INVESTMENT REPORT
City of Stockton | As of September 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 September 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. Inflation pressures have eased, though core levels remain above the Federal Reserve’s target, while tariffs continue to cloud forecasts. Signs of a softer labor market are emerging, prompting expectations that the Fed will move cautiously toward policy normalization. Given the economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve.
The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 – 4.25% upon conclusion of the September Federal Open Market Committee meeting. The move was telegraphed by the Fed and in line with market expectations. Stephen Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut. Chair Powell said concerns over signs of a softening labor market prompted thepolicy shift. Policymakers also updated their economic forecasts penciling in two additional quarter-point cuts through year-end.
The US Treasury yield curve flattened in September,as the 2-year Treasury yield declined 13 basis points to 3.57%, the 5-year Treasury also down 13 basis points to 3.66%, and the 10-year Treasury yield declined 14 basis points to 4.12%. The spread between the 2-year and 10- year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month- end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 basis points. The spread between the 3- month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August.
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 just 22,000 jobs in August, falling short of consensus expectations and punctuating the softening trend in the labor market. The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively. The unemploymentrate rose to 4.3% in August from 4.2% in July. The labor participation rate inched up 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 jumped to 8.1% in August from 7.9% in July. Average hourly earnings fell to 3.7% year-over-year from 3.9% last month.
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) showed a modest increase to 7.227 million new job openings in August from 7.2 million in July. The quits rate and layoffs remained relatively stable. Job openings indicate a ratio of approximately 1 job 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 August, the Consumer Pr ice Index (CPI) increased more than expected at 0.4% month-over-monthand 2.9% year-over-year, while the Core CPI rose 0.3% month-over-monthand 3.1% year-over-year, in line with expectations. The Personal Consumption Expenditures (PCE) price index rose 0.3% month-over-monthand 2.7% year-over-year in August. The Core PCE deflator, which excludes food and energy and is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
ATTACHMENT B
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
Advance Retail Sales sh owed continued strength jumping 0.6% in August as July data was also revised up to 0.6% month-over-month. The increase elevated retail sales to 5.0% on an annual basis after jumping 4.1% year-over-year in July. Back-to-school shopping was a likely catalyst as online shopping, clothing, and sporting goods saw some of the largest increases. Control group sales, which feed into GDP, also jumped 0.74% in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 94.2 in September from a revised 97.8 in August, marking the lowest level since April 2025. Measures of current conditions and future expectations fell, signaling weaker sentiment toward employmentand income. Consumers have remained resilient, but rising debt burdens, higher delinquencyrates, lingering inflation worries, and emerging signs of labor market cooling could weigh on 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 0.5% in August, following a 0.1% increase in July. The LEI decreased by 3.6% year-over-year. The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism, soft manufacturing new orders, and negative impacts from tariffs. The Chicago Fed National Activity Index (CFNAI) came in at -0.12% in August after a downwardly revised -0.28 in July, indicating that economic momentum remained below its historical trend for the fifth consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling ongoing below-trend growth in national economic activity.
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 dropped 8.5% in August to 1.307 million units, marking a pullback amid elevated inventory levels and a softening labor market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20- City Home Price Index recorded a 0.07% month-over-monthdecline in July, marking the fifth consecutive month of losses, while still posting a modest year-over-year gain of 1.8%. Persistently high asking prices and elevated mortgage rates have continued to challenge affordability, contributing to the recent cooling across the housing market. However, the Freddie Mac 30-year fixed mortgage rate continued recent declines to 6.3% as of September.
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
Manufacturing activity contracted at a slightly slower rate as the Institute for Supply Management (ISM) Manufacturing Index edged up to
49.1 in September, from 48.7 in August yet remaining below the expansion threshold, signaling the seventh consecutive month of contraction in the manufacturing sector. Production growthfactored into the gain, although drops in new orders and inventories offset the increase. The ISM Services Index fell to 50.0 in September from 52.0 in August, which is the breakeven point between expansion and contraction. The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays.
Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers.
Source: Institute for Supply Management
SURVEY BASED MEASURES
ATTACHMENT B
Components of GDP 9/24 12/24 3/ 25 6/25
2.7% 2.6% 0.4% 1.7%
0.2% -1.3% 3.8% -2.7%
-0.4% -0.1% -4.7% 4.8%
0.5% 0.3% -0.4% -0.4%
0.4% 0.3% 0.2% 0.3%
3.4% 1.9% -0.6% 3.8%
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 In a sharp reboundf rom the first quarter, real GDP increased at an annualized rate of 3.8% in the second quarter of 2025 according to the final data revision from the Bureau of Economic Analysis. The increase in real GDP in the second quarter was driven by the drop in imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The consensus projection calls for 1.7% growth for the third quarter and 1.8% 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
The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00% to 4.25% at its September meeting, as officials responded to mounting signs of labor market weakness. Chair Jerome Powell said the move was aimed at cushioning the slowdown while keeping policy restrictive enough to fight lingering inflation. The Fed kept its balance-sheet runoff unchanged, maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities. Since launching its Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down to roughly $6.6 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
Sep-25
Jun-25
Sep-24
Yield (%)
At the end of September, the 2-year Treasury yield was 5 basis points lower, and the 10-Year Treasury yield was 40 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September month-endversus +61 basis points at August month-end. Theprior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, 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 +21 basis points in September versus +8 basis points in August.
BOND YIELDS
ATTACHMENT B
ACCOUNT PROFILE
ATTACHMENT B
OBJECTIVES
City of Stockton | As of September 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 September 30, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV) 20.0 5.1 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 20.0 5.0 Compliant Max Maturity (Years) 10.0 4.3 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 9.4 Compliant
Max % Issuer (MV) 5.0 1.4 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 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 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 26.3 Compliant
Max % Issuer (MV) 5.0 1.8 Compliant
ATTACHMENT B
STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of September 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 12.4 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 100.0 5.0 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 10 8 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 1.1 Compliant
Max % Issuer (MV) 20.0 1.1 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE -BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 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 0.2 Compliant
Max % Issuer (MV) 5.0 0.2 Compliant
ATTACHMENT B
STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of September 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 45.6 Compliant
Max Maturity (Years) 10 7 Compliant
ATTACHMENT B
PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Benchmark* 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 2.67 3.07 3.06
Average Modified Duration 2.49 2.56 2.54
Average Purchase Yield 3.79% 3.59%
Average Market Yield 3.71% 3.94% 4.11%
Average Quality** AA AA AA+
Total Market Value 348,603,978 344,035,757
*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 September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 45.83% 43.19%
Corporate 26.42% 25.33%
Agency 12.46% 16.04%
ABS 9.46% 9.83%
Agency CMBS 5.11% 3.18%
Money Mkt Fd 0.54% 0.42%
Muni Bonds 0.16% 0.99%
Comm Paper -- 1.02%
ATTACHMENT B
ISSUERS
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Issuer Investment Type % Portfolio
United States US Treasury 45.83%
FHLMC Agency CMBS 5.11%
Farm Credit System Agency 5.04%
Federal Home Loan Banks Agency 4.28%
FNMA Agency 2.34%
State Street Corporation Corporate 1.80%
JPMorgan Chase & Co. Corporate 1.72%
Bank of America Corporation Corporate 1.60%
Morgan Stanley Corporate 1.52%
American Express Credit Master Trust ABS 1.45%
Chase Issuance Trust ABS 1.44%
Caterpillar Inc. Corporate 1.19%
The Home Depot, Inc. Corporate 1.18%
BMW Vehicle Owner Trust ABS 1.16%
UnitedHealth Group Incorporated Corporate 1.13%
Visa Inc. Corporate 1.13%
PACCAR Inc Corporate 1.06%
National Rural Utilities Cooperative Corporate 1.04%
New York Life Insurance Company Corporate 1.03%
Honda Motor Co., Ltd. Corporate 1.02%
The Charles Schwab Corporation Corporate 0.99%
John Deere Owner Trust ABS 0.97%
Cisco Systems, Inc. Corporate 0.89%
Mastercard Incorporated Corporate 0.89%
Massachusetts Mutual Life Insurance Corporate 0.88%
Honda Auto Receivables Owner Trust ABS 0.86%
Hyundai Auto Receivables Trust ABS 0.86%
Prologis, Inc. Corporate 0.86%
Tennessee Valley Authority Agency 0.79%
Metropolitan Life Global Funding I Corporate 0.78%
ATTACHMENT B
ISSUERS
City of Stockton Reserve | Account #10020 | As of September 30, 2025 Issuer Investment Type % Portfolio
Toyota Motor Corporation Corporate 0.74%
Verizon Master Trust ABS 0.73%
American Express Company Corporate 0.73%
Eli Lilly and Company Corporate 0.67%
Northern Trust Corporation Corporate 0.64%
Public Storage OP, LP Corporate 0.60%
Target Corporation Corporate 0.60%
Deere & Company Corporate 0.59%
Toyota Auto Receivables Owner Trust ABS 0.58%
Merck & Co., Inc. Corporate 0.58%
PepsiCo, Inc. Corporate 0.57%
Federated Hermes, Inc. Money Mkt Fd 0.54%
WF Card Issuance Trust ABS 0.53%
Bank of America Credit Card Trust ABS 0.48%
GM Financial Automobile Leasing Trus ABS 0.40%
State of New Jersey Muni Bonds 0.16%
Cash Cash 0.01%
TOTAL 100.00%
ATTACHMENT B
QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 7.99% 6.82%
A-1 -- 1.01%
AA 62.88% 65.23%
A 20.74% 19.62%
NA 4.17% 4.44%
A-1+ 4.23% 2.88%
Rating 09/30/2025 06/30/2025
Aaa 5.73% 6.17%
Aa 66.91% 67.89%
A 18.89% 17.74%
P-1 4.23% 3.89%
NA 4.23% 4.31%
Rating 09/30/2025 06/30/2025
AAA 12.88% 12.32%
AA 62.03% 63.73%
A 11.56% 10.95%
NA 9.31% 9.11%
F1 -- 1.01%
F1+ 4.23% 2.88%
City of Stockton Reserve | Account #10020 | As of September 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 10.6% 9.5% 9.8% 9.4% 13.0% 28.9% 8.9% 9.2% 0.5% ICE BofA 1-5 Year Gov/Corp A or better 0.0% 0.1% 2.5% 34.5% 27.6% 22.9% 12.3% 0.0% 0.0%
DURATION DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of September 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 1.35% 4.18% 5.97% 4.76% 3.69%
ICE BofA 1-5 Year Gov/Corp A or better 1.19% 3.90% 5.76% 4.59% 3.35% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency
Index 1.14% 3.77% 5.58% 4.42% 3.22%
Basis Point Fee* 0.01% 0.04% 0.03% 0.03% 0.03%
Net of Fees 1.34% 4.14% 5.94% 4.73% 3.66%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*
MARKET VALUE BASIS EARNINGS
Income Earned 3,123,083 10,853,689 18,189,537 22,908,646 22,908,646 Change in Market Value 1,513,145 3,102,799 20,242,261 22,302,601 2,420,316 TOTAL DOLLAR RETURN 4,636,228 13,956,488 38,418,177 45,200,090 25,878,933
INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of September 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 September 30, 2025 Purchase Yield as of 09/30/25 = 3.79%
ATTACHMENT B
PORTFOLIO CHARACTERISTICS
City of Stockton Enhanced Cash | Account #11194 | As of September 30, 2025 Benchmark* 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 0.16 0.00 0.02
Average Modified Duration 0.16 0.00 0.02
Average Purchase Yield 4.01% 4.16%
Average Market Yield 4.04% 4.00% 4.20%
Average Quality** AA+ AAA AAA
Total Market Value 1,800,975 31,638,658
*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 September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
Money Mkt Fd 99.66% 5.00%
Cash 0.34% 0.25%
US Treasury -- 94.74%
ATTACHMENT B
ISSUERS
City of Stockton Enhanced Cash | Account #11194 | As of September 30, 2025 Issuer Investment Type % Portfolio
Federated Hermes, Inc. Money Mkt Fd 99.66%
Cash Cash 0.34%
TOTAL 100.00%
ATTACHMENT B
QUALITY DISTRIBUTION
Rating 09/30/2025 06/30/2025
AAA 100.00% 5.26%
A-1+ -- 94.74%
Rating 09/30/2025 06/30/2025
Aaa 100.00% 5.26%
P-1 -- 94.74%
Rating 09/30/2025 06/30/2025
AAA 100.00% 5.26%
F1+ -- 94.74%
City of Stockton Enhanced Cash | Account #11194 | As of September 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 September 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 1.03% 4.41% 4.72%
ICE BofA 3-Month US Treasury Bill Index 1.08% 4.38% 4.68% Basis Point Fee* 0.04% 0.07% 0.06%
Net of Fees 1.00% 4.34% 4.67%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*
MARKET VALUE BASIS EARNINGS
Income Earned 236,640 1,190,285 1,795,854
Change in Market Value 300 (7,009) 0
TOTAL DOLLAR RETURN (236,940) (1,183,276) 1,795,854
INVESTMENT PERFORMANCE
City of Stockton Enhanced Cash | Account #11194 | As of September 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 September 30, 2025 Purchase Yield as of 09/30/25 = 4.01%
ATTACHMENT B
CONSOLIDATED INFORMATION
ATTACHMENT B
PORTFOLIO CHARACTERISTICS
City of Stockton ConsAgg | Account #10021 | As of September 30, 2025 9/30/2025
Portfolio
6/30/2025
Portfolio
Average Maturity (yrs) 3.05 2.80
Average Modified Duration 2.54 2.32
Average Purchase Yield 3.79% 3.64%
Average Market Yield 3.94% 4.12%
Average Quality** AA+ AA+
Total Market Value 350,404,953 375,674,415
*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 September 30, 2025 Sector as a Percentage of Market Value
Sector 09/30/2025 06/30/2025
US Treasury 45.60% 47.56%
Corporate 26.29% 23.18%
Agency 12.40% 14.68%
ABS 9.41% 8.99%
Agency CMBS 5.09% 2.91%
Money Mkt Fd 1.05% 0.81%
Muni Bonds 0.16% 0.91%
Comm Paper -- 0.93%
ATTACHMENT B
PORTFOLIO HOLDINGS
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 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
1,389,870.30
100.90
3.97%
1,402,466.49
1,979.21
0.40%
12,596.19
NA/AAA
AAA
2.39 1.21
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 353,135.28 07/11/2023
5.47%
353,072.71
353,102.68
100.71
4.04%
355,629.44
321.94
0.10%
2,526.77
NA/AAA
AAA
2.41 0.47
477920AC6 JDOT 2023-B A3 5.18 03/15/2028 780,037.25 06/21/2023
5.51%
779,907.14
779,969.55
100.73
4.12%
785,720.76
1,795.82
0.23%
5,751.21
Aaa/NA
AAA
2.46 0.65
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 2,531,884.73 09/12/2023
5.55%
2,531,710.79
2,531,786.82
101.04
4.13%
2,558,146.20
6,166.55
0.74%
26,359.38
Aaa/NA
AAA
2.62 0.73
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 1,270,000.00 06/07/2023
4.92%
1,269,887.35
1,269,969.15
100.54
4.02%
1,276,901.43
2,748.84
0.37%
6,932.28
NA/AAA
AAA
0.62 0.60
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 919,043.63 11/01/2023
5.7 4%
918,881.79
918,948.27
101.18
4.06%
929,917.29
1,447.49
0.27%
10,969.02
Aaa/NA
AAA
2.73 0.69
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 4,915,000.00 --
5.23%
4,920,147.11
4,916,533.64
101.21
3.90%
4,974,244.43
11,271.73
1.44%
57,710.79
NA/AAA
AAA
2.96 0.91
096
919AD7 BMWOT 2024-A A3 5.18
02/26/2029 1,445,000.00 06/04/2024
5.18%
1,444,780.51
1,444,841.34
101.18
3.92%
1,462,033.66
1,247.52
0.42%
17,192.32
Aaa/AAA
NA
3.41 0.89
44934QAD3 HART 2024-B A3 4.84 03/15/2029 910,000.00 07/16/2024
5.45%
909,862.68
909,897.84
101.10
3.96%
919,983.34
1,957.51
0.27%
10,085.50
NA/AAA
AAA
3.45 1.17
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 2,040,000.00 08/09/2024
4.66%
2,039,679.52
2,039,757.29
100.79
3.92%
2,056,191.48
2,589.67
0.59%
16,434.19
Aaa/NA
AAA
3.47 1.14
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,635,000.00 06/06/2024
4.93%
1,634,908.28
1,634,932.77
101.69
3.88%
1,662,713.09
3,582.47
0.48%
27,780.31
Aaa/AAA
NA
3.62 1.53
89240JAD3 TAOT 2025-A A3 4.64 08/15/2029 1,990,000.00 01/22/2025
4.69%
1,989,920.20
1,989,931.98
101.27
3.83%
2,015,199.97
4,103.82
0.58%
25,267.98
Aaa/NA
AAA
3.87 1.47
096
924AD7 BMWOT 2025-A A3 4.56
09/25/2029 2,185,000.00 02/04/2025
4.56%
2,184,784.78
2,184,814.27
100.93
3.95%
2,205,283.14
1,660.60
0.64%
20,468.87
Aaa/AAA
NA
3.99 1.42
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,815,000.00 10/17/2024
4.29%
1,814,730.29
1,814,781.06
100.83
3.90%
1,829,994.08
3,460.60
0.53%
15,213.02
Aaa/AAA
NA
4.04 1.92
44935CAD3 HART 2025-A A3 4.32 10/15/2029 2,045,000.00 03/04/2025
4.84%
2,044,698.36
2,044,734.85
100.76
3.89%
2,060,620.32
3,926.40
0.59%
15,885.47
NA/AAA
AAA
4.04 1.61
02582JKM1 AMXCA 2025-1 A 4.56 12/17/2029
3,6
85,000.00 02/04/2025
4.57%
3,684,181.56
3,684,288.84
101.47
3.90%
3,739,142.97
7,468.27
1.08%
54,854.13
NA/AAA
AAA
4.21 2.06
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 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
2,524,902.44
100.83
4.16%
2,545,975.18
3,479.59
0.73%
21,072.74
Aaa/NA
AAA
4.47 1.40
Total ABS 32,434,100.90 4.91%
32,435,880.49
32,433,063.10
101.07
3.96%
32,780,163.26
59,208.02
9.46%
347,100.17
3.41 1.27
AGENCY
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 8,145,000.00 --
0.54%
8,127,104.90
8,144,636.85
99.63 4.22%
8,114,762.34
16,290.00
2.34%
(29,874.51)
Aa1/AA+
AA+
0.10 0.10
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 4,100,000.00 03/28/2023
3.89%
4,211,028.00
4,154,715.68
101.87
3.69%
4,176,606.94
10,762.50
1.21%
21,891.26
Aa1/AA+
AA+
2.44 2.29
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
2,503,632.54
103.52
3.69%
2,587,918.08
49,809.03
0.75%
84,285.53
Aa1/AA+
AA+
3.58 3.22
3130B1BC0 FEDERAL HOME LOAN BANKS
4.625 06/08/2029 1,900,000.00 07/30/2024
4.10%
1,943,358.00
1,932,915.89
103.10
3.72%
1,958,904.22
27,
582.99
0.57%
25,988.33
Aa1/AA+
AA+
3.69 3.33
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
2,990,804.43
99.51 3.87%
2,985,415.26
20,625.00
0.86%
(5,389.17)
Aa1/AA+
AA+
4.32 3.92
3133EN4V9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 09/23/2030 2,100,000.00 12/22/2022
4.22%
2,0
87,505.00
2,091,964.66
101.05
3.89%
2,122,151.96
1,925.00
0.61%
30,187.29
Aa1/AA+
AA+
4.98 4.46
3133ENQ45 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 09/30/2030 875,000.00 11/30/2022
4.40%
866,250.00
869,418.47
101.62
3.89%
889,139.61
103.30
0.26%
19,721.13
Aa1/AA+
AA+
5.00 4.47
880591EX6 TENNESSEE VALLEY AUTHORITY
1.5 09/15/2031 1,003,000.00 01/23/2023
4.03%
818,959.53
876,166.03
86.98 3.98%
872,458.23
668.67
0.25%
(3,707.80)
Aa1/AA+
AA+
5.96 5.58
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
2,049,332.46
87.86 4.06%
2,023,333.12
13,894.77
0.58%
(25,999.34)
Aa1/AA+
AA+
6.17 5.68
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
3,875,212.54
86.80 4.06%
3,905,809.92
22,750.00
1.13%
30,597.38
Aa1/AA+
AA+
6.19 5.74
3133EN6M7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 01/19/2033 3,000,000.00 01/1
8/2023
3.93%
3,017,490.00
3,012,769.19
98.77 4.20%
2,962,954.59
24,000.00
0.86%
(49,814.60)
Aa1/AA+
AA+
7.30 6.22
3130AV4X7 FEDERAL HOME LOAN BANKS
4.375 03/11/2033 2,500,000.00 05/12/2023
4.04%
2,568,175.00
2,551,644.27
102.09
4.05%
2,552,192.80
6,076.39
0.74%
548.53
Aa1/AA+
AA+
7.44 6.30
3130AVWG3 FEDERAL HOME LOAN BANKS 4.0
06/10/2033 6,195,000.00 --
4.40%
5,998,322.75
6,042,167.88
99.39 4.09%
6,157,455.82
76,405.00
1.78%
115,287.94
Aa1/AA+
AA+
7.69 6.48
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 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
880591FB3 TENNESSEE VALLEY AUTHORITY
4.375 08/01/2034 1,845,000.00 08/08/2024
4.49%
1,828,561.05
1,830,430.75
101.05
4.23%
1,864,448.75
13,453.13
0.54%
34,018.00
Aa1/AA+
AA+
8.84 7.23
42,509,386.14 98.49 43,173,551.63 12.46% 4.67
Total Agency 43,966,000.00 3.50% 42,925,811.64 4.01% 284,345.76 247,739.99 4.10
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
2,340,048.22
98.69 3.87%
2,368,649.04
6,234.00
0.68%
28,600.82
Aa1/AA+
AAA
1.73 1.51
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 5,245,000.00 05/24/2023
4.65%
5,148,705.08
5,194,496.05
99.80 3.86%
5,234,657.38
16,827.71
1.51%
40,161.34
Aa1/AA+
AAA
2.65 2.40
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 4,065,000.00 09/12/2025
3.81%
4,020,539.06
4,021,032.68
98.62 3.90%
4,008,799.34
11,873.19
1.16%
(12,233.34)
Aa1/AAA
AA+
3.48 3.12
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 3,500,000.00 06/06/2025
4.38%
3,261,425.78
3,278,742.90
95.07 3.95%
3,327,418.15
7,568.75
0.96%
48,675.25
Aa1/AA+
AAA
3.99 3.62
3 137FRUT6 FHMS K-106 A2 2.069 01/25/2030 3,000,000.00 07/14/2025
4.28%
2,730,937.50
2,743,490.45
92.45 3.99%
2,773,586.10
5,172.50
0.80%
30,095.65
Aa1/AA+
AAA
4.32 4.02
17,395,951.17 97.35 17,713,110.02
5.1 1% 3.23
Total Agency CMBS 18,210,000.00 4.38% 17,577,810.28 3.91% 47,676.15 135,299.73 2.93 CASH
CCYUSD Receivable 21,577.47 -- 21,577.47
21,577.47
1.00 0.00%
21,577.47
0.00 0.01%
0.00 Aaa/AAA
AAA
0.00 0.00
21,577.47 1.00 21,577.47 0.01% 0.00
Total Cash 21,577.47 21,577.47 0.00% 0.00 0.00 0.00
CORPORATE
46625HQW3 JPMORGAN CHASE & CO 3.3
04/01/2026 3,000,000.00 04/21/2025
4.38%
2,970,390.00
2,984,334.24
99.63 4.06%
2,988,864.72
49,500.00
0.86%
4,530.48
A1/A
AA-
0.50 0.49
06051GFX2 BANK OF AMERICA CORP 3.5
04/19/2026 3,000,000.00 04/22/2025
4.43%
2,973,360.00
2,985,241.00
99.69 4.08%
2,990,617.86
47,250.00
0.86%
5,376.86
A1/A-
AA-
0.55 0.53
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 4,000,000.00 09/19/2022
4.16%
3,592,560.00
3,930,869.79
98.20 4.11%
3,928,020.88
17,377.78
1.13%
(2,848.91)
A2/A+
A
0.62 0.61
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 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
02665WEK3 AMERICAN HONDA FINANCE
CORP 5.25 07/07/2026 3,500,000.00 04/29/2025
4.37%
3,535,000.00
3,522,551.96
100.85
4.11%
3,529,625.51
42,875.00
1.02%
7,073.54
A3/A-
A
0.77 0.74
61761J3R8 MORGAN STANLEY 3.125
07/27/2026 3,500,000.00 04/29/2025
4.30%
3,450,685.00
3,467,449.92
99.27 4.03%
3,474,458.58
19,444.44
1.00%
7,008.65
A1/A-
A+
0.82 0.80
87612EBM7 TARGET CORP 1.95 01/15/2027 2,140,000.00 --
1.97%
2,137,844.40
2,139,441.82
97.63 3.85%
2,089,209.71
8,809.67
0.60%
(50,232.11)
A2/A
A
1.29 1.25
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 3,500,000.00 01/23/2023
4.35%
3,251,955.00
3,414,227.43
97.84 4.03%
3,424,294.86
6,669.44
0.99%
10,067.43
A2/A-
A
1.42 1.38
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 2,200,000.00 08/24/2022
3.93%
2,206,402.00
2,202,108.72
100.16
3.90%
2,203,427.42
34,466.67
0.64%
1,318.71
A2/A+
A+
1.61 1.44
92826CAH5 VISA INC 2.75 09/15/2027 4,000,000.00 03/27/2024
4.57%
3,769,760.00
3,870,149.00
98.14 3.75%
3,9
25,526.12
4,888.89
1.13%
55,377.12
Aa3/AA-
NA
1.96 1.88
74340XBV2 PROLOGIS LP 3.375 12/15/2027 3,000,000.00 01/25/2023
4.28%
2,881,530.00
2,946,512.42
98.88 3.91%
2,966,269.53
29,812.50
0.86%
19,757.11
A2/A
NA
2.21 2.08
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/20/2023
4.3 5%
2,035,920.00
2,016,579.98
101.92
3.87%
2,038,339.12
18,736.11
0.59%
21,759.14
A1/A
A+
2.31 2.15
713448FL7 PEPSICO INC 3.6 02/18/2028 2,000,000.00 04/27/2023
4.00%
1,964,920.00
1,982,629.71
99.51 3.81%
1,990,279.88
8,600.00
0.57%
7,650.17
A1/A+
NA
2.39 2.25
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
101.28
3.97%
4,208,293.40
17,276.49
1.21%
53,293.40
Aa3/A
AA-
2.41 2.18
57636QAW4 MASTERCARD INC 4.875
03/09/2028 3,000,000.00 06/13/2024
4.50%
3,037,110.00
3,023,987.77
102.31
3.87%
3,069,168.54
8,937.50
0.89%
45,180.77
Aa3/A+
NA
2.44 2.21
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,800,000.00 07/31/2023
5.39%
1,729,026.00
1,770,440.56
100.11
4.75%
1,801,957.36
33,890.50
0.52%
31,516.80
A1/A-
A+
2.56 1.46
58933YBH7 MERCK & CO INC 4.05 05/17/2028 2,000,000.00 --
4.03%
2,001,621.20
2,000,832.30
100
.55
3.83%
2,010,907.42
30,150.00
0.58%
10,075.12
Aa3/A+
NA
2.63 2.36
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 3,000,000.00 02/27/2024
5.19%
2,823,480.00
2,895,377.19
98.68 4.43%
2,960,479.35
19,884.33
0.85%
65,102.16
A1/A
AA-
3.31 2.18
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 3,600,000.00 01/29/2024
4.52%
3,612,132.00
3,608,088.00
101.86
4.00%
3,666,907.37
28,060.00
1.06%
58,819.37
A1/A+
NA
3.34 3.04
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
101.07
4.37%
2,0
21,413.46
10,318.33
0.58%
21,413.46
Aa3/A
AA-
3.39 2.23
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 3,000,000.00 02/27/2024
4.84%
3,001,560.00
3,001,055.37
102.61
4.02%
3,078,397.83
14,145.83
0.89%
77,342.46
A1/AA-
NA
3.41 3.03
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 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
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 4,000,000.00 04/29/2024
5.08%
3,960,640.00
3,972,220.41
102.69
4.00%
4,107,400.88
18,322.22
1.19%
135,180.47
A2/A
A+
3.41 3.11
06051GLG2 BANK OF AMERICA CORP 5.202
04/25/2029 2,500,000.00 05/28/2024
5.38%
2,484,025.00
2,489,510.46
102.51
4.59%
2,562,657.85
56,355.00
0.74%
73,147.39
A1/A-
AA-
3.57 2.34
89236TMF9 TOYOTA MOTOR CREDIT CORP
5.05 05/16/2029 2,500,000.00 05/28/2024
5.09%
2,495,600.00
2,496,789.19
103.19
4.09%
2,579,752.98
47,343.75
0.74%
82,963.79
A1/A+
A+
3.62 3.24
57629W4T4 MASSMUTUAL GLOBAL FUNDING
II 5.15 05/30/2029 2,950,000.00 05/22/2024
5.17%
2,947,551.50
2,948,207.20
103.06
4.24%
3,040,361.04
51,063.68
0.88%
92,153.83
Aa3/AA+
AA+
3.66 3.27
437076DC3 HOME DEPOT INC 4.75
06/25/2029 4,000,000.00 07/30/2024
4.58%
4,028,360.00
4,021,475.57
102.41
4.05%
4,096,255.24
50,666.67
1.18%
74,779.67
A2/A
A
3.73 3.29
025816EJ4 AMERICAN EXPRESS CO 4.351
07/20/2029 2,500,000.00 07/25/2025
4.38%
2,4
97,650.00
2,497,755.13
100.59
4.33%
2,514,749.78
19,942.08
0.73%
16,994.65
A2/A-
A
3.80 2.60
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 2,290,000.00 08/12/2024
4.25%
2,284,984.90
2,286,119.20
100.71
4.00%
2,306,210.47
12,556.83
0.67%
20,091.27
Aa3/A+
NA
3.87 3.45
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12
/05/2029 3,500,000.00 02/27/2025
4.58%
3,502,135.00
3,501,871.34
101.57
4.19%
3,554,810.88
51,877.78
1.03%
52,939.53
Aa1/AA+
AAA
4.18 3.72
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 2,645,000.00 01/02/2025
4.95%
2,639,551.30
2,640,342.05
102.53
4.24%
2,711,994.33
29,521.14
0.78%
71,652.28
Aa3/AA-
AA-
4.28 3.79
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
3,532,693.64
103.01
4.19%
3,605,289.66
25,987.50
1.04%
72,596.02
A2/NA
A
4.36 3.80
74464AAC5 PUBLIC STORAGE OPERATING CO
4.375 07/01/2030 2,085,000.00 07/17/2025
4.58%
2,066,109.90
2,066,893.07
100.46
4.27%
2,094,603.22
23,058.07
0.60%
27,710.15
A2/A
NA
4.75 4.14
Total Corporate 90,865,000.00 4.52%
89,572,178.20
90,370,754.44
100.77
4.08%
91,540,545.23
837,788.22
26.42%
1,169,790.79
2.65 2.29
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O
INST 1,877,712.58 --
4.01%
1,877,712.58
1,877,712.58
1.00 4.01%
1,877,712.58
0.00 0.54%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 1,877,712.58 4.01%
1,877,712.58
1,877,712.58
1.00 4.01%
1,877,712.58
0.00 0.54%
0.00 0.00
0.00 ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 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
MUNICIPAL BONDS
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
99.22 4.19%
553,151.50
1,459.26
0.16%
(4,348.50)
A1/AA-
A+
0.25 0.25
Total Municipal
Bonds 557,500.00 1.05%
557,500.00
557,500.00
99.22 4.19%
553,151.50
1,459.26
0.16%
(4,348.50)
0.25 0.25
US TREASURY
912797MS3 UNITED STATES TREASURY
10/02/2025 3,500,000.00 04/29/2025
4.22%
3,438,417.22
3,499,602.69
99.99 4.09%
3,499,609.05
0.00 1.01%
6.36 P-1/A-1+
F1+
0.01 0.00
912797QE0 UNITED STATES TREASURY
10/09/2025 5,250,000.00 08/28/2025
4.29%
5,224,842.66
5,245,091.25
99.91 4.12%
5,245,261.56
0.00 1.51%
170.31
P-1/A-1+
F1+
0.02 0.02
912797RC3 UNITED STATES TREASURY
10/14/2025 6,000,000.00 09/26/2025
4.10%
5,989,906.25
5,991,252.08
99.85 4.10%
5,991,247.74
0.00 1.73%
(4.34)
P-1/A-1+
F1+
0.04 0.04
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 6,772,500.00 --
0.93%
6,619,508.79
6,766,381.09
99. 39
4.11%
6,731,230.08
8,535.02
1.94%
(35,151.01)
Aa1/AA+
AA+
0.17 0.16
91282CGA3 UNITED STATES TREASURY 4.0
12/15/2025 5,000,000.00 04/29/2025
4.01%
4,999,609.38
4,999,872.07
100.00
3.94%
5,000,146.50
59,016.39
1.44%
274.43
Aa1/AA+
AA+
0.21 0.20
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 17,305,000.00 --
0.79%
16,971,456.65
17,281,420.03
98. 81
4.01%
17,099,030.01
10,933.19
4.94%
(182,390.03)
Aa1/AA+
AA+
0.34 0.33
91282CBQ3 UNITED STATES TREASURY 0.5
02/28/2026 12,670,000.00 --
0.94%
12,437,181.06
12,647,775.27
98.61 3.90%
12,494,203.75
5,425.00
3.61%
(153,571.52)
Aa1/AA+
AA+
0.41 0.41
91282CCF6 UNITED STATES TREASURY 0.75
05/31/2026 8,320,000.00 --
0.80%
8,301,545.71
8,317,548.88
97.99 3.84%
8,153,112.53
20,970.49
2.35%
(164,436.35)
Aa1/AA+
AA+
0.67 0.65
91282CCY5 UNITED STATES TREASURY 1.25
09/30/2028 3,325,000.00 --
3.32%
3,058,576.17
3,133,891.95
93.27 3.64%
3,101,341.81
114.18
0.90%
(32,550.14)
Aa1/AA+
AA+
3.00 2.90
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 2,500,000.00 07/25/2025
3.87%
2,575,781.25
2,571,645.41
103.56
3.64%
2,589,062.50
51,002.04
0.75%
17,417.09
Aa1/AA+
AA+
3.08 2.80
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 7,000,000.00 03/2
7/2024
4.20%
6,940,117.19
6,958,792.51
101.08
3.65%
7,075,742.17
47,173.91
2.04%
116,949.66
Aa1/AA+
AA+
3.34 3.08
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 7,000,000.00 --
4.06%
6,525,214.84
6,700,153.35
96.76 3.65%
6,773,046.84
23,468.07
1.96%
72,893.49
Aa1/AA+
AA+
3.38 3.18
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 6,500,000.00 06/13/2024
4.25%
6,572,617.19
6,553,710.23
102.80
3.67%
6,682,304.72
98,299.18
1.93%
128,594.49
Aa1/AA+
AA+
3.67 3.31
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 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
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 3,450,000.00 12/23/2024
4.42%
3,390,164.06
3,400,172.33
101.11
3.69%
3,488,138.68
23,250.00
1.01%
87,966.35
Aa1/AA+
AA+
3.83 3.50
912828YB0 UNITED STATES TREASURY 1.625
08/15/2029 7,600,000.00 --
3.42%
6,985,504.69
7,118,225.49
92.78 3.64%
7,051,078.14
15,773.10
2.04%
(67,147.35)
Aa1/AA+
AA+
3.87 3.69
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 6,500,000.00 11/26/2024
4.21%
6,475,371.10
6,479,587.72
101.59
3.70%
6,603,339.86
112,204.48
1.91%
123,752.14
Aa1/AA+
AA+
4.08 3.67
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 8,000,000.00 01/30/2025
4.32%
7,847,187.50
7,868,238.20
100.64
3.71%
8,051,562.48
104,180.33
2.32%
183,324.28
Aa1/AA+
AA+
4.17 3.77
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 6,700,000.00 --
4.02%
6,511,839.85
6,570,732.26
99.15 3.71%
6,643,207.05
39,508.15
1.92%
72,474.79
Aa1/AA+
AA+
4.34 3.96
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 542,500.00 04/06/2022
2.65%
498,040.43
517,719.26
91.19 3.7
0%
494,713.38
1,039.30
0.14%
(23,005.88)
Aa1/AA+
AA+
4.38 4.16
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 3,500,000.00 05/28/2025
4.08%
3,467,871.09
3,470,105.99
100.63
3.72%
3,522,148.42
56,756.11
1.02%
52,042.43
Aa1/AA+
AA+
4.58 4.10
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 3,000,000.00
06/0
6/2025
4.11%
2,985,117.19
2,986,050.95
101.17
3.72%
3,035,156.25
40,327.87
0.88%
49,105.30
Aa1/AA+
AA+
4.67 4.17
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 4,000,000.00 08/15/2025
3.85%
4,005,000.00
4,004,878.32
100.60
3.74%
4,024,062.48
26,114.13
1.16%
19,184.16
Aa1/AA+
AA+
4.83 4.35
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 587,500.00 04/06/2022
2.63%
498,755.37
535,703.18
86.21 3.75%
506,512.21
468.96
0.15%
(29,190.97)
Aa1/AA+
AA+
4.87 4.71
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 09/18/2025
3.66%
4,992,382.81
4,992,433.39
99.48 3.74%
4,974,218.75
15,521.41
1.44%
(18,214.64)
Aa1/AA+
AA+
4.92 4.45
91282CBL4 UNITED STATES TREASURY 1.125
02/15/2031 565,000.00 04/06/2022
2.62%
498,104.88
524,370.32
87.38 3.74%
493,712.89
811.80
0.14%
(30,657.43)
Aa1/AA+
AA+
5.38 5.11
912810FP8 UNITED STATES TREASURY 5.375
02/15/2031 6,000,000.00 --
4.2 7%
6,403,066.41
6,305,065.47
107.66
3.79%
6,459,375.00
41,188.86
1.86%
154,309.53
Aa1/AA+
AA+
5.38 4.65
91282CCS8 UNITED STATES TREASURY 1.25
08/15/2031 562,500.00 04/06/2022
2.62%
498,515.62
522,305.89
86.48 3.84%
486,474.61
898.01
0.14%
(35,831.28)
Aa1/AA+
AA+
5.87 5.55
91282CFV8 UNITED STATES TREASURY 4.125
11/15/2032 6,000,000.00 --
3.72%
6,197,734.38
6,143,589.93
101.16
3.94%
6,069,843.72
93,485.05
1.75%
(73,746.21)
Aa1/AA+
AA+
7.13 6.04
91282CHT1 UNITED STATES TREASURY 3.875
08/15/2033 6,500,000.00
--
4.7 3%
6,069,570.31
6,154,005.55
99.17 4.00%
6,446,171.88
32,168.82
1.86%
292,166.32
Aa1/AA+
AA+
7.87 6.69
Total US Treasury 159,650,000.00 3.15%
156,979,000.05
158,260,321.08
99.55 3.84%
158,785,055.05
928,633.87
45.83%
524,733.97
2.84 2.55
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of September 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 Portfolio 347,581,890.95 3.79%
341,349,186.10
344,024,550.59
99.23 3.94%
346,444,866.74
2,159,111.27
100.00%
2,420,316.15
3.07 2.56
Total Market Value +
Accrued 348,603,978.00
ATTACHMENT B
HOLDINGS REPORT
City of Stockton Enhanced Cash | Account #11194 | As of September 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 6,038.09 -- 6,038.09
6,038.09
1.00 0.00%
6,038.09
0.00 0.34%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 6,038.09
6,038.09
6,038.09
1.00 0.00%
6,038.09
0.00 0.34%
0.00 0.00
0.00 MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,794,937.40 --
4.01%
1,794,937.40
1,794,937.40
1.00 4.01%
1,794,937.40
0.00 99.66%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 1,794,937.40 4.01%
1,794,937.40
1,794,937.40
1.00 4.01%
1,794,937.40
0.00 99.66%
0.00 0.00
0.00 Total Portfolio 1,800,975.49 4.01%
1,800,975.49
1,800,975.49
1.00 4.00%
1,800,975.49
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 1,800,975.49
ATTACHMENT B
TRANSACTIONS
ATTACHMENT B
TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/17/2025 3137FRUT6 3,000,000.00 FHMS K-106 A2 2.069 01/25/2030 91.031 4.28% (2,730,937.50) (2,758.67) (2,733,696.17) 0.00 Purchase 07/18/2025 74464AAC5 2,085,000.00
PUBLIC STORAGE
OPERATING CO 4.375
07/01/2030
99.094 4.58% (2,066,109.90) (4,560.94) (2,070,670.84) 0.00 Purchase 07/28/2025 025816EJ4 2,500,000.00 AMERICAN EXPRESS CO 4.351 07/20/2029 99.906 4.38% (2,497,650.00) (906.46) (2,498,556.46) 0.00 Purchase 07/28/2025 91282CJF9 2,500,000.00
UNITED STATES
TREASURY 4.875
10/31/2028
103.031 3.87% (2,575,781.25) (29,475.20) (2,605,256.45) 0.00 Purchase 08/18/2025 91282CNN7 4,000,000.00
UNITED STATES
TREASURY 3.875
07/31/2030
100.125 3.85% (4,005,000.00) (7,581.52) (4,012,581.52) 0.00 Purchase 08/29/2025 912797QE0 5,250,000.00 UNITED STATES TREASURY 10/09/2025 99.521 4.29% (5,224,842.66) 0.00 (5,224,842.66) 0.00 Purchase 09/17/2025 3137FLN91 4,065,000.00 FHMS K-091 A2 3.505 03/25/2029 98.906 3.81% (4,020,539.06) (6,332.37) (4,026,871.43) 0.00 Purchase 09/19/2025 91282CNX5 5,000,000.00
UNITED STATES
TREASURY 3.625
08/31/2030
99.848 3.66% (4,992,382.81) (9,513.12) (5,001,895.93) 0.00 Purchase 09/29/2025 912797RC3 6,000,000.00 UNITED STATES TREASURY 10/14/2025 99.832 4.1 0% (5,989,906.25) 0.00 (5,989,906.25) 0.00 Total Purchase 34,400,000.00 (34,103,149.43) (61,128.28) (34,164,277.71) 0.00 TOTAL
ACQUISITIONS 34,400,000.00 (34,103,149.43) (61,128.28) (34,164,277.71) 0.00
DISPOSITIONS
Maturity 07/01/2025 341271AD6 (1,875,000.00)
FLORIDA ST BRD
ADMIN FIN CORP REV
1.258 07/01/2025
100
.000 1.17% 1,875,000.00 0.00 1,875,000.00 0.00
Maturity 07/21/2025 3137EAEU9 (2,310,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP
0.375 07/21/2025
100.000 0.48% 2,310,000.00 0.00 2,310,000.00 0.00
ATTACHMENT B
TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Maturity 08/01/2025 54438CYK2 (965,000.00)
LOS ANGELES CALIF
CMNTY COLLEGE DIST
0.773 08/01/2025
100.000 0.77% 965,000.00 0.00 965,000.00 0.00
Maturity 08/25/2025 3135G05X7 (3,995,000.00)
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION 0.375
08/25/2025
100.000 0.47% 3,995,000.00 0.00 3,995,000.00 0.00
Maturity 08/31/2025 91282CAJ0 (6,000,000.00)
UNITED STATES
TREASURY 0.25
08/31/2025
100.000 0.56% 6,000,000.00 0.00 6,000,000.00 0.00
Maturity 09/09/2025 71344TW99 (3,500,000.00) PepsiCo, Inc. 09/09/2025 100.000 4.35% 3,500,000.00 0.00 3,500,000.00 0.00 Maturity 09/23/2025 3137EAEX3 (3,545,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP
0.375 09/23/2025
100.000 0.44% 3,545,000.00 0.00 3,545,000.00 0.00
Maturity 09/29/2025 3133EMBH4 (2,265,000.00)
FEDERAL FARM CREDIT
BANKS FUNDING CORP
0.53 09/29/2025
100.000 0.57% 2,265,000.00 0.00 2,265,000.00 0.00
Total Maturity (24,455,000.00) 24,455,000.00 0.00 24,455,000.00 0.00 Sale 07/18/2025 912797QL4 (6,500,000.00) UNITED STATES
TREASURY 08/26/2025 99.539 4.44% 6,470,055.31 0.00 6,470,055.31 668.96 Total Sale (6,500,000.00) 6,470,055.31 0.00 6,470,055.31 668.96 TOTAL
DISPOSITIONS (30,955,000.00) 30,925,055.31 0.00 30, 925,055.31 668.96
ATTACHMENT B
TRANSACTION LEDGER
City of Stockton Enhanced Cash | Account #11194|07/01/2025 Through 09/30/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
DISPOSITIONS
Maturity 07/08/2025 912797PZ4 (30,000,000.00) UNITED STATES TREASURY 07/08/2025 100.000 4.15% 30,000,000.00 0.00 30,000,000.00 0.00 Total Maturity (30,000,000.00) 30,000,000.00 0.00 30,000,000.00 0.00 TOTAL
DISPOSITIONS (30,000,000.00) 30,000,000.00 0.00 30,000,000.00 0.00
ATTACHMENT B
IMPORTANT DISCLOSURES
City of Stockton Reserve | Account #10020 | As of September 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.
ATTACHMENT B
BENCHMARK DISCLOSURES
City of Stockton | As of September 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