Attachment B - Chandler Investment Report 3.31.25 — City Council and Concurrent Authorities, August 12, 2025

INVESTMENT REPORT
City of Stockton | As of March 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

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

ATTACHMENT B

TABLE OF CONTENTS
City of Stockton | As of March 31, 2025

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS
1 ATTACHMENT B

ECONOMIC UPDATE
2 ATTACHMENT B



Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improvedbalance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated.

Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.

As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the March meeting. Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity” before making changes to interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The summary of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December projections, along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction.

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

ECONOMIC UPDATE
3 ATTACHMENT B
-400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
4 ATTACHMENT B
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s J ob Openings and Labor Turnover Survey (JOLTS) fell to 7.57 million new job openings in February from 7.76 million new job openings in January. Job openings indicate a ratio of 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
5 ATTACHMENT B

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Cor e Deflator Y OY % Change
Fed Target
YOY (%) Change
In February, both t he Consumer Price Index (CPI) and Core CPI, which excludes volatile food and energy components, posted more moderate increases than last month and came in lower than consensus expectations. The headline CPI rose 0.2% month-over-monthand

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

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

INFLATION
6 ATTACHMENT B
-30.0%
-20.0%
-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
The Advance Retail Sales r eport for February fell short of expectations, increasing 0.2% month-over-month followinga 1.2% decline in January. Declines were broad-based across categories. However, control group sales, which feeds into gross domestic product and excludes food services, auto dealers, building materials stores, and gasoline stations, increased 1% in February. On a year-over-year basis, Retail Sales grew 3.1% in February versus 3.9% in January. The Conference Board’s Consumer Confidence Index tumbled 7.2 points in March to 92.9, a notable decrease from February. Consumers' assessment of the present situation fell, with business conditions viewed as "good" by only 17.7% and jobs considered "plentiful" by 33.6%. Their expectations for income, business, and labor market conditions dropped, with pessimism about future employment prospects falling to a 12-year low. While the consumer has been resilient, rising inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could pose potential risks to future spending.
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER
7 ATTACHMENT B
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

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

0.00 0.25

0.50 0.75

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

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

LEADING INDICATORS OF ECONOMIC ACTIVITY
8 ATTACHMENT B
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts soared 11.2% to 1.5 million units in February as builders rebounded from adverse weather conditions in January. Total starts are down 2.9% compared to February 2024. Single family homes starts rose 11.4%, and multi-family starts increased 10.7%. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in February. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.7% year-over-year in January, compared to 4.5% in December. While inventory constraints remain a challenge, the slight improvementin annual gains suggests gradual stabilization in the market. However, higher mortgage rates continue to weigh on affordability, limiting buyer demand and market activity.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

HOUSING
9 ATTACHMENT B
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

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

Source: Institute for Supply Management

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

1.3% 1.9% 2.5% 2.7%

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

0.0% 0.3% 0.6% 0.3%

0.3% 0.3% 0.3% 0.3%

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

0.0%

10.0%

20.0%

30.0%

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

GROSS DOMESTIC PRODUCT (GDP)
11 ATTACHMENT B
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As broadly anticipated, the Federal Open Market Committee (FOMC) left the Federal Funds Rate unchanged at the range of 4.25 - 4.50% at the March meeting. Fed Chair Powell emphasized increased uncertainty around theeconomic outlook and the need for “greater clarity” before making changes to interest rate policy. He also acknowledged possible transitory inflationary impacts from tariffs. The summary of economic projections (SEP) indicated lower GDP growth, higher inflation, and higher unemployment estimates than December projections, along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction. The monthly redemptioncap on Treasuries will be reduced from $25 billion to $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $2.2 trillion to approximately $6.8 trillion.

FEDERAL RESERVE
12 ATTACHMENT B
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

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

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Mar-25
Dec-24
Mar-24
Yield (%)
At the end of March, the 2-year Treasury yield was 74 basis points lower, and the 10-Year Treasury yield was 6 basis points higher, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve widened to +32 basis points at March month- end versus +22 basis points at February month-end. The recent yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2005) is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -9 basis points in in March, unchanged from February.

BOND YIELDS
13 ATTACHMENT B

ACCOUNT PROFILE
14 ATTACHMENT B

OBJECTIVES
City of Stockton | As of March 31, 2025
Investment Objectives
Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and econmic cycles, taking into account the investment risk constraints and liquidity needs.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds. 15 ATTACHMENT B

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

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

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 9.2 Compliant
Max % Issuer (MV) 5.0 1.3 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 0.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-

NEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 40.0 3.7 Compliant
Max % Issuer (MV) 5.0 1.6 Compliant
Max Maturity (Days) 270 162 Compliant
Mi
n Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

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

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of March 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

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

FEDERAL AGENCIES
Max % (MV) 100.0 21.8 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 100.0 7.9 Compliant Max Callables (MV) 20.0 0.6 Compliant
Max Maturity (Years) 10 9 Compliant

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

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

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

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

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

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

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.5 Compliant
Max % Issuer (MV) 5.0 0.5 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 39.0 Compliant
Max Maturity (Years) 10 8 Compliant
18 ATTACHMENT B

PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of March 31, 2025 Benchmark* 3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 2.66 3.10 2.98
Average Modified Duration 2.48 2.56 2.51
Average Purchase Yield 3.32% 3.01%
Average Market Yield 4.00% 4.26% 4.49%
Average Quality** AA+ AA+ AA+
Total Market Value 339,162,348 332,405,551
*Benchmark: ICE BofA 1-5 Year Gov/Corp A or better
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 ATTACHMENT B

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

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

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

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

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

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

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

INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of March 31, 2025 Total and Realized Rate of Return : Inception | 08/01/2022 *Periods over 1 year are annualized.

Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio. 25 ATTACHMENT B

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

PORTFOLIO CHARACTERISTICS
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 Benchmark* 3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs) 0.16 0.14 0.04
Average Modified Duration 0.16 0.14 0.04
Average Purchase Yield 4.33% 4.27%
Average Market Yield 4.28% 4.33% 4.29%
Average Quality** AA+ AAA AAA
Total Market Value 31,302,779 30,976,381
*Benchmark: ICE BofA 3-Month US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 27 ATTACHMENT B

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

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

QUALITY DISTRIBUTION
Rating 03/31/2025 12/31/2024
AAA 81.0% 100.0%
A 19.0% --
Rating 03/31/2025 12/31/2024
AAA 0.3% 0.4%
A 99.7% 99.6%
Rating 03/31/2025 12/31/2024
AAA 81.0% 100.0%
NA 19.0% --
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 S&P Rating Moody’s Rating Fitch Rating
30 ATTACHMENT B
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ICE BofA 3-Month US Treasury Bill Index 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 Portfolio Compared to the Benchmark
31 ATTACHMENT B
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

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

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

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

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

CONSOLIDATED INFORMATION
34 ATTACHMENT B

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

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

PORTFOLIO HOLDINGS
37 ATTACHMENT B

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of March 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,390,000.00 02/05/2025

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

4.43%
1,396,456.41
1,979.21

0.41%
6,613.30
NA/AAA
AAA

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

5.47%
575,700.50
575,738.27
100.66

4.59%
579,598.73
524.94

0.17%
3,860.47
NA/AAA
AAA

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

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

4.58%
1,091,426.78
2,497.91

0.32%
6,540.18
AAA/NA
AAA

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

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

4.40%
1,277,047.23
2,748.84

0.38%
7,103.05
NA/AAA
AAA

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

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

4.57%
3,134,872.27
7,562.40

0.93%
30,015.32
AAA/NA
AAA

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

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

4.66%
1,062,649.35
1,653.75

0.32%
12,778.35
AAA/NA
AAA

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

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

4.39%
4,970,677.12
11,271.73

1.47%
53,140.71
NA/AAA
AAA

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

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

4.40%
1,462,883.46
1,247.52

0.43%
18,065.46

AAA/AAA
NA

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

4.90%
909,862.68
909,883.01
100.72

4.48%
916,596.59
1,957.51

0.27%
6,713.58
NA/AAA
AAA

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

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

4.36%
2,048,508.84
2,589.67

0.61%
8,786.60
AAA/NA
AAA

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

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

4.32%
1,656,400.02
3,582.47

0.49%
21,476.56

AAA/AAA
NA

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

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

4.29%
2,005,667.67
4,103.82

0.59%
15,744.49
AAA/NA
AAA

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

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

4.37%
2,195,228.20
1,660.60

0.65%
10,437.30

AAA/AAA
NA

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

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

99.98 4.34%
1,814,608.32
3,460.60

0.54%
(145.57)

AAA/AAA
NA

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

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

99.88 4.42%
2,042,578.31
4,662.60

0.61%
(2,123.64)
NA/AAA
AAA

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

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

4.30%
3,713,168.51
7,468.27

1.10%
28,964.29
NA/AAA
AAA

4.71 2.49
38 ATTACHMENT B

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

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

4.59%
2,524,891.43
316.33

0.75%
(0.06)
AAA/NA
NA

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

4.42%
33,893,259.26
59,288.16

10.05%
227,970.37

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

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

99.87 4.21%
1,557,909.82
3,618.33

0.46%
(2,035.03)
AAA/AA
AA

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

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

99.78 4.36%
10,856,283.56
30,033.33

3.22%
(23,707.45)
AAA/AA
AA

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

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

99.18 4.41%
6,588,078.93
9,594.72

1.95%
(53,841.25)
AAA/AA
AA

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

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

98.82 4.29%
2,
282,718.14
1,684.38

0.68%
(26,581.80)
AAA/AA
AA

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

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

98.46 4.28%
3,933,598.29
1,498.13

1.17%
(59,906.80)
AAA/AA
AA

0.40 0.39
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 3,545,000.00 09/23/2020

0.44%
3,534,329.55
3,
543,976.24

98.14 4.35%
3,479,076.54
295.42

1.03%
(64,899.70)
AAA/AA
AA

0.48 0.47
3133EMBH4 FEDERAL FARM CREDIT BANKS
FUNDING CORP 0.53 09/29/2025 2,265,000.00 10/07/2020

0.57%
2,261,036.25
2,264,604.94

98.18 4.30%
2,223,704.04

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

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

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

97.73 4.37%
7,960,151.59
16,290.00

2.36%
(182,689.12)
AAA/AA
AA

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

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

3.91%
4,166,405.08
10,762.50

1.24%
451.50
AAA/AA
AA

2.94 2.73
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 2,500,000.00 04/29/2024

4.70%
2,505,075.00
2,504,141.16
102.67

4.03%
2,566,858.15
49,809.03

0.76%
62,716.99
AAA/AA
AA

4.08 3.62
3130B1BC0 FEDERAL HOME LOAN BANKS

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

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

3.98%
1,946,810.74
27,582.99

0.58%
9,419.66
AAA/AA
AA

4.19 3.73
3133EN7B0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.75 01/25/2030 3,000,000.00 01/20/2023

3.83%
2,985,090.00
2,989,737.35

98.60 4.07%
2,958,108.63
20,625.00

0.88%
(31,628.72)
AAA/AA
AA

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

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

4.12%
2,100,795.65
1,925.00

0.62%
9,639.82
AAA/AA
AA

5.48 4.85
39 ATTACHMENT B

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

4.40%
866,250.00
868,858.79
100.73

4.10%
881,374.54
103.30

0.26%
12,515.75
AAA/AA
AA

5.50 4.86
880591EX6 TENNESSEE VALLEY AUTHORITY

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

4.03%
818,959.53
865,494.48

84.73 4.23%
849,882.46
668.67

0.25%
(15,612.02)
AAA/AA
AA

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

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

85.94 4.25%
1,979,235.44
13,894.77

0.59%
(49,483.71)
AAA/AA
AA

6.67 6.10
3133ENGS3 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.625 12/09/2031 4,500,000.00 02/24/2023

4.35%
3,613,410.00
3,824,621.34

85.39 4.15%
3,842,719.02
22,750.00

1.14%
18,097.68
AAA/AA
AA

6.69 6.17
3133EN6M7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 01/19/2033 3,000,000.00 01/18/2023

3.93%
3,017,490.00
3,013,645.36

97.99 4.31%
2,939,598.45
24,000.00

0.87%
(74,046.91)
AAA/AA
AA

7.80 6.57
3130AV4X7 FEDERAL HOME LOAN BANKS

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

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

4.35%
2,503,950.65
6,076.39

0.74%
(51,170.78)
AAA/AA
AA

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

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

97.58 4.35%
6,044,997.93
76,405.00

1.79%
12,786.71
AAA/AA
AA

8.19 6.81
88 0591FB3 TENNESSEE VALLEY AUTHORITY

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

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

99.04 4.50%
1,827,354.20
13,453.13

0.54%
(2,250.09)
AAA/AA
AA

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

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

4.80%
2,234,343.75
2,322,003.52

97.72 4.20%
2,345,374.32
6,234.00

0.70%
23,370.80
AAA/AA
AAA

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

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

98.77 4.23%
5,180,456.60
16,827.71

1.54%
(4,238.57)
AAA/AA
AAA

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

0.00%
14,270.06
14,270.06

1.00 0.00%
14,270.06

0.00 0.
00%

0.00 AAA/AAA
AAA

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

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

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

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

99.66 4.49%
4,285,582.10

0.00 1.27%
(550.40)
A/AAA
AAA

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

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

98.17 4.16%
3,436,086.50

0.00 1.02%
2,610.80
A/A
A

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

99.00 4.34%
7,721,668.60

0.00 2.29%
2,060.40

0.24 0.24

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

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

99.95 4.52%
2,566,144.90
35,945.00

0.76%
(1,310.40)
A/AA
AA

0.04 0.03
38148LAE6 GOLDMAN SACHS GROUP INC

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

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

99.87 4.61%
1,815,136.94
24,422.66

0.54%
(2,363.06)
A/BBB
A

0.14 0.14
438516CB0 HONEYWELL INTERNATIONAL INC

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

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

99.42 4.82%
1,988,444.56
9,000.00

0.59%
(12,438.08)
A/A
A

0.17 0.
17 63743HFF4

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

5.26%
3,015,750.00
3,003,054.89
100.56

4.45%
3,016,929.60
68,579.17

0.89%
13,874.71
A/A
A

0.58 0.56
06051GKM0
BA
NK OF AMERICA CORP 3.384
04/02/2026 1,875,000.00 03/17/2022

3.38%
1,875,000.00
1,875,000.00

99.99 5.11%
1,874,905.67
31,548.75

0.56%
(94.33)
A/A
AA

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

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

99.80 6.27%
2,195,649.02
20,457.80

0.65%
(630.24)
A/A
A

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

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

96.56 4.32%
3,862,560.56
17,377.78

1.15%
(12,332.11)
A/A
A

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

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

96.25 4.14%
2,059,759.54
8,809.67

0.61%
(79,465.40)
A/A
A

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

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

96.48 4.38%
3,376,808.82
6,669.44

1.00%
(7,116.72)
A/A
A

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

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

99.55 4.23%
2,
190,016.16
34,466.67

0.65%
(12,786.61)
A/A
A

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

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

96.82 4.12%
3,872,841.60
4,888.89

1.15%
35,973.73
AA/AA
NA

2.46 2.34
41 ATTACHMENT B

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

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

97.47 4.38%
2,924,028.15
29,812.50

0.87%
(10,324.98)
A/A
NA

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

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

4.20%
2,028,732.70
18,736.11

0.60%
8,544.95
A/A
A

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

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

98.59 4.12%
1,971,772.42
8,600.00

0.58%
(7,203.54)
A/A
NA

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

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

4.36%
4,174,574.21
17,276.49

1.24%
19,574.21
AA/A
AA

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

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

4.19%
3,056,000.85
8,937.50

0.91%
26,914.63
AA/A
NA

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

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

99.28 5.02%
1,786,959.34
33,890.50

0. 53%
26,075.99
A/A
A

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

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

99.71 4.15%
1,994,119.88
30,150.00

0.59%
(6,878.75)
AA/A
NA

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

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

97.19 4.82%
2,915,834.64
19,884.33

0.86%
43,142.25
A/A
AA

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

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

4.41%
3,623,835.31
28,060.00

1.07%
14,532.12
A/A
NA

3.84 3.45
857477CN1 STATE STREET CORP 4.53
02/20/2029 2,000,000.00 08/14/2024

4.53%
2,000,000.00
2,000,000.00
100.06

4.72%
2,001,112.30
10,318.33

0.59%
1,112.30
AA/A
AA

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

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

4.35%
3,053,534.73
14,145.83

0.91%
52,320.14
A/AA
NA

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

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

4.40%
4,063,846.12
18,322.22

1.21%
95,708.98
A/A
A

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

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

4.95%
2,539,868.58
56,355.00

0.75%
52,406.77
A/A
AA

4.07 2.75
89236TMF9 TOYOTA MOTOR CREDIT CORP

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

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

4.57%
2,544,966.70
47,343.75

0.75%
48,621.64
A/A
A

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

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

4.54%
3,016,914.94
51,063.68

0.89%
68,953.12
AA/AA
AA

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

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

4.43%
4,049,038.20
50,666.67

1.20%
24,612.16
A/A
A

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

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

99.42 4.35%
2,276,652.62
12,556.83

0.68%
(8,963.97)
AA/A
NA

4.37 3.93
42 ATTACHMENT B

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

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

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

4.51%
3,513,558.48
51,877.78

1.04%
11,462.72
AAA/AA
AAA

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

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

4.70%
2,667,437.32
29,521.14

0.79%
27,641.34
AA/AA
AA

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

99.77 4.50%
83,021,984.85
799,684.49

24.62%
409,563.55

2.87 2.44

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

4.21%
242,995.60
242,995.60

1.00 4.21%
242,995.60

0.00 0.07%

0.00 AAA/AAA
AAA

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

1.00 4.21%
242,995.60

0.00 0.07%

0.00 0.00

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

0.88%
760,000.00
760,000.00

99.57 4.41%
756,732.00
2,535.19

0.22%
(3,268.00)
AA/AA
AA

0. 12

0.12 341271AD6 FLORIDA ST BRD ADMIN FIN CORP
REV 1.258 07/01/2025 1,875,000.00 09/03/2020

1.17%
1,882,423.50
1,875,383.39

99.18 4.57%
1,859,568.75
5,896.88

0.55%
(15,814.64)
AA/AA
AA

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

0.77%
965,000.00
96 5,000.00

98.84 4.30%
953,796.35
1,243.24

0.28%
(11,203.65)
AAA/AA
NA

0.34 0.33
646140DP5 NEW JERSEY ST TPK AUTH TPK
REV 1.047 01/01/2026 557,500.00 01/22/2021

1.05%
557,500.00
557,500.00

97.60 4.33%
544,120.00
1,459.26

0.16%
(13,380.00)
A/AA
A

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

98.96 4.45%
4,114,217.10
11,134.56

1.22%
(43,666.29)

0.31 0.31

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

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

4.29%
2,000,888.00
106,720.00

0.59%

57.83 A/AAA
NA

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

4.29%
2,000,888.00
106,720.00

0.59%

57.83 0.05

0.04 43

ATTACHMENT B

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

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

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

98.37 4.25%
5,902,453.14
1,304.35

1.75%
(89,900.02)
AAA/AA
AA

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

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

97.54 4.17%
6,605,568.44
8,512.14

1.96%
(142,149.97)
AAA/AA
AA

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

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

96.96 4.12%
16,778,549.37
10,755.87

4.98%
(467,500.72)
AAA/AA
AA

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

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

96.79 4.12%
12,263,570.09
5,508.70

3.64%
(357,091.01)
AAA/AA
AA

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

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

96.30 4.04%
8,011,900.00
20,914.29

2.38%
(303,795.34)
AAA/AA
AA

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

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

3.92%
3,037,959.00
113.56

0.90%
(63,994.35)
AAA/AA
AA

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

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

3.92%
7,019,140.66
46,408.84

2.08%
66,539.43
AAA/AA
AA

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

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

3.92%
6,677,343.75
22,841.85

1.98%
21,693.19
AAA/AA
AA

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

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

3.93%
6,640,917.99
98,035.71

1.97%
79,861.74
AAA/AA
AA

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

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

3.93%
3,459,029.31
22,872.93

1.03%
65,374.82
AAA/AA
AA

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

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

90.91 3.91%
6,908,878.80
15,352.21

2.05%
(146,995.39)
AAA/AA
AA

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

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

3.95%
6,547,734.38
112,582.87

1.94%
70,651.98
AAA/AA
AA

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

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

99.70 3.95%
7,975,624.96
103,901.10

2.37%
123,239.76
AAA/AA
AA

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

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

98.02 3.95%
6,567,570.35
38,867.40

1.95%
11,781.86
AAA/AA
AA

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

2.65%
498,040.43
514,881.41

89.21 3.96%
483,948.14
1,011.57

0.14%
(30,933.27)
AAA/AA
AA

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

2.63%
498,755.37
530,375.01
83 .88

3.99%
492,788.57
456.45

0.15%
(37,586.44)
AAA/AA
AA

5.38 5.18
44 ATTACHMENT B

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

2.62%
498,104.88
520,582.63

85.12 3.99%
480,912.11
790.14

0.14%
(39,670.52)
AAA/AA
AA

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

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

4.02%
6,422,578.14
40,089.78

1.90%
89,073.05
AAA/AA
AA

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

2.62%
498,515.62
518,875.14

84.36 4.06%
474,543.46
874.05

0.14%
(44,331.68)
AAA/AA
AA

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

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

4.10%
6,008,906.28
93,667.13

1.78%
(144,782.40)
AAA/AA
AA

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

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

98.01 4.16%
6,370,507.78
31,310.43

1.89%
238,525.52
AAA/AA
AA

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

97.97 4.03%
125,130,424.71
676,171.36

37.11%
(1
,101,989.77)

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

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

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

HOLDINGS REPORT
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
AGENCY
313385FY7 FEDERAL HOME LOAN BANKS
05/23/2025 6,800,000.00 03/28/2025

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

99.39 4.31%
6,758,453.90

0.00 21.59%

51.02 A/AAA
AAA

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

99.39 4.31%
6,758,453.90

0.00 21.59%

51.02 0.15

0.14 CASH
CCYUSD Receivable 12,786.35 --

0.00%
12,786.35
12,786.35

1.00 0.00%
12,786.35

0.00 0.04%

0.00 AAA/AAA
AAA

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

1.00 0.00%
12,786.35

0.00 0.04%

0.00 0.00

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

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

99.07 4.45%
5,944,134.00

0.00 18.99%
(512.66)
A/A
NA

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

99.07 4.45%
5,944,134.00

0.00 18.99%
(512.66)

0.21 0.21

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

4. 21%
77,065.81
77,065.81

1.00 4.21%
77,065.81

0.00 0.25%

0.00 AAA/AAA
AAA

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

1.00 4.21%
77,065.81

0.00 0.25%

0.00 0.00

0.00 US T

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

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

99.98 4.30%
5,998,585.44

0.00 19.16%
(13.23)
A/AAA
AAA

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

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

99.42 4.31%
5,965,458.00

0.00 19.06%
(301.21)
A/AAA
AAA

0.14 0.13
46 ATTACHMENT B

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

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

99.19 4.28%
6,546,295.80

0.00 20.91%

54.63 A/AAA
AAA

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

99.52 4.30%
18,510,339.24

0.00 59.13%
(259.80)

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

99.12 4.33%
31,302,779.30

0.00 100.00%
(721.45)

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

TRANSACTIONS
48 ATTACHMENT B

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

METROPOLITAN LIFE
GLOBAL FUNDING I 4.9
01/09/2030

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

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

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

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

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

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

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

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

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

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

REASURY

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

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

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

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

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

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

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

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

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

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

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

IMPORTANT DISCLOSURES
City of Stockton | As of March 31, 2025
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

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

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

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

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

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

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

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

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 53 ATTACHMENT B

BENCHMARK DISCLOSURES
City of Stockton | As of March 31, 2025
Benchmark Disclosure
ICE BofA 3-Month US Treasury Bill Index
The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month- end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

ICE BofA 1-5 Year Gov/Corp A or better
The ICE BofA US Issuers 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be issued from US issuers and be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities.

ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 54 ATTACHMENT B

City Council and Concurrent AuthoritiesAugust 12, 2025

City Council and Concurrent Authorities
August 12, 2025