09.E Report FY 2026 Q2 Investment Report 2026-02-03 — Pismo Beach City Council, February 3, 2026

PISMO BEACH CITY COUNCIL STAF REPOR
Agenda Item #9.E
Meetin Date: Februar 3, 2026

TITLE:

Quarterly Investment Report for the Three Months of October through December 2025 – the Second 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 December 31, 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 December 31, 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 December 31, 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 $9.46 million, earning 3.12% on average of interest during Fiscal Year (FY) 2026. Specifics of each reserve are provided below:
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 Council Agenda 2-3-2026 9.E-1

should be $9.05 million, which is 25% of the FY 2026 budgeted annual operating expenditures. Currently, $8.71 million is invested in various CDs, GASs, Corp Bonds, and Treasuries earning 3.19% 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 $45.98 million in various CDs, GASs, Corp Bonds, MBSs, and Treasuries that mature at various periods over the next five years and have a 3.30% 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 December 31, 2025, the City-Pooled Funds B are allocated or invested as described below.
$15.40 million in PFM Asset Management California Asset Management Program (CAMP) Pool is a California Joint Powers Authority (JPA) is a State investment pool earning 3.95% annually and is the City’s main savings account where the majority of cash is held for current year expenditures.
$14.29 million in U.S. Bank Checking & Sweep: This account is the City’s primary checking and sweep account, where the account earned on average 3.41%. $208 thousand 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.
$420 thousand in Local Agency Investment Fund (LAIF): LAIF is a State investment pool earning 4.20% 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.

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 Council Agenda 2-3-2026 9.E-2

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 December 31, 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 December 31, 2025
Financial Instrument
Maximum
%
Book Value as
of 12/31/25
% of
Portfolio
PFM Asset Mgmt CAMP 100% 15,397,703$ 18%
Checking Account 100% 14,499,134 17%
Corporate Bond 30% 14,229,871 17%
Treasury Notes 100% 11,280,729 13%
Negotiable Certificates of Deposit 30% 11,026,000 13% US Government Agency Obligations 50% 10,000,000 12% Mortgage Backed Securities 20% 8,903,346 10%
Local Agency Investment Fund 100% 419,862 0% 85,756,644$ 100%
Bond funds: Wilmington Trust 15,426,490$
OPEB Trust Account 6,254,602
Total Book Value 107,437,736$
Council Agenda 2-3-2026 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
PFM Asset
Mgmt CAMP,
18%
Checking
Account, 17%
Corporate
Bond, 17%
Treasury
Notes, 13%
Negotiable
Certificates of
Deposit, 13%
US Government
Agency
Obligations, 12%
Mortgage Backed
Securities, 10%
Local Agency
Investment
Fund, 0%
Chart 1: Investment Portfolio as of December 31, 2025
Liquidity Amount
0 to 30 days 30,316,699$
FY 2026 6,698,525
FY 2027 9,358,988
FY 2028 12,765,969
FY 2029 13,040,378
FY 2030 7,126,985
FY 2031 6,449,101
85,756,644$
Council Agenda 2-3-2026 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 December 31, 2025, the City’s total book value of cash and investments was $107.44 million. This is $6.62 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 December 31, 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
FY 2031
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 12/31/25
Book Value as of
9/30/25 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Treasuries
9,462,481$ 9,064,232$ 398,249$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
45,977,465 44,698,158 1,279,307
City Pooled Funds - B 30,316,699$ 29,561,950$ 754,748 Bond funds Blackrock Federal Fund 15,426,490 24,579,298 (9,152,808) OPEB Trust Account Benefit Trust Account 6,254,602 6,149,643 104,960 TOTAL 107,437,736$ 114,053,280$ (6,615,544)$
Council Agenda 2-3-2026 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 December 31, 2025 for CDs, GASs, Corporate Bonds, MBSs, and Treasuries was $55.79 million, which is $347 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 December 31, 2025, the City’s total interest earnings were a gain of $1.15 million, including a $738 thousand gain in the City’s managed portfolio and a $106 thousand gain in OPEB. The projected annual interest earnings for FY 2026 are $3.86 million, which is a gain of 3.59% for the year for the City’s entire portfolio and a gain of 3.09% 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
12/31/25
Market Value as
of 12/31/25 Variance
General Fund Reserve CDs/GASs/Corp
Bonds/Treasuries
9,462,481$ 9,466,138$ 3,656$
City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries
45,977,465 46,320,899 343,434
Total All Securities 55,439,946$ 55,787,036$ 347,091$ Council Agenda 2-3-2026 9.E-6

Table 5: Estimated Annual Investment Earnings
Performance:

The projected annual interest earnings rate for FY 2026 is 3.59% for the City’s entire portfolio. The projected annual interest earnings rate for FY 2026 is 3.09% for the City’s managed portfolio (excludes Bond funds and OPEB Trust Account). This is compared to LAIF, which is earned 4.20% as of December 31, 2025, or the 1-year U.S. Treasury Note, which earned 3.47% as of December 31, 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 3.59%
City’s Annual Earnings Rate for Managed Portfolio 3.09% LAIF Average Annual Earnings Rate 4.20%
1-Year U.S. Treasury Note 3.48%
Future Outlook
The U.S. economy remains resilient but the recent government shutdown has obscured some of the data. Inflation is likely higher than published due to data collection gaps and technical adjustments. Unemployment rates trends higher with net new job creation nearing zero while labor supply is decreasing. There is strong consumer and business spending, along with steadier trade dynamics, which support growth.

The Federal Open Market Committee (FOMC) lowered the target recently lowered the target range for the federal funds rate to 3.50% to 3.75%. The FOMC remains committed to its dual mandate of promoting maximum employment and maintaining stable inflation Investment Name Type of Investment
Book Value as
of 12/31/25
Actual
Interest
Earned 2nd
Quarter
YTD Annual
Interest
Earnings
Estimated
Annual
Interest
Earnings
Estimated
Annual
Interest
Earnings Rate
General Fund Reserves CDs/GASs/Corp
Bonds/Treasuries
9,462,481$ 91,958$ 134,719$ 356,139$ 3.76% City Pooled Funds - A CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries
45,977,465 347,491 667,549 1,425,888 3.10%
City Pooled Funds - B Various 30,316,699 299,036 573,635 863,899 2.85% Bond funds Wilmington Trust 15,426,490 307,312 674,896 674,896 4.37% OPEB Trust Account* Benefit Trust
Account
6,254,602 106,053 434,880 540,933 8.65%
TOTAL 107,437,736$ 1,151,849$ 2,485,678$ 3,861,755$ 3.59% Total Managed Portfolio 85,756,644$ 738,484$ 1,375,903$ 2,645,926$ 3.09% Council Agenda 2-3-2026 9.E-7

at an average of two percent over the long run. The FOMC continues to monitor risks to both objectives and adjust its policy stance accordingly. 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, and rates continue to decline. The City Treasurer continues to invest across the 1 to 5-year securities and diversify the City’s portfolio across various sectors. This approach is designed to lock in currently favorable rates, 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 2-3-2026 9.E-8

Investment Name Name of Institution Type of Investment Current
Earnings
Rate
Book Value
as of 12/31/25
Actual Interest
Earned 2nd
Quarter Ending
12/31/25
Year-to-Date
Interest
Earned
Ending
12/31/25
* Data
Source
Estimated
Annual Interest
Earnings **
General Fund Reserves US Bank CDs/GASs/Corp
Bonds/Treasuries

3.12% avg 9,462,481 91,958$ 134,719$ 1 356,139$ City Pooled Funds - A US Bank CDs/GASs/ Corp
Bonds/ MBSs/
Treasuries

3.30% avg 45,977,465 347,491 667,549 1 1,425,888 Total All Securities 55,439,946$ 439,449$ 802,268$ 1,782,027$ City Pooled Funds - B US Bank Custody 4.17%208,400$ 5,100$ 10,348$ 1 15,448 City Pooled Funds - B Local Agency Invest.

Fund (LAIF)
State Investment Pool 4.20%419,862 4,439 8,976 2 14,362 City Pooled Funds - B PFM Asset Mgmt
CAMP
JPA Investment Pool 3.95% 15,397,703 158,076 325,561 3 468,090 City Pooled Funds - B US Bank Checking & Sweep 3.41% 14,290,734 131,420 228,749 4 365,999 City Pooled Funds - B 30,316,699$ 299,036$ 573,635$ 863,899$ City Pooled Funds total A + B 76,294,163$ 646,527$ 1,241,184$ 2,645,926$ Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017 Pier Project 1,206$ 1,209$ 1,332$ 5 1,332 Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2017B CREBs 1,001 1,001 1,002 5 1,002 Funds Held with Fiscal
Agent
Bond funds: Wilmington
Trust
2024 Public Safety
Facility
15,424,283 305,102 672,561 5 672,561
Calpers Benefit Trust
OPEB Trust Account CalPERS Benefit Trust
Account
Various managed by
CalPERS
6,254,602$ 106,053$ 434,880$ 6 540,933 TOTAL, Cash and Investments at December 31, 2025:107,437,736$ 1,151,849$ 2,485,678$ 3,861,755$ TOTAL for City Managed Portfolio, Cash and Investments:85,756,644$ 738,484$ 1,375,903$ 2,645,926$ 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,
includin Book Values & Earnin s Data for Investments in Other Financial Instruments Council Agenda 2-3-2026 9.E-9
Attachment 1

City of Pismo Beach
December 31, 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 Maturity
02589ACE0 American Express 2.90% 5/3/2022 4/27/2027 CD 99.06 147,000 145,628 (1,372) 301 025816ED7 American Express Co 4.73% 4/25/2025 4/25/2029 Corporate Bond A- 101.534 170,000 172,608 2,608 1,030 052392BT3 Austin Telco Federal
Credit Union

3.80% 9/21/2022 9/21/2027 CD 100.212 245,000 245,519 519 448 06406RBA4 Bank New York
Mellon (32.69%)

2.05% 1/26/2022 1/26/2027 Corporate Bond A 98.148 245,000 240,634 (4,366) 210 06051GMT3 Bank of America Corp 4.62% 5/9/2025 5/9/2029 Corporate Bond A- 101.327 400,000 405,308 5,308 1,044 07371BWH0 Beal Bank Plano 4.70% 6/12/2024 6/6/2029 CD 102.863 245,000 252,014 7,014 1,072 07371DT23 Beal Bank USA Las
Vegas Nevada

4.70% 6/12/2024 6/6/2029 CD 102.863 245,000 252,014 7,014 1,072 05600XQL7 BMO Harris Bank 4.45% 5/24/2023 5/24/2028 CD 101.734 139,000 141,399 2,399 694 14042TFP7 Capital One Bank 2.90% 4/27/2022 4/27/2027 CD 99.06 117,000 115,912 (1,088) 301 14913UAY6 Caterpillar Finl Svcs 4.40% 4/24/2025 3/3/2028 Corporate Bond N/A 101.081 215,086 217,324 2,238 612 231021AY2 Cummins Inc 4.25% 5/9/2025 5/9/2028 Corporate Bond A 100.779 24,983 25,195 212 679 24951TAL9 Department of
Commerce FCU

1.25% 1/7/2022 1/7/2027 CD 97.665 50,000 48,837 (1,163) 191 24951TAL9 Department of
Commerce FCU

1.25% 1/7/2022 1/7/2027 CD 97.665 55,000 53,718 (1,282) 191 27004PCV3 Eaglemark Savings
Bank (20%)

3.25% 6/22/2022 6/22/2027 CD 99.429 50,000 48,720 (1,280) 357 291916AB0 Empower Federal
Credit Union (53.06%)

5.10% 9/29/2023 9/29/2028 CD 103.479 130,000 134,520 4,520 822 3130APB87 FHLB 1.10% 10/13/2021 10/13/2026 Agency AA+ 98.085 500,000 490,425 (9,575) 105 3130AQZ55 FHLB 2.50% 3/10/2022 3/10/2027 Agency AA+ 98.765 500,000 493,825 (6,175) 253 3130ALYC2 FHLB (19.2%)1.14% 4/29/2021 4/29/2026 Agency AA+ 99.166 192,000 190,399 (1,601) (62) 3130AMCY6 FHLB (2.5%)1.00% 5/27/2021 5/27/2026 Agency AA+ 98.912 50,000 49,456 (544)(34) 3130AQAU7 FHLB (24.5%)1.45% 12/29/2021 12/29/2026 Agency AA+ 97.951 245,000 239,980 (5,020) 182 3130AMCY6 FHLB (25.8%)1.00% 5/27/2021 5/27/2026 Agency AA+ 98.912 516,000 510,386 (5,614) (34) 3130ARF55 FHLB (49%)2.60% 3/30/2022 3/30/2027 Agency AA+ 98.832 245,000 242,138 (2,862) 273 3130ALYC2 FHLB (5.3%)1.14% 4/29/2021 4/29/2026 Agency AA+ 99.166 53,000 52,558 (442)(62) 3130ARF55 FHLB (51%)2.60% 3/30/2022 3/30/2027 Agency AA+ 98.832 255,000 252,022 (2,978) 273 32024JAM5 First Federal Credit
Union - (78.35%)

4.40% 2/17/2023 2/17/2028 CD 101.398 191,967 194,641 2,674 597 39573LEM6 Greenstate Credit
Union (20.4%)

5.00% 9/26/2023 9/26/2028 CD 103.211 50,000 51,585 1,585 819 437076CW0 Home Depot 4.90% 12/4/2025 4/15/2029 Corporate Bond A 102.884 195,482 195,480 (2) 1,020 40428HR95 Hsbc USA Inc 4.65% 6/3/2025 6/3/2028 Corporate Bond A- 101.506 400,032 406,024 5,992 704 46632FRU1 JP Morgan Chase 0.70% 1/22/2021 1/22/2026 Corporate Bond AA- 99.75 500,000 498,750 (1,250) (159) 50625LBN2 Lafayette Federal
Credit Union

3.25% 6/15/2022 6/15/2027 CD 99.445 245,000 243,640 (1,360) 350 59013KPN0 Merrick Bank 1.10% 11/9/2021 11/9/2026 CD 97.908 245,000 239,875 (5,125) 132 70962LAS1 Pentagon Federal
Credit Union (20.4%)

0.90% 9/29/2021 9/29/2026 CD 98.032 50,000 48,996 (1,004) 91 69353RFZ6 PNC Bank 4.43% 10/8/2025 7/21/2028 Corporate Bond A 100.669 402,428 402,676 248 752 87164X2C9 Synchrony Bank 4.60% 9/15/2023 9/15/2028 CD 102.132 245,000 250,223 5,223 808 88413QDL9 Third Federal Savings 3.50% 6/28/2022 6/28/2027 CD 99.78 245,000 244,461 (539)363 89235MLC3 Toyota Financial
Savings Bank

0.95% 7/15/2021 7/15/2026 CD 98.57 245,000 241,497 (3,504) 15 91282CJN2 US Treasury 4.38% 12/10/2024 11/30/2028 Treasury Note N/A 102.27 958,795 971,565 12,770 884 91282CMU2 US Treasury 4.00% 12/4/2025 3/31/2030 Treasury Note N/A 101.273 304,969 303,819 (1,150) 1,370 931142FN8 Walmart Inc 4.35% 4/28/2025 4/28/2030 Corporate Bond AA 101.578 149,741 152,367 2,627 1,398 Total $ 9,462,481 $ 9,466,138
Council Agenda 2-3-2026 9.E-10
Attachment 2

City of Pismo Beach
December 31, 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
Maturity
00440KAB9 Accenture Capital 4.05% 12/11/2024 10/4/2029 Corporate Bond AA- 100.362 393,028 401,448 8,420 1,192 01025RAN9 Alabama Credit Union 4.35% 2/28/2024 2/28/2028 CD 101.309 245,000 248,207 3,207 608 011852AE0 Alaska USA Federal
Credit Union

4.60% 3/8/2023 3/8/2028 CD 101.845 245,000 249,520 4,520 617 01664MAB2 All In Federal Credit 4.40% 12/20/2022 12/20/2027 CD 101.324 245,000 248,244 3,244 538 01882MAB8 Alliant Credit Union 4.95% 12/30/2022 12/30/2027 CD 102.393 245,000 250,863 5,863 548 02079KAV9 Alphabet Inc 3.88% 11/6/2025 11/25/2028 Corporate Bond AA+ 100.488 555,586 557,708 2,122 879 02079KAW7 Alphabet Inc 4.10% 11/17/2025 11/15/2030 Corporate Bond AA+ 100.307 275,998 275,844 (154) 1,599 023135CT1 Amazon 4.10% 11/20/2025 11/20/2030 Corporate Bond AA 100.109 374,599 375,409 810 1,604 02589ACE0 American Express 2.90% 5/3/2022 4/27/2027 CD 99.06 99,000 98,060 (940) 301 04636NAL7 AstraZeneca Finance 4.85% 4/16/2025 2/26/2029 Corporate Bond A+ 102.672 222,574 225,878 3,304 972 05253JB59 Australia New Zealand 4.62% 12/16/2024 12/16/2029 Corporate Bond AA- 102.126 800,392 817,008 16,616 1,265 062119BS0 Bank Five Nine 4.60% 4/14/2023 4/13/2028 CD N/A 101.918 100,000 101,927 1,927 653 062119BS0 Bank Five Nine 4.60% 4/14/2023 4/13/2028 CD N/A 101.918 145,000 147,772 2,772 653 06406RBA4 Bank New York
Mellon (67.31%)

2.05% 1/26/2022 1/26/2027 Corporate Bond A 98.148 504,363 495,476 (8,887) 210 06740KQE0 Barclays Bank 3.00% 5/11/2022 5/11/2027 CD 99.167 245,000 242,959 (2,041) 315 05600XQL7 BMO Harris Bank 4.45% 5/24/2023 5/24/2028 CD 101.734 106,000 107,850 1,850 694 05580AW59 BMW Bank North 4.60% 3/10/2023 3/10/2028 CD 101.828 245,000 249,479 4,479 619 14042TFP7 Capital One Bank 2.90% 4/27/2022 4/27/2027 CD 99.06 128,000 126,785 (1,215) 301 14042RQU8 Capital One National
(20.41%)

2.90% 4/27/2022 4/27/2027 CD 99.06 50,000 49,534 (466) 301 14042RQU8 Capital One National
(79.59%)

2.90% 4/27/2022 4/27/2027 CD 99.06 195,000 193,163 (1,837) 301 14913UBD1 Caterpillar Financial 3.95% 11/14/2025 11/14/2028 Corporate Bond A 100.235 549,709 551,293 1,584 868 166756BB1 Chevron USA Inc Sr 4.48% 3/14/2025 2/26/2028 Corporate Bond AA- 101.555 401,036 406,220 5,184 606 12547CAX6 CIBC Bank USA 4.45% 4/14/2023 4/14/2028 CD 101.584 245,000 248,881 3,881 654 17275RBX9 Cisco Sys Inc 4.75% 3/14/2025 2/24/2030 Corporate Bond AA- 102.8 201,122 205,600 4,478 1,335 17275RBR2 Cisco Sys Inc 4.85% 11/7/2025 2/26/2029 Corporate Bond AA- 102.641 410,164 410,564 400 972 17275RBW1 Cisco Sys Inc 4.55% 3/14/2025 2/24/2028 Corporate Bond AA- 101.625 200,788 203,250 2,462 604 17325FBP2 Citibank 4.91% 5/29/2025 5/29/2030 Corporate Bond A+ 102.871 250,000 257,178 7,178 1,429 17325FBL1 Citibank 4.88% 12/11/2024 11/19/2027 Corporate Bond A+ 100.72 552,195 553,960 1,766 507 19058RAE1 Coastal1 Credit Union 4.15% 1/31/2024 1/31/2028 CD 100.887 245,000 247,173 2,173 580 19075JAB4 Cobalt Federal Credit 3.60% 9/15/2022 9/15/2027 CD 99.893 245,000 244,738 (262) 442 194162AT0 Colgate Palmolive Co 4.20% 5/2/2025 5/1/2030 Corporate Bond A+ 100.682 249,868 251,705 1,838 1,401 20271RAV2 Commonwealth Bk
Australia N Y

4.42% 3/14/2025 3/14/2028 Corporate Bond AA- 101.232 400,012 404,928 4,916 623 22551KAU6 Credit Union of Texas 4.40% 12/9/2022 12/9/2027 CD 101.314 245,000 248,219 3,219 527 23204HPB8 Customers Bank 4.50% 6/14/2023 6/14/2028 CD 101.751 245,000 249,290 4,290 715 24951TAL9 Department of
Commerce FCU

1.25% 1/7/2022 1/7/2027 CD 97.665 140,000 136,724 (3,276) 191 254673D94 Discover Bank 3.20% 5/19/2022 5/19/2027 CD 99.427 245,000 243,596 (1,404) 323 27004PCV3 Eaglemark Savings
Bank (80%)

3.25% 6/22/2022 6/22/2027 CD 99.429 195,000 194,881 (119) 357 532457CV8 Eli Lilly Co Sr 4.75% 3/14/2025 2/12/2030 Corporate Bond A+ 102.828 201,412 205,656 4,244 1,323 291916AB0 Empower Federal
Credit Union (46.94%)

5.10% 9/29/2023 9/29/2028 CD 103.479 115,000 119,004 4,004 822 30002CAT5 Everett Co-Operative 3.90% 1/23/2023 1/19/2027 CD 100.425 245,000 246,041 1,041 203 Council Agenda 2-3-2026 9.E-11
Attachment 3

City of Pismo Beach
December 31, 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
Maturity
3130ALD76 FHLB 0.70% 2/25/2021 2/25/2026 Agency AA+ 99.564 500,000 497,820 (2,180) (125) 3130ARGQ8 FHLB 2.88% 4/14/2022 4/14/2027 Agency AA+ 99.091 500,000 495,455 (4,545) 288 3130ANSB7 FHLB 1.00% 9/17/2021 9/17/2026 Agency AA+ 98.176 1,000,000 981,760 (18,240) 79 3130AQAU7 FHLB (14%)1.45% 12/29/2021 12/29/2026 Agency AA+ 97.951 140,000 137,131 (2,869) 182 3130AMS37 FHLB (20%)1.00% 6/24/2021 6/24/2026 Agency AA+ 98.778 400,000 395,112 (4,888) (6) 3130AMCY6 FHLB (25%)1.00% 5/27/2021 5/27/2026 Agency AA+ 98.912 500,000 494,560 (5,440) (34) 3130AMS37 FHLB (30%)1.00% 6/24/2021 6/24/2026 Agency AA+ 98.778 600,000 592,668 (7,332) (6) 3130AMCY6 FHLB (46.7%)1.00% 5/27/2021 5/27/2026 Agency AA+ 98.912 934,000 923,838 (10,162) (34) 3130AMS37 FHLB (50%)1.00% 6/24/2021 6/24/2026 Agency AA+ 98.778 1,000,000 987,780 (12,220) (6) 3130ARGE5 FHLB (50%)3.00% 4/21/2022 4/21/2027 Agency AA+ 99.313 250,000 248,283 (1,718) 295 3130ARGE5 FHLB (50%)3.00% 4/21/2022 4/21/2027 Agency AA+ 99.313 250,000 248,283 (1,718) 295 3130AQAU7 FHLB (61.5%)1.45% 12/29/2021 12/29/2026 Agency AA+ 97.951 615,000 602,399 (12,601) 182 3130ALYC2 FHLB (75.5%)1.14% 4/29/2021 4/29/2026 Agency AA+ 99.166 755,000 748,703 (6,297) (62) 3137HJSF5 FHLMC Multiclass 5.01% 2/13/2025 10/25/2029 MBS N/A 99.82 548,474 547,486 (987) 1,213 3137HHW31 FHLMC Multiclass 4.72% 1/16/2025 11/26/2029 MBS N/A 100.106 329,942 330,292 350 1,245 3137H74P5 FHLMC Multiclass 2.12% 4/15/2025 3/25/2029 MBS N/A 95.14 554,508 570,840 16,332 999 3137FEBQ2 FHLMC Multiclass 3.44% 4/11/2025 12/25/2027 MBS N/A 99.258 563,792 570,734 6,942 543 3137F4X72 FHLMC Multiclass 3.65% 4/8/2025 2/25/2028 MBS N/A 99.613 558,622 562,813 4,192 605 3137H9QT9 FHLMC Multiclass 4.56% 7/17/2025 1/25/2029 MBS N/A 100.886 173,532 174,640 1,108 940 3137HNND6 FHLMC Multiclass 4.56% 11/6/2025 7/25/2030 MBS N/A 99.96 549,612 549,392 (220) 1,486 3137F9CR0 FHLMC Multiclass 0.96% 12/29/2025 8/25/2030 MBS N/A 93.494 545,284 546,208 923 1,517 3137HMCE8 FHLMC Multiclass 4.27% 7/22/2025 6/25/2030 MBS N/A 100.758 549,420 554,169 4,749 1,456 3137FRZ95 FHLMC Multiclass 1.23% 3/25/2025 2/25/2030 MBS N/A 95.778 485,199 496,067 10,868 1,336 3137HNWV6 FHLMC Multiclass 4.17% 12/5/2025 11/25/2030 MBS N/A 100.253 353,089 350,886 (2,203) 1,609 3137HB3G7 FHLMC Multiclass 4.86% 12/13/2024 10/25/2028 MBS N/A 102.39 556,682 563,145 6,463 848 3137HAQ74 FHLMC Multiclass 4.74% 12/13/2024 8/25/2028 MBS N/A 102.079 554,146 561,435 7,288 787 3137HNN53 FHLMC Multiclass 4.84% 10/16/2025 7/25/2030 MBS N/A 100 549,873 549,873 - 1,486 3137HKXJ8 FHLMC Remic Series 4.41% 4/24/2025 1/25/2030 MBS N/A 101.529 189,993 192,905 2,912 1,305 32024JAM5 First Federal Credit
Union - (21.65%)

4.40% 2/17/2023 2/17/2028 CD 101.398 53,033 53,784 751 597 32110YE84 First National Bank 4.60% 9/21/2023 9/21/2028 CD 102.165 245,000 250,304 5,304 814 33715LED8 First Technology 3.70% 8/19/2022 8/19/2027 CD 99.996 245,000 244,990 (10) 415 3136AY2H5 FNMA Gtd Remic 2.81% 5/23/2025 11/25/2027 MBS N/A 98.288 395,764 400,326 4,562 513 3136B0YM2 FNMA Gtd Remic 3.00% 5/1/2025 1/25/2028 MBS N/A 98.233 484,579 489,910 5,331 574 3136BTGM9 FNMA Gtd Remic 3.00% 12/17/2024 7/25/2027 MBS N/A 98.842 540,400 553,515 13,115 390 3136B2HA3 FNMA Gtd Remic 3.35% 5/23/2025 7/25/2028 MBS N/A 99.194 420,435 424,424 3,989 756 39573LEM6 Greenstate Credit
Union (79.6%)

5.00% 9/26/2023 9/26/2028 CD 103.211 195,000 201,282 6,282 819 427866BL1 Hershey Co 4.75% 3/14/2025 2/24/2030 Corporate Bond A 102.709 200,578 205,418 4,840 1,335 472207AE9 Jeanne D Arc Federal
Credit Union

3.80% 9/30/2022 9/30/2027 CD 100.21 245,000 245,515 515 457 24422EYE3 John Deere Capital
Corporation

4.55% 6/5/2025 6/5/2030 Corporate Bond A 101.673 184,902 188,095 3,193 1,436 478160DJ0 Johnson Johnson 4.70% 3/14/2025 3/1/2030 Corporate Bond AAA 103.045 303,042 309,135 6,093 1,340 482480AG5 Kla Tencor Corp 4.10% 11/14/2025 3/15/2029 Corporate Bond A- 100.227 555,372 556,260 888 989 Council Agenda 2-3-2026 9.E-12
Attachment 3

City of Pismo Beach
December 31, 2025 QUARTERLY INVESTMENT REPORT
Table C: For City Pooled Funds A - Basic Data on Investments in Securities:

4.35% 3/6/2024 3/6/2029 CD 101.649 245,000 249,040 4,040 980 61776NZU0 Morgan Stanley
Private Bank National

4.20% 11/19/2025 11/17/2028 Corporate Bond A+ 100.312 330,000 331,030 1,030 871 63743HGC0 National Rural Utils 4.30% 12/10/2025 12/10/2030 Corporate Bond N/A 100.229 199,812 200,458 646 1,624 665859AY0 Northern Trust Corp 4.15% 11/19/2025 11/19/2030 Corporate Bond A+ 100.108 549,396 550,594 1,198 1,603 66989HAY4 Novartis Capital 4.10% 11/5/2025 11/5/2030 Corporate Bond AA- 99.893 493,515 494,470 955 1,589 67054NBC6 Numerica Credit Union 4.95% 11/4/2022 11/4/2027 CD 102.245 245,000 250,500 5,500 492 69371RU20 Paccar Financial Corp 4.00% 11/7/2025 11/7/2028 Corporate Bond A+ 100.468 119,933 120,562 629 861 70962LAS1 Pentagon Federal
Credit Union (79.6%)

0.90% 9/29/2021 9/29/2026 CD 98.032 195,000 191,182 (3,818) 91 713448GB8 PepsiCo Inc 4.60% 3/14/2025 2/7/2028 Corporate Bond A+ 102.281 200,070 204,562 4,492 587 79772FAG1 San Francisco
Federal Credit Union

4.35% 2/3/2023 2/3/2028 CD 101.279 245,000 248,134 3,134 583 822905AN5 Shell Fin US Inc 4.13% 11/6/2025 11/6/2030 Corporate Bond A+ 99.987 558,188 559,927 1,739 1,590 856285K91 State Bank India 2.00% 3/23/2022 3/23/2027 CD 98.079 245,000 240,294 (4,706) 266 857449AE2 State Street Bank 4.78% 12/11/2024 11/23/2029 Corporate Bond AA- 102.929 403,640 411,716 8,076 1,242 89236TNJ0 Toyota Mtr CR Corp 4.80% 5/15/2025 5/15/2030 Corporate Bond A+ 102.607 94,892 97,477 2,585 1,415 91282CCZ2 US Treasury 0.88% 12/12/2024 9/30/2026 Treasury Note N/A 98.027 188,625 196,054 7,429 92 91282CHX2 US Treasury 4.38% 12/11/2024 8/31/2028 Treasury Note N/A 102.113 1,613,750 1,633,808 20,058 793 91282CAL5 US Treasury 0.38% 12/11/2024 9/30/2027 Treasury Note N/A 94.785 563,721 592,406 28,686 457 912828Z94 US Treasury 1.50% 4/3/2025 2/15/2030 Treasury Note N/A 91.852 715,656 734,816 19,160 1,326 91282CLG4 US Treasury 3.75% 5/15/2025 8/15/2027 Treasury Note N/A 100.414 198,734 200,828 2,094 411 91282CKG5 US Treasury 4.13% 8/27/2025 3/31/2029 Treasury Note N/A 101.656 1,091,839 1,092,802 963 1,005 91282CHZ7 US Treasury 4.63% 11/6/2025 9/30/2030 Treasury Note N/A 103.914 1,066,080 1,065,119 (962) 1,553 91282CFC0 US Treasury 2.63% 12/12/2024 7/31/2029 Treasury Note N/A 96.711 281,602 290,133 8,531 1,127 9128283F5 US Treasury 2.25% 12/12/2024 11/15/2027 Treasury Note N/A 97.781 949,844 977,810 27,966 503 91282CHJ3 US Treasury 3.75% 8/5/2025 6/30/2030 Treasury Note N/A 100.238 39,573 40,095 522 1,461 91282CMN8 US Treasury 4.25% 10/29/2025 2/15/2028 Treasury Note N/A 101.527 203,305 203,054 (251) 595 91282CEE7 US Treasury 2.38% 12/11/2024 3/31/2029 Treasury Note N/A 96.344 931,016 963,440 32,424 1,005 91282CHW4 US Treasury 4.13% 10/6/2025 8/31/2030 Treasury Note N/A 101.758 657,724 656,339 (1,385) 1,523 91282CAD3 US Treasury 0.38% 12/12/2024 7/31/2027 Treasury Note N/A 95.258 567,432 595,363 27,931 396 912797SE8 US Treasury 0.00% 12/16/2025 1/6/2026 Treasury Note N/A 99.962 698,525 699,734 1,209 (175) 91282CHF1 US Treasury (2%) 3.75% 7/1/2025 5/31/2030 Treasury Note N/A 100.246 21,960 5,012 (16,947) 1,431 91282CHF1 US Treasury (98%) 3.75% 7/1/2025 5/31/2030 Treasury Note N/A 100.246 227,581 245,603 18,021 1,431 917352AH9 Utah Community
Credit Union

4.50% 6/7/2023 6/7/2028 CD 103.067 245,000 252,514 7,514 708 92891CCP5 Vystar Credit Union 4.45% 9/30/2022 9/30/2027 CD 101.308 245,000 248,205 3,205 457 98138MCC2 Workers Federal 5.25% 11/15/2023 11/15/2028 CD 104.011 245,000 254,827 9,827 869 45,977,465 46,320,899
Council Agenda 2-3-2026 9.E-13
Attachment 3

Pismo Beach City CouncilFebruary 3, 2026

Pismo Beach City Council
February 3, 2026