Attachment A - PFMAM Investment Report — City Council and Concurrent Authorities, December 9, 2025

Investment Performance Review
For the Quarter Ended September 30, 2025
Client Management Team
PFM Asset Management
A division of U.S. Bancorp Asset Management, Inc
Monique Spyke, Managing Director
Allison Kaune, Relationship Manager
Joseph Creason, Portfolio Manager
Rachael Miller, Client Consultant
213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
• Market Update
A
ccount Summary•
Portfolio Review•

ATTACHMENT A
PFM Asset Management | pfmam.com
Market Update

ATTACHMENT A
Current Market Themes
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of September 30, 2025. ▸ U.S. economy has been resilient but a cooling labor market presents risk ▹ Net new job creation neared zero as employers follow a “no hire, no fire” approach ▹ Inflation accelerated but Fed expects further price pressures to be short-lived ▹ Uncertainty eased as tariff and fiscal announcements were digested ▸ Fed cut rates for the first time in 2025
▹ Fed Chair Powell acknowledged the difficulty in balancing the risks affecting labor markets and inflation, but noted risks to the labor market were the Fed's focus ▹ The Fed’s September “dot plot” signals 50 bps in additional cuts for 2025, though views remain split, with 7 members favoring no additional cuts in 2025 ▸ Treasury yields moved lower across the curve in Q3
▹ Front end Treasury yields moved lower on Fed rate cut expectations ▹ Yields settled into a narrow trading range as market volatility eased ▹ Credit spreads continued to tighten and neared historically narrow levels For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
1 ATTACHMENT A
2023 2024 2025
CPI YoY 6.4 6.0 5.0 4.9 4.0 3.0 3.2 3.7 3.7 3.2 3.1 3.4 3.1 3.2 3.5 3.4 3.3 3.0 2.9 2.5 2.4 2.6 2.7 2.9 3.0 2.8 2.4 2.3 2.4 2.7 2.7 2.9 Unemployment
Rate 3.5 3.6 3.5 3.4 3.6 3.6 3.5 3.7 3.8 3.9 3.7 3.8 3.7 3.9 3.9 3.9 4.0 4.1 4.2 4.2 4.1 4.1 4.2 4.1 4.0 4.1 4.2 4.2 4.2 4.1 4.2 4.3 U.S. Real GDP
QoQ 2.9 2.5 4.7 3.4 0.8 3.6 3.3 1.9 -0.6 3.8 1.7%
Est.*
Consumption
QoQ 4.5 1.5 3.1 3.0 1.7 3.9 4.0 3.9 0.6 2.5 1.5%
Est*
Fed Chair Powell: “While the unemployment rate remains low, it has edged up, job gains have slowed, and downside risks to employment have risen. At the same time, inflation has risen recently and remains somewhat elevated. Recent indicators suggest that growth of economic activity has moderated.” Worse Neutral Better
Source: FOMC Chair Jerome Powell Press Conference, September 17, 2025. Bloomberg Finance L.P., Bureau of Labor Statistics and Bureau of Economic Analysis as of August 2025.

The shading represents the deciles of each data point using 30 years of historical data. *Median forecasts sourced from Bloomberg Finance L.P. as of October 2, 2025.

Economic Growth Rebounds Amid Sticky Inflation
For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
2 ATTACHMENT A
Fed Chair Powell: “[T]he increase in goods prices accounts for most … or perhaps all of the increase in inflation over the course of this year. ”
Factors Influencing Slower Than Expected
Pass-Through of Goods Inflation
Source: FOMC Chair Jerome Powell Press Conference, September 17, 2025. Bureau of Economic Analysis, and Bloomberg Finance L.P., as of August 2025 (left). Survey responses after September 26, 2025, included in mean and forecast range.

The Fed's Dual Mandate Remains Complicated
Aug-25

2.9%
Dec-25

3.2%
Mar-26

3.0%
Sep-26

2.7%
1%
2%
3%
4%
5%
Sep-23 Sep-24 Sep-25 Sep-26
Core PCE Inflation (YoY)
Mean Forecast Actual
For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
3 ATTACHMENT A
177k
34k
29k
14k
13k
11k 0k 0k
-4k
-10k
-13k
-15k
-31k
-32k
-34k
-51k
0 50
100
150
200
250
300
Healthcare
State and Local Govt
Leisure & Hospitality
Transp & Warehousing
Retail Trade
Other Services
Utilities
Financial Activies
Private Education
Construction
Mining & Logging
Information Technology
Manufacturing
Wholesale Trade
Federal Govt
Pro & Biz Services
Thousand
Cumulative Job Growth
Jun-25 through Aug-25
Fed Chair Powell: “Labor demand has softened, and the recent pace of job creation appears to be running below the break-even rate needed to hold the unemployment rate constant.” Aug-25

4.3%
Dec-25

4.4%
Mar-26

4.4%
Sep-26

4.4%
3%
4%
5%
Sep-23 Sep-24 Sep-25 Sep-26
Unemployment Rate
Mean Forecast Actual
Month Payrolls
June ’25 -13k
July ’25 79k
August ’25 22k
Avg.
29k
The Fed's Dual Mandate Remains Complicated
Source: FOMC Chair Jerome Powell Press Conference, September 17, 2025. Bureau of Labor Statistics, and Bloomberg Finance L.P., as of August 2025. Data is seasonally adjusted.

Survey responses after September 26, 2025, included in mean and forecast range.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
4 ATTACHMENT A
▸ Net new job creation nears zero
▸ Sticky services inflation
▸ Increasing retail credit card
balances
▸ Rising student loan
delinquencies
▸ Planned federal spending cuts
▸ Slower tariff-based inflation
passthrough
▸ Stabilizing credit card
delinquencies
▸ Corporate fundamentals
▸ Easing Fed Policy
▸ Resilient consumer spending
▸ Positive real disposable
personal income growth
▸ Fiscal tailwinds to business
investment

0.0%

0.4%

0.8%

1.2%

1.6%

2.0%

2.4%

2.8%

3.2%
1Q '24
2Q '24
3Q '24
4Q '24
1Q '25
2Q '25
3QTD '25
Personal Consumption
Quarter-Over-Quarter Change
0%
2%
4%
6%
8%
10%
12%
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
Credit Card Delinquencies
90+ Days
PositiveNeutralNegative
0K
100K
200K
300K
400K
500K
600K
700K
1Q '24
2Q '24
3Q '24
4Q '24
1Q '25
2Q '25
3QTD '25
Nonfarm Payrolls
Cumulative Quarterly
Economic Uncertainty Challenges Outlook
Sources: Bloomberg Finance L.P., Bureau of Labor Statistics as of August 2025, Federal Reserve Bank of New York as of June 2025, and Bureau of Economic Analysis as of August 2025.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
5 ATTACHMENT A

3.6% 3.4% 3.1% 3.1% 3.0%
0%
1%
2%
3%
4%
5%
2025 2026 2027 2028 Longer
Run
Federal Funds Rate
Jun Projections Sep Projections

3.0%

2.6%

2.1% 2.0% 2.0%
0%
1%
1%
2%
2%
3%
3%
4%
4%
2025 2026 2027 2028 Longer
Run
PCE Inflation
Jun Projections Sep Projections

4.5% 4.4% 4.3% 4.2% 4.2%
0%
1%
2%
3%
4%
5%
6%
2025 2026 2027 2028 Longer
Run
Unemployment Rate
Jun Projections Sep Projections

1.6%

1.8% 1.9% 1.8% 1.8%
0%
1%
2%
3%
2025 2026 2027 2028 Longer
Run
Change in Real GDP
Jun Projections Sep Projections
Fed Chair Powell: “[I]t's a difficult situation because we have risks that are both affecting the labor market and inflation, our two goals … When they're both at risk, we have to balance them” Fed’s Updated Summary of Economic Projections
Source: FOMC Chair Jerome Powell Press Conference as of September 17, 2025. September 2025 was the first projection period for calendar year 2028.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
6 ATTACHMENT A
The Latest Fed “Dot Plot”
Fed Chair Powell: “[T]here are no risk-free paths now. It's not incredibly obvious what to do… [A]nd you'll see that there are just a range of views on what to do.”
No additional
cuts in ’25
2 additional
cuts in ’25
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Sep-25 FOMC Projections
Jun-25 Median
Sep-25 Median
2025 Longer Term2026 2027

3.0%2 additional
cuts
1 cut 1 cut
2028
0 cuts
Source: Federal Reserve and FOMC Chair Jerome Powell Press Conference, as of September 17, 2025. Bloomberg Finance L.P.. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
7 ATTACHMENT A

3.25%

3.50%

3.75%

4.00%
Jun-25 Jul-25 Aug-25 Sep-25
2-Year U.S. Treasury Yield
June 30, 2025 – September 30, 2025
Aug 26th
Lisa Cook firing
renews concerns over
Fed independence Sep 5th
Nonfarm payrolls miss
expectations for third
consecutive month
Aug 12th
CPI inflation meets
expectations
Jul 3rd
Nonfarm payrolls
exceeds
expectations
Aug 1st
Nonfarm payrolls
revised lower by a
combined 258k jobs
Sep 25th
Q2 personal
consumption
revised higher
Aug 22nd
Powell comments
at Jackson Hole
Treasury Yields Lower on Labor Market Risk
Source: Bloomberg Finance L.P., as of September 30, 2025.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
8 ATTACHMENT A
Front End Treasury Yields Move Lower

3.93%

3.61%

3.74%

3.93%

4.15%

4.73%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
September 30, 2025
June 30, 2025
3mo 2yr 5yr 7yr 10yr 20yr 30yr
Source: Bloomberg Finance L.P., as of September 30, 2025.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
9 ATTACHMENT A
-0.2%
-0.1%

0.0%

0.1%

0.2%
Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Federal Agency Yield Spreads
Bullet Callable

0.2%

0.4%

0.6%

0.8%

1.0%
Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Corporate Notes A-AAA Yield Spreads

0.2%

0.4%

0.6%

0.8%

1.0%
Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index

0.2%

0.4%

0.6%

0.8%

1.0%
Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Asset-Backed Securities AAA Yield Spreads
Sector Yield Spreads
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of September 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

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

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
10 ATTACHMENT A
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of September 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

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

0.0%

0.1%

0.2%
Jun-25 Jul-25 Aug-25 Sep-25
Federal Agency Yield Spreads
Bullet Callable 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-25 Jul-25 Aug-25 Sep-25
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-25 Jul-25 Aug-25 Sep-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average
2 bps 50 bps
42 bps

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-25 Jul-25 Aug-25 Sep-25
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
Sector Yield Spreads
For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
11 ATTACHMENT A
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of September 30, 2025. 1-5 Year Indices

1.14% 1.20%

1.37%

1.56%

1.76%

0.0%

2.0%

4.0%

6.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Third Quarter 2025 Returns

3.77%

4.11%

4.78% 4.85%

5.45%

0.0%

2.0%

4.0%

6.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return
Fixed-Income Index Total Returns in 3Q 2025
For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
12 ATTACHMENT A
▸ The Federal Open Market Committee (FOMC)
lowered the target range for the federal funds rate to

4.00-4.25% during the September 17th meeting, citing
weakening in the labor market.
▸ U.S. Treasury yields across all maturities moved
lower over the quarter. The change in yields reflected
ongoing market sensitivity to the Fed, with concerns
regarding the labor market taking center stage amid
ongoing weakness. As a result of the Treasury rally,
total returns were positive for the quarter.
▸ Federal Agency & supranational spreads remained
low and traded in a narrow range throughout Q3.

Excess returns remained muted in part due to limited
issuance, which is a trend we expect to continue.
▸ Investment-Grade (IG) corporate bonds generated
strong excess returns as spreads narrowed to multi-
year lows across most maturities. Lower-quality and
longer-duration bonds led performance, supported by
strong investor demand.
▸ Asset-Backed Securities spreads tightened but
remain modestly elevated versus 12-month lows.

While excess returns were positive, they lagged those
of IG corporates. Auto loan collateral modestly
outperformed credit card-backed securities.
▸ Agency-backed mortgage-backed securities
(MBS) delivered solid performance with positive
excess returns across the board. Longer-duration
MBS stood out as a top-performing IG sector in Q3.

Agency-backed commercial MBS (CMBS) also
posted positive excess returns for the quarter.
▸ Short-term credit (commercial paper and negotiable
bank CDs) yields declined as Treasury issuance
surged and the Fed cut rates. Short-end yield spreads
widened over the quarter and demand remained
strong as investors viewed the sector as a hedge
against future rate cuts.

Fixed-Income Sector Commentary – 3Q 2025
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (09/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
13 ATTACHMENT A
Fixed-Income Sector Outlook – 4Q 2025
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (09/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability. ▸ U.S. Treasury volatility is expected to increase from multi-year lows given both fiscal and monetary policy
uncertainty. The potential collective impact of further policy changes on economic growth, inflation, and
labor markets are unknown. We expect to see an
ongoing steepening of the yield curve given the
expectation for future Fed rate cuts.
▸ Federal Agency & Supranational spreads are likely
to remain at tight levels. Government-heavy accounts
may find occasional value on an issue-by-issue basis.
▸ Taxable Municipals continue to see little activity due to an ongoing lack of supply and strong demand
which continues to suppress yields in both the new
issue and secondary markets. We expect few
opportunities in the near term.
▸ Investment-Grade (IG) Corporate bond
fundamentals and valuations weakened while
technicals have improved modestly. We will evaluate
opportunities with a focus on industry fundamentals
and issuer credit quality while identifying rich holdings to tactically reduce allocations.
▸ Asset-Backed Securities fundamentals remain intact
and credit metrics have normalized. Consumer credit
trends will depend on the labor market and the
consumer’s response to monetary policy easing,
which tends to work on a lag. We expect spreads to
continue to exhibit volatility with a bias towards
widening, while low issuance in Q4 will support
technicals in the sector.
▸ Mortgage-Backed Securities are expected to
underperform over the short term with spreads at their
narrowest levels in 3-years. We may use any
meaningful spread widening to add at more attractive
levels.
▸ Short-term credit (commercial paper and negotiable
bank CDs) spreads in Q4 will continue to be primarily
driven by expectations about monetary policy
decisions by the FOMC. Given the positively sloped
shape of the money market yield curve, we favor a
mix of floating rate securities in the front end and fixed rate securities in longer maturities.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
14 ATTACHMENT A
Fixed – Income Sector Outlook – 4Q 2025
Sector Our Investment Preferences

C O M M E R C I A L P A P E R
/ C D

T R E A S U R I E S
T-Bill
T-Note

F E D E R A L A G E N C I E S
Bullets
Callables

S U P R A N AT I O N A L S

C O R P O R AT E S
Financials
Industrials

S E C U R I T I Z E D
Asset-Backed
Agency Mortgage-Backed
Agency CMBS

M U N I C I P A L S
Negative Slightly
Negative Neutral Slightly
Positive PositiveCurrent outlook Outlook one quarter ago For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

CITY OF STOCKTON
15 ATTACHMENT A
PFM Asset Management | pfmam.com
Account Summary

ATTACHMENT A
PFM Asset Management | pfmam.com

1. Reserve Portfolio includes both the PFMAM Reserve portfolio assets and Chandler Asset Management assets. Short-Term Portfolio comprises assets managed by Chandler Asset Management.

Portfolio figures include cash in portfolios’ sweep accounts and excludes accrued interest.

15.2%

0.8% 1.2%

3.2%

4.6%

8.4%

15.2%

19.2% 18.1%

7.3% 6.7%

0.0%
$0
$100
$200
30 Days
and Under
31 to 60
days
61 to 90
days
91 to 180
days
181 to 1
year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
5 to 7
years
7 to 10
years
Over 10
years
Millions
Maturity Distribution
Weighted Average Maturity: 1,110 days
For the Quarter Ended September 30, 2025
Account Summary
17 ATTACHMENT A
PFM Asset Management | pfmam.com
Portfolio Review:

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Compliance
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Financial LP Asset and Investment Management ("AIM").

Certificate of Compliance
During the reporting period for the quarter ended September 30, 2025, the account(s) managed by PFM Asset Management ("
PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. 19 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Snapshot
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

The portfolio’s benchmark is Ccurrently 80% ICE BofA 1-5 Year AAA-A US Corporate & Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ICE BofA 1-5 Year AAA-A US Corporate & Government Index. Source: Bloomberg Financial LP.

An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.

1. Portfolio Snapshot - CITY OF STOCKTON RESERVE PORTFOLIO¹ Credit Quality - S&P
9%
19%
26%
15% 17%
5% 5% 4%4%
27%
22%
19%
12%
8%
4% 5%
0%
5%
10%
15%
20%
25%
30%
0-1 Yr 1-2
Yrs
2-3
Yrs
3-4
Yrs
4-5
Yrs
5-6
Yrs
6-7
Yrs
> 7
Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 48%
Corporate | 21%
Agency CMBS | 20%
ABS | 11%
Negotiable CD | 1%
Federal Agency | <1%
Municipal | <1%
Sector Allocation
AAA | 9%
AA+ | 69%
AA | 1%
AA- | 5%
A+ | 8%
A | 4%
A- | 1%
A-1 | 1%
Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 3. 20 years
Benchmark Effective Duration 3.21 years
Portfolio Credit Quality AA
Yield At Market 3.92%
Yield At Cost 4.28%
Total Market Value $483,219,379.30
$479,958,858.74Securities Sub-Total
$177,986.81Cash
$3,082,533.75Accrued Interest
20 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Characteristics
$0.0
$96.0
$192.0
$288.0
$384.0
$480.0
Millions
September 2025
$0.0
$96.0
$192.0
$288.0
$384.0
$480.0
Millions
June 2025
$0.0
$96.0
$192.0
$288.0
$384.0
$480.0
Millions
March 2025
$0.0
$96.0
$192.0
$288.0
$384.0
$480.0
Millions
December 2024
Sector Allocation Review - CITY OF STOCKTON RESERVE PORTFOLIO U.S. Treasury Federal Agency Agency CMBS Municipal Negotiable CD Corporate ABS Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.

Dec-24 % of TotalSecurity Type Mar-25 % of Total Jun-25 % of Total % of TotalSep-25 U.S. Treasury $240.8 52.8% $251.9 54.0% $237.7 50.2% $228.9 47.6% Federal Agency $14.4 3.2% $11.0 2.4% $3.1 0.7% $0.8 0.2% Agency CMBS $90.8 19.9% $91.7 19.7% $94.5 20.0% $93.9 19.6% Municipal $3.1 0.7% $3.2 0.7% $1.9 0.4% $0.0 0.0%
Negotiable CD $4.3 0.9% $4.3 0.9% $4.3 0.9% $4.2 0.9%
Corporate $70.7 15.5% $67.8 14.6% $95.9 20.3% $101.6 21.2% ABS $31.8 7.0% $36.1 7.7% $35.5 7.5% $50.5 10.5%
Total $455.8 100.0% $465.8 100.0% $472.9 100.0% $480.0 100.0% 21 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
(
$ millions)
U.S. Treasury
Federal Agency
Municipal
Agency CMBS
Corporate
ABS
U.S. Treasury
F
ederal Agency
Municipal
Agency CMBS
Corporate
ABS
($40.0) ($20.0) $0.0 $20.0 $40.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
ABS $14,858,818
Corporate $5,321,032
Agency CMBS ($780,887)
Municipal ($1,875,000)
Federal Agency ($2,265,000)
U.S. Treasury ($10,109,571)
$5,149,392Total Net Activity
Sales/Maturities Purchases
22 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Performance
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2017.1.

2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.

3. Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.

4. The portfolio’s benchmark is Ccurrently 80% ICE BofA 1-5 Year AAA-A US Corporate & Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ICE BofA 1-5 Year AAA-A US Corporate & Government Index. Source: Bloomberg Financial LP.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
Return
Portfolio Benchmark
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $4,55 8,194 $16,406,477 $35,693,600 $50,510,168 $79,324,737 Change in Market Value $1,862,718 $2,083,845 $23,388,583 ($24,223,776) ($3,935,334) $6,420,912Total Dollar Return $18,490,322 $59,082,183 $26,286,392 $75,389,403 Total Return³
Portfolio 1.35% 3.98% 4.70% 1.44% 2.16%
Benchmark⁴ 1.29% 3.77% 4.51% 1.17% 1.96%
3 Months 1 Year 3 Years 5 Years Since Inception
23 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Performance
The lesser of 10 years or since inception is shown. Performance inception date is June 30, 2017.1.

Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.

Realized gains / (losses) are shown on an amortized cost basis.3.

Accrual Basis Earnings - CITY OF STOCKTON RESERVE PORTFOLIO Accrual Basis Earnings
Interest Earned²
Re
alized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$4,558,194
($
355,039)
$436,768
$4,639,923
1 Year
$16,406,477
($
1,506,325)
$2,178,239
$17,078,391
3 Years
$35,693,600
($
6,300,693)
$5,799,506
$35,192,413
5 Year
$50,510,168
($
18,379,735)
$18,016,168
$50,146,601
Since Inception¹
$79,324,737
($
14,654,857)
$19,836,538
$84,506,418
24 ATTACHMENT A
Factors to Consider for 6-12 Months
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Stance Favorable
to Risk Assets
Stance Unfavorable
to Risk Assets
Current outlook Outlook one quarter ago
Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg Finance L.P. and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (9/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.

For the Quarter Ended September 30, 2025
Market Update
PFM Asset Management | pfmam.com

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

ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
D
ated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 11/30/2020 0.375% 11/30/2025
91282CAZ4 7,500.00 AA+ Aa1 11/1/2021 11/2/2021 7,297.27 1.05 9.45 7,454.307,491.83

US TREASURY N/B
DTD 01/31/2019 2.625% 01/31/2026
9128286A3 7,500.00 AA+ Aa1 2/4/2021 2/4/2021 8,301.86 0.46 33.17 7,466.687,553.69

US TREASURY N/B
DTD 06/01/2021 0.750% 05/31/2026
91282CCF6 4,000,000.00 AA+ Aa1 6/6/2022 6/8/2022 3,665,937.50 2.99 10,081.97 3,919,764.003,944,361.24

US TREASURY N/B
DTD 09/30/2021 0.875% 09/30/2026
91282CCZ2 3,700,000.00 AA+ Aa1 4/5/2022 4/7/2022 3,406,746.09 2.77 88.94 3,597,757.903,634,792.66

US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 2,540,000.00 AA+ Aa1 8/8/2022 8/9/2022 2,437,606.25 3.01 19,188.04 2,492,176.882,513,071.56

US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 855,000.00 AA+ Aa1 8/8/2022 8/9/2022 828,515.04 2.99 2,456.96 838,667.79846,947.03

US TREASURY N/B
DTD 02/15/2017 2.250% 02/15/2027
912828V98 1,390,000.00 AA+ Aa1 5/12/2023 5/12/2023 1,328,047.27 3.52 3,994.36 1,363,448.221,367,381.62

US TREASURY N/B
DTD 03/31/2022 2.500% 03/31/2027
91282CEF4 5,350,000.00 AA+ Aa1 5/9/2023 5/10/2023 5,138,925.78 3.60 367.45 5,259,718.755,268,897.59

US TREASURY N/B
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 4,840,000.00 AA+ Aa1 8/2/2022 8/3/2022 4,331,989.06 2.88 10,127.17 4,608,018.804,670,956.50

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2027
91282CEW7 4,300,000.00 AA+ Aa1 3/30/2023 3/31/2023 4,214,000.00 3.76 35,317.26 4,272,118.804,264,702.32

US TREASURY N/B
DTD 06/30/2020 0.500% 06/30/2027
912828ZV5 4,215,000.00 AA+ Aa1 8/25/2022 8/26/2022 3,705,577.73 3.21 5,326.02 3,992,890.584,031,561.91

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 5,000,000.00 AA+ Aa1 5/12/2023 5/12/2023 4,857,226.56 3.48 23,165.76 4,921,875.004,938,109.89

US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,730,000.00 AA+ Aa1 9/1/2022 9/6/2022 2,588,274.61 3.40 7,845.04 2,662,282.352,676,342.33

US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2027
91282CFH9 5,030,000.00 AA+ Aa1 3/24/2023 3/24/2023 4,971,644.14 3.41 13,460.81 4,983,432.265,004,836.06

US TREASURY N/B
DTD 09/30/2020 0.375% 09/30/2027
91282CAL5 745,000.00 AA+ Aa1 10/28/2022 10/31/2022 620,474.41 4.17 7.68 698,874.07694,426.66 27 ATTACHMENT A
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 4,250,000.00 AA+ Aa1 3/30/2023 3/31/2023 4,320,224.61 3.73 73,364.47 4,293,163.004,281,863.11

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 510,000.00 AA+ Aa1 12/1/2022 12/2/2022 518,646.09 3.74 8,803.74 515,179.56513,662.78

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
91282CGC9 2,945,000.00 AA+ Aa1 2/1/2023 2/2/2023 2,981,582.42 3.60 28,839.79 2,961,221.062,961,750.79

US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 2,565,000.00 AA+ Aa1 5/12/2023 5/12/2023 2,266,518.17 3.44 3,241.10 2,401,881.392,417,575.93

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 4,825,000.00 AA+ Aa1 3/24/2023 3/24/2023 4,967,299.80 3.35 16,527.62 4,867,595.104,894,531.96

US TREASURY N/B
DTD 03/31/2023 3.625% 03/31/2028
91282CGT2 1,975,000.00 AA+ Aa1 3/30/2023 3/31/2023 1,971,991.21 3.66 196.69 1,975,539.181,973,498.08

US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 1,945,000.00 AA+ Aa1 5/9/2023 5/10/2023 1,747,384.96 3.53 66.79 1,835,897.171,844,146.66

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 215,000.00 AA+ Aa1 5/1/2023 5/1/2023 213,975.39 3.61 3,149.05 214,378.44214,471.42

US TREASURY N/B
DTD 09/30/2021 1.250% 09/30/2028
91282CCY5 525,000.00 AA+ Aa1 3/14/2022 3/15/2022 495,591.79 2.17 18.03 489,685.35511,532.00

US TREASURY N/B
DTD 11/16/1998 5.250% 11/15/2028
912810FF0 1,000,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,064,765.63 4.02 19,830.16 1,046,836.001,033,944.69

US TREASURY N/B
DTD 05/31/2022 2.750% 05/31/2029
91282CES6 490,000.00 AA+ Aa1 1/11/2023 1/12/2023 464,523.83 3.67 4,528.48 474,591.95475,376.61

US TREASURY N/B
DTD 05/31/2024 4.500% 05/31/2029
91282CKT7 960,000.00 AA+ Aa1 6/6/2024 6/7/2024 968,700.00 4.30 14,518.03 986,925.12966,575.56

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 490,000.00 AA+ Aa1 7/7/2023 7/10/2023 464,026.17 4.26 4,024.52 482,669.11473,715.77

US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
91282CLC3 6,075,000.00 AA+ Aa1 8/1/2024 8/2/2024 6,117,240.23 3.85 40,940.22 6,142,159.136,108,113.41

US TREASURY N/B
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aa1 3/21/2022 3/22/2022 496,518.75 2.29 1,079.21 482,441.96507,716.43

US TREASURY N/B
DTD 08/16/1999 6.125% 08/15/2029
912810FJ2 1,775,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,023,083.98 3.72 13,885.28 1,930,104.831,920,677.22

US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2029
91282CFJ5 2,120,000.00 AA+ Aa1 2/27/2023 2/28/2023 2,000,998.44 4.12 5,673.34 2,076,605.722,048,378.69 28 ATTACHMENT A
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 1,700,000.00 AA+ Aa1 11/1/2024 11/4/2024 1,695,816.41 4.18 29,345.79 1,727,026.601,696,519.00

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 950,000.00 AA+ Aa1 11/14/2024 11/15/2024 942,949.22 4.29 16,399.12 965,103.10944,094.06

US TREASURY N/B
DTD 11/30/2022 3.875% 11/30/2029
91282CFY2 1,070,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,069,289.45 3.89 13,934.12 1,076,896.151,069,577.34

US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
91282CMD0 4,135,000.00 AA+ Aa1 1/6/2025 1/7/2025 4,125,793.16 4.43 45,718.16 4,241,926.974,127,028.82

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2029
91282CGB1 2,030,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,059,339.84 3.64 19,879.38 2,043,004.182,047,885.09

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 470,000.00 AA+ Aa1 2/5/2025 2/6/2025 470,110.16 4.24 3,365.35 479,950.84470,097.60

US TREASURY N/B
DTD 02/18/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,040.43 2.66 1,039.30 494,713.35517,719.26

US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 1,875,000.00 AA+ Aa1 3/4/2025 3/5/2025 1,875,512.70 3.99 6,422.65 1,896,753.751,875,466.17

US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 2,830,000.00 AA+ Aa1 3/28/2025 3/31/2025 2,826,573.05 4.03 310.99 2,862,389.352,826,896.91

US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 4,500,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,522,500.00 3.89 494.51 4,551,502.504,520,464.65

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2030
91282CGZ8 3,880,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,632,498.44 4.73 56,829.35 3,842,717.083,685,241.63

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,065,123.05 3.89 21,836.79 1,023,028.731,011,811.45

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 2,160,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,519,859.38 3.64 50,991.85 2,388,910.322,386,523.42

US TREASURY N/B
DTD 05/15/2020 0.625% 05/15/2030
912828ZQ6 2,535,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,057,608.01 3.56 5,984.46 2,203,667.902,234,604.52

US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 2,830,000.00 AA+ Aa1 7/12/2023 7/12/2023 2,783,459.77 4.03 35,664.96 2,831,989.492,798,485.88

US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 9,900,000.00 AA+ Aa1 6/4/2025 6/5/2025 9,807,574.22 3.96 124,764.34 9,906,959.709,813,060.77

US TREASURY N/B
DTD 06/30/2025 3.875% 06/30/2030
91282CNK3 1,875,000.00 AA+ Aa1 7/1/2025 7/1/2025 1,880,639.65 3.81 18,361.50 1,886,499.381,880,383.47 29 ATTACHMENT A
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 07/31/2025 3.875% 07/31/2030
91282CNN7 850,000.00 AA+ Aa1 8/19/2025 8/20/2025 852,091.80 3.82 5,549.25 855,113.60852,048.14

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 587,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,755.37 2.65 468.96 506,511.95535,703.18

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,545,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,052,204.49 3.56 2,031.50 2,194,166.662,228,850.27

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,540,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,995,586.72 3.97 2,027.51 2,189,855.922,184,583.04

US TREASURY N/B
DTD 09/02/2025 3.625% 08/31/2030
91282CNX5 10,050,000.00 AA+ Aa1 9/2/2025 9/3/2025 9,996,609.38 3.74 31,198.03 9,998,182.209,997,399.92

US TREASURY N/B
DTD 09/30/2025 3.625% 09/30/2030
91282CPA3 4,775,000.00 AA+ Aa1 9/29/2025 9/30/2025 4,749,446.29 3.74 475.53 4,750,752.554,749,471.15

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aa1 7/11/2023 7/12/2023 2,405,390.63 4.02 9,915.08 2,601,093.002,585,346.95

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,071,065.63 3.72 4,395.69 1,153,151.231,163,344.96

US TREASURY N/B
DTD 01/31/2024 4.000% 01/31/2031
91282CJX0 1,350,000.00 AA+ Aa1 1/30/2025 1/31/2025 1,323,210.94 4.38 9,097.83 1,364,080.501,325,872.10

US TREASURY N/B
DTD 02/16/2021 1.125% 02/15/2031
91282CBL4 565,000.00 AA+ Aa1 4/6/2022 4/11/2022 498,104.88 2.63 811.80 493,712.82524,370.32

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 2,955,000.00 AA+ Aa1 7/7/2023 7/10/2023 3,201,326.95 4.09 20,285.51 3,181,243.673,129,123.08

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,021,273.44 3.61 12,356.66 1,937,813.401,946,892.04

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,620.31 3.98 12,493.95 1,959,344.661,935,809.79

US TREASURY N/B
DTD 04/01/2024 4.125% 03/31/2031
91282CKF7 3,820,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,686,150.78 4.72 432.90 3,881,777.043,710,367.51

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 2,930,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,530,673.05 3.53 17,984.07 2,608,959.902,660,896.91

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,070,802.73 3.76 7,764.45 1,126,393.951,135,954.40

US TREASURY N/B
DTD 05/31/2024 4.625% 05/31/2031
91282CKU4 5,000,000.00 AA+ Aa1 6/4/2025 6/5/2025 5,147,656.25 4.06 77,715.16 5,204,690.005,140,572.23 30 ATTACHMENT A
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 07/31/2024 4.125% 07/31/2031
91282CLD1 730,000.00 AA+ Aa1 8/14/2024 8/15/2024 748,164.45 3.72 5,073.30 741,092.35745,526.48

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 562,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,515.62 2.63 898.01 486,474.75522,305.89

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 2,465,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,994,627.93 3.92 3,935.29 2,131,840.462,138,631.81

US TREASURY N/B
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 1,305,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,068,927.54 3.77 6,777.67 1,129,538.841,143,674.20

US TREASURY N/B
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 2,080,000.00 AA+ Aa1 1/10/2023 1/11/2023 1,739,075.00 3.55 10,802.72 1,800,337.761,843,991.24

US TREASURY N/B
DTD 01/31/2025 4.375% 01/31/2032
91282CMK4 3,400,000.00 AA+ Aa1 2/4/2025 2/5/2025 3,386,984.38 4.44 25,061.14 3,494,030.403,388,049.68

US TREASURY N/B
DTD 02/15/2022 1.875% 02/15/2032
91282CDY4 2,365,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,999,625.98 3.94 5,663.47 2,098,199.622,105,198.31

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,670,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,525,548.83 3.56 28,994.53 2,510,216.522,567,601.02

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,100,000.00 AA+ Aa1 7/2/2024 7/3/2024 988,410.16 4.41 11,945.31 1,034,171.601,003,619.42

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,067,164.06 3.79 12,488.28 1,081,179.401,092,010.05

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aa1 8/5/2022 8/9/2022 662,629.69 2.83 7,167.19 620,502.96661,782.62

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,175,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,056,224.61 3.57 23,619.14 2,044,839.302,090,826.82

US TREASURY N/B
DTD 08/15/2022 2.750% 08/15/2032
91282CFF3 2,195,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,190.82 3.93 7,709.34 2,040,577.362,046,978.87

US TREASURY N/B
DTD 09/02/2025 3.875% 08/31/2032
91282CNW7 2,500,000.00 AA+ Aa1 9/2/2025 9/3/2025 2,484,277.34 3.98 8,295.93 2,492,577.502,484,434.15

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,520,000.00 AA+ Aa1 5/14/2025 5/15/2025 1,500,346.88 4.33 23,682.88 1,537,694.321,501,198.44

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 3,225,000.00 AA+ Aa1 7/7/2023 7/10/2023 3,242,006.84 4.06 50,248.22 3,262,542.233,237,954.27

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,965,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,054,269.34 3.57 30,616.36 1,987,874.572,029,593.67 31 ATTACHMENT A
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US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,055,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,084,877.93 3.78 16,437.79 1,067,281.261,076,369.54

US TREASURY N/B
DTD 02/15/2023 3.500% 02/15/2033
91282CGM7 2,065,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,993,450.98 3.92 9,230.77 2,004,743.302,012,045.86

US TREASURY N/B
DTD 05/15/2023 3.375% 05/15/2033
91282CHC8 1,075,000.00 AA+ Aa1 7/2/2024 7/3/2024 992,191.41 4.43 13,704.06 1,032,588.031,001,967.78

US TREASURY N/B
DTD 08/15/2023 3.875% 08/15/2033
91282CHT1 2,385,000.00 AA+ Aa1 10/2/2023 10/2/2023 2,236,496.48 4.67 11,803.48 2,365,249.812,266,567.93

US TREASURY N/B
DTD 11/15/2023 4.500% 11/15/2033
91282CJJ1 4,340,000.00 AA+ Aa1 10/16/2024 10/17/2024 4,504,784.38 4.00 73,768.21 4,487,152.044,490,096.12

US TREASURY N/B
DTD 02/15/2024 4.000% 02/15/2034
91282CJZ5 3,880,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,667,357.81 4.70 19,821.74 3,869,846.043,692,728.22

US TREASURY N/B
DTD 05/15/2024 4.375% 05/15/2034
91282CKQ3 1,000,000.00 AA+ Aa1 7/2/2024 7/3/2024 995,156.25 4.44 16,525.14 1,023,125.00995,662.03

US TREASURY N/B
DTD 08/15/2024 3.875% 08/15/2034
91282CLF6 8,450,000.00 AA+ Aa1 9/4/2024 9/5/2024 8,514,365.23 3.78 41,819.46 8,320,613.608,508,569.21

US TREASURY N/B
DTD 02/18/2025 4.625% 02/15/2035
91282CMM0 4,350,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,521,621.09 4.13 25,695.14 4,520,602.654,514,486.39

US TREASURY N/B
DTD 08/15/2025 4.250% 08/15/2035
91282CNT4 2,500,000.00 AA+ Aa1 9/2/2025 9/3/2025 2,494,335.94 4.28 13,569.97 2,520,312.502,494,371.71 232,452,500.00 225,130,918.59 1,541,857.64 228,937,907.06Security Type Sub-Total 3.80 228,387,671.76 Negotiable CD

COOPERAT RABOBANK UA/NY
DTD 07/20/2023 5.080% 07/17/2026
21684LGS5 4,200,000.00 A-1 P-1 7/17/2023 7/20/2023 4,200,000.00 5.08 43,857.33 4,249,929.604,200,000.00 4,200,000.00 4,200,000.00 43,857.33 4,249,929.60Security Type Sub-Total 5.08 4,200,000.00 Municipal

NJ TPK AUTH -B-TXBL
DTD 02/04/2021 1.047% 01/01/2026
646140DP5 2,500.00 AA- A1 1/22/2021 2/4/2021 2,500.00 1.05 6.54 2,480.502,500.00 2,500.00 2,500.00 6.54 2,480.50Security Type Sub-Total 1.05 2,500.00 32 ATTACHMENT A
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FEDERAL HOME LOAN BANK
DTD 08/25/2022 3.375% 09/10/2032
3130AT4C8 875,000.00 AA+ Aa1 11/1/2022 11/3/2022 779,616.25 4.77 1,722.66 834,652.88807,798.42 875,000.00 779,616.25 1,722.66 834,652.88Security Type Sub-Total 4.77 807,798.42 Corporate

PACCAR FINANCIAL CORP
DTD 08/10/2023 5.050% 08/10/2026
69371RS56 3,800,000.00 A+ A1 8/10/2023 8/14/2023 3,815,846.00 4.90 27,185.83 3,837,768.203,804,550.57

BANK OF AMERICA NA (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 1,885,000.00 A+ Aa2 8/14/2023 8/18/2023 1,885,000.00 5.53 12,441.94 1,908,449.401,885,000.00

JP MORGAN CHASE BANK NA
(CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 3,150,000.00 AA- Aa2 12/5/2023 12/8/2023 3,150,000.00 5.11 50,525.13 3,189,636.453,150,000.00

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 2,140,000.00 A A2 1/27/2022 1/31/2022 2,138,694.60 1.96 8,809.67 2,089,209.242,139,660.48

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 2,325,000.00 AAA Aaa 1/27/2023 1/31/2023 2,259,644.25 4.07 11,721.88 2,311,215.082,303,063.99

GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 1,450,000.00 A+ A1 5/21/2025 5/22/2025 1,459,120.50 5.08 28,348.31 1,461,130.201,455,882.41

GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 2,150,000.00 A+ A1 5/21/2025 5/22/2025 2,163,523.50 5.08 42,033.69 2,166,503.402,158,722.20

TRUIST FINANCIAL CORP
(CALLABLE)
DTD 08/03/2020 1.125% 08/03/2027
89788MAC6 2,520,000.00 A- Baa1 8/5/2022 8/9/2022 2,213,719.20 3.83 4,567.50 2,390,217.482,406,979.99

HOME DEPOT INC (CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,450,000.00 A A2 1/25/2023 1/27/2023 3,255,385.50 4.15 4,561.67 3,384,567.303,367,928.02

JPMORGAN CHASE & CO
(CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,605,000.00 A A1 9/14/2023 9/18/2023 1,467,563.85 5.13 4,861.32 1,579,811.131,530,684.59

KENVUE INC (CALLABLE)
DTD 10/17/2023 5.050% 03/22/2028
49177JAF9 2,500,000.00 A A1 6/27/2025 6/30/2025 2,559,025.00 4.12 3,156.25 2,554,152.502,553,674.79 33 ATTACHMENT A
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JPMORGAN CHASE & CO
(CALLABLE)
DTD 04/25/2017 3.540% 05/01/2028
46647PAF3 1,725,000.00 A A1 8/8/2024 8/9/2024 1,672,059.75 4.44 25,443.75 1,709,923.501,687,378.12

HERSHEY COMPANY (CALLABLE)
DTD 05/04/2023 4.250% 05/04/2028
427866BH0 2,785,000.00 A A1 5/9/2023 5/11/2023 2,801,821.40 4.11 48,331.35 2,813,014.322,793,615.84

APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 1,370,000.00 AA+ Aaa 5/12/2023 5/16/2023 1,380,946.30 3.82 21,463.33 1,377,926.821,375,640.69

APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 4,675,000.00 AA+ Aaa 5/9/2023 5/11/2023 4,673,083.25 4.01 73,241.67 4,702,049.554,673,999.54

MORGAN STANLEY BANK NA
(CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 1,430,000.00 A+ Aa3 5/28/2024 5/30/2024 1,430,000.00 5.50 27,328.89 1,461,517.201,430,000.00

MORGAN STANLEY BANK NA
(CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 2,770,000.00 A+ Aa3 5/30/2024 5/31/2024 2,775,844.70 5.45 52,937.78 2,831,050.802,773,114.21

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,400,000.00 A A1 6/24/2025 6/25/2025 1,434,272.00 4.09 14,822.50 1,437,676.801,431,436.88

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,420,000.00 A A1 7/11/2023 7/14/2023 1,417,884.20 4.98 15,034.25 1,458,215.041,418,821.03

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 600,000.00 A A1 7/13/2023 7/14/2023 608,160.00 4.64 6,352.50 616,147.20604,546.93

NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 08/25/2025 4.150% 08/25/2028
63743HFZ0 1,750,000.00 NR A2 8/19/2025 8/25/2025 1,748,040.00 4.19 7,262.50 1,754,730.251,748,102.85

TOYOTA MOTOR CREDIT CORP
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 1,400,000.00 A+ A1 9/6/2023 9/11/2023 1,397,564.00 5.29 4,083.33 1,448,598.201,398,491.78

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 1,300,000.00 A+ Aa3 5/1/2024 5/3/2024 1,325,142.00 5.30 419.11 1,363,577.801,317,557.71

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 4,935,000.00 A+ Aa3 9/26/2023 9/29/2023 4,935,000.00 5.80 1,590.99 5,176,351.114,935,000.00

BANK OF AMERICA CORP
(CALLABLE)
DTD 01/24/2025 4.979% 01/24/2029
06051GMK2 1,865,000.00 A- A1 4/1/2025 4/2/2025 1,885,664.20 4.66 17,281.97 1,899,472.661,882,196.39

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 405,000.00 AA- Aa3 3/5/2024 3/14/2024 404,266.95 4.74 898.88 414,269.24404,476.89 34 ATTACHMENT A
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BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 4,200,000.00 AA- Aa3 4/9/2024 4/11/2024 4,181,646.00 4.80 9,321.67 4,296,125.404,186,691.04

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,450,000.00 A+ A1 4/2/2024 4/4/2024 1,447,578.50 4.84 34,220.00 1,489,097.801,448,241.54

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,775,000.00 A+ A1 4/1/2024 4/4/2024 1,772,355.25 4.83 41,890.00 1,822,861.101,773,079.51

BANK OF NEW YORK MELLON
(CALLABLE)
DTD 04/22/2025 4.729% 04/20/2029
06405LAH4 7,000,000.00 AA- Aa2 4/25/2025 4/28/2025 7,081,900.00 4.40 146,204.92 7,114,982.007,070,832.69

MASTERCARD INC (CALLABLE)
DTD 05/31/2019 2.950% 06/01/2029
57636QAM6 3,600,000.00 A+ Aa3 6/26/2024 6/27/2024 3,307,140.00 4.82 35,400.00 3,478,672.803,375,718.92

PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
713448FX1 2,160,000.00 A+ A1 7/15/2024 7/17/2024 2,156,652.00 4.53 19,980.00 2,198,389.682,157,399.94

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 370,000.00 A+ A1 8/6/2024 8/9/2024 369,248.90 4.60 2,431.72 375,654.34369,406.32

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 925,000.00 A+ A1 8/8/2024 8/9/2024 921,198.25 4.64 6,079.31 939,135.85921,995.75

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 805,000.00 A+ A1 8/7/2024 8/9/2024 804,074.25 4.58 5,290.64 817,302.01804,270.86

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 750,000.00 A+ Aa3 8/12/2024 8/14/2024 748,357.50 4.25 4,112.50 755,309.25748,701.69

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,600,000.00 A+ Aa3 8/13/2024 8/14/2024 2,604,420.00 4.16 14,256.67 2,618,405.402,603,481.95

PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.600% 02/07/2030
713448GB8 805,000.00 A+ A1 2/5/2025 2/7/2025 803,647.60 4.64 5,554.50 822,283.35803,807.71

CISCO SYSTEMS INC (CALLABLE)
DTD 02/24/2025 4.750% 02/24/2030
17275RBX9 6,917,000.00 AA- A1 4/21/2025 4/22/2025 7,006,367.64 4.45 33,768.41 7,096,897.346,998,854.44

WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 5,416,000.00 AA Aa2 5/1/2025 5/2/2025 5,464,473.20 4.15 100,128.30 5,504,898.225,460,748.39

WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 1,265,000.00 AA Aa2 4/23/2025 4/28/2025 1,262,811.55 4.39 23,386.69 1,285,763.711,262,980.55 35 ATTACHMENT A
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TEXAS INSTRUMENTS INC
(CALLABLE)
DTD 05/04/2020 1.750% 05/04/2030
882508BJ2 4,000,000.00 A+ Aa3 7/2/2025 7/3/2025 3,561,520.00 4.28 28,583.33 3,611,596.003,581,579.39 100,843,000.00 99,750,661.79 1,025,314.65 101,564,555.12Security Type Sub-Total 4.56 100,198,316.59 Agency CMBS
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,744,460.04 AA+ Aa1 5/19/2023 5/24/2023 2,659,982.13 4.29 7,654.76 2,717,138.942,716,725.02 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 4,477,651.00 AA+ Aa1 8/16/2023 8/18/2023 4,223,684.23 4.94 12,029.96 4,433,026.734,373,087.96 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 2,540,000.00 AA+ Aa1 8/16/2023 8/18/2023 2,394,842.97 4.93 6,864.35 2,513,081.082,478,305.53 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,941,658.00 AA+ Aa1 8/17/2023 8/22/2023 3,686,066.11 4.97 10,238.46 3,890,168.123,826,336.71 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,718,966.69 AA+ Aa1 9/20/2023 9/28/2023 3,660,604.95 5.19 14,875.87 3,775,703.243,683,873.77 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,054,694.92 AA+ Aa1 9/7/2023 9/14/2023 2,023,966.95 5.01 7,961.94 2,082,883.282,036,429.66 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 4,200,000.00 AA+ Aa1 7/13/2023 7/20/2023 4,241,949.60 4.59 16,866.50 4,278,947.404,223,255.44 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,355,834.34 AA+ Aa1 7/19/2023 7/27/2023 3,355,750.42 4.78 13,359.02 3,384,493.163,355,787.63 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 4,058,137.15 AA+ Aa1 7/18/2023 7/31/2023 3,989,339.04 4.58 14,139.23 4,065,794.854,019,251.26 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 4,200,000.00 AA+ Aa1 9/7/2023 9/14/2023 4,137,869.40 4.99 16,275.00 4,265,990.404,161,653.40 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 1,638,404.59 AA+ Aa1 9/19/2023 9/28/2023 1,638,396.39 5.27 7,198.06 1,668,869.081,638,400.17 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 4,300,000.00 AA+ Aa1 10/11/2023 10/19/2023 4,205,675.20 5.25 16,985.00 4,383,063.104,240,617.86 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 4,200,000.00 AA+ Aa1 9/20/2023 9/28/2023 4,149,797.40 5.07 16,800.00 4,283,378.404,167,944.80 36 ATTACHMENT A
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CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 3,305,000.00 AA+ Aa1 10/25/2023 10/31/2023 3,199,626.69 5.60 13,357.71 3,380,896.023,236,289.40 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 2,440,000.00 AA+ Aa1 11/28/2023 12/7/2023 2,432,989.88 4.93 9,882.00 2,495,517.322,435,395.07 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 1,675,000.00 AA+ Aa1 11/14/2023 11/21/2023 1,670,157.58 5.14 7,075.48 1,720,275.251,671,839.44 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 2,215,000.00 AA+ Aa1 12/11/2023 12/21/2023 2,235,683.67 4.79 9,229.17 2,271,905.572,228,804.77 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,495,000.00 AA+ Aa1 2/1/2024 2/8/2024 2,519,947.51 4.34 9,505.95 2,531,531.792,512,145.00 FHMS K513 A2
DTD 01/01/2024 4.724% 12/01/2028
3137HBFY5 2,505,000.00 AA+ Aa1 1/10/2024 1/18/2024 2,530,022.45 4.50 9,861.35 2,552,432.182,522,042.33 FHMS K517 A2
DTD 03/01/2024 5.355% 01/01/2029
3137HC2C5 3,760,000.00 AA+ Aa1 3/5/2024 3/14/2024 3,872,747.36 4.67 16,779.00 3,911,163.283,839,748.80 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 4,200,000.00 AA+ Aa1 2/29/2024 3/7/2024 4,325,987.40 4.79 19,169.50 4,366,920.604,288,874.95 FHMS K518 A2
DTD 03/01/2024 5.400% 01/01/2029
3137HC2L5 3,040,000.00 AA+ Aa1 3/19/2024 3/28/2024 3,113,400.80 4.83 13,680.00 3,160,189.443,093,157.11 FHMS K515 A2
DTD 02/01/2024 5.400% 01/01/2029
3137HBPD0 4,200,000.00 AA+ Aa1 2/14/2024 2/22/2024 4,313,148.00 4.79 18,900.00 4,356,534.004,279,216.68 FHMS K520 A2
DTD 04/01/2024 5.180% 03/01/2029
3137HCKV3 2,380,000.00 AA+ Aa1 4/23/2024 4/30/2024 2,389,660.42 5.09 10,273.67 2,461,974.342,387,227.65 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 4,287,158.92 AA+ Aa1 6/5/2024 6/13/2024 4,287,146.06 4.80 17,159.35 4,388,087.224,287,158.92 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 3,730,000.00 AA+ Aa1 7/16/2024 7/25/2024 3,752,905.93 4.58 14,671.33 3,811,709.383,748,061.35 FHMS K529 A2
DTD 10/01/2024 4.791% 09/01/2029
3137HH6C0 2,355,000.00 AA+ Aa1 10/8/2024 10/16/2024 2,402,069.39 4.34 9,402.34 2,414,904.142,393,744.96 FHMS K531 A2
DTD 12/01/2024 4.630% 10/01/2029
3137HHUN9 1,805,000.00 AA+ Aa1 12/3/2024 12/12/2024 1,813,198.31 4.53 6,964.29 1,841,805.761,811,973.16 FHMS K541 A2
DTD 06/01/2025 4.348% 02/01/2030
3137HLXV9 2,470,000.00 AA+ Aa1 6/4/2025 6/12/2025 2,469,911.08 4.35 8,949.63 2,495,539.802,469,920.73 92,291,965.64 91,696,527.32 356,108.92 93,903,923.87Security Type Sub-Total 4.83 92,127,269.53 37 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
HAROT 2022-2 A3
DTD 08/24/2022 3.730% 07/20/2026
43815PAC3 17,900.44 AAA NR 8/15/2022 8/24/2022 17,899.38 3.73 24.11 17,893.6417,900.22 CCCIT 2023-A1 A1
DTD 12/11/2023 5.230% 12/08/2027
17305EGW9 930,000.00 AAA Aaa 12/4/2023 12/11/2023 929,883.38 5.23 15,267.24 931,713.06929,933.62 KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 1,032,732.08 NR Aaa 7/18/2023 7/26/2023 1,032,471.21 5.29 2,423.48 1,041,309.951,032,598.25 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 1,090,563.11 NR Aaa 7/25/2023 7/31/2023 1,090,521.77 5.53 2,680.36 1,099,395.581,090,541.50 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 1,810,390.61 AAA NR 8/15/2023 8/22/2023 1,810,017.30 5.42 3,536.80 1,823,843.621,810,192.63 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 655,866.02 AAA NR 8/8/2023 8/15/2023 655,717.67 5.17 1,504.12 660,031.42655,785.23 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 1,984,116.50 AAA Aaa 9/7/2023 9/15/2023 1,983,769.28 5.58 4,920.61 1,997,118.421,983,913.67 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 2,523,054.78 NR Aaa 11/15/2023 11/21/2023 2,523,009.11 5.74 6,436.59 2,550,611.582,523,029.54 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 799,975.65 AAA NR 11/7/2023 11/14/2023 799,889.41 5.54 1,969.72 809,176.17799,922.66 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 2,159,542.30 AAA Aaa 8/15/2023 8/23/2023 2,159,408.41 5.53 5,307.68 2,179,423.052,159,465.05 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 3,380,000.00 AAA NR 9/7/2023 9/15/2023 3,379,063.06 5.17 7,751.47 3,420,742.523,379,417.50 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 3,460,000.00 AAA NR 9/12/2023 9/19/2023 3,459,845.34 5.23 8,042.58 3,505,049.203,459,905.44 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 1,138,810.77 AAA NR 11/3/2023 11/13/2023 1,138,661.02 5.54 2,804.01 1,150,883.301,138,715.34 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 1,520,000.00 NR Aaa 12/7/2023 12/14/2023 1,519,795.86 4.98 3,364.27 1,538,651.921,519,868.40 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 410,000.00 NR Aaa 1/9/2024 1/17/2024 409,917.55 4.85 828.54 412,587.51409,943.98 CHAIT 2024-A1 A
DTD 01/31/2024 4.600% 01/15/2029
161571HV9 3,825,000.00 AAA NR 1/24/2024 1/31/2024 3,824,417.45 4.60 7,820.00 3,861,215.103,824,603.79 KCOT 2025-1A A3
DTD 02/19/2025 4.670% 06/15/2029
50117FAC5 1,745,000.00 NR Aaa 2/11/2025 2/19/2025 1,744,940.15 4.67 3,621.84 1,770,309.481,744,952.58 38 ATTACHMENT A
PFM Asset Management | pfmam.com

4.28 4.28%
Total Investments $483,041,392.49
39 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
7/1/2025 7/1/2025 1,875,000.00 91282CNK3 US TREASURY N/B 3.87% 6/30/2030 1,880,837.09 3.81% 7/2/2025 7/3/2025 4,000,000.00 882508BJ2 TEXAS INSTRUMENTS INC (CALLABLE) 1.75% 5/4/2030 3,572,992.22 4.28% 7/15/2025 7/22/2025 2,675,000.00 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 2,674,614.53 4.30% 7/18/2025 7/25/2025 3,765,000.00 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 3,764,924.32 4.16% 7/22/2025 7/30/2025 1,930,000.00 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 1,929,796.58 4.11% 7/23/2025 7/30/2025 1,300,000.00 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 1,299,872.99 4.29% 8/5/2025 8/12/2025 2,725,000.00 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 2,724,943.05 4.04% 8/19/2025 8/20/2025 850,000.00 91282CNN7 US TREASURY N/B 3.87% 7/31/2030 853,881.88 3.82% 8/19/2025 8/25/2025 1,750,000.00 63743HFZ0 NATIONAL RURAL UTIL COOP (CALLABLE) 4.15% 8/25/2028 1,748,040.00 4.19% 9/2/2025 9/3/2025 2,500,000.00 91282CNW7 US TREASURY N/B 3.87% 8/31/2032 2,485,080.17 3.98% 9/2/2025 9/3/2025 2,500,000.00 91282CNT4 US TREASURY N/B 4.25% 8/15/2035 2,499,821.67 4.28% 9/2/2025 9/3/2025 10,050,000.00 91282CNX5 US TREASURY N/B 3.62% 8/31/2030 9,999,628.54 3.74% 9/9/2025 9/16/2025 2,895,000.00 14041NGF2 COMET 2025-A1 A 3.82% 9/16/2030 2,894,451.11 3.82% 9/9/2025 9/17/2025 2,305,000.00 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 2,304,623.82 3.88% 9/29/2025 9/30/2025 4,775,000.00 91282CPA3 US TREASURY N/B 3.62% 9/30/2030 4,749,446.29 3.74% Total BUY 45,895,000.00 45,382,954.26 0.00
40 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
7/1/2025 7/1/2025 646140DP5 NJ TPK AUTH -B-TXBL 1.04% 1/1/2026 13.09 7/1/2025 7/1/2025 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 11,793.75 7/1/2025 7/1/2025 MONEY0002 MONEY MARKET FUND 0.00% 3,830.38 7/1/2025 7/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 7/1/2025 7/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,990.24 7/1/2025 7/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 10,095.11 7/1/2025 7/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 7/1/2025 7/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 7/1/2025 7/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 7/1/2025 7/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 7/1/2025 7/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 7/1/2025 7/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,694.27 7/1/2025 7/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 7/1/2025 7/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 7/1/2025 7/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,611.00 7/1/2025 7/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 7/1/2025 7/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 41 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
7/1/2025 7/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 7/1/2025 7/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,153.53 7/1/2025 7/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,401.94 7/1/2025 7/25/2025 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.63 7/1/2025 7/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 7/1/2025 7/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 7/1/2025 7/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 7/1/2025 7/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 7/1/2025 7/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,145.10 7/1/2025 7/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 7/1/2025 7/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 7/1/2025 7/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 7/1/2025 7/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 7/1/2025 7/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 7/1/2025 7/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 7/14/2025 7/14/2025 24422EXB0 JOHN DEERE CAPITAL CORP 4.95% 7/14/2028 84,645.00 7/15/2025 7/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 42 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
7/15/2025 7/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 7/15/2025 7/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 14,708.75 7/15/2025 7/15/2025 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,632.50 7/15/2025 7/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 12,097.52 7/15/2025 7/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 12,227.29 7/15/2025 7/15/2025 87612EBM7 TARGET CORP (CALLABLE) 1.95% 1/15/2027 20,865.00 7/15/2025 7/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 7/15/2025 7/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 7/15/2025 7/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 6,367.08 7/15/2025 7/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 7/15/2025 7/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.50 7/15/2025 7/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 7/15/2025 7/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 7/15/2025 7/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,455.46 7/15/2025 7/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 7/16/2025 7/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 7/17/2025 7/17/2025 21684LGS5 COOPERAT RABOBANK UA/NY 5.08% 7/17/2026 106,680.00 43 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
7/17/2025 7/17/2025 713448FX1 PEPSICO INC (CALLABLE) 4.50% 7/17/2029 48,600.00 7/18/2025 7/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 186.93 7/18/2025 7/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 10,333.39 7/24/2025 7/24/2025 06051GMK2 BANK OF AMERICA CORP (CALLABLE) 4.97% 1/24/2029 46,429.18 7/31/2025 7/31/2025 91282CLC3 US TREASURY N/B 4.00% 7/31/2029 121,500.00 7/31/2025 7/31/2025 91282CMG3 US TREASURY N/B 4.25% 1/31/2030 9,987.50 7/31/2025 7/31/2025 9128286A3 US TREASURY N/B 2.62% 1/31/2026 19,457.81 7/31/2025 7/31/2025 91282CBJ9 US TREASURY N/B 0.75% 1/31/2028 18,900.00 7/31/2025 7/31/2025 91282CFB2 US TREASURY N/B 2.75% 7/31/2027 68,750.00 7/31/2025 7/31/2025 91282CJX0 US TREASURY N/B 4.00% 1/31/2031 27,000.00 7/31/2025 7/31/2025 91282CMK4 US TREASURY N/B 4.37% 1/31/2032 74,375.00 7/31/2025 7/31/2025 91282CLD1 US TREASURY N/B 4.12% 7/31/2031 15,056.25 8/1/2025 8/1/2025 MONEY0002 MONEY MARKET FUND 0.00% 7,438.44 8/1/2025 8/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 8/1/2025 8/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,386.24 8/1/2025 8/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,162.68 8/1/2025 8/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,172.33 44 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
8/1/2025 8/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 17,548.41 8/1/2025 8/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 8/1/2025 8/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 8/1/2025 8/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 8/1/2025 8/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 8/1/2025 8/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 8/1/2025 8/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 8/1/2025 8/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 8/1/2025 8/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 8/1/2025 8/25/2025 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.63 8/1/2025 8/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 8/1/2025 8/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 8/1/2025 8/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 8/1/2025 8/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 8/1/2025 8/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 8/1/2025 8/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,980.01 8/1/2025 8/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 45 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
8/1/2025 8/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 15,067.01 8/1/2025 8/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 8/1/2025 8/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 8/1/2025 8/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 8/1/2025 8/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,677.59 8/1/2025 8/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 8/1/2025 8/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 8/1/2025 8/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 8/3/2025 8/3/2025 89788MAC6 TRUIST FINANCIAL CORP (CALLABLE) 1.12% 8/3/2027 14,175.00 8/6/2025 8/6/2025 594918BY9 MICROSOFT CORP (CALLABLE) 3.30% 2/6/2027 38,362.50 8/7/2025 8/7/2025 713448GB8 PEPSICO INC (CALLABLE) 4.60% 2/7/2030 18,515.00 8/9/2025 8/9/2025 89236TMK8 TOYOTA MOTOR CREDIT CORP 4.55% 8/9/2029 47,775.00 8/10/2025 8/10/2025 69371RS56 PACCAR FINANCIAL CORP 5.05% 8/10/2026 95,950.00 8/14/2025 8/14/2025 532457CQ9 ELI LILLY & CO (CALLABLE) 4.20% 8/14/2029 70,350.00 8/15/2025 8/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 13,922.54 8/15/2025 8/15/2025 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.50 8/15/2025 8/15/2025 91282CJZ5 US TREASURY N/B 4.00% 2/15/2034 77,600.00 46 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
8/15/2025 8/15/2025 912810FJ2 US TREASURY N/B 6.12% 8/15/2029 54,359.38 8/15/2025 8/15/2025 912828V98 US TREASURY N/B 2.25% 2/15/2027 25,256.25 8/15/2025 8/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 8/15/2025 8/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 5,915.29 8/15/2025 8/15/2025 912828Z94 US TREASURY N/B 1.50% 2/15/2030 4,068.75 8/15/2025 8/15/2025 912810FP8 US TREASURY N/B 5.37% 2/15/2031 176,703.13 8/15/2025 8/15/2025 91282CBL4 US TREASURY N/B 1.12% 2/15/2031 3,178.13 8/15/2025 8/15/2025 91282CHT1 US TREASURY N/B 3.87% 8/15/2033 46,209.38 8/15/2025 8/15/2025 912828YB0 US TREASURY N/B 1.62% 8/15/2029 4,225.00 8/15/2025 8/15/2025 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 7,348.82 8/15/2025 8/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 8/15/2025 8/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,236.83 8/15/2025 8/15/2025 91282CLF6 US TREASURY N/B 3.87% 8/15/2034 163,718.75 8/15/2025 8/15/2025 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 8,701.33 8/15/2025 8/15/2025 91282CMM0 US TREASURY N/B 4.62% 2/15/2035 100,593.75 8/15/2025 8/15/2025 91282CFF3 US TREASURY N/B 2.75% 8/15/2032 30,181.25 8/15/2025 8/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 47 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
8/15/2025 8/15/2025 91282CAE1 US TREASURY N/B 0.62% 8/15/2030 17,726.56 8/15/2025 8/15/2025 91282CCS8 US TREASURY N/B 1.25% 8/15/2031 18,921.88 8/15/2025 8/15/2025 91282CGM7 US TREASURY N/B 3.50% 2/15/2033 36,137.50 8/15/2025 8/15/2025 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 3,305.13 8/15/2025 8/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 11,133.16 8/15/2025 8/15/2025 91282CDY4 US TREASURY N/B 1.87% 2/15/2032 22,171.88 8/15/2025 8/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.50 8/15/2025 8/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 8/15/2025 8/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 11,449.76 8/15/2025 8/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 8/15/2025 8/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 8/15/2025 8/15/2025 9128282R0 US TREASURY N/B 2.25% 8/15/2027 30,712.50 8/15/2025 8/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 8/15/2025 8/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 8/16/2025 8/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 8/18/2025 8/18/2025 06428CAA2 BANK OF AMERICA NA (CALLABLE) 5.52% 8/18/2026 52,082.55 8/18/2025 8/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 9,596.50 48 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
8/18/2025 8/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 140.98 8/24/2025 8/24/2025 46647PCW4 JPMORGAN CHASE & CO (CALLABLE) 2.94% 2/24/2028 23,649.68 8/24/2025 8/24/2025 17275RBX9 CISCO SYSTEMS INC (CALLABLE) 4.75% 2/24/2030 164,278.75 8/25/2025 8/25/2025 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 3,872.92 8/29/2025 8/29/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,853.86 8/31/2025 8/31/2025 91282CFH9 US TREASURY N/B 3.12% 8/31/2027 78,593.75 8/31/2025 8/31/2025 91282CBQ3 US TREASURY N/B 0.50% 2/28/2026 22,537.50 8/31/2025 8/31/2025 91282CFJ5 US TREASURY N/B 3.12% 8/31/2029 33,125.00 8/31/2025 8/31/2025 91282CGQ8 US TREASURY N/B 4.00% 2/28/2030 37,500.00 8/31/2025 8/31/2025 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 96,500.00 9/1/2025 9/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 9/1/2025 9/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,373.04 9/1/2025 9/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,161.02 9/1/2025 9/25/2025 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.63 9/1/2025 9/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 9/1/2025 9/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 9/1/2025 9/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 49 ATTACHMENT A
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INTEREST
9/1/2025 9/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 9/1/2025 9/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 9/1/2025 9/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 9/1/2025 9/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 9/1/2025 9/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 9/1/2025 9/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 9/1/2025 9/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 9/1/2025 9/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 9/1/2025 9/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 9/1/2025 9/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,971.00 9/1/2025 9/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 9/1/2025 9/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 9/1/2025 9/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 9/1/2025 9/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,971.66 9/1/2025 9/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,171.00 9/1/2025 9/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 9/1/2025 9/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 24,696.29 50 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
9/1/2025 9/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 9/1/2025 9/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,661.77 9/1/2025 9/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 9/1/2025 9/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 9/1/2025 9/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 9/2/2025 9/2/2025 MONEY0002 MONEY MARKET FUND 0.00% 3,956.55 9/10/2025 9/10/2025 3130AT4C8 FEDERAL HOME LOAN BANK 3.37% 9/10/2032 14,765.63 9/11/2025 9/11/2025 89236TLB9 TOYOTA MOTOR CREDIT CORP 5.25% 9/11/2028 36,750.00 9/14/2025 9/14/2025 09290DAA9 BLACKROCK FUNDING INC (CALLABLE) 4.70% 3/14/2029 108,217.50 9/14/2025 9/14/2025 437076BT8 HOME DEPOT INC (CALLABLE) 2.80% 9/14/2027 48,300.00 9/15/2025 9/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,493.83 9/15/2025 9/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.50 9/15/2025 9/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 9/15/2025 9/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 9/15/2025 9/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 3,022.62 9/15/2025 9/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 5,457.70 9/15/2025 9/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,716.42 51 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
9/15/2025 9/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,774.00 9/15/2025 9/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 10,674.32 9/15/2025 9/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 9/15/2025 9/15/2025 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.00 9/15/2025 9/15/2025 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.42 9/15/2025 9/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 10,144.70 9/15/2025 9/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 9/15/2025 9/15/2025 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.25 9/15/2025 9/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 12,964.11 9/15/2025 9/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 9/15/2025 9/15/2025 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.50 9/16/2025 9/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 9/18/2025 9/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 96.62 9/18/2025 9/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 8,862.49 9/21/2025 9/21/2025 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 11,926.42 9/22/2025 9/22/2025 49177JAF9 KENVUE INC (CALLABLE) 5.05% 3/22/2028 63,125.00 9/25/2025 9/25/2025 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.50 52 ATTACHMENT A
PFM Asset Management | pfmam.com

INTEREST
9/29/2025 9/29/2025 17325FBB3 CITIBANK NA (CALLABLE) 5.80% 9/29/2028 180,908.53 9/29/2025 9/29/2025 3133EMBH4 FEDERAL FARM CREDIT BANK (CALLABLE) 0.53% 9/29/2025 6,002.25 9/30/2025 9/30/2025 91282CEF4 US TREASURY N/B 2.50% 3/31/2027 66,875.00 9/30/2025 9/30/2025 91282CAL5 US TREASURY N/B 0.37% 9/30/2027 1,396.88 9/30/2025 9/30/2025 91282CCZ2 US TREASURY N/B 0.87% 9/30/2026 16,187.50 9/30/2025 9/30/2025 91282CMU2 US TREASURY N/B 4.00% 3/31/2030 146,600.00 9/30/2025 9/30/2025 91282CGT2 US TREASURY N/B 3.62% 3/31/2028 35,796.88 9/30/2025 9/30/2025 91282CCY5 US TREASURY N/B 1.25% 9/30/2028 3,281.25 9/30/2025 9/30/2025 91282CKF7 US TREASURY N/B 4.12% 3/31/2031 78,787.50 9/30/2025 9/30/2025 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 12,156.25 Total INTEREST 0.00 4,714,711.30 0.00

MATURITY
7/1/2025 7/1/2025 825,000.00 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 825,000.00 7/1/2025 7/1/2025 1,050,000.00 341271AD6 FLORIDA ST BRD OF ADM 1.25% 7/1/2025 1,050,000.00 9/29/2025 9/29/2025 2,265,000.00 3133EMBH4 FEDERAL FARM CREDIT BANK (CALLABLE) 0.53% 9/29/2025 2,265,000.00 Total MATURITY 4,140,000.00 4,140,000.00 0.00
53 ATTACHMENT A
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PAYDOWNS
7/1/2025 7/25/2025 3,946.27 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,946.27 0.06 7/1/2025 7/25/2025 2,640.94 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,640.94 25.52 7/1/2025 7/25/2025 5,982.01 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,982.01 73.60 7/1/2025 7/25/2025 426.40 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 426.40 4.45 7/1/2025 7/25/2025 65,284.69 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 65,284.69 0.19 7/1/2025 7/25/2025 112,009.79 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 112,009.79 7/1/2025 7/25/2025 21,629.53 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 21,629.53 222.44 7/15/2025 7/15/2025 207,390.26 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 207,390.26 22.78 7/15/2025 7/15/2025 50,845.44 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 50,845.44 6.78 7/15/2025 7/15/2025 168,721.81 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 168,721.81 6.48 7/15/2025 7/15/2025 164,364.19 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 164,364.19 1.76 7/15/2025 7/15/2025 98,037.07 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 98,037.07 2.11 7/18/2025 7/18/2025 14,781.18 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 14,781.18 0.23 7/18/2025 7/18/2025 163,450.48 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 163,450.48 19.40 8/1/2025 8/25/2025 380.97 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 380.97 3.87 8/1/2025 8/25/2025 5,671.30 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,671.30 65.62 8/1/2025 8/25/2025 3,315.38 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,315.38 0.05 54 ATTACHMENT A
PFM Asset Management | pfmam.com

PAYDOWNS
8/1/2025 8/25/2025 23,837.16 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 23,837.16 238.44 8/1/2025 8/25/2025 166,522.08 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 166,522.08 0.47 8/1/2025 8/25/2025 2,325.35 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,325.35 21.87 8/1/2025 8/25/2025 414.57 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 414.57 8/15/2025 8/15/2025 212,570.56 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 212,570.56 22.71 8/15/2025 8/15/2025 168,268.44 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 168,268.44 6.29 8/15/2025 8/15/2025 49,815.12 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 49,815.12 6.44 8/15/2025 8/15/2025 99,296.93 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 99,296.93 2.07 8/15/2025 8/15/2025 200,368.54 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 200,368.54 2.09 8/18/2025 8/18/2025 14,271.60 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 14,271.60 0.20 8/18/2025 8/18/2025 162,811.92 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 162,811.92 18.70 9/1/2025 9/25/2025 2,336.23 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,336.23 21.37 9/1/2025 9/25/2025 416.72 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 416.72 9/1/2025 9/25/2025 3,521.75 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,521.75 0.05 9/1/2025 9/25/2025 333,380.62 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 333,380.62 0.92 9/1/2025 9/25/2025 23,948.49 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 23,948.49 232.78 9/1/2025 9/25/2025 2,514.32 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 2,514.32 27.25 55 ATTACHMENT A
PFM Asset Management | pfmam.com

PAYDOWNS
9/1/2025 9/25/2025 382.71 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 382.71 3.78 9/15/2025 9/15/2025 187,212.49 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 187,212.49 1.90 9/15/2025 9/15/2025 197,540.03 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 197,540.03 20.51 9/15/2025 9/15/2025 156,766.55 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 156,766.55 5.70 9/15/2025 9/15/2025 93,747.96 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 93,747.96 1.89 9/15/2025 9/15/2025 51,189.23 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 51,189.23 4.35 9/15/2025 9/15/2025 47,069.87 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 47,069.87 5.90 9/15/2025 9/15/2025 52,267.92 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 52,267.92 6.90 9/15/2025 9/15/2025 5,024.35 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 5,024.35 0.34 9/18/2025 9/18/2025 155,411.92 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 155,411.92 17.25 9/18/2025 9/18/2025 13,184.61 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 13,184.61 0.17 Total PAYDOWNS 3,515,295.75 3,515,295.75 1,125.68
SELL
7/2/2025 7/3/2025 1,980,000.00 91282CBQ3 US TREASURY N/B 0.50% 2/28/2026 1,936,337.77 -38,729.58 7/2/2025 7/3/2025 1,675,000.00 91282CBQ3 US TREASURY N/B 0.50% 2/28/2026 1,638,063.52 -28,643.23 7/15/2025 7/16/2025 1,775,000.00 91282CAU5 US TREASURY N/B 0.50% 10/31/2027 1,644,980.05 -6,537.64 7/18/2025 7/22/2025 1,985,000.00 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 1,862,705.22 -20,849.11 56 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
SELL
7/18/2025 7/22/2025 865,000.00 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 811,707.82 -8,286.15 7/22/2025 7/24/2025 2,100,000.00 91282CAU5 US TREASURY N/B 0.50% 10/31/2027 1,953,292.46 -2,261.38 7/23/2025 7/25/2025 1,280,000.00 91282CFU0 US TREASURY N/B 4.12% 10/31/2027 1,299,739.13 -2,615.38 8/6/2025 8/8/2025 430,000.00 91282CAL5 US TREASURY N/B 0.37% 9/30/2027 401,396.58 2,176.03 8/6/2025 8/8/2025 1,465,000.00 91282CAU5 US TREASURY N/B 0.50% 10/31/2027 1,367,645.18 1,261.07 9/2/2025 9/3/2025 1,475,000.00 9128286A3 US TREASURY N/B 2.62% 1/31/2026 1,469,704.23 -21,855.89 9/2/2025 9/3/2025 9,015,000.00 91282CBQ3 US TREASURY N/B 0.50% 2/28/2026 8,862,188.98 -108,724.76 9/2/2025 9/3/2025 3,155,000.00 91282CCF6 US TREASURY N/B 0.75% 5/31/2026 3,087,566.32 -70,106.95 9/2/2025 9/3/2025 360,000.00 91282CCF6 US TREASURY N/B 0.75% 5/31/2026 352,305.51 -2,808.44 9/2/2025 9/3/2025 805,000.00 91282CCF6 US TREASURY N/B 0.75% 5/31/2026 787,794.26 -18,502.13 9/9/2025 9/10/2025 2,925,000.00 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 2,780,408.30 -5,713.72 9/10/2025 9/11/2025 540,000.00 91282CBJ9 US TREASURY N/B 0.75% 1/31/2028 506,712.23 -16,854.81 9/10/2025 9/11/2025 1,935,000.00 91282CBJ9 US TREASURY N/B 0.75% 1/31/2028 1,815,718.82 -7,112.18 Total SELL 33,765,000.00 32 ,578,266.38 -356,164.25
57 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Appendix
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.

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

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

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

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

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

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

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

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

Further distribution is not permitted without prior written consent. 58 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Appendix
Important Disclosures
Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may be differences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement.

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

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

ICE Bank of America Indices provided by Bloomberg Financial Markets.

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

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

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

MBS maturities are represented by expected average life. 59 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Appendix
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed security.
60 ATTACHMENT A
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended September 30, 2025
Appendix
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

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

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

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

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

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

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

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

YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. 61 ATTACHMENT A

City Council and Concurrent AuthoritiesDecember 9, 2025

City Council and Concurrent Authorities
December 9, 2025