Attachment A - PFMAM Investment Report 3.31.25 — City Council and Concurrent Authorities, August 12, 2025

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

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
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

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

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

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

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
PFM Asset Management | pfmam.com
Account Summary
14 ATTACHMENT A
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
PFM Asset Management | pfmam.com
Portfolio Review:

CITY OF STOCKTON RESERVE PORTFOLIO
16 ATTACHMENT A
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
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
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
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
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
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
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
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
PFM Asset Management | pfmam.com
Reserve Portfolio Holdings and Transactions
25 ATTACHMENT A
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
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
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
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
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
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
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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
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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
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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
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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
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
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
PFM Asset Management | pfmam.com

3.93 3.93%
Total Investments $468,371,411.11
38 ATTACHMENT A
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
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
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
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
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
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
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
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
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
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
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
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
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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
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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
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
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
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
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
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

City Council and Concurrent AuthoritiesAugust 12, 2025

City Council and Concurrent Authorities
August 12, 2025