Attachment A - Combined Quarterly Investment Reports at 06-30-2024 — City Council and Concurrent Authorities, August 20, 2024

Investment Performance Review
For the Quarter Ended June 30, 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
Account Su
mmary•
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 June 30, 2024
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes
▸ The U.S. economy is characterized by:
▹ Moderating economic growth following two quarters of exceptional strength ▹ Recent in
flation prints resuming the path towards the Federal Reserve (Fed)’s 2% target ▹ Labor markets continuing to show strength while unemployment has ticked up modestly ▹ Resilient consumer spending supported by wage growth that is outpacing inflation ▸ Federal Reserve pushes out rate cuts
▹ Fed revises expectations from 3 rate cuts in 2024 to 1 by year end following a lack of progress in the fight ag
ainst inflation
▹ Market continues to expect 1 or 2 rate cuts in 2024
▹ Fed officials note that the risks to its “dual mandate” of stable inflation and maximum employment are becoming more balanced
▸ Treasury yields increase in response to economic data over the quarter ▹ Yields on maturities between 2 and 10 years rose 13-20 basis points during the quarter ▹ The yield
curve has now been inverted for 24 months, the longest period in history ▹ Spreads across most sectors remain near multi-year tights and represent market expectations for a soft landing

CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

4 ATTACHMENT A
Recent Economic Data Points to Moderation
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 June 30, 2024
Market Update
Source: Bloomberg, as of 7/5/2024.
-60
-40
-20
0 20
40 60
80 Dec-22 Jun-23 Dec-23 Jun-24
Citi Surprise Index
Line delineating
positive and negative surprise
Negative Surprise
Inflation
- Cooling
Labor - Moderating
GDP Growth - Slowing
Positive Surprise
Inflation - Hot
Labor - Robust
GDP Growth - Strong
The Citi Surprise Index measures various economic readings relative to market expectations. • A positive reading means that data releases have been greater than market expectations • A negative reading means that data releases have been less than expected

CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

5 ATTACHMENT A
Source: Bureau of Labor Statistics, Bureau of Economic Analysis, and Bloomberg. As of May 2024.

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

CLIENT NAME
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC | pfmam.com
Fed’s Preferred Inflation Measure Shows Progress
May-24

3.4%
May-24

2.6%
1%
2%
3%
4%
5%
6%
7%
May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24
Core Inflation Measures
Year-Over-Year Changes
Core CPI Core PCE
Core CPI and PCE
strips out the volatile
food and energy
components.

Federal Reserve Inflation Target

CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

6 ATTACHMENT A
Source: Bloomberg, Bureau of Labor Statistics. Monthly change in nonfarm payrolls and unemployment rate as of June 2024. Data is seasonally adjusted (left). Worker demand gap as of May 2024. Pre- pandemic average from February 2016 – February 2020 (right).

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

CLIENT NAME
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC | pfmam.com
Labor Market Moves Into Better Balance
240
184
210
246
165
182
290
256
236
310
108
218
206
0 50
100
150
200
250
300
350
400
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Thousands
Monthly Change In
Nonfarm Payrolls
Revised
lower by
combined
111K
Jun-24

4.1%
3%
4%
5%
6%
7%
2021 2022 2023 2024
Unemployment Rate

1.22 0

0.5 1

1.5 2

2.5 May-18 May-2
0 May-22 May-24
Worker-Demand Gap
May 2018 - May 2024
Pre-Pandemic Average
Number of Jobs
Available Per
Unemployed Person

CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

7 ATTACHMENT A

5.1%

4.1%

3.1% 2.8%
0%
1%
2%
3%
4%
5%
6%
2024 2
025 2026 Longer
Run
Federal Funds Rate
March Projections June Projections

2.6% 2.3% 2.0% 2.0%
0%
1%
2%
3%
4%
5%
6%
2024 2
025 2026 Longer
Run
PCE Inflation
March Projections June Projections

2.1% 2.0% 2.0% 1.8%
0%
1%
2%
3%
4%
2024 202
5 2026 Longer
Run
Change in Real GDP
March Projections June Projections
Fed’s Updated June Projections Reflect
Stable Economic Expectations for 2024
© 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 June 2024.

For the Quarter Ended June 30, 2024
Market Update

4.0% 4.2% 4.1% 4.2%
0%
1%
2%
3%
4%
5%
6%
2024 2
025 2026 Longer
Run
Unemployment Rate
March Projections June Projections

CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

8 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 6/30/2024.

For the Quarter Ended June 30, 2024
Market Update

5.35%

4.75%

4.38% 4.37% 4.40% 4.56%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

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

CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

9 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 June 30, 2024. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; sp
reads on agencies are relative to comparable maturity Treasuries.

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

For the Quarter Ended June 30, 2024
Market Updat
e
-0.1%

0.0%

0.1%

0.2%
Mar-24 Apr-24 May-24 Jun-24
Federal Agency Yield Spreads
Bullet Callable 1 Year Average
4 bps

0.3%

0.5%

0.7%

0.9%
Mar-24 Apr-24 May-24 Jun-24
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average
68 bps

0.3%

0.5%

0.7%

0.9%
Mar-24 Apr-24 May-24 Jun-24
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average
53 bps

0.3%

0.5%

0.7%

0.9%
Mar-24 Apr-24 May-24 Jun-24
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
69 bps

CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

10 ATTACHMENT A
Fixed-Income Index Total Returns in 2Q 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 June 30, 2024.

For the Quarter Ended June 30, 2024
Market Update

0.82%

0.97%

1.18%

0.97%

1.10%

0.0%

0.5%

1.0%

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

4.16%

4.70%

5.85% 5.75%

6.76%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

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

CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

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

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

1. Reserve Portfolio includes both the PFMAM Reserve portfolio assets and Chandler Asset Management assets. Short-Term Portfolio comprises assets managed by Chandler Asset Management.

Portfolio figures include cash in portfolios’ sweep accounts and excludes accrued interest.

23.9%

0.6% 1.3% 1.8%

7.0%

18.0%

7.4%

13.0% 14.9%

6.3% 5.
8%

0.0%
$0
$100
$200
$300
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: 924 days
12 13

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

CITY OF STOCKTON RESERVE PORTFOLIO

14 ATTACHMENT A
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CITY OF STOCKTON
For the Quarter Ended June 30, 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 June 30, 2024, the account(s) managed by PFM Asset Management ("PFMAM") were in co
mpliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management LLC

15 ATTACHMENT A
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CITY OF STOCKTON
For the Quarter Ended June 30, 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% ICE BofA 1-5 Year AAA-A US Corporate & Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ICE BofA 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
6%
25%
20%
27%
8% 7%
3%
6%4%
27%
22 % 19%
1 3%
5% 6% 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 | 50%
Agency CMBS | 19%
Corporate | 16%
ABS | 7%
Federal Agency | 7%
Negotiable CD | 1%
Municipal | 1%
Sector Allocation
AAA | 6%
AA+ | 76%
AA | 1%
AA- | 1%
A+ | 7%
A | 4%
A- | 2%
BBB+ | <1%
Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 3.18 years
Benc
hmark Effective Duration 3.22 years
Portfolio Credit Quality AA
Yield At Market 4.76%
Yield At Cost 3.56%
Total Market Value $448,150,203.10
$445,214,384.21Securities Sub-Total
$519,166.07Cash
$2,416,652.82Accrued Interest
16 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer U.S. Treasury 49.4%
UNITED STATES TREASURY 49.4% AA / Aaa / AA
Federal Agency 6.8%
FANNIE MAE 4.0% AA / Aaa / AA
FEDERAL FARM CREDIT BANKS 0.5% AA / Aaa / AA
FEDERAL HOME LOAN BANKS 0.2% AA / Aaa / NR
FREDDIE MAC 1.2% AA / Aaa / AA
UNITED STATES TREASURY 0.9% AA / Aaa / AA
Agency CMBS 18.6%
FANNIE MAE 0.9% AA / Aaa / AA
FREDDIE MAC 17.7% AA / Aaa / AA
Municipal 0.8%

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 NEW JERSEY TURNPIKE AUTHORITY 0.1% AA / A / A
STATE OF MARYLAND 0.0% AAA / Aaa / AAA
UNIVERSITY OF CALIFORNIA 0.2% AA / Aa / AA
Negotiable CD 1.0%
RABOBANK NEDERLAND 1.0% A / Aa / AA
Corporate 16.1%
ADOBE INC 0.7% A / A / NR
AMAZON.COM INC 0.6% AA / A / AA
APPLE INC 1.3% AA / Aaa / NR
BANK OF AMERICA CO 0.8% A / Aa / AA
BLACKROCK INC 1.0% AA / Aa / NR
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 16.1%
CITIGROUP INC 1.5% A / Aa / 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 / BBB
JP MORGAN CHASE & CO 1.4% A / Aa / AA
MASTERCARD INC 0.7% A / Aa / NR
MICROSOFT CORP 0.5% AAA / Aaa / NR
MORGAN STANLEY 0.9% A / Aa / AA
PACCAR FINANCIAL CORP 0.9% A / A / NR
STATE STREET CORPORATION 0.9% A / A / AA
TARGET CORP 0.4% A / A / A
TOYOTA MOTOR CORP 0.6% A / A / A
TRUIST FIN CORP 0.5% A / Baa / A
ABS 7.4%
AMERICAN EXPRESS CO 0.8% AAA / NR / AAA
BANK OF AMERICA CO 1.4% NR / Aaa / AAA
CARMAX AUTO OWNER TRUST 0.0% AAA / NR / AAA
CHASE ISSURANCE 1.6% AAA / NR / AAA
CITIGROUP INC 0.2% AAA / Aaa / AAA
DISCOVER FINANCIAL SERVICES 0.2% AAA / Aaa / NR
FIFTH THIRD AUTO TRUST 0.6% AAA / Aaa / NR

GM FINANCIAL CONSUMER AUTOMOBILE
TRUST

0.1% NR / Aaa / AAA

17 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

Issuer Diversification
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer ABS 7.4%
HONDA AUTO RECEIVABLES 0.7% AAA / NR / AAA
HYUNDAI AUTO RECEIVABLES 0.3% AAA / NR / AAA
KUBOTA CREDIT OWNER TRUST 0.2% NR / Aaa / AAA
TOYOTA MOTOR CORP 0.4% AAA / Aaa / AAA
USAA AUTO OWNER TRUST 0.8% AAA / Aaa / NR
100.0%Total

18 ATTACHMENT A
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CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Portfolio Characteristics
|
$0.0
$90.0
$180.0
$270.0
$360.0
$450.0
Millions
June 2024
$0.0
$90.0
$180.0
$270.0
$360.0
$450.0
Millions
March 2024
$0.0
$90.0
$180.0
$270.0
$360.0
$450.0
Millions
December 2023
$0.0
$90.0
$180.0
$270.0
$360.0
$450.0
Millions
September 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.

Sep-23 % of TotalSecurity Type Dec-23 % of Total Mar-24 % of Total % of TotalJun-24 U.S. Treasury $211.8 50.9% $213.6 49.6% $211.3 48.9% $220.1 49.5% Federal Agency $43.9 10.6% $37.4 8.7% $36.7 8.5% $30.3 6.8% Agency CMBS $41.5 10.0% $57.0 13.2% $76.5 17.8% $82.8 18.6% Supranational $5.8 1.4% $4.1 0.9% $0.0 0.0% $0.0 0.0%
Municipal $8.0 1.9% $5.9 1.4% $6.0 1.4% $3.8 0.8%
Negotiable CD $6.9 1.7% $6.9 1.6% $4.2 1.0% $4.2 0.9%
Corporate $75.3 18.1% $75.9 17.6% $62.8 14.6% $71.2 16.0% ABS $22.6 5.4% $30.0 7.0% $33.6 7.8% $32.9 7.4%
Total $415.9 100.0% $431.0 100.0% $431.1 100.0% $445.2 100.0%

19 ATTACHMENT A
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CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Portfolio Activity
|
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($ million
s)
Federal Agency
Municipal
ABS
Agency CMBS
Corporate
U.S. Treasury
Federal Agency
Municipal
AB
S
Agency CMBS
Corporate
U.S. Treasury
($10.0) ($5.0) $0.0 $5.0 $10.0 $15.0 $20.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
U.S. Treasury $8,408,481
Corporate $8,391,713
Agency CMBS $6,736,878
ABS ($504,160)
Municipal ($2,291,559)
Federal Agency ($6,700,997)
$14,040,356Total Net Activity
Sales/Maturities Purchases

20 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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.

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

3. Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.

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

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $3,318,608 $1 1,494,438 $24,165,962 $43,897,263 $59,366,854 Change in Market Value $185,518 $6,156,699 ($32,849,880) ($25,317,520) ($19,300,861) $3,504,126Total Dollar Return $17,651,137 ($8,683,918) $18,579,743 $40,065,993 Total Return³
Portfolio 0.77% 4.17% -0.12% 1.02% 1.44%
Benchmark⁴ 0.72% 3.92% -0.48% 0.77% 1.24%
Basis Point Fee 0.01% 0.04% 0.05% 0.05% 0.05%
Net of Fee Return 0.77% 4.14% -0.17% 0.97% 1.39%
3 Months 1 Year 3 Years 5 Years Since Inception

21 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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
$3,318,608
($601,896)
$
586,518
$3,303,230
1 Year
$11,494,438
($3,757,05
9)
$2,179,968
$9,917,348
3 Years
$24,165,962
($16,984,9
20)
$15,935,220
$23,116,262
5 Year
$43,897,263
($9,807,48
9)
$15,050,764
$49,140,537
Since Inception¹
$59,366,854
($12,335,1
18)
$17,056,774
$64,088,510

22 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 June 30, 2024
Market Update
Current outlook Outlook one quarter ago
Negative Slightly
Negative
Neutral Slightly
Positive
Positive
Statements and opinions expressed about the next 6-12 months w ere developed based on our independent research with information obtained from Bloomberg and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution (6/30/2024) 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.

Monetary Policy (Global):
• The Fed remains data dependent. Recent Fed
guidance has been revised from three rate cuts
to one rate cut in 2024. Markets currently
expect one or two cuts.
• Globally, major central banks have begun
easing cycle with rate cuts leading to
divergence from Fed policy.

Economic Growth (Global):
• U.S. economic growth remains resilient but
there has been some softness recently as
consumer spending tapers.
• Economic growth outside U.S. remain mixed
with slower but improved growth projected in
Eurozone and continued growth projected in
emerging markets.

Inflation (U.S.):
• The latest inflation reading has revived market
confidence that inflation is heading in the right
direction after experiencing broad disinflation
across both goods and services.
• Despite the progress on inflation, policymakers
would like more data to confirm the downward
trend.

Financial Conditions (U.S.):
• Market measures, such as narrow corporate
yield spreads, record equity index levels and
low volatility, reflect economic confidence.
• With interest rates elevated and the gradual
normalization of labor markets and the
consumer, we continue to focus on identifying
potential catalysts for a broader slow down.

Consumer Spending (U.S.):
• The consumer has begun to exercise caution
and limit spending, which has shed light on a
notable downshift over recent months.
• Moderation in the pace of overall spending is
expected to continue given persistent inflation,
reduced/lower savings, and a cooling job
market.

Labor Markets:
• The labor market normalization has begun.

After the pandemic-led jolt, the labor force
participation rate and non-farm payrolls have
moved to be in line with long-term averages.
• With the quits rate and excess demand for
workers reaching a better balance, this should
help cool wage pressures and inflation.

CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Market Update
© PFM Asset Management LLC pfmam.com|

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

24 ATTACHMENT A
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CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/Description
Dated Dat
e/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY NOTES
DTD 08/31/2017 1.875% 08/31/2024
9128282U3 7,500.00 AA+ Aaa 11/25/2020 11/27/2020 7,952.05 0.26 47.00 7,455.477,520.08

US TREASURY NOTES
DTD 09/15/2021 0.375% 09/15/2024
91282CCX7 7,500.00 AA+ Aaa 10/4/2021 10/6/2021 7,472.75 0.50 8.25 7,423.837,498.07

US TREASURY NOTES
DTD 11/30/2017 2.125% 11/30/2024
9128283J7 7,500.00 AA+ Aaa 1/3/2020 1/7/2020 7,673.73 1.63 13.50 7,403.917,514.76

US TREASURY NOTES
DTD 02/29/2020 1.125% 02/28/2025
912828ZC7 12,500.00 AA+ Aaa 10/4/2021 10/6/2021 12,719.24 0.60 47.00 12,166.0212,542.75

US TREASURY NOTES
DTD 04/30/2020 0.375% 04/30/2025
912828ZL7 112,500.00 AA+ Aaa 4/5/2021 4/7/2021 111,032.23 0.70 71.08 108,140.63112,200.31

US TREASURY NOTES
DTD 06/30/2020 0.250% 06/30/2025
912828ZW3 1,597,500.00 AA+ Aaa 10/4/2021 10/6/2021 1,571,103.81 0.70 10.85 1,522,367.661,590,450.69

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 2,725,000.00 AA+ Aaa 8/17/2021 8/20/2021 2,683,486.33 0.63 2,277.00 2,577,679.692,712,985.85

US TREASURY NOTES
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 6,095,000.00 AA+ Aaa 8/19/2021 8/20/2021 6,004,527.34 0.62 5,092.97 5,765,489.066,068,817.02

US TREASURY NOTES
DTD 10/31/2020 0.250% 10/31/2025
91282CAT8 3,500,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,425,898.44 0.78 1,474.18 3,288,359.203,475,715.03

US TREASURY NOTES
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 6,772,500.00 AA+ Aaa 11/1/2021 11/2/2021 6,589,430.86 1.05 2,151.10 6,352,393.706,708,936.03

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 5,700,000.00 AA+ Aaa 5/6/2021 5/10/2021 5,606,707.03 0.73 58.09 5,329,500.005,669,855.81

US TREASURY NOTES
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 700,000.00 AA+ Aaa 1/11/2021 1/13/2021 695,980.47 0.49 7.13 654,500.00698,785.05

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 1,195,000.00 AA+ Aaa 7/2/2021 7/7/2021 1,172,033.59 0.80 1,871.29 1,113,403.971,187,032.62

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 8,475,000.00 AA+ Aaa 1/4/2022 1/6/2022 8,174,402.34 1.27 13,271.29 7,896,316.838,357,876.15

US TREASURY NOTES
DTD 01/31/2021 0.375% 01/31/2026
91282CBH3 7,635,000.00 AA+ Aaa 2/18/2022 2/22/2022 7,215,969.73 1.83 11,955.91 7,113,673.037,466,397.83

25 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 01/31/2019 2.625% 01/31/2026
9128286A3 1,707,500.00 AA+ Aaa 2/4/2021 2/4/2021 1,890,055.76 0.46 18,716.83 1,648,804.691,765,513.05

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 17,865.08 9,951,721.8810,510,217.16

US TREASURY NOTES
DTD 02/28/2021 0.500% 02/28/2026
91282CBQ3 1,980,000.00 AA+ Aaa 12/3/2021 12/7/2021 1,926,632.81 1.15 3,308.97 1,843,256.251,959,019.50

US TREASURY NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 3,155,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,133,186.13 0.90 2,004.20 2,925,769.693,146,020.09

US TREASURY NOTES
DTD 05/31/2021 0.750% 05/31/2026
91282CCF6 4,360,000.00 AA+ Aaa 6/6/2022 6/8/2022 3,995,871.88 2.99 2,769.67 4,043,218.974,184,827.56

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 0.80 511.37 746,511.76804,299.14

US TREASURY NOTES
DTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 3,700,000.00 AA+ Aaa 4/5/2022 4/7/2022 3,406,746.09 2.77 8,137.98 3,405,156.253,552,925.19

US TREASURY NOTES
DTD 11/15/2016 2.000% 11/15/2026
912828U24 2,540,000.00 AA+ Aaa 8/8/2022 8/9/2022 2,437,606.25 3.01 6,488.04 2,389,981.252,483,056.20

US TREASURY NOTES
DTD 02/15/2017 2.250% 02/15/2027
912828V98 1,390,000.00 AA+ Aaa 5/12/2023 5/12/2023 1,328,047.27 3.52 11,771.08 1,310,292.121,346,790.79

US TREASURY NOTES
DTD 02/15/2017 2.250% 02/15/2027
912828V98 855,000.00 AA+ Aaa 8/8/2022 8/9/2022 828,515.04 2.99 7,240.49 805,971.05839,615.94

US TREASURY NOTES
DTD 03/31/2022 2.500% 03/31/2027
91282CEF4 5,350,000.00 AA+ Aaa 5/9/2023 5/10/2023 5,138,925.78 3.60 33,620.22 5,070,796.885,201,015.17

US TREASURY NOTES
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 4,840,000.00 AA+ Aaa 8/2/2022 8/3/2022 4,331,989.06 2.88 4,077.17 4,324,993.994,536,836.91

US TREASURY NOTES
DTD 06/30/2020 0.500% 06/30/2027
912828ZV5 4,215,000.00 AA+ Aaa 8/25/2022 8/26/2022 3,705,577.73 3.21 57.27 3,744,764.063,899,958.75

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 3.76 379.76 4,149,500.004,239,378.87

US TREASURY NOTES
DTD 07/31/2022 2.750% 07/31/2027
91282CFB2 5,000,000.00 AA+ Aaa 5/12/2023 5/12/2023 4,857,226.56 3.48 57,417.58 4,747,656.004,895,768.90

US TREASURY NOTES
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,730,000.00 AA+ Aaa 9/1/2022 9/6/2022 2,588,274.61 3.40 23,118.75 2,550,843.752,640,439.61

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 52,538.21 4,825,656.254,988,384.10

26 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 09/30/2020 0.375% 09/30/2027
91282CAL5 2,400,000.00 AA+ Aaa 10/28/2022 10/31/2022 1,998,843.75 4.17 2,262.30 2,104,500.002,134,946.34

US TREASURY NOTES
DTD 10/31/2020 0.500% 10/31/2027
91282CAU5 5,340,000.00 AA+ Aaa 1/4/2023 1/6/2023 4,547,552.34 3.91 4,498.37 4,687,518.754,791,728.94

US TREASURY NOTES
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 1,790,000.00 AA+ Aaa 12/1/2022 12/2/2022 1,820,346.09 3.74 12,440.01 1,769,862.501,810,585.95

US TREASURY NOTES
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 4,250,000.00 AA+ Aaa 3/30/2023 3/31/2023 4,320,224.61 3.73 29,536.35 4,202,187.504,301,022.90

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 3.60 310.11 2,888,860.942,971,074.92

US TREASURY NOTES
DTD 01/31/2021 0.750% 01/31/2028
91282CBJ9 4,500,000.00 AA+ Aaa 5/12/2023 5/12/2023 3,976,347.66 3.44 14,093.41 3,950,156.254,102,631.35

US TREASURY NOTES
DTD 01/31/2021 0.750% 01/31/2028
91282CBJ9 540,000.00 AA+ Aaa 3/14/2022 3/15/2022 498,382.03 2.15 1,691.21 474,018.75514,637.84

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 64,508.15 4,751,117.194,930,600.18

US TREASURY NOTES
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 5,735,000.00 AA+ Aaa 5/9/2023 5/10/2023 5,152,315.04 3.53 18,019.81 5,106,838.575,288,611.80

US TREASURY NOTES
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 1,985,000.00 AA+ Aaa 5/8/2023 5/10/2023 1,786,655.08 3.49 6,237.02 1,767,580.571,833,050.25

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 38,817.21 4,140,187.504,255,137.06

US TREASURY NOTES
DTD 04/30/2023 3.500% 04/30/2028
91282CHA2 2,050,000.00 AA+ Aaa 5/1/2023 5/1/2023 2,040,230.47 3.61 12,088.32 1,982,734.382,042,515.02

US TREASURY NOTES
DTD 05/15/2018 2.875% 05/15/2028
9128284N7 705,000.00 AA+ Aaa 11/30/2022 11/30/2022 666,280.08 4.00 2,588.67 666,004.69677,528.87

US TREASURY NOTES
DTD 09/30/2021 1.250% 09/30/2028
91282CCY5 525,000.00 AA+ Aaa 3/14/2022 3/15/2022 495,591.79 2.17 1,649.59 461,343.75505,911.11

US TREASURY NOTES
DTD 11/15/1998 5.250% 11/15/2028
912810FF0 1,000,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,064,765.63 4.02 6,705.16 1,032,812.501,047,540.41

US TREASURY NOTES
DTD 02/16/1999 5.250% 02/15/2029
912810FG8 1,875,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,027,856.45 3.74 37,049.28 1,944,140.631,990,997.93

US TREASURY NOTES
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 500,000.00 AA+ Aaa 3/21/2022 3/22/2022 509,433.59 2.33 4,939.90 463,515.60506,321.48

27 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 2,165,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,630.86 4.15 21,389.79 2,007,022.552,030,537.47

US TREASURY N/B NOTES
DTD 05/31/2024 4.500% 05/31/2029
91282CKT7 960,000.00 AA+ Aaa 6/6/2024 6/7/2024 968,700.00 4.30 3,659.02 966,600.00968,597.02

US TREASURY NOTES
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 2,675,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,535,920.90 3.67 6,230.71 2,485,242.192,567,901.34

US TREASURY NOTES
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 670,000.00 AA+ Aaa 8/5/2022 8/9/2022 662,698.05 2.93 1,560.59 622,471.88664,729.79

US TREASURY NOTES
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 1,145,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,067,578.32 3.94 2,666.98 1,063,776.561,086,460.86

US TREASURY NOTES
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 490,000.00 AA+ Aaa 7/7/2023 7/10/2023 464,026.17 4.26 43.27 465,500.00468,275.78

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 40,918.87 1,914,781.251,967,759.60

US TREASURY NOTES
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aaa 3/21/2022 3/22/2022 496,518.75 2.29 3,180.36 455,650.00503,746.42

US TREASURY NOTES
DTD 11/30/2022 3.875% 11/30/2029
91282CFY2 1,070,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,069,289.45 3.89 3,511.85 1,045,256.251,069,450.34

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 3.64 213.76 1,981,787.502,053,151.51

US TREASURY NOTES
DTD 02/15/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,040.43 2.66 3,062.74 465,702.34510,632.40

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 26,872.83 1,973,882.712,002,633.97

US TREASURY NOTES
DTD 04/30/2023 3.500% 04/30/2030
91282CGZ8 3,880,000.00 AA+ Aaa 4/25/2024 4/26/2024 3,632,498.44 4.73 22,879.35 3,710,250.003,639,940.40

US TREASURY NOTES
DTD 11/15/1999 6.250% 05/15/2030
912810FM5 2,160,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,519,859.38 3.64 17,241.85 2,367,562.612,447,887.50

US TREASURY NOTES
DTD 05/15/2020 0.625% 05/15/2030
912828ZQ6 2,535,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,057,608.01 3.56 2,023.52 2,048,596.882,153,228.86

US TREASURY NOTES
DTD 11/15/1999 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,065,123.05 3.89 7,383.66 1,013,886.761,035,328.25

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 8,988.73 2,741,120.452,790,029.07

28 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 08/15/2020 0.625% 08/15/2030
91282CAE1 2,540,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,995,586.72 3.97 5,974.93 2,035,175.002,093,281.43

US TREASURY NOTES
DTD 08/15/2020 0.625% 08/15/2030
91282CAE1 587,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,755.37 2.65 1,382.00 470,734.38522,397.31

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 5,986.69 2,039,181.252,147,635.86

US TREASURY NOTES
DTD 11/15/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aaa 7/11/2023 7/12/2023 2,405,390.63 4.02 3,352.58 2,426,250.002,484,066.12

US TREASURY NOTES
DTD 11/15/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,071,065.63 3.72 1,486.31 1,075,637.501,122,638.73

US TREASURY NOTES
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,620.31 3.98 36,818.75 1,931,759.291,962,771.11

US TREASURY NOTES
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,021,273.44 3.61 36,414.15 1,910,531.161,981,089.52

US TREASURY NOTES
DTD 02/15/2021 1.125% 02/15/2031
91282CBL4 565,000.00 AA+ Aaa 4/6/2022 4/11/2022 498,104.88 2.63 2,392.32 461,975.75514,911.45

US TREASURY NOTES
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 2,955,000.00 AA+ Aaa 7/7/2023 7/10/2023 3,201,326.95 4.09 59,779.89 3,136,455.323,169,660.14

US TREASURY N/B NOTES
DTD 03/31/2024 4.125% 03/31/2031
91282CKF7 3,820,000.00 AA+ Aaa 4/25/2024 4/26/2024 3,686,150.78 4.72 39,609.02 3,769,862.503,689,113.58

US TREASURY NOTES
DTD 05/15/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,070,802.73 3.76 2,625.39 1,061,809.381,107,214.72

US TREASURY NOTES
DTD 05/15/2021 1.625% 05/15/2031
91282CCB5 2,930,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,530,673.05 3.53 6,080.94 2,459,368.752,600,965.08

US TREASURY NOTES
DTD 08/15/2021 1.250% 08/15/2031
91282CCS8 562,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,515.62 2.63 2,646.38 456,503.91513,738.39

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 11,597.01 2,000,501.562,069,065.45

US TREASURY NOTES
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 2,080,000.00 AA+ Aaa 1/10/2023 1/11/2023 1,739,075.00 3.55 3,652.72 1,691,624.891,795,755.10

US TREASURY NOTES
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 1,305,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,068,927.54 3.77 2,291.73 1,061,331.971,110,701.98

US TREASURY NOTES
DTD 02/15/2022 1.875% 02/15/2032
91282CDY4 2,365,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,999,625.98 3.94 16,689.82 1,985,121.882,054,197.73

29 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

US TREASURY NOTES
DTD 05/15/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,067,164.06 3.79 4,222.66 1,036,078.121,081,049.99

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 7,986.33 1,959,539.062,074,918.16

US TREASURY NOTES
DTD 05/15/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aaa 8/5/2022 8/9/2022 662,629.69 2.83 2,423.44 594,618.75662,119.53

US TREASURY NOTES
DTD 05/15/2022 2.875% 05/15/2032
91282CEP2 2,670,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,525,548.83 3.56 9,803.91 2,405,503.132,548,247.69

US TREASURY NOTES
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,055,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,084,877.93 3.78 5,558.10 1,037,361.671,080,122.76

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 16,990.41 3,171,081.873,240,229.49

US TREASURY NOTES
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,965,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,054,269.34 3.57 10,352.29 1,932,147.552,040,938.52

US TREASURY NOTES
DTD 02/15/2023 3.500% 02/15/2033
91282CGM7 2,065,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,993,450.98 3.92 27,202.40 1,935,292.192,003,062.92

US TREASURY NOTES
DTD 08/15/2023 3.875% 08/15/2033
91282CHT1 2,385,000.00 AA+ Aaa 10/2/2023 10/2/2023 2,236,496.48 4.67 34,783.98 2,294,817.192,247,742.38

US TREASURY N/B NOTES
DTD 02/15/2024 4.000% 02/15/2034
91282CJZ5 3,880,000.00 AA+ Aaa 4/25/2024 4/26/2024 3,667,357.81 4.70 58,413.19 3,767,237.503,670,474.81 235,962,500.00 225,010,976.08 1,134,159.40 220,071,139.36Security Type Sub-Total 2.99 228,331,437.86 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 97,197.33 4,184,392.804,200,000.00 4,200,000.00 4,200,000.00 97,197.33 4,184,392.80Security Type Sub-Total 5.08 4,200,000.00 Municipal

MD ST TXBL GO BONDS
DTD 08/05/2020 0.510% 08/01/2024
574193TQ1 7,500.00 AAA Aaa 7/23/2020 8/5/2020 7,497.90 0.52 15.94 7,469.557,499.96

30 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CA ST UNIV TXBL REV BONDS
DTD 09/17/2020 0.685% 11/01/2024
13077DNC2 625,000.00 AA- Aa2 8/27/2020 9/17/2020 625,000.00 0.69 713.54 614,893.75625,000.00

CA ST DEPT WTR RES WTR SYS TXBL

REV BNDS
DTD 08/06/2020 0.560% 12/01/2024
13067WRB0 77,500.00 AAA Aa1 7/30/2020 8/6/2020 77,500.00 0.56 36.17 75,960.0877,500.00

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 460,000.00 AA Aa2 7/14/2020 7/16/2020 461,665.20 0.81 519.01 443,674.60460,276.57

UNIV OF CAL TXBL REV BONDS
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 300,000.00 AA Aa2 7/10/2020 7/16/2020 300,000.00 0.88 338.48 289,353.00300,000.00

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 6,604.50 1,007,926.501,051,549.22

FL ST BOARD OF ADMIN TXBL REV
BONDS
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 825,000.00 AA Aa3 9/3/2020 9/16/2020 825,000.00 1.26 5,189.25 791,942.25825,000.00

NJ TURNPIKE AUTHORITY TXBL REV
BONDS
DTD 02/04/2021 1.047% 01/01/2026
646140DP5 557,500.00 AA- A1 1/22/2021 2/4/2021 557,500.00 1.05 2,918.51 524,523.88557,500.00 3,902,500.00 3,911,586.60 16,335.40 3,755,743.61Security Type Sub-Total 1.00 3,904,325.75 Federal Agency

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,490,000.00 AA+ Aaa 9/17/2020 9/18/2020 1,495,304.40 0.42 289.72 1,425,259.501,491,074.35

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 4,150,000.00 AA+ Aaa 10/2/2020 10/5/2020 4,167,720.50 0.41 806.95 3,969,682.504,153,624.65

FANNIE MAE NOTES
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 1,002,500.00 AA+ Aaa 6/17/2020 6/19/2020 1,000,424.83 0.54 194.93 958,941.381,002,100.67

FREDDIE MAC NOTES
DTD 07/23/2020 0.375% 07/21/2025
3137EAEU9 2,310,000.00 AA+ Aaa 7/21/2020 7/23/2020 2,298,496.20 0.48 3,850.00 2,197,103.372,307,571.84

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 920,000.00 AA+ Aaa 8/25/2020 8/27/2020 915,694.40 0.47 1,207.50 871,323.72919,008.58

FANNIE MAE NOTES
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 3,075,000.00 AA+ Aaa 10/22/2020 10/23/2020 3,057,780.00 0.49 4,035.94 2,912,304.833,070,906.96

31 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

FREDDIE MAC NOTES
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 3,545,000.00 AA+ Aaa 9/23/2020 9/25/2020 3,534,329.55 0.44 3,618.85 3,349,546.433,542,373.34

FEDERAL FARM CREDIT BANK
(CALLABLE)
DTD 09/29/2020 0.530% 09/29/2025
3133EMBH4 2,265,000.00 AA+ Aaa 10/7/2020 10/9/2020 2,261,036.25 0.57 3,067.82 2,141,466.902,264,006.88

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 1,955,000.00 AA+ Aaa 11/19/2020 11/24/2020 1,954,257.10 0.51 1,466.25 1,842,085.071,954,797.13

FANNIE MAE NOTES
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 6,190,000.00 AA+ Aaa 12/3/2020 12/4/2020 6,188,885.80 0.50 4,642.50 5,832,484.176,189,694.04

US TREASURY NOTES
DTD 08/31/2022 3.125% 08/31/2029
91282CFJ5 2,120,000.00 AA+ Aaa 2/27/2023 2/28/2023 2,000,998.44 4.12 22,143.34 1,999,425.002,025,489.92

US TREASURY NOTES
DTD 08/15/2022 2.750% 08/15/2032
91282CFF3 2,195,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,190.82 3.93 22,718.85 1,953,207.142,020,028.40

FEDERAL HOME LOAN BANK NOTES
DTD 08/25/2022 3.375% 09/10/2032
3130AT4C8 875,000.00 AA+ Aaa 11/1/2022 11/3/2022 779,616.25 4.77 9,105.47 802,458.13795,676.98 32,092,500.00 31,645,734.54 77,148.12 30,255,288.14Security Type Sub-Total 1.06 31,736,353.74 Corporate

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 1,261.72 207,731.29211,502.96

TOYOTA MOTOR CREDIT CORP CORP
NOTES
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 1,197,500.00 A+ A1 5/21/2020 5/26/2020 1,213,786.00 1.50 8,262.75 1,171,187.331,199,644.39 AMAZON.COM INC CORPORATE
NOTES
DTD 04/13/2022 3.000% 04/13/2025
023135CE4 2,567,500.00 AA A1 4/11/2022 4/13/2022 2,563,417.67 3.06 16,688.75 2,519,585.322,566,434.72

GOLDMAN SACHS GROUP INC

CORPORATE NOTES
DTD 05/22/2015 3.750% 05/22/2025
38148LAE6 1,817,500.00 BBB+ A2 2/12/2021 2/17/2021 2,030,474.65 0.94 7,383.59 1,787,992.891,851,785.14

HONEYWELL INTL CORP NOTES
(CALLABLE)
DTD 05/18/2020 1.350% 06/01/2025
438516CB0 2,000,000.00 A A2 9/3/2021 9/8/2021 2,039,160.00 0.82 2,250.00 1,927,180.002,008,944.13

32 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

JPMORGAN CHASE & CO CORP

NOTES (CALLABLE
DTD 08/10/2021 0.768% 08/09/2025
46647PCM6 1,680,000.00 A- A1 8/3/2021 8/10/2021 1,680,000.00 0.77 5,089.28 1,670,502.961,680,000.00

STATE STREET CORP (CALLABLE)

CORPORATE N
DTD 02/07/2022 1.746% 02/06/2026
857477BR3 437,500.00 A A1 2/2/2022 2/7/2022 437,500.00 1.75 3,076.72 426,855.19437,500.00

STATE STREET CORP NOTES
(CALLABLE)
DTD 10/29/2020 2.901% 03/30/2026
857477BM4 3,750,000.00 A A1 8/8/2022 8/10/2022 3,639,037.50 3.78 27,499.06 3,666,952.503,696,774.76

BANK OF AMERICA CORP NOTES
(CALLABLE)
DTD 03/22/2022 3.384% 04/02/2026
06051GKM0 1,875,000.00 A- A1 3/17/2022 3/22/2022 1,875,000.00 3.38 15,686.25 1,842,541.881,875,000.00

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 75,160.83 3,799,502.203,811,173.46

BANK OF AMERICA NA CORPORATE
NOTES
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 1,885,000.00 A+ Aa1 8/14/2023 8/18/2023 1,885,000.00 5.53 38,483.22 1,896,801.991,885,000.00

JP MORGAN CORP NOTES
(CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 3,150,000.00 A+ Aa2 12/5/2023 12/8/2023 3,150,000.00 5.11 10,283.88 3,147,001.203,150,000.00

TARGET CORP CORP NOTES
(CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 2,140,000.00 A A2 1/27/2022 1/31/2022 2,138,694.60 1.96 19,242.17 1,990,349.802,139,330.71

MICROSOFT CORP CORP NOTES
(CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 2,325,000.00 AAA Aaa 1/27/2023 1/31/2023 2,259,644.25 4.07 30,903.13 2,243,590.132,282,676.92

TRUIST FINANCIAL CORP NOTES
(CALLABLE)
DTD 08/03/2020 1.125% 08/03/2027
89788MAC6 2,520,000.00 A- Baa1 8/5/2022 8/9/2022 2,213,719.20 3.83 11,655.00 2,220,797.882,330,173.22

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 32,926.04 2,088,395.812,165,292.76

HOME DEPOT INC CORP NOTES
(CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,450,000.00 A A2 1/25/2023 1/27/2023 3,255,385.50 4.15 28,711.67 3,224,401.053,315,346.56

33 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

JPMORGAN CHASE CORP NOTES
(CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,605,000.00 A- A1 9/14/2023 9/18/2023 1,467,563.85 5.13 16,686.16 1,504,199.581,491,912.11

HERSHEY COMPANY CORP NOTES

CALLABLE
DTD 05/04/2023 4.250% 05/04/2028
427866BH0 2,785,000.00 A A1 5/9/2023 5/11/2023 2,801,821.40 4.11 18,740.73 2,735,485.492,797,902.67

APPLE INC CORP NOTES CALLABLE
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 1,370,000.00 AA+ Aaa 5/12/2023 5/16/2023 1,380,946.30 3.82 7,763.33 1,337,684.441,378,428.22

APPLE INC CORP NOTES CALLABLE
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 4,675,000.00 AA+ Aaa 5/9/2023 5/11/2023 4,673,083.25 4.01 26,491.67 4,564,726.104,673,520.97

MORGAN STANLEY BANK NA BANK

NOTES (CALLA
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 2,770,000.00 A+ Aa3 5/30/2024 5/31/2024 2,775,844.70 5.44 13,128.57 2,789,556.202,775,692.32

MORGAN STANLEY BANK NA BANK

NOTES (CALLA
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 1,430,000.00 A+ Aa3 5/28/2024 5/30/2024 1,430,000.00 5.50 6,777.56 1,440,095.801,430,000.00

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 13,777.50 600,123.60606,583.38

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 32,606.75 1,420,292.521,418,293.00

TOYOTA MOTOR CREDIT CORP

CORPORATE NOTES
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 1,400,000.00 A+ A1 9/6/2023 9/11/2023 1,397,564.00 5.29 22,458.33 1,414,823.201,397,914.25

CITIBANK NA CORP NOTES
(CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 1,300,000.00 A+ Aa3 5/1/2024 5/3/2024 1,325,142.00 5.30 19,278.86 1,335,067.501,324,306.96

CITIBANK NA CORP NOTES
(CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 4,935,000.00 A+ Aa3 9/26/2023 9/29/2023 4,935,000.00 5.80 73,185.50 5,068,121.634,935,000.00

BLACKROCK FUNDING INC

CORPORATE NOTES (C
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 4,200,000.00 AA- Aa3 4/9/2024 4/11/2024 4,181,646.00 4.80 58,671.67 4,179,281.404,182,378.17

34 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

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 5,657.62 403,002.14404,305.75

ADOBE INC CORP NOTES (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,450,000.00 A+ A1 4/2/2024 4/4/2024 1,447,578.50 4.84 16,820.00 1,451,599.351,447,682.17

ADOBE INC CORP NOTES (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,775,000.00 A+ A1 4/1/2024 4/4/2024 1,772,355.25 4.83 20,590.00 1,776,957.831,772,468.49

MASTERCARD INC CORP NOTES
(CALLABLE)
DTD 05/31/2019 2.950% 06/01/2029
57636QAM6 3,600,000.00 A+ Aa3 6/26/2024 6/27/2024 3,307,140.00 4.82 8,850.00 3,311,496.003,307,716.21 72,692,500.00 71,895,280.94 696,048.31 71,163,882.20Security Type Sub-Total 4.16 71,950,684.40 Agency CMBS
FHMS K061 A2
DTD 01/30/2017 3.347% 11/01/2026
3137BTUM1 2,827,273.25 AA+ Aaa 5/19/2023 5/24/2023 2,740,246.24 4.31 7,885.74 2,725,209.392,768,216.73 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 4,287,655.814,286,241.50

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 2,428,855.322,429,759.71

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 3,751,340.213,744,264.70 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,973,581.39 AA+ Aaa 9/20/2023 9/28/2023 3,911,223.98 5.19 15,894.33 3,959,945.213,920,721.13 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,084,432.76 AA+ Aaa 9/7/2023 9/14/2023 2,053,260.07 5.01 8,077.18 2,069,733.402,058,125.72 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 4,187,494.124,233,762.59 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,398,940.59 AA+ Aaa 7/19/2023 7/27/2023 3,398,855.59 4.78 13,530.62 3,385,355.773,398,871.91 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 4,133,415.874,191,421.15 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 4,162,784.144,147,014.79

35 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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 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 4,274,624.414,218,068.78 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 2,352,355.02 AA+ Aaa 9/19/2023 9/28/2023 2,352,343.25 5.27 10,334.68 2,379,534.882,352,344.91 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 4,184,867.864,156,735.86 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 3,298,561.073,212,569.08 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 1,685,027.421,670,702.13 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 2,435,942.182,433,731.69 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 2,223,249.192,233,657.10 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 2,464,219.782,518,083.07 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 2,489,078.822,527,913.00 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 3,831,141.643,866,445.31 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 4,282,907.544,305,707.06 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 3,102,586.703,109,801.74 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 4,297,384.314,318,551.76 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
3137HCKV3 2,380,000.00 AA+ Aaa 4/23/2024 4/30/2024 2,389,660.42 5.09 10,273.67 2,411,358.572,389,360.49 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 4,400,000.00 AA+ Aaa 6/5/2024 6/13/2024 4,399,986.80 4.80 17,611.00 4,393,754.864,399,986.93 83,360,892.01 82,677,121.82 321,946.23 82,846,028.47Security Type Sub-Total 4.89 82,892,058.84

36 ATTACHMENT A
© PFM Asset Management LLC pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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
HART 2021-A A3
DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 18,418.35 AAA NR 4/20/2021 4/28/2021 18,416.41 0.38 3.11 18,371.9618,417.82 CARMX 2021-1 A3
DTD 01/27/2021 0.340% 12/15/2025
14316NAC3 33,166.67 AAA NR 1/20/2021 1/27/2021 33,160.12 0.34 5.01 32,961.7633,164.72 TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
89239BAC5 308,457.70 AAA Aaa 9/21/2021 9/27/2021 308,433.11 0.43 58.95 303,414.02308,448.89 CARMX 2021-2 A3
DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 145,824.92 AAA NR 4/13/2021 4/21/2021 145,793.49 0.52 33.70 144,235.21145,814.29 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 187,115.11 AAA NR 11/9/2021 11/17/2021 187,073.34 0.75 61.54 183,865.59187,097.71 HAROT 2022-2 A3
DTD 08/24/2022 3.730% 07/20/2026
43815PAC3 276,456.35 AAA NR 8/15/2022 8/24/2022 276,439.87 3.73 372.37 273,049.03276,447.69 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 0.58 205.58 789,024.17797,424.13 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 3,781,634.453,824,495.09 CCCIT 2023-A1 A1
DTD 12/11/2023 5.230% 12/08/2027
17305EGW9 930,000.00 AAA Aaa 12/4/2023 12/11/2023 929,883.38 5.23 3,107.49 928,973.56929,898.18 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 1,086,383.381,084,783.02 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 1,779,683.341,774,946.35 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 2,643,307.662,639,559.79 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 1,892.00 822,462.22824,848.48 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 3,381,657.193,374,499.39 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 3,094,464.443,074,950.98 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 1,982.09 811,485.32804,923.46 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 2,886,016.032,879,852.17

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3.56 3.56%
Total Investments $447,631,037.03

38 ATTACHMENT A
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CITY OF STOCKTON
For the Quarter Ended June 30, 2024
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
D
ate Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
4/1/2024 4/4/2024 1,775,000.00 00724PAF6 ADOBE INC CORP NOTES (CALLABLE) 4.80% 4/4/2029 1,772,355.25 4.83% 4/2/2024 4/4/2024 1,450,000.00 00724PAF6 ADOBE INC CORP NOTES (CALLABLE) 4.80% 4/4/2029 1,447,578.50 4.84% 4/9/2024 4/11/2024 4,200,000.00 09290DAA9 BLACKROCK FUNDING INC CORPORATE NOTES (C 4.70% 3/14/2029 4,196,451.00 4.80% 4/23/2024 4/30/2024 2,380,000.00 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 2,399,591.63 5.09% 4/25/2024 4/26/2024 3,820,000.00 91282CKF7 US TREASURY N/B NOTES 4.12% 3/31/2031 3,697,344.63 4.72% 4/25/2024 4/26/2024 3,880,000.00 91282CJZ5 US TREASURY N/B NOTES 4.00% 2/15/2034 3,697,630.34 4.70% 4/25/2024 4/26/2024 3,880,000.00 91282CGZ8 US TREASURY NOTES 3.50% 4/30/2030 3,698,906.13 4.73% 5/1/2024 5/3/2024 1,300,000.00 17325FBB3 CITIBANK NA CORP NOTES (CALLABLE) 5.80% 9/29/2028 1,332,266.79 5.30% 5/28/2024 5/30/2024 1,430,000.00 61690U8B9 MORGAN STANLEY BANK NA BANK NOTES (CALLA 5.50% 5/26/2028 1,430,000.00 5.50% 5/30/2024 5/31/2024 2,770,000.00 61690U8B9 MORGAN STANLEY BANK NA BANK NOTES (CALLA 5.50% 5/26/2028 2,775,844.70 5.44% 6/5/2024 6/13/2024 4,400,000.00 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 4,407,031.20 4.80% 6/6/2024 6/7/2024 960,000.00 91282CKT7 US TREASURY N/B NOTES 4.50% 5/31/2029 969,526.23 4.30% 6/26/2024 6/27/2024 3,600,000.00 57636QAM6 MASTERCARD INC CORP NOTES (CALLABLE) 2.95% 6/1/2029 3,314,810.00 4.82% Total BUY 35,845,000.00 35,139,336.40 0.00

INTEREST
4/1/2024 4/1/2024 MONEY0002 MONEY MARKET FUND 1,870.09
4/1/2024 4/25/2024 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50

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INTEREST
4/1/2024 4/25/2024 4,300,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 4/1/2024 4/25/2024 4,200,000.00 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 4/1/2024 4/25/2024 4,200,000.00 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 4/1/2024 4/25/2024 3,305,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 4/1/2024 4/25/2024 2,440,000.00 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 4/1/2024 4/25/2024 2,089,531.88 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,096.94 4/1/2024 4/25/2024 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 4/1/2024 4/25/2024 2,843,880.09 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,932.06 4/1/2024 4/25/2024 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 10,238.46 4/1/2024 4/25/2024 2,215,000.00 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 4/1/2024 4/25/2024 2,505,000.00 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 4/1/2024 4/25/2024 2,361,432.47 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,374.56 4/1/2024 4/25/2024 4,200,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 4/1/2024 4/25/2024 1,675,000.00 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 4/1/2024 4/25/2024 4,200,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 4/1/2024 4/25/2024 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 4/1/2024 4/25/2024 3,760,000.00 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00

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INTEREST
4/1/2024 4/25/2024 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 6,864.35 4/1/2024 4/25/2024 2,495,000.00 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 4/1/2024 4/25/2024 3,040,000.00 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 4/1/2024 4/25/2024 3,404,722.14 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,553.63 4/1/2024 4/25/2024 4,006,761.74 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 16,027.05 4/2/2024 4/2/2024 1,875,000.00 06051GKM0 BANK OF AMERICA CORP NOTES (CALLABLE) 3.38% 4/2/2026 31,725.00 4/13/2024 4/13/2024 2,567,500.00 023135CE4 AMAZON.COM INC CORPORATE NOTES 3.00% 4/13/2025 38,512.50 4/14/2024 4/14/2024 335,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTES 0.50% 4/14/2025 837.50 4/15/2024 4/15/2024 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 4/15/2024 4/15/2024 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 4/15/2024 4/15/2024 263,438.25 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 162.45 4/15/2024 4/15/2024 1,520,000.00 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 4/15/2024 4/15/2024 74,013.36 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 20.97 4/15/2024 4/15/2024 805,000.00 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 4/15/2024 4/15/2024 1,190,000.00 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 4/15/2024 4/15/2024 445,344.26 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 159.58 4/15/2024 4/15/2024 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50

41 ATTACHMENT A
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INTEREST
4/15/2024 4/15/2024 3,825,000.00 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2027 14,662.50 4/15/2024 4/15/2024 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 4/15/2024 4/15/2024 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 4/15/2024 4/15/2024 90,275.07 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 28.59 4/15/2024 4/15/2024 3,380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 4/15/2024 4/15/2024 3,075,000.00 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 4/15/2024 4/15/2024 3,375,000.00 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 4/15/2024 4/15/2024 3,460,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 4/15/2024 4/15/2024 243,385.10 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 105.47 4/16/2024 4/16/2024 410,000.00 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 4/18/2024 4/18/2024 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 4/18/2024 4/18/2024 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 4/21/2024 4/21/2024 47,142.98 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 10.61 4/22/2024 4/22/2024 6,640,000.00 3135G03U5 FANNIE MAE NOTES 0.62% 4/22/2025 20,750.00 4/30/2024 4/30/2024 5,340,000.00 91282CAU5 US TREASURY NOTES 0.50% 10/31/2027 13,350.00 4/30/2024 4/30/2024 932,500.00 912828ZL7 US TREASURY NOTES 0.37% 4/30/2025 1,748.44 4/30/2024 4/30/2024 6,040,000.00 91282CFU0 US TREASURY NOTES 4.12% 10/31/2027 124,575.00

42 ATTACHMENT A
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INTEREST
4/30/2024 4/30/2024 3,500,000.00 91282CAT8 US TREASURY NOTES 0.25% 10/31/2025 4,375.00 4/30/2024 4/30/2024 2,050,000.00 91282CHA2 US TREASURY NOTES 3.50% 4/30/2028 35,875.00 4/30/2024 4/30/2024 4,840,000.00 912828ZN3 US TREASURY NOTES 0.50% 4/30/2027 12,100.00 4/30/2024 4/30/2024 3,880,000.00 91282CGZ8 US TREASURY NOTES 3.50% 4/30/2030 67,900.00 5/1/2024 5/1/2024 MONEY0002 MONEY MARKET FUND 14,927.90 5/1/2024 5/1/2024 625,000.00 13077DNC2 CA ST UNIV TXBL REV BONDS 0.68% 11/1/2024 2,140.63 5/1/2024 5/25/2024 1,675,000.00 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 5/1/2024 5/25/2024 2,838,458.94 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,916.94 5/1/2024 5/25/2024 3,402,933.47 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,546.51 5/1/2024 5/25/2024 3,760,000.00 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 5/1/2024 5/25/2024 2,215,000.00 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 5/1/2024 5/25/2024 3,305,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 5/1/2024 5/25/2024 2,087,921.56 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,090.70 5/1/2024 5/25/2024 4,200,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 5/1/2024 5/25/2024 3,996,307.17 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,985.23 5/1/2024 5/25/2024 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 6,864.35 5/1/2024 5/25/2024 2,358,670.72 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,362.43

43 ATTACHMENT A
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INTEREST
5/1/2024 5/25/2024 3,040,000.00 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 5/1/2024 5/25/2024 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 5/1/2024 5/25/2024 4,200,000.00 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 5/1/2024 5/25/2024 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 10,238.46 5/1/2024 5/25/2024 4,300,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 5/1/2024 5/25/2024 2,495,000.00 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 5/1/2024 5/25/2024 2,505,000.00 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 5/1/2024 5/25/2024 4,200,000.00 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 5/1/2024 5/25/2024 2,380,000.00 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 5/1/2024 5/25/2024 4,200,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 5/1/2024 5/25/2024 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 5/1/2024 5/25/2024 2,440,000.00 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 5/1/2024 5/25/2024 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 5/4/2024 5/4/2024 2,785,000.00 427866BH0 HERSHEY COMPANY CORP NOTES CALLABLE 4.25% 5/4/2028 59,181.25 5/7/2024 5/7/2024 8,145,000.00 3135G06G3 FANNIE MAE NOTES 0.50% 11/7/2025 20,362.50 5/10/2024 5/10/2024 6,045,000.00 037833ET3 APPLE INC CORP NOTES CALLABLE 4.00% 5/10/2028 120,900.00 5/15/2024 5/15/2024 1,520,000.00 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00

44 ATTACHMENT A
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INTEREST
5/15/2024 5/15/2024 3,825,000.00 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2027 14,662.50 5/15/2024 5/15/2024 3,075,000.00 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 5/15/2024 5/15/2024 760,000.00 91412HGE7 UNIV OF CAL TXBL REV BONDS 0.88% 5/15/2025 3,355.40 5/15/2024 5/15/2024 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 5/15/2024 5/15/2024 6,245,000.00 91282CFV8 US TREASURY NOTES 4.12% 11/15/2032 128,803.13 5/15/2024 5/15/2024 1,190,000.00 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 5/15/2024 5/15/2024 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 5/15/2024 5/15/2024 59,992.13 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 17.00 5/15/2024 5/15/2024 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 5/15/2024 5/15/2024 3,385,000.00 91282CDJ7 US TREASURY NOTES 1.37% 11/15/2031 23,271.88 5/15/2024 5/15/2024 236,624.68 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 145.92 5/15/2024 5/15/2024 805,000.00 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 5/15/2024 5/15/2024 3,460,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 5/15/2024 5/15/2024 3,085,000.00 912810FM5 US TREASURY NOTES 6.25% 5/15/2030 96,406.25 5/15/2024 5/15/2024 4,330,000.00 91282CAV3 US TREASURY NOTES 0.87% 11/15/2030 18,943.75 5/15/2024 5/15/2024 2,535,000.00 912828ZQ6 US TREASURY NOTES 0.62% 5/15/2030 7,921.88 5/15/2024 5/15/2024 705,000.00 9128284N7 US TREASURY NOTES 2.87% 5/15/2028 10,134.38

45 ATTACHMENT A
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INTEREST
5/15/2024 5/15/2024 3,375,000.00 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 5/15/2024 5/15/2024 398,925.98 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 142.95 5/15/2024 5/15/2024 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 5/15/2024 5/15/2024 6,655,000.00 91282CEP2 US TREASURY NOTES 2.87% 5/15/2032 95,665.63 5/15/2024 5/15/2024 2,540,000.00 912828U24 US TREASURY NOTES 2.00% 11/15/2026 25,400.00 5/15/2024 5/15/2024 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 5/15/2024 5/15/2024 4,195,000.00 91282CCB5 US TREASURY NOTES 1.62% 5/15/2031 34,084.38 5/15/2024 5/15/2024 209,305.80 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 90.70 5/15/2024 5/15/2024 3,380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 5/15/2024 5/15/2024 1,000,000.00 912810FF0 US TREASURY NOTES 5.25% 11/15/2028 26,250.00 5/15/2024 5/15/2024 65,373.41 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 20.70 5/16/2024 5/16/2024 410,000.00 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 5/18/2024 5/18/2024 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 5/18/2024 5/18/2024 310,000.00 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 963.58 5/21/2024 5/21/2024 23,790.54 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 5.35 5/22/2024 5/22/2024 1,817,500.00 38148LAE6 GOLDMAN SACHS GROUP INC CORPORATE NOTES 3.75% 5/22/2025 34,078.13 5/31/2024 5/31/2024 6,772,500.00 91282CAZ4 US TREASURY NOTES 0.37% 11/30/2025 12,698.44

46 ATTACHMENT A
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INTEREST
5/31/2024 5/31/2024 2,830,000.00 91282CHF1 US TREASURY NOTES 3.75% 5/31/2030 53,062.50 5/31/2024 5/31/2024 7,500.00 9128283J7 US TREASURY NOTES 2.12% 11/30/2024 79.69 5/31/2024 5/31/2024 8,320,000.00 91282CCF6 US TREASURY NOTES 0.75% 5/31/2026 31,200.00 5/31/2024 5/31/2024 1,070,000.00 91282CFY2 US TREASURY NOTES 3.87% 11/30/2029 20,731.25 5/31/2024 5/31/2024 4,490,000.00 91282CES6 US TREASURY NOTES 2.75% 5/31/2029 61,737.50 6/1/2024 6/1/2024 77,500.00 13067WRB0 CA ST DEPT WTR RES WTR SYS TXBL REV BNDS 0.56% 12/1/2024 217.00 6/1/2024 6/1/2024 2,000,000.00 438516CB0 HONEYWELL INTL CORP NOTES (CALLABLE) 1.35% 6/1/2025 13,500.00 6/1/2024 6/25/2024 3,984,143.45 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,936.57 6/1/2024 6/25/2024 4,200,000.00 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 6/1/2024 6/25/2024 3,941,658.00 3137F2LJ3 FHLMC MULTIFAMILY STRUCTURED P 3.11% 6/1/2027 10,238.46 6/1/2024 6/25/2024 2,215,000.00 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 6/1/2024 6/25/2024 3,760,000.00 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 6/1/2024 6/25/2024 2,505,000.00 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 6/1/2024 6/25/2024 2,495,000.00 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 6/1/2024 6/25/2024 1,675,000.00 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 6/1/2024 6/25/2024 4,200,000.00 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 6/1/2024 6/25/2024 3,400,750.60 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,537.82

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INTEREST
6/1/2024 6/25/2024 4,477,651.00 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 6/1/2024 6/25/2024 2,440,000.00 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 6/1/2024 6/25/2024 2,086,059.39 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,083.48 6/1/2024 6/25/2024 4,200,000.00 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 6/1/2024 6/25/2024 4,250,000.00 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,839.58 6/1/2024 6/25/2024 2,832,675.89 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,900.81 6/1/2024 6/25/2024 4,300,000.00 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 6/1/2024 6/25/2024 2,380,000.00 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 6/1/2024 6/25/2024 2,540,000.00 3137F1G44 FHLMC MULTIFAMILY STRUCTURED P 3.24% 4/1/2027 6,864.35 6/1/2024 6/25/2024 4,200,000.00 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 6/1/2024 6/25/2024 2,355,153.39 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,346.97 6/1/2024 6/25/2024 3,040,000.00 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 6/1/2024 6/25/2024 4,200,000.00 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 6/1/2024 6/25/2024 3,305,000.00 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 6/3/2024 6/3/2024 MONEY0002 MONEY MARKET FUND 2,866.12
6/8/2024 6/8/2024 3,150,000.00 48125LRU8 JP MORGAN CORP NOTES (CALLABLE) 5.11% 12/8/2026 80,482.50 6/8/2024 6/8/2024 930,000.00 17305EGW9 CCCIT 2023-A1 A1 5.23% 12/8/2027 23,914.18

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INTEREST
6/15/2024 6/15/2024 211,756.32 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 130.58 6/15/2024 6/15/2024 3,460,000.00 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 6/15/2024 6/15/2024 797,500.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 385.46 6/15/2024 6/15/2024 805,000.00 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 6/15/2024 6/15/2024 825,000.00 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 6/15/2024 6/15/2024 3,380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 6/15/2024 6/15/2024 2,880,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 6/15/2024 6/15/2024 177,191.48 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 76.78 6/15/2024 6/15/2024 1,520,000.00 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 6/15/2024 6/15/2024 46,911.17 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 13.29 6/15/2024 6/15/2024 3,825,000.00 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2027 14,662.50 6/15/2024 6/15/2024 1,085,000.00 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 6/15/2024 6/15/2024 3,075,000.00 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 6/15/2024 6/15/2024 1,190,000.00 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 6/15/2024 6/15/2024 1,775,000.00 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 6/15/2024 6/15/2024 352,993.45 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 126.49 6/15/2024 6/15/2024 41,843.68 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 13.25

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INTEREST
6/15/2024 6/15/2024 3,375,000.00 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 6/16/2024 6/16/2024 410,000.00 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 6/17/2024 6/17/2024 6,642,500.00 3135G04Z3 FANNIE MAE NOTES 0.50% 6/17/2025 16,606.25 6/18/2024 6/18/2024 297,499.61 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 924.73 6/18/2024 6/18/2024 2,640,000.00 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 6/21/2024 6/21/2024 1,454.21 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 0.33 6/30/2024 6/30/2024 2,945,000.00 91282CGC9 US TREASURY NOTES 3.87% 12/31/2027 57,059.38 6/30/2024 6/30/2024 6,400,000.00 91282CBC4 US TREASURY NOTES 0.37% 12/31/2025 12,000.00 6/30/2024 6/30/2024 4,215,000.00 912828ZV5 US TREASURY NOTES 0.50% 6/30/2027 10,537.50 6/30/2024 6/30/2024 490,000.00 91282CEV9 US TREASURY NOTES 3.25% 6/30/2029 7,962.50 6/30/2024 6/30/2024 2,030,000.00 91282CGB1 US TREASURY NOTES 3.87% 12/31/2029 39,331.25 6/30/2024 6/30/2024 4,300,000.00 91282CEW7 US TREASURY NOTES 3.25% 6/30/2027 69,875.00 6/30/2024 6/30/2024 1,597,500.00 912828ZW3 US TREASURY NOTES 0.25% 6/30/2025 1,996.88 Total INTEREST 482,797,091.38 2,900,427.26 0.00

MATURITY
4/30/2024 4/30/2024 7,500.00 912828X70 US TREASURY NOTES 2.00% 4/30/2024 7,575.00 5/1/2024 5/1/2024 1,355,000.00 172967MX6 CITIGROUP INC CORPORATE NOTES (CALLED,OM 0.98% 5/1/2024 1,361,646.28

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MATURITY
5/12/2024 5/12/2024 2,500.00 023135BW5 AMAZON.COM INC CORPORATE NOTES 0.45% 5/12/2024 2,505.63 Total MATURITY 1,365,000.00 1,371,726.91 0.00

PAYDOWNS
4/1/2024 4/25/2024 10,454.57 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 10,454.57 4/1/2024 4/25/2024 2,761.75 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 2,761.75 4/1/2024 4/25/2024 5,421.15 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,421.15 4/1/2024 4/25/2024 1,788.67 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,788.67 4/1/2024 4/25/2024 1,610.32 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,610.32 4/15/2024 4/15/2024 46,418.28 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 46,418.28 4/15/2024 4/15/2024 24,901.66 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 24,901.66 4/15/2024 4/15/2024 14,021.23 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 14,021.23 4/15/2024 4/15/2024 26,813.57 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 26,813.57 4/15/2024 4/15/2024 34,079.30 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 34,079.30 4/21/2024 4/21/2024 23,352.44 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 23,352.44 5/1/2024 5/25/2024 1,862.17 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,862.17 5/1/2024 5/25/2024 3,517.33 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 3,517.33 5/1/2024 5/25/2024 12,163.72 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 12,163.72

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PAYDOWNS
5/1/2024 5/25/2024 2,182.87 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,182.87 5/1/2024 5/25/2024 5,783.05 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,783.05 5/15/2024 5/15/2024 45,932.53 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 45,932.53 5/15/2024 5/15/2024 23,529.73 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 23,529.73 5/15/2024 5/15/2024 32,114.32 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 32,114.32 5/15/2024 5/15/2024 13,080.96 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 13,080.96 5/15/2024 5/15/2024 24,868.36 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 24,868.36 5/18/2024 5/18/2024 12,500.39 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 12,500.39 5/21/2024 5/21/2024 22,336.33 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 22,336.33 6/1/2024 6/25/2024 5,402.64 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,402.64 6/1/2024 6/25/2024 1,626.63 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,626.63 6/1/2024 6/25/2024 1,810.01 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,810.01 6/1/2024 6/25/2024 10,562.06 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 10,562.06 6/1/2024 6/25/2024 2,798.37 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 2,798.37 6/15/2024 6/15/2024 24,641.21 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 24,641.21 6/15/2024 6/15/2024 44,535.75 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 44,535.75 6/15/2024 6/15/2024 31,366.56 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 31,366.56

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PAYDOWNS
6/15/2024 6/15/2024 13,744.50 14316NAC3 CARMX 2021-1 A3 0.34% 12/15/2025 13,744.50 6/15/2024 6/15/2024 23,425.33 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 23,425.33 6/18/2024 6/18/2024 21,043.26 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 21,043.26 6/21/2024 6/21/2024 1,454.21 43813GAC5 HAROT 2021-1 A3 0.27% 4/21/2025 1,454.21 Total PAYDOWNS 573,905.23 573,905.23 0.00
SELL
4/2/2024 4/4/2024 55,000.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTES 1.80% 2/13/2025 53,486.95 -1,751.48 4/2/2024 4/4/2024 2,295,000.00 594918BB9 MICROSOFT CORP (CALLABLE) NOTES 2.70% 2/12/2025 2,257,017.75 -73,680.03 4/9/2024 4/11/2024 3,680,000.00 66989HAP3 NOVARTIS CAPITAL CORP 1.75% 2/14/2025 3,584,433.47 -126,882.87 4/9/2024 4/11/2024 237,500.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTES 1.80% 2/13/2025 231,329.75 -7,273.55 4/9/2024 4/11/2024 397,500.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTES 1.80% 2/13/2025 387,172.95 -12,445.61 4/26/2024 4/30/2024 1,600,000.00 3135G03U5 FANNIE MAE NOTES 0.62% 4/22/2025 1,530,814.22 -71,447.54 4/29/2024 4/30/2024 195,000.00 912828ZL7 US TREASURY NOTES 0.37% 4/30/2025 185,927.93 -8,446.32 5/29/2024 5/30/2024 75,000.00 912828ZL7 US TREASURY NOTES 0.37% 4/30/2025 71,785.63 -3,016.41 5/30/2024 5/31/2024 2,725,000.00 3135G03U5 FANNIE MAE NOTES 0.62% 4/22/2025 2,617,545.30 -112,471.72 6/5/2024 6/5/2024 965,000.00 54438CYK2 LOS ANGELES CCD, CA TXBL GO BONDS 0.77% 8/1/2025 927,811.36 -39,758.00 6/12/2024 6/13/2024 725,000.00 797272QP9 SAN DIEGO CCD, CA TXBL GO BONDS 2.04% 8/1/2024 726,915.45 -3,523.50

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54 ATTACHMENT A
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CITY OF STOCKTON
For the Quarter Ended June 30, 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.

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CITY OF STOCKTON
For the Quarter Ended June 30, 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.

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CITY OF STOCKTON
For the Quarter Ended June 30, 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.

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CITY OF STOCKTON
For the Quarter Ended June 30, 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.

58 ATTACHMENT A

INVESTMENT REPORT
City of Stockton | As of June 30, 2024
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

59 ATTACHMENT A

TABLE OF CONTENTS
City of Stockton | As of June 30, 2024

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS

60 ATTACHMENT A

ECONOMIC UPDATE

61 ATTACHMENT A
Economic Update



Recent economic data suggest s positive but slower growth this year fueled by consumer spending. While the consumer has been resilient, growing credit card debt, higher delinquencies, and a moderating labor market pose potential headwinds to future economic growth.

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 June meetin g, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%, emphasizing the need to see sustained evidence of easing inflation before considering any rate cuts. The FOMC's latest projections now suggest only one interest rate cut in 2024, with four more cuts expected in 2025 and a slightly higher long- term neutral rate. Additionally, the Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month.

The US Treasury yield curv e shifted lower in June as economic data moderated. The 2-year Treasury yield fell 12 basis points to 4.76%, the 5-year Treasury dropped13 basis points to 4.38%, and the 10-year Treasury yield declined 10 basis points to 4.40%. The inversion between the 2-year Treasury yield and 10-year Treasury yield remained relatively stable at -36 basis points at June month-end versus -37 basis points at May month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -106 basis points. The inversion between 3-month and 10-year Treasuries widened to -96 basis points in June from -91 basis points in May.

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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 206,000 jobs in June, remaining ahead of consensus expectations of 190,000 jobs. The gains were broad based, with government, health care, and social assistance posting the largest gains. The three-month moving average and six-month moving average payrolls have weakened from the first quarter to 177,000 and 222,000 respectively. The unemploymentrate edged up to 4.1% in June, and the labor participation rate inched up to 62.6%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons held steady at

7.4%. Average hourly earnings rose 3.9% year-over-year in June, down from 4.1% year-over-year in May. The labor markets continue to show signs of cooling in line with the Federal Reserve’s view that there has been “substantial” progress towards better balance in the labor market between demand and supply for workers.

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

63 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) increased to 8.140 million job openings in May from a downwardlyrevised 7.919 million in April. Job openings still represent a healthy ratio of around 1.2 jobs for each unemployedindividual.

While the current level of job openings remains elevated from a historical perspective, the trend is decelerating.

Source: US Department of Labor

64 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
In June, the Consumer Price Index (CPI) declined 0.1% month-over-monthand rose 3.0% year-over-year, reflecting broad-based cost reductions. The month-over-monthdrop was the first deflationary data point since the pandemic. The Core CPI, which excludes volatile food and energy components, was up just 0.1% month-over-monthand 3.3% year-over-year in June, down from 3.4% in May and lower than expected. The Personal Consumption Expenditures (PCE) Index decelerated in May as expected. The headline PCE deflator was unchanged in May from April versus up 0.3% in the prior month. Year-over-year, the PCE deflator rose 2.6%. The Core PCE deflator (the Fed’s preferred gauge) increased 0.1% in May from the prior month versus up 0.3% in April. The Core PCE deflator also rose 2.6% year- over-year, still above the Fed’s 2% inflation target. Much of the lingering inflation has been driven by shelter costs and demand for services.

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

65 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
Retail Sales were unchanged mon th-over-month in June after an upwardly revised 0.3% gain in May. On a year-over-year basis, Retail Sales growth further slowed to 2.3% in June from 2.6% in May. Nonstore retailers were a bright spot in June, while motor vehicle and gasoline sales declined. The Conference Board’s Consumer Confidence Index fell to 100.4 in June from 101.3 in May. While the present situation component rose marginally, consumers are less optimistic about future expectations for business conditions and potential income increases. While the consumer has been resilient, consumption has begun to moderate in the face of higher interest rates, rising credit card balances, and growing delinquencies.
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)

66 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 Leading Economic Index (LEI) fell 0.2% in June following a 0.4% decline in May. The index dropped 4.8% year-over- year. The report stated that "due to the smaller month-on-monthrate of decline, the LEI's long-term growth has become less negative, pointing to a slow recovery.” The Chicago Fed National Activity Index (CFNAI) decreased to 0.05 in June from 0.23 in May, surpassing consensus expectations. The three-month moving average rose to -0.01 in June from -0.08 in May, indicating slightly below-trend growth expectations for the economy.

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

67 ATTACHMENT A
Housing
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts jumped 3.0% month- over-monthin June to a higher-than-expected 1.353 million units, driven primarily by the multi-family category. Starts were down 4.4% year-over-year. The Freddie Mac average rate for a 30-year fixed mortgage edged down to 6.92% in June from 7.06% in May. According to the Case-Shiller 20-City Home Price Index, housing prices rose a higher-than-expected 7.2% year- over-year in April versus March's upwardly revised 7.5% increase. 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

68 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 edged down to 48.5 in June from 48.7 in May. While new orders picked up, prices paid for materials fell the most in over a year. The ISM Services Index returned to contraction declining to 48.8 in June, from

53.8 in the previous month. Although thelevel of the decline was a surprise, the trend in the Services PMI, which applies to a larger share of US economic output, has been steadily decreasing.

Source: Institute for Supply Management

69 ATTACHMENT A
Gross Domestic Product (GDP)
Components of GDP 6/23 9/23 12/23 3/24

0.6% 2.1% 2.2% 1.0%

0.9% 1.7% 0.2% 0.8%

0.0% 0.0% 0.3% -0.7%

0.1% 0.5% 0.2% 0.0%

0.5% 0.5% 0.6% 0.3%

2.1% 4.9% 3.4% 1.4%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce The third and final estimate of first quarter GDP came in as expected with growth up 1.4%, a small upward revision from 1.3% in the second estimate. Notably, the personal consumption expenditures component was revised down substantially to +1.5% in the final estimate from +2.0% in the second estimate. Weaker growth in consumer spending was offset by upward revisions in other major categories, particularly gross fixed investment. The consensus projection calls for 2.0% growth in the second quarter and 2.3% growth for the full year 2024.

70 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 June meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%, emphasizing the need to see sustained evidence of easing inflation before considering any rate cuts. The FOMC's latest projections now suggest only one interest rate cut in 2024, with four more cuts expected in 2025 and a slightly higher long- term neutral rate. The Fed’s inflation projections ticked up marginally, while unemployment and GDP growth forecasts remained steady.

Additionally, the Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.7T to approximately $7.3T.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)

71 ATTACHMENT A
Bond Yields
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

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

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Jun-24
Mar-24
Jun-23
Yield (%)
At the end of June, the 2-year Treasury yield was 15 basis points lower, and the 10-Year Treasury yield was 56 basis points higher, year- over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield remained relatively stable at -36 basis points at June month-endversus -37 basis points at May month-end. The inversion has occurred since July 2022 and remains historically long. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries widened to -96 basis points in June from -91 basis points in May.

72 ATTACHMENT A

ACCOUNT PROFILE

73 ATTACHMENT A

OBJECTIVES
City of Stockton | As of June 30, 2024
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.

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.

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.

74 ATTACHMENT A

STATEMENT OF COMPLIANCE
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 2.3 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 20.0 10.1 Compliant Max Maturity (Years) 10.0 3.9 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 5.2 Compliant
Max % Issuer (MV) 5.0 1.5 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA by 1) 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 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0. 0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 25.3 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant

75 ATTACHMENT A

STATEMENT OF COMPLIANCE
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Rules Name Limit Actual Compliance
Status Notes
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/
TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 22.5 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 100.0 10.1 Compliant Max Callables (MV) 20.0 0.7 Compliant
Max Maturity (Years) 10 8 Compliant

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

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.2 Compliant
Max % Issuer (MV) 20.0 0.2 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 by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 1.0 Compliant
Max % Issuer (MV) 5.0 0.3 Compliant
Max Maturity (Years) 10 1 Compliant
Min Rating (A- by 1) 0.0 0.0 Compli ant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.9 Compliant
Max % Issuer (MV) 5.0 0.6 Compliant
Max Maturity (Years) 10 1 Compliant

76 ATTACHMENT A

STATEMENT OF COMPLIANCE
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Rules Name Limit Actual Compliance
Status Notes
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 (Years) 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) 1.0 0.0 Compliant

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 39.5 Compliant
Max Maturity (Years) 10 9 Compliant

77 ATTACHMENT A

PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Benchmark* 6/30/2024
Portfolio
3/31/2024
Portfolio
Average Maturity (yrs) 2.73 3.02 2.88
Average Modified Duration 2.52 2.58 2.49
Average Purchase Yield 2.76% 2.51%
Average Market Yield 4.72% 4.96% 4.81%
Average Quality** AA+ AA AA
Total Market Value 324,199,869 321,428,490
*Benchmark: ICE BofA 1-5 Year Gov/Corp A or better
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

78 ATTACHMENT A

SECTOR DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Sector as a Percentage of Market Value
Sector 06/30/2024 03/31/2024
US Treasury 39.5% 41.4%
Corporate 25.2% 22.2%
Agency 22.6% 22.1%
ABS 5.3% 4.5%
Agency CMBS 2.3% 2.3%
Muni Bonds 1.9% 1.9%
Neg CD 1.9% 1.9%
Supras 1.3% 1.3%
Money Mkt Fd 0.2% 0.1%
Cash 0.0% 1.0%
Comm Paper -- 1.4%

79 ATTACHMENT A

ISSUERS
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Issuer Investment Type % Portfolio
United States US Treasury 39.48%
FNMA Agency 10.12%
Farm Credit System Agency 5.88%
Federal Home Loan Banks Agency 4.60%
FHLMC Multiple 4.00%
Westpac Banking Corporation Neg CD 1.86%
Chase Issuance Trust ABS 1.53%
JPMorgan Chase & Co. Corporate 1.40%
Toyota Motor Corporation Corporate 1.35%
Bank of America Corporation Corporate 1.35%
Deere & Company Corporate 1.33%
John Deere Owner Trust ABS 1.30%
Inter-American Development Bank Supras 1.29%
Walmart Inc. Corporate 1.27%
Caterpillar Inc. Corporate 1.24%
Morgan Stanley Corporate 1.21%
Visa Inc. Corporate 1.17%
UnitedHealth Group Incorporated Corporate 1.15%
Novartis AG Corporate 1.12%
PACCAR Inc Corporate 1.11%
The Charles Schwab Corporation Corporate 1.01%
Mastercard Incorporated Corporate 0.94%
National Rural Utilities Cooperative Corporate 0.93%
Cisco Systems, Inc. Corporate 0.93%
Massachusetts Mutual Life Insurance Corporate 0.92%
Prologis, Inc. Corporate 0.88%
Microsoft Corporation Corporate 0.82%
Amazon.com, Inc. Corporate 0.78%

80 ATTACHMENT A

ISSUERS
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Issuer Investment Type % Portfolio
Northern Trust Corporation Corporate 0.67%
BMW Vehicle Owner Trust ABS 0.64%
Target Corporation Corporate 0.62%
Merck & Co., Inc. Corporate 0.61%
Honeywell International Inc. Corporate 0.60%
PepsiCo, Inc. Corporate 0.60%
Florida Hurricane Catastrophe Fund F Muni Bonds 0.56%
The Goldman Sachs Group, Inc. Corporate 0.55%
U.S. Bancorp Corporate 0.51%
Bank of America Credit Card Trust ABS 0.51%
American Express Credit Master Trust ABS 0.39%
Honda Auto Receivables Owner Trust ABS 0.33%
Los Angeles Community College Distri Muni Bonds 0.29%
Tennessee Valley Authority Agency 0.25%
Discover Card Execution Note Trust ABS 0.24%
University of California Muni Bonds 0.23%
San Diego Community College District Muni Bonds 0.22%
State of Maryland Muni Bonds 0.20%
California State University Muni Bonds 0.19%
Federated Hermes, Inc. Money Mkt Fd 0.18%
State of New Jersey Muni Bonds 0.16%
State Street Corporation Corporate 0.13%
BMW Vehicle Lease Trust ABS 0.11%
Toyota Auto Receivables Owner Trust ABS 0.09%
Hyundai Auto Receivables Trust ABS 0.06%
CarMax Auto Owner Trust ABS 0.06%
State of C
alifornia Muni Bonds 0.02%
Cash Cash 0.00%
TOTAL 100.00%

81 ATTACHMENT A

QUALITY DISTRIBUTION
Rating 06/30/2024 03/31/2024
AAA 8.2% 8.3%
AA 71.9% 73.0%
A 17.7% 16.1%
BBB 0.6% 1.0%
NR 1.6% 1.7%
Rating 06/30/2024 03/31/2024
AAA 71.9% 74.8%
AA 6.7% 5.5%
A 19.2% 17.4%
NR 2.2% 2.3%
Rating 06/30/2024 03/31/2024
AAA 6.5% 7.4%
AA 69.8% 70.1%
A 11.4% 9.8%
NR 12.4% 12.6%
City of Stockton Reserve | Account #10020 | As of June 30, 2024 S&P Rating Moody’s Rating Fitch Rating
82 ATTACHMENT A
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 5.4% 1.5% 19.2% 27.5% 10.3% 8.3% 15.1% 8.2% 4.6% ICE BofA 1-5 Year Gov/Corp A or better 0.0% 0.1% 2.3% 34.5% 27.6% 23.3% 12.2% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Portfolio Compared to the Benchmark

83 ATTACHMENT A
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Reserve 0.87% 4.59% 2.21%
ICE BofA 1-5 Year Gov/Corp A or better 0.84% 4.34% 1.72% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 0.82% 4.18% 1.58% Basis Point Fee* 0.01% 0.02% (0.02%)
Net of Fees 0.86% 4.57% 2.23%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 4,072,401 7,296,315 11,675,316 11,675,316 11,675,316 23,060,017 24,448,133 Change in Market Value 3,544,808 13,717,235 37,934,310 37,934,310 37,934,310 198,295,990 263,996,181 TOTAL DOLLAR RETURN 7,383,102 20,817,870 332,819,633 332,819,633 332,819,633 332,819,633 332,819,633

INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Total and Realized Rate of Return : Inception | 08/01/2022 *Periods over 1 year are annualized.

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 market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.

84 ATTACHMENT A

HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Purchase Yield as of 06/30/24 = 2.76%

0.00 0.50

1.00 1.50

2.00 2.50

3.00 Percent (%)
85 ATTACHMENT A

PORTFOLIO CHARACTERISTICS
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 2024 *Benchmark: ICE BofA 3-Month US T reasuryBill Index
**The credit quality is a weightedaverage calculation of the highest of S&P,Moody’s and Fitch.

Benchmark* 6/30/2024
Portfolio
5/31/2024
Portfolio
Average Maturity (yrs) 0.16 0.24 0.23
Average Modified Duration 0.16 0.23 0.23
Average Purchase Yield 5.41% 5.42%
Average Market Yield 5.30% 5.37% 5.36%
Average Quality** AA+ AAA AAA
TotalMarket Value 30,193,707 30,064,520

86 ATTACHMENT A

SECTOR DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 2024 Sector as a Percentage of Market Value
Sector 06/30/2024 05/31/2024
Comm Paper 39.7% 39.7%
US Treasury 35.7% 15.3%
Neg CD 24.5% 24.6%
Money Mkt Fd 0.0% 0.2%
Cash 0.0% 0.1%
Agency -- 20.1%

87 ATTACHMENT A

ISSUERS
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 2024 Issuer Investment Type % Portfolio
United States US Treasury 35.67%
Mitsubishi UFJ Financial Group, Inc. Comm Paper 23.04%
The Toronto-Dominion Bank Neg CD 16.76%
Microsoft Corporation Comm Paper 16.69%
The Bank of Nova Scotia Neg CD 7.76%
FederatedHermes, Inc. Money Mkt Fd 0.04%
Cash Cash 0.03%
TOTAL 100.00%

88 ATTACHMENT A

QUALITY DISTRIBUTION
Rating 06/30/2024 05/31/2024
AAA 69.2% 69.2%
A 30.8% 30.8%
Rating 06/30/2024 05/31/2024
AAA 100.0% 100.0%
Rating 06/30/2024 05/31/2024
AAA 60.7% 60.7%
NR 39.3% 39.3%
City of Stockton Enhanced Cas h | Account #11194 | As of June 30, 2024 S&P Rating Moody’sRating Fitch Rating

89 ATTACHMENT A
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 49.1% 50.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ICE BofA 3-Month US Treasury Bill Index 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 2024 Portfolio Compared to the Benchmark

90 ATTACHMENT A

CONSOLIDATED INFORMATION

91 ATTACHMENT A

PORTFOLIO CHARACTERISTICS
City of Stockton ConsAgg | Account #10021 | As of June 30, 2024 6/30/2024
Portfolio
3/31/2024
Portfolio
Average Maturity (yrs) 2.79 2.88
Average Modified Duration 2.38 2.69
Average Purchase Yield 2.99% 2.51%
Average Market Yield 4.99% 4.81%
Average Quality** AA AA
TotalMarket Value 354,393,576 321,428,490
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weightedaverage calculation of the highest of S&P,Moody’s and Fitch.

92 ATTACHMENT A

SECTOR DISTRIBUTION
City of Stockton ConsAgg | Account #10021 | As of June 30, 2024 Sector as a Percentage of Market Value
Sector 06/30/2024 03/31/2024
US Treasury 39.2% 41.4%
Corporate 23.1% 22.2%
Agency 20.7% 22.1%
ABS 4.8% 4.5%
Neg CD 3.8% 1.9%
Comm Paper 3.4% 1.4%
Agency CMBS 2.1% 2.3%
Muni Bonds 1.7% 1.9%
Supras 1.2% 1.3%
Money Mkt Fd 0.2% 0.1%
Cash 0.0% 1.0%

93 ATTACHMENT A

PORTFOLIO HOLDINGS

94 ATTACHMENT A

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 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
44933LAC7 HART 2021-A A3 0.38 09/15/2025 18,418.34 04/28/2021 18,416.40 99.76 18,374.28 0.01% NA/AAA 1.21

0.39% 18,417.96 4.84% 3.11 (43.68) AAA 0.06
05593AAC3 BMWLT 2023-1 A3 5.16 11/25/2025 365,532.43 02/07/2023 365,523.73 99.81 364,850.60 0.11% Aaa/AAA 1.41

5.43% 365,528.03 5.69% 314.36 (677.43) NA 0.42
14316NAC3 CARMX 2021-1 A3 0.34 12/15/2025 33,166.67 01/27/2021 33,160.12 99.39 32,963.24 0.01% NA/AAA 1.46

0.35% 33,165.74 4.36% 5.01 (202.50) AAA 0.16
89239BAC5 TAOT2021-C A3 0.43 01/15/2026 308,457.71 09/27/2021 308,433.13 98.43 303,629.67 0.09% Aaa/AAA 1.54

0.43% 308,450.40 4.23% 58.95 (4,820.73) NA 0.44
14314QAC8 CARMX 2021-2 A3 0.52 02/17/2026 145,824.94 04/21/2021 145,793.51 98.95 144,290.73 0.04% NA/AAA 1.64

0.53% 145,818.16 4.03% 33.70 (1,527.43) AAA 0.31
44935FAD6 HART 2021-C A3 0.74 05/15/2026 187,115.11 11/17/2021 187,073.34 98.36 184,046.66 0.06% NA/AAA 1.87

0.75% 187,100.40 4.11% 61.54 (3,053.74) AAA 0.49
254683CP
8 DCENT 2021-1 A 0.58 09/15/2024 797,500.00 09/27/2021 797,329.25 98.94 789,043.23 0.24% Aaa/AAA 0.21

0.59% 797,488.01 5.69% 205.58 (8,444.78) NA 0.28
05592X
AD2 BMWOT 2023-A A3 5.47 02/25/2028 610,000.00 07/11/2023 609,891.91 100.31 611,911.37 0.19% NA/AAA 3.66

5.47% 609,914.32 5.39% 556.12 1,997.05 AAA 1.96
477920AC6 JDOT 2023-B A3 5.18 03/15/2028 1,085,000.00 06/21/2023 1,084,819.02 99.78 1,082,600.63 0.34% Aaa/NA 3.71

5.51% 1,084,857.80 5.38% 2,497.91 (2,257.17) AAA 1.81
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2028 1,270,000.00 06/07/2023 1,269,887.35 99.56 1,264,353.45 0.39% NA/AAA 3.88

4.87% 1,269,911.36 5.20% 2,748.84 (5,557.91) AAA 1.74
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 3,105,000.00 09/12/2023 3,104,786.69 100.32 3,115,048.09 0.97% Aaa/NA 3.88

5.40% 3,104,822.58 5.40% 7,562.40 10,225.51 AAA 2.01
438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 1,050,000.00 11/01/2023 1,049,815.10 100.88 1,059,257.54 0.33% Aaa/NA 3.98

5.74% 1,049,840.97 5.37% 1,653.75 9,416.57 AAA 2.28
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 4,915,000.00 -- 4,920,147.11 100.26 4,927,547.01 1.53% NR/AAA 4.21

5.13% 4,919,037.84 5.11% 11,271.73 8,509.18 AAA 2.03
096919AD7 BMWOT 2024-A A3 5.18 0 2/26/2029 1,445,000.00 06/04/2024 1,444,780.51 100.10 1,446,427.52 0.45% Aaa/AAA 4.66

5.18% 1,444,783.06 5.21% 4,158.39 1,644.45 NA 2.10
05522RDJ4 BACCT 2024-1 A 4.93 03/15/2029 1,635,000.00 06/06/2024 1,634,908.28 100.04 1,635,648.44 0.51% Aaa/AAA 4.71

4.93% 1,634,909.23 4.99% 4,030.28 739.21 NA 2.
61 95

ATTACHMENT A

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
16,974,765.44 100.06 16,979,992.47 5.27% Aaa/AAA 3.79
Total ABS 16,971,015.19 4.83% 16,974,045.85 5.21% 35,161.67 5,946.62 AAA 1.88 AGENCY
3135G0X24 FEDERAL NATIONALMORTGAGE 4,380,000.00 03/04/2020 4,542,673.20 98.13 4,298,280.11 1.33% Aaa/AA+ 0.52 ASSOCIATION1.625 01/07/2025 0.85% 4,397,471.97 5.31% 34,401.25 (99,191.86) AA+ 0.50 3130AJHU6 FEDERAL HOME LOAN BANKS 0.5 2,460,000.00 04/15/2020 2,447,798.40 96.40 2,371,332.74 0.74% Aaa/AA+ 0.79 04/14/2025 0.60% 2,458,080.12 5.22% 2,630.83 (86,747.38) AA+ 0.77 3135G03U5 FEDERAL NATIONALMORTGAGE 10,880,000.00 -- 10,879,060.80 96.43 10,491,129.32 3.26% Aaa/AA+ 0.81 ASSOCIATION0.625 04/22/2025 0.63% 10,879,873.73 5.18% 13,033.33 (388,744.41) AA+ 0.79 3135G04Z3 FEDERAL NATIONALMORTGAGE 6,642,500.00 06/17/2020 6,628,750.02 95.66 6,354,481.20 1.97% Aaa/AA+ 0.96 ASSOCIATION0.5 06/17/2025 0.54% 6,639,856.93 5.17% 1,291.60 (285,375.73) AA+ 0.94 3137EAEU9 FEDERAL HOME LOAN MORTGAGE 2,310,000.00 07/21/2020 2,298,496.20 95.27 2,200,845.04 0.68% Aaa/AA+ 1.06 CORP 0.375 07/21/2025 0.48% 2,307,571.84 5.01% 3,850.00 (106,726.80) AA+ 1.03 3135G05X7 FEDERAL NATIO NAL MORTGAGE 3,995,000.00 08/25/2020 3,976,303.40 94.81 3,787,672.20 1.18% Aaa/AA+ 1.15 ASSOCIATION0.375 08/25/2025 0.47% 3,990,699.58 5.07% 5,2

43.44 (203,027.37) AA+ 1.12
3137EAEX3 FEDERAL HOME LOAN MORTGAGE 3,545,000.00 09/23/2020 3,534,329.55 94.51 3,350,446.89 1.04% Aaa/AA+ 1.23 CORP 0.375 09/23/2025 0.44% 3,542,373.34 5.03% 3,618.85 (191,926.45) AA+ 1.20 3133EMBH4 FEDERAL FARM CREDIT BANKS 2,265,000.00 10/07/2020 2,261,036.25 94.48 2,140,046.36 0.66% Aaa/AA+ 1.25 FUNDING CORP 0.53 09/29/2025 0.57% 2,264,006.88 5.15% 3,067.82 (123,960.52) AA+ 1.21 3135G06G3 FEDERAL NATIONALMORTGAGE 8,145,000.00 -- 8,127,104.90 94.22 7,674,587.97 2.38% Aaa/AA+ 1.36 ASSOCIATION0.5 11/07/2025 0.54% 8,140,151.41 4.97% 6,108.75 (465,563.45) AA+ 1.32 3130ATS57 FEDERAL HOME LOAN BANKS 4.5 4,100,000.00 03/28/2023 4,211,028.00 99.88 4,094,969.42 1.27% Aaa/AA+ 3.70 03/10/2028 3.89% 4,182,779.73 4.53% 56,887.50 (87,810.30) AA+ 3.32 3133ERDH1 FEDERAL FARM CREDIT BANKS 2,500,000.00 04/29/2024 2,505,075.00 101.45 2,536,322.98 0.79% Aaa/AA+ 4.83 FUNDING CORP 4.75 04/30/2029 4.70% 2,504,902.68 4.41% 20,121.53 31,420.29 AA+ 4.25 3133EN7B0 FEDERAL FARM CREDIT BANKS 3,000,000.00 01/20/2023 2,985,090.00 96.35 2,890,613.37 0.90% Aaa/AA+ 5.57 FUNDING CORP 3.75 01/25/2030 3.83% 2,988,139.64 4.50% 48,750.00 (97,526.27) AA+ 4.87 3133EN
4V9 FEDERAL FARM CREDIT BANKS 2,100,000.00 12/22/2022 2,087,505.00 98.05 2,059,046.66 0.64% Aaa/AA+ 6.23 FUNDING CORP 4.125 09/23/2030 4.22% 2,089,944.78 4.49% 23,581.25 (30,898.12) AA+ 5.37 3133ENQ45 FEDERAL FARM CREDIT BANKS 875,000.00 11/30/202 2 866,250.00 98.59 862,674.16 0.27% Aaa/AA+ 6.25
FUNDING CORP 4.25 09/30/2030 4.40% 868,020.80 4.51% 9,400.17 (5,346.64) AA+ 5.37

96 ATTACHMENT A

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
880591EX6 TENNESSEE VALLEY AUTHORITY1.5 1,003,000.00 01/23/2023 818,959.53 81.37 816,118.59 0.25% Aaa/AA+ 7.21 09/15/2031 4.03% 849,516.32 4.56% 4,429.92 (33,397.72) AA+ 6.62 3133ENFQ8 FEDERAL FARM CREDIT BANKS 2,303,000.00 01/25/2023 1,939,056.91 82.74 1,905,545.04 0.59% Aaa/AA+ 7.42 FUNDING CORP 1.81 12/01/2031 3.94% 1,997,855.52 4.58% 3,473.69 (92,310.48) AA+ 6.75 3133ENGS3 FEDERAL FARM CREDIT BANKS 4,500,000.00 02/24/2023 3,613,410.00 81.50 3,667,663.17 1.14% Aaa/AA+ 7.44 FUNDING CORP 1.625 12/09/2031 4.35% 3,748,872.77 4.59% 4,468.75 (81,209.60) AA+ 6.82 3133EN6M7 FEDERAL FARM CREDIT BANKS 3,000,000.00 01/18/2023 3,017,490.00 95.59 2,867,598.93 0.89% Aaa/AA+ 8.56 FUNDING CORP 4.0 01/19/2033 3.93% 3,014,957.23 4.63% 54,000.00 (147,358.30) AA+ 7.00 3130AV4X7 FEDERAL HOME LOAN BANKS 4.375 2,500,000.00 05/12/2023 2,568,175.00 97.97 2,449,349.98 0.76% Aaa/AA+ 8.70 03/11/2033 4.04% 2,560,327.65 4.66% 33,420.14 (110,977.68) AA+ 7.05 3130AVWG3 FEDERAL HOME LOAN BANKS 4.0 6,195,000.00 -- 5,998,322.75 95.51 5,916,949.94 1.84% Aaa/AA+ 8.94 06/10/2033 4.40% 6,017,303.42 4.62% 14,455.00 (100,35 3.48) AA+ 7.38 75,305,914.91 95.07 72,735,674.07 22.58% Aaa/AA+ 3.44
Total Agency 76,698,500.00 2.06% 75,442,706.34 4.89% 346,233 .82 (2,707,032.27) AA+ 3.02

AGENCY CMBS
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 2,400,000.00 10/20/2022 2,234,343.75 95.14 2,283,310.08 0.71% Aaa/AA+ 2.99

4.80% 2,294,985.77 4.92% 6,234.00 (11,675.69) AAA 2.66
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 5,245,000.00 05/24/2023 5,148,705.08 96.44 5,058,292.69 1.57% Aaa/AA+ 3.90

4.24% 5,170,020.64 4.85% 16,827.71 (111,727.95) AAA 3.46 7,383,048.83 96.04 7,341,602.77 2.28% Aaa/AA+ 3.62
TotalAgency CMBS 7,645,000.00 4.42% 7,465,006.41 4.87% 23,061.71 (123,403.65) AAA 3.21 CASH
CCYUSD Receivable 15,014.12 -- 15,014.12 1.00 15,014.12 0.00% Aaa/AAA 0.00

0.00% 15,014.12 0.00% 0.00 0.00 AAA 0.00
15,014.12 1.00 15,014.12 0.00% Aaa/AAA 0.00
Total Cash 15,014.12 0.00% 15,014.12 0.00% 0.00 0.00 AAA 0.00

CORPORATE

97 ATTACHMENT A

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
931142EL3 WALMART INC 2.85 07/08/2024 4,100,000.00 05/12/2020

0.93%
4,418,693.00
4,100,000.00

99.94 5.44%
4,097,579.24
56,152.92

1.27%
(2,420.76)
Aa2/AA
AA

0.02 0.02
91159HHX1 US BANCORP 2.4 07/30/2024 1,650,000.00 08/01/2019

2.38%
1,651,369.50
1,650,000.00

99.72 5.69%
1,645,418.82
16,610.00

0.51%
(4,581.18)
A3/A
A

0.08 0.08
24422EVY2 JOHN DEERE CAPITALCORP 1.25
01/10/2025
2,357,500.00 03/08/2022

2.16%
2,298,067.42
2,346,438.78

97.80 5.53%
2,305,685.73
13,997.66

0.72%
(40,753.04)
A1/A
A+

0.53 0.51
594918BB9 MICROSOFT CORP 2.7 02/12/2025 2,675,000.00 03/04/2021

0.77%
2,863,881.75
2,693,817.96

98.36 5.44%
2,631,068.96
27,886.88

0.82%
(62,749.00)
Aaa/AAA
WR

0.62 0.59
89236TGT6 TOYOTAMOTOR CREDIT CORP 1.8
02/13/2025
1,887,500.00 05/20/2020

1.59%
1,905,940.87
1,889,919.70

97.78 5.49%
1,845,603.94
13,023.75

0.57%
(44,315.76)
A1/A+
A+

0.62 0.60
66989HAP3 NOVARTIS CAPITALCORP 1.75
02/14/2025
3,680,000.00 05/08/2020

0.99%
3,809,756.80
3,694,966.10

97.75 5.47%
3,597,210.78
24,507.78

1.12%
(97,755.31)
Aa3/AA-
AA-

0.63 0.60
023135CE4 AMAZON.COM INC 3.0 04/13/2025 2,567,500.00 04/11/2022

3.05%
2,56
3,417.67
2,566,434.72

98.21 5.35%
2,521,539.75
16,688.75

0.78%
(44,894.97)
A1/AA
AA-

0.79 0.76
38148LAE6 GOLDMAN SACHS GROUP INC 3.75
05/22/2025
1,817,500.00
02/12/2021
0 .80%
2,030,474.65
1,851,785.14

98.37 5.64%
1,787,906.90
7,383.59

0.55%
(63,878.24)
A2/BBB+
A

0.89 0.86
438516CB0 HONEYWELL INTERNATIONALINC

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

0.81%
2,039,160.00
2,008,944.13

96.43 5.38%
1,928,650.74
2,250.00

0.60%
(80,293.39)
A2/A
A

0.92 0.89
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

99.45 5.88%
1,670,804.05
5,089.28

0.52%
(9,195.95)
A1/A-
AA-

1.11 0.11
63743HFF4 NATIONALRURAL UTILITIES
COOPERATIVEFINANCE CORP 5.45
10/30/2025
3,000,000.00 10/31/2022

5.26%
3,015,750.00
3,007,003.20
100.02

5.43%
3,000,669.03
27,704.17

0.93%
(6,334.17)
A2/A-
A

1.33 1.26
857477BR3 STATESTREET CORP 1.746
02/06/2026
437,500.00 02/02/2022

1.75%
437,500.00
437,500.00

97.57 5.84%
426,883.44
3,076.72

0.13%
(10,616.56)
A1/A
AA-

1.61 0.58
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

98.21 6.33%
1,841,423.81
15,686.25

0.57%
(33,576.19)
A1/A-
AA-

1.76 0.73
6174468Q5 MORGAN STANLEY2.188
04/28/2026
2,200,000.00 08/24/2022

4.62%
2,072,268.00
2,158,520.56

97.11 6.66
%
2,136,517.31
8,423.80

0.66%
(22,003.26)
A1/A-
A+

1.83 0.80
91324PEC2 UNITEDHEALTHGROUP INC 1.15
05/15/2026
4,000,000.00 09/19/2022

4.16%
3,592,560.00
3,791,079.94

92.96 5.14%
3,718,278.28
5,877.78

1.15%
(72,801.66)
A2/A+
A

1.87 1.81
98 ATTACHMENT A

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
87612EBM7 TARGETCORP 1.95 01/15/2027 2,140,000.00 --

1.97%
2,137,844.40
2,138,900.22

93.06 4.89%
1,991,488.71
19,242.17

0.62%
(147,411.52)
A2/A
A

2.54 2.41
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027
3,500,000.00 01/23/2023

4.35%
3,251,955.00
3,338,555.49

93.27 5.18%
3,264,310.21
28,106.94

1.01%
(74,245.28)
A2/A-
A

2.67 2.52
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027
2,200,000.00 08/24/2022

3.93%
2,206,402.00
2,203,841.96

97.61 4.90%
2,147,508.37
12,466.67

0.67%
(56,333.59)
A2/A+
A+

2.86 2.65
92826CAH5 VISA INC 2.75 09/15/2027 4,000,000.00 03/27/2024

4.57%
3,769,760.00
3,787,037.09

93.95 4.81%
3,758,079.76
32,388.89

1.17%
(28,957.33)
Aa3/AA-
NA

3.21 2.99
74340XBV2 PROLOGIS LP 3.375 12/15/2027 3,000,000.00 01/25/2023

4.28%
2,881,530.00
2,916,147.43

94.83 5.02%
2,844,849.63
4,500.00

0.88%
(71,297.80)
A3/A
NA

3.46 3.20
24422EWR6 JOHN DEERE CAPITALCORP 4.75
01/20/2028
2,000,000.00 01/20/2023

4.35%
2,035,920.00
2,025,589.55

99.57 4.88%
1,991,479.24
42,486.11

0.62%
(34,110.31)
A1/A
A+

3.56 3.17
713448FL7 PEPSICO INC 3.6 02/18/2028 2,000,000.00 04/27/2023

4.00%
1,964,9

20.00 1,973,505.32

96.15 4.76%
1,923,042.00
26,600.00

0.60%
(50,463.32)
A1/A+
NA

3.64 3.31
57636QAW4 MASTERCARD INC 4.875 03/09/2028 3,000,000.00 06/13/2024

4.50%
3,0
37,110.00
3,036,719.96
100.53

4.71%
3,016,029.33
45,500.00

0.94%
(20,690.63)
Aa3/A+
NA

3.69 3.23
61747YER2 MORGAN STANLEY 4.21 04/20/2028 1,800,000.00 07/31/2023

5.39%
1,729,026.00
1,746,573.66

97.17 5.72%
1,749,082.54
14,945.50

0.54%
2,508.88
A1/A-
A+

3.81 2.58
58933YBH7 MERCK & CO INC 4.05 05/17/2028 2,000,000.00 --

4.03%
2,001,621.20
2,001,247.66

97.90 4.65%
1,957,938.06
9,900.00

0.61%
(43,309.60)
A1/A+
NA

3.88 3.53
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029
3,000,000.00 02/27/2024

5.19%
2,823,480.00
2,838,727.16

94.57 5.48%
2,836,988.13
46,201.83

0.88%
(1,739.03)
A1/A-
AA-

4.57 3.24
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029
3,600,000.00 01/29/2024

4.52%
3,612,132.00
3,611,122.66

98.90 4.87%
3,560,529.92
69,460.00

1.11%
(50,592.74)
A1/A+
NA

4.59 4.01
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029
3,000,000.00 02/27/2024

4.84%
3,001,560.00
3,001,452.98

99.98 4.85%
2,999,470.74
50,520.83

0.93%
(1,982.24)
A1/AA-
NA

4.66 4.06
14913UAJ9 CATERPILLARFINANCIAL SERVICES
CORP 4.85 02/27/2029
4,000,000.00 04/29/2024

5.08%
3,960,640.00
3,962,023.40
100.02

4.84%
4,000,946.00
66,822.22

1.24%
38,922.60
A2/A
A+

4.66 4.06
060
51GLG2 BANK OF AMERICA CORP 5.202
04/25/2029
2,500,000.00 05/28/2024

5.38%
2,484,025.00
2,484,394.43

99.84 5.58%
2,496,038.95
23,842.50

0.77%
11,644.52
A1/A-
AA-

4.82 3.39
89236TMF9 TOYOTAMOTOR CREDIT CORP 5.05
05/16/2029
2,500,000.00 05/28/2024

5.09%
2,495,600.00
2,495,680.09
100.35

4.97%
2,508,7

41.98 15,781.25

0.78%
13,061.89
A1/A+
A+

4.88 4.25

99 ATTACHMENT A

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
57629W4T4 MASSMUTUAL GLOBALFUNDING II

5.15 05/30/2029
2,950,000.00 05/22/2024

5.17%
2,947,551.50
2,947,594.41
100.18

5.11%
2,955,232.53
13,082.43

0.92%
7,638.12
Aa3/AA+
AA+

4.91 4.28
Total Corporate 83,117,500.00 3.59%
82,594,916.76
82,260,523.69

97.70 5.25%
81,156,996.87
766,206.66

25.19%
(1,103,526.81)
A1/A
A+

2.64 2.24

MONEY MARKET
FUND
60934N104 FEDERATEDHRMS GV O INST 573,689.33 --

5.19%
573,689.33
573,689.33

1.00 5.19%
573,689.33

0.00 0.18%

0.00 Aaa/
AAAm
AAA

0.00 0.00
TotalMoney Market
Fund 573,689.33 5.19%
573,689.33
573,689.33

1.00 5.19%
573,689.33

0.00 0.18%

0.00 Aaa/
AAAm
AAA

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
647,496.14

99.59 5.24%
644,871.15
1,375.94

0.20%
(2,624.99)
Aaa/AAA
AAA

0.09 0.08
797272QP9 SAN DIEGO CALIF CMNTY COLLEGE
DIST 2.046 08/01/2024
725,000.00 09/18/2019

2.05%
725,000.00
725,000.00

99.70 5.48%
722,839.50
6,180.63

0.22%
(2,160.50)
Aa1/AAA
NA

0.09 0.08
13077DNC2 CALIFORNIA ST UNIV REV 0.685
11/01/2024
625,000.00 08/27/2020

0.68%
625,000
.00
625,000.00

98.39 5.55%
614,950.00
713.54

0.19%
(10,050.00)
Aa2/AA-
NA

0.34 0.33
13067WRB0 CALIFORNIA ST DEPT WTR RES CENT
VY PROJ REV 0.56 12/01/2024
77,500.00 07/30/2020

0.56%
77,500.00
77,500.
00 98.00

5.44%
75,948.45

36.17 0.02%
(1,551.55)
Aa1/AAA
NA

0.42 0.41
91412HGE7 UNIVERSITY CALIF REVS 0.883
05/15/2025
760,000.00 07/10/2020

0.88%
760,000.00
760,000.00

96.33 5.23%
732,108.00
857.49

0.23%
(27,892.00)
Aa2/AA
AA

0.87 0.85
341271AD6 FLORIDA ST BRD ADMIN FIN CORP
REV 1.258 07/01/2025
1,875,000.00 09/03/2020

1.17%
1,882,423.50
1,876,537.79

95.98 5.43%
1,799,568.75
11,793.75

0.56%
(76,969.04)
Aa3/AA
AA

1.00 0.97
54438CYK2 LOS ANGELES CALIF CMNTY
COLLEGE DIST 0.773 08/01/2025
965,000.00 10/30/2020

0.77%
965,000.00
965,000.00

95.52 5.06%
921,777.65
3,108.10

0.29%
(43,222.35)
Aaa/AA+
NA

1.09 1.05
646140DP5 NEW JERSEY ST TPK AUTH TPK REV

1.047 01/01/2026
557,500.00 01/22/2021

1.05%
557,500.00
557,500.00

94.02 5.24%
524,155.93
2,918.51

0.16%
(33,344.08)
A1/AA-
A+

1.51 1.45

100

ATTACHMENT A

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Municipal 6,239,742.20 96.88 6,036,219.43 1.87% Aa2/AA 0.76 Bonds 6,232,500.00 1.04% 6,234,033.93 5.33% 26,984.13 (197,814.50) AA 0.74

NEGOTIABLE CD
96130AWR5 Westpac Banking Corporation- New 6,000,000.00 03/22/2024 6,000,953.46 99.91 5,994,870.00 1.86% P-1/A-1+ 0.70 York Branch 5.32 03/14/2025 5.30% 6,000,683.71 5.37% 93,100.00 (5,813.71) NA 0.68 6,000,953.46 99.91 5,994,870.00 1.86% P-1/A-1+ 0.70
Total Negotiable CD 6,000,000.00 5.30% 6,000,683.71 5.37% 93,100.00 (5,813.71) NA 0.68

SUPRANATIONAL
4581X0DZ8 INTER-AMERICAN DEVELOPMENT 4,190,000.00 09/15/2021 4,186,899.40 98.88 4,143,139.25 1.29% Aaa/AAA 0.23 BANK 0.5 09/23/2024 0.52% 4,189,762.36 5.40% 5,703.06 (46,623.11) NA 0.23 4,186,899.40 98.88 4,143,139.25 1.29% Aaa/AAA 0.23
Total Supranational 4,190,000.00 0.52% 4,189,762.36 5.40% 5,703.06 (46,623.11) NA 0.23

US TREASURY
9128282U3 UNITED STATESTREASURY 1.875 2,237,500.00 -- 2,299,685.92 99.39 2,223,923.50 0.69% Aaa/AA+ 0.17 08/31/2024 1.29% 2,239,654.48 5.48% 14,022.38 (15,730.98) AA+ 0.17 91282CCX7 UNITED STATESTREASURY 0 .375 1,577,500.00 10/04/2021 1,571,769.24 98.98 1,561,478.52 0.48% Aaa/AA+ 0.21 09/15/2024 0.50% 1,577,094.85 5.28% 1,736.11 (15,616.33) AA+ 0.21 912828
3J7 UNITED STATESTREASURY 2.125 2,457,500.00 -- 2,511,903.66 98.72 2,425,941.28 0.75% Aaa/AA+ 0.42 11/30/2024 1.67% 2,462,082.59 5.26% 4,423.16 (36,141.32) AA+ 0.41 912828ZC7 UNITED STATESTREASURY 1.125 4,472,500.00 08/19/2021 4,565,793.56 97.33 4,352,956.69 1.35% Aaa/AA+ 0.67 02/28/2025 0.53% 4,490,015.16 5.24% 16,817.45 (137,058.46) AA+ 0.65 912828ZL7 UNITED STATESTREASURY 0.375 2,997,500.00 04/05/2021 2,958,391.99 96.12 2,881,141.97 0.89% Aaa/AA+ 0.83 04/30/2025 0.70% 2,989,515.01 5.19% 1,893.80 (108,373.04) AA+ 0.81 912828ZW3 UNITED STATESTREASURY 0.25 1,597,500.00 10/04/2021 1,571,103.81 95.31 1,522,570.38 0.47% Aaa/AA+ 1.00 06/30/2025 0.70% 1,590,450.69 5.12% 10.85 (67,880.31) AA+ 0.97 91282CAJ0 UNITED STATESTREASURY 0.25 7,600,000.00 -- 7,505,432.49 94.61 7,190,609.36 2.23% Aaa/AA+ 1.17 08/31/2025 0.56% 7,572,853.71 5.06% 6,350.54 (382,244.35) AA+ 1.14

101

ATTACHMENT A

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CAZ4 UNITED STATESTREASURY 0.375
11/30/2025
6,772,500.00 --

0.93%
6,619,508.79
6,719,775.37

93.82 4.94%
6,353,716.10
2,151.10

1.97%
(366,059.28)
Aaa/AA+
AA+

1.42 1.38
91282CGA3 UNITED STATESTREASURY 4.0
12/15/2025
5,000,000.00 01/23/2024

4.42%
4,962,109.38
4,970,828.06

98.71 4.93%
4,935,546.90
8,743.17

1.53%
(35,281.16)
Aaa/AA+
AA+

1.46 1.40
91282CBC4 UNITED STATESTREASURY 0.375
12/31/2025
3,100,000.00 01/11/2021

0.49%
3,082,199.22
3,094,625.44

93.52 4.91%
2,899,105.46

31.59 0.90%
(195,519.98)
Aaa/AA+
AA+

1.50 1.46
9128286A3 UNITED STATESTREASURY 2.625
01/31/2026
1,707,500.00 02/04/2021

0.46%
1,890,055.76
1,765,513.06

96.58 4.89%
1,649,138.18
18,716.83

0.51%
(116,374.88)
Aaa/AA+
AA+

1.59 1.51
91282CBH3 UNITED STATESTREASURY 0.375
01/31/2026
17,305,000.00 --

0.79%
16,971,456.65
17,193,091.80

93.20 4.89%
16,128,124.85
27,098.49

5.01%
(1,064,966.95)
Aaa/AA+
AA+

1.59 1.54
91282CBQ3 UNITED STATESTREASURY 0.5
02/28/2026
12,670,000.00 --

0.94%
12,437,181.06
12,580,063.93

93.12 4.84%
11,797,947.72
21,174.05

3.66%
(782,116.21)
Aaa/AA+
AA+

1.67 1.62
91282CCF6 UNITED STATESTREASURY 0.75
05/31/2026
8,320,000.00 --

0.80%
8,301,545.71
8,
312,920.11

92.74 4.76%
7,715,824.98
5,285.25

2.39%
(597,095.13)
Aaa/AA+
AA+

1.92 1.86
91282CCZ2 UNITED STATESTREASURY 0.875
09/30/2026
3,700,000.00 04/05/2022

2.75%
3,4
06,746.09
3,552,925.19

92.04 4.64%
3,405,300.77
8,137.98

1.06%
(147,624.42)
Aaa/AA+
AA+

2.25 2.18
912828V98 UNITED STATESTREASURY 2.25
02/15/2027
2,650,000.00 09/30/2022

4.06%
2,458,185.55
2,534,959.32

94.28 4.59%
2,498,349.62
22,441.28

0.78%
(36,609.70)
Aaa/AA+
AA+

2.63 2.48
91282CBJ9 UNITED STATESTREASURY 0.75
01/31/2028
540,000.00 03/14/2022

2.14%
498,382.03
514,637.84

87.80 4.47%
474,145.32
1,691.21

0.15%
(40,492.53)
Aaa/AA+
AA+

3.59 3.45
91282CCY5 UNITED STATESTREASURY 1.25
09/30/2028
525,000.00 03/14/2022

2.16%
495,591.79
505,911.11

87.88 4.41%
461,343.75
1,649.59

0.14%
(44,567.36)
Aaa/AA+
AA+

4.25 4.04
91282CJW2 UNITED STATESTREASURY 4.0
01/31/2029
7,000,000.00 03/27/2024

4.20%
6,940,117.19
6,943,331.24

98.46 4.37%
6,892,265.66
116,923.08

2.14%
(51,065.58)
Aaa/AA+
AA+

4.59 4.07
9128286B1 UNITED STATESTREASURY 2.625
02/15/2029
6,500,000.00 --

4.08%
6,047,519.53
6,112,143.70

92.70 4.38%
6,025,703.13
64,218.75

1.87%
(86,440.57)
Aaa/AA+
AA+

4.63 4.24
91282CKT7 UNITED STATESTREASURY 4.5
05/31/2029
6,500,000.00 06/13/2024

4.25%
6,572,617.19
6,572,055.20
100.68

4.34%
6,544,179.72
24,774.
59 2.03%
(27,875.48)
Aaa/AA+
AA+

4.92 4.36
912828YB0 UNITED STATESTREASURY 1.625
08/15/2029
520,000.00 03/21/2022

2.29%
496,518.75
503,746.43

87.63 4.34%
455,670.31
3,180.36

0.14%
(48,076.12)
Aaa/AA+
AA+

5.13 4.79
91282CGJ4 UNITED STATESTREASURY 3.5
01/31/2030
6,700,000.00
--

4.02%
6,5
11,839.85
6,533,413.65

95.77 4.36%
6,416,296.88
97,923.08

1.99%
(117,116.78)
Aaa/AA+
AA+

5.59 4.93

102

ATTACHMENT A

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
912828Z94 UNITED STATESTREASURY 1.5
02/15/2030
542,500.00 04/06/2022

2.65%
498,040.43
510,632.40

85.83 4.37%
465,617.58
3,062.74

0.14%
(45,014.82)
Aaa/AA+
AA+

5.63 5.25
91282CAE1 UNITED STATESTREASURY 0.625
08/15/2030
587,500.00 04/06/2022

2.63%
498,755.37
522,397.31

80.14 4.35%
470,826.17
1,382.00

0.15%
(51,571.14)
Aaa/AA+
AA+

6.13 5.86
91282CBL4 UNITED STATESTREASURY 1.125
02/15/2031
565,000.00 04/06/2022

2.62%
498,104.88
514,911.45

81.78 4.32%
462,041.99
2,392.32

0.14%
(52,869.45)
Aaa/AA+
AA+

6.63 6.21
912810FP8 UNITED STATESTREASURY 5.375
02/15/2031
6,000,000.00 --

4.27%
6,403,066.41
6,376,086.82
106.35

4.26%
6,381,093.72
121,380.49

1.98%
5,006.90
Aaa/AA+
AA+

6.63 5.48
91282CCS8 UNITED STATESTREASURY 1.25
08/15/2031
562,500.00 04/06/2022

2.62%
498,515.62
513,738.39

81.16 4.35%
456,503.91
2,646.38

0.14%
(57,234.49)
Aaa/AA+
AA+

7.13 6.62
91282CFV8 UNITED STATESTREASURY 4.125
11/15/2032
6,000,000.00 --

3.72%
6,197,734.38
6,168,809.22

98.32 4.37%
5,898,984.36
31,610.05

1.83%
(269,824.86)
Aaa/AA+
AA+

8.38 6.97
91282CHT1 UNITED STATESTREASURY 3.875
08/15/2033
6,500,000.00 --

4.73%
6,069,570.31
6,
099,007.48

96.20 4.38%
6,253,203.13
94,799.11

1.94%
154,195.64
Aaa/AA+
AA+

9.13 7.46
Total US Treasury 133,207,500.00 2.28%
131,339
,442.61
132,037,191.01

95.65 4.72%
127,199,551.87
726,667.77

39.48%
(4,837,639.14)
Aaa/AA+
AA+

3.21 2.86
Total Portfolio 334,650,718.64 2.76%
330,614,387.06
331,192,656.75

96.25 4.96%
322,176,750.17
2,023,118.81
100.00%
(9,015,906.57)
Aa2/AA-
AA

3.02 2.58
Total Market Value +
Accrued 324,199,868.98

103

ATTACHMENT A

HOLDINGS REPORT
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 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
CASH
CCYUSD Receivable 10,397.59 -- 10,397.59 1.00 10,397.59 0.03% Aaa/AAA 0.00

0.00% 10,397.59 0.00% 0.00 0.00 AAA 0.00
10,397.59 1.00 10,397.59 0.03% Aaa/AAA 0.00
Total Cash 10,397.59 0.00% 10,397.59 0.00% 0.00 0.00 AAA 0.00

COMMERCIAL
PAPER
59515MGK5 Microsoft Corporation07/19/2024 5,000,000.00 05/23/2024 4,958,081.25 99.69 4,984,610.00 16.69% P-1/A-1+ 0.05

5.39% 4,986,762.50 5.31% 0.00 (2,152.50) WR 0.05
62479LKM6 MUFG Bank, Ltd. - New York Branch 7,000,000.00 05/23/2024 6,842,918.06 98.29 6,880,265.00 23.04% P-1/A-1 0.31 10/21/2024 5.48% 6,883,488.89 5.48% 0.00 (3,223.89) NA 0.30 Total Commercial 11,800,999.31 98.88 11,864,875.00 39.74% P-1/AA- 0.20 Paper 12,000,000.00 5.44% 11,870,251.39 5.41% 0.00 (5,376.39) 0.19

MONEY MARKET
FUND
60934N104 FEDERATEDHRMS GV O INST 11,862.32 -- 11,862.32 1.00 11,862.32 0.04% Aaa/ 0.00

5.19% 11,862.32 5.19% 0.00 0.00 AAAm
AAA

0.00 TotalMoney Market 11,862.32 1.00 11,862.32 0.04%
Aaa/
AAAm 0.00
Fund 11,862.32 5.19% 11,862.32 5.19% 0.00 0.00 AAA 0.00

NEGOTIABLE CD
89115BAM2 Toronto-Dominion Bank - New York 5,000,000.00 05/28/202 4 5,005,011.97 100.07 5,003,345.00 16.76% P-1/A-1+ 0.22 Branch 6.0 09/20/2024 5.45% 5,003,561.14 5.45% 236,666.67 (216.14 ) F1+ 0.22
06417M5J0 Bank of Nova Scotia, Houston 2,315,000.00 05/23/2024 2,318,380.50 100.10 2,317,375.19 7.76% P-1/A-1 0.30 Branch 6.0 10/18/2024 5.44% 2,317,489.69 5.43% 98,773.33 (114.50) F1+ 0.30 7,323,392.47 100.08 7,320,720.19 24.52% P-1/AA 0.25
Total Negotiable CD 7,315,000.00 5.45% 7,321,050.83 5.44% 335,440.00 (330.64) F1+ 0.25

104

ATTACHMENT A

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration

US TREASURY
912797KC0 UNITED STATESTREASURY
08/22/2024
4,600,000.00 05/28/2024

5.41%
4,542,952.01
4,565,100.05

99.25 5.25%
4,565,271.98

0.00 15.29%
171.92
P-1/A-1+
F1+

0.15 0.14
912797LC9 UNITED STATESTREASURY
11/07/2024
6,200,000.00 06/14/2024

5.33%
6,073,262.99
6,085,670.81

98.15 5.30%
6,085,139.85

0.00 20.38%
(530.96)
P-1/A-1+
F1+

0.36 0.35
Total US Treasury 10,800,000.00 5.36%
10,616,215.00
10,650,770.86

98.62 5.28%
10,650,411.83

0.00 35.67%
(359.03)
P-1/A-1+
F1+

0.27 0.26
Total Portfolio 30,137,259.91 5.41%
29,762,866.69
29,864,332.99

99.01 5.37%
29,858,266.93
335,440.00
100.00%
(6,066.06)
Aaa/AA
AAA

0.24 0.23
Total Market Value +
Accrued 30,193,706.93

105

ATTACHMENT A

TRANSACTIONS

106

ATTACHMENT A

TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|04/01/2024Through 06/30/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 04/30/2024 3133ERDH1 2,500,000.00 FEDERAL FARM CREDIT

BANKS FUNDING CORP

4.75 04/30/2029
100.203 4.70% (2,505,075.00) 0.00 (2,505,075.00) 0.00
Purchase 04/30/2024 14913UAJ9 4,000,000.00 CATERPILLAR

FINANCIAL SERVICES
CORP 4.85 02/27/2029

99.016 5.08% (3,960,640.00) (33,950.00) (3,994,590.00) 0.00 Purchase 05/29/2024 91282CGJ4 700,000.00 UNITED STATES
TREASURY 3.5
01/31/2030

94.895 4.53% (664,261.72) (8,009.62) (672,271.34) 0.00
Purchase 05/29/2024 912810FP8 1,500,000.00 UNITED STATES TREASURY 5.375
02/15/2031
105.672 4.39% (1,585,078.13) (23,035.71) (1,608,113.84) 0.00 Purchase 05/29/2024 89236TMF9 2,500,000.00 TOYOTAMOTOR
CREDIT CORP 5.05
05/16/2029

99.824 5.09% (2,495,600.00) (4,559.03) (2,500,159.03) 0.00 Purchase 05/29/2024 06051GLG2 2,500,000.00 BANK OF AMERICA CORP 5.202
04/25/2029

99.361 5.35% (2,484,025.00) (12,282.50) (2,496,307.50) 0.00 Purchase 05/30/2024 57629W4T4 2,950,000.00 MASSMUTUAL GLOBAL FUNDING II 5.15
05/30/2029

99.917 5.17% (2,947,551.50) 0.00 (2,947,551.50) 0.00
Purchase 06/11/2024 096919AD7 1,445,000.00 BMWOT 2024-A A3

5.18 02/26/2029

99.985 5.18% (1,444,780.51) 0.00 (1,444,780.51) 0.00
Purchase 06/13/2024 05522RDJ4 1,635,000.00 BACCT 2024-1 A 4.93 03/15/2029

99.994 4.93% (1,634,908.28) 0.00 (1,634,908.28) 0.00
Purchase 06/17/2024 57636QA
W4 3,000,000.00 MASTERCARD INC

4.875 03/09/2028
101.237 4.50% (3,037,110.00) (39,812.50) (3,076,922.50) 0.00 Purchase 06/17/2024 91282CKT7 6,500,000.00 UNITED STATES TREASURY 4.5
05/31/2029
101.117 4.25% (6,
572,617.19) (13,586.07) (6,586,203.26) 0.00
Total Purchase 29,230,000.00 (29,331,647.33) (135,235.43) (29,466,882.76) 0.00

107

ATTACHMENT A

DISPOSITIONS
Call
Redemption
05/01/2024 172967MX6 (1,355,000.00) CITIGROUP INC 0.981 05/01/2025
100.000 0.98% 1,355,000.00 0.00 1,355,000.00 0.00
Total Call
Redemption (1,355,000.00) 1,355,000.00 0.00 1,355,000.00 0.00 Maturity 04/01/2024 57636QAB0 (2,125,000.00) MASTERCARD INC

3.375 04/01/2024
100.000 3.38% 2,125,000.00 0.00 2,125,000.00 0.00
Maturity 04/08/2024 3133ELVX9 (750,000.00) FEDERAL FARM CREDIT

BANKS FUNDING CORP

0.875 04/08/2024
100.000 0.88% 750,000.00 0.00 750,000.00 0.00
Maturity 04/30/2024 912828X70 (2,257,500.00) UNITED STATES TREASURY 2.0
04/30/2024
100.000 2.00% 2,257,500.00 0.00 2,257,500.00 0.00
Maturity 05/06/2024 62479LE68 (4,500,000.00) MUFG Bank, Ltd. - New York Branch
05/06/2024
100.000 0.00% 4,500,000.00 0.00 4,500,000.00 0.00
Maturity 05/12/2024 023135BW5 (1,542,500.00) AMAZON.COM INC

0.45 05/12/2024
100.000 0.45% 1,542,500.00 0.00 1,542,500.00 0.00
Total Maturity (11,175,000.00) 11,175,000.00 0.00 11,175,000.00 0.00 Sale 06/06/2024 91282CAT8 (1,500,000.00) UNITED STATES
TREASURY 0.25
10/31/2025

93.672 0.78% 1,405,078.13 377.04 1,405,455.17 (83,979.74) Sale 06/12/2024 91282CAJ0 (1,220,000.00) UNITED STAT
ES
TREASURY 0.25
08/31/2025

94.336 0.63% 1,150,898.44 861.96 1,151,760.40 (64,549.51) Sale 06/14/2024 9128282U3 (4,900,000.00) UNITED STATES
TREASURY 1.875
08/31/2024

99.250 1.34% 4,863,250.00 26,463.9
9 4,889,713.99 (42,783.10)
108

ATTACHMENT A

98.527 1.70% 2,955,820.31 2,438.52 2,958,258.83 (50,399.57) Sale 06/14/2024 91282CAT8 (2,000,000.00) UNITED STATES
TREASURY 0.25
10/31/2025

93.852 0.78% 1,877,031.25 611.41 1,877,642.66 (108,607.21) Total Sale (12,620,000.00) 12,252,078.13 30,752.92 12,282,831.05 (350,319.13) TOTAL
DISPOSITIONS (25,150,000.00) 24,782,078.13 30,752.92 24,812,831.05 (350,319.13)

109

ATTACHMENT A

TRANSACTION LEDGER
City of Stockton Enhanced Cash | Account #11194|06/01/2024 Through 06/30/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 06/17/2024 912797LC9 6,200,000.00 UNITED STATES TREASURY 11/07/2024

97.956 5.33% (6,073,262.99) 0.00 (6,073,262.99) 0.00
Total Purchase 6,200,000.00 (6,073,262.99) 0.00 (6,073,262.99) 0.00 TOTAL
ACQUISITIONS 6,200,000.00 (6,073,262.99) 0.00 (6,073,262.99) 0.00

DISPOSITIONS
Maturity 06/05/2024 880592XT2 (6,000,000.00) TENNESSEE VALLEY

AUTHORITY
06/05/2024
100.000 0.00% 6,000,000.00 0.00 6,000,000.00 0.00
Total Maturity (6,000,000.00) 6,000,000.00 0.00 6,000,000.00 0.00 TOTAL
DISPOSITIONS (6,000,000.00) 6,000,000.00 0.00 6,000,000.00 0.00

110

ATTACHMENT A

IMPORTANT DISCLOSURES
City of Stockton Reserve | Account #10020 | As of June 30, 2024 2024 Chandler Asset Management, Inc, An Independent Registered InvestmentAdviser.

Information contained hereinis 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.

Performanceresults 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 strategieshave the potential for profit or loss. Economic factors, market conditionsor changes in investment strategies,contributionsor withdrawals may materially alter the performance and results of your portfolio.

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

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliatesand their respective third party suppliers disclaim any and all warranties and representations, expressand/or implied, including any warranties of merchantabilityor 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 affiliatesor their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completenessof 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 informationalpurposes only and should not be construed as a specific investment or legal advice. The informationcontained 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, recommendationor 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 investmen ts are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest ratesrise. 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 ratesto 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 informationhave 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 securitiesthemselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAAby S&P,Moody’s and Fitch respectively.

111

ATTACHMENT A

BENCHMARK DISCLOSURES
City of Stockton Reserve | Account #10020 | As of June 30, 2024 Benchmark Disclosure
ICE BofA 1-5 Year Gov/Corp A or better The ICE BofA US Issuers 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 securitiesmust 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 Treasuriesand $250 million for all other securities.

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 nonsubordinatedUS 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 securitiesmust 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. 112

ATTACHMENT A

City Council and Concurrent AuthoritiesAugust 20, 2024

City Council and Concurrent Authorities
August 20, 2024