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Item 3 - City’s Investment Report as of June 30, 2023
AGENDA REPORT Ci tyofPoway DATE: TO: FROM: CONTACT: SUBJECT: Summary: August15,2023 Honorable Mayor and Members of the City Council Judy B. Tran, Director of Finance (JV' Mehrnoush Jamshidi, Finance Ma·nager 6 (858) 668-4426 or mjamshidi@poway.org City's Investment Report as of June 30, 2023 - CITY COUNCIL Quarterly reports of investments are required to be presented to the City Council per California Government Code and the City's Investment Policy. Attached is the Investment Portfolio Report as of June 30, 2023. Recommended Action: It is recommended the City Council accept and file the attached report. Discussion: Pursuant to Government Code Sec. 53646(b)(1) and the City's Investment Policy, the Director of Finance (i.e., City Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information. The City is in compliance with its adopted Investment Policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of June 30, 2023, was $146,478,427. It consisted of the following: Investment Portfolio Total Cash $130,418 Deposits at CalTRUST 23,241,869 Deposits at the Local Agency Investment Fund (LAIF) 46,903,235 U. S. Treasury Notes 28,980,315 U. S. Instrumentalities 25,612,868 Corporate Notes 21,609,722 Fair Value of Investment Portfolio as of June 30, 2023 $146,478,427 1 of32 August 15, 2023, Item #3 It is the City's practice to keep funds (including those identified to pay for Capital Improvement Projects) invested and earning interest until they are needed. In addition to changing market conditions, reductions in the fair value of the investment portfolio can also be reflective of payments for large capital projects as well as operational expenses. The attached Investment Portfolio Report (Attachment B) and Investment Report (Attachment C) were prepared by the City's investment manager, Insight Investment, with input from the City's Finance Department. The Portfolio Report includes all investments while the Investment Report includes only those investments managed by Insight Investment. All City funds, including the General Fund, Water Fund, Wastewater Fund and others -except those identified in Attachment D, are pooled and invested, with earned interest allocated quarterly based on the average daily cash balance in each fund. The funds on deposit at LAIF and CalTRUST earn interest at variable rates. The interest rate for the month ending June 30, 2023, is estimated at 3.17% for LAIF, 4.48% for the CalTRUST short-term fund, and 3.44% for the CalTRUST medium-term fund. For fixed income securities, the difference between amortized cost and fair value is considered an unrealized gain or loss. A realized loss is when the principal of the security is redeemed before its maturity date at a fair value lower than its amortized cost value. The amortized cost value of the externally managed investment portfolio is $78,011,831; the fair value is $76,333,323 for an unrealized loss of $1,678,508 or 2.15% 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 June 30, 2023, was $130,418. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $98,289 at June 30, 2023. The City's cash on hand at June 30, 2023 totaled $1,030,493. The June 30, 2023 balance of the City's Library Trust Fund is $264,304. Through the Fiscal Year 2022- 23 period ending June 30, 2023, $2,325 of interest earnings has been transferred to the General Fund. At the close of Fiscal Year 2022-23, 90% of the Library Trust Fund's interest earnings will be transferred to the General Fund to partially offset library operating costs. Environmental Review: This action is not subject to review under the California Environmental Quality Act (CEQA). Fiscal Impact: The externally managed investment portfolio earned $131,465 of interest during June 2023, as well as $138,859 of interest during May 2023, and $131,608 during April 2023. Fees for investment services during this period totaled $9,552. 2 of32 August 15, 2023, Item #3 Public Notification: None. Attachments: A. Investment Statistics B. Investment Portfolio Report prepared by Insight Investment C. Investment Report prepared by Insight Investment D. City of Poway Investments and Cash with Fiscal Agent; General, Payroll, and Petty Cash Report at June 30, 2023 Reviewed/Approved By: Wendy K~serman Assistant City Manager 3 of 32 Reviewed By: Alan Fenstermacher City Attorney Approved By: City Manager August 15, 2023, Item #3 City of Poway Investment Statistics June March 2022 2023 Se12aratell£ Managed Investment Pools Fair Value: CalTRUST Short-Term Deposits $ 11,378,567 $ 11,630,123 CalTRUST Medium-Term Deposits 11,396,992 11,509,352 Deposits at the Local Agency Investment Fund (LAIF) 39,558,165 36,728,969 Total Fair Value $ 62,333,724 $ 59,868,444 $ Weighted Average Yield 0.94% 3.14% Effective Average Duration in days 1 1 Weighted Average Maturity in days 1 1 Externalll£ Managed Investment Pools Fair Value: Cash $ 125,352 $ 107,221 $ U.S. Treasury Notes 28,941,906 27,622,812 U.S. Instrumentalities 25,495,080 26,752,399 Corporate Bonds 20,494,106 21,818,139 Total Fair Value 75,056,444 76,300,571 Amortized Cost Value: Cash 125,352 107,221 U.S. Treasury Notes 29,515,931 28,224,586 U.S. Instrumentalities 25,976,196 27,089,241 Corporate Bonds 20,936,821 22,105,096 Total Amortized Cost Value 76,554,301 77,526,144 Unrealized Gain (Loss) (1,497,857) (1,225,574) Unrealized Gain (Loss) Percentage -1.96% -1.58% Accrued Interest Earned 113,057 144,479 Weighted Average Yield 1.39% 2.30% Effective Average Duration in years 1.25 1.74 Weighted Average Maturity in years 1.35 1.90 Total Fair Value of Portfolio Assets $ 137,390,168 $ 136,169,015 $ Weighted Average Yield 1.19% 2.67% Effective Average Duration in years 0.68 0.98 Weighted Average Maturity in years 0.74 1.07 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. June 2023 11,753,031 11,488,838 46,903,235 70,145,104 3.43% 1 1 130,418 28,980,315 25,612,868 21,609,722 76,333,323 130,418 29,733,715 26,098,763 22,048,935 78,011,831 (1,678,508) -2.15% 131,465 2.52% 1.76 1.93 146,478,427 2.96% 0.92 1.01 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 of32 ATTACHMENT A August 15, 2023, Item #3 City of Poway Monthly Investment Portfolio Report June 30, 2023 Separately Managed Investment Pools % Return LAIF $ 46,903,235 67% 3.17% CalTrust -Short $ 11,753,031 17% 4.48% CalTrust -Medium $ 11,488,838 16% 3.44% Total Internally Managed $ 70,145,104 48% Weighted Average Yield 3.43% Days Effective Average Duration -Internal 1 Weighted Average Maturity -Internal 1 Externally Managed Assets % Return Cash $ 130,418 0% 3.50% Treasury Securities $ 28,980,315 38% 2.08% Instrumentality Securities $ 25,612,868 34% 2.66% Corporate Notes $ 21,609,722 28% 2.96% Total Externally Managed $ 76,333,323 52% Weighted Average Yield 2.52% Years Effective Average Duration -External 1.76 Weighted Average Final Maturity -External 1.93 Total Portfolio Assets % Return LAIF $ CalTrust -Short $ CalTrust -Medium $ Cash $ Treasury Securities $ Instrumentality Securities $ Corporate Notes $ Total Portfolio Assets $ Weighted Average Yield Effective Average Duration -Total Weighted Average Maturity-Total Portfolio Change Beginning Balance Ending Balance Assets values shown at Market 5 of 32 46,903,235 32% 3.17% 11,753,031 8% 4.48% 11,488,838 8% 3.44% 130,418 0% 3.50% 28,980,315 20% 2.08% 25,612,868 17% 2.66% 21,609,722 15% 2.96% 146,478,427 2.96% Years 0.92 1.01 $ $ Ca IT rust- Medium, 16% CalTrust -Short, 17% Corporate Notes 22% Instrumentality Securities 26% 131,046,281 146,478,427 ATTACHMENT B Cash, 0% Treasury Securities, 38% Instrumentality Securities, 34% CalTrust -Short CalTrust- 12% Cash 0% Securities 29% August 15, 2023, Item #3 6of32 ATTACHMENT C August 15, 2023, Item #3 Contents Fixed income market review Activity and performance summary Recap of securities held Maturity distribution of securities held Securities held GASB 40-Deposit and investment risk disclosure Securities purchased Securities sold and matured Detail of return and interest received Transaction report Additional information 3 4 6 7 8 13 17 18 19 23 25 N M .... 0 " August 15, 2023, Item #3 FIXED INCOME MARKET REVIEW As of June 30, 2023 Chart 1: The FOMC's "dot plot" was amended 6 -0 "C C 5 w u w ,~ ... ,," ........ , £.:::,,. .... _ ... _ ........... ... .. .... , .... rt::........... ...... ... .... ~ ~ "C "'4 C C "' 0 c~ .... •'••.• ......... , ...... · ·· ...... ::·~:·:-.. :: ....... _ lllitiiMM • jLin e 20£i · :';,< March 2023 •• •' •''''''''' September 7r.9e2ri m1Jer 2022 ~ -~3 ~ 0 ::, ~ u Q. w : .. .. • Ma rch 2022 ~ 0 2 ~ a. w c:: ~ w "C w .... 1 0 2021 2022 2023 2024 --Fed Funds Rate Source: Bureau of Labor Statistics, June 30, 2023 Chart 2: Core services inflation showed no signs of flagging ~ "' OJ ~ ~ OJ c:: 2 0 -2 -4 -6 -8 -10 2018 2019 2020 2021 2025 2022 2023 Real Fed Funds Rates --Highest measure --Lowest measure Source: Federal Reserve, June 30, 2023 CITY OF POWAY Economic Indicators and Monetary Policy The Federal Reserve kept rates on hold for the first time since February 2022. However, it delivered a decidedly hawkish message. After keeping its quarterly median "dot plot" projections relatively static over the previous two quarters, the Fed increased its projections (Chart 1), now reflecting two additional 25bp hikes in 2023 when many had expected a maximum of one. Real Fed Funds Rates moved into positive territory indicating the Fed's policy will have a restrictive impact at current levels. Headline CPI continued to make strong progress, reaching 4.0% year-on-year in May, falling from 4.9% in April, the lowest since early 2021. On the other hand, Core CPI remained stubborn, at 5.3%, only down from 5.5% last month, and over a longer period not much lower than its 5.6% rate in January this year. Of the non-core categories, energy was the largest negative contributor. Core goods prices continued to pick up, but this was almost entirely due to a continuing bounce in used vehicle prices. Shelter was once again the largest weighted monthly contributor, but it appears to be past its peak. Supercore" CPI, the Fed's closely watched inflation measure, continued to moderate from 5.1 % to 4.6%. Q1 GDP was revised upward from 1.3% to 2.0% (a second upward revision from an initial 1.1 % estimate). Consumption, particularly services spending, was revised up and net exports were revised stronger. Elsewhere, durable goods orders were stronger than expected, increasing by 1.7% month-on-month. Particularly strong sectors were transportation goods with increases for new orders for both autos and aircrafts. The labor market remained resilient. Payrolls rose by 339,000 in May, stronger than consensus expectations for ~200,000. Private payrolls rose by 283,000 jobs, with a 26,000 increase in goods sectors and a 257,000 increase in services. Wage growth remained stable on a year-on-year basis at 4.3%. The unemployment rate rose to 3.7% from 3.4% with the participation rate unchanged at 62.6%. Interest Rate Summary Yields rose across the curve. At the end of June, the 3-month US Treasury bill yielded 5.30%, the 6-month US Treasury bill yielded 5.43%, the 2-year US Treasury note yielded 4.90%, the 5- year US Treasury note yielded 4.16% and the 10-year US Treasury note yielded 3.84%. N rt'I .... 0 00 3 August 15, 2023, Item #3 ACTIVITY AND PERFORMANCE SUMMARY For the period June 1, 2023 -June 30, 2023 Amortized cost Basis Activity summary Opening balance Income received Total receipts Total disbursements lnterportfolio transfers Total lnterportfollo transfers Realized gain (loss) Change in accruals from security movement Total amortization expense Total 01D/MKT accretion Income Return of capital Closing balance Ending fair value Unrealized gain (loss) 236,954.06 0.00 comparative Bates of Beturn f%l * 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 3.82 3.81 3.99 4.17 4.42 4.09 3.53 2.33 2.34 2.34 2.33 2.38 2.1 1 1.84 77,746,383.95 236,954.06 0.00 0.00 0.00 0.00 (29,950.50) 58,443.63 0.00 78,011,831.14 76,333,323.35 (1,678,507.79) * One month 0.41 0.41 0.41 0.41 0.42 0.37 0.32 Detail of Amortized Cost Basis Beturn Interest Accretion Realized earned (amortization) gain (loss) Cash and Cash Equivalents 472.06 0.00 0.00 Corporate Bonds 58,396.87 (4,711.26) 0.00 Government Agencies 45,825.45 11,475.66 0.00 Government Bonds 26,771 .11 21,728.73 0.00 Total 131,465.49 28,493.13 0.00 summary of Amortized cost Basis Beturn tor the Period Interest earned Accretion (amortization) Realized gain (loss) on sales Total income on portfolio Average daily amortized cost Period return (%) YTD return (%) Weighted average final maturity in days CITY OF POWAY Total income 472.06 53,685.61 57,301 .11 48,499.84 159,958.62 Total portfolio 131,465.49 28,493.13 0.00 159,958.62 77,885,942.78 0.20 1.12 704 N M .... 0 0\ 4 August 15, 2023, Item #3 ACTIVITY AND PERFORMANCE SUMMARY For the period June 1, 2023 -June 30, 2023 fair Value Basis Activity summary Opening balance Income received Total receipts Total disbursements lnterportfolio transfers Total lnterportfollo transfers Unrealized gain (loss) on security movements Change in accruals from security movement Return of capital Change in fair value for the period Ending fair value 236,954.06 0.00 CQmparatjve Bates Qf Beturn !%1 *Twelve * Six month trailing month trailing Fed Funds Overnight Repo ICE Bola 3 Months UST-BILL ICE Bola 6m US Treas Bill ICE Bola 1 Yr US Treasury Note ICE BofA US Treasury 1-3 ICE BofA US Treasury 1-5 * rates reflected are cumulative 3.82 2.33 3.81 2.34 3.59 2.25 3.63 2.25 1.93 1.67 0.13 0.97 (0.43) 0.94 76,405,715.76 236,954.06 0.00 0.00 0.00 0.00 0.00 (309,346.47) 76,333,323.35 * One month 0.41 0.41 0.46 0.48 0.23 (0.48) (0.75) Detail Qf fair Value Basis Beturn Interest Change in earned fair value Cash and Cash Equivalents 472.06 0.00 Corporate Bonds 58,396.87 (117,586.48) Government Agencies 45,825.45 (111 ,187.36) Government Bonds 26,771.11 (80,572.63) Total 131,465.49 (309,346.47) summary Qf fair Value Basis Beturn for the PeriQd Interest earned Change in fair value Total income on portfolio Average daily total value* Period return(%) YTD return (%) Weighted average final maturity in days * Total value equals market value and accrued interest CITY OF POWAY Total income 472.06 (59,189.61) (65,361.91) (53,801.52) (177,880.98) Total portfolio 131,465.49 (309,346.47) (177,880.98) 76,768,293.47 (0.23) 1.60 704 N M .... 0 0 ... 5 August 15, 2023, Item #3 RECAP OF SECURITIES HELD As of June 30, 2023 Cash and Cash Equivalents Corporate Bonds Government Agencies Government Bonds .I.J.l{". Historical cost 130,418.09 22,519,748.00 26,202,878.59 29,579,564.41 Amortized cost 130,418.09 22,048,934.58 26,098,763.07 29,733,715.40 Fair value 130,418.09 21,609,722.44 25,612,867.98 28,980,314.84 Unrealized gain (loss) 0.00 (439,212.14) (485,895.09) (753,400.56) Weighted Percent average of final portfolio maturity (days) 827 789 537 0.17 28.71 33.41 37.71 Portfolio diversification (%) ■ Cash and Cash Equivalents ■ Corporate Bonds ■ GovernmentAgencies ■ Government Bonds Total 0.17 28.71 33.41 37.71 100.00 Weighted average effective duration (years) 0.00 1.97 1.99 1.41 CITY OF POWAY N M .... 0 ... ... 6 August 15, 2023, Item #3 MATURITY DISTRIBUTION OF SECURITIES HELD As of June 30, 2023 Maturity Under 90 days 90 to 1 79 days 180 days to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years E .§. .., V, 0 u iii u ·;:: 0 .., V, :i: 20.00 15.00 10.00 5.00 0.00 oi? C!)\) orb v~ ~,o Oj Maturity distribution o'l>f '\C!) " ~ ".::.,ei ,o o'if.c, 'b\) " rl>{:> .::.,fl, '1, ,,o ~c, -.,,,e, ":> '1,-£) ~":, .::.,fl, ~ ":>-£) Historic cost Percent 4,424,038.86 5.64 10,287,623.96 13.12 17,021,965.34 21.70 12,849,523.20 16.38 13,971,148.81 17.81 7,039,029.66 8.98 12,839,279.26 16.37 0.00 0.00 78,432,609.09 100.00 ~c, .::.,fl, <:, ~-£) ~c, <,:, .::.,fl, ,.t o CITY OF POWAY N M .... 0 N .... 7 August 15, 2023, Item #3 SECURITIES HELD CITY OF POWAY As of June 30, 2023 Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port (loss) interest cost Cash and Cash Equivalents Cash and Cash Equivalents 0.000 130,418.09 130,418.09 130,418.09 130,418.09 0.00 0.00 0.17 --. - Total Cash and Cash Equivalents 130,418.09 130,418.09 130,418.09 130,418.09 0.00 0.00 0.17 Corporate Bonds 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) 3.650 01/23/2024 1,400,000.00 1,484,224.00 1,410,225.09 1,383,843.08 (26,382.01) 22,285.28 1.89 12/23/2023 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) 3.375 02/05/2024 1,900,000.00 1,999,636.00 1,911,977.04 1,872,439.11 (39,537.93) 25,828.13 2.55 01/05/2024 17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 3.625 03/04/2024 1,000,000.00 1,070,370.00 1,011,477.46 987,779.19 (23,698.27) 11,680.56 1.36 459200JY8 IBM CORP 3% 15MAY2024 3.000 05/15/2024 2,300,000.00 2,463,231.00 2,345,422.05 2,247,858.93 (97,563.12) 8,625.00 3.14 02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27 JUN2024 2.400 06/27/2024 1,000,000.00 1,012,410.00 1,002,706.40 969,341.11 (33,365.29) 200.00 1.29 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 4.023 12/05/2024 2,000,000.00 2,207,640.00 2,028,633.63 1,982,718.38 (45,915.25) 5,587.50 2.81 05DEC23) 12/05/2023 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 1.554 05/11/2025 1,800,000.00 1,715,436.00 1,747,557.82 1,686,643.72 (60,914.10) 3,807.30 2.19 11APR25) 04/11/2025 24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 115EP2025 3.400 09/11/2025 1,000,000.00 989,920.00 992,705.14 962,061.39 (30,643.75) 10,294.44 1.26 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 0.700 02/08/2026 1,200,000.00 1,096,152.00 1,102,785.01 1,081,768.63 (21,016.38) 3,313.33 1.40 01/08/2026 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 1,800,000.00 1,736,028.00 1,737,635.03 1,726,653.02 (10,982.01) 12,425.00 2.21 N M .,._ 0 M ... 8 August 15, 2023, Item #3 SECURITIES HELD CITY OF POWAY As of June 30, 2023 Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port (loss) interest cost Corporate Bonds 02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 2.300 09/09/2026 1,100,000.00 1,034,869.00 1,039,404.44 1,010,531.43 (28,873.01) 7,800.83 1.32 037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 2.900 09/12/2027 1,300,000.00 1,234,987.00 1,241,627.28 1,219,852.01 (21,775.27) 11,310.00 1.57 06/12/2027 24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020.00 992,833.61 975,793.19 (17,040.42) 12,104.17 1.26 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091,585.00 1,092,120.90 1,090,346.61 (1,774.29) 23,741.67 1.39 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 4.600 03/01/2028 2,400,000.00 2,391,240.00 2,391,823.68 2,412,092.64 20,268.96 36,493.33 3.05 01 FEB28) 02/01/2028 --~ Total Corporate Bonds 22,300,000.00 22,519,748.00 22,048,934.58 21,609,722.44 (439,212.14) 195,496.54 28.71 Government Agencies 3135GOU43 FANNIE MAE 2.875% 12SEP2023 2.875 09/12/2023 1,000,000.00 1,039,050.00 1,001,871.90 994,866.28 (7,005.62) 8,625.00 1.32 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 170CT2023 1.860 10/17/2023 2,000,000.00 1,997,646.00 1,999,835.27 1,979,578.62 (20,256.65) 7,543.33 2.55 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 3.000 12/06/2023 1,000,000.00 1,071,740.00 1,011,573.36 989,315.10 (22,258.26) 2,000.00 1.37 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 2.250 12/08/2023 1,000,000.00 1,014,600.00 1,001,469.30 986,283.42 (15,185.88) 1,375.00 1.29 3135GOV34 FANNIE MAE 2.5% 05FEB2024 2.500 02/05/2024 1,750,000.00 1,820,547.50 1,763,321.78 1,719,013.78 (44,308.00) 17,621.53 2.32 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 0.250 02/26/2024 1,250,000.00 1,246,747.50 1,249,208.67 1,208,825.91 (40,382.76) 1,076.39 1.59 N rt'! .... 0 'q' .... 9 August 15, 2023, Item #3 SECURITIES HELD CITY OF POWAY As of June 30, 2023 Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port (loss) interest cost Government Agencies 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 0.300 03/28/2024 2,000,000.00 1,998,500.00 1,999,680.45 1,923,211.68 (76,468.77) 1,533.33 2.55 (CALLABLE 12JUL23) 3135G0V75 FANNIE MAE 1.75% 02JUL2024 1.750 07/02/2024 2,000,000.00 2,007,920.00 2,001,662.05 1,928,639.82 (73,022.23) 17,305.56 2.56 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 0FEB2025 0.500 02/10/2025 1,000,000.00 1,002,860.00 1,000,000.00 926,481.68 (73,518.32) 1,944.44 1.28 (CALLABLE 1 0AUG23) 08/10/2023 3134A2HG6 FREDDIE MAC 0% 11 DEC2025 0.000 12/11/2025 1,000,000.00 895,930.00 897,680.26 889,667.92 (8,012.34) 0.00 1.14 3130ALHH0 FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 0.960 03/05/2026 2,300,000.00 2,092,540.00 2,098,997.09 2,080,259.54 (18,737.55) 7,053.33 2.67 (CALLABLE 05AUG23) 08/05/2023 3130APJH9 FEDERAL HOME LOAN BANK 1 % 28OCT2026 (CALLABLE 1.000 10/28/2026 2,050,000.00 1,860,110.55 1,882,975.36 1,861,601.76 (21,373.60) 3,530.56 2.37 28JUL23)#0006 07/28/2023 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1.250 12/21/2026 2,300,000.00 2,055,763.00 2,091,154.83 2,068,756.00 (22,398.83) 718.75 2.62 3130ATHW0 FEDERAL HOME LOAN BANK 4.125% 1 0SEP2027 4.125 09/10/2027 2,000,000.00 1,993,260.00 1,994,250.06 1,979,019.28 (15,230.78) 25,208.33 2.54 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12/01/2027 1,000,000.00 989,640.00 990,332.69 994,999.21 4,666.52 3,322.92 1.26 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 0DEC2027 4.250 12/10/2027 2,000,000.00 2,010,731 .16 2,009,890.47 1,993,138.68 (16,751.79) 4,722.22 2.56 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 01/06/2028 1,100,000.00 1,105,292.88 1,104,859.53 1,089,209.30 (15,650.23) 21,266.67 1.41 -----Total Government Agencies 26,750,000.00 26,202,878.59 26,098,763.07 25,612,867.98 (485,895.09) 124,847.36 33.41 N M .... 0 in ..... 10 August 15, 2023, Item #3 SECURITIES HELD CITY OF POWAY As of June 30, 2023 Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port (loss) interest cost Government Bonds 91282CCN9 USA TREASURY 0.125% 31JUL2023 0.125 07/31/2023 1,300,000.00 1,287,461.39 1,299,313.26 1,294,960.73 (4,3S2.53) 673.34 1.64 9128282D1 USA TREASURY 1.375% 31 AUG2023 1.375 08/31/2023 2,000,000.00 1,967,109.38 1,998,644.14 1,987,511.28 (11,132.86) 9,116.85 2.51 91282CDA6 USA TREASURY 0.25% 30SEP2023 0.250 09/30/2023 1,500,000.00 1,485,761.72 1,497,914.14 1,481,768.63 (16,145.51) 932.38 1.89 912828T91 USA TREASURY 1.625% 31 OCT2023 1.625 10/31/2023 1,600,000.00 1,640,630.36 1,606,681.20 1,581,124.99 (25,556.21) 4,309.78 2.09 912828U57 USA TREASURY 2.125% 30NOV2023 2.125 11/30/2023 1,900,000.00 1,925,679.69 1,902,463.32 1,875,062.50 (27,400.82) 3,309.43 2.46 9128285Pl USA TREASURY 2.875% 30NOV2023 2.875 11/30/2023 1,100,000.00 1,151,566.19 1,110,792.92 1,088,785.16 (22,007.76) 2,592.21 1.47 91282CBEO USA TREASURY 0.125% 15JAN2024 0.125 01/15/2024 1,900,000.00 1,890,283.71 1,897,676.03 1,848,046.88 (49,629.15) 1,089.09 2.41 912828X70 USA TREASURY 2% 30APR2024 2.000 04/30/2024 2,000,000.00 2,036,015.63 2,006,550.25 1,944,453.12 (62,097.13) 6,630.44 2.60 912828YH7 USA TREASURY 1.5% 30SEP2024 1.500 09/30/2024 1,000,000.00 1,032,304.69 1,012,910.60 954,140.62 (58,769.98) 3,729.51 1.32 912828YM6 USA TREASURY 1.5% 31 OCT2024 1.500 10/31/2024 1,100,000.00 1,132,015.40 1,113,879.02 1,046,632.82 (67,246.20) 2,735.05 1.44 912828YYO USA TREASURY 1.75% 31 DEC2024 1.750 12/31/2024 1,000,000.00 1,046,643.98 1,019,718.82 950,703.12 (69,015.70) 0.00 1.33 912828ZL7 USA TREASURY 0.375% 30APR2025 0.375 04/30/2025 2,900,000.00 2,704,703.13 2,783,066.22 2,668,226.55 (114,839.67) 1,802.65 3.45 N M .... 0 U) .... 11 August 15, 2023, Item #3 SECURITIES HELD CITY OF POWAY As of June 30, 2023 Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % Call date shares gain accrued Port (loss) interest cost Government Bonds 912828XZ8 USA TREASURY 2.7S% 30JUN2025 2.750 06/30/2025 1,500,000.00 1,445,449.22 1,446,546.09 1,439,062.50 (7,483.59) 0.00 1.84 91282CAJO USA TREASURY 0.25% 31 AUG2025 0.250 08/31/2025 1,400,000.00 1,279,250.00 1,317,807.08 1,270,171.87 (47,635.21) 1,160.33 1.63 91282CAT8 USA TREASURY 0.25% 31 OCT2025 0.250 10/31/2025 1,200,000.00 1,086,046.88 1,116,034.54 1,083,000.00 (33,034.54) 497.28 1.38 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12/31/2025 2,300,000.00 2,106,124.89 2,157,742.00 2,073,144.54 (84,597.46) 0.00 2.69 91282CBT7 USA TREASURY 0.75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707.82 1,277,286.22 1,265,359.37 (11,926.85) 2,610.66 1.59 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 1.250 12/31/2026 2,350,000.00 2,088,287.11 2,130,476.74 2,115,000.00 (15,476.74) 0.00 2.66 9128283FS USA TREASURY 2.25% 15NOV2027 2.250 11/15/2027 1,100,000.00 1,030,523.22 1,038,212.81 1,013,160.16 (25,052.65) 3,093.75 1.31 Total Government Bonds 30,550,000.00 29,579,564.41 29,733,715.40 28,980,314.84 (753,400.56) 44,282.75 37.71 f§:rmtn @@IEffl ~ ~ ~ mimE] N M .... 0 r--... 12 August 15, 2023, Item #3 GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE CITY OF POWAY As of June 30, 2023 Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mkt value dur (yrs) United States Treasury Note/Bond 91282CCN9 USA TREASURY 0.125% 0.125 07/31/2023 AA+ Aaa 1,300,000.00 1,287,461.39 1.64 1,294,960.73 1.70 0.08 9128282D1 USA TREASURY 1.375% 1.375 08/31/2023 AA+ Aaa 2,000,000.00 1,967,109.38 2.51 1,987,511 .28 2.60 0.17 91282CDA6 USA TREASURY 0.25% 0.250 09/30/2023 AA+ Aaa 1,500,000.00 1,485,761.72 1.89 1,481,768.63 1.94 0.25 912828T91 USA TREASURY 1.625% 1.625 10/31/2023 AA+ Aaa 1,600,000.00 1,640,630.36 2.09 1,581,124.99 2.07 0.33 912828U57 USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 1,900,000.00 1,925,679.69 2.46 1,875,062.50 2.46 0.41 9128285P1 USA TREASURY 2.875% 2.875 11/30/2023 AA+ Aaa 1,100,000.00 1,151,566.19 1.47 1,088,785.16 1.43 0.41 91282CBEO USA TREASURY 0.125% 0.125 01/15/2024 AA+ Aaa 1,900,000.00 1,890,283.71 2.41 1,848,046.88 2.42 0.53 912828X70 USA TREASURY 2% 2.000 04/30/2024 AA+ Aaa 2,000,000.00 2,036,015.63 2.60 1,944,453.12 2.55 0.81 912828YH7 USA TREASURY 1.5% 1.500 09/30/2024 AA+ Aaa 1,000,000.00 1,032,304.69 1.32 954,140.62 1.25 1.21 912828YM6 USA TREASURY 1.5% 1.500 10/31/2024 AA+ Aaa 1,100,000.00 1,132,015.40 1.44 1,046,632.82 1.37 1.29 912828YYO USA TREASURY 1.75% 1.750 12/31/2024 AA+ Aaa 1,000,000.00 1,046,643.98 1.33 950,703.12 1.25 1.45 912828ZL7 USA TREASURY 0.375% 0.375 04/30/2025 AA+ Aaa 2,900,000.00 2,704,703.13 3.45 2,668,226.55 3.50 1.77 912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 1,500,000.00 1,445,449.22 1.84 1,439,062.50 1.89 1.90 91282CAJO USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,400,000.00 1,279,250.00 1.63 1,270,171.87 1.66 2.10 91282CAT8 USA TREASURY 0.25% 0.250 10/31/2025 AA+ Aaa 1,200,000.00 1,086,046.88 1.38 1,083,000.00 1.42 2.26 91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 2,300,000.00 2,106, 124.89 2.69 2,073,144.54 2.72 2.42 91282CBT7 USA TREASURY 0. 75% 0.750 03/31/2026 AA+ Aaa 1,400,000.00 1,243,707.82 1.59 1,265,359.37 1.66 2.64 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aaa 2,350,000.00 2,088,287.11 2.66 2,115,000.00 2.77 3.33 9128283F5 USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aaa 1,100,000.00 1,030,523.22 1.31 1,013,160.16 1.33 4.05 Issuer total 30,550,000.00 29,579,564.41 37.71 28,980,314.84 37.97 1.41 Federal Home Loan Banks 3130A3VC5 FEDERAL HOME LOAN 2.250 12/08/2023 AA+ Aaa 1,000,000.00 1,014,600.00 1.29 986,283.42 1.29 0.43 3130AL2A 1 FEDERAL HOME LOAN 0.500 02/10/2025 08/10/2023 AA+ Aaa 1,000,000.00 1,002,860.00 1.28 926,481.68 1.21 1.57 3130ALHHO FEDERAL HOME LOAN 0.960 03/05/2026 08/05/2023 AA+ Aaa 2,300,000.00 2,092,540.00 2.67 2,080,259.54 2.73 2.45 ~ .... 0 00 ... 13 August 15, 2023, Item #3 GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE CITY OF POWAY As of June 30, 2023 Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mkt value dur (yrs) Federal Home Loan Banks 3130APJH9 FEDERAL HOME LOAN 1.000 10/28/2026 07/28/2023 AA+ Aaa 2,050,000.00 1,860,110.55 2.37 1,861,601.76 2.44 3.18 3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aaa 2,300,000.00 2,055,763.00 2.62 2,068,756.00 2.71 3.31 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aaa 2,000,000.00 1,993,260.00 2.54 1,979,019.28 2.59 3.74 3130ATU54 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aaa 2,000,000.00 2,010,731.16 2.56 1,993,138.68 2.61 3.97 Issuer total 12,650,000.00 12,029,864.71 15.34 11,895,540.36 15.58 2.93 Federal Farm Credit Banks Funding Corp 3133EKVB9 FEDERAL FARM CREDIT 1.860 10/17/2023 AA+ Aaa 2,000,000.00 1,997,646.00 2.55 1,979,578.62 2.59 0.29 3133EJ2B4 FEDERAL FARM CREDIT 3.000 12/06/2023 AA+ Aaa 1,000,000.00 1,071,740.00 1.37 989,315.10 1.30 0.43 3133EMRZ7 FEDERAL FARM CREDIT 0.250 02/26/2024 AA+ Aaa 1,250,000.00 1,246,747.50 1.59 1,208,825.91 1.58 0.64 3133EMBE1 FEDERAL FARM CREDIT 0.300 03/28/2024 AA+ Aaa 2,000,000.00 1,998,500.00 2.55 1,923,211.68 2.52 0.72 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aaa 1,000,000.00 989,640.00 1.26 994,999.21 1.30 3.96 3133ENSN6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aaa 1,100,000.00 1,105,292.88 1.41 1,089,209.30 1.43 3.97 Issuer total 8,350,000.00 8,409,566.38 10.72 8,185,139.82 10.72 1.38 Federal National Mortgage Association 3135GOU43 FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,039,050.00 1.32 994,866.28 1.30 0.20 3135GOV34 FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 1,750,000.00 1,820,547.50 2.32 1,719,013.78 2.25 0.58 3135GOV75 FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 2,000,000.00 2,007,920.00 2.56 1,928,639.82 2.53 0.96 Issuer total 4,750,000.00 4,867,517.50 6.21 4,642,S 19 .88 6.08 0.66 Colgate-Palmolive Co 194162AR4 COLGATE-PALMOLIVE CO 4.600 03/01/2028 02/01/2028 AA-Aa3 2,400,000.00 2,391,240.00 3.05 2,412,092.64 3.16 4.03 Issuer total 2,400,000.00 2,391,240.00 3.05 2,412,092.64 3.16 4.03 Apple Inc N 037833EB2 APPLE INC 0.7% 0.700 M 02/08/2026 01/08/2026 AA+ Aaa 1,200,000.00 1,096, 152.00 1.40 1,081,768.63 1.42 2.50 ..,_ 0 0\ .... 14 August 15, 2023, Item #3 GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE CITY OF POWAY As of June 30, 2023 Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective date rating rating shares cost hist cost value mktvalue dur (yrs) Apple Inc 037833D83 APPLE INC 2.9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000.00 1,234,987.00 1.57 1,219,852.01 1.60 3.75 Issuer total 2,500,000.00 2,331,139.00 2.97 2,301,620.64 3.02 3.16 International Business Machines Corp 459200JY8 IBM CORP 3% 3.000 05/15/2024 A-A3 2,300,000.00 2,463,231.00 3.14 2,247,858.93 2.94 0.85 Issuer total 2,300,000.00 2,463,231.00 3.14 2,247,858.93 2.94 0.85 JPMorgan Chase & Co 46647PAY2 JPMORGAN CHASE & CO 4.023 12/05/2024 12/05/2023 A-A1 2,000,000.00 2,207,640.00 2.81 1,982,718.38 2.60 0.42 Issuer total 2,000,000.00 2,207,640.00 2.81 1,982,718.38 2.60 0.42 American Honda Finance Corp 02665WCZ2 AMERICAN HONDA 2.400 06/27/2024 A-A3 1,000,000.00 1,012,410.00 1.29 969,341.11 1.27 0.96 02665WBH3 AMERICAN HONDA 2.300 09/09/2026 A-A3 1,100,000.00 1,034,869.00 1.32 1,010,531.43 1.32 2.97 Issuer total 2,100,000.00 2,047,279.00 2.61 1,979,872.54 2.59 1.98 John Deere Capital Corp 24422ETC3 JOHN DEERE CAPITAL 3.400 09/11/2025 A A2 1,000,000.00 989,920.00 1.26 962,061.39 1.26 2.05 24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A A2 1,000,000.00 992,020.00 1.26 975,793.19 1.28 3.74 Issuer total 2,000,000.00 1,981,940.00 2.53 1,937,854.58 2.54 2.90 US Bancorp ,·, 91159HHVS US BANCORP 3.375% 3.375 02/05/2024 01/05/2024 A A3 1,900,000.00 1,999,636.00 2.55 1,872,439.11 2.45 0.58 Issuer total 1,900,000.00 1,999,636.00 2.55 1,872,439.11 2.45 0.58 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 2.21 1,726,653.02 2.26 2.59 N M Issuer total 1,800,000.00 1,736,028.00 2.21 1,726,653.02 2.26 2.59 'o 0 N 15 August 15, 2023, Item #3 GASB 40 -DEPOSIT AND INVESTMENT RISK DISCLOSURE As of June 30, 2023 Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio date rating rating shares cost hist cost Chevron Corp 166764BW9 CHEVRON CORP 1.554% 1.554 05/11/2025 04/11/2025 AA· Aa2 1,800,000.00 1,715,436.00 2.19 Issuer total 1,800,000.00 1,715,436.00 2.19 Citibank NA 17325FA57 CITIBANK NA 3.65% 3.650 01/23/2024 12/23/2023 A+ Aa3 1,400,000.00 1,484,224.00 1.89 Issuer total 1,400,000.00 1 ,484,224.00 1.89 Toyota Motor Credit Corp 89236TKQ7 TOYOTA MOTOR CREDIT 4.625 01/12/2028 A+ Al 1,100,000.00 1,091,585.00 1.39 Issuer total 1,100,000.00 1,091,585.00 1.39 Cisco Systems Inc 17275RAN2 CISCO SYSTEMS INC 3.625 03/04/2024 AA· Al 1,000,000.00 1,070,370.00 1.36 Issuer total 1,000,000.00 1,070,370.00 1.36 Federal Home Loan Mortgage Corp 3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 1,000,000.00 895,930.00 1.14 Issuer total 1,000,000.00 895,930.00 1.14 Cash and Cash Equivalents CASH 0.000 130,418.09 130,418.09 0.00 Issuer total 130,418.09 130,418.09 0.00 - Market % Portfolio value mkt value 1,686,643.72 2.21 1,686,643.72 2.21 1,383,843.08 1.81 1 ,383,843.08 1.81 1,090,346.61 1.43 1,090,346.61 1.43 987,779.19 1.29 987,779.19 1.29 889,667.92 1.17 889,667.92 1.17 130,418.09 0.17 130,418.09 0.17 CITY OF POWAY Effective dur (yrs) 1.77 1.77 0.54 0.54 3.93 3.93 0.65 0.65 2.38 2.38 0.00 0.00 N M .... 0 ... N 16 August 15, 2023, Item #3 SECURITIES PURCHASED For the period June 1, 2023 -June 30, 2023 Cusip Description I Broker Trade date Coupon Settle date Corporate Bonds 06051GFX2 BANK OF AMERICA CORP 3.5% 06/05/2023 3.500 U.S. BANCORP INVESTMENTS, INC. 06/08/2023 -------------Total Corporate Bonds Government Agencies 3134A2HG6 FREDDIE MAC 0% 11 DEC2025 06/15/2023 0.000 WELLS FARGO SECURITIES, LLC 06/20/2023 -----------Total Government Agencies ------ Government Bonds 912828XZ8 USA TREASURY 2.75% 30JUN2025 06/15/2023 2.750 BMO CAPITAL MARKETS LIMITED 06/20/2023 -~~ Total Government Bonds Maturity/ Par value or Unit cost Call date shares 04/19/2026 1,800,000.00 96.45 -----· ------------ 1,800,000.00 12/11/2025 1,000,000.00 89.59 1,000,000.00 06/30/2025 1,500,000.00 96.36 1,500,000.00 Principal cost (1,736,028.00) (1,736,028.00) (895,930.00) (895,930.00) (1,445,449.22) (1,445,449.22) CITY OF POWAY Accrued interest (8,575.00) (8,575.00) 0.00 0.00 (19,485.50) (19,485.50) ~ I N M .... 0 N N 17 August 15, 2023, Item #3 SECURITIES SOLD AND MATURED For the period June 1, 2023 -June 30, 2023 Cusip Description / Broker Trade date Coupon Maturity/ Par value or Settle date Call date shares Corporate Bonds 69353RFL7 PNC BK NA PITTSBU 3.5% SNR MTN 06/08/2023 3.500 (1,900,000.00) 08/06/2023 USD 06/08/2023 Total (Corporate Bonds) (1,900,000.00) Government Agencies 3133EMF31 FED FARM CR BKS CONS SYSTEMWIDE 06/02/2023 0.125 (2,000,000.00) BDS DTD .125% 06-02-2023 06/02/2023 3137EAEN5 FEDERAL HOME LN MTG CORP 2.75% 06/20/2023 2.750 (2,000,000.00) 06-19-2023 06/20/2023 Total (Government Agencies) (4,000,000.00) Historical cost Amortized cost Price Fair value at at sale or sale or maturity maturity 1,995,436.00 1,900,000.00 0.00 1,900,000.00 1,995,436.00 1,900,000.00 1,900,000.00 1 , 968,700.00 2,000,000.00 0.00 2,000,000.00 2,067,740.00 2,000,000.00 0.00 . 2,000,000.00 4,036,440.00 4,000,000.00 4,000,000.00 CITY OF POWAY Realized gain (loss) 0.00 0.00 0.00 0.00 0.00 Accrued interest sold 0.00 0.00 0.00 0.00 0.00 N M .... 0 M N 18 August 15, 2023, Item #3 DETAIL OF RETURN AND INTEREST RECEIVED CITY OF POWAY For the period June 1, 2023 -June 30, 2023 Cusip Description Accretion Realized gain Change in fair Interest earned Interest received (amortization) (loss) value Cash Cash and Cash Equivalents 0.00 0.00 0.00 472.06 472.06 Total Cash 0.00 0.00 0.00 472.06 472.06 --- Corporate Bonds 02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 1,582.13 0.00 (10,098.21) 2,038.05 0.00 02665WCZ2 AMERICAN HONDA FINANCE 2.4% 27JUN2024 (227.42) 0.00 456.96 1,933.33 12,000.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 3,109.23 0.00 (9,465.12) 676.66 0.00 037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 1,158.19 0.00 (16,789.83) 3,036.94 0.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 1,607.03 0.00 (9,374.98) 3,850.00 0.00 166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 11 APR25) 2,344.66 0.00 (10,839.62) 2,253.30 0.00 17275RAN2 CISCO SYSTEMS INC 3.625% 04MAR2024 (1,411 .16) 0.00 (231.78) 2,920.14 0.00 17325FAS7 CITIBANK NA 3.65% 23JAN2024 (CALLABLE 23DEC23) (1,773.14) 0.00 620.99 4,116.39 0.00 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) 145.92 0.00 (37,342.46) 8,893.33 0.00 459200JY8 IBM CORP 3% 15MAY2024 (4,325.91) 0.00 973.63 5,558.33 0.00 24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 276.67 0.00 (8,662.20) 2,738.88 0.00 2442.2EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 141 .91 0.00 (10,800.72) 3,343.06 0.00 46647PAY2 JPMORGAN CHASE & CO 4.023% 05DEC2024 (CALLABLE 05DEC23) (5,541 .99) 0.00 479.12 6,481 .50 40,230.00 69353RFL7 PNC BK NA PITTSBU 3.5% SNR MTN 08/06/2023 USD 0.00 0.00 699.29 1,293.06 33,250.00 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 144.84 0.00 (11,089.28) 4,098.27 0.00 91159HHV5 US BANCORP 3.375% 05FEB2024 (CALLABLE 05JAN24) (1,942.22) 0.00 3,877.73 5,165.63 0.00 -Total Corporate Bonds (4,711.26) 0.00 (117,586.48) 58,396.87 85,480.00 N M .... 0 -.:1' N 19 August 15, 2023, Item #3 DETAIL OF RETURN AND INTEREST RECEIVED CITY OF POWAY For the period June 1, 2023 -June 30, 2023 Cusip Description Accretion Realized gain Change in fair Interest earned Interest received (amortization) (loss) value Government Agencies 3135GOV75 FANNIE MAE 1. 75% 02JUL2024 (137.74) 0.00 (6,730.34) 2,819.45 0.00 3135GOV34 FANNIE MAE 2.5% 05FEB2024 (1,858.85) 0.00 2,283.40 3,524.31 0.00 3135GOU43 FANNIE MAE 2.875% 12SEP2023 (779.96) 0.00 1,663.62 2,315.97 0.00 3133EMF31 FED FARM CR BKS CONS SYSTEMWIDE BDS DTD .125% 06-02-2023 140.99 0.00 285.38 6.94 1,250.00 3133EMRZ7 FEDERAL FARM CREDIT BANK 0.25% 26FEB2024 100.59 0.00 4,454.77 251.74 0.00 3133EMBE1 FEDERAL FARM CREDIT BANK 0.3% 28MAR2024 (CALLABLE 12JUL23) 35.78 0.00 5,450.08 483.33 0.00 3133EKVB9 FEDERAL FARM CREDIT BANK 1.86% 170CT2023 46.19 0.00 5,180.38 2,996.66 0.00 3133EJ2B4 FEDERAL FARM CREDIT BANK 3% 06DEC2023 (2,299.84) 0.00 1,566.90 2,416.67 15,000.00 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 (89.66) 0.00 (14,352.02) 3,544.45 0.00 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 182.29 0.00 (13,171.12) 3,322.92 10,312.50 3137EAEN5 FEDERAL HOME LN MTG CORP 2.75% 06-19-2023 (912.16) 0.00 3,130.38 2,750.00 27,500.00 3130AL2A1 FEDERAL HOME LOAN BANK 0.5% 1 OFEB2025 (CALLABLE 1 OAUG23) 0.00 0.00 1,481.81 402.77 0.00 3130ALHHO FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 (CALLABLE 05AUG23) 6,457.09 0.00 (13,518.04) 1,717.33 0.00 3130APJH9 FEDERAL HOME LOAN BANK 1 % 280CT2026 (CALLABLE 28JUL23) #0006 4,182.59 0.00 5,253.72 1,651.39 0.00 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 5,008.28 0.00 (26,449.19) 2,315.97 14,375.00 3130A3VC5 FEDERAL HOME LOAN BANK 2.25% 08DEC2023 (278.98) 0.00 1,667.77 1,812.50 11,250.00 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 114.24 0.00 (32,356.00) 6,645.83 0.00 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 (185.45) 0.00 (30,766.78) 6,847.22 51,000.00 3134A2HG6 FREDDIE MAC 0% 11 DEC2025 1,750.26 0.00 (6,262.08) 0.00 0.00 -Total Government Agencies 11,475.66 0.00 (111,187.36) 45,825.45 130,687.50 N rt\ -0 in N 20 August 15, 2023, Item #3 DETAIL OF RETURN AND INTEREST RECEIVED For the period June 1, 2023 -June 30, 2023 Cusip Description Accretion (amortization) Government Bonds 91282CBEO USA TREASURY 0.125% 15JAN2024 350.35 91282CCN9 USA TREASURY 0.125% 31JUL2023 664.59 91282CDA6 USA TREASURY 0.25% 305EP2023 680.18 91282CAJO USA TREASURY 0.25% 31 AUG2025 3,109.44 91282CAT8 USA TREASURY 0.25% 31 OCT2025 2,949.60 912828ZL7 USA TREASURY 0.375% 30APR2025 5,235.84 91282CBC4 USA TREASURY 0.375% 31 DEC2025 4,664.20 91282CBT7 USA TREASURY 0.75% 31 MAR2026 3,663.10 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 5,145.08 9128282D1 USA TREASURY 1.375% 31 AUG2023 656.07 912828YH7 USA TREASURY 1.5% 305EP2024 (845.67) 912828YM6 USA TREASURY 1.5% 31 OCT2024 (851.47) 912828T91 USA TREASURY 1.625% 31 OCT2023 (1,629.56) 912828YYO USA TREASURY 1. 75% 31 DEC2024 (1,075.58) 912828X70 USA TREASURY 2% 30APR2024 (644.29) 912828U57 USA TREASURY 2.125% 30NOV2023 (483.00) 9128283F5 USA TREASURY 2.25% 15NOV2027 1,159.24 912828XZ8 USA TREASURY 2.75% 30JUN2025 1,096.87 Realized gain Change in fair (loss) value 0.00 8,386.72 0.00 6,250.97 0.00 7,022.54 0.00 (9,679.70) 0.00 (8,859.37) 0.00 (16,085.95) 0.00 (18,597.64) 0.00 (12,359.38) 000 (25,794.92) 0.00 7,433.16 0.00 (2,617.19) 0.00 (3,867.18) 0.00 5,624.99 0.00 (4,648.44) 0.00 2,812.50 0.00 4,972.66 0.00 (15,898.43) 0.00 (6,386.72) Interest earned 196.82 134.67 307.38 285.33 244.56 886.55 714.78 860.66 2,434.39 2,241.85 1,229.51 1,345.10 2,119.56 1,450.28 3,260.87 3,309.43 2,017.66 1,139.50 CITY OF POWAY Interest received 0.00 0.00 0.00 0.00 0.00 0.00 4,312.50 0.00 14,687.50 0.00 0.00 0.00 0.00 8,750.00 0.00 0.00 0.00 20,625.00 N M .... 0 1.0 N 21 August 15, 2023, Item #3 DETAIL OF RETURN AND INTEREST RECEIVED For the period June 1, 2023 -June 30, 2023 Cusip Description Government Bonds 9128285P1 USA TREASURY 2.875% 30NOV2023 Total Government Bonds Accretion (amortization) (2,116.26) 21,728.73 Realized gain (loss) 0.00 0.00 Change in fair value 1,718.75 (80,572.63) CITY OF POWAY Interest earned Interest received 2,592.21 26,771 .11 ~ 0.00 48,375.00 N M .... 0 " N 22 August 15, 2023, Item #3 TRANSACTION REPORT CITY OF POWAY For the period June 1, 2023 -June 30, 2023 Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total Settle date shares gain(loss) 06/01/2023 3133EPCG8 Income Government Agencies FEDERAL FARM CREDIT BANK 12/01/2027 1,000,000.00 0.00 0.00 10,312.50 10,312.50 06/01/2023 06/02/2023 3133EMF31 Income Government Agencies FED FARM CR BKS CONS 06/02/2023 2,000,000.00 0.00 0.00 1,250.00 1,250.00 06/02/2023 06/02/2023 3133EMF31 Capital Change Government Agencies FED FARM CR BKS CONS 06/02/2023 (2,000,000.00) 0.00 2,000,000.00 0.00 2,000,000.00 06/02/2023 06/05/2023 06051GFX2 Bought Corporate Bonds BANK OF AMERICA CORP 3.5% 04/19/2026 1,800,000.00 0.00 (1,736,028.00) (8,575.00) (1,744,603.00) 06/08/2023 06/05/2023 46647PAY2 Income Corporate Bonds JPMORGAN CHASE & CO 12/05/2024 2,000,000.00 0.00 0.00 40,230.00 40,230.00 06/05/2023 06/06/2023 3133EJ2B4 Income Government Agencies FEDERAL FARM CREDIT BANK 12/06/2023 1,000,000.00 0.00 0.00 15,000.00 15,000.00 06/06/2023 06/08/2023 3130A3VC5 Income Government Agencies FEDERAL HOME LOAN BANK 12/08/2023 1,000,000.00 0.00 0.00 11,250.00 11,250.00 06/08/2023 06/08/2023 69353RFL7 Income Corporate Bonds PNC BK NA PITTSBU 3.5% SNR 06/08/2023 1,900,000.00 0.00 0.00 33,250.00 33,250.00 06/08/2023 06/08/2023 69353RFL7 Capital Change Corporate Bonds PNC BK NA PITTSBU 3.5% SNR 06/08/2023 (1,900,000.00) 0.00 1,900,000.00 0.00 1,900,000.00 06/08/2023 06/10/2023 3130ATUS4 Income Government Agencies FEDERAL HOME LOAN BANK 12/10/2027 2,000,000.00 0.00 0.00 51 ,000.00 51,000.00 06/10/2023 06/15/2023 3134A2HG6 Bought Government Agencies FREDDIE MAC 0% 11 DEC2025 12/11/2025 1,000,000.00 0.00 (895,930.00) 0.00 (895,930.00) 06/20/2023 06/15/2023 912828XZ8 Bought Government Bonds USA TREASURY 2.75% 06/30/2025 1,500,000.00 0.00 (1,445,449.22) (19,485.50) (1,464,934.72) 06/20/2023 06/19/2023 3137EAEN5 Income Government Agencies FEDERAL HOME LN MTG CORP 06/19/2023 2,000,000.00 0.00 0.00 27,500.00 27,500.00 06/19/2023 06/20/2023 3137EAEN5 Capital Change Government Agencies FEDERAL HOME LN MTG CORP 06/19/2023 (2,000,000.00) 0.00 2,000,000.00 0.00 2,000,000.00 06/20/2023 06/21/2023 3130AQF65 Income Government Agencies FEDERAL HOME LOAN BANK 12/21/2026 2,300,000.00 0.00 0.00 14,375.00 14,375.00 06/21/2023 06/27/2023 02665WCZ2 Income Corporate Bonds AMERICAN HONDA FINANCE 06/27/2024 1,000,000.00 0.00 0.00 12,000.00 12,000.00 06/27/2023 06/30/2023 912828XZ8 Income Government Bonds USA TREASURY 2.75% 06/30/2025 1,500,000.00 0.00 0.00 20,625.00 20,625.00 06/30/2023 N M .... 0 00 N 23 August 15, 2023, Item #3 TRANSACTION REPORT For the period June 1, 2023 -June 30, 2023 Trade date Cusip Transaction Sec type Description Maturity Settle date 06/30/2023 912828YY0 Income Government Bonds USA TREASURY 1.75% 12/31/2024 06/30/2023 06/30/2023 91282CBC4 Income Government Bonds USA TREASURY 0.375% 12/31/2025 06/30/2023 06/30/2023 91282CDQ1 Income Government Bonds USA TREASURY 1.25% 12/31/2026 06/30/2023 06/30/2023 Income Cash and Cash Equivalents Cash Par value or Realized Principal shares gain(loss) 1,000,000.00 0.00 0.00 2,300,000.00 0.00 0.00 2,350,000.00 0.00 0.00 0.00 0.00 0.00 CITY OF POWAY Interest Transaction total 8,750.00 4,312.50 14,687.50 472.06 8,750.00 4,312.50 14,687.50 472.06 N M .... 0 CTI N 24 August 15, 2023, Item #3 ADDITIONAL INFORMATION As of June 30, 2023 CITY OF POWAY Past performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not get back the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changes in market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is for your reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not be duplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clients Investment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as Insight, Insight Group or Insight Investment. INA is an investment adviser registered with the Securities and Exchange Commission (SEC). under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training. You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which is available without charge upon request. Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. !NA charges management fees on all portfolios managed and these fees will reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years. At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end of the five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV. Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight's own at the date of this document (or as otherwise specified) and may change. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an account should or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy will remain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed. Please compare the information provided in this statement to the information provided in the statement received from your Custodian. For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker. In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. When Moody's, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower of Moody's and S&P ratings. Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of the indices may be materially different from that of the strategy. In addition, the strategy's holdings may differ substantially from the securities that comprise the indices shown. The ICE BofA 3 Month UST-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income. The ICE BofA 6 Month UST-Bill index measures the performance ofTreasury bills with time to maturity of less than 6 months. The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctioned on or before the third business day before the last business day of the month. The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctioned on o, before the third business day before the last business day of the month. N 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 auctione!P on or before the third business day before the last business day of the month. 'o 0 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. M The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. 25 August 15, 2023, Item #3 ADDITIONAL INFORMATION As of June 30, 2023 Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment. CITY OF POWAY Insight is a group of wholly owned subsidiaries ofThe Bank of New York Mellon Corporation. BNY Mellon is the corporate brand ofThe Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures ofThe Bank of New York Mellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity) and are not guaranteed by or obligations ofThe Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data and disclaims all expressed or implied warranties in connection therewith. © 2023 Insight Investment. All rights reserved. N M .... 0 ... M 26 August 15, 2023, Item #3 City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash June 2023 Part I Investments & Cash with Fiscal Agents Settlement Yield to Days to % of Total Face I Book I I Market I Unrealized INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) 1st Am Gov't Obligations Money Mkt Fd 06130123 I Variousj 1 I 100.00%1 $599,012.79 1 $599,012.79 1 $599,012.79 1 so.oo I I I ' I I I I --I I Various! -1 I 100.00%1 $599,012.79 1 . $599,012.79 1 SO.DO I Average/Total I ~ so.oo I r= Paying Agent or Uninvested Cash & DITs --$599,012.79 1 r--,_, _____ -I Total Investments and Cash with Fiscal Agent ----- Part II Non-Managed Investments . -Ir I I Settlement Yield to Days to % of Total Face Book Market Unrealized INVESTMENT DESCRIPTION Date Maturity Maturity Investment Value Value Value Gain(Loss) County Pool 06/30/23 1 3.17%1 1 I 100.00%1 $98,288.66 1 s9a,2ss .66 I $95,212.00 1 ($3,076.66)1 I I I I I Average/Total I 3.17%1 N/A I 100.00%1 $98,288.66 1 s9a,2aa.66 1 I $95,212.00 1 ($3,076.66)1 -= Part Ill General, Payroll & Petty Cash ,..._ Book Value -~ --General Cash (Union Bank) $971 ,893.09 -------Payroll Cash (Union Bank) $20,000.00 ~ ----Emergency Cash (Union Bank) $10,000.00 -----------I Grant Cash (Union Bank) $0.00 -~ Flexible Benefits Cash (Union Bank) $20,000.00 -Petty Cash $8,600.00 -I s1,03o,493 .o9 I r I Total Cash C I-z w :i: :c u ct s I N M .... 0 N M August 15, 2023, Item #3