June 16, 2026, Item #17
AGENDA RE PO RT City of Poway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
June 16, 2026
Honorable Mayor and Members of the City Council
Craig Schmollinger, Director of Finance ~
Mehrnoush Jamshidi, Finance Manager
(858) 668-4426 or [email protected]
City's Investment Report as of March 31, 2026
CITY COUNCIL
Quarterly reports of investments are required to be presented to the City Council per California Government Code and the City's Investment Policy. Attached is the Investment Portfolio Report as of March 31, 2026.
Recommended Action:
It is recommended the City Council accept and file the attached report.
Discussion:
Pursuant to California Government Code Sec. 53646(b)(1) and the City's Investment Policy, the Director of Finance (i.e., City Treasurer) renders a quarterly investment report to the City Council concerning the investment portfolio's earnings and performance results. In accordance with the Investment Policy, the quarterly report includes information such as the investment type, issuer, date of maturity, par value, amount invested, current market value, and the source of the market value information.
The City is in compliance with its adopted Investment Policy, and the City's investment program provides sufficient liquidity to meet its cash flow requirements for the next six months. The fair value of the City's investment portfolio as of March 31, 2026, was $165,446,695. It consisted of the following:
(Remainder of page intentionally left blank)
1 of35
June 16, 2026, Item #17
Investment Portfolio Total
Cash $2,125,104
Deposits at CalTRUST $26,443,572
Deposits at the Local Agency Investment Fund (LAIF) $52, 113,628 U. S. Treasury Notes $30,615,974
U. S. Instrumentalities $33,090,662
Corporate Notes $21,057,755
Fair Value of Investment Portfolio as of March 31, 2026 $165,446,695 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 March 31, 2026, is estimated at 3.83% for LAIF, 3.96% for the CalTRUST short-term fund, and 3.91 % 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 $86,540,422; the fair value is $86,889,495 for an unrealized gain of $349,073 or 0.40% 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 of 35
June 16, 2026, Item #17
Also included with this report are recaps of the City's cash and investments held by fiscal agents, non managed investments, and cash on hand. The total book value of the cash and investments held by our fiscal agent, U.S. Bank, at March 31, 2026, was $512,560. The source of the market value information for these investments was U.S. Bank. The total book value of the non-managed investments was $98,935 at March 31, 2026. The City's cash on hand at March 31, 2026 totaled $940,034.
The March 31, 2026 balance of the City's Library Trust Fund is $267,114. Through the Fiscal Year 2025- 26 period ending March 31, 2026, 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 $268,809 of interest during March 2026, as well as $225,408 of interest during February 2026, and $240,924 during January 2026. Fees for investment services during this period totaled $10,844. 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 March 31, 2026 Assistant City Manager
3 of35
Reviewed By:
Alan Fenstermacher
City Attorney
Approved By:
Chris Hazeltine
City Manager
June 16, 2026, Item #17
City
of
Poway
Investment
Statistics
Separately
Managed
Investment
Pools
Fair
Value:
CalTRUST
Short-Term
Deposits
CalTRUST
Medium-Term
Deposits
March 2025
$
12,869
,241
12,565
,574
46,629,209
December
2025
$
13,294,368 13,027,243 35,457,563
March 2026 13,383,617 13,059,956 52,113,628
Deposits
at
the
Local
Agency
Investment
Fund
(LAIF)
Total
Fair
Value
$
72,064,024
$
61,779,174
$
78,557,201
Weighted
Average
Yield
Effective
Average
Duration
in
days
Weighted
Average
Maturity
in
days
Externally
Managed
Investment
Pools
Fair
Value:
4.31%
1 1
3.99%
1 1
3.86%
1 1
Cash
$
471,743
$
2,495,667
$
2,125,104
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
34,547
,072
25,063,344 23,477,978 83,560,138
471,743
34,398,367 24,882,938 23,283,899 83,036,948
523,191
0.63%
217,499
4.32% 1.85 2.02
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
30,615,974 33,090,662 21,057,755 86,889,495 2,125,104 30,530,656 32,994,082 20,890,580 86,540,422 349,073
0.40%
268,809
4.29% 1.80 2.13
Total
Fair
Value
of
Portfolio
Assets
$
155,624,
162
$
148,299,068
$
165,446,696
Weighted
Average
Yield
Effective
Average
Duration
in
years
Weighted
Average
Maturity
in
years
Glossary
of
Yield
Terminology
4.32% 0.99 1.09
4.19% 1.04 1.20
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
.
4.09% 0.95 1.12
Weighted
Average
Yield
:
The
total
yield
on
a
bond
portfolio
divided
by
the
number
of
bonds
contained
in
ii,
weighted
for
the
size
of
each
bond
so
that
the
yield
of
large
holdings
does
not
drown
out
the
calculation
of
yields
on
small
holdings.
Yield
to
Maturity:
The
Yield
to
Maturity
(YTM)
or
Market
Yield
to
Maturity
of
a
fixed
income
security
is
that
rate
of
interest
that
will
make
the
present
value
of
the
future
cash
flows
equal
to
the
market
value
as
of
the
valuation
date,
assuming
the
bond
is
held
to
maturity.
4 of
35 ATTACHMENT
A
June 16, 2026, Item #17
City of Poway
Monthly Consolidated Portfolio Report
March 31, 2026
City Managed Assets Market Value % Yield
LAIF 52,113,628 66% 3.83%
CalTrust -Short 13,383,617 17% 3.96%
CalTrust -Medium 13,059,956 17% 3.91%
Total Managed by City 78,557,200 100%
as % of Total Portfolio Assets 47%
Weighted Average Yield 3.86%
Days CalTrust-
Effective Average Duration 1.00 Short, 17%
Weighted Average Maturity 1.00
Insight Managed Assets Market Value % Yield
Cash 2,125,104 2% 3.54%
Treasury Securities 30,615,974 35% 4.14%
Instrumentality Securities 33,090,662 38% 4.22%
Corporate Notes 21,057,755 24% 4.68%
Total Managed by Insight 86,889,495 100%
as % of Total Portfolio Assets 53%
Weighted Average Yield 4.29%
Years
Effective Average Duration 1.80
Weighted Average Final Maturity 2.13
Total Portfolio Assets Market Value % Yield
LAIF 52,113,628 31% 3.83%
CalTrust -Short 13,383,617 8% 3.96%
CalTrust -Medium 13,059,956 8% 3.91%
Cash 2,125,104 1% 3.54%
Treasury Securities 30,615,974 19% 4.14%
Instrumentality Securities 33,090,662 20% 4.22%
Corporate Notes 21,057,755 13% 4.68%
Total Portfolio Assets 165,446,695 100% CalTrust-
Medium8%
Weighted Average Yield 4.09%
Years
Effective Average Duration 0.95
Weighted Average Maturity 1.12
Total Portfolio Change Market Value
Beginning Balance 163,120,936
Ending Balance 165,446,695
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
June 16, 2026, Item #17
6 of35
ATTACHMENT
C
June 16, 2026, Item #17
-.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
June 16, 2026, Item #17
00 0 ....
w
U1
FIXED INCOME MARKET REVIEW
As of March 31, 2026
Chart 1: FOMC projects one rate cut in 2026, but markets turn hawkish 5 4
3 • • • • • • Market expectat ions
{Apr -2026 )
~
'2f2_
2 - FOMCdots
(Ma r 18, 2026)
-- ♦ -- FOMC dots
1 {Ma rch 31, 2026)
--- Fed funds rat e
0 2022 2023 2024 2025 2026 2027 2028 2029
Source: Federal Reserve, March 31, 2026.
Chart 2: Rising oil prices will likely pressure energy inflation in the near term 80 60
:;'l 40
>-
~ 20 >
0 2030
~ o ~~~\'!~ ~ . ..,. ~~~~mo~
OJ
=; -20
~
-40
-60
& ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ --Retail gasoline (all types) average price - - - -- Energy CP I Source: Bloomberg, March 31, 2026
.. --·- ---- --~- - - --- -------·-
CITY OF POWAY
Economic Indicators and Monetary Policy
The FOMC voted to keep rates on hold but revised its year-end median forecasts for headline and core PCE inflation higher, likely to reflect the impact of the global oil price shock. The FOMC 's policy statement acknowledged "The implications of developments in the Middle East for the US economy are uncertain." Chair Powell stated "there will be some effects on inflation" while acknowledging it is "standard learning that you look through energy shocks ... dependent on inflation expectations being well anchored."
The central bank's median "dot plot" projections continued to reflect one rate cut this year (chart 1 ). Initially, this was in line with market expectations. However, the conflict escalated with disruptions to shipping traffic in the Strait of Hormuz, which impacted ~20% of global oil supplies. By the end of the month, markets moved to price only 62% chance of a rate cut by July 2027.
WTI crude oil prices spiked above $100 per barrel and the average US regular gasoline price rose from ~$3 per gallon to ~$4. Headline CPI remained at 2.4% and core CPI remained at 2.5% year-over-year in February. Headline PCE (for January) fell from 2.9% to 2.8% while core PCE for January edged up from 3% to 3.1 %. The figures did not yet reflect the impact of the conflict in Iran, which is set to impact March's inflation reports (chart 2). Producer price inflation accelerated from 2.9% to 3.4% year-over-year in February.
Labor market conditions continued to loosen. Nonfarm payrolls declined by 92,000 in February. Initial jobless claims fluctuated between 205,000 and 213,000. Continuing claims reached 1.819m, close to a two-year low.
The second estimate of Q4 US GDP was revised down from 1.4% to 0.7% SAAR, largely due to revisions to consumer spending, non-residential fixed investment and net exports . The Fed's Beige Book noted that economic uncertainty, increased price sensitivity , and lower-income consumer constraints dampened sales across most districts. The University of Michigan Consumer Sentiment fell from a preliminary 55.5 to 53.3, a three -month low.
Interest Rate Summary
Front-end yields rose as markets priced out the likelihood of near-term rate cuts. At the end of March, the 3-month US Treasury bill yielded 3.67%, the 6-month US Treasury bill yielded 3.69%, the 2-year US Treasury note yielded 3.79%, the 5-year US Treasury note yielded 3.94% and the 10-year US Treasury note yielded 4.32%.
3 June 16, 2026, Item #17
ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2026 - March 31, 2026
\0
0 .... w I Amortized Cost Basis Activity Summary
u,
Opening balance 86,019,760.31
Income received 457,607.48
Total receipts 457,607.48
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
4.04 4.11
3.90 3.90
3.77 3.67
3.80 1.86
1.91 1.81
1.77 1.77
1.75 1.84
0.00 0.00
0.00 (6,452.41)
69,506.69
0.00 86,540,422.07
86,889,495.32
349,073.25
* One month
0.30 0.31
0.30 0.30
0.31 0.31
0.32 Detail of AmQrtized CQst Basis Beturn
Interest Accretion Realized
earned (amortization) gain (loss)
Cash and Cash Equivalents 2,383.59 0.00 0.00
Corporate Bonds 79,096.57 9,541.93 0.00
Government Agencies 105,536.20 22,546.81 0.00
Government Bonds 81,792.47 30,965.54 0.00
Total 268,808.83 63,054.28 0.00
Summary of Amortized CQst Basis Return for the Period
Interest earned
Accretion (amortization)
Realized gain (loss) on sales
Total income on portfolio
Average daily amortized cost
Period return(%)
YTD return (%)
Weighted average final maturity in days
CITY OF POWAY
Total
income
2,383.59
88,638.50
128,083.01
112,758.01
331,863.11
Total portfolio
268,808.83
63,054.28
0.00 331,863.11
86,353,780.49
0.38 1.07
779
4 June 16, 2026, Item #17
....
0 0 ....
w
UI
ACTIVITY AND PERFORMANCE SUMMARY
For the period March 1, 2026 - March 31, 2026
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
4S7,607.48
0.00 CQmparative Rates Qf 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
4.04 1.86
4.11 1.91
4.00 1.83
4.06 1.86
3.67 1.58
3.75 1.41
3.86 1.31
87,009,326.78
4S7,607.48
0.00 0.00
0.00 0.00
0.00 (S77,438. 94)
86,889,495.32
* One month
0.30 0.31
0.29 0.26
0.08 (0.44)
(0.75)
Detail Qf Fair Value Basis Return
Interest Change in
earned fair value
Cash and Cash Equivalents 2,383.S9 0.00
Corporate Bonds 79,096.S7 (113,310.92)
Government Agencies 10S,S36.20 (205,889.11)
Government Bonds 81,792.47 (258,238.91)
Total 268,808.83 (577,438.94)
Summary Qf Fair Value Basis Return for the PeriQd
Interest earned
Change in fair value
Total income on portfolio
Average daily total value*
Period return(%)
YTD return (%)
Weighted average final maturity in days
* Total value equals market value and accrued interest
CITY OF POWAY
Total
income
2,383.59
(34,214.35)
(100,352.91)
(176,446.44)
(308,630.11)
Total portfolio
268,808 .83
(577,438.94)
(308,630.11)
87,477,266.15
(0.35)
0.44 779
5 June 16, 2026, Item #17
.... ....
0 ....
PERFORMANCE
For the period March 1, 2026 - March 31, 2026
w u, Total return performance (%)
CITY OF POWAY
Benchmark
5 4
3 ~ 2
1 month
-0.35
-0.44
3 months
0.44 0.29
YTD
0.44 0.29
1 year
4.08 3.75
Total return performance
0 '
-1 1 month
*Returns for periods greater than one year are annualized Returns are gross of fees
Portfolio inception is 08/3112015
Benchmark history
ICE BofA US Treasury 1-3: 08/3112015 - present
3 months YTD 1 year 3 years*
- CITY OF POWAY - BENCHMARK
3 years*
4.50 4.04
5 years* 1 O years*
5 years*
2.53 1.86
Since
inception*
10 years*
2.22 1.78
CITY OF POWAY
Since inception*
2.18 1.76
6 June 16, 2026, Item #17
RECAP OF SECURITIES HELD
As of March 31, 2026 .....
N
0 Historical .... w cost
U1
Cash and Cash Equivalents 2,125,104 .26
Corporate Bonds 20,615,076.50
Government Agencies 32,528,041.49
Government Bonds 29,757,040.36
m:n
~~~
Amortized Fair value Unrealized Weighted
cost gain (loss) average
final
maturity (days)
2,125,104.26 2,125,104.26 0.00 1
20,890,580.06 21,057,755.08 167,175.02 611
32,994,081 .98 33,090,661.76 96,579.78 878
30,530,655.77 30,615,974.22 85,318.45 843
~~~ ,P-W'I~ .............
-
Portfolio diversification (%)
■ Cash and Cash Equivalents
■ Corporate Bonds
■ GovernmentAgencies
■ Government Bonds
Total
Percent
of
portfolio
2.50 24.25
38.26 35.00
2.50 24.25
38.26 35.00
100.00
CITY OF POWAY
Weighted
average
effective
duration (years)
0.00 1.42
1.83 2.15
7 June 16, 2026, Item #17
... w
0 ....
w u,
MATURITY DISTRIBUTION OF SECURITIES HELD
As of March 31, 2026
Maturity
---
Under 90 days
90 to 179 days
1 80 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
g .... 15.00 "' 0 u
iii 10.00 u ·;:::
B
"' :i: 5.00
0.00 o~~
o.,~
b,/;-
v~ ~,o
Maturity distribution
~
..... ~fl, o~~
~o., ,o
011-,""
,'h~
~~
~fl,
'1,
....,,o
~":,
~fl,
":,
'l, ,o
t""
~fl,
b<
n:,'-0
Historic cost Percent
6,368,084.89 7.49
3,966,089.00 4.67
11 ,342,706.02 13.34
22,914,197 .70 26.95
18,996,275.87 22.34
11,368,315.29 13.37
10,069,593.84 11.84
0.00 0.00
85,025,262.61 100.00
t""
~fl,
~
,.,.,o
~":,
~fl,
/..~
o..:i.'l,
CITY OF POWAY
8 June 16, 2026, Item #17
SECURITIES HELD
CITY OF POWAY
As of March 31, 2026 ....
.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 2,125,104.26 2,125,104.26 2,125,104.26 2,125,104.26 0.00 0.00 2.50 ---Total Cash and Cash Equivalents 2,125,104.26 2,125,104.26 2,125,104.26 2,125,104.26 0.00 0.00 2.50 -Corporate Bonds
06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 3.500 04/19/2026 1,800,000.00 1,736,028.00 1,798,729.63 1,799,137.40 407.77 28,350.00 2.04 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 2.375 07/22/2026 1,000,000 .00 944,140.00 992,580.19 994,949.92 2,369.73 4,552.08 1.11 06/22/2026
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 2.300 09/09/2026 1,100,000 .00 1,034,869.00 1,091,100.65 1,089,575.08 (1,525.57) 1,546.11 1.22 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) 5.488 12/04/2026 1,400,000.00 1,420, 132.00 1,404,453 .36 1,410,995.01 6,541 .65 24,970.40 1.67 11/04/2026
17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 4.800 02/26/2027 1,2SO,OOO.OO 1,253.775.00 1,251,085 .19 1,257,602.83 6,517.64 5,833 .33 1.47 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 1,278,542.10 1,281,218.78 2,676 .68 1,989.72 1.45 06/12/2027
24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 4.150 09/15/2027 1,000,000.00 992,020 .00 997,345.22 1,001,756.79 4,411.57 1,844.44 1.17 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 4.625 01/12/2028 1,100,000.00 1,091,585 .00 1,096,628.50 1,110,032.65 13,404.15 11,164 .24 1.28 46625HRY8 JPMORGAN CHASE & CO 3. 782% 01 FEB2028 (CALLABLE 3.782 02/01/2028 2,000,000.00 1,909,600.00 1,957,923.48 1,990,016.40 32,092.92 12,606 .67 2.25 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 2,396,311.98 2,432,154.41 35,842.43 9,200 .00 2.81 01 FEB28) 02/01/2028
9 June 16, 2026, Item #17
SECURITIES HELD
CITY OF POWAY
As of March 31, 2026 ....
u,
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
Corporate Bonds
91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 4.548 07/22/2028 900,000.00 890,253.00 894,662.06 900,808 .34 6,146.28 7,845.30 1.05 07/22/2027
17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) 5.803 09/29/2028 1,000,000 .00 1,027,800.00 1,014,978.41 1,038,393 .16 23,414 .75 322 .39 1.21 08/29/2028
24422EXH7 JOHN DEERE CAPITAL CORP 4.5% 16JAN2029 4.500 01/16/2029 1,200,000 .00 1,220,316 .00 1,218,810.42 1,211,438.04 (7,372.38) 11,250.00 1.44 17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 4.850 02/26/2029 1,000,000.00 999,390.00 999,647 .99 1,018,312 .64 18,664.65 4,715.28 1.18 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 1,250,410.59 1,277,924 .08 27,513.49 1,993 .33 1.44 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 1,247,370.29 1,243,439.55 (3,930.74) 2,291.67 1.47 15DEC28) 12/15/2028
iTotal Corporate Bonds 21,000,000.00 20,615,076.50 20,890,580.06 21,057,755 .08 167,175.02 130,474.96 24.25 - -Government Agencies
3130AWLZ1 FEDERAL HOME LOAN BANK 4. 75% 12JUN2026 4.750 06/12/2026 1,100,000.00 1,096,612.00 1,099,758.10 1,102 ,020.76 2,262.66 15,820.14 1.29 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01 SEP2026 4.750 09/01/2026 2,000,000 .00 1,987,080 .00 1,997,863.74 2,008,108 .56 10,244 .82 7,916 .67 2.34 3130APJH9 FEDERAL HOME LOAN BANK 2% 280CT2026 (CALLABLE 2.000 10/28/2026 2,050,000.00 1,860,110 .55 2,018,903.56 2,034,255.32 15,351.76 17,425 .00 2.19 28APR26)#0006 04/28/2026
3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 4.375 12/07/2026 1,200,000.00 1,196,508.00 1,199,099.04 1,204,603.09 5,504.05 16,625 .00 1.41 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 1.250 12/21/2026 2,300,000.00 2,055,763 .00 2,253,526.31 2,259,162 .97 5,636.66 7,986 .11 2.42 10 June 16, 2026, Item #17
SECURITIES HELD·
CITY OF POWAY
As of March 31, 2026 _.
°' !a_ Cusip Description Coupon Maturity/ Par value or Historical cost Amortized cost Fair value Unrealized Total % w Call date shares gain accrued Port 111
(loss) interest cost
Government Agencies
3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 4.125 09/10/2027 2,000,000.00 1,993,260.00 1,997,853.08 2,010,496.38 12,643.30 4,812.50 2.34 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 4.125 12/01/2027 1,000,000.00 989,640.00 996,079.42 1,004,463.32 8,383.90 13,750.00 1.16 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 4.250 12/10/2027 2,000,000.00 2,010,731 .16 2,003,944.09 2,014,221.96 10,277.87 26,208.33 2.36 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 4.000 01/06/2028 1,100,000.00 1,105,292.88 1,101,973.52 1,102,841.88 868.36 10,388.89 1.30 3130AEB25 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 3.250 06/09/2028 2,700,000.00 2,574,679.50 2,627,541.53 2,672,004.56 44,463.03 27,300.00 3.03 3135GAVS7 FANNIE MAE 3.91% 020CT2028 (CALLABLE 02JUL26) 3. 910 10/02/2028 1,200,000.00 1,199,400.00 1,199,508.99 1,193,656.44 (5,852.55) 23,329.67 1.41 07/02/2026
3133ER5D9 FEDERAL FARM CREDIT BANK 4.49% 05MAR2029 4.490 03/05/2029 1,900,000.00 1,911,894.00 1,906,154.90 1,897,346.08 (8,808.82) 6,161.28 2.25 (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 1,991,204.16 2,013,745.30 22,541.14 2,520.83 2.34 3130ATUT2 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 4.500 12/14/2029 1,200,000.00 1,211,040.00 1,208,597.73 1,225,220.89 16,623.16 16,050.00 1.42 3134HAW33 FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) 4. 750 12/18/2029 1,000,000.00 1,005,145.00 1,001,049.20 999,325.22 (1,723.98) 13,590.28 1.18 06/18/2026
3133EMM41 FEDERAL FARM CREDIT BANK 1.85% 28MAR2030 1.850 03/28/2030 2,500,000.00 2,323,482.50 2,326,413.25 2,308,108.50 (18,304.75) 385.42 2.73 (CALLABLE 23MAR26)
31358DDR2 FANNIE MAE 0% 15MAY2030 0.000 05/15/2030 1,900,000.00 1,563,815.15 1,609,951.55 1,612,203.54 2,251.99 0.00 1.84 11 June 16, 2026, Item #17
SECURITIES HELD
CITY OF POWAY
As of March 31, 2026 ...
-..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'I
(loss) interest cost
Government Agencies
3134HBSXO FREDDIE MAC 4.5% 23MAY2030 (CALLABLE 23NOV26) 4.500 05/23/2030 1,000,000 .00 1,006,399 .00 1 , 003 ,403 .44 999,591 .04 (3,812.40) 16,000 .00 1.18 11/23/2026
880591FE7 TENN VALLEY AUTHORITY 3.875% 01 AUG2030 3.875 08/01/2030 1,000,000.00 1,001, 180.00 1,001,099 .52 996,849.88 (4,249.64) 6,458 .33 1.18 3133ETW29 FEDERAL FARM CREDIT BANK 4.17% 19AUG2030 4.170 08/19/2030 1,200,000.00 1,199,760 .00 1,199,810.76 1,192,384.72 (7,426.04) 5,838 .00 1.41 (CALLABLE 19MA Y26) 05/19/2026
3134HCQK8 FREDDIE MAC 4.125% 21JAN2031 (CALLABLE 21 OCT26) 4.125 01/21/2031 1,250,000.00 1,250,388.75 1,250,346.09 1,240,051.35 (10,294.74) 10,026 .04 1.47 10/21/2026
---1otal Government Agencies 33,600,000.00 32,528,041.49 32,994,081 .98 33,090,661 .76 96,579.78 248,592.49 38.26 -Government Bonds
91282CKS9 USA TREASURY 4.875% 31 MAY2026 4.875 05/31/2026 1,400,000 .00 1,410,340 .63 1,401,096.78 1,402,307.82 1,211.04 22,687 .50 1.66 912828YU8 USA TREASURY 1.625% 30NOV2026 1.625 11/30/2026 1,600,000.00 1,468,130.36 1,569,129.66 1,577,837.50 8,707 .84 8,642 .86 1.73 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 1.250 12/31/2026 2,350,000.00 2,088,287 .11 2,299,487.33 2,306,800.40 7,313.07 7,303 .18 2.46 91282CEF4 USA TREASURY 2.5% 31 MAR2027 2.500 03/31/2027 1,000,000 .00 924,573 .66 977,088 .53 988,250 .00 11,161.47 0.00 1.09 91282CET4 USA TREASURY 2.625% 31 MAY2027 2.625 05/31/2027 2,000,000 .00 1,901,256 .70 1,963,628.23 1,972,890 .62 9,262.39 17,451 .92 2.24 91282CEW7 USA TREASURY 3.25% 30JUN2027 3.250 06/30/2027 740,000.00 699,620.45 725,657.43 734,854.69 9,197.26 5,979.28 0.82 91282CFB2 USA TREASURY 2. 75% 31 JUL2027 2.750 07/31/2027 1,800,000.00 1,671,756.03 1,751,705.38 1,774 ,757.81 23,052.43 8,067 .68 1.97 12 June 16, 2026, Item #17
SECURITIES HELD
CITY OF POWAY
As of March 31, 2026 ....
00 g, 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
91282CFU0 USA TREASURY 4.125% 31OCT2027 4.125 10/31/2027 2,100,000.00 2,077,858 .60 2,091,098 .31 2,108,695.30 17,596 .99 36,133 .63 2.44 9128283FS USA TREASURY 2.25% 1 SNOV2027 2.250 11/15/2027 1,100,000.00 1,030,523. 22 1,075,673.42 1,072,628 .91 (3,044.51) 9,298.34 1.21 91282CHE4 USA TREASURY 3.625% 31MAY2028 3.625 05/31/2028 2,100,000.00 2,074,577 .35 2,086,808.20 2,091,714.85 4,906.65 25,305.29 2.44 91282CCH2 USA TREASURY 1.25% 30JUN2028 1.250 06/30/2028 1,700,000.00 1,473,488 .28 1,590,593.70 1,606,765 .63 16,171.93 5,283 .15 1.73 9128285M8 USA TREASURY 3.125% 1 SNOV2028 3.125 11/15/2028 2,200,000. 00 2,059,929.24 2,115,466.37 2,161,671 .86 46,205.49 25,828 .73 2.42 91282CKX8 USA TREASURY 4.25% 30JUN2029 4.250 06/30/2029 1,200,000.00 1,206,004 .02 1,204,277.62 1,214,531 .26 10,253 .64 12,679 .56 1.42 91282CFJS USA TREASURY 3.125% 31AUG2029 3.125 08/31/2029 1,200,000 .00 1,175,300 .90 1,182,417.66 1,171,734.37 (10,683.29) 3,158.97 1.38 91282CLKS USA TREASURY 3.625% 31 AUG2029 3.625 08/31/2029 1,200,000 .00 1,197,332 .15 1,197,648.95 1,190,812.50 (6,836.45) 3,664.40 1.41 91282CFT3 USA TREASURY 4% 31 OCT2029 4.000 10/31/2029 1,600,000 .00 1,616,255. 36 1,613,112 .04 1,606,375.01 (6,737.03) 26,696 .13 1.90 91282CMG3 USA TREASURY 4.25% 31JAN2030 4.250 01/31/2030 1,600,000.00 1,633,755 .36 1,627,681 .04 1,620,250 .00 (7,431.04) 11,082 .87 1.92 912828ZQ6 USA TREASURY 0.625% 15MAY2030 0.625 05/15/2030 875,000.00 761,594.73 774,385 .95 766,445 .31 (7,940.64) 2,054.56 0.90 91282CHJ3 USA TREASURY 3.75% 30JUN2030 3.750 06/30/2030 2,000,000.00 2,013,991 .08 2,012,998.31 1,987,031 .24 (25,967.07) 18,646.41 2.37 13 June 16, 2026, Item #17
....
ID
SECURITIES HELD
As of March 31, 2026
g, Cusip
w
Description
U'I
Government Bonds
91282CHW4 USA TREASURY 4.125% 31AUG2030
Total Government Bonds
Coupon Maturity/ Par value or Historical cost
Call date shares
4.125 08/31/2030 1,250,000.00 1,272,465.13
31,015,000.00 29,757,040.36
CITY OF POWAY
Amortized cost Fair value Unrealized Total %
gain accrued Port
(loss) interest cost
1,270,700.86 1,259,619.14 (11 ,081 .72) 4,343.58 1.50
30,530,655.77 30,615,974.22 85,318.45 254,308.04 35.00
------------------------------------------------------------------------ 14 June 16, 2026, Item #17
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2026
N
0 !a, 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, United States Treasury Note/Bond
91282CKS9 USA TREASURY 4.875% 4.875 05/31/2026 AA+ Aa1 1,400,000.00 1,410,340.63 1.66 1,402,307.82 1.61 0.17 912828YU8 USA TREASURY 1.625% 1.625 11/30/2026 AA+ Aa1 1,600,000 .00 1,468 , 130.36 1.73 1,577,837 .50 1.82 0.65 91282CDQ1 USA TREASURY 1.25% 1.250 12/31/2026 AA+ Aa1 2,350,000 .00 2,088,287 .11 2.46 2,306,800.40 2.65 0.74 91282CEF4 USA TREASURY 2.5% 2.500 03/31/2027 AA+ Aa1 1,000,000 .00 924,573.66 1.09 988 ,250.00 1.14 0.98 91282CET4 USA TREASURY 2.625% 2.625 05/31/2027 AA+ Aa1 2,000,000.00 1,901,256.70 2.24 1,972,890.62 2.27 1.13 91282CEW7 USA TREASURY 3.25% 3.250 06/30/2027 AA+ Aa1 740,000.00 699,620.45 0.82 734,854.69 0.85 1.20 91282CFB2 USA TREASURY 2.75% 2.750 07/31/2027 AA+ Aa1 1,800,000.00 1,671,756.03 1.97 1,774,757.81 2.04 1.29 91282CFUO USA TREASURY 4.125% 4.125 10/31/2027 AA+ Aa1 2,100,000 .00 2,077,858.60 2.44 2,108,695.30 2.43 1.49 9128283F5 USA TREASURY 2.25% 2.250 11/15/2027 AA+ Aa1 1,100,000 .00 1,030 ,523.22 1.21 1,072,628.91 1.23 1.56 91282CHE4 USA TREASURY 3.625% 3.625 05/31/2028 AA+ Aa1 2,100,000 .00 2,074,577 .35 2.44 2,091,714 .85 2.41 2.04 91282CCH2 USA TREASURY 1.25% 1.250 06/30/2028 AA+ Aa1 1,700,000 .00 1,473,488.28 1.73 1,606,765 .63 1.85 2.17 9128285MB USA TREASURY 3.125% 3.125 11/15/2028 AA+ Aa1 2,200,000 .00 2,059,929 .24 2.42 2,161,671.86 2.49 2.46 91282CKX8 USA TREASURY 4.25% 4.250 06/30/2029 AA+ Aa1 1,200,000.00 1,206,004.02 1.42 1,214,531.26 1.40 2.98 91282CLK5 USA TREASURY 3.625% 3.625 08/31/2029 AA+ Aa1 1,200,000.00 1,197 ,332.15 1.41 1,190,812.50 1.37 3.17 91282CFJS USA TREASURY 3.125% 3.125 08/31/2029 AA+ Aa1 1,200,000 .00 1,175,300.90 1.38 1,171,734.37 1.35 3.20 91282CFT3 USA TREASURY 4% 4.000 10/31/2029 AA+ Aa1 1,600,000.00 1,616,255.36 1.90 1,606,375.01 1.85 3.26 91282CMG3 USA TREASURY 4.25% 4.250 01/31/2030 AA+ Aa1 1,600,000 .00 1,633,755 .36 1.92 1,620,250 .00 1.86 3.49 912828ZQ6 USA TREASURY 0.625% 0.625 05/15/2030 AA+ Aa1 875,000 .00 761 ,594 .73 0.90 766,445 .31 0.88 3.99 91282CHJ3 USA TREASURY 3.75% 3.750 06/30/2030 AA+ Aa1 2,000,000 .00 2,013,991 .08 2.37 1,987,031.24 2.29 3.86 91282CHW4 USA TREASURY 4.125% 4.125 08/31/2030 AA+ Aa1 1,250,000 .00 1,272,465.13 1.50 1,259,619 .14 1.45 4.00 Issuer total 31,015,000.00 29,757,040.36 35.00 30,615,974. 22 35.24 2.15 Federal Home Loan Banks
3130AWLZ1 FEDERAL HOME LOAN 4.750 06/12/2026 AA+ Aa1 1,100,000.00 1,096,612.00 1.29 1,102,020.76 1.27 0.20 3130APJH9 FEDERAL HOME LOAN 2.000 10/28/2026 04/28/2026 AA+ Aa1 2,050 ,000 .00 1,860,110.55 2.19 2,034 ,255.32 2.34 0.56 --- ---- ---- -- ·--
15 June 16, 2026, Item #17
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2026
N ....
!a, Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating u, rating shares cost hist cost value mktvalue dur (yrs) Federal Home Loan Banks
3130AQF65 FEDERAL HOME LOAN 1.250 12/21/2026 AA+ Aa1 2,300,000.00 2,055,763.00 2.42 2,259,162.97 2.60 0.71 3130ATHWO FEDERAL HOME LOAN 4.125 09/10/2027 AA+ Aa1 2,000,000.00 1,993,260.00 2.34 2,010,496.38 2.31 1.39 3130ATU54 FEDERAL HOME LOAN 4.250 12/10/2027 AA+ Aa1 2,000,000.00 2,010,731.16 2.36 2,014,221.96 2.32 1.60 3130AEB25 FEDERAL HOME LOAN 3.250 06/09/2028 AA+ Aa1 2,700,000.00 2,574,679.50 3.03 2,672,004.56 3.08 2.07 3130ATUT2 FEPERAL HOME LOAN 4.500 12/14/2029 AA+ Aal 1,200,000 .00 1,211,040.00 1.42 1,225,220.89 1.41 3.35 Issuer total 13,350,000.00 12,802, 196.21 15.06 13,317,382.84 15.33 1.41 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 2.34 2,008,108.56 2.31 0.42 3133EPK79 FEDERAL FARM CREDIT 4.375 12/07/2026 AA+ Aa1 1,200,000.00 1, 196,508.00 1.41 1,204,603.09 1.39 0.66 3133EPCG8 FEDERAL FARM CREDIT 4.125 12/01/2027 AA+ Aa1 1,000,000.00 989,640.00 1.16 1,004,463.32 1.16 1.58 3133ENSN6 FEDERAL FARM CREDIT 4.000 01/06/2028 AA+ Aa1 1,100,000.00 1,105,292.88 1.30 1,102,841.88 1.27 1.68 3133ER5D9 FEDERAL FARM CREDIT 4.490 03/05/2029 03/05/2027 AA+ Aa1 1,900,000.00 1,911,894.00 2.25 1,897,346.08 2.18 1.60 3133EPSUS FEDERAL FARM CREDIT 4.125 03/20/2029 AA+ Aa1 2,000 ,000.00 1,985,860.00 2.34 2,013 ,745.30 2.32 2.77 3133EMM41 FEDERAL FARM CREDIT 1.850 03/28/2030 AA+ Aa1 2,500,000.00 2,323,482.50 2.73 2,308,108.50 2.66 3.64 3133ETW29 FEDERAL FARM CREDIT 4.170 08/19/2030 05/19/2026 AA+ Aa1 1,200,000.00 1,199,760.00 1.41 1,192 ,384.72 1.37 1.58 Issuer total 12,900,000 .00 12,699,517.38 14.94 12,731,601.45 14.65 1.89 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 1.18 999,325.22 1.15 1.01 3134HBSXO FREDDIE MAC 4.5% 4.500 05/23/2030 11/23/2026 AA+ Aa1 1,000,000.00 1,006,399.00 1.18 999 ,591 .04 1.15 1.72 3134HCQK8 FREDDIE MAC 4.125% 4.125 01/21/2031 10/21/2026 AA+ Aa1 1,250,000.00 1,250,388.75 1.47 1,240,051.35 1.43 2.31 Issuer total 3,250,000.00 3,261,932.75 3.84 3,238,967.61 3.73 1.73 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 1.67 1,410,995.01 1.62 0.58 16 June 16, 2026, Item #17
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2026
N
N
g_ Cusip Description Coupon Maturity Call date S&P Moody Par value or Historical % Portfolio Market % Portfolio Effective w date rating u, rating shares cost hist cost value mktvalue dur (yrs) Citibank NA
17325FBB3 CITIBANK NA 5.803% 5.803 09/29/2028 08/29/2028 A+ Aa3 1,000,000.00 1,027,800.00 1.21 1,038,393.16 1.20 2.26 Issuer total 2,400,000.00 2,447,932.00 2.88 2,449,388.17 2.82 1.29 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 2.81 2,432,154.41 2.80 1.76 Issuer total 2,400,000.00 2,391,240.00 2.81 2,432,154.41 2.80 1.76 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 1.47 1,257,602.83 1.45 0.82 17275RBR2 CISCO SYSTEMS INC 4.85% 4.850 02/26/2029 01/26/2029 AA- A1 1,000,000.00 999,390.00 1.18 1,018,312.64 1.17 2.64 Issuer total 2,250,000.00 2,253,165.00 2.65 2,275,915.47 2.62 1.63 John Deere Capital Corp
24422EWK1 JOHN DEERE CAPITAL 4.150 09/15/2027 A A1 1,000,000.00 992,020.00 1.17 1,001,756.79 1.15 1.40 24422EXH7 JOHN DEERE CAPITAL 4.500 01/16/2029 A A1 1,200,000.00 1,220,316.00 1.44 1,211,438.04 1.39 2.58 Issuer total 2,200,000.00 2,212,336.00 2.60 2,213,194.83 2.55 2.05 Cash and Cash Equivalents
CASH 0.000 2,125,104.26 2,125,104.26 0.00 2,125,104.26 2.45 0.00 Issuer total 2,125,104.26 2,125,104.26 0.00 2,125,104.26 2.45 0.00 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 2.25 1,990,016.40 2.29 0.82 Issuer total 2,000,000.00 1,909,600.00 2.25 1,990,016.40 2.29 0.82 US Bancorp
91159HHN3 US BANCORP 2.375% 2.375 07/22/2026 06/22/2026 A A3 1,000,000.00 944,140.00 1.11 994,949.92 1.15 0.31 17 June 16, 2026, Item #17
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2026
N w
~ 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, US Bancorp
91159HJF8 US BANCORP 4.548% 4.548 07/22/2028 07/22/2027 A A3 900,000.00 890,253.00 1.05 900,808.34 1.04 1.25 Issuer total 1,900,000.00 1,834,393.00 2.16 1,895,758.26 2.18 0.77 Bank of America Corp
06051GFX2 BANK OF AMERICA CORP 3.500 04/19/2026 A· A1 1,800,000.00 1,736,028.00 2.04 1,799,137.40 2.07 0.05 Issuer total 1,800,000.00 1,736,028.00 2.04 1,799,137.40 2.07 0.05 Fannie Mae Principal Strip
31358DDR2 FANNIE MAE 0% 0.000 05/15/2030 AA+ Aa1 1,900,000.00 1,563,815.15 1.84 1,612,203.54 1.86 4.05 Issuer total 1,900,000.00 1,563,815.15 1.84 1,612,203.54 1.86 4.05 Apple Inc
037833D83 APPLE INC 2.9% 2.900 09/12/2027 06/12/2027 AA+ Aaa 1,300,000.00 1,234,987.00 1.45 1,281,218.78 1.47 1.36 Issuer total 1,300,000.00 1,234,987.00 1.45 1,281,218.78 1.47 1.36 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 1.44 1,277,924.08 1.47 2.69 Issuer total 1,300,000.00 1,222,104.00 1.44 1 ,277, 924.08 1.47 2.69 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 1.47 1,243,439.55 1.43 2.65 Issuer total 1 ,250,000.00 1,246,837.50 1.47 1,243,439.55 1.43 2.65 Federal National Mortgage Association
3135GAVS7 FANNIE MAE 3.91% 3.910 10/02/2028 07/02/2026 AA+ Aa1 1,200,000.00 1,199,400.00 1.41 1,193,656.44 1.37 1.37 Issuer total 1,200,000.00 1 , 199,400.00 1.41 1,193,656.44 1.37 1.37 18 June 16, 2026, Item #17
GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSURE
CITY OF POWAY
As of March 31, 2026
N .i:,.
!a, 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) Toyota Motor Credit Corp
89236TKQ7 TOYOTA MOTOR CREDIT 4.625 01/12/2028 A+ A1 1,100,000.00 1,091,585.00 1.28 1,110,032.65 1.28 1.68 Issuer total 1,100,000.00 1,091,585.00 1.28 1,110,032.65 1.28 1.68 American Honda Finance Corp
02665WBH3 AMERICAN HONDA 2.300 09/09/2026 BBB+ A3 1,100,000.00 1,034,869.00 1.22 1,089,575.08 1.25 0.44 Issuer total 1,100,000.00 1,034,869.00 1.22 1,089,575.08 1.25 0.44 Tennessee Valley Authority
880591FE7 TENN VALLEY AUTHORITY 3.875 08/01/2030 AA+ Aa1 1,000,000.00 1,001,180.00 1.18 996,849.88 1.15 3.93 Issuer total 1,000,000.00 1,001,180.00 1.18 996,849.88 1.15 3.93 .!.l &l ~
.. ·-·-· _ _._.' - ... .. .,,., • - , _ca::»; _.....,...~ ~~~- ~ r.!91.~ 19 June 16, 2026, Item #17
SECURITIES PURCHASED
CITY OF POWAY
For the period March 1, 2026 - March 31, 2026
IV u,
a Cusip Description / Broker Trade date Coupon Maturity/ Par value or Unit cost Principal Accrued w Settle date Call date shares cost interest u,
Government Agencies
3133EMM41 FEDERAL FARM CREDIT BANK 1.85% 03/05/2026 1.850 03/28/2030 2,500,000 .00 92.94 (2,323,482.50) (20,298.61) TORONTO DOMINION BANK, THE 03/06/2026
Total Government Agencies 2,500,000.00 (2,323,482.50)
20 June 16, 2026, Item #17
SECURITIES SOLD AND MATURED
CITY OF POWAY
For the period March 1, 2026 - March 31, 2026
N
0\
g_ 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
Government Agencies
3130ALHHO FEDERAL HOME LN BKS CONS BD DTD 03/05/2026 0.960 (2,300,000.00) 2,092,540.00 2,300,000 .00 0.00 2,300,000.00 0.00 0.00 03/05/2021 .96% 03-05-2026 03/05/2026
trotal (Government Agencies) (2,300,000.00) 2,092,540.00 2,300,000.00 2,300,000.00 0.00 0.00 -
Government Bonds
91282CBT7 USA TREASURY 0.75% 31 MAR2026 03/31/2026 0.750 (1,400,000.00) 1,243,707.82 1,400,000.00 0.00 1,400,000.00 0.00 0.00 03/31/2026
iTotal (Government Bonds) (1,400,000.00) 1 ,243, 707 .82 1,400,000.00 1,400,000 .00 0.00 0.00 21 June 16, 2026, Item #17
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period March 1, 2026 - March 31, 2026
N ......
~ Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value u,
--
Cash
Cash and Cash Equivalents 0.00 0.00 0.00 2,383.59 2,383.59 - ' Total Cash 0.00 0.00 0.00 2,383.59 2,383.59
Corporate Bonds
02665WBH3 AMERICAN HONDA FINANCE 2.3% 09SEP2026 1,799.14 0.00 (1,357.02) 2,319.17 12,650.00 037833DB3 APPLE INC 2.9% 12SEP2027 (CALLABLE 12JUN27) 1,311.98 0.00 (6,033.33) 3,455.83 18,850.00 06051GFX2 BANK OF AMERICA CORP 3.5% 19APR2026 2,273.85 0.00 385.95 5,775.00 0.00 17275RBQ4 CISCO SYSTEMS INC 4.8% 26FEB2027 (CALLABLE 26JAN27) (157.00) 0.00 (4,408.11) 5,500.00 0.00 17275RBR2 CISCO SYSTEMS INC 4.85% 26FEB2029 (CALLABLE 26JAN29) 0.00 0.00 (11,513.04) 4,445.84 0.00 17325FBC1 CITIBANK NA 5.488% 04DEC2026 (CALLABLE 04NOV26) (650.74) 0.00 (4,189.89) 7,042.93 0.00 17325FBB3 CITIBANK NA 5.803% 29SEP2028 (CALLABLE 29AUG28) (591.63) 0.00 (8,927.51) 5,319.42 29,015.00 194162AR4 COLGATE-PALMOLIVE CO 4.6% 01 MAR2028 (CALLABLE 01 FEB28) 86.29 0.00 (9,734.49) 10,120.00 55,200.00 24422EWK1 JOHN DEERE CAPITAL CORP 4.15% 15SEP2027 161.72 0.00 (5,126.04) 3,804.16 20,750.00 24422EXH7 JOHN DEERE CAPITAL CORP 4.5% 16JAN2029 (602.66) 0.00 (14,661.13) 4,950.00 0.00 46625HRY8 JPMORGAN CHASE & C03. 782% 01 FEB2028 (CALLABLE 01 FEB27) 1,956.46 0.00 (5,668.36) 6,933.67 0.00 717081ET6 PFIZER INC 3.45% 15MAR2029 (CALLABLE 15DEC28) 1,429.26 0.00 (13,141 .29) 4,111.25 22,425.00 89236TKQ7 TOYOTA MOTOR CREDIT CORP 4.625% 12JAN2028 145.34 0.00 (8,558.64) 4,663.55 0.00 91159HHN3 US BANCORP 2.375% 22JUL2026 (CALLABLE 22JUN26) 2,123.41 0.00 196.20 2,177.08 0.00 91159HJF8 US BANCORP 4.548% 22JUL2028 (CALLABLE 22JUL27) 179.29 0.00 (6,905.08) 3,752.10 0.00 95040QAH7 WELL TOWER OP LLC 4.125% 15MAR2029 (CALLABLE 15DEC28) 77.22 0.00 (13,669.14) 4,726.57 25,781.25 lotal Corporate Bonds 9,541.93 0.00 (113,310.92) 79,096.57 184,671.25 22 June 16, 2026, Item #17
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period March 1, 2026 - March 31, 2026
N
00 g, Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value u,
Government Agencies
31358DDR2 FANNIE MAE 0% 15MAY2030 5,513.58 0.00 (20,954.32) 0.00 0.00 3135GAVS7 FANNIE MAE 3. 91 % 020CT2028 (CALLABLE 02JUL26) 50.80 0.00 (4,913.72) 4,301.00 0.00 3133EMM41 FEDERAL FARM CREDIT BANK 1.85% 28MAR2030 (CALLABLE 23MAR26) 2,930.75 0.00 (15,374.00) 3,211.81 23,125.00 3133EN5N6 FEDERAL FARM CREDIT BANK 4% 06JAN2028 (110.92) 0.00 (8,188.69) 4,033.33 0.00 3133EPCG8 FEDERAL FARM CREDIT BANK 4.125% 01 DEC2027 210.98 0.00 (6,026.07) 3,781.25 0.00 3133EP5U5 FEDERAL FARM CREDIT BANK 4.125% 20MAR2029 275.60 0.00 (24,802.14) 7,562.50 41,250.00 3133ETW29 FEDERAL FARM CREDIT BANK 4.17% 19AUG2030 (CALLABLE 19MAY26) 0.00 0.00 (7, 167.34) 4,587.00 0.00 3133EPK79 FEDERAL FARM CREDIT BANK 4.375% 07DEC2026 114.24 0.00 (2,090.13) 4,812.50 0.00 3133ER5D9 FEDERAL FARM CREDIT BANK 4.49% 05MAR2029 (CALLABLE 05MAR27) (638.12) 0.00 (11,253.93) 7,820.09 42,655.00 3133EPUW3 FEDERAL FARM CREDIT BANK 4.75% 01SEP2026 272.55 0.00 (2,678.66) 8,708.34 47,500.00 3130ALHHO FEDERAL HOME LN BKS CONS BD DTD 03/05/2021 .96% 03-05-2026 1,576.82 0.00 529.05 429.33 11,040.00 3130AQF65 FEDERAL HOME LOAN BANK 1.25% 21 DEC2026 5,794.90 0.00 (32.18) 2,635.42 0.00 3130APJH9 FEDERAL HOME LOAN BANK 2% 280CT2026 (CALLABLE 28APR26) #0006 4,898.81 0.00 1,151.30 3,758.33 0.00 3130AEB25 FEDERAL HOME LOAN BANK 3.25% 09JUN2028 2,882.27 0.00 (22,337.29) 8,043.75 0.00 3130ATHWO FEDERAL HOME LOAN BANK 4.125% 1 OSEP2027 112.18 0.00 (8,832.70) 7,562.50 41,250.00 3130ATUS4 FEDERAL HOME LOAN BANK 4.25% 1 ODEC2027 (207.55) 0.00 (13,724.70) 7,791.66 0.00 3130ATUT2 FEDERAL HOME LOAN BANK 4.5% 14DEC2029 (197.56) 0.00 (18,599.57) 4,950.00 0.00 3130AWLZ1 FEDERAL HOME LOAN BANK 4.75% 12JUN2026 112.40 0.00 (1,079.65) 4,789.58 0.00 3134HCQK8 FREDDIE MAC 4.125% 21JAN2031 (CALLABLE 21 OCT26) (32.24) 0.00 (10,665.39) 4,726.56 0.00 3134HBSXO FREDDIE MAC 4.5% 23MAY2030 (CALLABLE 23NOV26) (473.93) 0.00 (6,709.06) 4,125.00 0.00 3134HAW33 FREDDIE MAC 4.75% 18DEC2029 (CALLABLE 18JUN26) (499.11) 0.00 (3,208.69) 4,354.17 0.00 23 June 16, 2026, Item #17
DETAIL OF RETURN AND INTEREST RECEIVED
CITY OF POWAY
For the period March 1, 2026 - March 31, 2026
N
\0
~ Cusip Description Accretion Realized gain Change in fair Interest earned Interest received w (amortization) (loss) value u,
Government Agencies
880591FE7 TENN VALLEY AUTHORITY 3.875% 01 AUG2030 (39.64) 0.00 (18,931.23) 3,552.08 0.00 ---Total Government Agencies 22,546.81 0.00 (205,889.11) 105,536.20 206,820.00 Government Bonds
912828ZQ6 USA TREASURY 0.62S% 1 SMAY2030 1,93S.32 0.00 (11 ,689.46) 468.32 0.00 91282CBT7 USA TREASURY 0.7S% 31 MAR2026 4,124.64 0.00 3,309.00 894.23 5,250.00 91282CCH2 USA TREASURY 1.25% 30JUN2028 3,954.69 0.00 (12,683.59) 1,819.75 0.00 91282CDQ1 USA TREASURY 1.25% 31 DEC2026 5,648.94 0.00 888.61 2,51S.54 0.00 912828YU8 USA TREASURY 1.625% 30NOV2026 3,871.20 0.00 762.51 2,214.29 0.00 9128283F5 USA TREASURY 2.2S% 15NOV2027 1,248.44 0.00 (6,230.47) 2,119.47 0.00 91282CEF4 USA TREASURY 2.5% 31 MAR2027 1,922.06 0.00 (1 ,203.12) 2,129.12 12,500.00 91282CET4 USA TREASURY 2.625% 31MAY2027 2,587.03 0.00 (6,171.88) 4,471.15 0.00 91282CFB2 USA TREASURY 2.75% 31 JUL2027 2,958.83 0.00 (7,945.31) 4,238.95 0.00 9128285M8 USA TREASURY 3.125% 15NOV2028 2,608.97 0.00 (23,460.96) 5,887.43 0.00 91282CFJ5 USA TREASURY 3.125% 31 AUG2029 383.41 0.00 (16,171.89) 3,158.97 18,750.00 91282CEW7 USA TREASURY 3.25% 30JUN2027 943.54 0.00 (3,150.78) 2,059.53 0.00 91282CLK5 USA TREASURY 3.625% 31 AUG2029 25.95 0.00 (16,687.50) 3,664.40 21,750.00 91282CHE4 USA TREASURY 3.625% 31 MAY2028 502.79 0.00 (18,867.18) 6,483.17 0.00 91282CHJ3 USA TREASURY 3.7S% 30JUN2030 (253.89) 0.00 (33,82814) 6,422.65 0.00 91282CFT3 USA TREASURY 4% 31 OCT2029 (268.13) 0.00 (24,000.00) 5,480.66 0.00 91282CHW4 USA TREASURY 4.125% 31 AUG2030 (396.87) 0.00 (22,363.29) 4,343.58 25,781.25 91282CFUO USA TREASURY 4.125% 31 OCT2027 501 .04 0.00 (14,847.67) 7,418.16 0.00 --·~~-- -
24 June 16, 2026, Item #17
DETAIL OF RETURN AND INTEREST RECEIVED
w
0 For the period March 1, 2026 - March 31, 2026
g, Cusip
w
Description
u,
Government Bonds
91282CKX8
91282CMG3
91282CKS9
USA TREASURY 4.25% 30JUN2029
USA TREASURY 4.25% 31JAN2030
USA TREASURY 4.875% 31 MAY2026
Total Government Bonds
Accretion
(amortization)
(114.71)
(603.40)
(614.31)
30,965.54
1*6ui,1ful'/h fMl•).1f-E:t
··----·· -~· --
Realized gain
(loss)
0.00 0.00
0.00 0.00
:,x,r,:
Change in fair
value
(16,640.61)
(25,750.00)
(1,507.18)
(258,238.91)
'•IC.t:~,.
CITY OF POWAY
Interest earned Interest received
4,367.40
5,823.20
5,812.50
81,792.47
0.00 0.00
0.00 84,031.25
fffe!:m:1:f:t .· ~
25 June 16, 2026, Item #17
TRANSACTION REPORT
CITY OF POWAY
For the period March 1, 2026 - March 31, 2026
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,
02/28/2026 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 02/28/2026
02/28/2026 91282CHW4 Income Government Bonds USA TREASURY 4.125% 08/31/2030 1,250,000.00 0.00 0.00 25,781.25 25,781 .25 02/28/2026
02/28/2026 91282CLK5 Income Government Bonds USA TREASURY 3.625% 08/31/2029 1,200,000.00 0.00 0.00 21 ,750.00 21,750 .00 02/28/2026
03/01/2026 194162AR4 Income Corporate Bonds COLGATE-PALMOLIVE CO 4.6% 03/01/2028 2,400,000.00 0.00 0.00 55,200.00 55,200.00 03/01/2026
03/01/2026 3133EPUW3 Income Government Agencies FEDERAL FARM CREDIT BANK 09/01/2026 2,000,000.00 0.00 0.00 47,500.00 47,500.00 03/01/2026
03/05/2026 3130ALHHO Income Government Agencies FEDERAL HOME LN BKS CONS 03/05/2026 2,300,000.00 0.00 0.00 11,040.00 11 ,040.00 03/05/2026
03/05/2026 3130ALHHO Capital Change Government Agencies FEDERAL HOME LN BKS CONS 03/05/2026 (2,300,000 .00) 0.00 2,300,000 .00 0.00 2,300,000 .00 03/05/2026
03/05/2026 3133EMM41 Bought Government Agencies FEDERAL FARM CREDIT BANK 03/28/2030 2,500,000.00 0.00 (2,323,482.50) (20,298.61) (2,343,781 .11) 03/06/2026
03/05/2026 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 03/05/2026
03/09/2026 02665WBH3 Income Corporate Bonds AMERICAN HONDA FINANCE 09/09/2026 1,100,000.00 0.00 0.00 12,650.00 12,650.00 03/09/2026
03/10/2026 3130ATHWO Income Government Agencies FEDERAL HOME LOAN BANK 09/10/2027 2,000,000.00 0.00 0.00 41,250 .00 41 ,250.00 03/10/2026
03/12/2026 037833DB3 Income Corporate Bonds APPLE INC 2.9% 12SEP2027 09/12/2027 1,300,000.00 0.00 0.00 18,850.00 18,850.00 03/12/2026
03/15/2026 24422EWK1 Income Corporate Bonds JOHN DEERE CAPITAL CORP 09/15/2027 1,000,000 .00 0.00 0.00 20,750.00 20,750.00 03/16/2026
03/15/2026 717081ET6 Income Corporate Bonds PFIZER INC 3.45% 15MAR2029 03/15/2029 1,300,000.00 0.00 0.00 22,425 .00 22,425 .00 03/15/2026
03/15/2026 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 03/15/2026
03/20/2026 3133EP5U5 Income Government Agencies FEDERAL FARM CREDIT BANK 03/20/2029 2,000,000 .00 0.00 0.00 41,250.00 41,250.00 03/20/2026
03/28/2026 3133EMM41 Income Government Agencies
FEDERAL FARM CREDIT BANK 03/28/2030 2,500,000.00 0.00 0.00 23,125 .00 23,125.00 03/28/2026
26 June 16, 2026, Item #17
TRANSACTION REPORT
CITY OF POWAY
For the period March 1, 2026 - March 31, 2026
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,
03/29/2026 17325FBB3 Income Corporate Bonds CITIBANK NA 5.803% 09/29/2028 1,000,000.00 0.00 0.00 29,015.00 29,015.00 03/29/2026
03/31/2026 91282CBT7 Income Government Bonds USA TREASURY 0.75% 03/31/2026 1,400,000.00 0.00 0.00 5,250.00 5,250.00 03/31/2026
03/31/2026 91282CBT7 Capital Change Government Bonds USA TREASURY 0.75% 03/31/2026 (1,400,000 .00) 0.00 1,400,000.00 0.00 1,400,000 .00 03/31/2026
03/31/2026 91282CEF4 Income Government Bonds USA TREASURY 2.5% 03/31/2027 1,000,000.00 0.00 0.00 12,500.00 12,500.00 03/31/2026
03/31/2026 Income Cash and Cash Equivalents Cash 0.00 0.00 0.00 2,383.59 2,383.59 -- --·---- --
27 June 16, 2026, Item #17
ADDITIONAL INFORMATION
As of March 31, 2026
CITY OF POWAY
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 U1 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 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 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 June 16, 2026, Item #17
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ADDITIONAL INFORMATION
As of March 31, 2026
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.
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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. © 2026 Insight Investment. All rights reserved.
29 June 16, 2026, Item #17
City of Poway Cash and Investments
w March 2026 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 3/31/2026 29.84 29.84 US Bank 2012 Refunding Certificates of Participation Money Market 3/31/2026 491,389.79 491,389 .79 Successor Agency to the Poway
US Bank Redevelopment Agency 2015A T ARB and Money Market 3/31/2026 19,357.23 19,357.23 20158 TARB
US Bank Pension Obligation Bonds Series 2021 Money Market 3/31/2026 367.69 367.69 US Bank Public Financing Authority Water Revenue Money Market 3/31/2026 1,415.51 1,415.51 Bonds 2021A ~
Total Cash with Fiscal Agents 512,560.06 512,560.06
i! n Non-Managed Investments :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 3/31/2026 98,935.08 98,792.00 (143.08) Total Non-Managed Investments 98,935.08 98,792.00 (143.08) Bank Accounts and Petty Cash
Custodians Description Cash Type Settlement Date Book Value Market Value Unrealized Gain (Loss)
US Bank Bank Accounts Demand Deposits 3/31/2026 931,433.54 931,433.54 City of Poway Petty Cash Accounts Cash on Hand 3/31/2026 8,600.00 8,600.00 Total Cash 940,033.54 940,033.54
Total 1,551,528.68 1,551,385.60