Attachment A - Quarterly Investment Report — City Council and Concurrent Authorities, February 7, 2023

PFM Asset Management LLC

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Consolidated Summary
Account Summary
Reserve Portfolio1 $573,735,366
Short-Term Portfolio $109,922,916
BoW Main Account $60,400,763
CAMP Pool $40,584,621
Local Agency Investment Fund $55,000,000
Total Program $839,643,666

22.3%

0.7%

2.6%

9.0% 8.7%

15.2%

21.9%

13.4%

3.6%

1.0% 1.7%

0.0%$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
30 Days
and Under
31 to 60
days
61 to 90
days
91 to 180
days
181 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: 613 days

1. Reserve Portfolio includes both the PFMAM Reserve portfolio assets and Chandler Asset Management assets. Figure includes cash in portfolios’ sweep accounts and excludes accrued interest.

U.S. Treasury
32%
Federal
Agency
16%
Agency MBS
1%Supranational
1%
Municipal
2%
Negotiable CD
7%
Commercial Paper
7%
Corporate
14%
Asset-Backed
1%
MMF
<1%
LAIF
7%
CAMP
5%
Cash
<1%
BoW
7%
Sector Allocation
12 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended
December
31, 2022
Portfolio Snapshot
|
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

The portfolio’s benchmark is the ICE 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
18%
26%
30%
14%
7%
1% 1% 3%4%
35%
27%
23%
11%
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 | 50%
Federal Agency | 21%
Corporate | 20%
Municipal | 3%
Negotiable CD | 3%
Supranational | 2%
ABS | 2%
Agency CMBS | <1%
Sector Allocation
AAA | 5%
AA+ | 72%
AA | 4%
AA- | 2%
A+ | 5%
A | 5%
A- | 4%
A-1 | 1%
BBB+ | 1%
A-2 | 1%
Not Rated | <1%
Portfolio Statistics
Portfolio Effective Duration 2.41 years
Benchmark Effective Duration 2.48 years
Portfolio Credit Quality AA
Yield At Market 4.42%
Yield At Cost 1.54%
Total Market Value $294,547,574.09
$293,050,886.42Securities Sub-Total
$413,336.32Cash
$1,083,351.35Accrued Interest
14 Portion Managed By PFM Asset Management
Attachment A
© PFM Asset Management LLC pfmam.com

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 | 55%
Negotiable CD | 45%
Sector Allocation
A-1+ | 9%
A-1 | 91%
Portfolio Statistics
Portfolio Effective Duration
Yield At Cost
Yield At Market
Portfolio Credit Quality
Total Market Value
Securities Sub-Total
Cash
$110,794,724.75
$109,922,916.41
$871,808.34
$0.00

0.25 years

3.09%

4.94%
A
Accrued Interest
23 Portion Managed By PFM Asset Management
Attachment A
21%
25%
39%
12%
0% <1% <1% <1%
4%
35%
27%
23%
11%
0%
10%
20%
30%
40%
50%
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
U.S. Treasury
Agency
Corporate
Municipal
Supranational
ABS
Agency CMO
NCD
MMF
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities MarketUpdateAs of December 31, 2022 Total Market Value $281,237,251.50
Securities Sub-Total $280,271,142.79
Accrued Interest $966,108.71
Portfolio Effective Duration 2.09 years
Benchmark Effective Duration 2.49 years
Yield At Cost 1.32%
Yield At Market 4.57%
Portfolio Credit Quality AA
Sector Allocation
Duration DistributionCredit Quality – S&P
Portfolio Statistics
44%
26%
21%
3%
2%
2%
1%
1%
<1%
AAA
AA
A
A-1
BBB
NR
1%
1%
15%
76%
5%
*Benchmark is the ICE BofA 1-5 Yr AAA-A US Corp & Govt Index Portfolio Snapshot
1%

CITY OF STOCKTON SHORT-TERM PORTFOLIO
Portion Managed By Chandler Asset Management
Attachment A
Investment Performance Review
For the Quarter Ended December 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 94111-5411
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
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 December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
The Year in Review
Beginning in March, the Fed hiked rates by
425 basis points in 2022
• The 2-year treasury yield rose just
370 bps through 2022
Consumer spending remained resilient
despite price pressures and extended credit
levels
Energy prices surged due to uncertainty,
geopolitical conflict (war in Ukraine), and
storage challenges
2022 saw an uncommon phenomenon of
both stocks and bonds posting negative
returns
-19.4%
-13.0%
-5.3%

1.5%

6.7%
-20%
-15%
-10%
-5%
0%
5%
10%
S&P 500 Barclays
U.S. Bond
Aggregate
1-5 Year
Gov/Corp A
or Better
Cash Crude Oil
2022 Asset Class Returns
Source: Bloomberg, as of 12/31/2022.

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com| 1
Attachment A
PFM Asset Management LLC© PFM Asset Management LLC | pfmam.com Current Market Themes
▸ The U.S. economy is characterized by:
▹ High inf
lation that shows signs of slowing
▹ Continued strong labor market
▹ Expectations for a modest yet broad economic downturn ▸ The Federal Reserve projections show rate hikes slowing, ending in 2023 ▹ Fed projecting short-term fed funds rate to reach 5.00% to 5.25% by year-end ▹ Markets expecting rate cuts in the second half of 2023 ▹ Fed officials reaffirm that restoring price stability is the utmost priority, despite risks of overtightening
▸ Volatile markets potentially calming
▹ Treasury yields in the belly of the curve (3-7 years) ended the quarter slightly lower, while shorter and longer maturities ended higher ▹ Yield curve inversion has deepened further since last quarter ▹ While still elevated, volatility has begun subsiding

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Market Update
2 Attachment A
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Bloomberg, as of 12/31/2022.

Rates Remain Sensitive to Fed and Inflation
The 2-year
Treasury is
commonly used
to gauge market
reactions and
near-term policy
expectations

3.75%

4.00%

4.25%

4.50%

4.75%

5.00%
Oct-22 Nov-22 Dec-22 Jan-23
Hundreds
2-Year US Treasury Yield
October 13th CPI
Consumer prices rise
more than expected,
catalyzing uncertainty;
+17 bps
November 10
th CPI
The first tangible sign
that inflation is
slowing; -24 bps
November 3
rd
Hawkish stance from the
FOMC regarding higher
rates; +10 bps
November 30
th
Powell confirms that
upcoming rate hikes
will be smaller; -16 bps

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com| 3
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 December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Inflation Now Trending Lower
Source: Bloomberg, as of December 2022.

Lower energy
and goods
prices help to
offset increases
in wage-driven
services costs
Dec-22

6.5%
-2%
0%
2%
4%
6%
8%
10%
Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Consumer Prices (CPI)
Top-Line Contributions and Year-over-Year Reading
Services (Ex Food & Energy) Goods (Ex Food & Energy) Food Energy Headline YoY%
Bloomberg
Forecasts
Q1
‘23
Q2
‘23
Q3
‘23
Dec-22

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com| 4
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 December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Recession Gauge Flashing Yellow, But GDP Expected to Grow by End of Year Labor
market
ConsumerRetail sales
Manufacturing
Inverted
yield curve
Recession Risk
Rate hike cycle
Inf
lation

1.1%

0.1%
-0.6%

0.0%

0.9%

1.5%

1.8%
-2.0%
-1.5
%
-1.0%
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%
Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24
U.S. GDP Forecasts
Annualized Rate
Range Median of Forecasts
Source: Bloomberg, Economist Forecasts. Recession risk based on most recent economic data as of 1/9/2023.

Housing

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com| 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 December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end.

Fed’s “Dot Plot” Suggests Expectations for a Drawn Ou t Normalization of Policy 0%
1%
2%
3%
4%
5%
6%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Dec-22 FOMC Projections
Dec-22 Median
Dec 2023 Longer TermDec 2024 Dec 2025

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com| 6
Attachment A
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update What Could the Fed’s Pivot Look Like?

CLIENT NAME
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
+25
+50
+75 +75 +75 +75
+50
+25 +25
-25 -25 -25
0%
1%
2%
3 %
4%
5%
6%
-50
-25
0 25
50 75
100
Jan-22 May-22 Jul-22 Nov-22 Feb-23 May-23 Jul-23 Nov-23 Jan-24 Basis Point Change
FOMC Meeting Dates
Changes to the Target Fed Funds Rate
Actual Market Expectation FF Mid-Point (right axis)
Source: Bloomberg WIRP Interest Rate Probability as of 1/9/2023.

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com| 7
Attachment A
PFM Asset Management LLC
For the Quarter Ended June 30, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Yield Curve Inversion Deepens
4Q2022
12/31/22
3Q2022
09/30/22
QoQ
Change
3-month 4.34% 3.25% +1. 10%
1-year 4.69% 3.93% +0.75%
2-year 4.43% 4.28% +0.15%
3-year 4.22% 4.29% -0.06%
5-year 4.00% 4.09% -0.09%
10-year 3.87% 3.83% +0.05%
30-year 3.96% 3.78% +0.19%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
3 M
1 Y
2 Y
3 Y
4 Y
5 Y
10 Y
30 Y
Maturity
U.S. Treasury Yield Curve
December 31, 2022
September 30, 2022
December 31, 2021
Source: Bloomberg, as of December 2022.

Treasury yield in the belly of the
cu
rve ended the quarter slightly
lower, while shorter and longer
maturities ended higher

CITY OF STOCKTON
For the Quarter Ended December 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 December 31, 2022
Market Update
© PFM Asset Management LLC | pfmam.com
Sector Yield Spreads
Source: ICE BofAML 1-5 year Indices via Bloomberg, Market Axess and PFMAM as of 12/31/2022. 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.
-0.3%
-0.2%
-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%
Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22
Federal Agency Yield Spreads
Bullet Callable

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

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

0.0%

0.5%

1.0%

1.5%

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

0.0%

0.4%

0.8%

1.2%

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

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Market Update
© PFM Asset Management LLC pfmam.com| 9
Attachment A
PFM Asset Management LLC© PFM Asset Management LLC | pfmam.com Source: ICE BofAML Indices. ABS indices are 0-5 year, based on weighted average life. As of 12/31/2022.

Fixed-Income Markets Total Returns
1-5 Year Indices

0.95%

0.87%

0.78%

1.73%

0.0%

0.5%

1.0%

1.5%

2.0%
U.S. Treasury Agency ABS Corp A-AAA
Fourth Quarter 2022
-5.25% -5.22%
-2.55%
-5.67%
-6.5%
-5.5%
-4.5%
-3.5%
-2.5%
-1.5%
-0.5%
U.S. Treasury Agency ABS Corp A-AAA
2022

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

22.3%

0.7%

2.6%

9.0% 8.7%

15.2%

21.9%

13.4%

3.6%

1.0% 1.7%

1. Reserve Portfolio includes both the PFMAM Reserve portfolio assets and Chandler Asset Management assets. Figure includes cash in portfolios’ sweep accounts and excludes accrued interest.

CITY OF STOCKTON RESERVE PORTFOLIO
Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Portfolio Snapshot
|
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

The portfolio’s benchmark is the ICE 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
18%
26%
30%
14%
7%
1% 1% 3%4%
35%
27%
23%
11%
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 | 50%
Federal Agency | 21%
Corporate | 20%
Municipal | 3%
Negotiable CD | 3%
Supranational | 2%
ABS | 2%
Agency CMBS | <1%
Sector Allocation
AAA | 5%
AA+ | 72%
AA | 4%
AA- | 2%
A+ | 5%
A | 5%
A- | 4%
A-1 | 1%
BBB+ | 1%
A-2 | 1%
Not Rated | <1%
Portfolio Statistics
Portfolio Effective Duration 2.4 1 years
Benchmark Effective Duration 2.48 years
Portfolio Credit Quality AA
Yield At Market 4.42%
Yield At Cost 1.54%
Total Market Value $294,547,574.09
$293,050,886.42Securities Sub-Total
$413,336.32Cash
$1,083,351.35Accrued Interest
14 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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 49.5%
UNITED STATES TREASURY 49.5% AA / Aaa / AAA
Federal Agency 21.4%
FANNIE MAE 15.1% AA / Aaa / AAA
FEDERAL FARM CREDIT BANKS 0.9% AA / Aaa / AAA
FEDERAL HOME LOAN BANKS 1.6% AA / Aaa / NR
FREDDIE MAC 3.8% AA / Aaa / AAA
Agency CMBS 0.3%
FANNIE MAE 0.3% AA / Aaa / AAA
Supranational 1.9%
INTER-AMERICAN DEVELOPMENT BANK 1.3% AAA / Aaa / AAA
INTL BANK OF RECONSTRUCTION AND DEV 0.6% AAA / Aaa / AAA Municipal 2.7%

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
Negotiable CD 2.7%
BARCLAYS PLC 1.0% A / Aa / A
CREDIT SUISSE GROUP RK 0.7% BBB / A / BBB
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Negotiable CD 2.7%
TORONTO-DOMINION BANK 1.0% A / A / NR
Corporate 19.8%
3M COMPANY 0.5% A / A / NR
AMAZON.COM INC 1.3% AA / A / AA
AMERICAN HONDA FINANCE 0.6% A / A / A
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
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 / Aa / NR
MERCK & CO INC 0.8% A / A / NR
MICROSOFT CORP 0.9% AAA / Aaa / AAA
MORGAN STANLEY 0.4% A / A / A
NOVARTIS AG 1.2% AA / A / AA
PACCAR FINANCIAL CORP 0.1% A / A / NR
PFIZER INC 1.1% A / A / A
STATE STREET CORPORATION 1.4% 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
TRUIST FIN CORP 0.7% A / A / A
US BANCORP 0.9% A / A / A
15 Attachment A
© PFM Asset Management LLC pfmam.com

Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 19.8%
WAL-MART STORES INC 1.4% AA / Aa / AA
ABS 1.8%
CARMAX AUTO OWNER TRUST 0.5% AAA / NR / AAA
DISCOVER FINANCIAL SERVICES 0.3% AAA / Aaa / NR
HONDA AUTO RECEIVABLES 0.3% AAA / Aaa / AAA
HYUNDAI AUTO RECEIVABLES 0.3% AAA / NR / AAA
NISSAN AUTO RECEIVABLES 0.0% AAA / Aaa / NR
TOYOTA MOTOR CORP 0.4% AAA / Aaa / NR
100.0%Total
Issuer Diversification - CITY OF STOCKTON RESERVE PORTFOLIO 16 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Portfolio Characteristics
|
$0.0
$116.0
$232.0
$348.0
$464.0
$580.0
Millions
December 2022
$0.0
$116.0
$232.0
$348.0
$464.0
$580.0
Millions
September 2022
$0.0
$116.0
$232.0
$348.0
$464.0
$580.0
Millions
June 2022
$0.0
$116.0
$232.0
$348.0
$464.0
$580.0
Millions
March 2022
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.

Mar-22 % of TotalSecurity Type Jun-22 % of Total Sep-22 % of Total % of TotalDec-22 U.S. Treasury $239.5 41.7% $249.5 44.0% $134.9 48.0% $145.2 49.5% Federal Agency $146.7 25.6% $144.3 25.4% $61.7 21.9% $62.8 21.4% Agency CMBS $7.2 1.3% $4.0 0.7% $0.9 0.3% $0.8 0.3%
Supranational $11.6 2.0% $11.5 2.0% $5.7 2.0% $5.7 2.0% Municipal $16.2 2.8% $16.0 2.8% $7.9 2.8% $7.9 2.7%
Negotiable CD $30.8 5.4% $20.8 3.7% $6.7 2.4% $7.7 2.6% Commercial Paper $0.0 0.0% $7.1 1.2% $0.0 0.0% $0.0 0.0% Corporate $105.0 18.3% $101.3 17.8% $57.3 20.4% $57.6 19.7% ABS $16.4 2.9% $13.7 2.4% $6.1 2.2% $5.3 1.8%
Total $573.4 100.0% $568.1 100.0% $281.1 100.0% $293.1 100.0% 17 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($
millions)
ABS
Agency CMBS
Federal Agency
Negotiable CD
U.S. Treasury
ABS
Age
ncy CMBS
Federal Agency
Negotiable CD
U.S. Treasury
($5.0) $0.0 $5.0 $10.0 $15.0
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 $9,564,690
Negotiable CD $971,230
Federal Agency $785,194
Agency CMBS ($164,675)
ABS ($766,227)
$10,390,213Total Net Activity
Sales/Maturities Purchases
18 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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
Commercial Paper
Negotiable CD
Municipal
Supranational
Agency CMBS
Federal Agency
U.S. Treasury

0.00%

0.20%

0.40%

0.60%

0.80%

0.55%

0.22%

0.60%

0.00%

0.52%

0.38%

0.11%

0.86%

0.23%

0.29%

0.00%

0.21%

0.56%

0.00%

0.51%

0.41%

0.46%

0.20%

0.61%

0.62%
-2.0% -1.0% 0.0% 1.0% 2.0% 3.0%
Return
Quarterly Sector Performance - CITY OF STOCKTON RESERVE PORTFOLIO 19 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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. -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 $991 ,110 $5,562,838 $23,639,404 $41,920,617 $44,622,246 Change in Market Value $1,597,719 ($31,097,480) ($32,379,470) ($23,522,456) ($25,726,199) $2,588,829Total Dollar Return ($25,534,642) ($8,740,066) $18,398,161 $18,896,047 Total Return³
Portfolio 0.92% -4.81% -0.48% 0.93% 0.87%
Benchmark⁴ 1.03% -5.30% -0.74% 0.72% 0.65%
Basis Point Fee 0.01% 0.05% 0.05% 0.05% 0.05%
Net of Fee Return 0.91% -4.86% -0.53% 0.87% 0.81%
3 Months 1 Year 3 Years 5 Years Since Inception
20 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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
Real
ized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$991,110
($13
,888)
$121,079
$1,098,301
1 Year
$5,562,838
($13
,915,189)
$13,542,594
$5,190,243
3 Years
$23,639,404
($6,
340,830)
$12,012,054
$29,310,628
5 Year
$41,920,617
($8,
199,077)
$13,629,846
$47,351,386
Since Inception¹
$44,622,246
($8,
368,052)
$14,158,112
$50,412,306
21 Attachment A
© PFM Asset Management LLC pfmam.com|
Portfolio Review:

CITY OF STOCKTON SHORT-TERM PORTFOLIO
Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Portfolio Snapshot
|
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

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

0.25 years

3.09%

4.94%
A
Accrued Interest
23 Attachment A
© PFM Asset Management LLC pfmam.com

Issuer Diversification - CITY OF STOCKTON SHORT-TERM PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Negotiable CD 45.5%
MITSUBISHI UFJ FINANCIAL GROUP INC 18.2% A / Aa / A
NATIXIS NY BRANCH 13.7% A / Aa / AA
SUMITOMO MITSUI FINANCIAL GROUP INC 13.7% A / Aa / A
Commercial Paper 54.5%
BANK OF AMERICA CO 8.9% A / NR / AA
BNP PARIBAS 8.9% A / Aa / AA
COLLAT COMM PAPER V CO 9.2% A / Aa / AA
ING GROEP NV 9.1% A / Aa / NR
LMA AMERICAS LLC 9.2% A / Aa / AA
OLD LINE FUNDING LLC 9.2% AA / Aa / AA
100.0%Total
24 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Portfolio Characteristics
|
$0.0
$24.0
$48.0
$72.0
$96.0
$120.0
Millions
December 2022
$0.0
$24.0
$48.0
$72.0
$96.0
$120.0
Millions
September 2022
$0.0
$24.0
$48.0
$72.0
$96.0
$120.0
Millions
June 2022
$0.0
$24.0
$48.0
$72.0
$96.0
$120.0
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 Sep-22 % of Total % of TotalDec-22 Negotiable CD $0.0 0.0% $49.5 62.7% $49.4 41.5% $49.6 45.1% Commercial Paper $29.9 100.0% $29.4 37.3% $69.7 58.5% $60.4 54.9% Total $29.9 100.0% $78.9 100.0% $119.1 100.0% $109.9 100.0% 25 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2022
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON SHORT-TERM PORTFOLIO Net Activity by Sector
($
millions)
Commercial PaperCommercial Paper
($12.0) ($10.0) ($8.0) ($6.0) ($4.0) ($2.0) $0.0
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 ($10,000,000)
($10,000,000)Total Net Activity
Sales/Maturities Purchases
26 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 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
1Q2022
-
-
-
-
2Q2022
$183,342
-
$57
,953
$258,794
3Q2022
$344,233
-
$51
9,254
$863,487
4Q2022
$344,233
-
$55
7,419
$901,652
27 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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 December 31, 2022, the account(s) managed by PFM Asset Management ("
PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management LLC
28 Attachment A
© PFM Asset Management LLC pfmam.com|
Reserve Portfolio Holdings and Transactions
Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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 2,500.00 AA+ Aaa 4/2/2019 4/4/2019 2,394.14 2.28 13.08 2,450.782,485.85

US TREASURY NOTES
DTD 09/30/2016 1.375% 09/30/2023
912828T26 2,500,000.00 AA+ Aaa 8/7/2019 8/8/2019 2,491,503.90 1.46 8,782.62 2,437,890.502,498,473.62

US TREASURY NOTES
DTD 11/15/2013 2.750% 11/15/2023
912828WE6 12,500.00 AA+ Aaa 3/6/2019 3/8/2019 12,626.46 2.52 44.63 12,285.1612,523.48

US TREASURY NOTES
DTD 11/15/2020 0.250% 11/15/2023
91282CAW1 1,572,500.00 AA+ Aaa 10/4/2021 10/6/2021 1,570,780.08 0.30 510.41 1,512,057.031,571,789.70

US TREASURY NOTES
DTD 11/30/2016 2.125% 11/30/2023
912828U57 4,257,500.00 AA+ Aaa 1/7/2019 1/9/2019 4,181,330.66 2.52 7,953.57 4,159,045.314,243,298.21

US TREASURY NOTES
DTD 12/31/2018 2.625% 12/31/2023
9128285U0 230,000.00 AA+ Aaa 1/30/2019 1/31/2019 230,682.81 2.56 16.68 225,328.13230,138.46

US TREASURY NOTES
DTD 02/28/2019 2.375% 02/29/2024
9128286G0 946,500.00 AA+ Aaa 8/11/2021 8/12/2021 995,266.93 0.35 7,638.02 921,802.22968,709.64

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 6,157.22 743,090.43780,998.83

US TREASURY NOTES
DTD 03/31/2017 2.125% 03/31/2024
912828W71 2,965,000.00 AA+ Aaa 1/5/2022 1/6/2022 3,046,537.50 0.88 16,097.75 2,871,880.623,010,520.94

US TREASURY N/B NOTES
DTD 04/15/2021 0.375% 04/15/2024
91282CBV2 1,570,000.00 AA+ Aaa 10/4/2021 10/6/2021 1,569,141.40 0.40 1,261.61 1,485,612.501,569,562.32

US TREASURY NOTES
DTD 05/01/2017 2.000% 04/30/2024
912828X70 2,257,500.00 AA+ Aaa 6/3/2019 6/5/2019 2,267,729.29 1.90 7,732.87 2,178,134.882,260,270.08

US TREASURY NOTES
DTD 06/30/2017 2.000% 06/30/2024
912828XX3 5,715,000.00 AA+ Aaa 7/1/2019 7/3/2019 5,773,935.94 1.78 315.75 5,493,543.755,732,642.01

US TREASURY NOTES
DTD 07/31/2017 2.125% 07/31/2024
9128282N9 1,250,000.00 AA+ Aaa 8/7/2019 8/8/2019 1,289,453.12 1.47 11,115.83 1,202,343.751,262,514.82

US TREASURY N/B NOTES
DTD 08/15/2021 0.375% 08/15/2024
91282CCT6 3,010,000.00 AA+ Aaa 8/19/2021 8/20/2021 3,006,002.34 0.42 4,263.49 2,811,998.593,007,830.78

US TREASURY NOTES
DTD 08/31/2017 1.875% 08/31/2024
9128282U3 7,137,500.00 AA+ Aaa 11/25/2020 11/27/2020 7,567,701.66 0.26 45,471.99 6,825,234.387,328,004.45 30 Attachment A
© PFM Asset Management LLC pfmam.com

US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7 1,577,500.00 AA+ Aaa 10/4/2021 10/6/2021 1,571,769.24 0.50 1,764.88 1,469,786.411,574,178.82

US TREASURY NOTES
DTD 10/31/2017 2.250% 10/31/2024
9128283D0 1,700,000.00 AA+ Aaa 11/1/2019 11/5/2019 1,755,582.03 1.57 6,551.10 1,632,265.541,720,408.55

US TREASURY NOTES
DTD 10/31/2019 1.500% 10/31/2024
912828YM6 1,060,000.00 AA+ Aaa 1/12/2021 1/13/2021 1,106,043.75 0.35 2,723.20 1,004,018.751,082,208.56

US TREASURY NOTES
DTD 11/30/2017 2.125% 11/30/2024
9128283J7 5,457,500.00 AA+ Aaa 1/3/2020 1/7/2020 5,583,917.87 1.63 10,195.33 5,222,997.775,506,894.13

US TREASURY NOTES
DTD 02/29/2020 1.125% 02/28/2025
912828ZC7 1,387,500.00 AA+ Aaa 8/19/2021 8/20/2021 1,416,442.38 0.53 5,303.74 1,294,927.671,405,229.45

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 11,792.45 2,879,172.503,119,400.66

US TREASURY NOTES
DTD 04/30/2020 0.375% 04/30/2025
912828ZL7 2,997,500.00 AA+ Aaa 4/5/2021 4/7/2021 2,958,391.99 0.70 1,925.19 2,735,218.752,975,099.86

US TREASURY NOTES
DTD 06/30/2020 0.250% 06/30/2025
912828ZW3 1,597,500.00 AA+ Aaa 10/4/2021 10/6/2021 1,571,103.81 0.70 11.03 1,446,735.941,579,857.35

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 2,725,000.00 AA+ Aaa 8/17/2021 8/20/2021 2,683,486.33 0.63 2,314.75 2,449,519.392,697,559.24

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 5,177.38 5,478,833.296,035,197.08

US TREASURY NOTES
DTD 10/31/2020 0.250% 10/31/2025
91282CAT8 3,500,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,425,898.44 0.78 1,498.62 3,129,218.753,448,438.08

US TREASURY NOTES
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 6,772,500.00 AA+ Aaa 11/1/2021 11/2/2021 6,589,430.86 1.05 2,232.69 6,057,154.696,641,683.64

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 700,000.00 AA+ Aaa 1/11/2021 1/13/2021 695,980.47 0.49 7.25 625,187.50697,572.32

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 59.05 5,090,812.505,639,766.63

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 1,195,000.00 AA+ Aaa 7/2/2021 7/7/2021 1,172,033.59 0.80 1,875.31 1,062,803.131,179,505.59

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 11,981.55 6,790,378.127,307,113.91

US TREASURY NOTES
DTD 01/31/2019 2.625% 01/31/2026
9128286A3 1,707,500.00 AA+ Aaa 2/4/2021 2/4/2021 1,890,055.76 0.46 18,756.98 1,631,462.981,820,319.86 31 Attachment A
© PFM Asset Management LLC pfmam.com

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 13,299.76 7,537,453.138,247,225.46

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 18,161.19 9,522,451.0210,348,205.28

US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 1,980,000.00 AA+ Aaa 12/3/2021 12/7/2021 1,926,632.81 1.15 3,363.81 1,763,746.781,940,112.86

US TREASURY N/B NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 805,000.00 AA+ Aaa 6/7/2021 6/7/2021 803,176.17 0.80 530.77 717,833.63803,750.69

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 2,874.72 3,887,893.974,047,746.98

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 2,080.22 2,813,372.823,138,992.88

US TREASURY N/B NOTES
DTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 3,700,000.00 AA+ Aaa 4/5/2022 4/7/2022 3,406,746.09 2.77 8,271.63 3,284,906.253,454,935.03

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
912828U24 2,540,000.00 AA+ Aaa 8/8/2022 8/9/2022 2,437,606.25 3.01 6,595.58 2,347,515.752,447,129.72

US TREASURY NOTES
DTD 02/15/2017 2.250% 02/15/2027
912828V98 855,000.00 AA+ Aaa 8/8/2022 8/9/2022 828,515.04 2.99 7,266.34 795,150.00830,841.10

US TREASURY N/B NOTES
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 4,840,000.00 AA+ Aaa 8/2/2022 8/3/2022 4,331,989.06 2.88 4,144.75 4,166,181.014,376,304.28

US TREASURY NOTES
DTD 06/30/2020 0.500% 06/30/2027
912828ZV5 4,215,000.00 AA+ Aaa 8/25/2022 8/26/2022 3,705,577.73 3.21 58.22 3,604,483.383,742,438.13

US TREASURY NOTES
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,730,000.00 AA+ Aaa 9/1/2022 9/6/2022 2,588,274.61 3.40 23,201.29 2,524,823.572,597,466.33

US TREASURY NOTES
DTD 09/30/2020 0.375% 09/30/2027
91282CAL5 2,400,000.00 AA+ Aaa 10/28/2022 10/31/2022 1,998,843.75 4.17 2,299.45 2,022,374.882,012,699.84

US TREASURY N/B NOTES
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 1,790,000.00 AA+ Aaa 12/1/2022 12/2/2022 1,820,346.09 3.74 12,646.20 1,796,153.131,819,838.63

US TREASURY NOTES
DTD 01/31/2021 0.750% 01/31/2028
91282CBJ9 540,000.00 AA+ Aaa 3/14/2022 3/15/2022 498,382.03 2.15 1,694.84 459,168.75504,039.59

US TREASURY NOTES
DTD 05/15/2018 2.875% 05/15/2028
9128284N7 1,130,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,067,938.28 4.00 4,217.99 1,066,084.381,068,934.76

US TREASURY N/B NOTES
DTD 09/30/2021 1.250% 09/30/2028
91282CCY5 525,000.00 AA+ Aaa 3/14/2022 3/15/2022 495,591.79 2.17 1,676.68 450,843.75499,183.26 32 Attachment A
© PFM Asset Management LLC pfmam.com

US TREASURY N/B
DTD 11/15/1998 5.250% 11/15/2028
912810FF0 1,000,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,064,765.63 4.02 6,816.30 1,057,968.801,063,813.63

US TREASURY NOTES
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 500,000.00 AA+ Aaa 3/21/2022 3/22/2022 509,433.59 2.33 4,957.54 462,265.60508,367.54

US TREASURY N/B NOTES
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 1,145,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,067,578.32 3.94 2,768.13 1,063,060.941,068,621.91

US TREASURY N/B NOTES
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 670,000.00 AA+ Aaa 8/5/2022 8/9/2022 662,698.05 2.93 1,619.78 622,053.12663,123.78

US TREASURY NOTES
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aaa 3/21/2022 3/22/2022 496,518.75 2.29 3,191.71 450,937.50498,994.58

US TREASURY N/B NOTES
DTD 11/30/2022 3.875% 11/30/2029
91282CFY2 1,070,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,069,289.45 3.89 3,645.05 1,062,476.621,069,298.34

US TREASURY NOTES
DTD 02/15/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,040.43 2.66 3,073.68 461,972.66502,149.88

US TREASURY N/B
DTD 11/15/1999 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,065,123.05 3.89 7,506.04 1,054,066.361,063,476.36

US TREASURY NOTES
DTD 08/15/2020 0.625% 08/15/2030
91282CAE1 587,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,755.37 2.65 1,386.93 462,197.30506,471.03

US TREASURY NOTES
DTD 11/15/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,071,065.63 3.72 1,510.95 1,062,753.131,073,915.96

US TREASURY NOTES
DTD 02/15/2021 1.125% 02/15/2031
91282CBL4 565,000.00 AA+ Aaa 4/6/2022 4/11/2022 498,104.88 2.63 2,400.87 460,210.13503,589.78

US TREASURY N/B NOTES
DTD 05/15/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,070,802.73 3.76 2,668.91 1,063,983.661,072,815.14

US TREASURY N/B NOTES
DTD 08/15/2021 1.250% 08/15/2031
91282CCS8 562,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,515.62 2.63 2,655.83 456,415.99503,483.64

US TREASURY N/B NOTES
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 1,305,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,068,927.54 3.77 2,329.71 1,061,739.911,071,236.32

US TREASURY N/B NOTES
DTD 05/15/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,067,164.06 3.79 4,292.65 1,059,437.501,067,931.50

US TREASURY N/B NOTES
DTD 05/15/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aaa 8/5/2022 8/9/2022 662,629.69 2.83 2,463.60 608,025.00662,522.79 33 Attachment A
© PFM Asset Management LLC pfmam.com

US TREASURY N/B NOTES
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,055,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,084,877.93 3.78 5,650.22 1,076,100.001,084,615.12 158,664,500.00 154,611,299.31 372,867.36 145,189,292.13Security Type Sub-Total 1.70 154,774,469.04 Supranational

INTL BK RECON & DEVELOP NOTES
DTD 11/24/2020 0.250% 11/24/2023
459058JM6 1,870,000.00 AAA Aaa 11/17/2020 11/24/2020 1,865,979.50 0.32 480.49 1,797,090.571,868,799.36

INTER-AMERICAN DEVEL BK NOTES
DTD 09/23/2021 0.500% 09/23/2024
4581X0DZ8 4,190,000.00 AAA Aaa 9/15/2021 9/23/2021 4,186,899.40 0.52 5,703.06 3,904,346.754,188,214.89 6,060,000.00 6,052,878.90 6,183.55 5,701,437.32Security Type Sub-Total 0.46 6,057,014.25 Negotiable CD

BARCLAYS BANK PLC NY CERT
DEPOS
DTD 02/03/2022 1.050% 02/01/2023
06742TG34 2,942,500.00 A-1 P-1 2/2/2022 2/3/2022 2,942,500.00 1.05 28,493.21 2,932,981.062,942,500.00

CREDIT SUISSE NEW YORK CERT
DEPOS
DTD 03/23/2021 0.590% 03/17/2023
22552G3C2 2,032,500.00 A-2 P-2 3/19/2021 3/23/2021 2,032,500.00 0.59 9,660.02 2,012,878.252,032,500.00

TORONTO DOMINION BANK NY CERT
DEPOS
DTD 10/31/2022 5.470% 10/25/2024
89115B6F2 2,800,000.00 A A1 10/27/2022 10/31/2022 2,800,000.00 5.44 26,377.56 2,798,817.562,800,000.00 7,775,000.00 7,775,000.00 64,530.79 7,744,676.87Security Type Sub-Total 2.52 7,775,000.00 Municipal

CA ST TXBL GO BONDS
DTD 10/24/2019 2.400% 10/01/2023
13063DRJ9 2,192,500.00 AA- Aa2 10/16/2019 10/24/2019 2,236,371.92 1.87 13,155.00 2,153,626.982,200,828.95

SAN DIEGO CCD, CA TXBL GO BONDS
DTD 10/16/2019 2.046% 08/01/2024
797272QP9 725,000.00 AAA Aaa 9/18/2019 10/16/2019 725,000.00 2.05 6,180.63 696,282.75725,000.00

MD ST TXBL GO BONDS
DTD 08/05/2020 0.510% 08/01/2024
574193TQ1 647,500.00 AAA Aaa 7/23/2020 8/5/2020 647,318.70 0.52 1,375.94 610,255.80647,428.08 34 Attachment A
© PFM Asset Management LLC pfmam.com

CA ST UNIV TXBL REV BONDS
DTD 09/17/2020 0.685% 11/01/2024
13077DNC2 625,000.00 AA- Aa2 8/27/2020 9/17/2020 625,000.00 0.69 713.54 577,731.25625,000.00

CA ST DEPT WTR RES WTR SYS TXBL

REV BNDS
DTD 08/06/2020 0.560% 12/01/2024
13067WRB0 77,500.00 AAA Aa1 7/30/2020 8/6/2020 77,500.00 0.56 36.17 71,654.9577,500.00

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 0.81 519.01 415,403.00460,801.87

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 300,000.00 AA Aa2 7/10/2020 7/16/2020 300,000.00 0.88 338.48 270,915.00300,000.00

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 6,604.50 959,679.001,053,870.92

FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 825,000.00 AA Aa3 9/3/2020 9/16/2020 825,000.00 1.26 5,189.25 754,033.50825,000.00

LOS ANGELES CCD, CA TXBL GO
BONDS
DTD 11/10/2020 0.773% 08/01/2025
54438CYK2 965,000.00 AA+ Aaa 10/30/2020 11/10/2020 965,000.00 0.77 3,108.10 875,727.85965,000.00

NJ TURNPIKE AUTHORITY TXBL REV
BONDS
DTD 02/04/2021 1.047% 01/01/2026
646140DP5 557,500.00 AA- A1 1/22/2021 2/4/2021 557,500.00 1.05 2,918.51 499,715.13557,500.00 8,425,000.00 8,477,779.32 40,139.13 7,885,025.21Security Type Sub-Total 1.27 8,437,929.82 Federal Agency

FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
3137EAES4 1,452,500.00 AA+ Aaa 6/24/2020 6/26/2020 1,448,258.70 0.35 50.43 1,420,973.491,451,818.29

FANNIE MAE NOTES
DTD 07/10/2020 0.250% 07/10/2023
3135G05G4 4,285,000.00 AA+ Aaa 7/8/2020 7/10/2020 4,275,787.25 0.32 5,088.44 4,185,459.454,283,401.44

FREDDIE MAC NOTES
DTD 08/21/2020 0.250% 08/24/2023
3137EAEV7 2,292,500.00 AA+ Aaa 8/19/2020 8/21/2020 2,290,161.65 0.28 2,021.86 2,226,203.192,291,999.53

FANNIE MAE NOTES
DTD 09/14/2018 2.875% 09/12/2023
3135G0U43 6,162,500.00 AA+ Aaa 11/29/2018 11/30/2018 6,136,124.50 2.97 53,643.71 6,078,295.606,158,665.21 35 Attachment A
© PFM Asset Management LLC pfmam.com

FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1 3,047,500.00 AA+ Aaa 1/25/2021 1/26/2021 3,052,132.20 0.20 719.55 2,923,116.293,048,976.93

FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2 2,222,500.00 AA+ Aaa 12/2/2020 12/4/2020 2,220,299.72 0.28 416.72 2,129,875.092,221,822.84

FEDERAL HOME LOAN BANKS NOTES
DTD 12/09/2013 3.375% 12/08/2023
3130A0F70 1,712,500.00 AA+ Aaa 1/30/2019 1/31/2019 1,763,703.75 2.71 3,692.58 1,688,341.761,722,353.54

FEDERAL FARM CREDIT BANK NOTES
DTD 04/08/2020 0.875% 04/08/2024
3133ELVX9 750,000.00 AA+ Aaa 4/7/2020 4/8/2020 750,000.00 0.88 1,513.02 713,679.00750,000.00

FANNIE MAE NOTES
DTD 01/10/2020 1.625% 01/07/2025
3135G0X24 4,380,000.00 AA+ Aaa 3/4/2020 3/5/2020 4,542,673.20 0.84 34,401.25 4,137,453.124,447,772.84

FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
3130AJHU6 2,460,000.00 AA+ Aaa 4/15/2020 4/16/2020 2,447,798.40 0.60 2,630.83 2,252,100.482,454,420.98

FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 10,880,000.00 AA+ Aaa 6/2/2020 6/3/2020 10,949,305.60 0.49 13,033.33 9,981,442.5610,912,710.38

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,002,500.00 AA+ Aaa 6/17/2020 6/19/2020 1,000,424.83 0.54 194.93 912,495.551,001,478.34

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 1,356,227.801,492,748.62

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 0.41 806.95 3,777,413.004,159,273.32

FREDDIE MAC NOTES
DTD 07/23/2020 0.375% 07/21/2025
3137EAEU9 2,310,000.00 AA+ Aaa 7/21/2020 7/23/2020 2,298,496.20 0.48 3,850.00 2,090,249.702,304,121.96

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 3,075,000.00 AA+ Aaa 10/22/2020 10/23/2020 3,057,780.00 0.49 4,035.94 2,772,955.053,065,576.26

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 920,000.00 AA+ Aaa 8/25/2020 8/27/2020 915,694.40 0.47 1,207.50 829,632.08917,717.37

FREDDIE MAC NOTES
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 3,545,000.00 AA+ Aaa 9/23/2020 9/25/2020 3,534,329.55 0.44 3,618.85 3,186,288.543,539,173.37

FEDERAL FARM CREDIT BANK
(CALLABLE)
DTD 09/29/2020 0.530% 09/29/2025
3133EMBH4 2,265,000.00 AA+ Aaa 10/7/2020 10/9/2020 2,261,036.25 0.57 3,067.82 2,033,652.902,262,812.95

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 5,561,795.476,189,355.26 36 Attachment A
© PFM Asset Management LLC pfmam.com

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 1,955,000.00 AA+ Aaa 11/19/2020 11/24/2020 1,954,257.10 0.51 1,466.25 1,756,592.921,954,572.49

FEDERAL HOME LOAN BANK NOTES
DTD 08/25/2022 3.375% 09/10/2032
3130AT4C8 875,000.00 AA+ Aaa 11/1/2022 11/3/2022 779,616.25 4.77 10,335.94 797,797.88781,179.92 67,422,500.00 67,529,790.25 150,728.12 62,812,040.92Security Type Sub-Total 0.83 67,411,951.84 Corporate

AMERICAN HONDA FINANCE
DTD 01/10/2020 1.950% 05/10/2023
02665WDH1 1,775,000.00 A- A3 1/7/2020 1/10/2020 1,774,343.25 1.96 4,903.44 1,753,611.251,774,930.33

PACCAR FINANCIAL CORP

CORPORATE NOTES
DTD 08/11/2020 0.350% 08/11/2023
69371RQ90 242,500.00 A+ A1 8/4/2020 8/11/2020 242,182.32 0.39 330.07 235,911.03242,435.59

BANK OF NY MELLON CORP CORP
NOTES
DTD 08/13/2018 3.450% 08/11/2023
06406RAJ6 3,367,500.00 A A1 1/30/2019 1/31/2019 3,407,371.20 3.17 45,180.63 3,337,333.943,372,854.75

US BANK NA CINCINNATI CORP

NOTES (CALLAB
DTD 02/04/2019 3.375% 02/05/2024
91159HHV5 1,062,500.00 A+ A2 4/2/2019 4/4/2019 1,085,598.75 2.89 14,542.97 1,045,064.381,067,406.99

MERCK & CO INC (CALLABLE) CORP
NOTES
DTD 03/07/2019 2.900% 03/07/2024
58933YAU9 2,312,500.00 A+ A1 11/19/2021 11/23/2021 2,419,591.87 0.85 21,236.46 2,261,322.062,365,913.07

PFIZER INC CORP NOTES
DTD 03/11/2019 2.950% 03/15/2024
717081ES8 3,200,000.00 A+ A1 6/3/2019 6/5/2019 3,281,376.00 2.38 27,795.56 3,133,209.603,219,442.98

MASTERCARD INC CORP NOTES
DTD 03/31/2014 3.375% 04/01/2024
57636QAB0 2,125,000.00 A+ Aa3 4/2/2019 4/4/2019 2,194,381.25 2.67 17,929.69 2,083,369.132,142,345.31

MORGAN STANLEY CORP NOTES
(CALLABLE)
DTD 04/22/2021 0.731% 04/05/2024
61772BAA1 1,332,500.00 A- A1 4/20/2021 4/22/2021 1,334,178.95 0.69 2,326.92 1,312,725.701,332,721.35 AMAZON.COM INC CORPORATE
NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5 1,542,500.00 AA A1 5/10/2021 5/12/2021 1,540,247.95 0.50 944.78 1,455,165.191,541,478.77

WALMART INC CORPORATE NOTES
DTD 04/23/2019 2.850% 07/08/2024
931142EL3 4,100,000.00 AA Aa2 5/12/2020 5/14/2020 4,418,693.00 0.94 56,152.92 3,979,550.204,212,378.96 37 Attachment A
© PFM Asset Management LLC pfmam.com

US BANCORP NOTES (CALLABLE)
DTD 07/29/2019 2.400% 07/30/2024
91159HHX1 1,650,000.00 A+ A2 8/1/2019 8/5/2019 1,651,369.50 2.38 16,610.00 1,587,007.951,650,416.44

JPMORGAN CHASE & CO

CORPORATE NOTES (CAL
DTD 09/16/2020 0.653% 09/16/2024
46647PBS4 1,467,500.00 A- A1 9/9/2020 9/16/2020 1,467,500.00 0.65 2,794.98 1,410,092.871,467,500.00

BANK OF AMERICA CORP
(CALLABLE) CORPORAT
DTD 10/21/2020 0.810% 10/24/2024
06051GJH3 1,907,500.00 A- A2 10/16/2020 10/21/2020 1,907,500.00 0.81 2,875.56 1,829,479.441,907,500.00

JOHN DEERE CAPITAL CORP

CORPORATE NOTES
DTD 01/10/2022 1.250% 01/10/2025
24422EVY2 2,357,500.00 A A2 3/8/2022 3/10/2022 2,298,067.42 2.17 13,997.66 2,202,873.932,315,089.09

MICROSOFT CORP (CALLABLE)
NOTES
DTD 02/12/2015 2.700% 02/12/2025
594918BB9 2,675,000.00 AAA Aaa 3/4/2021 3/8/2021 2,863,881.75 0.87 27,886.88 2,572,761.502,770,634.55

TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 292,500.00 A+ A1 5/20/2020 5/26/2020 295,357.73 1.58 2,018.25 275,482.35293,782.99

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 1,502,202.901,604,738.75

NOVARTIS CAPITAL CORP
DTD 02/14/2020 1.750% 02/14/2025
66989HAP3 3,680,000.00 AA- A1 5/8/2020 5/12/2020 3,809,756.80 0.99 24,507.78 3,475,704.803,736,521.70 AMAZON.COM INC CORPORATE
NOTES
DTD 04/13/2022 3.000% 04/13/2025
023135CE4 2,567,500.00 AA A1 4/11/2022 4/13/2022 2,563,417.67 3.06 16,688.75 2,476,892.932,564,397.28 3M COMPANY (CALLABLE)

CORPORATE NOTES
DTD 03/27/2020 2.650% 04/15/2025
88579YBM2 1,450,000.00 A+ A1 4/21/2022 4/25/2022 1,422,595.00 3.32 8,111.94 1,385,459.051,428,928.94

CITIGROUP INC (CALLABLE)

CORPORATE NOTES
DTD 05/04/2021 0.981% 05/01/2025
172967MX6 1,355,000.00 BBB+ A3 4/28/2021 5/4/2021 1,358,590.75 0.91 2,215.43 1,267,395.191,356,596.62

GOLDMAN SACHS GROUP INC

CORPORATE NOTES
DTD 05/22/2015 3.750% 05/22/2025
38148LAE6 1,817,500.00 BBB+ A2 2/12/2021 2/17/2021 2,030,474.65 0.94 7,383.59 1,754,799.891,931,251.13 38 Attachment A
© PFM Asset Management LLC pfmam.com

HONEYWELL INTL CORP NOTES
(CALLABLE)
DTD 05/18/2020 1.350% 06/01/2025
438516CB0 2,000,000.00 A A2 9/3/2021 9/8/2021 2,039,160.00 0.82 2,250.00 1,849,852.002,025,037.69

JPMORGAN CHASE & CO CORP

NOTES (CALLABLE
DTD 08/10/2021 0.768% 08/09/2025
46647PCM6 1,680,000.00 A- A1 8/3/2021 8/10/2021 1,680,000.00 0.77 5,089.28 1,549,643.761,680,000.00

STATE STREET CORP (CALLABLE)

CORPORATE N
DTD 02/07/2022 1.746% 02/06/2026
857477BR3 437,500.00 A A1 2/2/2022 2/7/2022 437,500.00 1.75 3,076.72 408,758.44437,500.00

STATE STREET CORP NOTES
(CALLABLE)
DTD 10/29/2020 2.901% 03/30/2026
857477BM4 3,750,000.00 A A1 8/8/2022 8/10/2022 3,639,037.50 3.78 27,499.06 3,562,665.003,651,069.58

BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 03/22/2022 3.384% 04/02/2026
06051GKM0 1,875,000.00 A- A2 3/17/2022 3/22/2022 1,875,000.00 3.38 15,686.25 1,788,245.631,875,000.00

TARGET CORP CORP NOTES
(CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 2,140,000.00 A A2 1/27/2022 1/31/2022 2,138,694.60 1.96 19,242.17 1,941,093.422,138,936.21

TRUIST FINANCIAL CORP NOTES
(CALLABLE)
DTD 08/03/2020 1.125% 08/03/2027
89788MAC6 2,520,000.00 A- A3 8/5/2022 8/9/2022 2,213,719.20 3.83 11,655.00 2,126,817.002,238,120.69

INTEL CORP NOTES (CALLABLE)
DTD 08/05/2022 3.750% 08/05/2027
458140BY5 2,165,000.00 A+ A1 8/10/2022 8/12/2022 2,165,476.30 3.75 32,926.04 2,082,227.722,165,438.47 60,442,500.00 61,171,755.41 444,864.28 57,646,718.25Security Type Sub-Total 1.98 60,510,368.23 Agency CMBS

FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
3136AJB54 781,689.66 AA+ Aaa 12/13/2019 12/18/2019 819,674.90 2.14 2,179.61 771,360.86792,206.75 781,689.66 819,674.90 2,179.61 771,360.86Security Type Sub-Total 2.14 792,206.75 39 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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
TAOT 2020-A A3
DTD 02/12/2020 1.660% 05/15/2024
89232HAC9 345,633.40 AAA Aaa 2/4/2020 2/12/2020 345,608.44 1.66 255.00 343,619.29345,625.37 NAROT 2020-B A3
DTD 06/30/2020 0.550% 07/15/2024
65479CAD0 110,434.46 AAA Aaa 6/23/2020 6/30/2020 110,431.44 0.55 27.00 109,351.69110,433.31 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 274,870.25 AAA NR 1/14/2020 1/22/2020 274,816.32 1.89 230.89 271,582.64274,848.71 HAROT 2021-1 A3
DTD 02/24/2021 0.270% 04/21/2025
43813GAC5 506,647.65 NR Aaa 2/17/2021 2/24/2021 506,638.38 0.27 38.00 490,541.17506,642.51 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 534,943.32 AAA NR 4/20/2021 4/28/2021 534,887.04 0.38 90.35 517,379.15534,908.59 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 319,088.32 AAA NR 1/20/2021 1/27/2021 319,025.27 0.34 48.22 307,975.14319,050.16 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
89239BAC5 1,000,000.00 AAA Aaa 9/21/2021 9/27/2021 999,920.30 0.43 191.11 948,373.40999,943.69 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 830,792.52 AAA NR 4/13/2021 4/21/2021 830,613.48 0.52 192.01 799,655.33830,676.44 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 495,000.00 AAA NR 11/9/2021 11/17/2021 494,889.51 0.75 162.80 466,447.81494,917.13 HAROT 2022-2 A3
DTD 08/24/2022 3.730% 07/20/2026
43815PAC3 310,000.00 AAA NR 8/15/2022 8/24/2022 309,981.52 3.73 417.55 303,116.42309,983.20 DCENT 2021-A1 A1
DTD 09/27/2021 0.580% 09/15/2026
254683CP8 797,500.00 AAA Aaa 9/20/2021 9/27/2021 797,329.25 0.58 205.58 742,292.82797,372.64 5,524,909.92 5,524,140.95 1,858.51 5,300,334.86Security Type Sub-Total 0.82 5,524,401.75 315,096,099.58 311,962,319.04 1,083,351.35 293,050,886.42Managed Account Sub Total Securities Sub Total
Accrued Interest
$315,096,099.58 $311,962,319.04 $1,083,351.35 $293,050,886.42 $1,083,351.35
311,283,341.68
$311,283,341.68

1.54 1.54%
Total Investments $294,134,237.77
40 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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
10/27/2022 10/31/2022 2,800,000.00 89115B6F2 TORONTO DOMINION BANK NY CERT DEPOS 5.47% 10/25/2024 2,800,000.00 5.44% 10/28/2022 10/31/2022 2,400,000.00 91282CAL5 US TREASURY NOTES 0.37% 9/30/2027 1,999,610.23 4.17% 11/1/2022 11/3/2022 875,000.00 3130AT4C8 FEDERAL HOME LOAN BANK NOTES 3.37% 9/10/2032 785,194.38 4.77% 11/30/2022 11/30/2022 1,130,000.00 9128284N7 US TREASURY NOTES 2.87% 5/15/2028 1,069,284.45 4.00% 11/30/2022 11/30/2022 1,305,000.00 91282CDJ7 US TREASURY N/B NOTES 1.37% 11/15/2031 1,069,671.07 3.77% 11/30/2022 11/30/2022 1,330,000.00 91282CAV3 US TREASURY NOTES 0.87% 11/15/2030 1,071,547.85 3.72% 11/30/2022 11/30/2022 1,070,000.00 91282CFY2 US TREASURY N/B NOTES 3.87% 11/30/2029 1,069,289.45 3.89% 11/30/2022 11/30/2022 1,000,000.00 912810FF0 US TREASURY N/B 5.25% 11/15/2028 1,066,941.04 4.02% 11/30/2022 11/30/2022 1,145,000.00 91282CES6 US TREASURY N/B NOTES 2.75% 5/31/2029 1,067,578.32 3.94% 11/30/2022 11/30/2022 1,265,000.00 91282CCB5 US TREASURY N/B NOTES 1.62% 5/15/2031 1,071,654.51 3.76% 11/30/2022 11/30/2022 1,150,000.00 91282CEP2 US TREASURY N/B NOTES 2.87% 5/15/2032 1,068,534.05 3.79% 11/30/2022 11/30/2022 1,055,000.00 91282CFV8 US TREASURY N/B NOTES 4.12% 11/15/2032 1,086,681.19 3.78% 11/30/2022 11/30/2022 925,000.00 912810FM5 US TREASURY N/B 6.25% 5/15/2030 1,067,518.60 3.89% 12/1/2022 12/2/2022 1,790,000.00 91282CFU0 US TREASURY N/B NOTES 4.12% 10/31/2027 1,826,873.16 3.74% Total BUY 19,240,000.00 18,120,378.30 0.00

INTEREST
10/1/2022 10/1/2022 2,125,000.00 57636QAB0 MASTERCARD INC CORP NOTES 3.37% 4/1/2024 35,859.38 41 Attachment A
© PFM Asset Management LLC pfmam.com

INTEREST
10/1/2022 10/1/2022 2,192,500.00 13063DRJ9 CA ST TXBL GO BONDS 2.40% 10/1/2023 26,310.00 10/1/2022 10/25/2022 7,213.95 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 12.58 10/1/2022 10/25/2022 939,150.66 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 2,629.18 10/2/2022 10/2/2022 1,875,000.00 06051GKM0 BANK OF AMERICA CORP NOTES (CALLABLE) 3.38% 4/2/2026 33,487.50 10/3/2022 10/3/2022 MONEY0002 MONEY MARKET FUND 372.92
10/5/2022 10/5/2022 1,332,500.00 61772BAA1 MORGAN STANLEY CORP NOTES (CALLABLE) 0.73% 4/5/2024 4,870.29 10/8/2022 10/8/2022 750,000.00 3133ELVX9 FEDERAL FARM CREDIT BANK NOTES 0.87% 4/8/2024 3,281.25 10/13/2022 10/13/2022 2,567,500.00 023135CE4 AMAZON.COM INC CORPORATE NOTES 3.00% 4/13/2025 38,512.50 10/14/2022 10/14/2022 2,460,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTES 0.50% 4/14/2025 6,150.00 10/15/2022 10/15/2022 580,431.01 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 802.93 10/15/2022 10/15/2022 173,871.91 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 79.69 10/15/2022 10/15/2022 1,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 358.33 10/15/2022 10/15/2022 572,500.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 181.29 10/15/2022 10/15/2022 57,740.91 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 128.95 10/15/2022 10/15/2022 379,813.10 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 107.61 10/15/2022 10/15/2022 495,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 305.25 10/15/2022 10/15/2022 56,750.82 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 118.23 42 Attachment A
© PFM Asset Management LLC pfmam.com

INTEREST
10/15/2022 10/15/2022 1,570,000.00 91282CBV2 US TREASURY N/B NOTES 0.37% 4/15/2024 2,943.75 10/15/2022 10/15/2022 375,242.14 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 591.01 10/15/2022 10/15/2022 862,500.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 373.75 10/15/2022 10/15/2022 1,450,000.00 88579YBM2 3M COMPANY (CALLABLE) CORPORATE NOTES 2.65% 4/15/2025 19,212.50 10/15/2022 10/15/2022 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 10/18/2022 10/18/2022 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 10/21/2022 10/21/2022 629,786.74 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 141.70 10/22/2022 10/22/2022 10,880,000.00 3135G03U5 FANNIE MAE NOTES 0.62% 4/22/2025 34,000.00 10/24/2022 10/24/2022 1,907,500.00 06051GJH3 BANK OF AMERICA CORP (CALLABLE) CORPORAT 0.81% 10/24/2024 7,725.38 10/31/2022 10/31/2022 1,060,000.00 912828YM6 US TREASURY NOTES 1.50% 10/31/2024 7,950.00 10/31/2022 10/31/2022 2,257,500.00 912828X70 US TREASURY NOTES 2.00% 4/30/2024 22,575.00 10/31/2022 10/31/2022 1,700,000.00 9128283D0 US TREASURY NOTES 2.25% 10/31/2024 19,125.00 10/31/2022 10/31/2022 3,500,000.00 91282CAT8 US TREASURY NOTES 0.25% 10/31/2025 4,375.00 10/31/2022 10/31/2022 2,997,500.00 912828ZL7 US TREASURY NOTES 0.37% 4/30/2025 5,620.31 10/31/2022 10/31/2022 4,840,000.00 912828ZN3 US TREASURY N/B NOTES 0.50% 4/30/2027 12,100.00 11/1/2022 11/1/2022 625,000.00 13077DNC2 CA ST UNIV TXBL REV BONDS 0.68% 11/1/2024 2,140.63 11/1/2022 11/1/2022 MONEY0002 MONEY MARKET FUND 866.53
43 Attachment A
© PFM Asset Management LLC pfmam.com

INTEREST
11/1/2022 11/1/2022 1,355,000.00 172967MX6 CITIGROUP INC (CALLABLE) CORPORATE NOTES 0.98% 5/1/2025 6,646.28 11/1/2022 11/25/2022 924,866.71 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 2,590.41 11/1/2022 11/25/2022 6,653.19 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 11.60 11/7/2022 11/7/2022 8,145,000.00 3135G06G3 FANNIE MAE NOTES 0.50% 11/7/2025 20,362.50 11/10/2022 11/10/2022 1,775,000.00 02665WDH1 AMERICAN HONDA FINANCE 1.95% 5/10/2023 17,306.25 11/12/2022 11/12/2022 1,542,500.00 023135BW5 AMAZON.COM INC CORPORATE NOTES 0.45% 5/12/2024 3,470.63 11/15/2022 11/15/2022 18,757.42 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 39.08 11/15/2022 11/15/2022 339,240.16 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 534.30 11/15/2022 11/15/2022 33,014.03 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 73.73 11/15/2022 11/15/2022 660,000.00 91282CEP2 US TREASURY N/B NOTES 2.87% 5/15/2032 9,487.50 11/15/2022 11/15/2022 151,300.77 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 69.35 11/15/2022 11/15/2022 572,500.00 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 181.29 11/15/2022 11/15/2022 358,139.77 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 101.47 11/15/2022 11/15/2022 760,000.00 91412HGE7 UNIV OF CAL TXBL REV BONDS 0.88% 5/15/2025 3,355.40 11/15/2022 11/15/2022 497,539.77 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 688.26 11/15/2022 11/15/2022 495,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 305.25 11/15/2022 11/15/2022 2,540,000.00 912828U24 US TREASURY NOTES 2.00% 11/15/2026 25,400.00 44 Attachment A
© PFM Asset Management LLC pfmam.com

INTEREST
11/15/2022 11/15/2022 862,500.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 373.75 11/15/2022 11/15/2022 1,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 358.33 11/15/2022 11/15/2022 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 11/15/2022 11/15/2022 12,500.00 912828WE6 US TREASURY NOTES 2.75% 11/15/2023 171.88 11/15/2022 11/15/2022 1,572,500.00 91282CAW1 US TREASURY NOTES 0.25% 11/15/2023 1,965.63 11/18/2022 11/18/2022 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 11/21/2022 11/21/2022 585,375.27 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 131.71 11/22/2022 11/22/2022 1,817,500.00 38148LAE6 GOLDMAN SACHS GROUP INC CORPORATE NOTES 3.75% 5/22/2025 34,078.13 11/24/2022 11/24/2022 1,870,000.00 459058JM6 INTL BK RECON & DEVELOP NOTES 0.25% 11/24/2023 2,337.50 11/27/2022 11/27/2022 3,047,500.00 3135G06H1 FANNIE MAE NOTES 0.25% 11/27/2023 3,809.38 11/30/2022 11/30/2022 670,000.00 91282CES6 US TREASURY N/B NOTES 2.75% 5/31/2029 9,212.50 11/30/2022 11/30/2022 4,257,500.00 912828U57 US TREASURY NOTES 2.12% 11/30/2023 45,235.94 11/30/2022 11/30/2022 8,320,000.00 91282CCF6 US TREASURY N/B NOTES 0.75% 5/31/2026 31,200.00 11/30/2022 11/30/2022 6,772,500.00 91282CAZ4 US TREASURY NOTES 0.37% 11/30/2025 12,698.44 11/30/2022 11/30/2022 5,457,500.00 9128283J7 US TREASURY NOTES 2.12% 11/30/2024 57,985.94 12/1/2022 12/1/2022 77,500.00 13067WRB0 CA ST DEPT WTR RES WTR SYS TXBL REV BNDS 0.56% 12/1/2024 217.00 12/1/2022 12/1/2022 2,000,000.00 438516CB0 HONEYWELL INTL CORP NOTES (CALLABLE) 1.35% 6/1/2025 13,500.00 45 Attachment A
© PFM Asset Management LLC pfmam.com

INTEREST
12/1/2022 12/1/2022 MONEY0002 MONEY MARKET FUND 732.72
12/1/2022 12/25/2022 783,407.19 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 2,184.40 12/4/2022 12/4/2022 2,222,500.00 3137EAFA2 FREDDIE MAC NOTES 0.25% 12/4/2023 2,778.13 12/8/2022 12/8/2022 1,712,500.00 3130A0F70 FEDERAL HOME LOAN BANKS NOTES 3.37% 12/8/2023 28,898.44 12/15/2022 12/15/2022 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 12/15/2022 12/15/2022 9,068.75 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 20.25 12/15/2022 12/15/2022 495,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 305.25 12/15/2022 12/15/2022 862,500.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 373.75 12/15/2022 12/15/2022 130,219.97 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 59.68 12/15/2022 12/15/2022 420,206.41 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 581.29 12/15/2022 12/15/2022 568,486.45 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 180.02 12/15/2022 12/15/2022 1,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 358.33 12/15/2022 12/15/2022 305,998.15 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 481.95 12/15/2022 12/15/2022 338,363.64 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 95.87 12/17/2022 12/17/2022 6,642,500.00 3135G04Z3 FANNIE MAE NOTES 0.50% 6/17/2025 16,606.25 12/18/2022 12/18/2022 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 12/21/2022 12/21/2022 545,095.20 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 122.65 46 Attachment A
© PFM Asset Management LLC pfmam.com

INTEREST
12/26/2022 12/26/2022 1,452,500.00 3137EAES4 FREDDIE MAC NOTES 0.25% 6/26/2023 1,815.63 12/31/2022 12/31/2022 5,715,000.00 912828XX3 US TREASURY NOTES 2.00% 6/30/2024 57,150.00 12/31/2022 12/31/2022 230,000.00 9128285U0 US TREASURY NOTES 2.62% 12/31/2023 3,018.75 12/31/2022 12/31/2022 6,400,000.00 91282CBC4 US TREASURY NOTES 0.37% 12/31/2025 12,000.00 12/31/2022 12/31/2022 4,215,000.00 912828ZV5 US TREASURY NOTES 0.50% 6/30/2027 10,537.50 12/31/2022 12/31/2022 1,597,500.00 912828ZW3 US TREASURY NOTES 0.25% 6/30/2025 1,996.88 Total INTEREST 149,685,734.09 741,552.73 0.00

MATURITY
10/31/2022 10/31/2022 4,180,000.00 91282CAR2 US TREASURY NOTES 0.12% 10/31/2022 4,182,612.50 12/2/2022 12/2/2022 1,810,000.00 23341VZT1 DNB BANK ASA/NY LT CD 2.04% 12/2/2022 1,828,769.70 Total MATURITY 5,990,000.00 6,011,382.20 0.00

PAYDOWNS
10/1/2022 10/25/2022 560.76 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 560.76 10/1/2022 10/25/2022 14,283.95 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 14,283.95 10/15/2022 10/15/2022 82,891.24 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 82,891.24 10/15/2022 10/15/2022 24,726.88 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 24,726.88 10/15/2022 10/15/2022 37,993.40 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 37,993.40 47 Attachment A
© PFM Asset Management LLC pfmam.com

PAYDOWNS
10/15/2022 10/15/2022 21,673.33 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 21,673.33 10/15/2022 10/15/2022 36,001.98 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 36,001.98 10/15/2022 10/15/2022 22,571.14 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 22,571.14 10/21/2022 10/21/2022 44,411.47 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 44,411.47 11/1/2022 11/25/2022 141,459.52 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 141,459.52 11/1/2022 11/25/2022 6,653.19 3137FQ3V3 FHMS KJ27 A1 2.09% 7/1/2024 6,653.19 11/15/2022 11/15/2022 19,776.13 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 19,776.13 11/15/2022 11/15/2022 77,333.36 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 77,333.36 11/15/2022 11/15/2022 23,945.28 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 23,945.28 11/15/2022 11/15/2022 18,757.42 65479HAC1 NAROT 2019-B A3 2.50% 11/15/2023 18,757.42 11/15/2022 11/15/2022 21,080.80 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 21,080.80 11/15/2022 11/15/2022 33,242.01 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 33,242.01 11/15/2022 11/15/2022 4,013.55 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 4,013.55 11/21/2022 11/21/2022 40,280.07 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 40,280.07 12/1/2022 12/25/2022 1,717.53 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,717.53 12/15/2022 12/15/2022 31,127.90 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 31,127.90 12/15/2022 12/15/2022 9,068.75 14316LAC7 CARMX 2019-2 A3 2.68% 3/15/2024 9,068.75 48 Attachment A
© PFM Asset Management LLC pfmam.com

PAYDOWNS
12/15/2022 12/15/2022 31,707.48 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 31,707.48 12/15/2022 12/15/2022 33,543.13 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 33,543.13 12/15/2022 12/15/2022 74,573.01 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 74,573.01 12/15/2022 12/15/2022 19,785.51 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 19,785.51 12/15/2022 12/15/2022 19,275.32 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 19,275.32 12/21/2022 12/21/2022 38,447.55 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 38,447.55 Total PAYDOWNS 930,901.66 930,901.66 0.00
SELL
11/1/2022 11/3/2022 805,000.00 912828S92 US TREASURY NOTES 1.25% 7/31/2023 787,881.45 -13,887.58 Total SELL 805,000.00 787 ,881.45 -13,887.58
49 Attachment A
© PFM Asset Management LLC pfmam.com|
Short-Term Portfolio Holdings and Transactions
Attachment A
© PFM Asset Management LLC pfmam.com

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 2.75 266,979.17 14,872,802.1615,000,000.00

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 2.75 266,979.17 14,869,898.0615,000,000.00

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 2.61 337,850.00 19,815,416.8220,000,000.00 50,000,000.00 50,000,000.00 871,808.34 49,558,117.04Security Type Sub-Total 2.69 50,000,000.00 Commercial Paper

LMA AMERICAS LLC COMM PAPER
DTD 07/12/2022 0.000% 01/11/2023
53944RNB0 10,165,000.00 A-1 P-1 7/15/2022 7/15/2022 9,997,277.50 3.36 0.00 10,149,752.5010,155,682.08

OLD LINE FUNDING LLC COMM PAPER
DTD 07/06/2022 0.000% 01/11/2023
67983UNB5 10,160,000.00 A-1+ P-1 7/15/2022 7/15/2022 9,994,900.00 3.30 0.00 10,144,932.7210,150,827.78

COLLAT COMM PAPER V CO COMM
PAPER
DTD 04/21/2022 0.000% 01/12/2023
19424JNC6 10,165,000.00 A-1 P-1 7/15/2022 7/18/2022 9,996,628.07 3.41 0.00 10,148,756.3310,154,594.99

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 9,907,080.009,935,902.78

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 9,891,690.009,922,555.56

ING (US) FUNDING LLC COMM PAPER
DTD 07/15/2022 0.000% 04/11/2023
4497W1RB4 10,260,000.00 A-1 P-1 7/15/2022 7/18/2022 9,994,428.45 3.58 0.00 10,122,587.8210,160,535.00 60,750,000.00 59,484,484.02 0.00 60,364,799.37Security Type Sub-Total 3.41 60,480,098.19 51 Attachment A
© PFM Asset Management LLC pfmam.com

3.09 3.09%
Total Investments $110,794,724.75
52 Attachment A
© PFM Asset Management LLC pfmam.com

MATURITY
11/30/2022 11/30/2022 10,000,000.00 19424JLW4 COLLAT COMM PAPER V CO COMM PAPER 0.00% 11/30/2022 10,000,000.00 Total MATURITY 10,000,000.00 10,000,000.00 0.00
53 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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. 54 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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.

MBS maturities are represented by expected average life. 55 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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.
56 Attachment A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 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. 57 Attachment A
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending December 31, 2022
City of Stockton
Attachment A
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of December 31, 2022
1 Attachment A
SECTION |
Section 1 |
Economic Update
2 Attachment A
Economic Update



Market volatility has i ntensified as global central banks pursue monetary policies to combat persistently high inflation.

Although the pace of job growth is moderating, the strength of the labor market has sustained economic growth. Inflation metrics are trending downward but remain significantly higher than the Fed’s target. While evidence of slower economic conditions has begun to mount, we expect the Federal Reserve to continue to raise rates to battle inflation, albeit at a less aggressive pace. Over the near-term, we expect financial market volatility to remain intensified with persistent inflation, geopolitical risk, and the Fed's hawkish monetary policy.

As expected at the December 14th meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 50 basis points to a range of 4.25 – 4.50%, in a downshift from four consecutive 75 basis point hikes. The decision was unanimous, and there was no change to the November statement. The sentiment was hawkish, indicating that “ongoing increases” in the fed funds rate are likely appropriate and citing continued labor market imbalances. FOMC members forecasted a higher fed funds rate, slower GDP growth, higher inflation, and higher unemployment in 2023 than in the September projections. We believe the FOMC will continue to implement tighter monetary policy at a slower pace and hold rates at restrictive levels for some time until inflationary pressures subside and remain in the Fed’s target range.

In December, yields rose, and the curve became less inverted. The 2-year Treasury yield increased 12 basis points to 4.43%, the 5-year Treasury yield rose 27 basis points to 4.01%, and the 10-year Treasury yield climbed 27 basis points to 3.88%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -55 basis points at December month- end versus -71 basis points at November month-end. The spread was a positive 78 basis points one year ago. The inversion between 3-month and 10-year treasuries narrowed to -50 basis points in December from -74 basis points in November. The year 2022 saw a dramatic shift in the Federal Reserve’s policy from highly accommodative to aggressive tightening, resulting in significantly higher rates and an inverted yield curve. The shape of the yield curve indicates that the probability of recession is increasing.
3 Attachment A
Source: US Department of Labor Source: US Department of Labor Employment
The U.S. economy added 223,000 jobs in December, slightly higher than market expectations of 205,000, but a decline from November’s revised increase of 256,000. T rends in employment remain healthy, with the three-month moving average payrolls at 247,000and the six-month moving average at 307,000. Jobs in the goods producing sector were surprisingly strong, and leisure and hospitality employment growth remained solid. The unemployment rate dipped to 3.5%, returning to its pre-pandemic level. The labor participation rate increased only slightly to 62.3% in December from 62.1% in November, indicating the supply of labor remains challenging for employers. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons declined to 6.5% from the prior month at 6.7%. Average hourly earnings rose 4.6% year-over-year in December, down from a revised 4.8% increase in November. Overall, the December employment report demonstrates a strong demand for labor and supports the case for the Fed to continue raising the federal funds rate, but perhaps at a slower pace. -200
-100
0 100
200
300
400
500
600
700
800
MOM Change In (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
4 Attachment A
Source: US Department of Labor Source: US Department of Commerce Inflation
The Consumer Price Index (CPI) increased 6.5% year-over-year in December, down from a 7.1% year-over-year increase in November. The Core CPI, which excludes volatile food and energy components, rose 5.7% year-over-year in December, down from 6.0% in November. Gasoline prices decelerated materially, while shelter prices continued to rise. A shift in spending from goods to services continues to dampen merchandise prices. The Personal Consumption Expenditures (PCE) index rose 5.5% year-over-year in November, versus an upwardly revised

6.1% year-over-year gain in October. Core PCE increased 4.7% year-over-year in November versus a 5.0% year-over-year gain in October.

Declining inflationary trends should provide the Federal Reserve room to reduce the pace and magnitude of future federal funds rate hikes.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Cor e Deflator Y OY % Change
YOY( %) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY( %) Change
5 Attachment A
Advance Retail Sales declined more than expected in November at -0.6% month-over-month and +6.5% year-over-year, possibly suggesting some loss of momentum in consumer demand for goods amid high inflation and shifting preferences toward services. Additionally, Amazon’s Prime Day may have pulled some holiday spending activity forward into October from November. The Conference Board’s Consumer Confidence Index jumped more than expected to 108.3 in December from an upwardly revised 101.4 in November. Views of current conditions and the future outlook for the economy both improved as inflation expectations declined.

Source: US Department of Commerce Source: The Conference Board

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
80 90
100
110
120
130
140
Index Level
Consumer Confidence
Consumer
6 Attachment A
Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity
The Conference Board’s Leading Economic Index (LEI) remained in negative territory for the ninth consecutive month at a worse than expected -1.0% in November, following a downwardly revised -0.9% in October. The LEI was down 4.5% year-over-over in November versus down 2.9% in October. The Conference Board cited a "lack of economic growth momentum in the near term." The Chicago Fed National Activity Index (CFNAI) decreased to -0.05 in October from +0.17 in September indicating below trend growth over the month. On a 3-month moving average basis, the CFNAI moved down to +0.09 in October from an upwardly revised +0.19 in September. -0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
3 Month Average
-1.5%
-1.0%
-0.5%

0.0%

0.5%

1.0%

1.5%
Leading Economic Indicators (LEI)
MOM ( %) Change
7 Attachment A
Source: US Department of Commerce Source: S&P
Housing
0 200
400
600
800
1000
1200
1400
1600
1800
2000
MOM Change (In Thousands of Units)
Housing Starts
Multi Family Housing Starts
Single Family Housing Starts

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%

18.0%

21.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
YOY( %) Change
Total housing starts declined 0.5% in November to 1,427,000units after an upward revision to 1,434,000units in October. Single-family home starts fell 4.1%, whereas multi-family starts rose 4.9% month-over-month. On a year-over-year basis, total housing starts decreased 16.4% reflecting a shift from single-family units to more affordable multi-family units as homebuyers struggle with a combination of elevated prices and higher mortgage rates. The 30-year mortgage rate has edged up to 6.4% according to Freddie Mac but remains below recent highs which topped 7%. According to the Case-Shiller 20-City Home Price Index, the year-over-year increase continued its declining rate of gain to +8.6% in October from +10.4% in September, clearly displaying the impact of higher mortgage rates which have reduced demand for homebuying as affordability has declined.
8 Attachment A
Source: Institute for Supply Management Source: Federal Reserve Manufacturing
The Institute for Supply M anagement (ISM) manufacturing index declined to 48.4 in December from 49.0 in November. This is the second consecutive month of readings below 50.0,which is indicative of contraction in the manufacturing sector. The declining trend reflects sluggish demand amid economic uncertainty and easing price pressures in the goods sector. Industrial production was down 0.2% in November after an unrevised decline of 0.1% in October. The decrease was led by weakness in the manufacturing and mining indices. This equates to a 2.5% increase from the prior year. Capacity utilization fell to 79.7%in November from 79.9%in October and continues to run slightly above the 1972- 2021 average of 79.6%.
40 42
44 46
48 50
52 54
56 58
60 62
64 66
Institute of Supply Management Purchasing Manager Index

EXPANDING

CONTRACTING
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%
Industrial Production
YOY( %) Change
9 Attachment A
Source: US Department of Commerce Source: US Department of Commerce 12/21 3/22 6/22 9/22

2.1% 0.9% 1.4% 1.5%

5.1% 1.0% -2.8% -1.8%
-0.2% -3.1% 1.2% 2.9%

0.0% -0.4% -0.2% 0.2%
-0.2% 0.0% -0.1% 0.4%

7.0% -1.6% -0.6% 3.2%
Net Exports and Imports
Total
Gross Private Domestic Investment
Personal Consumption Expenditures
Components of GDP
Federal Government Expenditures
State and Local (Consumption and Gross
Investment) -35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
According to the third e stimate, GDP increased at an annualized rate of 3.2% in the third quarter, revised up from 2.9%. The upward revision reflects stronger personal consumption expenditures which rose 2.3% in the third quarter, up from 1.7% in the previous estimate, primarily due to continued strength in services spending. Business investment, state and local government spending, and net exports also contributed to the upward revision. The consensus estimate calls for 1.1% growth in the fourth quarter and 1.9% growth for the full year 2022. 10 Attachment A
Federal Reserve
Source: Federal Reserve Source: Bloomberg
As expected at the D ecember 14th meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 50 basis points to a range of 4.25 – 4.50%, in a downshift from four consecutive 75 basis point hikes. The decision was unanimous, and there was no change to the November statement. The sentiment was hawkish, indicating that “ongoing increases” in the fed funds rate are likely appropriate and citing continued labor market imbalances. The Summary of Economic Projections indicated a peak median forecast of 5.1% in 2023and no rate cuts until 2024;however, the market consensus diverged, implying rate cuts in the second half of 2023. FOMC members forecasted a higher fed funds rate, slower GDP growth, higher inflation, and higher unemployment in 2023 than in the September projections. We believe the FOMC will continue to implement tighter monetary policy at a slower pace and hold rates at restrictive levels for some time until inflationary pressures subside and remain in the Fed’s target range.

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%
Effective Federal Funds Rate
Yield (%)
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
In $ millions
11 Attachment A
Source: Bloomberg Source: Bloomberg

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%
US Treasury Yield Curve
Dec-22
Sep-22
Dec-21
Yield (%)
Bond Yields
At the end of December, the 2-year Treasury yield was 370 basis points higher, and the 10-Year Treasury yield was about 237 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -55 basis points at December month-end versus -71 basis points at November month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year treasuries narrowed to -50 basis points in December from -74 basis points in November. The shape of the yield curve indicates that the probability of recession is increasing. 12 Attachment A
Section 2|SECTION |
Section 2 |
Account Profile
13 Attachment A
Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Investment Objectives
Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and econmic cycles, taking into account the investment risk constraints and liquidity needs.

Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds.

As of December 31, 2022
14 Attachment A
Compliance As of December 31, 2022
Category Standard Comment
U.S. Treasuri es No l i mi t; 10 years max maturi ty Complies Federal Agenci es No limit in Federal Agencies or Government Sponsored Enterprises (GSEs), provided that: 20% max in Federal Agency or GSE issued mortgage-backed securities, mortgage pass-through securities, and collateralized mortgage obligations; 10 years max maturity Complies Supranational Obligations "AA" rating category or higher by a NRSRO; 30% max; 10% max per issuer; 5 years max maturity; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB Complies Municipal Securities (CA, Other States) "A" rating category or better by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity Complies Corporate Medi um Term Notes
"A" rating category or higher by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity; Corporate and depository institution debt securities; Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S.

Complies
Asset-Backed, Mortgage-Backed, Mortgage Pass-
Through Securities, and Collateralized Mortgage
Obligations
"AA" rating category or higher by a NRSRO; "A" issuer long-term debt rating category or higher by a NRSRO; 20% max (combined ABS/MBS/CMO); 5% max per Asset-Backed securi ty i ssuer; 5 years max maturi ty Complies Negoti abl e Certi fi cates of Deposi t (NCD)
The amount of NCD insured up to the FDIC limit does not require any credit ratings; Any amount above FDIC insured limit must be issued by institutions with "A-1" short-term debt rating or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity
Complies
Certi fi cate of Deposi t Pl acement Servi ce (CDARS) 20% m ax (com bination of FDIC & Collate ralize d Tim e De posits, and CDA RS; 5 ye ars m ax m aturity Complies Ti me Deposi ts (Non-negoti abl e CD/TD) 20% m ax (com bination of FDIC & Collate ralize d Tim e De posits, and CDA RS; 5 ye ars m ax m aturity Complies Collate ralize d Bank De posits De posits with financial institutions will be collate ralize d with ple dge d se curitie s pe r California Gove rnm e nt Code Complies Banker’s Acceptances A-1 short-term debt rated or better by a NRSRO; or "A" long-term debt rating category or better by a NRSRO; 40% max; 5% max per issuer; 180 days max maturi ty Complies
Commerci al Paper
25% max; 5% max per issuer; 270 days maturity; 10% max of the outstanding commercial paper of any single issuer; "Prime" quality of the highest rating by a NRSRO; The entity that issues the commercial paper shall either be:
(1) organized and operating within the U.S. as a general corporation with assets > $500 million; "A" rating category or higher by a NRSRO, if issuer has debt obligations; or
(2) organized within the U.S. as a special purpose corporation, trust, or limited liability company; has program-wide credit enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond; has commercial paper that is "A-1" rated or higher by a NRSRO Complies
Money Market Mutual Funds
20% max in Money Market Mutual Funds; Meet either of the following criteria: (i) Attained highest rating by two NRSROs; or (ii) Retained an investment adviser registered or exempt from SEC registration with > 5 years experience investing in securities authorized by CGC and with AUM >$500 million
Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies California Asset Management Program CAMP; Not used by investment adviser Complies Repurchase Agreements 1 year max maturity; 102% Collateralized; Not used by investment adviser Complies Maxi mum Maturi ty
10 years max maturity; Donated securities are not subject to maturity limits; 15% max for Investments maturing beyond a five-year horizon; Investments greater than 5 years shall be permitted for U.S. Treasuries, U.S. Agencies, as described in the policy; Investments in City Variable Rate obligations, with maturities greater than 5 years, may be made when IRS & SEC guidelines permit Complies
City of Stockton Reserve Portfolio
Assets managed by Chandler Asset Management are in full compliance with state law and the Client's investment policy. 15 Attachment A
Portfolio Characteristics
City of Stockton Reserve Portfolio
12/31/22 09/30/22
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.63 2.24 2.36
Average Modified Duration 2.49 2.09 2.23
Average Purchase Yield n/a 1.30% 1.21%
Average Market Yield 4.43% 4.54% 4.35%
Average Quality** AAA AA/Aa1 AA/Aa1
Total Market Value 281,422,666 278,810,328
*ICE BofA 1-5 Yr AAA-A US Corp & Govt Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

As of December 31, 2022
16 Attachment A
City of Stockton Reserve Portfolio
Sector Distribution
ABS

1.8%
Agency

26.5%
CMO

1.1%
Corporate

21.2%
Money Market
Fund

0.1%
Municipal Bonds

2.8%
Negotiable CD

1.1%
Supranational

2.0%
US Treasury

43.5%
December 31, 2022 September 30, 2022
ABS

2.1%
Agency

25.5%
CMO

0.3%
Corporate

20.2%
Money Market
Fund

0.0%Municipal Bonds

2.8%
Negotiable CD

2.5%
Supranational

2.0%
US Treasury

44.6%
As of December 31, 2022
17 Attachment A
Issue Name Investment Type % Portfolio
Government of United States US Treasury 43.48%
Federal National Mortgage Association Agency 17.12%
Federal Home Loan Mortgage Corp Agency 5.90%
Federal Farm Credit Bank Agency 2.02%
Wal-Mart Stores Corporate 1.44%
Federal Home Loan Bank Agency 1.41%
Amazon.com Inc Corporate 1.40%
Inter-American Dev Bank Supranational 1.39%
Bank of America Corp Corporate 1.29%
United Health Group Inc Corporate 1.27%
Novartis Capital Corp Corporate 1.24%
Bank of New York Corporate 1.20%
Morgan Stanley Corporate 1.20%
Pfizer Inc. Corporate 1.12%
National Rural Utilities Corporate 1.09%
JP Morgan Chase & Co Corporate 1.06%
Barclays Bank Negotiable CD 1.05%
US Bancorp Corporate 0.95%
Microsoft Corporate 0.92%
Merck & Company Corporate 0.81%
Federal Home Loan Mortgage Corp CMO 0.81%
Deere & Company Corporate 0.79%
State of California Municipal Bonds 0.77%
Northern Trust Corp Corporate 0.77%
MasterCard Inc Corporate 0.75%
Target Corp Corporate 0.70%
Honeywell Corp Corporate 0.66%
Intl Bank Recon and Development Supranational 0.64%
Toyota Motor Corp Corporate 0.64%
Goldman Sachs Inc. Corporate 0.63%
Honda Motor Corporation Corporate 0.63%
Florida Hurricane Catastrophe Municipal Bonds 0.62%
Carmax Auto Owner Trust ABS 0.49%
Toyota ABS ABS 0.46%
Citigroup Inc Corporate 0.45%
Hyundai Auto Receivables ABS 0.35%
Los Angeles Cmnty College Dis Municipal Bonds 0.31%
Federal National Mortgage Association CMO 0.27%
Issuers
City of Stockton Reserve Portfolio – Account #10020
As of December 31, 2022
18 Attachment A
Issue Name Investment Type % Portfolio
Discover Card Execution Note Trust ABS 0.26%
San Diego Community College District Municipal Bonds 0.25% University of California Municipal Bonds 0.25%
Maryland State Municipal Bonds 0.22%
California Edl Facs Auth Rev Municipal Bonds 0.21%
New Jersey State Turnpike Authority Municipal Bonds 0.18% Honda ABS ABS 0.17%
State Street Bank Corporate 0.15%
Paccar Financial Corporate 0.08%
Federated GOVT Obligation MMF Money Market Fund 0.07%
Nissan ABS ABS 0.04%
California State Dept Water Municipal Bonds 0.03%
TOTAL 100.00%
Issuers
City of Stockton Reserve Portfolio – Account #10020
As of December 31, 2022
19 Attachment A
AAA AA A <A NR
12/31/22 5.1% 77.4% 15.1% 1.1% 1.3%
09/30/22 5.3% 78.2% 14.8% 1.1% 0.6%
Source: S&P Ratings
December 31, 2022 vs. September 30, 2022

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%
AAA AA A <A NR
12/31/22 09/30/22
Quality Distribution
City of Stockton Reserve Portfolio
As of December 31, 2022
20 Attachment A

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ City of Stockton Reserve Portfolio ICE BofA 1-5 Yr AAA-A US Corp & Govt Index Portfolio Compared to the Benchmark
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 1.3% 4.5% 14.5% 24.9% 34.6% 17.8% 0.2% 2.2%
Benchmark* 0.0% 0.0% 1.7% 35.5% 28.0% 21.9% 12.9% 0.0%
*ICE BofA 1-5 Yr AAA-A US Corp & Govt Index
Duration Distribution
City of Stockton Reserve Portfolio
As of December 31, 2022
21 Attachment A
-2.50%
-2.00%
-1.50%
-1.00%
-0.50%

0.00%

0.50%

1.00%

1.50%
3 Months Since Inception
City of Stockton Reserve Portfolio ICE BofA 1-5 Yr AAA-A US Corp & Gov Index Net of Fees Total Rate of Return Since Inception July 31, 2022
MARKET VALUE BASIS EARNINGS Latest 3 Months Since Inception Interest Earned $750,242.76 $1,311,370.70
Change in Market Value $1,879,927.94 ($6,143,791.43)
TOTAL DOLLAR RETURN $2,630,170.70 ($4,832,420.73)
TOTAL RATE OF RETURN Latest 3 Months Since Inception
City of Stockton Reserve Portfolio 0.94% -1.54%
ICE BofA 1-5 Yr AAA-A US Corp & Gov Index 1.03% -1.99%
Basis Point Fee* 0.00% 0.01%
Net of Fee Return 0.94% -1.55%
Investment Performance
City of Stockton Reserve Portfolio
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. *as of 12/31/2022
As of December 31, 2022
22 Attachment A
Purchase Yield as of 12/31/22 = 1.30%

0.00 0.20

0.40 0.60

0.80 1.00

1.20 1.40

1.60 Percent (%)
Historical Average Purchase Yield
City of Stockton Reserve Portfolio
As of December 31, 2022
23 Attachment A
SECTION |
Section 3 |
Portfolio Holdings
24 Attachment A
Holdings Report
City of Stockton Reserve Portfolio - Account #10020
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
89232HAC9 Toyota Auto Receivable Own 2020-A A3

1.660% Due 05/15/2024
345,633.38 02/12/2020

1.67%
345,608.42
345,625.35

99.49 4.61%
343,880.85
255.00

0.12%
(1,744.50)
Aaa / AAA
NR

1.37 0.17
65479CAD0 Nissan Auto Receivables Owner 2020-B A3

0.550% Due 07/15/2024
110,434.45 06/30/2020

0.55%
110,431.43
110,434.06

99.17 4.55%
109,512.95

27.00 0.04%
(921.11)
Aaa / AAA
NR

1.54 0.21
14315XAC2 CarMax Auto Owner Trust 2020-1 A3

1.890% Due 12/16/2024
274,870.25 01/22/2020

1.90%
274,816.31
274,860.88

98.87 5.42%
271,771.75
230.89

0.10%
(3,089.13)

NR / AAA
AAA

1.96 0.32
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
506,647.63 02/24/2021

0.27%
506,638.36
506,643.95

96.73 6.22%
490,083.03

38.00 0.17%
(16,560.92)
Aaa / NR
AAA

2.31 0.55
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
534,943.31 04/28/2021

0.38%
534,887.03
534,918.03

96.71 5.51%
517,340.47

90.35 0.18%
(17,577.56)

NR / AAA
AAA

2.71 0.64
14316NAC3 CarMax Auto Owner Trust 2021-1 A3

0.340% Due 12/15/2025
319,088.33 01/27/2021

0.35%
319,025.27
319,068.71

96.67 5.88%
308,453.95

48.22 0.11%
(10,614.76)

NR / AAA
AAA

2.96 0.60
89239BAC5 Toyota Auto Receivables Trust 2021-C A3

0.430% Due 01/15/2026
1,000,000.00 09/27/2021

0.43%
999,920.30
999,952.39

94.83 5.58%
948,305.09
191.11

0.34%
(51,647.30)
Aaa / AAA
NR

3.04 1.01
14314QAC8 CarMax Auto Owner Trust 2021-2 A3

0.520% Due 02/17/2026
830,792.52 04/21/2021

0.53%
830,613.48
830,715.32

96.23 6.67%
799,478.21
192.01

0.28%
(31,237.11)

NR / AAA
AAA

3.13 0.61
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3

0.740% Due 05/15/2026
495,000.00 11/17/2021

0.75%
494,889.51
494,928.73

94.47 5.54%
467,604.77
162.80

0.17%
(27,323.96)

NR / AAA
AAA

3.37 1.17
254683CP8 Discover Card Execution Trust 2021-A1 A1

0.580% Due 09/15/2026
797,500.00 09/27/2021

0.59%
797,329.25
797,401.87

93.04 4.91%
741,985.79
205.58

0.26%
(55,416.08)
Aaa / AAA
NR

3.71 1.65
TOTAL ABS 5,214,909.87 0.64%
5,214,159.36
5,214,549.29 5.63%
4,998,416.86
1,440.96

1.78%
(216,132.43)
Aaa / AAA
AAA

2.87 0.83
Agency
3137EAER6 FHLMC Note

0.375% Due 05/05/2023
3,630,000.00 Various

0.22%
3,645,114.40
3,631,856.87

98.62 4.45%
3,579,788.67
2,117.50

1.27%
(52,068.20)
Aaa / AA+
AAA

0.34 0.34
3135G04Q3 FNMA Note

0.250% Due 05/22/2023
3,800,000.00 05/20/2020

0.35%
3,788,562.00
3,798,527.16

98.33 4.59%
3,736,600.61
1,029.17

1.33%
(61,926.55)
Aaa / AA+
AAA

0.39 0.38
3137EAES4 FHLMC Note

0.250% Due 06/26/2023
3,452,500.00 06/24/2020

0.35%
3,442,418.70
3,450,879.63

97.94 4.59%
3,381,223.21
119.88

1.20%
(69,656.42)
Aaa / AA+
AAA

0.48 0.48
3135G05G4 FNMA Note

0.250% Due 07/10/2023
4,285,000.00 07/08/2020

0.32%
4,275,787.25
4,283,401.44

97.65 4.83%
4,184,514.95
5,088.44

1.49%
(98,886.49)
Aaa / AA+
AAA

0.52 0.51
3137EAEV7 FHLMC Note

0.250% Due 08/24/2023
2,292,500.00 08/19/2020

0.28%
2,290,161.65
2,291,999.53

97.09 4.87%
2,225,750.97
2,021.86

0.79%
(66,248.56)
Aaa / AA+
AAA

0.65 0.63
As of December 31, 2022
25 Attachment A
Holdings Report
City of Stockton Reserve Portfolio - Account #10020
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3135G0U43 FNMA Note

2.875% Due 09/12/2023
6,162,500.00 11/29/2018

2.97%
6,136,124.50
6,158,665.21

98.71 4.77%
6,083,295.48
53,643.71

2.18%
(75,369.73)
Aaa / AA+
AAA

0.70 0.67
3135G06H1 FNMA Note

0.250% Due 11/27/2023
3,047,500.00 Various

0.24%
3,048,317.20
3,047,769.19

96.06 4.75%
2,927,407.47
719.55

1.04%
(120,361.72)
Aaa / AA+
AAA

0.91 0.88
3137EAFA2 FHLMC Note

0.250% Due 12/04/2023
2,222,500.00 12/02/2020

0.28%
2,220,299.72
2,221,822.84

95.86 4.88%
2,130,474.88
416.72

0.76%
(91,347.96)
Aaa / AA+
AAA

0.93 0.90
3130A0F70 FHLB Note

3.375% Due 12/08/2023
1,712,500.00 01/30/2019

2.71%
1,763,703.75
1,722,353.54

98.57 4.96%
1,687,968.47
3,692.58

0.60%
(34,385.07)
Aaa / AA+
AAA

0.94 0.91
3133ELVX9 FFCB Callable Note Cont 4/8/2022

0.875% Due 04/08/2024
750,000.00 04/07/2020

0.88%
750,000.00
750,000.00

95.00 4.99%
712,509.61
1,513.02

0.25%
(37,490.39)
Aaa / AA+
AAA

1.27 1.23
3135G0X24 FNMA Note

1.625% Due 01/07/2025
4,380,000.00 03/04/2020

0.84%
4,542,673.20
4,447,772.84

94.54 4.48%
4,141,026.46
34,401.25

1.48%
(306,746.38)
Aaa / AA+
AAA

2.02 1.93
3130AJHU6 FHLB Note

0.500% Due 04/14/2025
2,460,000.00 04/15/2020

0.60%
2,447,798.40
2,454,420.98

91.98 4.22%
2,262,614.84
2,630.83

0.80%
(191,806.14)
Aaa / AA+
AAA

2.29 2.23
3135G03U5 FNMA Note

0.625% Due 04/22/2025
10,880,000.00 Various

0.63%
10,879,060.80
10,879,639.60

91.94 4.33%
10,003,609.15
13,033.34

3.56%
(876,030.45)
Aaa / AA+
AAA

2.31 2.24
3135G04Z3 FNMA Note

0.500% Due 06/17/2025
6,642,500.00 06/17/2020

0.54%
6,628,750.02
6,635,737.96

91.07 4.37%
6,049,001.59
1,291.60

2.15%
(586,736.37)
Aaa / AA+
AAA

2.46 2.40
3137EAEU9 FHLMC Note

0.375% Due 07/21/2025
2,310,000.00 07/21/2020

0.48%
2,298,496.20
2,304,121.96

90.57 4.31%
2,092,215.26
3,850.00

0.74%
(211,906.70)
Aaa / AA+
AAA

2.56 2.49
3135G05X7 FNMA Note

0.375% Due 08/25/2025
3,995,000.00 08/25/2020

0.47%
3,976,303.40
3,985,098.79

90.27 4.30%
3,606,215.23
5,243.44

1.28%
(378,883.56)
Aaa / AA+
AAA

2.65 2.58
3137EAEX3 FHLMC Note

0.375% Due 09/23/2025
3,545,000.00 09/23/2020

0.44%
3,534,329.55
3,539,173.37

90.07 4.27%
3,192,980.54
3,618.85

1.14%
(346,192.83)
Aaa / AA+
AAA

2.73 2.66
3133EMBH4 FFCB Callable Note Cont 9/29/2021

0.530% Due 09/29/2025
2,265,000.00 10/07/2020

0.57%
2,261,036.25
2,262,812.95

89.38 4.70%
2,024,445.74
3,067.82

0.72%
(238,367.21)
Aaa / AA+
AAA

2.75 2.66
3135G06G3 FNMA Note

0.500% Due 11/07/2025
8,145,000.00 Various

0.54%
8,127,104.90
8,134,782.63

90.01 4.26%
7,331,371.68
6,108.75

2.61%
(803,410.95)
Aaa / AA+
AAA

2.85 2.77
3133EN4V9 FFCB Note

4.125% Due 09/23/2030
2,100,000.00 12/22/2022

4.22%
2,087,505.00
2,087,527.10

98.69 4.33%
2,072,408.60
1,925.00

0.74%
(15,118.50)
Aaa / AA+
NR

7.73 6.54
3133ENQ45 FFCB Note

4.250% Due 09/30/2030
875,000.00 11/30/2022

4.40%
866,250.00
866,347.87

99.42 4.34%
869,954.57
9,400.17

0.31%
3,606.70
Aaa / AA+
NR

7.75 6.47
TOTAL Agency 78,952,500.00 0.87%
79,009,796.89
78,954,711.46 4.50%
74,295,377.98
154,933.48

26.45%
(4,659,333.48)
Aaa / AA+
AAA

1.94 1.84
As of December 31, 2022
26 Attachment A
Holdings Report
City of Stockton Reserve Portfolio - Account #10020
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
CMO
3136AJB54 FNMA 2014-M4 A2

3.346% Due 03/25/2024
781,689.63 12/18/2019

2.04%
819,674.86
792,206.71

97.93 5.20%
765,502.09
2,179.51

0.27%
(26,704.62)

NR / NR
NR

1.23 1.02
3137F2LJ3 FHLMC K066 A2

3.117% Due 06/25/2027
2,400,000.00 10/20/2022

4.88%
2,234,343.75
2,241,048.88

94.72 4.45%
2,273,329.92
6,234.00

0.81%
32,281.04

NR / NR
AAA

4.48 3.96
TOTAL CMO 3,181,689.63 4.14%
3,054,018.61
3,033,255.59 4.64%
3,038,832.01
8,413.51

1.08%
5,576.42

NR / NR
AAA

3.67 3.22
Corporate
02665WDH1 American Honda Finance Note

1.950% Due 05/10/2023
1,775,000.00 01/07/2020

1.96%
1,774,343.25
1,774,930.33

98.83 5.26%
1,754,262.30
4,903.44

0.63%
(20,668.03)
A3 / A-
A

0.36 0.35
06406RAJ6 Bank of NY Mellon Corp Note

3.450% Due 08/11/2023
3,367,500.00 01/30/2019

3.17%
3,407,371.20
3,372,854.75

99.11 4.95%
3,337,430.68
45,180.63

1.20%
(35,424.07)
A1 / A
AA-

0.61 0.59
69371RQ90 Paccar Financial Corp Note

0.350% Due 08/11/2023
242,500.00 08/04/2020

0.39%
242,182.32
242,435.59

97.18 5.09%
235,671.20
330.07

0.08%
(6,764.39)
A1 / A+
NR

0.61 0.60
91159HHV5 US Bancorp Callable Note Cont 1/5/2024

3.375% Due 02/05/2024
1,062,500.00 04/02/2019

2.88%
1,085,598.75
1,067,406.99

98.24 5.04%
1,043,826.10
14,542.97

0.38%
(23,580.89)
A2 / A+
A+

1.10 1.04
58933YAU9 Merck & Co Callable Note Cont 2/7/2024

2.900% Due 03/07/2024
2,312,500.00 11/19/2021

0.78%
2,419,591.87
2,365,913.07

97.86 4.78%
2,262,976.06
21,236.46

0.81%
(102,937.01)
A1 / A+
NR

1.18 1.13
717081ES8 Pfizer Inc. Callable Note Cont 2/15/2024

2.950% Due 03/15/2024
3,200,000.00 06/03/2019

2.37%
3,281,376.00
3,219,442.98

97.79 4.85%
3,129,326.11
27,795.56

1.12%
(90,116.87)
A1 / A+
A

1.21 1.16
57636QAB0 MasterCard Inc Note

3.375% Due 04/01/2024
2,125,000.00 04/02/2019

2.67%
2,194,381.25
2,142,345.31

98.20 4.88%
2,086,672.78
17,929.69

0.75%
(55,672.53)
Aa3 / A+
NR

1.25 1.20
61772BAA1 Morgan Stanley Callable Note Cont 4/5/2023

0.731% Due 04/05/2024
1,332,500.00 Various

0.70%
1,333,334.75
1,332,609.74

98.57 4.89%
1,313,481.37
2,326.92

0.47%
(19,128.37)
A1 / A-
A+

1.26 1.20
023135BW5 Amazon.com Inc Note

0.450% Due 05/12/2024
1,542,500.00 05/10/2021

0.50%
1,540,247.95
1,541,478.77

94.22 4.88%
1,453,417.46
944.78

0.52%
(88,061.31)
A1 / AA
AA-

1.36 1.33
931142EL3 Wal-Mart Stores Callable Note Cont 6/8/2024

2.850% Due 07/08/2024
4,100,000.00 05/12/2020

0.90%
4,418,693.00
4,212,378.96

97.24 4.76%
3,986,728.40
56,152.92

1.44%
(225,650.56)
Aa2 / AA
AA

1.52 1.44
91159HHX1 US Bancorp Callable Note Cont 6/28/2024

2.400% Due 07/30/2024
1,650,000.00 08/01/2019

2.38%
1,651,369.50
1,650,416.44

96.17 4.94%
1,586,886.31
16,610.00

0.57%
(63,530.13)
A2 / A+
A+

1.58 1.51
46647PBS4 JP Morgan Chase & Co Callable Note Cont 9/16/2023

0.653% Due 09/16/2024
1,467,500.00 09/09/2020

0.65%
1,467,500.00
1,467,500.00

96.45 5.06%
1,415,451.15
2,794.98

0.50%
(52,048.85)
A1 / A-
AA-

1.71 1.64
As of December 31, 2022
27 Attachment A
Holdings Report
City of Stockton Reserve Portfolio - Account #10020
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
06051GJH3 Bank of America Corp Callable Note Cont 10/24/2023

0.810% Due 10/24/2024
1,907,500.00 10/16/2020

0.81%
1,907,500.00
1,907,500.00

95.98 5.23%
1,830,793.70
2,875.56

0.65%
(76,706.30)
A2 / A-
AA-

1.82 1.74
24422EVY2 John Deere Capital Corp Note

1.250% Due 01/10/2025
2,357,500.00 03/08/2022

2.17%
2,298,067.42
2,315,089.09

93.62 4.59%
2,206,994.58
13,997.66

0.79%
(108,094.51)
A2 / A
A

2.03 1.95
594918BB9 Microsoft Callable Note Cont 11/12/2024

2.700% Due 02/12/2025
2,675,000.00 03/04/2021

0.75%
2,863,881.75
2,770,634.55

96.15 4.63%
2,571,904.19
27,886.88

0.92%
(198,730.36)
Aaa / AAA
AAA

2.12 2.00
89236TGT6 Toyota Motor Credit Corp Note

1.800% Due 02/13/2025
1,887,500.00 05/20/2020

1.58%
1,905,940.87
1,895,750.42

94.03 4.80%
1,774,863.68
13,023.75

0.64%
(120,886.74)
A1 / A+
A+

2.12 2.02
66989HAP3 Novartis Capital Corp Callable Note Cont 1/14/2025

1.750% Due 02/14/2025
3,680,000.00 05/08/2020

0.98%
3,809,756.80
3,736,521.70

94.32 4.59%
3,470,825.71
24,507.78

1.24%
(265,695.99)
A1 / AA-
AA-

2.13 2.03
023135CE4 Amazon.com Inc Note

3.000% Due 04/13/2025
2,567,500.00 04/11/2022

3.06%
2,563,417.67
2,564,397.28

96.57 4.60%
2,479,352.98
16,688.75

0.89%
(85,044.30)
A1 / AA
AA-

2.28 2.16
172967MX6 Citigroup Inc Callable Note Cont 5/1/2024

0.981% Due 05/01/2025
1,355,000.00 Various

0.97%
1,355,119.25
1,355,052.73

93.60 5.42%
1,268,283.92
2,215.43

0.45%
(86,768.81)
A3 / BBB+
A

2.33 2.24
38148LAE6 Goldman Sachs Group Inc. Callable Note Cont
2/22/2025

3.750% Due 05/22/2025
1,817,500.00 02/12/2021

0.78%
2,030,474.65
1,931,251.13

96.79 5.19%
1,759,236.89
7,383.59

0.63%
(172,014.24)
A2 / BBB+
A

2.39 2.24
438516CB0 Honeywell Intl Callable Note Cont 5/1/2025

1.350% Due 06/01/2025
2,000,000.00 09/03/2021

0.80%
2,039,160.00
2,025,037.69

92.53 4.65%
1,850,533.76
2,250.00

0.66%
(174,503.93)
A2 / A
A

2.42 2.33
46647PCM6 JP Morgan Chase & Co Callable Note Cont 8/9/2024

0.768% Due 08/09/2025
1,680,000.00 08/03/2021

0.77%
1,680,000.00
1,680,000.00

92.33 5.28%
1,551,223.85
5,089.28

0.55%
(128,776.15)
A1 / A-
AA-

2.61 2.50
63743HFF4 National Rural Utilities Note

5.450% Due 10/30/2025
3,000,000.00 10/31/2022

5.26%
3,015,750.00
3,014,885.41
101.28

4.96%
3,038,531.70
27,704.17

1.09%
23,646.29
A2 / A-
A

2.83 2.58
857477BR3 State Street Bank Callable Note Cont 2/6/2025

1.746% Due 02/06/2026
437,500.00 02/02/2022

1.75%
437,500.00
437,500.00

93.13 5.24%
407,427.52
3,076.72

0.15%
(30,072.48)
A1 / A
AA-

3.10 2.00
06051GKM0 Bank of America Corp Callable Note Cont 4/2/2025

3.384% Due 04/02/2026
1,875,000.00 03/17/2022

3.38%
1,875,000.00
1,875,000.00

95.58 5.42%
1,792,103.57
15,686.25

0.64%
(82,896.43)
A2 / A-
AA-

3.25 2.99
6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

2.188% Due 04/28/2026
2,200,000.00 08/24/2022

5.01%
2,072,268.00
2,084,460.17

93.00 5.43%
2,045,932.61
8,423.80

0.73%
(38,527.56)
A1 / A-
A+

3.33 2.21
91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026

1.150% Due 05/15/2026
4,000,000.00 09/19/2022

4.19%
3,592,560.00
3,623,760.36

89.43 4.57%
3,577,327.72
5,877.78

1.27%
(46,432.64)
A3 / A+
A

3.37 3.23
As of December 31, 2022
28 Attachment A
Holdings Report
City of Stockton Reserve Portfolio - Account #10020
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
87612EBM7 Target Corp Callable Note Cont 12/15/2026

1.950% Due 01/15/2027
2,140,000.00 Various

1.97%
2,137,844.40
2,138,251.98

90.91 4.43%
1,945,431.58
19,242.17

0.70%
(192,820.40)
A2 / A
A

4.04 3.77
665859AW4 Northern Trust Company Callable Note Cont 4/10/2027

4.000% Due 05/10/2027
2,200,000.00 08/24/2022

3.93%
2,206,402.00
2,205,916.54

97.78 4.57%
2,151,065.25
12,466.67

0.77%
(54,851.29)
A2 / A+
A+

4.36 3.93
TOTAL Corporate 61,957,500.00 2.15%
62,606,632.65
61,950,721.98 4.87%
59,327,963.13
419,144.66

21.23%
(2,622,758.85)
A1 / A+
A+

2.11 1.95
Money Market Fund
60934N104 Federated Investors Government Obligations Fund 187,416.49 Various

4.10%
187,416.49
187,416.49

1.00 4.10%
187,416.49

0.00 0.07%

0.00 Aaa / AAA
AAA

0.00 0.00
TOTAL Money Market Fund 187,416.49 4.10%
187,416.49
187,416.49 4.10%
187,416.49

0.00 0.07%

0.00 Aaa / AAA
AAA

0.00 0.00
Municipal Bonds
13063DRJ9 California State TE-GO

2.400% Due 10/01/2023
2,192,500.00 10/16/2019

1.87%
2,236,371.92
2,200,828.95

98.64 4.26%
2,162,594.30
13,155.00

0.77%
(38,234.65)
Aa2 / AA-
AA

0.75 0.73
797272QP9 San Diego Cmnty College Dist TE-GO

2.046% Due 08/01/2024
725,000.00 09/18/2019

2.05%
725,000.00
725,000.00

96.03 4.67%
696,232.00
6,180.63

0.25%
(28,768.00)
Aaa / AAA
NR

1.59 1.52
574193TQ1 Maryland State STE-GO

0.510% Due 08/01/2024
647,500.00 07/23/2020

0.52%
647,318.70
647,428.08

93.73 4.67%
606,882.33
1,375.94

0.22%
(40,545.75)
Aaa / AAA
AAA

1.59 1.54
13077DNC2 California State University TE-REV

0.685% Due 11/01/2024
625,000.00 08/27/2020

0.69%
625,000.00
625,000.00

92.76 4.86%
579,743.75
713.54

0.21%
(45,256.25)
Aa2 / AA-
NR

1.84 1.78
13067WRB0 California St Dept of Water TE-REV

0.560% Due 12/01/2024
77,500.00 07/30/2020

0.56%
77,500.00
77,500.00

92.62 4.63%
71,778.18

36.17 0.03%
(5,721.82)
Aa1 / AAA
NR

1.92 1.86
91412HGE7 University of California Callable STE-REV 1X 4/15/2025

0.883% Due 05/15/2025
760,000.00 07/10/2020

0.88%
760,000.00
760,000.00

91.71 4.61%
697,011.20
857.49

0.25%
(62,988.80)
Aa2 / AA
AA

2.37 2.30
341271AD6 Florida State Brd of Admin Fin ST TE-REV

1.258% Due 07/01/2025
1,875,000.00 09/03/2020

1.17%
1,882,423.50
1,878,842.36

91.82 4.77%
1,721,531.25
11,793.75

0.62%
(157,311.11)
Aa3 / AA
AA

2.50 2.39
54438CYK2 Los Angeles Cmnty College Dist STE-GO

0.773% Due 08/01/2025
965,000.00 10/30/2020

0.77%
965,000.00
965,000.00

90.42 4.76%
872,562.65
3,108.10

0.31%
(92,437.35)
Aaa / AA+
NR

2.59 2.49
As of December 31, 2022
29 Attachment A
Holdings Report
City of Stockton Reserve Portfolio - Account #10020
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
646140DP5 New jersey St Turnpike Auth TE-REV

1.047% Due 01/01/2026
557,500.00 01/22/2021

1.05%
557,500.00
557,500.00

89.68 4.78%
499,938.13
2,918.51

0.18%
(57,561.87)
A1 / AA-
A+

3.01 2.87
TOTAL Municipal Bonds 8,425,000.00 1.26%
8,476,114.12
8,437,099.39 4.61%
7,908,273.79
40,139.13

2.82%
(528,825.60)
Aa2 / AA
AA

1.85 1.78
Negotiable CD
06742TG34 Barclays Bank Yankee CD

1.050% Due 02/01/2023
2,942,500.00 02/03/2022

1.05%
2,942,500.00
2,942,500.00

99.69 4.48%
2,933,457.70
28,493.21

1.05%
(9,042.30)
P-1 / A-1
F-1

0.09 0.09
TOTAL Negotiable CD 2,942,500.00 1.05%
2,942,500.00
2,942,500.00 4.48%
2,933,457.70
28,493.21

1.05%
(9,042.30)
Aaa / AA
AA

0.09 0.09
Supranational
459058JM6 Intl. Bank Recon & Development Note

0.250% Due 11/24/2023
1,870,000.00 11/17/2020

0.32%
1,865,979.50
1,868,799.36

96.12 4.72%
1,797,366.56
480.49

0.64%
(71,432.80)
Aaa / AAA
AAA

0.90 0.88
4581X0DZ8 Inter-American Dev Bank Note

0.500% Due 09/23/2024
4,190,000.00 09/15/2021

0.52%
4,186,899.40
4,188,214.89

93.20 4.64%
3,905,106.15
5,703.06

1.39%
(283,108.74)
Aaa / AAA
NR

1.73 1.68
TOTAL Supranational 6,060,000.00 0.46%
6,052,878.90
6,057,014.25 4.67%
5,702,472.71
6,183.55

2.03%
(354,541.54)
Aaa / AAA
AAA

1.47 1.43
US Treasury
912828S92 US Treasury Note

1.250% Due 07/31/2023
807,500.00 04/02/2019

2.28%
773,307.42
802,930.88

98.03 4.70%
791,601.94
4,224.01

0.28%
(11,328.94)
Aaa / AA+
AAA

0.58 0.57
912828T26 US Treasury Note

1.375% Due 09/30/2023
2,500,000.00 08/07/2019

1.46%
2,491,503.90
2,498,473.62

97.56 4.73%
2,439,062.50
8,782.62

0.87%
(59,411.12)
Aaa / AA+
AAA

0.75 0.73
912828WE6 US Treasury Note

2.750% Due 11/15/2023
2,662,500.00 03/06/2019

2.52%
2,689,437.01
2,667,500.57

98.30 4.76%
2,617,154.96
9,506.30

0.93%
(50,345.61)
Aaa / AA+
AAA

0.87 0.85
91282CAW1 US Treasury Note

0.250% Due 11/15/2023
1,572,500.00 10/04/2021

0.30%
1,570,780.08
1,571,789.70

96.16 4.80%
1,512,056.25
510.41

0.54%
(59,733.45)
Aaa / AA+
AAA

0.87 0.85
912828U57 US Treasury Note

2.125% Due 11/30/2023
4,257,500.00 01/07/2019

2.52%
4,181,330.66
4,243,298.21

97.66 4.76%
4,158,049.06
7,953.57

1.48%
(85,249.15)
Aaa / AA+
AAA

0.92 0.89
9128285U0 US Treasury Note

2.625% Due 12/31/2023
230,000.00 01/30/2019

2.56%
230,682.81
230,138.46

97.96 4.73%
225,319.04

16.68 0.08%
(4,819.42)
Aaa / AA+
AAA

1.00 0.97
9128286G0 US Treasury Note

2.375% Due 02/29/2024
1,709,500.00 08/11/2021

0.35%
1,797,579.32
1,749,570.42

97.43 4.67%
1,665,494.05
13,795.24

0.60%
(84,076.37)
Aaa / AA+
AAA

1.16 1.12
912828W71 US Treasury Note

2.125% Due 03/31/2024
2,965,000.00 01/05/2022

0.88%
3,046,537.50
3,010,520.94

96.91 4.71%
2,873,268.83
16,097.75

1.03%
(137,252.11)
Aaa / AA+
AAA

1.25 1.20
As of December 31, 2022
30 Attachment A
Holdings Report
City of Stockton Reserve Portfolio - Account #10020
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CBV2 US Treasury Note

0.375% Due 04/15/2024
1,570,000.00 10/04/2021

0.40%
1,569,141.40
1,569,562.32

94.66 4.69%
1,486,226.37
1,261.61

0.53%
(83,335.95)
Aaa / AA+
AAA

1.29 1.26
912828X70 US Treasury Note

2.000% Due 04/30/2024
2,257,500.00 06/03/2019

1.90%
2,267,729.29
2,260,270.08

96.52 4.73%
2,178,839.67
7,732.87

0.78%
(81,430.41)
Aaa / AA+
AAA

1.33 1.29
912828XX3 US Treasury Note

2.000% Due 06/30/2024
5,715,000.00 07/01/2019

1.78%
5,773,935.94
5,732,642.01

96.21 4.64%
5,498,452.94
315.75

1.95%
(234,189.07)
Aaa / AA+
AAA

1.50 1.45
9128282N9 US Treasury Note

2.125% Due 07/31/2024
1,250,000.00 08/07/2019

1.47%
1,289,453.12
1,262,514.82

96.22 4.63%
1,202,735.00
11,115.83

0.43%
(59,779.82)
Aaa / AA+
AAA

1.58 1.52
91282CCT6 US Treasury Note

0.375% Due 08/15/2024
3,010,000.00 08/19/2021

0.42%
3,006,002.34
3,007,830.78

93.46 4.60%
2,813,055.70
4,263.49

1.00%
(194,775.08)
Aaa / AA+
AAA

1.62 1.58
9128282U3 US Treasury Note

1.875% Due 08/31/2024
7,137,500.00 Various

1.28%
7,335,869.62
7,206,001.45

95.70 4.59%
6,830,530.40
45,471.99

2.44%
(375,471.05)
Aaa / AA+
AAA

1.67 1.60
91282CCX7 US Treasury Note

0.375% Due 09/15/2024
1,577,500.00 10/04/2021

0.50%
1,571,769.24
1,574,178.82

93.25 4.53%
1,471,080.27
1,764.88

0.52%
(103,098.55)
Aaa / AA+
AAA

1.71 1.66
9128283D0 US Treasury Note

2.250% Due 10/31/2024
1,700,000.00 11/01/2019

1.57%
1,755,582.03
1,720,408.55

96.10 4.49%
1,633,660.90
6,551.10

0.58%
(86,747.65)
Aaa / AA+
AAA

1.84 1.76
912828YM6 US Treasury Note

1.500% Due 10/31/2024
1,060,000.00 01/12/2021

0.35%
1,106,043.75
1,082,208.56

94.80 4.49%
1,004,847.14
2,723.20

0.36%
(77,361.42)
Aaa / AA+
AAA

1.84 1.77
9128283J7 US Treasury Note

2.125% Due 11/30/2024
5,457,500.00 Various

1.66%
5,578,317.09
5,504,299.90

95.78 4.45%
5,227,046.15
10,195.33

1.86%
(277,253.75)
Aaa / AA+
AAA

1.92 1.84
912828ZC7 US Treasury Note

1.125% Due 02/28/2025
4,472,500.00 08/19/2021

0.53%
4,565,793.56
4,529,605.21

93.42 4.35%
4,178,120.05
17,096.19

1.49%
(351,485.16)
Aaa / AA+
AAA

2.16 2.09
912828ZL7 US Treasury Note

0.375% Due 04/30/2025
2,997,500.00 04/05/2021

0.70%
2,958,391.99
2,975,099.86

91.34 4.32%
2,737,793.60
1,925.19

0.97%
(237,306.26)
Aaa / AA+
AAA

2.33 2.27
912828ZW3 US Treasury Note

0.250% Due 06/30/2025
1,597,500.00 10/04/2021

0.70%
1,571,103.81
1,579,857.35

90.66 4.23%
1,448,296.70

11.03 0.51%
(131,560.65)
Aaa / AA+
AAA

2.50 2.44
91282CAJ0 US Treasury Note

0.250% Due 08/31/2025
8,820,000.00 Various

0.56%
8,710,250.00
8,748,043.71

90.01 4.26%
7,939,031.94
7,492.12

2.82%
(809,011.77)
Aaa / AA+
AAA

2.67 2.60
91282CAT8 US Treasury Note

0.250% Due 10/31/2025
3,500,000.00 10/04/2021

0.78%
3,425,898.44
3,448,438.08

89.51 4.22%
3,132,773.00
1,498.62

1.11%
(315,665.08)
Aaa / AA+
AAA

2.84 2.76
91282CAZ4 US Treasury Note

0.375% Due 11/30/2025
6,772,500.00 Various

0.94%
6,619,508.79
6,663,991.29

89.54 4.23%
6,063,771.42
2,232.70

2.16%
(600,219.87)
Aaa / AA+
AAA

2.92 2.84
91282CBC4 US Treasury Note

0.375% Due 12/31/2025
6,400,000.00 01/11/2021

0.49%
6,363,250.00
6,377,828.51

89.46 4.15%
5,725,497.60

66.30 2.03%
(652,330.91)
Aaa / AA+
AAA

3.00 2.92
9128286A3 US Treasury Note

2.625% Due 01/31/2026
1,707,500.00 02/04/2021

0.46%
1,890,055.76
1,820,319.86

95.64 4.14%
1,633,063.25
18,756.98

0.59%
(187,256.61)
Aaa / AA+
AAA

3.09 2.89
As of December 31, 2022
31 Attachment A
Holdings Report
City of Stockton Reserve Portfolio - Account #10020
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CBH3 US Treasury Note

0.375% Due 01/31/2026
17,305,000.00 Various

0.79%
16,971,456.65
17,087,368.51

89.06 4.19%
15,411,590.73
27,156.63

5.49%
(1,675,777.78)
Aaa / AA+
AAA

3.09 3.00
91282CBQ3 US Treasury Note

0.500% Due 02/28/2026
12,670,000.00 Various

0.94%
12,437,181.06
12,499,017.76

89.21 4.18%
11,303,021.04
21,525.00

4.02%
(1,195,996.72)
Aaa / AA+
AAA

3.16 3.07
91282CCF6 US Treasury Note

0.750% Due 05/31/2026
8,320,000.00 Various

0.80%
8,301,545.71
8,307,379.77

89.29 4.14%
7,429,177.60
5,485.71

2.64%
(878,202.17)
Aaa / AA+
AAA

3.42 3.30
91282CCZ2 US Treasury Note

0.875% Due 09/30/2026
3,700,000.00 04/05/2022

2.77%
3,406,746.09
3,454,935.03

88.91 4.10%
3,289,821.70
8,271.63

1.17%
(165,113.33)
Aaa / AA+
AAA

3.75 3.61
912828V98 US Treasury Note

2.250% Due 02/15/2027
2,650,000.00 09/30/2022

4.07%
2,458,185.55
2,469,341.74

93.19 4.06%
2,469,572.10
22,521.40

0.89%
230.36
Aaa / AA+
AAA

4.13 3.84
91282CBJ9 US Treasury Note

0.750% Due 01/31/2028
540,000.00 03/14/2022

2.15%
498,382.03
504,039.59

85.19 4.00%
460,012.50
1,694.84

0.16%
(44,027.09)
Aaa / AA+
AAA

5.09 4.87
91282CCY5 US Treasury Note

1.250% Due 09/30/2028
525,000.00 03/14/2022

2.17%
495,591.79
499,183.26

86.07 3.99%
451,869.08
1,676.68

0.16%
(47,314.18)
Aaa / AA+
AAA

5.75 5.42
9128286B1 US Treasury Note

2.625% Due 02/15/2029
500,000.00 03/21/2022

2.33%
509,433.59
508,367.54

92.63 3.99%
463,125.00
4,957.54

0.17%
(45,242.54)
Aaa / AA+
AAA

6.13 5.51
912828YB0 US Treasury Note

1.625% Due 08/15/2029
520,000.00 03/21/2022

2.29%
496,518.75
498,994.58

86.99 3.87%
452,339.16
3,191.71

0.16%
(46,655.42)
Aaa / AA+
AAA

6.63 6.12
912828Z94 US Treasury Note

1.500% Due 02/15/2030
542,500.00 04/06/2022

2.66%
498,040.43
502,149.88

85.45 3.86%
463,540.75
3,073.68

0.17%
(38,609.13)
Aaa / AA+
AAA

7.13 6.58
91282CAE1 US Treasury Note

0.625% Due 08/15/2030
587,500.00 04/06/2022

2.65%
498,755.37
506,471.03

78.95 3.84%
463,826.55
1,386.93

0.17%
(42,644.48)
Aaa / AA+
AAA

7.63 7.27
91282CBL4 US Treasury Note

1.125% Due 02/15/2031
565,000.00 04/06/2022

2.63%
498,104.88
503,589.78

81.76 3.75%
461,953.61
2,400.87

0.17%
(41,636.17)
Aaa / AA+
AAA

8.13 7.56
91282CCS8 US Treasury Note

1.250% Due 08/15/2031
562,500.00 04/06/2022

2.63%
498,515.62
503,483.64

81.36 3.80%
457,668.56
2,655.83

0.16%
(45,815.08)
Aaa / AA+
AAA

8.63 7.95
TOTAL US Treasury 132,694,500.00 1.16%
131,707,712.39
131,681,646.07 4.35%
122,064,347.11
307,360.21

43.48%
(9,617,298.96)
Aaa / AA+
AAA

2.53 2.44
TOTAL PORTFOLIO 299,616,015.99 1.30%
299,251,229.41
298,458,914.52 4.54%
280,456,557.78
966,108.71
100.00%
(18,002,356.74
)
Aa1 / AA
AAA

2.24 2.09
TOTAL MARKET VALUE PLUS ACCRUALS 281,422,666.49
As of December 31, 2022
32 Attachment A
SECTION |
Section 4 |
Transactions
33 Attachment A
Transaction Ledger
City of Stockton Reserve Portfolio - Account #10020
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 10/25/2022 3137F2LJ3 2,400,000.00 FHLMC K066 A2

3.117% Due: 06/25/2027

93.098 4.88% 2,234,343.75 4,987.20 2,239,330.95 0.00
Purchase 11/02/2022 63743HFF4 3,000,000.00 National Rural Utilities Note

5.45% Due: 10/30/2025
100.525 5.26% 3,015,750.00 908.33 3,016,658.33 0.00
Purchase 11/30/2022
3133ENQ45 875,000.00 FFCB Note

4.25% Due: 09/30/2030

99.000 4.40% 866,250.00 6,197.92 872,447.92 0.00
Purchase 12/27/2022
3133EN4V9 2,100,000.00 FFCB Note

4.125% Due: 09/23/2030

99.405 4.22% 2,087,505.00 962.50 2,088,467.50 0.00
Subtotal 8,375,000.00 8,203,848.75 13,055.95 8,216,904.70 0.00 TOTAL ACQUISITIONS 8,375,000.00 8,203,848.75 13,055.95 8,216,904.70 0.00

DISPOSITIONS
Sale 10/06/2022
22552G3C2 2,032,500.00 Credit Suisse New York Yankee CD

0.59% Due: 03/17/2023

98.013 0.59% 1,992,114.23 6,762.01 1,998,876.24 -40,385.77 Sale 11/01/2022 912828WE6 2,800,000.00 US Treasury Note

2.75% Due: 11/15/2023

98.137 2.52% 2,747,828.13 35,570.65 2,783,398.78 -58,439.45 Subtotal 4,832,500.00 4,739,942.36 42,332.66 4,782,275.02 -98,825.22 Maturity 12/02/2022
23341VZT1 1,810,000.00 DNB NOR BANK ASA NY Yankee CD

2.04% Due: 12/02/2022
100.000 1,810,000.00 18,769.70 1,828,769.70 0.00
Subtotal 1,810,000.00 1,810,000.00 18,769.70 1,828,769.70 0.00 Security
Withdrawal
10/07/2022
14042WAC4 0.01 Capital One Prime Auto Trust 2019-1 A3

2.51% Due: 11/15/2023
100.000 2.52% 0.01 0.00 0.01 0.00
Subtotal 0.01 0.01 0.00 0.01 0.00
TOTAL DISPOSITIONS 6,642,500.01 6,549,942.37 61,102.36 6,611,044.73 -98,825.22 September 30, 2022 through December 31, 2022
As of December 31, 2022
34 Attachment A
Important Disclosures
2022 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures . Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report i s provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.

As of December 31, 2022
35 Attachment A
Benchmark Disclosures
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

ICE BofA 1-5 Yr AAA-A US Corp & Govt Index
The ICE BofA US 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be issued from US issuers and be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities.

As of December 31, 2022
36 Attachment A

City Council and Concurrent AuthoritiesFebruary 7, 2023

City Council and Concurrent Authorities
February 7, 2023