Annual Investment Report
California
City of Alameda, California
Investment Portfolio Summary Report
June 30, 2023
Average
Book % o f Duration Average Market
Value Total in Days Yield Value
Cash on Hand 8,700 $ 0.00% ‐ ‐ 8,700 $ Cash on Deposit 183,799,210 55.07% ‐ ‐ 183, 799,210 Total Cash on Hand 183,807,910 55.07% ‐ ‐ 183, 807,910 Local Agency Investment Fund (LAIF) 51,698,903 15. 49% 15 2.83% 50,914,553 Certificates of Deposit 1,421,205 0. 43% 221 2.73% 1,416,474 Federal/Agency Issues 53,025,477 15. 89% 882 2.29% 50,652,565 Municipal Issues 1,578,323 0. 47% 393 1.94% 1,508,658 Medium Term Notes/Commercial Paper 23,824,950 7. 14% 812 2.13% 22,727,190 Asset Backed Securities 13,727,702 4. 11% 1,083 0.00% 13,343,246 Supranationals 4,695,807 1. 41% 756 2.02% 4,440,426 Total Pooled Investment Portfolio 149,972,366 44. 93% 258 2.23% 145,003,113 Total Portfolio 333,780,276 $ 100.00% 328,811,022$ Amount over (under) Market Value vs. Book Value (4,969,254) % of Portfolio ‐1.49%
Total Callable Investments 14,072,068 $
% of Portfolio 9.70%
Irrevocable Trust ‐ Pension 15,424,855$ 15, 937,624$ Irrevocable Trust ‐ OPEB 19,494,357 21, 227,842 Total Irrevocable Trust (Pension/OPEB) 34,919,212 $ 37, 165,466$ I verify that this investment portfolio is in conformity with all state laws and the City's investment policy, which is reviewed annually by the City Council and the City Treasurer of the City of Alameda.
Yield shown does not account for change in market value of investments Margaret O'Brien, Finance Director
Investments by Type
Cash on Hand
Cash on Deposit
Local Agency Investment Fund (LAIF)
Certificates of Deposit
Federal/Agency Issues
Municipal Issues
Medium Term Notes/Commercial Paper
Asset Backed Securities
Supranationals
City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2023
BOOK VALUE MARKET VALUE
June 30, 2023 June 30, 2023
CASH ON HAND:
‐ PETTY CASH ‐ 5,280 $ ‐‐‐‐‐ ‐ 5 , 2 8 0 $ ‐ CHANGE BOXES ‐ 3,420 ‐‐‐‐‐ ‐ 3 , 4 2 0 ‐ TOTAL CASH ON HAND ‐ 8,700 $ ‐‐‐‐‐ ‐ 8 , 7 0 0 $ CASH ON DEPOSIT:
‐ WELLS FARGO GENERAL CHECKING ‐ 183,610,145$ ‐‐‐‐‐ ‐ 183,610,145$ ‐ FIDELITY ‐ CHANDLER & PFM MONEY MARKET ‐ 189,064 ‐‐‐‐‐ ‐ 189,064 ‐ TOTAL CASH ON DEPOSIT ‐ 183,799,210 $ ‐‐‐‐‐ ‐ 183,799,210$ LOCAL AGENCY INVESTMENT FUND:
‐ LOCAL AGENCY INVESTMENT FUND ‐ 51,698,903$ 2.74% 2.83% 4/15/ 2023 7/15/2023 91 15 50,914,553$ ‐ TOTAL LOCAL AGENCY INVESTMENT FUND ‐ 51,698,903 $ 2.74% 2.83% ‐ ‐ 91 15 50, 914,553$ CERTIFICATES OF DEPOSIT:
‐ BANK OF MARIN CD ‐ 97,183 $ 0.11% 0.11% 1/31/ 2022 1/30/2024 729 214 97,183$ ‐ BEACON BUSINESS BANK CD ‐ 99,021 0.05% 0.05% 5/5/ 2023 8/5/2023 92 36 99,021 PFM CREDIT AGRICOLE C D 22536AZR8 325,000 4.10% 4.20% 8/17/2022 8/16/2024 730 413 317,515 PFM NORDEA BK ABP C D 65558UYF3 450,000 5.53% 5.51% 11/2/2022 11/3/2025 1,097 857 451,107 PFM TORONTO DOMINION C D 89115B6K1 450,000 5.60% 5.57% 10/27/2022 10/27/2025 1,096 850 451,647 ‐ TOTAL CERTIFICATES OF DEPOSIT ‐ 1,421,205 $ 2.72% 2.73% ‐ 517 221 1, 416,474$ ‐
FEDERAL / AGENCY ISSUES:
CHANDLER F F C B DEB 3133EPME2 398,416 $ 3.88% 3.91% 6/7/2023 6/8/2028 1,828 1,805 395,500$ CHANDLER F H L B 3130A1XJ2 312,803 2.88% 2.94% 7/16/2019 6/14/2024 1,795 350 292,710 CHANDLER F H L B 3130A1XJ2 417,071 2.88% 2.94% 6/18/2019 6/14/2024 1,823 350 390,280 CHANDLER F H L B DEB 3130A2UW4 841,432 2.88% 2.96% 9/13/2019 9/13/2024 1,827 441 777,328 CHANDLER F H L B DEB 3130ATS57 1,038,600 4.50% 4.42% 4/13/2023 3/10/2028 1,793 1,715 1,009,640 CHANDLER F H L M C 3137EAEP0 1,089,161 1.50% 1.58% 2/13/2020 2/12/2025 1,826 593 1,028,927 CHANDLER F H L M C M T N 3137EAEU9 449,271 0.38% 0.41% 1/25/2021 7/21/2025 1,638 752 410,576 CHANDLER F H L M C M T N 3137EAEU9 572,137 0.38% 0.41% 7/21/2020 7/21/2025 1,826 752 524,624 CHANDLER F H L M C M T N 3137EAEX3 398,844 0.38% 0.41% 12/16/2020 9/23/2025 1,742 816 362,948 CHANDLER F H L M C M T N 3137EAEX3 623,119 0.38% 0.41% 9/23/2020 9/23/2025 1,826 816 567,106 CHANDLER F N M A 3135G04Z3 485,601 0.50% 0.54% 1/11/2021 6/17/2025 1,618 718 445,269 CHANDLER F N M A 3135G04Z3 538,882 0.50% 0.54% 6/17/2020 6/17/2025 1,826 718 495,763 CHANDLER F N M A 3135G05X7 374,036 0.38% 0.41% 12/16/2020 8/25/2025 1,713 787 341,231 CHANDLER F N M A 3135G05X7 646,958 0.38% 0.41% 8/25/2020 8/25/2025 1,826 787 591,468 CHANDLER F N M A 3135G06G3 124,948 0.50% 0.55% 1/11/2021 11/7/2025 1,761 861 113,290 CHANDLER F N M A 3135G06G3 896,778 0.50% 0.55% 11/9/2020 11/7/2025 1,824 861 815,688 CHANDLER F N M A 3135G0W66 354,393 1.63% 1.70% 10/17/2019 10/15/2024 1,825 473 338,709 CHANDLER F N M A 3135G0X24 363,836 1.63% 1.71% 1/8/2020 1/7/2025 1,826 557 346,082 CHANDLER F N M A 3135G0X24 620,988 1.63% 1.71% 3/4/2020 1/7/2025 1,770 557 568,902 CHANDLER F N M A DEB 3135G03U5 858,228 0.63% 0.67% 4/22/2020 4/22/2025 1,826 662 795,345 CHANDLER T V A 880591EZ1 501,505 3.88% 3.92% 5/1/2023 3/15/2028 1,780 1,720 491,945 CHANDLER U S TREASURY NT 9128283D0 920,355 2.25% 2.34% 11/7/2019 10/31/2024 1,820 489 864,918 CHANDLER U S TREASURY NT 912828D56 731,035 2.38% 2.45% 8/29/2019 8/15/2024 1,813 412 677,390 CHANDLER U S TREASURY NT 912828X70 802,813 2.00% 2.06% 6/10/2019 4/30/2024 1,786 305 777,784 CHANDLER U S TREASURY NT 912828XX3 910,301 2.00% 2.07% 12/12/2019 6/30/2024 1,662 366 870,327 CHANDLER U S TREASURY NT 912828ZC7 913,887 1.13% 1.20% 3/18/2020 2/28/2025 1,808 609 843,579 CHANDLER U S TREASURY NT 91282CAM3 195,688 0.25% 0.28% 4/29/2021 9/30/2025 1,615 823 181,148
MATURITY
DATE TOTAL LIFE (DAYS) REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT HELD
WITH DESCRIPTION CUSIP # RATE YIELD
City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2023
BOOK VALUE MARKET VALUE
June 30, 2023 June 30, 2023
MATURITY
DATE TOTAL LIFE (DAYS) REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT HELD
WITH DESCRIPTION CUSIP # RATE YIELD
CHANDLER U S TREASURY NT 91282CAM3 988,086 0.25% 0.28% 2/19/2021 9/30/2025 1,684 823 905,740 CHANDLER U S TREASURY NT 91282CAT8 97,750 0.25% 0.28% 3/26/2021 10/31/2025 1,680 854 90,250 CHANDLER U S TREASURY NT 91282CAT8 989,219 0.25% 0.28% 1/11/2021 10/31/2025 1,754 854 902,500 CHANDLER U S TREASURY NT 91282CAZ4 1,080,277 0.38% 0.41% 3/26/2021 11/30/2025 1,710 884 992,926 CHANDLER U S TREASURY NT 91282CBR1 648,426 0.25% 0.26% 3/30/2021 3/15/2024 1,081 259 627,049 CHANDLER U S TREASURY NT 91282CCW9 258,588 0.75% 0.84% 9/17/2021 8/31/2026 1,809 1,158 231,889 CHANDLER U S TREASURY NT 91282CCZ2 495,156 0.88% 0.97% 10/12/2021 9/30/2026 1,814 1,188 447,345 CHANDLER U S TREASURY NT 91282CCZ2 502,370 0.88% 0.97% 10/18/2021 9/30/2026 1,808 1,188 456,292 CHANDLER U S TREASURY NT 91282CCZ2 507,350 0.88% 0.97% 10/6/2021 9/30/2026 1,820 1,188 456,292 CHANDLER U S TREASURY NT 91282CDG3 506,892 1.13% 1.25% 11/15/2021 10/31/2026 1,811 1,219 458,602 CHANDLER U S TREASURY NT 91282CED9 243,301 1.75% 1.85% 4/8/2022 3/15/2025 1,072 624 236,485 CHANDLER U S TREASURY NT 91282CEF4 487,754 2.50% 2.65% 6/9/2022 3/31/2027 1,756 1,370 468,575 CHANDLER U S TREASURY NT 91282CET4 489,824 2.63% 2.78% 6/9/2022 5/31/2027 1,817 1,431 469,805 CHANDLER U S TREASURY NT 91282CEW7 503,047 3.25% 3.36% 7/13/2022 6/30/2027 1,813 1,461 480,860 CHANDLER U S TREASURY NT 91282CFB2 196,609 2.75% 2.90% 8/22/2022 7/31/2027 1,804 1,492 188,554 CHANDLER U S TREASURY NT 91282CFH9 194,844 3.13% 3.25% 9/19/2022 8/31/2027 1,807 1,523 191,274 CHANDLER U S TREASURY NT 91282CFH9 345,543 3.13% 3.25% 9/1/2022 8/31/2027 1,825 1,523 334,730 CHANDLER U S TREASURY NT 91282CFH9 891,527 3.13% 3.25% 9/8/2022 8/31/2027 1,818 1,523 860,733 CHANDLER U S TREASURY NT 91282CFM8 1,231,934 4.13% 4.13% 10/20/2022 9/30/2027 1,806 1,553 1,243,013 CHANDLER U S TREASURY NT 91282CGC9 456,223 3.88% 3.91% 1/25/2023 12/31/2027 1,801 1,645 443,691 CHANDLER U S TREASURY NT 91282CGH8 1,183,172 3.50% 3.58% 2/7/2023 1/31/2028 1,819 1,676 1,165,272 CHANDLER U S TREASURY NT 91282CGP0 857,504 4.00% 4.01% 3/14/2023 2/29/2028 1,813 1,705 843,727 CHANDLER U S TREASURY NT 91282CHA2 501,738 3.50% 3.58% 5/5/2023 4/30/2028 1,822 1,766 485,860 CHANDLER U S TREASURY NT 91282CHE4 983,477 3.63% 3.69% 6/14/2023 5/31/2028 1,813 1,797 978,130 PFM F H L M C M T N 3137EAEY1 323,788 0.13% 0.13% 10/14/2020 10/16/2023 1,097 108 320,005 PFM F H L M C M T N 3137EAEZ8 699,370 0.25% 0.25% 11/3/2020 11/6/2023 1,098 129 687,897 PFM U S TREASURY NT 9128284M9 548,045 2.88% 2.98% 5/4/2022 4/30/2025 1,092 670 529,634 PFM U S TREASURY NT 9128286F2 1,373,232 2.50% 2.63% 5/1/2023 2/28/2026 1,034 974 1,350,686 PFM U S TREASURY NT 912828YM6 595,911 1.50% 1.57% 5/4/2021 10/31/2024 1,276 489 547,101 PFM U S TREASURY NT 912828YV6 466,664 1.50% 1.58% 6/2/2021 11/30/2024 1,277 519 427,253 PFM U S TREASURY NT 91282CCT6 299,449 0.38% 0.40% 8/23/2021 8/15/2024 1,088 412 283,827 PFM U S TREASURY NT 91282CCT6 948,961 0.38% 0.40% 9/1/2021 8/15/2024 1,079 412 898,786 PFM U S TREASURY NT 91282CCX7 447,557 0.38% 0.40% 10/7/2021 9/15/2024 1,074 443 424,143 PFM U S TREASURY NT 91282CCX7 473,126 0.38% 0.40% 10/4/2021 9/15/2024 1,077 443 447,707 PFM U S TREASURY NT 91282CDB4 472,662 0.63% 0.66% 11/1/2021 10/15/2024 1,079 473 447,521 PFM U S TREASURY NT 91282CDH1 547,443 0.75% 0.80% 12/2/2021 11/15/2024 1,079 504 517,303 PFM U S TREASURY NT 91282CDN8 250,322 1.00% 1.06% 12/22/2021 12/15/2024 1,089 534 235,283 PFM U S TREASURY NT 91282CDN8 449,666 1.00% 1.06% 1/3/2022 12/15/2024 1,077 534 423,509 PFM U S TREASURY NT 91282CDZ1 742,969 1.50% 1.59% 2/11/2022 2/15/2025 1,100 596 707,873 PFM U S TREASURY NT 91282CEQ0 1,246,191 2.75% 2.86% 6/1/2022 5/15/2025 1,079 685 1,200,638 PFM U S TREASURY NT 91282CEU1 449,420 2.88% 2.98% 7/6/2022 6/15/2025 1,075 716 432,860 PFM U S TREASURY NT 91282CEY3 474,202 3.00% 3.10% 8/3/2022 7/15/2025 1,077 746 457,800 PFM U S TREASURY NT 91282CEY3 746,895 3.00% 3.10% 8/8/2022 7/15/2025 1,072 746 722,843 PFM U S TREASURY NT 91282CFE6 988,398 3.13% 3.23% 9/1/2022 8/15/2025 1,079 777 965,820 PFM U S TREASURY NT 91282CFK2 685,617 3.50% 3.58% 10/6/2022 9/15/2025 1,075 808 681,079 PFM U S TREASURY NT 91282CFW6 454,447 4.50% 4.51% 12/5/2022 11/15/2025 1,076 869 447,665 PFM U S TREASURY NT 91282CFW6 455,502 4.50% 4.51% 12/8/2022 11/15/2025 1,073 869 447,665 PFM U S TREASURY NT 91282CGA3 199,508 4.00% 4.05% 12/23/2022 12/15/2025 1,088 899 196,868 PFM U S TREASURY NT 91282CGE5 497,148 3.88% 3.93% 2/6/2023 1/15/2026 1,074 930 490,665 PFM U S TREASURY NT 91282CGE5 499,336 3.88% 3.93% 1/31/2023 1/15/2026 1,080 930 490,665 PFM U S TREASURY NT 91282CGL9 449,420 4.00% 4.05% 5/19/2023 2/15/2026 1,003 961 443,093 PFM U S TREASURY NT 91282CGL9 736,904 4.00% 4.05% 3/2/2023 2/15/2026 1,081 961 738,488 City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2023
BOOK VALUE MARKET VALUE
June 30, 2023 June 30, 2023
MATURITY
DATE TOTAL LIFE (DAYS) REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT HELD
WITH DESCRIPTION CUSIP # RATE YIELD
PFM U S TREASURY NT 91282CGV7 74,886 3.75% 3.82% 5/1/2023 4/15/2026 1,080 1,020 73,406 PFM U S TREASURY NT 91282CGV7 174,439 3.75% 3.82% 4/20/2023 4/15/2026 1,091 1,020 171,281 PFM U S TREASURY NT 91282CGV7 473,961 3.75% 3.82% 5/17/2023 4/15/2026 1,064 1,020 464,906 PFM U S TREASURY NT 91282CGV7 499,570 3.75% 3.82% 5/16/2023 4/15/2026 1,065 1,020 489,375 PFM U S TREASURY NT 91282CHB0 3,068,637 3.63% 3.70% 6/1/2023 5/15/2026 1,079 1,050 3,024,453 PFM U S TREASURY NT 91282CHD6 594,258 4.25% 4.29% 6/28/2023 5/31/2025 703 701 592,452 PFM U S TREASURY NT 91282CHH7 595,875 4.13% 4.15% 6/29/2023 6/15/2026 1,082 1,081 593,952 ‐ TOTAL FEDERAL / AGENCY ISSUES ‐ 53,025,477 $ 2.23% 2.29% ‐ ‐ 1,480 882 50, 652,565$ MUNICIPAL ISSUES:
CHANDLER CALIFORNIA ST TXBL 13063DRK6 593,323$ 2.40% 2.49% 10/16/2019 10/1/2024 1,812 459 557,815$ PFM CALIFORNIA ST DEPT 13067WRA2 30,000 0.41% 0.42% 7/30/2020 12/1/2023 1,219 154 29,380 PFM FLORIDA ST BRD ADMIN 341271AD6 110,000 1.26% 1.36% 9/3/2020 7/1/2025 1,762 732 101,559 PFM MASSACHUSETTS ST SPL 576004GY5 280,000 3.66% 3.76% 8/17/2022 1/15/2025 882 565 272,129 PFM NEW JERSEY ST TPK 646140DN0 95,000 0.90% 0.96% 1/22/2021 1/1/2025 1,440 551 88,769 PFM NEW YORK ST URBAN 650036DS2 315,000 0.62% 0.64% 12/16/2020 3/15/2024 1,185 259 304,602 PFM SAN JUAN CA 798306WM4 155,000 0.50% 0.50% 10/16/2020 8/1/2023 1,019 32 154,405 ‐ TOTAL MUNICIPAL ISSUES ‐ 1,578,323 $ 1.87% 1.94% ‐ ‐ 1,331 393 1, 508,658$ MEDIUM TERM NOTES / COMMERCIAL PAPER:
CHANDLER AMAZON COM INC 023135BX3 786,587 $ 1.00% 1.11% 5/10/2021 5/12/2026 1,828 1,047 710,234$ CHANDLER APPLE INC 037833DN7 307,452 2.05% 2.22% 12/2/2021 9/11/2026 1,744 1,169 276,447 CHANDLER BANK AMER CORP MTN 06051GJD2 250,455 1.32% 1.44% 7/16/2021 6/19/2026 1,799 1,085 229,005 CHANDLER BANK AMER CORP MTN 06051GJD2 250,865 1.32% 1.44% 6/17/2021 6/19/2026 1,828 1,085 229,005 CHANDLER BANK OF AMERICA MTN 06051GHT9 184,943 3.56% 3.76% 8/5/2022 4/23/2027 1,722 1,393 181,081 CHANDLER BANK OF AMERICA MTN 06051GHT9 202,598 3.56% 3.76% 8/3/2022 4/23/2027 1,724 1,393 198,147 CHANDLER BERKSHIRE HATHAWAY 084664CZ2 584,889 2.30% 2.45% 3/7/2022 3/15/2027 1,834 1,354 547,034 CHANDLER CATERPILLAR FINL MTN 14913Q3B3 480,083 2.15% 2.24% 1/28/2020 11/8/2024 1,746 497 455,164 CHANDLER DEERE JOHN MTN 24422EWR6 406,156 4.75% 4.75% 1/23/2023 1/20/2028 1,823 1,665 399,668 CHANDLER DUKE ENERGY FLORIDA 26444HAC5 515,740 3.20% 3.37% 2/22/2022 1/15/2027 1,788 1,295 473,680 CHANDLER FLORIDA PWR LT CO 341081GN1 395,128 4.40% 4.47% 5/19/2023 5/15/2028 1,823 1,781 392,484 CHANDLER JPMORGAN CHASE 46647PCK0 100,000 0.97% 1.02% 6/21/2021 6/23/2025 1,463 724 94,922 CHANDLER JPMORGAN CHASE 46647PCK0 155,160 0.97% 1.02% 6/22/2021 6/23/2025 1,462 724 147,129 CHANDLER JPMORGAN CHASE CO 46647PBK1 174,271 2.08% 2.22% 5/20/2021 4/22/2026 1,798 1,027 157,332 CHANDLER JPMORGAN CHASE CO 46647PCH7 105,000 0.82% 0.87% 5/24/2021 6/1/2025 1,469 702 99,817 CHANDLER JPMORGAN CHASE CO 46647PCH7 145,232 0.82% 0.87% 5/24/2021 6/1/2025 1,469 702 137,843 CHANDLER JPMORGAN CHASE CO 46647PCH7 285,465 0.82% 0.87% 5/24/2021 6/1/2025 1,469 702 270,932 CHANDLER MASTERCARD 57636QAW4 309,699 4.88% 4.81% 3/6/2023 3/9/2028 1,830 1,714 313,506 CHANDLER MORGAN STANLEY MTN 6174468Q5 236,153 2.19% 2.33% 5/18/2022 4/28/2026 1,441 1,033 234,678 CHANDLER MORGAN STANLEY MTN 6174468Q5 282,420 2.19% 2.33% 7/15/2022 4/28/2026 1,383 1,033 281,613 CHANDLER NORTHERN TR CORP SR 665859AW4 219,644 4.00% 4.13% 5/5/2022 5/10/2027 1,831 1,410 211,941 CHANDLER NORTHERN TR CORP SR 665859AW4 303,033 4.00% 4.13% 7/15/2022 5/10/2027 1,760 1,410 289,011 CHANDLER PACCAR FINANCIAL MTN 69371RQ25 124,724 2.15% 2.23% 8/8/2019 8/15/2024 1,834 412 120,325 CHANDLER PACCAR FINANCIAL MTN 69371RR73 484,874 2.85% 2.97% 3/31/2022 4/7/2025 1,103 647 464,194 CHANDLER REALTY INCOME CORP 756109BG8 334,730 3.95% 4.13% 11/28/2022 8/15/2027 1,721 1,507 332,409 CHANDLER SALESFORCE COM INC 79466LAG9 99,949 0.63% 0.66% 6/29/2021 7/15/2024 1,112 381 95,190 CHANDLER SALESFORCE COM INC 79466LAG9 148,419 0.63% 0.66% 12/7/2021 7/15/2024 951 381 142,785 CHANDLER SALESFORCE COM INC 79466LAG9 258,050 0.63% 0.66% 11/30/2021 7/15/2024 958 381 247,494 CHANDLER SCHWAB CHARLES CORP 808513BR5 463,444 1.15% 1.30% 12/14/2021 5/13/2026 1,611 1,048 415,927 City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2023
BOOK VALUE MARKET VALUE
June 30, 2023 June 30, 2023
MATURITY
DATE TOTAL LIFE (DAYS) REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT HELD
WITH DESCRIPTION CUSIP # RATE YIELD
CHANDLER TARGET CORP 87612EBM7 289,507 1.95% 2.13% 1/19/2022 1/15/2027 1,822 1,295 265,472 CHANDLER TORONTO DOMINION MTN 89115A2C5 573,074 4.11% 4.29% 8/26/2022 6/8/2027 1,747 1,439 549,924 CHANDLER TOYOTA MTR CR MTN 89236TJK2 216,467 1.13% 1.26% 12/14/2021 6/18/2026 1,647 1,084 196,706 CHANDLER TOYOTA MTR CR MTN 89236TJK2 539,762 1.13% 1.26% 6/15/2021 6/18/2026 1,829 1,084 482,825 CHANDLER TOYOTA MTR MTN 89236TJT3 439,410 1.45% 1.54% 1/10/2022 1/13/2025 1,099 563 415,017 CHANDLER TRUIST FINL CORP MTN 89788MAA0 381,436 1.20% 1.32% 2/3/2022 8/5/2025 1,279 767 353,406 CHANDLER UNITEDHEALTH 91324PEC2 45,137 1.15% 1.27% 6/15/2021 5/15/2026 1,795 1,050 40,694 CHANDLER UNITEDHEALTH 91324PEC2 85,283 1.15% 1.27% 6/14/2021 5/15/2026 1,796 1,050 76,866 CHANDLER UNITEDHEALTH 91324PEC2 501,225 1.15% 1.27% 8/10/2021 5/15/2026 1,739 1,050 452,155 CHANDLER US BANK NA MTN 90331HPL1 613,690 2.05% 2.17% 1/16/2020 1/21/2025 1,832 571 580,068 CHANDLER WALMART INC 931142ER0 124,764 1.05% 1.17% 9/8/2021 9/17/2026 1,835 1,175 111,604 PFM AMAZON COM INC 023135BW5 329,518 0.45% 0.47% 5/10/2021 5/12/2024 1,098 317 316,381 PFM AMAZON COM INC 023135CE4 99,841 3.00% 3.10% 4/11/2022 4/13/2025 1,098 653 96,470 PFM AMERICAN EXPRESS CO 025816CG2 51,790 2.50% 2.59% 11/19/2021 7/30/2024 984 396 48,335 PFM AMERICAN EXPRESS CO 025816CG2 181,265 2.50% 2.59% 11/19/2021 7/30/2024 984 396 169,171 PFM AMERICAN EXPRESS CO 025816CQ0 39,960 2.25% 2.38% 3/1/2022 3/4/2025 1,099 613 37,884 PFM AMERICAN HONDA MTN 02665WDY4 149,901 0.75% 0.79% 9/7/2021 8/9/2024 1,067 406 142,344 PFM AMERICAN HONDA MTN 02665WEA5 174,862 1.50% 1.59% 1/11/2022 1/13/2025 1,098 563 164,911 PFM ASTRAZENECA L P 04636NAC7 219,980 0.70% 0.73% 5/25/2021 5/28/2024 1,099 333 210,793 PFM BANK AMERICA MTN 06051GLE7 345,000 5.08% 5.14% 1/17/2023 1/20/2027 1,464 1,300 339,708 PFM BANK NEW YORK MTN 06406RBC0 549,923 3.35% 3.49% 4/19/2022 4/25/2025 1,102 665 528,864 PFM BK OF AMERICA MTN 06051GKE8 350,000 1.53% 1.64% 12/1/2021 12/6/2025 1,466 890 327,184 PFM BMW US CAP LLC 05565EBU8 94,991 0.75% 0.79% 8/9/2021 8/12/2024 1,099 409 90,137 PFM BMW US CAP LLC EXTND 05565EBZ7 109,897 3.25% 3.36% 3/28/2022 4/1/2025 1,100 641 106,258 PFM BRISTOL MYERS SQUIBB 110122DT2 5,000 0.54% 0.55% 11/9/2020 11/13/2023 1,099 136 4,910 PFM CATERPILLAR FINL MTN 14913R2P1 219,701 0.60% 0.64% 9/7/2021 9/13/2024 1,102 441 207,660 PFM CATERPILLAR FINL MTN 14913R3B1 134,966 4.80% 4.80% 1/3/2023 1/6/2026 1,099 921 134,704 PFM CINTAS CORP 17252MAP5 99,978 3.45% 3.56% 4/26/2022 5/1/2025 1,101 671 96,770 PFM CITIGROUP INC 172967MX6 70,000 0.98% 1.03% 4/27/2021 5/1/2025 1,465 671 66,982 PFM CITIGROUP INC 17327CAN3 45,000 2.01% 2.14% 1/18/2022 1/25/2026 1,468 940 42,273 PFM CITIGROUP INC SR NT 172967MT5 185,000 0.78% 0.79% 10/23/2020 10/30/2024 1,468 488 181,733 PFM COLGATE PALMOLIVE 194162AM5 74,931 3.10% 3.21% 8/1/2022 8/15/2025 1,110 777 72,206 PFM COLGATE PALMOLIVE CO 194162AQ6 119,861 4.80% 4.77% 2/27/2023 3/2/2026 1,099 976 120,430 PFM COMCAST CORP NEW 20030NDZ1 59,984 5.25% 5.22% 10/31/2022 11/7/2025 1,103 861 60,324 PFM COOPERAT MTN 21688AAU6 249,885 3.88% 3.95% 8/15/2022 8/22/2024 738 419 244,880 PFM DEERE JOHN MTN 24422EVY2 54,974 1.25% 1.33% 1/4/2022 1/10/2025 1,102 560 51,831 PFM EXXON MOBIL 30231GAT9 336,728 3.04% 3.18% 1/30/2023 3/1/2026 1,126 975 334,537 PFM GOLDMAN SACHS GROUP 38141GZH0 175,000 1.76% 1.81% 1/19/2022 1/24/2025 1,101 574 170,389 PFM HOME DEPOT INC 437076CM2 34,939 2.70% 2.81% 3/24/2022 4/15/2025 1,118 655 33,569 PFM HOME DEPOT INC 437076CR1 49,982 4.00% 4.08% 9/12/2022 9/15/2025 1,099 808 49,028 PFM HONEYWELL INTL INC 438516CH7 194,967 4.85% 4.87% 10/28/2022 11/1/2024 735 490 193,834 PFM HSBC USA INC 40428HTA0 334,987 3.75% 3.82% 5/17/2022 5/24/2024 738 329 328,729 PFM IBM CORP 459200HU8 192,371 3.63% 3.67% 10/2/2020 2/12/2024 1,228 227 172,540 PFM INTEL CORP 458140AS9 220,253 3.70% 3.80% 1/24/2023 7/29/2025 917 760 218,815 PFM INTERNATIONAL 459200KS9 175,000 4.00% 4.08% 7/20/2022 7/27/2025 1,103 758 171,049 PFM JOHN DEERE MTN 24422EVQ9 74,906 0.45% 0.47% 6/7/2021 6/7/2024 1,096 343 71,588 PFM JOHN DEERE MTN 24422EWF2 84,980 3.40% 3.51% 6/1/2022 6/6/2025 1,101 707 82,304 PFM JOHN DEERE MTN 24422EWX3 109,936 4.75% 4.76% 6/5/2023 6/8/2026 1,099 1,074 109,794 PFM JPMORGAN CHASE CO 46647PBS4 170,000 0.65% 0.66% 9/9/2020 9/16/2024 1,468 444 168,016 PFM JPMORGAN CHASE CO 46647PBY1 90,000 0.56% 0.58% 2/9/2021 2/16/2025 1,468 597 86,868 PFM JPMORGAN CHASE CO 46647PCH7 140,000 0.82% 0.87% 5/24/2021 6/1/2025 1,469 702 133,090 PFM JPMORGAN CHASE CO 46647PCZ7 225,000 4.08% 4.20% 4/19/2022 4/26/2026 1,468 1,031 218,648 City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2023
BOOK VALUE MARKET VALUE
June 30, 2023 June 30, 2023
MATURITY
DATE TOTAL LIFE (DAYS) REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT HELD
WITH DESCRIPTION CUSIP # RATE YIELD
PFM LINDE INC 53522KAB9 329,644 4.70% 4.73% 11/28/2022 12/5/2025 1,103 889 327,469 PFM LOCKHEED MARTIN CORP 539830BU2 74,786 4.95% 4.95% 10/19/2022 10/15/2025 1,092 838 74,845 PFM MORGAN STANLEY 61747YEZ4 99,998 5.05% 5.09% 1/17/2023 1/28/2027 1,472 1,308 99,167 PFM MORGAN STANLEY MTN 61747YEM3 265,000 2.63% 2.77% 2/16/2022 2/18/2026 1,463 964 251,220 PFM NATIONAL RURAL MTN 63743HEU2 89,938 0.35% 0.36% 2/1/2021 2/8/2024 1,102 223 87,248 PFM NATIONAL RURAL MTN 63743HFC1 64,998 1.88% 1.98% 1/31/2022 2/7/2025 1,103 588 61,367 PFM NATIONAL RURAL MTN 63743HFE7 39,989 3.45% 3.58% 4/27/2022 6/15/2025 1,145 716 38,479 PFM NATIONAL RURA L MTN 63743 HFF4 39,946 5.45% 5.43% 10/20/2022 10/30/2025 1,106 853 40,014 PFM NATIONAL RURA L MTN 63743 HFH0 54,961 4.45% 4.50% 2/2/2023 3/13/2026 1,135 987 54,152 PFM NESTLE HLDGS INC 641062AU8 330,000 0.61% 0.64% 9/7/2021 9/14/2024 1,103 442 312,266 PFM NESTLE HOLDING 641062BK9 149,951 5.25% 5.20% 3/7/2023 3/13/2026 1,102 987 151,115 PFM PACCAR FINANCIAL MTN 69371RQ90 29,961 0.35% 0.35% 8/4/2020 8/11/2023 1,102 42 29,840 PFM PACCAR FINANCIAL MTN 69371RR73 149,961 2.85% 2.97% 3/31/2022 4/7/2025 1,103 647 143,565 PFM PACCAR MTN 69371RR40 119,935 0.50% 0.53% 8/3/2021 8/9/2024 1,102 406 113,603 PFM PEPSICO INC 713448CY2 169,818 3.50% 3.60% 1/5/2023 7/17/2025 924 748 170,174 PFM PEPSICO INC 713448FQ6 159,907 4.55% 4.55% 2/13/2023 2/13/2026 1,096 959 159,518 PFM PNC FINANCIAL 693475BH7 150,000 5.67% 5.71% 10/25/2022 10/28/2025 1,099 851 148,755 PFM PNC FINANCIAL 693475BL8 25,000 4.76% 4.86% 1/19/2023 1/26/2027 1,468 1,306 24,433 PFM ROCHE HOLDINGS INC 771196BT8 590,000 2.13% 2.24% 3/3/2022 3/10/2025 1,103 619 560,512 PFM SCHWAB CHARLES 808513BN4 144,928 0.75% 0.78% 3/16/2021 3/18/2024 1,098 262 139,889 PFM STATE STR CORP 857477BR3 90,000 1.75% 1.86% 2/2/2022 2/6/2026 1,465 952 84,324 PFM STATE STR CORP 857477BZ5 35,000 4.86% 4.91% 1/23/2023 1/26/2026 1,099 941 34,480 PFM STATE STREET CORP 857477BM4 51,525 2.90% 3.04% 2/3/2022 3/30/2026 1,516 1,004 47,682 PFM STATE STREET CORP 857477BM4 153,020 2.90% 3.04% 2/17/2022 3/30/2026 1,502 1,004 143,046 PFM STATE STREET CORP 857477BX0 65,000 5.75% 5.71% 11/1/2022 11/4/2026 1,464 1,223 65,357 PFM TEXAS INSTRS INC 882508BR4 49,978 4.70% 4.71% 11/15/2022 11/18/2024 734 507 49,865 PFM THE BANK OF NEW MTN 06406RAN7 112,607 1.60% 1.71% 3/11/2021 4/24/2025 1,505 664 103,069 PFM TOYOTA MOTOR MTN 89236TKC8 124,881 3.95% 4.04% 6/27/2022 6/30/2025 1,099 731 122,268 PFM TOYOTA MTR CR MTN 89236TKN4 174,925 4.80% 4.83% 1/9/2023 1/10/2025 732 560 173,744 PFM TRUIST FINANCIAL MTN 89788MAH5 145,000 4.26% 4.42% 7/25/2022 7/28/2026 1,464 1,124 139,362 PFM TRUIST FINANCIAL MTN 89788MAJ1 155,000 5.90% 5.95% 10/26/2022 10/28/2026 1,463 1,216 153,639 PFM UNITEDHEALTH GROUP 91324PEB4 154,839 0.55% 0.57% 5/17/2021 5/15/2024 1,094 320 148,540 PFM UNITEDHEALTH GROUP 91324PEN8 49,996 5.15% 5.13% 10/25/2022 10/15/2025 1,086 838 50,139 PFM USAA CAP CORP MTN 90327QD89 179,411 3.38% 3.51% 5/23/2022 5/1/2025 1,074 671 172,872 PFM WALMART INC 931142EW9 174,878 3.90% 3.98% 9/6/2022 9/9/2025 1,099 802 171,507 ‐ TOTAL MEDIUM TERM NOTES / COMMERCIAL PAPER ‐ 23,824,950 $ 2.06% 2.13% ‐ ‐ 1,328 812 22, 727,190$ ASSET BACKED SECURITIES:
CHANDLER AMERICAN EXPRESS 02582JJT8 449,900 3.39% 0.00% 5/17/2022 5/17/2027 1,826 1,417 434,277 CHANDLER AMERICAN EXPRESS CR 02582JJR2 258,135 0.90% 0.00% 6/28/2022 11/16/2026 1,602 1,235 258,132 CHANDLER BMW VEH OWNER TR 05602RAD3 174,991 3.21% 0.00% 5/10/2022 8/25/2026 1,568 1,152 170,139 CHANDLER BMW VEHICLE LEASE 05601XAC3 134,799 1.10% 0.00% 1/11/2022 3/25/2025 1,169 634 132,514 CHANDLER BMW VEHICLE LEASE 09690AAC7 65,516 0.33% 0.00% 4/22/2022 12/26/2024 979 545 66,456 CHANDLER BMW VEHICLE LEASE 09690AAC7 69,565 0.33% 0.00% 9/8/2021 12/26/2024 1,205 545 68,671 CHANDLER GM FIN AUTO LSNG 36262XAC8 219,696 0.39% 0.00% 8/10/2021 10/21/2024 1,168 479 216,608 CHANDLER GM FIN AUTO LSNG TR 36265MAC9 274,998 1.90% 0.00% 2/15/2022 3/20/2025 1,129 629 269,646 CHANDLER GM FIN CONS AUTO 362554AC1 124,997 0.68% 0.00% 10/13/2021 9/16/2026 1,799 1,174 119,381 CHANDLER GM FIN CONS AUTO 380146AC4 109,990 1.26% 0.00% 1/11/2022 11/16/2026 1,770 1,235 105,073 CHANDLER HONDA AUTO 43813DAC2 14,228 0.82% 0.00% 5/18/2020 7/15/2024 1,519 381 14,157 CHANDLER HONDA AUTO 43813GAC5 50,539 0.27% 0.00% 2/17/2021 4/21/2025 1,524 661 49,354 City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2023
BOOK VALUE MARKET VALUE
June 30, 2023 June 30, 2023
MATURITY
DATE TOTAL LIFE (DAYS) REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT HELD
WITH DESCRIPTION CUSIP # RATE YIELD
CHANDLER HONDA AUTO 43813KAC6 61,243 0.37% 0.00% 9/22/2020 10/18/2024 1,487 476 60,403 CHANDLER HONDA AUTO REC 43815GAC3 164,965 0.88% 0.00% 11/16/2021 1/21/2026 1,527 936 158,364 CHANDLER HONDA AUTO REC OWN 43815BAC4 269,959 1.88% 0.00% 2/15/2022 5/15/2026 1,550 1,050 257,988 CHANDLER HYUNDAI AUTO REC 448977AD0 439,983 2.22% 0.00% 3/9/2022 10/15/2026 1,681 1,203 422,299 CHANDLER HYUNDAI AUTO REC TR 44935FAD6 119,973 0.74% 0.00% 11/9/2021 5/15/2026 1,648 1,050 115,280 CHANDLER JOHN DEERE OWN 47789QAC4 181,713 0.52% 0.00% 7/13/2021 3/16/2026 1,707 990 174,095 CHANDLER JOHN DEERE OWNER 47787JAC2 164,964 2.32% 0.00% 3/10/2022 9/15/2026 1,650 1,173 158,933 CHANDLER JOHN DEERE OWNER 47787NAC3 11,081 0.51% 0.00% 7/14/2020 11/15/2024 1,585 504 11,003 CHANDLER JOHN DEERE OWNER 47788UAC6 101,700 0.36% 0.00% 3/2/2021 9/15/2025 1,658 808 98,742 CHANDLER JOHN DEERE OWNER 47789KAC7 1,824 1.10% 0.00% 3/4/2020 8/15/2024 1,625 412 1,821 CHANDLER JOHN DEERE OWNER 47800CAC0 200,109 5.01% 0.00% 2/23/2023 11/15/2027 1,726 1,599 198,218 CHANDLER JOHN DEERE OWNR TR 47800AAC4 214,979 3.74% 0.00% 7/12/2022 2/16/2027 1,680 1,327 208,881 CHANDLER TOYOTA AT REC OWN 89238FAD5 144,997 2.93% 0.00% 4/7/2022 9/15/2026 1,622 1,173 140,273 CHANDLER TOYOTA AUTO 89236XAC0 42,022 0.35% 0.00% 10/6/2020 1/15/2025 1,562 565 41,583 CHANDLER TOYOTA AUTO REC 89238JAC9 154,997 0.71% 0.00% 11/9/2021 4/15/2026 1,618 1,020 148,437 CHANDLER TOYOTA AUTO RECV 89240BAC2 185,596 0.26% 0.00% 2/2/2021 5/15/2025 1,563 685 181,578 CHANDLER VERIZON MASTER TR 92348KAV5 184,992 3.72% 0.00% 8/2/2022 7/20/2027 1,813 1,481 182,745 CHANDLER VERIZON OWNER 92290BAA9 50,963 0.47% 0.00% 8/4/2020 2/20/2025 1,661 601 50,618 PFM ALLY AUTO 02008MAC3 404,995 4.76% 0.00% 10/4/2022 5/17/2027 1,686 1,417 400,290 PFM ALLY AUTO RECV TR 02008JAC0 289,944 3.31% 0.00% 5/10/2022 11/16/2026 1,651 1,235 282,341 PFM AMERICAN EXPRESS 02582JJT8 174,961 3.39% 0.00% 5/17/2022 5/17/2027 1,826 1,417 168,886 PFM AMERICAN EXPRESS 02582JJZ4 99,991 4.87% 0.00% 6/7/2023 5/15/2028 1,804 1,781 99,410 PFM BMW VEH OWNER TR 05602RAD3 124,994 3.21% 0.00% 5/10/2022 8/25/2026 1,568 1,152 121,528 PFM CAPITAL ONE MULTI 14041NFY2 324,955 1.04% 0.00% 11/18/2021 11/16/2026 1,824 1,235 305,819 PFM CAPITAL ONE MULTI 14041NFZ9 449,966 2.80% 0.00% 3/23/2022 3/15/2027 1,818 1,354 430,722 PFM CAPITAL ONE PRIME AT 14043GAD6 139,990 3.66% 0.00% 8/2/2022 5/17/2027 1,749 1,417 135,394 PFM CAPITAL ONE PRIME TR 14043QAC6 139,969 3.17% 0.00% 4/26/2022 4/15/2027 1,815 1,385 134,705 PFM CAPITAL ONE PRIME TR 14044CAC6 134,997 0.77% 0.00% 10/19/2021 9/15/2026 1,792 1,173 128,982 PFM CARMAX AUTO OWN 14314QAC8 99,182 0.52% 0.00% 4/13/2021 2/17/2026 1,771 963 95,874 PFM CARMAX AUTO OWNER 14315FAD9 14,949 0.62% 0.00% 7/14/2020 3/15/2025 1,705 624 14,827 PFM CARMAX AUTO OWNER 14315XAC2 10,918 1.89% 0.00% 1/14/2020 12/16/2024 1,798 535 10,866 PFM CARMAX AUTO OWNER 14316HAC6 44,774 0.50% 0.00% 10/14/2020 8/15/2025 1,766 777 43,765 PFM CARMAX AUTO OWNER 14316NAC3 36,894 0.34% 0.00% 1/20/2021 12/15/2025 1,790 899 35,832 PFM CARMAX AUTO OWNER 14317DAC4 180,548 0.55% 0.00% 7/21/ 2021 6/15/2026 1,790 1,081 173,057 PFM CARMAX AUTO OWNER 14317HAC5 184,972 3.49% 0.00% 4/21/2022 2/16/2027 1,762 1,327 180,203 PFM CARMAX AUTO OWNER 14318MAD1 244,994 3.97% 0.00% 7/12/2022 4/15/2027 1,738 1,385 239,130 PFM CARMAX AUTO OWNER 14318UAD3 279,934 5.34% 0.00% 10/26/2022 8/16/2027 1,755 1,508 279,160 PFM DISCOVER CARD 254683CY9 144,992 4.31% 0.00% 4/4/2023 3/15/2028 1,807 1,720 141,801 PFM DISCOVER CARD EXE 254683CP8 139,970 0.58% 0.00% 9/20/2021 9/15/2026 1,821 1,173 131,771 PFM DISCOVER CARD EXE 254683CW3 289,964 3.56% 0.00% 8/2/2022 7/15/2027 1,808 1,476 280,155 PFM FORD CR AUTO OWN 345286AC2 74,991 1.29% 0.00% 1/19/2022 6/15/2026 1,608 1,081 72,026 PFM FORD CR AUTO OWNER 344928AD8 119,987 4.65% 0.00% 3/28/2023 2/15/2028 1,785 1,691 118,478 PFM FORD CR AUTO OWNER 344930AD4 104,999 5.23% 0.00% 6/21/2023 5/15/2028 1,790 1,781 104,820 PFM GM FIN AUTO LEAS 380144AC9 20,407 0.34% 0.00% 5/18/2021 5/20/2024 1,098 325 20,350 PFM GM FIN CONS ATMB 362590AC5 35,498 0.45% 0.00% 8/11/2020 7/16/2025 1,800 747 34,982 PFM GM FIN CONS AUT 362585AC5 114,976 3.10% 0.00% 4/5/2022 2/16/2027 1,778 1,327 111,280 PFM GM FIN CONS AUT REC 36265WAD5 144,999 3.64% 0.00% 7/6/2022 4/16/2027 1,745 1,386 140,808 PFM GM FIN CONS AUTO 362554AC1 109,997 0.68% 0.00% 10/13/2021 9/16/2026 1,799 1,174 105,056 PFM GM FIN CONS AUTO 380146AC4 99,991 1.26% 0.00% 1/11/2022 11/16/2026 1,770 1,235 95,521 PFM GM FINL CONSUMER 362583AD8 89,998 4.47% 0.00% 4/4/2023 2/16/2028 1,779 1,692 88,409 PFM HARLEY DAVIDSON 41285JAD0 154,984 5.05% 0.00% 2/13/2023 12/15/2027 1,766 1,629 153,659 PFM HARLEY DAVIDSON MTR 41284YAD8 214,964 3.06% 0.00% 4/12/2022 2/15/2027 1,770 1,326 208,894 City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2023
BOOK VALUE MARKET VALUE
June 30, 2023 June 30, 2023
MATURITY
DATE TOTAL LIFE (DAYS) REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT HELD
WITH DESCRIPTION CUSIP # RATE YIELD
PFM HONDA AUTO 43813KAC6 34,666 0.37% 0.00% 9/22/2020 10/18/2024 1,487 476 34,190 PFM HONDA AUTO REC 43815GAC3 134,972 0.88% 0.00% 11/16/2021 1/21/2026 1,527 936 129,570 PFM HONDA AUTO REC OWN 43815BAC4 194,971 1.88% 0.00% 2/15/2022 5/15/2026 1,550 1,050 186,324 PFM HYUNDAI AUTO REC 448977AD0 254,990 2.22% 0.00% 3/9/2022 10/15/2026 1,681 1,203 244,741 PFM HYUNDAI AUTO REC 44933LAC7 59,183 0.38% 0.00% 4/20/2021 9/15/2025 1,609 808 57,637 PFM HYUNDAI AUTO REC TR 44918MAD2 150,000 3.72% 0.00% 7/12/2022 11/16/2026 1,588 1,235 146,064 PFM HYUNDAI AUTO REC TR 44935FAD6 99,978 0.74% 0.00% 11/9/2021 5/15/2026 1,648 1,050 96,067 PFM KUBOTA CR OWN TR 50117EAB0 51,717 2.34% 0.00% 3/15/2022 4/15/2025 1,127 655 51,002 PFM KUBOTA CR OWN TR 50117EAC8 234,966 2.67% 0.00% 3/15/2022 10/15/2026 1,675 1,203 223,187 PFM KUBOTA CR OWN TR 50117JAC7 224,959 4.09% 0.00% 7/14/2022 12/15/2026 1,615 1,264 218,844 PFM KUBOTA CR OWN TR 50117XAE2 168,204 0.56% 0.00% 7/20/2021 11/17/2025 1,581 871 160,908 PFM KUBOTA CR OWNER 50117KAC4 159,975 5.02% 0.00% 3/28/2023 5/17/2027 1,511 1,417 158,205 PFM KUBOTA CREDIT 50117TAC5 88,393 0.62% 0.00% 4/6/2021 8/15/2025 1,592 777 85,403 PFM MERCEDES BENZ AUTO 58768PAC8 364,928 5.21% 0.00% 11/15/2022 8/16/2027 1,735 1,508 363,328 PFM MERCEDES BENZ AUTO 58770AAC7 119,986 4.51% 0.00% 1/18/2023 11/15/2027 1,762 1,599 117,994 PFM NISSAN AUTO REC 65480JAC4 154,968 4.46% 0.00% 9/20/2022 5/17/2027 1,700 1,417 152,275 PFM NISSAN AUTO REC TR 65479CAD0 973 0.55% 0.00% 6/23/2020 7/15/2024 1,483 381 972 PFM NISSIAN AUTO 65480WAD3 279,951 4.91% 0.00% 4/18/2023 11/15/2027 1,672 1,599 277,600 PFM TOYOTA AT REC OWN 89238FAD5 134,997 2.93% 0.00% 4/7/2022 9/15/2026 1,622 1,173 130,599 PFM TOYOTA AUTO 891940AC2 145,000 4.63% 0.00% 1/24/2023 9/15/2027 1,695 1,538 142,974 PFM TOYOTA AUTO 891941AD8 179,990 4.71% 0.00% 5/16/2023 2/15/2028 1,736 1,691 178,076 PFM TOYOTA AUTO REC 89238JAC9 134,997 0.71% 0.00% 11/9/2021 4/15/2026 1,618 1,020 129,284 PFM TOYOTA LEASE OWNER 89238EAC0 15,627 0.39% 0.00% 4/13/2021 4/22/2024 1,105 297 15,532 PFM VERIZON OWNER 92290BAA9 24,104 0.47% 0.00% 8/4/2020 2/20/2025 1,661 601 23,941 PFM VOLKSWAHEN AUTO LN 92868KAC7 169,177 1.02% 0.00% 12/7/2021 6/22/2026 1,658 1,088 162,777 PFM VOLSWAGEN AUTO LEASE 92868AAC9 99,992 3.44% 0.00% 6/7/2022 7/21/2025 1,140 752 97,942 PFM WORLD OMNI AUTO 98163KAC6 159,978 0.81% 0.00% 10/26/2021 10/15/2026 1,815 1,203 153,342 ‐ TOTAL ASSET BACKED SECURITIES ‐ 13,727,702 $ 2.66% 0.00% ‐ ‐ 1,636 1,083 13, 343,246$ SUPRANATIONALS:
CHANDLER BANK OF MONTREAL MTN 06367WB85 465,532 $ 1.85% 1.98% 7/23/2021 5/1/2025 1,378 671 419,438$ CHANDLER BANK OF MONTREAL MTN 06368FAC3 249,698 1.25% 1.42% 9/13/2021 9/15/2026 1,828 1,173 220,395 CHANDLER INTER AMER BK M T N 4581X0DV7 517,618 0.88% 0.97% 4/13/2021 4/20/2026 1,833 1,025 469,097 CHANDLER INTL BK M T N 459058JL8 469,469 0.50% 0.55% 10/21/2020 10/28/2025 1,833 851 426,591 CHANDLER ROYAL BANK OF MTN 78015K7C2 599,688 2.25% 2.35% 12/5/2019 11/1/2024 1,793 490 572,508 CHANDLER ROYAL BK CDA MTN 78016EZ59 259,904 3.38% 3.51% 4/7/2022 4/14/2025 1,103 654 250,297 PFM AUSTRALIA NEW 05254JAA8 250,000 5.09% 5.10% 11/29/2022 12/8/2025 1,105 892 248,828 PFM COMMONWEALTH BK MTN 20271RAQ3 325,000 5.08% 5.09% 1/3/2023 1/10/2025 738 560 323,840 PFM COMMONWEALTH BK MTN 20271RAR1 300,000 5.32% 5.28% 3/6/2023 3/13/2026 1,103 987 300,828 PFM COOPERATIEVE MTN 21688AAS1 249,235 1.38% 1.46% 1/6/2022 1/10/2025 1,100 560 235,065 PFM INTER AMER BK M T N 4581X0DZ8 454,663 0.50% 0.53% 9/15/2021 9/23/2024 1,104 451 428,678 PFM NATIONAL AUSTRALIA 63253QAA2 305,000 4.97% 4.98% 1/4/2023 1/12/2026 1,104 927 303,262 PFM NATIONAL MTN 63254ABD9 250,000 3.50% 3.62% 5/31/2022 6/9/2025 1,105 710 241,600 TOTAL SUPRANATIONALS ‐ 4,695,807 $ 1.95% 2.02% ‐ ‐ 1,356 756 4, 440,426$ TOTAL PORTFOLIO 333,780,276 $ ‐ ‐ ‐ ‐ ‐ ‐ 328,811,022$ City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2023
BOOK VALUE MARKET VALUE
June 30, 2023 June 30, 2023
MATURITY
DATE TOTAL LIFE (DAYS) REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT HELD
WITH DESCRIPTION CUSIP # RATE YIELD
IRREVOCABLE TRUST (PENSION / OPEB) *
‐P e n s i o n ‐ 15,424,855$ ‐9.88% ‐9.88% ‐‐‐ ‐ 15,937,624$ ‐ OPEB ‐ 19,494,357 ‐10.00% ‐10.00% ‐ ‐ ‐ ‐ 21,227,842 ‐ TOTAL IRREVOCABLE TRUST (PENSION / OPEB) ‐ 34,919,212 $ ‐9.95% ‐9.95% ‐ ‐ ‐ ‐ 37, 165,466$ * Pension & OPEB Included for Information Only ‐ They are not part of the City's Cash & Investment Portfolio.
June 3.167
May 2.993
April 2.870
March 2.831
February 2.624
January 2.425
LAIF Apportionment Rate(2): TBD
LAIF Earnings Ratio(2): TBD
LAIF Administrative Cost(1)*: TBD
PMIA Average Life(1): 260
LAIF Fair Value Factor(1): 0.984828499
PMIA Daily(1): 3.26
PMIA Quarter to Date(1): 3.01
Treasuries
63.08%
Agencies
21.77%
Certificates of
Deposit/Bank Notes
7.51%
Time
Deposits
2.85%
Commercial
Paper
4.33%
Corporate
Bonds
0.26%
Loans
0.20%
Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a). *The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year.
Source:
(1) State of California, Office of the Treasurer
(2) State of Calfiornia, Office of the Controller
PMIA Average Monthly
Effective Yields(1)
PMIA/LAIF Performance Report
as of 07/17/23
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 06/30/23
Chart does not include $2,861,000.00 in mortgages, which equates to 0.002%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
06/30/23
$178.4 billion
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Fiscal Year Ending June 30, 2023
City of Alameda
SECTION |
Section 1 |
Economic Update
2 Economic Update
Recent economic d ata continues to suggest positive but below trend growth this year. Although the pace of job growth is moderating, labor markets remain solid, and the U.S. consumer has demonstrated resiliency. Inflationary trends are subsiding, but core levels remain well above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward.
At the June meeting, the Federal Open Market Committee paused in their rate hiking campaign after ten straight rate increases and left the target Federal Funds rate in the current range of 5.00- 5.25%. Market participants viewed the FOMC’s decision as a ‘hawkish’ pause, expecting further tightening in the future, primarily based on the updated release of the FOMC’s Summary of Economic Projections (SEP) forecast which reflected a stronger economic outlook and higher rates compared to the March forecast. We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for a period of time or will be forced to tighten policy further to bring inflation back down towards their 2% policy objective.
The yield curve remained inverted in June. The 2-year Treasury yield surged 50 basis points to 4.90%, the 5-year Treasury yield rose 40 basis points to 4.16%, and the 10-year Treasury yield increased 19 basis points to 3.84%. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -106basis points at June month-end versus -76 basis points at May month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +6 basis points.
The inversion between 3-month and 10-year Treasuries narrowed to -146 basis points in June from -176 basis points in May.
The shape of the yield curve indicates that the probability of recession is increasing. 3 Source: US Department of Labor Source: US Department of Labor Employment
The U.S. economy a dded 209,000jobs in June, falling short of consensus expectations, and the last two months were revised downward by 110,000jobs. Although decelerating, the pace of job growth remains healthy with the three-month moving average payrolls at 244,000and the six-month moving average at 278,000.The unemployment rate declined to 3.6% in June from 3.7% in May, while the labor force participation rate remained at 62.6%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons, increased to 6.9% from the prior month at 6.7%. Average hourly earnings remained at 4.4% year-over-year in June, unchanged from an upwardly revised 4.4% increase in May. While the longer-term trend of hiring is slowing, levels remain consistent with a solid labor market.
0 100
200
300
400
500
600
700
800
900
1,000
MOM Change In (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
4 Source: US Department of Labor Source: US Department of Commerce Inflation
The Consumer Price Index (CPI) increased in May by 0.1% month-over-month and 4.0% year-over-year, down from 4.9% in April. The Core CPI, which excludes volatile food and energy components, remained firm at 0.4% month-over-month and 5.3% year-over-year, decelerating modestly from 5.5% in April. The Personal Consumption Expenditures (PCE) index rose 3.8% year-over-year in May, down from a 4.3% gain in April. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 4.6% year-over-year in May, down slightly from a 4.7% increase in April. Core inflation remains stubbornly elevated above the Fed's 2% target, with service-sector inflation and strong wage growth as headwinds.
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Cor e Deflator Y OY % Change
YOY( %) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY( %) Change
5 Advance Retail Sales rose 0.3% month-over-month in May, beating expectations but slowing from a 0.4% increase in April. Gains were broad- based and translated to a year-over-year increase of 1.5% in May versus a downwardly revised 1.2% increase in April. The Conference Board’s Consumer Confidence Index surged to a better than expected 109.7in June from 102.5 in May. Both current conditions and future expectations gained strength.
Source: US Department of Commerce Source: The Conference Board
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Retail Sales YOY % Change
YOY (%) Change
80 90
100
110
120
130
140
Index Level
Consumer Confidence
Consumer
6 Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity
The Conference Board’s Leading Economic Index (LEI) remained in negative territory for the fourteenth consecutive month at -0.7% in May, versus –0.6% in April and was down 7.9% year-over-year in May. The consistent decline month-over-month continues to signal future contraction in the economy. The Chicago Fed National Activity Index (CFNAI) fell to -0.15 in May from 0.14 in April. On a 3-month moving average basis, the CFNAI remained negative at -0.14 in May, indicating a rate of growth below the historical average trend. -0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
3 Month Average
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
Leading Economic Indicators (LEI)
MOM ( %) Change
7 Source: US Department of Commerce Source: S&P
Housing
0 200
400
600
800
1000
1200
1400
1600
1800
2000
MOM Change (In Thousands of Units)
Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
YOY( %) Change
Total housing starts rose 21.7% month-over-month in May to 1,631,000units from a downwardly revised 1,340,000in April and were up 5.7% compared to May 2022. Both single-family and multi-family construction increased as expectations for lower rates and greater availability of construction labor and materials drove the surge in starts. The 30-year fixed rate mortgage stabilized at an average of approximately 6.7% at June month-end according to Freddie Mac. According to the Case-Shiller 20-City Home Price Index, housing prices dropped 1.7% in April after falling 1.1% in March, clearly displaying the impact of higher mortgage rates year-over-year, which have reduced demand for homebuying as affordability has declined. The Southeast remains the strongest region, while the West continues to be the weakest. 8 Source: Institute for Supply Management Source: Federal Reserve Manufacturing
The Institute for Suppl y Management (ISM) manufacturing index fell to 46.0in June from 46.9in May. This is the eighth consecutive month of readings below 50.0,which is indicative of contraction in the manufacturing sector. Industrial production rose 0.5% in April due to increases in manufacturing and mining. This equates to a 0.24%increase in industrial production from the prior year. Capacity utilization increased to 79.7% in April from a downwardly revised 79.4% in March, inching above its 1972-2021 average of 79.6%. 40 42
44 46
48 50
52 54
56 58
60 62
64 66
Institute of Supply Management Purchasing Manager Index
EXPANDING
CONTRACTING -10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Industrial Production
YOY( %) Change
9 Source: US Department of Commerce Source: US Department of Commerce 6/22 9/22 12/ 22 3/23
1.4% 1.5% 0.7% 2.8%
-2.8% -1.8% 0.8% -2.2%
1.2% 2.9% 0.4% 0.6%
-0.2% 0.2% 0.4% 0.4%
-0.1% 0.4% 0.3% 0.5%
-0.6% 3.3% 2.6% 2.0%
Federal Government Expenditures
State and Local (Consumption and Gross
Investment)
Gross Private Domestic Investment
Personal Consumption Expenditures
Components of GDP
Net Exports and Imports
Total
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
According to the t hird estimate, first quarter 2023GDP growth was revised up to 2.0% from 1.3%. Stronger personal consumption expenditures were the primary driver of the upward revision. The consensus estimate calls for 1.2% growth for the second quarter and 1.3% growth for the full year 2023.
10 Federal Reserve
Source: Federal Reserve Source: Bloomberg
At the June m eeting, the Federal Open Market Committee paused in their rate hiking campaign after ten straight rate increases and left the target Federal Funds rate in the current range of 5.00- 5.25%. Market participants viewed the FOMC’s decision as a ‘hawkish’ pause, expecting further tightening in the future, primarily based on the updated release of the FOMC’s Summary of Economic Projections (SEP) forecast. The SEP is forecasting higher GDP, a lower unemployment rate, and higher PCE inflation compared to the March2023forecast. The median forecast for the Fed Funds rate was also increased to 5.6% in June, compared to the prior forecast of 5.1% in March, suggesting another 50 basis points of tightening in 2023. We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for a period of time or will be forced to tighten policy further to bring inflation back down towards their 2% policy objective.
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
Effective Federal Funds Rate
Yield (%)
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
In $ millions
11 Source: Bloomberg Source: Bloomberg
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Jun-23
Mar-23
Jun-22
Yield (%)
Bond Yields
At the end of June, the 2-year Treasury yield was 194basis points higher, and the 10-Year Treasury yield was about 82 basis points higher, year- over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -106 basis points at June month-end versus - 76 basis points at May month-end. The average historical spread (since 2003) is about +130basis points. The inversion between 3-month and 10-year Treasuries narrowed to -146 basis points in June from -176 basis points in May. The shape of the yield curve indicates that the probability of recession is increasing.
12 Section 2|SECTION |
Section 2 |
Account Profile
13 Objectives
Chandler Asset Management Performance Objective
Our performance objective for the City of Alameda is to earn a return that equals or exceeds the return on an index of 1-5 Year Treasury and Agency securities over time.
Investment Objectives
The investment objectives of the City of Alameda are first, to provide safety of principal; second, to provide adequate liquidity to meet all requirements that may be reasonably anticipated; and third, to earn a rate of return that is commensurate with the first two objectives. The City's finance staff invests in LAIF and in other short-term securities for liquidity; our mandate is to invest in longer-term assets for portfolio growth and income.
Strategy
In order to achieve these objectives, we invest in high quality fixed income securities consistent with the investment policy and California Government Code.
As of June 30, 2023
14 Compliance As of June 30, 2023
Category Standard Comment
Treasury Bills and Notes 5 years maximum Complies
Agencies 75% maximum; 25% max per issuer; 5 years max maturity Complies Supranationals "AA" or better by a NRSRO; 15% maximum, 10% maximum exposure per issuer; USD denominated senior unsecured unsubordinated obligations issued by: IBRD; IFC, IADB; 5 years max maturity Complies Municipal Securities "A" or better by a NRSRO (except City's own bonds); 30% maximum exposure, 5% max per issuer; 5 years max maturity Complies Banker’s Acceptances A1/P1 rated; 30% maximum; 5% max per issuer; 180 days max maturity Complies Commercial Paper A1/P1 rated by a NRSRO; "A" or higher rated for issuer debt by Moody's or S&P; 40% maximum; 5% max per issuer; 270 days max maturity Complies CDs-non-negotiable (including CDARs) 30% maximum (combined with NCDs); 5% max per issuer; 3 years max maturity Complies Negotiable CDs (NCDs) No rating for CDs up to FDIC insured amount; A-1/A or better for amounts greater than FDIC insured amount; 30% maximum (combined with CDARs); 5% max per issuer; 5 years max maturity Complies Time Deposits 5 years max maturity Complies
Medium Term Notes A-rated; 30% maximum; 5% max per issuer; 5 years max maturity; If a corporate note is downgraded by either Moody's or S&P below the required quality, the City's policy is to review the credit situation and make a determination as to whether to sell or retain such corporate note Complies Money Market Fund Highest rating by two NRSROs; 20% maximum; 10% max per issuer Complies Asset Backed Securities "AA" or better by a NRSRO; 20% maximum exposure, 5% maximum exposure per issuer; 5 years max maturity Complies LAIF $75 million-max program limit Complies
Repurchase Agreements/ Reverse
Repurchase Agreement Prohibited Complies
Mortgage Backed Securities (MBS) &
CMOs Prohibited Complies
Options and Futures contracts Prohibited Complies
Coal Industry Prohibited Complies
Wells Fargo issuer Prohibited Complies
Manufacturers of cigarettes, alcohol, or
gambling products Prohibits investment if: 51% of gross revenues from category activities Complies Maximum maturity 5 years Complies
Note: all securities managed by Chandler Asset Management are held at US Bank for safekeeping.
City of Alameda
Assets managed by Chandler Asset Management are in full compliance with state law and with the Client's investment policy. 15 Portfolio Characteristics
City of Alameda
06/30/23 03/31/23
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.64 2.76 2.70
Average Modified Duration 2.49 2.38 2.34
Average Purchase Yield n/a 2.03% 1.88%
Average Market Yield 4.74% 4.99% 4.39%
Average Quality** AAA AA/Aa1 AA/Aa1
Total Market Value 48,769,205 48,968,111
*ICE BofA 1-5 Yr US Treasury & Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.
As of June 30, 2023
16 City of Alameda
Sector Distribution
ABS
9.3%
Agency
22.9%
Corporate
27.1%
Money Market
Fund
0.3%
Municipal Bonds
1.2%
Supranational
1.8%
US Treasury
37.5%
June 30, 2023 March 31, 2023
ABS
10.3%
Agency
21.8%
Corporate
26.9%
Money Market
Fund
0.5%
Municipal Bonds
1.2%
Supranational
1.9%
US Treasury
37.4%
As of June 30, 2023
17 Duration Allocation As of June 30, 2023
City of Alameda
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 06/30/23 1.0% 1.7% 8.0% 35.0% 20.3% 20.6% 13.5% 0.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0 - 0.25 Years 0.25 - 0.5 Years 0.5 - 1 Years 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5+ Years ABS
Agency
Corporate
Money Market Fund
Municipal Bonds
Supranational
US Treasury
18 Portfolio Allocation & Duration Changes
City of Alameda
As of June 30, 2023
Benchmark: ICE BofA 1-5 Yr US Treasury & Agency Index
95.5%
93.7%93.1%
98.3%
96.8%
99.0%100.3%
96.9%
80.0%
85.0%
90.0%
95.0%
100.0%
105.0%
110.0%
06/30/2303/31/2312/31/2209/30/2206/30/2203/31/2212/31/2109/30/21 Duration as a % of the Benchmark
0.5%
1.2%
1.9%
10.3%
21.8%
26.9%
37.4%
0.3%
1.2%
1.8%
9.3%
22.9%
27.1%
37.5%
Money Market
Fund
Municipal Bonds
Supranational
ABS
Agency
Corporate
US Treasury
Portfolio Allocation
06/30/23
03/31/23
19 Issue Name Investment Type % Portfolio
Government of United States US Treasury 37.46%
Federal National Mortgage Association Agency 9.97%
Federal Home Loan Mortgage Corp Agency 5.95%
Federal Home Loan Bank Agency 5.11%
Toyota Motor Corp Corporate 2.25%
JP Morgan Chase & Co Corporate 1.86%
John Deere ABS ABS 1.75%
Bank of America Corp Corporate 1.72%
Royal Bank of Canada Corporate 1.70%
Amazon.com Inc Corporate 1.46%
American Express ABS ABS 1.42%
Bank of Montreal Chicago Corporate 1.32%
Paccar Financial Corporate 1.21%
US Bancorp Corporate 1.20%
United Health Group Inc Corporate 1.17%
State of California Municipal Bonds 1.15%
Toronto Dominion Holdings Corporate 1.13%
Berkshire Hathaway Corporate 1.13%
Honda ABS ABS 1.11%
Hyundai Auto Receivables ABS 1.10%
Morgan Stanley Corporate 1.06%
Toyota ABS ABS 1.05%
Northern Trust Corp Corporate 1.03%
Tennessee Valley Authority Agency 1.02%
Salesforce.com Inc Corporate 1.00%
GM Financial Automobile Leasing Trust ABS 1.00%
Duke Energy Field Services Corporate 0.99%
Inter-American Dev Bank Supranational 0.96%
Caterpillar Inc Corporate 0.94%
Intl Bank Recon and Development Supranational 0.88%
Charles Schwab Corp/The Corporate 0.85%
Deere & Company Corporate 0.84%
Federal Farm Credit Bank Agency 0.81%
Nextera Energy Capital Corporate 0.81%
Truist Financial Corporation Corporate 0.73%
Realty Income Corp Corporate 0.69%
MasterCard Inc Corporate 0.65%
Apple Inc Corporate 0.57%
Issuers
City of Alameda – Account #270
As of June 30, 2023
20 Issue Name Investment Type % Portfolio
Target Corp Corporate 0.55%
BMW Vehicle Lease Trust ABS 0.55%
GM Financial Securitized Term Auto Trust ABS 0.46%
Verizon Master Trust ABS 0.38%
BMW ABS ABS 0.35%
Fidelity Institutional Govt Money Market Fund Money Market Fund 0.33% Wal-Mart Stores Corporate 0.23%
Verizon Owner Trust ABS 0.10%
TOTAL 100.00%
Issuers
City of Alameda – Account #270
As of June 30, 2023
21 AAA AA A <A NR
06/30/23 7.4% 64.9% 23.7% 0.0% 4.0%
03/31/23 8.0% 65.0% 22.3% 0.0% 4.7%
Source: S&P Ratings
June 30, 2023 vs. March 31, 2023
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
AAA AA A <A NR
06/30/23 03/31/23
Quality Distribution
City of Alameda
As of June 30, 2023
22 0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ City of Alameda ICE BofA 1-5 Yr US Treasury & Agency Index Portfolio Compared to the Benchmark
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 1.0% 1.7% 8.0% 35.0% 20.3% 20.6% 13.5% 0.0%
Benchmark* 0.0% 0.0% 1.7% 36.4% 26.5% 21.3% 14.1% 0.0%
*ICE BofA 1-5 Yr US Treasury & Agency Index
Duration Distribution
City of Alameda
As of June 30, 2023
23 -3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
12 months 2 years 3 years 5 years 10 years Since Inception City of Alameda ICE BofA 1-5 Yr US Treasury & Agency Index Total Rate of Return Annualized Since Inception July 31, 2002 Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of Alameda -0.41% 0.27% -2.23% -1.41% 1.17% 1.13% 2.45% ICE BofA 1-5 Yr US Treasury & Agency Index -0.85% -0.42% -2.53% -1.78% 0.89% 0.86% 2.12% Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
Investment Performance
City of Alameda
As of June 30, 2023
24 Purchase Yield as of 06/30/23 = 2.03%
0.00 0.50
1.00 1.50
2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Alameda
As of June 30, 2023
25 SECTION |
Section 3 |
Portfolio Holdings
26 Holdings Report
City of Alameda - Account #270
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
43813DAC2 Honda Auto Receivables 2020-2 A3
0.820% Due 07/15/2024
14,229.07 05/18/2020
0.83%
14,227.95
14,228.79
99.49 5.66%
14,157.17
5.19 0.03%
(71.62)
Aaa / AAA
NR
1.04 0.10
47789KAC7 John Deere Owner Trust 2020-A A3
1.100% Due 08/15/2024
1,824.43 03/04/2020
1.11%
1,824.32
1,824.40
99.83 7.52%
1,821.25
0.89 0.00%
(3.15)
Aaa / NR
AAA
1.13 0.03
43813KAC6 Honda Auto Receivables Trust 2020-3 A3
0.370% Due 10/18/2024
61,251.95 09/22/2020
0.38%
61,242.95
61,250.85
98.61 5.95%
60,403.30
8.18 0.12%
(847.55)
NR / AAA
AAA
1.30 0.25
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2
0.390% Due 10/21/2024
219,699.04 08/10/2021
0.39%
219,696.05
219,698.35
98.59 5.86%
216,608.75
26.18 0.44%
(3,089.60)
NR / AAA
AAA
1.31 0.25
47787NAC3 John Deere Owner Trust 2020-B A3
0.510% Due 11/15/2024
11,082.84 07/14/2020
0.52%
11,081.15
11,082.58
99.28 5.17%
11,003.21
2.51 0.02%
(79.37)
Aaa / NR
AAA
1.38 0.15
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3
0.330% Due 12/26/2024
136,899.41 Various
1.45%
135,080.18
136,370.36
98.70 6.39%
135,126.28
7.53 0.28%
(1,244.08)
Aaa / NR
AAA
1.49 0.21
89236XAC0 Toyota Auto Receivables 2020-D A3
0.350% Due 01/15/2025
42,029.68 10/06/2020
0.36%
42,021.85
42,026.84
98.94 6.01%
41,583.41
6.54 0.09%
(443.43)
NR / AAA
AAA
1.55 0.19
92290BAA9 Verizon Owner Trust 2020-B A
0.470% Due 02/20/2025
50,973.93 08/04/2020
0.48%
50,963.23
50,970.05
99.30 5.63%
50,618.34
7.32 0.10%
(351.71)
Aaa / NR
AAA
1.65 0.13
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3
1.900% Due 03/20/2025
275,000.00 02/15/2022
1.91%
274,997.64
274,999.12
98.05 5.87%
269,646.57
159.65
0.55%
(5,352.55)
Aaa / NR
AAA
1.72 0.49
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3
1.100% Due 03/25/2025
134,819.64 01/11/2022
1.11%
134,799.48
134,812.85
98.29 5.84%
132,514.22
24.72 0.27%
(2,298.63)
NR / AAA
AAA
1.74 0.36
43813GAC5 Honda Auto Receivables Trust 2021-1 A3
0.270% Due 04/21/2025
50,540.16 02/17/2021
0.27%
50,539.24
50,539.94
97.65 6.18%
49,353.83
3.79 0.10%
(1,186.11)
Aaa / NR
AAA
1.81 0.39
89240BAC2 Toyota Auto Receivables Owners 2021-A A3
0.260% Due 05/15/2025
185,630.15 02/02/2021
0.27%
185,595.69
185,622.29
97.82 5.87%
181,578.59
21.45 0.37%
(4,043.70)
Aaa / NR
AAA
1.88 0.39
47788UAC6 John Deere Owner Trust 2021-A A3
0.360% Due 09/15/2025
101,719.60 03/02/2021
0.37%
101,700.05
101,712.58
97.07 6.12%
98,742.06
16.28 0.20%
(2,970.52)
Aaa / NR
AAA
2.21 0.50
43815GAC3 Honda Auto Receivables Trust 2021-4 A3
0.880% Due 01/21/2026
165,000.00 11/16/2021
0.89%
164,965.22
164,982.36
95.98 5.92%
158,363.87
40.33 0.32%
(6,618.49)
Aaa / NR
AAA
2.56 0.80
47789QAC4 John Deere Owner Trust 2021-B A3
0.520% Due 03/16/2026
181,729.32 07/13/2021
0.52%
181,713.11
181,721.74
95.80 6.12%
174,094.33
42.00 0.36%
(7,627.41)
Aaa / NR
AAA
2.71 0.75
89238JAC9 Toyota Auto Receivables Trust 2021-D A3
0.710% Due 04/15/2026
155,000.00 11/09/2021
0.71%
154,996.70
154,998.35
95.77 6.14%
148,437.77
48.91 0.30%
(6,560.58)
NR / AAA
AAA
2.79 0.78
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3
0.740% Due 05/15/2026
120,000.00 11/09/2021
0.75%
119,973.22
119,986.92
96.07 5.87%
115,281.00
39.47 0.24%
(4,705.92)
NR / AAA
AAA
2.88 0.77
As of June 30, 2023
27 Holdings Report
City of Alameda - Account #270
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
43815BAC4 Honda Auto Receivables Trust 2022-1 A3
1.880% Due 05/15/2026
270,000.00 02/15/2022
1.89%
269,959.39
269,976.40
95.55 5.87%
257,986.62
225.60
0.53%
(11,989.78)
Aaa / AAA
NR
2.88 1.13
05602RAD3 BMW Vehicle Owner Trust 2022-A A3
3.210% Due 08/25/2026
175,000.00 05/10/2022
3.23%
174,990.90
174,994.18
97.22 5.76%
170,137.63
93.63 0.35%
(4,856.55)
Aaa / AAA
NR
3.16 1.10
89238FAD5 Toyota Auto Receivables OT 2022-B A3
2.930% Due 09/15/2026
145,000.00 04/07/2022
2.95%
144,996.61
144,997.88
96.74 5.69%
140,272.71
188.82
0.29%
(4,725.17)
Aaa / AAA
NR
3.21 1.20
362554AC1 GM Financial Securitized Term 2021-4 A3
0.680% Due 09/16/2026
125,000.00 10/13/2021
0.68%
124,996.81
124,998.40
95.50 6.14%
119,381.13
35.42 0.24%
(5,617.27)
Aaa / AAA
NR
3.22 0.82
47787JAC2 John Deere Owner Trust 2022-A A3
2.320% Due 09/16/2026
165,000.00 03/10/2022
2.34%
164,963.50
164,976.97
96.32 5.88%
158,933.45
170.13
0.33%
(6,043.52)
Aaa / NR
AAA
3.22 1.04
448977AD0 Hyundai Auto Receivables Trust 2022-A A3
2.220% Due 10/15/2026
440,000.00 03/09/2022
2.23%
439,983.06
439,989.80
95.98 5.78%
422,300.56
434.13
0.87%
(17,689.24)
NR / AAA
AAA
3.30 1.14
02582JJR2 American Express 2021-1 A
0.900% Due 11/15/2026
275,000.00 06/28/2022
3.62%
258,134.77
265,249.18
93.87 5.66%
258,130.95
110.00
0.53%
(7,118.23)
Aaa / NR
AAA
3.38 1.32
380146AC4 GM Financial Auto Receivables 2022-1 A3
1.260% Due 11/16/2026
110,000.00 01/11/2022
1.27%
109,990.44
109,994.60
95.52 5.90%
105,072.99
57.75 0.22%
(4,921.61)
NR / AAA
AAA
3.38 0.97
47800AAC4 John Deere Owner Trust 2022-B A3
3.740% Due 02/16/2027
215,000.00 07/12/2022
3.77%
214,979.47
214,984.91
97.15 5.73%
208,881.96
357.38
0.43%
(6,102.95)
Aaa / NR
AAA
3.64 1.46
02582JJT8 American Express Credit Trust 2022-2 A
3.390% Due 05/17/2027
450,000.00 05/17/2022
3.42%
449,900.46
449,937.36
96.51 5.43%
434,276.55
678.00
0.89%
(15,660.81)
NR / AAA
AAA
3.88 1.75
92348KAV5 Verizon Master Trust 2022-5 A1A
3.720% Due 07/20/2027
185,000.00 08/02/2022
3.75%
184,991.86
184,994.46
98.78 5.25%
182,745.59
210.28
0.38%
(2,248.87)
NR / AAA
AAA
4.06 1.09
47800CAC0 John Deere Owner Trust 2023-A A3
5.010% Due 11/15/2027
200,000.00 02/23/2023
5.04%
200,109.38
200,101.68
99.11 5.53%
198,217.42
445.33
0.41%
(1,884.26)
Aaa / NR
AAA
4.38 1.92
TOTAL ABS 4,662,429.22 2.08%
4,643,414.68
4,652,024.19 5.80%
4,515,671.51
3,467.41
9.27%
(136,352.68)
Aaa / AAA
AAA
2.88 0.97
Agency
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
700,000.00 Various
1.97%
729,874.73
705,748.37
97.57 5.52%
682,987.20
950.34
1.40%
(22,761.17)
Aaa / AA+
NR
0.96 0.92
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
800,000.00 09/13/2019
1.79%
841,432.00
809,994.56
97.17 5.33%
777,328.00
6,900.00
1.61%
(32,666.56)
Aaa / AA+
AAA
1.21 1.15
3135G0W66 FNMA Note
1.625% Due 10/15/2024
355,000.00 10/17/2019
1.66%
354,392.95
354,842.91
95.41 5.35%
338,710.47
1,217.85
0.70%
(16,132.44)
Aaa / AA+
AAA
1.30 1.25
3135G0X24 FNMA Note
1.625% Due 01/07/2025
965,000.00 Various
1.19%
984,823.65
971,245.38
94.82 5.22%
914,979.23
7,579.27
1.89%
(56,266.15)
Aaa / AA+
AAA
1.53 1.46
As of June 30, 2023
28 Holdings Report
City of Alameda - Account #270
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
1,090,000.00 02/13/2020
1.52%
1,089,160.70
1,089,727.74
94.40 5.16%
1,028,931.66
6,312.92
2.12%
(60,796.08)
Aaa / AA+
AAA
1.62 1.55
3135G03U5 FNMA Note
0.625% Due 04/22/2025
860,000.00 04/22/2020
0.67%
858,228.40
859,357.99
92.48 5.02%
795,341.76
1,030.21
1.63%
(64,016.23)
Aaa / AA+
AAA
1.81 1.76
3135G04Z3 FNMA Note
0.500% Due 06/17/2025
1,025,000.00 Various
0.51%
1,024,483.60
1,024,827.27
91.81 4.93%
941,035.08
199.31
1.93%
(83,792.19)
Aaa / AA+
AAA
1.97 1.91
3137EAEU9 FHLMC Note
0.375% Due 07/21/2025
1,025,000.00 Various
0.45%
1,021,407.50
1,023,486.56
91.24 4.90%
935,198.73
1,708.33
1.92%
(88,287.83)
Aaa / AA+
AAA
2.06 2.00
3135G05X7 FNMA Note
0.375% Due 08/25/2025
1,025,000.00 Various
0.46%
1,020,994.25
1,023,246.67
90.99 4.83%
932,697.73
1,345.32
1.92%
(90,548.94)
Aaa / AA+
AAA
2.16 2.09
3137EAEX3 FHLMC Note
0.375% Due 09/23/2025
1,025,000.00 Various
0.44%
1,021,962.75
1,023,618.27
90.74 4.80%
930,051.18
1,046.35
1.91%
(93,567.09)
Aaa / AA+
AAA
2.24 2.17
3135G06G3 FNMA Note
0.500% Due 11/07/2025
1,025,000.00 Various
0.57%
1,021,725.50
1,023,452.70
90.63 4.76%
928,974.93
768.75
1.91%
(94,477.77)
Aaa / AA+
AAA
2.36 2.29
3130ATS57 FHLB Note
4.500% Due 03/10/2028
1,000,000.00 04/13/2023
3.63%
1,038,600.00
1,036,919.87
100.96
4.27%
1,009,635.00
13,875.00
2.10%
(27,284.87)
Aaa / AA+
AAA
4.70 4.14
880591EZ1 Tennessee Valley Authority Note
3.875% Due 03/15/2028
500,000.00 05/01/2023
3.81%
501,505.00
501,454.24
98.39 4.26%
491,947.00
4,897.57
1.02%
(9,507.24)
Aaa / AA+
AAA
4.71 4.21
3133EPME2 FFCB Note
3.875% Due 06/08/2028
400,000.00 06/07/2023
3.96%
398,416.00
398,435.94
98.87 4.13%
395,498.00
990.28
0.81%
(2,937.94)
Aaa / AA+
NR
4.95 4.44
TOTAL Agency 11,795,000.00 1.40%
11,907,007.03
11,846,358.47 4.90%
11,103,315.97
48,821.50
22.87%
(743,042.50)
Aaa / AA+
AAA
2.31 2.17
Corporate
79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022
0.625% Due 07/15/2024
510,000.00 Various
0.90%
506,418.00
508,574.20
95.19 5.44%
485,467.98
1,469.79
1.00%
(23,106.22)
A2 / A+
NR
1.04 1.01
69371RQ25 Paccar Financial Corp Note
2.150% Due 08/15/2024
125,000.00 08/08/2019
2.20%
124,723.75
124,937.86
96.26 5.62%
120,325.50
1,015.28
0.25%
(4,612.36)
A1 / A+
NR
1.13 1.08
78015K7C2 Royal Bank of Canada Note
2.250% Due 11/01/2024
600,000.00 12/05/2019
2.26%
599,688.00
599,914.72
95.42 5.86%
572,509.80
2,250.00
1.18%
(27,404.92)
A1 / A
AA-
1.34 1.28
14913Q3B3 Caterpillar Finl Service Note
2.150% Due 11/08/2024
475,000.00 01/28/2020
1.91%
480,082.50
476,445.48
95.82 5.38%
455,163.05
1,503.51
0.94%
(21,282.43)
A2 / A
A+
1.36 1.30
89236TJT3 Toyota Motor Credit Corp Note
1.450% Due 01/13/2025
440,000.00 01/10/2022
1.50%
439,410.40
439,697.67
94.32 5.35%
415,017.68
2,977.33
0.86%
(24,679.99)
A1 / A+
A+
1.54 1.47
As of June 30, 2023
29 Holdings Report
City of Alameda - Account #270
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
90331HPL1 US Bank NA Callable Note Cont 12/21/2024
2.050% Due 01/21/2025
615,000.00 01/16/2020
2.10%
613,690.05
614,591.31
94.32 5.92%
580,068.62
5,603.33
1.20%
(34,522.69)
A2 / A+
A+
1.56 1.48
69371RR73 Paccar Financial Corp Note
2.850% Due 04/07/2025
485,000.00 03/31/2022
2.86%
484,873.90
484,925.67
95.71 5.42%
464,194.96
3,225.25
0.96%
(20,730.71)
A1 / A+
NR
1.77 1.68
78016EZ59 Royal Bank of Canada Note
3.375% Due 04/14/2025
260,000.00 04/07/2022
3.39%
259,903.80
259,942.68
96.27 5.59%
250,295.50
1,876.88
0.52%
(9,647.18)
A1 / A
AA-
1.79 1.69
06367WB85 Bank of Montreal Note
1.850% Due 05/01/2025
449,000.00 07/23/2021
0.85%
465,532.18
457,061.54
93.42 5.67%
419,437.39
1,384.42
0.86%
(37,624.15)
A2 / A-
AA-
1.84 1.76
46647PCH7 JP Morgan Chase & Co Callable Note Cont 6/1/2024
0.824% Due 06/01/2025
535,000.00 05/24/2021
0.78%
535,696.55
535,213.54
95.06 6.07%
508,590.81
367.37
1.04%
(26,622.73)
A1 / A-
AA-
1.92 1.83
46647PCK0 JP Morgan Chase & Co Callable Note Cont 6/23/2024
0.969% Due 06/23/2025
255,000.00 Various
0.95%
255,159.65
255,052.20
94.92 6.08%
242,049.83
54.91 0.50%
(13,002.37)
A1 / A-
AA-
1.98 1.89
89788MAA0 Truist Financial Corp Callable Note Cont 07/03/2025
1.200% Due 08/05/2025
390,000.00 02/03/2022
1.85%
381,435.60
384,854.64
90.62 6.03%
353,405.91
1,898.00
0.73%
(31,448.73)
A3 / A-
A
2.10 2.00
46647PBK1 JP Morgan Chase & Co Callable Note Cont 4/22/2025
2.083% Due 04/22/2026
168,000.00 05/20/2021
1.11%
174,271.44
170,900.93
93.65 5.83%
157,332.34
670.73
0.32%
(13,568.59)
A1 / A-
AA-
2.81 1.73
6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025
2.188% Due 04/28/2026
550,000.00 Various
5.06%
518,572.50
526,912.74
93.87 5.77%
516,289.40
2,105.95
1.06%
(10,623.34)
A1 / A-
A+
2.83 1.74
023135BX3 Amazon.com Inc Callable Note Cont 4/12/2026
1.000% Due 05/12/2026
790,000.00 05/10/2021
1.09%
786,587.20
788,045.02
89.90 4.81%
710,231.33
1,075.28
1.46%
(77,813.69)
A1 / AA
AA-
2.87 2.76
808513BR5 Charles Schwab Corp Callable Note Cont 4/13/2026
1.150% Due 05/13/2026
470,000.00 12/14/2021
1.48%
463,443.50
465,733.59
88.49 5.54%
415,925.56
720.67
0.85%
(49,808.03)
A2 / A-
A
2.87 2.75
91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026
1.150% Due 05/15/2026
630,000.00 Various
1.09%
631,645.30
630,974.11
90.43 4.75%
569,712.16
925.75
1.17%
(61,261.95)
A3 / A+
A
2.88 2.76
89236TJK2 Toyota Motor Credit Corp Note
1.125% Due 06/18/2026
760,000.00 Various
1.24%
756,229.20
757,532.97
89.41 5.01%
679,531.96
308.76
1.39%
(78,001.01)
A1 / A+
A+
2.97 2.85
06051GJD2 Bank of America Corp Callable Note Cont 6/19/2025
1.319% Due 06/19/2026
500,000.00 Various
1.25%
501,320.00
500,655.04
91.60 5.90%
458,009.50
219.84
0.94%
(42,645.54)
A1 / A-
AA-
2.97 1.89
As of June 30, 2023
30 Holdings Report
City of Alameda - Account #270
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
037833DN7 Apple Inc Callable Note Cont 7/11/2026
2.050% Due 09/11/2026
300,000.00 12/02/2021
1.49%
307,452.00
304,911.75
92.15 4.72%
276,446.10
1,879.17
0.57%
(28,465.65)
Aaa / AA+
NR
3.20 3.02
06368FAC3 Bank of Montreal Note
1.250% Due 09/15/2026
250,000.00 09/13/2021
1.28%
249,697.50
249,805.84
88.16 5.31%
220,395.75
920.14
0.45%
(29,410.09)
A2 / A-
AA-
3.21 3.06
931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026
1.050% Due 09/17/2026
125,000.00 09/08/2021
1.09%
124,763.75
124,848.11
89.28 4.68%
111,603.50
379.17
0.23%
(13,244.61)
Aa2 / AA
AA
3.22 3.08
87612EBM7 Target Corp Callable Note Cont 12/15/2026
1.950% Due 01/15/2027
290,000.00 01/19/2022
1.99%
289,507.00
289,648.90
91.54 4.56%
265,472.96
2,607.58
0.55%
(24,175.94)
A2 / A
A
3.55 3.32
26444HAC5 Duke Energy Florida LLC Callable Note Cont 10/15/2026
3.200% Due 01/15/2027
500,000.00 02/22/2022
2.48%
515,740.00
511,168.52
94.74 4.83%
473,678.00
7,377.78
0.99%
(37,490.52)
A1 / A
NR
3.55 3.24
084664CZ2 Berkshire Hathaway Callable Note Cont 2/15/2027
2.300% Due 03/15/2027
585,000.00 03/07/2022
2.30%
584,888.85
584,917.64
93.51 4.21%
547,033.50
3,961.75
1.13%
(37,884.14)
Aa2 / AA
A+
3.71 3.47
06051GHT9 Bank of America Corp Callable Note 1X 4/23/2026
3.559% Due 04/23/2027
400,000.00 Various
4.92%
387,541.72
389,917.80
94.81 5.58%
379,228.80
2,689.02
0.78%
(10,689.00)
A1 / A-
AA-
3.82 2.61
665859AW4 Northern Trust Company Callable Note Cont 4/10/2027
4.000% Due 05/10/2027
520,000.00 Various
3.88%
522,676.60
522,148.23
96.34 5.05%
500,953.96
2,946.67
1.03%
(21,194.27)
A2 / A+
A+
3.86 3.50
89115A2C5 Toronto-Dominion Bank Note
4.108% Due 06/08/2027
575,000.00 08/26/2022
4.18%
573,073.75
573,410.82
95.64 5.35%
549,923.10
1,509.12
1.13%
(23,487.72)
A1 / A
NR
3.94 3.57
756109BG8 Realty Income Corp Calllable Note Cont 5/15/2027
3.950% Due 08/15/2027
350,000.00 11/28/2022
5.00%
334,729.50
336,621.66
94.97 5.32%
332,407.95
5,222.78
0.69%
(4,213.71)
A3 / A-
NR
4.13 3.68
24422EWR6 John Deere Capital Corp Note
4.750% Due 01/20/2028
400,000.00 01/23/2023
4.40%
406,156.00
405,625.25
99.92 4.77%
399,666.80
9,077.78
0.84%
(5,958.45)
A2 / A
A+
4.56 3.96
57636QAW4 MasterCard Inc Callable Note Cont 2/9/28
4.875% Due 03/09/2028
310,000.00 03/06/2023
4.90%
309,699.30
309,718.06
101.13
4.60%
313,506.10
4,701.67
0.65%
3,788.04
Aa3 / A+
NR
4.70 4.03
341081GN1 Florida Power and Light Callable Note Cont 3/15/2028
4.400% Due 05/15/2028
400,000.00 05/19/2023
4.68%
395,128.00
395,232.46
98.12 4.84%
392,484.80
2,102.22
0.81%
(2,747.66)
Aa2 / A+
AA-
4.88 4.31
TOTAL Corporate 14,012,000.00 2.35%
13,979,737.49
13,979,940.95 5.30%
13,136,360.60
75,027.90
27.09%
(843,580.35)
A1 / A
A+
2.80 2.49
As of June 30, 2023
31 Holdings Report
City of Alameda - Account #270
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Money Market Fund
316175603 Fidelity Institutional Government MMKT Fund #657
159,824.75 Various
4.73%
159,824.75
159,824.75
1.00 4.73%
159,824.75
0.00 0.33%
0.00 Aaa / AAA
NR
0.00 0.00
TOTAL Money Market Fund 159,824.75 4.73%
159,824.75
159,824.75 4.73%
159,824.75
0.00 0.33%
0.00 Aaa / AAA
NR
0.00 0.00
Municipal Bonds
13063DRK6 California State Taxable GO
2.400% Due 10/01/2024
580,000.00 10/16/2019
1.91%
593,322.60
583,382.35
96.17 5.60%
557,814.42
3,480.00
1.15%
(25,567.93)
Aa2 / AA-
AA
1.26 1.20
TOTAL Municipal Bonds 580,000.00 1.91%
593,322.60
583,382.35 5.60%
557,814.42
3,480.00
1.15%
(25,567.93)
Aa2 / AA-
AA
1.26 1.20
Supranational
459058JL8 Intl. Bank Recon & Development Note
0.500% Due 10/28/2025
470,000.00 10/21/2020
0.52%
469,468.90
469,752.77
90.76 4.74%
426,590.33
411.25
0.88%
(43,162.44)
Aaa / AAA
AAA
2.33 2.26
4581X0DV7 Inter-American Dev Bank Note
0.875% Due 04/20/2026
520,000.00 04/13/2021
0.97%
517,618.40
518,664.43
90.21 4.64%
469,098.24
897.36
0.96%
(49,566.19)
Aaa / AAA
AAA
2.81 2.71
TOTAL Supranational 990,000.00 0.76%
987,087.30
988,417.20 4.68%
895,688.57
1,308.61
1.84%
(92,728.63)
Aaa / AAA
AAA
2.58 2.50
US Treasury
91282CBR1 US Treasury Note
0.250% Due 03/15/2024
650,000.00 03/30/2021
0.33%
648,425.78
649,623.94
96.47 5.39%
627,047.20
476.90
1.29%
(22,576.74)
Aaa / AA+
AAA
0.71 0.69
912828X70 US Treasury Note
2.000% Due 04/30/2024
800,000.00 06/10/2019
1.92%
802,812.50
800,478.99
97.22 5.45%
777,781.60
2,695.65
1.60%
(22,697.39)
Aaa / AA+
AAA
0.84 0.81
912828XX3 US Treasury Note
2.000% Due 06/30/2024
900,000.00 12/12/2019
1.74%
910,300.78
902,263.57
96.70 5.43%
870,327.90
48.91 1.78%
(31,935.67)
Aaa / AA+
AAA
1.00 0.97
912828D56 US Treasury Note
2.375% Due 08/15/2024
700,000.00 08/29/2019
1.45%
731,035.16
707,039.43
96.77 5.36%
677,386.50
6,245.86
1.40%
(29,652.93)
Aaa / AA+
AAA
1.13 1.08
9128283D0 US Treasury Note
2.250% Due 10/31/2024
900,000.00 11/07/2019
1.77%
920,355.47
905,460.95
96.10 5.31%
864,914.40
3,411.68
1.78%
(40,546.55)
Aaa / AA+
AAA
1.34 1.28
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
900,000.00 03/18/2020
0.81%
913,886.72
904,672.45
93.73 5.09%
843,574.50
3,384.17
1.74%
(61,097.95)
Aaa / AA+
AAA
1.67 1.61
91282CED9 US Treasury Note
1.750% Due 03/15/2025
250,000.00 04/08/2022
2.71%
243,300.78
246,092.12
94.59 5.09%
236,484.50
1,283.97
0.49%
(9,607.62)
Aaa / AA+
AAA
1.71 1.64
As of June 30, 2023
32 Holdings Report
City of Alameda - Account #270
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
1,200,000.00 Various
0.55%
1,183,773.44
1,191,977.76
90.57 4.71%
1,086,890.40
754.10
2.23%
(105,087.36)
Aaa / AA+
AAA
2.25 2.19
91282CAT8 US Treasury Note
0.250% Due 10/31/2025
1,100,000.00 Various
0.50%
1,086,968.75
1,093,609.45
90.25 4.71%
992,750.00
463.32
2.04%
(100,859.45)
Aaa / AA+
AAA
2.34 2.27
91282CAZ4 US Treasury Note
0.375% Due 11/30/2025
1,100,000.00 03/26/2021
0.77%
1,080,277.34
1,089,797.83
90.27 4.68%
992,921.60
349.39
2.04%
(96,876.23)
Aaa / AA+
AAA
2.42 2.35
91282CCW9 US Treasury Note
0.750% Due 08/31/2026
260,000.00 09/17/2021
0.86%
258,588.28
259,095.59
89.19 4.45%
231,887.50
651.77
0.48%
(27,208.09)
Aaa / AA+
AAA
3.17 3.06
91282CCZ2 US Treasury Note
0.875% Due 09/30/2026
1,520,000.00 Various
1.08%
1,504,876.56
1,510,087.58
89.47 4.39%
1,359,925.76
3,343.17
2.80%
(150,161.82)
Aaa / AA+
AAA
3.25 3.13
91282CDG3 US Treasury Note
1.125% Due 10/31/2026
510,000.00 11/15/2021
1.25%
506,892.19
507,907.51
89.92 4.41%
458,601.69
966.64
0.94%
(49,305.82)
Aaa / AA+
AAA
3.34 3.20
91282CEF4 US Treasury Note
2.500% Due 03/31/2027
500,000.00 06/09/2022
3.05%
487,753.91
490,447.35
93.71 4.33%
468,574.00
3,142.08
0.97%
(21,873.35)
Aaa / AA+
AAA
3.75 3.50
91282CET4 US Treasury Note
2.625% Due 05/31/2027
500,000.00 06/09/2022
3.07%
489,824.22
491,987.13
93.96 4.32%
469,804.50
1,111.68
0.97%
(22,182.63)
Aaa / AA+
AAA
3.92 3.66
91282CEW7 US Treasury Note
3.250% Due 06/30/2027
500,000.00 07/13/2022
3.12%
503,046.88
502,456.35
96.17 4.30%
480,859.50
44.16 0.99%
(21,596.85)
Aaa / AA+
AAA
4.00 3.70
91282CFB2 US Treasury Note
2.750% Due 07/31/2027
200,000.00 08/22/2022
3.12%
196,609.38
197,196.11
94.28 4.29%
188,554.60
2,294.20
0.39%
(8,641.51)
Aaa / AA+
AAA
4.09 3.76
91282CFH9 US Treasury Note
3.125% Due 08/31/2027
1,450,000.00 Various
3.40%
1,431,914.06
1,434,838.43
95.64 4.28%
1,386,732.15
15,145.21
2.87%
(48,106.28)
Aaa / AA+
AAA
4.17 3.81
91282CFM8 US Treasury Note
4.125% Due 09/30/2027
1,250,000.00 10/20/2022
4.45%
1,231,933.59
1,234,431.39
99.44 4.27%
1,243,017.50
12,961.07
2.58%
8,586.11
Aaa / AA+
AAA
4.25 3.82
91282CGC9 US Treasury Note
3.875% Due 12/31/2027
450,000.00 01/25/2023
3.57%
456,222.66
455,683.36
98.60 4.22%
443,689.65
47.38 0.91%
(11,993.71)
Aaa / AA+
AAA
4.51 4.08
91282CGH8 US Treasury Note
3.500% Due 01/31/2028
1,200,000.00 02/07/2023
3.81%
1,183,171.88
1,184,495.54
97.11 4.20%
1,165,266.00
17,519.34
2.43%
(19,229.54)
Aaa / AA+
AAA
4.59 4.12
91282CGP0 US Treasury Note
4.000% Due 02/29/2028
850,000.00 03/14/2023
3.80%
857,503.91
857,064.45
99.26 4.17%
843,724.45
11,364.13
1.75%
(13,340.00)
Aaa / AA+
AAA
4.67 4.16
91282CHA2 US Treasury Note
3.500% Due 04/30/2028
500,000.00 05/05/2023
3.42%
501,738.28
501,686.68
97.17 4.15%
485,859.50
2,948.37
1.00%
(15,827.18)
Aaa / AA+
AAA
4.84 4.37
As of June 30, 2023
33 Holdings Report
City of Alameda - Account #270
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CHE4 US Treasury Note
3.625% Due 05/31/2028
1,000,000.00 06/14/2023
4.00%
983,476.56
983,577.15
97.81 4.12%
978,125.00
3,070.36
2.01%
(5,452.15)
Aaa / AA+
AAA
4.92 4.44
TOTAL US Treasury 19,190,000.00 2.22%
19,114,689.08
19,101,971.11 4.62%
18,174,700.40
93,723.51
37.46%
(927,270.71)
Aaa / AA+
AAA
3.05 2.83
TOTAL PORTFOLIO 51,389,253.97 2.03%
51,385,082.93
51,311,919.02 4.99%
48,543,376.22
225,828.93
100.00%
(2,768,542.80)
Aa1 / AA
AAA
2.76 2.38
TOTAL MARKET VALUE PLUS ACCRUALS 48,769,205.15
As of June 30, 2023
34 Important Disclosures
2023 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source I CE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed i ncome investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.
As of June 30, 2023
57 Benchmark Disclosures
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
ICE BofA 1-5 Yr AAA-A US Corp & Govt Index
The ICE BofA US 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be issued from US issuers and be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities.
As of June 30, 2023
58 Investment Performance Review
For the Quarter Ended June 30, 2023
Client Management Team PFM Asset Management LLC
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public
CITY OF ALAMEDA
Monique Spyke, Managing Director
Wale Kajopaiye, Senior Managing Consultant
© PFM Asset Management LLC pfmam.com |
• Market Update
Account Summary •
Portfolio Review •
© PFM Asset Management LLC pfmam.com |
Market Update
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update ▸ The U.S. economy is characterized by:
▹ Headline inflation numbers trending lower, but the Fed’s current focus, “supercore inflation,” is sh
owing little sign of slowing
▹ A labor market that has proven to be exceptionally strong ▹ A more optimistic sentiment around economic growth due to resilient consumer spending ▸ Fed temporarily pauses rate hikes
▹ The most aggressive series of interest rate hikes in recent history has come to a temporary p
ause in June
▹ The Fed’s most recent dot plot shows the potential for two additional rate hikes by the end of the year
▹ Rates have moved up due to the Fed’s rate trajectory shifting higher, the economy remaining stronger than expected, persistent inflation, and the market’s “higher-for-longer” mindset ▸ Bond markets see continued volatility
▹ The debt ceiling saga incited a separate spate of market volatility due to concern about a p
otential U.S. default
▹ After plummeting at the end of Q1 due to volatility in the banking sector, short and medium- term yields steadily climbed throughout the quarter, with the 2-year rising over 100 basis points
▹ The curve inversion fell dramatically at the start of Q2, but moved toward historic levels in June
CLIENT NAME
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
1 Inflation Measures Remain Above Fed’s Target
3.8%
4.6%
4.5%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 The Fed’s Key Inflation Rate
Personal Consumption Expenditure Price Index, Year-over-year PCE Core PCE Supercore PCE
Source: Federal Reserve, Bloomberg, Bureau of Economic Analysis as of May 2023. “Supercore” inflation, which
tracks inflation among labor-
intensive services, has been at
the center of the Fed’s attention.
Like core PCE, it strips out food
and energy costs from headline
PCE, but also removes housing
costs.
Fed’s long-term target
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
2 Consumers Have Been Spending More on Services
1.9%
0.3%
0.1%
0.6%
0.1%
3.4%
-0
.1%
-1.0%
0.9%
-0.5%
1.2%
0. 4%
0.7%
0.5% 0.4%
-1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
January-23 February-23 March-23 April-23 May-23
Change in Consumer Spending
Month-over-month
Consumer Spending Goods Services
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market Update
Source: Bloomberg, Bureau of Economic Analysis as of May 2023.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
3 Treasury Issuance Expected to Surge Following Debt Ceiling Deal Source: Bloomberg, SIFMA, U.S. Treasury, Bank of Ame ri ca Global Strategy for U.S. Treasury issuance projections as of June 2023. $0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23
Billions
U.S. Treasury Bills Issuance
Gross Issuance
Projected
Additional Issuance from Debt Ceiling
Over $1 trillion of additional
issuance above historic trends
The U.S. Treasury needs to refill its
depleted general fund while also covering
higher outflows and lower tax receipts
The Reason The Impact
The net new issuance is expected to pull
liquidity out of other markets and place
upward pressure on short-term Treasury
yields and on other sectors
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market UpdateCITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
4 Fed’s “Dot Plot” Shows We Are Nearing Sufficiently Restrictive Territory Source: Federal Reserve and Bloomberg. Individual do t s represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. 0%
1%
2%
3%
4%
5%
6%
7%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Jun-23 FOMC Projections
Jun-23 Median
Mar-23 Median
2023 Longer run2024 2025
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market UpdateCITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
5 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Once the Fed reaches their peak Fed Funds rate, they have historically held rates at that level for around 8 months -5.0%
-4.5%
-4.0%
-3.5%
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
Change from Highest Rate In Cycle
Federal Funds Rate Cycles
Peaks of previous Fed rate cycles, indexed to 0%
Months after rates peakMonths before rates peak
2015
How Long Have Rates Stayed at the Peak?
Source: Federal Reserve, Bloomberg.
1988
20041994
1999average length
at peak
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market UpdateCITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
6 3.2%
2.5%
2.1% 2.0%
0%
1%
2%
3%
4%
5%
6%
2023 2024 2025 Longer
Run
PCE Inflation
March Projections June Projections
4.1% 4.5% 4.5% 4.0%
0%
2%
4%
6%
8%
10%
2023 2024 2025 Longer
Run
Unemployment Rate
March Projections June Projections
Fed’s Updated June Projections Reflect Stronger Economic Expectations for 2023 Source: Federal Reserve, latest economic projections as of June 2023.
5.6%
4.6%
3.4%
2.5%
0%
2%
4%
6%
8%
2023 2024 2025 Longer
Run
Federal Funds Rate
March Projections June Projections
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market Update
1.0% 1.1%
1.8% 1.8%
0%
1%
2%
3%
4%
2023 2024 2025 Longer
Run
Change in Real GDP
March Projections June Projections
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
7 Interest Rates Rise as “Higher-for-Longer” Mantra Sets In
5.28%
4.90%
4.16%
3.84% 3.86%
0.0%
1.0 %
2.0%
3.0%
4.0%
5.0%
6.0% Yield
Maturity
U.S. Treasury Yield Curve
June 30, 2023
March 31, 2023
3-Month 2-Year
5-Year
10-Year 3
0-Year
0.59% 0.55%
0.80% 0.87%
0.74%
0.58%
0.46%
0.37%
0.21%
0.00%
0.2 0%
0.40%
0.60%
0.80%
1.00%
3-Month 6-Month 12-Month 2-Year 3-Year 5-Year 7-Year 10-Year 30-Year Yield Changes by Maturity
from March 31 – June 30, 2023
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market Update
Source: Bloomberg, as of 06/30/2023.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
8 Treasury Yields Move Upward on Expectation for Future Rate Increases
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23
2-Year Treasury Yield
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23
10-Year Treasury Yield
+0.87%3/31
4. 03%
6/30
4.90%
+0.37%
3/31
3. 47%
6/30
3.84%
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market Update
Source: Bloomberg, as of 06/30/2023.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
9 Sector Yield Spreads
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Corporate Notes A-AAA Yield Spreads
-0.2%
0.0%
0.2%
0.4%
0.6%
Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Federal Agency Yield Spreads
Bullet Callable
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Mortgage-Backed Securities Yield Spreads
Agency MBS AAA CMBS
0.0%
0.5%
1.0%
1.5%
2.0%
Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
Asset-Backed Securities AAA Yield Spreads
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market Update
Source: ICE BofAML 1-3 year Indices via Bloomberg, MarketAxess and PFMAM as of 06/30/2023. Spreads on ABS and MBS are option-adjusted spreads of 0-3 year indices based on weighted average l
ife; spreads on agencies are relative to comparable maturity Treasuries.
CMBS is Commercial Mortgage-Backed Securities.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
10 Fixed-Income Markets in Q2 2023
-0.57%
-0.28%
0.47%
0.12%
0.49%
-1.0%
-0
.5%
0.0%
0.5%
1.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-3 Year Indices Quarterly Returns
0.77%
0.83%
1.32%
1.50%
1.87%
0.0%
0. 5%
1.0%
1.5%
2.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
10-Year Average
1-3 Year Indices
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market Update
Source: ICE BofAML Indices. ABS indices are 0-3 year, based on weighted average life. As of 6/30/2023.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
11 Fixed-Income Sector Commentary – 2Q 2023
▸ U.S. Treasuries: After plummeting at the end of Q1 due to volatility in the banking sector, short and medium-
term yields steadily climbed throughout the quarter, with the 2-year rising over 100 basis points.
▸ Federal agency yield spreads tightened during the
quarter. Agency discount notes were favored over U.S.
Treasury bills during the debt ceiling impasse; however, during Q1 value waned and callable spreads moved to
the tighter end of their historical range.
▸ Supranational issuance was heavier than usual in the
first couple months of the year which allowed spreads to widen and sporadic buying opportunities to arise. As
supply dried up, spreads narrowed and traded in a tight range for the balance of the quarter.
▸ Investment-Grade Corporate spreads continued to
retrace from their Q1 wides but remained above longer-
term averages. Following the “risk-on” theme in the
latter part of Q2, the IG curve flattened, resulting in longer durations and lower quality (BBB) performing
best. Although the spread between financials and
industrials remained well above typical levels, financials outperformed in Q2 as retracement from the
exceptionally wide spreads in Q1 was significant.
▸ Asset-Backed Security spreads also retraced from
mid-March wides, but not nearly to the extent as in
corporates. Auto ABS issuance increased during Q2,
which was a function of pent-up consumer demand.
▸ Mortgage-Backed Securities whipsawed in Q2 as a
steep tightening of spreads through the second half of
the quarter more than offset the steady and consistent
widening through April. As a result, the sector generated attractive excess returns for the quarter. Strong returns were driven largely by the risk-on sentiment through
much of the quarter and a modest decline in supply due
to a drop in existing home sales and refinancings.
▸ Taxable Municipals issuance remained heavily
oversubscribed due to a lack of new issuance. The
secondary market had sporadic but limited opportunities that offered an attractive pickup versus industrial
corporates.
▸ Short-term credit (commercial paper and CDs) yields
increased during Q2 as the market repriced to actual
Fed rate increases and reduced expectations for Fed
rate cuts in late 2023. Spreads in short credit remained elevated and attractive for most of Q2 and added
notable incremental income to shorter-term portfolios
and liability-matching strategies inside of 12-month
maturities.
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market UpdateCITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
12 Fixed-Income Sector Outlook – 3Q 2023
Negative Slightly
Negative Neutral Slightly
Positive PositiveCurrent outlook Outlook one quarter ago Sector Our Investment Preferences
C O M M E R C I A L PA P E R
/
C D
T R E A S U R I E S
T-Bill
T-
Note
F E D E R A L A G E N C I E S
Bullets
Ca
llables
S U P R A N AT I O N A L S
C O
R P O R AT E S
Financials
In
dustrials
S E C U R I T I Z E D
Asset-Backed
Ag
ency Mortgage-Backed
Agency CMBS
M U N I C I P A L S
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update
CLIENT NAME
For the Quarter Ended June 30, 2023
Market UpdateCITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
13 © PFM Asset Management LLC pfmam.com|
Account Summary
© PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Account Summary
|
Account Summary
Yield at market, yield on cost, and portfolio duration only include investments held within the separately managed account(s), excludes balances invested in overnight funds.1 .
CITY OF ALAMEDA (PFM)
Portfolio Values June 30, 2023
PFMAM Managed Account $45,505,732
Amortized Cost $46,838,113
Market Value $45,505,732
Accrued Interest $300,738
Cash $29,287
Analytics¹ June 30, 2023
Yield at Market 4.81%
Yield on Cost 3.00%
Portfolio Duration 1.74
16 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Account Summary
|
19.3%
28.0%
2.7%
2.1%
0.9%
2.2%
44.8%
0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
ABS - $8,839,194
Corporate - $12,815,072
Negotiable CD - $1,253,429
Municipal - $960,020
Supranational - $429,414
Federal Agency - $1,008,404
U.S. Treasury - $20,500,937
Portfolio Allocation Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest. *
Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided. 17 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Compliance
|
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Asset and Investment Management ("AIM").
Certificate of Compliance
During the reporting period for the quarter ended June 30, 2023, the account(s) managed by PFM Asset Management ("PFMAM") w
ere in compliance with the applicable investment policy and guidelines as furnished to PFMAM.
Acknowledged :PFM Asset Management LLC
18 © PFM Asset Management LLC pfmam.com|
Portfolio Review:
CITY OF ALAMEDA (PFM)
© PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Snapshot
|
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.
The portfolio’s benchmark is the ICE BofA 1-3 Year U.S. Treasury/Agency Index. Source: Bloomberg.
An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.
1. Portfolio Snapshot - CITY OF ALAMEDA (PFM)¹
Credit Quality - S&P
14%
50%
35%
1%
7%
58%
34%
0%
20%
40%
60%
0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 45%
Corporate | 28%
ABS | 19%
Negotiable CD | 3%
Federal Agency | 2%
Municipal | 2%
Supranational | 1%
Sector Allocation
AAA | 16%
AA+ | 47%
AA | 3%
AA- | 6%
A+ | 4%
A | 7%
A- | 8%
BBB+ | 2%
Not Rated | 6%
Portfolio Statistics
Portfolio Effective Duration 1. 74 years
Benchmark Effective Duration 1.74 years
Portfolio Credit Quality AA
Yield At Market 4.81%
Yield At Cost 3.00%
Total Market Value $45,835,757.71
$45,505,732.05Securities Sub-Total
$29,287.38Cash
$300,738.28Accrued Interest
20 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Characteristics
|
$0.0
$9.2
$18.4
$27.6
$36.8
$46.0
Millions
June 2023
$0.0
$9.2
$18.4
$27.6
$36.8
$46.0
Millions
March 2023
$0.0
$9.2
$18.4
$27.6
$36.8
$46.0
Millions
December 2022
$0.0
$9.2
$18.4
$27.6
$36.8
$46.0
Millions
September 2022
Sector Allocation Review - CITY OF ALAMEDA (PFM)
U.S. Treasury Federal Agency Supranational Municipal Negotiable CD Corporate ABS Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.
Sep-22 % of TotalSecurity Type Dec-22 % of Total Mar-23 % of Total % of TotalJun-23 U.S. Treasury $18.0 40.4% $18.1 40.2% $19.3 42.5% $20.4 44.8% Federal Agency $6.3 14.1% $5.6 12.5% $2.2 4.9% $1.0 2.2% Supranational $1.0 2.3% $0.4 0.9% $0.4 1.0% $0.4 0.9%
Municipal $1.2 2.7% $1.0 2.3% $0.9 2.1% $1.0 2.1%
Negotiable CD $0.7 1.5% $1.6 3.5% $1.2 2.7% $1.2 2.7%
Corporate $9.9 22.1% $10.2 22.7% $12.9 28.4% $12.7 27.9% ABS $7.6 16.9% $8.1 17.9% $8.3 18.4% $8.8 19.4%
Total $44.7 100.0% $45.0 100.0% $45.4 100.0% $45.5 100.0% 21 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Activity
|
Portfolio Activity - CITY OF ALAMEDA (PFM)
Net Activity by Sector
($
millions)
Federal Agency
Corporate
ABS
U.S. Treasury
Federal Agency
Co
rporate
ABS
U.S. Treasury
($8.0) ($6.0) ($4.0) ($2.0) $0.0 $2.0 $4.0 $6.0 $8.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.
Sector Net Activity
U.S. Treasury $1,306,006
ABS $523,329
Corporate ($92,639)
Federal Agency ($1,249,343)
$487,353Total Net Activity
Sales/Maturities Purchases
22 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2002.1.
Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.
Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.3.
The portfolio’s benchmark is the ICE BofA 1-3 Year U.S. Treasury/Agency Index. Source: Bloomberg.4. -1.5%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 Years1 Interest Earned² $295,030 $869,253 $1,872,303 $3,884,421 $6,365,519 Change in Market Value ($353,436) ($430,918) ($2,741,479) ($1,019,899) ($1,587,853) ($58,406)Total Dollar Return $438,335 ($869,176) $2,864,522 $4,777,666 Total Return³
Portfolio -0.13% 0.97% -0.62% 1.30% 1.11%
Benchmark⁴ -0.56% 0.14% -1.04% 0.95% 0.77%
Basis Point Fee 0.03% 0.12% 0.12% 0.12% 0.12%
Net of Fee Return -0.16% 0.85% -0.74% 1.18% 0.99%
3 Months 1 Year 3 Years 5 Years 10 Years
23 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Performance inception date is June 30, 2002.1.
Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.
Realized gains / (losses) are shown on an amortized cost basis.3.
Accrual Basis Earnings - CITY OF ALAMEDA (PFM)
Accrual Basis Earnings
Interest Earned²
Rea
lized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$295,030
($3
15,487)
$6,680
($13,777)
1 Year
$869,253
($7
34,340)
$5,935
$140,848
3 Years
$1,872,303
($2
94,200)
($19,953)
$1,558,150
5 Year
$3,884,421
($1
93,949)
$51,643
$3,742,115
10 Year¹
$6,365,519
($9
4,883)
($180,398)
$6,090,238
24 © PFM Asset Management LLC pfmam.com|
Portfolio Holdings and Transactions
© PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Summary
|
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.
Issuer Diversification
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer U.S. Treasury 44.8%
UNITED STATES TREASURY 44.8% AA / Aaa / AAA
Federal Agency 2.2%
FREDDIE MAC 2.2% AA / Aaa / AAA
Supranational 0.9%
INTER-AMERICAN DEVELOPMENT BANK 0.9% AAA / Aaa / AAA
Municipal 2.1%
CALIFORNIA DEPARTMENT OF WATER
RESOURCES
0.1% AAA / Aa / NR
Commonwealth of Massachusetts 0.6% NR / Aa / AAA
FLORIDA STATE BOARD OF ADMIN FIN CORP 0.2% AA / Aa / AA NEW JERSEY TURNPIKE AUTHORITY 0.2% AA / A / A
NEW YORK ST URBAN DEVELOPMENT CORP 0.7% NR / NR / AA
SAN JUAN UNIFIED SCHOOL DISTRICT 0.3% NR / Aa / NR
Negotiable CD 2.7%
CREDIT AGRICOLE SA 0.7% A / Aa / AA
NORDEA BANK ABP 1.0% AA / Aa / AA
TORONTO-DOMINION BANK 1.0% A / A / NR
Corporate 27.9%
AMAZON.COM INC 0.9% AA / A / AA
AMERICAN EXPRESS CO 0.6% BBB / A / A
AMERICAN HONDA FINANCE 0.7% A / A / A
ANZ BANKING GROUP LTD 0.5% AA / Aa / A
ASTRAZENECA PLC 0.5% A / A / A
BANK OF AMERICA CO 1.5% A / A / AA
BMW FINANCIAL SERVICES NA LLC 0.4% A / A / NR
BRISTOL-MYERS SQUIBB CO 0.0% A / A / NR
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 27.9%
CATERPILLAR INC 0.8% A / A / A
CHARLES SCHWAB 0.3% A / A / A
CINTAS CORPORATION NO. 2 0.2% A / A / NR
CITIGROUP INC 0.6% BBB / A / A
COLGATE-PALMOLIVE COMPANY 0.4% AA / Aa / NR
COMCAST CORP 0.1% A / A / A
COMMONWEALTH BANK OF AUSTRALIA 1.4% AA / Aa / A
DEERE & COMPANY 0.7% A / A / A
EXXON MOBIL CORP 0.7% AA / Aa / NR
GOLDMAN SACHS GROUP INC 0.4% BBB / A / A
HOME DEPOT INC 0.2% A / A / A
HONEYWELL INTERNATIONAL 0.4% A / A / A
HSBC HOLDINGS PLC 0.7% A / A / A
IBM CORP 0.8% A / A / NR
INTEL CORPORATION 0.5% A / A / A
JP MORGAN CHASE & CO 1.3% A / A / AA
LOCKHEED MARTIN CORP 0.2% A / A / A
MORGAN STANLEY 0.8% A / A / A
NATIONAL AUSTRALIA BANK LTD 1.2% AA / Aa / NR
NATIONAL RURAL UTILITIES CO FINANCE
CORP
0.6% A / A / A
NESTLE SA 1.0% AA / Aa / A
PACCAR FINANCIAL CORP 0.6% A / A / NR
PEPSICO INC 0.7% A / A / NR
PNC FINANCIAL SERVICES GROUP 0.4% A / A / A
PRAXAIR INC 0.7% A / A / NR
RABOBANK NEDERLAND 1.1% A / Aa / AA
26 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Summary
|
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.
Issuer Diversification
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 27.9%
Roche Holding AG 1.2% AA / Aa / AA
STATE STREET CORPORATION 0.8% A / A / AA
TEXAS INSTRUMENTS INC 0.1% A / Aa / NR
THE BANK OF NEW YORK MELLON
CORPORATION
1.4% A / A / AA
TOYOTA MOTOR CORP 0.7% A / A / A
TRUIST FIN CORP 0.6% A / A / A
UNITEDHEALTH GROUP INC 0.4% A / A / A
USAA CAPITAL CORP 0.4% AA / Aa / NR
WAL-MART STORES INC 0.4% AA / Aa / AA
ABS 19.4%
ALLY AUTO RECEIVABLES TRUST 1.5% AAA / Aaa / NR
AMERICAN EXPRESS CO 0.6% AAA / NR / AAA
BMW VEHICLE OWNER TRUST 0.3% AAA / Aaa / NR
CAPITAL ONE FINANCIAL CORP 2.5% AAA / Aaa / AAA
CARMAX AUTO OWNER TRUST 2.3% AAA / Aaa / AAA
DISCOVER FINANCIAL SERVICES 1.2% AAA / Aaa / AAA
FORD CREDIT AUTO OWNER TRUST 0.6% AAA / NR / AAA
GM FINANCIAL CONSUMER AUTOMOBILE
TRUST
1.3% AAA / Aaa / AAA
GM FINANCIAL LEASINGTRUST 0.0% AAA / NR / AAA
HARLEY-DAVIDSON MOTORCYCLE TRUST 0.8% AAA / Aaa / AAA
HONDA AUTO RECEIVABLES 0.8% AAA / Aaa / AAA
HYUNDAI AUTO RECEIVABLES 1.2% AAA / NR / AAA
KUBOTA CREDIT OWNER TRUST 2.0% NR / Aaa / AAA
MERCEDES-BENZ AUTO RECEIVABLES 1.1% AAA / Aaa / AAA
NISSAN AUTO RECEIVABLES 0.9% AAA / Aaa / AAA
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer ABS 19.4%
Toyota Lease Owner Trust 0.0% AAA / Aaa / NR
TOYOTA MOTOR CORP 1.3% AAA / Aaa / AAA
VERIZON OWNER TRUST 0.1% NR / Aaa / AAA
VOLKSWAGEN AUTO LEASE TURST 0.2% NR / Aaa / AAA
VOLKSWAGEN OF AMERICA 0.4% AAA / Aaa / NR
WORLD OMNI AUTO REC TRUST 0.3% AAA / NR / AAA
100.0%Total
27 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Composition
|
Issuer Distribution
As of June 30, 2023
Issuer M arket Value ($) % of Portfolio
UNITED STATES TREASURY 20,366,348 44.75%
CAPITAL ONE FINANCIAL CORP 1,135,931 2.49%
CARMAX AUTO OWNER TRUST 1,072,624 2.36%
FREDDIE MAC 1,008,052 2.22%
KUBOTA CREDIT OWNER TRUST 897,205 1.97%
TOYOTA MOTOR CORP 876,894 1.93%
ALLY AUTO RECEIVABLES TRUST 682,678 1.50%
BANK OF AMERICA CO 667,383 1.47%
THE BANK OF NEW YORK MELLON CORPORATION 631,046 1.39%
COMMONWEALTH BANK OF AUSTRALIA 623,029 1.37%
JP MORGAN CHASE & CO 606,695 1.33%
GM FINANCIAL CONSUMER AUTOMOBILE TRUST 576,167 1.27%
ROCHE HOLDING AG 560,918 1.23%
DISCOVER FINANCIAL SERVICES 553,659 1.22%
HYUNDAI AUTO RECEIVABLES 544,535 1.20%
NATIONAL AUSTRALIA BANK LTD 544,289 1.20%
AMERICAN EXPRESS CO 523,874 1.15%
MERCEDES-BENZ AUTO RECEIVABLES 480,424 1.06%
RABOBANK NEDERLAND 480,047 1.05%
NESTLE SA 462,924 1.02%
TORONTO-DOMINION BANK 449,696 0.99%
NORDEA BANK ABP 446,081 0.98%
NISSAN AUTO RECEIVABLES 430,655 0.95%
INTER-AMERICAN DEVELOPMENT BANK 428,794 0.94%
28 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Composition
|
Issuer Market Value ($) % of Portfolio
AMAZON.COM INC 412,347 0.91%
STATE STREET CORPORATION 374,381 0.82%
HARLEY-DAVIDSON MOTORCYCLE TRUST 362,630 0.80%
HONDA AUTO RECEIVABLES 350,386 0.77%
MORGAN STANLEY 350,086 0.77%
IBM CORP 343,427 0.75%
CATERPILLAR INC 342,375 0.75%
EXXON MOBIL CORP 334,524 0.74%
PEPSICO INC 329,479 0.72%
HSBC HOLDINGS PLC 328,919 0.72%
PRAXAIR INC 327,522 0.72%
CREDIT AGRICOLE SA 324,936 0.71%
DEERE & COMPANY 315,191 0.69%
AMERICAN HONDA FINANCE 307,759 0.68%
NEW YORK ST URBAN DEVELOPMENT CORP 303,966 0.67%
FORD CREDIT AUTO OWNER TRUST 295,055 0.65%
TRUIST FIN CORP 292,666 0.64%
CITIGROUP INC 290,951 0.64%
PACCAR FINANCIAL CORP 287,079 0.63%
NATIONAL RURAL UTILITIES CO FINANCE CORP 281,062 0.62%
COMMONWEALTH OF MASSACHUSETTS 274,327 0.60%
ANZ BANKING GROUP LTD 249,141 0.55%
INTEL CORPORATION 218,943 0.48%
ASTRAZENECA PLC 210,758 0.46%
UNITEDHEALTH GROUP INC 198,855 0.44%
BMW FINANCIAL SERVICES NA LLC 196,286 0.43%
HONEYWELL INTERNATIONAL 193,497 0.43%
29 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Composition
|
Issuer Market Value ($) % of Portfolio
COLGATE-PALMOLIVE COMPANY 192,403 0.42%
PNC FINANCIAL SERVICES GROUP 173,134 0.38%
USAA CAPITAL CORP 172,745 0.38%
WAL-MART STORES INC 171,225 0.38%
GOLDMAN SACHS GROUP INC 170,433 0.37%
VOLKSWAGEN OF AMERICA 162,901 0.36%
SAN JUAN UNIFIED SCHOOL DISTRICT 154,589 0.34%
WORLD OMNI AUTO REC TRUST 153,488 0.34%
CHARLES SCHWAB 139,844 0.31%
BMW VEHICLE OWNER TRUST 121,545 0.27%
FLORIDA STATE BOARD OF ADMIN FIN CORP 101,918 0.22%
VOLKSWAGEN AUTO LEASE TURST 97,971 0.22%
CINTAS CORPORATION NO. 2 96,542 0.21%
NEW JERSEY TURNPIKE AUTHORITY 89,082 0.20%
HOME DEPOT INC 82,527 0.18%
LOCKHEED MARTIN CORP 74,794 0.16%
COMCAST CORP 60,315 0.13%
TEXAS INSTRUMENTS INC 49,575 0.11%
CALIFORNIA DEPARTMENT OF WATER RESOURCES 29,387 0.06%
VERIZON OWNER TRUST 23,951 0.05%
GM FINANCIAL LEASINGTRUST 20,363 0.04%
TOYOTA LEASE OWNER TRUST 15,589 0.03%
BRISTOL-MYERS SQUIBB CO 4,914 0.01%
45,505,732Grand Total 100.00%
30 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/Description
D
ated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/B NOTES
DTD 08/15/2021 0.375% 08/15/2024
91282CCT6 950,000.00 AA+ Aaa 9/1/2021 9/7/2021 948,960.94 0.41 1,338.40 898,789.11949,602.00
US TREASURY N/B NOTES
DTD 08/15/2021 0.375% 08/15/2024
91282CCT6 300,000.00 AA+ Aaa 8/23/2021 8/24/2021 299,449.22 0.44 422.65 283,828.14299,791.75
US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7 475,000.00 AA+ Aaa 10/4/2021 10/6/2021 473,125.98 0.51 522.76 447,687.50474,229.47
US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7 450,000.00 AA+ Aaa 10/7/2021 10/13/2021 447,556.64 0.56 495.24 424,125.00448,988.80
US TREASURY N/B NOTES
DTD 10/15/2021 0.625% 10/15/2024
91282CDB4 475,000.00 AA+ Aaa 11/1/2021 11/4/2021 472,662.11 0.79 624.57 447,464.82473,974.46
US TREASURY NOTES
DTD 10/31/2019 1.500% 10/31/2024
912828YM6 575,000.00 AA+ Aaa 5/4/2021 5/6/2021 595,911.13 0.45 1,453.13 547,058.57583,009.91
US TREASURY N/B NOTES
DTD 11/15/2021 0.750% 11/15/2024
91282CDH1 550,000.00 AA+ Aaa 12/2/2021 12/7/2021 547,443.36 0.91 526.83 517,257.84548,802.62
US TREASURY NOTES
DTD 11/30/2019 1.500% 11/30/2024
912828YV6 450,000.00 AA+ Aaa 6/2/2021 6/7/2021 466,664.06 0.43 571.72 427,218.75456,786.15
US TREASURY N/B NOTES
DTD 12/15/2021 1.000% 12/15/2024
91282CDN8 250,000.00 AA+ Aaa 12/22/2021 12/27/2021 250,322.27 0.96 109.29 235,273.45250,158.46
US TREASURY N/B NOTES
DTD 12/15/2021 1.000% 12/15/2024
91282CDN8 450,000.00 AA+ Aaa 1/3/2022 1/6/2022 449,666.02 1.03 196.72 423,492.21449,834.25
US TREASURY N/B NOTES
DTD 02/15/2022 1.500% 02/15/2025
91282CDZ1 750,000.00 AA+ Aaa 2/11/2022 2/15/2022 742,968.75 1.82 4,226.52 707,929.65746,182.85
US TREASURY NOTES
DTD 04/30/2018 2.875% 04/30/2025
9128284M9 550,000.00 AA+ Aaa 5/4/2022 5/5/2022 548,044.92 3.00 2,664.06 529,546.88548,801.15
US TREASURY N/B NOTES
DTD 05/15/2022 2.750% 05/15/2025
91282CEQ0 1,250,000.00 AA+ Aaa 6/1/2022 6/6/2022 1,246,191.41 2.86 4,390.29 1,200,586.001,247,574.42
US TREASURY N/B NOTES
DTD 05/31/2023 4.250% 05/31/2025
91282CHD6 600,000.00 AA+ Aaa 6/28/2023 6/30/2023 594,257.81 4.78 2,159.84 592,500.00594,266.00
US TREASURY N/B NOTES
DTD 06/15/2022 2.875% 06/15/2025
91282CEU1 450,000.00 AA+ Aaa 7/6/2022 7/11/2022 449,419.92 2.92 565.57 432,843.75449,612.38 31 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/B NOTES
DTD 07/15/2022 3.000% 07/15/2025
91282CEY3 475,000.00 AA+ Aaa 8/3/2022 8/8/2022 474,202.15 3.06 6,573.90 457,781.25474,445.52
US TREASURY N/B NOTES
DTD 07/15/2022 3.000% 07/15/2025
91282CEY3 750,000.00 AA+ Aaa 8/8/2022 8/9/2022 746,894.53 3.15 10,379.83 722,812.50747,839.80
US TREASURY N/B NOTES
DTD 08/15/2022 3.125% 08/15/2025
91282CFE6 1,000,000.00 AA+ Aaa 9/1/2022 9/7/2022 988,398.44 3.54 11,740.33 965,781.20991,609.68
US TREASURY N/B NOTES
DTD 09/15/2022 3.500% 09/15/2025
91282CFK2 700,000.00 AA+ Aaa 10/6/2022 10/12/2022 685,617.19 4.25 7,190.22 680,968.75689,142.26
US TREASURY N/B NOTES
DTD 11/15/2022 4.500% 11/15/2025
91282CFW6 450,000.00 AA+ Aaa 12/5/2022 12/8/2022 454,447.27 4.14 2,586.28 447,679.71453,597.61
US TREASURY N/B NOTES
DTD 11/15/2022 4.500% 11/15/2025
91282CFW6 450,000.00 AA+ Aaa 12/8/2022 12/13/2022 455,501.95 4.05 2,586.28 447,679.71454,471.62
US TREASURY N/B NOTES
DTD 12/15/2022 4.000% 12/15/2025
91282CGA3 200,000.00 AA+ Aaa 12/23/2022 12/29/2022 199,507.81 4.09 349.73 196,875.00199,591.51
US TREASURY N/B NOTES
DTD 01/15/2023 3.875% 01/15/2026
91282CGE5 500,000.00 AA+ Aaa 1/31/2023 2/2/2023 499,335.94 3.92 8,938.19 490,703.10499,427.73
US TREASURY N/B NOTES
DTD 01/15/2023 3.875% 01/15/2026
91282CGE5 500,000.00 AA+ Aaa 2/6/2023 2/9/2023 497,148.44 4.08 8,938.19 490,703.10497,526.52
US TREASURY N/B NOTES
DTD 02/15/2023 4.000% 02/15/2026
91282CGL9 750,000.00 AA+ Aaa 3/2/2023 3/7/2023 736,904.30 4.64 11,270.72 738,515.63738,316.10
US TREASURY N/B NOTES
DTD 02/15/2023 4.000% 02/15/2026
91282CGL9 450,000.00 AA+ Aaa 5/19/2023 5/23/2023 449,419.92 4.05 6,762.43 443,109.37449,442.57
US TREASURY NOTES
DTD 02/28/2019 2.500% 02/28/2026
9128286F2 1,425,000.00 AA+ Aaa 5/1/2023 5/3/2023 1,373,232.42 3.87 11,907.27 1,350,632.811,376,192.00
US TREASURY N/B NOTES
DTD 04/15/2023 3.750% 04/15/2026
91282CGV7 75,000.00 AA+ Aaa 5/1/2023 5/2/2023 74,885.74 3.80 591.70 73,417.9774,892.09
US TREASURY N/B NOTES
DTD 04/15/2023 3.750% 04/15/2026
91282CGV7 500,000.00 AA+ Aaa 5/16/2023 5/18/2023 499,570.31 3.78 3,944.67 489,453.10499,588.10
US TREASURY N/B NOTES
DTD 04/15/2023 3.750% 04/15/2026
91282CGV7 475,000.00 AA+ Aaa 5/17/2023 5/19/2023 473,960.94 3.83 3,747.44 464,980.44474,003.01
US TREASURY N/B NOTES
DTD 04/15/2023 3.750% 04/15/2026
91282CGV7 175,000.00 AA+ Aaa 4/20/2023 4/24/2023 174,439.45 3.86 1,380.64 171,308.59174,474.52
US TREASURY N/B NOTES
DTD 05/15/2023 3.625% 05/15/2026
91282CHB0 3,100,000.00 AA+ Aaa 6/1/2023 6/5/2023 3,068,636.72 3.99 14,352.24 3,024,437.503,069,395.27 32 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/B NOTES
DTD 06/15/2023 4.125% 06/15/2026
91282CHH7 600,000.00 AA+ Aaa 6/29/2023 6/30/2023 595,875.00 4.37 1,081.97 593,906.28595,878.82 21,100,000.00 20,980,623.06 134,589.62 20,366,347.68Security Type Sub-Total 3.01 20,981,449.40 Supranational
INTER-AMERICAN DEVEL BK NOTES
DTD 09/23/2021 0.500% 09/23/2024
4581X0DZ8 455,000.00 AAA Aaa 9/15/2021 9/23/2021 454,663.30 0.52 619.31 428,794.28454,861.76 455,000.00 454,663.30 619.31 428,794.28Security Type Sub-Total 0.52 454,861.76 Negotiable CD
CREDIT AGRICOLE CIB NY CERT
DEPOS
DTD 08/19/2022 4.100% 08/16/2024
22536AZR8 325,000.00 A+ Aa3 8/17/2022 8/19/2022 325,000.00 4.07 11,696.39 324,935.72325,000.00
TORONTO DOMINION BANK NY CERT
DEPOS
DTD 10/31/2022 5.600% 10/27/2025
89115B6K1 450,000.00 A A1 10/27/2022 10/31/2022 450,000.00 5.58 17,010.00 449,695.94450,000.00
NORDEA BANK ABP NEW YORK CERT
DEPOS
DTD 11/03/2022 5.530% 11/03/2025
65558UYF3 450,000.00 AA- Aa3 11/2/2022 11/3/2022 450,000.00 5.53 4,009.25 446,081.40450,000.00 1,225,000.00 1,225,000.00 32,715.64 1,220,713.06Security Type Sub-Total 5.16 1,225,000.00 Municipal
SAN JUAN USD, CA TXBL GO BONDS
DTD 10/29/2020 0.499% 08/01/2023
798306WM4 155,000.00 NR Aa2 10/16/2020 10/29/2020 155,000.00 0.50 322.27 154,589.25155,000.00
CA ST DEPT WTR RES WTR SYS TXBL
REV BNDS
DTD 08/06/2020 0.414% 12/01/2023
13067WRA2 30,000.00 AAA Aa1 7/30/2020 8/6/2020 30,000.00 0.41 10.35 29,386.5030,000.00
NY ST URBAN DEV CORP TXBL REV
BONDS
DTD 12/23/2020 0.620% 03/15/2024
650036DS2 315,000.00 NR NR 12/16/2020 12/23/2020 315,000.00 0.62 575.05 303,965.55315,000.00 33 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Municipal
NJ TURNPIKE AUTHORITY TXBL REV
BONDS
DTD 02/04/2021 0.897% 01/01/2025
646140DN0 95,000.00 AA- A1 1/22/2021 2/4/2021 95,000.00 0.90 426.08 89,082.4595,000.00
MASSACHUSETTS CMNWLTH
MUNICIPAL BONDS
DTD 08/30/2022 3.660% 01/15/2025
576004GY5 280,000.00 NR Aa1 8/17/2022 8/30/2022 280,000.00 3.66 4,725.47 274,327.20280,000.00
FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 110,000.00 AA Aa3 9/3/2020 9/16/2020 110,000.00 1.26 691.90 101,918.30110,000.00 985,000.00 985,000.00 6,751.12 953,269.25Security Type Sub-Total 1.56 985,000.00 Federal Agency
FREDDIE MAC NOTES
DTD 10/16/2020 0.125% 10/16/2023
3137EAEY1 325,000.00 AA+ Aaa 10/14/2020 10/16/2020 323,787.75 0.25 84.64 320,163.35324,881.54
FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023
3137EAEZ8 700,000.00 AA+ Aaa 11/3/2020 11/5/2020 699,370.00 0.28 267.36 687,888.60699,926.42 1,025,000.00 1,023,157.75 352.00 1,008,051.95Security Type Sub-Total 0.27 1,024,807.96 Corporate
PACCAR FINANCIAL CORP
CORPORATE NOTES
DTD 08/11/2020 0.350% 08/11/2023
69371RQ90 30,000.00 A+ A1 8/4/2020 8/11/2020 29,960.70 0.39 40.83 29,832.5729,998.53
BRISTOL-MYERS SQUIBB CO
(CALLABLE) CORP
DTD 11/13/2020 0.537% 11/13/2023
110122DT2 5,000.00 A+ A2 11/9/2020 11/13/2020 5,000.00 0.54 3.58 4,913.525,000.00
NATIONAL RURAL UTIL COOP
CORPORATE NOTES
DTD 02/08/2021 0.350% 02/08/2024
63743HEU2 90,000.00 A- A2 2/1/2021 2/8/2021 89,937.90 0.37 125.13 87,106.8689,987.41
IBM CORP NOTES
DTD 02/12/2014 3.625% 02/12/2024
459200HU8 175,000.00 A- A3 10/2/2020 10/6/2020 192,370.50 0.63 2,449.39 172,377.63178,207.30
CHARLES SCHWAB CORP NOTES
(CALLABLE)
DTD 03/18/2021 0.750% 03/18/2024
808513BN4 145,000.00 A- A2 3/16/2021 3/18/2021 144,927.50 0.77 311.15 139,843.66144,982.73 34 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
AMAZON.COM INC CORPORATE
NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5 330,000.00 AA A1 5/10/2021 5/12/2021 329,518.20 0.50 202.13 315,951.90329,861.09
UNITEDHEALTH GROUP INC
(CALLABLE) CORP N
DTD 05/19/2021 0.550% 05/15/2024
91324PEB4 155,000.00 A+ A3 5/17/2021 5/19/2021 154,838.80 0.59 108.93 148,716.61154,952.91
HSBC USA INC CORPORATE NOTES
DTD 05/24/2022 3.750% 05/24/2024
40428HTA0 335,000.00 A- A1 5/17/2022 5/24/2022 334,986.60 3.75 1,291.15 328,918.75334,993.99
ASTRAZENECA FINANCE LLC
(CALLABLE) CORP
DTD 05/28/2021 0.700% 05/28/2024
04636NAC7 220,000.00 A A3 5/25/2021 5/28/2021 219,980.20 0.70 141.17 210,758.46219,994.00
JOHN DEERE CAPITAL CORP
CORPORATE NOTES
DTD 06/10/2021 0.450% 06/07/2024
24422EVQ9 75,000.00 A A2 6/7/2021 6/10/2021 74,906.25 0.49 22.50 71,577.3874,970.67
AMERICAN EXPRESS CO CORP
NOTES (CALLABLE
DTD 07/30/2019 2.500% 07/30/2024
025816CG2 175,000.00 BBB+ A2 11/19/2021 11/23/2021 181,265.00 1.14 1,835.07 169,302.53177,407.08
AMERICAN EXPRESS CO CORP
NOTES (CALLABLE
DTD 07/30/2019 2.500% 07/30/2024
025816CG2 50,000.00 BBB+ A2 11/19/2021 11/23/2021 51,790.00 1.14 524.31 48,372.1550,687.74
PACCAR FINANCIAL CORP
CORPORATE NOTES
DTD 08/09/2021 0.500% 08/09/2024
69371RR40 120,000.00 A+ A1 8/3/2021 8/9/2021 119,935.20 0.52 236.67 113,608.08119,976.05
AMERICAN HONDA FINANCE
CORPORATE NOTES
DTD 09/09/2021 0.750% 08/09/2024
02665WDY4 150,000.00 A- A3 9/7/2021 9/9/2021 149,901.00 0.77 443.75 142,441.80149,962.35
BMW US CAPITAL LLC CORPORATE
NOTES
DTD 08/12/2021 0.750% 08/12/2024
05565EBU8 95,000.00 A A2 8/9/2021 8/12/2021 94,991.45 0.75 275.10 90,070.1794,996.82
COOPERAT RABOBANK UA/NY
CORPORATE NOTES
DTD 08/22/2022 3.875% 08/22/2024
21688AAU6 250,000.00 A+ Aa2 8/15/2022 8/22/2022 249,885.00 3.90 3,471.35 245,282.75249,934.24
CATERPILLAR FINL SERVICE
CORPORATE NOTES
DTD 09/14/2021 0.600% 09/13/2024
14913R2P1 220,000.00 A A2 9/7/2021 9/14/2021 219,700.80 0.65 396.00 207,780.32219,879.77 35 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
NESTLE HOLDINGS INC CORP NOTES
(CALLABLE
DTD 09/14/2021 0.606% 09/14/2024
641062AU8 330,000.00 AA- Aa3 9/7/2021 9/14/2021 330,000.00 0.61 594.39 311,829.87330,000.00
JPMORGAN CHASE & CO
CORPORATE NOTES (CAL
DTD 09/16/2020 0.653% 09/16/2024
46647PBS4 170,000.00 A- A1 9/9/2020 9/16/2020 170,000.00 0.65 323.78 168,018.99170,000.00
CITIGROUP INC CORP NOTES
(CALLABLE)
DTD 10/30/2020 0.776% 10/30/2024
172967MT5 185,000.00 BBB+ A3 10/23/2020 10/30/2020 185,000.00 0.78 243.25 181,670.00185,000.00
HONEYWELL INTERNATIONAL
CORPORATE NOTES
DTD 11/02/2022 4.850% 11/01/2024
438516CH7 195,000.00 A A2 10/28/2022 11/2/2022 194,966.85 4.86 1,576.25 193,496.94194,977.79
TEXAS INSTRUMENTS INC
CORPORATE NOTES
DTD 11/18/2022 4.700% 11/18/2024
882508BR4 50,000.00 A+ Aa3 11/15/2022 11/18/2022 49,977.50 4.72 280.69 49,574.7049,984.43
JOHN DEERE CAPITAL CORP
CORPORATE NOTES
DTD 01/10/2022 1.250% 01/10/2025
24422EVY2 55,000.00 A A2 1/4/2022 1/10/2022 54,974.15 1.27 326.56 51,761.3854,986.82
COOPERATIEVE RABOBANK UA
CORPORATE NOTES
DTD 01/12/2022 1.375% 01/10/2025
21688AAS1 250,000.00 A+ Aa2 1/6/2022 1/12/2022 249,235.00 1.48 1,632.81 234,764.00249,609.11
TOYOTA MOTOR CREDIT CORP
CORPORATE NOTES
DTD 01/12/2023 4.800% 01/10/2025
89236TKN4 175,000.00 A+ A1 1/9/2023 1/12/2023 174,924.75 4.82 3,943.33 173,807.03174,942.30
COMMONWEALTH BK AUSTR NY
CORPORATE NOTES
DTD 01/10/2023 5.079% 01/10/2025
20271RAQ3 325,000.00 AA- Aa3 1/3/2023 1/10/2023 325,000.00 5.08 7,840.71 322,613.85325,000.00
AMERICAN HONDA FINANCE
CORPORATE NOTES
DTD 01/13/2022 1.500% 01/13/2025
02665WEA5 175,000.00 A- A3 1/11/2022 1/13/2022 174,861.75 1.53 1,225.00 165,316.90174,929.11
GOLDMAN SACHS GROUP INC
(CALLABLE) CORP
DTD 01/24/2022 1.757% 01/24/2025
38141GZH0 175,000.00 BBB+ A2 1/19/2022 1/24/2022 175,000.00 1.76 1,340.93 170,433.20175,000.00
NATIONAL RURAL UTIL COOP
CORPORATE NOTES
DTD 02/07/2022 1.875% 02/07/2025
63743HFC1 65,000.00 A- A2 1/31/2022 2/7/2022 64,998.05 1.88 487.50 61,391.7264,998.96 36 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
JPMORGAN CHASE & CO CORP
NOTES (CALLABLE
DTD 02/16/2021 0.563% 02/16/2025
46647PBY1 90,000.00 A- A1 2/9/2021 2/16/2021 90,000.00 0.56 190.01 86,826.6990,000.00
AMERICAN EXPRESS CO CORP
NOTES (CALLABLE
DTD 03/04/2022 2.250% 03/04/2025
025816CQ0 40,000.00 BBB+ A2 3/1/2022 3/4/2022 39,959.60 2.29 292.50 37,830.6039,977.44
ROCHE HOLDINGS INC (CALLABLE)
CORPORATE
DTD 03/10/2022 2.132% 03/10/2025
771196BT8 590,000.00 AA Aa2 3/3/2022 3/10/2022 590,000.00 2.13 3,878.46 560,918.31590,000.00
BMW US CAPITAL LLC CORP NOTES
DTD 04/01/2022 3.250% 04/01/2025
05565EBZ7 110,000.00 A A2 3/28/2022 4/1/2022 109,896.60 3.28 893.75 106,215.45109,939.62
PACCAR FINANCIAL CORP
CORPORATE NOTES
DTD 04/07/2022 2.850% 04/07/2025
69371RR73 150,000.00 A+ A1 3/31/2022 4/7/2022 149,961.00 2.86 997.50 143,638.20149,977.01 AMAZON.COM INC CORPORATE
NOTES
DTD 04/13/2022 3.000% 04/13/2025
023135CE4 100,000.00 AA A1 4/11/2022 4/13/2022 99,841.00 3.06 650.00 96,394.9099,905.41
HOME DEPOT INC (CALLABLE)
CORPORATE NOTE
DTD 03/28/2022 2.700% 04/15/2025
437076CM2 35,000.00 A A2 3/24/2022 3/28/2022 34,938.75 2.76 199.50 33,502.1434,964.04
BANK OF NY MELLON (CALLABLE)
CORP NOTES
DTD 04/24/2020 1.600% 04/24/2025
06406RAN7 110,000.00 A A1 3/11/2021 3/15/2021 112,607.00 1.01 327.56 103,125.99111,120.83
BANK OF NY MELLON CORP
(CALLABLE) CORP N
DTD 04/26/2022 3.350% 04/25/2025
06406RBC0 550,000.00 A A1 4/19/2022 4/26/2022 549,923.00 3.36 3,377.92 527,920.25549,953.31
CITIGROUP INC (CALLABLE)
CORPORATE NOTES
DTD 05/04/2021 0.981% 05/01/2025
172967MX6 70,000.00 BBB+ A3 4/27/2021 5/4/2021 70,000.00 0.98 114.45 66,991.4070,000.00 CINTAS CORPORATION NO. 2 CORP
NOTE (CALL
DTD 05/03/2022 3.450% 05/01/2025
17252MAP5 100,000.00 A- A3 4/26/2022 5/3/2022 99,978.00 3.46 575.00 96,541.8099,986.53
USAA CAPITAL CORP CORPORATE
NOTES
DTD 05/26/2022 3.375% 05/01/2025
90327QD89 180,000.00 AA Aa1 5/23/2022 5/26/2022 179,411.40 3.49 1,012.50 172,745.46179,631.78 37 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
JPMORGAN CHASE & CO (CALLABLE)
CORP NOTE
DTD 06/01/2021 0.824% 06/01/2025
46647PCH7 140,000.00 A- A1 5/24/2021 6/1/2021 140,000.00 0.82 96.13 133,035.28140,000.00
JOHN DEERE CAPITAL CORP
CORPORATE NOTES
DTD 06/06/2022 3.400% 06/06/2025
24422EWF2 85,000.00 A A2 6/1/2022 6/6/2022 84,980.45 3.41 200.69 82,199.3484,987.41
NATIONAL AUSTRALIA BK/NY
CORPORATE NOTES
DTD 06/09/2022 3.500% 06/09/2025
63254ABD9 250,000.00 AA- Aa3 5/31/2022 6/9/2022 250,000.00 3.50 534.72 241,470.75250,000.00
NATIONAL RURAL UTIL COOP
CORPORATE NOTES
DTD 05/04/2022 3.450% 06/15/2025
63743HFE7 40,000.00 A- A2 4/27/2022 5/4/2022 39,989.20 3.46 61.33 38,485.0039,993.21
TOYOTA MOTOR CREDIT CORP
CORPORATE NOTES
DTD 06/30/2022 3.950% 06/30/2025
89236TKC8 125,000.00 A+ A1 6/27/2022 6/30/2022 124,881.25 3.98 13.72 121,957.63124,920.91
PEPSICO INC CORP NOTES
(CALLABLE)
DTD 07/17/2015 3.500% 07/17/2025
713448CY2 175,000.00 A+ A1 1/5/2023 1/9/2023 169,818.25 4.76 2,790.28 169,948.45170,792.64
IBM CORP CORPORATE NOTES
DTD 07/27/2022 4.000% 07/27/2025
459200KS9 175,000.00 A- A3 7/20/2022 7/27/2022 175,000.00 4.00 2,994.44 171,049.20175,000.00
INTEL CORP NOTES (CALLABLE)
DTD 07/29/2015 3.700% 07/29/2025
458140AS9 225,000.00 A A2 1/24/2023 1/26/2023 220,252.50 4.60 3,515.00 218,943.23221,061.91
COLGATE-PALMOLIVE CO
CORPORATE NOTES
DTD 08/09/2022 3.100% 08/15/2025
194162AM5 75,000.00 AA- Aa3 8/1/2022 8/9/2022 74,931.00 3.13 878.33 72,198.8374,951.41
WALMART INC CORPORATE NOTES
DTD 09/09/2022 3.900% 09/09/2025
931142EW9 175,000.00 AA Aa2 9/6/2022 9/9/2022 174,877.50 3.93 2,123.33 171,225.25174,910.47
HOME DEPOT INC NOTES (CALLABLE)
DTD 09/19/2022 4.000% 09/15/2025
437076CR1 50,000.00 A A2 9/12/2022 9/19/2022 49,982.00 4.01 588.89 49,025.2049,986.70
LOCKHEED MARTIN CORP NOTES
(CALLABLE)
DTD 10/24/2022 4.950% 10/15/2025
539830BU2 75,000.00 A- A3 10/19/2022 10/24/2022 74,786.25 5.05 783.75 74,793.8374,835.41
UNITEDHEALTH GROUP INC
CORPORATE NOTES
DTD 10/28/2022 5.150% 10/15/2025
91324PEN8 50,000.00 A+ A3 10/25/2022 10/28/2022 49,995.50 5.15 543.61 50,138.3549,996.52 38 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
PNC FINANCIAL SERVICES CORP
NOTE (CALLAB
DTD 10/28/2022 5.671% 10/28/2025
693475BH7 150,000.00 A- A3 10/25/2022 10/28/2022 150,000.00 5.67 1,488.64 148,705.20150,000.00
NATIONAL RURAL UTIL COOP
CORPORATE NOTES
DTD 10/31/2022 5.450% 10/30/2025
63743HFF4 40,000.00 A- A2 10/20/2022 10/31/2022 39,946.40 5.50 369.39 39,953.9239,958.29
COMCAST CORP CORPORATE NOTES
DTD 11/07/2022 5.250% 11/07/2025
20030NDZ1 60,000.00 A- A3 10/31/2022 11/7/2022 59,983.80 5.26 472.50 60,315.0059,987.29
LINDE INC/CT CORPORATE NOTES
(CALLABLE)
DTD 12/05/2022 4.700% 12/05/2025
53522KAB9 330,000.00 A A2 11/28/2022 12/5/2022 329,643.60 4.74 1,120.17 327,522.36329,711.24
BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 12/06/2021 1.530% 12/06/2025
06051GKE8 350,000.00 A- A1 12/1/2021 12/6/2021 350,000.00 1.53 371.88 326,824.40350,000.00
AUST & NZ BANKING GRP NY
CORPORATE NOTES
DTD 12/08/2022 5.088% 12/08/2025
05254JAA8 250,000.00 AA- Aa3 11/29/2022 12/8/2022 250,000.00 5.09 812.67 249,141.25250,000.00
CATERPILLAR FINL SERVICE
CORPORATE NOTES
DTD 01/06/2023 4.800% 01/06/2026
14913R3B1 135,000.00 A A2 1/3/2023 1/6/2023 134,966.25 4.81 3,150.00 134,595.14134,971.67
NATIONAL AUSTRALIA BK/NY
CORPORATE NOTES
DTD 01/12/2023 4.966% 01/12/2026
63253QAA2 305,000.00 AA- Aa3 1/4/2023 1/12/2023 305,000.00 4.97 7,110.35 302,818.64305,000.00
CITIGROUP INC CORP NOTES
(CALLABLE)
DTD 01/25/2022 2.014% 01/25/2026
17327CAN3 45,000.00 BBB+ A3 1/18/2022 1/25/2022 45,000.00 2.01 392.73 42,289.6545,000.00
STATE STREET CORP NOTES
(CALLABLE)
DTD 01/26/2023 4.857% 01/26/2026
857477BZ5 35,000.00 A A1 1/23/2023 1/26/2023 35,000.00 4.86 731.92 34,482.6035,000.00
STATE STREET CORP (CALLABLE)
CORPORATE N
DTD 02/07/2022 1.746% 02/06/2026
857477BR3 90,000.00 A A1 2/2/2022 2/7/2022 90,000.00 1.75 632.93 83,855.7990,000.00
PEPSICO INC CORP NOTES
(CALLABLE)
DTD 02/15/2023 4.550% 02/13/2026
713448FQ6 160,000.00 A+ A1 2/13/2023 2/15/2023 159,907.20 4.57 2,750.22 159,530.88159,918.74 39 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
MORGAN STANLEY CORP NOTES
(CALLABLE)
DTD 02/18/2022 2.630% 02/18/2026
61747YEM3 265,000.00 A- A1 2/16/2022 2/18/2022 265,000.00 2.63 2,574.84 250,901.47265,000.00
EXXON MOBIL CORP NOTES
(CALLABLE)
DTD 03/03/2016 3.043% 03/01/2026
30231GAT9 350,000.00 AA- Aa2 1/30/2023 2/1/2023 336,728.00 4.37 3,550.17 334,524.40338,499.17
COLGATE-PALMOLIVE CO
CORPORATE NOTES
DTD 03/01/2023 4.800% 03/02/2026
194162AQ6 120,000.00 AA- Aa3 2/27/2023 3/1/2023 119,860.80 4.84 1,920.00 120,204.12119,876.28
NESTLE HOLDINGS INC CORPORATE
NOTES
DTD 03/14/2023 5.250% 03/13/2026
641062BK9 150,000.00 AA- Aa3 3/7/2023 3/14/2023 149,950.50 5.26 2,340.63 151,094.40149,955.43
NATIONAL RURAL UTIL COOP CORP
NOTES (CAL
DTD 02/09/2023 4.450% 03/13/2026
63743HFH0 55,000.00 A- A2 2/2/2023 2/9/2023 54,960.95 4.47 965.40 54,124.2454,965.87
COMMONWEALTH BK AUSTR NY
CORPORATE NOTES
DTD 03/13/2023 5.316% 03/13/2026
20271RAR1 300,000.00 AA- Aa3 3/6/2023 3/13/2023 300,000.00 5.32 4,784.40 300,415.20300,000.00
STATE STREET CORP NOTES
(CALLABLE)
DTD 10/29/2020 2.901% 03/30/2026
857477BM4 50,000.00 A A1 2/3/2022 2/7/2022 51,524.50 2.13 366.66 47,741.1550,847.98
STATE STREET CORP NOTES
(CALLABLE)
DTD 10/29/2020 2.901% 03/30/2026
857477BM4 150,000.00 A A1 2/17/2022 2/22/2022 153,019.50 2.38 1,099.97 143,223.45151,701.80
JPMORGAN CHASE & CO (CALLABLE)
CORPORATE
DTD 04/26/2022 4.080% 04/26/2026
46647PCZ7 225,000.00 A- A1 4/19/2022 4/26/2022 225,000.00 4.08 1,657.50 218,813.63225,000.00
JOHN DEERE CAPITAL CORP
CORPORATE NOTES
DTD 06/08/2023 4.750% 06/08/2026
24422EWX3 110,000.00 A A2 6/5/2023 6/8/2023 109,936.20 4.77 333.82 109,653.17109,937.54
TRUIST FIN CORP NOTES (CALLABLE)
DTD 07/28/2022 4.260% 07/28/2026
89788MAH5 145,000.00 A- A3 7/25/2022 7/28/2022 145,000.00 4.26 2,625.23 139,077.48145,000.00
TRUIST FINANCIAL CORP NOTES
(CALLABLE)
DTD 10/28/2022 5.900% 10/28/2026
89788MAJ1 155,000.00 A- A3 10/26/2022 10/28/2022 155,000.00 5.90 1,600.38 153,588.88155,000.00 40 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
STATE STREET CORP NOTES
(CALLABLE)
DTD 11/04/2022 5.751% 11/04/2026
857477BX0 65,000.00 A A1 11/1/2022 11/4/2022 65,000.00 5.75 591.87 65,078.2665,000.00
BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 01/20/2023 5.080% 01/20/2027
06051GLE7 345,000.00 A- A1 1/17/2023 1/20/2023 345,000.00 5.08 7,838.02 340,558.47345,000.00
PNC FINANCIAL SERVICES CORP
NOTES (CALLA
DTD 01/24/2023 4.758% 01/26/2027
693475BL8 25,000.00 A- A3 1/19/2023 1/24/2023 25,000.00 4.76 518.76 24,428.8325,000.00
MORGAN STANLEY CORPORATE
NOTES (CALLABLE
DTD 01/19/2023 5.050% 01/28/2027
61747YEZ4 100,000.00 A- A1 1/17/2023 1/19/2023 99,998.00 5.05 2,272.50 99,184.6099,998.22 13,095,000.00 13,099,269.10 113,770.33 12,701,301.83Security Type Sub-Total 3.11 13,082,443.28 ABS
TLOT 2021-A A3
DTD 04/21/2021 0.390% 04/22/2024
89238EAC0 15,628.79 AAA Aaa 4/13/2021 4/21/2021 15,626.97 0.39 1.86 15,589.4515,628.30 GMALT 2021-2 A3
DTD 05/26/2021 0.340% 05/20/2024
380144AC9 20,410.68 AAA NR 5/18/2021 5/26/2021 20,407.47 0.35 2.12 20,362.6320,409.73 NAROT 2020-B A3
DTD 06/30/2020 0.550% 07/15/2024
65479CAD0 973.45 AAA Aaa 6/23/2020 6/30/2020 973.42 0.55 0.24 972.09973.44 HAROT 2020-3 A3
DTD 09/29/2020 0.370% 10/18/2024
43813KAC6 34,670.89 AAA NR 9/22/2020 9/29/2020 34,665.80 0.37 4.63 34,207.3334,669.26 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 10,920.24 AAA NR 1/14/2020 1/22/2020 10,918.09 1.89 9.17 10,869.6210,919.60 VZOT 2020-B A
DTD 08/12/2020 0.470% 02/20/2025
92290BAA9 24,109.30 NR Aaa 8/4/2020 8/12/2020 24,104.24 0.47 3.46 23,950.5824,107.46 CARMX 2020-3 A3
DTD 07/22/2020 0.620% 03/17/2025
14315FAD9 14,951.47 AAA NR 7/14/2020 7/22/2020 14,948.91 0.62 4.12 14,827.7314,950.53 KCOT 2022-1A A2
DTD 03/23/2022 2.340% 04/15/2025
50117EAB0 51,719.09 NR Aaa 3/15/2022 3/23/2022 51,717.30 2.34 53.79 51,015.8751,718.04 GMCAR 2020-3 A3
DTD 08/19/2020 0.450% 04/16/2025
362590AC5 35,506.04 NR Aaa 8/11/2020 8/19/2020 35,497.92 0.46 6.66 35,000.7235,502.91 41 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
VWALT 2022-A A3
DTD 06/14/2022 3.440% 07/21/2025
92868AAC9 100,000.00 NR Aaa 6/7/2022 6/14/2022 99,992.04 3.44 105.11 97,971.0599,994.72 CARMX 2020-4 A3
DTD 10/21/2020 0.500% 08/15/2025
14316HAC6 44,783.81 AAA NR 10/14/2020 10/21/2020 44,773.95 0.50 9.95 43,799.8144,779.46 KCOT 2021-1A A3
DTD 04/14/2021 0.620% 08/15/2025
50117TAC5 88,411.02 NR Aaa 4/6/2021 4/14/2021 88,392.93 0.62 24.36 85,391.2188,402.16 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 59,189.10 AAA NR 4/20/2021 4/28/2021 59,182.87 0.38 10.00 57,676.3159,185.96 KCOT 2021-2A A3
DTD 07/28/2021 0.560% 11/17/2025
50117XAE2 168,210.28 NR Aaa 7/20/2021 7/28/2021 168,203.94 0.56 41.87 160,854.72168,206.77 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 36,901.14 AAA NR 1/20/2021 1/27/2021 36,893.85 0.34 5.58 35,833.1636,897.47 HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 135,000.00 NR Aaa 11/16/2021 11/24/2021 134,971.54 0.89 33.00 129,790.15134,982.48 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 99,203.84 AAA NR 4/13/2021 4/21/2021 99,182.46 0.52 22.93 95,715.0199,192.17 TAOT 2021-D A3
DTD 11/15/2021 0.710% 04/15/2026
89238JAC9 135,000.00 AAA NR 11/9/2021 11/15/2021 134,997.12 0.71 42.60 129,452.46134,998.18 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 100,000.00 AAA NR 11/9/2021 11/17/2021 99,977.68 0.75 32.89 96,116.0899,985.72 HAROT 2022-1 A3
DTD 02/23/2022 1.880% 05/15/2026
43815BAC4 195,000.00 AAA Aaa 2/15/2022 2/23/2022 194,970.67 1.88 162.93 186,388.61194,980.05 FORDO 2022-A A3
DTD 01/24/2022 1.290% 06/15/2026
345286AC2 75,000.00 AAA NR 1/19/2022 1/24/2022 74,991.09 1.29 43.00 72,006.0274,994.00 CARMX 2021-3 A3
DTD 07/28/2021 0.550% 06/15/2026
14317DAC4 180,578.07 AAA Aaa 7/21/2021 7/28/2021 180,548.36 0.55 44.14 173,212.42180,560.07 VALET 2021-1 A3
DTD 12/13/2021 1.020% 06/22/2026
92868KAC7 169,183.55 AAA Aaa 12/7/2021 12/13/2021 169,176.92 1.02 52.73 162,901.00169,179.19 BMWOT 2022-A A3
DTD 05/18/2022 3.210% 08/25/2026
05602RAD3 125,000.00 AAA Aaa 5/10/2022 5/18/2022 124,993.50 3.21 66.88 121,544.68124,995.20 TAOT 2022-B A3
DTD 04/13/2022 2.930% 09/15/2026
89238FAD5 135,000.00 AAA Aaa 4/7/2022 4/13/2022 134,996.84 2.93 175.80 130,537.91134,997.71 DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
254683CP8 140,000.00 AAA Aaa 9/20/2021 9/27/2021 139,970.03 0.58 36.09 131,740.69139,980.64 42 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
COPAR 2021-1 A3
DTD 10/27/2021 0.770% 09/15/2026
14044CAC6 135,000.00 AAA Aaa 10/19/2021 10/27/2021 134,997.45 0.77 46.20 128,942.29134,998.32 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 110,000.00 AAA Aaa 10/13/2021 10/21/2021 109,997.20 0.68 31.17 105,269.80109,998.17 KCOT 2022-1A A3
DTD 03/23/2022 2.670% 10/15/2026
50117EAC8 235,000.00 NR Aaa 3/15/2022 3/23/2022 234,966.40 2.67 278.87 222,662.64234,975.77 WOART 2021-D A3
DTD 11/03/2021 0.810% 10/15/2026
98163KAC6 160,000.00 AAA NR 10/26/2021 11/3/2021 159,978.21 0.81 57.60 153,487.70159,985.51 HART 2022-A A3
DTD 03/16/2022 2.220% 10/15/2026
448977AD0 255,000.00 AAA NR 3/9/2022 3/16/2022 254,990.18 2.22 251.60 244,828.53254,992.95 ALLYA 2022-1 A3
DTD 05/18/2022 3.310% 11/15/2026
02008JAC0 290,000.00 AAA Aaa 5/10/2022 5/18/2022 289,943.86 3.31 426.62 282,412.30289,957.84 COMET 2021-A3 A3
DTD 11/30/2021 1.040% 11/15/2026
14041NFY2 325,000.00 AAA NR 11/18/2021 11/30/2021 324,955.22 1.04 150.22 305,933.03324,969.51 HART 2022-B A3
DTD 07/20/2022 3.720% 11/16/2026
44918MAD2 150,000.00 AAA NR 7/12/2022 7/20/2022 149,999.94 3.72 248.00 145,914.36149,999.95 GMCAR 2022-1 A3
DTD 01/19/2022 1.260% 11/16/2026
380146AC4 100,000.00 AAA NR 1/11/2022 1/19/2022 99,991.31 1.26 52.50 95,475.4499,993.91 KCOT 2022-2A A3
DTD 07/21/2022 4.090% 12/15/2026
50117JAC7 225,000.00 NR Aaa 7/14/2022 7/21/2022 224,958.76 4.09 409.00 219,026.68224,967.61 HDMOT 2022-A A3
DTD 04/20/2022 3.060% 02/15/2027
41284YAD8 215,000.00 AAA Aaa 4/12/2022 4/20/2022 214,964.20 3.06 292.40 208,913.07214,973.08 GMCAR 2022-2 A3
DTD 04/13/2022 3.100% 02/16/2027
362585AC5 115,000.00 AAA Aaa 4/5/2022 4/13/2022 114,975.97 3.10 148.54 111,141.26114,982.00 CARMX 2022-2 A3
DTD 04/28/2022 3.490% 02/16/2027
14317HAC5 185,000.00 AAA Aaa 4/21/2022 4/28/2022 184,971.86 3.49 286.96 180,135.30184,978.74 COMET 2022-A1 A1
DTD 03/30/2022 2.800% 03/15/2027
14041NFZ9 450,000.00 AAA NR 3/23/2022 3/30/2022 449,966.07 2.80 560.00 430,918.47449,974.65 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 245,000.00 AAA NR 7/12/2022 7/20/2022 244,994.22 3.97 432.29 239,164.81244,995.38 COPAR 2022-1 A3
DTD 05/04/2022 3.170% 04/15/2027
14043QAC6 140,000.00 AAA NR 4/26/2022 5/4/2022 139,969.41 3.17 197.24 134,755.46139,976.57 GMCAR 2022-3 A3
DTD 07/13/2022 3.640% 04/16/2027
36265WAD5 145,000.00 NR Aaa 7/6/2022 7/13/2022 144,999.00 3.64 219.92 140,851.56144,999.20 43 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
ALLYA 2022-2 A3
DTD 10/12/2022 4.760% 05/17/2027
02008MAC3 405,000.00 AAA Aaa 10/4/2022 10/12/2022 404,994.98 4.76 856.80 400,265.79404,995.76 AMXCA 2022-2 A
DTD 05/24/2022 3.390% 05/17/2027
02582JJT8 175,000.00 AAA NR 5/17/2022 5/24/2022 174,961.29 3.39 263.67 168,949.25174,969.87 COPAR 2022-2 A3
DTD 08/10/2022 3.660% 05/17/2027
14043GAD6 140,000.00 AAA Aaa 8/2/2022 8/10/2022 139,989.98 3.66 227.73 135,381.85139,991.85 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 155,000.00 AAA Aaa 9/20/2022 9/28/2022 154,967.93 4.46 307.24 152,192.49154,973.16 KCOT 2023-1A A3
DTD 03/31/2023 5.020% 06/15/2027
50117KAC4 160,000.00 NR Aaa 3/28/2023 3/31/2023 159,974.96 5.02 356.98 158,253.65159,976.46 DCENT 2022-A3 A3
DTD 08/09/2022 3.560% 07/15/2027
254683CW3 290,000.00 AAA Aaa 8/2/2022 8/9/2022 289,964.01 3.56 458.84 280,154.94289,970.52 CARMX 2022-4 A3
DTD 10/31/2022 5.340% 08/16/2027
14318UAD3 280,000.00 AAA NR 10/26/2022 10/31/2022 279,934.34 5.35 664.53 279,065.67279,943.46 MBART 2022-1 A3
DTD 11/22/2022 5.210% 08/16/2027
58768PAC8 365,000.00 AAA Aaa 11/15/2022 11/22/2022 364,927.80 5.21 845.18 362,427.26364,937.03 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 145,000.00 AAA NR 1/24/2023 1/30/2023 144,999.93 4.63 298.38 143,304.75144,999.94 MBART 2023-1 A3
DTD 01/25/2023 4.510% 11/15/2027
58770AAC7 120,000.00 AAA NR 1/18/2023 1/25/2023 119,985.60 4.51 240.53 117,996.92119,986.89 NAROT 2023-A A3
DTD 04/26/2023 4.910% 11/15/2027
65480WAD3 280,000.00 NR Aaa 4/18/2023 4/26/2023 279,950.52 4.91 611.02 277,490.47279,952.48 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 155,000.00 NR Aaa 2/13/2023 2/23/2023 154,984.39 5.05 347.89 153,717.08154,985.53 TAOT 2023-B A3
DTD 05/23/2023 4.710% 02/15/2028
891941AD8 180,000.00 NR Aaa 5/16/2023 5/23/2023 179,989.94 4.71 376.80 177,834.08179,990.17 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 120,000.00 AAA NR 3/28/2023 3/31/2023 119,987.48 4.65 248.00 118,529.74119,988.13 GMCAR 2023-2 A3
DTD 04/12/2023 4.470% 02/16/2028
362583AD8 90,000.00 AAA Aaa 4/4/2023 4/12/2023 89,997.53 4.47 167.63 88,428.5889,997.64 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
254683CY9 145,000.00 NR Aaa 4/4/2023 4/11/2023 144,991.59 4.31 277.76 141,763.64144,991.97 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 100,000.00 AAA NR 6/7/2023 6/14/2023 99,991.13 4.87 229.97 99,419.0899,991.21 44 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
FORDO 2023-B A3
DTD 06/26/2023 5.230% 05/15/2028
344930AD4 105,000.00 AAA NR 6/21/2023 6/26/2023 104,998.58 5.23 76.27 104,518.75104,998.58 9,085,350.76 9,084,287.15 11,940.26 8,827,254.00Security Type Sub-Total 3.08 9,084,551.03 46,970,350.76 46,852,000.36 300,738.28 45,505,732.05Managed Account Sub Total Securities Sub Total
Accrued Interest
$46,970,350.76 $46,852,000.36 $300,738.28 $45,505,732.05 $300,738.28
46,838,113.43
$46,838,113.43
3.00 3.00%
Total Investments $45,806,470.33
45 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Appendix
|
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.
Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.
PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO.
It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.
Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown.
The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion as of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and data presented are not necessarily indicative of future events or expected performance.
For more information regarding PFMAM's services or entities, please visit www.pfmam.com. © 2023 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. 67 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Appendix
|
Important Disclosures
Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, Bloomberg, or Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield-based matrix system to arrive at an estimated market value.
In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded.
Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns.
Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.
Money market fund/cash balances are included in performance and duration computations.
Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.
Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.
MBS maturities are represented by expected average life. 68 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Appendix
|
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.
Agencies: Federal agency securities and/or Government-sponsored enterprises.
Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.
Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans, leases, credit card balances, and receivables.
Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.
Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.
Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector added or subtracted from the overall portfolio performance.
Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.
Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not.
FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.
Interest Rate: Interest per year divided by principal amount and expressed as a percentage.
Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.
Maturity: The date upon which the principal or stated value of an investment becomes due and payable.
Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.
Par Value: The nominal dollar face amount of a security.
Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed security.
69 © PFM Asset Management LLC pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2023
Appendix
|
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.
Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.
Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whose decisions are binding on its members.
Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.
Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.
U.S. Treasury: The department of the U.S. government that issues Treasury securities.
Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis.
YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period from purchase date to maturity, stated as a percentage on an annualized basis.
YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. 70