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

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

ATTACHMENT A
PFM Asset Management | pfmam.com
Market Update

ATTACHMENT A
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
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
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
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
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

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
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
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
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
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
▸ 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
▸ 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
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
PFM Asset Management | pfmam.com
Account Summary

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.

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
PFM Asset Management | pfmam.com
Portfolio Review:

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
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
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.

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
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
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
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
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.

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%

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

ATTACHMENT A
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
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
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
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
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
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
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
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
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
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
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
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
PFM Asset Management | pfmam.com

4.15 4.15%
Total Investments $476,185,801.48

ATTACHMENT A
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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.

PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements.

While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO.

It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown.

The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion as of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and data presented are not necessarily indicative of future events or expected performance.

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

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

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

Further distribution is not permitted without prior written consent.

ATTACHMENT A
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.

In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded.

Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns.

ICE Bank of America Indices provided by Bloomberg Financial Markets.

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

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

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

MBS maturities are represented by expected average life.

ATTACHMENT A
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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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.

ATTACHMENT A

City Council and Concurrent AuthoritiesAugust 12, 2025

City Council and Concurrent Authorities
August 12, 2025