Agenda packet — City Council and Concurrent Authorities, August 12, 2025 (part 1 of 6)

City Council and Concurrent Authorities
City of Stockton
Meeting Agenda - Final
City Council and
Concurrent Authorities
Christina Fugazi, Mayor/Chair (At Large)
Jason Lee, Vice Mayor (District 6)
Michele Padilla (District 1)
Mariela Ponce (District 2)
Michael Blower (District 3)
Mario Enríquez (District 4)
Brando Villapudua (District 5)
Council Chamber, City Hall, 425 N. El Dorado
Street, Stockton CA
3:00 PMTuesday, August 12, 2025
Closed Session 3:00 PM :: Regular Session 5:30 PM

1. CLOSED SESSION CALL TO ORDER/ROLL CALL

2. ADDITIONS TO CLOSED SESSION AGENDA

3. ANNOUNCEMENT OF CLOSED SESSION

3.1 25-0812 CONFERENCE WITH LABOR NEGOTIATOR
Recommended Action: Agency Designated Representative: Interim City Manager; Deputy City Manager Chad Reed; City Attorney; Director of Human Resources; Assistant Director of Human Resources; Jasmine Pantoja, Supervising HR Analyst; Maria Pina, Supervising HR Analyst; Brandon Sepulveda, Interim Budget Officer; and Legal Counsel, Dania Torres Wong of Sloan Sakai Employee Organizations: Unrepresented Units, Stockton City Employees' Association, Operating Engineer's Local 3, Mid-Management/Supervisory Level Unit, Unrepresented Management/Confidential, Law Department, Stockton Police Management Association, Stockton Firefighters Local 456 International Association of Firefighters, Stockton Fire Management, Stockton Police Officers' Association (SPOA)
This Closed Session is authorized pursuant to section 54957.6(a) of the Government Code.

Department: Human Resources

3.2 25-0910 CONFERENCE WITH LEGAL COUNSEL- ANTICIPATED LITIGATION Recommended Action: Significant exposure to litigation pursuant to paragraph (2) of subdivision (d) of Section 54956.9: 1 potential case.

Department: None

3.3 25-0911 CONFERENCE WITH LEGAL COUNSEL- ANTICIPATED LITIGATION

Page 1 ends

1 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Recommended Action: Significant exposure to litigation pursuant to paragraph (2) of subdivision (d) of Section 54956.9: 1 potential case.

Department: None

3.4 25-0823 PUBLIC EMPLOYEE PERFORMANCE EVALUATION:

Recommended Action: City Attorney

This Closed Session is authorized pursuant to Government Code section 54957(b).

Department: None

3.5 25-0916 PUBLIC EMPLOYEE DISCIPLINE/DISMISSAL RELEASE Recommended Action: This Closed Session is authorized pursuant to Government Code Section 54957.

Department: None

3.6 25-0919 PUBLIC EMPLOYEE APPOINTMENT
Recommended Action: This Closed Session is authorized pursuant to Government Code section 54957.

Title: City Attorney
Department: None

3.7 25-0899 PUBLIC EMPLOYEE APPOINTMENT:

Recommended Action: City Manager

This Closed Session is authorized pursuant to Government Code section 54957(b).

Department: None

4. CLOSED SESSION PUBLIC COMMENT*

5. RECESS TO CLOSED SESSION

6. REGULAR SESSION CALL TO ORDER/ROLL CALL

7. INVOCATION/PLEDGE TO FLAG

8. REPORT OF ACTION TAKEN IN CLOSED SESSION

9. ADDITIONS TO REGULAR SESSION AGENDA***

10. RECOGNITIONS, ANNOUNCEMENTS, OR REPORTS

10.1 25-0836 CERTIFICATE OF RECOGNITION - DELTA SUNRISE LITTLE

Page 2 ends

2 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final

LEAGUE JUNIOR DIVISION TEAM
Department: None

10.2 25-0875 REPORT: STRIVE PROJECT
Department: None

10.3 25-0903 REPORT: UPDATE FROM ASSEMBLY DISTRICT 13
Department: Office of the Mayor
PowerPoint PresentationAttachments:

11. PUBLIC COMMENTS* – MATTERS NOT ON THE AGENDA

12. CONSENT AGENDA

12.1 25-0502 ACCEPTANCE OF THE QUARTERLY INVESTMENT REPORT FOR QUARTER ENDED MARCH 31, 2025
Recommended Action: RECOMMENDATION
It is recommended that the City Council, by motion, accept the Quarterly Investment Report for the quarter ending on March 31, 2025.

Department: Administrative Services
Attachment A - PFMAM Investment Report 3.31.25
Attachment B - Chandler Investment Report 3.31.25
Attachment C - Certification for Quarter Ending 3.31.25 Attachment D - Investment Policy
Attachments:

12.2 25-0776 ACCEPTANCE OF THE QUARTERLY INVESTMENT REPORT FOR QUARTER ENDED JUNE 30, 2025
Recommended Action: RECOMMENDATION
It is recommended that the City Council, by motion, accept the Quarterly Investment Report for the quarter ending on June 30, 2025 Department: Administrative Services
Attachment A - PFMAM Investment Report
Attachment B - Chandler Investment Report
Attachment C - Quarterly Investment Report Certificate
Attachments:

12.3 25-0797 APPROVE MOTION TO ENTER INTO A COOPERATIVE

PURCHASING AGREEMENT FOR MAINTENANCE, REPAIR,

OPERATING SUPPLIES, INDUSTRIAL SUPPLIES, AND RELATED

PRODUCTS AND SERVICES

Page 3 ends

3 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Recommended Action: RECOMMENDATION
It is recommended that the City Council approve a motion to:

1. Approve findings pursuant to Stockton Municipal Code 3.68.070 in support of an exception to the competitive bidding process.

2. Authorize City Manager to execute Omnia Partners Cooperative Purchase Agreement, No. 16154, with The Home Depot U.S.A., Inc., to provide Maintenance, Repair, Operating Supplies (MRO), Industrial Supplies, and Related Products and Services, for a term through December 31, 2026, in a total not-to-exceed amount of $225,000.

It is also recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of this motion.

Department: Administrative Services
Attachment A - Omnia Partners Coop Agmt with Home DepotAttachments:

12.4 25-0850 APPROVE REVISED GANN LIMIT FOR FISCAL YEAR 2023-24 Recommended Action: RECOMMENDATION
It is recommended that the City Council approve by resolution the revised Fiscal Year (FY) 2023-24 California Constitutional (Gann) Appropriations Limit of $463,417,917.

Department: Administrative Services
Attachment A - GANN Limit Legislation
Proposed Resolution
Attachments:

12.5 25-0898 APPOINTMENT OF INTERIM CITY MANAGER
Recommended Action: RECOMMENDATION
It is recommended that the City Council adopt a resolution:

1. Appointing Steve Colangelo as the Interim City Manager for the City of Stockton; and

2. Authorizing the Mayor, on behalf of the City Council, to execute an employment contract with Steve Colangelo setting forth the conditions of employment.

Department: City Attorney
Proposed Resolution
Exhibit 1 - ICM Employment Agreement
Attachments:

12.6 25-0888 APPROVAL OF CITY COUNCIL MINUTES
Recommended Action: RECOMMENDATION
Approve the minutes from the City Council meeting of July 15, 2025

Page 4 ends

4 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Department: City Clerk
Attachment A – 2025-07-15Attachments:

12.7 25-0914 RATIFY APPOINTMENT TO PLANNING COMMISSION
Recommended Action: RECOMMENDATION
It is recommended that City Council adopt a resolution ratifying an appointment to the Stockton Planning Commission to fill a vacated term representing Council District 1. The partial term will begin upon appointment and end January 31, 2027.

Department: City Clerk
Attachment A - Redacted Application
Proposed Resolution - PC Appointment.docx
Attachments:

12.8 25-0795 APPROVE A MOTION AWARDING PROFESSIONAL SERVICES

AGREEMENTS FOR ACCELA PERMIT SOFTWARE TECHNICAL

SUPPORT AND ENHANCEMENT
Recommended Action: RECOMMENDATION
It is recommended that the City Council approve a motion to:

1. Award a three-year Professional Services Agreement to Byrne Software Technologies, Inc. for Accela Software Professional Services for a total not-to-exceed contract amount of $220,000.

2. Award a three-year Professional Services Agreement to TruePoint Solutions LLC for Accela Software Professional Services for a total not-to-exceed contract amount of $65,000.

3. Award a three-year Professional Services Agreement to 3SG Plus LLC for Accela Software Professional Services for a total not-to-exceed contract amount of $65,000.

4. Authorize the City Manager to take all necessary and appropriate actions to carry out the purpose and intent of this motion.

Department: Community Development
Attachment A - Byrne Contract Packet
Attachment B - TruePoint Contract Packet
Attachment C - 3SG Contract Packet
Attachments:

12.9 25-0724 ADOPT A RESOLUTION APPROVING A FINAL MAP AND SUBDIVISION AGREEMENT FOR CANNERY PARK, UNIT NO. 14
(VILLAGE I) TRACT NO. 4213 PROJECT

Page 5 ends

5 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Recommended Action: RECOMMENDATION
It is recommended that the City Council adopt a resolution to:

1. Approve the Final Map for Cannery Park, Unit No. 14 (Village I), Tract No. 4213;

2. Authorize the City Manager to execute the subdivision agreement, accept on behalf of the public all offers of dedication, and record the Final Map for Cannery Park, Unit No. 14 (Village I), Tract No. 4213; and

3. Authorize the City Manager to take appropriate and necessary actions to carry out the purpose and intent of the resolution.

Department: Community Development
Attachment A - Vicinity Map
Resolution
Exhibit 1 - Map Agreement
Exhibit 2 - Map
Attachments:

12.10 25-0727 ADOPT A RESOLUTION APPROVING A FINAL MAP AND SUBDIVISION AGREEMENT FOR CANNERY PARK, UNIT NO. 15
(VILLAGE J) TRACT NO. 4214 PROJECT
Recommended Action: RECOMMENDATION
It is recommended that the City Council adopt a resolution to:

1. Approve the Final Map for Cannery Park, Unit No. 15 (Village J), Tract No. 4214;

2. Authorize the City Manager to execute the subdivision agreement, accept on behalf of the public all offers of dedication, and record the Final Map for Cannery Park, Unit No. 15 (Village J), Tract No. 4214; and

3. Authorize the City Manager to take appropriate and necessary actions to carry out the purpose and intent of the resolution.

Department: Community Development
Attachment A - Vicinity Map
Resolution
Exhibit 1 - Map Agreement
Exhibit 2 - Map
Attachments:

12.11 25-0764 ADOPT A MOTION TO ACCEPT AND APPROVE AN UPDATED

REGIONAL HOMELESS ACTION PLAN AND MEMORANDUM OF

UNDERSTANDING FOR HOMELESS HOUSING, ASSISTANCE AND
PREVENTION ROUND 6 APPLICATION

Page 6 ends

6 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Recommended Action: RECOMMENDATION
It is recommended that the City Council adopt a motion to:

1. Accept and approve the updated Regionally Coordinated Homelessness Action Plan for Round 6 of the Homeless Housing, Assistance and Prevention (HHAP 6) grant program;

2. Authorize the City Manager to execute a Memorandum of Understanding with San Joaquin County and San Joaquin Continuum of Care (COC); and

3. Authorize the City Manager, or designee, to take appropriate and necessary actions to carry out the purpose and intent of this motion.

Department: Economic Development
Attachment A - Approved Resolution 2025-07-15-1208
Attachment B - Motion 2024-03-19-1503
Attachment C - Updated Regional Homelessness Action Plan Attachment D - MOU CoS County
Attachments:

12.12 25-0777 APPROVE RESOLUTION TO ESTABLISH NEW

CLASSIFIED/REPRESENTED CLASSIFICATION SPECIFICATIONS

OF CODE AND HOUSING ENFORCEMENT OFFICIAL, PUBLIC

SAFETY TELECOMMUNICATIONS MANAGER, AND PROPERTY

AND RECORDS MANAGER FOR THE STOCKTON POLICE

DEPARTMENT AND APPROVE THE PROPOSED SALARY RANGES
Recommended Action: RECOMMENDATION
It is recommended that the City Council adopt a resolution establishing three new classified/represented classification specifications of Code and Housing Enforcement Official, Public Safety Telecommunications Manager, and Property and Records Manager for the Stockton Police Department (SPD) and assign the salary ranges.

Department: Human Resources
Proposed Resolution - Division of Police Services Manager Class SpecAttachments:

12.13 25-0753 APPROVE MOTION TO ENTER INTO A NEW CONTRACT WITH

APPLIED OFFICE FOR CITYWIDE COMPUTER TRAINING

SERVICES

Page 7 ends

7 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Recommended Action: RECOMMENDATION
It is recommended that the City Council approve a motion to:

1. Award a Professional Services Contract to Applied Office for a term of three (3) years with the option of two (2) one-year renewals for citywide computer training services. The total contract amount is $166,320 for the first three years, with two (2) one-year optional renewals, estimated at $55,440 per year;

2. Approve findings pursuant to Stockton Municipal Code section 3.68.070 in support of an exception to the competitive bidding process; and

3. Authorize the City Manager, or designee, to take necessary and appropriate actions to carry out the purpose and intent of this motion.

Department: Information Technology
Attachment A - Applied Office Proposal.pdf
Attachment B - Contract with Applied Office
Attachment C - Applied Office Fee Schedule
Attachments:

12.14 25-0748 ADOPT A RESOLUTION TO APPROVE AN ADMINISTRATIVE CORRECTION TO THE 2024 WASTEWATER RATE STUDY
RESOLUTION EXHIBIT 2 AND AMEND THE FISCAL YEAR 2025-26

FEE SCHEDULE
Recommended Action: RECOMMENDATION
It is recommended that the City Council adopt a resolution to:

1. Approve the administrative correction to Exhibit 2 to Resolution No. 2024-11-12-1605 (Attachment A).

2. Amend page I-8 of the Fiscal Year 2025-26 Fee Schedule for Multi-family rate class (Attachment B).

It is also recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of this resolution.

Department: Municipal Utilities
Attachment A - Exhibit 2 to Resolution No. 2024-11-12-1605 Attachment B - Page I-8 of the Fiscal Year 2025-26 Fee Schedule Proposed Resolution
Exhibit 1
Exhibit 2
Attachments:

12.15 25-0815 ADOPT A RESOLUTION APPROVING AN ADDENDUM TO THE 2005

DWSP EIR, AWARD A PROFESSIONAL SERVICES CONTRACT TO
INFERRERA CONSTRUCTION MANAGEMENT GROUP, INC., AND

ADOPT A RESOLUTION AUTHORIZING A CONTACT CHANGE

Page 8 ends

8 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final

ORDER FOR THE GROUNDWATER RECHARGE PROJECT
Recommended Action: RECOMMENDATION
It is recommended that the City Council adopt a resolution to:

1. Approve the Addendum to the certified 2005 Environmental Impact Report for the Delta Water Supply Project (State Clearinghouse No. 2003112060), pursuant to the California Environmental Quality Act Guidelines Section 15164, to support the proposed Groundwater Recharge Basins Project at the Delta Water Treatment Plant.

2. Approve findings pursuant to Stockton Municipal Code section 3.68.070 in support of an exception to the competitive bidding process.

3. Award a Professional Service Agreement to Inferrera Construction Management Group, Inc. of Shingle Springs, CA in the not-to-exceed amount of $728,760 for construction management services.

4. Adopt a resolution authorizing Contract Change Order No. 1 in the amount of $5,714,565 with Gateway Pacific Contractors, Inc. (Gateway Pacific) to increase the capacity and efficiency of the groundwater recharge project, for a total contract amount not-to-exceed $17,197,813.

It is also recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of this resolution.

Department: Municipal Utilities
Proposed Addendum Resolution
Exhibit 1 to the EIR Addendum
Proposed Construction Management Resolution
Exhibit 1 - Construction Management
Proposed Change Order Resolution
Exhibit 1 - CCO
Attachments:

12.16 25-0806 APPROVE FINDINGS AND AWARD A PROFESSIONAL SERVICES AGREEMENT TO HDR ENGINEERING, INC. TO DEVELOP A WATER

RATE STUDY

Page 9 ends

9 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Recommended Action: RECOMMENDATION
It is recommended that the City Council adopt a resolution to:

1. Approve findings pursuant to Stockton Municipal Code section 3.68.070 in support of an exception to the competitive bidding process.

2. Award a Professional Services Agreement to HDR Engineering, Inc. of Folsom, CA, in the not-to-exceed amount of $209,957 for the Municipal Utilities Department Water Rate Study.

It is also recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of this resolution.

Department: Municipal Utilities
Proposed Resolution
Exhibit 1
Attachments:

12.17 25-0909 FIFTH AMENDMENT TO THE 2025 CITY COUNCIL/SUCCESSOR

AGENCY/STOCKTON PUBLIC FINANCING AUTHORITY/STOCKTON

PARKING AUTHORITY MEETING CALENDAR
Recommended Action: RECOMMENDATION
It is recommended that the City Council, Successor Agency, Stockton Public Financing Authority, and Stockton Parking Authority adopt by motion the revised 2025 Concurrent City Council/Successor Agency/Stockton Public Financing Authority/Stockton Parking Authority Meeting Calendar.

Department: City Clerk
Attachment A - 2025 Fifth Revised Meeting CalendarAttachments:

12.18 25-0810 APPROVE MOTION TO EXECUTE A ONE-TIME PURCHASE FROM INVERIS TRAINING SOLUTIONS, INC. FOR AN AUGMENTED

REALITY WEAPONS TRAINING SYSTEM IN AN AMOUNT NOT TO
EXCEED $265,000
Recommended Action: RECOMMENDATION
It is recommended that the City Council approve a motion to:

1. Authorize the City Manager to execute a one-time purchase from InVeris Training Solution, Inc (InVeris) for an augmented reality training system not to exceed $265,000;

2. Approve findings pursuant to Stockton Municipal Code section 3.68.070 in support of an exception to the competitive bidding process; and

3. It is further recommended that the City Manager is hereby authorized and directed to make any and all expenditures and appropriations on behalf of the City as appropriate and necessary to carry out the purpose and intent of this motion.

Page 10 ends

10 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Department: Police
Attachment A - Standard AgreementAttachments:

12.19 25-0817 APPROVE MOTION TO EXECUTE A ONE-TIME PURCHASE FROM CRIME POINT, INC. FOR A SURVEILLANCE VAN WITH
ACCESSORIES, IN AN AMOUNT NOT TO EXCEED $260,000
Recommended Action: RECOMMENDATION
It is recommended that the City Council approve a motion to:

1. Authorize the City Manager to execute a one-time purchase from Crime Point, Inc. (Crime Point) for a surveillance van with accessories not to exceed $260,000.

2. Approve findings pursuant to Stockton Municipal Code section 3.68.070 in support of an exception to the competitive bidding process; and

Department: Police
Attachment A - Standard AgreementAttachments:

12.20 25-0862 APPROVE MOTION TO EXECUTE A MEMORANDUM OF

UNDERSTANDING WITH SAN JOAQUIN COUNTY FOR THE
INSPECTION OF THE CITY’S EDIBLE FOOD RECOVERY PROGRAM
Recommended Action: RECOMMENDATION
It is recommended that the City Council approve a motion to authorize the City Manager to execute a Memorandum of Understanding with San Joaquin County for the inspection of the City's Edible Food Recovery Program.

It is also recommended that the City Manager, or designee, be authorized to take appropriate and necessary actions to carry out the purpose and intent of this motion.

Department: Public Works
Attachment A - Memorandum of UnderstandingAttachments:

12.21 25-0813 APPROVE MOTION FOR THE PURCHASE OF 30 POLICE INTERCEPTORS AND Approve Contract Change Order No. 3 with Stommel FOR VEHICLE Up-Fitting

Page 11 ends

11 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Recommended Action: RECOMMENDATION
It is recommended that the City Council approve a motion to:

1. Approve findings pursuant to Stockton Municipal Code section 3.68.070 in support of an exception to the competitive bidding process.

2. Approve the use of a Leveraged Purchasing Agreement through the State of California, Department of General Services, Contract No. 1-22-23-14C, in the amount of $1,723,930.20, from Folsom Lake Ford of Folsom, CA, for the purchase of 30 Police Interceptors.

3. Approve Contract Change Order No. 3 with Stommel, Inc. dba Lehr Auto Electric of Sacramento, CA, in the amount of $993,811.20, for the Police Department and City Vehicles Up-Fitting, Project No. OM-23-022, bringing the contract total to $6,368,083.91.

It is also recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of this motion.

Department: Public Works
Attachment A - Vehicle Replacement List
Attachment B - COOP with Folsom Lake Ford
Attachment C - CCO No. 3 with Stommel dba Lehr Auto Electric Attachments:

13. ADMINISTRATIVE MATTERS

14. UNFINISHED BUSINESS

15. HEARINGS**

15.1 25-0690 STOCKTON ECONOMIC STIMULUS PROGRAM (SESP) UPDATE

AND CONSIDERATION OF POTENTIAL PROGRAM AMENDMENTS
Recommended Action: RECOMMENDATION
It is recommended that City Council receive a program update and consider information regarding program performance to determine what, if any, amendments are warranted and act accordingly.

Department: Community Development
Attachment A - UOP Study
Attachment B - Resolution 2015-11-17-1602
Attachment C - Resolution 2018-07-17-1302
Attachment D - Motion 2019-08-20-1405
Attachment E - SESP Summary Unit Counts
PPT - 15.1 - SESP Update
Attachments:

Page 12 ends

12 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final

16. NEW BUSINESS

16.1 25-0774 ADOPT RESOLUTION AUTHORIZING ISSUANCE OF SPECIAL TAX BONDS FOR AND ON BEHALF OF IMPROVEMENT AREA 4 OF THE
CITY OF STOCKTON COMMUNITY FACILITIES DISTRICT NO. 2018-2 (WESTLAKE VILLAGES II), APPROVING AND DIRECTING THE

EXECUTION OF A FISCAL AGENT AGREEMENT, APPROVING THE

FORM OF PRELIMINARY OFFICIAL STATEMENT, APPROVING THE

SALE OF SUCH BONDS, AND APPROVING OTHER RELATED

DOCUMENTS AND ACTIONS
Recommended Action: RECOMMENDATION
It is recommended that the City Council adopt a resolution to authorize the issuance and sale of Special Tax Bonds, payable from Special Taxes, for and on behalf of Improvement Area 4 of the City of Stockton Community Facilities District No. 2018-2 (Westlake Villages II) in the estimated amount of $26,285,000 (not-to-exceed $30,000,000), and directing the execution of a Fiscal Agent agreement approving as to form a preliminary official statement, and approving all other documents and actions in connection with the issuance.

Department: Administrative Services
Proposed Resolution- Westlake II IA4
Exhibit 1 - 2025 IA3 Fiscal Agt Agmt Westlake II IA4
Exhibit 2 - Bond Purchase Agreement
Exhibit 3 - Preliminary Official Statement
PPT - 16.1 - Westlake II IA4
Attachments:

16.2 25-0775 APPROVE TWO RESOLUTIONS RELATED TO PROPOSED FORMATION OF COMMUNITY FACILITIES DISTRICT NO. 2025-1
(CANNERY PARK EAST):

Recommended Action: RECOMMENDATION
It is recommended that the City Council approve the following resolutions:

1. A Resolution of Intention to form a Community Facilities District ("CFD") to levy a special tax in such district to finance the acquisition and construction of certain public facilities in and for such district; and

2. A Resolution of Intention to incur bonded indebtedness to finance the acquisition and construction of certain public facilities in and for proposed Community Facilities District No. 2025-1 (Cannery Park East) (the "District").

The resolutions authorize the City Manager to take appropriate and necessary actions to carry out the purpose and intent of the motion.

Department: Administrative Services

Page 13 ends

13 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Proposed Resolution (Cannery Park East)
Exhibit 1 - RMA
Exhibit 2 - List of Authorized Facilities
Exhibit 3 - Notice of Public Hearing
Proposed Resolution - Indebtedness (Cannery Park East)
Exhibit 1 - Boundary Map CFD No. 2025-1
PPT - 16.2 - CFD 2025-1 - Cannery Park East
Attachments:

16.3 25-0865 ADOPT A RESOLUTION FOR THE FORMATION AND FUNDING OF

POLICE SUBSTATIONS IN WESTON RANCH AND SIERRA VISTA
Recommended Action: RECOMMENDATION
It is recommended that the City Council adopt a resolution to:

1. Direct staff to implement police substation projects for Weston Ranch and Sierra Vista as reflected in Exhibit 1, attached hereto and incorporated by reference.

2. Appropriate $281,738 from the Teen Impact Center Rehabilitation, Project No. CR22001, to the Weston Ranch Police Substation Project, for one-time setup costs.

3. Appropriate $168,338 from the Teen Impact Center Rehabilitation, Project No. CR22001, to the Sierra Vista Police Substation Project, for one-time setup costs.

4. Appropriate $122,592 from the Teen Impact Center Rehabilitation Project No. CR22001, to the Weston Ranch Police Substation Project for FY2025/26 operating costs.

5. Appropriate $30,000 from the Teen Impact Center Rehabilitation Project No. CR22001, to the Sierra Vista Police Substation Project for FY2025/26 operating costs.

6. Authorize staff to enter into a lease agreement, in an amount not to exceed $39,000 annually, for the formation of the Weston Ranch Police Substation.

7. Authorize staff to enter into a $0 cost lease agreement with Housing Authority of the County of San Joaquin for the formation of the Sierra Vista Police Substation.

8. Authorize staff to accept a $300,000 contribution from the Housing Authority of the County of San Joaquin to establish the Sierra Vista Police Substation.

It is also recommended that the City Manager be authorized to take appropriate and necessary actions to carry out the purpose and intent of this Resolution. The City Manager is further directed to report back to the City Council regarding any final action taken consistent with this delegation of authority.

Page 14 ends

14 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
Department: Police
Proposed Resolution - South Stockton Substations.docx
Exhibit 1 - Substations in South Stockton
PPT - 16.3 - Police Substations
Attachments:

17. CITY MANAGER'S UPDATE

18. COUNCIL COMMENTS

19. ADJOURNMENT

INFORMATIONAL ITEMS

1. 25-0905 COUNCIL COMMITTEE/BOARD AND COMMISSION MINUTES Recommended Action: RECOMMENDATION
Information item only. No action required.

Department: City Clerk
CSC 2025-05-15
CSC 2025-06-19
PC 2025-03-13
PC 2025-03-27
WAG 2025-04-02
Attachments:

CERTIFICATE OF POSTING
I declare, under penalty of perjury, that I am employed by the City of Stockton and that I caused this agenda to be posted in the City Hall notice case on August 7, 2025, in compliance with the Brown Act.

Katherine Roland, CMC, CPMC
City Clerk
By: ________________________________

Deputy

Page 15 ends

15 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final

PUBLIC COMMENTS
*Citizens may comment on any subject within the jurisdiction of the City Council/Successor Agency to the Redevelopment Agency/Public Finance Authority/Parking Authority, including items on the Agenda. The time limit for public comment is four (4) minutes and remains at the discretion of the presiding officer and changes shall be set at the start of the meeting. Speakers must submit “Request to Speak” cards to the City Clerk, and be prepared to speak when called. No speaker cards will be received after the close of the Citizen’s Comments portion of the meeting.

**Speakers should hold comments on items listed as a Hearing until the Hearing is opened.

The City of Stockton invites public comments in multiple forms. You provide your comments by using one of these methods:

1. Email - you may email your comments to [email protected]

2. Voicemail - you can leave a voice message by dialing (209) 937-8459.

3. In-Person Comments - a) Speakers must submit "request to speak cards" to the Clerk prior to the Public Comment portion of the agenda. No speaker cards will be accepted after the close of Public Comment. b) Address only issues over which the meeting body has jurisdiction. c) The time limit for public comment is at the discretion of the presiding officer and shall be set at the start of the meeting. Donating time is not authorized. d) Your time will be displayed on the speaker podium for convenience. *All written and voicemail public comments received by the Clerk's Office 90 minutes prior to the meeting start time will be forwarded to the meeting body members as correspondence and attached to the minutes. All comments received after that time will be forwarded as correspondence the following business day. Written and voicemail comments will not be read into the record.

Council Policy Manual Chapter 4.07 DECORUM
§ 4.07.010 Policy.
1) COUNCILMEMBERS
The City Council will practice civility and decorum in their discussions and debate. Councilmembers will value each other's time and will preserve order and decorum. A member shall neither, by conversation or otherwise, delay or interrupt the proceedings of the Council, use personal, impertinent or slanderous remarks, nor disturb any other member while that member is speaking or refuse to obey the orders of the presiding officer or the Council, except as otherwise provided herein.

A) All Councilmembers have the opportunity to speak and agree to disagree but no Councilmember shall speak twice on any given subject unless all other Councilmembers have been given the opportunity to speak.

B) The Mayor has the affirmative duty to maintain order. The City Council will honor the role of the Mayor in maintaining order. If a Councilmember believes the Mayor is not maintaining order, the Councilmember may move that the Vice-Mayor enforce the rules of decorum and otherwise maintain order. If that motion receives a second and is approved by a Council majority, the Vice-Mayor shall enforce the rules of decorum and maintain order.

C) Any Councilmember who violates the rules repeatedly shall be sanctioned by the City Council, including, but not limited to, barring the Councilmember from further participation (other than voting) on the subject. 2) PERSONS ADDRESSING THE CITY COUNCIL
Persons addressing the Council shall not make personal, impertinent, unduly repetitive, slanderous or profane remarks to the Council, any member of the Council, City staff or the general public, nor utter loud, threatening, personal or abusive language, nor engage in any other conduct that disrupts, disturbs or otherwise unreasonably impedes the orderly conduct of the Council meeting. Any person who makes such remarks, who utters loud, threatening, personal or abusive language, who is unduly repetitious or engages in extended discussion of irrelevancies, or who engages in any disorderly conduct that disrupts, disturbs or otherwise unreasonably impedes the orderly conduct of any Council meeting shall, at the discretion of the presiding officer or a majority of the Council, be barred from further audience before the Council during that meeting.

Page 16 ends

16 August 12, 2025City Council and Concurrent
Authorities
Meeting Agenda - Final
3) ENFORCEMENT
The rules of decorum set forth above shall be enforced in the following manner:

Warning. The presiding officer shall request that a person who is breaching the rules of decorum be orderly and silent. If, after receiving a warning from the presiding officer, a person persists in disturbing the meeting, the presiding officer shall order him or her to leave the Council meeting. If such person does not remove himself or herself, the presiding officer may order any law enforcement officer who is on duty at the meeting to remove that person from the Council Chambers.
4) RULES PERTAINING TO SIGNS, OBJECTS, SYMBOLIC MATERIALS, AND FIRE SAFETY WITHIN THE

COUNCIL CHAMBERS DURING COUNCIL MEETINGS
A) Objects and symbolic materials such as signs which do not have sticks attached or otherwise create any fire or safety hazards will be allowed within the Council Chamber during Council meetings provided that they are not so large as to infringe upon the space of those in adjacent areas, and are no wider on their longest side than the audience chairs.

B) Persons with objects and symbolic materials such as signs must remain seated when displaying them except when making an oral presentation to the Council and must not raise them above shoulder level or otherwise use them to obstruct vision or passage or disturb the conduct of the Council meeting. Such materials may not be placed on or against the walls, doors or furniture or in the aisles.

C) Exits shall not be obstructed in any manner. Obstructions, including storage, shall not be placed in aisles or other exit ways. Hand carried items must be stored so that such items do not inhibit passage in aisles or other exit ways.

D) Exit ways shall not be used in any way that will present a hazardous condition.

E) Overcrowding and admittance of persons beyond the approved capacity of a place of assembly are prohibited.

F) The Fire Marshal may establish designated areas for media equipment. 5) PERSONS AUTHORIZED WITHIN RAIL
No person except City officials and City staff shall be permitted within the rail in front of the City Council dais without the express consent of the presiding officer.

Page 17 ends

17 City of Stockton
Legislation Text
File #: 25-0812, Version: 1

CONFERENCE WITH LABOR NEGOTIATOR
Agency Designated Representative: Interim City Manager; Deputy City Manager Chad Reed; City Attorney; Director of Human Resources; Assistant Director of Human Resources; Jasmine Pantoja, Supervising HR Analyst; Maria Pina, Supervising HR Analyst; Brandon Sepulveda, Interim Budget Officer; and Legal Counsel, Dania Torres Wong of Sloan Sakai Employee Organizations: Unrepresented Units, Stockton City Employees’ Association, Operating Engineer’s Local 3, Mid-Management/Supervisory Level Unit, Unrepresented Management/Confidential, Law Department, Stockton Police Management Association, Stockton Firefighters Local 456 International Association of Firefighters, Stockton Fire Management, Stockton Police Officers’ Association (SPOA)
This Closed Session is authorized pursuant to section 54957.6(a) of the Government Code.

City of Stockton Printed on 8/7/2025Page 1 of 1
powered by Legistar™
18 City of Stockton
Legislation Text
File #: 25-0910, Version: 1

CONFERENCE WITH LEGAL COUNSEL- ANTICIPATED LITIGATION
Significant exposure to litigation pursuant to paragraph (2) of subdivision (d) of Section 54956.9: 1 potential case.

City of Stockton Printed on 8/7/2025Page 1 of 1
powered by Legistar™
19 City of Stockton
Legislation Text
File #: 25-0911, Version: 1

CONFERENCE WITH LEGAL COUNSEL- ANTICIPATED LITIGATION
Significant exposure to litigation pursuant to paragraph (2) of subdivision (d) of Section 54956.9: 1 potential case.

City of Stockton Printed on 8/7/2025Page 1 of 1
powered by Legistar™
20 City of Stockton
Legislation Text
File #: 25-0823, Version: 1
PUBLIC EMPLOYEE PERFORMANCE EVALUATION:

City Attorney
This Closed Session is authorized pursuant to Government Code section 54957(b).

City of Stockton Printed on 8/7/2025Page 1 of 1
powered by Legistar™
21 City of Stockton
Legislation Text
File #: 25-0916, Version: 1

PUBLIC EMPLOYEE DISCIPLINE/DISMISSAL RELEASE
This Closed Session is authorized pursuant to Government Code Section 54957.

City of Stockton Printed on 8/7/2025Page 1 of 1
powered by Legistar™
22 City of Stockton
Legislation Text
File #: 25-0919, Version: 1

PUBLIC EMPLOYEE APPOINTMENT
This Closed Session is authorized pursuant to Government Code section 54957.

Title: City Attorney
City of Stockton Printed on 8/7/2025Page 1 of 1
powered by Legistar™
23 City of Stockton
Legislation Text
File #: 25-0899, Version: 1
PUBLIC EMPLOYEE APPOINTMENT:

City Manager
This Closed Session is authorized pursuant to Government Code section 54957(b).

City of Stockton Printed on 8/7/2025Page 1 of 1
powered by Legistar™
24 City of Stockton
Legislation Text
File #: 25-0836, Version: 1

CERTIFICATE OF RECOGNITION - DELTA SUNRISE LITTLE LEAGUE JUNIOR DIVISION TEAM City of Stockton Printed on 8/7/2025Page 1 of 1
powered by Legistar™
25 City of Stockton
Legislation Text
File #: 25-0875, Version: 1
REPORT: STRIVE PROJECT
City of Stockton Printed on 8/7/2025Page 1 of 1
powered by Legistar™
26 City of Stockton
Legislation Text
File #: 25-0903, Version: 1
REPORT: UPDATE FROM ASSEMBLY DISTRICT 13
City of Stockton Printed on 8/7/2025Page 1 of 1
powered by Legistar™
27 PROUDLY SERVING
Stockton, Tracy, Mountain House,
and French Camp
28 Legislative Update
Constituent Services
Internship Program

OVERVIEW
29 LEGISLATIVE UPDATES
Visit ASMDC.org/Ransom for details
Immigration
Hosted two Know Your Rights
Webinars
Authored letter to Department of
Homeland Security regarding
agents ICE agents properly
identifying themselves
Advocacy
Requested Audit of Department of
Water Resources regarding Delta
Tunnels
Secured 10 million Dollars for Family
Justice Centers in California
30 CONSTITUENT SERVICES
Advocating on behalf of constituents to navigate and
resolve issues with state and local agencies.

Successfully closed over 200 constituent cases since
December 2024.

Recovered a total of $283,920.27 in benefits and
refunds for constituents
31 INTERNSHIP PROGRAM
Hands-On Experience in State Government
Professional Development & Networking Opportunities
Mentorship & Guidance from Experienced Professionals
Insight into State Legislation
Must be at least 16 years of age
Minimum 10 hours a week. Office Hours: 9am-5pm
32 STAY CONNECTED
33 City of Stockton
Legislation Text
File #: 25-0502, Version: 1

ACCEPTANCE OF THE QUARTERLY INVESTMENT REPORT FOR QUARTER ENDED MARCH 31, 2025

RECOMMENDATION
It is recommended that the City Council, by motion, accept the Quarterly Investment Report for the quarter ending on March 31, 2025.

Summary
Pursuant to California Government Code section 53646 and the City’s Investment Policy No.

17.01.030 (Attachment D), the City Treasurer (Chief Financial Officer) is required to provide a quarterly report and certification to the City Council, City Manager, and City Auditor.

Due to the specialized services and expertise required to assist the City with the varied investment options available, effective July 1, 2022, the City moved to have two portfolio managers manage separate portions of the City’s Reserve portfolio. The Quarterly Investment Reports for PFM Asset Management (Attachment A), Chandler Asset Management (Attachment B), and the Certification for the quarter ending March 31, 2025 (Attachment C), are being provided as required.

The City’s consolidated investment portfolio was $1,027,279,057 as of March 31, 2025, which represents an increase of $32 million from the prior market value reported on December 31, 2024.

This consolidated investment portfolio includes the City’s liquidity position, short-term investments, and the reserve portfolios. (Attachment A- PFM Investment Report, page 15).

Total Program Breakdown:
· Reserve Portfolio - $804,119,950
· Short Term Portfolio - $31,302,779
· BMO Main Account - $96,356,639
· California Asset Management Program (CAMP) - $94,640,772 · Local Agency Investment Fund (LAIF) - $858,917

DISCUSSION
Background
To comply with state law and City policy, the City is required to present quarterly certification and investment reports detailing the City’s investment portfolio to the City Council, City Manager, and City Auditor. The City also posts monthly transaction reports to the City’s website. The Quarterly Investment Report shall include a complete description of the portfolio, the types of investments, the City of Stockton Printed on 8/7/2025Page 1 of 2
powered by Legistar™
34 File #: 25-0502, Version: 1
issuers, maturity dates, par value, and dollar amounts invested in all securities, investments, or programs that are under the management of contracted parties, including lending programs. The certification must provide assurances that investments were made consistent with the City’s Investment Policy and that the City will meet its obligations for the next six months.

The authority of the Council to invest, reinvest funds, sell, or exchange securities is delegated to the City’s Chief Financial Officer, who also serves as City Treasurer (Resolution No. 2024-06-18-1603).

Pursuant to the Investment Policy, the City Treasurer may and does delegate fiduciary responsibility to external investment managers. An investment manager’s fiduciary responsibility is a legal requirement related to registration with the Securities and Exchange Commission under the Investment Advisor Act of 1940.

Present Situation
The City divides its investment portfolio into Reserve and Liquid portions. The Reserve portion represents the long-term assets managed by PFM Asset Management and Chandler Asset Management, and the Liquid portion represents funds invested in several short-term investment vehicles including State of California Local Agency Investment Fund, California Asset Management Program, and Dreyfus Treasury Money Market, to maintain adequate liquidity and optimize returns.

City staff work closely with both PFM Asset Management and Chandler Asset Management to monitor the status of the City’s investment portfolios and their returns. The total returns on the consolidated portfolio for the first quarter of 2025 were positive, driven by lower yields and strong performance across U.S. Treasury indexes, which more than offset any short-term market uncertainty. Details on these returns are reflected in Attachment A, page 23 (PFMAM Investment Report) and on Attachment B, page 25 (Chandler Investment Report). The quarterly return valuation includes funds from all activities, restricted and unrestricted, and includes changes in fair market value (unrealized gains/losses).

The City’s investment portfolio complies with California Government Code section 53601. It is invested solely in fixed-income securities (no stock holdings) that, while earning certain rates of interest, gain in market value when interest rates fall and lose market value when interest rates rise.

FINANCIAL SUMMARY
There is no financial impact related to the presentation and acceptance of these reports.

Attachment A - PFMAM Investment Report
Attachment B - Chandler Investment Report
Attachment C - Certification of Quarterly Investment Report Attachment D - Investment Policy
City of Stockton Printed on 8/7/2025Page 2 of 2
powered by Legistar™
35 Investment Performance Review
For the Quarter Ended March 31, 2025
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc
Monique Spyke, Managing Director
Allison Kaune, Relationship Manager
Joseph Creason, Portfolio Manager
Rachael Miller, Client Consultant
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF STOCKTON

ATTACHMENT A
36 PFM Asset Management | pfmam.com
• Market Update
Acc
ount Summary•
Portfolio Review•
2 ATTACHMENT A
37 PFM Asset Management | pfmam.com
Market Update
3 ATTACHMENT A
38 For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended March 31, 2025
Market Update
Current Market Themes
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of March 31, 2025. ▸ U.S. economy is clouded by tariff and policy uncertainty ▹ Labor market continues to serve as backbone
▹ Goo
ds inflation weighs on progress towards Fed’s 2% inflation target ▹ Fiscal policy uncertainty and volatile tariff rollouts weigh on consumer sentiment ▸ Fed takes a pause from easing but looks to continue cutting later this year ▹ The Fed kept the federal funds target rate unchanged at 4.25% - 4.50% ▹ The
Fed’s March “dot plot” implies another 50 bps of cuts in 2025 ▹ Fed Chair Powell stated the administration’s “significant policy changes” relating to trade, immigration, fiscal policy, and regulation is creating “considerable uncertainty” ▸ Treasury yields fall on growing uncertainty
▹ Yields on maturities between 2 years and 10 years fell 35-43 bps during the 1st quarter ▹ The yield curve reinverted on the front end while the steepness of the curve between 2 years and 10 years was unchanged
▹ Yield spreads widened off their historically low levels given growing economic concerns but still remain tight

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
4 ATTACHMENT A
39 For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended March 31, 2025
Market Update
Policy Changes Increase Consumer Uncertainty
Source: FOMC Chair Jerome Powell Press Conference, March 19, 2025. Bloomberg Finance L.P. and Federal Register :: Executive Orders , as of March 2025 (left). University of Michigan Consu mer, as of March 2025 (right).

5.0%
2%
3%
4%
5%
6%
2021 2022 2023 2024 2025
Median Price increases
Expected Change in Prices During Next Year
0 20 40 60 80
Reagan, 1981
Reagan, 1985
G.H.W. Bush 1989
Clinton, 1993
Clinton, 1997
G.W. Bush, 2001
G.W. Bush, 2005
Obama, 2009
Obama, 2013
Trump, 2017
Biden, 2021
Trump, 2025
Number of Executive Orders Signed In
First Month of Term
40 50
60 70
80 90
100
2021 2022 2023 2024 2025
Index Value (1996=100)
Consumer Sentiment Index
Lowest Since
Nov-22
Tariffs cause one year inflation
expectations to surge
Fed Chair Powell: “We understand that sentiment is quite negative at this time, and that probably has to do with … turmoil at the beginning of an administration…”
Jan 20 – Feb 20

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
5 ATTACHMENT A
40 For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended March 31, 2025
Market Update
Source: PFMAM calculations, Bloomberg Finance L.P., Bureau of Economic Analysis. As of April 2025. 1Federal Reserve: Tea lbook A, September 2018.

Economic Impact
Tariff Revenues
Inflation
Consumer Spending
Tariff Implications
Fed staff research1 suggests each 10% increase in the
effective tariff rate leads to a 0.8% increase in inflation Price increases and uncertainty could directly impact
consumer confidence and spending habits
Each $100 billion of tariffs paid by the consumer is
approximately equal to a 0.4% increase in income
taxes
Fed staff research1 suggests each 10% increase in the
effective tariff rate leads to a 1.4% decrease in GDP
0%
5%
10%
15%
20%
25%
30%
1905 1925 1945 1965 1985 2005 2025
Effective Tariff Rate
Effective Tariff Rate Estimated Tariff Rate after 4/2
Preliminary estimates show an average
effective tariff rate in excess of 20%,
which would be the highest rate in over a
century
Smoot-Hawley
Tariff Act
Tariffs Have Broad Economic Implications

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
6 ATTACHMENT A
41 For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended March 31, 2025
Market Update
Tariffs Drive Growth Expectations Lower
Source: FOMC Chair Jerome Powell Press Conference, March 19, 2025; Bloomberg Finance L.P. and the U.S. Census Bureau as of February 2025 (left). Bureau of Economic Analysis and Bloomberg Finance L.P., as of April 2025. Survey responses after April 2, 2025 included in median and forecast range (right).

3.1%

2.4%

1.0%

0.8% 0.5%

1.4%
-2%
-1%
0%
1%
2%
3%
4%
Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25
U.S. GDP Forecasts
Annualized Rate
Range Actual Dec-24 Median of Forecasts (Post-4/2)
-$140
-$120
-$100
-$80
-$60
-$40
-$20
$0
2018 2019 2020 2021 2022 2023 2024 2025
Billion
U.S. Trade Balance
Fed Chair Powell: “But we kind of know there are going to be tariffs and they tend to bring growth down.” The trade deficit reached a record high led by industrial sup
plies. This increase could reflect US companies pulling forward consumption in advance of potential tariffs.

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
7 ATTACHMENT A
42 CLIENT NAME
For the Quarter Ended March 31, 2025
Market Update
The Fed’s Dual Mandate Gets More Complicated
Source: FOMC Chair Jerome Powell Press Conference, March 19, 2025. Bureau of Labor Statistics, and Bloomberg Finance L.P., as of February 2025 (left). Bureau of Labor Statistics, and Bloomberg Finance L.P., as of March 2025 (right). Data is seasonally adjusted. Historical average unemployment rate calculated from March 2000 – March 2025. -1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
2022 2023 2024 2025
Core CPI
Contributions to Year-Over-Year Change
Services Goods Core CPI
Mar-25

4.2%
3%
4%
5%
6%
2022 2023 2024 2025
Unemployment Rate
Fed Chair Powell : “…ultimately, though, it's too soon to be seeing significant effects [from tariffs] in economic data…”
Unemployment rate of 4.2% remains well
bel
ow the 25-year average of 5.7%
Core goods disinflation has reversed, and
the
impact of tariffs may further
exacerbate this trend
3-month annualized
goods inflation at 1.9%
The Fed’s Dual Mandate Gets More Complicated

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
8 ATTACHMENT A
43 0%
2%
4%
6%
8%
2001 2005 2009 2013 2017 2021 2025
Proportion of Monthly Separations
Job Openings and Labor Turnover Survey
Total Separations: Federal
-50
0 50
100
150
200
250
300
350
2023 2024 2025
Thousands
Monthly Change In
Nonfarm Payrolls
Private Ex Health Care & Edu Health Care & Edu Govt
Potential government funding cuts may
have impacts beyond federal jobs
Fed Chair Powell: “The [federal] layoffs … at the national level … they’re not significant yet. … There were… a good number of months … when a lot of the job creation was concentrated in … educational institutions, health care, state governments.”
Since 2021, total nonfarm
sep
arations (quits plus layoffs)
averaged 5.6 million per month. Of
this amount, federal separations
averaged 39,000, or less than 1%.

CLIENT NAME
For
the Quarter Ended March 31, 2025
Market Update
Federal Employment Remains a Focus
Source: FOMC Chair Jerome Powell Press Conference, March 19, 2025. Bloomberg Finance L.P., Bureau of Labor Statistics as of March 2025 (left). FRED and Bureau of Labor Statistics, as of February 2025 (right).

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
9 ATTACHMENT A
44 1.7% 1.8% 1.8% 1.8%
0%
1%
2%
3%
2025 2026 2027 Longer
Run
Change in Real GDP
Dec Projections Mar Projections

2.7%

2.2%

2.0% 2.0%
0%
1%
2%
3%
4%
2025 2026 2027 Longer
Run
PCE Inflation
Dec Projections Mar Projections

CLIENT NAME
For the Quarter Ended March 31, 2025
Market Update
Fed’s Updated Summary of Economic Projections
Source: FOMC Chair Jerome Powell Press Conference, March 19, 2025. Federal Reserve, latest economic projections as of March 2025.

Fed Chair Powell: “… you see weaker growth but higher inflation—they kind of offset—and also, frankly, a little bit of inertia. When it comes to changing something in this highly uncertain environment, you know, I think there is a level of inertia where you just say, maybe I’ll stay where I am.

4.4% 4.3% 4.3% 4.2%
0%
1%
2%
3%
4%
5%
6%
2025 2026 2027 Longer
Run
Unemployment Rate
Dec Projections Mar Projections

3.9%

3.4%

3.1% 3.0%
0%
1%
2%
3%
4%
5%
2025 2026 2027 Longer
Run
Federal Funds Rate
Dec Projections Mar Projections

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
10 ATTACHMENT A
45 CLIENT NAME
For the Quarter Ended March 31, 2025
Market Update
Source: Bloomberg Finance L.P., as of March 31, 2025.

4.29%

3.88%

3.95%

4.07%

4.21%

4.57%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00% Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
March 31, 2025
December 31, 2024
3mo 2yr 5yr 7yr 10yr 20yr 30yr
Treasury Yields Lower Across the Curve

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
11 ATTACHMENT A
46 CLIENT NAME
For the Quarter Ended March 31, 2025
Market Update
Sector Yield Spreads
Source: ICE BofA 1-5 year Indices via Bloomberg, MarketAxess and PFMAM as of March 31, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index. -0.1%

0.0%

0.1%

0.2%
Dec-24 Jan-25 Feb-25 Mar-25
Federal Agency Yield Spreads
Bullet Callable 1 Year Average

0.3%

0.5%

0.7%
Dec-24 Jan-25 Feb-25 Mar-25
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average

0.3%

0.5%

0.7%
Dec-24 Jan-25 Feb-25 Mar-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average

0.4%

0.6%

0.8%
Dec-24 Jan-25 Feb-25 Mar-25
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
1 bp
54 bps
43 bps 54 bps

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
12 ATTACHMENT A
47 2.00%

1.72%

1.39%

2.01% 1.95%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
First Quarter 2025 Returns

5.50% 5.41%

5.89%

6.30%

6.69%

0.0%

2.0%

4.0%

6.0%

8.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return
1-5 Year Indices

CLIENT NAME
For
the Quarter Ended March 31, 2025
Market Update
Fixed-Income Index Total Returns in 1Q 2025
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of March 31, 2025.

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
13 ATTACHMENT A
48 PFM Asset Management | pfmam.com
Account Summary
14 ATTACHMENT A
49 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%

1.6% 2.1% 2.3%

9.2%

6.9%

9.8%

19.0%

14.6%

6.8% 6.3%

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: 973 days
For the Quarter Ended March 31, 2025
Account Summary
15 ATTACHMENT A
50 PFM Asset Management | pfmam.com
Portfolio Review:

CITY OF STOCKTON RESERVE PORTFOLIO
16 ATTACHMENT A
51 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
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 March 31, 2025, the account(s) managed by PFM Asset Management ("PFMAM") we
re 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. 17 ATTACHMENT A
52 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Portfolio Snapshot
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

The portfolio’s benchmark is Ccurrently 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
13%
17%
24%
20%
9% 6% 6% 4%4%
27%
22%
18%
12%
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 | 54%
Agency CMBS | 20%
Corporate | 15%
ABS | 8%
Federal Agency | 2%
Negotiable CD | 1%
Municipal | 1%
Sector Allocation
AAA | 6%
AA+ | 77%
AA | 1%
AA- | 2%
A+ | 8%
A | 3%
A- | 1%
BBB+ | <1%
Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 3.08 y ears
Benchmark Effective Duration 3.19 years
Portfolio Credit Quality AA
Yield At Market 4.18%
Yield At Cost 3.93%
Total Market Value $469,493,983.39
$465,842,227.14Securities Sub-Total
$1,122,572.28Cash
$2,529,183.97Accrued Interest
18 ATTACHMENT A
53 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Portfolio Characteristics
$0.0
$94.0
$188.0
$282.0
$376.0
$470.0
Millions
March 2025
$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
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.

Jun-24 % of TotalSecurity Type Sep-24 % of Total Dec-24 % of Total % of TotalMar-25 U.S. Treasury $224.0 50.4% $244.8 53.2% $240.8 52.8% $251.9 54.0% Federal Agency $26.3 5.9% $14.3 3.1% $14.4 3.2% $11.0 2.4% Agency CMBS $82.8 18.6% $88.8 19.3% $90.8 19.9% $91.7 19.7% Municipal $3.8 0.8% $3.8 0.8% $3.1 0.7% $3.2 0.7%
Negotiable CD $4.2 0.9% $4.3 0.9% $4.3 0.9% $4.3 0.9%
Corporate $71.2 16.0% $72.0 15.7% $70.7 15.5% $67.8 14.6% ABS $32.9 7.4% $32.3 7.0% $31.8 7.0% $36.1 7.7%
Total $445.2 100.0% $460.3 100.0% $455.8 100.0% $465.8 100.0% 19 ATTACHMENT A
54 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Portfolio Activity
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($
millions)
Corporate
Federal Agency
Agency CMBS
ABS
U.S. Treasury
Corporate
Fed
eral Agency
Agency CMBS
ABS
U.S. Treasury
($20.0) ($10.0) $0.0 $10.0 $20.0 $30.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
U.S. Treasury $6,730,566
ABS $4,300,407
Agency CMBS ($101,139)
Federal Agency ($3,454,862)
Corporate ($3,603,852)
$3,871,119Total Net Activity
Sales/Maturities Purchases
20 ATTACHMENT A
55 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
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 Ccurrently 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.

0.0%

2.0%

4.0%

6.0%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $3,88 4,696 $14,500,603 $29,688,833 $46,789,725 $70,548,850 Change in Market Value $6,151,307 $10,503,077 $5,663,287 ($25,376,469) ($8,983,303) $10,036,003Total Dollar Return $25,003,680 $35,352,120 $21,413,256 $61,565,547 Total Return³
Portfolio 2.18% 5.61% 2.75% 1.21% 1.91%
Benchmark⁴ 2.32% 5.56% 2.44% 0.87% 1.73%
Basis Point Fee 0.01% 0.04% 0.04% 0.05% 0.05%
Net of Fee Return 2.17% 5.57% 2.71% 1.16% 1.87%
3 Months 1 Year 3 Years 5 Years Since Inception
21 ATTACHMENT A
56 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Portfolio Performance
Performance on trade-date basis, gross (i.e., before fees), in accordance with the CFA Institute’s Global Investment Performance Standards (GIPS).1.

Income returns calculated as interest earned on investments during the period.2.

Price returns calculated as the change in market value of each security for the period.3.

Returns are presented on a periodic basis.4.

Quarterly Sector Performance
Total Return by Sector Con tribution to Total Return
ABS
Corporate
Negotiable CD
Municipal
Agency CMBS
Federal Agency
U.S. Treasury

0.00%

0.50%

1.00%

1.50%

2.00%

1.29%

1.03%

1.25%

0.29%

1.15%

0.18%

0.62%
-0.06%

0.93%
-0.29%

0.85%

1.13%

1.07%

1.77%
-2.0% 0.0% 2.0% 4.0% 6.0% 8.0%
Return
22 ATTACHMENT A
57 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
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
Rea
lized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$3,884,696
($4
82,558)
$610,741
$4,012,879
1 Year
$14,500,603
($2
,068,859)
$2,401,261
$14,833,005
3 Years
$29,688,833
($1
9,273,678)
$18,439,191
$28,854,346
5 Year
$46,789,725
($1
2,858,781)
$16,756,599
$50,687,543
Since Inception¹
$70,548,850
($1
3,802,081)
$18,871,517
$75,618,286
23 ATTACHMENT A
58 Monetary Policy (Global):
• The Fed paused its easing cycle in the first quarter given sticky inflation and the solid labor market. While the
FOMC’s “dot plot” continues to suggest 50 bps in rate
cuts by the end of 2025, Fed Chair Powell indicated there is heightened risk and uncertainty due to the new
administration’s policies.
• Other major central banks (excluding the Bank of Japan) continued to cut rates. However, inflation remains a risk to this trend continuing, particularly in light of tariff uncertainty.

Economic Growth (Global):
• U.S. economic growth remained steady in 2024, but
worsening consumer sentiment may weigh on spending
going forward.
• Pro-growth fiscal policies proposed on the campaign trail have yet to be realized, leaving rapidly changing tariff policy to weigh on growth prospects.
• Escalating trade tensions create the potential for slowing global growth.

Inflation (U.S.):
• Progress towards the Fed’s 2% target remains stalled
with goods inflation moving higher even before tariff
policies were enacted.
• Consumer expectations for inflation over the next 12
months have now reached their highest levels since early 2023 on tariff concerns.
• Fed Chair Powell said the data are not yet reflecting tariffs and reiterated it will be difficult to directly measure the impact of these policies on prices.

Financial Conditions (U.S.):
• Financial conditions remained supportive in the first half of the quarter but tightened as ongoing tariff risks
weighed on equity prices and credit spreads. While credit spreads widened modestly during the first quarter they
remain below historic averages.
• The evolving fiscal landscape and growing uncertainty may lead to tightening financial conditions over the next 6-12 months
.

Consumer Spending (U.S.):
• Sentiment has meaningfully deteriorated as consumers
expect higher prices and weaker labor market conditions as tariffs weigh on the pace of economic growth.
• A material deterioration of labor market conditions
remains the biggest risk factor to consumer spending.

Other headwinds may include slower real wage growth
and reduced willingness to spend as prices move higher
due to tariffs.

Labor Markets:
• The labor market remains surprisingly resilient with both initial jobless claims and the unemployment rate at
historically low levels. Monthly job gains continue to keep pace with labor force growth.
• With hiring and quits rates low, any acceleration in layoffs may result in job seekers remaining unemployed for
longer.
• Federal job cuts and funding freezes could impact the hiring plans of sectors such as healthcare and higher
education which rely on government funding. The impact
of immigration policy remains unknown.

Factors to Consider for 6-12 Months
Statements and opinions expressed about the next 6-12 months 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 (3/31/2025) 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.

Stance Unfavorable to
Ris
k Assets
Stance Favorable to
Risk Assets Current outlook Outlook one quarter ago Negative Slightly Negative Neutral Slightly
Positive Positive

CLIENT NAME
For the Quarter Ended March 31, 2025
Market UpdateCITY OF STOCKTON
For the Quarter Ended March 31, 2025
Market Update
PFM Asset Management | pfmam.com
24 ATTACHMENT A
59 PFM Asset Management | pfmam.com
Reserve Portfolio Holdings and Transactions
25 ATTACHMENT A
60 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
Da
ted 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 04/30/2020 0.375% 04/30/2025
912828ZL7 112,500.00 AA+ Aaa 4/5/2021 4/7/2021 111,032.23 0.70 177.14 112,145.63112,471.32

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 14.14 22,275.5922,475.45

US TREASURY N/B
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 7,500.00 AA+ Aaa 11/1/2021 11/2/2021 7,297.27 1.05 9.43 7,315.257,466.91

US TREASURY N/B
DTD 12/31/2020 0.375% 12/31/2025
91282CBC4 3,425,000.00 AA+ Aaa 5/6/2021 5/10/2021 3,368,942.38 0.73 3,228.68 3,331,213.233,415,943.52

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 4,745.51 7,402,552.437,546,185.38

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 7,429.04 1,686,957.071,738,059.55

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 0.80 742.75 1,158,618.231,190,803.02

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 5,267.61 8,216,978.638,413,302.63

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 4,647.83 10,346,337.8810,591,371.19

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 1.15 860.87 1,916,346.961,968,490.11

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 7,930.84 3,037,921.113,149,540.11

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 2,023.56 775,127.26804,573.87

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 10,959.89 4,198,204.764,253,493.15

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 88.46 3,534,802.403,602,009.84

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 19,225.41 2,462,212.502,501,052.28 26 ATTACHMENT A
61 PFM Asset Management | pfmam.com

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 2,391.40 829,083.24844,011.39

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 3,887.78 1,347,866.321,359,136.28

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 3.60 365.44 5,205,801.455,241,714.91

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 10,161.33 4,511,789.924,617,249.97

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 35,130.52 4,240,036.504,254,561.86

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 5,297.86 3,908,261.813,978,863.05

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 22,790.06 4,870,510.004,921,154.97

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 7,635.70 2,627,837.942,661,965.53

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 13,668.48 4,937,850.404,998,248.08

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 24.59 2,199,751.202,196,181.34

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 11,211.05 4,895,487.724,915,168.76

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 73,611.88 4,271,581.504,289,535.41

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 31,003.59 1,799,089.621,805,951.15

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 28,687.31 2,942,355.392,965,484.52

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 2.15 671.27 494,606.52519,946.65

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 5,593.92 4,121,721.004,185,808.60

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 16,782.61 4,835,933.454,908,975.03 27 ATTACHMENT A
62 PFM Asset Management | pfmam.com

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 3.66 421.93 4,225,885.924,256,110.36

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 3.53 195.87 5,307,341.055,377,954.65

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 67.79 1,836,978.551,863,462.40

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 30,127.07 2,024,854.702,043,980.98

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 7,670.77 683,299.39682,852.13

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 17.93 479,247.30509,281.18

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 19,868.78 1,043,633.001,039,388.93

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 12,236.71 1,968,384.381,972,191.17

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 7,064.66 2,063,177.882,052,337.91

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 1,631.56 476,484.50505,296.58

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 14,479.12 979,762.56967,397.83

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 4,516.35 467,509.98473,376.55

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 4,003.25 476,467.67471,537.39

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 40,276.24 6,084,015.306,112,111.73

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 1,050.41 472,164.16506,126.69

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 13,514.76 1,928,370.651,939,530.78

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 5,760.87 2,048,367.322,039,213.17 28 ATTACHMENT A
63 PFM Asset Management | pfmam.com

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 16,454.42 955,863.40943,440.14

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 29,444.75 1,710,492.401,696,132.58

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 13,896.77 1,065,527.401,069,526.49

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 19,774.27 2,020,960.412,049,993.96

US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
91282CMD0 6,535,000.00 AA+ Aaa 1/6/2025 1/7/2025 6,520,449.41 4.43 71,871.46 6,645,787.866,521,063.46

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 470,000.00 AA+ Aaa 2/5/2025 2/6/2025 470,110.16 4.24 3,310.77 475,434.61470,107.82

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 1,011.57 483,291.01514,881.41

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 6,991.30 2,012,042.162,003,609.93

US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 6,865,000.00 AA+ Aaa 3/4/2025 3/5/2025 6,866,877.15 3.99 23,878.26 6,871,974.846,866,881.57

US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 4,095,000.00 AA+ Aaa 3/28/2025 3/31/2025 4,090,041.21 4.03 447.54 4,098,198.204,090,058.54

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 57,020.99 3,791,792.083,666,452.26

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 51,091.16 2,383,678.802,411,095.91

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 21,879.32 1,020,788.381,021,228.46

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 5,996.12 2,141,877.272,202,018.64

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 35,569.37 2,796,393.752,795,099.45

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 1,977.30 2,131,040.482,196,328.96

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 1,973.41 2,126,853.762,148,022.44 29 ATTACHMENT A
64 PFM Asset Management | pfmam.com

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 2.65 456.45 491,939.60530,375.01

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 9,934.39 2,527,383.002,544,790.29

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 4,404.25 1,120,473.131,147,044.65

US TREASURY N/B
DTD 01/31/2024 4.000% 01/31/2031
91282CJX0 1,350,000.00 AA+ Aaa 1/30/2025 1/31/2025 1,323,210.94 4.38 8,950.28 1,346,256.451,323,870.94

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 12,026.93 1,923,609.601,960,586.00

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 2.63 790.14 480,073.72520,582.63

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 19,744.22 3,157,925.763,145,355.65

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 12,160.57 1,944,983.041,946,606.11

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 4.72 430.53 3,832,831.383,701,721.92

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 18,019.10 2,545,323.232,636,897.95

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 7,779.58 1,098,919.421,124,445.95

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 4,991.02 731,654.18746,715.67

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 3,830.28 2,075,606.422,110,774.82

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 2.63 874.05 473,642.44518,875.14

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 10,823.76 1,753,213.281,824,675.67

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 6,790.87 1,099,972.761,130,470.88

US TREASURY N/B
DTD 01/31/2025 4.375% 01/31/2032
91282CMK4 3,400,000.00 AA+ Aaa 2/4/2025 2/5/2025 3,386,984.38 4.44 24,654.70 3,453,655.403,387,235.42 30 ATTACHMENT A
65 PFM Asset Management | pfmam.com

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 5,512.34 2,049,605.972,084,775.76

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 23,665.14 2,008,390.652,084,456.39

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 11,968.58 1,015,737.80997,420.06

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 7,181.15 609,442.68661,917.53

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 12,512.60 1,061,907.701,087,621.23

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 29,051.00 2,465,472.662,559,851.22

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 7,503.63 2,002,937.502,036,186.89

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 50,346.08 3,222,984.383,238,865.35

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 30,675.98 1,963,771.882,034,136.57

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 16,469.80 1,054,340.631,077,872.47

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 8,984.46 1,973,526.702,008,448.76

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 13,730.75 1,015,791.15997,982.55

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 11,488.52 2,331,988.612,259,029.47

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 73,911.88 4,432,902.044,497,843.01

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 19,292.82 3,817,706.603,683,623.01

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 16,557.32 1,010,977.00995,457.59 31 ATTACHMENT A
66 PFM Asset Management | pfmam.com

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 40,703.56 8,213,661.958,511,344.72 260,742,500.00 250,143,658.71 1,387,975.53 251,855,122.74Security Type Sub-Total 3.37 254,577,145.56 Negotiable CD

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 43,857.33 4,269,178.204,200,000.00 4,200,000.00 4,200,000.00 43,857.33 4,269,178.20Security 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 1,000.73 298,711.50300,000.00

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 1,534.46 458,024.30460,042.13

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 3,302.25 1,041,362.701,050,387.31

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 2,594.63 818,213.55825,000.00

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 1,459.26 544,120.56557,500.00 3,192,500.00 3,201,588.70 9,891.33 3,160,432.61Security Type Sub-Total 1.07 3,192,929.44 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 18.06 12,397.6012,502.40

FEDERAL FARM CREDIT BANK
(CALLABLE)
DTD 09/29/2020 0.530% 09/29/2025
3133EMBH4 2,265,000.00 AA+ Aaa 10/7/2020 10/9/2020 2,261,036.25 0.57 66.69 2,223,666.022,264,605.84 32 ATTACHMENT A
67 PFM Asset Management | pfmam.com

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 12,380.00 6,049,394.156,189,864.26

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 3,910.00 1,910,592.181,954,910.00

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 1,722.66 826,083.12802,957.97 11,297,500.00 11,196,348.78 18,097.41 11,022,133.07Security Type Sub-Total 0.84 11,224,840.47 Corporate
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 3.06 105.00 7,496.047,499.87

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 11,253.91 836,410.41837,500.00

BANK OF AMERICA CORP
(CALLABLE)
DTD 03/22/2022 3.384% 04/02/2026
06051GKM0 1,875,000.00 A- WR 3/17/2022 3/22/2022 1,875,000.00 3.38 31,548.75 1,874,904.381,875,000.00

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 27,185.83 3,839,520.003,807,201.39

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 12,441.94 1,914,841.441,885,000.00

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 50,525.13 3,190,014.453,150,000.00

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 8,809.67 2,059,163.642,139,528.77

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 11,721.88 2,294,337.902,294,922.79

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 4,567.50 2,335,651.922,376,249.48

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 4,561.67 3,333,041.553,346,913.86 33 ATTACHMENT A
68 PFM Asset Management | pfmam.com

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 4,861.32 1,558,479.081,515,184.27

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 25,443.75 1,689,720.301,680,589.76

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 48,331.35 2,787,108.252,795,333.28

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 21,463.33 1,368,298.461,376,757.66

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 73,241.67 4,669,193.654,673,807.75

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 27,328.89 1,455,821.511,430,000.00

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 52,937.78 2,820,017.892,774,004.05

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 15,034.25 1,447,560.781,418,609.45

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 6,352.50 611,645.40605,362.93

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 4,083.33 1,435,898.801,398,257.86

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 5.30 419.11 1,353,211.601,320,312.69

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 1,590.99 5,136,999.424,935,000.00

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 9,321.67 4,260,181.804,184,937.88

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 4.74 898.88 410,803.25404,407.90 34 ATTACHMENT A
69 PFM Asset Management | pfmam.com

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 34,220.00 1,472,113.951,448,014.08

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 41,890.00 1,802,070.521,772,831.07

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 35,400.00 3,414,081.603,348,050.55

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 19,980.00 2,178,172.082,157,089.03

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 5,290.64 804,228.81804,185.25

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 6,079.31 924,113.85921,643.55

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 2,431.72 369,645.54369,336.65

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,600,000.00 A+ Aa3 8/13/2024 8/14/2024 2,604,420.00 4.16 14,256.67 2,582,842.602,603,902.55

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 750,000.00 A+ Aa3 8/12/2024 8/14/2024 748,357.50 4.25 4,112.50 745,050.75748,548.77

PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.600% 02/07/2030
713448GB8 805,000.00 A+ A1 2/5/2025 2/7/2025 803,647.60 4.64 5,554.50 811,026.23803,685.25 67,850,000.00 66,942,070.52 623,245.44 67,793,667.85Security Type Sub-Total 4.57 67,209,668.39 Agency CMBS
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,775,797.96 AA+ Aaa 5/19/2023 5/24/2023 2,690,355.42 4.29 7,742.16 2,727,735.012,735,549.84 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 4,392,123.394,337,841.99 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 2,489,687.682,458,615.80 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 3,850,503.223,793,070.95 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,842,784.92 AA+ Aaa 9/20/2023 9/28/2023 3,782,480.10 5.19 15,371.14 3,882,653.813,800,048.63 35 ATTACHMENT A
70 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
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 K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,067,972.04 AA+ Aaa 9/7/2023 9/14/2023 2,037,045.52 5.01 8,013.39 2,085,849.662,046,406.34 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,375,558.44 AA+ Aaa 7/19/2023 7/27/2023 3,375,474.03 4.78 13,437.54 3,396,051.463,375,502.87 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 4,256,624.404,227,509.48 FNA 2023-M6 A2
DTD 07/01/2023 4.190% 07/01/2028
3136BQDE6 4,059,622.29 AA+ Aaa 7/18/2023 7/31/2023 3,990,799.00 4.58 14,174.85 4,033,133.254,013,816.82 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 4,350,924.904,231,318.56 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 4,238,005.804,155,620.63 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 2,220,029.07 AA+ Aaa 9/19/2023 9/28/2023 2,220,017.96 5.27 9,753.33 2,261,001.922,220,022.14 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 3,355,325.243,225,916.94 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 4,257,960.004,163,059.92 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 1,711,737.771,671,372.35 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 2,477,859.042,434,711.92 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 2,259,481.632,230,799.81 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 2,511,257.422,514,574.73 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 2,534,040.472,524,450.44 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 3,880,895.283,850,678.77 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 4,337,680.204,290,048.32 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 4,350,175.204,301,026.69 36 ATTACHMENT A
71 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
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 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 3,145,232.643,100,419.23 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 2,446,559.082,388,159.33 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 4,466,981.204,400,000.00 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 3,776,654.843,750,298.13 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 2,392,522.222,398,132.65 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 1,822,479.621,812,741.96 90,706,073.71 90,107,589.13 350,914.47 91,691,136.35Security Type Sub-Total 4.85 90,451,715.24 ABS
HAROT 2022-2 A3
DTD 08/24/2022 3.730% 07/20/2026
43815PAC3 108,933.03 AAA NR 8/15/2022 8/24/2022 108,926.53 3.73 146.73 108,640.11108,930.86 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 15,267.24 934,151.52929,919.45 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 1,094,917.991,084,828.79 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 1,702,878.10 NR Aaa 7/25/2023 7/31/2023 1,702,813.56 5.53 4,185.30 1,715,000.891,702,837.26 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 2,661,489.602,639,650.67 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 1,892.00 830,243.70824,878.40 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 3,306,462.98 AAA Aaa 9/7/2023 9/15/2023 3,305,884.35 5.58 8,200.03 3,327,025.873,306,065.94 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 3,114,987.303,074,964.06 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 1,982.09 817,071.78804,938.23 37 ATTACHMENT A
72 PFM Asset Management | pfmam.com

3.93 3.93%
Total Investments $468,371,411.11
38 ATTACHMENT A
73 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
1/6/2025 1/7/2025 7,340,000.00 91282CMD0 US TREASURY N/B 4.37% 12/31/2029 7,329,866.63 4.43% 1/30/2025 1/31/2025 1,350,000.00 91282CJX0 US TREASURY N/B 4.00% 1/31/2031 1,323,210.94 4.38% 2/4/2025 2/5/2025 3,400,000.00 91282CMK4 US TREASURY N/B 4.37% 1/31/2032 3,389,038.94 4.44% 2/5/2025 2/6/2025 470,000.00 91282CMG3 US TREASURY N/B 4.25% 1/31/2030 470,441.24 4.24% 2/5/2025 2/7/2025 805,000.00 713448GB8 PEPSICO INC (CALLABLE) 4.60% 2/7/2030 803,647.60 4.64% 2/11/2025 2/19/2025 1,745,000.00 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 1,744,940.15 4.67% 3/4/2025 3/5/2025 6,865,000.00 91282CGQ8 US TREASURY N/B 4.00% 2/28/2030 6,870,608.13 3.99% 3/4/2025 3/12/2025 2,870,000.00 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 2,869,576.67 4.32% 3/5/2025 3/6/2025 2,870,000.00 313385CY0 FED HOME LN DISCOUNT NT 0.00% 3/12/2025 2,868,014.92 4.15% 3/28/2025 3/31/2025 4,095,000.00 91282CMU2 US TREASURY N/B 4.00% 3/31/2030 4,090,041.21 4.03% Total BUY 31,810,000.00 31,759,386.43 0.00
CALL
2/6/2025 2/6/2025 437,500.00 857477BR3 STATE STREET CORP (CALLABLE) 1.78% 2/6/2026 437,500.00 3/30/2025 3/30/2025 3,750,000.00 857477BM4 STATE STREET CORP (CALLABLE) 2.90% 3/30/2026 3,750,000.00 2.90% Total CALL 4,187,500.00 4,187,500.00 0.00

INTEREST
1/1/2025 1/1/2025 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 11,793.75 39 ATTACHMENT A
74 PFM Asset Management | pfmam.com

INTEREST
1/1/2025 1/1/2025 646140DP5 NJ TPK AUTH -B-TXBL 1.04% 1/1/2026 2,918.51 1/1/2025 1/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 1/1/2025 1/25/2025 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,149.93 1/1/2025 1/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 1/1/2025 1/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,564.96 1/1/2025 1/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 1/1/2025 1/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 1/1/2025 1/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 1/1/2025 1/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 1/1/2025 1/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 1/1/2025 1/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,835.12 1/1/2025 1/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 1/1/2025 1/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 1/1/2025 1/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,474.09 1/1/2025 1/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 1/1/2025 1/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 1/1/2025 1/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 40 ATTACHMENT A
75 PFM Asset Management | pfmam.com

INTEREST
1/1/2025 1/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 1/1/2025 1/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 1/1/2025 1/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 1/1/2025 1/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 1/1/2025 1/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 1/1/2025 1/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 1/1/2025 1/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,791.42 1/1/2025 1/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,035.87 1/1/2025 1/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 1/1/2025 1/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 1/1/2025 1/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 1/1/2025 1/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 1/2/2025 1/2/2025 MONEY0002 MONEY MARKET FUND 0.00% 2,219.81 1/10/2025 1/10/2025 24422EVY2 JOHN DEERE CAPITAL CORP 1.25% 1/10/2025 1,328.13 1/14/2025 1/14/2025 24422EXB0 JOHN DEERE CAPITAL CORP 4.95% 7/14/2028 49,995.00 1/15/2025 1/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 1/15/2025 1/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 41 ATTACHMENT A
76 PFM Asset Management | pfmam.com

INTEREST
1/15/2025 1/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 1/15/2025 1/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 1/15/2025 1/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 1/15/2025 1/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 1/15/2025 1/15/2025 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 24.99 1/15/2025 1/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 1/15/2025 1/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 1/15/2025 1/15/2025 87612EBM7 TARGET CORP (CALLABLE) 1.95% 1/15/2027 20,865.00 1/15/2025 1/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 1/15/2025 1/15/2025 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 31.90 1/15/2025 1/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 1/15/2025 1/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 1/15/2025 1/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 1/16/2025 1/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 1/17/2025 1/17/2025 21684LGS5 COOPERAT RABOBANK UA/NY 5.08% 7/17/2026 106,680.00 1/17/2025 1/17/2025 713448FX1 PEPSICO INC (CALLABLE) 4.50% 7/17/2029 48,600.00 1/18/2025 1/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 42 ATTACHMENT A
77 PFM Asset Management | pfmam.com

INTEREST
1/18/2025 1/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 500.21 1/31/2025 1/31/2025 91282CLC3 US TREASURY N/B 4.00% 7/31/2029 121,500.00 1/31/2025 1/31/2025 91282CBH3 US TREASURY N/B 0.37% 1/31/2026 32,446.88 1/31/2025 1/31/2025 91282CLD1 US TREASURY N/B 4.12% 7/31/2031 15,056.25 1/31/2025 1/31/2025 91282CFB2 US TREASURY N/B 2.75% 7/31/2027 68,750.00 1/31/2025 1/31/2025 91282CBJ9 US TREASURY N/B 0.75% 1/31/2028 18,900.00 1/31/2025 1/31/2025 9128286A3 US TREASURY N/B 2.62% 1/31/2026 22,410.94 2/1/2025 2/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 2/1/2025 2/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 2/1/2025 2/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 2/1/2025 2/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 2/1/2025 2/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,464.76 2/1/2025 2/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 2/1/2025 2/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 2/1/2025 2/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 2/1/2025 2/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 2/1/2025 2/25/2025 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,146.40 43 ATTACHMENT A
78 PFM Asset Management | pfmam.com

INTEREST
2/1/2025 2/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 2/1/2025 2/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 2/1/2025 2/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 2/1/2025 2/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 2/1/2025 2/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 2/1/2025 2/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,814.04 2/1/2025 2/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 2/1/2025 2/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 2/1/2025 2/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 2/1/2025 2/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 2/1/2025 2/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,509.10 2/1/2025 2/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,029.35 2/1/2025 2/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,775.98 2/1/2025 2/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 2/1/2025 2/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 2/1/2025 2/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 2/1/2025 2/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 44 ATTACHMENT A
79 PFM Asset Management | pfmam.com

INTEREST
2/1/2025 2/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 2/3/2025 2/3/2025 MONEY0002 MONEY MARKET FUND 0.00% 2,293.62 2/3/2025 2/3/2025 89788MAC6 TRUIST FINANCIAL CORP (CALLABLE) 1.12% 8/3/2027 14,175.00 2/6/2025 2/6/2025 857477BR3 STATE STREET CORP (CALLABLE) 1.78% 2/6/2026 3,819.38 2/6/2025 2/6/2025 594918BY9 MICROSOFT CORP (CALLABLE) 3.30% 2/6/2027 38,362.50 2/9/2025 2/9/2025 89236TMK8 TOYOTA MOTOR CREDIT CORP 4.55% 8/9/2029 47,775.00 2/10/2025 2/10/2025 69371RS56 PACCAR FINANCIAL CORP 5.05% 8/10/2026 95,950.00 2/13/2025 2/13/2025 89236TGT6 TOYOTA MOTOR CREDIT CORP 1.80% 2/13/2025 67.50 2/14/2025 2/14/2025 532457CQ9 ELI LILLY & CO (CALLABLE) 4.20% 8/14/2029 70,350.00 2/15/2025 2/15/2025 91282CFF3 US TREASURY N/B 2.75% 8/15/2032 30,181.25 2/15/2025 2/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 2/15/2025 2/15/2025 9128286B1 US TREASURY N/B 2.62% 2/15/2029 34,978.13 2/15/2025 2/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 2/15/2025 2/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 2/15/2025 2/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 2/15/2025 2/15/2025 912828YB0 US TREASURY N/B 1.62% 8/15/2029 4,225.00 2/15/2025 2/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 45 ATTACHMENT A
80 PFM Asset Management | pfmam.com

INTEREST
2/15/2025 2/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 2/15/2025 2/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 2/15/2025 2/15/2025 912810FG8 US TREASURY N/B 5.25% 2/15/2029 49,218.75 2/15/2025 2/15/2025 912810FJ2 US TREASURY N/B 6.12% 8/15/2029 54,359.38 2/15/2025 2/15/2025 912828V98 US TREASURY N/B 2.25% 2/15/2027 25,256.25 2/15/2025 2/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 2/15/2025 2/15/2025 912828Z94 US TREASURY N/B 1.50% 2/15/2030 4,068.75 2/15/2025 2/15/2025 91282CHT1 US TREASURY N/B 3.87% 8/15/2033 46,209.38 2/15/2025 2/15/2025 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 19.18 2/15/2025 2/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 2/15/2025 2/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 2/15/2025 2/15/2025 91282CAE1 US TREASURY N/B 0.62% 8/15/2030 17,726.56 2/15/2025 2/15/2025 912810FP8 US TREASURY N/B 5.37% 2/15/2031 176,703.13 2/15/2025 2/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 2/15/2025 2/15/2025 91282CLF6 US TREASURY N/B 3.87% 8/15/2034 163,718.75 2/15/2025 2/15/2025 91282CGM7 US TREASURY N/B 3.50% 2/15/2033 36,137.50 2/15/2025 2/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 46 ATTACHMENT A
81 PFM Asset Management | pfmam.com

INTEREST
2/15/2025 2/15/2025 91282CBL4 US TREASURY N/B 1.12% 2/15/2031 3,178.13 2/15/2025 2/15/2025 91282CJZ5 US TREASURY N/B 4.00% 2/15/2034 77,600.00 2/15/2025 2/15/2025 9128282R0 US TREASURY N/B 2.25% 8/15/2027 30,712.50 2/15/2025 2/15/2025 91282CDY4 US TREASURY N/B 1.87% 2/15/2032 22,171.88 2/15/2025 2/15/2025 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 12.03 2/15/2025 2/15/2025 91282CCS8 US TREASURY N/B 1.25% 8/15/2031 18,921.88 2/16/2025 2/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 2/18/2025 2/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 444.89 2/18/2025 2/18/2025 06428CAA2 BANK OF AMERICA NA (CALLABLE) 5.52% 8/18/2026 52,082.55 2/18/2025 2/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 2/24/2025 2/24/2025 46647PCW4 JPMORGAN CHASE & CO (CALLABLE) 2.94% 2/24/2028 23,649.68 2/28/2025 2/28/2025 91282CFJ5 US TREASURY N/B 3.12% 8/31/2029 33,125.00 2/28/2025 2/28/2025 91282CBQ3 US TREASURY N/B 0.50% 2/28/2026 31,675.00 2/28/2025 2/28/2025 91282CGQ8 US TREASURY N/B 4.00% 2/28/2030 40,200.00 2/28/2025 2/28/2025 912828ZC7 US TREASURY N/B 1.12% 2/28/2025 70.31 2/28/2025 2/28/2025 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 96,500.00 2/28/2025 2/28/2025 91282CFH9 US TREASURY N/B 3.12% 8/31/2027 78,593.75 47 ATTACHMENT A
82 PFM Asset Management | pfmam.com

INTEREST
3/1/2025 3/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 3/1/2025 3/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 3/1/2025 3/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 3/1/2025 3/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 3/1/2025 3/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 3/1/2025 3/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 3/1/2025 3/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 3/1/2025 3/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,452.97 3/1/2025 3/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 3/1/2025 3/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,792.83 3/1/2025 3/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 3/1/2025 3/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 3/1/2025 3/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 3/1/2025 3/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 3/1/2025 3/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 3/1/2025 3/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 3/1/2025 3/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 48 ATTACHMENT A
83 PFM Asset Management | pfmam.com

INTEREST
3/1/2025 3/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 3/1/2025 3/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 3/1/2025 3/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,454.40 3/1/2025 3/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 3/1/2025 3/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 3/1/2025 3/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 3/1/2025 3/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,760.49 3/1/2025 3/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 3/1/2025 3/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,022.79 3/1/2025 3/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 3/1/2025 3/25/2025 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,146.43 3/3/2025 3/3/2025 MONEY0002 MONEY MARKET FUND 0.00% 1,180.37 3/10/2025 3/10/2025 3130AT4C8 FEDERAL HOME LOAN BANK 3.37% 9/10/2032 14,765.63 3/11/2025 3/11/2025 89236TLB9 TOYOTA MOTOR CREDIT CORP 5.25% 9/11/2028 36,750.00 3/14/2025 3/14/2025 09290DAA9 BLACKROCK FUNDING INC (CALLABLE) 4.70% 3/14/2029 108,217.50 3/14/2025 3/14/2025 437076BT8 HOME DEPOT INC (CALLABLE) 2.80% 9/14/2027 48,300.00 3/15/2025 3/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 49 ATTACHMENT A
84 PFM Asset Management | pfmam.com

INTEREST
3/15/2025 3/15/2025 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 6.37 3/15/2025 3/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 3/15/2025 3/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 3/15/2025 3/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 8,179.79 3/15/2025 3/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 5,885.50 3/15/2025 3/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 3/15/2025 3/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 3/15/2025 3/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 3/15/2025 3/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 3/15/2025 3/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 3/15/2025 3/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 3/15/2025 3/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,693.75 3/15/2025 3/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 3/16/2025 3/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 3/18/2025 3/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 389.68 3/18/2025 3/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 3/29/2025 3/29/2025 3133EMBH4 FEDERAL FARM CREDIT BANK (CALLABLE) 0.53% 9/29/2025 6,002.25 50 ATTACHMENT A
85 PFM Asset Management | pfmam.com

INTEREST
3/29/2025 3/29/2025 17325FBB3 CITIBANK NA (CALLABLE) 5.80% 9/29/2028 180,908.53 3/30/2025 3/30/2025 857477BM4 STATE STREET CORP (CALLABLE) 2.90% 3/30/2026 54,393.75 3/31/2025 3/31/2025 91282CCZ2 US TREASURY N/B 0.87% 9/30/2026 16,187.50 3/31/2025 3/31/2025 91282CCY5 US TREASURY N/B 1.25% 9/30/2028 3,281.25 3/31/2025 3/31/2025 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 48,250.00 3/31/2025 3/31/2025 91282CKF7 US TREASURY N/B 4.12% 3/31/2031 78,787.50 3/31/2025 3/31/2025 91282CGT2 US TREASURY N/B 3.62% 3/31/2028 77,212.50 3/31/2025 3/31/2025 91282CEF4 US TREASURY N/B 2.50% 3/31/2027 66,875.00 3/31/2025 3/31/2025 91282CAL5 US TREASURY N/B 0.37% 9/30/2027 4,500.00 Total INTEREST 0.00 4,154,522.77 0.00

MATURITY
1/10/2025 1/10/2025 212,500.00 24422EVY2 JOHN DEERE CAPITAL CORP 1.25% 1/10/2025 212,500.00 2/13/2025 2/13/2025 7,500.00 89236TGT6 TOYOTA MOTOR CREDIT CORP 1.80% 2/13/2025 7,500.00 2/28/2025 2/28/2025 12,500.00 912828ZC7 US TREASURY N/B 1.12% 2/28/2025 12,500.00 3/12/2025 3/12/2025 2,870,000.00 313385CY0 FED HOME LN DISCOUNT NT 0.00% 3/12/2025 2,870,000.00 Total MATURITY 3,102,500.00 3,102,500.00 0.00
51 ATTACHMENT A
86 PFM Asset Management | pfmam.com

PAYDOWNS
1/1/2025 1/25/2025 1,684.39 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,684.39 18.84 1/1/2025 1/25/2025 2,345.23 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,345.23 0.04 1/1/2025 1/25/2025 4,799.55 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 4,799.55 0.01 1/1/2025 1/25/2025 1,371.88 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 1,371.88 16.64 1/1/2025 1/25/2025 13,965.61 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 13,965.61 166.86 1/1/2025 1/25/2025 5,534.28 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,534.28 92.41 1/15/2025 1/15/2025 36,170.08 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 36,170.08 0.67 1/15/2025 1/15/2025 20,621.86 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 20,621.86 1.37 1/18/2025 1/18/2025 17,799.02 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 17,799.02 0.41 2/1/2025 2/25/2025 5,552.85 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,552.85 88.65 2/1/2025 2/25/2025 4,828.02 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 4,828.02 0.02 2/1/2025 2/25/2025 1,692.31 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,692.30 18.50 2/1/2025 2/25/2025 21.19 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 21.19 0.25 2/1/2025 2/25/2025 14,031.89 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,031.89 163.80 2/1/2025 2/25/2025 2,601.34 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,601.34 0.04 2/15/2025 2/15/2025 33,561.95 89239BAC5 TAOT 2021-C A3 0.43% 1/15/2026 33,561.95 0.57 2/15/2025 2/15/2025 20,771.01 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 20,771.01 1.28 52 ATTACHMENT A
87 PFM Asset Management | pfmam.com

PAYDOWNS
2/18/2025 2/18/2025 17,761.87 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 17,761.87 0.38 3/1/2025 3/25/2025 29.25 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 29.25 0.34 3/1/2025 3/25/2025 6,571.60 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 6,571.60 100.10 3/1/2025 3/25/2025 4,237.12 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 4,237.12 0.08 3/1/2025 3/25/2025 2,425.18 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,425.18 25.91 3/1/2025 3/25/2025 8,990.30 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 8,990.30 0.03 3/1/2025 3/25/2025 20,457.51 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 20,457.51 233.17 3/15/2025 3/15/2025 72,121.90 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 72,121.90 1.76 3/15/2025 3/15/2025 10,331.65 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 10,331.65 0.60 3/15/2025 3/15/2025 68,537.02 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 68,537.02 8.34 3/18/2025 3/18/2025 16,433.02 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 16,433.02 0.34 Total PAYDOWNS 415,248.88 415,248.87 941.41
SELL
1/6/2025 1/7/2025 3,120,000.00 91282CAJ0 US TREASURY N/B 0.25% 8/31/2025 3,043,560.81 -71,793.65 1/6/2025 1/7/2025 3,545,000.00 3137EAEX3 FREDDIE MAC 0.37% 9/23/2025 3,452,877.27 -94,443.89 2/4/2025 2/5/2025 3,500,000.00 91282CAT8 US TREASURY N/B 0.25% 10/31/2025 3,401,309.45 -87,670.95 2/5/2025 2/7/2025 805,000.00 91282CMD0 US TREASURY N/B 4.37% 12/31/2029 813,099.34 6,166.71 53 ATTACHMENT A
88 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
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. 55 ATTACHMENT A
90 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
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. 56 ATTACHMENT A
91 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
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.
57 ATTACHMENT A
92 PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2025
Appendix
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

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

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

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

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

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

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

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

YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. 58 ATTACHMENT A
93 INVESTMENT REPORT
City of Stockton | As of March 31, 2025
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 B
94 TABLE OF CONTENTS
City of Stockton | As of March 31, 2025

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS
1 ATTACHMENT B
95 ECONOMIC UPDATE
2 ATTACHMENT B
96 


Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improvedbalance 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 Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the March meeting. Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity” before making changes to interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The summary of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December projections, along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction.

US Treasury yields declined, and the curve steepened in March. The 2-year Treasury yield declined 10 basis points to 3.89%, the 5-year Treasury fell 7 basis points to 3.95%, and the 10-year Treasury yield was unchanged 4.21%. The spread between the 2-year and 10-year Treasury yield points on the curve widened to +32 basis points at March month-end versus +22 basis points at February month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -42 basis points. The spread between the 3-month and 10- year Treasury yield points on the curve was -9 basis points in March, unchanged from February.

ECONOMIC UPDATE
3 ATTACHMENT B
97 -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 (%)
Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
4 ATTACHMENT B
98 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 J ob Openings and Labor Turnover Survey (JOLTS) fell to 7.57 million new job openings in February from 7.76 million new job openings in January. 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
5 ATTACHMENT B
99 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 February, both t he Consumer Price Index (CPI) and Core CPI, which excludes volatile food and energy components, posted more moderate increases than last month and came in lower than consensus expectations. The headline CPI rose 0.2% month-over-monthand

2.8% year-over-year, while the Core CPI rose 0.2% month-over-monthand 3.1% year-over-year. The Personal Consumption Expenditures (PCE) price index increased by 0.3% from the previous monthand 2.5% year-over-year in February. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, accelerated its increase to 0.4% month-over-monthand 2.8% from 2.6% year-over- year.Inflation remains above the Fed’s 2% target.

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

INFLATION
6 ATTACHMENT B
100
-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
The Advance Retail Sales r eport for February fell short of expectations, increasing 0.2% month-over-month followinga 1.2% decline in January. Declines were broad-based across categories. However, control group sales, which feeds into gross domestic product and excludes food services, auto dealers, building materials stores, and gasoline stations, increased 1% in February. On a year-over-year basis, Retail Sales grew 3.1% in February versus 3.9% in January. The Conference Board’s Consumer Confidence Index tumbled 7.2 points in March to 92.9, a notable decrease from February. Consumers' assessment of the present situation fell, with business conditions viewed as "good" by only 17.7% and jobs considered "plentiful" by 33.6%. Their expectations for income, business, and labor market conditions dropped, with pessimism about future employment prospects falling to a 12-year low. While the consumer has been resilient, rising inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could 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
7 ATTACHMENT B
101
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) fell by 0.3% in February, following a 0.2% decline in January. The LEI decreased year- over-year by 3.1% . The monthly decline was primarily driven by consumer assessments of future business conditions becoming more pessimistic. The Chicago Fed National Activity Index (CFNAI) increased to +0.18 in February from a revised -0.08 in January, reflecting stronger readings across production-relatedindicators and sales, orders, and inventories. The three-month moving average rose to +0.15 in February from +0.07 in January, indicating expectations of continued above-trend economic growth.

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

LEADING INDICATORS OF ECONOMIC ACTIVITY
8 ATTACHMENT B
102
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 soared 11.2% to 1.5 million units in February as builders rebounded from adverse weather conditions in January. Total starts are down 2.9% compared to February 2024. Single family homes starts rose 11.4%, and multi-family starts increased 10.7%. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in February. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.7% year-over-year in January, compared to 4.5% in December. While inventory constraints remain a challenge, the slight improvementin annual gains suggests gradual stabilization in the market. However, higher mortgage rates continue to weigh on affordability, limiting buyer demand and market activity.

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
9 ATTACHMENT B
103
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 dipped back into contraction at 49.0 in March from 50.3 in February.The survey reflected a decline in business activity, upward price pressures, and notably weaker employment. The ISM Services index declined to 50.8 in March from 53.5 in February as new orders, employment, and supplier deliveries all weakened. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.

Source: Institute for Supply Management

SURVEY BASED MEASURES
10 ATTACHMENT B
104
Components of GDP 3/24 6/24 9/24 12/24

1.3% 1.9% 2.5% 2.7%

0.6% 1.5% 0.2% -1.0%
-0.6% -0.9% -0.4% 0.3%

0.0% 0.3% 0.6% 0.3%

0.3% 0.3% 0.3% 0.3%

1.6% 3.0% 3.1% 2.4%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment)
-40.0%
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the t hird estimate, fourth quarter GDP increased at an annualized rate of 2.4 percent, revised up 0.1 percentage point from the second estimate. Growth continues to be powered by consumer spending and government spending, partly offset by a decrease in investment. Imports also decreased. Real GDP increased 2.8 percent in 2024. The consensus projection calls for 1.2% growth for the first quarter and 2.0% for the full year 2025.

GROSS DOMESTIC PRODUCT (GDP)
11 ATTACHMENT B
105
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 Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the March meeting. Fed Chair Powell emphasized increased uncertainty around theeconomic outlook and the need for “greater clarity” before making changes to interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The summary of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December projections, along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction. The monthly redemptioncap on Treasuries will be reduced from $25 billion to $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. 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.

FEDERAL RESERVE
12 ATTACHMENT B
106
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

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

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Mar-25
Dec-24
Mar-24
Yield (%)
At the end of March, the 2-year Treasury yield was 74 basis points lower, and the 10-Year Treasury yield was 6 basis points higher, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve widened to +32 basis points at March month- end versus +22 basis points at February month-end. The recent 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 -9 basis points in in March, unchanged from February.

BOND YIELDS
13 ATTACHMENT B
107

ACCOUNT PROFILE
14 ATTACHMENT B
108

OBJECTIVES
City of Stockton | As of March 31, 2025
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. 15 ATTACHMENT B
109

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of March 31, 2025 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 2.0 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 20.0 7.9 Compliant Max Maturity (Years) 10.0 3.2 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 9.2 Compliant
Max % Issuer (MV) 5.0 1.3 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 3.7 Compliant
Max % Issuer (MV) 5.0 1.6 Compliant
Max Maturity (Days) 270 162 Compliant
Mi
n Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 22.5 Compliant
Max % Issuer (MV) 5.0 1.7 Compliant
16 ATTACHMENT B
110

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of March 31, 2025 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 21.8 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 100.0 7.9 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 C ompliant
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
17 ATTACHMENT B
111

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of March 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 10 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.5 Compliant
Max % Issuer (MV) 5.0 0.5 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 39.0 Compliant
Max Maturity (Years) 10 8 Compliant
18 ATTACHMENT B
112

PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of March 31, 2025 Benchmark* 3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 2.66 3.10 2.98
Average Modified Duration 2.48 2.56 2.51
Average Purchase Yield 3.32% 3.01%
Average Market Yield 4.00% 4.26% 4.49%
Average Quality** AA+ AA+ AA+
Total Market Value 339,162,348 332,405,551
*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. 19 ATTACHMENT B
113

SECTOR DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of March 31, 2025 Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 37.11% 41.19%
Corporate 24.62% 25.14%
Agency 21.80% 22.16%
ABS 10.05% 6.14%
Comm Paper 2.29% --
Agency CMBS 2.23% 2.25%
Muni Bonds 1.22% 1.24%
Neg CD 0.59% 1.82%
Money Mkt Fd 0.07% 0.07%
20 ATTACHMENT B
114

ISSUERS
City of Stockton Reserve | Account #10020 | As of March 31, 2025 Issuer Investment Type % Portfolio
Government of The United States US Treasury 37.11%
FNMA Agency 8.70%
Farm Credit System Agency 5.78%
Federal Home Loan Banks Agency 4.81%
FHLMC Agency CMBS 2.23%
State Street Corporation Corporate 1.83%
Federal Home Loan Mortgage Corp Agency 1.71%
American Express Credit Master Trust ABS 1.48%
Chase Issuance Trust ABS 1.47%
Bank of America Corporation Corporate 1.31%
Walmart Inc. Comm Paper 1.27%
BMW Vehicle Owner Trust ABS 1.26%
John Deere Owner Trust ABS 1.25%
Caterpillar Inc. Corporate 1.21%
The Home Depot, Inc. Corporate 1.20%
Morgan Stanley Corporate 1.18%
Visa Inc. Corporate 1.15%
UnitedHealth Group Incorporated Corporate 1.15%
PACCAR Inc Corporate 1.07%
New York Life Insurance Company Corporate 1.04%
PepsiCo, Inc. Comm Paper 1.02%
The Charles Schwab Corporation Corporate 1.00%
Honda Auto Receivables Owner Trust ABS 0.92%
Mastercard Incorporated Corporate 0.91%
Cisco Systems, Inc. Corporate 0.91%
National Rural Utilities Cooperative Corporate 0.89%
Massachusetts Mutual Life Insurance Corporate 0.89%
Hyundai Auto Receivables Trust ABS 0.88%
Prologis, Inc. Corporate 0.87%
JPMorgan Chase & Co. Corporate 0.86%
21 ATTACHMENT B
115

ISSUERS
City of Stockton Reserve | Account #10020 | As of March 31, 2025 Issuer Investment Type % Portfolio
Tennessee Valley Authority Agency 0.79%
Metropolitan Life Global Funding I Corporate 0.79%
Amazon.com, Inc. Corporate 0.76%
Toyota Motor Corporation Corporate 0.75%
Verizon Master Trust, Series 2025-3 ABS 0.75%
Eli Lilly and Company Corporate 0.68%
Northern Trust Corporation Corporate 0.65%
Target Corporation Corporate 0.61%
Deere & Company Corporate 0.60%
Toyota Auto Receivables Owner Trust ABS 0.59%
Westpac Banking Corporation Neg CD 0.59%
Merck & Co., Inc. Corporate 0.59%
Honeywell International Inc. Corporate 0.59%
PepsiCo, Inc. Corporate 0.58%
Florida Hurricane Catastrophe Fund F Muni Bonds 0.55%
The Goldman Sachs Group, Inc. Corporate 0.54%
WF Card Issuance Trust ABS 0.54%
Bank of America Credit Card Trust ABS 0.49%
GM Financial Automobile Leasing Trus ABS 0.41%
Los Angeles Community College Distri Muni Bonds 0.28%
University of California Muni Bonds 0.22%
State of New Jersey Muni Bonds 0.16%
Federated Hermes, Inc. Money Mkt Fd 0.07%
Cash Cash 0.00%
TOTAL 100.00%
22 ATTACHMENT B
116

QUALITY DISTRIBUTION
Rating 03/31/2025 12/31/2024
AAA 8.5% 6.7%
AA 67.9% 71.6%
A 19.6% 19.0%
BBB 0.5% 0.5%
NA 3.5% 2.2%
Rating 03/31/2025 12/31/2024
AAA 68.1% 70.4%
AA 7.6% 5.6%
A 19.9% 21.6%
NA 4.4% 2.4%
Rating 03/31/2025 12/31/2024
AAA 11.8% 6.9%
AA 66.1% 69.8%
A 11.6% 12.0%
NA 10.5% 11.4%
City of Stockton Reserve | Account #10020 | As of March 31, 2025 S&P Rating Moody’s Rating Fitch Rating
23 ATTACHMENT B
117
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 11.5% 6.6% 15.4% 12.1% 14.4% 16.1% 12.1% 9.5% 2.4% ICE BofA 1-5 Year Gov/Corp A or better 0.0% 0.0% 2.5% 35.3% 27.5% 22.6% 12.2% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of March 31, 2025 Portfolio Compared to the Benchmark
24 ATTACHMENT B
118
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Reserve 2.04% 5.56% 4.44% 3.31%
ICE BofA 1-5 Year Gov/Corp A or better 1.99% 5.59% 4.12% 2.99% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency
Index 2.00% 5.50% 3.96% 2.87%
Basis Point Fee* 0.01% 0.04% 0.03% 0.02%
Net of Fees 2.04% 5.53% 4.41% 3.29%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 2,318,385 8,975,234 14,887,471 17,396,354 Change in Market Value 4,458,954 8,953,449 13,543,176 10,818,567 TOTAL DOLLAR RETURN 6,777,339 17,928,683 28,430,647 $28,214,922

INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of March 31, 2025 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. 25 ATTACHMENT B
119

HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Reserve | Account #10020 | As of March 31, 2025 Purchase Yield as of
03/31/25 = 3.32%
26 ATTACHMENT B
120

PORTFOLIO CHARACTERISTICS
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 Benchmark* 3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 0.16 0.14 0.04
Average Modified Duration 0.16 0.14 0.04
Average Purchase Yield 4.33% 4.27%
Average Market Yield 4.28% 4.33% 4.29%
Average Quality** AA+ AAA AAA
Total Market Value 31,302,779 30,976,381
*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. 27 ATTACHMENT B
121

SECTOR DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 59.13% 99.59%
Agency 21.59% --
Comm Paper 18.99% --
Money Mkt Fd 0.25% 0.05%
Cash 0.04% 0.36%
28 ATTACHMENT B
122

ISSUERS
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 Issuer Investment Type % Portfolio
Government of The United States US Treasury 59.13%
Federal Home Loan Banks Agency 21.59%
Mitsubishi UFJ Financial Group, Inc. Comm Paper 18.99%
Federated Hermes, Inc. Money Mkt Fd 0.25%
Cash Cash 0.04%
TOTAL 100.00%
29 ATTACHMENT B
123

QUALITY DISTRIBUTION
Rating 03/31/2025 12/31/2024
AAA 81.0% 100.0%
A 19.0% --
Rating 03/31/2025 12/31/2024
AAA 0.3% 0.4%
A 99.7% 99.6%
Rating 03/31/2025 12/31/2024
AAA 81.0% 100.0%
NA 19.0% --
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 S&P Rating Moody’s Rating Fitch Rating
30 ATTACHMENT B
124
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 March 31, 2025 Portfolio Compared to the Benchmark
31 ATTACHMENT B
125
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Enhanced Cash 1.05% 4.35%
ICE BofA 3-Month US Treasury Bill Index 1.02% 4.28%
Basis Point Fee* 0.01% 0.03%
Net of Fees 1.05% 4.31%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 429,830 1,291,631
Change in Market Value (4,182) (721)
TOTAL DOLLAR RETURN 425,648 1,290,910

INVESTMENT PERFORMANCE
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 Total and Realized Rate of Return : Inception | 05/17/2024 *Periods over 1 year are annualized.

HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 Purchase Yield as of
03/31/25 = 4.33%
33 ATTACHMENT B
127

CONSOLIDATED INFORMATION
34 ATTACHMENT B
128

PORTFOLIO CHARACTERISTICS
City of Stockton ConsAgg | Account #10021 | As of March 31, 2025 3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 2.85 2.72
Average Modified Duration 2.35 2.30
Average Purchase Yield 3.41% 3.12%
Average Market Yield 4.26% 4.47%
Average Quality** AA+ AA+
Total Market Value 370,465,127 363,381,933
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 35 ATTACHMENT B
129

SECTOR DISTRIBUTION
City of Stockton ConsAgg | Account #10021 | As of March 31, 2025 Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 38.98% 46.20%
Corporate 22.53% 22.99%
Agency 21.78% 20.26%
ABS 9.20% 5.61%
Comm Paper 3.71% --
Agency CMBS 2.04% 2.06%
Muni Bonds 1.12% 1.13%
Neg CD 0.54% 1.66%
Money Mkt Fd 0.09% 0.07%
36 ATTACHMENT B
130

PORTFOLIO HOLDINGS
37 ATTACHMENT B
131

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of March 31, 2025 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
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,390,000.00 02/05/2025

4.66%
1,389,835.98
1,389,843.11
100.46

4.43%
1,396,456.41
1,979.21

0.41%
6,613.30
NA/AAA
AAA

2.90 1.66
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 575,802.53 07/11/2023

5.47%
575,700.50
575,738.27
100.66

4.59%
579,598.73
524.94

0.17%
3,860.47
NA/AAA
AAA

2.91 0.70
477920AC6 JDOT 2023-B A3 5.18 03/15/2028 1,085,000.00 06/21/2023

5.51%
1,084,819.02
1,084,886.60
100.59

4.58%
1,091,426.78
2,497.91

0.32%
6,540.18
AAA/NA
AAA

2.96 0.90
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 1,270,000.00 06/07/2023

4.87%
1,269,887.35
1,269,944.18
100.55

4.40%
1,277,047.23
2,748.84

0.38%
7,103.05
NA/AAA
AAA

1.12 1.07
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 3,105,000.00 09/12/2023

5.40%
3,104,786.69
3,104,856.96
100.96

4.57%
3,134,872.27
7,562.40

0.93%
30,015.32
AAA/NA
AAA

3.12 0.99
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 1,050,000.00 11/01/2023

5. 74%
1,049,815.10
1,049,871.00
101.20

4.66%
1,062,649.35
1,653.75

0.32%
12,778.35
AAA/NA
AAA

3.22 1.11
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 4,915,000.00 --

5.13%
4,920,147.11
4,917,536.41
101.13

4.39%
4,970,677.12
11,271.73

1.47%
53,140.71
NA/AAA
AAA

3.46 1.37
096919AD7
BMW
OT 2024-A A3 5.18
02/26/2029 1,445,000.00 06/04/2024

5.24%
1,444,780.51
1,444,818.01
101.24

4.40%
1,462,883.46
1,247.52

0.43%
18,065.46

AAA/AAA
NA

3.91 1.47
44934QAD3 HART 2024-B A3 4.84 03/15/2029 910,000.00 07/16/2024

4.90%
909,862.68
909,883.01
100.72

4.48%
916,596.59
1,957.51

0.27%
6,713.58
NA/AAA
AAA

3.96 1.77
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 2,040,000.00 08/09/2024

4.68%
2,039,679.52
2,039,722.24
100.42

4.36%
2,048,508.84
2,589.67

0.61%
8,786.60
AAA/NA
AAA

3.97 1.65
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,635,000.00 06/06/2024

4.93%
1,634,908.28
1,634,923.47
101.31

4.32%
1,656,400.02
3,582.47

0.49%
21,476.56

AAA/AAA
NA

4.12 1.97
89240JAD3 TAOT 25A A3 4.64 08/15/2029 1,990,000.00 01/22/2025

4.69%
1,989,920.20
1,989,923.18
100.79

4.29%
2,005,667.67
4,103.82

0.59%
15,744.49
AAA/NA
AAA

4.38 2.00
096924AD7 BMW
OT 2025-A A3 4.56
09/25/2029 2,185,000.00 02/04/2025

4.56%
2,184,784.78
2,184,790.91
100.47

4.37%
2,195,228.20
1,660.60

0.65%
10,437.30

AAA/AAA
NA

4.49 2.02
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,815,000.00 10/17/2024

4.58%
1,814,730.29
1,814,753.89

99.98 4.34%
1,814,608.32
3,460.60

0.54%
(145.57)

AAA/AAA
NA

4.54 2.35
44935CAD3 HART 2025-A A3 4.32 10/15/2029 2,045,000.00 03/04/2025

4.84%
2,044,698.36
2,044,701.96

99.88 4.42%
2,042,578.31
4,662.60

0.61%
(2,123.64)
NA/AAA
AAA

4.54 2.06
02582JKM1 AMXCA 2025-1 A 4.56 12/17/2029 3,685,000.00
02 /04/2025

4.57%
3,684,181.56
3,684,204.22
100.76

4.30%
3,713,168.51
7,468.27

1.10%
28,964.29
NA/AAA
AAA

4.71 2.49
38 ATTACHMENT B
132

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
92348KDY6 VERIZON MASTER TRUST, SERIES
2025-3 4.51 03/20/2030 2,525,000.00 03/25/2025

4.51%
2,524,891.43
2,524,891.49
100.00

4.59%
2,524,891.43
316.33

0.75%
(0.06)
AAA/NA
NA

4.97 1.85
Total ABS 33,665,802.53 4.91%
33,667,429.36
33,665,288.89
100.68

4.42%
33,893,259.26
59,288.16

10.05%
227,970.37

3.87 1.69
AGENCY
3130AJHU6 FEDERAL HOME LOAN BANKS 0.5
04/14/2025 1,560,000.00 04/15/2020

0.60%
1,552,262.40
1,559,944.85

99.87 4.21%
1,557,909.82
3,618.33

0.46%
(2,035.03)
AAA/AA
AA

0.04 0.04
3135G03U5 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.625 04/22/2025 10,880,000.00 --

0.63%
10,879,060.80
10,879,991.01

99.78 4.36%
10,856,283.56
30,033.33

3.22%
(23,707.45)
AAA/AA
AA

0.06 0.06
3135G04Z3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 06/17/2025 6,642,500.00 06/17/2020

0.54%
6,628,750.02
6,641,920.18

99.18 4.41%
6,588,078.93
9,594.72

1.95%
(53,841.25)
AAA/AA
AA

0.21 0.21
3137EAEU9 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 07/21/2025 2,310,000.00 07/21/2020

0.48%
2,298,496.20
2,309,299.93

98.82 4.29%
2,
282,718.14
1,684.38

0.68%
(26,581.80)
AAA/AA
AA

0.31 0.30
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 3,995,000.00 08/25/2020

0.47%
3,976,303.40
3,993,505.09

98.46 4.28%
3,933,598.29
1,498.13

1.17%
(59,906.80)
AAA/AA
AA

0.40 0.39
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,
543,976.24

98.14 4.35%
3,479,076.54
295.42

1.03%
(64,899.70)
AAA/AA
AA

0.48 0.47
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
2,264,604.94

98.18 4.30%
2,223,704.04

66.69 0.66%
(40,900.89)
AAA/AA
AA

0.50 0.48
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 8,145,000.00 --

0.54%
8,127,104.90
8,142,840.71

97.73 4.37%
7,960,151.59
16,290.00

2.36%
(182,689.12)
AAA/AA
AA

0.61 0.59
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 4,100,000.00 03/28/2023

3.89%
4,211,028.00
4,165,953.58
101.62

3.91%
4,166,405.08
10,762.50

1.24%
451.50
AAA/AA
AA

2.94 2.73
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
2,504,141.16
102.67

4.03%
2,566,858.15
49,809.03

0.76%
62,716.99
AAA/AA
AA

4.08 3.62
3130B1BC0 FEDERAL HOME LOAN BANKS

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

4.10%
1,943,358.00
1,937,391.08
102.46

3.98%
1,946,810.74
27,582.99

0.58%
9,419.66
AAA/AA
AA

4.19 3.73
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
2,989,737.35

98.60 4.07%
2,958,108.63
20,625.00

0.88%
(31,628.72)
AAA/AA
AA

4.82 4.33
3133EN4V9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 09/23/2030 2,100,000.00 12/22/2022

4.22%
2,087,505.00
2,091,155.82
100.04

4.12%
2,100,795.65
1,925.00

0.62%
9,639.82
AAA/AA
AA

5.48 4.85
39 ATTACHMENT B
133

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3133ENQ45 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 09/30/2030 875,000.00 11/30/2022

4.40%
866,250.00
868,858.79
100.73

4.10%
881,374.54
103.30

0.26%
12,515.75
AAA/AA
AA

5.50 4.86
880591EX6 TENNESSEE VALLEY AUTHORITY

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

4.03%
818,959.53
865,494.48

84.73 4.23%
849,882.46
668.67

0.25%
(15,612.02)
AAA/AA
AA

6.46 6.01
3133ENFQ8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.81 12/01/2031 2,303,000.00 01/25/2023

3.94%
1,939,056.91
2,028,719.15

85.94 4.25%
1,979,235.44
13,894.77

0.59%
(49,483.71)
AAA/AA
AA

6.67 6.10
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
3,824,621.34

85.39 4.15%
3,842,719.02
22,750.00

1.14%
18,097.68
AAA/AA
AA

6.69 6.17
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
3,013,645.36

97.99 4.31%
2,939,598.45
24,000.00

0.87%
(74,046.91)
AAA/AA
AA

7.80 6.57
3130AV4X7 FEDERAL HOME LOAN BANKS

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

4.04%
2,568,175.00
2,555,121.43
100.16

4.35%
2,503,950.65
6,076.39

0.74%
(51,170.78)
AAA/AA
AA

7.94 6.64
3130AVWG3 FEDERAL HOME LOAN BANKS 4.0
06/10/2033 6,195,000.00 --

4.40%
5,998,322.75
6,032,211.21

97.58 4.35%
6,044,997.93
76,405.00

1.79%
12,786.71
AAA/AA
AA

8.19 6.81
88 0591FB3 TENNESSEE VALLEY AUTHORITY

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

4.49%
1,828,561.05
1,829,604.29

99.04 4.50%
1,827,354.20
13,453.13

0.54%
(2,250.09)
AAA/AA
AA

9.34 7.53
73,639,624.76 97.97 73,489,611.83 21.80% 3.09
Total Agency 75,163,500.00 2.26% 74,042,738.01 4.27% 331,136.76 (553,126.17) 2.70

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
2,322,003.52

97.72 4.20%
2,345,374.32
6,234.00

0.70%
23,370.80
AAA/AA
AAA

2.24 1.97
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 5,245,000.00 05/24/2023

4.24%
5,148,705.08
5,184,695.17

98.77 4.23%
5,180,456.60
16,827.71

1.54%
(4,238.57)
AAA/AA
AAA

3.15 2.84
7,383,048.83 98.44 7,525,830.92 2.23% 2.87
Total Agency CMBS 7,645,000.00 4.42% 7,506,698.69 4.22% 23,061.71 19,132.23 2.57 CASH
CCYUSD Receivable 14,270.06 --

0.00%
14,270.06
14,270.06

1.00 0.00%
14,270.06

0.00 0.
00%

0.00 AAA/AAA
AAA

0.00 0.00
14,270.06 1.00 14,270.06 0.00% 0.00
Total Cash 14,270.06 0.00% 14,270.06 0.00% 0.00 0.00 0.00 40 ATTACHMENT B
134

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

COMMERCIAL
PAPER
93114ERU3 Walmart Inc. 04/28/2025 4,300,000.00 03/28/2025

4.32%
4,284,078.06
4,286,132.50

99.66 4.49%
4,285,582.10

0.00 1.27%
(550.40)
A/AAA
AAA

0.08 0.08
71344TW99 PepsiCo, Inc. 09/09/2025 3,500,000.00 02/27/2025

4.35%
3,419,840.28
3,433,475.70

98.17 4.16%
3,436,086.50

0.00 1.02%
2,610.80
A/A
A

0.44 0.44
Total Commercial
Paper 7,800,000.00 4.33%
7,703,918.34
7,719,608.20

99.00 4.34%
7,721,668.60

0.00 2.29%
2,060.40

0.24 0.24

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

3.05%
2,563,417.67
2,567,455.30

99.95 4.52%
2,566,144.90
35,945.00

0.76%
(1,310.40)
A/AA
AA

0.04 0.03
38148LAE6 GOLDMAN SACHS GROUP INC

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

0.80%
2,030,474.65
1,817,500.00

99.87 4.61%
1,815,136.94
24,422.66

0.54%
(2,363.06)
A/BBB
A

0.14 0.14
438516CB0 HONEYWELL INTERNATIONAL INC

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

0.81%
2,039,160.00
2,000,882.64

99.42 4.82%
1,988,444.56
9,000.00

0.59%
(12,438.08)
A/A
A

0.17 0.
17 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
3,003,054.89
100.56

4.45%
3,016,929.60
68,579.17

0.89%
13,874.71
A/A
A

0.58 0.56
06051GKM0
BA
NK 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

99.99 5.11%
1,874,905.67
31,548.75

0.56%
(94.33)
A/A
AA

1.01 0.00
6174468Q5 MORGAN STANLEY 2.188
04/28/2026 2,200,000.00 08/24/2022

4.62%
2,072,268.00
2,196,279.25

99.80 6.27%
2,195,649.02
20,457.80

0.65%
(630.24)
A/A
A

1.08 0.07
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 4,000,000.00 09/19/2022

4.16%
3,592,560.00
3,874,892.67

96.56 4.32%
3,862,560.56
17,377.78

1.15%
(12,332.11)
A/A
A

1.12 1.09
87612EBM7 TARGET CORP 1.95 01/15/2027 2,140,000.00 --

1.97%
2,137,844.40
2,139,224.94

96.25 4.14%
2,059,759.54
8,809.67

0.61%
(79,465.40)
A/A
A

1.79 1.72
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 3,500,000.00 01/23/2023

4.35%
3,251,955.00
3,383,925.54

96.48 4.38%
3,376,808.82
6,669.44

1.00%
(7,116.72)
A/A
A

1.92 1.85
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 2,200,000.00 08/24/2022

3.93%
2,206,402.00
2,202,802.77

99.55 4.23%
2,
190,016.16
34,466.67

0.65%
(12,786.61)
A/A
A

2.11 1.97
92826CAH5 VISA INC 2.75 09/15/2027 4,000,000.00 03/27/2024

4.57%
3,769,760.00
3,836,867.87

96.82 4.12%
3,872,841.60
4,888.89

1.15%
35,973.73
AA/AA
NA

2.46 2.34
41 ATTACHMENT B
135

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
74340XBV2 PROLOGIS LP 3.375 12/15/2027 3,000,000.00 01/25/2023

4.28%
2,881,530.00
2,934,353.13

97.47 4.38%
2,924,028.15
29,812.50

0.87%
(10,324.98)
A/A
NA

2.71 2.53
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/20/2023

4.35%
2,035,920.00
2,020,187.75
101.44

4.20%
2,028,732.70
18,736.11

0.60%
8,544.95
A/A
A

2.81 2.58
713448FL7 PEPSICO INC 3.6 02/18/2028 2,000,000.00 04/27/2023

4.00%
1,964,920.00
1,978,975.96

98.59 4.12%
1,971,772.42
8,600.00

0.58%
(7,203.54)
A/A
NA

2.89 2.69
857477CU5 STATE STREET CORP 4.536
02/28/2028 4,155,000.00 02/25/2025

4.51%
4,155,000.00
4,155,000.00
100.47

4.36%
4,174,574.21
17,276.49

1.24%
19,574.21
AA/A
AA

2.91 2.62
57636QAW4 MASTERCARD INC 4.875
03/09/2028 3,000,000.00 06/13/2024

4.50%
3,037,110.00
3,029,086.22
101.87

4.19%
3,056,000.85
8,937.50

0.91%
26,914.63
AA/A
NA

2.94 2.64
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,800,000.00 07/31/2023

5.39%
1,729,026.00
1,760,883.35

99.28 5.02%
1,786,959.34
33,890.50

0. 53%
26,075.99
A/A
A

3.05 1.91
58933YBH7 MERCK & CO INC 4.05 05/17/2028 2,000,000.00 --

4.03%
2,001,621.20
2,000,998.63

99.71 4.15%
1,994,119.88
30,150.00

0.59%
(6,878.75)
AA/A
NA

3.13 2.87
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 3,000,000.00 02/27/2024

5.19%
2,823,480.00
2,
872,692.39

97.19 4.82%
2,915,834.64
19,884.33

0.86%
43,142.25
A/A
AA

3.82 2.62
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 3,600,000.00 01/29/2024

4.52%
3,612,132.00
3,609,303.19
100.66

4.41%
3,623,835.31
28,060.00

1.07%
14,532.12
A/A
NA

3.84 3.45
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
100.06

4.72%
2,001,112.30
10,318.33

0.59%
1,112.30
AA/A
AA

3.89 2.66
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 3,000,000.00 02/27/2024

4.84%
3,001,560.00
3,001,214.59
101.78

4.35%
3,053,534.73
14,145.83

0.91%
52,320.14
A/AA
NA

3.91 3.44
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 4,000,000.00 04/29/2024

5.08%
3,960,640.00
3,968,137.14
101.60

4.40%
4,063,846.12
18,322.22

1.21%
95,708.98
A/A
A

3.91 3.52
06051GLG2 BANK OF AMERICA CORP 5.202
04/25/2029 2,500,000.00 05/28/2024

5.38%
2,484,025.00
2,
487,461.81
101.59

4.95%
2,539,868.58
56,355.00

0.75%
52,406.77
A/A
AA

4.07 2.75
89236TMF9 TOYOTA MOTOR CREDIT CORP

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

5.09%
2,495,600.00
2,496,345.06
101.80

4.57%
2,544,966.70
47,343.75

0.75%
48,621.64
A/A
A

4.13 3.63
57629W4T4 MASSMUTUAL GLOBAL FUNDING
II 5.15 05/30/2029 2,950,000.00 05/22/2024

5.17%
2,947,551.50
2,947,961.82
102.27

4.54%
3,016,914.94
51,063.68

0.89%
68,953.12
AA/AA
AA

4.16 3.66
437076DC3 HOME DEPOT INC 4.75
06/25/2029 4,000,000.00 07/30/2024

4.58%
4,
028,360.00
4,024,426.04
101.23

4.43%
4,049,038.20
50,666.67

1.20%
24,612.16
A/A
A

4.24 3.69
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 2,290,000.00 08/12/2024

4.25%
2,284,984.90
2,285,616.59

99.42 4.35%
2,276,652.62
12,556.83

0.68%
(8,963.97)
AA/A
NA

4.37 3.93
42 ATTACHMENT B
136

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
64952WFK4 NEW YORK LIFE GLOBAL FUNDING

4.6 12/05/2029 3,500,000.00 02/27/2025

4.58%
3,502,135.00
3,502,095.76
100.39

4.51%
3,513,558.48
51,877.78

1.04%
11,462.72
AAA/AA
AAA

4.68 4.11
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 2,645,000.00 01/02/2025

4.95%
2,639,551.30
2,639,795.98
100.85

4.70%
2,667,437.32
29,521.14

0.79%
27,641.34
AA/AA
AA

4.78 4.17
Total Corporate 83,240,000.00 4.33%
82,139,738.62
82,612,421.30

99.77 4.50%
83,021,984.85
799,684.49

24.62%
409,563.55

2.87 2.44

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 242,995.60 --

4.21%
242,995.60
242,995.60

1.00 4.21%
242,995.60

0.00 0.07%

0.00 AAA/AAA
AAA

0.00 0.00
Total Money Market
Fund 242,995.60 4.21%
242,995.60
242,995.60

1.00 4.21%
242,995.60

0.00 0.07%

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

99.57 4.41%
756,732.00
2,535.19

0.22%
(3,268.00)
AA/AA
AA

0. 12

0.12 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
1,875,383.39

99.18 4.57%
1,859,568.75
5,896.88

0.55%
(15,814.64)
AA/AA
AA

0.25 0.25
54438CYK2 LOS ANGELES CALIF CMNTY
COLLEGE DIST 0.773 08/01/2025 965,000.00 10/30/2020

0.77%
965,000.00
96 5,000.00

98.84 4.30%
953,796.35
1,243.24

0.28%
(11,203.65)
AAA/AA
NA

0.34 0.33
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

97.60 4.33%
544,120.00
1,459.26

0.16%
(13,380.00)
A/AA
A

0.76 0.73
Total Municipal
Bonds 4,157,500.00 1.01%
4,164,923.50
4,157,883.39

98.96 4.45%
4,114,217.10
11,134.56

1.22%
(43,666.29)

0.31 0.31

NEGOTIABLE CD
96130AWW4 Westpac Banking Corporation -
New York Branch 5.52 04/17/2025 2,000,000.00 02/25/2025

4.37%
2,002,594.26
2,000,830.17
100.04

4.29%
2,000,888.00
106,720.00

0.59%

57.83 A/AAA
NA

0.05 0.04
Total Negotiable CD 2,000,000.00 4.37%
2,002,594.26
2,000,830.17
100.04

4.29%
2,000,888.00
106,720.00

0.59%

57.83 0.05

0.04 43

ATTACHMENT B
137

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

US TREASURY
91282CAJ0 UNITED STATES TREASURY 0.25
08/31/2025 6,000,000.00 --

0.56%
5,925,343.67
5,992,353.16

98.37 4.25%
5,902,453.14
1,304.35

1.75%
(89,900.02)
AAA/AA
AA

0.42 0.41
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 6,772,500.00 --

0.93%
6,619,508.79
6,747,718.41

97.54 4.17%
6,605,568.44
8,512.14

1.96%
(142,149.97)
AAA/AA
AA

0.67 0.65
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 17,305,000.00 --

0.79%
16,971,456.65
17,246,050.08

96.96 4.12%
16,778,549.37
10,755.87

4.98%
(467,500.72)
AAA/AA
AA

0.84 0.82
91282CBQ3 UNITED STATES TREASURY 0.5
02/28/2026 12,670,000.00 --

0.94%
12,437,181.06
12,620,661.10

96.79 4.12%
12,263,570.09
5,508.70

3.64%
(357,091.01)
AAA/AA
AA

0.91 0.89
91282CCF6 UNITED STATES TREASURY 0.75
05/31/2026 8,320,000.00 --

0.80%
8,301,545.71
8,315,695.34

96.30 4.04%
8,011,900.00
20,914.29

2.38%
(303,795.34)
AAA/AA
AA

1.17 1.14
91282CCY5 UNITED STATES TREASURY 1.25
09/30/2028 3,325,000.00 --

3.32%
3,058,576.17
3,101,953.35
91 .37

3.92%
3,037,959.00
113.56

0.90%
(63,994.35)
AAA/AA
AA

3.50 3.36
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 7,000,000.00 03/27/2024

4.20%
6,940,117.19
6,952,601.23
100.27

3.92%
7,019,140.66
46,408.84

2.08%
66,539.43
AAA/AA
AA

3.84 3.50
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 7,000,000.00 --

4.06%
6,525,214.84
6,655,650.56
95 .39

3.92%
6,677,343.75
22,841.85

1.98%
21,693.19
AAA/AA
AA

3.88 3.62
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 6,500,000.00 06/13/2024

4.25%
6,572,617.19
6,561,056.24
102.17

3.93%
6,640,917.99
98,035.71

1.97%
79,861.74
AAA/AA
AA

4.17 3.72
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 3,450,000.00 12/23/2024

4.30%
3,390,164.06
3,393,654.49
100.26

3.93%
3,459,029.31
22,872.93

1.03%
65,374.82
AAA/AA
AA

4.33 3.92
912828YB0 UNITED STATES TREASURY 1.625
08/15/2029 7,600,000.00 --

3.42%
6,985,504.69
7,055,874.19

90.91 3.91%
6,908,878.80
15,352.21

2.05%
(146,995.39)
AAA/AA
AA

4.38 4.14
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 6,500,000.00 11/26/2024

4.38%
6,475,371.10
6,477,082.39
100.73

3.95%
6,547,734.38
112,582.87

1.94%
70,651.98
AAA/AA
AA

4.59 4.07
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 8,000,000.00 01
/30/2025

4.32%
7,847,187.50
7,852,385.20

99.70 3.95%
7,975,624.96
103,901.10

2.37%
123,239.76
AAA/AA
AA

4.67 4.18
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 6,700,000.00 --

4.02%
6,511,839.85
6,555,788.49

98.02 3.95%
6,567,570.35
38,867.40

1.95%
11,781.86
AAA/AA
AA

4.84 4.37
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 542,500.00 04/06/2022

2.65%
498,040.43
514,881.41

89.21 3.96%
483,948.14
1,011.57

0.14%
(30,933.27)
AAA/AA
AA

4.88 4.61
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 587,500.00 04/06/2022

2.63%
498,755.37
530,375.01
83 .88

3.99%
492,788.57
456.45

0.15%
(37,586.44)
AAA/AA
AA

5.38 5.18
44 ATTACHMENT B
138

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CBL4 UNITED STATES TREASURY 1.125
02/15/2031 565,000.00 04/06/2022

2.62%
498,104.88
520,582.63

85.12 3.99%
480,912.11
790.14

0.14%
(39,670.52)
AAA/AA
AA

5.88 5.56
912810FP8 UNITED STATES TREASURY 5.375
02/15/2031 6,000,000.00 --

4.27%
6,403,066.41
6,333,505.09
107.04

4.02%
6,422,578.14
40,089.78

1.90%
89,073.05
AAA/AA
AA

5.88 5.01
91282CCS8 UNITED STATES TREASURY 1.25
08/15/2031 562,500.00 04/06/2022

2.62%
498,515.62
518,875.14

84.36 4.06%
474,543.46
874.05

0.14%
(44,331.68)
AAA/AA
AA

6.38 5.99
91282CFV8 UNITED STATES TREASURY 4.125
11/15/2032 6,000,000.00 --

3.72%
6,197,734.38
6,153,688.68
100.15

4.10%
6,008,906.28
93,667.13

1.78%
(144,782.40)
AAA/AA
AA

7.63 6.39
91282CHT1 UNITED STATES TREASURY 3.875
08/15/2033 6,500,000.00 --

4.73%
6,069,570.31
6,131,982.26

98.01 4.16%
6,370,507.78
31,310.43

1.89%
238,525.52
AAA/AA
AA

8.38 7.04
Total US Treasury 127,900,000.00 2.78%
125,225,415.87
126,232,414.48

97.97 4.03%
125,130,424.71
676,171.36

37.11%
(1
,101,989.77)

3.39 3.04
Total Portfolio 341,829,068.19 3.32%
336,183,959.19
338,195,148.78

98.67 4.26%
337,155,150.93
2,007,197.04
100.00%
(1,039,997.85)

3.10 2.56
Total Market Value +
Accrued 339,162,347.96
45 ATTACHMENT B
139

HOLDINGS REPORT
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 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
AGENCY
313385FY7 FEDERAL HOME LOAN BANKS
05/23/2025 6,800,000.00 03/28/2025

4.32%
6,755,203.11
6,758,402.89

99.39 4.31%
6,758,453.90

0.00 21.59%

51.02 A/AAA
AAA

0.15 0.14
Total Agency 6,800,000.00 4.32%
6,755,203.11
6,758,402.89

99.39 4.31%
6,758,453.90

0.00 21.59%

51.02 0.15

0.14 CASH
CCYUSD Receivable 12,786.35 --

0.00%
12,786.35
12,786.35

1.00 0.00%
12,786.35

0.00 0.04%

0.00 AAA/AAA
AAA

0.00 0.00
Total Cash 12,786.35 0.00%
12,786.35
12,786.35

1.00 0.00%
12,786.35

0.00 0.04%

0.00 0.00

0.00 COMMERCIAL
PAPER
62479LTG0 MUFG Bank, Ltd. - New York
Branch 06/16/2025 6,000,000.00 01/30/2025

4.46%
5,900,218.33
5,944,646.66

99.07 4.45%
5,944,134.00

0.00 18.99%
(512.66)
A/A
NA

0.21 0.21
Total Commercial
Paper 6,000,000.00 4.46%
5,900,218.33
5,944,646.66

99.07 4.45%
5,944,134.00

0.00 18.99%
(512.66)

0.21 0.21

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 77,065.81 --

4. 21%
77,065.81
77,065.81

1.00 4.21%
77,065.81

0.00 0.25%

0.00 AAA/AAA
AAA

0.00 0.00
Total Money Market
Fund 77,065.81 4.21%
77,065.81
77,065.81

1.00 4.21%
77,065.81

0.00 0.25%

0.00 0.00

0.00 US T

REASURY
912797MV6 UNITED STATES TREASURY
04/03/2025 6,000,000.00 01/30/2025

4.29%
5,955,858.00
5,998,598.67

99.98 4.30%
5,998,585.44

0.00 19.16%
(13.23)
A/AAA
AAA

0.01 0.01
912797PJ0 UNITED STATES TREASURY
05/20/2025 6,000,000.00 01/30/2025

4.31%
5,923,831.71
5,965,759.21

99.42 4.31%
5,965,458.00

0.00 19.06%
(301.21)
A/AAA
AAA

0.14 0.13
46 ATTACHMENT B
140

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
912797PR2 UNITED STATES TREASURY
06/10/2025 6,600,000.00 02/24/2025

4.30%
6,519,361.75
6,546,241.17

99.19 4.28%
6,546,295.80

0.00 20.91%

54.63 A/AAA
AAA

0.19 0.19
Total US Treasury 18,600,000.00 4.30%
18,399,051.46
18,510,599.04

99.52 4.30%
18,510,339.24

0.00 59.13%
(259.80)

0.12 0.11
Total Portfolio 31,489,852.16 4.33%
31,144,325.06
31,303,500.76

99.12 4.33%
31,302,779.30

0.00 100.00%
(721.45)

0.14 0.14
Total Market Value +
Accrued 31,302,779.30
47 ATTACHMENT B
141

TRANSACTIONS
48 ATTACHMENT B
142

ACQUISITIONS
Purchase 01/09/2025 59217GFT1 2,645,000.00

METROPOLITAN LIFE
GLOBAL FUNDING I 4.9
01/09/2030

99.794 4.95% (2,639,551.30) 0.00 (2,639,551.30) 0.00
Purchase 01/29/2025 89240JAD3 1,990,000.00 TAOT 25A A3 4.64 08/15/2029 99.996 4.69% (1,989,920.20) 0.00 (1,989,920.20) 0.00 Purchase 01/31/2025 91282CFY2 8,000,000.00 UNITED STATES TREASURY

3.875 11/30/2029 98.090 4.32% (7,847,187.50) (52,802.20) (7,899,989.70) 0.00 Purchase 02/11/2025 02582JKM1 3,685,000.00 AMXCA 2025-1 A 4.56 12/17/2029 99.978 4.57% (3,684,181.56) 0.00 (3,684,181.56) 0.00 Purchase 02/12/2025 096924AD7 2,185,000.00 BMWOT 2025-A A3 4.56 09/25/2029 99.990 4.56% (2,184,784.78) 0.00 (2,184,784.78) 0.00 Purchase 02/12/2025 36271VAD9 1,390,000.00 GMALT 2025-1 A3 4.66 02/21/2028 99.988 4.66% (1,389,835.98) 0.00 (1,389,835.98) 0.00 Purchase 02/26/2025 96130AWW4 2,000,000.00
Westpac Banking
Corporation - New York
Branch 5.52 04/17/2025
100.130 4.37% (2,002,594.26) (96,293.33) (2,098,887.59) 0.00 Purchase 02/27/2025 71344TW99 3,500,000.00 PepsiCo, Inc. 09/09/2025 97.710 4.35% (3,419,840.28) 0.00 (3,419,840.28) 0.00 Purchase 02/28/2025 857477CU5 4,155,000.00 STATE STREET CORP 4.536 02/28/2028 100.000 4. 51% (4,155,000.00) 0.00 (4,155,000.00) 0.00 Purchase 02/28/2025 64952WFK4 3,500,000.00 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 100.061 4.58% (3,502,135.00) (37,119.44) (3,539,254.44) 0.00 Purchase 03/12/2025 44935CAD3 2,045,000.00 HART 2025-A A3 4.32 10/15/2029 99.985 4.84% (2,044,698.36) 0.00 (2
,044,698.36) 0.00
Purchase 03/28/2025 93114ERU3 4,300,000.00 Walmart Inc. 04/28/2025 99.630 4.32% (4,284,078.06) 0.00 (4,284,078.06) 0.00 Purchase 03/31/2025 92348KDY6 2,525,000.00

VERIZON MASTER TRUST,
SERIES 2025-3 4.51
03/20/2030

99.996 4.51% (2,524,891.43) 0.00 (2,524,891.43) 0.00
Total Purchase 41,920,000.00 (41,668,698.71) (41,854,913.68) 0.00 TOTAL
ACQUISITIONS 41,920,000.00 (41,668,698.71) (41,854,913.68) 0.00

DISPOSITIONS
Call Redemption 02/06/2025 857477BR3 (437,500.00) STATE STREET CORP 1.746 02/06/2026 100.000 1.75% 437,500.00 0.00 437,500.00 0.00 49 ATTACHMENT B
143

TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|01/01/2025 Through 03/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Total Call
Redemption (437,500.00) 437,500.00 0.00 437,500.00 0.00 Maturity 01/10/2025 24422EVY2 (2,357,500.00) JOHN DEERE CAPITAL CORP

1.25 01/10/2025 100.000 2.16% 2,357,500.00 0.00 2,357,500.00 0.00 Maturity 02/12/2025 594918BB9 (2,675,000.00) MICROSOFT CORP 2.7 02/12/2025 100.000 0.77% 2,675,000.00 0.00 2,675,000.00 0.00 Maturity 02/13/2025 89236TGT6 (1,887,500.00) TOYOTA MOTOR CREDIT CORP 1.8 02/13/2025 100.000 1.59% 1,887,500.00 0.00 1,887,500.00 0.00 Maturity 02/14/2025 66989HAP3 (3,680,000.00) NOVARTIS CAPITAL CORP

1.75 02/14/2025 100.000 0.99% 3,680,000.00 0.00 3,680,000.00 0.00 Maturity 02/28/2025 912828ZC7 (4,472,500.00) UNITED STATES TREASURY

1.125 02/28/2025 100.000 0.53% 4,472,500.00 0.00 4,472,500.00 0.00 Maturity 03/14/2025 96130AWR5 (6,000,000.00)
Westpac Banking
Corporation - New York
Branch 5.32 03/14/2025
100.000 5.30% 6,000,000.00 0.00 6,000,000.00 0.00
Total Maturity (21,072,500.00) 21,072,500.00 0.00 21,072,500.00 0.00 Sale 01/07/2025 912828V98 (2,650,000.00) UNITED STATES TREASURY

2.25 02/15/2027 95.953 4.06% 2,542,757.81 23,493.55 2,566,251.36 (14,993.72) Sale 01/31/2025 91282CBC4 (2,100,000.00) UNITED STATES T

REASURY

0.375 12/31/2025 96.578 0.49% 2,028,140.63 674.38 2,028,815.01 (69,640.32) Sale 01/31/2025 9128286A3 (1,707,500.00) UNITED STATES TREASURY

2.625 01/31/2026 98.422 0.46% 1,680,553.52 22,410.94 1,702,964.46 (63,517.75) Sale 01/31/2025 91282CCZ2 (3
,700,000.00) UNITED STATES TREASURY

0.875 09/30/2026 94.695 2.75% 3,503,726.56 10,939.90 3,514,666.46 (87,534.82) Sale 02/10/2025 91282CAJ0 (1,600,000.00) UNITED STATES TREASURY

0.25 08/31/2025 97.781 0.56% 1,564,500.00 1,801.10 1,566,301.10 (32,790.07) Sale 02/10/2025 912828ZL7 (2,997,500.00) UNITED STATES TREASURY

0.375 04/30/2025 99.145 0.70% 2,971,857.32 3,167.25 2,975,024.57 (23,560.79) Sale 02/10/2025 912828ZW3 (1,597,500.00) UNITED STATES TREASURY

0.25 06/30/2025 98.469 0.70% 1,573,038.28 452.33 1,573,490.61 (21,750.45) Sale 02/10/2025 91282CBJ9 (540,000.00) UNITED STATES TREASURY

0.75 01/31/2028 90.195 2.14% 487,054.69 111.88 487,166.57 (31,923.20) Sale 03/07/2025 3130AJHU6 (900,000.00) FEDERAL HOME LOAN BANKS 0.5 04/14/2025 99.600 0.60% 896,400.00 1,787.50 898,187.50 (3,507.00) Total Sale (17,792,500.00) 17,248,028.81 64,838.83 17,312,867.64 (349,218.11) 50 ATTACHMENT B
144

TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|01/01/2025 Through 03/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
TOTAL
DISPOSITIONS (39,302,500.00) 38,758,028.81 64,838.83 38,822,867.64 (349,218.11) 51 ATTACHMENT B
145

TRANSACTION LEDGER
City of Stockton Enhanced Cash | Account #11194|01/01/2025 Through 03/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 01/30/2025 69372AQ39 750,000.00 PACCAR Financial Corp. 03/03/2025 99.616 4.38% (747,120.00) 0.00 (747,120.00) 0.00 Purchase 01/30/2025 62479LTG0 6,000,000.00 MUFG Bank, Ltd. - New York Branch 06/16/2025 98.337 4.46% (5,900,218.33) 0.00 (5,900,218.33) 0.00 Purchase 01/30/2025 912797MT1 6,000,000.00 UNITED STATES TREASURY 03/13/2025 99.504 4.33% (5,970,243.00) 0.00 (5,970,243.00) 0.00 Purchase 01/30/2025 912797MV6 6,000,000.00 UNITED STATES TREASURY 04/03/2025 99.264 4.29% (5,955,858.00) 0.00 (5,955,858.00) 0.00 Purchase 01/31/2025 912797PJ0 6,000,000.00 UNITED STATES TREASURY 05/20/2025 98.731 4.31% (5,923,831.71) 0.00 (5,923,831.71) 0.00 Purchase 01/31/2025 912797KA4 6,000,000.00 UNITED STATES TREASURY 02/20/2025 99.764 4.34% (5,985,816.67) 0.00 (5,985,816.67) 0.00 Purchase 02/25/2025 912797PR2 6,600,000.00 UNITED STATES TREASURY 06/10/2025 98.778 4.30% (6,519,361.75) 0.00 (6,519,361.75) 0.00 Purchase 03/28/2025 313385FY7 6,800,000.00 FEDERAL HOME LOAN BANKS 05/23/2025 99.341 4.32% (6,755,203.11) 0.00 (6,755,203.11) 0.00 Total Purchase 44,150,000.00 (43,757,652.57) 0.00 (43,757,652.57) 0.00 TOTAL
ACQUISITIONS 44,150,000.00 (43,757,652.57) 0.00 (4 3,757,652.57) 0.00

DISPOSITIONS
Maturity 01/16/2025 912797LY1 (30,900,000.00) UNITED STATES TREASURY 01/16/2025 100.000 4.29% 30,900,000.00 0.00 30,900,000.00 0.00 Maturity 02/20/2025 912797KA4 (6
,000,000.00) UNITED STATES TREASURY
02/20/2025 100.000 4.34% 6,000,000.00 0.00 6,000,000.00 0.00 Maturity 03/03/2025 69372AQ39 (750,000.00) PACCAR Financial Corp. 03/03/2025 100.000 4.38% 750,000.00 0.00 750,000.00 0.00 Maturity 03/13/2025 912797MT1 (6,000,000.00) UNITED STATES TREASURY 03/13/2025 100.000 4.33% 6,000,000.00 0.00 6,000,000.00 0.00 Total Maturity (43,650,000.00) 43,650,000.00 0.00 43,650,000.00 0.00 TOTAL
DISPOSITIONS (43,650,000.00) 43,650,000.00 0.00 43,650,000.00 0.00 52 ATTACHMENT B
146

IMPORTANT DISCLOSURES
City of Stockton | As of March 31, 2025
2025 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 Da ta Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is 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 i nvestments 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. 53 ATTACHMENT B
147

BENCHMARK DISCLOSURES
City of Stockton | As of March 31, 2025
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. 54 ATTACHMENT B
148

ATTACHMENT C
149
INVESTMENT POLICY 17 01 030
SUBJECT: INVESTMENT POLICY NUMBER: 17.01.030
RESPONSIBLE OFFICER:

City Manager
. EFFECTIVE DATE:
6/20/2023
POLICY OWNER:

Administrative Services Department
LAST UPDATED:

I 0/30/2017
POLICY CONT ACT:

CFO, Administrative Department, City Treasurer
ACPityPRvEDM5r Harry "Blaia (
POLICY
It is the policy of the City of Stockton to invest funds in a manner which will provide foremost for the safety of principal while meeting the short and long-term cash flow demands of the City and conforming to all statutes governing the investment of City funds.

1. Scope
This Investment Policy applies to all cash, operating, and surplus funds included within the City's audited Financial statements and held directly by the City.

Bond proceeds shall be invested in accordance with the governing bond documents (e.g. official statement and trust indenture). Proceeds of City bonds or other debt issues in possession of a trustee or fiscal agent are not considered to be part of the financial assets covered by these Investment Policy guidelines.

Also excluded from this Policy are any deferred compensation, retirement, Section 115 Trust, and Other Post Employment Benefit Plans. Investments related to these plans are not subject to this policy since third-party administrators or trustees manage the funds, and, either the individual plan participants or outside investment managers or trustees direct investment selections under the guidelines established by the plan documents.

II. Prudence
Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs; not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived.

Investments shall be made in accordance with the "Prudent Investor" standard, as described in California Government Code Section 53600.3, which states: "Except as provided in subdivision (a) of Section 27000.3, all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not 1 ATTACHMENT D
150
of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law." Ill. Objectives
Within the overriding requirement of compliance with all Federal, State and local laws governing the investment of moneys under the control of the Treasurer, and as specified in the California Government Code Section 53600.5, when investing, reinvesting, purchasing, acquiring, exchanging, selling and managing public Funds, the primary objectives, in priority order, or the investment activities shall be:

1. S. Safety of principal is the foremost objective of the investment program.

Investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the portfolio.

2. . The investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements which might be reasonably anticipated.

3. Return on Investment. The City's investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the City's investment risk constraints and cash flow requirements.

IV. Delegation of Authority
California Government Code Section 53607 allows for the delegation of investment activities to the Treasurer of the City for periods of one year. The Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials, and their procedures in the absence of the Treasurer. The delegation, subject to review, is renewable on an annual basis and is to be included as part of the adoption of the annual budget to have the authority in place at July 1 of each year.

The Treasurer may delegate the day-to-day execution of investments to a Securities and Exchange Commission (SEC)-registered investment advisor, via written agreement approved by City Council.

The Advisor, in coordination with the Treasurer, will manage the City's investment portfolio in accordance with this Investment Policy, the stated investment objectives of the City, and any such other written instructions provided by the Treasurer. The Advisor will also assist in security settlement.

V. Ethics and Conflicts of Interest
The Treasurer and any designated employees are prohibited from personal business activity that could conflict with the proper execution of the investment program, or which could impair their ability to make impartial investment decisions, or which could give the appearance thereof. Employees and investment officials shall disclose any material interests in financial institutions with which they conduct business to the Treasurer. They shall further disclose any personal financial/investment positions that could be related to the pert'ormance of the investment portfolio. Furthermore, these same individuals are prohibited from undertaking personal investment transactions with any individual with whom business is conducted on behalf of the City. The State of California Fair Political Practices Commission Statement of Economic Interests, Form 700, shall be completed on an annual basis by the Treasurer and any designee of the Treasurer. 2 ATTACHMENT D
151
Vl. Internal Controls
The Treasurer is responsible for establishing and maintaining a control structure designed to ensure that the assets of the City are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. Internal controls shall separate transaction authority from accounting and record keeping, safekeep assets, and maintain written records for all investments and wire transfers.

A. Objectives of Internal Control
Internal control is the plan of the organization and all the related systems established by management's objective of ensuring, as far as practicable:
* Orderly and efficiently conduct of its business, including adherence to management policies.
* Safeguarding of assets.
* Prevention and detection of errors and fraud.
* Accuracy and completeness of the accounting records; and * Timely preparation of reliable financial information.

An internal control system, however elaborate, can provide only reasonable assurance that the objectives are met. Internal controls are reviewed periodically to ensure effectiveness Vll.Reporting
A. Monthly: As described in California Government Code Section 53607, a report of investment transactions will be made to the City Council every month.

B. A report shall be rendered to the City Manager, City Council, and City Auditor at least four times per fiscal year and shall include:
* A complete description of the portfolio, the type of investments, the issuers, maturity dates, par and dollar amounts invested on all securities, the current market values of each component of the portfolio, the source of the portfolio valuation, investments, and monies held by the City.
* A description of any of the City's funds, investments, or programs under the management of contracted parties, including lending programs.
* The following certifications:

All investment actions executed since the last report have been made in full compliance with the Investment Policy.

The City of Stockton will meet its expenditure obligations for the next six months as described in California Government Code Section 53646(b)(3).

C. Both monthly and quarterly reports shall be made publicly available in the City Clerk's Office, on the City Website, or other appropriate means.

Vlll. Authorized and Suitable Investments
The City's investments are governed by California Government Code, Sections 53600, et seq.

Within the assets permitted by the Code; the City seeks to further restrict eligible investments to the guidelines listed below. In the event a discrepancy is found between this policy and the Code, the more restrictive parameters will take precedence. All percentage holding limits and rating 3 ATTACHMENT D
152
requirements listed in this section apply at the time the security is purchased. A security purchased in accordance with this section shall not have a forward settlement date exceeding 45 days from the time of investment.

Any investment currently held at the time the policy is adopted which does not meet the new policy guidelines can be held until maturity, and shall be exempt from the current policy. At the time of the investment's maturity or liquidation, such funds shall be reinvested only as provided in the current policy.

An appropriate risk level shall be maintained by primarily purchasing securities that are of high quality, liquid, and marketable. The portfolio shall be diversified by security type and institution to avoid incurring unreasonable and avoidable risks regarding specific security types or individual issuers.

Securities with term to maturity greater than 5 years shall not exceed 30% of total portfolio value.

A. Municipal Securities including Registered state warrants or treasury notes or bonds of this state, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by the state or by a department, board, agency, or authority of the state.

Bonds, notes, warrants, or other evidences of indebtedness of a local agency within this state, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by the local agency, or by a department, board, agency, or authority of the local agency.

Registered treasury notes or bonds of any or the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states, in addition to California.
* The securities are rated in a rating category of "A" or the equivalent or higher by at least one nationally recognized statistical rating organization ("NRSRO"). * No more than 5% of the portfolio may be invested in any single issuer. * No more than 30% of the portfolio may be in Municipal Securities. * The maximum maturity does not exceed ten (10) years.

B. United States Treasury notes, bonds, bills,
full faith and credit of the United States are
* There are no limits on the maturity,
in u.s. Treasuries
or certificates of indebtedness, or those for which the pledged for the payment of principal and interest.
dollar amount or percentage that the City may invest C. Federal Agencies or United States Government-Sponsored Enterprise (GSE) obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government-sponsored enterprises. * Includes agency-backed mortgage-backed securities, mortgage pass-through securities, and collateralized mortgage obligations.
* There are no limits on the maturity, dollar amount, or percentage that the City may invest in Federal Agency or Government-Sponsored Enterprises (GSEs), provided that:
* No more than 20% of the portfolio may be invested in a federal agency or GSE issued mortgage-backed securities, mortgage pass-through securities, and collateralized mortgage obligations.
4 ATTACHMENT D
153
D. Banker's Acceptances otherwise known as bills of exchange or time drafts that are drawn on and accepted by a commercial bank.
* Issued by institutions which have short-term debt obligations rated "A-1 " or higher by at least one NRSRO; or long-term debt obligations which are rated in a rating category of "A" or the equivalent or higher by at least one NRSRO, provided that:
* No more than 40% of the portfolio may be invested in Banker's Acceptances. * No more than 5% of the portfolio may be invested in any single issuer. * The maximum maturity does not exceed 180 days.

E. Commercial Paper of "prime" quality of the highest ranking or of the highest letter and number rating as provided for by a nationally recognized statistical rating organization (NRSRO). The entity that issues the commercial paper shall meet all of the following conditions in either paragraph (1 ) or (2):
(1 ) The entity meets the following criteria:
(A) Is organized and operating in the United States as a general corporation. (B) Has total assets in excess of five hundred million dollars ($500,000,000). (C) Has debt other than commercial paper, if any, that is rated in a rating category of "A" or its equivalent or higher by an NRSRO.
(2) The entity meets the following criteria:
(A) Is organized within the United States as a special purpose corporation, trust, or limited liability company.
(B) Has program wide credit enhancements including, but not limited to, overcollateralization, letters of credit, or a surety bond. (C) Has commercial paper that is rated "A-1 " or higher, or the equivalent, by an NRSRO.

Commercial paper that meets the above requirements is permitted, provided that:
* Thesecuritiesarerated"A-1"orhigherbyatleastoneNRSRO. * No more than 40% of the portfolio may be invested in commercial paper. * No more than 5% of the portfolio may be invested in any single issuer. * The maximum maturity does not exceed 270 days.

F. Negotiable Certificates of Deposit (NCDs), issued by a nationally or state-chartered bank, a savings association or a federal association, a state or federal credit union, or by a federally licensed or state-licensed branch of a foreign bank, provided that:
@ The amount of the NCD insured up to the FDIC limit does not require any credit ratings. * Any amount above the FDIC insured limit must be issued by institutions which have short- term debt obligations rated "A-1 " or higher by at least one NRSRO; or long-term obligations rated in a rating category of "A" or the equivalent or higher by at least one NRSRO. * No more than 30% of the total portfolio may be invested in NCDs. * No more than 5% of the portfolio may be invested in any single issuer. * The maximum maturity does not exceed five (5) years.

G. Federally Insured Time Deposits (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions, provided that:
* The amount per institution is limited to the maximum covered under federal insurance. @ No more than 20% of the portfolio will be invested in a combination of federally insured time deposits, collateralized time deposits and Certificate of Deposit Account Registry Service (CDARS).
* The maximum maturity does not exceed five (5) years. 5 ATTACHMENT D
154
H. Collateralized Time Deposits (Non-Negotiable Certificates of Deposit) in state or federally chartered banks, savings and loans, or credit unions in excess or insured amounts which are fully collateralized with securities in accordance with California law, provided that:
@ No more than 20% of the portfolio will be invested in a combination of federally insured time deposits, collateralized time deposits, and CDARS. @ The maximum maturity does not exceed five (5) years.

1. Certificate of Deposit Placement Service (CDARS), provided that:
* No more than 20% of the total portfolio may be invested in a combination of federally insured time deposits, collateralized time deposits, and CDARS. * The maximum maturity does not exceed five (5) years.

J. Collateralized Bank Deposits. City's deposits with financial institutions will be collateralized with pledged securities per California Government Code, Section 53651.

K. Repurchase Agreements collateralized with securities authorized under California Government Code, maintained at a level of at least 1 02% of the market value of the Repurchase Agreement.

There are no limits on the dollar amount or percentage that the City may invest, provided that:
* Securities used as collateral for Repurchase Agreements will be delivered to an acceptable third party custodian.
* Repurchase Agreements are subject to a Master Repurchase Agreement between the City and the provider of the repurchase agreement. The Master Repurchase Agreement will be substantially in the form developed by the Securities Industry and Financial Markets Association.
* Themaximummaturitydoesnotexceedone(1)year.

L. State of California Local Agency Investment Fund (LAIF). * The City may invest up to the maximum amount permitted by LAIF. * LAIF's investments in instruments prohibited by or not specified in the City's policy do not exclude the investment in LAIF itself from the City's list of allowable investments, provided LAIF's reports allow the Treasurer to adequately judge the risk inherent in LAIF's portfolio.

M. California Asset Management Program
N. Medium Term Notes (MTNs) defined as all corporate and depository institution debt securities with a maximum remaining maturity of five years or less, issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States, provided that:
* The securities are rated in a rating category of "A" or the equivalent or higher by at least one NRSRO.
* No more than 30% of the total portfolio may be invested in MTNs. * No more than 5% of the portfolio may be invested in any single issuer. * The maximum maturity does not exceed five (5) years.

0. A pay-through bond, equipment lease-backed certificate, consumer receivable pass-through certificate, or consumer receivable-backed bond of a maximum remaining maturity of five years' or less, provided that:
6 ATTACHMENT D
155
* The securities are rated in a rating category of "AA" or the equivalent or higher by a NRSRO.
* No more than 20% of the total portfolio may be invested in these securities. * No more than 5% of the portfolio may be invested in any single Asset-Backed security issuer.
* The maximum legal final maturity does not exceed five (5) years.

P. Shares of beneficial interest issued by diversified management companies that are money market funds registered with the Securities and Exchange Commission under the Investment Company Act or 1940 (15 u.s.c. Sec. 80a-1 et seq.). Money market Funds eligible under this paragraph are restricted to those which invest solely in US Government and Agency securities, provided that:
* Such Funds meet either of the following criteria:

A. Have attained the highest ranking or the highest letter and numerical rating provided by not less than two (2) NRSROs; or
B. HaveretainedaninvestmentadviserregisteredorexemptFromregistrationwiththe Securities and Exchange Commission with not less than five years' experience investing in the securities and obligations authorized by California Government Code, Section 53601 and with assets under management in excess of $500 million. e No more than 20% of the total portfolio may be invested in Money Market Funds.

Q. Supranational, provided that:
* IssueS are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank. * The securities are rated in a rating category of "AA" or the equivalent or higher by a NRSRO.
* No more than 30% of the total portfolio may be invested in these securities. * No more than 1 0% of the portfolio may be invested in any single issuer. @ The maximum maturity does not exceed five (5) years.

IX. Review of Investment Portfolio
All securities purchased by the City must be in compliance with Section Vlll Authorized and Suitable Investments at the time of purchase. Because some securities may not comply with Section Vlll Authorized and Suitable Investments subsequent to the date of purchase, the Treasurer shall at least annually review the portfolio to identify those securities that do not comply.

Any investment currently held that becomes non-compliant due to a change of the policy after its acquisition will not have to be sold immediately. As long as investments are compliant at the time of purchase, they are acceptable to hold to maturity if that is the Treasurer's decision. It is not, however, acceptable to reinvest the proceeds of those maturities in any investment that does not meet the most current Investment Policy guidelines. The Treasurer shall establish procedures to report to the City Council and to its oversight committee, should one exist, any incidences of noncompliance identified through the review of the portfolio.

X. Investment Pools/Mutual Funds
A thorough investigation of any permitted pool/fund is required prior to investing, along with periodic due diligence reviews at least annually. The prospectus, program guide or offering statement shall be reviewed to ensure compliance with the following criteria:
7 ATTACHMENT D
156

1. A description or eligible investment securities, and a written statement of investment policy and objectives.

2. A description of interest calculations and how it is distributed, and how gains and losses are treated.

3. A description of how the securities are safeguarded (including the settlement processes), and how often the securities are priced and the program audited.

4. A description of who may invest in the program, how often, what size deposit and withdrawal are allowed.

5. A schedule for receiving statements and portfolio listings.

6. Are reserves, retained earnings, etc. utilized by the pool/fund?

7. A fee schedule, and when and how is it assessed.

8. Is the pool/fund eligible for bond proceeds and/or will it accept such proceeds? XI. Collateral Requirements
California Government Code Sections 53652 and 53667 require depositories to post certain types and levels of collateral for public funds on deposit above the FDIC insurance amounts. The collateral requirements apply to bank deposits, both active (checking and savings accounts) and inactive (non- negotiable time certificates of deposit), and to repurchase agreements.

The City chooses to limit collateral to the following: u.s. Treasuries and Federal Agency Obligations.

Collateral will always be held by an independent third party with whom the City has a current custodial agreement. A clearly marked evidence of ownership (safekeeping receipt) must be supplied to the City and retained. The right of collateral substitution may be granted.

Xll.Authorized Financial Institutions and Dealers
A. For brokers/dealers of government securities and other investments, the Treasurer shall select only brokers/dealers who are licensed and in good standing with the California Department or Securities, the Securities and Exchange Commission, and/or Financial Industry Regulatory Authority, Inc. (FINRA). Before engaging in investment transactions with a broker/dealer, the Treasurer shall obtain a signed verification form that attests the individual reviewed the City's Investment Policy, and intends to present only those investment recommendations and transactions to the City that is appropriate under the terms and conditions of the Investment Policy.

B. The City may engage the services of one or more external managers to assist in the management of the City's investment portfolio. Such external managers may be granted discretion to purchase and sell investment securities in accordance with this Investment Policy.

External managers may use their own list of approved broker-dealers. Such managers must be registered under the Investment Advisers Act of 1940.

C. Public deposits shall be made only in qualified public depositories within the State of California as established by State law. Deposits shall be insured by the Federal Deposit Insurance Corporation (FDIC), or, to the extent the amount exceeds the insured maximum, shall be collateralized with securities in accordance with State law.

D. The Administrative Services Department shall verify investment trades against the bank transactions and broker confirmation tickets to ensure accuracy. On a monthly basis, the custodial asset statement shall be reconciled with the month end portfolio holdings.

Xlll. Maximum Allowable Maturity of Investments
The investment program may include investments with maturities beyond five years, if in the judgment of the Treasurer, such investments should result in a more favorable rate of return for the 8 ATTACHMENT D
157
City. Per California Government Code Section 37354, donated securities are not subject to maturity limits. Investments maturing beyond a five-year horizon should not exceed 30% of the total pomolio value at any given time. Investments of greater than five years shall be permitted for US Treasury, US Agency or GSE obligations, and municipal securities, as described in Section Vlll Authorized and Suitable Investments, paragraphs A, B and C. Additionally, investments in City Variable Rate obligations, with maturities greater than five years, may be made when IRS and SEC guidelines permit. For purposes of compliance with this Policy, an investment's term or remaining maturity shall be measured from the settlement date to final maturity.

XIV. Mitigating Risk in the Portfolio
A. Credit Risk
* The City will diversify its investments to diminish the credit risk resulting from concentrations in any one non-governmental issuer. * If a security owned by the City is downgraded to a level below the quality required for purchase by this Policy, the Treasurer shall review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio.

B. Market Risk. While the City recognizes that longer term portfolios achieve higher returns, longer term portfolios also have higher volatility of market values and total return. The City will limit market risk by limiting the concentrations, volume and duration of its longer term investments, as well as limiting them to funds which are not needed for current year cash flow purposes. * Maturities selected shall provide for stability of income and liquidity. * Portfolio maturities shall be managed to avoid undue concentration in any specific maturity.
* The City may sell a security prior to its maturity (recording a gain or loss) to diminish the portfolio's exposure to market risk.

C. Diversification is required that potential losses on individual securities do not exceed the income generated from the remainder of the portfolio.

D. The City may sell a security prior to its maturity (recording a gain or loss) to adjust the portfolio duration or improve the risk structure, liquidity or yield of the porHolio in response to market condition or City needs.

XV. Safekeeping and Delivery
A. To protect against fraud, embezzlement, or losses caused by collapse of individual securities dealers, all securities owned by the City shall be held in safekeeping by the City's custodial bank, a third-party bank trust department, acting as agent for the City under the terms of a custody agreement.

B. All security transactions entered into by the City shall be conducted on a standard delivery- versus-payment basis, which ensures that securities are deposited with the third-party custodian prior to the release of funds. All securities purchased or acquired shall be delivered to the City by book entry, physical delivery or by third-party custodial agreement as required by California Government Code Section 53601. Investments in the State Pool, California Asset Management Program, or money market mutual funds are undeliverable and are not subject to third-party safekeeping requirements.

XVI. Diversification
The City's investments shall be diversified by:

Limiting investments to avoid over concentration in securities from a specific issuer or 9 ATTACHMENT D
158
business sector (excluding u.s. Treasury securities).

Limiting investment in securities that have higher credit risks.

Investing in securities with varying maturities.

Continuously investing a portion of the portfolio in readily available funds such as money market funds to ensure that appropriate liquidity is maintained to meet ongoing obligations.

XVII. Performance Evaluation and Operations Audit
Investment of City funds is governed by the California Government Code Section 53600, et seq.

Within the context of those limitations, the analysis and selection of investments includes prudent investment principals, review of investment performance, current and expected interest rate yields (economic and interest rate trends), diversification, and structured maturity composition to meet necessary cash flow requirements.

The investment performance objective for the portfolio shall be to earn a total rate of return over a market cycle which is approximately equal to the return on a market benchmark which reflects the City's investment objectives and risk preferences.

The Treasurer shall ensure that the City's annual process of independent review by an external auditor will include a review to assure full compliance with this investment policy and a review of acceptable internal controls.

XVII. Investment Policy Adoption
As stated in California Government Code Section 53646(2)(b), the Treasurer may annually render to the City Council a statement of Investment Policy, and any changes thereto, for consideration at a public meeting.
10 ATTACHMENT D
159
Glossary
AGENCIES: Federal agency securities and/or government-sponsored enterprises (GSEs).

ASK PRICE: The price at which securities are offered.

BANKERS' ACCEPTANCE (BA): 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 issuer.

BENCHMARK: A omarket index used as a comparative base for measuring the relative performance of the investment portfolio. A benchmark should represent a close correlation to the level of risk and the average duration of the portfolio's investments.

BID: The price offered by a buyer of securities. (When you are selling securities, you ask for a bid.) See Offer.

BROKER/DEALER: A person or firm in the business of buying and selling securities from/to customers.

CERTIFICATE OF DEPOSIT (CD): A time deposit with a specific maturity evidenced by a Certificate.

Large-denomination CD's are typically negotiable.

COLLATERAL: Securities, evidence of deposit or other property, which a borrower pledges to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public monies.

COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR): The official annual report of a public body. It includes five combined statements for each individual fund and account group prepared in conformity with GAAP. It also includes supporting schedules necessary to demonstrate compliance with finance-related legal and contractual provisions, extensive introductory material, and a detailed Statistical Section.

COUPON: The annual rate of interest that a bond's issuer promises to pay the bondholder on the bond's face value.

DEBENTURE: A bond secured only by the general credit of the issuer.

DELIVERY VERSUS PAYMENT: Delivery of securities with a simultaneous exchange of money for the securities.

DERIVATIVES: (1 ) Financial instruments whose return profile is linked to, or derived from, the movement of one or more underlying index or security, and may include a leveraging Factor, or (2) financial contracts based upon notional amounts whose value is derived from an underlying index or security (interest rates, foreign exchange rates, equities or commodities).

DISCOUNT: The difference between the cost price of a security and its maturity value when quoted at lower than face value.

DISCOUNT SECURITIES: Non-interest bearing money market instruments that are issued a discount and redeemed at maturity for full face value (e.g., U.S. Treasury Bills.) The difference between the discounted purchase price and the maturity value represents the interest earnings on the investment.

DIVERSIFICATION: Dividing investment funds among a variety of sectors, securities, or maturities that offer independent returns.

DURATION: A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. 11 ATTACHMENT D
160
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC): A federal agency that insures bank deposits, currently up to $250,000 per entity.

FEDERAL FUNDS RATE: The interest rate at which
depository institutions overnight. This rate is pegged depository institutions lend reserve balances to other by the Federal Reserve.

FEDERAL HOME LOAN BANK (FHLB) SYSTEM: A system of 11 regional banks from which local lending institutions across the u.s. borrow funds to finance housing, economic development, infrastructure and jobs. There are approximately 7,100 FHLB System members, including commercial banks, thrifts, credit unions, and insurance companies. Each member is a shareholder in one of the regional FHLBs; each regional Bank is an individual corporate entity, which must meet strict management and capitalization criteria befitting its status as a government-sponsored enterprise.

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA or Fannie Mae): Fannie Mae is a government-sponsored enterprise ("GSE") chartered by Congress. It serves as a stable source of liquidity for purchases of homes and financing of multifamily rental housing, as well as for refinancing existing mortgages. It also supports the liquidity and stability of the u.s. mortgage market primarily by securitizing mortgage loans originated by lenders into Fannie Mae mortgage-backed securities that it guarantees which are referred to as Fannie Mae MBS.

FEDERAL OPEN MARKET COMMITTEE (FOMC): A committee within the Federal Reserve System (the Fed), that is charged under u.s. law with overseeing the nation's open market operations (i.e., the Fed's buying and selling of United States Treasury securities. It consists of seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank Presidents, who serve on a rotating basis.

The Committee meets about 8 times per year to set Federal Reserve monetary policy, including establishing the target for the fed funds rate.

FEDERAL RESERVE SYSTEM: The central bank of the United States. It was created by Congress and consists of a seven member Board of Governors in Washington, D.C., 12 regional banks and about 7,000 commercial banks that are members of the system. Its role is to conduct the nation's monetary policy, maintain the stability of the financial system, supervise and regulate financial institutions, foster payment and settlement system safety and efficiency, and promote consumer protection and community development.

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA or Ginnie Mae): Securities influencing the volume of bank credit guaranteed by GNMA and issued by mortgage bankers, commercial banks, savings and loan associations, and other institutions. Security holder is protected by full faith and credit of the u.s. Government. Ginnie Mae securities are backed by the FHA, VA or FHA mortgages. The term "pass-throughs" is often used to describe Ginnie Maes.

In the money market, a security is said to be liquid if the spread between bid and asked prices is narrow and reasonable size can be done at those quotes. LOCAL GOVERNMENT INVESTMENT POOL (LGIP):

The aggregate of all funds from political subdivisions that are placed in the custody of the State Treasurer for investment and reinvestment.

MARKET VALUE: The price at which a security is trading and could presumably be purchased or sold.

MASTER REPURCHASE AGREEMENT: A written contract covering all transactions between the parties to a repurchase or reverse repurchase agreement. It establishes each party's rights in the transactions, among other things, the right of the buyer-lender to liquidate the underlying securities in the event of default by the seller-borrower.

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

MONEY MARKET: The market in which short-term debt instruments (bills, commercial paper, bankers' acceptances, etc.) are issued and traded.
12 ATTACHMENT D
161
OFFER: The price asked by a seller of securities. (When you are buying securities, you ask for an offer.) See Asked and Bid
PORTFOLIO: Collection of securities held by an investor.

PRIMARY DEALERS: Banks and securities broker-dealers designated by the Federal Reserve Bank of New York that permit them to trade in u.s. Government securities directly with the Fed in its implementation of monetary policy. They are also expected to make markets for the New York Fed on behalf of its official accountholders as needed, and to bid on a pro-rata basis in all Treasury auctions at reasonably competitive prices.

PRUDENT PERSON RULE: An investment standard. In some states the law requires that a fiduciary, such as a trustee, may invest money only in a list of securities selected by the custody state-the so-called legal list. In other states the trustee may invest in a security if it is one which would be bought by a prudent person of discretion and intelligence who is seeking a reasonable income and preservation of capital.

RATE OF RETURN: The actual realized return on an investment or portfolio of investments over a specified period of time.

REPURCHASE AGREEMENT (REPO): A transaction in which an investor purchases securities from a counterparty with a simultaneous agreement to sell them back at a fixed price on a fixed date in the future.

The security "buyer" in effect lends the "seller" money for the period of the agreement, and the terms of the agreement are structured to compensate for this by paying an implied rate of interest for the term of the repo.

REVERSE REPURCHASE AGREEMENT (REVERSE REPO): The opposite transaction to a repo. A reverse-repurchase agreement (reverse repo) involves a counterparty borrowing cash from a financial institution in exchange for a temporary sale of securities used as collateral. The borrower agrees to repurchase the securities at a specified date for an agreed upon price, which includes interest. While a repo is a straightforward investment of funds, the reverse repo is a borrowing which can be used to fund a temporary cash shortage, or to create leverage.

SAFEKEEPING: A fee-based service provided by banks to hold and safeguard customer assets and investments.

SECONDARY MARKET: A market made for the purchase and sale of outstanding issues following the initial distribution.

SECURITIES & EXCHANGE COMMISSION: An independent, federal government agency responsible for protecting investors, maintaining fair and orderly functioning of securities markets, and facilitating capital formation. It is also the responsibility of the Commission to interpret and enforce federal securities laws, issue new rules and amend existing rules, oversee the inspection of securities firms, brokers, investment advisers, and ratings agencies, oversee private regulatory organizations in the securities, accounting, and auditing fields, and coordinate u.s. securities regulation with federal, state, and foreign authorities.

SEC RULE 15(C)3-'1: See Uniform Net Capital Rule.

STRUCTURED NOTES: Complex notes typically issued by Government Sponsored Enterprises (FHLB, FNMA, etc.) and corporations, which have imbedded options or other complications (e.g., variable coupons, derivative-based returns) that can significantly affect their performance.

TREASURY BILLS: A non-interest bearing short-term discount security issued by the u.s. Treasury to finance the national debt. Most T-bills are issued to mature in three months, six months, or one year.

TREASURY BONDS: Long-term coupon-bearing u.s. Treasury securities issued as direct obligations of the u.s. Government and having initial maturities of more than 10 years. 13 ATTACHMENT D
162
TREASURY NOTES: Medium-term coupon-bearing u.s. Treasury securities issued as direct obligations of the u.s. Government and having initial maturities from two to 10 years.

UNIFORM NET CAPITAL RULE: Securities and Exchange Commission requirement that member firms as well as nonmember broker-dealers in securities maintain a maximum ratio of indebtedness to liquid capital of 15 to 1 ; also called net capital rule and net capital ratio. Indebtedness covers all money owed to a firm, including margin loans and commitments to purchase securities, one reason new public issues are spread among members of underwriting syndicates. Liquid capital includes cash and assets easily converted into cash.

YIELD: The rate of annual income return on an investment, expressed as a percentage. (a) INCOME YIELD is obtained by dividing the current dollar income by the current market price for the security. (b) NET YIELD or YIELD TO MATURITY is the current income yield minus any premium above par or plus any discount from par in purchase price, with the adjustment spread over the period from the date of purchase to the date of maturity of the bond.
14 ATTACHMENT D
163

RESPONSIBILITIES
City Treasurer for implementation of this policy.

RELEV ANT AUTHORITY
Article Xll, Section 120'l, of the City of Stockton Charter California Government Code Section 53607 allows for the delegation of investment activities to the Treasurer of the City for periods of one year. That delegation, subject to review, is renewable on an annual basis and is to be included as part of the adoption of the annual budget to have the authority in place at July I of each year.

Chapter 2.20.050 of the City of Stockton Municipal Code (SMC) defines "Treasurer" as the Director of Administrative Services. Chapter 2.20.060 of the SMC provides that management responsibility For the investment program is delegated to the Administrative Services Director. Under the provision of California Government Code Section 53600.3, the Treasurer is a trustee and therefore a fiduciary subject to the prudent investor standard outlined in the section below.

The City may engage the services of an external investment manager to assist in the management of the City's investment portfolio in a manner consistent with the City's objectives. Such an external manager may be granted discretion to purchase and sell investment securities in accordance with this Investment Policy. Such managers must be registered under the Investment Advisers Act of I 940.

RELATED CITY POLICIES

FAIR POLITICAL PRACTICES COMMISSION

RELATED CITY PROCEDURES
N/A

RELATED FORMS, DOCUMENTS, OR LINKS
FAIR POLITICAL PRACTICES COMMtSSlON

FREQUENTLY ASKED QUESTIONS
N/A

UPDATE HISTORY
N/A
15 ATTACHMENT D
164
16 ATTACHMENT D
165
City of Stockton
Legislation Text
File #: 25-0776, Version: 1
ACCEPTANCE OF THE QUARTERLY INVESTMENT REPORT FOR QUARTER ENDED JUNE 30, 2025

RECOMMENDATION
It is recommended that the City Council, by motion, accept the Quarterly Investment Report for the quarter ending on June 30, 2025
Summary
Pursuant to California Government Code section 53646 and the City’s Investment Policy No.

17.01.030 (Attachment D), the City Treasurer (Chief Financial Officer) is required to provide a quarterly report and certification to the City Council, City Manager, and City Auditor.

Due to the specialized services and expertise required to assist the City with the varied investment options available, effective July 1, 2022, the City moved to have two portfolio managers manage separate portions of the City’s Reserve portfolio. The Quarterly Investment Reports for PFM Asset Management (PFMAM) (Attachment A), Chandler Asset Management (Attachment B), and the Certification for the quarter ending June 30, 2025 (Attachment C), are being provided as required.

The City’s consolidated investment portfolio was $1,060,775,169 as of June 30, 2025, which represents an increase of $33 million from the prior market value for the quarter ending on March 31,2025. This consolidated investment portfolio includes the City’s liquidity position, short-term investments, and the reserve portfolios. (Attachment A- PFMAM Investment Report, page 18).

Total Program Breakdown:
· Reserve Portfolio - $815,359,573
· Short Term Portfolio - $31,638,658
· BMO Main Account - $117,219,682
· California Asset Management Program (CAMP) - $95,688,874 · Local Agency Investment Fund (LAIF) - $868,382

DISCUSSION
Background
To comply with state law and City policy, the City is required to present quarterly certification and investment reports detailing the City’s investment portfolio to the City Council, City Manager, and City Auditor. The City also posts monthly transaction reports to the City’s website. The Quarterly Investment Report shall include a complete description of the portfolio, the types of investments, the City of Stockton Printed on 8/7/2025Page 1 of 2
powered by Legistar™
166
File #: 25-0776, Version: 1
issuers, maturity dates, par value, and dollar amounts invested in all securities, investments, or programs that are under the management of contracted parties, including lending programs. The certification must provide assurances that investments were made consistent with the City’s Investment Policy and that the City will meet its obligations for the next six months.

Present Situation
The City divides its investment portfolio into Reserve and Liquid portions. The Reserve portion represents the long-term assets managed by PFMAM and Chandler Asset Management, and the Liquid portion represents funds invested in several short-term investment vehicles including State of California LAIF, CAMP, and Dreyfus Treasury Money Market, to maintain adequate liquidity and optimize returns.

City staff work closely with both PFMAM and Chandler Asset Management to monitor the status of the City’s investment portfolios and their returns. Details on these returns are reflected in Attachment A, page 25 (PFMAM Investment Report) and on Attachment B, page 25 (Chandler Investment Report). The quarterly return valuation includes funds from all activities, restricted and unrestricted, and includes changes in fair market value (unrealized gains/losses).

FINANCIAL SUMMARY
There is no financial impact related to the presentation and acceptance of these reports.

Attachment A - PFMAM Investment Report
Attachment B - Chandler Investment Report
Attachment C - Certification of Quarterly Investment Report City of Stockton Printed on 8/7/2025Page 2 of 2
powered by Legistar™
167
Investment Performance Review
For the Quarter Ended June 30, 2025
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc
Monique Spyke, Managing Director
Allison Kaune, Relationship Manager
Joseph Creason, Portfolio Manager
Rachael Miller, Client Consultant
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF STOCKTON

ATTACHMENT A
168
PFM Asset Management | pfmam.com
• Market Update
Acc
ount Summary•
Portfolio Review•

ATTACHMENT A
169
PFM Asset Management | pfmam.com
Market Update

ATTACHMENT A
170
Current Market Themes
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of June 30, 2025. ▸ U.S. economy is resilient but showing signs of cooling ▹ Headline employment data belies underlying weakening
▹ Inf
lation remained rangebound but does not yet reflect the full impact of tariffs ▹ Fiscal policy uncertainty and volatile tariff rollouts weigh on consumer sentiment ▸ Fed remains on hold but may cut rates later this year ▹ The Fed’s June “dot plot” implies 50 bps of cuts in the back half of 2025 but members are spl
it between 0 and 2 cuts this year
▹ Fed Chair Powell stated the effect, size, and duration of tariffs are all highly uncertain making staying on hold the appropriate thing to do as they wait to learn more ▸ Treasury yields whipsawed by tariff announcements in Q2 ▹ Concerns over the budget bill, debt ceiling, and monetary policy added to volatility ▹ The
yield curve continued to steepen between 2 years and 10 years ▹ Credit spreads widened sharply following tariff fears but tightened to levels near historic tights by quarter end

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
171
China +10%

3.7%
China +10%
Canada/Mexico +25%
Canadian energy +10%

11.5%
USMCA exemption for
Canada/Mexico

5.6%
Steel &
aluminum
+25%

6.6%
+10% reciprocal
tariff

13.4%
China
+50%

27.5%
China to 125%
Pause on other
reciprocal tariffs

26.9%
China to 30%

12.6%
Steel &
aluminum +25%

13.2%
Add appliances to steel
& aluminum

13.4%
New reciprocal tariffs
announced and set for
implementation Aug 1st
0%
5%
10%
1 5%
20%
25%
30%
3-Feb 17-Feb 3-Mar 17-Mar 31-Mar 14-Apr 28-Apr 12-May 26-May 9-Jun 23-Jun 7-Jul Effective Tariff Rate
Select Activity from February 3, 2025 to July 8, 2025
Uncertainty Remains Exceptionally High
Source: Bloomberg Finance L.P. as of July 8, 2025. Yellow dots represent activity impacting effective tariff rate.

Fiscal Policy Adds
to Uncertainty
Debt Ceiling
Fun
ding Freezes
Tax Reform
Budget/Spending

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
172
Source: CBO: Estimated Budgetary Effects of an Amendment in the Natu re of a Substitute to H.R. 1, the One Big Beautiful Bill Act, Relative to CBO's January 2025 Baseline | Congressional Budget Office . and Bloomberg Finance L.P., as of July 1, 2025.

Impacts of Reconciliation Bill
-16%
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2010 2014 2018 2022 2026 2030 2034
U.S. Deficit to GDP
Bloomberg Economics Forecast
Homeland Security
Medicare & Medicaid
Agriculture, Nutrition, and Forestry
Congressional Budget Office (CBO)
Select Sectors FY 2025 - FY 2034
Incre
ase deficit by $4.6 trillion
Decrease deficit by $120 billion
Increase deficit by $129 billion
Decrease deficit by $1.1 trillion
Total Deficit Impact: -$3.3 trillion
Other Spending Cuts
Decrease deficit by $371 billion
TCJA & Tax Cuts
Armed Services
Increase deficit by $149 billion

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
173
Moody’s Downgrades United States to Aa1
Source: Moody’s Ratings, as of May 2025.
▸ Rationale for downgrade
▹ Large fiscal deficits which have led to increases in government debt and interest payment ratios to levels significantly above those of Aaa-rated peers ▹ High deficit-to-GDP and debt-to-GDP ratios that are expected to rise further due to increased interest payments on debt, rising entitlement spending, and relatively low new revenue generation
▸ Rationale for stable outlook
▹ Exceptional credit strengths such as the size, resilience and dynamism of its economy and the role of the US dollar as the global reserve currency ▸ The downgrade is generally expected to have a minimal impact on markets ▹ S&P and Fitch previously downgraded the United States in 2011 and 2023, respectively
▹ United States has been on credit watch negative by Moody’s since November of 2023
▹ The dollar remains the world’s reserve currency and Treasuries remain highly liquid ▹ Moody’s also downgraded the U.S. government sponsored enterprises, and several banks and insurance companies whose rating was tied to the US government
Aaa Aa1
United States

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
174
The Fed’s Dual Mandate Gets More Complicated
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Bureau of Economic Analysis, and Bloomberg Finance L.P., as of May 2025 (left). Bureau of Labor Statistics, and Bloomberg Finance L.P., as of June 2025 (right). Data is seasonally adjusted. Survey responses after June 27, 2025, included in median and forecast range. Forecast range shown is the 75th and 25th percentile of responses.

Sep-25

3.2%
Dec-25

3.3%
Jun-26

3.0%
May-25

2.7%
1 %
2%
3%
4%
5 %
6%
Jun-23 Jun-24 Jun-25 Jun-26
Core PCE Inflation (YoY)
Average Forecast Actual
Jun-25

4.1%
Sep-25

4.4%
D
ec-25

4.5%
Jun-26

4.5%
3%
4%
5%
Jun-23 Jun-24 Jun-25 Jun-26
Unemployment Rate
Median Forecast Actual
Fed Chair Powell : “We may find ourselves in the challenging scenario in which our dual mandate goals are in tension. If that were to occur, we would consider how far the economy is from each goal and the potentially different time horizons over which those respective gaps would be anticipated to close.”

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
175

1.4%

1.6%

1.8% 1.8%
0%
1%
2%
3%
2025 2026 2027 Longer
Run
Change in Real GDP
Mar Projections Jun Projections

3.0%

2.4%

2.1% 2.0%
0%
1%
2%
3%
4%
2025 2026 2027 Longer
Run
PCE Inflation
Mar Projections Jun Projections
Fed’s Updated Summary of Economic Projections
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve, latest median economic projections as of June 2025.

4.5% 4.5% 4.4% 4.2%
0%
1%
2%
3%
4%
5%
6%
2025 2026 2027 Longer
Run
Unemployment Rate
Mar Projections Jun Projections

3.9% 3.6% 3.4%

3.0%
0%
1%
2%
3%
4%
5%
2025 2026 2027 Longer
Run
Federal Funds Rate
Mar Projections Jun Projections
Fed Chair Powell : “[T]hink of it as the least unlikely path in a situation like this where uncertainty is very high.”

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
176
2025 Longer Term2026
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Jun-25 FOMC Projections
Mar-25 Median
Jun-25 Median
2027

3.0%2 cu ts 1 cuts 1 cut
Fed’s Latest “Dot Plot” Shows Divergent Views
0 Cuts
2 Cuts
Fed Chair Powell : “[W]ith uncertainty as elevated as it is, no one holds these rate paths with a lot of conviction.” Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. 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 June 2025.

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
177
Source: Bloomberg Finance L.P., as of June 30, 2025.

U.S. Treasury Yield Curve Steepens

4.29%

3.72%

3.80%

3.99%

4.23%

4.77%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00% Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
June 30, 2025
March 31, 2025
3mo 2yr 5yr 7yr 10yr 20yr 30yr

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
178
Sector Yield Spreads
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of June 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index. -0.2%
-0.1%

0.0%

0.1%

0.2%
Mar-25 Apr-25 May-25 Jun-25
Federal Agency Yield Spreads
Bullet Callable 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Mar-25 Apr-25 May-25 Jun-25
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Mar-25 Apr-25 May-25 Jun-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Mar-25 Apr-25 May-25 Jun-25
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
2 bps
53 bps
43 bps 56 bps

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
179
1-5 Year Indices
Fixed-Income Index Total Returns in 2Q 2025

1.36%

1.27% 1.32%

1.68%

1.89%

0.0%

0.5%

1.0%

1.5%

2.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Second Quarter 2025 Returns

6.07%

5.72%

6.03%

7.06%

7.53%

0.0%

2.0%

4.0%

6.0%

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

3.39%

3.01%

2.73%

3.73%

3.88%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
YTD 2025 Returns
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of June 30, 2025.

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
180
▸ The Federal Open Market Committee (FOMC)
maintained the target range for the federal funds rate
at 4.25-4.5% during both meetings in Q2, citing
resilience in the labor market and marginal
improvements in an otherwise sticky inflation picture.
▸ U.S. Treasury yields in the intermediate-term (2-7
years) moved lower over the quarter. The change in
yields reflected ongoing market sensitivity to domestic policy uncertainty, with a continued focus on the
potential impacts of taxes, tariffs, immigration, and
deregulation. However, progress on trade
negotiations and lower recession probabilities kept
the declines in check. As a result of the Treasury rally, total returns were strong for the quarter.
▸ Federal Agency & supranational spreads remained
low throughout Q2. Both sectors produced slightly
positive excess returns for the quarter. Issuance
remained light and the incremental income from the
sectors is near zero.
▸ Investment-Grade (IG) corporate bond spreads
spiked early in the quarter on tariff announcements,
but as external stressors eased much of the widening
retraced. Demand for new issuance remains strong
while net issuance is predicted to decrease over the
balance of the year. Lower-quality issuers
outperformed as did banks and other financials.
▸ Asset-Backed Securities spreads retraced over
quarter, but to a lesser degree than most other
sectors. ABS showed the impact of the slower
decrease in spreads by posting more modest excess
returns over the quarter. We expect the sector to
continue generating value from carry going forward.
▸ Mortgage-Backed Securities performance was
strong across all structures and coupons as rate
volatility moderated over the quarter. Likewise,
Agency-backed commercial MBS (CMBS) also
posted strong performance for the quarter and saw
positive excess returns.
▸ Short-term credit (commercial paper and negotiable
bank CDs) yields on the front end of the yield curve
rose slightly in response to the approaching Treasury
“X-Date” (estimated date for Treasury to exhaust
funds under the debt ceiling) while yields fell modestly on the long end as demand shifted into longer-term
Treasury notes. Yield spreads tightened over the
quarter in response to moderated issuance and
strong demand.

Fixed-Income Sector Commentary – 2Q 2025
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (06/30/2025) 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.

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
181
▸ U.S. Treasury volatility is expected to continue given both fiscal and monetary policy uncertainty. The
potential impact of further policy changes on
economic growth, inflation, and labor markets are
unknown. We expect to see an ongoing steepening of
the yield curve given the expectation for future Fed
rate cuts.
▸ Federal Agency & Supranational spreads are likely
to remain at tight levels. Government-heavy accounts
may find occasional value on an issue-by-issue basis.
▸ Taxable Municipals continue to see little activity due to an ongoing lack of supply and strong demand
which continues to suppress yields in both the new
issue and secondary markets. We expect few
opportunities in the near term.
▸ Investment-Grade Corporate bond fundamentals
and valuations weakened while technicals have
moved to modestly favorable. Progress on trade
negotiations and lower recession odds should provide
upward pressure on fundamentals moving forward.

We will selectively evaluate opportunities with a focus on industry and credit quality while analyzing rich
holdings to tactically reduce allocations in the sector for accounts where it makes sense.
▸ Asset-Backed Securities fundamentals remain intact
and credit metrics have normalized. Consumer credit
trends will depend on the labor market and the
consumer’s response to monetary policy easing,
which tends to work on a lag. We expect spreads to
stabilize heading into Q3 as issuance quiets over the
summer, but overall heightened volatility presents an
opportunity to add allocations at more attractive
levels.
▸ Mortgage-Backed Securities are expected to
underperform over the short term, while rich current
valuations will keep returns over the year positive. We may use any meaningful spread widening to add at
more attractive levels.
▸ Short-term credit (commercial paper and negotiable
bank CDs) spreads in Q3 will continue to be subject to
ongoing debt ceiling dynamics or the Fed’s decision to
slow the pace of quantitative tightening. Given the
positively sloped shape of the money market yield
curve, we favor a mix of floating rate in the front end with fixed rate in longer maturities.

Fixed-Income Sector Outlook – 3Q 2025
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (06/30/2025) 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.

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
182
Fixed – Income Sector Outlook – 3Q 2025
Sector Our Investment Preferences

C O M M E R C I A L PA P E R
/ C D
T

R E A S U R I E S
T-Bill
T-No
te

F E D E R A L A G E N C I E S
Bullets
Call
ables

S U P R A N AT I O N A L S
C O RP

O R AT E S
Financials
Indu
strials

S E C U R I T I Z E D
Asset-Backed
Agen
cy Mortgage-Backed
Agency CMBS

M U N I C I P A L S
Negative Slightly
Negative Neutral Slightly
Positive PositiveCurrent outlook Outlook one quarter ago

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
183
PFM Asset Management | pfmam.com
Account Summary

ATTACHMENT A
184
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.

23.9%

1.1% 1.2% 2.6%

6.7% 7.4%

12.8%

17.2%

14.9%

6.3% 6.0%

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: 969 days
For the Quarter Ended June 30, 2025
Account Summary

ATTACHMENT A
185
PFM Asset Management | pfmam.com
Portfolio Review:

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
186
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
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 June 30, 2025, the account(s) managed by PFM Asset Management ("PFMAM") we
re 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
187
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Portfolio Snapshot
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

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
11%
17%
26%
15% 15%
6% 6%
4%4%
27%
22% 19%
11%
7% 5% 4%
0%
5%
10%
15%
20%
25%
30%
0-1 Yr 1-2
Yrs
2-3
Yrs
3-4
Yrs
4-5
Yrs
5-6
Yrs
6-7
Yrs
> 7
Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 50%
Corporate | 20%
Agency CMBS | 20%
ABS | 8%
Negotiable CD | 1%
Federal Agency | 1%
Municipal | <1%
Sector Allocation
AAA | 6%
AA+ | 72%
AA | 2%
AA- | 5%
A+ | 9%
A | 4%
A- | 1%
Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 3.1 6 years
Benchmark Effective Duration 3.22 years
Portfolio Credit Quality AA
Yield At Market 4.05%
Yield At Cost 4.15%
Total Market Value $476,893,453.64
$472,902,362.15Securities Sub-Total
$707,652.16Cash
$3,283,439.33Accrued Interest

ATTACHMENT A
188
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Portfolio Characteristics
$0.0
$96.0
$192.0
$288.0
$384.0
$480.0
Millions
June 2025
$0.0
$96.0
$192.0
$288.0
$384.0
$480.0
Millions
March 2025
$0.0
$96.0
$192.0
$288.0
$384.0
$480.0
Millions
December 2024
$0.0
$96.0
$192.0
$288.0
$384.0
$480.0
Millions
September 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.

Sep-24 % of TotalSecurity Type Dec-24 % of Total Mar-25 % of Total % of TotalJun-25 U.S. Treasury $244.8 53.2% $240.8 52.8% $251.9 54.0% $237.7 50.2% Federal Agency $14.3 3.1% $14.4 3.2% $11.0 2.4% $3.1 0.7% Agency CMBS $88.8 19.3% $90.8 19.9% $91.7 19.7% $94.5 20.0% Municipal $3.8 0.8% $3.1 0.7% $3.2 0.7% $1.9 0.4%
Negotiable CD $4.3 0.9% $4.3 0.9% $4.3 0.9% $4.3 0.9%
Corporate $72.0 15.7% $70.7 15.5% $67.8 14.6% $95.9 20.3% ABS $32.3 7.0% $31.8 7.0% $36.1 7.7% $35.5 7.5%
Total $460.3 100.0% $455.8 100.0% $465.8 100.0% $472.9 100.0%

ATTACHMENT A
189
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Portfolio Activity
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($
millions)
U.S. Treasury
Federal Agency
Municipal
ABS
Agency CMBS
Corporate
U.S. Treasury
Fe
deral Agency
Municipal
ABS
Agency CMBS
Corporate
($60.0) ($40.0) ($20.0) $0.0 $20.0 $40.0
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
Corporate $27,741,669
Agency CMBS $2,369,972
ABS ($546,015)
Municipal ($1,309,257)
Federal Agency ($7,999,437)
U.S. Treasury ($16,433,440)
$3,823,492Total Net Activity
Sales/Maturities Purchases

ATTACHMENT A
190
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
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.

0.0%

2.0%

4.0%

6.0%

8.0%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $4,2 17,695 $15,399,690 $32,117,971 $48,323,728 $74,766,545 Change in Market Value $3,185,250 $13,502,808 $15,253,437 ($26,976,844) ($5,798,053) $7,402,945Total Dollar Return $28,902,498 $47,371,408 $21,346,884 $68,968,492 Total Return³
Portfolio 1.58% 6.45% 3.56% 1.23% 2.05%
Benchmark⁴ 1.47% 6.35% 3.27% 0.96% 1.86%
Basis Point Fee 0.01% 0.04% 0.04% 0.05% 0.05%
Net of Fee Return 1.57% 6.41% 3.53% 1.18% 2.01%
3 Months 1 Year 3 Years 5 Years Since Inception

ATTACHMENT A
191
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
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
Rea
lized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$4,217,695
($4
97,737)
$528,253
$4,248,210
1 Year
$15,399,690
($1
,964,700)
$2,342,996
$15,777,986
3 Years
$32,117,971
($1
9,768,936)
$19,059,214
$31,408,249
5 Year
$48,323,728
($1
6,676,949)
$17,401,394
$49,048,173
Since Inception¹
$74,766,545
($1
4,299,818)
$19,399,770
$79,866,496

ATTACHMENT A
192
Monetary Policy (Global):
• The Fed held rates steady in Q2 amid healthy
labor markets and tariff-driven inflation concerns.
• The “dot plot” still signals 50 bps in cuts for 2025
but views have diverged as seven members are
calling for no cuts in 2025.
• Other major central banks (except Japan)
continued cutting rates as global inflation cools,
though tariffs pose inflation risks and cloud the
outlook.

Economic Growth (Global):
• U.S. growth turned negative in early 2025, driven
by a historically high trade deficit and weaker
consumer spending. Strong inventory build and
fixed investment helped offset this weakness.
• The drag to GDP from net exports is expected to
reverse, but declining consumer confidence may
dampen spending and investment.
• Escalating trade and geopolitical tensions create
the potential for slower global growth.

Inflation (U.S.):
• Inflation has moved closer to the Fed’s 2% target,
but tariff-driven price pressures may emerge as
businesses deplete pre-tariff inventories.
• Fed Chair Powell said that he does expect tariffs
to impact inflation but that the size, duration, and
time of tariff effects are highly uncertain.

Financial Conditions (U.S.):
• Financial conditions swung sharply during the
quarter as the tariff rollout caused equities to sell
off, credit spreads to widen, and heightened
Treasury volatility.
• The announcement of tariff pauses sparked a risk-
on trade resulting in equities near record highs
and credit spreads tightening beyond long-run
averages.
• The evolving fiscal landscape and persistent
uncertainty may lead to tightening financial
conditions over the next 6-12 months.

Consumer Spending (U.S.):
• Consumer sentiment remains subdued due to
expectations of higher prices, weaker labor
markets, and tepid growth. Sentiment has
improved slightly since April amid tariff negotiation
progress but remains low.
• A sharp labor market downturn remains the
biggest threat to consumer spending.
• Tariff-driven inflation increases present additional
risks such as slower real wage growth and
reduced spending.

Labor Markets (U.S.):
• The labor market remains healthy, though early
signs of cooling are emerging, particularly in rising
jobless claims.
• Monthly job gains have slowed but still match
labor force growth. Slower population growth may
lower the job creation rate needed to maintain
stable unemployment.
• With hiring and quits rates low, any acceleration in
layoffs may result in job seekers remaining
unemployed for longer.

Factors to Consider for 6-12 Months
Stance Unfavorable to
Risk Assets
Stance Favorable to
Risk Assets Current outlook Outlook one quarter ago Negative Slightly Negative Neutral Slightly
Positive Positive
Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg Finance L.P. and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (6/30/2025) 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.

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT A
193
PFM Asset Management | pfmam.com
Reserve Portfolio Holdings and Transactions

ATTACHMENT A
194
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
Da
ted 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 11/30/2020 0.375% 11/30/2025
91282CAZ4 7,500.00 AA+ Aa1 11/1/2021 11/2/2021 7,297.27 1.05 2.38 7,379.597,479.30

US TREASURY N/B
DTD 01/31/2019 2.625% 01/31/2026
9128286A3 1,482,500.00 AA+ Aa1 2/4/2021 2/4/2021 1,641,000.10 0.46 16,232.76 1,468,862.481,501,116.37

US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 10,690,000.00 AA+ Aa1 2/2/2022 2/3/2022 10,249,872.66 1.55 17,865.08 10,433,707.2510,618,323.81

US TREASURY N/B
DTD 03/01/2021 0.500% 02/28/2026
91282CBQ3 1,980,000.00 AA+ Aa1 12/3/2021 12/7/2021 1,926,632.81 1.15 3,308.97 1,932,529.501,971,635.45

US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 3,155,000.00 AA+ Aa1 10/4/2021 10/6/2021 3,133,186.13 0.90 2,004.20 3,062,167.283,150,709.17

US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 805,000.00 AA+ Aa1 6/7/2021 6/7/2021 803,176.17 0.80 511.37 781,313.68804,665.11

US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 4,360,000.00 AA+ Aa1 6/6/2022 6/8/2022 3,995,871.88 2.99 2,769.67 4,231,711.364,276,298.15

US TREASURY N/B
DTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 3,700,000.00 AA+ Aa1 4/5/2022 4/7/2022 3,406,746.09 2.77 8,137.98 3,563,995.403,618,311.68

US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 2,540,000.00 AA+ Aa1 8/8/2022 8/9/2022 2,437,606.25 3.01 6,488.04 2,476,599.062,507,029.08

US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 855,000.00 AA+ Aa1 8/8/2022 8/9/2022 828,515.04 2.99 7,227.35 834,092.69845,471.19

US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 1,390,000.00 AA+ Aa1 5/12/2023 5/12/2023 1,328,047.27 3.52 11,749.72 1,356,010.331,363,236.42

US TREASURY N/B
DTD 03/31/2022 2.500% 03/31/2027
91282CEF4 5,350,000.00 AA+ Aa1 5/9/2023 5/10/2023 5,138,925.78 3.60 33,620.22 5,235,477.905,255,231.98

US TREASURY N/B
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 4,840,000.00 AA+ Aa1 8/2/2022 8/3/2022 4,331,989.06 2.88 4,077.17 4,563,214.924,643,956.49

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2027
91282CEW7 4,300,000.00 AA+ Aa1 3/30/2023 3/31/2023 4,214,000.00 3.76 379.76 4,261,201.104,259,604.38

US TREASURY N/B
DTD 06/30/2020 0.500% 06/30/2027
912828ZV5 4,215,000.00 AA+ Aa1 8/25/2022 8/26/2022 3,705,577.73 3.21 57.27 3,955,183.194,005,068.49

ATTACHMENT A
195
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 5,000,000.00 AA+ Aa1 5/12/2023 5/12/2023 4,857,226.56 3.48 57,354.97 4,901,955.004,929,586.10

US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,730,000.00 AA+ Aa1 9/1/2022 9/6/2022 2,588,274.61 3.40 23,076.80 2,647,780.592,669,114.65

US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2027
91282CFH9 5,030,000.00 AA+ Aa1 3/24/2023 3/24/2023 4,971,644.14 3.41 52,538.21 4,967,517.345,001,524.07

US TREASURY N/B
DTD 09/30/2020 0.375% 09/30/2027
91282CAL5 1,175,000.00 AA+ Aa1 10/28/2022 10/31/2022 978,600.59 4.17 1,107.58 1,090,867.651,085,170.52

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 4,250,000.00 AA+ Aa1 3/30/2023 3/31/2023 4,320,224.61 3.73 29,536.35 4,288,347.754,285,720.22

US TREASURY N/B
DTD 11/02/2020 0.500% 10/31/2027
91282CAU5 5,340,000.00 AA+ Aa1 1/4/2023 1/6/2023 4,547,552.34 3.91 4,498.37 4,958,900.224,956,165.20

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 1,790,000.00 AA+ Aa1 12/1/2022 12/2/2022 1,820,346.09 3.74 12,440.01 1,806,151.171,804,411.86

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
91282CGC9 2,945,000.00 AA+ Aa1 2/1/2023 2/2/2023 2,981,582.42 3.60 310.11 2,957,310.102,963,627.86

US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 4,500,000.00 AA+ Aa1 5/12/2023 5/12/2023 3,976,347.66 3.44 14,078.04 4,174,276.504,213,433.15

US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 540,000.00 AA+ Aa1 3/14/2022 3/15/2022 498,382.03 2.15 1,689.36 500,913.18521,709.79

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 4,825,000.00 AA+ Aa1 3/24/2023 3/24/2023 4,967,299.80 3.35 64,508.15 4,860,999.334,901,792.96

US TREASURY N/B
DTD 03/31/2023 3.625% 03/31/2028
91282CGT2 1,975,000.00 AA+ Aa1 3/30/2023 3/31/2023 1,971,991.21 3.66 17,996.24 1,971,296.881,973,346.57

US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 5,735,000.00 AA+ Aa1 5/9/2023 5/10/2023 5,152,315.04 3.53 18,019.81 5,369,170.095,407,626.92

US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 1,985,000.00 AA+ Aa1 5/8/2023 5/10/2023 1,786,655.08 3.49 6,237.02 1,858,378.841,873,562.79

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 215,000.00 AA+ Aa1 5/1/2023 5/1/2023 213,975.39 3.61 1,267.80 213,807.40214,419.80

US TREASURY N/B
DTD 09/30/2021 1.250% 09/30/2028
91282CCY5 525,000.00 AA+ Aa1 3/14/2022 3/15/2022 495,591.79 2.17 1,649.59 485,604.53510,400.44

US TREASURY N/B
DTD 11/16/1998 5.250% 11/15/2028
912810FF0 1,000,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,064,765.63 4.02 6,705.16 1,047,539.001,036,681.68

ATTACHMENT A
196
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 05/31/2024 4.500% 05/31/2029
91282CKT7 960,000.00 AA+ Aa1 6/6/2024 6/7/2024 968,700.00 4.30 3,659.02 986,062.08966,991.07

US TREASURY N/B
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 490,000.00 AA+ Aa1 1/11/2023 1/12/2023 464,523.83 3.67 1,141.33 472,429.09474,371.12

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 490,000.00 AA+ Aa1 7/7/2023 7/10/2023 464,026.17 4.26 43.27 480,984.98472,620.63

US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
91282CLC3 6,075,000.00 AA+ Aa1 8/1/2024 8/2/2024 6,117,240.23 3.85 101,361.88 6,131,005.426,110,125.25

US TREASURY N/B
DTD 08/16/1999 6.125% 08/15/2029
912810FJ2 1,775,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,023,083.98 3.72 40,844.61 1,934,334.651,930,155.51

US TREASURY N/B
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aa1 3/21/2022 3/22/2022 496,518.75 2.29 3,174.59 478,745.28506,917.22

US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2029
91282CFJ5 2,120,000.00 AA+ Aa1 2/27/2023 2/28/2023 2,000,998.44 4.12 22,143.34 2,068,573.042,043,770.89

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 1,700,000.00 AA+ Aa1 11/1/2024 11/4/2024 1,695,816.41 4.18 11,814.54 1,724,039.701,696,324.60

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 950,000.00 AA+ Aa1 11/14/2024 11/15/2024 942,949.22 4.29 6,602.24 963,433.95943,765.06

US TREASURY N/B
DTD 11/30/2022 3.875% 11/30/2029
91282CFY2 1,070,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,069,289.45 3.89 3,511.85 1,074,556.061,069,551.77

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2029
91282CGB1 2,030,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,059,339.84 3.64 213.76 2,038,327.062,048,945.29

US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
91282CMD0 4,135,000.00 AA+ Aa1 1/6/2025 1/7/2025 4,125,793.16 4.43 491.59 4,236,758.224,126,601.80

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 470,000.00 AA+ Aa1 2/5/2025 2/6/2025 470,110.16 4.24 8,332.11 479,197.90470,102.74

US TREASURY N/B
DTD 02/18/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,040.43 2.66 3,057.18 490,856.71516,292.58

US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 1,875,000.00 AA+ Aa1 3/4/2025 3/5/2025 1,875,512.70 3.99 25,067.93 1,892,943.751,875,490.31

US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 4,500,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,522,500.00 3.89 45,245.90 4,540,959.004,521,502.44

US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 2,830,000.00 AA+ Aa1 3/28/2025 3/31/2025 2,826,573.05 4.03 28,454.64 2,855,758.662,826,740.09

ATTACHMENT A
197
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2030
91282CGZ8 3,880,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,632,498.44 4.73 22,879.35 3,829,226.323,675,785.24

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,065,123.05 3.89 7,383.66 1,024,835.251,016,545.69

US TREASURY N/B
DTD 05/15/2020 0.625% 05/15/2030
912828ZQ6 2,535,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,057,608.01 3.56 2,023.52 2,180,495.462,218,222.55

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 2,160,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,519,859.38 3.64 17,241.85 2,393,128.802,398,876.80

US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 9,900,000.00 AA+ Aa1 6/4/2025 6/5/2025 9,807,574.22 3.96 31,444.67 9,876,794.409,808,803.76

US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 2,830,000.00 AA+ Aa1 7/12/2023 7/12/2023 2,783,459.77 4.03 8,988.73 2,823,366.482,796,783.41

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,545,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,052,204.49 3.56 5,975.83 2,170,108.772,212,500.76

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 587,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,755.37 2.65 1,379.49 500,958.31533,024.54

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,540,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,995,586.72 3.97 5,964.09 2,165,845.302,166,202.84

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aa1 7/11/2023 7/12/2023 2,405,390.63 4.02 3,352.58 2,571,915.002,564,957.81

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,071,065.63 3.72 1,486.31 1,140,215.651,155,150.27

US TREASURY N/B
DTD 01/31/2024 4.000% 01/31/2031
91282CJX0 1,350,000.00 AA+ Aa1 1/30/2025 1/31/2025 1,323,210.94 4.38 22,524.86 1,359,439.201,324,864.29

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 2,955,000.00 AA+ Aa1 7/7/2023 7/10/2023 3,201,326.95 4.09 59,671.41 3,178,126.143,137,283.72

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,620.31 3.98 36,751.93 1,957,424.561,941,237.45

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,021,273.44 3.61 36,348.07 1,935,914.401,953,776.44

US TREASURY N/B
DTD 02/16/2021 1.125% 02/15/2031
91282CBL4 565,000.00 AA+ Aa1 4/6/2022 4/11/2022 498,104.88 2.63 2,387.98 488,680.93522,466.13

US TREASURY N/B
DTD 04/01/2024 4.125% 03/31/2031
91282CKF7 3,820,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,686,150.78 4.72 39,609.02 3,867,750.003,706,020.41

ATTACHMENT A
198
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 2,930,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,530,673.05 3.53 6,080.94 2,583,550.942,648,831.86

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,070,802.73 3.76 2,625.39 1,115,423.871,130,168.73

US TREASURY N/B
DTD 05/31/2024 4.625% 05/31/2031
91282CKU4 5,000,000.00 AA+ Aa1 6/4/2025 6/5/2025 5,147,656.25 4.06 19,586.75 5,190,040.005,146,108.82

US TREASURY N/B
DTD 07/31/2024 4.125% 07/31/2031
91282CLD1 730,000.00 AA+ Aa1 8/14/2024 8/15/2024 748,164.45 3.72 12,560.74 738,297.91746,124.72

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 562,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,515.62 2.63 2,641.57 481,135.50520,581.14

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 2,465,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,994,627.93 3.92 11,575.97 2,108,442.682,124,627.20

US TREASURY N/B
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 2,080,000.00 AA+ Aa1 1/10/2023 1/11/2023 1,739,075.00 3.55 3,652.72 1,779,456.641,834,280.68

US TREASURY N/B
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 1,305,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,068,927.54 3.77 2,291.73 1,116,437.941,137,036.46

US TREASURY N/B
DTD 01/31/2025 4.375% 01/31/2032
91282CMK4 3,400,000.00 AA+ Aa1 2/4/2025 2/5/2025 3,386,984.38 4.44 62,047.65 3,480,617.403,387,639.57

US TREASURY N/B
DTD 02/15/2022 1.875% 02/15/2032
91282CDY4 2,365,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,999,625.98 3.94 16,659.53 2,077,411.272,094,931.24

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,067,164.06 3.79 4,222.66 1,072,959.201,089,803.65

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,100,000.00 AA+ Aa1 7/2/2024 7/3/2024 988,410.16 4.41 4,039.06 1,026,308.801,000,498.76

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aa1 8/5/2022 8/9/2022 662,629.69 2.83 2,423.44 615,785.28661,850.44

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,175,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,056,224.61 3.57 7,986.33 2,029,292.402,087,624.20

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,670,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,525,548.83 3.56 9,803.91 2,491,131.362,563,704.94

US TREASURY N/B
DTD 08/15/2022 2.750% 08/15/2032
91282CFF3 2,195,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,190.82 3.93 22,677.62 2,024,973.112,041,553.39

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,055,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,084,877.93 3.78 5,558.10 1,062,294.271,077,125.11

ATTACHMENT A
199
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,965,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,054,269.34 3.57 10,352.29 1,978,586.012,031,877.53

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 3,225,000.00 AA+ Aa1 7/7/2023 7/10/2023 3,242,006.84 4.06 16,990.40 3,247,297.653,238,412.30

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,520,000.00 AA+ Aa1 5/14/2025 5/15/2025 1,500,346.88 4.33 8,007.88 1,530,509.281,500,637.03

US TREASURY N/B
DTD 02/15/2023 3.500% 02/15/2033
91282CGM7 2,065,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,993,450.98 3.92 27,153.04 1,990,707.502,010,237.48

US TREASURY N/B
DTD 05/15/2023 3.375% 05/15/2033
91282CHC8 1,075,000.00 AA+ Aa1 7/2/2024 7/3/2024 992,191.41 4.43 4,633.75 1,024,777.08999,961.63

US TREASURY N/B
DTD 08/15/2023 3.875% 08/15/2033
91282CHT1 2,385,000.00 AA+ Aa1 10/2/2023 10/2/2023 2,236,496.48 4.67 34,720.86 2,348,945.962,262,778.10

US TREASURY N/B
DTD 11/15/2023 4.500% 11/15/2033
91282CJJ1 4,340,000.00 AA+ Aa1 10/16/2024 10/17/2024 4,504,784.38 4.00 24,943.21 4,458,503.704,493,993.86

US TREASURY N/B
DTD 02/15/2024 4.000% 02/15/2034
91282CJZ5 3,880,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,667,357.81 4.70 58,307.18 3,840,140.763,688,142.81

US TREASURY N/B
DTD 05/15/2024 4.375% 05/15/2034
91282CKQ3 1,000,000.00 AA+ Aa1 7/2/2024 7/3/2024 995,156.25 4.44 5,587.64 1,015,742.00995,559.12

US TREASURY N/B
DTD 08/15/2024 3.875% 08/15/2034
91282CLF6 8,450,000.00 AA+ Aa1 9/4/2024 9/5/2024 8,514,365.23 3.78 123,015.19 8,252,286.908,509,965.37

US TREASURY N/B
DTD 02/18/2025 4.625% 02/15/2035
91282CMM0 4,350,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,521,621.09 4.13 75,584.25 4,489,334.854,518,097.59 243,667,500.00 234,356,193.78 1,623,748.44 237,747,842.08Security Type Sub-Total 3.60 238,451,355.86 Negotiable CD

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 4,258,363.204,200,000.00 4,200,000.00 4,200,000.00 97,197.33 4,258,363.20Security Type Sub-Total 5.08 4,200,000.00 Municipal

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 1,050,000.001,050,000.00

ATTACHMENT A
200
PFM Asset Management | pfmam.com

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 5,189.25 825,000.00825,000.00

NJ TPK AUTH -B-TXBL
DTD 02/04/2021 1.047% 01/01/2026
646140DP5 2,500.00 AA- A1 1/22/2021 2/4/2021 2,500.00 1.05 13.09 2,461.402,500.00 1,877,500.00 1,884,923.50 11,806.84 1,877,461.40Security Type Sub-Total 1.17 1,877,500.00 Federal Agency

FEDERAL FARM CREDIT BANK
(CALLABLE)
DTD 09/29/2020 0.530% 09/29/2025
3133EMBH4 2,265,000.00 AA+ Aa1 10/7/2020 10/9/2020 2,261,036.25 0.57 3,067.82 2,244,612.742,264,805.13

FEDERAL HOME LOAN BANK
DTD 08/25/2022 3.375% 09/10/2032
3130AT4C8 875,000.00 AA+ Aa1 11/1/2022 11/3/2022 779,616.25 4.77 9,105.47 833,716.62805,378.20 3,140,000.00 3,040,652.50 12,173.29 3,078,329.36Security Type Sub-Total 1.71 3,070,183.33 Corporate

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 3,839,421.203,805,875.98

BANK OF AMERICA NA (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 1,885,000.00 A+ Aa2 8/14/2023 8/18/2023 1,885,000.00 5.53 38,483.22 1,911,695.371,885,000.00

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 3,189,702.603,150,000.00

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 2,072,720.542,139,594.62

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 2,301,115.282,298,993.38

GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 2,150,000.00 A+ A1 5/21/2025 5/22/2025 2,163,523.50 5.08 12,933.44 2,167,638.602,162,072.81

GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 1,450,000.00 A+ A1 5/21/2025 5/22/2025 1,459,120.50 5.08 8,722.56 1,461,895.801,458,142.13

ATTACHMENT A
201
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 2,368,653.842,391,614.74

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 3,360,724.353,357,420.93

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 1,568,157.231,522,934.43

KENVUE INC (CALLABLE)
DTD 10/17/2023 5.050% 03/22/2028
49177JAF9 2,500,000.00 A A1 6/27/2025 6/30/2025 2,559,025.00 4.12 34,718.75 2,559,880.002,558,968.11

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 1,699,257.831,683,971.61

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 2,807,023.782,794,474.56

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 1,374,662.111,376,199.18

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 4,690,909.034,673,903.65

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 1,459,699.671,430,000.00

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 2,827,530.132,773,562.75

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,400,000.00 A A1 6/24/2025 6/25/2025 1,434,272.00 4.09 32,147.50 1,434,048.001,434,099.02

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 1,454,534.401,418,715.24

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 13,777.50 614,592.00604,954.93

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 1,444,273.601,398,374.47

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 5,159,359.914,935,000.00

ATTACHMENT A
202
PFM Asset Management | pfmam.com

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 1,359,101.901,318,935.60

BANK OF AMERICA CORP
(CALLABLE)
DTD 01/24/2025 4.979% 01/24/2029
06051GMK2 1,865,000.00 A- A1 4/1/2025 4/2/2025 1,885,664.20 4.66 40,496.56 1,890,835.851,883,955.23

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 5,657.63 413,532.95404,442.32

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 4,288,489.804,185,812.48

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 1,486,695.151,448,127.77

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 1,819,919.931,772,955.24

BANK OF NEW YORK MELLON
(CALLABLE)
DTD 04/22/2025 4.729% 04/20/2029
06405LAH4 7,000,000.00 AA- Aa2 4/25/2025 4/28/2025 7,081,900.00 4.40 63,447.42 7,097,615.007,077,347.01

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 3,458,113.203,361,775.25

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 2,193,281.282,157,243.05

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 6,640.47 372,803.49369,371.26

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 14,447.51 811,099.49804,227.77

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 16,601.18 932,008.73921,818.48

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 750,000.00 A+ Aa3 8/12/2024 8/14/2024 748,357.50 4.25 11,987.50 752,696.25748,624.81

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,600,000.00 A+ Aa3 8/13/2024 8/14/2024 2,604,420.00 4.16 41,556.67 2,609,347.002,603,693.39

PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.600% 02/07/2030
713448GB8 805,000.00 A+ A1 2/5/2025 2/7/2025 803,647.60 4.64 14,812.00 819,699.30803,746.06

ATTACHMENT A
203
PFM Asset Management | pfmam.com

CISCO SYSTEMS INC (CALLABLE)
DTD 02/24/2025 4.750% 02/24/2030
17275RBX9 6,917,000.00 AA- A1 4/21/2025 4/22/2025 7,006,367.64 4.45 115,907.78 7,070,045.547,003,134.96

WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 1,265,000.00 AA Aa2 4/23/2025 4/28/2025 1,262,811.55 4.39 9,629.81 1,279,006.081,262,881.53

WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 5,416,000.00 AA Aa2 5/1/2025 5/2/2025 5,464,473.20 4.15 41,229.30 5,475,965.955,463,000.22 95,093,000.00 94,441,101.79 1,098,228.65 95,897,752.16Security Type Sub-Total 4.58 94,844,964.97 Agency CMBS
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,758,627.67 AA+ Aa1 5/19/2023 5/24/2023 2,673,713.66 4.29 7,694.27 2,726,026.212,724,689.00 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 4,477,651.00 AA+ Aa1 8/16/2023 8/18/2023 4,223,684.23 4.94 12,029.96 4,409,478.764,355,464.98 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 2,540,000.00 AA+ Aa1 8/16/2023 8/18/2023 2,394,842.97 4.93 6,864.35 2,499,641.942,468,460.66 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,941,658.00 AA+ Aa1 8/17/2023 8/22/2023 3,686,066.11 4.97 10,238.46 3,871,468.903,809,703.83 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,788,381.87 AA+ Aa1 9/20/2023 9/28/2023 3,728,930.79 5.19 15,153.53 3,842,400.413,749,421.60 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,061,997.44 AA+ Aa1 9/7/2023 9/14/2023 2,031,160.26 5.01 7,990.24 2,087,749.722,042,070.75 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 4,200,000.00 AA+ Aa1 7/13/2023 7/20/2023 4,241,949.60 4.59 16,866.50 4,275,196.804,225,382.46 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,366,617.73 AA+ Aa1 7/19/2023 7/27/2023 3,366,533.54 4.78 13,401.94 3,393,685.333,366,566.58 FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
3136BQDE6 4,059,327.23 AA+ Aa1 7/18/2023 7/31/2023 3,990,508.95 4.58 14,146.76 4,059,424.654,016,977.51 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 4,300,000.00 AA+ Aa1 10/11/2023 10/19/2023 4,205,675.20 5.25 16,985.00 4,373,319.304,235,937.75 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 2,203,591.98 AA+ Aa1 9/19/2023 9/28/2023 2,203,580.96 5.27 9,681.11 2,248,805.282,203,585.56 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 4,200,000.00 AA+ Aa1 9/7/2023 9/14/2023 4,137,869.40 4.99 16,275.00 4,260,429.604,158,618.25

ATTACHMENT A
204
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
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 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 4,200,000.00 AA+ Aa1 9/20/2023 9/28/2023 4,149,797.40 5.07 16,800.00 4,279,590.004,165,486.90 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 3,305,000.00 AA+ Aa1 10/25/2023 10/31/2023 3,199,626.69 5.60 13,357.71 3,372,362.513,231,066.92 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 2,440,000.00 AA+ Aa1 11/28/2023 12/7/2023 2,432,989.88 4.93 9,882.00 2,492,943.122,435,051.39 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 1,675,000.00 AA+ Aa1 11/14/2023 11/21/2023 1,670,157.58 5.14 7,075.48 1,719,766.051,671,604.40 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 2,215,000.00 AA+ Aa1 12/11/2023 12/21/2023 2,235,683.67 4.79 9,229.17 2,271,307.522,229,808.25 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,495,000.00 AA+ Aa1 2/1/2024 2/8/2024 2,519,947.51 4.34 9,505.95 2,527,000.872,513,366.45 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
3137HBFY5 2,505,000.00 AA+ Aa1 1/10/2024 1/18/2024 2,530,022.45 4.50 9,861.35 2,549,308.442,523,253.14 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 4,200,000.00 AA+ Aa1 2/29/2024 3/7/2024 4,325,987.40 4.79 19,169.50 4,373,086.204,294,987.12 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
3137HC2C5 3,760,000.00 AA+ Aa1 3/5/2024 3/14/2024 3,872,747.36 4.67 16,779.00 3,899,044.803,845,245.60 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
3137HC2L5 3,040,000.00 AA+ Aa1 3/19/2024 3/28/2024 3,113,400.80 4.83 13,680.00 3,158,386.723,096,810.05 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
3137HBPD0 4,200,000.00 AA+ Aa1 2/14/2024 2/22/2024 4,313,148.00 4.79 18,900.00 4,360,847.404,284,664.84 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
3137HCKV3 2,380,000.00 AA+ Aa1 4/23/2024 4/30/2024 2,389,660.42 5.09 10,273.67 2,459,180.222,387,696.45 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 3,730,000.00 AA+ Aa1 7/16/2024 7/25/2024 3,752,905.93 4.58 14,671.33 3,802,015.113,749,186.12 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 4,400,000.00 AA+ Aa1 6/5/2024 6/13/2024 4,399,986.80 4.80 17,611.00 4,495,422.804,400,000.00 FHMS K529 A2
DTD 10/01/2024 4.791% 09/01/2029
3137HH6C0 2,355,000.00 AA+ Aa1 10/8/2024 10/16/2024 2,402,069.39 4.34 9,402.34 2,409,266.272,395,950.69 FHMS K531 A2
DTD 12/01/2024 4.630% 10/01/2029
3137HHUN9 1,805,000.00 AA+ Aa1 12/3/2024 12/12/2024 1,813,198.31 4.53 6,964.29 1,836,085.711,812,359.73

ATTACHMENT A
205
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
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 K541 A2
DTD 06/01/2025 4.348% 02/01/2030
3137HLXV9 2,470,000.00 AA+ Aa1 6/4/2025 6/12/2025 2,469,911.08 4.35 8,949.63 2,485,711.672,469,916.68 93,072,852.91 92,475,756.34 359,439.54 94,538,952.31Security Type Sub-Total 4.84 92,863,333.66 ABS
HAROT 2022-2 A3
DTD 08/24/2022 3.730% 07/20/2026
43815PAC3 60,137.83 AAA NR 8/15/2022 8/24/2022 60,134.25 3.73 81.00 60,053.3460,136.87 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 3,107.49 932,789.07929,926.46 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 1,093,925.211,084,844.09 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 1,381,645.07 NR Aaa 7/25/2023 7/31/2023 1,381,592.71 5.53 3,395.78 1,390,967.031,381,614.82 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 2,292,064.93 AAA NR 8/15/2023 8/22/2023 2,291,592.30 5.42 4,477.80 2,306,729.562,291,787.96 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 803,596.45 AAA NR 8/8/2023 8/15/2023 803,414.69 5.17 1,842.91 807,919.00803,487.74 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 2,601,617.35 AAA Aaa 9/7/2023 9/15/2023 2,601,162.07 5.58 6,452.01 2,616,243.642,601,328.00 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 3,104,719.883,074,966.64 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 2,653,299.10 AAA Aaa 8/15/2023 8/23/2023 2,653,134.60 5.53 6,521.22 2,673,941.772,653,195.92 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 1,982.09 814,399.99804,942.42 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 3,418,819.303,379,372.18 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 3,498,949.223,459,898.09 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 1,190,000.00 AAA NR 11/3/2023 11/13/2023 1,189,843.52 5.54 2,930.04 1,202,905.551,189,892.81 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 1,535,955.441,519,858.72

ATTACHMENT A
206
PFM Asset Management | pfmam.com

4.15 4.15%
Total Investments $476,185,801.48

ATTACHMENT A
207
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
4/1/2025 4/2/2025 4,350,000.00 91282CMM0 US TREASURY N/B 4.62% 2/15/2035 4,547,186.35 4.13% 4/1/2025 4/2/2025 1,865,000.00 06051GMK2 BANK OF AMERICA CORP (CALLABLE) 4.97% 1/24/2029 1,903,204.11 4.66% 4/1/2025 4/2/2025 4,500,000.00 91282CMU2 US TREASURY N/B 4.00% 3/31/2030 4,523,483.61 3.89% 4/21/2025 4/22/2025 6,917,000.00 17275RBX9 CISCO SYSTEMS INC (CALLABLE) 4.75% 2/24/2030 7,059,301.90 4.45% 4/23/2025 4/28/2025 1,265,000.00 931142FN8 WALMART INC (CALLABLE) 4.35% 4/28/2030 1,262,811.55 4.39% 4/25/2025 4/28/2025 7,000,000.00 06405LAH4 BANK OF NEW YORK MELLON (CALLABLE) 4.72% 4/20/2029 7,087,417.17 4.40% 5/1/2025 5/2/2025 5,416,000.00 931142FN8 WALMART INC (CALLABLE) 4.35% 4/28/2030 5,467,090.93 4.15% 5/14/2025 5/15/2025 1,520,000.00 91282CFV8 US TREASURY N/B 4.12% 11/15/2032 1,500,346.88 4.33% 5/21/2025 5/22/2025 1,450,000.00 38151LAG5 GOLDMAN SACHS BANK USA (CALLABLE) 5.41% 5/21/2027 1,459,338.56 5.08% 5/21/2025 5/22/2025 2,150,000.00 38151LAG5 GOLDMAN SACHS BANK USA (CALLABLE) 5.41% 5/21/2027 2,163,846.84 5.08% 6/3/2025 6/11/2025 1,125,000.00 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 1,124,898.41 4.36% 6/4/2025 6/5/2025 9,900,000.00 91282CHF1 US TREASURY N/B 3.75% 5/31/2030 9,812,645.94 3.96% 6/4/2025 6/12/2025 2,470,000.00 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 2,473,192.61 4.35% 6/4/2025 6/5/2025 5,000,000.00 91282CKU4 US TREASURY N/B 4.62% 5/31/2031 5,150,815.40 4.06% 6/24/2025 6/25/2025 1,400,000.00 24422EXB0 JOHN DEERE CAPITAL CORP 4.95% 7/14/2028 1,465,264.50 4.09% 6/27/2025 6/30/2025 2,500,000.00 49177JAF9 KENVUE INC (CALLABLE) 5.05% 3/22/2028 2,593,393.06 4.12% Total BUY 58,828,000.00 59,594,237.82 0.00

ATTACHMENT A
208
PFM Asset Management | pfmam.com

INTEREST
4/1/2025 4/1/2025 MONEY0002 MONEY MARKET FUND 0.00% 1,749.46 4/1/2025 4/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 4/1/2025 4/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 4/1/2025 4/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 4/1/2025 4/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 4/1/2025 4/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 4/1/2025 4/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,742.16 4/1/2025 4/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,013.39 4/1/2025 4/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,371.14 4/1/2025 4/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 4/1/2025 4/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 4/1/2025 4/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 4/1/2025 4/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,753.33 4/1/2025 4/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,437.54

ATTACHMENT A
209
PFM Asset Management | pfmam.com

INTEREST
4/1/2025 4/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 4/1/2025 4/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 4/1/2025 4/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 4/1/2025 4/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 4/1/2025 4/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 4/1/2025 4/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 4/1/2025 4/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 4/1/2025 4/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 4/1/2025 4/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 4/1/2025 4/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,174.85 4/1/2025 4/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 4/1/2025 4/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 4/1/2025 4/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 4/1/2025 4/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 4/1/2025 4/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 4/2/2025 4/2/2025 06051GKM0 BANK OF AMERICA CORP (CALLABLE) 3.38% 4/2/2026 31,725.00 4/4/2025 4/4/2025 00724PAF6 ADOBE INC (CALLABLE) 4.80% 4/4/2029 77,400.00

ATTACHMENT A
210
PFM Asset Management | pfmam.com

INTEREST
4/13/2025 4/13/2025 023135CE4 AMAZON.COM INC 3.00% 4/13/2025 112.50 4/15/2025 4/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 4/15/2025 4/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 4/15/2025 4/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 7,847.43 4/15/2025 4/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 4/15/2025 4/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 4/15/2025 4/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 4/15/2025 4/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 15,375.05 4/15/2025 4/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 4/15/2025 4/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 4/15/2025 4/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 4/15/2025 4/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 4/15/2025 4/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 11,365.20 4/15/2025 4/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 4/15/2025 4/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 4/16/2025 4/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 4/18/2025 4/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00

ATTACHMENT A
211
PFM Asset Management | pfmam.com

INTEREST
4/18/2025 4/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 338.60 4/30/2025 4/30/2025 91282CGZ8 US TREASURY N/B 3.50% 4/30/2030 67,900.00 4/30/2025 4/30/2025 91282CAU5 US TREASURY N/B 0.50% 10/31/2027 13,350.00 4/30/2025 4/30/2025 91282CHA2 US TREASURY N/B 3.50% 4/30/2028 3,762.50 4/30/2025 4/30/2025 91282CLR0 US TREASURY N/B 4.12% 10/31/2029 54,656.25 4/30/2025 4/30/2025 912828ZL7 US TREASURY N/B 0.37% 4/30/2025 210.94 4/30/2025 4/30/2025 912828ZN3 US TREASURY N/B 0.50% 4/30/2027 12,100.00 4/30/2025 4/30/2025 91282CFU0 US TREASURY N/B 4.12% 10/31/2027 124,575.00 5/1/2025 5/1/2025 MONEY0002 MONEY MARKET FUND 0.00% 1,808.44 5/1/2025 5/1/2025 46647PAF3 JPMORGAN CHASE & CO (CALLABLE) 3.54% 5/1/2028 30,532.50 5/1/2025 5/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 5/1/2025 5/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 8,006.76 5/1/2025 5/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 5/1/2025 5/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,314.36 5/1/2025 5/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 5/1/2025 5/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 5/1/2025 5/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,726.56

ATTACHMENT A
212
PFM Asset Management | pfmam.com

INTEREST
5/1/2025 5/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 5/1/2025 5/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 5/1/2025 5/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 5/1/2025 5/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 5/1/2025 5/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 5/1/2025 5/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 5/1/2025 5/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,427.03 5/1/2025 5/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 5/1/2025 5/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 5/1/2025 5/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 5/1/2025 5/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 5/1/2025 5/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 5/1/2025 5/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 5/1/2025 5/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,731.37 5/1/2025 5/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 5/1/2025 5/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 5/1/2025 5/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67

ATTACHMENT A
213
PFM Asset Management | pfmam.com

INTEREST
5/1/2025 5/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 5/1/2025 5/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 5/1/2025 5/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,146.12 5/1/2025 5/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 5/4/2025 5/4/2025 427866BH0 HERSHEY COMPANY (CALLABLE) 4.25% 5/4/2028 59,181.25 5/10/2025 5/10/2025 037833ET3 APPLE INC (CALLABLE) 4.00% 5/10/2028 120,900.00 5/15/2025 5/15/2025 91282CCB5 US TREASURY N/B 1.62% 5/15/2031 34,084.38 5/15/2025 5/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 5/15/2025 5/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 5/15/2025 5/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,272.00 5/15/2025 5/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 5/15/2025 5/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 5/15/2025 5/15/2025 91282CJJ1 US TREASURY N/B 4.50% 11/15/2033 97,650.00 5/15/2025 5/15/2025 912828U24 US TREASURY N/B 2.00% 11/15/2026 25,400.00 5/15/2025 5/15/2025 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE) 0.88% 5/15/2025 3,355.40 5/15/2025 5/15/2025 91282CKQ3 US TREASURY N/B 4.37% 5/15/2034 21,875.00 5/15/2025 5/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 7,344.99

ATTACHMENT A
214
PFM Asset Management | pfmam.com

INTEREST
5/15/2025 5/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 14,202.75 5/15/2025 5/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 5/15/2025 5/15/2025 912810FM5 US TREASURY N/B 6.25% 5/15/2030 96,406.25 5/15/2025 5/15/2025 91282CHC8 US TREASURY N/B 3.37% 5/15/2033 18,140.63 5/15/2025 5/15/2025 912810FF0 US TREASURY N/B 5.25% 11/15/2028 26,250.00 5/15/2025 5/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 5/15/2025 5/15/2025 91282CFV8 US TREASURY N/B 4.12% 11/15/2032 128,803.13 5/15/2025 5/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 5/15/2025 5/15/2025 912828ZQ6 US TREASURY N/B 0.62% 5/15/2030 7,921.88 5/15/2025 5/15/2025 91282CDJ7 US TREASURY N/B 1.37% 11/15/2031 23,271.88 5/15/2025 5/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 5/15/2025 5/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 5/15/2025 5/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 5/15/2025 5/15/2025 91282CEP2 US TREASURY N/B 2.87% 5/15/2032 111,478.13 5/15/2025 5/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 5/15/2025 5/15/2025 91282CAV3 US TREASURY N/B 0.87% 11/15/2030 18,943.75 5/16/2025 5/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08

ATTACHMENT A
215
PFM Asset Management | pfmam.com

INTEREST
5/18/2025 5/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,902.00 5/18/2025 5/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 285.22 5/22/2025 5/22/2025 38148LAE6 GOLDMAN SACHS GROUP INC (CALLABLE) 3.75% 5/22/2025 15,703.13 5/26/2025 5/26/2025 61690U8B9 MORGAN STANLEY BANK NA (CALLABLE) 5.50% 5/26/2028 115,584.00 5/31/2025 5/31/2025 91282CKT7 US TREASURY N/B 4.50% 5/31/2029 21,600.00 5/31/2025 5/31/2025 91282CES6 US TREASURY N/B 2.75% 5/31/2029 6,737.50 5/31/2025 5/31/2025 91282CHF1 US TREASURY N/B 3.75% 5/31/2030 53,062.50 5/31/2025 5/31/2025 91282CCF6 US TREASURY N/B 0.75% 5/31/2026 31,200.00 5/31/2025 5/31/2025 91282CFY2 US TREASURY N/B 3.87% 11/30/2029 20,731.25 5/31/2025 5/31/2025 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 14.06 6/1/2025 6/1/2025 57636QAM6 MASTERCARD INC (CALLABLE) 2.95% 6/1/2029 53,100.00 6/1/2025 6/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,703.37 6/1/2025 6/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 6/1/2025 6/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 6/1/2025 6/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 6/1/2025 6/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 6/1/2025 6/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35

ATTACHMENT A
216
PFM Asset Management | pfmam.com

INTEREST
6/1/2025 6/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 6/1/2025 6/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 6/1/2025 6/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 6/1/2025 6/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,413.46 6/1/2025 6/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 6/1/2025 6/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 6/1/2025 6/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,709.98 6/1/2025 6/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 6/1/2025 6/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,999.16 6/1/2025 6/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 6/1/2025 6/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 6/1/2025 6/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 6/1/2025 6/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 6/1/2025 6/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 6/1/2025 6/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 6/1/2025 6/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 6/1/2025 6/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00

ATTACHMENT A
217
PFM Asset Management | pfmam.com

INTEREST
6/1/2025 6/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 6/1/2025 6/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 6/1/2025 6/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,174.69 6/1/2025 6/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 6/1/2025 6/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,228.57 6/2/2025 6/2/2025 MONEY0002 MONEY MARKET FUND 0.00% 2,432.81 6/8/2025 6/8/2025 48125LRU8 JP MORGAN CHASE BANK NA (CALLABLE) 5.11% 12/8/2026 80,482.50 6/8/2025 6/8/2025 17305EGW9 CCCIT 2023-A1 A1 5.23% 12/8/2027 24,319.50 6/15/2025 6/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 6/15/2025 6/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/16/2029 14,662.50 6/15/2025 6/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 6/15/2025 6/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,547.50 6/15/2025 6/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 6/15/2025 6/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 6,850.59 6/15/2025 6/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 6/15/2025 6/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 6/15/2025 6/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 13,022.90

ATTACHMENT A
218
PFM Asset Management | pfmam.com

INTEREST
6/15/2025 6/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 6/15/2025 6/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 6/15/2025 6/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 6/15/2025 6/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 13,118.65 6/15/2025 6/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 6/16/2025 6/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 6/17/2025 6/17/2025 3135G04Z3 FANNIE MAE 0.50% 6/17/2025 31.25 6/18/2025 6/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 234.90 6/18/2025 6/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 11,099.39 6/30/2025 6/30/2025 91282CGB1 US TREASURY N/B 3.87% 12/31/2029 39,331.25 6/30/2025 6/30/2025 91282CMD0 US TREASURY N/B 4.37% 12/31/2029 90,453.13 6/30/2025 6/30/2025 912828ZV5 US TREASURY N/B 0.50% 6/30/2027 10,537.50 6/30/2025 6/30/2025 912828ZW3 US TREASURY N/B 0.25% 6/30/2025 28.13 6/30/2025 6/30/2025 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 7,962.50 6/30/2025 6/30/2025 91282CEW7 US TREASURY N/B 3.25% 6/30/2027 69,875.00 6/30/2025 6/30/2025 91282CGC9 US TREASURY N/B 3.87% 12/31/2027 57,059.38 Total INTEREST 0.00 3,412,045.96 0.00

ATTACHMENT A
219
PFM Asset Management | pfmam.com

MATURITY
4/13/2025 4/13/2025 7,500.00 023135CE4 AMAZON.COM INC 3.00% 4/13/2025 7,500.00 4/30/2025 4/30/2025 112,500.00 912828ZL7 US TREASURY N/B 0.37% 4/30/2025 112,500.00 5/15/2025 5/15/2025 460,000.00 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE) 0.88% 5/15/2025 460,000.00 5/15/2025 5/15/2025 300,000.00 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE) 0.88% 5/15/2025 300,000.00 5/22/2025 5/22/2025 837,500.00 38148LAE6 GOLDMAN SACHS GROUP INC (CALLABLE) 3.75% 5/22/2025 837,500.00 6/17/2025 6/17/2025 12,500.00 3135G04Z3 FANNIE MAE 0.50% 6/17/2025 12,500.00 6/30/2025 6/30/2025 22,500.00 912828ZW3 US TREASURY N/B 0.25% 6/30/2025 22,500.00 Total MATURITY 1,752,500.00 1,752,500.00 0.00

PAYDOWNS
4/1/2025 4/25/2025 1,711.66 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,711.66 17.85 4/1/2025 4/25/2025 14,195.89 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,195.89 157.87 4/1/2025 4/25/2025 21.46 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 21.46 0.24 4/1/2025 4/25/2025 4,997.95 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 4,997.95 0.01 4/1/2025 4/25/2025 5,593.57 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,593.57 81.10 4/1/2025 4/25/2025 2,638.35 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,638.35 0.04 4/15/2025 4/15/2025 109,027.69 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 109,027.69 2.57 4/15/2025 4/15/2025 252,107.41 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 252,107.41 29.93

ATTACHMENT A
220
PFM Asset Management | pfmam.com

PAYDOWNS
4/18/2025 4/18/2025 17,171.65 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 17,171.65 0.33 5/1/2025 5/25/2025 24.22 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 24.22 0.26 5/1/2025 5/25/2025 1,960.72 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 1,960.72 19.95 5/1/2025 5/25/2025 21,445.91 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 21,445.91 232.54 5/1/2025 5/25/2025 6,373.60 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 6,373.60 0.02 5/1/2025 5/25/2025 5,944.40 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,944.40 81.84 5/1/2025 5/25/2025 3,409.90 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,409.90 0.06 5/15/2025 5/15/2025 233,141.12 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 233,141.12 26.99 5/15/2025 5/15/2025 54,054.57 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 54,054.57 2.19 5/15/2025 5/15/2025 107,285.20 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 107,285.20 2.47 5/18/2025 5/18/2025 178,028.99 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 178,028.99 22.49 5/18/2025 5/18/2025 16,190.22 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 16,190.22 0.29 6/1/2025 6/25/2025 5,632.31 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,632.31 73.42 6/1/2025 6/25/2025 2,892.47 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 2,892.47 0.05 6/1/2025 6/25/2025 249.37 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 249.37 2.67 6/1/2025 6/25/2025 18,761.25 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 18,761.25 198.21 6/1/2025 6/25/2025 2,302.22 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,302.22 22.84

ATTACHMENT A
221
PFM Asset Management | pfmam.com

PAYDOWNS
6/1/2025 6/25/2025 5,065.54 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,065.54 0.01 6/15/2025 6/15/2025 172,646.33 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 172,646.33 6.81 6/15/2025 6/15/2025 104,920.14 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 104,920.14 2.34 6/15/2025 6/15/2025 21,403.55 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 21,403.55 2.95 6/15/2025 6/15/2025 219,597.11 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 219,597.11 24.77 6/18/2025 6/18/2025 15,433.32 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 15,433.32 0.25 6/18/2025 6/18/2025 169,906.09 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 169,906.09 20.81 Total PAYDOWNS 1,774,134.18 1,774,134.18 1,034.17
SELL
4/1/2025 4/2/2025 6,190,000.00 3135G06G3 FANNIE MAE 0.50% 11/7/2025 6,069,876.18 -132,454.69 4/1/2025 4/2/2025 1,955,000.00 3135G06G3 FANNIE MAE 0.50% 11/7/2025 1,917,061.05 -41,786.52 4/21/2025 4/22/2025 4,990,000.00 91282CGQ8 US TREASURY N/B 4.00% 2/28/2030 5,034,925.25 14,825.33 4/21/2025 4/22/2025 2,010,000.00 91282CGQ8 US TREASURY N/B 4.00% 2/28/2030 2,028,096.15 12,832.07 4/23/2025 4/28/2025 1,265,000.00 91282CMU2 US TREASURY N/B 4.00% 3/31/2030 1,268,179.24 814.12 4/25/2025 4/28/2025 1,835,000.00 91282CHA2 US TREASURY N/B 3.50% 4/30/2028 1,853,210.21 -8,289.01 4/25/2025 4/28/2025 1,875,000.00 912810FG8 US TREASURY N/B 5.25% 2/15/2029 1,995,213.50 5,296.82 4/25/2025 4/28/2025 500,000.00 9128286B1 US TREASURY N/B 2.62% 2/15/2029 481,751.12 -26,054.96

ATTACHMENT A
222
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
SELL
4/25/2025 4/28/2025 2,165,000.00 9128286B1 US TREASURY N/B 2.62% 2/15/2029 2,085,982.36 20,192.79 4/25/2025 4/28/2025 705,000.00 9128284N7 US TREASURY N/B 2.87% 5/15/2028 696,171.98 3,612.77 5/1/2025 5/2/2025 1,195,000.00 91282CBH3 US TREASURY N/B 0.37% 1/31/2026 1,164,010.88 -28,345.22 5/1/2025 5/2/2025 3,455,000.00 91282CBH3 US TREASURY N/B 0.37% 1/31/2026 3,365,403.83 -70,257.44 5/21/2025 5/22/2025 1,510,000.00 91282CBH3 US TREASURY N/B 0.37% 1/31/2026 1,472,039.81 -30,541.91 6/4/2025 6/5/2025 3,425,000.00 91282CBC4 US TREASURY N/B 0.37% 12/31/2025 3,356,683.32 -66,943.52 6/4/2025 6/5/2025 7,635,000.00 91282CBH3 US TREASURY N/B 0.37% 1/31/2026 7,454,607.96 -120,391.61 6/4/2025 6/5/2025 3,510,000.00 91282CBH3 US TREASURY N/B 0.37% 1/31/2026 3,427,069.28 -67,368.87 6/4/2025 6/9/2025 1,225,000.00 91282CAL5 US TREASURY N/B 0.37% 9/30/2027 1,132,663.75 2,946.73 6/4/2025 6/9/2025 2,400,000.00 91282CMD0 US TREASURY N/B 4.37% 12/31/2029 2,491,690.09 50,214.62 6/12/2025 6/12/2025 555,000.00 646140DP5 NJ TPK AUTH -B-TXBL 1.04% 1/1/2026 549,257.09 -8,341.65 6/24/2025 6/25/2025 225,000.00 9128286A3 US TREASURY N/B 2.62% 1/31/2026 225,247.60 -5,022.80 6/27/2025 6/30/2025 2,285,000.00 91282CGT2 US TREASURY N/B 3.62% 3/31/2028 2,299,971.42 -3,708.38 Total SELL 50,910,000.00 50, 369,112.07 -498,771.33

ATTACHMENT A
223
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
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.

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.

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
224
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
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.

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
225
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2025
Appendix
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.