Attachment A - Quarterly Investment Report 6-30-2022 — City Council and Concurrent Authorities, September 13, 2022

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
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 94111-5411
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF STOCKTON

ATTACHMENT A
© PFM Asset Management LLC pfmam.com|
Market Update
PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes
▸ The U.S. economy is characterized by:
▹ High inflation
▹ A strong labor market
▹ Depressed consumer confidence
▹ Growing potential for economic recession
▸ The Federal Reserve is tightening monetary policy
▹ More aggressive rate hikes to battle persistent inflation ▹ Short-term fed funds rate projected to reach 3.25% to 3.75% by year-end ▹ Start of balance sheet reduction; pace to double beginning in September ▸ Asset prices have fallen sharply in 2022 as a result of:
▹ The impact of higher rates on bond prices and equity valuations ▹ Wider credit spreads
▹ High commodity prices, rising labor costs, and the continuing conflict in Ukraine ▹ High levels of volatility and uncertainty

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
1 PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Consumers Expect High Inflation in the Near Term, But Moderation Longer Term Source: Bloomberg, as of June 2022.
0%
1%
2%
3%
4%
5%
6%
2017 2018 2019 2020 2021 2022
Median Price Increase
University of Michigan Survey of Consumers
Expected Change in Prices
Next 5-10 Years Next Year
A disparity exists
between consumer’s
short and long-term
inflation expectations

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
2 PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Strong Labor Market and Spending Provide Momentum Against Signs of Economic Slowing Source: Bloomberg, as of June 2022.

Tailwinds Headwinds
$400
$450
$500
$550
$600
$650
$700
2017 2018 2019 2020 2021 2022
Billions
Retail Sales (Monthly)
20 40
60 80
100
120
2017 2018 2019 2020 2021 2022
Index of Consumer Sentiment
3 4
5 6
7 2017 2018 2019 2020 2021 2022
Millions
Existing Home Sales
April 20

14.7%
June 22

3.6%
0%
4%
8%
12%
16%
2017 2018 2019 2020 2021 2022
U.S. Unemployment Rate

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Market Update
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ATTACHMENT A
3 PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Uncertainty Grows Around Economic Outlook
Source: Bloomberg, as of June 2022.

GDP Contributors
Q2
202
1 Q3
2021
Q4
2021
Q1
2022
U.S. Real GDP 6.7% 2.3% 6.9% -1.6%
Personal Consumption 7.9
% 1.4% 1.8% 1.2%
Fixed Investment 0.6% -0.2% 0.5% 1.3%
Pri
vate Inventories -1.3% 2.2% 5.3% -0.4%
Net Exports -0.2% -1.3% -0.2% -3.2%
Gov’t Expenditures -0.3% 0.2% -0.5% -0.5%
Following a negative Q1 reading, economists
expect positive yet decelerating growth amid an
increasingly cautious consumer
33%
0%
20%
4 0%
60%
80%
100%
2012 2014 2016 2018 2020 2022
U.S. 1-Year Recession Probability
(Bloomberg Median Economist Forecast)

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Market Update
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ATTACHMENT A
4 PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Fed’s Updated Projections Show More Expected Inflation, Lower Growth Source: Federal Reserve, latest economic projections a s of June 2022.

1.7% 1.7% 1.9% 1.8%
0%
1%
2%
3%
2022 2023 2024 Longer
Run
Change in Real GDP
March Projections June Projections

3.7% 3.9% 4.1% 4.0%
0%
1%
2%
3%
4%
5%
2022 2023 2024 Longer
Run
Unemployment Rate
March Projections June Projections

4.3%

2.7% 2.3%
0%
2%
4%
6%
2022 2023 2024
Core PCE Inflation
March Projections June Projections

3.4%

3.8%

3.4%

2.5%
0%
1%
2%
3%
4%
2022 2023 2024 Longer
Run
Federal Funds Rate
March Projections June Projections

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
5 PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Treasury Yields Move Higher Across the Curve; Curve Remains Flat Beyond 2-Years
Source: Bloomberg, as of 6/30/2022.

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%
3 M
1 Y
2 Y
3 Y
4 Y
5 Y
10 Y
30 Y
Maturity
U.S. Treasury Yield Curve
June 30, 2022
March 31, 2022
December 31, 2021
2Q2022
6/30/22
1Q2022
3/31/22
QoQ
Change
3-month 1.63% 0.48% +1. 15%
1-year 2.74% 1.60% +1.14%
2-year 2.95% 2.33% +0.62%
3-year 3.01% 2.51% +0.50%
5-year 3.04% 2.46% +0.58%
10-year 3.01% 2.34% +0.67%
30-year 3.18% 2.45% +0.73%

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
6 For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market Update Surging Yields Give Back Pandemic Gains

CLIENT NAME
For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: ICE BofAML Indices via Bloomberg, as of 6/30/2022; PFMAM calculations. 2022 Price, income, and total return is YTD as of 6/30/2022.

ICE BofA 1-5 Year Treasury Index
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
Annual Price & Income Returns
Income Return Price Return Total Return
$100
$120
$140
$160
$180
$200
$220
$240
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
Growth of $100
(1/1/2000 - 6/30/2022)

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Market Update
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ATTACHMENT A
7 PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Sector Yield Spreads Widened in Q2 2022
Source: ICE BofAML 1-5 year Indices via Bloomberg, Mark etAxess and PFMAM as of 6/30/2022. 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. 1-5 Year Indices
-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 Jun-22
Federal Agency Yield Spreads

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22
Corporate Notes A-AAA Yield Spreads
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22
Mortgage-Backed Securities Yield Spreads
Agency MBS AAA CMBS Index

0.0%

0.4%

0.8%

1.2%

1.6%
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22
Asset-Backed Securities AAA Yield Spreads

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
8 PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended June 30, 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 6/30/2022.

Rising Rates and Wider Spreads Hurt Fixed-Income Return s in Q2 2022 1-5 Year Indices

0.89% 0.87%

1.23%

1.86%

2.41%

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
-0.81% -0.90%
-0.68%
-1.66%
-2.21%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%

0.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Q2 2022

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
9 PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Fixed-Income Sector Commentary — 2Q 2022
▸ U.S. Treasury secu rities posted negative returns for more than two quarters. Yields continued to move
higher on surging inflation data and expectations for
aggressive Fed rate hikes over the course of 2022.
▸ The Federal Agency sector generated modest
incremental returns over Treasuries in Q2 but
continue to offer narrow yield spreads and limited
value.
▸ Supranational spreads are elevated for shorter
maturities but remained historically tight further out
the curve. Issuance has been relatively light year-to-
date which has helped keep downward pressure on
yield spreads.
▸ Investment grade Corporates appear to have priced
in a recession on the horizon, however, fundamentals
and ratings are expected to stabilize while also
carrying a low default rate. Yield spreads have been
driven wider to historically attractive levels as
uncertainties persist.
▸ Asset-Backed yield spreads widened after a volatile
start to the year. Some measures of collateral
performance are trending worse, but overall are in a
good position from a historical perspective and remain
within rating agency expectations.
▸ Mortgage-Backed Securities were hampered by
soaring mortgage rates and the looming reduction to
the Fed’s balance sheet. The sector will likely remain
under pressure for the foreseeable future as it faces a myriad of headwinds.
▸ Taxable Municipals were one of the few investment
grade sectors that performed well during the quarter.

But while issuance has slowed despite appearing at
attractive levels, deals remain heavily oversubscribed, pressuring spreads lower.
▸ Commercial Paper and CD spreads remain elevated
and attractive, particularly on maturities near nine
months which have heightened value and a steeper
curve.

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
10 © PFM Asset Management LLC pfmam.com|
Account Summary

ATTACHMENT A
11 PFM Asset Management LLC

CITY OF STOCKTON
Consolidated Summary
Account Summary
PFMAM Managed Account $650,630,830
BoW Main Account $187,622,665
CAMP Pool $82,050
Local Agency Investment Fund $75,000,000
Total Program $913,335,545

29.0%

1.0% 0.8% 1.5%

11.4%

14.1%

20.2% 19.8%

1.3% 0.3% 0.5%
$0
$50
$100
$150
$200
$250
$300
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
Millions
Maturity Distribution
(Weighted Average Maturity: 591 days)

0.0%
PFMAM Managed Account value includes market values, accrued interest, cash and cash equivalents. Maturity distribution includes market values and excludes accrued interest. 1.

For the Quarter Ended June 30, 2022
Ac
count Summary

ATTACHMENT A
12 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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 June 30, 2022
PFMAM Managed Account $568,136,381
Amortized Cost $595,275,416
Market Value $568,136,381
Accrued Interest $1,808,904
Cash $1,626,761
Analytics¹ June 30, 2022
Yield at Market 3.05%
Yield on Cost 1.19%
Portfolio Duration 2.36

CITY OF STOCKTON SHORT-TERM PORTFOLIO
Portfolio Values June 30, 2022
PFMAM Managed Account $78,875,444
Amortized Cost $79,420,192
Market Value $78,875,444
Accrued Interest $183,342
Cash $0
Analytics¹ June 30, 2022
Yield at Market 3.65%
Yield on Cost 2.83%
Portfolio Duration 0.79

ATTACHMENT A
13 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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

38.5%U.S. Treasury
UNITED STATES TREASURY 38.5% AA / Aaa / AAA

22.3%Federal Agency
FANNIE MAE 15. 0% AA / Aaa / AAA
FEDERAL FARM CREDIT BANKS 0.9% AA / Aaa / AAA
FEDERAL HOME LOAN BANKS 1.2% AA / Aaa / NR
FREDDIE MAC 5.1% AA / Aaa / AAA

0.6%Agency CMBS
FANNIE MAE 0.3% AA / Aaa / AAA
FREDDIE MAC 0.3% AA / Aaa / AAA

1.8%Supranational
INTER-AMERICAN DEVELOPMENT BANK 1.2% AAA / Aaa / AAA
INTL BANK OF RECONSTRUCTION AND DEV 0.6% AAA / Aaa / AAA

2.5%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 0.5% 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

10.9%Negotiable CD
BARCLAYS PLC 0.9% A / Aa / A
CREDIT SUISSE GROUP RK 0.6% A / Aa / A
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer

10.9%Negotiable CD
DNB ASA 0.6% AA / Aa / NR
MITSUBISHI UFJ FINANCIAL GROUP INC 3.1% A / Aa / A
NATIXIS NY BRANCH 2.3% A / Aa / A
SKANDINAVISKA ENSKILDA BANKEN AB 1.1% A / Aa / AA
SUMITOMO MITSUI FINANCIAL GROUP INC 2.3% A / Aa / A

5.6%Commercial Paper
BANK OF AMERICA CO 1.5% A / NR / AA
BNP PARIBAS 1.5% A / Aa / AA
COLLAT COMM PAPER FLEX CO 0.6% A / Aa / AA
COLLAT COMM PAPER V CO 1.5% A / Aa / AA
LIBERTY STREET FUNDING LLC 0.5% A / Aa / NR

15.7%Corporate
3M COMPANY 0.4% A / A / NR
AMAZON.COM INC 1.2% AA / A / AA
AMERICAN HONDA FINANCE 0.5% A / A / A
BANK OF AMERICA CO 1.1% A / A / AA
CITIGROUP INC 0.4% BBB / A / A
DEERE & COMPANY 0.7% A / A / A
GOLDMAN SACHS GROUP INC 0.6% BBB / A / A
HONEYWELL INTERNATIONAL 0.6% A / A / A
JP MORGAN CHASE & CO 0.9% A / A / AA
MASTERCARD INC 0.7% A / A / NR
MERCK & CO INC 0.7% A / A / A
MICROSOFT CORP 0.8% AAA / Aaa / AAA
MORGAN STANLEY 0.4% A / A / A
NOVARTIS AG 1.1% AA / A / AA

ATTACHMENT A
14 © PFM Asset Management LLC pfmam.com

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

15.7%Corporate
PACCAR FINANCIAL CORP 0.1% A / A / NR
PFIZER INC 1.0% A / A / A
STATE STREET CORPORATION 0.1% A / A / AA
TARGET CORP 0.6% A / A / A

THE BANK OF NEW YORK MELLON

CORPORATION

1.1% A / A / AA
TOYOTA MOTOR CORP 0.6% A / A / A
US BANCORP 0.8% A / A / A
WAL-MART STORES INC 1.3% AA / Aa / AA

2.1%ABS
CAPITAL ONE FINANCIAL CORP 0.0% AAA / Aaa / AAA
CARMAX AUTO OWNER TRUST 0.6% AAA / NR / AAA
DISCOVER FINANCIAL SERVICES 0.2% AAA / Aaa / NR
HONDA AUTO RECEIVABLES 0.3% NR / Aaa / AAA
HYUNDAI AUTO RECEIVABLES 0.3% AAA / NR / AAA
NISSAN AUTO RECEIVABLES 0.2% AAA / Aaa / AAA
TOYOTA MOTOR CORP 0.6% AAA / Aaa / NR
100.0%Total

ATTACHMENT A
15 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
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") we
re in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management LLC

ATTACHMENT A
16 © PFM Asset Management LLC pfmam.com|
Portfolio Review:

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
17 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
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 1-5 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
13%
26%
28% 29%
2% <1% <1% 1%
5%
33%
28%
21%
13%
0% 0% 0%
0%
5%
10%
15%
20%
25%
30%
35%
0-1 Yr 1-2
Yrs
2-3
Yrs
3-4
Yrs
4-5
Yrs
5-6
Yrs
6-7
Yrs
> 7
Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 44%
Federal Agency | 25%
Corporate | 18%
Negotiable CD | 4%
Municipal | 3%
ABS | 2%
Supranational | 2%
Commercial Paper | 1%
Agency CMBS | 1%
Sector Allocation
AAA | 5%
AA+ | 70%
AA | 4%
AA- | 2%
A-1+ | 1%
A+ | 5%
A | 3%
A- | 3%
A-1 | 4%
BBB+ | 1%
Not Rated | <1%
Portfolio Statistics
Portfolio Effective Duration 2.36 years
Benchmark Effective Duration 2.53 years
Portfolio Credit Quality AA
Yield At Market 3.05%
Yield At Cost 1.19%
Total Market Value $571,572,045.14
$568,136,380.86Securities Sub-Total
$1,626,760.73Cash
$1,808,903.55Accrued Interest

ATTACHMENT A
18 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
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 balances invested in overnight funds.

Issuer Diversification - CITY OF STOCKTON RESERVE PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer U.S. Treasury 43.9%
UNITED STATES TREASURY 43.9% AA / Aaa / AAA
Federal Agency 25.4%
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 5.9% AA / Aaa / AAA
Agency CMBS 0.7%
FANNIE MAE 0.3% AA / Aaa / AAA
FREDDIE MAC 0.4% 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 0.3% AAA / Aaa / NR STATE OF CALIFORNIA 0.8% AA / Aa / AA
STATE OF MARYLAND 0.2% AAA / Aaa / AAA
UNIVERSITY OF CALIFORNIA 0.2% AA / Aa / AA
Negotiable CD 3.7%
BARCLAYS PLC 1.0% A / Aa / A
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Negotiable CD 3.7%
CREDIT SUISSE GROUP RK 0.7% A / Aa / A
DNB ASA 0.6% AA / Aa / NR
SKANDINAVISKA ENSKILDA BANKEN AB 1.3% A / Aa / AA
Commercial Paper 1.2%
COLLAT COMM PAPER FLEX CO 0.7% A / Aa / AA
LIBERTY STREET FUNDING LLC 0.6% A / Aa / NR
Corporate 17.9%
3M COMPANY 0.5% A / A / NR
AMAZON.COM INC 1.4% AA / A / AA
AMERICAN HONDA FINANCE 0.6% A / A / A
BANK OF AMERICA CO 1.3% 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
HONEYWELL INTERNATIONAL 0.7% A / A / A
JP MORGAN CHASE & CO 1.0% 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% A / 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

THE BANK OF NEW YORK MELLON

CORPORATION

1.2% A / A / AA

ATTACHMENT A
19 © PFM Asset Management LLC pfmam.com

Issuer Diversification - CITY OF STOCKTON RESERVE PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 17.9%
TOYOTA MOTOR CORP 0.6% A / A / A
US BANCORP 0.9% A / A / A
WAL-MART STORES INC 1.5% AA / Aa / AA
ABS 2.4%
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% NR / Aaa / AAA
HYUNDAI AUTO RECEIVABLES 0.4% AAA / NR / AAA
NISSAN AUTO RECEIVABLES 0.2% AAA / Aaa / AAA
TOYOTA MOTOR CORP 0.6% AAA / Aaa / NR
100.0%Total

ATTACHMENT A
20 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Portfolio Characteristics
|
$0.0
$118.0
$236.0
$354.0
$472.0
$590.0
Millions
June 2022
$0.0
$118.0
$236.0
$354.0
$472.0
$590.0
Millions
March 2022
$0.0
$118.0
$236.0
$354.0
$472.0
$590.0
Millions
December 2021
$0.0
$118.0
$236.0
$354.0
$472.0
$590.0
Millions
September 2021
Sector Allocation Review - CITY OF STOCKTON RESERVE PORTFOLIO U.S. Treasury
Federal Agency
Agency CMBS Supranational Municipal Negotiable CD Commercial Paper Corporate ABS Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.

Sep-21 % of TotalSecurity Type Dec-21 % of Total Mar-22 % of Total % of TotalJun-22 U.S. Treasury $202.3 35.5% $244.5 41.4% $239.5 41.7% $249.5 44.0% Federal Agency $168.5 29.6% $160.0 27.2% $146.7 25.6% $144.3 25.4% Agency CMBS $12.6 2.2% $8.4 1.4% $7.2 1.3% $4.0 0.7%
Supranational $12.1 2.1% $12.0 2.0% $11.6 2.0% $11.5 2.0% Municipal $17.1 3.0% $16.9 2.9% $16.2 2.8% $16.0 2.8%
Negotiable CD $25.3 4.4% $25.1 4.3% $30.8 5.4% $20.8 3.7% Commercial Paper $0.0 0.0% $0.0 0.0% $0.0 0.0% $7.1 1.2% Corporate $109.8 19.3% $102.5 17.4% $105.0 18.3% $101.3 17.8% ABS $22.1 3.9% $19.8 3.4% $16.4 2.9% $13.7 2.4%
Total $569.9 100.0% $589.3 100.0% $573.4 100.0% $568.1 100.0%

ATTACHMENT A
21 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($
millions)
Negotiable CD
Agency CMBS
ABS
Corporate
Federal Agency
Commercial Paper
U.S. Treasury
Negotiable CD
Age
ncy CMBS
ABS
Corporate
Federal Agency
Commercial Paper
U.S. Treasury
($15.0) ($10.0) ($5.0) $0.0 $5.0 $10.0 $15.0 $20.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
U.S. Treasury $12,975,671
Commercial Paper $7,061,919
Federal Agency ($1,033,132)
Corporate ($2,296,482)
ABS ($2,607,654)
Agency CMBS ($3,156,130)
Negotiable CD ($9,937,041)
$1,007,151Total Net Activity
Sales/Maturities Purchases

ATTACHMENT A
22 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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
Commercial Paper
Negotiable CD
Municipal
Supranational
Agency CMBS
Federal Agency
U.S. Treasury
-0.80%
-0.60%
-0.40%
-0.20%

0.00%

0.06%

0.25%

0. 57%

0.00%

0.35%

0.37%

0.11%

0.76%

0.20%

0.27%

0.00%
-0.63%
-1.47%

0.06%
-0.41%
-0.95%
-0.63%
-0.89%
-0.97%
-1.21%
-3.0% -1.8% -0.6% 0.6% 1.8% 3.0%
Return
Quarterly Sector Performance - CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
23 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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. -6.0%
-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 $1,78 8,558 $7,447,682 $27,178,982 $42,648,574 $42,648,574 Change in Market Value ($6,404,900) ($34,600,508) ($27,068,148) ($21,051,489) ($21,051,489) ($4,616,342)Total Dollar Return ($27,152,826) $110,834 $21,597,085 $21,597,085 Total Return³
Portfolio -0.80% -4.51% 0.28% 1.16% 1.16%
Benchmark⁴ -0.92% -4.74% 0.08% 0.97% 0.97%
Basis Point Fee 0.01% 0.06% 0.06% 0.05% 0.05%
Net of Fee Return -0.81% -4.57% 0.22% 1.11% 1.11%
3 Months 1 Year 3 Years 5 Years Since Inception

ATTACHMENT A
24 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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
$1,788,558
($2
,479)
($91,770)
$1,694,308
1 Year
$7,447,682
$81
9,316
($780,998)
$7,486,000
3 Years
$27,178,982
$7,
996,747
($1,665,454)
$33,510,275
5 Year
$42,648,574
$5,
469,118
$340,556
$48,458,247
Since Inception¹
$42,648,574
$5,
469,118
$340,556
$48,458,247

ATTACHMENT A
25 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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 1,615,000.00 AA+ Aaa 4/2/2019 4/4/2019 1,546,614.84 2.28 8,420.75 1,585,980.391,597,892.88

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 17,281.42 4,901,562.504,994,882.14

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 1,004.18 3,029,519.373,142,757.40

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 38,371.09 10,889,152.8910,957,391.24

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 15,325.84 8,415,214.428,470,901.96

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 32.81 457,556.25460,416.91

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 6,056.83 755,608.44788,809.65

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 21,083.81 2,630,270.002,745,368.98

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 31,675.27 5,841,976.276,057,858.80

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 2,477.25 2,997,227.973,138,781.95

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 15,213.59 4,435,282.264,522,641.99

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 1.78 621.20 11,212,115.6311,477,174.60

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 22,159.88 2,455,859.502,533,011.36

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 8,481.22 5,693,602.826,014,313.14

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 47,002.38 7,321,875.007,760,760.54

ATTACHMENT A
26 © PFM Asset Management LLC pfmam.com

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 42,458.81 6,614,093.756,851,731.19

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 3,472.21 2,976,545.313,146,395.86

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 12,888.59 3,341,562.503,452,043.33

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 5,357.61 2,047,787.502,176,633.48

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 3,851.71 2,095,193.752,161,297.74

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 15,793.80 8,591,273.448,875,325.70

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 11,600.19 2,935,570.313,127,423.12

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 22,034.71 5,576,156.255,952,341.28

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 3,787.60 5,562,235.945,940,501.78

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 21.71 2,940,897.823,152,587.93

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 4,650.10 5,094,583.875,498,363.01

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 5,092.97 5,579,782.346,023,888.00

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 1,537.50 1,684,462.591,823,994.90

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 3,459.38 3,790,040.834,104,312.40

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 2,948.37 6,377,656.606,878,525.30

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 3,287.40 9,452,460.4210,115,508.90

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 1,014.80 2,917,933.433,148,663.55

ATTACHMENT A
27 © PFM Asset Management LLC pfmam.com

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 72.35 6,468,765.987,071,238.70

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 58.08 5,193,234.665,629,645.22

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 13,256.82 7,704,304.698,210,004.75

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 14,078.04 8,181,562.508,864,236.63

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 37,392.83 3,365,375.953,677,511.58

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 8,485.93 4,931,664.065,350,547.12

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 11,942.87 6,940,692.197,253,533.94

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 6,374.22 3,704,429.694,013,600.86

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 10,085.67 5,499,393.755,991,302.56

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 17,865.08 9,741,262.5010,293,707.68

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 14,397.35 7,850,418.758,413,779.04

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 2,004.20 2,886,332.193,136,629.07

US TREASURY N/B NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 4,360,000.00 AA+ Aaa 6/6/2022 6/8/2022 3,995,871.88 2.99 2,769.67 3,988,718.964,001,635.78

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 3,217.52 4,633,683.855,056,304.09

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 2,579.10 3,714,265.834,052,768.68

US TREASURY N/B NOTES
DTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 7,400,000.00 AA+ Aaa 4/5/2022 4/7/2022 6,813,492.19 2.77 16,275.96 6,758,280.886,843,946.17

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 3,378.73 951,075.001,000,949.11

ATTACHMENT A
28 © PFM Asset Management LLC pfmam.com

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 3,299.18 940,406.25993,840.29

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 9,861.88 973,437.501,018,111.60

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 6,349.17 946,725.00994,792.30

US TREASURY NOTES
DTD 02/15/2020 1.500% 02/15/2030
912828Z94 1,085,000.00 AA+ Aaa 4/6/2022 4/11/2022 996,080.86 2.66 6,114.36 974,465.63998,593.05

US TREASURY NOTES
DTD 08/15/2020 0.625% 08/15/2030
91282CAE1 1,175,000.00 AA+ Aaa 4/6/2022 4/11/2022 997,510.74 2.65 2,758.98 974,148.441,002,227.48

US TREASURY NOTES
DTD 02/15/2021 1.125% 02/15/2031
91282CBL4 1,130,000.00 AA+ Aaa 4/6/2022 4/11/2022 996,209.77 2.63 4,775.97 970,740.63999,562.80

US TREASURY N/B NOTES
DTD 08/15/2021 1.250% 08/15/2031
91282CCS8 1,125,000.00 AA+ Aaa 4/6/2022 4/11/2022 997,031.25 2.63 5,283.15 968,378.851,000,068.31 265,689,000.00 263,231,193.45 581,142.09 249,462,804.09Security Type Sub-Total 1.23 262,961,037.82 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 0.32 960.97 3,601,492.843,736,247.53

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 11,406.11 7,922,267.648,375,388.71 12,120,000.00 12,105,757.80 12,367.08 11,523,760.48Security Type Sub-Total 0.46 12,111,636.24 Negotiable CD

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 47,565.62 7,363,873.167,365,000.00

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 5,948.87 3,609,947.263,620,000.00

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 25,403.58 5,797,013.665,885,000.00

ATTACHMENT A
29 © PFM Asset Management LLC pfmam.com

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 7,061.81 3,985,858.524,065,000.00 20,935,000.00 20,935,000.00 85,979.88 20,756,692.60Security Type Sub-Total 1.42 20,935,000.00 Municipal

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 26,310.00 4,340,623.804,412,885.22

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 2,751.88 1,231,027.001,294,810.36

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 12,361.25 1,416,345.501,450,000.00

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 1,427.08 1,181,562.501,250,000.00

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 72.33 144,804.10155,000.00

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 1,195.97 985,005.001,060,000.00

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 0.81 519.01 427,455.00460,978.57

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 6,604.50 984,165.001,054,651.89

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 16,983.00 2,530,710.002,700,000.00

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 6,216.21 1,786,794.001,930,000.00

ATTACHMENT A
30 © PFM Asset Management LLC pfmam.com

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 5,837.03 1,018,117.651,115,000.00 16,850,000.00 16,946,469.95 80,278.26 16,046,609.55Security Type Sub-Total 1.28 16,883,326.04 Federal Agency

FREDDIE MAC NOTES
DTD 05/07/2020 0.375% 05/05/2023
3137EAER6 830,000.00 AA+ Aaa 6/15/2020 6/16/2020 831,394.40 0.32 484.17 813,525.33830,407.86

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 3,750.83 6,302,370.936,439,665.49

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 2,058.33 7,429,904.407,593,210.32

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 0.35 239.76 6,728,439.156,898,371.20

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 10,176.88 8,339,946.928,563,706.72

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 4,043.72 4,445,973.634,583,215.36

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 2.97 107,287.41 12,312,810.5812,311,774.51

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 0.26 514.72 2,097,868.502,179,764.64

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 0.20 924.38 3,767,502.383,917,955.28

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 0.28 833.44 4,274,667.604,442,906.22

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 7,385.16 3,442,035.953,455,340.82

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 3,026.04 1,444,615.501,500,000.00

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 68,802.50 8,453,724.128,929,386.11

ATTACHMENT A
31 © PFM Asset Management LLC pfmam.com

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 5,261.67 4,582,369.924,906,380.23

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 0.56 628.91 489,911.10525,988.93

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 3,635.68 2,832,152.743,038,579.80

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 13,895.84 10,824,702.4011,642,496.18

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 7,906.25 6,158,882.406,592,352.25

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 0.41 806.94 3,842,568.004,161,173.42

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 1,486.53 7,078,658.407,635,612.49

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 0.42 289.72 1,379,620.801,493,311.81

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 7,700.00 4,256,983.504,605,922.98

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 4,035.94 2,826,266.323,063,783.12

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 6,450.94 4,517,430.574,900,484.91

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 7,237.71 6,507,131.107,076,193.94

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 6,135.63 4,170,395.014,524,822.68

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 4,106.25 5,025,403.955,473,591.15

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 3,468.75 4,245,204.254,613,861.65

ATTACHMENT A
32 © PFM Asset Management LLC pfmam.com

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 4,642.50 5,681,689.586,189,241.30 151,955,000.00 152,236,724.90 287,216.60 144,272,755.03Security Type Sub-Total 0.73 152,089,501.37 Corporate

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 9,806.88 3,511,926.253,549,661.90

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 0.39 660.14 469,564.39484,764.43

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 90,361.25 6,756,087.296,754,585.85

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 29,085.94 2,129,035.382,139,707.67

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 42,472.92 4,595,598.884,780,721.68

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 55,591.11 6,375,955.206,456,337.23

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 35,859.38 4,253,055.754,298,688.60

MORGAN STANLEY CORP NOTES
(CALLABLE)
DTD 04/22/2021 0.731% 04/05/2024
61772BAA1 670,000.00 A- A1 4/19/2021 4/22/2021 670,000.00 0.73 1,170.01 653,349.16670,000.00

MORGAN STANLEY CORP NOTES
(CALLABLE)
DTD 04/22/2021 0.731% 04/05/2024
61772BAA1 1,995,000.00 A- A1 4/20/2021 4/22/2021 1,997,513.70 0.69 3,483.82 1,945,420.261,995,980.10 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 1,889.56 2,932,798.443,082,201.38

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 0.94 112,305.83 8,158,163.608,372,201.85

ATTACHMENT A
33 © 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 33,220.00 3,218,305.203,301,114.58

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 5,589.95 2,820,579.032,935,000.00

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 5,751.11 3,638,453.253,815,000.00

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 27,995.31 4,464,718.374,609,087.37

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 55,773.75 5,306,953.905,592,948.27

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 11,005.50 1,520,464.061,607,053.91

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 15,042.00 2,078,126.422,191,835.30

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 49,015.56 7,097,130.247,501,000.36 AMAZON.COM INC CORPORATE
NOTES
DTD 04/13/2022 3.000% 04/13/2025
023135CE4 5,135,000.00 AA A1 4/11/2022 4/13/2022 5,126,835.35 3.06 33,377.50 5,090,397.395,127,423.86 3M COMPANY (CALLABLE)

CORPORATE NOTES
DTD 03/27/2020 2.650% 04/15/2025
88579YBM2 2,900,000.00 A+ A1 4/21/2022 4/25/2022 2,845,190.00 3.32 16,223.89 2,829,237.102,848,571.46

CITIGROUP INC (CALLABLE)

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 2,289.00 1,311,203.601,402,274.20

CITIGROUP INC (CALLABLE)

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 2,141.85 1,226,911.941,310,000.00

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 14,767.19 3,589,457.093,915,963.83

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 4,500.00 3,771,984.004,060,902.48

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 10,178.56 3,120,536.163,360,000.00

STATE STREET CORP (CALLABLE)

CORPORATE N
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 6,111.00 840,473.38875,000.00

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 34,897.50 3,634,995.003,750,000.00

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 6,633.25 722,184.06778,789.30

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 29,764.58 3,240,569.503,498,043.11 104,015,000.00 106,295,770.10 746,964.34 101,303,634.29Security Type Sub-Total 1.71 105,064,858.72 Commercial Paper

COLLAT CP FLEX CO LLC COMM
PAPER
DTD 05/13/2022 0.000% 09/12/2022
19423KJC9 3,850,000.00 A-1 P-1 5/25/2022 5/31/2022 3,831,870.78 1.64 0.00 3,832,382.403,837,274.68

LIBERTY STREET FDG LLC COMM
PAPER
DTD 06/16/2022 0.000% 09/16/2022
53127UJG6 3,250,000.00 A-1 P-1 6/17/2022 6/17/2022 3,232,337.15 2.16 0.00 3,234,452.003,235,054.51 7,100,000.00 7,064,207.93 0.00 7,066,834.40Security Type Sub-Total 1.88 7,072,329.19 Agency CMBS

FHLMC MULTIFAMILY STRUCTURED P
DTD 12/01/2012 2.307% 08/01/2022
3137AWQH1 1,718,729.45 AA+ Aaa 9/4/2019 9/9/2019 1,744,107.57 1.78 3,304.26 1,714,412.121,719,473.75

FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
3136AJB54 1,911,720.85 AA+ Aaa 12/13/201 12/18/201 2,004,618.55 2.14 5,330.51 1,902,643.311,948,577.33 FHMS KJ27 A1
DTD 11/01/2019 2.092% 07/01/2024
3137FQ3V3 102,663.57 AA+ Aaa 11/20/2019 11/26/2019 102,661.10 2.09 178.98 102,412.58102,662.49 4,021,386.11 4,142,114.28 9,556.05 4,007,244.15Security Type Sub-Total 2.04 4,059,034.13 ABS
HAROT 2019-2 A3
DTD 05/29/2019 2.520% 06/21/2023
43815MAC0 215,902.20 NR Aaa 5/21/2019 5/29/2019 215,894.15 2.52 151.13 216,035.15215,900.27 NAROT 2019-A A3
DTD 02/13/2019 2.900% 10/15/2023
65479KAD2 181,815.61 NR Aaa 2/5/2019 2/13/2019 181,788.07 2.90 234.34 181,944.41181,808.00 NAROT 2019-B A3
DTD 05/28/2019 2.500% 11/15/2023
65479HAC1 364,137.15 NR Aaa 5/21/2019 5/28/2019 364,054.81 2.51 404.60 364,113.04364,111.82 COPAR 2019-1 A3
DTD 05/30/2019 2.510% 11/15/2023
14042WAC4 99,526.97 AAA Aaa 5/21/2019 5/30/2019 99,506.81 2.51 111.03 99,587.5199,520.76 CARMX 2019-2 A3
DTD 04/17/2019 2.680% 03/15/2024
14316LAC7 282,044.13 AAA NR 4/9/2019 4/17/2019 282,015.30 2.68 335.95 282,224.69282,034.12 TAOT 2020-A A3
DTD 02/12/2020 1.660% 05/15/2024
89232HAC9 1,708,265.48 AAA Aaa 2/4/2020 2/12/2020 1,708,142.14 1.66 1,260.32 1,698,788.711,708,211.19 NAROT 2020-B A3
DTD 06/30/2020 0.550% 07/15/2024
65479CAD0 499,855.89 AAA Aaa 6/23/2020 6/30/2020 499,842.20 0.55 122.19 495,047.03499,848.98 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 988,471.68 AAA NR 1/14/2020 1/22/2020 988,277.73 1.89 830.32 981,914.55988,374.27 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 1,411,115.471,444,982.14 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 1,108,957.461,144,911.83 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 0.34 129.96 838,332.30859,879.62 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 1,904,893.601,999,868.71

CITY OF STOCKTON
For the Quarter Ended June 30, 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
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 1,674,570.491,724,720.19 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 0.75 325.60 944,475.15989,809.48 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 1,494,046.711,594,710.66 14,100,019.11 14,098,110.78 5,399.25 13,696,046.27Security Type Sub-Total 0.90 14,098,692.04 596,785,405.22 597,055,349.19 1,808,903.55 568,136,380.86Managed Account Sub Total Securities Sub Total
Accrued Interest
$596,785,405.22 $597,055,349.19 $1,808,903.55 $568,136,380.86 $1,808,903.55
595,275,415.55
$595,275,415.55

1.19 1.19%
Total Investments $569,945,284.41

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Portfolio Activity
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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
4/5/2022 4/7/2022 7,400,000.00 91282CCZ2 US TREASURY N/B NOTES 0.87% 9/30/2026 6,814,730.58 2.77% 4/6/2022 4/11/2022 1,125,000.00 91282CCS8 US TREASURY N/B NOTES 1.25% 8/15/2031 999,167.82 2.63% 4/6/2022 4/11/2022 1,085,000.00 912828Z94 US TREASURY NOTES 1.50% 2/15/2030 998,553.58 2.66% 4/6/2022 4/11/2022 1,130,000.00 91282CBL4 US TREASURY NOTES 1.12% 2/15/2031 998,141.23 2.63% 4/6/2022 4/11/2022 1,175,000.00 91282CAE1 US TREASURY NOTES 0.62% 8/15/2030 998,626.50 2.65% 4/11/2022 4/13/2022 5,135,000.00 023135CE4 AMAZON.COM INC CORPORATE NOTES 3.00% 4/13/2025 5,126,835.35 3.06% 4/21/2022 4/25/2022 2,900,000.00 88579YBM2 3M COMPANY (CALLABLE) CORPORATE NOTES 2.65% 4/15/2025 2,847,324.72 3.32% 4/29/2022 4/29/2022 1,625,000.00 912828ZR4 US TREASURY NOTES 0.12% 5/31/2022 1,625,519.67 0.35% 5/2/2022 5/3/2022 2,035,000.00 53127UFH8 LIBERTY STREET FDG LLC COMM PAPER 0.00% 6/17/2022 2,032,710.63 0.90% 5/25/2022 5/31/2022 3,850,000.00 19423KJC9 COLLAT CP FLEX CO LLC COMM PAPER 0.00% 9/12/2022 3,831,870.78 1.64% 6/6/2022 6/8/2022 4,360,000.00 91282CCF6 US TREASURY N/B NOTES 0.75% 5/31/2026 3,996,586.63 2.99% 6/17/2022 6/17/2022 3,250,000.00 53127UJG6 LIBERTY STREET FDG LLC COMM PAPER 0.00% 9/16/2022 3,232,337.15 2.16% Total BUY 35,070,000.00 33,502,404.64 0.00

INTEREST
4/1/2022 4/25/2022 734,026.19 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 1,651.81 4/1/2022 4/25/2022 2,340,048.09 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 7,682.64 4/1/2022 4/25/2022 2,240,000.00 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 4,306.40

INTEREST
4/1/2022 4/25/2022 328,447.20 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 572.59 4/1/2022 4/25/2022 1,534,994.72 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 3,952.61 4/1/2022 4/1/2022 MONEY0002 MONEY MARKET FUND 104.90
4/1/2022 4/1/2022 4,385,000.00 13063DRJ9 CA ST TXBL GO BONDS 2.40% 10/1/2023 52,620.00 4/1/2022 4/1/2022 4,250,000.00 57636QAB0 MASTERCARD INC CORP NOTES 3.37% 4/1/2024 71,718.75 4/5/2022 4/5/2022 2,665,000.00 61772BAA1 MORGAN STANLEY CORP NOTES (CALLABLE) 0.73% 4/5/2024 9,740.58 4/8/2022 4/8/2022 1,500,000.00 3133ELVX9 FEDERAL FARM CREDIT BANK NOTES 0.87% 4/8/2024 6,562.50 4/14/2022 4/14/2022 4,920,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTES 0.50% 4/14/2025 12,300.00 4/15/2022 4/15/2022 1,145,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 362.58 4/15/2022 4/15/2022 1,260,020.97 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 1,984.53 4/15/2022 4/15/2022 2,346,174.90 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 3,245.54 4/15/2022 4/15/2022 860,000.00 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 243.67 4/15/2022 4/15/2022 2,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 716.67 4/15/2022 4/15/2022 1,725,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 747.50 4/15/2022 4/15/2022 475,387.60 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 1,148.85 4/15/2022 4/15/2022 168,392.71 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 373.27 4/15/2022 4/15/2022 990,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 610.50

INTEREST
4/15/2022 4/15/2022 681,845.47 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 312.51 4/15/2022 4/15/2022 3,140,000.00 91282CBV2 US TREASURY N/B NOTES 0.37% 4/15/2024 5,887.50 4/15/2022 4/15/2022 474,906.07 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 1,060.62 4/15/2022 4/15/2022 660,815.93 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 1,376.70 4/15/2022 4/15/2022 246,769.58 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 516.16 4/15/2022 4/15/2022 1,595,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 770.92 4/18/2022 4/18/2022 128,060.95 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 302.01 4/21/2022 4/21/2022 505,298.51 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 1,061.13 4/21/2022 4/21/2022 1,445,000.00 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 325.13 4/22/2022 4/22/2022 21,760,000.00 3135G03U5 FANNIE MAE NOTES 0.62% 4/22/2025 68,000.00 4/24/2022 4/24/2022 3,815,000.00 06051GJH3 BANK OF AMERICA CORP (CALLABLE) CORPORAT 0.81% 10/24/2024 15,450.75 4/30/2022 4/30/2022 2,120,000.00 912828YM6 US TREASURY NOTES 1.50% 10/31/2024 15,900.00 4/30/2022 4/30/2022 4,515,000.00 912828X70 US TREASURY NOTES 2.00% 4/30/2024 45,150.00 4/30/2022 4/30/2022 3,400,000.00 9128283D0 US TREASURY NOTES 2.25% 10/31/2024 38,250.00 4/30/2022 4/30/2022 7,000,000.00 91282CAT8 US TREASURY NOTES 0.25% 10/31/2025 8,750.00 4/30/2022 4/30/2022 5,995,000.00 912828ZL7 US TREASURY NOTES 0.37% 4/30/2025 11,240.63 5/1/2022 5/1/2022 2,710,000.00 172967MX6 CITIGROUP INC (CALLABLE) CORPORATE NOTES 0.98% 5/1/2025 13,292.55

INTEREST
5/1/2022 5/1/2022 1,250,000.00 13077DNC2 CA ST UNIV TXBL REV BONDS 0.68% 11/1/2024 4,281.25 5/1/2022 5/25/2022 327,157.20 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 727.99 5/1/2022 5/25/2022 2,200,951.17 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 7,472.19 5/1/2022 5/25/2022 136,241.29 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 308.36 5/1/2022 5/25/2022 2,068,256.31 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 3,976.22 5/1/2022 5/25/2022 975,399.94 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 2,511.65 5/2/2022 5/2/2022 MONEY0002 MONEY MARKET FUND 112.97
5/5/2022 5/5/2022 7,260,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 13,612.50 5/7/2022 5/7/2022 16,290,000.00 3135G06G3 FANNIE MAE NOTES 0.50% 11/7/2025 40,725.00 5/10/2022 5/10/2022 3,550,000.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 5/10/2023 34,612.50 5/12/2022 5/12/2022 3,085,000.00 023135BW5 AMAZON.COM INC CORPORATE NOTES 0.45% 5/12/2024 6,941.25 5/15/2022 5/15/2022 2,107,945.27 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 2,915.99 5/15/2022 5/15/2022 614,409.59 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 281.60 5/15/2022 5/15/2022 1,520,000.00 91412HGE7 UNIV OF CAL TXBL REV BONDS 0.88% 5/15/2025 6,710.80 5/15/2022 5/15/2022 860,000.00 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 243.67 5/15/2022 5/15/2022 552,422.43 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 1,150.88 5/15/2022 5/15/2022 1,595,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 770.92

INTEREST
5/15/2022 5/15/2022 10,925,000.00 912828WE6 US TREASURY NOTES 2.75% 11/15/2023 150,218.75 5/15/2022 5/15/2022 192,848.84 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 403.38 5/15/2022 5/15/2022 2,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 716.67 5/15/2022 5/15/2022 3,145,000.00 91282CAW1 US TREASURY NOTES 0.25% 11/15/2023 3,931.25 5/15/2022 5/15/2022 365,697.37 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 883.77 5/15/2022 5/15/2022 990,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 610.50 5/15/2022 5/15/2022 1,158,278.89 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 1,824.29 5/15/2022 5/15/2022 1,725,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 747.50 5/15/2022 5/15/2022 404,456.88 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 903.29 5/15/2022 5/15/2022 1,145,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 362.58 5/15/2022 5/15/2022 88,169.06 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 195.44 5/18/2022 5/18/2022 81,352.66 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 191.86 5/21/2022 5/21/2022 401,762.81 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 843.70 5/21/2022 5/21/2022 1,445,000.00 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 325.13 5/22/2022 5/22/2022 7,600,000.00 3135G04Q3 FANNIE MAE NOTES 0.25% 5/22/2023 9,500.00 5/22/2022 5/22/2022 3,635,000.00 38148LAE6 GOLDMAN SACHS GROUP INC CORPORATE NOTES 3.75% 5/22/2025 68,156.25 5/24/2022 5/24/2022 3,740,000.00 459058JM6 INTL BK RECON & DEVELOP NOTES 0.25% 11/24/2023 4,675.00

INTEREST
5/27/2022 5/27/2022 6,095,000.00 3135G06H1 FANNIE MAE NOTES 0.25% 11/27/2023 7,618.75 5/31/2022 5/31/2022 12,280,000.00 91282CCF6 US TREASURY N/B NOTES 0.75% 5/31/2026 46,050.00 5/31/2022 5/31/2022 8,515,000.00 912828U57 US TREASURY NOTES 2.12% 11/30/2023 90,471.88 5/31/2022 5/31/2022 10,915,000.00 9128283J7 US TREASURY NOTES 2.12% 11/30/2024 115,971.88 5/31/2022 5/31/2022 13,545,000.00 91282CAZ4 US TREASURY NOTES 0.37% 11/30/2025 25,396.88 6/1/2022 6/1/2022 155,000.00 13067WRB0 CA ST DEPT WTR RES WTR SYS TXBL REV BNDS 0.56% 12/1/2024 434.00 6/1/2022 6/1/2022 MONEY0002 MONEY MARKET FUND 1,372.00
6/1/2022 6/1/2022 4,000,000.00 438516CB0 HONEYWELL INTL CORP NOTES (CALLABLE) 1.35% 6/1/2025 27,000.00 6/1/2022 6/25/2022 835,426.32 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 2,151.22 6/1/2022 6/25/2022 2,008,651.77 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 3,861.63 6/1/2022 6/25/2022 1,984,652.64 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 5,902.81 6/1/2022 6/25/2022 281,882.62 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 491.42 6/2/2022 6/2/2022 3,620,000.00 23341VZT1 DNB BANK ASA/NY LT CD 2.04% 12/2/2022 37,334.27 6/4/2022 6/4/2022 4,445,000.00 3137EAFA2 FREDDIE MAC NOTES 0.25% 12/4/2023 5,556.25 6/8/2022 6/8/2022 3,425,000.00 3130A0F70 FEDERAL HOME LOAN BANKS NOTES 3.37% 12/8/2023 57,796.88 6/15/2022 6/15/2022 273,485.74 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 660.92 6/15/2022 6/15/2022 15,839.53 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 35.11

INTEREST
6/15/2022 6/15/2022 1,725,000.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 747.50 6/15/2022 6/15/2022 990,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 610.50 6/15/2022 6/15/2022 557,488.55 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 255.52 6/15/2022 6/15/2022 1,595,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 770.92 6/15/2022 6/15/2022 2,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 716.67 6/15/2022 6/15/2022 860,000.00 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 243.67 6/15/2022 6/15/2022 1,145,000.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 362.58 6/15/2022 6/15/2022 1,074,110.39 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 1,691.72 6/15/2022 6/15/2022 456,368.04 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 950.77 6/15/2022 6/15/2022 145,064.19 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 303.43 6/15/2022 6/15/2022 1,906,468.63 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 2,637.28 6/15/2022 6/15/2022 342,240.00 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 764.34 6/17/2022 6/17/2022 13,285,000.00 3135G04Z3 FANNIE MAE NOTES 0.50% 6/17/2025 33,212.50 6/18/2022 6/18/2022 38,471.22 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 90.73 6/21/2022 6/21/2022 1,445,000.00 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 325.13 6/21/2022 6/21/2022 305,588.10 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 641.74 6/26/2022 6/26/2022 6,905,000.00 3137EAES4 FREDDIE MAC NOTES 0.25% 6/26/2023 8,631.25

INTEREST
6/30/2022 6/30/2022 3,195,000.00 912828ZW3 US TREASURY NOTES 0.25% 6/30/2025 3,993.75 6/30/2022 6/30/2022 11,430,000.00 912828XX3 US TREASURY NOTES 2.00% 6/30/2024 114,300.00 6/30/2022 6/30/2022 460,000.00 9128285U0 US TREASURY NOTES 2.62% 12/31/2023 6,037.50 6/30/2022 6/30/2022 12,800,000.00 91282CBC4 US TREASURY NOTES 0.37% 12/31/2025 24,000.00 Total INTEREST 314,551,276.34 1,409,531.00 0.00

MATURITY
4/11/2022 4/11/2022 4,000,000.00 458140BB5 INTEL CORP NOTES (CALLED, OMD 05/11/2022 2.35% 4/11/2022 4,039,166.67 5/1/2022 5/1/2022 2,000,000.00 437076BG6 HOME DEPOT INC CORP NOTES (CALLED, OMD 6 2.62% 5/1/2022 2,021,875.00 5/11/2022 5/11/2022 165,000.00 037833CQ1 APPLE INC CORP (CALLABLE) NOTE 2.30% 5/11/2022 166,897.50 5/31/2022 5/31/2022 1,625,000.00 912828ZR4 US TREASURY NOTES 0.12% 5/31/2022 1,626,015.63 6/17/2022 6/17/2022 2,035,000.00 53127UFH8 LIBERTY STREET FDG LLC COMM PAPER 0.00% 6/17/2022 2,035,000.00 Total MATURITY 9,825,000.00 9,888,954.80 0.00

PAYDOWNS
4/1/2022 4/25/2022 4,211.88 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 4,211.88 4/1/2022 4/25/2022 593,573.02 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 593,573.02 4/1/2022 4/25/2022 1,290.00 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 1,290.00 4/1/2022 4/25/2022 139,096.92 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 139,096.92

PAYDOWNS
4/1/2022 4/25/2022 559,594.78 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 559,594.78 4/1/2022 4/25/2022 171,743.69 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 171,743.69 4/15/2022 4/15/2022 109,690.23 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 109,690.23 4/15/2022 4/15/2022 53,920.74 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 53,920.74 4/15/2022 4/15/2022 238,229.63 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 238,229.63 4/15/2022 4/15/2022 67,435.88 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 67,435.88 4/15/2022 4/15/2022 70,449.19 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 70,449.19 4/15/2022 4/15/2022 108,393.50 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 108,393.50 4/15/2022 4/15/2022 80,223.65 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 80,223.65 4/15/2022 4/15/2022 101,742.08 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 101,742.08 4/18/2022 4/18/2022 46,708.29 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 46,708.29 4/21/2022 4/21/2022 103,535.70 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 103,535.70 5/1/2022 5/25/2022 216,298.53 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 216,298.53 5/1/2022 5/25/2022 59,604.54 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 59,604.54 5/1/2022 5/25/2022 139,973.62 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 139,973.62 5/1/2022 5/25/2022 136,241.29 3137BLUR7 FHLMC MULTIFAMILY STRUCTURED P 2.71% 6/1/2022 136,241.29 5/1/2022 5/25/2022 45,274.58 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 45,274.58

PAYDOWNS
5/15/2022 5/15/2022 47,784.65 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 47,784.65 5/15/2022 5/15/2022 96,054.39 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 96,054.39 5/15/2022 5/15/2022 84,168.50 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 84,168.50 5/15/2022 5/15/2022 201,476.64 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 201,476.64 5/15/2022 5/15/2022 62,216.88 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 62,216.88 5/15/2022 5/15/2022 72,329.53 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 72,329.53 5/15/2022 5/15/2022 92,211.63 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 92,211.63 5/15/2022 5/15/2022 56,921.04 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 56,921.04 5/18/2022 5/18/2022 42,881.44 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 42,881.44 5/21/2022 5/21/2022 96,174.71 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 96,174.71 6/1/2022 6/25/2022 289,922.32 3137AWQH1 FHLMC MULTIFAMILY STRUCTURED P 2.30% 8/1/2022 289,922.32 6/1/2022 6/25/2022 547,154.08 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/1/2022 547,154.08 6/1/2022 6/25/2022 179,219.05 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 179,219.05 6/1/2022 6/25/2022 72,931.79 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 72,931.79 6/15/2022 6/15/2022 45,537.22 14042WAC4 COPAR 2019-1 A3 2.51% 11/15/2023 45,537.22 6/15/2022 6/15/2022 60,195.87 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 60,195.87 6/15/2022 6/15/2022 198,203.15 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 198,203.15

PAYDOWNS
6/15/2022 6/15/2022 91,670.13 65479KAD2 NAROT 2019-A A3 2.90% 10/15/2023 91,670.13 6/15/2022 6/15/2022 57,632.66 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 57,632.66 6/15/2022 6/15/2022 15,839.53 44932NAD2 HYUNDAI AUTO RECEIVABLES TRUST 2.66% 6/15/2023 15,839.53 6/15/2022 6/15/2022 85,638.71 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 85,638.71 6/15/2022 6/15/2022 92,230.89 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 92,230.89 6/18/2022 6/18/2022 38,471.22 43814WAC9 HAROT 2019-1 A3 2.83% 3/20/2023 38,471.22 6/21/2022 6/21/2022 89,685.90 43815MAC0 HAROT 2019-2 A3 2.52% 6/21/2023 89,685.90 Total PAYDOWNS 5,763,783.67 5,763,783.67 0.00
SELL
4/5/2022 4/7/2022 6,060,000.00 65558TLL7 NORDEA BANK ABP NEW YORK CERT DEPOS 1.85% 8/26/2022 6,087,279.43 14,822.76 4/11/2022 4/12/2022 1,050,000.00 3137EAER6 FREDDIE MAC NOTES 0.37% 5/5/2023 1,033,132.19 -19,234.98 4/11/2022 4/13/2022 4,000,000.00 911312BC9 UNITED PARCEL SERVICE (CALLABLE) NOTES 2.35% 5/16/2022 4,042,703.33 4,297.77 4/21/2022 4/25/2022 760,000.00 912828S92 US TREASURY NOTES 1.25% 7/31/2023 751,635.67 -1,152.83 4/21/2022 4/25/2022 1,090,000.00 912828S92 US TREASURY NOTES 1.25% 7/31/2023 1,078,003.79 301.50 6/6/2022 6/8/2022 3,840,000.00 86565CKU2 SUMITOMO MITSUI BANK NY CERT DEPOS 0.70% 7/8/2022 3,849,761.13 -1,513.54 Total SELL 16,800,000.00 16, 842,515.54 -2,479.32

CITY OF STOCKTON SHORT-TERM PORTFOLIO

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
Negotiable CD | 63%
Commercial Paper | 37%
Sector Allocation
A-1 | 100%
Portfolio Statistics
Portfolio Effective Duration
Yield At Cost
Yield At Market
Portfolio Credit Quality
Total Market Value
Securities Sub-Total
Cash
$79,058,785.21
$78,875,443.55
$183,341.66
$0.00

0.79 years

2.83%

3.65%
A
Accrued Interest

Issuer Diversification CITY OF STOCKTON SHORT-TERM PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Negotiable CD 62.8%
MITSUBISHI UFJ FINANCIAL GROUP INC 25.1% A / Aa / A
NATIXIS NY BRANCH 18.9% A / Aa / A
SUMITOMO MITSUI FINANCIAL GROUP INC 18.9% A / Aa / A
Commercial Paper 37.2%
BANK OF AMERICA CO 12.3% A / NR / AA
BNP PARIBAS 12.4% A / Aa / AA
COLLAT COMM PAPER V CO 12.5% A / Aa / AA
100.0%Total

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Portfolio Characteristics
|
$0.0
$15.8
$31.6
$47.4
$63.2
$79.0
Millions
$0.0
$15.8
$31.6
$47.4
$63.2
$79.0
Millions
$0.0
$15.8
$31.6
$47.4
$63.2
$79.0
Millions
June 2022
$0.0
$15.8
$31.6
$47.4
$63.2
$79.0
Millions
March 2022
Sector Allocation Review - CITY OF STOCKTON SHORT-TERM PORTFOLIO Negotiable CD Commercial Paper
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.

Mar-22 % of TotalSecurity Type Jun-22 % of Total % of Total % of Total Negotiable CD $0.0 0.0% $49.5 62.7% $0.0 0.0% $0.0 0.0% Commercial Paper $29.9 100.0% $29.4 37.3% $0.0 0.0% $0.0 0.0% Total $29.9 100.0% $78.9 100.0% $0.0 0.0% $0.0 0.0%

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON SHORT-TERM PORTFOLIO Net Activity by Sector
($
millions)
Commercial Paper
Negotiable CD
Commercial Paper
Negotiable CD
($40.0) ($20.0) $0.0 $20.0 $40.0 $60.0
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 $50,000,000
Commercial Paper ($610,719)
$49,389,281Total Net Activity
Sales/Maturities Purchases

CITY OF STOCKTON
For the Quarter Ended June 30, 2022
Portfolio Performance
|
Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.1.

Realized gains / (losses) are shown on an amortized cost basis.2.

Accrual Basis Earnings - CITY OF STOCKTON SHORT-TERM PORTFOLIO Accrual Basis Earnings
Interest Earned¹
Rea
lized Gains / (Losses)²
Change in Amortized Cost
Total Earnings
3Q2021
-
-
-
-
4Q2021
-
-
-
-
1Q2022
-
-
-
-
2Q2022
$183,342
-
$57
,953
$258,794

SUMITOMO MITSUI BANK NY CERT
DEPOS
DTD 05/13/2022 2.750% 05/08/2023
86565FLW0 15,000,000.00 A-1 P-1 5/13/2022 5/13/2022 15,000,000.00 2.75 56,145.83 14,851,090.4115,000,000.00

NATIXIS NY BRANCH CERT DEPOS
DTD 05/13/2022 2.750% 05/11/2023
63873QTU8 15,000,000.00 A-1 P-1 5/13/2022 5/13/2022 15,000,000.00 2.75 56,145.83 14,849,706.0815,000,000.00

MUFG BANK LTD/NY CERT DEPOS
DTD 05/13/2022 2.610% 05/12/2023
55380T2B5 20,000,000.00 A-1 P-1 5/13/2022 5/13/2022 20,000,000.00 2.61 71,050.00 19,775,357.0620,000,000.00 50,000,000.00 50,000,000.00 183,341.66 49,476,153.55Security Type Sub-Total 2.69 50,000,000.00 Commercial Paper

COLLAT COMM PAPER V CO COMM
PAPER
DTD 06/01/2022 0.000% 11/30/2022
19424JLW4 10,000,000.00 A-1 P-1 6/10/2022 6/10/2022 9,888,030.56 2.36 0.00 9,886,590.009,901,622.23

BNP PARIBAS NY BRANCH COMM
PAPER
DTD 06/16/2022 0.000% 03/13/2023
09659CQD3 10,000,000.00 A-1 P-1 6/16/2022 6/16/2022 9,756,250.00 3.33 0.00 9,767,010.009,769,791.67

BOFA SECURITIES INC COMM PAPER
DTD 06/27/2022 0.000% 03/24/2023
06054PQQ2 10,000,000.00 A-1 NR 6/27/2022 6/27/2022 9,745,000.00 3.49 0.00 9,745,690.009,748,777.78 30,000,000.00 29,389,280.56 0.00 29,399,290.00Security Type Sub-Total 3.06 29,420,191.68 80,000,000.00 79,389,280.56 183,341.66 78,875,443.55Managed Account Sub Total Securities Sub Total
Accrued Interest
$80,000,000.00 $79,389,280.56 $183,341.66 $78,875,443.55 $183,341.66
79,420,191.68
$79,420,191.68

2.83 2.83%
Total Investments $79,058,785.21

MATURITY
6/6/2022 6/6/2022 10,000,000.00 56274MF64 MANHATTAN ASSET FDG CO COMM PAPER 0.00% 6/6/2022 10,000,000.00 6/16/2022 6/16/2022 10,000,000.00 67983UFG3 OLD LINE FUNDING LLC COMM PAPER 0.00% 6/16/2022 10,000,000.00 6/27/2022 6/27/2022 10,000,000.00 53944RFT0 LMA AMERICAS LLC COMM PAPER 0.00% 6/27/2022 10,000,000.00 Total MATURITY 30,000,000.00 30,000,000.00 0.00

CITY OF STOCKTON
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. 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.

CITY OF STOCKTON
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 estimated market value.

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

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

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

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

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

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

MBS maturities are represented by expected average life.

CITY OF STOCKTON
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 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.

CITY OF STOCKTON
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 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.

ATTACHMENT A
60

City Council and Concurrent AuthoritiesSeptember 13, 2022

City Council and Concurrent Authorities
September 13, 2022