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Agenda packet

City Council Finance Committee
July 16, 2025

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Agenda packet
Meeting
July 16, 2025
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City Council Finance Committee
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Text extracted from the city's file for reading and search. Open the original on sanramonca.iqm2.com. That file is the official record.

City of San Ramon

FINANCE COMMITTEE
AGENDA
Sridhar Verose, Chair • Marisol Rubio, Vice Chair
City Hall - Training Room, First Floor
7000 Bollinger Canyon Road
Regular Meeting
4:30 PM
July 16, 2025
AGENDA QUESTIONS: PLEASE CALL THE ADMINISTRATIVE SERVICES DIRECTOR AT (925) 973-2576

1. CALL TO ORDER

2. PUBLIC COMMENT
At this time, members of the public are encouraged to address the Committee on any item not already included on the agenda. Comments should not exceed three (3) minutes. No Committee action can be taken at this meeting on issues raised during public comment.

3. APPROVAL OF MINUTES

3.1 Finance Committee - Regular Meeting - May 21, 2025

4. UNFINISHED BUSINESS

5. NEW BUSINESS

5.1 Draft Fiscal Year 2025-26 Statement of Investment Policy Staff Report by Jennifer Wakeman, Finance Director

5.2 City of San Ramon Quarterly Investment Report for the Period Ending June 30, 2025 Report by Miaoxia Joe, Finance Analyst

6. COMMITTEE MEMBER COMMENTS

7. ADJOURNMENT
I hereby certify the agenda was posted 72 hours before the noted meeting. This agenda is posted in accordance with Government Code Section 54954.2(a). To make a request for disability-related accommodation to participate in the meeting, please contact the City Clerk’s Office 48 hours in advance of the meeting at 925-973-2539 or [email protected].

Dated: July 11, 2025
2 Finance Committee Meeting – July 16, 2025

ATTENDEE CONDUCT
There will be zero tolerance for any person addressing the Committee making profane, offensive and disruptive remarks, or engaging in loud, boisterous, or other disorderly conduct, that disrupts the orderly conduct of the public meeting. Specifically, it is important for all speakers to adhere to the following guidelines for participation in this meeting:
a. No profanity or obscenity
b. Refrain from personal threats or attacks.
c. Refrain from hateful epithets and demeaning language based on any person’s race, religion, sexual orientation, ethnicity, gender, or disability.
d. Respect all people that are present.

At the discretion of the Committee Chair, a speaker may forfeit speaking time for any of the following reasons:
a. Exceeding the allotted time to speak;
b. Yelling, screaming, or other behavior that renders this Committee unable to continue the meeting;
c. Excessive profanity or slander; Specific threats or “fighting words” that incite violence; or d. Speech that is outside the subject matter jurisdiction of the Committee or the specific agenda item in which you are speaking.

While the City of San Ramon ensures the First Amendment rights of its citizens, we do not accept nor endorse any offensive or hateful comments made during our meetings. The City of San Ramon celebrates the diversity of our community, and we strive to be a welcoming and open community for all.

MINUTES OF THE

CITY OF SAN RAMON FINANCE COMMITTEE
May 21, 2025

1. CALL TO ORDER
The meeting was called to order at 4:33 PM.

Attendee Name Title Status Arrived
Sridhar Verose Chair Absent
Marisol Rubio Vice Chair Present
Robert Jweinat Councilmember Present
Also in attendance, Steven Spedowfski, City Manager; Brian Bornstein, Public Works Director; Jennifer Wakeman, Finance Director; Jon Bell, Public Services Division Manager; Gary Manuel, Public Services Program Manager; David Watson, Public Services Supervisor; Shane Hsieh, Senior Civil Engineer; Adolfo Navarro, Accounting Specialist

2. PUBLIC COMMENT

3. APPROVAL OF MINUTES

3.1 Finance Committee - Regular Meeting - Apr 16, 2025 4:30 PM RESULT: ACCEPTED [UNANIMOUS]
AYES: Rubio, Jweinat
ABSENT: Verose

4. UNFINISHED BUSINESS

5. NEW BUSINESS

5.1 Review of Reserve Study and Preliminary FY 2025/26 Operating and Capital Budgets for Landscaping & Lighting District No. 1984-1
Staff Report by Gary Manuel, Public Service Program Manager The Finance Committee accepted the report and recommended forwarding to City Council for approval.

Public Comment given by Susie Ferris-Inderkune who expressed her gratitude to Public Services and the great work they're doing.

3.1 Packet Pg. 3
Minutes Acceptance: Minutes of May 21, 2025 4:30 PM (APPROVAL OF MINUTES) 2 Finance Committee Meeting – May 21, 2025
RESULT: RECOMMENDED

5.2 Review of Preliminary FY 2025/26 Operating Budget for the Preserve Landscaping and Lighting Assessment District for FY 2025/26 Staff Report by Gary Manuel, Public Service Program Manager The Finance Committee accepted the report and recommended forwarding to City Council for approval.

RESULT: RECOMMENDED

5.3 PARS Pension Stabilization Trust Statements for the Quarter Ended March 31, 2025
Staff Report by Jennifer Wakeman, Finance Director
The Finance Committee accepted the report.

RESULT: ACCEPTED

5.4 California Employer’s Benefit Trust (CERBT) for the Period Ending March 31, 2025
Staff Report by Jennifer Wakeman, Finance Director
The Finance Committee accepted the report.

RESULT: ACCEPTED

6. COMMITTEE MEMBER COMMENTS
Committee Members had nothing additional to report.

7. ADJOURNMENT
The meeting adjourned at 5:46 PM. The next Finance Committee Meeting is scheduled for June 18, 2025.

3.1 Packet Pg. 4
Minutes Acceptance: Minutes of May 21, 2025 4:30 PM (APPROVAL OF MINUTES)

FINANCE COMMITTEE STAFF REPORT
DATE: July 16, 2025
TO: Finance Committee/City Manager
FROM: Jennifer Wakeman, Finance Director
By: Jennifer Wakeman, Finance Director
SUBJECT: Draft Fiscal Year 2025-26 Statement of Investment Policy

RECOMMENDED ACTION
Staff recommends that the Finance Committee review the Draft Statement of Investment Policy for Fiscal Year 2025-26 and consider forwarding the policy to the City Council for approval.

BACKGROUND/DISCUSSION
California Government Code Section 53646 requires annual review and approval of the Statement of Investment Policy by city councils of California municipalities. It is now appropriate to proceed with approval of an Investment Policy for the 2025-26 Fiscal Year. The City Council first adopted a Statement of Investment Policy in 1989 with Resolution No. 89-76.

Since that time the Statement of Investment Policy has been reviewed annually and amended when appropriate to keep up with changes in state law. The City Council last adopted an Investment Policy on June 25, 2024, for the 2024-25 Fiscal Year.

Currently Meeder Public Funds, the City’s investment advisor, has no recommended changes.

FISCAL IMPLICATIONS
The proposed action establishes policy and does not have a direct fiscal impact on the City.

STEPS FOLLOWING APPROVAL
Forward the Draft Statement of Investment Policy for Fiscal Year 2025-26 to the City Council approval by resolution.

ATTACHMENT
Draft Statement of Investment Policy FY2025-26

5.1 Packet Pg. 5
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CITY OF SAN RAMON

DRAFT STATEMENT OF INVESTMENT POLICY
Fiscal Year 2025-26
Purpose
This statement implements §53646 of the Government Code, of the State of California, by providing a Statement of Investment Policy. It is intended to provide sound procedures for the prudent investment and management of public funds of the City of San Ramon. Consistent with provisions of this code section, this policy shall be annually reviewed and adopted by the City Council.

Scope
This policy applies to all liquid financial assets of the City of San Ramon. These assets are accounted for in the City’s Annual Comprehensive Financial Report (ACFR), which includes the annual independent audit report, under the following categories:

General Fund
Special Revenue Funds
Capital Project Funds
Debt Service Funds
Internal Service Funds
Trust and Agency Funds
Funds excluded from this policy:

1. Bond Proceeds - The investment of bond proceeds held with trustees is directed by the City, but is governed by the restrictions on permitted investments in the applicable bond indenture or similar agreements.

2. Deferred Compensation, Retirement, Other Post-Employment Benefits (OPEB) 115 Trust, and Supplement Pension 115 Trust – Investments related to these plans are not subject to this policy since third-party administrators or trustees manage the funds and either the individual plan participants or trustees direct investment selection.

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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 2 of 14
Objective
The City's objective is to accurately monitor and forecast expenditures and revenues, thus enabling the City to invest idle funds to the fullest extent possible. Idle cash management and investment transactions are the responsibility of the Finance Division of the Administrative Services Department. The City shall attempt to obtain a market rate of return, provided that criteria for safety and liquidity are adequately met, and that all provisions of this investment policy are strictly adhered to.

Investment Principles
The City of San Ramon operates its temporary pooled idle cash investments under the "prudent investor standard ". This standard states: When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.

Consistent with this principle, the following basic tenets shall serve to guide the City's investment program:

Safety — The first priority for the investment program shall be the safety of principal investment. Procedures for ensuring safety of principal shall involve compliance with legal requirements set forth under sections of the Government Code, development and maintenance of adequate records and controls, and avoidance of market speculation through an underlying "buy and hold" investment strategy.

Liquidity — The second priority for the investment program shall be to provide adequate cash for operations or capital purposes on an as-needed basis. Procedures for ensuring adequate liquidity shall include maintenance of pro forma City cash needs through analysis of historical and projected future cash flows, and matching investment maturities to cash requirements.

Yield —The City's investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into consideration the investment risk constraints and liquidity needs. Yield on the City's investment portfolio is of secondary importance compared to the safety and liquidity objectives described above.

Investments are limited to relatively low-risk securities in anticipation of earning a market rate of return relative to the risk being assumed. Nevertheless, investment performance shall be periodically monitored and evaluated by the Administrative Services Director by comparison with other benchmark yields.

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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 3 of 14
Delegation of Authority
The City of San Ramon Municipal Code assigns treasury responsibilities to the Administrative Services Director who serves as the City Treasurer. The Administrative Services Director currently performs the duties of the Director of Finance. The authority to invest City Funds rests with the Administrative Services Director and his designated staff, herein referred to as the Deputy Treasurer. The Administrative Services Director has further authority, with consent of the City Council to delegate investment portfolio management to Meeder Public Funds, an Investment Advisory firm. No person may engage in an investment transaction except as provided for under the terms of this policy.

The Administrative Services Director shall be responsible for all transactions undertaken and will establish a system of controls to regulate the activities of subordinate officials.

Ethics and Conflicts of Interest
Officers, Councilmembers, and employees involved in the investment process shall refrain from personal business activity that conflicts with proper execution of the investment program, or impairs their ability to make impartial investment decisions. Employees, Councilmembers and investment officials shall disclose any material financial interests that could be related to the performance of the City's investment portfolio.

GASB 31
The Government Accounting Standards Board (GASB) Statement No. 31 requires that governmental entities report all investments with a maturity in excess of one-year at fair market value in the balance sheet or other statement of financial condition as of the end of the annual reporting cycle. Market value increases/declines are recognized by booking the variation against earnings at year-end. This book gain/loss would be realized by way of an increase/reduction in reserves, increasing/reducing funds available for appropriation.

Because longer-term investments are subject to greater fluctuations in price and market value, specific constraints in the form of percentage limitations have been incorporated into this policy. These limitations minimize material gains/losses in the value of the portfolio in a declining/rising interest rate environment and mitigate the risks inherent in GASB Statement 31.

Permitted Investments
• Bonds issued by the City of San Ramon or other local agency of the State of California, provided that the obligations are rated Aa3, AA-, AA- or higher by a Nationally Recognized Statistical Rating Organization (NRSRO), Moody’s Investors Services (Moody’s), Standard and Poor’s Ratings Services (S&P), or Fitch Ratings (Fitch), respectively. Purchases of eligible municipal securities shall not exceed five years to maturity.
• United States Treasury notes, bonds, bills or other obligations for which full faith and credit of United States are pledged for payment of principal and interest.

Purchases of eligible treasury securities shall not exceed five years to maturity.

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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 4 of 14
• Federal Agency Securities. Federal agency or United States government-sponsored enterprise obligations, participations or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. Purchases of eligible federal agency securities shall not exceed five years maturity.
• Bonds issued by the State of California. Provided that the obligations are rated Aa3 or higher provided by (Moody's), has an AA- or higher rating provided by (S&P), or has an AA- or higher rating provided by (Fitch). Purchases of eligible federal agency securities shall not exceed five years to maturity.
• Bankers' Acceptances, issued by domestic or foreign banks, which are eligible for purchase by the Federal Reserve System, the short-term paper of which is rated in the highest category by Moody's or by S&P. Purchases of Bankers' Acceptances may not exceed 180 days to maturity, or 40% of the City's surplus funds, nor may the City invest more than 2% of its surplus funds in the Bankers' Acceptances of any one commercial bank.
• Commercial Paper issued by corporations organized and operating within the United States with total assets in excess of $500,000,000. Commercial paper must have a minimum short term rating by at least two of the following NRSRO’s: A-1 by S&P, P-1 by Moody’s, or F-1 by Fitch and a minimum long-term debt rating of A2 by Moody’s, A by S&P, or A by Fitch. Purchases of eligible Commercial Paper may not exceed 270 days to maturity nor represent more than 10% of the outstanding paper of an issuing corporation, nor may the City’s investments in Commercial Paper exceed 25% for the City’s surplus funds.
• FDIC Insured Certificates of Deposit issued by a nationally or state-chartered bank, or a state or federal savings and loan association, or by a state-licensed branch of a foreign bank. The invested amount per institution shall not exceed the current FDIC insured limit (currently $250,000). Purchases of eligible FDIC insured certificates of deposit shall not exceed five years to maturity.
• Negotiable Certificates of Deposit issued by a nationally or state-chartered bank or a state or federal savings and loan association or by a state-licensed branch of a foreign bank; provided (1) that the senior debt obligations of the issuing institution are rated Aa2 or better by Moody's or rated AA or better by-S&P and (2) that the financial institution has received a minimum overall "satisfactory" rating for meeting the credit needs of California communities in its most recent evaluation. Purchases of negotiable certificates of deposit may not to exceed 30% of the City's surplus funds, nor in excess of the greater of either the net worth of the depository or $500,000. Purchases of eligible negotiable certificates of deposit shall not exceed five years maturity. • Repurchase Agreements used solely as short-term investments not to exceed 30 days.

The following collateral restrictions will be observed. Only U.S. Treasury securities or Federal Agency securities allowable in this policy will be acceptable collateral. All

5.1.a
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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 5 of 14
securities underlying Repurchase Agreements must be delivered to the City's custodian bank by book entry, physical delivery, or third-party custodial agreement. The total of all collateral for each Repurchase Agreement must equal or exceed, on the basis of market value, 102 percent of the funds borrowed against those securities. For any Repurchase Agreement with a term of more than one day, the value of the underlying securities must be reviewed on a weekly basis. Investments in repurchase agreements shall not exceed 30% of the City's surplus funds.

Additional Repurchase Agreement Provisions: Market value must be calculated each time there is a substitution of collateral.

The City or its trustee shall have perfected first security interest under the Uniform Commercial Code in all securities subject to Repurchase Agreement The City may enter into Repurchase Agreements only with primary dealers of the Federal Reserve Bank of New York.

The City will have specific written agreements with each firm with which it enters into Repurchase Agreements.
• Medium-Term Corporate Notes issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state operating within the United States. Medium-term corporate notes shall have a maximum maturity of five years, and a minimum long-term debt rating by at least two of these NRSRO’s: A2 by Moody's, A by S&P, or Aby Fitch. Purchases shall not to exceed 30% of the City's surplus funds.
• State of California Local Agency Investment Fund. Investment in LAIF may not exceed $40 million. No more than 15% of the total City investment portfolio is to be invested in LAIF.
• Negotiable Order of Withdrawal that functions as an interest bearing checking account that is fully collateralized with securities rated "AA" or higher and offered by a nationally or state-chartered bank or a State or Federal savings and loan association or by a state-licensed branch •of a foreign bank with assets exceeding $5 Billion. No more than $3,500,000 of the City investment portfolio is to be invested in this type of account.
• Supranational Debt Obligations. United States dollar-denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development of the World Bank (IBRD), International Finance Corporation (IFC), and Inter-American Development Bank (IABD), with maximum remaining maturity of five years or less, and eligible for purchase and sale within the United States. Investments must have a minimum rating of AA or better by at least two of the following NRSRO’s: Moody’s, S&P, or Fitch, and shall not exceed

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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 6 of 14
30% of the City’s surplus funds.
• Shares of beneficial interest issued by diversified management companies, that are money market funds (MMFs) registered with the Securities and Exchange Commission under the Investment Advisory Company Act of 1940 (15 U.S.C. Sec 80a-1 et seq.). To be eligible for investment pursuant to this subdivision these companies shall either (1) attain the highest ranking letter or numerical rating provided by not less than two of the three largest nationally recognized rating services or (2) have an investment advisor registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience investing in the securities and obligations listed above and with assets in excess of $500,000,000. The MMF invests only in Treasury and Federal Government Agency securities, and in repurchase agreements backed by Treasury and Federal Government Agency securities.

The purchase price of the MMF shares shall not exceed 20% of the City's surplus funds. (Per section 53601-L)
Ineligible Investments
Any security type not specifically approved by this policy is hereby specifically prohibited.

Security types which are thereby prohibited include, but are not limited to:
• "Complex" derivative structures such as range notes, dual index notes, inverse floaters, leveraged or deleveraged floating-rate notes, or any other complex variable-rate or structured note.
• Interest only strips that are derived from a pool of mortgages, or any security that could result in zero interest accrual if held to maturity. • Asset Backed Securities
• Common Stocks
• Reverse Repurchase Agreements
Maximum Maturity
Pursuant to Government Code §53601, the City Council limits investments to securities with remaining maturity periods of no greater than five years.

Credit/Issuer Risk
The City will seek to mitigate credit risk by requiring that issuers meet specific qualifying criteria.

The following guidelines will be used to determine the distribution of funds between issuers.

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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 7 of 14
For medium term corporate notes and negotiable certificates of deposit, issuers must possess an acceptable long-term senior debt rating by at least two of the nationally recognized ratings services, i.e. Moody's, S&P's, and Fitch, as detailed below:

1. For maturities of four years or less, a minimum rating of A2 by Moody's, A by S&P, or A by Fitch.

2. For maturities of four to five years, a minimum rating of Aa3 by Moody's, AA- by S&P, or AA- by Fitch.

In the event an issuer is downgraded to below A2 (Moody's) or A (S&P or Fitch), an analysis will be prepared of the exposure to the City and a recommendation will be made regarding holding the security or a possible sale.

Market Risk
Market risk shall be addressed by diversification of security types and distribution. Percentage limitations and maturity restrictions will comply with the State of California Government Code.

Maturity distribution, particularly as impacted by changes in the yield curve will be frequently monitored by staff. Market risk will further be mitigated by limiting the portion of the portfolio investments with maturities in excess of one-year to 70%. The weighted average maturity of the portfolio shall not exceed 2.5 years. The amount of maturities required in excess of one- year and the weighted average maturity of the portfolio shall be considered at time of purchase.

Diversification by Investment Type and Issuer
Percentage limitations by investment type are outlined in Section 53600 of the Government Code.

As described above the City will further diversify the portfolio by issuer, with the exception of Treasury securities, which will have no percentage limitations. The City shall seek to preserve principal by mitigating credit risk by diversifying the investment portfolio so that the failure of any one issuer or backer will not place an undue financial burden on the City. Listed below are sector and issuer limitations:

Sector
Sector
Limit
Issuer
Limit
Max
Years
Minimum Rating
(NRSROs: S&P, Moody’s, Fitch)
U.S. Treasuries 100% 100% 5 Years N/A
Federal Agencies 100% 50% 5 Years N/A
Money Market 20% 20% N/A AAA/Aaa by at least two NRSROs

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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 8 of 14
City of San Ramon
Bonds
10% 10% 5 Years Aa3 or AA- by one NRSRO
State of California
Obligations
3% 3% 5 Years Aa3 or AA- by one NRSRO
Local Agencies of
California
10% 2% 5 Years Aa3 or AA- by one NRSRO
Bankers’ Acceptances 40% 2%* 180
Days
A1/P1 by S&P or Moody’s
Commercial Paper 25% 2%* 270
Days
A1/P1/F1 and long-term A/A2/A by one
NRSRO
Negotiable CDs 30% 2%* 5 Years See page 4 for rating criteria Medium-Term Notes
30% 2%* 5 Years A/A2 less than 4 yrs, Aa-/Aa3 greater
than 4 yrs by at least two NRSROs
Supranational
Obligations (IFC, IBRD,
and IADB)
30% 5% 5 Years AA/Aa2 by at least two NRSROs
*The issuer limits for Banker’s Acceptances, Commercial Paper, Negotiable Certificates of Deposits and Medium-Term Corporate Notes shall be calculated in aggregate at time of purchase.

Sale of Securities
The City does not make investments for the purpose of trading or speculation, but buys with the prevalent intent to hold securities to maturity. The prohibition of speculative investment precludes pursuit of profit through unusual risk or conjectural fluctuations in market prices.

However, fluctuations in market rates or changes in credit quality may produce situations where securities may be sold at a nominal loss in order to mitigate further erosion of principal. Securities shall generally be held until maturity with the following exceptions:
• A security with declining credit may be sold early to minimize loss of principal. • A security swap would improve the quality, yield, or target duration in the portfolio. • Liquidity needs of the portfolio require that the security be sold.

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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 9 of 14
Brokers/Dealers
A competitive bid/offer process, utilizing a minimum of three financial institutions on the approved broker/dealer list maintained by the City or the City's Investment Advisor, will be used to place all investment purchases and sales of secondary traded issues, if possible. Some secondary issues may be offered by only one or two broker/dealers. Purchases of securities that are new issues do not require three offers.

All brokers/dealers with whom business is transacted shall be subject to regulation by the Securities and Exchange Commission. The investment advisor annually conducts a review of all broker/dealers, including their adherence to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-1).

Safekeeping and Custody
The assets of the City shall be secured through third-party custody and safekeeping procedures.

Bearer instruments shall be held only through third-party institutions. Collateralized securities such as repurchase agreements shall be purchased using the delivery versus payment procedures.

Reporting Requirements
Pursuant to Government Code §53646, the Administrative Services Director shall render a quarterly investment report to the City Manager and City Council showing the type of investment, issuer, purchase date, purchase price, date of maturity, amount of deposit, coupon rate of interest, investment yield, and, for investments with a maturity exceeding 12 months, current market value, and source of market valuation. The quarterly report shall state its relationship to the adopted investment policy and shall provide assurance that the investment portfolio provides sufficient cash flow to meet the cash requirements for the following six months. The investment report shall be submitted within 30 days following the end of the quarter. Additionally, pursuant to Government Code §53607, a monthly transaction report shall be presented to the City Manager and City Council.

Performance Standards
The City portfolio is managed with the objective of obtaining a market rate of return, commensurate with identified risk constraints and cash flow characteristics. The appropriate benchmarks will be periodically reviewed by the City Council Finance Committee.

Allocation of Interest
Interest from the City's pooled investments is allocated proportionately to the City's various funds in the month it is received.

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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 10 of 14
Glossary
Agencies: Federal agency securities.

Banker’s Acceptance (BA): 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 issuer. The drafts are drawn on a bank by an exporter or importer to obtain funds to pay for specific merchandise. An acceptance is a high grade negotiable instrument.

Benchmark: A comparative base for measuring the performance or risk tolerance of the investment portfolio. A benchmark should represent a close correlation to the level of risk and the average duration of the portfolio’s investments.

Bid: The price offered by a buyer of securities. (When you are selling securities, you ask for a bid.)
Broker: A broker brings buyers and sellers together for a commission. He/she does not take a position.

Certificate of Deposit (CD): A time deposit with a specific maturity evidenced by a certificate.

Large-denomination CD’s are typically negotiable.

Collateral: Securities, evidence of deposit or other property, which a borrower pledges to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public monies.

Commercial Paper: Short term unsecured promissory note issued by a corporation (including limited liability companies) to raise working capital. These negotiable instruments are purchased at a discount to par value or at par value with interest bearing. Commercial paper is issued by corporations such as General Motors Acceptance Corporation, IBM, Bank of America, etc.

Comprehensive Annual Financial Report (CAFR): The official annual report for the City. It includes combined statements for each individual fund and account group prepared in conformity with Generally Accepted Accounting Principles. It also includes supporting schedules necessary to demonstrate compliance with finance-related legal and contractual provisions, extensive introductory material and a detailed Statistical section.

Coupon: a) The annual rate of interest that a bond’s issuer promises to pay the bondholder on the bond’s face value. b) A certificate attached to a bond evidencing interest due on a payment date.

Custody: A banking service that provides safekeeping for the individual securities in a customer's investment portfolio under a written agreement which also calls for the bank to collect and pay out income, to buy, sell, receive and deliver securities when ordered to do so by the principal.

Dealer: A dealer, as opposed to a broker, acts as a principal in all transactions; buying and selling for his/her own account.

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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 11 of 14
Delivery versus Payment: There are two methods of delivery of securities: delivery versus payment and delivery versus receipt. Delivery versus payment is delivery of securities with an exchange of money for the securities. Delivery versus receipt is delivery of securities with an exchange of a signed receipt for the securities.

Derivatives: (1) Financial instruments whose return profile is linked to, or derived from, the movement of one or more underlying index or security, and may include a leveraging factor, or (2) financial contracts based upon notional amounts whose value is derived from an underlying index or security (interest rates, foreign exchange rates, equities or commodities).

Diversification: Dividing investment among a variety of securities offering independent returns with the objective of lowering risk.

Federal Deposit Insurance Corporation (FDIC): A Federal agency that insures bank deposits, currently up to $250,000 per deposit.

Federal Home Loan Banks (FHLB): Government sponsored wholesale banks which lend funds and provide correspondent banking services to member commercial banks, thrifty institutions, credit unions and insurance companies. The mission of the FHLBs is to liquefy the housing related assets of its members who must purchase stock in their district Bank.

Federal Home Loan Mortgage Corporation (FHLMC): The FHLMC was created under the Federal Home Loan Mortgage Act, Title III of the Emergency Home Finance Act of 1970 as a stockholder owned government-sponsored enterprise. Freddie Mac, as the corporation is called, is charged with providing stability and assistance to the secondary home mortgage market by buying first mortgages and participation interests and reselling these securities in the form of guaranteed mortgage securities. Although agency obligations are not explicitly guaranteed by the federal government, the rating agencies believe that in the unlikely event of financial difficulties, the federal government will support the agency to the extent necessary to provide for full and timely payment on their securities.

Federal National Mortgage Association (FNMA): FNMA, like GNMA was chartered under the Federal National Mortgage Association Act in 1938. FNMA is a federal corporation working under the auspices of the Department of Housing and Urban Development (HUD). It is the largest single provider of residential mortgage funds in the United States. Fannie Mae, as the corporation is called, is a private stockholder-owned corporation. The corporation’s purchases include a variety of adjustable mortgages and second loans, in addition to fixed-rate mortgages. FNMA’s securities are also highly liquid and are widely accepted. FNMA assumes and guarantees that all security holders will receive timely payment of principal and interest.

Federal Reserve System: The central bank of the United States created by congress and consisting of a seven-member Board of Governors in Washington, D.C.; 12 regional banks and approximately 38 percent of the 8,039 commercial banks in the United States are members of the Federal Reserve System. National banks must be members; state-chartered banks may join if they meet certain requirements.

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Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 12 of 14
Interest Rate: The annual yield earned on an investment, expressed as a percentage.

Liquidity: A liquid asset is one that can be converted easily and rapidly into cash without a substantial loss of value. A security is said to be liquid if the spread between bid and asked prices is narrow and a reasonable size can be done at those quotes.

Market Value: The price at which a security is trading and could presumably be purchased or sold.

Maturity: The date upon which the principal or stated value of an investment becomes due and payable.

Money Market: A segment of the financial market in which short-term debt instruments (bills, commercial paper, bankers’ acceptances, etc.) are traded.

Municipal Securities of Local Agencies: Debt securities issued by states, cities, counties and other governmental entities to fund day-to-day obligations and to finance capital projects. The purchase of municipal securities is a loan to the bond issuer in exchange for regular interest payments and the return of the original investment.

Nationally Recognized Statistical Rating Organization (“NRSRO”): Firms that review and assess the creditworthiness of an obligor as an entity or with respect to specific securities or money market instruments and express their opinion in the form of a letter rating. A credit rating agency may apply to the SEC for registration as a nationally recognized statistical rating organization (“NRSRO”). The primary rating agencies are Standard & Poor’s Corporation, Moody’s Investor Services, Inc. and Fitch, Inc.

Negotiable Certificates of Deposit: Unsecured obligations of the financial institution, bank or savings and loan, bought at par value with the promise to pay face value plus accrued interest at maturity. They are high-grade negotiable instruments, paying a higher interest rate than regular certificates of deposit.

Offer: The price asked by a seller of securities. (When you are buying securities, you ask for an offer.) See “Asked” and “Bid”.

Portfolio: Collection of securities held by an investor.

Primary Dealer: A group of government securities dealers who submit daily reports of market activity and positions and monthly financial statements to the Federal Reserve Bank of New York and are subject to its informal oversight. Primary dealers include Securities and Exchange Commission (SEC)-registered securities broker/dealers, banks and a few unregulated firms.

Rate of Return: The yield obtainable on a security based on its purchase price or its current market price. This may be the amortized yield to maturity; on a bond, the current income return.

5.1.a
Packet Pg. 17
Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 13 of 14
Repurchase Agreement (RP OR REPO): A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed date. The security “buyer” in effect lends the “seller” money for the period of the agreement, and the terms of the agreement are structured to compensate him for this.

Risk: Degree of uncertainty of return on an asset.

Safekeeping: A service to customers rendered by banks for a fee whereby securities and valuables of all types and descriptions are held in the bank’s vaults for protection.

Structured Notes: Notes issued by Government Sponsored Enterprises (FHLB, FNMA, FHLMC, etc.) and Corporations, which have imbedded option (e.g. call features, step-up coupons, floating rate coupons, derivative-based returns) into their debt structure. Their market performance is impacted by the fluctuation of interest rates, the volatility of the imbedded options and shifts in the shape of the yield curve.

Securities & Exchange Commission: Agency created by Congress to protect investors in securities transactions by administering securities legislation.

SEC Rule 15C3-1: See “Uniform Net Capital Rule”.

Supranational Securities: A supranational organization is formed by a group of countries through an international treaty with specific objectives such as promoting economic development.

Supranational organizations also issue debt in the United States. The most commonly recognized supranational debt is issued by the International Bank for Reconstruction and Development (IBRD or World Bank).

Treasury Bills: A non-interest bearing discount security issued by the U.S. Treasury to finance the national debt. Most bills are issued to mature in three months, six months, or one year.

Treasury Bond: Long-term U.S. Treasury securities having initial maturities of more than 10 years.

Treasury Notes: Intermediate-term coupon bearing U.S. Treasury having initial maturities of from one year to ten years.

Trustee: A financial institution with powers to act in a fiduciary capacity for the benefit of the bondholders in enforcing the terms of the bond contract.

Uniform Net Capital Rule: Securities and Exchange Commission requirement that member firms as well as nonmember broker/dealers in securities maintain a maximum ratio of indebtedness to liquid capital of 15 to 1; also called net capital rule and net capital ratio. Indebtedness covers all money owed to a firm, including margin loans and commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash.

5.1.a
Packet Pg. 18
Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy) 14 of 14
Yield: The rate of annual income return on an investment, expressed as a percentage. (a) Income Yield is obtained by dividing the current dollar income by the current market price for the security. (b) Net Yield or Yield to Maturity is the current income yield minus any premium above par or plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond.

5.1.a
Packet Pg. 19
Attachment: Draft Statement of Investment Policy FY2025-26 (4752 : Draft Fiscal Year 2025-26 Statement of Investment Policy)

FINANCE COMMITTEE STAFF REPORT
DATE: July 16, 2025
TO: Finance Committee/City Manager
FROM: Jennifer Wakeman, Finance Director
By: Michelle Joe, Administrative Analyst
SUBJECT: City of San Ramon Quarterly Investment Report for the Period Ending June 30, 2025

RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the Quarterly Investment Report for the period ending June 30, 2025, and forward it to the City Council for review.

BACKGROUND/DISCUSSION
State law requires that the City Council review the City Investment Report at least quarterly.

Copies of the Investment Report prepared by Meeder Public Funds, for the period ending June 30, 2025, the Investments Held by Trustees, and the Summary of Cash and Investments are attached for your review.

The June 30, 2025 Investment Report was prepared by Meeder Public Funds. The Investment Report is maintained on a daily basis to track investment yields, maturities, call dates, and market values. The Investments Held by Trustees and the Summary of Cash and Investments were prepared by staff.

The City’s investments are carried at fair value, as required by generally accepted accounting principles (GAAP). In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Pools, the City adjusts the carrying value of its investments to reflect their fair value at each fiscal year end and includes the effects of these adjustments in income for that fiscal year.

FISCAL ANALYSIS
The balance of the City’s demand deposit accounts held with JP Morgan Chase Bank totaled $10.7 million as of June 30, 2025. This account is used for the City’s daily operations.

Total funds managed by Meeder Public Funds equaled $79.4 million at book value as of June 30, 2025. The portfolio consists of $17.2 million in federal agency securities, $38.3 million in

5.2 Packet Pg. 20
treasury securities, $5.5 million in supranationals, $8.6 million in corporate bonds, $3.5 million in negotiable CD’s, and $6.3 million in FDIC insured CD’s. The weighted average yield to maturity on investments is 3.54% and the weighted average days to maturity is 789 days, which is 35 days longer than last quarter. The weighted average yield to maturity is 21 basis points higher than the previous quarter.

The overall objectives in managing the City’s investment portfolio are listed as follows in the order of importance: first, safeguarding principal; second, maintaining appropriate liquidity; and third, generating favorable long-term results relative to the City’s benchmark, the ICE BofAML 30-month average (MMA). To accomplish these objectives, Meeder Public Funds is directed to maintain a strategy designed to keep the portfolio’s results in line with the established benchmark, while actively managing the portfolio’s duration relative to the benchmark, sector allocation and yield curve placement to enhance performance.

The balance of the City’s Fidelity U.S. Government Money Market account held with US Bank totals $4.3 million and makes up 5.12% of the portfolio as of June 30, 2025. The current rate is

4.24%. This account is available on a daily basis for immediate cash flow requirements.

The City of San Ramon has $0.7 million invested with the State Treasurer’s Office (Local Agency Investment Fund). The current interest rate is 4.27% and makes up 0.79% of the portfolio. This account is available on a daily basis for immediate cash flow requirements.

The “Investments Held by Trustees” report was prepared by staff and is required supplementary information in the quarterly report to the City Council. Funds held by the trustee total $2.4 million. The 2019 Certificates of Participation (COP) investments managed by Meeder Public Funds total $0.1 million and are available for designated capital projects. The remaining $2.3 million of investments managed by the trustee pertain to City pension obligation bonds and are not available for general City purposes.

This investment portfolio is in conformity with the City of San Ramon’s adopted Investment Policy. he Treasurer’s cash management program provides sufficient liquidity to meet estimated future expenditures for a period of six months. Meeder Public Funds provides market values for securities under their management, while market prices of securities held in trust are obtained from the trustees’ monthly account statements.

FISCAL IMPLICATIONS
This report is for informational purposes only; there is no fiscal impact.

STEPS FOLLOWING APPROVAL
The report will be presented to the City Council for review and acceptance at the July 22, 2025, City Council meeting.

ATTACHMENT
A: Summary of Cash and Investments at June 30, 2025

5.2 Packet Pg. 21
B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, 2025 C: Investments Held by Trustees at June 30, 2025
D: Investment Terminology

5.2 Packet Pg. 22
Demand deposits held with JP Morgan Chase Bank $ 10,666,292 Investment Portfolio:

Investments held with US Bank (Meeder Public Funds) 79,405,526 Fidelity US Government Money Market Funds held with US Bank 4,332,062 Investments held with Local Agency Investment Fund (LAIF) 671,740 Total Investment Portfolio 84,409,329

Investments held with Trustee 2,408,803
Total Cash and Investments $ 97,484,423
This investment portfolio is in conformity with the City of San Ramon's adopted investment policy. The Treasurer's cash management program provides sufficient liquidity to meet estimated future expenditures for a period of six months.

Prepared and approved by:

Michelle Joe, Administrative Analyst
Approved by:

Jennifer Wakeman, Finance Director
Summary of Cash and Investments
For the Period June 30, 2025

5.2.a
Packet Pg. 23
Attachment: A: Summary of Cash and Investments at June 30, 2025 (4753 : Quarterly Investment Report) Investment
Report
City of San Ramon
As of June 30, 2025

5.2.b
Packet Pg. 24
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, 2 OBSERVATIONS AND EXPECTATIONS
• Fed’s Powell stated the labor market is still solid but slowing somewhat • Trade/tariff tensions continue to weigh on business investment and sentiment • The Fed held rates steady at the June FOMC meeting, projecting two cuts later in 2025
• GDP is expected to rebound in Q2 from the tariff-induced decline of -0.5% in Q1 • The Fed’s favored inflation metric—Core PCE—ticked higher in May • Interest rates across the yield curve were lower in the month of June • May 2025 marks the 53rd
consecutive month of job growth,
the second-best streak since the
1960s.
• With this consistent job growth,
average wages have been
outpacing inflation (CPI) for the
past two years.
• The Federal Reserve and other
economists expect
unemployment to increase by the
end of 2025.
2 SOURCE: BLOOMBERG, BUREAU OF LABOR STATISTICS
20 29
24 44
32 47 45
33 46
113
53 0
20 40
60 80
100
120
1960 1970 1980 1990 2000 2010 2020
Months
Number of Months for Consecutive Job Growth

5.2.b
Packet Pg. 25
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month 3 • The Fed Funds futures market
continually prices where market
participants expect the Fed Funds rate
to be heading.
• At the end of June, the futures market
was showing about two and a half

0.25% Fed cuts by the end of 2025,
with the rate ending the year at
approximately 3.7%., from its current

4.3%.
• Core Personal Consumption Expenditure
YoY is the Fed’s preferred inflation gauge.
• Core excludes food and energy components,
which generally make the series less volatile.
• Core PCE YoY is currently at 2.7%, not yet at
the Fed’s 2% target, and moved higher last
month.
• The Federal Reserve expects inflation to
move higher later this year.
3 SOURCES: BLOOMBERG, CME
SOURCE: BLOOMBERG, BUREAU OF ECONOMIC ANALYSIS

3.3%

3.4%

3.5%

3.6%

3.7%

3.8%

3.9%

4.0%

4.1%

4.2%
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25
History of Dec 2025 Expected Fed Funds Rate

2.7%
0%
1%
2%
3%
4%
5%
6%
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
Core PCE YoY

5.2.b
Packet Pg. 26
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month 4 4 SOURCE: BLOOMBERG

3.40 3.60

3.80 4.00

4.20 4.40

4.60 4.80

5.00 5.20
3M 6M 1Y 2Y 3Yr 5Y 7Y 10Y 20Y 30Y
Percent
U.S. Treasury Yield Curve Change
6/30/25 5/30/25
(5) (6)
(14)
(18) (17) (16) (18) (17)
(15) (15)
-20
-15
-10
-50
3M 6M 1Y 2Y 3Yr 5Y 7Y 10Y 20Y 30Y
Basis Points
Basis Point Change

5.2.b
Packet Pg. 27
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month CITY OF SAN RAMON | JUNE 30, 2025
5 Portfolio Summary6
Portfolio Overview7
Credit Quality8
Position Statement9
Amortization Schedule 13
Accrued Interest Schedule 16
Earnings by Fund 19
Transaction Statement 22
Income/Dividend Received 23
Contribution/Withdrawals and Expenses 24
Projected Cash Flows 25
Contents

5.2.b
Packet Pg. 28
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, 6 Portfolio Summary
Par Value $84,933,803
Principal Cost $83,981,032
Book Value $84,409,329
Market Value $84,658,656
Unrealized Gain/Loss $249,327
Accrued Interest $535,065
Portfolio Position
Maturity Distribution Sector Allocation
•
1 U.S. Treasuries 45.35%
•
1 U.S. Agencies 20.37%
•
1 Corporate Bonds 10.23%
•
1 Commercial Paper 7.48%
•
1 Supranational 6.55%
•
1 Money Market Funds 5.12%
•
1 Negotiable CD's 4.10%
•
1 LGIP 0.79%

3.54 Weighted Average Yield to Maturity

2.16 Weighted Average Maturity (Years)

1.99 Portfolio Effective Duration (Years)

2.16 Weighted Average Life (Years)
AA
Average Credit Rating

CITY OF SAN RAMON
JUNE 30, 2025

5.2.b
Packet Pg. 29
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
7 Portfolio
Overview

SECURITY TYPE PAR VALUE MARKET VALUE BOOK VALUE
% OF

PORTFOLIO

DAYS TO

MATURITY YIELD
LGIP 671,740.40 671,740.40 671,740.40 0.79% 1 4.27
Money Market Funds 4,332,062.27 4,332,062.27 4,332,062.27 5.12% 1 4.24 Commercial Paper 6,450,000.00 6,330,347.41 6,330,347.41 7.48% 158 4.36 U.S. Treasuries 38,550,000.00 38,394,312.60 38,274,784.33 45.35% 1,008 3.42 U.S. Agencies 17,265,000.00 17,247,472.90 17,235,302.59 20.37% 665 2.91 Negotiable CD's 3,472,000.00 3,475,193.80 3,469,514.31 4.10% 808 4.55 Corporate Bonds 8,658,000.00 8,659,426.62 8,581,336.82 10.23% 1,007 4.17 Supranational 5,535,000.00 5,548,099.70 5,514,240.81 6.55% 743 3.08 TOTAL 84,933,802.67 84,658,655.70 84,409,328.94 100.00% 789 3.54

CASH AND ACCRUED INTEREST
Purchased Accrued Interest 29,282.26 29,282.26
TOTAL CASH AND INVESTMENTS 84,933,802.67 84,687,937.96 84,438,611.20 789 3.54

TOTAL EARNINGS

CURRENT MONTH
242,206.29

5.2.b
Packet Pg. 30
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, 8 Credit Quality
Allocation by Rating
Rating Distribution

MARKET VALUE ALLOCATION
AAA 4,332,062.27 5.12%
A-1 6,330,347.41 7.48%
NA 671,740.40 0.79%
TOTAL 11,334,150.08 13.39%

SHORT TERM, MONEY MARKET FUNDS, & LGIPS RATINGS

MARKET VALUE ALLOCATION
AAA 5,548,099.70 6.55%
AA+ 58,132,445.50 68.67%
AA 1,516,935.00 1.79%
AA- 1,181,611.62 1.40%
A+ 1,010,430.00 1.19% A 1,478,790.00 1.75%
A- 981,000.00 1.16%
NA 3,475,193.80 4.10%
TOTAL 73,324,505.62 86.61%
GRAND TOTAL 84,658,655.70 100.00%

LONG TERM RATINGS
Report reflects ratings issued by Standard & Poors
•
1 AAA 11.67%
•
1 AA+ 68.67%
•
1 AA 1.79%
•
1 AA- 1.40%
•
1 A+ 1.19%
•
1 A 1.75%
•
1 A- 1.16%
•
1 A-1 7.48%
•
1 NA 4.90%
CITY OF SAN RAMON | JUNE 30, 2025 5.2.b
Packet Pg. 31
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
9 CUSIP DESCRIPTION

TRADE DATE
SETTLE

DATE PAR VALUE

PRINCIPAL COST

PURCHASED

INTEREST TOTAL COST

YIELD TO

MATURITY

MATURITY
DATE

DAYS TO

MATURITY

MARKET PRICE

MARKET VALUE

UNREALIZED

GAIN/LOSS

BOOK VALUE
% OF
MV

MOODY'S
S&P
RATING

CITY OF SAN

RAMON, CA
LGIP
CALAIF California LAIF 06/30/2025
06/30/2025 671,740.40 671,740.400.00 671,740.40 4.27 1 1.00671,740.40

0.00 671,740.40 0.79 NA
LGIP TOTAL 671,740.40 671,740.40

0.00 671,740.40 4.27 1 1.00671,740.40

0.00 671,740.40 0.79 NA

MONEY MARKET
FUNDS
316175108 FIDELITY
IMM:GOVT;I
06/30/2025
06/30/2025 4,332,062.27 4,332,062.270.00 4,332,062.27 4.24 1 1.004,332,062.27

0.00 4,332,062.27 5.12 AaaAAA

MONEY MARKET
FUNDS TOTAL 4,332,062.27 4,332,062.270.00 4,332,062.27 4.24 1 1.004,332,062.27

0.00 4,332,062.27 5.12 AAA

COMMERCIAL
PAPER
21687AVR1 COOPERATIEVE
UA 08/25/25
03/25/2025
03/26/2025 1,250,000.00 1,227,411.110.00 1,227,411.11 4.36 08/25/2025 56 99.351,241,826.39

0.00 1,241,826.39 1.47 P-1A-1
09659BX21 BNP PARIBAS NY
10/02/25
04/02/2025
04/03/2025 1,250,000.00 1,223,142.360.00 1,223,142.36 4.34 10/02/2025 94 98.901,236,276.04

0.00 1,236,276.04 1.46 P-1A-1
22533TZS8 CREDIT AGRI NY
12/26/25
04/02/2025
04/02/2025 1,250,000.00 1,211,568.060.00 1,211,568.06 4.26 12/26/2025 179 97.961,224,474.31

0.00 1,224,474.31 1.45 P-1A-1
53948BB99 LLOYDS BK NY BR
02/09/26
05/19/2025
05/20/2025 1,500,000.00 1,452,741.670.00 1,452,741.67 4.42 02/09/2026 224 97.351,460,231.67 (0.00)
1,460,231.67 1.72 P-1A-1
62479MBD4 MUFG BANK NY
02/13/26
05/21/2025
05/21/2025 1,200,000.00 1,161,676.000.00 1,161,676.00 4.43 02/13/2026 228 97.291,167,539.00

0.00 1,167,539.00 1.38 P-1A-1

COMMERCIAL
PAPER TOTAL 6,450,000.00 6,276,539.200.00 6,276,539.20 4.36 158 98.156,330,347.41 (0.00)
6,330,347.41 7.48 A-1
U.S. TREASURIES
91282CAT8 US TREASURY

0.250 10/31/25
04/06/2021
04/06/2021 2,000,000.00 1,946,875.000.00 1,946,875.00 0.84 10/31/2025 123 98.661,973,281.26 (22,824.76)
1,996,106.02 2.33 Aa1AA+
912828M56 US TREASURY

2.250 11/15/25
02/07/2022
02/07/2022 2,000,000.00 2,041,015.620.00 2,041,015.62 1.69 11/15/2025 138 99.231,984,531.26 (19,560.22)
2,004,091.48 2.34 Aa1AA+
912828R36 US TREASURY

1.625 05/15/26
06/07/2022
06/07/2022 2,000,000.00 1,897,500.000.00 1,897,500.00 3.02 05/15/2026 319 97.921,958,437.50 (18,855.13)
1,977,292.63 2.31 Aa1AA+
91282CCW9 US TREASURY

0.750 08/31/26
08/31/2021
08/31/2021 1,000,000.00 997,798.420.00 997,798.42 0.80 08/31/2026 427 96.38963,789.06 (35,696.55)
999,485.61 1.14 Aa1AA+
91282CCZ2 US TREASURY

0.875 09/30/26
10/13/2021
10/13/2021 1,000,000.00 990,351.560.00 990,351.56 1.08 09/30/2026 457 96.32963,242.19 (34,327.59)
997,569.78 1.14 Aa1AA+
91282CDG3 US TREASURY

1.125 10/31/26
02/07/2022
02/07/2022 2,000,000.00 1,941,093.760.00 1,941,093.76 1.78 10/31/2026 488 96.441,928,750.00 (54,616.13)
1,983,366.13 2.28 Aa1AA+
912828U24 US TREASURY

2.000 11/15/26
03/14/2022
03/14/2022 2,000,000.00 2,003,593.760.00 2,003,593.76 1.96 11/15/2026 503 97.501,950,078.12 (50,980.16)
2,001,058.28 2.30 Aa1AA+
912828X88 US TREASURY

2.375 05/15/27
02/07/2023
02/07/2023 2,000,000.00 1,882,421.880.00 1,882,421.88 3.88 05/15/2027 684 97.531,950,546.88 2,146.80
1,948,400.08 2.30 Aa1AA+
Position Statement

5.2.b
Packet Pg. 32
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
10 CUSIP DESCRIPTION

TRADE DATE
SETTLE

DATE PAR VALUE

PRINCIPAL COST

PURCHASED

INTEREST TOTAL COST

YIELD TO

MATURITY

MATURITY
DATE

DAYS TO

MATURITY

MARKET PRICE

MARKET VALUE

UNREALIZED

GAIN/LOSS

BOOK VALUE
% OF
MV

MOODY'S
S&P
RATING
91282CFU0 US TREASURY

4.125 10/31/27
02/23/2023
02/23/2023 2,000,000.00 1,992,109.380.00 1,992,109.38 4.22 10/31/2027 853 100.912,018,281.26 22,214.02
1,996,067.24 2.38 Aa1AA+
9128283F5 US TREASURY

2.250 11/15/27
07/07/2023
07/07/2023 2,000,000.00 1,823,750.000.00 1,823,750.00 4.50 11/15/2027 868 96.701,933,906.26 29,978.21
1,903,928.05 2.28 Aa1AA+
91282CHX2 US TREASURY

4.375 08/31/28
05/23/2024
05/23/2024 2,000,000.00 1,989,687.500.00 1,989,687.50 4.51 08/31/2028 1,158 101.982,039,531.26 47,180.26
1,992,351.00 2.41 Aa1AA+
91282CJA0 US TREASURY

4.625 09/30/28
04/10/2024
04/10/2024 2,000,000.00 2,015,937.500.00 2,015,937.50 4.43 09/30/2028 1,188 102.782,055,625.00 44,039.29
2,011,585.71 2.43 Aa1AA+
91282CJA0 US TREASURY

4.625 09/30/28
02/08/2024
02/08/2024 2,000,000.00 2,046,093.760.00 2,046,093.76 4.07 09/30/2028 1,188 102.782,055,625.00 23,342.24
2,032,282.76 2.43 Aa1AA+
91282CJR3 US TREASURY

3.750 12/31/28
10/29/2024
10/30/2024 1,150,000.00 1,132,525.390.00 1,132,525.39 4.15 12/31/2028 1,280 100.091,151,078.13 15,762.78
1,135,315.35 1.36 Aa1AA+
91282CJW2 US TREASURY

4.000 01/31/29
10/29/2024
10/30/2024 1,200,000.00 1,192,921.880.00 1,192,921.88 4.15 01/31/2029 1,311 100.911,210,968.76 16,939.36
1,194,029.40 1.43 Aa1AA+
91282CLC3 US TREASURY

4.000 07/31/29
10/29/2024
10/30/2024 1,500,000.00 1,490,449.220.00 1,490,449.22 4.15 07/31/2029 1,492 100.951,514,179.70 22,392.05
1,491,787.64 1.79 Aa1AA+
91282CFJ5 US TREASURY

3.125 08/31/29
09/27/2024
09/30/2024 1,500,000.00 1,471,230.470.00 1,471,230.47 3.55 08/31/2029 1,523 97.601,464,023.45 (11,582.32)
1,475,605.77 1.73 Aa1AA+
91282CFL0 US TREASURY

3.875 09/30/29
11/06/2024
11/07/2024 1,600,000.00 1,571,750.000.00 1,571,750.00 4.28 09/30/2029 1,553 100.471,607,500.00 32,021.25
1,575,478.75 1.90 Aa1AA+
91282CLR0 US TREASURY

4.125 10/31/29
11/06/2024
11/07/2024 1,600,000.00 1,590,125.000.00 1,590,125.00 4.26 10/31/2029 1,584 101.451,623,125.01 31,718.81
1,591,406.20 1.92 Aa1AA+
91282CFY2 US TREASURY

3.875 11/30/29
05/13/2025
05/14/2025 2,000,000.00 1,982,812.500.00 1,982,812.50 4.08 11/30/2029 1,614 100.452,009,062.50 25,753.31
1,983,309.19 2.37 Aa1AA+
91282CGQ8 US TREASURY

4.000 02/28/30
05/13/2025
05/14/2025 2,000,000.00 1,992,578.1316,304.35 2,008,882.48 4.08 02/28/2030 1,704 100.992,019,843.76 27,062.18
1,992,781.59 2.39 Aa1AA+
91282CMU2 US TREASURY

4.000 03/31/30
05/13/2025
05/14/2025 2,000,000.00 1,991,250.009,617.49 2,000,867.49 4.10 03/31/2030 1,735 100.952,018,906.26 27,420.57
1,991,485.69 2.38 Aa1AA+
U.S. TREASURIES
TOTAL 38,550,000.00 37,983,870.7325,921.84 38,009,792.57 3.42 1,008 99.6438,394,312.60 119,528.27
38,274,784.33 45.35 AA+
U.S. AGENCIES
3137EAEX3

FREDDIE MAC

0.375 09/23/25
MTN
10/06/2020
10/06/2020 2,000,000.00 1,991,000.000.00 1,991,000.00 0.47 09/23/2025 85 99.121,982,360.00 (17,222.14)
1,999,582.14 2.34 Aa1AA+
3135G06G3 FANNIE MAE

0.500 11/07/25
01/20/2021
01/20/2021 2,000,000.00 2,000,620.000.00 2,000,620.00 0.49 11/07/2025 130 98.671,973,380.00 (26,665.69)
2,000,045.69 2.33 Aa1AA+
3130AL7M0 FHLBANKS 0.625
02/24/26 '25
02/24/2021
02/24/2021 2,000,000.00 2,000,000.000.00 2,000,000.00 0.63 02/24/2026 239 97.551,950,960.00 (49,040.00)
2,000,000.00 2.30 Aa1AA+
3133EN7A2

FED FARM CR
BNKS 3.625
10/26/26
02/07/2023
02/07/2023 2,000,000.00 1,972,388.000.00 1,972,388.00 4.03 10/26/2026 483 99.581,991,580.00 1,395.94
1,990,184.06 2.35 Aa1AA+
3130AXU63 FHLBANKS 4.625
11/17/26
11/17/2023
11/17/2023 1,000,000.00 998,230.000.00 998,230.00 4.69 11/17/2026 505 101.001,009,970.00 10,784.93
999,185.07 1.19 Aa1AA+
3130AQW66 FHLBANKS 2.080
02/25/27 '25
02/25/2022
02/25/2022 1,000,000.00 1,000,000.000.00 1,000,000.00 2.08 02/25/2027 605 96.74967,430.00 (32,570.00)
1,000,000.00 1.14 Aa1AA+
Position Statement

5.2.b
Packet Pg. 33
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
11 CUSIP DESCRIPTION

TRADE DATE
SETTLE

DATE PAR VALUE

PRINCIPAL COST

PURCHASED

INTEREST TOTAL COST

YIELD TO

MATURITY

MATURITY
DATE

DAYS TO

MATURITY

MARKET PRICE

MARKET VALUE

UNREALIZED

GAIN/LOSS

BOOK VALUE
% OF
MV

MOODY'S
S&P
RATING
3130AUSN5 FHLBANKS 3.500
10/01/27
02/07/2023
02/07/2023 2,000,000.00 1,967,600.000.00 1,967,600.00 3.89 10/01/2027 823 99.281,985,560.00 1,260.34
1,984,299.66 2.35 Aa1AA+
3130A07B0 FHLBANKS 4.000
09/01/28
10/31/2023
10/31/2023 1,265,000.00 1,214,564.450.00 1,214,564.45 4.94 09/01/2028 1,159 100.591,272,412.90 40,504.07
1,231,908.83 1.50 Aa1AA+
3133EPC45

FED FARM CR
BNKS 4.625
11/13/28
11/28/2023
11/28/2023 2,000,000.00 2,009,460.000.00 2,009,460.00 4.52 11/13/2028 1,232 102.542,050,740.00 44,309.06
2,006,430.94 2.42 Aa1AA+
3133ERDH1

FED FARM CR
BNKS 4.750
04/30/29
05/17/2024
05/17/2024 2,000,000.00 2,030,572.000.00 2,030,572.00 4.40 04/30/2029 1,400 103.152,063,080.00 39,413.81
2,023,666.20 2.44 Aa1AA+
U.S. AGENCIES
TOTAL 17,265,000.00 17,184,434.450.00 17,184,434.45 2.91 665 99.9417,247,472.90 12,170.31
17,235,302.59 20.37 AA+

NEGOTIABLE
CD'S
02007GM42 ALLY BANK 5.050
03/23/26
03/23/2023
03/23/2023 248,000.00 247,752.000.00 247,752.00 5.09 03/23/2026 266 99.94247,847.88 (92.04)
247,939.92 0.29 NANA
02589AEN8 AM EX BK 5.000
03/23/26
03/22/2023
03/22/2023 248,000.00 247,752.000.00 247,752.00 5.04 03/23/2026 266 100.53249,309.44 1,369.46
247,939.98 0.29 NANA
910286GB3 UNITED FIDELITY

5.000 03/30/26
03/30/2023
03/30/2023 248,000.00 248,000.000.00 248,000.00 5.00 03/30/2026 273 99.93247,814.19 (185.81)
248,000.00 0.29 NANA
795451AK9 SALLIE MAE BNK

1.100 08/11/26
08/11/2021
08/11/2021 248,000.00 248,000.000.00 248,000.00 1.10 08/11/2026 407 96.80240,054.08 (7,945.92)
248,000.00 0.28 NANA
108622PJ4

BRIDGEWATER
BANK 5.100
11/03/26
11/06/2023
11/06/2023 248,000.00 247,628.000.00 247,628.00 5.15 11/03/2026 491 100.14248,359.35 526.34
247,833.01 0.29 NANA
23204HQA9

CUSTOMERS
BANK 4.050
08/13/27
08/05/2024
08/14/2024 248,000.00 247,628.000.00 247,628.00 4.10 08/13/2027 774 99.89247,737.15

0.26 247,736.89 0.29 NANA
32114VCH8 FIRST BK MCH

4.600 03/15/28
03/15/2023
03/15/2023 248,000.00 248,000.000.00 248,000.00 4.60 03/15/2028 989 99.51246,776.65 (1,223.35)
248,000.00 0.29 NANA
062119BK7 BANK FIVE 4.650
03/20/28
03/20/2023
03/20/2023 248,000.00 248,000.000.00 248,000.00 4.65 03/20/2028 994 102.34253,805.68 5,805.68
248,000.00 0.30 NANA
2546732U9 CAPITL ONE NA

5.000 03/21/28
03/22/2023
03/22/2023 248,000.00 247,456.880.00 247,456.88 5.05 03/21/2028 995 100.48249,190.00 1,485.89
247,704.11 0.29 NANA
12547CAX6 CIBC BANK 4.450
04/13/28
04/14/2023
04/14/2023 248,000.00 247,380.000.00 247,380.00 4.51 04/13/2028 1,018 99.14245,870.53 (1,783.88)
247,654.41 0.29 NANA
857894Q77 STEARNS BANK

4.050 08/14/28
08/02/2024
08/13/2024 248,000.00 247,752.000.00 247,752.00 4.08 08/14/2028 1,141 99.92247,806.62

0.14 247,806.48 0.29 NANA
949764HK3

WELLS FARGO
BANK 5.050
11/07/28
11/07/2023
11/07/2023 248,000.00 247,451.920.00 247,451.92 5.10 11/07/2028 1,226 100.95250,363.31 2,731.04
247,632.27 0.30 NANA
61768EE82

MORGAN PVT
BNK 5.050
11/08/28
11/08/2023
11/08/2023 248,000.00 247,456.880.00 247,456.88 5.05 11/08/2028 1,227 100.91250,266.30 2,631.01
247,635.29 0.30 NANA
90355GHQ2 UBS USA 5.000
11/08/28
11/08/2023
11/08/2023 248,000.00 247,451.920.00 247,451.92 5.05 11/08/2028 1,227 100.80249,992.62 2,360.65
247,631.97 0.30 NANA
Position Statement

5.2.b
Packet Pg. 34
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
12 CUSIP DESCRIPTION

TRADE DATE
SETTLE

DATE PAR VALUE

PRINCIPAL COST

PURCHASED

INTEREST TOTAL COST

YIELD TO

MATURITY

MATURITY
DATE

DAYS TO

MATURITY

MARKET PRICE

MARKET VALUE

UNREALIZED

GAIN/LOSS

BOOK VALUE
% OF
MV

MOODY'S
S&P
RATING

NEGOTIABLE
CD'S TOTAL 3,472,000.00 3,467,709.600.00 3,467,709.60 4.55 808 100.113,475,193.80 5,679.49
3,469,514.31 4.10 NA

CORPORATE
BONDS
637639AE5

NATL SECUR
CLEAR 0.750
12/07/25 '25
01/07/2021
01/07/2021 1,000,000.00 1,004,130.000.00 1,004,130.00 0.66 12/07/2025 160 98.38983,790.00 (16,531.28)
1,000,321.28 1.16 Aa1AA+
857477AW3 STATE STREET

2.650 05/19/26
05/19/2025
05/20/2025 1,500,000.00 1,476,600.00110.42 1,476,710.42 4.26 05/19/2026 323 98.591,478,790.00 (510.00)
1,479,300.00 1.75 Aa3A
89236TKJ3

TOYOTA MOTOR
CRD 4.550
09/20/27 MTN
06/10/2024
06/11/2024 1,000,000.00 986,000.000.00 986,000.00 5.02 09/20/2027 812 101.041,010,430.00 19,932.16
990,497.84 1.19 A1A+
06051GGA1 BOFAML 3.248
10/21/27 '26 MTN
12/08/2023
12/08/2023 1,000,000.00 939,580.000.00 939,580.00 4.98 10/21/2027 843 98.10981,000.00 17,049.24
963,950.76 1.16 A1A592179KF1 METLIFE GBL FDG

5.050 01/06/28
12/08/2023
12/08/2023 1,158,000.00 1,156,135.620.00 1,156,135.62 5.09 01/06/2028 920 102.041,181,611.62 24,762.68
1,156,848.94 1.40 Aa3AA931142FN8 WALMART 4.350
04/28/30 '30
05/13/2025
05/14/2025 1,500,000.00 1,501,425.002,900.00 1,504,325.00 4.33 04/28/2030 1,763 101.131,516,935.00 15,548.45
1,501,386.55 1.79 Aa2AA
037833EZ9 APPLE 4.200
05/12/30 '30
05/13/2025
05/14/2025 1,500,000.00 1,488,735.00350.00 1,489,085.00 4.37 05/12/2030 1,777 100.461,506,870.00 17,838.55
1,489,031.45 1.78 AaaAA+

CORPORATE
BONDS TOTAL 8,658,000.00 8,552,605.623,360.42 8,555,966.04 4.17 1,007 100.048,659,426.62 78,089.80
8,581,336.82 10.23 A+

SUPRANATIONAL
459058JL8 IBRD 0.500
10/28/25 MTN
02/04/2021
02/04/2021 2,035,000.00 2,033,473.750.00 2,033,473.75 0.52 10/28/2025 120 98.742,009,399.70 (25,494.89)
2,034,894.59 2.37 AaaAAA
45818WFN1 IDB 4.850 07/19/27
MTN
05/24/2024
05/24/2024 2,000,000.00 2,008,860.000.00 2,008,860.00 4.70 07/19/2027 749 101.762,035,160.00 29,391.76
2,005,768.24 2.40 AaaAAA
459058LN1 IBRD 3.875
10/16/29 MTN
11/14/2024
11/15/2024 1,500,000.00 1,469,736.000.00 1,469,736.00 4.33 10/16/2029 1,569 100.241,503,540.00 29,962.02
1,473,577.98 1.78 AaaAAA

SUPRANATIONAL
TOTAL 5,535,000.00 5,512,069.750.00 5,512,069.75 3.08 743 100.255,548,099.70 33,858.89
5,514,240.81 6.55 AAA

CITY OF SAN
RAMON, CA TOTAL 84,933,802.67 83,981,032.0229,282.26 84,010,314.28 3.54 789 84,658,655.70 249,326.76
84,409,328.94 100.00 AA
GRAND TOTAL 84,933,802.67 83,981,032.02
29,282.26 84,010,314.28 3.54 789 84,658,655.70
249,326.76
84,409,328.94 100.00 AA
Position Statement

5.2.b
Packet Pg. 35
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
13 Amortization Schedule

CUSIP DESCRIPTION PAR VALUE

PRINCIPAL
COST

ORIGINAL

PREMIUM OR

DISCOUNT

BEGINNING

BOOK VALUE

CURRENT

PERIOD AMORT

ENDING BOOK
VALUE
TOTAL

AMORTIZATION

UNAMORTIZED

BALANCE

CITY OF SAN

RAMON, CA
02007GM42 ALLY BANK 5.050 03/23/26 248,000.00 247,752.00 (248.00) 247,933.12 6.80 247,939.92 187.92 (60.08) 02589AEN8 AM EX BK 5.000 03/23/26 248,000.00 247,752.00 (248.00) 247,933.18 6.80 247,939.98 187.98 (60.02) 037833EZ9 APPLE 4.200 05/12/30 '30 1,500,000.00 1,488,735.00 (11,265.00) 1,488,846.17 185.28 1,489,031.45 296.45 (10,968.55) 062119BK7 BANK FIVE 4.650 03/20/28 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.00 09659BX21 BNP PARIBAS NY 10/02/25 1,250,000.00 1,223,142.36 (26,857.64) 1,231,848.96 4,427.08 1,236,276.04 13,133.68 (13,723.96) 06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 1,000,000.00 939,580.00 (60,420.00) 962,666.34 1,284.41 963,950.76 24,370.76 (36,049.24) 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 248,000.00 247,628.00 (372.00) 247,822.78 10.22 247,833.01 205.01 (166.99) 2546732U9 CAPITL ONE NA 5.000 03/21/28 248,000.00 247,456.88 (543.12) 247,695.18 8.93 247,704.11 247.23 (295.89) 12547CAX6 CIBC BANK 4.450 04/13/28 248,000.00 247,380.00 (620.00) 247,644.22 10.19 247,654.41 274.41 (345.59) 21687AVR1 COOPERATIEVE UA 08/25/25 1,250,000.00 1,227,411.11 (22,588.89) 1,237,368.05 4,458.33 1,241,826.39 14,415.28 (8,173.61) 22533TZS8 CREDIT AGRI NY 12/26/25 1,250,000.00 1,211,568.06 (38,431.94) 1,220,172.23 4,302.08 1,224,474.31 12,906.25 (25,525.69) 23204HQA9 CUSTOMERS BANK 4.050 08/13/27 248,000.00 247,628.00 (372.00) 247,726.68 10.21 247,736.89 108.89 (263.11) 3135G06G3 FANNIE MAE 0.500 11/07/25 2,000,000.00 2,000,620.00 620.00 2,000,056.31 (10.63) 2,000,045.69 (574.31) 45.69 3133EN7A2 FED FARM CR BNKS 3.625 10/26/26 2,000,000.00 1,972,388.00 (27,612.00) 1,989,573.11 610.95 1,990,184.06 17,796.06 (9,815.94) 3133EPC45 FED FARM CR BNKS 4.625 11/13/28 2,000,000.00 2,009,460.00 9,460.00 2,006,587.67 (156.72) 2,006,430.94 (3,029.06) 6,430.94 3133ERDH1 FED FARM CR BNKS 4.750 04/30/29 2,000,000.00 2,030,572.00 30,572.00 2,024,173.69 (507.50) 2,023,666.20 (6,905.81) 23,666.20 3130AL7M0 FHLBANKS 0.625 02/24/26 '25 2,000,000.00 2,000,000.00 0.00 2,000,000.00 0.00 2,000,000.00 0.00 0.00 3130AQW66 FHLBANKS 2.080 02/25/27 '25 1,000,000.00 1,000,000.00 0.00 1,000,000.00 0.00 1,000,000.00 0.00 0.00 3130AUSN5 FHLBANKS 3.500 10/01/27 2,000,000.00 1,967,600.00 (32,400.00) 1,983,726.66 573.01 1,984,299.66 16,699.66 (15,700.34) 3130A07B0 FHLBANKS 4.000 09/01/28 1,265,000.00 1,214,564.45 (50,435.55) 1,231,051.54 857.28 1,231,908.83 17,344.38 (33,091.17) 3130AXU63 FHLBANKS 4.625 11/17/26 1,000,000.00 998,230.00 (1,770.00) 999,136.57 48.51 999,185.07 955.07 (814.93) 32114VCH8 FIRST BK MCH 4.600 03/15/28 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.00 3137EAEX3 FREDDIE MAC 0.375 09/23/25 MTN 2,000,000.00 1,991,000.00 (9,000.00) 1,999,432.90 149.24 1,999,582.14 8,582.14 (417.86) 459058JL8 IBRD 0.500 10/28/25 MTN 2,035,000.00 2,033,473.75 (1,526.25) 2,034,868.02 26.57 2,034,894.59 1,420.84 (105.41) 459058LN1 IBRD 3.875 10/16/29 MTN 1,500,000.00 1,469,736.00 (30,264.00) 1,473,072.45 505.52 1,473,577.98 3,841.98 (26,422.02) 45818WFN1 IDB 4.850 07/19/27 MTN 2,000,000.00 2,008,860.00 8,860.00 2,005,999.58 (231.35) 2,005,768.24 (3,091.76) 5,768.24 53948BB99 LLOYDS BK NY BR 02/09/26 1,500,000.00 1,452,741.67 (47,258.33) 1,454,881.67 5,350.00 1,460,231.67 7,490.00 (39,768.33) 592179KF1 METLIFE GBL FDG 5.050 01/06/28 1,158,000.00 1,156,135.62 (1,864.38) 1,156,811.36 37.58 1,156,848.94 713.32 (1,151.06)

5.2.b
Packet Pg. 36
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
14 Amortization Schedule

CUSIP DESCRIPTION PAR VALUE

PRINCIPAL
COST

ORIGINAL

PREMIUM OR

DISCOUNT

BEGINNING

BOOK VALUE

CURRENT

PERIOD AMORT

ENDING BOOK
VALUE
TOTAL

AMORTIZATION

UNAMORTIZED

BALANCE
61768EE82 MORGAN PVT BNK 5.050 11/08/28 248,000.00 247,456.88 (543.12) 247,626.37 8.92 247,635.29 178.41 (364.71) 62479MBD4 MUFG BANK NY 02/13/26 1,200,000.00 1,161,676.00 (38,324.00) 1,163,249.00 4,290.00 1,167,539.00 5,863.00 (32,461.00) 637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 1,000,000.00 1,004,130.00 4,130.00 1,000,396.00 (74.72) 1,000,321.28 (3,808.72) 321.28 795451AK9 SALLIE MAE BNK 1.100 08/11/26 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.00 857477AW3 STATE STREET 2.650 05/19/26 1,500,000.00 1,476,600.00 (23,400.00) 1,477,371.43 1,928.57 1,479,300.00 2,700.00 (20,700.00) 857894Q77 STEARNS BANK 4.050 08/14/28 248,000.00 247,752.00 (248.00) 247,801.39 5.09 247,806.48 54.48 (193.52) 89236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 1,000,000.00 986,000.00 (14,000.00) 990,146.35 351.50 990,497.84 4,497.84 (9,502.16) 90355GHQ2 UBS USA 5.000 11/08/28 248,000.00 247,451.92 (548.08) 247,622.96 9.01 247,631.97 180.05 (368.03) 910286GB3 UNITED FIDELITY 5.000 03/30/26 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.00 91282CAT8 US TREASURY 0.250 10/31/25 2,000,000.00 1,946,875.00 (53,125.00) 1,995,148.48 957.54 1,996,106.02 49,231.02 (3,893.98) 91282CCW9 US TREASURY 0.750 08/31/26 1,000,000.00 997,798.42 (2,201.58) 999,449.39 36.22 999,485.61 1,687.19 (514.39) 91282CCZ2 US TREASURY 0.875 09/30/26 1,000,000.00 990,351.56 (9,648.44) 997,409.90 159.88 997,569.78 7,218.22 (2,430.22) 91282CDG3 US TREASURY 1.125 10/31/26 2,000,000.00 1,941,093.76 (58,906.24) 1,982,341.46 1,024.67 1,983,366.13 42,272.37 (16,633.87) 912828R36 US TREASURY 1.625 05/15/26 2,000,000.00 1,897,500.00 (102,500.00) 1,975,150.42 2,142.21 1,977,292.63 79,792.63 (22,707.37) 912828U24 US TREASURY 2.000 11/15/26 2,000,000.00 2,003,593.76 3,593.76 2,001,121.53 (63.24) 2,001,058.28 (2,535.48) 1,058.28 912828M56 US TREASURY 2.250 11/15/25 2,000,000.00 2,041,015.62 41,015.62 2,004,987.42 (895.94) 2,004,091.48 (36,924.14) 4,091.48 9128283F5 US TREASURY 2.250 11/15/27 2,000,000.00 1,823,750.00 (176,250.00) 1,900,603.76 3,324.29 1,903,928.05 80,178.05 (96,071.95) 912828X88 US TREASURY 2.375 05/15/27 2,000,000.00 1,882,421.88 (117,578.12) 1,946,133.61 2,266.47 1,948,400.08 65,978.20 (51,599.92) 91282CFJ5 US TREASURY 3.125 08/31/29 1,500,000.00 1,471,230.47 (28,769.53) 1,475,124.93 480.83 1,475,605.77 4,375.30 (24,394.23) 91282CJR3 US TREASURY 3.750 12/31/28 1,150,000.00 1,132,525.39 (17,474.61) 1,134,970.91 344.44 1,135,315.35 2,789.96 (14,684.65) 91282CFL0 US TREASURY 3.875 09/30/29 1,600,000.00 1,571,750.00 (28,250.00) 1,575,004.75 473.99 1,575,478.75 3,728.75 (24,521.25) 91282CFY2 US TREASURY 3.875 11/30/29 2,000,000.00 1,982,812.50 (17,187.50) 1,982,998.76 310.43 1,983,309.19 496.69 (16,690.81) 91282CJW2 US TREASURY 4.000 01/31/29 1,200,000.00 1,192,921.88 (7,078.12) 1,193,892.67 136.73 1,194,029.40 1,107.52 (5,970.60) 91282CGQ8 US TREASURY 4.000 02/28/30 2,000,000.00 1,992,578.13 (7,421.87) 1,992,654.43 127.16 1,992,781.59 203.46 (7,218.42) 91282CMU2 US TREASURY 4.000 03/31/30 2,000,000.00 1,991,250.00 (8,750.00) 1,991,338.38 147.31 1,991,485.69 235.69 (8,514.31) 91282CLC3 US TREASURY 4.000 07/31/29 1,500,000.00 1,490,449.22 (9,550.78) 1,491,622.41 165.24 1,491,787.64 1,338.42 (8,212.36) 91282CFU0 US TREASURY 4.125 10/31/27 2,000,000.00 1,992,109.38 (7,890.62) 1,995,928.76 138.48 1,996,067.24 3,957.86 (3,932.76) 91282CLR0 US TREASURY 4.125 10/31/29 1,600,000.00 1,590,125.00 (9,875.00) 1,591,243.33 162.86 1,591,406.20 1,281.20 (8,593.80) 91282CHX2 US TREASURY 4.375 08/31/28 2,000,000.00 1,989,687.50 (10,312.50) 1,992,152.67 198.33 1,992,351.00 2,663.50 (7,649.00)

5.2.b
Packet Pg. 37
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
15 Amortization Schedule

CUSIP DESCRIPTION PAR VALUE

PRINCIPAL
COST

ORIGINAL

PREMIUM OR

DISCOUNT

BEGINNING

BOOK VALUE

CURRENT

PERIOD AMORT

ENDING BOOK
VALUE
TOTAL

AMORTIZATION

UNAMORTIZED

BALANCE
91282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,046,093.76 46,093.76 2,033,098.67 (815.91) 2,032,282.76 (13,811.00) 32,282.76 91282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,015,937.50 15,937.50 2,011,878.52 (292.81) 2,011,585.71 (4,351.79) 11,585.71 931142FN8 WALMART 4.350 04/28/30 '30 1,500,000.00 1,501,425.00 1,425.00 1,501,410.58 (24.03) 1,501,386.55 (38.45) 1,386.55 949764HK3 WELLS FARGO BANK 5.050 11/07/28 248,000.00 247,451.92 (548.08) 247,623.26 9.01 247,632.27 180.35 (367.73) TOTAL 79,930,000.00 78,977,229.35 (952,770.65) 79,366,530.93 38,995.34 79,405,526.27 428,296.92 (524,473.73) GRAND TOTAL 79,930,000.00 78,977,229.35 (952,770.65) 79,366,530.93 38,995.34 79,405,526.27 428,296.92 (524,473.73)

5.2.b
Packet Pg. 38
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
16 Accrued Interest Schedule

IDENTIFIER DESCRIPTION SETTLE DATE PAR VALUE

PRINCIPAL
COST

BEGINNING

ACCRUED

INTEREST

PURCHASED

INTEREST

CURRENT
PERIOD

ACCRUAL

INTEREST

RECEIVED
ENDING

ACCRUED

INTEREST

CITY OF SAN RAMON, CA
02007GM42 ALLY BANK 5.050 03/23/26 2023-03-23 248,000.00 247,752.00 2,401.86 0.00 1,029.37 0.00 3,431.23 02589AEN8 AM EX BK 5.000 03/23/26 2023-03-22 248,000.00 247,752.00 2,378.08 0.00 1,019.18 0.00 3,397.26 037833EZ9 APPLE 4.200 05/12/30 '30 2025-05-14 1,500,000.00 1,488,735.00 3,325.00 0.00 5,250.00 0.00 8,575.00 062119BK7 BANK FIVE 4.650 03/20/28 2023-03-20 248,000.00 248,000.00 379.13 0.00 947.84 979.43 347.54 09659BX21 BNP PARIBAS NY 10/02/25 2025-04-03 1,250,000.00 1,223,142.36 0.00 0.00 0.00 0.00 0.00 06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 2023-12-08 1,000,000.00 939,580.00 3,608.89 0.00 2,706.67 0.00 6,315.56 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 2023-11-06 248,000.00 247,628.00 1,004.91 0.00 1,039.56 1,074.21 970.26 2546732U9 CAPITL ONE NA 5.000 03/21/28 2023-03-22 248,000.00 247,456.88 2,412.05 0.00 1,019.18 0.00 3,431.23 12547CAX6 CIBC BANK 4.450 04/13/28 2023-04-14 248,000.00 247,380.00 1,451.31 0.00 907.07 0.00 2,358.38 21687AVR1 COOPERATIEVE UA 08/25/25 2025-03-26 1,250,000.00 1,227,411.11 0.00 0.00 0.00 0.00 0.00 22533TZS8 CREDIT AGRI NY 12/26/25 2025-04-02 1,250,000.00 1,211,568.06 0.00 0.00 0.00 0.00 0.00 23204HQA9 CUSTOMERS BANK 4.050 08/13/27 2024-08-14 248,000.00 247,628.00 2,944.41 0.00 825.53 0.00 3,769.94 CALAIF California LAIF 2025-06-30 671,740.40 671,740.40 0.00 0.00 0.00 0.00 0.00 3135G06G3 FANNIE MAE 0.500 11/07/25 2021-01-20 2,000,000.00 2,000,620.00 666.67 0.00 833.33 0.00 1,500.00 3133EN7A2 FED FARM CR BNKS 3.625 10/26/26 2023-02-07 2,000,000.00 1,972,388.00 7,048.61 0.00 6,041.67 0.00 13,090.28 3133EPC45 FED FARM CR BNKS 4.625 11/13/28 2023-11-28 2,000,000.00 2,009,460.00 4,625.00 0.00 7,708.33 0.00 12,333.33 3133ERDH1 FED FARM CR BNKS 4.750 04/30/29 2024-05-17 2,000,000.00 2,030,572.00 8,180.56 0.00 7,916.67 0.00 16,097.22 3130AL7M0 FHLBANKS 0.625 02/24/26 '25 2021-02-24 2,000,000.00 2,000,000.00 3,368.06 0.00 1,041.67 0.00 4,409.72 3130AQW66 FHLBANKS 2.080 02/25/27 '25 2022-02-25 1,000,000.00 1,000,000.00 5,546.67 0.00 1,733.33 0.00 7,280.00 3130AUSN5 FHLBANKS 3.500 10/01/27 2023-02-07 2,000,000.00 1,967,600.00 11,666.67 0.00 5,833.33 0.00 17,500.00 3130A07B0 FHLBANKS 4.000 09/01/28 2023-10-31 1,265,000.00 1,214,564.45 12,650.00 0.00 4,216.67 0.00 16,866.67 3130AXU63 FHLBANKS 4.625 11/17/26 2023-11-17 1,000,000.00 998,230.00 1,798.61 0.00 3,854.17 0.00 5,652.78 316175108 FIDELITY IMM:GOVT;I 2025-06-30 4,332,062.27 4,332,062.27 28,293.56 0.00 14,812.78 28,293.56 14,812.78 32114VCH8 FIRST BK MCH 4.600 03/15/28 2023-03-15 248,000.00 248,000.00 531.33 0.00 937.65 968.90 500.08 3137EAEX3 FREDDIE MAC 0.375 09/23/25 MTN 2020-10-06 2,000,000.00 1,991,000.00 1,416.67 0.00 625.00 0.00 2,041.67 459058JL8 IBRD 0.500 10/28/25 MTN 2021-02-04 2,035,000.00 2,033,473.75 932.71 0.00 847.92 0.00 1,780.63 459058LN1 IBRD 3.875 10/16/29 MTN 2024-11-15 1,500,000.00 1,469,736.00 7,265.63 0.00 4,843.75 0.00 12,109.38 45818WFN1 IDB 4.850 07/19/27 MTN 2024-05-24 2,000,000.00 2,008,860.00 35,566.67 0.00 8,083.33 0.00 43,650.00

5.2.b
Packet Pg. 39
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
17 Accrued Interest Schedule

IDENTIFIER DESCRIPTION SETTLE DATE PAR VALUE

PRINCIPAL
COST

BEGINNING

ACCRUED

INTEREST

PURCHASED

INTEREST

CURRENT
PERIOD

ACCRUAL

INTEREST

RECEIVED
ENDING

ACCRUED

INTEREST
53948BB99 LLOYDS BK NY BR 02/09/26 2025-05-20 1,500,000.00 1,452,741.67 0.00 0.00 0.00 0.00 0.00 592179KF1 METLIFE GBL FDG 5.050 01/06/28 2023-12-08 1,158,000.00 1,156,135.62 23,554.04 0.00 4,873.25 0.00 28,427.29 61768EE82 MORGAN PVT BNK 5.050 11/08/28 2023-11-08 248,000.00 247,456.88 823.50 0.00 1,029.37 0.00 1,852.87 62479MBD4 MUFG BANK NY 02/13/26 2025-05-21 1,200,000.00 1,161,676.00 0.00 0.00 0.00 0.00 0.00 637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 2021-01-07 1,000,000.00 1,004,130.00 3,625.00 0.00 625.00 3,750.00 500.00 795451AK9 SALLIE MAE BNK 1.100 08/11/26 2021-08-11 248,000.00 248,000.00 822.14 0.00 224.22 0.00 1,046.36 857477AW3 STATE STREET 2.650 05/19/26 2025-05-20 1,500,000.00 1,476,600.00 1,325.00 0.00 3,312.50 0.00 4,637.50 857894Q77 STEARNS BANK 4.050 08/14/28 2024-08-13 248,000.00 247,752.00 2,971.92 0.00 825.53 0.00 3,797.46 89236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27
MTN 2024-06-11 1,000,000.00 986,000.00 8,973.61 0.00 3,791.67 0.00 12,765.28 90355GHQ2 UBS USA 5.000 11/08/28 2023-11-08 248,000.00 247,451.92 815.34 0.00 1,019.18 1,053.15 781.37 910286GB3 UNITED FIDELITY 5.000 03/30/26 2023-03-30 248,000.00 248,000.00 67.95 0.00 1,019.18 1,053.15 33.97 91282CAT8 US TREASURY 0.250 10/31/25 2021-04-06 2,000,000.00 1,946,875.00 434.78 0.00 407.61 0.00 842.39 91282CCW9 US TREASURY 0.750 08/31/26 2021-08-31 1,000,000.00 997,798.42 1,895.38 0.00 611.41 0.00 2,506.79 91282CCZ2 US TREASURY 0.875 09/30/26 2021-10-13 1,000,000.00 990,351.56 1,482.24 0.00 717.21 0.00 2,199.45 91282CDG3 US TREASURY 1.125 10/31/26 2022-02-07 2,000,000.00 1,941,093.76 1,956.52 0.00 1,834.24 0.00 3,790.76 912828R36 US TREASURY 1.625 05/15/26 2022-06-07 2,000,000.00 1,897,500.00 1,501.36 0.00 2,649.46 0.00 4,150.82 912828U24 US TREASURY 2.000 11/15/26 2022-03-14 2,000,000.00 2,003,593.76 1,847.83 0.00 3,260.87 0.00 5,108.70 912828M56 US TREASURY 2.250 11/15/25 2022-02-07 2,000,000.00 2,041,015.62 2,078.80 0.00 3,668.48 0.00 5,747.28 9128283F5 US TREASURY 2.250 11/15/27 2023-07-07 2,000,000.00 1,823,750.00 2,078.80 0.00 3,668.48 0.00 5,747.28 912828X88 US TREASURY 2.375 05/15/27 2023-02-07 2,000,000.00 1,882,421.88 2,194.29 0.00 3,872.28 0.00 6,066.58 91282CFJ5 US TREASURY 3.125 08/31/29 2024-09-30 1,500,000.00 1,471,230.47 11,846.13 0.00 3,821.33 0.00 15,667.46 91282CJR3 US TREASURY 3.750 12/31/28 2024-10-30 1,150,000.00 1,132,525.39 18,107.73 0.00 3,571.95 21,562.50 117.19 91282CFL0 US TREASURY 3.875 09/30/29 2024-11-07 1,600,000.00 1,571,750.00 10,502.73 0.00 5,081.97 0.00 15,584.70 91282CFY2 US TREASURY 3.875 11/30/29 2025-05-14 2,000,000.00 1,982,812.50 38,961.75 0.00 6,352.46 38,750.00 6,564.21 91282CJW2 US TREASURY 4.000 01/31/29 2024-10-30 1,200,000.00 1,192,921.88 16,044.20 0.00 3,977.90 0.00 20,022.10 91282CGQ8 US TREASURY 4.000 02/28/30 2025-05-14 2,000,000.00 1,992,578.13 20,217.39 0.00 6,521.74 0.00 26,739.13 91282CMU2 US TREASURY 4.000 03/31/30 2025-05-14 2,000,000.00 1,991,250.00 13,551.91 0.00 6,557.38 0.00 20,109.29 91282CLC3 US TREASURY 4.000 07/31/29 2024-10-30 1,500,000.00 1,490,449.22 20,055.25 0.00 4,972.38 0.00 25,027.62 91282CFU0 US TREASURY 4.125 10/31/27 2023-02-23 2,000,000.00 1,992,109.38 7,173.91 0.00 6,725.54 0.00 13,899.46

5.2.b
Packet Pg. 40
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
18 Accrued Interest Schedule

IDENTIFIER DESCRIPTION SETTLE DATE PAR VALUE

PRINCIPAL
COST

BEGINNING

ACCRUED

INTEREST

PURCHASED

INTEREST

CURRENT
PERIOD

ACCRUAL

INTEREST

RECEIVED
ENDING

ACCRUED

INTEREST
91282CLR0 US TREASURY 4.125 10/31/29 2024-11-07 1,600,000.00 1,590,125.00 5,739.13 0.00 5,380.43 0.00 11,119.57 91282CHX2 US TREASURY 4.375 08/31/28 2024-05-23 2,000,000.00 1,989,687.50 22,112.77 0.00 7,133.15 0.00 29,245.92 91282CJA0 US TREASURY 4.625 09/30/28 2024-02-08 2,000,000.00 2,046,093.76 15,669.40 0.00 7,581.97 0.00 23,251.37 91282CJA0 US TREASURY 4.625 09/30/28 2024-04-10 2,000,000.00 2,015,937.50 15,669.40 0.00 7,581.97 0.00 23,251.37 931142FN8 WALMART 4.350 04/28/30 '30 2025-05-14 1,500,000.00 1,501,425.00 5,981.25 0.00 5,437.50 0.00 11,418.75 949764HK3 WELLS FARGO BANK 5.050 11/07/28 2023-11-07 248,000.00 247,451.92 857.81 0.00 1,029.37 1,063.68 823.50 TOTAL 84,933,802.67 83,981,032.02 430,402.31 0.00 203,210.95 98,548.58 535,064.68 GRAND TOTAL 84,933,802.67 83,981,032.02 430,402.31 0.00 203,210.95 98,548.58 535,064.68

5.2.b
Packet Pg. 41
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
19 Earnings by Fund

CUSIP DESCRIPTION

ENDING PAR
VALUE

BEGINNING

BOOK VALUE

ENDING BOOK
VALUE
FINAL

MATURITY
COUPON

RATE YIELD

INTEREST
EARNED
NET

AMORTIZATION/

ACCRETION
INCOME

NET REALIZED

GAIN/LOSS

ADJUSTED

INTEREST

EARNINGS

CITY OF SAN RAMON,
CA
02007GM42 ALLY BANK 5.050 03/23/26 248,000.00 247,933.12 247,939.92 03/23/2026 5.05 5.09 1,029.37 6.80 0.00 1,036.17 02589AEN8 AM EX BK 5.000 03/23/26 248,000.00 247,933.18 247,939.98 03/23/2026 5.00 5.04 1,019.18 6.80 0.00 1,025.97 037833EZ9 APPLE 4.200 05/12/30 '30 1,500,000.00 1,488,846.17 1,489,031.45 05/12/2030 4.20 4.37 5,250.00 185.28 0.00 5,435.28 06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 1,000,000.00 962,666.34 963,950.76 10/21/2027 3.25 4.98 2,706.67 1,284.41 0.00 3,991.08 062119BK7 BANK FIVE 4.650 03/20/28 248,000.00 248,000.00 248,000.00 03/20/2028 4.65 4.65 947.84 0.00 0.00 947.84 09659BX21 BNP PARIBAS NY 10/02/25 1,250,000.00 1,231,848.96 1,236,276.04 10/02/2025 0.00 4.34 0.00 4,427.08 0.00 4,427.08 108622PJ4 BRIDGEWATER BANK 5.100
11/03/26 248,000.00 247,822.78 247,833.01 11/03/2026 5.10 5.15 1,039.56 10.22 0.00 1,049.78 12547CAX6 CIBC BANK 4.450 04/13/28 248,000.00 247,644.22 247,654.41 04/13/2028 4.45 4.51 907.07 10.19 0.00 917.26 21687AVR1 COOPERATIEVE UA 08/25/25 1,250,000.00 1,237,368.05 1,241,826.39 08/25/2025 0.00 4.36 0.00 4,458.33 0.00 4,458.33 22533TZS8 CREDIT AGRI NY 12/26/25 1,250,000.00 1,220,172.23 1,224,474.31 12/26/2025 0.00 4.26 0.00 4,302.08 0.00 4,302.08 23204HQA9 CUSTOMERS BANK 4.050
08/13/27 248,000.00 247,726.68 247,736.89 08/13/2027 4.05 4.10 825.53 10.21 0.00 835.75 2546732U9 CAPITL ONE NA 5.000 03/21/28 248,000.00 247,695.18 247,704.11 03/21/2028 5.00 5.05 1,019.18 8.93 0.00 1,028.11 3130A07B0 FHLBANKS 4.000 09/01/28 1,265,000.00 1,231,051.54 1,231,908.83 09/01/2028 4.00 4.94 4,216.67 857.28 0.00 5,073.95 3130AL7M0 FHLBANKS 0.625 02/24/26 '25 2,000,000.00 2,000,000.00 2,000,000.00 02/24/2026 0.63 0.63 1,041.67 0.00 0.00 1,041.67 3130AQW66 FHLBANKS 2.080 02/25/27 '25 1,000,000.00 1,000,000.00 1,000,000.00 02/25/2027 2.08 2.08 1,733.33 0.00 0.00 1,733.33 3130AUSN5 FHLBANKS 3.500 10/01/27 2,000,000.00 1,983,726.66 1,984,299.66 10/01/2027 3.50 3.89 5,833.33 573.01 0.00 6,406.34 3130AXU63 FHLBANKS 4.625 11/17/26 1,000,000.00 999,136.57 999,185.07 11/17/2026 4.63 4.69 3,854.17 48.51 0.00 3,902.67 3133EN7A2 FED FARM CR BNKS 3.625
10/26/26 2,000,000.00 1,989,573.11 1,990,184.06 10/26/2026 3.63 4.03 6,041.67 610.95 0.00 6,652.62 3133EPC45 FED FARM CR BNKS 4.625
11/13/28 2,000,000.00 2,006,587.67 2,006,430.94 11/13/2028 4.63 4.52 7,708.33 (156.72) 0.00 7,551.61 3133ERDH1 FED FARM CR BNKS 4.750
04/30/29 2,000,000.00 2,024,173.69 2,023,666.20 04/30/2029 4.75 4.40 7,916.67 (507.50) 0.00 7,409.17 3135G06G3 FANNIE MAE 0.500 11/07/25 2,000,000.00 2,000,056.31 2,000,045.69 11/07/2025 0.50 0.49 833.33 (10.63) 0.00 822.71 3137EAEX3 FREDDIE MAC 0.375 09/23/25
MTN 2,000,000.00 1,999,432.90 1,999,582.14 09/23/2025 0.38 0.47 625.00 149.24 0.00 774.24 316175108 FIDELITY IMM:GOVT;I 4,332,062.27 4,233,466.69 4,332,062.27 06/30/2025 4.24 4.24 14,812.78 0.00 0.00 14,812.78 32114VCH8 FIRST BK MCH 4.600 03/15/28 248,000.00 248,000.00 248,000.00 03/15/2028 4.60 4.60 937.65 0.00 0.00 937.65 45818WFN1 IDB 4.850 07/19/27 MTN 2,000,000.00 2,005,999.58 2,005,768.24 07/19/2027 4.85 4.70 8,083.33 (231.35) 0.00 7,851.99 459058JL8 IBRD 0.500 10/28/25 MTN 2,035,000.00 2,034,868.02 2,034,894.59 10/28/2025 0.50 0.52 847.92 26.57 0.00 874.49

5.2.b
Packet Pg. 42
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
20 Earnings by Fund

CUSIP DESCRIPTION

ENDING PAR
VALUE

BEGINNING

BOOK VALUE

ENDING BOOK
VALUE
FINAL

MATURITY
COUPON

RATE YIELD

INTEREST
EARNED
NET

AMORTIZATION/

ACCRETION
INCOME

NET REALIZED

GAIN/LOSS

ADJUSTED

INTEREST

EARNINGS
459058LN1 IBRD 3.875 10/16/29 MTN 1,500,000.00 1,473,072.45 1,473,577.98 10/16/2029 3.88 4.33 4,843.75 505.52 0.00 5,349.27 53948BB99 LLOYDS BK NY BR 02/09/26 1,500,000.00 1,454,881.67 1,460,231.67 02/09/2026 0.00 4.42 0.00 5,350.00 0.00 5,350.00 592179KF1 METLIFE GBL FDG 5.050
01/06/28 1,158,000.00 1,156,811.36 1,156,848.94 01/06/2028 5.05 5.09 4,873.25 37.58 0.00 4,910.83 61768EE82 MORGAN PVT BNK 5.050
11/08/28 248,000.00 247,626.37 247,635.29 11/08/2028 5.05 5.05 1,029.37 8.92 0.00 1,038.29 62479MBD4 MUFG BANK NY 02/13/26 1,200,000.00 1,163,249.00 1,167,539.00 02/13/2026 0.00 4.43 0.00 4,290.00 0.00 4,290.00 637639AE5 NATL SECUR CLEAR 0.750
12/07/25 '25 1,000,000.00 1,000,396.00 1,000,321.28 12/07/2025 0.75 0.66 625.00 (74.72) 0.00 550.28 795451AK9 SALLIE MAE BNK 1.100 08/11/26 248,000.00 248,000.00 248,000.00 08/11/2026 1.10 1.10 224.22 0.00 0.00 224.22 857477AW3 STATE STREET 2.650 05/19/26 1,500,000.00 1,477,371.43 1,479,300.00 05/19/2026 2.65 4.26 3,312.50 1,928.57 0.00 5,241.07 857894Q77 STEARNS BANK 4.050 08/14/28 248,000.00 247,801.39 247,806.48 08/14/2028 4.05 4.08 825.53 5.09 0.00 830.63 89236TKJ3 TOYOTA MOTOR CRD 4.550
09/20/27 MTN 1,000,000.00 990,146.35 990,497.84 09/20/2027 4.55 5.02 3,791.67 351.50 0.00 4,143.16 90355GHQ2 UBS USA 5.000 11/08/28 248,000.00 247,622.96 247,631.97 11/08/2028 5.00 5.05 1,019.18 9.01 0.00 1,028.18 910286GB3 UNITED FIDELITY 5.000
03/30/26 248,000.00 248,000.00 248,000.00 03/30/2026 5.00 5.00 1,019.18 0.00 0.00 1,019.18 9128283F5 US TREASURY 2.250 11/15/27 2,000,000.00 1,900,603.76 1,903,928.05 11/15/2027 2.25 4.50 3,668.48 3,324.29 0.00 6,992.77 912828M56 US TREASURY 2.250 11/15/25 2,000,000.00 2,004,987.42 2,004,091.48 11/15/2025 2.25 1.69 3,668.48 (895.94) 0.00 2,772.53 912828R36 US TREASURY 1.625 05/15/26 2,000,000.00 1,975,150.42 1,977,292.63 05/15/2026 1.63 3.02 2,649.46 2,142.21 0.00 4,791.66 912828U24 US TREASURY 2.000 11/15/26 2,000,000.00 2,001,121.53 2,001,058.28 11/15/2026 2.00 1.96 3,260.87 (63.24) 0.00 3,197.63 912828X88 US TREASURY 2.375 05/15/27 2,000,000.00 1,946,133.61 1,948,400.08 05/15/2027 2.38 3.88 3,872.28 2,266.47 0.00 6,138.75 91282CAT8 US TREASURY 0.250 10/31/25 2,000,000.00 1,995,148.48 1,996,106.02 10/31/2025 0.25 0.84 407.61 957.54 0.00 1,365.15 91282CCW9 US TREASURY 0.750 08/31/26 1,000,000.00 999,449.39 999,485.61 08/31/2026 0.75 0.80 611.41 36.22 0.00 647.64 91282CCZ2 US TREASURY 0.875 09/30/26 1,000,000.00 997,409.90 997,569.78 09/30/2026 0.88 1.08 717.21 159.88 0.00 877.10 91282CDG3 US TREASURY 1.125 10/31/26 2,000,000.00 1,982,341.46 1,983,366.13 10/31/2026 1.13 1.78 1,834.24 1,024.67 0.00 2,858.91 91282CFJ5 US TREASURY 3.125 08/31/29 1,500,000.00 1,475,124.93 1,475,605.77 08/31/2029 3.13 3.55 3,821.33 480.83 0.00 4,302.16 91282CFL0 US TREASURY 3.875 09/30/29 1,600,000.00 1,575,004.75 1,575,478.75 09/30/2029 3.88 4.28 5,081.97 473.99 0.00 5,555.96 91282CFU0 US TREASURY 4.125 10/31/27 2,000,000.00 1,995,928.76 1,996,067.24 10/31/2027 4.13 4.22 6,725.54 138.48 0.00 6,864.02 91282CFY2 US TREASURY 3.875 11/30/29 2,000,000.00 1,982,998.76 1,983,309.19 11/30/2029 3.88 4.08 6,352.46 310.43 0.00 6,662.89 91282CGQ8 US TREASURY 4.000 02/28/30 2,000,000.00 1,992,654.43 1,992,781.59 02/28/2030 4.00 4.08 6,521.74 127.16 0.00 6,648.90 91282CHX2 US TREASURY 4.375 08/31/28 2,000,000.00 1,992,152.67 1,992,351.00 08/31/2028 4.38 4.51 7,133.15 198.33 0.00 7,331.48

5.2.b
Packet Pg. 43
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
21 Earnings by Fund

CUSIP DESCRIPTION

ENDING PAR
VALUE

BEGINNING

BOOK VALUE

ENDING BOOK
VALUE
FINAL

MATURITY
COUPON

RATE YIELD

INTEREST
EARNED
NET

AMORTIZATION/

ACCRETION
INCOME

NET REALIZED

GAIN/LOSS

ADJUSTED

INTEREST

EARNINGS
91282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,033,098.67 2,032,282.76 09/30/2028 4.63 4.07 7,581.97 (815.91) 0.00 6,766.06 91282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,011,878.52 2,011,585.71 09/30/2028 4.63 4.43 7,581.97 (292.81) 0.00 7,289.15 91282CJR3 US TREASURY 3.750 12/31/28 1,150,000.00 1,134,970.91 1,135,315.35 12/31/2028 3.75 4.15 3,571.95 344.44 0.00 3,916.39 91282CJW2 US TREASURY 4.000 01/31/29 1,200,000.00 1,193,892.67 1,194,029.40 01/31/2029 4.00 4.15 3,977.90 136.73 0.00 4,114.63 91282CLC3 US TREASURY 4.000 07/31/29 1,500,000.00 1,491,622.41 1,491,787.64 07/31/2029 4.00 4.15 4,972.38 165.24 0.00 5,137.61 91282CLR0 US TREASURY 4.125 10/31/29 1,600,000.00 1,591,243.33 1,591,406.20 10/31/2029 4.13 4.26 5,380.43 162.86 0.00 5,543.30 91282CMU2 US TREASURY 4.000 03/31/30 2,000,000.00 1,991,338.38 1,991,485.69 03/31/2030 4.00 4.10 6,557.38 147.31 0.00 6,704.68 931142FN8 WALMART 4.350 04/28/30 '30 1,500,000.00 1,501,410.58 1,501,386.55 04/28/2030 4.35 4.33 5,437.50 (24.03) 0.00 5,413.47 949764HK3 WELLS FARGO BANK 5.050
11/07/28 248,000.00 247,623.26 247,632.27 11/07/2028 5.05 5.10 1,029.37 9.01 0.00 1,038.37 CALAIF California LAIF 671,740.40 671,740.40 671,740.40 06/30/2025 0.00 4.27 0.00 0.00 0.00 0.00 TOTAL 84,933,802.67 84,271,738.02 84,409,328.94 2.94 3.54 203,210.95 38,995.34 0.00 242,206.29 GRAND TOTAL 84,933,802.67 84,271,738.02 84,409,328.94 2.94 3.54 203,210.95 38,995.34 0.00 242,206.29

5.2.b
Packet Pg. 44
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
22 Transaction Statement

NO ACTIVITY

DURING CURRENT
PERIOD

5.2.b
Packet Pg. 45
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
23 Income/Dividend Received

IDENTIFIER DESCRIPTION PAYMENT DATE POST DATE

INTEREST/DIVIDENDS

RECEIVED

US BANK
316175108 FIDELITY IMM:GOVT;I 05/30/2025 06/02/2025 28,293.56 91282CFY2 US TREASURY 3.875 11/30/29 05/31/2025 06/02/2025 38,750.00 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 06/03/2025 06/03/2025 1,074.21 90355GHQ2 UBS USA 5.000 11/08/28 06/08/2025 06/09/2025 1,053.15 949764HK3 WELLS FARGO BANK 5.050 11/07/28 06/07/2025 06/09/2025 1,063.68 637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 06/07/2025 06/09/2025 3,750.00 32114VCH8 FIRST BK MCH 4.600 03/15/28 06/15/2025 06/16/2025 968.90 062119BK7 BANK FIVE 4.650 03/20/28 06/20/2025 06/20/2025 979.43 910286GB3 UNITED FIDELITY 5.000 03/30/26 06/30/2025 06/30/2025 1,053.15 91282CJR3 US TREASURY 3.750 12/31/28 06/30/2025 06/30/2025 21,562.50 US BANK - TOTAL 98,548.58
TOTAL 98,548.58

5.2.b
Packet Pg. 46
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
24 Contribution/Withdrawals and Expenses

POST DATE PAR VALUE TOTAL

CITY OF SAN RAMON, CA

CONTRIBUTION
06/09/2025 47.00 47.00
CONTRIBUTION TOTAL 47.00 47.00

5.2.b
Packet Pg. 47
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
25 CUSIP DESCRIPTION POST DATE AMOUNT
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 07/03/2025 1,039.56 592179KF1 METLIFE GBL FDG 5.050 01/06/28 07/07/2025 29,239.50 949764HK3 WELLS FARGO BANK 5.050 11/07/28 07/07/2025 1,029.37 90355GHQ2 UBS USA 5.000 11/08/28 07/08/2025 1,019.18
32114VCH8 FIRST BK MCH 4.600 03/15/28 07/15/2025 937.64 062119BK7 BANK FIVE 4.650 03/20/28 07/21/2025 947.84
45818WFN1 IDB 4.850 07/19/27 MTN 07/21/2025 48,500.00
910286GB3 UNITED FIDELITY 5.000 03/30/26 07/30/2025 1,019.18 91282CLC3 US TREASURY 4.000 07/31/29 07/31/2025 30,000.00 91282CJW2 US TREASURY 4.000 01/31/29 07/31/2025 24,000.00 JUL 2025 TOTAL 137,732.27
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 08/04/2025 1,074.21 949764HK3 WELLS FARGO BANK 5.050 11/07/28 08/07/2025 1,063.68 90355GHQ2 UBS USA 5.000 11/08/28 08/08/2025 1,053.15
795451AK9 SALLIE MAE BNK 1.100 08/11/26 08/11/2025 1,352.79 857894Q77 STEARNS BANK 4.050 08/14/28 08/13/2025 4,980.72 23204HQA9 CUSTOMERS BANK 4.050 08/13/27 08/14/2025 4,980.72 32114VCH8 FIRST BK MCH 4.600 03/15/28 08/15/2025 968.90 062119BK7 BANK FIVE 4.650 03/20/28 08/20/2025 979.43
3130AL7M0 FHLBANKS 0.625 02/24/26 '25 08/25/2025 6,250.00 3130AQW66 FHLBANKS 2.080 02/25/27 '25 08/25/2025 10,400.00 21687AVR1 COOPERATIEVE UA 08/25/25 08/25/2025 8,173.61
AUG 2025 TOTAL 41,277.22
3130A07B0 FHLBANKS 4.000 09/01/28 09/02/2025 25,300.00
91282CHX2 US TREASURY 4.375 08/31/28 09/02/2025 43,750.00 91282CGQ8 US TREASURY 4.000 02/28/30 09/02/2025 40,000.00 91282CFJ5 US TREASURY 3.125 08/31/29 09/02/2025 23,437.50 910286GB3 UNITED FIDELITY 5.000 03/30/26 09/02/2025 1,053.15 Projected Cash Flows
For the Period July 01, 2025 to June 30, 2026

5.2.b
Packet Pg. 48
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
26 CUSIP DESCRIPTION POST DATE AMOUNT
91282CCW9 US TREASURY 0.750 08/31/26 09/02/2025 3,750.00 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 09/03/2025 1,074.21 949764HK3 WELLS FARGO BANK 5.050 11/07/28 09/08/2025 1,063.68 90355GHQ2 UBS USA 5.000 11/08/28 09/08/2025 1,053.15
32114VCH8 FIRST BK MCH 4.600 03/15/28 09/15/2025 968.90 062119BK7 BANK FIVE 4.650 03/20/28 09/22/2025 979.43
2546732U9 CAPITL ONE NA 5.000 03/21/28 09/22/2025 6,250.96 89236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 09/22/2025 22,750.00 02589AEN8 AM EX BK 5.000 03/23/26 09/23/2025 6,250.96
3137EAEX3 FREDDIE MAC 0.375 09/23/25 MTN 09/23/2025 3,750.00 02007GM42 ALLY BANK 5.050 03/23/26 09/23/2025 6,313.47
3137EAEX3 FREDDIE MAC 0.375 09/23/25 MTN 09/23/2025 417.86 910286GB3 UNITED FIDELITY 5.000 03/30/26 09/30/2025 1,053.15 91282CMU2 US TREASURY 4.000 03/31/30 09/30/2025 40,000.00 91282CJA0 US TREASURY 4.625 09/30/28 09/30/2025 92,500.00 91282CFL0 US TREASURY 3.875 09/30/29 09/30/2025 31,000.00 91282CCZ2 US TREASURY 0.875 09/30/26 09/30/2025 4,375.00 SEP 2025 TOTAL 357,091.43
3130AUSN5 FHLBANKS 3.500 10/01/27 10/01/2025 35,000.00
09659BX21 BNP PARIBAS NY 10/02/25 10/02/2025 13,723.96
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 10/03/2025 1,039.56 949764HK3 WELLS FARGO BANK 5.050 11/07/28 10/07/2025 1,029.37 90355GHQ2 UBS USA 5.000 11/08/28 10/08/2025 1,019.18
12547CAX6 CIBC BANK 4.450 04/13/28 10/14/2025 5,533.12
32114VCH8 FIRST BK MCH 4.600 03/15/28 10/15/2025 937.64 459058LN1 IBRD 3.875 10/16/29 MTN 10/16/2025 29,062.50
062119BK7 BANK FIVE 4.650 03/20/28 10/20/2025 947.84
06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 10/21/2025 16,240.00 Projected Cash Flows
For the Period July 01, 2025 to June 30, 2026

5.2.b
Packet Pg. 49
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
27 CUSIP DESCRIPTION POST DATE AMOUNT
3133EN7A2 FED FARM CR BNKS 3.625 10/26/26 10/27/2025 36,250.00 459058JL8 IBRD 0.500 10/28/25 MTN 10/28/2025 105.41
459058JL8 IBRD 0.500 10/28/25 MTN 10/28/2025 5,087.50
931142FN8 WALMART 4.350 04/28/30 '30 10/28/2025 32,625.00 3133ERDH1 FED FARM CR BNKS 4.750 04/30/29 10/30/2025 47,500.00 910286GB3 UNITED FIDELITY 5.000 03/30/26 10/30/2025 1,019.18 91282CAT8 US TREASURY 0.250 10/31/25 10/31/2025 3,893.98 91282CFU0 US TREASURY 4.125 10/31/27 10/31/2025 41,250.00 91282CDG3 US TREASURY 1.125 10/31/26 10/31/2025 11,250.00 91282CAT8 US TREASURY 0.250 10/31/25 10/31/2025 2,500.00 91282CLR0 US TREASURY 4.125 10/31/29 10/31/2025 33,000.00 OCT 2025 TOTAL 319,014.23
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 11/03/2025 1,074.21 3135G06G3 FANNIE MAE 0.500 11/07/25 11/07/2025 (45.69)
949764HK3 WELLS FARGO BANK 5.050 11/07/28 11/07/2025 1,063.68 3135G06G3 FANNIE MAE 0.500 11/07/25 11/07/2025 5,000.00 61768EE82 MORGAN PVT BNK 5.050 11/08/28 11/10/2025 6,313.47 90355GHQ2 UBS USA 5.000 11/08/28 11/10/2025 1,053.15
037833EZ9 APPLE 4.200 05/12/30 '30 11/12/2025 31,500.00 3133EPC45 FED FARM CR BNKS 4.625 11/13/28 11/13/2025 46,250.00 912828M56 US TREASURY 2.250 11/15/25 11/15/2025 (4,091.48) 912828X88 US TREASURY 2.375 05/15/27 11/17/2025 23,750.00 9128283F5 US TREASURY 2.250 11/15/27 11/17/2025 22,500.00 912828R36 US TREASURY 1.625 05/15/26 11/17/2025 16,250.00 912828U24 US TREASURY 2.000 11/15/26 11/17/2025 20,000.00 912828M56 US TREASURY 2.250 11/15/25 11/17/2025 22,500.00 32114VCH8 FIRST BK MCH 4.600 03/15/28 11/17/2025 968.90 3130AXU63 FHLBANKS 4.625 11/17/26 11/17/2025 23,125.00
Projected Cash Flows
For the Period July 01, 2025 to June 30, 2026

5.2.b
Packet Pg. 50
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
28 CUSIP DESCRIPTION POST DATE AMOUNT
857477AW3 STATE STREET 2.650 05/19/26 11/19/2025 19,875.00 062119BK7 BANK FIVE 4.650 03/20/28 11/20/2025 979.43
NOV 2025 TOTAL 238,065.68
91282CFY2 US TREASURY 3.875 11/30/29 12/01/2025 38,750.00 910286GB3 UNITED FIDELITY 5.000 03/30/26 12/01/2025 1,053.15 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 12/03/2025 1,039.56 637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 12/07/2025 (321.28) 90355GHQ2 UBS USA 5.000 11/08/28 12/08/2025 1,019.18
949764HK3 WELLS FARGO BANK 5.050 11/07/28 12/08/2025 1,029.37 637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 12/08/2025 3,750.00 32114VCH8 FIRST BK MCH 4.600 03/15/28 12/15/2025 937.64 062119BK7 BANK FIVE 4.650 03/20/28 12/22/2025 947.84
22533TZS8 CREDIT AGRI NY 12/26/25 12/26/2025 25,525.69
910286GB3 UNITED FIDELITY 5.000 03/30/26 12/30/2025 1,019.18 91282CJR3 US TREASURY 3.750 12/31/28 12/31/2025 21,562.50 DEC 2025 TOTAL 96,312.83
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 01/05/2026 1,074.21 592179KF1 METLIFE GBL FDG 5.050 01/06/28 01/06/2026 29,239.50 949764HK3 WELLS FARGO BANK 5.050 11/07/28 01/07/2026 1,063.68 90355GHQ2 UBS USA 5.000 11/08/28 01/08/2026 1,053.15
32114VCH8 FIRST BK MCH 4.600 03/15/28 01/15/2026 968.90 062119BK7 BANK FIVE 4.650 03/20/28 01/20/2026 979.43
45818WFN1 IDB 4.850 07/19/27 MTN 01/20/2026 48,500.00
910286GB3 UNITED FIDELITY 5.000 03/30/26 01/30/2026 1,053.15 JAN 2026 TOTAL 83,932.03
91282CJW2 US TREASURY 4.000 01/31/29 02/02/2026 24,000.00 91282CLC3 US TREASURY 4.000 07/31/29 02/02/2026 30,000.00 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 02/03/2026 1,074.21 Projected Cash Flows
For the Period July 01, 2025 to June 30, 2026

5.2.b
Packet Pg. 51
Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
29 CUSIP DESCRIPTION POST DATE AMOUNT
949764HK3 WELLS FARGO BANK 5.050 11/07/28 02/09/2026 1,063.68 90355GHQ2 UBS USA 5.000 11/08/28 02/09/2026 1,053.15
53948BB99 LLOYDS BK NY BR 02/09/26 02/09/2026 39,768.33 795451AK9 SALLIE MAE BNK 1.100 08/11/26 02/11/2026 1,375.21 857894Q77 STEARNS BANK 4.050 08/14/28 02/13/2026 5,063.28 62479MBD4 MUFG BANK NY 02/13/26 02/13/2026 32,461.00
32114VCH8 FIRST BK MCH 4.600 03/15/28 02/17/2026 968.90 23204HQA9 CUSTOMERS BANK 4.050 08/13/27 02/17/2026 5,063.28 062119BK7 BANK FIVE 4.650 03/20/28 02/20/2026 979.43
3130AL7M0 FHLBANKS 0.625 02/24/26 '25 02/24/2026 6,250.00 3130AQW66 FHLBANKS 2.080 02/25/27 '25 02/25/2026 10,400.00 FEB 2026 TOTAL 159,520.47
91282CCW9 US TREASURY 0.750 08/31/26 03/02/2026 3,750.00 3130A07B0 FHLBANKS 4.000 09/01/28 03/02/2026 25,300.00
91282CHX2 US TREASURY 4.375 08/31/28 03/02/2026 43,750.00 910286GB3 UNITED FIDELITY 5.000 03/30/26 03/02/2026 985.21 91282CGQ8 US TREASURY 4.000 02/28/30 03/02/2026 40,000.00 91282CFJ5 US TREASURY 3.125 08/31/29 03/02/2026 23,437.50 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 03/03/2026 970.26 90355GHQ2 UBS USA 5.000 11/08/28 03/09/2026 951.23
949764HK3 WELLS FARGO BANK 5.050 11/07/28 03/09/2026 960.75 32114VCH8 FIRST BK MCH 4.600 03/15/28 03/16/2026 875.13 062119BK7 BANK FIVE 4.650 03/20/28 03/20/2026 884.65
89236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 03/20/2026 22,750.00 2546732U9 CAPITL ONE NA 5.000 03/21/28 03/23/2026 6,149.04 02589AEN8 AM EX BK 5.000 03/23/26 03/23/2026 6,149.04
02007GM42 ALLY BANK 5.050 03/23/26 03/23/2026 60.08
02007GM42 ALLY BANK 5.050 03/23/26 03/23/2026 6,210.53
Projected Cash Flows
For the Period July 01, 2025 to June 30, 2026

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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
30 CUSIP DESCRIPTION POST DATE AMOUNT
02589AEN8 AM EX BK 5.000 03/23/26 03/23/2026 60.02
910286GB3 UNITED FIDELITY 5.000 03/30/26 03/30/2026 1,019.18 91282CFL0 US TREASURY 3.875 09/30/29 03/31/2026 31,000.00 91282CCZ2 US TREASURY 0.875 09/30/26 03/31/2026 4,375.00 91282CMU2 US TREASURY 4.000 03/31/30 03/31/2026 40,000.00 91282CJA0 US TREASURY 4.625 09/30/28 03/31/2026 92,500.00 MAR 2026 TOTAL 352,137.62
3130AUSN5 FHLBANKS 3.500 10/01/27 04/01/2026 35,000.00
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 04/03/2026 1,074.21 949764HK3 WELLS FARGO BANK 5.050 11/07/28 04/07/2026 1,063.68 90355GHQ2 UBS USA 5.000 11/08/28 04/08/2026 1,053.15
12547CAX6 CIBC BANK 4.450 04/13/28 04/14/2026 5,502.88
32114VCH8 FIRST BK MCH 4.600 03/15/28 04/15/2026 968.90 459058LN1 IBRD 3.875 10/16/29 MTN 04/16/2026 29,062.50
062119BK7 BANK FIVE 4.650 03/20/28 04/20/2026 979.43
06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 04/21/2026 16,240.00 3133EN7A2 FED FARM CR BNKS 3.625 10/26/26 04/27/2026 36,250.00 931142FN8 WALMART 4.350 04/28/30 '30 04/28/2026 32,625.00 91282CFU0 US TREASURY 4.125 10/31/27 04/30/2026 41,250.00 91282CDG3 US TREASURY 1.125 10/31/26 04/30/2026 11,250.00 91282CLR0 US TREASURY 4.125 10/31/29 04/30/2026 33,000.00 3133ERDH1 FED FARM CR BNKS 4.750 04/30/29 04/30/2026 47,500.00 APR 2026 TOTAL 292,819.76
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 05/04/2026 1,039.56 949764HK3 WELLS FARGO BANK 5.050 11/07/28 05/07/2026 1,029.37 90355GHQ2 UBS USA 5.000 11/08/28 05/08/2026 1,019.18
61768EE82 MORGAN PVT BNK 5.050 11/08/28 05/08/2026 6,210.53 037833EZ9 APPLE 4.200 05/12/30 '30 05/12/2026 31,500.00 Projected Cash Flows
For the Period July 01, 2025 to June 30, 2026

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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, CITY OF SAN RAMON | JUNE 30, 2025
31 CUSIP DESCRIPTION POST DATE AMOUNT
3133EPC45 FED FARM CR BNKS 4.625 11/13/28 05/13/2026 46,250.00 912828R36 US TREASURY 1.625 05/15/26 05/15/2026 22,707.37 32114VCH8 FIRST BK MCH 4.600 03/15/28 05/15/2026 937.64 912828X88 US TREASURY 2.375 05/15/27 05/15/2026 23,750.00 9128283F5 US TREASURY 2.250 11/15/27 05/15/2026 22,500.00 912828R36 US TREASURY 1.625 05/15/26 05/15/2026 16,250.00 912828U24 US TREASURY 2.000 11/15/26 05/15/2026 20,000.00 3130AXU63 FHLBANKS 4.625 11/17/26 05/18/2026 23,125.00
857477AW3 STATE STREET 2.650 05/19/26 05/19/2026 20,700.00 857477AW3 STATE STREET 2.650 05/19/26 05/19/2026 19,875.00 062119BK7 BANK FIVE 4.650 03/20/28 05/20/2026 947.84
MAY 2026 TOTAL 257,841.50
91282CFY2 US TREASURY 3.875 11/30/29 06/01/2026 38,750.00 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 06/03/2026 1,074.21 90355GHQ2 UBS USA 5.000 11/08/28 06/08/2026 1,053.15
949764HK3 WELLS FARGO BANK 5.050 11/07/28 06/08/2026 1,063.68 32114VCH8 FIRST BK MCH 4.600 03/15/28 06/15/2026 968.90 062119BK7 BANK FIVE 4.650 03/20/28 06/22/2026 979.43
91282CJR3 US TREASURY 3.750 12/31/28 06/30/2026 21,562.50 JUN 2026 TOTAL 65,451.88
GRAND TOTAL 2,401,196.90
Projected Cash Flows
For the Period July 01, 2025 to June 30, 2026

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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, Meeder provides monthly statements for its investment management clients to provide information about the investment portfolio. The information should not be used for audit or confirmation purposes. Please review your custodial statements and report any inaccuracies or discrepancies.

Certain information and data has been supplied by unaffiliated third parties. Although Meeder believes the information is reliable, it cannot warrant the accuracy of information offered by third parties. Market value may reflect prices received from pricing vendors when current market quotations are not available. Prices may not reflect firm bids or offers and may differ from the value at which the security can be sold.

Statements may include positions from unmanaged accounts provided for reporting purposes. Unmanaged accounts are managed directly by the client and are not included in the accounts managed by Meeder. This information is provided as a client convenience and Meeder assumes no responsibility for performance of these accounts or the accuracy of the data reported.

Investing involves risk. Past performance is no guarantee of future results. Debt and fixed income securities are subject to credit and interest rate risk. The investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Investment advisory services provided by Meeder Public Funds, Inc. Please contact us if you would like to receive a copy of our current ADV disclosure brochure or privacy policy. © 2024 Meeder Investment Management
meederpublicfunds.com | 866.633.3371
Disclosure

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Attachment: B: Investment Portfolio Information for City of San Ramon for the Month Ending June 30, City of San Ramon
Investment Report - Supplementary InformationInvestments Held by Trustees at June 30, 2025 Maturity
Description CUSIP Rate Date Cost Market Issue
AMBAC Assurance 1.00 1.00 06(A) TA
Computershare Money Market 0.74 0.74 2010 POB
Computershare Money Market 118,780.69 118,779.69 2010 POB Computershare Money Market 1,705,000.00 1,705,000.00 2010 POB Computershare Money Market 194,020.00 194,020.00 2010 POB Computershare Money Market 246,091.96 246,091.96 2010 POB Computershare Money Market 435.52 435.52 2010 POB
Dreyfus Govt Cash Mgmt X9USDYRUT 4.13% n/a 144,198.17 144,198.17 2019 COP Dreyfus Govt Cash Mgmt X9USDYRUT 4.13% n/a 274.75 274.75 2019 COP $ 2,408,801.83 2,408,802.83 $

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Attachment: C: Investments Held by Trustees at June 30, 2025 (4753 : Quarterly Investment Report)

INVESTMENT TERMINOLOGY
Basis Points – A standard measure for interest rates that represents one-hundredth of one percent. As an example, the difference between a security yielding 2.00% and 2.25% is 25 basis points.

Book Value – The price paid for the financial instrument as recorded on the balance sheet. Book value never changes as long as the instrument is owned.

Call Date – The day on which the issuer has the right to redeem a callable bond at par, or at a small premium to par, prior to the stated maturity date.

Carrying Value – The original cost of an asset, less the accumulated amount of any depreciation or amortization, less the accumulated amount of any asset impairments.

Certificate of Deposit (CD’s) – A debt instrument issued by financial institutions that will pay interest, periodically or at maturity, and principal when it reaches maturity. Maturities range from a few weeks to several years.

Commercial Paper – An unsecured short term promissory note issued by corporations, with maturities typically ranging from 1 to 270 days, and usually transacts at a discount with no coupon payments.

Corporate Notes – A type of debt security issued by a corporation and sold to investors.

Federal Agency Securities – Securities issued by corporations and agencies created by the US government, such as the Federal Home Loan Bank Board and Ginnie Mae.

Liquidity – The amount of a portfolio or an asset that can be converted easily and quickly into cash. Cash is the most liquid asset, followed by cash equivalents, such as money market funds.

Market Value – Also known as fair value. Market value is the price that buyers and sellers of a financial instrument would agree upon if the instrument was sold in the market today.

Maturity – The date on which payment of a financial obligation is due. The final stated maturity is the date on which the issuer must retire a bond and pay the face value to the bondholder.

Par Value – Value of the instrument at the time of issuance, also known as face value (when financial instruments were printed on paper, it was the value printed on the face of the paper document).

Safety – Also known as Margin of Safety. Margin of safety is a principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value.

Supranational – A supranational entity is formed by two or more central governments with the purpose of promoting economic development for the member countries. Supranational institutions finance their activities by issuing debt, such as supranational bonds. The three U.S.

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Attachment: D: Investment Terminology (4753 : Quarterly Investment Report) based supranationals are International Bank for Reconstruction and Development, the International Finance Corporation, and the Inter-American Development Bank.

Treasury Securities – Government bonds from the United States Treasury Department.

Examples include U.S. Treasury Bills, U.S. Treasury Notes, and U.S. Treasury Bonds.

Weighted Average Days to Maturity – The average length of time until all the investments in the portfolio will mature.

Weighted Average Yield to Maturity – The average return anticipated on the investment instruments as a whole if all are held to maturity.

Yield – The current rate of return on an investment security, generally expressed as a percentage of the security's current price. Examples of yield include interest rate earned and dividend rate received from holding a particular security.

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Attachment: D: Investment Terminology (4753 : Quarterly Investment Report)

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