Annual Investment Report
California
Exhibit 2
City of Alameda, California
Investment Portfolio Summary Report
June 30, 2025
Average
Book % of Duration Average Market
Value Total in Days Yield Value
Cash on Hand 9,730$ 0.00% - - 9,730$ Cash on Deposit 159,700,212 49.99% - - 159,700,212 Total Cash on Hand 159,709,942 49.99% - - 159,709,942 Local Agency Investment Fund (LAIF) 56,170,422 17.58% - 4.27% 56,843,518 Certificates of Deposit 878,343 0.27% 282 4.75% 886,918 Federal/Agency Issues 53,004,953 16.59% 921 3.45% 53,451,931 Municipal Issues 752,846 0.24% 1,112 4.40% 761,458 Medium Term Notes/Commercial Paper 26,992,328 8.45% 841 4.11% 27,138,938 Asset Backed Securities 18,750,675 5.87% 1,072 4.31% 18,888,233 Supranationals 3,198,964 1.00% 1,185 2.80% 3,222,897 Total Pooled Investment Portfolio 159,748,531 50.01% 302 3.95% 161,193,893 Total Portfolio 319,458,473 $ 100.00% 320,903,834$ Amount over (under) Market Value vs. Book Value 1,445,361 % of Portfolio 0.45%
Irrevocable Trust - Pension 21,725,246$ 22,354,795$ Irrevocable Trust - OPEB 27,503,159 21,235,899 Total Irrevocable Trust (Pension/OPEB) 49,228,405$ 43,590,694 $ 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 Ross McCarthy, Finance Director
Investments by TypeCash on HandCash on DepositLocal Agency Investment Fund (LAIF)Certificate of DepositFederal/Agency IssuesMunicipal IssuesMedium Term Notes/Commercial PaperAsset Backed SecuritiesSupranationals City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2025
BOOK VALUE MARKET
VALUE
June 30, 2025 June 30, 2025
CASH ON HAND:
- PETTY CASH - 5,280$ - - - - - - 5,280$
- CHANGE BOXES - 4,450 - - - - - - 4,450 - TOTAL CASH ON HAND - 9,730 $ - - - - - - 9,730 $ CASH ON DEPOSIT:
- WELLS FARGO AND JPMC GENERAL CHECKING - 159,380,771$ - - - - - - 159,380,771$ Chandler FIDELITY INSTL CASH PORTFOLI 6 316175603 283,586 - 0.03994597 6/25/2025 6/25/2025 283,586 PFM FIDELITY INSTL CASH PORTFOLI 6 316175603 35,855 - 0.03994597 6/25/2025 6/25/2025 - - 35,855 - TOTAL CASH ON DEPOSIT - 159,700,212 $ - - - - - - 159,700,212 $ LOCAL AGENCY INVESTMENT FUND:- LOCAL AGENCY INVESTMENT FUND - 56,170,422$ 4.26% 4.27% 4/1/2025 6/30/2025 90 0 56,843,518$ - TOTAL LOCAL AGENCY INVESTMENT FUND - 56,170,422 $ 4.26% 4.27% - - - - 56,843,518$ CERTIFICATES OF DEPOSIT: - BANK OF MARIN CD - 99,074$ 3.50% 3.50% 3/6/2025 9/6/2025 184 68 99,074$ - BEACON BUSINESS BANK CD - 104,269 3.60% 3.60% 2/2/2025 8/2/2025 181 33 104,269 PFM CREDIT AGRICOLE CRP&IN 22536DWD6 350,000 4.76% 4.72% 2/1/2024 2/1/2027 1,096 581 352,832 PFM NATIXIS NY 63873QP65 325,000 5.61% 5.52% 9/18/2023 9/18/2026 1,096 445 330,743 - TOTAL CERTIFICATES OF DEPOSIT - 878,343 $ 4.79% 4.75% - - 639 282 886,918$
FEDERAL / AGENCY ISSUES: Chandler U S TREASURY NOTE 9128283W8 480,781$ 2.75% 2.82% 12/6/2024 2/15/2028 1,166 960 488,105$ Chandler U S TREASURY NOTE 912828YB0 825,680 1.63% 1.77% 9/24/2024 8/15/2029 1,786 1,507 828,774 Chandler U S TREASURY NOTE 91282CAM3 1,183,773 0.25% 0.25% 4/29/2021 9/30/2025 1,615 92 1,188,012 Chandler U S TREASURY NOTE 91282CAZ4 1,080,277 0.38% 0.38% 3/26/2021 11/30/2025 1,710 153 1,082,334 Chandler U S TREASURY NOTE 91282CCW9 258,588 0.75% 0.78% 9/17/2021 8/31/2026 1,809 427 250,585 Chandler U S TREASURY NOTE 91282CCZ2 1,504,877 0.88% 0.91% 10/6/2021 9/30/2026 1,820 457 1,464,186 Chandler U S TREASURY NOTE 91282CDG3 506,892 1.13% 1.17% 11/15/2021 10/31/2026 1,811 488 491,813 Chandler U S TREASURY NOTE 91282CET4 489,824 2.63% 2.68% 6/9/2022 5/31/2027 1,817 700 489,670 Chandler U S TREASURY NOTE 91282CEW7 503,047 3.25% 3.28% 7/13/2022 6/30/2027 1,813 730 495,530 Chandler U S TREASURY NOTE 91282CFB2 196,609 2.75% 2.81% 8/22/2022 7/31/2027 1,804 761 196,102 Chandler U S TREASURY NOTE 91282CFH9 1,431,914 3.13% 3.17% 9/1/2022 8/31/2027 1,825 792 1,432,165 Chandler U S TREASURY NOTE 91282CGT2 780,375 3.63% 3.63% 1/10/2025 3/31/2028 1,176 1,005 798,624 Chandler U S TREASURY NOTE 91282CHQ7 998,867 4.13% 4.08% 8/7/2023 7/31/2028 1,820 1,127 1,012,070 Chandler U S TREASURY NOTE 91282CJA0 869,463 4.63% 4.50% 10/4/2023 9/30/2028 1,823 1,188 899,238 Chandler U S TREASURY NOTE 4 % 28-FEB-2 91282CGQ8 498,848 4.00% 3.97% 3/25/2025 2/28/2030 1,801 1,704 504,865 Chandler USA TREASURY NTS 91282CAT8 1,086,969 0.25% 0.25% 1/11/2021 10/31/2025 1,754 123 1,085,315 Chandler USA TREASURY NTS 91282CEF4 487,754 2.50% 2.56% 6/9/2022 3/31/2027 1,756 639 489,315 Chandler USA TREASURY NTS 91282CEV9 840,305 3.25% 3.32% 9/24/2024 6/30/2029 1,740 1,461 834,462 Chandler USA TREASURY NTS 91282CFM8 985,547 4.13% 4.09% 10/20/2022 9/30/2027 1,806 822 1,009,100 Chandler USA TREASURY NTS 91282CHA2 501,738 3.50% 3.52% 5/5/2023 4/30/2028 1,822 1,035 497,285 Chandler USA TREASURY NTS 91282CJF9 250,459 4.88% 4.71% 10/30/2023 10/31/2028 1,828 1,219 258,985 Chandler USA TREASURY NTS 91282CJR3 891,246 3.75% 3.75% 1/4/2024 12/31/2028 1,823 1,280 900,810 Chandler USA TREASURY NTS 91282CKG5 975,820 4.13% 4.08% 4/18/2024 3/31/2029 1,808 1,370 1,013,520 Chandler USA TREASURY NTS 91282CKT7 805,719 4.50% 4.39% 6/26/2024 5/31/2029 1,800 1,431 821,816 Chandler USA TREASURY NTS 91282CLK5 1,664,889 3.63% 3.65% 9/13/2024 8/31/2029 1,813 1,523 1,641,816 Chandler USA TREASURY NTS 91282CLN9 1,267,805 3.50% 3.54% 10/23/2024 9/30/2029 1,803 1,553 1,286,896 Chandler USA TREASURY NTS 91282CLR0 2,185,391 4.13% 4.07% 11/20/2024 10/31/2029 1,806 1,584 2,231,460 Chandler USA TREASURY NTS 91282CMA6 650,508 4.13% 4.07% 12/5/2024 11/30/2029 1,821 1,614 659,549 Chandler USA TREASURY NTS 91282CMD0 793,813 4.38% 4.28% 1/10/2025 12/31/2029 1,816 1,645 819,848
MATURITY
DATE
TOTAL LIFE
(DAYS)
REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT
HELD WITH DESCRIPTION CUSIP # RATE
YIELD TO
MATURITY
(At Purchase)
City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2025
BOOK VALUE MARKET
VALUE
June 30, 2025 June 30, 2025
MATURITY
DATE
TOTAL LIFE
(DAYS)
REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT
HELD WITH DESCRIPTION CUSIP # RATE
YIELD TO
MATURITY
(At Purchase)
Chandler USA TREASURY NTS 4 % 31-JUL-20 91282CLC3 498,691 4.00% 3.97% 7/30/2024 7/31/2029 1,827 1,492 504,670 Chandler USA TREASURY NTS 4 % 31-MAY-20 91282CNG2 920,411 0.00% 0.00% 6/6/2025 5/31/2030 1,820 1,796 933,963 PFM FED HOME LOAN MTG 3137F4D41 234,853 3.60% 3.64% 2/27/2025 1/25/2028 1,062 939 237,279 PFM FED HOME LOAN MTG 3137F4X72 491,270 3.65% 3.69% 3/5/2025 2/25/2028 1,087 970 494,773 PFM FED HOME LOAN MTG 3137FBU79 439,490 3.19% 3.25% 3/6/2025 9/25/2027 933 817 443,073 PFM FED HOME LOAN MTG 3137FEZU7 405,484 3.90% 3.92% 3/4/2025 4/25/2028 1,148 1,030 408,198 PFM FEDERAL HOME LN BKS 1 % 23-MAR 3130ALGJ7 440,978 1.00% 1.02% 9/5/2023 3/23/2026 930 266 476,361 PFM FHLMC REMIC SERIES K-739 A-2 3137F64P9 456,505 1.34% 1.41% 10/30/2024 9/25/2027 1,060 817 468,982 PFM FNMA REMIC TRUST 2024-M6 A2 3136BTGM9 458,375 3.01% 3.07% 12/12/2024 7/25/2027 955 755 464,680 PFM USA TREASURY NTS 91282CHY0 422,012 4.63% 4.59% 10/3/2023 9/15/2026 1,078 442 428,421 PFM USA TREASURY NTS 91282CJC6 2,693,777 4.63% 4.59% 11/7/2023 10/15/2026 1,073 472 2,724,057 PFM USA TREASURY NTS 91282CJK8 1,007,950 4.63% 4.58% 12/6/2023 11/15/2026 1,075 503 1,009,690 PFM USA TREASURY NTS 91282CJP7 1,684,979 4.38% 4.34% 1/4/2024 12/15/2026 1,076 533 1,687,496 PFM USA TREASURY NTS 91282CKA8 1,069,835 4.13% 4.11% 3/7/2024 2/15/2027 1,075 595 1,080,171 PFM USA TREASURY NTS 91282CKE0 2,104,341 4.25% 4.22% 4/1/2024 3/15/2027 1,078 623 2,141,108 PFM USA TREASURY NTS 91282CKJ9 298,926 4.50% 4.45% 5/8/2024 4/15/2027 1,072 654 303,738 PFM USA TREASURY NTS 91282CKR1 1,224,521 4.50% 4.44% 6/6/2024 5/15/2027 1,073 684 1,241,121 PFM USA TREASURY NTS 91282CKV2 2,058,383 4.63% 4.55% 6/27/2024 6/15/2027 1,083 715 2,083,948 PFM USA TREASURY NTS 91282CKZ3 404,516 4.38% 4.32% 8/1/2024 7/15/2027 1,078 745 404,984 PFM USA TREASURY NTS 91282CLG4 2,533,436 3.75% 3.75% 9/4/2024 8/15/2027 1,075 776 2,526,187 PFM USA TREASURY NTS 91282CLL3 1,194,883 3.38% 3.40% 10/1/2024 9/15/2027 1,079 807 1,191,708 PFM USA TREASURY NTS 91282CLQ2 546,039 3.88% 3.86% 10/31/2024 10/15/2027 1,079 837 551,914 PFM USA TREASURY NTS 91282CLX7 1,900,334 4.00% 3.97% 12/2/2024 11/15/2027 1,078 868 1,917,594 PFM USA TREASURY NTS 91282CMF5 1,123,462 4.25% 4.20% 2/3/2025 1/15/2028 1,076 929 1,139,546 PFM USA TREASURY NTS 91282CMN8 478,785 4.25% 4.20% 3/3/2025 2/15/2028 1,079 960 481,422 PFM USA TREASURY NTS 91282CMS7 351,367 3.88% 3.86% 4/7/2025 3/15/2028 1,073 989 351,684 PFM USA TREASURY NTS 91282CND9 1,743,789 3.75% 3.75% 6/5/2025 5/15/2028 1,075 1,050 1,752,590 PFM USA TREASURY NTS 91282CNH0 298,887 3.88% 3.86% 6/11/2025 6/15/2028 1,100 1,081 301,593 PFM USA TREASURY NTS 4 % 15-DEC-20 91282CMB4 520,898 4.00% 3.97% 1/2/2025 12/15/2027 1,077 898 528,733 - TOTAL FEDERAL / AGENCY ISSUES - 53,004,953 $ 3.46% 3.45% - - 1,434 921 53,451,931$ MUNICIPAL ISSUES:Chandler CALIFORNIA ST 13063EGT7 542,846$ 4.50% 4.43% 10/30/2024 8/1/2029 1,736 1,493 549,585$ PFM LOS ANGELES CALIF 544647KX7 210,000 4.38% 4.35% 4/24/2025 7/1/2027 798 731 211,873 - TOTAL MUNICIPAL ISSUES - 752,846 $ 4.47% 4.40% - - 1,267 1,112 761,458$ MEDIUM TERM NOTES / COMMERCIAL PAPER:Chandler AMAZON COM INC 1 % 12-MAY-2026 023135BX3 786,587$ 1.00% 1.03% 5/10/2021 5/12/2026 1,828 316 769,318$ Chandler APPLE INC 037833DN7 307,452 2.05% 2.10% 12/2/2021 9/11/2026 1,744 438 293,121 Chandler BANK OF MONTREAL 06368FAC3 249,698 1.25% 1.30% 9/13/2021 9/15/2026 1,828 442 241,218 Chandler BERKSHIRE HATHAWAY FIN 084664CZ2 584,889 2.30% 2.36% 3/7/2022 3/15/2027 1,834 623 570,322 Chandler CATERPILLAR FINL S 14913UAJ9 630,309 4.85% 4.75% 3/18/2024 2/27/2029 1,807 1,338 644,522 Chandler CHUBB INA HLDG LLC 171239AL0 524,150 4.65% 4.58% 8/15/2024 8/15/2029 1,826 1,507 528,861 Chandler CME GROUP INC 12572QAL9 547,635 4.40% 4.38% 3/25/2025 3/15/2030 1,816 1,719 553,878 Chandler DUKE ENERGY FLORIDA LLC 26444HAC5 515,740 3.20% 3.24% 2/22/2022 1/15/2027 1,788 564 493,545 Chandler ELI LILLY & CO 532457CK2 374,753 4.50% 4.44% 2/7/2024 2/9/2029 1,829 1,320 380,516 Chandler ELI LILLY & CO 532457CV8 349,923 4.75% 4.65% 2/10/2025 2/12/2030 1,828 1,688 358,848 Chandler FLORIDA PWR LT CO 341081GN1 395,128 4.40% 4.37% 5/19/2023 5/15/2028 1,823 1,050 402,955 Chandler HOME DEPOT INC 437076CW0 636,492 4.90% 4.78% 5/21/2024 4/15/2029 1,790 1,385 651,485 Chandler JOHN DEERE CAPITAL 24422EXT1 641,263 4.85% 4.74% 8/27/2024 6/11/2029 1,749 1,442 640,369 Chandler MASTERCARD INCORPO 57636QAW4 309,699 4.88% 4.77% 3/6/2023 3/9/2028 1,830 983 317,006 Chandler NORTHERN TR CORP SR NT 4 % 10- 665859AW4 522,677 4.00% 4.01% 5/5/2022 5/10/2027 1,831 679 519,366 City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2025
BOOK VALUE MARKET
VALUE
June 30, 2025 June 30, 2025
MATURITY
DATE
TOTAL LIFE
(DAYS)
REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT
HELD WITH DESCRIPTION CUSIP # RATE
YIELD TO
MATURITY
(At Purchase)
Chandler PACCAR FINANCIAL CORP 4 % 26-S 69371RT48 319,341 4.00% 4.03% 9/23/2024 9/26/2029 1,829 1,549 318,294 Chandler PEPSICO INC 713448FX1 644,096 4.50% 4.44% 7/15/2024 7/17/2029 1,828 1,478 655,281 Chandler PNC FINANCIAL SERVICES 693475AW5 501,533 3.45% 3.55% 12/5/2024 4/23/2029 1,600 1,393 510,463 Chandler PUB SVC ELEC & GAS 74456QBX3 509,309 3.65% 3.71% 11/2/2023 9/1/2028 1,765 1,159 541,508 Chandler REALTY INCOME CORP 756109BS2 299,919 4.70% 4.64% 12/14/2023 12/15/2028 1,828 1,264 304,236 Chandler ROYAL BK OF CANADA 78016HZS2 510,595 5.20% 5.06% 12/14/2023 8/1/2028 1,692 1,128 514,355 Chandler SCHWAB CHARLES CORP 808513BR5 463,444 1.15% 1.18% 12/14/2021 5/13/2026 1,611 317 457,146 Chandler STATE STREET BANK 857449AE2 605,886 4.78% 4.69% 12/9/2024 11/23/2029 1,810 1,607 612,780 Chandler TARGET CORP 87612EBM7 289,507 1.95% 2.01% 1/19/2022 1/15/2027 1,822 564 280,894 Chandler TORONTO DOMINION BANK 89115A2C5 573,074 4.11% 4.12% 8/26/2022 6/8/2027 1,747 708 573,361 Chandler TORONTO-DOMINION 89115A2U5 257,768 5.52% 5.34% 12/14/2023 7/17/2028 1,677 1,113 258,595 Chandler TOYOTA MTR CR CORP 89236TJK2 456,361 1.13% 1.16% 12/14/2021 6/18/2026 1,647 353 446,448 Chandler TOYOTA MTR CR CORP FR 89236TNJ0 554,367 4.80% 4.73% 5/12/2025 5/15/2030 1,829 1,780 563,852 Chandler UNITEDHEALTH GROUP INC 91324PEC2 631,645 1.15% 1.18% 8/10/2021 5/15/2026 1,739 319 612,398 Chandler WALMART INC 931142ER0 124,764 1.05% 1.09% 9/8/2021 9/17/2026 1,835 444 120,806 PFM ACCENTURE CAPITAL INC 00440KAA1 69,910 3.90% 3.91% 10/1/2024 10/4/2027 1,098 826 69,786 PFM ADOBE INC 00724PAE9 144,928 4.85% 4.79% 4/1/2024 4/4/2027 1,098 643 147,091 PFM ADVANCED MICRO DEVICES 007903BJ5 190,000 4.32% 4.29% 3/10/2025 3/24/2028 1,110 998 191,397 PFM AMAZON COM INC 023135BC9 238,716 3.15% 3.20% 4/9/2025 8/22/2027 865 783 241,009 PFM AMERICAN EXPRESS CO 025816DV8 50,000 5.04% 4.98% 7/22/2024 7/26/2028 1,465 1,122 50,683 PFM AMERICAN EXPRESS CO 025816ED7 185,000 4.73% 4.68% 4/21/2025 4/25/2029 1,465 1,395 187,103 PFM AMERICAN HONDA FIN CORP 02665WFT3 124,914 4.45% 4.44% 10/21/2024 10/22/2027 1,096 844 125,369 PFM AMERICAN HONDA FIN CORP MTN FR 02665WEK3 99,877 5.25% 5.21% 7/5/2023 7/7/2026 1,098 372 100,840 PFM American Honda Finance 02665WFD8 139,923 4.90% 4.86% 3/11/2024 3/12/2027 1,096 620 141,245 PFM ANALOG DEVICES INC 032654BD6 274,703 4.25% 4.23% 6/12/2025 6/15/2028 1,099 1,081 276,271 PFM APPLE INC 3 % 13-NOV-2027 037833DK3 242,295 3.00% 3.06% 4/9/2025 11/13/2027 948 866 245,173 PFM AUSTRALIA & NEW ZEALA BKG 05253JAZ4 460,000 4.75% 4.71% 1/8/2024 1/18/2027 1,106 567 464,687 PFM BANK AMERICA CORP 06051GLE7 345,000 5.08% 5.07% 1/17/2023 1/20/2027 1,464 569 345,918 PFM BANK AMERICA CORP 06051GMK2 330,000 4.98% 4.92% 1/17/2025 1/24/2029 1,468 1,304 334,706 PFM BANK NEW YORK MELLON 06405LAH4 250,810 4.73% 4.67% 4/15/2025 4/20/2029 1,466 1,390 253,533 PFM BLACKROCK FUNDING INC 09290DAH4 239,993 4.60% 4.55% 7/17/2024 7/26/2027 1,104 756 242,930 PFM BMW US CAP LLC 05565ECP8 364,993 4.65% 4.64% 8/7/2024 8/13/2026 736 409 366,208 PFM BRISTOL-MYERS SQUIBB CO SR NT 110122EE4 69,924 4.90% 4.84% 2/14/2024 2/22/2027 1,104 602 70,893 PFM CATERPILLAR FINL SERVICE 14913UAE0 169,816 4.50% 4.47% 1/2/2024 1/8/2027 1,102 557 171,008 PFM CATERPILLAR FINL SVCS 14913UAS9 199,828 4.60% 4.55% 11/12/2024 11/15/2027 1,098 868 202,396 PFM CINTAS CORP NO 2 17252MAR1 154,802 4.20% 4.19% 4/28/2025 5/1/2028 1,099 1,036 155,370 PFM CISCO SYS INC 17275RBQ4 289,623 4.80% 4.75% 2/21/2024 2/26/2027 1,101 606 293,518 PFM CISCO SYS INC 17275RBW1 94,897 4.55% 4.50% 2/19/2025 2/24/2028 1,100 969 96,256 PFM CITBANK N A 17325FBL1 375,000 4.88% 4.85% 11/12/2024 11/19/2027 1,102 872 377,280 PFM CITIBANK 17325FBA5 250,000 5.86% 5.85% 9/26/2023 9/29/2025 734 91 250,478 PFM CITIBANK N A SR 17325FBJ6 250,965 4.93% 4.90% 8/1/2024 8/6/2026 735 402 251,715 PFM COMMONWEALTH BK 20271RAV2 250,000 4.42% 4.38% 3/6/2025 3/14/2028 1,104 988 252,473 PFM COOPERATIVE CENTRALE 21688ABK7 500,000 4.88% 4.79% 1/13/2025 1/21/2028 1,103 935 510,555 PFM CUMMINS INC 231021AY2 24,983 4.25% 4.23% 5/6/2025 5/9/2028 1,099 1,044 25,113 PFM ELI LILLY & CO 532457CJ5 239,873 4.50% 4.47% 2/7/2024 2/9/2027 1,098 589 241,937 PFM GOLDMAN SACHS BK USA 38151LAG5 140,000 5.41% 5.37% 5/15/2024 5/21/2027 1,101 690 141,155 PFM GOLDMAN SACHS GROUP 38141GC77 125,000 4.94% 4.90% 4/15/2025 4/23/2028 1,104 1,028 125,974 PFM HERSHEY CO 427866BK3 99,931 4.55% 4.50% 2/19/2025 2/24/2028 1,100 969 101,265 PFM HOME DEPOT INC 437076DB5 104,652 4.88% 4.81% 6/17/2024 6/25/2027 1,103 725 106,655 PFM HORMEL FOODS CORP 440452AK6 99,903 4.80% 4.75% 3/5/2024 3/30/2027 1,120 638 101,019 PFM HSBC USA INC 40428HR95 200,078 4.65% 4.62% 5/28/2025 6/3/2028 1,102 1,069 201,578 PFM JOHN DEERE CAPITAL CORPORATION 24422EXM6 159,851 4.85% 4.79% 3/4/2024 3/5/2027 1,096 613 161,986 PFM JOHNSON & JOHNSON 478160DH4 69,959 4.55% 4.48% 2/18/2025 3/1/2028 1,107 975 71,186 City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2025
BOOK VALUE MARKET
VALUE
June 30, 2025 June 30, 2025
MATURITY
DATE
TOTAL LIFE
(DAYS)
REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT
HELD WITH DESCRIPTION CUSIP # RATE
YIELD TO
MATURITY
(At Purchase)
PFM JPMORGAN CHASE & CO 46647PDW3 120,000 6.07% 5.95% 10/16/2023 10/22/2027 1,467 844 122,606 PFM JPMORGAN CHASE & CO 46647PEE2 215,000 5.57% 5.46% 4/15/2024 4/22/2028 1,468 1,027 219,412 PFM JPMORGAN CHASE &CO 46647PEP7 124,630 2.25% 2.25% 10/22/2024 10/22/2028 1,461 1,210 125,374 PFM MARS INC 571676AX3 94,999 4.60% 4.56% 3/5/2025 3/1/2028 1,092 975 95,772 PFM MASTERCARD INCORPORATED 57636QBA1 104,942 4.10% 4.09% 9/3/2024 1/15/2028 1,229 929 105,462 PFM MERCEDES BENZ FIN NA 58769JAK3 198,554 5.20% 5.16% 8/21/2023 8/3/2026 1,078 399 201,620 PFM MERCEDES-BENZ FIN NORTH 58769JBB2 159,869 4.80% 4.78% 11/12/2024 11/13/2026 731 501 160,835 PFM MORGAN STANLEY 61747YEZ4 74,999 5.05% 5.04% 1/17/2023 1/28/2027 1,472 577 75,228 PFM MORGAN STANLEY 61747YFP5 25,000 5.65% 5.54% 4/17/2024 4/13/2028 1,457 1,018 25,555 PFM MORGAN STANLEY BK N A 61690U8B9 250,193 5.50% 5.40% 5/29/2024 5/26/2028 1,458 1,061 255,280 PFM NATIONAL AUSTRALIA 632525CA7 249,273 4.50% 4.46% 11/19/2024 10/26/2027 1,071 848 252,610 PFM NATIONAL RURAL UTILS COOP 63743HFR8 169,895 5.10% 5.03% 5/7/2024 5/6/2027 1,094 675 172,700 PFM NATIONAL RURAL UTILS COOP 63743HFT4 145,137 4.12% 4.13% 9/10/2024 9/16/2027 1,101 808 144,877 PFM NATIONAL RURAL UTILS COOP FIN 63743HFF4 39,946 5.45% 5.44% 10/20/2022 10/30/2025 1,106 122 40,119 PFM NATIONAL SECS CLEARING 637639AN5 249,980 4.35% 4.33% 5/14/2025 5/20/2027 736 689 251,568 PFM PACCAR FINANCIAL CORP 69371RS56 199,900 5.05% 5.00% 8/3/2023 8/10/2026 1,103 406 202,088 PFM PACCAR FINANCIAL CORP 5 % 13-M 69371RT22 49,962 5.00% 4.92% 5/6/2024 5/13/2027 1,102 682 50,865 PFM PEPSICO INC 713448GA0 369,845 4.45% 4.40% 2/5/2025 2/7/2028 1,097 952 374,592 PFM PNC FINANCIAL SERVICES 693475BL8 25,000 4.76% 4.75% 1/19/2023 1/26/2027 1,468 575 25,037 PFM ROCHE HOLDINGS INC 771196CE0 255,000 5.27% 5.19% 11/6/2023 11/13/2026 1,103 501 258,828 PFM STATE STR CORP 857477BX0 65,000 5.75% 5.72% 11/1/2022 11/4/2026 1,464 492 65,287 PFM STATE STR CORP 857477CD3 175,000 5.27% 5.22% 7/31/2023 8/3/2026 1,099 399 176,757 PFM STATE STR CORP 857477CL5 90,000 4.99% 4.92% 3/13/2024 3/18/2027 1,100 626 91,302 PFM STATE STR CORP 857477DA8 110,000 4.54% 4.52% 4/22/2025 4/24/2028 1,098 1,029 110,700 PFM TARGET CORP 87612EBU9 64,999 4.35% 4.33% 6/5/2025 6/15/2028 1,106 1,081 65,391 PFM TEXAS INSTRS INC SR NT 882508CE2 209,866 4.60% 4.56% 2/5/2024 2/8/2027 1,099 588 211,913 PFM TOYOTA MTR CR CORP 89236TMJ1 39,975 4.55% 4.54% 8/6/2024 8/7/2026 731 403 40,139 PFM TOYOTA MTR CR CORP 89236TMS1 175,060 4.35% 4.34% 10/8/2024 10/8/2027 1,095 830 175,726 PFM TOYOTA MTR CR CORP 89236TMY8 149,918 4.60% 4.57% 1/6/2025 1/8/2027 732 557 151,047 PFM TRUIST FINANCIAL CORP 89788MAH5 145,000 4.26% 4.26% 7/25/2022 7/28/2026 1,464 393 144,942 PFM TRUIST FINANCIAL CORP 89788MAJ1 155,000 5.90% 5.88% 10/26/2022 10/28/2026 1,463 485 155,637 PFM UBS AG STAMFORD 90261AAD4 250,000 4.86% 4.83% 1/6/2025 1/10/2028 1,099 924 252,033 PFM UNITEDHEALTH GROUP INC 91324PEY4 352,526 4.60% 4.58% 3/19/2024 4/15/2027 1,122 654 357,126 PFM USAA CAP CORP FR 90327QDA4 149,717 4.38% 4.35% 5/29/2025 6/1/2028 1,099 1,067 151,013 - TOTAL MEDIUM TERM NOTES / COMMERCIAL PAPER- 26,992,328$ 4.14% 4.11% - - 1,326 841 27,138,938$ ASSET BACKED SECURITIES:
Chandler AMERICAN EXP CR MAST TR 2024 A 02582JKH2 194,960 5.23% 5.13% 4/16/2024 4/16/2029 1,826 1,386 198,894 Chandler BMW VEHICLE LEASE TRUST 05613MAD1 144,987 4.41% 4.41% 10/1/2024 10/25/2027 1,119 847 144,955 Chandler BMW VEHICLE OWN22A 05602RAD3 15,271 3.21% 3.22% 5/10/2022 8/25/2026 1,568 421 15,245 Chandler BMW VEHICLE OWNER 096919AD7 224,966 5.18% 5.12% 6/4/2024 2/26/2029 1,728 1,337 227,837 Chandler BMW VEHICLE OWNER 096924AD7 344,966 4.85% 4.81% 2/4/2025 9/25/2029 1,694 1,548 347,954 Chandler BREAN ASST BCK 437918AC9 474,979 5.21% 5.16% 2/13/2024 8/15/2028 1,645 1,142 479,072 Chandler CHASE ISSUANCE TR 2023-1 A 161571HT4 539,850 5.16% 5.10% 9/7/2023 9/15/2028 1,835 1,173 546,241 Chandler FED FARM CREDIT 3133EPA47 254,225 4.88% 4.72% 11/27/2023 11/1/2028 1,801 1,220 258,758 Chandler FED FARM CREDIT 3133ERAK7 984,330 4.38% 4.31% 4/18/2024 4/10/2029 1,818 1,380 1,016,330 Chandler FED NATL MORT ASSC 3135G06G3 1,021,726 0.50% 0.51% 11/9/2020 11/7/2025 1,824 130 1,011,470 Chandler FEDERAL FARM CREDIT BKS 3133EPME2 398,416 3.88% 3.87% 6/7/2023 6/8/2028 1,828 1,074 400,760 Chandler FEDERAL FARM CREDIT BKS 3133EPQD0 752,370 4.25% 4.20% 7/20/2023 7/17/2028 1,824 1,113 759,143 Chandler FORD CR AUTO OWNER 34535VAD6 309,990 4.84% 4.79% 11/19/2024 8/15/2029 1,730 1,507 313,102 Chandler GM FINA AUTO LEASE 2024-2 A-3 36269WAD1 184,989 5.78% 5.73% 5/7/2024 7/20/2027 1,169 750 186,476 Chandler GM FINAN AB LESINGTR 362962AD4 244,996 4.79% 4.76% 5/20/2025 5/22/2028 1,098 1,057 246,565 Chandler GM FINANCIAL ATMB LT 38012QAD0 139,983 4.21% 4.21% 9/24/2024 10/20/2027 1,121 842 139,967 City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2025
BOOK VALUE MARKET
VALUE
June 30, 2025 June 30, 2025
MATURITY
DATE
TOTAL LIFE
(DAYS)
REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT
HELD WITH DESCRIPTION CUSIP # RATE
YIELD TO
MATURITY
(At Purchase)
Chandler GM FINANCIAL CON 380146AC4 3,387 1.26% 1.26% 1/11/2022 11/16/2026 1,770 504 3,382 Chandler GM FINL CONS AUT 362554AC1 315 0.68% 0.68% 10/13/2021 9/16/2026 1,799 443 315 Chandler HONDA AUTO REC OWNER 2024 A-3 437930AC4 174,979 5.27% 5.21% 5/14/2024 11/20/2028 1,651 1,239 177,092 Chandler HONDA AUTO REC22-1 43815BAC4 16,514 1.88% 1.88% 2/15/2022 5/15/2026 1,550 319 16,483 Chandler HONDA AUTO RECEIVABLER 36269FAD8 289,964 5.09% 5.07% 2/8/2024 3/22/2027 1,138 630 290,872 Chandler HYUNDAI AUTO REC 44934QAD3 144,978 5.38% 5.33% 7/16/2024 3/15/2029 1,703 1,354 146,478 Chandler HYUNDAI AUTO REC TR 2022-A A-3 448977AD0 28,708 2.22% 2.22% 3/9/2022 10/15/2026 1,681 472 28,662 Chandler HYUNDAI AUTO RECE TR 2024-A A-3 448973AD9 204,955 5.18% 5.13% 3/20/2024 2/15/2029 1,793 1,326 206,843 Chandler JOHN DEERE O 47787JAC2 17,081 2.32% 2.33% 3/10/2022 9/15/2026 1,650 442 17,036 Chandler JOHN DEERE O 47800AAC4 63,172 3.74% 3.75% 7/12/2022 2/16/2027 1,680 596 62,973 Chandler JOHN DEERE OWNER TR 2023 A-3 47800CAC0 141,510 5.01% 4.99% 2/23/2023 11/15/2027 1,726 868 141,859 Chandler MERCEDES-BENZ AUTO 58770JAD6 134,984 5.66% 5.59% 5/17/2024 1/18/2028 1,341 932 136,649 Chandler MERCEDES-BENZ AUTO LEASE TRUST 58769GAD5 209,965 4.23% 4.23% 9/17/2024 2/15/2028 1,246 960 209,941 Chandler TENNESSEE VALLEY AUTHORITY 880591EZ1 501,505 3.88% 3.87% 5/1/2023 3/15/2028 1,780 989 501,505 Chandler TOYOTA AT REC OWN 89238FAD5 21,278 2.93% 2.94% 4/7/2022 9/15/2026 1,622 442 21,225 Chandler VERIZON MASTER TRUST 92348KDY6 399,983 4.51% 4.49% 3/25/2025 3/20/2030 1,821 1,724 401,756 Chandler WF CARD ISSUANCE TR 92970QAJ4 424,993 4.34% 4.31% 6/3/2025 5/15/2030 1,807 1,780 428,329 PFM ALLY AUTO RECE22-1 02008JAC0 29,984 3.31% 3.31% 5/10/2022 11/16/2026 1,651 504 29,948 PFM ALLY AUTO RECE22-2 02008MAC3 129,760 4.76% 4.76% 10/4/2022 5/17/2027 1,686 686 129,811 PFM ALLY AUTO RECEIVABLES 02007NAC2 149,984 5.35% 5.36% 9/24/2024 7/16/2029 1,756 1,477 149,860 PFM AMERICAN EXP 02582JKM1 474,895 4.56% 4.51% 2/4/2025 12/17/2029 1,777 1,631 480,973 PFM AMERICAN EXPRESS CREDIT 02582JKP4 349,994 4.25% 4.23% 5/6/2025 4/15/2030 1,805 1,750 352,141 PFM BA CREDIT CARD TRUST A 05522RDH8 124,983 4.98% 4.93% 12/7/2023 11/15/2028 1,805 1,234 126,322 PFM BANK OF AMERICA CREDIT 05522RDK1 229,999 4.31% 4.29% 6/5/2025 5/15/2030 1,805 1,780 231,558 PFM BMW VEH OWNER TR 2023-A A3 05592XAD2 60,183 5.47% 5.44% 7/11/2023 2/25/2028 1,690 970 60,551 PFM BMW VEHICLE LEASE TRUST 096912AD2 99,998 4.77% 4.75% 6/3/2025 6/26/2028 1,119 1,092 100,572 PFM BMW VEHICLE OWN22A 05602RAD3 10,908 3.21% 3.22% 5/10/2022 8/25/2026 1,568 421 10,889 PFM BMW VEHICLE OWNER 096919AD7 199,970 5.18% 5.12% 6/4/2024 2/26/2029 1,728 1,337 202,522 PFM BOFA AUTO TRUST 05594BAD8 69,009 4.35% 4.33% 5/6/2025 11/20/2029 1,659 1,604 69,330 PFM BOFA AUTO TRUST 2024-1 A-3 09709AAC6 49,992 5.35% 5.30% 5/14/2024 11/15/2028 1,646 1,234 50,478 PFM CAPITAL ONE PRIME 14043GAD6 54,016 3.66% 3.67% 8/2/2022 5/17/2027 1,749 686 53,842 PFM CAPITAL ONE PRIME 14043QAC6 38,694 3.17% 3.18% 4/26/2022 4/15/2027 1,815 654 38,532 PFM CARMAX AUTO 41285YAC9 203,422 5.69% 5.65% 9/20/2023 8/15/2028 1,791 1,142 205,055 PFM CARMAX AUTO OW22-1 14318MAD1 80,708 3.97% 3.98% 7/12/2022 4/15/2027 1,738 654 80,534 PFM CARMAX AUTO OW22-4 14318UAD3 129,907 5.34% 5.32% 10/26/2022 8/16/2027 1,755 777 130,353 PFM CARMAX AUTO OWNER TR 2022 A-3 14317HAC5 32,677 3.49% 3.50% 4/21/2022 2/16/2027 1,762 596 32,607 PFM CHASE ISSUE TR 2024-1 A 161571HV9 414,937 4.60% 4.57% 1/24/2024 1/16/2029 1,819 1,296 418,039 PFM CITIBANK CREDIT CARD 17305EHA6 499,864 4.30% 4.28% 6/18/2025 6/21/2030 1,829 1,817 502,913 PFM CITIGROUP MTG LN 65480WAD3 198,308 4.91% 4.90% 4/18/2023 11/15/2027 1,672 868 198,754 PFM DISCOVER CARD EXECUTION NT 0 % 254683CY9 144,992 0.00% 0.00% 4/4/2023 3/15/2028 1,807 989 144,868 PFM FHLMC STACR REMIC 344930AD4 96,421 5.23% 5.20% 6/21/2023 5/15/2028 1,790 1,050 96,950 PFM FIFTH THIRD AUTO TR 2023-1 A-3 31680EAD3 211,882 5.53% 5.49% 8/15/2023 8/15/2028 1,827 1,142 213,551 PFM FORD CR AUTO OWNER 34531QAD1 349,997 5.59% 5.51% 6/18/2024 4/15/2029 1,762 1,385 354,446 PFM FORD CR AUTO OWNER TR 344928AD8 81,932 4.65% 4.64% 3/28/2023 2/15/2028 1,785 960 82,030 PFM GM FINANCIAL CON 36265WAD5 39,253 3.64% 3.65% 7/6/2022 4/16/2027 1,745 655 39,179 PFM GM FINANCIAL CON 380146AC4 3,079 1.26% 1.26% 1/11/2022 11/16/2026 1,770 504 3,075 PFM GM FINANCIAL SECURITIZED TERM 38013KAD2 189,971 5.13% 5.08% 7/2/2024 4/16/2029 1,749 1,386 191,941 PFM GM FINL CON AUTO 38014AAD3 129,975 4.27% 4.26% 10/8/2024 8/16/2029 1,773 1,508 130,374 PFM GM FINL CONS AT REC TR 362955AD8 154,988 4.98% 4.94% 1/9/2025 12/17/2029 1,803 1,631 156,388 PFM GM FINL CONS AUT 362554AC1 277 0.68% 0.68% 10/13/2021 9/16/2026 1,799 443 277 PFM HARLEY-DAVIDSON MO 41284YAD8 15,251 3.06% 3.06% 4/12/2022 2/15/2027 1,770 595 15,234 PFM HARLEY-DAVIDSON MTRCYCLE TR A-3 41285JAD0 91,414 5.05% 5.04% 2/13/2023 12/15/2027 1,766 898 91,609 PFM HONDA AUTO REC22-1 43815BAC4 11,927 1.88% 1.88% 2/15/2022 5/15/2026 1,550 319 11,904 City of Alameda
Detail for Investment Portfolio Summary Report
June 30, 2025
BOOK VALUE MARKET
VALUE
June 30, 2025 June 30, 2025
MATURITY
DATE
TOTAL LIFE
(DAYS)
REMAINING
LIFE (DAYS)
PURCHASE
DATE
INVESTMENT
HELD WITH DESCRIPTION CUSIP # RATE
YIELD TO
MATURITY
(At Purchase)
PFM HONDA AUTO RECEIVABLES 437921AD1 104,988 4.15% 4.14% 4/29/2025 10/15/2029 1,630 1,568 105,208 PFM HONDA AUTO RECEIVABLES 43814VAC1 354,989 4.57% 4.53% 2/4/2025 9/21/2029 1,690 1,544 358,431 PFM HONDA AUTO RECEIVABLES 43816DAC9 124,982 4.33% 4.32% 10/16/2024 3/15/2029 1,611 1,354 125,289 PFM Honda Auto Receivables Owner 43813YAC6 224,965 4.57% 4.55% 8/9/2024 3/21/2029 1,685 1,360 226,225 PFM HUNTINGTON AUTO TR 2024-1 A-3 446144AE7 139,995 5.23% 5.18% 2/13/2024 1/16/2029 1,799 1,296 141,235 PFM HYUNDAI AUTO REC 448976AD2 159,988 4.42% 4.40% 10/8/2024 5/15/2029 1,680 1,415 160,805 PFM HYUNDAI AUTO REC TR 2022-A A-3 448977AD0 16,638 2.22% 2.22% 3/9/2022 10/15/2026 1,681 472 16,611 PFM HYUNDAI AUTO REC22 44918MAD2 26,847 3.72% 3.72% 7/12/2022 11/16/2026 1,588 504 26,814 PFM HYUNDAI AUTO RECV TR 44935CAD3 309,954 4.79% 4.78% 3/4/2025 10/15/2029 1,686 1,568 311,197 PFM JP MORGAN MTGE 50117KAC4 127,481 5.02% 5.01% 3/28/2023 6/15/2027 1,540 715 127,888 PFM KUBOTA CR OWN TR 2022-1 A-3 50117EAC8 52,999 2.67% 2.68% 3/15/2022 10/15/2026 1,675 472 52,776 PFM KUBOTA CR OWN TR 2022-2 A-3 50117JAC7 77,238 4.09% 4.10% 7/14/2022 12/15/2026 1,615 533 77,137 PFM KUBOTA CR OWNER TR 50117LAC2 100,000 4.80% 4.80% 6/17/2025 9/17/2029 1,553 1,540 100,586 PFM KUBOTA CR OWNER TR 2023-2 A-3 500945AC4 119,970 5.28% 5.24% 7/18/2023 1/18/2028 1,645 932 120,994 PFM MERCEDES BENZ AUTO 58773DAD6 219,953 4.78% 4.72% 1/14/2025 12/17/2029 1,798 1,631 222,906 PFM MERCEDES-BENZ 22-1 58768PAC8 148,732 5.21% 5.19% 11/15/2022 8/16/2027 1,735 777 149,221 PFM MERCEDES-BENZ AUTO 58770AAC7 60,312 4.51% 4.51% 1/18/2023 11/15/2027 1,762 868 60,317 PFM NISSAN AUTO REC TR 1 % 15-Mar- 65479WAD6 94,991 1.00% 1.00% 10/16/2024 3/15/2029 1,611 1,354 95,207 PFM NISSAN AUTO RECEIVABLES 65481GAD7 264,949 4.49% 4.45% 5/20/2025 12/17/2029 1,672 1,631 267,665 PFM PORSCHE INNOV LEASE 73329KAD8 99,989 4.78% 4.74% 5/14/2025 10/20/2028 1,255 1,208 100,887 PFM PRETIUM MTG CR 891941AD8 152,032 4.71% 4.70% 5/16/2023 2/15/2028 1,736 960 152,317 PFM TOYOTA AUTO REC 89239TAD4 94,995 4.47% 4.45% 10/10/2024 6/15/2029 1,709 1,446 95,401 PFM TOYOTA AUTO REC TR 2023-D A-3 89239FAD4 79,991 5.89% 5.82% 11/7/2023 8/15/2028 1,743 1,142 80,939 PFM TOYOTA AUTO RECEIVABLES 891940AC2 90,970 4.63% 4.63% 1/24/2023 9/15/2027 1,695 807 91,011 PFM TOYOTA AUTO RECEIVABLES 89231HAD8 184,989 4.77% 4.74% 4/24/2025 11/15/2029 1,666 1,599 186,138 PFM TOYOTA AUTO RECEIVABLES 89240JAD3 224,991 0.00% 0.00% 1/22/2025 8/15/2029 1,666 1,507 227,076 PFM USAA AUTO OWNER TRUST 90327VAC2 154,971 5.03% 4.99% 7/24/2024 10/15/2028 1,544 1,203 156,257 PFM VERIZON MASTER TRUST 92348KDY6 284,988 4.51% 4.49% 3/25/2025 3/20/2030 1,821 1,724 286,251 PFM VOLKSWAGEN AUTO 92868MAD1 234,992 4.92% 4.89% 3/18/2025 8/20/2029 1,616 1,512 236,746 PFM VOLKSWAGEN AUTO LN 92868RAD0 124,988 4.63% 4.58% 11/19/2024 7/20/2029 1,704 1,481 126,290 PFM VOLVO FINANCIAL EQUIPMENT 92887TAC5 129,984 4.46% 4.43% 3/4/2025 5/15/2029 1,533 1,415 130,836 - TOTAL ASSET BACKED SECURITIES - 18,750,675 $ 4.35% 4.31% - - 1,671 1,072 18,888,233$ SUPRANATIONALS:
Chandler INTER-AMER DEV BK 4581X0DC9 765,752 3.13% 3.19% 1/17/2024 9/18/2028 1,706 1,176 784,400 Chandler INTER-AMER DEV BK 4581X0DV7 517,618 0.88% 0.90% 4/13/2021 4/20/2026 1,833 294 506,828 Chandler INTER-AMER DEV BK 4581X0EN4 444,497$ 4.13% 4.09% 2/16/2024 2/15/2029 1,826 1,326 454,932$ Chandler INTL BANK RECON&DV 459058JL8 469,469 0.50% 0.51% 10/21/2020 10/28/2025 1,833 120 464,078 Chandler INTL BANK RECON&DV 459058LN1 468,773 3.88% 3.87% 10/8/2024 10/16/2029 1,834 1,569 471,105 Chandler INTL BK RECON 459058LR2 532,855 4.13% 4.08% 3/14/2025 3/20/2030 1,832 1,724 541,554 TOTAL SUPRANATIONALS - 3,198,964 $ 2.79% 2.80% - - 1,831 1,185 3,222,897$ TOTAL PORTFOLIO 319,458,473$ - - - - - - 320,903,834$ IRREVOCABLE TRUST (PENSION / OPEB) *
- Pension - 21,725,246$ - - - - - - 22,354,795$ - OPEB - 27,503,159 - - - - - - 21,235,899 - TOTAL IRREVOCABLE TRUST (PENSION / OPEB) - 49,228,405$ - - - - - - 43,590,694 $ -
* Pension & OPEB Included for Information Only - They are not part of the City's Cash & Investment Portfolio.
July 4.258
June 4.269
May 4.272
April 4.281
March 4.313
February 4.333
LAIF Apportionment Rate(2): 4.40
LAIF Earnings Ratio(2): 0.00012059828906715
LAIF Administrative Cost(1)*: 0.18
PMIA Average Life(1): 248
LAIF Fair Value Factor(1): 1.001198310
PMIA Daily(1): 4.26
PMIA Quarter to Date(1): 4.27
Treasuries
55.09%
Agencies
25.48%
Certificates of
Deposit/Bank Notes
9.12%
Time
Deposits
2.96%
Commercial
Paper
6.67%
Corporate
Bonds
0.53%
Loans
0.15%
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 California, Office of the Controller
PMIA Average Monthly
Effective Yields(1)
PMIA/LAIF Performance Report
as of 08/06/25
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 6/30/25
Chart does not include $1,063,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.
Pooled Money Investment Account
Monthly Portfolio Composition (1)
6/30/25
$178.1 billion
INVESTMENT REPORT
City of Alameda | As of June 30, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
ECONOMIC UPDATE
2
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improvedbalance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated.
Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. Fed Chair Powell continued to emphasize the Committee’s “wait and see” approach amidst economic uncertainty that remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.
US Treasury yields increased in May. The 2-year Treasury yield increased 30 basis points to 3.90%, the 5-year Treasury increased 24 basis points to 3.96%, and the 10-year Treasury yield also increased 24 basis points to 4.40%. The spread between the 2-year and 10-year Treasury yield points on the curve narrowed to +50 basis points at May month-endversus +56 basis points at April month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -37 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -6 basis points in May, versus -13 basis points in April.
ECONOMIC UPDATE
3 -400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 139,000 jobs in May, exceeding consensus expectations, but the last two months were revised down by 95,000.
Gains were led by healthcare and social assistance. The three-month moving average and six-month moving average payrolls totaled 135,000 and 157,000 respectively. The unemployment rate was unchanged at 4.2% in May, and the labor participation rate declined to
62.4%, remaining below the pre-pandemic level of 63.3%. The U-6 underemploymentrate, which includes those who are marginally attached to the labor force and employed part time for economic reasons remained at 7.8% in May. Average hourly earnings remained steady with a 3.9% year-over-year increase.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor D epartment’s Job Openings and Labor TurnoverSurvey (JOLTS) unexpectedly rose to 7.39 million new job openings in April from
7.20 million in March, but the details of the report reflected underlying labor-market weakness. Layoffs increased and the quits rate dropped, indicating workers found it harder to get new jobs. Job openings indicate a ratio of approximately 1 job for each unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 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
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
Fed Target
YOY (%) Change
In May, t he Consumer Price Index (CPI) cooled slightly more than consensus expectations. The headline CPI increased 0.1% month-over- monthand rose 2.4% year-over-year, while the Core CPI rose 0.1% month-over-monthand 2.8% year-over-year. The Personal Consumption Expenditures (PCE) price index increased 0.1% month-over-monthand rose 2.3% year-over-year in May. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, increased 0.2% month-over-monthand 2.7% year-over-year, up from April’s
2.6% year-over-year increase. Inflation is hovering above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 -10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail S ales were down 0.9% month-over-monthin May, further slowing from a downwardly revised -0.1% in April. Declines were led by auto sales, building materials, garden equipment and supplies, and spending at restaurants and bars fell by the most since early 2023. Control group sales, which feed into GDP, were the only bright spot in the report, with a 0.4% increase. On a year-over-year basis, Retail Sales grew 3.3% in May following a 5.0% increase in April. The Conference Board’s Consumer Confidence Index dropped to 93.0 in June from 98.4 in May, as consumers’ assessment of both the current situation and future expectations for income and labor markets soured. While the consumer has been resilient, elevated inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could pose potential risks to future spending. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7 -25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference B oard’s Leading Economic Index (LEI) fell by 0.1% in May, following a downwardlyrevised 1.4% decline in April. The LEI decreased by 4.0% year-over-year. The rebound in the stock market was the primary positive contributor,offset by consumer pessimism, weak new orders in manufacturing, the second consecutive month of rising initial unemploymentclaims, and a drop in housing permits.
The Chicago Fed National Activity Index (CFNAI) improved to -0.28 in May from a downwardly revised -0.36 in April. The three-month moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts declined 9.8% month-over-monthin May to a seasonally adjusted annual rate of 1.256 million units. Single family starts increased 0.4% above the revised April figures, whereas multi-family starts fell -30.4%. Total starts dropped4.6% compared to May 2024.
Homebuilder confidence is shaky due to elevated mortgage rates, affordability constraints, and a weakening economic outlook. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in June. According to the Case-Shiller 20-City Home Price Index, housing prices rose 3.4% year-over-year in April, compared to 4.1% in March. Limited inventory, elevated mortgage rates, and lack of affordability continue to weigh on the housing market.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index edged down to 48.5 in May from 48.7 in April, indicating a continuation of modest contraction in the sector. The latest survey data indicates that new orders and employment both contracted, while price pressures remained elevated, underscoring ongoing challenges for manufacturers. The ISM Services index dipped into contraction in May, falling 1.7 points to 49.9, due to lower business demand and a significant drop in new orders. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 6/24 9/ 24 12/24 3/25
1.9% 2.5% 2.7% 0.3%
1.5% 0.2% -1.0% 3.9%
-0.9% -0.4% 0.3% -4.6%
0.3% 0.6% 0.3% -0.3%
0.3% 0.3% 0.3% 0.2%
3.0% 3.1% 2.5% -0.5%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce Real GDP d ecreased at an annualized rate of 0.5% in the first quarter of 2025, according to the third and final estimate from the Bureau of Economic Analysis, a downward revision from the previously estimated 0.2% decline. This marks the first negative quarter since 2022.
The primary driver of the downward revision was weaker personal consumption expenditures. Net exports remained the primary drag on growth, as imports rose sharply in anticipation of higher tariffs. Gross investment contributed positively, powered by business decisions to get ahead of possible cost increases. The consensus projection calls for 2.1% growth for the second quarter and 1.5% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
11 Source: Federal Reserve Source: Bloomberg
0 1,000,000
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
Recession
In $ millions
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the June meeting. In the Summaryof Economic Projections (SEP), Federal Reserve officials continued to pencil in two rate cuts in 2025, while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year. The statement indicated that uncertainty about theeconomic outlook remained elevated but had diminished. The monthly redemptioncap on Treasuries will remain at $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by about $2.2 trillion to approximately $6.7 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
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
May-25
Feb-25
May-24
Yield (%)
At the end of May, the 2-year Treasury yield was 97 basis points lower, and the 10-Year Treasury yield was 10 basis points lower, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve narrowed to +50 basis points at May month-end versus +56 basis points at April month-end. The recent yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -6 basis points in May, versus -13 basis points in April.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
City of Alameda | As of June 30, 2025
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.
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.
Strategy
In order to achieve these objectives, we invest in high quality fixed income securities consistent with the investment policy and California Government Code. 15 STATEMENT OF COMPLIANCE
City of Alameda | Account #270 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
ASSET-BACKED SECURITIES (ABS)
Max % (MV) 20.0 9.5 Compliant
Max % Issuer (MV) 5.0 1.0 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 3.0 0.0 Compliant
COLLATERALIZED BANK DEPOSITS
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 3.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0. 0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 26.2 Compliant
Max % Issuer (MV) 5.0 1.9 Compliant
16 STATEMENT OF COMPLIANCE
City of Alameda | Account #270 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 3 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 75.0 7.3 Compliant
Max % Issuer (MV) 25.0 4.5 Compliant
Max Maturity (Years) 5 3 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.5 Compliant
Max % Issuer (MV) 20.0 0.5 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 1.0 Compliant
Max % Issuer (MV) 5.0 1.0 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
M
in Rating (A- by 1) 0.0 0.0 Compliant
MUTUAL FUNDS
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
17 STATEMENT OF COMPLIANCE
City of Alameda | Account #270 | As of June 30, 2025
Rules Name Limit Actual Compliance
Status Notes
Min Rating (AAA by 2) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 15.0 6.0 Compliant
Max % Issuer (MV) 5.0 3.2 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 49.4 Compliant
Max Maturity (Years) 5 4 Compliant
18 PORTFOLIO CHARACTERISTICS
City of Alameda | Account #270 | As of June 30, 2025
Benchmark* 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 2.65 2.94 3.03
Average Modified Duration 2.48 2.51 2.61
Average Purchase Yield 3.56% 3.46%
Average Market Yield 3.78% 3.98% 4.12%
Average Quality** AA+ AA AA+
Total Market Value 54,267,131 53,451,414
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 SECTOR DISTRIBUTION
City of Alameda | Account #270 | As of June 30, 2025
Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 49.38% 47.99%
Corporate 26.23% 25.89%
ABS 9.53% 9.71%
Agency 7.33% 8.92%
Supras 5.98% 6.01%
Muni Bonds 1.02% 1.03%
Money Mkt Fd 0.53% 0.45%
20 DURATION ALLOCATION
City of Alameda | Account #270 | As of June 30, 2025
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
06/30/2025 2.9% 7.4% 6.6% 19.3% 20.6% 36.0% 7.3% 0.0% 0.0% 21 ISSUERS
City of Alameda | Account #270 | As of June 30, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 49.38%
Farm Credit System Agency 4.52%
Inter-American Development Bank Supras 3.24%
International Bank for Recon and Dev Supras 2.74%
FNMA Agency 1.88%
Toyota Motor Corporation Corporate 1.87%
The Toronto-Dominion Bank Corporate 1.54%
Amazon.com, Inc. Corporate 1.43%
Eli Lilly and Company Corporate 1.37%
Honda Auto Receivables Owner Trust ABS 1.25%
PepsiCo, Inc. Corporate 1.22%
The Home Depot, Inc. Corporate 1.21%
Caterpillar Inc. Corporate 1.20%
Deere & Company Corporate 1.19%
GM Financial Automobile Leasing Trus ABS 1.15%
State Street Corporation Corporate 1.14%
UnitedHealth Group Incorporated Corporate 1.14%
BMW Vehicle Owner Trust ABS 1.10%
Berkshire Hathaway Inc. Corporate 1.06%
CME Group Inc. Corporate 1.03%
State of California Muni Bonds 1.02%
Chase Issuance Trust ABS 1.01%
Public Service Enterprise Group Inco Corporate 1.00%
Chubb Limited Corporate 0.98%
Northern Trust Corporation Corporate 0.96%
Royal Bank of Canada Corporate 0.95%
The PNC Financial Services Group, In Corporate 0.95%
Tennessee Valley Authority Agency 0.93%
Duke Energy Corporation Corporate 0. 92%
The Charles Schwab Corporation Corporate 0.85%
22 ISSUERS
City of Alameda | Account #270 | As of June 30, 2025
Issuer Investment Type % Portfolio
WF Card Issuance Trust ABS 0.79%
Florida Power & Light Corporate 0.75%
Verizon Master Trust ABS 0.75%
Hyundai Auto Receivables Trust ABS 0.71%
Mercedes-Benz Auto Lease Trust ABS 0.64%
PACCAR Inc Corporate 0.59%
Mastercard Incorporated Corporate 0.59%
Ford Credit Auto Owner Trust ABS 0.58%
Realty Income Corporation Corporate 0.56%
Apple Inc. Corporate 0.54%
FMR LLC Money Mkt Fd 0.53%
Target Corporation Corporate 0.52%
GM Financial Securitized Term ABS 0.46%
Bank of Montreal Corporate 0.45%
John Deere Owner Trust ABS 0.41%
American Express Credit Master Trust ABS 0.37%
BMW Vehicle Lease Trust ABS 0.27%
Walmart Inc. Corporate 0.22%
Toyota Auto Receivables Owner Trust ABS 0.04%
Cash Cash 0.00%
TOTAL 100.00%
23 QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 13.7% 13.7%
AA 63.1% 63.4%
A 20.9% 20.5%
NA 2.2% 2.4%
Rating 06/30/2025 03/31/2025
AAA 11.35% 68.58%
AA 63.90% 7.23%
A 19.57% 19.20%
NA 5.19% 4.99%
Rating 06/30/2025 03/31/2025
AAA 7.44% 6.69%
AA 64.18% 64.42%
A 11.93% 11.53%
NA 16.46% 17.36%
City of Alameda | Account #270 | As of June 30, 2025
S&P Rating Moody’s Rating Fitch Rating
24 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 2.9% 7.4% 6.6% 19.3% 20.6% 36.0% 7.3% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.1% 2.6% 34.9% 27.8% 23.4% 11.1% 0.0% 0.0%
DURATION DISTRIBUTION
City of Alameda | Account #270 | As of June 30, 2025
Portfolio Compared to the Benchmark
25 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Alameda 1.53% 6.39% 5.49% 3.72% 1.29% 1.91% 2.71% Benchmark 1.36% 6.06% 5.11% 3.24% 0.92% 1.61% 2.37%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 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 market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
INVESTMENT PERFORMANCE
City of Alameda | Account #270 | As of June 30, 2025
Total Rate of Return : Inception | 08/01/2002
26 HISTORICAL AVERAGE PURCHASE YIELD
City of Alameda | Account #270 | As of June 30, 2025
Purchase Yield as of 06/30/25 = 3.56%
27 PORTFOLIO HOLDINGS
28 HOLDINGS REPORT
City of Alameda | Account #270 | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 16,516.49 02/15/2022
1.89%
16,514.01
16,516.03
99.80 4.77%
16,483.04
13.80 0.03%
(32.99)
Aaa/AAA
NA
0.87 0.07
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 15,272.25 05/10/2022
3.63%
15,271.46
15,272.10
99.82 4.56%
15,244.68
8.17 0.03%
(27.42)
Aaa/AAA
NA
1.15 0.14
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 17,084.25 03/10/2022
2.34%
17,080.47
17,083.31
99.72 4.16%
17,035.66
17.62 0.03%
(47.65)
Aaa/NA
AAA
1.21 0.15
89238FAD5 TAOT 2022-B A3 2.93 09/15/2026 21,278.62 04/07/2022
3.09%
21,278.13
21,278.52
99.75 4.58%
21,225.47
27.71 0.04%
(53.05)
Aaa/AAA
NA
1.21 0.15
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 315.05 10/13/2021
0.68%
315.04
315.05
99.84 4.51%
314.55
0.09 0.00%
(0.50)
Aaa/AAA
NA
1.21 0.04
448977AD0 HART 2022-A A3 2.22 10/15/2026 28,709.48 03/09/2022
2.23%
28,708.38
28,709.26
9 9.83
4.49%
28,661.60
28.33 0.05%
(47.67)
NA/AAA
AAA
1.29 0.07
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 3,386.86 01/11/2022
1.24%
3,386.57
3,386.80
99.86 4.72%
3,382.06
1.78 0.01%
(4.75)
NA/AAA
AAA
1.38 0.04
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 63,178.01 07/12/2022
3.77%
63,171.98
63,176.23
9 9.68
4.66%
62,973.50
105.02
0.12%
(202.73)
Aaa/NA
AAA
1.63 0.36
36269FAD8 GMALT 2024-1 A3 5.09
03/22/2027 290,000.00 02/08/2024
5.09%
289,963.75
289,979.84
100.30
4.53%
290,872.06
451.03
0.54%
892.22
NA/AAA
AAA
1.73 0.49
36269WAD1 GMALT 2024-2 A3 5.39
07/20/2027 185,000.00 05/07/2024
5.85%
184,989.25
184,993.06
100.80
4.38%
186,475.93
304.68
0.35%
1,482.87
NA/AAA
AAA
2.05 0.74
38012QAD0 GMALT 2024-3 A3 4.21
10/20/2027 140,000.00 09/24/2024
4.61%
139,983.44
139,987.49
99.98 4.27%
139,966.95
180.09
0.26%
(20.54)
NA/AAA
AAA
2.31 1.01
05613MAD1 BMWLT 2024-2 A3 4.18
10/25/2027 145,000.00 10/01/2024
4.49%
144,986.60
144,989.81
99.97 4.24%
144,955.21
101.02
0.27%
(34.60)
Aaa/NA
AAA
2.32 1.27
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 141,432.23 0
2/23/2023
3.36%
141,509.57
141,460.90
100.30
4.60%
141,858.77
314.92
0.26%
397.87
Aaa/NA
AAA
2.38 0.65
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 135,000.00 05/17/2024
5.73%
134,984.21
134,988.99
101.22
4.38%
136,648.78
319.20
0.25%
1,659.79
Aaa/NA
AAA
2.55 1.22
58769GAD5 MBALT 2024-B A3 4.23
02/15/2028 210,000.00 09/17/2024
4.24%
209,964.66
209,972.63
99.97 4.29%
209,940.59
394.80
0.39%
(32.03)
NA/AAA
AAA
2.63 1.29
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 245,000.00 05/20/2025
4.84%
244,995.93
244,996.05
100.64
4.23%
246,564.64
342.86
0.46%
1,568.59
N
A/AAA
AAA
2.90 1.62
29 HOLDINGS REPORT
City of Alameda | Account #270 | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
437918AC9 HAROT 2024-1 A3 5.21
08/15/2028 475,000.00 02/13/2024
5.27%
474,979.34
474,985.60
100.86
4.32%
479,072.08
1,099.89
0.89%
4,086.48
Aaa/AAA
NA
3.13 0.90
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 540,000.00 09/07/2023
5.23%
539,850.31
539,903.97
101.16
4.21%
546,240.73
1,238.40
1.01%
6,336.75
NA/AAA
AAA
3.21 1.14
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 175,000.00 05/14/2024
5.27%
174,978.74
174,983.99
101.20
4.30%
177,091.71
333.03
0.33%
2,107.71
NA/AAA
AAA
3.39 1.16
448973AD9 HART 2024-A A3 4.99 02/15/2029 205,000.00 03/11/2024
5.05%
204,954.80
204,966.60
100.90
4.26%
206,842.77
454.64
0.38%
1,876.17
NA/AAA
AAA
3.63 1.14
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 225,000.00 06/04/2024
5.18%
224,965.82
224,973.47
101.26
4.11%
227,836.80
194.25
0.42%
2,863.33
Aaa/AAA
NA
3.66 1.12
44934QAD3 HART 2024-B A3 4.84 03/15/2029 145,000.00 07/16/2024
5.45%
144,978.12
144,982.53
1 01.02
4.17%
146,477.84
311.91
0.27%
1,495.31
NA/AAA
AAA
3.71 1.40
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 195,000.00 04/16/2024
5.30%
194,960.03
194,969.57
102.00
4.11%
198,893.66
453.27
0.37%
3,924.09
NA/AAA
AAA
3.79 1.67
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029 310,000.00 11/19/2024
4.66%
309,990.05
309,991.32
1 01.00
4.08%
313,102.29
635.16
0.58%
3,110.97
Aaa/NA
AAA
4.13 1.73
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 345,000.00 02/04/2025
4.56%
344,966.02
344,968.82
100.86
4.09%
347,954.10
262.20
0.65%
2,985.28
Aaa/AAA
NA
4.24 1.65
92348KDY6 VZMT 2025-3 A1A 4.51
03/20/2030 400,000.00 03/25/2025
4.51%
399,982.80
399,983.67
100.44
4.39%
401,755.76
551.22
0.75%
1,772.09
Aaa/NA
AAA
4.72 1.62
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 425,000.00 06/03/2025
4.33%
424,992.95
424,993.03
100.78
4.09%
428,328.52
1,075.96
0.79%
3,335.48
NA/AAA
AAA
4.87 2.65
Total ABS 5,097,173.25 4.83%
5,096,702.42
5,096,808.66
100.77
4.26%
5,136,199.73
9,221.05
9.53%
39,391.07
3.35 1.32
AGENCY
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 1,025,000.00 --
0.56%
1,021,725.50
1,024,767.91
9 8.68
4.32%
1,011,471.51
768.75
1.88%
(13,296.40)
Aa1/AA+
AA+
0.36 0.34
880591EZ1 TENNESSEE VALLEY AUTHORITY
3.875 03/15/2028 500,000.00 05/01/2023
3.81%
501,505.00
500,835.83
100.30
3.76%
501,507.02
5,704.86
0.93%
671.19
Aa1/AA+
AA+
2.71 2.52
3133EPME2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 06/08/2028 400,000.00 06/07/2023
3.96%
398,416.00
399,069.71
100.19
3.81%
400,758.36
990.28
0.74%
1,688.64
Aa1/AA+
AA+
2.94 2.75
30 HOLDINGS REPORT
City of Alameda | Account #270 | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3133EPQD0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 07/17/2028 750,000.00 07/20/2023
4.18%
752,370.00
751,445.66
101.22
3.82%
759,145.25
14,520.83
1.41%
7,699.58
Aa1/AA+
AA+
3.05 2.78
3133EPA47 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.875 11/01/2028 250,000.00 11/27/2023
4.49%
254,225.00
252,861.26
103.50
3.75%
258,757.91
2,031.25
0.48%
5,896.64
Aa1/AA+
AA+
3.34 3.04
3133ERAK7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 04/10/2029 1,000,000.00 04/18/2024
4.73%
984,330.00
988,107.36
101.63
3.90%
1,016,330.59
9,843.75
1.89%
28,223.23
Aa1/AA+
AA+
3.78 3.42
3,912,571.50 100.60 3,947,970.62 7.33% 2.51
Total Agency 3,925,000.00 3.35% 3,917,087.73 3.96% 33,859.72 30,882.89 2.30 CASH
CCYUSD Receivable 1,039.12 -- 1,039.12
1,039.12
1.00 0.00%
1,039.12
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
1,039.12 1.00 1,039.12 0.00% 0.00
Total Cash 1,039.12 1,039.12 0.00% 0.00 0.00 0.00
CORPORATE
023135BX3 AMAZON.COM INC 1.0
05/12/2026 790,000.00 0
5/10/2021
1.09%
786,587.20
789,411.26
97.38 4.11%
769,321.15
1,075.28
1.43%
(20,090.11)
A1/AA
AA-
0.87 0.84
808513BR5 CHARLES SCHWAB CORP 1.15
05/13/2026 470,000.00 12/14/2021
1.48%
463,443.50
468,712.33
97.27 4.40%
457,147.38
720.67
0 .85%
(11,564.95)
A2/A-
A
0.87 0.85
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 630,000.00 --
1.09%
631,645.30
630,275.31
97.21 4.45%
612,395.58
925.75
1.14%
(17,879.74)
A2/A+
A
0.87 0.85
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 460,000.00 --
1.24%
457,717.67
459,514.67
97.05 4.28%
446,446.42
186.88
0.83%
(13,068.25)
A1/A+
A+
0.97 0.94
037833DN7 APPLE INC 2.05 09/11/2026 300,000.00 12/02/2021
1.49%
307,452.00
301,665.38
97.71 4.03%
293,121.04
1,879.17
0.54%
(8,544.33)
Aaa/AA+
NA
1.20 1.16
06368FAC3 BANK OF MONTREAL 1.25
09/15/2026 250,000.00 09/13/2021
1.27%
249,697.50
249,926.94
96.49 4.27%
241,218.41
920.14
0.45%
(8,708.53)
A2/A-
AA-
1.21 1.17
931142ER0 WALMART INC 1.05 09/17/2026 125,000.00 09/08/2021
1.09%
124,763.75
124,942.68
96.64 3.91%
120,805.86
379.17
0.22%
(4,136.82)
Aa2/AA
AA
1.22 1.18
87612EBM7 TARGET CORP 1.95 01/15/2027 290,000.00 0
1/19/2022
1.99%
289,507.00
289,847.24
96.86 4.08%
280,892.57
2,607.58
0.52%
(8,954.67)
A2/A
A
1.54 1.48
31 HOLDINGS REPORT
City of Alameda | Account #270 | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
26444HAC5 DUKE ENERGY FLORIDA LLC 3.2
01/15/2027 500,000.00 02/22/2022
2.49%
515,740.00
504,376.35
98.71 4.07%
493,546.84
7,377.78
0.92%
(10,829.51)
A1/A
NA
1.54 1.46
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 585,000.00 03/07/2022
2.30%
584,888.85
584,962.14
97.49 3.83%
570,320.34
3,961.75
1.06%
(14,641.80)
Aa2/AA
A+
1.71 1.64
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 520,000.00 --
3.88%
522,676.60
521,006.36
99.88 4.07%
519,364.05
2,946.67
0.96%
(1,642.32)
A2/A+
A+
1.86 1.76
89115A2C5 TORONTO-DOMINION BANK 4.108
06/08/2027 575,000.00 08/26/2022
4.18%
573,073.75
574,218.67
99.72 4.26%
573,363.64
1,509.12
1.06%
(855.03)
A2/A-
NA
1.94 1.84
57636QAW4 MASTERCARD INC 4.875
03/09/2028 310,000.00 03/06/2023
4.90%
309,699.30
309,838.38
102.26
3.98%
317,004.76
4,701.67
0.59%
7,166.39
Aa3/A+
NA
2.69 2.40
341081GN1 FLORIDA POWER & LIGHT CO 4.4
05/15/2028 400,000.00 05/19/2023
4.68%
395,128.00
397,190.36
1 00.75
4.12%
402,987.60
2,248.89
0.75%
5,797.24
Aa2/A+
AA-
2.88 2.51
89115A2U5 TORONTO-DOMINION BANK 5.523
07/17/2028 250,000.00 12/14/2023
4.76%
257,767.50
255,162.86
103.44
4.31%
258,594.18
6,290.08
0.48%
3,431.32
A2/A-
AA-
3.05 2.72
78016HZS2 ROYAL BANK OF CANADA 5.2
08/01/2028 500,000.00 12/14/2023
4.68%
510,595.00
5 07,073.79
102.87
4.20%
514,355.64
10,833.33
0.95%
7,281.85
A1/A
AA-
3.09 2.77
74456QBX3 PUBLIC SERVICE ELECTRIC AND
GAS CO 3.65 09/01/2028 550,000.00 11/02/2023
5.41%
509,309.42
523,242.65
98.46 4.17%
541,508.17
6,691.67
1.00%
18,265.51
A1/A
NA
3.17 2.92
756109BS2 REALTY INCOME CORP 4.7
12/15/2028 300,000.00 12/14/2023
4.71%
299,919.00
299,943.91
101.41
4.26%
304,235.93
626.67
0.56%
4,292.02
A3/A-
NA
3.46 3.09
532457CK2 ELI LILLY AND CO 4.5 02/09/2029 375,000.00 02/07/2024
4.51%
374,752.50
374,821.32
101.47
4.06%
380,515.29
6,656.25
0.71%
5,693.97
Aa3/A+
NA
3.61 3.18
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 630,000.00 03/18/2024
4.84%
630,308.70
630,228.66
102.30
4.16%
644,520.20
10,524.50
1.20%
14,291.54
A2/A
A+
3.66 3.28
437076CW0 HOME DEPOT INC 4.9 04/15/2029 635,000.00 0
5/21/2024
4.84%
636,492.05
636,148.97
102.60
4.15%
651,485.98
6,568.72
1.21%
15,337.01
A2/A
A
3.79 3.34
693475AW5 PNC FINANCIAL SERVICES GROUP
INC 3.45 04/23/2029 525,000.00 12/05/2024
4.59%
501,532.50
504,570.51
97.23 4.24%
510,460.50
3,421.25
0.95%
5,889.99
A3/A-
A
3.81 3.50
24422EXT1 JOHN DEERE CAPITAL CORP 4.85
06/11/2029 625,000.00 08/27/2024
4.24%
641,262.50
638,406.33
102.46
4.17%
640,365.54
1,684.03
1.19%
1,959.22
A1/A
A+
3.95 3.56
713448FX1 PEPSICO INC 4.5 07/17/2029 645,000.00 --
4.53%
644,095.65
644,268.50
101.59
4.07%
6 55,282.31
13,222.50
1.22%
11,013.81
A1/A+
NA
4.05 3.53
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 520,000.00 08/15/2024
4.47%
524,149.60
523,411.74
101.70
4.19%
528,862.66
9,134.67
0.98%
5,450.92
A2/A
A
4.13 3.59
32 HOLDINGS REPORT
City of Alameda | Account #270 | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
69371RT48 PACCAR FINANCIAL CORP 4.0
09/26/2029 320,000.00 09/23/2024
4.05%
319,340.80
319,441.16
99.47 4.14%
318,293.99
3,377.78
0.59%
(1,147.17)
A1/A+
NA
4.24 3.82
857449AE2 STATE STREET BANK AND TRUST
CO 4.782 11/23/2029 600,000.00 12/09/2024
4.56%
605,886.00
605,225.49
102.13
4.24%
612,780.37
3,028.60
1.14%
7,554.87
Aa2/AA-
AA
4.40 3.92
532457CV8 ELI LILLY AND CO 4.75 02/12/2030 350,000.00 02/10/2025
4.76%
349,922.95
349,928.77
102.53
4.14%
358,846.69
6,419.10
0.67%
8,917.92
Aa3/A+
NA
4.62 3.98
12572QAL9 CME GROUP INC 4.4 03/15/2030 550,000.00 03/25/2025
4.50%
547,635.00
547,761.39
100.70
4.23%
553,877.21
7,461.67
1.03%
6,115.82
Aa3/AA-
AA-
4.71 4.09
89236TNJ0 TOYOTA MOTOR CREDIT CORP 4.8
05/15/2030 555,000.00 05/12/2025
4.83%
554,367.30
554,383.59
101.60
4.43%
563,852.29
3,404.00
1.05%
9,468.71
A1/A+
A+
4.87 4.29
Total Corporate 14,135,000.00 3.67%
14,119,356.89
14,119,907.73
100.05
4.18%
1 4,135,772.59
130,785.30
26.23%
15,864.87
2.89 2.60
MONEY MARKET
FUND
316175603 FIDELITY IMM:GOVT III 283,585.66 --
3.99%
283,585.66
283,585.66
1.00 4.96%
283,585.66
0.00 0.53%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 283,585.66 3.99%
283,585.66
283,585.66
1.00 4
.96%
283,585.66
0.00 0.53%
0.00 0.00
0.00 MUNICIPAL BONDS
13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 540,000.00 10/30/2024
4.38%
542,845.80
542,454.30
101.77
4.02%
549,582.30
10,125.00
1.02%
7,128.00
Aa2/AA-
AA
4.09 3.64
Total Municipal
Bonds 540,000.00 4.38%
542,845.80
542,454.30
101.77
4.02%
549,582.30
10,125.00
1.02%
7,128.00
4.09 3.64
SUPRANATIONAL
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
470,000.00 10/21/2020
0.52%
469,468.90
469,965.39
98.74 4.43%
464,077.16
411.25
0.86%
(5,888.23)
Aaa/AAA
NA
0.33 0.32
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 520,000.00 04/13/2021
0.97%
517,618.40
519,617.85
97.47 4.11%
506,829.49
897.36
0.94%
(12,788.36)
Aaa/AAA
NA
0.80 0.78
33 HOLDINGS REPORT
City of Alameda | Account #270 | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
4581X0DC9 INTER-AMERICAN DEVELOPMENT
BANK 3.125 09/18/2028 800,000.00 01/17/2024
4.14%
765,752.00
776,384.15
98.05 3.77%
784,395.81
7,152.78
1.46%
8,011.65
Aaa/AAA
NA
3.22 3.00
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 450,000.00 02/16/2024
4.40%
444,496.50
445,995.53
101.10
3.80%
454,931.90
7,012.50
0.84%
8,936.37
Aaa/AAA
NA
3.63 3.29
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
470,000.00 10/08/2024
3.93%
468,773.30
468,946.62
100.24
3.81%
471,104.77
3,794.27
0.87%
2,158.15
Aaa/AAA
NA
4.30 3.89
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
535,000.00 --
4.21%
532,854.85
532,975.85
101.23
3.84%
541,554.25
6,191.51
1.00%
8,578.40
Aaa/AAA
NA
4.72 4.21
Total Supranational 3,245,000.00 3.14%
3,198,963.95
3,213,885.40
99.34 3.94%
3,222,893.38
25,459.67
5.98%
9,007.98
2.89 2.64
US TREASURY
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025 1,200,000.00 --
0.55%
1,183,773.44
1,199,111.89
99.00 4.31%
1 ,188,015.62
754.10
2.20%
(11,096.27)
Aa1/AA+
AA+
0.25 0.25
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 1,100,000.00 --
0.50%
1,086,968.75
1,099,085.99
98.67 4.33%
1,085,315.43
463.32
2.01%
(13,770.56)
Aa1/AA+
AA+
0.34 0.33
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 1,100,000.00 03/26/2021
0.76%
1,080,277.34
1,098,243.79
98.39 4.31%
1,082,329.11
3 49.39
2.01%
(15,914.69)
Aa1/AA+
AA+
0.42 0.41
91282CCW9 UNITED STATES TREASURY 0.75
08/31/2026 260,000.00 09/17/2021
0.86%
258,588.28
259,667.00
96.38 3.96%
250,585.16
651.77
0.47%
(9,081.85)
Aa1/AA+
AA+
1.17 1.14
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,520,000.00 --
1.08%
1,504,876.56
1,516,192.03
96.33 3.92%
1,464,187.50
3,343.17
2.72%
(52,004.53)
Aa1/AA+
AA+
1.25 1.22
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 510,000.00 11/15/2021
1.25%
506,892.19
509,163.35
96.43 3.90%
491,811.33
966.64
0.91%
(17,352.02)
Aa1/AA+
AA+
1.34 1.30
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 500,000.00 06/09/2022
3.05%
487,753.91
495,548.15
97.86 3.77%
489,316.41
3,142.08
0.91%
(6,231.74)
Aa1/AA+
AA+
1.75 1.68
91282CET4 UNITED STATES TREASURY 2.625
05/31/2027 500,000.00 06/09/2022
3.06%
4 89,824.22
496,083.22
97.93 3.75%
489,667.97
1,111.68
0.91%
(6,415.25)
Aa1/AA+
AA+
1.92 1.84
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 500,000.00 07/13/2022
3.12%
503,046.88
501,226.49
99.11 3.72%
495,527.35
44.16 0.92%
(5,699.14)
Aa1/AA+
AA+
2.00 1.91
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 200,000.00 08/22/2022
3.12%
196,609.38
198,570.79
98.05 3.73%
196,101.56
2,294.20
0.36%
(2,469.22)
Aa1/AA+
AA+
2.08 1.98
34 HOLDINGS REPORT
City of Alameda | Account #270 | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 1,450,000.00 --
3.40%
1,431,914.06
1,442,120.37
98.77 3.72%
1,432,158.20
15,145.21
2.66%
(9,962.17)
Aa1/AA+
AA+
2.17 2.05
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 1,000,000.00 10/20/2022
4.45%
985,546.87
993,411.43
100.91
3.70%
1,009,101.56
10,368.85
1.87%
15,690.13
Aa1/AA+
AA+
2.25 2.11
9128283W8 UNITED STATES TREASURY 2.75
02/15/2028 500,000.00 12/06/2024
4.05%
480,781.25
484,152.38
97.62 3.71%
488,105.47
5,165.75
0.91%
3,953.09
Aa1/AA+
AA+
2.63 2.48
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 800,000.00 01/10/2025
4.45%
780,375.00
783,202.47
99.83 3.69%
798,625.00
7,289.62
1.48%
15,422.53
Aa1/AA+
AA+
2.75 2.57
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 500,000.00 05/05/2023
3.42%
501,738.28
500,988.12
99.46 3.70%
497,285.16
2,948.37
0.92%
(3,702.96)
Aa1/AA+
AA+
2.84 2.66
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 1,000,000.00 08/07/2023
4.15%
998,867.19
999,298.77
101.21
3 .71%
1,012,070.31
17,206.49
1.88%
12,771.54
Aa1/AA+
AA+
3.08 2.83
91282CJA0 UNITED STATES TREASURY 4.625
09/30/2028 875,000.00 10/04/2023
4.77%
869,462.89
871,392.67
102.77
3.71%
899,233.40
10,172.47
1.67%
27,840.72
Aa1/AA+
AA+
3.25 2.97
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028
2 50,000.00 10/30/2023
4.83%
250,458.98
250,305.99
103.59
3.72%
258,984.50
2,053.33
0.48%
8,678.51
Aa1/AA+
AA+
3.34 3.04
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 900,000.00 01/04/2024
3.97%
891,246.09
893,854.97
100.09
3.72%
900,808.60
91.71 1.67%
6,953.63
Aa1/AA+
AA+
3.50 3.25
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 1,000,000.00 04/18/2024
4.68%
975,820.31
981,681.24
101.35
3.73%
1,013,515.62
10,368.85
1.88%
31,834.38
Aa1/AA+
AA+
3.75 3.42
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 800,000.00 06/26/2024
4.34%
805,718.75
804,545.75
102.73
3.74%
821,812.50
3,049.18
1.53%
17,266.74
Aa1/AA+
AA+
3.92 3.56
91282CEV9 UNITED STATES TREASURY 3.25
06/30/2029 850,000.00 09/24/2024
3.51%
840,304.69
841,860.18
98.17 3.75%
834,460.94
75.07 1.55%
(7,399.24)
Aa1/AA+
AA+
4.00 3.71
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 500,000.00 07/30/2024
4 .06%
498,691.41
498,931.49
100.93
3.75%
504,667.97
8,342.54
0.94%
5,736.48
Aa1/AA+
AA+
4.08 3.68
912828YB0 UNITED STATES TREASURY 1.625
08/15/2029 900,000.00 09/24/2024
3.48%
825,679.69
837,296.14
92.09 3.71%
828,773.44
5,494.48
1.54%
(8,522.70)
Aa1/AA+
AA+
4.13 3.90
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 1,650,000.00 09/13/2024
3.43%
1,664,888.67
1,662,519.64
99.50 3.75%
1,641,814.45
19,991.68
3.05%
(20,705.20)
Aa1/AA+
AA+
4.17 3.
79 91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 1,300,000.00 10/23/2024
4.06%
1,267,804.69
1,272,271.30
98.99 3.76%
1,286,898.44
11,437.16
2.39%
14,627.15
Aa1/AA+
AA+
4.25 3.88
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 2,200,000.00 11/20/2024
4.27%
2,185,390.63
2,187,187.46
101.43
3.76%
2,231,453.14
15,289.40
4.14%
44,265.67
Aa1/AA+
AA+
4.34 3.91
35 HOLDINGS REPORT
City of Alameda | Account #270 | As of June 30, 2025
Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 650,000.00 12/05/2024
4.11%
650,507.81
650,450.05
101.47
3.76%
659,547.20
2,271.00
1.22%
9,097.15
Aa1/AA+
AA+
4.42 4.00
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 800,000.00 01/10/2025
4.55%
793,812.50
794,389.27
102.48
3.77%
819,843.75
95.11 1.52%
25,454.48
Aa1/AA+
AA+
4.50 4.06
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 500,000.00 03/25/2025
4.05%
498,847.66
498,909.76
100.97
3.77%
504,863.28
6,684.78
0.94%
5,953.52
Aa1/AA+
AA+
4.67 4.17
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 925,000.00 06/06/2025
4.11%
920,411.13
920,466.69
100.97
3.78%
933,961.40
3,133.88
1.73%
13,494.71
Aa1/AA+
AA+
4.92 4.42
Total US Treasury 26,740,000.00 3.32%
26,416,879.50
26,542,128.84
99.57 3.83%
26,610,841.74
169,795.42
49.38%
68,712.90
2.96 2.72
Total Portfolio 53,966,798.03 3.56%
53,571,944.85
53,716,897.44
99.37 3.98%
53,887,885.14
379,246.17
100.00%
170,987.71
2.94 2.51
Total Market Value +
Accrued 54,267,131.31
36 TRANSACTIONS
37 TRANSACTION LEDGER
City of Alameda | Account #270|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 05/15/2025 89236TNJ0 555,000.00 TOYOTA MOTOR CREDIT CORP 4.8 05/15/2030 99.886 4.83% (554,367.30) 0.00 (554,367.30) 0.00 Purchase 05/29/2025 362962AD4 245,000.00 GMALT 2025-2 A3 4.58 05/20/2028 99.998 4.84% (244,995.93) 0.00 (244,995.93) 0.00 Purchase 06/09/2025 91282CNG2 925,000.00 UNITED STATES TREASURY
4.0 05/31/2030 99.504 4.11% (920,411.13) (909.84) (921,320.97) 0.00 Purchase 06/10/2025 92970QAJ4 425,000.00 WFCIT 2025-1 A 4.34 05/15/2030 99.998 4.33% (424,992.95) 0.00 (424,992.95) 0.00 Total Purchase 2,150,000.00 (2,144,767.31) (909.84) (2,145,677.15) 0.00 TOTAL
ACQUISITIONS 2,150,000.00 (2,144,767.31) (909.84) (2,145,677.15) 0.00
DISPOSITIONS
Maturity 05/15/2025 02582JJT8 (450,000.00) AMXCA 2022-2 A 3.39 05/17/2027 100.000 3.42% 0.00 0.00 0.00 0.00
Total Maturity (450,000.00) 0.00 0.00 0.00 0.00
Sale 05/13/2025 89236TJK2 (300,000.00) TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 96.467 1.24% 289,401.00 1,359.38 290,760.38 (10,238.42) Sale 06/09/2025 3137EAEX3 (825,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP 0.375
09/23/2025
98.851 0.44% 815,520.75 653.13 8 16,173.88 (9,334.61)
Total Sale (1,125,000.00) 1,104,921.75 2,012.51 1,106,934.26 (19,573.03) TOTAL
DISPOSITIONS (1,575,000.00) 1,104,921.75 2,012.51 1,106,934.26 (19,573.03) 38 IMPORTANT DISCLOSURES
City of Alameda | As of June 30, 2025
2025 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. 39 BENCHMARK DISCLOSURES
City of Alameda | Account #270 | As of June 30, 2025
Benchmark Disclosure
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 Year AAA-A Corp/Govt
The ICE BofA US Issuers 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. 40 Investment Performance Review
For the Quarter Ended June 30, 2025
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc
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
Justin Resuello, Institutional Sales and Relationship Manager PFM Asset Management | pfmam.com
• Market Update
A
ccount Summary•
Portfolio Review•
PFM Asset Management | pfmam.com
Market Update
Current Market Themes
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of June 30, 2025. ▸ U.S. economy is resilient but showing signs of cooling ▹ Headline employment data belies underlying weakening
▹ In
flation remained rangebound but does not yet reflect the full impact of tariffs ▹ Fiscal policy uncertainty and volatile tariff rollouts weigh on consumer sentiment ▸ Fed remains on hold but may cut rates later this year ▹ The Fed’s June “dot plot” implies 50 bps of cuts in the back half of 2025 but members are sp
lit between 0 and 2 cuts this year
▹ Fed Chair Powell stated the effect, size, and duration of tariffs are all highly uncertain making staying on hold the appropriate thing to do as they wait to learn more ▸ Treasury yields whipsawed by tariff announcements in Q2 ▹ Concerns over the budget bill, debt ceiling, and monetary policy added to volatility ▹ Th
e yield curve continued to steepen between 2 years and 10 years ▹ Credit spreads widened sharply following tariff fears but tightened to levels near historic tights by quarter end
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
1 China +10%
3.7%
China +10%
Canada/Mexico +25%
Canadian energy +10%
11.5%
USMCA exemption for
Canada/Mexico
5.6%
Steel &
aluminum
+25%
6.6%
+10% reciprocal
tariff
13.4%
China
+50%
27.5%
China to 125%
Pause on other
reciprocal tariffs
26.9%
China to 30%
12.6%
Steel &
aluminum +25%
13.2%
Add appliances to steel
& aluminum
13.4%
New reciprocal tariffs
announced and set for
implementation Aug 1st
0%
5%
10 %
15%
20%
25%
30%
3-Feb 17-Feb 3-Mar 17-Mar 31-Mar 14-Apr 28-Apr 12-May 26-May 9-Jun 23-Jun 7-Jul Effective Tariff Rate
Select Activity from February 3, 2025 to July 8, 2025
Uncertainty Remains Exceptionally High
Source: Bloomberg Finance L.P. as of July 8, 2025. Yellow dots represent activity impacting effective tariff rate.
Fiscal Policy Adds
to Uncertainty
Debt Ceiling
Fu
nding Freezes
Tax Reform
Budget/Spending
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
2 Source: CBO: Estimated Budgetary Effects of an Amendment in the Nat ure of a Substitute to H.R. 1, the One Big Beautiful Bill Act, Relative to CBO's January 2025 Baseline | Congressional Budget Office . and Bloomberg Finance L.P., as of July 1, 2025.
Impacts of Reconciliation Bill
-16%
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2010 2014 2018 2022 2026 2030 2034
U.S. Deficit to GDP
Bloomberg Economics Forecast
Homeland Security
Medicare & Medicaid
Agriculture, Nutrition, and Forestry
Congressional Budget Office (CBO)
Select Sectors FY 2025 - FY 2034
In
crease deficit by $4.6 trillion
Decrease deficit by $120 billion
Increase deficit by $129 billion
Decrease deficit by $1.1 trillion
Total Deficit Impact: -$3.3 trillion
Other Spending Cuts
Decrease deficit by $371 billion
TCJA & Tax Cuts
Armed Services
Increase deficit by $149 billion
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
3 Moody’s Downgrades United States to Aa1
Source: Moody’s Ratings, as of May 2025.
▸ Rationale for downgrade
▹ Large fiscal deficits which have led to increases in government debt and interest payment ratios to levels significantly above those of Aaa-rated peers ▹ High deficit-to-GDP and debt-to-GDP ratios that are expected to rise further due to increased interest payments on debt, rising entitlement spending, and relatively low new revenue generation
▸ Rationale for stable outlook
▹ Exceptional credit strengths such as the size, resilience and dynamism of its economy and the role of the US dollar as the global reserve currency ▸ The downgrade is generally expected to have a minimal impact on markets ▹ S&P and Fitch previously downgraded the United States in 2011 and 2023, respectively
▹ United States has been on credit watch negative by Moody’s since November of 2023
▹ The dollar remains the world’s reserve currency and Treasuries remain highly liquid ▹ Moody’s also downgraded the U.S. government sponsored enterprises, and several banks and insurance companies whose rating was tied to the US government
Aaa Aa1
United States
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
4 Economic Momentum Slows Amid Uncertainty
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Bloomberg Finance L.P., Bureau of Labor Statistics and Bureau of Economic Analysis. The shading represents the deciles of each data point using 30 years of historical data.
*Median forecasts sourced from Bloomberg Finance L.P. as of July 9, 2025.
Fed Chair Powell : “Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has come down a great deal but has been running somewhat above our 2 percent longer-run objective.”
2023 2024 2025
CPI YoY 6.4 6.0 5.0 4.9 4.0 3.0 3.2 3.7 3.7 3.2 3.1 3.4 3.1 3.2 3.5 3.4 3.3 3.0 2.9 2.5 2.4 2.6 2.7 2.9 3.0 2.8 2.4 2.3 2.4 Unemployment
Rate 3.5 3.6 3.5 3.4 3.6 3.6 3.5 3.7 3.8 3.9 3.7 3.8 3.7 3.9 3.9 3.9 4.0 4.1 4.2 4.2 4.1 4.1 4.2 4.1 4.0 4.1 4.2 4.2 4.2 U.S. Real GDP QoQ 2.8 2.4 4.4 3.2 1.6 3.0 3.1 2.4 -0.5 2.1% Est.*
Consumption QoQ 4.9 1.0 2.5 3.5 1.9 2.8 3.7 4.0 0.5 1.9% Est.*
Worse Neutral Better
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
5 The Fed’s Dual Mandate Gets More Complicated
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Bureau of Economic Analysis, and Bloomberg Finance L.P., as of May 2025 (left). Bureau of Labor Statistics, and Bloomberg Finance L.P., as of June 2025 (right). Data is seasonally adjusted. Survey responses after June 27, 2025, included in median and forecast range. Forecast range shown is the 75th and 25th percentile of responses.
Sep-25
3.2%
Dec-25
3.3%
Jun-26
3.0%
May-25
2.7 %
1%
2%
3%
4 %
5%
6%
Jun-23 Jun-24 Jun-25 Jun-26
Core PCE Inflation (YoY)
Average Forecast Actual
Jun-25
4.1%
Sep-25
4.4 %
Dec-25
4.5%
Jun-26
4.5%
3%
4%
5%
Jun-23 Jun-24 Jun-25 Jun-26
Unemployment Rate
Median Forecast Actual
Fed Chair Powell : “We may find ourselves in the challenging scenario in which our dual mandate goals are in tension. If that were to occur, we would consider how far the economy is from each goal and the potentially different time horizons over which those respective gaps would be anticipated to close.”
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
6 1.4%
1.6%
1.8% 1.8%
0%
1%
2%
3%
2025 2026 2027 Longer
Run
Change in Real GDP
Mar Projections Jun Projections
3.0%
2.4%
2.1% 2.0%
0%
1%
2%
3%
4%
2025 2026 2027 Longer
Run
PCE Inflation
Mar Projections Jun Projections
Fed’s Updated Summary of Economic Projections
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve, latest median economic projections as of June 2025.
4.5% 4.5% 4.4% 4.2%
0%
1%
2%
3%
4%
5%
6%
2025 2026 2027 Longer
Run
Unemployment Rate
Mar Projections Jun Projections
3.9% 3.6% 3.4%
3.0%
0%
1%
2%
3%
4%
5%
2025 2026 2027 Longer
Run
Federal Funds Rate
Mar Projections Jun Projections
Fed Chair Powell : “[T]hink of it as the least unlikely path in a situation like this where uncertainty is very high.”
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
7 2025 Longer Term2026
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Jun-25 FOMC Projections
Mar-25 Median
Jun-25 Median
2027
3.0%2 c uts 1 cuts 1 cut
Fed’s Latest “Dot Plot” Shows Divergent Views
0 Cuts
2 Cuts
Fed Chair Powell : “[W]ith uncertainty as elevated as it is, no one holds these rate paths with a lot of conviction.” Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve; Bloomberg Finance L.P. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of June 2025.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
8 Treasury Volatility Wanes
3.25%
3.50%
3.75%
4.00%
4.25%
Apr-25 May-25 Jun-25 Jul-25
2-Year Treasury Yield
April 1, 2025 through July 1, 2025
Close
4/2 – 4/9:
Reciprocal
Tariffs
Intra-day Trading Range
5/16:
Moody’s
downgrade
6/12:
Iran-Israel
5/2:
Strong Payrolls
Report
Source: Bloomberg Finance L.P., as of July 1, 2025.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
9 Source: Bloomberg Finance L.P., as of June 30, 2025.
U.S. Treasury Yield Curve Steepens
4.29%
3.72%
3.80%
3.99%
4.23%
4.77%
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
6.00% Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
June 30, 2025
March 31, 2025
3mo 2yr 5yr 7yr 10yr 20yr 30yr
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
10 Source: ICE BofA Indices via Bloomberg Finance L.P., as of June 30, 2025. Spreads on ABS are option-adjusted spreads of 0-3 year indices based on weighted average life.
Spread Narrowing Has Helped Performance
0.3%
0.4%
0.5%
0.6%
0.7%
0.8%
Feb-25 Mar-25 Apr-25 May-25 Jun-25
Asset-Backed Securities AAA Yield Spreads
-0.2%
-0.1%
0.0%
0.1%
0.2%
0.3%
Mar-25 Apr-25 May-25 Jun-25
Corporate Excess Return vs. Treasuries
-0.2%
-0.1%
0.0%
0.1%
0.2%
0.3%
Mar-25 Apr-25 May-25 Jun-25
ABS Excess Return vs. Treasuries
0.3%
0.4%
0.5%
0.6%
0.7%
0.8%
Feb-25 Mar-25 Apr-25 May-25 Jun-25
1-3 Yr. AAA-A Corporate
Underperformance Outperformance
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
11 0.2%
0.4%
0.6%
0.8%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Corporate Notes A-AAA Yield Spreads
-0.1%
0.1%
0.3%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Federal Agency Yield Spreads
Bullet Callable
0.2%
0.4%
0.6%
0.8%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Mortgage-Backed Securities Yield Spreads
Agency MBS AAA CMBS
0.2%
0.4%
0.6%
0.8%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Asset-Backed Securities AAA Yield Spreads
Source: ICE BofA 1-3 year Indices via Bloomberg Finance L.P. and PFMAM as of June 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-3 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.
CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index.
Sector Yield Spreads
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
12 Source: ICE BofA 1-3 year Indices via Bloomberg Finance L.P. and PFMAM as of June 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-3 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.
CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index.
0.2%
0.4%
0.6%
0.8%
Mar-25 Apr-25 May-25 Jun-25
Corporate Notes A-AAA Yield Spreads
1-3 Yr. AAA-A Corp 1 Year Average
-0.1%
0.1%
0.3%
Mar-25 Apr-25 May-25 Jun-25
Federal Agency Yield Spreads
Bullet Callable 1 Year Average
0.2%
0.4%
0.6%
0.8%
Mar-25 Apr-25 May-25 Jun-25
Mortgage-Backed Securities Yield Spreads
Agency MBS AAA CMBS 1 Year Average
0.2%
0.4%
0.6%
0.8%
Mar-25 Apr-25 May-25 Jun-25
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
0 bps
46 bps
47 bps 49 bps
Sector Yield Spreads
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
13 -0.25%
0.00%
0.25%
0.50%
0.75%
1.00%
2Q25 YTD 1-Year
Excess Returns
1-3 Year Indices
Federal Agency Agency CMBS ABS Corp A-AAA
Fixed-Income Index Excess Returns
Source: ICE BofA Indices. ABS indices are 0-3 year, based on weighted average life. Agency CMBS represented by ICE BofA CMBY Index. As of June 30, 2025.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
14 1.18%
1.12%
1.23%
1.40%
1.56%
0.0%
0.5%
1.0%
1.5%
2.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Second Quarter 2025 Returns
5.67%
5.43%
5.80%
6.48%
6.80%
0.0%
2.0%
4.0%
6.0%
8.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return
1-3 Year Indices
2.79%
2.58% 2.52%
3.09%
3.20%
0.0%
1.0 %
2.0%
3.0%
4.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
YTD 2025 Returns
Fixed-Income Index Total Returns in 2Q 2025
Source: ICE BofA Indices. ABS indices are 0-3 year, based on weighted average life. As of June 30, 2025.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
15 ▸ The Federal Open Market Committee (FOMC)
maintained the target range for the federal funds rate
at 4.25-4.5% during both meetings in Q2, citing
resilience in the labor market and marginal
improvements in an otherwise sticky inflation picture.
▸ U.S. Treasury yields in the intermediate-term (2-7
years) moved lower over the quarter. The change in
yields reflected ongoing market sensitivity to domestic policy uncertainty, with a continued focus on the
potential impacts of taxes, tariffs, immigration, and
deregulation. However, progress on trade
negotiations and lower recession probabilities kept
the declines in check. As a result of the Treasury rally, total returns were strong for the quarter.
▸ Federal Agency & supranational spreads remained
low throughout Q2. Both sectors produced slightly
positive excess returns for the quarter. Issuance
remained light and the incremental income from the
sectors is near zero.
▸ Investment-Grade (IG) corporate bond spreads
spiked early in the quarter on tariff announcements,
but as external stressors eased much of the widening
retraced. Demand for new issuance remains strong
while net issuance is predicted to decrease over the
balance of the year. Lower-quality issuers
outperformed as did banks and other financials.
▸ Asset-Backed Securities spreads retraced over
quarter, but to a lesser degree than most other
sectors. ABS showed the impact of the slower
decrease in spreads by posting more modest excess
returns over the quarter. We expect the sector to
continue generating value from carry going forward.
▸ Mortgage-Backed Securities performance was
strong across all structures and coupons as rate
volatility moderated over the quarter. Likewise,
Agency-backed commercial MBS (CMBS) also
posted strong performance for the quarter and saw
positive excess returns.
▸ Short-term credit (commercial paper and negotiable
bank CDs) yields on the front end of the yield curve
rose slightly in response to the approaching Treasury
“X-Date” (estimated date for Treasury to exhaust
funds under the debt ceiling) while yields fell modestly on the long end as demand shifted into longer-term
Treasury notes. Yield spreads tightened over the
quarter in response to moderated issuance and
strong demand.
Fixed-Income Sector Commentary – 2Q 2025
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (06/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
16 ▸ U.S. Treasury volatility is expected to continue given both fiscal and monetary policy uncertainty. The
potential impact of further policy changes on
economic growth, inflation, and labor markets are
unknown. We expect to see an ongoing steepening of
the yield curve given the expectation for future Fed
rate cuts.
▸ Federal Agency & Supranational spreads are likely
to remain at tight levels. Government-heavy accounts
may find occasional value on an issue-by-issue basis.
▸ Taxable Municipals continue to see little activity due to an ongoing lack of supply and strong demand
which continues to suppress yields in both the new
issue and secondary markets. We expect few
opportunities in the near term.
▸ Investment-Grade Corporate bond fundamentals
and valuations weakened while technicals have
moved to modestly favorable. Progress on trade
negotiations and lower recession odds should provide
upward pressure on fundamentals moving forward.
We will selectively evaluate opportunities with a focus on industry and credit quality while analyzing rich
holdings to tactically reduce allocations in the sector for accounts where it makes sense.
▸ Asset-Backed Securities fundamentals remain intact
and credit metrics have normalized. Consumer credit
trends will depend on the labor market and the
consumer’s response to monetary policy easing,
which tends to work on a lag. We expect spreads to
stabilize heading into Q3 as issuance quiets over the
summer, but overall heightened volatility presents an
opportunity to add allocations at more attractive
levels.
▸ Mortgage-Backed Securities are expected to
underperform over the short term, while rich current
valuations will keep returns over the year positive. We may use any meaningful spread widening to add at
more attractive levels.
▸ Short-term credit (commercial paper and negotiable
bank CDs) spreads in Q3 will continue to be subject to
ongoing debt ceiling dynamics or the Fed’s decision to
slow the pace of quantitative tightening. Given the
positively sloped shape of the money market yield
curve, we favor a mix of floating rate in the front end with fixed rate in longer maturities.
Fixed-Income Sector Outlook – 3Q 2025
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (06/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
17 Fixed – Income Sector Outlook – 3Q 2025
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-N
ote
F E D E R A L A G E N C I E S
Bullets
Cal
lables
S U P R A N AT I O N A L S
C OR
P O R AT E S
Financials
Ind
ustrials
S E C U R I T I Z E D
Asset-Backed
Age
ncy Mortgage-Backed
Agency CMBS
M U N I C I P A L S
Negative Slightly
Negative Neutral Slightly
Positive PositiveCurrent outlook Outlook one quarter ago
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
18 Monetary Policy (Global):
• The Fed held rates steady in Q2 amid healthy
labor markets and tariff-driven inflation concerns.
• The “dot plot” still signals 50 bps in cuts for 2025
but views have diverged as seven members are
calling for no cuts in 2025.
• Other major central banks (except Japan)
continued cutting rates as global inflation cools,
though tariffs pose inflation risks and cloud the
outlook.
Economic Growth (Global):
• U.S. growth turned negative in early 2025, driven
by a historically high trade deficit and weaker
consumer spending. Strong inventory build and
fixed investment helped offset this weakness.
• The drag to GDP from net exports is expected to
reverse, but declining consumer confidence may
dampen spending and investment.
• Escalating trade and geopolitical tensions create
the potential for slower global growth.
Inflation (U.S.):
• Inflation has moved closer to the Fed’s 2% target,
but tariff-driven price pressures may emerge as
businesses deplete pre-tariff inventories.
• Fed Chair Powell said that he does expect tariffs
to impact inflation but that the size, duration, and
time of tariff effects are highly uncertain.
Financial Conditions (U.S.):
• Financial conditions swung sharply during the
quarter as the tariff rollout caused equities to sell
off, credit spreads to widen, and heightened
Treasury volatility.
• The announcement of tariff pauses sparked a risk-
on trade resulting in equities near record highs
and credit spreads tightening beyond long-run
averages.
• The evolving fiscal landscape and persistent
uncertainty may lead to tightening financial
conditions over the next 6-12 months.
Consumer Spending (U.S.):
• Consumer sentiment remains subdued due to
expectations of higher prices, weaker labor
markets, and tepid growth. Sentiment has
improved slightly since April amid tariff negotiation
progress but remains low.
• A sharp labor market downturn remains the
biggest threat to consumer spending.
• Tariff-driven inflation increases present additional
risks such as slower real wage growth and
reduced spending.
Labor Markets (U.S.):
• The labor market remains healthy, though early
signs of cooling are emerging, particularly in rising
jobless claims.
• Monthly job gains have slowed but still match
labor force growth. Slower population growth may
lower the job creation rate needed to maintain
stable unemployment.
• With hiring and quits rates low, any acceleration in
layoffs may result in job seekers remaining
unemployed for longer.
Factors to Consider for 6-12 Months
Stance Unfavorable to
Risk Assets
Stance Favorable to
Risk Assets Current outlook Outlook one quarter ago Negative Slightly Negative Neutral Slightly
Positive Positive
Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg Finance L.P. and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (6/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
19 PFM Asset Management | pfmam.com
Account Summary
PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Account Summary
Account Summary
PFMAM Managed Account $ 51,010,594
Total Program $51,010,594
Consolidated Summary
S
ector Allocation
0.0% 0.0% 0.0% 0.6% 1.0%
39.7% 42.0%
7.9% 8.9%
0.0% 0.0% 0.0%
$0
$
5 $10
$15
$20
$25
Millions
Under
30 days
31 to 60
days
61 to 90
days
91 to
180 days
181 days
to 1 year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
5 to 7
years
7 to 10
years
Over 10
years
Maturity Distribution
(Weighted Average Maturity: 856 Days)
Account summary and sector allocation include market values, accrued interest, and overnight balances. Maturity distribution includes market values and excludes accrued interest and overnight balances1 .
U.S. Treasury | 47%
Corporate | 26%
ABS | 19%
Agency CMBS | 5%
Negotiable CD | 1%
Federal Agency | 1%
Municipal | <1%
21 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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, 2025
PFMAM Managed Account $50,539,977
Amortized Cost $50,145,026
Market Value $50,539,977
Accrued Interest $434,762
Cash $35,855
Analytics¹ June 30, 2025
Yield at Market 4.06%
Yield on Cost 4.47%
Portfolio Duration 1.75
22 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Account Summary
19.3%
25.8%
1.4%
0.4%
4.9%
0.9%
47.2%
0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
ABS - $9,821,674
Corporate - $13,176,817
Negotiable CD - $704,804
Municipal - $213,100
Agency CMBS - $2,523,134
Federal Agency - $477,664
U.S. Treasury - $24,057,546
Portfolio Allocation Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest. *S
ector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided. 23 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Compliance
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Financial LP Asset and Investment Management ("AIM").
Certificate of Compliance
During the reporting period for the quarter ended June 30, 2025, 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, a division of U.S. Bancorp Asset Management, Inc. 24 PFM Asset Management | pfmam.com
Portfolio Review:
CITY OF ALAMEDA
(PFMAM)
PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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 Financial LP.
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 (PFMAM)¹
Credit Quality - S&P
10%
56%
34%
8%
56%
35%
0%
20%
40%
60%
0-1 Yr 1-2 Yrs 2-3 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 47%
Corporate | 26%
ABS | 19%
Agency CMBS | 5%
Negotiable CD | 1%
Federal Agency | 1%
Municipal | <1%
Sector Allocation
AAA | 13%
AA+ | 54%
AA | 1%
AA- | 4%
A+ | 9%
A | 6%
A- | 6%
BBB+ | <1%
Not Rated | 7%
Portfolio Statistics
Portfolio Effective Duration 1.75 years
Benchmark Effective Duration 1.76 years
Portfolio Credit Quality AA
Yield At Market 4.06%
Yield At Cost 4.47%
Total Market Value $51,010,593.78
$50,539,976.64Securities Sub-Total
$35,855.17Cash
$434,761.97Accrued Interest
26 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Characteristics
$0.0
$10.2
$20.4
$30.6
$40.8
$51.0
Millions
June 2025
$0.0
$10.2
$20.4
$30.6
$40.8
$51.0
Millions
March 2025
$0.0
$10.2
$20.4
$30.6
$40.8
$51.0
Millions
December 2024
$0.0
$10.2
$20.4
$30.6
$40.8
$51.0
Millions
September 2024
Sector Allocation Review - CITY OF ALAMEDA (PFMAM)
U.S. Treasury Federal Agency Agency CMBS 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-24 % of TotalSecurity Type Dec-24 % of Total Mar-25 % of Total % of TotalJun-25 U.S. Treasury $27.6 56.2% $27.9 56.9% $25.1 50.7% $23.8 47.2% Federal Agency $0.5 1.0% $0.5 1.0% $0.5 1.0% $0.5 0.9%
Agency CMBS $0.0 0.0% $0.9 1.9% $2.5 5.1% $2.5 5.0%
Municipal $0.0 0.0% $0.0 0.0% $0.0 0.0% $0.2 0.4%
Negotiable CD $1.6 3.3% $1.1 2.3% $1.1 2.3% $0.7 1.4%
Corporate $10.9 22.3% $10.4 21.2% $11.2 22.6% $13.0 25.7% ABS $8.4 17.2% $8.2 16.7% $9.0 18.3% $9.8 19.4%
Total $49.0 100.0% $49.0 100.0% $49.4 100.0% $50.5 100.0% 27 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Portfolio Activity - CITY OF ALAMEDA (PFMAM)
Net Activity by Sector
($ millions)
U.S. Treasury
Negotiable CD
Agency CMBS
Municipal
ABS
Corporate
U.S. Treasury
N
egotiable CD
Agency CMBS
Municipal
ABS
Corporate
($4.0) ($2.0) $0.0 $2.0 $4.0
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
Corporate $1,789,576
ABS $747,589
Municipal $210,000
Agency CMBS ($7,834)
Negotiable CD ($454,435)
U.S. Treasury ($1,327,320)
$957,575Total Net Activity
Sales/Maturities Purchases
28 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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 Financial LP.4.
0.0%
2.0%
4.0%
6.0%
8.0%
Return
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 Years Interest Earned² $544 ,743 $2,123,085 $4,731,917 $5,734,967 $9,415,228 Change in Market Value $147,285 $774,177 $881,254 ($1,429,307) ($284,261) $692,028Total Dollar Return $2,897,262 $5,613,171 $4,305,660 $9,130,967 Total Return³
Portfolio 1.38% 6.02% 3.96% 1.78% 1.99%
Benchmark⁴ 1.18% 5.67% 3.41% 1.37% 1.61%
3 Months 1 Year 3 Years 5 Years 10 Years
Portfolio Benchmark
29 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
Re
alized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$544,743
$2
4,117
$14,871
$583,731
1 Year
$2,123,085
$2
6,201
$51,205
$2,200,491
3 Years
$4,731,917
($
1,270,273)
$126,708
$3,588,352
5 Year
$5,734,967
($
830,133)
$100,820
$5,005,654
10 Year¹
$9,415,228
($
794,277)
$182,884
$8,803,835
30 Portfolio Holdings and Transactions
PFM Asset Management | pfmam.com
PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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 47.2%
United States Treasury 47.2% AA / Aa / AA
Federal Agency 0.9%
Federal Home Loan Banks 0.9% AA / Aa / NR
Agency CMBS 4.9%
Federal Home Loan Mortgage Corp 4.0% AA / Aa / AA
Federal National Mortgage Association 0.9% AA / Aa / AA Municipal 0.4%
Los Angeles Unified School District/CA 0.4% NR / Aa / AAA Negotiable CD 1.4%
Credit Agricole Group 0.7% A / A / AA
Groupe BPCE 0.7% A / A / A
Corporate 25.8%
Accenture PLC 0.1% AA / Aa / A
Adobe Inc 0.3% A / A / NR
Advanced Micro Devices Inc 0.4% A / A / NR
Amazon.com Inc 0.5% AA / A / AA
American Express Co 0.5% A / A / A
Analog Devices Inc 0.5% A / A / A
ANZ Group Holdings Ltd 0.9% AA / Aa / AA
Apple Inc 0.5% AA / Aaa / NR
Bank of America Corp 1.4% A / A / AA
Bank of New York Mellon Corp 0.5% AA / Aa / AA
Bayerische Motoren Werke AG 0.7% A / A / NR
BlackRock Inc 0.5% AA / Aa / NR
Bristol-Myers Squibb Co 0.1% A / A / NR
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 25.8%
Caterpillar Inc 0.7% A / A / A
Cintas Corp 0.3% A / A / NR
Cisco Systems Inc 0.8% AA / A / NR
Citigroup Inc 1.7% A / Aa / A
Commonwealth Bank of Australia 0.5% AA / Aa / AA
Cooperatieve Rabobank UA 1.0% A / Aa / AA
Cummins Inc 0.0% A / A / NR
Deere & Co 0.3% A / A / A
Depository Trust & Clearing Corp 0.5% AA / Aa / NR
Eli Lilly & Co 0.5% A / Aa / NR
Goldman Sachs Group Inc 0.5% A / A / A
Hershey Co 0.2% A / A / NR
Home Depot Inc 0.2% A / A / A
Honda Motor Co Ltd 0.7% A / A / A
Hormel Foods Corp 0.2% A / A / NR
HSBC Holdings PLC 0.4% A / A / A
Johnson & Johnson 0.1% AAA / Aaa / NR
JPMorgan Chase & Co 0.9% A / A / AA
Mars Inc 0.2% A / A / NR
Mastercard Inc 0.2% A / Aa / NR
Mercedes-Benz Group AG 0.7% A / A / A
Morgan Stanley 0.7% A / Aa / AA
National Australia Bank Ltd 0.5% AA / Aa / NR
National Rural Utilities Cooperative Fi 0.7% A / A / A
PACCAR Inc 0.5% A / A / NR
PepsiCo Inc 0.7% A / A / NR
32 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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 25.8%
PNC Financial Services Group Inc 0.1% A / A / A
Roche Holding AG 0.5% AA / Aa / AA
State Street Corp 0.9% A / Aa / AA
Target Corp 0.1% A / A / A
Texas Instruments Inc 0.4% A / Aa / NR
Toyota Motor Corp 0.7% A / A / A
Truist Financial Corp 0.6% A / Baa / A
UBS Group AG 0.5% A / Aa / A
United Services Automobile Association 0.3% AA / Aa / NR UnitedHealth Group Inc 0.7% A / A / A
ABS 19.3%
Ally Auto Receivables Trust 0.6% AAA / Aaa / AAA
American Express Co 1.6% AAA / NR / AAA
BA Credit Card Trust 0.7% AAA / Aaa / AAA
Bank of America Corp 0.2% NR / Aaa / AAA
BMW Vehicle Lease Trust 0.7% AAA / Aaa / AAA
Capital One Financial Corp 0.2% AAA / Aaa / AAA
CarMax Inc 0.5% AAA / Aaa / AAA
Citigroup Inc 1.0% AAA / Aaa / NR
Discover Card Execution Note Trust 0.3% NR / Aaa / AAA
Fifth Third Auto Trust 0.4% AAA / Aaa / NR
Ford Credit Auto Owner Trust 1.0% AAA / Aaa / AAA
GM Financial Consumer Automobile Receiv 1.0% AAA / Aaa / AAA Harley-Davidson Inc 0.6% AAA / Aaa / AAA
Honda Auto Receivables Owner Trust 1.6% AAA / Aaa / AAA Huntington Bancshares Inc/OH 0.3% AAA / Aaa / NR
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer ABS 19.3%
Hyundai Auto Receivables Trust 1.0% AAA / NR / AAA
JPMorgan Chase & Co 0.8% AAA / NR / AAA
Kubota Credit Owner Trust 0.9% NR / Aaa / AAA
Mercedes-Benz Auto Receivables Trust 0.9% AAA / Aaa / AAA Nissan Auto Receivables Owner Trust 1.1% NR / Aaa / AAA Porsche Innovative Lease Owner 0.2% AAA / NR / AAA
Toyota Auto Receivables Owner Trust 1.6% AAA / Aaa / AAA USAA Auto Owner Trust 0.3% AAA / Aaa / NR
Verizon Master Trust 0.6% NR / Aaa / AAA
Volkswagen Auto Loan Enhanced Trust 0.7% AAA / Aaa / AAA Volvo Financial Equipment LLC 0.3% NR / Aaa / AAA
100.0%Total
33 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Composition
Issuer Distribution
As of June 30, 2025
Issuer M arket Value ($) % of Portfolio
UNITED STATES TREASURY 23,845,750 47.17%
FEDERAL HOME LOAN MORTGAGE CORP 2,052,031 4.05%
CITIGROUP INC 1,382,277 2.73%
AMERICAN EXPRESS CO 1,070,736 2.11%
JPMORGAN CHASE & CO 885,394 1.74%
TOYOTA AUTO RECEIVABLES OWNER TRUST 832,814 1.65%
HONDA AUTO RECEIVABLES OWNER TRUST 826,974 1.64%
BANK OF AMERICA CORP 801,360 1.59%
NISSAN AUTO RECEIVABLES OWNER TRUST 561,580 1.11%
FORD CREDIT AUTO OWNER TRUST 533,391 1.06%
GM FINANCIAL CONSUMER AUTOMOBILE RECEIV 521,188 1.03%
HYUNDAI AUTO RECEIVABLES TRUST 515,376 1.02%
COOPERATIEVE RABOBANK UA 510,504 1.01%
KUBOTA CREDIT OWNER TRUST 478,822 0.95%
FEDERAL HOME LOAN BANKS 476,337 0.94%
ANZ GROUP HOLDINGS LTD 464,676 0.92%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 464,629 0.92%
STATE STREET CORP 444,071 0.88%
MERCEDES-BENZ AUTO RECEIVABLES TRUST 432,414 0.86%
CISCO SYSTEMS INC 389,757 0.77%
PEPSICO INC 374,549 0.74%
BMW VEHICLE LEASE TRUST 374,506 0.74%
CATERPILLAR INC 373,369 0.74%
HONDA MOTOR CO LTD 367,393 0.73%
34 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Composition
Issuer Market Value ($) % of Portfolio
TOYOTA MOTOR CORP 366,874 0.73%
BAYERISCHE MOTOREN WERKE AG 366,189 0.72%
VOLKSWAGEN AUTO LOAN ENHANCED TRUST 362,993 0.72%
MERCEDES-BENZ GROUP AG 362,434 0.72%
BA CREDIT CARD TRUST 357,835 0.71%
NATIONAL RURAL UTILITIES COOPERATIVE FI 357,669 0.71%
UNITEDHEALTH GROUP INC 357,068 0.71%
MORGAN STANLEY 355,969 0.70%
CREDIT AGRICOLE GROUP 352,820 0.70%
GROUPE BPCE 330,742 0.65%
HARLEY-DAVIDSON INC 311,888 0.62%
ALLY AUTO RECEIVABLES TRUST 309,604 0.61%
TRUIST FINANCIAL CORP 300,560 0.59%
VERIZON MASTER TRUST 286,222 0.57%
ANALOG DEVICES INC 276,214 0.55%
GOLDMAN SACHS GROUP INC 267,113 0.53%
ROCHE HOLDING AG 258,806 0.51%
BANK OF NEW YORK MELLON CORP 253,486 0.50%
PACCAR INC 252,936 0.50%
NATIONAL AUSTRALIA BANK LTD 252,617 0.50%
COMMONWEALTH BANK OF AUSTRALIA 252,444 0.50%
UBS GROUP AG 252,017 0.50%
DEPOSITORY TRUST & CLEARING CORP 251,566 0.50%
APPLE INC 245,122 0.49%
CARMAX INC 243,488 0.48%
BLACKROCK INC 242,927 0.48%
ELI LILLY & CO 241,926 0.48%
35 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Composition
Issuer Market Value ($) % of Portfolio
AMAZON.COM INC 240,987 0.48%
FIFTH THIRD AUTO TRUST 213,544 0.42%
TEXAS INSTRUMENTS INC 211,892 0.42%
LOS ANGELES UNIFIED SCHOOL DISTRICT/CA 211,873 0.42%
HSBC HOLDINGS PLC 201,573 0.40%
ADVANCED MICRO DEVICES INC 191,392 0.38%
DEERE & CO 161,977 0.32%
USAA AUTO OWNER TRUST 156,245 0.31%
CINTAS CORP 155,347 0.31%
UNITED SERVICES AUTOMOBILE ASSOCIATION 150,990 0.30%
ADOBE INC 147,090 0.29%
DISCOVER CARD EXECUTION NOTE TRUST 144,863 0.29%
HUNTINGTON BANCSHARES INC/OH 141,225 0.28%
VOLVO FINANCIAL EQUIPMENT LLC 130,820 0.26%
HOME DEPOT INC 106,636 0.21%
MASTERCARD INC 105,444 0.21%
HERSHEY CO 101,263 0.20%
HORMEL FOODS CORP 101,007 0.20%
PORSCHE INNOVATIVE LEASE OWNER 100,876 0.20%
MARS INC 95,757 0.19%
CAPITAL ONE FINANCIAL CORP 92,371 0.18%
JOHNSON & JOHNSON 71,175 0.14%
BRISTOL-MYERS SQUIBB CO 70,887 0.14%
ACCENTURE PLC 69,782 0.14%
TARGET CORP 65,385 0.13%
CUMMINS INC 25,111 0.05%
36 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Composition
Issuer Market Value ($) % of Portfolio
PNC FINANCIAL SERVICES GROUP INC 25,037 0.05%
50,539,977Grand Total 100.00%
37 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
DTD 09/15/2023 4.625% 09/15/2026
91282CHY0 425,000.00 AA+ Aa1 10/3/2023 10/5/2023 422,011.72 4.88 5,768.68 428,419.98423,725.86
US TREASURY N/B
DTD 10/16/2023 4.625% 10/15/2026
91282CJC6 2,700,000.00 AA+ Aa1 11/7/2023 11/10/2023 2,693,777.34 4.71 26,271.52 2,724,046.202,697,160.42
US TREASURY N/B
DTD 11/15/2023 4.625% 11/15/2026
91282CJK8 925,000.00 AA+ Aa1 12/6/2023 12/8/2023 932,334.96 4.33 5,463.91 933,924.40928,541.50
US TREASURY N/B
DTD 11/15/2023 4.625% 11/15/2026
91282CJK8 75,000.00 AA+ Aa1 12/7/2023 12/12/2023 75,615.23 4.32 443.02 75,723.6075,298.05
US TREASURY N/B
DTD 12/15/2023 4.375% 12/15/2026
91282CJP7 1,525,000.00 AA+ Aa1 1/4/2024 1/8/2024 1,534,650.39 4.14 2,916.67 1,536,259.081,529,934.09
US TREASURY N/B
DTD 12/15/2023 4.375% 12/15/2026
91282CJP7 150,000.00 AA+ Aa1 12/30/2024 12/31/2024 150,328.13 4.26 286.89 151,107.45150,246.90
US TREASURY N/B
DTD 02/15/2024 4.125% 02/15/2027
91282CKA8 1,075,000.00 AA+ Aa1 3/7/2024 3/11/2024 1,069,834.96 4.30 16,659.53 1,080,081.531,072,060.49
US TREASURY N/B
DTD 03/15/2024 4.250% 03/15/2027
91282CKE0 550,000.00 AA+ Aa1 4/1/2024 4/3/2024 546,068.36 4.51 6,860.05 554,146.45547,662.96
US TREASURY N/B
DTD 03/15/2024 4.250% 03/15/2027
91282CKE0 700,000.00 AA+ Aa1 4/3/2024 4/5/2024 695,269.53 4.50 8,730.98 705,277.30697,184.28
US TREASURY N/B
DTD 03/15/2024 4.250% 03/15/2027
91282CKE0 875,000.00 AA+ Aa1 4/10/2024 4/12/2024 863,002.93 4.76 10,913.72 881,596.63867,803.41
US TREASURY N/B
DTD 04/15/2024 4.500% 04/15/2027
91282CKJ9 200,000.00 AA+ Aa1 5/14/2024 5/16/2024 199,367.19 4.62 1,893.44 202,476.60199,602.07
US TREASURY N/B
DTD 04/15/2024 4.500% 04/15/2027
91282CKJ9 100,000.00 AA+ Aa1 5/8/2024 5/10/2024 99,558.59 4.66 946.72 101,238.3099,723.76
US TREASURY N/B
DTD 05/15/2024 4.500% 05/15/2027
91282CKR1 1,225,000.00 AA+ Aa1 6/6/2024 6/10/2024 1,224,521.49 4.51 7,040.42 1,241,078.131,224,689.02
US TREASURY N/B
DTD 06/17/2024 4.625% 06/15/2027
91282CKV2 500,000.00 AA+ Aa1 7/1/2024 7/5/2024 500,566.41 4.58 1,010.93 508,261.50500,384.91
US TREASURY N/B
DTD 06/17/2024 4.625% 06/15/2027
91282CKV2 300,000.00 AA+ Aa1 7/10/2024 7/11/2024 301,769.53 4.41 606.56 304,956.90301,207.22 38 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
DTD 06/17/2024 4.625% 06/15/2027
91282CKV2 650,000.00 AA+ Aa1 7/8/2024 7/9/2024 653,960.94 4.40 1,314.21 660,739.95652,696.62
US TREASURY N/B
DTD 06/17/2024 4.625% 06/15/2027
91282CKV2 600,000.00 AA+ Aa1 6/27/2024 6/28/2024 602,085.93 4.50 1,213.11 609,913.80601,407.09
US TREASURY N/B
DTD 07/15/2024 4.375% 07/15/2027
91282CKZ3 400,000.00 AA+ Aa1 8/1/2024 8/2/2024 404,515.63 3.97 8,073.20 404,937.60403,174.92
US TREASURY N/B
DTD 08/15/2024 3.750% 08/15/2027
91282CLG4 1,750,000.00 AA+ Aa1 9/4/2024 9/5/2024 1,755,468.75 3.64 24,654.70 1,750,616.001,754,006.17
US TREASURY N/B
DTD 08/15/2024 3.750% 08/15/2027
91282CLG4 775,000.00 AA+ Aa1 9/5/2024 9/6/2024 777,966.80 3.61 10,918.51 775,272.80777,175.24
US TREASURY N/B
DTD 09/16/2024 3.375% 09/15/2027
91282CLL3 200,000.00 AA+ Aa1 10/3/2024 10/4/2024 198,710.94 3.61 1,980.98 198,593.80199,023.07
US TREASURY N/B
DTD 09/16/2024 3.375% 09/15/2027
91282CLL3 1,000,000.00 AA+ Aa1 10/1/2024 10/4/2024 996,171.88 3.51 9,904.89 992,969.00997,100.03
US TREASURY N/B
DTD 10/15/2024 3.875% 10/15/2027
91282CLQ2 100,000.00 AA+ Aa1 10/31/2024 11/4/2024 99,308.59 4.13 815.23 100,335.9099,455.71
US TREASURY N/B
DTD 10/15/2024 3.875% 10/15/2027
91282CLQ2 450,000.00 AA+ Aa1 11/1/2024 11/4/2024 446,730.47 4.14 3,668.55 451,511.55447,425.63
US TREASURY N/B
DTD 11/15/2024 4.125% 11/15/2027
91282CLX7 950,000.00 AA+ Aa1 12/5/2024 12/6/2024 950,148.44 4.12 5,004.93 958,683.95950,121.15
US TREASURY N/B
DTD 11/15/2024 4.125% 11/15/2027
91282CLX7 950,000.00 AA+ Aa1 12/2/2024 12/4/2024 950,185.55 4.12 5,004.93 958,683.95950,153.04
US TREASURY N/B
DTD 12/16/2024 4.000% 12/15/2027
91282CMB4 525,000.00 AA+ Aa1 1/2/2025 1/6/2025 520,898.44 4.28 918.03 528,670.80521,538.67
US TREASURY N/B
DTD 01/15/2025 4.250% 01/15/2028
91282CMF5 1,125,000.00 AA+ Aa1 2/3/2025 2/6/2025 1,123,461.91 4.30 22,057.15 1,139,369.631,123,660.94
US TREASURY N/B
DTD 02/18/2025 4.250% 02/15/2028
91282CMN8 475,000.00 AA+ Aa1 3/3/2025 3/5/2025 478,785.15 3.96 7,584.25 481,345.53478,387.56
US TREASURY N/B
DTD 03/17/2025 3.875% 03/15/2028
91282CMS7 350,000.00 AA+ Aa1 4/7/2025 4/9/2025 351,367.19 3.73 3,980.30 351,640.80351,267.71
US TREASURY N/B
DTD 05/15/2025 3.750% 05/15/2028
91282CND9 750,000.00 AA+ Aa1 6/5/2025 6/9/2025 747,070.31 3.89 3,592.05 750,996.00747,128.93
US TREASURY N/B
DTD 05/15/2025 3.750% 05/15/2028
91282CND9 1,000,000.00 AA+ Aa1 6/5/2025 6/9/2025 996,718.75 3.87 4,789.40 1,001,328.00996,784.50 39 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
DTD 06/16/2025 3.875% 06/15/2028
91282CNH0 300,000.00 AA+ Aa1 6/11/2025 6/16/2025 298,886.72 4.01 508.20 301,546.80298,901.46 23,675,000.00 23,661,119.15 211,795.66 23,845,749.91Security Type Sub-Total 4.22 23,664,633.38 Negotiable CD
NATIXIS NY BRANCH
DTD 09/20/2023 5.610% 09/18/2026
63873QP65 325,000.00 A+ A1 9/18/2023 9/20/2023 325,000.00 5.61 14,484.71 330,742.10325,000.00
CREDIT AGRICOLE CIB NY
DTD 02/05/2024 4.760% 02/01/2027
22536DWD6 350,000.00 A+ A1 2/1/2024 2/5/2024 350,000.00 4.76 6,756.56 352,820.30350,000.00 675,000.00 675,000.00 21,241.27 683,562.40Security Type Sub-Total 5.17 675,000.00 Municipal
LOS ANGELES UNIF SD-B
DTD 05/13/2025 4.382% 07/01/2027
544647KX7 210,000.00 NR Aa2 4/24/2025 5/13/2025 210,000.00 4.38 1,226.96 211,872.57210,000.00 210,000.00 210,000.00 1,226.96 211,872.57Security Type Sub-Total 4.38 210,000.00 Federal Agency
FEDERAL HOME LOAN BANK
(CALLABLE)
DTD 03/23/2021 1.000% 03/23/2026
3130ALGJ7 487,500.00 AA+ Aa1 9/5/2023 9/7/2023 440,977.88 5.04 1,327.08 476,337.23474,193.45 487,500.00 440,977.88 1,327.08 476,337.23Security Type Sub-Total 5.04 474,193.45 Corporate
CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.864% 09/29/2025
17325FBA5 250,000.00 A+ Aa3 9/26/2023 9/29/2023 250,000.00 5.86 3,746.44 250,475.50250,000.00
NATIONAL RURAL UTIL COOP
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 40,120.3239,994.09
AMERICAN HONDA FINANCE
DTD 07/07/2023 5.250% 07/07/2026
02665WEK3 100,000.00 A- A3 7/5/2023 7/7/2023 99,877.00 5.29 2,537.50 100,815.1099,958.32 40 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
TRUIST FINANCIAL CORP
(CALLABLE)
DTD 07/28/2022 4.260% 07/28/2026
89788MAH5 145,000.00 A- Baa1 7/25/2022 7/28/2022 145,000.00 4.26 2,625.23 144,933.59145,000.00
STATE STREET CORP (CALLABLE)
DTD 08/03/2023 5.272% 08/03/2026
857477CD3 175,000.00 A Aa3 7/31/2023 8/3/2023 175,000.00 5.27 3,792.91 176,799.70175,000.00
MERCEDES-BENZ FIN NA
DTD 08/03/2023 5.200% 08/03/2026
58769JAK3 200,000.00 A A2 8/21/2023 8/23/2023 198,554.00 5.47 4,275.56 201,603.00199,465.25
CITIBANK NA (CALLABLE)
DTD 08/06/2024 4.929% 08/06/2026
17325FBJ6 250,000.00 A+ Aa3 8/1/2024 8/6/2024 250,965.00 4.72 4,963.23 251,696.50250,521.16
TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/07/2026
89236TMJ1 40,000.00 A+ A1 8/6/2024 8/9/2024 39,975.20 4.58 728.00 40,136.3639,986.09
PACCAR FINANCIAL CORP
DTD 08/10/2023 5.050% 08/10/2026
69371RS56 200,000.00 A+ A1 8/3/2023 8/10/2023 199,900.00 5.07 3,955.83 202,074.80199,963.06
BMW US CAPITAL LLC
DTD 08/13/2024 4.650% 08/13/2026
05565ECP8 365,000.00 A A2 8/7/2024 8/13/2024 364,992.70 4.65 6,506.13 366,189.17364,996.08
TRUIST FINANCIAL CORP
(CALLABLE)
DTD 10/28/2022 5.900% 10/28/2026
89788MAJ1 155,000.00 A- Baa1 10/26/2022 10/28/2022 155,000.00 5.90 1,600.38 155,626.51155,000.00
STATE STREET CORP (CALLABLE)
DTD 11/04/2022 5.751% 11/04/2026
857477BX0 65,000.00 A Aa3 11/1/2022 11/4/2022 65,000.00 5.75 591.87 65,286.9865,000.00
ROCHE HOLDINGS INC (CALLABLE)
DTD 11/13/2023 5.265% 11/13/2026
771196CE0 255,000.00 AA Aa2 11/6/2023 11/13/2023 255,000.00 5.27 1,790.10 258,805.62255,000.00
MERCEDES-BENZ FIN NA
DTD 11/15/2024 4.800% 11/13/2026
58769JBB2 160,000.00 A A2 11/12/2024 11/15/2024 159,868.80 4.84 1,024.00 160,831.04159,908.89
CATERPILLAR FINL SERVICE
DTD 01/08/2024 4.500% 01/08/2027
14913UAE0 170,000.00 A A2 1/2/2024 1/8/2024 169,816.40 4.54 3,676.25 170,993.48169,903.97
TOYOTA MOTOR CREDIT CORP
DTD 01/09/2025 4.600% 01/08/2027
89236TMY8 150,000.00 A+ A1 1/6/2025 1/9/2025 149,917.50 4.63 3,296.67 151,032.30149,936.67
AUST & NZ BANKING GRP NY
DTD 01/18/2024 4.750% 01/18/2027
05253JAZ4 460,000.00 AA- Aa2 1/8/2024 1/18/2024 460,000.00 4.75 9,893.19 464,675.90460,000.00
BANK OF AMERICA CORP
(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 7,838.02 346,000.85345,000.00 41 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
(CALLABLE)
DTD 01/24/2023 4.758% 01/26/2027
693475BL8 25,000.00 A- A3 1/19/2023 1/24/2023 25,000.00 4.76 512.15 25,036.6825,000.00
MORGAN STANLEY (CALLABLE)
DTD 01/19/2023 5.050% 01/28/2027
61747YEZ4 75,000.00 A- A1 1/17/2023 1/19/2023 74,998.50 5.05 1,609.69 75,224.7074,999.41
TEXAS INSTRUMENTS INC
(CALLABLE)
DTD 02/08/2024 4.600% 02/08/2027
882508CE2 210,000.00 A+ Aa3 2/5/2024 2/8/2024 209,865.60 4.62 3,837.17 211,892.10209,926.24
ELI LILLY & CO (CALLABLE)
DTD 02/09/2024 4.500% 02/09/2027
532457CJ5 240,000.00 A+ Aa3 2/7/2024 2/9/2024 239,872.80 4.52 4,260.00 241,926.48239,930.18
BRISTOL-MYERS SQUIBB CO
(CALLABLE)
DTD 02/22/2024 4.900% 02/22/2027
110122EE4 70,000.00 A A2 2/14/2024 2/22/2024 69,924.40 4.94 1,229.08 70,886.6269,957.38
CISCO SYSTEMS INC (CALLABLE)
DTD 02/26/2024 4.800% 02/26/2027
17275RBQ4 290,000.00 AA- A1 2/21/2024 2/26/2024 289,623.00 4.85 4,833.33 293,515.09289,786.15
JOHN DEERE CAPITAL CORP
DTD 03/07/2024 4.850% 03/05/2027
24422EXM6 160,000.00 A A1 3/4/2024 3/7/2024 159,851.20 4.88 2,500.44 161,976.64159,914.21
AMERICAN HONDA FINANCE
DTD 03/13/2024 4.900% 03/12/2027
02665WFD8 140,000.00 A- A3 3/11/2024 3/13/2024 139,923.00 4.92 2,077.06 141,230.04139,955.20
STATE STREET CORP (CALLABLE)
DTD 03/18/2024 4.993% 03/18/2027
857477CL5 90,000.00 A Aa3 3/13/2024 3/18/2024 90,000.00 4.99 1,285.70 91,292.4090,000.00
HORMEL FOODS CORP (CALLABLE)
DTD 03/08/2024 4.800% 03/30/2027
440452AK6 100,000.00 A- A1 3/5/2024 3/8/2024 99,903.00 4.84 1,213.33 101,006.7099,951.37
ADOBE INC (CALLABLE)
DTD 04/04/2024 4.850% 04/04/2027
00724PAE9 145,000.00 A+ A1 4/1/2024 4/4/2024 144,927.50 4.87 1,699.52 147,089.74144,956.32
UNITEDHEALTH GROUP INC
(CALLABLE)
DTD 03/21/2024 4.600% 04/15/2027
91324PEY4 355,000.00 A+ A2 3/19/2024 3/21/2024 352,525.65 4.85 3,447.44 357,067.52353,514.02
NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 05/10/2024 5.100% 05/06/2027
63743HFR8 170,000.00 A- A2 5/7/2024 5/10/2024 169,894.60 5.12 1,324.58 172,670.19169,933.14
PACCAR FINANCIAL CORP
DTD 05/13/2024 5.000% 05/13/2027
69371RT22 50,000.00 A+ A1 5/6/2024 5/13/2024 49,961.50 5.03 333.33 50,861.2549,975.45
NATIONAL SECS CLEARING
DTD 05/20/2025 4.350% 05/20/2027
637639AN5 250,000.00 AA+ Aa1 5/14/2025 5/20/2025 249,980.00 4.35 1,238.54 251,566.25249,981.19 42 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 140,000.00 A+ A1 5/15/2024 5/21/2024 140,000.00 5.41 842.18 141,148.56140,000.00
HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.875% 06/25/2027
437076DB5 105,000.00 A A2 6/17/2024 6/25/2024 104,652.45 5.00 85.31 106,636.11104,764.69
BLACKROCK FUNDING INC
(CALLABLE)
DTD 07/26/2024 4.600% 07/26/2027
09290DAH4 240,000.00 AA- Aa3 7/17/2024 7/26/2024 239,992.80 4.60 4,753.33 242,926.56239,995.31 AMAZON.COM INC (CALLABLE)
DTD 06/06/2018 3.150% 08/22/2027
023135BC9 245,000.00 AA A1 4/9/2025 4/10/2025 238,715.75 4.30 2,765.44 240,986.90239,286.69
NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 09/16/2024 4.120% 09/16/2027
63743HFT4 80,000.00 A- A2 9/10/2024 9/16/2024 80,136.80 4.06 961.33 79,933.1280,102.37
NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 09/16/2024 4.120% 09/16/2027
63743HFT4 65,000.00 A- A2 9/9/2024 9/16/2024 65,000.00 4.12 781.08 64,945.6665,000.00
ACCENTURE CAPITAL INC
(CALLABLE)
DTD 10/04/2024 3.900% 10/04/2027
00440KAA1 70,000.00 AA- Aa3 10/1/2024 10/4/2024 69,909.70 3.95 659.75 69,782.3769,931.11
TOYOTA MOTOR CREDIT CORP
DTD 10/10/2024 4.350% 10/08/2027
89236TMS1 175,000.00 A+ A1 10/8/2024 10/10/2024 175,059.50 4.34 1,755.10 175,705.42175,046.02
AMERICAN HONDA FINANCE
DTD 10/23/2024 4.450% 10/22/2027
02665WFT3 125,000.00 A- A3 10/21/2024 10/23/2024 124,913.75 4.47 1,066.15 125,347.75124,932.76
JPMORGAN CHASE & CO
(CALLABLE)
DTD 10/23/2023 6.070% 10/22/2027
46647PDW3 120,000.00 A A1 10/16/2023 10/23/2023 120,000.00 6.07 1,396.10 122,595.60120,000.00
NATIONAL AUSTRALIA BK/NY
DTD 11/26/2024 4.500% 10/26/2027
632525CA7 250,000.00 AA- Aa2 11/19/2024 11/26/2024 249,272.50 4.61 2,031.25 252,616.50249,414.39
APPLE INC (CALLABLE)
DTD 11/13/2017 3.000% 11/13/2027
037833DK3 250,000.00 AA+ Aaa 4/9/2025 4/10/2025 242,295.00 4.27 1,000.00 245,122.25242,932.43
CATERPILLAR FINL SERVICE
DTD 11/15/2024 4.600% 11/15/2027
14913UAS9 200,000.00 A A2 11/12/2024 11/15/2024 199,828.00 4.63 1,175.56 202,375.20199,862.28
CITIBANK NA (CALLABLE)
DTD 11/19/2024 4.876% 11/19/2027
17325FBL1 375,000.00 A+ Aa3 11/12/2024 11/19/2024 375,000.00 4.88 2,133.25 377,269.88375,000.00 43 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
UBS AG STAMFORD CT (CALLABLE)
DTD 01/10/2025 4.864% 01/10/2028
90261AAD4 250,000.00 A+ Aa2 1/6/2025 1/10/2025 250,000.00 4.86 5,776.00 252,016.75250,000.00
MASTERCARD INC (CALLABLE)
DTD 09/05/2024 4.100% 01/15/2028
57636QBA1 105,000.00 A+ Aa3 9/3/2024 9/5/2024 104,942.25 4.12 1,985.08 105,443.73104,955.89
COOPERAT RABOBANK UA/NY
DTD 01/21/2025 4.883% 01/21/2028
21688ABK7 500,000.00 A+ Aa2 1/13/2025 1/21/2025 500,000.00 4.88 10,851.11 510,504.00500,000.00
PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.450% 02/07/2028
713448GA0 370,000.00 A+ A1 2/5/2025 2/7/2025 369,844.60 4.47 6,586.00 374,548.78369,864.32
CISCO SYSTEMS INC (CALLABLE)
DTD 02/24/2025 4.550% 02/24/2028
17275RBW1 95,000.00 AA- A1 2/19/2025 2/24/2025 94,897.40 4.59 1,524.88 96,242.1394,908.90
HERSHEY COMPANY (CALLABLE)
DTD 02/24/2025 4.550% 02/24/2028
427866BK3 100,000.00 A A1 2/19/2025 2/24/2025 99,931.00 4.57 1,605.14 101,262.9099,938.85
JOHNSON & JOHNSON (CALLABLE)
DTD 02/20/2025 4.550% 03/01/2028
478160DH4 70,000.00 AAA Aaa 2/18/2025 2/20/2025 69,959.40 4.57 1,158.99 71,174.5369,964.03
MARS INC (CALLABLE)
DTD 03/12/2025 4.600% 03/01/2028
571676AX3 95,000.00 A A2 3/5/2025 3/12/2025 94,999.05 4.60 1,323.14 95,756.6794,999.29
COMMONWEALTH BK AUSTR NY
DTD 03/14/2025 4.423% 03/14/2028
20271RAV2 250,000.00 AA- Aa2 3/6/2025 3/14/2025 250,000.00 4.42 3,286.53 252,443.75250,000.00
ADVANCED MICRO DEVICES
(CALLABLE)
DTD 03/24/2025 4.319% 03/24/2028
007903BJ5 190,000.00 A A2 3/10/2025 3/24/2025 190,000.00 4.32 2,211.09 191,391.75190,000.00
MORGAN STANLEY (CALLABLE)
DTD 04/19/2024 5.652% 04/13/2028
61747YFP5 25,000.00 A- A1 4/17/2024 4/19/2024 25,000.00 5.65 306.15 25,552.0325,000.00
JPMORGAN CHASE & CO
(CALLABLE)
DTD 04/22/2024 5.571% 04/22/2028
46647PEE2 215,000.00 A A1 4/15/2024 4/22/2024 215,000.00 5.57 2,295.72 219,440.61215,000.00
GOLDMAN SACHS GROUP INC
(CALLABLE)
DTD 04/23/2025 4.937% 04/23/2028
38141GC77 125,000.00 BBB+ A2 4/15/2025 4/23/2025 125,000.00 4.94 1,165.68 125,964.88125,000.00
STATE STREET CORP (CALLABLE)
DTD 04/24/2025 4.543% 04/24/2028
857477DA8 110,000.00 A Aa3 4/22/2025 4/24/2025 110,000.00 4.54 930.05 110,692.23110,000.00 CINTAS CORPORATION NO. 2
(CALLABLE)
DTD 05/02/2025 4.200% 05/01/2028
17252MAR1 155,000.00 A- A3 4/28/2025 5/2/2025 154,801.60 4.25 1,066.92 155,347.36154,812.02 44 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
CUMMINS INC (CALLABLE)
DTD 05/09/2025 4.250% 05/09/2028
231021AY2 25,000.00 A A2 5/6/2025 5/9/2025 24,982.50 4.28 153.47 25,111.1824,983.31
MORGAN STANLEY BANK NA
(CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 250,000.00 A+ Aa3 5/29/2024 5/30/2024 250,192.50 5.48 1,337.78 255,192.25250,126.15
USAA CAPITAL CORP (CALLABLE)
DTD 06/02/2025 4.375% 06/01/2028
90327QDA4 150,000.00 AA- Aa2 5/29/2025 6/2/2025 149,716.50 4.44 528.65 150,989.55149,723.90
HSBC USA INC
DTD 06/03/2025 4.650% 06/03/2028
40428HR95 200,000.00 A- A2 5/28/2025 6/3/2025 200,078.00 4.64 723.33 201,573.00200,076.23
ANALOG DEVICES INC (CALLABLE)
DTD 06/16/2025 4.250% 06/15/2028
032654BD6 275,000.00 A- A2 6/12/2025 6/16/2025 274,703.00 4.29 486.98 276,213.85274,707.54
TARGET CORP (CALLABLE)
DTD 06/10/2025 4.350% 06/15/2028
87612EBU9 65,000.00 A A2 6/5/2025 6/10/2025 64,999.35 4.35 164.94 65,385.0664,999.46
AMERICAN EXPRESS CO (CALLABLE)
DTD 07/26/2024 5.043% 07/26/2028
025816DV8 50,000.00 A- A2 7/22/2024 7/26/2024 50,000.00 5.04 1,085.65 50,682.3550,000.00
JPMORGAN CHASE & CO
(CALLABLE)
DTD 10/22/2024 4.505% 10/22/2028
46647PEP7 125,000.00 A A1 10/22/2024 10/23/2024 124,630.00 4.59 1,079.32 125,356.00124,689.54
BANK OF AMERICA CORP
(CALLABLE)
DTD 01/24/2025 4.979% 01/24/2029
06051GMK2 330,000.00 A- A1 1/17/2025 1/24/2025 330,000.00 4.98 7,165.61 334,571.49330,000.00
BANK OF NEW YORK MELLON
(CALLABLE)
DTD 04/22/2025 4.729% 04/20/2029
06405LAH4 250,000.00 AA- Aa2 4/15/2025 4/22/2025 250,810.00 4.64 2,265.98 253,486.25250,761.17
AMERICAN EXPRESS CO (CALLABLE)
DTD 04/25/2025 4.731% 04/25/2029
025816ED7 185,000.00 A- A2 4/21/2025 4/25/2025 185,000.00 4.73 1,604.60 187,056.65185,000.00 12,895,000.00 12,874,327.15 174,686.68 13,002,130.73Security Type Sub-Total 4.80 12,878,192.49 Agency CMBS
FNA 2024-M6 A2
DTD 11/01/2024 2.908% 07/01/2027
3136BTGM9 475,000.00 AA+ Aa1 12/12/2024 12/17/2024 458,375.00 4.32 1,151.08 464,629.33461,639.79 FHMS K739 A2
DTD 11/01/2020 1.336% 09/01/2027
3137F64P9 494,458.80 AA+ Aa1 10/30/2024 11/4/2024 456,505.22 4.14 550.50 468,926.93464,701.65 45 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
Agency CMBS
FHMS K069 A2
DTD 11/01/2017 3.187% 09/01/2027
3137FBU79 451,428.33 AA+ Aa1 3/6/2025 3/11/2025 439,490.16 4.28 1,198.92 443,017.77440,849.90 FHMS K074 A2
DTD 03/01/2018 3.600% 01/01/2028
3137F4D41 240,000.00 AA+ Aa1 2/27/2025 3/4/2025 234,853.13 4.39 720.00 237,246.00235,396.62 FHMS K075 A2
DTD 04/01/2018 3.650% 02/01/2028
3137F4X72 500,000.00 AA+ Aa1 3/5/2025 3/10/2025 491,269.53 4.28 1,520.83 494,702.00492,124.86 FHMS K076 A2
DTD 05/01/2018 3.900% 04/01/2028
3137FEZU7 410,000.00 AA+ Aa1 3/4/2025 3/7/2025 405,483.59 4.27 1,332.50 408,138.19405,911.70 2,570,887.13 2,485,976.63 6,473.83 2,516,660.22Security Type Sub-Total 4.27 2,500,624.52 ABS
HAROT 2022-1 A3
DTD 02/23/2022 1.880% 05/15/2026
43815BAC4 11,928.59 AAA Aaa 2/15/2022 2/23/2022 11,926.79 1.88 9.97 11,904.3711,928.22 BMWOT 2022-A A3
DTD 05/18/2022 3.210% 08/25/2026
05602RAD3 10,908.75 AAA Aaa 5/10/2022 5/18/2022 10,908.18 3.21 5.84 10,888.9310,908.60 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 277.23 AAA Aaa 10/13/2021 10/21/2021 277.23 0.68 0.08 276.80277.23 HART 2022-A A3
DTD 03/16/2022 2.220% 10/15/2026
448977AD0 16,638.45 AAA NR 3/9/2022 3/16/2022 16,637.80 2.22 16.42 16,610.6116,638.27 KCOT 2022-1A A3
DTD 03/23/2022 2.670% 10/15/2026
50117EAC8 53,006.96 NR Aaa 3/15/2022 3/23/2022 52,999.38 2.69 62.90 52,774.3653,004.81 ALLYA 2022-1 A3
DTD 05/18/2022 3.310% 11/15/2026
02008JAC0 29,990.00 AAA Aaa 5/10/2022 5/18/2022 29,984.19 3.31 44.12 29,947.6829,988.22 GMCAR 2022-1 A3
DTD 01/19/2022 1.260% 11/16/2026
380146AC4 3,078.96 AAA NR 1/11/2022 1/19/2022 3,078.69 1.26 1.62 3,074.583,078.88 HART 2022-B A3
DTD 07/20/2022 3.720% 11/16/2026
44918MAD2 26,846.95 AAA NR 7/12/2022 7/20/2022 26,846.94 3.72 44.39 26,813.7926,846.94 KCOT 2022-2A A3
DTD 07/21/2022 4.090% 12/15/2026
50117JAC7 77,252.43 NR Aaa 7/14/2022 7/21/2022 77,238.27 4.09 140.43 77,134.6977,247.74 HDMOT 2022-A A3
DTD 04/20/2022 3.060% 02/15/2027
41284YAD8 15,253.55 AAA Aaa 4/12/2022 4/20/2022 15,251.01 3.06 20.74 15,233.8615,252.70 CARMX 2022-2 A3
DTD 04/28/2022 3.490% 02/16/2027
14317HAC5 32,682.00 AAA Aaa 4/21/2022 4/28/2022 32,677.02 3.49 50.69 32,606.3432,680.31 46 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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 2022-1 A3
DTD 05/04/2022 3.170% 04/15/2027
14043QAC6 38,701.98 AAA NR 4/26/2022 5/4/2022 38,693.52 3.17 54.53 38,530.5338,698.92 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 80,710.10 AAA NR 7/12/2022 7/20/2022 80,708.19 3.97 142.41 80,532.0580,709.38 GMCAR 2022-3 A3
DTD 07/13/2022 3.640% 04/16/2027
36265WAD5 39,253.69 NR Aaa 7/6/2022 7/13/2022 39,253.41 3.64 59.53 39,177.8939,253.58 COPAR 2022-2 A3
DTD 08/10/2022 3.660% 05/17/2027
14043GAD6 54,019.56 AAA Aaa 8/2/2022 8/10/2022 54,015.69 3.66 87.87 53,840.7554,018.04 ALLYA 2022-2 A3
DTD 10/12/2022 4.760% 05/17/2027
02008MAC3 129,761.24 AAA Aaa 10/4/2022 10/12/2022 129,759.63 4.76 274.52 129,807.31129,760.58 KCOT 2023-1A A3
DTD 03/31/2023 5.020% 06/15/2027
50117KAC4 127,500.60 NR Aaa 3/28/2023 3/31/2023 127,480.64 5.02 284.47 127,884.63127,491.32 MBART 2022-1 A3
DTD 11/22/2022 5.210% 08/16/2027
58768PAC8 148,761.42 AAA Aaa 11/15/2022 11/22/2022 148,731.99 5.21 344.47 149,217.97148,748.21 CARMX 2022-4 A3
DTD 10/31/2022 5.340% 08/16/2027
14318UAD3 129,937.23 AAA NR 10/26/2022 10/31/2022 129,906.76 5.35 308.38 130,349.91129,923.72 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 90,970.48 AAA NR 1/24/2023 1/30/2023 90,970.44 4.63 187.20 91,008.8790,970.46 NAROT 2023-A A3
DTD 04/26/2023 4.910% 11/15/2027
65480WAD3 198,342.62 NR Aaa 4/18/2023 4/26/2023 198,307.57 4.91 432.83 198,750.21198,324.36 MBART 2023-1 A3
DTD 01/25/2023 4.510% 11/15/2027
58770AAC7 60,319.21 AAA NR 1/18/2023 1/25/2023 60,311.97 4.51 120.91 60,315.9560,315.63 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 91,422.81 NR Aaa 2/13/2023 2/23/2023 91,413.60 5.05 205.19 91,606.8491,418.11 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 120,000.00 NR Aaa 7/18/2023 7/26/2023 119,969.69 5.29 281.60 120,987.12119,982.76 TAOT 2023-B A3
DTD 05/23/2023 4.710% 02/15/2028
891941AD8 152,040.30 NR Aaa 5/16/2023 5/23/2023 152,031.80 4.71 318.27 152,313.21152,035.58 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 81,940.24 AAA NR 3/28/2023 3/31/2023 81,931.69 4.65 169.34 82,028.5781,935.64 BMWOT 2023-A A3
DTD 07/18/2023 5.470% 02/25/2028
05592XAD2 60,193.39 AAA NR 7/11/2023 7/18/2023 60,182.72 5.47 54.88 60,549.6160,187.25 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 4.31 277.76 144,862.54144,995.38 47 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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 96,422.42 AAA NR 6/21/2023 6/26/2023 96,421.12 5.23 224.13 96,946.5896,421.66 BMWLT 2025-1 A3
DTD 06/10/2025 4.430% 06/26/2028
096912AD2 100,000.00 AAA NR 6/3/2025 6/10/2025 99,997.80 4.43 258.42 100,561.1099,998.05 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 80,000.00 AAA NR 11/7/2023 11/14/2023 79,991.38 5.54 196.98 80,934.1679,994.28 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 211,895.41 AAA Aaa 8/15/2023 8/23/2023 211,882.28 5.53 520.79 213,543.96211,887.17 HDMOT 2023-B A3
DTD 09/27/2023 5.690% 08/15/2028
41285YAC9 203,468.07 AAA Aaa 9/20/2023 9/27/2023 203,422.06 5.74 514.55 205,047.38203,178.48 PILOT 2025-1A A3
DTD 05/21/2025 4.610% 10/20/2028
73329KAD8 100,000.00 AAA NR 5/14/2025 5/21/2025 99,989.29 4.61 140.86 100,875.9099,989.91 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 125,000.00 NR Aaa 12/7/2023 12/14/2023 124,983.21 4.98 276.67 126,312.13124,988.38 BAAT 2024-1A A3
DTD 05/22/2024 5.350% 11/15/2028
09709AAC6 50,000.00 NR Aaa 5/14/2024 5/22/2024 49,991.86 5.35 118.89 50,475.3049,993.84 HUNT 2024-1A A3
DTD 02/22/2024 5.230% 01/16/2029
446144AE7 140,000.00 AAA Aaa 2/13/2024 2/22/2024 139,994.79 5.23 325.42 141,225.42139,996.39 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/16/2029
161571HV9 415,000.00 AAA NR 1/24/2024 1/31/2024 414,936.80 4.60 848.44 418,001.69414,953.97 BMWOT 2024-A A3
DTD 06/11/2024 5.180% 02/26/2029
096919AD7 200,000.00 AAA Aaa 6/4/2024 6/11/2024 199,969.62 5.18 172.67 202,506.80199,976.09 USAOT 2024-A A3
DTD 07/30/2024 5.030% 03/15/2029
90327VAC2 155,000.00 AAA Aaa 7/24/2024 7/30/2024 154,970.98 5.03 346.51 156,244.96154,976.47 NAROT 2024-B A3
DTD 10/23/2024 4.340% 03/15/2029
65479WAD6 95,000.00 NR Aaa 10/16/2024 10/23/2024 94,991.22 4.34 183.24 95,198.4694,992.53 HAROT 2024-3 A3
DTD 08/21/2024 4.570% 03/21/2029
43813YAC6 225,000.00 NR Aaa 8/9/2024 8/21/2024 224,964.65 4.57 285.63 226,205.55224,970.79 FORDO 2024-B A3
DTD 06/24/2024 5.100% 04/15/2029
34531QAD1 350,000.00 AAA Aaa 6/18/2024 6/24/2024 349,996.78 5.10 793.33 354,415.95349,997.59 GMCAR 2024-3 A3
DTD 07/10/2024 5.130% 04/16/2029
38013KAD2 190,000.00 AAA Aaa 7/2/2024 7/10/2024 189,970.76 5.13 406.13 191,925.46189,976.48 HAROT 2024-4 A3
DTD 10/24/2024 4.330% 05/15/2029
43816DAC9 125,000.00 AAA Aaa 10/16/2024 10/24/2024 124,982.31 4.33 240.56 125,278.00124,984.87 48 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
VFET 2025-1A A3
DTD 03/12/2025 4.460% 05/15/2029
92887TAC5 130,000.00 NR Aaa 3/4/2025 3/12/2025 129,984.40 4.46 257.69 130,820.30129,985.69 HART 2024-C A3
DTD 10/16/2024 4.410% 05/15/2029
448976AD2 160,000.00 AAA NR 10/8/2024 10/16/2024 159,988.29 4.41 313.60 160,789.28159,990.33 TAOT 2024-D A3
DTD 10/17/2024 4.400% 06/15/2029
89239TAD4 95,000.00 AAA Aaa 10/10/2024 10/17/2024 94,994.70 4.40 185.78 95,391.5994,995.52 ALLYA 2024-2 A3
DTD 09/27/2024 4.140% 07/16/2029
02007NAC2 150,000.00 AAA NR 9/24/2024 9/27/2024 149,984.49 4.14 276.00 149,848.80149,987.18 VALET 2024-1 A3
DTD 11/26/2024 4.630% 07/20/2029
92868RAD0 125,000.00 AAA Aaa 11/19/2024 11/26/2024 124,988.22 4.63 176.84 126,275.38124,989.86 TAOT 2025-A A3
DTD 01/29/2025 4.640% 08/15/2029
89240JAD3 225,000.00 NR Aaa 1/22/2025 1/29/2025 224,990.98 4.64 464.00 227,051.55224,992.42 GMCAR 2024-4 A3
DTD 10/16/2024 4.400% 08/16/2029
38014AAD3 130,000.00 AAA Aaa 10/8/2024 10/16/2024 129,974.96 4.40 238.33 130,361.79129,978.46 VALET 2025-1 A3
DTD 03/25/2025 4.500% 08/20/2029
92868MAD1 235,000.00 NR Aaa 3/18/2025 3/25/2025 234,992.01 4.50 323.13 236,717.85234,992.92 KCOT 2025-2A A3
DTD 06/25/2025 4.420% 09/17/2029
50117LAC2 100,000.00 NR Aaa 6/17/2025 6/25/2025 99,999.90 4.42 73.67 100,041.25100,000.00 HAROT 2025-1 A3
DTD 02/11/2025 4.570% 09/21/2029
43814VAC1 355,000.00 AAA NR 2/4/2025 2/11/2025 354,989.07 4.57 450.65 358,391.31354,990.47 HAROT 2025-2 A3
DTD 05/08/2025 4.150% 10/15/2029
437921AD1 105,000.00 NR Aaa 4/29/2025 5/8/2025 104,988.27 4.15 193.67 105,195.09104,988.88 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
44935CAD3 310,000.00 AAA NR 3/4/2025 3/12/2025 309,954.27 4.32 595.20 311,162.50309,957.59 TAOT 2025-B A3
DTD 04/30/2025 4.340% 11/15/2029
89231HAD8 185,000.00 AAA NR 4/24/2025 4/30/2025 184,989.40 4.34 356.84 186,115.00184,990.44 BAAT 2025-1A A3
DTD 05/12/2025 4.350% 11/20/2029
05594BAD8 70,000.00 NR Aaa 5/6/2025 5/12/2025 69,995.17 4.35 93.04 70,312.7669,995.54 AMXCA 2025-1 A
DTD 02/11/2025 4.560% 12/15/2029
02582JKM1 475,000.00 AAA NR 2/4/2025 2/11/2025 474,894.50 4.57 962.67 480,908.05474,902.50 NAROT 2025-A A3
DTD 05/27/2025 4.490% 12/17/2029
65481GAD7 265,000.00 NR Aaa 5/20/2025 5/27/2025 264,949.12 4.49 528.82 267,631.19264,950.81 MBART 2025-1 A3
DTD 01/23/2025 4.780% 12/17/2029
58773DAD6 220,000.00 NR Aaa 1/14/2025 1/23/2025 219,953.21 4.78 467.38 222,880.02219,957.66 49 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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
GMCAR 2025-1 A3
DTD 01/15/2025 4.620% 12/17/2029
362955AD8 155,000.00 NR Aaa 1/9/2025 1/15/2025 154,988.48 4.62 318.27 156,371.60154,990.03 VZMT 2025-3 A1A
DTD 03/31/2025 4.510% 03/20/2030
92348KDY6 285,000.00 NR Aaa 3/25/2025 3/31/2025 284,987.75 4.51 392.75 286,222.37284,989.11 AMXCA 2025-2 A
DTD 05/13/2025 4.280% 04/15/2030
02582JKP4 350,000.00 AAA NR 5/6/2025 5/13/2025 349,993.66 4.28 665.78 352,088.80349,993.95 BACCT 2025-A1 A
DTD 06/12/2025 4.310% 05/15/2030
05522RDK1 230,000.00 AAA NR 6/5/2025 6/12/2025 229,999.13 4.31 523.19 231,522.83230,000.00 CCCIT 2025-A1 A
DTD 06/26/2025 4.300% 06/21/2030
17305EHA6 500,000.00 AAA Aaa 6/18/2025 6/26/2025 499,864.35 4.31 298.61 502,835.50499,864.78 9,743,524.60 9,742,387.64 18,010.49 9,803,663.58Security Type Sub-Total 4.63 9,742,381.93 50,256,911.73 50,089,788.45 434,761.97 50,539,976.64Managed Account Sub Total Securities Sub Total
Accrued Interest
$50,256,911.73 $50,089,788.45 $434,761.97 $50,539,976.64 $434,761.97
50,145,025.77
$50,145,025.77
4.47 4.47%
Total Investments $50,974,738.61
50 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
4/7/2025 4/9/2025 350,000.00 91282CMS7 US TREASURY N/B 3.87% 3/15/2028 352,288.56 3.73% 4/9/2025 4/10/2025 245,000.00 023135BC9 AMAZON.COM INC (CALLABLE) 3.15% 8/22/2027 239,744.75 4.30% 4/9/2025 4/10/2025 250,000.00 037833DK3 APPLE INC (CALLABLE) 3.00% 11/13/2027 245,357.50 4.27% 4/15/2025 4/22/2025 250,000.00 06405LAH4 BANK OF NEW YORK MELLON (CALLABLE) 4.72% 4/20/2029 250,810.00 4.64% 4/15/2025 4/23/2025 125,000.00 38141GC77 GOLDMAN SACHS GROUP INC (CALLABLE) 4.93% 4/23/2028 125,000.00 4.94% 4/21/2025 4/25/2025 185,000.00 025816ED7 AMERICAN EXPRESS CO (CALLABLE) 4.73% 4/25/2029 185,000.00 4.73% 4/22/2025 4/24/2025 110,000.00 857477DA8 STATE STREET CORP (CALLABLE) 4.54% 4/24/2028 110,000.00 4.54% 4/24/2025 4/30/2025 185,000.00 89231HAD8 TAOT 2025-B A3 4.34% 11/15/2029 184,989.40 4.34% 4/24/2025 5/13/2025 210,000.00 544647KX7 LOS ANGELES UNIF SD-B 4.38% 7/1/2027 210,000.00 4.38% 4/28/2025 5/2/2025 155,000.00 17252MAR1 CINTAS CORPORATION NO. 2 (CALLABLE) 4.20% 5/1/2028 154,801.60 4.25% 4/29/2025 5/8/2025 105,000.00 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 104,988.27 4.15% 5/6/2025 5/9/2025 25,000.00 231021AY2 CUMMINS INC (CALLABLE) 4.25% 5/9/2028 24,982.50 4.28% 5/6/2025 5/12/2025 70,000.00 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 69,995.17 4.35% 5/6/2025 5/13/2025 350,000.00 02582JKP4 AMXCA 2025-2 A 4.28% 4/15/2030 349,993.66 4.28% 5/14/2025 5/20/2025 250,000.00 637639AN5 NATIONAL SECS CLEARING 4.35% 5/20/2027 249,980.00 4.35% 5/14/2025 5/21/2025 100,000.00 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 99,989.29 4.61% 5/20/2025 5/27/2025 265,000.00 65481GAD7 NAROT 2025-A A3 4.49% 12/17/2029 264,949.12 4.49% 51 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
5/28/2025 6/3/2025 200,000.00 40428HR95 HSBC USA INC 4.65% 6/3/2028 200,078.00 4.64% 5/29/2025 6/2/2025 150,000.00 90327QDA4 USAA CAPITAL CORP (CALLABLE) 4.37% 6/1/2028 149,716.50 4.44% 6/3/2025 6/10/2025 100,000.00 096912AD2 BMWLT 2025-1 A3 4.43% 6/26/2028 99,997.80 4.43% 6/5/2025 6/9/2025 1,000,000.00 91282CND9 US TREASURY N/B 3.75% 5/15/2028 999,266.30 3.87% 6/5/2025 6/9/2025 750,000.00 91282CND9 US TREASURY N/B 3.75% 5/15/2028 748,980.98 3.89% 6/5/2025 6/10/2025 65,000.00 87612EBU9 TARGET CORP (CALLABLE) 4.35% 6/15/2028 64,999.35 4.35% 6/5/2025 6/12/2025 230,000.00 05522RDK1 BACCT 2025-A1 A 4.31% 5/15/2030 229,999.13 4.31% 6/11/2025 6/16/2025 300,000.00 91282CNH0 US TREASURY N/B 3.87% 6/15/2028 298,918.48 4.01% 6/12/2025 6/16/2025 275,000.00 032654BD6 ANALOG DEVICES INC (CALLABLE) 4.25% 6/15/2028 274,703.00 4.29% 6/17/2025 6/25/2025 100,000.00 50117LAC2 KCOT 2025-2A A3 4.42% 9/17/2029 99,999.90 4.42% 6/18/2025 6/26/2025 500,000.00 17305EHA6 CCCIT 2025-A1 A 4.30% 6/21/2030 499,864.35 4.31% Total BUY 6,900,000.00 6,889,393.61 0.00
CALL
4/26/2025 4/26/2025 225,000.00 46647PCZ7 JPMORGAN CHASE & CO (CALLABLE) 4.08% 4/26/2026 225,000.00 4.08% Total CALL 225,000.00 225,000.00 0.00
INTEREST
4/1/2025 4/1/2025 05565EBZ7 BMW US CAPITAL LLC 3.25% 4/1/2025 1,787.50 52 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
4/1/2025 4/1/2025 MONEY0002 MONEY MARKET FUND 0.00% 1,576.91 4/1/2025 4/25/2025 3137FBU79 FHMS K069 A2 3.18% 9/1/2027 1,205.01 4/1/2025 4/25/2025 3137F4X72 FHMS K075 A2 3.65% 2/1/2028 1,520.83 4/1/2025 4/25/2025 3136BTGM9 FNA 2024-M6 A2 2.90% 7/1/2027 1,189.33 4/1/2025 4/25/2025 3137F4D41 FHMS K074 A2 3.60% 1/1/2028 720.00 4/1/2025 4/25/2025 3137F64P9 FHMS K739 A2 1.33% 9/1/2027 556.67 4/1/2025 4/25/2025 3137FEZU7 FHMS K076 A2 3.90% 4/1/2028 1,332.50 4/4/2025 4/4/2025 00724PAE9 ADOBE INC (CALLABLE) 4.85% 4/4/2027 3,516.25 4/4/2025 4/4/2025 00440KAA1 ACCENTURE CAPITAL INC (CALLABLE) 3.90% 10/4/2027 1,365.00 4/8/2025 4/8/2025 89236TMS1 TOYOTA MOTOR CREDIT CORP 4.35% 10/8/2027 3,763.96 4/13/2025 4/13/2025 61747YFP5 MORGAN STANLEY (CALLABLE) 5.65% 4/13/2028 706.50 4/15/2025 4/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,059.92 4/15/2025 4/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 518.75 4/15/2025 4/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 397.18 4/15/2025 4/15/2025 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 7.43 4/15/2025 4/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 499.21 4/15/2025 4/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 379.02 53 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
4/15/2025 4/15/2025 89240JAD3 TAOT 2025-A A3 4.64% 8/15/2029 870.00 4/15/2025 4/15/2025 90327VAC2 USAOT 2024-A A3 5.03% 3/15/2029 649.71 4/15/2025 4/15/2025 448976AD2 HART 2024-C A3 4.41% 5/15/2029 588.00 4/15/2025 4/15/2025 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 457.63 4/15/2025 4/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 876.33 4/15/2025 4/15/2025 362955AD8 GMCAR 2025-1 A3 4.62% 12/17/2029 596.75 4/15/2025 4/15/2025 43815BAC4 HAROT 2022-1 A3 1.88% 5/15/2026 56.11 4/15/2025 4/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 441.07 4/15/2025 4/15/2025 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 101.92 4/15/2025 4/15/2025 91282CJC6 US TREASURY N/B 4.62% 10/15/2026 62,437.50 4/15/2025 4/15/2025 89238JAC9 TAOT 2021-D A3 0.71% 4/15/2026 4.58 4/15/2025 4/15/2025 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 7.94 4/15/2025 4/15/2025 446144AE7 HUNT 2024-1A A3 5.23% 1/16/2029 610.17 4/15/2025 4/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 1,590.83 4/15/2025 4/15/2025 50117KAC4 KCOT 2023-1A A3 5.02% 6/15/2027 657.73 4/15/2025 4/15/2025 91282CLQ2 US TREASURY N/B 3.87% 10/15/2027 15,500.00 4/15/2025 4/15/2025 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 157.55 54 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
4/15/2025 4/15/2025 91282CKJ9 US TREASURY N/B 4.50% 4/15/2027 6,750.00 4/15/2025 4/15/2025 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 865.08 4/15/2025 4/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 528.00 4/15/2025 4/15/2025 92887TAC5 VFET 2025-1A A3 4.46% 5/15/2029 531.48 4/15/2025 4/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 1,227.60 4/15/2025 4/15/2025 448977AD0 HART 2022-A A3 2.22% 10/15/2026 90.30 4/15/2025 4/15/2025 09709AAC6 BAAT 2024-1A A3 5.35% 11/15/2028 222.92 4/15/2025 4/15/2025 41285YAC9 HDMOT 2023-B A3 5.69% 8/15/2028 995.75 4/15/2025 4/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 405.83 4/15/2025 4/15/2025 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 5.13 4/15/2025 4/15/2025 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 173.21 4/15/2025 4/15/2025 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 706.50 4/15/2025 4/15/2025 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 744.13 4/15/2025 4/15/2025 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 760.36 4/15/2025 4/15/2025 34531QAD1 FORDO 2024-B A3 5.10% 4/15/2029 1,487.50 4/15/2025 4/15/2025 02582JKM1 AMXCA 2025-1 A 4.56% 12/15/2029 1,805.00 4/15/2025 4/15/2025 50117JAC7 KCOT 2022-2A A3 4.09% 12/15/2026 389.89 55 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
4/15/2025 4/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 520.79 4/15/2025 4/15/2025 65479WAD6 NAROT 2024-B A3 4.34% 3/15/2029 343.58 4/15/2025 4/15/2025 50117EAC8 KCOT 2022-1A A3 2.67% 10/15/2026 196.09 4/15/2025 4/15/2025 43816DAC9 HAROT 2024-4 A3 4.33% 5/15/2029 451.04 4/15/2025 4/15/2025 58770AAC7 MBART 2023-1 A3 4.51% 11/15/2027 293.26 4/15/2025 4/15/2025 02007NAC2 ALLYA 2024-2 A3 4.14% 7/16/2029 517.50 4/15/2025 4/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 369.33 4/15/2025 4/15/2025 44918MAD2 HART 2022-B A3 3.72% 11/16/2026 155.07 4/15/2025 4/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 344.02 4/15/2025 4/15/2025 02582JJT8 AMXCA 2022-2 A 3.39% 5/15/2027 494.38 4/15/2025 4/15/2025 89239TAD4 TAOT 2024-D A3 4.40% 6/15/2029 348.33 4/15/2025 4/15/2025 91324PEY4 UNITEDHEALTH GROUP INC (CALLABLE) 4.60% 4/15/2027 8,165.00 4/15/2025 4/15/2025 14043QAC6 COPAR 2022-1 A3 3.17% 4/15/2027 148.63 4/15/2025 4/15/2025 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 227.40 4/15/2025 4/15/2025 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 1,035.34 4/16/2025 4/16/2025 38013KAD2 GMCAR 2024-3 A3 5.13% 4/16/2029 812.25 4/16/2025 4/16/2025 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 6.43 56 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
4/16/2025 4/16/2025 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 300.72 4/16/2025 4/16/2025 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 15.42 4/16/2025 4/16/2025 38014AAD3 GMCAR 2024-4 A3 4.40% 8/16/2029 476.67 4/16/2025 4/16/2025 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 188.67 4/20/2025 4/20/2025 92868KAC7 VALET 2021-1 A3 1.02% 6/22/2026 1.88 4/20/2025 4/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 714.09 4/20/2025 4/20/2025 92868MAD1 VALET 2025-1 A3 4.50% 8/20/2029 763.75 4/20/2025 4/20/2025 92868RAD0 VALET 2024-1 A3 4.63% 7/20/2029 482.29 4/21/2025 4/21/2025 43814VAC1 HAROT 2025-1 A3 4.57% 9/21/2029 1,351.96 4/21/2025 4/21/2025 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 5.07 4/21/2025 4/21/2025 43813YAC6 HAROT 2024-3 A3 4.57% 3/21/2029 856.88 4/22/2025 4/22/2025 46647PDW3 JPMORGAN CHASE & CO (CALLABLE) 6.07% 10/22/2027 3,642.00 4/22/2025 4/22/2025 46647PEP7 JPMORGAN CHASE & CO (CALLABLE) 4.50% 10/22/2028 2,815.63 4/22/2025 4/22/2025 46647PEE2 JPMORGAN CHASE & CO (CALLABLE) 5.57% 4/22/2028 5,988.83 4/22/2025 4/22/2025 02665WFT3 AMERICAN HONDA FINANCE 4.45% 10/22/2027 2,765.80 4/25/2025 4/25/2025 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 344.22 4/25/2025 4/25/2025 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 67.08 57 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
4/25/2025 4/25/2025 096919AD7 BMWOT 2024-A A3 5.18% 2/26/2029 863.33 4/26/2025 4/26/2025 46647PCZ7 JPMORGAN CHASE & CO (CALLABLE) 4.08% 4/26/2026 4,590.00 4/26/2025 4/26/2025 632525CA7 NATIONAL AUSTRALIA BK/NY 4.50% 10/26/2027 4,687.50 4/28/2025 4/28/2025 89788MAJ1 TRUIST FINANCIAL CORP (CALLABLE) 5.90% 10/28/2026 4,572.50 4/30/2025 4/30/2025 63743HFF4 NATIONAL RURAL UTIL COOP 5.45% 10/30/2025 1,090.00 5/1/2025 5/1/2025 MONEY0002 MONEY MARKET FUND 0.00% 1,278.09 5/1/2025 5/25/2025 3137FBU79 FHMS K069 A2 3.18% 9/1/2027 1,203.03 5/1/2025 5/25/2025 3136BTGM9 FNA 2024-M6 A2 2.90% 7/1/2027 1,150.94 5/1/2025 5/25/2025 3137F4X72 FHMS K075 A2 3.65% 2/1/2028 1,520.83 5/1/2025 5/25/2025 3137F4D41 FHMS K074 A2 3.60% 1/1/2028 720.00 5/1/2025 5/25/2025 3137F64P9 FHMS K739 A2 1.33% 9/1/2027 556.67 5/1/2025 5/25/2025 3137FEZU7 FHMS K076 A2 3.90% 4/1/2028 1,332.50 5/3/2025 5/3/2025 65558UYF3 NORDEA BANK ABP NEW YORK 5.53% 11/3/2025 12,442.50 5/4/2025 5/4/2025 857477BX0 STATE STREET CORP (CALLABLE) 5.75% 11/4/2026 1,869.08 5/6/2025 5/6/2025 63743HFR8 NATIONAL RURAL UTIL COOP (CALLABLE) 5.10% 5/6/2027 4,335.00 5/13/2025 5/13/2025 037833DK3 APPLE INC (CALLABLE) 3.00% 11/13/2027 3,750.00 5/13/2025 5/13/2025 58769JBB2 MERCEDES-BENZ FIN NA 4.80% 11/13/2026 3,797.33 58 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
5/13/2025 5/13/2025 69371RT22 PACCAR FINANCIAL CORP 5.00% 5/13/2027 1,250.00 5/13/2025 5/13/2025 771196CE0 ROCHE HOLDINGS INC (CALLABLE) 5.26% 11/13/2026 6,712.88 5/15/2025 5/15/2025 41285YAC9 HDMOT 2023-B A3 5.69% 8/15/2028 995.75 5/15/2025 5/15/2025 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 956.25 5/15/2025 5/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 876.33 5/15/2025 5/15/2025 65479WAD6 NAROT 2024-B A3 4.34% 3/15/2029 343.58 5/15/2025 5/15/2025 89238JAC9 TAOT 2021-D A3 0.71% 4/15/2026 1.74 5/15/2025 5/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 405.83 5/15/2025 5/15/2025 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 664.22 5/15/2025 5/15/2025 02582JKM1 AMXCA 2025-1 A 4.56% 12/15/2029 1,805.00 5/15/2025 5/15/2025 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 4.76 5/15/2025 5/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 369.33 5/15/2025 5/15/2025 92887TAC5 VFET 2025-1A A3 4.46% 5/15/2029 483.17 5/15/2025 5/15/2025 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 697.53 5/15/2025 5/15/2025 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 135.92 5/15/2025 5/15/2025 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 787.69 5/15/2025 5/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,059.92 59 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
5/15/2025 5/15/2025 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 2.05 5/15/2025 5/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 528.00 5/15/2025 5/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 460.85 5/15/2025 5/15/2025 14913UAS9 CATERPILLAR FINL SERVICE 4.60% 11/15/2027 4,600.00 5/15/2025 5/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 518.75 5/15/2025 5/15/2025 44918MAD2 HART 2022-B A3 3.72% 11/16/2026 130.25 5/15/2025 5/15/2025 90327VAC2 USAOT 2024-A A3 5.03% 3/15/2029 649.71 5/15/2025 5/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 369.98 5/15/2025 5/15/2025 43815BAC4 HAROT 2022-1 A3 1.88% 5/15/2026 42.87 5/15/2025 5/15/2025 43816DAC9 HAROT 2024-4 A3 4.33% 5/15/2029 451.04 5/15/2025 5/15/2025 09709AAC6 BAAT 2024-1A A3 5.35% 11/15/2028 222.92 5/15/2025 5/15/2025 362955AD8 GMCAR 2025-1 A3 4.62% 12/17/2029 596.75 5/15/2025 5/15/2025 02582JJT8 AMXCA 2022-2 A 3.39% 5/15/2027 494.38 5/15/2025 5/15/2025 50117JAC7 KCOT 2022-2A A3 4.09% 12/15/2026 346.52 5/15/2025 5/15/2025 446144AE7 HUNT 2024-1A A3 5.23% 1/16/2029 610.17 5/15/2025 5/15/2025 50117EAC8 KCOT 2022-1A A3 2.67% 10/15/2026 169.39 5/15/2025 5/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 520.79 60 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
5/15/2025 5/15/2025 91282CLX7 US TREASURY N/B 4.12% 11/15/2027 49,500.00 5/15/2025 5/15/2025 91282CJK8 US TREASURY N/B 4.62% 11/15/2026 23,125.00 5/15/2025 5/15/2025 14043QAC6 COPAR 2022-1 A3 3.17% 4/15/2027 132.57 5/15/2025 5/15/2025 50117KAC4 KCOT 2023-1A A3 5.02% 6/15/2027 615.14 5/15/2025 5/15/2025 58770AAC7 MBART 2023-1 A3 4.51% 11/15/2027 269.84 5/15/2025 5/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 339.74 5/15/2025 5/15/2025 02007NAC2 ALLYA 2024-2 A3 4.14% 7/16/2029 517.50 5/15/2025 5/15/2025 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 79.94 5/15/2025 5/15/2025 91282CKR1 US TREASURY N/B 4.50% 5/15/2027 27,562.50 5/15/2025 5/15/2025 448977AD0 HART 2022-A A3 2.22% 10/15/2026 69.19 5/15/2025 5/15/2025 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 204.86 5/15/2025 5/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 1,116.00 5/15/2025 5/15/2025 89240JAD3 TAOT 2025-A A3 4.64% 8/15/2029 870.00 5/15/2025 5/15/2025 89239TAD4 TAOT 2024-D A3 4.40% 6/15/2029 348.33 5/15/2025 5/15/2025 89231HAD8 TAOT 2025-B A3 4.34% 11/15/2029 334.54 5/15/2025 5/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 1,590.83 5/15/2025 5/15/2025 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 678.59 61 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
5/15/2025 5/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 409.75 5/15/2025 5/15/2025 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 457.63 5/15/2025 5/15/2025 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 4.28 5/15/2025 5/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 315.48 5/15/2025 5/15/2025 448976AD2 HART 2024-C A3 4.41% 5/15/2029 588.00 5/15/2025 5/15/2025 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 141.15 5/15/2025 5/15/2025 34531QAD1 FORDO 2024-B A3 5.10% 4/15/2029 1,487.50 5/16/2025 5/16/2025 38014AAD3 GMCAR 2024-4 A3 4.40% 8/16/2029 476.67 5/16/2025 5/16/2025 38013KAD2 GMCAR 2024-3 A3 5.13% 4/16/2029 812.25 5/16/2025 5/16/2025 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 11.06 5/16/2025 5/16/2025 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 279.08 5/16/2025 5/16/2025 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 4.19 5/16/2025 5/16/2025 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 164.50 5/19/2025 5/19/2025 17325FBL1 CITIBANK NA (CALLABLE) 4.87% 11/19/2027 9,142.50 5/20/2025 5/20/2025 92868MAD1 VALET 2025-1 A3 4.50% 8/20/2029 881.25 5/20/2025 5/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,071.13 5/20/2025 5/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 67.67 62 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
5/20/2025 5/20/2025 92868RAD0 VALET 2024-1 A3 4.63% 7/20/2029 482.29 5/21/2025 5/21/2025 38151LAG5 GOLDMAN SACHS BANK USA (CALLABLE) 5.41% 5/21/2027 3,789.80 5/21/2025 5/21/2025 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 1.72 5/21/2025 5/21/2025 43813YAC6 HAROT 2024-3 A3 4.57% 3/21/2029 856.88 5/21/2025 5/21/2025 43814VAC1 HAROT 2025-1 A3 4.57% 9/21/2029 1,351.96 5/25/2025 5/25/2025 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 320.34 5/25/2025 5/25/2025 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 53.84 5/25/2025 5/25/2025 096919AD7 BMWOT 2024-A A3 5.18% 2/26/2029 863.33 5/26/2025 5/26/2025 61690U8B9 MORGAN STANLEY BANK NA (CALLABLE) 5.50% 5/26/2028 6,880.00 6/1/2025 6/25/2025 3136BTGM9 FNA 2024-M6 A2 2.90% 7/1/2027 1,189.29 6/1/2025 6/25/2025 3137F64P9 FHMS K739 A2 1.33% 9/1/2027 551.07 6/1/2025 6/25/2025 3137FBU79 FHMS K069 A2 3.18% 9/1/2027 1,200.91 6/1/2025 6/25/2025 3137FEZU7 FHMS K076 A2 3.90% 4/1/2028 1,332.50 6/1/2025 6/25/2025 3137F4D41 FHMS K074 A2 3.60% 1/1/2028 720.00 6/1/2025 6/25/2025 3137F4X72 FHMS K075 A2 3.65% 2/1/2028 1,520.83 6/2/2025 6/2/2025 MONEY0002 MONEY MARKET FUND 0.00% 947.24 6/8/2025 6/8/2025 24422EWX3 JOHN DEERE CAPITAL CORP 4.75% 6/8/2026 2,612.50 63 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
6/15/2025 6/15/2025 91282CJP7 US TREASURY N/B 4.37% 12/15/2026 36,640.63 6/15/2025 6/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 518.75 6/15/2025 6/15/2025 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 59.36 6/15/2025 6/15/2025 50117JAC7 KCOT 2022-2A A3 4.09% 12/15/2026 304.46 6/15/2025 6/15/2025 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 637.70 6/15/2025 6/15/2025 34531QAD1 FORDO 2024-B A3 5.10% 4/15/2029 1,487.50 6/15/2025 6/15/2025 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 451.07 6/15/2025 6/15/2025 446144AE7 HUNT 2024-1A A3 5.23% 1/16/2029 610.17 6/15/2025 6/15/2025 65481GAD7 NAROT 2025-A A3 4.49% 12/17/2029 594.93 6/15/2025 6/15/2025 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 447.85 6/15/2025 6/15/2025 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 636.68 6/15/2025 6/15/2025 50117KAC4 KCOT 2023-1A A3 5.02% 6/15/2027 574.60 6/15/2025 6/15/2025 65479WAD6 NAROT 2024-B A3 4.34% 3/15/2029 343.58 6/15/2025 6/15/2025 362955AD8 GMCAR 2025-1 A3 4.62% 12/17/2029 596.75 6/15/2025 6/15/2025 89231HAD8 TAOT 2025-B A3 4.34% 11/15/2029 669.08 6/15/2025 6/15/2025 89239TAD4 TAOT 2024-D A3 4.40% 6/15/2029 348.33 6/15/2025 6/15/2025 92887TAC5 VFET 2025-1A A3 4.46% 5/15/2029 483.17 64 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
6/15/2025 6/15/2025 02582JKM1 AMXCA 2025-1 A 4.56% 12/15/2029 1,805.00 6/15/2025 6/15/2025 58770AAC7 MBART 2023-1 A3 4.51% 11/15/2027 247.75 6/15/2025 6/15/2025 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 184.27 6/15/2025 6/15/2025 43815BAC4 HAROT 2022-1 A3 1.88% 5/15/2026 30.52 6/15/2025 6/15/2025 43816DAC9 HAROT 2024-4 A3 4.33% 5/15/2029 451.04 6/15/2025 6/15/2025 448977AD0 HART 2022-A A3 2.22% 10/15/2026 49.65 6/15/2025 6/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 369.33 6/15/2025 6/15/2025 02007NAC2 ALLYA 2024-2 A3 4.14% 7/16/2029 517.50 6/15/2025 6/15/2025 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 715.76 6/15/2025 6/15/2025 89240JAD3 TAOT 2025-A A3 4.64% 8/15/2029 870.00 6/15/2025 6/15/2025 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 882.29 6/15/2025 6/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,040.02 6/15/2025 6/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 422.82 6/15/2025 6/15/2025 09709AAC6 BAAT 2024-1A A3 5.35% 11/15/2028 222.92 6/15/2025 6/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 876.33 6/15/2025 6/15/2025 91282CMB4 US TREASURY N/B 4.00% 12/15/2027 10,500.00 6/15/2025 6/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 528.00 65 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
6/15/2025 6/15/2025 90327VAC2 USAOT 2024-A A3 5.03% 3/15/2029 649.71 6/15/2025 6/15/2025 91282CKV2 US TREASURY N/B 4.62% 6/15/2027 47,406.25 6/15/2025 6/15/2025 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 114.95 6/15/2025 6/15/2025 14043QAC6 COPAR 2022-1 A3 3.17% 4/15/2027 117.34 6/15/2025 6/15/2025 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 2.07 6/15/2025 6/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 302.22 6/15/2025 6/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 1,116.00 6/15/2025 6/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 380.24 6/15/2025 6/15/2025 448976AD2 HART 2024-C A3 4.41% 5/15/2029 588.00 6/15/2025 6/15/2025 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 588.22 6/15/2025 6/15/2025 50117EAC8 KCOT 2022-1A A3 2.67% 10/15/2026 143.69 6/15/2025 6/15/2025 44918MAD2 HART 2022-B A3 3.72% 11/16/2026 106.54 6/15/2025 6/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 1,590.83 6/15/2025 6/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 343.62 6/15/2025 6/15/2025 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 0.72 6/15/2025 6/15/2025 02582JKP4 AMXCA 2025-2 A 4.28% 4/15/2030 1,331.56 6/15/2025 6/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 520.79 66 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
6/15/2025 6/15/2025 41285YAC9 HDMOT 2023-B A3 5.69% 8/15/2028 995.75 6/15/2025 6/15/2025 63743HFE7 NATIONAL RURAL UTIL COOP 3.45% 6/15/2025 690.00 6/15/2025 6/15/2025 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 111.54 6/16/2025 6/16/2025 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 7.07 6/16/2025 6/16/2025 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 2.14 6/16/2025 6/16/2025 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 141.60 6/16/2025 6/16/2025 38014AAD3 GMCAR 2024-4 A3 4.40% 8/16/2029 476.67 6/16/2025 6/16/2025 38013KAD2 GMCAR 2024-3 A3 5.13% 4/16/2029 812.25 6/20/2025 6/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,071.13 6/20/2025 6/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 253.75 6/20/2025 6/20/2025 92868MAD1 VALET 2025-1 A3 4.50% 8/20/2029 881.25 6/20/2025 6/20/2025 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 371.36 6/20/2025 6/20/2025 92868RAD0 VALET 2024-1 A3 4.63% 7/20/2029 482.29 6/21/2025 6/21/2025 43813YAC6 HAROT 2024-3 A3 4.57% 3/21/2029 856.88 6/21/2025 6/21/2025 43814VAC1 HAROT 2025-1 A3 4.57% 9/21/2029 1,351.96 6/25/2025 6/25/2025 096919AD7 BMWOT 2024-A A3 5.18% 2/26/2029 863.33 6/25/2025 6/25/2025 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 296.83 67 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
INTEREST
6/25/2025 6/25/2025 437076DB5 HOME DEPOT INC (CALLABLE) 4.87% 6/25/2027 2,559.38 6/25/2025 6/25/2025 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 41.03 Total INTEREST 0.00 519,657.42 0.00
MATURITY
4/1/2025 4/1/2025 110,000.00 05565EBZ7 BMW US CAPITAL LLC 3.25% 4/1/2025 110,000.00 6/15/2025 6/15/2025 40,000.00 63743HFE7 NATIONAL RURAL UTIL COOP 3.45% 6/15/2025 40,000.00 Total MATURITY 150,000.00 150,000.00 0.00
PAYDOWNS
4/1/2025 4/25/2025 745.10 3137FBU79 FHMS K069 A2 3.18% 9/1/2027 745.10 19.30 4/15/2025 4/15/2025 14,118.66 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 14,118.66 1.61 4/15/2025 4/15/2025 7,109.97 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 7,109.97 0.24 4/15/2025 4/15/2025 6,232.98 58770AAC7 MBART 2023-1 A3 4.51% 11/15/2027 6,232.98 0.41 4/15/2025 4/15/2025 4,802.04 89238JAC9 TAOT 2021-D A3 0.71% 4/15/2026 4,802.04 0.03 4/15/2025 4/15/2025 6,726.01 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 6,726.01 0.26 4/15/2025 4/15/2025 8,621.23 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 8,621.23 0.55 4/15/2025 4/15/2025 19,328.65 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 19,328.65 1.94 4/15/2025 4/15/2025 11,622.42 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 11,622.42 0.80 68 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
PAYDOWNS
4/15/2025 4/15/2025 17,826.36 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 17,826.36 1.74 4/15/2025 4/15/2025 7,680.09 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 7,680.09 0.72 4/15/2025 4/15/2025 8,006.05 44918MAD2 HART 2022-B A3 3.72% 11/16/2026 8,006.05 4/15/2025 4/15/2025 20,144.24 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 20,144.24 0.12 4/15/2025 4/15/2025 11,996.64 50117EAC8 KCOT 2022-1A A3 2.67% 10/15/2026 11,996.64 0.56 4/15/2025 4/15/2025 11,409.28 448977AD0 HART 2022-A A3 2.22% 10/15/2026 11,409.28 0.14 4/15/2025 4/15/2025 11,874.10 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 11,874.10 0.12 4/15/2025 4/15/2025 2,490.31 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 2,490.31 0.07 4/15/2025 4/15/2025 7,435.82 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 7,435.82 0.43 4/15/2025 4/15/2025 8,118.71 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 8,118.71 0.01 4/15/2025 4/15/2025 9,113.95 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,113.95 0.51 4/15/2025 4/15/2025 7,021.28 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 7,021.28 0.43 4/15/2025 4/15/2025 5,435.78 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 5,435.78 0.23 4/15/2025 4/15/2025 6,080.96 14043QAC6 COPAR 2022-1 A3 3.17% 4/15/2027 6,080.96 0.54 4/15/2025 4/15/2025 8,451.38 43815BAC4 HAROT 2022-1 A3 1.88% 5/15/2026 8,451.38 0.33 4/15/2025 4/15/2025 12,725.97 50117JAC7 KCOT 2022-2A A3 4.09% 12/15/2026 12,725.97 0.88 4/15/2025 4/15/2025 7,388.57 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 7,388.57 0.23 69 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
PAYDOWNS
4/15/2025 4/15/2025 10,180.59 50117KAC4 KCOT 2023-1A A3 5.02% 6/15/2027 10,180.59 0.82 4/16/2025 4/16/2025 7,968.19 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 7,968.19 0.02 4/16/2025 4/16/2025 3,941.16 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3,941.16 0.03 4/16/2025 4/16/2025 4,159.77 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 4,159.77 0.12 4/16/2025 4/16/2025 5,809.47 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 5,809.47 0.10 4/20/2025 4/20/2025 2,208.60 92868KAC7 VALET 2021-1 A3 1.02% 6/22/2026 2,208.60 0.02 4/21/2025 4/21/2025 4,557.22 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 4,557.22 0.17 4/25/2025 4/25/2025 4,950.55 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 4,950.55 0.08 4/25/2025 4/25/2025 5,240.09 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 5,240.09 0.57 5/1/2025 5/25/2025 797.34 3137FBU79 FHMS K069 A2 3.18% 9/1/2027 797.34 20.00 5/1/2025 5/25/2025 5,027.76 3137F64P9 FHMS K739 A2 1.33% 9/1/2027 5,027.76 323.89 5/15/2025 5/15/2025 7,648.84 44918MAD2 HART 2022-B A3 3.72% 11/16/2026 7,648.84 5/15/2025 5/15/2025 9,689.97 50117KAC4 KCOT 2023-1A A3 5.02% 6/15/2027 9,689.97 0.75 5/15/2025 5/15/2025 13,444.54 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 13,444.54 1.48 5/15/2025 5/15/2025 8,069.20 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 8,069.20 0.48 5/15/2025 5/15/2025 10,735.33 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 10,735.33 0.69 5/15/2025 5/15/2025 2,942.39 89238JAC9 TAOT 2021-D A3 0.71% 4/15/2026 2,942.39 0.02 70 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
PAYDOWNS
5/15/2025 5/15/2025 4,464.12 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 4,464.12 0.17 5/15/2025 5/15/2025 4,316.86 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 4,316.86 0.18 5/15/2025 5/15/2025 6,801.71 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 6,801.71 0.40 5/15/2025 5/15/2025 19,160.73 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 19,160.73 0.10 5/15/2025 5/15/2025 10,565.19 448977AD0 HART 2022-A A3 2.22% 10/15/2026 10,565.19 0.13 5/15/2025 5/15/2025 6,751.34 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 6,751.34 0.20 5/15/2025 5/15/2025 7,647.22 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 7,647.22 5/15/2025 5/15/2025 16,567.40 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 16,567.40 1.56 5/15/2025 5/15/2025 175,000.00 02582JJT8 AMXCA 2022-2 A 3.39% 5/15/2027 175,000.00 15.56 5/15/2025 5/15/2025 10,679.67 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 10,679.67 0.35 5/15/2025 5/15/2025 11,340.55 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 11,340.55 0.11 5/15/2025 5/15/2025 7,877.54 43815BAC4 HAROT 2022-1 A3 1.88% 5/15/2026 7,877.54 0.28 5/15/2025 5/15/2025 5,877.92 58770AAC7 MBART 2023-1 A3 4.51% 11/15/2027 5,877.92 0.37 5/15/2025 5/15/2025 5,766.04 14043QAC6 COPAR 2022-1 A3 3.17% 4/15/2027 5,766.04 0.49 5/15/2025 5/15/2025 5,274.40 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 5,274.40 0.21 5/15/2025 5/15/2025 2,500.75 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 2,500.75 0.08 5/15/2025 5/15/2025 11,551.20 50117EAC8 KCOT 2022-1A A3 2.67% 10/15/2026 11,551.20 0.51 71 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
PAYDOWNS
5/15/2025 5/15/2025 7,307.80 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 7,307.79 0.65 5/15/2025 5/15/2025 7,213.03 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 7,213.03 0.40 5/15/2025 5/15/2025 9,037.70 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,037.70 0.49 5/15/2025 5/15/2025 18,076.52 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 18,076.52 1.76 5/15/2025 5/15/2025 1,504.35 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 1,504.35 0.02 5/15/2025 5/15/2025 12,340.52 50117JAC7 KCOT 2022-2A A3 4.09% 12/15/2026 12,340.52 0.81 5/16/2025 5/16/2025 3,794.00 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 3,794.00 0.10 5/16/2025 5/16/2025 3,620.57 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3,620.57 0.02 5/16/2025 5/16/2025 5,552.25 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 5,552.25 0.08 5/16/2025 5/16/2025 7,551.55 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 7,551.55 0.02 5/21/2025 5/21/2025 2,351.45 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 2,351.45 0.08 5/25/2025 5/25/2025 4,787.91 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 4,787.91 0.07 5/25/2025 5/25/2025 5,156.22 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 5,156.22 0.54 6/1/2025 6/25/2025 513.44 3137F64P9 FHMS K739 A2 1.33% 9/1/2027 513.44 31.99 6/1/2025 6/25/2025 750.36 3137FBU79 FHMS K069 A2 3.18% 9/1/2027 750.36 18.20 6/15/2025 6/15/2025 7,521.32 44918MAD2 HART 2022-B A3 3.72% 11/16/2026 7,521.32 6/15/2025 6/15/2025 9,049.00 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,049.00 0.47 72 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
PAYDOWNS
6/15/2025 6/15/2025 10,641.93 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 10,641.93 0.09 6/15/2025 6/15/2025 13,366.03 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 13,366.03 1.42 6/15/2025 6/15/2025 1,923.42 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 1,923.42 0.05 6/15/2025 6/15/2025 12,074.96 50117JAC7 KCOT 2022-2A A3 4.09% 12/15/2026 12,074.96 0.76 6/15/2025 6/15/2025 9,854.49 50117KAC4 KCOT 2023-1A A3 5.02% 6/15/2027 9,854.49 0.74 6/15/2025 6/15/2025 6,397.28 14043GAD6 COPAR 2022-2 A3 3.66% 5/17/2027 6,397.28 0.18 6/15/2025 6/15/2025 17,288.38 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 17,288.38 1.63 6/15/2025 6/15/2025 5,716.62 14043QAC6 COPAR 2022-1 A3 3.17% 4/15/2027 5,716.62 0.47 6/15/2025 6/15/2025 16,095.83 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 16,095.83 1.46 6/15/2025 6/15/2025 8,024.37 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 8,024.37 0.46 6/15/2025 6/15/2025 5,600.15 58770AAC7 MBART 2023-1 A3 4.51% 11/15/2027 5,600.15 0.34 6/15/2025 6/15/2025 6,735.87 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 6,735.87 0.39 6/15/2025 6/15/2025 10,170.07 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 10,170.07 0.32 6/15/2025 6/15/2025 10,197.37 448977AD0 HART 2022-A A3 2.22% 10/15/2026 10,197.37 0.11 6/15/2025 6/15/2025 7,554.85 43815BAC4 HAROT 2022-1 A3 1.88% 5/15/2026 7,554.85 0.25 6/15/2025 6/15/2025 6,531.94 41285YAC9 HDMOT 2023-B A3 5.69% 8/15/2028 6,531.93 9.41 6/15/2025 6/15/2025 11,573.95 50117EAC8 KCOT 2022-1A A3 2.67% 10/15/2026 11,573.95 0.48 73 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
PAYDOWNS
6/15/2025 6/15/2025 6,840.69 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 6,840.69 0.37 6/15/2025 6/15/2025 7,073.23 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 7,073.23 0.06 6/15/2025 6/15/2025 13,787.73 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,787.73 0.55 6/15/2025 6/15/2025 7,579.79 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 7,579.79 0.01 6/15/2025 6/15/2025 18,529.68 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 18,529.68 0.10 6/15/2025 6/15/2025 10,446.64 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 10,446.64 0.63 6/15/2025 6/15/2025 1,060.19 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 1,060.19 0.04 6/16/2025 6/16/2025 3,504.23 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3,504.23 0.03 6/16/2025 6/16/2025 3,656.41 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 3,656.41 0.09 6/16/2025 6/16/2025 7,427.08 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 7,427.08 0.02 6/25/2025 6/25/2025 4,428.72 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 4,428.72 0.06 6/25/2025 6/25/2025 4,925.38 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 4,925.38 0.50 Total PAYDOWNS 1,017,155.47 1,017,155.45 478.86
SELL
4/9/2025 4/10/2025 250,000.00 91282CHU8 US TREASURY N/B 4.37% 8/15/2026 253,262.42 2,750.01 4/15/2025 4/21/2025 125,000.00 91282CJP7 US TREASURY N/B 4.37% 12/15/2026 127,855.32 490.71 4/15/2025 4/21/2025 100,000.00 91282CHU8 US TREASURY N/B 4.37% 8/15/2026 101,316.82 968.90 74 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
SELL
4/22/2025 4/24/2025 300,000.00 91282CKR1 US TREASURY N/B 4.50% 5/15/2027 309,998.10 4,114.64 4/29/2025 5/2/2025 100,000.00 91282CLG4 US TREASURY N/B 3.75% 8/15/2027 101,013.85 -19.48 5/7/2025 5/12/2025 275,000.00 91282CHU8 US TREASURY N/B 4.37% 8/15/2026 279,244.00 2,536.74 5/7/2025 5/12/2025 125,000.00 91282CHU8 US TREASURY N/B 4.37% 8/15/2026 126,929.09 1,248.62 5/20/2025 5/23/2025 25,000.00 91282CHU8 US TREASURY N/B 4.37% 8/15/2026 25,372.18 199.89 5/28/2025 6/2/2025 175,000.00 91282CKA8 US TREASURY N/B 4.12% 2/15/2027 177,420.83 788.32 5/29/2025 6/2/2025 150,000.00 91282CLQ2 US TREASURY N/B 3.87% 10/15/2027 150,580.66 661.80 6/2/2025 6/3/2025 77,574.59 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 77,708.19 -32.62 6/2/2025 6/3/2025 69,369.70 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 69,486.32 -28.75 6/2/2025 6/3/2025 100,000.00 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 100,661.47 423.29 6/5/2025 6/9/2025 450,000.00 65558UYF3 NORDEA BANK ABP NEW YORK 5.53% 11/3/2025 454,435.35 1,946.85 6/5/2025 6/9/2025 200,000.00 91282CHU8 US TREASURY N/B 4.37% 8/15/2026 203,427.40 1,601.60 6/5/2025 6/9/2025 600,000.00 91282CHY0 US TREASURY N/B 4.62% 9/15/2026 610,610.05 6,010.27 6/5/2025 6/9/2025 650,000.00 91282CLH2 US TREASURY N/B 3.75% 8/31/2026 654,201.60 -3,683.89 6/12/2025 6/16/2025 100,000.00 91282CLQ2 US TREASURY N/B 3.87% 10/15/2027 100,625.17 522.35 6/12/2025 6/13/2025 110,000.00 24422EWX3 JOHN DEERE CAPITAL CORP 4.75% 6/8/2026 110,597.27 545.67 6/18/2025 6/24/2025 25,000.00 91282CLX7 US TREASURY N/B 4.12% 11/15/2027 25,244.90 128.75 75 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
SELL
6/18/2025 6/24/2025 475,000.00 91282CLX7 US TREASURY N/B 4.12% 11/15/2027 479,671.75 2,464.88 Total SELL 4,481,944.29 4,539,662.74 23,638.55
76 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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.
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.
PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S.
Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.
For more information regarding PFMAM's services or entities, please visit www.pfmam.com.
Further distribution is not permitted without prior written consent. 77 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
Appendix
Important Disclosures
Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may be differences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement.
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.
ICE Bank of America 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. 78 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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.
79 PFM Asset Management | pfmam.com
CITY OF ALAMEDA
For the Quarter Ended June 30, 2025
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. 80