Attachment A - Quarterly Investment Reports — City Council and Concurrent Authorities, April 16, 2024

Investment Performance Review
For the Quarter Ended December 31, 2023
Client Management Team PFM Asset Management LLC
Monique Spyke, Managing Director
Justin Resuello, Client Relations Manager
Allison Kaune, Senior Analyst
Joseph Creason, Portfolio Manager
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
Account S
ummary•
Portfolio Review•

ATTACHMENT A
2 © PFM Asset Management LLC pfmam.com|
Market Update

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:
▹ Economic resilience but expectations for a slowdown
▹ Cooling inflation that still remains above the Federal Reserve’s (“Fed”) target ▹ The labor market coming into better balance
▹ Consumers that continue to support growth through spending ▸ Federal Reserve signals end to rate hiking cycle
▹ Fed projected to cut the short-term Fed funds rate by 75 basis points by December 2024, with the overnight rate falling to 4.50% to 4.75%
▹ Markets are pricing a more aggressive 6 rate cuts by year end ▹ Fed officials reaffirm that restoring price stability is the priority ▸ Treasury yields ended the quarter materially lower
▹ After peaking in October, yields reversed course on dovish Fed pivot ▹ Yield curve inversion persisted throughout the rally
▹ Credit spreads narrowed sharply on increased expectations for a soft landing

CLIENT NAME
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes

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

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

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

CLIENT NAME
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Inflation Continues to Trend Lower
Nov-23

3.1%
-2%
0%
2%
4%
6%
8%
10%
Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23
Consumer Prices (CPI)
Year-over-Year Change in Top-Line Contributions
Services (Ex Food & Energy) Goods (Ex Food & Energy) Food Energy Headline YoY% Lower energy
and goods prices
help to offset
increases in
wage-driven
services costs

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

ATTACHMENT A
5 Source: Bloomberg, Economist Forecasts.

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

CLIENT NAME
For the Quarter Ended December 31, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Balanced Risks Support Soft Landing

2.2% 2.1%

4.9%

2.6%

1.3%

1.7%

0.0%

1.0%
2 .0%

3.0%

4.0%
5 .0%

6.0%
Q1 '23 Q2 '23 Q3 '23 Q4 '23 2024 2025
U.S. GDP Forecasts
Annualized Rate
Actual Range Median of Forecasts
Employment
Consumer
Wages
Manufacturing
Housing
Inverted yield curve
Fed Policy
Inflation
Credit spreads

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

ATTACHMENT A
6 5.4%

4.6%

3.6%

2.9% 2.5%
0%
2%
4%
6%
8%
2023 202 4
2025 2026 Longer
Run
Federal Funds Rate
September Projections December Projections

2.8%

2.4% 2.1% 2.0% 2.0%
0%
1%
2%
3%
4%
5%
2023 20 2
4 2025 2026 Longer
Run
PCE Inflation
September Projections December Projections

3.8% 4.1% 4.1% 4.1% 4.1%
0%
1%
2%
3%
4%
5%
6%
2023 2 0
24 2025 2026 Longer
Run
Unemployment Rate
September Projections December Projections
Federal Reserve Projects a Soft Landing
© 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 December 31, 2023
Market Update
Source: Federal Reserve, latest economic projections as of December 2023.

2.6%

1.4%

1.8% 1.9% 1.8%
0%
1%
2%
3%
4%
2023 202 4
2025 2026 Longer
Run
Change in Real GDP
September Projections December Projections

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

ATTACHMENT A
7 Fed’s Updated “Dot Plot” Also Shows Lower Rate Trajectory Source: Federal Reserve. Individual dots represent each Fed me m bers’ 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 December 31, 2023
Market Update
0%
1%
2%
3%
4%
5%
6%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Dec-23 FOMC Projections
Dec-23 Median
Sep-23 Median
2023 Longer Term2024 2025 2026

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

ATTACHMENT A
8 Market Expects Lower Rates
Source: Bloomberg, as of December 2023.
© 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 December 31, 2023
Market Update
Expectations for
Fed Funds have
reached their
most dovish
levels in 6
months in
response to
falling inflation,
Fed pivot and
moderating
labor market

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00%
Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
Implied Fed Funds Rate
6-Month Range Fed Funds as of December 29, 2023 Fed Funds as of September 29, 2023 -89 bps
-108 bps

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

ATTACHMENT A
9 Rates Fall on Softer Inflation and Fed Pivot
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 December 31, 2023
Market Update
Source: Bloomberg, as of 12/31/2023.

4.00%

4.25%

4.50%

4.75%

5.00%

5.25%

5.50%
Oct-23 Nov-23 Dec-23 Jan-24
2-Year US Treasury Yield
Week of November 27th
Fed speeches portend
policy shift
-41 bps
November 14th
CPI inflation cools more
than markets expected
-20 bps
December 13th
Fed releases updated
dot plot showing 3 cuts
in ’24
-30 bps
November 1
st - 3rd
Fed keeps rates
unchanged and
Treasury slows pace
of debt issuance
-25 bps

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

ATTACHMENT A
10 Interest Rates Moderate But Remain High
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 December 31, 2023
Market Update
Source: Bloomberg, as of December 31, 2023.

5.33%

4.25%

3.85% 3.88% 4.03%

0.0%

1.0%

2.0%

3.0%

4.0%
5 .0%

6.0% Yield
Maturity
U.S. Treasury Yield Curve
15 Year Range
December 31, 2023
September 30, 2023
3-Month 2-Year 5-Year 10-Year 30-Year

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

ATTACHMENT A
11 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 December 31, 2023
Market Update
Source: ICE BofA 1-5 year Indices via Bloomberg, MarketAxess and PFMAM as of December 31, 2023. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life;
spreads on agencies are relative to comparable maturity Treasuries.

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

0.0%

0.2%

0.4%

0.6%

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

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

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

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index

0.0%

0.5%

1.0%

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

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

ATTACHMENT A
12 Fixed-Income Markets
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 December 31, 2023
Market Update
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of December 31, 2023.

3.10%

2.81%

2.47%

3.82%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Fourth Quarter Returns

4.30%

4.69%

5.40%

5.89%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
1-Year Returns

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

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

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

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Account Summary
Consolidated Summary
Account Summary
$750,379,348Reserve Portfolio1
$10,621,715Short-Term Portfolio
$90,886,282
$59,820,240
$812,830
BMO Harris Account
CAMP Pool
Local Agency Investment Fund
$912,520,415Total Program

17.8%

0.1% 1.3%

3.3%

5.5%

18.2%

14.5%

9.1%

15.3%

6.5%

8.4%

0.0%$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
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: 994 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
15 © PFM Asset Management LLC pfmam.com

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

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

Acknowledged :PFM Asset Management LLC

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

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
17 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Snapshot
|
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

The portfolio’s benchmark is Currently 80% ML 1-5 Corp and Govt A or Better (BV10) AND 20% ML 5-10 Treasury (G6O2). 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
7%
22% 20% 22%
15%
6%
3%
6%
3%
27%
22% 18%
14% 6% 3%
7%
0%
5%
10%
15%
20%
25%
30%
0-1 Yr 1-2
Yrs
2-3
Yrs
3-4
Yrs
4-5
Yrs
5-6
Yrs
6-7
Yrs
> 7
Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 50%
Corporate | 18%
Agency CMBS | 13%
Federal Agency | 9%
ABS | 7%
Negotiable CD | 2%
Municipal | 1%
Supranational | 1%
Sector Allocation
AAA | 8%
AA+ | 73%
AA | 2%
AA- | 1%
A+ | 6%
A | 6%
A- | 2%
BBB+ | 1%
Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 3.25 years
Benc
hmark Effective Duration 3.23 years
Portfolio Credit Quality AA
Yield At Market 4.31%
Yield At Cost 3.20%
Total Market Value $434,026,550.96
$431,004,019.50Securities Sub-Total
$759,524.03Cash
$2,263,007.43Accrued Interest

ATTACHMENT A
18 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Summary
|
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.

Issuer Diversification - CITY OF STOCKTON RESERVE PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer U.S. Treasury 49.5%
UNITED STATES TREASURY 49.5% AA / Aaa / AA
Federal Agency 8.7%
FANNIE MAE 5.5% AA / Aaa / AA
FEDERAL FARM CREDIT BANKS 0.7% AA / Aaa / AA
FEDERAL HOME LOAN BANKS 0.3% AA / Aaa / NR
FREDDIE MAC 1.3% AA / Aaa / AA
UNITED STATES TREASURY 0.9% AA / Aaa / AA
Agency CMBS 13.2%
FANNIE MAE 1.1% AA / Aaa / AA
FREDDIE MAC 12.1% AA / Aaa / AA
Supranational 0.9%
INTER-AMERICAN DEVELOPMENT BANK 0.9% AAA / Aaa / AAA
Municipal 1.4%

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 MARYLAND 0.1% AAA / Aaa / AAA
UNIVERSITY OF CALIFORNIA 0.2% AA / Aa / AA
Negotiable CD 1.6%
RABOBANK NEDERLAND 1.0% A / Aa / AA
TORONTO-DOMINION BANK 0.7% A / A / NR
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 17.7%
3M COMPANY 0.3% BBB / A / NR
AMAZON.COM INC 0.9% 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 0.6% A / A / NR
HOME DEPOT INC 0.8% A / A / A
HONEYWELL INTERNATIONAL 0.4% A / A / A
INTEL CORPORATION 0.5% A / A / A
JP MORGAN CHASE & CO 1.5% A / Aa / AA
MASTERCARD INC 0.2% A / Aa / NR
MERCK & CO INC 0.5% A / A / NR
MICROSOFT CORP 1.1% AAA / Aaa / NR
NOVARTIS AG 0.8% AA / A / AA
PACCAR FINANCIAL CORP 0.9% A / A / NR
PFIZER INC 0.2% A / A / A
STATE STREET CORPORATION 0.9% 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 0.4% A / A / A
WAL-MART STORES INC 0.9% AA / Aa / AA

ATTACHMENT A
19 © PFM Asset Management LLC pfmam.com

Issuer Diversification - CITY OF STOCKTON RESERVE PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer ABS 6.9%
AMERICAN EXPRESS CO 0.8% AAA / NR / AAA
BANK OF AMERICA CO 1.5% NR / Aaa / AAA
CARMAX AUTO OWNER TRUST 0.1% AAA / NR / AAA
CHASE ISSURANCE 0.8% AAA / NR / AAA
CITIGROUP INC 0.2% AAA / Aaa / AAA
DISCOVER FINANCIAL SERVICES 0.2% AAA / Aaa / NR
FIFTH THIRD AUTO TRUST 0.7% AAA / Aaa / NR
HONDA AUTO RECEIVABLES 0.7% AAA / Aaa / AAA
HYUNDAI AUTO RECEIVABLES 0.4% AAA / NR / AAA
KUBOTA CREDIT OWNER TRUST 0.3% NR / Aaa / AAA
TOYOTA MOTOR CORP 0.5% AAA / Aaa / AAA
USAA AUTO OWNER TRUST 0.8% AAA / Aaa / NR
100.0%Total

ATTACHMENT A
20 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Characteristics
|
$0.0
$88.0
$176.0
$264.0
$352.0
$440.0
Millions
December 2023
$0.0
$88.0
$176.0
$264.0
$352.0
$440.0
Millions
September 2023
$0.0
$88.0
$176.0
$264.0
$352.0
$440.0
Millions
June 2023
$0.0
$88.0
$176.0
$264.0
$352.0
$440.0
Millions
March 2023
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.

Mar-23 % of TotalSecurity Type Jun-23 % of Total Sep-23 % of Total % of TotalDec-23 U.S. Treasury $223.5 60.4% $249.9 60.0% $211.8 50.9% $213.6 49.6% Federal Agency $60.7 16.4% $73.5 17.7% $43.9 10.6% $37.4 8.7% Agency CMBS $0.7 0.2% $3.2 0.8% $41.5 10.0% $57.0 13.2% Supranational $5.8 1.6% $5.8 1.4% $5.8 1.4% $4.1 0.9%
Municipal $8.0 2.2% $8.0 1.9% $8.0 1.9% $5.9 1.4%
Negotiable CD $2.8 0.8% $2.8 0.7% $6.9 1.7% $6.9 1.6%
Corporate $63.7 17.2% $69.0 16.6% $75.3 18.1% $75.9 17.6% ABS $4.6 1.2% $3.9 0.9% $22.6 5.4% $30.0 7.0%
Total $369.7 100.0% $416.1 100.0% $415.9 100.0% $431.0 100.0%

ATTACHMENT A
21 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($ millions)
Federal Agency
U.S. Treasury
Municipal
Supranational
Corporate
ABS
Agency CMBS
Federal Agency
U.S. Treasury
M
unicipal
Supranational
Corporate
ABS
Agency CMBS
($20.0) ($15.0) ($10.0) ($5.0) $0.0 $5.0 $10.0 $15.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
Agency CMBS $13,719,191
ABS $6,955,974
Corporate ($1,255,042)
Supranational ($1,871,494)
Municipal ($2,218,810)
U.S. Treasury ($5,787,864)
Federal Agency ($7,527,988)
$2,013,967Total Net Activity
Sales/Maturities Purchases

ATTACHMENT A
22 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2017.1.

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% ML 1-5 Corp and Govt A or Better (BV10) AND 20% ML 5-10 Treasury (G6O2). Prior to 3/31/23 it was the ML 1-5 year US Gov/Corp A-AAA). Source: Bloomberg. -2.0%

0.0%

2.0%

4.0%

6.0%
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 $2,846,123 $8, 410,850 $22,016,391 $42,526,331 $53,033,096 Change in Market Value $13,003,231 $9,366,168 ($35,563,981) ($13,109,622) ($16,360,031) $15,849,354Total Dollar Return $17,777,018 ($13,547,590) $29,416,709 $36,673,065 Total Return³
Portfolio 3.79% 4.64% -0.46% 1.53% 1.44%
Benchmark⁴ 3.73% 4.21% -0.78% 1.31% 1.24%
Basis Point Fee 0.01% 0.04% 0.05% 0.05% 0.05%
Net of Fee Return 3.78% 4.60% -0.51% 1.48% 1.38%
3 Months 1 Year 3 Years 5 Years Since Inception

ATTACHMENT A
23 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Performance inception date is June 30, 2017.1.

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

Realized gains / (losses) are shown on an amortized cost basis.3.

Accrual Basis Earnings - CITY OF STOCKTON RESERVE PORTFOLIO Accrual Basis Earnings
Interest Earned²
Realized Gain
s / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$2,846,123
($780,657)
$550
,429
$2,615,895
1 Year
$8,410,850
($3,074,345)
$1
,753,946
$7,090,451
3 Years
$22,016,391
($15,738,495)
$
14,287,258
$20,565,154
5 Year
$42,526,331
($9,669,340)
$1
4,223,682
$47,080,673
Since Inception¹
$53,033,096
($11,442,397)
$
15,912,057
$57,502,757

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

CITY OF STOCKTON SHORT-TERM PORTFOLIO

ATTACHMENT A
25 © 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 0.32 years
Yie
ld At Cost 5.82%
Yield At Market 5.75%
Portfolio Credit Quality A
Total Market Value $10,621,714.79
$10,621,714.79Securities Sub-Total
$0.00Cash
$0.00Accrued Interest

ATTACHMENT A
26 © 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
27 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Characteristics
|
$0.0
$12.2
$24.4
$36.6
$48.8
$61.0
Millions
December 2023
$0.0
$12.2
$24.4
$36.6
$48.8
$61.0
Millions
September 2023
$0.0
$12.2
$24.4
$36.6
$48.8
$61.0
Millions
June 2023
$0.0
$12.2
$24.4
$36.6
$48.8
$61.0
Millions
March 2023
Sector Allocation Review - CITY OF STOCKTON SHORT-TERM PORTFOLIO Negotiable CD Commercial Paper
Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.

Mar-23 % of TotalSecurity Type Jun-23 % of Total Sep-23 % of Total % of TotalDec-23 Negotiable CD $49.9 82.9% $0.0 0.0% $0.0 0.0% $0.0 0.0% Commercial Paper $10.2 17.1% $10.4 100.0% $10.5 100.0% $10.6 100.0% Total $60.1 100.0% $10.4 100.0% $10.5 100.0% $10.6 100.0%

ATTACHMENT A
28 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 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
Realized Gain
s / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
-
-
$130,130
$130,130
1 Year
$484,429
-
$664,683
$1,149,113
3 Years
-
-
-
-
5 Year
-
-
-
-
Since Inception¹
$1,356,238
-
$1,799,309
$3,173,046

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

ATTACHMENT A
30 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Holdings
|
Managed Account Detail of Securities Held
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
U.S. Treasury

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 76.24 9,453.989,531.18

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 25.55 7,419.147,502.28

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 47.52 7,342.977,580.01

US TREASURY 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 8.34 7,260.947,493.46

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 13.93 7,317.197,532.43

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 47.52 12,003.9112,574.91

US TREASURY NOTES
DTD 04/30/2020 0.375% 04/30/2025
912828ZL7 1,167,500.00 AA+ Aaa 4/5/2021 4/7/2021 1,152,267.77 0.70 745.72 1,104,929.241,162,521.81

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 10.97 1,500,152.341,586,926.03

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 6,095,000.00 AA+ Aaa 8/19/2021 8/20/2021 6,004,527.34 0.62 5,148.93 5,691,206.256,057,630.86

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 2,725,000.00 AA+ Aaa 8/17/2021 8/20/2021 2,683,486.33 0.63 2,302.03 2,544,468.752,707,853.05

US TREASURY NOTES
DTD 10/31/2020 0.250% 10/31/2025
91282CAT8 3,500,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,425,898.44 0.78 1,490.38 3,251,171.703,466,639.34

US TREASURY NOTES
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 6,772,500.00 AA+ Aaa 11/1/2021 11/2/2021 6,589,430.86 1.05 2,220.49 6,288,901.516,686,559.55

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 5,700,000.00 AA+ Aaa 5/6/2021 5/10/2021 5,606,707.03 0.73 58.72 5,283,187.505,659,844.42

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 700,000.00 AA+ Aaa 1/11/2021 1/13/2021 695,980.47 0.49 7.21 648,812.50698,381.55

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 8,475,000.00 AA+ Aaa 1/4/2022 1/6/2022 8,174,402.34 1.27 13,299.76 7,828,781.258,321,060.01

ATTACHMENT A
31 © PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 7,635,000.00 AA+ Aaa 2/18/2022 2/22/2022 7,215,969.73 1.83 11,981.55 7,052,831.257,413,400.25

US TREASURY NOTES
DTD 01/31/2019 2.625% 01/31/2026
9128286A3 1,707,500.00 AA+ Aaa 2/4/2021 2/4/2021 1,890,055.76 0.46 18,756.98 1,653,873.911,783,748.59

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 1,195,000.00 AA+ Aaa 7/2/2021 7/7/2021 1,172,033.59 0.80 1,875.31 1,103,881.251,184,528.20

US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 10,690,000.00 AA+ Aaa 2/2/2022 2/3/2022 10,249,872.66 1.55 18,061.40 9,878,228.1310,456,311.93

US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 1,980,000.00 AA+ Aaa 12/3/2021 12/7/2021 1,926,632.81 1.15 3,345.33 1,829,643.751,952,728.81

US TREASURY 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 0.80 527.87 743,115.63804,116.66

US TREASURY NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 4,360,000.00 AA+ Aaa 6/6/2022 6/8/2022 3,995,871.88 2.99 2,859.02 4,024,825.004,139,217.57

US TREASURY NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 3,155,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,133,186.13 0.90 2,068.85 2,912,459.373,143,681.97

US TREASURY NOTES
DTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 3,700,000.00 AA+ Aaa 4/5/2022 4/7/2022 3,406,746.09 2.77 8,226.43 3,399,375.003,520,321.52

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
912828U24 2,540,000.00 AA+ Aaa 8/8/2022 8/9/2022 2,437,606.25 3.01 6,559.34 2,401,887.502,471,102.60

US TREASURY NOTES
DTD 02/15/2017 2.250% 02/15/2027
912828V98 855,000.00 AA+ Aaa 8/8/2022 8/9/2022 828,515.04 2.99 7,266.34 811,715.63836,696.34

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 11,813.11 1,319,631.251,338,590.50

US TREASURY 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 33,985.66 5,114,265.635,173,981.03

US TREASURY NOTES
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 4,840,000.00 AA+ Aaa 8/2/2022 8/3/2022 4,331,989.06 2.88 4,121.98 4,321,968.994,483,423.86

US TREASURY 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 3.76 383.93 4,203,250.004,229,293.81

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 57.90 3,744,105.263,847,547.87

US TREASURY 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 57,540.76 4,800,781.004,878,906.63

ATTACHMENT A
32 © PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,730,000.00 AA+ Aaa 9/1/2022 9/6/2022 2,588,274.61 3.40 23,201.29 2,574,731.252,626,141.37

US TREASURY 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 53,115.56 4,890,103.134,981,832.12

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 2,286.89 2,105,250.002,094,272.01

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 4,547.80 4,695,862.504,709,736.06

US TREASURY NOTES
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 1,790,000.00 AA+ Aaa 12/1/2022 12/2/2022 1,820,346.09 3.74 12,576.72 1,802,026.651,813,664.54

US TREASURY 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 29,860.92 4,278,554.904,308,653.27

US TREASURY 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 3.60 313.51 2,941,778.762,974,788.25

US TREASURY NOTES
DTD 01/31/2021 0.750% 01/31/2028
91282CBJ9 540,000.00 AA+ Aaa 3/14/2022 3/15/2022 498,382.03 2.15 1,694.84 476,212.50511,111.55

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 14,123.64 3,968,437.504,047,382.24

US TREASURY 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 65,217.03 4,843,093.754,944,964.33

US TREASURY 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 18,215.67 5,143,578.125,229,267.28

US TREASURY 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 39,239.14 4,214,737.504,254,490.56

US TREASURY 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 6,304.82 1,780,296.881,812,849.48

US TREASURY 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 12,221.15 2,018,609.382,041,541.28

US TREASURY NOTES
DTD 05/15/2018 2.875% 05/15/2028
9128284N7 705,000.00 AA+ Aaa 11/30/2022 11/30/2022 666,280.08 4.00 2,617.12 676,359.38673,992.98

US TREASURY NOTES
DTD 09/30/2021 1.250% 09/30/2028
91282CCY5 525,000.00 AA+ Aaa 3/14/2022 3/15/2022 495,591.79 2.17 1,667.52 465,445.31503,672.59

US TREASURY NOTES
DTD 11/15/1998 5.250% 11/15/2028
912810FF0 1,000,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,064,765.63 4.02 6,778.85 1,058,437.501,052,954.90

ATTACHMENT A
33 © PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 500,000.00 AA+ Aaa 3/21/2022 3/22/2022 509,433.59 2.33 4,957.54 471,093.75507,002.25

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 21,466.15 2,039,835.942,016,056.89

US TREASURY 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 37,181.56 1,988,085.942,003,490.02

US TREASURY 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 6,431.69 2,527,875.002,557,042.31

US TREASURY NOTES
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 670,000.00 AA+ Aaa 8/5/2022 8/9/2022 662,698.05 2.93 1,610.93 633,150.00664,195.43

US TREASURY NOTES
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 1,145,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,067,578.32 3.94 2,753.01 1,082,025.001,080,525.42

US TREASURY 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 4.26 308.04 3,342,726.393,281,790.08

US TREASURY NOTES
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aaa 3/21/2022 3/22/2022 496,518.75 2.29 3,191.71 463,125.00502,165.37

US TREASURY NOTES
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 41,064.96 1,967,476.561,986,510.14

US TREASURY NOTES
DTD 11/30/2022 3.875% 11/30/2029
91282CFY2 1,070,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,069,289.45 3.89 3,625.14 1,068,996.881,069,399.77

US TREASURY 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 3.64 216.11 2,028,414.162,055,248.86

US TREASURY NOTES
DTD 02/15/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,040.43 2.66 3,073.68 472,992.19507,810.06

US TREASURY 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 27,168.13 2,021,934.382,001,985.70

US TREASURY NOTES
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 17,431.32 2,439,112.612,472,325.72

US TREASURY NOTES
DTD 11/15/1999 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,065,123.05 3.89 7,464.80 1,044,527.391,044,693.80

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 2,045.76 2,073,154.692,120,821.05

US TREASURY 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 9,278.69 2,807,890.632,786,661.15

ATTACHMENT A
34 © PFM Asset Management LLC pfmam.com

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 5,996.26 2,062,162.502,056,920.62

US TREASURY NOTES
DTD 08/15/2020 0.625% 08/15/2030
91282CAE1 587,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,755.37 2.65 1,386.93 476,976.56517,098.26

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 6,008.07 2,066,221.882,115,292.27

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 3,389.42 2,467,500.002,443,731.08

US TREASURY NOTES
DTD 11/15/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,071,065.63 3.72 1,502.65 1,093,925.001,106,427.50

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 59,993.33 3,232,031.253,185,804.01

US TREASURY NOTES
DTD 02/15/2021 1.125% 02/15/2031
91282CBL4 565,000.00 AA+ Aaa 4/6/2022 4/11/2022 498,104.88 2.63 2,400.87 472,039.87511,144.46

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 36,544.16 1,968,750.001,994,708.65

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 36,950.20 1,990,625.001,973,508.44

US TREASURY 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 6,147.77 2,516,137.502,577,097.27

US TREASURY NOTES
DTD 05/15/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,070,802.73 3.76 2,654.24 1,086,318.751,095,769.15

US TREASURY 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 11,638.42 2,042,868.752,041,360.69

US TREASURY NOTES
DTD 08/15/2021 1.250% 08/15/2031
91282CCS8 562,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,515.62 2.63 2,655.82 466,171.88510,326.39

US TREASURY NOTES
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 1,305,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,068,927.54 3.77 2,316.91 1,084,985.091,097,570.81

US TREASURY 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 3,692.86 1,729,324.901,776,545.09

US TREASURY 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 16,749.41 2,035,747.542,033,886.77

US TREASURY NOTES
DTD 05/15/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,067,164.06 3.79 4,269.06 1,067,343.751,076,685.16

ATTACHMENT A
35 © PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 05/15/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aaa 8/5/2022 8/9/2022 662,629.69 2.83 2,450.07 612,562.50662,253.70

US TREASURY 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 8,074.09 2,018,671.882,068,582.54

US TREASURY 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 9,911.64 2,478,093.752,540,540.24

US TREASURY 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 10,466.06 2,000,308.702,045,456.60

US TREASURY 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 17,177.11 3,282,949.383,241,135.59

US TREASURY NOTES
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,055,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,084,877.93 3.78 5,619.18 1,073,957.081,081,617.47

US TREASURY 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 27,299.52 2,005,308.701,999,485.47

US TREASURY NOTES
DTD 08/15/2023 3.875% 08/15/2033
91282CHT1 2,385,000.00 AA+ Aaa 10/2/2023 10/2/2023 2,236,496.48 4.67 34,908.17 2,385,745.312,240,245.11 227,454,500.00 216,918,127.52 1,018,388.98 213,630,906.76Security Type Sub-Total 2.91 219,289,461.20 Supranational

INTER-AMERICAN DEVEL BK NOTES
DTD 09/23/2021 0.500% 09/23/2024
4581X0DZ8 4,190,000.00 AAA Aaa 9/15/2021 9/23/2021 4,186,899.40 0.52 5,703.06 4,055,270.554,189,247.48 4,190,000.00 4,186,899.40 5,703.06 4,055,270.55Security Type Sub-Total 0.52 4,189,247.48 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 28,930.22 2,803,734.622,800,000.00

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 95,419.33 4,119,330.604,200,000.00 7,000,000.00 7,000,000.00 124,349.55 6,923,065.22Security Type Sub-Total 5.23 7,000,000.00

ATTACHMENT A
36 © PFM Asset Management LLC pfmam.com

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 6,180.63 711,783.25725,000.00

MD ST TXBL GO BONDS
DTD 08/05/2020 0.510% 08/01/2024
574193TQ1 647,500.00 AAA Aaa 7/23/2020 8/5/2020 647,318.70 0.52 1,375.94 630,580.83647,473.50

CA ST UNIV TXBL REV BONDS
DTD 09/17/2020 0.685% 11/01/2024
13077DNC2 625,000.00 AA- Aa2 8/27/2020 9/17/2020 625,000.00 0.69 713.54 601,943.75625,000.00

CA ST DEPT WTR RES WTR SYS TXBL

REV BNDS
DTD 08/06/2020 0.560% 12/01/2024
13067WRB0 77,500.00 AAA Aa1 7/30/2020 8/6/2020 77,500.00 0.56 36.17 74,408.5377,500.00

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 300,000.00 AA Aa2 7/10/2020 7/16/2020 300,000.00 0.88 338.48 284,751.00300,000.00

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 460,000.00 AA Aa2 7/14/2020 7/16/2020 461,665.20 0.81 519.01 436,618.20460,451.35

FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 1,050,000.00 AA Aa3 9/3/2020 9/16/2020 1,057,423.50 1.11 6,604.50 997,132.501,052,321.70

FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 825,000.00 AA Aa3 9/3/2020 9/16/2020 825,000.00 1.26 5,189.25 783,461.25825,000.00

LOS ANGELES CCD, CA TXBL GO
BONDS
DTD 11/10/2020 0.773% 08/01/2025
54438CYK2 965,000.00 AA+ Aaa 10/30/2020 11/10/2020 965,000.00 0.77 3,108.10 906,993.85965,000.00

NJ TURNPIKE AUTHORITY TXBL REV
BONDS
DTD 02/04/2021 1.047% 01/01/2026
646140DP5 557,500.00 AA- A1 1/22/2021 2/4/2021 557,500.00 1.05 2,918.51 520,259.00557,500.00 6,232,500.00 6,241,407.40 26,984.13 5,947,932.16Security Type Sub-Total 1.04 6,235,246.55 Federal Agency

FEDERAL FARM CREDIT BANK NOTES
DTD 04/08/2020 0.875% 04/08/2024
3133ELVX9 750,000.00 AA+ Aaa 4/7/2020 4/8/2020 750,000.00 0.88 1,513.02 741,102.75750,000.00

FEDERAL HOME LOAN BANK NOTES
DTD 04/16/2020 0.500% 04/14/2025
3130AJHU6 335,000.00 AA+ Aaa 4/15/2020 4/16/2020 333,338.40 0.60 358.26 318,269.43334,572.76

ATTACHMENT A
37 © PFM Asset Management LLC pfmam.com

FANNIE MAE NOTES
DTD 04/24/2020 0.625% 04/22/2025
3135G03U5 6,640,000.00 AA+ Aaa 6/2/2020 6/3/2020 6,682,296.80 0.49 7,954.17 6,312,402.326,651,309.18

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,002,500.00 AA+ Aaa 6/17/2020 6/19/2020 1,000,424.83 0.54 194.93 946,371.031,001,893.60

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 4,150,000.00 AA+ Aaa 10/2/2020 10/5/2020 4,167,720.50 0.41 806.95 3,917,645.654,155,504.09

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,490,000.00 AA+ Aaa 9/17/2020 9/18/2020 1,495,304.40 0.42 289.72 1,406,576.391,491,631.42

FREDDIE MAC NOTES
DTD 07/23/2020 0.375% 07/21/2025
3137EAEU9 2,310,000.00 AA+ Aaa 7/21/2020 7/23/2020 2,298,496.20 0.48 3,850.00 2,170,593.812,306,423.98

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 3,075,000.00 AA+ Aaa 10/22/2020 10/23/2020 3,057,780.00 0.49 4,035.94 2,879,460.753,069,133.31

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 920,000.00 AA+ Aaa 8/25/2020 8/27/2020 915,694.40 0.47 1,207.50 861,497.20918,578.96

FREDDIE MAC NOTES
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 3,545,000.00 AA+ Aaa 9/23/2020 9/25/2020 3,534,329.55 0.44 3,618.85 3,311,554.663,541,308.63

FEDERAL FARM CREDIT BANK
(CALLABLE)
DTD 09/29/2020 0.530% 09/29/2025
3133EMBH4 2,265,000.00 AA+ Aaa 10/7/2020 10/9/2020 2,261,036.25 0.57 3,067.82 2,115,360.512,263,609.63

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 1,955,000.00 AA+ Aaa 11/19/2020 11/24/2020 1,954,257.10 0.51 1,466.25 1,822,773.581,954,722.39

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 6,190,000.00 AA+ Aaa 12/3/2020 12/4/2020 6,188,885.80 0.50 4,642.50 5,771,339.356,189,581.32

US TREASURY 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 22,386.68 2,038,512.502,016,374.48

US TREASURY 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 22,799.97 2,013,226.562,009,295.40

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 9,105.47 819,458.50790,853.46 39,817,500.00 39,411,369.74 87,298.03 37,446,144.99Security Type Sub-Total 0.97 39,444,792.61

ATTACHMENT A
38 © PFM Asset Management LLC pfmam.com

US BANK NA CINCINNATI CORP

NOTES (CALLAB
DTD 02/04/2019 3.375% 02/05/2024
91159HHV5 12,500.00 A A3 4/2/2019 4/4/2019 12,771.75 2.89 171.09 12,469.4912,500.63

MERCK & CO INC (CALLABLE) CORP
NOTES
DTD 03/07/2019 2.900% 03/07/2024
58933YAU9 2,312,500.00 A+ A1 11/19/2021 11/23/2021 2,419,591.87 0.85 21,236.46 2,301,138.692,317,416.13

PFIZER INC CORP NOTES
DTD 03/11/2019 2.950% 03/15/2024
717081ES8 965,000.00 A A2 6/3/2019 6/5/2019 989,539.95 2.38 8,382.10 959,385.63965,643.53

MASTERCARD INC CORP NOTES
DTD 03/31/2014 3.375% 04/01/2024
57636QAB0 1,025,000.00 A+ Aa3 4/2/2019 4/4/2019 1,058,466.25 2.67 8,648.44 1,019,017.081,026,669.64 AMAZON.COM INC CORPORATE
NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5 1,542,500.00 AA A1 5/10/2021 5/12/2021 1,540,247.95 0.50 944.78 1,515,262.541,542,228.77

WALMART INC CORPORATE NOTES
DTD 04/23/2019 2.850% 07/08/2024
931142EL3 4,100,000.00 AA Aa2 5/12/2020 5/14/2020 4,418,693.00 0.94 56,152.92 4,049,266.604,134,099.72

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 16,610.00 1,621,547.401,650,137.03

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 1,261.72 205,001.09210,562.75

MICROSOFT CORP (CALLABLE)
NOTES
DTD 02/12/2015 2.700% 02/12/2025
594918BB9 2,675,000.00 AAA Aaa 3/4/2021 3/8/2021 2,863,881.75 0.87 27,886.88 2,617,292.232,719,376.68

TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 292,500.00 A+ A1 5/20/2020 5/26/2020 295,357.73 1.58 2,018.25 282,661.76293,177.96

TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 1,595,000.00 A+ A1 5/21/2020 5/26/2020 1,616,692.00 1.50 11,005.50 1,541,352.181,600,146.19

NOVARTIS CAPITAL CORP
DTD 02/14/2020 1.750% 02/14/2025
66989HAP3 3,680,000.00 AA- A1 5/8/2020 5/12/2020 3,809,756.80 0.99 24,507.78 3,559,008.963,708,792.64 AMAZON.COM INC CORPORATE
NOTES
DTD 04/13/2022 3.000% 04/13/2025
023135CE4 2,567,500.00 AA A1 4/11/2022 4/13/2022 2,563,417.67 3.06 16,688.75 2,512,095.922,565,756.82

ATTACHMENT A
39 © PFM Asset Management LLC pfmam.com

CORPORATE NOTES
DTD 03/27/2020 2.650% 04/15/2025
88579YBM2 1,450,000.00 BBB+ A3 4/21/2022 4/25/2022 1,422,595.00 3.32 8,111.94 1,404,332.251,438,139.64

CITIGROUP INC (CALLABLE)

CORPORATE NOTES
DTD 05/04/2021 0.981% 05/01/2025
172967MX6 1,355,000.00 BBB+ A3 4/28/2021 5/4/2021 1,358,590.75 0.91 2,215.43 1,332,901.311,355,397.51

GOLDMAN SACHS GROUP INC

CORPORATE NOTES
DTD 05/22/2015 3.750% 05/22/2025
38148LAE6 1,817,500.00 BBB+ A2 2/12/2021 2/17/2021 2,030,474.65 0.94 7,383.59 1,779,032.611,878,225.38

HONEYWELL INTL CORP NOTES
(CALLABLE)
DTD 05/18/2020 1.350% 06/01/2025
438516CB0 2,000,000.00 A A2 9/3/2021 9/8/2021 2,039,160.00 0.82 2,250.00 1,908,564.002,014,298.84

JPMORGAN CHASE & CO CORP

NOTES (CALLABLE
DTD 08/10/2021 0.768% 08/09/2025
46647PCM6 1,680,000.00 A- A1 8/3/2021 8/10/2021 1,680,000.00 0.77 5,089.28 1,625,784.721,680,000.00

STATE STREET CORP (CALLABLE)

CORPORATE N
DTD 02/07/2022 1.746% 02/06/2026
857477BR3 437,500.00 A A1 2/2/2022 2/7/2022 437,500.00 1.75 3,076.72 420,662.81437,500.00

STATE STREET CORP NOTES
(CALLABLE)
DTD 10/29/2020 2.901% 03/30/2026
857477BM4 3,750,000.00 A A1 8/8/2022 8/10/2022 3,639,037.50 3.78 27,499.06 3,644,767.503,681,567.55

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 15,686.25 1,825,661.251,875,000.00

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 75,160.83 3,850,517.203,813,814.46

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 38,483.22 1,921,271.171,885,000.00

JP MORGAN CORP NOTES
(CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 3,150,000.00 A+ Aa2 12/5/2023 12/8/2023 3,150,000.00 5.11 10,283.88 3,181,808.703,150,000.00

TARGET CORP CORP NOTES
(CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 2,140,000.00 A A2 1/27/2022 1/31/2022 2,138,694.60 1.96 19,242.17 1,997,009.482,139,199.45

ATTACHMENT A
40 © PFM Asset Management LLC pfmam.com

MICROSOFT CORP CORP NOTES
(CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 2,325,000.00 AAA Aaa 1/27/2023 1/31/2023 2,259,644.25 4.07 30,903.13 2,264,803.432,274,568.71

TRUIST FINANCIAL CORP NOTES
(CALLABLE)
DTD 08/03/2020 1.125% 08/03/2027
89788MAC6 2,520,000.00 A- A3 8/5/2022 8/9/2022 2,213,719.20 3.83 11,655.00 2,201,640.842,299,545.14

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 32,926.04 2,119,286.032,165,341.24

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 28,711.67 3,280,159.953,294,400.47

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 16,686.16 1,510,507.231,476,471.75

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 18,740.73 2,781,365.582,799,613.00

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 7,763.33 1,367,465.501,379,540.58

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 26,491.67 4,666,351.254,673,329.93

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 32,606.75 1,456,033.921,418,082.23

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 13,777.50 615,225.60607,396.26

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 22,458.33 1,444,776.201,397,696.25

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 73,185.50 5,137,813.704,935,000.00 77,220,000.00 77,495,075.84 725,902.85 75,933,241.80Security Type Sub-Total 3.20 76,815,636.88

ATTACHMENT A
41 © PFM Asset Management LLC pfmam.com

FANNIEMAE-ACES
DTD 04/01/2014 3.346% 03/01/2024
3136AJB54 399,886.72 AA+ Aaa 12/13/2019 12/18/2019 419,318.72 2.14 1,115.02 397,315.79400,646.28 FHMS K061 A2
DTD 01/30/2017 3.347% 11/01/2026
3137BTUM1 2,860,717.75 AA+ Aaa 5/19/2023 5/24/2023 2,772,661.28 4.31 7,979.02 2,777,341.762,788,213.02 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 4,325,704.514,250,438.28

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 2,451,573.412,409,775.92

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 3,786,326.763,710,531.76 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 4,041,108.91 AA+ Aaa 9/20/2023 9/28/2023 3,977,691.79 5.19 16,164.44 4,076,869.053,980,939.55 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,094,800.58 AA+ Aaa 9/7/2023 9/14/2023 2,063,472.84 5.01 8,117.35 2,113,085.282,065,273.12 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,410,789.22 AA+ Aaa 7/19/2023 7/27/2023 3,410,703.94 4.78 13,577.78 3,425,693.793,410,711.55 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 4,268,875.634,238,056.64 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 4,220,112.004,184,123.86 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 2,370,955.64 AA+ Aaa 9/19/2023 9/28/2023 2,370,943.79 5.27 10,416.40 2,428,649.882,370,944.35 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 4,300,000.00 AA+ Aaa 10/11/2023 10/19/2023 4,205,675.20 5.26 16,985.00 4,364,963.284,209,189.97 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 4,248,554.274,141,236.62 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 4,277,162.194,152,131.19 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 3,305,000.00 AA+ Aaa 10/25/2023 10/31/2023 3,199,626.69 5.60 13,357.71 3,371,330.593,202,855.64 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 2,440,000.00 AA+ Aaa 11/28/2023 12/7/2023 2,432,989.88 4.93 9,882.00 2,491,695.162,433,076.70 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 1,675,000.00 AA+ Aaa 11/14/2023 11/21/2023 1,670,157.58 5.14 7,075.48 1,722,432.401,670,255.32

ATTACHMENT A
42 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 2,215,000.00 AA+ Aaa 12/11/2023 12/21/2023 2,235,683.67 4.78 9,229.17 2,275,936.242,235,571.86 56,922,567.82 55,771,084.31 207,813.22 57,023,621.99Security Type Sub-Total 4.95 55,853,971.63 ABS
HAROT 2021-1 A3
DTD 02/24/2021 0.270% 04/21/2025
43813GAC5 120,159.20 NR Aaa 2/17/2021 2/24/2021 120,157.00 0.27 9.01 118,696.79120,158.51 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 165,568.26 AAA NR 4/20/2021 4/28/2021 165,550.85 0.38 27.96 163,308.04165,561.49 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 116,397.75 AAA NR 1/20/2021 1/27/2021 116,374.75 0.34 17.59 114,296.37116,388.54 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
89239BAC5 588,471.41 AAA Aaa 9/21/2021 9/27/2021 588,424.51 0.43 112.46 573,007.79588,449.17 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 345,214.89 AAA NR 4/13/2021 4/21/2021 345,140.50 0.52 79.78 337,560.79345,182.06 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 341,804.47 AAA NR 11/9/2021 11/17/2021 341,728.17 0.75 112.42 332,680.48341,764.23 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 3.73 417.55 305,585.60309,987.93 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 0.58 205.58 771,094.38797,407.00 CCCIT 2023-A1 A1
DTD 12/01/2023 5.230% 12/01/2027
17305EGW9 930,000.00 AAA Aaa 12/4/2023 12/11/2023 929,883.38 5.23 4,053.25 938,145.22929,884.90 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 1,098,623.371,084,752.55 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 1,796,566.251,774,938.97 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 2,676,691.512,639,499.42 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 1,892.00 832,102.76824,828.59 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 3,412,349.443,374,442.42

ATTACHMENT A
43 © PFM Asset Management LLC pfmam.com

3.20 3.20%
Total Investments $433,267,026.93

ATTACHMENT A
44 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
D
ate Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
10/2/2023 10/2/2023 2,385,000.00 91282CHT1 US TREASURY NOTES 3.87% 8/15/2033 2,248,551.10 4.67% 10/11/2023 10/19/2023 4,300,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 4,215,866.20 5.26% 10/12/2023 10/13/2023 4,300,000.00 912797FB8 US TREASURY BILL 0.00% 10/19/2023 4,296,215.64 5.29% 10/25/2023 10/31/2023 3,305,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 3,212,984.40 5.60% 10/26/2023 10/26/2023 2,289,000.00 912797HD2 US TREASURY BILL 0.00% 10/31/2023 2,287,341.27 5.22% 11/3/2023 11/13/2023 1,190,000.00 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 1,189,843.52 5.54% 11/7/2023 11/14/2023 805,000.00 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 804,913.22 5.54% 11/14/2023 11/21/2023 1,675,000.00 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 1,674,874.57 5.14% 11/15/2023 11/21/2023 3,075,000.00 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 3,074,944.34 5.74% 11/28/2023 12/7/2023 2,440,000.00 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 2,434,966.28 4.93% 11/29/2023 11/30/2023 2,440,000.00 912797FT9 US TREASURY BILL 0.00% 12/7/2023 2,437,501.58 5.27% 12/4/2023 12/11/2023 930,000.00 17305EGW9 CCCIT 2023-A1 A1 5.23% 12/1/2027 929,883.38 5.23% 12/5/2023 12/8/2023 3,150,000.00 48125LRU8 JP MORGAN CORP NOTES (CALLABLE) 5.11% 12/8/2026 3,150,000.00 5.11% 12/7/2023 12/14/2023 1,520,000.00 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 1,519,795.86 4.98% 12/11/2023 12/21/2023 2,215,000.00 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 2,241,836.45 4.78% Total BUY 36,019,000.00 35,719,517.81 0.00

ATTACHMENT A
45 © PFM Asset Management LLC pfmam.com

INTEREST
10/1/2023 10/25/2023 4,075,000.00 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 16,300.00 10/1/2023 10/25/2023 2,865,000.00 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,990.96 10/1/2023 10/25/2023 4,200,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 10/1/2023 10/25/2023 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 10/1/2023 10/25/2023 2,100,000.00 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,137.50 10/1/2023 10/25/2023 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 10/1/2023 10/25/2023 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 10/1/2023 10/25/2023 2,380,000.00 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,456.13 10/1/2023 10/25/2023 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 10,238.46 10/1/2023 10/25/2023 3,416,693.43 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,601.29 10/1/2023 10/25/2023 402,902.63 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,123.43 10/1/2023 10/25/2023 4,200,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 10/1/2023 10/25/2023 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 6,864.35 10/1/2023 10/1/2023 2,125,000.00 57636QAB0 MASTERCARD INC CORP NOTES 3.37% 4/1/2024 35,859.38 10/2/2023 10/2/2023 1,875,000.00 06051GKM0 BANK OF AMERICA CORP NOTES (CALLABLE) 3.38% 4/2/2026 31,725.00 10/2/2023 10/2/2023 MONEY0002 MONEY MARKET FUND 1,371.93 10/8/2023 10/8/2023 750,000.00 3133ELVX9 FEDERAL FARM CREDIT BANK NOTES 0.87% 4/8/2024 3,281.25

ATTACHMENT A
46 © PFM Asset Management LLC pfmam.com

INTEREST
10/13/2023 10/13/2023 2,567,500.00 023135CE4 AMAZON.COM INC CORPORATE NOTES 3.00% 4/13/2025 38,512.50 10/14/2023 10/14/2023 2,460,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTES 0.50% 4/14/2025 6,150.00 10/15/2023 10/15/2023 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 10/15/2023 10/15/2023 451,905.90 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 195.83 10/15/2023 10/15/2023 424,149.32 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 261.56 10/15/2023 10/15/2023 3,375,000.00 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 10/15/2023 10/15/2023 161,491.49 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 45.76 10/15/2023 10/15/2023 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 10/15/2023 10/15/2023 3,460,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 13,069.19 10/15/2023 10/15/2023 248,720.31 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 78.76 10/15/2023 10/15/2023 1,450,000.00 88579YBM2 3M COMPANY (CALLABLE) CORPORATE NOTES 2.65% 4/15/2025 19,212.50 10/15/2023 10/15/2023 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 10/15/2023 10/15/2023 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 10/15/2023 10/15/2023 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 10/15/2023 10/15/2023 743,105.72 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 266.28 10/15/2023 10/15/2023 10,562.92 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 16.64 10/15/2023 10/15/2023 3,380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00

ATTACHMENT A
47 © PFM Asset Management LLC pfmam.com

INTEREST
10/18/2023 10/18/2023 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 10/18/2023 10/18/2023 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 10/21/2023 10/21/2023 201,086.29 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 45.24 10/22/2023 10/22/2023 10,880,000.00 3135G03U5 FANNIE MAE NOTES 0.62% 4/22/2025 34,000.00 10/25/2023 10/25/2023 2,800,000.00 89115B6F2 TORONTO DOMINION BANK NY CERT DEPOS 5.47% 10/25/2024 152,734.56 10/31/2023 10/31/2023 6,040,000.00 91282CFU0 US TREASURY NOTES 4.12% 10/31/2027 124,575.00 10/31/2023 10/31/2023 3,500,000.00 91282CAT8 US TREASURY NOTES 0.25% 10/31/2025 4,375.00 10/31/2023 10/31/2023 5,340,000.00 91282CAU5 US TREASURY NOTES 0.50% 10/31/2027 13,350.00 10/31/2023 10/31/2023 2,977,500.00 912828ZL7 US TREASURY NOTES 0.37% 4/30/2025 5,582.81 10/31/2023 10/31/2023 4,840,000.00 912828ZN3 US TREASURY NOTES 0.50% 4/30/2027 12,100.00 10/31/2023 10/31/2023 7,500.00 912828X70 US TREASURY NOTES 2.00% 4/30/2024 75.00 10/31/2023 10/31/2023 2,050,000.00 91282CHA2 US TREASURY NOTES 3.50% 4/30/2028 35,875.00 11/1/2023 11/1/2023 625,000.00 13077DNC2 CA ST UNIV TXBL REV BONDS 0.68% 11/1/2024 2,140.63 11/1/2023 11/1/2023 MONEY0002 MONEY MARKET FUND 24,220.79 11/1/2023 11/1/2023 1,355,000.00 172967MX6 CITIGROUP INC (CALLABLE) CORPORATE NOTES 0.98% 5/1/2025 6,646.28 11/1/2023 11/25/2023 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 11/1/2023 11/25/2023 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 10,238.46

ATTACHMENT A
48 © PFM Asset Management LLC pfmam.com

INTEREST
11/1/2023 11/25/2023 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 11/1/2023 11/25/2023 401,882.84 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,120.58 11/1/2023 11/25/2023 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 11/1/2023 11/25/2023 4,200,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 11/1/2023 11/25/2023 4,063,198.19 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 16,252.79 11/1/2023 11/25/2023 4,200,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 11/1/2023 11/25/2023 2,376,768.82 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,441.94 11/1/2023 11/25/2023 4,300,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 11/1/2023 11/25/2023 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 6,864.35 11/1/2023 11/25/2023 3,414,655.34 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,593.17 11/1/2023 11/25/2023 2,865,000.00 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,990.96 11/1/2023 11/25/2023 2,098,192.74 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,130.50 11/1/2023 11/25/2023 3,305,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 11/4/2023 11/4/2023 2,785,000.00 427866BH0 HERSHEY COMPANY CORP NOTES CALLABLE 4.25% 5/4/2028 59,181.25 11/7/2023 11/7/2023 8,145,000.00 3135G06G3 FANNIE MAE NOTES 0.50% 11/7/2025 20,362.50 11/10/2023 11/10/2023 6,045,000.00 037833ET3 APPLE INC CORP NOTES CALLABLE 4.00% 5/10/2028 120,900.00 11/12/2023 11/12/2023 1,542,500.00 023135BW5 AMAZON.COM INC CORPORATE NOTES 0.45% 5/12/2024 3,470.63

ATTACHMENT A
49 © PFM Asset Management LLC pfmam.com

INTEREST
11/15/2023 11/15/2023 4,195,000.00 91282CCB5 US TREASURY NOTES 1.62% 5/15/2031 34,084.38 11/15/2023 11/15/2023 705,000.00 9128284N7 US TREASURY NOTES 2.87% 5/15/2028 10,134.38 11/15/2023 11/15/2023 415,149.56 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 179.90 11/15/2023 11/15/2023 3,375,000.00 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 11/15/2023 11/15/2023 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 11/15/2023 11/15/2023 6,245,000.00 91282CFV8 US TREASURY NOTES 4.12% 11/15/2032 128,803.13 11/15/2023 11/15/2023 6,655,000.00 91282CEP2 US TREASURY NOTES 2.87% 5/15/2032 95,665.63 11/15/2023 11/15/2023 2,535,000.00 912828ZQ6 US TREASURY NOTES 0.62% 5/15/2030 7,921.88 11/15/2023 11/15/2023 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 11/15/2023 11/15/2023 1,000,000.00 912810FF0 US TREASURY NOTES 5.25% 11/15/2028 26,250.00 11/15/2023 11/15/2023 145,795.76 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 41.31 11/15/2023 11/15/2023 395,521.53 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 243.90 11/15/2023 11/15/2023 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 11/15/2023 11/15/2023 3,460,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 11/15/2023 11/15/2023 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 11/15/2023 11/15/2023 690,461.32 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 247.42 11/15/2023 11/15/2023 219,625.95 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 69.55

ATTACHMENT A
50 © PFM Asset Management LLC pfmam.com

INTEREST
11/15/2023 11/15/2023 3,085,000.00 912810FM5 US TREASURY NOTES 6.25% 5/15/2030 96,406.25 11/15/2023 11/15/2023 2,540,000.00 912828U24 US TREASURY NOTES 2.00% 11/15/2026 25,400.00 11/15/2023 11/15/2023 3,385,000.00 91282CDJ7 US TREASURY NOTES 1.37% 11/15/2031 23,271.88 11/15/2023 11/15/2023 760,000.00 91412HGE7 UNIV OF CAL TXBL REV BONDS 0.88% 5/15/2025 3,355.40 11/15/2023 11/15/2023 3,380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 11/15/2023 11/15/2023 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 11/15/2023 11/15/2023 4,330,000.00 91282CAV3 US TREASURY NOTES 0.87% 11/15/2030 18,943.75 11/18/2023 11/18/2023 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 11/18/2023 11/18/2023 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 11/21/2023 11/21/2023 173,054.47 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 38.94 11/22/2023 11/22/2023 1,817,500.00 38148LAE6 GOLDMAN SACHS GROUP INC CORPORATE NOTES 3.75% 5/22/2025 34,078.13 11/30/2023 11/30/2023 1,070,000.00 91282CFY2 US TREASURY NOTES 3.87% 11/30/2029 20,731.25 11/30/2023 11/30/2023 4,490,000.00 91282CES6 US TREASURY NOTES 2.75% 5/31/2029 61,737.50 11/30/2023 11/30/2023 2,830,000.00 91282CHF1 US TREASURY NOTES 3.75% 5/31/2030 53,062.50 11/30/2023 11/30/2023 7,500.00 9128283J7 US TREASURY NOTES 2.12% 11/30/2024 79.69 11/30/2023 11/30/2023 8,320,000.00 91282CCF6 US TREASURY NOTES 0.75% 5/31/2026 31,200.00 11/30/2023 11/30/2023 6,772,500.00 91282CAZ4 US TREASURY NOTES 0.37% 11/30/2025 12,698.44

ATTACHMENT A
51 © PFM Asset Management LLC pfmam.com

INTEREST
12/1/2023 12/1/2023 2,000,000.00 438516CB0 HONEYWELL INTL CORP NOTES (CALLABLE) 1.35% 6/1/2025 13,500.00 12/1/2023 12/1/2023 MONEY0002 MONEY MARKET FUND 2,660.61 12/1/2023 12/1/2023 77,500.00 13067WRB0 CA ST DEPT WTR RES WTR SYS TXBL REV BNDS 0.56% 12/1/2024 217.00 12/1/2023 12/25/2023 2,096,623.16 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,124.41 12/1/2023 12/25/2023 4,300,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 12/1/2023 12/25/2023 2,865,000.00 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,990.96 12/1/2023 12/25/2023 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 10,238.46 12/1/2023 12/25/2023 4,200,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 12/1/2023 12/25/2023 1,675,000.00 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 12/1/2023 12/25/2023 3,412,920.10 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,586.27 12/1/2023 12/25/2023 3,305,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 12/1/2023 12/25/2023 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 12/1/2023 12/25/2023 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 6,864.35 12/1/2023 12/25/2023 2,374,219.34 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,430.74 12/1/2023 12/25/2023 400,914.85 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,117.88 12/1/2023 12/25/2023 4,200,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 12/1/2023 12/25/2023 4,053,011.83 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 16,212.05

ATTACHMENT A
52 © PFM Asset Management LLC pfmam.com

INTEREST
12/1/2023 12/25/2023 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 12/1/2023 12/25/2023 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 12/15/2023 12/15/2023 638,944.32 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 228.96 12/15/2023 12/15/2023 3,380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 12/15/2023 12/15/2023 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 12/15/2023 12/15/2023 191,966.91 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 60.79 12/15/2023 12/15/2023 130,909.67 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 37.09 12/15/2023 12/15/2023 805,000.00 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,840.30 12/15/2023 12/15/2023 379,344.91 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 164.38 12/15/2023 12/15/2023 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 12/15/2023 12/15/2023 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 12/15/2023 12/15/2023 3,075,000.00 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 11,767.00 12/15/2023 12/15/2023 367,981.25 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 226.92 12/15/2023 12/15/2023 1,190,000.00 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,860.09 12/15/2023 12/15/2023 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 12/15/2023 12/15/2023 3,375,000.00 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 12/15/2023 12/15/2023 3,460,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83

ATTACHMENT A
53 © PFM Asset Management LLC pfmam.com

INTEREST
12/15/2023 12/15/2023 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 12/17/2023 12/17/2023 6,642,500.00 3135G04Z3 FANNIE MAE NOTES 0.50% 6/17/2025 16,606.25 12/18/2023 12/18/2023 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 12/18/2023 12/18/2023 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 12/21/2023 12/21/2023 145,779.42 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 32.80 12/31/2023 12/31/2023 4,215,000.00 912828ZV5 US TREASURY NOTES 0.50% 6/30/2027 10,537.50 12/31/2023 12/31/2023 3,450,000.00 91282CEV9 US TREASURY NOTES 3.25% 6/30/2029 56,062.50 12/31/2023 12/31/2023 4,300,000.00 91282CEW7 US TREASURY NOTES 3.25% 6/30/2027 69,875.00 12/31/2023 12/31/2023 2,030,000.00 91282CGB1 US TREASURY NOTES 3.87% 12/31/2029 39,331.25 12/31/2023 12/31/2023 6,400,000.00 91282CBC4 US TREASURY NOTES 0.37% 12/31/2025 12,000.00 12/31/2023 12/31/2023 1,597,500.00 912828ZW3 US TREASURY NOTES 0.25% 6/30/2025 1,996.88 12/31/2023 12/31/2023 2,945,000.00 91282CGC9 US TREASURY NOTES 3.87% 12/31/2027 57,059.38 Total INTEREST 383,322,967.29 2,528,411.09 0.00

MATURITY
10/1/2023 10/1/2023 2,192,500.00 13063DRJ9 CA ST TXBL GO BONDS 2.40% 10/1/2023 2,218,810.00 10/19/2023 10/19/2023 4,300,000.00 912797FB8 US TREASURY BILL 0.00% 10/19/2023 4,300,000.00 10/24/2023 10/24/2023 7,500.00 06051GJH3 BANK OF AMERICA CORP NOTES (CALLED, OMD 0.81% 10/24/2023 7,530.38

ATTACHMENT A
54 © PFM Asset Management LLC pfmam.com

MATURITY
10/31/2023 10/31/2023 2,289,000.00 912797HD2 US TREASURY BILL 0.00% 10/31/2023 2,289,000.00 11/15/2023 11/15/2023 7,500.00 91282CAW1 US TREASURY NOTES 0.25% 11/15/2023 7,509.38 11/15/2023 11/15/2023 12,500.00 912828WE6 US TREASURY NOTES 2.75% 11/15/2023 12,671.88 11/27/2023 11/27/2023 7,500.00 3135G06H1 FANNIE MAE NOTES 0.25% 11/27/2023 7,509.38 11/30/2023 11/30/2023 67,500.00 912828U57 US TREASURY NOTES 2.12% 11/30/2023 68,217.19 12/4/2023 12/4/2023 22,500.00 3137EAFA2 FREDDIE MAC NOTES 0.25% 12/4/2023 22,528.13 12/7/2023 12/7/2023 2,440,000.00 912797FT9 US TREASURY BILL 0.00% 12/7/2023 2,440,000.00 12/8/2023 12/8/2023 12,500.00 3130A0F70 FEDERAL HOME LOAN BANKS NOTES 3.37% 12/8/2023 12,710.94 Total MATURITY 11,359,000.00 11,386,487.28 0.00

PAYDOWNS
10/1/2023 10/25/2023 1,019.79 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,019.79 10/1/2023 10/25/2023 2,038.09 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,038.09 10/1/2023 10/25/2023 3,231.18 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 3,231.18 10/1/2023 10/25/2023 11,801.81 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 11,801.81 10/1/2023 10/25/2023 1,807.26 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,807.26 10/15/2023 10/15/2023 52,644.40 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 52,644.40 10/15/2023 10/15/2023 10,562.92 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 10,562.92

ATTACHMENT A
55 © PFM Asset Management LLC pfmam.com

PAYDOWNS
10/15/2023 10/15/2023 15,695.73 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 15,695.73 10/15/2023 10/15/2023 28,627.79 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 28,627.79 10/15/2023 10/15/2023 29,094.36 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 29,094.36 10/15/2023 10/15/2023 36,756.34 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 36,756.34 10/21/2023 10/21/2023 28,031.82 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 28,031.82 11/1/2023 11/25/2023 967.99 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 967.99 11/1/2023 11/25/2023 10,186.36 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 10,186.36 11/1/2023 11/25/2023 1,569.58 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,569.58 11/1/2023 11/25/2023 1,735.24 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,735.24 11/1/2023 11/25/2023 2,549.48 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 2,549.48 11/15/2023 11/15/2023 27,540.28 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 27,540.28 11/15/2023 11/15/2023 14,886.09 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 14,886.09 11/15/2023 11/15/2023 35,804.65 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 35,804.65 11/15/2023 11/15/2023 51,517.00 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 51,517.00 11/15/2023 11/15/2023 27,659.04 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 27,659.04 11/21/2023 11/21/2023 27,275.05 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 27,275.05 12/1/2023 12/25/2023 4,282.25 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 4,282.25

ATTACHMENT A
56 © PFM Asset Management LLC pfmam.com

PAYDOWNS
12/1/2023 12/25/2023 1,822.58 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,822.58 12/1/2023 12/25/2023 2,130.88 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,130.88 12/1/2023 12/25/2023 11,902.92 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 11,902.92 12/1/2023 12/25/2023 3,263.70 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 3,263.70 12/1/2023 12/25/2023 1,028.13 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,028.13 12/15/2023 12/15/2023 34,130.02 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 34,130.02 12/15/2023 12/15/2023 14,511.92 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 14,511.92 12/15/2023 12/15/2023 26,176.78 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 26,176.78 12/15/2023 12/15/2023 50,472.91 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 50,472.91 12/15/2023 12/15/2023 26,398.65 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 26,398.65 12/21/2023 12/21/2023 25,620.22 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 25,620.22 Total PAYDOWNS 624,743.21 624,743.21 0.00
SELL
10/11/2023 10/13/2023 2,715,000.00 912810FE3 US TREASURY NOTES 5.50% 8/15/2028 2,839,480.53 -51,813.59 10/11/2023 10/13/2023 1,030,000.00 91282CHX2 US TREASURY NOTES 4.37% 8/31/2028 1,026,310.82 -13,491.27 10/11/2023 10/13/2023 100,000.00 9128284N7 US TREASURY NOTES 2.87% 5/15/2028 94,027.35 -2,533.72 10/25/2023 10/26/2023 325,000.00 9128284N7 US TREASURY NOTES 2.87% 5/15/2028 302,237.30 -12,032.68

ATTACHMENT A
57 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
D
ate Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
SELL
10/25/2023 10/26/2023 2,375,000.00 91282CCR0 US TREASURY NOTES 1.00% 7/31/2028 1,987,162.66 -118,678.09 11/3/2023 11/6/2023 1,190,000.00 912828ZL7 US TREASURY NOTES 0.37% 4/30/2025 1,111,654.42 -72,759.14 11/8/2023 11/13/2023 620,000.00 912828ZL7 US TREASURY NOTES 0.37% 4/30/2025 579,201.79 -37,970.50 11/17/2023 11/21/2023 1,870,000.00 459058JM6 INTL BK RECON & DEVELOP NOTES 0.25% 11/24/2023 1,871,494.44 -793.08 11/17/2023 11/21/2023 900,000.00 3135G03U5 FANNIE MAE NOTES 0.62% 4/22/2025 845,940.13 -56,177.63 11/17/2023 11/21/2023 1,530,000.00 3135G0X24 FANNIE MAE NOTES 1.62% 1/7/2025 1,480,196.38 -72,324.48 11/29/2023 11/30/2023 2,125,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTES 0.50% 4/14/2025 2,002,406.39 -121,056.22 12/5/2023 12/8/2023 3,340,000.00 3135G03U5 FANNIE MAE NOTES 0.62% 4/22/2025 3,156,696.16 -191,946.07 12/7/2023 12/11/2023 1,050,000.00 91159HHV5 US BANK NA CINCINNATI CORP NOTES (CALLAB 3.37% 2/5/2024 1,058,339.63 -4,392.04 12/7/2023 12/11/2023 1,100,000.00 57636QAB0 MASTERCARD INC CORP NOTES 3.37% 4/1/2024 1,100,178.75 -9,245.31 12/18/2023 12/21/2023 2,235,000.00 717081ES8 PFIZER INC CORP NOTES 2.95% 3/15/2024 2,238,993.20 -15,443.59 Total SELL 22,505,000.00 21,694,319 .95 -780,657.41

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

ATTACHMENT A
59 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/Description
Dated Dat
e/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
Commercial Paper

LMA AMERICAS LLC COMM PAPER
DTD 10/18/2023 0.000% 04/17/2024
53944QDH0 10,805,000.00 A-1 P-1 10/20/2023 10/20/2023 10,499,218.50 5.82 0.00 10,621,714.7910,623,229.89 10,805,000.00 10,499,218.50 0.00 10,621,714.79Security Type Sub-Total 5.82 10,623,229.89 10,805,000.00 10,499,218.50 0.00 10,621,714.79Managed Account Sub Total Securities Sub Total
Accrued Interest
$10,805,000.00 $10,499,218.50 $0.00 $10,621,714.79
$0.00
10,623,229.89
$10,623,229.89

5.82 5.82%
Total Investments $10,621,714.79

ATTACHMENT A
60 © PFM Asset Management LLC pfmam.com

MATURITY
10/5/2023 10/5/2023 10,530,000.00 53944RX52 LMA AMERICAS LLC COMM PAPER 0.00% 10/5/2023 10,530,000.00 Total MATURITY 10,530,000.00 10,530,000.00 0.00

ATTACHMENT A
61 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Appendix
|
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.

Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.

PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO.

It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown.

The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion as of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and data presented are not necessarily indicative of future events or expected performance.

ATTACHMENT A
62 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Appendix
|
Important Disclosures
Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, Bloomberg, or Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield-based matrix system to arrive at an estimated market value.

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

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

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

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

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

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

MBS maturities are represented by expected average life.

ATTACHMENT A
63 © PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2023
Appendix
|
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.

Agencies: Federal agency securities and/or Government-sponsored enterprises.

Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.

Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans, leases, credit card balances, and receivables.

Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.

Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.

Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector added or subtracted from the overall portfolio performance.

Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.

Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not.

FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.

Interest Rate: Interest per year divided by principal amount and expressed as a percentage.

Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.

Maturity: The date upon which the principal or stated value of an investment becomes due and payable.

Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.

Par Value: The nominal dollar face amount of a security.

Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed security.

ATTACHMENT A
64 © PFM Asset Management LLC pfmam.com

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

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

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

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

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

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

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

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

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

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

INVESTMENT REPORT
Period Ending December 31, 2023
City of Stockton

ATTACHMENT A
66 SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of December 31, 2023

ATTACHMENT A
67 SECTION |
Section 1 |
Economic Update

ATTACHMENT A
68 Economic Update



Recent economic data has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market.

Inflationary trends are subsiding, but core levels remain 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 loosen monetary policy in 2024.

As expected at the January meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Fed Chair Powell signaled that the federal funds rate is likely at or near its peak, but discounted market expectations of a rate cut in March. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate.

US Treasury rates declined minimally in the front-end of the yield curve in January. The 2-year Treasury yield declined 4 basis points to

4.21%, the 5-year Treasury yield dropped 1 basis point to 3.84%, and the 10-year Treasury yield decreased 3 basis points to 3.91%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -30 basis points at January month-endversus -37 basis points at December month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -69 basis points. The inversion between 3-month and 10-year Treasuries remained at -146 basis points in January from December. Interest rates peaked in the third quarter of 2023 prior to Fed Chair Powell’s dovish remarks late in the year, which resulted in a decline in yields across the curve. The Fed signaled a shift towards less restrictive monetary policy in 2024. The shape of the yield curve indicates that the probability of recession persists.

ATTACHMENT A
69 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 353,000 jobs in January, vastly exceeding consensus expectations of 185,000, and upwardly revised 333,000 jobs in December. Leading sectors included professional and business services, health care, retail trade, and social assistance. The trajectory of job creation has increased, with the three-month moving average payrolls at 289,000 and the six-month moving average at 248,000.

The unemployment rate remained unchanged at 3.7% for the third month, and the labor participation rate was unchanged at 62.5%, remaining below the pre-pandemic level of 63.3%. The U-6 underemploymentrate, which includes those who are marginally attached to the labor force and employed part time for economic reasons rose to 7.2% from 7.1% last month. Average hourly earnings rose 4.5% year- over-year in January, increasing from an upwardly revised 4.3% gain last month. Employment remains strong by historical standards.

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

ATTACHMENT A
70 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 Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) increased to 9.03 million in December, compared to an upwardly revised 8.92 million in N ovember. While on a downward trend, job openings still represent a healthy ratio of around 1.44 jobs for each unemployed individual. The quits rate remained at 2.2%, hovering around pre-pandemic levels, down from its high of 3.0% in mid-2022 when labor demand far outstripped supply. While the current level of job openings remains elevated from a historical perspective, the trend is decelerating.

Source: US Department of Labor

ATTACHMENT A
71 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 (C PI) increased 0.3% month-over-monthand 3.4% year-over-year in December, increasing from 3.1% year-over- year in November. The Core CPI, which excludes volatile food and energy components, was up 0.3% month-over-monthand 3.9% year- over-year, down from November. Shelter costs remain elevated, contributing to more than half of the overall increase while motor-vehicle insurance costs jumped by over 20%, the most since 1976. The Personal Consumption Expenditures (PCE) Index headline inflation increased 0.2% month-over-month and rose 2.6% year-over-year in line with November. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 0.2% month-over-monthand continued its deceleration to 2.9% year-over-year in December from a 3.2% year- over-year in November. The trend is moderating, but inflation remains above the Fed's 2% target.

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

ATTACHMENT A
72 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 accelerated to 0.6% in December after an unrevised +0.3% in November, exceeding the +0.4% consensus forecast. On a year- over-year basis, Retail Sales growth increased to 5.6% in December from 4.0% in November due to notable gains in categories like food and drinking places, clothing, general merchandise stores, and e-commerce. The Conference Board’s Consumer Confidence Index surged to a two-year high of 114.8 in January from 108.0 in December on surging views of current conditions and declining pessimism about the future. The increase in confidence points to slower inflation, anticipation of lower interest rates, and generally favorable employment conditions. 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. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

ATTACHMENT A
73 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) fell 0.1% in December, marking the twenty-first consecutive month-over-month decline. The index dropped 6.9% year-over-year. Although the magnitude of the monthly declines has lessened, the Conference Board continues to view the underlying weakness as signaling the risk of recession persists. The Chicago Fed National Activity Index (CFNAI) declined to -0.15 in December from a downwardlyrevised +0.01 in November.On a 3-month movingaverage basis, the CFNAI declined to -

0.28 in December from -0.24 in November, indicating a rate of growth below the historical average trend.

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

ATTACHMENT A
74 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
Housing Starts decreased month-over-monthin December by 4.3% to an annual rate of 1.460 million units. Starts for single-family homes were down 8.6%, while multi-family homes rose 7.5%. Total starts of new homes are up 15.8% year-over-year. Although single family home starts decreased in December, the National Association of Home Builders Market Index increased faster than expectations due to lower mortgage rates providing a boost in confidence for homebuilders. According to Freddie Mac, average 30-year fixed rate mortgage rates declined to 6.63% as of February 1st. According to the Case-Shiller 20-City Home Price Index, housing prices rose 5.40% year-over- year in November, accelerating from a 4.88% year-over-year gain in October. 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
75 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 Supply Management (ISM) Manufacturing index moved higher to 49.1 in January from 47.1 in December as demand moderately improved, while output remained stable. However, this marks the 15th consecutive month of contraction in factory activity below a reading of 50. The ISM Services Index rebounded to 53.4 in January from 50.6 in December due to steady business conditions across the sector. Respondents are optimistic about the economy due to the potential impact of interest rate cuts; however, they are cautious due to inflation, associated cost pressures and ongoing geopolitical conflicts.

Source: Institute for Supply Management

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

2.5% 0.6% 2.1% 1.9%
-1.7% 0.9% 1.7% 0.4%

0.6% 0.0% 0.0% 0.4%

0.3% 0.1% 0.5% 0.2%

0.5% 0.5% 0.5% 0.4%

2.3% 2.1% 4.9% 3.3%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-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 advance esti mate, fourth quarter GDP increased at an annualized rate of 3.3%, down from 4.9% in the third quarter. The headline growth was led by consumer and government spending. The consensus estimate calls for 2.3% growth in the first quarter and

1.5% growth for the full year 2024.

ATTACHMENT A
77 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
Recession
In $ millions
As expected at the January meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%. The Fed assesses the progress to achieving its employment and inflation goals are moving into better balance
, yet changes to monetary policy remain data dependent. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. However, Fed Chair Powell signaled that the federal funds rate is likely at or near its peak. The futures market is pricing in 5 rate cuts in 2024. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1.3T to approximately $7.6T.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)

ATTACHMENT A
78 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
Jan-24
Oct-23
Jan-23
Yield (%)
At the end of January, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 40 basis points lower, year- over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowedto -30 basis points at January month-end versus -37 basis points at December month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries was unchanged at -146 basis points in January from December. The shape of the yield curve indicates that the probability of recession persists.

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

ATTACHMENT A
80 Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

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

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

As of December 31, 2023

ATTACHMENT A
81 Compliance As of December 31, 2023
Category Standard Comment
U.S. Treasuri es N o lim it Compl ies
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 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; 10 years max maturity Compl ies 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
Coll a
te ralize d Mortgage Obligations
"AA" rating category or higher by a NRSRO; 20% max (combined ABS/MBS/CMO); 5% max per Asset-Backed security issuer; 5 years max maturity 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 issu e
r; 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 FDIC Insure d/Collate ralize d Tim e
Deposits (Non-negotiable CD) 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 Compl ies Banker’s Acceptances A-1 short-term debt rated or better by a NRSRO; or "A" long-term debt rating category or better by a NRSRO; 40% max; 5% max per issuer; 180 days max maturi ty Complies
Commerci al Paper
40% 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) or
ganized and operating within the U.S. as a general corporation with assets > $500 million; "A" rating category or higher by a NRSRO, if issuer has debt obligations; or
(2) organized within the U.S. as a special purpose corporation, trust, or limited liability company; has program-wide credit enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond; has commercial paper that is "A-1" rated or higher by a NRSRO Complies
Money Market Mutual Funds
20% max in Money Market Mutual Funds; Meet either of the following criteria: (i) Attained highest rating by two NRSROs; or (ii) Retained an investment adviser registered or exempt from SEC registration with > 5 years experience investing in securities authorized by CGC and with AUM >$500
million
Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Compl ies California Asset Management Program CAMP; Not used by investment adviser Compl ies Repurchase Agreements 1 year max maturity; 102% Collateralized; Not used by investment adviser Compl ies Maxi mum Maturi ty
Investment program may include investments > 5 years, if in the judgment of the Treasurer, such investments should result in more favorable rate of return for the City; Donated securities are not subject to maturity limits; 30% ma
x for Investments maturing beyond a five-year horizon;
Investments greater than 5 years shall be permitted for U.S. Treasuries, U.S. Agencies or GSE obligations, and Municipal securities, 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; Maturity is measured from settlement date to final maturity
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
82 Portfolio Characteristics
City of Stockton Reserve Portfolio
12/31/23 09/30/23
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.68 2.87 2.74
Average Modified Duration 2.52 2.47 2.39
Average Purchase Yield n/a 2.23% 1.96%
Average Market Yield 4.27% 4.57% 5.24%
Average Quality** AA+ AA/Aa1 AA/Aa1
Total Market Value 320,200,933 310,495,068
*ICE BofA US Issuers 1-5 Yr AAA-A US Corp/Govt Idx
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

As of December 31, 2023

ATTACHMENT A
83 City of Stockton Reserve Portfolio
Sector Distribution
ABS

4.7%
Agency

22.2%
CMO

2.5%
Corporate

20.3%
Money Market
Fund

0.1%
Municipal Bonds

1.9%
Supranational

1.3%
US Treasury

45.7%
Commercial
Paper

1.4%
December 31, 2023 September 30, 2023
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%
As of December 31, 2023

ATTACHMENT A
84 Issue Name Investment Type % Portfolio
Government of United States US Treasury 45.73%
Federal National Mortgage Association Agency 10.07%
Federal Farm Credit Bank Agency 5.46%
Federal Home Loan Bank Agency 4.74%
Federal Home Loan Mortgage Corp CMO 2.33%
Federal Home Loan Mortgage Corp Agency 1.71%
JP Morgan ABS ABS 1.56%
MUFG Bank Ltd/NY Commercial Paper 1.38%
Deere & Company Corporate 1.36%
Merck & Company Corporate 1.35%
John Deere ABS ABS 1.33%
Wal-Mart Stores Corporate 1.28%
Inter-American Dev Bank Supranational 1.27%
Amazon.com Inc Corporate 1.26%
Morgan Stanley Corporate 1.22%
United Health Group Inc Corporate 1.16%
Novartis Capital Corp Corporate 1.12%
Charles Schwab Corp/The Corporate 1.03%
Pfizer Inc. Corporate 1.00%
National Rural Utilities Corporate 0.95%
Prologis Trust Corporate 0.90%
US Bancorp Corporate 0.85%
Microsoft Corporate 0.83%
Northern Trust Corp Corporate 0.68%
MasterCard Inc Corporate 0.67%
Target Corp Corporate 0.63%
Pepsico Inc Corporate 0.62%
Honeywell Corp Corporate 0.60%
Bank of America Corp Corporate 0.57%
Toyota Motor Corp Corporate 0.57%
Florida Hurricane Catastrophe Municipal Bonds 0.56%
Goldman Sachs Inc. Corporate 0.56%
JP Morgan Chase & Co Corporate 0.51%
Citigroup Inc Corporate 0.42%
American Express ABS ABS 0.40%
Honda ABS ABS 0.37%
Los Angeles Cmnty College Dis Municipal Bonds 0.28%
Tennessee Valley Authority Agency 0.26%
Issuers
City of Stockton Reserve Portfolio – Account #10020
As of December 31, 2023

ATTACHMENT A
85 Issue Name Investment Type % Portfolio
Discover Card Execution Note Trust ABS 0.24%
University of California Municipal Bonds 0.23%
San Diego Community College District Municipal Bonds 0.22% Maryland State Municipal Bonds 0.20%
BMW ABS ABS 0.19%
California Edl Facs Auth Rev Municipal Bonds 0.19%
Toyota ABS ABS 0.18%
New Jersey State Turnpike Authority Municipal Bonds 0.16% Hyundai Auto Receivables ABS 0.15%
Carmax Auto Owner Trust ABS 0.14%
State Street Bank Corporate 0.13%
BMW Vehicle Lease Trust ABS 0.13%
Federal National Mortgage Association CMO 0.12%
Federated GOVT Obligation MMF Money Market Fund 0.10%
California State Dept Water Municipal Bonds 0.02%
TOTAL 100.00%
Issuers
City of Stockton Reserve Portfolio – Account #10020
As of December 31, 2023

ATTACHMENT A
86 AAA AA A <A NR
12/31/23 7.2% 72.9% 14.8% 1.0% 4.2%
09/30/23 6.1% 73.6% 15.5% 1.0% 3.9%
Source: S&P Ratings
December 31, 2023 vs. September 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
12/31/23 09/30/23
Quality Distribution
City of Stockton Reserve Portfolio
As of December 31, 2023

ATTACHMENT A
87 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 US Issuers 1-5 Yr AAA-A US Corp/Govt Idx 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 5.9% 6.5% 11.6% 31.8% 18.7% 7.8% 2.1% 15.6%
Benchmark* 0.1% 0.0% 1.5% 34.9% 27.1% 22.2% 14.2% 0.0%
*ICE BofA US Issuers 1-5 Yr AAA-A US Corp/Govt Idx
Duration Distribution
City of Stockton Reserve Portfolio
As of December 31, 2023

ATTACHMENT A
88 0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%
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 $1,651,249.14 $5,622,579.47 N/A N/A N/A N/A $6,933,950.17 Change in Market Value $8,104,658.18 $8,285,070.25 N/A N/A N/A N/A $2,141,278.82 TOTAL DOLLAR RETURN $9,755,907.32 $13,907,649.72 N/A N/A N/A N/A $9,075,228.99 Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of Stockton Reserve Portfolio 3.15% 4.61% N/A N/A N/A N/A 2.11% ICE BofA 1-5 US Treasury & Agency Index 3.09% 4.32% N/A N/A N/A N/A 1.57% ICE BofA 1-5 Yr AAA-A US Corp & Govt Index 3.18% 4.48% N/A N/A N/A N/A 1.69% Basis Point Fee* 0.00% 0.023% N/A N/A N/A N/A 0.029%
Net of Fee Return 3.14% 4.58% N/A N/A N/A N/A 2.08%
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 December 31, 2023

ATTACHMENT A
89 Purchase Yield as of 12/31/23 = 2.23%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Stockton Reserve Portfolio
As of December 31, 2023

ATTACHMENT A
90 SECTION |
Section 3 |
Portfolio Holdings

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
ABS
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
120,159.19 02/24/2021

0.27%
120,156.99
120,159.03

98.79 6.20%
118,700.22

9.01 0.04%
(1,458.81)
Aaa / NR
AAA

1.31 0.20
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
165,568.24 04/28/2021

0.38%
165,550.83
165,566.13

98.59 5.75%
163,225.61

27.96 0.05%
(2,340.52)

NR / AAA
AAA

1.71 0.26
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
414,994.23

99.87 5.37%
414,475.86
356.90

0.13%
(518.37)
Aaa / AAA
NR

1.90 0.80
14316NAC3 CarMax Auto Owner Trust 2021-1 A3

0.340% Due 12/15/2025
116,397.75 01/27/2021

0.35%
116,374.75
116,397.75

98.16 5.95%
114,259.64

17.59 0.04%
(2,138.11)

NR / AAA
AAA

1.96 0.32
89239BAC5 Toyota Auto Receivables Trust 2021-C A3

0.430% Due 01/15/2026
588,471.42 09/27/2021

0.43%
588,424.52
588,458.35

97.34 5.74%
572,812.77
112.46

0.18%
(15,645.58)
Aaa / AAA
NR

2.04 0.50
14314QAC8 CarMax Auto Owner Trust 2021-2 A3

0.520% Due 02/17/2026
345,214.93 04/21/2021

0.53%
345,140.54
345,207.76

97.78 5.98%
337,556.68

79.78 0.11%
(7,651.08)

NR / AAA
AAA

2.13 0.40
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3

0.740% Due 05/15/2026
341,804.47 11/17/2021

0.75%
341,728.17
341,779.37

97.28 5.70%
332,523.79
112.42

0.10%
(9,255.58)

NR / AAA
AAA

2.37 0.55
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
797,459.36

96.74 5.39%
771,519.05
205.58

0.24%
(25,940.31)
Aaa / AAA
NR

2.71 0.68
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
609,906.63
101.04

4.95%
616,341.56
556.12

0.19%
6,434.93

NR / AAA
AAA

4.16 1.78
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
1,084,844.50
100.87

4.79%
1,094,454.69
2,497.91

0.34%
9,610.19
Aaa / NR
AAA

4.21 1.96
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
1,269,908.59
100.73

4.59%
1,279,305.29
2,748.84

0.40%
9,396.70

NR / AAA
AAA

4.38 2.19
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
3,104,803.70
101.55

4.78%
3,153,195.81
7,562.40

0.99%
48,392.11
Aaa / NR
AAA

4.38 2.03
438123AC5 Honda Auto Receivables OT 2023-4 A3

5.670% Due 06/21/2028
1,050,000.00 11/01/2023

5.74%
1,049,815.10
1,049,822.66
102.09

3.84%
1,071,939.76
1,653.75

0.34%
22,117.10
Aaa / NR
AAA

4.48 1.09
161571HT4 Chase Issuance Trust 23-A1 A

5.160% Due 09/15/2028
4,915,000.00 Various

5.17%
4,920,147.11
4,920,072.45
101.55

4.59%
4,991,015.39
11,271.73

1.56%
70,942.94

NR / AAA
AAA

4.71 2.46
TOTAL ABS 14,925,116.00 4.52%
14,929,042.35
14,929,380.51 4.80%
15,031,326.12
27,212.45

4.70%
101,945.61
Aaa / AAA
AAA

4.07 1.83
Agency
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

98.75 5.59%
740,599.50
1,513.02

0.23%
(9,400.50)
Aaa / AA+
AA+

0.27 0.27
As of December 31, 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
3135G0X24 FNMA Note

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

0.84%
4,542,673.20
4,414,208.27

96.90 4.78%
4,244,263.80
34,401.25

1.34%
(169,944.47)
Aaa / AA+
AA+

1.02 0.98
3130AJHU6 FHLB Note

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

0.60%
2,447,798.40
2,456,862.64

94.98 4.56%
2,336,515.38
2,630.83

0.73%
(120,347.26)
Aaa / AA+
NR

1.29 1.25
3135G03U5 FNMA Note

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

0.63%
10,879,060.80
10,879,795.84

95.08 4.54%
10,344,486.40
13,033.34

3.23%
(535,309.44)
Aaa / AA+
AA+

1.31 1.27
3135G04Z3 FNMA Note

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

0.54%
6,628,750.02
6,638,486.45

94.36 4.53%
6,268,095.49
1,291.60

1.96%
(370,390.96)
Aaa / AA+
AA+

1.46 1.42
3137EAEU9 FHLMC Note

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

0.48%
2,298,496.20
2,306,423.98

93.97 4.43%
2,170,771.68
3,850.00

0.68%
(135,652.30)
Aaa / AA+
AA+

1.56 1.52
3135G05X7 FNMA Note

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

0.47%
3,976,303.40
3,988,836.06

93.49 4.51%
3,734,993.42
5,243.44

1.17%
(253,842.64)
Aaa / AA+
AA+

1.65 1.61
3137EAEX3 FHLMC Note

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

0.44%
3,534,329.55
3,541,308.63

93.33 4.43%
3,308,647.76
3,618.85

1.03%
(232,660.87)
Aaa / AA+
AA+

1.73 1.68
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
2,263,609.63

93.45 4.48%
2,116,594.94
3,067.82

0.66%
(147,014.69)
Aaa / AA+
AA+

1.75 1.70
3135G06G3 FNMA Note

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

0.54%
8,127,104.90
8,138,365.09

93.15 4.40%
7,586,668.40
6,108.75

2.37%
(551,696.69)
Aaa / AA+
AA+

1.85 1.80
3130ATS57 FHLB Note

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

3.89%
4,211,028.00
4,193,956.22
102.36

3.88%
4,196,952.70
56,887.50

1.33%
2,996.48
Aaa / AA+
NR

4.19 3.75
3133EN7B0 FFCB Note

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

3.83%
2,985,090.00
2,987,078.39

97.80 4.16%
2,934,099.00
48,750.00

0.93%
(52,979.39)
Aaa / AA+
AA+

6.07 5.28
3133EN4V9 FFCB Note

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

4.22%
2,087,505.00
2,089,140.36

99.19 4.26%
2,082,998.40
23,581.25

0.66%
(6,141.96)
Aaa / AA+
AA+

6.73 5.75
3133ENQ45 FFCB Note

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

4.40%
866,250.00
867,464.17

99.44 4.34%
870,141.13
9,400.17

0.27%
2,676.96
Aaa / AA+
AA+

6.75 5.75
880591EX6 Tennessee Valley Authority Note

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

4.04%
818,959.53
838,903.08

82.83 4.12%
830,774.87
4,429.92

0.26%
(8,128.21)
Aaa / AA+
AA+

7.71 7.07
3133ENFQ8 FFCB Note

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

3.94%
1,939,056.91
1,977,354.85

83.84 4.23%
1,930,851.32
3,473.69

0.60%
(46,503.53)
Aaa / AA+
AA+

7.92 7.19
3133ENGS3 FFCB Note

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

4.35%
3,613,410.00
3,698,558.03

82.57 4.23%
3,715,492.50
4,468.75

1.16%
16,934.47
Aaa / AA+
AA+

7.95 7.26
3133EN6M7 FFCB Note

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

3.93%
3,017,490.00
3,015,828.62

97.74 4.30%
2,932,056.00
54,000.00

0.93%
(83,772.62)
Aaa / AA+
AA+

9.06 7.37
3130AV4X7 FHLB Note

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

4.04%
2,568,175.00
2,563,785.81
100.46

4.31%
2,511,430.00
33,420.14

0.79%
(52,355.81)
Aaa / AA+
NR

9.20 7.41
As of December 31, 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
3130AVWG3 FHLB Note

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

4.40%
5,998,322.75
6,007,401.16

97.45 4.33%
6,036,897.41
14,455.01

1.89%
29,496.25
Aaa / AA+
NR

9.45 7.75
TOTAL Agency 74,948,500.00 1.94%
73,550,839.91
73,617,367.28 4.41%
70,893,330.10
327,625.33

22.24%
(2,724,037.18)
Aaa / AA+
AA+

3.91 3.44
CMO
3136AJB54 FNMA 2014-M4 A2

3.346% Due 03/25/2024
399,886.72 12/18/2019

2.04%
419,318.72
400,646.28

99.34 4.41%
397,266.66
1,114.96

0.12%
(3,379.62)

NR / NR
NR

0.23 0.42
3137F2LJ3 FHLMC K066 A2

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

4.88%
2,234,343.75
2,277,039.68

95.98 4.39%
2,303,608.80
6,234.00

0.72%
26,569.12

NR / NR
AAA

3.48 3.10
3137FG6X8 FHLMC K077 A2

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

4.65%
5,148,705.08
5,160,120.94

97.89 4.36%
5,134,514.08
3,365.54

1.60%
(25,606.86)

NR / NR
AAA

4.40 3.89
TOTAL CMO 8,044,886.72 4.59%
7,802,367.55
7,837,806.90 4.37%
7,835,389.54
10,714.50

2.45%
(2,417.36)

NR / NR
AAA

3.92 3.48
Commercial Paper
62479LE68 MUFG Bank Ltd Discount CP

5.530% Due 05/06/2024
4,500,000.00 11/29/2023

5.75%
4,390,091.25
4,412,902.50

98.06 5.75%
4,412,902.50

0.00 1.38%

0.00 P-1 / A-1
NR

0.35 0.34
TOTAL Commercial Paper 4,500,000.00 5.75%
4,390,091.25
4,412,902.50 5.75%
4,412,902.50

0.00 1.38%

0.00 P-1 / A-1
NR

0.35 0.34
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
1,062,553.19

99.76 5.82%
1,059,981.88
14,542.97

0.34%
(2,571.31)
A3 / A
A

0.10 0.09
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
2,317,416.13

99.52 5.47%
2,301,480.94
21,236.46

0.73%
(15,935.19)
A1 / A+
NR

0.18 0.18
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
3,202,133.99

99.49 5.40%
3,183,740.80
27,795.56

1.00%
(18,393.19)
A2 / A
A

0.21 0.20
57636QAB0 MasterCard Inc Note

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

2.67%
2,194,381.25
2,128,461.45

99.46 5.53%
2,113,461.25
17,929.69

0.67%
(15,000.20)
Aa3 / A+
NR

0.25 0.25
023135BW5 Amazon.com Inc Note

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

0.50%
1,540,247.95
1,542,228.77

98.23 5.40%
1,515,240.94
944.78

0.47%
(26,987.83)
A1 / AA
AA-

0.36 0.36
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
4,134,099.72

98.74 5.33%
4,048,524.50
56,152.92

1.28%
(85,575.22)
Aa2 / AA
AA

0.52 0.50
As of December 31, 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
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
1,650,137.03

98.27 5.45%
1,621,476.45
16,610.00

0.51%
(28,660.58)
A3 / A
A

0.58 0.56
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
2,336,007.99

96.45 4.84%
2,273,877.12
13,997.66

0.71%
(62,130.87)
A2 / A
A+

1.03 0.99
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
2,719,376.68

97.85 4.69%
2,617,594.50
27,886.88

0.83%
(101,782.18)
Aaa / AAA
NR

1.12 1.07
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
1,891,859.72

96.72 4.85%
1,825,578.68
13,023.75

0.57%
(66,281.04)
A1 / A+
A+

1.12 1.08
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
3,708,792.64

96.83 4.69%
3,563,332.96
24,507.78

1.12%
(145,459.68)
A1 / AA-
AA-

1.13 1.08
023135CE4 Amazon.com Inc Note

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

3.06%
2,563,417.67
2,565,756.82

97.84 4.75%
2,512,095.92
16,688.75

0.79%
(53,660.90)
A1 / AA
AA-

1.28 1.23
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
1,355,013.13

98.30 6.12%
1,332,004.30
2,215.43

0.42%
(23,008.83)
A3 / BBB+
A

1.33 1.27
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
1,878,225.38

97.94 5.30%
1,780,037.69
7,383.59

0.56%
(98,187.69)
A2 / BBB+
A

1.39 1.33
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
2,014,298.84

95.46 4.70%
1,909,296.00
2,250.00

0.60%
(105,002.84)
A2 / A
A

1.42 1.37
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

96.97 5.91%
1,629,048.96
5,089.28

0.51%
(50,951.04)
A1 / A-
AA-

1.61 0.59
63743HFF4 National Rural Utilities Note

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

5.26%
3,015,750.00
3,009,625.80
101.00

4.87%
3,030,033.00
27,704.17

0.95%
20,407.20
A2 / A-
A

1.83 1.71
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

96.09 5.45%
420,399.00
3,076.72

0.13%
(17,101.00)
A1 / A
AA-

2.10 1.06
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

97.26 5.67%
1,823,546.25
15,686.25

0.57%
(51,453.75)
A1 / A-
AA-

2.25 1.20
6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

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

5.30%
2,072,268.00
2,119,226.89

96.07 5.29%
2,113,441.00
8,423.80

0.66%
(5,785.89)
A1 / A-
A+

2.33 1.28
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
3,735,408.71

92.57 4.49%
3,702,888.00
5,877.78

1.16%
(32,520.71)
A2 / A+
A

2.37 2.29
As of December 31, 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
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
2,138,684.53

93.30 4.33%
1,996,562.22
19,242.17

0.63%
(142,122.31)
A2 / A
A

3.04 2.87
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
3,308,419.18

93.09 4.83%
3,258,062.50
28,106.94

1.03%
(50,356.68)
A2 / A-
A

3.17 2.97
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
2,204,532.22

98.65 4.44%
2,170,229.60
12,466.67

0.68%
(34,302.62)
A2 / A+
A+

3.36 3.09
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
2,904,054.58

95.47 4.64%
2,864,073.00
4,500.00

0.90%
(39,981.58)
A3 / A
NR

3.96 3.64
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
2,029,177.61
101.65

4.30%
2,033,096.00
42,486.11

0.65%
3,918.39
A2 / A
A+

4.06 3.58
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
1,969,871.53

97.89 4.16%
1,957,814.00
26,600.00

0.62%
(12,057.53)
A1 / A+
NR

4.14 3.74
61747YER2 Morgan Stanley Callable Note Cont 4/20/2027

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

5.41%
1,729,026.00
1,735,362.23

97.74 4.95%
1,759,352.40
14,945.50

0.55%
23,990.17
A1 / A-
A+

4.31 3.02
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
2,001,413.07

99.56 4.16%
1,991,210.01
9,900.00

0.62%
(10,203.06)
A1 / A+
NR

4.38 3.89
TOTAL Corporate 66,165,000.00 2.70%
66,339,373.33
65,654,637.83 4.96%
64,407,479.87
487,271.61

20.27%
(1,247,157.96)
A1 / A+
A+

1.88 1.65
Money Market Fund
60934N104 Federated Investors Government Obligations Fund 316,660.83 Various

5.22%
316,660.83
316,660.83

1.00 5.22%
316,660.83

0.00 0.10%

0.00 Aaa / AAA
AAA

0.00 0.00
TOTAL Money Market Fund 316,660.83 5.22%
316,660.83
316,660.83 5.22%
316,660.83

0.00 0.10%

0.00 Aaa / AAA
AAA

0.00 0.00
Municipal Bonds
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

98.31 5.02%
712,738.80
6,180.63

0.22%
(12,261.20)
Aa1 / AAA
NR

0.59 0.56
574193TQ1 Maryland State STE-GO

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

0.52%
647,318.70
647,473.50

97.21 5.43%
629,452.23
1,375.94

0.20%
(18,021.27)
Aaa / AAA
AAA

0.59 0.57
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

96.54 4.97%
603,390.00
713.54

0.19%
(21,610.00)
Aa2 / AA-
NR

0.84 0.81
As of December 31, 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
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

96.09 4.97%
74,471.84

36.17 0.02%
(3,028.16)
Aa1 / AAA
NR

0.92 0.89
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

94.87 4.79%
721,001.36
857.49

0.23%
(38,998.64)
Aa2 / AA
AA

1.37 1.33
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
1,877,304.57

94.88 4.84%
1,779,056.25
11,793.75

0.56%
(98,248.32)
Aa3 / AA
AA

1.50 1.45
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

93.94 4.79%
906,514.25
3,108.10

0.28%
(58,485.75)
Aaa / AA+
NR

1.59 1.53
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

93.39 4.54%
520,652.04
2,918.51

0.16%
(36,847.96)
A1 / AA-
A+

2.01 1.93
TOTAL Municipal Bonds 6,232,500.00 1.04%
6,239,742.20
6,234,778.07 4.90%
5,947,276.77
26,984.13

1.87%
(287,501.30)
Aa2 / AA+
AA

1.26 1.22
Supranational
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
4,189,247.48

96.79 5.05%
4,055,383.68
5,703.06

1.27%
(133,863.80)
Aaa / AAA
NR

0.73 0.71
TOTAL Supranational 4,190,000.00 0.52%
4,186,899.40
4,189,247.48 5.05%
4,055,383.68
5,703.06

1.27%
(133,863.80)
Aaa / AAA
NR

0.73 0.71
US Treasury
912797GC5 US Treasury Bill

5.253% Due 01/11/2024
5,000,000.00 12/28/2023

5.34%
4,989,784.86
4,992,703.47

99.85 5.34%
4,992,703.47

0.00 1.56%

0.00 P-1 / A-1+
F-1+

0.03 0.03
9128286G0 US Treasury Note

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

0.35%
1,797,579.32
1,715,075.84

99.53 5.22%
1,701,448.26
13,719.44

0.54%
(13,627.58)
Aaa / AA+
AA+

0.16 0.16
912828W71 US Treasury Note

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

0.88%
3,046,537.50
2,974,004.14

99.20 5.34%
2,941,371.92
16,009.78

0.92%
(32,632.22)
Aaa / AA+
AA+

0.25 0.25
91282CBV2 US Treasury Note

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

0.40%
1,569,141.40
1,569,902.22

98.63 5.19%
1,548,412.50
1,254.71

0.48%
(21,489.72)
Aaa / AA+
AA+

0.29 0.29
912828X70 US Treasury Note

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

1.90%
2,267,729.29
2,258,185.38

98.95 5.19%
2,233,866.23
7,690.38

0.70%
(24,319.15)
Aaa / AA+
AA+

0.33 0.33
912828XX3 US Treasury Note

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

1.78%
4,738,365.63
4,694,799.44

98.44 5.20%
4,616,901.66
257.69

1.44%
(77,897.78)
Aaa / AA+
AA+

0.50 0.49
9128282N9 US Treasury Note

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

1.47%
1,289,453.12
1,254,598.16

98.31 5.09%
1,228,906.25
11,115.83

0.39%
(25,691.91)
Aaa / AA+
AA+

0.58 0.56
As of December 31, 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
91282CCT6 US Treasury Note

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

0.42%
3,006,002.34
3,009,168.22

97.13 5.09%
2,923,697.28
4,263.49

0.91%
(85,470.94)
Aaa / AA+
AA+

0.62 0.61
9128282U3 US Treasury Note

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

1.28%
7,335,869.62
7,164,878.05

97.95 5.04%
6,991,402.52
45,222.14

2.20%
(173,475.53)
Aaa / AA+
AA+

0.67 0.64
91282CCX7 US Treasury Note

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

0.50%
1,571,769.24
1,576,124.62

96.84 4.98%
1,527,710.95
1,755.19

0.48%
(48,413.67)
Aaa / AA+
AA+

0.71 0.69
9128283D0 US Treasury Note

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

1.57%
1,755,582.03
1,709,273.84

97.84 4.92%
1,663,344.60
6,515.11

0.52%
(45,929.24)
Aaa / AA+
AA+

0.84 0.81
9128283J7 US Treasury Note

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

1.66%
5,578,317.09
5,479,862.19

97.57 4.87%
5,324,686.28
10,139.62

1.67%
(155,175.91)
Aaa / AA+
AA+

0.92 0.89
912828ZC7 US Treasury Note

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

0.53%
4,565,793.56
4,503,187.72

96.05 4.65%
4,295,872.03
17,002.26

1.35%
(207,315.69)
Aaa / AA+
AA+

1.16 1.13
912828ZL7 US Treasury Note

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

0.70%
2,958,391.99
2,984,718.74

94.63 4.57%
2,836,618.18
1,914.61

0.89%
(148,100.56)
Aaa / AA+
AA+

1.33 1.30
912828ZW3 US Treasury Note

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

0.70%
1,571,103.81
1,586,926.03

93.93 4.48%
1,500,464.66

10.97 0.47%
(86,461.37)
Aaa / AA+
AA+

1.50 1.47
91282CAJ0 US Treasury Note

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

0.56%
8,710,250.00
8,775,036.57

93.36 4.43%
8,233,955.10
7,450.97

2.57%
(541,081.47)
Aaa / AA+
AA+

1.67 1.62
91282CAT8 US Treasury Note

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

0.78%
3,425,898.44
3,466,639.34

92.89 4.33%
3,251,034.50
1,490.38

1.02%
(215,604.84)
Aaa / AA+
AA+

1.84 1.79
91282CAZ4 US Treasury Note

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

0.94%
6,619,508.79
6,701,214.67

92.86 4.30%
6,289,167.00
2,220.49

1.96%
(412,047.67)
Aaa / AA+
AA+

1.92 1.87
91282CBC4 US Treasury Note

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

0.49%
6,363,250.00
6,385,219.01

92.68 4.23%
5,931,251.20

65.93 1.85%
(453,967.81)
Aaa / AA+
AA+

2.00 1.95
9128286A3 US Treasury Note

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

0.46%
1,890,055.76
1,783,748.59

96.86 4.22%
1,653,807.66
18,756.98

0.52%
(129,940.93)
Aaa / AA+
AA+

2.09 1.98
91282CBH3 US Treasury Note

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

0.79%
16,971,456.65
17,157,915.13

92.39 4.23%
15,988,193.33
27,156.63

5.00%
(1,169,721.80)
Aaa / AA+
AA+

2.09 2.03
91282CBQ3 US Treasury Note

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

0.94%
12,437,181.06
12,553,097.92

92.41 4.20%
11,708,372.34
21,406.73

3.66%
(844,725.58)
Aaa / AA+
AA+

2.16 2.11
91282CCF6 US Treasury Note

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

0.80%
8,301,545.71
8,311,076.71

92.31 4.13%
7,680,075.52
5,455.74

2.40%
(631,001.19)
Aaa / AA+
AA+

2.42 2.35
91282CCZ2 US Treasury Note

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

2.77%
3,406,746.09
3,520,321.52

91.85 4.04%
3,398,364.90
8,226.43

1.06%
(121,956.62)
Aaa / AA+
AA+

2.75 2.66
912828V98 US Treasury Note

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

4.07%
2,458,185.55
2,513,126.77

94.93 3.99%
2,515,637.05
22,521.40

0.79%
2,510.28
Aaa / AA+
AA+

3.13 2.95
As of December 31, 2023

ATTACHMENT A
98 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
91282CBJ9 US Treasury Note

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

2.15%
498,382.03
511,111.55

88.16 3.91%
476,086.14
1,694.84

0.15%
(35,025.41)
Aaa / AA+
AA+

4.09 3.93
91282CCY5 US Treasury Note

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

2.17%
495,591.79
503,672.59

88.63 3.90%
465,281.25
1,667.52

0.15%
(38,391.34)
Aaa / AA+
AA+

4.75 4.51
9128286B1 US Treasury Note

2.625% Due 02/15/2029
6,500,000.00 Various

4.07%
6,047,519.53
6,070,374.55

94.15 3.90%
6,119,646.00
64,448.03

1.93%
49,271.45
Aaa / AA+
AA+

5.13 4.68
912828YB0 US Treasury Note

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

2.29%
496,518.75
502,165.37

88.97 3.82%
462,658.04
3,191.71

0.15%
(39,507.33)
Aaa / AA+
AA+

5.63 5.24
91282CGJ4 US Treasury Note

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

3.94%
5,847,578.13
5,856,858.56

97.80 3.91%
5,868,048.00
87,880.44

1.86%
11,189.44
Aaa / AA+
AA+

6.09 5.34
912828Z94 US Treasury Note

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

2.66%
498,040.43
507,810.06

87.12 3.88%
472,631.97
3,073.68

0.15%
(35,178.09)
Aaa / AA+
AA+

6.13 5.70
91282CAE1 US Treasury Note

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

2.65%
498,755.37
517,098.26

81.11 3.89%
476,540.64
1,386.93

0.15%
(40,557.62)
Aaa / AA+
AA+

6.63 6.34
91282CBL4 US Treasury Note

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

2.63%
498,104.88
511,144.46

83.47 3.79%
471,620.76
2,400.87

0.15%
(39,523.70)
Aaa / AA+
AA+

7.13 6.67
912810FP8 US Treasury Bond

5.375% Due 02/15/2031
4,500,000.00 11/29/2023

4.23%
4,817,988.28
4,814,125.10
109.58

3.83%
4,931,190.00
91,360.39

1.57%
117,064.90
Aaa / AA+
AA+

7.13 5.85
91282CCS8 US Treasury Note

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

2.63%
498,515.62
510,326.39

82.75 3.89%
465,446.81
2,655.83

0.15%
(44,879.58)
Aaa / AA+
AA+

7.63 7.08
91282CFV8 US Treasury Note

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

3.72%
6,197,734.38
6,178,852.79
101.65

3.90%
6,098,904.00
31,957.42

1.91%
(79,948.79)
Aaa / AA+
AA+

8.88 7.35
91282CHT1 US Treasury Note

3.875% Due 08/15/2033
6,500,000.00 Various

4.72%
6,069,570.31
6,077,104.53

99.88 3.89%
6,491,875.00
95,137.57

2.06%
414,770.47
Aaa / AA+
AA+

9.63 7.85
TOTAL US Treasury 152,579,500.00 1.80%
151,089,798.35
151,201,448.50 4.40%
145,777,194.00
638,478.13

45.73%
(5,424,254.50)
Aaa / AA+
AA+

2.83 2.55
TOTAL PORTFOLIO 331,902,163.55 2.23%
328,844,815.17
328,394,229.90 4.57%
318,676,943.41
1,523,989.21
100.00%
(9,717,286.49)
Aa1 / AA
AA+

2.87 2.47
TOTAL MARKET VALUE PLUS ACCRUALS 320,200,932.62
As of December 31, 2023

ATTACHMENT A
99 SECTION |
Section 4 |
Transactions

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

ACQUISITIONS
Purchase 10/31/2023 91282CHT1 5,500,000.00 US Treasury Note

3.875% Due: 08/15/2033

92.094 4.90% 5,065,156.25 44,594.09 5,109,750.34 0.00
Purchase 11/08/2023 438123AC5 1,050,000.00 Honda Auto Receivables OT 2023-4 A3

5.67% Due: 06/21/2028

99.982 5.74% 1,049,815.10 0.00 1,049,815.10 0.00
Purchase 11/29/2023 62479LE68 4,500,000.00 MUFG Bank Ltd Discount CP

5.53% Due: 05/06/2024

97.558 5.75% 4,390,091.25 0.00 4,390,091.25 0.00
Purchase 11/30/2023
912810FP8 4,500,000.00 US Treasury Bond

5.375% Due: 02/15/2031
107.066 4.23% 4,817,988.28 70,327.79 4,888,316.07 0.00
Purchase 12/04/2023
161571HT4 1,500,000.00 Chase Issuance Trust 23-A1 A

5.16% Due: 09/15/2028
100.406 5.05% 1,506,093.75 4,085.00 1,510,178.75 0.00
Purchase 12/28/2023 912797GC5 5,000,000.00 US Treasury Bill

5.253% Due: 01/11/2024

99.796 5.34% 4,989,784.86 0.00 4,989,784.86 0.00
Purchase 12/28/2023
9128286B1 1,000,000.00 US Treasury Note

2.625% Due: 02/15/2029

94.316 3.86% 943,164.06 9,629.76 952,793.82 0.00
Purchase 12/28/2023
91282CHT1 1,000,000.00 US Treasury Note

3.875% Due: 08/15/2033
100.441 3.82% 1,004,414.06 14,215.35 1,018,629.41 0.00
Subtotal 24,050,000.00 23,766,507.61 142,851.99 23,909,359.60 0.00 TOTAL ACQUISITIONS 24,050,000.00 23,766,507.61 142,851.99 23,909,359.60 0.00

DISPOSITIONS
Sale 11/09/2023
912828YM6 1,060,000.00 US Treasury Note

1.5% Due: 10/31/2024

96.379 0.35% 1,021,616.41 393.13 1,022,009.54 -50,234.79 Subtotal 1,060,000.00 1,021,616.41 393.13 1,022,009.54 -50,234.79 Call 10/24/2023 06051GJH3 1,907,500.00 Bank of America Corp Callable Note Cont 10/24/2023
Due: 10/24/2024
100.000 0.81% 1,907,500.00 0.00 1,907,500.00 0.00
Subtotal 1,907,500.00 1,907,500.00 0.00 1,907,500.00 0.00 September 30, 2023 through December 31, 2023
As of December 31, 2023

ATTACHMENT A
101
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 10/01/2023 13063DRJ9 2,192,500.00 California State TE-GO

2.4% Due: 10/01/2023
100.000 2,192,500.00 0.00 2,192,500.00 0.00
Maturity 11/15/2023 912828WE6 1,862,500.00 US Treasury Note

2.75% Due: 11/15/2023
100.000 1,862,500.00 0.00 1,862,500.00 0.00
Maturity 11/15/2023
91282CAW1 1,572,500.00 US Treasury Note

0.25% Due: 11/15/2023
100.000 1,572,500.00 0.00 1,572,500.00 0.00
Maturity 11/24/2023
459058JM6 1,870,000.00 Intl. Bank Recon & Development Note

0.25% Due: 11/24/2023
100.000 1,870,000.00 0.00 1,870,000.00 0.00
Maturity 11/27/2023
3135G06H1 3,047,500.00 FNMA Note

0.25% Due: 11/27/2023
100.000 3,047,500.00 0.00 3,047,500.00 0.00
Maturity 11/30/2023
912828U57 4,257,500.00 US Treasury Note

2.125% Due: 11/30/2023
100.000 4,257,500.00 0.00 4,257,500.00 0.00
Maturity 12/04/2023
3137EAFA2 2,222,500.00 FHLMC Note

0.25% Due: 12/04/2023
100.000 2,222,500.00 0.00 2,222,500.00 0.00
Maturity 12/08/2023
3130A0F70 1,712,500.00 FHLB Note

3.375% Due: 12/08/2023
100.000 1,712,500.00 0.00 1,712,500.00 0.00
Subtotal 18,737,500.00 18,737,500.00 0.00 18,737,500.00 0.00 TOTAL DISPOSITIONS 21,705,000.00 21,666,616.41 393.13 21,667,009.54 -50,234.79 September 30, 2023 through December 31, 2023
As of December 31, 2023

ATTACHMENT A
102
Important Disclosures
2023 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

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

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

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

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

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

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

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

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

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

As of December 31, 2023

ATTACHMENT A
103
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 US Issuers 1-5 Yr AAA-A US Corp/Govt Idx
The ICE BofA US 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be issued from US issuers and be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities.

As of December 31, 2023

ATTACHMENT A
104

City Council and Concurrent AuthoritiesApril 16, 2024

City Council and Concurrent Authorities
April 16, 2024