December 2, 2025, Item #4
AGENDA REPORT CityofPoway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
December 2, 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 September 30, 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 September 30, 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 September 30, 2025, was $152,923,755. It consisted of the following:
(Remainder of page intentionally left blank)
1 of35
December 2, 2025, Item #4
Investment Portfolio Total
Cash $124,950
Deposits at CalTRUST $26,045,168
Deposits at the Local Agency Investment Fund (LAIF) $41,278,122 U.S. Treasury Notes $33,921,303
U.S. Instrumentalities $29,470,544
Corporate Notes $22,083,668
Fair Value of Investment Portfolio as of September 30, 2025 $152,923,755 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 funds until they are needed. 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 offunds 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 September 30, 2025, is estimated at
4.21 % for LAIF, 4.16% for the CalTRUST short-term fund, and 3.97% 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 $84,739,686; the fair value is $85,600,465 for an unrealized gain of $860,779 or 1.02% 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 of35
December 2, 2025, Item #4
Also included with this report are recaps of the City's cash and investments held by fiscal agents, non managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at September 30, 2025, was $494,258. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $15,099 at September 30; 2025. The City's cash on hand at September 30, 2025 totaled $1,054,670.
The September 30, 2025 balance of the City's Library Trust Fund is $263,143. Through the Fiscal Year 2025-26 period ending September 30, 2025, no interest earnings has been transferred to the General Fund. The City Transfers 90% of the Library Trust Fund's interest revenue to the General Fund on an annual basis to help 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 $216,113 of interest during September 2025, as well as $220,698 of interest during August 2025, and $224,482 during July 2025. Fees for investment services during this period totaled $10,616. 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
B. Investment Portfolio Report prepared by Insight Investment C. Investment Report prepared by Insight Investment
D. City of Poway Cash and Investments Report at September 30, 2025 Reviewed/Approved By:
Assistant City Manager
3 of35
Reviewed By:
Alan Fenstermacher
City Attorney
c~
City Manager
December 2, 2025, Item #4
City of Poway
Investment Statistics
Separately Managed Investment Pools
Fair Value:
CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
September
2024
$ 12,620,874
12,394,321
41,309,924
June
2025
$ 13,009,065
12,731,443
53,734,135
September
2025
13,159,881
12,885,287
41,278,122 Deposits at the Local Agency Investment Fund (LAIF) Total Fair Value $ 66,325,119 $ 79,474,643 $ 67,323,290 Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:
4.53%
1 1
4.24%
1 1
4.16%
1 1
Cash $ 60,283 $ 2,101,399 $ 124,950
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
33,912,608
24,887,356
23,571,712
82,431,959
60,283
33,583,566
24,509,438
23,193,823
81,347,110
1,084,849
1.33%
183,703
4.17%
2.18 2.38
33,605,166
27,101,776
21,761,482
84,569,823
2,101,399
33,356,403
26,861,039
21,515,548
83,834,389
735,435
0.88%
211,884
4.36%
1.82 2.03
33,921,303
29,470,544
22,083,668
85,600,465
124,950
33,640,500
29,173,359
21,800,878
84,739,686
860,779
1.02%
216,113
4.35%
1.85 2.12
Total Fair Value of Portfolio Assets $ 148,757,078 $ 164,044,466 $ 152,923,755 Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology
4.33%
1.21 1.32
4.30%
0.94 1.05
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.
4.27%
1.04 1.19
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. 4of35 ATTACHMENT A
December 2, 2025, Item #4
City of Poway
Monthly Consolidated Portfolio Report
September 30, 2025
City Managed Assets Market Value % Yield
LAIF 41,278,122 61% 4.21%
CalTrust -Short 13,159,881 20% 4.16% CalTrust-
Medium,
CalTrust -Medium 12,885,287 19% 3.97% 19%
Total Managed by City 67,323,290 100¾
as % of Total Portfolio Assets 44%
Weighted Average Yield 4.16%
Days
Effective Average Duration 1.00
Weighted Average Maturity 1.00
Insight Managed Assets Market Value % Yield
Cash 124,950 0% 4.01%
Treasury Securities 33,921,303 40% 4.14%
Instrumentality Securities 29,470,544 34% 4.32%
Corporate Notes 22,083,668 26% 4.72%
Total Managed by Insight 85,600,465 100¾
as % of Total Portfolio Assets 56%
Weighted Average Yield 4.35%
Years
Effective Average Duration 1.85
Weighted Average Final Maturity 2.12
Total Portfolio Assets Market Value % Yield
LAIF 41,278,122 27% 4.21%
CalTrust -Short 13,159,881 9% 4.16%
CalTrust -Medium 12,885,287 8% 3.97%
Cash 124,950 0% 4.01% Instrumentality
Treasury Securities 33,921,303 22% 4.14% Securities...._ 26%
Instrumentality Securities 29,470,544 19% 4.32%
Corporate Notes 22,083,668 14% 4.72%
Total Portfolio Assets 152,923,755 100¾
Weighted Average Yield 4.27%
Years
Effective Average Duration 1.04
Weighted Average Maturity 1.19
Total Portfolio Change Market Value
Beginning Balance 149,354,232
Ending Balance 152,923,755
For Insight Managed Assets, market values exclude accrued interest and purchase yields are presented.
The City provides the City Managed Assets information.
Insight Investment -Confidential -External
5 of 35 ATTACHMENT B
12%
Cash
0.1%
December 2, 2025, Item #4
6 of35
ATTACHMENT
C
December 2, 2025, Item #4
.....
Contents 0 ....
w
U1
Fixed income market review 3
Activity and performance summary 4
Performance 6
Recap of securities held 7
Maturity distribution of securities held 8
Securities held 9
GASB 40 - Deposit and investment risk disclosure 15
Securities purchased 20
Securities sold and matured 21
Detail of return and interest received 22
Transaction report 26
Additional information 28
December 2, 2025, Item #4
00 0 ....
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FIXED INCOME MARKET REVIEW
As of September 30, 2025
Chart 1: The FOMC cut rates and forecast a steeper rate-cutting profile 6 5
4 .......
~3
• • • • • • Market expectations
(Sep 17, 2025) • • . . .....
••••••••• 11 •••
2 1
0 2022
- FOMCDots
(Jun 18, 2025)
- • - FOMC Dots
(Sep 17, 2025)
- Fed funds rate
2023 2024 2025 2026
Source: Federal Reserve, Bloomberg, Insight September 17, 2025 2027
Chart 2: Payrolls data faced downward revisions over the year 250
"' ~ 200 ro ...,
::, 150
2028 2029
I I I I
[+6
¾ 100 I I
·;;; 50
I .
Ql)
I O lfJ
[ -so
E -100
~
c: -150 0
z
-200
El
I
l!lt.:I
I I
Jan-2025 Feb-2025 Mar-2025 Apr-2025 May-2025 Jun-2025 Jul-2025 Aug-2025 ■ Initial estimate ■ Revisions • Latest estimate
Source: Department of Labor, Bloomberg, September 30, 2025
CITY OF POWAY
Economic Indicators and Monetary Policy
The FOMC delivered a 25bp cut to the Fed Funds rate, taking it to a target range of 4% to 4.25%.
It marked the first rate cut since December 2024. The only dissenting vote was from the newest member, Stephen Miran, who voted for a 50bp cut. The Fed's updated "dot plot" reflected two further additional rate cuts by year-end, a slightly faster profile than in June (Chart 1 ). Individual projections were bifurcated with six members projecting no further rate cuts this year.
The FOMC cited labor market conditions as the main driver of its decision to cut rates, noting "Job gains have slowed, and the unemployment rate has edged up" and "downside risks to employment have risen."
This decision reflected increasingly finely-balanced labor market metrics. The US economy added 22,000 jobs in August, below expectations for 75,000. The two previous months were revised down by 21 ,000, adding overall to the total downward revisions year-to-date (Chart 2).
Job gains continued to be heavily concentrated in healthcare and leisure and hospitality. The unemployment rate remained at 4.3% while the broader U6 unemployment measure increased from 7.9% to 8.1%, a new post-pandemic high. Elsewhere, the ratio of job openings to unemployed edged below one for the first time since 2017. Initial jobless claims briefly reached 264,000, the highest since 2021, albeit reports later indicated this was inflated by cases of fraud in Texas. The measure subsequently eased to 218,000 by the end of the month.
Continuing jobless claims remained around cycle highs.
Inflation remained above-target (which the FOMC also acknowledged). Headline CPI rose from
2.7% to 2.9% and PCE increased from 2.6% to 2.7%. Core CPI remained at 3.1 % and core PCE remained at 2. 9%. Inflation was notable in food, shelter and "supercore" (ie excluding food, energy and shelter) categories. Tariff inflation was evident in small categories like televisions, sewing machines and jewelry.
The third estimate of Q2 GDP growth was revised up from 3.3% to 3.8% SAAR, which reflected upward revisions to consumption and business investment.
Interest Rate Summary
It was a risk-on month for assets and longer-dated Treasury yields eased. At the end of September, the 3-month US Treasury bill yielded 3.93%, the 6-month US Treasury bill yielded
3.84%, the 2-year us Treasury note yielded 3.61 %, the 5-year US Treasury note yielded 3.74% and the 10-year US Treasury note yielded 4.15%.
3 December 2, 2025, Item #4
\0
0 ACTIVITY AND PERFORMANCE SUMMARY
For the period September 1, 2025 - September 30, 2025
~ I Amortized Cost Basis Activity Summary
U1
Opening balance 84,255,444.11
Income received 406,265.96
Total receipts 406,265.96
Total disbursements 0.00
lnterportfolio transfers 0.00
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)
CQmparative Rates of Return (%1
* Twelve * Six
month trailing month trailing
Fed Funds
Overnight Repo
Merrill Lynch 3m US Treas Bill
Merrill Lynch 6m US Treas Bill
ML 1 Year US Treasury Note
ML 2 Year US Treasury Note
ML 5 Year US Treasury Note
* rates reflected are cumulative
4.40 2.14
4.45 2.16
4.23 2.06
4.22 2.09
4.08 1.96
3.97 1.88
4.04 1.93
0.00 0.00
0.00 (5,640.05)
83,616.07
0.00 84,739,686.09
85,600,464.78
860,778.69
* One month
0.34 0.35
0.32 0.30
0.30 0.29
0.30 Detail Qf Amortized Cost Basis Return
Interest Accretion Realized
earned (amortization) gain (loss)
Cash and Cash Equivalents 683.94 0.00 0.00
Corporate Bonds 70,767.71 12,104.84 0.00
Government Agencies 75,324.14 25,950.30 0.00
Government Bonds 69,336.92 39,920.88 0.00
Total 216,112.71 77,976.02 0.00
Summary of AmQrtized CQst 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
683.94
82,872.55
101,274.44
109,257.80
294,088.73
Total portfolio
216,112.71
77,976.02
0.00 294,088.73
84,560,423.13
0.35 3.18
772
4 December 2, 2025, Item #4
....
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ACTIVITY AND PERFORMANCE SUMMARY
For the period September 1, 2025 - September 30, 2025
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
406,265.96
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
4.40 2.14
4.45 2.16
4.38 2.13
4.37 2.16
3.85 2.05
3.87 2.31
3.77 2.52
85,136,568.34
406,265.96
0.00 0.00
0.00 0.00
0.00 57,630.48
85,600,464.78
* One month
0.34 0.35
0.33 0.36
0.42 0.31
0.23 Detail of Fair Value Basis Return
Interest Change in
earned fair value
Cash and Cash Equivalents 683.94 0.00
Corporate Bonds 70,767.71 9,549.32
Government Agencies 75,324.14 29,855.41
Government Bonds 69,336.92 18,225.75
Total 216,112.71 57,630.48
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
683.94
80,317.03
105,179.55
87,562.67
273,743.19
Total portfolio
216,112.71
57,630.48
273,743.19
86,110,370 .37
0.32 4.27
772
5 December 2, 2025, Item #4
PERFORMANCE
For the period September 1, 2025 - September 30, 2025 _. _. 0 ....
~ Total return performance (%)
CITY OF POWAY
Benchmark
~
5 4
3 2
1,-
0 1 month
0.32 0.31
1 month
*Returns for periods greater than one year are annualized Returns are gross offees
Portfolio inception is 08/31/2015
Benchmark history
ICE BofA US Treasury 1-3: 08/31/2015 - present
-------
3 months
1.22 1.12
3 months YTD
YTD
4.27 3.93
1 year
3.93 3.87
Total return performance
1 year 3 years*
- CITYOFPOWAY - BENCHMARK
3 years*
4.82 4.35
5 years* 1 O years*
5 years*
2.23 1.57
Since
inception*
10 years*
2.13 1.69
CITY OF POWAY
Since inception*
2.14 1.70
6 December 2, 2025, Item #4
....
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RECAP OF SECURITIES HELD
As of September 30, 2025
Historical Amortized Fair value Unrealized Weighted
cost cost gain (loss) average
final
maturity (days)
Cash and Cash Equivalents 124,949.55 124,949.55 124,949.55 0.00 1 Corporate Bonds 21 ,486,412 .50 21,800,877 .62 22,083,668.39 282,790.77 704 Government Agencies 28,542,300.24 29,173,359.14 29,470,544 .21 297,185.07 821 Government Bonds 32,542,918.65 33,640,499.78 33,921,302.63 280,802.85 776 ~ --- ----............. ~.;.-,-~~-- ~
Portfolio diversification (%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ GovernmentAgenc ies
■ Government Bonds
Total
Percent
of
portfolio
0.15 25.98
34.51 39.35
0.15 25.98
34.51 39.35
100.00
CITY OF POWAY
Weighted
average
effective
duration (years)
0.00 1.65
1.84 1.99
7 December 2, 2025, Item #4
.... w
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MATURITY DISTRIBUTION OF SECURITIES HELD
As of September 30, 2025
Maturity
--
Under 90 days
90 to 179 days
180 days to 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
Over 5 years
25.00 E 20.00
.s ..... 15.00 Ill
0 u
"iii 10.00 u ·;::
0 .....
Ill
:i: 5.00
0.00 o~-t
0;)~
be'-
,;§'
o~-t
~0;)
" ~,o
'b~
"
Maturity distribution
~
"4.,'l!
,o
o~.,
fl>~
4.,e '\,
,,o
rb.,
4.,e
~
'l,'-0
rb.,
.:..,e b,
~,o
Historic cost Percent
3,743,381.34 4.53
6,290,316 .89 7.61
10,457,922.45 12.65
24,568,725 .86 29.71
19,757,015.99 23.89
11,092,757.81 13.41
6,786,460.60 8.21
0.00 0.00
82,696 ,580.94 100.00
rb~
,,,.:..,e
b, ,o
rb~
4.,e
~"' d"'l)
CITY OF POWAY
8 December 2, 2025, Item #4
SECURITIES HELD
CITY OF POWAY
As of September 30, 2025 ...
~
g_ Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port u,
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 124,949.55 124,949.55 124,949.55 124,949 .55 0.00 0.00 0.15 -Total Cash and Cash Equivalents 124,949.55 124,949.55 124,949.55 124,949.55 0.00 0.00 0.15 -Corporate Bonds
02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 4.950 01/09/2026 1,000,000.00 995,500.00 999,011.77 1,001 ,901 .15 2,889 .38 11,137 .50 1.20 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 0.700 02/08/2026 1,200,000.00 1,096,152.00 1,186,015.75 1,186,199 .62 183.87 1,213 .33 1.33 01/08/2026
06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 1,800,000 .00 1,736,028 .00 1,786,974 .94 1,794,370.72 7,395.78 28,175.00 2.10 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 2.375 07/22/2026 1,000,000.00 944,140 .00 980,936.34 987,445.47 6,509.13 4,486 .11 1.14 06/22/2026
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 2.300 09/09/2026 1,100,000 .00 1,034,869 .00 1,081,171.03 1,082,937 .88 1,766.85 1,475 .83 1.25 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) 5.488 12/04/2026 1,400,000.00 1,420,132 .00 1,408,194.59 1,422, 178.53 13,983 .94 24,756 .98 1.72 11/04/2026
17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 4.800 02/26/2027 1,250,000 .00 1,253,775.00 1,251,779.08 1,265,007 .00 13,227 .92 5,666 .67 1.52 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 1,271,383 .38 1,280,208 .62 8,825 .24 1,885 .00 1.49 06/12/2027
24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020 .00 996,473.06 1,004,709.85 8,236.79 1,729. 17 1.20 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091 ,585 .00 1,095,747.02 1,115,880.43 20,133.41 11,022 .92 1.32 9 December 2, 2025, Item #4
SECURITIES HELD
CITY OF POWAY
As of September 30, 2025 ....
u,
S, Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port u,
(loss) interest cost
Corporate Bonds
46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 3.782 02/01/2028 2,000,000.00 1,909,600 .00 1,947,061.48 1,991,146 .00 44,084 .52 12,396 .56 2.31 01FEB27) 02/01/2027
194162AR4 COLGATE-PALMOLIVE CO 4:6% 01 MAR2028 (CALLABLE 4.600 03/0112028 2,400,000.00 2,391,240.00 2,395,421 .83 2,442,558.19 47,136.36 8,893 .33 2.89 01 FEB28) 02/01/2028
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 4.548 07/22/2028 900,000.00 890,253 .00 893,587.25 906,814.64 13,227.39 7,731 .60 1.08 07/22/2027
17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 5.803 09/29/2028 1,000,000.00 1,027,800 .00 1,017,910.51 1,048,905 .61 30,995.10 161 .19 1.24 08129/2028
17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 4.850 02/26/2029 1,000,000 .00 999,390 .00 999,594 .10 1,026,132.61 26,538 .51 4,580 .56 1.21 26JAN29) 01/26/2029
717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 3.450 03/1512029 1,300,000.00 1,222,104 .00 1,242,656.61 1,278,986 .62 36,330 .01 1,868.75 1.48 12/1512028
95040QAH7 WELL TOWER OP LLC 4.125% 15MAR2029 (CALLABLE 4.125 03/1512029 1,250,000.00 1,246,837.50 1,246,958.88 1,248,285.45 1,326 .57 2,148.44 1.51 15DEC28) 12115/2028
Total Corporate Bonds 22,000,000.00 21,486,412.50 21,800,877 .62 22,083,668 .39 282,790.77 129,328.94 25.98 Government Agencies
3134A2HG6 FREDDIE MAC 0% 11 DEC2025 0.000 1211112025 1,000,000.00 895,930 .00 991,386 .58 992,253.48 866.90 0.00 1.08 3130ALHHO FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 0.960 03/0512026 2,300,000 .00 2,092,540.00 2,265,885.30 2,270 ,635.03 4,749 .73 1,533.33 2.53 (CALLABLE 05NOV25) 11/05/2025
3130AWLZ1 FEDERAL HOME LOAN BANK 4.75% 12JUN2026 4.750 06/12/2026 1,100,000.00 1,096,612 .00 1,099,141.81 1,107,621.23 8,479.42 15,675 .00 1.33 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01SEP2026 4.750 09/01/2026 2,000,000.00 1,987,080 .00 1,995,625.10 2,018 ,819.90 23,194.80 7,652 .78 2.40 10 December 2, 2025, Item #4
SECURITIES HELD
CITY OF POWAY
As of September 30, 2025 ...
0\
g, Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port u,
(loss) interest cost
Government Agencies
3130APJH9 FEDERAL HOME LOAN BANK 1.75% 280CT2026 1.750 10/28/2026 2,050,000.00 1,860,110.55 1,992,606.52 2,018,516.41 25,909.89 15,147.22 2.25 (CALLABLE 280CT25) #0006 10/28/2025
3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 1,200,000.00 1,196,508.00 1,198,501.35 1,208,813.63 10,312.28 16,479.17 1.45 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1.250 12/21/2026 2,300,000.00 2,055,763.00 2,221,995.88 2,233,860.30 11,864.42 7,906.25 2.49 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 4.125 09/10/2027 2,000,000.00 1,993,260.00 1,997,150.70 2,017,995.68 20,844.98 4,583.33 2.41 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12/01/2027 1,000,000.00 989,640.00 994,964.96 1,008,632.82 13,667.86 13,635.42 1.20 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 4.250 12/10/2027 2,000,000.00 2,010,731.16 2,005,093.36 2,021,123.36 16,030.00 25,972.22 2.43 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 01/06/2028 1,100,000.00 1,105,292.88 1,102,526.40 1,105,012.47 2,486.07 10,266.67 1.34 3130AEB25 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 3.250 06/09/2028 2,700,000.00 2,574,679.50 2,611,906.41 2,678,719.55 66,813.14 27,056.25 3.11 3133ER5D9 FEDERAL FARM CREDIT BANK 4.49% 05MAR2029 4.490 03/05/2029 1,900,000.00 1,911,894.00 1,909,424.14 1,919,679.71 10,255.57 5,924.31 2.31 (CALLABLE 05MAR27) 03/05/2027
3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 4 .125 03/20/2029 2,000,000.00 1,985,860.00 1,989,827.48 2,034,810.56 44,983.08 2,291.67 2.40 3130ATUT2 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 4.500 12/14/2029 1,200,000.00 1,211,040.00 1,209,672.75 1,232,241.34 22,568.59 15,900.00 1.46 3134HAW33 FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) 4.750 12/18/2029 1,000,000.00 1,005,145.00 1,003,796.68 1,005,527.30 1,730.62 13,458.33 1.22 06/18/2026
11 December 2, 2025, Item #4
SECURITIES HELD
CITY OF POWAY
As of September 30, 2025 .... .....
g, Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port U1
(loss) interest cost
Government Agencies
31358DDR2 FANNIEMAEO% 15MAY2030 0.000 05/15/2030 1,900,000.00 1,563,815 .15 1,577,819 .95 1,590,277.43 12,457.48 0.00 1.89 3134HBSXO FREDDIE MAC 4.5% 23MAY2030 (CALLABLE 23NOV26) 4.500 05/23/2030 1,000,000.00 1,006,399. 00 1,006,033.77 1,006,004 .01 (29.76) 15,875.00 1.22 11/23/2026
-Total Government Agencies 29,750,000.00 28,542,300.24 29,173,359.14 29,470 ,544.21 297,185.07 199,356.95 34.51 Government Bonds
91282CAT8 USA TREASURY 0.25% 31 OCT2025 0.250 10/31/2025 1,200,000.00 1,086,046.88 1,196,784.92 1,196,207.46 (577.46) 1,247.28 1.31 9128285N6 USA TREASURY 2.875% 30NOV2025 2.875 11/30/2025 1,700,000.00 1,636,454. 91 1,694,316.15 1,696,569 .01 2,252.86 16,291 .67 1.98 91282CBC4 USA TREASURY 0.375% 31 DEC2025 0.375 12/31/2025 2,300,000.00 2,106 ,124.89 2,285,040 .04 2,279,273.04 (5,767.00) 2,156.25 2.55 91282CBT7 USA TREASURY 0.75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707. 82 1,376,288.21 1,378,748.43 2,460.22 0.00 1.50 91282CKS9 USA TREASURY 4.875% 31 MAY2026 4.875 05/31/2026 1,400,000.00 1,410,340. 63 1,404,844.26 1,409,318.75 4,474.49 22,750 .00 1.71 912828YU8 USA TREASURY 1.625% 30NOV2026 1.625 11/30/2026 1,600,000.00 1,468,130. 36 1,546,678 .29 1,562,375.01 15,696 .72 8,666.67 1.78 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 1.250 12/31/2026 2,350,000 .00 2,088,287 .11 2,266,848.56 2,280,142.58 13,294.02 7,343 .75 2.53 91282CEF4 USA TREASURY 2.5% 31 MAR2027 2.500 03/31/2027 1,000,000.00 924,573.66 966,040.06 983,125.00 17,084.94 0.00 1.12 91282CET4 USA TREASURY 2.625% 31 MAY2027 2.625 05/31/2027 2,000,000 .00 1,901,256. 70 1,948,641.40 1,966,875.00 18,233.60 17,500 .00 2.30 12 December 2, 2025, Item #4
SECURITIES HELD
CITY OF POWAY
As of September 30, 2025 ...
00 !a, Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port U'I
(loss) interest cost
Government Bonds
91282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 740,000.00 699,620.45 720,192.24 735,201 .56 15,009.32 6,012.50 0.85 91282CFB2 USA TREASURY 2. 75% 31 JUL2027 2.750 07/31/2027 1,800,000 .00 1,671,756.03 1,734,541.49 1,771,875 .00 37,333.51 8,205 .16 2.02 91282CFUO USA TREASURY 4.12S% 31 OCT2027 4.125 10/31/2027 2,100,000.00 2,077,8S8 .60 2,088,423 .27 2,121,328.13 32,904 .86 36,0lS .29 2.51 9128283FS USA TREASURY 2.25% 15NOV2027 2.250 11/15/2027 1,100,000.00 1,030,523.22 1,068,465.63 1,069,406.25 940.62 9,281 .25 1.25 91282CHE4 USA TREASURY 3.625% 31 MAY2028 3.625 05/31/2028 2,100,000.00 2,074,577.35 2,083,943.41 2,100,328 .13 16,384.72 25,375.00 2.51 91282CCH2 USA TREASURY 1.25% 30JUN2028 1 .250 06/30/2028 1,700,000.00 1,473,488.2 8 1,567,747 .36 1,595, 144.53 27,397.17 S,312.50 1.78 9128285M8 USA TREASURY 3.125% 15NOV2028 3.125 11/15/2028 2,200,000.00 2,059,929 .24 2,100,488.68 2,166,484 .36 65,995 .68 25,781 .25 2.49 91282CKX8 USA TREASURY 4.25% 30JUN2029 4.250 06/30/2029 1,200,000.00 1,206,004. 02 1,204,894.02 1,223,859.37 18,965.35 12,750 .00 1.46 91282CFJ5 USA TREASURY 3.125% 31 AUG2029 3.125 08/31/2029 1,200,000.00 1,17S,300.90 1,180,015.30 1,175,437. 50 (4,577.80) 3,107 .74 1.42 91282CLK5 USA TREASURY 3.625% 31 AUG2029 3.625 08/31/2029 1,200,000.00 1,197,332. 15 1,197,332.15 1,197,093.74 (238.41) 3,604.97 1.45 91282CFT3 USA TREASURY 4% 31 OCT2029 4.000 10/31/2029 1,600,000.00 1,616,255.36 1,614,816.29 1,618,000.00 3,183.71 26,608 .70 1.95 91282CMG3 USA TREASURY 4.25% 31JAN2030 4.250 01/31/2030 1,600,000. 00 1,633,755.36 1,630,994 .82 1,633,875 .01 2,880.19 11,271 .74 1.98 13 December 2, 2025, Item #4
....
U)
SECURITIES HELD
As of September 30, 2025
o Cusip .... Description
w
U1
Government Bonds
912828ZQ6 USA TREASURY 0.625% 15MAY2030
Total Government Bonds
Coupon Maturity/ Par value or Historical cost
Call date shares
0.625 05/15/2030 875,000.00 761,594.73
34,365,000 .00 32,542,918.65
CITY OF POWAY
Amortized cost Fair value Unrealized Total %
gain accrued Port
(loss) interest cost
763,163.23 760,634.77 (2,528.46) 2,050.78 0.92
33,640,499.78 33,921,302.63 280,802.85 251,332.50 39.35 14 December 2, 2025, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 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 U1 cost hist cost value mkt value dur (yrs) United States Treasury Note/Bond
91282CAT8 USA TREASURY 0.25% 0.250 10/31/2025 AA+ Aa1 1,200,000.00 1,086,046.88 1.31 1,196,207.46 1.40 0.08 9128285N6 USA TREASURY 2.875% 2.875 11/30/2025 AA+ Aa1 1,700,000.00 1,636,454.91 1.98 1,696,569.01 1.98 0.17 91282CBC4 USA TREASURY 0.375% 0.375 12/31/2025 AA+ Aa1 2,300,000 .00 2,106, 124.89 2.55 2,279,273.04 2.66 0.25 91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 AA+ Aa1 1,400,000.00 1,243,707.82 1.50 1,378,748.43 1.61 0.49 91282CKS9 USA TREASURY 4.875% 4.875 05/31/2026 AA+ Aa1 1,400,000 .00 1,410,340.63 1.71 1,409,318.75 1.65 0.64 912828YU8 USA TREASURY 1.625% 1.625 11/30/2026 AA+ Aa1 1,600,000.00 1 ,468, 130.36 1.78 1,562,375.01 1.83 1.13 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aa1 2,350,000.00 2,088,287 .11 2.53 2,280, 142.58 2.66 1.22 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aa1 1,000,000 .00 924,573.66 1.12 983,125.00 1.15 1.45 91282CET4 USA TREASURY 2.625% 2.625 05/31/2027 AA+ Aa1 2,000,000.00 1,901,256.70 2.30 1,966,875.00 2.30 1.60 91282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aa1 740,000.00 699,620.45 0.85 735,201.56 0.86 1.67 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aa1 1,800,000.00 1,671,756.03 2.02 1,771,875.00 2.07 1.76 91282CFUO USA TREASURY 4.125% 4.125 10/31/2027 AA+ Aa1 2,100,000.00 2,077,858.60 2.51 2,121,328.13 2.48 1.95 9128283F5 USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aa1 1,100,000 .00 1,030,523.22 1.25 1,069,406.25 1.25 2.03 91282CHE4 USA TREASURY 3.625% 3.625 05/31/2028 AA+ Aa1 2,100,000.00 2,074,577.35 2.51 2, 100,328.13 2.45 2.49 91282CCH2 USA TREASURY 1.25% 1.250 06/30/2028 AA+ Aa1 1,700,000.00 1,473,488.28 1.78 1,595,144.53 1.86 2.65 9128285MB USA TREASURY 3.125% 3.125 11/15/2028 AA+ Aa1 2,200,000.00 2,059,929.24 2.49 2,166,484.36 2.53 2.91 91282CKX8 USA TREASURY 4.25% 4.250 06/30/2029 AA+ Aa1 1,200,000.00 1,206,004.02 1.46 1,223,859.37 1.43 3.41 91282CLK5 USA TREASURY 3.625% 3.625 08/31/2029 AA+ Aa1 1,200,000.00 1,197,332.15 1.45 1,197,093.74 1.40 3.61 91282CFJ5 USA TREASURY 3.125% 3.125 08/31/2029 AA+ Aa1 1,200,000 .00 1,175,300.90 1.42 1,175,437.50 1.37 3.64 91282CFT3 USA TREASURY 4% 4.000 10/31/2029 AA+ Aa1 1,600,000.00 1,616,255 .36 1.95 1,618,000.00 1.89 3.68 91282CMG3 USA TREASURY 4.25% 4.250 01/31/2030 AA+ Aa1 1,600,000.00 1,633,755.36 1.98 1,633,875 .01 1.91 3.91 912828ZQ6 USA TREASURY 0.625% 0.625 05/15/2030 AA+ Aa1 875,000.00 761,594.73 0.92 760,634.77 0.89 4.47 Issuer total 34,365,000 .00 32,542,918 .65 39.35 33,921,302.63 39.63 1.99 15 December 2, 2025, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 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 cost hist cost value mkt value dur (yrs) u, Federal Home Loan Banks
3130ALHHO FEDERAL HOME LOAN 0.960 03/05/2026 11/05/2025 AA+ Aa1 2,300,000.00 2,092,540 .00 2.53 2,270,635 .03 2.65 0.42 3130AWLZ1 FEDERAL HOME LOAN 4.750 06/12/2026 AA+ Aa1 1,100,000.00 1,096,612.00 1.33 1,107,621.23 1.29 0.67 3130APJH9 FEDERAL HOME LOAN 1.750 10/28/2026 10/28/2025 AA+ Aa1 2,050,000.00 1,860,110.55 2.25 2,018,516.41 2.36 1.05 3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aa1 2,300,000.00 2,055,763.00 2.49 2,233,860.30 2.61 1.19 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aa1 2,000,000.00 1,993,260.00 2.41 2,017,995.68 2.36 1.85 3130ATUS4 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aa1 2,000,000.00 2,010,731.16 2.43 2,021,123.36 2.36 2.05 3130AEB25 FEDERAL HOME LOAN 3.250 06/09/2028 AA+ Aa1 2,700,000.00 2,574,679 .50 3.11 2,678,719 .55 3.13 2.52 3130ATUT2 FEDERAL HOME LOAN 4.500 12/14/2029 AA+ Aa1 1,200,000.00 1,211,040.00 1.46 1,232,241 .34 1.44 3.76 Issuer total 15,650,000.00 14,894,736.21 18.01 15,580 ,712.90 18.20 1.67 Federal Farm Credit Banks Funding Corp
3133EPUW3 FEDERAL FARM CREDIT 4.750 09/01/2026 AA+ Aa1 2,000,000.00 1,987,080.00 2.40 2,018,819.90 2.36 0.91 3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aa1 1,200,000.00 1, 196,508.00 1.45 1,208,813.63 1.41 1.13 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aa1 1,000,000.00 989,640.00 1.20 1,008,632.82 1.18 2.03 3133ENSN6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aa1 1,100,000.00 1,105,292.88 1.34 1,105,012.47 1.29 2.13 3133ER5D9 FEDERAL FARM CREDIT 4.490 03/05/2029 03/05/2027 AA+ Aa1 1,900,000.00 1,911,894.00 2.31 1,919,679.71 2.24 1.75 3133EP5U5 FEDERAL FARM CREDIT 4.125 03/20/2029 AA+ Aa1 2,000,000.00 1,985,860.00 2.40 2,034,810.56 2.38 3.20 Issuer total 9,200,000.00 9,176 ,274.88 11 .10 9,295,769.09 10.86 1.88 Federal Home Loan Mortgage Corp
3134A2HG6 FREDDIE MAC 0% 0.000 12/11/2025 AA+ Aa1 1,000,000.00 895,930.00 1.08 992,253.48 1.16 0.20 3134HAW33 FREDDIE MAC 4.75% 4.750 12/18/2029 06/18/2026 AA+ Aa1 1,000,000.00 1,005,145.00 1.22 1,005,527.30 1.17 1.24 3134HBSXO FREDDIE MAC 4.5% 4.500 05/23/2030 11/23/2026 AA+ Aa1 1,000,000.00 1,006,399.00 1.22 1,006,004.01 1.18 1.81 Issuer total 3,000,000.00 2,907,474.00 3.52 3,003,784.79 3.51 1.12 16 December 2, 2025, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 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 cost hist cost value mkt value dur (yrs) u, 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 1.72 1,422,178 .53 1.66 1.04 17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 08/29/2028 A+ Aa3 1,000,000.00 1,027,800.00 1.24 1,048,905.61 1.23 2.68 Issuer total 2,400,000.00 2,447,932.00 2.96 2,471,084.14 2.89 1.73 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 1.33 1,186,199.62 1.39 0.36 037833D83 APPLE INC 2.9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000.00 1,234,987.00 1.49 1,280,208.62 1.50 1.80 Issuer total 2,500,000.00 2,331,139.00 2.82 2,466,408.24 2.88 1.12 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 2.89 2,442,558 .19 2.85 2.21 Issuer total 2,400,000.00 2,391,240.00 2.89 2,442,558.19 2.85 2.21 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 1.52 1,265,007.00 1.48 1.28 17275RBR2 CISCO SYSTEMS INC 4.85% 4.850 02/26/2029 01/26/2029 AA- A1 1,000,000.00 999,390.00 1.21 1,026,132.61 1.20 3.06 Issuer total 2,250,000.00 2,253,165.00 2.72 2,291,139.61 2.68 2.07 American Honda Finance Corp
02665WEY3 AMERICAN HONDA 4.950 01/09/2026 A- A3 1,000,000.00 995,500.00 1.20 1,001,901.15 1.17 0.27 02665WBH3 AMERICAN HONDA 2.300 09/09/2026 A· A3 1,100,000 .00 1,034,869.00 1.25 1,082,937.88 1.27 0.92 Issuer total 2,100,000.00 2,030,369.00 2.46 2,084,839.03 2.44 0.60 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 2.31 1,991,146.00 2.33 1.28 Issuer total 2,000,000 .00 1,909,600 .00 2.31 1,991,146 .00 2.33 1.28 17 December 2, 2025, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 2025
"' w
g, Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date
U1 rating rating shares cost hist cost value mkt value dur (yrs) --
US Bancorp
91159HHN3 US BANCORP 2.375% 2.375 07/22/2026 06/22/2026 A A3 1,000,000.00 944,140.00 1.14 987,445.47 1.15 0.78 91159HJF8 US BANCORP 4.548% 4.548 07/22/2028 07/22/2027 A A3 900,000.00 890,253.00 1.08 906,814.64 1.06 1.71 Issuer total 1,900,000.00 1,834,393.00 2.22 1 ,894,260.11 2.21 1.23 Bank of America Corp
06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A- A1 1,800,000.00 1,736,028.00 2.10 1,794,370.72 2.10 0.53 Issuer total 1,800,000.00 1,736,028.00 2.10 1,794,370.72 2.10 0.53 Fannie Mae Principal Strip
31358DDR2 FANNIE MAE 0% 0.000 05/15/2030 AA+ Aa1 1,900,000.00 1,563,815.15 1.89 1,590,277.43 1.86 4.55 Issuer total 1,900,000.00 1,563,815.15 1.89 1,590,277.43 1.86 4.55 Pfizer Inc
717081ET6 PFIZER INC 3.45% 3.450 03/15/2029 12/15/2028 A A2 1,300,000.00 1,222,104.00 1.48 1,278,986.62 1.49 3.14 Issuer total 1,300,000.00 1 ,222, 104.00 1.48 1,278,986.62 1.49 3.14 Welltower OP LLC
95040QAH7 WELL TOWER OP LLC 4.125 03/15/2029 12/15/2028 A- A3 1,250,000.00 1,246,837 .50 1.51 1,248,285.45 1.46 3.08 Issuer total 1,250,000.00 1,246,837.50 1.51 1,248,285.45 1.46 3.08 Toyota Motor Credit Corp
89236TKQ7 TOYOTA MOTOR CREDIT 4.625 01/12/2028 A+ A1 1,100,000 .00 1,091,585.00 1.32 1,115,880.43 1.30 2.13 Issuer total 1,100,000.00 1,091,585.00 1.32 1,115,880.43 1.30 2.13 John Deere Capital Corp
24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A A1 1,000,000.00 992,020.00 1.20 1,004,709.85 1.17 1.86 Issuer total 1,000,000.00 992,020.00 1.20 1,004,709.85 1.17 1.86 18 December 2, 2025, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of September 30, 2025
N
.i:,.
g_ Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating rating shares u, cost hist cost value mkt value dur (yrs) Cash and Cash Equivalents
CASH 0.000 124,949.55 124,949.55 0.00 124,949.55 0.15 0.00 Issuer total 124,949.55 124,949.55 0.00 124,949 .55 0.15 0.00 19 December 2, 2025, Item #4
SECURITIES PURCHASED
CITY OF POWAY
For the period September 1, 2025 - September 30, 2025
N u,
g, Cusip Description I Broker Trade date Coupon Maturity/ Par value or Unit cost Principal Accrued w Settle date Call date shares cost interest u,
Government Agencies
3134HBSXO FREDDIE MAC 4.5% 23MA Y2030 09/04/2025 4.500 05/23/2030 1,000,000.00 100.64 (1 ,006,399.00) (12,750.00) WELLS FARGO SECURITIES, LLC 09/05/2025 11/23/2026
Total Government Agencies 1 ,000,000.00 (1,006,399 .00) (12,750.00) Government Bonds
912828ZQ6 USA TREASURY 0.625% 15MAY2030 09/04/2025 0.625 05/15/2030 875,000.00 87.04 (761,594.73) (1,679.26) THE BANK OF NEW YORK MELLON 09/05/2025
91282CLK5 USA TREASURY 3.625% 31 AUG2029 09/30/2025 3.625 08/31/2029 1,200,000.00 99.78 (1,197,332.15) (3,604.97) J.P. MORGAN SECURITIES LLC 09/30/2025
Total Government Bonds 2,075,000.00 (1,958,926.88) (5,284.23) -·•l ■ llflfflffl1 -
20 December 2, 2025, Item #4
SECURITIES SOLD AND MATURED
CITY OF POWAY
For the period September 1, 2025 - September 30, 2025
N
C'I
!a, Cusip Description I Broker Trade date Coupon Maturity/ Par value or Historical cost Amortized cost Price Fair value at Realized Accrued w Settle date Call date shares at sale or sale or gain interest u, maturity maturity (loss) sold
Corporate Bonds
24422ETC3 DEERE JOHN CAP 3.4% DUE 09/11/2025 3.400 (1,000,000.00) 989,920.00 1,000,000 .00 0.00 1,000,000.00 0.00 0.00 09-11-2025 09/11/2025
Total (Corporate Bonds) (1 ,000,000.00) 989,920.00 1 ,000,000.00 1,000,000.00 0.00 ---
Government Bonds
91282CAJO UNITED STS TREAS NTS .25% DUE 09/02/2025 0.250 (1,400,000.00) 1,279,250.00 1,400,000.00 0.00 1,400,000.00 0.00 0.00 08-31-2025 REG 09/02/2025
-1,279,250.00 1,400,000.00 1 ,400,000.00 0.00
21 December 2, 2025, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period September 1, 2025 - September 30, 2025
i'J
-..J
g_ Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value U1
--
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 683.94 683.94
----Total Cash 0.00 0.00 0.00 683.94 683.94
Corporate Bonds
02665WBH3 AMERICAN HONDA FINANCE 2.3% 095EP2026 1,568.03 0.00 4,443.97 2,038.05 12,650.00 02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 211.02 0.00 (29.79) 3,987.50 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 08JAN26) 3,102.05 0.00 3,902.26 676.66 0.00 037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 1,127.51 0.00 863.19 3,036.94 18,850.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 1,902.53 0.00 1,079.64 5,075.00 0.00 17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 26JAN27) (134.80) 0.00 (644.10) 4,833.34 0.00 17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29) 0.00 0.00 (968.55) 3,906.95 0.00 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) (556.54) 0.00 (35.73) 6,189.25 0.00 17325FBB3 CITIBANK NA 5.803% 295EP2028 (CALLABLE 29AUG28) (508.13) 0.00 775.49 4,674.63 29,015.00 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) 54.97 0.00 (3,217.15) 8,893.33 55,200.00 24422ETC3 DEERE JOHN CAP 3.4% DUE 09-11-2025 115.05 0.00 288.49 944.44 17,000.00 24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 137.22 0.00 (336.45) 3,343.06 20,750.00 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 01 FEB27) 1,677.54 0.00 2,918.28 6,093.23 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 1 SDEC28) 1,224.16 0.00 (747.45) 3,612.92 22,425.00 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 124.93 0.00 181.90 4,098.27 0.00 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 1,841.20 0.00 2,383.34 1,913.19 0.00 91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 153.92 0.00 611.72 3,297.30 0.00 22 December 2, 2025, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period September 1, 2025 - September 30, 2025
IV
00 g, Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value U1
Corporate Bonds
95040QAH7 WELL TOWER OP LLC 4.125% 15MAR2029 (CALLABLE 1 SDEC28) 64.18 0.00 (1,919.74) 4,153.65 25,781.25 Total Corporate Bonds 12,104.84 0.00 9,549.32 70,767.71 201,671.25 Government Agencies
31358DDR2 FANNIE MAE 0% 1 SMAY2030 5,176.76 0.00 6,518.05 0.00 0.00 3133ENSN6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 (95.41) 0.00 (2,355 94) 3,544.45 0.00 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 181.98 0.00 (2,191.80) 3,322.92 0.00 3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 236.72 0.00 5,214.14 6,645.84 41,250.00 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 98.81 0.00 1,250.82 4,229.17 0.00 3133ER5D9 FEDERAL FARM CREDIT BANK 4.49% 05MAR2029 (CALLABLE 05MAR27) (559.80) 0.00 1,211.39 6,872.20 42,655.00 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 288.28 0.00 1,866.54 7,652.78 47,500.00 3130ALHHO FEDERAL HOME LOAN BANK 0. 96% OSMAR2026 (CALLABLE 05NOV25) 6,218.38 0.00 6,778.86 1,778.66 11,040.00 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 4,990.58 0.00 7,347.65 2,315.97 0.00 3130APJH9 FEDERAL HOME LOAN BANK 1. 75% 280CT2026 (CALLABLE 280CT25) #0006 4,196.50 0.00 7,418.01 2,889.93 0.00 3130AEB25 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 2,477.86 0.00 2,440.16 7,068.75 0.00 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 89.67 0.00 (405.54) 6,645.83 41,250.00 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 (177.89) 0.00 (7,259.66) 6,847.22 0.00 3130ATUT2 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 (169.48) 0.00 (1,699.32) 4,350.00 0.00 3130AWLZ1 FEDERAL HOME LOAN BANK 4.75% 12JUN2026 98.72 0.00 755.57 4,209.03 0.00 3134A2HG6 FREDDIE MAC 0% 11 DEC2025 3,691.46 0.00 3,377.40 0.00 0.00 3134HBSXO FREDDIE MAC 4.5% 23MAY2030 (CALLABLE 23NOV26) (365.23) 0.00 (394.99) 3,125.00 0.00 23 December 2, 2025, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period September 1, 2025 - September 30, 2025
N
\0
a Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value U'I
Government Agencies
3134HAW33 FREDDIE MAC 4. 75% 18DEC2029 (CALLABLE 18JUN26) (427.61) 0.00 (15 93) 3,826.39 0.00 Total Government Agencies 25,950.30 0.00 29,855.41 75,324.14 183,695.00 Government Bonds
91282CAJO UNITED STS TREAS NTS .25% DUE 08-31-202S REG 0.00 0.00 0.00 0.00 1,750.00 91282CAT8 USA TREASURY 0.2S% 31 OCT202S 3,092.36 0.00 3,965.27 244.56 0.00 91282CBC4 USA TREASURY 0.37S% 31 DEC202S 4,823.41 0.00 7,259.37 703.12 0.00 912828ZQ6 USA TREASURY0.62S% 15MAY2030 1,568.50 0.00 (959.96) 371 .52 0.00 91282CBT7 USA TREASURY 0.75% 31 MAR2026 3,847.79 0.00 4,320.31 860.66 5,250.00 91282CCH2 USA TREASURY 1.25% 30JUN2028 3,686.60 0.00 1,062.50 1,732.34 0.00 91282CDQ1 USA TREASURY 1.25% 31DEC2026 5,268.40 0.00 6,242.18 2,394.70 0.00 912828YU8 USA TREASURY 1 .625% 30NOV2026 3,643.01 0.00 4,000.00 2,131.15 0.00 9128283F5 USA TREASURY 2.25% 15NOV2027 1,167.3S 0.00 902.34 2,017.66 0.00 91282CEF4 USA TREASURY 2.5% 31 MAR2027 1,806.66 0.00 1,406.25 2,049.18 12,500.00 91282CET4 USA TREASURY 2.625% 31 MAY2027 2,439.13 0.00 2,187.50 4,303.28 0.00 91282CFB2 USA TREASURY 2.75% 31JUL2027 2,751.07 0.00 1,617.19 4,035.32 0.00 9128285N6 USA TREASURY 2.875% 30NOV2025 2,714.28 0.00 1,921.36 4,006.15 0.00 9128285M8 USA TREASURY 3.125% 15NOV2028 2,427.66 0.00 (2,148.46) 5,604.62 0.00 91282CFJ5 USA TREASURY 3.125% 31 AUG2029 370.06 0.00 (2,062.50) 3,107.74 18,750.00 91282CEW7 USA TREASURY 3.25% 30JUN2027 877.27 0.00 375.78 1,960.60 0.00 91282CLK5 USA TREASURY 3.625% 31AUG2029 0.00 0.00 (238.41 I 0.00 0.00 91282CHE4 USA TREASURY 3.625% 31 MAY2028 475.43 0.00 (1,394.52) 6,239.75 0.00 24 December 2, 2025, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
For the period September 1, 2025 - September 30, 2025 w 0 ~ Cusip
w
U1
Description
Government Bonds
91282CFT3
91282CFUO
91282CKX8
91282CMG3
91282CKS9
USA TREASURY 4% 31 OCT2029
USA TREASURY 4.125% 31 OCT2027
USA TREASURY 4.25% 30JUN2029
USA TREASURY 4.25% 31JAN2030
USA TREASURY 4.875% 31MAY2026
Total Government Bonds
.~1u•.R0.1ir•.
Accretion
(amortization)
(249.97)
467.75
(106.58)
(563.41)
(585.89)
39,920.88
~
Realized gain
(loss)
0.00 0.00
0.00 0.00
0.00 0.00
...__
CITY OF POWAY
Change in fair
value
Interest earned Interest received
(3,624.99) 5,217.40 0.00
(574.22) 7,061.82 0.00
(2,437.50) 4,157.61 0.00
(3,812.49) 5,543.48 0.00
218.75 5,594.26 0.00
18,225.75 69,336.92 38,250.00
..;;..;_.---. ....11111,-' • ~ ! .. ...,.-..;.a-----:.:...._ ~ 25 December 2, 2025, Item #4
TRANSACTION REPORT
CITY OF POWAY
For the period September 1, 2025 - September 30, 2025
w ..
g, Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total w Settle date shares gain(loss) u,
08/31/2025 91282CAJO Income Government Bonds UNITED STS TREAS NTS .25% 08/31/2025 1 ,400,000.00 0.00 0.00 1,750.00 1,750.00 08/31/2025
08/31/2025 91282CFJ5 Income Government Bonds USA TREASURY 3.125% 08/31/2029 1,200,000.00 0.00 0.00 18,750.00 18,750.00 08/31/2025
09/01/2025 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 09/01/2025
09/01/2025 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 09/01/2025
09/02/2025 91282CAJO Capital Change Government Bonds UNITED STS TREAS NTS .25% 08/31/2025 (1,400,000 .00) 0.00 1,400,000.00 0.00 1,400,000 .00 09/02/2025
09/04/2025 3134HBSXO Bought Government Agencies FREDDIE MAC 4.5% 23MAY2030 05/23/2030 1,000,000.00 0.00 (1 ,006,399.00) (12,750.00) (1,019,149.00) 09/05/2025
09/04/2025 912828ZQ6 Bought Government Bonds USA TREASURY 0.625% 05/15/2030 875,000.00 0.00 (761,594.73) (1,679.26) (763,273.99) 09/05/2025
09/05/2025 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 09/05/2025
09/05/2025 3133ER5D9 Income Government Agencies FEDERAL FARM CREDIT BANK 03/05/2029 1,900,000 .00 0.00 0.00 42,655.00 42,655 .00 09/05/2025
09/09/2025 02665WBH3 Income Corporate Bonds AMERICAN HONDA FINANCE 09/09/2026 1,100,000.00 0.00 0.00 12,650.00 12,650.00 09/09/2025
09/10/2025 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 09/10/2025
09/11/2025 24422ETC3 Income Corporate Bonds DEERE JOHN CAP 3.4% DUE 09/11/2025 1,000,000.00 0.00 0.00 17,000.00 17,000.00 09/11/2025
09/11/2025 24422ETC3 Capital Change Corporate Bonds DEERE JOHN CAP 3.4% DUE 09/11/2025 (1 ,000,000.00) 0.00 1,000,000 .00 0.00 1,000,000 .00 09/11/2025
09/12/2025 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 09/12/2025
09/15/2025 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 09/15/2025
09/15/2025 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 09/15/2025
09/15/2025 95040QAH7 Income Corporate Bonds WELL TOWER OP LLC 4.125% 03/15/2029 1,250,000 .00 0.00 0.00 25,781.25 25,781 .25 09/15/2025
26 December 2, 2025, Item #4
TRANSACTION REPORT
CITY OF POWAY
For the period September 1, 2025 - September 30, 2025
w N
!a_ Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total w Settle date shares gain(loss) u,
09/20/2025 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 09/20/2025
09/29/2025 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 09/29/2025
09/30/2025 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 09/30/2025
09/30/2025 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 09/30/2025
09/30/2025 91282CLK5 Bought Government Bonds USA TREASURY 3.625% 08/31/2029 1,200,000 .00 0.00 (1,197,332.15) (3,604.97) (1,200,937.12) 09/30/2025
09/30/2025 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 683.94 683.94 27 December 2, 2025, Item #4
ADDITIONAL INFORMATION
CITY OF POWAY
As of September 30, 2025
w w Past performance is not indicative offuture results. Investment in any strategy involves a risk of loss which may partly be due to exchange rate fluctuations. 0 ~ The performance results shown, whether net or gross of investment management fees, reflect the reinvestment of dividends and/or income and other earnings. Any gross of fees performance does not include fees and u, 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 Nortn 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. 28 December 2, 2025, Item #4
w
.i:,.
ADDITIONAL INFORMATION
As of September 30, 2025
CITY OF POWAY
O 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.
U1
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:
29 December 2, 2025, Item #4
City of Poway Cash and Investments
w September 2025 u,
0 ....
w u, Cash with Fiscal Agents
Investment Type Settlement Date Book Value Market Value Unrealized Trustee Description Gain (Loss)
US Bank 2005 Refunding Certificates of Participation Money Market 9/30/2025 27.31 27.31 US Bank 2012 Refunding Certificates of Participation Money Market 9/30/2025 483,219 .87 483,219.87 Successor Agency to the Poway
US Bank Redevelopment Agency 2015A TARB and Money Market 9/30/2025 10,015.77 10,015.77 20158 TARB
US Bank Pension Obligation Bonds Series 2021 Money Market 9/30/2025 1.61 1.61 US Bank Public Financing Authority Water Revenue Money Market 9/30/2025 993.65 993.65 Bonds 2021A )> Total Cash with Fiscal Agents 494,258.21 494,258.21
-I -I
)>
n Non -Managed Investments :::c
s: Investment Type Settlement Date Book Value Market Value Unrealized m Treasurer Description Gain (Loss) z -I County of San Local Agency C Diego 800MHz Zone F Funds Investment Pool 9/30/2025 15,098.78 15,108.00 9.22 Total Non-Managed Investments 15,098.78 15,108.00 9.22
Bank Accounts and Petty Cash
Custodians Description Cash Type Settlement Date Book Value Market Value Unrealized Gain (Loss)
US Bank Bank Accounts Demand Deposits 9/30/2025 1,046,069.53 1,046,069.53 City of Poway Petty Cash Accounts Cash on Hand 9/30/2025 8,600.00 8,600.00 Total Cash 1,054,669.53 1,054,669.53
Total 1,564,026.52 1,564,035.74