INVESTMENT REPORT
City of Stockton | As of June 30, 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 June 30, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
ATTACHMENT B
ECONOMIC UPDATE
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 June meeting. Fed Chair Powell continued to emphasize the Committee’s “wait and see” approach amidst economic uncertainty that remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025.
US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%, the 5-year Treasury dropped 17 basis points to
3.80%, and the 10-year Treasury yield also declined 17 basis points to 4.23%. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-endversus +50 basis points at May month-end. The spread between the 2- year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May.
ECONOMIC UPDATE
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 (%)
The U.S. economy added 147,000 jobs in June, exceeding consensus expectations, and the last two months were revised up by 16,000.
Gains were primarily driven by state and local government education, while job growth in service sectors languished. The three-month moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively. The unemployment rate declined to
4.1% in June from 4.2% in May, due to a shrinking labor force. The labor participation rate dipped to 62.3%, remaining below the pre- pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons dropped to 7.7% in June. Average hourly earnings fell slightly, marking a 3.7% year-over-year increase.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
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 Job O penings and Labor TurnoverSurvey (JOLTS) unexpectedly rose to 7.77 million new job openings in May from
7.40 million in April. Layoffs declined and the quits rate increased. Job openings indicate a ratio of approximately 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
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 May, the Consumer Pr ice Index (CPI) cooled slightly more than consensus expectations. The headline CPI increased 0.1% month-over- monthand rose 2.4% year-over-year, while the Core CPI rose 0.1% month-over-monthand 2.8% year-over-year. The Personal Consumption Expenditures (PCE) price index increased 0.1% month-over-monthand rose 2.3% year-over-year in May. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, increased 0.2% month-over-monthand 2.7% year-over-year, up from April’s
2.6% year-over-year increase. Inflation is hovering above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
ATTACHMENT B
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales we re down 0.9% month-over-monthin May, further slowing from a downwardly revised -0.1% in April. Declines were led by auto sales, building materials, garden equipment and supplies, and spending at restaurants and bars fell by the most since early 2023. Control group sales, which feed into GDP, were the only bright spot in the report, with a 0.4% increase. On a year-over-year basis, Retail Sales grew 3.3% in May following a 5.0% increase in April. The Conference Board’s Consumer Confidence Index dropped to 93.0 in June from 98.4 in May, as consumers’ assessment of both the current situation and future expectations for income and labor markets soured. While the consumer has been resilient, elevated 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
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 Boa rd’s Leading Economic Index (LEI) fell by 0.1% in May, following a downwardlyrevised 1.4% decline in April. The LEI decreased by 4.0% year-over-year. The rebound in the stock market was the primary positive contributor,offset by consumer pessimism, weak new orders in manufacturing, the second consecutive month of rising initial unemploymentclaims, and a drop in housing permits.
The Chicago Fed National Activity Index (CFNAI) improved to -0.28 in May from a downwardly revised -0.36 in April. The three-month moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend growth.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
ATTACHMENT B
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts declined 9.8% month-over-monthin May to a seasonally adjusted annual rate of 1.256 million units. Single family starts increased 0.4% above the revised April figures, whereas multi-family starts fell -30.4%. Total starts dropped4.6% compared to May 2024.
Homebuilder confidence is shaky due to elevated mortgage rates, affordability constraints, and a weakening economic outlook. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8% in June. According to the Case-Shiller 20-City Home Price Index, housing prices rose 3.4% year-over-year in April, compared to 4.1% in March. Limited inventory, elevated mortgage rates, and lack of affordability continue to weigh on the housing market.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
ATTACHMENT 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 edged up to 49.0 in June from 48.5 in May, indicating a continuation of modest contraction in the sector. Inventories and production improved as companies worked through backlogs, while employment and new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May, as new orders improved. However, ongoing concerns about the impact of tariffs remain. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
ATTACHMENT B
Components of GDP 6/24 9/24 12/ 24 3/25
1.9% 2.5% 2.7% 0.3%
1.5% 0.2% -1.0% 3.9%
-0.9% -0.4% 0.3% -4.6%
0.3% 0.6% 0.3% -0.3%
0.3% 0.3% 0.3% 0.2%
3.0% 3.1% 2.5% -0.5%
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 Real GDP decreased at an annualized rate of 0.5% in the first quarter of 2025, according to the third and final estimate from the Bureau of Economic Analysis, a downward revision from the previously estimated 0.2% decline. This marks the first negative quarter since 2022.
The primary driver of the downward revision was weaker personal consumption expenditures. Net exports remained the primary drag on growth, as imports rose sharply in anticipation of higher tariffs. Gross investment contributed positively, powered by business decisions to get ahead of possible cost increases. The consensus projection calls for 2.1% growth for the second quarter and 1.5% for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
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 June meeting. In the Summaryof Economic Projections (SEP), Federal Reserve officials continued to pencil in two rate cuts in 2025, while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year. The statement indicated that uncertainty about theeconomic outlook remained elevated but had diminished. The monthly redemptioncap on Treasuries will remain at $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 about $2.2 trillion to approximately $6.7 trillion.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
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
Jun-25
Mar-25
Jun-24
Yield (%)
At the end of June, the 2-year Treasury yield was 103 basis points lower, and the 10-Year Treasury yield was 17 basis points lower, year- over-year. The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May 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 -7 basis points in June, versus -6 basis points in May.
BOND YIELDS
ATTACHMENT B
ACCOUNT PROFILE
ATTACHMENT B
OBJECTIVES
City of Stockton | As of June 30, 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.
ATTACHMENT B
STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of June 30, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 2.9 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 20.0 5.3 Compliant Max Maturity (Years) 10.0 4.2 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 9.0 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 0.9 Compliant
Max % Issuer (MV) 5.0 0.9 Compliant
Max Maturity (Days) 270 71 Compliant
Min R
ating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 23.2 Compliant
Max % Issuer (MV) 5.0 1.7 Compliant
ATTACHMENT B
STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of June 30, 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 14.7 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 100.0 5.3 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 0.8 Compliant
Max % Issuer (MV) 20.0 0.8 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 0.3 Compliant
Max % Issuer (MV) 5.0 0.3 Compliant
Max Maturity (Years) 10 0.0 Co mpliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.6 Compliant
Max % Issuer (MV) 5.0 0.5 Compliant
ATTACHMENT B
STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of June 30, 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 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 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 47.6 Compliant
Max Maturity (Years) 10 8 Compliant
ATTACHMENT B
PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of June 30, 2025 Benchmark* 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 2.68 3.06 3.10
Average Modified Duration 2.50 2.54 2.56
Average Purchase Yield 3.59% 3.34%
Average Market Yield 3.84% 4.11% 4.26%
Average Quality** AA AA+ AA+
Total Market Value 344,035,757 339,162,348
*Benchmark: ICE BofA 1-5 Year Gov/Corp A or better
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
ATTACHMENT B
SECTOR DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 43.19% 37.11%
Corporate 25.33% 24.62%
Agency 16.04% 21.80%
ABS 9.83% 10.05%
Agency CMBS 3.18% 2.23%
Comm Paper 1.02% 2.29%
Muni Bonds 0.99% 1.22%
Money Mkt Fd 0.42% 0.07%
Neg CD -- 0.59%
ATTACHMENT B
ISSUERS
City of Stockton Reserve | Account #10020 | As of June 30, 2025 Issuer Investment Type % Portfolio
Government of The United States US Treasury 43.19%
Farm Credit System Agency 5.74%
Federal Home Loan Banks Agency 4.30%
FNMA Agency 3.51%
FHLMC Agency CMBS 3.18%
State Street Corporation Corporate 1.82%
JPMorgan Chase & Co. Corporate 1.73%
Federal Home Loan Mortgage Corp Agency 1.70%
Bank of America Corporation Corporate 1.62%
Morgan Stanley Corporate 1.54%
American Express Credit Master Trust ABS 1.47%
Chase Issuance Trust ABS 1.45%
BMW Vehicle Owner Trust ABS 1.21%
Caterpillar Inc. Corporate 1.20%
The Home Depot, Inc. Corporate 1.19%
John Deere Owner Trust ABS 1.16%
Visa Inc. Corporate 1.14%
UnitedHealth Group Incorporated Corporate 1.14%
PACCAR Inc Corporate 1.07%
National Rural Utilities Cooperative Corporate 1.05%
New York Life Insurance Company Corporate 1.04%
Honda Motor Co., Ltd. Corporate 1.03%
PepsiCo, Inc. Comm Paper 1.02%
The Charles Schwab Corporation Corporate 1.00%
Honda Auto Receivables Owner Trust ABS 0.91%
Cisco Systems, Inc. Corporate 0.90%
Mastercard Incorporated Corporate 0.90%
Massachusetts Mutual Life Insurance Corporate 0.89%
Hyundai Auto Receivables Trust ABS 0.87%
Pr
ologis, Inc. Corporate 0.86%
ATTACHMENT B
ISSUERS
City of Stockton Reserve | Account #10020 | As of June 30, 2025 Issuer Investment Type % Portfolio
Metropolitan Life Global Funding I Corporate 0.79%
Tennessee Valley Authority Agency 0.79%
Toyota Motor Corporation Corporate 0.75%
Verizon Master Trust ABS 0.74%
Eli Lilly and Company Corporate 0.67%
Northern Trust Corporation Corporate 0.64%
Target Corporation Corporate 0.61%
Deere & Company Corporate 0.59%
Merck & Co., Inc. Corporate 0.59%
Toyota Auto Receivables Owner Trust ABS 0.59%
PepsiCo, Inc. Corporate 0.58%
Florida Hurricane Catastrophe Fund F Muni Bonds 0.55%
WF Card Issuance Trust ABS 0.53%
Bank of America Credit Card Trust ABS 0.49%
Federated Hermes, Inc. Money Mkt Fd 0.42%
GM Financial Automobile Leasing Trus ABS 0.41%
Los Angeles Community College Distri Muni Bonds 0.28%
State of New Jersey Muni Bonds 0.16%
Cash Cash 0.00%
TOTAL 100.00%
ATTACHMENT B
QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 9.7% 8.5%
AA 65.2% 67.9%
A 20.6% 19.6%
BBB -- 0.5%
NA 4.4% 3.5%
Rating 06/30/2025 03/31/2025
AAA 6.17% 68.10%
AA 67.89% 7.62%
A 21.63% 19.87%
NA 4.31% 4.40%
Rating 06/30/2025 03/31/2025
AAA 15.20% 11.78%
AA 63.73% 66.12%
A 11.96% 11.59%
NA 9.11% 10.51%
City of Stockton Reserve | Account #10020 | As of June 30, 2025 S&P Rating Moody’s Rating Fitch Rating
ATTACHMENT B
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 9.4% 6.9% 16.8% 10.7% 12.5% 23.8% 10.2% 9.3% 0.5% ICE BofA 1-5 Year Gov/Corp A or better 0.0% 0.1% 2.4% 34.7% 27.7% 23.4% 11.8% 0.0% 0.0%
DURATION DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of June 30, 2025 Portfolio Compared to the Benchmark
ATTACHMENT B
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Stockton Reserve 1.44% 6.16% 5.34% 3.53%
ICE BofA 1-5 Year Gov/Corp A or better 1.40% 6.18% 5.25% 3.23% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency
Index 1.36% 6.06% 5.11% 3.10%
Basis Point Fee* 0.01% 0.04% 0.03% 0.03%
Net of Fees 1.43% 6.12% 5.31% 3.51%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*
MARKET VALUE BASIS EARNINGS
Income Earned 2,939,179 10,035,277 16,575,262 20,335,534 Change in Market Value 1,947,169 9,923,078 17,664,303 907,172 TOTAL DOLLAR RETURN 4,886,349 19,958,356 34,239,565 21,242,705
INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of June 30, 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.
ATTACHMENT B
HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Reserve | Account #10020 | As of June 30, 2025 Purchase Yield as of 06/30/25 = 3.59%
ATTACHMENT B
PORTFOLIO CHARACTERISTICS
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 2025 Benchmark* 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 0.16 0.02 0.14
Average Modified Duration 0.16 0.02 0.14
Average Purchase Yield 4.16% 4.33%
Average Market Yield 4.37% 4.20% 4.33%
Average Quality** AA+ AAA AAA
Total Market Value 31,638,658 31,302,779
*Benchmark: ICE BofA 3-Month US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
ATTACHMENT B
SECTOR DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 94.74% 59.13%
Money Mkt Fd 5.00% 0.25%
Cash 0.25% 0.04%
Agency -- 21.59%
Comm Paper -- 18.99%
ATTACHMENT B
ISSUERS
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 2025 Issuer Investment Type % Portfolio
Government of The United States US Treasury 94.74%
Federated Hermes, Inc. Money Mkt Fd 5.00%
Cash Cash 0.25%
TOTAL 100.00%
ATTACHMENT B
QUALITY DISTRIBUTION
Rating 06/30/2025 03/31/2025
AAA 100.0% 81.0%
A -- 19.0%
Rating 06/30/2025 03/31/2025
AAA 5.26% 0.29%
A 94.74% 99.71%
Rating 06/30/2025 03/31/2025
AAA 100.00% 81.01%
NA -- 18.99%
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 2025 S&P Rating Moody’s Rating Fitch Rating
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 June 30, 2025 Portfolio Compared to the Benchmark
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 1.07% 4.79% 4.85%
ICE BofA 3-Month US Treasury Bill Index 1.04% 4.68% 4.76% Basis Point Fee* 0.01% 0.04% 0.04%
Net of Fees 1.07% 4.75% 4.81%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*
MARKET VALUE BASIS EARNINGS
Income Earned 267,583 1,369,839 1,559,215
Change in Market Value 421.10 5,766 (300)
TOTAL DOLLAR RETURN 268,004 1,375,605 1,558,914
INVESTMENT PERFORMANCE
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 2025 Total and Realized Rate of Return : Inception | 05/17/2024 *Periods over 1 year are annualized.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.
ATTACHMENT B
HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 2025 Purchase Yield as of 06/30/25 = 4.16%
ATTACHMENT B
CONSOLIDATED INFORMATION
ATTACHMENT B
PORTFOLIO CHARACTERISTICS
City of Stockton ConsAgg | Account #10021 | As of June 30, 2025 6/30/2025
Portfolio
3/31/2025
Portfolio
Average Maturity (yrs) 2.80 2.85
Average Modified Duration 2.32 2.35
Average Purchase Yield 3.64% 3.42%
Average Market Yield 4.12% 4.26%
Average Quality** AA+ AA+
Total Market Value 375,674,415 370,465,127
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
ATTACHMENT B
SECTOR DISTRIBUTION
City of Stockton ConsAgg | Account #10021 | As of June 30, 2025 Sector as a Percentage of Market Value
Sector 06/30/2025 03/31/2025
US Treasury 47.56% 38.98%
Corporate 23.18% 22.53%
Agency 14.68% 21.78%
ABS 8.99% 9.20%
Agency CMBS 2.91% 2.04%
Comm Paper 0.93% 3.71%
Muni Bonds 0.91% 1.12%
Money Mkt Fd 0.81% 0.09%
Neg CD -- 0.54%
ATTACHMENT B
PORTFOLIO HOLDINGS
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 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
1,389,856.63
100.67
4.25%
1,399,266.30
1,979.21
0.41%
9,409.66
NA/AAA
AAA
2.65 1.45
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 458,974.59 07/11/2023
5.47%
458,893.26
458,927.76
100.59
4.49%
461,702.13
418.43
0.14%
2,774.37
NA/AAA
AAA
2.66 0.57
477920AC6 JDOT 2023-B A3 5.18 03/15/2028 915,826.28 06/21/2023
5.51%
915,673.52
915,738.63
100.53
4.46%
920,718.62
2,108.44
0.27%
4,979.99
Aaa/NA
AAA
2.71 0.68
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 3,012,613.72 09/12/2023
5.55%
3,012,406.75
3,012,486.01
100.86
4.51%
3,038,648.72
7,337.39
0.89%
26,162.71
Aaa/NA
AAA
2.88 0.83
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 1,270,000.00 06/07/2023
4.92%
1,269,887.35
1,269,956.60
100.52
4.30%
1,276,554.34
2,748.84
0.37%
6,597.74
NA/AAA
AAA
0.87 0.84
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 1,050,000.00 11/01/2023
5.7 4%
1,049,815.10
1,049,880.97
101.07
4.39%
1,061,198.25
1,653.75
0.31%
11,317.28
Aaa/NA
AAA
2.98 0.78
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 4,915,000.00 --
5.23%
4,920,147.11
4,917,037.76
101.16
4.21%
4,971,802.16
11,271.73
1.45%
54,764.40
NA/AAA
AAA
3.21 1.14
096919AD7
BMWO
T 2024-A A3 5.18
02/26/2029 1,445,000.00 06/04/2024
5.18%
1,444,780.51
1,444,829.61
101.26
4.11%
1,463,218.56
1,247.52
0.43%
18,388.95
Aaa/AAA
NA
3.66 1.12
44934QAD3 HART 2024-B A3 4.84 03/15/2029 910,000.00 07/16/2024
5.45%
909,862.68
909,890.39
101.02
4.17%
919,274.72
1,957.51
0.27%
9,384.33
NA/AAA
AAA
3.71 1.40
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 2,040,000.00 08/09/2024
4.66%
2,039,679.52
2,039,739.67
100.54
4.21%
2,051,103.11
2,589.67
0.60%
11,363.44
Aaa/NA
AAA
3.72 1.35
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,635,000.00 06/06/2024
4.93%
1,634,908.28
1,634,928.10
101.48
4.14%
1,659,219.42
3,582.47
0.49%
24,291.32
Aaa/AAA
NA
3.87 1.75
89240JAD3 TAOT 25A A3 4.64 08/15/2029 1,990,000.00 01/22/2025
4.69%
1,989,920.20
1,989,927.56
100.92
4.14%
2,008,361.13
4,103.82
0.59%
18,433.57
Aaa/NA
AAA
4.13 1.70
096924AD7 BMWO
T 2025-A A3 4.56
09/25/2029 2,185,000.00 02/04/2025
4.56%
2,184,784.78
2,184,802.52
100.86
4.09%
2,203,709.28
1,660.60
0.64%
18,906.76
Aaa/AAA
NA
4.24 1.65
44935CAD3 HART 2025-A A3 4.32 10/15/2029 2,045,000.00 03/04/2025
4.84%
2,044,698.36
2,044,718.31
100.39
4.16%
2,052,899.02
3,926.40
0.60%
8,180.70
NA/AAA
AAA
4.29 1.98
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,815,000.00 10/17/2024
4.29%
1,814,730.29
1,814,767.40
100.47
4.11%
1,823,532.32
3,460.60
0.53%
8,764.92
Aaa/AAA
NA
4.29 2.14
02582JKM1 AMXCA 2025-1 A 4.56 12/17/2029 3,685,000.00
02/0
4/2025
4.57%
3,684,181.56
3,684,246.30
101.26
4.05%
3,731,334.08
7,468.27
1.09%
47,087.79
NA/AAA
AAA
4.47 2.28
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 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
92348KDY6 VZMT 2025-3 A1A 4.51
03/20/2030 2,525,000.00 03/25/2025
4.51%
2,524,891.43
2,524,896.93
100.44
4.39%
2,536,083.24
3,479.59
0.74%
11,186.30
Aaa/NA
AAA
4.72 1.62
Total ABS 33,287,414.58 4.93%
33,289,096.68
33,286,631.16
100.88
4.23%
33,578,625.41
60,994.23
9.83%
291,994.25
3.64 1.47
AGENCY
3137EAEU9 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 07/21/2025 2,310,000.00 07/21/2020
0.48%
2,298,496.20
2,309,873.86
99.78 4.31%
2,304,958.33
3,850.00
0.67%
(4,915.53)
Aa1/AA+
AA+
0.06 0.06
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 3,995,000.00 08/25/2020
0.47%
3,976,303.40
3,994,436.85
99.39 4.48%
3,970,514.68
5,243.44
1.16%
(23,922.16)
Aa1/AA+
AA+
0.15 0.15
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 3,545,000.00 09/23/2020
0.44%
3,534,329.55
3,544,508.60
99.09 4.41%
3,512,700.02
3,618.85
1.03%
(31,808.58)
Aa1/AA+
AA+
0.23 0.23
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
2,264,803.56
99.10 4.24%
2,2
44,611.96
3,067.82
0.66%
(20,191.59)
Aa1/AA+
AA+
0.25 0.24
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 8,145,000.00 --
0.54%
8,127,104.90
8,143,733.87
98.68 4.32%
8,037,497.97
6,108.75
2.35%
(106,235.90)
Aa1/AA+
AA+
0.36 0.34
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 4,100,000.00 03/28/2023
3.89%
4,2
11,028.00
4,160,365.33
101.97
3.72%
4,180,741.55
56,887.50
1.22%
20,376.21
Aa1/AA+
AA+
2.70 2.49
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
2,503,888.24
102.95
3.91%
2,573,856.88
20,121.53
0.75%
69,968.64
Aa1/AA+
AA+
3.83 3.46
3130B1BC0 FEDERAL HOME LOAN BANKS
4.625 06/08/2029 1,900,000.00 07/30/2024
4.10%
1,943,358.00
1,935,165.71
103.12
3.76%
1,959,239.32
5,614.24
0.57%
24,073.61
Aa1/AA+
AA+
3.94 3.57
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
2,990,267.98
99.58 3.85%
2,987,368.11
48,750.00
0.87%
(2,899.87)
Aa1/AA+
AA+
4.57 4.09
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
2,091,558.03
100.54
4.01%
2,111,270.43
23,581.25
0.62%
19,712.39
Aa1/AA+
AA+
5.23 4.61
3133ENQ45 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 09/30/2030 875,000.00 11/3
0/2022
4.40%
866,250.00
869,137.10
101.12
4.01%
884,770.06
9,400.17
0.26%
15,632.95
Aa1/AA+
AA+
5.25 4.62
880591EX6 TENNESSEE VALLEY AUTHORITY
1.5 09/15/2031 1,003,000.00 01/23/2023
4.03%
818,959.53
870,801.10
85.90 4.10%
861,532.57
4,429.92
0.25%
(9,268.53)
Aa1/AA+
AA+
6.21 5.77
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
2,038,969.49
87.10 4.12%
2,006,001.99
3,473.69
0.59%
(32,967.50)
Aa1/AA+
AA+
6.42 5.93
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 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
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
3,849,778.71
85.78 4.17%
3,859,883.82
4,468.75
1.13%
10,105.11
Aa1/AA+
AA+
6.44 5.98
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
3,013,209.67
97.77 4.35%
2,933,201.55
54,000.00
0.86%
(80,008.12)
Aa1/AA+
AA+
7.56 6.32
3130AV4X7 FEDERAL HOME LOAN BANKS
4.375 03/11/2033 2,500,000.00 05/12/2023
4.04%
2,568,175.00
2,553,392.35
100.94
4.23%
2,523,615.55
33,420.14
0.74%
(29,776.80)
Aa1/AA+
AA+
7.70 6.40
3130AVWG3 FEDERAL HOME LOAN BANKS 4.0
06/10/2033 6,195,000.00 --
4.40%
5,998,322.75
6,037,162.34
97.57 4.37%
6,044,308.98
14,455.00
1.77%
7,146.64
Aa1/AA+
AA+
7.94 6.70
880591FB3 TENNESSEE VALLEY AUTHORITY
4.375 08/01/2034 1,845,000.00 08/08/2024
4.49%
1,828,561.05
1,830,015.26
99.35 4.46%
1,833,020.80
33,632.81
0.54%
3,005.54
Aa1/AA+
AA+
9.09 7.29
Total Agency 56,081,000.00 2.84%
54,579,551.54
55,001,068.05
98.01 4.1
9%
54,829,094.56
334,123.86
16.04%
(171,973.49)
3.88 3.39
AGENCY CMBS
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 2,400,000.00 10/20/2022
4.88%
2,234,343.75
2,330,976.56
98.23 4.04%
2,357,514.48
6,234.00
0.69%
26,537.92
Aa1/AA+
AAA
1.99 1.74
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 5,245,000.00
05/2
4/2023
4.65%
5,148,705.08
5,189,568.83
99.43 4.00%
5,215,281.83
16,827.71
1.53%
25,713.00
Aa1/AA+
AAA
2.90 2.62
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 3,500,000.00 06/06/2025
4.38%
3,261,425.78
3,264,518.12
94.30 4.09%
3,300,640.35
7,568.75
0.97%
36,122.23
Aa1/AA+
AAA
4.24 3.84
Total Agency CMBS 11,145,000.00 4.62%
10,644,474.61
10,785,063.52
97.62 4.04%
10,873,436.66
30,630.46
3.18%
88,373.14
3.11 2.80
CASH
CCYUSD Receivable 15,726.97 -- 15,726.97
15,726.97
1.00 0.00%
15,726.97
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 15,726.97
15,726.97
15,726.97
1.00 0.00%
15,726.97
0.00 0.00%
0.00 0.00
0.00 COMMERCIAL
PAPER
71344TW99 PepsiCo, Inc. 09/09/2025 3,500,000.00 02/27/2025
4.35%
3,419,840.28
3,471,076.39
99.15 4.39%
3,470,362.00
0.00 1.02%
(714.39)
P-1/A-1
F1
0.19 0.19
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 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
Total Commercial
Paper 3,500,000.00 4.35%
3,419,840.28
3,471,076.39
99.15 4.39%
3,470,362.00
0.00 1.02%
(714.39)
0.19 0.19
CORPORATE
46625HQW3 JPMORGAN CHASE & CO 3.3
04/01/2026 3,000,000.00 04/21/2025
4.38%
2,970,390.00
2,976,415.29
99.32 4.23%
2,979,538.23
24,750.00
0.87%
3,122.94
A1/A
AA-
0.75 0.73
06051GFX2 BANK OF AMERICA CORP 3.5
04/19/2026 3,000,000.00 04/22/2025
4.43%
2,973,360.00
2,978,451.86
99.31 4.38%
2,979,230.16
21,000.00
0.87%
778.30
A1/A-
AA-
0.80 0.77
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 4,000,000.00 09/19/2022
4.16%
3,592,560.00
3,902,728.29
97.21 4.45%
3,888,225.88
5,877.78
1.14%
(14,502.41)
A2/A+
A
0.87 0.85
02665WEK3 AMERICAN HONDA FINANCE
CORP 5.25 07/07/2026 3,500,000.00 04/29/2025
4.37%
3,535,000.00
3,529,988.45
100.84
4.40%
3,529,381.66
88,812.50
1.03%
(606.79)
A3/A-
A
1.02 0.96
61761J3R8 MORGAN STANLEY 3.125
07/27/2026 3,500,000.00 04/29/2025
4.30%
3,450,685.00
3,457,434.51
98.75 4.33%
3,456,241.32
46,788.19
1.0 1%
(1,193.19)
A1/A-
A+
1.07 1.03
87612EBM7 TARGET CORP 1.95 01/15/2027 2,140,000.00 --
1.97%
2,137,844.40
2,139,332.79
96.86 4.08%
2,072,793.45
19,242.17
0.61%
(66,539.34)
A2/A
A
1.54 1.48
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 3,500,000.00 01/23/2023
4.35%
3,251,955.00
3,398,993.69
97. 18
4.21%
3,401,382.64
28,106.94
1.00%
2,388.94
A2/A-
A
1.67 1.60
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 2,200,000.00 08/24/2022
3.93%
2,206,402.00
2,202,457.64
99.88 4.07%
2,197,309.42
12,466.67
0.64%
(5,148.22)
A2/A+
A+
1.86 1.76
92826CAH5 VISA INC 2.75 09/15/2027 4,000,000.00 03/27/2024
4.57%
3,769,760.00
3,853,417.50
97.60 3.89%
3,904,099.96
32,388.89
1.14%
50,682.46
Aa3/AA-
NA
2.21 2.10
74340XBV2 PROLOGIS LP 3.375 12/15/2027 3,000,000.00 01/25/2023
4.28%
2,881,530.00
2,940,399.56
98.25 4.13%
2,947,418.16
4,500.00
0.86%
7,018.60
A2/A
NA
2.46 2.33
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/20/2023
4.35%
2,035,920.00
2,018,393.72
101.58
4.09%
2,031,627.62
42,486.11
0.59%
13,233.90
A1/A
A+
2.56 2.34
713448FL7 PEPSICO INC 3.6 02/18/2028 2,000,000.00 04/27/2023
4.00%
1,964,920.00
1,980,792.85
99.14 3.95%
1,9
82,794.62
26,600.00
0.58%
2,001.77
A1/A+
NA
2.64 2.45
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
101.14
4.08%
4,202,324.83
64,394.19
1.23%
47,324.83
Aa3/A
AA-
2.67 2.38
57636QAW4 MASTERCARD INC 4.875
03/09/2028 3,000,000.00 06/13/2024
4.50%
3,037,110.00
3,026,550.92
102.26
3.98%
3,067,788.03
45,500.00
0.90%
41,237.11
Aa3/A+
NA
2.69 2.40
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 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
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,800,000.00 07/31/2023
5.39%
1,729,026.00
1,765,635.84
99.79 4.91%
1,796,281.00
14,945.50
0.53%
30,645.16
A1/A-
A+
2.81 1.70
58933YBH7 MERCK & CO INC 4.05 05/17/2028 2,000,000.00 --
4.03%
2,001,621.20
2,000,915.92
100.46
3.88%
2,009,192.32
9,900.00
0.59%
8,276.40
Aa3/A+
NA
2.88 2.61
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 3,000,000.00 02/27/2024
5.19%
2,823,480.00
2,883,972.81
97.95 4.67%
2,938,628.52
46,201.83
0.86%
54,655.71
A1/A
AA-
3.57 2.38
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 3,600,000.00 01/29/2024
4.52%
3,612,132.00
3,608,698.92
101.37
4.18%
3,649,231.12
69,460.00
1.07%
40,532.20
A1/A+
NA
3.59 3.22
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
100.82
4.52%
2,016,400.12
32,968.33
0.59%
16,400.12
Aa3/A
AA-
3.64 2.42
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 3,000,000.00 02/27/2024
4.84%
3,001,560.00
3,001,135.42
102.48
4.1 1%
3,074,323.68
50,520.83
0.90%
73,188.26
A1/AA-
NA
3.66 3.21
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 4,000,000.00 04/29/2024
5.08%
3,960,640.00
3,970,167.62
102.30
4.16%
4,092,191.76
66,822.22
1.20%
122,024.14
A2/A
A+
3.66 3.28
06051GLG2 BANK OF AMERICA CORP 5.202
04/25/2029 2,500,000.00 05/28/2024
5.38%
2,484,025.00
2,488,480.54
102
.20
4.77%
2,554,904.95
23,842.50
0.75%
66,424.41
A1/A-
AA-
3.82 2.58
89236TMF9 TOYOTA MOTOR CREDIT CORP
5.05 05/16/2029 2,500,000.00 05/28/2024
5.09%
2,495,600.00
2,496,565.91
102.65
4.30%
2,566,330.75
15,781.25
0.75%
69,764.84
A1/A+
A+
3.88 3.48
57629W4T4 MASSMUTUAL GLOBAL FUNDING
II 5.15 05/30/2029 2,950,000.00 05/22/2024
5.17%
2,947,551.50
2,948,083.84
102.79
4.37%
3,032,370.17
13,082.43
0.89%
84,286.32
Aa3/AA+
AA+
3.91 3.51
437076DC3 HOME DEPOT INC 4.75
06/25/2029 4,000,000.00 07/30/2024
4.58%
4,028,360.00
4,022,958.86
102.07
4.18%
4,082,930.48
3,166.67
1.19%
59,971.62
A2/A
A
3.99 3.53
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 2,290,000.00 08/12/2024
4.25%
2,284,984.90
2,285,866.52
100.35
4.10%
2,298,128.13
36,601.83
0.67%
12,261.60
Aa3/A+
NA
4.12 3.62
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 3,
500,000.00 02/27/2025
4.58%
3,502,135.00
3,501,984.16
101.11
4.32%
3,539,021.82
11,627.78
1.04%
37,037.65
Aa1/AA+
AAA
4.43 3.96
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 2,645,000.00 01/02/2025
4.95%
2,639,551.30
2,640,067.52
102.02
4.40%
2,698,321.37
61,922.39
0.79%
58,253.85
Aa3/AA-
AA-
4.53 3.94
63743HFX5
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
3,500,000.00 05/28/2025
4.70%
3,535,315.00
3,534,622.96
102.28
4.40%
3,579,934.65
69,300.00
1.05%
45,311.68
A2/NA
A
4.61 3.94
Total Corporate 86,280,000.00 4.53%
85,008,418.30
85,709,513.92
100.37
4.2 5%
86,568,346.80
989,057.01
25.33%
858,832.88
2.82 2.45
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 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
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,437,293.48 --
4.21%
1,437,293.48
1,437,293.48
1.00 4.21%
1,437,293.48
0.00 0.42%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 1,437,293.48 4.21%
1,437,293.48
1,437,293.48
1.00 4.21%
1,437,293.48
0.00 0.42%
0.00 0.00
0.00 MUNICIPAL BONDS
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
1,875,000.00
100.00
1.26%
1,875,000.00
11,793.75
0.55%
0.00 Aa2/AA
AA
0.00 0.00
54438CYK2 LOS ANGELES CALIF CMNTY
COLLEGE DIST 0.773 08/01/2025 965,000.00 10/30/2020
0.77%
965,000.00
965,000.00
99.70 4.32%
962,144.57
3,108.10
0.28%
(2,855.44)
Aaa/AA+
NA
0.09 0.08
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
98.46 4.20%
548,892.20
2,918.51
0.16%
(8,607.80)
A1/AA-
A+
0.51 0.49
Total Municipal
Bonds 3,397,500.00 1.04%
3,404,923.50
3,397,500.00
99. 67
2.61%
3,386,036.77
17,820.37
0.99%
(11,463.24)
0.11 0.10
US TREASURY
912797QL4 UNITED STATES TREASURY
08/26/2025 6,500,000.00 06/27/2025
4.44%
6,455,256.98
6,456,041.95
99.33 4.41%
6,456,320.00
0.00 1.89%
278.05
P-1/A-1+
F1+
0.16 0.15
91282CAJ0 UNITED STATES TREASURY 0.25
08/31/2025 6,000,000.00 --
0.56%
5,925,343.67
5,996,931.20
99.30 4.51%
5,9
57,929.68
5,013.59
1.74%
(39,001.52)
Aa1/AA+
AA+
0.17 0.16
912797MS3 UNITED STATES TREASURY
10/02/2025 3,500,000.00 04/29/2025
4.22%
3,438,417.22
3,463,050.33
98.91 4.33%
3,461,770.69
0.00 1.01%
(1,279.64)
P-1/A-1+
F1+
0.26 0.25
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 6,772,500.00 --
0.93%
6,619,508.79
6,756,998.76
98.39 4.31%
6,663,703.51
2,151.10
1.95%
(93,295.24)
Aa1/AA+
AA+
0.42 0.41
91282CGA3 UNITED STATES TREASURY 4.0
12/15/2025 5,000,000.00 04/29/2025
4.01%
4,999,609.38
4,999,715.14
99.92 4.16%
4,996,240.25
8,743.17
1.46%
(3,474.89)
Aa1/AA+
AA+
0.46 0.45
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 17,305,000.00 --
0.79%
16,971,456.65
17,263,638.42
97.80 4.24%
16,923,918.29
27,068.94
4.95%
(339,720.13)
Aa1/AA+
AA+
0.59 0.57
91282CBQ3 UNITED STATES TREASURY 0.5
02/28/2026 12,670,000.00 --
0.9 4%
12,437,181.06
12,634,144.11
97.60 4.19%
12,366,117.91
21,174.05
3.62%
(268,026.20)
Aa1/AA+
AA+
0.67 0.65
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 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
91282CCF6 UNITED STATES TREASURY 0.75
05/31/2026 8,320,000.00 --
0.80%
8,301,545.71
8,316,617.05
97.05 4.06%
8,074,950.04
5,285.25
2.36%
(241,667.01)
Aa1/AA+
AA+
0.92 0.90
91282CCY5 UNITED STATES TREASURY 1.25
09/30/2028 3,325,000.00 --
3.32%
3,058,576.17
3,117,835.39
92.52 3.72%
3,076,274.41
10,447.40
0.90%
(41,560.98)
Aa1/AA+
AA+
3.25 3.12
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 7,000,000.00 03/27/2024
4.20%
6,940,117.19
6,955,679.95
100.90
3.73%
7,063,164.08
116,795.58
2.07%
107,484.13
Aa1/AA+
AA+
3.59 3.26
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 7,000,000.00 --
4.06%
6,525,214.84
6,677,780.36
96.30 3.72%
6,741,054.67
69,033.15
1.97%
63,274.31
Aa1/AA+
AA+
3.63 3.38
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 6,500,000.00 06/13/2024
4.25%
6,572,617.19
6,557,403.31
102.73
3.74%
6,677,226.53
24,774.59
1.95%
119,823.22
Aa1/AA+
AA+
3.92 3.56
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 3,450,000.00 12/23/2024
4.42%
3,390,164.06
3,396,895.60
100.93
3.7 5%
3,482,208.99
57,563.54
1.02%
85,313.39
Aa1/AA+
AA+
4.08 3.68
912828YB0 UNITED STATES TREASURY 1.625
08/15/2029 7,600,000.00 --
3.42%
6,985,504.69
7,086,879.48
92.09 3.71%
6,998,531.29
46,397.79
2.05%
(88,348.19)
Aa1/AA+
AA+
4.13 3.90
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 6,500,000.00 11/26/2024
4.21%
6,4
75,371.10
6,478,328.21
101.43
3.76%
6,592,929.72
45,173.23
1.93%
114,601.51
Aa1/AA+
AA+
4.34 3.91
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 8,000,000.00 01/30/2025
4.32%
7,847,187.50
7,860,268.39
100.44
3.76%
8,035,312.48
26,256.83
2.35%
175,044.09
Aa1/AA+
AA+
4.42 4.01
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 6,700,000.00 --
4.02%
6,511,839.85
6,563,219.54
98.84 3.78%
6,622,007.85
97,816.30
1.94%
58,788.30
Aa1/AA+
AA+
4.59 4.13
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 542,500.00 04/06/2022
2.65%
498,040.43
516,292.58
90.49 3.76%
490,920.12
3,057.18
0.14%
(25,372.46)
Aa1/AA+
AA+
4.63 4.37
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 3,500,000.00 05/28/2025
4.08%
3,467,871.09
3,468,461.10
100.39
3.78%
3,513,671.88
22,849.86
1.03%
45,210.77
Aa1/AA+
AA+
4.83 4.34
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 3,000,000.00 06/06/2025
4.1 1%
2,985,117.19
2,985,297.39
100.97
3.78%
3,029,064.00
10,163.93
0.89%
43,766.61
Aa1/AA+
AA+
4.92 4.42
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 587,500.00 04/06/2022
2.63%
498,755.37
533,024.54
85.29 3.81%
501,050.29
1,379.49
0.15%
(31,974.24)
Aa1/AA+
AA+
5.13 4.94
912810FP8 UNITED STATES TREASURY 5.375
02/15/2031 6,000,000.00 --
4.27%
6,403,066.41
6,319,362.98
107.56
3.87%
6,453,750.00
121,160.22
1.89%
134,387.02
Aa1/AA+
AA+
5.63 4.78
91282CBL4 UNITED STATES TREASURY 1.125
02/15/2031 565,000.00 04/06/2022
2.62%
498
,104.88
522,466.13
86.52 3.81%
488,857.42
2,387.98
0.14%
(33,608.70)
Aa1/AA+
AA+
5.63 5.32
91282CCS8 UNITED STATES TREASURY 1.25
08/15/2031 562,500.00 04/06/2022
2.62%
498,515.62
520,581.14
85.55 3.93%
481,201.17
2,641.57
0.14%
(39,379.97)
Aa1/AA+
AA+
6.13 5.75
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 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
91282CFV8 UNITED STATES TREASURY 4.125
11/15/2032 6,000,000.00 --
3.72%
6,197,734.38
6,148,666.90
100.69
4.02%
6,041,484.36
31,610.05
1.77%
(107,182.54)
Aa1/AA+
AA+
7.38 6.28
91282CHT1 UNITED STATES TREASURY 3.875
08/15/2033 6,500,000.00 --
4.73%
6,069,570.31
6,142,933.73
98.48 4.10%
6,400,976.53
94,627.07
1.87%
258,042.80
Aa1/AA+
AA+
8.13 6.80
Total US Treasury 149,400,000.00 2.98%
146,571,687.73
147,738,513.68
98.90 4.00%
147,590,636.15
853,571.88
43.19%
(147,877.53)
2.93 2.63
Total Portfolio 344,543,935.03 3.59%
338,371,013.09
340,842,387.17
98.88 4.11%
341,749,558.80
2,286,197.80
100.00%
907,171.63
3.06 2.54
Total Market Value +
Accrued 344,035,756.60
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Enhanced Cash | Account #11194 | As of June 30, 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
CASH
CCYUSD Receivable 80,661.22 -- 80,661.22
80,661.22
1.00 0.00%
80,661.22
0.00 0.25%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 80,661.22
80,661.22
80,661.22
1.00 0.00%
80,661.22
0.00 0.25%
0.00 0.00
0.00 MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,582,176.22 --
4.21%
1,582,176.22
1,582,176.22
1.00 4.21%
1,582,176.22
0.00 5.00%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 1,582,176.22 4.21%
1,582,176.22
1,582,176.22
1.00 4.21%
1,582,176.22
0.00 5.00%
0.00 0.00
0.00 US TREASURY
912797PZ4 UNITED STATES TREASURY
07/08/2025 30,000,000.00 06/30/2025
4.15%
29,972,710.00
29,976,121.25
99.92 4.21%
29,975,820.90
0.00 94.74%
(300.35)
P-1/A-1+
F1+
0.02 0.02
Total US Treasury 30,000,000.00 4.15%
29,972,710.00
29,976,121.25
99.92 4.21%
29,975,820.90
0.00 94.74%
(300.35)
0.02 0.02
Total Portfolio 31,662,837.44 4.16%
31,635,547.44
31,638,958.69
94.72 4.20%
31,
638,658.34
0.00 100.00%
(300.35)
0.02 0.02
Total Market Value +
Accrued 31,638,658.34
ATTACHMENT B
TRANSACTIONS
ATTACHMENT B
TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/22/2025 46625HQW3 3,000,000.00 JPMORGAN CHASE & CO 3.3 04/01/2026 99.013 4.38% (2,970,390.00) (5,775.00) (2,976,165.00) 0.00 Purchase 04/23/2025 06051GFX2 3,000,000.00 BANK OF AMERICA CORP 3.5 04/19/2026 99.112 4.43% (2,973,360.00) (1,166.67) (2,974,526.67) 0.00 Purchase 04/30/2025 61761J3R8 3,500,000.00 MORGAN STANLEY 3.125 07/27/2026 98.591 4.30% (3,450,685.00) (28,255.21) (3,478,940.21) 0.00 Purchase 04/30/2025 02665WEK3 3,500,000.00 AMERICAN HONDA FINANCE CORP 5.25 07/07/2026 101.000 4.37% (3,535,000.00) (57,677.08) (3,592,677.08) 0.00 Purchase 04/30/2025 91282CGA3 5,000,000.00 UNITED STATES TREASURY
4.0 12/15/2025 99.992 4.01% (4,999,609.38) (74,725.27) (5,074,334.65) 0.00 Purchase 04/30/2025 912797MS3 3,500,000.00 UNITED STATES TREASURY 10/02/2025 98.240 4.22% (3,438,417.22) 0.00 (3,438,417.22) 0.00 Purchase 04/30/2025 912797PG6 3,500,000.00 UNITED STATES TREASURY 07/31/2025 98.930 4.29% (3,462,538.87) 0.00 (3,462,538.87) 0.00 Purchase 05/29/2025 63743HFX5 3,500,000.00
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE
CORP 4.95 02/07/2030
101.009 4.70% (3,535,315.00) (53,900.00) (3,589,215.00) 0.00 Purchase 05/29/2025 91282CMZ1 3,500,000.00 UNITED STATES TREASURY
3.875 04/30/2030 99.082 4.0 8% (3,467,871.09) (10,687.84) (3,478,558.93) 0.00 Purchase 06/09/2025 91282CNG2 3,000,000.00 UNITED STATES TREASURY
4.0 05/31/2030 99.504 4.11% (2,985,117.19) (2,950.82) (2,988,068.01) 0.00 Purchase 06/11/2025 3137FPJG1 3,500,000.00 FHMS K-099 A2 2.595 09/25/2029 93.184 4.38% (3,
261,425.78) (2,522.92) (3,263,948.70) 0.00
Purchase 06/30/2025 912797QL4 6,500,000.00 UNITED STATES TREASURY 08/26/2025 99.312 4.44% (6,455,256.98) 0.00 (6,455,256.98) 0.00 Total Purchase 45,000,000.00 (44,534,986.51) (44,772,647.32) 0.00 TOTAL
ACQUISITIONS 45,000,000.00 (44,534,986.51) (44,772,647.32) 0.00
DISPOSITIONS
Call Redemption 04/02/2025 06051GKM0 (1,875,000.00) BANK OF AMERICA CORP
3.384 04/02/2026 100.000 3.38% 1,875,000.00 0.00 1,875,000.00 0.00
ATTACHMENT B
TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Call Redemption 04/28/2025 6174468Q5 (2,200,000.00) MORGAN STANLEY 2.188 04/28/2026 100.000 5.29% 2,200,000.00 0.00 2,200,000.00 0.00 Total Call
Redemption (4,075,000.00) 4,075,000.00 0.00 4,075,000.00 0.00 Maturity 04/13/2025 023135CE4 (2,567,500.00) AMAZON.COM INC 3.0 04/13/2025 100.000 3.05% 2,567,500.00 0.00 2,567,500.00 0.00 Maturity 04/14/2025 3130AJHU6 (1,560,000.00) FEDERAL HOME LOAN BANKS 0.5 04/14/2025 100.000 0.60% 1,560,000.00 0.00 1,560,000.00 0.00 Maturity 04/17/2025 96130AWW4 (2,000,000.00)
Westpac Banking
Corporation - New York
Branch 5.52 04/17/2025
100.000 4.37% 2,000,000.00 0.00 2,000,000.00 (0.00)
Maturity 04/22/2025 3135G03U5 (10,880,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.625 04/22/2025
100.000 0.63% 10,880,000.00 0.00 10,880,000.00 0.00
Maturity 04/28/2025 93114ERU3 (4,300,000.00) Walmart Inc. 04/28/2025 100.000 4.32% 4,300,000.00 0.00 4,300,000.00 0.00 Maturity 05/15/2025 91412HGE7 (760,000.00) UNIVERSITY CALIF REVS
0.883 05/15/2025 100.000 0.88% 760,000.00 0.00 760,000.00 0.00 Maturity 05/22/2025 38148LAE6 (1,817,500.00) GOLDMAN SACHS GROUP INC 3.75 05/22/2025 100.000 0.80% 1,817,500.00 0.00 1,817,500.00 0.00 Matur
ity 06/01/2025 438516CB0 (2,000,000.00)
HONEYWELL
INTERNATIONAL INC 1.35
06/01/2025
100.000 0.81% 2,000,000.00 0.00 2,000,000.00 0.00
Maturity 06/17/2025 3135G04Z3 (6,642,500.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.5 06/17/2025
100.000 0.54% 6,642,500.00 0.00 6,642,500.00 0.00
Total Maturity (32,527,500.00) 32,
527,500.00 0.00 32,527,500.00 (0.00)
Sale 05/29/2025 63743HFF4 (3,000,000.00)
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE
CORP 5.45 10/30/2025
100.370 5.26% 3,011,100.00 13,170.83 3,024,270.83 8,880.88 Sale 06/09/2025 912797PG6 (3,500,000.00) UNITED STATES TREASURY 07/31/2025 99.391 4.29% 3,478,697.15 0.00 3,478,697.15 (129.17) Total Sale (6,500,000.00) 6,489,797.15 13,170.83 6,502,967.98 8,751.71 TOTAL
DISPOSITIONS (43,102,500.00) 43,092,297.15 13,170.83 43,105,467.98 8,751.71
ATTACHMENT B
TRANSACTION LEDGER
City of Stockton Enhanced Cash | Account #11194|04/01/2025 Through 06/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/17/2025 313385GT7 4,500,000.00 FEDERAL HOME LOAN BANKS 06/11/2025 99.353 4.32% (4,470,884.38) 0.00 (4,470,884.38) 0.00 Purchase 04/17/2025 06367DKQ7 250,000.00 Bank of Montreal 5.5 06/11/2025 100.135 4.40% (250,338.27) (11,840.28) (262,178.55) 0.00 Purchase 04/17/2025 06367DKQ7 1,250,000.00 Bank of Montreal 5.5 06/11/2025 100.135 4.40% (1,251,691.36) (59,201.39) (1,310,892.75) 0.00 Purchase 06/30/2025 912797PZ4 30,000,000.00 UNITED STATES TREASURY 07/08/2025 99.909 4.15% (29,972,710.00) 0.00 (29,972,710.00) 0.00 Total Purchase 36,000,000.00 (35,945,624.01) (71,041.67) (36,016,665.68) 0.00 TOTAL
ACQUISITIONS 36,000,000.00 (35,945,624.01) (71,041.67) (36,016,665.68) 0.00
DISPOSITIONS
Maturity 04/03/2025 912797MV6 (6,000,000.00) UNITED STATES TREASURY 04/03/2025 100.000 4.29% 6,000,000.00 0.00 6,000,000.00 0.00 Maturity 05/20/2025 912797PJ0 (6,000,000.00) UNITED STATES TREASURY 05/20/2025 100.000 4.31% 6,000,000.00 0.00 6,000,000.00 0.00 Maturity 05/23/2025 313385FY7 (6,800,000.00) FEDERAL HOME LOAN BANKS 05/23/2025 100.000 4.32% 6,800,000.00 0.00 6,800,000.00 0.00 Maturity 06/10/2025 912797PR2 (6,600,000.00) UNITED STATES TREASURY 06/10/2025 100.000 4.30% 6,600,000.00 0.00 6,6 00,000.00 0.00 Maturity 06/11/2025 313385GT7 (4,500,000.00) FEDERAL HOME LOAN BANKS 06/11/2025 100.000 4.32% 4,500,000.00 0.00 4,500,000.00 0.00 Maturity 06/11/2025 06367DKQ7 (1,500,000.00) Bank of Montreal 5.5 06/11/2025 100.000 4.4
0% 1,500,000.00 0.00 1,500,000.00 (0.00)
Maturity 06/16/2025 62479LTG0 (6,000,000.00) MUFG Bank, Ltd., New York Branch 06/16/2025 100.000 4.46% 6,000,000.00 0.00 6,000,000.00 0.00 Total Maturity (37,400,000.00) 37,400,000.00 0.00 37,400,000.00 (0.00) TOTAL
DISPOSITIONS (37,400,000.00) 37,400,000.00 0.00 37,400,000.00 (0.00)
ATTACHMENT B
IMPORTANT DISCLOSURES
City of Stockton Reserve | Account #10020 | As of June 30, 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 Dat a 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 in vestments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.
ATTACHMENT B
BENCHMARK DISCLOSURES
City of Stockton | As of June 30, 2025
Benchmark Disclosure
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.
ICE BofA 3-Month US T reasury 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.
ATTACHMENT B