Attachment A - Combined Quarterly Investment Reports — City Council and Concurrent Authorities, March 4, 2025

Investment Performance Review
For the Quarter Ended December 31, 2024
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc
Monique Spyke, Managing Director
Justin Resuello, Relationship Manager
Allison Kaune, Relationship Manager
Joseph Creason, Portfolio Manager
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF STOCKTON

ATTACHMENT A
1 PFM Asset Management | pfmam.com
Market Update

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

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Current Market Themes
▸ U.S. economic soft landing remains on track
▹ Inflation and labor markets are in line with Fed expectations despite slower recent prog
ress
▹ Strong economic growth prospects remain intact, aided by a resilient consumer ▹ Changes to fiscal policy may impact growth and inflation trajectory ▸ Fed easing cycle moves forward as expected, but looks to slow in 2025 ▹ The Fed cut the federal funds target rate by an additional 50 basis points (bps) during the four
th quarter to 4.25% - 4.50%
▹ The Fed’s December “dot plot” implies another 50 bps of cuts in 2025, less than the 100 bps of cuts previously projected in September
▹ Fed Chair Powell noted the slower pace of cuts reflect “stickier” inflation heading into 2025 ▸ Treasury yields responded to expected monetary and fiscal policy ▹ Yields on maturities between 2 years and 10 years rose 60-83 bps during the 4 th quarter
▹ The yield curve disinversion continued and was flatter at the front end and positively sloped beyond 1-year
▹ Yield spreads remained near historically tight levels across most sectors aided by robust demand and strength in the economy
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of December 31, 2024.

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

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

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Source: FOMC Chair Jerome Powell Press Conference, December 18, 2024. Bureau of Labor Statistics, Bureau of Economic Analysis, and Bloomberg Finance L.P., as of November 2024. Data is seasonally adjust
ed. Historical average unemployment rate calculated from January 1990-November 2024.

Fed Chair Powell: “Downside risks to the labor market do appear to have diminished … Inflation, we see that story as still broadly on track.”
The Fed’s Dual Mandate
Nov-24

2.7%
Nov-24

2.8%
0%
2%
4%
6 %
8%
10%
2 021 2022 2023 2024
Inflation
Year-over-Year Changes
CPI Core PCE Fed Target
Nov-24

4.2%
3%
4%
5%
6%
2021 2022 2023 2024
Unemployment Rate
Unemployment rate of 4.2% remains well
below t
he 25-year average of 5.7%

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

ATTACHMENT A
4 Source: Federal Reserve Chair Jerome Powell Press Conference as of December 18, 2024; Bureau of Labor Statistics and Bloomberg Finance L.P. as of December 2024 (left). Bureau of Economic Analysis and Bloomberg Finance L.P., as of December 2024 (right).

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

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Fed Chair Powell: “I think it’s pretty clear we’ve avoided a recession. I think growth this year has been solid, it really has…Again the U.S. economy has just been remarkable.”
Inflation and Growth Forecasted To Remain Stable

2.4%

2.6%2.7%
0%
1%
2%
3%
4%
5%
Jun-24 Dec-24 Jun-25 Dec-25
CPI Inflation (YoY)
Average Forecast Actual

3.0% 3.1%

2.3%

1.9%

2.0% 2.0% 2.0%
0%
1%
2%
3%
4%
Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4' 25
U.S. GDP Forecasts
Annual
ized Rate
Actual Range Median of Forecasts

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

ATTACHMENT A
5 Sources: U.S. Bank: Stock Market Under The Trump Administration | U.S. Bank (us bank.com); Bloomberg Finance L.P. and Bureau of Economic Analysis a s of November 2024 (top right). Bloomberg Finance L.P. as of December 2024 (bottom right).

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

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Election & Potential Policy Implications on the Fed
Tariffs
Regulation
Taxes
Immigration
Lower taxes viewed as positive for growth
but negative for the deficit
Uncertainty surrounding the scope and scale of
tariff policy and viewed as inflationary
Tighter border policy may have adverse
impacts on the labor market
Easing regulation is generally viewed as
positive for growth
-0.5%0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0%
Other Durable Goods
Telephones & Eq
IT Eq
Photographic Eq
Autos & Parts
Sports Eq
Video and Audio Eq
Durable Goods
Goods
MoM % Change In Real Consumption
Average August to October Nov-24
An increase in
durable goods
spending may
be partially
attributed to a
pull forward of
spending prior
to tariffs
0 50
100
150
200
250
Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
Word Count of S&P500 Companies
Mentioning Tariffs

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
Areas of Policy Uncertainty

ATTACHMENT A
6 Fed’s Updated Summary of Economic Projections
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: Federal Reserve Chair Jerome Powell Press Conference as of December 18, 2024; Federal Reserve. As of December 2024.

For the Quarter Ended December 31, 2024
Market Up
date

4.4%

3.9%

3.4% 3.1% 3.0%
0%
1%
2%
3%
4%
5%
6%
2024 2025 2026 2027 Longer
Run
Federal Funds Rate
Sept Projections Dec Projections

2.4% 2.5%

2.1% 2.0% 2.0%
0%
1%
2%
3%
2024 2025 2026 2027 Longer
Run
PCE Inflation
Sept Projections Dec Projections

4.2% 4.3% 4.3% 4.3% 4.2%
0%
1%
2%
3%
4%
5%
6%
2024 2025 2026 2027 Longer
Run
Unemployment Rate
Sept Projections Dec Projections

2.5%

2.1% 2.0% 1.9% 1.8%
0%
1%
2%
3%
4%
2024 2025 2026 2027 Longer
Run
Change in Real GDP
Sept Projections Dec Projections
Fed Chair Powell: “These median projections are somewhat higher than in September, consistent with the firmer inflation projection.”

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

ATTACHMENT A
7 The Fed’s Latest “Dot Plot
Source: Federal Reserve Chair Jerome Powell Press Confere n ce as of December 18, 2024; Federal Reserve; Bloomberg Finance L.P.. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of December 2024.

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

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Dec-24 FOMC Projections
Dec-24 Median
Sep-24 Median
202720262024 2025 Longer Term
2 cuts 2 cuts 1 cuts 3.0%
Fed Chair Powell: “You see a slower path … meaningful progress to get inflation down to [2.5%] … we have the labor
market forecast as being in good shape, we are also mindful that it is … very gradually cooling” The longer-term
neutral rate has
drifted up from

2.5% in Dec ’23
to 3% currently

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

ATTACHMENT A
8 U.S. Treasury Yield Curve Steepens
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: Bloomberg Finance L.P., as of December 31, 2024.

For the Quarter Ended December 31, 2024
Market Up
date

4.31%

4.24%

4.38%

4.48% 4.57%

4.78%

3.00%

3.50%

4. 00%

4.50%

5.00%

5.50% Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
December 31, 2024
September 30, 2024
3mo 2yr 5yr 7yr 10yr 20yr 3 0yr

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

ATTACHMENT A
9 Sector Yield Spreads
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 December 31, 2024. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

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

For the Quarter Ended December 31, 2024
Market Update
-0.1%

0.0%

0.1%

0.2%
Sep-24 Oct-24 Nov-24 Dec-24
Federal Agency Yield Spreads
Bullet Callable 1 Year Average

0.3%

0.5%

0.7%

0.9%
Sep-24 Oct-24 Nov-24 Dec-24
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average

0.3%

0.5%

0.7%
Sep-24 Oct-24 Nov-24 Dec-24
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average

0.4%

0.6%

0.8%
Sep-24 Oct-24 Nov-24 Dec-24
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
1 bps 55 bps
45 bps 58 bps

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

ATTACHMENT A
10 Source: ICE BofA Indices. ABS indices are 0-10 year, based on weighted average life. As of December 31, 2024. -1.65%
-0.79%

0.42%
-1.42%
-1.21%
-2%
-1%
0%
1%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Fourth Quarter 2024 Returns

2.56%

3.53%

5.92%

4.16%

4.99%
0%
2%
4%
6%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return
1-10 Year Indices
Fixed-Income Index Total Returns in 4Q 2024
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Market Update

ATTACHMENT A
11 Fixed-Income Index Total Returns in 4Q 2024

CLIENT NAME
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of December 31, 2024.

For the Quarter Ended December 31, 2024
Market Upd
ate
1-5 Year Indices
-0.77%
-0.13%

0.61%
-0.47%
-0.25%
-1.0%
-0.5%

0.0%

0.5%

1.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Fourth Quarter 2024 Returns

3.41%

3.98%

5.49%

4.81%

5.52%

0.0%

2.0%

4.0%

6.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return

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

ATTACHMENT A
12 Fixed-Income Index Excess Returns in 2024
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. Agency CMBS represented by ICE BofA CMBY Index. As of December 31, 2024.

For the Quarter Ended December 31, 2024
Market Up
date
-0.25%

0.25%

0.75%

1.25%
Q1 Q2 Q3 Q4 2024
2024 Excess Returns
1-5 Y
ear Indices
Federal Agency Agency CMBS ABS Corp A-AAA

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

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

ATTACHMENT A
14 PFM Asset Management | 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.

21.5%

1.3% 0.6%

3.2%

7.8%

11.9%

8.9%

15.9% 15.2%

7.2% 6.5%

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: 963 days
For the Quarter Ended December 31, 2024
Account Summary

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

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
16 PFM Asset Management | pfmam.com

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

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

Acknowledged :PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc.

ATTACHMENT A
17 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Snapshot
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

The portfolio’s benchmark is currently 80% 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 AAA-A US Corporate & Government Index . Source: Bloomberg Financial LP.

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
10%
21%
19%
25%
9 % 6% 5
% 4%4%
28%
21% 20%
11% 7
% 5% 5%
0%
5%
10%
15%
20%
25%
30%
0-1 Yr 1-2
Yrs
2-3
Yrs
3-4
Yrs
4-5
Yrs
5-6
Yrs
6-7
Yrs
> 7
Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 53%
Agency CMBS | 20%
Corporate | 16%
ABS | 7%
Federal Agency | 3%
Negotiable CD | 1%
Municipal | 1%
Sector Allocation
AAA | 6%
AA+ | 77%
AA | 1%
AA- | 2%
A+ | 8%
A | 4%
A- | 1%
BBB+ | <1%
Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 3.07 years
Benchmark Effective Duration 3.19 years
Portfolio Credit Quality AA
Yield At Market 4.51%
Yield At Cost 3.78%
Total Market Value $459,505,110.44
$455,810,945.02Securities Sub-Total
$886,366.40Cash
$2,807,799.02Accrued Interest

2. 3.

ATTACHMENT A
18 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Characteristics
$0.0
$94.0
$188.0
$282.0
$376.0
$470.0
Millions
December 2024
$0.0
$94.0
$188.0
$282.0
$376.0
$470.0
Millions
September 2024
$0.0
$94.0
$188.0
$282.0
$376.0
$470.0
Millions
June 2024
$0.0
$94.0
$188.0
$282.0
$376.0
$470.0
Millions
March 2024
Sector Allocation Review - CITY OF STOCKTON RESERVE PORTFOLIO U.S. Treasury Federal Agency Agency CMBS Municipal Negotiable CD Corporate ABS Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.

Mar-24 % of TotalSecurity Type Jun-24 % of Total Sep-24 % of Total % of TotalDec-24 U.S. Treasury $215.3 49.8% $224.0 50.4% $244.8 53.2% $240.8 52.8% Federal Agency $32.7 7.6% $26.3 5.9% $14.3 3.1% $14.4 3.2% Agency CMBS $76.5 17.8% $82.8 18.6% $88.8 19.3% $90.8 19.9% Municipal $6.0 1.4% $3.8 0.8% $3.8 0.8% $3.1 0.7%
Negotiable CD $4.2 1.0% $4.2 0.9% $4.3 0.9% $4.3 0.9%
Corporate $62.8 14.6% $71.2 16.0% $72.0 15.7% $70.7 15.5% ABS $33.6 7.8% $32.9 7.4% $32.3 7.0% $31.8 7.0%
Total $431.1 100.0% $445.2 100.0% $460.3 100.0% $455.8 100.0%

ATTACHMENT A
19 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($ m
illions)
Municipal
ABS
U.S. Treasury
Agency CMBS
Municipal
ABS
U.

S. Treasury
Agency CMBS
($8.0) ($6.0) ($4.0) ($2.0) $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
Agency CMBS $4,045,134
U.S. Treasury $1,707,635
ABS ($289,286)
Municipal ($702,500)
$4,760,983Total Net Activity
Sales/Maturities Purchases

ATTACHMENT A
20 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Performance
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2017.1.

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 AAA-A US Corporate & Government Index . Source: Bloomberg Financial LP. -2.0%
-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%
Return
Portfolio Benchmark
Portfolio Performance - CITY OF STOCKTON RESERVE PORTFOLIO Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $3,745,8 26 $13,630,989 $27,604,677 $45,681,243 $66,664,085 Change in Market Value ($9,115,430) $1,225,422 ($20,505,891) ($21,787,881) ($15,134,609) ($5,369,604)Total Dollar Return $14,856,411 $7,098,786 $23,893,362 $51,529,476 Total Return³
Portfolio -1.15% 3.33% 0.96% 1.28% 1.69%
Benchmark⁴ -1.34% 3.04% 0.55% 1.00% 1.48%
3 Months 1 Year 3 Years 5 Years Since Inception

ATTACHMENT A
21 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Performance
The lesser of 10 years or since inception is shown. Performance inception date is June 30, 2017.1.

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

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

Accrual Basis Earnings - CITY OF STOCKTON RESERVE PORTFOLIO Accrual Basis Earnings
Interest Earned²
Realiz
ed Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$3,745,826
($170,
991)
$602,477
$4,177,311
1 Year
$13,630,989
($1,87
7,126)
$2,348,718
$14,102,581
3 Years
$27,604,677
($18,8
66,660)
$17,645,258
$26,383,275
5 Year
$45,681,243
($11,2
92,301)
$16,114,718
$50,503,660
Since Inception¹
$66,664,085
($13,3
19,523)
$18,260,775
$71,605,338

ATTACHMENT A
22 Factors to Consider for 6-12 Months
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 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 mon ths were 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 at the time of distribution (12/31/2024) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.

Monetary Policy (Global):
• The Fed continued its easing cycle with a total of
100 basis points (bps) of rate cuts in 2024. The
FOMC’s December median “dot plot” projection
suggests another 50 bps in cuts by the end of 2025,
which is significantly less than previously implied, in large part due to uncertainty surrounding
implications of potential fiscal policy changes.
• While the Fed and other major central banks
(excluding the Bank of Japan) continue to ease,
expectations are for policy rates to settle higher in
the longer term given the higher inflation outlook.

Economic Growth (Global):
• U.S. economic growth remains strong on consumer
spending which remains quite resilient.
• Fiscal policies discussed on the campaign trial are
expected to boost growth, however actual policy
implementation and timing are uncertain and
subject to change.
• Economic growth outside the U.S. remains modest.

Tariffs pose some risks with trading partners.
• Declines in foreign direct investment and weak
domestic demand continue to impact China.

Inflation (U.S.):
• While inflation has fallen since its peak in 2022,
progress has stalled in the past few months.
• The Fed has acknowledged higher inflation
expectations going into 2025. Further rate cuts will
depend on inflation moving closer to its 2% target.
• Proposed fiscal policies may put pressure on wages
and goods costs. Some policymakers have already
incorporated these impacts into their outlooks.

Financial Conditions (U.S.):
• Market metrics such as narrow corporate yield
spreads and strong equity returns continue to point
to the stability of financial conditions. The potential for decreased regulation under the incoming
administration has buoyed economic confidence.
• We remain attentive to further cooling in the labor
markets and fiscal policy considerations as these
will play a large role in the evolution of future
conditions. While our base case is not for a
dramatic shift in conditions, the potential impact of
future policies warrants attention.

Consumer Spending (U.S.):
• Broad consumer metrics show spending fueled by
the stability of the labor market continuing to
support economic strength. A growing divergence
among consumers exists as lower-income cohorts
continue to feel more strain due to the higher overall
level of prices.
• An unexpected material deterioration of labor
market conditions is the biggest risk factor to
consumer spending. Other headwinds may include
slower real wage growth, which could reduce
purchasing power, and higher interest rates
persisting.

Labor Markets:
• The labor market remains well-positioned and in
balance despite intra-quarter data volatility caused
by weather events and strikes which have now been
resolved.
• Layoffs remain near historically low levels; however, the pace of hiring has slowed considerably. The Fed
has acknowledged labor market conditions have
loosened, and a further cooling of labor conditions is
not necessary to achieve its dual mandate of
maximum employment and stable prices.

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

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

ATTACHMENT A
24 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
Date
d Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 03/02/2020 1.125% 02/28/2025
912828ZC7 12,500.00 AA+ Aaa 10/4/2021 10/6/2021 12,719.24 0.60 47.78 12,436.4312,510.25

US TREASURY N/B
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 72.25 111,071.81112,382.30

US TREASURY N/B
DTD 06/30/2020 0.250% 06/30/2025
912828ZW3 22,500.00 AA+ Aaa 10/4/2021 10/6/2021 22,128.22 0.70 0.16 22,069.5522,450.90

US TREASURY N/B
DTD 08/31/2020 0.250% 08/31/2025
91282CAJ0 3,120,000.00 AA+ Aaa 8/19/2021 8/20/2021 3,073,687.50 0.62 2,650.28 3,038,649.123,112,386.12

US TREASURY N/B
DTD 11/02/2020 0.250% 10/31/2025
91282CAT8 3,500,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,425,898.44 0.78 1,498.62 3,387,181.003,484,890.46

US TREASURY N/B
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 2,232.69 6,539,851.086,731,558.41

US TREASURY N/B
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 59.05 5,488,609.805,679,977.22

US TREASURY N/B
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 7.25 674,039.80699,192.99

US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
91282CBH3 8,475,000.00 AA+ Aaa 1/4/2022 1/6/2022 8,174,402.34 1.27 13,299.76 8,131,694.708,395,096.85

US TREASURY N/B
DTD 01/31/2019 2.625% 01/31/2026
9128286A3 1,707,500.00 AA+ Aaa 2/4/2021 2/4/2021 1,890,055.76 0.46 18,756.98 1,678,552.751,747,077.13

US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
91282CBH3 7,635,000.00 AA+ Aaa 2/18/2022 2/22/2022 7,215,969.73 1.83 11,981.56 7,325,721.427,519,977.79

US TREASURY N/B
DTD 02/01/2021 0.375% 01/31/2026
91282CBH3 1,195,000.00 AA+ Aaa 7/2/2021 7/7/2021 1,172,033.59 0.80 1,875.31 1,146,592.941,189,564.57

US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 1,980,000.00 AA+ Aaa 12/3/2021 12/7/2021 1,926,632.81 1.15 3,363.81 1,896,933.061,965,379.33

US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 10,690,000.00 AA+ Aaa 2/2/2022 2/3/2022 10,249,872.66 1.55 18,161.19 10,241,522.4310,564,714.76

US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 4,360,000.00 AA+ Aaa 6/6/2022 6/8/2022 3,995,871.88 2.99 2,874.73 4,152,389.884,230,938.76

ATTACHMENT A
25 PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 805,000.00 AA+ Aaa 6/7/2021 6/7/2021 803,176.17 0.80 530.77 766,668.32804,483.63

US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 3,155,000.00 AA+ Aaa 10/4/2021 10/6/2021 3,133,186.13 0.90 2,080.22 3,004,768.373,148,383.90

US TREASURY N/B
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 8,271.63 3,491,442.103,585,887.15

US TREASURY N/B
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 6,595.58 2,437,607.522,495,141.16

US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 855,000.00 AA+ Aaa 8/8/2022 8/9/2022 828,515.04 2.99 7,266.34 820,432.35842,567.63

US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 1,390,000.00 AA+ Aaa 5/12/2023 5/12/2023 1,328,047.27 3.52 11,813.11 1,333,802.301,355,081.19

US TREASURY N/B
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 34,172.39 5,151,049.555,228,346.39

US TREASURY N/B
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 4,144.75 4,439,189.924,590,836.92

US TREASURY N/B
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 58.22 3,842,566.823,952,945.58

US TREASURY N/B
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 3.76 386.05 4,198,713.504,249,574.74

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 5,000,000.00 AA+ Aaa 5/12/2023 5/12/2023 4,857,226.56 3.48 57,540.76 4,814,845.004,912,816.48

US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,730,000.00 AA+ Aaa 9/1/2022 9/6/2022 2,588,274.61 3.40 23,201.29 2,594,673.902,654,894.97

US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2027
91282CFH9 5,030,000.00 AA+ Aaa 3/24/2023 3/24/2023 4,971,644.14 3.41 53,409.01 4,884,602.824,995,008.08

US TREASURY N/B
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 2,299.45 2,159,438.402,176,067.65

US TREASURY N/B
DTD 11/02/2020 0.500% 10/31/2027
91282CAU5 5,340,000.00 AA+ Aaa 1/4/2023 1/6/2023 4,547,552.34 3.91 4,572.93 4,806,000.004,874,622.83

US TREASURY N/B
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 30,025.90 4,232,736.504,293,308.67

US TREASURY N/B
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 12,646.20 1,782,729.021,807,473.53

ATTACHMENT A
26 PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
91282CGC9 2,945,000.00 AA+ Aaa 2/1/2023 2/2/2023 2,981,582.42 3.60 315.25 2,910,832.112,967,320.78

US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 4,500,000.00 AA+ Aaa 5/12/2023 5/12/2023 3,976,347.66 3.44 14,123.64 4,042,791.004,158,487.60

US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 540,000.00 AA+ Aaa 3/14/2022 3/15/2022 498,382.03 2.15 1,694.84 485,134.92518,202.88

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 4,825,000.00 AA+ Aaa 3/24/2023 3/24/2023 4,967,299.80 3.35 65,577.35 4,780,518.334,916,078.19

US TREASURY N/B
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 6,339.46 1,802,550.711,853,473.01

US TREASURY N/B
DTD 03/31/2023 3.625% 03/31/2028
91282CGT2 4,260,000.00 AA+ Aaa 3/30/2023 3/31/2023 4,253,510.16 3.66 39,454.74 4,171,805.224,255,790.66

US TREASURY N/B
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 18,315.76 5,207,873.215,348,608.46

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 2,050,000.00 AA+ Aaa 5/1/2023 5/1/2023 2,040,230.47 3.61 12,288.67 1,998,028.402,043,499.46

US TREASURY N/B
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 2,631.58 673,329.99681,103.61

US TREASURY N/B
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 1,676.68 469,136.85508,174.22

US TREASURY N/B
DTD 11/16/1998 5.250% 11/15/2028
912810FF0 1,000,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,064,765.63 4.02 6,816.30 1,031,367.001,042,066.42

US TREASURY N/B
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 500,000.00 AA+ Aaa 3/21/2022 3/22/2022 509,433.59 2.33 4,957.54 467,402.50505,633.22

US TREASURY N/B
DTD 02/15/2019 2.625% 02/15/2029
9128286B1 2,165,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,630.86 4.15 21,466.15 2,023,852.832,045,177.18

US TREASURY N/B
DTD 02/16/1999 5.250% 02/15/2029
912810FG8 1,875,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,027,856.45 3.74 37,181.56 1,943,261.251,978,368.57

US TREASURY N/B
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 490,000.00 AA+ Aaa 1/11/2023 1/12/2023 464,523.83 3.67 1,184.62 458,073.56472,392.92

US TREASURY N/B
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 3,797.80 964,462.08967,797.95

US TREASURY N/B
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 43.99 467,509.98470,466.06

ATTACHMENT A
27 PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
91282CLC3 6,075,000.00 AA+ Aaa 8/1/2024 8/2/2024 6,117,240.23 3.85 101,690.22 5,977,939.736,114,053.55

US TREASURY N/B
DTD 08/16/1999 6.125% 08/15/2029
912810FJ2 1,775,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,023,083.98 3.72 41,064.96 1,903,618.281,948,803.02

US TREASURY N/B
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aaa 3/21/2022 3/22/2022 496,518.75 2.29 3,191.71 461,459.44505,344.85

US TREASURY N/B
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 22,510.36 2,007,788.402,034,705.53

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 1,700,000.00 AA+ Aaa 11/1/2024 11/4/2024 1,695,816.41 4.18 12,010.36 1,680,210.301,695,943.21

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 950,000.00 AA+ Aaa 11/14/2024 11/15/2024 942,949.22 4.29 6,711.67 938,941.05943,119.83

US TREASURY N/B
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 3,645.05 1,045,841.541,069,501.48

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2029
91282CGB1 2,030,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,059,339.84 3.64 217.30 1,982,977.082,051,031.11

US TREASURY N/B
DTD 02/18/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,040.43 2.66 3,073.68 471,000.13513,485.75

US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 2,010,000.00 AA+ Aaa 2/27/2023 2/28/2023 2,000,892.19 4.08 27,318.23 1,972,547.672,003,289.36

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2030
91282CGZ8 3,880,000.00 AA+ Aaa 4/25/2024 4/26/2024 3,632,498.44 4.73 23,258.56 3,712,523.683,657,265.45

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 2,160,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,519,859.38 3.64 17,527.62 2,347,228.802,423,180.74

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,065,123.05 3.89 7,506.04 1,005,179.001,025,859.78

US TREASURY N/B
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 2,057.06 2,079,790.052,185,992.80

US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 2,830,000.00 AA+ Aaa 7/12/2023 7/12/2023 2,783,459.77 4.03 9,329.67 2,738,797.592,793,434.00

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 587,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,755.37 2.65 1,386.93 477,045.30527,754.60

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,540,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,995,586.72 3.97 5,996.26 2,062,459.682,130,041.82

ATTACHMENT A
28 PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,545,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,052,204.49 3.56 6,008.07 2,066,519.642,180,334.88

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,071,065.63 3.72 1,510.95 1,088,054.381,139,028.11

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aaa 7/11/2023 7/12/2023 2,405,390.63 4.02 3,408.15 2,454,258.002,524,844.39

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 2,955,000.00 AA+ Aaa 7/7/2023 7/10/2023 3,201,326.95 4.09 59,993.33 3,098,480.033,153,338.88

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,620.31 3.98 36,950.20 1,908,370.101,951,915.78

US TREASURY N/B
DTD 02/16/2021 1.125% 02/15/2031
91282CBL4 565,000.00 AA+ Aaa 4/6/2022 4/11/2022 498,104.88 2.63 2,400.87 466,213.14518,719.84

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,021,273.44 3.61 36,544.16 1,887,399.001,967,320.73

US TREASURY N/B
DTD 04/01/2024 4.125% 03/31/2031
91282CKF7 3,820,000.00 AA+ Aaa 4/25/2024 4/26/2024 3,686,150.78 4.72 40,259.55 3,749,417.863,697,545.12

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 2,930,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,530,673.05 3.53 6,181.73 2,471,616.152,625,095.19

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,070,802.73 3.76 2,668.91 1,067,097.081,118,786.06

US TREASURY N/B
DTD 07/31/2024 4.125% 07/31/2031
91282CLD1 730,000.00 AA+ Aaa 8/14/2024 8/15/2024 748,164.45 3.72 12,601.43 715,400.00747,293.46

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 562,500.00 AA+ Aaa 4/6/2022 4/11/2022 498,515.62 2.63 2,655.83 459,009.00517,187.89

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 2,465,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,994,627.93 3.92 11,638.42 2,011,479.442,097,074.66

US TREASURY N/B
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 3,713.26 1,699,586.721,815,176.22

US TREASURY N/B
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 2,329.71 1,066,327.251,123,977.44

US TREASURY N/B
DTD 02/15/2022 1.875% 02/15/2032
91282CDY4 2,365,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,999,625.98 3.94 16,749.41 1,989,095.082,074,731.88

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aaa 11/30/2022 11/30/2022 1,067,164.06 3.79 4,292.65 1,032,798.901,085,462.79

ATTACHMENT A
29 PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aaa 8/5/2022 8/9/2022 662,629.69 2.83 2,463.60 592,736.76661,983.88

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,175,000.00 AA+ Aaa 1/10/2023 1/11/2023 2,056,224.61 3.57 8,118.70 1,953,337.052,081,323.40

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,670,000.00 AA+ Aaa 1/11/2023 1/12/2023 2,525,548.83 3.56 9,966.40 2,397,889.622,556,039.84

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,100,000.00 AA+ Aaa 7/2/2024 7/3/2024 988,410.16 4.41 4,106.01 987,894.60994,383.68

US TREASURY N/B
DTD 08/15/2022 2.750% 08/15/2032
91282CFF3 2,195,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,991,190.82 3.93 22,799.97 1,946,605.022,030,879.36

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 3,225,000.00 AA+ Aaa 7/7/2023 7/10/2023 3,242,006.84 4.06 17,272.01 3,145,510.203,239,313.43

US TREASURY N/B
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 10,523.88 1,916,566.682,036,370.79

US TREASURY N/B
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 5,650.22 1,028,996.361,078,611.61

US TREASURY N/B
DTD 02/15/2023 3.500% 02/15/2033
91282CGM7 2,065,000.00 AA+ Aaa 2/27/2023 2/28/2023 1,993,450.98 3.92 27,299.52 1,921,176.882,006,679.69

US TREASURY N/B
DTD 05/15/2023 3.375% 05/15/2033
91282CHC8 1,075,000.00 AA+ Aaa 7/2/2024 7/3/2024 992,191.41 4.43 4,710.55 987,992.73996,030.77

US TREASURY N/B
DTD 08/15/2023 3.875% 08/15/2033
91282CHT1 2,385,000.00 AA+ Aaa 10/2/2023 10/2/2023 2,236,496.48 4.67 34,908.17 2,270,128.862,255,322.03

US TREASURY N/B
DTD 11/15/2023 4.500% 11/15/2033
91282CJJ1 4,340,000.00 AA+ Aaa 10/16/2024 10/17/2024 4,504,784.38 4.00 25,356.63 4,321,012.504,501,643.27

US TREASURY N/B
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 58,621.74 3,715,251.323,679,239.85

US TREASURY N/B
DTD 05/15/2024 4.375% 05/15/2034
91282CKQ3 1,000,000.00 AA+ Aaa 7/2/2024 7/3/2024 995,156.25 4.44 5,680.25 984,844.00995,357.46

US TREASURY N/B
DTD 08/15/2024 3.875% 08/15/2034
91282CLF6 8,450,000.00 AA+ Aaa 9/4/2024 9/5/2024 8,514,365.23 3.78 123,678.84 7,991,849.458,512,685.35 254,400,000.00 243,514,169.35 1,473,320.75 240,764,773.62Security Type Sub-Total 3.15 247,754,684.14

ATTACHMENT A
30 PFM Asset Management | pfmam.com

COOPERAT RABOBANK UA/NY
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 4,281,564.004,200,000.00 4,200,000.00 4,200,000.00 97,197.33 4,281,564.00Security Type Sub-Total 5.08 4,200,000.00 Municipal

UNIV OF CALIFORNIA-BG
(CALLABLE)
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 300,000.00 AA Aa2 7/10/2020 7/16/2020 300,000.00 0.88 338.48 296,115.00300,000.00

UNIV OF CALIFORNIA-BG
(CALLABLE)
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 460,000.00 AA Aa2 7/14/2020 7/16/2020 461,665.20 0.81 519.01 454,043.00460,128.31

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 1,050,000.00 AA Aa2 9/3/2020 9/16/2020 1,057,423.50 1.11 6,604.50 1,032,486.001,050,774.63

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 825,000.00 AA Aa2 9/3/2020 9/16/2020 825,000.00 1.26 5,189.25 811,239.00825,000.00

NJ TPK AUTH -B-TXBL
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 2,918.51 539,817.77557,500.00 3,192,500.00 3,201,588.70 15,569.75 3,133,700.77Security Type Sub-Total 1.07 3,193,402.94 Federal Agency

FANNIE MAE
DTD 06/19/2020 0.500% 06/17/2025
3135G04Z3 12,500.00 AA+ Aaa 10/2/2020 10/5/2020 12,553.38 0.41 2.43 12,289.9612,505.24

FREDDIE MAC
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 3,447,540.863,543,445.13

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 2,202,216.472,264,406.54

FANNIE MAE
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 1,893,923.851,954,872.50

FANNIE MAE
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 5,996,618.216,189,807.70

ATTACHMENT A
31 PFM Asset Management | pfmam.com

FEDERAL HOME LOAN BANK
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 9,105.47 801,342.50800,537.75 14,842,500.00 14,730,678.33 21,903.32 14,353,931.85Security Type Sub-Total 0.74 14,765,574.86 Corporate

JOHN DEERE CAPITAL CORP
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 1,261.72 212,344.45212,452.73

TOYOTA MOTOR CREDIT CORP
DTD 02/13/2020 1.800% 02/13/2025
89236TGT6 7,500.00 A+ A1 5/21/2020 5/26/2020 7,602.00 1.50 51.75 7,474.347,502.52 AMAZON.COM INC
DTD 04/13/2022 3.000% 04/13/2025
023135CE4 7,500.00 AA A1 4/11/2022 4/13/2022 7,488.07 3.06 48.75 7,469.847,498.87

GOLDMAN SACHS GROUP INC
(CALLABLE)
DTD 05/22/2015 3.750% 05/22/2025
38148LAE6 837,500.00 BBB+ A2 2/12/2021 2/17/2021 935,638.25 0.94 3,402.34 834,436.43840,963.70

STATE STREET CORP (CALLABLE)
DTD 02/07/2022 1.746% 02/06/2026
857477BR3 437,500.00 A Aa3 2/2/2022 2/7/2022 437,500.00 1.75 3,076.72 436,071.13437,500.00

STATE STREET CORP (CALLABLE)
DTD 10/29/2020 2.901% 03/30/2026
857477BM4 3,750,000.00 A Aa3 8/8/2022 8/10/2022 3,639,037.50 3.78 27,499.06 3,731,250.003,711,967.80

BANK OF AMERICA CORP
(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 1,867,978.131,875,000.00

PACCAR FINANCIAL CORP
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 3,834,899.203,808,526.80

BANK OF AMERICA NA (CALLABLE)
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 1,909,806.601,885,000.00

JP MORGAN CHASE BANK NA
(CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 3,150,000.00 AA- Aa2 12/5/2023 12/8/2023 3,150,000.00 5.11 10,283.88 3,183,301.803,150,000.00

TARGET CORP (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 2,035,717.802,139,462.91

MICROSOFT CORP (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 2,276,265.672,290,852.19

ATTACHMENT A
32 PFM Asset Management | pfmam.com

TRUIST FINANCIAL CORP
(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 2,295,493.202,360,884.22

HOME DEPOT INC (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 3,305,286.303,336,406.77

JPMORGAN CHASE & CO
(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 1,544,162.481,507,434.11

JPMORGAN CHASE & CO
(CALLABLE)
DTD 04/25/2017 3.540% 05/01/2028
46647PAF3 1,725,000.00 A A1 8/8/2024 8/9/2024 1,672,059.75 4.44 10,177.50 1,675,989.301,677,257.25

HERSHEY COMPANY (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 2,758,408.822,796,192.00

APPLE INC (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 1,348,948.581,377,316.15

APPLE INC (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 4,603,163.954,673,711.86

MORGAN STANLEY BANK NA
(CALLABLE)
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 7,652.09 1,449,937.061,430,000.00

MORGAN STANLEY BANK NA
(CALLABLE)
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 5.45 14,822.58 2,808,619.342,774,440.73

JOHN DEERE CAPITAL CORP
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 13,777.50 605,796.00605,770.93

JOHN DEERE CAPITAL CORP
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 1,433,717.201,418,503.66

TOYOTA MOTOR CREDIT CORP
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 1,419,859.001,398,143.57

CITIBANK NA (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 5,088,601.884,935,000.00

CITIBANK NA (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 1,340,462.501,321,655.04

BLACKROCK FUNDING INC
(CALLABLE)
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 4,203,725.404,184,079.91

ATTACHMENT A
33 PFM Asset Management | pfmam.com

BLACKROCK FUNDING INC
(CALLABLE)
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 5,657.63 405,359.24404,374.13

ADOBE INC (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 1,784,430.581,772,709.73

ADOBE INC (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 1,457,703.851,447,903.00

MASTERCARD INC (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 3,359,217.603,334,435.33

PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
713448FX1 2,160,000.00 A+ A1 7/15/2024 7/17/2024 2,156,652.00 4.53 44,280.00 2,155,658.402,156,935.61

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 370,000.00 A+ A1 8/6/2024 8/9/2024 369,248.90 4.60 6,640.47 365,621.05369,302.37

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 925,000.00 A+ A1 8/8/2024 8/9/2024 921,198.25 4.64 16,601.18 914,052.63921,470.29

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 805,000.00 A+ A1 8/7/2024 8/9/2024 804,074.25 4.58 14,447.51 795,472.83804,143.13

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,600,000.00 A+ A1 8/13/2024 8/14/2024 2,604,420.00 4.16 41,556.67 2,549,328.602,604,109.68

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 750,000.00 A+ A1 8/12/2024 8/14/2024 748,357.50 4.25 11,987.50 735,383.25748,473.49 71,452,500.00 70,429,705.29 775,210.12 70,741,414.43Security Type Sub-Total 4.50 70,727,380.48 Agency CMBS
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,793,456.68 AA+ Aaa 5/19/2023 5/24/2023 2,707,470.58 4.29 7,791.42 2,726,452.832,746,815.53 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 4,477,651.00 AA+ Aaa 8/16/2023 8/18/2023 4,223,684.23 4.94 12,029.96 4,354,932.024,320,219.01 FHMS K065 A2
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 4.93 6,864.35 2,465,832.002,448,770.94 FHMS K066 A2
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 4.97 10,238.46 3,811,618.763,776,438.08

ATTACHMENT A
34 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,891,239.92 AA+ Aaa 9/20/2023 9/28/2023 3,830,174.70 5.19 15,564.96 3,897,454.233,844,749.57 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,073,773.91 AA+ Aaa 9/7/2023 9/14/2023 2,042,760.62 5.01 8,035.87 2,072,564.902,050,581.68 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,384,742.13 AA+ Aaa 7/19/2023 7/27/2023 3,384,657.49 4.78 13,474.09 3,374,966.993,384,682.10 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 4,209,563.404,229,636.50 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 4,061,044.61 AA+ Aaa 7/18/2023 7/31/2023 3,992,197.21 4.58 14,149.36 3,980,688.724,011,769.22 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 5.25 16,985.00 4,298,748.704,226,759.48 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 4,190,894.404,152,660.07 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 2,238,646.94 AA+ Aaa 9/19/2023 9/28/2023 2,238,635.74 5.27 9,835.12 2,258,964.902,238,639.49 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 4,208,164.804,160,663.48 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 3,317,889.503,220,838.45 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 1,693,177.101,671,143.26 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 2,447,873.882,434,376.59 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 4.79 9,229.17 2,234,119.882,231,779.60 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 2,477,492.592,515,769.97 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 2,502,021.562,525,634.37 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 4.79 19,169.50 4,309,792.204,306,994.53 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 3,111,835.203,103,985.17

ATTACHMENT A
35 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS 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 4.67 16,779.00 3,841,622.083,856,049.04 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 4.79 18,900.00 4,288,439.404,295,367.89 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 2,415,545.302,388,616.38 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 4,402,301.204,400,000.00 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 3,730,000.00 AA+ Aaa 7/16/2024 7/25/2024 3,752,905.93 4.58 14,671.33 3,722,349.773,751,397.51 FHMS K529 A2
DTD 10/01/2024 4.791% 09/01/2029
3137HH6C0 2,355,000.00 AA+ Aaa 10/8/2024 10/16/2024 2,402,069.39 4.34 9,402.34 2,354,656.172,400,291.09 FHMS K531 A2
DTD 12/01/2024 4.630% 10/01/2029
3137HHUN9 1,805,000.00 AA+ Aaa 12/3/2024 12/12/2024 1,813,198.31 4.53 6,964.29 1,793,050.901,813,119.90 90,807,213.18 90,207,313.44 351,272.88 90,763,013.38Security Type Sub-Total 4.85 90,507,748.90 ABS
TAOT 2021-C A3
DTD 09/27/2021 0.430% 01/15/2026
89239BAC5 69,732.03 AAA Aaa 9/21/2021 9/27/2021 69,726.48 0.43 13.33 69,505.1369,730.69 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 51,724.52 AAA NR 11/9/2021 11/17/2021 51,712.97 0.75 17.01 51,517.1051,720.99 HAROT 2022-2 A3
DTD 08/24/2022 3.730% 07/20/2026
43815PAC3 160,926.94 AAA NR 8/15/2022 8/24/2022 160,917.34 3.73 216.76 160,382.04160,923.12 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 3,107.49 936,031.05929,912.48 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 1,096,262.301,084,813.49 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 1,792,641.731,774,953.72 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 2,666,304.962,639,620.35 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 1,892.00 831,439.95824,868.42

ATTACHMENT A
36 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
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 3,407,116.503,374,565.22 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 3,120,522.303,074,961.53 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 1,982.09 816,800.50804,934.09 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 2,911,587.842,879,870.06 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 3,380,000.00 AAA NR 9/7/2023 9/15/2023 3,379,063.06 5.17 7,751.47 3,419,583.183,379,283.27 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 3,460,000.00 AAA NR 9/12/2023 9/19/2023 3,459,845.34 5.23 8,042.58 3,504,031.963,459,883.68 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 1,190,000.00 AAA NR 11/3/2023 11/13/2023 1,189,843.52 5.54 2,930.04 1,207,497.761,189,878.17 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 1,520,000.00 NR Aaa 12/7/2023 12/14/2023 1,519,795.86 4.98 3,364.27 1,534,639.121,519,839.72 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 410,000.00 NR Aaa 1/9/2024 1/17/2024 409,917.55 4.85 828.54 412,094.28409,932.12 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/16/2029
161571HV9 3,825,000.00 AAA NR 1/24/2024 1/31/2024 3,824,417.45 4.60 7,820.00 3,834,589.273,824,521.22 31,457,383.49 31,453,139.01 73,324.87 31,772,546.97Security Type Sub-Total 5.27 31,454,212.34 470,352,096.68 457,736,594.12 2,807,799.02 455,810,945.02Managed Account Sub Total Securities Sub Total
Accrued Interest
$470,352,096.68 $457,736,594.12 $2,807,799.02 $455,810,945.02 $2,807,799.02
462,603,003.66
$462,603,003.66

3.78 3.78%
Total Investments $458,618,744.04

ATTACHMENT A
37 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
S ettle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
10/8/2024 10/16/2024 2,355,000.00 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 2,406,770.56 4.34% 10/16/2024 10/17/2024 4,340,000.00 91282CJJ1 US TREASURY N/B 4.50% 11/15/2033 4,587,043.89 4.00% 11/1/2024 11/4/2024 1,700,000.00 91282CLR0 US TREASURY N/B 4.12% 10/31/2029 1,696,591.27 4.18% 11/14/2024 11/15/2024 950,000.00 91282CLR0 US TREASURY N/B 4.12% 10/31/2029 944,573.01 4.29% 12/3/2024 12/12/2024 1,805,000.00 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 1,815,751.88 4.53% 12/4/2024 12/4/2024 920,000.00 912797LP0 TREASURY BILL 0.00% 12/12/2024 919,091.86 4.44% Total BUY 12,070,000.00 12,369,822.47 0.00

INTEREST
10/1/2024 10/1/2024 MONEY0002 MONEY MARKET FUND 0.00% 3,726.36 10/1/2024 10/25/2024 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 10/1/2024 10/25/2024 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 10/1/2024 10/25/2024 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,747.84 10/1/2024 10/25/2024 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 10/1/2024 10/25/2024 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 10/1/2024 10/25/2024 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 10/1/2024 10/25/2024 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 10/1/2024 10/25/2024 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00

ATTACHMENT A
38 PFM Asset Management | pfmam.com

INTEREST
10/1/2024 10/25/2024 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 10/1/2024 10/25/2024 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,057.14 10/1/2024 10/25/2024 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 10/1/2024 10/25/2024 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,150.23 10/1/2024 10/25/2024 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 15,048.90 10/1/2024 10/25/2024 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,504.56 10/1/2024 10/25/2024 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 10/1/2024 10/25/2024 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 10/1/2024 10/25/2024 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,839.28 10/1/2024 10/25/2024 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 10/1/2024 10/25/2024 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 10/1/2024 10/25/2024 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 10/1/2024 10/25/2024 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 10/1/2024 10/25/2024 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 10/1/2024 10/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 10/1/2024 10/25/2024 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 10/1/2024 10/25/2024 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96

ATTACHMENT A
39 PFM Asset Management | pfmam.com

INTEREST
10/1/2024 10/25/2024 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 10/2/2024 10/2/2024 06051GKM0 BANK OF AMERICA CORP (CALLABLE) 3.38% 4/2/2026 31,725.00 10/4/2024 10/4/2024 00724PAF6 ADOBE INC (CALLABLE) 4.80% 4/4/2029 77,400.00 10/13/2024 10/13/2024 023135CE4 AMAZON.COM INC 3.00% 4/13/2025 112.50 10/15/2024 10/15/2024 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 10/15/2024 10/15/2024 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 10/15/2024 10/15/2024 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 71.78 10/15/2024 10/15/2024 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 10/15/2024 10/15/2024 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 10/15/2024 10/15/2024 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 10/15/2024 10/15/2024 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 23.82 10/15/2024 10/15/2024 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 10/15/2024 10/15/2024 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 10/15/2024 10/15/2024 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 10/15/2024 10/15/2024 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 65.88 10/15/2024 10/15/2024 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 10/15/2024 10/15/2024 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00

ATTACHMENT A
40 PFM Asset Management | pfmam.com

INTEREST
10/15/2024 10/15/2024 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 10/15/2024 10/15/2024 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 10/16/2024 10/16/2024 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 10/18/2024 10/18/2024 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 10/18/2024 10/18/2024 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 672.82 10/31/2024 10/31/2024 91282CAT8 US TREASURY N/B 0.25% 10/31/2025 4,375.00 10/31/2024 10/31/2024 912828ZN3 US TREASURY N/B 0.50% 4/30/2027 12,100.00 10/31/2024 10/31/2024 912828ZL7 US TREASURY N/B 0.37% 4/30/2025 210.94 10/31/2024 10/31/2024 91282CFU0 US TREASURY N/B 4.12% 10/31/2027 124,575.00 10/31/2024 10/31/2024 91282CHA2 US TREASURY N/B 3.50% 4/30/2028 35,875.00 10/31/2024 10/31/2024 91282CAU5 US TREASURY N/B 0.50% 10/31/2027 13,350.00 10/31/2024 10/31/2024 91282CGZ8 US TREASURY N/B 3.50% 4/30/2030 67,900.00 11/1/2024 11/1/2024 46647PAF3 JPMORGAN CHASE & CO (CALLABLE) 3.54% 5/1/2028 30,532.50 11/1/2024 11/1/2024 13077DNC2 CA ST UNIV-E 0.68% 11/1/2024 2,140.63 11/1/2024 11/1/2024 MONEY0002 MONEY MARKET FUND 0.00% 6,115.61 11/1/2024 11/25/2024 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 11/1/2024 11/25/2024 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00

ATTACHMENT A
41 PFM Asset Management | pfmam.com

INTEREST
11/1/2024 11/25/2024 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 11/1/2024 11/25/2024 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,684.32 11/1/2024 11/25/2024 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 11/1/2024 11/25/2024 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 11/1/2024 11/25/2024 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 11/1/2024 11/25/2024 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,494.04 11/1/2024 11/25/2024 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 11/1/2024 11/25/2024 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 11/1/2024 11/25/2024 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 11/1/2024 11/25/2024 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,823.06 11/1/2024 11/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 11/1/2024 11/25/2024 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 11/1/2024 11/25/2024 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 11/1/2024 11/25/2024 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,179.99 11/1/2024 11/25/2024 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 11/1/2024 11/25/2024 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 11/1/2024 11/25/2024 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96

ATTACHMENT A
42 PFM Asset Management | pfmam.com

INTEREST
11/1/2024 11/25/2024 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 11/1/2024 11/25/2024 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 11/1/2024 11/25/2024 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,882.66 11/1/2024 11/25/2024 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,049.77 11/1/2024 11/25/2024 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 11/1/2024 11/25/2024 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 11/1/2024 11/25/2024 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 11/1/2024 11/25/2024 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 11/4/2024 11/4/2024 427866BH0 HERSHEY COMPANY (CALLABLE) 4.25% 5/4/2028 59,181.25 11/7/2024 11/7/2024 3135G06G3 FANNIE MAE 0.50% 11/7/2025 20,362.50 11/10/2024 11/10/2024 037833ET3 APPLE INC (CALLABLE) 4.00% 5/10/2028 120,900.00 11/15/2024 11/15/2024 912810FF0 US TREASURY N/B 5.25% 11/15/2028 26,250.00 11/15/2024 11/15/2024 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 12.04 11/15/2024 11/15/2024 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 11/15/2024 11/15/2024 91282CDJ7 US TREASURY N/B 1.37% 11/15/2031 23,271.88 11/15/2024 11/15/2024 91282CEP2 US TREASURY N/B 2.87% 5/15/2032 111,478.13 11/15/2024 11/15/2024 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 51.89

ATTACHMENT A
43 PFM Asset Management | pfmam.com

INTEREST
11/15/2024 11/15/2024 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 11/15/2024 11/15/2024 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 11/15/2024 11/15/2024 91282CAV3 US TREASURY N/B 0.87% 11/15/2030 18,943.75 11/15/2024 11/15/2024 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE) 0.88% 5/15/2025 3,355.40 11/15/2024 11/15/2024 912828U24 US TREASURY N/B 2.00% 11/15/2026 25,400.00 11/15/2024 11/15/2024 91282CFV8 US TREASURY N/B 4.12% 11/15/2032 128,803.13 11/15/2024 11/15/2024 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 11/15/2024 11/15/2024 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 11/15/2024 11/15/2024 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 11/15/2024 11/15/2024 91282CHC8 US TREASURY N/B 3.37% 5/15/2033 18,140.63 11/15/2024 11/15/2024 9128284N7 US TREASURY N/B 2.87% 5/15/2028 10,134.38 11/15/2024 11/15/2024 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 11/15/2024 11/15/2024 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 58.46 11/15/2024 11/15/2024 912810FM5 US TREASURY N/B 6.25% 5/15/2030 96,406.25 11/15/2024 11/15/2024 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 11/15/2024 11/15/2024 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 11/15/2024 11/15/2024 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83

ATTACHMENT A
44 PFM Asset Management | pfmam.com

INTEREST
11/15/2024 11/15/2024 912828ZQ6 US TREASURY N/B 0.62% 5/15/2030 7,921.88 11/15/2024 11/15/2024 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 11/15/2024 11/15/2024 91282CJJ1 US TREASURY N/B 4.50% 11/15/2033 97,650.00 11/15/2024 11/15/2024 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 11/15/2024 11/15/2024 91282CKQ3 US TREASURY N/B 4.37% 5/15/2034 21,875.00 11/15/2024 11/15/2024 91282CCB5 US TREASURY N/B 1.62% 5/15/2031 34,084.38 11/16/2024 11/16/2024 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 11/18/2024 11/18/2024 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 11/18/2024 11/18/2024 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 613.76 11/22/2024 11/22/2024 38148LAE6 GOLDMAN SACHS GROUP INC (CALLABLE) 3.75% 5/22/2025 15,703.13 11/26/2024 11/26/2024 61690U8B9 MORGAN STANLEY BANK NA (CALLABLE) 5.50% 5/26/2028 113,015.47 11/30/2024 11/30/2024 91282CCF6 US TREASURY N/B 0.75% 5/31/2026 31,200.00 11/30/2024 11/30/2024 91282CHF1 US TREASURY N/B 3.75% 5/31/2030 53,062.50 11/30/2024 11/30/2024 9128283J7 US TREASURY N/B 2.12% 11/30/2024 79.69 11/30/2024 11/30/2024 91282CFY2 US TREASURY N/B 3.87% 11/30/2029 20,731.25 11/30/2024 11/30/2024 91282CES6 US TREASURY N/B 2.75% 5/31/2029 6,737.50 11/30/2024 11/30/2024 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 12,698.44

ATTACHMENT A
45 PFM Asset Management | pfmam.com

INTEREST
11/30/2024 11/30/2024 91282CKT7 US TREASURY N/B 4.50% 5/31/2029 21,600.00 12/1/2024 12/25/2024 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 12/1/2024 12/25/2024 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 12/1/2024 12/25/2024 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 12/1/2024 12/25/2024 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,861.86 12/1/2024 12/25/2024 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 12/1/2024 12/25/2024 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 12/1/2024 12/25/2024 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 12/1/2024 12/25/2024 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,807.73 12/1/2024 12/25/2024 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 12/1/2024 12/25/2024 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,150.02 12/1/2024 12/25/2024 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 12/1/2024 12/25/2024 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 12/1/2024 12/25/2024 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 12/1/2024 12/25/2024 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 12/1/2024 12/25/2024 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 12/1/2024 12/25/2024 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17

ATTACHMENT A
46 PFM Asset Management | pfmam.com

INTEREST
12/1/2024 12/25/2024 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 12/1/2024 12/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 12/1/2024 12/25/2024 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 12/1/2024 12/25/2024 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 12/1/2024 12/25/2024 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 12/1/2024 12/25/2024 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,485.27 12/1/2024 12/25/2024 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,043.31 12/1/2024 12/25/2024 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 12/1/2024 12/25/2024 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 12/1/2024 12/25/2024 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,629.02 12/1/2024 12/25/2024 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 12/1/2024 12/1/2024 57636QAM6 MASTERCARD INC (CALLABLE) 2.95% 6/1/2029 53,100.00 12/1/2024 12/1/2024 13067WRB0 CALIFORNIA ST DEPT OF 0.56% 12/1/2024 217.00 12/2/2024 12/2/2024 MONEY0002 MONEY MARKET FUND 0.00% 1,518.21 12/8/2024 12/8/2024 17305EGW9 CCCIT 2023-A1 A1 5.23% 12/8/2027 24,319.50 12/8/2024 12/8/2024 48125LRU8 JP MORGAN CHASE BANK NA (CALLABLE) 5.11% 12/8/2026 80,482.50 12/15/2024 12/15/2024 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83

ATTACHMENT A
47 PFM Asset Management | pfmam.com

INTEREST
12/15/2024 12/15/2024 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 12/15/2024 12/15/2024 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 12/15/2024 12/15/2024 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 12/15/2024 12/15/2024 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 12/15/2024 12/15/2024 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 12/15/2024 12/15/2024 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 12/15/2024 12/15/2024 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 12/15/2024 12/15/2024 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 12/15/2024 12/15/2024 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 44.85 12/15/2024 12/15/2024 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 38.00 12/15/2024 12/15/2024 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 12/15/2024 12/15/2024 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 12/15/2024 12/15/2024 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 12/16/2024 12/16/2024 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 12/17/2024 12/17/2024 3135G04Z3 FANNIE MAE 0.50% 6/17/2025 31.25 12/18/2024 12/18/2024 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 555.12 12/18/2024 12/18/2024 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00

ATTACHMENT A
48 PFM Asset Management | pfmam.com

INTEREST
12/31/2024 12/31/2024 91282CGB1 US TREASURY N/B 3.87% 12/31/2029 39,331.25 12/31/2024 12/31/2024 91282CGC9 US TREASURY N/B 3.87% 12/31/2027 57,059.38 12/31/2024 12/31/2024 91282CBC4 US TREASURY N/B 0.37% 12/31/2025 12,000.00 12/31/2024 12/31/2024 912828ZV5 US TREASURY N/B 0.50% 6/30/2027 10,537.50 12/31/2024 12/31/2024 91282CEW7 US TREASURY N/B 3.25% 6/30/2027 69,875.00 12/31/2024 12/31/2024 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 7,962.50 12/31/2024 12/31/2024 912828ZW3 US TREASURY N/B 0.25% 6/30/2025 28.13 Total INTEREST 0.00 3,297,794.04 0.00

MATURITY
11/1/2024 11/1/2024 625,000.00 13077DNC2 CA ST UNIV-E 0.68% 11/1/2024 625,000.00 11/30/2024 11/30/2024 7,500.00 9128283J7 US TREASURY N/B 2.12% 11/30/2024 7,500.00 12/1/2024 12/1/2024 77,500.00 13067WRB0 CALIFORNIA ST DEPT OF 0.56% 12/1/2024 77,500.00 12/12/2024 12/12/2024 920,000.00 912797LP0 TREASURY BILL 0.00% 12/12/2024 920,000.00 Total MATURITY 1,630,000.00 1,630,000.00 0.00

PAYDOWNS
10/1/2024 10/25/2024 5,813.10 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,813.10 109.83 10/1/2024 10/25/2024 1,901.57 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,901.57 22.68

ATTACHMENT A
49 PFM Asset Management | pfmam.com

PAYDOWNS
10/1/2024 10/25/2024 25.70 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 25.70 0.34 10/1/2024 10/25/2024 90,474.08 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 90,474.08 0.32 10/1/2024 10/25/2024 15,879.39 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,879.39 202.67 10/1/2024 10/25/2024 2,644.12 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,644.12 0.05 10/15/2024 10/15/2024 21,608.82 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 21,608.82 1.69 10/15/2024 10/15/2024 27,167.38 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 27,167.38 1.63 10/15/2024 10/15/2024 39,025.20 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 39,025.20 0.91 10/18/2024 10/18/2024 18,998.40 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 18,998.40 0.51 11/1/2024 11/25/2024 4,735.30 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 4,735.30 0.02 11/1/2024 11/25/2024 2,202.23 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,202.23 0.04 11/1/2024 11/25/2024 1,667.53 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,667.53 19.48 11/1/2024 11/25/2024 13,823.89 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 13,823.89 172.70 11/1/2024 11/25/2024 5,496.19 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,496.19 99.82 11/1/2024 11/25/2024 23.00 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 23.00 0.29 11/15/2024 11/15/2024 38,775.79 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 38,775.79 0.84 11/15/2024 11/15/2024 22,070.93 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 22,070.93 1.64 11/15/2024 11/15/2024 27,794.68 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 27,794.68 1.56

ATTACHMENT A
50 PFM Asset Management | pfmam.com

PAYDOWNS
11/18/2024 11/18/2024 18,865.32 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 18,865.32 0.48 12/1/2024 12/25/2024 16,015.91 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 16,015.91 195.72 12/1/2024 12/25/2024 6,085.37 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 6,085.37 0.02 12/1/2024 12/25/2024 1,917.81 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,917.81 21.93 12/1/2024 12/25/2024 2,807.43 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,807.43 0.05 12/1/2024 12/25/2024 5,849.84 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,849.84 101.96 12/1/2024 12/25/2024 25.95 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 25.95 0.32 12/15/2024 12/15/2024 21,002.53 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 21,002.53 1.48 12/15/2024 12/15/2024 36,311.82 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 36,311.82 0.73 12/18/2024 12/18/2024 17,665.20 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 17,665.20 0.42 Total PAYDOWNS 466,674.48 466,674.48 960.13
SELL
10/16/2024 10/17/2024 2,025,000.00 91282CAJ0 US TREASURY N/B 0.25% 8/31/2025 1,956,759.83 -62,403.82 10/16/2024 10/17/2024 2,725,000.00 91282CAJ0 US TREASURY N/B 0.25% 8/31/2025 2,633,170.62 -83,745.56 12/3/2024 12/4/2024 950,000.00 91282CAJ0 US TREASURY N/B 0.25% 8/31/2025 922,234.60 -25,802.11 Total SELL 5,700,000.00 5,512 ,165.05 -171,951.49

ATTACHMENT A
51 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Appendix
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.

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.

PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S.

Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.

For more information regarding PFMAM's services or entities, please visit www.pfmam.com.

Further distribution is not permitted without prior written consent.

ATTACHMENT A
52 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Appendix
Important Disclosures
Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may be differences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement.

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.

ICE Bank of America Indices provided by Bloomberg Financial Markets.

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

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

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

MBS maturities are represented by expected average life.

ATTACHMENT A
53 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Appendix
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ATTACHMENT A
54 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended December 31, 2024
Appendix
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

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

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

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

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

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

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

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

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

ATTACHMENT A
55 INVESTMENT REPORT
City of Stockton | As of December 31, 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.

ATTACHMENT A
56 TABLE OF CONTENTS
City of Stockton | As of December 31, 2024

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS

ATTACHMENT A
57 ECONOMIC UPDATE

ATTACHMENT A
58 


Recent economic data suggests continued growth fueled by a resilient consumer. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improved balance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated. Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.

As broadly anticipated, the Federal Open Market Committee (FOMC) left the Fed Funds Rate unchanged at the range of 4.25-4.50% at the January meeting. Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well positioned, adding that the committee is in no hurry to make any changes to monetary policy. The Chandler team believes monetary policy easing will continue at a slower cadence, and lower short-term yields will likely contribute to a steepening yield curve.

US Treasury yields shifted slightly lower in January. The 2-year Treasury yield declined 4 basis points to 4.20%, the 5-year Treasury fell 5 basis points to 4.33%, and the 10-year Treasury yield dropped3 basis points to 4.54%. The spread between the 2-year and 10-year Treasury yield points on the curve increased slightly to +34 basis points at January month-endversus +33 basis points at December month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -30 basis points. The spread between the 3-month and 10- year Treasury yield points on the curve was +25 basis points in January, unchanged from December.

ECONOMIC UPDATE

ATTACHMENT A
59 -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 143,000 jobs in January, below consensus expectations, and the last two months were revised up by 100,000.

Gains were led by retail and health care. The three-month moving average and six-month moving average payrolls totaled 237,000 and 178,000 respectively. The unemployment rate declined to 4.0% in January, and the labor participation rate edged up to 62.6%, remaining below the pre-pandemic level of 63.3%. The U-6 underemploymentrate, which includes those who are marginally attached to the labor force and employed part time for economic reasons remained unchanged at 7.5%. Average hourly earnings ticked up to an increase of

4.1% year-over-year in January.

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

EMPLOYMENT

ATTACHMENT A
60 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 Openi ngs and Labor Turnover Survey (JOLTS) fell to 7.600 million new job openings in December from an upwardly revised 8.156 million job openings in November. Job openings indicate a ratio of 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY

ATTACHMENT A
61 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 December, the Consumer Pric e Index (CPI) rose 0.4% month-over-monthand 2.9% year-over-year. The Core CPI, which excludes volatile food and energy components, rose 0.2% month-over-monthand 3.2% year-over-year, slowing from last month and coming in lower than consensus expectations. The Personal Consumption Expenditures(PCE) Index rose 0.3% from the previous monthand 2.6% year-over-year in December versus a 2.4% increase in November. The Core PCE deflator (the Fed’s preferred gauge) increased 0.2% month-over-month and 2.8% over the past year. Although inflation has moderated, price increases remain above the Fed’s 2% target.

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

INFLATION

ATTACHMENT A
62 -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
December Retail Sales advanc ed broadly, providing evidence of a solid pace of consumer spending in the holiday season. Retail Sales rose 0.4% in December, after an increase of 0.8% in November and below the consensus expectation of 0.6%. Spending was solid for motor vehicles and non-store retailers, as well as for most other categories associated with the winter holidays. On a year-over-year basis, Retail Sales grew 3.9% in December versus 4.1% in November. The Retail Sales Control Group, which are used to calculate gross domestic product, increased 0.7% in December, the most in three months, exceeding expectations of 0.4%. The Conference Board’s Consumer Confidence Index declined to 104.1 in January from an upwardly revised 109.5 in December. Consumers' assessment of current business and labor market conditions fell sharply, and consumers were also less optimistic about future business conditions. While the consumer has been resilient, low savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future spending.
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)

CONSUMER

ATTACHMENT A
63 -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) dipped 0.1% in December, losing some momentumfollowing November's upwardly revised 0.4% increase. The LEI decreased year-over-year by -3.0%. While low consumer confidence and weak manufacturing activity led to the decline, the Conference Board still expects moderately strong growth for 2025. The Chicago Fed National Activity Index (CFNAI) improved to 0.15 in December from an upwardly revised -0.01 in November, posting its first positive reading since May 2024. The three- month moving average rose to -0.13 in December from -0.26 in November, indicating below-trend growth expectations for the economy.

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

LEADING INDICATORS OF ECONOMIC ACTIVITY

ATTACHMENT A
64 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts surged by 15.8% in December to 1.5 million units after declining in the prior three months. Total starts are down 4.4% compared to December 2023. The supply of existing homes is gradually becoming more abundant after the period of scarcity as homeowners held onto their low mortgage rates. The Freddie Mac 30-year fixed rate mortgage averaged approximately 7% in January.

According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.3% year-over-year in Novemberversus 4.2% year-over-year in October. With more inventory entering the market the trend is gradually improving; however 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

HOUSING

ATTACHMENT A
65 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 rose more than forecast to 50.9 in January from 49.2 in December. The index moved into expansion territory in January as new orders, production, and employmentall exhibited growth. The ISM Services Index fell more than expected to 52.8 in January from 54.0 in December, while remaining in expansion territory. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.

Source: Institute for Supply Management

SURVEY BASED MEASURES

ATTACHMENT A
66 Components of GDP 3/24 6/24 9/24 12/ 24

1.3% 1.9% 2.5% 2.8%

0.6% 1.5% 0.2% -1.0%
-0.6% -0.9% -0.4% 0.0%

0.0% 0.3% 0.6% 0.2%

0.3% 0.3% 0.3% 0.2%

1.6% 3.0% 3.1% 2.3%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the advance esti mate, fourth quarter GDP increased at an annualized rate of 2.3%, moderating from 3.1% growth in the third quarter. Growth continues to be powered by personal consumption expenditures, while private inventories and weaker net exports were the primary contributors to the slowdown. The consensus projection calls for 2.8% growth for the full year 2024, and 2.1% for the current quarter.

GROSS DOMESTIC PRODUCT (GDP)

ATTACHMENT A
67 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 broadly anticipated, the Federal Open Market Committee (FOMC) left the Fed Funds Rate unchanged at the range of 4.25-4.50% at the January meeting. Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetarypolicy is well positioned, adding that the committee is in no hurry to make any changes to monetary policy. Powell indicated that the risks to achieving the dual mandate are balanced, and monetary policy remains restrictive. 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 $2.2 trillion to approximately $6.8 trillion.

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)

FEDERAL RESERVE

ATTACHMENT A
68 Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

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

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Jan-25
Oct-24
Jan-24
Yield (%)
At the end of January, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 63 basis points higher, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased slightly to +34 basis points at January month-endversus +33 basis points at December month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +25 basis points in January, unchanged from December.

BOND YIELDS

ATTACHMENT A
69 ACCOUNT PROFILE

ATTACHMENT A
70 OBJECTIVES
City of Stockton Reserve | Account #10020 | As of December 31, 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.

ATTACHMENT A
71 STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of December 31, 2024 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 2.1 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 20.0 8.0 Compliant Max Maturity (Years) 10.0 3.4 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 5.6 Compliant
Max % Issuer (MV) 5.0 1.4 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 Rat
ing (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 23.0 Compliant
Max % Issuer (MV) 5.0 1.2 Compliant

ATTACHMENT A
72 STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of December 31, 2024 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 4 Compliant
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 20.3 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 100.0 8.0 Compliant Max Callables (MV) 20.0 0.6 Compliant
Max Maturity (Years) 10 9 Compliant

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

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

MORTGAGE -BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.5 Compliant
Max % Issuer (MV) 5.0 0.3 Compliant
Max Maturity (Years) 10 0.0 Comp liant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.7 Compliant
Max % Issuer (MV) 5.0 0.5 Compliant

ATTACHMENT A
73 STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of December 31, 2024 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 10 1 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 1.7 Compliant
Max % Issuer (MV) 5.0 1.7 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 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 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 46.2 Compliant
Max Maturity (Years) 10 8 Compliant

ATTACHMENT A
74 PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 2.66 2.98 3.14
Average Modified Duration 2.48 2.51 2.68
Average Purchase Yield 3.01% 2.99%
Average Market Yield 4.35% 4.49% 4.01%
Average Quality** AA+ AA+ AA+
Total Market Value 332,405,551 334,796,278
*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.

ATTACHMENT A
75 SECTOR DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 41.19% 41.01%
Corporate 25.14% 25.26%
Agency 22.16% 22.32%
ABS 6.14% 5.70%
Agency CMBS 2.25% 2.27%
Neg CD 1.82% 1.81%
Muni Bonds 1.24% 1.43%
Money Mkt Fd 0.07% 0.20%

ATTACHMENT A
76 ISSUERS
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Issuer Investment Type % Portfolio
Government of The United States US Treasury 41.19%
FNMA Agency 8.81%
Farm Credit System Agency 5.76%
Federal Home Loan Banks Agency 5.07%
FHLMC Agency CMBS 2.25%
Westpac Banking Corporation Neg CD 1.82%
Federal Home Loan Mortgage Corp Agency 1.73%
Chase Issuance Trust ABS 1.50%
Toyota Motor Corporation Corporate 1.33%
Bank of America Corporation Corporate 1.33%
Deere & Company Corporate 1.32%
John Deere Owner Trust ABS 1.28%
Caterpillar Inc. Corporate 1.22%
The Home Depot, Inc. Corporate 1.21%
Morgan Stanley Corporate 1.20%
Visa Inc. Corporate 1.16%
UnitedHealth Group Incorporated Corporate 1.16%
Novartis AG Corporate 1.11%
PACCAR Inc Corporate 1.09%
The Charles Schwab Corporation Corporate 1.01%
Honda Auto Receivables Owner Trust ABS 0.94%
Mastercard Incorporated Corporate 0.92%
National Rural Utilities Cooperative Corporate 0.92%
Cisco Systems, Inc. Corporate 0.91%
Massachusetts Mutual Life Insurance Corporate 0.91%
Prologis, Inc. Corporate 0.88%
JPMorgan Chase & Co. Corporate 0.87%
Microsoft Corporation Corporate 0.81%
Tennessee Valley Authority Agency 0.79%
Amazon.com, Inc. Corporate 0.77%

ATTACHMENT A
77 ISSUERS
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Issuer Investment Type % Portfolio
State Street Corporation Corporate 0.73%
Eli Lilly and Company Corporate 0.68%
Northern Trust Corporation Corporate 0.66%
BMW Vehicle Owner Trust ABS 0.63%
Target Corporation Corporate 0.62%
Honeywell International Inc. Corporate 0.60%
Merck & Co., Inc. Corporate 0.60%
PepsiCo, Inc. Corporate 0.59%
Florida Hurricane Catastrophe Fund F Muni Bonds 0.56%
The Goldman Sachs Group, Inc. Corporate 0.55%
WF Card Issuance Trust 2024-1 ABS 0.55%
Bank of America Credit Card Trust ABS 0.50%
American Express Credit Master Trust ABS 0.39%
Hyundai Auto Receivables Trust ABS 0.29%
Los Angeles Community College Distri Muni Bonds 0.29%
University of California Muni Bonds 0.23%
State of New Jersey Muni Bonds 0.16%
Federated Hermes, Inc. Money Mkt Fd 0.07%
BMW Vehicle Lease Trust ABS 0.03%
Toyota Auto Receivables Owner Trust ABS 0.02%
Cash Cash 0.00%
TOTAL 100.00%

ATTACHMENT A
78 QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 6.7% 6.3%
AA 71.6% 71.8%
A 19.0% 19.1%
BBB 0.5% 0.5%
NA 2.2% 2.2%
Rating 12/31/2024 09/30/2024
AAA 70.4% 70.1%
AA 5.6% 5.1%
A 21.6% 22.4%
NA 2.4% 2.4%
Rating 12/31/2024 09/30/2024
AAA 6.9% 7.1%
AA 69.8% 69.8%
A 12.0% 12.0%
NA 11.4% 11.1%
City of Stockton Reserve | Account #10020 | As of December 31, 2024 S&P Rating Moody’s Rating Fitch Rating

ATTACHMENT A
79 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 7.3% 10.7% 12.3% 18.9% 12.8% 16.6% 9.6% 7.7% 4.2% ICE BofA 1-5 Year Gov/Corp A or better 0.0% 0.0% 2.4% 36.0% 26.7% 24.3% 10.7% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Portfolio Compared to the Benchmark

ATTACHMENT A
80 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Reserve (0.70%) 3.79% 4.19% 2.80%
ICE BofA 1-5 Year Gov/Corp A or better (0.72%) 3.58% 4.03% 2.46% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index (0.76%) 3.42% 3.86% 2.33% Net of Fees (0.71%) 3.76% 4.17% 2.77%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 8,965,960 8,965,960 14,738,437 16,568,875 16,568,875 26,731,540 29,341,692 Change in Market Value 11,453,835 50,271,393 45,843,336 45,843,336 205,396,108 271,905,208 TOTAL DOLLAR RETURN (319,471) 20,410,518 345,647,167 345,647,167 345,647,167 345,647,167 345,647,167

INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of December 31, 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.

ATTACHMENT A
81 HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Reserve | Account #10020 | As of December 31, 2024 Purchase Yield as of
12/31/24 = 3.01%

ATTACHMENT A
82 PORTFOLIO CHARACTERISTICS
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 0.16 0.04 0.09
Average Modified Duration 0.15 0.04 0.08
Average Purchase Yield 4.27% 5.22%
Average Market Yield 4.26% 4.29% 4.84%
Average Quality** AA+ AAA AAA
Total Market Value 30,976,381 30,615,901
*Benchmark: ICE BofA 3-Month US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

ATTACHMENT A
83 SECTOR DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 99.59% 69.46%
Cash 0.36% 0.01%
Comm Paper -- 22.90%
Neg CD -- 7.60%

ATTACHMENT A
84 ISSUERS
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Issuer Investment Type % Portfolio
Government of The United States US Treasury 99.59%
Cash Cash 0.36%
Federated Hermes, Inc. Money Mkt Fd 0.05%
TOTAL 100.00%

ATTACHMENT A
85 QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 100.0% 69.2%
A -- 30.8%
Rating 12/31/2024 09/30/2024
AAA 0.4% 0.0%
A 99.6% 100.0%
Rating 12/31/2024 09/30/2024
AAA 100.0% 77.2%
NA -- 22.8%
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 S&P Rating Moody’s Rating Fitch Rating

ATTACHMENT A
86 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 100.0% 0.0% 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 December 31, 2024 Portfolio Compared to the Benchmark

ATTACHMENT A
87 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Enhanced Cash 1.18% 3.26%
Net of Fees 1.17% 3.23%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 256,232 861,802 861,802 861,802 861,802 861,802 861,802 Change in Market Value 494,750 30,976,381 30,976,381 30,976,381 30,976,381 30,976,381 30,976,381 TOTAL DOLLAR RETURN 750,982 31,838,183 31,838,183 31,838,183 31,838,183 31,838,183 31,838,183

INVESTMENT PERFORMANCE
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Total and Realized Rate of Return : Inception | 05/17/2024 *Periods over 1 year are annualized.

0.00%

2.50%

5.00%
12 months 2 years 3 years 5 years 10 years Since Inception City of Stockton Enhanced Cash Net of Fees

ATTACHMENT A
88 HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 2024 Purchase Yield as of
12/31/24 = 4.27%

ATTACHMENT A
89 CONSOLIDATED INFORMATION

ATTACHMENT A
90 PORTFOLIO CHARACTERISTICS
City of Stockton ConsAgg | Account #10021 | As of December 31, 2024 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 2.72 2.88
Average Modified Duration 2.30 2.46
Average Purchase Yield 3.12% 3.18%
Average Market Yield 4.47% 4.08%
Average Quality** AA+ AA+
Total Market Value 363,381,933 365,412,180
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

ATTACHMENT A
91 SECTOR DISTRIBUTION
City of Stockton ConsAgg | Account #10021 | As of December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
US Treasury 46.20% 43.39%
Corporate 22.99% 23.14%
Agency 20.26% 20.45%
ABS 5.61% 5.22%
Agency CMBS 2.06% 2.08%
Neg CD 1.66% 2.29%
Muni Bonds 1.13% 1.31%
Money Mkt Fd 0.07% 0.19%
Comm Paper -- 1.92%

ATTACHMENT A
92 PORTFOLIO HOLDINGS

ATTACHMENT A
93 HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 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
05593AAC3 BMWLT 2023-1 A3 5.16
11/25/2025 106,603.31 02/07/2023

5.43%
106,600.77
106,602.49
100.07

4.67%
106,678.10

91.68 0.03%

75.61 AAA/AAA
NA

0.90 0.13
89239BAC5 TAOT 2021-C A3 0.43 01/15/2026 69,732.04 09/27/2021

0.43%
69,726.48
69,730.93

99.67 4.75%
69,504.96

13.33 0.02%
(225.96)

AAA/AAA
NA

1.04 0.07
44935FAD6 HART 2021-C A3 0.74 05/15/2026 51,724.52 11/17/2021

0.75%
51,712.97
51,721.55

99.60 4.64%
51,516.99

17.01 0.02%
(204.56)
NA/AAA
AAA

1.37 0.10
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 610,000.00 07/11/2023

5.47%
609,891.91
609,926.14
100.87

4.55%
615,283.82
556.12

0.19%
5,357.68
NA/AAA
AAA

3.15 0.88
477920AC6 JDOT 2023-B A3 5.18 03/15/2028 1,085,000.00 06/21/2023

5.51%
1,084,819.02
1,084,877.14
100.83

4.47%
1,093,958.52
2,497.91

0.33%
9,081.38
AAA/NA
AAA

3.21 1.07
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 1,270,000.00 06/07/2023

4.87%
1,269,887.35
1,269
,931.90
100.53

4.51%
1,276,736.33
2,748.84

0.39%
6,804.44
NA/AAA
AAA

1.37 1.30
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 3,105,000.00 09/12/2023

5.40%
3,104,786.69
3,104,845.66
101.14

4.66%
3,140,397.00
7,562.40

0.95%
35,551.34
AAA/NA
AAA

3.37 1.28
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028
1,050
,000.00 11/01/2023

5.74%
1,049,815.10
1,049,861.13
101.59

4.55%
1,066,696.68
1,653.75

0.32%
16,835.55
AAA/NA
AAA

3.47 1.31
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 4,915,000.00 --

5.13%
4,920,147.11
4,918,029.58
101.06

4.56%
4,967,094.09
11,271.73

1.50%
49,064.51
NA/AAA
AAA

3.71 1.59
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 1,445,000.00 06/04/2024

5.24%
1,444,780.51
1,444,806.53
101.18

4.48%
1,462,048.69
1,247.52

0.44%
17,242.16

AAA/AAA
NA

4.16 1.55
44934QAD3 HART 2024-B A3 4.84 03/15/2029 910,000.00 07/16/2024

4.90%
909,862.68
909,875.72
100.51

4.64%
914,685.23
1,957.51

0.28%
4,809.50
NA/AAA
AAA

4.20 2.04
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 2,040,000.00 08/09/2024

4.62%
2,039,679.52
2,039,705.00

99.94 4.65%
2,038,753.56
2,589.67

0.62%
(951.44)
AAA/NA
AAA

4.22 1.85
05522RDJ4 BACCT 2024-
1 A 4.93 05/15/2029 1,635,000.00 06/06/2024

4.93%
1,634,908.28
1,634,918.89
100.97

4.54%
1,650,801.62
3,582.47

0.50%
15,882.73

AAA/AAA
NA

4.37 2.19
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,815,000.00 10/17/2024

4.33%
1,814,730.29
1,814,740.53

99.32 4.59%
1,802,689.22
3,460.60

0.55%
(12,051.31)

AAA/AAA
NA

4.79 2.57
Total ABS 20,108,059.87 5.05%
20,111,348.69
20,109,573.19
100.74

4.57%
20,256,844.81
39,250.53

6.14%
147,271.62

3.68 1.62
AGENCY

ATTACHMENT A
94 HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 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
3130AJHU6 FEDERAL HOME LOAN BANKS 0.5
04/14/2025 2,460,000.00 04/15/2020

0.60%
2,447,798.40
2,459,310.98

98.92 4.36%
2,433,397.63
2,630.83

0.74%
(25,913.35)
AAA/AA
AA

0.28 0.28
3135G03U5 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.625 04/22/2025 10,880,000.00 --

0.63%
10,879,060.80
10,879,952.49

98.91 4.24%
10,761,043.74
13,033.33

3.26%
(118,908.75)
AAA/AA
AA

0.31 0.30
3135G04Z3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 06/17/2025 6,642,500.00 06/17/2020

0.54%
6,628,750.02
6,641,242.47

98.32 4.24%
6,530,858.31
1,291.60

1.98%
(110,384.17)
AAA/AA
AA

0.46 0.45
3137EAEU9 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 07/21/2025 2,310,000.00 07/21/2020

0.48%
2,298,496.20
2,308,732.31

97.84 4.37%
2,260,113.10
3,850.00

0.68%
(48,619.21)
AAA/AA
AA

0.55 0.54
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 3,995,000.00 08/25/2020

0.47%
3,976,303.40
3,992,583.57

97.50 4.34%
3,894,963.68
5,243.44

1.18%
(97,619.89)
AAA/AA
AA

0.65 0.63
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 3,545,000.00 09/23/2020

0.44%
3 ,534,329.55
3,543,449.74

97.25 4.27%
3,447,546.67
3,618.85

1.04%
(95,903.07)
AAA/AA
AA

0.73 0.71
3133EMBH4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 0.53 09/29/2025 2,265,000.00 10/07/2020

0.57%
2,261,036.25
2,264,408.49

97.23 4.37%
2,202,221.54
3,067.82

0.67%
(62,186.96)
AAA/AA
AA

0.74 0.72
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025
8,145
,000.00 --

0.54%
8,127,104.90
8,141,957.37

96.88 4.29%
7,890,597.52
6,108.75

2.39%
(251,359.84)
AAA/AA
AA

0.85 0.83
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 4,100,000.00 03/28/2023

3.89%
4,211,028.00
4,171,480.42
100.38

4.37%
4,115,521.17
56,887.50

1.25%
(55,959.25)
AAA/AA
AA

3.19 2.90
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 2,500,000.00 04/29/2024

4.70%
2,505,075.00
2,504,391.29
101.19

4.44%
2,529,785.00
20,121.53

0.77%
25,393.71
AAA/AA
AA

4.33 3.85
3130B1BC0 FEDERAL HOME LOAN BANKS

4.625 06/08/2029 1,900,000.00 07/30/2024

4.10%
1,943,358.00
1,939,591.99
100.90

4.40%
1,917,130.63
5,614.24

0.58%
(22,461.36)
AAA/AA
AA

4.44 3.96
3133EN7B0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.75 01/25/2030 3,000,000.00 01/20/2023

3.83%
2,985,090.00
2,989,212.56

96.88 4.45%
2,906,255.19
48,750.00

0.88%
(82,957.37)
AAA/AA
AA

5.07 4.48
313
3EN4V9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 09/23/2030 2,100,000.00 12/22/2022

4.22%
2,087,505.00
2,090,758.03

97.92 4.54%
2,056,266.66
23,581.25

0.62%
(34,491.37)
AAA/AA
AA

5.73 4.98
3133ENQ45 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 09/30/2030 875,000.00 11/30/2022

4.40%
866,250.00
868,583.54

98.54 4.54%
862,187.19
9,400.17

0.26%
(6,396.35)
AAA/AA
AA

5.75 4.98
880591EX6 TENNESSEE VALLEY AUTHORITY

1.5 09/15/2031 1,003,000.00 01/23/2023

4.03%
818,959.53
860,246.18

81.80 4.70%
820,476.01
4,429.92

0.25%
(39,770.17)
AAA/AA
AA

6.71 6.18
3133E
NFQ8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.81 12/01/2031 2,303,000.00 01/25/2023

3.94%
1,939,056.91
2,018,581.46

82.85 4.75%
1,908,037.80
3,473.69

0.58%
(110,543.66)
AAA/AA
AA

6.92 6.32
3133ENGS3 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.625 12/09/2031 4,500,000.00 02/24/2023

4.35%
3,613,410.00
3,799,740.42

82.01 4.69%
3,690,640.35
4,468.75

1.12%
(109,100.07)
AAA/AA
AA

6.94 6.38

ATTACHMENT A
95 HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 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
3133EN6M7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 01/19/2033 3,000,000.00 01/18/2023

3.93%
3,017,490.00
3,014,076.27

94.97 4.76%
2,849,213.61
54,000.00

0.86%
(164,862.66)
AAA/AA
AA

8.05 6.64
3130AV4X7 FEDERAL HOME LOAN BANKS

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

4.04%
2,568,175.00
2,556,831.50

97.50 4.75%
2,437,542.83
33,420.14

0.74%
(119,288.68)
AAA/AA
AA

8.19 6.70
3130AVWG3 FEDERAL HOME LOAN BANKS 4.0
06/10/2033 6,195,000.00 --

4.40%
5,998,322.75
6,027,314.49

94.39 4.82%
5,847,368.88
14,455.00

1.77%
(179,945.62)
AAA/AA
AA

8.44 7.02
880591FB3 TENNESSEE VALLEY AUTHORITY

4.375 08/01/2034 1,845,000.00 08/08/2024

4.49%
1,828,561.05
1,829,197.83

96.62 4.82%
1,782,709.50
30,942.19

0.54%
(46,488.34)
AAA/AA
AA

9.58 7.58
74,535,160.76 96.42 73,143,877.00 22.16% 3.27
Total Agency 76,063,500.00 2.22% 74,901,643.42 4.44% 348,388.99 (1,757,766.42) 2.85

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

4.80%
2,234,343.75
2,313,129.08

96.71 4.56%
2,321,045.04
6,234
.00

0.70%
7,915.96
AAA/AA
AAA

2.48 2.19
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 5,245,000.00 05/24/2023

4.24%
5,148,705.08
5,179,875.07

97.28 4.70%
5,102,404.19
16,827.71

1.55%
(77,470.89)
AAA/AA
AAA

3.40 3.04
7,383,048.83 97.10 7,423,449.23

2.25% 3.11
T
otal Agency CMBS 7,645,000.00 4.42% 7,493,004.15 4.66% 23,061.71 (69,554.92) 2.78 CASH
CCYUSD Receivable 9,000.31 --

0.00%
9,000.31
9,000.31

1.00 0.00%
9,000.31

0.00 0.00%

0.00 AAA/AAA
AAA

0.00 0.00
9,000.31 1.00 9,000.31 0.00% 0.00
Total Cash 9,000.31 0.00% 9,000.31 0.00% 0.00 0.00 0.00

CORPORATE
24422EVY2 JOHN DEERE CAPITAL CORP 1.25
01/10/2025 2,357,500.00 03/08/2022

2.16%
2,298,067.42
2,356,984.19

99.93 4.52%
2,355,773.06
13,997.66

0.71%
(1,211.13)
A/A
A

0.03 0.02
594918BB9 MICROSOFT CORP 2.7 02/12/2025 2,675,000.00 03/04/2021

0.77%
2,863,881.75
2,675,000.00

99.79 4.54%
2,669,422.92
27,886.88

0.81%
(5,577.08)

AAA/AAA
NA

0.12 0.11
89236TGT6 TOYOTA MOTOR CREDIT CORP 1.8
02/13/2025 1,887,500.00 05/20/2020

1.59%
1,905,940.87
1,887,958.36

99.66 4.79%
1,881,036.60
13,023.75

0.57%
(6,921.76)
A/A
A

0.12 0.11

ATTACHMENT A
96 HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 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
66989HAP3 NOVARTIS CAPITAL CORP 1.75
02/14/2025 3,680,000.00 05/08/2020

0.99%
3,809,756.80
3,680,987.61

99.65 4.73%
3,667,148.48
24,507.78

1.11%
(13,839.13)
AA/AA
AA

0.12 0.12
023135CE4 AMAZON.COM INC 3.0
04/13/2025 2,567,500.00 04/11/2022

3.05%
2,563,417.67
2,567,120.08

99.59 4.44%
2,557,068.63
16,688.75

0.77%
(10,051.44)
A/AA
AA

0.28 0.28
38148LAE6 GOLDMAN SACHS GROUP INC

3.75 05/22/2025 1,817,500.00 02/12/2021

0.80%
2,030,474.65
1,825,054.35

99.63 4.69%
1,810,827.63
7,383.59

0.55%
(14,226.72)
A/BBB
A

0.39 0.38
438516CB0 HONEYWELL INTERNATIONAL INC

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

0.81%
2,039,160.00
2,003,530.58

98.70 4.55%
1,973,949.90
2,250.00

0.60%
(29,580.68)
A/A
A

0.42 0.41
63743HFF4

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 5.45
10/30/2025
3,000,000.00 10/31/2022

5.26%
3,015,750.00
3,004,351.78
100.72

4.54%
3,021,663.00
27,704.17

0.92%
17,311.22
A/A
A

0.83 0.80
857477BR3 STATE STREET CORP 1.746
02/06/2026 437,500.00 02/02/2022

1.75%
437,500.00
437,500.00

99.61 5
.82%
435,810.81
3,076.72

0.13%
(1,689.19)
AA/A
AA

1.10 0.09
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

99.61 5.58%
1,867,738.61
15,686.25

0.57%
(7,261.39)
A/A
AA

1.25 0.25
6174
468Q5 MORGAN STANLEY 2.188
04/28/2026 2,200,000.00 08/24/2022

4.62%
2,072,268.00
2,183,876.76

99.11 6.06%
2,180,378.62
8,423.80

0.66%
(3,498.15)
A/A
A

1.32 0.32
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 4,000,000.00 09/19/2022

4.16%
3,592,560.00
3,847,362.94

95.56 4.53%
3,822,572.20
5,877.78

1.16%
(24,790.74)
A/A
A

1.37 1.33
87612EBM7 TARGET CORP 1.95 01/15/2027 2,140,000.00 --

1.97%
2,137,844.40
2,139,118.28

95.14 4.47%
2,036,011.15
19,242.17

0.62%
(103,107.13)
A/A
A

2.04 1.94
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 3,500,000.00 01/23/2023

4.35%
3,251,955.00
3,369,022.97

95.49 4.66%
3,342,199.39
28,106.94

1.01%
(26,823.58)
A/A
A

2.17 2.06
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 2,200,000.00 08/24/2022

3.93%
2,206,402.00
2,203,144.11

98.68 4.59%
2,171,053.08
12,466.67

0.66%
(32,091.03)
A/A
A

2.36 2.21
92826CAH5 VISA INC 2.75 09/15/2027 4,000,000.00 03/27/2024

4.57%
3,769
,760.00
3,820,500.09

95.70 4.45%
3,828,068.64
32,388.89

1.16%
7,568.55
AA/AA
NA

2.71 2.54
74340XBV2 PROLOGIS LP 3.375 12/15/2027 3,000,000.00 01/25/2023

4.28%
2,881,530.00
2,928,373.16

96.75 4.56%
2,902,585.38
4,500.00

0.88%
(25,787.78)
A/A
NA

2.96 2.77
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/20/2023

4.35%
2,035,920.00
2,021,962.06
100.51

4.57%
2,010,248.12
42,486.11

0.61%
(11,713.94)
A/A
A

3.05 2.75
71344
8FL7 PEPSICO INC 3.6 02/18/2028 2,000,000.00 04/27/2023

4.00%
1,964,920.00
1,977,179.03

97.26 4.55%
1,945,235.90
26,600.00

0.59%
(31,943.13)
A/A
NA

3.13 2.88

ATTACHMENT A
97 HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 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
57636QAW4 MASTERCARD INC 4.875
03/09/2028 3,000,000.00 06/13/2024

4.50%
3,037,110.00
3,031,593.65
101.14

4.49%
3,034,107.39
45,500.00

0.92%
2,513.74
AA/A
NA

3.19 2.81
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,800,000.00 07/31/2023

5.39%
1,729,026.00
1,756,183.09

98.57 5.20%
1,774,229.42
14,945.50

0.54%
18,046.33
A/A
A

3.30 2.15
58933YBH7 MERCK & CO INC 4.05 05/17/2028 2,000,000.00 --

4.03%
2,001,621.20
2,001,080.42

98.53 4.52%
1,970,619.34
9,900.00

0.60%
(30,461.08)
A/A
NA

3.38 3.10
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 3,000,000.00 02/27/2024

5.19%
2,823,480.00
2,861,535.93

95.94 5.09%
2,878,141.59
46,201.83

0.87%
16,605.66
A/A
AA

4.06 2.81
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 3,600,000.00 01/29/2024

4.52%
3,612,132.00
3,609,900.83

99.58 4.71%
3,584,710.80
69,460.00

1.09%
(25,190.03)
A/A
NA

4.08 3.61
857477CN1 STATE STREET CORP 4.53
02/20/2029 2,000,000.00 08/14/2024

4.53%
2,000,000.00
2,000,000.00

98.85 5.04%
1,977
,060.60
32,968.33

0.60%
(22,939.40)
AA/A
AA

4.14 2.84
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 3,000,000.00 02/27/2024

4.84%
3,001,560.00
3,001,292.89
100.50

4.71%
3,015,123.00
50,520.83

0.91%
13,830.11
A/AA
NA

4.16 3.59
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 4,000,000.00 04/29/2024

5.08%
3,960,640.00
3,966
,128.98
100.53

4.71%
4,021,240.04
66,822.22

1.22%
55,111.06
A/A
A

4.16 3.66
06051GLG2 BANK OF AMERICA CORP 5.202
04/25/2029 2,500,000.00 05/28/2024

5.38%
2,484,025.00
2,486,454.27
100.47

5.26%
2,511,671.38
23,842.50

0.76%
25,217.10
A/A
AA

4.31 2.98
89236TMF9 TOYOTA MOTOR CREDIT CORP

5.05 05/16/2029 2,500,000.00 05/28/2024

5.09%
2,495,600.00
2,496,126.64
100.72

4.86%
2,518,036.00
15,781.25

0.76%
21,909.36
A/A
A

4.37 3.86
57629W4T4 MASSMUTUAL GLOBAL FUNDING
II 5.15 05/30/2029 2,950,000.00 05/22/2024

5.17%
2,947,551.50
2,947,841.14
101.31

4.82%
2,988,691.61
13,082.43

0.91%
40,850.47
AA/AA
AA

4.41 3.89
437076DC3 HOME DEPOT INC 4.75
06/25/2029 4,000,000.00 07/30/2024

4.58%
4,028,360.00
4,025,877.09
100.01

4.75%
4,000,276.00
3,166.67

1.21%
(25,601.09)
A/A
A

4.48 3.99
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 2,290,000.00 08/12/2 024

4.25%
2,284,984.90
2,285,369.41

97.91 4.71%
2,242,049.07
36,601.83

0.68%
(43,320.34)
A/A
NA

4.62 4.08
Total Corporate 83,977,500.00 3.89%
83,158,199.16
83,273,410.70

98.87 4.75%
82,994,748.36
761,091.30

25.14%
(278,662.34)

2.58 2.18

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 226,205.95 --

5.17%
226,205.95
226,205.95

1.00 5.17%
226,205.95

0.00 0.07%

0.00 AAA/AAA
AAA

0.00 0.00

ATTACHMENT A
98 HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 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
Total Money Market 226,205.95 1.00 226,205.95 0.07% 0.00 Fund 226,205.95 5.17% 226,205.95 5.17% 0.00 0.00 0.00

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

0.88%
760,000.00
760,000.00

98.71 4.44%
750,158.00
857.49

0.23%
(9,842.00)
AA/AA
AA

0.37 0.36
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
1,875,762.57

98.33 4.69%
1,843,725.00
11,793.75

0.56%
(32,037.57)
AA/AA
AA

0.50 0.49
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

98.03 4.24%
945,999.15
3,108.10

0.29%
(19,000.85)
AAA/AA
NA

0.58 0.57
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

96.83 4.33%
539,816.10
2,918.51

0.16%
(17,683.90)
A/AA
A

1.00 0.97
Total Municipal 4,164,923.50 98.13 4,079,698.25 1.24% 0.56 Bonds 4,157,500.00 1.01% 4
,158,262.57 4.49% 18,677.86 (78,564.32) 0.55

NEGOTIABLE CD
96130AWR5 Westpac Banking Corporation -
New York Branch 5.32 03/14/2025 6,000,000.00 03/22/2024

5.30%
6,000,953.46
6,000,192.29
100.13

4.47%
6,007,710.00
256,246.67

1.82%
7,517.71
A/AAA
NA

0.20 0.20
6,000,953.46 100.13 6,007,710.00 1.82% 0.20
Total Negotiable CD 6,000,000.00

5.30% 6
,000,192.29 4.47% 256,246.67 7,517.71 0.20

US TREASURY
912828ZC7 UNITED STATES TREASURY 1.125
02/28/2025 4,472,500.00 08/19/2021

0.53%
4,565,793.56
4,476,697.85

99.49 4.36%
4,449,747.95
17,096.19

1.35%
(26,949.90)
AAA/AA
AA

0.16 0.16
912828ZL7 UNITED STATES TREASURY 0.375
04/30/2025 2,997,500.00 04/05/2021

0.70%
2,958,391.99
2,994,363.98

98.73 4.32%
2,959,448.87
1,925.19

0.90%
(34,915.12)
AAA/AA
AA

0.33 0.32
912828ZW3 UNITED STATES TREASURY 0.25
06/30/2025 1,597,500.00 10/04/2021

0.70%
1,571,103.81
1,594,014.08

98.09 4.20%
1,566,938.66

11.03 0.47%
(27,075.42)
AAA/AA
AA

0.50 0.48
91282CAJ0 UNITED STATES TREASURY 0.25
08/31/2025 7,600,000.00 --

0.56%
7,505,432.49
7,584,578.87

97.39 4.31%
7,401,836.46
6,455.80

2.24%
(182,742.41)
AAA/AA
AA

0.67 0.64
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 6,772,500.00 --

0.93%
6,619,508.79
6,738,540.04

96.57 4
.26%
6,539,921.18
2,232.69

1.98%
(198,618.86)
AAA/AA
AA

0.91 0.89

ATTACHMENT A
99 HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 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
91282CBC4 UNITED STATES TREASURY 0.375
12/31/2025 2,100,000.00 01/11/2021

0.49%
2,087,941.41
2,097,581.64

96.29 4.22%
2,022,143.03

21.75 0.61%
(75,438.61)
AAA/AA
AA

1.00 0.97
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 17,305,000.00 --

0.79%
16,971,456.65
17,228,655.03

95.95 4.25%
16,604,335.61
27,156.62

5.03%
(624,319.42)
AAA/AA
AA

1.08 1.05
9128286A3 UNITED STATES TREASURY 2.625
01/31/2026 1,707,500.00 02/04/2021

0.46%
1,890,055.76
1,747,077.13

98.31 4.25%
1,678,585.02
18,756.98

0.51%
(68,492.10)
AAA/AA
AA

1.08 1.04
91282CBQ3 UNITED STATES TREASURY 0.5
02/28/2026 12,670,000.00 --

0.94%
12,437,181.06
12,607,326.27

95.81 4.25%
12,138,736.00
21,525.00

3.68%
(468,590.26)
AAA/AA
AA

1.16 1.13
91282CCF6 UNITED STATES TREASURY 0.75
05/31/2026 8,320,000.00 --

0.80%
8,301,545.71
8,314,783.77

95.24 4.26%
7,924,123.67
5,485.71

2.40%
(390,660.10)
AAA/AA
AA

1.41 1.37
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 3,700,000.00 04/05/2022

2.75%
3,406,746.09
3,585,887.15

94.37 4.26%
3 ,491,657.70
8,271.63

1.06%
(94,229.45)
AAA/AA
AA

1.75 1.69
912828V98 UNITED STATES TREASURY 2.25
02/15/2027 2,650,000.00 09/30/2022

4.06%
2,458,185.55
2,557,031.77

95.97 4.26%
2,543,087.05
22,521.40

0.77%
(13,944.72)
AAA/AA
AA

2.13 2.02
91282CBJ9 UNITED STATES TREASURY 0.75
01/31/2028 540,000.00 03/14/2022

2.14%
4 98,382.03
518,202.88

89.85 4.30%
485,198.80
1,694.84

0.15%
(33,004.08)
AAA/AA
AA

3.08 2.97
91282CCY5 UNITED STATES TREASURY 1.25
09/30/2028 3,325,000.00 --

3.32%
3,058,576.17
3,086,245.84

89.37 4.36%
2,971,607.23
10,618.99

0.90%
(114,638.61)
AAA/AA
AA

3.75 3.57
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 7,000,000.00 03/27/2024

4.20%
6,940,117.19
6,949,556.34

98.63 4.37%
6,904,113.51
117,173.91

2.09%
(45,442.83)
AAA/AA
AA

4.08 3.66
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 7,000,000.00 --

4.06%
6,525,214.84
6,633,763.95

93.49 4.37%
6,544,514.62
69,405.57

1.98%
(89,249.33)
AAA/AA
AA

4.13 3.80
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 6,500,000.00 06/13/2024

4.25%
6,572,617.19
6,564,669.04
100.48

4.38%
6,531,059.47
25,714.29

1.98%
(33,609.57)
AAA/AA
AA

4.41 3.95
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 3,450,000.00 12/23/2024

4.30%
3 ,390,164.06
3,390,448.99

98.42 4.39%
3,395,318.95
57,750.00

1.03%
4,869.96
AAA/AA
AA

4.58 4.07
912828YB0 UNITED STATES TREASURY 1.625
08/15/2029 7,600,000.00 --

3.42%
6,985,504.69
7,025,209.62

88.75 4.34%
6,745,314.11
46,648.10

2.04%
(279,895.51)
AAA/AA
AA

4.62 4.33
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 6,500,000.00 11/26/2024

4.38%
6,475,371.10
6,475,850.26

98.85 4.39%
6,425,143.66
45,921.96

1.95%
(50,706.60)
AAA/AA
AA

4.83 4.30
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 6,700,000.00 --

4.02%
6,511,839.85
6,548
,439.09

95.94 4.40%
6,427,824.29
98,133.15

1.95%
(120,614.80)
AAA/AA
AA

5.08 4.52
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 542,500.00 04/06/2022

2.65%
498,040.43
513,485.75

86.83 4.40%
471,060.99
3,073.68

0.14%
(42,424.76)
AAA/AA
AA

5.13 4.79

ATTACHMENT A
100

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of December 31, 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
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 587,500.00 04/06/2022

2.63%
498,755.37
527,754.60

81.21 4.44%
477,105.45
1,386.93

0.14%
(50,649.15)
AAA/AA
AA

5.62 5.38
91282CBL4 UNITED STATES TREASURY 1.125
02/15/2031 565,000.00 04/06/2022

2.62%
498,104.88
518,719.83

82.52 4.41%
466,264.89
2,400.87

0.14%
(52,454.94)
AAA/AA
AA

6.13 5.75
912810FP8 UNITED STATES TREASURY 5.375
02/15/2031 6,000,000.00 --

4.27%
6,403,066.41
6,347,491.79
104.87

4.46%
6,291,955.32
121,813.86

1.91%
(55,536.47)
AAA/AA
AA

6.13 5.10
91282CCS8 UNITED STATES TREASURY 1.25
08/15/2031 562,500.00 04/06/2022

2.62%
498,515.62
517,187.89

81.61 4.49%
459,046.29
2,655.83

0.14%
(58,141.59)
AAA/AA
AA

6.62 6.17
91282CFV8 UNITED STATES TREASURY 4.125
11/15/2032 6,000,000.00 --

3.72%
6,197,734.38
6,158,655.28

97.53 4.50%
5,851,912.74
32,133.98

1.77%
(306,742.54)
AAA/AA
AA

7.88 6.60
91282CHT1 UNITED STATES TREASURY 3.875
08/15/2033 6,500,000.00 --

4.73%
6,069,570.31
6,121,151.13

95.17 4.56%
6 ,186,175.39
95,137.57

1.87%
65,024.26
AAA/AA
AA

8.62 7.10
Total US Treasury 141,265,000.00 2.48%
138,394,917.38
139,423,369.85

96.38 4.34%
135,954,176.89
863,123.53

41.19%
(3,469,192.96)

3.15 2.81
Total Portfolio 339,451,766.13 3.01%
333,983,758.04
335,594,662.43

97.32 4.49%
330,095,710.79
2,309
,840.58
100.00%
(5,498,951.65)

2.98 2.51
Total Market Value +
Accrued 332,405,551.37

ATTACHMENT A
101

HOLDINGS REPORT
City of Stockton Enhanced Cash | Account #11194 | As of December 31, 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 112,036.49 --

0.00%
112,036.49
112,036.49

1.00 0.00%
112,036.49

0.00 0.36%

0.00 AAA/AAA
AAA

0.00 0.00
Total Cash 112,036.49 0.00%
112,036.49
112,036.49

1.00 0.00%
112,036.49

0.00 0.36%

0.00 0.00

0.00 MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 15,242.99 --

5.17%
15,242.99
15,242.99

1.00 5.17%
15,242.99

0.00 0.05%

0.00 AAA/AAA
AAA

0.00 0.00
Total Money Market
Fund 15,242.99 5.17%
15,242.99
15,242.99

1.00 5.17%
15,242.99

0.00 0.05%

0.00 0.00

0.00 US TREASURY
912797LY1 UNITED STATES TREASURY
01/16/2025 30,900,000.00 12/30/2024

4.29%
30,842,017.87
30,845,641.75

99.84 4.30%
30,849,101.83

0.00 99.59%
3,460.08
A/AAA
AAA

0.04 0.04
Total US Treasury 30,900,000.00 4.29%
30,842,017.87
30,845,641.75

99.84 4.30%
30,849,101.83

0.00 99.59%
3,460.08

0.04 0.04
Total Portfolio 31,027,279.48 4.27%
30,969,297.35
30,972,921.23

99.43 4.29%
30,97
6,381.31

0.00 100.00%
3,460.08

0.04 0.04
Total Market Value +
Accrued 30,976,381.31

ATTACHMENT A
102

TRANSACTIONS

ATTACHMENT A
103

TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 10/24/2024 92970QAE5 1,815,000.00 WFCIT 2024-2 A 4.29 10/15/2029 99.985 4.29% (1,814,730.29) 0.00 (1,814,730.29) 0.00 Purchase 11/27/2024 91282CLR0 6,500,000.00 UNITED STATES TREASURY

4.125 10/31/2029 99.621 4.21% (6,475,371.10) (19,998.27) (6,495,369.37) 0.00 Purchase 12/24/2024 91282CLC3 3,450,000.00 UNITED STATES TREASURY

4.0 07/31/2029 98.266 4.42% (3,390,164.06) (54,750.00) (3,444,914.06) 0.00 Total Purchase 11,765,000.00 (11,680,265.45) (74,748.27) (11,755,013.72) 0.00 TOTAL
ACQUISITIONS 11,765,000.00 (11,680,265.45) (74,748.27) (11,755,013.72) 0.00

DISPOSITIONS
Maturity 11/01/2024 13077DNC2 (625,000.00) CALIFORNIA ST UNIV REV

0.685 11/01/2024 100.000 0.69% 625,000.00 0.00 625,000.00 0.00 Maturity 11/30/2024 9128283J7 (2,457,500.00) UNITED STATES TREASURY

2.125 11/30/2024 100.000 2.13% 2,457,500.00 0.00 2,457,500.00 0.00 Maturity 12/01/2024 13067WRB0 (77,500.00)

CALIFORNIA ST DEPT WTR
RES CENT VY PROJ REV 0.56
12/01/2024
100.000 0.56% 77,500.00 0.00 77,500.00 0.00
Total Maturity (3,160,000.00) 3,160,000.00 0.00 3,160,000.00 0.00 Sale 10/23/2024 91282CBC4 (1,000,000.00) UNITED STATES TREASURY

0.375 12/31/2025 95.621 0.49% 956,2 10.94 1,171.88 957,382.82 (42,416.00) Sale 11/27/2024 91282CGA3 (5,000,000.00) UNITED STATES TREASURY

4.0 12/15/2025 99.563 4.42% 4,978,125.00 90,163.93 5,068,288.93 (873.40) Total Sale (6,000,000.00) 5,934,335.94 91,335.81 6,025,671.75 (43,289.39) TOTAL
DISPOSITIONS (9,16
0,000.00) 9,094,335.94 91,335.81 9,185,671.75 (43,289.39)

ATTACHMENT A
104

TRANSACTION LEDGER
City of Stockton Enhanced Cash | Account #11194|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 10/30/2024 912797LD7 14,480,000.00 UNITED STATES TREASURY 11/14/2024 99.806 4.73% (14,451,883.46) 0.00 (14,451,883.46) 0.00 Purchase 12/31/2024 912797LY1 30,900,000.00 UNITED STATES TREASURY 01/16/2025 99.812 4.29% (30,842,017.87) 0.00 (30,842,017.87) 0.00 Total Purchase 45,380,000.00 (45,293,901.33) 0.00 (45,293,901.33) 0.00 TOTAL
ACQUISITIONS 45,380,000.00 (45,293,901.33) 0.00 (45,293,901.33) 0.00

DISPOSITIONS
Maturity 10/18/2024 06417M5J0 (2,315,000.00)
Bank of Nova Scotia,
Houston Branch 6.0
10/18/2024
100.000 6.00% 2,315,000.00 0.00 2,315,000.00 0.00
Maturity 10/21/2024 62479LKM6 (7,000,000.00) MUFG Bank, Ltd. - New York Branch 10/21/2024 100.000 0.00% 7,000,000.00 0.00 7,000,000.00 0.00 Maturity 10/24/2024 912797KV8 (5,000,000.00) UNITED STATES TREASURY 10/24/2024 100.000 0.00% 5,000,000.00 0.00 5,000,000.00 0.00 Maturity 11/05/2024 912797MA2 (4,730,000.00) UNITED STATES TREASURY 11/05/2024 100.000 0.00% 4,730,000.00 0.00 4,730,000.00 0.00 Maturity 11/07/2024 912797LC9 (6,200,000.00) UNITED STATES TREASURY 11/07/2024 100.000 0.00% 6,200,000.00 0.00 6,200,000.00 0.00 Maturity 11/14/2024 912797LD7 (19,820,000.00) UNITED STATES TREASURY 11/14/2024 100.0 00 0.00% 19,820,000.00 0.00 19,820,000.00 0.00 Total Maturity (45,065,000.00) 45,065,000.00 0.00 45,065,000.00 0.00 TOTAL
DISPOSITIONS (45,065,000.00) 45,065,000.00 0.00 45,065,000.00 0.00

ATTACHMENT A
105

IMPORTANT DISCLOSURES
City of Stockton | As of December 31, 2024
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

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

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

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

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

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

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

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

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

ATTACHMENT A
106

BENCHMARK DISCLOSURES
City of Stockton | As of December 31, 2024
Benchmark Disclosure
ICE BofA 3-Month US Treasury Bill Index
The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month- end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

ICE BofA 1-5 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 securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities.

ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

ATTACHMENT A
107

City Council and Concurrent AuthoritiesMarch 4, 2025

City Council and Concurrent Authorities
March 4, 2025