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Page 6 of 7 <br /> <br />The second portfolio (Capital Growth) addresses the longer-term pension liabilities with an <br />initial investment of $21.3 million. The focus of this portfolio is to earn a higher rate of return <br />over the next 10 years or so before the City needs to draw upon it. <br /> <br /> <br /> <br />The Capital Growth portfolio balance was $37.5 million at the end of September 30, 2025, an <br />increase of $2.0 million from the prior quarter. The Capital Growth portfolio quarterly <br />investment return was 5.93 percent, and the five-year annualized return was 9.72 percent. <br /> <br />The two portfolios total $58.8 million, which are held by a third party for the benefit of the City <br />of Pleasanton at US Bank. US Bank is the contractual agent for PARS trust investments that <br />are managed by PFM Asset Management (formerly Highmark Capital Management). <br /> <br />EQUITY AND SUSTAINABILITY <br />Not applicable, as this item is a routine administrative matter of City business. <br /> <br />OUTREACH <br />No outreach was conducted, as this item is a routine administrative matter of City business. <br /> <br />STRATEGIC PLAN ALIGNMENT <br />Not applicable, as this item is a routine administrative matter. <br /> <br />FISCAL IMPACT <br />There is no fiscal impact associated with acceptance of this report. <br /> <br />Prepared by: Submitted by: Approved by: <br /> <br />Dawn DeMarcus, Senior <br />Budget and Finance Analyst <br />Susan Hsieh, Director of Finance <br /> <br />Gerry Beaudin, City <br />Manager <br /> <br />Page 44 of 323