09.E Report FY 2026 Q1 Investment Report 2025-11-18 — Pismo Beach City Council, November 18, 2025

PISMO BEACH CITY COUNCIL STAFF REPORT
Agenda Item #9.E
Meeting Date: November 118, 2025

TITLE:

Quarterly Investment Report for the Three Months of July through September 2025 – the First Quarter of Fiscal Year (FY) 2026
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 September 30, 2026. 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 September 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 September 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) 2026. Specifics of each reserve are provided below:

Council Agenda 11-18-2025 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 $9.24 million, which is 25% of the FY 2026 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. 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 2026.
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 $44.70 million in various CDs, GASs, Corp Bonds, MBSs, and Treasuries that mature at various periods over the next five years and have a 3.03% average interest rate during FY 2026.

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 September 30, 2025, the City-Pooled Funds B are allocated or invested as described below.
 $15.24 million in PFM Asset Management California Asset Management Program (CAMP) Pool is a California Joint Powers Authority (JPA) is a State investment pool earning 4.36% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
 $12.66 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 3.79%.
 $1.25 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.
 $415 thousand in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 4.34% 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 11-18-2025 9.E-2

The City’s Other Post-Employment Benefits (OPEB) Trust Account is held with the California Employers’ Retiree Benefit Trust (CERBT) Fund. This trust was established to receive employer contributions that prefund retiree health and other post-employment benefit (OPEB) costs for retirees and their beneficiaries. The CERBT Fund helps the City finance future obligations primarily through investment earnings generated by CalPERS, which are projected to average approximately 6.75% annually, though actual returns fluctuate quarterly.

Until FY 2024, the City’s OPEB Trust Account carried an unfunded liability, and the City made annual contributions equal to the Actuarially Determined Contribution (ADC) to reduce that liability. By the end of FY 2024, the Trust became overfunded, allowing the City to be reimbursed for its FY 2025 retiree health costs, with an additional reimbursement anticipated for FY 2026. Consequently, no new contributions will be made to the Trust in FY 2026. Maintaining an OPEB Trust allows the City to treat these contributions as an asset to offset future retiree health costs, rather than carrying them as a long-term 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 September 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 September 30, 2025

Financial Instrument
Maximum
%
Book Value as
of 9/30/25
% of
Portfolio
Treasury Notes 100% 16,811,500$ 20%
PFM Asset Mgmt CAMP 100% 15,239,627 18%
Checking Account 100% 13,906,999 17%
Negotiable Certificates of Deposit 30% 11,945,363 14% US Government Agency Obligations 50% 10,000,000 12% Corporate Bond 30% 7,874,324 9%
Mortgage Backed Securities 20% 7,131,203 9%
Local Agency Investment Fund 100% 415,325 0%
83,324,340$ 100%
Bond funds: Wilmington Trust 24,579,298$
OPEB Trust Account 6,149,643
Total Book Value 114,053,280$
Council Agenda 11-18-2025 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%
Checking
Account, 17%
Negotiable
Certificates of
Deposit, 14%
US Government
Agency
Obligations, 12%
Corporate Bond,
9%
Mortgage Backed
Securities, 9%
Local Agency
Investment Fund,
0%
Chart 1: Investment Portfolio as of September 30, 2025
Liquidity Amount
0 to 30 days 29,561,950$
FY 2026 8,203,555
FY 2027 11,369,734
FY 2028 14,026,341
FY 2029 10,786,819
FY 2030 9,375,942
83,324,340$
Council Agenda 11-18-2025 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 September 30, 2025, the City’s total book value of cash and investments was $117.59 million. This is $3.53 million less than the last quarter’s ending balance, largely due to 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 September 30, 2025 compared to the previous quarter.

Table 3: Book Value Comparison

0 10,000 20,000 30,000 40,000
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
Investment Name Type of Investment
Book Value as of
9/30/25
Book Value as of
6/30/25 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Treasuries
9,064,232$ 9,064,232$ -$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
44,698,158 45,609,838 (911,680)
City Pooled Funds - B 29,561,950$ 27,134,526$ 2,427,424 Bond funds Blackrock Federal Fund 24,579,298 29,957,328 (5,378,031) OPEB Trust Account Benefit Trust Account 6,149,643 5,821,880 327,763 TOTAL 114,053,280$ 117,587,804$ (3,534,524)$
Council Agenda 11-18-2025 9.E-5

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 September 30, 2025 for CDs, GASs, Corporate Bonds, MBSs, and Treasuries was $54.13 million, which is $372 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 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 September 30, 2025, the City’s total interest earnings were a gain of $1.12 million, including a $548 thousand gain in the City’s managed portfolio and a $329 thousand gain in OPEB. The projected annual interest earnings for FY 2026 are $3.07 million, which is a gain of 2.69% for the year for the City’s entire portfolio and a gain of 2.61% 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.

Investment Name Type of Investment
Book Value as of
9/30/25
Market Value as
of 9/30/25 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Treasuries
9,064,232$ 9,049,355$ (14,877)$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries
44,698,158 45,085,215 387,057
Total All Securities 53,762,390$ 54,134,571$ 372,181$ Council Agenda 11-18-2025 9.E-6

Table 5: Estimated Annual Investment Earnings

Performance:

The projected annual interest earnings rate for FY 2026 is 2.84% for the City’s entire portfolio. The projected annual interest earnings rate for FY 2026 is 2.95% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 4.34% as of September 30, 2025, or the 1-year U.S. Treasury Note, which earned 3.63% as of September 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.

Table 6: City Portfolio Investment Earnings Compared to Performance Measures

Performance Measure Earnings
Rate
City’s Annual Earnings Rate for entire Portfolio 2.95%
City’s Annual Earnings Rate for Managed Portfolio 2.84% LAIF Average Annual Earnings Rate 4.34%
1-Year U.S. Treasury Note 3.63%

Future Outlook
Recent economic data indicate that overall activity continues to expand at a moderate pace. While the unemployment rate remains near historic lows, it has shown slight upward movement. Inflation has risen since earlier in the year and continues to hover modestly above the Federal Open Market Committee’s (FOMC) long-term target.

The FOMC remains committed to its dual mandate of promoting maximum employment and maintaining stable inflation at an average of two percent over the long run. The Investment Name Type of Investment
Book Value as
of 9/30/25
Actual
Interest
Earned 1st
Quarter
YTD Annual
Interest
Earnings
Estimated
Annual
Interest
Earnings
Estimated
Annual Interest
Earnings Rate
General Fund Reserves CDs/GASs/Corp
Bonds/Treasuries
9,064,232$ 42,761$ 42,761$ 251,039$ 2.77% City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries
44,698,158 320,058 320,058 1,334,545 2.99% City Pooled Funds - B Various 29,561,950 274,599 274,599 872,420 2.95% Bond funds Wilmington Trust 24,579,298 367,584 367,584 367,584 1.50% OPEB Trust Account* Benefit Trust
Account
6,149,643 328,826 328,826 415,101 6.75% TOTAL 114,053,280$ 1,333,829$ 1,333,829$ 3,240,689$ 2.84% Total Managed Portfolio 83,324,340$ 637,418$ 637,418$ 2,458,004$ 2.95% Council Agenda 11-18-2025 9.E-7

Committee continues to monitor risks to both objectives and adjust its policy stance accordingly.

To support these goals, the FOMC recently lowered the target range for the federal funds rate to 3.75% to 4.00%. Future policy actions will be determined by evolving economic conditions and the implications of new data for overall economic stability.

Market interest rates remain higher than the average yield on the City’s investment portfolio, though longer-term rates have begun to decline. In response, the City Treasurer has strategically rebalanced the portfolio by allocating a greater share of idle cash into longer-term securities. This approach is designed to lock in currently favorable rates through FY 2030, supporting continued strength in interest earnings.

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 11-18-2025 9.E-8

Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 9/30/25
Actual Interest
Earned 1st
Quarter Ending
9/30/25
Year-to-Date
Interest
Earned
Ending
9/30/25
* Data
Source
Estimated
Annual Interest
Earnings **
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Treasuries

3.06% avg 9,064,232 42,761$ 42,761$ 1 251,039$ City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries

3.03% avg 44,698,158 320,058 320,058 1 1,334,545
Total All Securities 53,762,390$ 362,819$ 362,819$ 1,585,585$ City Pooled Funds - B US Bank Custody 4.17%1,250,694$ 5,249$ 5,249$ 1 10,497 City Pooled Funds - B Local Agency Invest.

Fund (LAIF)
State Investment Pool 4.34%415,325 4,537 4,537 2 14,518 City Pooled Funds - B PFM Asset Mgmt
CAMP
JPA Investment Pool 4.36%15,239,627 167,485 167,485 3 535,952 City Pooled Funds - B US Bank Checking & Sweep 3.79%12,656,306 97,329 97,329 4 311,453 City Pooled Funds - B 29,561,950$ 274,599$ 274,599$ 872,420$ City Pooled Funds total A + B 74,260,108$ 594,657$ 594,657$ 2,458,004$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 797$ 124$ 124$ 5 124
Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 109 1 1 5 1
Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2024 Public Safety
Facility
24,578,392 367,460 367,460 5 367,460
Calpers Benefit Trust
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
6,149,643$ 328,826$ 328,826$ 6 415,101
TOTAL, Cash and Investments at September 30, 2025:114,053,280$ 1,333,829$ 1,333,829$ 3,240,689$ TOTAL for City Managed Portfolio, Cash and Investments:83,324,340$ 637,418$ 637,418$ 2,458,004$ 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 ** Estimated Annual Interest Earnings for the current Fiscal Year (FY) 2026:

1. Estimated Earnings on Investments are based on scheduled Interest Payments during FY 2026

2. Estimated Earnings on Other Financial Instruments are based on anticipated average account balances (Book Values) and interest rates during FY 2026.

City of Pismo Beach
Table A: Summary Table for All Funds,
including Book Values & Earnings Data for Investments in Other Financial Instruments Council Agenda 11-18-2025 9.E-9
Attachment 1

City of Pismo Beach
September 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 0 98.753 147,000 145,176 (1,824) 301 025816ED7 American Express Co 4.73% 4/25/2025 4/25/2029 CD A- 101.576 170,000 172,679 2,679 1,030 052392BT3 Austin Telco Federal
Credit Union

3.80% 9/21/2022 9/21/2027 CD 0 100.279 245,000 245,684 684 448 06406RBA4 Bank New York Mellon
(32.69%)

2.05% 1/26/2022 1/26/2027 CD A 97.647 245,000 239,406 (5,594) 210 06051GMT3 Bank of America Corp 4.62% 5/9/2025 5/9/2029 Corporate Bond A- 101.239 400,000 404,956 4,956 1,044 07371BWH0 Beal Bank Plano Texas 4.70% 6/12/2024 6/6/2029 CD 0 103.33 245,000 253,159 8,159 1,072 07371DT23 Beal Bank USA Las
Vegas Nevada

4.70% 6/12/2024 6/6/2029 CD 0 103.33 245,000 253,159 8,159 1,072 05600XQL7 BMO Harris Bank
(56.73%)

4.45% 5/24/2023 5/24/2028 CD 0 102.079 139,000 141,878 2,878 694 14042TFP7 Capital One Bank
(47.76%)

2.90% 4/27/2022 4/27/2027 CD 0 98.753 117,000 115,553 (1,447) 301 14913UAY6 Caterpillar Finl Svcs 4.40% 4/24/2025 3/3/2028 Corporate Bond N/A 101.06 215,086 217,279 2,193 612 231021AY2 Cummins Inc 4.25% 5/9/2025 5/9/2028 Corporate Bond A 100.751 24,983 25,188 205 679 24951TAL9 Department of
Commerce FCU
(20.41%)

1.25% 1/7/2022 1/7/2027 CD 0 96.912 50,000 48,460 (1,540) 191 24951TAL9 Department of
Commerce FCU
(22.45%)

1.25% 1/7/2022 1/7/2027 CD 0 96.912 55,000 53,304 (1,696) 191 27004PCV3 Eaglemark Savings Bank
(20%)

3.25% 6/22/2022 6/22/2027 CD 0 99.245 50,000 48,630 (1,370) 357 291916AB0 Empower Federal Credit
Union (53.06%)

5.10% 9/29/2023 9/29/2028 CD 0 104.111 130,000 135,341 5,341 822 3130APB87 FHLB 1.10% 10/13/2021 10/13/2026 Agency AA+ 97.325 500,000 486,625 (13,375) 105 3130AQZ55 FHLB 2.50% 3/10/2022 3/10/2027 Agency AA+ 98.316 500,000 491,580 (8,420) 253 3130ALYC2 FHLB (19.2%)1.14% 4/29/2021 4/29/2026 Agency AA+ 98.445 192,000 189,014 (2,986) (62) 3130AMCY6 FHLB (2.5%)1.00% 5/27/2021 5/27/2026 Agency AA+ 98.176 50,000 49,088 (912) (34) 3130AQAU7 FHLB (24.5%)1.45% 12/29/2021 12/29/2026 Agency AA+ 97.272 245,000 238,316 (6,684) 182 3130AMCY6 FHLB (25.8%)1.00% 5/27/2021 5/27/2026 Agency AA+ 98.176 516,000 506,588 (9,412) (34) 3130ARF55 FHLB (49%)2.60% 3/30/2022 3/30/2027 Agency AA+ 98.39 245,000 241,056 (3,945) 273 3130ALYC2 FHLB (5.3%)1.14% 4/29/2021 4/29/2026 Agency AA+ 98.445 53,000 52,176 (824) (62) 3130ARF55 FHLB (51%)2.60% 3/30/2022 3/30/2027 Agency AA+ 98.39 255,000 250,895 (4,106) 273 32024JAM5 First Federal Credit
Union - (78.35%)

4.40% 2/17/2023 2/17/2028 CD 0 101.707 191,967 195,234 3,267 597 39573LEM6 Greenstate Credit Union
(20.4%)

5.00% 9/26/2023 9/26/2028 CD 0 103.817 50,000 51,888 1,888 819 40428HR95 Hsbc USA Inc 4.65% 6/3/2025 6/3/2028 Corporate Bond A- 101.414 400,032 405,656 5,624 704 46632FRU1 JP Morgan Chase Bank 0.70% 1/22/2021 1/22/2026 Corporate Bond AA- 98.556 500,000 492,780 (7,220) (159) 50625LBN2 Lafayette Federal Credit
Union

3.25% 6/15/2022 6/15/2027 CD 0 99.276 245,000 243,226 (1,774) 350 59013KPN0 Merrick Bank 1.10% 11/9/2021 11/9/2026 CD 0 97.111 245,000 237,922 (7,078) 132 70962LAS1 Pentagon Federal Credit
Union (20.4%)

0.90% 9/29/2021 9/29/2026 CD 0 97.185 50,000 48,573 (1,427) 91 87164X2C9 Synchrony Bank 4.60% 9/15/2023 9/15/2028 CD 0 102.629 245,000 251,441 6,441 808 88413QDL9 Third Federal Savings
Bank

3.50% 6/28/2022 6/28/2027 CD 0 99.659 245,000 244,165 (835) 363 89235MLC3 Toyota Financial Savings
Bank

0.95% 7/15/2021 7/15/2026 CD 0 97.755 245,000 239,500 (5,500) 15 91282CJN2 US Treasury 4.38% 12/10/2024 11/30/2028 Treasury Note N/A 102.16 1,463,424 1,481,320 17,896 884 931142FN8 Walmart Inc 4.35% 4/28/2025 4/28/2030 Corporate Bond AA 101.641 149,741 152,462 2,721 1,398 Total $ 9,064,232 $ 9,049,355
Council Agenda 11-18-2025 9.E-10
Attachment 2

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

4.60% 3/8/2023 3/8/2028 CD 0 102.214 245,000 250,424 5,424 617 01664MAB2 All In Federal Credit
Union

4.40% 12/20/2022 12/20/2027 CD 0 101.598 245,000 248,915 3,915 538 01882MAB8 Alliant Credit Union 4.95% 12/30/2022 12/30/2027 CD 0 102.804 245,000 251,870 6,870 548 02589ACE0 American Express
(40.24%)

2.90% 5/3/2022 4/27/2027 CD 0 98.753 99,000 97,756 (1,244) 301 04636NAL7 AstraZeneca Finance
LLC

4.85% 4/16/2025 2/26/2029 Corporate Bond A+ 102.575 222,574 225,665 3,091 972 05253JB59 Australia New Zealand 4.62% 12/16/2024 12/16/2029 Corporate Bond AA- 102.117 800,392 816,936 16,544 1,265 062119BS0 Bank Five Nine (40.82%) 4.60% 4/14/2023 4/13/2028 CD N/A 102.309 100,000 102,318 2,318 653 062119BS0 Bank Five Nine (59.18%) 4.60% 4/14/2023 4/13/2028 CD N/A 102.309 145,000 148,339 3,339 653 06406RBA4 Bank New York Mellon
(67.31%)

2.05% 1/26/2022 1/26/2027 CD A 97.647 504,363 492,946 (11,416) 210 06740KQE0 Barclays Bank 3.00% 5/11/2022 5/11/2027 CD 0 98.875 245,000 242,244 (2,756) 315 05600XQL7 BMO Harris Bank
(43.27%)

4.45% 5/24/2023 5/24/2028 CD 0 102.079 106,000 108,215 2,215 694 05580AW59 BMW Bank North
America

4.60% 3/10/2023 3/10/2028 CD 0 102.19 245,000 250,366 5,366 619 110122EF1 Bristol Myers Squibb Co 4.90% 4/16/2025 2/22/2029 Corporate Bond A 102.68 217,943 220,762 2,819 968 14042TFP7 Capital One Bank
(52.24%)

2.90% 4/27/2022 4/27/2027 CD 0 98.753 128,000 126,392 (1,608) 301 14042RQU8 Capital One National
(20.41%)

2.90% 4/27/2022 4/27/2027 CD 0 98.753 50,000 49,381 (619) 301 14042RQU8 Capital One National
(79.59%)

2.90% 4/27/2022 4/27/2027 CD 0 98.753 195,000 192,564 (2,436) 301 166756BB1 Chevron USA Inc Sr
GIBI

4.48% 3/14/2025 2/26/2028 Corporate Bond AA- 101.396 401,036 405,584 4,548 606 12547CAX6 CIBC Bank USA Chicago 4.45% 4/14/2023 4/14/2028 CD 0 101.916 245,000 249,694 4,694 654 17275RBW1 Cisco Sys Inc 4.55% 3/14/2025 2/24/2028 Corporate Bond AA- 101.538 200,788 203,076 2,288 604 17275RBX9 Cisco Sys Inc 4.75% 3/14/2025 2/24/2030 Corporate Bond AA- 102.601 201,122 205,202 4,080 1,335 17325FBL1 Citibank 4.88% 12/11/2024 11/19/2027 Corporate Bond A+ 100.779 552,195 554,285 2,090 507 17325FBP2 Citibank 4.91% 5/29/2025 5/29/2030 Corporate Bond A+ 102.743 250,000 256,858 6,858 1,429 19058RAE1 Coastal1 Credit Union 4.15% 1/31/2024 1/31/2028 CD 0 101.117 245,000 247,737 2,737 580 19075JAB4 Cobalt Federal Credit
Union

3.60% 9/15/2022 9/15/2027 CD 0 99.896 245,000 244,745 (255) 442 194162AT0 Colgate Palmolive Co 4.20% 5/2/2025 5/1/2030 Corporate Bond A+ 100.783 249,868 251,958 2,090 1,401 20271RAV2 Commonwealth Bk
Australia N Y

4.42% 3/14/2025 3/14/2028 Corporate Bond AA- 101.183 400,012 404,732 4,720 623 22551KAU6 Credit Union of Texas 4.40% 12/9/2022 12/9/2027 CD 0 101.58 245,000 248,871 3,871 527 23204HPB8 Customers Bank 4.50% 6/14/2023 6/14/2028 CD 0 102.131 245,000 250,221 5,221 715 24951TAL9 Department of
Commerce FCU
(57.14%)

1.25% 1/7/2022 1/7/2027 CD 0 96.912 140,000 135,670 (4,330) 191 254673D94 Discover Bank 3.20% 5/19/2022 5/19/2027 CD 0 99.186 245,000 243,006 (1,994) 323 27004PCV3 Eaglemark Savings Bank
(80%)

3.25% 6/22/2022 6/22/2027 CD 0 99.245 195,000 194,520 (480) 357 532457CV8 Eli Lilly Co Sr 4.75% 3/14/2025 2/12/2030 Corporate Bond A+ 102.574 201,412 205,148 3,736 1,323 291916AB0 Empower Federal Credit
Union (46.94%)

5.10% 9/29/2023 9/29/2028 CD 0 104.111 115,000 119,731 4,731 822 30002CAT5 Everett Co-Operative 3.90% 1/23/2023 1/19/2027 CD 0 100.329 245,000 245,806 806 203 3130ALD76 FHLB 0.70% 2/25/2021 2/25/2026 Agency AA+ 98.737 500,000 493,685 (6,315) (125) 3130ANSB7 FHLB 1.00% 9/17/2021 9/17/2026 Agency AA+ 97.476 1,000,000 974,760 (25,240) 79 3130ARGQ8 FHLB 2.88% 4/14/2022 4/14/2027 Agency AA+ 98.709 500,000 493,545 (6,455) 288 Council Agenda 11-18-2025 9.E-11
Attachment 3

City of Pismo Beach
September 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
3130AQAU7 FHLB (14%)1.45% 12/29/2021 12/29/2026 Agency AA+ 97.272 140,000 136,181 (3,819) 182 3130AMS37 FHLB (20%)1.00% 6/24/2021 6/24/2026 Agency AA+ 98.078 400,000 392,312 (7,688) (6) 3130AMCY6 FHLB (25%)1.00% 5/27/2021 5/27/2026 Agency AA+ 98.176 500,000 490,880 (9,120) (34) 3130AMS37 FHLB (30%)1.00% 6/24/2021 6/24/2026 Agency AA+ 98.078 600,000 588,468 (11,532) (6) 3130AMCY6 FHLB (46.7%)1.00% 5/27/2021 5/27/2026 Agency AA+ 98.176 934,000 916,964 (17,036) (34) 3130AMS37 FHLB (50%)1.00% 6/24/2021 6/24/2026 Agency AA+ 98.078 1,000,000 980,780 (19,220) (6) 3130ARGE5 FHLB (50%)3.00% 4/21/2022 4/21/2027 Agency AA+ 98.844 250,000 247,110 (2,890) 295 3130ARGE5 FHLB (50%)3.00% 4/21/2022 4/21/2027 Agency AA+ 98.844 250,000 247,110 (2,890) 295 3130AQAU7 FHLB (61.5%)1.45% 12/29/2021 12/29/2026 Agency AA+ 97.272 615,000 598,223 (16,777) 182 3130ALYC2 FHLB (75.5%)1.14% 4/29/2021 4/29/2026 Agency AA+ 98.445 755,000 743,260 (11,740) (62) 3137FRZ95 FHLMC Multiclass Mtg 1.23% 3/25/2025 2/25/2030 MBS N/A 95.285 519,721 528,627 8,906 1,336 3137HJSF5 FHLMC Multiclass Mtg 5.01% 2/13/2025 10/25/2029 MBS N/A 99.813 549,207 548,180 (1,027) 1,213 3137HAQ74 FHLMC Multiclass Mtg 4.74% 12/13/2024 8/25/2028 MBS N/A 101.932 554,146 560,626 6,480 787 3137HB3G7 FHLMC Multiclass Mtg 4.86% 12/13/2024 10/25/2028 MBS N/A 102.275 556,682 562,513 5,831 848 3137HHW31 FHLMC Multiclass Mtg 5.04% 1/16/2025 11/26/2029 MBS N/A 100.112 330,000 330,370 370 1,245 3137H74P5 FHLMC Multiclass Mtg 2.12% 4/15/2025 3/25/2029 MBS N/A 94.391 554,508 566,346 11,838 999 3137FEBQ2 FHLMC Multiclass Mtg 3.44% 4/11/2025 12/25/2027 MBS N/A 98.986 563,792 569,170 5,378 543 3137F4X72 FHLMC Multiclass Mtg 3.65% 4/8/2025 2/25/2028 MBS N/A 99.363 558,622 561,401 2,779 605 3137H9QT9 FHLMC Multiclass Mtg 4.56% 7/17/2025 1/25/2029 MBS N/A 100.712 297,751 299,135 1,384 940 3137HMCE8 FHLMC Multiclass Mtg 4.27% 7/22/2025 6/25/2030 MBS N/A 100.698 549,420 553,839 4,419 1,456 3137HKXJ8 FHLMC Remic Series 4.41% 4/24/2025 1/25/2030 MBS N/A 101.272 189,993 192,417 2,423 1,305 32024JAM5 First Federal Credit
Union - (21.65%)

4.40% 2/17/2023 2/17/2028 CD 0 101.707 53,033 53,948 915 597 32110YE84 First National Bank
America

4.60% 9/21/2023 9/21/2028 CD 0 102.674 245,000 251,551 6,551 814 33715LED8 First Technology 3.70% 8/19/2022 8/19/2027 CD 0 100.013 245,000 245,032 32 415 3136BTGM9 FNMA Gtd Remic 3.00% 12/17/2024 7/25/2027 MBS N/A 98.346 540,400 550,738 10,338 390 3136AY2H5 FNMA Gtd Remic 2.81% 5/23/2025 11/25/2027 MBS N/A 97.607 396,395 398,186 1,791 513 3136B2HA3 FNMA Gtd Remic 3.47% 5/23/2025 7/25/2028 MBS N/A 98.605 423,095 424,574 1,478 756 3136B0YM2 FNMA Gtd Remic 3.00% 5/1/2025 1/25/2028 MBS N/A 97.742 547,470 550,726 3,256 574 39573LEM6 Greenstate Credit Union
(79.6%)

5.00% 9/26/2023 9/26/2028 CD 0 103.817 195,000 202,464 7,464 819 427866BK3 Hershey Co 4.55% 3/14/2025 2/24/2028 Corporate Bond A 101.587 200,628 203,174 2,546 604 427866BL1 Hershey Co 4.75% 3/14/2025 2/24/2030 Corporate Bond A 102.405 200,578 204,810 4,232 1,335 472207AE9 Jeanne D Arc Federal
Credit Union

3.80% 9/30/2022 9/30/2027 CD 0 100.289 245,000 245,708 708 457 24422EYE3 John Deere Capital
Corporation

4.55% 6/5/2025 6/5/2030 Corporate Bond A 101.556 184,902 187,879 2,977 1,436 478160DJ0 Johnson Johnson 4.70% 3/14/2025 3/1/2030 Corporate Bond AAA 102.99 303,042 308,970 5,928 1,340 57636QBF0 Mastercard Incorporated 4.55% 3/14/2025 3/15/2028 Corporate Bond A+ 101.617 200,576 203,234 2,658 624 58404DSM4 Medallion Bank Utah 4.40% 6/16/2023 6/16/2028 CD 0 101.933 245,000 249,736 4,736 717 60425SKB4 Minnwest Bank 4.25% 5/1/2023 5/3/2027 CD 0 100.844 245,000 247,068 2,068 307 61690UJ68 Morgan Stanley Bank 3.25% 5/19/2022 5/19/2027 CD N/A 99.255 245,000 243,175 (1,825) 323 61768ET29 Morgan Stanley Bank 4.35% 3/6/2024 3/6/2029 CD 0 102.087 245,000 250,113 5,113 980 67054NBC6 Numerica Credit Union 4.95% 11/4/2022 11/4/2027 CD 0 102.617 245,000 251,412 6,412 492 69371RT63 Paccar Financial Corp
Sr Nt

4.55% 3/14/2025 3/3/2028 Corporate Bond A+ 101.39 200,786 202,780 1,994 612 70962LAS1 Pentagon Federal Credit
Union (79.6%)

0.90% 9/29/2021 9/29/2026 CD 0 97.185 195,000 189,530 (5,470) 91 713448GB8 PepsiCo Inc 4.60% 3/14/2025 2/7/2028 Corporate Bond A+ 102.147 200,070 204,294 4,224 587 79772FAG1 San Francisco Federal
Credit Union

4.35% 2/3/2023 2/3/2028 CD 0 101.569 245,000 248,844 3,844 583 856285K91 State Bank India 2.00% 3/23/2022 3/23/2027 CD 0 97.537 245,000 238,966 (6,034) 266 857477DB6 State Str Corp Sr 4.83% 4/24/2025 4/24/2030 Corporate Bond A 102.661 105,000 107,794 2,794 1,394 Council Agenda 11-18-2025 9.E-12
Attachment 3

City of Pismo Beach
September 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
857449AE2 State Street Bank Trust 4.78% 12/11/2024 11/23/2029 Corporate Bond AA- 102.556 403,640 410,224 6,584 1,242 89236TNJ0 Toyota Mtr CR Corp 4.80% 5/15/2025 5/15/2030 Corporate Bond A+ 102.415 94,892 97,294 2,403 1,415 91282CAD3 US Treasury 0.38% 12/12/2024 7/31/2027 Treasury Note N/A 94.277 953,285 989,909 36,623 396 91282CCZ2 US Treasury 0.88% 12/12/2024 9/30/2026 Treasury Note N/A 97.237 1,744,781 1,798,885 54,103 92 912828M56 US Treasury 2.25% 12/11/2024 11/15/2025 Treasury Note N/A 99.789 1,963,438 1,995,780 32,343 (227) 91282CHX2 US Treasury 4.38% 12/11/2024 8/31/2028 Treasury Note N/A 102.035 1,613,750 1,632,560 18,810 793 91282CAL5 US Treasury 0.38% 12/11/2024 9/30/2027 Treasury Note N/A 93.809 563,721 586,306 22,586 457 9128282A7 US Treasury 1.50% 12/11/2024 8/15/2026 Treasury Note N/A 98.068 454,590 465,823 11,233 46 91282CEE7 US Treasury 2.38% 12/11/2024 3/31/2029 Treasury Note N/A 95.82 931,016 958,200 27,184 1,005 91282CBC4 US Treasury 0.38% 12/12/2024 12/31/2025 Treasury Note N/A 99.099 240,117 247,748 7,630 (181) 91282CFC0 US Treasury 2.63% 12/12/2024 7/31/2029 Treasury Note N/A 96.242 657,070 673,694 16,624 1,127 9128283F5 US Treasury 2.25% 12/12/2024 11/15/2027 Treasury Note N/A 97.219 949,844 972,190 22,346 503 912828Z94 US Treasury 1.50% 4/3/2025 2/15/2030 Treasury Note N/A 91.191 1,252,398 1,276,674 24,276 1,326 91282CND9 US Treasury 3.63% 5/21/2025 5/15/2028 Treasury Note N/A 100.32 422,775 426,360 3,585 685 91282CLG4 US Treasury 3.75% 5/15/2025 8/15/2027 Treasury Note N/A 100.207 198,734 200,414 1,680 411 91282CHJ3 US Treasury 3.75% 8/5/2025 6/30/2030 Treasury Note N/A 100.043 692,535 700,301 7,766 1,461 91282CKG5 US Treasury 4.13% 8/27/2025 3/31/2029 Treasury Note N/A 101.523 1,421,930 1,421,322 (608) 1,005 91282CMW8 US Treasury 3.75% 4/29/2025 4/15/2028 Treasury Note N/A 100.305 190,111 190,580 468 655 91282CHF1 US Treasury (2%) 3.75% 7/1/2025 5/31/2030 Treasury Note N/A 100.07 21,960 22,015 56 1,431 91282CHF1 US Treasury (98%) 3.75% 7/1/2025 5/31/2030 Treasury Note N/A 100.07 1,076,021 1,078,755 2,734 1,431 917352AH9 Utah Community Credit
Union

4.50% 6/7/2023 6/7/2028 CD 0 103.604 245,000 253,830 8,830 708 92891CCP5 Vystar Credit Union 4.45% 9/30/2022 9/30/2027 CD 0 101.541 245,000 248,775 3,775 457 98138MCC2 Workers Federal Credit 5.25% 11/15/2023 11/15/2028 CD 0 104.68 245,000 256,466 11,466 869 44,698,158 45,085,215
Council Agenda 11-18-2025 9.E-13
Attachment 3

Pismo Beach City CouncilNovember 18, 2025

Pismo Beach City Council
November 18, 2025