Pismo Beach City Council
September 16, 2025

PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.E
Meeting Date: September 16, 2025

TITLE:

Quarterly Investment Report for the Three Months of April through June 2025 – the Fourth Quarter of Fiscal Year (FY) 2025
RECOMMENDATION:

No action recommended; for information only.

EXECUTIVE SUMMARY:

This report updates City Council on the City’s investment portfolio as of the quarter ending on June 30, 2025. This report complies with regulations set forth in California State Government Code Section 53646 in which the City Treasurer is required to submit to the legislative body (City Council) a quarterly report containing various information on the City’s investments. Pursuant to Government Code Section 6505.5, this information is being provided here to the Pismo Beach Public Financing Authority, the Pismo Beach Public Financing Agency, and the Central Coast Blue Regional Recycled Water Authority, through the members of the City Council who sit on those boards.

The report includes all investments managed by the City, including funds invested in various securities, the City’s pooled funds invested in various financial instruments, and funds held in reserve with fiscal agents.
Table A (Attachment 1) provides a summary of the City’s cash, investments, and earnings based on book value as of June 30, 2025.
Tables B and C (Attachments 2 and 3) provides details on the investment type, issuer, maturity date, book value, market value, and interest rates as of June 30, 2025 for the General Fund Reserve and City Pooled Funds A, respectively.

All of the City’s investments and the City’s allocation of funds in the various financial instruments comply with State Government Code Sections 53610—53686 and with the City’s Investment Policy’s primary objective to safeguard the principal. Additionally, the City of Pismo Beach’s invested funds as described in this report comply with the City’s Investment Policy and meet the City’s pooled expenditure requirements for the next six months.

Description of Cash and Investment Accounts
Negotiable Certificates of Deposit (CDs), US Government Agency Securities (GASs), Corporate Bonds (Corp Bonds), US Treasury Notes (Treasuries), and Mortgage-Backed Securities (MBSs)
General Fund Reserves: The City has three reserves invested in various financial instruments that mature at various periods over the next five years. The total amount invested for these three reserves is $9.06 million, earning 3.06% on average of interest during Fiscal Year (FY) 2025. Specifics of each reserve are provided below:

Council Agenda 9-16-2025 9.E-1

o General Fund Reserve: The City adopted a Fiscal Policy that maintains a General Fund Reserve of 25% of budgeted annual operating expenditures. This Reserve should be $7.87 million, which is 25% of the FY 2025 budgeted annual operating expenditures. Currently, $8.31 million is invested in various CDs, GASs, Corp Bonds, and Treasuries earning 3.13% on average per year, which sets the General Fund Reserve balance to be ready to support the FY 2026 budget. o City Building Reserve: The City Council created a City Building Reserve of $500 thousand for the maintenance and upkeep of City facilities and buildings. Currently, this Reserve is invested in various CDs and GASs earning on average 2.38% per year during FY 2025.
o Risk Management Reserve: The City Council established a Risk Management Reserve, contributing $50 thousand each year to a maximum of $250 thousand.

Currently, this Reserve is $250 thousand, which is invested in CDs and GASs earning 2.28% on average per year.
City-Pooled Funds A (for deferred capital projects): Based on the City’s 10-year capital plan and the cash flow needs for the next five years, the City has invested $45.61 million in various CDs, GASs, Corp Bonds, MBSs, and Treasuries that mature at various periods over the next five years and have a 2.86% average interest rate during FY 2025.

Other Financial Instruments
City-Pooled Funds B (for current year expenditures): The City follows the practice of pooling cash for all funds in financial instruments. Interest earned on pooled cash and investments is allocated quarterly to the various funds based on the respective fund’s average quarterly cash balance. As of June 30, 2025, the City-Pooled Funds B are allocated or invested as described below.
$15.07 million in PFM Asset Management California Asset Management Program (CAMP) Pool is a California Joint Powers Authority (JPA) is a State investment pool earning 4.40% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
$10.23 million in U.S. Bank Checking & Sweep: This account is the City’s primary checking account and with the addition of a new sweep account, the account earned on average 3.91%.
$1.42 million in the U.S. Bank Custodian: This is where interest from various investments is deposited and also where matured securities are temporarily deposited earning 4.17% annually.
$411 thousand in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 4.40% annually and is the City’s secondary savings account where the majority of cash is held for current year expenditures.

OPEB Trust Account
The Governmental Accounting Standards Board (GASB) requires public-sector entities to account for the promise to provide other post-employment benefits (OPEB) over the working life of the employee rather than on a pay-as-you-go basis. The City has an actuarial study performed every two years to determine how much to set aside each year to partially or completely fund the City’s future obligations for retiree health costs.

Council Agenda 9-16-2025 9.E-2

The OPEB Trust Account is the California Employers’ Retiree Benefit Trust (CERBT) Fund that was set up for the purpose of receiving employer contributions to prefund retiree health and OPEB costs for retirees and their beneficiaries. This trust fund helps finance future costs in large part from the investment earnings provided by CalPERS, rather than the City’s restricted investment earnings. The projected earnings are 6.75% per year and fluctuate from quarter to quarter. Until FY 2024, the City’s OPEB Trust Account had an unfunded liability, which the City contributed the Actuarial Determined Contribution amount each year to reduce the liability. As of the end of FY 2024, the Account is currently over-funded and the City is seeking reimbursement for current OPEB costs in FY 2025 and will not be contributing any amount to the Account this year. Contributions to the OPEB Trust Account are an asset for the City’s future retiree health costs instead of a significant liability on the City’s balance sheet.

Portfolio Allocation
Per California Government Code 53600 et seq., and the City's Investment Policy, the City may invest up to a maximum percentage of the entire portfolio of funds in authorized financial instruments. Table 1 and Chart 1 show a summary of the authorized financial instruments, the maximum percentage limits, the book value as of June 30, 2025 of the City’s funds, and the percentage of the total City’s pooled funds that are invested in each financial instrument.

Table 1: Investment Portfolio as of June 30, 2025
Financial Instrument
Maximum
%
Book Value as
of 6/30/25
% of
Portfolio
Treasury Notes 100% 16,282,400$ 20%
PFM Asset Mgmt CAMP 100% 15,072,142 18%
Negotiable Certificates of Deposit 30% 11,945,363 15% US Government Agency Obligations 50% 11,750,000 14% Checking Account 100% 11,651,561 14%
Corporate Bond 30% 8,374,324 10%
Mortgage Backed Securities 20% 6,321,983 8%
Local Agency Investment Fund 100% 410,824 1%
81,808,596$ 100%
Bond funds: Wilmington Trust 29,957,328$
OPEB Trust Account 6,002,549
Total Book Value 117,768,473$
Council Agenda 9-16-2025 9.E-3

Portfolio Liquidity
The portion of the City’s portfolio that is managed by the City Treasurer (all accounts except the Bond Funds and OPEB Trust Account) is sufficiently liquid to meet the City’s expenditure requirements for the next 6 months. The majority of funds are invested in LAIF, which has a liquidity of one day. Table 2 and Chart 2 illustrate the liquidity of the City’s managed portfolio.

Table 2: Liquidity of the City’s Managed Portfolio
Treasury
Notes, 20%
PFM Asset
Mgmt CAMP,
18%
Negotiable
Certificates of
Deposit, 15%
US
Government
Agency
Obligations,
14%
Checking
Account, 14%
Corporate
Bond, 10%
Mortgage
Backed
Securities, 8%
Local Agency
Investment
Fund, 1%
Chart 1: Investment Portfolio as of June 30, 2025
Liquidity Amount
0 to 30 days 27,134,526$
FY 2026 10,453,555
FY 2027 12,039,655
FY 2028 14,029,184
FY 2029 10,531,830
FY 2030 7,619,846
81,808,596$
Council Agenda 9-16-2025 9.E-4

Investment Value
Book Value: The book value represents the initial outlay for an investment and is the amount carried on a balance sheet. In the past quarter ending June 30, 2025, the City’s total book value of cash and investments was $117.77 million. This is $756 thousand greater than the last quarter’s ending balance, largely adding additional securities to Cit Pooled Funds – A, offset by spending down bond proceeds for the 2024 Public Safety Facility Lease Revenue Bonds. In general, there are a number of factors that impact changes in cash and investment balances from quarter to quarter. These changes may include receiving periodic payments (e.g., property taxes are received in December and April), large payments on debt service or capital projects, seasonal revenues and expenditures, and other factors affecting cash flow. Table 3 illustrates the book value as of the quarter ending June 30, 2025 compared to the previous quarter. 0 10,000 20,000 30,000
0 to 30 days
FY 2026
FY 2027
FY 2028
FY 2029
FY 2030
Portfolio Amount ($ thousands)
Li
q
u
i
d
i
t
y

P
e
r
i
o
d
Chart 2: Liquidity of the City’s Managed Portfolio
Council Agenda 9-16-2025 9.E-5

Table 3: Book Value Comparison
Market Value: The market value represents the current price at which a security can be traded and is the value of an investment comparing the various aspects of the security to other factors in the market such as interest rates. The market value as of June 30, 2025 for CDs, GASs, Corporate Bonds, MBSs, and Treasuries was $54.74 million, which is $65 thousand greater than the book value, as illustrated in Table 4. The City expects to hold onto the majority of its investments to maturity and would receive the book value of its investment.

Table 4: Book Value to Market Value Comparison
Investment Name Type of Investment
Book Value as of
6/30/25
Book Value as of
3/31/25 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Treasuries
9,064,232$ 8,659,483$ 404,749$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
45,609,838 44,471,476 1,138,362
City Pooled Funds - B 27,134,526$ 23,608,534$ 3,525,992 Bond funds Blackrock Federal
Fund
29,957,328 34,661,960 (4,704,632)
OPEB Trust Account Benefit Trust Account 6,002,549 5,610,818 391,731 TOTAL 117,768,473$ 117,012,271$ 756,202$
Investment Name Type of Investment
Book Value as of
6/30/25
Market Value as
of 6/30/25 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Treasuries
9,064,232$ 8,988,256$ (75,976)$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries
45,609,838 45,750,849 141,011
Total All Securities 54,674,070$ 54,739,105$ 65,035$ Council Agenda 9-16-2025 9.E-6

Investment Earnings and Performance
The City’s Investment Policy outlines the objectives of the City’s investments, in priority order, as:
Safety of principal to ensure the preservation of,
Liquidity to enable the City to all operating requirements which might be reasonably anticipated; and
Return on investments commensurate with the City’s investment risk constraints identified in the Investment Policy and the cash flow characteristics of the portfolio All three objectives have been met and interest earnings are described below.

Interest Earnings: In the past quarter ending June 30, 2025, the City’s total interest earnings were a gain of $1.49 million, including a $662 thousand gain in the City’s managed portfolio and a $393 thousand gain in OPEB. The actual annual interest earnings for FY 2025 are $3.91 million, which is a gain of 3.91% for the year for the City’s entire portfolio and a gain of 3.31% for the City’s managed portfolio, as illustrated in Table

5. Note that as the City’s cash and investments change, the interest earnings change correspondingly.

Table 5: Actual Annual Investment Earnings

Performance:

The projected annual interest earnings rate for FY 2025 is 3.91% for the City’s entire portfolio. The projected annual interest earnings rate for FY 2025 is 3.31% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 4.40% as of June 30, 2025, or the 1-year U.S. Treasury Note, which earned 3.97% as of June 30, 2025. The following Table 6 lists the various performance measures regarding the various annual earnings rate for the City’s entire portfolio, the City’s managed portfolio, and the two benchmarks of LAIF and the 1-year U.S. Treasury Note.

Investment Name Type of Investment
Book Value as
of 6/30/25
Actual
Interest
Earned 4th
Quarter
Actual Annual
Interest
Earnings
Actual Annual
Interest
Earnings Rate
General Fund Reserves CDs/GASs/Corp
Bonds/Treasuries
9,064,232$ 78,674$ 205,534$ 2.27%
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries
45,609,838 292,402 982,067 2.15%
City Pooled Funds - B Various 27,134,526 291,064 1,518,815 5.60% Bond funds Wilmington Trust 29,957,328 431,153 1,234,119 4.12% OPEB Trust Account* Benefit Trust
Account
6,002,549 392,725 660,215 11.00%
TOTAL 117,768,473$ 1,486,017$ 4,600,751$ 3.91%
Total Managed Portfolio 81,808,596$ 662,139$ 2,706,417$ 3.31% Council Agenda 9-16-2025 9.E-7

Table 6: City Portfolio Investment Earnings Compared to Performance Measures Performance Measure Earnings
Rate
City’s Annual Earnings Rate for entire Portfolio 3.91%
City’s Annual Earnings Rate for Managed Portfolio 3.31% LAIF Average Annual Earnings Rate 4.40%
1-Year U.S. Treasury Note 3.97%
Future Outlook
Recent data indicates that economic activity moderated in the first half of the year. The unemployment rate has remained at historically low levels, reflecting a solid labor market.

Inflation remains slightly above the Federal Open Market Committee’s (FOMC) long-term target.

The FOMC remains committed to achieving maximum employment and maintaining inflation at two percent over the long run. The Committee remains vigilant to potential risks on both sides of its dual mandate.

To support its policy goals, the Committee has decided to maintain the target range for the federal funds rate at 4.25% to 4.50%. Future policy decisions will be guided by incoming economic data and their implications for the broader economy.

Market interest rates are still higher than the City’s overall portfolio, although declining especially in the longer-term securities. In response, the City Treasurer has rebalanced the portfolio to allocate more idle cash into longer-term investments to capitalize on the currently higher rates through FY 2030, ensuring interest earnings will remain strong.

FISCAL IMPACT:

No fiscal impact from the report itself—information only.

ATTACHMENTS:

1. Table A: Summary Table for ALL Funds, including Book Values and Earnings Data for Investments in Other Financial Instruments

2. Table B: For the General Fund Reserve—Basic Data on Investments in Securities

3. Table C: For City Pooled Funds A—Basic Data on Investments in Securities Submitted by: Nadia Feeser, Administrative Services Director/City Treasurer City Manager Approval:

Council Agenda 9-16-2025 9.E-8

Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 6/30/25
Actual Interest
Earned 4th
Quarter Ending
6/30/25
Year-to-Date
Interest
Earned
Ending
6/30/25
* Data
Source
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Treasuries

3.06% avg 9,064,232 78,674$ 205,534$ 1 City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries

2.86% avg 45,609,838 292,402 982,067 1 Total All Securities 54,674,070$ 371,075$ 1,187,602$ City Pooled Funds - B US Bank Custody 4.17%1,417,479$ 16,317$ 94,665$ 1 City Pooled Funds - B Local Agency Invest.

Fund (LAIF)
State Investment Pool 4.40%410,824 4,501 88,952 2 City Pooled Funds - B PFM Asset Mgmt
CAMP
JPA Investment Pool 4.40%15,072,142 162,534 672,141 3 City Pooled Funds - B US Bank Checking & Sweep 3.91%10,234,082 107,711 663,057 4 City Pooled Funds - B 27,134,526$ 291,064$ 1,518,815$ City Pooled Funds total A + B 72,744,365$ 583,465$ 2,500,883$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 673$ 803$ 3,157$ 5 Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 108 113 850 5
Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2024 Public Safety
Facility
29,956,547 430,238 1,230,112 5
Calpers Benefit Trust
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
6,002,549$ 392,725$ 660,215$ 6
TOTAL, Cash and Investments at June 30, 2025:117,768,473$ 1,486,017$ 4,600,751$ TOTAL for City Managed Portfolio, Cash and Investments:81,808,596$ 662,139$ 2,706,417$ Notes:
* Data Sources for Book Values and Actual Interest Earned:
1 = Monthly investment statement from US Bank
2 = Monthly statement from Local Agency Investment Fund 3 = Monthly statement from PFM Asset Management LLC
4 = Monthly reconciled bank statement from US Bank
5 = Monthly statement from Wilmington Trust
6 = Monthly statement from CalPERS Benefit Trust Account City of Pismo Beach
Table A: Summary Table for All Funds,
including Book Values & Earnings Data for Investments in Other Financial Instruments Council Agenda 9-16-2025 9.E-9
Attachment 1

City of Pismo Beach
June 30, 2025 QUARTERLY INVESTMENT REPORT
Table B: For the General Fund Reserves - Basic Data on Investments in Securities:

Government Agency Securities, Bank Certificates of Deposit, Corporate Bonds, Treasury Notes CUSIP Issuer Name Coupon Acq Date Maturity Type S&P Par Value Book Value IDC Market Value
Gain/
Loss
Days to
Stated
Maturit y
02589ACE0 American Express
(59.76%)

2.90% 5/3/2022 4/27/2027 CD 98.083 147,000 144,191 (2,809) 666 025816ED7 American Express Co 4.73% 4/25/2025 4/25/2029 CD A- 101.137 170,000 171,933 1,933 1,395 052392BT3 Austin Telco Federal
Credit Union

3.80% 9/21/2022 9/21/2027 CD 99.624 245,000 244,079 (921) 813 06406RBA4 Bank New York Mellon
(32.69%)

2.05% 1/26/2022 1/26/2027 CD A 96.951 245,000 237,700 (7,300) 575 06051GMT3 Bank of America Corp 4.62% 5/9/2025 5/9/2029 Corporate Bond A- 100.635 400,000 402,540 2,540 1,409 07371BWH0 Beal Bank Plano Texas 4.70% 6/12/2024 6/6/2029 CD 102.339 245,000 250,731 5,731 1,437 07371DT23 Beal Bank USA Las
Vegas Nevada

4.70% 6/12/2024 6/6/2029 CD 102.339 245,000 250,731 5,731 1,437 05600XQL7 BMO Harris Bank
(56.73%)

4.45% 5/24/2023 5/24/2028 CD 101.317 139,000 140,819 1,819 1,059 14042TFP7 Capital One Bank
(47.76%)

2.90% 4/27/2022 4/27/2027 CD 98.083 117,000 114,769 (2,231) 666 14913UAY6 Caterpillar Finl Svcs 4.40% 4/24/2025 3/3/2028 Corporate Bond N/A 100.742 215,086 216,595 1,509 977 231021AY2 Cummins Inc 4.25% 5/9/2025 5/9/2028 Corporate Bond A 100.453 24,983 25,113 131 1,044 24951TAL9 Department of
Commerce FCU
(20.41%)

1.25% 1/7/2022 1/7/2027 CD 95.955 50,000 47,982 (2,018) 556 24951TAL9 Department of
Commerce FCU
(22.45%)

1.25% 1/7/2022 1/7/2027 CD 95.955 55,000 52,778 (2,222) 556 27004PCV3 Eaglemark Savings Bank
(20%)

3.25% 6/22/2022 6/22/2027 CD 98.608 50,000 48,318 (1,682) 722 291916AB0 Empower Federal Credit
Union (53.06%)

5.10% 9/29/2023 9/29/2028 CD 103.306 130,000 134,295 4,295 1,187 3130APB87 FHLB 1.10% 10/13/2021 10/13/2026 Agency AA+ 96.354 500,000 481,770 (18,230) 470 3130AQZ55 FHLB 2.50% 3/10/2022 3/10/2027 Agency AA+ 97.629 500,000 488,145 (11,855) 618 3130ALYC2 FHLB (19.2%)1.14% 4/29/2021 4/29/2026 Agency AA+ 97.555 192,000 187,306 (4,694) 303 3130AMCY6 FHLB (2.5%)1.00% 5/27/2021 5/27/2026 Agency AA+ 97.246 50,000 48,623 (1,377) 331 3130AQAU7 FHLB (24.5%)1.45% 12/29/2021 12/29/2026 Agency AA+ 96.348 245,000 236,053 (8,947) 547 3130AMCY6 FHLB (25.8%)1.00% 5/27/2021 5/27/2026 Agency AA+ 97.246 516,000 501,789 (14,211) 331 3130ARF55 FHLB (49%)2.60% 3/30/2022 3/30/2027 Agency AA+ 97.73 245,000 239,439 (5,562) 638 3130ALYC2 FHLB (5.3%)1.14% 4/29/2021 4/29/2026 Agency AA+ 97.555 53,000 51,704 (1,296) 303 3130ARF55 FHLB (51%)2.60% 3/30/2022 3/30/2027 Agency AA+ 97.73 255,000 249,212 (5,789) 638 32024JAM5 First Federal Credit
Union - (78.35%)

4.40% 2/17/2023 2/17/2028 CD 101.024 191,967 193,923 1,956 962 39573LEM6 Greenstate Credit Union
(20.4%)

5.00% 9/26/2023 9/26/2028 CD 102.996 50,000 51,477 1,477 1,184 46632FRU1 JP Morgan Chase Bank 0.70% 1/22/2021 1/22/2026 Corporate Bond AA- 97.309 500,000 486,545 (13,455) 206 50625LBN2 Lafayette Federal Credit
Union

3.25% 6/15/2022 6/15/2027 CD 98.641 245,000 241,670 (3,330) 715 59013KPN0 Merrick Bank 1.10% 11/9/2021 11/9/2026 CD 96.161 245,000 235,594 (9,406) 497 70962LAS1 Pentagon Federal Credit
Union (20.4%)

0.90% 9/29/2021 9/29/2026 CD 96.217 50,000 48,089 (1,911) 456 87164X2C9 Synchrony Bank 4.60% 9/15/2023 9/15/2028 CD 101.704 245,000 249,175 4,175 1,173 88413QDL9 Third Federal Savings
Bank

3.50% 6/28/2022 6/28/2027 CD 99.074 245,000 242,731 (2,269) 728 89235MLC3 Toyota Financial Savings
Bank

0.95% 7/15/2021 7/15/2026 CD 96.888 245,000 237,376 (7,624) 380 91282CJN2 US Treasury 4.38% 12/10/2024 11/30/2028 Treasury Note N/A 102.082 1,463,424 1,480,189 16,765 1,249 931142FN8 Walmart Inc 4.35% 4/28/2025 4/28/2030 Corporate Bond AA 101.145 149,741 151,718 1,977 1,763 40428HR95 Hsbc USA Inc 4.65% 6/3/2025 6/3/2028 Corporate Bond A- 100.789 400,032 403,156 3,124 1,069 Total $ 9,064,232 $ 8,988,256
Council Agenda 9-16-2025 9.E-10
Attachment 2

City of Pismo Beach
June 30, 2025 QUARTERLY INVESTMENT REPORT
Table C: For City Pooled Funds A - Basic Data on Investments in Securities:

Government Agency Securities, Bank Certificates of Deposit, Corporate Bonds, Mortgage-Backed Securities, Treasury Notes CUSIP Issuer Name Coupon Acq Date Maturity Type S&P Par Value Book Value IDC Market Value
Gain/
Loss
Days to
Stated
Maturit y
00440KAB9 Accenture Capital 4.05% 12/11/2024 10/4/2029 Corporate Bond AA- 99.352 393,028 397,408 4,380 1,557 01025RAN9 Alabama Credit Union 4.35% 2/28/2024 2/28/2028 CD 100.908 245,000 247,225 2,225 973 011852AE0 Alaska USA Federal
Credit Union

4.60% 3/8/2023 3/8/2028 CD 101.551 245,000 248,800 3,800 982 01664MAB2 All In Federal Credit
Union

4.40% 12/20/2022 12/20/2027 CD 100.977 245,000 247,394 2,394 903 01882MAB8 Alliant Credit Union 4.95% 12/30/2022 12/30/2027 CD 102.293 245,000 250,618 5,618 913 02589ACE0 American Express
(40.24%)

2.90% 5/3/2022 4/27/2027 CD 98.083 99,000 97,093 (1,907) 666 04636NAL7 AstraZeneca Finance
LLC

4.85% 4/16/2025 2/26/2029 Corporate Bond A+ 102.264 222,574 224,981 2,407 1,337 05253JB59 Australia New Zealand 4.62% 12/16/2024 12/16/2029 Corporate Bond AA- 101.61 800,392 812,880 12,488 1,630 062119BS0 Bank Five Nine (40.82%) 4.60% 4/14/2023 4/13/2028 CD N/A 101.607 100,000 101,616 1,616 1,018 062119BS0 Bank Five Nine (59.18%) 4.60% 4/14/2023 4/13/2028 CD N/A 101.607 145,000 147,321 2,321 1,018 06406RBA4 Bank New York Mellon
(67.31%)

2.05% 1/26/2022 1/26/2027 CD A 96.951 504,363 489,433 (14,930) 575 06048WS43 Bank of America Corp 2.00% 2/18/2022 8/18/2025 Corporate Bond A- 99.598 500,000 497,990 (2,010) 49 06740KQE0 Barclays Bank 3.00% 5/11/2022 5/11/2027 CD 98.216 245,000 240,629 (4,371) 680 05600XQL7 BMO Harris Bank
(43.27%)

4.45% 5/24/2023 5/24/2028 CD 101.317 106,000 107,408 1,408 1,059 05580AW59 BMW Bank North
America

4.60% 3/10/2023 3/10/2028 CD 101.488 245,000 248,646 3,646 984 110122EF1 Bristol Myers Squibb Co 4.90% 4/16/2025 2/22/2029 Corporate Bond A 102.385 217,943 220,128 2,184 1,333 14042TFP7 Capital One Bank
(52.24%)

2.90% 4/27/2022 4/27/2027 CD 98.083 128,000 125,534 (2,466) 666 14042RQU8 Capital One National
(20.41%)

2.90% 4/27/2022 4/27/2027 CD 98.083 50,000 49,046 (954) 666 14042RQU8 Capital One National
(79.59%)

2.90% 4/27/2022 4/27/2027 CD 98.083 195,000 191,257 (3,743) 666 166756BB1 Chevron USA Inc Sr
GIBI

4.48% 3/14/2025 2/26/2028 Corporate Bond AA- 101.193 401,036 404,772 3,736 971 12547CAX6 CIBC Bank USA Chicago 4.45% 4/14/2023 4/14/2028 CD 101.185 245,000 247,903 2,903 1,019 17275RBW1 Cisco Sys Inc 4.55% 3/14/2025 2/24/2028 Corporate Bond AA- 101.322 200,788 202,644 1,856 969 17275RBX9 Cisco Sys Inc 4.75% 3/14/2025 2/24/2030 Corporate Bond AA- 102.236 201,122 204,472 3,350 1,700 17325FBL1 Citibank 4.88% 12/11/2024 11/19/2027 Corporate Bond A+ 100.608 552,195 553,344 1,150 872 17325FBP2 Citibank 4.91% 5/29/2025 5/29/2030 Corporate Bond A+ 101.92 250,000 254,800 4,800 1,794 19058RAE1 Coastal1 Credit Union 4.15% 1/31/2024 1/31/2028 CD 100.398 245,000 245,975 975 945 19075JAB4 Cobalt Federal Credit
Union

3.60% 9/15/2022 9/15/2027 CD 99.206 245,000 243,055 (1,945) 807 194162AT0 Colgate Palmolive Co 4.20% 5/2/2025 5/1/2030 Corporate Bond A+ 100.412 249,868 251,030 1,163 1,766 20271RAV2 Commonwealth Bk
Australia N Y

4.42% 3/14/2025 3/14/2028 Corporate Bond AA- 100.989 400,012 403,956 3,944 988 22551KAU6 Credit Union of Texas 4.40% 12/9/2022 12/9/2027 CD 100.971 245,000 247,379 2,379 892 Council Agenda 9-16-2025 9.E-11
Attachment 3

City of Pismo Beach
June 30, 2025 QUARTERLY INVESTMENT REPORT
Table C: For City Pooled Funds A - Basic Data on Investments in Securities:

Government Agency Securities, Bank Certificates of Deposit, Corporate Bonds, Mortgage-Backed Securities, Treasury Notes CUSIP Issuer Name Coupon Acq Date Maturity Type S&P Par Value Book Value IDC Market Value
Gain/
Loss
Days to
Stated
Maturit y
23204HPB8 Customers Bank 4.50% 6/14/2023 6/14/2028 CD 101.349 245,000 248,305 3,305 1,080 24951TAL9 Department of
Commerce FCU
(57.14%)

1.25% 1/7/2022 1/7/2027 CD 95.955 140,000 134,330 (5,670) 556 254673D94 Discover Bank 3.20% 5/19/2022 5/19/2027 CD 98.566 245,000 241,487 (3,513) 688 27004PCV3 Eaglemark Savings Bank
(80%)

3.25% 6/22/2022 6/22/2027 CD 98.608 195,000 193,272 (1,728) 722 532457CV8 Eli Lilly Co Sr 4.75% 3/14/2025 2/12/2030 Corporate Bond A+ 102.528 201,412 205,056 3,644 1,688 291916AB0 Empower Federal Credit
Union (46.94%)

5.10% 9/29/2023 9/29/2028 CD 103.306 115,000 118,805 3,805 1,187 30002CAT5 Everett Co-Operative 3.90% 1/23/2023 1/19/2027 CD 100.035 245,000 245,086 86 568 3130ALD76 FHLB 0.70% 2/25/2021 2/25/2026 Agency AA+ 97.815 500,000 489,075 (10,925) 240 3130ANSB7 FHLB 1.00% 9/17/2021 9/17/2026 Agency AA+ 96.415 1,000,000 964,150 (35,850) 444 3130ARGQ8 FHLB 2.88% 4/14/2022 4/14/2027 Agency AA+ 98.109 500,000 490,545 (9,455) 653 3130AQAU7 FHLB (14%)1.45% 12/29/2021 12/29/2026 Agency AA+ 96.348 140,000 134,887 (5,113) 547 3130AMS37 FHLB (20%)1.00% 6/24/2021 6/24/2026 Agency AA+ 97.038 400,000 388,152 (11,848) 359 3130AMCY6 FHLB (25%)1.00% 5/27/2021 5/27/2026 Agency AA+ 97.246 500,000 486,230 (13,770) 331 3130AMS37 FHLB (30%)1.00% 6/24/2021 6/24/2026 Agency AA+ 97.038 600,000 582,228 (17,772) 359 3130AMCY6 FHLB (46.7%)1.00% 5/27/2021 5/27/2026 Agency AA+ 97.246 934,000 908,278 (25,722) 331 3130AMS37 FHLB (50%)1.00% 6/24/2021 6/24/2026 Agency AA+ 97.038 1,000,000 970,380 (29,620) 359 3130ARGE5 FHLB (50%)3.00% 4/21/2022 4/21/2027 Agency AA+ 98.277 250,000 245,693 (4,308) 660 3130ARGE5 FHLB (50%)3.00% 4/21/2022 4/21/2027 Agency AA+ 98.277 250,000 245,693 (4,308) 660 3130AQAU7 FHLB (61.5%)1.45% 12/29/2021 12/29/2026 Agency AA+ 96.348 615,000 592,540 (22,460) 547 3130ALYC2 FHLB (75.5%)1.14% 4/29/2021 4/29/2026 Agency AA+ 97.555 755,000 736,540 (18,460) 303 3137FRZ95 FHLMC Multiclass Mtg 1.23% 3/25/2025 2/25/2030 MBS N/A 94.651 553,203 558,939 5,736 1,701 3137HJSF5 FHLMC Multiclass Mtg 5.01% 2/13/2025 10/25/2029 MBS N/A 100.048 549,565 549,829 264 1,578 3137HAQ74 FHLMC Multiclass Mtg 4.74% 12/13/2024 8/25/2028 MBS N/A 101.721 554,146 559,466 5,319 1,152 3137HB3G7 FHLMC Multiclass Mtg 4.86% 12/13/2024 10/25/2028 MBS N/A 102.186 556,682 562,023 5,341 1,213 3137HHW31 FHLMC Multiclass Mtg 5.04% 1/16/2025 11/26/2029 MBS N/A 100.119 330,000 330,393 393 1,610 3137H74P5 FHLMC Multiclass Mtg 2.12% 4/15/2025 3/25/2029 MBS N/A 93.637 554,508 561,822 7,314 1,364 3137FEBQ2 FHLMC Multiclass Mtg 3.44% 4/11/2025 12/25/2027 MBS N/A 98.541 563,792 566,611 2,819 908 3137F4X72 FHLMC Multiclass Mtg 3.65% 4/8/2025 2/25/2028 MBS N/A 98.955 558,622 559,096 474 970 3137HKXJ8 FHLMC Remic Series 4.41% 4/24/2025 1/25/2030 MBS N/A 100.904 189,993 191,718 1,724 1,670 32024JAM5 First Federal Credit
Union - (21.65%)

4.40% 2/17/2023 2/17/2028 CD 101.024 53,033 53,586 553 962 32110YE84 First National Bank
America

4.60% 9/21/2023 9/21/2028 CD 101.777 245,000 249,354 4,354 1,179 33715LED8 First Technology 3.70% 8/19/2022 8/19/2027 CD 99.439 245,000 243,626 (1,374) 780 3136G4J61 FNMA 0.57% 8/26/2020 8/26/2025 Agency AA+ 99.412 750,000 745,590 (4,410) 57 3136G43L5 FNMA 0.55% 9/30/2020 9/30/2025 Agency AA+ 99.016 1,000,000 990,160 (9,840) 92 3136BTGM9 FNMA Gtd Remic 3.00% 12/17/2024 7/25/2027 MBS N/A 97.827 540,400 547,831 7,431 755 3136AY2H5 FNMA Gtd Remic 2.81% 5/23/2025 11/25/2027 MBS N/A 97.165 397,006 396,993 (12)878 3136B2HA3 FNMA Gtd Remic 3.35% 5/23/2025 7/25/2028 MBS N/A 98.072 424,363 423,544 (819) 1,121 3136B0YM2 FNMA Gtd Remic 3.00% 5/1/2025 1/25/2028 MBS N/A 97.302 549,703 550,484 780 939 39573LEM6 Greenstate Credit Union
(79.6%)

5.00% 9/26/2023 9/26/2028 CD 102.996 195,000 200,863 5,863 1,184 427866BK3 Hershey Co 4.55% 3/14/2025 2/24/2028 Corporate Bond A 101.265 200,628 202,530 1,902 969 427866BL1 Hershey Co 4.75% 3/14/2025 2/24/2030 Corporate Bond A 101.984 200,578 203,968 3,390 1,700 Council Agenda 9-16-2025 9.E-12
Attachment 3

City of Pismo Beach
June 30, 2025 QUARTERLY INVESTMENT REPORT
Table C: For City Pooled Funds A - Basic Data on Investments in Securities:

Government Agency Securities, Bank Certificates of Deposit, Corporate Bonds, Mortgage-Backed Securities, Treasury Notes CUSIP Issuer Name Coupon Acq Date Maturity Type S&P Par Value Book Value IDC Market Value
Gain/
Loss
Days to
Stated
Maturit y
472207AE9 Jeanne D Arc Federal
Credit Union

3.80% 9/30/2022 9/30/2027 CD 99.619 245,000 244,067 (933) 822 478160DJ0 Johnson Johnson 4.70% 3/14/2025 3/1/2030 Corporate Bond AAA 102.354 303,042 307,062 4,020 1,705 57636QBF0 Mastercard Incorporated 4.55% 3/14/2025 3/15/2028 Corporate Bond A+ 101.375 200,576 202,750 2,174 989 58404DSM4 Medallion Bank Utah 4.40% 6/16/2023 6/16/2028 CD 101.118 245,000 247,739 2,739 1,082 60425SKB4 Minnwest Bank 4.25% 5/1/2023 5/3/2027 CD 100.48 245,000 246,176 1,176 672 61690UJ68 Morgan Stanley Bank 3.25% 5/19/2022 5/19/2027 CD N/A 98.647 245,000 241,685 (3,315) 688 61768ET29 Morgan Stanley Bank 4.35% 3/6/2024 3/6/2029 CD 101.019 245,000 247,497 2,497 1,345 67054NBC6 Numerica Credit Union 4.95% 11/4/2022 11/4/2027 CD 102.167 245,000 250,309 5,309 857 69371RT63 Paccar Financial Corp
Sr Nt

4.55% 3/14/2025 3/3/2028 Corporate Bond A+ 101.43 200,786 202,860 2,074 977 70962LAS1 Pentagon Federal Credit
Union (79.6%)

0.90% 9/29/2021 9/29/2026 CD 96.217 195,000 187,642 (7,358) 456 713448GB8 PepsiCo Inc 4.60% 3/14/2025 2/7/2028 Corporate Bond A+ 101.847 200,070 203,694 3,624 952 79772FAG1 San Francisco Federal
Credit Union

4.35% 2/3/2023 2/3/2028 CD 100.89 245,000 247,181 2,181 948 856285K91 State Bank India 2.00% 3/23/2022 3/23/2027 CD 96.675 245,000 236,854 (8,146) 631 857477DB6 State Str Corp SR 4.83% 4/24/2025 4/24/2030 Corporate Bond A 101.855 105,000 106,948 1,948 1,759 857449AE2 State Street 4.78% 12/11/2024 11/23/2029 Corporate Bond AA- 102.13 403,640 408,520 4,880 1,607 89236TNJ0 Toyota Mtr CR Corp 4.80% 5/15/2025 5/15/2030 Corporate Bond A+ 101.595 94,892 96,515 1,624 1,780 91282CAD3 US Treasury 0.38% 12/12/2024 7/31/2027 Treasury Note N/A 93.328 953,285 979,944 26,659 761 91282CCZ2 US Treasury 0.88% 12/12/2024 9/30/2026 Treasury Note N/A 96.328 1,744,781 1,782,068 37,287 457 912828M56 US Treasury 2.25% 12/11/2024 11/15/2025 Treasury Note N/A 99.237 1,963,438 1,984,740 21,303 138 91282CJN2 US Treasury 4.38% 12/10/2024 11/30/2028 Treasury Note N/A 102.082 1,463,424 1,480,189 16,765 1,249 91282CHX2 US Treasury 4.38% 12/11/2024 8/31/2028 Treasury Note N/A 101.973 1,613,750 1,631,568 17,818 1,158 91282CAL5 US Treasury 0.38% 12/11/2024 9/30/2027 Treasury Note N/A 92.852 563,721 580,325 16,604 822 9128282A7 US Treasury 1.50% 12/11/2024 8/15/2026 Treasury Note N/A 97.316 1,124,512 1,143,463 18,951 411 91282CEE7 US Treasury 2.38% 12/11/2024 3/31/2029 Treasury Note N/A 95.281 931,016 952,810 21,794 1,370 91282CBC4 US Treasury 0.38% 12/12/2024 12/31/2025 Treasury Note N/A 98.106 240,117 245,265 5,148 184 91282CFC0 US Treasury 2.63% 12/12/2024 7/31/2029 Treasury Note N/A 95.785 657,070 670,495 13,425 1,492 9128283F5 US Treasury 2.25% 12/12/2024 11/15/2027 Treasury Note N/A 96.699 949,844 966,990 17,146 868 912828Z94 US Treasury 1.50% 4/3/2025 2/15/2030 Treasury Note N/A 90.492 1,252,398 1,266,888 14,490 1,691 91282CND9 US Treasury 3.63% 5/21/2025 5/15/2028 Treasury Note N/A 100.148 422,775 425,629 2,854 1,050 91282CLG4 US Treasury 3.75% 5/15/2025 8/15/2027 Treasury Note N/A 100.047 198,734 200,094 1,360 776 91282CLR0 US Treasury 4.13% 5/22/2025 10/31/2029 Treasury Note N/A 101.43 550,000 557,865 7,865 1,584 91282CMW8 US Treasury 3.75% 4/29/2025 4/15/2028 Treasury Note N/A 100.125 190,111 190,238 126 1,020 917352AH9 Utah Community Credit
Union

4.50% 6/7/2023 6/7/2028 CD 102.933 245,000 252,186 7,186 1,073 92891CCP5 Vystar Credit Union 4.45% 9/30/2022 9/30/2027 CD 101.015 245,000 247,487 2,487 822 98138MCC2 Workers Federal Credit
Union

5.25% 11/15/2023 11/15/2028 CD 103.879 245,000 254,504 9,504 1,234 24422EYE3 John Deere Capital
Corporation

4.55% 6/5/2025 6/5/2030 Corporate Bond A 100.927 184,902 186,715 1,813 1,801 Total 45,609,838$ 45,750,849$
Council Agenda 9-16-2025 9.E-13
Attachment 3