Poway City Council
June 3, 2025

June 3, 2025, Item #14
AGENDA REPORT CityofPoway
DATE:

TO:

FROM:

CONTACT:

SUBJECT:

Summary:

June 3, 2025
Honorable Mayor and Members of the City Council
Craig Schmollinger, Director of Finance ~
Mehrnoush Jamshidi, Finance Manager
(858) 668-4426 or [email protected]
City's Investment Report as of March 31, 2025

CITY COUNCIL
Quarterly reports of investments are required to be presented to the City Council per California Government Code and the City's Investment Policy. Attached is the Investment Portfolio Report as of March 31, 2025.

Recommended Action:

It is recommended the City Council accept and file the attached report.

Discussion:

Pursuant to California Government Code Sec. 53646(b)(1) and the City's Investment Policy, the Director of Finance (i.e., City Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information.

The City is in compliance with its adopted Investment Policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of March 31, 2025, was $155,624,162. It consisted of the following:
(Remainder of page intentionally left blank)
1 of30
June 3, 2025, Item #14
Investment Portfolio Total
Cash $471,743
Deposits at CalTRUST $25,434,816
Deposits at the Local Agency Investment Fund (LAIF) $46,629,209 U.S. Treasury Notes $34,547,072
U.S. Instrumentalities $25,063,344
Corporate Notes $23,477,978
Fair Value of Investment Portfolio as of March 31, 2025 $155,624,162 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.

CalTRUST is a joint powers authority created by and for California public agencies to pool their assets and invest local agency idle funds. Any California public agency may participate in the CalTRUST, including the state, counties, cities, and special districts. The City invests portions of investable funds of the portfolio in the Short Term CalTRUST account with target investment of funds up to two years.

The City also invests portions of the investable funds of the portfolio in the Medium Term CalTRUST account with target investment of funds between one and three years.

The Local Agency Investment Fund (LAIF} is a California State offered and administered investment pool made available to local agencies within the State. This program offers local agencies, such as the City, the opportunity to participate in a major portfolio, which invests hundreds of millions of dollars, using the investment expertise of the State Treasurer's Office professional investment staff. The State of California cannot borrow or withhold LAIF money per California statute.

All City funds, including the General Fund, Water Fund, Wastewater Fund and others -except those identified in Attachment D, are pooled and invested, with earned interest allocated quarterly based on the average daily cash balance in each fund. The funds on deposit at LAIF and CalTRUST earn interest at variable rates. The interest rate for the month ending March 31, 2025, is estimated at 4.31 % for LAIF, 4.46% for the CalTRUST short-term fund, and 4.16% 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 $83,036,948; the fair value is $83,560,138 for an unrealized gain of $523,191 or 0.63% 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.
2 of30
June 3, 2025, Item #14
Also included with this report are recaps of the City's cash and investments held by fiscal agents, non­ managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at March 31, 2025, was $507,502. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $106,831 at March 31, 2025. The City's cash on hand at March 31, 2025 totaled $1,420,600.

The March 31, 2025 balance of the City's Library Trust Fund is $267,308. Through the Fiscal Year 2024- 25 period ending March 31, 2025, no interest earnings have been transferred to the General Fund. At the close of Fiscal Year 2024-25, 90% of the Library Trust Fund's interest earnings will be transferred to the General Fund to partially offset library operating costs.

Environmental Review:

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

Fiscal Impact:

The externally managed investment portfolio earned $217,499 of interest during March 2025, as well as $182,688 of interest during February 2025, and $200,595 during January 2025. Fees for investment services during this period totaled $10,349. Net revenues received from investments are recorded to each fund based on a proportional share of invested funds for the period. Investment income is budgeted each year to account for this revenue source in each impacted City fund.

Public Notification:

None.

Attachments:

A. Investment Statistics

8. Investment Portfolio Report prepared by Insight Investment C. Investment Report prepared by Insight Investment
D. City of Poway Investments and Cash with Fiscal Agent; General, Payroll, and Petty Cash Report at March 31, 2025
Reviewed/Approved By:

Assistant City Manager
3 of30
Reviewed By:

Alan Fenstermacher
City Attorney
Appro~
c~
City Manager
June 3, 2025, Item #14
City of Poway
Investment Statistics
Separately Managed Investment Pools
Fair Value:

CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
March
2024
$ 12,236,228
11,914,575
42,366,056
December
2024
$ 12,728,872
12,349,633
34,118,812
March
2025
12,869,241
12,565,574
46,629,209
Deposits at the Local Agency Investment Fund (LAIF)
Total Fair Value $ 66,516,859 $ 59,197,317 $ 72,064,024 Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:

4.36%
1 1

4.39%
1 1

4.31%
1 1
Cash $ 69,598 $ 96,249 $ 471,743
U.S. Treasury Notes
U.S. Instrumentalities
Corporate Bonds
Total Fair Value
Amortized Cost Value:

Cash
U.S. Treasury Notes
U.S. Instrumentalities
Corporate Bonds
Total Amortized Cost Value
Unrealized Gain (Loss)
Unrealized Gain (Loss) Percentage
Accrued Interest Earned
Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
32,331,747
23,643,740
23,074,754
79,119,839
69,598
32,670,764
23,780,522
23,196,280
79,717,165
(597,326)
-0.75%
175,385

3.80%

2.22 2.47
34,155,677
24,597,864
23,287,221
82,137,010
96,249
34,249,619
24,590,617
23,238,861
82,175,345
(38,333)
-0.05%
199,400

4.26%

2.03 2.21
34,547,072
25,063,344
23,477,978
83,560,138
471,743
34,398,367
24,882,938
23,283,899
83,036,948
523,191

0.63%
217,499

4.32%

1.85 2.02
Total Fair Value of Portfolio Assets $ 145,636,698 $ 141,334,327 $ 155,624,162 Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology

4.05%

1.21 1.34

4.32%

1.18 1.29
Coupon: A bond's coupon is the periodic interest payment made to the holder of the fixed income security during the life of the bond. Coupon payments can be made monthly, quarterly, or annually.

Book Yield: The Book Yield is that rate of return that will make the present value of the future cash flows of a fixed income security equal to the price paid for the security. This assumes that the security will be held to its maturity.

Current Yield: Annual rate of return on an investment expressed as a percentage. Current Yield of a fixed income security is the annualized earnings (coupon) divided by the bond's market value as of the valuation date.

One Year Total Yield: The One Year Total Yield or One Year Return represents the portfolio's percentage change over a year's time, factoring in interest payments, changes in market value and reinvestment of distributions.

4.32%

0.99 1.09
Weighted Average Yield: The total yield on a bond portfolio divided by the number of bonds contained in ii, weighted for the size of each bond so that the yield of large holdings does not drown out the calculation of yields on small holdings.

Yield to Maturity: The Yield to Maturity (YTM) or Market Yield to Maturity of a fixed income security is that rate of interest that will make the present value of the future cash flows equal to the market value as of the valuation date, assuming the bond is held to maturity. 4 of 30 ATTACHMENT A
June 3, 2025, Item #14
City of Poway
Monthly Investment Portfolio Report
March 31, 2025
Separately Managed Investment Pools % Internal Yield
LAIF $ 46,629,209 65% 4.31%
Ca IT rust -Short $ 12,869,241 18% 4.46%
CalTrust -Medium $ 12,565,574 17% 4.16%
Total Internally Managed $ 72,064,025 100%
as% of Total Portfolio 46%
Weighted Average Yield 4.31%
Days
Effective Average Duration -Internal 1
Weighted Average Maturity-Internal 1
Externally Managed Assets % External Yield
Cash $ 471,743 1% 4.21%
Treasury Securities $ 34,547,072 41% 4.07%
Instrumentality Securities $ 25,063,344 30% 4.41%
Corporate Notes $ 23,477,978 28% 4.60%
Total Externally Managed $ 83,560,137 100%
as% of Total Portfolio 54%
Weighted Average Yield 4.32%
Years
Effective Average Duration -External 1.85
Weighted Average Final Maturity-External 2.02
Total Portfolio Assets % Total Yield
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
46,629,209 30%
12,869,241 8%
12,565,574 8%
471,743 0%
34,547,072 22%
25,063,344 16%
23,477,978 15%
155,624,162 100%
Assets values shown at Market, excluding accrued interest Externally managed assets quoted at Purchase Yields
Internally managed assets quoted at Market Yields
5 of30

4.31%

4.46%

4.16%

4.21%

4.07%

4.41%

4.60%

4.32%
Years

0.99 1.09
$
$
CalTrust-
Ca IT rust -Short,
18%
157,495,386
155,624,162

ATTACHMENT B
Cash, 1%
Treasury
Securities, 41%
Instrumentality
Securities, 30%
CalTrust -Short CalTrust-
12% Medium
Cash
0%
Securities
32%
June 3, 2025, Item #14
6 of30 ATTACHMENT C
June 3, 2025, Item #14
.....

Contents 0 ....
w
0 Fixed income market review 3
Activity and performance summary 4
Recap of securities held 6
Maturity distribution of securities held 7
Securities held 8
GASB 40- Deposit and investment risk disclosure 14
Detail of return and interest received 18
Transaction report 22
Additional information 23
June 3, 2025, Item #14

FIXED INCOME MARKET REVIEW
As of March 31, 2025
00 0 ....
w
0 Chart 1: US trade policy uncertainty continued to drive risk market volatility 700
600
--US trade policy uncertainty index
500
QJ
~ 400
>
X
<lJ
~ 300
200
100
0 1960 1970 1980 1990 2000 2010
Source: Matteo lacoviello. Macrobond March 31, 2025
Chart 2: The FOMC nonetheless left its rate projections unchanged 6 5
4 2020
~ 3 ~- ♦
2 1
0 2022 2023
• • • • • • Market expectations
{Mar-19,2025)
- ♦ - FOMC Dots
{Mar 19, 2025)
2024 2025
Source: Federal Reserve, Macrobond, March 19, 2025
- FOMCDots
{Dec 18, 2024)
--Fed funds rate
2026 2027 2028

CITY OF POWAY
Economic Indicators and Monetary Policy
Risk assets struggled given uncertainty around tariff policies. The White House ended its 30- day pause on 25% tariffs against Canada and Mexico, and subsequently amended them to exempt imports satisfying USMCA rules of origin requirements. US tariffs on steel and aluminum also went into effect, prompting retaliations from Canada and the EU. Meanwhile, China imposed tariffs on US farm exports. The White House announced 25% tariffs on autos, to take effect in April, and announced 25% tariffs on those buying oil from Venezuela, also to take effect in April.

The FOMC announced a slowdown in "quantitative tightening" (QT). From April it will allow a limit of $5bn of Treasuries per month to roll off" its balance sheet, down from $25bn. It left its cap on agency MBS unchanged at $35bn.

The central bank's quarterly summary of economic projections reflected higher inflation and lower growth forecasts for 2025, with tariffs a major factor. It forecast headline and core inflation at 2.7% and 2.8% respectively at the end of this year, both up from its 2.5% forecast in December. It also projected GDP at 1.7% this year, down from its previous 2.1 % forecast.

However, the committee made no changes to its median" dot plot" Fed funds rate projections (see Chart 2).

Headline CPI slowed from 3% to 2.8% and core CPI from 3.3% to 3.1 %. PCE remained at 2.5% while Core PCE accelerated from 2.7% to 2.8%. The data showed progress in stubborn core services sectors, indicating continued disinflationary momentum ahead of tariff impacts.

The US economy added 151,000 jobs in February, just below consensus estimates for 160,000.

Most of the gain was in the private sector, with healthcare services the standout while leisure and hospitality jobs declined, likely related to cold weather. The household survey was weaker, however, with employment falling 588,000.

The unemployment rate rose from 4% to 4.1 % with the participation rate falling from 62.6% to

62.4%. The U6 underemployment rate (a broader measure that includes those that have stopped looking for work and involuntary part-time workers) rose from 7.5% to 8%, the highest since October 2021.

Interest Rate Summary
Yields fell given the risk-off market action. At the end of March, the 3-month US Treasury bill yielded 4.29%, the 6-month US Treasury bill yielded 4.22%, the 2-year US Treasury note yielded

3.88%, the 5-year US Treasury note yielded 3. 95% and the 10-year US Treasury note yielded

4.21%.
3 June 3, 2025, Item #14

ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2025 - March 31, 2025
\D
0 ;: I Amortized Cost Basis Activity Summary
0 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)
335,104.17

0.00 Comparative Rates of Return (%)
* 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

4.87 4.95

4.73 4.60

4.48 4.27

4.14 2.22

2.24 2.13

2.08 2.07

2.05 2.07
82,608,783.07
335,104.17

0.00 0.00

0.00 0.00
(3,495.86)
96,556.21

0.00 83,036,947.59
83,560,137.37
523,189 .78
* One month

0.36 0.36

0.35 0.34

0.34 0.33

0.34 Detail Qf Amortize!;! Cgst Basis R!;ltyrn
Interest Accretion Realized
earned {amortization) gain {loss)
Cash and Cash Equivalents 424.17 0.00 0.00
Corporate Bonds 80,408.27 15,012.74 0.00
Government Agencies 70,132.33 26,812.03 0.00
Government Bonds 66,533.82 51,235.58 0.00
Total 217,498.59 93,060.35 0.00
Summary Qf Amortized Cgst Basis Return for the PeriQd
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
424.17
95,421.01
96,944.36
117,769.40
310,558.94
Total portfolio
217,498.59
93,060.35

0.00 310,558.94
82,862,498.22

0.37 1.06
738
4 June 3, 2025, Item #14

ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2025 - March 31, 2025 ...
0,------------------------, 0 .... Fair Value Basis Activity Summary w o I 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
335,104.17

0.00 Comparative Rates of Return (%)
*Twelve * Six
month trailing month trailing
Fed Funds
Overnight Repo
ICE Bofa 3 Months UST-BILL
ICE Bofa 6m US Treas Bill
ICE Bofa 1 Yr US Treasury Note
ICE BofA US Treasury 1-3
ICE BofA US Treasury 1-5
* rates reflected are cumulative

4.87 2.22

4.95 2.24

4.97 2.21

5.12 2.16

4.98 1.76

5.43 1.53

5.50 1.22
83,036,710.35
335,104.17

0.00 0.00

0.00 0.00

0.00 188,322.85
83,560,137.37
* One month

0.36 0.36

0.33 0.35

0.36 0.47

0.52 Detail Qf Fair Valye Basis Retyrn
Interest Change in
earned fair value
Cash and Cash Equivalents 424.17 0.00
Corporate Bonds 80,408.27 39,608.43
Government Agencies 70,132.33 51,817.36
Government Bonds 66,533.82 96,897.06
Total 217,498.59 188,322.85
Summary of Fair Value Basis Return for the Period
Interest earned
Change in fair value
Total income on portfolio
Average daily total value*
Period return (%)
YTD return (%)
Weighted average final maturity in days
* Total value equals market value and accrued interest

CITY OF POWAY
Total
income
424.17
120,016.70
121,949.69
163,430.88
405,821.44
Total portfolio
217,498.59
188,322.85
405,821.44
83,823,794.65

0.48 1.74
738
5 June 3, 2025, Item #14

RECAP OF SECURITIES HELD
As of March 31 , 2025 .... ....
0 ....
w
0 Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
.1.11[~
Historical
cost
471,742.98
22,944,931.00
24,321,441 .59
33,158,915.99
Amortized
cost
471,742.98
23,283,899.00
24,882,938.49
34,398,367 .12
Fair value
471,742.98
23,477,977.78
25,063,344.45
34,547,072.16
Unrealized
gain (loss)

0.00 194,078.78
180,405.96
148,705.04
Weighted Percent
average of
final portfolio
maturity (days)
762
803
685

0.58 28.36

30.06 40.99
Portfolio diversification (%)
- ~ ·- -- -------
■ Cash and Cash Equivalents
■ Corporate Bonds
■ GovernmentAgencies
■ Government Bonds
Total

0.58 28.36

30.06 40.99
100.00
Weighted
average
effective
duration (years)

0.00 1.81

2.05 1.76

CITY OF POWAY
6 June 3, 2025, Item #14

MATURITY DISTRIBUTION OF SECURITIES HELD
As of March 31, 2025 ....

N
0 ....
w
0 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
.§.
+-'
"' 0 u
-;;;
u ·.:
.8
"' :E

25.00 20.00

15.00 10.00

5.00 0.00
o'I>~
°-><::)
?:,e}
v(;<
Maturity distribution
o'I>~
'\°->
' r:,'-0
~
.... ~fl,
,p
~
0'1>4,"'
..._'b<::)
'I>~
~fl,
'1,
,,o
~<:,
~fl,
":,
'1,'-0
~<:,
~fl,
b,
n:,'-0
Historic cost Percent
4,891,882.11 6.05
5,376,546 .31 6.65
9,908,748.68 12.25
20,795,483.47 25.71
22,914,197.70 28.33
13,417,828 .37 16.59
3,592,344.92 4.44

0.00 0.00
80,897,031 .56 100.00
~<:,
~fl,
~
1,.'-0
~<:,
~~fl,
,,.e}
0 CITY OF POWAY
7 June 3, 2025, Item #14

SECURITIES HELD

CITY OF POWAY
As of March 31, 2025 ... w
2, Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port C
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 471,742.98 471,742 .98 471,742 .98 471,742 .98 0.00 0.00 0.58 - - -
Total Cash and Cash Equivalents 471,742.98 471,742.98 471,742.98 471,742.98 0.00 0.00 0.58 Corporate Bonds
166764BW9 CHEVRON CORP 1.554% 11 MAY2025 (CALLABLE 1.554 05/11/2025 1,800,000.00 1,715,436 .00 1,796,795.63 1,794,018 .06 (2,777.57) 10,878 .00 2.12 14APR25) 04/11/2025
24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 115EP2025 3.400 09/11/2025 1,000,000.00 989,920 .00 998,515.21 996,279 .97 (2,235.24) 1,888.89 1.22 02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 4.950 01/09/2026 1,000,000.00 995,500 .00 997,741 .91 1,002,983.42 5,241.51 11 ,275 .00 1.23 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 0.700 02/08/2026 1,200,000 .00 1,096, 152.00 1,168,078 .66 1,164,298 .76 (3,779.90) 1,236 .67 1.35 01/08/2026
06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 1,800,000.00 1,736,028 .00 1,776,574.50 1,783,331.59 6,757.09 28,350 .00 2.15 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 2.375 07/22/2026 1,000,000.00 944,140.00 970,441.79 976,345.24 5,903.45 4,552.08 1.17 06/22/2026
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 2.300 09/09/2026 1, 100,000 .00 1,034,869 .00 1,072,629 .16 1,066,596.40 (6,032.76) 1,546 .11 1.28 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) 5.488 12/04/2026 1,400,000 .00 1,420, 132.00 1,411,486.85 1,423,615 .79 12,128 .94 24,970.40 1.76 11/04/2026
17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 4.800 02/26/2027 1,250,000.00 1,253,775 .00 1,252,423.09 1,265,037.01 12,613.92 5,833.33 1.55 26JAN27) 01/26/2027
037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 2.900 09/12/2027 1,300,000 .00 1,234,987 .00 1,265,949.25 1,263,984 .57 (1,964.68) 1,989.72 1.53 06/12/2027
---·- -
8 June 3, 2025, Item #14

SECURITIES HELD

CITY OF POWAY
As of March 31 , 2025 .....
.i:,.
g_ Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port 0
(loss) interest cost
Corporate Bonds
24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020.00 995,813.69 998,344 .36 2,530.67 1,844.44 1.23 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091,585 .00 1,095,162.46 1,108,287.69 13,125 .23 11,164.24 1.35 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 3.782 02/01/2028 2,000,000.00 1,909,600.00 1,938,590.55 1,973,131.56 34,541.01 12,606 .67 2.36 01 FEB27) 02/01/2027
194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 4.600 03/01/2028 2,400,000.00 2,391,240.00 2,394,887.97 2,443,634.50 48,746.53 9,200.00 2.96 01 FEB28) 02/01/2028
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 4.548 07/22/2028 900,000.00 890,253.00 892,792.54 900,124 .16 7,331 .62 7,845 .30 1.10 07/22/2027
17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 5.803 09/29/2028 1,000,000.00 1,027,800 .00 1,020,050.59 1,041,470 .94 21,420.35 322 .39 1.27 08/29/2028
17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 4.850 02/26/2029 1,000,000.00 999,390.00 999,503.67 1,017,844.91 18,341.24 4,715 .28 1.24 26JAN29) 01/26/2029
717081ET6 PFIZER INC 3.45% 1 SMAR2029 (CALLABLE 15DEC28) 3.450 03/15/2029 1,300,000.00 1,222,104.00 1,236,461.48 1,258,648.85 22,187.37 1,993.33 1.51 12/15/2028
- " -- -Total Corporate Bonds 23,550,000 .00 22,944,931.00 23,283,899.00 23,477,977.78 194,078.78 142,211.85 28.36 Government Agencies
3136G4K85 FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000 0.500 08/18/2025 1,350,000 .00 1,266,394 .50 1,328,353.55 1,330,630.46 2,276.91 806.25 1.57 3134A2HG6 FREDDIE MAC 0% 11 DEC2025 0.000 12/11/2025 1,000,000.00 895,930.00 969,487.45 969,739.07 251.62 0.00 1.11 3130ALHHO FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 0. 960 03/05/2026 2,300,000.00 2,092,540 .00 2,230,013.49 2,233,833 .58 3,820.09 1,594.67 2.59 (CALLABLE 05MAY25) 04/05/2025
---·-
9 June 3, 2025, Item #14

SECURITIES HELD

CITY OF POWAY
As of March 31 , 2025 ....
u,
!a, Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port 0
(loss) interest cost
Government Agencies
3130AWLZ1 FEDERAL HOME LOAN BANK 4.75% 12JUN2026 4.750 06/12/2026 1,100,000 .00 1,096,612 .00 1,098,531 .98 1,108,933 .31 10,401.33 15,820 .14 1.36 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 4.750 09/01/2026 2,000,000 .00 1,987,080.00 1,993,627 .30 2,019,977 .16 26,349.86 7,916.67 2.46 3130APJH9 FEDERAL HOME LOAN BANK 1.5% 280CT2026 1.500 10/28/2026 2,050,000.00 1,860,110 .55 1,970,809.69 1,987,985.53 17,175.84 13,068 .75 2.30 (CALLABLE 28APR25) #0006 04/28/2025
3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 1,200,000.00 1,196,508 .00 1,198,044.61 1,207,242.66 9,198.05 16,625.00 1.48 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1.250 12/21/2026 2,300,000.00 2,055,763 .00 2,196,328 .66 2,194,880.92 (1,447.74) 7,986 .11 2.54 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 4.125 09/10/2027 2,000,000 .00 1,993,260 .00 1,996,649 .04 2,010,995 .36 14,346.32 4,812.50 2.46 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12/01/2027 1,000,000.00 989,640.00 994,160.73 1,004, 132.30 9,971.57 13,750 .00 1.22 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 4.250 12/10/2027 2,000,000.00 2,010,731 .16 2,005,996 .10 2,017,186.56 11,190.46 26,208 .33 2.49 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 01/06/2028 1, 100,000.00 1,105,292.88 1,102,976.68 1,101,076 .26 (1,900.42) 10,388 .89 1.37 3130AEB25 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 3.250 06/09/2028 2,700,000 .00 2,574,679.50 2,598,524 .84 2,645,967 .90 47,443 .06 27,300 .00 3.18 3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 4.125 03/20/2029 2,000,000.00 1,985,860.00 1,988,741.54 2,007,282 .76 18,541.22 2,520.83 2.45 --- --- ------------
10 June 3, 2025, Item #14

SECURITIES HELD

CITY OF POWAY
As of March 31 , 2025 ....
en
g, Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port 0
(loss) interest cost
Government Agencies
3130ATUT2 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 4.500 12/14/2029 1,200,000.00 1,211,040.00 1,210,692.83 1,223,480 .62 12,787.79 16,050 .00 1.50 Total Government Agencies 25,300,000.00 24,321,441.59 24,882,938.49 25,063,344.45 180,405.96 164,848.14 30.06 Government Bonds
912828ZL7 USA TREASURY 0.375% 30APR2025 0.375 04/30/2025 2,900,000.00 2,704 ,703 .13 2,894,764.16 2,890,882.37 (3,881.79) 4,536 .26 3.34 912828XZ8 USA TREASURY 2. 75% 30JUN2025 2.750 06/30/2025 1,500,000.00 1,445,449 .22 1,493,345.68 1,494,609.38 1,263.70 10,255 .53 1.79 91282CEY3 USA TREASURY 3% 15JUL2025 3.000 07/15/2025 400,000.00 395,532 .59 398,491 .89 398,489 .58 (2.31) 2,486.19 0.49 91282CNO USA TREASURY 0.25% 31 AUG2025 0.250 08/31/2025 1,400,000.00 1,279,250 .00 1,384,141.85 1,377,239.07 (6,902.78) 294.84 1.58 91282CAT8 USA TREASURY 0.25% 31 OCT2025 0.250 10/31/2025 1,200,000.00 1,086,046 .88 1,178,959.48 1,173,070.31 (5,889.17) 1,251 .38 1.34 9128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 1,700,000.00 1,636,454.91 1,678,876.02 1,685,523.45 6,647.43 16,246.91 2.02 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12/31/2025 2,300,000 .00 2,106,124.89 2,257,244 .86 2,237,086 .90 (20,157.96) 2,144 .34 2.60 91282CBT7 USA TREASURY 0. 75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707 .82 1,355,432.31 1,355,189 .07 (243.24) 0.00 1.54 91282CKS9 USA TREASURY 4.875% 31MAY2026 4.875 05/31/2026 1,400,000.00 1,410,340.63 1,408,455.10 1,413 ,179.68 4,724.58 22,687 .50 1.74 912828YU8 USA TREASURY 1.625% 30NOV2026 1.625 11/30/2026 1,600,000.00 1,468, 130.36 1,526,925.74 1,541 ,312.50 14,386.76 8,642.86 1.81 11 June 3, 2025, Item #14

SECURITIES HELD

CITY OF POWAY
As of March 31 , 2025 ... ......
~ Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % I.I.I Call date shares gain accrued Port 0
(loss) interest cost
Government Bonds
91282CDQ1 USA TREASURY 1.25% 31DEC2026 1.250 12/31/2026 2,350,000 .00 2,088,287.11 2,240,238.37 2,244,433.58 4,195.21 7,303.18 2.58 91282CEF4 USA TREASURY 2.5% 31 MAR2027 2.500 03/31/2027 1,000,000.00 924,573 .66 956,814 .72 973,437.50 16,622.78 0.00 1.14 91282CET4 USA TREASURY 2.625% 31 MAY2027 2.625 05/31/2027 2,000,000.00 1,901,256.70 1,935,502.93 1,947,109.38 11,606.45 17,451.92 2.35 91282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 740,000.00 699,620.45 715,730.89 730,056 .25 14,325.36 5,979.28 0.86 91282CFB2 USA TREASURY 2.75% 31JUL2027 2.750 07/31/2027 1,800,000.00 1,671,756 .03 1,720,419 .62 1,754,367 .19 33,947 .57 8,067.68 2.07 91282CFUO USA TREASURY 4.125% 31 OCT2027 4.125 10/31/2027 2,100,000.00 2,077,858 .60 2,086,285.12 2,111,894 .53 25,609.41 36,133.63 2.57 9128283F5 USA TREASURY 2.25% 15NOV2027 2.250 11/15/2027 1,100,000.00 1,030,523 .22 1,062,943.14 1,055,226 .57 (7,716.57) 9,298 .34 1.27 91282CHE4 USA TREASURY 3.625% 31 MAY2028 3.625 05/31/2028 2,100,000.00 2,074,577 .35 2,081,581.71 2,082,773.45 1,191.74 25,305 .29 2.56 91282CCH2 USA TREASURY 1.25% 30JUN2028 1.250 06/30/2028 1,700,000.00 1,473,488. 28 1,550,628.10 1,563,800 .78 13,172.68 5,283 .15 1.82 9128285M8 USA TREASURY 3.125% 15NOV2028 3.125 11/15/2028 2,200,000.00 2,059,929.24 2,088,263 .84 2,141 ,906.25 53,642.41 25,828.73 2.55 91282CKX8 USA TREASURY 4.25% 30JUN2029 4.250 06/30/2029 1,200,000.00 1,206,004.02 1,205,468.45 1,214,625 .00 9,156.55 12,679.56 1.49 --- ~ - --- --------
12 June 3, 2025, Item #14
...
00 SECURITIES HELD
As of March 31 , 2025
s_ Cusip
w
Description
0 Government Bonds
91282CFJ5 USA TREASURY 3.125% 31 AUG2029
Coupon Maturity/ Par value or Historical cost
Call date shares

3.125 08/31/2029 1,200,000.00 1,175,300.90

CITY OF POWAY
Amortized cost Fair value Unrealized Total %
gain accrued Port
(loss) interest cost
1,177,853.14 1,160,859.37 (16,993.77) 3,158.97 1.45
---35,290,000.00 33,158,915.99 34,398,367.12 34,547,072.16 148,705.04 225,035.54 40.99 Total Government Bonds l~ ~ M•W-1-11 •r.r.tr:r.11 ®e►M!i MIN•#ll-td m@l!rl&i ~FM ~ • • WZl&i&M1
--------------- - ---- --------
13 June 3, 2025, Item #14
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of March 31, 2025 .....
\0
g, Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating 0 rating shares cost hist cost value mktvalue dur {yrs) United States Treasury Note/Bond
912828ZL7 USA TREASURY 0.375% 0.375 04/30/2025 AA+ Aaa 2,900,000 .00 2,704,703.13 3.34 2,890,882.37 3.46 0.08 912828XZ8 USA TREASURY 2.75% 2.750 06/30/2025 AA+ Aaa 1,500,000.00 1,445,449.22 1.79 1,494,609.38 1.79 0.25 91282CEY3 USA TREASURY 3% 3.000 07/15/2025 AA+ Aaa 400,000.00 395,532.59 0.49 398,489.58 0.48 0.29 91282CAJ0 USA TREASURY 0.25% 0.250 08/31/2025 AA+ Aaa 1,400,000.00 1,279,250.00 1.58 1,377,239 .07 1.65 0.42 91282CAT8 USA TREASURY 0.25% 0.250 10/31/2025 AA+ Aaa 1,200,000.00 1,086,046.88 1.34 1,173,070.31 1.40 0.57 9128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aaa 1,700,000.00 1,636,454 .91 2.02 1,68S,523.45 2.02 0.65 91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aaa 2,300,000 .00 2,106,124.89 2.60 2,237,086.90 2.68 0.74 91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 AA+ Aaa 1,400,000.00 1,243,707.82 1.54 1,355,189.07 1.62 0.98 91282CKS9 USA TREASURY 4.875% 4.875 05/31/2026 AA+ Aaa 1,400,000.00 1,410,340 .63 1.74 1,413,179.68 1.69 1.11 912828YU8 USA TREASURY 1.625% 1.625 11/30/2026 AA+ Aaa 1,600,000.00 1 ,468, 130.36 1.81 1,541,312.50 1.84 1.61 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aaa 2,350,000.00 2,088,287.11 2.58 2,244,433.58 2.69 1.70 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aaa 1,000,000.00 924,573.66 1.14 973,437.50 1.16 1.92 91282CET4 USA TREASURY 2.625% 2.625 05/31/2027 AA+ Aaa 2,000,000 .00 1,901,256.70 2.35 1,947,109.38 2.33 2.06 91282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aaa 740,000.00 699,620.45 0.86 730,056.25 0.87 2.12 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aaa 1,800,000.00 1,671,756.03 2.07 1,754,367.19 2.10 2.22 91282CFU0 USA TREASURY 4.125% 4.125 10/31/2027 AA+ Aaa 2,100,000 .00 2,077,858 .60 2.57 2, 111,894.53 2.53 2.39 9128283F5 USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aaa 1,100,000.00 1,030,523.22 1.27 1,055,226.57 1.26 2.49 91282CHE4 USA TREASURY 3.625% 3.625 05/31/2028 AA+ Aaa 2,100,000.00 2,074,577.35 2.56 2,082,773.45 2.49 2.92 91282CCH2 USA TREASURY 1.25% 1.250 06/30/2028 AA+ Aaa 1,700,000.00 1,473,488.28 1.82 1,563,800.78 1.87 3.12 9128285MB USA TREASURY 3.125% 3.125 11/15/2028 AA+ Aaa 2,200,000.00 2,059,929.24 2.55 2,141,906.25 2.56 3.35 91282CKX8 USA TREASURY 4.25% 4.250 06/30/2029 AA+ Aaa 1,200,000.00 1,206,004 .02 1.49 1,214,625.00 1.45 3.82 91282CFJ5 USA TREASURY 3.125% 3.125 08/31/2029 AA+ Aaa 1,200,000.00 1,175,300.90 1.45 1,160,859.37 1.39 4.06 Issuer total 35,290,000.00 33,158,915.99 40.99 34,547,072 .16 41 .34 1.76 ----- ·----- -·---·---·· ·--· ·-·- ·--· -···------------ --- -------------------- ------- ---- ·--- 14 June 3, 2025, Item #14
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of March 31, 2025
N
0 g, Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares cost hist cost value mktvalue dur (yrs) 0 Federal Home Loan Banks
3130ALHHO FEDERAL HOME LOAN 0.960 03/05/2026 04/05/2025 AA+ Aaa 2,300,000.00 2,092,540.00 2.59 2,233,833.58 2.67 0.91 3130AWLZ1 FEDERAL HOME LOAN 4.750 06/12/2026 AA+ Aaa 1,100,000.00 1,096,612.00 1.36 1,108,933.31 1.33 1.14 3130APJH9 FEDERAL HOME LOAN 1.500 10/28/2026 04/28/2025 AA+ Aaa 2,050,000.00 1,860,110.55 2.30 1,987,985.53 2.38 1.52 3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aaa 2,300,000.00 2,055,763.00 2.54 2,194,880.92 2.63 1.67 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aaa 2,000,000.00 1,993,260.00 2.46 2,010,995.36 2.41 2.30 3130ATUS4 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aaa 2,000,000.00 2,010,731.16 2.49 2,017,186.56 2.41 2.49 3130AEB25 FEDERAL HOME LOAN 3.250 06/09/2028 AA+ Aaa 2,700,000.00 2,574,679.50 3.18 2,645,967.90 3.17 2.96 3130ATUT2 FEDERAL HOME LOAN 4.500 12/14/2029 AA+ Aaa 1,200,000 .00 1,211,040.00 1.50 1,223,480.62 1.46 4.16 Issuer total 15,650,000.00 14,894,736.21 18.41 15,423,263.78 18.46 2.13 Federal Farm Credit Banks Funding Corp
3133EPUW3 FEDERAL FARM CREDIT 4.750 09/01/2026 AA+ Aaa 2,000,000.00 1,987,080.00 2.46 2,019,977.16 2.42 1.36 3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aaa 1,200,000.00 1, 196,508.00 1.48 1,207,242.66 1.44 1.59 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aaa 1,000,000.00 989,640.00 1.22 1,004,132.30 1.20 2.47 3133EN5N6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aaa 1,100,000.00 1,105,292.88 1.37 1,101,076.26 1.32 2.57 3133EP5U5 FEDERAL FARM CREDIT 4.125 03/20/2029 AA+ Aaa 2,000,000.00 1,985,860.00 2.45 2,007,282.76 2.40 3.62 Issuer total 7,300,000.00 7,264,380.88 8.98 7,339,711.14 8.78 2.35 Citibank NA
17325FBC1 CITIBANK NA 5.488% 5.488 12/04/2026 11/04/2026 A+ Aa3 1,400,000.00 1,420, 132.00 1.76 1,423,615.79 1.70 1.50 17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 08/29/2028 A+ Aa3 1,000,000.00 1,027,800.00 1.27 1,041,470.94 1.25 3.10 Issuer total 2,400,000.00 2,447,932.00 3.03 2,465,086.73 2.95 2.17 Colgate-Palmolive Co
194162AR4 COLGATE-PALMOLIVE CO 4.600 03/01/2028 02/01/2028 A+ Aa3 2,400,000 .00 2,391,240.00 2.96 2,443,634.50 2.92 2.65 Issuer total 2,400,000.00 2,391 ,240.00 2.96 2,443,634.50 2.92 2.65 - - ·---· ·-···-·-·· ---···-·' -··---·-·--····- --·-··-----. - --- --- --~- ---- ----------- ---·--- -- --- ------- ----- 15 June 3, 2025, Item #14
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of March 31, 2025
N ....
g_ Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares 0 cost hist cost value mktvalue dur (yrs) Apple Inc
037833EB2 APPLE INC 0.7% 0.700 02/08/2026 01/08/2026 AA+ Aaa 1,200,000.00 1,096,152.00 1.35 1,164,298 .76 1.39 0.84 037833D83 APPLE INC 2. 9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000.00 1,234,987.00 1.53 1,263,984.57 1.51 2.27 Issuer total 2,500,000.00 2,331,139.00 2.88 2,428,283.33 2.91 1.60 Cisco Systems Inc
17275RBQ4 CISCO SYSTEMS INC 4.8% 4.800 02/26/2027 01/26/2027 AA- A1 1,250,000.00 1,253,775.00 1.55 1,265,037.01 1.51 1.75 17275RBR2 CISCO SYSTEMS INC 4.850 02/26/2029 01/26/2029 AA- A1 1,000,000.00 999,390.00 1.24 1,017,844.91 1.22 3.48 Issuer total 2,250,000.00 2,253,165.00 2.79 2,282,881.92 2.73 2.52 American Honda Finance Corp
02665WEY3 AMERICAN HONDA 4.950 01/09/2026 A- A3 1,000,000.00 995,500.00 1.23 1,002,983.42 1.20 0.75 02665WBH3 AMERICAN HONDA 2.300 09/09/2026 A- A3 1,100,000.00 1,034,869 .00 1.28 1,066,596.40 1.28 1.39 Issuer total 2,100,000 .00 2,030,369.00 2.51 2,069,579.82 2.48 1.08 John Deere Capital Corp
24422ETC3 JOHN DEERE CAPITAL 3.400 09/11/2025 A A1 1,000,000.00 989,920.00 1.22 996,279.97 1.19 0.44 24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A A1 1,000,000 .00 992,020.00 1.23 998,344.36 1.19 2.31 Issuer total 2,000,000.00 1,981,940 .00 2.45 1,994,624.33 2.39 1.38 JPMorgan Chase & Co
46625HRY8 JPMORGAN CHASE & CO 3.782 02/01/2028 02/01/2027 A A1 2,000,000.00 1,909,600.00 2.36 1,973,131.56 2.36 1.74 Issuer total 2,000,000 .00 1,909,600.00 2.36 1,973,131.56 2.36 1.74 US Bancorp
91159HHN3 US BANCORP 2.375% 2.375 07/22/2026 06/22/2026 A A3 1,000,000.00 944,140 .00 1.17 976,345 .24 1.17 1.25 91159HJF8 US BANCORP 4.548% 4.548 07/22/2028 07/22/2027 A A3 900,000.00 890,253.00 1.10 900,124.16 1.08 2.15 Issuer total 1,900,000.00 1,834,393.00 2.27 1,876,469.40 2.25 1.69 -- - --- - -·· ---- ----- ----- -~-------- - - - -·---· -· ·- -- 16 June 3, 2025, Item #14
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE

CITY OF POWAY
As of March 31 , 2025
N
N
g_ Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares 0 cost hist cost value mkt value dur (yrs) 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 2.12 1,794,018.06 2.15 0.11 Issuer total 1,800,000.00 1,715,436.00 2.12 1,794,018.06 2.15 0.11 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 2.15 1,783,331.59 2.13 1.00 Issuer total 1,800,000.00 1,736,028.00 2.15 1,783,331.59 2.13 1.00 Federal National Mortgage Association
3136G4K85 FANNIE MAE 0.5% 0.500 08/18/2025 AA+ Aaa 1,350,000.00 1,266,394.50 1.57 1,330,630.46 1.59 0.38 Issuer total 1,350,000.00 1,266,394.50 1.57 1,330,630 .46 1.59 0.38 Pfizer Inc
717081ET6 PFIZER INC3.45% 3.450 03/15/2029 12/15/2028 A A2 1,300,000.00 1 ,222, 104.00 1.51 1,258,648.85 1.51 3.57 Issuer total 1,300,000.00 1,222,104.00 1.51 1,258,648 .85 1.51 3.57 Toyota Motor Credit Corp
89236TKQ7 TOYOTA MOTOR CREDIT 4.625 01/12/2028 A+ A1 1,100,000.00 1,091 ,585.00 1.35 1,108,287.69 1.33 2.56 Issuer total 1,100,000.00 1 ,091 ,585.00 1.35 1,108,287.69 1.33 ;2.56 Federal Home Loan Mortgage Corp
3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aaa 1,000,000 .00 895,930.00 1.11 969,739.07 1.16 0.68 Issuer total 1,000,000.00 895,930.00 1.11 969,739.07 1.16 0.68 Cash and Cash Equivalents
CASH 0.000 471,742 .98 471,742.98 0.00 471,742.98 0.56 0.00 Issuer total 471,742.98 471,742.98 0.00 471,742.98 0.56 0.00 ~
---~- -- --
17 June 3, 2025, Item #14

DETAIL OF RETURN AND INTEREST RECEIVED

CITY OF POWAY
For the period March 1, 2025 - March 31, 2025
N w
g, Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value 0
--
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 424.17 424.17
- --Total Cash 0.00 0.00 0.00 424.17 424.17
Corporate Bonds
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 1,582.13 0.00 365.39 2,319.17 12,650.00 02665WEY3 AMERICAN HONDA FINANCE 4. 95% 09JAN2026 242.81 0.00 (101.15) 4,537.50 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 3,109.22 0.00 3,490.26 770.00 0.00 037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 1,158.19 0.00 3,743.57 3,455.83 18,850.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 1,854.26 0.00 2,613.69 5,775.00 0.00 166764BW9 CHEVRON CORP 1.554% 11MAY2025 (CALLABLE 14APR25) 2,344.65 0.00 4,238.68 2,564.10 0.00 17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 26JAN27) (110.81) 0.00 799.71 5,500.00 0.00 17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29) 10.59 0.00 3,439.88 4,445.84 0.00 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) (600.35) 0.00 (983.82) 7,042.93 0.00 17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) (489.43) 0.00 (59.13) 5,319.42 29,015.00 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) 145.92 0.00 6,780.80 10,120.00 55,200.00 24422ETC3 JOHN DEERE CAPITAL CORP 3.4% 11 SEP2025 276.67 0.00 2,801.22 3,116.67 17,000.00 24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 141.91 0.00 2,627.12 3,804.16 20,750.00 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 01 FEB27) 1,804.39 0.00 3,102.98 6,933.67 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 1 SDEC28) 1,337.66 0.00 3,191.54 4,111.25 22,425.00 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 144.84 0.00 (847.77) 4,663.55 0.00 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 1,878.70 0.00 2,798.51 2,177.08 0.00 ----- - - ~ ·~
18 June 3, 2025, Item #14

DETAIL OF RETURN AND INTEREST RECEIVED

CITY OF POWAY
For the period March 1, 2025 - March 31, 2025
N .i:.
g_ Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w
C
(amortization) (loss) value
Corporate Bonds
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 181 .39 0.00 1,606.95 3,752.10 0.00 ---- - -Total Corporate Bonds 15,012.74 0.00 39,608.43 80,408.27 175,890.00 Government Agencies
3136G4K85 FANNIE MAE 0.5% 18AUG2025 CALLABLE #0000 4,705.75 0.00 3,853.21 618.75 0.00 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 (89.66) 0.00 2,438.35 4,033.33 0.00 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 182.29 0.00 2,233.04 3,781.25 0.00 3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 236.19 0.00 2,938.06 7,562.50 41 ,250.00 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 96.64 0.00 1,739.84 4,812.50 0.00 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 374.13 0.00 1,443.36 8,708.34 47,500.00 3130ALHHO FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 (CALLABLE 05MAY25) 6,040.50 0.00 5,918.18 2,024.00 11 ,040.00 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 5,008.28 0.00 4, 133.56 2,635.42 0.00 3130APJH9 FEDERAL HOME LOAN BANK 1.5% 280CT2026 (CALLABLE 28APR25) #0006 4,182.59 0.00 6,591.28 2,818.75 0.00 3130AEB25 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 2,649.48 0.00 6,708.04 8,043.75 0.00 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 105EP2027 114.24 0.00 6,619.34 7,562.50 41,250.00 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 (185.44) 0.00 4,778.92 7,791 .66 0.00 3130ATUT2 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 (189.37) 0.00 (221 .18) 4,950.00 0.00 3130AWLZ1 FEDERAL HOME LOAN BANK 4. 75% 12JUN2026 101.95 0.00 1,260.02 4,789.58 0.00 3134A2HG6 FREDDIE MAC 0% 11 DEC2025 3,584.46 0.00 1,383.34 0.00 0.00 -Total Government Agencies 26,812.03 0.00 51,817.36 70,132.33 141,040.00 19 June 3, 2025, Item #14

DETAIL OF RETURN AND INTEREST RECEIVED

CITY OF POWAY
For the period March 1, 2025 - March 31, 2025
"' U1
g, Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value 0
Government Bonds
91282CAJO USA TREASURY 0.25% 31 AUG2025 3,213.09 0.00 4,725.00 294.84 0.00 91282CAT8 USA TREASURY 0.25% 31 OCT2025 3,047.93 0.00 4,007.81 256.90 0.00 912828ZL7 USA TREASURY 0.375% 30APR2025 5,410.37 0.00 9,158.40 931 .29 0.00 91282CBC4 USA TREASURY 0.375% 31 DEC2025 4,819.67 0.00 7,344.72 738.61 0.00 91282CBT7 USA TREASURY 0. 75% 31 MAR2026 3,785.20 0.00 4,407.82 894.23 5,250.00 91282CCH2 USA TREASURY 1.25% 30JUN2028 3,901.03 0.00 7,636.73 1,819.75 0.00 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 5,316.58 0.00 7,619.12 2,515.54 0.00 912828YU8 USA TREASURY 1.625% 30NOV2026 3,719.71 0.00 5,062.50 2,214.29 0.00 9128283F5 USA TREASURY 2.25% 15NOV2027 1,197.87 0.00 3,394.54 2,119.47 0.00 91282CEF4 USA TREASURY 2.5% 31 MAR2027 1,833.89 0.00 2,617.19 2,129.12 12,500.00 91282CET4 USA TREASURY 2.625% 31 MAY2027 2,527.70 0.00 5,234.38 4,471.15 0.00 912828XZ8 USA TREASURY 2.75% 30JUN2025 2,266.85 0.00 2,109.38 3,532.46 0.00 91282CFB2 USA TREASURY 2.75% 31JUL2027 2,895.53 0.00 4,851.57 4,238.95 0.00 9128285N6 USA TREASURY 2.875% 30NOV2025 2,683.79 0.00 2,138.30 4,162.43 0.00 91282CEY3 USA TREASURY 3% 15JUL2025 441 .05 0.00 388.02 1,027.63 0.00 9128285M8 USA TREASURY 3.125% 15NOV2028 2,614.20 0.00 7,218.75 5,887.43 0.00 91282CFJ5 USA TREASURY 3.125% 31 AUG2029 425.37 0.00 4,406.24 3,158.97 0.00 91282CEW7 USA TREASURY 3.25% 30JUN2027 916.38 0.00 1,705.47 2,059.53 0.00 91282CHE4 USA TREASURY 3.625% 31 MAY2028 493.49 0.00 5,578.15 6,483.17 0.00 91282CFUO USA TREASURY 4.125% 31 OCT2027 450.39 0.00 4,019.53 7,418.16 0.00 20 June 3, 2025, Item #14

DETAIL OF RETURN AND INTEREST RECEIVED
"' 0\
For the period March 1, 2025 - March 31, 2025
g, Cusip
w
Description
0 Government Bonds
91282CKX8
91282CKS9
USA TREASURY 4.25% 30JUN2029
USA TREASURY 4.875% 31 MAY2026
Total Government Bonds
Accretion
(amortization)
(109.23)
(615.28)
51 ,235.58
Realized gain
(loss)

0.00 0.00

0.00 Change in fair
value
3,328.13
(54.69)
96,897.06

CITY OF POWAY
Interest earned Interest received
4,367.40
5,812.50
66,533.82

0.00 0.00
17,750.00
Grand 93,060.35 0.00 188,322.85 217,498.59 335,104.17
21 June 3, 2025, Item #14

TRANSACTION REPORT

CITY OF POWAY
For the period March 1, 2025 - March 31, 2025
N
-.J
!a, Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total w Settle date shares gain(loss) 0
03/01/2025 194162AR4 Income Corporate Bonds COLGATE-PALMOLIVE CO 4.6% 03/01/2028 2,400,000.00 0.00 0.00 55,200.00 55,200.00 03/01/2025
03/01/2025 3133EPUW3 Income Government Agencies FEDERAL FARM CREDIT BANK 09/01/2026 2,000,000.00 0.00 0.00 47,500.00 47,500.00 03/01/2025
03/05/2025 3130ALHHO Income Government Agencies FEDERAL HOME LOAN BANK 03/05/2026 2,300,000.00 0.00 0.00 11,040.00 11,040.00 03/05/2025
03/09/2025 02665WBH3 Income Corporate Bonds AMERICAN HONDA FINANCE 09/09/2026 1,100,000 .00 0.00 0.00 12,650.00 12,650.00 03/10/2025
03/10/2025 3130ATHWO Income Government Agencies FEDERAL HOME LOAN BANK 09/10/2027 2,000,000.00 0.00 0.00 41,250.00 41,250.00 03/10/2025
03/11/2025 24422ETC3 Income Corporate Bonds JOHN DEERE CAPITAL CORP 09/11/2025 1,000,000.00 0.00 0.00 17,000.00 17,000.00 03/11/2025
03/12/2025 037833DB3 Income Corporate Bonds APPLE INC 2.9% 12SEP2027 09/12/2027 1,300,000.00 0.00 0.00 18,850.00 18,850.00 03/12/2025
03/15/2025 717081ET6 Income Corporate Bonds PFIZER INC 3.45% 15MAR2029 03/15/2029 1,300,000.00 0.00 0.00 22,425 .00 22,425 .00 03/15/2025
03/17/2025 24422EWK1 Income Corporate Bonds
JOHN DEERE CAPITAL CORP 09/15/2027 1,000,000 .00 0.00 0.00 20,750.00 20,750.00 03/17/2025
03/20/2025 3133EP5U5 Income Government Agencies FEDERAL FARM CREDIT BANK 03/20/2029 2,000,000.00 0.00 0.00 41,250.00 41,250.00 03/20/2025
03/29/2025 17325FBB3 Income Corporate Bonds CITIBANK NA 5.803% 09/29/2028 1,000,000.00 0.00 0.00 29,015.00 29,015.00 03/29/2025
03/31/2025 91282CBT7 Income Government Bonds USA TREASURY 0.75% 03/31/2026 1,400,000.00 0.00 0.00 5,250.00 5,250.00 03/31/2025
03/31/2025 91282CEF4 Income Government Bonds USA TREASURY 2.5% 03/31/2027 1,000,000 .00 0.00 0.00 12,500.00 12,500.00 03/31/2025
03/31/2025 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 424.17 424.17 22 June 3, 2025, Item #14

ADDITIONAL INFORMATION
As of March 31, 2025

CITY OF POWAY
"' co Past performance is not indicative offuture results. Investment in any strategy involves a risk of loss which may partly be due to exchange rate fluctuations. 0 ~ The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and o charges and these can have a material detrimental effect on the performance of an investment. The performance shown is for the stated time period(s) only.

Any target performance aims are not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and so have a greater potential for the returns to be significantly different than expected . Investments are subject to risks, including loss of principal. There can be no guarantee that any investment strategy will meet the liability funding needs of a particular client.

Performance information for certain accounts may reflect performance achieved while the account was managed at a prior firm. In addition, the performance and customized benchmark information for these periods are based on Information from 3rd parties that Insight believes to be accurate, but Insight has not independently verified such information and no representation is made regarding its accuracy or completeness.

The quoted benchmarks do not reflect deductions for fees, expenses or taxes. These benchmarks are unmanaged and cannot be purchased directly by investors. Benchmark performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison such as differences in volatility, and regulatory and legal restrictions between the indices shown and the strategy .

Any currency conversions performed for this presentation, use FX rates as per WM Reuters 4pm spot rates, unless noted otherwise.

Funds and portfolios with an ESG objective follow a sustainable or ESG related investment approach, which may cause them to perform differently than funds that are not required to integrate sustainable investment criteria when selecting securities. Funds and portfolios with no ESG objective are not required to integrate sustainable investment criteria when selecting securities so any ESG approach shown is only indicative and there is no guarantee that the specific approach will be applied across the whole portfolio .

This is a client report intended for professional clients only. This material is for professional clients only and is not intended for distribution to retail clients. This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document is intended only for the parties to whom it was delivered or its authorised agents and should not be copied or passed to any other person. Please contact the Client Services Team if there has been any change in your financial circumstances or risk tolerance since the previous valuation that could affect the investment objective of your portfolio . Insight obtains market data and prices from an independent pricing source for all of our currency positions on a daily basis. For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.

Some information contained in this client report comes from external sources which Insight believes to be reliable. A list of sources is available on request. All statistics represent month end figures unless otherwise noted. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed . Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security.

Insight Investment is the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL) and Insight North America LLC (INA). each of which provides asset management services. This group of companies may be referred to as 'Insight' or 'Insight Investment'.

Please compare the information provided in this statement to the information provided in the statement received from your Custodian. This report is not intended to replace your custodial statement which is your official record for all pertinent account information. Please notify us promptly if you do not receive from your custodian on at least a quarterly basis account statements that contain the amount offunds and each security in the account at the end of the period and all transactions in the account during that period.

For clients based in North America:

This material is for professional clients only and is not intended for distribution to retail clients.

Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC). using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may be referred to as 'Insight' or 'Insight Investment'. INA is registered with the CFTC as a Commodity Trading Advisor and a Commodity Pool Operator and are members of the NFA.

Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of the indices may be materially different from that of the strategy. In addition, the strategy's holdings may differ substantially from the securities that comprise the indices shown .

The ICE BofA 3 Month UST-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

The ICE BofA 6 Month UST-Bill index measures the performance ofTreasury bills with time to maturity of less than 6 months. -~·-----·
23 June 3, 2025, Item #14
N
\0

ADDITIONAL INFORMATION
As of March 31 , 2025

CITY OF POWAY
0 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. 0 The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctioned on or before the third business day before the last business day of the month.

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

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

The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. © 2025 Insight Investment. All rights reserved.
24 June 3, 2025, Item #14
w
0 0 ....
w
0 ~
~ n :::c:
s: m
z
-I
C
City of Poway Investments & Cash with Fiscal Agent; Non-Managed Investments; General, Payroll & Petty Cash March 2025
Part I
Investments 8: Cash with Fiscal Agents
Settlement Days to I % of Total Face Book I Market Unrealized I INVESTMENT DESCRIPTION Date Maturity I Investment Value I' Value I ! Value Gain(Loss) 1st Am Gov't Obligations Money Mkt Fd 03/31/25 I , Various) 11 r 100.00%1 - sso1,so1 . 90 1 sso1,so1 .9o I sso1,so1. 90 I ' so.oo I l I - - I r r - I 1- I r I ---- I
I I I I,- - "
I
Average/Total , I - 111 100.00%1 r $ 507,50UOI .- sso1,so1. 90 I r sso1,so1.9 o f - so.oo I Various! · Paying Agent or Uninvested Cash ft DITs ' ~ - so.oo I
Total Investments and Cash with Fiscal Agent
Non-Mana!!ed Investments

INVESTMENT DESCRIPTION
County Pool
Average /Total
General, Payroll 8: Petty Cash
General Cash (US Bank)
Payroll Cash (US Bank)
Emergency Cash (US Bank)
Grant Cash (US Bank)
Flexible Benefits Cash (US Bank)
Petty Cash
Total Cash
Settlement
Date
sso1,so1.9o 1
-~ - -
Part II
Face I . -B~ k - , r Market I Unrealized
Maturit ~ I Investment ! , Value I Value I Value I Gain(Loss) __________ 11 r 1iio.ciciil ~ 06,831.fil , - $106,831ASI r $ 106,064.00 1,--($767.45)1 . ====I • - Jr -- ,- - 1 1 r - r 1
I 03/31/25
3~ s%J N/ A I r - 10().00%1 ..- s106,a 31.4s I - °s1o6,s31 .4s I r s106~064.oo 1 - ($767.45)1 Part Ill
Book
Value
--~----:--- -=========== ~' $1,352,000.00
r- $2o,Ocio.oo
--:--:----:-----=--==-==--==--===== =--~ - - - - ) ' - S10,ooo.oo 1 -=============== --=~--=~', - - $0.00
- ] 1 - $30,000.00
___________________ _.I ss,600 .00
] 1
-1
----- - - -- - - I· $1,420,600.00 I - -- --- = =---= ===-~--==-~