Interest 11/30/2025 91282CJN2 0.00 T-Note 4.375 11/30/2028 0.00 60,703.13 0.00 60,703.13 Subtotal 0.00 0.00 386,554.66 386,554.66
Total Interest/Dividends 0.00 0.00 386,554.66 386,554.66 Sell Transactions
Principal Pay Down 11/25/2025 3137BTUMI 1,239.94 FHLMC MBS 3.347 11/25/2026 0.00 1,239.94 0.00 0.00 1,239.94 Subtotal 1,239.94 1,239.94 0.00 1,239.94
Sell 11/5/2025 91282CGV7 25,000.00 T-Note 3.75 4/15/2026 0.00 24,998.05 54.09 0.00 25,052.14 Sell 11/5/2025 91282CBQ3 815,000.00 T-Note 0.5 2/28/2026 0.00 806,404.30 742.96 0.00 807,147.26 Sell 11/5/2025 91282CGL9 850,000.00 T-Note 4 2/15/2026 0.00 850,332.03 7,576.09 0.00 857,908.12 Sell 11/6/2025 91282CGL9 155,000.00 T-Note 4 2/15/2026 0.00 155,060.55 1,398.37 0.00 156,458.92 Sell 11/20/2025 91282CPA3 1,500,000.00 T-Note 3.625 9/30/2030 0.00 1,493,378.91 7,618.48 0.00 1,500,997.39 Subtotal 3,345,000.00 3,330,173.84 17,389.99 3,347,563.83 Withdraw 11/7/2025 MM9730 163,860.29 Zions Bank MM 0.00 163,860.29 0.00 0.00 163,860.29 Subtotal 163,860.29 163,860.29 0.00 163,860.29
Total Sell Transactions 3,510,100.23 3,495,274.07 17,389.99 3,512,664.06 Settlement Date CUSIP Description Principal YTM @ Cost
Face Amount /
Action Shares Purchase Price
Interest /
Dividends Total
Begin Date: 10/31/2025, End Date: 11/30/2025 Report Group | Investment Policy Compliance Transaction Summary by Action
City of Paso Robles
6 Attachment 1
Asset-Backed Securities 20%
3137BTUMI
FHLMC MBS 3.347 11/25/2026
592,021.87
5/24/2023
4.31 586,900.60
573,798.70 99.15
4.08 1,596.21
586,989.68
89.08 0.37%
S&P-AA+
Moodys-Aaa
0.89 360
360
0.89 0.37%
89.08 586,989.68
4.08 1,596.21
573,798.70
Sub Total Asset-Backed Securities 20% 592,021.87 4.31 586,900.60 CD | Negotiable 30%
21684LGS5
Cooperatieve Centrale 5.08 7/17/2026
800,000.00
7/20/2023
5.08 800,000.00
800,000.00 100.95
3.52 15,014.22
807,617.36
7,617.36
0.5%
FDIC Insured
FDIC Insured
0.62 229
229
0.62 0.5%
7,617.36
807,617.36
3.52 15,014.22
800,000.00
Sub Total CD | Negotiable 30% 800,000.00 5.08 800,000.00 Corporate Notes 30%
00724PAF6
Adobe Inc 4.8 4/4/2029-29
465,000.00
4/4/2024
4.83 464,307.15
464,307.15 102.82
3.89 3,472.00
478,131.05
13,823.90
0.29%
S&P-A+
Moodys-A1
3.11 1190
00724PAF6
Adobe Inc 4.8 4/4/2029-29
380,000.00
4/5/2024
4.77 380,501.60
380,501.60 102.82
3.89 2,837.33
390,730.75
10,229.15
0.24%
S&P-A+
Moodys-A1
3.11 1190
02079KAC1
Alphabet Inc 1.998 8/15/2026-26
980,000.00
1/30/2023
4.05 914,163.60
914,163.60 98.74
3.81 5,710.95
967,690.82
53,527.22
0.57%
S&P-AA+
Moodys-Aa2
0.7 166
02079KAV9
ALPHABET INC 3.875 11/15/2028-28
155,000.00
11/6/2025
3.91 154,866.70
154,866.70 100.60
3.66 400.42
155,926.06
1,059.36
0.1%
S&P-AA+
Moodys-Aa2
2.82 1050
023135CT1
AMAZON COM INC 4.1 11/20/2030-30
1,500,000.00
11/20/2025
4.12 1,498,395.00
1,498,395.00 100.48
3.99 1,708.33
1,507,211.97
8,816.97
0.94%
S&P-AA
Moodys-A1
4.54 1785
023135BC9
Amazon.Com INC 3.15 8/22/2027
370,000.00
11/3/2022
4.81 343,863.20
343,863.20 99.12
3.68 3,172.75
366,742.38
22,879.18
0.21%
S&P-AA
Moodys-A1
1.68 630
037833DU1
Apple INC 1.65 5/11/2030-30
650,000.00
7/2/2025
4.18 578,253.00
578,253.00 91.08
3.85 566.04
592,040.31
13,787.31
0.36%
S&P-AA+
Moodys-Aaa
4.29 1593
037833ET3
Apple Inc 4 5/10/2028-28
1,230,000.00
5/18/2023
3.94 1,233,198.00
1,233,198.00 100.79
3.66 2,733.33
1,239,688.53
6,490.53
0.77%
S&P-AA+
Moodys-Aaa
2.35 862
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
7 Attachment 1
06051GMK2
Bank of America Corp 4.979 1/24/2029
470,000.00
4/2/2025
4.66 475,207.60
475,207.60 101.87
4.34 8,190.46
478,786.18
3,578.58
0.3%
S&P-AMoodys-A1
2.91 1151
06051GJS9
Bank of America Corp Var. Corp 7/22/2027 -
26 495,000.00
8/4/2022
1.73 446,381.10
446,381.10 98.44
1.73 3,051.84
487,297.76
40,916.66
0.28%
S&P-AMoodys-A2
0 234
06406RAB3
Bank of NY Mellon Corp 3.442 2/7/2028-27
1,750,000.00
8/7/2024
4.33 1,700,195.00
1,700,195.00 99.38
3.74 18,907.10
1,739,063.74
38,868.74
1.06%
S&P-A
Moodys-A1
2.1 434
09290DAA9
Blackrock Funding INC 4.7 3/14/2029-29
105,000.00
3/14/2024
4.74 104,809.95
104,809.95 102.44
3.90 1,041.83
107,565.29
2,755.34
0.07%
S&P-AAMoodys-Aa3
3.06 1172
14913R3B1
Caterpillar Finl Svcs Corp 4.8 1/6/2026-25
600,000.00
1/27/2023
4.32 607,812.00
607,812.00 100.05
4.17 11,520.00
600,329.30
-7,482.70
0.38%
S&P-A
Moodys-A2
0.1 6
17275RBX9
Cisco Systems INC 4.75 2/24/2030-30
1,750,000.00
4/22/2025
4.45 1,772,610.00
1,772,610.00 102.90
4.00 22,166.67
1,800,814.47
28,204.47
1.11%
S&P-AAMoodys-A1
3.84 1516
17325FBB3
Citibank 5.803 9/29/2028-28
1,345,000.00
9/29/2023
5.80 1,345,000.00
1,345,000.00 104.96
3.93 13,225.20
1,411,745.44
66,745.44
0.84%
S&P-A+
Moodys-Aa3
2.63 1003
532457CQ9
Eli Lilly & Co 4.2 8/14/2029-29
195,000.00
8/14/2024
4.25 194,572.95
194,572.95 101.17
3.86 2,411.50
197,286.23
2,713.28
0.12%
S&P-A+
Moodys-A1
3.43 1322
532457CQ9
Eli Lilly & Co 4.2 8/14/2029-29
680,000.00
8/14/2024
4.17 680,992.80
680,992.80 101.17
3.86 8,409.33
687,972.50
6,979.70
0.43%
S&P-A+
Moodys-A1
3.43 1322
38151LAG5
Goldman Sachs Bank 5.414 5/21/2027
880,000.00
5/22/2025
5.08 885,535.20
885,535.20 100.60
4.98 1,191.08
885,319.36
-215.84
0.55%
S&P-A+
Moodys-A1
1.44 537
427866BH0
Hershey Company 4.25 5/4/2028-28
615,000.00
5/18/2023
4.07 619,969.20
619,969.20 101.11
3.77 1,887.71
621,822.97
1,853.77
0.39%
S&P-AA+
Moodys-Aaa
2.33 856
437076BT8
Home Depot Inc 2.8 9/14/2027-27
650,000.00
1/30/2023
4.16 613,210.00
613,210.00 98.34
3.77 3,842.22
639,190.11
25,980.11
0.38%
S&P-A
Moodys-A2
1.75 561
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
8 Attachment 1
437076DJ8
Home Depot Inc 3.95 9/15/2030-30
50,000.00
9/15/2025
4.03 49,820.50
49,820.50 99.77
4.00 411.46
49,883.80
63.30 0.03%
S&P-A
Moodys-A2
4.38 1719
24422EXB0
John Deere Capital 4.95 7/14/2028
125,000.00
7/14/2023
4.64 126,700.00
126,700.00 102.75
3.84 2,337.50
128,438.04
1,738.04
0.08%
S&P-A
Moodys-A2
2.45 957
24422EXB0
John Deere Capital 4.95 7/14/2028
290,000.00
7/14/2023
4.98 289,567.90
289,567.90 102.75
3.84 5,423.00
297,976.26
8,408.36
0.18%
S&P-A
Moodys-A2
2.45 957
24422EXB0
John Deere Capital 4.95 7/14/2028
225,000.00
7/18/2023
4.73 227,205.00
227,205.00 102.75
3.84 4,207.50
231,188.48
3,983.48
0.14%
S&P-A
Moodys-A2
2.45 957
48125LRU8
JP Morgan Bank NA 5.11 12/8/2026-26
1,000,000.00
12/8/2023
5.11 1,000,000.00
1,000,000.00 101.11
3.99 24,414.44
1,011,068.60
11,068.60
0.63%
S&P-A+
Moodys-Aa2
0.99 343
46647PCW4
JP Morgan Chase & CO 2.947 2/24/2028-27
350,000.00
9/18/2023
5.13 320,029.50
320,029.50 98.64
3.58 2,750.53
345,255.65
25,226.15
0.2%
S&P-AMoodys-A1
2.16 451
46647PEG7
JPMorgan Chase & Co 5.581 4/22/2030
425,000.00
4/28/2025
4.87 438,221.75
438,221.75 104.65
4.40 2,503.70
444,782.29
6,560.54
0.27%
S&P-A
Moodys-A1
3.95 1604
49177JAF9
Kenvue INC 5.05 3/22/2028-28
635,000.00
6/30/2025
4.12 649,992.35
649,992.35 102.30
4.00 6,057.19
649,591.95
-400.40
0.41%
S&P-A
Moodys-A1
2.19 814
57636QAM6
Mastercard Inc 2.95 6/1/2029-29
460,000.00
6/27/2024
4.82 422,620.40
422,620.40 97.02
3.87 6,747.31
446,307.44
23,687.04
0.26%
S&P-A+
Moodys-Aa3
3.3 1248
57636QBF0
Mastercard Incorporated 4.55 3/15/2028-28
440,000.00
3/3/2025
4.26 443,586.00
443,586.00 101.77
3.74 4,170.83
447,778.89
4,192.89
0.28%
S&P-A+
Moodys-Aa3
2.18 807
58933YAX3
Merck & Co INC 3.4 3/7/2029-29
645,000.00
6/30/2025
4.16 628,313.85
628,313.85 98.42
3.92 5,056.08
634,822.91
6,509.06
0.39%
S&P-A+
Moodys-Aa3
3.1 1165
61690U8B9
Morgan Stanley Bank Var. Corp 5/26/2028 -
27 375,000.00
5/30/2024
5.50 375,000.00
375,000.00 102.06
5.50 229.33
382,725.70
7,725.70
0.23%
S&P-A+
Moodys-Aa3
0 542
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
9 Attachment 1
61690U8B9
Morgan Stanley Bank Var. Corp 5/26/2028 -
27 725,000.00
5/31/2024
5.50 726,529.75
726,529.75 102.06
5.50 443.38
739,936.36
13,406.61
0.45%
S&P-A+
Moodys-Aa3
0 542
63743HFZ0
National Rural Util Coop 4.15 8/25/2028-28
450,000.00
8/25/2025
4.19 449,496.00
449,496.00 100.57
3.93 4,928.13
452,558.07
3,062.07
0.28%
None
Moodys-A2
2.59 968
66989HAY4
NOVARTIS CAPITAL CORP 4.1 11/5/2030-
30 1,695,000.00
11/5/2025
4.17 1,689,915.00
1,689,915.00 100.39
4.01 4,826.04
1,701,536.92
11,621.92
1.06%
S&P-AAMoodys-Aaa
4.5 1770
69371RS56
Paccar Finanical 5.05 8/10/2026
650,000.00
8/11/2023
4.88 652,990.00
652,990.00 100.75
3.94 10,029.86
654,846.49
1,856.49
0.41%
S&P-A+
Moodys-A1
0.68 253
713448FX1
PepsiCo INC 4.5 7/17/2029-29
565,000.00
7/17/2024
4.54 564,124.25
564,124.25 102.26
3.82 9,393.12
577,794.58
13,670.33
0.35%
S&P-A+
Moodys-A1
3.34 1295
713448GB8
PEPSICO INC 4.6 2/7/2030-30
220,000.00
2/7/2025
4.64 219,630.40
219,630.40 102.53
3.94 3,176.56
225,570.15
5,939.75
0.14%
S&P-A+
Moodys-A1
3.81 1499
713448GB8
PEPSICO INC 4.6 2/7/2030-30
565,000.00
4/30/2025
4.23 573,859.20
573,859.20 102.53
3.94 8,157.97
579,305.17
5,445.97
0.36%
S&P-A+
Moodys-A1
3.81 1499
69353RFG8
PNC Bank NA 3.1 10/25/2027
735,000.00
12/8/2022
4.39 693,884.10
693,884.10 98.67
3.83 2,215.21
725,201.19
31,317.09
0.43%
S&P-A
Moodys-A2
1.86 694
857477CN1
State Street Corp 4.53 2/20/2029-29
235,000.00
8/20/2024
4.53 235,000.00
235,000.00 101.18
4.13 2,957.08
237,764.98
2,764.98
0.15%
S&P-A
Moodys-A1
3 1147
882508BJ2
Texas Instruments INC 1.75 5/4/2030-30
1,000,000.00
7/3/2025
4.28 890,590.00
890,590.00 91.04
3.98 1,263.89
910,378.54
19,788.54
0.56%
S&P-A+
Moodys-Aa3
4.27 1586
89236TMK8
Toyota Motor Credit Corp 4.55 8/9/2029
160,000.00
8/9/2024
4.58 159,816.00
159,816.00 101.87
4.00 2,264.89
162,994.51
3,178.51
0.1%
S&P-A+
Moodys-A1
3.4 1348
89236TMK8
Toyota Motor Credit Corp 4.55 8/9/2029
190,000.00
8/9/2024
4.64 189,219.10
189,219.10 101.87
4.00 2,689.56
193,555.98
4,336.88
0.12%
S&P-A+
Moodys-A1
3.4 1348
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
10 Attachment 1
89236TMK8
Toyota Motor Credit Corp 4.55 8/9/2029
75,000.00
8/9/2024
4.60 74,847.75
74,847.75 101.87
4.00 1,061.67
76,403.68
1,555.93
0.05%
S&P-A+
Moodys-A1
3.4 1348
89236TLB9
Toyota Motor Credit Corp 5.25 9/11/2028
400,000.00
9/11/2023
5.29 399,304.00
399,304.00 103.66
3.85 4,608.33
414,654.89
15,350.89
0.25%
S&P-A+
Moodys-A1
2.6 1016
931142ER0
Walmart Inc 1.05 9/17/2026-26
1,030,000.00
1/30/2023
4.14 923,601.00
923,601.00 97.94
3.70 2,193.04
1,008,744.27
85,143.27
0.58%
S&P-AA
Moodys-Aa2
0.79 260
931142FN8
WalMart INC 4.35 4/28/2030-30
250,000.00
4/28/2025
4.39 249,567.50
249,567.50 101.93
3.87 966.67
254,823.31
5,255.81
0.16%
S&P-AA
Moodys-Aa2
4.05 1579
931142FN8
WalMart INC 4.35 4/28/2030-30
550,000.00
5/2/2025
4.15 554,922.50
554,922.50 101.93
3.87 2,126.67
560,611.28
5,688.78
0.35%
S&P-AA
Moodys-Aa2
4.05 1579
994
2.61 18.29%
669,657.75
29,901,855.60
3.96 244,057.03
29,232,197.85
Sub Total Corporate Notes 30% 29,780,000.00 4.47 29,232,197.85 LGIP | Fixed Asset
CAMP05-19-26
CAMP TERM 4.27 5/19/2026
13,448,852.60
6/2/2025
4.27 13,448,852.60
13,448,852.60 100.00
4.27 284,773.01
13,448,852.60
0.00 8.41%
NR
NR
0.47 170
170
0.47 8.41%
0.00 13,448,852.60
4.27 284,773.01
13,448,852.60
Sub Total LGIP | Fixed Asset 13,448,852.60 4.27 13,448,852.60 LGIP | LAIF
LAIF0271
LAIF LGIP
9,484,836.00
12/31/2019
4.10 9,484,836.00
9,484,836.00 100.00
4.10 9,484,836.00
0.00 5.93%
NR
NR
0 1
1 0
5.93%
0.00 9,484,836.00
4.10 9,484,836.00
Sub Total LGIP | LAIF 9,484,836.00 4.10 9,484,836.00
LGIP | Liquid Asset
CAMP1001
CAMP LGIP
12,774,563.76
12/31/2019
4.10 12,774,563.76
12,774,563.76 100.00
4.10 12,774,563.76
0.00 7.99%
NR
NR
0 1
1 0
7.99%
0.00 12,774,563.76
4.10 12,774,563.76
Sub Total LGIP | Liquid Asset 12,774,563.76 4.10 12,774,563.76 CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
11 Attachment 1
Money Market Funds 20%
MM9730
Zions Bank MM
30,272.00
2/1/2020
3.76 30,272.00
30,272.00 100.00
3.76 30,272.00
0.00 0.02%
NR
NR
0 1
1 0
0.02%
0.00 30,272.00
3.76 30,272.00
Sub Total Money Market Funds 20% 30,272.00 3.76 30,272.00 US Treasury
91282CAU5
T-Note 0.5 10/31/2027
2,170,000.00
1/6/2023
3.91 1,847,975.39
1,847,975.39 94.46
3.51 899.17
2,049,887.11
201,911.72
1.16%
S&P-AA+
Moodys-Aaa
1.91 700
912828ZN3
T-Note 0.5 4/30/2027
610,000.00
8/4/2022
2.89 545,973.83
545,973.83 95.82
3.55 252.76
584,480.08
38,506.25
0.34%
S&P-AA+
Moodys-Aaa
1.41 516
912828ZV5
T-Note 0.5 6/30/2027
840,000.00
8/10/2022
2.99 745,434.38
745,434.38 95.37
3.53 1,746.20
801,117.19
55,682.81
0.47%
S&P-AA+
Moodys-Aaa
1.58 577
91282CBB6
T-Note 0.625 12/31/2027
1,900,000.00
1/25/2024
4.09 1,663,242.19
1,663,242.19 94.27
3.50 4,937.16
1,791,195.32
127,953.13
1.04%
S&P-AA
Moodys-Aaa
2.07 761
91282CCF6
T-Note 0.75 5/31/2026
1,210,000.00
6/4/2021
0.82 1,206,171.48
1,206,171.48 98.53
3.76 0.00
1,192,152.50
-14,018.98
0.75%
Moodys-Aaa
S&P-AA+
0.5 182
91282CCF6
T-Note 0.75 5/31/2026
905,000.00
6/8/2022
2.99 829,418.36
829,418.36 98.53
3.76 0.00
891,651.25
62,232.89
0.52%
Moodys-Aaa
S&P-AA+
0.5 182
91282CCZ2
T-Note 0.875 9/30/2026
1,075,000.00
4/7/2022
2.77 989,797.85
989,797.85 97.72
3.68 1,576.32
1,050,495.46
60,697.61
0.62%
S&P-AA+
Moodys-Aaa
0.83 304
91282CCV1
T-Note 1.125 8/31/2028
1,160,000.00
11/3/2023
4.69 983,507.81
983,507.81 93.84
3.49 3,280.52
1,088,587.50
105,079.69
0.61%
S&P-AA+
Moodys-Aaa
2.71 1005
91282CDQ1
T-Note 1.25 12/31/2026
1,385,000.00
1/30/2023
3.71 1,262,027.15
1,262,027.15 97.50
3.62 7,197.86
1,350,429.10
88,401.95
0.79%
S&P-AA+
Moodys-Aaa
1.07 396
91282CDQ1
T-Note 1.25 12/31/2026
2,760,000.00
2/10/2023
3.95 2,494,026.56
2,494,026.56 97.50
3.62 14,343.75
2,691,107.80
197,081.24
1.56%
S&P-AA+
Moodys-Aaa
1.07 396
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
12 Attachment 1
91282CBZ3
T-Note 1.25 4/30/2028
1,865,000.00
1/25/2024
4.08 1,660,287.11
1,660,287.11 94.85
3.49 1,931.98
1,768,908.78
108,621.67
1.04%
S&P-AA
Moodys-Aaa
2.39 882
9128287B0
T-Note 1.875 6/30/2026
1,620,000.00
5/18/2023
3.69 1,533,937.50
1,533,937.50 98.93
3.74 12,628.74
1,602,673.60
68,736.10
0.96%
S&P-AA+
Moodys-Aaa
0.58 212
912828V98
T-Note 2.25 2/15/2027
1,155,000.00
7/7/2022
2.85 1,125,132.42
1,125,132.42 98.43
3.59 7,556.15
1,136,817.77
11,685.35
0.7%
S&P-AA+
Moodys-Aaa
1.19 442
9128282R0
T-Note 2.25 8/15/2027
2,180,000.00
9/6/2022
3.40 2,066,827.34
2,066,827.34 97.88
3.54 14,261.82
2,133,845.30
67,017.96
1.29%
S&P-AA+
Moodys-Aaa
1.68 623
91282CEN7
T-Note 2.75 4/30/2027
1,285,000.00
5/5/2023
3.50 1,249,260.94
1,249,260.94 98.88
3.56 2,928.52
1,270,644.13
21,383.19
0.78%
S&P-AA+
Moodys-Aaa
1.4 516
9128284N7
T-Note 2.875 5/15/2028
1,735,000.00
1/11/2024
4.01 1,657,060.55
1,657,060.55 98.55
3.50 2,066.90
1,709,856.05
52,795.50
1.04%
S&P-AA
Moodys-Aaa
2.39 897
91282CNY3
T-Note 3.375 9/15/2028
550,000.00
9/22/2025
3.55 547,250.00
547,250.00 99.69
3.49 3,897.10
548,281.25
1,031.25
0.34%
S&P-AA+
Moodys-Aa1
2.67 1020
91282CGH8
T-Note 3.5 1/31/2028
1,755,000.00
6/5/2023
3.76 1,735,461.91
1,735,461.91 100.00
3.50 20,363.72
1,755,000.00
19,538.09
1.08%
S&P-AA+
Moodys-Aaa
2.08 792
91282CGH8
T-Note 3.5 1/31/2028
2,555,000.00
2/8/2024
4.16 2,493,520.31
2,493,520.31 100.00
3.50 29,646.33
2,555,000.00
61,479.69
1.56%
S&P-AA+
Moodys-Aaa
2.08 792
91282CHA2
T-Note 3.5 4/30/2028
485,000.00
5/1/2023
3.60 482,821.29
482,821.29 100.02
3.49 1,406.77
485,075.78
2,254.49
0.3%
S&P-AA+
Moodys-Aaa
2.33 882
91282CLN9
T-Note 3.5 9/30/2029
470,000.00
10/3/2024
3.56 468,733.20
468,733.20 99.82
3.55 2,756.73
469,137.11
403.91
0.29%
S&P-AA+
Moodys-Aaa
3.6 1400
91282CGT2
T-Note 3.625 3/31/2028
1,230,000.00
5/5/2023
3.41 1,241,963.67
1,241,963.67 100.30
3.49 7,472.08
1,233,699.61
-8,264.06
0.78%
S&P-AA+
Moodys-Aaa
2.25 852
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
13 Attachment 1
91282CLK5
T-Note 3.625 8/31/2029
1,345,000.00
9/5/2024
3.58 1,347,784.57
1,347,784.57 100.26
3.55 12,256.41
1,348,467.57
683.00
0.84%
S&P-AA+
Moodys-Aaa
3.51 1370
91282CNX5
T-Note 3.625 8/31/2030
440,000.00
9/2/2025
3.72 438,023.44
438,023.44 100.10
3.60 4,009.53
440,446.87
2,423.43
0.27%
S&P-AA+
Moodys-Aa1
4.37 1735
91282CNX5
T-Note 3.625 8/31/2030
2,900,000.00
9/3/2025
3.74 2,884,593.75
2,884,593.75 100.10
3.60 26,426.45
2,902,945.30
18,351.55
1.8%
S&P-AA+
Moodys-Aa1
4.37 1735
91282CPA3
T-Note 3.625 9/30/2030
970,000.00
10/2/2025
3.70 966,930.86
966,930.86 100.09
3.60 5,892.62
970,909.38
3,978.52
0.6%
Moodys-Aa1
S&P-AA+
4.45 1765
91282CJR3
T-Note 3.75 12/31/2028
1,680,000.00
1/11/2024
3.97 1,663,725.00
1,663,725.00 100.72
3.50 26,192.93
1,692,075.00
28,350.00
1.04%
S&P-AA
Moodys-Aaa
2.9 1127
91282CGV7
T-Note 3.75 4/15/2026
1,215,000.00
5/5/2023
3.63 1,219,176.56
1,219,176.56 99.99
3.75 5,757.90
1,214,931.18
-4,245.38
0.76%
S&P-AA+
Moodys-Aaa
0.37 136
91282CHF1
T-Note 3.75 5/31/2030
1,955,000.00
6/5/2025
4.00 1,933,158.98
1,933,158.98 100.68
3.59 0.00
1,968,287.90
35,128.92
1.21%
S&P-AA+
Moodys-Aa1
4.18 1643
91282CMZ1
T-Note 3.875 4/30/2030
625,000.00
5/1/2025
3.69 630,297.85
630,297.85 101.20
3.58 2,007.08
632,495.12
2,197.27
0.39%
S&P-AA+
Moodys-Aaa
4.09 1612
91282CNK3
T-Note 3.875 6/30/2030
935,000.00
7/2/2025
3.85 936,278.32
936,278.32 101.21
3.59 15,063.54
946,285.74
10,007.42
0.59%
S&P-AA+
Moodys-Aa1
4.18 1673
91282CNN7
T-Note 3.875 7/31/2030
1,395,000.00
8/5/2025
3.99 1,388,133.98
1,388,133.98 101.20
3.59 17,920.82
1,411,674.60
23,540.62
0.87%
S&P-AA+
Moodys-Aa1
4.26 1704
91282CJT9
T-Note 4 1/15/2027
1,665,000.00
1/18/2024
4.01 1,664,414.65
1,664,414.65 100.42
3.61 24,975.00
1,672,024.22
7,609.57
1.04%
S&P-AA
Moodys-Aaa
1.1 411
91282CJW2
T-Note 4 1/31/2029
2,505,000.00
2/8/2024
4.10 2,493,649.22
2,493,649.22 101.44
3.52 33,218.48
2,541,009.38
47,360.16
1.56%
S&P-AA+
Moodys-Aa
2.97 1158
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
14 Attachment 1
91282CGQ8
T-Note 4 2/28/2030
410,000.00
3/5/2025
3.98 410,288.28
410,288.28 101.67
3.57 4,122.65
416,838.67
6,550.39
0.26%
S&P-AA+
Moodys-Aaa
3.91 1551
91282CGP0
T-Note 4 2/29/2028
2,295,000.00
3/6/2023
4.26 2,268,374.41
2,268,374.41 101.08
3.50 23,076.80
2,319,742.97
51,368.56
1.42%
S&P-AA+
Moodys-Aaa
2.15 821
91282CGP0
T-Note 4 2/29/2028
1,640,000.00
1/11/2024
4.02 1,638,846.88
1,638,846.88 101.08
3.50 16,490.61
1,657,681.25
18,834.37
1.02%
S&P-AA+
Moodys-Aaa
2.15 821
91282CMU2
T-Note 4 3/31/2030
2,010,000.00
4/2/2025
3.89 2,020,050.00
2,020,050.00 101.68
3.58 13,436.71
2,043,761.73
23,711.73
1.26%
S&P-AA+
Moodys-Aaa
4 1582
91282CHK0
T-Note 4 6/30/2028
115,000.00
7/3/2023
4.17 114,133.01
114,133.01 101.27
3.48 1,912.50
116,459.96
2,326.95
0.07%
S&P-AA+
Moodys-Aaa
2.44 943
91282CHK0
T-Note 4 6/30/2028
775,000.00
7/10/2023
4.34 763,253.91
763,253.91 101.27
3.48 12,888.59
784,838.87
21,584.96
0.48%
S&P-AA+
Moodys-Aaa
2.44 943
91282CLC3
T-Note 4 7/31/2029
1,965,000.00
8/2/2024
3.86 1,977,818.55
1,977,818.55 101.55
3.54 26,057.61
1,995,549.62
17,731.07
1.24%
S&P-AA+
Moodys-Aaa
3.41 1339
91282CLR0
T-Note 4.125 10/31/2029
1,275,000.00
11/4/2024
4.18 1,271,862.30
1,271,862.30 102.06
3.56 4,358.60
1,301,247.07
29,384.77
0.8%
S&P-AA+
Moodys-Aaa
3.65 1431
91282CMA6
T-Note 4.125 11/30/2029
2,735,000.00
12/6/2024
4.09 2,739,914.45
2,739,914.45 102.09
3.56 0.00
2,792,050.40
52,135.95
1.71%
S&P-AA+
Moodys-Aaa
3.73 1461
91282CKG5
T-Note 4.125 3/31/2029
535,000.00
4/11/2024
4.38 529,085.74
529,085.74 101.87
3.52 3,698.33
545,010.35
15,924.61
0.33%
S&P-AA+
Moodys-Aaa
3.13 1217
91282CKG5
T-Note 4.125 3/31/2029
550,000.00
9/22/2025
3.59 559,689.45
559,689.45 101.87
3.52 3,802.03
560,291.02
601.57
0.35%
S&P-AA+
Moodys-Aaa
3.13 1217
91282CFM8
T-Note 4.125 9/30/2027
1,500,000.00
5/18/2023
3.57 1,533,515.63
1,533,515.63 101.06
3.52 10,369.16
1,515,937.50
-17,578.13
0.96%
S&P-AA+
Moodys-Aaa
1.77 669
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
15 Attachment 1
91282CFM8
T-Note 4.125 9/30/2027
2,045,000.00
10/10/2023
4.76 1,998,588.09
1,998,588.09 101.06
3.52 14,136.62
2,066,728.13
68,140.04
1.25%
S&P-AA+
Moodys-Aaa
1.77 669
91282CMG3
T-Note 4.25 1/31/2030
2,600,000.00
2/5/2025
4.33 2,590,351.56
2,590,351.56 102.61
3.57 36,633.15
2,667,945.31
77,593.75
1.62%
S&P-AA+
Moodys-Aaa
3.82 1523
91282CMN8
T-Note 4.25 2/15/2028
4,255,000.00
4/11/2025
3.82 4,304,198.44
4,304,198.44 101.58
3.50 53,012.64
4,322,315.42
18,116.98
2.69%
S&P-AA+
Moodys-Aaa
2.11 807
91282CKD2
T-Note 4.25 2/28/2029
965,000.00
3/19/2024
4.32 962,135.16
962,135.16 102.22
3.52 10,309.77
986,448.63
24,313.47
0.6%
S&P-AA
Moodys-Aa
3.04 1186
91282CKE0
T-Note 4.25 3/15/2027
3,840,000.00
9/22/2025
3.62 3,874,650.00
3,874,650.00 100.83
3.58 34,262.98
3,871,800.00
-2,850.00
2.42%
S&P-AA+
Moodys-Aa1
1.26 470
91282CKX8
T-Note 4.25 6/30/2029
625,000.00
7/3/2024
4.40 620,751.95
620,751.95 102.39
3.53 11,043.65
639,916.99
19,165.04
0.39%
S&P-AA+
Moodys-Aaa
3.31 1308
91282CKX8
T-Note 4.25 6/30/2029
1,394,000.00
7/3/2024
4.38 1,386,104.30
1,386,104.30 102.39
3.53 24,631.75
1,427,270.86
41,166.56
0.87%
S&P-AA+
Moodys-Aaa
3.31 1308
91282CKX8
T-Note 4.25 6/30/2029
860,000.00
7/9/2024
4.24 860,470.31
860,470.31 102.39
3.53 15,196.06
880,525.78
20,055.47
0.54%
S&P-AA+
Moodys-Aaa
3.31 1308
91282CJN2
T-Note 4.375 11/30/2028
1,785,000.00
12/8/2023
4.23 1,796,435.16
1,796,435.16 102.46
3.50 0.00
1,828,927.74
32,492.58
1.12%
None
Moodys-Aaa
2.85 1096
91282CJN2
T-Note 4.375 11/30/2028
990,000.00
12/18/2023
3.94 1,009,219.92
1,009,219.92 102.46
3.50 0.00
1,014,363.29
5,143.37
0.63%
None
Moodys-Aaa
2.85 1096
91282CMD0
T-Note 4.375 12/31/2029
2,270,000.00
1/7/2025
4.43 2,264,945.70
2,264,945.70 103.05
3.57 41,290.25
2,339,252.73
74,307.03
1.42%
S&P-AA+
Moodys-Aaa
3.72 1492
91282CHX2
T-Note 4.375 8/31/2028
710,000.00
9/13/2023
4.42 708,474.61
708,474.61 102.28
3.50 7,808.53
726,196.88
17,722.27
0.44%
None
None
2.59 1005
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
16 Attachment 1
91282CKT7
T-Note 4.5 5/31/2029
665,000.00
6/6/2024
4.31 670,636.91
670,636.91 103.17
3.53 0.00
686,066.99
15,430.08
0.42%
S&P-AA+
Moodys-Aaa
3.28 1278
91282CHM6
T-Note 4.5 7/15/2026
1,645,000.00
1/18/2024
4.09 1,660,807.42
1,660,807.42 100.48
3.71 27,759.38
1,652,847.16
-7,960.26
1.04%
S&P-AA
Moodys-Aaa
0.61 227
91282CKP5
T-Note 4.625 4/30/2029
1,035,000.00
5/3/2024
4.57 1,037,708.79
1,037,708.79 103.51
3.53 3,967.02
1,071,305.85
33,597.06
0.65%
S&P-AA+
Moodys-Aaa
3.19 1247
91282CJA0
T-Note 4.625 9/30/2028
2,000,000.00
10/10/2023
4.70 1,993,515.63
1,993,515.63 103.04
3.49 15,501.37
2,060,781.24
67,265.61
1.25%
Moodys-Aaa
None
2.67 1035
91282CJF9
T-Note 4.875 10/31/2028
955,000.00
11/2/2023
4.73 960,968.75
960,968.75 103.77
3.50 3,858.25
991,036.33
30,067.58
0.6%
None
Moodys-Aaa
2.75 1066
91282CJF9
T-Note 4.875 10/31/2028
1,370,000.00
1/4/2024
4.00 1,421,910.16
1,421,910.16 103.77
3.50 5,534.88
1,421,696.10
-214.06
0.89%
None
Moodys-Aaa
2.75 1066
912810FB9
T-Note 6.125 11/15/2027
1,125,000.00
1/30/2023
3.60 1,248,925.78
1,248,925.78 104.96
3.48 2,855.23
1,180,854.50
-68,071.28
0.78%
None
Moodys-Aaa
1.87 715
968
2.5 58.51%
2,193,654.62
95,787,284.29
3.55 742,886.46
93,593,629.67
Sub Total US Treasury 95,469,000.00 3.91 93,593,629.67
TOTAL PORTFOLIO 162,379,546.23 4.08 159,951,252.48
159,938,150.58
3.77 1,288,326.93
162,822,271.29
2,871,018.81
100.00%
1.99 765
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 11/30/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
17 Attachment 1
Council Agenda Report
From: Catherine Piatti, Finance Manager
Ryan Cornell, Administrative Services Director/City Treasurer Subject: Receipt of Treasurer’s Report – December 2025
CEQA Determination: The city finds that this action is not a project under the California Environmental Quality Act pursuant to State Guidelines Section State CEQA Guidelines, §§ 15060, subd. (c)(2)-(3), 15378.
Date: February 3, 2026
Facts
1. The City has a fiduciary responsibility to maximize the productive use of its assets entrusted to its care and to manage those public funds wisely and prudently. To achieve this responsibility, the City has an adopted Investment Policy to guide the investment of idle City funds.
2. California Government Code Sections 41004 and 53607 require the City to report certain investment and financial activity each month. As a result, this report presents the fund balances, receipts, and disbursements for the City’s operating cash, investment portfolio, and restricted investments for the month of December 2025. Total investment portfolio assets are shown in the attachment and reflect all investments under the care and control of the city.
3. The investment portfolio contains three components: liquidity funds, short-term and long-term portfolios. The liquidity funds are monies that are generally available to the City with little-to-no notice and include funds held in the Local Agency Investment Fund (LAIF), money markets, and California Asset Management Program (CAMP). The short-term portfolio is made up of fixed income securities that mature in less than one year and the long-term portfolio is made up of fixed income securities whose maturities are greater than one year, but less than five years.
4. PFM Asset Management LLC provides advisory services to the City for the short-term and long-term portfolios; liquidity funds are managed by the Administrative Services Director/City Treasurer.
5. The investment portfolio complies with all State laws and Council policy and provides sufficient liquidity to meet the City’s needs over the next six months.
Options
1. Take no action.
2. Receive and file the Treasurer’s Report for the month of December 2025.
3. Provide alternative direction to staff.
Analysis and Conclusions
Government Code Section 53607 requires the city to report on investment activity monthly. Additionally, Government Code Section 41004 requires that the City Treasurer submit to the City Clerk and the legislative body a written report and accounting of all receipts, disbursements, and fund balances. As a result, this report presents the fund balances, receipts, and disbursements for the City’s operating cash, investment portfolio, and restricted investments for the month of December 2025. Total investment
portfolio assets are shown in the attachment and reflect all investments under the care and control of the city. In an effort to provide greater transparency relating to adherence to the City’s adopted investment policy, the attached report reflects the categories of investment instruments currently held, the maximum percentage of portfolio the policy allows for each instrument, where applicable, and the current percentage of portfolio held in each category.
It should be noted that in December, the City Council authorized the issuance of bonds related to the Olsen-South Chandler Ranch development. These funds are currently held by the City until developer reimbursements are made. As such, these funds will be included in the restricted investments table below.
The City’s total investment funds on hand as of December 31, 2025, are shown below. The City Treasurer has certified that all City investments provide sufficient liquidity to meet the City’s cash flow requirements for the next six months and follow all State and Council laws and policies.
As of 12-31-25
Investments
Beginning
Fund
Balance
Receipts Disbursements
Ending
Fund
Balance
Market
Value
Operating Cash $1,022,704 $13,605,919 $11,353,188 $3,275,435 $3,275,435 Liquidity 22,259,400 42,811 1,800,000 20,502,210 20,502,210 Short / Long Term 137,678,751 3,837,425 3,602,267 137,913,909 140,670,177 Total Investments 160,960,854 17,486,154 16,755,455 161,691,554 164,447,823 As of 12-31-25
Restricted
Investments
Beginning
Fund
Balance
Receipts Disbursements Ending Fund
Balance
Market
Value
Section 115 Trust* 11,133,123 555,867 2,410 11,686,579 12,601,544 OPEB Trust 12,181,222 70,488 106,158 12,145,553 12,145,553 Bond Trust 1,519,068 212,063 61,597 1,669,534 1,669,534 CFD Bonds 0 23,023,786 464,063 22,559,723 22,559,723
Total Restricted $24,833,413 $23,862,205 $634,229 $48,061,389 $48,976,354 Fiscal Impact
None
CEQA
The city finds that this action is not a project under the California Environmental Quality Act pursuant to State Guidelines Section State CEQA Guidelines, §§ 15060, subd. (c)(2)-(3), 15378.
Recommendation
Receive and file the Monthly Treasurer’s Report for December 2025.
Attachments
1. December 2025 Treasurer’s Report
Fund Name Face Amount/Shares Market Value Book Value % of Portfolio YTM @ Cost Days To Maturity Asset-Backed Securities 20% 590,706.86 587,416.62 586,036.99 0.37 4.31 329 CD | Negotiable 30% 800,000.00 807,291.36 800,000.00 0.50 5.08 198 Corporate Notes 30% 29,780,000.00 29,888,628.33 29,232,197.85 18.45 4.47 1,032 LGIP | Fixed Asset 13,448,852.60 13,448,852.60 13,448,852.60 8.49 4.27 139 LGIP | LAIF 7,684,836.00 7,684,836.00 7,684,836.00 4.85 4.03 1 LGIP | Liquid Asset 12,817,374.29 12,817,374.29 12,817,374.29 8.09 3.95 1 Money Market Funds 20% 230,348.13 230,348.13 230,348.13 0.15 3.59 1 US Treasury 95,449,000.00 95,707,640.22 93,629,985.93 59.10 3.95 995 Total / Average 160,801,117.88 161,172,387.55 158,429,631.79 100.00 4.08 793 This report presents the City’s investment portfolio as of December 31, 2025. Total portfolio assets are shown in the chart below and reflects all investments under the care and control of the City. It does not include funds held by in trust on behalf of the City; i.e. bond reserve funds, deferred compensation plans, Section 115 Trust plan and other post-retirement benefit funds.
The portfolio contains three components; liquidity funds, short-term and long-term portfolios. The liquidity fund are monies that are generally available to the City with little or no notice. Liquidity funds include Local Agency Investment Fund (LAIF), money market and California Asset Management Program (CAMP). The short-term portfolio is made up of fixed income securities that mature in less than one (1) year and the long-term portfolio is made up of fixed income securities whose maturities are greater than one (1) year and less than five (5) years.
PFM Asset Management LLC (PFM) provides advisory services to the City for the short-term and long-term portfolios. All PFM trades must be approved in advance by the Treasurer. Liquidity funds are managed by the Treasurer.
The investment portfolio is in compliance with all State laws and provides sufficient liquidity to meet the City's needs over the next six months.
Total Funds on hand at December 31, 2025 included the following and are listed be type:
CITY OF PASO ROBLES
MONTHLY TREASURERS REPORT
DECEMBER 31, 2025
1 Attachment 1
Month Market Value Book Value Unrealized Gain/Loss YTM @ Cost YTM @ Market Duration Days To Maturity 5/31/2025 170,244,687.73 168,770,291.11 1,474,396.62 3.95 4.13 1.79 706 6/30/2025 170,638,901.83 168,481,390.41 2,157,511.42 4.00 4.01 1.87 732 7/31/2025 160,659,212.81 158,917,218.91 1,741,993.90 4.02 4.12 1.97 773 8/31/2025 156,652,753.61 154,044,115.29 2,608,638.32 4.04 3.88 2.01 785 9/30/2025 157,762,535.97 155,259,744.11 2,502,791.86 4.02 3.84 2.07 809 10/31/2025 158,930,019.76 156,401,192.70 2,528,827.06 4.07 3.84 2.04 800 11/30/2025 162,822,271.29 159,951,252.48 2,871,018.81 4.07 3.76 1.98 776 12/31/2025 161,172,387.55 158,429,631.79 2,742,755.76 4.08 3.74 2.02 791 Total / Average 162,360,346.32 160,031,854.60 2,328,491.72 4.03 3.92 1.97 771 Market Value / Book Value Comparison
Begin Date: 5/31/2025, End Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Summary by Month
City of Paso Robles
2 Attachment 1
Main Fund Allocation
Main Fund
Book Value
11/30/2025
% of Portfolio
11/30/2025
Book Value
12/31/2025
% of Portfolio
12/31/2025
Asset-Backed Securities 20% 586,900.60 0.37 586,036.99 0.37 CD | Negotiable 30% 800,000.00 0.50 800,000.00 0.50
Corporate Notes 30% 29,232,197.85 18.28 29,232,197.85 18.45 LGIP | Fixed Asset 13,448,852.60 8.41 13,448,852.60 8.49 LGIP | LAIF 9,484,836.00 5.93 7,684,836.00 4.85
LGIP | Liquid Asset 12,774,563.76 7.99 12,817,374.29 8.09 Money Market Funds 20% 30,272.00 0.02 230,348.13 0.15
US Treasury 93,593,629.67 58.51 93,629,985.93 59.10
Total / Average 159,951,252.48 100.00 158,429,631.79 100.00 Portfolio Holdings as of 11/30/2025 Portfolio Holdings as of 12/31/2025 Begin Date: 11/30/2025, End Date: 12/31/2025 Report Group | Investment Policy Compliance Distribution by Main Fund - Book Value
City of Paso Robles
3 Attachment 1
Main Fund Allocation
Main Fund
Market Value
11/30/2025
% of Portfolio
11/30/2025
Market Value
12/31/2025
% of Portfolio
12/31/2025
Asset-Backed Securities 20% 586,989.68 0.36 587,416.62 0.36 CD | Negotiable 30% 807,617.36 0.50 807,291.36 0.50
Corporate Notes 30% 29,901,855.60 18.36 29,888,628.33 18.54 LGIP | Fixed Asset 13,448,852.60 8.26 13,448,852.60 8.34 LGIP | LAIF 9,484,836.00 5.83 7,684,836.00 4.77
LGIP | Liquid Asset 12,774,563.76 7.85 12,817,374.29 7.95 Money Market Funds 20% 30,272.00 0.02 230,348.13 0.14
US Treasury 95,787,284.29 58.83 95,707,640.22 59.38
Total / Average 162,822,271.29 100.00 161,172,387.55 100.00 Portfolio Holdings as of 11/30/2025 Portfolio Holdings as of 12/31/2025 Begin Date: 11/30/2025, End Date: 12/31/2025 Report Group | Investment Policy Compliance Distribution by Main Fund - Market Value
City of Paso Robles
4 Attachment 1
Buy Transactions
Buy 12/5/2025 91282CPN5 3,310,000.00 T-Note 3.5 11/30/2030 99.43 3,291,122.66 1,591.35 3.63 3,292,714.01 Subtotal 3,310,000.00 3,291,122.66 1,591.35 3,292,714.01 Deposit 12/1/2025 MM9730 140.20 Zions Bank MM 100.00 140.20 0.00 0.00 140.20 Deposit 12/31/2025 CAMP1001 42,810.53 CAMP LGIP 100.00 42,810.53 0.00 0.00 42,810.53 Deposit 12/31/2025 MM9730 230,348.13 Zions Bank MM 100.00 230,348.13 0.00 0.00 230,348.13 Subtotal 273,298.86 273,298.86 0.00 273,298.86
Total Buy Transactions 3,583,298.86 3,564,421.52 1,591.35 3,566,012.87 Interest/Dividends
Interest 12/1/2025 3137BTUMI 0.00 FHLMC MBS 3.347 11/25/2026 0.00 1,651.25 0.00 1,651.25 Interest 12/1/2025 57636QAM6 0.00 Mastercard Inc 2.95 6/1/2029-29 0.00 6,785.00 0.00 6,785.00 Interest 12/1/2025 MM9730 0.00 Zions Bank MM 0.00 140.20 0.00 140.20 Interest 12/8/2025 48125LRU8 0.00 JP Morgan Bank NA 5.11 12/8/2026-26 0.00 25,550.00 0.00 25,550.00 Interest 12/31/2025 912828ZV5 0.00 T-Note 0.5 6/30/2027 0.00 2,100.00 0.00 2,100.00 Interest 12/31/2025 91282CHK0 0.00 T-Note 4 6/30/2028 0.00 17,800.00 0.00 17,800.00 Interest 12/31/2025 91282CMD0 0.00 T-Note 4.375 12/31/2029 0.00 49,656.25 0.00 49,656.25 Interest 12/31/2025 91282CKX8 0.00 T-Note 4.25 6/30/2029 0.00 61,178.75 0.00 61,178.75 Interest 12/31/2025 91282CNK3 0.00 T-Note 3.875 6/30/2030 0.00 18,115.62 0.00 18,115.62 Interest 12/31/2025 91282CJR3 0.00 T-Note 3.75 12/31/2028 0.00 31,500.00 0.00 31,500.00 Interest 12/31/2025 91282CDQ1 0.00 T-Note 1.25 12/31/2026 0.00 25,906.25 0.00 25,906.25 Interest 12/31/2025 CAMP1001 0.00 CAMP LGIP 0.00 42,810.53 0.00 42,810.53 Interest 12/31/2025 91282CBB6 0.00 T-Note 0.625 12/31/2027 0.00 5,937.50 0.00 5,937.50 Interest 12/31/2025 9128287B0 0.00 T-Note 1.875 6/30/2026 0.00 15,187.50 0.00 15,187.50 Subtotal 0.00 0.00 304,318.85 304,318.85
Total Interest/Dividends 0.00 0.00 304,318.85 304,318.85 Sell Transactions
Principal Pay Down 12/26/2025 3137BTUMI 1,315.01 FHLMC MBS 3.347 11/25/2026 0.00 1,315.01 0.00 0.00 1,315.01 Subtotal 1,315.01 1,315.01 0.00 1,315.01
Settlement Date CUSIP Description Principal YTM @ Cost
Face Amount /
Action Shares Purchase Price
Interest /
Dividends Total
Begin Date: 11/30/2025, End Date: 12/31/2025 Report Group | Investment Policy Compliance Transaction Summary by Action
City of Paso Robles
5 Attachment 1
Sell 12/5/2025 91282CGV7 1,215,000.00 T-Note 3.75 4/15/2026 0.00 1,215,332.23 6,383.76 0.00 1,221,715.99 Sell 12/5/2025 91282CCF6 905,000.00 T-Note 0.75 5/31/2026 0.00 892,096.68 93.23 0.00 892,189.91 Sell 12/5/2025 91282CCF6 1,210,000.00 T-Note 0.75 5/31/2026 0.00 1,192,748.05 124.66 0.00 1,192,872.71 Subtotal 3,330,000.00 3,300,176.96 6,601.65 3,306,778.61 Withdraw 12/2/2025 MM9730 30,412.20 Zions Bank MM 0.00 30,412.20 0.00 0.00 30,412.20 Withdraw 12/31/2025 LAIF0271 1,800,000.00 LAIF LGIP 0.00 1,800,000.00 0.00 0.00 1,800,000.00 Subtotal 1,830,412.20 1,830,412.20 0.00 1,830,412.20
Total Sell Transactions 5,161,727.21 5,131,904.17 6,601.65 5,138,505.82 Settlement Date CUSIP Description Principal YTM @ Cost
Face Amount /
Action Shares Purchase Price
Interest /
Dividends Total
Begin Date: 11/30/2025, End Date: 12/31/2025 Report Group | Investment Policy Compliance Transaction Summary by Action
City of Paso Robles
6 Attachment 1
Asset-Backed Securities 20%
3137BTUMI
FHLMC MBS 3.347 11/25/2026
590,706.86
5/24/2023
4.31 586,036.99
572,524.17 99.44
3.76 1,647.58
587,416.62
1,379.63
0.37%
S&P-AA+
Moodys-Aaa
0.81 329
329
0.81 0.37%
1,379.63
587,416.62
3.76 1,647.58
572,524.17
Sub Total Asset-Backed Securities 20% 590,706.86 4.31 586,036.99 CD | Negotiable 30%
21684LGS5
Cooperatieve Centrale 5.08 7/17/2026
800,000.00
7/20/2023
5.08 800,000.00
800,000.00 100.91
3.36 18,513.78
807,291.36
7,291.36
0.5%
FDIC Insured
FDIC Insured
0.54 198
198
0.54 0.5%
7,291.36
807,291.36
3.36 18,513.78
800,000.00
Sub Total CD | Negotiable 30% 800,000.00 5.08 800,000.00 Corporate Notes 30%
00724PAF6
Adobe Inc 4.8 4/4/2029-29
465,000.00
4/4/2024
4.83 464,307.15
464,307.15 102.62
3.93 5,394.00
477,178.53
12,871.38
0.29%
S&P-A+
Moodys-A1
3.03 1159
00724PAF6
Adobe Inc 4.8 4/4/2029-29
380,000.00
4/5/2024
4.77 380,501.60
380,501.60 102.62
3.93 4,408.00
389,952.35
9,450.75
0.24%
S&P-A+
Moodys-A1
3.03 1159
02079KAC1
Alphabet Inc 1.998 8/15/2026-26
980,000.00
1/30/2023
4.05 914,163.60
914,163.60 98.96
3.70 7,397.04
969,816.21
55,652.61
0.58%
S&P-AA+
Moodys-Aa2
0.62 135
02079KAV9
ALPHABET INC 3.875 11/15/2028-28
155,000.00
11/6/2025
3.91 154,866.70
154,866.70 100.54
3.67 917.62
155,836.46
969.76
0.1%
S&P-AA+
Moodys-Aa2
2.73 1019
023135CT1
AMAZON COM INC 4.1 11/20/2030-30
1,500,000.00
11/20/2025
4.12 1,498,395.00
1,498,395.00 100.20
4.05 7,004.17
1,502,993.93
4,598.93
0.95%
S&P-AA
Moodys-A1
4.46 1754
023135BC9
Amazon.Com INC 3.15 8/22/2027
370,000.00
11/3/2022
4.81 343,863.20
343,863.20 99.20
3.66 4,176.38
367,041.08
23,177.88
0.22%
S&P-AA
Moodys-A1
1.6 599
037833DU1
Apple INC 1.65 5/11/2030-30
650,000.00
7/2/2025
4.18 578,253.00
578,253.00 91.04
3.90 1,489.58
591,759.29
13,506.29
0.36%
S&P-AA+
Moodys-Aaa
4.21 1562
037833ET3
Apple Inc 4 5/10/2028-28
1,230,000.00
5/18/2023
3.94 1,233,198.00
1,233,198.00 100.78
3.65 6,970.00
1,239,654.71
6,456.71
0.78%
S&P-AA+
Moodys-Aaa
2.26 831
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
7 Attachment 1
06051GMK2
Bank of America Corp 4.979 1/24/2029
470,000.00
4/2/2025
4.66 475,207.60
475,207.60 101.90
4.31 10,205.57
478,926.55
3,718.95
0.3%
S&P-AMoodys-A1
2.82 1120
06051GJS9
Bank of America Corp Var. Corp 7/22/2027 -
26 495,000.00
8/4/2022
1.73 446,381.10
446,381.10 98.73
1.73 3,790.96
488,715.65
42,334.55
0.28%
S&P-AMoodys-A2
0 203
06406RAB3
Bank of NY Mellon Corp 3.442 2/7/2028-27
1,750,000.00
8/7/2024
4.33 1,700,195.00
1,700,195.00 99.53
3.68 24,094.00
1,741,718.72
41,523.72
1.07%
S&P-A
Moodys-A1
2.02 403
09290DAA9
Blackrock Funding INC 4.7 3/14/2029-29
105,000.00
3/14/2024
4.74 104,809.95
104,809.95 102.29
3.93 1,466.79
107,402.18
2,592.23
0.07%
S&P-AAMoodys-Aa3
2.97 1141
14913R3B1
Caterpillar Finl Svcs Corp 4.8 1/6/2026-25
600,000.00
1/27/2023
4.32 607,812.00
607,812.00 100.01
4.05 14,000.00
600,054.23
-7,757.77
0.38%
S&P-A
Moodys-A2
0.01 6
17275RBX9
Cisco Systems INC 4.75 2/24/2030-30
1,750,000.00
4/22/2025
4.45 1,772,610.00
1,772,610.00 102.91
3.98 29,324.65
1,800,938.04
28,328.04
1.12%
S&P-AAMoodys-A1
3.76 1485
17325FBB3
Citibank 5.803 9/29/2028-28
1,345,000.00
9/29/2023
5.80 1,345,000.00
1,345,000.00 104.92
3.89 19,946.20
1,411,147.80
66,147.80
0.85%
S&P-A+
Moodys-Aa3
2.55 972
532457CQ9
Eli Lilly & Co 4.2 8/14/2029-29
195,000.00
8/14/2024
4.25 194,572.95
194,572.95 101.04
3.89 3,116.75
197,037.70
2,464.75
0.12%
S&P-A+
Moodys-A1
3.34 1291
532457CQ9
Eli Lilly & Co 4.2 8/14/2029-29
680,000.00
8/14/2024
4.17 680,992.80
680,992.80 101.04
3.89 10,868.67
687,105.83
6,113.03
0.43%
S&P-A+
Moodys-A1
3.34 1291
38151LAG5
Goldman Sachs Bank 5.414 5/21/2027
880,000.00
5/22/2025
5.08 885,535.20
885,535.20 100.52
5.02 5,293.69
884,580.36
-954.84
0.56%
S&P-A+
Moodys-A1
1.35 506
427866BH0
Hershey Company 4.25 5/4/2028-28
615,000.00
5/18/2023
4.07 619,969.20
619,969.20 100.97
3.81 4,138.44
620,951.64
982.44
0.39%
S&P-AA+
Moodys-Aaa
2.24 825
437076BT8
Home Depot Inc 2.8 9/14/2027-27
650,000.00
1/30/2023
4.16 613,210.00
613,210.00 98.43
3.76 5,409.44
639,816.48
26,606.48
0.39%
S&P-A
Moodys-A2
1.66 530
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
8 Attachment 1
437076DJ8
Home Depot Inc 3.95 9/15/2030-30
50,000.00
9/15/2025
4.03 49,820.50
49,820.50 99.81
4.00 581.53
49,903.05
82.55 0.03%
S&P-A
Moodys-A2
4.29 1688
24422EXB0
John Deere Capital 4.95 7/14/2028
125,000.00
7/14/2023
4.64 126,700.00
126,700.00 102.73
3.81 2,870.31
128,408.97
1,708.97
0.08%
S&P-A
Moodys-A2
2.36 926
24422EXB0
John Deere Capital 4.95 7/14/2028
290,000.00
7/14/2023
4.98 289,567.90
289,567.90 102.73
3.81 6,659.12
297,908.81
8,340.91
0.18%
S&P-A
Moodys-A2
2.36 926
24422EXB0
John Deere Capital 4.95 7/14/2028
225,000.00
7/18/2023
4.73 227,205.00
227,205.00 102.73
3.81 5,166.56
231,136.15
3,931.15
0.14%
S&P-A
Moodys-A2
2.36 926
48125LRU8
JP Morgan Bank NA 5.11 12/8/2026-26
1,000,000.00
12/8/2023
5.11 1,000,000.00
1,000,000.00 101.09
3.91 3,264.72
1,010,860.84
10,860.84
0.63%
S&P-A+
Moodys-Aa2
0.92 312
46647PCW4
JP Morgan Chase & CO 2.947 2/24/2028-27
350,000.00
9/18/2023
5.13 320,029.50
320,029.50 98.79
3.54 3,638.73
345,759.32
25,729.82
0.2%
S&P-AMoodys-A1
2.08 420
46647PEG7
JPMorgan Chase & Co 5.581 4/22/2030
425,000.00
4/28/2025
4.87 438,221.75
438,221.75 104.39
4.45 4,546.19
443,649.10
5,427.35
0.28%
S&P-A
Moodys-A1
3.86 1573
49177JAF9
Kenvue INC 5.05 3/22/2028-28
635,000.00
6/30/2025
4.12 649,992.35
649,992.35 102.19
4.01 8,818.56
648,891.92
-1,100.43
0.41%
S&P-A
Moodys-A1
2.11 783
57636QAM6
Mastercard Inc 2.95 6/1/2029-29
460,000.00
6/27/2024
4.82 422,620.40
422,620.40 96.93
3.92 1,130.83
445,896.23
23,275.83
0.27%
S&P-A+
Moodys-Aa3
3.26 1217
57636QBF0
Mastercard Incorporated 4.55 3/15/2028-28
440,000.00
3/3/2025
4.26 443,586.00
443,586.00 101.69
3.74 5,894.78
447,422.87
3,836.87
0.28%
S&P-A+
Moodys-Aa3
2.1 776
58933YAX3
Merck & Co INC 3.4 3/7/2029-29
645,000.00
6/30/2025
4.16 628,313.85
628,313.85 98.47
3.91 6,944.50
635,148.90
6,835.05
0.4%
S&P-A+
Moodys-Aa3
3.01 1134
61690U8B9
Morgan Stanley Bank Var. Corp 5/26/2028 -
27 375,000.00
5/30/2024
5.50 375,000.00
375,000.00 102.00
5.50 2,006.67
382,517.67
7,517.67
0.24%
S&P-A+
Moodys-Aa3
0 511
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
9 Attachment 1
61690U8B9
Morgan Stanley Bank Var. Corp 5/26/2028 -
27 725,000.00
5/31/2024
5.50 726,529.75
726,529.75 102.00
5.50 3,879.56
739,534.17
13,004.42
0.46%
S&P-A+
Moodys-Aa3
0 511
63743HFZ0
National Rural Util Coop 4.15 8/25/2028-28
450,000.00
8/25/2025
4.19 449,496.00
449,496.00 100.55
3.93 6,536.25
452,477.69
2,981.69
0.28%
None
Moodys-A2
2.5 937
66989HAY4
NOVARTIS CAPITAL CORP 4.1 11/5/2030-
30 1,695,000.00
11/5/2025
4.17 1,689,915.00
1,689,915.00 99.99
4.10 10,810.33
1,694,854.55
4,939.55
1.07%
S&P-AAMoodys-Aaa
4.42 1739
69371RS56
Paccar Finanical 5.05 8/10/2026
650,000.00
8/11/2023
4.88 652,990.00
652,990.00 100.70
3.87 12,856.46
654,525.53
1,535.53
0.41%
S&P-A+
Moodys-A1
0.6 222
713448FX1
PepsiCo INC 4.5 7/17/2029-29
565,000.00
7/17/2024
4.54 564,124.25
564,124.25 102.05
3.88 11,582.50
576,559.11
12,434.86
0.36%
S&P-A+
Moodys-A1
3.25 1264
713448GB8
PEPSICO INC 4.6 2/7/2030-30
220,000.00
2/7/2025
4.64 219,630.40
219,630.40 102.37
3.97 4,048.00
225,215.29
5,584.89
0.14%
S&P-A+
Moodys-A1
3.72 1468
713448GB8
PEPSICO INC 4.6 2/7/2030-30
565,000.00
4/30/2025
4.23 573,859.20
573,859.20 102.37
3.97 10,396.00
578,393.83
4,534.63
0.36%
S&P-A+
Moodys-A1
3.72 1468
69353RFG8
PNC Bank NA 3.1 10/25/2027
735,000.00
12/8/2022
4.39 693,884.10
693,884.10 98.77
3.81 4,177.25
725,958.06
32,073.96
0.44%
S&P-A
Moodys-A2
1.77 663
857477CN1
State Street Corp 4.53 2/20/2029-29
235,000.00
8/20/2024
4.53 235,000.00
235,000.00 101.31
4.08 3,873.78
238,069.35
3,069.35
0.15%
S&P-A
Moodys-A1
2.91 1116
882508BJ2
Texas Instruments INC 1.75 5/4/2030-30
1,000,000.00
7/3/2025
4.28 890,590.00
890,590.00 91.10
4.00 2,770.83
911,018.90
20,428.90
0.56%
S&P-A+
Moodys-Aa3
4.18 1555
89236TMK8
Toyota Motor Credit Corp 4.55 8/9/2029
160,000.00
8/9/2024
4.58 159,816.00
159,816.00 101.73
4.03 2,891.78
162,768.21
2,952.21
0.1%
S&P-A+
Moodys-A1
3.31 1317
89236TMK8
Toyota Motor Credit Corp 4.55 8/9/2029
190,000.00
8/9/2024
4.64 189,219.10
189,219.10 101.73
4.03 3,433.99
193,287.25
4,068.15
0.12%
S&P-A+
Moodys-A1
3.31 1317
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
10 Attachment 1
89236TMK8
Toyota Motor Credit Corp 4.55 8/9/2029
75,000.00
8/9/2024
4.60 74,847.75
74,847.75 101.73
4.03 1,355.52
76,297.60
1,449.85
0.05%
S&P-A+
Moodys-A1
3.31 1317
89236TLB9
Toyota Motor Credit Corp 5.25 9/11/2028
400,000.00
9/11/2023
5.29 399,304.00
399,304.00 103.55
3.85 6,416.67
414,185.52
14,881.52
0.25%
S&P-A+
Moodys-A1
2.51 985
931142ER0
Walmart Inc 1.05 9/17/2026-26
1,030,000.00
1/30/2023
4.14 923,601.00
923,601.00 98.22
3.61 3,124.33
1,011,619.19
88,018.19
0.58%
S&P-AA
Moodys-Aa2
0.71 229
931142FN8
WalMart INC 4.35 4/28/2030-30
250,000.00
4/28/2025
4.39 249,567.50
249,567.50 101.72
3.91 1,903.12
254,291.41
4,723.91
0.16%
S&P-AA
Moodys-Aa2
3.96 1548
931142FN8
WalMart INC 4.35 4/28/2030-30
550,000.00
5/2/2025
4.15 554,922.50
554,922.50 101.72
3.91 4,186.88
559,441.10
4,518.60
0.35%
S&P-AA
Moodys-Aa2
3.96 1548
964
2.53 18.46%
656,430.48
29,888,628.33
3.96 315,177.70
29,232,197.85
Sub Total Corporate Notes 30% 29,780,000.00 4.47 29,232,197.85 LGIP | Fixed Asset
CAMP05-19-26
CAMP TERM 4.27 5/19/2026
13,448,852.60
6/2/2025
4.27 13,448,852.60
13,448,852.60 100.00
4.27 333,546.28
13,448,852.60
0.00 8.49%
NR
NR
0.38 139
139
0.38 8.49%
0.00 13,448,852.60
4.27 333,546.28
13,448,852.60
Sub Total LGIP | Fixed Asset 13,448,852.60 4.27 13,448,852.60 LGIP | LAIF
LAIF0271
LAIF LGIP
7,684,836.00
12/31/2019
4.03 7,684,836.00
7,684,836.00 100.00
4.03 7,684,836.00
0.00 4.85%
NR
NR
0 1
1 0
4.85%
0.00 7,684,836.00
4.03 7,684,836.00
Sub Total LGIP | LAIF 7,684,836.00 4.03 7,684,836.00
LGIP | Liquid Asset
CAMP1001
CAMP LGIP
12,817,374.29
12/31/2019
3.95 12,817,374.29
12,817,374.29 100.00
3.95 12,817,374.29
0.00 8.09%
NR
NR
0 1
1 0
8.09%
0.00 12,817,374.29
3.95 12,817,374.29
Sub Total LGIP | Liquid Asset 12,817,374.29 3.95 12,817,374.29 CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
11 Attachment 1
Money Market Funds 20%
MM9730
Zions Bank MM
230,348.13
2/1/2020
3.59 230,348.13
230,348.13 100.00
3.59 230,348.13
0.00 0.15%
NR
NR
0 1
1 0
0.15%
0.00 230,348.13
3.59 230,348.13
Sub Total Money Market Funds 20% 230,348.13 3.59 230,348.13 US Treasury
91282CAU5
T-Note 0.5 10/31/2027
2,170,000.00
1/6/2023
3.91 1,847,975.39
1,847,975.39 94.77
3.47 1,828.31
2,056,414.06
208,438.67
1.17%
S&P-AA+
Moodys-Aaa
1.82 669
912828ZN3
T-Note 0.5 4/30/2027
610,000.00
8/4/2022
2.89 545,973.83
545,973.83 96.16
3.48 513.95
586,553.13
40,579.30
0.34%
S&P-AA+
Moodys-Aaa
1.33 485
912828ZV5
T-Note 0.5 6/30/2027
840,000.00
8/10/2022
2.99 745,434.38
745,434.38 95.70
3.47 0.00
803,873.44
58,439.06
0.47%
S&P-AA+
Moodys-Aaa
1.5 546
91282CBB6
T-Note 0.625 12/31/2027
1,900,000.00
1/25/2024
4.09 1,663,242.19
1,663,242.19 94.55
3.47 0.00
1,796,390.63
133,148.44
1.05%
S&P-AA
Moodys-Aaa
1.99 730
91282CCZ2
T-Note 0.875 9/30/2026
1,075,000.00
4/7/2022
2.77 989,797.85
989,797.85 98.03
3.57 2,377.40
1,053,793.95
63,996.10
0.62%
S&P-AA+
Moodys-Aaa
0.75 273
91282CCV1
T-Note 1.125 8/31/2028
1,160,000.00
11/3/2023
4.69 983,507.81
983,507.81 93.97
3.52 4,398.07
1,090,037.50
106,529.69
0.62%
S&P-AA+
Moodys-Aaa
2.62 974
91282CDQ1
T-Note 1.25 12/31/2026
1,385,000.00
1/30/2023
3.71 1,262,027.15
1,262,027.15 97.79
3.52 0.00
1,354,346.06
92,318.91
0.8%
S&P-AA+
Moodys-Aaa
1 365
91282CDQ1
T-Note 1.25 12/31/2026
2,760,000.00
2/10/2023
3.95 2,494,026.56
2,494,026.56 97.79
3.52 0.00
2,698,913.44
204,886.88
1.57%
S&P-AA+
Moodys-Aaa
1 365
91282CBZ3
T-Note 1.25 4/30/2028
1,865,000.00
1/25/2024
4.08 1,660,287.11
1,660,287.11 95.02
3.49 3,928.35
1,772,114.25
111,827.14
1.05%
S&P-AA
Moodys-Aaa
2.3 851
9128287B0
T-Note 1.875 6/30/2026
1,620,000.00
5/18/2023
3.69 1,533,937.50
1,533,937.50 99.21
3.48 0.00
1,607,204.53
73,267.03
0.97%
S&P-AA+
Moodys-Aaa
0.5 181
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
12 Attachment 1
912828V98
T-Note 2.25 2/15/2027
1,155,000.00
7/7/2022
2.85 1,125,132.42
1,125,132.42 98.62
3.51 9,745.31
1,139,073.64
13,941.22
0.71%
S&P-AA+
Moodys-Aaa
1.11 411
9128282R0
T-Note 2.25 8/15/2027
2,180,000.00
9/6/2022
3.40 2,066,827.34
2,066,827.34 98.06
3.49 18,393.75
2,137,762.50
70,935.16
1.3%
S&P-AA+
Moodys-Aaa
1.59 592
91282CEN7
T-Note 2.75 4/30/2027
1,285,000.00
5/5/2023
3.50 1,249,260.94
1,249,260.94 99.04
3.50 5,954.66
1,272,601.75
23,340.81
0.79%
S&P-AA+
Moodys-Aaa
1.31 485
9128284N7
T-Note 2.875 5/15/2028
1,735,000.00
1/11/2024
4.01 1,657,060.55
1,657,060.55 98.60
3.50 6,338.50
1,710,669.33
53,608.78
1.05%
S&P-AA
Moodys-Aaa
2.3 866
91282CNY3
T-Note 3.375 9/15/2028
550,000.00
9/22/2025
3.55 547,250.00
547,250.00 99.62
3.52 5,486.71
547,916.02
666.02
0.35%
S&P-AA+
Moodys-Aa1
2.58 989
91282CGH8
T-Note 3.5 1/31/2028
1,755,000.00
6/5/2023
3.76 1,735,461.91
1,735,461.91 100.04
3.48 25,538.11
1,755,616.99
20,155.08
1.1%
S&P-AA+
Moodys-Aaa
2 761
91282CGH8
T-Note 3.5 1/31/2028
2,555,000.00
2/8/2024
4.16 2,493,520.31
2,493,520.31 100.04
3.48 37,179.42
2,555,898.23
62,377.92
1.57%
S&P-AA+
Moodys-Aaa
2 761
91282CPN5
T-Note 3.5 11/30/2030
3,310,000.00
12/5/2025
3.63 3,291,122.66
3,291,122.66 99.09
3.71 9,866.35
3,279,744.55
-11,378.11
2.08%
S&P-AA+
Moodys-Aa1
4.54 1795
91282CHA2
T-Note 3.5 4/30/2028
485,000.00
5/1/2023
3.60 482,821.29
482,821.29 100.00
3.50 2,860.43
485,018.94
2,197.65
0.3%
S&P-AA+
Moodys-Aaa
2.25 851
91282CLN9
T-Note 3.5 9/30/2029
470,000.00
10/3/2024
3.56 468,733.20
468,733.20 99.59
3.62 4,157.69
468,090.63
-642.57
0.3%
S&P-AA+
Moodys-Aaa
3.51 1369
91282CGT2
T-Note 3.625 3/31/2028
1,230,000.00
5/5/2023
3.41 1,241,963.67
1,241,963.67 100.29
3.49 11,269.37
1,233,507.42
-8,456.25
0.78%
S&P-AA+
Moodys-Aaa
2.16 821
91282CLK5
T-Note 3.625 8/31/2029
1,345,000.00
9/5/2024
3.58 1,347,784.57
1,347,784.57 100.04
3.61 16,431.66
1,345,577.93
-2,206.64
0.85%
S&P-AA+
Moodys-Aaa
3.42 1339
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
13 Attachment 1
91282CNX5
T-Note 3.625 8/31/2030
440,000.00
9/2/2025
3.72 438,023.44
438,023.44 99.73
3.69 5,375.41
438,814.06
790.62
0.28%
S&P-AA+
Moodys-Aa1
4.28 1704
91282CNX5
T-Note 3.625 8/31/2030
2,900,000.00
9/3/2025
3.74 2,884,593.75
2,884,593.75 99.73
3.69 35,428.87
2,892,183.60
7,589.85
1.82%
S&P-AA+
Moodys-Aa1
4.28 1704
91282CPA3
T-Note 3.625 9/30/2030
970,000.00
10/2/2025
3.70 966,930.86
966,930.86 99.70
3.69 8,887.23
967,120.31
189.45
0.61%
Moodys-Aa1
S&P-AA+
4.36 1734
91282CJR3
T-Note 3.75 12/31/2028
1,680,000.00
1/11/2024
3.97 1,663,725.00
1,663,725.00 100.61
3.54 0.00
1,690,171.88
26,446.88
1.05%
S&P-AA
Moodys-Aaa
2.87 1096
91282CHF1
T-Note 3.75 5/31/2030
1,955,000.00
6/5/2025
4.00 1,933,158.98
1,933,158.98 100.33
3.67 6,243.65
1,961,414.84
28,255.86
1.22%
S&P-AA+
Moodys-Aa1
4.1 1612
91282CMZ1
T-Note 3.875 4/30/2030
625,000.00
5/1/2025
3.69 630,297.85
630,297.85 100.86
3.66 4,081.06
630,371.09
73.24 0.4%
S&P-AA+
Moodys-Aaa
4.01 1581
91282CNK3
T-Note 3.875 6/30/2030
935,000.00
7/2/2025
3.85 936,278.32
936,278.32 100.84
3.67 0.00
942,816.02
6,537.70
0.59%
S&P-AA+
Moodys-Aa1
4.17 1642
91282CNN7
T-Note 3.875 7/31/2030
1,395,000.00
8/5/2025
3.99 1,388,133.98
1,388,133.98 100.82
3.68 22,474.47
1,406,497.86
18,363.88
0.88%
S&P-AA+
Moodys-Aa1
4.18 1673
91282CJT9
T-Note 4 1/15/2027
1,665,000.00
1/18/2024
4.01 1,664,414.65
1,664,414.65 100.48
3.52 30,585.33
1,673,022.85
8,608.20
1.05%
S&P-AA
Moodys-Aaa
1.01 380
91282CJW2
T-Note 4 1/31/2029
2,505,000.00
2/8/2024
4.10 2,493,649.22
2,493,649.22 101.31
3.55 41,659.24
2,537,878.13
44,228.91
1.57%
S&P-AA+
Moodys-Aa
2.89 1127
91282CGQ8
T-Note 4 2/28/2030
410,000.00
3/5/2025
3.98 410,288.28
410,288.28 101.35
3.65 5,527.07
415,525.39
5,237.11
0.26%
S&P-AA+
Moodys-Aaa
3.83 1520
91282CGP0
T-Note 4 2/29/2028
2,295,000.00
3/6/2023
4.26 2,268,374.41
2,268,374.41 101.06
3.48 30,938.12
2,319,384.38
51,009.97
1.43%
S&P-AA+
Moodys-Aaa
2.07 790
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
14 Attachment 1
91282CGP0
T-Note 4 2/29/2028
1,640,000.00
1/11/2024
4.02 1,638,846.88
1,638,846.88 101.06
3.48 22,108.29
1,657,425.00
18,578.12
1.03%
S&P-AA+
Moodys-Aaa
2.07 790
91282CMU2
T-Note 4 3/31/2030
2,010,000.00
4/2/2025
3.89 2,020,050.00
2,020,050.00 101.35
3.65 20,265.21
2,037,087.89
17,037.89
1.28%
S&P-AA+
Moodys-Aaa
3.91 1551
91282CHK0
T-Note 4 6/30/2028
115,000.00
7/3/2023
4.17 114,133.01
114,133.01 101.20
3.50 0.00
116,374.61
2,241.60
0.07%
S&P-AA+
Moodys-Aaa
2.4 912
91282CHK0
T-Note 4 6/30/2028
775,000.00
7/10/2023
4.34 763,253.91
763,253.91 101.20
3.50 0.00
784,263.67
21,009.76
0.48%
S&P-AA+
Moodys-Aaa
2.4 912
91282CLC3
T-Note 4 7/31/2029
1,965,000.00
8/2/2024
3.86 1,977,818.55
1,977,818.55 101.35
3.60 32,678.80
1,991,481.44
13,662.89
1.25%
S&P-AA+
Moodys-Aaa
3.32 1308
91282CLR0
T-Note 4.125 10/31/2029
1,275,000.00
11/4/2024
4.18 1,271,862.30
1,271,862.30 101.77
3.62 8,862.48
1,297,611.33
25,749.03
0.8%
S&P-AA+
Moodys-Aaa
3.56 1400
91282CMA6
T-Note 4.125 11/30/2029
2,735,000.00
12/6/2024
4.09 2,739,914.45
2,739,914.45 101.79
3.63 9,608.19
2,784,037.70
44,123.25
1.73%
S&P-AA+
Moodys-Aaa
3.65 1430
91282CKG5
T-Note 4.125 3/31/2029
535,000.00
4/11/2024
4.38 529,085.74
529,085.74 101.70
3.56 5,577.82
544,111.72
15,025.98
0.33%
S&P-AA+
Moodys-Aaa
3.04 1186
91282CKG5
T-Note 4.125 3/31/2029
550,000.00
9/22/2025
3.59 559,689.45
559,689.45 101.70
3.56 5,734.20
559,367.19
-322.26
0.35%
S&P-AA+
Moodys-Aaa
3.04 1186
91282CFM8
T-Note 4.125 9/30/2027
1,500,000.00
5/18/2023
3.57 1,533,515.63
1,533,515.63 101.08
3.48 15,638.74
1,516,230.46
-17,285.17
0.97%
S&P-AA+
Moodys-Aaa
1.69 638
91282CFM8
T-Note 4.125 9/30/2027
2,045,000.00
10/10/2023
4.76 1,998,588.09
1,998,588.09 101.08
3.48 21,320.81
2,067,127.53
68,539.44
1.26%
S&P-AA+
Moodys-Aaa
1.69 638
91282CMG3
T-Note 4.25 1/31/2030
2,600,000.00
2/5/2025
4.33 2,590,351.56
2,590,351.56 102.29
3.64 45,941.58
2,659,617.19
69,265.63
1.64%
S&P-AA+
Moodys-Aaa
3.73 1492
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
15 Attachment 1
91282CMN8
T-Note 4.25 2/15/2028
4,255,000.00
4/11/2025
3.82 4,304,198.44
4,304,198.44 101.54
3.49 68,371.44
4,320,653.33
16,454.89
2.72%
S&P-AA+
Moodys-Aaa
2.02 776
91282CKD2
T-Note 4.25 2/28/2029
965,000.00
3/19/2024
4.32 962,135.16
962,135.16 102.07
3.55 13,821.89
984,940.82
22,805.66
0.61%
S&P-AA
Moodys-Aa
2.95 1155
91282CKE0
T-Note 4.25 3/15/2027
3,840,000.00
9/22/2025
3.62 3,874,650.00
3,874,650.00 100.85
3.52 48,238.67
3,872,699.98
-1,950.02
2.45%
S&P-AA+
Moodys-Aa1
1.17 439
91282CKX8
T-Note 4.25 6/30/2029
625,000.00
7/3/2024
4.40 620,751.95
620,751.95 102.16
3.59 0.00
638,525.39
17,773.44
0.39%
S&P-AA+
Moodys-Aaa
3.29 1277
91282CKX8
T-Note 4.25 6/30/2029
1,394,000.00
7/3/2024
4.38 1,386,104.30
1,386,104.30 102.16
3.59 0.00
1,424,167.02
38,062.72
0.87%
S&P-AA+
Moodys-Aaa
3.29 1277
91282CKX8
T-Note 4.25 6/30/2029
860,000.00
7/9/2024
4.24 860,470.31
860,470.31 102.16
3.59 0.00
878,610.93
18,140.62
0.54%
S&P-AA+
Moodys-Aaa
3.29 1277
91282CJN2
T-Note 4.375 11/30/2028
1,785,000.00
12/8/2023
4.23 1,796,435.16
1,796,435.16 102.30
3.54 6,650.84
1,826,138.68
29,703.52
1.13%
None
Moodys-Aaa
2.76 1065
91282CJN2
T-Note 4.375 11/30/2028
990,000.00
12/18/2023
3.94 1,009,219.92
1,009,219.92 102.30
3.54 3,688.70
1,012,816.41
3,596.49
0.64%
None
Moodys-Aaa
2.76 1065
91282CMD0
T-Note 4.375 12/31/2029
2,270,000.00
1/7/2025
4.43 2,264,945.70
2,264,945.70 102.74
3.63 0.00
2,332,247.67
67,301.97
1.43%
S&P-AA+
Moodys-Aaa
3.72 1461
91282CHX2
T-Note 4.375 8/31/2028
710,000.00
9/13/2023
4.42 708,474.61
708,474.61 102.14
3.52 10,468.58
725,198.44
16,723.83
0.45%
None
None
2.51 974
91282CKT7
T-Note 4.5 5/31/2029
665,000.00
6/6/2024
4.31 670,636.91
670,636.91 102.93
3.58 2,548.56
684,456.44
13,819.53
0.42%
S&P-AA+
Moodys-Aaa
3.2 1247
91282CHM6
T-Note 4.5 7/15/2026
1,645,000.00
1/18/2024
4.09 1,660,807.42
1,660,807.42 100.51
3.53 33,995.18
1,653,437.06
-7,370.36
1.05%
S&P-AA
Moodys-Aaa
0.53 196
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
16 Attachment 1
91282CKP5
T-Note 4.625 4/30/2029
1,035,000.00
5/3/2024
4.57 1,037,708.79
1,037,708.79 103.28
3.57 8,066.28
1,068,920.51
31,211.72
0.65%
S&P-AA+
Moodys-Aaa
3.11 1216
91282CJA0
T-Note 4.625 9/30/2028
2,000,000.00
10/10/2023
4.70 1,993,515.63
1,993,515.63 102.86
3.52 23,379.12
2,057,187.50
63,671.87
1.26%
Moodys-Aaa
None
2.59 1004
91282CJF9
T-Note 4.875 10/31/2028
955,000.00
11/2/2023
4.73 960,968.75
960,968.75 103.58
3.53 7,845.11
989,171.10
28,202.35
0.61%
None
Moodys-Aaa
2.66 1035
91282CJF9
T-Note 4.875 10/31/2028
1,370,000.00
1/4/2024
4.00 1,421,910.16
1,421,910.16 103.58
3.53 11,254.25
1,419,020.32
-2,889.84
0.9%
None
Moodys-Aaa
2.66 1035
912810FB9
T-Note 6.125 11/15/2027
1,125,000.00
1/30/2023
3.60 1,248,925.78
1,248,925.78 104.75
3.48 8,756.04
1,178,393.56
-70,532.22
0.79%
None
Moodys-Aaa
1.79 684
995
2.57 59.1%
2,077,654.29
95,707,640.22
3.55 792,289.27
93,629,985.93
Sub Total US Treasury 95,449,000.00 3.95 93,629,985.93
TOTAL PORTFOLIO 160,801,117.88 4.08 158,429,631.79
158,416,118.97
3.74 1,461,174.61
161,172,387.55
2,742,755.76
100.00%
2.02 780
CUSIP
Face Amount /
Shares
Description Settlement Date
YTM @ Cost
Cost Value
Book Value YTM @ Market
Market Price Market Value
Accrued Interest Unre. Gain/Loss
% Portfolio
Credit Rating
Credit Rating
Duration To Maturity
Days To Call/Maturity
Date: 12/31/2025 Report Group | Investment Policy Compliance Portfolio Holdings by Main Fund
City of Paso Robles
17 Attachment 1
Council Agenda Report
From: Darcy Delgado, Associate Planner
Subject: Approval of Oak Tree Removal Permit 25-10 – Request to Remove a 38.5-inch Diameter Blue Oak Tree Located at 1387 Creston Road
CEQA Determination: The City finds that this action is exempt from the provisions of the California Environmental Quality Act (CEQA) in accordance with the CEQA Guidelines Section 15304 – Class 4, Minor Alterations to Land.
Date: February 3, 2026
Facts
1. The City received an application requesting the removal of one 38.5-inch diameter Blue Oak tree (Quercus douglasii) submitted by Kim Berry on behalf of FPA Multi-Family, Inc. (Owner), for the property located at 1387 Creston Road (APN 009-571-010), also known as the “Arrive Apartments.”
2. Certified Arborist Rodney Thurman, Heritage Tree Arboricultural Consulting Inc (HTACI), evaluated the Oak tree and provided an evaluation of the tree’s health. The Arborist found that the tree is severely declining in health due to root rot disease. Because the tree now poses a hazard to the adjacent buildings and pedestrians of the apartment complex, the Arborist recommends the tree be removed (Attachment 2).
3. Planning Staff inspected the site to review the tree proposed for removal. Since the Director could not make the determination that the tree is “clearly dead or diseased beyond correction,” Section
10.01.050.C of the Oak Tree Ordinance would consider the tree “healthy” and require that the City Council make the determination of whether the tree should be removed or not, after consideration of the factors listed in Section 10.01.050.D.
4. For the reasons further described herein, staff is recommending that the City Council approve Oak Tree Removal Permit OTR 25-10, based on a finding that the condition of the oak tree with respect to its general health, danger of falling, and proximity to existing or proposed structures justify the removal, and impose replacement oak tree requirements.
5. The City’s Oak Tree Preservation Ordinance requires replacement of 25% of the diameter of the oak being removed. In this case, removal of the 38.5-inch Blue Oak tree would require the replanting of as many as seven (7) 1.5-inch diameter mitigation trees or five (5) 2-inch diameter mitigation trees.
Options
1. Approve the removal of one 38.5-inch Blue Oak tree and require mitigation oak trees be planted onsite by adopting draft Resolution 26-XXX;
2. Deny the Oak tree removal permit with findings and require the oak tree to remain and be protected.
3. Provide alternative direction to staff.
Analysis and Conclusions
The Arrive apartment complex was originally designed with the preservation of the subject Oak tree as a central consideration. Mr. Thurman of HTACI served as the original arborist for the project and prepared
the initial tree protection report during the entitlement phase. His scope included recommendations for pre-construction tree protection as well as guidance throughout construction. Despite these extensive preservation efforts, the tree ultimately sustained damage as a direct result of construction activities on the site. In addition, the subsequent installation of irrigation for landscaping in the vicinity and potential for excessive water collection/pooling in the area during weather events is likely to have further exacerbated stress on the tree.
An inspection of the subject Oak tree was performed by City staff in August 2025, at which time staff noticed the declining health of the tree. As a result of this inspection, staff contacted Mr. Thurman and requested he prepare an Arborist report to determine the health of the tree and if it posed any risks. In his report, it is noted that the tree is in severe decline; the canopy structure on the north and east sides of the tree indicates that roots on those sides of the tree are subject to root rot disease. Further, the Arborist indicates that, as these areas of the root system continue to die, the structural integrity of the tree will eventually fail, with a high risk of the tree hitting the existing building addressed as 1373 Creston Road and its associated gas meters. The root disease issue additionally affects scaffold branches on the north and east sides of the tree, with the possibility of individual branches giving way prior to the tree collapse. This presents a low but potential risk of striking pedestrians in the vicinity of the tree. Based on the new information and risk assessment, the Arborist recommends the tree be removed. Additional analysis of the factors to consider when reviewing a removal request are included in the following section.
Aerial photo – location of subject 38.5-inch oak.
Photo of subject tree looking north, 2023. North and east side canopy in heavy decline, branches falling.
Photo of subject tree looking south, 2025. East and north sides of tree have died. 70% of canopy considered in decline or dead.
The Oak Tree Preservation Ordinance requires staff to consider 5 factors when making a recommendation to City Council for oak tree removal permits. The factors are listed below with an explanation for how each was considered in staff’s recommendation in italics:
1. The condition of the oak tree with respect to its general health, status as a public nuisance, danger of falling, proximity to existing or proposed structures, interference with utility services, and its status as host for a plant, pest or disease endangering other species of trees or plants with infection or infestation;
The Project Arborist has provided an arborist report that indicates that the tree is in poor condition, likely due to root rot disease. This disease likely entered the tree’s root system through damage caused by unauthorized encroachments into the tree’s Critical Root Zone (CRZ) during construction of the surrounding apartment complex. Diseased roots on the north and east sides of the tree threaten the tree’s structural integrity, and the tree has a high risk of threatening the building addressed as 1373 Creston Road and its associated gas meters if it were to collapse. Based on this, the Arborist recommends full removal of the tree.
2. The necessity of the requested action to allow construction of improvements or otherwise allow reasonable use of the property for the purpose for which it has been zoned. In this context, it shall be the burden of the person seeking the permit to demonstrate to the satisfaction of the director that there are no reasonable alternatives to the proposed design and use of the property. Every reasonable effort shall he made to avoid impacting oak trees, including but not limited to use of custom building design and incurring extraordinary costs to save oak trees; There is no further construction proposed for this property. The request for removal is due to the severely declining health of the tree and to avoid potential risks to nearby buildings.
3. The topography of land, and the potential effect of the requested tree removal on soil retention, water retention, and diversion or increased flow of surface waters. The director shall consider how either the preservation or removal of the oak tree(s) would relate to grading and drainage.
Except as specifically authorized by the planning commission and city council, ravines, stream beds and other natural water-courses that provide a habitat for oak trees shall not be disturbed; The subject oak does not contribute to an intact habitat and is not in proximity to significant flow of surface waters.
4. The number, species, size and location of existing trees in the area and the effect of the requested action on shade areas, air pollution, historic values, scenic beauty and the general welfare of the city as a whole;
The tree provides both shade and scenic beauty to the surrounding area, and is the only mature oak tree located within the apartment complex property. The affected tree was also planned as a cultural marker for the complex. Owners will need to replace the tree with mitigation trees.
5. Good forestry practices such as, but not limited to, the number of healthy trees the subject parcel of land will support.
Removal of the tree would require replacement by either seven (7) native oaks at the minimum
1.5-inc caliper or five (5) native oaks at 2-inch caliper. The Arborist has concluded that the subject parcel would be able to support the five native oaks at 2-inch caliper. Such trees can be planted throughout the landscaped area, excepting the low area directly north of the existing
oak tree (due to excessive water collection/pooling in the area during weather events). Staff has noted there are additional acceptable areas onsite along the project’s frontage.
When considering all required factors, due to the overall health of the tree and its proximity to proposed structures, staff finds the removal is justified given the information provided.
Fiscal Impact
There is no direct fiscal impact on the City from this action.
CEQA
Staff recommends that pursuant to the California Environmental Quality Act (CEQA), the City Council determine that this proposal to remove the 38.5-inch Oak tree is exempt from the provisions of the California Environmental Quality Act (CEQA) in accordance with the CEQA Guidelines Section 15304 – Class 4, Minor Alterations to Land, which consist of minor private alterations in the condition of land and/or vegetation which do not involve the removal of a healthy, mature, scenic trees. Here, the proposed project involves the removal of one oak tree that is structurally compromised and poses a high-risk hazard due to its condition and proximity to existing structures. The tree removal process is limited to the removal of one oak tree in poor health and is thus a minor private alteration. There is no evidence of any unusual or special conditions that would result in a significant effect on the environment.
None of the exceptions to the use of a categorical exemption identified in State CEQA Guidelines section 15300.2 apply.
• The project site does not contain any environmentally sensitive areas. • There is no potential for cumulative impacts.
• There are no unusual circumstances that would have a significant impact on the environment. • The actions would not negatively impact scenic resources within a duly designated scenic highway. • There is no record of hazardous waste.
Recommendation (Option 1)
Approve Resolution 26-XXX, approving Oak tree removal permit OTR25-10 based on findings that the condition of the oak tree, with respect to its general health, danger of falling, and proximity to existing or proposed structures, justifies removal of the tree and require five (5) native oaks at 2-inch caliper (or the equivalent) to be planted on site as mitigation for removal.
Attachments
1. Vicinity Map
2. Resolution 26-XXX Authorizing the Removal of one 38.5-inch Blue Oak Tree a. Exhibit A - Arborist Report from Heritage Tree Arboricultural Consulting
Attachment 1
(1387 Creston Road)
Attachment 2
RESOLUTION 26-XXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PASO ROBLES APPROVING THE REMOVAL OF ONE (1) BLUE OAK TREE LOCATED AT 1387 CRESTON ROAD (APN 009-571-010)
WHEREAS, the City received an application requesting the removal of one 38.5-inch diameter Blue Oak tree (Quercus douglasii) submitted by Kim Berry on behalf of FPA Multi-Family, Inc. (Owner), for the property located at 1387 Creston Road (APN 009-571-010); and WHEREAS, certified Arborist Rodney Thurman with Heritage Tree Arboricultural Consulting Inc (HTACI), evaluated the Oak tree and provided an evaluation of the tree’s health. The Arborist found that the tree is severely declining in health due to root rot disease. Because the tree now poses a hazard to the adjacent buildings and pedestrians of the apartment complex, the Arborist recommends the tree be removed; and
WHEREAS, the Community Development Director could not make the determination that the tree is “clearly dead or diseased beyond correction,” and therefore, the tree is “healthy” as defined by Section 10.01.050.C of the Oak Tree Preservation Ordinance; the City Council must make the determination of whether the tree should be removed or not, after consideration of the factors listed in Section 10.01.050.D; and
WHEREAS, the City’s Oak Tree Preservation Ordinance requires replacement of 25% of the diameter of the oak being removed. In this case, removal of the 38.5-inch Blue Oak tree would require the replanting of as many as seven (7) 1.5-inch diameter mitigation trees or five (5) 2-inch diameter mitigation trees; and
WHEREAS, the City Council met to discuss the request for an oak tree removal on February 3, 2026, considered the facts as presented in the staff report prepared for this project, and accepted public testimony; and
WHEREAS, the City Council determine that this proposal to remove the 38.5-inch Oak tree is exempt from the provisions of the California Environmental Quality Act (CEQA) in accordance with the CEQA Guidelines Section 15304 – Class 4, Minor Alterations to Land, which consist of minor private alterations in the condition of land and/or vegetation which do not involve the removal of a healthy, mature, scenic trees. Here, the proposed project involves the removal of one oak tree that is structurally compromised and poses a high-risk hazard due to its condition and proximity to existing structures. The tree removal process is limited to the removal of one oak tree in poor health and is thus a minor private alteration. There is no evidence of any unusual or special conditions that would result in a significant effect on the environment.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EL PASO DE ROBLES DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. All of the above recitals are true and correct and incorporated herein by reference.
Attachment 2
Section 2. Pursuant to Paso Robles Municipal Code section 10.01.050.D. and based on the information contained in the staff report, testimony presented during the public hearing, and responses thereto, the City Council hereby finds and determines that the 38.5-inch Blue Oak tree located at 1387 Creston Road is at a high risk of failure and potential hazard to people and structures onsite.
Section 3. The City Council of the City of El Paso de Robles does hereby:
1. Approve the request to remove one (1) 38.5-inch diameter Blue Oak tree, shown in Exhibit A;
2. Require the on-site planting of five (5) 2-inch diameter oak trees (or the equivalent), at the direction of a certified arborist;
3. Require the provision of irrigation and protection for the replanted oak trees until they are established.
APPROVED this 3
rd Day of February, 2026, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
John R Hamon, Jr., Mayor
ATTEST:
Melissa Martin, City Clerk
Exhibit A - Heritage Tree Arborist Report (2025)
1343 Bishop Street, San Luis Obispo, CA 93401
Tel: 805 234 8760 - Email: [email protected] Date: September 12, 2025
To: Darcy Delgado – City of Paso Robles Planning and Development Department From: Rodney Thurman – Heritage Tree Arboricultural Consulting Inc.
Subject: Arrive Paso – Oak Tree Health Assessment
Ms. Delgado,
The purpose of this memo is to provide the following:
• Provide background of tree protection for tree
• Assessment of health of 1 oak in common space
• Provide tree risk assessment
• Provided recommendations regarding removal or mitigation work • Provide tree replacement mitigation recommendations
Introduction
In August of 2025, a City of Paso Robles planning staff member discovered that the large blue oak (Quercus douglasii) in the middle of the common area at Arrive Paso located at 1401 Creston Road was in severe decline. Arrive is a Multi-family housing construction project approved by the city. Heritage Tree Arboricultural Consulting Inc. (HTACI) has been contracted by the city to assess the health of the tree and determine the cause of its decline. Additionally, HTACI was asked to provide background about tree protection efforts during construction if they were available. Further HTAIC was also asked to provide a tree risk assessment for the tree. Finally, we were asked to calculate mitigation tree replacements in the event the subject tree required removal.
Tree Protection Background
HTAIC provided the original tree protection report for this project to Red Tail Acquisitions (RTAQ) on July 22, 2019. On October 7, 2021 I was invited to the site by RTAQ to observe the tree protection being installed around the subject tree. On 10/12/21 I inspected the completed tree protection fencing, which formed the tree protection zone, and found that it was installed properly. See Appendix A – Photo 1.
Compare with Photo from and Photo from 9/27/23.
HTAIC was not contacted by RTAQ to attend a pre-construction meeting for the project. Nor were subsequent follow-up health inspections for the tree requested by RTAQ as the project progressed. No further tree monitoring was requested by RTAQ and HTAIC did not perform any unsolicited inspections or monitoring. According to your records, the City of Paso Robles planning department did not require a post construction inspection of the tree to be performed by an arborist.
Exhibit A
2 The oak tree impact and report provided by HTAIC specifically noted that “An initial inspection shall be completed by an ISA Certified Arborist prior to commencement of construction activities to ensure that all tree protection measures have been put in place. Weekly inspections of the CRZ’s and associated fencing shall also be completed by a Certified Arborist until construction is complete. Any root pruning, excavation, grading or filling within 5 feet of the CRZ shall also be monitored by an ISA Certified Arborist.”
Initial Observations
On September 27, 2023, out of curiosity for the tree’s health, I stopped by the site to see how it was looking. The tree was in decline with the scaffold branches on the northeast side being almost completely defoliated, while the rest of the canopy was also losing leaves but not as heavy. The tree protection fencing was not intact and what remained of the fencing, was moved much closer to the tree than originally prescribed in the July 2019 Oak Tree Impact Report I had provided. Further, there had been unauthorized deposits of fill placed within the critical root zone of the tree. See Appendix A - Photos 2, 3 & 4.
On September 27, 2023, I contacted Kim Berry of RTAQ to inform her about the tree’s health. She put me in contact with Ishmael Castillo of Towbes Group who was in charge of subcontractors performing landscaping around the tree in question. Via on site meetings with Mr. Castillo and the landscaping subcontractor, I provided guidance regarding tree protection, landscape design, and irrigation to try to mitigate the damage the tree suffered.
Mitigation
Based on my assumption that the early defoliation of the tree was caused by drought stress, I provided guidance to Towbes Group regarding mitigation strategies to try to revive the tree. Appendix A – Photos 5 & 6 show extent of the tree’s decline on 10/11/23. In a series of on-site meetings and emails from September through November of 2023, I worked with Towbes Group to help them implement the mitigation strategies. The mitigation measures employed were as follows:
• Re-establish tree protection fencing and tree protection zone. See Appendix A – Photos 5 & 6. • Rake disturbed soils level and remove soils placed against trunk of the tree • Re-route trails outside of tree drip line
• Install drip irrigation in critical root zone to apply emergency irrigation until arrival of first rains • Install wood bark mulch in critical root zone of tree On November 27, 2023 I performed a final inspection of the tree and mitigation measures that had been employed. On December 1, 2023 I sent an email to the team at RTAQ & Towbes Group that all remediation and mitigation measures had been implemented. I included the following comments:
I made a final inspection of the tree protection measures recently employed for the large native oak on your property at Arrive Paso Robles.
• Drip irrigation has been installed and several irrigations were provided since then.
Exhibit A
3 • The irrigation has a shut off valve. Valve is currently in the off position and should remain that way through out winter and early spring. Please consult with me regarding time to turn the irrigation back on and how often it should be used.
• A new layer of bark mulch has been applied to the area beneath the tree. • The condition of the tree is questionable at this time due to the unauthorized fill that was placed in the critical root zone (CRZ) as well as the drought stress from lack of irrigation and mulch during the 2-year construction period. Approximately 1/3 of the northeast side of tree defoliated early this fall. April/May of 2024 will be the time to have me inspect the tree again and assess its condition
I did not receive any further communication or requests from RTAQ or Towbes regarding the tree’s health or follow-up care.
Recent Observations
On August 18th 2025, upon your request, I inspected the tree in question and found the following. • The tree’s canopy had declined further and approximately 70% of the canopy was dead or severely defoliating. See Appendix A - Photos 7 & 8.
• The leaves on the north and east scaffolds have turned brown and died. • The irrigation system appeared to had been underperforming with soils on the south side of the tree registering dry, while soils on the north side of the tree were saturated to a point where they were bog-like.
• It appeared that the tree contracted a root rot infection which has cut off vascular activity or most of the northeast side of the tree, hence the defoliation and death of the branches.
Tree Risk Evaluation
Due to the heavy decline of the tree, you have requested a tree risk assessment. See below for the assessment and risk level associated with this tree.
Tree Risk Defined
Tree risk is determined by identifying the targets e.g. (people, buildings, cars or property) that could be injured or damaged by a whole or partial tree failure, the occupancy rate, exposure of the target to the tree hazard, the size of part of the tree that may impact the target if it were to fail, the likelihood of impact on the target, and the consequences of failure on the target.
The part of the tree most likely to fail and cause the greatest impact is used to determine the highest overall risk for the tree. When considering likelihood of failure, the definitions are as follows:
• Imminent – Failure has started or most likely to occur in the near future. Even if there is no significant wind or increased load. The imminent category overrides the time frame stated in the scope of work.
Exhibit A
4 • Probable – Failure may be expected under normal weather conditions within the specified time frame.
• Possible – Failure may be expected in extreme weather conditions, but is unlikely during normal weather conditions during a specified time frame. • Improbable – The tree or part is not likely to fail during normal weather conditions and may not fail in extreme weather conditions within the specified time frame.
Risk Matrices
I used the International Society of Arboriculture’s Basic Tree Risk Assessment Form and tree risk matrix to determine risk. See example matrix table below.
Matrix 1 the “Likelihood Matrix” determines the likelihood of failure and impact. The result is entered into Matrix 2, the “Risk Rating Matrix” which factors uses Consequences of Failure to get the overall risk rating. In the example below, Likelihood of failure of a part was Probable. The Likelihood of Impact on the target was High. The result was Likely. In Matrix 2, I entered the result of Likely and entered Severe in the Consequences of Failure regarding the target, which gave me a risk rating of High.
Exhibit A
5 Risk Assessment of Subject Tree
I performed a Level 2 – Basic Assessment
Generally, this level of assessment includes a complete walk around inspection. Basic tools such as probes, measuring devices, binoculars, mallet or magnifying glass are used. At this level, an aerial inspection is not included. I used the matrix tables to determine risk for each part assessed.
Parts Assessed
Roots
The severe decline of the canopy on the north and east sides of the tree indicates that the roots are not healthy. I suspect that roots on the north side of the tree are likely compromised due to root rot disease. As the disease progresses and kills off live tissue, the roots anchoring the tree will lose structural integrity and eventually give way.
Targets the tree could strike if its roots fail are Pedestrians, Building 1373 and associated gas meters. Below are the risk matrix tables filled in to show the risk level for each target if the tree failed at the roots.
Pedestrian as Target = Low Risk
Exhibit A
6 Building and Gas Meters as Target = High Risk
Scaffold Branches
Due to the root disease issue, the canopy of the tree is severely declining and scaffold branches on the north and east sides of the tree have died and now present a hazard of branch failure. The compromised roots on the north side of the tree have caused the decline. As the disease progresses and kills off more live tissue, the scaffolds and associated canopy will continue to decline and die. As the branches rot, like the roots, they will also lose structural integrity and give way. The most likely target the scaffold branches could strike would be Pedestrians. Below are the risk matrix tables filled in to show the risk level for the target if the scaffold failed.
Pedestrian as Target = Low Risk
Exhibit A
7 Overall Risk
The overall risk of failure is High, which was related to the potential of roots failing and the whole tree striking Building 1373 and the associated gas meter bank.
Recommendations
Based on the severely declining health of the tree and the potential for the whole tree to fail into adjacent buildings and pedestrians, I recommend full removal or the tree.
Mitigation for Loss of the Tree
The City of Paso Robles requires replacements for any native oak removed that is 6-inches in diameter or greater. This requirement is at the discretion of the Director of Public Works. The following is excerpted from the city’s Oak Tree Ordinance 835 N.S.:
Replacement oaks being equivalent to twenty-five percent of the diameter of the removed tree(s). (For example, the replacement requirement for removal of two trees of fifteen-inch DBH (thirty total diameter inches), would be seven and one-half inches (thirty inches removed multiplied by twenty-five hundredths replacement factor).
This requirement could be satisfied by planting five, one and one-half inch caliper trees, or three, two-and one-half-inch caliper trees or any other combination totaling seven and onehalf inches).
A minimum of two, twenty-four-inch box, one and one-half inch minimum trunk caliper measurement trees shall be required for each oak tree removed. Replacement trees shall be located on the same property as where the tree is approved for removal or, subject to approval of the director, arrangements can be made to locate the replacement trees on public property.
Planting standards for replacement trees shall he consistent with City Standard Details and Specification L-4 except that deep root barriers shall not be required if the trees are not adjacent to sidewalk areas. Oak tree preservation and maintenance measures shall be consistent with the provisions of this chapter.
The diameter of the oak tree proposed for removal is 38.5 inches. Twenty-five percent of 38.5 inches is 9.62 inches which I rounded up to 10. Therefore, seven (7) native oaks at the minimum
1.5-inch caliper or five (5) native oaks at 2-inch caliper would be required to be planted on the premises.
There appears to be enough room to replant 5 - two-inch diameter, twenty-four inch box sized trees in the open space area around the existing tree proposed for removal. Due to water collecting in the low area to the north of the existing tree, I do not recommend planting in that specific area. Otherwise, trees can be planted throughout the open-space, landscape area.
Distances between newly planted trees should be 35 feet on center. Acceptable native oak replacement species are blue oak (Quercus douglasii) , valley oak (Quercus lobata) and coast live oak (Quercus agrifolia). Coast live oak are more readily available, at local nurseries. If replacement trees will be installed in tree wells in other areas around the property, the wells should measure at least an 8’ x 8’ and be filled with native soil.
Exhibit A
8 Conclusion
There is no treatment to cure the root rot disease that has entered the tree. Cultural changes have been employed but they did not have any positive affect on the tree’s health.
Through my observations I have determined that unauthorized encroachments into the tree’s critical root zone and general disregard for tree protection measures caused damage to critical roots. Once the roots were damaged, there were entry points for root rot disease. The root damage and subsequent fungal infection was the cause of this tree’s decline
Please feel free to contact me with any questions.
Respectfully Submitted,
Rodney D. Thurman
ISA Board Certified Master Arborist PN-2684BUM
ISA Municipal Specialist
ISA Utility Arborist
ISA Tree Risk Assessor Qualification
Appendices: Photographs
Exhibit A
9 Appendix A – Photographs
Photo 1 – View of subject tree looking northwest on 10/12/21. Tree protection fencing had been installed 20 feet beyond the drip line for added protection.
Exhibit A
10 Photo 2 – View of subject tree looking north - 9/27/23. Canopy is in decline. Tree protection fencing has been broken and tree protection zone has been reduced to less than the extent of the canopy drip line.
Exhibit A
11 Photo 3 – Closer view of critical root zone looking east - 9/27/23. Bare soil area represents where fill had been deposited in all areas except the southeaster quadrant where dry grass is present.
Exhibit A
12 Photo 4 – Closer view looking east - 9/27/23. Critical root zone area on north (left) side of tree had fill do depths of up to 1 foot next to the trunk and deeper further north from the tree.
Exhibit A
13 Photo 5 – View of north of subject tree 10-11-23 after tree protection fencing was re-installed.
Exhibit A
14 Photo 6 – View of west of subject tree 10-11-23 after tree protection fencing was re-installed. Note east and north side of tree are in heavy decline and branches are dying.
Exhibit A
15 Photo 7 – View of southwest of subject tree 8-18-25. Entire east and north side of tree has died.
Exhibit A
16 Photo 8 – View of south of subject tree 8-18-25. Entire east and north side of tree has died.
Approximately 70% of the canopy is either in heavy decline or dead.
Exhibit A