Presentations — Silicon Valley Clean Energy Finance & Administration Committee, October 5, 2022

• Subtitle
New SV Clean Energy
PowerPoint Template
Item 3

PRESENTATION
•
•
•
•
•
•
•
•
•
Item 3

PRESENTATION
Action: Recommend that the Board:

Adopt the revised Investment Policy
Hire PFM Asset Management (PFMAM)
as SVCE's investment advisor
Join as a shareholder of California
Asset Management Trust
Join State's Local Agency Investment
Fund (LAIF)

1. Review Objective and Timeline

2. Cashflow Analysis

3. PFMAM's Presentation
Investment policy revision
Overnight investment option
recommendation
Initial investment portfolio
recommendation
Cyber risk, internal controls, and
reporting
Next steps

4. Committee vote
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Item 3

PRESENTATION
Diversify and Improve Returns. Potential to Earn an Additional $4.5 million Annually. [ Q4 2021 l [ Q1 - Q2 2022 l [ Q3 2022 l
Staff began exploring In August, PFMAM provided an
opportunities to diversify and Staff, Management Partners, update to the Finance and improve cash investment and PFMAM Admin Committee on:
returns Analyzed SVCE's cash Expanding SVCE's
Currently all funds at the bank liquidity needs permitted investments earning low returns Reviewed and revised Considering different Staff hired Management Investment Policy maturity structures Partners to help with the effort Evaluated Investment Sample Investment Issued RFP for investment Strategies Portfolios
management services PFMAM updated the Finance Use of portfolio benchmark Reviewed RFP results with the and Admin Committee in May and discussion on risk and Finance and Admin Committee on the results of the above return analysis Staff implemented a more
Committee concurred with detailed cashflow model to
hiring PFM Asset Management determine liquidity needs
(PFMAM) 3
•
•
•
•
•
•
•
Item 3

PRESENTATION
Maintain sufficient liquidity to avoid untimely liquidation of portfolio Cashflow Modeling
Model the timing of cash inflows and outflows
under normal and stress test conditions:

Revenues drop significantly
Cost of energy procurement increases significantly
due to increases in energy market prices
Extreme heat events in summer months trigger large
CAISO collateral postings
Severe drop in market prices trigger large collateral
calls from counterparties
Results of Analyses
Maintain $25 million cash for normal
operations
Another $30 in highly liquid (overnight)
funds to respond to energy market volatility
Remaining funds* of $110 million available
for investment with a maturity range of 0-to-3 years
* As of Sept 27, 2022.
4 Item 3

PRESENTATION
Modeled Cash Balances under Base Case and Stress Test Scenarios Scenario
Base
Descri tion
The expected scenario using the current forward energy
market prices.

Energy prices starting Jan 1, 2023 and going forward, dropping to the one percentile level. This scenario models a significant revenue drop far exceeding the corresponding energy
procurement cost decrease.

Energy prices starting Jan 1, 2023 and going forward, dropping to the 33rd percentile level. This scenario models a moderate revenue drop exceeding the corresponding energy
procurement cost reduction.

Energy prices starting Jan 1, 2023 and going forward,
increasing to the 67th percentile level. This scenario models a moderate increase in energy procurement costs with further increases in CAISO collateral calls.

Energy prices starting Jan 1, 2023 and going forward,
increasing to the 99th percentile level. This scenario models a significant increase in energy procurement costs with further increases in CAISO collateral calls.

Cash Balance Scenarios
$800
$700
C: $600
~
!
~ ssoo ~ ;;;
cc
~ $400
u
"" C:
'5 $300 ~
>
:c
1=
0 $200 :a:

SlOO
S-Cash flow Month - Walk in TI me
- P99
P67
- Base Case (9/3/2022)
- P33
- Pl
5 •
•
•
•
•
Item 3

PRESENTATION
© Not Tapping into Investments under Worst Case
Graph displays the
minimum of all the
scenarios cash balance at
each point in time
Minimum cash balance
occurs in August 2025
From the most extreme
scenario, P1, where
energy prices collapse
resulting in a significant
drop in revenues and to
maintain a 1% customer
discount, large draws
from reserves are
required
To avoid selling
securities to access
additional funds, invest
$5 million with
securities that mature in
3 years and $94 million
with maturities that
mature in 2 years
~ c;
,ij "'
co
.J:.
"'
u "'
Of)
c;
'i5
c;
w
>-
:c
C:
0 ~
I ssoo
:Ii
$700
$600
$500
$400
$300
$200
$100
$-
$9-4 $9-4 $94
55 ss ss N N N
N N N 0 0 0 N N N .....
... ::., ::., ~ o" .....
.... ... ....

Minimum Cash Envelope
Amount to in,vest for 3 years Amount to invest for 2 years Cash $94 $~4 $94 $94 $94 $94 $94 $94 $94 $94 $94 $94 $94 $~4 $94 $94 $94 $94 $94 55 ss 55 55 ss 55 ss S5 55 55 ss S5 S5 ss 55 55 55 55 ss N ,..., ""' ""' ,,, ,,, ,,, ,.., ""' ""' ,,, ,,, r<) .,. .,. .,. .,. .,. .,. N N N N N N N N N N N N N N N N N N N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N :::.- ..... ..... ..... ..... ..... ..... ..... ..... ..... :::.- ::., :::.- ..... ..... ..... -..... ..... .... .... ... ... .... .... .... ... ... .... .... .... ... ... .... ~ :::.- ~ ;:;.;- -;;,- ;:;;- ~ r::- 0() ~ o" ..... ..... ... N :::.- ~ ;:;.;- -;;,- ;:;;- ~ .... ... ... ....

Cash flow Month - Wallk in Time
--- Min Envelope
$94 $94 $94
S5 55 55 55 ts ts ts f5 ts 1i5 f5 1i5 f5 1i5 JS JS .,. .,. .,. .,. .,. .,. II') "' V) V) V) II') II') "' V) V) N N N N N N N N N N N N N N N N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N ..... -..... :::.- ::., :::.- ..... ..... ..... ..... -..... ..... ..... ..... .... .... .... .... .... .... ... ... ... .... .... .... :::.- ;:::- 0() ~ o" :::.- ..... ..... ..... N .... N ;:;.;- -;;,- ;:;;- ~ ;:::- 0() ~ o" ... ... ... .... 6 •
•
•
Item 3

PRESENTATION
Staff does not recommend
using the extreme P1 but
the moderate P33
scenario, which leaves
$110 million for investment
with a maturity term of 3
years.

If extreme scenarios occur,
SVCE can sell securities.

There's a potential for
some loss of principal.

PFMAM's analysis
shows that investments
under consideration
tend to perform well
when energy prices
collapse. This implies
there could be more
chance of a gain than a
loss.
a,
u
C:
.!!!
CD "'
.s=
"' a
"" C:
"O
C:
....
~
..c:
c
0 ~
$700
$600
$500
$400
$300
$200
$100
$·
$U l
N
N
0 N
....._
.... ....._
a,
$l06 Sill
Ssz $&0 $59
$111 SIU Slll Slll Sill
N N N ....., ,.,.. N N N N N
0 0 0 0 0 N N N N N ....._ ....._ ....._ ....._ ....._ ... .... ... .... ... ....._ ....._ ....._ ....._ ....._ 0 .... N .... N .... .... ....

Amount to invest
Sog SSl $93 $99 $103 $JS
Slll $111 S111 Sl 11 Slll SI 11
....., ,.,.. ....., ....., "" ....., N N N N N N
0 0 0 0 0 0 N N N N N N ....._ ....._ -.. ....._ -.. ....._ .... ... .... .... .... .... ....._ ....._ ....._ ....._ ....._ ....._ ....., st .,., '° ..... 00 Cash --- P33
Sl7l 5183 SIBS SIS3 $!7'1 Sl7l SISB $143 Sl•6 SIS! Sl•9 $143 5137 $136 5137 S139 5137 $132 Sgs $l2S $ SlOB $122 SI'S Sl&O 5121 Slll Sllt 5111 Slll $111 5111 Sl 11 Slll SI ll Slll Sm $111 Sill Slll $111 SUl 5111 Sll l 5111 Slll $111 5111 Slll 5111 Sill Si ll "" ....., ,.,.. ....., ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ .,., ll'l .,., ll'l .,., .,., ll'l .,., ll'l .,., N N N N N N N N N N N N N N N N N N N N N N N N N N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N N N N N N N N N N N N N N N N N N N N N ....._ ....._ ....._ ....._ ....._ -.. ....._ -.. ....._ -.. ....._ ....._ ....._ ....._ -.. ....._ -.. ....._ -.. ....._ ....._ -.. ....._ -.. ....._ -.. ... .... ... .... ... .... .... .... .... ... .... ... .... ... .... ... .... .... ... .... ... .... ... .... ... .... ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ ....._ m 0 ... N ... N ,.,.. '<t ll'l '° ..... 00 a, 0 .... N .... N "" st .... <O ..... 00 CTI 0 .... .... .... .... .... .... ....

Cash flow Month - Wa lk in Time
As staff gains more operational experience from the new cash management approach, staff will continue to refine the methodology and the models. 7 Item 3

PRESENTATION
pfm~ asset
management
Silicon Valley Clean
Energy
Finance and Administration Committee
Meeting
Investment Program Update
October 5, 2022
Monique Spyke I pfmam.com
Managing Director
PFM Asset Management LLC
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional
Use Only - This material is not for inspection by,
distri bution to, or quotation to the general public
8 Item 3

PRESENTATION
The Finance and Administration Committee recommends that the Board of Directors:

1. Adopt the proposed revised SVCE investment policy

2. Direct PFM Asset Management, per the agreement executed earlier, to implement the full scope of work as SVCE's Investment Advisor

3. Adopt a resolution to join as a Shareholder of the California Asset Management Trust

4. Adopt a resolution to join the State's Local Agency Investment Fund (LAIF) 9 Item 3

PRESENTATION
PFM Asset Management LLC
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
| pfmam.com
Silicon Valley Clean
Energy
October 5, 2022
Finance and Administration Committee
Meeting
Investment Program Update
Monique Spyke
Managing Director
For Institutional Investor or Investment Professional
Use Only – This material is not for inspection by,
distribution to, or quotation to the general public
Item 3

PRESENTATION
pfm) asset
management
➢ Review PFMAM recommendations for SVCE Investment Policy ▸ Approve Investment Policy recommendations, Policy will move to full Board for approval
➢ Review PFMAM recommendations for portfolio maturity structure and benchmark ➢ Review proposed portfolio structure
Discussion Topics and Objectives
1 Item 3

PRESENTATION
▸ PFMAM performed a review of SVCE’s Investment Policy and provided recommendations.
▸ It has been recommended SVCE update its Policy to:
▹ Incorporate best practices as illustrated by sample policies, such as those written by the California Municipal Treasurers Association (CMTA) and the Association of Public Treasurers of the United States and Canada (APT US&C).
▹ Expand list of authorized investment to allow for most of the investment types permitted by California Government Code.
▪ SVCE’s current Policy’s list of authorized investments includes only deposits at banks and LAIF.
▸ Previously provided blacklined version of SVCE’s Investment Policy shows all recommended edits.

Investment Policy Recommendations
SVCE Investment Policy Review
2 Item 3

PRESENTATION
Investment Universe vs. California Government Code
SVCE Investment Policy Review
3 1 Day 180 Days 270 Days 1 Year 5 Years Over 5 Years
U.S. Treasuries Permitted Requires Approval
Federal Agencies Permitted Requires Approval
Municipal Securities Permitted Requires Approval
Negotiable Certificates of Deposit Permitted Requires Approval Commercial Paper Permitted Prohibited
Bankers’ Acceptances Permitted Prohibited
Medium-Term Corporate Notes Permitted Prohibited
Asset-Backed Securities (ABS) Permitted Prohibited
Supranationals Permitted Prohibited
Public Bank Debt Permitted Requires Approval
Repurchase Agreements Permitted Prohibited
Money Market Funds/Bond Mutual Funds Permitted Prohibited Local Government Investment Pools Permitted Prohibited
Foreign Sovereign Prohibited
Fixed-Income ETFs Prohibited
High-Yield Bonds Prohibited
Private Placements Prohibited
Convertibles Prohibited
Non-U.S. Dollar Investment Grade Prohibited
Emerging Markets Debt Prohibited
Bank Loans Prohibited
Domestic Equities (Large-, Mid-, Small Cap) Prohibited
International Equities (Large-, Mid-, Small Cap) Prohibited Emerging Markets Prohibited
Preferred Stock Prohibited
Equity Mutual Funds and ETFs Prohibited
Commodities Prohibited
Real Estate Prohibited
Hedge Funds Prohibited
Private Equity Prohibited
Venture Capital Prohibited
Tangible Assets Prohibited
Complex Derivatives, Futures, and Options Prohibited
Conventional Fixed
Income
Broader
Fixed Income Equities Alternatives
Source: California Government Code Section 53601.

Item 3

PRESENTATION
Expand List of Authorized Investments
SVCE Investment Policy Review
4 California Government Code 53601. Other restrictions and requirements may be included in Code. Credit ratings apply to equivalent ratings and represent the rating category.

California Code
Allowed Investments SVCE Approved 2017 Policy 2022 PFMAM Recommendations Overnight
Money Market Funds Not permitted Allow
Local Government Investment Pools Not permitted Allow
Government
U.S. Treasuries Not permitted Allow
Federal Agencies Not permitted Allow
Municipal Obligations Not permitted 5% per issuer
Supranational Obligations Not permitted 5 years, “AA” rated, 30% of portfolio, 5% per issuer
Credit
Commercial Paper Not permitted 270 days, A-1 rated,
40% of portfolio, 5% per issuer
Negotiable Certificates of Deposit Not permitted 30% of portfolio, 5% per issuer Asset-Backed Securities Not permitted 5 years, “AA” rated, 20% of portfolio, 5% per issuer
Medium Term Notes Not permitted 5 years, “A” rated,
30% of portfolio, 5% per issuer
▸ The table below summarizes the investment types we recommend SVCE add to its list of authorized investments.

Item 3

PRESENTATION
California Asset Management Program (CAMP)
Overnight Investment Option - LGIP
5 Portfolio Statistics
SVCE Initial Investment $30 million
Weighted Avg Maturity 26 days
Current Seven-Day Yield 2.61%
Weighted average maturity as of 7/31/2022. Current seven-day yield as of 9/23/2022. The current seven-day yield, also known as the current annualized yield, represents the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical account with a balance of one share (normally $1.00 per share) over a seven-day base period expressed as a percentage of the value of one share at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by 365 and dividing the result by seven. Past performance is no guarantee of future results. Yields will fluctuate as market conditions change. The current fund performance may be higher or lower than that cited.

Pool Highlights
• AAAm rated (by Standard & Poor’s)
• Same-day liquidity (11:00 a.m. PST cut-off)
• Unlimited transactions via wire, ACH, or
check
• Online account management
CAMP’S OBJECTIVE:

To earn a competitive rate of return while
preserving principal, providing liquidity, and
seeking a stable net asset value (NAV) of
$1.00.
• Option to open multiple sub-accounts
• No minimum investment
• Interest paid monthly
• Zero out-of-pocket expenses
• Specialized services for bond proceeds
Item 3

PRESENTATION
▸ Evaluated market benchmarks, analyzing the risk and return characteristics of various index durations and sector allocations.
▸ Performed analyses on natural gas prices, which showed natural gas has historically been more volatile than, and uncorrelated with, fixed-income index returns.
▸ Recommend SVCE utilize the 1-3 Year U.S. Treasury index to compare total return performance of SVCE’s invested funds, consistent with the cash flow analysis and SVCE’s risk/return objectives.

Analysis of Indices
Longer Portfolio Duration and Benchmark
6 Index provided by ICE Bank of America Merrill Lynch.

Item 3

PRESENTATION
Recommend SVCE utilize investments permitted by Code, as stated in Policy recommendations Sector Strategy
7 Portfolio Statistics
Initial Investment $110 million
Duration 1.74 years
Net Yield 4.33%
Sample 1-3 Year Portfolio
Data Source: Bloomberg. Data as of 9/23/22. Portfolio structured by PFMAM and provided for illustrative purposes only and are not a recommendation. Security universe sourced from Bloomberg and Market Axess and further limited to those issuers permitted by PFMAM’s internal Approved Credit List. Actual yields and security availability may vary at time of purchase. As economic and market conditions may change in the future, so may PFMAM’s recommendations as to the sale and purchase of securities in the portfolio. Yield is shown net of PFMAM’s fee, estimated to be 0.08% annually, on a portfolio of $110 million.

US Treasury
35%
Federal
Agency
10%
Corporate
Notes
25%
ABS
15%
Supranational
5%
Agency MBS
5% Municipal
5%
Sector Allocation
AAA
21%
AA
57%
A
22%
Credit Quality
0%
59%
41%
0%
0%
20%
40%
60%
0-1 yr 1-2 yr 2-3 yr >3 yr
Duration Distribution
Item 3

PRESENTATION
■
■
■ ■
■
PFMAM’s Approach to Credit
Sector Strategy
Credit Research Group
Research
Credit Risk Management
Committee
PFMAM Risk Assessment
• Responsible for all credit analysis on credit,
municipal, and asset-backed issuers
• Performs fundamental research on individual
issuers and maintains Approved Issuers Lists
• Credit research is a shared service, consisting of
resources from U.S. Bancorp Asset Management,
as well as PFM Asset Management.
• Establishes and oversees credit
management polices within PFMAM client
portfolios
• Formulates risk management guidelines,
such as issuer-specific diversification and
maturity limits
• Utilizes information received from Credit
Research Group to manage issuers to
internal risk viewpoints
Taxable
Credit
Committee
Public Finance
Credit
Committee
8 Formal Groups for Research and Risk Management
Item 3

PRESENTATION
▸ PFMAM’s cybersecurity infrastructure
▹ Systems are proactively monitored 24/7
▹ All firm websites have an industry standard threat management gateway ▹ Systems require an authorized user account consisting of a user ID and password that meets a strict set of standards based on industry best practices
▹ Sensitive participant data is only available to PFMAM employees with specific responsibilities for that data
▹ Uses a dual review and authorization system internally for all client requests for additions or edits to sensitive information, such as wire or ACH instructions
▹ Has been enhanced through our partnership with U.S. Bank Cybersecurity and Internal Controls
9 Item 3

PRESENTATION
0 Comprehensive Reporting
and Education Opportunities
10 Q U A R T E R LY P E R F O R M A N C E

R E P O R T I N G
Meetings and Communication
▸ Comprehensive quarterly portfolio discussions to review portfolio activity, strategy, liquidity requirements, and general market conditions
▸ Discussions as needed to discuss liquidity needs
▸ Available as needed as general investment resource
Comprehensive Reporting
▸ GASB 31, 40 compliant
▸ Monthly statements
▸ Performance reports
▸ Up-to-date information on secure site
Education and Training
▸ Monthly and quarterly updates
▸ Commentaries and whitepapers
▸ Webinars and week-long seminars
▸ Customized in-person sessions
Item 3

PRESENTATION
Portfolio Statistics
l'clfdOlio!Efl9d ... 0..-
8fflcllm"1<Ehcffi•OUrxlM
YitklMCoil
,,__er-Ol.l.alli,
::1 ,100
"'
~-
Credit Qua lily· S&P
, ~ A I ~
Portfolio Snapshot'
174)'tl!IIS
,,.,...
""
Accrual Basis Earnings
Sector Allocation
-'::.:..~'..-
- ~--"'-"'~"' - .. 51 15'1
- .. -.~•'Ii -_ ::...-:;-:•Ml _ co,,,
Portfolio Activity
Ne1Ac:llvltybySector
($millions,)
USTIN!ll,r)'
-"'
~---~ 3llofflhl 11't>6 31'~ .... _ 10 1'-
lnlerestEMTlea' $1.710,l!N 56.941.316 $12.605.975 SZZ.filtl.47~ -:...~-a-·_"::-_ ' ...... _,,_' ____ '~'"""'--:"-1s:~-"cc1'·r"=·====.,_.., =·'="==·="="="='===""=""='="================, TocahrMlfl, M3.493 """"'"""' CNng,e In l,lne!Va&
EJ~t~:!:' I I
Portfolio Performance
- PonfDlio -Bencl'l'lark - NetofFen
SXil.476 S1,210,194
111.14.l.,007) (Mi,100,615)
iifcEii-1 if·!M
S&.941.816
f1,l,,:502,962)
f!'if
011%
"''
S12,.605,975 $22,670,474
(Sl.384 .011 (16.9M.0311
ffr:Fii-ifiifi 'M
011'Jli
"''
▸ SVCE Board meeting to approve investment policy and continuation of PFMAM’s scope of work.
▸ SVCE will contract with a third-party bank to provide custody services for SVCE’s investments.
▹ PFMAM, as SVCE’s investment advisor, will never take control of SVCE’s cash or investments.
▸ PFMAM will input SVCE Policy rules into compliance system and connect with custody bank.
▸ SVCE will transfer funds to custody bank where PFMAM can access funds to purchase investments on behalf of SVCE.

Next Steps
11 Item 3

PRESENTATION
▸ PFMAM will begin investing SVCE’s funds according to the agreed upon investment strategy and SVCE’s investment policy.
▹ Funds will be invested gradually, over the remainder of 2022. ▸ PFMAM will provide SVCE timely and comprehensive reporting so SVCE can review account information, transaction activity, and portfolio performance. (Sample reports are included in the appendix)
▸ PFMAM will be available to meet with SVCE staff and present to the Finance and Administration Committee and Board of Directors as requested.

Next Steps Continued
12 Item 3

PRESENTATION
Appendix
For Institutional Investor or Investment Professional
Use Only – This material is not for inspection by,
distribution to, or quotation to the general public
Item 3

PRESENTATION
Portfolio Composition of Member Entities and
Peers
Source: Financial reports from entity websites or PFMAM. Data as of June 30, 2021, or more current. * PFMAM fixed-income clients
14 0%
20%
40%
60%
80%
100%
SVCE Sample Portfolio
Campbell
Cupertino
Gilroy
Los Altos*
Los Altos Hills*
Los Gatos
Milpitas
Monte Sereno
Morgan Hill
Mountain View
Peninsula Clean Energy*
Santa Clara County
Saratoga
Sunnyvale
Sector Allocations of Member Entities and Peers
Excludes Funds in Overnight Investments
Corporates
ABS
Commercial Paper
Negotiable CD
Supranational
Municipals
Agency MBS
Federal Agencies
U.S. Treasuries
Item 3

PRESENTATION
I 1 :
■
■
■
■
■
■
■
Correlation Analysis:

Fixed-Income Indices and Natural Gas Spot Prices
Portfolio Duration and Benchmark
15 Source: Federal Reserve Economic Data https://fred.stlouisfed.org/series/DHHNGSP# and Ice Data indices https://www.theice.com/market-data/indices/fixed-income-indices. ▸ Longer-duration indices have historically outperformed when natural gas spot prices fall; this has historically occurred during periods of slow economic growth and falling yields, both of which are positive for portfolio market values.
▸ Historic shocks to commodity prices have frequently been demand-side (e.g., slowdown in economic growth leading to a reduction in demand for commodities) ▹ Tends to cause inflation and yields to fall, both of which are positive for fixed-income performance due to price appreciation
▹ Supply-side shocks and corresponding impact on natural gas spot prices may not have the same or any correlation with fixed-income indices
▹ Past performance is not a guarantee of future results ▸ Please see PFMAM presentation from August 23, 2022, for more detail Scenario
Mean Return for Various Indices
0-1Y UST 1-3Y UST 1-5Y UST 1-10Y UST
Natural Gas Prices Negative 1.67% 2.44% 3.15% 4.08%
Natural Gas Prices Down 25% or more 1.70% 2.77% 3.62% 4.71% Rolling horizons calculated for the period beginning January 1, 2002, ending July 1, 2022. The analysis compares the chain-linked total return of each of the indices over a rolling two-year window beginning on the first day of each month versus the change in the spot price of natural gas over the period. Index performance data shown represents past performance, which is not a guarantee of future results. Investors cannot directly invest in any of the indices.

Investment returns and principal value will fluctuate. Further information available upon request. See important disclosures.

Item 3

PRESENTATION
▸ Sample Quarterly Investment Performance Review
▸ Sample Month End Statement
▸ September Monthly Market Review
16 Sample Reports
Item 3

PRESENTATION
Investment Performance Review
For the Quarter Ended June 30, 2022
Client Management Team PFM Asset Management LLC
Monique Spyke, Managing Director
Allison Kaune, Senior Analyst
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

SAMPLE CLIENT
Item 3

PRESENTATION
pfm) asset management
© PFM Asset Management LLC pfmam.com |
Market Summary
Item 3

PRESENTATION
For the Quarter Ended June 30, 2022
QUARTERLY MARKET SUMMARY Fixed Income Management
Summary
► In Q2, U.S. economic conditions were characterized by: (1) persistently high inflation; (2) declining consumer sentiment; (3) slowing economic growth and increasing recession probabilities; (4) more aggressive Federal Reserve (Fed) monetary policy tightening; (5) rising yields and decade-high mortgage rates; and (6) elevated volatility and risk-off sentiment in credit and equity markets. ► The first half of 2022 was one of the most difficult investment environments in the past 40 years due to the pace of interest rate increases and the resulting simultaneous weakness in both bond and stock market returns. As we enter the second half of the year, many of the first half’s significant headwinds are still in place: high inflation, tighter Fed monetary policy, rising rates, wider credit spreads, slowing growth and lingering geopolitical turmoil.
► The focus of headlines on inflation remains very high, with the Consumer Price Index increasing 9.1% year-over-year (YoY) through June, the largest 12-month increase since December 1981. Numerous factors have driven this inflation: gasoline prices surged nearly 60%, shelter costs rose 5.6%, food was up 10.4%, while new and used cars rose 9% over that span. Some of these price pressures resulted from surging input costs for oil, industrial metals and agricultural products, exacerbated by Russia’s ongoing invasion of Ukraine. But, more recently, many commodity prices have fallen substantially. For example, lumber, copper, aluminum, steel, cattle and coffee prices are now down on a year-to-date basis.
► As a result of surging inflation, the Fed lifted the overnight federal funds target rate three times in the first half of 2022, in March, May and June. The last hike was by three quarters of a percentage point (0.75%) to a new range of 1.5% to 1.75%, the largest hike since 1994. The market now expects short-term rates to reach 3.25% to

3.75% by year-end. In addition, the Fed kicked off its plan to reduce its balance sheet holdings of Treasuries and agency-backed mortgage securities through monthly runoff of maturities and principal payments.

Economic Snapshot
► U.S. economic real growth (inflation-adjusted) declined at an annual pace of 1.6% in Q1 2022, a big disappointment. The drop was a sharp reversal from the 6.9% increase in Q4. It resulted from decreases in exports, federal government spending, private inventory investment, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased. The economy has downshifted from its torrid pace of 2021 as federal stimulus programs ended and rampant inflation cut into consumer spending habits and corporate profits. Economists’ estimates for future GDP reflect expectations for growth to normalize in the future, with projections for the full calendar year 2022 at 2.1% and 2023 at 1.5%. ► The U.S. labor market remains a tailwind as the economy added 2.7 million new jobs this year. The unemployment rate remained at 3.6%, while wage growth remained elevated and job openings remained plentiful. Despite this apparent strength, job gains have begun to moderate, and the level of new weekly jobless claims has increased noticeably, indicating a possible sea change.
► Household spending has also adapted to rising food and energy costs. The share of disposable income going towards non-discretionary items such as food, energy, debt service and rent broke a decade-long downtrend and is now rising quickly. Largely due to pain at the pump and grocery check-out counter, measures of consumer sentiment nosedived. The Conference Board Consumer Confidence Index dipped below 100 for the first in over a year, while the University of Michigan Consumer Sentiment Index reached an all-time low in June.
► Increasing inventories and a falling mortgage affordability index led to a sharp decline in home sales. Sales of both new and existing homes sales declined. On the manufacturing front, indices of activity posted a decline and moved toward their lowest levels in nearly two years, although still in expansionary territory. Automobile sales in June were down nearly 15% YoY.

Interest Rates
► U.S. Treasury yields rose sharply in Q2. By the end of the quarter, the yield on a 3-month U.S. Treasury Bill stood at 1.67% (up 1.17% over the quarter), the 2-year note was 2.96% (up 0.62%), the 5-year note was 3.04% (up 0.58%), the 10-year note was

3.02% (up 0.68%) and the 30-year ended the quarter at 3.19% (up 0.74%). ► As a result of rapidly increasing Treasury yields, fixed income indices posted large negative total returns. The ICE BofA 2-, 5-, and 10-year U.S. Treasury indices returned -0.50%, -2.05%, and -4.92%, respectively. Underscoring the recent historic underperformance of U.S. Treasuries, from peak to trough (August 3, 2020, to June 14, 2022), the 10-year Treasury Index lost -17%.

Sector Performance
► Diversification in securities other than U.S. Treasury securities generally detracted from performance as few sectors were immune to risk-off sentiment and wider yield spreads. The exceptions were shorter-duration municipals and federal agency securities with maturities inside five years.
► Despite relatively stable fundamentals and a favorable upgrade/downgrade ratio, wider spreads on investment-grade (IG) corporates generated notably negative excess returns. Quickly tightening financial conditions and an increasing repricing of recession risks were the primary culprits. After rapidly retracing to close Q1, IG corporate spreads slowly and steadily increased throughout Q2, finishing at their widest level in two years.

For the second consecutive quarter, lower quality and longer duration corporates underperformed their higher quality and shorter duration counterparts. ► Like corporates, AAA-rated asset-backed securities fundamentals remain strong, however growing economic growth concerns pushed spreads wider over the quarter.

Historically, spreads in the sector remain elevated and appear attractive. The result of wider spreads was negative excess returns from the sector regardless of type, although credit card collateral outperformed auto loan-backed issues. ► Mortgage-backed securities (MBS) continued the trend of underperformance, finishing the worst start to a year in several decades. The looming acceleration of Fed balance sheet reduction of its MBS holdings has weighed on the sector for the better part of the year. Refinancing activity has plummeted and MBS durations have extended noticeably due to decade-high mortgage rates, further pressuring performance in the sector. Only the highest coupon MBS avoided sharply negative excess returns.

PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public.

Item 3

PRESENTATION
pfm) asset
management
For the Quarter Ended June 30, 2022
QUARTERLY MARKET SUMMARY Fixed Income Management
Economic Snapshot
Labor Market Mar '22 Jun '21
Unemployment Rate Jun'22 3.6% 3.6% 5.9%
Change In Non-Farm Payrolls Jun'22 372,000 398,000 557,000 Average Hourly Earnings (YoY) Jun'22 5.1% 5.6% 4.0%
Personal Income (YoY) May'22 5.3% -11.4% 3.1%
Initial Jobless Claims (week) 7/2/22 235,000 171,000 405,000 Growth
Real GDP (QoQ SAAR) 2022Q1 -1.6% 6.9% 6.3%
GDP Personal Consumption (QoQ SAAR) 2022Q1 1.8% 2.5% 11.4% Retail Sales (YoY) May'22 8.1% 7.1% 19.4%
ISM Manufacturing Survey (month) Jun'22 53.0 57.1 60.9
Existing Home Sales SAAR (month) May'22 5.41 mil. 5.75 mil. 5.97 mil.

Inflation / Prices
Personal Consumption Expenditures (YoY) May'22 6.3% 6.6% 4.0% Consumer Price Index (YoY) May'22 8.6% 8.5% 5.4%
Consumer Price Index Core (YoY) May'22 6.0% 6.5% 4.5%
Crude Oil Futures (WTI, per barrel) Jun 30 $105.76 $100.28 $73.47 Gold Futures (oz.) Jun 30 $1,807 $1,949 $1,772
Latest
25-000K
20-000K
15-000K
10-000K
5-000K
0 5,000K
10,000K

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%
Jun '19 Dec '19 Jun '20 Dec '20 Jun '21 Dec '21 Jun '22 Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right) Change In Non-Farm Payrolls Unemployment Rate
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
Mar '19 Sep '19 Mar '20 Sep '20 Mar '21 Sep '21 Mar '22 Real GDP (QoQ)
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
May '19 Nov '19 May '20 Nov '20 May '21 Nov '21 May '22 Consumer Price Index
CPI (YoY) Core CPI (YoY)
2 2
1 1

1. Data as of Fourth Quarter 2021.

2. Data as of First Quarter 2021.

Note: YoY = year-over-year, QoQ = quarter-over-quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil.

Source: Bloomberg.

PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public.

Item 3

PRESENTATION
pfm) asset
management
- j ..........

For the Quarter Ended June 30, 2022
QUARTERLY MARKET SUMMARY Fixed Income Management
Source: Bloomberg.

Interest Rate Overview
U.S. Treasury Note Yields U.S. Treasury Yield Curve
U.S. Treasury Yields Yield Curves as of 06/30/2022
0%
1%
2%
3%
4%
3-mo1-yr2-yr3-yr5-yr7-yr10-yr20-yr30-yr
Yield
Maturity
June 30, 2022 March 31, 2022 June 30, 2021
0%
1%
2%
3%
4%
5%
3-mo1-yr2-yr3-yr5-yr07-yr10-yr25-yr30-yr
Yield
Maturity
U.S. Treasury Federal Agency Corporates, A Rated

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%
6/30/21 9/30/21 12/31/21 3/31/22 6/30/22
Yield
2-Year 5-Year 10-Year
Maturity Jun '22 Mar '22 Change over
Quarter
Jun '21 Change over
Year
3-Month 1.67% 0.50% 1.17% 0.04% 1.63%
1-Year 2.78% 1.61% 1.17% 0.07% 2.71%
2-Year 2.96% 2.34% 0.62% 0.25% 2.71%
5-Year 3.04% 2.46% 0.58% 0.89% 2.15%
10-Year 3.02% 2.34% 0.68% 1.47% 1.55%
30-Year 3.19% 2.45% 0.74% 2.09% 1.10%
PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public.

Item 3

PRESENTATION
pfm) asset
management
... . ,., •• • ••••• JI
.. , ....... •••••••••••• ,I .. ,.
... ,. ~ J1o
------------
r
/ ,,----------------------------
I
I
I
, ~ -----
------
--------·
-------- r--------:.:;.. --_____ _
For the Quarter Ended June 30, 2022
QUARTERLY MARKET SUMMARY Fixed Income Management
June 30, 2022 Duration Yield 3 Month 1 Year 3 Years
1-3 Year Indices
U.S. Treasury 1.85 2.95% (0.50%) (3.30%) 0.24%
Federal Agency 1.79 2.95% (0.58%) (3.25%) 0.16%
U.S. Corporates, A-AAA rated 1.95 3.70% (0.91%) (3.74%) 0.66% Agency MBS (0 to 3 years) 2.14 3.14% (0.35%) (4.43%) (0.09%) Taxable Municipals 1.82 3.30% (0.29%) (2.64%) 1.78%
1-5 Year Indices
U.S. Treasury 2.58 2.98% (0.81%) (4.61%) 0.04%
Federal Agency 2.34 3.00% (0.90%) (4.53%) (0.14%)
U.S. Corporates, A-AAA rated 2.76 3.86% (1.66%) (5.82%) 0.39% Agency MBS (0 to 5 years) 2.98 3.32% (1.67%) (5.87%) (0.55%) Taxable Municipals 2.66 3.47% (0.64%) (4.15%) 0.95%
Master Indices (Maturities 1 Year or Greater)
U.S. Treasury 6.67 3.06% (3.85%) (8.91%) (0.85%)
Federal Agency 3.77 3.12% (1.98%) (6.49%) (0.11%)
U.S. Corporates, A-AAA rated 7.38 4.28% (6.10%) (12.90%) (0.88%) Agency MBS (0 to 30 years) 6.19 3.66% (3.91%) (9.10%) (1.42%) Taxable Municipals 9.99 4.40% (7.05%) (14.94%) (0.52%)
Source: ICE BofAML Indices.

As of 06/30/2022 Returns for Periods ended 06/30/2022
Returns for periods greater than one year are annualized.

PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public.

ICE BofAML Index Returns
Item 3

PRESENTATION
pfm) asset
management
For the Quarter Ended June 30, 2022
QUARTERLY MARKET SUMMARY Fixed Income Management
Disclosures
PFM Asset Management LLC (“PFMAM”) is an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. (“USBAM”). USBAM is a subsidiary of U.S. Bank National Association (“U.S. Bank”). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S.

Bank is not responsible for and does not guarantee the products, services or performance of PFMAM.

The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution and are subject to change.

Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, completeness, or suitability. The information contained in this report is not an offer to purchase or sell any securities.

NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
Further distribution is not permitted without prior written consent.

PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public.

Item 3

PRESENTATION
pfm) asset
management
© PFM Asset Management LLC pfmam.com |
Portfolio Review:

SAMPLE CLIENT
Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Snapshot
|
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interests.The portfolio’s benchmark is the ICE BofAML 1-3 Year U.S. Treasury Index. Source: Bloomberg.

An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.

1. Credit Quality - S&P
15%
47%
38%
0%
7%
55%
38%
0%
20%40%60%
0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 38%Corporate | 21%Federal Agency | 15%
ABS | 15%Agency CMBS | 4%
Supranational | 3%Municipal | 3%Negotiable CD | 1%
Sector Allocation
AAA | 16%AA+ | 58%AA | 3%AA- | 2%A+ | 4%A | 5%A- | 6%A-1 | 1% BBB+ | 2%Not Rated | 3%
Portfolio Snapshot¹
Portfolio Statistics
Portfolio Effective Duration 1.74 years
Benchmark Effective Duration 1.78 yearsPortfolio Credit Quality AA Yield At Market 3.01%
Yield At Cost 1.04%
Total Market Value $144,898,530.60
Securities Sub-Total $143,622,170.47Cash $1,002,411.04
Accrued Interest $273,949.09
Item 3

PRESENTATION
--------
- -
-----
--
-
-
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Characteristics
|
$0.0
$30.0$60.0$90.0
$120.0$150.0
Millions
June 2022
$0.0
$30.0$60.0$90.0
$120.0$150.0
Millions
March 2022
$0.0
$30.0$60.0$90.0
$120.0$150.0
Millions
December 2021
$0.0
$30.0$60.0$90.0
$120.0$150.0
Millions
September 2021
Sector Allocation Review
U.S. Treasury Federal Agency Agency CMBS Supranational Municipal Negotiable CD Corporate ABS Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.

Security Type Sep-21 % of Total Dec-21 % of Total Mar-22 % of Total Jun-22 % of Total U.S. Treasury $56.3 37.7% $60.4 40.7% $55.5 37.9% $54.7 38.0%Federal Agency $30.7 20.5% $30.5 20.5% $29.2 20.0% $21.7 15.1% Agency CMBS $6.3 4.2% $4.3 2.9% $3.7 2.5% $5.0 3.5%
Supranational $4.5 3.0% $4.5 3.0% $4.4 3.0% $4.4 3.1%Municipal $4.7 3.1% $4.6 3.1% $4.4 3.0% $4.3 3.0%Negotiable CD $7.0 4.7% $2.7 1.8% $2.6 1.8% $1.1 0.8%Corporate $23.1 15.5% $24.1 16.2% $27.6 18.8% $30.8 21.4% ABS $16.9 11.3% $17.6 11.8% $19.0 13.0% $21.7 15.1%
Total $149.5 100.0% $148.7 100.0% $146.3 100.0% $143.6 100.0% Item 3

PRESENTATION
- - - - - - - -
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Portfolio Activity
Net Activity by Sector
($ millions)
Federal AgencyNegotiable CDU.S. Treasury
Agency CMBS
ABS
Corporate
Federal Agency
Negotiable CD
U.S. Treasury
Agency CMBS
ABS
Corporate
($8.0) ($6.0) ($4.0) ($2.0) $0.0 $2.0 $4.0 $6.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net ActivityCorporate $3,571,210
ABS $2,877,934Agency CMBS $1,341,841
U.S. Treasury ($411,724)Negotiable CD ($1,523,992)Federal Agency ($7,424,246)Total Net Activity ($1,568,977) Sales/Maturities Purchases
Item 3

PRESENTATION
- -
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Performance
|

1. The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is March 31, 2002.2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.3. Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.4. The portfolio’s benchmark is the ICE BofAML 1-3 Year U.S. Treasury Index. Source: Bloomberg. -4.0%-3.0%-2.0%-1.0%

0.0%1.0%2.0%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 YearsInterest Earned² $351,476 $1,270,194 $6,941,816 $12,605,975 $22,670,474Change in Market Value ($1,144,007) ($6,100,615) ($4,502,962) ($3,384,101) ($6,955,031) Total Dollar Return ($792,531) ($4,830,421) $2,438,854 $9,221,874 $15,715,443Total Return³ Portfolio -0.54% -3.23% 0.47% 1.20% 1.06%Benchmark⁴ -0.50% -3.30% 0.24% 0.94% 0.78%Basis Point Fee 0.03% 0.11% 0.11% 0.11% 0.11%Net of Fee Return -0.57% -3.34% 0.36% 1.09% 0.95% 3 Months 1 Year 3 Years 5 Years 10 Years
Item 3

PRESENTATION
- - -
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Performance
|

1. The lesser of 10 years or since inception is shown. Performance inception date is March 31, 2002.2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.3. Realized gains / (losses) are shown on an amortized cost basis.

Accrual Basis Earnings
Accrual Basis EarningsInterest Earned²Realized Gains / (Losses)³Change in Amortized CostTotal Earnings 3 Months
$351,476
($265,268)
($22,715)
$63,493
1 Year
$1,270,194
$18,345
($125,100)
$1,163,439
3 Years
$6,941,816$2,440,191
($112,954)
$9,269,053
5 Year
$12,605,975
$1,376,051
($2,052)
$13,979,974
10 Year¹
$22,670,474
$2,656,747
($4,016,444)
$21,310,777
Item 3

PRESENTATION
~ ~ Cl ~ Cl Cl
Jul-12
Dec-12
May-13
Oct-13
Mar-14
Aug-14
Jan-15
Jun-15
Nov-15
Apr-16
Sep-16
F eb-17
Jul-17
Dec-17
May-18
Oct-18
Mar-19
Aug-19
Jan-20
Jun-20
Nov-20
Apr-21
Sep-21
Jun-22
Millions
~ ~ _,. _,. p ~ Cl Cl
~ Cl
Cl
~
Y1
Cl
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Summary
|
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.

Issuer Diversification
Security Type / Issuer Market Value (%) S&P / Moody's / FitchU.S. Treasury 38.0% UNITED STATES TREASURY 38.0% AA / Aaa / AAA
Federal Agency 15.1%
FANNIE MAE 2.3% AA / Aaa / AAAFEDERAL HOME LOAN BANKS 0.8% AA / Aaa / NRFREDDIE MAC 11.9% AA / Aaa / AAA Agency CMBS 3.5%
FANNIE MAE 0.1% AA / Aaa / AAAFREDDIE MAC 3.4% AA / Aaa / AAA Supranational 3.1%
INTER-AMERICAN DEVELOPMENT BANK 1.7% AAA / Aaa / AAAINTL BANK OF RECONSTRUCTION AND DEV 1.3% AAA / Aaa / AAA Municipal 3.0%

CALIFORNIA DEPARTMENT OF WATERRESOURCES

0.2% AAA / Aa / NR
CALIFORNIA EARTHQUAKE AUTHORITY 0.2% NR / NR / ACALIFORNIA STATE UNIVERSITY 0.3% AA / Aa / NRFLORIDA STATE BOARD OF ADMIN FIN CORP 0.3% AA / Aa / AALOS ANGELES COMMUNITY COLLEGEDISTRICT

0.2% AA / Aaa / NR
NEW JERSEY TURNPIKE AUTHORITY 0.2% AA / A / ANEW YORK ST URBAN DEVELOPMENT CORP 0.9% AA / NR / AASTATE OF MARYLAND 0.5% AAA / Aaa / AAASTATE OF MISSISSIPPI 0.2% AA / Aa / AA Negotiable CD 0.8%
CREDIT SUISSE GROUP RK 0.8% A / Aa / A
Security Type / Issuer Market Value (%) S&P / Moody's / FitchCorporate 21.5% 3M COMPANY 0.3% A / A / NR
ADOBE INC 0.1% A / A / NRAMAZON.COM INC 1.2% AA / A / AAAMERICAN EXPRESS CO 0.6% BBB / A / AAMERICAN HONDA FINANCE 0.7% A / A / AAPPLE INC 0.5% AA / Aaa / NRASTRAZENECA PLC 0.5% A / A / NR BANK OF AMERICA CO 1.4% A / A / AABMW FINANCIAL SERVICES NA LLC 0.4% A / A / NRBRISTOL-MYERS SQUIBB CO 0.5% A / A / NRCATERPILLAR INC 0.7% A / A / ACHARLES SCHWAB 0.3% A / A / ACHEVRON CORPORATION 0.2% AA / Aa / NRCINTAS CORPORATION NO. 2 0.2% A / A / NRCITIGROUP INC 0.7% BBB / A / ACOMCAST CORP 0.2% A / A / ADEERE & COMPANY 0.8% A / A / AGOLDMAN SACHS GROUP INC 0.8% BBB / A / AHOME DEPOT INC 0.1% A / A / AHSBC HOLDINGS PLC 0.7% A / A / AJP MORGAN CHASE & CO 1.2% A / A / AAMORGAN STANLEY 0.8% A / A / ANATIONAL AUSTRALIA BANK LTD 0.5% AA / Aa / NR

NATIONAL RURAL UTILITIES CO FINANCECORP

0.4% A / A / A
NESTLE SA 0.7% AA / Aa / A
PACCAR FINANCIAL CORP 0.7% A / A / NR
Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Summary
|
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.

Issuer Diversification
Security Type / Issuer Market Value (%) S&P / Moody's / FitchCorporate 21.5% PEPSICO INC 0.2% A / A / NRRABOBANK NEDERLAND 0.5% A / Aa / AA Roche Holding AG 1.3% AA / Aa / AASTATE STREET CORPORATION 0.8% A / A / AA TARGET CORP 0.3% A / A / ATHE BANK OF NEW YORK MELLONCORPORATION

1.4% A / A / AA
TOYOTA MOTOR CORP 0.7% A / A / AUNILEVER PLC 0.2% A / A / AUNITEDHEALTH GROUP INC 0.3% A / A / AUSAA CAPITAL CORP 0.4% AA / Aa / NR ABS 15.1%
ALLY AUTO RECEIVABLES TRUST 0.1% AAA / Aaa / AAAAMERICAN EXPRESS CO 0.8% AAA / NR / AAA BMW FINANCIAL SERVICES NA LLC 0.2% AAA / Aaa / NRBMW VEHICLE OWNER TRUST 0.4% AAA / Aaa / AAACAPITAL ONE FINANCIAL CORP 2.2% AAA / Aaa / AAACARMAX AUTO OWNER TRUST 2.1% AAA / Aaa / AAADISCOVER FINANCIAL SERVICES 0.3% AAA / Aaa / NRFIFTH THIRD AUTO TRUST 0.0% AAA / Aaa / NRFORD CREDIT AUTO OWNER TRUST 0.2% AAA / Aaa / AAAGM FINANCIAL CONSUMER AUTOMOBILETRUST

1.1% AAA / Aaa / AAA
GM FINANCIAL LEASINGTRUST 0.7% AAA / Aaa / AAAHARLEY-DAVIDSON MOTORCYCLE TRUST 0.6% AAA / Aaa / AAAHONDA AUTO RECEIVABLES 0.7% AAA / Aaa / AAAHYUNDAI AUTO RECEIVABLES 1.2% AAA / NR / AAA Security Type / Issuer Market Value (%) S&P / Moody's / FitchABS 15.1% KUBOTA CREDIT OWNER TRUST 1.3% NR / Aaa / AAAMERCEDES-BENZ AUTO LEASE TRUST 0.1% AAA / NR / AAAMERCEDES-BENZ AUTO RECEIVABLES 0.1% AAA / NR / AAANISSAN AUTO LEASE TRUST 0.1% AAA / Aaa / NRNISSAN AUTO RECEIVABLES 0.3% AAA / Aaa / NR Toyota Lease Owner Trust 0.3% AAA / Aaa / NRTOYOTA MOTOR CORP 0.6% AAA / Aaa / AAAVERIZON OWNER TRUST 0.7% AAA / Aaa / AAAVOLKSWAGEN AUTO LEASE TURST 0.2% NR / Aaa / AAA VOLKSWAGEN OF AMERICA 0.4% AAA / Aaa / NRWORLD OMNI AUTO REC TRUST 0.5% AAA / NR / AAA Total 100.0%
Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Compliance
|
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Asset and Investment Management ("AIM").

Certificate of Compliance
During the reporting period for the quarter ended June 30, 2022, the account(s) managed by PFM Asset Management ("PFMAM")were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management LLC
Item 3

PRESENTATION
© PFM Asset Management LLC | pfmam.com
Portfolio Holdings and Transactions
Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Composition
|
Issuer Distribution
As of June 30, 2022
Issuer Market Value ($) % of Portfolio
UNITED STATES TREASURY 54,661,922 38.06%FREDDIE MAC 21,979,348 15.30%FANNIE MAE 3,540,030 2.46%CAPITAL ONE FINANCIAL CORP 3,225,233 2.25%CARMAX AUTO OWNER TRUST 2,987,215 2.08%INTER-AMERICAN DEVELOPMENT BANK 2,452,425 1.71%THE BANK OF NEW YORK MELLON CORPORATION 2,064,276 1.44%BANK OF AMERICA CO 2,004,626 1.40%INTL BANK OF RECONSTRUCTION AND DEV 1,937,621 1.35% AMERICAN EXPRESS CO 1,933,556 1.35%
KUBOTA CREDIT OWNER TRUST 1,833,024 1.28%ROCHE HOLDING AG 1,819,370 1.27%TOYOTA MOTOR CORP 1,803,532 1.26% AMAZON.COM INC 1,770,352 1.23%
JP MORGAN CHASE & CO 1,726,727 1.20%HYUNDAI AUTO RECEIVABLES 1,684,369 1.17%GM FINANCIAL CONSUMER AUTOMOBILE TRUST 1,586,469 1.10%NEW YORK ST URBAN DEVELOPMENT CORP 1,243,605 0.87%DEERE & COMPANY 1,168,559 0.81%FEDERAL HOME LOAN BANKS 1,167,057 0.81%STATE STREET CORPORATION 1,110,626 0.77%CREDIT SUISSE GROUP RK 1,103,097 0.77%GOLDMAN SACHS GROUP INC 1,099,966 0.77%MORGAN STANLEY 1,077,290 0.75% Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Composition
|
Issuer Market Value ($) % of Portfolio
AMERICAN HONDA FINANCE 1,070,070 0.75%
HSBC HOLDINGS PLC 1,063,089 0.74%HONDA AUTO RECEIVABLES 1,050,701 0.73%PACCAR FINANCIAL CORP 1,021,011 0.71%CATERPILLAR INC 1,010,925 0.70%NESTLE SA 1,009,728 0.70%VERIZON OWNER TRUST 999,341 0.70%GM FINANCIAL LEASINGTRUST 997,792 0.69%CITIGROUP INC 975,587 0.68%BMW FINANCIAL SERVICES NA LLC 899,761 0.63%HARLEY-DAVIDSON MOTORCYCLE TRUST 878,758 0.61%STATE OF MARYLAND 778,944 0.54%WORLD OMNI AUTO REC TRUST 774,223 0.54%NATIONAL AUSTRALIA BANK LTD 772,719 0.54%RABOBANK NEDERLAND 705,764 0.49% APPLE INC 696,971 0.49%
BRISTOL-MYERS SQUIBB CO 665,020 0.46%
ASTRAZENECA PLC 658,978 0.46%
BMW VEHICLE OWNER TRUST 609,247 0.42%NATIONAL RURAL UTILITIES CO FINANCE CORP 587,774 0.41%USAA CAPITAL CORP 570,716 0.40%VOLKSWAGEN OF AMERICA 546,554 0.38%TARGET CORP 476,397 0.33%UNITEDHEALTH GROUP INC 476,373 0.33%CHARLES SCHWAB 446,038 0.31%3M COMPANY 445,161 0.31%NISSAN AUTO RECEIVABLES 406,346 0.28% Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Composition
|
Issuer Market Value ($) % of PortfolioCALIFORNIA STATE UNIVERSITY 387,276 0.27%TOYOTA LEASE OWNER TRUST 386,711 0.27%DISCOVER FINANCIAL SERVICES 379,366 0.26%FLORIDA STATE BOARD OF ADMIN FIN CORP 370,234 0.26%PEPSICO INC 357,873 0.25%COMCAST CORP 351,000 0.24%STATE OF MISSISSIPPI 345,679 0.24%CHEVRON CORPORATION 329,226 0.23%CALIFORNIA DEPARTMENT OF WATER RESOURCES 318,779 0.22%CINTAS CORPORATION NO. 2 315,453 0.22%CALIFORNIA EARTHQUAKE AUTHORITY 300,000 0.21%LOS ANGELES COMMUNITY COLLEGE DISTRICT 296,497 0.21%FORD CREDIT AUTO OWNER TRUST 288,640 0.20%NEW JERSEY TURNPIKE AUTHORITY 284,913 0.20%VOLKSWAGEN AUTO LEASE TURST 223,325 0.16%UNILEVER PLC 221,589 0.15%MERCEDES-BENZ AUTO RECEIVABLES 198,136 0.14% ADOBE INC 173,456 0.12%
NISSAN AUTO LEASE TRUST 172,353 0.12%
ALLY AUTO RECEIVABLES TRUST 114,958 0.08%
MERCEDES-BENZ AUTO LEASE TRUST 113,840 0.08%HOME DEPOT INC 107,658 0.07%FIFTH THIRD AUTO TRUST 10,924 0.01% Grand Total 143,622,170 100.00%
Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY NOTESDTD 09/30/2021 0.250% 09/30/2023
91282CDA6 1,750,000.00 AA+ Aaa 10/4/2021 10/6/2021 1,749,111.33 0.28 1,099.73 1,749,440.29 1,692,031.25 US TREASURY NOTESDTD 10/15/2020 0.125% 10/15/2023
91282CAP6 1,500,000.00 AA+ Aaa 10/8/2020 10/15/202 1,497,128.91 0.19 394.47 1,498,765.04 1,446,093.75 US TREASURY N/B NOTESDTD 10/31/2021 0.375% 10/31/2023
91282CDD0 1,500,000.00 AA+ Aaa 11/1/2021 11/4/2021 1,495,722.66 0.52 947.69 1,497,130.77 1,449,140.70 US TREASURY NOTESDTD 11/15/2020 0.250% 11/15/2023
91282CAW1 2,235,000.00 AA+ Aaa 12/1/2020 12/3/2020 2,236,658.79 0.22 713.62 2,235,773.18 2,152,933.48 US TREASURY NOTESDTD 12/15/2020 0.125% 12/15/2023
91282CBA8 425,000.00 AA+ Aaa 12/30/202 12/31/202 424,385.74 0.17 23.22 424,697.14 407,734.38 US TREASURY NOTESDTD 12/15/2020 0.125% 12/15/2023
91282CBA8 1,000,000.00 AA+ Aaa 1/7/2021 1/11/2021 997,460.94 0.21 54.65 998,735.22 959,375.00 US TREASURY NOTESDTD 01/15/2021 0.125% 01/15/2024
91282CBE0 2,000,000.00 AA+ Aaa 2/2/2021 2/3/2021 1,996,875.00 0.18 1,153.31 1,998,364.89 1,914,375.00 US TREASURY NOTESDTD 02/15/2021 0.125% 02/15/2024
91282CBM2 1,950,000.00 AA+ Aaa 3/1/2021 3/3/2021 1,941,544.93 0.27 915.75 1,945,345.40 1,862,554.59 US TREASURY NOTESDTD 03/15/2021 0.250% 03/15/2024
91282CBR1 400,000.00 AA+ Aaa 3/29/2021 3/30/2021 399,171.88 0.32 293.48 399,522.74 381,812.48 US TREASURY NOTESDTD 03/15/2021 0.250% 03/15/2024
91282CBR1 2,000,000.00 AA+ Aaa 3/11/2021 3/15/2021 1,995,546.88 0.32 1,467.39 1,997,468.71 1,909,062.40 US TREASURY N/B NOTESDTD 04/15/2021 0.375% 04/15/2024
91282CBV2 1,125,000.00 AA+ Aaa 4/27/2021 4/29/2021 1,125,834.96 0.35 887.55 1,125,504.68 1,073,847.60 US TREASURY NOTESDTD 05/01/2017 2.000% 04/30/2024
912828X70 2,000,000.00 AA+ Aaa 4/5/2021 4/7/2021 2,096,796.88 0.41 6,739.13 2,057,870.52 1,964,687.60 US TREASURY N/B NOTESDTD 06/15/2021 0.250% 06/15/2024
91282CCG4 3,000,000.00 AA+ Aaa 6/24/2021 6/29/2021 2,981,132.81 0.46 327.87 2,987,532.31 2,844,375.00 US TREASURY N/B NOTESDTD 06/15/2021 0.250% 06/15/2024
91282CCG4 1,700,000.00 AA+ Aaa 6/28/2021 6/29/2021 1,689,175.78 0.47 185.79 1,692,847.21 1,611,812.50 US TREASURY N/B NOTESDTD 06/15/2021 0.250% 06/15/2024
91282CCG4 2,000,000.00 AA+ Aaa 7/1/2021 7/7/2021 1,987,031.25 0.47 218.58 1,991,366.24 1,896,250.00 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/B NOTESDTD 06/15/2021 0.250% 06/15/2024
91282CCG4 1,525,000.00 AA+ Aaa 6/16/2021 6/17/2021 1,521,247.07 0.33 166.67 1,522,547.22 1,445,890.63 US TREASURY N/B NOTESDTD 07/15/2021 0.375% 07/15/2024
91282CCL3 3,000,000.00 AA+ Aaa 8/4/2021 8/9/2021 3,003,281.25 0.34 5,189.92 3,002,282.48 2,845,312.50 US TREASURY N/B NOTESDTD 07/15/2021 0.375% 07/15/2024
91282CCL3 1,000,000.00 AA+ Aaa 8/10/2021 8/12/2021 998,164.06 0.44 1,729.97 998,719.31 948,437.50 US TREASURY N/B NOTESDTD 07/15/2021 0.375% 07/15/2024
91282CCL3 870,000.00 AA+ Aaa 8/5/2021 8/9/2021 869,898.05 0.38 1,505.08 869,929.08 825,140.63 US TREASURY N/B NOTESDTD 08/15/2021 0.375% 08/15/2024
91282CCT6 800,000.00 AA+ Aaa 8/23/2021 8/25/2021 798,531.25 0.44 1,127.07 798,950.51 756,624.96 US TREASURY N/B NOTESDTD 08/15/2021 0.375% 08/15/2024
91282CCT6 3,000,000.00 AA+ Aaa 9/1/2021 9/7/2021 2,996,718.75 0.41 4,226.52 2,997,626.98 2,837,343.60 US TREASURY N/B NOTESDTD 09/15/2021 0.375% 09/15/2024
91282CCX7 1,500,000.00 AA+ Aaa 10/7/2021 10/13/202 1,491,855.47 0.56 1,650.82 1,493,845.85 1,415,156.25 US TREASURY N/B NOTESDTD 09/15/2021 0.375% 09/15/2024
91282CCX7 1,500,000.00 AA+ Aaa 10/4/2021 10/6/2021 1,494,082.03 0.51 1,650.82 1,495,557.39 1,415,156.25 US TREASURY N/B NOTESDTD 10/15/2021 0.625% 10/15/2024
91282CDB4 1,500,000.00 AA+ Aaa 11/1/2021 11/4/2021 1,492,617.19 0.79 1,972.34 1,494,257.05 1,421,015.70 US TREASURY N/B NOTESDTD 10/15/2021 0.625% 10/15/2024
91282CDB4 1,500,000.00 AA+ Aaa 10/13/202 10/18/202 1,499,238.28 0.64 1,972.34 1,499,416.69 1,421,015.70 US TREASURY NOTESDTD 10/31/2019 1.500% 10/31/2024
912828YM6 1,800,000.00 AA+ Aaa 5/4/2021 5/6/2021 1,865,460.94 0.45 4,548.91 1,843,829.03 1,738,687.50 US TREASURY N/B NOTESDTD 11/15/2021 0.750% 11/15/2024
91282CDH1 1,700,000.00 AA+ Aaa 12/2/2021 12/7/2021 1,692,097.66 0.91 1,628.40 1,693,613.38 1,611,546.96 US TREASURY NOTESDTD 11/30/2019 1.500% 11/30/2024
912828YV6 1,450,000.00 AA+ Aaa 6/2/2021 6/7/2021 1,503,695.31 0.43 1,842.21 1,487,274.34 1,398,570.24 US TREASURY NOTESDTD 11/30/2019 1.500% 11/30/2024
912828YV6 1,500,000.00 AA+ Aaa 6/3/2021 6/8/2021 1,553,847.66 0.46 1,905.74 1,537,409.51 1,446,796.80 US TREASURY N/B NOTESDTD 12/15/2021 1.000% 12/15/2024
91282CDN8 700,000.00 AA+ Aaa 12/22/202 12/27/202 700,902.34 0.96 306.01 700,747.51 666,531.25 US TREASURY N/B NOTESDTD 12/15/2021 1.000% 12/15/2024
91282CDN8 1,450,000.00 AA+ Aaa 1/3/2022 1/6/2022 1,448,923.83 1.03 633.88 1,449,100.19 1,380,671.88 US TREASURY N/B NOTESDTD 01/15/2022 1.125% 01/15/2025
91282CDS7 750,000.00 AA+ Aaa 2/4/2022 2/7/2022 743,496.09 1.43 3,892.44 744,368.94 715,078.13 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/B NOTESDTD 02/15/2022 1.500% 02/15/2025
91282CDZ1 2,225,000.00 AA+ Aaa 2/11/2022 2/15/2022 2,204,140.63 1.82 12,538.67 2,206,729.02 2,138,085.94 US TREASURY NOTESDTD 04/30/2018 2.875% 04/30/2025
9128284M9 1,450,000.00 AA+ Aaa 5/4/2022 5/5/2022 1,444,845.70 3.00 7,023.44 1,445,114.99 1,443,656.25 US TREASURY N/B NOTESDTD 05/15/2022 2.750% 05/15/2025
91282CEQ0 3,250,000.00 AA+ Aaa 6/1/2022 6/6/2022 3,240,097.66 2.86 11,414.74 3,240,328.16 3,225,117.35 Security Type Sub-Total 57,055,000.00 57,176,719.96 0.72 82,348.22 57,122,011.97 54,661,921.75 Supranational
INTL BK OF RECON AND DEV NOTEDTD 04/20/2021 0.125% 04/20/2023 459058JV6 1,035,000.00 AAA Aaa 4/13/2021 4/20/2021 1,032,857.55 0.23 255.16 1,034,140.09 1,013,173.92 INTER-AMERICAN DEVEL BK NOTESDTD 04/24/2020 0.500% 05/24/2023 4581X0DM7 1,100,000.00 AAA Aaa 4/17/2020 4/24/2020 1,099,626.00 0.51 565.28 1,099,891.29 1,076,900.00 INTL BK RECON & DEVELOP NOTESDTD 11/24/2020 0.250% 11/24/2023 459058JM6 960,000.00 AAA Aaa 11/17/2020 11/24/2020 957,936.00 0.32 246.67 959,036.80 924,447.36 INTER-AMERICAN DEVEL BK NOTESDTD 09/23/2021 0.500% 09/23/2024 4581X0DZ8 1,455,000.00 AAA Aaa 9/15/2021 9/23/2021 1,453,923.30 0.52 1,980.42 1,454,199.35 1,375,524.99 Security Type Sub-Total 4,550,000.00 4,544,342.85 0.41 3,047.53 4,547,267.53 4,390,046.27 Negotiable CD
CREDIT SUISSE NEW YORK CERTDEPOSDTD 03/23/2021 0.590% 03/17/2023 22552G3C2 1,125,000.00 A-1 P-1 3/19/2021 3/23/2021 1,125,000.00 0.59 1,954.37 1,125,000.00 1,103,097.38 Security Type Sub-Total 1,125,000.00 1,125,000.00 0.59 1,954.37 1,125,000.00 1,103,097.38 Municipal
CA ST EARTHQUAKE AUTH TXBL REVBONDSDTD 11/24/2020 1.327% 07/01/2022 13017HAJ5 300,000.00 NR NR 11/13/2020 11/24/2020 300,000.00 1.33 1,990.50 300,000.00 300,000.00 CA ST DEPT WTR RES WTR SYS TXBLREV BNDSDTD 08/06/2020 0.349% 12/01/2022 13067WQZ8 225,000.00 AAA Aa1 7/30/2020 8/6/2020 225,000.00 0.35 65.44 225,000.00 222,534.00 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Municipal
NY ST URBAN DEV CORP TXBL REVBONDSDTD 12/23/2020 0.480% 03/15/2023 650036DR4 320,000.00 AA+ NR 12/16/202 12/23/202 320,000.00 0.48 452.27 320,000.00 313,542.40 MD ST TXBL GO BONDSDTD 08/05/2020 0.410% 08/01/2023
574193TP3 800,000.00 AAA Aaa 7/23/2020 8/5/2020 800,000.00 0.41 1,366.67 800,000.00 778,944.00 LOS ANGELES CCD, CA TXBL GOBONDSDTD 11/10/2020 0.444% 08/01/2023 54438CYH9 305,000.00 AA+ Aaa 10/30/202 11/10/2020 305,000.00 0.44 564.25 305,000.00 296,496.60 CA ST UNIV TXBL REV BONDSDTD 09/17/2020 0.475% 11/01/2023 13077DNB4 400,000.00 AA- Aa2 8/27/2020 9/17/2020 400,000.00 0.48 316.67 400,000.00 387,276.00 MS ST TXBL GO BONDSDTD 08/06/2020 0.422% 11/01/2023
605581MY0 360,000.00 AA Aa2 7/24/2020 8/6/2020 360,000.00 0.42 253.20 360,000.00 345,679.20 CA ST DEPT WTR RES WTR SYS TXBLREV BNDSDTD 08/06/2020 0.414% 12/01/2023 13067WRA2 100,000.00 AAA Aa1 7/30/2020 8/6/2020 100,000.00 0.41 34.50 100,000.00 96,245.00 NY ST URBAN DEV CORP TXBL REVBONDSDTD 12/23/2020 0.620% 03/15/2024 650036DS2 975,000.00 AA+ NR 12/16/202 12/23/202 975,000.00 0.62 1,779.92 975,000.00 930,062.25 NJ TURNPIKE AUTHORITY TXBL REVBONDSDTD 02/04/2021 0.897% 01/01/2025 646140DN0 305,000.00 AA- A1 1/22/2021 2/4/2021 305,000.00 0.90 1,367.93 305,000.00 284,912.70 FL ST BOARD OF ADMIN TXBL REVBONDSDTD 09/16/2020 1.258% 07/01/2025 341271AD6 395,000.00 AA Aa3 9/3/2020 9/16/2020 395,000.00 1.26 2,484.55 395,000.00 370,233.50 Security Type Sub-Total 4,485,000.00 4,485,000.00 0.63 10,675.90 4,485,000.00 4,325,925.65 Federal Agency
FANNIE MAE NOTESDTD 05/22/2020 0.250% 05/22/2023
3135G04Q3 465,000.00 AA+ Aaa 5/20/2020 5/22/2020 463,600.35 0.35 125.94 464,584.58 454,592.84 FEDERAL HOME LOAN BANKS NOTESDTD 05/09/2013 2.125% 06/09/2023 3133834G3 1,175,000.00 AA+ Aaa 3/24/2020 3/25/2020 1,226,253.50 0.75 1,525.87 1,190,012.77 1,167,057.00 FREDDIE MAC NOTESDTD 06/26/2020 0.250% 06/26/2023
3137EAES4 2,850,000.00 AA+ Aaa 6/24/2020 6/26/2020 2,841,678.00 0.35 98.96 2,847,264.00 2,777,125.50 Item 3

ADOBE INC CORP NOTE
DTD 02/03/2020 1.700% 02/01/2023
00724PAA7 175,000.00 A+ A2 1/22/2020 2/3/2020 174,760.25 1.75 1,239.58 174,952.88 173,455.80 3M COMPANYDTD 08/26/2019 1.750% 02/14/2023
88579YBL4 450,000.00 A+ A1 8/19/2019 8/26/2019 448,285.50 1.86 2,996.88 449,691.71 445,161.15 PEPSICO INC CORPORATE NOTESDTD 05/01/2020 0.750% 05/01/2023 713448EY0 365,000.00 A+ A1 4/29/2020 5/1/2020 364,277.30 0.82 456.25 364,799.36 357,872.65

AMERICAN HONDA FINANCE
DTD 01/10/2020 1.950% 05/10/2023
02665WDH1 575,000.00 A- A3 1/7/2020 1/10/2020 574,787.25 1.96 1,588.44 574,945.24 568,833.13

APPLE INC CORPORATE NOTES
DTD 05/11/2020 0.750% 05/11/2023
037833DV9 710,000.00 AA+ Aaa 5/4/2020 5/11/2020 708,068.80 0.84 739.58 709,446.21 696,970.79 CHEVRON CORP CORPORATE NOTESDTD 05/11/2020 1.141% 05/11/2023 166764BV1 335,000.00 AA- Aa2 5/7/2020 5/11/2020 335,000.00 1.14 530.88 335,000.00 329,225.61 AMAZON.COM INC CORPORATE
NOTESDTD 06/03/2020 0.400% 06/03/2023
023135BP0 345,000.00 AA A1 6/1/2020 6/3/2020 344,517.00 0.45 107.33 344,851.35 336,383.28 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
PACCAR FINANCIAL CORPCORPORATE NOTESDTD 06/08/2020 0.800% 06/08/2023 69371RQ82 200,000.00 A+ A1 6/1/2020 6/8/2020 199,722.00 0.85 102.22 199,913.17 195,885.80 JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 06/04/2020 0.700% 07/05/2023 24422EVH9 250,000.00 A A2 6/1/2020 6/4/2020 249,795.00 0.73 855.56 249,932.82 244,324.25 PACCAR FINANCIAL CORPCORPORATE NOTESDTD 08/11/2020 0.350% 08/11/2023 69371RQ90 110,000.00 A+ A1 8/4/2020 8/11/2020 109,855.90 0.39 149.72 109,946.57 106,499.14 TOYOTA MOTOR CREDIT CORPCORPORATE NOTESDTD 05/26/2020 1.350% 08/25/2023 89236THA6 500,000.00 A+ A1 5/20/2020 5/26/2020 499,815.00 1.36 2,362.50 499,934.49 489,225.00 MORGAN STANLEY CORPORATENOTESDTD 11/13/2020 0.560% 11/10/2023 6174468T9 240,000.00 A- A1 11/9/2020 11/13/2020 240,000.00 0.56 190.40 240,000.00 237,435.36 BRISTOL-MYERS SQUIBB CO(CALLABLE) CORPDTD 11/13/2020 0.537% 11/13/2023 110122DT2 690,000.00 A+ A2 11/9/2020 11/13/2020 690,000.00 0.54 494.04 690,000.00 665,019.93 GOLDMAN SACHS GROUP INC(CALLABLE) CORPDTD 11/19/2020 0.627% 11/17/2023 38141GXL3 625,000.00 BBB+ A2 11/16/2020 11/19/2020 625,000.00 0.63 478.96 625,000.00 617,809.38 CATERPILLAR FINL SERVICECORPORATE NOTESDTD 01/10/2022 0.950% 01/10/2024 14913R2S5 200,000.00 A A2 1/3/2022 1/10/2022 199,968.00 0.96 902.50 199,975.54 193,368.20 TOYOTA MOTOR CREDIT CORPCORPORATE NOTESDTD 01/11/2021 0.450% 01/11/2024 89236THU2 500,000.00 A+ A1 1/6/2021 1/11/2021 499,970.00 0.45 1,062.50 499,984.68 478,688.50 JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 03/04/2021 0.450% 01/17/2024 24422EVN6 400,000.00 A A2 3/1/2021 3/4/2021 399,716.00 0.48 820.00 399,847.04 383,467.20 NATIONAL RURAL UTIL COOPCORPORATE NOTESDTD 02/08/2021 0.350% 02/08/2024 63743HEU2 265,000.00 A- A2 2/1/2021 2/8/2021 264,817.15 0.37 368.42 264,901.98 252,184.60 BANK OF AMERICA CORP NOTEDTD 03/05/2018 3.550% 03/05/2024 06051GHF9 575,000.00 A- A2 9/24/2020 9/28/2020 611,949.50 1.62 6,577.36 593,062.24 573,740.75 Item 3

ASTRAZENECA FINANCE LLC
(CALLABLE) CORPDTD 05/28/2021 0.700% 05/28/2024
04636NAC7 695,000.00 A- A3 5/25/2021 5/28/2021 694,937.45 0.70 445.96 694,960.22 658,978.15 TARGET CORP CORPORATE NOTESDTD 06/26/2014 3.500% 07/01/2024 87612EBD7 475,000.00 A A2 11/23/2021 11/29/2021 504,754.00 1.04 8,312.50 498,016.06 476,397.45

AMERICAN EXPRESS CO CORP
NOTES (CALLABLEDTD 07/30/2019 2.500% 07/30/2024
025816CG2 150,000.00 BBB+ A2 11/19/2021 11/23/2021 155,370.00 1.14 1,572.92 154,126.42 146,104.80

AMERICAN EXPRESS CO CORP
NOTES (CALLABLEDTD 07/30/2019 2.500% 07/30/2024
025816CG2 600,000.00 BBB+ A2 11/19/2021 11/23/2021 621,480.00 1.14 6,291.66 616,505.68 584,419.20 PACCAR FINANCIAL CORPCORPORATE NOTESDTD 08/09/2021 0.500% 08/09/2024 69371RR40 160,000.00 A+ A1 8/3/2021 8/9/2021 159,913.60 0.52 315.56 159,939.30 150,529.76

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 09/09/2021 0.750% 08/09/2024
02665WDY4 230,000.00 A- A3 9/7/2021 9/9/2021 229,848.20 0.77 680.42 229,890.25 216,283.03 UNILEVER CAPITAL CORP(CALLABLE) CORPORADTD 08/12/2021 0.626% 08/12/2024 904764BN6 235,000.00 A+ A1 8/9/2021 8/12/2021 235,000.00 0.63 568.01 235,000.00 221,589.49 Item 3

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 01/13/2022 1.500% 01/13/2025
02665WEA5 300,000.00 A- A3 1/11/2022 1/13/2022 299,763.00 1.53 2,100.00 299,799.54 284,953.80 GOLDMAN SACHS GROUP INC(CALLABLE) CORPDTD 01/24/2022 1.757% 01/24/2025 38141GZH0 500,000.00 BBB+ A2 1/19/2022 1/24/2022 500,000.00 1.76 3,831.24 500,000.00 482,156.50 NATIONAL RURAL UTIL COOPCORPORATE NOTESDTD 02/07/2022 1.875% 02/07/2025 63743HFC1 200,000.00 A- A2 1/31/2022 2/7/2022 199,994.00 1.88 1,500.00 199,994.79 191,414.60 JPMORGAN CHASE & CO CORPNOTES (CALLABLEDTD 02/16/2021 0.563% 02/16/2025 46647PBY1 475,000.00 A- A2 2/9/2021 2/16/2021 475,000.00 0.56 1,002.84 475,000.00 447,674.20 Item 3

AMERICAN EXPRESS CO CORP
NOTES (CALLABLEDTD 03/04/2022 2.250% 03/04/2025
025816CQ0 120,000.00 BBB+ A2 3/1/2022 3/4/2022 119,878.80 2.29 877.50 119,891.96 115,514.16 ROCHE HOLDINGS INC (CALLABLE)CORPORATEDTD 03/10/2022 2.132% 03/10/2025 771196BT8 1,885,000.00 AA Aa3 3/3/2022 3/10/2022 1,885,000.00 2.13 12,391.36 1,885,000.00 1,819,369.96 BMW US CAPITAL LLC CORP NOTESDTD 04/01/2022 3.250% 04/01/2025 05565EBZ7 355,000.00 A A2 3/28/2022 4/1/2022 354,666.30 3.28 2,884.38 354,694.01 350,157.45 PACCAR FINANCIAL CORPCORPORATE NOTESDTD 04/07/2022 2.850% 04/07/2025 69371RR73 575,000.00 A+ A1 3/31/2022 4/7/2022 574,850.50 2.86 3,823.75 574,862.09 568,095.98 AMAZON.COM INC CORPORATE
NOTESDTD 04/13/2022 3.000% 04/13/2025
023135CE4 430,000.00 AA A1 4/11/2022 4/13/2022 429,316.30 3.06 2,795.00 429,365.58 426,265.02 HOME DEPOT INC (CALLABLE)CORPORATE NOTEDTD 03/28/2022 2.700% 04/15/2025 437076CM2 110,000.00 A A2 3/24/2022 3/28/2022 109,807.50 2.76 767.25 109,823.92 107,657.99 BANK OF NY MELLON CORP(CALLABLE) CORP NDTD 04/26/2022 3.350% 04/25/2025 06406RBC0 1,450,000.00 A A1 4/19/2022 4/26/2022 1,449,797.00 3.36 8,770.49 1,449,809.24 1,433,609.20 CITIGROUP INC (CALLABLE)CORPORATE NOTESDTD 05/04/2021 0.981% 05/01/2025 172967MX6 230,000.00 BBB+ A3 4/27/2021 5/4/2021 230,000.00 0.98 376.05 230,000.00 215,412.02 USAA CAPITAL CORP CORPORATENOTESDTD 05/26/2022 3.375% 05/01/2025 90327QD89 575,000.00 AA Aa1 5/23/2022 5/26/2022 573,119.75 3.49 1,886.72 573,182.95 570,715.68 CINTAS CORPORATION NO. 2 CORPNOTE (CALLDTD 05/03/2022 3.450% 05/01/2025 17252MAP5 315,000.00 A- A3 4/26/2022 5/3/2022 314,930.70 3.46 1,750.88 314,934.44 315,452.97 CATERPILLAR FINL SERVICECORPORATE NOTESDTD 05/13/2022 3.400% 05/13/2025 14913R2V8 150,000.00 A A2 5/10/2022 5/13/2022 149,809.50 3.44 680.00 149,818.02 149,410.50 JPMORGAN CHASE & CO (CALLABLE)CORP NOTEDTD 06/01/2021 0.824% 06/01/2025 46647PCH7 630,000.00 A- A2 5/24/2021 6/1/2021 630,000.00 0.82 432.60 630,000.00 589,303.26 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHLMC MULTIFAMILY STRUCTURED PDTD 12/01/2012 2.307% 08/01/2022 3137AWQH1 460,373.96 AA+ Aaa 9/4/2019 9/9/2019 467,171.68 1.78 885.07 460,573.33 459,217.53 FHLMC MULTIFAMILY STRUCTURED PDTD 12/01/2012 2.307% 08/01/2022 3137AWQH1 306,915.97 AA+ Aaa 9/6/2019 9/11/2019 310,488.66 1.89 590.04 307,020.95 306,145.02 FHLMC MULTIFAMILY STRUCTURED PDTD 05/01/2013 2.510% 11/01/2022 3137B1BS0 138,598.30 AA+ Aaa 2/6/2020 2/11/2020 141,110.40 1.83 289.90 138,909.15 138,080.67 FHLMC MULTIFAMILY STRUCTURED PDTD 05/01/2013 2.510% 11/01/2022 3137B1BS0 1,293,584.12 AA+ Aaa 8/12/2019 8/15/2019 1,317,434.58 1.92 2,705.75 1,296,082.93 1,288,752.95 FNA 2013-M7 A2DTD 05/01/2013 2.280% 12/01/2022
3136AEGQ4 166,501.68 AA+ Aaa 9/4/2019 9/9/2019 168,683.01 1.86 316.35 166,784.75 165,969.59 FHLMC MULTIFAMILY STRUCTURED PDTD 11/01/2013 2.669% 02/01/2023 3137B5JL8 51,168.08 AA+ Aaa 6/13/2018 6/18/2018 50,906.24 2.79 113.81 51,134.75 51,031.90 FHMS KP05 ADTD 12/01/2018 3.203% 07/01/2023
3137FKK39 19,005.40 AA+ Aaa 12/7/2018 12/17/201 19,005.34 3.20 50.73 19,005.39 18,888.10 FHLMC MULTIFAMILY STRUCTURED PPOOLDTD 12/01/2017 2.951% 02/01/2024 3137FCM35 175,693.94 AA+ Aaa 8/16/2019 8/21/2019 179,839.22 2.39 432.06 177,173.49 175,279.91 FHMS KJ27 A1DTD 11/01/2019 2.092% 07/01/2024
3137FQ3V3 32,265.70 AA+ Aaa 11/20/2019 11/26/2019 32,264.93 2.09 56.25 32,265.36 32,186.82 FHLMC MULTIFAMILY STRUCTUREDPOOLDTD 11/01/2017 3.064% 08/01/2024 3137FBTA4 1,400,091.79 AA+ Aaa 5/25/2022 5/31/2022 1,401,951.28 3.00 3,574.90 1,401,878.59 1,390,829.36 FHMS K047 A2DTD 07/30/2015 3.329% 05/01/2025
3137BKRJ1 1,000,000.00 AA+ Aaa 5/19/2022 5/24/2022 1,006,406.25 3.10 2,774.17 1,006,406.25 999,237.53 Security Type Sub-Total 5,044,198.94 5,095,261.59 2.47 11,789.03 5,057,234.94 5,025,619.38 ABS
HAROT 2019-3 A3DTD 08/27/2019 1.780% 08/15/2023
43815NAC8 57,384.63 AAA Aaa 8/20/2019 8/27/2019 57,384.15 1.78 45.40 57,384.49 57,338.07 GMALT 2020-3 A3DTD 09/29/2020 0.450% 08/21/2023
362569AC9 113,753.80 AAA Aaa 9/22/2020 9/29/2020 113,742.90 0.45 15.64 113,749.51 113,469.01 ALLYA 2019-1 A3
DTD 02/13/2019 2.910% 09/15/2023
02004WAC5 6,129.50 NR Aaa 2/5/2019 2/13/2019 6,128.76 2.91 7.93 6,129.31 6,129.40 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
NALT 2020-B A3DTD 09/29/2020 0.430% 10/16/2023
65480EAD3 173,019.86 AAA Aaa 9/22/2020 9/29/2020 173,002.05 0.43 33.07 173,012.30 172,353.46 COPAR 2019-1 A3DTD 05/30/2019 2.510% 11/15/2023
14042WAC4 28,092.29 AAA Aaa 5/21/2019 5/30/2019 28,086.60 2.51 31.34 28,090.54 28,109.38 MBALT 2020-B A3DTD 09/23/2020 0.400% 11/15/2023
58769EAC2 114,546.00 AAA NR 9/15/2020 9/23/2020 114,540.19 0.40 20.36 114,543.46 113,840.41 FIFTH THIRD AUTO TRUSTDTD 05/08/2019 2.640% 12/15/2023
31680YAD9 10,921.38 AAA Aaa 4/30/2019 5/8/2019 10,918.98 2.65 12.81 10,920.62 10,924.19 BMWLT 2021-1 A3DTD 03/10/2021 0.290% 01/25/2024
05591RAC8 269,684.32 AAA Aaa 3/2/2021 3/10/2021 269,675.77 0.29 13.03 269,679.66 266,627.39 HDMOT 2019-A A3DTD 06/26/2019 2.340% 02/15/2024
41284WAC4 6,053.90 NR Aaa 6/19/2019 6/26/2019 6,053.43 2.34 6.30 6,053.74 6,054.62 HART 2019-B A3DTD 11/06/2019 1.940% 02/15/2024
44891JAC2 71,580.50 AAA NR 10/29/201 11/6/2019 71,577.20 1.94 61.72 71,579.25 71,558.82 GMALT 2021-1 A3DTD 02/24/2021 0.260% 02/20/2024
36261RAC2 337,503.27 NR Aaa 2/17/2021 2/24/2021 337,468.71 0.26 26.81 337,484.30 334,776.11 FORDO 2019-C A3DTD 11/22/2019 1.870% 03/15/2024
34531KAD4 140,370.39 AAA Aaa 11/19/2019 11/22/2019 140,362.33 1.87 116.66 140,367.20 140,086.15 VZOT 2019-C A1ADTD 10/08/2019 1.940% 04/22/2024
92348AAA3 244,620.10 AAA NR 10/1/2019 10/8/2019 244,601.24 1.94 145.01 244,612.58 244,369.83 TLOT 2021-A A3DTD 04/21/2021 0.390% 04/22/2024
89238EAC0 395,000.00 AAA Aaa 4/13/2021 4/21/2021 394,953.90 0.39 47.07 394,972.22 386,711.24 GMALT 2021-2 A3DTD 05/26/2021 0.340% 05/20/2024
380144AC9 560,000.00 AAA NR 5/18/2021 5/26/2021 559,912.08 0.35 58.18 559,944.42 549,547.04 ALLYA 2019-4 A3
DTD 12/11/2019 1.840% 06/17/2024
02007TAC9 108,999.31 AAA Aaa 12/4/2019 12/11/2019 108,980.53 1.84 89.14 108,991.15 108,828.14 NAROT 2019-C A3DTD 10/23/2019 1.930% 07/15/2024
65479JAD5 171,654.24 AAA Aaa 10/16/201 10/23/201 171,645.18 1.93 147.24 171,650.33 171,199.03 NAROT 2020-B A3DTD 06/30/2020 0.550% 07/15/2024
65479CAD0 237,431.55 AAA Aaa 6/23/2020 6/30/2020 237,425.05 0.55 58.04 237,428.27 235,147.34 VZOT 2020-A A1ADTD 01/29/2020 1.850% 07/22/2024
92348TAA2 204,352.69 AAA Aaa 1/21/2020 1/29/2020 204,328.76 1.85 115.52 204,341.69 203,794.68 GMCAR 2020-1 A3DTD 01/15/2020 1.840% 09/16/2024
36258NAC6 136,491.38 AAA Aaa 1/8/2020 1/15/2020 136,459.24 1.85 104.64 136,476.16 136,039.57 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
HDMOT 2020-A A3DTD 01/29/2020 1.870% 10/15/2024
41284UAD6 107,820.65 AAA Aaa 1/21/2020 1/29/2020 107,797.14 1.87 89.61 107,809.22 107,617.13 HAROT 2020-3 A3DTD 09/29/2020 0.370% 10/18/2024
43813KAC6 238,009.22 AAA NR 9/22/2020 9/29/2020 237,974.25 0.37 31.80 237,989.37 233,794.48 BMWOT 2020-A A3DTD 07/15/2020 0.480% 10/25/2024
09661RAD3 206,109.24 AAA NR 7/8/2020 7/15/2020 206,093.68 0.48 16.49 206,100.81 203,404.57 HART 2020-B A3DTD 07/22/2020 0.480% 12/16/2024
44933FAC0 204,577.06 AAA NR 7/14/2020 7/22/2020 204,538.76 0.48 43.64 204,555.65 201,753.10 CARMX 2020-1 A3DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 278,649.28 AAA NR 1/14/2020 1/22/2020 278,594.62 1.89 234.07 278,621.83 276,800.83 MBART 2020-1 A3DTD 06/23/2020 0.550% 02/18/2025
58769VAC4 200,926.51 AAA NR 6/16/2020 6/23/2020 200,910.82 0.55 49.12 200,917.63 198,136.14 VZOT 2020-B ADTD 08/12/2020 0.470% 02/20/2025
92290BAA9 560,000.00 NR Aaa 8/4/2020 8/12/2020 559,882.40 0.47 80.42 559,931.35 551,176.25 CARMX 2020-3 A3DTD 07/22/2020 0.620% 03/17/2025
14315FAD9 219,030.47 AAA NR 7/14/2020 7/22/2020 218,992.93 0.62 60.36 219,008.60 215,984.44 KCOT 2022-1A A2DTD 03/23/2022 2.340% 04/15/2025
50117EAB0 265,000.00 NR Aaa 3/15/2022 3/23/2022 264,990.86 2.34 275.60 264,991.68 261,010.00 GMCAR 2020-3 A3DTD 08/19/2020 0.450% 04/16/2025
362590AC5 443,532.73 NR Aaa 8/11/2020 8/19/2020 443,431.25 0.46 83.16 443,471.88 436,245.89 WOART 2020-B A3DTD 06/24/2020 0.630% 05/15/2025
98163WAC0 283,726.56 AAA NR 6/16/2020 6/24/2020 283,704.31 0.63 79.44 283,713.49 279,503.57 VWALT 2022-A A3DTD 06/14/2022 3.440% 07/21/2025
92868AAC9 225,000.00 NR Aaa 6/7/2022 6/14/2022 224,982.09 3.44 365.50 224,982.36 223,324.67 KCOT 2021-1A A3DTD 04/14/2021 0.620% 08/15/2025
50117TAC5 330,000.00 NR Aaa 4/6/2021 4/14/2021 329,932.48 0.62 90.93 329,951.36 313,667.05 CARMX 2020-4 A3DTD 10/21/2020 0.500% 08/15/2025
14316HAC6 350,000.00 AAA NR 10/14/202 10/21/202 349,922.97 0.50 77.78 349,950.03 342,507.90 HART 2021-A A3DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 315,000.00 AAA NR 4/20/2021 4/28/2021 314,966.86 0.38 53.20 314,975.74 305,084.37 KCOT 2021-2A A3DTD 07/28/2021 0.560% 11/17/2025
50117XAE2 555,000.00 NR Aaa 7/20/2021 7/28/2021 554,979.08 0.56 138.13 554,983.58 522,658.14 CARMX 2021-1 A3DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 235,000.00 AAA NR 1/20/2021 1/27/2021 234,953.56 0.34 35.51 234,967.10 229,079.18 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
HAROT 2021-4 A3DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 430,000.00 NR Aaa 11/16/2021 11/24/2021 429,909.36 0.89 105.11 429,922.43 410,827.07 CARMX 2021-2 A3DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 475,000.00 AAA NR 4/13/2021 4/21/2021 474,897.64 0.52 109.78 474,922.95 461,113.61 TAOT 2021-D A3DTD 11/15/2021 0.710% 04/15/2026
89238JAC9 435,000.00 AAA NR 11/9/2021 11/15/2021 434,990.73 0.71 137.27 434,992.04 415,445.88 HAROT 2022-1 A3DTD 02/23/2022 1.880% 05/15/2026
43815BAC4 360,000.00 AAA Aaa 2/15/2022 2/23/2022 359,945.86 1.88 300.80 359,950.35 348,740.93 HART 2021-C A3DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 330,000.00 AAA NR 11/9/2021 11/17/2021 329,926.34 0.75 108.53 329,936.49 314,825.05 CARMX 2021-3 A3DTD 07/28/2021 0.550% 06/15/2026
14317DAC4 910,000.00 AAA Aaa 7/21/2021 7/28/2021 909,850.31 0.55 222.44 909,878.69 874,411.72 FORDO 2022-A A3DTD 01/24/2022 1.290% 06/15/2026
345286AC2 155,000.00 AAA NR 1/19/2022 1/24/2022 154,981.59 1.29 88.87 154,983.40 148,554.03 VALET 2021-1 A3DTD 12/13/2021 1.020% 06/22/2026
92868KAC7 570,000.00 AAA Aaa 12/7/2021 12/13/202 569,977.66 1.02 177.65 569,980.36 546,553.73 BMWOT 2022-A A3DTD 05/18/2022 3.210% 08/25/2026
05602RAD3 410,000.00 AAA Aaa 5/10/2022 5/18/2022 409,978.68 3.21 219.35 409,979.28 405,842.85 COPAR 2021-1 A3DTD 10/27/2021 0.770% 09/15/2026
14044CAC6 425,000.00 AAA Aaa 10/19/202 10/27/202 424,991.97 0.77 145.44 424,993.08 402,338.87 TAOT 2022-B A3DTD 04/13/2022 2.930% 09/15/2026
89238FAD5 425,000.00 AAA Aaa 4/7/2022 4/13/2022 424,990.06 2.93 553.44 424,990.55 420,172.81 DCENT 2021-A1 A1DTD 09/27/2021 0.580% 09/15/2026
254683CP8 405,000.00 AAA Aaa 9/20/2021 9/27/2021 404,913.29 0.58 104.40 404,926.53 379,366.09 GMCAR 2021-4 A3DTD 10/21/2021 0.680% 09/16/2026
362554AC1 360,000.00 AAA Aaa 10/13/202 10/21/202 359,990.82 0.68 102.00 359,992.12 342,001.22 HART 2022-A A3DTD 03/16/2022 2.220% 10/15/2026
448977AD0 815,000.00 AAA NR 3/9/2022 3/16/2022 814,968.62 2.22 804.13 814,970.63 791,148.05 WOART 2021-D A3DTD 11/03/2021 0.810% 10/15/2026
98163KAC6 520,000.00 AAA NR 10/26/202 11/3/2021 519,929.18 0.81 187.20 519,938.59 494,719.73 KCOT 2022-1A A3DTD 03/23/2022 2.670% 10/15/2026
50117EAC8 765,000.00 NR Aaa 3/15/2022 3/23/2022 764,890.61 2.67 907.80 764,897.17 735,689.18 COMET 2021-A3 A3DTD 11/30/2021 1.040% 11/15/2026
14041NFY2 895,000.00 AAA NR 11/18/2021 11/30/2021 894,876.67 1.04 413.69 894,891.17 846,232.61 Item 3

1.04 1.04%
Total Investments $143,896,119.56
Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
BUY3/28/2022 4/1/2022 355,000.00 05565EBZ7 BMW US CAPITAL LLC CORP NOTES 3.25% 4/1/2025 354,666.30 3.28%3/31/2022 4/7/2022 575,000.00 69371RR73 PACCAR FINANCIAL CORP CORPORATE NOTES 2.85% 4/7/2025 574,850.50 2.86%4/5/2022 4/13/2022 365,000.00 362585AC5 GMCAR 2022-2 A3 3.10% 2/16/2027 364,923.72 3.10%4/7/2022 4/13/2022 425,000.00 89238FAD5 TAOT 2022-B A3 2.93% 9/15/2026 424,990.06 2.93%4/11/2022 4/13/2022 430,000.00 023135CE4 AMAZON.COM INC CORPORATE NOTES 3.00% 4/13/2025 429,316.30 3.06%4/12/2022 4/20/2022 775,000.00 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 774,870.96 3.06%4/19/2022 4/26/2022 700,000.00 46647PCZ7 JPMORGAN CHASE & CO (CALLABLE) CORPORATE 4.08% 4/26/2026 700,000.00 4.08%4/19/2022 4/26/2022 1,450,000.00 06406RBC0 BANK OF NY MELLON CORP (CALLABLE) CORP N 3.35% 4/25/2025 1,449,797.00 3.35%4/21/2022 4/28/2022 590,000.00 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 589,910.26 3.49%4/26/2022 5/3/2022 315,000.00 17252MAP5 CINTAS CORPORATION NO. 2 CORP NOTE (CALL 3.45% 5/1/2025 314,930.70 3.46%4/26/2022 5/4/2022 450,000.00 14043QAC6 COPAR 2022-1 A3 3.17% 4/15/2027 449,901.68 3.17%4/27/2022 5/4/2022 145,000.00 63743HFE7 NATIONAL RURAL UTIL COOP CORPORATE NOTES 3.45% 6/15/2025 144,960.85 3.46%5/4/2022 5/5/2022 1,450,000.00 9128284M9 US TREASURY NOTES 2.87% 4/30/2025 1,445,412.11 3.00%5/10/2022 5/13/2022 150,000.00 14913R2V8 CATERPILLAR FINL SERVICE CORPORATE NOTES 3.40% 5/13/2025 149,809.50 3.44%5/10/2022 5/18/2022 410,000.00 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 409,978.68 3.21%5/17/2022 5/24/2022 1,090,000.00 02582JJT8 AMXCA 2022-2 A 3.39% 5/17/2027 1,089,758.89 3.39%5/17/2022 5/24/2022 1,070,000.00 40428HTA0 HSBC USA INC CORPORATE NOTES 3.75% 5/24/2024 1,069,957.20 3.75% Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
BUY5/19/2022 5/24/2022 1,000,000.00 3137BKRJ1 FHMS K047 A2 3.32% 5/1/2025 1,008,533.11 3.10%5/23/2022 5/26/2022 575,000.00 90327QD89 USAA CAPITAL CORP CORPORATE NOTES 3.37% 5/1/2025 573,119.75 3.49%5/25/2022 5/31/2022 1,401,723.14 3137FBTA4 FHLMC MULTIFAMILY STRUCTURED POOL 3.06% 8/1/2024 1,407,163.87 3.00%5/31/2022 6/9/2022 780,000.00 63254ABD9 NATIONAL AUSTRALIA BK/NY CORPORATE NOTES 3.50% 6/9/2025 780,000.00 3.50%6/1/2022 6/6/2022 3,250,000.00 91282CEQ0 US TREASURY N/B NOTES 2.75% 5/15/2025 3,245,440.73 2.86%6/1/2022 6/6/2022 310,000.00 24422EWF2 JOHN DEERE CAPITAL CORP CORPORATE NOTES 3.40% 6/6/2025 309,928.70 3.41%6/6/2022 6/14/2022 425,000.00 14041NGA3 COMET 2022-A2 A 3.49% 5/15/2027 424,932.09 3.49%6/7/2022 6/14/2022 225,000.00 92868AAC9 VWALT 2022-A A3 3.44% 7/21/2025 224,982.09 3.44% Total BUY 18,711,723.14 18,712,135.05 0.00
INTEREST3/1/2022 4/14/2022 1,550,000.00 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 3,242.084/1/2022 4/1/2022 MONEY0002 MONEY MARKET FUND 10.114/1/2022 4/25/2022 192,612.39 3137FCM35 FHLMC MULTIFAMILY STRUCTURED P POOL 2.95% 2/1/2024 473.674/1/2022 4/25/2022 345,424.09 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 777.324/1/2022 4/25/2022 19,159.16 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 51.144/1/2022 4/25/2022 103,226.27 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 179.964/1/2022 4/25/2022 1,000,000.00 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 1,922.50 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST4/1/2022 4/25/2022 1,548,165.78 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 3,238.254/1/2022 4/25/2022 216,552.61 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 441.204/1/2022 4/25/2022 200,606.41 3136ABPW7 FNA 2013-M1 A2 2.36% 8/1/2022 395.304/1/2022 4/25/2022 90,585.27 3137B5JL8 FHLMC MULTIFAMILY STRUCTURED P 2.66% 2/1/2023 201.484/15/2022 4/15/2022 269,298.47 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 107.724/15/2022 4/15/2022 166,864.27 02007TAC9 ALLYA 2019-4 A3 1.84% 6/17/2024 255.864/15/2022 4/15/2022 235,000.00 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 66.584/15/2022 4/15/2022 350,000.00 20030NCR0 COMCAST CORP (CALLABLE) CORPORATE NOTES 3.70% 4/15/2024 6,475.004/15/2022 4/15/2022 9,899.65 89231PAD0 TOYOTA AUTO RECEIVABLES OWNER 3.18% 3/15/2023 26.234/15/2022 4/15/2022 330,000.00 50117TAC5 KCOT 2021-1A A3 0.62% 8/15/2025 170.504/15/2022 4/15/2022 425,000.00 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 272.714/15/2022 4/15/2022 64,472.31 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 156.354/15/2022 4/15/2022 278,347.71 14315FAD9 CARMX 2020-3 A3 0.62% 3/17/2025 143.814/15/2022 4/15/2022 435,000.00 89238JAC9 TAOT 2021-D A3 0.71% 4/15/2026 257.384/15/2022 4/15/2022 162,297.82 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 252.914/15/2022 4/15/2022 265,000.00 50117EAB0 KCOT 2022-1A A2 2.34% 4/15/2025 378.954/15/2022 4/15/2022 101,542.40 43815NAC8 HAROT 2019-3 A3 1.78% 8/15/2023 150.62 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST4/15/2022 4/15/2022 815,000.00 448977AD0 HART 2022-A A3 2.22% 10/15/2026 1,457.494/15/2022 4/15/2022 475,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 205.834/15/2022 4/15/2022 323,876.60 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 148.444/15/2022 4/15/2022 520,000.00 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 351.004/15/2022 4/15/2022 155,000.00 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 166.634/15/2022 4/15/2022 54,758.25 65478NAD7 NAROT 2018-C A3 3.22% 6/15/2023 146.934/15/2022 4/15/2022 260,448.45 58769VAC4 MBART 2020-1 A3 0.55% 2/18/2025 119.374/15/2022 4/15/2022 3,000,000.00 91282CDB4 US TREASURY N/B NOTES 0.62% 10/15/2024 9,375.004/15/2022 4/15/2022 1,125,000.00 91282CBV2 US TREASURY N/B NOTES 0.37% 4/15/2024 2,109.384/15/2022 4/15/2022 895,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/15/2026 775.674/15/2022 4/15/2022 330,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 203.504/15/2022 4/15/2022 69,652.71 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 145.694/15/2022 4/15/2022 350,726.44 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 184.134/15/2022 4/15/2022 29,743.27 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 65.934/15/2022 4/15/2022 360,000.00 43815BAC4 HAROT 2022-1 A3 1.88% 5/15/2026 564.004/15/2022 4/15/2022 123,393.69 44891JAC2 HART 2019-B A3 1.94% 2/15/2024 199.494/15/2022 4/15/2022 555,000.00 50117XAE2 KCOT 2021-2A A3 0.56% 11/17/2025 259.00 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST4/15/2022 4/15/2022 212,501.93 34531KAD4 FORDO 2019-C A3 1.87% 3/15/2024 331.154/15/2022 4/15/2022 145,000.00 58769EAC2 MBALT 2020-B A3 0.40% 11/15/2023 48.334/15/2022 4/15/2022 65,843.36 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 128.394/15/2022 4/15/2022 405,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 195.754/15/2022 4/15/2022 41,226.49 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 90.704/15/2022 4/15/2022 765,000.00 50117EAC8 KCOT 2022-1A A3 2.67% 10/15/2026 1,248.234/15/2022 4/15/2022 350,000.00 14316HAC6 CARMX 2020-4 A3 0.50% 8/15/2025 145.834/15/2022 4/15/2022 1,500,000.00 91282CAP6 US TREASURY NOTES 0.12% 10/15/2023 937.504/15/2022 4/15/2022 910,000.00 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 417.084/15/2022 4/15/2022 355,198.79 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 559.444/15/2022 4/15/2022 271,721.02 65480EAD3 NALT 2020-B A3 0.43% 10/16/2023 97.374/15/2022 4/15/2022 245,038.47 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 394.104/15/2022 4/15/2022 315,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 99.754/16/2022 4/16/2022 546,361.64 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 204.894/16/2022 4/16/2022 360,000.00 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 204.004/16/2022 4/16/2022 1,150,000.00 3137EAEY1 FREDDIE MAC NOTES 0.12% 10/16/2023 718.754/16/2022 4/16/2022 52,445.59 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 129.80 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST4/16/2022 4/16/2022 186,461.06 36258NAC6 GMCAR 2020-1 A3 1.84% 9/16/2024 285.914/16/2022 4/16/2022 325,000.00 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 341.254/18/2022 4/18/2022 32,696.41 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 77.114/18/2022 4/18/2022 285,000.00 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 87.884/20/2022 4/20/2022 203,020.43 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 76.134/20/2022 4/20/2022 570,000.00 92868KAC7 VALET 2021-1 A3 1.02% 6/22/2026 484.504/20/2022 4/20/2022 560,000.00 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 219.334/20/2022 4/20/2022 350,000.00 36261RAC2 GMALT 2021-1 A3 0.26% 2/20/2024 75.834/20/2022 4/20/2022 560,000.00 380144AC9 GMALT 2021-2 A3 0.34% 5/20/2024 158.674/20/2022 4/20/2022 1,325,000.00 3137EAEQ8 FREDDIE MAC NOTES 0.37% 4/20/2023 2,484.384/20/2022 4/20/2022 395,000.00 89238EAC0 TLOT 2021-A A3 0.39% 4/22/2024 128.384/20/2022 4/20/2022 300,580.71 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 463.404/20/2022 4/20/2022 391,682.72 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 633.224/20/2022 4/20/2022 459058JV6 INTL BK OF RECON AND DEV NOTE 0.12% 4/20/2023 652.054/21/2022 4/21/2022 430,000.00 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 315.334/24/2022 4/24/2022 525,000.00 06051GJH3 BANK OF AMERICA CORP (CALLABLE) CORPORAT 0.81% 10/24/2024 2,126.254/25/2022 4/25/2022 270,000.00 05591RAC8 BMWLT 2021-1 A3 0.29% 1/25/2024 65.25 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST4/25/2022 4/25/2022 670,000.00 06406RAX5 BANK OF NY MELLON CORP (CALLABLE) CORPOR 0.85% 10/25/2024 2,847.504/25/2022 4/25/2022 271,184.94 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 108.474/30/2022 4/30/2022 650,000.00 172967MT5 CITIGROUP INC CORPORATE NOTES 0.77% 10/30/2024 2,522.004/30/2022 4/30/2022 1,500,000.00 91282CDD0 US TREASURY N/B NOTES 0.37% 10/31/2023 2,812.504/30/2022 4/30/2022 2,000,000.00 912828X70 US TREASURY NOTES 2.00% 4/30/2024 20,000.004/30/2022 4/30/2022 1,800,000.00 912828YM6 US TREASURY NOTES 1.50% 10/31/2024 13,500.005/1/2022 5/1/2022 230,000.00 172967MX6 CITIGROUP INC (CALLABLE) CORPORATE NOTES 0.98% 5/1/2025 1,128.155/1/2022 5/1/2022 365,000.00 713448EY0 PEPSICO INC CORPORATE NOTES 0.75% 5/1/2023 1,368.755/1/2022 5/1/2022 360,000.00 605581MY0 MS ST TXBL GO BONDS 0.42% 11/1/2023 759.605/1/2022 5/1/2022 400,000.00 13077DNB4 CA ST UNIV TXBL REV BONDS 0.47% 11/1/2023 950.005/1/2022 5/25/2022 187,120.30 3137FCM35 FHLMC MULTIFAMILY STRUCTURED P POOL 2.95% 2/1/2024 460.165/1/2022 5/25/2022 19,109.28 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 51.015/1/2022 5/25/2022 77,716.68 3137B5JL8 FHLMC MULTIFAMILY STRUCTURED P 2.66% 2/1/2023 172.855/1/2022 5/25/2022 190,848.79 3136ABPW7 FNA 2013-M1 A2 2.36% 8/1/2022 376.075/1/2022 5/25/2022 64,113.56 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 145.115/1/2022 5/25/2022 193,393.03 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 373.445/1/2022 5/25/2022 102,820.84 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 228.80 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/1/2022 5/25/2022 923,328.71 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 1,775.105/1/2022 5/25/2022 1,512,205.89 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 3,163.035/2/2022 5/2/2022 MONEY0002 MONEY MARKET FUND 5.135/5/2022 5/5/2022 2,750,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 5,156.255/6/2022 5/6/2022 2,980,000.00 3137EAEZ8 FREDDIE MAC NOTES 0.25% 11/6/2023 3,725.005/10/2022 5/10/2022 575,000.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 5/10/2023 5,606.255/10/2022 5/10/2022 240,000.00 6174468T9 MORGAN STANLEY CORPORATE NOTES 0.56% 11/10/2023 672.005/11/2022 5/11/2022 335,000.00 166764BV1 CHEVRON CORP CORPORATE NOTES 1.14% 5/11/2023 1,911.185/11/2022 5/11/2022 710,000.00 037833DV9 APPLE INC CORPORATE NOTES 0.75% 5/11/2023 2,662.505/12/2022 5/12/2022 1,060,000.00 023135BW5 AMAZON.COM INC CORPORATE NOTES 0.45% 5/12/2024 2,385.005/13/2022 5/13/2022 690,000.00 110122DT2 BRISTOL-MYERS SQUIBB CO (CALLABLE) CORP 0.53% 11/13/2023 1,852.655/15/2022 5/15/2022 256,198.15 14315FAD9 CARMX 2020-3 A3 0.62% 3/17/2025 132.375/15/2022 5/15/2022 425,000.00 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 272.715/15/2022 5/15/2022 217,519.30 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 349.845/15/2022 5/15/2022 775,000.00 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 1,646.885/15/2022 5/15/2022 500,000.00 91324PEB4 UNITEDHEALTH GROUP INC (CALLABLE) CORP N 0.55% 5/15/2024 1,375.005/15/2022 5/15/2022 520,000.00 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 351.00 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/15/2022 5/15/2022 330,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 203.505/15/2022 5/15/2022 910,000.00 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 417.085/15/2022 5/15/2022 25,642.31 65478NAD7 NAROT 2018-C A3 3.22% 6/15/2023 68.815/15/2022 5/15/2022 475,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 205.835/15/2022 5/15/2022 145,596.90 02007TAC9 ALLYA 2019-4 A3 1.84% 6/17/2024 223.255/15/2022 5/15/2022 238,475.57 58769VAC4 MBART 2020-1 A3 0.55% 2/18/2025 109.305/15/2022 5/15/2022 245,488.18 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 98.205/15/2022 5/15/2022 235,000.00 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 66.585/15/2022 5/15/2022 350,000.00 14316HAC6 CARMX 2020-4 A3 0.50% 8/15/2025 145.835/15/2022 5/15/2022 155,000.00 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 166.635/15/2022 5/15/2022 142,036.24 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 221.345/15/2022 5/15/2022 435,000.00 89238JAC9 TAOT 2021-D A3 0.71% 4/15/2026 257.385/15/2022 5/15/2022 326,304.44 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 171.315/15/2022 5/15/2022 291,844.56 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 133.765/15/2022 5/15/2022 326,517.79 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 514.275/15/2022 5/15/2022 360,000.00 43815BAC4 HAROT 2022-1 A3 1.88% 5/15/2026 564.005/15/2022 5/15/2022 265,000.00 50117EAB0 KCOT 2022-1A A2 2.34% 4/15/2025 516.75 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/15/2022 5/15/2022 136,336.48 58769EAC2 MBALT 2020-B A3 0.40% 11/15/2023 45.455/15/2022 5/15/2022 187,112.30 34531KAD4 FORDO 2019-C A3 1.87% 3/15/2024 291.585/15/2022 5/15/2022 43,312.87 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 84.465/15/2022 5/15/2022 43,039.15 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 104.375/15/2022 5/15/2022 2,235,000.00 91282CAW1 US TREASURY NOTES 0.25% 11/15/2023 2,793.755/15/2022 5/15/2022 590,000.00 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 972.355/15/2022 5/15/2022 765,000.00 50117EAC8 KCOT 2022-1A A3 2.67% 10/15/2026 1,702.135/15/2022 5/15/2022 330,000.00 50117TAC5 KCOT 2021-1A A3 0.62% 8/15/2025 170.505/15/2022 5/15/2022 85,387.46 43815NAC8 HAROT 2019-3 A3 1.78% 8/15/2023 126.665/15/2022 5/15/2022 425,000.00 89238FAD5 TAOT 2022-B A3 2.93% 9/15/2026 1,106.895/15/2022 5/15/2022 315,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 99.755/15/2022 5/15/2022 1,700,000.00 91282CDH1 US TREASURY N/B NOTES 0.75% 11/15/2024 6,375.005/15/2022 5/15/2022 104,290.47 44891JAC2 HART 2019-B A3 1.94% 2/15/2024 168.605/15/2022 5/15/2022 235,451.43 65480EAD3 NALT 2020-B A3 0.43% 10/16/2023 84.375/15/2022 5/15/2022 405,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 195.755/15/2022 5/15/2022 895,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/15/2026 775.675/15/2022 5/15/2022 54,433.14 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 113.86 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/15/2022 5/15/2022 15,573.33 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 34.525/15/2022 5/15/2022 29,992.63 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 65.985/15/2022 5/15/2022 555,000.00 50117XAE2 KCOT 2021-2A A3 0.56% 11/17/2025 259.005/15/2022 5/15/2022 1,100,000.00 14041NFZ9 COMET 2022-A1 A1 2.80% 3/15/2027 3,850.005/15/2022 5/15/2022 815,000.00 448977AD0 HART 2022-A A3 2.22% 10/15/2026 1,507.755/16/2022 5/16/2022 360,000.00 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 204.005/16/2022 5/16/2022 325,000.00 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 341.255/16/2022 5/16/2022 25,854.66 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 63.995/16/2022 5/16/2022 507,962.01 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 190.495/16/2022 5/16/2022 167,997.01 36258NAC6 GMCAR 2020-1 A3 1.84% 9/16/2024 257.605/16/2022 5/16/2022 365,000.00 362585AC5 GMCAR 2022-2 A3 3.10% 2/16/2027 1,037.215/17/2022 5/17/2022 625,000.00 38141GXL3 GOLDMAN SACHS GROUP INC (CALLABLE) CORP 0.62% 11/17/2023 1,959.385/18/2022 5/18/2022 20,770.89 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 48.985/18/2022 5/18/2022 274,571.44 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 84.665/20/2022 5/20/2022 350,000.00 36261RAC2 GMALT 2021-1 A3 0.26% 2/20/2024 75.835/20/2022 5/20/2022 570,000.00 92868KAC7 VALET 2021-1 A3 1.02% 6/22/2026 484.505/20/2022 5/20/2022 337,483.20 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 545.60 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/20/2022 5/20/2022 560,000.00 380144AC9 GMALT 2021-2 A3 0.34% 5/20/2024 158.675/20/2022 5/20/2022 261,714.01 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 403.485/20/2022 5/20/2022 395,000.00 89238EAC0 TLOT 2021-A A3 0.39% 4/22/2024 128.385/20/2022 5/20/2022 169,775.20 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 63.675/20/2022 5/20/2022 560,000.00 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 219.335/21/2022 5/21/2022 430,000.00 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 315.335/22/2022 5/22/2022 3,140,000.00 3135G04Q3 FANNIE MAE NOTES 0.25% 5/22/2023 3,925.005/24/2022 5/24/2022 960,000.00 459058JM6 INTL BK RECON & DEVELOP NOTES 0.25% 11/24/2023 1,200.005/24/2022 5/24/2022 1,100,000.00 4581X0DM7 INTER-AMERICAN DEVEL BK NOTES 0.50% 5/24/2023 2,750.005/25/2022 5/25/2022 247,270.71 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 98.915/25/2022 5/25/2022 270,000.00 05591RAC8 BMWLT 2021-1 A3 0.29% 1/25/2024 65.255/28/2022 5/28/2022 695,000.00 04636NAC7 ASTRAZENECA FINANCE LLC (CALLABLE) CORP 0.70% 5/28/2024 2,432.505/31/2022 5/31/2022 2,950,000.00 912828YV6 US TREASURY NOTES 1.50% 11/30/2024 22,125.006/1/2022 6/25/2022 74,702.26 3136ABPW7 FNA 2013-M1 A2 2.36% 8/1/2022 147.206/1/2022 6/25/2022 181,853.65 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 345.526/1/2022 6/25/2022 19,055.84 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 50.866/1/2022 6/25/2022 1,000,000.00 3137BKRJ1 FHMS K047 A2 3.32% 5/1/2025 2,774.17 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST6/1/2022 6/25/2022 88,591.69 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 154.446/1/2022 6/25/2022 181,224.74 3137FCM35 FHLMC MULTIFAMILY STRUCTURED P POOL 2.95% 2/1/2024 445.666/1/2022 6/25/2022 896,719.54 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 1,723.946/1/2022 6/25/2022 1,508,256.74 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 3,182.766/1/2022 6/25/2022 64,125.29 3137B5JL8 FHLMC MULTIFAMILY STRUCTURED P 2.66% 2/1/2023 142.636/1/2022 6/25/2022 1,401,723.14 3137FBTA4 FHLMC MULTIFAMILY STRUCTURED POOL 3.06% 8/1/2024 3,579.076/1/2022 6/1/2022 MONEY0002 MONEY MARKET FUND 85.866/1/2022 6/1/2022 630,000.00 46647PCH7 JPMORGAN CHASE & CO (CALLABLE) CORP NOTE 0.82% 6/1/2025 2,595.606/1/2022 6/1/2022 100,000.00 13067WRA2 CA ST DEPT WTR RES WTR SYS TXBL REV BNDS 0.41% 12/1/2023 207.006/1/2022 6/1/2022 225,000.00 13067WQZ8 CA ST DEPT WTR RES WTR SYS TXBL REV BNDS 0.34% 12/1/2022 392.636/2/2022 6/2/2022 1,525,000.00 23341VZT1 DNB BANK ASA/NY LT CD 2.04% 12/2/2022 15,727.836/3/2022 6/3/2022 345,000.00 023135BP0 AMAZON.COM INC CORPORATE NOTES 0.40% 6/3/2023 690.006/4/2022 6/4/2022 2,400,000.00 3137EAFA2 FREDDIE MAC NOTES 0.25% 12/4/2023 3,000.006/6/2022 6/6/2022 1,000,000.00 06051GKE8 BANK OF AMERICA CORP NOTES (CALLABLE) 1.53% 12/6/2025 7,650.006/8/2022 6/8/2022 200,000.00 69371RQ82 PACCAR FINANCIAL CORP CORPORATE NOTES 0.80% 6/8/2023 800.006/9/2022 6/9/2022 1,175,000.00 3133834G3 FEDERAL HOME LOAN BANKS NOTES 2.12% 6/9/2023 12,484.386/15/2022 6/15/2022 70,824.37 43815NAC8 HAROT 2019-3 A3 1.78% 8/15/2023 105.06 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST6/15/2022 6/15/2022 20,182.41 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 44.406/15/2022 6/15/2022 8,225,000.00 91282CCG4 US TREASURY N/B NOTES 0.25% 6/15/2024 10,281.256/15/2022 6/15/2022 87,096.09 44891JAC2 HART 2019-B A3 1.94% 2/15/2024 140.816/15/2022 6/15/2022 1,100,000.00 14041NFZ9 COMET 2022-A1 A1 2.80% 3/15/2027 2,566.676/15/2022 6/15/2022 2,797.73 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 6.206/15/2022 6/15/2022 162,477.59 34531KAD4 FORDO 2019-C A3 1.87% 3/15/2024 253.196/15/2022 6/15/2022 450,000.00 14043QAC6 COPAR 2022-1 A3 3.17% 4/15/2027 1,624.636/15/2022 6/15/2022 237,141.02 14315FAD9 CARMX 2020-3 A3 0.62% 3/17/2025 122.526/15/2022 6/15/2022 895,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/15/2026 775.676/15/2022 6/15/2022 1,425,000.00 91282CBA8 US TREASURY NOTES 0.12% 12/15/2023 890.636/15/2022 6/15/2022 425,000.00 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 272.716/15/2022 6/15/2022 425,000.00 89238FAD5 TAOT 2022-B A3 2.93% 9/15/2026 1,037.716/15/2022 6/15/2022 775,000.00 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 1,976.256/15/2022 6/15/2022 126,717.02 02007TAC9 ALLYA 2019-4 A3 1.84% 6/17/2024 194.306/15/2022 6/15/2022 405,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 195.756/15/2022 6/15/2022 40,945.54 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 85.646/15/2022 6/15/2022 202,779.37 65480EAD3 NALT 2020-B A3 0.43% 10/16/2023 72.66 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST6/15/2022 6/15/2022 24,037.01 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 58.296/15/2022 6/15/2022 302,790.76 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 476.906/15/2022 6/15/2022 360,000.00 43815BAC4 HAROT 2022-1 A3 1.88% 5/15/2026 564.006/15/2022 6/15/2022 910,000.00 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 417.086/15/2022 6/15/2022 315,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 99.756/15/2022 6/15/2022 155,000.00 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 166.636/15/2022 6/15/2022 555,000.00 50117XAE2 KCOT 2021-2A A3 0.56% 11/17/2025 259.006/15/2022 6/15/2022 124,109.00 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 193.406/15/2022 6/15/2022 475,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 205.836/15/2022 6/15/2022 2,150,000.00 91282CDN8 US TREASURY N/B NOTES 1.00% 12/15/2024 10,750.006/15/2022 6/15/2022 435,000.00 89238JAC9 TAOT 2021-D A3 0.71% 4/15/2026 257.386/15/2022 6/15/2022 330,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 203.506/15/2022 6/15/2022 1,090,000.00 02582JJT8 AMXCA 2022-2 A 3.39% 5/17/2027 2,155.486/15/2022 6/15/2022 350,000.00 14316HAC6 CARMX 2020-4 A3 0.50% 8/15/2025 145.836/15/2022 6/15/2022 219,980.48 58769VAC4 MBART 2020-1 A3 0.55% 2/18/2025 100.826/15/2022 6/15/2022 304,712.53 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 159.976/15/2022 6/15/2022 24,079.98 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 46.96 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST6/15/2022 6/15/2022 815,000.00 448977AD0 HART 2022-A A3 2.22% 10/15/2026 1,507.756/15/2022 6/15/2022 224,255.68 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 89.706/15/2022 6/15/2022 264,807.06 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 121.376/15/2022 6/15/2022 265,000.00 50117EAB0 KCOT 2022-1A A2 2.34% 4/15/2025 516.756/15/2022 6/15/2022 590,000.00 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 1,715.926/15/2022 6/15/2022 765,000.00 50117EAC8 KCOT 2022-1A A3 2.67% 10/15/2026 1,702.136/15/2022 6/15/2022 109.93 65478NAD7 NAROT 2018-C A3 3.22% 6/15/2023 0.296/15/2022 6/15/2022 194,178.11 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 312.306/15/2022 6/15/2022 235,000.00 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 66.586/15/2022 6/15/2022 125,646.16 58769EAC2 MBALT 2020-B A3 0.40% 11/15/2023 41.886/15/2022 6/15/2022 520,000.00 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 351.006/15/2022 6/15/2022 330,000.00 50117TAC5 KCOT 2021-1A A3 0.62% 8/15/2025 170.506/16/2022 6/16/2022 2,520.33 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 6.246/16/2022 6/16/2022 474,803.82 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 178.056/16/2022 6/16/2022 360,000.00 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 204.006/16/2022 6/16/2022 325,000.00 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 341.256/16/2022 6/16/2022 365,000.00 362585AC5 GMCAR 2022-2 A3 3.10% 2/16/2027 942.92 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST6/16/2022 6/16/2022 151,547.08 36258NAC6 GMCAR 2020-1 A3 1.84% 9/16/2024 232.376/18/2022 6/18/2022 255,657.17 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 78.836/18/2022 6/18/2022 9,822.44 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 23.166/20/2022 6/20/2022 232,759.55 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 358.846/20/2022 6/20/2022 560,000.00 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 219.336/20/2022 6/20/2022 350,000.00 36261RAC2 GMALT 2021-1 A3 0.26% 2/20/2024 75.836/20/2022 6/20/2022 570,000.00 92868KAC7 VALET 2021-1 A3 1.02% 6/22/2026 484.506/20/2022 6/20/2022 141,514.42 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 53.076/20/2022 6/20/2022 395,000.00 89238EAC0 TLOT 2021-A A3 0.39% 4/22/2024 128.386/20/2022 6/20/2022 560,000.00 380144AC9 GMALT 2021-2 A3 0.34% 5/20/2024 158.676/20/2022 6/20/2022 290,511.43 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 469.666/21/2022 6/21/2022 430,000.00 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 315.336/25/2022 6/25/2022 226,231.15 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 90.496/25/2022 6/25/2022 270,000.00 05591RAC8 BMWLT 2021-1 A3 0.29% 1/25/2024 65.256/25/2022 7/12/2022 410,000.00 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 1,352.666/26/2022 6/26/2022 2,850,000.00 3137EAES4 FREDDIE MAC NOTES 0.25% 6/26/2023 3,562.50 Total INTEREST 137,518,514.61 304,812.48 0.00
Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
MATURITY4/1/2022 4/1/2022 1,025,000.00 46647PBB1 JPMORGAN CHASE & CO BONDS (CALLED, OMD 4 3.20% 4/1/2022 1,041,435.885/19/2022 5/19/2022 200,000.00 61744YAH1 MORGAN STANLEY CORP NOTES 2.75% 5/19/2022 202,750.00 Total MATURITY 1,225,000.00 1,244,185.88 0.00
PAYDOWNS4/1/2022 4/25/2022 9,757.62 3136ABPW7 FNA 2013-M1 A2 2.36% 8/1/2022 9,757.624/1/2022 4/25/2022 12,868.59 3137B5JL8 FHLMC MULTIFAMILY STRUCTURED P 2.66% 2/1/2023 12,868.594/1/2022 4/25/2022 405.43 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 405.434/1/2022 4/25/2022 46,002.77 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 46,002.774/1/2022 4/25/2022 30,668.52 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 30,668.524/1/2022 4/25/2022 279,328.48 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 279,328.484/1/2022 4/25/2022 3,479.99 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 3,479.994/1/2022 4/25/2022 5,492.09 3137FCM35 FHLMC MULTIFAMILY STRUCTURED P POOL 2.95% 2/1/2024 5,492.094/1/2022 4/25/2022 49.88 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 49.884/1/2022 4/25/2022 23,159.58 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 23,159.584/1/2022 4/25/2022 32,479.90 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 32,479.904/1/2022 4/25/2022 1,982.05 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 1,982.054/15/2022 4/15/2022 28,681.00 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 28,681.00 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS4/15/2022 4/15/2022 27,519.17 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 27,519.174/15/2022 4/15/2022 11,233.86 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 11,233.864/15/2022 4/15/2022 9,899.65 89231PAD0 TOYOTA AUTO RECEIVABLES OWNER 3.18% 3/15/2023 9,899.654/15/2022 4/15/2022 14,169.94 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 14,169.944/15/2022 4/15/2022 29,115.94 65478NAD7 NAROT 2018-C A3 3.22% 6/15/2023 29,115.944/15/2022 4/15/2022 16,154.94 43815NAC8 HAROT 2019-3 A3 1.78% 8/15/2023 16,154.944/15/2022 4/15/2022 23,810.29 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 23,810.294/15/2022 4/15/2022 15,219.57 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 15,219.574/15/2022 4/15/2022 25,389.63 34531KAD4 FORDO 2019-C A3 1.87% 3/15/2024 25,389.634/15/2022 4/15/2022 22,149.56 14315FAD9 CARMX 2020-3 A3 0.62% 3/17/2025 22,149.564/15/2022 4/15/2022 36,269.59 65480EAD3 NALT 2020-B A3 0.43% 10/16/2023 36,269.594/15/2022 4/15/2022 8,663.52 58769EAC2 MBALT 2020-B A3 0.40% 11/15/2023 8,663.524/15/2022 4/15/2022 21,433.16 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 21,433.164/15/2022 4/15/2022 24,422.00 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 24,422.004/15/2022 4/15/2022 21,972.88 58769VAC4 MBART 2020-1 A3 0.55% 2/18/2025 21,972.884/15/2022 4/15/2022 22,530.49 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 22,530.494/15/2022 4/15/2022 32,032.04 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 32,032.04 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS4/15/2022 4/15/2022 20,261.58 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 20,261.584/15/2022 4/15/2022 19,103.22 44891JAC2 HART 2019-B A3 1.94% 2/15/2024 19,103.224/15/2022 4/15/2022 21,267.37 02007TAC9 ALLYA 2019-4 A3 1.84% 6/17/2024 21,267.374/16/2022 4/16/2022 38,399.63 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 38,399.634/16/2022 4/16/2022 18,464.05 36258NAC6 GMCAR 2020-1 A3 1.84% 9/16/2024 18,464.054/16/2022 4/16/2022 26,590.93 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 26,590.934/18/2022 4/18/2022 11,925.52 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 11,925.524/18/2022 4/18/2022 10,428.56 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 10,428.564/20/2022 4/20/2022 54,199.52 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 54,199.524/20/2022 4/20/2022 38,866.70 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 38,866.704/20/2022 4/20/2022 33,245.23 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 33,245.234/25/2022 4/25/2022 23,914.23 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 23,914.235/1/2022 5/25/2022 11,539.38 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 11,539.385/1/2022 5/25/2022 13,591.39 3137B5JL8 FHLMC MULTIFAMILY STRUCTURED P 2.66% 2/1/2023 13,591.395/1/2022 5/25/2022 14,229.15 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 14,229.155/1/2022 5/25/2022 116,146.53 3136ABPW7 FNA 2013-M1 A2 2.36% 8/1/2022 116,146.535/1/2022 5/25/2022 15,965.50 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 15,965.50 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS5/1/2022 5/25/2022 382.18 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 382.185/1/2022 5/25/2022 3,566.97 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 3,566.975/1/2022 5/25/2022 53.44 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 53.445/1/2022 5/25/2022 64,113.56 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 64,113.565/1/2022 5/25/2022 5,895.56 3137FCM35 FHLMC MULTIFAMILY STRUCTURED P POOL 2.95% 2/1/2024 5,895.565/1/2022 5/25/2022 10,643.67 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 10,643.675/15/2022 5/15/2022 19,002.14 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 19,002.145/15/2022 5/15/2022 13,487.60 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 13,487.605/15/2022 5/15/2022 23,727.03 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 23,727.035/15/2022 5/15/2022 21,591.91 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 21,591.915/15/2022 5/15/2022 17,194.38 44891JAC2 HART 2019-B A3 1.94% 2/15/2024 17,194.385/15/2022 5/15/2022 25,532.38 65478NAD7 NAROT 2018-C A3 3.22% 6/15/2023 25,532.385/15/2022 5/15/2022 10,690.32 58769EAC2 MBALT 2020-B A3 0.40% 11/15/2023 10,690.325/15/2022 5/15/2022 17,927.24 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 17,927.245/15/2022 5/15/2022 19,057.13 14315FAD9 CARMX 2020-3 A3 0.62% 3/17/2025 19,057.135/15/2022 5/15/2022 24,634.71 34531KAD4 FORDO 2019-C A3 1.87% 3/15/2024 24,634.715/15/2022 5/15/2022 21,232.50 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 21,232.50 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS5/15/2022 5/15/2022 14,563.09 43815NAC8 HAROT 2019-3 A3 1.78% 8/15/2023 14,563.095/15/2022 5/15/2022 27,037.50 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 27,037.505/15/2022 5/15/2022 32,672.06 65480EAD3 NALT 2020-B A3 0.43% 10/16/2023 32,672.065/15/2022 5/15/2022 9,810.22 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 9,810.225/15/2022 5/15/2022 12,775.60 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 12,775.605/15/2022 5/15/2022 19,232.89 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 19,232.895/15/2022 5/15/2022 23,341.19 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 23,341.195/15/2022 5/15/2022 18,495.09 58769VAC4 MBART 2020-1 A3 0.55% 2/18/2025 18,495.095/15/2022 5/15/2022 18,879.88 02007TAC9 ALLYA 2019-4 A3 1.84% 6/17/2024 18,879.885/16/2022 5/16/2022 16,449.93 36258NAC6 GMCAR 2020-1 A3 1.84% 9/16/2024 16,449.935/16/2022 5/16/2022 33,158.19 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 33,158.195/16/2022 5/16/2022 23,334.33 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 23,334.335/18/2022 5/18/2022 18,914.27 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 18,914.275/18/2022 5/18/2022 10,948.45 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 10,948.455/20/2022 5/20/2022 46,971.77 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 46,971.775/20/2022 5/20/2022 28,954.46 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 28,954.465/20/2022 5/20/2022 28,260.78 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 28,260.78 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS5/25/2022 5/25/2022 21,039.56 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 21,039.566/1/2022 6/25/2022 68,712.29 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 68,712.296/1/2022 6/25/2022 56,325.99 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 56,325.996/1/2022 6/25/2022 1,631.35 3137FBTA4 FHLMC MULTIFAMILY STRUCTURED POOL 3.06% 8/1/2024 1,631.356/1/2022 6/25/2022 74,702.26 3136ABPW7 FNA 2013-M1 A2 2.36% 8/1/2022 74,702.266/1/2022 6/25/2022 51,771.84 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 51,771.846/1/2022 6/25/2022 12,957.21 3137B5JL8 FHLMC MULTIFAMILY STRUCTURED P 2.66% 2/1/2023 12,957.216/1/2022 6/25/2022 7,362.03 3137B1BS0 FHLMC MULTIFAMILY STRUCTURED P 2.51% 11/1/2022 7,362.036/1/2022 6/25/2022 50.44 3137FKK39 FHMS KP05 A 3.20% 7/1/2023 50.446/1/2022 6/25/2022 5,530.80 3137FCM35 FHLMC MULTIFAMILY STRUCTURED P POOL 2.95% 2/1/2024 5,530.806/1/2022 6/25/2022 77,657.77 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 77,657.776/1/2022 6/25/2022 15,351.97 3136AEGQ4 FNA 2013-M7 A2 2.28% 12/1/2022 15,351.976/15/2022 6/15/2022 13,439.74 43815NAC8 HAROT 2019-3 A3 1.78% 8/15/2023 13,439.746/15/2022 6/15/2022 29,759.51 65480EAD3 NALT 2020-B A3 0.43% 10/16/2023 29,759.516/15/2022 6/15/2022 20,985.97 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 20,985.976/15/2022 6/15/2022 27,375.51 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 27,375.516/15/2022 6/15/2022 2,797.73 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 2,797.73 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS6/15/2022 6/15/2022 11,100.16 58769EAC2 MBALT 2020-B A3 0.40% 11/15/2023 11,100.166/15/2022 6/15/2022 24,141.48 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 24,141.486/15/2022 6/15/2022 22,523.87 65479JAD5 NAROT 2019-C A3 1.93% 7/15/2024 22,523.876/15/2022 6/15/2022 109.93 65478NAD7 NAROT 2018-C A3 3.22% 6/15/2023 109.936/15/2022 6/15/2022 19,053.97 58769VAC4 MBART 2020-1 A3 0.55% 2/18/2025 19,053.976/15/2022 6/15/2022 17,907.51 02004WAC5 ALLYA 2019-1 A3 2.91% 9/15/2023 17,907.516/15/2022 6/15/2022 18,110.55 14315FAD9 CARMX 2020-3 A3 0.62% 3/17/2025 18,110.556/15/2022 6/15/2022 15,515.59 44891JAC2 HART 2019-B A3 1.94% 2/15/2024 15,515.596/15/2022 6/15/2022 16,288.35 41284UAD6 HDMOT 2020-A A3 1.87% 10/15/2024 16,288.356/15/2022 6/15/2022 19,678.62 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 19,678.626/15/2022 6/15/2022 12,853.25 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 12,853.256/15/2022 6/15/2022 18,026.08 41284WAC4 HDMOT 2019-A A3 2.34% 2/15/2024 18,026.086/15/2022 6/15/2022 17,717.71 02007TAC9 ALLYA 2019-4 A3 1.84% 6/17/2024 17,717.716/15/2022 6/15/2022 22,107.20 34531KAD4 FORDO 2019-C A3 1.87% 3/15/2024 22,107.206/15/2022 6/15/2022 9,261.03 31680YAD9 FIFTH THIRD AUTO TRUST 2.64% 12/15/2023 9,261.036/16/2022 6/16/2022 2,520.33 36256XAD4 GMCAR 2019-1 A3 2.97% 11/16/2023 2,520.336/16/2022 6/16/2022 31,271.09 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 31,271.09 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS6/16/2022 6/16/2022 15,055.70 36258NAC6 GMCAR 2020-1 A3 1.84% 9/16/2024 15,055.706/18/2022 6/18/2022 17,647.95 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 17,647.956/18/2022 6/18/2022 9,822.44 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 9,822.446/20/2022 6/20/2022 28,406.86 92348TAA2 VZOT 2020-A A1A 1.85% 7/22/2024 28,406.866/20/2022 6/20/2022 45,891.33 92348AAA3 VZOT 2019-C A1A 1.94% 4/22/2024 45,891.336/20/2022 6/20/2022 27,760.62 362569AC9 GMALT 2020-3 A3 0.45% 8/21/2023 27,760.626/20/2022 6/20/2022 12,496.73 36261RAC2 GMALT 2021-1 A3 0.26% 2/20/2024 12,496.736/25/2022 6/25/2022 315.68 05591RAC8 BMWLT 2021-1 A3 0.29% 1/25/2024 315.686/25/2022 6/25/2022 20,121.91 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 20,121.91 Total PAYDOWNS 2,950,170.95 2,950,170.95 0.00
SELL4/6/2022 4/11/2022 250,000.00 912828ZP8 US TREASURY NOTES 0.12% 5/15/2023 245,097.60 -4,695.524/11/2022 4/13/2022 430,000.00 023135BP0 AMAZON.COM INC CORPORATE NOTES 0.40% 6/3/2023 422,128.61 -8,263.794/12/2022 4/13/2022 805,000.00 3137EAEQ8 FREDDIE MAC NOTES 0.37% 4/20/2023 793,924.88 -11,842.104/12/2022 4/18/2022 500,000.00 912828ZP8 US TREASURY NOTES 0.12% 5/15/2023 490,656.51 -8,953.534/22/2022 4/26/2022 700,000.00 3137EAEQ8 FREDDIE MAC NOTES 0.37% 4/20/2023 688,108.75 -11,361.264/22/2022 4/26/2022 700,000.00 46647PBZ8 JPMORGAN CHASE & CO CORPORATE NOTES (CAL 0.69% 3/16/2024 684,295.11 -16,247.00 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
SELL4/25/2022 4/28/2022 500,000.00 912828ZP8 US TREASURY NOTES 0.12% 5/15/2023 490,087.84 -9,556.204/26/2022 5/3/2022 325,000.00 912828ZU7 US TREASURY NOTES 0.25% 6/15/2023 318,645.23 -6,821.285/2/2022 5/4/2022 100,000.00 3137EAEQ8 FREDDIE MAC NOTES 0.37% 4/20/2023 98,318.58 -1,615.865/4/2022 5/5/2022 950,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 932,225.50 -17,641.265/4/2022 5/5/2022 525,000.00 3137EAEQ8 FREDDIE MAC NOTES 0.37% 4/20/2023 515,847.28 -8,815.235/10/2022 5/13/2022 175,000.00 912828ZU7 US TREASURY NOTES 0.25% 6/15/2023 171,590.22 -3,670.945/16/2022 5/18/2022 350,000.00 912828ZU7 US TREASURY NOTES 0.25% 6/15/2023 343,356.52 -7,175.745/19/2022 5/24/2022 1,050,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 1,032,914.31 -17,153.905/19/2022 5/24/2022 400,000.00 912828ZU7 US TREASURY NOTES 0.25% 6/15/2023 392,283.31 -8,338.655/19/2022 5/24/2022 1,100,000.00 912828ZU7 US TREASURY NOTES 0.25% 6/15/2023 1,078,779.10 -22,937.335/24/2022 5/26/2022 250,000.00 912828ZU7 US TREASURY NOTES 0.25% 6/15/2023 245,493.00 -4,899.935/25/2022 5/31/2022 750,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 738,338.13 -11,767.305/25/2022 5/31/2022 675,000.00 3135G04Q3 FANNIE MAE NOTES 0.25% 5/22/2023 663,013.69 -11,367.956/2/2022 6/6/2022 1,525,000.00 23341VZT1 DNB BANK ASA/NY LT CD 2.04% 12/2/2022 1,523,991.93 -1,353.746/2/2022 6/6/2022 2,000,000.00 3135G04Q3 FANNIE MAE NOTES 0.25% 5/22/2023 1,961,554.44 -36,715.806/3/2022 6/9/2022 550,000.00 912828S35 US TREASURY NOTES 1.37% 6/30/2023 548,100.35 -9,519.336/3/2022 6/9/2022 100,000.00 912828ZU7 US TREASURY NOTES 0.25% 6/15/2023 98,093.54 -2,071.58 Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Appendix
|
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bankis a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sourcesexternal to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers arefor illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion ofthe strategy rated by a NRSRO.It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any salescharges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to belower than the performance shown.The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast,projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion asof the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actualevents occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and datapresented are not necessarily indicative of future events or expected performance.For more information regarding PFMAM's services or entities, please visit www.pfmam.com.© 2022 PFM Asset Management LLC. Further distribution is not permitted without prior written consent.

Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Appendix
|
Important Disclosures
Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, Bloomberg, or Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield-based matrix system to arrive at an estimatedmarket value.

In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded.

Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is showngross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns.

Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.Money market fund/cash balances are included in performance and duration computations.Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.MBS maturities are represented by expected average life.

Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Appendix
|
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.Agencies: Federal agency securities and/or Government-sponsored enterprises.Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.

Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans, leases, credit card balances, and receivables.

Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector addedor subtracted from the overall portfolio performance.Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compoundingon investment returns, while nominal yield does not.FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.Interest Rate: Interest per year divided by principal amount and expressed as a percentage.Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.Maturity: The date upon which the principal or stated value of an investment becomes due and payable.Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.Par Value: The nominal dollar face amount of a security.Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is themortgage-backed security.

Item 3

PRESENTATION
© PFM Asset Management LLC pfmam.com
For the Quarter Ended June 30, 2022
Appendix
|
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments andmaturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whosedecisions are binding on its members.Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.U.S. Treasury: The department of the U.S. government that issues Treasury securities.Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis.

YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time periodfrom purchase date to maturity, stated as a percentage on an annualized basis.YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the timeperiod remaining until maturity, stated as a percentage on an annualized basis.

Item 3

PRESENTATION

SAMPLE CLIENT

ACCOUNT STATEMENT
For the Month Ending
June 30, 2022
Customer Service
PO Box 11813
Harrisburg, PA 17108-1813
Contents
Cover/Disclosures
Summary Statement
Individual Accounts

SAMPLE CLIENT

ADDRESS

CITY, CA ZIP CODE
Client Management Team
Accounts included in Statement
XXXX1000 SAMPLE CLIENT
Online Access https://www.pfmam.com Customer Service 1-717-232-2723 Monique Spyke
Managing Director
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
[email protected]
Allison Kaune
Senior Analyst
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
[email protected]
Item 3

PRESENTATION
pfm) asset
manage1ment
For the Month Ending June 30, 2022
Account Statement
Important Disclosures
Important Disclosures
365 and dividing the result by 7. The yields quoted should not be considered a representation of the yield of the fund in the future, since the yield is not fixed.

Average maturity represents the average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. The stated maturity date of mortgage backed or callable securities are used in this statement. However the actual maturity of these securities could vary depending on the level or prepayments on the underlying mortgages or whether a callable security has or is still able to be called.

Monthly distribution yield represents the net change in the value of one share (normally $1.00 per share) resulting from all dividends declared during the month by a fund expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month.

YTM at Cost The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase date to maturity, stated as a percentage, on an annualized basis.

YTM at Market The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an annualized basis.

Managed Account A portfolio of investments managed discretely by PFMAM according to the client’s specific investment policy and requirements. The investments are directly owned by the client and held by the client’s custodian.

Unsettled Trade A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place.

Please review the detail pages of this statement carefully. If you think your statement is wrong, missing account information, or if you need more information about a transaction, please contact PFMAM within 60 days of receipt. If you have other concerns or questions regarding your account, or to request an updated copy of PFMAM's current disclosure statement, please contact a member of your client management team at PFMAM Service Operations at the address below.

PFM Asset Management LLC
Attn: Service Operations
213 Market Street
Harrisburg, PA 17101
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management LLC ("PFMAM") is an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. PFMAM maintains a written disclosure statement of our background and business experience. If you would like to receive a copy of our current disclosure statement, please contact Service Operations at the address below.

Proxy Voting PFMAM does not normally receive proxies to vote on behalf of its clients.

However, it does on occasion receive consent requests. In the event a consent request is received the portfolio manager contacts the client and then proceeds according to their instructions. PFMAM’s Proxy Voting Policy is available upon request by contacting Service Operations at the address below.

Questions About an Account PFMAM’s monthly statement is intended to detail our investment advisory activity as well as the activity of any accounts held by clients in pools that are managed by PFMAM. The custodian bank maintains the control of assets and executes (i.e., settles) all investment transactions. The custodian statement is the official record of security and cash holdings and transactions. PFMAM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFMAM statement should be reconciled and differences resolved.

Many custodians use a settlement date basis which may result in the need to reconcile due to a timing difference.

Account Control PFMAM does not have the authority to withdraw funds from or deposit funds to the custodian outside the scope of services provided by PFMAM. Our clients retain responsibility for their internal accounting policies; implementing and enforcing internal controls and generating ledger entries or otherwise recording transactions.

Market Value Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv or Bloomberg. For certain short-term investments or where prices are not available from generally recognized sources the securities are priced using a yield-based matrix system to arrive at an estimated market value. Prices that fall between data points are interpolated.

Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement.

Amortized Cost The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short term securities (those with less than one year to maturity at time of issuance) is amortized on a straightline basis. Such discount or premium with respect to longer term securities is amortized using the constant yield basis.

Tax Reporting Cost data and realized gains / losses are provided for informational purposes only. Please review for accuracy and consult your tax advisor to determine the tax consequences of your security transactions. PFMAM does not report such information to the IRS or other taxing authorities and is not responsible for the accuracy of such information that may be required to be reported to federal, state or other taxing authorities.

Financial Situation In order to better serve you, PFMAM should be promptly notified of any material change in your investment objective or financial situation.

Callable Securities Securities subject to redemption prior to maturity may be redeemed in whole or in part before maturity, which could affect the yield represented.

Portfolio The securities in this portfolio, including shares of mutual funds, are not guaranteed or otherwise protected by PFMAM, the FDIC (except for certain non-negotiable certificates of deposit) or any government agency. Investment in securities involves risks, including the possible loss of the amount invested. Actual settlement values, accrued interest, and amortized cost amounts may vary for securities subject to an adjustable interest rate or subject to principal paydowns. Any changes to the values shown may be reflected within the next monthly statement’s beginning values.

Rating Information provided for ratings is based upon a good faith inquiry of selected sources, but its accuracy and completeness cannot be guaranteed.

Shares of some local government investment programs and TERM funds are marketed through representatives of PFMAM's affiliate, PFM Fund Distributors, Inc. which is registered with the SEC as a broker/dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”). You may reach the FINRA by calling the FINRA Hotline at 1-800-289-9999 or at the FINRA website address
https://www.finra.org/investors/investor-contacts. A brochure describing the FINRA Regulation Public Disclosure Program is also available from FINRA upon request.

Key Terms and Definitions
Dividends on local government investment program funds consist of interest earned, plus any discount ratably amortized to the date of maturity, plus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses to the fund. Dividends are accrued daily and may be paid either monthly or quarterly. The monthly earnings on this statement represent the estimated dividend accrued for the month for any program that distributes earnings on a quarterly basis. There is no guarantee that the estimated amount will be paid on the actual distribution date.

Current Yield is the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical fund account with a balance of one share over the seven-day base period including the statement date, expressed as a percentage of the value of one share (normally $1.00 per share) at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by
Item 3

PRESENTATION
pfm) asset
manage1ment
Managed Account Summary Statement For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Total Cash Basis Earnings
Plus Net Realized Gains/Losses
Less Purchased Interest Related to Interest/Coupons
Interest/Dividends/Coupons Received
Earnings Reconciliation (Cash Basis) - Managed Account
Less Beginning Accrued Interest
Less Beginning Amortized Value of Securities
Less Cost of New Purchases
Plus Coupons/Dividends Received
Plus Proceeds of Maturities/Calls/Principal Payments
Plus Proceeds from Sales
Ending Accrued Interest
Ending Amortized Value of Securities
Earnings Reconciliation (Accrual Basis)
$146,152,972.31
(922,118.35)
(4,806,625.40)
4,199,940.54

0.00 (1,001,998.63)
$143,622,170.47
113,179.64
(5,343.07)
(84,379.22)
$23,457.35
Total
148,795,815.57
273,949.09
4,812,133.78
922,118.35
107,671.26
(4,205,283.61)
(150,404,648.39)
(249,976.01)
Total Accrual Basis Earnings $51,780.04
Closing Market Value
Change in Current Value
Unsettled Trades
Principal Acquisitions
Principal Dispositions
Maturities/Calls
Opening Market Value
Transaction Summary - Managed Account
_________________
_________________
_______________________________________________ _______________________________________________ Reconciling Transactions Net Cash Contribution
Security Purchases
Principal Payments
Coupon/Interest/Dividend Income
Sale Proceeds
Maturities/Calls
Cash Transactions Summary - Managed Account

0.00 4,812,133.78
107,671.26
922,118.35
(4,985,283.61)
(0.10)

0.00 Cash Balance
Closing Cash Balance $1,002,411.04

Page 1 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Portfolio Summary and Statistics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Account Summary
Description Par Value Market Value Percent
U.S. Treasury Bond / Note 57,055,000.00 54,661,921.75 38.06 Supra-National Agency Bond / Note 4,550,000.00 4,390,046.27 3.06 Municipal Bond / Note 4,485,000.00 4,325,925.65 3.01
Federal Agency Commercial
Mortgage-Backed Security
5,044,198.94 5,025,619.38 3.50
Federal Agency Bond / Note 22,330,000.00 21,660,816.07 15.08 Corporate Note 31,835,000.00 30,797,453.68 21.44
Certificate of Deposit 1,125,000.00 1,103,097.38 0.77
Asset-Backed Security 22,209,970.83 21,657,290.29 15.08 Managed Account Sub-Total 148,634,169.77 143,622,170.47 100.00% Accrued Interest 273,949.09
Total Portfolio 148,634,169.77 143,896,119.56
Unsettled Trades 0.00 0.00
Sector Allocation

15.08%
ABS

0.77%
Cert of Deposit

21.44%
Corporate Note

15.08%
Fed Agy Bond /
Note

3.50%
Federal Agency
Commercial
Mortgage-Backed
Security

3.01%
Muni Bond / Note

3.06%
Supra-National
Agency Bond / Note

38.06%
US TSY Bond / Note
0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years

2.00%

7.70%

39.75%

37.03%

6.64% 6.88%

0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 775

1.04%

3.01%

Page 2 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Issuer Summary For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Credit Quality (S&P Ratings)

4.89%
A

3.51%
A+

6.17%
A-0.77%
A-1

3.40%
AA

58.19%
AA+

1.94%
AA-16.24%
AAA

2.03%
BBB+

2.86%
NR
Issuer Summary
Issuer of Holdings Percent
Market Value
3M COMPANY 445,161.15 0.31
ADOBE INC 173,455.80 0.12
ALLY AUTO RECEIVABLES TRUST 114,957.54 0.08
AMAZON.COM INC 1,770,352.14 1.23
AMERICAN EXPRESS CO 1,933,555.69 1.35
AMERICAN HONDA FINANCE 1,070,069.96 0.75
APPLE INC 696,970.79 0.49
ASTRAZENECA PLC 658,978.15 0.46
BANK OF AMERICA CO 2,004,626.33 1.40
BMW FINANCIAL SERVICES NA LLC 899,761.34 0.63
BMW VEHICLE OWNER TRUST 609,247.42 0.42
BRISTOL-MYERS SQUIBB CO 665,019.93 0.46
CALIFORNIA DEPARTMENT OF WATER RESOURCES 318,779.00 0.22 CALIFORNIA EARTHQUAKE AUTHORITY 300,000.00 0.21
CALIFORNIA STATE UNIVERSITY 387,276.00 0.27
CAPITAL ONE FINANCIAL CORP 3,225,232.68 2.25
CARMAX AUTO OWNER TRUST 2,987,214.89 2.08
CATERPILLAR INC 1,010,924.91 0.70
CHARLES SCHWAB 446,037.77 0.31
CHEVRON CORPORATION 329,225.61 0.23
CINTAS CORPORATION NO. 2 315,452.97 0.22
CITIGROUP INC 975,587.07 0.68
COMCAST CORP 351,000.30 0.24
CREDIT SUISSE GROUP RK 1,103,097.38 0.77
DEERE & COMPANY 1,168,558.76 0.81
DISCOVER FINANCIAL SERVICES 379,366.09 0.26
FANNIE MAE 3,540,030.43 2.46
FEDERAL HOME LOAN BANKS 1,167,057.00 0.81
FIFTH THIRD AUTO TRUST 10,924.19 0.01
FLORIDA STATE BOARD OF ADMIN FIN CORP 370,233.50 0.26
FORD CREDIT AUTO OWNER TRUST 288,640.18 0.20
FREDDIE MAC 21,979,348.02 15.30

Page 3 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Issuer Summary For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Issuer of Holdings Percent
Market Value
GM FINANCIAL CONSUMER AUTOMOBILE TRUST 1,586,468.96 1.10 GM FINANCIAL LEASINGTRUST 997,792.16 0.69
GOLDMAN SACHS GROUP INC 1,099,965.88 0.77
HARLEY-DAVIDSON MOTORCYCLE TRUST 878,758.18 0.61
HOME DEPOT INC 107,657.99 0.07
HONDA AUTO RECEIVABLES 1,050,700.55 0.73
HSBC HOLDINGS PLC 1,063,088.87 0.74
HYUNDAI AUTO RECEIVABLES 1,684,369.39 1.17
INTER-AMERICAN DEVELOPMENT BANK 2,452,424.99 1.71
INTL BANK OF RECONSTRUCTION AND DEV 1,937,621.28 1.35
JP MORGAN CHASE & CO 1,726,727.36 1.20
KUBOTA CREDIT OWNER TRUST 1,833,024.37 1.28
LOS ANGELES COMMUNITY COLLEGE DISTRICT 296,496.60 0.21
MERCEDES-BENZ AUTO LEASE TRUST 113,840.41 0.08
MERCEDES-BENZ AUTO RECEIVABLES 198,136.14 0.14
MORGAN STANLEY 1,077,290.11 0.75
NATIONAL AUSTRALIA BANK LTD 772,719.48 0.54
NATIONAL RURAL UTILITIES CO FINANCE CORP 587,774.30 0.41 NESTLE SA 1,009,728.15 0.70
NEW JERSEY TURNPIKE AUTHORITY 284,912.70 0.20
NEW YORK ST URBAN DEVELOPMENT CORP 1,243,604.65 0.87
NISSAN AUTO LEASE TRUST 172,353.46 0.12
NISSAN AUTO RECEIVABLES 406,346.37 0.28
PACCAR FINANCIAL CORP 1,021,010.68 0.71
PEPSICO INC 357,872.65 0.25
RABOBANK NEDERLAND 705,763.50 0.49
Roche Holding AG 1,819,369.96 1.27
STATE OF MARYLAND 778,944.00 0.54
STATE OF MISSISSIPPI 345,679.20 0.24
STATE STREET CORPORATION 1,110,625.70 0.77
TARGET CORP 476,397.45 0.33
THE BANK OF NEW YORK MELLON CORPORATION 2,064,276.18 1.44 Toyota Lease Owner Trust 386,711.24 0.27

Page 4 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Issuer Summary For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Issuer of Holdings Percent
Market Value
TOYOTA MOTOR CORP 1,803,532.19 1.26
UNILEVER PLC 221,589.49 0.15
UNITED STATES TREASURY 54,661,921.75 38.06
UNITEDHEALTH GROUP INC 476,373.00 0.33
USAA CAPITAL CORP 570,715.68 0.40
VERIZON OWNER TRUST 999,340.76 0.70
VOLKSWAGEN AUTO LEASE TURST 223,324.67 0.16
VOLKSWAGEN OF AMERICA 546,553.73 0.38
WORLD OMNI AUTO REC TRUST 774,223.30 0.54
Total $143,622,170.47 100.00%

Page 5 ends

Item 3

US TREASURY NOTES
DTD 09/30/2021 0.250% 09/30/2023
91282CDA6 1,750,000.00 AA+ Aaa 10/04/21 10/06/21 1,749,111.33 0.28 1,099.73 1,749,440.29 1,692,031.25

US TREASURY NOTES
DTD 10/15/2020 0.125% 10/15/2023
91282CAP6 1,500,000.00 AA+ Aaa 10/08/20 10/15/20 1,497,128.91 0.19 394.47 1,498,765.04 1,446,093.75

US TREASURY N/B NOTES
DTD 10/31/2021 0.375% 10/31/2023
91282CDD0 1,500,000.00 AA+ Aaa 11/01/21 11/04/21 1,495,722.66 0.52 947.69 1,497,130.77 1,449,140.70

US TREASURY NOTES
DTD 11/15/2020 0.250% 11/15/2023
91282CAW1 2,235,000.00 AA+ Aaa 12/01/20 12/03/20 2,236,658.79 0.22 713.62 2,235,773.18 2,152,933.48

US TREASURY NOTES
DTD 12/15/2020 0.125% 12/15/2023
91282CBA8 425,000.00 AA+ Aaa 12/30/20 12/31/20 424,385.74 0.17 23.22 424,697.14 407,734.38

US TREASURY NOTES
DTD 12/15/2020 0.125% 12/15/2023
91282CBA8 1,000,000.00 AA+ Aaa 01/07/21 01/11/21 997,460.94 0.21 54.65 998,735.22 959,375.00

US TREASURY NOTES
DTD 01/15/2021 0.125% 01/15/2024
91282CBE0 2,000,000.00 AA+ Aaa 02/02/21 02/03/21 1,996,875.00 0.18 1,153.31 1,998,364.89 1,914,375.00

US TREASURY NOTES
DTD 02/15/2021 0.125% 02/15/2024
91282CBM2 1,950,000.00 AA+ Aaa 03/01/21 03/03/21 1,941,544.93 0.27 915.75 1,945,345.40 1,862,554.59

US TREASURY NOTES
DTD 03/15/2021 0.250% 03/15/2024
91282CBR1 400,000.00 AA+ Aaa 03/29/21 03/30/21 399,171.88 0.32 293.48 399,522.74 381,812.48

US TREASURY NOTES
DTD 03/15/2021 0.250% 03/15/2024
91282CBR1 2,000,000.00 AA+ Aaa 03/11/21 03/15/21 1,995,546.88 0.32 1,467.39 1,997,468.71 1,909,062.40

US TREASURY N/B NOTES
DTD 04/15/2021 0.375% 04/15/2024
91282CBV2 1,125,000.00 AA+ Aaa 04/27/21 04/29/21 1,125,834.96 0.35 887.55 1,125,504.68 1,073,847.60

US TREASURY NOTES
DTD 05/01/2017 2.000% 04/30/2024
912828X70 2,000,000.00 AA+ Aaa 04/05/21 04/07/21 2,096,796.88 0.41 6,739.13 2,057,870.52 1,964,687.60

US TREASURY N/B NOTES
DTD 06/15/2021 0.250% 06/15/2024
91282CCG4 1,525,000.00 AA+ Aaa 06/16/21 06/17/21 1,521,247.07 0.33 166.67 1,522,547.22 1,445,890.63

US TREASURY N/B NOTES
DTD 06/15/2021 0.250% 06/15/2024
91282CCG4 1,700,000.00 AA+ Aaa 06/28/21 06/29/21 1,689,175.78 0.47 185.79 1,692,847.21 1,611,812.50

Page 6 ends

Item 3

US TREASURY N/B NOTES
DTD 06/15/2021 0.250% 06/15/2024
91282CCG4 2,000,000.00 AA+ Aaa 07/01/21 07/07/21 1,987,031.25 0.47 218.58 1,991,366.24 1,896,250.00

US TREASURY N/B NOTES
DTD 06/15/2021 0.250% 06/15/2024
91282CCG4 3,000,000.00 AA+ Aaa 06/24/21 06/29/21 2,981,132.81 0.46 327.87 2,987,532.31 2,844,375.00

US TREASURY N/B NOTES
DTD 07/15/2021 0.375% 07/15/2024
91282CCL3 870,000.00 AA+ Aaa 08/05/21 08/09/21 869,898.05 0.38 1,505.08 869,929.08 825,140.63

US TREASURY N/B NOTES
DTD 07/15/2021 0.375% 07/15/2024
91282CCL3 1,000,000.00 AA+ Aaa 08/10/21 08/12/21 998,164.06 0.44 1,729.97 998,719.31 948,437.50

US TREASURY N/B NOTES
DTD 07/15/2021 0.375% 07/15/2024
91282CCL3 3,000,000.00 AA+ Aaa 08/04/21 08/09/21 3,003,281.25 0.34 5,189.92 3,002,282.48 2,845,312.50

US TREASURY N/B NOTES
DTD 08/15/2021 0.375% 08/15/2024
91282CCT6 800,000.00 AA+ Aaa 08/23/21 08/25/21 798,531.25 0.44 1,127.07 798,950.51 756,624.96

US TREASURY N/B NOTES
DTD 08/15/2021 0.375% 08/15/2024
91282CCT6 3,000,000.00 AA+ Aaa 09/01/21 09/07/21 2,996,718.75 0.41 4,226.52 2,997,626.98 2,837,343.60

US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7 1,500,000.00 AA+ Aaa 10/04/21 10/06/21 1,494,082.03 0.51 1,650.82 1,495,557.39 1,415,156.25

US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7 1,500,000.00 AA+ Aaa 10/07/21 10/13/21 1,491,855.47 0.56 1,650.82 1,493,845.85 1,415,156.25

US TREASURY N/B NOTES
DTD 10/15/2021 0.625% 10/15/2024
91282CDB4 1,500,000.00 AA+ Aaa 10/13/21 10/18/21 1,499,238.28 0.64 1,972.34 1,499,416.69 1,421,015.70

US TREASURY N/B NOTES
DTD 10/15/2021 0.625% 10/15/2024
91282CDB4 1,500,000.00 AA+ Aaa 11/01/21 11/04/21 1,492,617.19 0.79 1,972.34 1,494,257.05 1,421,015.70

US TREASURY NOTES
DTD 10/31/2019 1.500% 10/31/2024
912828YM6 1,800,000.00 AA+ Aaa 05/04/21 05/06/21 1,865,460.94 0.45 4,548.91 1,843,829.03 1,738,687.50

US TREASURY N/B NOTES
DTD 11/15/2021 0.750% 11/15/2024
91282CDH1 1,700,000.00 AA+ Aaa 12/02/21 12/07/21 1,692,097.66 0.91 1,628.40 1,693,613.38 1,611,546.96

US TREASURY NOTES
DTD 11/30/2019 1.500% 11/30/2024
912828YV6 1,450,000.00 AA+ Aaa 06/02/21 06/07/21 1,503,695.31 0.43 1,842.21 1,487,274.34 1,398,570.24

Page 7 ends

Item 3

US TREASURY NOTES
DTD 11/30/2019 1.500% 11/30/2024
912828YV6 1,500,000.00 AA+ Aaa 06/03/21 06/08/21 1,553,847.66 0.46 1,905.74 1,537,409.51 1,446,796.80

US TREASURY N/B NOTES
DTD 12/15/2021 1.000% 12/15/2024
91282CDN8 700,000.00 AA+ Aaa 12/22/21 12/27/21 700,902.34 0.96 306.01 700,747.51 666,531.25

US TREASURY N/B NOTES
DTD 12/15/2021 1.000% 12/15/2024
91282CDN8 1,450,000.00 AA+ Aaa 01/03/22 01/06/22 1,448,923.83 1.03 633.88 1,449,100.19 1,380,671.88

US TREASURY N/B NOTES
DTD 01/15/2022 1.125% 01/15/2025
91282CDS7 750,000.00 AA+ Aaa 02/04/22 02/07/22 743,496.09 1.43 3,892.44 744,368.94 715,078.13

US TREASURY N/B NOTES
DTD 02/15/2022 1.500% 02/15/2025
91282CDZ1 2,225,000.00 AA+ Aaa 02/11/22 02/15/22 2,204,140.63 1.82 12,538.67 2,206,729.02 2,138,085.94

US TREASURY NOTES
DTD 04/30/2018 2.875% 04/30/2025
9128284M9 1,450,000.00 AA+ Aaa 05/04/22 05/05/22 1,444,845.70 3.00 7,023.44 1,445,114.99 1,443,656.25

US TREASURY N/B NOTES
DTD 05/15/2022 2.750% 05/15/2025
91282CEQ0 3,250,000.00 AA+ Aaa 06/01/22 06/06/22 3,240,097.66 2.86 11,414.74 3,240,328.16 3,225,117.35 Security Type Sub-Total 57,055,000.00 57,176,719.96 0.72 82,348.22 57,122,011.97 54,661,921.75 Supra-National Agency Bond / Note

INTL BK OF RECON AND DEV NOTE
DTD 04/20/2021 0.125% 04/20/2023
459058JV6 1,035,000.00 AAA Aaa 04/13/21 04/20/21 1,032,857.55 0.23 255.16 1,034,140.09 1,013,173.92

INTER-AMERICAN DEVEL BK NOTES
DTD 04/24/2020 0.500% 05/24/2023
4581X0DM7 1,100,000.00 AAA Aaa 04/17/20 04/24/20 1,099,626.00 0.51 565.28 1,099,891.29 1,076,900.00

INTL BK RECON & DEVELOP NOTES
DTD 11/24/2020 0.250% 11/24/2023
459058JM6 960,000.00 AAA Aaa 11/17/20 11/24/20 957,936.00 0.32 246.67 959,036.80 924,447.36

INTER-AMERICAN DEVEL BK NOTES
DTD 09/23/2021 0.500% 09/23/2024
4581X0DZ8 1,455,000.00 AAA Aaa 09/15/21 09/23/21 1,453,923.30 0.52 1,980.42 1,454,199.35 1,375,524.99 Security Type Sub-Total 4,550,000.00 4,544,342.85 0.41 3,047.53 4,547,267.53 4,390,046.27 Municipal Bond / Note

Page 8 ends

Item 3

CA ST EARTHQUAKE AUTH TXBL REV
BONDS
DTD 11/24/2020 1.327% 07/01/2022
13017HAJ5 300,000.00 NR NR 11/13/20 11/24/20 300,000.00 1.33 1,990.50 300,000.00 300,000.00

CA ST DEPT WTR RES WTR SYS TXBL REV
BNDS
DTD 08/06/2020 0.349% 12/01/2022
13067WQZ8 225,000.00 AAA Aa1 07/30/20 08/06/20 225,000.00 0.35 65.44 225,000.00 222,534.00

NY ST URBAN DEV CORP TXBL REV BONDS
DTD 12/23/2020 0.480% 03/15/2023
650036DR4 320,000.00 AA+ NR 12/16/20 12/23/20 320,000.00 0.48 452.27 320,000.00 313,542.40

LOS ANGELES CCD, CA TXBL GO BONDS
DTD 11/10/2020 0.444% 08/01/2023
54438CYH9 305,000.00 AA+ Aaa 10/30/20 11/10/20 305,000.00 0.44 564.25 305,000.00 296,496.60

MD ST TXBL GO BONDS
DTD 08/05/2020 0.410% 08/01/2023
574193TP3 800,000.00 AAA Aaa 07/23/20 08/05/20 800,000.00 0.41 1,366.67 800,000.00 778,944.00

MS ST TXBL GO BONDS
DTD 08/06/2020 0.422% 11/01/2023
605581MY0 360,000.00 AA Aa2 07/24/20 08/06/20 360,000.00 0.42 253.20 360,000.00 345,679.20

CA ST UNIV TXBL REV BONDS
DTD 09/17/2020 0.475% 11/01/2023
13077DNB4 400,000.00 AA- Aa2 08/27/20 09/17/20 400,000.00 0.48 316.67 400,000.00 387,276.00

CA ST DEPT WTR RES WTR SYS TXBL REV
BNDS
DTD 08/06/2020 0.414% 12/01/2023
13067WRA2 100,000.00 AAA Aa1 07/30/20 08/06/20 100,000.00 0.41 34.50 100,000.00 96,245.00

NY ST URBAN DEV CORP TXBL REV BONDS
DTD 12/23/2020 0.620% 03/15/2024
650036DS2 975,000.00 AA+ NR 12/16/20 12/23/20 975,000.00 0.62 1,779.92 975,000.00 930,062.25

NJ TURNPIKE AUTHORITY TXBL REV BONDS
DTD 02/04/2021 0.897% 01/01/2025
646140DN0 305,000.00 AA- A1 01/22/21 02/04/21 305,000.00 0.90 1,367.93 305,000.00 284,912.70

FL ST BOARD OF ADMIN TXBL REV BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 395,000.00 AA Aa3 09/03/20 09/16/20 395,000.00 1.26 2,484.55 395,000.00 370,233.50 Security Type Sub-Total 4,485,000.00 4,485,000.00 0.63 10,675.90 4,485,000.00 4,325,925.65 Federal Agency Commercial Mortgage-Backed Security

Page 9 ends

Item 3

FHLMC MULTIFAMILY STRUCTURED P
DTD 12/01/2012 2.307% 08/01/2022
3137AWQH1 306,915.97 AA+ Aaa 09/06/19 09/11/19 310,488.66 1.89 590.04 307,020.95 306,145.02

FHLMC MULTIFAMILY STRUCTURED P
DTD 12/01/2012 2.307% 08/01/2022
3137AWQH1 460,373.96 AA+ Aaa 09/04/19 09/09/19 467,171.68 1.78 885.07 460,573.33 459,217.53

FHLMC MULTIFAMILY STRUCTURED P
DTD 05/01/2013 2.510% 11/01/2022
3137B1BS0 138,598.30 AA+ Aaa 02/06/20 02/11/20 141,110.40 1.83 289.90 138,909.15 138,080.67

FHLMC MULTIFAMILY STRUCTURED P
DTD 05/01/2013 2.510% 11/01/2022
3137B1BS0 1,293,584.12 AA+ Aaa 08/12/19 08/15/19 1,317,434.58 1.92 2,705.75 1,296,082.93 1,288,752.95 FNA 2013-M7 A2
DTD 05/01/2013 2.280% 12/01/2022
3136AEGQ4 166,501.68 AA+ Aaa 09/04/19 09/09/19 168,683.01 1.86 316.35 166,784.75 165,969.59

FHLMC MULTIFAMILY STRUCTURED P
DTD 11/01/2013 2.669% 02/01/2023
3137B5JL8 51,168.08 AA+ Aaa 06/13/18 06/18/18 50,906.24 2.79 113.81 51,134.75 51,031.90 FHMS KP05 A
DTD 12/01/2018 3.203% 07/01/2023
3137FKK39 19,005.40 AA+ Aaa 12/07/18 12/17/18 19,005.34 3.20 50.73 19,005.39 18,888.10

FHLMC MULTIFAMILY STRUCTURED P POOL
DTD 12/01/2017 2.951% 02/01/2024
3137FCM35 175,693.94 AA+ Aaa 08/16/19 08/21/19 179,839.22 2.39 432.06 177,173.49 175,279.91 FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/01/2024
3137FQ3V3 32,265.70 AA+ Aaa 11/20/19 11/26/19 32,264.93 2.09 56.25 32,265.36 32,186.82

FHLMC MULTIFAMILY STRUCTURED POOL
DTD 11/01/2017 3.064% 08/01/2024
3137FBTA4 1,400,091.79 AA+ Aaa 05/25/22 05/31/22 1,401,951.28 3.00 3,574.90 1,401,878.59 1,390,829.36 FHMS K047 A2
DTD 07/30/2015 3.329% 05/01/2025
3137BKRJ1 1,000,000.00 AA+ Aaa 05/19/22 05/24/22 1,006,406.25 3.10 2,774.17 1,006,406.25 999,237.53 Security Type Sub-Total 5,044,198.94 5,095,261.59 2.47 11,789.03 5,057,234.94 5,025,619.38 Federal Agency Bond / Note

FANNIE MAE NOTES
DTD 05/22/2020 0.250% 05/22/2023
3135G04Q3 465,000.00 AA+ Aaa 05/20/20 05/22/20 463,600.35 0.35 125.94 464,584.58 454,592.84

FEDERAL HOME LOAN BANKS NOTES
DTD 05/09/2013 2.125% 06/09/2023
3133834G3 1,175,000.00 AA+ Aaa 03/24/20 03/25/20 1,226,253.50 0.75 1,525.87 1,190,012.77 1,167,057.00

Page 10 ends

Item 3

FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
3137EAES4 2,850,000.00 AA+ Aaa 06/24/20 06/26/20 2,841,678.00 0.35 98.96 2,847,264.00 2,777,125.50

FANNIE MAE NOTES
DTD 07/10/2020 0.250% 07/10/2023
3135G05G4 3,000,000.00 AA+ Aaa 07/08/20 07/10/20 2,993,550.00 0.32 3,562.50 2,997,796.99 2,919,468.00

FREDDIE MAC NOTES
DTD 08/21/2020 0.250% 08/24/2023
3137EAEV7 2,575,000.00 AA+ Aaa 08/19/20 08/21/20 2,572,373.50 0.28 2,271.01 2,573,997.72 2,496,920.85

FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5 1,000,000.00 AA+ Aaa 10/07/20 10/09/20 999,710.00 0.26 784.72 999,881.71 968,668.00

FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5 2,035,000.00 AA+ Aaa 09/02/20 09/04/20 2,035,371.61 0.24 1,596.91 2,035,146.75 1,971,239.38

FREDDIE MAC NOTES
DTD 09/04/2020 0.250% 09/08/2023
3137EAEW5 2,700,000.00 AA+ Aaa 09/02/20 09/04/20 2,699,109.00 0.26 2,118.75 2,699,648.14 2,615,403.60

FREDDIE MAC NOTES
DTD 10/16/2020 0.125% 10/16/2023
3137EAEY1 1,150,000.00 AA+ Aaa 10/14/20 10/16/20 1,145,710.50 0.25 299.48 1,148,151.01 1,108,873.70

FREDDIE MAC NOTES
DTD 11/05/2020 0.250% 11/06/2023
3137EAEZ8 2,980,000.00 AA+ Aaa 11/03/20 11/05/20 2,977,318.00 0.28 1,138.19 2,978,793.59 2,873,435.20

FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2 2,400,000.00 AA+ Aaa 12/02/20 12/04/20 2,397,624.00 0.28 450.00 2,398,869.50 2,308,032.00 Security Type Sub-Total 22,330,000.00 22,352,298.46 0.31 13,972.33 22,334,146.76 21,660,816.07 Corporate Note

ADOBE INC CORP NOTE
DTD 02/03/2020 1.700% 02/01/2023
00724PAA7 175,000.00 A+ A2 01/22/20 02/03/20 174,760.25 1.75 1,239.58 174,952.88 173,455.80 3M COMPANY
DTD 08/26/2019 1.750% 02/14/2023
88579YBL4 450,000.00 A+ A1 08/19/19 08/26/19 448,285.50 1.86 2,996.88 449,691.71 445,161.15

PEPSICO INC CORPORATE NOTES
DTD 05/01/2020 0.750% 05/01/2023
713448EY0 365,000.00 A+ A1 04/29/20 05/01/20 364,277.30 0.82 456.25 364,799.36 357,872.65

Page 11 ends

Item 3

AMERICAN HONDA FINANCE
DTD 01/10/2020 1.950% 05/10/2023
02665WDH1 575,000.00 A- A3 01/07/20 01/10/20 574,787.25 1.96 1,588.44 574,945.24 568,833.13

CHEVRON CORP CORPORATE NOTES
DTD 05/11/2020 1.141% 05/11/2023
166764BV1 335,000.00 AA- Aa2 05/07/20 05/11/20 335,000.00 1.14 530.88 335,000.00 329,225.61

APPLE INC CORPORATE NOTES
DTD 05/11/2020 0.750% 05/11/2023
037833DV9 710,000.00 AA+ Aaa 05/04/20 05/11/20 708,068.80 0.84 739.58 709,446.21 696,970.79 AMAZON.COM INC CORPORATE NOTES
DTD 06/03/2020 0.400% 06/03/2023
023135BP0 345,000.00 AA A1 06/01/20 06/03/20 344,517.00 0.45 107.33 344,851.35 336,383.28

PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 06/08/2020 0.800% 06/08/2023
69371RQ82 200,000.00 A+ A1 06/01/20 06/08/20 199,722.00 0.85 102.22 199,913.17 195,885.80

JOHN DEERE CAPITAL CORP CORPORATE
NOTES
DTD 06/04/2020 0.700% 07/05/2023
24422EVH9 250,000.00 A A2 06/01/20 06/04/20 249,795.00 0.73 855.56 249,932.82 244,324.25

PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 08/11/2020 0.350% 08/11/2023
69371RQ90 110,000.00 A+ A1 08/04/20 08/11/20 109,855.90 0.39 149.72 109,946.57 106,499.14

TOYOTA MOTOR CREDIT CORP CORPORATE
NOTES
DTD 05/26/2020 1.350% 08/25/2023
89236THA6 500,000.00 A+ A1 05/20/20 05/26/20 499,815.00 1.36 2,362.50 499,934.49 489,225.00

MORGAN STANLEY CORPORATE NOTES
DTD 11/13/2020 0.560% 11/10/2023
6174468T9 240,000.00 A- A1 11/09/20 11/13/20 240,000.00 0.56 190.40 240,000.00 237,435.36

BRISTOL-MYERS SQUIBB CO (CALLABLE)
CORP
DTD 11/13/2020 0.537% 11/13/2023
110122DT2 690,000.00 A+ A2 11/09/20 11/13/20 690,000.00 0.54 494.04 690,000.00 665,019.93

GOLDMAN SACHS GROUP INC (CALLABLE)
CORP
DTD 11/19/2020 0.627% 11/17/2023
38141GXL3 625,000.00 BBB+ A2 11/16/20 11/19/20 625,000.00 0.63 478.96 625,000.00 617,809.38

Page 12 ends

Item 3

CATERPILLAR FINL SERVICE CORPORATE
NOTES
DTD 01/10/2022 0.950% 01/10/2024
14913R2S5 200,000.00 A A2 01/03/22 01/10/22 199,968.00 0.96 902.50 199,975.54 193,368.20

TOYOTA MOTOR CREDIT CORP CORPORATE
NOTES
DTD 01/11/2021 0.450% 01/11/2024
89236THU2 500,000.00 A+ A1 01/06/21 01/11/21 499,970.00 0.45 1,062.50 499,984.68 478,688.50

JOHN DEERE CAPITAL CORP CORPORATE
NOTES
DTD 03/04/2021 0.450% 01/17/2024
24422EVN6 400,000.00 A A2 03/01/21 03/04/21 399,716.00 0.48 820.00 399,847.04 383,467.20

NATIONAL RURAL UTIL COOP CORPORATE
NOTES
DTD 02/08/2021 0.350% 02/08/2024
63743HEU2 265,000.00 A- A2 02/01/21 02/08/21 264,817.15 0.37 368.42 264,901.98 252,184.60

BANK OF AMERICA CORP NOTE
DTD 03/05/2018 3.550% 03/05/2024
06051GHF9 575,000.00 A- A2 09/24/20 09/28/20 611,949.50 1.62 6,577.36 593,062.24 573,740.75

CHARLES SCHWAB CORP NOTES
(CALLABLE)
DTD 03/18/2021 0.750% 03/18/2024
808513BN4 465,000.00 A A2 03/16/21 03/18/21 464,767.50 0.77 997.81 464,867.20 446,037.77

COMCAST CORP (CALLABLE) CORPORATE
NOTES
DTD 10/05/2018 3.700% 04/15/2024
20030NCR0 350,000.00 A- A3 05/07/20 05/11/20 383,456.50 1.20 2,733.89 364,845.73 351,000.30 AMAZON.COM INC CORPORATE NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5 1,060,000.00 AA A1 05/10/21 05/12/21 1,058,452.40 0.50 649.25 1,059,038.40 1,007,703.84

UNITEDHEALTH GROUP INC (CALLABLE)
CORP N
DTD 05/19/2021 0.550% 05/15/2024
91324PEB4 500,000.00 A+ A3 05/17/21 05/19/21 499,480.00 0.59 351.39 499,674.29 476,373.00

HSBC USA INC CORPORATE NOTES
DTD 05/24/2022 3.750% 05/24/2024
40428HTA0 1,070,000.00 A- A1 05/17/22 05/24/22 1,069,957.20 3.75 4,123.96 1,069,959.42 1,063,088.87

ASTRAZENECA FINANCE LLC (CALLABLE)
CORP
DTD 05/28/2021 0.700% 05/28/2024
04636NAC7 695,000.00 A- A3 05/25/21 05/28/21 694,937.45 0.70 445.96 694,960.22 658,978.15

Page 13 ends

Item 3

TARGET CORP CORPORATE NOTES
DTD 06/26/2014 3.500% 07/01/2024
87612EBD7 475,000.00 A A2 11/23/21 11/29/21 504,754.00 1.04 8,312.50 498,016.06 476,397.45

AMERICAN EXPRESS CO CORP NOTES
(CALLABLE
DTD 07/30/2019 2.500% 07/30/2024
025816CG2 150,000.00 BBB+ A2 11/19/21 11/23/21 155,370.00 1.14 1,572.92 154,126.42 146,104.80

AMERICAN EXPRESS CO CORP NOTES
(CALLABLE
DTD 07/30/2019 2.500% 07/30/2024
025816CG2 600,000.00 BBB+ A2 11/19/21 11/23/21 621,480.00 1.14 6,291.66 616,505.68 584,419.20

PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 08/09/2021 0.500% 08/09/2024
69371RR40 160,000.00 A+ A1 08/03/21 08/09/21 159,913.60 0.52 315.56 159,939.30 150,529.76

AMERICAN HONDA FINANCE CORPORATE
NOTES
DTD 09/09/2021 0.750% 08/09/2024
02665WDY4 230,000.00 A- A3 09/07/21 09/09/21 229,848.20 0.77 680.42 229,890.25 216,283.03

UNILEVER CAPITAL CORP (CALLABLE)

CORPORA
DTD 08/12/2021 0.626% 08/12/2024
904764BN6 235,000.00 A+ A1 08/09/21 08/12/21 235,000.00 0.63 568.01 235,000.00 221,589.49

BMW US CAPITAL LLC CORPORATE NOTES
DTD 08/12/2021 0.750% 08/12/2024
05565EBU8 300,000.00 A A2 08/09/21 08/12/21 299,973.00 0.75 868.75 299,980.96 282,976.50

CATERPILLAR FINL SERVICE CORPORATE
NOTES
DTD 09/14/2021 0.600% 09/13/2024
14913R2P1 710,000.00 A A2 09/07/21 09/14/21 709,034.40 0.65 1,278.00 709,290.13 668,146.21

NESTLE HOLDINGS INC CORP NOTES
(CALLABLE
DTD 09/14/2021 0.606% 09/14/2024
641062AU8 1,075,000.00 AA- Aa3 09/07/21 09/14/21 1,075,000.00 0.61 1,936.25 1,075,000.00 1,009,728.15

BANK OF AMERICA CORP (CALLABLE)

CORPORAT
DTD 10/21/2020 0.810% 10/24/2024
06051GJH3 525,000.00 A- A2 10/16/20 10/21/20 525,000.00 0.81 791.44 525,000.00 500,704.58

Page 14 ends

Item 3

BANK OF NY MELLON CORP (CALLABLE)
CORPOR
DTD 10/25/2021 0.850% 10/25/2024
06406RAX5 670,000.00 A A1 10/20/21 10/25/21 669,564.50 0.87 1,044.08 669,663.44 630,666.98

CITIGROUP INC CORPORATE NOTES
DTD 10/30/2020 0.776% 10/30/2024
172967MT5 650,000.00 BBB+ A3 10/23/20 10/30/20 650,000.00 0.78 854.68 650,000.00 619,557.25

JOHN DEERE CAPITAL CORP CORPORATE
NOTES
DTD 01/10/2022 1.250% 01/10/2025
24422EVY2 245,000.00 A A2 01/04/22 01/10/22 244,884.85 1.27 1,454.69 244,902.92 231,994.91

COOPERATIEVE RABOBANK UA CORPORATE
NOTES
DTD 01/12/2022 1.375% 01/10/2025
21688AAS1 750,000.00 A+ Aa2 01/06/22 01/12/22 747,705.00 1.48 4,841.15 748,061.63 705,763.50

AMERICAN HONDA FINANCE CORPORATE
NOTES
DTD 01/13/2022 1.500% 01/13/2025
02665WEA5 300,000.00 A- A3 01/11/22 01/13/22 299,763.00 1.53 2,100.00 299,799.54 284,953.80

GOLDMAN SACHS GROUP INC (CALLABLE)
CORP
DTD 01/24/2022 1.757% 01/24/2025
38141GZH0 500,000.00 BBB+ A2 01/19/22 01/24/22 500,000.00 1.76 3,831.24 500,000.00 482,156.50

NATIONAL RURAL UTIL COOP CORPORATE
NOTES
DTD 02/07/2022 1.875% 02/07/2025
63743HFC1 200,000.00 A- A2 01/31/22 02/07/22 199,994.00 1.88 1,500.00 199,994.79 191,414.60

JPMORGAN CHASE & CO CORP NOTES
(CALLABLE
DTD 02/16/2021 0.563% 02/16/2025
46647PBY1 475,000.00 A- A2 02/09/21 02/16/21 475,000.00 0.56 1,002.84 475,000.00 447,674.20

AMERICAN EXPRESS CO CORP NOTES
(CALLABLE
DTD 03/04/2022 2.250% 03/04/2025
025816CQ0 120,000.00 BBB+ A2 03/01/22 03/04/22 119,878.80 2.29 877.50 119,891.96 115,514.16

ROCHE HOLDINGS INC (CALLABLE)

CORPORATE
DTD 03/10/2022 2.132% 03/10/2025
771196BT8 1,885,000.00 AA Aa3 03/03/22 03/10/22 1,885,000.00 2.13 12,391.36 1,885,000.00 1,819,369.96

Page 15 ends

Item 3

BMW US CAPITAL LLC CORP NOTES
DTD 04/01/2022 3.250% 04/01/2025
05565EBZ7 355,000.00 A A2 03/28/22 04/01/22 354,666.30 3.28 2,884.38 354,694.01 350,157.45

PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 04/07/2022 2.850% 04/07/2025
69371RR73 575,000.00 A+ A1 03/31/22 04/07/22 574,850.50 2.86 3,823.75 574,862.09 568,095.98 AMAZON.COM INC CORPORATE NOTES
DTD 04/13/2022 3.000% 04/13/2025
023135CE4 430,000.00 AA A1 04/11/22 04/13/22 429,316.30 3.06 2,795.00 429,365.58 426,265.02

HOME DEPOT INC (CALLABLE) CORPORATE
NOTE
DTD 03/28/2022 2.700% 04/15/2025
437076CM2 110,000.00 A A2 03/24/22 03/28/22 109,807.50 2.76 767.25 109,823.92 107,657.99

BANK OF NY MELLON CORP (CALLABLE)
CORP N
DTD 04/26/2022 3.350% 04/25/2025
06406RBC0 1,450,000.00 A A1 04/19/22 04/26/22 1,449,797.00 3.36 8,770.49 1,449,809.24 1,433,609.20

CITIGROUP INC (CALLABLE) CORPORATE
NOTES
DTD 05/04/2021 0.981% 05/01/2025
172967MX6 230,000.00 BBB+ A3 04/27/21 05/04/21 230,000.00 0.98 376.05 230,000.00 215,412.02 CINTAS CORPORATION NO. 2 CORP NOTE
(CALL
DTD 05/03/2022 3.450% 05/01/2025
17252MAP5 315,000.00 A- A3 04/26/22 05/03/22 314,930.70 3.46 1,750.88 314,934.44 315,452.97

USAA CAPITAL CORP CORPORATE NOTES
DTD 05/26/2022 3.375% 05/01/2025
90327QD89 575,000.00 AA Aa1 05/23/22 05/26/22 573,119.75 3.49 1,886.72 573,182.95 570,715.68

CATERPILLAR FINL SERVICE CORPORATE
NOTES
DTD 05/13/2022 3.400% 05/13/2025
14913R2V8 150,000.00 A A2 05/10/22 05/13/22 149,809.50 3.44 680.00 149,818.02 149,410.50

JPMORGAN CHASE & CO (CALLABLE) CORP
NOTE
DTD 06/01/2021 0.824% 06/01/2025
46647PCH7 630,000.00 A- A2 05/24/21 06/01/21 630,000.00 0.82 432.60 630,000.00 589,303.26

JOHN DEERE CAPITAL CORP CORPORATE
NOTES
DTD 06/06/2022 3.400% 06/06/2025
24422EWF2 310,000.00 A A2 06/01/22 06/06/22 309,928.70 3.41 731.94 309,930.33 308,772.40

Page 16 ends

Item 3

NATIONAL AUSTRALIA BK/NY CORPORATE
NOTES
DTD 06/09/2022 3.500% 06/09/2025
63254ABD9 780,000.00 AA- Aa3 05/31/22 06/09/22 780,000.00 3.50 1,668.33 780,000.00 772,719.48

NATIONAL RURAL UTIL COOP CORPORATE
NOTES
DTD 05/04/2022 3.450% 06/15/2025
63743HFE7 145,000.00 A- A2 04/27/22 05/04/22 144,960.85 3.46 792.06 144,962.85 144,175.10

BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 12/06/2021 1.530% 12/06/2025
06051GKE8 1,000,000.00 A- A2 12/01/21 12/06/21 1,000,000.00 1.53 1,062.50 1,000,000.00 930,181.00

CITIGROUP INC CORP NOTES (CALLABLE)
DTD 01/25/2022 2.014% 01/25/2026
17327CAN3 150,000.00 BBB+ A3 01/18/22 01/25/22 150,000.00 2.01 1,309.10 150,000.00 140,617.80

STATE STREET CORP (CALLABLE)

CORPORATE N
DTD 02/07/2022 1.746% 02/06/2026
857477BR3 300,000.00 A A1 02/02/22 02/07/22 300,000.00 1.75 2,095.20 300,000.00 288,162.30

MORGAN STANLEY CORP NOTES
(CALLABLE)
DTD 02/18/2022 2.630% 02/18/2026
61747YEM3 875,000.00 A- A1 02/16/22 02/18/22 875,000.00 2.63 8,501.84 875,000.00 839,854.75

STATE STREET CORP NOTES (CALLABLE)
DTD 10/29/2020 2.901% 03/30/2026
857477BM4 150,000.00 A A1 02/03/22 02/07/22 154,573.50 2.13 1,099.96 153,999.32 145,140.60

STATE STREET CORP NOTES (CALLABLE)
DTD 10/29/2020 2.901% 03/30/2026
857477BM4 700,000.00 A A1 02/17/22 02/22/22 714,091.00 2.38 5,133.16 712,485.22 677,322.80

JPMORGAN CHASE & CO (CALLABLE)

CORPORATE
DTD 04/26/2022 4.080% 04/26/2026
46647PCZ7 700,000.00 A- A2 04/19/22 04/26/22 700,000.00 4.08 5,156.67 700,000.00 689,749.90 Security Type Sub-Total 31,835,000.00 31,963,370.65 1.68 135,556.31 31,917,461.59 30,797,453.68 Certificate of Deposit

CREDIT SUISSE NEW YORK CERT DEPOS
DTD 03/23/2021 0.590% 03/17/2023
22552G3C2 1,125,000.00 A-1 P-1 03/19/21 03/23/21 1,125,000.00 0.59 1,954.37 1,125,000.00 1,103,097.38

Page 17 ends

Item 3

FIFTH THIRD AUTO TRUST
DTD 05/08/2019 2.640% 12/15/2023
31680YAD9 10,921.38 AAA Aaa 04/30/19 05/08/19 10,918.98 2.65 12.81 10,920.62 10,924.19 BMWLT 2021-1 A3
DTD 03/10/2021 0.290% 01/25/2024
05591RAC8 269,684.32 AAA Aaa 03/02/21 03/10/21 269,675.77 0.29 13.03 269,679.66 266,627.39 HDMOT 2019-A A3
DTD 06/26/2019 2.340% 02/15/2024
41284WAC4 6,053.90 NR Aaa 06/19/19 06/26/19 6,053.43 2.34 6.30 6,053.74 6,054.62 HART 2019-B A3
DTD 11/06/2019 1.940% 02/15/2024
44891JAC2 71,580.50 AAA NR 10/29/19 11/06/19 71,577.20 1.94 61.72 71,579.25 71,558.82 GMALT 2021-1 A3
DTD 02/24/2021 0.260% 02/20/2024
36261RAC2 337,503.27 NR Aaa 02/17/21 02/24/21 337,468.71 0.26 26.81 337,484.30 334,776.11 FORDO 2019-C A3
DTD 11/22/2019 1.870% 03/15/2024
34531KAD4 140,370.39 AAA Aaa 11/19/19 11/22/19 140,362.33 1.87 116.66 140,367.20 140,086.15 VZOT 2019-C A1A
DTD 10/08/2019 1.940% 04/22/2024
92348AAA3 244,620.10 AAA NR 10/01/19 10/08/19 244,601.24 1.94 145.01 244,612.58 244,369.83 TLOT 2021-A A3
DTD 04/21/2021 0.390% 04/22/2024
89238EAC0 395,000.00 AAA Aaa 04/13/21 04/21/21 394,953.90 0.39 47.07 394,972.22 386,711.24

Page 18 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Detail of Securities Held For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
GMALT 2021-2 A3
DTD 05/26/2021 0.340% 05/20/2024
380144AC9 560,000.00 AAA NR 05/18/21 05/26/21 559,912.08 0.35 58.18 559,944.42 549,547.04 ALLYA 2019-4 A3
DTD 12/11/2019 1.840% 06/17/2024
02007TAC9 108,999.31 AAA Aaa 12/04/19 12/11/19 108,980.53 1.84 89.14 108,991.15 108,828.14 NAROT 2019-C A3
DTD 10/23/2019 1.930% 07/15/2024
65479JAD5 171,654.24 AAA Aaa 10/16/19 10/23/19 171,645.18 1.93 147.24 171,650.33 171,199.03 NAROT 2020-B A3
DTD 06/30/2020 0.550% 07/15/2024
65479CAD0 237,431.55 AAA Aaa 06/23/20 06/30/20 237,425.05 0.55 58.04 237,428.27 235,147.34 VZOT 2020-A A1A
DTD 01/29/2020 1.850% 07/22/2024
92348TAA2 204,352.69 AAA Aaa 01/21/20 01/29/20 204,328.76 1.85 115.52 204,341.69 203,794.68 GMCAR 2020-1 A3
DTD 01/15/2020 1.840% 09/16/2024
36258NAC6 136,491.38 AAA Aaa 01/08/20 01/15/20 136,459.24 1.85 104.64 136,476.16 136,039.57 HDMOT 2020-A A3
DTD 01/29/2020 1.870% 10/15/2024
41284UAD6 107,820.65 AAA Aaa 01/21/20 01/29/20 107,797.14 1.87 89.61 107,809.22 107,617.13 HAROT 2020-3 A3
DTD 09/29/2020 0.370% 10/18/2024
43813KAC6 238,009.22 AAA NR 09/22/20 09/29/20 237,974.25 0.37 31.80 237,989.37 233,794.48 BMWOT 2020-A A3
DTD 07/15/2020 0.480% 10/25/2024
09661RAD3 206,109.24 AAA NR 07/08/20 07/15/20 206,093.68 0.48 16.49 206,100.81 203,404.57 HART 2020-B A3
DTD 07/22/2020 0.480% 12/16/2024
44933FAC0 204,577.06 AAA NR 07/14/20 07/22/20 204,538.76 0.48 43.64 204,555.65 201,753.10 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 278,649.28 AAA NR 01/14/20 01/22/20 278,594.62 1.89 234.07 278,621.83 276,800.83 MBART 2020-1 A3
DTD 06/23/2020 0.550% 02/18/2025
58769VAC4 200,926.51 AAA NR 06/16/20 06/23/20 200,910.82 0.55 49.12 200,917.63 198,136.14 VZOT 2020-B A
DTD 08/12/2020 0.470% 02/20/2025
92290BAA9 560,000.00 NR Aaa 08/04/20 08/12/20 559,882.40 0.47 80.42 559,931.35 551,176.25 CARMX 2020-3 A3
DTD 07/22/2020 0.620% 03/17/2025
14315FAD9 219,030.47 AAA NR 07/14/20 07/22/20 218,992.93 0.62 60.36 219,008.60 215,984.44

Page 19 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Detail of Securities Held For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
KCOT 2022-1A A2
DTD 03/23/2022 2.340% 04/15/2025
50117EAB0 265,000.00 NR Aaa 03/15/22 03/23/22 264,990.86 2.34 275.60 264,991.68 261,010.00 GMCAR 2020-3 A3
DTD 08/19/2020 0.450% 04/16/2025
362590AC5 443,532.73 NR Aaa 08/11/20 08/19/20 443,431.25 0.46 83.16 443,471.88 436,245.89 WOART 2020-B A3
DTD 06/24/2020 0.630% 05/15/2025
98163WAC0 283,726.56 AAA NR 06/16/20 06/24/20 283,704.31 0.63 79.44 283,713.49 279,503.57 VWALT 2022-A A3
DTD 06/14/2022 3.440% 07/21/2025
92868AAC9 225,000.00 NR Aaa 06/07/22 06/14/22 224,982.09 3.44 365.50 224,982.36 223,324.67 KCOT 2021-1A A3
DTD 04/14/2021 0.620% 08/15/2025
50117TAC5 330,000.00 NR Aaa 04/06/21 04/14/21 329,932.48 0.62 90.93 329,951.36 313,667.05 CARMX 2020-4 A3
DTD 10/21/2020 0.500% 08/15/2025
14316HAC6 350,000.00 AAA NR 10/14/20 10/21/20 349,922.97 0.50 77.78 349,950.03 342,507.90 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 315,000.00 AAA NR 04/20/21 04/28/21 314,966.86 0.38 53.20 314,975.74 305,084.37 KCOT 2021-2A A3
DTD 07/28/2021 0.560% 11/17/2025
50117XAE2 555,000.00 NR Aaa 07/20/21 07/28/21 554,979.08 0.56 138.13 554,983.58 522,658.14 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 235,000.00 AAA NR 01/20/21 01/27/21 234,953.56 0.34 35.51 234,967.10 229,079.18 HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 430,000.00 NR Aaa 11/16/21 11/24/21 429,909.36 0.89 105.11 429,922.43 410,827.07 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 475,000.00 AAA NR 04/13/21 04/21/21 474,897.64 0.52 109.78 474,922.95 461,113.61 TAOT 2021-D A3
DTD 11/15/2021 0.710% 04/15/2026
89238JAC9 435,000.00 AAA NR 11/09/21 11/15/21 434,990.73 0.71 137.27 434,992.04 415,445.88 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 330,000.00 AAA NR 11/09/21 11/17/21 329,926.34 0.75 108.53 329,936.49 314,825.05 HAROT 2022-1 A3
DTD 02/23/2022 1.880% 05/15/2026
43815BAC4 360,000.00 AAA Aaa 02/15/22 02/23/22 359,945.86 1.88 300.80 359,950.35 348,740.93

Page 20 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Detail of Securities Held For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Trade Settle Original YTM Accrued Amortized Market Par
Asset-Backed Security
FORDO 2022-A A3
DTD 01/24/2022 1.290% 06/15/2026
345286AC2 155,000.00 AAA NR 01/19/22 01/24/22 154,981.59 1.29 88.87 154,983.40 148,554.03 CARMX 2021-3 A3
DTD 07/28/2021 0.550% 06/15/2026
14317DAC4 910,000.00 AAA Aaa 07/21/21 07/28/21 909,850.31 0.55 222.44 909,878.69 874,411.72 VALET 2021-1 A3
DTD 12/13/2021 1.020% 06/22/2026
92868KAC7 570,000.00 AAA Aaa 12/07/21 12/13/21 569,977.66 1.02 177.65 569,980.36 546,553.73 BMWOT 2022-A A3
DTD 05/18/2022 3.210% 08/25/2026
05602RAD3 410,000.00 AAA Aaa 05/10/22 05/18/22 409,978.68 3.21 219.35 409,979.28 405,842.85 DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
254683CP8 405,000.00 AAA Aaa 09/20/21 09/27/21 404,913.29 0.58 104.40 404,926.53 379,366.09 COPAR 2021-1 A3
DTD 10/27/2021 0.770% 09/15/2026
14044CAC6 425,000.00 AAA Aaa 10/19/21 10/27/21 424,991.97 0.77 145.44 424,993.08 402,338.87 TAOT 2022-B A3
DTD 04/13/2022 2.930% 09/15/2026
89238FAD5 425,000.00 AAA Aaa 04/07/22 04/13/22 424,990.06 2.93 553.44 424,990.55 420,172.81 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 360,000.00 AAA Aaa 10/13/21 10/21/21 359,990.82 0.68 102.00 359,992.12 342,001.22 WOART 2021-D A3
DTD 11/03/2021 0.810% 10/15/2026
98163KAC6 520,000.00 AAA NR 10/26/21 11/03/21 519,929.18 0.81 187.20 519,938.59 494,719.73 KCOT 2022-1A A3
DTD 03/23/2022 2.670% 10/15/2026
50117EAC8 765,000.00 NR Aaa 03/15/22 03/23/22 764,890.61 2.67 907.80 764,897.17 735,689.18 HART 2022-A A3
DTD 03/16/2022 2.220% 10/15/2026
448977AD0 815,000.00 AAA NR 03/09/22 03/16/22 814,968.62 2.22 804.13 814,970.63 791,148.05 COMET 2021-A3 A3
DTD 11/30/2021 1.040% 11/15/2026
14041NFY2 895,000.00 AAA NR 11/18/21 11/30/21 894,876.67 1.04 413.69 894,891.17 846,232.61 GMCAR 2022-1 A3
DTD 01/19/2022 1.260% 11/16/2026
380146AC4 325,000.00 AAA NR 01/11/22 01/19/22 324,971.76 1.26 170.63 324,974.37 310,592.07 HDMOT 2022-A A3
DTD 04/20/2022 3.060% 02/15/2027
41284YAD8 775,000.00 AAA Aaa 04/12/22 04/20/22 774,870.96 3.06 1,054.00 774,876.23 765,086.43

Page 21 ends

Item 3

Page 22 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY NOTES 91282CDA6 1,750,000.00 JPM_CHA 96.69 1,692,031.25 (57,080.08) (57,409.04) DTD 09/30/2021 0.250% 09/30/2023

1.25 2.97
US TREASURY NOTES 91282CAP6 1,500,000.00 CITIGRP 96.41 1,446,093.75 (51,035.16) (52,671.29) DTD 10/15/2020 0.125% 10/15/2023

1.29 2.98
US TREASURY N/B NOTES 91282CDD0 1,500,000.00 JPM_CHA 96.61 1,449,140.70 (46,581.96) (47,990.07) DTD 10/31/2021 0.375% 10/31/2023

1.33 2.99
US TREASURY NOTES 91282CAW1 2,235,000.00 CITIGRP 96.33 2,152,933.48 (83,725.31) (82,839.70) DTD 11/15/2020 0.250% 11/15/2023

1.37 3.00
US TREASURY NOTES 91282CBA8 425,000.00 CITIGRP 95.94 407,734.38 (16,651.36) (16,962.76) DTD 12/15/2020 0.125% 12/15/2023

1.46 2.99
US TREASURY NOTES 91282CBA8 1,000,000.00 MORGAN_ 95.94 959,375.00 (38,085.94) (39,360.22) DTD 12/15/2020 0.125% 12/15/2023

1.46 2.99
US TREASURY NOTES 91282CBE0 2,000,000.00 JPM_CHA 95.72 1,914,375.00 (82,500.00) (83,989.89) DTD 01/15/2021 0.125% 01/15/2024

1.54 2.99
US TREASURY NOTES 91282CBM2 1,950,000.00 JPM_CHA 95.52 1,862,554.59 (78,990.34) (82,790.81) DTD 02/15/2021 0.125% 02/15/2024

1.62 2.97
US TREASURY NOTES 91282CBR1 400,000.00 MERRILL 95.45 381,812.48 (17,359.40) (17,710.26) DTD 03/15/2021 0.250% 03/15/2024

1.71 3.00
US TREASURY NOTES 91282CBR1 2,000,000.00 BNP_PAR 95.45 1,909,062.40 (86,484.48) (88,406.31) DTD 03/15/2021 0.250% 03/15/2024

1.71 3.00
US TREASURY N/B NOTES 91282CBV2 1,125,000.00 JPM_CHA 95.45 1,073,847.60 (51,987.36) (51,657.08) DTD 04/15/2021 0.375% 04/15/2024

1.79 3.00
US TREASURY NOTES 912828X70 2,000,000.00 MORGAN_ 98.23 1,964,687.60 (132,109.28) (93,182.92) DTD 05/01/2017 2.000% 04/30/2024

1.80 3.00
US TREASURY N/B NOTES 91282CCG4 1,525,000.00 MORGAN_ 94.81 1,445,890.63 (75,356.44) (76,656.59) DTD 06/15/2021 0.250% 06/15/2024

1.95 3.00
US TREASURY N/B NOTES 91282CCG4 1,700,000.00 JPM_CHA 94.81 1,611,812.50 (77,363.28) (81,034.71) DTD 06/15/2021 0.250% 06/15/2024

1.95 3.00
US TREASURY N/B NOTES 91282CCG4 2,000,000.00 MERRILL 94.81 1,896,250.00 (90,781.25) (95,116.24) DTD 06/15/2021 0.250% 06/15/2024

1.95 3.00
US TREASURY N/B NOTES 91282CCG4 3,000,000.00 JPM_CHA 94.81 2,844,375.00 (136,757.81) (143,157.31) DTD 06/15/2021 0.250% 06/15/2024

1.95 3.00
US TREASURY N/B NOTES 91282CCL3 870,000.00 NOMURA 94.84 825,140.63 (44,757.42) (44,788.45) DTD 07/15/2021 0.375% 07/15/2024

2.03 3.00

Page 23 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B NOTES 91282CCL3 1,000,000.00 JPM_CHA 94.84 948,437.50 (49,726.56) (50,281.81) DTD 07/15/2021 0.375% 07/15/2024

2.03 3.00
US TREASURY N/B NOTES 91282CCL3 3,000,000.00 MERRILL 94.84 2,845,312.50 (157,968.75) (156,969.98) DTD 07/15/2021 0.375% 07/15/2024

2.03 3.00
US TREASURY N/B NOTES 91282CCT6 800,000.00 JPM_CHA 94.58 756,624.96 (41,906.29) (42,325.55) DTD 08/15/2021 0.375% 08/15/2024

2.12 3.03
US TREASURY N/B NOTES 91282CCT6 3,000,000.00 JPM_CHA 94.58 2,837,343.60 (159,375.15) (160,283.38) DTD 08/15/2021 0.375% 08/15/2024

2.12 3.03
US TREASURY N/B NOTES 91282CCX7 1,500,000.00 MORGAN_ 94.34 1,415,156.25 (78,925.78) (80,401.14) DTD 09/15/2021 0.375% 09/15/2024

2.20 3.04
US TREASURY N/B NOTES 91282CCX7 1,500,000.00 MORGAN_ 94.34 1,415,156.25 (76,699.22) (78,689.60) DTD 09/15/2021 0.375% 09/15/2024

2.20 3.04
US TREASURY N/B NOTES 91282CDB4 1,500,000.00 MERRILL 94.73 1,421,015.70 (78,222.58) (78,400.99) DTD 10/15/2021 0.625% 10/15/2024

2.28 3.02
US TREASURY N/B NOTES 91282CDB4 1,500,000.00 MERRILL 94.73 1,421,015.70 (71,601.49) (73,241.35) DTD 10/15/2021 0.625% 10/15/2024

2.28 3.02
US TREASURY NOTES 912828YM6 1,800,000.00 BNP_PAR 96.59 1,738,687.50 (126,773.44) (105,141.53) DTD 10/31/2019 1.500% 10/31/2024

2.30 3.02
US TREASURY N/B NOTES 91282CDH1 1,700,000.00 CITIGRP 94.80 1,611,546.96 (80,550.70) (82,066.42) DTD 11/15/2021 0.750% 11/15/2024

2.36 3.04
US TREASURY NOTES 912828YV6 1,450,000.00 MORGAN_ 96.45 1,398,570.24 (105,125.07) (88,704.10) DTD 11/30/2019 1.500% 11/30/2024

2.38 3.03
US TREASURY NOTES 912828YV6 1,500,000.00 CITIGRP 96.45 1,446,796.80 (107,050.86) (90,612.71) DTD 11/30/2019 1.500% 11/30/2024

2.38 3.03
US TREASURY N/B NOTES 91282CDN8 700,000.00 JPM_CHA 95.22 666,531.25 (34,371.09) (34,216.26) DTD 12/15/2021 1.000% 12/15/2024

2.43 3.03
US TREASURY N/B NOTES 91282CDN8 1,450,000.00 MORGAN_ 95.22 1,380,671.88 (68,251.95) (68,428.31) DTD 12/15/2021 1.000% 12/15/2024

2.43 3.03
US TREASURY N/B NOTES 91282CDS7 750,000.00 JPM_CHA 95.34 715,078.13 (28,417.96) (29,290.81) DTD 01/15/2022 1.125% 01/15/2025

2.50 3.04
US TREASURY N/B NOTES 91282CDZ1 2,225,000.00 MORGAN_ 96.09 2,138,085.94 (66,054.69) (68,643.08) DTD 02/15/2022 1.500% 02/15/2025

2.57 3.06
US TREASURY NOTES 9128284M9 1,450,000.00 CITIGRP 99.56 1,443,656.25 (1,189.45) (1,458.74) DTD 04/30/2018 2.875% 04/30/2025

2.73 3.04

Page 24 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
U.S. Treasury Bond / Note
US TREASURY N/B NOTES 91282CEQ0 3,250,000.00 BNP_PAR 99.23 3,225,117.35 (14,980.31) (15,210.81) DTD 05/15/2022 2.750% 05/15/2025

2.77 3.03
Security Type Sub-Total 57,055,000.00 54,661,921.75 (2,514,798.21) (2,460,090.22) 2.03 3.01 Supra-National Agency Bond / Note
INTL BK OF RECON AND DEV NOTE 459058JV6 1,035,000.00 TD 97.89 1,013,173.92 (19,683.63) (20,966.17) DTD 04/20/2021 0.125% 04/20/2023

0.81 2.79
INTER-AMERICAN DEVEL BK NOTES 4581X0DM7 1,100,000.00 RBC 97.90 1,076,900.00 (22,726.00) (22,991.29) DTD 04/24/2020 0.500% 05/24/2023

0.90 2.88
INTL BK RECON & DEVELOP NOTES 459058JM6 960,000.00 TD 96.30 924,447.36 (33,488.64) (34,589.44) DTD 11/24/2020 0.250% 11/24/2023

1.40 2.97
INTER-AMERICAN DEVEL BK NOTES 4581X0DZ8 1,455,000.00 JPM_CHA 94.54 1,375,524.99 (78,398.31) (78,674.36) DTD 09/23/2021 0.500% 09/23/2024

2.22 3.05
Security Type Sub-Total 4,550,000.00 4,390,046.27 (154,296.58) (157,221.26) 1.40 2.93 Municipal Bond / Note
CA ST EARTHQUAKE AUTH TXBL REV 13017HAJ5 300,000.00 CITIGRP 100.00 300,000.00 0.00 0.00 BONDS
DTD 11/24/2020 1.327% 07/01/2022

0.00 1.32
CA ST DEPT WTR RES WTR SYS TXBL REV 13067WQZ8 225,000.00 MORGAN_ 98.90 222,534.00 (2,466.00) (2,466.00) BNDS
DTD 08/06/2020 0.349% 12/01/2022

0.42 2.99
NY ST URBAN DEV CORP TXBL REV BONDS 650036DR4 320,000.00 WELLS_F 97.98 313,542.40 (6,457.60) (6,457.60) DTD 12/23/2020 0.480% 03/15/2023

0.71 3.39
LOS ANGELES CCD, CA TXBL GO BONDS 54438CYH9 305,000.00 MERRILL 97.21 296,496.60 (8,503.40) (8,503.40) DTD 11/10/2020 0.444% 08/01/2023

1.08 3.07
MD ST TXBL GO BONDS 574193TP3 800,000.00 JPM_CHA 97.37 778,944.00 (21,056.00) (21,056.00) DTD 08/05/2020 0.410% 08/01/2023

1.08 2.89
MS ST TXBL GO BONDS 605581MY0 360,000.00 WELLS_F 96.02 345,679.20 (14,320.80) (14,320.80) DTD 08/06/2020 0.422% 11/01/2023

1.33 3.49
CA ST UNIV TXBL REV BONDS 13077DNB4 400,000.00 GOLDMAN 96.82 387,276.00 (12,724.00) (12,724.00) DTD 09/17/2020 0.475% 11/01/2023

1.33 2.92

Page 25 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Municipal Bond / Note
CA ST DEPT WTR RES WTR SYS TXBL REV 13067WRA2 100,000.00 MORGAN_ 96.25 96,245.00 (3,755.00) (3,755.00) BNDS
DTD 08/06/2020 0.414% 12/01/2023

1.42 3.14
NY ST URBAN DEV CORP TXBL REV BONDS 650036DS2 975,000.00 WELLS_F 95.39 930,062.25 (44,937.75) (44,937.75) DTD 12/23/2020 0.620% 03/15/2024

1.70 3.42
NJ TURNPIKE AUTHORITY TXBL REV 646140DN0 305,000.00 CITIGRP 93.41 284,912.70 (20,087.30) (20,087.30) BONDS
DTD 02/04/2021 0.897% 01/01/2025

2.47 3.68
FL ST BOARD OF ADMIN TXBL REV BONDS 341271AD6 395,000.00 MERRILL 93.73 370,233.50 (24,766.50) (24,766.50) DTD 09/16/2020 1.258% 07/01/2025

2.94 3.47
Security Type Sub-Total 4,485,000.00 4,325,925.65 (159,074.35) (159,074.35) 1.38 3.11 Federal Agency Commercial Mortgage-Backed Security
FHLMC MULTIFAMILY STRUCTURED P 3137AWQH1 306,915.97 CANT_FIT 99.75 306,145.02 (4,343.64) (875.93) DTD 12/01/2012 2.307% 08/01/2022

0.09 5.24
FHLMC MULTIFAMILY STRUCTURED P 3137AWQH1 460,373.96 CANT_FIT 99.75 459,217.53 (7,954.15) (1,355.80) DTD 12/01/2012 2.307% 08/01/2022

0.09 5.24
FHLMC MULTIFAMILY STRUCTURED P 3137B1BS0 138,598.30 BARCLAYS 99.63 138,080.67 (3,029.73) (828.48) DTD 05/01/2013 2.510% 11/01/2022

0.32 3.63
FHLMC MULTIFAMILY STRUCTURED P 3137B1BS0 1,293,584.12 CANT_FIT 99.63 1,288,752.95 (28,681.63) (7,329.98) DTD 05/01/2013 2.510% 11/01/2022

0.32 3.63
FNA 2013-M7 A2 3136AEGQ4 166,501.68 BAIRD 99.68 165,969.59 (2,713.42) (815.16) DTD 05/01/2013 2.280% 12/01/2022

0.42 3.05
FHLMC MULTIFAMILY STRUCTURED P 3137B5JL8 51,168.08 BARCLAYS 99.73 51,031.90 125.66 (102.85) DTD 11/01/2013 2.669% 02/01/2023

0.19 3.13
FHMS KP05 A 3137FKK39 19,005.40 CSFB 99.38 18,888.10 (117.24) (117.29) DTD 12/01/2018 3.203% 07/01/2023

1.02 3.83
FHLMC MULTIFAMILY STRUCTURED P 3137FCM35 175,693.94 BARCLAYS 99.76 175,279.91 (4,559.31) (1,893.58) POOL
DTD 12/01/2017 2.951% 02/01/2024

0.63 3.10
FHMS KJ27 A1 3137FQ3V3 32,265.70 JPM_CHAS 99.76 32,186.82 (78.11) (78.54) DTD 11/01/2019 2.092% 07/01/2024

1.06 2.22

Page 26 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Federal Agency Commercial Mortgage-Backed Security
FHLMC MULTIFAMILY STRUCTURED POOL 3137FBTA4 1,400,091.79 JPM_CHA 99.34 1,390,829.36 (11,121.92) (11,049.23) DTD 11/01/2017 3.064% 08/01/2024

1.88 3.39
FHMS K047 A2 3137BKRJ1 1,000,000.00 MORGAN_ 99.92 999,237.53 (7,168.72) (7,168.72) DTD 07/30/2015 3.329% 05/01/2025

2.63 3.36
Security Type Sub-Total 5,044,198.94 5,025,619.38 (69,642.21) (31,615.56) 1.20 3.70 Federal Agency Bond / Note
FANNIE MAE NOTES 3135G04Q3 465,000.00 CITIGRP 97.76 454,592.84 (9,007.51) (9,991.74) DTD 05/22/2020 0.250% 05/22/2023

0.89 2.80
FEDERAL HOME LOAN BANKS NOTES 3133834G3 1,175,000.00 WELLS_F 99.32 1,167,057.00 (59,196.50) (22,955.77) DTD 05/09/2013 2.125% 06/09/2023

0.94 2.86
FREDDIE MAC NOTES 3137EAES4 2,850,000.00 TD 97.44 2,777,125.50 (64,552.50) (70,138.50) DTD 06/26/2020 0.250% 06/26/2023

0.99 2.89
FANNIE MAE NOTES 3135G05G4 3,000,000.00 CITIGRP 97.32 2,919,468.00 (74,082.00) (78,328.99) DTD 07/10/2020 0.250% 07/10/2023

1.03 2.92
FREDDIE MAC NOTES 3137EAEV7 2,575,000.00 CITIGRP 96.97 2,496,920.85 (75,452.65) (77,076.87) DTD 08/21/2020 0.250% 08/24/2023

1.15 2.95
FREDDIE MAC NOTES 3137EAEW5 1,000,000.00 HSBC 96.87 968,668.00 (31,042.00) (31,213.71) DTD 09/04/2020 0.250% 09/08/2023

1.19 2.95
FREDDIE MAC NOTES 3137EAEW5 2,035,000.00 NOMURA 96.87 1,971,239.38 (64,132.23) (63,907.37) DTD 09/04/2020 0.250% 09/08/2023

1.19 2.95
FREDDIE MAC NOTES 3137EAEW5 2,700,000.00 WELLS_F 96.87 2,615,403.60 (83,705.40) (84,244.54) DTD 09/04/2020 0.250% 09/08/2023

1.19 2.95
FREDDIE MAC NOTES 3137EAEY1 1,150,000.00 WELLS_F 96.42 1,108,873.70 (36,836.80) (39,277.31) DTD 10/16/2020 0.125% 10/16/2023

1.29 2.96
FREDDIE MAC NOTES 3137EAEZ8 2,980,000.00 CITIGRP 96.42 2,873,435.20 (103,882.80) (105,358.39) DTD 11/05/2020 0.250% 11/06/2023

1.35 2.97
FREDDIE MAC NOTES 3137EAFA2 2,400,000.00 CITIGRP 96.17 2,308,032.00 (89,592.00) (90,837.50) DTD 12/04/2020 0.250% 12/04/2023

1.43 3.01
Security Type Sub-Total 22,330,000.00 21,660,816.07 (691,482.39) (673,330.69) 1.17 2.94 Corporate Note

Page 27 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
ADOBE INC CORP NOTE 00724PAA7 175,000.00 MERRILL 99.12 173,455.80 (1,304.45) (1,497.08) DTD 02/03/2020 1.700% 02/01/2023

0.58 3.23
3M COMPANY 88579YBL4 450,000.00 WELLS_FA 98.92 445,161.15 (3,124.35) (4,530.56) DTD 08/26/2019 1.750% 02/14/2023

0.62 3.51
PEPSICO INC CORPORATE NOTES 713448EY0 365,000.00 GOLDMAN 98.05 357,872.65 (6,404.65) (6,926.71) DTD 05/01/2020 0.750% 05/01/2023

0.83 3.13
AMERICAN HONDA FINANCE 02665WDH1 575,000.00 SOCGEN 98.93 568,833.13 (5,954.12) (6,112.11) DTD 01/10/2020 1.950% 05/10/2023

0.86 3.22
CHEVRON CORP CORPORATE NOTES 166764BV1 335,000.00 JPM_CHA 98.28 329,225.61 (5,774.39) (5,774.39) DTD 05/11/2020 1.141% 05/11/2023

0.86 3.18
APPLE INC CORPORATE NOTES 037833DV9 710,000.00 JPM_CHA 98.16 696,970.79 (11,098.01) (12,475.42) DTD 05/11/2020 0.750% 05/11/2023

0.86 2.92
AMAZON.COM INC CORPORATE NOTES 023135BP0 345,000.00 GOLDMAN 97.50 336,383.28 (8,133.72) (8,468.07) DTD 06/03/2020 0.400% 06/03/2023

0.92 3.16
PACCAR FINANCIAL CORP CORPORATE 69371RQ82 200,000.00 TD 97.94 195,885.80 (3,836.20) (4,027.37) NOTES
DTD 06/08/2020 0.800% 06/08/2023

0.94 3.04
JOHN DEERE CAPITAL CORP CORPORATE 24422EVH9 250,000.00 HSBC 97.73 244,324.25 (5,470.75) (5,608.57) NOTES
DTD 06/04/2020 0.700% 07/05/2023

1.01 2.99
PACCAR FINANCIAL CORP CORPORATE 69371RQ90 110,000.00 BNP_PAR 96.82 106,499.14 (3,356.76) (3,447.43) NOTES
DTD 08/11/2020 0.350% 08/11/2023

1.11 3.28
TOYOTA MOTOR CREDIT CORP 89236THA6 500,000.00 CITIGRP 97.85 489,225.00 (10,590.00) (10,709.49)

CORPORATE NOTES
DTD 05/26/2020 1.350% 08/25/2023

1.14 3.27
MORGAN STANLEY CORPORATE NOTES 6174468T9 240,000.00 MORGAN_ 98.93 237,435.36 (2,564.64) (2,564.64) DTD 11/13/2020 0.560% 11/10/2023

1.36 1.35
BRISTOL-MYERS SQUIBB CO (CALLABLE) 110122DT2 690,000.00 CITIGRP 96.38 665,019.93 (24,980.07) (24,980.07) CORP
DTD 11/13/2020 0.537% 11/13/2023

1.36 3.26
GOLDMAN SACHS GROUP INC (CALLABLE) 38141GXL3 625,000.00 GOLDMAN 11/17/22 98.85 617,809.38 (7,190.62) (7,190.62) CORP
DTD 11/19/2020 0.627% 11/17/2023

1.38 1.47

Page 28 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
CATERPILLAR FINL SERVICE CORPORATE 14913R2S5 200,000.00 JPM_CHA 96.68 193,368.20 (6,599.80) (6,607.34) NOTES
DTD 01/10/2022 0.950% 01/10/2024

1.51 3.19
TOYOTA MOTOR CREDIT CORP 89236THU2 500,000.00 CITIGRP 95.74 478,688.50 (21,281.50) (21,296.18)

CORPORATE NOTES
DTD 01/11/2021 0.450% 01/11/2024

1.52 3.33
JOHN DEERE CAPITAL CORP CORPORATE 24422EVN6 400,000.00 GOLDMAN 95.87 383,467.20 (16,248.80) (16,379.84) NOTES
DTD 03/04/2021 0.450% 01/17/2024

1.54 3.21
NATIONAL RURAL UTIL COOP CORPORATE 63743HEU2 265,000.00 RBC 95.16 252,184.60 (12,632.55) (12,717.38) NOTES
DTD 02/08/2021 0.350% 02/08/2024

1.60 3.47
BANK OF AMERICA CORP NOTE 06051GHF9 575,000.00 MERRILL 99.78 573,740.75 (38,208.75) (19,321.49) DTD 03/05/2018 3.550% 03/05/2024

1.63 3.68
CHARLES SCHWAB CORP NOTES 808513BN4 465,000.00 CSFB 02/18/24 95.92 446,037.77 (18,729.73) (18,829.43) (CALLABLE)
DTD 03/18/2021 0.750% 03/18/2024

1.62 3.21
COMCAST CORP (CALLABLE) CORPORATE 20030NCR0 350,000.00 CITIGRP 03/15/24 100.29 351,000.30 (32,456.20) (13,845.43) NOTES
DTD 10/05/2018 3.700% 04/15/2024

1.66 3.53
AMAZON.COM INC CORPORATE NOTES 023135BW5 1,060,000.00 JPM_CHA 95.07 1,007,703.84 (50,748.56) (51,334.56) DTD 05/12/2021 0.450% 05/12/2024

1.86 3.19
UNITEDHEALTH GROUP INC (CALLABLE) 91324PEB4 500,000.00 CITIGRP 95.27 476,373.00 (23,107.00) (23,301.29) CORP N
DTD 05/19/2021 0.550% 05/15/2024

1.87 3.17
HSBC USA INC CORPORATE NOTES 40428HTA0 1,070,000.00 HSBC 99.35 1,063,088.87 (6,868.33) (6,870.55) DTD 05/24/2022 3.750% 05/24/2024

1.85 4.11
ASTRAZENECA FINANCE LLC (CALLABLE) 04636NAC7 695,000.00 MORGAN_ 94.82 658,978.15 (35,959.30) (35,982.07) CORP
DTD 05/28/2021 0.700% 05/28/2024

1.90 3.53
TARGET CORP CORPORATE NOTES 87612EBD7 475,000.00 MORGAN_ 100.29 476,397.45 (28,356.55) (21,618.61) DTD 06/26/2014 3.500% 07/01/2024

1.92 3.35

Page 29 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
AMERICAN EXPRESS CO CORP NOTES 025816CG2 150,000.00 MORGAN_ 06/30/24 97.40 146,104.80 (9,265.20) (8,021.62) (CALLABLE
DTD 07/30/2019 2.500% 07/30/2024

1.94 3.81
AMERICAN EXPRESS CO CORP NOTES 025816CG2 600,000.00 CITIGRP 06/30/24 97.40 584,419.20 (37,060.80) (32,086.48) (CALLABLE
DTD 07/30/2019 2.500% 07/30/2024

1.94 3.81
PACCAR FINANCIAL CORP CORPORATE 69371RR40 160,000.00 MITSU 94.08 150,529.76 (9,383.84) (9,409.54) NOTES
DTD 08/09/2021 0.500% 08/09/2024

2.10 3.43
AMERICAN HONDA FINANCE CORPORATE 02665WDY4 230,000.00 BNP_PAR 94.04 216,283.03 (13,565.17) (13,607.22) NOTES
DTD 09/09/2021 0.750% 08/09/2024

2.09 3.72
UNILEVER CAPITAL CORP (CALLABLE) 904764BN6 235,000.00 DEUTSCH 08/12/22 94.29 221,589.49 (13,410.51) (13,410.51)

CORPORA
DTD 08/12/2021 0.626% 08/12/2024

0.14 3.44
BMW US CAPITAL LLC CORPORATE NOTES 05565EBU8 300,000.00 GOLDMAN 94.33 282,976.50 (16,996.50) (17,004.46) DTD 08/12/2021 0.750% 08/12/2024

2.10 3.56
CATERPILLAR FINL SERVICE CORPORATE 14913R2P1 710,000.00 CITIGRP 94.11 668,146.21 (40,888.19) (41,143.92) NOTES
DTD 09/14/2021 0.600% 09/13/2024

2.19 3.40
NESTLE HOLDINGS INC CORP NOTES 641062AU8 1,075,000.00 JPM_CHA 09/14/23 93.93 1,009,728.15 (65,271.85) (65,271.85) (CALLABLE
DTD 09/14/2021 0.606% 09/14/2024

1.20 3.49
BANK OF AMERICA CORP (CALLABLE) 06051GJH3 525,000.00 MERRILL 10/24/23 95.37 500,704.58 (24,295.42) (24,295.42)

CORPORAT
DTD 10/21/2020 0.810% 10/24/2024

1.31 2.89
BANK OF NY MELLON CORP (CALLABLE) 06406RAX5 670,000.00 JPM_CHA 09/25/24 94.13 630,666.98 (38,897.52) (38,996.46) CORPOR
DTD 10/25/2021 0.850% 10/25/2024

2.22 3.51
CITIGROUP INC CORPORATE NOTES 172967MT5 650,000.00 CITIGRP 95.32 619,557.25 (30,442.75) (30,442.75) DTD 10/30/2020 0.776% 10/30/2024

2.31 2.87
JOHN DEERE CAPITAL CORP CORPORATE 24422EVY2 245,000.00 RBC 94.69 231,994.91 (12,889.94) (12,908.01) NOTES
DTD 01/10/2022 1.250% 01/10/2025

2.48 3.46

Page 30 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
COOPERATIEVE RABOBANK UA 21688AAS1 750,000.00 TD 94.10 705,763.50 (41,941.50) (42,298.13)

CORPORATE NOTES
DTD 01/12/2022 1.375% 01/10/2025

2.47 3.85
AMERICAN HONDA FINANCE CORPORATE 02665WEA5 300,000.00 MERRILL 94.98 284,953.80 (14,809.20) (14,845.74) NOTES
DTD 01/13/2022 1.500% 01/13/2025

2.48 3.59
GOLDMAN SACHS GROUP INC (CALLABLE) 38141GZH0 500,000.00 GOLDMAN 01/24/24 96.43 482,156.50 (17,843.50) (17,843.50) CORP
DTD 01/24/2022 1.757% 01/24/2025

1.54 3.22
NATIONAL RURAL UTIL COOP CORPORATE 63743HFC1 200,000.00 MIZUHO 95.71 191,414.60 (8,579.40) (8,580.19) NOTES
DTD 02/07/2022 1.875% 02/07/2025

2.53 3.62
JPMORGAN CHASE & CO CORP NOTES 46647PBY1 475,000.00 JPM_CHA 02/16/24 94.25 447,674.20 (27,325.80) (27,325.80) (CALLABLE
DTD 02/16/2021 0.563% 02/16/2025

1.62 2.85
AMERICAN EXPRESS CO CORP NOTES 025816CQ0 120,000.00 BARCLAY 02/01/25 96.26 115,514.16 (4,364.64) (4,377.80) (CALLABLE
DTD 03/04/2022 2.250% 03/04/2025

2.51 3.73
ROCHE HOLDINGS INC (CALLABLE) 771196BT8 1,885,000.00 DEUTSCH 02/10/25 96.52 1,819,369.96 (65,630.04) (65,630.04)

CORPORATE
DTD 03/10/2022 2.132% 03/10/2025

2.54 3.50
BMW US CAPITAL LLC CORP NOTES 05565EBZ7 355,000.00 MORGAN_ 03/09/25 98.64 350,157.45 (4,508.85) (4,536.56) DTD 04/01/2022 3.250% 04/01/2025

2.58 3.77
PACCAR FINANCIAL CORP CORPORATE 69371RR73 575,000.00 MITSU 98.80 568,095.98 (6,754.52) (6,766.11) NOTES
DTD 04/07/2022 2.850% 04/07/2025

2.67 3.31
AMAZON.COM INC CORPORATE NOTES 023135CE4 430,000.00 JPM_CHA 99.13 426,265.02 (3,051.28) (3,100.56) DTD 04/13/2022 3.000% 04/13/2025

2.68 3.33
HOME DEPOT INC (CALLABLE) CORPORATE 437076CM2 110,000.00 MORGAN_ 03/15/25 97.87 107,657.99 (2,149.51) (2,165.93) NOTE
DTD 03/28/2022 2.700% 04/15/2025

2.69 3.51
BANK OF NY MELLON CORP (CALLABLE) 06406RBC0 1,450,000.00 CITIGRP 03/25/25 98.87 1,433,609.20 (16,187.80) (16,200.04) CORP N
DTD 04/26/2022 3.350% 04/25/2025

2.70 3.78

Page 31 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
CITIGROUP INC (CALLABLE) CORPORATE 172967MX6 230,000.00 CITIGRP 05/01/24 93.66 215,412.02 (14,587.98) (14,587.98) NOTES
DTD 05/04/2021 0.981% 05/01/2025

2.80 3.34
CINTAS CORPORATION NO. 2 CORP NOTE 17252MAP5 315,000.00 KEYBANC 04/01/25 100.14 315,452.97 522.27 518.53 (CALL
DTD 05/03/2022 3.450% 05/01/2025

2.71 3.40
USAA CAPITAL CORP CORPORATE NOTES 90327QD89 575,000.00 MERRILL 99.25 570,715.68 (2,404.07) (2,467.27) DTD 05/26/2022 3.375% 05/01/2025

2.72 3.65
CATERPILLAR FINL SERVICE CORPORATE 14913R2V8 150,000.00 MERRILL 99.61 149,410.50 (399.00) (407.52) NOTES
DTD 05/13/2022 3.400% 05/13/2025

2.75 3.54
JPMORGAN CHASE & CO (CALLABLE) CORP 46647PCH7 630,000.00 JPM_CHA 06/01/24 93.54 589,303.26 (40,696.74) (40,696.74) NOTE
DTD 06/01/2021 0.824% 06/01/2025

2.89 3.16
JOHN DEERE CAPITAL CORP CORPORATE 24422EWF2 310,000.00 GOLDMAN 99.60 308,772.40 (1,156.30) (1,157.93) NOTES
DTD 06/06/2022 3.400% 06/06/2025

2.81 3.54
NATIONAL AUSTRALIA BK/NY CORPORATE 63254ABD9 780,000.00 CITIGRP 99.07 772,719.48 (7,280.52) (7,280.52) NOTES
DTD 06/09/2022 3.500% 06/09/2025

2.82 3.84
NATIONAL RURAL UTIL COOP CORPORATE 63743HFE7 145,000.00 RBC 99.43 144,175.10 (785.75) (787.75) NOTES
DTD 05/04/2022 3.450% 06/15/2025

2.82 3.65
BANK OF AMERICA CORP NOTES 06051GKE8 1,000,000.00 MERRILL 12/06/24 93.02 930,181.00 (69,819.00) (69,819.00) (CALLABLE)
DTD 12/06/2021 1.530% 12/06/2025

2.39 3.71
CITIGROUP INC CORP NOTES (CALLABLE) 17327CAN3 150,000.00 CITIGRP 93.75 140,617.80 (9,382.20) (9,382.20) DTD 01/25/2022 2.014% 01/25/2026

3.43 3.91
STATE STREET CORP (CALLABLE) 857477BR3 300,000.00 GOLDMAN 02/26/25 96.05 288,162.30 (11,837.70) (11,837.70)

CORPORATE N
DTD 02/07/2022 1.746% 02/06/2026

3.01 2.91
MORGAN STANLEY CORP NOTES 61747YEM3 875,000.00 MORGAN_ 02/18/25 95.98 839,854.75 (35,145.25) (35,145.25) (CALLABLE)
DTD 02/18/2022 2.630% 02/18/2026

2.53 3.82

Page 32 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Corporate Note
STATE STREET CORP NOTES (CALLABLE) 857477BM4 150,000.00 CSFB 03/30/25 96.76 145,140.60 (9,432.90) (8,858.72) DTD 10/29/2020 2.901% 03/30/2026

2.64 3.84
STATE STREET CORP NOTES (CALLABLE) 857477BM4 700,000.00 CSFB 03/30/25 96.76 677,322.80 (36,768.20) (35,162.42) DTD 10/29/2020 2.901% 03/30/2026

2.64 3.84
JPMORGAN CHASE & CO (CALLABLE) 46647PCZ7 700,000.00 JPM_CHA 04/26/25 98.54 689,749.90 (10,250.10) (10,250.10)

CORPORATE
DTD 04/26/2022 4.080% 04/26/2026

2.67 4.50
Security Type Sub-Total 31,835,000.00 30,797,453.68 (1,165,916.97) (1,120,007.91) 2.00 3.43 Certificate of Deposit
CREDIT SUISSE NEW YORK CERT DEPOS 22552G3C2 1,125,000.00 CSFB 98.05 1,103,097.38 (21,902.62) (21,902.62) DTD 03/23/2021 0.590% 03/17/2023

0.73 3.33
Security Type Sub-Total 1,125,000.00 1,103,097.38 (21,902.62) (21,902.62) 0.73 3.33 Asset-Backed Security
HAROT 2019-3 A3 43815NAC8 57,384.63 SOCGEN 99.92 57,338.07 (46.08) (46.42) DTD 08/27/2019 1.780% 08/15/2023

0.19 1.85
GMALT 2020-3 A3 362569AC9 113,753.80 WELLS_F 99.75 113,469.01 (273.89) (280.50) DTD 09/29/2020 0.450% 08/21/2023

0.19 0.67
ALLYA 2019-1 A3 02004WAC5 6,129.50 JPM_CHAS 100.00 6,129.40 0.64 0.09 DTD 02/13/2019 2.910% 09/15/2023

0.05 2.91
NALT 2020-B A3 65480EAD3 173,019.86 MERRILL 99.61 172,353.46 (648.59) (658.84) DTD 09/29/2020 0.430% 10/16/2023

0.26 0.73
COPAR 2019-1 A3 14042WAC4 28,092.29 JPM_CHAS 100.06 28,109.38 22.78 18.84 DTD 05/30/2019 2.510% 11/15/2023

0.10 2.46
MBALT 2020-B A3 58769EAC2 114,546.00 MIZUHO 99.38 113,840.41 (699.78) (703.05) DTD 09/23/2020 0.400% 11/15/2023

0.33 0.85
FIFTH THIRD AUTO TRUST 31680YAD9 10,921.38 CSFB 100.03 10,924.19 5.21 3.57 DTD 05/08/2019 2.640% 12/15/2023

0.06 2.62
BMWLT 2021-1 A3 05591RAC8 269,684.32 MIZUHO 98.87 266,627.39 (3,048.38) (3,052.27) DTD 03/10/2021 0.290% 01/25/2024

0.41 1.02

Page 33 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
HDMOT 2019-A A3 41284WAC4 6,053.90 BARCLAYS 100.01 6,054.62 1.19 0.88 DTD 06/26/2019 2.340% 02/15/2024

0.05 2.33
HART 2019-B A3 44891JAC2 71,580.50 RBC 99.97 71,558.82 (18.38) (20.43) DTD 11/06/2019 1.940% 02/15/2024

0.20 1.96
GMALT 2021-1 A3 36261RAC2 337,503.27 RBC 99.19 334,776.11 (2,692.60) (2,708.19) DTD 02/24/2021 0.260% 02/20/2024

0.39 0.76
FORDO 2019-C A3 34531KAD4 140,370.39 CITIGRP 99.80 140,086.15 (276.18) (281.05) DTD 11/22/2019 1.870% 03/15/2024

0.28 1.99
VZOT 2019-C A1A 92348AAA3 244,620.10 BARCLAYS 99.90 244,369.83 (231.41) (242.75) DTD 10/08/2019 1.940% 04/22/2024

0.28 2.00
TLOT 2021-A A3 89238EAC0 395,000.00 JPM_CHA 97.90 386,711.24 (8,242.66) (8,260.98) DTD 04/21/2021 0.390% 04/22/2024

0.71 1.57
GMALT 2021-2 A3 380144AC9 560,000.00 SOCGEN 98.13 549,547.04 (10,365.04) (10,397.38) DTD 05/26/2021 0.340% 05/20/2024

0.66 1.34
ALLYA 2019-4 A3 02007TAC9 108,999.31 MERRILL 99.84 108,828.14 (152.39) (163.01) DTD 12/11/2019 1.840% 06/17/2024

0.25 1.92
NAROT 2019-C A3 65479JAD5 171,654.24 MIZUHO 99.73 171,199.03 (446.15) (451.30) DTD 10/23/2019 1.930% 07/15/2024

0.31 2.06
NAROT 2020-B A3 65479CAD0 237,431.55 MIZUHO 99.04 235,147.34 (2,277.71) (2,280.93) DTD 06/30/2020 0.550% 07/15/2024

0.40 1.03
VZOT 2020-A A1A 92348TAA2 204,352.69 MERRILL 99.73 203,794.68 (534.08) (547.01) DTD 01/29/2020 1.850% 07/22/2024

0.37 1.99
GMCAR 2020-1 A3 36258NAC6 136,491.38 WELLS_FA 99.67 136,039.57 (419.67) (436.59) DTD 01/15/2020 1.840% 09/16/2024

0.38 1.99
HDMOT 2020-A A3 41284UAD6 107,820.65 CITIGRP 99.81 107,617.13 (180.01) (192.09) DTD 01/29/2020 1.870% 10/15/2024

0.30 1.95
HAROT 2020-3 A3 43813KAC6 238,009.22 BARCLAY 98.23 233,794.48 (4,179.77) (4,194.89) DTD 09/29/2020 0.370% 10/18/2024

0.65 1.15
BMWOT 2020-A A3 09661RAD3 206,109.24 JPM_CHA 98.69 203,404.57 (2,689.11) (2,696.24) DTD 07/15/2020 0.480% 10/25/2024

0.46 1.05
HART 2020-B A3 44933FAC0 204,577.06 CITIGRP 98.62 201,753.10 (2,785.66) (2,802.55) DTD 07/22/2020 0.480% 12/16/2024

0.45 1.05
CARMX 2020-1 A3 14315XAC2 278,649.28 MERRILL 99.34 276,800.83 (1,793.79) (1,821.00) DTD 01/22/2020 1.890% 12/16/2024

0.50 2.17

Page 34 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
MBART 2020-1 A3 58769VAC4 200,926.51 JPM_CHA 98.61 198,136.14 (2,774.68) (2,781.49) DTD 06/23/2020 0.550% 02/18/2025

0.49 1.09
VZOT 2020-B A 92290BAA9 560,000.00 RBC 98.42 551,176.25 (8,706.15) (8,755.10) DTD 08/12/2020 0.470% 02/20/2025

0.60 1.08
CARMX 2020-3 A3 14315FAD9 219,030.47 BARCLAY 98.61 215,984.44 (3,008.49) (3,024.16) DTD 07/22/2020 0.620% 03/17/2025

0.50 1.14
KCOT 2022-1A A2 50117EAB0 265,000.00 JPM_CHA 98.49 261,010.00 (3,980.86) (3,981.68) DTD 03/23/2022 2.340% 04/15/2025

1.06 2.90
GMCAR 2020-3 A3 362590AC5 443,532.73 CITIGRP 98.36 436,245.89 (7,185.36) (7,225.99) DTD 08/19/2020 0.450% 04/16/2025

0.60 1.05
WOART 2020-B A3 98163WAC0 283,726.56 WELLS_F 98.51 279,503.57 (4,200.74) (4,209.92) DTD 06/24/2020 0.630% 05/15/2025

0.56 1.16
VWALT 2022-A A3 92868AAC9 225,000.00 RBC 99.26 223,324.67 (1,657.42) (1,657.69) DTD 06/14/2022 3.440% 07/21/2025

1.81 3.69
KCOT 2021-1A A3 50117TAC5 330,000.00 JPM_CHA 95.05 313,667.05 (16,265.43) (16,284.31) DTD 04/14/2021 0.620% 08/15/2025

1.48 2.26
CARMX 2020-4 A3 14316HAC6 350,000.00 RBC 97.86 342,507.90 (7,415.07) (7,442.13) DTD 10/21/2020 0.500% 08/15/2025

0.72 1.20
HART 2021-A A3 44933LAC7 315,000.00 BARCLAY 96.85 305,084.37 (9,882.49) (9,891.37) DTD 04/28/2021 0.380% 09/15/2025

1.02 1.38
KCOT 2021-2A A3 50117XAE2 555,000.00 MITSU 94.17 522,658.14 (32,320.94) (32,325.44) DTD 07/28/2021 0.560% 11/17/2025

1.76 2.36
CARMX 2021-1 A3 14316NAC3 235,000.00 MITSU 97.48 229,079.18 (5,874.38) (5,887.92) DTD 01/27/2021 0.340% 12/15/2025

0.75 1.08
HAROT 2021-4 A3 43815GAC3 430,000.00 MERRILL 95.54 410,827.07 (19,082.29) (19,095.36) DTD 11/24/2021 0.880% 01/21/2026

1.67 2.18
CARMX 2021-2 A3 14314QAC8 475,000.00 MERRILL 97.08 461,113.61 (13,784.03) (13,809.34) DTD 04/21/2021 0.520% 02/17/2026

0.94 1.35
TAOT 2021-D A3 89238JAC9 435,000.00 RBC 95.50 415,445.88 (19,544.85) (19,546.16) DTD 11/15/2021 0.710% 04/15/2026

1.58 1.94
HART 2021-C A3 44935FAD6 330,000.00 SMBC 95.40 314,825.05 (15,101.29) (15,111.44) DTD 11/17/2021 0.740% 05/15/2026

1.60 1.97
HAROT 2022-1 A3 43815BAC4 360,000.00 JPM_CHA 96.87 348,740.93 (11,204.93) (11,209.42) DTD 02/23/2022 1.880% 05/15/2026

1.96 2.73

Page 35 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
FORDO 2022-A A3 345286AC2 155,000.00 CITIGRP 95.84 148,554.03 (6,427.56) (6,429.37) DTD 01/24/2022 1.290% 06/15/2026

1.79 2.39
CARMX 2021-3 A3 14317DAC4 910,000.00 RBC 96.09 874,411.72 (35,438.59) (35,466.97) DTD 07/28/2021 0.550% 06/15/2026

1.24 1.57
VALET 2021-1 A3 92868KAC7 570,000.00 WELLS_F 95.89 546,553.73 (23,423.93) (23,426.63) DTD 12/13/2021 1.020% 06/22/2026

1.57 2.10
BMWOT 2022-A A3 05602RAD3 410,000.00 RBC 98.99 405,842.85 (4,135.83) (4,136.43) DTD 05/18/2022 3.210% 08/25/2026

1.96 3.47
DCENT 2021-A1 A1 254683CP8 405,000.00 CITIGRP 93.67 379,366.09 (25,547.20) (25,560.44) DTD 09/27/2021 0.580% 09/15/2026

2.16 2.15
COPAR 2021-1 A3 14044CAC6 425,000.00 JPM_CHA 94.67 402,338.87 (22,653.10) (22,654.21) DTD 10/27/2021 0.770% 09/15/2026

1.65 2.09
TAOT 2022-B A3 89238FAD5 425,000.00 MITSU 98.86 420,172.81 (4,817.25) (4,817.74) DTD 04/13/2022 2.930% 09/15/2026

2.03 3.22
GMCAR 2021-4 A3 362554AC1 360,000.00 JPM_CHA 95.00 342,001.22 (17,989.60) (17,990.90) DTD 10/21/2021 0.680% 09/16/2026

1.47 1.92
WOART 2021-D A3 98163KAC6 520,000.00 WELLS_F 95.14 494,719.73 (25,209.45) (25,218.86) DTD 11/03/2021 0.810% 10/15/2026

1.51 1.99
KCOT 2022-1A A3 50117EAC8 765,000.00 JPM_CHA 96.17 735,689.18 (29,201.43) (29,207.99) DTD 03/23/2022 2.670% 10/15/2026

2.53 3.64
HART 2022-A A3 448977AD0 815,000.00 MERRILL 97.07 791,148.05 (23,820.57) (23,822.58) DTD 03/16/2022 2.220% 10/15/2026

2.00 2.95
COMET 2021-A3 A3 14041NFY2 895,000.00 BARCLAY 94.55 846,232.61 (48,644.06) (48,658.56) DTD 11/30/2021 1.040% 11/15/2026

2.31 2.35
GMCAR 2022-1 A3 380146AC4 325,000.00 BNP_PAR 95.57 310,592.07 (14,379.69) (14,382.30) DTD 01/19/2022 1.260% 11/16/2026

1.85 2.33
HDMOT 2022-A A3 41284YAD8 775,000.00 WELLS_F 98.72 765,086.43 (9,784.53) (9,789.80) DTD 04/20/2022 3.060% 02/15/2027

2.07 3.36
GMCAR 2022-2 A3 362585AC5 365,000.00 RBC 99.07 361,590.21 (3,333.51) (3,336.91) DTD 04/13/2022 3.100% 02/16/2027

2.12 3.32
CARMX 2022-2 A3 14317HAC5 590,000.00 MERRILL 99.55 587,317.21 (2,593.05) (2,596.32) DTD 04/28/2022 3.490% 02/16/2027

2.16 3.60
COMET 2022-A1 A1 14041NFZ9 1,100,000.00 RBC 97.93 1,077,252.99 (22,664.07) (22,668.33) DTD 03/30/2022 2.800% 03/15/2027

2.56 3.27

Page 36 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Fair Market Value & Analytics For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Dated Date/Coupon/Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost at Mkt Security Type/Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Duration
Asset-Backed Security
COPAR 2022-1 A3 14043QAC6 450,000.00 WELLS_F 98.99 445,447.58 (4,454.10) (4,457.26) DTD 05/04/2022 3.170% 04/15/2027

2.31 3.40
COMET 2022-A2 A 14041NGA3 425,000.00 RBC 100.20 425,851.25 919.16 918.52 DTD 06/14/2022 3.490% 05/15/2027

2.69 3.45
AMXCA 2022-2 A 02582JJT8 1,090,000.00 BARCLAY 99.77 1,087,517.53 (2,241.36) (2,246.40) DTD 05/24/2022 3.390% 05/17/2027

2.70 3.44
Security Type Sub-Total 22,209,970.83 21,657,290.29 (549,800.63) (550,402.49) 1.51 2.28 Managed Account Sub-Total 148,634,169.77 143,622,170.47 (5,326,913.96) (5,173,645.10) 1.74 3.01 Total Investments $143,896,119.56
$273,949.09
$143,622,170.47
Accrued Interest
Securities Sub-Total $148,634,169.77 ($5,326,913.96) ($5,173,645.10) 1.74 3.01%

Page 37 ends

Item 3

CORPORATE NOTES
DTD 06/09/2022 3.500% 06/09/2025
05/31/22 63254ABD9 780,000.00 (780,000.00) 0.00 (780,000.00) 06/06/22 JOHN DEERE CAPITAL CORP

CORPORATE NOTES
DTD 06/06/2022 3.400% 06/06/2025
06/01/22 24422EWF2 310,000.00 (309,928.70) 0.00 (309,928.70) 06/06/22 US TREASURY N/B NOTES
DTD 05/15/2022 2.750% 05/15/2025
06/01/22 91282CEQ0 3,250,000.00 (3,240,097.66) (5,343.07) (3,245,440.73) 06/14/22 COMET 2022-A2 A
DTD 06/14/2022 3.490% 05/15/2027
06/06/22 14041NGA3 425,000.00 (424,932.09) 0.00 (424,932.09) 06/14/22 VWALT 2022-A A3
DTD 06/14/2022 3.440% 07/21/2025
06/07/22 92868AAC9 225,000.00 (224,982.09) 0.00 (224,982.09) Transaction Type Sub-Total 4,990,000.00 (4,979,940.54) (5,343.07) (4,985,283.61)

INTEREST
06/01/22 06/01/22 MONEY MARKET FUND MONEY0002 0.00 0.00 85.86 85.86 06/01/22 CA ST DEPT WTR RES WTR SYS TXBL

REV BNDS
DTD 08/06/2020 0.414% 12/01/2023
06/01/22 13067WRA2 100,000.00 0.00 207.00 207.00
06/01/22 JPMORGAN CHASE & CO (CALLABLE)

CORP NOTE
DTD 06/01/2021 0.824% 06/01/2025
06/01/22 46647PCH7 630,000.00 0.00 2,595.60 2,595.60
06/01/22 CA ST DEPT WTR RES WTR SYS TXBL

REV BNDS
DTD 08/06/2020 0.349% 12/01/2022
06/01/22 13067WQZ8 225,000.00 0.00 392.63 392.63
06/25/22 FHLMC MULTIFAMILY STRUCTURED P
DTD 11/01/2013 2.669% 02/01/2023
06/01/22 3137B5JL8 64,125.29 0.00 142.63 142.63
06/25/22 FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/01/2024
06/01/22 3137FQ3V3 88,591.69 0.00 154.44 154.44
06/25/22 FHLMC MULTIFAMILY STRUCTURED P
DTD 12/01/2012 2.307% 08/01/2022
06/01/22 3137AWQH1 896,719.54 0.00 1,723.94 1,723.94
06/25/22 FHMS KP05 A
DTD 12/01/2018 3.203% 07/01/2023
06/01/22 3137FKK39 19,055.84 0.00 50.86 50.86

Page 38 ends

Item 3

INTEREST
06/25/22 FHMS K047 A2
DTD 07/30/2015 3.329% 05/01/2025
06/01/22 3137BKRJ1 1,000,000.00 0.00 2,774.17 2,774.17
06/25/22 FHLMC MULTIFAMILY STRUCTURED P
DTD 05/01/2013 2.510% 11/01/2022
06/01/22 3137B1BS0 1,508,256.74 0.00 3,182.76 3,182.76
06/25/22 FHLMC MULTIFAMILY STRUCTURED
POOL
DTD 11/01/2017 3.064% 08/01/2024
06/01/22 3137FBTA4 1,401,723.14 0.00 3,579.07 3,579.07
06/25/22 FNA 2013-M1 A2
DTD 01/01/2013 2.365% 08/01/2022
06/01/22 3136ABPW7 74,702.26 0.00 147.20 147.20
06/25/22 FNA 2013-M7 A2
DTD 05/01/2013 2.280% 12/01/2022
06/01/22 3136AEGQ4 181,853.65 0.00 345.52 345.52
06/25/22 FHLMC MULTIFAMILY STRUCTURED P
POOL
DTD 12/01/2017 2.951% 02/01/2024
06/01/22 3137FCM35 181,224.74 0.00 445.66 445.66
06/02/22 DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
06/02/22 23341VZT1 1,525,000.00 0.00 15,727.83 15,727.83 06/03/22 AMAZON.COM INC CORPORATE NOTES
DTD 06/03/2020 0.400% 06/03/2023
06/03/22 023135BP0 345,000.00 0.00 690.00 690.00
06/04/22 FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
06/04/22 3137EAFA2 2,400,000.00 0.00 3,000.00 3,000.00
06/06/22 BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 12/06/2021 1.530% 12/06/2025
06/06/22 06051GKE8 1,000,000.00 0.00 7,650.00 7,650.00
06/08/22 PACCAR FINANCIAL CORP CORPORATE
NOTES
DTD 06/08/2020 0.800% 06/08/2023
06/08/22 69371RQ82 200,000.00 0.00 800.00 800.00
06/09/22 FEDERAL HOME LOAN BANKS NOTES
DTD 05/09/2013 2.125% 06/09/2023
06/09/22 3133834G3 1,175,000.00 0.00 12,484.38 12,484.38 06/15/22 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
06/15/22 44933LAC7 315,000.00 0.00 99.75 99.75
06/15/22 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
06/15/22 14316NAC3 235,000.00 0.00 66.58 66.58
06/15/22 NAROT 2020-B A3
DTD 06/30/2020 0.550% 07/15/2024
06/15/22 65479CAD0 264,807.06 0.00 121.37 121.37

Page 39 ends

Item 3

INTEREST
06/15/22 HAROT 2022-1 A3
DTD 02/23/2022 1.880% 05/15/2026
06/15/22 43815BAC4 360,000.00 0.00 564.00 564.00
06/15/22 CARMX 2021-3 A3
DTD 07/28/2021 0.550% 06/15/2026
06/15/22 14317DAC4 910,000.00 0.00 417.08 417.08
06/15/22 CARMX 2020-3 A3
DTD 07/22/2020 0.620% 03/17/2025
06/15/22 14315FAD9 237,141.02 0.00 122.52 122.52
06/15/22 ALLYA 2019-4 A3
DTD 12/11/2019 1.840% 06/17/2024
06/15/22 02007TAC9 126,717.02 0.00 194.30 194.30
06/15/22 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
06/15/22 14315XAC2 302,790.76 0.00 476.90 476.90
06/15/22 HYUNDAI AUTO RECEIVABLES TRUST
DTD 04/10/2019 2.660% 06/15/2023
06/15/22 44932NAD2 2,797.73 0.00 6.20 6.20
06/15/22 HDMOT 2019-A A3
DTD 06/26/2019 2.340% 02/15/2024
06/15/22 41284WAC4 24,079.98 0.00 46.96 46.96
06/15/22 KCOT 2021-2A A3
DTD 07/28/2021 0.560% 11/17/2025
06/15/22 50117XAE2 555,000.00 0.00 259.00 259.00
06/15/22 HART 2019-B A3
DTD 11/06/2019 1.940% 02/15/2024
06/15/22 44891JAC2 87,096.09 0.00 140.81 140.81
06/15/22 US TREASURY N/B NOTES
DTD 12/15/2021 1.000% 12/15/2024
06/15/22 91282CDN8 2,150,000.00 0.00 10,750.00 10,750.00 06/15/22 COPAR 2022-1 A3
DTD 05/04/2022 3.170% 04/15/2027
06/15/22 14043QAC6 450,000.00 0.00 1,624.63 1,624.63
06/15/22 US TREASURY NOTES
DTD 12/15/2020 0.125% 12/15/2023
06/15/22 91282CBA8 1,425,000.00 0.00 890.63 890.63
06/15/22 CARMX 2022-2 A3
DTD 04/28/2022 3.490% 02/16/2027
06/15/22 14317HAC5 590,000.00 0.00 1,715.92 1,715.92
06/15/22 KCOT 2022-1A A2
DTD 03/23/2022 2.340% 04/15/2025
06/15/22 50117EAB0 265,000.00 0.00 516.75 516.75
06/15/22 COPAR 2021-1 A3
DTD 10/27/2021 0.770% 09/15/2026
06/15/22 14044CAC6 425,000.00 0.00 272.71 272.71
06/15/22 NALT 2020-B A3
DTD 09/29/2020 0.430% 10/16/2023
06/15/22 65480EAD3 202,779.37 0.00 72.66 72.66
06/15/22 DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
06/15/22 254683CP8 405,000.00 0.00 195.75 195.75

Page 40 ends

Item 3

INTEREST
06/15/22 COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
06/15/22 14042WAC4 40,945.54 0.00 85.64 85.64
06/15/22 WOART 2021-D A3
DTD 11/03/2021 0.810% 10/15/2026
06/15/22 98163KAC6 520,000.00 0.00 351.00 351.00
06/15/22 ALLYA 2019-1 A3
DTD 02/13/2019 2.910% 09/15/2023
06/15/22 02004WAC5 24,037.01 0.00 58.29 58.29
06/15/22 NAROT 2018-C A3
DTD 12/12/2018 3.220% 06/15/2023
06/15/22 65478NAD7 109.93 0.00 0.29 0.29
06/15/22 COMET 2021-A3 A3
DTD 11/30/2021 1.040% 11/15/2026
06/15/22 14041NFY2 895,000.00 0.00 775.67 775.67
06/15/22 MBALT 2020-B A3
DTD 09/23/2020 0.400% 11/15/2023
06/15/22 58769EAC2 125,646.16 0.00 41.88 41.88
06/15/22 AMXCA 2022-2 A
DTD 05/24/2022 3.390% 05/17/2027
06/15/22 02582JJT8 1,090,000.00 0.00 2,155.48 2,155.48
06/15/22 WOART 2020-B A3
DTD 06/24/2020 0.630% 05/15/2025
06/15/22 98163WAC0 304,712.53 0.00 159.97 159.97
06/15/22 HAROT 2019-3 A3
DTD 08/27/2019 1.780% 08/15/2023
06/15/22 43815NAC8 70,824.37 0.00 105.06 105.06
06/15/22 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
06/15/22 14314QAC8 475,000.00 0.00 205.83 205.83
06/15/22 FORDO 2022-A A3
DTD 01/24/2022 1.290% 06/15/2026
06/15/22 345286AC2 155,000.00 0.00 166.63 166.63
06/15/22 NAROT 2019-C A3
DTD 10/23/2019 1.930% 07/15/2024
06/15/22 65479JAD5 194,178.11 0.00 312.30 312.30
06/15/22 FIFTH THIRD AUTO TRUST
DTD 05/08/2019 2.640% 12/15/2023
06/15/22 31680YAD9 20,182.41 0.00 44.40 44.40
06/15/22 TAOT 2022-B A3
DTD 04/13/2022 2.930% 09/15/2026
06/15/22 89238FAD5 425,000.00 0.00 1,037.71 1,037.71
06/15/22 FORDO 2019-C A3
DTD 11/22/2019 1.870% 03/15/2024
06/15/22 34531KAD4 162,477.59 0.00 253.19 253.19
06/15/22 HDMOT 2022-A A3
DTD 04/20/2022 3.060% 02/15/2027
06/15/22 41284YAD8 775,000.00 0.00 1,976.25 1,976.25
06/15/22 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
06/15/22 44935FAD6 330,000.00 0.00 203.50 203.50

Page 41 ends

Item 3

INTEREST
06/15/22 COMET 2022-A1 A1
DTD 03/30/2022 2.800% 03/15/2027
06/15/22 14041NFZ9 1,100,000.00 0.00 2,566.67 2,566.67
06/15/22 HDMOT 2020-A A3
DTD 01/29/2020 1.870% 10/15/2024
06/15/22 41284UAD6 124,109.00 0.00 193.40 193.40
06/15/22 KCOT 2022-1A A3
DTD 03/23/2022 2.670% 10/15/2026
06/15/22 50117EAC8 765,000.00 0.00 1,702.13 1,702.13
06/15/22 US TREASURY N/B NOTES
DTD 06/15/2021 0.250% 06/15/2024
06/15/22 91282CCG4 8,225,000.00 0.00 10,281.25 10,281.25 06/15/22 MBART 2020-1 A3
DTD 06/23/2020 0.550% 02/18/2025
06/15/22 58769VAC4 219,980.48 0.00 100.82 100.82
06/15/22 KCOT 2021-1A A3
DTD 04/14/2021 0.620% 08/15/2025
06/15/22 50117TAC5 330,000.00 0.00 170.50 170.50
06/15/22 HART 2022-A A3
DTD 03/16/2022 2.220% 10/15/2026
06/15/22 448977AD0 815,000.00 0.00 1,507.75 1,507.75
06/15/22 HART 2020-B A3
DTD 07/22/2020 0.480% 12/16/2024
06/15/22 44933FAC0 224,255.68 0.00 89.70 89.70
06/15/22 TAOT 2021-D A3
DTD 11/15/2021 0.710% 04/15/2026
06/15/22 89238JAC9 435,000.00 0.00 257.38 257.38
06/15/22 CARMX 2020-4 A3
DTD 10/21/2020 0.500% 08/15/2025
06/15/22 14316HAC6 350,000.00 0.00 145.83 145.83
06/16/22 GMCAR 2019-1 A3
DTD 01/16/2019 2.970% 11/16/2023
06/16/22 36256XAD4 2,520.33 0.00 6.24 6.24
06/16/22 GMCAR 2020-3 A3
DTD 08/19/2020 0.450% 04/16/2025
06/16/22 362590AC5 474,803.82 0.00 178.05 178.05
06/16/22 GMCAR 2022-2 A3
DTD 04/13/2022 3.100% 02/16/2027
06/16/22 362585AC5 365,000.00 0.00 942.92 942.92
06/16/22 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
06/16/22 362554AC1 360,000.00 0.00 204.00 204.00
06/16/22 GMCAR 2020-1 A3
DTD 01/15/2020 1.840% 09/16/2024
06/16/22 36258NAC6 151,547.08 0.00 232.37 232.37
06/16/22 GMCAR 2022-1 A3
DTD 01/19/2022 1.260% 11/16/2026
06/16/22 380146AC4 325,000.00 0.00 341.25 341.25
06/18/22 HAROT 2020-3 A3
DTD 09/29/2020 0.370% 10/18/2024
06/18/22 43813KAC6 255,657.17 0.00 78.83 78.83

Page 42 ends

Item 3

INTEREST
06/18/22 HAROT 2019-1 A3
DTD 02/27/2019 2.830% 03/20/2023
06/18/22 43814WAC9 9,822.44 0.00 23.16 23.16
06/20/22 GMALT 2020-3 A3
DTD 09/29/2020 0.450% 08/21/2023
06/20/22 362569AC9 141,514.42 0.00 53.07 53.07
06/20/22 TLOT 2021-A A3
DTD 04/21/2021 0.390% 04/22/2024
06/20/22 89238EAC0 395,000.00 0.00 128.38 128.38
06/20/22 VZOT 2019-C A1A
DTD 10/08/2019 1.940% 04/22/2024
06/20/22 92348AAA3 290,511.43 0.00 469.66 469.66
06/20/22 VZOT 2020-A A1A
DTD 01/29/2020 1.850% 07/22/2024
06/20/22 92348TAA2 232,759.55 0.00 358.84 358.84
06/20/22 VALET 2021-1 A3
DTD 12/13/2021 1.020% 06/22/2026
06/20/22 92868KAC7 570,000.00 0.00 484.50 484.50
06/20/22 GMALT 2021-1 A3
DTD 02/24/2021 0.260% 02/20/2024
06/20/22 36261RAC2 350,000.00 0.00 75.83 75.83
06/20/22 GMALT 2021-2 A3
DTD 05/26/2021 0.340% 05/20/2024
06/20/22 380144AC9 560,000.00 0.00 158.67 158.67
06/20/22 VZOT 2020-B A
DTD 08/12/2020 0.470% 02/20/2025
06/20/22 92290BAA9 560,000.00 0.00 219.33 219.33
06/21/22 HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
06/21/22 43815GAC3 430,000.00 0.00 315.33 315.33
06/25/22 BMWLT 2021-1 A3
DTD 03/10/2021 0.290% 01/25/2024
06/25/22 05591RAC8 270,000.00 0.00 65.25 65.25
06/25/22 BMWOT 2020-A A3
DTD 07/15/2020 0.480% 10/25/2024
06/25/22 09661RAD3 226,231.15 0.00 90.49 90.49
07/12/22 BMWOT 2022-A A3
DTD 05/18/2022 3.210% 08/25/2026
06/25/22 05602RAD3 410,000.00 0.00 1,352.66 1,352.66
06/26/22 FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
06/26/22 3137EAES4 2,850,000.00 0.00 3,562.50 3,562.50
Transaction Type Sub-Total 49,776,288.12 0.00 109,023.92 109,023.92

PAYDOWNS
06/25/22 FNA 2013-M7 A2
DTD 05/01/2013 2.280% 12/01/2022
06/01/22 3136AEGQ4 15,351.97 15,351.97 0.00 15,351.97 (201.12) 0.00

Page 43 ends

Item 3

PAYDOWNS
06/25/22 FHLMC MULTIFAMILY STRUCTURED P
POOL
DTD 12/01/2017 2.951% 02/01/2024
06/01/22 3137FCM35 5,530.80 5,530.80 0.00 5,530.80 (130.49) 0.00 06/25/22 FHLMC MULTIFAMILY STRUCTURED P
DTD 12/01/2012 2.307% 08/01/2022
06/01/22 3137AWQH1 77,657.77 77,657.77 0.00 77,657.77 (1,146.66) 0.00 06/25/22 FHLMC MULTIFAMILY STRUCTURED P
DTD 05/01/2013 2.510% 11/01/2022
06/01/22 3137B1BS0 7,362.03 7,362.03 0.00 7,362.03 (133.44) 0.00 06/25/22 FNA 2013-M1 A2
DTD 01/01/2013 2.365% 08/01/2022
06/01/22 3136ABPW7 74,702.26 74,702.26 0.00 74,702.26 (574.85) 0.00 06/25/22 FHLMC MULTIFAMILY STRUCTURED P
DTD 12/01/2012 2.307% 08/01/2022
06/01/22 3137AWQH1 51,771.84 51,771.84 0.00 51,771.84 (602.66) 0.00 06/25/22 FHLMC MULTIFAMILY STRUCTURED P
DTD 11/01/2013 2.669% 02/01/2023
06/01/22 3137B5JL8 12,957.21 12,957.21 0.00 12,957.21 66.30 0.00 06/25/22 FHLMC MULTIFAMILY STRUCTURED
POOL
DTD 11/01/2017 3.064% 08/01/2024
06/01/22 3137FBTA4 1,631.35 1,631.35 0.00 1,631.35 (2.17) 0.00 06/25/22 FHMS KP05 A
DTD 12/01/2018 3.203% 07/01/2023
06/01/22 3137FKK39 50.44 50.44 0.00 50.44 0.00 0.00
06/25/22 FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/01/2024
06/01/22 3137FQ3V3 56,325.99 56,325.99 0.00 56,325.99 1.35 0.00 06/25/22 FHLMC MULTIFAMILY STRUCTURED P
DTD 05/01/2013 2.510% 11/01/2022
06/01/22 3137B1BS0 68,712.29 68,712.29 0.00 68,712.29 (1,266.88) 0.00 06/15/22 NALT 2020-B A3
DTD 09/29/2020 0.430% 10/16/2023
06/15/22 65480EAD3 29,759.51 29,759.51 0.00 29,759.51 3.06 0.00 06/15/22 WOART 2020-B A3
DTD 06/24/2020 0.630% 05/15/2025
06/15/22 98163WAC0 20,985.97 20,985.97 0.00 20,985.97 1.65 0.00 06/15/22 NAROT 2020-B A3
DTD 06/30/2020 0.550% 07/15/2024
06/15/22 65479CAD0 27,375.51 27,375.51 0.00 27,375.51 0.75 0.00 06/15/22 FORDO 2019-C A3
DTD 11/22/2019 1.870% 03/15/2024
06/15/22 34531KAD4 22,107.20 22,107.20 0.00 22,107.20 1.27 0.00 06/15/22 HYUNDAI AUTO RECEIVABLES TRUST
DTD 04/10/2019 2.660% 06/15/2023
06/15/22 44932NAD2 2,797.73 2,797.73 0.00 2,797.73 0.37 0.00 06/15/22 HAROT 2019-3 A3
DTD 08/27/2019 1.780% 08/15/2023
06/15/22 43815NAC8 13,439.74 13,439.74 0.00 13,439.74 0.11 0.00

Page 44 ends

Item 3

PAYDOWNS
06/15/22 NAROT 2019-C A3
DTD 10/23/2019 1.930% 07/15/2024
06/15/22 65479JAD5 22,523.87 22,523.87 0.00 22,523.87 1.19 0.00 06/15/22 HDMOT 2020-A A3
DTD 01/29/2020 1.870% 10/15/2024
06/15/22 41284UAD6 16,288.35 16,288.35 0.00 16,288.35 3.55 0.00 06/15/22 HART 2019-B A3
DTD 11/06/2019 1.940% 02/15/2024
06/15/22 44891JAC2 15,515.59 15,515.59 0.00 15,515.59 0.71 0.00 06/15/22 ALLYA 2019-4 A3
DTD 12/11/2019 1.840% 06/17/2024
06/15/22 02007TAC9 17,717.71 17,717.71 0.00 17,717.71 3.05 0.00 06/15/22 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
06/15/22 14315XAC2 24,141.48 24,141.48 0.00 24,141.48 4.74 0.00 06/15/22 ALLYA 2019-1 A3
DTD 02/13/2019 2.910% 09/15/2023
06/15/22 02004WAC5 17,907.51 17,907.51 0.00 17,907.51 2.16 0.00 06/15/22 CARMX 2020-3 A3
DTD 07/22/2020 0.620% 03/17/2025
06/15/22 14315FAD9 18,110.55 18,110.55 0.00 18,110.55 3.10 0.00 06/15/22 MBALT 2020-B A3
DTD 09/23/2020 0.400% 11/15/2023
06/15/22 58769EAC2 11,100.16 11,100.16 0.00 11,100.16 0.56 0.00 06/15/22 HART 2020-B A3
DTD 07/22/2020 0.480% 12/16/2024
06/15/22 44933FAC0 19,678.62 19,678.62 0.00 19,678.62 3.68 0.00 06/15/22 HDMOT 2019-A A3
DTD 06/26/2019 2.340% 02/15/2024
06/15/22 41284WAC4 18,026.08 18,026.08 0.00 18,026.08 1.39 0.00 06/15/22 NAROT 2018-C A3
DTD 12/12/2018 3.220% 06/15/2023
06/15/22 65478NAD7 109.93 109.93 0.00 109.93 0.02 0.00
06/15/22 MBART 2020-1 A3
DTD 06/23/2020 0.550% 02/18/2025
06/15/22 58769VAC4 19,053.97 19,053.97 0.00 19,053.97 1.49 0.00 06/15/22 COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
06/15/22 14042WAC4 12,853.25 12,853.25 0.00 12,853.25 2.61 0.00 06/15/22 FIFTH THIRD AUTO TRUST
DTD 05/08/2019 2.640% 12/15/2023
06/15/22 31680YAD9 9,261.03 9,261.03 0.00 9,261.03 2.03 0.00 06/16/22 GMCAR 2019-1 A3
DTD 01/16/2019 2.970% 11/16/2023
06/16/22 36256XAD4 2,520.33 2,520.33 0.00 2,520.33 0.28 0.00 06/16/22 GMCAR 2020-1 A3
DTD 01/15/2020 1.840% 09/16/2024
06/16/22 36258NAC6 15,055.70 15,055.70 0.00 15,055.70 3.55 0.00 06/16/22 GMCAR 2020-3 A3
DTD 08/19/2020 0.450% 04/16/2025
06/16/22 362590AC5 31,271.09 31,271.09 0.00 31,271.09 7.15 0.00

Page 45 ends

Item 3

PAYDOWNS
06/18/22 HAROT 2019-1 A3
DTD 02/27/2019 2.830% 03/20/2023
06/18/22 43814WAC9 9,822.44 9,822.44 0.00 9,822.44 0.26 0.00 06/18/22 HAROT 2020-3 A3
DTD 09/29/2020 0.370% 10/18/2024
06/18/22 43813KAC6 17,647.95 17,647.95 0.00 17,647.95 2.59 0.00 06/20/22 GMALT 2020-3 A3
DTD 09/29/2020 0.450% 08/21/2023
06/20/22 362569AC9 27,760.62 27,760.62 0.00 27,760.62 2.66 0.00 06/20/22 GMALT 2021-1 A3
DTD 02/24/2021 0.260% 02/20/2024
06/20/22 36261RAC2 12,496.73 12,496.73 0.00 12,496.73 1.28 0.00 06/20/22 VZOT 2019-C A1A
DTD 10/08/2019 1.940% 04/22/2024
06/20/22 92348AAA3 45,891.33 45,891.33 0.00 45,891.33 3.54 0.00 06/20/22 VZOT 2020-A A1A
DTD 01/29/2020 1.850% 07/22/2024
06/20/22 92348TAA2 28,406.86 28,406.86 0.00 28,406.86 3.33 0.00 06/25/22 BMWOT 2020-A A3
DTD 07/15/2020 0.480% 10/25/2024
06/25/22 09661RAD3 20,121.91 20,121.91 0.00 20,121.91 1.52 0.00 06/25/22 BMWLT 2021-1 A3
DTD 03/10/2021 0.290% 01/25/2024
06/25/22 05591RAC8 315.68 315.68 0.00 315.68 0.01 0.00
Transaction Type Sub-Total 922,118.35 922,118.35 0.00 922,118.35 (3,926.96) 0.00 SELL
06/06/22 DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
06/02/22 23341VZT1 1,525,000.00 1,523,646.26 345.67 1,523,991.93 (1,353.74) (1,353.74) FIFO 06/06/22 FANNIE MAE NOTES
DTD 05/22/2020 0.250% 05/22/2023
06/02/22 3135G04Q3 2,000,000.00 1,961,360.00 194.44 1,961,554.44 (32,620.00) (36,715.80) FIFO 06/09/22 US TREASURY NOTES
DTD 06/30/2016 1.375% 06/30/2023
06/03/22 912828S35 550,000.00 544,757.81 3,342.54 548,100.35 (18,605.47) (9,519.33) FIFO 06/09/22 US TREASURY NOTES
DTD 06/15/2020 0.250% 06/15/2023
06/03/22 912828ZU7 100,000.00 97,972.66 120.88 98,093.54 (2,156.25) (2,071.58) FIFO 06/09/22 US TREASURY NOTES
DTD 06/30/2016 1.375% 06/30/2023
06/08/22 912828S35 25,000.00 24,740.23 151.93 24,892.16 (867.19) (454.18) FIFO 06/14/22 US TREASURY NOTES
DTD 06/30/2016 1.375% 06/30/2023
06/14/22 912828S35 175,000.00 172,019.53 1,096.77 173,116.30 (7,232.43) (4,323.75) FIFO 06/14/22 US TREASURY NOTES
DTD 09/30/2021 0.250% 09/30/2023
06/14/22 91282CDA6 500,000.00 482,128.91 256.15 482,385.06 (17,617.18) (17,705.21) FIFO

Page 46 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
Managed Account Security Transactions & Interest For the Month Ending June 30, 2022 SAMPLE CLIENT - XXXX1000
Transaction Type
Trade Settle Security Description CUSIP Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
Transaction Type Sub-Total 4,875,000.00 4,806,625.40 5,508.38 4,812,133.78 (80,452.26) (72,143.59) Managed Account Sub-Total 748,803.21 109,189.23 857,992.44 (84,379.22) (72,143.59) Total Security Transactions $748,803.21 $109,189.23 $857,992.44 ($84,379.22) ($72,143.59)

Page 47 ends

Item 3

PRESENTATION
pfm) asset
manage1ment
IPF M Asset Management ILJLC
PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public.

Fixed Income | September 2022
Monthly Market Review
“It’s a bird! It’s a plane! It’s…interest rates”
Economic Highlights
► Federal Reserve (Fed) officials doubled down on their inflation-fighting mantra, highlighted by Fed Chair Jerome Powell’s comments at the annual economic symposium in
Jackson Hole, WY. Powell said the Fed’s “overarching focus right now is to bring inflation back down,” adding “restoring price stability will take some time and requires using our tools forcefully.”
► Powell also noted, “The labor market is particularly strong, but it is clearly out of balance, with demand for workers substantially exceeding the supply of available workers.” This was confirmed by the recent employment report, which showed that the U.S. economy added 315,000 jobs in August, modestly exceeding expectations. The unemployment rate rose to 3.7% from 3.5%, driven by improvements in the labor force participation. Average hourly earnings, an important measure of wages, grew by a solid

5.2% over the past year but continued to lag surging inflation.

Weekly unemployment claims have also fallen for five straight weeks.
► Inflation remained sticky, with the overall consumer price index (CPI) rising 8.3% over the past year (down from 8.5% last month), while core CPI increased to 6.3% year-over-year (YoY).

The report showed gasoline and energy prices fell sharply, but rents rose the most since 1991 and food has continued to rise at roughly 1% per month.
► First-time home buyers continue to face tough conditions as home prices and borrowing rates remain historically elevated.

Building activity continued to slow while pending home sales plunged by more than 20% from a year ago.
► The final August results from the University of Michigan Survey of Consumers showed consumer sentiment improved
from the prior month, perhaps reflecting the strong jobs market and falling gasoline prices.
► The Bloomberg recession probability index, which measures the chance of a recession in the U.S. over the next year, has risen to 50%. Growth in Europe is an even more serious emerging concern, considering the impact of elevated European natural gas prices headed into winter.

Bond Markets
► The Fed’s consistently hawkish tone pushed U.S. Treasury yields sharply higher in August, setting the stage for another 75 basis point (0.75%) (bps) rate hike at the Fed’s September meeting and pushing back against the possibility of eventual rate cuts next year. By mid-September, expectations for Fed funds pointed to a terminal rate of nearly 4.5% by March 2023. ► The benchmark 6-month, 2-year, and 10-year Treasury yields finished August at 3.33%, 3.49%, and 3.19%, up 49, 61, and 54 bps (0.49%, 0.61%, and 0.54%), respectively.
► Fixed income U.S. Treasury index total returns were mostly negative in August. The ICE BofA 6-month, 2-year, and 10- year Treasury indices returned 0.15%, -0.78%, and -1.90%, respectively, for the month.

Equity Markets
► What began as a strong month for the three major averages ended on a decidedly weaker note, cementing the weakest August performance in seven years as worries about aggressive interest rate hikes from the Fed hurt valuations. The S&P 500 finished August down 4.1%, while the Dow and Nasdaq posted monthly losses of 3.7% and 4.5%, respectively.
► The U.S. dollar continued its trend higher as the U.S. Dollar Index (DXY) advanced 3.0% in August to a new 20-year high.

PFMAM Strategy Recap
► Given persistently elevated inflation and expectations for more Fed rate hikes, we plan to maintain our modest defensive duration bias relative to benchmarks. But, we recognize that 2-5 year Treasury yields at 14-15 year highs offer solid income potential and are beginning to shift the risk/reward dynamic.

Historically, yields tend to peak before the last rate hike of a cycle.
► While federal agency non-callable securities continue to offer limited value relative to U.S. Treasuries, callable agencies have become attractive, offering wider than normal yield spreads. ► Investment-grade (IG) corporate yield spreads vs. Treasuries narrowed in August and generated outperformance. While value in the sector remains, certain industries and maturities offer much better value than others, making issue selection more important.

We continue to seek issuers that can benefit from higher rates, can weather a modest economic downturn, and are better
insulated from input cost pressures.
► Asset-backed security (ABS) spreads also narrowed in
August, but remained wide relative to similarly-rated corporate notes. Higher energy costs, increasing rents, and negative real wage growth are potential headwinds for the consumer sector, but collateral performance remains solid and within rating parameters.
► Mortgage-backed securities (MBS) remained under pressure and were one of the few investment grade fixed income sectors to post negative excess returns for the month. Given increased Fed balance sheet reductions beginning in September, we remain defensive in the sector.
► Rates on short-term commercial paper, bank CDs and agency discount notes surged in lock-step with the Fed’s expected rate hikes. Short-term investments now offer excellent income opportunities.

Item 3

PRESENTATION
pfm) asset
management
PFM Asset Management LLC | For Institutional Investor or Investment Professional Use Only – This material is not for inspection by, distribution to, or quotation to the general public.

Spot Prices and Benchmark Rates
Index Aug 31,
2021 Jul 31, 2022 Aug 31, 2022
Monthly
Change
1-Month LIBOR 0.08% 2.36% 2.55% 0.19%
3-Month LIBOR 0.12% 2.79% 3.10% 0.31%
Effective Fed Funds Rate 0.06% 2.32% 2.33% 0.01%
Fed Funds Target Rate 0.25% 2.50% 2.50% 0.00%
Gold ($/oz) $1,816 $1,763 $1,717 -$46
Crude Oil ($/Barrel) $68.50 $98.62 $89.55 -$9.07
U.S. Dollars per Euro $1.18 $1.02 $1.01 -$0.01

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%
U.S. Treasury Yield Curve
8/31/2021
7/31/2022
8/31/2022
3-mo 2-yr 5-yr 10-yr 30-yr
Source: Bloomberg. Data as of August 31, 2022, unless otherwise noted.

The views expressed constitute the perspective of PFM Asset Management LLC at the time of distribution and are subject to change. The content is based on sources generally believed to be reliable and available to the public; however, PFMAM cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation.

PFM Asset Management LLC (“PFMAM”) is an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. (“USBAM”). USBAM is a subsidiary of U.S. Bank National Association (“U.S. Bank”). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM.

NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
U.S. Treasury Yields
Duration Aug 31,
2021 Jul 31, 2022 Aug 31, 2022
Monthly
Change
3-Month 0.04% 2.36% 2.93% 0.57%
6-Month 0.05% 2.86% 3.35% 0.49%
2-Year 0.21% 2.89% 3.50% 0.61%
5-Year 0.78% 2.68% 3.35% 0.67%
10-Year 1.31% 2.65% 3.20% 0.55%
30-Year 1.93% 3.01% 3.29% 0.28%
Yields by Sector and Maturity
Maturity U.S.

Treasury
Federal
Agency
Corporates-A IndustrialsAAA
Municipals
3-Month 2.93% 2.92% 3.28% --
6-Month 3.35% 3.27% 3.37% --
2-Year 3.50% 3.54% 3.76% 2.22%
5-Year 3.35% 3.45% 3.98% 2.32%
10-Year 3.20% 3.52% 4.26% 2.80%
30-Year 3.29% 3.91% 4.69% 3.40%
Key Economic Indicators
Indicator Release
Date Period Actual Survey (Median)
Retail Sales Advance MoM 17-Aug Jul 0.0% 0.1%
GDP Annualized QoQ 25-Aug 2Q S -0.6% -0.7%
PCE Core Deflator YoY 26-Aug Jul 4.6% 4.7%
U. of Mich. Consumer Sentiment 26-Aug Aug 58.2 55.5
ISM Manufacturing 1-Sep Aug 52.8 51.9
Change in Non-farm Payrolls 2-Sep Aug 315k 298k
Unemployment Rate 2-Sep Aug 3.7% 3.5%
-1.25% -1.19% -1.17% -1.35%
-2.09%
-5.44% -5.50% -6.06%
-3.89%
-7.11%
1-5 Year Treasury 1-5 Year Agency 1-5 Year AAA-A
Corp
1-5 Year
Municipals
0-5 Year MBS
ICE BofAML Fixed Income Index Returns
August Prior 12 Months
-2.6%
-4.1%
-2.0%
-4.7%
-10.9% -11.2%
-17.9% -19.8%
ICE BofAML U.S.

Treasury Master Index
S&P 500 Russell 2000
(Small Cap)

MSCI EAFE
(Developed
Europe/Asia)
Total Return of Major Indices
August Prior 12 Months
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%
Aug '21 Nov '21 Feb '22 May '22 Aug '22
30-Day Money Market Yields
Commercial Paper (A1/P1) Federal Agency U.S. T-Bill
Item 3

PRESENTATION
---------------------------
• • ------ ---------- -------- ----
Glossary of Terms
For Institutional Investor or Investment Professional
Use Only – This material is not for inspection by,
distribution to, or quotation to the general public
Item 3

PRESENTATION
Glossary
1 ACCRUED INTEREST: Coupon interest accumulated on a bond or note since the last interest payment or, for a new issue, from the dated date to the date of delivery.

ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR): The official annual report of the (entity). It includes five combined statements for each individual fund and account group prepared in conformity with GAAP. It also includes supporting schedules necessary to demonstrate compliance with finance-related legal and contractual provisions, extensive introductory material, and a detailed Statistical Section.

ASSET-BACKED SECURITIES: Securities that are supported by pools of assets, such as installment loans or leases, or by pools of revolving lines of credits. Asset-backed securities are structured as trusts in order to perfect a security interest in the underlying assets.

ASKED: The price at which securities are offered.

BANKERS’ 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.

BASIS POINTS: Refers to the yield on bonds. Each percentage point of yield in bonds equals 100 basis points (1/100% or 0.01%). If a bond yield changes from 2.25% to 2.39%, that is a rate of 14 basis points.

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.) See Offer.

BOOK RETURN: Book return includes interest, amortization/accretion of premiums/discounts, realized gains and losses, over a given period of time.

BOOK VALUE: The value at which an asset is carried on a balance sheet.

BROKER: A broker brings buyers and sellers together for a commission.

CALIFORNIA ASSET MANAGEMENT PROGRAM ("CAMP" or the "Program"): A California Joint Powers Authority ("JPA") established in 1989 to provide California public agencies with professional investment services. CAMP is directed by a Board of Trustees and offers a range of services to assist Program investors/participants with their investment and arbitrage compliance needs.

Item 3

PRESENTATION
Glossary
2 CALLABLE SECURITIES: An investment security that contains an option allowing the issuer to retire the security prior to its final maturity date.

CERTIFICATE OF DEPOSIT: A short-term, secured deposit in a financial institution that usually returns principal and interest to the lender at the end of the loan period. Certificates of Deposit (CDs) differ in terms of collateralization and marketability. Those appropriate to public agency investing include:

Negotiable Certificates of Deposit
Generally, short-term debt instrument that usually pays interest and is issued by a bank, savings or federal association, state or federal credit union, or state-licensed branch of a foreign bank. The majority of negotiable CDs mature within six months while the average maturity is two weeks. Negotiable CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor (investor). Negotiable CDs are insured by FDIC up to $250,000, but they are not collateralized beyond that amount.

Non-Negotiable Certificates of Deposit
CDs that carry a penalty if redeemed prior to maturity. A secondary market does exist for non-negotiable CDs, but redemption includes a transaction cost that reduces returns to the investor. Non-negotiable CDs issued by banks and savings and loans are insured by the Federal Deposit Insurance Corporation up to the amount of $250,000, including principal and interest. Amounts deposited above this amount may be secured with other forms of collateral through an agreement between the investor and the issuer. Collateral may include other securities including Treasuries or agency securities such as those issued by the Federal National Mortgage Association.

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: An unsecured short-term promissory note issued by corporations or municipalities, with maturities ranging from 2 to 270 days.

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.

CREDIT RISK: The chance that an issuer will be unable to make scheduled payments of interest and principal on an outstanding obligation. Another concern for investors is that the market’s perception of an issuer/borrower’s credit will cause the market value of a security to fall, even if default is not expected.

Item 3

PRESENTATION
Glossary
3 DEALER: A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own account.

DEBENTURE: A bond secured only by the general credit of the issuer.

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).

DISCOUNT: The difference between the cost price of a security and its maturity when quoted at lower than face value. A security selling below original offering price shortly after sale also is considered to be at a discount.

DISCOUNT SECURITIES: Noninterest-bearing money market instruments that are issued a discount and redeemed at maturity for full face value (e.g., U.S. Treasury Bills.)
DIVERSIFICATION: The allocation of different types of assets in a portfolio to mitigate risks and improve overall portfolio performance.

DURATION: A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices.

EFFECTIVE DURATION: Duration measures the weighted average of the present value of the cash flows of a fixed-income investment. Effective duration measures the price sensitivity of fixed-income investments, especially for those with embedded option features such as call options. As yields rise, the effective duration of a callable investment rises to reflect the fact that it has become less likely to be called. The more rates rise, the longer the effective duration will become, approaching the duration to maturity. The converse is true in a declining interest rate environment (that is, the more rates fall, the shorter the effective duration will become, approaching the duration to call). For securities without an embedded option, the duration to call, maturity, and effective duration are all the same. The calculation for effective duration is complicated and involves averaging the duration under a simulation of many possible interest rate scenarios in the future.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): A federal agency that insures bank deposits, currently up to $250,000 per entity.

Item 3

PRESENTATION
Glossary
4 FEDERAL FUNDS RATE: The rate of interest at which Fed funds are traded. This rate is currently pegged by the Federal Reserve through open-market operations.

GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB): A standard-setting body, associated with the Financial Accounting Foundation, which prescribes standard accounting practices for governmental units.

GOVERNMENT SPONSORED ENTERPRISES (GSE): Privately held corporations with public purposes created by the U.S. Congress to reduce the cost of capital for certain borrowing sectors of the economy. Securities issued by GSEs carry the implicit backing of the U.S. Government, but they are not direct obligations of the U.S. Government. For this reason, these securities will offer a yield premium over Treasuries.

INTEREST: The amount a borrower pays to a lender for the use of his or her money.

INTEREST RATE RISK: Interest rate risk is the risk that an investment's value will change due to a change in the absolute level of interest rates, spread between two rates, shape of the yield curve, or any other interest rate relationship.

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

LOCAL AGENCY INVESTMENT FUND: A voluntary investment fund open to government entities and certain non-profit organizations in California that is managed by the State Treasurer’s Office.

LOCAL GOVERNMENT INVESTMENT POOL (LGIP): The aggregate of all funds from political subdivisions that are placed in the custody of the State Treasurer for investment and reinvestment.

MARKET RISK: The chance that the value of a security will decline as interest rates rise. In general, as interest rates fall, prices of fixed income securities rise. Similarly, as interest rates rise, prices fall. Market risk also is referred to as systematic risk or risk that affects all securities within an asset class similarly.

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

Item 3

PRESENTATION
Glossary
5 MASTER REPURCHASE AGREEMENT: A written contract covering all future transactions between the parties to repurchase—reverse repurchase agreements that establishes each party’s rights in the transactions. A master agreement will often specify, among other things, the right of the buyer-lender to liquidate the underlying securities in the event of default by the seller borrower.

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

MEDIUM TERM NOTES: Corporate and depository institution debt securities with a maximum remaining maturity of five years or less, issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States.

MONEY MARKET: The market in which short-term debt instruments (bills, commercial paper, bankers’ acceptances, etc.) are issued and traded.

MONEY MARKET MUTUAL FUNDS: MMF’s are mutual funds that invest exclusively in short-term money market instruments. MMF’s seek the preservation of capital as a primary goal while maintaining a high degree of liquidity and providing income representative of the market for short-term investments.

MORTGAGE BACKED SECURITIES: Mortgage-backed securities (MBS) are created when a mortgagee or a purchaser of residential real estate mortgages creates a pool of mortgages and markets undivided interests or participations in the pool. MBS owners receive a pro rata share of the interest and principal cash flows (net of fees) that are “passed through” from the pool of mortgages. MBS are complex securities whose cash flow is determined by the characteristics of the mortgages that are pooled together. Investors in MBS face prepayment risk associated with the option of the underlying mortgagors to pre-pay or payoff their mortgage. Most MBS are issued and/or guaranteed by federal agencies and instrumentalities (e.g., Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA), and Federal Home Loan Mortgage Corporation (FHLMC)).

MORTGAGE PASS-THROUGH OBLIGATIONS: Securities that are created when residential mortgages (or other mortgages) are pooled together and undivided interests or participations in the stream of revenues associated with the mortgages are sold.

MUNICIPAL NOTES, BONDS, AND OTHER OBLIGATIONS: Obligations issued by state and local governments to finance capital and operating expenses.

Item 3

PRESENTATION
Glossary
6 NET ASSET VALUE: Net asset value (NAV) is a term used in the mutual fund industry to determine the average price per share of a pool or mutual fund. How this measure varies over time provides information on whether the pool is stable or variable. NAV is the market value of all securities in a mutual fund, less the value of the fund’s liabilities, divided by the number of shares in the fund outstanding. Shares of mutual funds are purchased at the fund’s offered NAV.

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

PAR AMOUNT OR PAR VALUE: The principal amount of a note or bond which must be paid at maturity. Par, also referred to as the “face amount” of a security, is the principal value stated on the face of the security. A par bond is one sold at a price of 100 percent of its principal amount.

PORTFOLIO: Combined holding of more than one stock, bond, commodity, real estate investment, cash equivalent, or other asset. The purpose of a portfolio is to reduce risk by diversification.

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.

PRUDENT INVESTOR STANDARD: A standard of conduct where a person acts with care, skill, prudence, and diligence when investing, re-investing, purchasing, acquiring, exchanging, selling, and managing funds. The test of whether the standard is being met is if a prudent person acting in such a situation would engage in similar conduct to ensure that investments safeguard principal and maintain liquidity.

PUBLIC BANK: A corporation, organized as either a nonprofit mutual benefit corporation or a nonprofit public benefit corporation for the purpose of engaging in the commercial banking business or industrial banking business, that is wholly owned by a local agency, as specified, local agencies, or a joint powers authority.

QUALIFIED INSTITUTIONAL BUYER: Federal regulations define qualified institutional buyer (QIB) as any of the following entities, acting for its own account or the accounts of other QIBs, that in the aggregate owns and invests on a discretionary basis at least $100 million in securities of issuers that are not affiliated with the entity: insurance company, investment company, small business investment company, a Rural Business Investment Company, a plan (established and maintained by a public agency) for the benefit of its employees, employee benefit plan, trust fund (bank or trust company), business development company, 501(c)(3), investment adviser, and dealer, an institution that qualifies as an accredited investor. 17 CFR § 230.144A and 230.145 Item 3

PRESENTATION
Glossary
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.

REINVESTMENT RISK: The risk that interest rates may be lower than the yield on a fixed income security when the investor seeks to reinvest interest income or repaid principal from the security.

REPURCHASE AGREEMENT (REPO): A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on 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 them for this.

REVERSE REPURCHASE AGREEMENT (REVERSE REPO): A reverse-repurchase agreement (reverse repo) involves an investor borrowing cash from a financial institution in exchange for securities. The investor agrees to repurchase the securities at a specified date for the same cash value plus an agreed upon interest rate. Although the transaction is similar to a repo, the purpose of entering into a reverse repo is quite different. While a repo is a straightforward investment of public funds, the reverse repo is a borrowing.

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.

SECONDARY MARKET: A market made for the purchase and sale of outstanding issues following the initial distribution.

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.

STRUCTURED NOTES: Notes issued by Government Sponsored Enterprises (FHLB, FNMA, FHLMC, etc.) and Corporations, which have imbedded options (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.

SUPRANATIONAL INSTITUTIONS: International institutions formed by two or more governments that transcend boundaries to pursue mutually beneficial economic or social goals. There are three supranational institutions that issue obligations that are eligible investments for California local agencies: the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), and Inter-American Development Bank (IADB).
7 Item 3

PRESENTATION
Glossary
TOTAL RETURN: Total return includes interest, realized gains and losses, and unrealized gains and losses over a given period of time.

U.S. TREASURY OBLIGATIONS: Debt obligations of the U.S. Government sold by the Treasury Department in the forms of bills, notes, and bonds. Bills are short-term obligations that mature in one year or less and are sold at a discount. Notes are obligations that mature between one year and ten years.

Bonds are long-term obligations that generally mature in ten years or more.

WEIGHTED AVERAGE MATURITY (WAM): The average maturity of all the securities that comprise a portfolio, typically expressed in days or years.

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.

ZERO-COUPON BOND: A bond on which interest is not payable until maturity (or earlier redemption), but compounds periodically to accumulate to a stated maturity amount. Zero-interest bonds are typically issued at a discount and repaid at par upon maturity. 8 Item 3

PRESENTATION
Disclaimer
Analysis provided at your request and does not constitute a recommendation. Analysis is as of the date herein unless otherwise noted, and is subject to change. Our analysis is based on assumptions, some but not all of which are noted herein. We have not reviewed our assumptions with any outside parties, and any changes in assumptions will have a material effect on our analysis. Assumptions may or may not be proven correct as actual events occur, and actual results will vary depending on events outside of your or our control. Our analysis is based on current market conditions and other information provided to us by or obtained from sources generally believed to be reliable; however, PFMAM cannot guarantee its accuracy, completeness or suitability. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained is not an offer to purchase or sell any securities. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation.

Investment advisory services are provided by PFM Asset Management LLC (“PFMAM”), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. (“USBAM”). USBAM is a subsidiary of U.S. Bank National Association (“U.S.

Bank”). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.

For more information regarding PFMAM’s services please visit www.pfmam.com.

Disclaimer
For Institutional Investor or Investment Professional
Use Only – This material is not for inspection by,
distribution to, or quotation to the general public
Item 3

PRESENTATION
• Subtitle
New SV Clean Energy
PowerPoint Template
Item 4

PRESENTATION
•
•
•
Item 4

PRESENTATION
Action: Recommend Board Authorize
CEO to Execute Agreements with
Firms Providing Services to Enable
SVCE to Execute its Second Prepay

1. Overview of Request

2. Leverage the First Prepay
Structure

3. Fees for Consultants and Counsel

4. Fiscal Impact

5. Next Steps

6. Appendix
Timeline of First Prepay
Details of the First Prepay and
Cost Breakdown
Overview of Prepay Structure and
Background Information
•
•
•
Agreements:

1. PFM Financial Advisors LLC & PFM Swap Advisors - $175,000

2. Chapman & Cutler (Disclosure/Issuer’s Counsel) - $200,000

3. Ballard Spahr (Bond and Tax Counsel) - $300,000

4. Moody’s Investor Service Inc (Credit Rating) - $230,000 Except for Moody’s all payments are contingent on the
execution of the transaction.

The agreement with Moody’s will be executed later when
there’s more certainty on likelihood of a transaction.

Item 4

PRESENTATION
Recommend the Board Authorize Agreements to Initiate Second Prepay Transaction Staff will later seek Board
authorization on the parameters of
the transaction:

Size of Bonds
Savings Threshold
Execution of Transactional
Agreements
3 Morgan Stanley Fee Structure (same as that of First Prepay):
• Bond underwriting fee of $5/bond
• E.g., For issuance of $1 billion in bonds, with a face value of $1000 a bond, the underwriting fee would be $5 million. • Energy Service Revenue of $1.10 per MWh
• If floating rate debt is issued, 4 basis points charge on interest rate swap • Minimal risk to SVCE.
• All costs (underwriting, consultants, and attorneys) are paid from the bond proceeds. • The Board-designated savings target will be net of all costs.

Item 4

PRESENTATION
Recommend the Board Approve Engagement with Morgan Stanley as Prepay Supplier 4 •
•
•
•
•
•
•
•
•
•
Item 4

PRESENTATION
© Leverage the First Prepay Structure
Recommend the Board Authorize Agreements to Initiate Second Prepay Transaction Slides in the appendix provide:

Timeline of the first Prepay
transaction
Details of the first Prepay
transaction and cost
breakdown
Overview of the Prepay
Structure
Replicate the first transaction's structure with the same counterparties (except for using the same bond and tax counsel)
Benefit from over two years of effort to execute the first transaction
Other CCAs have taken or plan to take advantage of market opportunities to execute Prepays
Since the execution of our first Prepay in partnership with EBCE:

MCE executed its first Prepay
EBCE executed its second Prepay
Several other CCAs pursuing their Prepay transactions
5 Item 4

PRESENTATION
Firms
Public Financial
Management {PFM)
Chapman & Cutler
Ballard Spahr
---------- Moody's Investor
Service Inc
Role
Municipal Advisor: Advises prepay buyer in
negotiations; required by Municipal Securities
Rulemaking Board (MSRB)
• •
First Prepay
Cost
I 111
Disclosure and Issuer's Counsel: Provides legal $310,000 counsel and prepares official statement and
I I I•
Bond and Tax Counsel: Represent bondholders N/A*
and provide tax opinion on the transaction
Rating Agency: Provides the credit rating for the $315,000 bonds
Proposed Cost for
the Second Prepay
• • Ill
$200,000
$300,000
$230,000
* For the first Prepay, SVCE worked with Orrick, Herrington & Sutcliffe as the bond and tax counsel at a higher cost of $425,000. 6 •
•
•
•
•
•
Item 4

PRESENTATION
Actual savings depend on market conditions - the spread between taxable and tax-exempt debt rate
111 ustrative:

If we get savings of 8 to 10% for a 50 MW around-the-clock transaction at current commodity prices this could amount to N$3 million savings per year
Minimal Risk to SVCE
Fees (except rating agency) are contingent on the execution of the deal and paid from the bond proceeds
Bonds issued are non-recourse to SVCE
7 •
•
•
•
•
•
•
Item 4

PRESENTATION
Request SVCE Board Approval to Execute Agreements at the October Meeting Work with parties to structure the transaction (October to December 2022) Seek Board approval on the parameters of the transaction (November/December 2022)
Size of the Deal and Bond Issuance
Target Minimum Savings Threshold
Seek California Community Choice Financing Authority (CCCFA) Board Approval
Target bond issuance for December 2022. Timing will depend on market conditions.
8 • Staff requests that the Finance and Administration Committee recommend that the Board authorize the CEO to approve* or execute the following contracts for services these firms will provide to enable SVCE to execute its second Prepay transaction for total cost of $1,000,000, which includes about 10 percent contingency.

1. PFM Financial Advisors LLC & PFM Swap Advisors - $175,000

2. Chapman & Cutler (Disclosure/Issuer’s Counsel) - $200,000

3. Ballard Spahr (Bond and Tax Counsel) - $300,000

4. Moody’s Investor Service Inc (Credit Rating) - $230,000 • Staff requests that the Finance and Administration Committee recommend that the Board approve engagement with Morgan Stanley as the Prepay Supplier with the following fee structure:
• Bond underwriting fee of $5/bond
• Energy Service Revenue of $1.10 per MWh
• If floating rate debt is issued, 4 basis points charge on interest rate swap Item 4

PRESENTATION
* CCCFA may execute 9
Item 4

PRESENTATION
Oct-2020 SVCE Board Authorizes CEO to enter legal service agreements to finalize Prepayment Transaction (Orrick, Herrington & Sutcliffe and Chapman & Cutler LLP)
Nov-2020SVCE provides Prepay Status Report to Finance and Admin Committee Mar-2021SVCE provides Prepay Status Report to Finance and Admin Committee SVCE provides Prepay Status Report to Executive Committee April-2021SVCE Board Approves Participation in the California Community Choice Financing Authority Joint Powers Authority
Aug-2021The Finance and Admin Committee reviews the Prepay Transaction and votes to recommend Board approval. Board authorizes execution of the first Prepay Transaction subject to parameters including that bonds are not obligations of SVCE, size of the bonds, and minimum savings target.

Sept-2021Sept 9, 2021 bonds priced
Jan-2022 Power delivery under Prepay begins
June-2019SVCE presents Prepay Structure Overview Presentation (developed by Goldman Sachs) to Finance and Admin Committee
Aug-2019 SVCE presents a brief verbal update on prepay process to Finance and Admin Committee
Sept-2019SVCE and PFM Financial Advisors provide update on the upcoming RFP process to Finance and Admin Committee
Nov-2019 SVCE provides Prepay RFP Overview to Executive Committee - PFM issues RFP to select Prepay Bank Supplier on behalf of EBCE and SVCE on Nov 12th
- RFP Proposals were due December 5th
Jan-2020 SVCE presents Prepay Structure Overview to Finance and Admin Committee Spring-2020SVCE and EBCE conduct RFP evaluations to select Prepay Bank Supplier July-2020SVCE and EBCE select Morgan Stanley as Prepay Bank Supplier Aug-2020 SVCE provides Prepay Status Report to Finance and Admin Committee Sept-2020SVCE provides Board with Prepay Overview on preparing for a Prepay Transaction
SVCE provides Prepay Status Report to Finance and Admin Committee Item 4

PRESENTATION
Aggregate Principal Bond Amount
Total Bond Proceeds
Municipal Bond Rating
Green Certification
Final Bond Maturity Date
Discount Achieved
Energy Volume Supported by Bond Proceeds
$1,234,720,000 (SVCE and EBCE combined)
$1,475,895,642.5 (SVCE and EBCE combined)
A1
Designated Green Bonds by Kestrel Verifiers
10 years.

After the initial period, bonds will be repriced per the negotiated repricing agreement, and a new discount will be established based on the then prevailing market conditions.

February 1, 2052.
$4.38 per MWh, about 10% of the energy cost of SVCE's 3-year transaction initially assigned into the Prepay.

N$1.9 million per year for SVCE during the initial bond pricing period of ten years.
109 MW, of which SVCE's share is 50 MW (about 11% of load) and EBCE's share is 59 MW for approximately the first ten years of the transaction; after that, the same proportional volume split will be maintained between SVCE and EBCE.
12 First Prepay Transaction Cost Breakdown ($000)
Item 4

PRESENTATION
Bond and Tax Counsel: Orrick, Herrington & Sutcliffe
Credit Rating: Moody's
Issuer's Counsel and Disclosure Counsel: Chapman & Cutler LLP Municipal Advisor: Public Financial Management
Investment Advisor: Public Financial Management Asset Mgmt Trustee: Bank of New York (BNY)
Trustee Counsel: BNY Counsel
Printing Cost
Contingency/Other
Total COi
Morgan Stanley Underwriting
Total
315
310
250
42 32
35 3
10 1,422
6,341
7,763
13 •
•
Item 4

PRESENTATION
Term: 30-year with bonds repricing every 5-10 years
depending on the optimal spread between taxable
and tax-exempt interest rates.

Process:

1. SVCE partially assigns, using Limited Assignment
Agreement, energy contract to Morgan Stanley
(MS), Prepay Supplier. MS agrees to pay contract
price to energy supplier.

2. CCAs created CCCFA, a separate legal entity that
can issue tax-exempt debt.

3. CCCFA issues non-recourse tax-exempt bonds.

Bonds not guaranteed by SVCE or CCCFA.

Bonds secured by the contractual rights and transaction cashflows; Bonds carry MS credit ratings.

4. CCCFA pays bond proceeds, net of transaction
fees, to MS as prepayment for energy and related
products that MS will provide over the 30-year
term. Executes Prepaid Agreement.

5. SVCE and CCCFA execute Power Supply
Agreement, where SVCE pays CCCFA contract
price less discount for energy delivered by
CCCFA.

6. CCCFA uses payments from SVCE to pay interest
and principal payments to bondholders.

Morgan Stanley
(Bank
Supplier)
Contract
Price
Prepayment $$$
MWhs+ RECs
•
Debt
Service
•
CCCFA
Contract •Price
Less Discount
MWhs + RECs
Bond •
Proceeds
• MWhs+ RECs
Energy
Supply/PPA
Counterparty
Non-Recourse
Tax-Exempt
Bonds
•
Energy Supply/PPA
to be "Partially
Assigned"
14 •
•
•
•
•
•
•
•
Item 4

PRESENTATION
Goal: Reduce the cost of power purchases
Savings achieved by leveraging SVCE/CCCFA's ability to fund low-cost tax-exempt interest rates Used since the 1990s for natural gas transactions
Over 95 transactions totaling over $50 billion completed in the US Over 95% of them for natural gas
14 prepayments totaling over $8.7 billion completed in California Codified in the US Tax law
Part of the National Energy Policy Act of 2005
Seasoned team of professionals will help to guide, negotiate and structure the transactions. Fees for professionals are contingent on the completion of the deal and paid from the deal proceeds. 15 • Municipal electric and gas utilities (and tax-exempt entities such as CCAs) in the US can prepay for a supply of electricity or natural gas from a taxable (corporate) entity and fund that prepayment with tax-exempt municipal bonds:
o Must sell that commodity to their retail end-users that reside within their traditional service area.
• Prepayment transactions are legal and Codified in US Tax Law: Since first prepayments of natural gas were done in the early 1990’s, the IRS issued rules allowing tax-exempt prepayments and Congress enacted legislation specifically allowing the transactions (National Energy Policy Act of 2005; Section 1327).

Item 4

PRESENTATION
16

Silicon Valley Clean Energy Finance & Administration CommitteeOctober 5, 2022

Silicon Valley Clean Energy Finance & Administration Committee
October 5, 2022