City Council and Concurrent Authorities
August 22, 2023

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© PFM Asset Management LLC | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2023
Account Summary
Consolidated Summary
Account Summary
Reserve Portfolio1 $726,546,280
Short-Term Portfolio $10,372,734
BoW Main Account $43,448,290
CAMP Pool $112,656,911
Local Agency Investment Fund $30,536,947
Total Program $923,561,162

23.0%

1.2% 1.3%

4.9% 4.2%

19.6% 20.5%

4.4%

10.3%

4.2%

6.3%

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: 831 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.

Sector Allocation
U.S. Treasury | 41%
Federal Agency | 17%
Agency MBS | 1%
Supranational | 1%
Municipal | 2%
Commercial Paper | 1%
Negotiable CD | <1%
Corporate | 15%
Bankers' Acceptance | <1%
Asset-Backed | 1%
Money Market Fund | <1%
LAIF | 3%
CAMP | 12%
Cash | <1%
BoW | 5%

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

INVESTMENT REPORT
Period Ending June 30, 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 June 30, 2023

ATTACHMENT A
SECTION |
|||||||||||||
Section 1 |
Economic Update

ATTACHMENT A
Economic Update
ƒ
ƒ
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Recent economic data continues to suggest positive but below trend growth this year. Although the pace of job growth is moderating, labor markets remain solid, and the U.S. consumer has demonstrated resiliency. Inflationary trends are subsiding, but core levels remain well above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward.

At the June meeting, the Federal Open Market Committee paused in their rate hiking campaign after ten straight rate increases and left the target Federal Funds rate in the current range of 5.00 - 5.25%. Market participants viewed the FOMC’s decision as a ‘hawkish’ pause, expecting further tightening in the future, primarily based on the updated release of the FOMC’s Summary of Economic Projections (SEP) forecast which reflected a stronger economic outlook and higher rates compared to the March forecast. We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for a period of time or will be forced to tighten policy further to bring inflation back down towards their 2% policy objective.

The yield curve remained inverted in June. The 2-year Treasury yield surged 50 basis points to 4.90%, the 5-year Treasury yield rose 40 basis points to 4.16%, and the 10-year Treasury yield increased 19 basis points to 3.84%. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -106 basis points at June month-end versus -76 basis points at May month-end. The spread between the 2-year Treasury and 10- year Treasury yield one year ago was +6 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -146 basis points in June from -176 basis points in May. The shape of the yield curve indicates that the probability of recession is increasing.

ATTACHMENT A
Employment
-400
-200
0 200
400
600
800
1,000 MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 209,000 jobs in June, falling short of consensus expectations, and the last two months were revised downward by 110,000 jobs. Although decelerating, the pace of job growth remains healthy with the three-month moving average payrolls at 244,000 and the six - month moving average at 278,000. The unemployment rate declined to 3.6% in June from 3.7% in May, while the labor force participation rate remained at 62.6%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons, increased to 6.9% from the prior month at 6.7%. Average hourly earnings remained at 4.4% year-over-year in June, unchanged from an upwardly revised 4.4% increase in May. While the longer-term trend of hiring is slowing, levels remain consistent with a solid labor market.

Source: US Department of Labor Source: US Department of Labor

ATTACHMENT A
Job Openings & Labor Turnover Survey
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
JOLTS
Recession
Historical Average
In Thousands (000's)
The number of job openings declined to 9.824 million in May after an upward revision to 10.320 million in April. The drop was widespread but particularly steep in healthcare and social assistance. Hiring increased over the month, along with both separations and quits. The level of job openings indicates strong resilience in labor demand.

Source: US Department of Labor

ATTACHMENT A
Inflation

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

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 Core Deflator YOY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) increased in June by 0.2% month-over-month and 3.0% year-over-year, down from 4.0% in May. The Core CPI, which excludes volatile food and energy components, was up 0.2% month-over-month and 4.8% year-over-year, decelerating modestly from

5.3% in May. The Personal Consumption Expenditures (PCE) index rose 3.8% year-over-year in May, down from a 4.3% gain in April. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 4.6% year-over-year in May, down slightly from a 4.7% increase in April. Core inflation remains stubbornly elevated above the Fed's 2% target, with service-sector inflation and strong wage growth as headwinds.

Source: US Department of Labor Source: US Department of Commerce

ATTACHMENT A
Consumer
-25.0%
-15.0%
-5.0%

5.0%

15.0%

25.0%

35.0%

45.0%

55.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales rose 0.3% month-over-month in May, beating expectations but slowing from a 0.4% increase in April. Gains were broad- based and translated to a year-over-year increase of 1.6% in May versus a downwardly revised 1.2% increase in April. The Conference Board’s Consumer Confidence Index surged to a better than expected 109.7 in June from 102.5 in May. Both current conditions and future expectations gained strength.
80 90
100
110
120
130
140
Index Level
Consumer Confidence
Source: US Department of Commerce Source: The Conference Board

ATTACHMENT A
Leading Indicators of Economic Activity
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) remained in negative territory for the fourteenth consecutive month at -0.7% in May, versus –0.6% in April and was down 7.9% year-over-year in May. The consistent decline month-over-month continues to signal future contraction in the economy. The Chicago Fed National Activity Index (CFNAI) fell to -0.15 in May from 0.14 in April. On a 3-month moving average basis, the CFNAI remained negative at -0.14 in May, indicating a rate of growth below the historical average trend.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

ATTACHMENT A
Housing
0 200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400 MOM Change (In Thousands of Units)
Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Total housing starts rose 21.7% month-over-month in May to 1,631,000 units from a downwardly revised 1,340,000 in April and were up 5.7% compared to May 2022. Both single-family and multi-family construction increased as expectations for lower rates and greater availability of construction labor and materials drove the surge in starts. The 30-year fixed rate mortgage stabilized at an average of approximately 6.7% at June month-end according to Freddie Mac. According to the Case-Shiller 20-City Home Price Index, housing prices dropped 1.7% in April after falling

1.1% in March, clearly displaying the impact of higher mortgage rates year-over-year, which have reduced demand for homebuying as affordability has declined. The Southeast remains the strongest region, while the West continues to be the weakest.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

ATTACHMENT A
Survey Based Measures
40 45
50 55
60 65
70 Institute of Supply Management
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
The Institute for Supply Management (ISM) manufacturing index fell to 46.0 in June from 46.9 in May. This is the eighth consecutive month of readings below 50.0, which is indicative of contraction in the manufacturing sector. The Institute for Supply Management (ISM) services index rose to 53.90 in June from 50.30 in May, as new orders increased, employment rebounded, and inflation moderated. The June data reflects continued strength in the services sector.

Source: Institute for Supply Management

ATTACHMENT A
Gross Domestic Product (GDP)
Components of GDP 6/22 9/22 12/22 3/23

1.4% 1.5% 0.7% 2.8%
-2.8% -1.8% 0.8% -2.2%

1.2% 2.9% 0.4% 0.6%
-0.2% 0.2% 0.4% 0.4%
-0.1% 0.4% 0.3% 0.5%
-0.6% 3.3% 2.6% 2.0%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and
Gross Investment)
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the third estimate, first quarter 2023 GDP growth was revised up to 2.0% from 1.3%. Stronger personal consumption expenditures were the primary driver of the upward revision. The consensus estimate calls for 1.3% growth for the second quarter and for the full year 2023.

ATTACHMENT A
Federal Reserve
Source: Federal Reserve Source: Bloomberg
0 1,000,000
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
Re cession
In $ millions

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
At the June meeting, the Federal Open Market Committee paused in their rate hiking campaign after ten straight rate increases and left the target Federal Funds rate in the current range of 5.00 - 5.25%. Market participants viewed the FOMC’s decision as a ‘hawkish’ pause, expecting further tightening in the future, primarily based on the updated release of the FOMC’s Summary of Economic Projections (SEP) forecast. The SEP is forecasting higher GDP, a lower unemployment rate, and higher PCE inflation compared to the March 2023 forecast. The median forecast for the Fed Funds rate was also increased to 5.6% in June, compared to the prior forecast of 5.1% in March, suggesting another 50 basis points of tightening in 2023. We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for a period of time or will be forced to tighten policy further to bring inflation back down towards their 2% policy objective.

ATTACHMENT A
Bond Yields
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
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
Jun-23
Mar-23
Jun-22
Yield (%)
At the end of June, the 2-year Treasury yield was 194 basis points higher, and the 10-Year Treasury yield was about 82 basis points higher, year- over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -106 basis points at June month-end versus -76 basis points at May month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10- year Treasuries narrowed to -146 basis points in June from -176 basis points in May. 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 June 30, 2023

ATTACHMENT A
Compliance As of June 30, 2023
Category Standard Comment
U.S. Tre asurie s N o lim it; 10 ye ars m ax m aturity Complies Federal Agenci es N o lim it in Fe de ral A ge ncie s or Gove rnm e nt Sponsore d Ente rprise s (GSEs), provide d that: 20% m ax in Fe de ral A ge ncy or GSE issue d 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 unsecur ed 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 mat urity Complies Corporate Medium Term Notes
"A" rating category or higher by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity; Corporate and depository institu tion 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 ope rating within the U.S.

Complies
Asset-Backed, Mortgage-Backed,
Mortgage Pass-Through Securities, and
Collate 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 A BS/MBS/CMO); 5% max per Asset-Backed security issuer; 5 years max maturity Complies N e gotiable Ce rtificate s of De posit
(NCD)
The amount of NCD insured up to the FDIC limit does not require any credit ratings; Any amount above FDIC insured limit must b e i ssued by institutions with "A-1" short-term debt rating or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 30 % max; 5% max per issuer; 5 years max maturity
Complies
Ce rtificate of De posit Place m e nt
Service (CDARS) 20% max (combination of FDIC & Collateralized Time Deposits, and CDARS; 5 years max maturity Complies Time Deposits (Non-negotiable CD/TD) 20% max (combination of FDIC & Collateralized Time Deposits, and CDARS; 5 years max maturi ty Complies Collateralized Bank Deposits Deposits with financial institutions will be collateralized with pledged securities per California Government Code Complies Banker’s Acceptances A-1 short-term debt rated or better by a NRSRO; or "A" long-term debt rating category or better by a NRSRO; 40% max; 5% max p er issuer; 180 days max maturity Complies
Commercial Paper
25% max; 5% max per issuer; 270 days maturity; 10% max of the outstanding commercial paper of any single issuer; "Prime" qual ity of the highe st rati ng by a NRSRO; The enti ty that i ssues the commerci al paper shal l ei ther be:
(1) organize d and ope rating within the U.S. as a ge ne ral corporation with asse ts > $500 m illion; "A " rating cate gory or highe r by a NRSRO, if issuer has debt obligations; or
(2) organize d within the U.S. as a spe cial purpose corporation, trust, or lim ite d liability com pany; has program -wide cre dit enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond; has commercial paper that is "A-1" rated or hig her 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 C GC and with AUM >$500 m illion
Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies California Asset Management Program CAMP; Not used by investment adviser Complies Repurchase Agreements 1 year max maturity; 102% Collateralized; Not used by investment adviser Complies Maximum Maturity
10 years max maturity; Donated securities are not subject to maturity limits; 15% max for Investments maturing beyond a five-year horizon; Investments greater than 5 years shall be permitted for U.S. Treasuries, U.S. Agencies, as described in the policy; Inve stm e nts in City Variable Rate obligations, with m aturitie s gre ate r than 5 ye ars, m ay be m ade whe n IRS & SEC guide line s pe rmit 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
06/30/23 03/31/23
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.66 2.64 2.57
Average Modified Duration 2.51 2.37 2.35
Average Purchase Yield n/a 1.77% 1.59%
Average Market Yield 4.82% 4.96% 4.32%
Average Quality** AAA AA/Aa1 AA/Aa1
Total Market Value 310,067,798 311,019,952
*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 June 30, 2023

ATTACHMENT A
City of Stockton Reserve Portfolio
Sector Distribution
ABS

2.0%
Agency

27.9%
CMO

2.5%
Corporate

22.2%Money Market
Fund

0.0%
Municipal Bonds

2.6%
Supranational

1.9%
US Treasury

40.9%
June 30, 2023 March 31, 2023
ABS

1.5%
Agency

28.5%
CMO

1.0%
Corporate

22.0%
Money Market
Fund

0.1%
Municipal Bonds

2.6%
Supranational

1.9%
US Treasury

42.6%
As of June 30, 2023

ATTACHMENT A
Issue Name Investment Type % Portfolio
Government of United States US Treasury 40.88%
Federal National Mortgage Association Agency 14.46%
Federal Farm Credit Bank Agency 5.57%
Federal Home Loan Bank Agency 4.41%
Federal Home Loan Mortgage Corp Agency 3.16%
Federal Home Loan Mortgage Corp CMO 2.37%
Deere & Company Corporate 1.38%
Merck & Company Corporate 1.38%
Wal-Mart Stores Corporate 1.31%
Amazon.com Inc Corporate 1.28%
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%
Bank of New York Corporate 1.10%
Pfizer Inc. Corporate 1.02%
Charles Schwab Corp/The Corporate 1.02%
JP Morgan Chase & Co Corporate 0.98%
National Rural Utilities Corporate 0.98%
Prologis Trust Corporate 0.90%
US Bancorp Corporate 0.86%
Microsoft Corporate 0.84%
State of California Municipal Bonds 0.71%
Northern Trust Corp Corporate 0.69%
MasterCard Inc Corporate 0.68%
Morgan Stanley Corporate 0.67%
Target Corp Corporate 0.64%
Pepsico Inc Corporate 0.63%
Honeywell Corp Corporate 0.60%
Intl Bank Recon and Development Supranational 0.59%
Toyota Motor Corp Corporate 0.58%
Goldman Sachs Inc. Corporate 0.57%
Florida Hurricane Catastrophe Municipal Bonds 0.56%
Citigroup Inc Corporate 0.42%
American Express ABS ABS 0.41%
John Deere ABS ABS 0.35%
Los Angeles Cmnty College Dis Municipal Bonds 0.28%
Toyota ABS ABS 0.28%
Issuers
City of Stockton Reserve Portfolio – Account #10020
As of June 30, 2023

ATTACHMENT A
Issue Name Investment Type % Portfolio
Carmax Auto Owner Trust ABS 0.27%
Tennessee Valley Authority Agency 0.26%
Hyundai Auto Receivables ABS 0.26%
Discover Card Execution Note Trust ABS 0.24%
San Diego Community College District Municipal Bonds 0.23% University of California Municipal Bonds 0.23%
Maryland State Municipal Bonds 0.20%
California Edl Facs Auth Rev Municipal Bonds 0.19%
New Jersey State Turnpike Authority Municipal Bonds 0.16% Federal National Mortgage Association CMO 0.15%
State Street Bank Corporate 0.13%
BMW Vehicle Lease Trust ABS 0.13%
Honda ABS ABS 0.09%
Paccar Financial Corporate 0.08%
Federated GOVT Obligation MMF Money Market Fund 0.03%
California State Dept Water Municipal Bonds 0.02%
Nissan ABS ABS 0.00%
TOTAL 100.00%
Issuers
City of Stockton Reserve Portfolio – Account #10020
As of June 30, 2023

ATTACHMENT A
AAA AA A <A NR
06/30/23 4.8% 74.6% 16.7% 1.0% 3.0%
03/31/23 4.6% 76.9% 16.4% 1.0% 1.1%
Source: S&P Ratings
June 30, 2023 vs. March 31, 2023

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
06/30/23 03/31/23
Quality Distribution
City of Stockton Reserve Portfolio
As of June 30, 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 6.3% 5.5% 9.7% 29. 0% 28.2% 5.6% 5.5% 10.2%
Benchmark* 0.0% 0.0% 1.5% 35. 9% 26.4% 22.3% 13.9% 0.0% *ICE BofA 1-5 Yr AAA-A US Corp & Govt Index
Duration Distribution
City of Stockton Reserve Portfolio
As of June 30, 2023

ATTACHMENT A
-1.20%
-1.00%
-0.80%
-0.60%
-0.40%
-0.20%

0.00%
3 months Since Inception
City of Stockton Reserve Portfolio ICE BofA 1-5 Yr AAA-A US Corp & Govt Index ICE BofA 1-5US Treasury & Agency 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 June 30, 2023
MARKET VALUE BASIS EARNINGS Latest 3 Months Since Inception Interest Earned $1,251,388.75 $3,760,271.71
Change in Market Value ($2,1739,958.17) ($4,898,566.30) TOTAL DOLLAR RETURN ($922,569.42) ($1,138,294.59)
TOTAL RATE OF RETURN Latest 3 Months Since Inception
City of Stockton Reserve Portfolio -0.30% -0.29%
ICE BofA 1-5 US Treasury & Agency Index -0.85% -1.07%
ICE BofA 1-5 Yr AAA-A US Corp & Gov Index -0.77% -0.98% Basis Point Fee* 0.00% 0.02%
Net of Fee Return -0.30% -0.31%

ATTACHMENT A
Purchase Yield as of 06/30/23 = 1.77%

0.00 0.20

0.40 0.60

0.80 1.00

1.20 1.40

1.60 1.80

2.00 Percent (%)
Historical Average Purchase Yield
City of Stockton Reserve Portfolio
As of June 30, 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
65479CAD0 Nissan Auto Receivables Owner 2020-B A3

0.550% Due 07/15/2024
3,244.79 06/30/2020

0.55%
3,244.70
3,244.79

99.81 7.55%
3,238.61

0.79 0.00%
(6.18)
Aaa / AAA
NR

1.04 0.03
14315XAC2 CarMax Auto Owner Trust 2020-1 A3

1.890% Due 12/16/2024
92,003.12 01/22/2020

1.90%
91,985.07
92,002.50

99.50 5.90%
91,543.20

77.28 0.03%
(459.30)

NR / AAA
AAA

1.47 0.12
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
292,122.21 02/24/2021

0.27%
292,116.86
292,120.95

97.65 6.18%
285,265.23

21.91 0.09%
(6,855.72)
Aaa / NR
AAA

1.81 0.39
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
338,857.60 04/28/2021

0.38%
338,821.95
338,847.38

97.38 6.00%
329,971.40

57.23 0.11%
(8,875.98)

NR / AAA
AAA

2.21 0.46
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
414,991.87

99.33 5.75%
412,210.37
356.90

0.13%
(2,781.50)
Aaa / AAA
NR

2.41 1.26
14316NAC3 CarMax Auto Owner Trust 2021-1 A3

0.340% Due 12/15/2025
211,566.54 01/27/2021

0.35%
211,524.73
211,560.94

97.10 6.13%
205,437.03

31.97 0.07%
(6,123.91)

NR / AAA
AAA

2.46 0.50
89239BAC5 Toyota Auto Receivables Trust 2021-C A3

0.430% Due 01/15/2026
913,559.82 09/27/2021

0.43%
913,487.01
913,527.83

96.25 5.99%
879,291.29
174.59

0.28%
(34,236.54)
Aaa / AAA
NR

2.55 0.67
14314QAC8 CarMax Auto Owner Trust 2021-2 A3

0.520% Due 02/17/2026
570,422.03 04/21/2021

0.53%
570,299.10
570,389.44

96.64 6.64%
551,275.24
131.83

0.18%
(19,114.20)

NR / AAA
AAA

2.64 0.55
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
494,946.05

96.07 5.87%
475,534.13
162.80

0.15%
(19,411.92)

NR / AAA
AAA

2.88 0.77
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
797,430.38

94.12 5.75%
750,624.55
205.58

0.24%
(46,805.83)
Aaa / AAA
NR

3.21 1.16
477920AC6 John Deere Owner Trust 2023-B A3

5.180% Due 03/15/2028
1,085,000.00 06/21/2023

5.24%
1,084,819.02
1,084,819.43

99.83 5.31%
1,083,150.08
468.36

0.35%
(1,669.35)
Aaa / NR
AAA

4.71 2.32
02582JJZ4 American Express Credit Trust 2023-1 A

4.870% Due 05/15/2028
1,270,000.00 06/07/2023

4.92%
1,269,887.35
1,269,889.15

99.41 5.15%
1,262,503.19
2,920.65

0.41%
(7,385.96)

NR / AAA
AAA

4.88 2.60
TOTAL ABS 6,484,276.11 2.48%
6,483,394.67
6,483,770.71 5.72%
6,330,044.32
4,609.89

2.04%
(153,726.39)
Aaa / AAA
AAA

3.42 1.39
Agency
3135G05G4 FNMA Note

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

0.32%
4,275,787.25
4,284,924.28

99.91 3.51%
4,281,122.08
5,088.44

1.38%
(3,802.20)
Aaa / AA+
AAA

0.03 0.03
3137EAEV7 FHLMC Note

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

0.28%
2,290,161.65
2,292,385.00

99.30 4.95%
2,276,454.79
2,021.86

0.73%
(15,930.21)
Aaa / AA+
AAA

0.15 0.15
3135G0U43 FNMA Note

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

2.97%
6,136,124.50
6,161,397.88

99.49 5.42%
6,130,861.73
53,643.71

1.99%
(30,536.15)
Aaa / AA+
AAA

0.20 0.20
As of June 30, 2023

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
3135G06H1 FNMA Note

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

0.24%
3,048,317.20
3,047,621.54

97.95 5.37%
2,985,160.34
719.55

0.96%
(62,461.20)
Aaa / AA+
AAA

0.41 0.40
3137EAFA2 FHLMC Note

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

0.28%
2,220,299.72
2,222,186.54

97.84 5.41%
2,174,500.67
416.72

0.70%
(47,685.87)
Aaa / AA+
AAA

0.43 0.42
3130A0F70 FHLB Note

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

2.71%
1,763,703.75
1,717,123.36

99.17 5.29%
1,698,356.46
3,692.58

0.55%
(18,766.90)
Aaa / AA+
AAA

0.44 0.43
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

96.45 5.64%
723,353.25
1,513.02

0.23%
(26,646.75)
Aaa / AA+
AAA

0.78 0.75
3135G0X24 FNMA Note

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

0.84%
4,542,673.20
4,431,128.49

94.82 5.22%
4,152,962.70
34,401.25

1.35%
(278,165.79)
Aaa / AA+
AAA

1.53 1.46
3130AJHU6 FHLB Note

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

0.60%
2,447,798.40
2,455,631.77

92.52 4.92%
2,275,979.70
2,630.83

0.73%
(179,652.07)
Aaa / AA+
AAA

1.79 1.74
3135G03U5 FNMA Note

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

0.63%
10,879,060.80
10,879,717.07

92.48 5.02%
10,061,998.08
13,033.34

3.25%
(817,718.99)
Aaa / AA+
AAA

1.81 1.76
3135G04Z3 FNMA Note

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

0.54%
6,628,750.02
6,637,100.91

91.81 4.93%
6,098,366.33
1,291.60

1.97%
(538,734.58)
Aaa / AA+
AAA

1.97 1.91
3137EAEU9 FHLMC Note

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

0.48%
2,298,496.20
2,305,263.51

91.24 4.90%
2,107,618.59
3,850.00

0.68%
(197,644.92)
Aaa / AA+
AAA

2.06 2.00
3135G05X7 FNMA Note

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

0.47%
3,976,303.40
3,986,952.07

90.99 4.83%
3,635,246.26
5,243.44

1.17%
(351,705.81)
Aaa / AA+
AAA

2.16 2.09
3137EAEX3 FHLMC Note

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

0.44%
3,534,329.55
3,540,232.23

90.74 4.80%
3,216,616.02
3,618.85

1.04%
(323,616.21)
Aaa / AA+
AAA

2.24 2.17
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
2,263,208.02

90.78 4.91%
2,056,264.40
3,067.82

0.66%
(206,943.62)
Aaa / AA+
AAA

2.25 2.18
3135G06G3 FNMA Note

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

0.54%
8,127,104.90
8,136,559.14

90.63 4.76%
7,381,951.97
6,108.75

2.38%
(754,607.17)
Aaa / AA+
AAA

2.36 2.29
3130ATS57 FHLB Note

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

3.89%
4,211,028.00
4,205,255.53
100.96

4.27%
4,139,503.50
56,887.50

1.35%
(65,752.03)
Aaa / AA+
AAA

4.70 4.14
3133EN7B0 FFCB Note

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

3.83%
2,985,090.00
2,986,005.48

97.06 4.27%
2,911,800.00
48,750.00

0.95%
(74,205.48)
Aaa / AA+
AAA

6.58 5.65
3133EN4V9 FFCB Note

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

4.22%
2,087,505.00
2,088,327.10

98.85 4.31%
2,075,826.90
23,581.25

0.68%
(12,500.20)
Aaa / AA+
AAA

7.24 6.12
3133ENQ45 FFCB Note

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

4.40%
866,250.00
866,901.43

99.71 4.30%
872,502.75
9,400.17

0.28%
5,601.32
Aaa / AA+
AAA

7.26 6.12
880591EX6 Tennessee Valley Authority Note

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

4.04%
818,959.53
828,173.22

80.81 4.30%
810,562.41
4,429.92

0.26%
(17,610.81)
Aaa / AA+
AAA

8.22 7.49
As of June 30, 2023

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
3133ENFQ8 FFCB Note

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

3.94%
1,939,056.91
1,956,628.91

82.22 4.36%
1,893,512.78
3,473.69

0.61%
(63,116.13)
Aaa / AA+
AAA

8.43 7.59
3133ENGS3 FFCB Note

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

4.35%
3,613,410.00
3,647,690.37

81.47 4.26%
3,666,199.50
4,468.75

1.18%
18,509.13
Aaa / AA+
AAA

8.45 7.68
3133EN6M7 FFCB Note

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

3.93%
3,017,490.00
3,016,709.58

97.16 4.37%
2,914,755.00
54,000.00

0.96%
(101,954.58)
Aaa / AA+
AAA

9.56 7.69
3130AV4X7 FHLB Note

4.375% Due 03/11/2033
2,500,000.00 05/12/2023

4.04%
2,568,175.00
2,567,281.96
100.05

4.37%
2,501,287.50
37,673.61

0.82%
(65,994.46)
Aaa / AA+
NR

9.70 7.72
3130AVWG3 FHLB Note

4.000% Due 06/10/2033
3,010,000.00 06/29/2023

4.34%
2,928,014.60
2,928,037.17

97.47 4.31%
2,933,732.62
19,063.34

0.95%
5,695.45
Aaa / AA+
AA+

9.95 8.05
TOTAL Agency 91,486,000.00 1.72%
90,214,925.83
90,202,442.56 4.75%
85,976,496.33
402,069.99

27.86%
(4,225,946.23)
Aaa / AA+
AAA

3.29 2.92
CMO
3136AJB54 FNMA 2014-M4 A2

3.346% Due 03/25/2024
473,254.02 12/18/2019

2.04%
496,251.21
476,909.60

98.13 6.35%
464,421.21
1,319.53

0.15%
(12,488.39)

NR / NR
NR

0.74 0.55
3137F2LJ3 FHLMC K066 A2

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

4.88%
2,234,343.75
2,258,896.37

94.27 4.74%
2,262,424.80
6,234.00

0.73%
3,528.43

NR / NR
AAA

3.99 3.53
3137FG6X8 FHLMC K077 A2

3.850% Due 05/25/2028
5,245,000.00 05/24/2023

4.65%
5,148,705.08
5,150,396.32

96.83 4.57%
5,078,869.87
3,365.54

1.64%
(71,526.45)

NR / NR
AAA

4.91 4.29
TOTAL CMO 8,118,254.02 4.56%
7,879,300.04
7,886,202.29 4.73%
7,805,715.88
10,919.07

2.52%
(80,486.41)

NR / NR
AAA

4.39 3.84
Corporate
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
3,368,488.94

99.76 5.50%
3,359,424.74
45,180.63

1.10%
(9,064.20)
A1 / A
AA-

0.12 0.11
69371RQ90 Paccar Financial Corp Note

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

0.39%
242,182.32
242,488.11

99.47 5.04%
241,208.93
330.07

0.08%
(1,279.18)
A1 / A+
NR

0.12 0.11
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
1,065,000.04

98.55 5.88%
1,047,087.38
14,542.97

0.34%
(17,912.66)
A3 / A
A

0.60 0.57
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
2,341,863.90

98.19 5.61%
2,270,710.81
21,236.46

0.74%
(71,153.09)
A1 / A+
NR

0.69 0.66
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
3,210,859.62

98.22 5.53%
3,143,174.40
27,795.56

1.02%
(67,685.22)
A1 / A+
A

0.71 0.68
As of June 30, 2023

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
57636QAB0 MasterCard Inc Note

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

2.67%
2,194,381.25
2,135,460.44

98.38 5.59%
2,090,575.00
17,929.69

0.68%
(44,885.44)
Aa3 / A+
NR

0.76 0.72
023135BW5 Amazon.com Inc Note

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

0.50%
1,540,247.95
1,541,850.69

95.87 5.39%
1,478,839.48
944.78

0.48%
(63,011.21)
A1 / AA
AA-

0.87 0.84
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
4,173,561.04

97.51 5.39%
3,997,852.60
56,152.92

1.31%
(175,708.44)
Aa2 / AA
AA

1.02 0.97
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
1,650,277.88

96.46 5.82%
1,591,509.15
16,610.00

0.52%
(58,768.73)
A3 / A
A

1.08 1.03
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

98.83 5.88%
1,450,371.34
2,794.98

0.47%
(17,128.66)
A1 / A-
AA-

1.22 1.15
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

98.34 6.00%
1,875,776.37
2,875.56

0.61%
(31,723.63)
A1 / A-
AA-

1.32 1.25
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
2,325,462.57

94.24 5.22%
2,221,667.92
13,997.66

0.72%
(103,794.65)
A2 / A
A+

1.53 1.47
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
2,745,216.26

96.44 5.02%
2,579,772.68
27,886.88

0.84%
(165,443.58)
Aaa / AAA
NR

1.62 1.54
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
1,893,821.06

94.62 5.31%
1,785,973.26
13,023.75

0.58%
(107,847.80)
A1 / A+
A+

1.63 1.55
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
3,722,771.12

94.81 5.13%
3,488,912.32
24,507.78

1.13%
(233,858.80)
A1 / AA-
AA-

1.63 1.56
023135CE4 Amazon.com Inc Note

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

3.06%
2,563,417.67
2,565,071.46

96.47 5.09%
2,476,862.12
16,688.75

0.80%
(88,209.34)
A1 / AA
AA-

1.79 1.70
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
1,355,033.09

95.69 6.08%
1,296,580.53
2,215.43

0.42%
(58,452.56)
A3 / BBB+
A

1.84 1.75
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
1,904,956.17

96.52 5.71%
1,754,180.12
7,383.59

0.57%
(150,776.05)
A2 / BBB+
A

1.90 1.79
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
2,019,712.40

93.29 5.06%
1,865,862.00
2,250.00

0.60%
(153,850.40)
A2 / A
A

1.92 1.85
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

94.18 5.99%
1,582,282.80
5,089.28

0.51%
(97,717.20)
A1 / A-
AA-

2.11 2.01
As of June 30, 2023

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
63743HFF4 National Rural Utilities Note

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

5.26%
3,015,750.00
3,012,277.22
100.04

5.43%
3,001,062.00
27,704.17

0.98%
(11,215.22)
A2 / A-
A

2.34 2.15
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

93.69 5.93%
409,906.88
3,076.72

0.13%
(27,593.12)
A1 / A
AA-

2.61 1.53
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

95.85 5.90%
1,797,196.88
15,686.25

0.58%
(77,803.12)
A1 / A-
AA-

2.76 1.66
6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

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

5.22%
2,072,268.00
2,101,700.65

93.87 5.77%
2,065,157.60
8,423.80

0.67%
(36,543.05)
A1 / A-
A+

2.83 1.74
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
3,679,125.71

90.43 4.75%
3,617,220.00
5,877.78

1.17%
(61,905.71)
A3 / A+
A

2.88 2.76
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
2,138,466.47

91.54 4.56%
1,959,007.36
19,242.17

0.64%
(179,459.11)
A2 / A
A

3.55 3.32
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
3,277,951.71

89.58 5.63%
3,135,198.50
28,106.94

1.02%
(142,753.21)
A2 / A-
A

3.68 3.40
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
2,205,230.07

96.34 5.05%
2,119,420.60
12,466.67

0.69%
(85,809.47)
A2 / A+
A+

3.86 3.50
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
2,891,828.85

92.94 5.17%
2,788,326.00
4,500.00

0.90%
(103,502.85)
A3 / A
NR

4.46 4.05
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
2,032,805.09

99.92 4.77%
1,998,334.00
45,388.89

0.66%
(34,471.09)
A2 / A
A+

4.56 3.96
713448FL7 Pepsico Inc. Callable Note Cont 1/18/2028

3.600% Due 02/18/2028
2,000,000.00 04/27/2023

4.00%
1,964,920.00
1,966,197.81

96.23 4.51%
1,924,564.00
26,600.00

0.63%
(41,633.81)
A1 / A+
NR

4.64 4.15
58933YBH7 Merck & Co Callable Note Cont 4/17/2028

4.050% Due 05/17/2028
2,000,000.00 Various

4.03%
2,001,621.20
2,001,580.31

98.26 4.45%
1,965,238.01
9,900.00

0.64%
(36,342.30)
A1 / A+
NR

4.88 4.36
TOTAL Corporate 71,350,000.00 2.55%
71,634,900.85
70,936,558.68 5.33%
68,379,255.78
526,410.13

22.22%
(2,557,302.90)
A1 / A+
A+

2.15 1.94
As of June 30, 2023

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
Money Market Fund
60934N104 Federated Investors Govern ment Obligations Fund 92,145.37 Various

4.90%
92,145.37
92,145.37

1.00 4.90%
92,145.37

0.00 0.03%

0.00 Aaa / AAA
AAA

0.00 0.00
TOTAL Money Market Fund 92,145.37 4.90%
92,145.37
92,145.37 4.90%
92,145.37

0.00 0.03%

0.00 Aaa / AAA
AAA

0.00 0.00
Municipal Bonds
13063DRJ9 California State TE-GO

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

1.87%
2,236,371.92
2,195,306.83

99.22 5.50%
2,175,383.15
13,155.00

0.71%
(19,923.68)
Aa2 / AA-
AA

0.25 0.25
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

96.45 5.45%
699,284.98
6,180.63

0.23%
(25,715.02)
Aaa / AAA
NR

1.09 1.04
574193TQ1 Maryland State STE-GO

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

0.52%
647,318.70
647,450.60

94.94 5.37%
614,724.85
1,375.94

0.20%
(32,725.75)
Aaa / AAA
AAA

1.09 1.05
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

93.93 5.46%
587,065.63
713.54

0.19%
(37,934.37)
Aa2 / AA-
NR

1.34 1.30
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

93.50 5.38%
72,460.80

36.17 0.02%
(5,039.20)
Aa1 / AAA
NR

1.42 1.38
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

92.58 5.08%
703,598.88
857.49

0.23%
(56,401.12)
Aa2 / AA
AA

1.88 1.82
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
1,878,079.78

92.33 5.35%
1,731,105.00
11,793.75

0.56%
(146,974.78)
Aa3 / AA
AA

2.01 1.92
54438CYK2 Los Angeles Cmnty College Dist STE-GO

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

0.77%
965,000.00
965,000.00

90.88 5.46%
876,971.74
3,108.10

0.28%
(88,028.26)
Aaa / AA+
NR

2.09 2.01
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

90.38 5.20%
503,867.39
2,918.51

0.16%
(53,632.61)
A1 / AA-
A+

2.51 2.40
TOTAL Municipal Bonds 8,425,000.00 1.26%
8,476,114.12
8,430,837.21 5.39%
7,964,462.42
40,139.13

2.58%
(466,374.79)
Aa2 / AA
AA

1.35 1.30
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
1,869,463.93

98.02 5.31%
1,832,901.07
480.49

0.59%
(36,562.86)
Aaa / AAA
AAA

0.40 0.39
As of June 30, 2023

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
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
4,188,726.94

94.22 5.42%
3,947,608.50
5,703.06

1.27%
(241,118.44)
Aaa / AAA
NR

1.24 1.19
TOTAL Supranational 6,060,000.00 0.46%
6,052,878.90
6,058,190.87 5.39%
5,780,509.57
6,183.55

1.87%
(277,681.30)
Aaa / AAA
AAA

0.97 0.94
US Treasury
912828S92 US Treasury Note

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

2.28%
773,307.42
806,850.36

99.69 4.82%
805,023.40
4,210.38

0.26%
(1,826.96)
Aaa / AA+
AAA

0.08 0.09
912828WE6 US Treasury Note

2.750% Due 11/15/2023
1,862,500.00 03/06/2019

2.52%
1,881,343.26
1,864,007.02

99.07 5.25%
1,845,256.98
6,541.53

0.60%
(18,750.04)
Aaa / AA+
AAA

0.38 0.37
91282CAW1 US Treasury Note

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

0.30%
1,570,780.08
1,572,193.99

98.16 5.25%
1,543,569.15
502.09

0.50%
(28,624.84)
Aaa / AA+
AAA

0.38 0.37
912828U57 US Treasury Note

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

2.52%
4,181,330.66
4,251,017.50

98.69 5.33%
4,201,620.31
7,662.92

1.36%
(49,397.19)
Aaa / AA+
AAA

0.42 0.41
9128286G0 US Treasury Note

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

0.35%
1,797,579.32
1,732,464.89

98.03 5.41%
1,675,776.69
13,570.32

0.54%
(56,688.20)
Aaa / AA+
AAA

0.67 0.65
912828W71 US Treasury Note

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

0.88%
3,046,537.50
2,992,412.61

97.61 5.41%
2,894,118.71
15,837.64

0.94%
(98,293.90)
Aaa / AA+
AAA

0.75 0.73
91282CBV2 US Treasury Note

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

0.40%
1,569,141.40
1,569,730.87

96.14 5.42%
1,509,346.19
1,238.63

0.49%
(60,384.68)
Aaa / AA+
AAA

0.79 0.77
912828X70 US Treasury Note

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

1.90%
2,267,729.29
2,259,236.29

97.22 5.45%
2,194,802.45
7,606.79

0.71%
(64,433.84)
Aaa / AA+
AAA

0.84 0.81
912828XX3 US Treasury Note

2.000% Due 06/30/2024
4,690,000.00 07/01/2019

1.78%
4,738,365.63
4,699,678.43

96.70 5.43%
4,535,375.39
254.89

1.46%
(164,303.04)
Aaa / AA+
AAA

1.00 0.97
9128282N9 US Treasury Note

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

1.47%
1,289,453.12
1,258,589.02

96.57 5.42%
1,207,128.75
11,079.94

0.39%
(51,460.27)
Aaa / AA+
AAA

1.09 1.04
91282CCT6 US Treasury Note

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

0.42%
3,006,002.34
3,008,494.01

94.61 5.37%
2,847,742.94
4,240.61

0.92%
(160,751.07)
Aaa / AA+
AAA

1.13 1.09
9128282U3 US Treasury Note

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

1.28%
7,335,869.62
7,185,608.74

96.08 5.38%
6,857,574.39
44,730.59

2.23%
(328,034.35)
Aaa / AA+
AAA

1.17 1.12
91282CCX7 US Treasury Note

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

0.50%
1,571,769.24
1,575,143.72

94.25 5.34%
1,486,855.27
1,736.11

0.48%
(88,288.45)
Aaa / AA+
AAA

1.21 1.17
9128283D0 US Treasury Note

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

1.57%
1,755,582.03
1,714,886.95

96.10 5.31%
1,633,727.20
6,444.29

0.53%
(81,159.75)
Aaa / AA+
AAA

1.34 1.28
912828YM6 US Treasury Note

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

0.35%
1,106,043.75
1,076,199.96

95.15 5.31%
1,008,573.04
2,678.80

0.33%
(67,626.92)
Aaa / AA+
AAA

1.34 1.29
As of June 30, 2023

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
9128283J7 US Treasury Note

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

1.66%
5,578,317.09
5,492,181.47

95.77 5.26%
5,226,407.62
9,822.76

1.69%
(265,773.85)
Aaa / AA+
AAA

1.42 1.37
912828ZC7 US Treasury Note

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

0.53%
4,565,793.56
4,516,505.03

93.73 5.09%
4,192,096.61
16,817.45

1.36%
(324,408.42)
Aaa / AA+
AAA

1.67 1.61
912828ZL7 US Treasury Note

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

0.70%
2,958,391.99
2,979,869.77

92.01 4.99%
2,757,933.81
1,893.80

0.89%
(221,935.96)
Aaa / AA+
AAA

1.84 1.78
912828ZW3 US Treasury Note

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

0.70%
1,571,103.81
1,583,362.64

91.33 4.85%
1,458,966.40

10.85 0.47%
(124,396.24)
Aaa / AA+
AAA

2.00 1.95
91282CAJ0 US Treasury Note

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

0.56%
8,710,250.00
8,761,429.22

90.73 4.80%
8,002,086.12
7,369.98

2.58%
(759,343.10)
Aaa / AA+
AAA

2.17 2.11
91282CAT8 US Treasury Note

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

0.78%
3,425,898.44
3,457,463.91

90.25 4.71%
3,158,750.00
1,474.18

1.02%
(298,713.91)
Aaa / AA+
AAA

2.34 2.27
91282CAZ4 US Treasury Note

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

0.94%
6,619,508.79
6,682,450.01

90.27 4.68%
6,113,237.76
2,151.11

1.97%
(569,212.25)
Aaa / AA+
AAA

2.42 2.35
91282CBC4 US Treasury Note

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

0.49%
6,363,250.00
6,381,493.39

90.14 4.60%
5,768,748.80

65.22 1.86%
(612,744.59)
Aaa / AA+
AAA

2.51 2.43
9128286A3 US Treasury Note

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

0.46%
1,890,055.76
1,802,184.52

95.17 4.63%
1,624,993.60
18,696.42

0.53%
(177,190.92)
Aaa / AA+
AAA

2.59 2.43
91282CBH3 US Treasury Note

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

0.79%
16,971,456.65
17,122,351.90

89.78 4.61%
15,536,653.98
27,068.94

5.02%
(1,585,697.92)
Aaa / AA+
AAA

2.59 2.51
91282CBQ3 US Treasury Note

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

0.94%
12,437,181.06
12,525,835.59

89.83 4.59%
11,381,220.28
21,174.05

3.68%
(1,144,615.31)
Aaa / AA+
AAA

2.67 2.59
91282CCF6 US Treasury Note

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

0.80%
8,301,545.71
8,309,213.05

89.82 4.51%
7,473,373.44
5,285.25

2.41%
(835,839.61)
Aaa / AA+
AAA

2.92 2.82
91282CCZ2 US Treasury Note

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

2.77%
3,406,746.09
3,487,359.57

89.47 4.39%
3,310,345.60
8,137.98

1.07%
(177,013.97)
Aaa / AA+
AAA

3.25 3.13
912828V98 US Treasury Note

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

4.07%
2,458,185.55
2,491,054.32

92.99 4.36%
2,464,189.95
22,400.55

0.80%
(26,864.37)
Aaa / AA+
AAA

3.63 3.39
91282CBJ9 US Treasury Note

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

2.15%
498,382.03
507,546.51

85.78 4.19%
463,219.02
1,689.36

0.15%
(44,327.49)
Aaa / AA+
AAA

4.59 4.40
91282CCY5 US Treasury Note

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

2.17%
495,591.79
501,409.47

86.57 4.12%
454,473.60
1,649.59

0.15%
(46,935.87)
Aaa / AA+
AAA

5.26 4.96
9128286B1 US Treasury Note

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

2.33%
509,433.59
507,690.51

92.66 4.10%
463,301.00
4,930.94

0.15%
(44,389.51)
Aaa / AA+
AAA

5.64 5.09
912828YB0 US Treasury Note

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

2.29%
496,518.75
500,566.94

87.20 4.00%
453,435.84
3,174.59

0.15%
(47,131.10)
Aaa / AA+
AAA

6.13 5.68
As of June 30, 2023

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
91282CGJ4 US Treasury Note

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

3.62%
3,969,687.50
3,971,477.56

97.04 4.02%
3,881,408.00
58,397.79

1.27%
(90,069.56)
Aaa / AA+
AAA

6.59 5.72
912828Z94 US Treasury Note

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

2.66%
498,040.43
504,956.71

85.65 3.99%
464,642.57
3,057.18

0.15%
(40,314.14)
Aaa / AA+
AAA

6.64 6.14
91282CAE1 US Treasury Note

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

2.65%
498,755.37
511,740.97

79.67 3.92%
468,049.50
1,379.49

0.15%
(43,691.47)
Aaa / AA+
AAA

7.13 6.80
91282CBL4 US Treasury Note

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

2.63%
498,104.88
507,336.08

82.23 3.83%
464,624.36
2,387.98

0.15%
(42,711.72)
Aaa / AA+
AAA

7.64 7.12
91282CCS8 US Treasury Note

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

2.63%
498,515.62
506,876.90

82.06 3.84%
461,601.56
2,641.57

0.15%
(45,275.34)
Aaa / AA+
AAA

8.13 7.51
91282CFV8 US Treasury Note

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

3.51%
4,203,125.00
4,194,493.47
102.19

3.84%
4,087,500.00
21,073.37

1.33%
(106,993.47)
Aaa / AA+
AAA

9.39 7.70
TOTAL US Treasury 136,139,500.00 1.28%
135,314,674.12
135,373,363.87 4.82%
126,377,750.28
371,085.93

40.88%
(8,995,613.59)
Aaa / AA+
AAA

2.47 2.32
TOTAL PORTFOLIO 328,155,175.50 1.77%
326,148,333.90
325,463,511.56 4.96%
308,706,379.95
1,361,417.69
100.00%
(16,757,131.61)
Aa1 / AA
AAA

2.64 2.37
TOTAL MARKET VALUE PLUS ACCRUALS 310,067,797.64
As of June 30, 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 04/28/2023 713448FL7 2,000,000.00 Pepsico Inc. Callable Note Cont 1/18/2028

3.6% Due: 02/18/2028

98.246 4.00% 1,964,920.00 14,000.00 1,978,920.00 0.00
Purchase 05/15/2023 3130AV4X7 2,500,000.00 FHLB Note

4.375% Due: 03/11/2033
102.727 4.04% 2,568,175.00 23,697.92 2,591,872.92 0.00
Purchase 05/17/2023 58933YBH7 905,000.00 Merck & Co Callable Note Cont 4/17/2028

4.05% Due: 05/17/2028

99.919 4.07% 904,266.95 0.00 904,266.95 0.00
Purchase 05/17/2023 58933YBH7 1,095,000.00 Me rck & Co Callable Note Cont 4/17/2028

4.05% Due: 05/17/2028
100.215 4.00% 1,097,354.25 0.00 1,097,354.25 0.00
Purchase 05/30/2023 3137FG6X8 5,245,000.00 FHLMC K077 A2

3.85% Due: 05/25/2028

98.164 4.65% 5,148,705.08 16,266.78 5,164,971.86 0.00
Purchase 06/14/2023 02582JJZ4 1,270,000.00 American Express Credit Trust 2023-1 A

4.87% Due: 05/15/2028

99.991 4.92% 1,269,887.35 0.00 1,269,887.35 0.00
Purchase 06/28/2023 477920AC6 1,085,000.00 John Deere Owner Trust 2023-B A3

5.18% Due: 03/15/2028

99.983 5.24% 1,084,819.02 0.00 1,084,819.02 0.00
Purchase 06/30/2023 3130AVWG3 1,790,000.00 FHLB Note 4% Due: 06/10/2033

97.228 4.35% 1,740,381.20 11,137.78 1,751,518.98 0.00
Purchase 06/30/2023 3130AVWG3 1,220,000.00 FHLB Note 4% Due: 06/10/2033

97.347 4.33% 1,187,633.40 7,591.11 1,195,224.51 0.00
Subtotal 17,110,000.00 16,966,142.25 72,693.59 17,038,835.84 0.00 TOTAL ACQUISITIONS 17,110,000.00 16,966,142.25 72,693.59 17,038,835.84 0.00

DISPOSITIONS
Sale 05/15/2023 9128285U0 230,000.00 US Treasury Note

2.625% Due: 12/31/2023

98.563 2.56% 226,693.75 2,251.55 228,945.30 -3,393.74
Sale 05/15/2023 912828T26 2,500,000.00 US Treasury Note

1.375% Due: 09/30/2023

98.605 1.46% 2,465,136.72 4,226.43 2,469,363.15 -34,088.87 Sale 05/26/2023 912828WE6 800,000.00 US Treasury Note

2.75% Due: 11/15/2023

98.820 2.52% 790,562.50 657.61 791,220.11 -10,254.91
March 31, 2023 through June 30, 2023
As of June 30, 2023

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
Sale 06/12/2023 912828XX3 1,025,000.00 US Treasury Note 2% Due: 06/30/2024

96.781 1.78% 992,007.81 9,230.66 1,001,238.47 -35,217.52 Subtotal 4,555,000.00 4,474,400.78 16,366.25 4, 490,767.03 -82,955.04 Call 04/05/2023 61772BAA1 1,332,500.00 Morgan Stanley Callable Note Cont 4/5/2023 Due: 04/05/2024
100.000 0.70% 1,332,500.00 0.00 1,332,500.00 0.00
Subtotal 1,332,500.00 1,332,500.00 0.00 1,332,500.00 0.00 Maturity 05/10/2023 02665WDH1 1,775,000. 00 American Honda Finance Note

1.95% Due: 05/10/2023
100.000 1,775,000.00 0.00 1,775,000.00 0.00
Maturity 05/22/2023 3135G04Q3 3,800,000.00 FNMA Note

0.25% Due: 05/22/2023
100.000 3,800,000.00 0.00 3,800,000.00 0.00
Maturity 06/26/2023 3137EAES4 3,452,500.00 FHLMC Note

0.25% Due: 06/26/2023
100.000 3,452,500.00 0.00 3,452,500.00 0.00
Subtotal 9,027,500.00 9,027,500.00 0.00 9,027,500.00 0.00 TOTAL DISPOSITIONS 14,915,000.00 14,834,400.78 16,366.25 14, 850,767.03 -82,955.04 March 31, 2023 through June 30, 2023
As of June 30, 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 sour ce. 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 accord ance 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 fee s 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 th at 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. Econom ic 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 partic ular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neit her ICE data, its affiliates or their respec tive 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 provided for informational purposes only and should not be construed as a specific investment or legal advice. T he 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 securi ties 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 investm ents 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 attrac t 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 se curities (“MBS”) reflect the issuer rating because the securiti es 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 state ment 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 June 30, 2023

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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 nonsubordinate d 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 hav e 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 mini mum 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 June 30, 2023

ATTACHMENT A