORP 1.85%12FEB2020 (CALLABLE12JAN20)2.081,497,061.501,500,000.00813 of 29 August 20, 2019, Item #1.8 SECURITIES HELDAs of June 30, 2019CITY OF POWAYAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds25468PDP81.950 03/04/20201,504,635.00 1,501,114.231,765.50(5,063.73) 0.00 2,356.25 9,425.000.00(136.99)TWDC ENTERPRISES 18 CORP1.95% 04MAR20202.081,496,050.501,500,000.00713448CS51.850 04/30/20201,499,655.00 1,499,903.361,971.00(3,752.36) 0.00 2,312.50 4,625.0003/30/20200.009.66PEPSICO INC 1.85%30APR2020 (CALLABLE30MAR20)2.071,496,151.001,500,000.0069353RES32.600 07/21/20201,016,010.00 1,005,751.80920.00(2,650.80) 0.00 2,094.44 11,483.3306/21/20200.00(491.61)PNC BANK NA 2.6% 21JUL2020(CALLABLE 21JUN20)1.401,003,101.001,000,000.00053015AD52.250 09/15/20201,002,630.00 1,001,080.2777.00(447.27) 0.00 1,812.50 6,562.5008/15/20200.00(80.02)AUTOMATIC DATAPROCESSNG 2.25% 15SEP2020(CALLABLE 15AUG20)1.391,000,633.001,000,000.00191216BT61.875 10/27/20201,987,240.00 1,994,113.627,094.001,572.38 0.00 3,020.83 6,562.500.00370.22COCA-COLA CO/THE 1.875%27OCT20202.751,995,686.002,000,000.0089233P7F72.625 01/10/20232,001,380.00 2,001,332.7820,470.0024,363.22 0.00 4,229.17 24,791.670.00(31.48)TOYOTA MOTOR CREDIT CORP2.625% 10JAN20232.772,025,696.002,000,000.00Total Corporate Bonds21,523,444.28 21,421,639.99 21,426,731.89 5,091.90 19,750.00 40,016.930.00 (3,547.49)29.75156,016.8039,454.6921,408,000.00Government Agencies3133EHPW71.420 07/03/2019998,942.00 999,995.49707.00(38.49) 0.00 1,143.89 6,981.670.0045.15FEDERAL FARM CREDIT BANK1.42% 03JUL2019 CALLABLE1.38999,957.001,000,000.003135G0L761.075 07/11/20191,000,000.00 1,000,000.001,050.00(340.00) 0.00 865.97 5,046.530.000.00FANNIE MAE 1.075%11JUL2019 CALLABLE1.38999,660.001,000,000.00914 of 29 August 20, 2019, Item #1.8 SECURITIES HELDAs of June 30, 2019CITY OF POWAYAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3134G9Q751.250 07/26/2019997,000.00 999,888.571,108.00(583.57) 0.00 1,006.94 5,347.220.00128.57FREDDIE MAC 1.25%26JUL2019 CALLABLE #00001.38999,305.001,000,000.003137EADK21.250 08/01/20191,006,100.00 1,000,161.07934.00(999.07) 0.00 1,006.94 5,173.610.00(155.88)FREDDIE MAC 1.25%01AUG20191.39999,162.001,000,000.003130AEU732.375 08/27/20191,998,360.00 1,999,743.89640.00636.11 0.00 3,826.39 16,229.170.00134.79FEDERAL HOME LOAN BANK2.375% 27AUG20192.762,000,380.002,000,000.003136G36X81.140 09/13/20191,998,000.00 1,999,864.812,340.00(4,024.81) 0.00 1,836.67 6,776.670.0055.55FANNIE MAE 1.14% 13SEP2019CALLABLE2.761,995,840.002,000,000.003134G3N301.500 10/03/2019993,500.00 999,064.24970.00(984.24) 0.00 1,208.33 3,625.000.00301.86FREDDIE MAC 1.5%03OCT2019 CALLABLE1.37998,080.001,000,000.003135G0R391.000 10/24/2019983,180.00 997,973.071,761.00(1,664.07) 0.00 805.55 1,833.330.00533.41FANNIE MAE 1% 24OCT20191.36996,309.001,000,000.003130AA2H01.125 11/29/2019997,150.00 999,613.951,790.00(4,003.95) 0.00 906.25 968.750.0077.72FEDERAL HOME LOAN BANK1.125% 29NOV20191.38995,610.001,000,000.003136G4DA81.200 12/30/2019998,250.00 999,728.211,860.00(3,818.21) 0.00 1,000.00 6,000.0009/30/20190.0045.29FANNIE MAE 1.2% 30DEC2019(CALLABLE 30SEP19) #00011.38995,910.001,000,000.003133EGLA11.170 01/13/20201,999,780.00 1,999,964.561,780.00(11,244.56) 0.00 1,885.00 10,855.000.005.51FEDERAL FARM CREDIT BANK1.17% 13JAN2020 (CALLABLE11JUL19)2.761,988,720.002,000,000.003137EAEE51.500 01/17/20202,957,514.00 2,981,029.904,668.008,335.10 0.00 3,625.00 20,375.000.002,888.85FREDDIE MAC 1.5% 17JAN20204.092,989,365.003,000,000.001015 of 29 August 20, 2019, Item #1.8 SECURITIES HELDAs of June 30, 2019CITY OF POWAYAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3130AECJ72.625 05/28/20201,497,100.50 1,498,456.112,229.009,502.89 0.00 3,171.87 3,500.000.00141.21FEDERAL HOME LOAN BANK2.625% 28MAY20202.071,507,959.001,500,000.003130ABY341.613 05/29/20201,994,820.00 1,998,181.204,420.00(5,981.20) 0.00 2,598.72 2,777.940.00165.85FEDERAL HOME LOAN BANK1.613% 29MAY20202.761,992,200.002,000,000.003136G4KD41.750 06/29/20201,899,525.00 1,899,860.684,750.00(1,418.68) 0.00 2,678.47 16,717.3609/29/20190.0011.64FANNIE MAE 1.75% 29JUN2020(CALLABLE 29SEP19)2.631,898,442.001,900,000.003133EHYM91.500 09/14/20201,993,720.00 1,997,464.632,400.00(8,464.63) 0.00 2,416.66 8,833.330.00175.25FEDERAL FARM CREDIT BANK1.5% 14SEP20202.761,989,000.002,000,000.003130AEWA42.625 10/01/20201,990,580.00 1,993,860.662,614.0023,285.34 0.00 4,229.17 12,979.170.00421.99FEDERAL HOME LOAN BANK2.625% 01OCT20202.752,017,146.002,000,000.003133EGM511.650 12/01/2020996,971.00 998,922.882,300.00(2,102.88) 8,250.00 1,329.17 1,329.170.0063.23FEDERAL FARM CREDIT BANK1.65% 01DEC20201.38996,820.001,000,000.003130A3UQ51.875 12/11/2020997,820.00 998,962.762,220.00670.24 9,375.00 1,510.41 989.580.0059.73FEDERAL HOME LOAN BANK1.875% 11DEC20201.38999,633.001,000,000.003133EKAJ52.500 02/11/2021999,265.00 999,405.242,740.0011,304.76 0.00 2,013.89 9,652.780.0030.71FEDERAL FARM CREDIT BANK2.5% 11FEB20211.381,010,710.001,000,000.003133EJJD22.540 04/05/20211,004,390.00 1,003,818.702,470.007,571.30 0.00 2,046.11 5,997.220.00(180.41)FEDERAL FARM CREDIT BANK2.54% 05APR20211.391,011,390.001,000,000.00313379RB71.875 06/11/2021985,600.00 987,779.183,020.0012,490.82 9,375.00 1,510.41 989.580.00523.01FEDERAL HOME LOAN BANK1.875% 11JUN20211.361,000,270.001,000,000.001116 of 29 August 20, 2019, Item #1.8 SECURITIES HELDAs of June 30, 2019CITY OF POWAYAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0U352.750 06/22/20212,017,500.00 2,015,536.166,770.0020,577.84 27,500.00 4,430.55 1,222.220.00(654.61)FANNIE MAE 2.75% 22JUN20212.792,036,114.002,000,000.003133EKCB02.500 07/01/2021999,030.00 999,172.343,899.0014,736.66 0.00 2,013.89 8,263.890.0034.43FEDERAL FARM CREDIT BANK2.5% 01JUL20211.381,013,909.001,000,000.003130AABG21.875 11/29/2021990,090.00 991,075.874,530.0011,031.13 0.00 1,510.41 1,614.580.00308.09FEDERAL HOME LOAN BANK1.875% 29NOV20211.371,002,107.001,000,000.003135G0U922.625 01/11/20221,513,185.00 1,512,357.556,852.0018,792.95 0.00 3,171.88 18,484.380.00(420.51)FANNIE MAE 2.625%11JAN20222.091,531,150.501,500,000.00313378CR02.250 03/11/20222,004,000.00 2,003,849.3612,838.0020,800.64 0.00 3,625.00 13,625.000.00(118.93)FEDERAL HOME LOAN BANK2.25% 11MAR20222.772,024,650.002,000,000.003133EKKT22.250 02/08/20231,017,480.00 1,017,333.11(3,000.00)(2,853.11) 0.00 312.50 3,250.00(2,937.50)(146.89)FEDERAL FARM CREDIT BANK2.25% 08FEB20231.411,014,480.001,000,000.00Total Government Agencies39,828,852.50 39,893,064.19 40,004,278.50 111,214.31 54,500.00 57,686.04(2,937.50)4,474.6155.05199,438.1580,660.0039,900,000.00Government Bonds912828WS51.625 06/30/2019994,492.19 1,000,000.00604.000.00 0.00 1,346.68 8,125.000.00319.60USA TREASURY 1.625%30JUN20191.371,000,000.001,000,000.00912828F391.750 09/30/20192,017,265.62 2,001,895.872,108.00(4,005.87) 0.00 2,868.86 8,702.190.00(618.22)USA TREASURY 1.75%30SEP20192.791,997,890.002,000,000.00912828G611.500 11/30/20191,002,968.75 1,000,501.351,719.00(3,079.35) 0.00 1,229.51 1,229.510.00(98.30)USA TREASURY 1.5%30NOV20191.39997,422.001,000,000.001217 of 29 August 20, 2019, Item #1.8 SECURITIES HELDAs of June 30, 2019CITY OF POWAYAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Bonds9128283Y42.250 02/29/20201,492,148.44 1,496,504.052,929.505,429.45 0.00 2,751.36 11,188.860.00429.83USA TREASURY 2.25%29FEB20202.061,501,933.501,500,000.009128282Q21.500 08/15/20201,990,156.25 1,996,023.906,172.00(5,241.90) 0.00 2,486.19 11,187.850.00289.52USA TREASURY 1.5%15AUG20202.751,990,782.002,000,000.00912828F212.125 09/30/2021991,015.63 992,183.794,063.0016,254.21 0.00 1,741.80 5,283.470.00284.92USA TREASURY 2.125%30SEP20211.371,008,438.001,000,000.009128285F32.875 10/15/20211,515,878.91 1,513,977.445,508.0024,167.56 0.00 3,534.84 8,954.920.00(500.39)USA TREASURY 2.875%15OCT20212.101,538,145.001,500,000.00912828XW51.750 06/30/2022998,515.63 998,538.302,734.372,711.70 0.00 628.45 8,750.00(8,121.55)22.67USA TREASURY 1.75%30JUN20221.381,001,250.001,000,000.00Total Government Bonds11,002,441.42 10,999,624.70 11,035,860.50 36,235.80 0.00 16,587.69(8,121.55)129.6315.2163,421.8025,837.8711,000,000.00Grand total72,354,738.20 72,314,328.88145,952.56152,542.01 74,250.00 114,290.6672,308,000.00(11,059.05)1,056.75100.00418,876.7572,466,870.891318 of 29 August 20, 2019, Item #1.8 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2019CITY OF POWAYCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)DescriptionCoupon MaturitydateCall datePar value orsharesFederal Home Loan Banks3130AEU73FEDERAL HOME LOAN 2.375 08/27/2019AA+ Aaa 2,000,000.00 1,998,360.00 2.76 2,000,380.00 2.76 0.163130AA2H0FEDERAL HOME LOAN 1.125 11/29/2019AA+ Aaa 1,000,000.00 997,150.00 1.38 995,610.00 1.37 0.423130AECJ7FEDERAL HOME LOAN 2.625 05/28/2020AA+ Aaa 1,500,000.00 1,497,100.50 2.07 1,507,959.00 2.08 0.903130ABY34FEDERAL HOME LOAN 1.613 05/29/2020AA+ Aaa 2,000,000.00 1,994,820.00 2.76 1,992,200.00 2.75 0.913130AEWA4FEDERAL HOME LOAN 2.625 10/01/2020AA+ Aaa 2,000,000.00 1,990,580.00 2.75 2,017,146.00 2.78 1.223130A3UQ5FEDERAL HOME LOAN 1.875 12/11/2020AA+ Aaa 1,000,000.00 997,820.00 1.38 999,633.00 1.38 1.42313379RB7FEDERAL HOME LOAN 1.875 06/11/2021AA+ Aaa 1,000,000.00 985,600.00 1.36 1,000,270.00 1.38 1.903130AABG2FEDERAL HOME LOAN 1.875 11/29/2021AA+ Aaa 1,000,000.00 990,090.00 1.37 1,002,107.00 1.38 2.34313378CR0FEDERAL HOME LOAN 2.250 03/11/2022AA+ Aaa 2,000,000.00 2,004,000.00 2.77 2,024,650.00 2.79 2.58Issuer total13,500,000.00 13,455,520.50 18.60 13,539,955.00 18.68 1.27United States Treasury Note/Bond912828WS5USA TREASURY 1.625% 1.625 06/30/2019AA+ Aaa 1,000,000.00 994,492.19 1.37 1,000,000.00 1.38 0.01912828F39USA TREASURY 1.75% 1.750 09/30/2019AA+ Aaa 2,000,000.00 2,017,265.62 2.79 1,997,890.00 2.76 0.26912828G61USA TREASURY 1.5% 1.500 11/30/2019AA+ Aaa 1,000,000.00 1,002,968.75 1.39 997,422.00 1.38 0.429128283Y4USA TREASURY 2.25% 2.250 02/29/2020AA+ Aaa 1,500,000.00 1,492,148.44 2.06 1,501,933.50 2.07 0.669128282Q2USA TREASURY 1.5% 1.500 08/15/2020AA+ Aaa 2,000,000.00 1,990,156.25 2.75 1,990,782.00 2.75 1.10912828F21USA TREASURY 2.125% 2.125 09/30/2021AA+ Aaa 1,000,000.00 991,015.63 1.37 1,008,438.00 1.39 2.189128285F3USA TREASURY 2.875% 2.875 10/15/2021AA+ Aaa 1,500,000.00 1,515,878.91 2.10 1,538,145.00 2.12 2.20912828XW5USA TREASURY 1.75% 1.750 06/30/2022AA+ Aaa 1,000,000.00 998,515.63 1.38 1,001,250.00 1.38 2.90Issuer total11,000,000.00 11,002,441.42 15.21 11,035,860.50 15.23 1.14Federal National Mortgage Association3135G0L76FANNIE MAE 1.075% 1.075 07/11/2019AA+ Aaa 1,000,000.00 1,000,000.00 1.38 999,660.00 1.38 0.043136G36X8FANNIE MAE 1.14%1.14009/13/2019AA+ Aaa 2,000,000.00 1,998,000.00 2.76 1,995,840.00 2.75 0.213135G0R39FANNIE MAE 1%1.00010/24/2019AA+ Aaa 1,000,000.00 983,180.00 1.36 996,309.00 1.37 0.321419 of 29 August 20, 2019, Item #1.8 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2019CITY OF POWAYCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)DescriptionCoupon MaturitydateCall datePar value orsharesFederal National Mortgage Association3136G4DA8FANNIE MAE 1.2%1.20012/30/2019 09/30/2019 AA+ Aaa 1,000,000.00 998,250.00 1.38 995,910.00 1.37 0.503136G4KD4FANNIE MAE 1.75%1.75006/29/2020 09/29/2019 AA+ Aaa 1,900,000.00 1,899,525.00 2.63 1,898,442.00 2.62 0.533135G0U35FANNIE MAE 2.75%2.75006/22/2021AA+ Aaa 2,000,000.00 2,017,500.00 2.79 2,036,114.00 2.81 1.923135G0U92FANNIE MAE 2.625% 2.625 01/11/2022AA+ Aaa 1,500,000.00 1,513,185.00 2.09 1,531,150.50 2.11 2.41Issuer total10,400,000.00 10,409,640.00 14.39 10,453,425.50 14.43 0.94Federal Farm Credit Banks3133EHPW7FEDERAL FARM CREDIT 1.420 07/03/2019AA+ Aaa 1,000,000.00 998,942.00 1.38 999,957.00 1.38 0.013133EGLA1FEDERAL FARM CREDIT 1.170 01/13/2020AA+ Aaa 2,000,000.00 1,999,780.00 2.76 1,988,720.00 2.74 0.543133EHYM9FEDERAL FARM CREDIT 1.500 09/14/2020AA+ Aaa 2,000,000.00 1,993,720.00 2.76 1,989,000.00 2.74 1.193133EGM51FEDERAL FARM CREDIT 1.650 12/01/2020AA+ Aaa 1,000,000.00 996,971.00 1.38 996,820.00 1.38 1.403133EKAJ5FEDERAL FARM CREDIT 2.500 02/11/2021AA+ Aaa 1,000,000.00 999,265.00 1.38 1,010,710.00 1.39 1.573133EJJD2FEDERAL FARM CREDIT 2.540 04/05/2021AA+ Aaa 1,000,000.00 1,004,390.00 1.39 1,011,390.00 1.40 1.713133EKCB0FEDERAL FARM CREDIT 2.500 07/01/2021AA+ Aaa 1,000,000.00 999,030.00 1.38 1,013,909.00 1.40 1.943133EKKT2FEDERAL FARM CREDIT 2.250 02/08/2023AA+ Aaa 1,000,000.00 1,017,480.00 1.41 1,014,480.00 1.40 3.45Issuer total10,000,000.00 10,009,578.00 13.83 10,024,986.00 13.83 1.36Federal Home Loan Mortgage Corp3134G9Q75FREDDIE MAC 1.25% 1.250 07/26/2019AA+ Aaa 1,000,000.00 997,000.00 1.38 999,305.00 1.38 0.083137EADK2FREDDIE MAC 1.25% 1.250 08/01/2019AA+ Aaa 1,000,000.00 1,006,100.00 1.39 999,162.00 1.38 0.093134G3N30FREDDIE MAC 1.5%1.50010/03/2019AA+ Aaa 1,000,000.00 993,500.00 1.37 998,080.00 1.38 0.263137EAEE5FREDDIE MAC 1.5%1.50001/17/2020AA+ Aaa 3,000,000.00 2,957,514.00 4.09 2,989,365.00 4.13 0.55Issuer total6,000,000.00 5,954,114.00 8.23 5,985,912.00 8.26 0.351520 of 29 August 20, 2019, Item #1.8 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2019CITY OF POWAYCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)DescriptionCoupon MaturitydateCall datePar value orsharesToyota Motor Credit Corp89233P7F7TOYOTA MOTOR CREDIT 2.625 01/10/2023AA- Aa3 2,000,000.00 2,001,380.00 2.77 2,025,696.00 2.80 3.31Issuer total2,000,000.00 2,001,380.00 2.77 2,025,696.00 2.80 3.31American Express Credit Corp0258M0DP1AMERICAN EXPRESS 2.250 08/15/2019A- A22,008,000.00 2,025,389.28 2.80 2,007,546.19 2.77 0.13Issuer total2,008,000.00 2,025,389.28 2.80 2,007,546.19 2.77 0.13Coca-Cola Co/The191216BT6COCA-COLA CO/THE 1.875 10/27/2020A+ A1 2,000,000.00 1,987,240.00 2.75 1,995,686.00 2.75 1.30Issuer total2,000,000.00 1,987,240.00 2.75 1,995,686.00 2.75 1.30US Bank NA/Cincinnati OH90331HML4US BANK NA CINCINNATI 2.125 10/28/2019 09/28/2019 AA- A1 1,900,000.00 1,886,035.00 2.61 1,898,913.20 2.62 0.30Issuer total1,900,000.00 1,886,035.00 2.61 1,898,913.20 2.62 0.30Microsoft Corp594918AY0MICROSOFT CORP 1.85% 1.850 02/12/2020 01/12/2020 AAA Aaa 1,500,000.00 1,506,140.00 2.08 1,497,061.50 2.07 0.58Issuer total1,500,000.00 1,506,140.00 2.08 1,497,061.50 2.07 0.58PepsiCo Inc713448CS5PEPSICO INC 1.85%1.85004/30/2020 03/30/2020 A+ A1 1,500,000.00 1,499,655.00 2.07 1,496,151.00 2.06 0.80Issuer total1,500,000.00 1,499,655.00 2.07 1,496,151.00 2.06 0.80TWDC Enterprises 18 Corp25468PDP8TWDC ENTERPRISES 18 1.950 03/04/2020A A2 1,500,000.00 1,504,635.00 2.08 1,496,050.50 2.06 0.67Issuer total1,500,000.00 1,504,635.00 2.08 1,496,050.50 2.06 0.671621 of 29 August 20, 2019, Item #1.8 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2019CITY OF POWAYCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)DescriptionCoupon MaturitydateCall datePar value orsharesCisco Systems Inc17275RAH5CISCO SYSTEMS INC 4.450 01/15/2020AA- A11,000,000.00 1,070,170.00 1.48 1,011,053.00 1.40 0.53Issuer total1,000,000.00 1,070,170.00 1.48 1,011,053.00 1.40 0.53PNC Bank NA69353RES3PNC BANK NA 2.6%2.60007/21/2020 06/21/2020 A A2 1,000,000.00 1,016,010.00 1.40 1,003,101.00 1.38 0.96Issuer total1,000,000.00 1,016,010.00 1.40 1,003,101.00 1.38 0.96Automatic Data Processing Inc053015AD5AUTOMATIC DATA2.25009/15/2020 08/15/2020 AA Aa3 1,000,000.00 1,002,630.00 1.39 1,000,633.00 1.38 1.12Issuer total1,000,000.00 1,002,630.00 1.39 1,000,633.00 1.38 1.12Oracle Corp68389XAG0ORACLE CORP 5%5.00007/08/2019AA- A1 1,000,000.00 1,038,880.00 1.44 1,000,410.00 1.38 0.03Issuer total1,000,000.00 1,038,880.00 1.44 1,000,410.00 1.38 0.03JPMorgan Chase & Co48127HAA7JPMORGAN CHASE & CO 2.200 10/22/2019A- A2 1,000,000.00 990,780.00 1.37 999,668.00 1.38 0.31Issuer total1,000,000.00 990,780.00 1.37 999,668.00 1.38 0.31Caterpillar Financial Services Corp14912L6F3CATERPILLAR FINL2.25012/01/2019A A3 1,000,000.00 1,011,910.00 1.40 999,467.50 1.38 0.42Issuer total1,000,000.00 1,011,910.00 1.40 999,467.50 1.38 0.42Apple Inc037833CB4APPLE INC 1.1%1.10008/02/2019AA+ Aa1 1,000,000.00 989,640.00 1.37 999,000.00 1.38 0.10Issuer total1,000,000.00 989,640.00 1.37 999,000.00 1.38 0.101722 of 29 August 20, 2019, Item #1.8 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2019CITY OF POWAYCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)DescriptionCoupon MaturitydateCall datePar value orsharesAmerican Honda Finance Corp02665WBZ3AMERICAN HONDA2.00011/13/2019A A2 1,000,000.00 993,010.00 1.37 998,691.00 1.38 0.37Issuer total1,000,000.00 993,010.00 1.37 998,691.00 1.38 0.37Pfizer Inc717081EB5PFIZER INC 1.7%1.70012/15/2019AA A1 1,000,000.00 999,940.00 1.38 997,604.00 1.38 0.46Issuer total1,000,000.00 999,940.00 1.38 997,604.00 1.38 0.46Grand total72,308,000.00 72,354,738.20 100.00 72,466,870.89 100.00 1.001823 of 29 August 20, 2019, Item #1.8 SECURITIES PURCHASEDFor the period June 1, 2019 - June 30, 2019CITY OF POWAYPar value orsharesUnit costAccruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerGovernment Agencies3133EKKT22.25006/20/201902/08/2023 1,000,000.00 101.75 (1,017,480.00)(2,937.50)FEDERAL FARM CREDIT BANK 2.25% 08FEB202306/25/2019WELLS FARGO BANK, N.A.1,000,000.00(1,017,480.00)(2,937.50)Total Government AgenciesGovernment Bonds912828XW51.75006/13/201906/30/2022 1,000,000.00 99.85 (998,515.63)(8,121.55)USA TREASURY 1.75% 30JUN202206/17/2019JPMORGAN CHASE BANK, N.A.1,000,000.00(998,515.63)(8,121.55)Total Government BondsGrand totalGrand total2,000,000.00(2,015,995.63) (11,059.05)1924 of 29 August 20, 2019, Item #1.8 SECURITIES SOLD AND MATUREDFor the period June 1, 2019 - June 30, 2019CITY OF POWAYHistorical cost Amortized costat sale or maturity/Accr (amort)Fair value atsale or maturity /Chg.in fair valueRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusip/Description/BrokerAccruedinterestsoldInterestreceivedInterestearnedGovernment Agencies3130AEJ84FEDERAL HOME LOAN BANK2.375% 25JUN20192.37506/25/2019(1,000,000.00) 1,000,060.00 1,000,000.00(4.16)0.0010.001,000,000.00 0.00 0.00 11,875.00 1,583.3306/25/2019(1,000,000.00)0.001,000,060.00(4.16)1,000,000.0010.001,000,000.00 0.00 11,875.00 1,583.33Total (Government Agencies)Government Bonds912828R85UNITED STATES TREAS NTSDTD 06/15/2016 .875% DUE06-15-2019 REG0.87506/17/2019(1,000,000.00) 983,828.13 1,000,000.00499.130.00509.001,000,000.00 0.00 0.00 4,375.00 360.5806/17/2019(1,000,000.00)0.00983,828.13499.131,000,000.00509.001,000,000.00 0.00 4,375.00 360.58Total (Government Bonds)Grand totalGrand total(2,000,000.00)0.001,983,888.13494.972,000,000.002,000,000.00 0.0016,250.00 1,943.91519.002025 of 29 August 20, 2019, Item #1.8 TRANSACTION REPORTFor the period June 1, 2019 - June 30, 2019CITY OF POWAYMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusipSec typeDescriptionTrade dateSettle dateRealizedgain(loss)11,250.0006/01/201906/01/2019Income14912L6F3Corporate Bonds CATERPILLAR FINL SERVICE 12/01/2019 1,000,000.000.0011,250.000.008,250.0006/01/201906/01/2019Income3133EGM51Government Agencies FEDERAL FARM CREDIT BANK 12/01/2020 1,000,000.000.008,250.000.009,375.0006/11/201906/11/2019Income3130A3UQ5Government Agencies FEDERAL HOME LOAN BANK 12/11/2020 1,000,000.000.009,375.000.009,375.0006/11/201906/11/2019Income313379RB7Government Agencies FEDERAL HOME LOAN BANK 06/11/2021 1,000,000.000.009,375.000.00(8,121.55)06/13/201906/17/2019Bought912828XW5Government Bonds USA TREASURY 1.75%06/30/2022 1,000,000.00(998,515.63)(1,006,637.18)0.008,500.0006/15/201906/15/2019Income717081EB5Corporate Bonds PFIZER INC 1.7% 15DEC2019 12/15/2019 1,000,000.000.008,500.000.004,375.0006/15/201906/15/2019Income912828R85Government Bonds UNITED STATES TREAS NTS 06/15/2019 1,000,000.000.004,375.000.000.0006/17/201906/17/2019Capital Change912828R85Government Bonds UNITED STATES TREAS NTS 06/15/2019 (1,000,000.00)1,000,000.001,000,000.000.00(2,937.50)06/20/201906/25/2019Bought3133EKKT2Government Agencies FEDERAL FARM CREDIT BANK 02/08/2023 1,000,000.00(1,017,480.00)(1,020,417.50)0.0027,500.0006/22/201906/22/2019Income3135G0U35Government Agencies FANNIE MAE 2.75% 22JUN2021 06/22/2021 2,000,000.000.0027,500.000.0011,875.0006/25/201906/25/2019Income3130AEJ84Government Agencies FEDERAL HOME LOAN BANK 06/25/2019 1,000,000.000.0011,875.000.000.0006/25/201906/25/2019Capital Change3130AEJ84Government Agencies FEDERAL HOME LOAN BANK 06/25/2019 (1,000,000.00)1,000,000.001,000,000.000.002126 of 29 August 20, 2019, Item #1.8 ADDITIONAL INFORMATIONAs of June 30, 2019CITY OF POWAYPast 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 getback 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 changesin 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 foryour 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. Thisdocument 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 beduplicated, 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 clientsInvestment 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 InternationalLimited (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 bereferred 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 isavailable 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 feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe 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 Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation 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 accountshould 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 willremain 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 beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.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. WhenMoodys, 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 ofMoodys 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 anappropriate 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 theindices may be materially different from that of the strategy. In addition, the strategys holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 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 notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 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 notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 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 notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 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 BofA Merrill Lynch 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.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.2227 of 29 August 20, 2019, Item #1.8 ADDITIONAL INFORMATIONAs of June 30, 2019CITY OF POWAYInsight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2019 Insight Investment. All rights reserved.2328 of 29 August 20, 2019, Item #1.8 Investments & Cash with Fiscal Agents Settlement Yield to Days to % of Total Face Book Market Unrealized INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) 1st Am Gov't Obligations Money Mkt Fd 06/30/19 1.83%1 100.00%$624,426.85 $624,426.85 $624,426.85 $0.00 Average/Total -1.83%1 100.00%$624,426.85 $624,426.85 $624,426.85 $0.00 Paying Agent or Uninvested Cash & DITs -----$0.00 -- Total Investments and Cash with Fiscal Agent -----$624,426.85 -- Non-Managed Investments Settlement Yield to Days to % of Total Face Book Market Unrealized INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) County Pool 06/30/19 2.39%1 47.33%$44,925.80 $44,925.80 $45,012.00 $86.20 Wells-Fargo CD 08/05/18 0.05%36 52.67%$50,000.00 $50,000.00 $50,000.00 $0.00 Average/Total -1.16%N/A 100.00%$94,925.80 $94,925.80 $95,012.00 $86.20 General, Payroll & Petty Cash General Cash (Union Bank) -----$736,197.00 -- 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) -----$20,000.00 -- Petty Cash -----$8,500.00 -- Total Cash -----$794,697.00 -- City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash Part I Part III Part II ATTACHMENT D29 of 29August 20, 2019, Item #1.8