Attachment A - Quarterly Investment Reports — City Council and Concurrent Authorities, November 14, 2023

Investment Performance Review
For the Quarter Ended September 30, 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
1 © PFM Asset Management LLC pfmam.com|
• Market Update
Ac
count Summary•
Portfolio Review•

ATTACHMENT A
2 © PFM Asset Management LLC pfmam.com|
Market Update
1 ATTACHMENT A
3 PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update ▸ The U.S. economy is characterized by:
▹ Stronger than expected growth, supported by a resilient consumer ▹ Inflation that remains stubbornly above the Federal Reserve’s (“Fed”) target range ▹ Continued creation of new jobs by the labor market, albeit at a moderating pace ▸ Fed pauses again in rate hike campaign
▹ After hiking in July, the Federal Reserve held rates steady at the September FOMC meeting as expected
▹ The Fed’s most recent “dot plot” indicated one more rate hike for 2023 and set the stage for interest rates to remain “higher-for-longer”
▹ Updated FOMC economic projections point to stronger GDP growth expectations, higher inflation, and slightly lower unemployment for the remainder of 2023 and into 2024 ▸ Interest rates reached their highest levels since 2006-7 ▹ The U.S. government rating downgrade by Fitch had little impact, although it highlighted growing worry about the erosion of governance standards and fiscal irresponsibility ▹ Treasury yields across the curve rose during Q3. Sticky inflation, a “higher for longer” market consensus, increased Treasury borrowing, and reduced Treasury holdings by China and Japan weighed especially on the long end of the curve ▹ The next concern is the annual federal budget process and potential for a government shutdown

CLIENT NAME
For the Quarter Ended September 30, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
4 Source: Bloomberg, as of August 2023.

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
-2%
0%
2%
4%
6%
8%
10%
Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Factors Contributing to the Consumer Price Index
(CP
I YoY)
Services (Ex Food & Energy) Goods (Ex Food & Energy) Food Energy Headline YoY% Inflation Gradually Falling, But Sensitive to
Rec
ently Rising Energy Prices

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
5 Fed’s Updated “Dot Plot” Projects Rates To Be “Higher for Longer” Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2023
Market Update
0%
1%
2%
3%
4%
5%
6%
7%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Sep-23 FOMC Projections
Sep-23 Median
Jun-23 Median
2023 Longer Term2024 2025 2026
The September Fed dot plot is more hawkish than the June dot plot as the median fed funds rate projections for 2024 and 2025 were 0.5 percentage points higher

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
6 3.8% 4.1% 4.1% 4.0% 4.0%
0%
1%
2%
3%
4 %
5%
6%
2023 2024 2025 2026 Longer
Run
Unemployment Rate
June Projections September Projections

2.1%

1.5%

1.8% 1.8% 1.8%
0%
1%
2%
3%
2 023 2024 2025 2026 Longer
Run
Change in Real GDP
June Projections September Projections
The Fed’s Protections for Growth and Employment Were More Upbeat © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2023
Market Update
Source: Federal Reserve, latest economic projections as of September 2023.

5.6%

5.1%

3.9%

2.9% 2.5%
0%
2%
4%
6%
8 %
2023 2024 2025 2026 Longer
Run
Federal Funds Rate
June Projections September Projections

3.3%

2.5% 2.2% 2.0% 2.0%
0%
1%
2%
3%
4 %
5%
2023 2024 2025 2026 Longer
Run
PCE Inflation
June Projections September Projections

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|
5 ATTACHMENT A
7 Interest Rates Are At Their Highest Levels Since 2006-07 PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2023
Market Update
Source: Bloomberg, as of September 30, 2023.

5.45%

5.04%

4.61% 4.57% 4.70%

0.0%

1.0%

2. 0%

3.0%

4.0%

5.0%

6.0% Yield
Maturity
U.S. Treasury Yield Curve
15 Year Range
September 30, 2023
June 30, 2023
3-Month 2-Year 5-Year 10-Year 30-Year

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
8 Sector Yield Spreads
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2023
Market Update
Source: ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess and PFMAM as of September 30, 2023. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted ave
rage life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index.

0.0%

0.2%

0.4%

0.6%

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

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

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

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%
Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index

0.0%

0.5%

1.0%

1.5%
Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Asset-Backed Securities AAA Yield Spreads

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

ATTACHMENT A
9 Fixed-Income Markets in Q3 2023
1-5 Year Indices
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended September 30, 2023
Market Update
Source: ICE BofAML Indices. ABS indices are 0-5 year, based on weighted average life. As of September 30, 2023.

0.23%

0.52%

1.07%

0.30%

0.57%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-5 Year Indices Quarterly Returns

0.83% 0.87%

1.41%

1.67%

2.17%

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 September 30, 2023
Market Update
© PFM Asset Management LLC pfmam.com|

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

ATTACHMENT A
11 © PFM Asset Management LLC | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Account Summary
Consolidated Summary
Account Summary
Reserve Portfolio1 $725,303,845
Short-Term Portfolio $10,520,365
BoW Main Account
CAMP Pool
Local Agency Investment Fund
$48,651,915
$58,988,373
$776,687
Total Program $844,241,185

14.8%

1.8% 0.8% 1.
4%

5.8%

20.4%

15.7%

8.8%

16.3%

7.7% 6.5%

0.0%$0
$50
$100
$150
$200
30 Days
and Under
31 to 60
days
61 to 90
days
91 to 180
days
181 to 1
year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
5 to 7
years
7 to 10
years
Over 10
years
Millions
Maturity Distribution
(Weighted Average Maturity: 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.

ATTACHMENT A
12 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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 September 30, 2023, the account(s) managed by PFM Asset Management ("P
FMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management LLC

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

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
14 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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 currently 80% ICE BofA 1-5 Year AAA-A US Corporate and Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ML 1-5 year US Gov/Corp A-AAA. 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
8%
18%
22%
18% 17%
6%
4%
7%
0%
5%
10%
15%
20%
25%
0-1 Yr 1-2
Yrs
2-3
Yrs
3-4
Yrs
4-5
Yrs
5-6
Yrs
6-7
Yrs
> 7
Yrs
Duration Distribution
U.S. Treasury | 51%
Corporate | 18%
Federal Agency | 11%
Agency CMBS | 10%
ABS | 5%
Municipal | 2%
Negotiable CD | 2%
Supranational | 1%
Sector Allocation
AAA | 8%
AA+ | 73%
AA | 3%
AA- | 2%
A+ | 6%
A | 6%
A- | 2%
BBB+ | 1%
Not Rated | 1%
Portfolio Statistics
Portfolio Effective Duration 3.31 ye ars
Benchmark Effective Duration 2.49 years
Portfolio Credit Quality AA
Yield At Market 5.00%
Yield At Cost 2.99%
Total Market Value $418,205,313.48
$415,914,169.68Securities Sub-Total
$273,196.51Cash
$2,017,947.29Accrued Interest
Portfolio Benchmark
4%
28%
22% 18%
13%
6%
4%
6%

ATTACHMENT A
15 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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 50.9%
UNITED STATES TREASURY 50.9% AA / Aaa / AA
Federal Agency 10.5%
FANNIE MAE 6.9% AA / Aaa / AA
FEDERAL FARM CREDIT BANKS 0.7% AA / Aaa / AA
FEDERAL HOME LOAN BANKS 0.7% AA / Aaa / NR
FREDDIE MAC 1.3% AA / Aaa / AA
UNITED STATES TREASURY 0.9% AA / Aaa / AA
Agency CMBS 10.0%
FANNIE MAE 1.1% AA / Aaa / AA
FREDDIE MAC 8.9% AA / Aaa / AA
Supranational 1.4%
INTER-AMERICAN DEVELOPMENT BANK 1.0% AAA / Aaa / AAA
INTL BANK OF RECONSTRUCTION AND DEV 0.4% AAA / Aaa / AAA Municipal 1.9%

CALIFORNIA DEPARTMENT OF WATER

RESOURCES

0.0% AAA / Aa / NR
CALIFORNIA STATE UNIVERSITY 0.1% AA / Aa / NR
FLORIDA STATE BOARD OF ADMIN FIN CORP 0.4% 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 / Aa / NR STATE OF CALIFORNIA 0.5% AA / Aa / AA
STATE OF MARYLAND 0.1% AAA / Aaa / AAA
UNIVERSITY OF CALIFORNIA 0.2% AA / Aa / AA
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Negotiable CD 1.7%
RABOBANK NEDERLAND 1.0% A / Aa / AA
TORONTO-DOMINION BANK 0.7% A / A / NR
Corporate 18.1%
3M COMPANY 0.3% BBB / A / NR
AMAZON.COM INC 1.0% AA / A / AA
APPLE INC 1.4% AA / Aaa / NR
BANK OF AMERICA CO 0.9% A / Aa / AA
CITIGROUP INC 1.5% A / A / A
DEERE & COMPANY 0.5% A / A / A
GOLDMAN SACHS GROUP INC 0.4% BBB / A / A
HERSHEY COMPANY 0.7% A / A / NR
HOME DEPOT INC 0.8% A / A / A
HONEYWELL INTERNATIONAL 0.5% A / A / A
INTEL CORPORATION 0.5% A / A / A
JP MORGAN CHASE & CO 0.7% A / A / AA
MASTERCARD INC 0.5% A / Aa / NR
MERCK & CO INC 0.5% A / A / NR
MICROSOFT CORP 1.2% AAA / Aaa / NR
NOVARTIS AG 0.8% AA / A / AA
PACCAR FINANCIAL CORP 0.9% A / A / NR
PFIZER INC 0.8% A / A / A
STATE STREET CORPORATION 1.0% A / A / AA
TARGET CORP 0.5% A / A / A
TOYOTA MOTOR CORP 0.8% A / A / A
TRUIST FIN CORP 0.5% A / A / A
US BANCORP 0.6% A / A / A

ATTACHMENT A
16 © PFM Asset Management LLC pfmam.com

Issuer Diversification - CITY OF STOCKTON RESERVE PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 18.1%
WAL-MART STORES INC 1.0% AA / Aa / AA
ABS 5.4%
AMERICAN EXPRESS CO 0.8% AAA / NR / AAA
Bank of America Corp 0.4% NR / Aaa / AAA
CARMAX AUTO OWNER TRUST 0.1% AAA / NR / AAA
CHASE ISSURANCE 0.8% AAA / NR / AAA
DISCOVER FINANCIAL SERVICES 0.2% AAA / Aaa / NR
FIFTH THIRD AUTO TRUST 0.7% AAA / Aaa / NR
HONDA AUTO RECEIVABLES 0.8% AAA / Aaa / AAA
HYUNDAI AUTO RECEIVABLES 0.2% AAA / NR / AAA
KUBOTA CREDIT OWNER TRUST 0.3% NR / Aaa / AAA
TOYOTA MOTOR CORP 0.4% AAA / Aaa / AAA
USAA AUTO OWNER TRUST 0.8% AAA / Aaa / NR
100.0%Total

ATTACHMENT A
17 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Portfolio Characteristics
|
$0.0
$84.0
$168.0
$252.0
$336.0
$420.0
Millions
September 2023
$0.0
$84.0
$168.0
$252.0
$336.0
$420.0
Millions
June 2023
$0.0
$84.0
$168.0
$252.0
$336.0
$420.0
Millions
March 2023
$0.0
$84.0
$168.0
$252.0
$336.0
$420.0
Millions
December 2022
Sector Allocation Review - CITY OF STOCKTON RESERVE PORTFOLIO U.S. Treasury Federal Agency Agency CMBS Supranational Municipal Negotiable CD 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.

Dec-22 % of TotalSecurity Type Mar-23 % of Total Jun-23 % of Total % of TotalSep-23 U.S. Treasury $145.2 49.5% $223.5 60.4% $249.9 60.0% $211.8 50.9% Federal Agency $62.8 21.4% $60.7 16.4% $73.5 17.7% $43.9 10.6% Agency CMBS $0.8 0.3% $0.7 0.2% $3.2 0.8% $41.5 10.0%
Supranational $5.7 2.0% $5.8 1.6% $5.8 1.4% $5.8 1.4%
Municipal $7.9 2.7% $8.0 2.2% $8.0 1.9% $8.0 1.9%
Negotiable CD $7.7 2.6% $2.8 0.8% $2.8 0.7% $6.9 1.7%
Corporate $57.6 19.7% $63.7 17.2% $69.0 16.6% $75.3 18.1% ABS $5.3 1.8% $4.6 1.2% $3.9 0.9% $22.6 5.4%
Total $293.1 100.0% $369.7 100.0% $416.1 100.0% $415.9 100.0%

ATTACHMENT A
18 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($
millions)
U.S. Treasury
Federal Agency
Negotiable CD
Corporate
ABS
Agency CMBS
U.S. Treasury
Fed
eral Agency
Negotiable CD
Corporate
ABS
Agency CMBS
($80.0) ($60.0) ($40.0) ($20.0) $0.0 $20.0 $40.0 $60.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
Agency CMBS $38,923,023
ABS $18,741,313
Corporate $6,482,176
Negotiable CD $4,200,000
Federal Agency ($29,860,861)
U.S. Treasury ($34,860,626)
$3,625,024Total Net Activity
Sales/Maturities Purchases

ATTACHMENT A
19 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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.

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

3. 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.

4. The portfolio’s benchmark is currently 80% ICE BofA 1-5 Year AAA-A US Corporate and Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ML 1-5 year US Gov/Corp A-AAA. Source: Bloomberg.
-2.0%
-1.0%

0.0%

1.0%

2.0%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance - CITY OF STOCKTON RESERVE PORTFOLIO Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $2,314 ,558 $6,555,837 $21,372,405 $41,950,270 $50,186,973 Change in Market Value ($3,905,702) ($2,039,343) ($49,651,703) ($22,344,060) ($29,363,261) ($1,591,144)Total Dollar Return $4,516,494 ($28,279,298) $19,606,210 $20,823,712 Total Return³
Portfolio -0.38% 1.74% -1.62% 1.06% 0.89%
Benchmark⁴ -0.41% 1.55% -1.93% 0.88% 0.70%
Basis Point Fee 0.01% 0.04% 0.05% 0.05% 0.05%
Net of Fee Return -0.39% 1.70% -1.67% 1.01% 0.84%
3 Months 1 Year 3 Years 5 Years Since Inception

ATTACHMENT A
20 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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
$2,314,558
($2,0
83,680)
$484,751
$715,628
1 Year
$6,555,837
($2,3
07,575)
$1,324,524
$5,572,785
3 Years
$21,372,405
($14,
386,618)
$13,541,187
$20,526,974
5 Year
$41,950,270
($8,8
89,105)
$13,936,502
$46,997,668
Since Inception¹
$50,186,973
($10,
661,740)
$15,361,556
$54,886,790

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

CITY OF STOCKTON SHORT-TERM PORTFOLIO

ATTACHMENT A
22 © PFM Asset Management LLC pfmam.com

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

1. Portfolio Snapshot - CITY OF STOCKTON SHORT-TERM PORTFOLIO¹ Credit Quality - S&P
100%
0%
20%
40%
60%
80%
100%
120%
0-1 Yr
Portfolio
Duration Distribution
Commercial Paper | 100%
Sector Allocation
A-1 | 100%
Portfolio Statistics
Portfolio Effective Duration 0.0 2 years
Yield At Cost 5.37%
Yield At Market 6.59%
Portfolio Credit Quality A
Total Market Value $10,520,365.05
$10,520,365.05Securities Sub-Total
$0.00Cash
$0.00Accrued Interest

ATTACHMENT A
23 © PFM Asset Management LLC pfmam.com

Issuer Diversification - CITY OF STOCKTON SHORT-TERM PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Commercial Paper 100.0%
LMA AMERICAS LLC 100.0% A / Aa / AA
100.0%Total

ATTACHMENT A
24 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Portfolio Characteristics
|
$0.0
$22.0
$44.0
$66.0
$88.0
$110.0
Millions
September 2023
$0.0
$22.0
$44.0
$66.0
$88.0
$110.0
Millions
June 2023
$0.0
$22.0
$44.0
$66.0
$88.0
$110.0
Millions
March 2023
$0.0
$22.0
$44.0
$66.0
$88.0
$110.0
Millions
December 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.

Dec-22 % of TotalSecurity Type Mar-23 % of Total Jun-23 % of Total % of TotalSep-23 Negotiable CD $49.6 45.1% $49.9 82.9% $0.0 0.0% $0.0 0.0% Commercial Paper $60.4 54.9% $10.2 17.1% $10.4 100.0% $10.5 100.0% Total $109.9 100.0% $60.1 100.0% $10.4 100.0% $10.5 100.0%

ATTACHMENT A
25 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2023
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Performance inception date is January 1, 1900.1.

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
Real
ized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
-
-
$140
,739
$140,739
1 Year
$828,663
-
$1,0
91,971
$1,920,634
3 Years
-
-
-
-
5 Year
-
-
-
-
Since Inception¹
$1,356,238
-
$1,6
69,178
$3,042,916

ATTACHMENT A
26 © PFM Asset Management LLC pfmam.com|
Reserve Portfolio Holdings and Transactions

ATTACHMENT A
27 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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 11/15/2020 0.250% 11/15/2023
91282CAW1 7,500.00 AA+ Aaa 10/4/2021 10/6/2021 7,491.80 0.30 7.08 7,454.307,499.52

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 2.52 129.84 12,458.9912,503.32

US TREASURY NOTES
DTD 11/30/2016 2.125% 11/30/2023
912828U57 67,500.00 AA+ Aaa 1/7/2019 1/9/2019 66,292.38 2.52 482.04 67,141.4167,459.43

US TREASURY NOTES
DTD 02/28/2019 2.375% 02/29/2024
9128286G0 9,500.00 AA+ Aaa 8/11/2021 8/12/2021 9,992.07 0.33 19.22 9,381.259,579.81

US TREASURY NOTES
DTD 05/01/2017 2.000% 04/30/2024
912828X70 7,500.00 AA+ Aaa 6/3/2019 6/5/2019 7,533.98 1.90 62.77 7,351.177,504.02

US TREASURY NOTES
DTD 08/31/2017 1.875% 08/31/2024
9128282U3 7,500.00 AA+ Aaa 11/25/2020 11/27/2020 7,952.05 0.26 11.98 7,259.777,610.30

US TREASURY N/B NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7 7,500.00 AA+ Aaa 10/4/2021 10/6/2021 7,472.75 0.50 1.24 7,147.277,491.13

US TREASURY NOTES
DTD 11/30/2017 2.125% 11/30/2024
9128283J7 7,500.00 AA+ Aaa 1/3/2020 1/7/2020 7,673.73 1.63 53.56 7,223.447,541.37

US TREASURY NOTES
DTD 02/29/2020 1.125% 02/28/2025
912828ZC7 12,500.00 AA+ Aaa 10/4/2021 10/6/2021 12,719.24 0.60 11.98 11,794.9212,591.16

US TREASURY NOTES
DTD 04/30/2020 0.375% 04/30/2025
912828ZL7 2,977,500.00 AA+ Aaa 4/5/2021 4/7/2021 2,938,652.93 0.70 4,672.57 2,759,770.312,962,395.71

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 1,009.29 1,467,952.651,585,144.34

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 1,297.70 5,559,782.816,051,976.32

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 0.63 580.18 2,485,710.942,705,258.44

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 3,661.68 3,172,421.703,462,051.62

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 8,535.02 6,134,403.186,675,248.36

ATTACHMENT A
28 © PFM Asset Management LLC pfmam.com

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 0.49 663.38 632,625.00698,177.58

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 5,401.84 5,151,375.005,654,783.71

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 5,354.45 7,627,500.008,302,449.66

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 4,823.74 6,871,500.007,386,610.27

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 0.80 754.99 1,075,500.001,183,262.22

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 7,551.51 1,619,990.631,792,966.56

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 1.15 843.13 1,782,309.281,949,548.90

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 4,552.06 9,622,669.7710,429,063.13

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 2,029.00 722,739.06804,024.42

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 10,989.34 3,914,462.504,116,161.97

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 7,952.15 2,832,598.443,142,500.06

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 3,301,672.063,503,840.54

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 19,188.04 2,336,006.252,465,060.12

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 2,456.96 789,004.69835,220.50

US TREASURY NOTES
DTD 02/15/2017 2.250% 02/15/2027
912828V98 1,390,000.00 AA+ Aaa 5/12/2023 5/12/2023 1,328,047.27 3.52 3,994.36 1,282,709.371,334,445.30

US TREASURY N/B NOTES
DTD 03/31/2022 2.500% 03/31/2027
91282CEF4 5,350,000.00 AA+ Aaa 5/9/2023 5/10/2023 5,138,925.78 3.60 365.44 4,968,812.505,160,315.43

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 10,127.17 4,172,987.504,456,423.86

ATTACHMENT A
29 © PFM Asset Management LLC pfmam.com

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 5,326.02 3,610,410.943,821,054.46

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 35,317.26 4,085,000.004,224,195.88

US TREASURY N/B NOTES
DTD 07/31/2022 2.750% 07/31/2027
91282CFB2 5,000,000.00 AA+ Aaa 5/12/2023 5/12/2023 4,857,226.56 3.48 23,165.76 4,657,812.504,870,382.84

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 7,845.04 2,494,963.932,618,913.69

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 13,386.85 4,747,062.504,978,520.12

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 2,025,750.002,073,711.35

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 11,173.37 4,516,471.614,668,289.11

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 30,899.39 1,751,962.501,815,220.75

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 73,364.47 4,159,687.504,312,510.38

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 28,839.79 2,854,809.382,976,665.32

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 2.15 682.34 457,818.75509,329.03

US TREASURY NOTES
DTD 01/31/2021 0.750% 01/31/2028
91282CBJ9 4,500,000.00 AA+ Aaa 5/12/2023 5/12/2023 3,976,347.66 3.44 5,686.14 3,815,156.254,019,454.11

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 16,436.81 4,700,605.714,952,225.33

US TREASURY N/B NOTES
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 5,735,000.00 AA+ Aaa 5/9/2023 5/10/2023 5,152,315.04 3.53 195.87 4,950,021.875,199,268.95

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 4,084,275.004,254,163.76

US TREASURY N/B NOTES
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 1,985,000.00 AA+ Aaa 5/8/2023 5/10/2023 1,786,655.08 3.49 67.79 1,713,303.131,802,638.11

US TREASURY N/B NOTES
DTD 04/30/2023 3.500% 04/30/2028
91282CHA2 2,050,000.00 AA+ Aaa 5/1/2023 5/1/2023 2,040,230.47 3.61 30,025.82 1,953,906.252,041,049.06

ATTACHMENT A
30 © PFM Asset Management LLC pfmam.com

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 12,271.09 1,047,015.631,077,435.93

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 4,001.36 2,003,164.062,096,278.03

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 19,071.40 2,807,479.692,868,387.51

US TREASURY N/B NOTES
DTD 08/31/2023 4.375% 08/31/2028
91282CHX2 1,030,000.00 AA+ Aaa 8/30/2023 8/31/2023 1,034,586.72 4.28 3,837.74 1,019,700.001,034,508.89

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 17.93 446,085.94502,541.03

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 19,830.16 1,025,000.001,055,691.90

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 7,258.34 1,958,310.052,008,737.04

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 12,572.18 1,920,410.252,009,804.70

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 1,676.29 452,265.60507,346.38

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 24,721.83 2,423,382.812,551,553.13

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 6,192.01 606,978.13663,925.32

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 10,581.87 1,037,298.441,077,525.08

US TREASURY N/B NOTES
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 3,450,000.00 AA+ Aaa 7/7/2023 7/10/2023 3,267,123.05 4.26 28,335.94 3,205,804.863,274,079.41

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 13,885.28 1,905,074.131,995,988.43

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 1,079.21 441,187.50501,366.16

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 13,934.12 1,025,528.131,069,374.20

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 19,879.38 1,944,676.662,056,309.06

ATTACHMENT A
31 © PFM Asset Management LLC pfmam.com

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 1,039.30 449,681.61506,383.38

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 6,847.25 1,938,393.752,001,658.00

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 21,836.79 1,007,382.811,049,428.03

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 5,984.46 1,961,852.222,104,439.08

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 50,991.84 2,352,375.002,484,679.10

US TREASURY N/B NOTES
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 2,830,000.00 AA+ Aaa 7/12/2023 7/12/2023 2,783,459.77 4.03 35,664.96 2,686,731.252,784,958.68

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 2,027.51 1,949,053.262,038,540.43

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 2.65 468.96 450,814.48514,419.61

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 2,031.50 1,952,889.972,098,942.76

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 4,395.69 1,034,490.631,098,232.81

US TREASURY NOTES
DTD 11/15/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aaa 7/11/2023 7/12/2023 2,405,390.63 4.02 9,915.08 2,333,437.502,423,341.94

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 12,493.95 1,902,468.751,978,936.10

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 2.63 811.80 445,467.19509,240.27

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 12,356.66 1,881,562.502,001,593.05

US TREASURY NOTES
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 2,955,000.00 AA+ Aaa 7/7/2023 7/10/2023 3,201,326.95 4.09 20,285.51 3,088,898.443,193,964.64

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 17,984.07 2,378,336.092,565,032.22

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 7,764.45 1,026,824.281,089,983.48

ATTACHMENT A
32 © PFM Asset Management LLC pfmam.com

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 3,935.30 1,926,551.562,027,356.08

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 2.63 898.01 439,628.91508,601.64

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 10,802.72 1,630,200.001,766,834.53

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 6,777.66 1,022,793.751,090,933.07

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 5,663.47 1,920,823.442,023,619.69

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 23,619.14 1,909,242.192,065,379.92

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 28,994.53 2,343,759.372,536,644.17

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 12,488.28 1,009,484.381,074,478.76

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 7,167.19 579,356.25662,321.53

US TREASURY N/B NOTES
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 3,225,000.00 AA+ Aaa 7/7/2023 7/10/2023 3,242,006.84 4.06 50,248.22 3,110,613.123,241,593.62

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 16,437.79 1,017,580.421,082,373.05

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 30,616.36 1,895,303.802,047,740.46

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 9,230.77 1,895,282.811,997,677.09 233,512,000.00 222,932,332.50 1,009,456.76 211,811,375.59Security Type Sub-Total 2.90 224,854,480.72 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 1,855,975.001,869,801.73

ATTACHMENT A
33 © PFM Asset Management LLC pfmam.com

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 3,987,866.024,188,987.21 6,060,000.00 6,052,878.90 2,114.80 5,843,841.02Security Type Sub-Total 0.46 6,058,788.94 Negotiable CD

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 5.44 142,523.89 2,799,109.882,800,000.00

COOPERAT RABOBANK UA/NY CERT
DEPOS
DTD 07/20/2023 5.080% 07/17/2026
21684LGS5 4,200,000.00 A+ Aa2 7/17/2023 7/20/2023 4,200,000.00 5.08 42,079.33 4,111,758.004,200,000.00 7,000,000.00 7,000,000.00 184,603.22 6,910,867.88Security Type Sub-Total 5.23 7,000,000.00 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 2,192,500.002,192,500.00

MD ST TXBL GO BONDS
DTD 08/05/2020 0.510% 08/01/2024
574193TQ1 647,500.00 AAA Aaa 7/23/2020 8/5/2020 647,318.70 0.52 550.38 621,768.35647,462.05

SAN DIEGO CCD, CA TXBL GO BONDS
DTD 10/16/2019 2.046% 08/01/2024
797272QP9 725,000.00 AAA Aa1 9/18/2019 10/16/2019 725,000.00 2.05 2,472.25 703,054.25725,000.00

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 1,783.85 592,275.00625,000.00

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 73,106.5377,500.00

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 1,534.46 429,115.60460,539.70

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 1,000.73 279,858.00300,000.00

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 3,302.25 975,859.501,052,712.19

ATTACHMENT A
34 © PFM Asset Management LLC pfmam.com

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 2,594.63 766,746.75825,000.00

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 1,243.24 891,804.75965,000.00

NJ TURNPIKE AUTHORITY TXBL REV
BONDS
DTD 02/04/2021 1.047% 01/01/2026
646140DP5 557,500.00 AA- A1 1/22/2021 2/4/2021 557,500.00 1.05 1,459.26 509,142.45557,500.00 8,425,000.00 8,477,779.32 42,395.72 8,035,231.18Security Type Sub-Total 1.27 8,428,213.94 Federal Agency

FANNIE MAE NOTES
DTD 11/25/2020 0.250% 11/27/2023
3135G06H1 7,500.00 AA+ Aaa 1/25/2021 1/26/2021 7,511.40 0.20 6.46 7,440.327,500.63

FREDDIE MAC NOTES
DTD 12/04/2020 0.250% 12/04/2023
3137EAFA2 22,500.00 AA+ Aaa 12/2/2020 12/4/2020 22,477.72 0.28 18.28 22,298.4722,498.70

FEDERAL HOME LOAN BANKS NOTES
DTD 12/09/2013 3.375% 12/08/2023
3130A0F70 12,500.00 AA+ Aaa 1/30/2019 1/31/2019 12,873.75 2.71 132.42 12,450.1012,514.34

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 3,153.65 732,177.75750,000.00

FANNIE MAE NOTES
DTD 01/10/2020 1.625% 01/07/2025
3135G0X24 1,530,000.00 AA+ Aaa 3/4/2020 3/5/2020 1,586,824.20 0.84 5,801.25 1,460,124.901,544,904.71

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 2,288,963.582,456,247.21

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 10,131,521.2810,902,104.76

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 3,831,856.854,156,454.14

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 1,448.06 925,647.351,001,788.94

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 1,375,775.111,491,913.01

ATTACHMENT A
35 © 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 2,120,159.582,305,843.75

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 0.47 345.00 841,087.92918,361.79

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 2,811,244.953,068,236.74

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 3,232,816.673,540,770.43

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 2,066,062.792,263,408.83

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 1,778,330.561,954,684.61

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 5,630,622.086,189,524.34

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 5,642.17 1,953,712.502,011,766.68

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 7,709.34 1,900,732.812,003,869.92

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 1,722.66 771,563.63788,415.20 47,755,000.00 47,422,525.61 89,354.73 43,894,589.20Security Type Sub-Total 0.89 47,390,808.73 Corporate

BANK OF AMERICA CORP NOTES
(CALLED, OMD
DTD 10/21/2020 0.810% 10/24/2023
06051GJH3 7,500.00 A- A1 10/16/2020 10/21/2020 7,500.00 0.81 26.49 7,453.467,500.00

US BANK NA CINCINNATI CORP

NOTES (CALLAB
DTD 02/04/2019 3.375% 02/05/2024
91159HHV5 1,062,500.00 A A3 4/2/2019 4/4/2019 1,085,598.75 2.89 5,578.13 1,051,870.751,063,776.61

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 2,284,303.692,329,640.01

ATTACHMENT A
36 © PFM Asset Management LLC pfmam.com

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 3,159,036.803,206,496.80

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 2,097,313.382,131,960.95 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 1,494,556.021,542,039.73

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 4,016,286.204,153,830.38

US BANCORP NOTES (CALLABLE)
DTD 07/29/2019 2.400% 07/30/2024
91159HHX1 1,650,000.00 A A3 8/1/2019 8/5/2019 1,651,369.50 2.38 6,710.00 1,603,616.851,650,207.45

JOHN DEERE CAPITAL CORP

CORPORATE NOTES
DTD 01/10/2022 1.250% 01/10/2025
24422EVY2 212,500.00 A A2 3/8/2022 3/10/2022 207,142.87 2.17 597.66 201,707.55210,087.48

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 2,584,416.482,732,296.47

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 1.58 702.00 277,833.76293,330.47

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 1,515,025.101,601,303.77

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 3,502,002.083,715,781.88 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 2,479,288.402,565,414.14 3M COMPANY (CALLABLE)

CORPORATE NOTES
DTD 03/27/2020 2.650% 04/15/2025
88579YBM2 1,450,000.00 BBB+ A2 4/21/2022 4/25/2022 1,422,595.00 3.32 17,718.19 1,378,030.701,435,818.04

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 1,308,617.001,355,699.75

ATTACHMENT A
37 © PFM Asset Management LLC pfmam.com

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 1,752,237.211,891,590.77

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 1,872,708.002,017,005.62

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 1,600,282.321,680,000.00

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 1,167.03 411,619.69437,500.00

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 3,584,621.253,673,880.39

BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 03/22/2022 3.384% 04/02/2026
06051GKM0 1,875,000.00 A- A1 3/17/2022 3/22/2022 1,875,000.00 3.38 31,548.75 1,797,223.131,875,000.00

PACCAR FINANCIAL CORP

CORPORATE NOTES
DTD 08/10/2023 5.050% 08/10/2026
69371RS56 3,800,000.00 A+ A1 8/10/2023 8/14/2023 3,815,846.00 4.90 27,185.83 3,780,525.003,815,149.47

BANK OF AMERICA NA CORPORATE
NOTES
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 1,885,000.00 A+ Aa1 8/14/2023 8/18/2023 1,885,000.00 5.53 12,441.94 1,875,414.781,885,000.00

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 1,930,874.922,139,133.10

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 2,206,522.652,270,470.05

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 2,097,453.962,284,062.81

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 2,042,932.972,165,365.75

ATTACHMENT A
38 © PFM Asset Management LLC pfmam.com

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 3,159,516.903,283,812.34

JPMORGAN CHASE CORP NOTES
(CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,605,000.00 A- A1 9/14/2023 9/18/2023 1,467,563.85 5.13 4,861.32 1,454,914.851,468,666.73

HERSHEY COMPANY CORP NOTES

CALLABLE
DTD 05/04/2023 4.250% 05/04/2028
427866BH0 2,785,000.00 A A1 5/9/2023 5/11/2023 2,801,821.40 4.11 48,331.35 2,692,100.762,800,477.57

APPLE INC CORP NOTES CALLABLE
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 4,675,000.00 AA+ Aaa 5/9/2023 5/11/2023 4,673,083.25 4.01 73,241.67 4,488,995.784,673,233.36

APPLE INC CORP NOTES CALLABLE
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 1,370,000.00 AA+ Aaa 5/12/2023 5/16/2023 1,380,946.30 3.82 21,463.33 1,315,491.811,380,102.87

JOHN DEERE CAPITAL CORP

CORPORATE NOTES
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,420,000.00 A A2 7/11/2023 7/14/2023 1,417,884.20 4.98 15,034.25 1,398,842.001,417,975.69

JOHN DEERE CAPITAL CORP

CORPORATE NOTES
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 600,000.00 A A2 7/13/2023 7/14/2023 608,160.00 4.64 6,352.50 591,060.00607,807.16

TOYOTA MOTOR CREDIT CORP

CORPORATE NOTES
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 1,400,000.00 A+ A1 9/6/2023 9/11/2023 1,397,564.00 5.29 4,083.33 1,391,780.601,397,540.50

CITIBANK NA CORP NOTES
(CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 4,935,000.00 A+ Aa3 9/26/2023 9/29/2023 4,935,000.00 5.80 1,590.99 4,934,457.154,935,000.00 78,462,500.00 78,853,153.89 494,209.43 75,340,933.95Security Type Sub-Total 3.07 78,093,958.11 Agency CMBS

FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
3136AJB54 402,902.63 AA+ Aaa 12/13/2019 12/18/2019 422,481.19 2.14 1,123.43 398,337.69404,841.35 FHMS K061 A2
DTD 01/30/2017 3.347% 11/01/2026
3137BTUM1 2,865,000.00 AA+ Aaa 5/19/2023 5/24/2023 2,776,811.72 4.31 7,990.96 2,713,477.682,785,932.23 FHMS K064 A2
DTD 05/15/2017 3.224% 03/01/2027
3137BXQY1 4,477,651.00 AA+ Aaa 8/16/2023 8/18/2023 4,223,684.23 4.98 12,029.96 4,201,588.144,232,339.95

ATTACHMENT A
39 © PFM Asset Management LLC pfmam.com

FHLMC MULTIFAMILY STRUCTURED P
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 2,540,000.00 AA+ Aaa 8/16/2023 8/18/2023 2,394,842.97 4.97 6,864.35 2,378,619.682,399,674.22

FHLMC MULTIFAMILY STRUCTURED P
DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,941,658.00 AA+ Aaa 8/17/2023 8/22/2023 3,686,066.11 5.01 10,238.46 3,669,463.973,693,479.94 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 4,075,000.00 AA+ Aaa 9/20/2023 9/28/2023 4,011,051.03 5.19 16,300.00 3,984,183.084,011,159.15 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,100,000.00 AA+ Aaa 9/7/2023 9/14/2023 2,068,594.50 5.01 8,137.50 2,038,702.702,068,883.57 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 4,200,000.00 AA+ Aaa 7/13/2023 7/20/2023 4,241,949.60 4.59 16,866.50 4,122,738.824,240,227.26 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,416,693.43 AA+ Aaa 7/19/2023 7/27/2023 3,416,608.01 4.78 13,601.29 3,352,951.493,416,611.19 FNA 2023-M6 A2
DTD 07/01/2023 4.190% 07/01/2028
3136BQDE6 4,250,000.00 AA+ Aaa 7/18/2023 7/31/2023 4,177,949.22 4.58 14,839.58 4,060,739.894,180,435.11 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 4,200,000.00 AA+ Aaa 9/7/2023 9/14/2023 4,137,869.40 4.99 16,275.00 4,080,595.724,138,409.27 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 2,380,000.00 AA+ Aaa 9/19/2023 9/28/2023 2,379,988.10 5.27 10,456.13 2,373,686.812,379,990.18 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 4,200,000.00 AA+ Aaa 9/20/2023 9/28/2023 4,149,797.40 5.07 16,800.00 4,123,924.694,149,875.40 43,048,905.06 42,087,693.48 151,523.16 41,499,010.36Security Type Sub-Total 4.86 42,101,858.82 ABS
CARMX 2020-1 A3
DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 10,562.92 AAA NR 1/14/2020 1/22/2020 10,560.85 1.89 8.87 10,549.3310,562.41 HAROT 2021-1 A3
DTD 02/24/2021 0.270% 04/21/2025
43813GAC5 201,086.29 NR Aaa 2/17/2021 2/24/2021 201,082.61 0.27 15.08 197,636.88201,084.91 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 248,720.31 AAA NR 4/20/2021 4/28/2021 248,694.15 0.38 42.01 243,812.09248,708.63 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 161,491.49 AAA NR 1/20/2021 1/27/2021 161,459.58 0.34 24.40 157,471.13161,477.07 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
89239BAC5 743,105.72 AAA Aaa 9/21/2021 9/27/2021 743,046.49 0.43 142.02 718,634.73743,074.16

ATTACHMENT A
40 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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
CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 451,905.90 AAA NR 4/13/2021 4/21/2021 451,808.51 0.52 104.44 438,430.61451,857.84 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 424,149.32 AAA NR 11/9/2021 11/17/2021 424,054.64 0.75 139.50 409,884.37424,094.07 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 3.73 417.55 301,497.79309,986.74 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 0.58 205.58 758,629.37797,398.34 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 1,085,000.00 NR Aaa 7/18/2023 7/26/2023 1,084,725.93 5.29 2,546.13 1,073,702.001,084,737.15 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 1,775,000.00 NR Aaa 7/25/2023 7/31/2023 1,774,932.73 5.53 4,362.56 1,770,528.071,774,935.24 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 2,640,000.00 AAA NR 8/15/2023 8/22/2023 2,639,455.63 5.42 5,157.53 2,631,733.902,639,468.90 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 825,000.00 AAA NR 8/8/2023 8/15/2023 824,813.39 5.17 1,892.00 818,440.51824,818.53 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 3,375,000.00 AAA Aaa 9/7/2023 9/15/2023 3,374,409.38 5.58 8,370.00 3,367,555.093,374,405.24 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 2,880,000.00 AAA Aaa 8/15/2023 8/23/2023 2,879,821.44 5.53 7,078.40 2,870,092.222,879,825.27 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 3,380,000.00 AAA NR 9/7/2023 9/15/2023 3,379,063.06 5.17 7,751.47 3,361,500.253,379,062.60 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 3,460,000.00 AAA NR 9/12/2023 9/19/2023 3,459,845.34 5.23 6,031.93 3,448,222.163,459,838.41 22,768,521.95 22,765,084.50 44,289.47 22,578,320.50Security Type Sub-Total 4.72 22,765,335.51 447,031,927.01 435,591,448.20 2,017,947.29 415,914,169.68Managed Account Sub Total Securities Sub Total
Accrued Interest
$447,031,927.01 $435,591,448.20 $2,017,947.29 $415,914,169.68 $2,017,947.29
436,693,444.77
$436,693,444.77

2.99 2.99%
Total Investments $417,932,116.97

ATTACHMENT A
41 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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
7/7/2023 7/10/2023 3,450,000.00 91282CEV9 US TREASURY N/B NOTES 3.25% 6/30/2029 3,270,169.93 4.26% 7/7/2023 7/10/2023 2,955,000.00 912810FP8 US TREASURY NOTES 5.37% 2/15/2031 3,264,947.20 4.09% 7/7/2023 7/10/2023 3,225,000.00 91282CFV8 US TREASURY N/B NOTES 4.12% 11/15/2032 3,262,250.73 4.06% 7/11/2023 7/12/2023 3,000,000.00 91282CAV3 US TREASURY NOTES 0.87% 11/15/2030 2,409,527.86 4.02% 7/11/2023 7/14/2023 1,420,000.00 24422EXB0 JOHN DEERE CAPITAL CORP CORPORATE NOTES 4.95% 7/14/2028 1,417,884.20 4.98% 7/12/2023 7/12/2023 2,830,000.00 91282CHF1 US TREASURY N/B NOTES 3.75% 5/31/2030 2,795,638.05 4.03% 7/13/2023 7/14/2023 600,000.00 24422EXB0 JOHN DEERE CAPITAL CORP CORPORATE NOTES 4.95% 7/14/2028 608,160.00 4.64% 7/13/2023 7/20/2023 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 4,252,631.72 4.59% 7/17/2023 7/20/2023 4,200,000.00 21684LGS5 COOPERAT RABOBANK UA/NY CERT DEPOS 5.08% 7/17/2026 4,200,000.00 5.08% 7/18/2023 7/21/2023 4,202,000.00 91282CCN9 US TREASURY N/B NOTES 0.12% 7/31/2023 4,198,900.37 4.94% 7/18/2023 7/26/2023 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 1,084,725.93 5.29% 7/18/2023 7/31/2023 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 4,192,788.80 4.58% 7/18/2023 7/21/2023 1,085,000.00 912796Y29 US TREASURY BILL 0.00% 7/27/2023 1,084,102.61 4.97% 7/19/2023 7/21/2023 3,440,000.00 912796Y29 US TREASURY BILL 0.00% 7/27/2023 3,437,132.76 5.01% 7/19/2023 7/27/2023 3,420,000.00 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,431,713.69 4.78% 7/25/2023 7/31/2023 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 1,774,932.73 5.53% 8/8/2023 8/15/2023 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 824,813.39 5.17%

ATTACHMENT A
42 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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
8/10/2023 8/14/2023 3,800,000.00 69371RS56 PACCAR FINANCIAL CORP CORPORATE NOTES 5.05% 8/10/2026 3,817,978.22 4.90% 8/14/2023 8/18/2023 1,885,000.00 06428CAA2 BANK OF AMERICA NA CORPORATE NOTES 5.52% 8/18/2026 1,885,000.00 5.53% 8/15/2023 8/22/2023 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 2,639,455.63 5.42% 8/15/2023 8/23/2023 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 2,879,821.44 5.53% 8/16/2023 8/18/2023 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 4,230,501.20 4.98% 8/16/2023 8/18/2023 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 2,398,732.77 4.97% 8/17/2023 8/17/2023 5,525,000.00 912797GH4 US TREASURY BILL 0.00% 8/22/2023 5,521,001.28 5.21% 8/17/2023 8/22/2023 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 3,693,233.03 5.01% 8/30/2023 8/31/2023 1,030,000.00 91282CHX2 US TREASURY N/B NOTES 4.37% 8/31/2028 1,034,586.72 4.28% 9/6/2023 9/11/2023 1,400,000.00 89236TLB9 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES 5.25% 9/11/2028 1,397,564.00 5.29% 9/7/2023 9/14/2023 2,100,000.00 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,072,120.75 5.01% 9/7/2023 9/14/2023 4,200,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 4,144,921.90 4.99% 9/7/2023 9/15/2023 3,380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 3,379,063.06 5.17% 9/7/2023 9/15/2023 3,375,000.00 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 3,374,409.38 5.58% 9/12/2023 9/19/2023 3,460,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 3,459,845.34 5.23% 9/14/2023 9/18/2023 1,605,000.00 46647PCW4 JPMORGAN CHASE CORP NOTES (CALLABLE) 2.94% 2/24/2028 1,470,717.14 5.13% 9/19/2023 9/28/2023 2,380,000.00 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 2,389,398.62 5.27%

ATTACHMENT A
43 © PFM Asset Management LLC pfmam.com

INTEREST
7/1/2023 7/1/2023 1,875,000.00 341271AD6 FL ST BOARD OF ADMIN TXBL REV BONDS 1.25% 7/1/2025 11,793.75 7/1/2023 7/1/2023 557,500.00 646140DP5 NJ TURNPIKE AUTHORITY TXBL REV BONDS 1.04% 1/1/2026 2,918.51 7/1/2023 7/25/2023 473,254.03 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,319.59 7/1/2023 7/25/2023 2,865,000.00 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,990.96 7/3/2023 7/3/2023 MONEY0002 MONEY MARKET FUND 4,750.83
7/7/2023 7/7/2023 4,380,000.00 3135G0X24 FANNIE MAE NOTES 1.62% 1/7/2025 35,587.50 7/8/2023 7/8/2023 4,100,000.00 931142EL3 WALMART INC CORPORATE NOTES 2.85% 7/8/2024 58,425.00 7/10/2023 7/10/2023 2,357,500.00 24422EVY2 JOHN DEERE CAPITAL CORP CORPORATE NOTES 1.25% 1/10/2025 14,734.38 7/15/2023 7/15/2023 92,003.12 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 144.90 7/15/2023 7/15/2023 338,857.62 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 107.30 7/15/2023 7/15/2023 211,566.53 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 59.94

ATTACHMENT A
44 © PFM Asset Management LLC pfmam.com

INTEREST
7/15/2023 7/15/2023 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 7/15/2023 7/15/2023 2,140,000.00 87612EBM7 TARGET CORP CORP NOTES (CALLABLE) 1.95% 1/15/2027 20,865.00 7/15/2023 7/15/2023 570,422.02 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 247.18 7/15/2023 7/15/2023 913,559.82 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 327.36 7/15/2023 7/15/2023 3,244.82 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 1.49 7/15/2023 7/15/2023 495,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 305.25 7/18/2023 7/18/2023 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 7/21/2023 7/21/2023 292,122.23 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 65.73 7/21/2023 7/21/2023 2,310,000.00 3137EAEU9 FREDDIE MAC NOTES 0.37% 7/21/2025 4,331.25 7/30/2023 7/30/2023 1,650,000.00 91159HHX1 US BANCORP NOTES (CALLABLE) 2.40% 7/30/2024 19,800.00 7/31/2023 7/31/2023 2,375,000.00 91282CCR0 US TREASURY N/B NOTES 1.00% 7/31/2028 11,875.00 7/31/2023 7/31/2023 1,707,500.00 9128286A3 US TREASURY NOTES 2.62% 1/31/2026 22,410.94 7/31/2023 7/31/2023 17,305,000.00 91282CBH3 US TREASURY NOTES 0.37% 1/31/2026 32,446.88 7/31/2023 7/31/2023 5,000,000.00 91282CFB2 US TREASURY N/B NOTES 2.75% 7/31/2027 68,750.00 7/31/2023 7/31/2023 5,040,000.00 91282CBJ9 US TREASURY NOTES 0.75% 1/31/2028 18,900.00 7/31/2023 7/31/2023 1,250,000.00 9128282N9 US TREASURY NOTES 2.12% 7/31/2024 13,281.25 8/1/2023 8/1/2023 647,500.00 574193TQ1 MD ST TXBL GO BONDS 0.51% 8/1/2024 1,651.13

ATTACHMENT A
45 © PFM Asset Management LLC pfmam.com

INTEREST
8/1/2023 8/1/2023 725,000.00 797272QP9 SAN DIEGO CCD, CA TXBL GO BONDS 2.04% 8/1/2024 7,416.75 8/1/2023 8/1/2023 MONEY0002 MONEY MARKET FUND 5,356.92
8/1/2023 8/1/2023 965,000.00 54438CYK2 LOS ANGELES CCD, CA TXBL GO BONDS 0.77% 8/1/2025 3,729.73 8/1/2023 8/25/2023 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 8/1/2023 8/25/2023 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 8/1/2023 8/25/2023 472,095.19 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,316.36 8/1/2023 8/25/2023 3,420,000.00 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,614.45 8/1/2023 8/25/2023 2,865,000.00 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,990.96 8/3/2023 8/3/2023 2,520,000.00 89788MAC6 TRUIST FINANCIAL CORP NOTES (CALLABLE) 1.12% 8/3/2027 14,175.00 8/5/2023 8/5/2023 2,165,000.00 458140BY5 INTEL CORP NOTES (CALLABLE) 3.75% 8/5/2027 40,593.75 8/5/2023 8/5/2023 1,062,500.00 91159HHV5 US BANK NA CINCINNATI CORP NOTES (CALLAB 3.37% 2/5/2024 17,929.69 8/6/2023 8/6/2023 437,500.00 857477BR3 STATE STREET CORP (CALLABLE) CORPORATE N 1.74% 2/6/2026 3,819.38 8/6/2023 8/6/2023 2,325,000.00 594918BY9 MICROSOFT CORP CORP NOTES (CALLABLE) 3.30% 2/6/2027 38,362.50 8/9/2023 8/9/2023 1,680,000.00 46647PCM6 JPMORGAN CHASE & CO CORP NOTES (CALLABLE 0.76% 8/9/2025 6,451.20 8/12/2023 8/12/2023 2,675,000.00 594918BB9 MICROSOFT CORP (CALLABLE) NOTES 2.70% 2/12/2025 36,112.50 8/13/2023 8/13/2023 1,887,500.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTES 1.80% 2/13/2025 16,987.50 8/14/2023 8/14/2023 3,680,000.00 66989HAP3 NOVARTIS CAPITAL CORP 1.75% 2/14/2025 32,200.00

ATTACHMENT A
46 © PFM Asset Management LLC pfmam.com

INTEREST
8/15/2023 8/15/2023 5,672,500.00 91282CAE1 US TREASURY NOTES 0.62% 8/15/2030 17,726.56 8/15/2023 8/15/2023 853,671.33 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 305.90 8/15/2023 8/15/2023 530,265.84 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 229.78 8/15/2023 8/15/2023 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 3,023.53 8/15/2023 8/15/2023 2,065,000.00 91282CGM7 US TREASURY N/B NOTES 3.50% 2/15/2033 36,137.50 8/15/2023 8/15/2023 2,245,000.00 912828V98 US TREASURY NOTES 2.25% 2/15/2027 25,256.25 8/15/2023 8/15/2023 2,365,000.00 91282CDY4 US TREASURY N/B NOTES 1.87% 2/15/2032 22,171.88 8/15/2023 8/15/2023 2,195,000.00 91282CFF3 US TREASURY N/B NOTES 2.75% 8/15/2032 30,181.25 8/15/2023 8/15/2023 1,875,000.00 912810FG8 US TREASURY N/B NOTES 5.25% 2/15/2029 49,218.75 8/15/2023 8/15/2023 64,069.94 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 100.91 8/15/2023 8/15/2023 542,500.00 912828Z94 US TREASURY NOTES 1.50% 2/15/2030 4,068.75 8/15/2023 8/15/2023 307,599.20 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 97.41 8/15/2023 8/15/2023 194,753.44 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 55.18 8/15/2023 8/15/2023 1,775,000.00 912810FJ2 US TREASURY N/B 6.12% 8/15/2029 54,359.38 8/15/2023 8/15/2023 2,730,000.00 9128282R0 US TREASURY NOTES 2.25% 8/15/2027 30,712.50 8/15/2023 8/15/2023 484,032.59 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 298.49 8/15/2023 8/15/2023 565,000.00 91282CBL4 US TREASURY NOTES 1.12% 2/15/2031 3,178.13

ATTACHMENT A
47 © PFM Asset Management LLC pfmam.com

INTEREST
8/15/2023 8/15/2023 520,000.00 912828YB0 US TREASURY NOTES 1.62% 8/15/2029 4,225.00 8/15/2023 8/15/2023 2,665,000.00 9128286B1 US TREASURY NOTES 2.62% 2/15/2029 34,978.13 8/15/2023 8/15/2023 2,715,000.00 912810FE3 US TREASURY N/B 5.50% 8/15/2028 74,662.50 8/15/2023 8/15/2023 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 4,089.90 8/15/2023 8/15/2023 3,027,500.00 91282CCS8 US TREASURY N/B NOTES 1.25% 8/15/2031 18,921.88 8/15/2023 8/15/2023 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 8/15/2023 8/15/2023 6,575,000.00 912810FP8 US TREASURY NOTES 5.37% 2/15/2031 176,703.13 8/15/2023 8/15/2023 3,010,000.00 91282CCT6 US TREASURY N/B NOTES 0.37% 8/15/2024 5,643.75 8/18/2023 8/18/2023 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 8/21/2023 8/21/2023 260,553.25 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 58.62 8/25/2023 8/25/2023 3,995,000.00 3135G05X7 FANNIE MAE NOTES 0.37% 8/25/2025 7,490.63 8/31/2023 8/31/2023 9,500.00 9128286G0 US TREASURY NOTES 2.37% 2/29/2024 112.81 8/31/2023 8/31/2023 7,137,500.00 9128282U3 US TREASURY NOTES 1.87% 8/31/2024 66,914.06 8/31/2023 8/31/2023 2,120,000.00 91282CFJ5 US TREASURY N/B NOTES 3.12% 8/31/2029 33,125.00 8/31/2023 8/31/2023 2,010,000.00 91282CGQ8 US TREASURY N/B NOTES 4.00% 2/28/2030 40,200.00 8/31/2023 8/31/2023 4,472,500.00 912828ZC7 US TREASURY NOTES 1.12% 2/28/2025 25,157.81 8/31/2023 8/31/2023 12,670,000.00 91282CBQ3 US TREASURY NOTES 0.50% 2/28/2026 31,675.00

ATTACHMENT A
48 © PFM Asset Management LLC pfmam.com

INTEREST
8/31/2023 8/31/2023 8,820,000.00 91282CAJ0 US TREASURY NOTES 0.25% 8/31/2025 11,025.00 8/31/2023 8/31/2023 5,030,000.00 91282CFH9 US TREASURY N/B NOTES 3.12% 8/31/2027 78,593.75 8/31/2023 8/31/2023 4,825,000.00 91282CGP0 US TREASURY N/B NOTES 4.00% 2/29/2028 96,500.00 9/1/2023 9/1/2023 MONEY0002 MONEY MARKET FUND 3,338.49
9/1/2023 9/25/2023 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 9/1/2023 9/25/2023 403,862.05 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,126.10 9/1/2023 9/25/2023 2,865,000.00 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,990.96 9/1/2023 9/25/2023 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 9/1/2023 9/25/2023 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 9/1/2023 9/25/2023 3,418,351.12 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,607.89 9/1/2023 9/25/2023 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 6,864.35 9/1/2023 9/25/2023 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 10,238.46 9/7/2023 9/7/2023 2,312,500.00 58933YAU9 MERCK & CO INC (CALLABLE) CORP NOTES 2.90% 3/7/2024 33,531.25 9/10/2023 9/10/2023 875,000.00 3130AT4C8 FEDERAL HOME LOAN BANK NOTES 3.37% 9/10/2032 14,765.63 9/14/2023 9/14/2023 3,450,000.00 437076BT8 HOME DEPOT INC CORP NOTES (CALLABLE) 2.80% 9/14/2027 48,300.00 9/15/2023 9/15/2023 3,200,000.00 717081ES8 PFIZER INC CORP NOTES 2.95% 3/15/2024 47,200.00 9/15/2023 9/15/2023 1,577,500.00 91282CCX7 US TREASURY N/B NOTES 0.37% 9/15/2024 2,957.81

ATTACHMENT A
49 © PFM Asset Management LLC pfmam.com

INTEREST
9/15/2023 9/15/2023 798,570.18 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 286.15 9/15/2023 9/15/2023 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 9/15/2023 9/15/2023 38,224.45 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 60.20 9/15/2023 9/15/2023 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 9/15/2023 9/15/2023 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 9/15/2023 9/15/2023 454,006.79 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 279.97 9/15/2023 9/15/2023 179,080.48 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 50.74 9/15/2023 9/15/2023 277,982.16 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 88.03 9/15/2023 9/15/2023 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 9,732.80 9/15/2023 9/15/2023 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 9/15/2023 9/15/2023 492,318.90 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 213.34 9/18/2023 9/18/2023 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 9/18/2023 9/18/2023 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 10,315.07 9/21/2023 9/21/2023 230,754.86 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 51.92 9/23/2023 9/23/2023 4,190,000.00 4581X0DZ8 INTER-AMERICAN DEVEL BK NOTES 0.50% 9/23/2024 10,475.00 9/23/2023 9/23/2023 3,545,000.00 3137EAEX3 FREDDIE MAC NOTES 0.37% 9/23/2025 6,646.88 9/29/2023 9/29/2023 2,265,000.00 3133EMBH4 FEDERAL FARM CREDIT BANK (CALLABLE) 0.53% 9/29/2025 6,002.25

ATTACHMENT A
50 © PFM Asset Management LLC pfmam.com

INTEREST
9/30/2023 9/30/2023 525,000.00 91282CCY5 US TREASURY N/B NOTES 1.25% 9/30/2028 3,281.25 9/30/2023 9/30/2023 4,260,000.00 91282CGT2 US TREASURY N/B NOTES 3.62% 3/31/2028 77,212.50 9/30/2023 9/30/2023 3,750,000.00 857477BM4 STATE STREET CORP NOTES (CALLABLE) 2.90% 3/30/2026 54,393.75 9/30/2023 9/30/2023 3,700,000.00 91282CCZ2 US TREASURY N/B NOTES 0.87% 9/30/2026 16,187.50 9/30/2023 9/30/2023 7,720,000.00 91282CBS9 US TREASURY N/B NOTES 1.25% 3/31/2028 48,250.00 9/30/2023 9/30/2023 5,350,000.00 91282CEF4 US TREASURY N/B NOTES 2.50% 3/31/2027 66,875.00 9/30/2023 9/30/2023 2,400,000.00 91282CAL5 US TREASURY NOTES 0.37% 9/30/2027 4,500.00 Total INTEREST 281,681,530.96 2,187,160.75 0.00

MATURITY
7/10/2023 7/10/2023 8,000,000.00 313396HY2 FREDDIE MAC DISCOUNT NT DISC NOTES 0.00% 7/10/2023 8,000,000.00 7/12/2023 7/12/2023 5,215,000.00 313384JA8 FEDERAL HOME LOAN BANKS DISC NOTE 0.00% 7/12/2023 5,215,000.00 7/15/2023 7/15/2023 6,190,000.00 912828ZY9 US TREASURY NOTES 0.12% 7/15/2023 6,193,868.75 7/27/2023 7/27/2023 3,440,000.00 912796Y29 US TREASURY BILL 0.00% 7/27/2023 3,440,000.00 7/31/2023 7/31/2023 4,202,000.00 91282CCN9 US TREASURY N/B NOTES 0.12% 7/31/2023 4,204,626.25 7/31/2023 7/31/2023 2,500.00 912828S92 US TREASURY NOTES 1.25% 7/31/2023 2,515.63 8/11/2023 8/11/2023 3,367,500.00 06406RAJ6 BANK OF NY MELLON CORP CORP NOTES 3.45% 8/11/2023 3,425,589.38 8/11/2023 8/11/2023 242,500.00 69371RQ90 PACCAR FINANCIAL CORP CORPORATE NOTES 0.35% 8/11/2023 242,924.38

ATTACHMENT A
51 © PFM Asset Management LLC pfmam.com

MATURITY
8/22/2023 8/22/2023 5,525,000.00 912797GH4 US TREASURY BILL 0.00% 8/22/2023 5,525,000.00 8/24/2023 8/24/2023 7,500.00 3137EAEV7 FREDDIE MAC NOTES 0.25% 8/24/2023 7,509.38 9/12/2023 9/12/2023 7,500.00 3135G0U43 FANNIE MAE NOTES 2.87% 9/12/2023 7,607.81 9/16/2023 9/16/2023 1,467,500.00 46647PBS4 JPMORGAN CHASE CORP NOTES (CALLED,OMD 9/ 0.65% 9/16/2023 1,472,291.39 9/28/2023 9/28/2023 10,480,000.00 912796CS6 US TREASURY BILL 0.00% 9/28/2023 10,480,000.00 Total MATURITY 48,147,000.00 48,216,932.97 0.00

PAYDOWNS
7/1/2023 7/25/2023 1,158.84 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,158.84 7/15/2023 7/15/2023 27,933.18 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 27,933.18 7/15/2023 7/15/2023 59,888.49 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 59,888.49 7/15/2023 7/15/2023 10,967.41 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 10,967.41 7/15/2023 7/15/2023 16,813.09 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 16,813.09 7/15/2023 7/15/2023 3,244.82 65479CAD0 NAROT 2020-B A3 0.55% 7/15/2024 3,244.82 7/15/2023 7/15/2023 31,258.42 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 31,258.42 7/15/2023 7/15/2023 40,156.18 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 40,156.18 7/21/2023 7/21/2023 31,568.98 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 31,568.98 8/1/2023 8/25/2023 1,648.88 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,648.88

ATTACHMENT A
52 © PFM Asset Management LLC pfmam.com

PAYDOWNS
8/1/2023 8/25/2023 68,233.14 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 68,233.14 8/15/2023 8/15/2023 29,617.04 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 29,617.04 8/15/2023 8/15/2023 55,101.15 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 55,101.15 8/15/2023 8/15/2023 15,672.96 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 15,672.96 8/15/2023 8/15/2023 25,845.49 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 25,845.49 8/15/2023 8/15/2023 37,946.94 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 37,946.94 8/15/2023 8/15/2023 30,025.80 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 30,025.80 8/21/2023 8/21/2023 29,798.39 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 29,798.39 9/1/2023 9/25/2023 1,657.69 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,657.69 9/1/2023 9/25/2023 959.42 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 959.42 9/15/2023 9/15/2023 17,588.99 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 17,588.99 9/15/2023 9/15/2023 40,413.00 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 40,413.00 9/15/2023 9/15/2023 29,261.85 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 29,261.85 9/15/2023 9/15/2023 55,464.46 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 55,464.46 9/15/2023 9/15/2023 29,857.47 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 29,857.47 9/15/2023 9/15/2023 27,661.53 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 27,661.53

ATTACHMENT A
53 © PFM Asset Management LLC pfmam.com

PAYDOWNS
9/21/2023 9/21/2023 29,668.57 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 29,668.57 Total PAYDOWNS 749,412.18 749,412.18 0.00
SELL
7/11/2023 7/14/2023 2,145,000.00 24422EVY2 JOHN DEERE CAPITAL CORP CORPORATE NOTES 1.25% 1/10/2025 2,023,183.07 -93,643.11 7/17/2023 7/20/2023 2,210,000.00 3135G0U43 FANNIE MAE NOTES 2.87% 9/12/2023 2,224,126.81 -8,171.93 7/18/2023 7/21/2023 1,085,000.00 3135G0U43 FANNIE MAE NOTES 2.87% 9/12/2023 1,092,087.31 -3,949.57 7/18/2023 7/21/2023 810,000.00 3137EAEV7 FREDDIE MAC NOTES 0.25% 8/24/2023 806,938.88 -3,862.42 7/18/2023 7/21/2023 2,860,000.00 3135G0U43 FANNIE MAE NOTES 2.87% 9/12/2023 2,878,624.56 -10,468.04 7/18/2023 7/21/2023 365,000.00 91282CAW1 US TREASURY NOTES 0.25% 11/15/2023 359,377.46 -5,728.01 7/18/2023 7/21/2023 155,000.00 912828T26 US TREASURY NOTES 1.37% 9/30/2023 154,489.69 -1,137.80 7/19/2023 7/21/2023 2,275,000.00 912828U57 US TREASURY NOTES 2.12% 11/30/2023 2,255,609.47 -23,118.80 7/19/2023 7/21/2023 1,200,000.00 91282CAW1 US TREASURY NOTES 0.25% 11/15/2023 1,181,608.70 -18,738.07 7/24/2023 7/26/2023 1,085,000.00 912796Y29 US TREASURY BILL 0.00% 7/27/2023 1,084,849.31 -1.12 7/26/2023 7/31/2023 1,300,000.00 912828U57 US TREASURY NOTES 2.12% 11/30/2023 1,290,740.89 -12,274.56 8/11/2023 8/15/2023 150,000.00 912828U57 US TREASURY NOTES 2.12% 11/30/2023 149,243.92 -1,257.20 8/14/2023 8/18/2023 1,900,000.00 06051GJH3 BANK OF AMERICA CORP NOTES (CALLED, OMD 0.81% 10/24/2023 1,886,139.50 -18,734.00 8/16/2023 8/18/2023 3,930,000.00 912828XX3 US TREASURY NOTES 2.00% 6/30/2024 3,828,245.84 -119,263.46

ATTACHMENT A
54 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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
SELL
8/16/2023 8/17/2023 753,500.00 9128286G0 US TREASURY NOTES 2.37% 2/29/2024 749,846.40 -20,137.22 8/16/2023 8/17/2023 946,500.00 9128286G0 US TREASURY NOTES 2.37% 2/29/2024 941,910.56 -25,240.65 8/16/2023 8/17/2023 2,965,000.00 912828W71 US TREASURY NOTES 2.12% 3/31/2024 2,929,976.06 -81,662.98 8/16/2023 8/17/2023 700,000.00 91282CBV2 US TREASURY N/B NOTES 0.37% 4/15/2024 678,276.06 -22,512.80 8/16/2023 8/17/2023 230,000.00 9128285U0 US TREASURY NOTES 2.62% 12/31/2023 228,523.44 -2,315.79 8/16/2023 8/18/2023 2,250,000.00 912828X70 US TREASURY NOTES 2.00% 4/30/2024 2,211,331.95 -53,576.43 8/16/2023 8/18/2023 870,000.00 91282CBV2 US TREASURY N/B NOTES 0.37% 4/15/2024 843,145.10 -27,844.78 8/17/2023 8/22/2023 1,785,000.00 912828XX3 US TREASURY NOTES 2.00% 6/30/2024 1,739,868.73 -53,431.65 8/17/2023 8/22/2023 780,000.00 91282CCT6 US TREASURY N/B NOTES 0.37% 8/15/2024 743,218.92 -36,495.84 8/17/2023 8/22/2023 1,250,000.00 9128282N9 US TREASURY NOTES 2.12% 7/31/2024 1,214,820.40 -44,228.75 9/6/2023 9/11/2023 1,470,000.00 91282CCT6 US TREASURY N/B NOTES 0.37% 8/15/2024 1,403,278.28 -66,519.53 9/11/2023 9/14/2023 1,200,000.00 9128283J7 US TREASURY NOTES 2.12% 11/30/2024 1,162,525.88 -51,742.55 9/11/2023 9/14/2023 1,700,000.00 9128283D0 US TREASURY NOTES 2.25% 10/31/2024 1,656,732.00 -70,106.81 9/11/2023 9/14/2023 7,130,000.00 9128282U3 US TREASURY NOTES 1.87% 8/31/2024 6,899,239.10 -346,078.89 9/11/2023 9/14/2023 760,000.00 91282CCT6 US TREASURY N/B NOTES 0.37% 8/15/2024 726,091.72 -33,829.76 9/11/2023 9/14/2023 1,060,000.00 912828YM6 US TREASURY NOTES 1.50% 10/31/2024 1,021,490.38 -58,139.13 9/14/2023 9/15/2023 1,360,000.00 9128283J7 US TREASURY NOTES 2.12% 11/30/2024 1,317,395.79 -58,836.45

ATTACHMENT A
55 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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
SELL
9/18/2023 9/19/2023 465,000.00 912828U57 US TREASURY NOTES 2.12% 11/30/2023 465,054.19 -2,607.21 9/18/2023 9/19/2023 3,040,000.00 3135G06H1 FANNIE MAE NOTES 0.25% 11/27/2023 3,012,785.24 -29,887.25 9/20/2023 9/21/2023 2,200,000.00 3137EAFA2 FREDDIE MAC NOTES 0.25% 12/4/2023 2,178,424.72 -23,062.81 9/20/2023 9/21/2023 1,570,000.00 91282CCX7 US TREASURY N/B NOTES 0.37% 9/15/2024 1,494,786.11 -73,400.93 9/20/2023 9/21/2023 2,400,000.00 3135G0X24 FANNIE MAE NOTES 1.62% 1/7/2025 2,298,048.67 -133,851.81 9/20/2023 9/21/2023 1,700,000.00 3130A0F70 FEDERAL HOME LOAN BANKS NOTES 3.37% 12/8/2023 1,708,629.63 -10,023.44 9/20/2023 9/21/2023 2,890,000.00 9128283J7 US TREASURY NOTES 2.12% 11/30/2024 2,800,924.36 -124,351.39 9/27/2023 9/29/2023 3,072,500.00 912828ZC7 US TREASURY NOTES 1.12% 2/28/2025 2,900,985.50 -196,761.82 9/27/2023 9/29/2023 1,387,500.00 912828ZC7 US TREASURY NOTES 1.12% 2/28/2025 1,310,046.34 -90,337.13 9/27/2023 9/29/2023 450,000.00 3135G0X24 FANNIE MAE NOTES 1.62% 1/7/2025 431,078.13 -24,990.13 9/29/2023 9/29/2023 20,000.00 912828ZL7 US TREASURY NOTES 0.37% 4/30/2025 18,570.82 -1,358.35 Total SELL 67,875,000.00 66,3 02,269.89 -2,083,680.3

ATTACHMENT A
56 © PFM Asset Management LLC pfmam.com|
Short-Term Portfolio Holdings and Transactions

ATTACHMENT A
57 © PFM Asset Management LLC pfmam.com

LMA AMERICAS LLC COMM PAPER
DTD 03/03/2023 0.000% 10/05/2023
53944RX52 10,530,000.00 A-1 P-1 4/11/2023 4/11/2023 10,259,229.83 5.37 0.00 10,520,365.0510,523,880.90 10,530,000.00 10,259,229.83 0.00 10,520,365.05Security Type Sub-Total 5.37 10,523,880.90 10,530,000.00 10,259,229.83 0.00 10,520,365.05Managed Account Sub Total Securities Sub Total
Accrued Interest
$10,530,000.00 $10,259,229.83 $0.00 $10,520,365.05
$0.00
10,523,880.90
$10,523,880.90

5.37 5.37%
Total Investments $10,520,365.05

ATTACHMENT A
58 © PFM Asset Management LLC pfmam.com

ATTACHMENT A
59 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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
60 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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
61 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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
62 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 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
63 CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending September 30, 2023
City of Stockton

ATTACHMENT A
64 SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of September 30, 2023

ATTACHMENT A
65 SECTION |
Section 1 |
Economic Update

ATTACHMENT A
66 Economic Update



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 monetarypolicy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward.

As anticipated at the September meeting, the Federal Open Market Committee voted unanimously to maintain the target Federal Funds at the range of 5.25 - 5.50%. The Fed’s Summaryof Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. The Fed is continuing to focus on achieving price stability and bringing inflation down towardtheir 2% policy objective, while leaving the option open for the possibility of additional rate hikes in the future if needed.

The yield curve remained inverted in September. The 2-year Treasury yield increased 18 basis points to 5.05%, the 5-year Treasury yield rose 36 basis points to 4.61%, and the 10-year Treasury yield increased 46 basis points to 4.57%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month-end versus -76 basis points at August month- end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -45 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in Septemberfrom -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists.

ATTACHMENT A
67 Employment
-400
-200
0 200
400
600
800
1,000MOM 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 187,000 jobs in August, exceeding consensus expectations, and the last two months were revised downwardby 110,000 jobs. The pace of job growth is softening with the three-month moving average payrolls at 150,000 and the six-month moving average at 194,000. The unemployment rate rose to 3.8% in August from 3.5% in July, and the labor force participation rate increased to

62.8%, the highest level since February of 2020. The U-6 underemploymentrate, which includes those who are marginally attached to the labor force and employed part time for economic reasons, increased to 7.1% from the prior month at 6.7%. Average hourly earnings declined to 4.3% year-over-year in August from 4.4% in July. While the U.S. labor market is moderating, employment remains strong by historical standards.

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

ATTACHMENT A
68 Job Openings & Labor Turnover Survey
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The number of job ope nings declined to 8.827 in July from 9.165 million in June. This marked the sixth decline in the last seven months and the lowest number in over two years. New hires, separations, and quits all fell. The current level of job openings remains elevated from a historical perspective.

Source: US Department of Labor

ATTACHMENT A
69 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 Cor e Deflator Y OY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) increased in August by 0.6% month-over-month and 3.7% year-over-year, accelerating from 3.2% year-over- year in July due to surging energy prices. The Core CPI, which excludes volatile food and energy components, was up 0.3% month-over- month and 4.3% year-over-year, decelerating from 4.7% last month. Shelter remained the largest contributor to the Core CPI increase. The Personal Consumption Expenditures (PCE) index rose 0.4% month-over-monthand 3.5% year-over-year in August, up from a 3.4% year- over-year gain in July. Core PCE, the Federal Reserve’s preferred inflation gauge, increased just 0.1% month-over-monthand 3.9% year- over-year in August, down from a 4.3% increase in July. Personal income and spending remained relatively healthy, but the personal savings rate continued its declining trend to 3.9% in August from 4.1% in July. Inflation remains above the Fed's 2% target.

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

ATTACHMENT A
70 Consumer
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
Retail Sales rose 0.6% in August, exceeding the consensus forecast. Sales of motor vehicles and higher gasoline prices drove greater than expected gains. However, Control Group Sales, which are used to calculate gross domestic product and exclude food services, auto dealers, building materials stores and gasoline stations, rose just 0.1%, the smallest advance in five months. On a year-over-year basis, retail sales growth decelerated to a 2.5% gain in August versus a downwardly revised 2.6% gain in July. The Conference Board’s Consumer Confidence Index dropped more than expected to 103.0 in Septemberfrom an upwardly revised 108.7 in August, primarily due to significantly weaker future expectations for employment. While the consumer has been resilient, dwindling excess savings, rising credit card balances, and the resumption of student loan payments pose potential headwinds to future economic growth. 80 90
100
110
120
130
140
Index Level
Consumer Confidence
Source: US Department of Commerce Source: The Conference Board

ATTACHMENT A
71 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 seventeenth consecutive month at -0.4% in August due to weak new orders, deteriorating consumer expectations of business conditions, high interest rates, and tight credit conditions. The index declined 7.6% year-over-year. The consistent decline month-over-month continues to signal future contraction in the economy. The Chicago Fed National Activity Index (CFNAI) surprised to the downside at -0.16 in August from downwardlyrevised 0.07 in July. On a 3-month movingaverage basis, the CFNAI remained negative at -0.14 in August, indicating a rate of growth below the historical average trend.

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

ATTACHMENT A
72 Housing
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Starts of new homes s lowed -11.3% to 1.283 million units at a seasonally adjusted annual rate in August after a downward revision to

1.447 million units in July. The slower starts came from both a 4.3% decline in single-family home starts and 26.3% decline in multi-family homes, continuing the reversal of strong multi-family homebuilding in the second half of 2022 and early 2023. Total starts of new homes are down 14.8% year-over-year. According to Freddie Mac, average 30-year fixed rate mortgage rates increased to 7.35% as of September 28th. Rising mortgage rates are prompting homebuilders to offer incentives to attract buyers and has caused homebuilder sentiment to reach a five-month low. According to the Case-Shiller 20-City Home Price Index, housing prices rose 0.1% year-over-year in July, improving from a 1.2% decline in June. Tight inventories and higher mortgage rates continue to impact affordability.

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
73 Survey Based Measures
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
The Institute for Suppl y Management (ISM) manufacturing index remained in contraction territory at 49.0 in September, up from 47.6 in August. This is the eleventh consecutive month of readings below 50.0, which is indicative of contraction in the manufacturing sector.

However, this is the highest reading since November 2022, as both employment and new orders improved, while prices paid subsided.

The Institute for Supply Management (ISM) services index expanded for the eight consecutive month to 54.5 in August from 52.7 in July, as consumer expenditures on entertainment surged, business activity, new orders, and the employment index continued their expansion.

Source: Institute for Supply Management

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

1.1% 0.8% 2.5% 0.6%
-1.5% 0.6% -1.7% 0.9%

2.6% 0.3% 0.6% 0.0%

0.1% 0.6% 0.3% 0.1%

0.4% 0.3% 0.5% 0.5%

2.7% 2.6% 2.3% 2.1%
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, second quarter annualized GDP growth remained unchanged at 2.1%. A material decline in consumer spending was offset by improvement in business investment. Historically low unemployment, wage growth and savings built up during the pandemic has supported consumer spending at a level to keep economic growth intact, but there are signs the consumer is beginning to show signs of stress. The consensus estimate calls for 3.0% growth for the third quarter and 2.1% for the full year 2023.

ATTACHMENT A
75 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
R ec ession
In $ millions
At the September meeting,the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Nonetheless, the Fed conveyed a consensus view that another rate hike is possible later in the year, along with its commitmentto keeping rates at their current level until inflation subsides closer to its 2% target, endorsing a data-dependent'higher-for- longer' strategy. The Fed’s Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for or will tighten policy further to curb inflation. Since the Federal Reserve began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1 trillion to $8.024T.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
R ec ession
Yield (%)

ATTACHMENT A
76 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
Sep-23
Jun-23
Sep-22
Yield (%)
At the end of September, the 2-year Treasury yield was 77 basis points higher, and the 10-Year Treasury yield was about 74 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month-end versus -76 basis points at August month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists.

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

ATTACHMENT A
78 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
September 30, 2023

ATTACHMENT A
79 Compliance As of September 30, 2023
Category Standard Comment
U.S. Treasuri es No l i mi t; 10 years max maturi ty Complies Federal Agenci es No limit in Federal Agencies or Government Sponsored Enterprises (GSEs), provided that: 20% max in Federal Agency or GSE issued mortgage-backed securities, mortgage pass-through securities, and collateralized mortgage obligations; 10 years max maturity Complies Supranational Obligations "AA" rating category or higher by a NRSRO; 30% max; 10% max per issuer; 5 years max maturity; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB Complies Municipal Securities (CA, Other States) "A" rating category or better by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity Complies Corporate Medi um Term Notes
"A" rating category or higher by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity; Corporate and depository institution debt securities; Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S.

Complies
Asset-Backed, Mortgage-Backed, Mortgage
Pass-Through Securities, and Collateralized
Mortgage Obligations
"AA" rating category or higher by a NRSRO; "A" issuer long-term debt rating category or higher by a NRSRO; 20% max (combined ABS/MBS/CMO); 5% max per Asset-Backed securi ty i ssuer; 5 years max maturi ty Complies Negoti abl e Certi fi cates of Deposi t (NCD)
The amount of NCD insured up to the FDIC limit does not require any credit ratings; Any amount above FDIC insured limit must be issued by institutions with "A-1" short-term debt rating or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 30% max; 5% max per issuer; 5 years max maturity
Complies
Certi fi cate of Deposi t Pl acement Servi ce
(CDARS) 20% m ax (com bination of FDIC & Collate ralize d Tim e De posits, and CDA RS; 5 ye ars m ax m aturity Complies Ti me Deposi ts (Non-negoti abl e CD/TD) 20% m ax (com bination of FDIC & Collate ralize d Tim e De posits, and CDA RS; 5 ye ars m ax m aturity Complies Collate ralize d Bank De posits De posits with financial institutions will be collate ralize d with ple dge d se curitie s pe r California Gove rnm e nt Code Complies Banker’s Acceptances A-1 short-term debt rated or better by a NRSRO; or "A" long-term debt rating category or better by a NRSRO; 40% max; 5% max per issuer; 180 days max 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)
o
rganized 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 A UM > $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 Maxi mum Maturi ty
10 years max maturity; Donated securities are not subject to maturity limits; 15% max for Investments maturing beyond a five-year horizon; Investments greater than 5 years shall be permitted for U.S. Treasuries, U.S. Agencies, as described in the policy; Investments in City Variable Rate obligations, with maturities greater than 5 years, may be made when IRS & SEC guidelines permit Complies
City of Stockton Reserve Portfolio
Assets managed by Chandler Asset Management are in full compliance with state law and the Client's investment policy.

ATTACHMENT A
80 Portfolio Characteristics
City of Stockton Reserve Portfolio
09/30/23 06/30/23
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.66 2.74 2.64
Average Modified Duration 2.50 2.39 2.37
Average Purchase Yield n/a 1.96% 1.77%
Average Market Yield 5.07% 5.24% 4.96%
Average Quality** AA+ AA/Aa1 AA/Aa1
Total Market Value 310,495,068 310,067,798
*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 September 30, 2023

ATTACHMENT A
81 City of Stockton Reserve Portfolio
Sector Distribution
ABS

4.1%
Agency

24.4%
CMO

2.5%
Corporate

21.1%Money Market
Fund

0.2%
Municipal Bonds

2.6%
Supranational

1.9%
US Treasury

43.3%
September 30, 2023 June 30, 2023
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%
As of September 30, 2023

ATTACHMENT A
82 Issue Name Investment Type % Portfolio
Government of United States US Treasury 43.27%
Federal National Mortgage Association Agency 11.15%
Federal Farm Credit Bank Agency 5.34%
Federal Home Loan Bank Agency 5.24%
Federal Home Loan Mortgage Corp Agency 2.44%
Federal Home Loan Mortgage Corp CMO 2.32%
Merck & Company Corporate 1.37%
Deere & Company Corporate 1.36%
John Deere ABS ABS 1.35%
Wal-Mart Stores Corporate 1.30%
Amazon.com Inc Corporate 1.29%
Inter-American Dev Bank Supranational 1.28%
Morgan Stanley Corporate 1.23%
Bank of America Corp Corporate 1.20%
United Health Group Inc Corporate 1.16%
Novartis Capital Corp Corporate 1.13%
JP Morgan ABS ABS 1.10%
Pfizer Inc. Corporate 1.02%
Charles Schwab Corp/The Corporate 1.01%
National Rural Utilities Corporate 0.99%
Prologis Trust Corporate 0.90%
US Bancorp Corporate 0.86%
Microsoft Corporate 0.84%
State of California Municipal Bonds 0.71%
MasterCard Inc Corporate 0.69%
Northern Trust Corp Corporate 0.68%
Target Corp Corporate 0.63%
Pepsico Inc Corporate 0.61%
Honeywell Corp Corporate 0.61%
Intl Bank Recon and Development Supranational 0.60%
Toyota Motor Corp Corporate 0.58%
Goldman Sachs Inc. Corporate 0.57%
Florida Hurricane Catastrophe Municipal Bonds 0.56%
JP Morgan Chase & Co Corporate 0.52%
Citigroup Inc Corporate 0.42%
American Express ABS ABS 0.40%
Los Angeles Cmnty College Dis Municipal Bonds 0.29%
Tennessee Valley Authority Agency 0.25%
Issuers
City of Stockton Reserve Portfolio – Account #10020
As of September 30, 2023

ATTACHMENT A
83 Issue Name Investment Type % Portfolio
Discover Card Execution Note Trust ABS 0.24%
Toyota ABS ABS 0.23%
University of California Municipal Bonds 0.23%
San Diego Community College District Municipal Bonds 0.23% Hyundai Auto Receivables ABS 0.21%
Maryland State Municipal Bonds 0.20%
BMW ABS ABS 0.20%
Carmax Auto Owner Trust ABS 0.20%
California Edl Facs Auth Rev Municipal Bonds 0.19%
Federated GOVT Obligation MMF Money Market Fund 0.17%
New Jersey State Turnpike Authority Municipal Bonds 0.16% State Street Bank Corporate 0.13%
BMW Vehicle Lease Trust ABS 0.13%
Federal National Mortgage Association CMO 0.13%
Honda ABS ABS 0.06%
California State Dept Water Municipal Bonds 0.02%
TOTAL 100.00%
Issuers
City of Stockton Reserve Portfolio – Account #10020
As of September 30, 2023

ATTACHMENT A
84 AAA AA A <A NR
09/30/23 6.1% 73.6% 15.5% 1.0% 3.9%
06/30/23 4.8% 74.6% 16.7% 1.0% 3.0%
Source: S&P Ratings
September 30, 2023 vs. June 30, 2023

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%
AAA AA A <A NR
09/30/23 06/30/23
Quality Distribution
City of Stockton Reserve Portfolio
As of September 30, 2023

ATTACHMENT A
85 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 6.8% 4.7% 11.6% 29.0% 24.1% 7.8% 4.1% 11.7%
Benchmark* 0.0% 0.0% 1.6% 35.4% 27.2% 21.7% 14.0% 0.0%
*ICE BofA 1-5 Yr AAA-A US Corp & Govt Index
Duration Distribution
City of Stockton Reserve Portfolio
As of September 30, 2023

ATTACHMENT A
86 -1.00%
-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%
12 months 2 years 3 years 5 years 10 years Since Inception City of Stockton Reserve Portfolio ICE BofA 1-5 US Treasury & Agency Index ICE BofA 1-5 Yr AAA-A US Corp & Govt Index Net of Fees Total Rate of Return Annualized Since Inception July 31, 2022 MARKET VALUE BASIS EARNINGS 3 months 12 months 2 years 3 years 5 years 10 years Since Inception Income Earned $1,522,429.32 $4,721,573.09 N/A N/A N/A N/A $5,282,701.03 Change in Market Value ($1,064,813.06) $2,060,340.01 N/A N/A N/A N/A ($5,963,379.36) TOTAL DOLLAR RETURN $457,616.26 $6,781,913.10 N/A N/A N/A N/A ($680,678.33) Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of Stockton Reserve Portfolio 0.15% 2.38% N/A N/A N/A N/A -0.12% ICE BofA 1-5 US Treasury & Agency Index 0.24% 2.14% N/A N/A N/A N/A -0.72% ICE BofA 1-5 Yr AAA-A US Corp & Govt Index 0.22% 2.30% N/A N/A N/A N/A -0.65% Basis Point Fee* 0.01% 0.02% N/A N/A N/A N/A 0.03%
Net of Fee Return 0.14% 2.36% N/A N/A N/A N/A -0.15%
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.

Investment Performance
City of Stockton Reserve Portfolio
As of September 30, 2023

ATTACHMENT A
87 Purchase Yield as of 09/30/23 = 1.96%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Stockton Reserve Portfolio
As of September 30, 2023

ATTACHMENT A
88 SECTION |
Section 3 |
Portfolio Holdings

ATTACHMENT A
89 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
14315XAC2 CarMax Auto Owner Trust 2020-1 A3

1.890% Due 12/16/2024
10,562.92 01/22/2020

1.90%
10,560.85
10,562.92

99.83 7.11%
10,544.95

8.87 0.00%
(17.97)

NR / AAA
AAA

1.21 0.03
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
201,086.28 02/24/2021

0.27%
201,082.60
201,085.72

98.22 6.10%
197,506.55

15.08 0.06%
(3,579.17)
Aaa / NR
AAA

1.56 0.30
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
248,720.29 04/28/2021

0.38%
248,694.13
248,714.95

97.97 5.89%
243,673.76

42.01 0.08%
(5,041.19)

NR / AAA
AAA

1.96 0.37
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
414,993.05

99.15 6.04%
411,492.42
356.90

0.13%
(3,500.63)
Aaa / AAA
AAA

2.16 1.03
14316NAC3 CarMax Auto Owner Trust 2021-1 A3

0.340% Due 12/15/2025
161,491.49 01/27/2021

0.35%
161,459.58
161,490.08

97.49 6.36%
157,439.67

24.40 0.05%
(4,050.41)

NR / AAA
AAA

2.21 0.41
89239BAC5 Toyota Auto Receivables Trust 2021-C A3

0.430% Due 01/15/2026
743,105.72 09/27/2021

0.43%
743,046.49
743,084.46

96.73 5.88%
718,837.37
142.02

0.23%
(24,247.09)
Aaa / AAA
NR

2.30 0.60
14314QAC8 CarMax Auto Owner Trust 2021-2 A3

0.520% Due 02/17/2026
451,905.92 04/21/2021

0.53%
451,808.53
451,888.32

97.27 6.02%
439,550.81
104.44

0.14%
(12,337.51)

NR / AAA
AAA

2.39 0.49
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3

0.740% Due 05/15/2026
424,149.32 11/17/2021

0.75%
424,054.64
424,110.63

96.64 5.94%
409,901.72
139.50

0.13%
(14,208.91)

NR / AAA
AAA

2.62 0.64
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
797,444.87

95.07 6.00%
758,186.44
205.58

0.24%
(39,258.43)
Aaa / AAA
NR

2.96 0.92
05592XAD2 BMW Vehicle Owner Trust 2023-A A3

5.470% Due 02/25/2028
610,000.00 07/11/2023

5.54%
609,891.91
609,898.52

99.74 5.67%
608,395.70
556.12

0.20%
(1,502.82)

NR / AAA
AAA

4.41 1.88
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
1,084,831.97

99.12 5.62%
1,075,484.55
2,497.91

0.35%
(9,347.42)
Aaa / NR
AAA

4.46 2.27
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
1,269,898.87

98.75 5.44%
1,254,155.48
2,748.84

0.40%
(15,743.39)

NR / AAA
AAA

4.63 2.39
47787CAC7 John Deere Owner Trust 2023-C A3

5.480% Due 05/15/2028
3,105,000.00 09/12/2023

5.55%
3,104,786.69
3,104,788.65

99.79 5.64%
3,098,557.13
5,671.80

1.00%
(6,231.52)
Aaa / NR
AAA

4.63 2.25
161571HT4 Chase Issuance Trust 23-A1 A

5.160% Due 09/15/2028
3,415,000.00 09/07/2023

5.23%
3,414,053.36
3,414,067.18

99.63 5.35%
3,402,425.97
7,831.73

1.10%
(11,641.21)

NR / AAA
AAA

4.96 2.66
TOTAL ABS 12,938,521.94 4.18%
12,936,464.52
12,936,860.19 5.64%
12,786,152.52
20,345.20

4.12%
(150,707.67)
Aaa / AAA
AAA

4.11 1.95
Agency
3135G06H1 FNMA Note

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

0.24%
3,048,317.20
3,047,546.50

99.22 5.19%
3,023,817.88
2,624.23

0.97%
(23,728.62)
Aaa / AA+
AA+

0.16 0.16
As of September 30, 2023

ATTACHMENT A
90 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
3137EAFA2 FHLMC Note

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

0.28%
2,220,299.72
2,222,371.40

99.11 5.27%
2,202,817.54
1,805.78

0.71%
(19,553.86)
Aaa / AA+
AA+

0.18 0.18
3130A0F70 FHLB Note

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

2.71%
1,763,703.75
1,714,464.93

99.62 5.37%
1,705,924.00
18,141.80

0.56%
(8,540.93)
Aaa / AA+
AA+

0.19 0.19
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

97.59 5.62%
731,924.25
3,153.65

0.24%
(18,075.75)
Aaa / AA+
AA+

0.52 0.51
3135G0X24 FNMA Note

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

0.84%
4,542,673.20
4,422,668.38

95.43 5.39%
4,179,943.50
16,607.50

1.35%
(242,724.88)
Aaa / AA+
AA+

1.27 1.22
3130AJHU6 FHLB Note

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

0.60%
2,447,798.40
2,456,247.21

93.02 5.28%
2,288,260.02
5,705.83

0.74%
(167,987.19)
Aaa / AA+
AA+

1.54 1.49
3135G03U5 FNMA Note

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

0.63%
10,879,060.80
10,879,756.46

93.06 5.31%
10,125,406.72
30,033.33

3.27%
(754,349.74)
Aaa / AA+
AA+

1.56 1.51
3135G04Z3 FNMA Note

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

0.54%
6,628,750.02
6,637,793.68

92.46 5.15%
6,141,642.22
9,594.72

1.98%
(496,151.46)
Aaa / AA+
AA+

1.72 1.66
3137EAEU9 FHLMC Note

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

0.48%
2,298,496.20
2,305,843.75

91.91 5.12%
2,123,127.93
1,684.38

0.68%
(182,715.82)
Aaa / AA+
AA+

1.81 1.76
3135G05X7 FNMA Note

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

0.47%
3,976,303.40
3,987,894.06

91.47 5.14%
3,654,170.57
1,498.13

1.18%
(333,723.49)
Aaa / AA+
AA+

1.90 1.85
3137EAEX3 FHLMC Note

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

0.44%
3,534,329.55
3,540,770.43

91.18 5.12%
3,232,192.75
295.42

1.04%
(308,577.68)
Aaa / AA+
AA+

1.98 1.93
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
2,263,408.83

91.15 5.25%
2,064,590.54

66.69 0.66%
(198,818.29)
Aaa / AA+
AA+

2.00 1.94
3135G06G3 FNMA Note

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

0.54%
8,127,104.90
8,137,462.12

90.94 5.10%
7,406,891.96
16,290.00

2.39%
(730,570.16)
Aaa / AA+
AA+

2.11 2.04
3130ATS57 FHLB Note

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

3.89%
4,211,028.00
4,199,605.87

99.46 4.63%
4,077,933.80
10,762.50

1.32%
(121,672.07)
Aaa / AA+
AA+

4.45 3.97
3133EN7B0 FFCB Note

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

3.83%
2,985,090.00
2,986,541.93

93.71 4.92%
2,811,306.00
20,625.00

0.91%
(175,235.93)
Aaa / AA+
AA+

6.33 5.48
3133EN4V9 FFCB Note

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

4.22%
2,087,505.00
2,088,733.73

94.83 5.01%
1,991,436.30
1,925.00

0.64%
(97,297.43)
Aaa / AA+
AA+

6.99 5.95
3133ENQ45 FFCB Note

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

4.40%
866,250.00
867,182.80

95.09 5.09%
832,042.75
103.30

0.27%
(35,140.05)
Aaa / AA+
AA+

7.01 5.95
880591EX6 Tennessee Valley Authority Note

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

4.04%
818,959.53
833,538.15

77.27 5.00%
775,019.10
668.67

0.25%
(58,519.05)
Aaa / AA+
AA+

7.96 7.27
3133ENFQ8 FFCB Note

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

3.94%
1,939,056.91
1,966,991.88

78.58 5.04%
1,809,665.16
13,894.77

0.59%
(157,326.72)
Aaa / AA+
AA+

8.18 7.30
As of September 30, 2023

ATTACHMENT A
91 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
3133ENGS3 FFCB Note

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

4.35%
3,613,410.00
3,673,124.20

77.30 5.04%
3,478,468.50
22,750.00

1.13%
(194,655.70)
Aaa / AA+
AA+

8.20 7.38
3133EN6M7 FFCB Note

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

3.93%
3,017,490.00
3,016,269.10

91.99 5.09%
2,759,613.00
24,000.00

0.90%
(256,656.10)
Aaa / AA+
AA+

9.31 7.53
3130AV4X7 FHLB Note

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

4.04%
2,568,175.00
2,565,533.88

94.81 5.07%
2,370,297.50
6,076.39

0.77%
(195,236.38)
Aaa / AA+
NR

9.45 7.58
3130AVWG3 FHLB Note

4.000% Due 06/10/2033
6,195,000.00 Various

4.40%
5,998,322.75
6,002,395.62

91.82 5.08%
5,688,211.83
101,185.01

1.86%
(314,183.79)
Aaa / AA+
AA+

9.70 7.71
TOTAL Agency 81,931,000.00 1.84%
80,583,160.58
80,566,144.91 5.14%
75,474,703.82
309,492.10

24.41%
(5,091,441.09)
Aaa / AA+
AA+

3.75 3.28
CMO
3136AJB54 FNMA 2014-M4 A2

3.346% Due 03/25/2024
402,902.64 12/18/2019

2.04%
422,481.20
404,841.36

98.67 6.35%
397,550.48
1,123.37

0.13%
(7,290.88)

NR / NR
NR

0.48 0.37
3137F2LJ3 FHLMC K066 A2

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

4.88%
2,234,343.75
2,267,968.02

93.06 5.24%
2,233,516.80
6,234.00

0.72%
(34,451.22)

NR / NR
AAA

3.74 3.31
3137FG6X8 FHLMC K077 A2

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

4.65%
5,148,705.08
5,155,258.63

94.67 5.16%
4,965,352.34
3,365.54

1.60%
(189,906.29)

NR / NR
AAA

4.65 4.07
TOTAL CMO 8,047,902.64 4.58%
7,805,530.03
7,828,068.01 5.24%
7,596,419.62
10,722.91

2.45%
(231,648.39)

NR / NR
AAA

4.17 3.65
Corporate
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
1,063,776.61

99.04 6.15%
1,052,352.06
5,578.13

0.34%
(11,424.55)
A3 / A
A

0.35 0.34
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
2,329,640.01

98.78 5.75%
2,284,386.94
4,470.83

0.74%
(45,253.07)
A1 / A+
NR

0.44 0.43
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
3,206,496.80

98.73 5.80%
3,159,203.20
4,195.56

1.02%
(47,293.60)
A1 / A+
A

0.46 0.45
57636QAB0 MasterCard Inc Note

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

2.67%
2,194,381.25
2,131,960.95

98.73 5.98%
2,098,008.25
35,859.38

0.69%
(33,952.70)
Aa3 / A+
NR

0.50 0.48
023135BW5 Amazon.com Inc Note

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

0.50%
1,540,247.95
1,542,039.73

96.90 5.63%
1,494,702.55
2,680.09

0.48%
(47,337.18)
A1 / AA
AA-

0.62 0.60
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
4,153,830.38

97.96 5.58%
4,016,220.60
26,940.42

1.30%
(137,609.78)
Aa2 / AA
AA

0.77 0.74
As of September 30, 2023

ATTACHMENT A
92 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
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
1,650,207.45

97.14 5.97%
1,602,734.10
6,710.00

0.52%
(47,473.35)
A3 / A
A

0.83 0.80
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

99.62 6.66%
1,900,177.11
6,738.24

0.61%
(7,322.89)
A1 / A-
AA-

1.07 0.06
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
2,330,735.28

94.76 5.55%
2,233,967.00
6,630.47

0.72%
(96,768.28)
A2 / A
A+

1.28 1.23
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
2,732,296.47

96.55 5.35%
2,582,830.20
9,830.63

0.84%
(149,466.27)
Aaa / AAA
NR

1.37 1.31
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
1,892,840.39

95.03 5.62%
1,793,698.80
4,530.00

0.58%
(99,141.59)
A1 / A+
A+

1.38 1.32
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
3,715,781.88

95.15 5.46%
3,501,575.20
8,407.78

1.13%
(214,206.68)
A1 / AA-
AA-

1.38 1.32
023135CE4 Amazon.com Inc Note

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

3.06%
2,563,417.67
2,565,414.14

96.61 5.32%
2,480,577.29
35,945.00

0.81%
(84,836.85)
A1 / AA
AA-

1.54 1.45
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
1,355,023.11

96.78 6.31%
1,311,386.62
5,538.57

0.42%
(43,636.49)
A3 / BBB+
A

1.59 1.50
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
1,891,590.77

96.38 6.09%
1,751,713.77
24,422.66

0.57%
(139,877.00)
A2 / BBB+
A

1.64 1.54
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
2,017,005.62

93.59 5.41%
1,871,846.00
9,000.00

0.61%
(145,159.62)
A2 / A
A

1.67 1.61
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

95.25 6.21%
1,600,173.12
1,863.68

0.52%
(79,826.88)
A1 / A-
AA-

1.86 1.77
63743HFF4 National Rural Utilities Note

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

5.26%
3,015,750.00
3,010,951.51

99.87 5.51%
2,996,235.00
68,579.17

0.99%
(14,716.51)
A2 / A-
A

2.08 1.90
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

94.37 6.16%
412,847.75
1,167.03

0.13%
(24,652.25)
A1 / A
AA-

2.36 1.30
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

95.71 6.42%
1,794,555.00
31,548.75

0.59%
(80,445.00)
A1 / A-
AA-

2.51 1.41
6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

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

5.28%
2,072,268.00
2,110,463.77

93.94 6.28%
2,066,664.60
20,457.80

0.67%
(43,799.17)
A1 / A-
A+

2.58 1.50
As of September 30, 2023

ATTACHMENT A
93 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
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
3,707,267.21

89.96 5.30%
3,598,248.00
17,377.78

1.16%
(109,019.21)
A2 / A+
A

2.62 2.51
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
2,138,575.51

90.31 5.19%
1,932,717.46
8,809.67

0.63%
(205,858.05)
A2 / A
A

3.30 3.10
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
3,293,185.44

89.07 6.03%
3,117,600.50
6,669.44

1.01%
(175,584.94)
A2 / A-
A

3.42 3.19
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
2,204,881.15

94.59 5.68%
2,081,043.80
34,466.67

0.68%
(123,837.35)
A2 / A+
A+

3.61 3.24
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
2,897,941.72

91.94 5.55%
2,758,344.00
29,812.50

0.90%
(139,597.72)
A3 / A
NR

4.21 3.80
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
2,030,991.35

98.19 5.22%
1,963,702.00
18,736.11

0.64%
(67,289.35)
A2 / A
A+

4.31 3.81
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
1,968,034.67

94.62 4.98%
1,892,424.00
8,600.00

0.61%
(75,610.67)
A1 / A+
NR

4.39 3.97
61747YER2 Morgan Stanley Callable Note Cont 4/20/2027

4.210% Due 04/20/2028
1,800,000.00 07/31/2023

5.40%
1,729,026.00
1,731,576.95

94.03 5.97%
1,692,505.80
33,890.50

0.56%
(39,071.15)
A1 / A-
A+

4.56 3.97
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
2,001,496.69

96.23 4.97%
1,924,524.00
30,150.01

0.63%
(76,972.69)
A1 / A+
NR

4.63 4.09
TOTAL Corporate 68,072,500.00 2.65%
68,246,873.33
67,574,005.56 5.68%
64,966,964.72
509,606.87

21.09%
(2,607,040.84)
A1 / A+
A+

2.09 1.85
Money Market Fund
60934N104 Federated Investors Government Obligations Fund 5 38,889.75 Various

5.18%
538,889.75
538,889.75

1.00 5.18%
538,889.75

0.00 0.17%

0.00 Aaa / AAA
AAA

0.00 0.00
TOTAL Money Market Fund 538,889.75 5.18%
538,889.75
538,889.75 5.18%
538,889.75

0.00 0.17%

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
2,192,500.00
100.00

2.40%
2,192,500.00
26,310.00

0.71%

0.00 Aa2 / AA-
AA

0.00 0.00
As of September 30, 2023

ATTACHMENT A
94 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
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

97.25 5.45%
705,094.40
2,472.25

0.23%
(19,905.60)
Aa1 / AAA
NR

0.84 0.81
574193TQ1 Maryland State STE-GO

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

0.52%
647,318.70
647,462.05

96.04 5.42%
621,863.53
550.38

0.20%
(25,598.52)
Aaa / AAA
AAA

0.84 0.81
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

94.97 5.52%
593,538.13
1,783.85

0.19%
(31,461.87)
Aa2 / AA-
NR

1.09 1.05
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

94.47 5.51%
73,213.71
144.67

0.02%
(4,286.29)
Aa1 / AAA
NR

1.17 1.13
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

93.25 5.27%
708,683.28
2,535.19

0.23%
(51,316.72)
Aa2 / AA
AA

1.62 1.57
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
1,877,692.18

92.83 5.61%
1,740,600.00
5,896.88

0.56%
(137,092.18)
Aa3 / AA
AA

1.75 1.69
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

91.88 5.48%
886,679.64
1,243.24

0.29%
(78,320.36)
Aaa / AA+
NR

1.84 1.78
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

91.33 5.17%
509,163.64
1,459.26

0.16%
(48,336.36)
A1 / AA-
A+

2.26 2.17
TOTAL Municipal Bonds 8,425,000.00 1.26%
8,476,114.12
8,427,654.23 4.62%
8,031,336.33
42,395.72

2.60%
(396,317.90)
Aa2 / AA
AA

1.10 1.06
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
1,869,801.73

99.22 5.50%
1,855,380.34
1,649.24

0.60%
(14,421.39)
Aaa / AAA
AAA

0.15 0.15
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
4,188,987.21

95.14 5.67%
3,986,290.58
465.56

1.28%
(202,696.63)
Aaa / AAA
NR

0.98 0.95
TOTAL Supranational 6,060,000.00 0.46%
6,052,878.90
6,058,788.94 5.61%
5,841,670.92
2,114.80

1.88%
(217,118.02)
Aaa / AAA
AAA

0.72 0.70
US Treasury
912828WE6 US Treasury Note

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

2.52%
1,881,343.26
1,862,995.01

99.67 5.34%
1,856,391.00
19,346.21

0.60%
(6,604.01)
Aaa / AA+
AA+

0.13 0.12
91282CAW1 US Treasury Note

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

0.30%
1,570,780.08
1,572,399.49

99.38 5.23%
1,562,769.37
1,484.90

0.50%
(9,630.12)
Aaa / AA+
AA+

0.13 0.12
912828U57 US Treasury Note

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

2.52%
4,181,330.66
4,254,941.12

99.45 5.39%
4,234,258.31
30,404.48

1.37%
(20,682.81)
Aaa / AA+
AA+

0.17 0.17
As of September 30, 2023

ATTACHMENT A
95 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
9128286G0 US Treasury Note

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

0.35%
1,797,579.32
1,723,770.36

98.75 5.42%
1,688,197.92
3,457.75

0.54%
(35,572.44)
Aaa / AA+
AA+

0.42 0.41
912828W71 US Treasury Note

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

0.88%
3,046,537.50
2,983,208.37

98.36 5.49%
2,916,471.85
172.15

0.94%
(66,736.52)
Aaa / AA+
AA+

0.50 0.49
91282CBV2 US Treasury Note

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

0.40%
1,569,141.40
1,569,816.55

97.32 5.48%
1,527,867.48
2,718.55

0.49%
(41,949.07)
Aaa / AA+
AA+

0.54 0.53
912828X70 US Treasury Note

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

1.90%
2,267,729.29
2,258,710.84

98.03 5.47%
2,213,056.60
18,894.29

0.72%
(45,654.24)
Aaa / AA+
AA+

0.58 0.56
912828XX3 US Treasury Note

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

1.78%
4,738,365.63
4,697,238.93

97.46 5.50%
4,570,733.30
23,704.89

1.48%
(126,505.63)
Aaa / AA+
AA+

0.75 0.73
9128282N9 US Treasury Note

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

1.47%
1,289,453.12
1,256,593.59

97.27 5.51%
1,215,917.50
4,475.20

0.39%
(40,676.09)
Aaa / AA+
AA+

0.84 0.81
91282CCT6 US Treasury Note

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

0.42%
3,006,002.34
3,008,831.11

95.67 5.51%
2,879,724.19
1,441.61

0.93%
(129,106.92)
Aaa / AA+
AA+

0.88 0.85
9128282U3 US Treasury Note

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

1.28%
7,335,869.62
7,175,243.40

96.80 5.50%
6,909,157.10
11,397.45

2.23%
(266,086.30)
Aaa / AA+
AA+

0.92 0.89
91282CCX7 US Treasury Note

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

0.50%
1,571,769.24
1,575,634.17

95.29 5.48%
1,503,247.08
260.03

0.48%
(72,387.09)
Aaa / AA+
AA+

0.96 0.93
9128283D0 US Treasury Note

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

1.57%
1,755,582.03
1,712,080.40

96.68 5.45%
1,643,488.60
16,006.79

0.53%
(68,591.80)
Aaa / AA+
AA+

1.09 1.04
912828YM6 US Treasury Note

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

0.35%
1,106,043.75
1,073,145.87

95.91 5.44%
1,016,606.78
6,653.80

0.33%
(56,539.09)
Aaa / AA+
AA+

1.09 1.04
9128283J7 US Treasury Note

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

1.66%
5,578,317.09
5,486,021.82

96.34 5.40%
5,257,962.89
38,974.15

1.71%
(228,058.93)
Aaa / AA+
AA+

1.17 1.12
912828ZC7 US Treasury Note

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

0.53%
4,565,793.56
4,509,846.37

94.39 5.28%
4,221,619.59
4,285.12

1.36%
(288,226.78)
Aaa / AA+
AA+

1.42 1.37
912828ZL7 US Treasury Note

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

0.70%
2,958,391.99
2,982,294.26

92.71 5.23%
2,778,892.33
4,703.96

0.90%
(203,401.93)
Aaa / AA+
AA+

1.58 1.54
912828ZW3 US Treasury Note

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

0.70%
1,571,103.81
1,585,144.34

91.91 5.15%
1,468,203.14
1,009.29

0.47%
(116,941.20)
Aaa / AA+
AA+

1.75 1.70
91282CAJ0 US Treasury Note

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

0.56%
8,710,250.00
8,768,232.89

91.25 5.10%
8,047,906.02
1,877.89

2.59%
(720,326.87)
Aaa / AA+
AA+

1.92 1.87
91282CAT8 US Treasury Note

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

0.78%
3,425,898.44
3,462,051.62

90.68 5.02%
3,173,653.00
3,661.68

1.02%
(288,398.62)
Aaa / AA+
AA+

2.09 2.03
91282CAZ4 US Treasury Note

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

0.94%
6,619,508.79
6,691,832.35

90.61 5.00%
6,136,257.49
8,535.02

1.98%
(555,574.86)
Aaa / AA+
AA+

2.17 2.10
As of September 30, 2023

ATTACHMENT A
96 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
91282CBC4 US Treasury Note

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

0.49%
6,363,250.00
6,383,356.20

90.40 4.93%
5,785,747.20
6,065.22

1.87%
(597,609.00)
Aaa / AA+
AA+

2.25 2.19
9128286A3 US Treasury Note

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

0.46%
1,890,055.76
1,792,966.56

94.92 4.96%
1,620,724.85
7,551.51

0.52%
(172,241.71)
Aaa / AA+
AA+

2.34 2.21
91282CBH3 US Treasury Note

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

0.79%
16,971,456.65
17,140,133.51

90.02 4.96%
15,577,874.48
10,933.19

5.02%
(1,562,259.03)
Aaa / AA+
AA+

2.34 2.27
91282CBQ3 US Treasury Note

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

0.94%
12,437,181.06
12,539,466.76

90.03 4.92%
11,406,965.72
5,395.19

3.68%
(1,132,501.04)
Aaa / AA+
AA+

2.42 2.35
91282CCF6 US Treasury Note

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

0.80%
8,301,545.71
8,310,144.87

89.81 4.87%
7,472,075.52
20,970.49

2.41%
(838,069.35)
Aaa / AA+
AA+

2.67 2.57
91282CCZ2 US Treasury Note

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

2.77%
3,406,746.09
3,503,840.54

89.23 4.77%
3,301,672.80

88.46 1.06%
(202,167.74)
Aaa / AA+
AA+

3.00 2.90
912828V98 US Treasury Note

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

4.07%
2,458,185.55
2,502,090.55

92.28 4.75%
2,445,348.45
7,615.15

0.79%
(56,742.10)
Aaa / AA+
AA+

3.38 3.18
91282CBJ9 US Treasury Note

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

2.15%
498,382.03
509,329.03

84.79 4.67%
457,861.14
682.34

0.15%
(51,467.89)
Aaa / AA+
AA+

4.34 4.16
91282CCY5 US Treasury Note

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

2.17%
495,591.79
502,541.03

84.99 4.65%
446,188.58

17.93 0.14%
(56,352.45)
Aaa / AA+
AA+

5.01 4.74
9128286B1 US Treasury Note

2.625% Due 02/15/2029
5,500,000.00 Various

4.11%
5,104,355.47
5,108,762.50

90.46 4.65%
4,975,349.50
18,439.20

1.61%
(133,413.00)
Aaa / AA+
AA+

5.38 4.90
912828YB0 US Treasury Note

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

2.29%
496,518.75
501,366.16

84.86 4.59%
441,268.88
1,079.21

0.14%
(60,097.28)
Aaa / AA+
AA+

5.88 5.46
91282CGJ4 US Treasury Note

3.500% Due 01/31/2030
6,000,000.00 Various

3.94%
5,847,578.13
5,850,931.92

93.73 4.65%
5,623,830.00
35,380.44

1.82%
(227,101.92)
Aaa / AA+
AA+

6.34 5.55
912828Z94 US Treasury Note

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

2.66%
498,040.43
506,383.38

82.89 4.63%
449,681.51
1,039.30

0.15%
(56,701.87)
Aaa / AA+
AA+

6.38 5.92
91282CAE1 US Treasury Note

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

2.65%
498,755.37
514,419.61

76.75 4.61%
450,883.34
468.96

0.15%
(63,536.27)
Aaa / AA+
AA+

6.88 6.56
91282CBL4 US Treasury Note

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

2.63%
498,104.88
509,240.27

78.88 4.53%
445,643.75
811.80

0.14%
(63,596.52)
Aaa / AA+
AA+

7.38 6.88
91282CCS8 US Treasury Note

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

2.63%
498,515.62
508,601.64

78.16 4.59%
439,651.13
898.01

0.14%
(68,950.51)
Aaa / AA+
AA+

7.88 7.28
As of September 30, 2023

ATTACHMENT A
97 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
91282CFV8 US Treasury Note

4.125% Due 11/15/2032
6,000,000.00 Various

3.72%
6,197,734.38
6,183,929.76

96.45 4.61%
5,786,718.00
93,485.05

1.89%
(397,211.76)
Aaa / AA+
AA+

9.13 7.37
TOTAL US Treasury 144,332,000.00 1.46%
143,008,788.59
143,077,537.15 5.07%
133,949,866.39
414,386.66

43.27%
(9,127,670.76)
Aaa / AA+
AA+

2.48 2.29
TOTAL PORTFOLIO 330,345,814.33 1.96%
327,648,699.82
327,007,948.74 5.24%
309,186,004.07
1,309,064.26
100.00%
(17,821,944.67
)
Aa1 / AA
AA+

2.74 2.39
TOTAL MARKET VALUE PLUS ACCRUALS 310,495,068.33
As of September 30, 2023

ATTACHMENT A
98 SECTION |
Section 4 |
Transactions

ATTACHMENT A
99 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 07/18/2023 05592XAD2 610,000.00 BMW Vehicle Owner Trust 2023-A A3

5.47% Due: 02/25/2028

99.982 5.54% 609,891.91 0.00 609,891.91 0.00
Purchase 07/31/2023 3130AVWG3 3,185,000.00 FHLB Note
4% Due: 06/10/2033

96.399 4.45% 3,070,308.15 30,788.33 3,101,096.48 0.00
Purchase 07/31/2023 61747YER2 1,800,000.00 Morgan Stanley Callable Note Cont 4/20/2027

4.21% Due: 04/20/2028

96.057 5.39% 1,729,026.00 21,260.50 1,750,286.50 0.00
Purchase 08/30/2023
9128286B1 5,000,000.00 US Treasury Note

2.625% Due: 02/15/2029

91.898 4.31% 4,594,921.88 5,349.86 4,600,271.74 0.00
Purchase 08/30/2023
91282CFV8 2,000,000.00 US Treasury Note

4.125% Due: 11/15/2032

99.730 4.16% 1,994,609.38 23,987.77 2,018,597.15 0.00
Purchase 09/15/2023
161571HT4 3,415,000.00 Chase Issuance Trust 23-A1 A

5.16% Due: 09/15/2028

99.972 5.23% 3,414,053.36 0.00 3,414,053.36 0.00
Purchase 09/19/2023 47787CAC7 3,105,000.00 John Deere Owner Trust 2023-C A3

5.48% Due: 05/15/2028

99.993 5.55% 3,104,786.69 0.00 3,104,786.69 0.00
Purchase 09/22/2023 91282CGJ4 2,000,000.00 US Treasury Note

3.5% Due: 01/31/2030

93.895 4.62% 1,877,890.63 10,081.52 1,887,972.15 0.00
Subtotal 21,115,000.00 20,395,488.00 91,467.98 20,486,955.98 0.00 TOTAL ACQUISITIONS 21,115,000.00 20,395,488.00 91,467.98 20,486,955.98 0.00

DISPOSITIONS
Call 09/16/2023
46647PBS4 1,467,500.00 JP Morgan Chase & Co Callable Note Cont 9/16/2023
Due: 09/16/2024
100.000 0.65% 1,467,500.00 0.00 1,467,500.00 0.00
Subtotal 1,467,500.00 1,467,500.00 0.00 1,467,500.00 0.00 Maturity 07/10/2023
3135G05G4 4,285,000.00 FNMA Note

0.25% Due: 07/10/2023
100.000 4,285,000.00 0.00 4,285,000.00 0.00
June 30, 2023 through September 30, 2023
As of September 30, 2023

ATTACHMENT A
100
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
Maturity 07/31/2023 912828S92 807,500.00 US Treasury Note

1.25% Due: 07/31/2023
100.000 807,500.00 0.00 807,500.00 0.00
Maturity 08/11/2023
06406RAJ6 3,367,500.00 Bank of NY Mellon Corp Note

3.45% Due: 08/11/2023
100.000 3,367,500.00 0.00 3,367,500.00 0.00
Maturity 08/11/2023
69371RQ90 242,500.00 Paccar Financial Corp Note

0.35% Due: 08/11/2023
100.000 242,500.00 0.00 242,500.00 0.00
Maturity 08/24/2023
3137EAEV7 2,292,500.00 FHLMC Note

0.25% Due: 08/24/2023
100.000 2,292,500.00 0.00 2,292,500.00 0.00
Maturity 09/12/2023
3135G0U43 6,162,500.00 FNMA Note

2.875% Due: 09/12/2023
100.000 6,162,500.00 0.00 6,162,500.00 0.00
Subtotal 17,157,500.00 17,157,500.00 0.00 17,157,500.00 0.00 TOTAL DISPOSITIONS 18,625,000.00 18,625,000.00 0.00 18,625,000.00 0.00 June 30, 2023 through September 30, 2023
As of September 30, 2023

ATTACHMENT A
101
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 I ndices, 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 provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income inv estments 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 September 30, 2023

ATTACHMENT A
102
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 September 30, 2023

ATTACHMENT A
103

City Council and Concurrent AuthoritiesNovember 14, 2023

City Council and Concurrent Authorities
November 14, 2023