Attachment A - Quarterly Investment Report — City Council and Concurrent Authorities, May 24, 2022

Investment Performance Review
For the Quarter Ended March 31, 2022
Client Management Team PFM Asset Management LLC
Monique Spyke, Managing Director
Allison Kaune, Senior Analyst
Joseph Creason, Portfolio Manager
Rachael Miller, Client Consultant
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste 1000
San Francisco, CA 94111
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF STOCKTON

ATTACHMENT A
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Market Update

ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
▸ Invasion of Ukraine impacted the economic landscape
▹ Commodity prices soared, especially energy
▹ Created significant geopolitical uncertainty
▹ Triggered market volatility
▸ The U.S. economy is characterized by:
▹ A strong labor market
▹ Inflation at a 40-year high
▹ Depressed consumer confidence
▸ The Federal Reserve is tightening monetary policy
▹ Initiated the first of what will be many rate hikes in 2022 ▹ Balance sheet reduction likely to start soon
▸ U.S. Treasury yield curve has partially inverted
▹ Yield on 2-year Treasury notes rose above the 10-year Treasury ▹ One early, but imperfect warning sign for a future recession Current Market Themes

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
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1 ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Bloomberg, as of 3/31/2022.
*Shading is based of economic data from 2/28/2012 – 2/28/2022.

Economic Conditions Are Mixed
WorstBest
Prices
1/20
2/2
0 3/20
4/20
5/20
6/20
7/20
8/20
9/20
10/20
11/20
12/20
1/21
2/21
3/21
4/21
5/21
6/21
7/21
8/21
9/21
10/21
11/21
12/21
1/22
2/22
CPI YoY
Con
fidence
U. Of Mich. Sentiment
Manufacturing
ISM Manufacturing
Labor
Unemployment Rate
Retail
Retail Sales MoM
Housing
Existing Home Sales
New Home Sales

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
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2 ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Observatory of Economic Complexity (OEC); as of March 2022.

Data is based on 2020 exports.

Global Production Share
of Top 5 Exports
Crude Petroleum 11%
Ref
ined Petroleum 10%
Petroleum Gas 9%
Gold 4%
Coal Briquettes 15%
Top 5 Trading Partners
China 15%
Uni
ted Kingdom 8%
Netherlands 7%
Belarus 5%
Germany 4%
Global Production Share
of Top 5 Exports
Seed Oils 39%
Cor
n 12%
Wheat 9%
Iron Ore 3%
Semi-Finished Iron 12%
Top 5 Trading Partners
China 14%
Pol
and 6%
Russia 6%
Turkey 5%
Egypt 4%
Russia (12th la rgest) Ukraine (58th largest)
Russia’s Invasion of Ukraine Impacts Global Commodity Markets, But Has Limited Impact on U.S. Economy

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
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3 ATTACHMENT A
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update Invasion Has Put Additional Pressure on Supply Chains and Commodity Prices

CLIENT NAME
For the Quarter Ended March 31, 2022
Market Update
Energy Agriculture Industrial Metals
© PFM Asset Management LLC | pfmam.com
Source: Bloomberg, as of 3/31/2022.
$4
$6
$8
$10
$12
$14
$16
$18
2018 2019 2020 2021 2022
Soybean (per bushel)
$0
$20
$40
$60
$80
$100
$120
2018 2019 2020 2021 2022
WTI Crude Oil (per barrel)
$2
$4
$6
$8
$10
$12
$14
$16
2018 2019 2020 2021 2022
Wheat (per bushel)
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
2018 2019 2020 2021 2022
Retail Gasoline (per gallon)
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
$5.50
2018 2019 2020 2021 2022
Copper (per lb.)
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2018 2019 2020 2021 2022
Aluminum (per metric ton)
YTD: +33%
YTD: +29%
YTD: +31% YTD: +7%
YTD: +22% YTD: +24%

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
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4 ATTACHMENT A
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: BLS. Gov, data as of February 2022.

CPI Categories
 Commodities
 Services
 Energy
 Food
Majority of
com
ponents are above
the Fed’s 2% average
CPI target
2% Fed Inflation
Target
Index Weighting
Size of bubbles
rep
resent
contribution to
headline CPI
Food
Gasoline and
Fuel Oil
Energy Services
New Vehicles
Used Cars
and
Trucks
Apparel,
Medical Care,
Alcohol, and
Others
ShelterMed ical Care,
Transportation
and Others
0%
10%
20%
30%
40%
50%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Year-over-Year Inflation
CPI Components
Inflation is Prevalent Throughout the Economy

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
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5 ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com

2.6%

5.4% 5.4%

7.0%

7.9%1
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Consumer Price Index
% Change YoY
Mar 2021

6.0%

0.1 6%
0 Jun 2021

5.9%

0.2 5%
0 Sept 2021

4.7%

0.2 8%
0 Dec 2021

3.9%

0.7 3%
3 Mar 2022

3.6%

2.3 4%
7 Indicators
Unemployment Rate
2-Y
ear Treasury Yield1
Fed Projections
# of 2022 Rate Hikes2
“…the Committee will aim
to achieve inflation
moderately above 2
percent for some time…” 3
“Inflation is elevated,
largely reflecting
transitory factors.”
“Inflation remains elevated, reflecting
supply and demand imbalances…
higher energy prices, and broader
price pressures.”
Federal Reserve Policy Has Lagged Surging Inflation
Source: Bloomberg, data as of 4/01/2022.

1. March’s CPI is assumed to remain unchanged from February’s CPI reading of 7.9%; Treasury yields are as of month-end.

2. Calculated using the 2022 median Federal Funds rate from the FOMC Summary of Economic Projections. Assumes 0.25% rate hikes.

3. Quotes are sourced directly from FOMC press release statements.

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
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6 ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Bloomberg, as of 3/31/2022.

Treasury Yield Curve Partially Inverted; Sharp Rise i n Yields Has Negatively Impacted Returns

0.48%

2.33%

2.46%

2.34% 2.45%

0.00%

0.5 0%

1.00%

1.50%

2.00%

2.50%

3.00%
3 M
1 Y
2 Y
3 Y
4 Y
5 Y
10 Y
30 Y
Maturity
U.S. Treasury Yield Curve
March 31, 2022
December 31, 2021
-0.80%
-2.34%
-3.16%
-4.02%
-5.00%
-4.00%
-3.00%
-2.00%
-1.00%

0.00%

1.00%
1 Year
1 - 3 Year
1 - 5 Year
1 - 10 Year
U.S. Treasury Returns – Q1 2022
Rising yields in Q1
negat
ively affected
bond returns

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
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7 ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Bloomberg, as of 3/31/2022.

Worst Performance in Over 40 Years
0 10
20 30
40 50
60 -4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
Frequency
Distribution of Quarterly Returns
(3/31/78 - 3/31/22)
2022 Q1
Retu
rn
-3.16%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Mar-78
Mar-89
Mar-00
Mar-11
Mar-22
Quarterly Performance
(3/31/78 - 3/31/22)
Median 1.09%
ICE BofA 1-5 Year Treasury Index

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com|
8 ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source (graph): Bloomberg, data as of 3/31/2022. Source (table): ICE BofAML Indices, data as of 3/31/2022.

Performance Has Historically Suffered as the Fed Rais e d Rates

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
3-Year Treasury Yield
Annual Returns of the ICE BofAML 1-5 Year Treasury Index 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD

0.91% -0.19% 1.24% 0.98% 1.09% 0.65% 1.52% 4.20% 4.25% -1.10% - 3 .16%

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com|
9 ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Sector Yield Spreads Have Widened in Q1 2022
Source: ICE BofAML 1-5 year Indices via Bloomberg, Mark etAxess and PFM as of 3/31/2022. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries. CMBS is Commercial Mortgage-Backed Securities.

0.2%

0.3%

0.4%

0.5%

0.6%

0.7%

0.8%

0.9%

1.0%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Corporate Notes A-AAA Yield Spreads
-0.10%
-0.05%

0.00%

0.05%

0.10%

0.15%

0.20%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Federal Agency Yield Spreads
-0.50%

0.00%

0.50%

1.00%

1.50%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Mortgage-Backed Securities Yield Spreads
Agency MBS AAA CMBS Index

0.2%

0.3%

0.4%

0.5%

0.6%

0.7%

0.8%

0.9%

1.0%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Asset-Backed Securities AAA Yield Spreads

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com|
10 ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: ICE BofAML Indices. ABS indices are 0-5 year, based on weighted average life. As of 3/31/2022.

Rising Rates and Wider Spreads Hurt Fixed-Income Retur n s in Q1 1-5 Year Indices
-3.16% -3.08%
-1.81%
-3.62%
-4.80%
-7.0%
-6.0%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%

0.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Q1 2022

1.04% 1.01%

1.35%

2.10%

2.71%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
10 Year Average

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com|
11 ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Fixed-Income Sector Commentary — 1Q 2022
▸ U.S. Treasury secu rities generated negative
performance as the market repriced for an aggressive
Fed rate hike cycle, pushing yields higher across all
maturities. By quarter-end, 2-year Treasury yields
rose to 2.34%, the highest level since April 2019.
▸ Federal agency sector remained unattractive given
the historically tight yield spreads and minimal pickup vs. Treasuries. While volatility pushed spreads wider
on callable structures, the rising rate environment was not favorable for taking on increased optionality risk. ▸ Supranational spreads remained tight, and supply
was limited as issuance lagged projections. New
issue opportunities, while sporadic, remained the best
entry point.
▸ Corporate credit spreads widened through the
quarter, driven by rising global tensions and a less
certain macro-economic environment. Yield spreads
reached the widest levels since 2019 despite stable-
to-strong fundamentals.
▸ Asset-Backed AAA-rated auto and credit card yield
spreads increased toward 18-month wides. ABS
offered relative value compared to corporates as
spreads between the two widened during the quarter.
▸ Mortgage-Backed Securities continued to
underperform. Prepayments experienced a material
slowdown as rates rose, which lengthened durations
and compounded the negative impact. The Federal
Reserve is poised to begin reducing their MBS
holdings, so weakness in the sector could persist.

CMBS valuations remained below historical averages
relative to Treasuries as spreads remained tight.
▸ Taxable Municipal securities deals remain heavily
oversubscribed. Valuations remained stretched which
warrants some selectively in the sector.
▸ Commercial Paper and CDs saw significant
repricing to higher yields, especially on maturities
greater than six months as issuers sought longer-term
funding in response to Fed rate hike expectations.

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Market Update
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12 ATTACHMENT A
© PFM Asset Management LLC pfmam.com|
Account Summary

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Account Summary
|
Account Summary
Total Program $807,760,644
Consolidated Summary
Sector Allocation

25.7%

0.8% 3.8% 2.6% 1.7%

16.5% 18.6%

27.1%

2.7% 0.5% 0.0% 0.0%
$0
$50
$100
$150
$200
$250
$300
Millions
Under
30 days
31 to 60
days
61 to 90
days
91 to
180
days
181
days to
1 year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
5 to 7
years
7 to 10
years
Over 10
years
Maturity Distribution
(Weighted Average Maturity: 674 Days)
PFMAM Managed Account balance includes market values, accrued interest, cash and cash equivalents. Sector allocation and the maturity distribution include market values and accrued interest.1. $605,611,465
$127,067,296
$81,883
PFMAM Managed Account
BoW Main Account
CAMP Pool
Local Agency Investment
$75,000,000
U.S. Treasury | 40%
Federal Agency | 24%
Corporate | 17%
Negotiable CD | 5%
Commercial Paper | 5%
ABS | 3%
Municipal | 3%
Supranational | 2%
Agency CMBS | 1%
14 ATTACHMENT A
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CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Account Summary
|
Account Summary
Yield at market, yield on cost, and portfolio duration only include investments held within the separately managed account(s), excludes balances invested in overnight funds.1.

CITY OF STOCKTON RESERVE PORTFOLIO
Portfolio Values March 31, 2022
PFMAM Managed Account $573,413,559
Amortized Cost $594,241,943
Market Value $573,413,559
Accrued Interest $1,550,448
Cash $707,968
Analytics¹ March 31, 2022
Yield at Market 2.35%
Yield on Cost 1.15%
Portfolio Duration 2.44

CITY OF STOCKTON SHORT-TERM PORTFOLIO
Portfolio Values March 31, 2022
$29,939,490
$29,955,458
$29,939,490
$0
PFMAM Managed Account
Amortized Cost
Market Value
Accrued Interest
Cash $0
Analytics¹ March 31, 2022

0.93%

0.70%
Yield at Market
Yield on Cost
Portfolio Duration

0.22 15

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Account Summary
|
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.

Issuer Diversification
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer

39.7%U.S. Treasury
UNITED STATES TREASURY 39.7% AA / Aaa / AAA

24.3%Federal Agency
FANNIE MAE 16 .3% AA / Aaa / AAA
FEDERAL FARM CREDIT BANKS 0.9% AA / Aaa / AAA
FEDERAL HOME LOAN BANKS 1.3% AA / Aaa / NR
FREDDIE MAC 5.7% AA / Aaa / AAA

1.2%Agency CMBS
FANNIE MAE 0.4% AA / Aaa / AAA
FREDDIE MAC 0.8% AA / Aaa / AAA

1.9%Supranational
INTER-AMERICAN DEVELOPMENT BANK 1.3% AAA / Aaa / AAA
INTL BANK OF RECONSTRUCTION AND DEV 0.6% AAA / Aaa / AAA

2.7%Municipal

CALIFORNIA DEPARTMENT OF WATER

RESOURCES

0.0% AAA / Aa / NR
CALIFORNIA STATE UNIVERSITY 0.2% AA / Aa / NR
FLORIDA STATE BOARD OF ADMIN FIN CORP 0.6% AA / Aa / AA

LOS ANGELES COMMUNITY COLLEGE

DISTRICT

0.3% AA / Aaa / NR
NEW JERSEY TURNPIKE AUTHORITY 0.2% AA / A / A
SAN DIEGO COMMUNITY COLLEGE DISTRICT 0.2% AAA / Aaa / NR STATE OF CALIFORNIA 0.7% AA / Aa / AA
STATE OF MARYLAND 0.2% AAA / Aaa / AAA
UNIVERSITY OF CALIFORNIA 0.2% AA / Aa / AA

5.1%Negotiable CD
BARCLAYS PLC 1.0% A / Aa / A
CREDIT SUISSE GROUP RK 0.7% A / Aa / A
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer

5.1%Negotiable CD
DNB ASA 0.6% AA / Aa / NR
NORDEA BANK ABP 1.0% AA / Aa / AA
SKANDINAVISKA ENSKILDA BANKEN AB 1.2% A / Aa / AA
SUMITOMO MITSUI FINANCIAL GROUP INC 0.6% A / Aa / A

4.9%Commercial Paper
LMA AMERICAS LLC 1.6% A / Aa / AA
MANHATTAN ASSET FUNDING CO LLC 1.7% A / Aa / NR
OLD LINE FUNDING LLC 1.6% AA / Aa / AA

17.4%Corporate
AMAZON.COM INC 0.5% AA / A / AA
AMERICAN HONDA FINANCE 0.6% A / A / A
APPLE INC 0.0% AA / Aaa / NR
BANK OF AMERICA CO 1.2% A / A / AA
CITIGROUP INC 0.4% BBB / A / A
DEERE & COMPANY 0.8% A / A / A
GOLDMAN SACHS GROUP INC 0.6% BBB / A / A
HOME DEPOT INC 0.3% A / A / A
HONEYWELL INTERNATIONAL 0.6% A / A / A
INTEL CORPORATION 0.7% A / A / A
JP MORGAN CHASE & CO 1.0% A / A / AA
MASTERCARD INC 0.7% A / A / NR
MERCK & CO INC 0.8% A / A / A
MICROSOFT CORP 0.9% AAA / Aaa / AAA
MORGAN STANLEY 0.4% BBB / A / A
NOVARTIS AG 1.2% AA / A / AA
PACCAR FINANCIAL CORP 0.1% A / A / NR
16 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

Issuer Diversification
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer

17.4%Corporate
PFIZER INC 1.1% A / A / A
STATE STREET CORPORATION 0.1% A / A / AA
TARGET CORP 0.7% A / A / A

THE BANK OF NEW YORK MELLON

CORPORATION

1.1% A / A / AA
TOYOTA MOTOR CORP 0.6% A / A / A
UNITED PARCEL SERVICE INC 0.7% A / A / NR
US BANCORP 0.9% A / A / A
WAL-MART STORES INC 1.4% AA / Aa / AA

2.7%ABS
CAPITAL ONE FINANCIAL CORP 0.0% AAA / Aaa / AAA
CARMAX AUTO OWNER TRUST 0.7% AAA / NR / AAA
DISCOVER FINANCIAL SERVICES 0.3% AAA / Aaa / NR
HONDA AUTO RECEIVABLES 0.3% AAA / Aaa / AAA
HYUNDAI AUTO RECEIVABLES 0.4% AAA / NR / AAA
NISSAN AUTO RECEIVABLES 0.3% AAA / Aaa / AAA
TOYOTA MOTOR CORP 0.7% AAA / Aaa / NR
100.0%Total
17 ATTACHMENT A
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CITY OF STOCKTON
For the Quarter Ended March 31, 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 March 31, 2022, the account(s) managed by PFM Asset Management ("PFMAM") we
re in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management LLC
18 ATTACHMENT A
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Portfolio Review:

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 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 1-5 Year U.S. Government/Corp A or Better, U.S. issuers only Index. Source: Bloomberg.

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

1. Portfolio Snapshot - CITY OF STOCKTON RESERVE PORTFOLIO¹ Credit Quality - S&P
10%
29%
21%
3 7%
3% 0
% 1%
5%
33%
28%
20%
14%
0% 0%
0%
10%
20%
30%
40%
0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs 5-6 Yrs 6-7 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 42%
Federal Agency | 26%
Corporate | 18%
Negotiable CD | 5%
ABS | 3%
Municipal | 3%
Supranational | 2%
Agency CMBS | 1%
Sector Allocation
AAA | 6%
AA+ | 69%
AA | 3%
AA- | 2%
A-1+ | 2%
A+ | 5%
A | 4%
A- | 4%
A-1 | 4%
BBB+ | 2%
Not Rated | 1%
Portfolio Statistics
Portfolio Effective Duration 2.4 4 years
Benchmark Effective Duration 2.55 years
Portfolio Credit Quality AA
Yield At Market 2.35%
Yield At Cost 1.15%
Total Market Value $575,671,974.68
$573,413,558.91Securities Sub-Total
$707,967.54Cash
$1,550,448.23Accrued Interest
20 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 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 balances invested in overnight funds.

Issuer Diversification - CITY OF STOCKTON RESERVE PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer U.S. Treasury 41.8%
UNITED STATES TREASURY 41.8% AA / Aaa / AAA
Federal Agency 25.6%
FANNIE MAE 17.1% AA / Aaa / AAA
FEDERAL FARM CREDIT BANKS 1.0% AA / Aaa / AAA
FEDERAL HOME LOAN BANKS 1.4% AA / Aaa / NR
FREDDIE MAC 6.0% AA / Aaa / AAA
Agency CMBS 1.3%
FANNIE MAE 0.4% AA / Aaa / AAA
FREDDIE MAC 0.8% AA / Aaa / AAA
Supranational 2.0%
INTER-AMERICAN DEVELOPMENT BANK 1.4% AAA / Aaa / AAA
INTL BANK OF RECONSTRUCTION AND DEV 0.6% AAA / Aaa / AAA Municipal 2.8%

CALIFORNIA DEPARTMENT OF WATER

RESOURCES

0.0% AAA / Aa / NR
CALIFORNIA STATE UNIVERSITY 0.2% AA / Aa / NR
FLORIDA STATE BOARD OF ADMIN FIN CORP 0.6% AA / Aa / AA

LOS ANGELES COMMUNITY COLLEGE

DISTRICT

0.3% AA / Aaa / NR
NEW JERSEY TURNPIKE AUTHORITY 0.2% AA / A / A
SAN DIEGO COMMUNITY COLLEGE DISTRICT 0.2% AAA / Aaa / NR STATE OF CALIFORNIA 0.8% AA / Aa / AA
STATE OF MARYLAND 0.2% AAA / Aaa / AAA
UNIVERSITY OF CALIFORNIA 0.3% AA / Aa / AA
Negotiable CD 5.4%
BARCLAYS PLC 1.0% A / Aa / A
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Negotiable CD 5.4%
CREDIT SUISSE GROUP RK 0.7% A / Aa / A
DNB ASA 0.6% AA / Aa / NR
NORDEA BANK ABP 1.1% AA / Aa / AA
SKANDINAVISKA ENSKILDA BANKEN AB 1.3% A / Aa / AA
SUMITOMO MITSUI FINANCIAL GROUP INC 0.7% A / Aa / A
Corporate 18.4%
AMAZON.COM INC 0.5% AA / A / AA
AMERICAN HONDA FINANCE 0.6% A / A / A
APPLE INC 0.0% AA / Aaa / NR
BANK OF AMERICA CO 1.3% A / A / AA
CITIGROUP INC 0.5% BBB / A / A
DEERE & COMPANY 0.8% A / A / A
GOLDMAN SACHS GROUP INC 0.7% BBB / A / A
HOME DEPOT INC 0.4% A / A / A
HONEYWELL INTERNATIONAL 0.7% A / A / A
INTEL CORPORATION 0.7% A / A / A
JP MORGAN CHASE & CO 1.1% A / A / AA
MASTERCARD INC 0.8% A / A / NR
MERCK & CO INC 0.8% A / A / A
MICROSOFT CORP 0.9% AAA / Aaa / AAA
MORGAN STANLEY 0.5% BBB / A / A
NOVARTIS AG 1.3% AA / A / AA
PACCAR FINANCIAL CORP 0.1% A / A / NR
PFIZER INC 1.1% A / A / A
STATE STREET CORPORATION 0.1% A / A / AA
TARGET CORP 0.7% A / A / A
21 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

Issuer Diversification - CITY OF STOCKTON RESERVE PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 18.4%

THE BANK OF NEW YORK MELLON

CORPORATION

1.2% A / A / AA
TOYOTA MOTOR CORP 0.6% A / A / A
UNITED PARCEL SERVICE INC 0.7% A / A / NR
US BANCORP 0.9% A / A / A
WAL-MART STORES INC 1.4% AA / Aa / AA
ABS 2.9%
CAPITAL ONE FINANCIAL CORP 0.0% AAA / Aaa / AAA
CARMAX AUTO OWNER TRUST 0.7% AAA / NR / AAA
DISCOVER FINANCIAL SERVICES 0.3% AAA / Aaa / NR
HONDA AUTO RECEIVABLES 0.4% AAA / Aaa / AAA
HYUNDAI AUTO RECEIVABLES 0.4% AAA / NR / AAA
NISSAN AUTO RECEIVABLES 0.3% AAA / Aaa / AAA
TOYOTA MOTOR CORP 0.7% AAA / Aaa / NR
100.0%Total
22 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Characteristics
|
$0
$118
$236
$354
$472
$590
March 2022
$0
$118
$236
$354
$472
$590
December 2021
$0
$118
$236
$354
$472
$590
September 2021
$0.0
$118.0
$236.0
$354.0
$472.0
$590.0
Millions
June 2021
Sector Allocation Review - CITY OF STOCKTON RESERVE PORTFOLIO U.S. Treasury Federal Agency Agency CMBS Supranational Municipal Negotiable CD Corporate ABS Market values, including accrued interest. Only includes investments held within the separately managed account(s), excludes cash held in funds not managed by PFMAM. Detail may not add to total due to rounding.

Jun-21 % of TotalSecurity Type Sep-21 % of Total Dec-21 % of Total % of TotalMar-22 U.S. Treasury $164.2 30.5% $202.3 35.5% $244.5 41.4% $239.5 41.7% Federal Agency $176.2 32.6% $168.5 29.6% $160.0 27.2% $146.7 25.6% Agency CMBS $13.9 2.6% $12.6 2.2% $8.4 1.4% $7.2 1.3%
Supranational $3.7 0.7% $12.1 2.1% $12.0 2.0% $11.6 2.0% Municipal $17.2 3.2% $17.1 3.0% $16.9 2.9% $16.2 2.8%
Negotiable CD $30.2 5.6% $25.3 4.4% $25.1 4.3% $30.8 5.4% Corporate $111.8 20.7% $109.8 19.3% $102.5 17.4% $105.0 18.3% ABS $22.0 4.1% $22.1 3.9% $19.8 3.4% $16.4 2.9%
Total $539.2 100.0% $569.9 100.0% $589.3 100.0% $573.4 100.0% 23 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($
millions)
Federal Agency
ABS
Agency CMBS
U.S. Treasury
Corporate
Negotiable CD
Federal Agency
ABS
A
gency CMBS
U.S. Treasury
Corporate
Negotiable CD
($40.0) ($20.0) $0.0 $20.0 $40.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
Negotiable CD $5,885,000
Corporate $5,585,602
U.S. Treasury $4,917,870
Agency CMBS ($1,095,338)
ABS ($3,085,418)
Federal Agency ($8,193,591)
$4,014,125Total Net Activity
Sales/Maturities Purchases
24 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Performance
|
Performance on trade-date basis, gross (i.e., before fees), in accordance with the CFA Institute’s Global Investment Performance Standards (GIPS).1.

Income returns calculated as interest earned on investments during the period.2.

Price returns calculated as the change in market value of each security for the period.3.

Returns are presented on a periodic basis.4.

Total Return by Sector Contribution to Total Return
Cash
ABS
Corporate
Negotiable CD
Municipal
Supranational
Agency CMBS
Federal Agency
U.S. Treasury
-3.50%
-3.00%
-2.50%
-2.00%
-1.50%
-1.00%
-0.50%

0.00%

0.01%

0.29%

0.55%

0.36%

0.11%

0.72%

0.19%

0.27%

0.00%
-1.56%
-3.04%
-0.89%
-4.22%
-3.18%
-1.48%
-3.27%
-4.03%
-6.0% -4.0% -2.0% 0.00% 2.0% 4.0%
Return
Quarterly Sector Performance - CITY OF STOCKTON RESERVE PORTFOLIO 25 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2017.1.

Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.

Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.3.

The portfolio’s benchmark is the ICE BofAML 1-5 Year U.S. Government/Corp A or Better, U.S. issuers only Index. Source: Bloomberg.4. -4.0%
-2.0%

0.0%

2.0%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance - CITY OF STOCKTON RESERVE PORTFOLIO Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $1,80 0,608 $7,700,136 $27,933,536 - $40,860,016 Change in Market Value ($20,017,871) ($29,358,877) ($15,410,838) - ($14,646,589) ($18,217,263)Total Dollar Return ($21,658,741) $12,522,698 - $26,213,427 Total Return³
Portfolio -3.06% -3.59% 1.14% - 1.39%
Benchmark⁴ -3.20% -3.70% 0.99% - 1.22%
Basis Point Fee 0.01% 0.06% 0.06% - 0.05%
Net of Fee Return -3.07% -3.64% 1.09% - 1.34%
3 Months 1 Year 3 Years 5 Years Since Inception
26 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Performance inception date is June 30, 2017.1.

Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.

Realized gains / (losses) are shown on an amortized cost basis.3.

Accrual Basis Earnings - CITY OF STOCKTON RESERVE PORTFOLIO Accrual Basis Earnings
Interest Earned²
Rea
lized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$1,800,608
($7
5,540)
($183,192)
$1,541,877
1 Year
$7,700,136
$1,
067,413
($955,443)
$7,812,106
3 Years
$27,933,536
$7,
719,519
($1,427,899)
$34,225,156
5 Year
-
-
-
-
Since Inception¹
$40,860,016
$5,
471,597
$432,326
$46,763,939
27 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/Description
Da
ted 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 NOTES
DTD 08/01/2016 1.250% 07/31/2023
912828S92 2,375,000.00 AA+ Aaa 4/2/2019 4/4/2019 2,274,433.59 2.28 4,920.58 2,349,765.632,344,046.69

US TREASURY NOTES
DTD 08/01/2016 1.250% 07/31/2023
912828S92 1,090,000.00 AA+ Aaa 2/8/2019 2/12/2019 1,035,457.42 2.44 2,258.29 1,078,418.751,073,737.61

US TREASURY NOTES
DTD 09/30/2016 1.375% 09/30/2023
912828T26 5,000,000.00 AA+ Aaa 8/7/2019 8/8/2019 4,983,007.81 1.46 187.84 4,944,531.004,993,860.81

US TREASURY NOTES
DTD 11/15/2020 0.250% 11/15/2023
91282CAW1 3,145,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,141,560.16 0.30 2,975.59 3,047,210.003,142,350.88

US TREASURY NOTES
DTD 11/15/2013 2.750% 11/15/2023
912828WE6 10,925,000.00 AA+ Aaa 3/6/2019 3/8/2019 11,035,530.27 2.52 113,701.48 11,015,472.1110,963,262.96

US TREASURY NOTES
DTD 11/30/2016 2.125% 11/30/2023
912828U57 8,515,000.00 AA+ Aaa 1/7/2019 1/9/2019 8,362,661.33 2.52 60,645.98 8,501,695.318,463,140.03

US TREASURY NOTES
DTD 12/31/2018 2.625% 12/31/2023
9128285U0 460,000.00 AA+ Aaa 1/30/2019 1/31/2019 461,365.62 2.56 3,035.43 462,803.15460,486.15

US TREASURY NOTES
DTD 02/28/2019 2.375% 02/29/2024
9128286G0 2,656,000.00 AA+ Aaa 8/11/2021 8/12/2021 2,792,846.25 0.35 5,485.22 2,658,490.002,758,744.93

US TREASURY NOTES
DTD 02/28/2019 2.375% 02/29/2024
9128286G0 763,000.00 AA+ Aaa 8/11/2021 8/12/2021 802,521.02 0.33 1,575.76 763,715.31792,672.60

US TREASURY NOTES
DTD 03/31/2017 2.125% 03/31/2024
912828W71 5,930,000.00 AA+ Aaa 1/5/2022 1/6/2022 6,093,075.00 0.88 344.30 5,904,982.526,076,067.18

US TREASURY N/B NOTES
DTD 04/15/2021 0.375% 04/15/2024
91282CBV2 3,140,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,138,282.81 0.40 5,434.62 3,015,872.033,138,612.47

US TREASURY NOTES
DTD 05/01/2017 2.000% 04/30/2024
912828X70 4,515,000.00 AA+ Aaa 6/3/2019 6/5/2019 4,535,458.59 1.90 37,916.02 4,479,726.564,523,681.48

US TREASURY NOTES
DTD 06/30/2017 2.000% 06/30/2024
912828XX3 11,430,000.00 AA+ Aaa 7/1/2019 7/3/2019 11,547,871.88 1.78 57,465.75 11,326,415.6311,483,055.27

US TREASURY NOTES
DTD 07/31/2017 2.125% 07/31/2024
9128282N9 2,500,000.00 AA+ Aaa 8/7/2019 8/8/2019 2,578,906.25 1.47 8,805.25 2,482,031.252,536,958.84

US TREASURY N/B NOTES
DTD 08/15/2021 0.375% 08/15/2024
91282CCT6 6,020,000.00 AA+ Aaa 8/19/2021 8/20/2021 6,012,004.69 0.42 2,806.28 5,733,109.686,013,646.26 28 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 08/31/2017 1.875% 08/31/2024
9128282U3 7,500,000.00 AA+ Aaa 11/25/2020 11/27/2020 7,952,050.78 0.26 12,228.26 7,395,703.507,790,721.66

US TREASURY NOTES
DTD 08/31/2017 1.875% 08/31/2024
9128282U3 6,775,000.00 AA+ Aaa 9/3/2019 9/5/2019 6,951,520.50 1.33 11,046.20 6,680,785.506,860,547.53

US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7 3,155,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,143,538.48 0.50 546.55 2,997,250.003,145,425.63

US TREASURY NOTES
DTD 10/31/2017 2.250% 10/31/2024
9128283D0 3,400,000.00 AA+ Aaa 11/1/2019 11/5/2019 3,511,164.06 1.57 32,121.55 3,379,281.083,457,595.43

US TREASURY NOTES
DTD 10/31/2019 1.500% 10/31/2024
912828YM6 2,120,000.00 AA+ Aaa 1/12/2021 1/13/2021 2,212,087.50 0.35 13,352.49 2,067,993.862,182,675.27

US TREASURY NOTES
DTD 11/30/2017 2.125% 11/30/2024
9128283J7 8,775,000.00 AA+ Aaa 1/3/2020 1/7/2020 8,978,264.65 1.63 62,497.77 8,687,250.008,885,665.05

US TREASURY NOTES
DTD 11/30/2017 2.125% 11/30/2024
9128283J7 2,140,000.00 AA+ Aaa 12/2/2019 12/4/2019 2,183,970.31 1.69 15,241.62 2,118,600.002,163,492.64

US TREASURY NOTES
DTD 02/29/2020 1.125% 02/28/2025
912828ZC7 5,860,000.00 AA+ Aaa 8/19/2021 8/20/2021 5,982,235.94 0.53 5,732.61 5,632,925.005,960,977.52

US TREASURY NOTES
DTD 02/29/2020 1.125% 02/28/2025
912828ZC7 3,085,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,139,108.01 0.60 3,017.93 2,965,456.253,131,390.75

US TREASURY NOTES
DTD 04/30/2020 0.375% 04/30/2025
912828ZL7 5,995,000.00 AA+ Aaa 4/5/2021 4/7/2021 5,916,783.98 0.70 9,439.64 5,613,755.175,935,705.51

US TREASURY NOTES
DTD 06/30/2020 0.250% 06/30/2025
912828ZW3 3,195,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,142,207.62 0.70 2,007.91 2,968,354.693,149,063.27

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 4,140,000.00 AA+ Aaa 8/2/2021 8/3/2021 4,094,071.88 0.53 900.00 3,830,793.754,101,505.51

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 5,565,000.00 AA+ Aaa 8/17/2021 8/20/2021 5,480,220.70 0.63 1,209.78 5,149,364.065,493,121.90

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 6,095,000.00 AA+ Aaa 8/19/2021 8/20/2021 6,004,527.34 0.62 1,325.00 5,639,779.696,018,294.92

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 1,840,000.00 AA+ Aaa 8/2/2021 8/6/2021 1,819,443.75 0.53 400.00 1,702,575.001,822,736.07

US TREASURY NOTES
DTD 10/31/2020 0.250% 10/31/2025
91282CAT8 7,000,000.00 AA+ Aaa 10/4/2021 10/6/2021 6,851,796.88 0.78 7,348.07 6,453,125.006,869,449.61

US TREASURY NOTES
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 3,195,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,138,713.09 0.81 4,015.69 2,953,378.133,145,284.85 29 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 10,350,000.00 AA+ Aaa 11/1/2021 11/2/2021 10,070,226.56 1.05 13,008.59 9,567,281.2510,098,410.59

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 5,700,000.00 AA+ Aaa 5/6/2021 5/10/2021 5,606,707.03 0.73 5,373.27 5,262,702.845,624,639.52

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 7,100,000.00 AA+ Aaa 1/11/2021 1/13/2021 7,059,230.47 0.49 6,693.03 6,555,296.527,069,192.36

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 4,075,000.00 AA+ Aaa 2/26/2021 2/26/2021 3,990,634.77 0.80 2,532.80 3,754,730.264,009,335.73

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 5,425,000.00 AA+ Aaa 4/21/2021 4/22/2021 5,325,824.22 0.77 3,371.89 4,998,628.645,345,375.20

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 7,635,000.00 AA+ Aaa 2/18/2022 2/22/2022 7,215,969.73 1.83 4,745.51 7,034,936.347,227,035.16

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 8,475,000.00 AA+ Aaa 1/4/2022 1/6/2022 8,174,402.34 1.27 5,267.61 7,808,917.548,191,596.69

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 9,000,000.00 AA+ Aaa 7/2/2021 7/7/2021 8,827,031.25 0.80 5,593.92 8,292,655.808,854,805.74

US TREASURY NOTES
DTD 01/31/2019 2.625% 01/31/2026
9128286A3 3,415,000.00 AA+ Aaa 2/4/2021 2/4/2021 3,780,111.52 0.46 14,858.08 3,427,806.253,695,747.11

US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 10,690,000.00 AA+ Aaa 2/2/2022 2/3/2022 10,249,872.66 1.55 4,647.83 9,883,238.5310,266,755.07

US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 6,035,000.00 AA+ Aaa 8/19/2021 8/20/2021 5,981,015.04 0.70 2,623.91 5,579,545.795,988,330.61

US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 8,615,000.00 AA+ Aaa 12/3/2021 12/7/2021 8,382,798.83 1.15 3,745.65 7,964,836.298,400,093.61

US TREASURY N/B NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 4,060,000.00 AA+ Aaa 6/7/2021 6/7/2021 4,050,801.56 0.80 10,205.77 3,775,800.004,052,308.51

US TREASURY N/B NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 3,155,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,133,186.13 0.90 7,930.84 2,934,150.003,135,460.01

US TREASURY N/B NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 5,065,000.00 AA+ Aaa 6/2/2021 6/4/2021 5,053,920.32 0.79 12,732.07 4,710,450.005,055,750.72

US TREASURY NOTES
DTD 01/31/2021 0.750% 01/31/2028
91282CBJ9 1,080,000.00 AA+ Aaa 3/14/2022 3/15/2022 996,764.06 2.15 1,342.54 979,425.00997,422.82

US TREASURY N/B NOTES
DTD 09/30/2021 1.250% 09/30/2028
91282CCY5 1,050,000.00 AA+ Aaa 3/14/2022 3/15/2022 991,183.59 2.17 35.86 974,367.24991,601.77 30 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 1,000,000.00 AA+ Aaa 3/21/2022 3/22/2022 1,018,867.19 2.33 3,263.12 1,011,875.001,018,792.38

US TREASURY NOTES
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 1,040,000.00 AA+ Aaa 3/21/2022 3/22/2022 993,037.50 2.29 2,100.83 986,212.45993,211.24 251,264,000.00 250,198,272.93 600,062.58 239,503,465.35Security Type Sub-Total 1.15 249,893,842.12 Supranational

INTL BK RECON & DEVELOP NOTES
DTD 11/24/2020 0.250% 11/24/2023
459058JM6 3,740,000.00 AAA Aaa 11/17/2020 11/24/2020 3,731,959.00 0.32 3,298.47 3,617,814.203,735,579.29

INTER-AMERICAN DEVEL BK NOTES
DTD 09/23/2021 0.500% 09/23/2024
4581X0DZ8 8,380,000.00 AAA Aaa 9/15/2021 9/23/2021 8,373,798.80 0.52 931.11 7,978,983.488,374,873.83 12,120,000.00 12,105,757.80 4,229.58 11,596,797.68Security Type Sub-Total 0.46 12,110,453.12 Negotiable CD

SUMITOMO MITSUI BANK NY CERT
DEPOS
DTD 07/14/2020 0.700% 07/08/2022
86565CKU2 3,840,000.00 A-1 P-1 7/10/2020 7/14/2020 3,840,000.00 0.70 6,047.99 3,837,507.843,840,000.00

NORDEA BANK ABP NEW YORK CERT
DEPOS
DTD 08/29/2019 1.850% 08/26/2022
65558TLL7 6,060,000.00 A-1+ P-1 8/27/2019 8/29/2019 6,060,000.00 1.84 9,965.33 6,076,816.506,060,000.00

SKANDINAV ENSKILDA BANK LT CD
DTD 09/03/2019 1.860% 08/26/2022
83050PDR7 7,365,000.00 A-1 P-1 8/29/2019 9/3/2019 7,365,000.00 1.85 12,937.85 7,385,732.487,365,000.00

DNB BANK ASA/NY LT CD
DTD 12/06/2019 2.040% 12/02/2022
23341VZT1 3,620,000.00 A-1+ P-1 12/5/2019 12/6/2019 3,620,000.00 2.03 24,616.00 3,629,940.523,620,000.00

BARCLAYS BANK PLC NY CERT
DEPOS
DTD 02/03/2022 1.050% 02/01/2023
06742TG34 5,885,000.00 A-1 P-1 2/2/2022 2/3/2022 5,885,000.00 1.05 9,783.81 5,827,683.335,885,000.00

CREDIT SUISSE NEW YORK CERT
DEPOS
DTD 03/23/2021 0.590% 03/17/2023
22552G3C2 4,065,000.00 A-1 P-1 3/19/2021 3/23/2021 4,065,000.00 0.59 999.31 4,005,740.434,065,000.00 30,835,000.00 30,835,000.00 64,350.29 30,763,421.10Security Type Sub-Total 1.41 30,835,000.00 31 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CA ST TXBL GO BONDS
DTD 10/24/2019 2.400% 10/01/2023
13063DRJ9 4,385,000.00 AA- Aa2 10/16/201 10/24/201 4,472,743.85 1.87 52,620.00 4,383,640.654,418,437.85

SAN DIEGO CCD, CA TXBL GO BONDS
DTD 10/16/2019 2.046% 08/01/2024
797272QP9 1,450,000.00 AAA Aaa 9/18/2019 10/16/201 1,450,000.00 2.05 4,944.50 1,429,221.501,450,000.00

MD ST TXBL GO BONDS
DTD 08/05/2020 0.510% 08/01/2024
574193TQ1 1,295,000.00 AAA Aaa 7/23/2020 8/5/2020 1,294,637.40 0.52 1,100.75 1,238,809.951,294,787.72

CA ST UNIV TXBL REV BONDS
DTD 09/17/2020 0.685% 11/01/2024
13077DNC2 1,250,000.00 AA- Aa2 8/27/2020 9/17/2020 1,250,000.00 0.69 3,567.71 1,183,112.501,250,000.00

CA ST DEPT WTR RES WTR SYS TXBL

REV BNDS
DTD 08/06/2020 0.560% 12/01/2024
13067WRB0 155,000.00 AAA Aa1 7/30/2020 8/6/2020 155,000.00 0.56 289.33 146,220.80155,000.00

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 1,060,000.00 AA Aa2 7/10/2020 7/16/2020 1,060,000.00 0.88 3,535.92 998,922.801,060,000.00

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 460,000.00 AA Aa2 7/14/2020 7/16/2020 461,665.20 0.81 1,534.46 433,494.80461,065.96

FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 1,050,000.00 AA Aa3 9/3/2020 9/16/2020 1,057,423.50 1.11 3,302.25 996,912.001,055,038.13

FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 2,700,000.00 AA Aa3 9/3/2020 9/16/2020 2,700,000.00 1.26 8,491.50 2,563,488.002,700,000.00

LOS ANGELES CCD, CA TXBL GO
BONDS
DTD 11/10/2020 0.773% 08/01/2025
54438CYK2 1,930,000.00 AA+ Aaa 10/30/202 11/10/2020 1,930,000.00 0.77 2,486.48 1,786,929.101,930,000.00

NJ TURNPIKE AUTHORITY TXBL REV
BONDS
DTD 02/04/2021 1.047% 01/01/2026
646140DP5 1,115,000.00 AA- A1 1/22/2021 2/4/2021 1,115,000.00 1.05 2,918.51 1,039,626.001,115,000.00 16,850,000.00 16,946,469.95 84,791.41 16,200,378.10Security Type Sub-Total 1.28 16,889,329.66 Federal Agency

FREDDIE MAC NOTES
DTD 05/07/2020 0.375% 05/05/2023
3137EAER6 6,430,000.00 AA+ Aaa 8/3/2020 8/4/2020 6,461,507.00 0.20 9,778.96 6,333,093.476,442,521.21 32 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

FREDDIE MAC NOTES
DTD 05/07/2020 0.375% 05/05/2023
3137EAER6 1,880,000.00 AA+ Aaa 6/15/2020 6/16/2020 1,883,158.40 0.32 2,859.17 1,851,666.521,881,196.77

FANNIE MAE NOTES
DTD 05/22/2020 0.250% 05/22/2023
3135G04Q3 7,600,000.00 AA+ Aaa 5/20/2020 5/22/2020 7,577,124.00 0.35 6,808.33 7,462,280.407,591,309.21

FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
3137EAES4 6,905,000.00 AA+ Aaa 6/24/2020 6/26/2020 6,884,837.40 0.35 4,555.38 6,760,540.506,896,695.59

FANNIE MAE NOTES
DTD 07/10/2020 0.250% 07/10/2023
3135G05G4 8,570,000.00 AA+ Aaa 7/8/2020 7/10/2020 8,551,574.50 0.32 4,820.63 8,377,629.218,562,175.47

FREDDIE MAC NOTES
DTD 08/21/2020 0.250% 08/24/2023
3137EAEV7 4,585,000.00 AA+ Aaa 8/19/2020 8/21/2020 4,580,323.30 0.28 1,178.09 4,468,032.074,582,827.76

FANNIE MAE NOTES
DTD 09/14/2018 2.875% 09/12/2023
3135G0U43 12,325,000.00 AA+ Aaa 11/29/2018 11/30/2018 12,272,249.00 2.97 18,701.48 12,452,896.5312,309,026.74

FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1 3,915,000.00 AA+ Aaa 1/25/2021 1/26/2021 3,920,950.80 0.20 3,371.25 3,788,913.513,918,478.49

FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1 2,180,000.00 AA+ Aaa 11/25/2020 11/27/2020 2,179,498.60 0.26 1,877.22 2,109,790.922,179,722.97

FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2 4,445,000.00 AA+ Aaa 12/2/2020 12/4/2020 4,440,599.45 0.28 3,611.56 4,299,484.044,442,540.51

FEDERAL HOME LOAN BANKS NOTES
DTD 12/09/2013 3.375% 12/08/2023
3130A0F70 3,425,000.00 AA+ Aaa 1/30/2019 1/31/2019 3,527,407.50 2.71 36,283.59 3,488,187.833,460,599.90

FEDERAL FARM CREDIT BANK NOTES
DTD 04/08/2020 0.875% 04/08/2024
3133ELVX9 1,500,000.00 AA+ Aaa 4/7/2020 4/8/2020 1,500,000.00 0.88 6,307.29 1,455,898.501,500,000.00

FANNIE MAE NOTES
DTD 01/10/2020 1.625% 01/07/2025
3135G0X24 8,760,000.00 AA+ Aaa 3/4/2020 3/5/2020 9,085,346.40 0.84 33,215.00 8,556,075.968,946,122.42

FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
3130AJHU6 4,920,000.00 AA+ Aaa 4/15/2020 4/16/2020 4,895,596.80 0.60 11,411.67 4,628,411.284,905,162.75

FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 525,000.00 AA+ Aaa 5/21/2020 5/26/2020 526,727.25 0.56 1,449.22 495,584.77526,076.64

FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 11,600,000.00 AA+ Aaa 6/2/2020 6/3/2020 11,673,892.00 0.49 32,020.84 10,950,063.6011,646,265.34

FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 3,035,000.00 AA+ Aaa 4/29/2020 4/30/2020 3,041,343.15 0.58 8,377.87 2,864,951.993,038,897.30

FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 6,600,000.00 AA+ Aaa 4/22/2020 4/24/2020 6,586,404.00 0.67 18,218.75 6,230,208.606,591,673.94 33 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 7,645,000.00 AA+ Aaa 6/17/2020 6/19/2020 7,629,174.85 0.54 11,042.78 7,162,302.357,634,822.97

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,490,000.00 AA+ Aaa 9/17/2020 9/18/2020 1,495,304.40 0.42 2,152.22 1,395,922.891,493,590.34

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 4,150,000.00 AA+ Aaa 10/2/2020 10/5/2020 4,167,720.50 0.41 5,994.44 3,887,973.154,162,113.14

FREDDIE MAC NOTES
DTD 07/23/2020 0.375% 07/21/2025
3137EAEU9 4,620,000.00 AA+ Aaa 7/21/2020 7/23/2020 4,596,992.40 0.48 3,368.75 4,304,320.024,604,775.12

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 3,075,000.00 AA+ Aaa 10/22/202 10/23/202 3,057,780.00 0.49 1,153.12 2,859,144.223,062,896.30

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 4,915,000.00 AA+ Aaa 8/25/2020 8/27/2020 4,891,997.80 0.47 1,843.13 4,569,981.754,899,337.32

FREDDIE MAC NOTES
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 7,090,000.00 AA+ Aaa 9/23/2020 9/25/2020 7,068,659.10 0.44 590.83 6,581,420.127,075,129.23

FEDERAL FARM CREDIT BANK
(CALLABLE)
DTD 09/29/2020 0.530% 09/29/2025
3133EMBH4 4,530,000.00 AA+ Aaa 10/7/2020 10/9/2020 4,522,072.50 0.57 133.38 4,222,725.574,524,425.43

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 6,190,000.00 AA+ Aaa 12/3/2020 12/4/2020 6,188,885.80 0.50 12,380.00 5,761,577.726,189,184.94

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 4,625,000.00 AA+ Aaa 11/9/2020 11/12/2020 4,608,442.50 0.57 9,250.00 4,304,894.504,613,034.23

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 5,475,000.00 AA+ Aaa 11/19/2020 11/24/2020 5,472,919.50 0.51 10,950.00 5,096,064.305,473,486.49 153,005,000.00 153,288,488.90 263,704.95 146,720,036.29Security Type Sub-Total 0.73 153,154,088.52 Corporate

INTEL CORP NOTES (CALLED, OMD
05/11/2022
DTD 05/11/2017 2.350% 04/11/2022
458140BB5 4,000,000.00 A+ A1 7/10/2017 7/13/2017 4,002,480.00 2.34 36,555.56 4,001,096.004,000,014.31

HOME DEPOT INC CORP NOTES
(CALLED, OMD 6
DTD 06/02/2015 2.625% 05/01/2022
437076BG6 2,000,000.00 A A2 7/10/2017 7/13/2017 2,029,380.00 2.30 17,500.00 2,002,942.002,000,502.80 34 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

APPLE INC CORP (CALLABLE) NOTE
DTD 05/11/2017 2.300% 05/11/2022
037833CQ1 165,000.00 AA+ Aaa 7/10/2017 7/13/2017 164,780.55 2.33 1,475.83 165,139.43164,995.02

UNITED PARCEL SERVICE (CALLABLE)
NOTES
DTD 05/16/2017 2.350% 05/16/2022
911312BC9 4,000,000.00 A- A2 7/10/2017 7/13/2017 4,012,880.00 2.28 35,250.00 4,003,660.004,000,111.16

AMERICAN HONDA FINANCE
DTD 01/10/2020 1.950% 05/10/2023
02665WDH1 3,550,000.00 A- A3 1/7/2020 1/10/2020 3,548,686.50 1.96 27,113.13 3,537,209.353,549,563.61

PACCAR FINANCIAL CORP

CORPORATE NOTES
DTD 08/11/2020 0.350% 08/11/2023
69371RQ90 485,000.00 A+ A1 8/4/2020 8/11/2020 484,364.65 0.39 235.76 471,942.83484,711.63

BANK OF NY MELLON CORP CORP
NOTES
DTD 08/13/2018 3.450% 08/11/2023
06406RAJ6 6,735,000.00 A A1 1/30/2019 1/31/2019 6,814,742.40 3.17 32,271.88 6,828,246.086,758,975.79

US BANK NA CINCINNATI CORP

NOTES (CALLAB
DTD 02/04/2019 3.375% 02/05/2024
91159HHV5 2,125,000.00 A+ A2 4/2/2019 4/4/2019 2,171,197.50 2.89 11,156.25 2,152,899.132,142,127.92

MERCK & CO INC (CALLABLE) CORP
NOTES
DTD 03/07/2019 2.900% 03/07/2024
58933YAU9 4,625,000.00 A+ A1 11/19/2021 11/23/2021 4,839,183.75 0.85 8,941.67 4,666,916.384,804,903.72

PFIZER INC CORP NOTES
DTD 03/11/2019 2.950% 03/15/2024
717081ES8 6,400,000.00 A+ A2 6/3/2019 6/5/2019 6,562,752.00 2.38 8,391.11 6,454,707.206,464,968.02

MASTERCARD INC CORP NOTES
DTD 03/31/2014 3.375% 04/01/2024
57636QAB0 4,250,000.00 A+ A1 4/2/2019 4/4/2019 4,388,762.50 2.67 71,718.75 4,320,839.004,305,611.51

MORGAN STANLEY CORP NOTES
(CALLABLE)
DTD 04/22/2021 0.731% 04/05/2024
61772BAA1 670,000.00 BBB+ A1 4/19/2021 4/22/2021 670,000.00 0.73 2,394.43 655,925.31670,000.00

MORGAN STANLEY CORP NOTES
(CALLABLE)
DTD 04/22/2021 0.731% 04/05/2024
61772BAA1 1,995,000.00 BBB+ A1 4/20/2021 4/22/2021 1,997,513.70 0.69 7,129.69 1,953,091.041,996,300.92 AMAZON.COM INC CORPORATE
NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5 3,085,000.00 AA A1 5/10/2021 5/12/2021 3,080,495.90 0.50 5,360.19 2,962,648.903,081,827.40

WALMART INC CORPORATE NOTES
DTD 04/23/2019 2.850% 07/08/2024
931142EL3 8,200,000.00 AA Aa2 5/12/2020 5/14/2020 8,837,386.00 0.94 53,880.83 8,276,784.808,426,612.85 35 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US BANCORP NOTES (CALLABLE)
DTD 07/29/2019 2.400% 07/30/2024
91159HHX1 3,300,000.00 A+ A2 8/1/2019 8/5/2019 3,302,739.00 2.38 13,420.00 3,277,629.303,301,253.91

JPMORGAN CHASE & CO

CORPORATE NOTES (CAL
DTD 09/16/2020 0.653% 09/16/2024
46647PBS4 2,935,000.00 A- A2 9/9/2020 9/16/2020 2,935,000.00 0.65 798.56 2,849,359.642,935,000.00

BANK OF AMERICA CORP
(CALLABLE) CORPORAT
DTD 10/21/2020 0.810% 10/24/2024
06051GJH3 3,815,000.00 A- A2 10/16/202 10/21/202 3,815,000.00 0.81 13,476.49 3,685,843.183,815,000.00

JOHN DEERE CAPITAL CORP

CORPORATE NOTES
DTD 01/10/2022 1.250% 01/10/2025
24422EVY2 4,715,000.00 A A2 3/8/2022 3/10/2022 4,596,134.85 2.17 13,260.94 4,524,622.454,598,656.58

MICROSOFT CORP (CALLABLE)
NOTES
DTD 02/12/2015 2.700% 02/12/2025
594918BB9 5,350,000.00 AAA Aaa 3/4/2021 3/8/2021 5,727,763.50 0.87 19,661.25 5,369,907.355,618,506.99

TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 2,180,000.00 A+ A1 5/20/2020 5/26/2020 2,201,298.60 1.58 5,232.00 2,114,593.462,192,959.53

TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 1,595,000.00 A+ A1 5/21/2020 5/26/2020 1,616,692.00 1.50 3,828.00 1,547,145.221,608,198.90

NOVARTIS CAPITAL CORP
DTD 02/14/2020 1.750% 02/14/2025
66989HAP3 7,360,000.00 AA- A1 5/8/2020 5/12/2020 7,619,513.60 0.99 16,815.56 7,178,870.407,514,826.91

CITIGROUP INC CORPORATE NOTES
DTD 05/04/2021 0.981% 05/01/2025
172967MX6 1,310,000.00 BBB+ A3 4/27/2021 5/4/2021 1,310,000.00 0.98 5,354.63 1,248,017.351,310,000.00

CITIGROUP INC CORPORATE NOTES
DTD 05/04/2021 0.981% 05/01/2025
172967MX6 1,400,000.00 BBB+ A3 4/28/2021 5/4/2021 1,403,710.00 0.91 5,722.50 1,333,759.001,402,865.20

GOLDMAN SACHS GROUP INC

CORPORATE NOTES
DTD 05/22/2015 3.750% 05/22/2025
38148LAE6 3,635,000.00 BBB+ A2 2/12/2021 2/17/2021 4,060,949.30 0.94 48,845.31 3,691,815.053,942,404.07

HONEYWELL INTL CORP NOTES
(CALLABLE)
DTD 05/18/2020 1.350% 06/01/2025
438516CB0 4,000,000.00 A A2 9/3/2021 9/8/2021 4,078,320.00 0.82 18,000.00 3,837,652.004,066,257.19

JPMORGAN CHASE & CO

CORPORATE NOTES
DTD 08/10/2021 0.768% 08/09/2025
46647PCM6 3,360,000.00 A- A2 8/3/2021 8/10/2021 3,360,000.00 0.77 3,727.36 3,184,157.763,360,000.00 36 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

STATE STREET CORP CORPORATE
NOTES
DTD 02/07/2022 1.746% 02/06/2026
857477BR3 875,000.00 A A1 2/2/2022 2/7/2022 875,000.00 1.75 2,291.63 846,902.88875,000.00

BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 03/22/2022 3.384% 04/02/2026
06051GKM0 3,750,000.00 A- A2 3/17/2022 3/22/2022 3,750,000.00 3.38 3,172.50 3,744,296.253,750,000.00

TARGET CORP CORPORATE NOTES
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 780,000.00 A A2 1/19/2022 1/24/2022 778,674.00 1.99 2,830.75 753,602.46778,722.89

TARGET CORP CORPORATE NOTES
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 3,500,000.00 A A2 1/27/2022 1/31/2022 3,497,865.00 1.96 12,702.08 3,381,549.503,497,935.77 106,145,000.00 108,533,265.30 508,514.64 105,023,770.70Security Type Sub-Total 1.66 107,418,814.60 Agency CMBS

FHLMC MULTIFAMILY STRUCTURED P
DTD 11/01/2015 2.716% 06/01/2022
3137BLUR7 734,026.19 AA+ Aaa 4/2/2019 4/5/2019 735,861.26 2.63 1,661.35 734,002.76734,123.28

FHLMC MULTIFAMILY STRUCTURED P
DTD 12/01/2012 2.307% 08/01/2022
3137AWQH1 2,240,000.00 AA+ Aaa 9/4/2019 9/9/2019 2,273,075.00 1.78 4,306.40 2,241,441.532,243,817.55 FHLMC SERIES K721 A2
DTD 12/01/2015 3.090% 08/01/2022
3137BM6P6 1,534,994.72 AA+ Aaa 4/4/2018 4/9/2018 1,548,066.15 2.88 3,952.61 1,537,860.911,536,007.24

FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
3136AJB54 2,340,048.09 AA+ Aaa 12/13/201 12/18/201 2,453,759.82 2.14 6,524.83 2,365,856.132,391,903.60 FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/01/2024
3137FQ3V3 328,447.20 AA+ Aaa 11/20/2019 11/26/2019 328,439.31 2.09 572.59 328,377.21328,443.34 7,177,516.20 7,339,201.54 17,017.78 7,207,538.54Security Type Sub-Total 2.23 7,234,295.01 ABS
HAROT 2019-1 A3
DTD 02/27/2019 2.830% 03/20/2023
43814WAC9 128,060.95 AAA NR 2/19/2019 2/27/2019 128,057.52 2.83 130.87 128,268.51128,060.13

HYUNDAI AUTO RECEIVABLES TRUST
DTD 04/10/2019 2.660% 06/15/2023
44932NAD2 168,392.71 AAA NR 4/3/2019 4/10/2019 168,370.55 2.66 199.08 168,505.99168,386.32 HAROT 2019-2 A3
DTD 05/29/2019 2.520% 06/21/2023
43815MAC0 505,298.51 NR Aaa 5/21/2019 5/29/2019 505,279.67 2.52 353.71 506,519.61505,292.85 37 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
NAROT 2019-A A3
DTD 02/13/2019 2.900% 10/15/2023
65479KAD2 475,387.60 NR Aaa 2/5/2019 2/13/2019 475,315.58 2.90 612.72 476,296.16475,363.86 NAROT 2019-B A3
DTD 05/28/2019 2.500% 11/15/2023
65479HAC1 660,815.93 NR Aaa 5/21/2019 5/28/2019 660,666.51 2.51 734.24 662,897.70660,761.64 COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
14042WAC4 246,769.58 AAA Aaa 5/21/2019 5/30/2019 246,719.59 2.51 275.29 247,355.46246,751.39 CARMX 2019-2 A3
DTD 04/17/2019 2.680% 03/15/2024
14316LAC7 474,906.07 AAA NR 4/9/2019 4/17/2019 474,857.53 2.68 565.67 476,570.71474,886.75 TAOT 2020-A A3
DTD 02/12/2020 1.660% 05/15/2024
89232HAC9 2,346,174.90 AAA Aaa 2/4/2020 2/12/2020 2,346,005.50 1.66 1,730.96 2,344,462.662,346,090.42 NAROT 2020-B A3
DTD 06/30/2020 0.550% 07/15/2024
65479CAD0 681,845.47 AAA Aaa 6/23/2020 6/30/2020 681,826.79 0.55 166.67 677,485.89681,834.89 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 1,260,020.97 AAA NR 1/14/2020 1/22/2020 1,259,773.75 1.89 1,058.42 1,258,743.431,259,884.24 HAROT 2021-1 A3
DTD 02/24/2021 0.270% 04/21/2025
43813GAC5 1,445,000.00 NR Aaa 2/17/2021 2/24/2021 1,444,973.56 0.27 108.38 1,413,305.951,444,980.55 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 1,145,000.00 AAA NR 4/20/2021 4/28/2021 1,144,879.55 0.38 193.38 1,115,576.361,144,904.98 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 860,000.00 AAA NR 1/20/2021 1/27/2021 859,830.06 0.34 129.96 838,924.84859,870.95 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
89239BAC5 2,000,000.00 AAA Aaa 9/21/2021 9/27/2021 1,999,840.60 0.43 382.22 1,934,852.401,999,859.47 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 1,725,000.00 AAA NR 4/13/2021 4/21/2021 1,724,628.26 0.52 398.67 1,685,118.691,724,701.01 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 990,000.00 AAA NR 11/9/2021 11/17/2021 989,779.03 0.75 325.60 950,738.98989,797.22 DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
254683CP8 1,595,000.00 AAA Aaa 9/20/2021 9/27/2021 1,594,658.51 0.58 411.16 1,512,527.811,594,693.52 16,707,672.69 16,705,462.56 7,777.00 16,398,151.15Security Type Sub-Total 1.10 16,706,120.19 594,104,188.89 595,951,918.98 1,550,448.23 573,413,558.91Managed Account Sub Total Securities Sub Total
Accrued Interest
$594,104,188.89 $595,951,918.98 $1,550,448.23 $573,413,558.91 $1,550,448.23
594,241,943.22
$594,241,943.22

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Holdings
|
Total Investments $574,964,007.14
39 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
1/4/2022 1/6/2022 8,475,000.00 91282CBH3 US TREASURY NOTES 0.37% 1/31/2026 8,188,133.91 1.27% 1/5/2022 1/6/2022 5,930,000.00 912828W71 US TREASURY NOTES 2.12% 3/31/2024 6,127,001.44 0.88% 1/19/2022 1/24/2022 780,000.00 87612EBM7 TARGET CORP CORPORATE NOTES 1.95% 1/15/2027 778,674.00 1.99% 1/27/2022 1/31/2022 3,500,000.00 87612EBM7 TARGET CORP CORPORATE NOTES 1.95% 1/15/2027 3,499,192.08 1.96% 2/2/2022 2/3/2022 5,885,000.00 06742TG34 BARCLAYS BANK PLC NY CERT DEPOS 1.05% 2/1/2023 5,885,000.00 1.05% 2/2/2022 2/3/2022 10,690,000.00 91282CBQ3 US TREASURY NOTES 0.50% 2/28/2026 10,272,906.36 1.55% 2/2/2022 2/7/2022 875,000.00 857477BR3 STATE STREET CORP CORPORATE NOTES 1.74% 2/6/2026 875,000.00 1.75% 2/18/2022 2/22/2022 7,635,000.00 91282CBH3 US TREASURY NOTES 0.37% 1/31/2026 7,217,709.75 1.83% 3/8/2022 3/10/2022 4,715,000.00 24422EVY2 JOHN DEERE CAPITAL CORP CORPORATE NOTES 1.25% 1/10/2025 4,605,957.77 2.17% 3/14/2022 3/15/2022 1,080,000.00 91282CBJ9 US TREASURY NOTES 0.75% 1/31/2028 997,726.21 2.15% 3/14/2022 3/15/2022 1,050,000.00 91282CCY5 US TREASURY N/B NOTES 1.25% 9/30/2028 997,169.17 2.17% 3/17/2022 3/22/2022 3,750,000.00 06051GKM0 BANK OF AMERICA CORP NOTES (CALLABLE) 3.38% 4/2/2026 3,750,000.00 3.38% 3/21/2022 3/22/2022 1,000,000.00 9128286B1 US TREASURY NOTES 2.62% 2/15/2029 1,021,405.17 2.33% 3/21/2022 3/22/2022 1,040,000.00 912828YB0 US TREASURY NOTES 1.62% 8/15/2029 994,671.48 2.29% Total BUY 56,405,000.00 55,210,547.34 0.00

INTEREST
1/1/2022 1/1/2022 1,115,000.00 646140DP5 NJ TURNPIKE AUTHORITY TXBL REV BONDS 1.04% 1/1/2026 5,837.03 40 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
1/1/2022 1/1/2022 3,750,000.00 341271AD6 FL ST BOARD OF ADMIN TXBL REV BONDS 1.25% 7/1/2025 23,587.50 1/1/2022 1/25/2022 2,370,054.51 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 6,608.50 1/1/2022 1/25/2022 2,240,000.00 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 4,306.40 1/1/2022 1/25/2022 1,795,724.05 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 4,623.99 1/1/2022 1/25/2022 440,838.84 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 1,862.12 1/1/2022 1/25/2022 1,340,369.71 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 3,033.70 1/3/2022 1/3/2022 MONEY0002 MONEY MARKET FUND 30.30
1/7/2022 1/7/2022 8,760,000.00 3135G0X24 FANNIE MAE NOTES 1.62% 1/7/2025 71,175.00 1/8/2022 1/8/2022 8,200,000.00 931142EL3 WALMART INC CORPORATE NOTES 2.85% 7/8/2024 116,850.00 1/10/2022 1/10/2022 3,840,000.00 86565CKU2 SUMITOMO MITSUI BANK NY CERT DEPOS 0.70% 7/8/2022 13,887.97 1/10/2022 1/10/2022 8,570,000.00 3135G05G4 FANNIE MAE NOTES 0.25% 7/10/2023 10,712.50 1/15/2022 1/15/2022 877,821.35 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 402.33 1/15/2022 1/15/2022 411,528.29 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 912.22 1/15/2022 1/15/2022 680,307.08 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 1,519.35 1/15/2022 1/15/2022 1,725,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 747.50 1/15/2022 1/15/2022 405,660.11 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 848.51 1/15/2022 1/15/2022 1,550,405.77 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 2,441.89 41 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
1/15/2022 1/15/2022 2,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 716.67 1/15/2022 1/15/2022 792,742.42 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 1,915.79 1/15/2022 1/15/2022 860,000.00 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 243.67 1/15/2022 1/15/2022 3,028,827.38 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 4,189.88 1/15/2022 1/15/2022 1,595,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 770.92 1/15/2022 1/15/2022 985,204.84 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 2,052.51 1/15/2022 1/15/2022 1,145,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 362.58 1/15/2022 1/15/2022 205,233.98 65479GAD1 NAROT 2018-B A3 3.06% 3/15/2023 523.35 1/15/2022 1/15/2022 990,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 610.50 1/18/2022 1/18/2022 272,808.46 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 643.37 1/21/2022 1/21/2022 1,445,000.00 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 325.13 1/21/2022 1/21/2022 822,551.44 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 1,727.36 1/21/2022 1/21/2022 4,620,000.00 3137EAEU9 FREDDIE MAC NOTES 0.37% 7/21/2025 8,662.50 1/30/2022 1/30/2022 3,300,000.00 91159HHX1 US BANCORP NOTES (CALLABLE) 2.40% 7/30/2024 39,600.00 1/31/2022 1/31/2022 26,975,000.00 91282CBH3 US TREASURY NOTES 0.37% 1/31/2026 50,578.13 1/31/2022 1/31/2022 2,500,000.00 9128282N9 US TREASURY NOTES 2.12% 7/31/2024 26,562.50 1/31/2022 1/31/2022 5,465,000.00 912828S92 US TREASURY NOTES 1.25% 7/31/2023 34,156.25 42 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
1/31/2022 1/31/2022 3,415,000.00 9128286A3 US TREASURY NOTES 2.62% 1/31/2026 44,821.88 2/1/2022 2/1/2022 1,930,000.00 54438CYK2 LOS ANGELES CCD, CA TXBL GO BONDS 0.77% 8/1/2025 7,459.45 2/1/2022 2/1/2022 MONEY0002 MONEY MARKET FUND 20.53
2/1/2022 2/1/2022 1,295,000.00 574193TQ1 MD ST TXBL GO BONDS 0.51% 8/1/2024 3,302.25 2/1/2022 2/1/2022 1,450,000.00 797272QP9 SAN DIEGO CCD, CA TXBL GO BONDS 2.04% 8/1/2024 14,833.50 2/1/2022 2/25/2022 2,365,393.16 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 6,722.85 2/1/2022 2/25/2022 2,240,000.00 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 4,306.40 2/1/2022 2/25/2022 404,388.15 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 704.98 2/1/2022 2/25/2022 1,691,041.17 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 4,354.43 2/1/2022 2/25/2022 1,260,609.32 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 2,853.18 2/5/2022 2/5/2022 2,125,000.00 91159HHV5 US BANK NA CINCINNATI CORP NOTES (CALLAB 3.37% 2/5/2024 35,859.38 2/9/2022 2/9/2022 3,360,000.00 46647PCM6 JPMORGAN CHASE & CO CORPORATE NOTES 0.76% 8/9/2025 12,830.72 2/11/2022 2/11/2022 485,000.00 69371RQ90 PACCAR FINANCIAL CORP CORPORATE NOTES 0.35% 8/11/2023 848.75 2/11/2022 2/11/2022 6,735,000.00 06406RAJ6 BANK OF NY MELLON CORP CORP NOTES 3.45% 8/11/2023 116,178.75 2/12/2022 2/12/2022 5,350,000.00 594918BB9 MICROSOFT CORP (CALLABLE) NOTES 2.70% 2/12/2025 72,225.00 2/13/2022 2/13/2022 3,775,000.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTES 1.80% 2/13/2025 33,975.00 2/14/2022 2/14/2022 7,360,000.00 66989HAP3 NOVARTIS CAPITAL CORP 1.75% 2/14/2025 64,400.00 43 ATTACHMENT A
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INTEREST
2/15/2022 2/15/2022 867,629.48 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 1,807.56 2/15/2022 2/15/2022 607,826.94 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 1,357.48 2/15/2022 2/15/2022 1,725,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 747.50 2/15/2022 2/15/2022 1,595,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 770.92 2/15/2022 2/15/2022 116,416.58 65479GAD1 NAROT 2018-B A3 3.06% 3/15/2023 296.86 2/15/2022 2/15/2022 990,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 610.50 2/15/2022 2/15/2022 678,890.99 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 1,640.65 2/15/2022 2/15/2022 860,000.00 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 243.67 2/15/2022 2/15/2022 349,751.72 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 731.56 2/15/2022 2/15/2022 2,783,604.05 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 3,850.65 2/15/2022 2/15/2022 2,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 716.67 2/15/2022 2/15/2022 809,297.03 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 370.93 2/15/2022 2/15/2022 1,445,569.46 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 2,276.77 2/15/2022 2/15/2022 6,020,000.00 91282CCT6 US TREASURY N/B NOTES 0.37% 8/15/2024 11,287.50 2/15/2022 2/15/2022 1,145,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 362.58 2/15/2022 2/15/2022 324,329.29 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 718.93 2/18/2022 2/18/2022 222,080.89 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 523.74 44 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
2/21/2022 2/21/2022 710,776.63 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 1,492.63 2/21/2022 2/21/2022 1,445,000.00 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 325.13 2/24/2022 2/24/2022 4,585,000.00 3137EAEV7 FREDDIE MAC NOTES 0.25% 8/24/2023 5,731.25 2/25/2022 2/25/2022 7,990,000.00 3135G05X7 FANNIE MAE NOTES 0.37% 8/25/2025 14,981.25 2/26/2022 2/26/2022 7,365,000.00 83050PDR7 SKANDINAV ENSKILDA BANK LT CD 1.86% 8/26/2022 70,016.60 2/28/2022 2/28/2022 14,275,000.00 9128282U3 US TREASURY NOTES 1.87% 8/31/2024 133,828.13 2/28/2022 2/28/2022 17,640,000.00 91282CAJ0 US TREASURY NOTES 0.25% 8/31/2025 22,050.00 2/28/2022 2/28/2022 25,340,000.00 91282CBQ3 US TREASURY NOTES 0.50% 2/28/2026 63,350.00 2/28/2022 2/28/2022 6,060,000.00 65558TLL7 NORDEA BANK ABP NEW YORK CERT DEPOS 1.85% 8/26/2022 57,923.50 2/28/2022 2/28/2022 8,945,000.00 912828ZC7 US TREASURY NOTES 1.12% 2/28/2025 50,315.63 2/28/2022 2/28/2022 3,419,000.00 9128286G0 US TREASURY NOTES 2.37% 2/29/2024 40,600.63 3/1/2022 3/1/2022 MONEY0002 MONEY MARKET FUND 90.95
3/1/2022 3/25/2022 403,014.17 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 1,030.31 3/1/2022 3/25/2022 1,581,517.32 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 4,072.41 3/1/2022 3/25/2022 2,352,048.04 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 6,683.88 3/1/2022 3/25/2022 2,240,000.00 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 4,306.40 3/1/2022 3/25/2022 981,039.43 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 2,220.42 45 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
3/7/2022 3/7/2022 4,625,000.00 58933YAU9 MERCK & CO INC (CALLABLE) CORP NOTES 2.90% 3/7/2024 67,062.50 3/12/2022 3/12/2022 12,325,000.00 3135G0U43 FANNIE MAE NOTES 2.87% 9/12/2023 177,171.88 3/15/2022 3/15/2022 1,352,186.36 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 2,129.69 3/15/2022 3/15/2022 3,155,000.00 91282CCX7 US TREASURY N/B NOTES 0.37% 9/15/2024 5,915.63 3/15/2022 3/15/2022 1,725,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 747.50 3/15/2022 3/15/2022 2,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 716.67 3/15/2022 3/15/2022 541,264.49 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 1,208.82 3/15/2022 3/15/2022 243,027.68 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 538.71 3/15/2022 3/15/2022 1,145,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 362.58 3/15/2022 3/15/2022 1,595,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 770.92 3/15/2022 3/15/2022 36,320.66 65479GAD1 NAROT 2018-B A3 3.06% 3/15/2023 92.62 3/15/2022 3/15/2022 743,344.89 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 340.70 3/15/2022 3/15/2022 860,000.00 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 243.67 3/15/2022 3/15/2022 990,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 610.50 3/15/2022 3/15/2022 759,879.21 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 1,583.08 3/15/2022 3/15/2022 575,247.62 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 1,390.18 3/15/2022 3/15/2022 2,554,326.96 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 3,533.49 46 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
3/15/2022 3/15/2022 297,063.48 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 621.36 3/15/2022 3/15/2022 6,400,000.00 717081ES8 PFIZER INC CORP NOTES 2.95% 3/15/2024 94,400.00 3/16/2022 3/16/2022 2,935,000.00 46647PBS4 JPMORGAN CHASE & CO CORPORATE NOTES (CAL 0.65% 9/16/2024 9,582.78 3/17/2022 3/17/2022 4,065,000.00 22552G3C2 CREDIT SUISSE NEW YORK CERT DEPOS 0.59% 3/17/2023 23,916.88 3/18/2022 3/18/2022 174,142.88 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 410.69 3/21/2022 3/21/2022 1,445,000.00 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 325.13 3/21/2022 3/21/2022 605,258.01 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 1,271.04 3/23/2022 3/23/2022 8,380,000.00 4581X0DZ8 INTER-AMERICAN DEVEL BK NOTES 0.50% 9/23/2024 20,950.00 3/23/2022 3/23/2022 7,090,000.00 3137EAEX3 FREDDIE MAC NOTES 0.37% 9/23/2025 13,293.75 3/29/2022 3/29/2022 4,530,000.00 3133EMBH4 FEDERAL FARM CREDIT BANK (CALLABLE) 0.53% 9/29/2025 12,004.50 3/31/2022 3/31/2022 1,050,000.00 91282CCY5 US TREASURY N/B NOTES 1.25% 9/30/2028 6,562.50 3/31/2022 3/31/2022 5,930,000.00 912828W71 US TREASURY NOTES 2.12% 3/31/2024 63,006.25 3/31/2022 3/31/2022 5,000,000.00 912828T26 US TREASURY NOTES 1.37% 9/30/2023 34,375.00 Total INTEREST 361,316,364.29 1,921,197.58 0.00

MATURITY
1/1/2022 1/1/2022 85,667.38 3137BHXY8 FHLMC MULTIFAMILY STRUCTURED P 2.79% 1/1/2022 85,866.63 Total MATURITY 85,667.38 85,866.63 0.00
47 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

PAYDOWNS
1/1/2022 1/25/2022 4,661.35 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 4,661.35 1/1/2022 1/25/2022 36,450.69 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 36,450.69 1/1/2022 1/25/2022 104,682.88 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 104,682.88 1/1/2022 1/25/2022 79,760.39 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 79,760.39 1/15/2022 1/15/2022 68,524.32 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 68,524.32 1/15/2022 1/15/2022 117,575.36 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 117,575.36 1/15/2022 1/15/2022 87,199.00 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 87,199.00 1/15/2022 1/15/2022 88,817.40 65479GAD1 NAROT 2018-B A3 3.06% 3/15/2023 88,817.40 1/15/2022 1/15/2022 245,223.33 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 245,223.33 1/15/2022 1/15/2022 72,480.14 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 72,480.14 1/15/2022 1/15/2022 55,908.39 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 55,908.39 1/15/2022 1/15/2022 113,851.43 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 113,851.43 1/15/2022 1/15/2022 104,836.31 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 104,836.31 1/18/2022 1/18/2022 50,727.57 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 50,727.57 1/21/2022 1/21/2022 111,774.81 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 111,774.81 2/1/2022 2/25/2022 109,523.85 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 109,523.85 2/1/2022 2/25/2022 1,373.98 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 1,373.98 48 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

PAYDOWNS
2/1/2022 2/25/2022 279,569.89 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 279,569.89 2/1/2022 2/25/2022 13,345.12 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 13,345.12 2/15/2022 2/15/2022 80,095.92 65479GAD1 NAROT 2018-B A3 3.06% 3/15/2023 80,095.92 2/15/2022 2/15/2022 103,643.37 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 103,643.37 2/15/2022 2/15/2022 107,750.27 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 107,750.27 2/15/2022 2/15/2022 93,383.10 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 93,383.10 2/15/2022 2/15/2022 81,301.61 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 81,301.61 2/15/2022 2/15/2022 229,277.09 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 229,277.09 2/15/2022 2/15/2022 52,688.24 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 52,688.24 2/15/2022 2/15/2022 65,952.14 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 65,952.14 2/15/2022 2/15/2022 66,562.45 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 66,562.45 2/18/2022 2/18/2022 47,938.01 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 47,938.01 2/21/2022 2/21/2022 105,518.62 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 105,518.62 3/1/2022 3/25/2022 11,999.95 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 11,999.95 3/1/2022 3/25/2022 46,522.60 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 46,522.60 3/1/2022 3/25/2022 247,013.24 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 247,013.24 3/1/2022 3/25/2022 74,566.97 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 74,566.97 49 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

PAYDOWNS
3/15/2022 3/15/2022 99,063.28 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 99,063.28 3/15/2022 3/15/2022 74,634.97 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 74,634.97 3/15/2022 3/15/2022 92,165.39 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 92,165.39 3/15/2022 3/15/2022 208,152.06 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 208,152.06 3/15/2022 3/15/2022 50,293.90 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 50,293.90 3/15/2022 3/15/2022 99,860.02 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 99,860.02 3/15/2022 3/15/2022 36,320.66 65479GAD1 NAROT 2018-B A3 3.06% 3/15/2023 36,320.66 3/15/2022 3/15/2022 61,499.42 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 61,499.42 3/15/2022 3/15/2022 66,358.42 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 66,358.42 3/18/2022 3/18/2022 46,081.93 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 46,081.93 3/21/2022 3/21/2022 99,959.50 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 99,959.50 Total PAYDOWNS 4,094,889.34 4,094,889.34 0.00
SELL
1/4/2022 1/6/2022 2,990,000.00 912828Z86 US TREASURY NOTES 1.37% 2/15/2023 3,036,337.89 11,294.19 1/4/2022 1/6/2022 245,000.00 912828P38 US TREASURY NOTES 1.75% 1/31/2023 250,259.51 6,307.40 1/4/2022 1/6/2022 2,000,000.00 92826CAG7 VISA INC (CALLABLE) NOTE 2.15% 9/15/2022 2,034,838.33 35,079.77 1/5/2022 1/6/2022 6,040,000.00 91282CBM2 US TREASURY NOTES 0.12% 2/15/2024 5,955,657.48 -64,512.94 50 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
SELL
1/6/2022 1/6/2022 150,000.00 912828Q29 US TREASURY NOTES 1.50% 3/31/2023 152,340.15 3,379.54 1/27/2022 1/31/2022 1,800,000.00 91282CCF6 US TREASURY N/B NOTES 0.75% 5/31/2026 1,737,822.89 -61,059.88 1/31/2022 1/31/2022 685,000.00 91282CCF6 US TREASURY N/B NOTES 0.75% 5/31/2026 661,873.31 -22,701.52 2/2/2022 2/3/2022 5,835,000.00 037833CQ1 APPLE INC CORP (CALLABLE) NOTE 2.30% 5/11/2022 5,888,383.77 23,241.83 2/2/2022 2/3/2022 10,000,000.00 9128284D9 US TREASURY NOTES 2.50% 3/31/2023 10,275,210.34 73,641.18 2/4/2022 2/7/2022 805,000.00 912828Q29 US TREASURY NOTES 1.50% 3/31/2023 814,123.63 13,010.91 2/18/2022 2/22/2022 3,145,000.00 91282CBX8 US TREASURY N/B NOTES 0.12% 4/30/2023 3,105,697.00 -37,752.65 2/18/2022 2/22/2022 2,895,000.00 912828Q29 US TREASURY NOTES 1.50% 3/31/2023 2,922,249.98 38,379.48 3/8/2022 3/10/2022 3,650,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 3,612,923.60 -44,280.64 3/14/2022 3/15/2022 2,000,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 1,976,768.33 -27,267.41 3/17/2022 3/22/2022 2,635,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 2,603,899.31 -36,580.48 3/21/2022 3/22/2022 2,000,000.00 912828S92 US TREASURY NOTES 1.25% 7/31/2023 1,987,281.17 14,281.35 Total SELL 46,875,000.00 47,015,666.69 -75,539.87
51 ATTACHMENT A
© PFM Asset Management LLC pfmam.com|
Portfolio Review:

CITY OF STOCKTON SHORT-TERM PORTFOLIO

The portfolio’s benchmark is . Source: Bloomberg.

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

1. Portfolio Snapshot - CITY OF STOCKTON SHORT-TERM PORTFOLIO¹ Credit Quality - S&P
100%
0%
20%
40%
60%
80%
100%
120%
0-1 Yr
Portfolio
Duration Distribution
Commercial Paper | 100%
Sector Allocation
A-1+ | 33%
A-1 | 67%
Portfolio Statistics
Portfolio Effective Duration
Yield At Cost
Yield At Market
Portfolio Credit Quality
Total Market Value
Securities Sub-Total
Cash
$29,939,490.00
$29,939,490.00
$0.00
$0.00

0.22 years

0.70%

Issuer Diversification - CITY OF STOCKTON SHORT-TERM PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Commercial Paper 100.0%
LMA AMERICAS LLC 33.3% A / Aa / AA
MANHATTAN ASSET FUNDING CO LLC 33.3% A / Aa / NR
OLD LINE FUNDING LLC 33.3% AA / Aa / AA
100.0%Total
54 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Characteristics
|
$0
$6
$12
$18
$24
$30
$0
$6
$12
$18
$24
$30
$0
$6
$12
$18
$24
$30
$0.0
$6.0
$12.0
$18.0
$24.0
$30.0
Millions
March 2022
Sector Allocation Review - CITY OF STOCKTON SHORT-TERM PORTFOLIO Commercial Paper
Market values, including accrued interest. Only includes investments held within the separately managed account(s), excludes cash held in funds not managed by PFMAM. Detail may not add to total due to rounding.

Mar-22 % of TotalSecurity Type % of Total % of Total % of Total Commercial Paper $29.9 100.0% $0.0 0.0% $0.0 0.0% $0.0 0.0% Total $29.9 100.0% $0.0 0.0% $0.0 0.0% $0.0 0.0%
55 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON SHORT-TERM PORTFOLIO Net Activity by Sector
($
millions)
Commercial PaperCommercial Paper
$0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
Commercial Paper $29,939,125
$29,939,125Total Net Activity
Sales/Maturities Purchases
56 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2022
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/Description
D
ated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Commercial Paper

MANHATTAN ASSET FDG CO COMM
PAPER
DTD 03/01/2022 0.000% 06/06/2022
56274MF64 10,000,000.00 A-1 P-1 3/4/2022 3/4/2022 9,980,416.67 0.75 0.00 9,984,130.009,986,250.00

OLD LINE FUNDING LLC COMM PAPER
DTD 03/01/2022 0.000% 06/16/2022
67983UFG3 10,000,000.00 A-1+ P-1 3/4/2022 3/4/2022 9,982,666.67 0.60 0.00 9,980,350.009,987,333.34

LMA AMERICAS LLC COMM PAPER
DTD 02/23/2022 0.000% 06/27/2022
53944RFT0 10,000,000.00 A-1 P-1 3/4/2022 3/4/2022 9,976,041.67 0.75 0.00 9,975,010.009,981,875.00 30,000,000.00 29,939,125.01 0.00 29,939,490.00Security Type Sub-Total 0.70 29,955,458.34 30,000,000.00 29,939,125.01 0.00 29,939,490.00Managed Account Sub Total Securities Sub Total
Accrued Interest
$30,000,000.00 $29,939,125.01 $0.00 $29,939,490.00
$0.00
29,955,458.34
$29,955,458.34

CITY OF STOCKTON
For the Quarter Ended March 31, 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. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.

PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO.

It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown.

The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion as of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and data presented are not necessarily indicative of future events or expected performance.

For more information regarding PFMAM's services or entities, please visit www.pfmam.com. © 2022 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. 59 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 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 estimated market value.

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

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

Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.

Money market fund/cash balances are included in performance and duration computations.

Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.

Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.

CITY OF STOCKTON
For the Quarter Ended March 31, 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 added or subtracted from the overall portfolio performance.

Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.

Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not.

FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.

Interest Rate: Interest per year divided by principal amount and expressed as a percentage.

Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.

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

Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.

Par Value: The nominal dollar face amount of a security.

Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed security.
61 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 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 and maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.

Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whose decisions are binding on its members.

Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.

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

U.S. Treasury: The department of the U.S. government that issues Treasury securities.

Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis.

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

YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. 62 ATTACHMENT A

City Council and Concurrent AuthoritiesMay 24, 2022

City Council and Concurrent Authorities
May 24, 2022