Attachment A - Quarterly Investment Report 03-31-23 — City Council and Concurrent Authorities, May 2, 2023

Investment Performance Review
For the Quarter Ended March 31, 2023
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
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• Market Update
Acc
ount Summary•
Portfolio Review•

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 March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes
▸ The U.S. economy is characterized by:
▹ Lingering inflation that remains well above the Fed’s long-term inflation target ▹ A l
abor market showing the first signs of moderation
▹ Greater economic uncertainty following the surprise failure of Silicon Valley Bank and Signature Bank
▸ Fed policy tightening may be nearly complete
▹ The most recent FOMC statement noted that “some additional policy firming may be app
ropriate,” but the need for more rate hikes has become less clear ▹ Although the Fed acknowledged the impact of the recent bank failures, their March updated Summary of Economic Projections were little changed from December ▹ The Fed has maintained that they will keep rates elevated for some time, but the market is pricing in rate cuts beginning mid-year
▸ Bond markets saw unprecedented volatility in March
▹ In a classic “flight to quality,” Treasury yields fell sharply, with the 2-year Treasury yield falling fro
m 5.07% on March 8 to under 4.00% on March 17
▹ The curve inversion from 3 months to 10 years reached the deepest levels in over 40 years ▹ Credit yield spreads widened, especially those on banks, but not nearly to levels seen during the global financial crisis

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Market Update
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ATTACHMENT A
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
▼/▲ Changes in 2-Year Treasury
Market Events Drive Large Yield Moves
January 2023 April
Jan 6th
Weak wage growth
hints inflation may
be cooling
▼-21 bps
Jan 18th
Producer
prices show
strong decline
▼-12 bps
Feb 3rd
Strong jobs report
raises questions of
more rate hikes
▲ +18bps
Feb 6th
Markets continue
to stew on strong
economic data
▲ +18bps
Mar 10th
Silicon Valley
Bank closed by
regulators
Mar 15th
Bank crisis spills
over to Europe
▼-30 bps ▼-27 bps
Mar 13th
Market digests
weekend action on
two failed banks
▼-57 bps ▼-33 bps ▼-21 bps
Mar 17th
Market weighs
weaker economic
prospects
Mar 22nd
Fed rate hike
accompanied
by softer tone
Mar 21st
Market prices in
expected 25 bps rate
hike
▲ +25 bps
Major Economic and Market Events
and the Daily Change in the 2-Year U.S. Treasury Yield

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%
Jan-23 Feb-23 Mar-23 Apr-23
2-Year Treasury
Daily High and Low Yield
0 50
100
150
200
250
2019 2020 2021 2022 2023
Fixed Income Market Volatility
ICE BofA MOVE Index
The surprise failure of two large U.S. banks caused volatility in the markets. In a classic “flight to quality”, Treasury yields fell sharply, with the 2-year Treasury yield falling from

5.07% on March 8 to 4.03% on March 31.

The “MOVE index,” which measures volatility in
the bond market, eclipsed the level seen in the
early days of the COVID pandemic
Average daily yield
changes of over 20 bps
Bond Markets Saw Unprecedented Volatility in March

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
As Economic Uncertainty Increased, Longer-Term Interest Rates Fell Source: Bloomberg, as of 3/31/2022.

4.69%

4.86%

4.03% 3.79%

3.57% 3.47%

3.65%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
March 31, 2023
December 31, 2022
3mo 2yr 5yr 7yr 10yr 30yr

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Sector Yield Spreads
Source: ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess and PFMAM as of 03/31/2023. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries. CMBS is Commercial Mortgage-Backed Securities. -0.2%

0.0%

0.2%

0.4%

0.6%

0.8%
Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Federal Agency Yield Spreads
Bullet Callable

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Corporate Notes A-AAA Yield Spreads

0.0%

0.5%

1.0%

1.5%

2.0%
Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Mortgage-Backed Securities Yield Spreads
Agency MBS AAA CMBS Index

0.0%

0.4%

0.8%

1.2%

1.6%
Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Asset-Backed Securities AAA Yield Spreads

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Source: ICE BofAML Indices. ABS indices are 0-5 year, based on weighted average life. As of 3/31/2023. 1-5 Year Fixed-Income Index Total Returns
As of March 31, 2023

1.82%

1.68%

1.47%

1.73% 1.68%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1Q23 Quarterly Returns

0.87% 0.83%

1.28%

1.65%

2.12%

0.0%

0.5%
1 .0%

1.5%

2.0%

2.5%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
10-Year Average

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update Fed’s Updated Projections Reflect Little Change From December

CLIENT NAME
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Federal Reserve, latest economic projections as of March 2023.

0.4%

1.2%

1.9% 1.8%
0%
1%
2%
3%
2023 2024 2025 Longer
Run
Change in Real GDP
December Projections March Projections

4.5% 4.6% 4.6%

4.0%
0%
2%
4%
6%
8%
2023 2024 2025 Longer
Run
Unemployment Rate
December Projections March Projections

5.1%

4.3%

3.1%

2.5%
0%
1%
2%
3%
4%
5%
6%
2023 2024 2025 Longer
Run
Federal Funds Rate
December Projections March Projections

3.3%

2.5%

2.1% 2.0%
0%
1%
2%
3%
4%
5%
6%
2023 2024 2025 Longer
Run
PCE Inflation
December Projections March Projections

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market UpdateCLIENT NAME For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Source: Bloomberg, Federal Reserve latest economic projection as of 03/31/2023.

Market Expectations Evolve Amid Changing Policy Enviro n ment 0%
1%
2%
3%
4%
5%
6%
Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Implied Federal Funds Rate
1-Year Range
March 31, 2023
February 28, 2023
Median FOMC Projections

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

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

ATTACHMENT A
Consolidated Summary
Account Summary
Reserve Portfolio1 $679,708,813
Short-Term Portfolio $60,097,003
BoW Main Account $49,645,566
CAMP Pool $71,392,032
Local Agency Investment Fund $30,315,904
Total Program $891,159,318

18.3%

6.4%

0.4%

3.1%

6.3%

16.3%

25.1%

5.9% 7.0%

4.5%

6.7%

0.0%$0
$50
$100
$150
$200
$250
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: 838 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
40%
Federal
Agency
16%Agency MBS
1%
Supranational
1%
Municipal
2%
Commercial
Paper
1%
Negotiable
CD
6%
Corporate
15%
Asset-Backed
1%
MMF
<1%
LAIF
3%
CAMP
8%
Cash
<1%
BoW
6%
Sector Allocation

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
© PFM Asset Management LLC | pfmam.com

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

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
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
14%
22%
27%
8 %
13%
6% 2%
9%5 %
35%
27%
2 2%
12%
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 | 60%
Corporate | 17%
Federal Agency | 16%
Municipal | 2%
Supranational | 2%
ABS | 1%
Negotiable CD | 1%
Agency CMBS | <1%
Sector Allocation
AAA | 4%
AA+ | 77%
AA | 3%
AA- | 2%
A+ | 3%
A | 6%
A- | 3%
BBB+ | 1%
Not Rated | <1%
Portfolio Statistics
Portfolio Effective Duration 3.10 years
Benchmark Effective Duration 2.49 years
Portfolio Credit Quality AA
Yield At Market 4.04%
Yield At Cost 2.10%
Total Market Value $371,346,924.27
$369,714,059.92Securities Sub-Total
$94,848.12Cash
$1,538,016.23Accrued Interest
0% 0% 0%

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
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 60.5%
UNITED STATES TREASURY 60.5% AA / Aaa / AAA
Federal Agency 16.4%
FANNIE MAE 11.0% AA / Aaa / AAA
FEDERAL FARM CREDIT BANKS 0.8% AA / Aaa / AAA
FEDERAL HOME LOAN BANKS 1.3% AA / Aaa / NR
FREDDIE MAC 2.2% AA / Aaa / AAA
UNITED STATES TREASURY 1.1% AA / Aaa / AAA
Agency CMBS 0.2%
FANNIE MAE 0.2% AA / Aaa / AAA
Supranational 1.6%
INTER-AMERICAN DEVELOPMENT BANK 1.1% AAA / Aaa / AAA
INTL BANK OF RECONSTRUCTION AND DEV 0.5% AAA / Aaa / AAA Municipal 2.2%

CALIFORNIA DEPARTMENT OF WATER

RESOURCES

0.0% AAA / Aa / NR
CALIFORNIA STATE UNIVERSITY 0.2% AA / Aa / NR
FLORIDA STATE BOARD OF ADMIN FIN CORP 0.5% AA / Aa / AA

LOS ANGELES COMMUNITY COLLEGE

DISTRICT

0.2% AA / Aaa / NR
NEW JERSEY TURNPIKE AUTHORITY 0.1% AA / A / A
SAN DIEGO COMMUNITY COLLEGE DISTRICT 0.2% AAA / Aaa / NR STATE OF CALIFORNIA 0.6% AA / Aa / AA
STATE OF MARYLAND 0.2% AAA / Aaa / AAA
UNIVERSITY OF CALIFORNIA 0.2% AA / Aa / AA
Negotiable CD 0.8%
TORONTO-DOMINION BANK 0.8% A / A / NR
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 17.2%
3M COMPANY 0.4% A / A / NR
AMAZON.COM INC 1.1% AA / A / AA
AMERICAN HONDA FINANCE 0.5% A / A / A
BANK OF AMERICA CO 1.0% A / A / AA
CITIGROUP INC 0.3% BBB / A / A
DEERE & COMPANY 0.6% A / A / A
GOLDMAN SACHS GROUP INC 0.5% BBB / A / A
HOME DEPOT INC 0.9% A / A / A
HONEYWELL INTERNATIONAL 0.5% A / A / A
INTEL CORPORATION 0.6% A / A / A
JP MORGAN CHASE & CO 0.8% A / A / AA
MASTERCARD INC 0.6% A / Aa / NR
MERCK & CO INC 0.6% A / A / NR
MICROSOFT CORP 1.3% AAA / Aaa / NR
MORGAN STANLEY 0.4% A / A / A
NOVARTIS AG 0.9% AA / A / AA
PACCAR FINANCIAL CORP 0.1% A / A / NR
PFIZER INC 0.8% A / A / A
STATE STREET CORPORATION 1.1% A / A / AA
TARGET CORP 0.5% A / A / A

THE BANK OF NEW YORK MELLON

CORPORATION

0.9% A / A / AA
TOYOTA MOTOR CORP 0.5% A / A / A
TRUIST FIN CORP 0.6% A / A / A
US BANCORP 0.7% A / A / A
WAL-MART STORES INC 1.1% AA / Aa / AA

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

Issuer Diversification - CITY OF STOCKTON RESERVE PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer ABS 1.2%
CARMAX AUTO OWNER TRUST 0.3% AAA / NR / AAA
DISCOVER FINANCIAL SERVICES 0.2% AAA / Aaa / NR
HONDA AUTO RECEIVABLES 0.2% AAA / Aaa / AAA
HYUNDAI AUTO RECEIVABLES 0.2% AAA / NR / AAA
NISSAN AUTO RECEIVABLES 0.0% AAA / Aaa / NR
TOYOTA MOTOR CORP 0.3% AAA / Aaa / NR
100.0%Total

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Portfolio Characteristics
|
$0.0
$114.0
$228.0
$342.0
$456.0
$570.0
Millions
March 2023
$0.0
$114.0
$228.0
$342.0
$456.0
$570.0
Millions
December 2022
$0.0
$114.0
$228.0
$342.0
$456.0
$570.0
Millions
September 2022
$0.0
$114.0
$228.0
$342.0
$456.0
$570.0
Millions
June 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.

Jun-22 % of TotalSecurity Type Sep-22 % of Total Dec-22 % of Total % of TotalMar-23 U.S. Treasury $249.5 44.0% $134.9 48.0% $145.2 49.5% $223.5 60.4% Federal Agency $144.3 25.4% $61.7 21.9% $62.8 21.4% $60.7 16.4% Agency CMBS $4.0 0.7% $0.9 0.3% $0.8 0.3% $0.7 0.2%
Supranational $11.5 2.0% $5.7 2.0% $5.7 2.0% $5.8 1.6%
Municipal $16.0 2.8% $7.9 2.8% $7.9 2.7% $8.0 2.2%
Negotiable CD $20.8 3.7% $6.7 2.4% $7.7 2.6% $2.8 0.8%
Commercial Paper $7.1 1.2% $0.0 0.0% $0.0 0.0% $0.0 0.0% Corporate $101.3 17.8% $57.3 20.4% $57.6 19.7% $63.7 17.2% ABS $13.7 2.4% $6.1 2.2% $5.3 1.8% $4.6 1.2%
Total $568.1 100.0% $281.1 100.0% $293.1 100.0% $369.7 100.0%

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($ m
illions)
Negotiable CD
Federal Agency
ABS
Agency CMBS
Corporate
U.S. Treasury
Negotiable CD
Fede
ral Agency
ABS
Agency CMBS
Corporate
U.S. Treasury
($20.0) $0.0 $20.0 $40.0 $60.0 $80.0 $100.0
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 $75,422,919
Corporate $5,588,015
Agency CMBS ($73,551)
ABS ($750,857)
Federal Agency ($3,060,490)
Negotiable CD ($5,018,312)
$72,107,724Total Net Activity
Sales/Maturities Purchases

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
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
U.S. Treasury
Federal Agency
Agency CMBS
Supranational
Municipal
Negotiable CD
Commercial Paper
Corporate
ABS
-0.50%

0.00%

0.50%

1.00%

1.50%

0.21%

0.61%

0.00%

0.83%

0.37%

0.11%

0.84%

0.26%

0.40%

0.96%

0.87%

0.00%

0.48%

1.22%

1.35%
-0.82%

1.50%

1.57%
-1.2% 1.4% 4.0%
Return
-3.8%-6.4% 6.6%
Quarterly Sector Performance - CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
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. -1.5%
-1.0%
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance - CITY OF STOCKTON RESERVE PORTFOLIO Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $1,39 3,709 $5,155,938 $22,256,829 $41,743,784 $46,015,955 Change in Market Value $4,945,894 ($6,133,715) ($37,173,471) ($14,980,242) ($20,780,304) $6,339,603Total Dollar Return ($977,777) ($14,916,642) $26,763,542 $25,235,651 Total Return³
Portfolio 1.83% -0.01% -0.71% 1.40% 1.15%
Benchmark⁴ 1.81% -0.39% -1.22% 1.17% 0.94%
Basis Point Fee 0.01% 0.05% 0.05% 0.05% 0.05%
Net of Fee Return 1.82% -0.06% -0.76% 1.35% 1.10%
3 Months 1 Year 3 Years 5 Years Since Inception

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
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
Reali
zed Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$1,393,709
($210
,419)
$247,572
$1,430,861
1 Year
$5,155,938
($14,
050,068)
$13,973,357
$5,079,228
3 Years
$22,256,829
($7,6
35,171)
$12,290,766
$26,912,425
5 Year
$41,743,784
($8,0
95,570)
$13,555,587
$47,203,801
Since Inception¹
$46,015,955
($8,5
78,471)
$14,405,683
$51,843,167
Jan-23

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

CITY OF STOCKTON SHORT-TERM PORTFOLIO

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
Negotiable CD | 83%
Commercial Paper | 17%
Sector Allocation
A-1 | 100%
Portfolio Statistics
Portfolio Effective Duration 0.1 0 years
Yield At Cost 2.85%
Yield At Market 5.17%
Portfolio Credit Quality A
Total Market Value $61,305,561.16
$60,097,002.82Securities Sub-Total
$0.00Cash
$1,208,558.34Accrued Interest

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 83.3%
MITSUBISHI UFJ FINANCIAL GROUP INC 33.3% A / Aa / A
NATIXIS NY BRANCH 25.0% A / Aa / AA
SUMITOMO MITSUI FINANCIAL GROUP INC 25.0% A / Aa / A
Commercial Paper 16.7%
ING GROEP NV 16.7% A / Aa / NR
100.0%Total

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Portfolio Characteristics
|
$0.0
$24.0
$48.0
$72.0
$96.0
$120.0
Millions
March 2023
$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
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.

Jun-22 % of TotalSecurity Type Sep-22 % of Total Dec-22 % of Total % of TotalMar-23 Negotiable CD $49.5 62.7% $49.4 41.5% $49.6 45.1% $49.9 82.9% Commercial Paper $29.4 37.3% $69.7 58.5% $60.4 54.9% $10.2 17.1% Total $78.9 100.0% $119.1 100.0% $109.9 100.0% $60.1 100.0%

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON SHORT-TERM PORTFOLIO Net Activity by Sector
($
millions)
Commercial PaperCommercial Paper
($60.0) ($40.0) ($20.0) $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 ($50,490,000)
($50,490,000)Total Net Activity
Sales/Maturities Purchases

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Performance inception date is March 4, 2022.1.

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 SHORT-TERM PORTFOLIO Accrual Basis Earnings
Interest Earned²
Realiz
ed Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$336,750
-
$259,9
55 $596,705
1 Year
$1,208,558
-
$1,394
,581
$2,620,639
3 Years
-
-
-
-
5 Year
-
-
-
-
Since Inception¹
$1,208,558
-
$1,394
,581
$2,620,639

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Compliance
|
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Asset and Investment Management ("AIM").

Certificate of Compliance
During the reporting period for the quarter ended March 31, 2023, the account(s) managed by PFM Asset Management ("PFMAM") wer
e in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management LLC

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 March 31, 2023
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/Description
Dat
ed 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 5.18 2,470.312,491.89

US TREASURY NOTES
DTD 09/30/2016 1.375% 09/30/2023
912828T26 155,000.00 AA+ Aaa 8/7/2019 8/8/2019 154,473.24 1.46 5.82 152,481.25154,936.68

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 1,487.79 1,529,010.631,571,990.72

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 2.52 130.09 12,339.8412,516.83

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 30,322.99 4,185,654.694,247,136.53

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 1,517.71 226,514.07230,104.23

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 1,954.73 926,534.72963,995.33

US TREASURY NOTES
DTD 02/28/2019 2.375% 02/29/2024
9128286G0 763,000.00 AA+ Aaa 8/11/2021 8/12/2021 802,521.02 0.33 1,575.76 746,905.43777,178.33

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 0.88 172.15 2,893,191.263,001,516.79

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 2,717.31 1,502,293.751,569,646.13

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 18,958.01 2,194,713.282,259,756.04

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 28,732.87 5,543,550.005,729,733.98

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 4,402.62 1,212,890.631,260,562.76

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 1,403.14 2,850,093.753,008,160.56

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 11,637.23 6,894,378.917,299,804.78

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 0.50 273.28 1,490,244.531,574,658.61

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 16,060.77 1,647,406.251,717,663.01

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 6,676.24 1,015,115.571,079,220.86

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 38,869.69 5,272,456.915,500,534.37

US TREASURY NOTES
DTD 02/29/2020 1.125% 02/28/2025
912828ZC7 3,085,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,139,108.01 0.60 3,017.93 2,916,289.073,115,476.63

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 1,357.34 1,311,621.091,403,207.08

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 4,719.82 2,780,181.252,977,471.64

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 1,003.95 1,472,196.091,581,600.31

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 6,095,000.00 AA+ Aaa 8/19/2021 8/20/2021 6,004,527.34 0.62 1,325.00 5,583,591.716,040,728.70

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 0.63 592.39 2,496,355.612,700,097.44

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 3,674.03 3,190,468.753,452,926.06

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 8,512.14 6,177,789.846,652,748.93

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 0.49 659.88 637,875.00697,771.85

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 5,700,000.00 AA+ Aaa 5/6/2021 5/10/2021 5,606,707.03 0.73 5,373.27 5,194,125.005,644,717.31

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 7,429.04 1,651,472.661,811,302.29

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 0.80 742.75 1,084,835.941,180,744.04

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 8,475,000.00 AA+ Aaa 1/4/2022 1/6/2022 8,174,402.34 1.27 5,267.61 7,693,710.938,265,431.24

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 7,635,000.00 AA+ Aaa 2/18/2022 2/22/2022 7,215,969.73 1.83 4,745.51 6,931,148.447,333,321.50

US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 10,690,000.00 AA+ Aaa 2/2/2022 2/3/2022 10,249,872.66 1.55 4,647.83 9,714,537.5010,374,861.72

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 1.15 860.87 1,799,325.001,943,223.65

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 2,023.56 732,172.62803,840.93

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 10,959.89 3,965,556.034,070,301.37

US TREASURY N/B NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 3,155,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,133,186.13 0.90 7,930.84 2,869,570.933,140,149.10

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 88.46 3,350,812.503,471,057.73

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 19,225.41 2,388,393.752,453,040.84

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 2,391.40 809,978.95832,284.86

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 10,161.33 4,261,468.994,402,717.33

US TREASURY N/B NOTES
DTD 06/30/2022 3.250% 06/30/2027
91282CEW7 4,300,000.00 AA+ Aaa 3/30/2023 3/31/2023 4,214,000.00 3.76 35,130.52 4,226,093.754,214,055.41

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 5,297.86 3,691,417.763,768,355.60

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 7,635.70 2,575,157.682,604,536.89

US TREASURY N/B NOTES
DTD 08/31/2022 3.125% 08/31/2027
91282CFH9 5,030,000.00 AA+ Aaa 3/24/2023 3/24/2023 4,971,644.14 3.41 13,668.48 4,919,968.754,971,932.14

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 24.59 2,074,874.882,032,813.53

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 31,003.59 1,824,681.251,818,316.25

US TREASURY N/B NOTES
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 4,250,000.00 AA+ Aaa 3/30/2023 3/31/2023 4,320,224.61 3.73 73,611.88 4,332,343.754,320,182.68

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 10/31/2020 0.500% 10/31/2027
91282CAU5 5,340,000.00 AA+ Aaa 1/4/2023 1/6/2023 4,547,552.34 3.91 11,211.05 4,633,284.114,585,845.72

US TREASURY N/B NOTES
DTD 12/31/2022 3.875% 12/31/2027
91282CGC9 2,945,000.00 AA+ Aaa 2/1/2023 2/2/2023 2,981,582.42 3.60 28,687.31 2,976,290.632,980,399.05

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 2.15 671.27 471,571.85505,783.36

US TREASURY N/B NOTES
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 4,825,000.00 AA+ Aaa 3/24/2023 3/24/2023 4,967,299.80 3.35 16,782.61 4,912,453.134,966,668.41

US TREASURY N/B NOTES
DTD 03/31/2023 3.625% 03/31/2028
91282CGT2 4,260,000.00 AA+ Aaa 3/30/2023 3/31/2023 4,253,510.16 3.66 421.93 4,266,656.254,253,513.71

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 12,294.99 1,089,920.261,071,737.34

US TREASURY N/B NOTES
DTD 07/31/2021 1.000% 07/31/2028
91282CCR0 2,375,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,054,746.09 3.71 3,936.46 2,075,898.442,067,379.38

US TREASURY N/B
DTD 08/15/1998 5.500% 08/15/2028
912810FE3 2,715,000.00 AA+ Aaa 2/27/2023 2/28/2023 2,886,914.65 4.19 18,562.50 2,950,017.192,884,157.12

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 17.93 463,230.50500,290.22

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 19,868.78 1,080,468.801,061,136.14

US TREASURY N/B NOTES
DTD 02/16/1999 5.250% 02/15/2029
912810FG8 1,875,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,027,856.45 3.74 12,236.71 2,024,414.062,022,365.42

US TREASURY NOTES
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 2,165,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,630.86 4.15 7,064.66 2,052,352.451,994,176.90

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 1,631.56 473,984.40508,030.90

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 10,553.50 1,091,328.131,071,557.02

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 6,175.41 638,593.75663,388.02

US TREASURY N/B NOTES
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 2,675,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,535,920.90 3.67 24,655.56 2,549,609.372,540,634.43

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 1,050.41 463,775.00499,776.42

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY N/B
DTD 08/15/1999 6.125% 08/15/2029
912810FJ2 1,775,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,023,083.98 3.72 13,514.76 2,024,054.692,014,841.99

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 13,896.77 1,088,390.631,069,323.35

US TREASURY N/B NOTES
DTD 12/31/2022 3.875% 12/31/2029
91282CGB1 2,030,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,059,339.84 3.64 19,774.27 2,066,793.752,058,417.93

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 1,011.57 475,619.95503,545.54

US TREASURY N/B NOTES
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 2,010,000.00 AA+ Aaa 2/27/2023 2/28/2023 2,000,892.19 4.08 6,991.30 2,063,390.632,001,006.17

US TREASURY N/B
DTD 11/15/1999 6.250% 05/15/2030
912810FM5 2,160,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,519,859.38 3.64 51,091.16 2,520,450.002,509,251.58

US TREASURY NOTES
DTD 05/15/2020 0.625% 05/15/2030
912828ZQ6 2,535,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,057,608.01 3.56 5,996.12 2,075,135.282,071,853.20

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 21,879.32 1,079,359.381,058,845.04

US TREASURY NOTES
DTD 08/15/2020 0.625% 08/15/2030
91282CAE1 2,545,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,052,204.49 3.56 1,977.30 2,073,777.472,066,421.45

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 2.65 456.45 478,720.73509,091.44

US TREASURY NOTES
DTD 08/15/2020 0.625% 08/15/2030
91282CAE1 2,540,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,995,586.72 3.97 1,973.41 2,069,703.262,001,979.83

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 4,404.25 1,100,782.751,081,932.50

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 2.63 790.14 475,659.38505,452.58

US TREASURY NOTES
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,021,273.44 3.61 12,026.93 2,020,500.002,015,287.01

US TREASURY NOTES
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,620.31 3.98 12,160.57 2,042,950.001,989,732.43

US TREASURY N/B NOTES
DTD 05/15/2021 1.625% 05/15/2031
91282CCB5 2,930,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,530,673.05 3.53 18,019.09 2,546,353.132,541,033.26

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 7,779.58 1,099,364.061,078,475.03

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 2.63 874.05 471,796.88505,170.90

US TREASURY N/B NOTES
DTD 08/15/2021 1.250% 08/15/2031
91282CCS8 2,465,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,994,627.93 3.92 3,830.28 2,067,518.751,999,499.10

US TREASURY N/B NOTES
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 2,080,000.00 AA+ Aaa 1/10/2023 1/11/2023 1,739,075.00 3.55 10,823.75 1,755,324.901,747,518.96

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 6,790.87 1,101,297.591,077,729.75

US TREASURY N/B NOTES
DTD 02/15/2022 1.875% 02/15/2032
91282CDY4 2,365,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,999,625.98 3.94 5,512.34 2,075,287.502,003,197.14

US TREASURY N/B NOTES
DTD 05/15/2022 2.875% 05/15/2032
91282CEP2 2,175,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,056,224.61 3.57 23,665.14 2,069,648.442,059,009.50

US TREASURY N/B NOTES
DTD 05/15/2022 2.875% 05/15/2032
91282CEP2 2,670,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,525,548.83 3.56 29,051.00 2,540,671.872,528,894.37

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 7,181.15 628,031.25662,456.44

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 12,512.60 1,094,296.881,070,089.94

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 16,469.80 1,108,739.061,083,875.98

US TREASURY N/B NOTES
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,965,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,054,269.34 3.57 30,675.99 2,065,092.192,052,283.37

US TREASURY N/B NOTES
DTD 02/15/2023 3.500% 02/15/2033
91282CGM7 2,065,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,993,450.98 3.92 8,984.46 2,068,226.561,994,079.98 237,004,500.00 229,642,115.15 965,923.31 223,517,046.53Security Type Sub-Total 2.41 230,077,958.80 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 1,649.24 1,816,020.581,869,129.81

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 0.52 465.56 3,962,198.084,188,469.50 6,060,000.00 6,052,878.90 2,114.80 5,778,218.66Security Type Sub-Total 0.46 6,057,599.31

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 64,667.56 2,798,432.002,800,000.00 2,800,000.00 2,800,000.00 64,667.56 2,798,432.00Security Type Sub-Total 5.44 2,800,000.00 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 26,310.00 2,162,945.102,198,083.14

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 0.52 550.38 616,329.35647,439.28

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 2,472.25 698,030.00725,000.00

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 1,783.85 587,500.00625,000.00

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 0.56 144.67 72,378.0377,500.00

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 1,534.46 428,030.00460,715.44

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 1,000.73 279,150.00300,000.00

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 3,302.25 978,180.001,053,488.92

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 2,594.63 768,570.00825,000.00

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 1,243.24 887,433.30965,000.00

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 1,459.26 502,976.50557,500.00 8,425,000.00 8,477,779.32 42,395.72 7,981,522.28Security Type Sub-Total 1.26 8,434,726.78 Federal Agency

FREDDIE MAC NOTES
DTD 06/26/2020 0.250% 06/26/2023
3137EAES4 2,500.00 AA+ Aaa 6/24/2020 6/26/2020 2,492.70 0.35 1.65 2,473.182,499.43

FREDDIE MAC NOTES
DTD 08/21/2020 0.250% 08/24/2023
3137EAEV7 817,500.00 AA+ Aaa 8/19/2020 8/21/2020 816,666.15 0.28 210.05 802,754.75817,389.88

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 9,350.74 6,106,871.116,160,023.99

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 2,624.24 2,957,805.983,048,574.13

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 1,805.78 2,155,302.712,222,003.68

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 18,141.80 1,695,198.611,719,752.90

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 3,153.65 720,267.75750,000.00

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 16,607.50 4,187,564.704,439,496.64

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 5,705.83 2,285,541.722,455,023.03

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 30,033.33 10,128,823.0410,909,214.02

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 4,150,000.00 AA+ Aaa 10/2/2020 10/5/2020 4,167,720.50 0.41 5,994.44 3,836,392.804,158,343.92

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 1,448.06 926,743.081,001,580.74

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,490,000.00 AA+ Aaa 9/17/2020 9/18/2020 1,495,304.40 0.42 2,152.22 1,377,403.681,492,473.14

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 1,684.38 2,123,467.502,304,689.58

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 0.47 345.00 843,200.24917,929.82

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 1,153.13 2,818,305.153,066,453.34

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 0.44 295.42 3,242,285.363,539,699.88

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 66.69 2,070,495.392,263,009.39

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 3,910.00 1,786,570.891,954,609.45

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 6,190,000.00 AA+ Aaa 12/3/2020 12/4/2020 6,188,885.80 0.50 12,380.00 5,656,712.936,189,411.00

US TREASURY N/B NOTES
DTD 08/31/2022 3.125% 08/31/2029
91282CFJ5 2,120,000.00 AA+ Aaa 2/27/2023 2/28/2023 2,000,998.44 4.12 5,760.87 2,064,018.862,002,601.15

US TREASURY N/B NOTES
DTD 08/15/2022 2.750% 08/15/2032
91282CFF3 2,195,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,190.82 3.93 7,503.63 2,065,357.811,993,077.94

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 1,722.66 822,427.38783,565.17 64,527,500.00 64,326,930.76 132,051.07 60,675,984.62Security Type Sub-Total 1.10 64,191,422.22 Corporate

MORGAN STANLEY CORP NOTES
(CALLED, OMD 4
DTD 04/22/2021 0.731% 04/05/2023
61772BAA1 1,332,500.00 A- A1 4/20/2021 4/22/2021 1,334,178.95 0.67 4,762.06 1,332,310.791,332,509.42

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 13,556.56 1,769,050.201,774,978.94

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 0.39 117.88 238,468.20242,461.70

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 16,135.94 3,343,978.013,370,683.91

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 5,578.13 1,039,893.191,066,210.16

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 4,470.83 2,269,857.502,353,954.92

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 4,195.56 3,143,491.203,215,175.01

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 35,859.38 2,098,231.382,138,921.90 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 2,680.09 1,476,434.731,541,663.70

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 26,940.42 4,007,700.804,193,077.23

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 6,710.00 1,588,162.951,650,347.54

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 0.65 399.28 1,431,989.441,467,500.00

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 6,738.24 1,853,964.111,907,500.00

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 6,630.47 2,229,185.992,320,247.18

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 9,830.63 2,606,041.182,757,995.62

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 1.58 702.00 277,986.44293,633.81

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 1,595,000.00 A+ A1 5/21/2020 5/26/2020 1,616,692.00 1.50 3,828.00 1,515,857.701,603,606.34

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 8,407.78 3,494,623.683,729,684.40 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 35,945.00 2,498,046.562,564,732.51 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 17,718.19 1,387,383.201,431,200.07

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 5,538.56 1,287,775.741,356,300.95

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 24,422.66 1,761,137.511,918,176.28

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 9,000.00 1,880,090.002,022,389.75

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 1,863.68 1,577,773.681,680,000.00

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 1,167.03 414,264.81437,500.00

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 3.78 302.19 3,584,156.253,658,589.63

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 31,548.75 1,798,657.501,875,000.00

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 8,809.67 1,978,528.442,139,001.12

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

MICROSOFT CORP CORP NOTES
(CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 2,325,000.00 AAA Aaa 1/27/2023 1/31/2023 2,259,644.25 4.07 11,721.88 2,281,415.552,262,317.29

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 4,567.50 2,132,451.722,253,266.45

INTEL CORP NOTES (CALLABLE)
DTD 08/05/2022 3.750% 08/05/2027
458140BY5 2,165,000.00 A A2 8/10/2022 8/12/2022 2,165,476.30 3.75 12,629.17 2,106,941.202,165,414.50

HOME DEPOT INC CORP NOTES
(CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,450,000.00 A A2 1/25/2023 1/27/2023 3,255,385.50 4.15 4,561.67 3,268,271.253,262,751.16 66,217,500.00 66,686,785.16 327,339.20 63,674,120.90Security Type Sub-Total 2.17 65,986,791.49 Agency CMBS

FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
3136AJB54 708,138.68 AA+ Aaa 12/13/2019 12/18/2019 742,549.80 2.14 1,974.53 692,205.56715,648.60 708,138.68 742,549.80 1,974.53 692,205.56Security Type Sub-Total 2.14 715,648.60 ABS
TAOT 2020-A A3
DTD 02/12/2020 1.660% 05/15/2024
89232HAC9 136,822.17 AAA Aaa 2/4/2020 2/12/2020 136,812.29 1.66 100.94 136,393.45136,819.56 NAROT 2020-B A3
DTD 06/30/2020 0.550% 07/15/2024
65479CAD0 54,042.62 AAA Aaa 6/23/2020 6/30/2020 54,041.14 0.55 13.21 53,732.2654,042.15 CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 183,084.02 AAA NR 1/14/2020 1/22/2020 183,048.10 1.89 153.79 181,508.29183,071.48 HAROT 2021-1 A3
DTD 02/24/2021 0.270% 04/21/2025
43813GAC5 396,865.19 NR Aaa 2/17/2021 2/24/2021 396,857.93 0.27 29.76 386,228.49396,861.60 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 436,081.92 AAA NR 4/20/2021 4/28/2021 436,036.04 0.38 73.65 423,070.19436,056.19 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 266,119.74 AAA NR 1/20/2021 1/27/2021 266,067.16 0.34 40.21 257,363.68266,090.57

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
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 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 0.43 191.11 957,773.00999,948.25 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 698,537.62 AAA NR 4/13/2021 4/21/2021 698,387.08 0.52 161.44 674,410.76698,447.71 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 0.75 162.80 472,565.71494,923.20 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 3.73 417.55 304,077.42309,984.37 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 0.58 205.58 749,406.12797,381.12 4,774,053.28 4,773,370.32 1,550.04 4,596,529.37Security Type Sub-Total 0.79 4,773,626.20 390,516,691.96 383,502,409.41 1,538,016.23 369,714,059.92Managed Account Sub Total Securities Sub Total
Accrued Interest
$390,516,691.96 $383,502,409.41 $1,538,016.23 $369,714,059.92 $1,538,016.23
383,037,773.40
$383,037,773.40

2.10 2.10%
Total Investments $371,252,076.15

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Dat
e
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
1/4/2023 1/6/2023 5,340,000.00 91282CAU5 US TREASURY NOTES 0.50% 10/31/2027 4,552,494.05 3.91% 1/10/2023 1/11/2023 1,875,000.00 912810FG8 US TREASURY N/B NOTES 5.25% 2/15/2029 2,067,712.94 3.74% 1/10/2023 1/11/2023 2,545,000.00 91282CAE1 US TREASURY NOTES 0.62% 8/15/2030 2,058,644.79 3.56% 1/10/2023 1/11/2023 1,965,000.00 91282CFV8 US TREASURY N/B NOTES 4.12% 11/15/2032 2,067,032.34 3.57% 1/10/2023 1/11/2023 2,375,000.00 91282CCR0 US TREASURY N/B NOTES 1.00% 7/31/2028 2,065,330.33 3.71% 1/10/2023 1/11/2023 2,535,000.00 912828ZQ6 US TREASURY NOTES 0.62% 5/15/2030 2,060,102.74 3.56% 1/10/2023 1/11/2023 2,175,000.00 91282CEP2 US TREASURY N/B NOTES 2.87% 5/15/2032 2,066,070.69 3.57% 1/10/2023 1/11/2023 1,800,000.00 912810FP8 US TREASURY NOTES 5.37% 2/15/2031 2,060,446.67 3.61% 1/10/2023 1/11/2023 2,030,000.00 91282CGB1 US TREASURY N/B NOTES 3.87% 12/31/2029 2,061,730.14 3.64% 1/10/2023 1/11/2023 2,080,000.00 91282CDJ7 US TREASURY N/B NOTES 1.37% 11/15/2031 1,743,578.31 3.55% 1/10/2023 1/11/2023 1,775,000.00 912810FJ2 US TREASURY N/B 6.12% 8/15/2029 2,067,103.26 3.72% 1/11/2023 1/12/2023 2,675,000.00 91282CES6 US TREASURY N/B NOTES 2.75% 5/31/2029 2,544,610.98 3.67% 1/11/2023 1/12/2023 2,160,000.00 912810FM5 US TREASURY N/B 6.25% 5/15/2030 2,541,489.21 3.64% 1/11/2023 1/12/2023 2,930,000.00 91282CCB5 US TREASURY N/B NOTES 1.62% 5/15/2031 2,538,301.57 3.53% 1/11/2023 1/12/2023 2,670,000.00 91282CEP2 US TREASURY N/B NOTES 2.87% 5/15/2032 2,537,847.79 3.56% 1/25/2023 1/27/2023 3,450,000.00 437076BT8 HOME DEPOT INC CORP NOTES (CALLABLE) 2.80% 9/14/2027 3,291,073.83 4.15% 1/27/2023 1/31/2023 2,325,000.00 594918BY9 MICROSOFT CORP CORP NOTES (CALLABLE) 3.30% 2/6/2027 2,296,941.13 4.07%

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Dat
e
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
2/1/2023 2/2/2023 2,945,000.00 91282CGC9 US TREASURY N/B NOTES 3.87% 12/31/2027 2,991,985.51 3.60% 2/27/2023 2/28/2023 2,540,000.00 91282CAE1 US TREASURY NOTES 0.62% 8/15/2030 1,996,156.82 3.97% 2/27/2023 2/28/2023 2,195,000.00 91282CFF3 US TREASURY N/B NOTES 2.75% 8/15/2032 1,993,358.53 3.93% 2/27/2023 2/28/2023 1,820,000.00 912810FP8 US TREASURY NOTES 5.37% 2/15/2031 1,995,133.36 3.98% 2/27/2023 2/28/2023 2,120,000.00 91282CFJ5 US TREASURY N/B NOTES 3.12% 8/31/2029 2,000,998.44 4.12% 2/27/2023 2/28/2023 2,010,000.00 91282CGQ8 US TREASURY N/B NOTES 4.00% 2/28/2030 2,000,892.19 4.08% 2/27/2023 2/28/2023 2,165,000.00 9128286B1 US TREASURY NOTES 2.62% 2/15/2029 1,993,671.76 4.15% 2/27/2023 2/28/2023 2,365,000.00 91282CDY4 US TREASURY N/B NOTES 1.87% 2/15/2032 2,001,218.44 3.94% 2/27/2023 2/28/2023 2,465,000.00 91282CCS8 US TREASURY N/B NOTES 1.25% 8/15/2031 1,995,734.46 3.92% 2/27/2023 2/28/2023 2,715,000.00 912810FE3 US TREASURY N/B 5.50% 8/15/2028 2,892,277.15 4.19% 2/27/2023 2/28/2023 2,065,000.00 91282CGM7 US TREASURY N/B NOTES 3.50% 2/15/2033 1,996,046.49 3.92% 3/13/2023 3/14/2023 10,220,000.00 912828Q29 US TREASURY NOTES 1.50% 3/31/2023 10,275,916.94 4.32% 3/17/2023 3/17/2023 2,390,000.00 912828Q29 US TREASURY NOTES 1.50% 3/31/2023 2,402,625.06 5.74% 3/24/2023 3/24/2023 5,030,000.00 91282CFH9 US TREASURY N/B NOTES 3.12% 8/31/2027 4,981,895.50 3.41% 3/24/2023 3/24/2023 4,825,000.00 91282CGP0 US TREASURY N/B NOTES 4.00% 2/29/2028 4,979,886.76 3.35% 3/30/2023 3/31/2023 4,300,000.00 91282CEW7 US TREASURY N/B NOTES 3.25% 6/30/2027 4,248,744.48 3.76% 3/30/2023 3/31/2023 4,250,000.00 91282CFU0 US TREASURY N/B NOTES 4.12% 10/31/2027 4,393,352.20 3.73%

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
1/1/2023 1/1/2023 1,875,000.00 341271AD6 FL ST BOARD OF ADMIN TXBL REV BONDS 1.25% 7/1/2025 11,793.75 1/1/2023 1/1/2023 557,500.00 646140DP5 NJ TURNPIKE AUTHORITY TXBL REV BONDS 1.04% 1/1/2026 2,918.51 1/1/2023 1/25/2023 781,689.66 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 2,179.61 1/3/2023 1/3/2023 MONEY0002 MONEY MARKET FUND 642.11
1/7/2023 1/7/2023 4,380,000.00 3135G0X24 FANNIE MAE NOTES 1.62% 1/7/2025 35,587.50 1/8/2023 1/8/2023 4,100,000.00 931142EL3 WALMART INC CORPORATE NOTES 2.85% 7/8/2024 58,425.00 1/10/2023 1/10/2023 2,357,500.00 24422EVY2 JOHN DEERE CAPITAL CORP CORPORATE NOTES 1.25% 1/10/2025 14,734.38 1/15/2023 1/15/2023 830,792.52 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 360.01 1/15/2023 1/15/2023 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 1/15/2023 1/15/2023 534,943.32 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 169.40 1/15/2023 1/15/2023 2,140,000.00 87612EBM7 TARGET CORP CORP NOTES (CALLABLE) 1.95% 1/15/2027 20,865.00 1/15/2023 1/15/2023 319,088.32 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 90.41 1/15/2023 1/15/2023 274,870.25 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 432.92 1/15/2023 1/15/2023 345,633.40 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 478.13

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
1/15/2023 1/15/2023 1,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 358.33 1/15/2023 1/15/2023 495,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 305.25 1/15/2023 1/15/2023 110,434.46 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 50.62 1/18/2023 1/18/2023 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 1/21/2023 1/21/2023 2,310,000.00 3137EAEU9 FREDDIE MAC NOTES 0.37% 7/21/2025 4,331.25 1/21/2023 1/21/2023 506,647.65 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 114.00 1/30/2023 1/30/2023 1,650,000.00 91159HHX1 US BANCORP NOTES (CALLABLE) 2.40% 7/30/2024 19,800.00 1/31/2023 1/31/2023 1,250,000.00 9128282N9 US TREASURY NOTES 2.12% 7/31/2024 13,281.25 1/31/2023 1/31/2023 2,500.00 912828S92 US TREASURY NOTES 1.25% 7/31/2023 15.63 1/31/2023 1/31/2023 1,707,500.00 9128286A3 US TREASURY NOTES 2.62% 1/31/2026 22,410.94 1/31/2023 1/31/2023 2,375,000.00 91282CCR0 US TREASURY N/B NOTES 1.00% 7/31/2028 11,875.00 1/31/2023 1/31/2023 17,305,000.00 91282CBH3 US TREASURY NOTES 0.37% 1/31/2026 32,446.88 1/31/2023 1/31/2023 540,000.00 91282CBJ9 US TREASURY NOTES 0.75% 1/31/2028 2,025.00 2/1/2023 2/25/2023 769,376.57 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 2,145.28 2/1/2023 2/1/2023 725,000.00 797272QP9 SAN DIEGO CCD, CA TXBL GO BONDS 2.04% 8/1/2024 7,416.75 2/1/2023 2/1/2023 647,500.00 574193TQ1 MD ST TXBL GO BONDS 0.51% 8/1/2024 1,651.13 2/1/2023 2/1/2023 MONEY0002 MONEY MARKET FUND 958.83

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
2/1/2023 2/1/2023 965,000.00 54438CYK2 LOS ANGELES CCD, CA TXBL GO BONDS 0.77% 8/1/2025 3,729.73 2/3/2023 2/3/2023 2,520,000.00 89788MAC6 TRUIST FINANCIAL CORP NOTES (CALLABLE) 1.12% 8/3/2027 14,175.00 2/5/2023 2/5/2023 2,165,000.00 458140BY5 INTEL CORP NOTES (CALLABLE) 3.75% 8/5/2027 40,593.75 2/5/2023 2/5/2023 1,062,500.00 91159HHV5 US BANK NA CINCINNATI CORP NOTES (CALLAB 3.37% 2/5/2024 17,929.69 2/6/2023 2/6/2023 437,500.00 857477BR3 STATE STREET CORP (CALLABLE) CORPORATE N 1.74% 2/6/2026 3,819.38 2/6/2023 2/6/2023 2,325,000.00 594918BY9 MICROSOFT CORP CORP NOTES (CALLABLE) 3.30% 2/6/2027 38,362.50 2/9/2023 2/9/2023 1,680,000.00 46647PCM6 JPMORGAN CHASE & CO CORP NOTES (CALLABLE 0.76% 8/9/2025 6,451.20 2/11/2023 2/11/2023 3,367,500.00 06406RAJ6 BANK OF NY MELLON CORP CORP NOTES 3.45% 8/11/2023 58,089.38 2/11/2023 2/11/2023 242,500.00 69371RQ90 PACCAR FINANCIAL CORP CORPORATE NOTES 0.35% 8/11/2023 424.38 2/12/2023 2/12/2023 2,675,000.00 594918BB9 MICROSOFT CORP (CALLABLE) NOTES 2.70% 2/12/2025 36,112.50 2/13/2023 2/13/2023 1,887,500.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTES 1.80% 2/13/2025 16,987.50 2/14/2023 2/14/2023 3,680,000.00 66989HAP3 NOVARTIS CAPITAL CORP 1.75% 2/14/2025 32,200.00 2/15/2023 2/15/2023 520,000.00 912828YB0 US TREASURY NOTES 1.62% 8/15/2029 4,225.00 2/15/2023 2/15/2023 542,500.00 912828Z94 US TREASURY NOTES 1.50% 2/15/2030 4,068.75 2/15/2023 2/15/2023 495,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 305.25 2/15/2023 2/15/2023 273,614.31 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 378.50 2/15/2023 2/15/2023 562,500.00 91282CCS8 US TREASURY N/B NOTES 1.25% 8/15/2031 3,515.63

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
2/15/2023 2/15/2023 784,150.05 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 339.80 2/15/2023 2/15/2023 300,781.38 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 85.22 2/15/2023 2/15/2023 242,925.42 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 382.61 2/15/2023 2/15/2023 2,730,000.00 9128282R0 US TREASURY NOTES 2.25% 8/15/2027 30,712.50 2/15/2023 2/15/2023 501,741.58 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 158.88 2/15/2023 2/15/2023 500,000.00 9128286B1 US TREASURY NOTES 2.62% 2/15/2029 6,562.50 2/15/2023 2/15/2023 90,982.76 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 41.70 2/15/2023 2/15/2023 3,132,500.00 91282CAE1 US TREASURY NOTES 0.62% 8/15/2030 9,789.06 2/15/2023 2/15/2023 1,800,000.00 912810FP8 US TREASURY NOTES 5.37% 2/15/2031 48,375.00 2/15/2023 2/15/2023 1,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 358.33 2/15/2023 2/15/2023 565,000.00 91282CBL4 US TREASURY NOTES 1.12% 2/15/2031 3,178.13 2/15/2023 2/15/2023 1,775,000.00 912810FJ2 US TREASURY N/B 6.12% 8/15/2029 54,359.38 2/15/2023 2/15/2023 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 2/15/2023 2/15/2023 3,010,000.00 91282CCT6 US TREASURY N/B NOTES 0.37% 8/15/2024 5,643.75 2/15/2023 2/15/2023 1,875,000.00 912810FG8 US TREASURY N/B NOTES 5.25% 2/15/2029 49,218.75 2/15/2023 2/15/2023 855,000.00 912828V98 US TREASURY NOTES 2.25% 2/15/2027 9,618.75 2/18/2023 2/18/2023 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
2/21/2023 2/21/2023 468,881.29 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 105.50 2/24/2023 2/24/2023 817,500.00 3137EAEV7 FREDDIE MAC NOTES 0.25% 8/24/2023 1,021.88 2/25/2023 2/25/2023 3,995,000.00 3135G05X7 FANNIE MAE NOTES 0.37% 8/25/2025 7,490.63 2/28/2023 2/28/2023 12,670,000.00 91282CBQ3 US TREASURY NOTES 0.50% 2/28/2026 31,675.00 2/28/2023 2/28/2023 1,709,500.00 9128286G0 US TREASURY NOTES 2.37% 2/29/2024 20,300.31 2/28/2023 2/28/2023 4,472,500.00 912828ZC7 US TREASURY NOTES 1.12% 2/28/2025 25,157.81 2/28/2023 2/28/2023 7,137,500.00 9128282U3 US TREASURY NOTES 1.87% 8/31/2024 66,914.06 2/28/2023 2/28/2023 8,820,000.00 91282CAJ0 US TREASURY NOTES 0.25% 8/31/2025 11,025.00 3/1/2023 3/1/2023 MONEY0002 MONEY MARKET FUND 14,220.33 3/1/2023 3/25/2023 753,029.71 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 2,099.70 3/7/2023 3/7/2023 2,312,500.00 58933YAU9 MERCK & CO INC (CALLABLE) CORP NOTES 2.90% 3/7/2024 33,531.25 3/10/2023 3/10/2023 875,000.00 3130AT4C8 FEDERAL HOME LOAN BANK NOTES 3.37% 9/10/2032 15,996.10 3/12/2023 3/12/2023 6,162,500.00 3135G0U43 FANNIE MAE NOTES 2.87% 9/12/2023 88,585.94 3/14/2023 3/14/2023 3,450,000.00 437076BT8 HOME DEPOT INC CORP NOTES (CALLABLE) 2.80% 9/14/2027 48,300.00 3/15/2023 3/15/2023 203,024.66 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 280.85 3/15/2023 3/15/2023 1,577,500.00 91282CCX7 US TREASURY N/B NOTES 0.37% 9/15/2024 2,957.81 3/15/2023 3/15/2023 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
3/15/2023 3/15/2023 740,527.94 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 320.90 3/15/2023 3/15/2023 71,489.80 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 32.77 3/15/2023 3/15/2023 468,159.31 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 148.25 3/15/2023 3/15/2023 3,200,000.00 717081ES8 PFIZER INC CORP NOTES 2.95% 3/15/2024 47,200.00 3/15/2023 3/15/2023 212,260.24 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 334.31 3/15/2023 3/15/2023 495,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 305.25 3/15/2023 3/15/2023 1,000,000.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 358.33 3/15/2023 3/15/2023 283,079.73 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 80.21 3/16/2023 3/16/2023 1,467,500.00 46647PBS4 JPMORGAN CHASE & CO CORPORATE NOTES (CAL 0.65% 9/16/2024 4,791.39 3/18/2023 3/18/2023 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 3/21/2023 3/21/2023 431,834.43 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 97.16 3/23/2023 3/23/2023 3,545,000.00 3137EAEX3 FREDDIE MAC NOTES 0.37% 9/23/2025 6,646.88 3/23/2023 3/23/2023 4,190,000.00 4581X0DZ8 INTER-AMERICAN DEVEL BK NOTES 0.50% 9/23/2024 10,475.00 3/29/2023 3/29/2023 2,265,000.00 3133EMBH4 FEDERAL FARM CREDIT BANK (CALLABLE) 0.53% 9/29/2025 6,002.25 3/30/2023 3/30/2023 3,750,000.00 857477BM4 STATE STREET CORP NOTES (CALLABLE) 2.90% 3/30/2026 54,393.75 3/31/2023 3/31/2023 2,965,000.00 912828W71 US TREASURY NOTES 2.12% 3/31/2024 31,503.13 3/31/2023 3/31/2023 525,000.00 91282CCY5 US TREASURY N/B NOTES 1.25% 9/30/2028 3,281.25

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
3/31/2023 3/31/2023 3,700,000.00 91282CCZ2 US TREASURY N/B NOTES 0.87% 9/30/2026 16,187.50 3/31/2023 3/31/2023 2,400,000.00 91282CAL5 US TREASURY NOTES 0.37% 9/30/2027 4,500.00 3/31/2023 3/31/2023 155,000.00 912828T26 US TREASURY NOTES 1.37% 9/30/2023 1,065.63 Total INTEREST 185,066,958.76 1,329,488.62 0.00

MATURITY
2/1/2023 2/1/2023 2,942,500.00 06742TG34 BARCLAYS BANK PLC NY CERT DEPOS 1.05% 2/1/2023 2,973,653.72 3/17/2023 3/17/2023 2,032,500.00 22552G3C2 CREDIT SUISSE NEW YORK CERT DEPOS 0.59% 3/17/2023 2,044,658.30 3/31/2023 3/31/2023 10,220,000.00 912828Q29 US TREASURY NOTES 1.50% 3/31/2023 10,296,650.00 3/31/2023 3/31/2023 2,390,000.00 912828Q29 US TREASURY NOTES 1.50% 3/31/2023 2,407,925.00 Total MATURITY 17,585,000.00 17,722,887.02 0.00

PAYDOWNS
1/1/2023 1/25/2023 12,313.09 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 12,313.09 1/15/2023 1/15/2023 33,201.74 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 33,201.74 1/15/2023 1/15/2023 72,019.09 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 72,019.09 1/15/2023 1/15/2023 18,306.94 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 18,306.94 1/15/2023 1/15/2023 19,451.70 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 19,451.70 1/15/2023 1/15/2023 31,944.83 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 31,944.83

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

PAYDOWNS
1/15/2023 1/15/2023 46,642.47 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 46,642.47 1/21/2023 1/21/2023 37,766.36 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 37,766.36 2/1/2023 2/25/2023 16,346.86 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 16,346.86 2/15/2023 2/15/2023 70,589.65 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 70,589.65 2/15/2023 2/15/2023 19,492.96 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 19,492.96 2/15/2023 2/15/2023 30,665.18 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 30,665.18 2/15/2023 2/15/2023 33,582.27 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 33,582.27 2/15/2023 2/15/2023 17,701.65 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 17,701.65 2/15/2023 2/15/2023 43,622.11 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 43,622.11 2/21/2023 2/21/2023 37,046.86 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 37,046.86 3/1/2023 3/25/2023 44,891.03 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 44,891.03 3/15/2023 3/15/2023 66,202.49 89232HAC9 TAOT 2020-A A3 1.66% 5/15/2024 66,202.49 3/15/2023 3/15/2023 17,447.18 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 17,447.18 3/15/2023 3/15/2023 41,990.32 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 41,990.32 3/15/2023 3/15/2023 32,077.39 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 32,077.39 3/15/2023 3/15/2023 29,176.22 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 29,176.22 3/15/2023 3/15/2023 16,959.99 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 16,959.99

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

PAYDOWNS
3/21/2023 3/21/2023 34,969.24 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 34,969.24 Total PAYDOWNS 824,407.62 824,407.62 0.00
SELL
1/4/2023 1/6/2023 4,285,000.00 3135G05G4 FANNIE MAE NOTES 0.25% 7/10/2023 4,193,053.42 -95,627.31 1/25/2023 1/27/2023 1,475,000.00 3137EAEV7 FREDDIE MAC NOTES 0.25% 8/24/2023 1,438,364.69 -37,916.12 1/25/2023 1/27/2023 1,450,000.00 3137EAES4 FREDDIE MAC NOTES 0.25% 6/26/2023 1,423,429.15 -26,303.00 1/27/2023 1/31/2023 2,345,000.00 912828T26 US TREASURY NOTES 1.37% 9/30/2023 2,304,049.07 -50,572.65 Total SELL 9,555,000.00 9,35 8,896.33 -210,419.08

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 2.75 370,104.17 14,959,405.9815,000,000.00

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 2.75 370,104.17 14,956,220.0615,000,000.00

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 2.61 468,350.00 19,937,115.6220,000,000.00 50,000,000.00 50,000,000.00 1,208,558.34 49,852,741.66Security Type Sub-Total 2.69 50,000,000.00 Commercial Paper

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 10,244,261.1610,250,053.50 10,260,000.00 9,994,428.45 0.00 10,244,261.16Security Type Sub-Total 3.58 10,250,053.50 60,260,000.00 59,994,428.45 1,208,558.34 60,097,002.82Managed Account Sub Total Securities Sub Total
Accrued Interest
$60,260,000.00 $59,994,428.45 $1,208,558.34 $60,097,002.82 $1,208,558.34
60,250,053.50
$60,250,053.50

2.85 2.85%
Total Investments $61,305,561.16

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

MATURITY
1/11/2023 1/11/2023 10,160,000.00 67983UNB5 OLD LINE FUNDING LLC COMM PAPER 0.00% 1/11/2023 10,160,000.00 1/11/2023 1/11/2023 10,165,000.00 53944RNB0 LMA AMERICAS LLC COMM PAPER 0.00% 1/11/2023 10,165,000.00 1/12/2023 1/12/2023 10,165,000.00 19424JNC6 COLLAT COMM PAPER V CO COMM PAPER 0.00% 1/12/2023 10,165,000.00 3/13/2023 3/13/2023 10,000,000.00 09659CQD3 BNP PARIBAS NY BRANCH COMM PAPER 0.00% 3/13/2023 10,000,000.00 3/24/2023 3/24/2023 10,000,000.00 06054PQQ2 BOFA SECURITIES INC COMM PAPER 0.00% 3/24/2023 10,000,000.00 Total MATURITY 50,490,000.00 50,490,000.00 0.00

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
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.

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
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.

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
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.

ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2023
Appendix
|
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.

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

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

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

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

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

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

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

ATTACHMENT A
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending March 31, 2023
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 March 31, 2023

ATTACHMENT A
SECTION |
Section 1 |
Economic Update

ATTACHMENT A
Economic Update



Economic trends have been decelerating along with tighter financial conditions and restrictive monetary policy. Recent data suggests positive but bel ow trend growth this year. Although the pace of job growth is moderating, labor markets remain solid, and the U.S. consumer has demonstrated resiliency. Market participants and the Federal Reserve are maintaining very divergent views regarding the future trajectory of monetary policy. Given the cumulative effects of tighter monetary policy and stress in the banking sector, we believe the Federal Reserve is likely near a pause in their rate hiking campaign. If moderate growth continues, we believe the Fed will likely maintain the Federal Funds rate in restrictive territory until inflationary pressures subside.

At the March meeting, the Federal Open Market Committee voted unanimously to raise the target federal funds rate by

0.25% to a range of 4.75 – 5.00%. Fed Chair Powell reiterated the committee’s focus on bringing down inflation to their 2% target; however, the committee softened language about "ongoing increases" in rates in the prior statement to "some additional policy firming may be appropriate". The statement also emphasized that the U.S. banking system is “sound and resilient” and acknowledged the tightening of financial conditions. The Chandler team believes the FOMC is likely near a pause in their rate hiking cycle.

In March, the yield curve inversion narrowed. The 2-year Treasury yield plummeted 79 basis points to 4.03%, the 5-year Treasury yield plunged 61 basis points to 3.58%, and the 10-year Treasury yield fell 45 basis points to 3.47%. The inversion between the 2-year Treasury yield and 10-year Treasury yield declined to -56 basis points at March month-end versus -90 basis points at February month-end. There was no spread between the 2-year Treasury and 10-year Treasury yield one year ago – the yields were approximately equal. The inversion between 3-month and 10-year Treasuries widened to -128 in March from -89 basis points in February. The shape of the yield curve indicates that the probability of recession is increasing.

ATTACHMENT A
Source: US Department of Labor Source: US Department of Labor Employment
The U.S. economy added 236,000job s in March, and the prior two months were revised downward by 17,000. Although the pace of job growth is moderating, employment remains strong, with the three-month moving average payrolls at 345,000and the six-month moving average at 315,000.The private sector reported broad gains, led by leisure and hospitality. The unemployment rate fell to 3.5% due to a sharp rise in the number of people employed, and the participation rate increased to 62.6% from 62.5% in February. 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 6.7% from the prior month at 6.8%. Average hourly earnings rose 4.2% year-over-year in March, down from a 4.6% increase in February. Job Openings dipped to 9.9 million, the first drop below 10 million since May of 2021. While the overall pace of hiring is slowing, levels remain consistent with a solid labor market.
0 100
200
300
400
500
600
700
800
900
1,000
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%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)

ATTACHMENT A
Source: US Department of Labor Source: US Department of Commerce Inflation
The Consumer Price Index (CPI) increased in February 0.4% month-over-month and 6.0% year-over-year, down from 6.4% in January. The Core CPI, which excludes volatile food and energy components, rose 0.5% month-over-month and 5.5% year-over-year, decelerating from 5.6% in January. Shelter costs were the primary factor in the headline CPI representing 70% of the increase. Of note, used car prices experienced a significant drop of 13.6% when compared to a year ago, the largest decline since 1960. The Personal Consumption Expenditures (PCE) index rose 5.0% year-over-year in February, improving from a 5.3% year-over-year gain in January. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 4.6% year-over-year in February, the smallest increase since October 2021. Inflationary trends are declining but remain above the Fed's 2% target.

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

ATTACHMENT A
Advance Retail Sales fell -0.4% in February, but prior months were revised higher. Retail sales rose 5.4% year-over-year in February, versus January’s upwardly revised 7.7% year-over-year gain. The overall report exceeded expectations and points toward the resilience of the U.S. consumer. The Conference Board’s Consumer Confidence Index unexpectedly increased to 104.2 in March from 103.4 in February. While high inflation and recession concerns remain top of mind for many consumers, the strong labor market and low unemployment continue to support the strength in Consumer Confidence.

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

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 eleventh consecutive month at -0.3% in February, unchanged from -0.3% in January. The LEI was down 6.5% year-over-year in February versus down 5.9% year-over-year in January. The consistent decline month-over-month continues to signal future contraction in the economy. The Chicago Fed National Activity Index (CFNAI) declined to -0.19 in February from +0.23 in January. On a 3-month moving average basis, the CFNAI increased to -0.13 in February from -0.27 in January, indicating a rate of growth below the historical average trend. -0.50
-0.25

0.00 0.25

0.50 0.75

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

0.0%

0.5%

1.0%

1.5%
Leading Economic Indicators (LEI)
MOM ( %) Change

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 rose 9.8% month-over-month in February to 1,450,000units and were down 18.4% compared to February 2022. Starts for both single-family and multi-family homes increased as mortgage rates declined from recent peaks. The 30-year fixed rate mortgage fell to an average of 6.24%according to Freddie Mac, down from a peak of 7.08%in October, but up from 4.67%a year ago. According to the Case-Shiller 20-City Home Price Index, the year-over-year increase continued its declining rate of gain to +2.55% in January from +4.62% in December, clearly displaying the impact of higher mortgage rates year-over-year, which have reduced demand for homebuying as affordability has declined. This is the lowest rate of annual appreciation since December 2019.

ATTACHMENT A
Source: Institute for Supply Management Source: Federal Reserve Manufacturing
The Institute for Supply Manag ement (ISM) manufacturing index fell to 46.3in Marchfrom 47.7in February. This is the fifth consecutive month of readings below 50.0,which is indicative of contraction in the manufacturing sector. All components weakened, including the headline, new orders, employment, and prices. Industrial production was flat in February after an upward revision to +0.3% in January. This equates to a -

0.25% decline from the prior year. Capacity utilization remained at 78.0% in February versus a downwardly revised 78.0% in January and has fallen below 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

ATTACHMENT A
Source: US Department of Commerce Source: US Department of Commerce 3/22 6/22 9/22 12/22

0.9% 1.4% 1.5% 0.7%

1.0% -2.8% -1.8% 0.8%
-3.1% 1.2% 2.9% 0.4%
-0.4% -0.2% 0.2% 0.4%

0.0% -0.1% 0.4% 0.3%
-1.6% -0.6% 3.3% 2.6%
Federal Government Expenditures
State and Local (Consumption and Gross
Investment)
Gross Private Domestic Investment
Personal Consumption Expenditures
Components of GDP
Net Exports and Imports
Total
-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 estimate, fo urth quarter 2022GDP growth was revised downward to 2.6% from 2.7%. The revision lower was primarily due to weaker growth in personal consumption expenditures and a wider trade gap in net exports. The consensus estimate calls for 1.6% growth in the first quarter and 1.0% growth for the full year 2023.

ATTACHMENT A
Federal Reserve
Source: Federal Reserve Source: Bloomberg
At the March meeting, the Fe deral Open Market Committee voted unanimously to raise the target federal funds rate by 0.25% to a range of

4.75 – 5.00%. Fed Chair Powell reiterated the committee’s focus on bringing down inflation to their 2% target; however, the committee softened language about "ongoing increases" in rates in the prior statement to "some additional policy firming may be appropriate". The statement also emphasized that the U.S. banking system is “sound and resilient” and acknowledged the tightening in financial conditions.

Powell indicated that the extent of these effects is uncertain but speculated that tighter credit conditions could be equivalent to a rate hike or more. The Summary of Economic Projections was little changed, with the consensus target federal funds rate rising to 5.1% by the end of 2023 (implying one more quarter point hike), falling to 4.3% in 2024(up from 4.1% previously), and declining to 3.1% by the end of 2025. No rate cuts were in the Fed’s base case for this year, contrary to the market consensus. Although projections imply policymakers are winding down interest rate hikes, the statement clearly reflected optionality for the Fed to remain data dependent. The Chandler team believes the Fed is likely near a pause in their rate hiking cycle.

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%
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

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%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Mar-23
Dec-22
Mar-22
Yield (%)
Bond Yields
At the end of March, the 2-year Treasury yield was 169 basis points higher, and the 10-Year Treasury yield was about 113 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -56 basis points at Marchmonth-end versus -90 basis points at February month-end. The average historical spread (since 2003)is about +130 basis points. The inversion between 3- month and 10-year Treasuries widened to -128 in March from -89 basis points in February. The shape of the yield curve indicates that the probability of recession is increasing.

ATTACHMENT A
Section 2|SECTION |
Section 2 |
Account Profile

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 March 31, 2023

ATTACHMENT A
Compliance As of March 31, 2023
Category Standard Comment
U.S. Treasuri es No l i mi t; 10 years max maturi ty Comp lies 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 Comp lies 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 opera
ting within the U.S.

Complies
Asset-Backed, Mortgage-Backed,
Mortgage Pass-Through Securities, and
Coll
ate ralize d 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 p
er 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 Comp lies 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 Comp lies 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 maturity 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) o
rganized 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 Comp lies California Asset Management Program CAMP; Not used by investment adviser Comp lies Repurchase Agreements 1 year max maturity; 102% Collateralized; Not used by investment adviser Comp lies 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; Inves
tments 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.

ATTACHMENT A
Portfolio Characteristics
City of Stockton Reserve Portfolio
03/31/23 12/31/22
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.64 2.57 2.24
Average Modified Duration 2.51 2.35 2.09
Average Purchase Yield n/a 1.59% 1.30%
Average Market Yield 4.12% 4.32% 4.54%
Average Quality** AAA AA/Aa1 AA/Aa1
Total Market Value 311,019,952 281,422,666
*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 March 31, 2023

ATTACHMENT A
City of Stockton Reserve Portfolio
Sector Distribution
ABS

1.5%
Agency

28.4%
CMO

1.0%
Corporate

22.0%Money Market
Fund

0.1%
Municipal Bonds

2.6%
Supranational

1.9%
US Treasury

42.6%
March 31, 2023 December 31, 2022
ABS

1.8%
Agency

26.5%
CMO

1.1%
Corporate

21.2%Money Market
Fund

0.1%
Municipal Bonds

2.8%
Supranational

2.0%
US Treasury

43.5%
Negotiable CD

1.1%
As of March 31, 2023

ATTACHMENT A
Issue Name Investment Type % Portfolio
Government of United States US Treasury 42.58%
Federal National Mortgage Association Agency 15.67%
Federal Farm Credit Bank Agency 5.63%
Federal Home Loan Mortgage Corp Agency 4.24%
Federal Home Loan Bank Agency 2.65%
Deere & Company Corporate 1.38%
Wal-Mart Stores Corporate 1.30%
Amazon.com Inc Corporate 1.29%
Inter-American Dev Bank Supranational 1.27%
Bank of America Corp Corporate 1.19%
United Health Group Inc Corporate 1.17%
Novartis Capital Corp Corporate 1.13%
Morgan Stanley Corporate 1.10%
Bank of New York Corporate 1.08%
Pfizer Inc. Corporate 1.01%
Charles Schwab Corp/The Corporate 1.01%
National Rural Utilities Corporate 1.00%
JP Morgan Chase & Co Corporate 0.97%
Prologis Trust Corporate 0.93%
US Bancorp Corporate 0.85%
Microsoft Corporate 0.84%
Federal Home Loan Mortgage Corp CMO 0.74%
Merck & Company Corporate 0.73%
State of California Municipal Bonds 0.70%
Northern Trust Corp Corporate 0.70%
MasterCard Inc Corporate 0.69%
Target Corp Corporate 0.64%
Honeywell Corp Corporate 0.61%
Intl Bank Recon and Development Supranational 0.58%
Toyota Motor Corp Corporate 0.58%
Goldman Sachs Inc. Corporate 0.58%
Honda Motor Corporation Corporate 0.57%
Florida Hurricane Catastrophe Municipal Bonds 0.56%
Citigroup Inc Corporate 0.42%
Carmax Auto Owner Trust ABS 0.36%
Toyota ABS ABS 0.35%
Hyundai Auto Receivables ABS 0.29%
Los Angeles Cmnty College Dis Municipal Bonds 0.29%
Issuers
City of Stockton Reserve Portfolio – Account #10020
As of March 31, 2023

ATTACHMENT A
Issue Name Investment Type % Portfolio
Tennessee Valley Authority Agency 0.26%
Discover Card Execution Note Trust ABS 0.24%
University of California Municipal Bonds 0.23%
San Diego Community College District Municipal Bonds 0.23% Federal National Mortgage Association CMO 0.22%
Maryland State Municipal Bonds 0.20%
California Edl Facs Auth Rev Municipal Bonds 0.19%
New Jersey State Turnpike Authority Municipal Bonds 0.16% BMW Vehicle Lease Trust ABS 0.13%
State Street Bank Corporate 0.13%
Honda ABS ABS 0.12%
Paccar Financial Corporate 0.08%
Federated GOVT Obligation MMF Money Market Fund 0.07%
California State Dept Water Municipal Bonds 0.02%
Nissan ABS ABS 0.02%
TOTAL 100.00%
Issuers
City of Stockton Reserve Portfolio – Account #10020
As of March 31, 2023

ATTACHMENT A
AAA AA A <A NR
03/31/23 4.6% 76.9% 16.4% 1.0% 1.1%
12/31/22 5.1% 77.4% 15.1% 1.1% 1.3%
Source: S&P Ratings
March 31, 2023 vs. December 31, 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
03/31/23 12/31/22
Quality Distribution
City of Stockton Reserve Portfolio
As of March 31, 2023

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 3.5% 7.1% 11.1% 28.4% 30.6% 7.4% 3.1% 8.7%
Benchmark* 0.0% 0.0% 1.7% 35.2% 27.8% 21.2% 13.9% 0.0%
*ICE BofA 1-5 Yr AAA-A US Corp & Govt Index
Duration Distribution
City of Stockton Reserve Portfolio
As of March 31, 2023

ATTACHMENT A
-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%
3 months Since Inception
City of Stockton Reserve Portfolio ICE BofA 1-5 Yr AAA-A US Corp & Govt Index Net of Fees Total Rate of Return Since Inception July 31, 2022
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 March 31, 2023
MARKET VALUE BASIS EARNINGS Latest 3 Months Since Inception Interest Earned $1,197,512.26 $2,508,882.96
Change in Market Value $3,419,183.30 ($2,724,608.13)
TOTAL DOLLAR RETURN $4,616,695.56 ($215,725.17)
TOTAL RATE OF RETURN Latest 3 Months Since Inception
City of Stockton Reserve Portfolio 1.57% 0.01%
ICE BofA 1-5 Yr AAA-A US Corp & Gov Index 1.81% -0.21%
Basis Point Fee* 0.006% 0.013%
Net of Fee Return 1.57% 0.00%

ATTACHMENT A
Purchase Yield as of 03/31/23 = 1.59%

0.00 0.20

0.40 0.60

0.80 1.00

1.20 1.40

1.60 1.80
Percent (%)
Historical Average Purchase Yield
City of Stockton Reserve Portfolio
As of March 31, 2023

ATTACHMENT A
SECTION |
Section 3 |
Portfolio Holdings

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
136,822.15 02/12/2020

1.67%
136,812.27
136,819.54

99.72 5.58%
136,441.93
100.94

0.04%
(377.61)
Aaa / AAA
NR

1.13 0.07
65479CAD0 Nissan Auto Receivables Owner 2020-B A3

0.550% Due 07/15/2024
54,042.60 06/30/2020

0.55%
54,041.12
54,042.54

99.46 5.60%
53,750.72

13.21 0.02%
(291.82)
Aaa / AAA
NR

1.29 0.11
14315XAC2 CarMax Auto Owner Trust 2020-1 A3

1.890% Due 12/16/2024
183,084.02 01/22/2020

1.90%
183,048.09
183,080.26

99.14 5.61%
181,507.85
153.79

0.06%
(1,572.41)

NR / AAA
AAA

1.72 0.23
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
396,865.17 02/24/2021

0.27%
396,857.91
396,862.87

97.27 5.87%
386,035.51

29.76 0.12%
(10,827.36)
Aaa / NR
AAA

2.06 0.48
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
436,081.90 04/28/2021

0.38%
436,036.02
436,065.00

97.24 5.26%
424,047.78

73.65 0.14%
(12,017.22)

NR / AAA
AAA

2.46 0.56
05593AAC3 BMW Vehicle Lease Trust 2023-1 A3

5.160% Due 11/25/2025
415,000.00 02/07/2023

5.22%
414,990.12
414,990.70
100.29

5.02%
416,209.73
356.90

0.13%
1,219.03
Aaa / AAA
NR

2.66 1.51
14316NAC3 CarMax Auto Owner Trust 2021-1 A3

0.340% Due 12/15/2025
266,119.74 01/27/2021

0.35%
266,067.15
266,108.01

96.68 6.18%
257,271.26

40.21 0.08%
(8,836.75)

NR / AAA
AAA

2.71 0.57
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
999,958.65

95.78 5.52%
957,838.00
191.11

0.31%
(42,120.65)
Aaa / AAA
NR

2.80 0.83
14314QAC8 CarMax Auto Owner Trust 2021-2 A3

0.520% Due 02/17/2026
698,537.64 04/21/2021

0.53%
698,387.10
698,485.16

96.46 6.52%
673,816.39
161.44

0.22%
(24,668.77)

NR / AAA
AAA

2.89 0.59
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
494,937.34

95.40 5.49%
472,239.41
162.80

0.15%
(22,697.93)

NR / AAA
AAA

3.13 0.97
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
797,416.04

93.96 4.96%
749,328.61
205.58

0.24%
(48,087.43)
Aaa / AAA
NR

3.46 1.41
TOTAL ABS 4,879,053.22 0.98%
4,878,378.84
4,878,766.11 5.57%
4,708,487.19
1,489.39

1.51%
(170,278.92)
Aaa / AAA
AAA

2.73 0.84
Agency
3135G04Q3 FNMA Note

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

0.35%
3,788,562.00
3,799,467.27

99.40 4.48%
3,777,374.80
3,404.17

1.22%
(22,092.47)
Aaa / AA+
AAA

0.14 0.14
3137EAES4 FHLMC Note

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

0.35%
3,442,418.70
3,451,708.23

99.00 4.55%
3,417,812.73
2,277.69

1.10%
(33,895.50)
NR / AA+
AAA

0.24 0.23
3135G05G4 FNMA Note

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

0.32%
4,275,787.25
4,284,158.65

98.85 4.49%
4,235,563.96
2,410.31

1.36%
(48,594.69)
Aaa / AA+
AAA

0.28 0.27
3137EAEV7 FHLMC Note

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

0.28%
2,290,161.65
2,292,191.20

98.22 4.81%
2,251,771.44
589.05

0.72%
(40,419.76)
Aaa / AA+
AAA

0.40 0.39
As of March 31, 2023

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
6,160,023.99

99.10 4.93%
6,106,846.46
9,350.74

1.97%
(53,177.53)
Aaa / AA+
AAA

0.45 0.44
3135G06H1 FNMA Note

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

0.24%
3,048,317.20
3,047,695.77

97.11 4.78%
2,959,482.11
2,624.23

0.95%
(88,213.66)
Aaa / AA+
AAA

0.66 0.64
3137EAFA2 FHLMC Note

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

0.28%
2,220,299.72
2,222,003.68

96.98 4.85%
2,155,367.17
1,805.78

0.69%
(66,636.51)
Aaa / AA+
AAA

0.68 0.66
3130A0F70 FHLB Note

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

2.71%
1,763,703.75
1,719,752.90

99.01 4.85%
1,695,561.66
18,141.80

0.55%
(24,191.24)
Aaa / AA+
AAA

0.69 0.66
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

96.13 4.81%
720,956.25
3,153.65

0.23%
(29,043.75)
Aaa / AA+
AAA

1.02 0.99
3135G0X24 FNMA Note

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

0.84%
4,542,673.20
4,439,496.64

95.59 4.24%
4,186,990.92
16,607.50

1.35%
(252,505.72)
Aaa / AA+
AAA

1.78 1.71
3130AJHU6 FHLB Note

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

0.60%
2,447,798.40
2,455,023.03

93.02 4.11%
2,288,198.52
5,705.83

0.74%
(166,824.51)
Aaa / AA+
AAA

2.04 1.98
3135G03U5 FNMA Note

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

0.63%
10,879,060.80
10,879,678.13

92.98 4.22%
10,115,767.04
30,033.33

3.26%
(763,911.09)
Aaa / AA+
AAA

2.06 2.00
3135G04Z3 FNMA Note

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

0.54%
6,628,750.02
6,636,415.67

92.41 4.13%
6,138,407.32
9,594.72

1.98%
(498,008.35)
Aaa / AA+
AAA

2.22 2.15
3137EAEU9 FHLMC Note

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

0.48%
2,298,496.20
2,304,689.58

92.00 4.04%
2,125,269.30
1,684.38

0.68%
(179,420.28)
Aaa / AA+
AAA

2.31 2.25
3135G05X7 FNMA Note

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

0.47%
3,976,303.40
3,986,020.31

91.55 4.11%
3,657,562.33
1,498.13

1.18%
(328,457.98)
Aaa / AA+
AAA

2.41 2.34
3137EAEX3 FHLMC Note

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

0.44%
3,534,329.55
3,539,699.88

91.36 4.08%
3,238,729.73
295.42

1.04%
(300,970.15)
Aaa / AA+
AAA

2.48 2.42
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
2,263,009.39

91.68 4.07%
2,076,617.69

66.69 0.67%
(186,391.70)
Aaa / AA+
AAA

2.50 2.43
3135G06G3 FNMA Note

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

0.54%
8,127,104.90
8,135,665.98

91.49 3.98%
7,451,933.81
16,290.00

2.40%
(683,732.17)
Aaa / AA+
AAA

2.61 2.53
3130ATS57 FHLB Note

4.500% Due 03/10/2028
4,100,000.00 03/28/2023

3.89%
4,211,028.00
4,210,843.77
103.16

3.79%
4,229,728.10
10,762.50

1.36%
18,884.33
Aaa / AA+
AAA

4.95 4.40
3133EN7B0 FFCB Note

3.750% Due 01/25/2030
3,000,000.00 01/20/2023

3.83%
2,985,090.00
2,985,474.85

99.10 3.90%
2,972,994.00
20,625.00

0.96%
(12,480.85)
Aaa / AA+
AAA

6.83 5.92
3133EN4V9 FFCB Note

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

4.22%
2,087,505.00
2,087,924.89
100.76

4.01%
2,116,016.70
1,925.00

0.68%
28,091.81
Aaa / AA+
AAA

7.49 6.38
3133ENQ45 FFCB Note

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

4.40%
866,250.00
866,623.12
101.47

4.02%
887,854.63
103.30

0.29%
21,231.51
Aaa / AA+
NR

7.51 6.38
As of March 31, 2023

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
880591EX6 Tennessee Valley Authority Note

1.500% Due 09/15/2031
1,003,000.00 01/23/2023

4.04%
818,959.53
822,866.60

81.54 4.11%
817,849.21
668.67

0.26%
(5,017.39)
Aaa / AA+
AAA

8.47 7.74
3133ENFQ8 FFCB Note

1.810% Due 12/01/2031
2,303,000.00 01/25/2023

3.94%
1,939,056.91
1,946,378.58

83.83 4.04%
1,930,604.90
13,894.77

0.63%
(15,773.68)
Aaa / AA+
AAA

8.68 7.78
3133ENGS3 FFCB Note

1.625% Due 12/09/2031
4,500,000.00 02/24/2023

4.35%
3,613,410.00
3,622,533.00

83.04 3.95%
3,736,984.50
22,750.00

1.21%
114,451.50
Aaa / AA+
AAA

8.70 7.87
3133EN6M7 FFCB Note

4.000% Due 01/19/2033
3,000,000.00 01/18/2023

3.93%
3,017,490.00
3,017,145.28

98.96 4.13%
2,968,827.00
24,000.00

0.96%
(48,318.28)
Aaa / AA+
AAA

9.81 7.96
TOTAL Agency 93,228,500.00 1.46%
91,949,716.93
91,926,490.39 4.27%
88,261,072.28
220,262.66

28.45%
(3,665,418.11)
Aaa / AA+
AAA

2.88 2.62
CMO
3136AJB54 FNMA 2014-M4 A2

3.346% Due 03/25/2024
708,138.66 12/18/2019

2.04%
742,549.78
715,648.58

98.16 5.49%
695,080.58
1,974.43

0.22%
(20,568.00)

NR / NR
NR

0.99 0.77
3137F2LJ3 FHLMC K066 A2

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

4.88%
2,234,343.75
2,249,923.33

95.76 4.23%
2,298,304.80
6,234.00

0.74%
48,381.47

NR / NR
AAA

4.24 3.76
TOTAL CMO 3,108,138.66 4.20%
2,976,893.53
2,965,571.91 4.52%
2,993,385.38
8,208.43

0.97%
27,813.47

NR / NR
AAA

3.48 3.06
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
1,774,978.94

99.67 4.94%
1,769,211.73
13,556.56

0.57%
(5,767.21)
A3 / A-
A

0.11 0.11
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
3,370,683.91

99.32 5.35%
3,344,493.24
16,135.94

1.08%
(26,190.67)
A1 / A
AA-

0.36 0.35
69371RQ90 Paccar Financial Corp Note

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

0.39%
242,182.32
242,461.70

98.25 5.27%
238,267.65
117.88

0.08%
(4,194.05)
A1 / A+
NR

0.36 0.35
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
1,066,210.16

98.09 5.72%
1,042,228.56
5,578.13

0.34%
(23,981.60)
A2 / A+
A+

0.85 0.81
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
2,353,954.92

98.19 4.90%
2,270,710.81
4,470.83

0.73%
(83,244.11)
A1 / A+
NR

0.94 0.90
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
3,215,175.01

98.19 4.91%
3,142,156.80
4,195.56

1.01%
(73,018.21)
A1 / A+
A

0.96 0.93
57636QAB0 MasterCard Inc Note

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

2.67%
2,194,381.25
2,138,921.90

99.02 4.39%
2,104,183.50
35,859.38

0.69%
(34,738.40)
Aa3 / A+
NR

1.01 0.95
As of March 31, 2023

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
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
1,332,504.67

99.97 2.68%
1,332,113.58
4,762.06

0.43%
(391.09)
A1 / A-
A+

1.02 0.01
023135BW5 Amazon.com Inc Note

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

0.50%
1,540,247.95
1,541,663.70

95.84 4.31%
1,478,359.77
2,680.09

0.48%
(63,303.93)
A1 / AA
AA-

1.12 1.09
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
4,193,077.23

97.77 4.68%
4,008,590.50
26,940.42

1.30%
(184,486.73)
Aa2 / AA
AA

1.27 1.22
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
1,650,347.54

96.13 5.45%
1,586,090.55
6,710.00

0.51%
(64,256.99)
A2 / A+
A+

1.33 1.28
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

97.76 5.39%
1,434,597.18
399.28

0.46%
(32,902.82)
A1 / A-
AA-

1.47 1.40
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

97.19 5.60%
1,853,855.38
6,738.24

0.60%
(53,644.62)
A2 / A-
AA-

1.57 1.49
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
2,320,247.18

94.67 4.40%
2,231,840.54
6,630.47

0.72%
(88,406.64)
A2 / A
A+

1.78 1.72
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
2,757,995.62

97.41 4.15%
2,605,762.98
9,830.63

0.84%
(152,232.64)
Aaa / AAA
NR

1.87 1.79
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
1,894,791.07

95.11 4.56%
1,795,293.74
4,530.00

0.58%
(99,497.33)
A1 / A+
A+

1.88 1.80
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
3,729,684.40

95.37 4.36%
3,509,590.24
8,407.78

1.13%
(220,094.16)
A1 / AA-
AA-

1.88 1.80
023135CE4 Amazon.com Inc Note

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

3.06%
2,563,417.67
2,564,732.51

97.54 4.28%
2,504,267.61
35,945.00

0.82%
(60,464.90)
A1 / AA
AA-

2.04 1.92
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
1,355,042.97

95.00 5.57%
1,287,266.26
5,538.57

0.42%
(67,776.71)
A3 / BBB+
A

2.09 1.99
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
1,918,176.28

97.11 5.18%
1,765,001.51
24,422.66

0.58%
(153,174.77)
A2 / BBB+
A

2.15 2.00
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
2,022,389.75

93.83 4.37%
1,876,542.00
9,000.00

0.61%
(145,847.75)
A2 / A
A

2.17 2.09
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

93.89 5.35%
1,577,352.00
1,863.68

0.51%
(102,648.00)
A1 / A-
AA-

2.36 2.26
As of March 31, 2023

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
63743HFF4 National Rural Utilities Note

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

5.26%
3,015,750.00
3,013,588.52
101.85

4.68%
3,055,410.00
68,579.17

1.00%
41,821.48
A2 / A-
A

2.59 2.34
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

93.89 5.25%
410,749.50
1,167.03

0.13%
(26,750.50)
A1 / A
AA-

2.86 1.78
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

95.88 5.58%
1,797,676.88
31,548.75

0.59%
(77,323.12)
A2 / A-
AA-

3.01 1.87
6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

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

5.17%
2,072,268.00
2,093,032.78

93.83 5.36%
2,064,169.80
20,457.80

0.67%
(28,862.98)
A1 / A-
A+

3.08 1.97
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
3,651,290.09

90.93 4.29%
3,637,000.00
17,377.78

1.17%
(14,290.09)
A3 / A+
A

3.13 2.99
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
2,138,358.64

92.44 4.13%
1,978,196.74
8,809.67

0.64%
(160,161.90)
A2 / A
A

3.80 3.58
808513BY0 Charles Schwab Corp Callable Note Cont 2/3/2027

2.450% Due 03/03/2027
3,500,000.00 01/23/2023

4.35%
3,251,955.00
3,262,883.55

89.57 5.44%
3,134,974.50
6,669.44

1.01%
(127,909.05)
A2 / A
A

3.93 3.65
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
2,205,575.20

97.97 4.55%
2,155,238.80
34,466.67

0.70%
(50,336.40)
A2 / A+
A+

4.11 3.68
74340XBV2 Prologis LP Callable Note Cont 09/15/2027

3.375% Due 12/15/2027
3,000,000.00 01/25/2023

4.28%
2,881,530.00
2,885,782.43

95.00 4.57%
2,850,084.00
29,812.50

0.93%
(35,698.43)
A3 / A
NR

4.71 4.24
24422EWR6 John Deere Capital Corp Note

4.750% Due 01/20/2028
2,000,000.00 01/20/2023

4.34%
2,035,920.00
2,034,599.12
102.10

4.26%
2,042,000.00
21,638.89

0.66%
7,400.88
A2 / A
A+

4.81 4.22
TOTAL Corporate 70,457,500.00 2.41%
70,776,037.65
70,095,649.79 4.75%
67,883,276.35
474,840.86

21.98%
(2,212,373.44)
A1 / A+
A+

2.17 1.95
Money Market Fund
60934N104 Federated Investors Government Obligations Fund 232,004.64 Various

4.63%
232,004.64
232,004.64

1.00 4.63%
232,004.64

0.00 0.07%

0.00 Aaa / AAA
AAA

0.00 0.00
TOTAL Money Market Fund 232,004.64 4.63%
232,004.64
232,004.64 4.63%
232,004.64

0.00 0.07%

0.00 Aaa / AAA
AAA

0.00 0.00
As of March 31, 2023

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
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
2,198,083.14

98.73 5.01%
2,164,580.71
26,310.00

0.70%
(33,502.43)
Aa2 / AA-
AA

0.50 0.48
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

96.59 4.71%
700,294.90
2,472.25

0.23%
(24,705.10)
Aaa / AAA
NR

1.34 1.29
574193TQ1 Maryland State STE-GO

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

0.52%
647,318.70
647,439.28

94.71 4.65%
613,257.61
550.38

0.20%
(34,181.67)
Aaa / AAA
AAA

1.34 1.30
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

94.35 4.42%
589,689.38
1,783.85

0.19%
(35,310.62)
Aa2 / AA-
NR

1.59 1.54
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

93.95 4.36%
72,810.63
144.67

0.02%
(4,689.37)
Aa1 / AAA
NR

1.67 1.62
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

93.19 4.27%
708,254.64
2,535.19

0.23%
(51,745.36)
Aa2 / AA
AA

2.13 2.06
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
1,878,463.18

92.98 4.58%
1,743,401.25
5,896.88

0.56%
(135,061.93)
Aa3 / AA
AA

2.25 2.17
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

92.13 4.36%
889,017.83
1,243.24

0.29%
(75,982.17)
Aaa / AA+
NR

2.34 2.26
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

90.60 4.73%
505,093.89
1,459.26

0.16%
(52,406.11)
A1 / AA-
A+

2.76 2.65
TOTAL Municipal Bonds 8,425,000.00 1.26%
8,476,114.12
8,433,985.60 4.66%
7,986,400.84
42,395.72

2.58%
(447,584.76)
Aa2 / AA
AA

1.60 1.54
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
1,869,129.81

97.16 4.75%
1,816,966.80
1,649.24

0.58%
(52,163.01)
Aaa / AAA
AAA

0.65 0.63
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
4,188,469.50

94.54 4.36%
3,961,163.15
465.56

1.27%
(227,306.35)
Aaa / AAA
NR

1.48 1.44
TOTAL Supranational 6,060,000.00 0.46%
6,052,878.90
6,057,599.31 4.48%
5,778,129.95
2,114.80

1.86%
(279,469.36)
Aaa / AAA
AAA

1.22 1.19
US Treasury
912828S92 US Treasury Note

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

2.28%
773,307.42
804,879.80

98.84 4.73%
798,163.69
1,673.00

0.26%
(6,716.11)
Aaa / AA+
AAA

0.33 0.33
912828T26 US Treasury Note

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

1.46%
2,491,503.90
2,498,978.67

98.38 4.69%
2,459,570.00

93.92 0.79%
(39,408.67)
Aaa / AA+
AAA

0.50 0.49
As of March 31, 2023

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828WE6 US Treasury Note

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

2.52%
2,689,437.01
2,666,085.31

98.75 4.81%
2,629,114.91
27,709.86

0.85%
(36,970.40)
Aaa / AA+
AAA

0.63 0.60
91282CAW1 US Treasury Note

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

0.30%
1,570,780.08
1,571,990.72

97.25 4.77%
1,529,317.58
1,487.79

0.49%
(42,673.14)
Aaa / AA+
AAA

0.63 0.61
912828U57 US Treasury Note

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

2.52%
4,181,330.66
4,247,136.53

98.32 4.71%
4,185,986.77
30,322.99

1.36%
(61,149.76)
Aaa / AA+
AAA

0.67 0.65
9128285U0 US Treasury Note

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

2.56%
230,682.81
230,104.23

98.50 4.67%
226,550.00
1,517.71

0.07%
(3,554.23)
Aaa / AA+
AAA

0.75 0.73
9128286G0 US Treasury Note

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

0.35%
1,797,579.32
1,741,064.91

97.91 4.73%
1,673,774.87
3,530.49

0.54%
(67,290.04)
Aaa / AA+
AAA

0.92 0.89
912828W71 US Treasury Note

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

0.88%
3,046,537.50
3,001,516.79

97.59 4.61%
2,893,656.17
172.15

0.93%
(107,860.62)
Aaa / AA+
AAA

1.00 0.97
91282CBV2 US Treasury Note

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

0.40%
1,569,141.40
1,569,646.13

95.71 4.64%
1,502,722.36
2,717.31

0.48%
(66,923.77)
Aaa / AA+
AAA

1.04 1.01
912828X70 US Treasury Note

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

1.90%
2,267,729.29
2,259,756.04

97.25 4.63%
2,195,506.79
18,958.01

0.71%
(64,249.25)
Aaa / AA+
AAA

1.08 1.04
912828XX3 US Treasury Note

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

1.78%
5,773,935.94
5,729,733.99

97.03 4.46%
5,545,338.80
28,732.87

1.79%
(184,395.19)
Aaa / AA+
AAA

1.25 1.21
9128282N9 US Treasury Note

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

1.47%
1,289,453.12
1,260,562.76

97.06 4.41%
1,213,281.25
4,402.62

0.39%
(47,281.51)
Aaa / AA+
AAA

1.34 1.29
91282CCT6 US Treasury Note

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

0.42%
3,006,002.34
3,008,160.56

94.71 4.37%
2,850,798.09
1,403.14

0.92%
(157,362.47)
Aaa / AA+
AAA

1.38 1.35
9128282U3 US Treasury Note

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

1.28%
7,335,869.62
7,195,861.43

96.61 4.37%
6,895,217.57
11,637.23

2.22%
(300,643.86)
Aaa / AA+
AAA

1.42 1.37
91282CCX7 US Treasury Note

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

0.50%
1,571,769.24
1,574,658.61

94.48 4.33%
1,490,429.89
273.28

0.48%
(84,228.72)
Aaa / AA+
AAA

1.46 1.42
9128283D0 US Treasury Note

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

1.57%
1,755,582.03
1,717,663.01

96.91 4.29%
1,647,407.10
16,060.77

0.53%
(70,255.91)
Aaa / AA+
AAA

1.59 1.52
912828YM6 US Treasury Note

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

0.35%
1,106,043.75
1,079,220.86

95.80 4.27%
1,015,447.14
6,676.24

0.33%
(63,773.72)
Aaa / AA+
AAA

1.59 1.53
9128283J7 US Treasury Note

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

1.66%
5,578,317.09
5,498,274.16

96.64 4.23%
5,274,373.59
38,869.69

1.71%
(223,900.57)
Aaa / AA+
AAA

1.67 1.60
912828ZC7 US Treasury Note

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

0.53%
4,565,793.56
4,523,091.31

94.55 4.11%
4,228,958.96
4,375.27

1.36%
(294,132.35)
Aaa / AA+
AAA

1.92 1.86
912828ZL7 US Treasury Note

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

0.70%
2,958,391.99
2,977,471.64

92.75 4.04%
2,780,181.25
4,719.82

0.90%
(197,290.39)
Aaa / AA+
AAA

2.08 2.03
As of March 31, 2023

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828ZW3 US Treasury Note

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

0.70%
1,571,103.81
1,581,600.31

92.17 3.92%
1,472,383.80
1,003.95

0.47%
(109,216.51)
Aaa / AA+
AAA

2.25 2.20
91282CAJ0 US Treasury Note

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

0.56%
8,710,250.00
8,754,699.49

91.61 3.93%
8,079,605.10
1,917.39

2.60%
(675,094.39)
Aaa / AA+
AAA

2.42 2.36
91282CAT8 US Treasury Note

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

0.78%
3,425,898.44
3,452,926.06

91.18 3.87%
3,191,153.00
3,674.03

1.03%
(261,773.06)
Aaa / AA+
AAA

2.59 2.52
91282CAZ4 US Treasury Note

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

0.94%
6,619,508.79
6,673,169.66

91.22 3.87%
6,177,793.23
8,512.14

1.99%
(495,376.43)
Aaa / AA+
AAA

2.67 2.60
91282CBC4 US Treasury Note

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

0.49%
6,363,250.00
6,379,650.83

91.15 3.79%
5,833,497.60
6,033.15

1.88%
(546,153.23)
Aaa / AA+
AAA

2.76 2.69
9128286A3 US Treasury Note

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

0.46%
1,890,055.76
1,811,302.29

96.73 3.85%
1,651,606.70
7,429.04

0.53%
(159,695.59)
Aaa / AA+
AAA

2.84 2.69
91282CBH3 US Treasury Note

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

0.79%
16,971,456.65
17,104,763.56

90.78 3.84%
15,709,011.78
10,755.86

5.05%
(1,395,751.78)
Aaa / AA+
AAA

2.84 2.77
91282CBQ3 US Treasury Note

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

0.94%
12,437,181.06
12,512,352.59

90.89 3.83%
11,515,344.90
5,508.69

3.70%
(997,007.69)
Aaa / AA+
AAA

2.92 2.84
91282CCF6 US Treasury Note

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

0.80%
8,301,545.71
8,308,291.34

90.96 3.81%
7,567,946.89
20,914.28

2.44%
(740,344.45)
Aaa / AA+
AAA

3.17 3.07
91282CCZ2 US Treasury Note

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

2.77%
3,406,746.09
3,471,057.73

90.56 3.78%
3,350,812.50

88.46 1.08%
(120,245.23)
Aaa / AA+
AAA

3.50 3.39
912828V98 US Treasury Note

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

4.07%
2,458,185.55
2,480,138.05

94.74 3.72%
2,510,564.95
7,411.95

0.81%
30,426.90
Aaa / AA+
AAA

3.88 3.65
91282CBJ9 US Treasury Note

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

2.15%
498,382.03
505,783.36

87.34 3.63%
471,656.52
671.27

0.15%
(34,126.84)
Aaa / AA+
AAA

4.84 4.66
91282CCY5 US Treasury Note

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

2.17%
495,591.79
500,290.22

88.24 3.63%
463,271.55

17.93 0.15%
(37,018.67)
Aaa / AA+
AAA

5.51 5.22
9128286B1 US Treasury Note

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

2.33%
509,433.59
508,030.90

94.82 3.61%
474,101.50
1,631.56

0.15%
(33,929.40)
Aaa / AA+
AAA

5.88 5.36
912828YB0 US Treasury Note

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

2.29%
496,518.75
499,776.42

89.20 3.53%
463,815.56
1,050.41

0.15%
(35,960.86)
Aaa / AA+
AAA

6.38 5.94
91282CGJ4 US Treasury Note

3.500% Due 01/31/2030
4,000,000.00 01/30/2023

3.62%
3,969,687.50
3,970,398.78

99.59 3.57%
3,983,752.00
23,204.42

1.29%
13,353.22
Aaa / AA+
AAA

6.84 6.00
912828Z94 US Treasury Note

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

2.66%
498,040.43
503,545.54

87.66 3.54%
475,577.74
1,011.57

0.15%
(27,967.80)
Aaa / AA+
AAA

6.88 6.41
91282CAE1 US Treasury Note

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

2.65%
498,755.37
509,091.44

81.49 3.49%
478,743.76
456.45

0.15%
(30,347.68)
Aaa / AA+
AAA

7.38 7.07
As of March 31, 2023

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CBL4 US Treasury Note

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

2.63%
498,104.88
505,452.58

84.21 3.43%
475,769.55
790.14

0.15%
(29,683.03)
Aaa / AA+
AAA

7.88 7.39
91282CCS8 US Treasury Note

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

2.63%
498,515.62
505,170.90

83.88 3.49%
471,818.81
874.05

0.15%
(33,352.09)
Aaa / AA+
AAA

8.38 7.78
91282CFV8 US Treasury Note

4.125% Due 11/15/2032
4,000,000.00 01/27/2023

3.51%
4,203,125.00
4,199,661.03
105.08

3.50%
4,203,124.00
62,444.75

1.37%
3,462.97
Aaa / AA+
AAA

9.64 7.83
TOTAL US Treasury 140,694,500.00 1.30%
139,880,524.89
139,893,010.54 4.06%
132,057,148.22
370,735.65

42.58%
(7,835,862.32)
Aaa / AA+
AAA

2.67 2.51
TOTAL PORTFOLIO 327,084,696.52 1.59%
325,222,549.50
324,483,078.29 4.32%
309,899,904.85
1,120,047.51
100.00%
(14,583,173.44
)
Aa1 / AA
AAA

2.57 2.35
TOTAL MARKET VALUE PLUS ACCRUALS 311,019,952.36
As of March 31, 2023

ATTACHMENT A
SECTION |
Section 4 |
Transactions

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 01/19/2023 3133EN6M7 3,000,000.00 FFCB Note 4% Due: 01/19/2033
100.583 3.93% 3,017,490.00 0.00 3,017,490.00 0.00
Purchase 01/24/2023 24422EWR6 2,000,000.00 John Deere Capital Corp Note

4.75% Due: 01/20/2028
101.796 4.34% 2,035,920.00 3,958.33 2,039,878.33 0.00
Purchase 01/24/2023
880591EX6 1,003,000.00 Tennessee Valley Authority Note

1.5% Due: 09/15/2031

81.651 4.04% 818,959.53 5,391.13 824,350.66 0.00
Purchase 01/25/2023
3133EN7B0 3,000,000.00 FFCB Note

3.75% Due: 01/25/2030

99.503 3.83% 2,985,090.00 0.00 2,985,090.00 0.00
Purchase 01/25/2023
808513BY0 3,500,000.00 Charles Schwab Corp Callable Note Cont 2/3/2027

2.45% Due: 03/03/2027

92.913 4.35% 3,251,955.00 33,823.61 3,285,778.61 0.00
Purchase 01/26/2023 3133ENFQ8 2,303,000.00 FFCB Note

1.81% Due: 12/01/2031

84.197 3.94% 1,939,056.91 6,368.43 1,945,425.34 0.00
Purchase 01/27/2023
74340XBV2 3,000,000.00 Prologis LP Callable Note Cont 09/15/2027

3.375% Due: 12/15/2027

96.051 4.28% 2,881,530.00 11,812.50 2,893,342.50 0.00
Purchase 01/30/2023
91282CFV8 4,000,000.00 US Treasury Note

4.125% Due: 11/15/2032
105.078 3.51% 4,203,125.00 34,640.88 4,237,765.88 0.00
Purchase 01/31/2023
91282CGJ4 4,000,000.00 US Treasury Note

3.5% Due: 01/31/2030

99.242 3.62% 3,969,687.50 0.00 3,969,687.50 0.00
Purchase 02/15/2023
05593AAC3 415,000.00 BMW Vehicle Lease Trust 2023-1 A3

5.16% Due: 11/25/2025

99.998 5.22% 414,990.12 0.00 414,990.12 0.00
Purchase 02/27/2023 3133ENGS3 4,500,000.00 FFCB Note

1.625% Due: 12/09/2031

80.298 4.35% 3,613,410.00 15,843.75 3,629,253.75 0.00
Purchase 03/29/2023
3130ATS57 4,100,000.00 FHLB Note

4.5% Due: 03/10/2028
102.708 3.89% 4,211,028.00 9,737.50 4,220,765.50 0.00
Subtotal 34,821,000.00 33,342,242.06 121,576.13 33,463,818.19 0.00 TOTAL ACQUISITIONS 34,821,000.00 33,342,242.06 121,576.13 33,463,818.19 0.00 December 31, 2022 through March 31, 2023
As of March 31, 2023

DISPOSITIONS
Sale 03/29/2023 3137EAER6 3,630,000.00 FHLMC Note

0.375% Due: 05/05/2023

99.555 0.26% 3,613,846.50 5,445.00 3,619,291.50 -16,707.56 Subtotal 3,630,000.00 3,613,846.50 5,445.00 3,619,291.50 -16,707.56 Maturity 02/01/2023 06742TG34 2,942,500.00 Barclays Bank Yankee CD

1.05% Due: 02/01/2023
100.000 2,942,500.00 31,153.72 2,973,653.72 0.00
Subtotal 2,942,500.00 2,942,500.00 31,153.72 2,973,653.72 0.00 TOTAL DISPOSITIONS 6,572,500.00 6,556,346.50 36,598.72 6,592,945.22 -16,707.56 December 31, 2022 through March 31, 2023
As of March 31, 2023

ATTACHMENT A
Important Disclosures
2023 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 is pro vided 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.

Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.

As of March 31, 2023

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 March 31, 2023

ATTACHMENT A

City Council and Concurrent AuthoritiesMay 2, 2023

City Council and Concurrent Authorities
May 2, 2023