AGENDA REPORT CityofPoway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
March 3, 2026
Honorable Mayor and Members of the City Council
Craig Schmollinger, Director of Finance (2g.__
Mehrnoush Jamshidi, Finance Manager (\,\~ ,
(858) 668-4426 or [email protected] µ
City's Investment Report as of December 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 December 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 December 31, 2025, was $148,299,068. It consisted of the following:
(Remainder of page intentionally left blank)
1 of 35
March 3, 2026, Item #4
Investment Portfolio Total
Cash $2,495,667
Deposits at CalTRUST $26,321,611
Deposits at the Local Agency Investment Fund (LAIF) $35,457,563 U.S. Treasury Notes $32, 154, 1 50
U. S. Instrumentalities $29,747,357
Corporate Notes $22,122,720
Fair Value of Investment Portfolio as of December 31, 2025 $148,299,068 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 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 December 31, 2025, is estimated at
4.03% for LAIF, 3.96% for the CalTRUST short-term fund, and 3.92% 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 $85,628,171; the fair value is $86,519,894 for an unrealized gain of $891,723 or 1.04% 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
March 3, 2026, 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 December 31, 2025, was $499,441. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $45,227 at December 31, 2025. The City's cash on hand at December 31, 2025 totaled $859,911.
The December 31, 2025 balance of the City's Library Trust Fund is $265,715. Through the Fiscal Year 2025-26 period ending December 31, 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 $240,915 of interest during December 2025, as well as $223,877 of interest during November 2025, and $234,563 during October 2025. Fees for investment services during this period totaled $10,745. 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 Cash and Investments Report at December 31, 2025 Reviewed/ Approved By:
Assistant City Manager
3 of 35
Reviewed By:
Alan Fenstermacher
City Attorney
App~
Chris Hazeltine
City Manager
March 3, 2026, Item #4
City of Poway
Inves tment Statis tics
Separately Managed Investment Pools
Fair Value:
CalTRUST Short-Term Deposits
CalTRUST Medium-Term Deposits
December
2024
$ 12,728,872
12,349,633
34,118,812
September
2025
$ 13,159,881
12,885,287
41,278,122
December
2025
13,294,368
13,027,243
35,457,563 Deposits at the Local Agency Investment Fund (LAIF) Total Fair Value $ 59,197,317 $ 67,323,290 $ 61,779,174 Weighted Average Yield
Effective Average Duration in days
Weighted Average Maturity in days
Externally Managed Investment Pools
Fair Value:
4.39%
1 1
4.16%
1 1
3.99%
1 1
Cash $ 96,249 $ 124,950 $ 2,495,667
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
34,155,677
24,597,864
23,287,221
82,137,011
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
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
32,154,150
29,747,357
22,122,720
86,519,894
2,495,667
31,841,398
29,451,715
21,839,391
85,628,171
891,723
1.04%
240,915
4.33%
1.78 2.06
Total Fair Value of Portfolio Assets $ 141,334,328 $ 152,923,755 $ 148,299,068 Weighted Average Yield
Effective Average Duration in years
Weighted Average Maturity in years
Glossary of Yield Terminology
4.32%
1.18 1.29
4.27%
1.04 1.19
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 .
4.19%
1.04 1.20
Weighted Average Yield: The total yield on a bond portfolio divided by the number of bonds contained in it, weighted for the size of each bond so that the yield of large holdings does not drown out the calculation of yields on small holdings .
Yield to Maturity: The Yield to Maturity (YTM) or Market Yield to Maturity of a fixed income security is that rate of interest that will make the present value of the future cash flows equal to the market value as of the valuation date, assuming the bond is held to maturity. 4 of 35 ATTACHMENT A
March 3, 2026, Item #4
City of Poway
Monthly Consolidated Portfolio Report
December 31, 2025
City Managed Assets Market Value % Yield
LAIF 35,457,563 57% 4.03%
CalTrust - Short 13,294,368 22% 3.96% CalTrust-
Medium,
CalTrust - Medium 13,027,243 21% 3.92% 21%
Total Managed by City 61,779,174 100%
as % of Total Portfolio Assets 42%
Weighted Average Yield 3.99%
Days
Effective Average Duration 1.00
Weighted Average Maturity 1.00
Insight Managed Assets Market Value % Yield
Cash 2,495,667 3% 3.63%
Treasury Securities 32,154,150 37% 4.15%
Instrumentality Securities 29,747,357 34% 4.30%
Corporate Notes 22,122,720 26% 4.72%
Total Managed by Insight 86,519,894 100%
as % of Total Portfolio Assets 58%
Weighted Average Yield 4.33%
Years
Effective Average Duration 1.78
Weighted Average Final Maturity 2.06
Total Portfolio Assets Market Value % Yield
LAIF 35,457,563 24% 4.03%
CalTrust - Short 13,294,368 9% 3.96%
CalTrust - Medium 13,027,243 9% 3.92%
Cash 2,495,667 2% 3.63% Instrumentality
Treasury Securities 32,154,150 22% 4.15% Securities,
26%
Instrumentality Securities 29,747,357 20% 4.30%
Corporate Notes 22,122,720 15% 4.72%
Total Portfolio Assets 148,299,068 100%
Weighted Average Yield 4.19%
Years
Effective Average Duration 1.04
Weighted Average Maturity 1.20
Total Portfolio Change Market Value
Beginning Balance 149,326,417
Ending Balance 148,299,068
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
S of 35 ATTACHMENT B
CalTrust-
Medium
12%
Cash
2.2%
March 3, 2026, Item #4
6 of35 ATTACHMENT C
March 3, 2026, Item #4
-.J
Contents 0 ....
w u,
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
March 3, 2026, Item #4
00 0 ....
w u,
FIXED INCOME MARKET REVIEW
As of December 31, 2025
Chart 1: The Fed made no major changes to its "dot plot" projections 6 5
4 * 3
2 1
0 2022 2023
• • • • • • ivlarket expectation s
(Dec-2025)
- FOivlC dots (Sep 17,
2025)
-- • -- FOMC dots (Dec 10,
2025)
--- Fed funds rate
2024 2025
Source : Federal Reserve, December 10, 2025.
Chart 2: Jobless claims improved in December
270
VI
u
260
250
240
C 230 re
V)
~ 220
i= 210
200
190
180
--1 nitial jobless claim s
2026 2027 2028
0 0 <'.)
"''1, 'S:J':v ,,_,'l, 1? 0 § _/\• :t-> ,-,<.:> n<.:> n<.:> n0 n<.:> n<'.l ~ v Nv ;v ~v ~-V C:v
\ ~ «.q, '1'" "(-'-1. '1'-'l>"' \°"~ \.::s '?-v'<> c/~ oe, ~o <::? Source : Bloomberg , December 31, 2025 .
CITY OF POWAY
Economic Indicators and Monetary Policy
The FOMC cut the Fed funds rate by 25bp on December 10, taking it to a range of 3.50% to
3.75%. Three members dissented (the highest since 1989). with two voting for no change and another voting for a 50bp cut. The committee 's updated "dot plot" was unchanged from the previous quarter , reflecting only one further rate cut in 2026 (Chart 1 ). The committee's quarterly Summary of Economic Projections (SEP) for 2026 showed a significant increase in the GDP forecast from 1.8% to 2.3%, which Chair Powell partly attributed to business investment relating to datacenters and Al, as well as a reversal of the drag from the government shutdown.
Labor market conditions continued to be the Fed's key motivation to cut rates.
In the US, the unemployment rate rose to 4.6%, the highest since October 2021. However, in better news for the labor market, jobless claims decreased over the month . Initial claims fell from 237,000 to 199,000 during December (Chart 2) and continuing claims fell to 1.866m.
Residual seasonality may have had a measure of impact.
Elsewhere, headline CPI fell from 3% to 2.7% (the slowest pace since June 2025) and core CPI from 3% to 2.6% (the slowest since March 2021 ). However , the release was plagued by data quality concerns . Due to the recent government shutdown, most month-on-month data points were missing for October and November. The disruption appeared to particularly impact the calculation of the " shelter" component (the largest component of the index). which reached 3% year-over-year in November, the lowest since August 2021.
The Fed's preferred measure of inflation, the Personal Consumption Expenditures Price Index, was released on December 5. The PCE for September (a release delayed by the recent government shutdown) rose from 2.7% to 2.8% on a headline basis, with core PCE falling from
2.9% to 2.8%. Markets moved to price in a 95% probability of a rate cut at next week's FOMC meeting .
GDP surprised to the upside in Q4 at 4.3% SAAR, stronger than market expectations at 3.3%.
Consumption was the bright spot with final private domestic demand rising 3.0%.
Interest Rate Summary
Treasury yields generally rose during the month in what was a strong end to the year for risk assets. At the end of December, the 3-month US Treasury bill yielded 3.63%, the 6-month US Treasury bill yielded 3.6%, the 2-year US Treasury note yielded 3.47%, the 5-year US Treasury note yielded 3.73% and the 10-year US Treasury note yielded 4.17%. 3 March 3, 2026, Item #4
1.0 0
ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2025 - December 31, 2025
;;'.; I Amortized Cost Basis Activity Summary
u,
Opening balance 85,059,614.71
Income received 494,566.97
Total receipts 494,566.97
Total disbursements 0.00
lnterportfolio transfers 0.00
Total lnterportfollo transfers
Realized gain (loss)
Change in accruals from security movement
Total amortization expense
Total OID/MKT accretion Income
Return of capital
Closing balance
Ending fair value
Unrealized gain (loss)
Comparative Rates Qf Retyrn 1%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
4.21 4.28
4.06 4.05
3.91 3.81
3.92 2.04
2.09 1.95
1.89 1.87
1. 81
1.87 0.00
0.00 0.00
(5,795.67)
79,785.10
0.00 85,628,171.11
86,519,894.02
891,722.91
* One month
0.31 0.32
0.30 0.29
0.30 0.29
0.31 Detail Qf AmQrtized CQst Basis Retyrn
Interest Accretion Realized
earned {amortization) gain {loss)
Cash and Cash Equivalents 640.30 0.00 0.00
Corporate Bonds 74,638.67 13,398.42 0.00
Government Agencies 83,580.04 25,265.76 0.00
Government Bonds 82,056.06 35,325.25 0.00
Total 240,915.07 73,989.43 0.00
summary Qf AmQrtized CQst Basis Retyrn for the PerjQd
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
640.30
88,037.09
108,845.80
117,381.31
314,904.50
Total portfolio
240,915.07
73,989.43
0.00 314,904.50
85,416,406.08
0.37 4.30
752
4 March 3, 2026, Item #4
....
0 0 ....
w u,
ACTIVITY AND PERFORMANCE SUMMARY
For the period December 1, 2025 - December 31, 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
494,566.97
0.00 comparative Rates of Return 1%1
*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
4.21 2.04
4.28 2.09
4.18 2.06
4.28 2.20
4.15 2.14
5.09 2.25
5.74 2.27
86,021,861 .97
494,566.97
0.00 0.00
0.00 0.00
0.00 3,465.08
86,519,894 .02
* One month
0.31 0.32
0.35 0.38
0.37 0.32
0.19 Detail of Fair Value Basis Return
Cash and Cash Equivalents
Corporate Bonds
Government Agencies
Government Bonds
Total
Interest
earned
640.30
74,638.67
83,580.04
82,056.06
240,915.07
Change in
fair value
0.00 4,728.50
(4,784.55)
3,521.13
3,465.08
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
640.30
79,367 .17
78,795.49
85,577 .19
244,380 .15
Total portfolio
240,915.07
3,465.08
244,380.15
86,975,389 .86
0.28 5.43
752
5 March 3, 2026, Item #4
PERFORMANCE
For the period December 1, 2025 - December 31, 2025 ..... ..... 0 ....
w u, Total return performance (%)
CITY OF POWAY
Benchmark
~
6 4
2 1 month
0.28 0.32
QL----L-......l..-
1 month
*Returns for periods greater than one year are annualized Returns are gross of fees
Portfolio inception is 08/31/2015
Benchmark history
ICE BofA US Treasury 1-3: 08/31/2015 - present
3 months
1.12 1.12
3 months YTD
YTD
5.43 5.09
1 year
5.43 5.09
Total return performance
1 year 3 years*
- CITY OF POWAY - BENCHMARK
3 years*
4.90 4.48
5 years* 10 years*
5 years*
2.42 1.79
Since
inception*
10 years*
2.27 1.85
CITY OF POWAY
Since inception*
2.20 1.77
6 March 3, 2026, Item #4
RECAP OF SECURITIES HELD
As of December 31, 2025 ....
N
0 Historical ....
w cost u,
Cash and Cash Equivalents 2,495,666.88
Corporate Bonds 21,486,412 .50
Government Agencies 28,845,770.24
Government Bonds 31 ,000,748.18
;mi
~~~
Amortized Fair value Unrealized Weighted
cost gain (loss) average
final
maturity (days)
2,495,666.88 2,495,666 .88 0.00 1
21 ,839,390.55 22,122,719 .67 283,329.12 612
29,451,715 .37 29,747,357 .19 295,641.82 764
31,841,398 .31 32,154, 150.28 312,751.97 899
t":'1"!!11~~,;,,.,. il:9.l,.r,W'!'I~
~-
Portfolio diversification (%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ GovernmentAgencies
■ Government Bonds
Total
Percent
of
portfolio
2.98 25.63
34.41 36.98
2.98 25.63
34.41 36.98
100.00
CITY OF POWAY
Weighted
average
effective
duration (years)
0.00 1.41
1.64 2.30
7 March 3, 2026, Item #4
..... w
0 ....
w u,
MATURITY DISTRIBUTION OF SECURITIES HELD
As of December 31, 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
u
"' u ·;::
0 .....
"' :i:
o'l>~
OJ(;:i
bt-
-v"'
OJ(;:i ... _o
Maturity distribution
o'l>~
'\OJ
'
~
..._4,'lJ
,o
0-s\<:,
qp
"
1>('>
4,'lJ
'l,
,,o
rb<:,
4,'lJ
";,
'l,,o
rb<o
~4,rz,
":>'o
Historic cost Percent
6,679,858.88 7.97
6,491,833.45 7.74
12,973,131 .91 15.48
21,670,435.93 25.85
18,154,429.75 21.66
10,613,286.43 12.66
7,245,621.45 8.64
0.00 0.00
83,828,597 .80 100.00
rb<o
<,;, 4,'lJ
~,o
rb<o
4,'lJ
j._<,;,
d"'l)
CITY OF POWAY
8 March 3, 2026, Item #4
SECURITIES HELD
CITY OF POWAY
As of December 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 u,
(loss) interest cost
Cash and Cash Equivalents
Cash and Cash Equivalents 0.000 2,495,666.88 2,495,666 .88 2,495,666.88 2,495,666 .88 0.00 0.00 2.98 Total Cash and Cash Equivalents 2,495,666.88 2,495,666.88 2,495,666 .88 2,495,666.88 0.00 0.00 2.98 Corporate Bonds
02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 4.950 01/09/2026 1,000,000.00 995,500 .00 999,904.49 1,000,179.70 275 .21 23,650.00 1.19 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 09JAN26) 0.700 02/08/2026 1,200,000.00 1,096,152 .00 1,195,908 .03 1,196,207.54 299.51 3,336.67 1.31 01/08/2026
06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 1,800,000 .00 1,736,028 .00 1,792,694 .00 1,797,697.67 5,003 .67 12,600 .00 2.07 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 2.375 07/22/2026 1,000,000.00 944,140.00 986,807.34 992,720 .84 5,913.50 10,489 .58 1.13 06/22/2026
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 2.300 09/09/2026 1,100,000 .00 1,034,869.00 1,086,132.91 1,088,042 .33 1,909.42 7,871.11 1.23 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) 5.488 12/04/2026 1,400,000.00 1,420, 132.00 1,406,295.06 1,418,591 .65 12,296.59 5,762 .40 1.69 11/04/2026
17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 4.800 02/26/2027 1,250,000.00 1,253,775 .00 1,251,470 .33 1,264,131.66 12,661 .33 20,833 .33 1.50 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 1,274,936 .29 1,284,242 .87 9,306 .58 11,414 .72 1.47 06/12/2027
24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020 .00 996,872.73 1,007,867 .06 10,994.33 12,219.44 1.18 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091,585 .00 1,096,244.37 1,117,367.48 21,123.11 23,882 .99 1.30 9 March 3, 2026, Item #4
SECURITIES HELD
CITY OF POWAY
As of December 31, 2025 ....
u,
~ 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 1,952,526.92 1,995,636.90 43,109.98 31,516.67 2.28 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 2,395,811.95 2,437,634.86 41,822.91 36,800.00 2.85 01 FEB28) 02/01/2028
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 4.548 07/22/2028 900,000.00 890,253.00 894,156.61 907,584.74 13,428.13 18,078.30 1.06 07/22/2027
17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 5.803 09/29/2028 1,000,000.00 1,027,800.00 1,016,427.02 1,049,180.52 32,753.50 14,829.89 1.23 08/29/2028
17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 4.850 02/26/2029 1,000,000.00 999,390.00 999,594.10 1,027,082.72 27,488.62 16,840.28 1.19 26JAN29) 01/26/2029
717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 3.450 03/15/2029 1,300,000.00 1,222,104.00 1,246,487.64 1,285,507.72 39,020.08 13,205.83 1.46 12/15/2028
95040QAH7 WELL TOWER OP LLC 4.125% 15MAR2029 (CALLABLE 4.125 03/15/2029 1,250,000.00 1,246,837.50 1,247,120.76 1,253,043.41 5,922.65 15,182.29 1.49 15DEC28) 12/15/2028
Total Corporate Bonds 22,000,000.00 21 ,486,412.50 21,839,390.55 22,122,719.67 283,329.12 278,513.50 25.63 -
Government Agencies
3130ALHHO FEDERAL HOME LOAN BANK 0.96% 05MAR2026 0.960 03/05/2026 2,300,000.00 2,092,540.00 2,285,712.10 2,289,618.79 3,906.69 7,114.67 2.50 CALLABLE 02/05/2026
3130AWLZ1 FEDERAL HOME LOAN BANK 4.75% 12JUN2026 4.750 06/12/2026 1,100,000.00 1,096,612.00 1,099,451.62 1,105,333.17 5,881.55 2,757 .64 1.31 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 4.750 09/01/2026 2,000,000.00 1,987,080.00 1,996,735.45 2,014,739.46 18,004.01 31,666.67 2.37 3130APJH9 FEDERAL HOME LOAN BANK 2% 280CT2026 (CALLABLE 2.000 10/28/2026 2,050,000.00 1,860,110.55 2,005,629.75 2,028,830.59 23,200.84 7,175.00 2.22 28JAN26) #0006 01/28/2026
·-·- -- -- . -·----·- -· ------------ --------- --~------ ---- - --------------- ··--·-··---- 10 March 3, 2026, Item #4
SECURITIES HELD
CITY OF POWAY
As of December 31, 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
3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 1,200,000.00 1,196,508.00 1,198,834.46 1,208,503.81 9,669.35 3,500.00 1.43 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1 .250 12/21/2026 2,300,000.00 2,055,763.00 2,237,796.01 2,250,390.77 12,594.76 798.61 2.45 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 4.125 09/10/2027 2,000,000.00 1,993,260.00 1,997,443.72 2,020,691 .36 23,247 .64 25,437 .50 2.38 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12/01/2027 1,000,000.00 989,640.00 995,541.15 1,010,557 .54 15,016 .39 3,437.50 1.18 3130ATU54 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 4.250 12/10/2027 2,000,000.00 2,010,731.16 2,004,576.81 2,029,130.62 24,553.81 4,958.33 2.40 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 01/06/2028 1,100,000.00 1,105,292.88 1,102,296.81 1,110,646 .28 8,349.47 21,388.89 1.32 3130AEB25 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 3.250 06/09/2028 2,700,000.00 2,574,679.50 2,619,786.59 2,684,529.30 64,742 .71 5,362.50 3.07 3135GAV57 FANNIE MAE 3.91 % 020CT2028 (CALLABLE 02APR26) 3.910 10/02/2028 1,200,000.00 1,199,400 .00 1,199,406 .88 1,199,149.08 (257.80) 11,599 .67 1.43 04/02/2026
3133ER5D9 FEDERAL FARM CREDIT BANK 4.49% 05MAR2029 4.490 03/05/2029 1,900,000.00 1,911,894.00 1,907,741.80 1,909,197 .06 1,455.26 27,488.78 2.28 (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 1,990,432 .20 2,031,285 .52 40,853 .32 23,145 .83 2.37 3130ATUT2 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 4.500 12/14/2029 1,200,000.00 1,211,040.00 1,209,179.94 1,238,071.45 28,891.51 2,550.00 1.44 3134HAW33 FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) 4.750 12/18/2029 1,000,000 .00 1,005, 145.00 1,002,478 .95 1,003,941 .16 1,462.21 1,715 .28 1.20 06/18/2026
------- --- -
11 March 3, 2026, Item #4
SECURITIES HELD
CITY OF POWAY
As of December 31 , 2025 ...
" 5a, 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
31358DDR2 FANNIE MAEO% 15MAY2030 0.000 05/15/2030 1,900,000 .00 1,563,815.15 1,593,944 .38 1,607,809.49 13,865 .11 0.00 1.87 3134HBSXO FREDDIE MAC 4.5% 23MAY2030 (CALLABLE 23NOV26) 4.500 05/23/2030 1,000,000.00 1,006,399.00 1,004,726 .75 1,004,931.74 204.99 4,750.00 1.20 11/23/2026
Total Government Agencies 29,950,000 .00 28,845,770.24 29,451,715.37 29,747,357.19 295,641.82 184,846.87 34.41 Government Bonds
91282CBT7 USA TREASURY 0. 75% 31 MAR2026 0.750 03/31/2026 1,400,000.00 1,243,707.82 1,388,123.61 1,390,785. 16 2,661.55 2,653.85 1.48 91282CKS9 USA TREASURY 4.875% 31 MAY2026 4.875 05/31/2026 1,400,000.00 1,410,340.63 1,402,984.42 1,407,258.86 4,274.44 5,812.50 1.68 912828YU8 USA TREASURY 1.625% 30NOV2026 1.625 11/30/2026 1,600,000.00 1,468,130 .36 1,557,955.48 1,572,637.50 14,682.02 2,214.29 1.75 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 1 .250 12/31/2026 2,350,000.00 2,088,287.11 2,283,166.93 2,297,987.90 14,820.97 0.00 2.49 91282CEF4 USA TREASURY 2.5% 31 MAR2027 2.500 03/31/2027 1,000,000 .00 924,573 .66 971,554.11 987,656 .25 16,102.14 6,318.68 1.10 91282CET4 USA TREASURY 2.625% 31 MAY2027 2.625 05/31/2027 2,000,000.00 1,901,256.70 1,956,186.88 1,976,171.88 19,985.00 4,471.15 2.27 91282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 740,000.00 699,620.45 722,952 .14 737,514 .06 14,561.92 0.00 0.83 91282CFB2 USA TREASURY 2. 75% 31 JUL2027 2.750 07/31/2027 1,800,000.00 1,671,756.03 1,743,143.98 1,779,820.31 36,676 .33 20,580.16 1.99 91282CFUO USA TREASURY 4.125% 31 OCT2027 4.125 10/31/2027 2,100,000. 00 2,077,858.60 2,089,725.05 2,123,542 .97 33,817 .92 14,597.03 2.48 12 March 3, 2026, Item #4
SECURITIES HELD
CITY OF POWAY
As of December 31, 2025 ....
00 2, 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 Bonds
9128283F5 USA TREASURY 2.25% 15NOV2027 2.250 11/15/2027 1,100,000.00 1,030,523.22 1,072,077.79 1,075,722.66 3,644.87 3,145.03 1.23 91282CHE4 USA TREASURY 3.625% 31 MAY2028 3.625 05/31/2028 2,100,000.00 2,074,577.35 2,085,412.26 2,105,988.28 20,576.02 6,483.17 2.47 91282CCH2 USA TREASURY 1.25% 30JUN2028 1.250 06/30/2028 1,700,000.00 1,473,488.28 1,579,170.01 1,609,355.47 30,185.46 0.00 1.76 9128285M8 USA TREASURY 3.125% 1 SNOV2028 3.125 11/15/2028 2,200 ,000.00 2,059,929.24 2,107,984.98 2,176,195.32 68,210.34 8,736.19 2.46 91282CKX8 USA TREASURY 4.25% 30JUN2029 4.250 06/30/2029 1,200,000. 00 1,206,004. 02 1,204,651 .68 1,225,968 .74 21,317.06 0.00 1.44 91282CFJS USA TREASURY 3.125% 31 AUG2029 3.125 08/31/2029 1,200,000.00 1,175,300.90 1,181,214.23 1,180,406. 26 (807.97) 12,638.12 1.40 91282CLK5 USA TREASURY 3.625% 31 AUG2029 3.625 08/31/2029 1,200,000.00 1,197,332.15 1,197,475.86 1,200,515.63 3,039 .77 14,660.22 1.43 91282CFT3 USA TREASURY 4% 31 OCT2029 4.000 10/31/2029 1,600,000 .00 1,616,255.36 1,613,936.21 1,621,937.50 8,001.29 10,784.53 1.93 91282CMG3 USA TREASURY 4.25% 31JAN2030 4.250 01/31/2030 1,600,000.00 1,633,755.36 1,629,361 .70 1,636,687.50 7,325.80 28,271.74 1.95 912828ZQ6 USA TREASURY 0.625% 1 SMAY2030 0.625 05/15/2030 875,000.00 761,594.73 768,787 .81 768,496.09 (291 .72) 694.92 0.91 91282CHJ3 USA TREASURY 3. 75% 30JUN2030 3.750 06/30/2030 2,000,000.00 2,013,991.08 2,013,787.12 2,006,406.24 (7,380.88) 0.00 2.40 13 March 3, 2026, Item #4
....
ID
SECURITIES HELD
As of December 31, 2025
g, Cusip
w
Description
u,
Government Bonds
91282CHW4 USA TREASURY 4.125% 31 AUG2030
Total Government Bonds
Coupon Maturity/
Call date
4.125 08/31/2030
Par value or Historical cost Amortized cost
shares
1,250,000.00 1,272,465.13 1,271,746.06
32,415,000.00 31,000,748.18 31,841,398.31
CITY OF POWAY
Fair value Unrealized Total %
gain accrued Port
(loss) interest cost
1,273,095.70 1,349.64 17,377.42 1.52
32,154,150.28 312,751.97 159,439.00 36.98
14 March 3, 2026, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 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) u, United States Treasury Note/Bond
91282CBT7 USA TREASURY 0.75% 0.750 03/31/2026 AA+ Aa1 1,400,000.00 1,243,707.82 1.48 1,390,785.16 1.61 0.24 91282CKS9 USA TREASURY 4.875% 4.875 05/31/2026 AA+ Aa1 1,400,000.00 1,410,340 .63 1.68 1,407,258 .86 1.63 0.41 912828YU8 USA TREASURY 1.625% 1.625 11/30/2026 AA+ Aa1 1,600,000.00 1,468,130.36 1.75 1,572,637.50 1.82 0.90 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aa1 2,350,000.00 2,088,287.11 2.49 2,297,987.90 2.66 0.98 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aa1 1,000,000 .00 924,573.66 1.10 987,656.25 1.14 1.21 91282CET4 USA TREASURY 2.625% 2.625 05/31/2027 AA+ Aa1 2,000 ,000.00 1,901,256.70 2.27 1,976,171.88 2.28 1.37 91282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aa1 740,000.00 699,620.45 0.83 737,514.06 0.85 1.45 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aa1 1,800,000.00 1,671,756.03 1.99 1,779,820.31 2.06 1.52 91282CFUO USA TREASURY 4.125% 4.125 10/31/2027 AA+ Aa1 2,100,000.00 2,077,858.60 2.48 2,123,542.97 2.45 1.74 9128283F5 USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aa1 1,100,000.00 1,030,523.22 1.23 1,075,722.66 1.24 1.81 91282CHE4 USA TREASURY 3.625% 3.625 05/31/2028 AA+ Aa1 2,100,000.00 2,074,577.35 2.47 2,105,988.28 2.43 2.29 91282CCH2 USA TREASURY 1.25% 1.250 06/30/2028 AA+ Aa1 1,700,000.00 1,473,488.28 1.76 1,609,355.47 1.86 2.42 9128285MB USA TREASURY 3.125% 3.125 11/15/2028 AA+ Aa1 2,200,000.00 2,059,929.24 2.46 2,176,195.32 2.52 2.71 91282CKX8 USA TREASURY 4.25% 4.250 06/30/2029 AA+ Aa1 1,200,000.00 1,206,004.02 1.44 1,225,968.74 1.42 3.23 91282CLK5 USA TREASURY 3.625% 3.625 08/31/2029 AA+ Aa1 1,200,000.00 1,197,332.15 1.43 1,200,515.63 1.39 3.37 91282CFJS USA TREASURY 3.125% 3.125 08/31/2029 AA+ Aa1 1,200,000.00 1,175,300 .90 1.40 1, 180,406.26 1.36 3.40 91282CFT3 USA TREASURY 4% 4.000 10/31/2029 AA+ Aa1 1,600,000.00 1,616,255.36 1.93 1,621,937 .50 1.87 3.51 91282CMG3 USA TREASURY 4.25% 4.250 01/31/2030 AA+ Aa1 1,600,000.00 1,633,755.36 1.95 1,636,687.50 1.89 3.67 912828ZQ6 USA TREASURY 0.625% 0.625 05/15/2030 AA+ Aa1 875,000.00 761,594.73 0.91 768,496.09 0.89 4.24 91282CHJ3 USA TREASURY 3.75% 3.750 06/30/2030 AA+ Aa1 2,000,000.00 2,013,991 .08 2.40 2,006,406.24 2.32 4.11 91282CHW4 USA TREASURY 4.125% 4.125 08/31/2030 AA+ Aa1 1,250,000.00 1,272,465.13 1.52 1,273,095.70 1.47 4.17 Issuer total 32,415,000.00 31,000,748.18 36.98 32,154,150.28 37.16 2.30 Federal Home Loan Banks
3130ALHHO FEDERAL HOME LOAN 0.960 03/05/2026 02/05/2026 AA+ Aa1 2,300,000.00 2,092,540.00 2.50 2,289,618.79 2.65 0.17 ---- --- --
15 March 3, 2026, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 31, 2025
N ...
!; Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w
U1 date rating rating shares cost hist cost value mkt value dur (yrs) Federal Home Loan Banks
3130AWLZ1 FEDERAL HOME LOAN 4.750 06/12/2026 AA+ Aa1 1,100,000 .00 1,096,612.00 1.31 1,105,333.17 1.28 0.44 3130APJH9 FEDERAL HOME LOAN 2.000 10/28/2026 01/28/2026 AA+ Aa1 2,050,000.00 1,860,110.55 2.22 2,028,830.59 2.34 0.81 3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aa1 2,300,000 .00 2,055,763.00 2.45 2,250,390.77 2.60 0.95 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aa1 2,000,000.00 1,993,260.00 2.38 2,020,691.36 2.34 1.61 3130ATUS4 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aa1 2,000,000.00 2,010,731.16 2.40 2,029,130.62 2.35 1.85 3130AEB25 FEDERAL HOME LOAN 3.250 06/09/2028 AA+ Aa1 2,700,000.00 2,574,679.50 3.07 2,684,529.30 3.10 2.32 3130ATUT2 FEDERAL HOME LOAN 4.500 12/14/2029 AA+ Aa1 1,200,000.00 1,211,040.00 1.44 1,238,071.45 1.43 3.60 Issuer total 15,650,000.00 14,894,736.21 17.77 15,646,596.05 18.08 1.45 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 2.37 2,014,739.46 2.33 0.65 3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aa1 1,200,000.00 1, 196,508.00 1.43 1,208,503.81 1.40 0.91 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aa1 1,000,000.00 989,640.00 1.18 1,010,557.54 1.17 1.83 3133EN5N6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aa1 1,100,000.00 1,105,292.88 1.32 1,110,646.28 1.28 1.88 3133ER5D9 FEDERAL FARM CREDIT 4.490 03/05/2029 03/05/2027 AA+ Aa1 1,900,000.00 1,911,894.00 2.28 1,909,197.06 2.21 1.60 3133EP5U5 FEDERAL FARM CREDIT 4.125 03/20/2029 AA+ Aa1 2,000,000.00 1,985,860.00 2.37 2,031,285.52 2.35 2.96 Issuer total 9,200,000.00 9,176,274.88 10.95 9,284,929.67 10.73 1.66 Cash and Cash Equivalents
CASH 0.000 2,495,666.88 2,495,666.88 0.00 2,495,666.88 2.88 0.00 Issuer total 2,495,666.88 2,495,666.88 0.00 2,495,666.88 2.88 0.00 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 1.31 1,196,207.54 1.38 0.11 037833D83 APPLE INC 2.9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000.00 1,234,987.00 1.47 1,284,242.87 1.48 1.57 Issuer total 2,500,000.00 2,331,139.00 2.78 2,480,450.41 2.87 0.88 ·-·~--
16 March 3, 2026, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 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 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 1.69 1,418,591.65 1.64 0.82 17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 08/29/2028 A+ Aa3 1,000,000 .00 1,027,800.00 1.23 1,049,180.52 1.21 2.44 Issuer total 2,400,000 .00 2,447,932.00 2.92 2,467,772.17 2.85 1.50 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 2.85 2,437,634.86 2.82 1.97 Issuer total 2,400,000.00 2,391,240.00 2.85 2,437,634.86 2.82 1.97 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 1.50 1,264,131.66 1.46 1.03 17275RBR2 CISCO SYSTEMS INC 4.85% 4.850 02/26/2029 01/26/2029 AA- A1 1,000,000.00 999,390.00 1.19 1,027,082.72 1.19 2.82 Issuer total 2,250,000.00 2,253,165.00 2.69 2,291,214.38 2.65 1.82 American Honda Finance Corp
02665WEY3 AMERICAN HONDA 4.950 01/09/2026 A- A3 1,000,000.00 995,500.00 1.19 1,000,179.70 1.16 0.02 02665WBH3 AMERICAN HONDA 2.300 09/09/2026 A- A3 1,100,000.00 1,034,869.00 1.23 1,088,042.33 1.26 0.67 Issuer total 2,100,000.00 2,030,369 .00 2.42 2,088,222.03 2.41 0.35 Federal Home Loan Mortgage Corp
3134HAW33 FREDDIE MAC 4.75% 4.750 12/18/2029 06/18/2026 AA+ Aa1 1,000,000.00 1,005,145 .00 1.20 1,003,941 .16 1.16 0.92 3134HBSXO FREDDIE MAC 4.5% 4.500 05/23/2030 11/23/2026 AA+ Aa1 1,000,000.00 1,006,399.00 1.20 1,004,931.74 1.16 1.77 Issuer total 2,000,000.00 2,011,544.00 2.40 2,008,872.90 2.32 1.35 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 2.28 1,995,636 .90 2.31 1.04 Issuer total 2,000,000.00 1,909,600.00 2.28 1,995,636.90 2.31 1.04 ·---------- - --- ------ ----
17 March 3, 2026, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 31, 2025
N
w
~ Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date u, 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 1.13 992,720 .84 1.15 0.54 91159HJF8 US BANCORP 4.548% 4.548 07/22/2028 07/22/2027 A A3 900,000 .00 890,253.00 1.06 907,584 .74 1.05 1.46 Issuer total 1,900,000.00 1,834,393.00 2.19 1,900,305 .58 2.20 0.99 Bank of America Corp
06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A- A1 1,800,000 .00 1,736,028 .00 2.07 1,797,697 .67 2.08 0.30 Issuer total 1,800,000.00 1,736,028.00 2.07 1,797,697.67 2.08 0.30 Fannie Mae Principal Strip
31358DDR2 FANNIE MAE 0% 0.000 05/15/2030 AA+ Aa1 1,900,000 .00 1,563,815 .15 1.87 1,607,809.49 1.86 4.30 Issuer total 1,900,000.00 1,563,815.15 1.87 1,607,809.49 1.86 4.30 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 1.46 1,285,507 .72 1.49 2.90 Issuer total 1,300,000.00 1,222,104.00 1.46 1,285,507.72 1.49 2.90 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 1.49 1,253,043.41 1.45 2.84 Issuer total 1,250,000.00 1,246,837.50 1.49 1,253,043.41 1.45 2.84 Federal National Mortgage Association
3135GAVS7 FANNIE MAE 3.91% 3.910 10/02/2028 04/02/2026 AA+ Aal 1,200,000 .00 1,199,400.00 1.43 1,199,149 .08 1.39 0.84 Issuer total 1,200,000.00 1,199,400.00 1.43 1,199,149.08 1.39 0.84 Toyota Motor Credit Corp
89236TKQ7 TOY OT A MOTOR CREDIT 4.625 01/12/2028 A+ A1 1,100,000.00 1,091,585 .00 1.30 1,117,367.48 1.29 1.88 Issuer total 1,100,000.00 1,091 ,585.00 1.30 1,117,367.48 1.29 1.88 18 March 3, 2026, Item #4
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of December 31, 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 cost hist cost value mkt value dur (yrs) u, John Deere Capital Corp
24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A Al 1,000,000.00 992,020.00 1.18 1,007,867.06 1.16 1.62 Issuer total 1,000,000.00 992,020 .00 1.18 1,007,867 .06 1.16 1.62 ---- -- --·· ··- --- ·-- - -------- ---·-·---- ---·- --- -- 19 March 3, 2026, Item #4
SECURITIES PURCHASED
For the period December 1, 2025 - December 31, 2025
N u,
g, Cusip
w u,
Description / Broker
Government Agencies
3135GAVS7 FANNIE MAE 3.91% 02OCT2028
WELLS FARGO SECURITIES, LLC
Total Government Agencies
-.. 111l.ft{t..1ir ...
Trade date
Settle date
12/12/2025
12/15/2025
Coupon
3.910
Maturity/
Call date
10/02/2028
04/02/2026
Par value or
shares
1,200,000.00
1,200,000.00
Unit cost
99.95 Principal
cost
(1 ,199,400.00)
(1,199,400.00)
CITY OF POWAY
Accrued
interest
(9,514.33)
(9,514.33)
20 March 3, 2026, Item #4
SECURITIES SOLD AND MATURED
CITY OF POWAY
For the period December 1, 2025 - December 31, 2025
N
0\
g_ Cusip Description / 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
Government Agencies
3134A2HG6 FED HOME LN MTG 0% DUE 12/11/2025 0.000 (1,000,000.00) 895,930.00 1,000,000.00 0.00 1,000,000.00 0.00 0.00 12-11-2025 12/11/2025
-
Total (Government Agencies) (1,000,000.00) 895,930.00 1,000,000.00 1,000,000.00 0.00 0.00 Government Bonds
9128285N6 DTD 11/30/2018 2.875% DUE 12/01/2025 2.875 (1 ,700,000.00) 1,636,454.91 1,700,000.00 0.00 1,700,000.00 0.00 0.00 11-30-2025 REG 12/01/2025
91282CBC4 USA TREASURY 0.375% 31 DEC2025 12/31/2025 0.375 (2,300,000.00) 2,106, 124.89 2,300,000 .00 0.00 2,300,000 .00 0.00 0.00 12/31/2025
--Total (Government Bonds) (4,000,000.00) 3,742,579.80 4,000,000.00 4,000,000.00 0.00 0.00 - - -~~- ---- ----- --- ·---- ~ rooTi:
21 March 3, 2026, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period December 1, 2025 - December 31, 2025
N -.J
S, Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value
111
--
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 640.30 640.30
--- --Total Cash 0.00 0.00 0.00 640.30 640.30
Corporate Bonds
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 1,703.63 0.00 2,442.44 2,178.61 0.00 02665WEY3 AMERICAN HONDA FINANCE 4.95% 09JAN2026 343.89 0.00 (413.01) 4,262.50 0.00 037833EB2 APPLE INC 0.7% 08FEB2026 (CALLABLE 09JAN26) 3,397.12 0.00 3,429.85 723.34 0.00 037833DB3 APPLE INC 2. 9% 12SEP2027 (CALLABLE 12JUN27) 1,225.36 0.00 1,073.97 3,246.39 0.00 06051GFX2 BANK OF AMERICA CORP. 3.5% 19APR2026 1,959.14 0.00 1,619.96 5,425.00 0.00 17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 26JAN27) (85.64) 0.00 (582.83) 5,166.66 0.00 17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29) 0.00 0.00 (611.25) 4,176.39 0.00 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) (683.13) 0.00 (836.46) 6,616.09 38,416.00 17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) (486.39) 0.00 (444.34) 4,997.03 0.00 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) 170.10 0.00 (6,680.97) 9,506.67 0.00 24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 149.43 0.00 1,3 12.13 3,573.61 0.00 46625HRY8 JPMORGAN CHASE & CO 3.782% 01 FEB2028 (CALLABLE 01 FEB27) 1,896.31 0.00 1,905.42 6,513.45 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 1,325.72 0.00 (176.64) 3,862.08 0.00 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 187.43 0.00 6.32 4,380.91 0.00 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 2,015.99 0.00 2,002.29 2,045.14 0.00 91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 208.73 0.00 650.40 3,524.70 0.00 95040QAH7 WELL TOWER OP LLC 4.125% 15MAR2029 (CALLABLE 15DEC28) 70.73 0.00 31.22 4,440.10 0.00 - - -
Total Corporate Bonds 13,398.42 0.00 4,728.50 74,638.67 38,416.00 22 March 3, 2026, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period December 1, 2025 - December 31, 2025
N
00 !a, Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value u,
Government Agencies
31358DDR2 FANNIE MAE 0% 15MAY2030 5,513.57 0.00 (5,599.53) 0.00 0.00 3135GAVS7 FANNIE MAE 3.91% 020CT2028 (CALLABLE 02APR26) 6.88 0.00 (250.92) 2,085.34 0.00 3134A2HG6 FED HOMELN MTG 0% DUE 12-11-2025 1,230.48 0.00 1,140.13 0.00 0.00 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 (66.29) 0.00 3,088.01 3,788.89 0.00 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 160.82 0.00 (4.61) 3,552.08 20,625.00 3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 231 .84 0.00 (4,270.82) 7,104.16 0.00 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 79.50 0.00 422.49 4,520.83 26,250.00 3133ER5D9 FEDERAL FARM CREDIT BANK 4.49% 05MAR2029 (CALLABLE 05MAR27) (550.04) 0.00 (9,924.03) 7,346.14 0.00 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 413.44 0.00 (909.34) 8,180.56 0.00 3130ALHHO FEDERAL HOME LOAN BANK 0. 96% 05MAR2026 CALLABLE 6,817.89 0.00 6,620.73 1,901.34 0.00 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 5,398.44 0.00 2,573.77 2,475.69 14,375.00 3130APJH9 FEDERAL HOME LOAN BANK 2% 280CT2026 (CALLABLE 28JAN26) #0006 4,509.01 0.00 4,592.28 3,530.56 0.00 3130AEB25 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 2,643.38 0.00 1,857.90 7,556.25 43,875.00 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 124.79 0.00 544.44 7,104.17 0.00 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 (218.35) 0.00 888.22 7,319.44 42,500.00 3130ATUT2 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 (187.65) 0.00 (3,693.47) 4,650.00 27,000.00 3130AWLZ1 FEDERAL HOME LOAN BANK 4.75% 12JUN2026 105.54 0.00 (511 .70) 4,499.31 26,125.00 3134HBSXO FREDDIE MAC 4.5% 23MAY2030 (CALLABLE 23NOV26) (478.24) 0.00 (1,299.03) 3,875.00 0.00 3134HAW33 FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) (469.25) 0.00 (49.07) 4,090.28 23,750.00 --
~
Total Government Agencies 25,265.76 0.00 (4,784.55) 83,580.04 224,500.00 - - ------ - -·-- ·- --· ---
23 March 3, 2026, Item #4
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period December 1, 2025 - December 31, 2025
N
ID
!a, Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value u,
Government Bonds
9128285N6 DTD 11/30/2018 2.875% DUE 11-30-2025 REG 0.00 0.00 0.00 0.00 24,437.50 91282CBC4 USA TREASURY 0.375% 31 DEC2025 5,069.40 0.00 6,452.28 726.56 4,312.50 912828ZQ6 USA TREASURY 0.625% 15MAY2030 1,913.78 0.00 (717.78) 468.31 0.00 91282CBT7 USA TREASURY 0. 75% 31 MAR2026 4,021.97 0.00 4,632.03 894.23 0.00 91282CCH2 USA TREASURY 1.25% 30JUN2028 3,868.73 0.00 2,789.07 1,790.08 10,625.00 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 5,525.96 0.00 6,646.11 2,474.52 14,687.50 912828YU8 USA TREASURY 1.625% 30NOV2026 3,803.30 0.00 3,965.63 2,214.29 13,000.00 9128283F5 USA TREASURY 2.25% 15NOV2027 1,218.16 0.00 1,761.73 2,119.48 0.00 91282CEF4 USA TREASURY 2.5% 31MAR2027 1,874.09 0.00 1,562.50 2,129.12 0.00 91282CET4 USA TREASURY 2.625% 31 MAY2027 2,514.28 0.00 3,203.12 4,471.15 26,250.00 91282CFB2 USA TREASURY 2. 75% 31JUL2027 2,926.72 0.00 2,742.19 4,169.83 0.00 9128285MB USA TREASURY 3.12S% 15NOV2028 2,511.46 0.00 (1,031.25) 5,887.43 0.00 91282CFJ5 USA TREASURY 3.125% 31 AUG2029 414.82 0.00 (1,828.11) 3,211.32 0.00 91282CEW7 USA TREASURY 3.25% 30JUN2027 941.74 0.00 780.46 2,025.95 12,025.00 91282CLK5 USA TREASURY 3.625% 31AUG2029 60.08 0.00 (2,578.11 ) 3,725.14 0.00 91282CHE4 USA TREASURY 3.625% 31 MAY2028 435.92 0.00 (820.32) 6,483.17 38,062.50 91282CHJ3 USA TREASURY 3. 75% 30JUN2030 (190.93) 0.00 (7,109.38) 6,114.12 37,500.00 91282CFT3 USA TREASURY 4% 31 OCT2029 (316.09) 0.00 (3,750 00) 5,480.66 0.00 91282CHW4 USA TREASURY 4.125% 31 AUG2030 (359.25) 0.00 (5,1 26.95) 4,415.58 0.00 91282CFUO USA TREASURY 4.125% 310CT2027 415.75 0.00 (164.06) 7,418.16 0.00 91282CKX8 USA TREASURY 4.25% 30JUN2029 (67.37) 0.00 (2,671.89) 4,296.20 25,500.00 - --- ---•-·•-·-- ·----··---- ---- ~~- - -·
24 March 3, 2026, Item #4
w
0 DETAIL OF RETURN AND INTEREST RECEIVED
For the period December 1, 2025 - December 31, 2025
g, Cusip Description Accretion
w (amortization) u,
Government Bonds
91282CMG3
91282CKS9
USA TREASURY 4.25% 31JAN2030
USA TREASURY 4.875% 31 MAY2026
'Total Government Bonds
(534.29)
(722.98)
35,325.25
Realized gain
(loss)
0.00 0.00
0.00 Change in fair
value
(5,125.00)
(91.14)
3,521.13
CITY OF POWAY
Interest earned Interest received
5,728.26
5,812.50
82,056.06
0.00 34,125.00
240,525.00
25 March 3, 2026, Item #4
TRANSACTION REPORT
CITY OF POWAY
For the period December 1, 2025 - December 31, 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)
U1
11/30/2025 9128285N6 Income Government Bonds DTD 11/30/2018 2.875% DUE 11/30/2025 1,700,000 .00 0.00 0.00 24,437.50 24,437.50 11/30/2025
11/30/2025 912828YU8 Income Government Bonds USA TREASURY 1.625% 11/30/2026 1,600,000 .00 0.00 0.00 13,000.00 13,000.00 11/30/2025
11/30/2025 91282CET4 Income Government Bonds USA TREASURY 2.625% 05/31/2027 2,000,000 .00 0.00 0.00 26,250 .00 26,250 .00 11/30/2025
11/30/2025 91282CHE4 Income Government Bonds USA TREASURY 3.625% 05/31/2028 2,100,000.00 0.00 0.00 38,062 .50 38,062.50 11/30/2025
11/30/2025 91282CKS9 Income Government Bonds USA TREASURY 4.875% 05/31/2026 1 ,400,000 .00 0.00 0.00 34,125 .00 34,125 .00 11/30/2025
12/01/2025 3133EPCG8 Income Government Agencies FEDERAL FARM CREDIT BANK 12/01/2027 1,000,000.00 0.00 0.00 20,625.00 20,625.00 12/01/2025
12/01/2025 9128285N6 Capital Change Government Bonds DTD 11/30/2018 2.875% DUE 11/30/2025 (1,700,000 .00) 0.00 1,700,000.00 0.00 1,700,000.00 12/01/2025
12/04/2025 17325FBC1 Income Corporate Bonds CITIBANK NA 5.488% 12/04/2026 1,400,000 .00 0.00 0.00 38,416.00 38,416 .00 12/04/2025
12/07/2025 3133EPK79 Income Government Agencies FEDERAL FARM CREDIT BANK 12/07/2026 1,200,000.00 0.00 0.00 26,250.00 26,250.00 12/07/2025
12/09/2025 3130AEB25 Income Government Agencies
FEDERAL HOME LOAN BANK 06/09/2028 2,700,000 .00 0.00 0.00 43,875 .00 43,875.00 12/09/2025
12/10/2025 3130ATUS4 Income Government Agencies FEDERAL HOME LOAN BANK 12/10/2027 2,000,000.00 0.00 0.00 42,500.00 42,500.00 12/10/2025
12/11/2025 3134A2HG6 Capital Change Government Agencies FED HOME LN MTG 0% DUE 12/11/2025 (1,000,000.00) 0.00 1,000,000.00 0.00 1,000,000.00 12/11/2025
12/12/2025 3130AWLZ1 Income Government Agencies FEDERAL HOME LOAN BANK 06/12/2026 1,100,000 .00 0.00 0.00 26,125.00 26,125 .00 12/12/2025
12/12/2025 3135GAVS7 Bought Government Agencies FANNIE MAE 3.91 % 020CT2028 10/02/2028 1,200,000 .00 0.00 (1,199,400.00) (9,514.33) (1,208,914.33) 12/15/2025
12/14/2025 3130ATUT2 Income Government Agencies FEDERAL HOME LOAN BANK 12/14/2029 1,200,000.00 0.00 0.00 27,000 .00 27,000 .00 12/14/2025
12/18/2025 3134HAW33 Income Government Agencies FREDDIE MAC 4.75% 12/18/2029 1,000,000 .00 0.00 0.00 23,750.00 23,750 .00 12/18/2025
12/21/2025 3130AQF65 Income Government Agencies FEDERAL HOME LOAN BANK 12/21/2026 2,300,000 .00 0.00 0.00 14,375.00 14,375.00 12/21/2025
26 March 3, 2026, Item #4
TRANSACTION REPORT
CITY OF POWAY
For the period December 1, 2025 - December 31, 2025
w N
g, Trade date Cusip Transaction Sec type Description Maturity Par value or Realized Principal Interest Transaction total w Settle date shares gain(loss) u,
12/31/2025 91282CBC4 Income Government Bonds USA TREASURY 0.375% 12/31/2025 2,300,000.00 0.00 0.00 4,312.50 4,312 .50 12/31/2025
12/31/2025 91282CBC4 Capital Change Government Bonds USA TREASURY 0.375% 12/31/2025 (2,300,000.00) 0.00 2,300,000.00 0.00 2,300,000.00 12/31/2025
12/31/2025 91282CCH2 Income Government Bonds USA TREASURY 1.25% 06/30/2028 1,700,000 .00 0.00 0.00 10,625.00 10,625.00 12/31/2025
12/31/2025 91282CDQ1 Income Government Bonds USA TREASURY 1.25% 12/31/2026 2,350,000 .00 0.00 0.00 14,687.50 14,687.50 12/31/2025
12/31/2025 91282CEW7 Income Government Bonds USA TREASURY 3.25% 06/30/2027 740,000.00 0.00 0.00 12,025.00 12,025.00 12/31/2025
12/31/2025 91282CHJ3 Income Government Bonds USA TREASURY 3.75% 06/30/2030 2,000,000.00 0.00 0.00 37,500.00 37,500.00 12/31/2025
12/31/2025 91282CKX8 Income Government Bonds USA TREASURY 4.25% 06/30/2029 1,200,000 .00 0.00 0.00 25,500 .00 25,500.00 12/31/2025
12/31/2025 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 640.30 640.30 27 March 3, 2026, Item #4
ADDITIONAL INFORMATION
CITY OF POWAY
As of December 31, 2025
w w Past performance is not indicative of future 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 portfol io.
This is a client report intended for professional clients only. This material is for professional clients only and is not intended for distribution to retail clients. This document must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document is intended only for the parties to whom it was delivered or its authorised agents and should not be copied or passed to any other person. Please contact the Client Services Team if there has been any change in your financial circumstances or risk tolerance since the previous valuation that could affect the investment objective of your portfolio . Insight obtains market data and prices from an independent pricing source for all of our currency positions on a daily basis. For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.
Some information contained in this client report comes from external sources which Insight believes to be reliable. A list of sources is available on request. All statistics represent month end figures unless otherwise noted. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to be profitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future . Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment. Material in this publication is for general information only and is not advice, investment advice, or the recommendation of any purchase or sale of any security.
Insight Investment is the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL) and Insight North America LLC (INA), each of which provides asset management services. This group of companies may be referred to as 'Insight' or 'Insight Investment' .
Please compare the information provided in this statement to the information provided in the statement received from your Custodian. This report is not intended to replace your custodial statement which is your official record for all pertinent account information . Please notify us promptly if you do not receive from your custodian on at least a quarterly basis account statements that contain the amount of funds and each security in the account at the end of the period and all transactions in the account during that period .
For clients based in North America:
This material is for professional clients only and is not intended for distribution to retail clients.
Investment advisory services in North America are provided through two different investment advisers registered with the Securities and Exchange Commission (SEC), using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment International Limited (IIIL). The North American investment advisers are associated with other global investment managers that also (individually and collectively} use the corporate brand Insight Investment and may be referred to as 'Insight' or 'Insight Investment' . INA is registered with the CFTC as a Commodity Trading Advisor and a Commodity Pool Operator and are members of the NFA.
Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison . You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of the indices may be materially different from that of the strategy. In addition, the strategy's holdings may differ substantially from the securities that comprise the indices shown.
The ICE BofA 3 Month us T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income .
The ICE BofA 6 Month UST-Bill index measures the performance ofTreasury bills with time to maturity of less than 6 months. 28 March 3, 2026, Item #4
w
.i::,.
ADDITIONAL INFORMATION
As of December 31, 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.
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29 March 3, 2026, Item #4
City of Poway Cas h and Inves tments
w Dece mber 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 12/31/2025 27.55 27.55 US Bank 2012 Refunding Certificates of Participation Money Market 12/31/2025 487,539 .16 487,539.16 Successor Agency to the Poway
US Bank Redevelopment Agency 2015A T ARB and Money Market 12/31/2025 10,105.30 10,105.30 20158 TARS
US Bank Pension Obligation Bonds Series 2021 Money Market 12/31/2025 364.67 364.67 US Bank Public Financing Authority Water Revenue Money Market 12/31/2025 1,403.91 1,403.91 Bonds 2021A )> Total Cash with Fiscal Agents 499,440 .59 499,440 .59 --t --t )>
n Non-Managed Inves t ments :I:
s: Investment Type Settlement Date Book Value Market Value Unrealized m Treasurer Description Gain (Loss) z
--t County of San Local Agency C Diego 800MHz Zone F Funds Investment Pool 12/31/2025 45,227.14 45,247.00 19.86 Total Non-Managed Investments 45,227 .14 45,247.00 19.86 Bank A ccoun ts and Petty Cash
Custodians Description Cash Type Settlement Date Book Value Market Value Unrealized Gain (Loss)
US Bank Bank Accounts Demand Deposits 12/31/2025 851 ,310.50 851,310.50 City of Poway Petty Cash Accounts Cash on Hand 12/31/2025 8,600.00 8,600.00 Total Cash 859,910.50 859,910.50
Total 1,404,578.23 1,404,598.09
March 3, 2026, Item #4