Attachment A -COMBINED QUARTERLY INVESTMENT REPORTS AT 03-31-2024 .pdf — City Council and Concurrent Authorities, June 4, 2024

Investment Performance Review
For the Quarter Ended March 31, 2024
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
1 ATTACHMENT A
© PFM Asset Management LLC pfmam.com|
• Market Update
Accou
nt Summary•
Portfolio Review•

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

3 ATTACHMENT A
PFM Asset Management LLC
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC | pfmam.com
Market Themes
▸ The U.S. economy is characterized by:
▹ Robust growth that continues to show surprising strength ▹ Sticky inflation that remains above the Federal Reserve (Fed)’s 2% target ▹ Labor markets continuing to show impressive job gains and low unemployment ▹ Resilient consumer spending supported by wage growth that is outpacing inflation ▸ Federal Reserve reaffirms rate cut expectations
▹ Forecast of 75 basis points of cuts this year
▹ After entering the year expecting 6 cuts in 2024, markets have adjusted their expectations to only 2 to 3 cuts in 2024
▹ Fed officials reaffirm that restoring price stability is the priority, but further confidence in inflation moving toward the 2% target is needed, which may delay the timing of rate cuts ▸ Treasury yields increase following the change in market expectations ▹ Yields on maturities between 2 and 10 years rose 30-40 basis points during the quarter ▹ Yield curve inversion persists
▹ Spreads in most sectors fell to multi-year lows given the strong economic environment

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

4 ATTACHMENT A

1.5%

2.5%

3.5%

4.5%

5.5%

6.5%

7.5%

8.5%

9.5%
Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Consumer Price Index
Year-Over-Year Changes
CPI CPI Forecast Fed Target
Inflation Remains Range Bound After Significant
Decline in CPI in 2022 and Early 2023
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 March 31, 2024
Market Update
Source: Bloomberg, as of 4/10/2024.

CPI exceeds expectations
Federal Reserve Inflation Target

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

5 ATTACHMENT A
Source: Bloomberg. Job openings as of February 2024. Monthly change in nonfarm payrolls and unemployment rate as of March 2024. Data is seasonally adjusted.

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

CLIENT NAME
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC | pfmam.com
Labor Market Remains Strong
0 5
10 15
20 25
Feb-20 Feb-21 Feb-22 Feb-23 Feb-24
Millions
Job Openings vs. Unemployed Workers
Job Openings Unemployed

2.3mm gap
146
278
303
240
184
210
246
165
182
290
256
270
303
0 50
100
150
200
250
300
350
400
450
500
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Thousands
Monthly Change In
Nonfarm Payrolls
Jobs-to-jobless ratio
continues
to come into better
balance
829K Q1
637K Q4
Apr-20

14.8 Mar-24

3.8 0%
2%
4%
6%
8%
10%
12%
14%
16%
2020 2021 2022 2023 2024
Unemployment Rate

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

6 ATTACHMENT A
Source: Bureau of Economic Analysis, U.S. Department of Commerce; as of March 28, 2024.

GDPNow estimates provided by the Federal Reserve Bank of Atlanta; as of April 4, 2024. The Atlanta Fed GDPNow estimate is a model-based projection not subject to judgmental adjustments. It is not an official forecast of the Atlanta Fed, its president, the Federal Reserve System, or the Federal Open Market Committee. Bloomberg Forecasts as of March 2024.

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

CLIENT NAME
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC | pfmam.com
Atlanta Fed
GDPNow Forecast2.6%

2.2% 2.1%

4.9%

3.4%

2.0%
0%
1%
2%
3%
4%
5%
6%
Q
4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Forecast
U.S. GDP

2.5%
Bloomberg Forecast
Consumer Spending Continues to Drive Strong Economic Growth

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

7 ATTACHMENT A
Summary of Economic Projections Show Stronger Economic Story © PFM Asset Management LLC | pfmam.com
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: Federal Reserve, latest economic projections as of March 2024.

For the Quarter Ended March 31, 2024
Market Upda
te

4.6%

3.9%

3.1%

2.6%
0%
2%
4%
6%
8%
2024 2
025 2026 Longer
Run
Federal Funds Rate
December Projections March Projections

2.6%

2.2% 2.0% 2.0%
0%
1%
2%
3%
4%
2024 2
025 2026 Longer
Run
PCE Inflation
December Projections March Projections

4.0% 4.1% 4.0% 4.1%
0%
1%
2%
3%
4%
5%
6%
20 24 2025 2026 Longer
Run
Unemployment Rate
December Projections March Projections

2.1% 2.0% 2.0% 1.8%
0%
1%
2%
3%
4%
2024 2
025 2026 Longer
Run
Change in Real GDP
December Projections March Projections

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|
8 ATTACHMENT A
Market Reversed Course and Now
Expects a Slower Pace of Rate Cuts
Source: Bloomberg, as of March 2024.
© 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 March 31, 2024
Market Update
Market reprices
expectations for
number of cuts
in 2024 in
response to
hotter than
expected
inflation and a
resilient labor
market

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%
Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Implied Fed Funds Rate
3-Month Range Fed Funds as of March 28, 2024 Fed Funds as of January 02, 2024 +72 bps
+76 bps

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

9 ATTACHMENT A
Yields Reprice on Fed Patience
Source: Federal Reserve, Bloomberg, as of 3/31/2024.
© 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 March 31, 2024
Market Update
From the
March 24 FOMC
Meeting
Press Conference

4.62%
3%
4%
5%
6%
Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
2-Year Treasury Yield

4.35%
3%
4%
5%
6%
Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
10-Year Treasury Yield
+37 bps
+32 bps
“…the Committee needs to see more evidence to build our confidence that inflation is moving down sustainably toward our 2 percent goal, and we don’t expect that it will be appropriate to begin to reduce rates until we’re more
confident that that is the case”

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

10 ATTACHMENT A
Treasury Yields Move Higher as Market Evolves to Revised Fed Expectations 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
Source: Bloomberg, as of 3/31/2024.

For the Quarter Ended March 31, 2024
Market Upda
te

5.32%

5.02%

4.62%

4.41% 4.21% 4.21% 4.20% 4.34%

0.00%

1.00%

2.00 %

3.00%

4.00%

5.00%

6.00%
Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
March 31, 2024
December 31, 2023
3mo 2yr 5yr 7yr 10yr 2 0yr 30yr

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

11 ATTACHMENT A
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
Source: ICE BofA 1-5 year Indices via Bloomberg, MarketAxess and PFMAM as of March 31, 2024. 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. -0.1%

0.1%

0.3%

0.5%

0.7%
Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Federal Agency Yield Spreads
Bullet Callable

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Corporate Notes A-AAA Yield Spreads

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Asset-Backed Securities AAA Yield Spreads
For the Quarter Ended March 31, 2024
Market UpdateCITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

12 ATTACHMENT A
Fixed-Income Index Total Returns in 1Q 2024
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
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of March 31, 2024.

For the Quarter Ended March 31, 2024
Market Updat
e
-0.02%

0.33%

1.01%

0.56%

0.83%
-0.5%

0.5%

1.5%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
First Quarter 2024 Returns

2.42%

3.29%

4.92%

4.68%

5.93%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|
13 ATTACHMENT A
Factors to Consider for 6-12 Months
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 March 31, 2024
Market Update
Monetary Policy:
• Fed guidance implies a soft landing and 3 rate
cuts for 2024. Market expectations have been
volatile but recently converged to Fed
projections.
• Globally, central banks are nearing the start of
cutting cycles with the Swiss central bank
being the first to cut.

Economic Growth:
• U.S. resiliency continues as expectations for a
soft-landing command center stage. Strength is
led by consumers supported by a robust labor
market.
• Eurozone growth set to improve in 2024 H2.

Although Chinese growth targets seem
aspirational, emerging economies are
expected to grow.

Inflation:
• Inflation continued to moderate but has proven
to be stickier than expected, predominantly in
housing and other service sectors.
• Further upside surprises in inflation indicators
may complicate the Fed’s path for monetary
policy.

Financial Conditions:
• Financial conditions continue to soften as the
“Fed pivot” remains in play amid sustained
strength in various economic indicators.
• With interest rates elevated, we continue to
focus on identifying potential pockets of stress
within financial markets.

Consumer Spending (U.S.):
• Consumer confidence reached a multi-year
high following strong wage growth, a resilient
labor market, and slowly moderating inflation.
• Hiring and wage growth have played a role in
boosting personal income, which combined
with record U.S. household net worth,
supported spending.

Labor Markets:
• The labor market remains strong, but a few
indicators are moderating from the extreme
tightness of 2022.
• No sign of weakness in typical economically-
sensitive industries, like retail, leisure and
hospitality, and construction.

Current outlook Outlook one quarter ago
Negative Slightly
Negative
Neutral Slightly
Positive
Positive
Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg. The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution (3/31/2024) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, completeness, or suitability.

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

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

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

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Account Summary
Consolidated Summary
Account Summary
Reserve Portfolio1 $752,025,506
Short-Term Portfolio $10,772,326
BMO Main Account $118,256,254
CAMP Pool $60,642,894
Local Agency Investment Fund $820,958
Total Program $942,517,937

21.0%

0.9% 0.0% 2.3%

4.2%

23.4%

7.8%

10.3%

17.4%

6. 3% 6.4%

0. 0%$0
$50
$100
$150
$200
$250
30 Days
and Under
31 to 60
days
61 to 90
days
91 to 180
days
181 to 1
year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
5 to 7
years
7 to 10
years
Over 10
years
Millions
Maturity Distribution
(Weighted Average Maturity: 838 days)

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

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Compliance
|
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Asset and Investment Management ("AIM").

Certificate of Compliance
During the reporting period for the quarter ended March 31, 2024, the account(s) managed by PFM Asset Management ("PFMAM") were in
compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management LLC

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

CITY OF STOCKTON RESERVE PORTFOLIO

18 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
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% ICEBofA 1-5 Corp and Govt A or Better and 20% ICEBofA 5-10 Treasury. Prior to 3/31/23 it was the ICEBofA 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
5%
26%
17%
29%
9%
5% 3%
6 %4%
27 %
22 %
18 %
12%
6% 5% 5%
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 | 49%
Agency CMBS | 18%
Corporate | 15%
Federal Agency | 9%
ABS | 8%
Municipal | 1%
Negotiable CD | 1%
Sector Allocation
AAA | 7%
AA+ | 77%
AA | 1%
AA- | 1%
A+ | 5%
A | 4%
A- | 2%
BBB+ | 1%
Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 3.19 years
B
enchmark Effective Duration 3.22 years
Portfolio Credit Quality AA
Yield At Market 4.62%
Yield At Cost 3.34%
Total Market Value $433,899,524.33
$431,054,756.75Securities Sub-Total
$912,541.86Cash
$1,932,225.72Accrued Interest

19 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
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 49.0%
UNITED STATES TREASURY 49.0% AA / Aaa / AA
Federal Agency 8.5%
FANNIE MAE 5.6% AA / Aaa / AA
FEDERAL FARM CREDIT BANKS 0.5% 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 17.7%
FANNIE MAE 1.0% AA / Aaa / AA
FREDDIE MAC 16.8% AA / Aaa / AA
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 1.0%
RABOBANK NEDERLAND 1.0% A / Aa / AA
Corporate 14.6%
AMAZON.COM INC 0.6% AA / A / AA
APPLE INC 1.4% AA / Aaa / NR
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 14.6%
BANK OF AMERICA CO 0.9% A / Aa / AA
BLACKROCK INC 0.1% AA / Aa / NR
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 0.7% 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
MICROSOFT CORP 1.0% AAA / Aaa / NR
NOVARTIS AG 0.8% AA / Aa / AA
PACCAR FINANCIAL CORP 0.9% A / A / NR
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
ABS 7.8%
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 1.7% 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

GM FINANCIAL CONSUMER AUTOMOBILE
TRUST

0.1% NR / Aaa / AAA

20 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

Issuer Diversification - CITY OF STOCKTON RESERVE PORTFOLIO Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer ABS 7.8%
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
21 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Portfolio Characteristics
|
$0.0
$88.0
$176.0
$264.0
$352.0
$440.0
Millions
March 2024
$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
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.

Jun-23 % of TotalSecurity Type Sep-23 % of Total Dec-23 % of Total % of TotalMar-24 U.S. Treasury $249.9 60.0% $211.8 50.9% $213.6 49.6% $211.3 48.9% Federal Agency $73.5 17.7% $43.9 10.6% $37.4 8.7% $36.7 8.5% Agency CMBS $3.2 0.8% $41.5 10.0% $57.0 13.2% $76.5 17.8% Supranational $5.8 1.4% $5.8 1.4% $4.1 0.9% $0.0 0.0%
Municipal $8.0 1.9% $8.0 1.9% $5.9 1.4% $6.0 1.4%
Negotiable CD $2.8 0.7% $6.9 1.7% $6.9 1.6% $4.2 1.0%
Corporate $69.0 16.6% $75.3 18.1% $75.9 17.6% $62.8 14.6% ABS $3.9 0.9% $22.6 5.4% $30.0 7.0% $33.6 7.8%
Total $416.1 100.0% $415.9 100.0% $431.0 100.0% $431.1 100.0% 22 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($ millions)
Corporate
Supranational
Negotiable CD
Federal Agency
U.S. Treasury
ABS
Agency CMBS
Corporate
Supranat
ional
Negotiable CD
Federal Agency
U.S. Treasury
ABS
Agency CMBS
($15… ($10… ($5.0) $0.0 $5.0 $10.0 $15.0 $20.0 $25.0
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 $20,247,419
ABS $3,720,318
U.S. Treasury ($234,589)
Federal Agency ($745,280)
Negotiable CD ($2,862,960)
Supranational ($4,084,918)
Corporate ($12,979,254)
$3,060,736Total Net Activity
Sales/Maturities Purchases

23 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
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. -1.0%
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%
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 $3,015,150 $10,032,292 $22,888,366 $43,121,766 $56,048,246 Change in Market Value ($3,126,348) $1,293,925 ($34,198,667) ($20,250,628) ($19,486,379) ($111,198)Total Dollar Return $11,326,217 ($11,310,301) $22,871,138 $36,561,867 Total Return³
Portfolio -0.03% 2.73% -0.32% 1.22% 1.38%
Benchmark⁴ -0.12% 2.24% -0.65% 1.00% 1.18%
Basis Point Fee 0.01% 0.04% 0.05% 0.05% 0.05%
Net of Fee Return -0.04% 2.69% -0.37% 1.17% 1.33%
3 Months 1 Year 3 Years 5 Years Since Inception

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

24 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
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 G
ains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$3,015,150
($290,825)
$
558,199
$3,282,524
1 Year
$10,032,292
($3,154,75
1)
$2,064,573
$8,942,113
3 Years
$22,888,366
($16,137,4
06)
$15,082,487
$21,833,447
5 Year
$43,121,766
($9,485,30
1)
$14,610,031
$48,246,497
Since Inception¹
$56,048,246
($11,733,2
22)
$16,470,256
$60,785,280

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

CITY OF STOCKTON SHORT-TERM PORTFOLIO

26 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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

1. Portfolio Snapshot - CITY OF STOCKTON SHORT-TERM PORTFOLIO¹ Credit Quality - S&P
100%
0%
20%
40%
60%
80%
100%
120%
0-1 Yr
Portfolio
Duration Distribution
Commercial Paper | 100%
Sector Allocation
A-1 | 100%
Portfolio Statistics
Portfolio Effective Duration 0.05 ye ars
Yield At Cost 5.82%
Yield At Market 6.42%
Portfolio Credit Quality A
Total Market Value $10,772,325.68
$10,772,325.68Securities Sub-Total
$0.00Cash
$0.00Accrued Interest

27 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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

28 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Portfolio Characteristics
|
$0.0
$2.2
$4.4
$6.6
$8.8
$11.0
Millions
March 2024
$0.0
$2.2
$4.4
$6.6
$8.8
$11.0
Millions
December 2023
$0.0
$2.2
$4.4
$6.6
$8.8
$11.0
Millions
September 2023
$0.0
$2.2
$4.4
$6.6
$8.8
$11.0
Millions
June 2023
Sector Allocation Review - CITY OF STOCKTON SHORT-TERM PORTFOLIO Commercial Paper
Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.

Jun-23 % of TotalSecurity Type Sep-23 % of Total Dec-23 % of Total % of TotalMar-24 Commercial Paper $10.4 100.0% $10.5 100.0% $10.6 100.0% $10.8 100.0% Total $10.4 100.0% $10.5 100.0% $10.6 100.0% $10.8 100.0%

29 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Portfolio Performance
|
The lesser of 10 years or since inception is shown. Performance inception date is February 1, 2022.1.

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

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

Accrual Basis Earnings - CITY OF STOCKTON SHORT-TERM PORTFOLIO Accrual Basis Earnings
Interest Earned²
Realized Ga
ins / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
-
-
$154,590
$154,590
1 Year
$147,679
-
$559,318
$706,997
3 Years
-
-
-
-
5 Year
-
-
-
-
Since Inception¹
$1,356,238
-
$1,953,898
$3,327,636
30 ATTACHMENT A
© PFM Asset Management LLC pfmam.com|
Reserve Portfolio Holdings and Transactions

31 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/Description
Dated D
ate/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 03/31/2022 2.500% 03/31/2027
91282CEF4 5,350,000.00 AA+ Aaa 5/9/2023 5/10/2023 5,138,925.78 3.60 365.44 5,064,945.585,187,498.10

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 10,171.98 4,298,525.004,510,130.39

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 35,321.43 4,152,859.164,234,336.34

US TREASURY NOTES
DTD 06/30/2020 0.500% 06/30/2027
912828ZV5 4,215,000.00 AA+ Aaa 8/25/2022 8/26/2022 3,705,577.73 3.21 5,326.65 3,723,030.263,873,753.31

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 23,042.58 4,748,437.504,887,337.77

US TREASURY NOTES
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,730,000.00 AA+ Aaa 9/1/2022 9/6/2022 2,588,274.61 3.40 7,762.50 2,548,711.072,633,290.49

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 13,668.48 4,831,943.754,985,108.11

US TREASURY NOTES
DTD 09/30/2020 0.375% 09/30/2027
91282CAL5 2,400,000.00 AA+ Aaa 10/28/2022 10/31/2022 1,998,843.75 4.17 24.59 2,092,500.002,114,609.17

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 73,689.05 4,216,132.604,304,838.08

US TREASURY NOTES
DTD 10/31/2020 0.500% 10/31/2027
91282CAU5 5,340,000.00 AA+ Aaa 1/4/2023 1/6/2023 4,547,552.34 3.91 11,222.80 4,664,156.254,750,732.50

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 31,036.09 1,775,735.851,812,125.24

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 28,843.20 2,898,064.062,972,931.59

US TREASURY NOTES
DTD 01/31/2021 0.750% 01/31/2028
91282CBJ9 4,500,000.00 AA+ Aaa 5/12/2023 5/12/2023 3,976,347.66 3.44 5,655.91 3,936,797.104,075,006.80

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 2.15 678.71 472,415.65512,874.69

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 16,782.61 4,769,210.944,937,782.26

32 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 3.66 421.93 4,152,834.594,254,813.81

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 3.53 195.87 5,095,189.065,258,939.54

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 67.79 1,763,548.441,822,949.87

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 30,158.65 1,988,500.002,042,028.15

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 7,684.31 667,106.25675,760.92

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 17.93 460,687.50504,791.85

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 19,903.85 1,038,750.001,050,247.66

US TREASURY NOTES
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 500,000.00 AA+ Aaa 3/21/2022 3/22/2022 509,433.59 2.33 1,658.65 464,531.25506,661.87

US TREASURY NOTES
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 2,165,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,630.86 4.15 7,181.98 2,011,420.312,023,297.18

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 12,439.90 1,952,343.751,997,243.98

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 24,721.83 2,491,511.592,562,471.82

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 10,581.87 1,066,460.101,083,493.14

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 6,192.01 624,042.15664,462.61

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 28,339.29 3,290,437.503,289,416.94

US TREASURY NOTES
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aaa 3/21/2022 3/22/2022 496,518.75 2.29 1,067.86 456,300.00502,955.90

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 13,739.18 1,929,757.811,977,134.87

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 13,934.12 1,050,606.251,069,425.06

33 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 19,881.73 1,993,206.252,054,200.18

US TREASURY NOTES
DTD 02/15/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,040.43 2.66 1,028.37 466,210.94509,221.23

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 6,991.30 1,986,131.252,002,309.83

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 6,006.70 2,047,012.502,137,024.95

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 51,181.32 2,386,125.002,460,106.61

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 21,917.92 1,021,835.941,040,011.02

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 35,664.96 2,755,712.502,788,345.11

US TREASURY NOTES
DTD 08/15/2020 0.625% 08/15/2030
91282CAE1 2,540,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,995,586.72 3.97 2,006.18 2,033,587.502,075,101.03

US TREASURY NOTES
DTD 08/15/2020 0.625% 08/15/2030
91282CAE1 2,545,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,052,204.49 3.56 2,010.13 2,037,590.622,131,464.06

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 2.65 464.03 470,367.19519,747.78

US TREASURY NOTES
DTD 11/15/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,071,065.63 3.72 4,412.02 1,076,468.751,114,533.11

US TREASURY NOTES
DTD 11/15/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aaa 7/11/2023 7/12/2023 2,405,390.63 4.02 9,951.92 2,428,125.002,463,898.60

US TREASURY NOTES
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,021,273.44 3.61 12,226.65 1,928,250.001,987,899.09

US TREASURY NOTES
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,620.31 3.98 12,362.50 1,949,675.001,968,139.77

US TREASURY NOTES
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 2,955,000.00 AA+ Aaa 7/7/2023 7/10/2023 3,201,326.95 4.09 20,072.08 3,165,543.753,177,732.07

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 2.63 803.26 463,300.00513,027.96

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 18,050.90 2,469,440.632,589,031.18

34 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 7,793.30 1,066,157.811,101,491.94

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 2.63 888.56 458,085.94512,032.39

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 3,893.89 2,007,434.372,055,213.07

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 6,802.85 1,066,021.881,104,136.39

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 10,842.86 1,699,100.001,786,150.09

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 5,603.88 1,996,946.882,044,042.25

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 23,706.90 1,975,171.882,071,750.35

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 12,534.68 1,044,343.751,078,867.57

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 29,102.27 2,424,693.752,544,393.97

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 7,193.82 599,362.50662,186.62

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 30,730.12 1,951,797.552,043,197.56

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 16,498.87 1,047,911.671,080,870.12

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 50,434.93 3,203,331.873,240,682.54

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 9,133.65 1,955,942.192,001,274.20

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 11,679.29 2,322,393.752,243,993.75

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 63.05 7,478.917,500.55

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 12.23 7,394.537,550.04

35 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 1.30 7,337.117,495.77

US TREASURY NOTES
DTD 11/30/2017 2.125% 11/30/2024
9128283J7 7,500.00 AA+ Aaa 1/3/2020 1/7/2020 7,673.73 1.63 53.56 7,348.837,523.60

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 12.23 12,060.5512,558.83

US TREASURY NOTES
DTD 04/30/2020 0.375% 04/30/2025
912828ZL7 932,500.00 AA+ Aaa 4/5/2021 4/7/2021 920,333.79 0.70 1,469.84 887,477.78929,269.89

US TREASURY NOTES
DTD 06/30/2020 0.250% 06/30/2025
912828ZW3 1,597,500.00 AA+ Aaa 10/4/2021 10/6/2021 1,571,103.81 0.70 1,009.41 1,507,890.151,588,688.36

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 2,725,000.00 AA+ Aaa 8/17/2021 8/20/2021 2,683,486.33 0.63 592.39 2,554,687.502,710,419.45

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 6,095,000.00 AA+ Aaa 8/19/2021 8/20/2021 6,004,527.34 0.62 1,325.00 5,714,062.506,063,223.94

US TREASURY NOTES
DTD 10/31/2020 0.250% 10/31/2025
91282CAT8 3,500,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,425,898.44 0.78 3,677.88 3,259,375.003,471,177.19

US TREASURY NOTES
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 6,772,500.00 AA+ Aaa 11/1/2021 11/2/2021 6,589,430.86 1.05 8,535.02 6,299,482.866,697,747.79

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 700,000.00 AA+ Aaa 1/11/2021 1/13/2021 695,980.47 0.49 663.46 649,250.00698,583.30

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 5,700,000.00 AA+ Aaa 5/6/2021 5/10/2021 5,606,707.03 0.73 5,402.47 5,286,750.005,664,850.11

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 0.80 750.98 1,104,814.781,185,780.41

US TREASURY NOTES
DTD 01/31/2019 2.625% 01/31/2026
9128286A3 1,707,500.00 AA+ Aaa 2/4/2021 2/4/2021 1,890,055.76 0.46 7,511.36 1,645,603.131,774,630.82

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 7,635,000.00 AA+ Aaa 2/18/2022 2/22/2022 7,215,969.73 1.83 4,798.09 7,058,795.727,439,899.04

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 8,475,000.00 AA+ Aaa 1/4/2022 1/6/2022 8,174,402.34 1.27 5,325.98 7,835,401.928,339,468.08

US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 1,980,000.00 AA+ Aaa 12/3/2021 12/7/2021 1,926,632.81 1.15 860.87 1,829,953.221,955,874.16

US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 10,690,000.00 AA+ Aaa 2/2/2022 2/3/2022 10,249,872.66 1.55 4,647.83 9,879,898.9810,483,264.55

36 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 10,989.34 4,016,650.004,162,022.56

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 2,029.00 741,606.25804,207.90

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 7,952.15 2,906,543.753,144,851.03

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 88.46 3,385,500.003,536,623.36

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
912828U24 2,540,000.00 AA+ Aaa 8/8/2022 8/9/2022 2,437,606.25 3.01 19,259.34 2,384,425.002,477,079.40

US TREASURY NOTES
DTD 02/15/2017 2.250% 02/15/2027
912828V98 1,390,000.00 AA+ Aaa 5/12/2023 5/12/2023 1,328,047.27 3.52 3,952.34 1,308,337.501,342,690.64

US TREASURY NOTES
DTD 02/15/2017 2.250% 02/15/2027
912828V98 855,000.00 AA+ Aaa 8/8/2022 8/9/2022 828,515.04 2.99 2,431.11 804,768.75838,156.14 227,210,000.00 216,676,201.47 987,185.57 211,297,664.65Security Type Sub-Total 2.91 219,531,663.31 Negotiable CD

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 43,857.33 4,174,161.604,200,000.00 4,200,000.00 4,200,000.00 43,857.33 4,174,161.60Security Type Sub-Total 5.08 4,200,000.00 Municipal

SAN DIEGO CCD, CA TXBL GO BONDS
DTD 10/16/2019 2.046% 08/01/2024
797272QP9 725,000.00 AAA Aa1 9/18/2019 10/16/2019 725,000.00 2.05 2,472.25 716,872.75725,000.00

MD ST TXBL GO BONDS
DTD 08/05/2020 0.510% 08/01/2024
574193TQ1 647,500.00 AAA Aaa 7/23/2020 8/5/2020 647,318.70 0.52 550.38 637,036.40647,484.82

CA ST UNIV TXBL REV BONDS
DTD 09/17/2020 0.685% 11/01/2024
13077DNC2 625,000.00 AA- Aa2 8/27/2020 9/17/2020 625,000.00 0.69 1,783.85 609,487.50625,000.00

CA ST DEPT WTR RES WTR SYS TXBL

REV BNDS
DTD 08/06/2020 0.560% 12/01/2024
13067WRB0 77,500.00 AAA Aa1 7/30/2020 8/6/2020 77,500.00 0.56 144.67 75,271.1077,500.00

37 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 460,000.00 AA Aa2 7/14/2020 7/16/2020 461,665.20 0.81 1,534.46 439,010.20460,363.96

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 300,000.00 AA Aa2 7/10/2020 7/16/2020 300,000.00 0.88 1,000.73 286,311.00300,000.00

FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 1,050,000.00 AA Aa3 9/3/2020 9/16/2020 1,057,423.50 1.11 3,302.25 1,001,112.001,051,935.46

FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 825,000.00 AA Aa3 9/3/2020 9/16/2020 825,000.00 1.26 2,594.63 786,588.00825,000.00

LOS ANGELES CCD, CA TXBL GO
BONDS
DTD 11/10/2020 0.773% 08/01/2025
54438CYK2 965,000.00 AA+ Aaa 10/30/2020 11/10/2020 965,000.00 0.77 1,243.24 912,976.85965,000.00

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 1,459.26 523,035.35557,500.00 6,232,500.00 6,241,407.40 16,085.72 5,987,701.15Security Type Sub-Total 1.04 6,234,784.24 Federal Agency

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 0.60 777.01 319,693.85334,655.66

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 18,329.17 6,338,723.286,649,151.66

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,490,000.00 AA+ Aaa 9/17/2020 9/18/2020 1,495,304.40 0.42 2,152.22 1,411,427.831,491,352.88

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 4,150,000.00 AA+ Aaa 10/2/2020 10/5/2020 4,167,720.50 0.41 5,994.44 3,931,158.054,154,564.37

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,002,500.00 AA+ Aaa 6/17/2020 6/19/2020 1,000,424.83 0.54 1,448.06 949,635.171,001,997.14

FREDDIE MAC NOTES
DTD 07/23/2020 0.375% 07/21/2025
3137EAEU9 2,310,000.00 AA+ Aaa 7/21/2020 7/23/2020 2,298,496.20 0.48 1,684.38 2,177,332.082,306,997.91

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 3,075,000.00 AA+ Aaa 10/22/2020 10/23/2020 3,057,780.00 0.49 1,153.13 2,886,453.303,070,020.14 38 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 920,000.00 AA+ Aaa 8/25/2020 8/27/2020 915,694.40 0.47 345.00 863,589.28918,793.77

FREDDIE MAC NOTES
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 3,545,000.00 AA+ Aaa 9/23/2020 9/25/2020 3,534,329.55 0.44 295.42 3,319,821.603,541,840.99

FEDERAL FARM CREDIT BANK
(CALLABLE)
DTD 09/29/2020 0.530% 09/29/2025
3133EMBH4 2,265,000.00 AA+ Aaa 10/7/2020 10/9/2020 2,261,036.25 0.57 66.69 2,123,052.452,263,808.26

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 1,955,000.00 AA+ Aaa 11/19/2020 11/24/2020 1,954,257.10 0.51 3,910.00 1,825,217.331,954,759.76

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 6,190,000.00 AA+ Aaa 12/3/2020 12/4/2020 6,188,885.80 0.50 12,380.00 5,779,076.856,189,637.68

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 5,760.87 2,006,712.502,020,932.20

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 7,628.23 1,968,983.482,014,661.90

FEDERAL HOME LOAN BANK NOTES
DTD 08/25/2022 3.375% 09/10/2032
3130AT4C8 875,000.00 AA+ Aaa 11/1/2022 11/3/2022 779,616.25 4.77 1,722.66 810,191.38793,265.22 39,067,500.00 38,661,369.74 63,647.28 36,711,068.43Security Type Sub-Total 0.96 38,706,439.54 Corporate
AMAZON.COM INC CORPORATE
NOTES
DTD 05/12/2021 0.450% 05/12/2024
023135BW5 2,500.00 AA A1 5/10/2021 5/12/2021 2,496.35 0.50 4.34 2,485.332,499.86

JOHN DEERE CAPITAL CORP

CORPORATE NOTES
DTD 01/10/2022 1.250% 01/10/2025
24422EVY2 212,500.00 A A1 3/8/2022 3/10/2022 207,142.87 2.17 597.66 205,966.05211,032.86

MICROSOFT CORP (CALLABLE)
NOTES
DTD 02/12/2015 2.700% 02/12/2025
594918BB9 2,295,000.00 AAA Aaa 3/4/2021 3/8/2021 2,457,049.95 0.87 8,434.13 2,246,263.382,322,108.73

TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 1,595,000.00 A+ A1 5/21/2020 5/26/2020 1,616,692.00 1.50 3,828.00 1,547,896.461,599,001.19 39 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 292,500.00 A+ A1 5/20/2020 5/26/2020 295,357.73 1.58 702.00 283,861.89293,027.12

NOVARTIS CAPITAL CORP
DTD 02/14/2020 1.750% 02/14/2025
66989HAP3 3,680,000.00 AA- Aa3 5/8/2020 5/12/2020 3,809,756.80 0.99 8,407.78 3,574,674.723,701,879.37 AMAZON.COM INC CORPORATE
NOTES
DTD 04/13/2022 3.000% 04/13/2025
023135CE4 2,567,500.00 AA A1 4/11/2022 4/13/2022 2,563,417.67 3.06 35,945.00 2,510,753.122,566,095.77

CITIGROUP INC (CALLABLE)

CORPORATE NOTES
DTD 05/04/2021 0.981% 05/01/2025
172967MX6 1,355,000.00 BBB+ A3 4/28/2021 5/4/2021 1,358,590.75 0.91 5,538.56 1,348,002.781,355,098.56

GOLDMAN SACHS GROUP INC

CORPORATE NOTES
DTD 05/22/2015 3.750% 05/22/2025
38148LAE6 1,817,500.00 BBB+ A2 2/12/2021 2/17/2021 2,030,474.65 0.94 24,422.66 1,778,898.121,865,005.26

HONEYWELL INTL CORP NOTES
(CALLABLE)
DTD 05/18/2020 1.350% 06/01/2025
438516CB0 2,000,000.00 A A2 9/3/2021 9/8/2021 2,039,160.00 0.82 9,000.00 1,915,664.002,011,621.49

JPMORGAN CHASE & CO CORP

NOTES (CALLABLE
DTD 08/10/2021 0.768% 08/09/2025
46647PCM6 1,680,000.00 A- A1 8/3/2021 8/10/2021 1,680,000.00 0.77 1,863.68 1,648,083.361,680,000.00

STATE STREET CORP (CALLABLE)

CORPORATE N
DTD 02/07/2022 1.746% 02/06/2026
857477BR3 437,500.00 A A1 2/2/2022 2/7/2022 437,500.00 1.75 1,167.03 422,298.63437,500.00

STATE STREET CORP NOTES
(CALLABLE)
DTD 10/29/2020 2.901% 03/30/2026
857477BM4 3,750,000.00 A A1 8/8/2022 8/10/2022 3,639,037.50 3.78 302.19 3,650,681.253,689,171.16

BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 03/22/2022 3.384% 04/02/2026
06051GKM0 1,875,000.00 A- A1 3/17/2022 3/22/2022 1,875,000.00 3.38 31,548.75 1,834,831.881,875,000.00

PACCAR FINANCIAL CORP

CORPORATE NOTES
DTD 08/10/2023 5.050% 08/10/2026
69371RS56 3,800,000.00 A+ A1 8/10/2023 8/14/2023 3,815,846.00 4.90 27,185.83 3,808,698.203,812,493.96

BANK OF AMERICA NA CORPORATE
NOTES
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 1,885,000.00 A+ Aa1 8/14/2023 8/18/2023 1,885,000.00 5.53 12,441.94 1,902,898.081,885,000.00 40 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 50,525.13 3,152,866.503,150,000.00

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 8,809.67 1,985,943.542,139,265.08

MICROSOFT CORP CORP NOTES
(CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 2,325,000.00 AAA Aaa 1/27/2023 1/31/2023 2,259,644.25 4.07 11,721.88 2,254,066.582,278,622.81

TRUIST FINANCIAL CORP NOTES
(CALLABLE)
DTD 08/03/2020 1.125% 08/03/2027
89788MAC6 2,520,000.00 A- A3 8/5/2022 8/9/2022 2,213,719.20 3.83 4,567.50 2,207,867.762,314,859.18

INTEL CORP NOTES (CALLABLE)
DTD 08/05/2022 3.750% 08/05/2027
458140BY5 2,165,000.00 A- A3 8/10/2022 8/12/2022 2,165,476.30 3.75 12,629.17 2,091,439.802,165,317.00

HOME DEPOT INC CORP NOTES
(CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,450,000.00 A A2 1/25/2023 1/27/2023 3,255,385.50 4.15 4,561.67 3,242,189.253,304,873.52

JPMORGAN CHASE CORP NOTES
(CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,605,000.00 A- A1 9/14/2023 9/18/2023 1,467,563.85 5.13 4,861.32 1,506,631.161,484,191.93

HERSHEY COMPANY CORP NOTES

CALLABLE
DTD 05/04/2023 4.250% 05/04/2028
427866BH0 2,785,000.00 A A1 5/9/2023 5/11/2023 2,801,821.40 4.11 48,331.35 2,753,122.892,798,757.84

APPLE INC CORP NOTES CALLABLE
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 1,370,000.00 AA+ Aaa 5/12/2023 5/16/2023 1,380,946.30 3.82 21,463.33 1,348,185.491,378,984.40

APPLE INC CORP NOTES CALLABLE
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 4,675,000.00 AA+ Aaa 5/9/2023 5/11/2023 4,673,083.25 4.01 73,241.67 4,600,559.984,673,425.45

JOHN DEERE CAPITAL CORP

CORPORATE NOTES
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 600,000.00 A A1 7/13/2023 7/14/2023 608,160.00 4.64 6,352.50 603,588.60606,989.82

JOHN DEERE CAPITAL CORP

CORPORATE NOTES
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,420,000.00 A A1 7/11/2023 7/14/2023 1,417,884.20 4.98 15,034.25 1,428,493.021,418,187.62

TOYOTA MOTOR CREDIT CORP

CORPORATE NOTES
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 1,400,000.00 A+ A1 9/6/2023 9/11/2023 1,397,564.00 5.29 4,083.33 1,421,841.401,397,805.00

41 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITIBANK NA CORP NOTES
(CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 4,935,000.00 A+ Aa3 9/26/2023 9/29/2023 4,935,000.00 5.80 1,590.99 5,106,757.744,935,000.00

BLACKROCK FUNDING INC

CORPORATE NOTES (C
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 405,000.00 AA- Aa3 3/5/2024 3/14/2024 404,266.95 4.74 898.88 405,226.40404,273.32 64,190,000.00 63,981,732.07 440,062.19 62,790,737.36Security Type Sub-Total 3.54 63,757,088.30 Agency CMBS
FHMS K061 A2
DTD 01/30/2017 3.347% 11/01/2026
3137BTUM1 2,843,880.09 AA+ Aaa 5/19/2023 5/24/2023 2,756,341.90 4.31 7,932.06 2,745,976.562,778,139.40 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 4,299,439.154,268,339.89

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 2,437,117.732,419,767.82

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 3,763,151.313,727,398.23 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 4,006,761.74 AA+ Aaa 9/20/2023 9/28/2023 3,943,883.63 5.19 16,027.05 3,993,046.793,950,261.36 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,089,531.88 AA+ Aaa 9/7/2023 9/14/2023 2,058,282.93 5.01 8,096.94 2,080,715.312,061,609.95 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,404,722.14 AA+ Aaa 7/19/2023 7/27/2023 3,404,637.00 4.78 13,553.63 3,385,834.723,404,648.97 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 4,212,225.154,235,909.61 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 4,165,755.914,187,772.50 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 4,300,482.764,213,600.26 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 2,361,432.47 AA+ Aaa 9/19/2023 9/28/2023 2,361,420.66 5.27 10,374.56 2,390,575.622,361,421.77 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 4,187,066.274,144,107.72

42 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
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 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 3,320,997.493,207,678.42 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 4,212,598.494,154,418.95 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 2,453,821.532,433,402.18 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 1,697,949.161,670,477.30 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 2,240,271.512,234,620.19 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,495,000.00 AA+ Aaa 2/1/2024 2/8/2024 2,519,947.51 4.34 9,505.95 2,481,381.742,519,262.21 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
3137HBFY5 2,505,000.00 AA+ Aaa 1/10/2024 1/18/2024 2,530,022.45 4.50 9,861.35 2,507,418.832,529,079.14 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
3137HC2C5 3,760,000.00 AA+ Aaa 3/5/2024 3/14/2024 3,872,747.36 4.66 16,779.00 3,863,246.253,871,731.33 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
3137HBPD0 4,200,000.00 AA+ Aaa 2/14/2024 2/22/2024 4,313,148.00 4.78 18,900.00 4,318,269.984,310,940.94 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 4,200,000.00 AA+ Aaa 2/29/2024 3/7/2024 4,325,987.40 4.78 19,169.50 4,333,830.444,324,421.43 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
3137HC2L5 3,040,000.00 AA+ Aaa 3/19/2024 3/28/2024 3,113,400.80 4.83 13,680.00 3,138,332.273,113,253.28 76,650,637.32 75,956,111.59 294,323.25 76,529,504.97Security Type Sub-Total 4.89 76,122,262.85 ABS
HAROT 2021-1 A3
DTD 02/24/2021 0.270% 04/21/2025
43813GAC5 47,142.98 NR Aaa 2/17/2021 2/24/2021 47,142.11 0.27 3.54 46,874.1947,142.76 HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 90,275.07 AAA NR 4/20/2021 4/28/2021 90,265.58 0.38 15.25 89,522.1490,271.92 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 74,013.36 AAA NR 1/20/2021 1/27/2021 73,998.73 0.34 11.18 73,036.3974,008.25 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
89239BAC5 445,344.26 AAA Aaa 9/21/2021 9/27/2021 445,308.76 0.43 85.11 434,805.37445,329.48

43 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Portfolio Holdings
|
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 243,385.10 AAA NR 4/13/2021 4/21/2021 243,332.65 0.52 56.25 239,401.69243,364.66 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 263,438.25 AAA NR 11/9/2021 11/17/2021 263,379.45 0.75 86.64 257,634.13263,410.50 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 3.73 417.55 305,638.61309,989.11 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 0.58 205.58 779,824.85797,415.57 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/15/2027
161571HV9 3,825,000.00 AAA NR 1/24/2024 1/31/2024 3,824,417.45 4.61 7,820.00 3,804,879.743,824,448.72 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 16,213.00 931,380.49929,891.54 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 1,087,820.671,084,767.79 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 1,781,989.241,774,942.66 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 2,650,572.672,639,529.61 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 1,892.00 826,122.66824,838.53 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 3,375,000.00 AAA Aaa 9/7/2023 9/15/2023 3,374,409.38 5.58 8,370.00 3,398,774.513,374,470.78 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 3,075,000.00 NR Aaa 11/15/2023 11/21/2023 3,074,944.34 5.74 7,844.67 3,112,983.543,074,948.25 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 805,000.00 AAA NR 11/7/2023 11/14/2023 804,913.22 5.54 1,982.09 813,312.03804,919.38 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 2,880,000.00 AAA Aaa 8/15/2023 8/23/2023 2,879,821.44 5.53 7,078.40 2,898,961.342,879,843.23 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 3,460,000.00 AAA NR 9/12/2023 9/19/2023 3,459,845.34 5.23 8,042.58 3,489,460.173,459,860.05 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 3,380,000.00 AAA NR 9/7/2023 9/15/2023 3,379,063.06 5.17 7,751.47 3,404,081.493,379,153.98 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 1,190,000.00 AAA NR 11/3/2023 11/13/2023 1,189,843.52 5.54 2,930.04 1,202,712.411,189,854.26

44 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

3.34 3.34%
Total Investments $432,986,982.47

45 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Sett le
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
1/9/2024 1/17/2024 410,000.00 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 409,917.55 4.85% 1/10/2024 1/18/2024 2,505,000.00 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 2,535,610.55 4.50% 1/24/2024 1/31/2024 3,825,000.00 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2027 3,824,417.45 4.61% 2/1/2024 2/8/2024 2,495,000.00 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 2,522,165.57 4.34% 2/14/2024 2/22/2024 4,200,000.00 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 4,326,378.00 4.78% 2/29/2024 3/7/2024 4,200,000.00 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 4,329,821.30 4.78% 3/5/2024 3/14/2024 405,000.00 09290DAA9 BLACKROCK FUNDING INC CORPORATE NOTES (C 4.70% 3/14/2029 404,266.95 4.74% 3/5/2024 3/14/2024 3,760,000.00 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 3,880,018.26 4.66% 3/19/2024 3/28/2024 3,040,000.00 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 3,125,712.80 4.83% 3/25/2024 3/25/2024 3,260,000.00 912797GY7 US TREASURY BILL 0.00% 3/28/2024 3,258,591.10 5.19% Total BUY 28,100,000.00 28,616,899.53 0.00

INTEREST
1/1/2024 1/1/2024 1,875,000.00 341271AD6 FL ST BOARD OF ADMIN TXBL REV BONDS 1.25% 7/1/2025 11,793.75 1/1/2024 1/1/2024 557,500.00 646140DP5 NJ TURNPIKE AUTHORITY TXBL REV BONDS 1.04% 1/1/2026 2,918.51 1/1/2024 1/25/2024 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 1/1/2024 1/25/2024 4,200,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 1/1/2024 1/25/2024 2,215,000.00 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17

46 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
1/1/2024 1/25/2024 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 10,238.46 1/1/2024 1/25/2024 3,305,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 1/1/2024 1/25/2024 2,440,000.00 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 1/1/2024 1/25/2024 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 6,864.35 1/1/2024 1/25/2024 4,200,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 1/1/2024 1/25/2024 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 1/1/2024 1/25/2024 4,300,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 1/1/2024 1/25/2024 2,094,800.58 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,117.35 1/1/2024 1/25/2024 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 1/1/2024 1/25/2024 2,860,717.75 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,979.02 1/1/2024 1/25/2024 2,370,955.64 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,416.40 1/1/2024 1/25/2024 4,041,108.91 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 16,164.44 1/1/2024 1/25/2024 399,886.72 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 1,115.02 1/1/2024 1/25/2024 1,675,000.00 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 1/1/2024 1/25/2024 3,410,789.22 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,577.78 1/2/2024 1/2/2024 MONEY0002 MONEY MARKET FUND 1,961.52
1/8/2024 1/8/2024 4,100,000.00 931142EL3 WALMART INC CORPORATE NOTES 2.85% 7/8/2024 58,425.00

47 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
1/10/2024 1/10/2024 212,500.00 24422EVY2 JOHN DEERE CAPITAL CORP CORPORATE NOTES 1.25% 1/10/2025 1,328.13 1/14/2024 1/14/2024 2,020,000.00 24422EXB0 JOHN DEERE CAPITAL CORP CORPORATE NOTES 4.95% 7/14/2028 49,995.00 1/15/2024 1/15/2024 341,804.47 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 210.78 1/15/2024 1/15/2024 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 1/15/2024 1/15/2024 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 1/15/2024 1/15/2024 2,140,000.00 87612EBM7 TARGET CORP CORP NOTES (CALLABLE) 1.95% 1/15/2027 20,865.00 1/15/2024 1/15/2024 3,075,000.00 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 1/15/2024 1/15/2024 1,520,000.00 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,518.27 1/15/2024 1/15/2024 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 1/15/2024 1/15/2024 116,397.75 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 32.98 1/15/2024 1/15/2024 3,375,000.00 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 1/15/2024 1/15/2024 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 1/15/2024 1/15/2024 1,190,000.00 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 1/15/2024 1/15/2024 3,380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 1/15/2024 1/15/2024 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 1/15/2024 1/15/2024 805,000.00 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 1/15/2024 1/15/2024 588,471.41 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 210.87

48 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
1/15/2024 1/15/2024 165,568.26 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 52.43 1/15/2024 1/15/2024 345,214.89 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 149.59 1/15/2024 1/15/2024 3,460,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 1/17/2024 1/17/2024 4,200,000.00 21684LGS5 COOPERAT RABOBANK UA/NY CERT DEPOS 5.08% 7/17/2026 104,902.00 1/18/2024 1/18/2024 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 1/18/2024 1/18/2024 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 1/21/2024 1/21/2024 120,159.20 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 27.04 1/21/2024 1/21/2024 2,310,000.00 3137EAEU9 FREDDIE MAC NOTES 0.37% 7/21/2025 4,331.25 1/30/2024 1/30/2024 1,650,000.00 91159HHX1 US BANCORP NOTES (CALLABLE) 2.40% 7/30/2024 19,800.00 1/31/2024 1/31/2024 5,040,000.00 91282CBJ9 US TREASURY NOTES 0.75% 1/31/2028 18,900.00 1/31/2024 1/31/2024 1,707,500.00 9128286A3 US TREASURY NOTES 2.62% 1/31/2026 22,410.94 1/31/2024 1/31/2024 17,305,000.00 91282CBH3 US TREASURY NOTES 0.37% 1/31/2026 32,446.88 1/31/2024 1/31/2024 5,000,000.00 91282CFB2 US TREASURY NOTES 2.75% 7/31/2027 68,750.00 2/1/2024 2/1/2024 965,000.00 54438CYK2 LOS ANGELES CCD, CA TXBL GO BONDS 0.77% 8/1/2025 3,729.73 2/1/2024 2/1/2024 725,000.00 797272QP9 SAN DIEGO CCD, CA TXBL GO BONDS 2.04% 8/1/2024 7,416.75 2/1/2024 2/1/2024 647,500.00 574193TQ1 MD ST TXBL GO BONDS 0.51% 8/1/2024 1,651.13 2/1/2024 2/1/2024 MONEY0002 MONEY MARKET FUND 3,436.05

49 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
2/1/2024 2/25/2024 3,305,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 2/1/2024 2/25/2024 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 10,238.46 2/1/2024 2/25/2024 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 6,864.35 2/1/2024 2/25/2024 1,675,000.00 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 2/1/2024 2/25/2024 3,409,033.21 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,570.79 2/1/2024 2/25/2024 4,200,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 2/1/2024 2/25/2024 2,855,353.19 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,964.06 2/1/2024 2/25/2024 4,200,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 2/1/2024 2/25/2024 2,093,215.06 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,111.21 2/1/2024 2/25/2024 2,505,000.00 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 2/1/2024 2/25/2024 306,971.74 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 855.94 2/1/2024 2/25/2024 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 2/1/2024 2/25/2024 4,030,817.60 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 16,123.27 2/1/2024 2/25/2024 4,300,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 2/1/2024 2/25/2024 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 2/1/2024 2/25/2024 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 2/1/2024 2/25/2024 2,215,000.00 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17

50 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
2/1/2024 2/25/2024 2,440,000.00 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 2/1/2024 2/25/2024 2,368,372.39 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,405.05 2/3/2024 2/3/2024 2,520,000.00 89788MAC6 TRUIST FINANCIAL CORP NOTES (CALLABLE) 1.12% 8/3/2027 14,175.00 2/5/2024 2/5/2024 2,165,000.00 458140BY5 INTEL CORP NOTES (CALLABLE) 3.75% 8/5/2027 40,593.75 2/6/2024 2/6/2024 437,500.00 857477BR3 STATE STREET CORP (CALLABLE) CORPORATE N 1.74% 2/6/2026 3,819.38 2/6/2024 2/6/2024 2,325,000.00 594918BY9 MICROSOFT CORP CORP NOTES (CALLABLE) 3.30% 2/6/2027 38,362.50 2/9/2024 2/9/2024 1,680,000.00 46647PCM6 JPMORGAN CHASE & CO CORP NOTES (CALLABLE 0.76% 8/9/2025 6,451.20 2/10/2024 2/10/2024 3,800,000.00 69371RS56 PACCAR FINANCIAL CORP CORPORATE NOTES 5.05% 8/10/2026 95,950.00 2/12/2024 2/12/2024 2,675,000.00 594918BB9 MICROSOFT CORP (CALLABLE) NOTES 2.70% 2/12/2025 36,112.50 2/13/2024 2/13/2024 1,887,500.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTES 1.80% 2/13/2025 16,987.50 2/14/2024 2/14/2024 3,680,000.00 66989HAP3 NOVARTIS CAPITAL CORP 1.75% 2/14/2025 32,200.00 2/15/2024 2/15/2024 3,825,000.00 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2027 7,331.25 2/15/2024 2/15/2024 2,245,000.00 912828V98 US TREASURY NOTES 2.25% 2/15/2027 25,256.25 2/15/2024 2/15/2024 2,065,000.00 91282CGM7 US TREASURY NOTES 3.50% 2/15/2033 36,137.50 2/15/2024 2/15/2024 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 2/15/2024 2/15/2024 805,000.00 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 2/15/2024 2/15/2024 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79

51 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
2/15/2024 2/15/2024 541,280.10 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 193.96 2/15/2024 2/15/2024 3,375,000.00 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 2/15/2024 2/15/2024 3,027,500.00 91282CCS8 US TREASURY NOTES 1.25% 8/15/2031 18,921.88 2/15/2024 2/15/2024 1,775,000.00 912810FJ2 US TREASURY NOTES 6.12% 8/15/2029 54,359.38 2/15/2024 2/15/2024 315,476.88 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 194.54 2/15/2024 2/15/2024 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 2/15/2024 2/15/2024 3,460,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 2/15/2024 2/15/2024 1,190,000.00 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 2/15/2024 2/15/2024 1,875,000.00 912810FG8 US TREASURY NOTES 5.25% 2/15/2029 49,218.75 2/15/2024 2/15/2024 520,000.00 912828YB0 US TREASURY NOTES 1.62% 8/15/2029 4,225.00 2/15/2024 2/15/2024 102,560.99 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 29.06 2/15/2024 2/15/2024 6,575,000.00 912810FP8 US TREASURY NOTES 5.37% 2/15/2031 176,703.13 2/15/2024 2/15/2024 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 2/15/2024 2/15/2024 3,075,000.00 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 2/15/2024 2/15/2024 3,380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 2/15/2024 2/15/2024 2,365,000.00 91282CDY4 US TREASURY NOTES 1.87% 2/15/2032 22,171.88 2/15/2024 2/15/2024 2,665,000.00 9128286B1 US TREASURY NOTES 2.62% 2/15/2029 34,978.13

52 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
2/15/2024 2/15/2024 542,500.00 912828Z94 US TREASURY NOTES 1.50% 2/15/2030 4,068.75 2/15/2024 2/15/2024 2,730,000.00 9128282R0 US TREASURY NOTES 2.25% 8/15/2027 30,712.50 2/15/2024 2/15/2024 1,520,000.00 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 2/15/2024 2/15/2024 139,965.63 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 44.32 2/15/2024 2/15/2024 565,000.00 91282CBL4 US TREASURY NOTES 1.12% 2/15/2031 3,178.13 2/15/2024 2/15/2024 2,385,000.00 91282CHT1 US TREASURY NOTES 3.87% 8/15/2033 46,209.38 2/15/2024 2/15/2024 310,603.20 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 134.59 2/15/2024 2/15/2024 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 2/15/2024 2/15/2024 2,195,000.00 91282CFF3 US TREASURY NOTES 2.75% 8/15/2032 30,181.25 2/15/2024 2/15/2024 5,672,500.00 91282CAE1 US TREASURY NOTES 0.62% 8/15/2030 17,726.56 2/16/2024 2/16/2024 410,000.00 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,601.85 2/18/2024 2/18/2024 1,885,000.00 06428CAA2 BANK OF AMERICA NA CORPORATE NOTES 5.52% 8/18/2026 52,082.55 2/18/2024 2/18/2024 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 2/18/2024 2/18/2024 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 2/21/2024 2/21/2024 95,379.25 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 21.46 2/24/2024 2/24/2024 1,605,000.00 46647PCW4 JPMORGAN CHASE CORP NOTES (CALLABLE) 2.94% 2/24/2028 23,649.68 2/25/2024 2/25/2024 3,995,000.00 3135G05X7 FANNIE MAE NOTES 0.37% 8/25/2025 7,490.63

53 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
2/29/2024 2/29/2024 7,500.00 9128282U3 US TREASURY NOTES 1.87% 8/31/2024 70.31 2/29/2024 2/29/2024 4,825,000.00 91282CGP0 US TREASURY NOTES 4.00% 2/29/2028 96,500.00 2/29/2024 2/29/2024 2,010,000.00 91282CGQ8 US TREASURY NOTES 4.00% 2/28/2030 40,200.00 2/29/2024 2/29/2024 5,030,000.00 91282CFH9 US TREASURY NOTES 3.12% 8/31/2027 78,593.75 2/29/2024 2/29/2024 12,670,000.00 91282CBQ3 US TREASURY NOTES 0.50% 2/28/2026 31,675.00 2/29/2024 2/29/2024 2,120,000.00 91282CFJ5 US TREASURY NOTES 3.12% 8/31/2029 33,125.00 2/29/2024 2/29/2024 8,820,000.00 91282CAJ0 US TREASURY NOTES 0.25% 8/31/2025 11,025.00 2/29/2024 2/29/2024 12,500.00 912828ZC7 US TREASURY NOTES 1.12% 2/28/2025 70.31 3/1/2024 3/1/2024 MONEY0002 MONEY MARKET FUND 2,026.72
3/1/2024 3/25/2024 2,440,000.00 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 3/1/2024 3/25/2024 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 3/1/2024 3/25/2024 4,200,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 3/1/2024 3/25/2024 4,200,000.00 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 3/1/2024 3/25/2024 2,849,970.61 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,949.04 3/1/2024 3/25/2024 2,215,000.00 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 3/1/2024 3/25/2024 3,305,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 3/1/2024 3/25/2024 2,495,000.00 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95

54 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
3/1/2024 3/25/2024 4,020,477.44 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 16,081.91 3/1/2024 3/25/2024 2,505,000.00 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 3/1/2024 3/25/2024 4,200,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 3/1/2024 3/25/2024 2,091,622.08 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,105.04 3/1/2024 3/25/2024 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 10,238.46 3/1/2024 3/25/2024 3,407,267.77 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,563.77 3/1/2024 3/25/2024 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 3/1/2024 3/25/2024 4,300,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 3/1/2024 3/25/2024 2,365,651.15 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,393.09 3/1/2024 3/25/2024 1,675,000.00 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 3/1/2024 3/25/2024 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 3/1/2024 3/25/2024 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 6,864.35 3/10/2024 3/10/2024 875,000.00 3130AT4C8 FEDERAL HOME LOAN BANK NOTES 3.37% 9/10/2032 14,765.63 3/11/2024 3/11/2024 1,400,000.00 89236TLB9 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES 5.25% 9/11/2028 36,750.00 3/14/2024 3/14/2024 3,450,000.00 437076BT8 HOME DEPOT INC CORP NOTES (CALLABLE) 2.80% 9/14/2027 48,300.00 3/15/2024 3/15/2024 805,000.00 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 3/15/2024 3/15/2024 88,106.28 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 24.96

55 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
3/15/2024 3/15/2024 7,500.00 91282CCX7 US TREASURY NOTES 0.37% 9/15/2024 14.06 3/15/2024 3/15/2024 491,194.37 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 176.01 3/15/2024 3/15/2024 3,825,000.00 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2027 14,662.50 3/15/2024 3/15/2024 288,836.63 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 178.12 3/15/2024 3/15/2024 3,075,000.00 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 3/15/2024 3/15/2024 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 3/15/2024 3/15/2024 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 3/15/2024 3/15/2024 3,460,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 3/15/2024 3/15/2024 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 3/15/2024 3/15/2024 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 3/15/2024 3/15/2024 114,610.28 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 36.29 3/15/2024 3/15/2024 1,520,000.00 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 3/15/2024 3/15/2024 275,933.16 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 119.57 3/15/2024 3/15/2024 3,375,000.00 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 3/15/2024 3/15/2024 3,380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 3/15/2024 3/15/2024 1,190,000.00 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 3/15/2024 3/15/2024 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46

56 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

INTEREST
3/16/2024 3/16/2024 410,000.00 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 3/18/2024 3/18/2024 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 3/18/2024 3/18/2024 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 3/21/2024 3/21/2024 70,832.38 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 15.94 3/23/2024 3/23/2024 3,545,000.00 3137EAEX3 FREDDIE MAC NOTES 0.37% 9/23/2025 6,646.88 3/29/2024 3/29/2024 4,935,000.00 17325FBB3 CITIBANK NA CORP NOTES (CALLABLE) 5.80% 9/29/2028 143,189.03 3/29/2024 3/29/2024 2,265,000.00 3133EMBH4 FEDERAL FARM CREDIT BANK (CALLABLE) 0.53% 9/29/2025 6,002.25 3/30/2024 3/30/2024 3,750,000.00 857477BM4 STATE STREET CORP NOTES (CALLABLE) 2.90% 3/30/2026 54,393.75 3/31/2024 3/31/2024 5,350,000.00 91282CEF4 US TREASURY NOTES 2.50% 3/31/2027 66,875.00 3/31/2024 3/31/2024 7,720,000.00 91282CBS9 US TREASURY NOTES 1.25% 3/31/2028 48,250.00 3/31/2024 3/31/2024 4,260,000.00 91282CGT2 US TREASURY NOTES 3.62% 3/31/2028 77,212.50 3/31/2024 3/31/2024 2,400,000.00 91282CAL5 US TREASURY NOTES 0.37% 9/30/2027 4,500.00 3/31/2024 3/31/2024 3,700,000.00 91282CCZ2 US TREASURY NOTES 0.87% 9/30/2026 16,187.50 3/31/2024 3/31/2024 525,000.00 91282CCY5 US TREASURY NOTES 1.25% 9/30/2028 3,281.25 Total INTEREST 472,239,833.19 3,229,582.39 0.00

MATURITY
2/5/2024 2/5/2024 12,500.00 91159HHV5 US BANK NA CINCINNATI CORP NOTES (CALLAB 3.37% 2/5/2024 12,710.94

57 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

MATURITY
2/29/2024 2/29/2024 9,500.00 9128286G0 US TREASURY NOTES 2.37% 2/29/2024 9,612.81 3/1/2024 3/1/2024 128,026.50 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 128,383.48 3/7/2024 3/7/2024 207,500.00 58933YAU9 MERCK & CO INC (CALLABLE) CORP NOTES 2.90% 3/7/2024 210,508.75 3/28/2024 3/28/2024 3,260,000.00 912797GY7 US TREASURY BILL 0.00% 3/28/2024 3,260,000.00 Total MATURITY 3,617,526.50 3,621,215.98 0.00

PAYDOWNS
1/1/2024 1/25/2024 2,583.25 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 2,583.25 1/1/2024 1/25/2024 1,756.01 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,756.01 1/1/2024 1/25/2024 5,364.56 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,364.56 1/1/2024 1/25/2024 1,585.52 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,585.52 1/1/2024 1/25/2024 10,291.31 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 10,291.31 1/1/2024 1/25/2024 92,914.98 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 92,914.98 1/15/2024 1/15/2024 13,836.76 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 13,836.76 1/15/2024 1/15/2024 47,191.31 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 47,191.31 1/15/2024 1/15/2024 26,327.59 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 26,327.59 1/15/2024 1/15/2024 25,602.63 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 25,602.63 1/15/2024 1/15/2024 34,611.69 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 34,611.69

58 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

PAYDOWNS
1/21/2024 1/21/2024 24,779.95 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 24,779.95 2/1/2024 2/25/2024 1,592.98 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,592.98 2/1/2024 2/25/2024 10,340.16 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 10,340.16 2/1/2024 2/25/2024 2,721.24 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 2,721.24 2/1/2024 2/25/2024 1,765.44 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,765.44 2/1/2024 2/25/2024 5,382.58 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,382.58 2/1/2024 2/25/2024 178,945.24 3136AJB54 FANNIEMAE-ACES 3.34% 3/1/2024 178,945.24 2/15/2024 2/15/2024 34,670.04 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 34,670.04 2/15/2024 2/15/2024 14,454.71 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 14,454.71 2/15/2024 2/15/2024 50,085.73 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 50,085.73 2/15/2024 2/15/2024 26,640.25 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 26,640.25 2/15/2024 2/15/2024 25,355.35 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 25,355.35 2/21/2024 2/21/2024 24,546.87 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 24,546.87 3/1/2024 3/25/2024 2,090.20 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,090.20 3/1/2024 3/25/2024 2,545.63 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,545.63 3/1/2024 3/25/2024 4,218.68 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 4,218.68 3/1/2024 3/25/2024 13,715.70 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 13,715.70

59 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

PAYDOWNS
3/1/2024 3/25/2024 6,090.52 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 6,090.52 3/15/2024 3/15/2024 14,092.92 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 14,092.92 3/15/2024 3/15/2024 24,335.21 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 24,335.21 3/15/2024 3/15/2024 25,398.38 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 25,398.38 3/15/2024 3/15/2024 45,850.11 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 45,850.11 3/15/2024 3/15/2024 32,548.06 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 32,548.06 3/21/2024 3/21/2024 23,689.40 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 23,689.40 Total PAYDOWNS 857,920.96 857,920.96 0.00
SELL
1/12/2024 1/17/2024 2,105,000.00 58933YAU9 MERCK & CO INC (CALLABLE) CORP NOTES 2.90% 3/7/2024 2,119,613.38 -9,970.52 1/25/2024 1/31/2024 750,000.00 3133ELVX9 FEDERAL FARM CREDIT BANK NOTES 0.87% 4/8/2024 745,279.90 -6,780.00 1/25/2024 1/31/2024 925,000.00 57636QAB0 MASTERCARD INC CORP NOTES 3.37% 4/1/2024 931,724.75 -4,691.52 1/25/2024 1/31/2024 965,000.00 717081ES8 PFIZER INC CORP NOTES 2.95% 3/15/2024 972,704.99 -3,263.91 2/1/2024 2/1/2024 235,000.00 912828ZL7 US TREASURY NOTES 0.37% 4/30/2025 223,566.95 -10,720.21 2/5/2024 2/8/2024 2,550,000.00 931142EL3 WALMART INC CORPORATE NOTES 2.85% 7/8/2024 2,532,672.75 -39,523.20 2/16/2024 2/22/2024 3,450,000.00 4581X0DZ8 INTER-AMERICAN DEVEL BK NOTES 0.50% 9/23/2024 3,361,712.58 -94,928.51 3/1/2024 3/7/2024 1,550,000.00 931142EL3 WALMART INC CORPORATE NOTES 2.85% 7/8/2024 1,543,630.79 -21,149.23

60 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Sett le
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
SELL
3/1/2024 3/7/2024 1,650,000.00 91159HHX1 US BANCORP NOTES (CALLABLE) 2.40% 7/30/2024 1,632,950.00 -21,206.50 3/11/2024 3/14/2024 740,000.00 4581X0DZ8 INTER-AMERICAN DEVEL BK NOTES 0.50% 9/23/2024 723,205.70 -18,455.37 3/11/2024 3/14/2024 1,540,000.00 023135BW5 AMAZON.COM INC CORPORATE NOTES 0.45% 5/12/2024 1,529,859.10 -12,368.36 3/11/2024 3/14/2024 380,000.00 594918BB9 MICROSOFT CORP (CALLABLE) NOTES 2.70% 2/12/2025 372,829.40 -12,930.28 3/11/2024 3/14/2024 100,000.00 57636QAB0 MASTERCARD INC CORP NOTES 3.37% 4/1/2024 101,405.13 -155.22 3/11/2024 3/14/2024 1,450,000.00 88579YBM2 3M COMPANY (CALLABLE) CORPORATE NOTES 2.65% 4/15/2025 1,422,911.18 -32,974.28 3/21/2024 3/25/2024 2,800,000.00 89115B6F2 TORONTO DOMINION BANK NY CERT DEPOS 5.47% 10/25/2024 2,862,959.56 -1,708.00 Total SELL 21,190,000.00 21,077,0 26.16 -290,825.11

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

62 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 10,772,325.6810,777,819.42 10,805,000.00 10,499,218.50 0.00 10,772,325.68Security Type Sub-Total 5.82 10,777,819.42 10,805,000.00 10,499,218.50 0.00 10,772,325.68Managed Account Sub Total Securities Sub Total
Accrued Interest
$10,805,000.00 $10,499,218.50 $0.00 $10,772,325.68
$0.00
10,777,819.42
$10,777,819.42

5.82 5.82%
Total Investments $10,772,325.68

63 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

64 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
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.

65 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
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.

66 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
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.

67 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2024
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.

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

INVESTMENT REPORT
Period Ending March 31, 2024
City of Stockton

69 ATTACHMENT A
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of March 31, 2024

70 ATTACHMENT A
SECTION |
Section 1 |
Economic Update

71 ATTACHMENT A
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 March 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 March Summaryof Economic Projections (SEP) showed stronger real GDP growth outlookand higher core inflation projections for 2024 on resilient labor market and consumer data. The median projection for Federal Funds rate by year-end remained the same at 4.625%, implying three 0.25% cuts. We continue to believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate.

The US Treasury yield curve stabilized in March as the FOMC left the Federal Funds rate unchanged. The 2-year Treasury yield was unchanged at 4.62%, the 5-year Treasury fell 4 basis points to 4.21%, and the 10-year Treasury yield dropped 5 basis points to 4.20%. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -42 basis points at March month-end versus -37 basis points at February month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -56 basis points. The inversion between 3-month and 10-year Treasuries widened to -117 basis points in March from -113 basis points in February.

72 ATTACHMENT A
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 a better-than-expected 303,000 jobs in March, and the prior two months were revised up by 22,000. Leading sectors included healthcare and government.Job creation remains healthy, with the three-monthmoving average payrolls at 276,000 and the six-month moving average at 244,000. The unemploymentrate edged down to 3.8% in March. The labor participation rate ticked up to

62.7% but remained 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 was unchanged at 7.3%. Average hourly earnings rose 4.1% year- over-year in March, down from 4.3% last month. Employment remains strong by historical standards.

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

73 ATTACHMENT A
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) edged up to 8.756 million in February compared to a downwardly revised 8.748 million in January. Job openings still represent a healthy ratio of around 1.4 jobs for each unemployed individual. While the current level of job openings remains elevated from a historical perspective, the trend is decelerating.

Source: US Department of Labor

74 ATTACHMENT A
Inflation

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Cor e Deflator Y OY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) c ame in higher than expected in March, increasing 0.4% month-over-monthand 3.5% year-over-year. The Core CPI, which excludes volatile food and energy components, was up 0.4% month-over-monthand 3.8% year-over-year in March, unchanged from 3.8% in February. Energy costs accelerated during the month, and shelter costs remain elevated. The Personal Consumption Expenditures (PCE) Index headline inflation increased 0.3% month-over-monthand rose 2.5% year-over-year in February, in line with expectations. Core PCE, the Federal Reserve’s preferredinflation gauge, increased 0.3% month-over-monthand rose 2.8% year- over-year. While the trend is moderating, the path to the Fed's 2% inflation target remains uneven.

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

75 ATTACHMENT A
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
March Retail Sales rose above expectations at +0.7% after a sizeable upward revision to +0.9% in February. On a year-over-year basis, Retail Sales growth increased 4.0% for March. Sales were supported by higher gas prices and higher volume sales in a busy travel period for spring break at schools, as well as strength from non-store retailers. The Conference Board’s Consumer Confidence Index edged down to 104.7 in March after a sizeable downward revision to 104.8 in February. The lower reading was largely due to a deteriorating view of the labor market and future business conditions, along with concerns about the highly polarized political environment. 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)

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

0.0%

5.0%

10.0%

15.0%
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 L eading Economic Index (LEI) rose to 0.1% month-over-month in February ending its 2-year uninterrupted contraction since February 2022. The index declined 6.3% year-over-year. The Conference Board is no longer calling for recession but expects GDP growth to slow to near zero this year. The Chicago Fed National Activity Index (CFNAI) increased +0.05 in February from a downwardlyrevised -0.54 in January. On a 3-month movingaverage basis, the CFNAI decreased to -0.18 in February from-0.11 in January, indicating moderating economic growth.

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

77 ATTACHMENT A
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 increased 10.7% month-over-monthin February to 1.521 million units, due to milder weather than seen in January and some rising confidence among homebuilders as mortgage rates fell below 7%. Starts for multi-family homes increased 8.6%, while single family homes increased 11.6% for the month. Total starts of new single-family homes are up 35.2% year-over-year. According to Freddie Mac, 30-year fixed mortgage rates averaged 6.79% as of March 31st. According to the Case-Shiller 20-City Home Price Index, housing prices rose 6.59% year-over-year in January, accelerating from a 6.15% year-over-year gain in December. 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

78 ATTACHMENT A
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 unexpectedly expanded to 50.3 in March from 47.8 in February, marking the first month of expansion in factory activity above a reading of 50 since 2022. Production and new orders surged, while employment improved and prices paid increased. The ISM Services Index fell to 51.4 in March from 52.6 in February but remained in expansion territory for the 15th consecutive month. The survey reflected slower growth in new orders, a contraction in employment, faster supplier deliveries, and declining price pressures.

Source: Institute for Supply Management

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

2.5% 0.6% 2.1% 2.2%
-1.7% 0.9% 1.7% 0.2%

0.6% 0.0% 0.0% 0.3%

0.3% 0.1% 0.5% 0.2%

0.5% 0.5% 0.5% 0.6%

2.3% 2.1% 4.9% 3.4%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the third estim ate, fourth quarter GDP increased at an annualized rate of 3.4%, revised up from the second estimate of 3.2%.

The upward revision was due mainly to stronger personal consumption expenditures and nonresidential investment. GDP growth for the full year 2023 is estimated at 2.5%. The consensus projection calls for 2.0% growth in the first quarter and 2.2% growth for the full year 2024.

80 ATTACHMENT A
Federal Reserve
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As expected at the March 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 FOMC Statement and Summary of Economic Projections (SEP) was minimally changed from January. 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. For 2024, the March SEP showed stronger real GDP growth outlook of 2.1% from 1.4% in December as labor market and consumer data have been resilient. Core inflation projections nudged up from 2.4% to 2.6%. The median projection for the Federal Funds rate by the end of the year remained the same at 4.625%, implying three 0.25% cuts in 2024, three cuts in 2025 and three cuts in 2026. 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 $1.5T to approximately $7.5T.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)

81 ATTACHMENT A
Bond Yields
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Mar-24
Dec-23
Mar-23
Yield (%)
At the end of March, the 2-year Treasury yield was 59 basis point higher, and the 10-Year Treasury yield was 73 basis points higher, year- over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -42 basis points at March month-end versus -37 basis points at February month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries widened to -117 basis points in March from -113 basis points in February.

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

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

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

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

As of March 31, 2024

84 ATTACHMENT A

STATEMENT OF COMPLIANCE
Cityof StocktonReserve| Account#10020| As of March31,2024 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV; Agencies& Agency CMOs) 20.0 10.1 Compliant Max Maturity (Years) 5.0 0.0 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 4.5 Compliant
Max % Issuer (MV) 5.0 1.5 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA by 1, A Issuer) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 0.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 40.0 1.4 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Days) 270 36 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 22.3 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Ratin
g (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max % (MV) 20.0 0.0 Compliant

85 ATTACHMENT A

STATEMENT OF COMPLIANCE
Cityof StocktonReserve| Account#10020| As of March31,2024 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 22.1 Compliant
Max % Issuer (MV; Agencies& Agency CMOs) 100.0 10.1 Compliant Max Callables (MV) 20.0 0.9 Compliant
Max Maturity (Years) 10 9 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration(MV) 75.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.1 Compliant
Max % Issuer (MV) 20.0 0.1 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA; A Issuer) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.9 Compliant
Max % Issuer (MV) 5.0 0.3 Compliant
Max Maturity (Years) 5 1 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.9 Compliant
Max % Issuer (MV) 5.0 0.6 Compliant
Max Maturity (Years) 5 1 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 1.9 Compliant
Max % Issuer (MV) 5.0 1.9 Compliant
Max Maturity (Yea
rs) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max Maturity (Years) 0.0 0.0 Compliant

86 ATTACHMENT A

STATEMENT OF COMPLIANCE
Cityof StocktonReserve| Account#10020| As of March31,2024 Rules Name Limit Actual Compliance
Status Notes

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 1.3 Compliant
Max % Issuer (MV) 10.0 1.3 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 41.4 Compliant
Max Maturity (Years) 10 9 Compliant

87 ATTACHMENT A
Portfolio Characteristics
City of Stockton Reserve
03/31/24 12/31/23
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.69 2.88 2.87
Average Modified Duration 2.51 2.49 2.47
Average Purchase Yield n/a 2.51% 2.23%
Average Market Yield 4.63% 4.81% 4.57%
Average Quality** AA+ AA AA/Aa1
Total Market Value 321,428,490 320,200,933
*ICE BofA US Issuers 1-5 Yr AAA-A US Corp/Govt Idx
**The benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

As of March 31, 2024

88 ATTACHMENT A
City of Stockton Reserve
Sector Distribution
Agency

22.1%
Asset Backed
Security

4.5%
Commercial
Paper

1.4%
Corporate

22.3%
Money Market
Fund

0.1%
Municipal Bonds

1.9%
Supranational

1.3%
US Treasury

41.4%
Agency CMBS

2.3%
Cash

0.9%
Negotiable CD

1.9%
March 31, 2024 December 31, 2023
ABS

4.7%
Agency

22.2%
Commercial
Paper

1.4%
Corporate

20.3%
Money Market
Fund

0.1%
Municipal Bonds

1.9%
Supranational

1.3%
US Treasury

45.7%
CMO

2.5%
As of March 31, 2024

89 ATTACHMENT A
Issue Name Investment Type % Portfolio
Government of the United States US Treasury 41.40%
Federal National Mortgage Association Agency 10.10%
Federal Farm Credit Bank Agency 5.38%
Federal Home Loan Bank Agency 4.66%
Federal Home Loan Mortgage Corp Agency CMBS 2.30%
WestPac Banking Corp Negotiable CD 1.87%
Federal Home Loan Mortgage Corp Agency 1.71%
JP Morgan ABS Asset Backed Security 1.54%
JP Morgan Chase & Co Corporate 1.40%
MUFG Bank Ltd/NY Commercial Paper 1.39%
Deere & Company Corporate 1.34%
John Deere ABS Asset Backed Security 1.31%
Wal-Mart Stores Corporate 1.28%
Inter-American Dev Bank Supranational 1.27%
Amazon.com Inc Corporate 1.27%
Morgan Stanley Corporate 1.22%
Visa Inc Corporate 1.17%
United Health Group Inc Corporate 1.16%
Paccar Financial Corporate 1.12%
Novartis Capital Corp Corporate 1.11%
Charles Schwab Corp/The Corporate 1.02%
National Rural Utilities Corporate 0.96%
Account Receivable Payable Cash 0.95%
Cisco Systems Corporate 0.94%
Prologis Trust Corporate 0.90%
Microsoft Corporate 0.82%
Northern Trust Corp Corporate 0.68%
MasterCard Inc Corporate 0.67%
Target Corp Corporate 0.62%
Merck & Company Corporate 0.62%
Pepsico Inc Corporate 0.60%
Honeywell Corp Corporate 0.60%
Bank of America Corp Corporate 0.58%
Toyota Motor Corp Corporate 0.57%
Goldman Sachs Inc. Corporate 0.56%
Florida Hurricane Catastrophe Municipal Bonds 0.56%
US Bancorp Corporate 0.51%
Citigroup Inc Corporate 0.42%
Issuers
City of Stockton Reserve – Account #10020
As of March 31, 2024

90 ATTACHMENT A
Issue Name Investment Type % Portfolio
American Express ABS Asset Backed Security 0.40%
Honda ABS Asset Backed Security 0.35%
Los Angeles Cmnty College Dis Municipal Bonds 0.28%
Tennessee Valley Authority Agency 0.26%
Discover Card Execution Note Trust Asset Backed Security 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 Asset Backed Security 0.19%
California Edl Facs Auth Rev Municipal Bonds 0.19%
New Jersey State Turnpike Authority Municipal Bonds 0.16% Toyota ABS Asset Backed Security 0.14%
State Street Bank Corporate 0.13%
BMW Vehicle Lease Trust Asset Backed Security 0.13%
Hyundai Auto Receivables Asset Backed Security 0.11%
Carmax Auto Owner Trust Asset Backed Security 0.10%
Federated GOVT Obligation MMF Money Market Fund 0.09%
California State Dept Water Municipal Bonds 0.02%
TOTAL 100.00%
Issuers
City of Stockton Reserve – Account #10020
As of March 31, 2024

91 ATTACHMENT A
AAA AA A <A NR
03/31/24 8.3% 75.7% 15.0% 1.0% 0.0%
12/31/23 7.2% 72.9% 14.8% 1.0% 4.2%
Source: S&P Ratings
March 31, 2024 vs. December 31, 2023

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%
AAA AA A <A NR
03/31/24 12/31/23
Quality Distribution
City of Stockton Reserve
As of March 31, 2024

92 ATTACHMENT A

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ City of Stockton Reserve 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 5.0% 6.8% 11.7% 34.8% 12.3% 7.8% 6.3% 15.3%
Benchmark* 0.0% 0.0% 2.3% 34.2% 27.4% 22.9% 13.1% 0.0%
*ICE BofA US Issuers 1-5 Yr AAA-A US Corp/Govt Idx
Duration Distribution
City of Stockton Reserve
As of March 31, 2024

93 ATTACHMENT A

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%
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 $1,487,170.39 $5,912,237.60 N/A N/A N/A N/A $8,421,120.56 Change in Market Value ($276,160.83) $4,589,726.12 N/A N/A N/A N/A $1,865,117.99 TOTAL DOLLAR RETURN $1,211,009.56 $10,501,963.72 N/A N/A N/A N/A $10,286,238.55 Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of Stockton Reserve Portfolio 0.38% 3.38% N/A N/A N/A N/A 2.02% ICE BofA 1-5 US Treasury & Agency Index (0.01%) 2.45% N/A N/A N/A N/A 1.32% ICE BofA 1-5 Yr AAA-A US Corp & Govt Index 0.06% 2.68% N/A N/A N/A N/A 1.47% Basis Point Fee* 0.00% 0.023% N/A N/A N/A N/A 0.029%
Net of Fee Return 0.38% 3.36% N/A N/A N/A N/A 1.99%
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 March 31, 2024

94 ATTACHMENT A
Purchase Yield as of 03/31/24 = 2.51%

0.00 0.50

1.00 1.50

2.00 2.50

3.00 Percent (%)
Historical Average Purchase Yield
City of Stockton Reserve
As of March 31, 2024

95 ATTACHMENT A
SECTION |
Section 3 |
Portfolio Holdings
96 ATTACHMENT A

HOLDINGS REPORT
Cityof StocktonReserve| Account#10020| As of March31,2024 Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
ABS
254683CP8 DCENT 2021-1 A 0.58 09/15/2024 797,500.00 09/27/2021 797,329.25 97.75 779,534.00 0.24% Aaa/AAA 0.46

0.59% 797,473.65 5.57% 205.58 (17,939.65) NA 1.00
43813GAC5 HAROT 2021-1 A3 0.27 04/21/2025 47,142.98 02/24/2021 47,142.12 99.43 46,873.39 0.01% Aaa/NA 1.06

0.27% 47,142.83 4.70% 3.54 (269.44) AAA 0.15
44933LAC7 HART 2021-A A3 0.38 09/15/2025 90,275.05 04/28/2021 90,265.56 99.18 89,535.27 0.03% NA/AAA 1.46

0.39% 90,272.83 5.26% 15.25 (737.56) AAA 0.24
05593AAC3 BMWLT 2023-1 A3 5.16 11/25/2025 415,000.00 02/07/2023 414,990.12 99.76 414,024.29 0.13% Aaa/AAA 1.65

5.43% 414,994.12 5.64% 356.90 (969.83) NA 0.64
14316NAC3 CARMX 2021-1 A3 0.34 12/15/2025 74,013.36 01/27/2021 73,998.73 98.75 73,088.15 0.02% NA/AAA 1.71

0.35% 74,010.92 6.15% 11.18 (922.76) AAA 0.34
89239BAC5 TAOT2021-C A3 0.43 01/15/2026 445,344.26 09/27/2021 445,308.77 97.86 435,793.05 0.14% Aaa/AAA 1.79

0.43% 445,331.99 6.04% 85.11 (9,538.94) NA 0.57
14314QAC8 CARMX 2021-2 A3 0.52 0 2/17/2026 243,385.12 04/21/2021 243,332.67 98.36 239,394.36 0.07% NA/AAA 1.88

0.53% 243,372.07 6.39% 56.25 (3,977.71) AAA 0.47
44935FA
D6 HART 2021-C A3 0.74 05/15/2026 263,438.25 11/17/2021 263,379.44 97.77 257,561.34 0.08% NA/AAA 2.12

0.75% 263,414.78 6.00% 86.64 (5,853.45) AAA 0.66
05592XAD2 BMWOT 2023-A A3 5.47 610,000.00 07/11/2023 609,891.91 100.41 612,502.16 0.19% NA/AAA 3.91 02/25/2028 5.47% 609,908.48 5.49% 556.12 2,593.68 AAA 2.26 477920AC6 JDOT 2023-B A3 5.18 03/15/2028 1,085,000.00 06/21/2023 1,084,819.02 100.02 1,085,208.54 0.34% Aaa/NA 3.96

5.51% 1,084,848.24 5.50% 2,497.91 360.30 AAA 2.10
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2028 1,270,000.00 06/07/2023 1,269,887.35 99.79 1,267,315.35 0.40% NA/AAA 4.12

4.87% 1,269,905.65 5.37% 2,748.84 (2,590.31) AAA 1.97
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 3,105,000.00 09/12/2023 3,104,786.69 100.71 3,127,193.30 0.98% Aaa/NA 4.12

5.40% 3,104,811.16 5.54% 7,562.40 22,382.14 AAA 2.29
438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 1,050,000.00 11/01/2023 1,049,815.10 101.21 1,062,706.36 0.33% Aaa/NA 4.22

5.74% 1,049,830.99 5.44% 1,653.75 12,875.37 AAA 2.50
161571HT4 CHAIT 2023-1 A 5. 16 09/15/2028 4,915,000.00 -- 4,920,147.11 100.51 4,940,051.26 1.54% NR/AAA 4.46

5.13% 4,919,536.48 5.33% 11,271.73 20,514.78 AAA 2.26
14,415,093.83 100.15 14,430,780.82 4.51% Aaa/AAA 3.77
Total ABS 14,411,099.02 4.65% 14,414,854.19 5.48% 27,111.20 15,926.63 AAA 1.99 AGENCY
31 33ELVX9 FEDERAL FARM CREDIT BANKS 750,000.00 04/07/2020 750,000.00 99.92 749,400.63 0.23% Aaa/AA+ 0.02 FUNDING CORP 0.875 04/08/2024 0.87% 750,000.00 4.97% 3,153.65 (599.37) AA+ 0.02

97 ATTACHMENT A

Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
3135G0X24 FEDERAL NATIONALMORTGAGE
ASSOCIATION1.625 01/07/2025 4,380,000.00 03/04/2020

0.85%
4,542,673.20
4,405,840.12

97.36 5.18%
4,264,383.37
16,607.50

1.33%
(141,456.75)
Aaa/AA+
AA+

0.77 0.75
3130AJHU6 FEDERAL HOME LOANBANKS 0.5
04/14/2025 2,460,000.00 04/15/2020

0.60%
2,447,798.40
2,457,471.38

95.33 5.19%
2,345,071.41
5,705.83

0.73%
(112,399.97)
Aaa/AA+
AA+

1.04 1.01
3135G03U5 FEDERAL NATIONALMORTGAGE
ASSOCIATION0.625 04/22/2025 10,880,000.00 --

0.63%
10,879,060.80
10,879,834.78

95.48 5.06%
10,388,348.90
30,033.33

3.25%
(491,485.88)
Aaa/AA+
AA+

1.06 1.03
3135G04Z3 FEDERAL NATIONALMORTGAGE
ASSOCIATION0.5 06/17/2025 6,642,500.00 06/17/2020

0.54%
6,628,750.02
6,639,171.69

94.84 4.95%
6,299,417.53
9,594.72

1.97%
(339,754.16)
Aaa/AA+
AA+

1.21 1.18
3137EAEU9 FEDERAL HOME LOANMORTGAGE
CORP 0.375 07/21/2025 2,310,000.00 07/21/2020

0.48%
2,298,496.20
2,306,997.91

94.34 4.90%
2,179,221.15
1,684.38

0.68%
(127,776.76)
Aaa/AA+
AA+

1.31 1.27
3135G05X7 FEDERAL NATIONALMORTGAGE
ASSOCIATION0.375 08/25/2025 3,995,000.00 08/25/2020

0.47%
3,976,303.40
3,989,767.82

93.93 4.91%
3,752,623.35
1,498.12

1.17%
(237,144.47)
Aaa/AA+
AA+

1.40 1.37
3137EAEX3 FEDERAL HOME LOANMORTGAGE
CORP 0.375 09/23/2025 3,545,000.00 09/23/2020

0.44%
3,534,3

29.55 3,541,840.98

93.67 4.87%
3,320,597.28
295.42

1.04%
(221,243.70)
Aaa/AA+
AA+

1.48 1.44
3133EMBH4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 0.53 09/29/2025 2,265,000.00 10/07/2020

0.57%
2,261,036.25
2,263,808.26

93.69 4.96%
2,122,1

31.55 66.69

0.66%
(141,676.71)
Aaa/AA+
AA+

1.50 1.46
3135G06G3 FEDERAL NATIONALMORTGAGE
ASSOCIATION0.5 11/07/2025 8,145,000.00 --

0.54%
8,127,104.90
8,139,258.25

93.47 4.79%
7,613,362.90
16,290.00

2.38%
(525,895.35)
Aaa/AA+
AA+

1.61 1.56
3130ATS57 FEDERAL HOME LOANBANKS 4.5
03/10/2028 4,100,000.00 03/28/2023

3.89%
4,211,028.00
4,188,367.97
100.43

4.38%
4,117,536.03
10,762.50

1.29%
(70,831.94)
Aaa/AA+
AA+

3.94 3.58
3133EN7B0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.75 01/25/2030 3,000,000.00 01/20/2023

3.83%
2,985,090.00
2,987,609.02

96.70 4.40%
2,901,132.93
20,625.00

0.91%
(86,476.09)
Aaa/AA+
AA+

5.82 5.12
3133EN4V9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 09/23/2030 2,100,000.00 12/22/2022

4.22%
2,087,505.00
2,089,542.57

98.48 4.40%
2,068,148.46
1,925.00

0.65%
(21,394.11)
Aaa/AA+
AA+

6.48 5.62
3133ENQ45 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 09/30/2030 875,000.00 11/30/2022

4.40%
866,250.00
867,742.49

99.02 4.42%
866,449.68
103.30

0.27%
(1,292.81)
Aaa/AA+
AA+

6.50 5.51
880591EX6 TENNESSEE VALLEY AUTHORITY1.5
09/15/2031 1,003,000.00 01/23/2023

4.03%
818,959.53
844,209.70

82.49 4.27%
827,392.90
668.67

0.26%
(16,816
.80)
Aaa/AA+
AA+

7.46 6.89
3133ENFQ8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.81 12/01/2031 2,303,000.00 01/25/2023

3.94%
1,939,056.91
1,987,605.19

83.24 4.41%
1,916,967.06
13,894.77

0.60%
(70,638.12)
Aaa/AA+
AA+

7.67 6.93
3133ENGS3 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.625 12/09/2031 4,500,000.00 02/24/2023

4.35%
3,613,410.00
3,723,715.40

81.97 4.42%
3,688,471.30
22,750.00

1.15%
(35,244.09)
Aaa/AA+
AA+

7.69 7.00
3133EN6M
7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 01/19/2033 3,000,000.00 01/18/2023

3.93%
3,017,490.00
3,015,392.93

96.56 4.48%
2,896,789.29
24,000.00

0.91%
(118,603.64)
Aaa/AA+
AA+

8.80 7.25
3130AV4X7 FEDERAL HOME LOANBANKS 4.375
03/11/2033 2,500,000.00 05/12/2023

4.04%
2,568,175.00
2,562,056.73

99.34 4.47%
2,483,478.20
6,076.39

0.78%
(78,578.53)
Aaa/AA+
AA+

8.94 7.31

98 ATTACHMENT A

Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
3130AVWG3 FEDERAL HOME LOANBANKS 4.0
06/10/2033 6,195,000.00 --

4.40%
5,998,322.75
6,012,352.29

96.56 4.46%
5,982,083.74
76,405.00

1.87%
(30,268.55)
Aaa/AA+
AA+

9.19 7.48
Total Agency 74,948,500.00 1.97%
73,550,839.91
73,652,585.47

94.66 4.76%
70,783,007.67
262,140.26

22.12%
(2,869,577.80)
Aaa/AA+
AA+

3.63 3.19

AGENCY CMBS
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 2,400,000.00 10/20/2022

4.80%
2,234,343.75
2,286,012.73

95.51 5.04%
2,292,138.72
6,234.00

0.72%
6,125.99
Aaa/AA+
AAA

3.24 2.88
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 5,245,000.00 05/24/2023

4.24%
5,148,705.08
5,165,146.98

97.01 5.05%
5,088,039.70
16,827.71

1.59%
(77,107.28)
Aaa/AA+
AAA

4.15 3.67
Total Agency
CMBS 7,645,000.00 4.42%
7,383,048.83
7,451,159.71

96.54 5.05%
7,380,178.42
23,061.71

2.31%
(70,981.28)
Aaa/AA+
AAA

3.87 3.42
CASH
CCYUSD Cash 6,002.25 --

0.00%
6,002.25
6,002.25

1.00 0.00%
6,002.25

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
CCYUSD Receivable 3,044,116.20 --

0.00%
3,044,116.20
3,044,116.20

1.00 0.00%
3,044,116.20

0.00 0.95%

0.00 Aaa/AAA
AAA

0.00 0.00
T
otal Cash 3,050,118.45 0.00%
3,050,118.45
3,050,118.45

1.00 0.00%
3,050,118.45

0.00 0.95%

0.00 Aaa/AAA
AAA

0.00 0.00

COMMERCIA
L
PAPER
62479LE68 MUFG Bank, Ltd., New York Branch
05/06/2024 4,500,000.00 11/29/2023

5.68%
4,390,091.25
4,475,806.25

99.43 5.35%
4,474,192.50

0.00 1.40%
(1,613.75)
P-1/A-1
NA

0.10 0.10
Total Commercial
Paper 4,500,000.00
11/29/2023

5.68%
4,390,091.25
4,475,806.25

99.43 5.35%
4,474,192.50

0.00 1.40%
(1,613.75)
P-1/A-1
NA

0.10 0.10

CORPORATE
57636QAB0 MASTERCARD INC 3.375
04/01/2024 2,125,000.00 04/02/2019

2.71%
2,194,381.25
2,125,000.00
100.00

3.32%
2,125,000.00
35,859.38

0.66%

0.00 Aa3/A+
NA

0.00 0.01
023135BW5 AMAZON.COM INC 0.45 05/12/2024 1,542,500.00 05/10/2021

0.50%
1,540,247.95
1,542,415.75

99.41 5.66%
1,533,386.03
2,680.09

0.48%
(9,029.72)
A1/AA
AA-

0.11 0.12
931142EL3 WALMART INC 2.85 07/08/2024 4,100,000.00 05/12/2020

0.93%
4,418,693.00
4,114,583.53

99.30 5.43%
4,071,503.44
26,940.42

1.27%
(43,080.09)
Aa2/AA
AA

0.27 0.27

99 ATTACHMENT A

Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
91159HHX1 US BANCORP 2.4 07/30/2024 1,650,000.00 08/01/2019

2.38%
1,651,369.50
1,650,067.37

98.94 5.61%
1,632,550.47
6,710.00

0.51%
(17,516.89)
A3/A
A

0.33 0.33
24422EVY2 JOHN DEERE CAPITALCORP 1.25
01/10/2025 2,357,500.00 03/08/2022

2.16%
2,298,067.42
2,341,223.38

96.94 5.33%
2,285,413.54
6,630.47

0.71%
(55,809.84)
A1/A
A+

0.78 0.76
594918BB9 MICROSOFT CORP 2.7 02/12/2025 2,675,000.00 03/04/2021

0.77%
2,863,881.75
2,706,597.32

97.96 5.15%
2,620,308.80
9,830.62

0.82%
(86,288.52)
Aaa/AAA
WR

0.87 0.84
89236TGT6 TOYOTAMOTOR CREDIT CORP 1.8
02/13/2025 1,887,500.00 05/20/2020

1.59%
1,905,940.87
1,890,889.71

97.03 5.35%
1,831,511.41
4,530.00

0.57%
(59,378.30)
A1/A+
A+

0.87 0.84
66989HAP3 NOVARTIS CAPITALCORP 1.75
02/14/2025 3,680,000.00 05/08/2020

0.99%
3,809,756.80
3,701,879.37

97.11 5.19%
3,573,732.53
8,407.78

1.12%
(128,146.84)
Aa3/AA-
AA-

0.88 0.85
023135CE4 AMAZON.COM INC 3.0 04/13/2025 2,567,500.00 04/11/2022

3.05%
2,563,417.67
2,566,095.77

97.92 5.09%
2,514,041.67
35,945.00

0.79%
(52,054.10)
A1/AA
AA-

1.04 0.99
172967MX6 CITIGROUP INC 0.981 05/01/2025 1,355,000.00 --

0.98%
1,355,119.25
1,355,003.26

99.56 6.2
4%
1,349,065.49
5,538.56

0.42%
(5,937.76)
A3/BBB+
A

1.08 0.09
38148LAE6 GOLDMAN SACHS GROUP INC 3.75
05/22/2025 1,817,500.00 02/12/2021

0.80%
2,030,474.65
1,865,005.26

98.14 5.4
5%
1,783,654.86
24,422.66

0.56%
(81,350.40)
A2/BBB+
A

1.14 1.09
438516CB0 HONEYWELL INTERNATIONALINC

1.35 06/01/2025 2,000,000.00 09/03/2021

0.81%
2,039,160.00
2,011,621.49

95.83 5.07%
1,916,617.78
9,000.00

0.60%
(95,003.71)
A2/A
A

1.17 1.13
46647PCM6 JPMORGAN CHASE & CO 0.768
08/09/2025 1,680,000.00 08/03/2021

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

98.11 6.19%
1,648,280.54
1,863.68

0.51%
(31,719.46)
A1/A-
AA-

1.36 0.35
63743HFF4

NATIONALRURAL UTILITIES
COOPERATIVEFINANCE CORP 5.45
10/30/2025
3,000,000.00 10/31/2022

5.26%
3,015,750.00
3,008,314.50
100.34

5.22%
3,010,078.77
68,579.17

0.94%
1,764.27
A2/A-
A

1.58 1.47
857477BR3 STATESTREET CORP 1.746
02/06/2026 437,500.00 02/02/2022

1.75%
437,500.00
437,500.00

96.66 5.84%
422,878.07
1,167.03

0.13%
(14,621.93)
A1/A
AA-

1.85 0.82
06051GKM0 BANK OF AMERICA CORP 3.384
04/02/2026 1,875,000.00 03/17/2022

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

97.81 5.66%
1,833,877.65
31,548.75

0.57%
(41,122.35)
A1/A-
AA-

2.01 0.96
6174468Q5 MORGAN STANLEY2.188
04/28/2026 2,200,000.00 08/24/2022

4.62%
2,072,268.00
2,145,980.27

96.48 5.61%
2,122,453.26
20,457.80

0.66%
(23
,527.01)
A1/A-
A+

2.08 1.03
91324PEC2 UNITEDHEALTHGROUP INC 1.15
05/15/2026 4,000,000.00 09/19/2022

4.16%
3,592,560.00
3,763,244.32

92.49 4.92%
3,699,795.36
17,377.78

1.16%
(63,448.96)
A2/A+
A

2.12 2.05
87612EBM7 TARGETCORP 1.95 01/15/2027 2,140,000.00 --

1.97%
2,137,844.40
2,138,792.38

92.95 4.67%
1,989,189.58
8,809.6
7 0.62%
(149,602.80)
A2/A
A

2.79 2.65
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 3,500,000.00 01/23/2023

4.35%
3,251,955.00
3,323,487.34

93.19 4.98%
3,261,609.16
6,669.44

1.02%
(61,878.18)
A2/A-
A

2.92 2.76

100

ATTACHMENT A

Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 2,200,000.00 08/24/2022

3.93%
2,206,402.00
2,204,187.09

97.42 4.90%
2,143,324.48
34,466.67

0.67%
(60,862.61)
A2/A+
A+

3.11 2.84
92826CAH5 VISA INC 2.75 09/15/2027 4,000,000.00 03/27/2024

4.57%
3,769,760.00
3,770,487.46

93.99 4.65%
3,759,679.28
4,888.89

1.17%
(10,808.18)
Aa3/AA-
NA

3.46 3.24
74340XBV2 PROLOGIS LP 3.375 12/15/2027 3,000,000.00 01/25/2023

4.28%
2,881,530.00
2,910,101.00

94.90 4.90%
2,847,006.57
29,812.50

0.89%
(63,094.43)
A3/A
NA

3.71 3.39
24422EWR6 JOHN DEERE CAPITALCORP 4.75
01/20/2028 2,000,000.00 01/20/2023

4.35%
2,035,920.00
2,027,383.58
100.21

4.69%
2,004,266.00
18,736.11

0.63%
(23,117.58)
A1/A
A+

3.81 3.42
713448FL7 PEPSICO INC 3.6 02/18/2028 2,000,000.00 04/27/2023

4.00%
1,964,920.00
1,971,688.42

96.60 4.57%
1,931,937.66
8,600.00

0.60%
(39,750.76)
A1/A+
NA

3.89 3.56
61747YER2 MORGAN STANLEY4.21 04/20/2028 1,800,000.00 07/31/2023

5.39%
1,729,026.00
1,741,821.17

97.17 5.22%
1,749,116.61
33,890.50

0.55%
7,295.44
A1/A-
A+

4.05 2.77
58933YBH7 MERCK & CO INC 4.05 05/17/2028 2,000,000.00 --

4.03%
2,001,621.20
2,001,330.36

98.30 4.5
0%
1,966,025.36
30,150.00

0.61%
(35,305.00)
A1/A+
NA

4.13 3.70
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 3,000,000.00 02/27/2024

5.19%
2,823,480.00
2,827,446.74

94.59 5.0
9%
2,837,797.38
19,884.33

0.89%
10,350.64
A1/A-
AA-

4.82 3.48
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 3,600,000.00 01/29/2024

4.52%
3,612,132.00
3,611,726.94

99.33 4.75%
3,575,998.30
28,060.00

1.12%
(35,728.64)
A1/A+
NA

4.84 4.26
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 3,000,000.00 02/27/2024

4.84%
3,001,560.00
3,001,532.16
100.74

4.68%
3,022,144.32
14,145.83

0.94%
20,612.16
A1/AA-
NA

4.91 4.30
Total Corporate 73,190,000.00 3.15%
72,759,738.71
72,310,405.92

97.15 5.06%
71,062,244.36
555,603.13

22.20%
(1,248,161.56)
A1/A
A+

2.31 1.97

MONEY MARKET
FUND
60934N104 FEDERATEDHRMS GV O INST 290,509.56 --

5.17%
290,509.56
290,509.56

1.00 5.17%
290,509.56

0.00 0.09%

0.00 Aaa/
AAAm
AA

0.00 0.00
Total Money
Market Fund 290,509.56 5.17%
290,509.56
290,509.56

1.00 5.17%
290,509.56

0.00 0.09%

0.00 Aaa/
AAAm
AA

0.00 0.00

MUNICIPAL
BONDS
574193TQ1 MARYLAND ST 0.51 08/01/2024 647,500.00 07/23/2020

0.52%
647,318.70
647,484.82

98.41 5.36%
637,198.28
550.38

0.20%
(10,286.54)
Aaa/AAA
AAA

0.34 0.33

101

ATTACHMENT A

Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
797272QP9 SAN DIEGO CALIF CMNTY COLLEGE 725,000.00 09/18/2019 725,000.00 98.92 717,141.00 0.22% Aa1/AAA 0.34 DIST 2.046 08/01/2024 2.05% 725,000.00 5.34% 2,472.25 (7,859.00) NA 0.33 13077DNC2 CALIFORNIA ST UNIV REV 0.685 625,000.00 08/27/2020 625,000.00 97.33 608,318.75 0.19% Aa2/AA- 0.59 11/01/2024 0.68% 625,000.00 5.39% 1,783.85 (16,681.25) NA 0.57 13067WRB0 CALIFORNIA ST DEPT WTR RES CENT 77,500.00 07/30/2020 77,500.00 97.03 75,199.02 0.02% Aa1/AAA 0.67 VY PROJ REV 0.56 12/01/2024 0.56% 77,500.00 5.15% 144.67 (2,300.98) NA 0.65 91412HGE7 UNIVERSITY CALIF REVS 0.883 760,000.00 07/10/2020 760,000.00 95.58 726,423.20 0.23% Aa2/AA 1.12 05/15/2025 0.88% 760,000.00 4.98% 2,535.19 (33,576.80) AA 1.09 341271AD6 FLORIDA ST BRD ADMIN FIN CORP 1,875,000.00 09/03/2020 1,882,423.50 95.34 1,787,568.75 0.56% Aa3/AA 1.25 REV 1.258 07/01/2025 1.17% 1,876,921.18 5.16% 5,896.88 (89,352.43) AA 1.21 54438CYK2 LOS ANGELES CALIF CMNTY 965,000.00 10/30/2020 965,000.00 94.69 913,748.85 0.29% Aaa/AA+ 1.34 COLLEGE DIST 0.773 08/01/2025 0.77% 965,000.00 4.94% 1,243.2 4 (51,251.15) NA 1.30 646140DP5 NEW JERSEY ST TPK AUTH TPK REV 557,500.00 01/22/2021 557,500.00 93.65 522,115.48 0.16% A1/AA- 1.76

1.047 01/01/2026 1.05% 557,500
.00 4.87% 1,459.26 (35,384.52) A+ 1.70
Total Municipal 6,239,742.20 96.10 5,987,713.32 1.87% Aa2/AA 1.01 Bonds 6,232,500.00 1.04% 6,234,406.00 5.14% 16,085.71 (246,692.67) AA 0.98

NEGOTIABLE CD
96130AWR5 Westpac Banking Corporation- New 6,000,000.00 03/22/2024 6,000,953.46 99.98 5,999,094.00 1.87% P-1/A-1+ 0.95 York Branch 5.32 03/14/2025 5.30% 6,000,926.75 5.30% 12,413.33 (1,832.75) NA 0.92 Total Negotiable 03/22/2024 6,000,953.46 99.98 5,999,094.00 1.87% P-1/A-1+ 0.95 CD 6,000,000.00 5.30% 6,000,926.75 5.30% 12,413.33 (1,832.75) NA 0.92

SUPRANATIONAL
4581X0DZ8 INTER-AMERICAN DEVELOPMENT 4,190,000.00 09/15/2021 4,186,899.40 97.71 4,093,941.53 1.28% Aaa/AAA 0.48 BANK 0.5 09/23/2024 0.52% 4,189,504.92 5.42% 465.56 (95,563.40) NA 0.47 Total 09/15/2021 4,186,899.40 97.71 4,093,941.53 1.28% Aaa/AAA 0.48 Supranational 4,190,000.00 0.52% 4,189,504.92 5.42% 465.56 (95,563.40) NA 0.47

US TREASURY
912828X70 UNITED STATESTREASURY 2.0 2,257,500.00 06/03/2019 2,267,729.29 99.73 2,251,407.89 0.70% Aaa/AA+ 0.08 04/30/2024 1.91% 2,2 57,665.63 5.24% 18,977.88 (6,257.75) AA+ 0.09 9128282U3 UNITED STATESTREASURY 1.875 7,137,500.00 -- 7,335,869.62 98.58 7,036,431.86 2.20% Aaa/AA+ 0.42 08/31/2024 1.29% 7,154,625.36 5.35% 11,637.23 (118,193.51) AA+ 0.41 91282CCX7 UNITED STATESTREASURY 0.375 1,577,500.00 10/04/202 1 1,571,769.24 97.83 1,543,207.86 0.48% Aaa/AA+ 0.46
09/15/2024 0.50% 1,576,609.73 5.25% 273.28 (33,401.87) AA+ 0.45

102

ATTACHMENT A

Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
9128283J7 UNITED STATESTREASURY 2.125
11/30/2024 5,457,500.00 --

1.67%
5,578,317.09
5,473,769.49

97.98 5.25%
5,347,177.51
38,974.15

1.67%
(126,591.98)
Aaa/AA+
AA+

0.67 0.65
912828ZC7 UNITED STATESTREASURY 1.125
02/28/2025 4,472,500.00 08/19/2021

0.53%
4,565,793.56
4,496,601.44

96.49 5.09%
4,315,656.76
4,375.27

1.35%
(180,944.68)
Aaa/AA+
AA+

0.91 0.89
912828ZL7 UNITED STATESTREASURY 0.375
04/30/2025 2,997,500.00 04/05/2021

0.70%
2,958,391.99
2,987,116.88

95.18 5.01%
2,853,011.15
4,724.77

0.89%
(134,105.73)
Aaa/AA+
AA+

1.08 1.06
912828ZW3 UNITED STATESTREASURY 0.25
06/30/2025 1,597,500.00 10/04/2021

0.70%
1,571,103.81
1,588,688.36

94.41 4.92%
1,508,139.84
1,009.41

0.47%
(80,548.52)
Aaa/AA+
AA+

1.25 1.22
91282CAJ0 UNITED STATESTREASURY 0.25
08/31/2025 8,820,000.00 --

0.56%
8,710,250.00
8,781,766.29

93.76 4.87%
8,269,439.02
1,917.39

2.58%
(512,327.27)
Aaa/AA+
AA+

1.42 1.38
91282CAT8 UNITED STATESTREASURY 0.25
10/31/2025 3,500,000.00 10/04/2021

0.78%
3,425,898.44
3,471,177.19

93.15 4.80%
3,260,195.33
3,677.88

1.02%
(210,981.86)
Aaa/AA+
AA+

1.59 1.55
91282CAZ4 UNITED STATESTREASURY 0.375
11/30/2025 6,772,500.00 --

0.93%
6,619,508.79
6,710,495.02

93.04 4.77%
6,3
00,805.94
8,535.02

1.97%
(409,689.08)
Aaa/AA+
AA+

1.67 1.63
91282CGA3 UNITED STATESTREASURY 4.0
12/15/2025 5,000,000.00 01/23/2024

4.42%
4,962,109.38
4,965,838.12

98.77 4.76%
4,938,476.55
59,016.
39 1.54%
(27,361.57)
Aaa/AA+
AA+

1.71 1.62
91282CBC4 UNITED STATESTREASURY 0.375
12/31/2025 3,100,000.00 01/11/2021

0.49%
3,082,199.22
3,093,732.95

92.75 4.74%
2,875,250.00
2,938.19

0.90%
(218,482.95)
Aaa/AA+
AA+

1.75 1.71
9128286A3 UNITED STATESTREASURY 2.625
01/31/2026 1,707,500.00 02/04/2021

0.46%
1,890,055.76
1,774,630.82

96.40 4.69%
1,646,003.33
7,511.36

0.51%
(128,627.50)
Aaa/AA+
AA+

1.84 1.76
91282CBH3 UNITED STATESTREASURY 0.375
01/31/2026 17,305,000.00 --

0.79%
16,971,456.65
17,175,503.46

92.46 4.71%
15,999,689.21
10,875.05

5.00%
(1,175,814.25)
Aaa/AA+
AA+

1.84 1.79
91282CBQ3 UNITED STATESTREASURY 0.5
02/28/2026 12,670,000.00 --

0.94%
12,437,181.06
12,566,580.93

92.43 4.68%
11,710,346.45
5,508.70

3.66%
(856,234.48)
Aaa/AA+
AA+

1.91 1.87
91282CCF6 UNITED STATESTREASURY 0.75
05/31/2026 8,320,000.00 --

0.80%
8,301,545.71
8,311,998.41

92.13 4.61%
7,665,124.98
20,970.49

2.39%
(646,873.43)
Aaa/AA+
AA+

2.17 2.10
91282CCZ2 UNITED STATESTREASURY 0.875
09/30/2026 3,700,000.00 04/05/2022

2.75%
3,406,746.09
3,536,623.36

91.52 4.50%
3,386,222.65

88.46 1.06%
(150,400.71)
Aaa/AA+
AA+

2.50 2.41
912828V98 UNITED STATESTREASURY 2.25
02/15/2027 2,650,000.00 09/30/202
2 4.06%
2,458,185.55
2,524,043.05

94.14 4.44%
2,494,726.56
7,535.03

0.78%
(29,316.48)
Aaa/AA+
AA+

2.88 2.73
91282CBJ9 UNITED STATESTREASURY 0.75
01/31/2028 540,000.00 03/14/2022

2.14%
498,382.03
512,874.70

87.49 4.32%
472,457.82
678.71

0.15%
(40,416.88)
Aaa/AA+
AA+

3.84 3.70
91282CCY5 UNITED STATESTREASURY 1.25
09/30/2028 525,000.00
03/14/202
2 2.16%
495,591.79
504,791.85

87.74 4.27%
460,625.98

17.93 0.14%
(44,165.87)
Aaa/AA+
AA+

4.50 4.26
91282CJW2 UNITED STATESTREASURY 4.0
01/31/2029 7,000,000.00 03/27/2024

4.20%
6,940,117.19
6,940,252.52

98.97 4.24%
6,927,812.50
46,923.08

2.16%
(12,440.02)
Aaa/AA+
AA+

4.84 4.33

103

ATTACHMENT A

Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
9128286B1 UNITED STATESTREASURY 2.625
02/15/2029 6,500,000.00 --

4.08%
6,047,519.53
6,091,259.13

92.89 4.25%
6,038,144.52
21,562.50

1.89%
(53,114.61)
Aaa/AA+
AA+

4.88 4.49
912828YB0 UNITED STATESTREASURY 1.625
08/15/2029 520,000.00 03/21/2022

2.29%
496,518.75
502,955.90

87.77 4.19%
456,401.56
1,067.86

0.14%
(46,554.34)
Aaa/AA+
AA+

5.38 5.04
91282CGJ4 UNITED STATESTREASURY 3.5
01/31/2030 6,000,000.00 --

3.96%
5,847,578.13
5,862,720.79

96.23 4.24%
5,773,593.72
35,192.31

1.80%
(89,127.07)
Aaa/AA+
AA+

5.84 5.18
912828Z94 UNITED STATESTREASURY 1.5
02/15/2030 542,500.00 04/06/2022

2.65%
498,040.43
509,221.23

85.97 4.22%
466,401.66
1,028.37

0.15%
(42,819.57)
Aaa/AA+
AA+

5.88 5.50
91282CAE1 UNITED STATESTREASURY 0.625
08/15/2030 587,500.00 04/06/2022

2.63%
498,755.37
519,747.78

80.08 4.22%
470,481.93
464.03

0.15%
(49,265.85)
Aaa/AA+
AA+

6.38 6.11
91282CBL4 UNITED STATESTREASURY 1.125
02/15/2031 565,000.00 04/06/2022

2.62%
498,104.88
513,027.95

82.00 4.16%
463,322.07
803.26

0.14%
(49,705.88)
Aaa/AA+
AA+

6.88 6.46
912810FP8 UNITED STATESTREASURY 5.375
02/15/2031 4,500,000.00 11/29/2023

4.23%
4,817,988.28
4,803,139.17
107.36

4.13%
4,8
31,347.64
30,566.62

1.51%
28,208.48
Aaa/AA+
AA+

6.88 5.73
91282CCS8 UNITED STATESTREASURY 1.25
08/15/2031 562,500.00 04/06/2022

2.62%
498,515.62
512,032.39

81.46 4.20%
458,195
.80
888.56

0.14%
(53,836.59)
Aaa/AA+
AA+

7.38 6.87
91282CFV8 UNITED STATESTREASURY 4.125
11/15/2032 6,000,000.00 --

3.72%
6,197,734.38
6,173,831.01

99.32 4.22%
5,958,984.36
93,832.42

1.86%
(214,846.65)
Aaa/AA+
AA+

8.63 7.08
91282CHT1 UNITED STATESTREASURY 3.875
08/15/2033 6,500,000.00 --

4.73%
6,069,570.31
6,088,056.00

97.34 4.22%
6,327,343.75
31,830.36

1.98%
239,287.75
Aaa/AA+
AA+

9.38 7.73
Total US Treasury 139,385,000.00 2.05%
137,518,527.94
137,981,376.92

95.22 4.66%
132,506,426.20
473,401.94

41.40%
(5,474,950.73)
Aaa/AA+
AA+

3.05 2.74
Total Portfolio 333,842,727.02 2.51%
329,785,563.54
330,051,654.14

94.99 4.81%
320,058,206.83
1,370,282.84
100.00%
(9,993,447.32)
Aa2/AA-
AA

2.88 2.49
Total Market
Value + Accrued 321,428,489.67

104

ATTACHMENT A
SECTION |
Section 4 |
Transactions

105

ATTACHMENT A

TRANSACTIONLEDGER
City of Stockton Reserve | Account #10020 | As of March 31, 2024 Execution time: 04/15/2024 23:6:16 [email protected]| www.chandlerasset.com| 800.317.4747 CONFIDENTIAL| 38 TransactionType Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 01/24/2024 91282CGA3 5,000,000.00 UNITED STATESTREASURY 4.0 12/15/2025

99.242 4.42% 4,962,109.38 (21,857.92) (4,983,967.30) 0.00 Purchase 01/31/2024 69371RS80 3,600,000.00 PACCAR FINANCIAL CORP 4.6 01/31/2029
100.337 4.52% 3,612,132.00 0.00 (3,612,132.00) 0.00
Purchase 02/29/2024 17275RBR2 3,000,000.00 CISCO SYSTEMS INC 4.85 02/26/2029
100.052 4.84% 3,001,560.00 (1,212.50) (3,002,772.50) 0.00 Purchase 02/29/2024 46647PAM8 3,000,000.00 JPMORGAN CHASE & CO 3.509 01/23/2029

94.116 5.19% 2,823,480.00 (10,527.00) (2,834,007.00) 0.00 Purchase 03/22/2024 96130AWR5 6,000,000.00 WestpacBanking Corporation - New York Branch 5.32
03/14/2025
100.016 5.30% 6,000,953.46 (3,546.67) (6,004,500.13) 0.00 Purchase 03/28/2024 91282CJW2 7,000,000.00 UNITED STATESTREASURY 4.0 01/31/2029

99.145 4.20% 6,940,117.19 (43,846.15) (6,983,963.34) 0.00 Purchase 03/28/2024 92826CAH5 4,000,000.00 VISA INC 2.75 09/15/2027 94.244 4.57% 3,769,760.00 (3,972.22) (3,773,732.22) 0.00 Total Purchase 31,600,000.00 31,110,112.03 (84,962.46) (31,195,074.49) 0.00 TOTAL
ACQUISITIONS 31,600,000.00 31,110,112.03 (84,962.46) (31,195,074.49) 0.00

DISPOSITIONS
Sale 01/30/2024 9128282N9 (1,250,000.00) UNITED STATESTREASURY

2.125 07/31/2024

98.527 5.13% (1,231,591.80) (13,209.07) 1,244,800.87 (22,377.37) Sale 01/30/2024 91282CBV2 (1,570,000.00) UNITED STATE S TREASURY

0.375 04/15/2024

98.988 5.29% (1,554,116.02) (1,721.21) 1,555,837.23 (15,813.21) Sale 02/28/2024 9128283D0 (1,700,000.00) UNITED STATE
S TREASURY 2.25
10/31/2024

98.078 5.20% (1,667,328.13) (12,609.89) 1,679,938.02 (40,176.36) Sale 03/28/2024 912828XX3 (4,690,000.00) UNITED STATESTREASURY 2.0 06/30/2024

99.129 5.39% (4,649,145.70) (22,676.92) 4,671,822.62 (43,346.83) Sale 03/28/2024 91282CBC4 (3,300,000.00) UNITED STATESTREASURY

0.375 12/31/2025

92.816 4.68% (3,062,941.41) (2,991.76) 3,065,933.17 (230,345.45)

106

ATTACHMENT A

TRANSACTIONLEDGER
City of Stockton Reserve | Account #10020 | As of March 31, 2024 TransactionType Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Sale 03/28/2024 91282CCT6 (3,010,000.00) UNITED STATESTREASURY

0.375 08/15/2024

98.145 5.30% (2,954,150.39) (1,302.40) 2,955,452.79 (55,336.62) Total Sale (15,520,000.00) (15,119,273.45) (54,511.25) 15,173,784.70 (407,395.83) Maturity 01/11/2024 912797GC5 (5,000,000.00) UNITED STATES TREASURY01/11/2024
100.000 0.00% (5,000,000.00) 0.00 5,000,000.00 0.00
Maturity 02/05/2024 91159HHV5 (1,062,500.00) US BANCORP 3.375 02/05/2024
100.000 0.00% (1,062,500.00) 0.00 1,062,500.00 0.00
Maturity 02/29/2024 9128286G0 (1,709,500.00) UNITED STATESTREASURY

2.375 02/29/2024
100.000 0.00% (1,709,500.00) 0.00 1,709,500.00 0.00
Maturity 03/07/2024 58933YAU9 (2,312,500.00) MERCK & CO INC 2.9 03/07/2024
100.000 0.00% (2,312,500.00) 0.00 2,312,500.00 0.00
Maturity 03/15/2024 717081ES8 (3,200,000.00) PFIZER INC 2.95 03/15/2024 100.000 0.00% (3,200,000.00) 0.00 3,200,000.00 0.00 Maturity 03/31/2024 912828W71 (2,965,000.00) UNITED STATESTREASURY

2.125 03/31/2024
100.000 0.00% (2,965,000.00) 0.00 2,965,000.00 0.00
Total Maturity (16,249,500.00) (16,249,500.00) 0.00 16,249,500.00 0.00 TOTAL
DISPOSITIONS (31,769,500.00) (31,368,773.45) (54,511.25) 31,423,284.70 (407,395.83)

107

ATTACHMENT A
Important Disclosures
2024 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 Indi ces, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

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

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

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

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

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

As of March 31, 2024

108

ATTACHMENT A
Benchmark Disclosures
ICE BofA 3-Month US Treasury Bill Index
The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

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 March 31, 2024
109

ATTACHMENT A

City Council and Concurrent AuthoritiesJune 4, 2024

City Council and Concurrent Authorities
June 4, 2024