Attachment A - PFMAM Investment Report — City Council and Concurrent Authorities, March 31, 2026

Investment Performance Review
For the Quarter Ended December 31, 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
Ac
count 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 December 31, 2025. ▸ U.S. economy remains resilient but government shutdown obscures data ▹ Inflation print likely biased lower due to data collection gaps and technical adjustments ▹ Une
mployment rate trends higher with net new job creation near zero ▹ Strong consumer and business spending, along with steadier trade dynamics, support growth ▸ The Fed lowered the target rate by 50 basis points in the fourth quarter to 3.50-3.75% ▹ Fed Chair Powell acknowledged ongoing challenges in achieving the Fed’s dual mandate of max
imum employment and price stability
▹ The Fed’s December “dot plot” indicates 25 bps of cuts in both 2026 and 2027, but the wide dispersion in underlying projections highlights differing views on path forward ▹ Markets view policy is skewed towards additional easing assuming a more dovish Chair takes office in mid-2026
▸ Treasury yield curve continues to steepen but remains inverted inside 2 years ▹ Front end Treasury yields moved lower during the fourth quarter on Fed rate cut expectations ▹ Yie
lds were range bound as volatility waned into year end
▹ Credit spreads widened marginally but remain near historically narrow levels

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
1 ATTACHMENT A

2.7%

2.6%

2.0%

2.5%

3.0%

3.5%

4.0%
May-24 Nov-24 May-25 Nov-25
Consumer Price Index
Year-over-year Change
CPI Core CPI
Gaps in data collection
led to a drop in headline
and core inflation
Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Bureau of Labor Statistics and Bloomberg Finance L.P. as of November 2025.

Fed Chair Powell: "The data may be distorted ... because [it] was not collected in October and half of November." Price Increases For Key Goods
Energy
Apparel
Food at Home
T
ransportation
Home
Furnishings
3-Month Annualized Inflation Rates (Sep-25)
2024
3-Month
Average 2024
+4.1% -0.9%
+5.3% +1.2%
+3.1% -1.2%
+3.2% +1.8%
+4.6% -0.5%
Data Distortions Bias Inflation Lower

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
2 ATTACHMENT A
Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Bureau of Labor Statistics and Bloomberg Finance L.P. as of December 2025. -300
-200
-100
0 100
200
300
400
Dec-24 Jun-25 Dec-25
Thousands
Monthly Change In Nonfarm Payrolls
Private Ex Health Care & Edu Health Care & Edu Govt
-22K Avg
-173K
56K
Deferred
government
resignations
Private education and health
services remain the primary
driver of payroll gains
50K

4.4%
3%
4%
5%
Dec-22 Dec-23 Dec-24 Dec-25
Unemployment Rate
Fed Chair Powell: “[S]upply of workers has also gone way down, so the unemployment rate hasn’t moved that much. It is a labor market that seems to have significant downside risks…” Labor Market Continues to Cool

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
3 ATTACHMENT A
Fed Chair Powell: "[T]he top third [of earners] accounts for way more than a third of the consumption ... So it’s a good question how sustainable that is."

3.3%

1.9%
-0.6%

3.8%

4.3%
-6%
-4%
-2%
0 %
2%
4%
6%
8%
2024Q3 2024Q4 2025Q1 2025Q2 2025Q3U.S. Real GDP Contributors and Detractors
Personal Consumption Fixed Investment
Private Inventories Net Exports
Gov't Expenditures
2%
4%
6%
8%
2020 2021 2022 2023 2024 2025
Wage Growth by Income Quartiles
Atlanta Fed Wage Growth Tracker
Lowest quartile Highest quartile
K-Shaped Economy
Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Bloomberg Finance L.P. and Bureau of Economic Analysis, as of September 2025 (left). Federal Reserve Bank of Atlanta, as of September 2025 (right).

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
4 ATTACHMENT A
Source: Bloomberg Finance L.P., Bureau of Labor Statistics as of December 2025, Federal Reserve Bank of New York as of September 2025, and Bureau of Economic Analysis as of September 2025.
▸ Net new job creation nears zero
▸ Increasing retail credit card
balances
▸ Rising student loan
delinquencies
▸ Planned federal spending cuts
▸ Services disinflation
▸ Slower tariff-based inflation
passthrough
▸ Stabilizing credit card
delinquencies
▸ Easing Fed Policy
▸ Fiscal tailwinds from tax and
reconciliation bill
▸ Resilient consumer spending
▸ Positive real disposable
personal income growth
▸ Corporate fundamentals
0%
1%
2%
3%
4%
5%
2Q '24
3Q '24
4Q '24
1Q '25
2Q '25
3Q '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
-100K
0K
100K
200K
300K
400K
500K
600K
700K
1Q '24
2Q '24
3Q '24
4Q '24
1Q '25
2Q '25
3Q '25
4Q '25
Nonfarm Payrolls
Cumulative Quarterly
Factors Shaping the Economic Outlook

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
5 ATTACHMENT A
Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Federal Reserve, latest median economic projections, as of December 2025.

Fed Chair Powell: "[T]he baseline [expectation] would be solid growth next year" ... "[We] feel like we have made progress this year in nontariff-related inflation."

1.7%

2.3%

2.0% 1.9% 1.8%
0%
1%
2%
3%
2025 2026 2027 2028 Longer
Run
Change in Real GDP
Sep Projections Dec Projections

2.9%

2.4%

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

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

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
Sep Projections Dec Projections
Fed’s Updated Summary of Economic Projections

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
6 ATTACHMENT A
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Dec-25 FOMC Projections
Sep-25 Median
Dec-25 Median
Fed Chair Powell: “[I]t is very unusual to have persistent tension between the two parts of the mandate… But it is not like the normal situation where everyone agrees on the direction and what to do. It is more spread out.” 2025 20272026 2028
The December Fed “Dot Plot”
Longer Term

3.0%1
cut 1 cut 0 cuts
Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Federal Reserve; Bloomberg Finance L.P.. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of December 2025.

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
7 ATTACHMENT A
Source: Bloomberg Finance L.P., as of December 31, 2025.

3.25%

3.50%

3.75%
Sep-25 Oct-25 Nov-25 Dec-25
2-Year U.S. Treasury Yield
Sept
ember 30, 2025 – December 31, 2025
Nov 20th
Nonfarm payrolls
mixed
Dec 5th
September CPI subdued
Consumer confidence rises
for the first time in 5 months
Dec 10th
Chair Powell notes
inflation excluding tariffs
nears Fed’s 2% target
Oct 10th
Government
shutdown enters
second week
Oct 29th
Hawkish comments from
Chair Powell at FOMC
press conference
Nov 19th
FOMC Minutes
highlight policy
uncertainty
Treasury Yields Range Bound As Volatility Wanes

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
8 ATTACHMENT A
Source: Bloomberg Finance L.P., as of December 31, 2025.

3.63%

3.47%

3.73%

3.94%

4.17%

4.84%

3.00%

3.50%
4 .00%

4.50%

5.00%

5.50%
Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
December 31, 2025
September 30, 2025
3mo 2yr 5yr 7yr 10yr 20yr 30yr
Treasury Yield Curve Nears Dis-inversion

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
9 ATTACHMENT A
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. as of December 31, 2025. Spreads on ABS and MBS are option-adjusted spreads 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. -20
0 20
40 60
80 100
120
140
Federal
Agency
Agency
CMBS
Agency MBS AAA Auto
ABS
AAA Credit
Card ABS
AAA
Corp
AA
Corp
A
Corp
BBB
Corp
Basis Points
1-5 Year Yield Spreads
2025 Range Dec-25 Spread
Sector Yield Spreads

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
10 ATTACHMENT A
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. Agency CMBS represented by ICE BofA CMBY Index. As of December 31, 2025.

0.08%
-0.05%

0.07%

0.63%

0.02%

0.26%

0.05%

0.87%
-0.25%

0.00%
0 .25%

0.50%

0.75%

1.00%
4Q25 1-Year
Excess Returns
1-5
Year Indices
Federal Agency Agency CMBS ABS Corp A-AAA
Fixed-Income Index Excess Returns

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
11 ATTACHMENT A
Source: ICE BofA Indices. ABS Indices are 0-5 year, based on weighted average life. As of December 31, 2025.

1.12% 1.08% 1.14% 1.19% 1.26%
0%
2%
4%
6%
8%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Fourth Quarter 2025 Returns

5.74%

5.37% 5.33%

6.31%

7.05%
0%
2%
4%
6%
8%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return
1-5 Year Indices
Fixe
d-Income Index Total Returns in 4Q 2025

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
12 ATTACHMENT A
Fixed-Income Sector Commentary – 4Q 2025
▸ The Federal Open Market Committee (FOMC)
lo
wered the target range for the federal funds rate by
50 bps in Q4 but noted continuing challenges to
achieving its dual mandate of maximum employment
and stable prices.
▸ The U.S. Treasury yield curve steepened in response
to the Fed as yields on the short end fell more than
intermediate (2- to 5-year) maturities. Returns across
1-3, 1-5, and 1-10 Treasury benchmarks were similar
over the quarter. Yields on longer-maturity securities
increased, hurting performance for longer indices
lower.
▸ Federal Agency & supranational issuance
remained limited, keeping spreads narrow and
excess returns muted. The ongoing privatization
efforts of Fannie Mae and Freddie Mac remain a
focus, though no substantial progress has been
shared publicly
▸ Investment-Grade (IG) corporate bonds generated
modest excess returns as spreads were relatively
stable over the quarter. Lower-quality led
performance, supported by strong investor demand.

Positive carry remained the primary driver of returns.
▸ Spreads on Asset-Backed Securities widened
marginally, keeping excess returns modest. Auto loan
collateral marginally outperformed credit receivables.
▸ Agency-backed mortgage-backed securities
(MBS) generated solid excess returns in Q4 and were
a consistent top performer during the second half of
the year. Longer-duration mortgages (30-year)
outperformed shorter-duration (15-year) collateral.

Lower bond volatility over the past few months
continues to serve as a tailwind to the sector.

Agency-backed commercial MBS (CMBS) also
generated positive excess returns for the quarter but
continue to lag residential MBS.
▸ Short-term credit (commercial paper and negotiable
bank CDs) yield spreads remained attractive over the
quarter. Month-end funding pressures pushed repo
rates above the upper bound of the federal funds
rate, which created opportunities to add overnight
repo and floating rate securities tied to SOFR.

The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (12/31/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
13 ATTACHMENT A
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (12/31/2025) 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..

Fixed-Income Sector Outlook – 1Q 2026
▸ U.S. Treasury yiel ds remain reasonably attractive
and near fair value. For shorter duration strategies,
we prefer a modestly longer duration stance as we
expect Fed policy to have a more direct impact on
front-end yields. For longer duration strategies, we
will maintain a curve steepening bias by modestly
underweighting the long end of the curve.
▸ Federal Agency & Supranational spreads are likely
to remain at tight levels. Government-only accounts
may find occasional value on an issue-by-issue basis.
▸ Taxable Municipals continue to present limited
opportunity due to an ongoing lack of supply and
strong demand which is keeping yields low. We do
not expect this to change in the near term.
▸ Investment-Grade (IG) Corporate bond
fundamentals remain stable with technicals
supportive of the sector. All-in yields remain
reasonably attractive, though stretched valuations
continue to argue for discipline and caution. We will
continue to look for opportunities across new issue
and secondary markets.
▸ Asset-Backed Securities fundamentals remain
within expectations while credit enhancements
remain robust. We expect supply to be well-digested,
limiting new issue attractiveness. Household balance
sheets for prime borrowers remain healthy, though
further cooling in the labor market remains a risk. We
expect spreads to remain stable with carry the driver
of excess returns into 2026.
▸ Mortgage-Backed Securities is expected to
increase modestly in 2026 and could present
opportunity should spreads widen from current
narrow levels. We may look to add to the sector on
any increases in volatility.
▸ Short-term credit (commercial paper and negotiable
bank CDs) spreads in Q1 are expected to be primarily
driven by the FOMC's monetary policy decisions. We
have a bias for longer weighted average maturities
due to the flatness of the yield curve. Longer-maturity fixed rate securities are also an opportunity entering
2026 given positive carry and the potential for further Fed rate cuts.

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
14 ATTACHMENT A
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-Not
e

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

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

C O R PO

R A T E S
Financials
Indus
trials

S E C U R I T I Z E D
Asset-Backed
Agenc
y 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 Fixed-Income Sector Commentary – 1Q 2026

CITY OF STOCKTON
For the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
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 includes accrued interest.

15.4%

3.0%

0.6% 2.0% 2.3%

7.6%

16.7%

21.1% 19.0%

8.1%

4.0%

0.0%
$0
$100
$200
$300
30 Days
and Under
31 to 60
days
61 to 90
days
91 to 180
days
181 to 1
year
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
5 to 7
years
7 to 10
years
Over 10
years
Millions
Maturity Distribution
Weighted Average Maturity: 1,076 days
For the Quarter Ended December 31, 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 December 31, 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 December 31, 2025, the account(s) managed by PFM Asset Management ("P
FMAM") 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
Fo
r the Quarter Ended December 31, 2025
Portfolio Snapshot

1. Portfolio Snapshot - CITY OF STOCKTON RESERVE PORTFOLIO¹ Credit Quality - S&P
9%
18%
26%
16 % 16%
7 %
4% 4%4%
27%
22%
18%
12 %
9%
4% 4%
0%
5%
10%
15%
20%
25%
30%
0-1 Yr 1-2
Yrs
2-3
Yrs
3-4
Yrs
4-5
Yrs
5-6
Yrs
6-7
Yrs
> 7
Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 44%
Corporate | 24%
Agency CMBS | 19%
ABS | 12%
Negotiable CD | 1%
Federal Agency | <1%
Municipal | <1%
Sector Allocation
AAA | 10%
AA+ | 65%
AA | 3%
AA- | 6%
A+ | 8%
A | 4%
A- | 1%
A-1 | 1%
Not Rated | 2%
Portfolio Statistics
Portfolio Effective Duration 3.16 years
Benchmark Effective Duration 3.19 years
Portfolio Credit Quality AA
Yield At Market 3.80%
Yield At Cost 4.30%
Total Market Value $488,715,817.10
$484,888,464.53Securities Sub-Total
$374,535.67Cash
$3,452,816.90Accrued Interest
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. 20 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
Fo
r the Quarter Ended December 31, 2025
Portfolio Characteristics
$0.0
$98.0
$196.0
$294.0
$392.0
$490.0
Millions
December 2025
$0.0
$98.0
$196.0
$294.0
$392.0
$490.0
Millions
September 2025
$0.0
$98.0
$196.0
$294.0
$392.0
$490.0
Millions
June 2025
$0.0
$98.0
$196.0
$294.0
$392.0
$490.0
Millions
March 2025
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.

Mar-25 % of TotalSecurity Type Jun-25 % of Total Sep-25 % of Total % of TotalDec-25 U.S. Treasury $251.9 54.0% $237.7 50.2% $228.9 47.6% $212.7 43.8% Federal Agency $11.0 2.4% $3.1 0.7% $0.8 0.2% $0.8 0.2% Agency CMBS $91.7 19.7% $94.5 20.0% $93.9 19.6% $93.5 19.3% Municipal $3.2 0.7% $1.9 0.4% $0.0 0.0% $0.0 0.0%
Negotiable CD $4.3 0.9% $4.3 0.9% $4.2 0.9% $4.2 0.9%
Corporate $67.8 14.6% $95.9 20.3% $101.6 21.2% $115.8 23.9% ABS $36.1 7.7% $35.5 7.5% $50.5 10.5% $57.9 11.9%
Total $465.8 100.0% $472.9 100.0% $480.0 100.0% $484.9 100.0% 21 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
Fo
r the Quarter Ended December 31, 2025
Portfolio Activity
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($ m
illions)
U.S. Treasury
Agency CMBS
ABS
Corporate
U.S. Treasury
Agen
cy CMBS
ABS
Corporate
($30.0) ($20.0) ($10.0) $0.0 $10.0 $20.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
Corporate $14,072,741
ABS $7,413,083
Agency CMBS ($573,530)
U.S. Treasury ($16,869,367)
$4,042,926Total Net Activity
Sales/Maturities Purchases
22 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
Fo
r the Quarter Ended December 31, 2025
Portfolio Performance
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2017.1.

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

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

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

0.0%

2.0%

4.0%

6.0%

8.0%
Return
Portfolio Benchmark
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $4,785 ,914 $17,446,498 $39,488,406 $53,093,947 $84,110,652 Change in Market Value $760,819 $11,960,093 $22,551,683 ($22,378,466) ($3,174,516) $5,546,733Total Dollar Return $29,406,591 $62,040,089 $30,715,481 $80,936,136 Total Return³
Portfolio 1.15% 6.40% 4.78% 1.63% 2.23%
Benchmark⁴ 1.10% 6.33% 4.52% 1.37% 2.04%
3 Months 1 Year 3 Years 5 Years Since Inception
23 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
Fo
r the Quarter Ended December 31, 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
Real
ized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$4,785,914
($81
,475)
$362,552
$5,066,991
1 Year
$17,446,498
($1,
416,809)
$1,938,314
$17,968,004
3 Years
$39,488,406
($6,
368,280)
$6,040,978
$39,161,104
5 Year
$53,093,947
($19
,032,430)
$18,574,290
$52,635,807
Since Inception¹
$84,110,652
($14
,736,332)
$20,199,090
$89,573,410
24 CITY OF STOCKTON

ATTACHMENT A
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 (12/31/2025) 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.

Monetary Policy (Global):
• The Fed cut rates by 50 bps in Q4 but noted
continuing challenges to achieving its dual mandate
of maximum employment and stable prices.
• The “dot plot” indicates 25 bps of projected cuts in
both 2026 and 2027, but the wide dispersion
underscores growing differences of opinion.
• Markets view policy risks as skewed towards
additional easing assuming a more dovish Chair
takes office in mid-2026 as expected.
• Most major central banks have continued easing
with the BOJ being the notable exception.

Economic Growth (Global):
• Strong consumer and business spending and
steadier trade dynamics continue to fuel economic
growth.
• The effects of U.S. government shutdown are
expected to be temporary and fully recouped in
1Q26.
• Benefits from the tax and reconciliation bill and
increases in anticipated AI capex are expected to
support growth in 2026.

Inflation (U.S.):
• While headline inflation moved lower in Q4,
significant gaps in data collection due to the U.S.
government shutdown likely biased the data lower.
• Lower shelter inflation continues to support
disinflation going forward although goods prices
continue to experience tariff passthroughs.
• Fed Chair Powell noted inflation excluding tariffs is near 2%, suggesting the Fed is looking through
these effects.

Financial Conditions (U.S.):
• Financial conditions eased further as corporate
earnings exceeded expectations and tariff concerns
abated.
• Equities reached new all-time highs, credit spreads
remain tight, and volatility remains low.
• Fiscal uncertainty and geopolitical risks could
reintroduce tighter financial conditions over the next
6-12 months.

Consumer Spending (U.S.):
• Consumer confidence sank given a more
pessimistic views of the labor market, particularly
among lower-income cohorts.
• Consumer activity remained resilient through the
holiday shopping season, highlighting the
disconnect between sentiment and actual activity.
• Consumer spending is dominated by higher-income
cohorts who benefit from elevated wage growth,
strong equity markets, and home price appreciation.
• A significant correction in the equity market or a
material slowdown in the labor market are the
largest threats to consumer spending.

Labor Markets (U.S.):
• Labor market conditions continued to cool with net
new job creation close to zero with gains
concentrated in the healthcare sector.
• The breakeven employment level to keep pace with
labor force growth has fallen. Initial jobless claims
and layoff rates remains low, easing some concerns
over labor weakness.
• The unemployment rate continued to tick higher,
while job openings declined and the quits rate
remain subdued, signaling reduced worker
leverage.
• Wage growth continues to exceed inflation,
supporting consumer spending.

Stance Unfavorable
to Risk Assets
Stance Favorable
to Risk Assets Current outlook Outlook one quarter ago Negative Slightly Negative Neutral Slightly
Positive Positive
Factors to Consider for 6-12 Months
Fo
r the Quarter Ended December 31, 2025
Market Update
PFM Asset Management | pfmam.com
25 CITY OF STOCKTON

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

ATTACHMENT A
PFM Asset Management | pfmam.com
Fo
r the Quarter Ended December 31, 2025
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
Dat
ed 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 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 82.39 7,493.277,513.20

US TREASURY N/B
DTD 04/30/2020 0.500% 04/30/2027
912828ZN3 4,840,000.00 AA+ Aa1 8/2/2022 8/3/2022 4,331,989.06 2.88 4,144.75 4,653,771.324,697,956.50

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 58.22 4,033,392.514,058,055.32

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 3.76 386.05 4,285,220.904,269,800.26

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 5,000,000.00 AA+ Aa1 5/12/2023 5/12/2023 4,857,226.56 3.48 57,540.76 4,943,555.004,946,633.68

US TREASURY N/B
DTD 08/15/2017 2.250% 08/15/2027
9128282R0 2,730,000.00 AA+ Aa1 9/1/2022 9/6/2022 2,588,274.61 3.40 23,201.29 2,676,893.312,683,570.01

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 53,409.01 5,001,117.745,008,148.05

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 4.17 713.79 706,149.74700,809.03

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 3,603.11 515,657.94513,219.39

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 30,025.90 4,297,149.504,278,005.99

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2027
91282CGC9 2,380,000.00 AA+ Aa1 2/1/2023 2/2/2023 2,409,564.06 3.60 254.77 2,397,757.182,392,020.19

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 8,050.48 2,425,228.022,433,494.96

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 835,000.00 AA+ Aa1 3/24/2023 3/24/2023 859,625.98 3.35 11,348.62 843,709.05845,776.43

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 6,211.71 1,851,169.311,854,320.46

US TREASURY N/B
DTD 03/31/2023 3.625% 03/31/2028
91282CGT2 880,000.00 AA+ Aa1 3/30/2023 3/31/2023 878,659.38 3.66 8,150.27 882,337.28879,398.30 27 CITY OF STOCKTON

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 215,000.00 AA+ Aa1 5/1/2023 5/1/2023 213,975.39 3.61 1,288.81 214,966.46214,523.05

US TREASURY N/B
DTD 09/30/2021 1.250% 09/30/2028
91282CCY5 525,000.00 AA+ Aa1 3/14/2022 3/15/2022 495,591.79 2.17 1,676.68 493,848.60512,663.56

US TREASURY N/B
DTD 11/16/1998 5.250% 11/15/2028
912810FF0 1,000,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,064,765.63 4.02 6,816.30 1,046,406.001,031,207.69

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 1,184.62 476,869.47476,382.11

US TREASURY N/B
DTD 05/31/2024 4.500% 05/31/2029
91282CKT7 960,000.00 AA+ Aa1 6/6/2024 6/7/2024 968,700.00 4.30 3,797.80 987,600.00966,156.13

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 490,000.00 AA+ Aa1 7/7/2023 7/10/2023 464,026.17 4.26 43.99 484,411.06474,810.91

US TREASURY N/B
DTD 07/31/2024 4.000% 07/31/2029
91282CLC3 6,075,000.00 AA+ Aa1 8/1/2024 8/2/2024 6,117,240.23 3.85 101,690.22 6,153,549.756,106,099.86

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 41,064.96 1,925,111.751,911,198.93

US TREASURY N/B
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aa1 3/21/2022 3/22/2022 496,518.75 2.29 3,191.71 485,408.04508,515.64

US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2029
91282CFJ5 2,120,000.00 AA+ Aa1 2/27/2023 2/28/2023 2,000,998.44 4.12 22,510.36 2,084,225.002,052,986.50

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 950,000.00 AA+ Aa1 11/14/2024 11/15/2024 942,949.22 4.29 6,711.67 966,253.55944,431.56

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 12,010.36 1,729,085.301,696,718.35

US TREASURY N/B
DTD 11/30/2022 3.875% 11/30/2029
91282CFY2 1,070,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,069,289.45 3.89 3,645.05 1,078,944.131,069,602.90

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 4.43 499.74 4,245,483.064,127,456.01

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 3.64 217.30 2,047,208.312,046,824.89

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 470,000.00 AA+ Aa1 2/5/2025 2/6/2025 470,110.16 4.24 8,359.10 480,446.69470,092.44

US TREASURY N/B
DTD 02/18/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,040.43 2.66 3,073.68 498,294.93519,145.93 28 CITY OF STOCKTON

US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 1,875,000.00 AA+ Aa1 3/4/2025 3/5/2025 1,875,512.70 3.99 25,483.43 1,898,876.251,875,441.44

US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 4,500,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,522,500.00 3.89 45,989.01 4,557,303.004,519,401.16

US TREASURY N/B
DTD 03/31/2025 4.000% 03/31/2030
91282CMU2 2,830,000.00 AA+ Aa1 3/28/2025 3/31/2025 2,826,573.05 4.03 28,921.98 2,866,037.222,827,057.72

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 23,258.56 3,851,959.243,694,956.93

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 2,160,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,519,859.38 3.64 17,527.62 2,381,484.242,374,170.04

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,065,123.05 3.89 7,506.04 1,019,848.581,007,077.22

US TREASURY N/B
DTD 05/15/2020 0.625% 05/15/2030
912828ZQ6 2,535,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,057,608.01 3.56 2,057.06 2,224,561.372,250,986.49

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 9,329.67 2,836,964.632,800,188.35

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 32,637.36 9,924,363.909,817,355.38

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 3.81 200.71 1,889,135.631,880,124.46

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 13,783.63 856,275.55851,951.23

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,540,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,995,586.72 3.97 5,996.26 2,210,196.242,202,963.23

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 6,008.07 2,214,547.022,245,199.77

US TREASURY N/B
DTD 08/17/2020 0.625% 08/15/2030
91282CAE1 587,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,755.37 2.65 1,386.93 511,216.65538,381.83

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 3.74 123,785.74 10,014,272.259,999,895.29

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aa1 7/11/2023 7/12/2023 2,405,390.63 4.02 3,408.15 2,622,540.002,605,736.09

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,071,065.63 3.72 1,510.95 1,162,659.401,171,539.65 29 CITY OF STOCKTON

US TREASURY N/B
DTD 12/01/2025 3.500% 11/30/2030
91282CPN5 4,200,000.00 AA+ Aa1 12/3/2025 12/5/2025 4,176,046.88 3.63 12,923.08 4,157,672.404,176,386.56

US TREASURY N/B
DTD 12/31/2025 3.625% 12/31/2030
91282CPR6 2,500,000.00 AA+ Aa1 12/31/2025 12/31/2025 2,490,917.97 3.71 250.35 2,488,085.002,490,929.72

US TREASURY N/B
DTD 01/31/2024 4.000% 01/31/2031
91282CJX0 1,350,000.00 AA+ Aa1 1/30/2025 1/31/2025 1,323,210.94 4.38 22,597.83 1,365,556.051,326,881.63

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,021,273.44 3.61 36,544.16 1,935,210.601,940,007.64

US TREASURY N/B
DTD 02/16/2021 1.125% 02/15/2031
91282CBL4 565,000.00 AA+ Aa1 4/6/2022 4/11/2022 498,104.88 2.63 2,400.87 497,442.95526,274.51

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 2,955,000.00 AA+ Aa1 7/7/2023 7/10/2023 3,201,326.95 4.09 59,993.33 3,176,970.743,120,962.45

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,620.31 3.98 36,950.20 1,956,712.941,930,382.12

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 40,259.55 3,884,909.443,714,840.32

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 2,930,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,530,673.05 3.53 6,181.73 2,624,981.142,672,961.96

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,070,802.73 3.76 2,668.91 1,133,310.971,141,740.07

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 20,329.67 5,204,295.005,134,985.70

US TREASURY N/B
DTD 07/31/2024 4.125% 07/31/2031
91282CLD1 730,000.00 AA+ Aa1 8/14/2024 8/15/2024 748,164.45 3.72 12,601.43 741,862.50744,927.86

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 2,465,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,994,627.93 3.92 11,638.42 2,147,535.122,152,636.41

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 562,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,515.62 2.63 2,655.83 490,056.19524,030.63

US TREASURY N/B
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 2,080,000.00 AA+ Aa1 1/10/2023 1/11/2023 1,739,075.00 3.55 3,713.26 1,811,794.401,853,701.80

US TREASURY N/B
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 1,305,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,068,927.54 3.77 2,329.71 1,136,726.781,150,311.93

US TREASURY N/B
DTD 01/31/2025 4.375% 01/31/2032
91282CMK4 3,400,000.00 AA+ Aa1 2/4/2025 2/5/2025 3,386,984.38 4.44 62,248.64 3,494,564.203,388,460.53 30 CITY OF STOCKTON

US TREASURY N/B
DTD 02/15/2022 1.875% 02/15/2032
91282CDY4 2,365,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,999,625.98 3.94 16,749.41 2,109,192.142,115,465.39

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,670,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,525,548.83 3.56 9,966.40 2,517,518.972,571,497.09

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,067,164.06 3.79 4,292.65 1,084,324.651,094,216.45

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,100,000.00 AA+ Aa1 7/2/2024 7/3/2024 988,410.16 4.41 4,106.01 1,037,180.101,006,802.28

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aa1 8/5/2022 8/9/2022 662,629.69 2.83 2,463.60 622,308.06661,714.79

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 8,118.70 2,050,787.932,094,029.44

US TREASURY N/B
DTD 08/15/2022 2.750% 08/15/2032
91282CFF3 2,195,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,190.82 3.93 22,799.97 2,046,064.862,052,404.34

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 32,916.09 2,493,457.502,484,935.18

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,520,000.00 AA+ Aa1 5/14/2025 5/15/2025 1,500,346.88 4.33 8,140.61 1,537,396.401,501,770.92

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 17,272.01 3,261,910.123,237,496.24

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,965,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,054,269.34 3.57 10,523.88 1,987,489.422,027,309.80

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,055,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,084,877.93 3.78 5,650.22 1,067,074.471,075,613.96

US TREASURY N/B
DTD 12/01/2025 3.750% 11/30/2032
91282CPM7 2,300,000.00 AA+ Aa1 12/3/2025 12/5/2025 2,289,847.66 3.82 7,582.42 2,273,407.402,289,955.54

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 27,299.52 2,006,841.342,013,854.24

US TREASURY N/B
DTD 05/15/2023 3.375% 05/15/2033
91282CHC8 1,075,000.00 AA+ Aa1 7/2/2024 7/3/2024 992,191.41 4.43 4,710.55 1,033,469.531,004,014.02

US TREASURY N/B
DTD 08/15/2023 3.875% 08/15/2033
91282CHT1 2,385,000.00 AA+ Aa1 10/2/2023 10/2/2023 2,236,496.48 4.67 34,908.17 2,365,156.802,270,357.75

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 25,356.63 4,481,219.264,486,124.91 31 CITY OF STOCKTON

US TREASURY N/B
DTD 02/15/2024 4.000% 02/15/2034
91282CJZ5 3,880,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,667,357.81 4.70 58,621.74 3,867,875.003,697,328.91

US TREASURY N/B
DTD 05/15/2024 4.375% 05/15/2034
91282CKQ3 1,000,000.00 AA+ Aa1 7/2/2024 7/3/2024 995,156.25 4.44 5,680.25 1,021,914.00995,767.01

US TREASURY N/B
DTD 08/15/2024 3.875% 08/15/2034
91282CLF6 8,450,000.00 AA+ Aa1 9/4/2024 9/5/2024 8,514,365.23 3.78 123,678.84 8,319,946.058,507,171.49

US TREASURY N/B
DTD 02/18/2025 4.625% 02/15/2035
91282CMM0 4,350,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,521,621.09 4.13 75,992.02 4,515,334.804,510,868.10

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 40,132.47 2,517,970.002,494,487.14

US TREASURY N/B
DTD 11/17/2025 4.000% 11/15/2035
91282CPJ4 2,300,000.00 AA+ Aa1 12/3/2025 12/5/2025 2,288,769.53 4.06 11,944.75 2,266,937.502,288,851.48 215,485,000.00 209,040,955.13 1,668,948.52 212,693,418.06Security Type Sub-Total 3.86 211,832,422.82 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 97,197.33 4,238,278.804,200,000.00 4,200,000.00 4,200,000.00 97,197.33 4,238,278.80Security 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 13.09 2,500.002,500.00 2,500.00 2,500.00 13.09 2,500.00Security Type Sub-Total 1.05 2,500.00 Federal Agency

FEDERAL HOME LOAN BANK
DTD 08/25/2022 3.375% 09/10/2032
3130AT4C8 875,000.00 AA+ Aa1 11/1/2022 11/3/2022 779,616.25 4.77 9,105.47 843,211.25810,218.65 875,000.00 779,616.25 9,105.47 843,211.25Security Type Sub-Total 4.77 810,218.65 32 CITY OF STOCKTON

PACCAR FINANCIAL CORP
DTD 08/10/2023 5.050% 08/10/2026
69371RS56 3,800,000.00 A+ A1 8/10/2023 8/14/2023 3,815,846.00 4.90 75,160.83 3,826,334.003,803,225.16

BANK OF AMERICA NA (CALLABLE)
DTD 08/18/2023 5.526% 08/18/2026
06428CAA2 1,885,000.00 A+ Aa2 8/14/2023 8/18/2023 1,885,000.00 5.53 38,483.22 1,902,113.921,885,000.00

JP MORGAN CHASE BANK NA
(CALLABLE)
DTD 12/08/2023 5.110% 12/08/2026
48125LRU8 3,150,000.00 AA- Aa2 12/5/2023 12/8/2023 3,150,000.00 5.11 10,283.88 3,183,979.053,150,000.00

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 2,140,000.00 A A2 1/27/2022 1/31/2022 2,138,694.60 1.96 19,242.17 2,101,518.522,139,726.33

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 2,325,000.00 AAA Aaa 1/27/2023 1/31/2023 2,259,644.25 4.07 30,903.13 2,316,002.252,307,134.59

GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 1,450,000.00 A+ A1 5/21/2025 5/22/2025 1,459,120.50 5.08 8,722.56 1,457,599.451,453,598.79

GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 2,150,000.00 A+ A1 5/21/2025 5/22/2025 2,163,523.50 5.08 12,933.44 2,161,268.152,155,336.13

TRUIST FINANCIAL CORP
(CALLABLE)
DTD 08/03/2020 1.125% 08/03/2027
89788MAC6 2,520,000.00 A- Baa1 8/5/2022 8/9/2022 2,213,719.20 3.83 11,655.00 2,413,653.482,422,345.25

HOME DEPOT INC (CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,450,000.00 A A2 1/25/2023 1/27/2023 3,255,385.50 4.15 28,711.67 3,395,486.553,378,435.10

JPMORGAN CHASE & CO
(CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,605,000.00 A A1 9/14/2023 9/18/2023 1,467,563.85 5.13 16,686.16 1,585,425.421,538,434.75

KENVUE INC (CALLABLE)
DTD 10/17/2023 5.050% 03/22/2028
49177JAF9 2,500,000.00 A A2 6/27/2025 6/30/2025 2,559,025.00 4.12 34,718.75 2,554,120.002,548,284.05

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 9,838.25 1,715,274.451,690,833.93

HERSHEY COMPANY (CALLABLE)
DTD 05/04/2023 4.250% 05/04/2028
427866BH0 2,785,000.00 A A1 5/9/2023 5/11/2023 2,801,821.40 4.11 18,740.73 2,811,123.302,792,757.12

APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 4,675,000.00 AA+ Aaa 5/9/2023 5/11/2023 4,673,083.25 4.01 26,491.67 4,710,530.004,674,095.43 33 CITY OF STOCKTON

APPLE INC (CALLABLE)
DTD 05/10/2023 4.000% 05/10/2028
037833ET3 1,370,000.00 AA+ Aaa 5/12/2023 5/16/2023 1,380,946.30 3.82 7,763.33 1,380,412.001,375,082.21

MORGAN STANLEY BANK NA
(CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 1,430,000.00 A+ Aa3 5/28/2024 5/30/2024 1,430,000.00 5.50 7,652.09 1,458,529.931,430,000.00

MORGAN STANLEY BANK NA
(CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 2,770,000.00 A+ Aa3 5/30/2024 5/31/2024 2,775,844.70 5.45 14,822.58 2,825,264.272,772,660.93

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,420,000.00 A A1 7/11/2023 7/14/2023 1,417,884.20 4.98 32,606.75 1,458,237.761,418,926.82

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 600,000.00 A A1 7/13/2023 7/14/2023 608,160.00 4.64 13,777.50 616,156.80604,138.93

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,400,000.00 A A1 6/24/2025 6/25/2025 1,434,272.00 4.09 32,147.50 1,437,699.201,428,767.02

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 25,418.75 1,759,156.001,748,257.77

TOYOTA MOTOR CREDIT CORP
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 1,400,000.00 A+ A1 9/6/2023 9/11/2023 1,397,564.00 5.29 22,458.33 1,449,140.001,398,611.48

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 4,935,000.00 A+ Aa3 9/26/2023 9/29/2023 4,935,000.00 5.80 73,185.50 5,175,201.264,935,000.00

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 1,300,000.00 A+ Aa3 5/1/2024 5/3/2024 1,325,142.00 5.30 19,278.86 1,363,274.901,316,144.16

ALPHABET INC (CALLABLE)
DTD 11/06/2025 3.875% 11/15/2028
02079KAV9 580,000.00 AA+ Aa2 11/3/2025 11/6/2025 579,501.20 3.91 3,433.68 582,829.24579,525.51

BANK OF AMERICA CORP
(CALLABLE)
DTD 01/24/2025 4.979% 01/24/2029
06051GMK2 1,865,000.00 A- A1 4/1/2025 4/2/2025 1,885,664.20 4.66 40,496.56 1,899,901.611,880,427.49

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 405,000.00 AA- Aa3 3/5/2024 3/14/2024 404,266.95 4.74 5,657.63 413,999.91404,512.12

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 4,200,000.00 AA- Aa3 4/9/2024 4/11/2024 4,181,646.00 4.80 58,671.67 4,293,332.404,187,586.62 34 CITY OF STOCKTON

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,450,000.00 A+ A1 4/2/2024 4/4/2024 1,447,578.50 4.84 16,820.00 1,486,975.001,448,357.98

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,775,000.00 A+ A1 4/1/2024 4/4/2024 1,772,355.25 4.83 20,590.00 1,820,262.501,773,206.68

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 65,286.47 7,115,290.007,064,208.94

MASTERCARD INC (CALLABLE)
DTD 05/31/2019 2.950% 06/01/2029
57636QAM6 3,600,000.00 A+ Aa3 6/26/2024 6/27/2024 3,307,140.00 4.82 8,850.00 3,487,118.403,389,774.72

PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
713448FX1 2,160,000.00 A+ A1 7/15/2024 7/17/2024 2,156,652.00 4.53 44,280.00 2,202,284.162,157,557.46

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 925,000.00 A+ A1 8/8/2024 8/9/2024 921,198.25 4.64 16,601.18 940,020.15922,174.74

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 805,000.00 A+ A1 8/7/2024 8/9/2024 804,074.25 4.58 14,447.51 818,071.59804,314.35

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 370,000.00 A+ A1 8/6/2024 8/9/2024 369,248.90 4.60 6,640.47 376,008.06369,441.72

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 750,000.00 A+ Aa3 8/12/2024 8/14/2024 748,357.50 4.25 11,987.50 757,269.00748,779.34

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,600,000.00 A+ Aa3 8/13/2024 8/14/2024 2,604,420.00 4.16 41,556.67 2,625,199.202,603,268.43

PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.600% 02/07/2030
713448GB8 805,000.00 A+ A1 2/5/2025 2/7/2025 803,647.60 4.64 14,812.00 823,362.86803,869.93

CISCO SYSTEMS INC (CALLABLE)
DTD 02/24/2025 4.750% 02/24/2030
17275RBX9 6,917,000.00 AA- A1 4/21/2025 4/22/2025 7,006,367.64 4.45 115,907.78 7,110,641.416,994,518.39

WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 5,416,000.00 AA Aa2 5/1/2025 5/2/2025 5,464,473.20 4.15 41,229.30 5,501,448.235,458,463.87

WALMART INC (CALLABLE)
DTD 04/28/2025 4.350% 04/28/2030
931142FN8 1,265,000.00 AA Aa2 4/23/2025 4/28/2025 1,262,811.55 4.39 9,629.81 1,284,957.901,263,081.08

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 11,083.33 3,641,240.003,602,359.38

NOVARTIS CAPITAL CORP
(CALLABLE)
DTD 11/05/2025 4.100% 11/05/2030
66989HAY4 6,370,000.00 AA- Aa3 11/3/2025 11/5/2025 6,350,890.00 4.17 40,626.44 6,363,209.586,351,455.27 35 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
Fo
r the Quarter Ended December 31, 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
Corporate
AMAZON.COM INC (CALLABLE)
DTD 11/20/2025 4.100% 11/20/2030
023135CT1 7,150,000.00 AA A1 11/17/2025 11/20/2025 7,142,349.50 4.12 33,386.53 7,157,793.507,142,508.56 114,943,000.00 113,823,402.49 1,213,677.18 115,758,715.36Security Type Sub-Total 4.51 114,316,188.53 Agency CMBS
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,729,637.39 AA+ Aa1 5/19/2023 5/24/2023 2,645,615.73 4.29 7,613.41 2,714,416.932,708,048.95 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 4,446,701.484,390,710.94 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 2,521,247.182,488,150.39 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 3,905,051.823,842,969.59 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,639,479.58 AA+ Aa1 9/20/2023 9/28/2023 3,582,365.23 5.19 14,557.92 3,700,226.143,608,263.01 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,046,964.44 AA+ Aa1 9/7/2023 9/14/2023 2,016,352.08 5.01 7,931.99 2,077,138.742,030,372.71 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 4,284,684.604,221,128.42 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,342,980.41 AA+ Aa1 7/19/2023 7/27/2023 3,342,896.81 4.78 13,307.85 3,372,311.723,342,938.13 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 4,056,823.16 AA+ Aa1 7/18/2023 7/31/2023 3,988,047.33 4.58 14,134.65 4,082,129.634,021,400.16 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 1,182,527.61 AA+ Aa1 9/19/2023 9/28/2023 1,182,521.69 5.27 5,195.24 1,199,629.321,182,524.67 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 4,389,409.904,245,359.68 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 4,270,371.004,164,726.55 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 3,386,620.283,241,585.39 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 4,288,426.804,170,434.01 36 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
Fo
r the Quarter Ended December 31, 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 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 1,722,226.631,672,077.52 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 2,498,316.002,435,742.99 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 2,274,862.592,227,789.24 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 2,537,322.682,510,910.24 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 2,557,657.602,520,817.85 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 3,905,402.963,834,187.62 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 4,363,233.004,273,703.06 FHMS K516 A2
DTD 03/01/2024 5.477% 01/01/2029
3137HBPM0 4,200,000.00 AA+ Aa1 2/29/2024 3/7/2024 4,325,987.40 4.79 19,169.50 4,373,355.004,282,689.32 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 3,159,125.443,089,459.87 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 2,465,108.802,386,752.88 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 3,814,454.663,746,923.65 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 4,285,714.40 AA+ Aa1 6/5/2024 6/13/2024 4,285,701.54 4.80 17,153.57 4,390,487.264,285,714.40 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 2,416,098.122,391,515.19 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 1,843,224.491,811,582.20 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 2,498,731.042,469,924.82 91,718,435.98 91,124,841.79 353,655.32 93,457,971.81Security Type Sub-Total 4.83 91,598,403.45 37 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
Fo
r the Quarter Ended December 31, 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
KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 831,616.89 NR Aaa 7/18/2023 7/26/2023 831,406.83 5.29 1,951.53 837,819.09831,520.85 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 829,813.07 NR Aaa 7/25/2023 7/31/2023 829,781.62 5.53 2,039.50 835,683.17829,798.37 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 1,389,715.19 AAA NR 8/15/2023 8/22/2023 1,389,428.63 5.42 2,714.96 1,399,450.141,389,579.18 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 518,737.36 AAA NR 8/8/2023 8/15/2023 518,620.03 5.17 1,189.64 521,812.95518,679.74 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 1,462,352.03 AAA Aaa 9/7/2023 9/15/2023 1,462,096.12 5.58 3,626.63 1,471,493.201,462,215.87 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 1,996,205.61 NR Aaa 11/15/2023 11/21/2023 1,996,169.48 5.74 5,092.54 2,015,107.681,996,187.37 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 1,717,625.74 AAA Aaa 8/15/2023 8/23/2023 1,717,519.25 5.53 4,221.54 1,731,866.581,717,569.64 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 665,080.96 AAA NR 11/7/2023 11/14/2023 665,009.26 5.54 1,637.58 672,406.16665,040.47 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 3,494,125.983,459,912.89 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 3,411,809.183,379,463.41 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 926,387.02 AAA NR 11/3/2023 11/13/2023 926,265.20 5.54 2,280.97 935,723.15926,315.29 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 1,520,000.00 NR Aaa 12/7/2023 12/14/2023 1,519,795.86 4.98 3,364.27 1,535,777.601,519,878.20 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 339,880.54 NR Aaa 1/9/2024 1/17/2024 339,812.19 4.85 686.84 341,954.49339,837.46 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 3,859,268.183,824,631.85 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 1,771,782.261,744,955.53 HART 2025-A A3
DTD 03/12/2025 4.320% 10/15/2029
44935CAD3 2,870,000.00 AAA NR 3/4/2025 3/12/2025 2,869,576.67 4.32 5,510.40 2,891,252.352,869,649.53 USAOT 2025-A A3
DTD 10/09/2025 3.950% 12/17/2029
90327HAC3 1,095,000.00 AAA Aaa 10/2/2025 10/9/2025 1,094,903.86 3.95 1,922.33 1,097,725.461,094,911.81 38 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
Fo
r the Quarter Ended December 31, 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
HART 2025-B A3
DTD 06/11/2025 4.360% 12/17/2029
44935XAD7 1,125,000.00 AAA NR 6/3/2025 6/11/2025 1,124,898.41 4.36 2,180.00 1,135,740.381,124,910.11 HAROT 2025-3 A3
DTD 08/12/2025 4.040% 02/21/2030
43813QAD1 2,725,000.00 AAA Aaa 8/5/2025 8/12/2025 2,724,943.05 4.04 3,058.06 2,740,559.752,724,948.15 ALLYA 2025-1 A3
DTD 10/16/2025 3.960% 03/15/2030
02008KAC7 970,000.00 AAA NR 10/7/2025 10/16/2025 969,861.48 3.96 1,707.20 972,977.90969,868.69 TAOT 2025-C A3
DTD 07/30/2025 4.110% 03/15/2030
89238VAD0 1,930,000.00 AAA Aaa 7/22/2025 7/30/2025 1,929,796.58 4.11 3,525.47 1,943,380.691,929,813.95 HART 2025-C A3
DTD 09/17/2025 3.880% 04/15/2030
44935JAD8 2,305,000.00 AAA NR 9/9/2025 9/17/2025 2,304,623.82 3.88 3,974.84 2,309,819.762,304,654.47 TAOT 2025-D A3
DTD 10/23/2025 3.840% 06/17/2030
89231GAD0 2,495,000.00 AAA NR 10/15/2025 10/23/2025 2,494,713.08 3.84 4,258.13 2,497,672.152,494,724.23 HAROT 2025-4 A3
DTD 11/12/2025 3.980% 06/17/2030
43814XAD5 2,020,000.00 AAA NR 11/5/2025 11/12/2025 2,019,608.93 3.98 3,573.16 2,030,724.182,019,620.80 CHAOT 2025-1A A3
DTD 07/30/2025 4.290% 06/25/2030
16145NAC5 1,300,000.00 NR Aaa 7/23/2025 7/30/2025 1,299,872.99 4.29 929.50 1,310,804.301,299,883.55 COPAR 2025-1 A3
DTD 11/05/2025 3.850% 07/15/2030
14043YAD7 1,080,000.00 AAA NR 10/28/2025 11/5/2025 1,079,771.26 3.85 1,848.00 1,080,502.201,079,779.97 CHAIT 2025-A1 A
DTD 07/25/2025 4.160% 07/15/2030
161571HZ0 3,765,000.00 AAA NR 7/18/2025 7/25/2025 3,764,924.32 4.16 6,961.07 3,801,592.043,764,937.81 AMXCA 2025-4 A
DTD 07/22/2025 4.300% 07/15/2030
02582JKV1 2,675,000.00 AAA NR 7/15/2025 7/22/2025 2,674,614.53 4.30 5,112.22 2,709,702.782,674,647.63 COMET 2025-A1 A
DTD 09/16/2025 3.820% 09/15/2030
14041NGF2 2,895,000.00 AAA NR 9/9/2025 9/16/2025 2,894,451.11 3.82 4,915.07 2,896,658.842,894,489.59 HART 2025-D A3
DTD 11/12/2025 3.990% 09/16/2030
44891XAD9 2,095,000.00 AAA NR 11/5/2025 11/12/2025 2,094,822.76 3.99 3,715.13 2,103,046.902,094,829.40 CHAOT 2025-2A A3
DTD 10/29/2025 3.860% 10/25/2030
16144MAD6 1,535,000.00 NR Aaa 10/17/2025 10/29/2025 1,534,939.21 3.86 987.52 1,536,129.761,534,946.10 57,487,414.42 57,480,492.53 110,219.99 57,894,369.25Security Type Sub-Total 4.54 57,482,201.91 484,711,350.40 476,451,808.19 3,452,816.90 484,888,464.53Managed Account Sub Total Securities Sub Total
Accrued Interest
$484,711,350.40 $476,451,808.19 $3,452,816.90 $484,888,464.53 $3,452,816.90
480,241,935.36
$480,241,935.36

4.30 4.30%
39 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
Fo
r the Quarter Ended December 31, 2025
Portfolio Holdings
Total Investments $488,341,281.43
40 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
For the Quarter Ended December 31, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Dat
e
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
10/2/2025 10/9/2025 1,095,000.00 90327HAC3 USAOT 2025-A A3 3.95% 12/17/2029 1,094,903.86 3.95% 10/7/2025 10/16/2025 970,000.00 02008KAC7 ALLYA 2025-1 A3 3.96% 3/15/2030 969,861.48 3.96% 10/15/2025 10/23/2025 2,495,000.00 89231GAD0 TAOT 2025-D A3 3.84% 6/17/2030 2,494,713.08 3.84% 10/17/2025 10/29/2025 1,535,000.00 16144MAD6 CHAOT 2025-2A A3 3.86% 10/25/2030 1,534,939.21 3.86% 10/28/2025 11/5/2025 1,080,000.00 14043YAD7 COPAR 2025-1 A3 3.85% 7/15/2030 1,079,771.26 3.85% 10/30/2025 10/31/2025 1,570,000.00 91282CPA3 US TREASURY N/B 3.62% 9/30/2030 1,568,100.85 3.72% 11/3/2025 11/5/2025 6,370,000.00 66989HAY4 NOVARTIS CAPITAL CORP (CALLABLE) 4.10% 11/5/2030 6,350,890.00 4.17% 11/3/2025 11/6/2025 580,000.00 02079KAV9 ALPHABET INC (CALLABLE) 3.87% 11/15/2028 579,501.20 3.91% 11/5/2025 11/12/2025 2,095,000.00 44891XAD9 HART 2025-D A3 3.99% 9/16/2030 2,094,822.76 3.99% 11/5/2025 11/12/2025 2,020,000.00 43814XAD5 HAROT 2025-4 A3 3.98% 6/17/2030 2,019,608.93 3.98% 11/17/2025 11/20/2025 7,150,000.00 023135CT1 AMAZON.COM INC (CALLABLE) 4.10% 11/20/2030 7,142,349.50 4.12% 12/3/2025 12/5/2025 2,300,000.00 91282CPM7 US TREASURY N/B 3.75% 11/30/2032 2,291,032.41 3.82% 12/3/2025 12/5/2025 4,200,000.00 91282CPN5 US TREASURY N/B 3.50% 11/30/2030 4,178,066.11 3.63% 12/3/2025 12/5/2025 2,300,000.00 91282CPJ4 US TREASURY N/B 4.00% 11/15/2035 2,293,852.40 4.06% 12/31/2025 12/31/2025 2,500,000.00 91282CPR6 US TREASURY N/B 3.62% 12/31/2030 2,490,917.97 3.71% Total BUY 38,260,000.00 38,183,331.02 0.00
41 CITY OF STOCKTON

INTEREST
10/1/2025 10/1/2025 MONEY0002 MONEY MARKET FUND 0.00% 6,639.21 10/1/2025 10/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 10/1/2025 10/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 10/1/2025 10/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,961.95 10/1/2025 10/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 10/1/2025 10/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 10/1/2025 10/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 10/1/2025 10/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 10/1/2025 10/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 10/1/2025 10/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,654.76 10/1/2025 10/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 10/1/2025 10/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,159.35 10/1/2025 10/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,140.85 10/1/2025 10/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 10/1/2025 10/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 10/1/2025 10/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 10/1/2025 10/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 42 CITY OF STOCKTON

INTEREST
10/1/2025 10/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 10/1/2025 10/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,359.02 10/1/2025 10/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 10/1/2025 10/25/2025 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.63 10/1/2025 10/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 10/1/2025 10/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 10/1/2025 10/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 10/1/2025 10/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 31,069.65 10/1/2025 10/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 10/1/2025 10/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 10/1/2025 10/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 10/1/2025 10/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,875.87 10/1/2025 10/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 10/4/2025 10/4/2025 00724PAF6 ADOBE INC (CALLABLE) 4.80% 4/4/2029 77,400.00 10/15/2025 10/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 9,951.89 10/15/2025 10/15/2025 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.42 10/15/2025 10/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 43 CITY OF STOCKTON

INTEREST
10/15/2025 10/15/2025 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.00 10/15/2025 10/15/2025 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 6,955.98 10/15/2025 10/15/2025 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.50 10/15/2025 10/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,693.22 10/15/2025 10/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 9,226.14 10/15/2025 10/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 12,068.61 10/15/2025 10/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.50 10/15/2025 10/15/2025 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.25 10/15/2025 10/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 10/15/2025 10/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 5,257.51 10/15/2025 10/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 5,025.68 10/15/2025 10/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 10/15/2025 10/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,544.02 10/15/2025 10/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 10/15/2025 10/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 2,820.22 10/15/2025 10/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 10/16/2025 10/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,657.08 44 CITY OF STOCKTON

INTEREST
10/18/2025 10/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 8,161.85 10/18/2025 10/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 55.64 10/20/2025 10/20/2025 06405LAH4 BANK OF NEW YORK MELLON (CALLABLE) 4.72% 4/20/2029 163,675.95 10/21/2025 10/21/2025 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 9,174.17 10/25/2025 10/25/2025 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.50 10/28/2025 10/28/2025 931142FN8 WALMART INC (CALLABLE) 4.35% 4/28/2030 145,311.75 10/31/2025 10/31/2025 91282CHA2 US TREASURY N/B 3.50% 4/30/2028 3,762.50 10/31/2025 10/31/2025 912828ZN3 US TREASURY N/B 0.50% 4/30/2027 12,100.00 10/31/2025 10/31/2025 91282CFU0 US TREASURY N/B 4.12% 10/31/2027 98,175.00 10/31/2025 10/31/2025 91282CGZ8 US TREASURY N/B 3.50% 4/30/2030 67,900.00 10/31/2025 10/31/2025 91282CLR0 US TREASURY N/B 4.12% 10/31/2029 54,656.25 11/1/2025 11/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 11/1/2025 11/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 11/1/2025 11/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 11/1/2025 11/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 11/1/2025 11/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,241.95 11/1/2025 11/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 45 CITY OF STOCKTON

INTEREST
11/1/2025 11/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 11/1/2025 11/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 11/1/2025 11/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 11/1/2025 11/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,157.32 11/1/2025 11/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 11/1/2025 11/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 11/1/2025 11/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 11/1/2025 11/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 11/1/2025 11/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,646.34 11/1/2025 11/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,341.60 11/1/2025 11/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 11/1/2025 11/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 11/1/2025 11/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,765.74 11/1/2025 11/25/2025 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.63 11/1/2025 11/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 11/1/2025 11/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,951.58 11/1/2025 11/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 46 CITY OF STOCKTON

INTEREST
11/1/2025 11/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 11/1/2025 11/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 11/1/2025 11/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,168.05 11/1/2025 11/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 11/1/2025 11/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 11/1/2025 11/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 11/3/2025 11/3/2025 MONEY0002 MONEY MARKET FUND 0.00% 6,065.33 11/3/2025 11/3/2025 46647PAF3 JPMORGAN CHASE & CO (CALLABLE) 3.54% 5/1/2028 30,532.50 11/4/2025 11/4/2025 427866BH0 HERSHEY COMPANY (CALLABLE) 4.25% 5/4/2028 59,181.25 11/4/2025 11/4/2025 882508BJ2 TEXAS INSTRUMENTS INC (CALLABLE) 1.75% 5/4/2030 35,000.00 11/10/2025 11/10/2025 037833ET3 APPLE INC (CALLABLE) 4.00% 5/10/2028 120,900.00 11/15/2025 11/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,472.33 11/15/2025 11/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 11,189.56 11/15/2025 11/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 11/15/2025 11/15/2025 89231GAD0 TAOT 2025-D A3 3.84% 6/17/2030 5,854.93 11/15/2025 11/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 4,927.73 11/15/2025 11/15/2025 912810FM5 US TREASURY N/B 6.25% 5/15/2030 96,406.25 47 CITY OF STOCKTON

INTEREST
11/15/2025 11/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 4,587.41 11/15/2025 11/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 8,335.10 11/15/2025 11/15/2025 91282CKQ3 US TREASURY N/B 4.37% 5/15/2034 21,875.00 11/15/2025 11/15/2025 912828ZQ6 US TREASURY N/B 0.62% 5/15/2030 7,921.88 11/15/2025 11/15/2025 02008KAC7 ALLYA 2025-1 A3 3.96% 3/15/2030 3,094.30 11/15/2025 11/15/2025 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 7,452.83 11/15/2025 11/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 11/15/2025 11/15/2025 14041NGF2 COMET 2025-A1 A 3.82% 9/15/2030 18,124.31 11/15/2025 11/15/2025 91282CFV8 US TREASURY N/B 4.12% 11/15/2032 160,153.13 11/15/2025 11/15/2025 912810FF0 US TREASURY N/B 5.25% 11/15/2028 26,250.00 11/15/2025 11/15/2025 91282CAV3 US TREASURY N/B 0.87% 11/15/2030 18,943.75 11/15/2025 11/15/2025 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.25 11/15/2025 11/15/2025 91282CJJ1 US TREASURY N/B 4.50% 11/15/2033 97,650.00 11/15/2025 11/15/2025 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.00 11/15/2025 11/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 2,612.04 11/15/2025 11/15/2025 91282CDJ7 US TREASURY N/B 1.37% 11/15/2031 23,271.88 11/15/2025 11/15/2025 91282CEP2 US TREASURY N/B 2.87% 5/15/2032 111,478.13 48 CITY OF STOCKTON

INTEREST
11/15/2025 11/15/2025 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.42 11/15/2025 11/15/2025 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.50 11/15/2025 11/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 11/15/2025 11/15/2025 91282CHC8 US TREASURY N/B 3.37% 5/15/2033 18,140.63 11/15/2025 11/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 4,237.83 11/15/2025 11/15/2025 91282CCB5 US TREASURY N/B 1.62% 5/15/2031 34,084.38 11/15/2025 11/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 11/15/2025 11/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.50 11/15/2025 11/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 11/15/2025 11/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 9,214.66 11/16/2025 11/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,560.49 11/17/2025 11/17/2025 90327HAC3 USAOT 2025-A A3 3.95% 12/17/2029 4,565.54 11/18/2025 11/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 7,498.25 11/18/2025 11/18/2025 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 15.96 11/21/2025 11/21/2025 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 9,174.17 11/21/2025 11/21/2025 38151LAG5 GOLDMAN SACHS BANK USA (CALLABLE) 5.41% 5/21/2027 97,452.00 11/25/2025 11/25/2025 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.50 49 CITY OF STOCKTON

INTEREST
11/25/2025 11/25/2025 16144MAD6 CHAOT 2025-2A A3 3.86% 10/25/2030 4,279.24 11/26/2025 11/26/2025 61690U8B9 MORGAN STANLEY BANK NA (CALLABLE) 5.50% 5/26/2028 115,584.00 11/30/2025 11/30/2025 91282CFY2 US TREASURY N/B 3.87% 11/30/2029 20,731.25 11/30/2025 11/30/2025 91282CHF1 US TREASURY N/B 3.75% 5/31/2030 238,687.50 11/30/2025 11/30/2025 91282CES6 US TREASURY N/B 2.75% 5/31/2029 6,737.50 11/30/2025 11/30/2025 91282CKT7 US TREASURY N/B 4.50% 5/31/2029 21,600.00 11/30/2025 11/30/2025 91282CKU4 US TREASURY N/B 4.62% 5/31/2031 115,625.00 11/30/2025 11/30/2025 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 14.06 12/1/2025 12/1/2025 MONEY0002 MONEY MARKET FUND 0.00% 5,431.00 12/1/2025 12/1/2025 57636QAM6 MASTERCARD INC (CALLABLE) 2.95% 6/1/2029 53,100.00 12/1/2025 12/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 12/1/2025 12/25/2025 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 12/1/2025 12/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 12/1/2025 12/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 12/1/2025 12/25/2025 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 12/1/2025 12/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 12/1/2025 12/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 50 CITY OF STOCKTON

INTEREST
12/1/2025 12/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 12/1/2025 12/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,155.63 12/1/2025 12/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 12/1/2025 12/25/2025 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,668.98 12/1/2025 12/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 14,137.79 12/1/2025 12/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,630.36 12/1/2025 12/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 12/1/2025 12/25/2025 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,221.40 12/1/2025 12/25/2025 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 12/1/2025 12/25/2025 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,942.44 12/1/2025 12/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 12/1/2025 12/25/2025 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 9,229.17 12/1/2025 12/25/2025 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 12/1/2025 12/25/2025 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 12/1/2025 12/25/2025 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 12/1/2025 12/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 12/1/2025 12/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,326.37 51 CITY OF STOCKTON

INTEREST
12/1/2025 12/25/2025 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 12/1/2025 12/25/2025 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 12/1/2025 12/25/2025 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 12/1/2025 12/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 12/1/2025 12/25/2025 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.63 12/8/2025 12/8/2025 48125LRU8 JP MORGAN CHASE BANK NA (CALLABLE) 5.11% 12/8/2026 80,482.50 12/8/2025 12/8/2025 17305EGW9 CCCIT 2023-A1 A1 5.23% 12/8/2027 24,319.50 12/15/2025 12/15/2025 02008KAC7 ALLYA 2025-1 A3 3.96% 3/15/2030 3,201.00 12/15/2025 12/15/2025 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.42 12/15/2025 12/15/2025 44891XAD9 HART 2025-D A3 3.99% 9/16/2030 7,662.46 12/15/2025 12/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 8,504.27 12/15/2025 12/15/2025 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,259.39 12/15/2025 12/15/2025 89231GAD0 TAOT 2025-D A3 3.84% 6/17/2030 7,984.00 12/15/2025 12/15/2025 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.25 12/15/2025 12/15/2025 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 12/15/2025 12/15/2025 90327HAC3 USAOT 2025-A A3 3.95% 12/17/2029 3,604.38 12/15/2025 12/15/2025 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 52 CITY OF STOCKTON

INTEREST
12/15/2025 12/15/2025 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 10,302.33 12/15/2025 12/15/2025 14041NGF2 COMET 2025-A1 A 3.82% 9/15/2030 9,215.75 12/15/2025 12/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 12/15/2025 12/15/2025 14043YAD7 COPAR 2025-1 A3 3.85% 7/15/2030 4,620.00 12/15/2025 12/15/2025 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.00 12/15/2025 12/15/2025 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 2,411.86 12/15/2025 12/15/2025 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.50 12/15/2025 12/15/2025 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 7,452.83 12/15/2025 12/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 12/15/2025 12/15/2025 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 4,587.67 12/15/2025 12/15/2025 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 7,518.21 12/15/2025 12/15/2025 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 3,934.67 12/15/2025 12/15/2025 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.50 12/15/2025 12/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 12/15/2025 12/15/2025 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 4,169.45 12/15/2025 12/15/2025 43814XAD5 HAROT 2025-4 A3 3.98% 6/17/2030 7,369.63 12/16/2025 12/16/2025 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,465.88 53 CITY OF STOCKTON

INTEREST
12/18/2025 12/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 6,839.47 12/21/2025 12/21/2025 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 9,174.17 12/25/2025 12/25/2025 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.50 12/25/2025 12/25/2025 16144MAD6 CHAOT 2025-2A A3 3.86% 10/25/2030 4,937.58 12/31/2025 12/31/2025 91282CNK3 US TREASURY N/B 3.87% 6/30/2030 36,328.13 12/31/2025 12/31/2025 912828ZV5 US TREASURY N/B 0.50% 6/30/2027 10,537.50 12/31/2025 12/31/2025 91282CGB1 US TREASURY N/B 3.87% 12/31/2029 39,331.25 12/31/2025 12/31/2025 91282CEW7 US TREASURY N/B 3.25% 6/30/2027 69,875.00 12/31/2025 12/31/2025 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 7,962.50 12/31/2025 12/31/2025 91282CGC9 US TREASURY N/B 3.87% 12/31/2027 46,112.50 12/31/2025 12/31/2025 91282CMD0 US TREASURY N/B 4.37% 12/31/2029 90,453.13 Total INTEREST 0.00 4,289,771.73 0.00

MATURITY
11/30/2025 11/30/2025 7,500.00 91282CAZ4 US TREASURY N/B 0.37% 11/30/2025 7,500.00 Total MATURITY 7,500.00 7,500.00 0.00

PAYDOWNS
10/1/2025 10/25/2025 445,243.72 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 445,243.71 1.20 54 CITY OF STOCKTON

PAYDOWNS
10/1/2025 10/25/2025 3,016.35 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 3,016.36 30.49 10/1/2025 10/25/2025 4,374.99 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 4,374.97 0.04 10/1/2025 10/25/2025 2,674.00 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,673.99 23.77 10/1/2025 10/25/2025 27,532.07 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 27,532.04 259.77 10/1/2025 10/25/2025 509.20 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 509.17 -0.03 10/1/2025 10/25/2025 461.81 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 461.81 4.42 10/15/2025 10/15/2025 159,979.02 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 159,979.02 5.65 10/15/2025 10/15/2025 191,622.78 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 191,622.78 19.32 10/15/2025 10/15/2025 69,589.61 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 69,589.61 8.87 10/15/2025 10/15/2025 183,773.56 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 183,773.56 1.81 10/15/2025 10/15/2025 47,845.96 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 47,845.96 3.13 10/15/2025 10/15/2025 95,104.06 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 95,104.06 1.85 10/15/2025 10/15/2025 48,414.44 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 48,414.44 5.87 10/15/2025 10/15/2025 71,432.78 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 71,432.78 5.92 10/16/2025 10/16/2025 23,899.83 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 23,899.83 3.23 10/18/2025 10/18/2025 147,193.20 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 147,193.20 15.78 10/18/2025 10/18/2025 12,764.63 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 12,764.63 0.15 55 CITY OF STOCKTON

PAYDOWNS
11/1/2025 11/25/2025 386.58 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 386.58 3.59 11/1/2025 11/25/2025 4,677.70 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 4,677.70 0.01 11/1/2025 11/25/2025 5,729.71 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,729.71 53.71 11/1/2025 11/25/2025 3,826.64 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,826.64 0.05 11/1/2025 11/25/2025 421.48 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 421.48 11/1/2025 11/25/2025 2,359.69 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,359.69 20.36 11/1/2025 11/25/2025 24,189.08 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 24,189.08 221.36 11/15/2025 11/15/2025 90,695.92 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 90,695.92 1.70 11/15/2025 11/15/2025 185,484.22 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 185,484.22 1.77 11/15/2025 11/15/2025 73,658.83 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 73,658.83 5.94 11/15/2025 11/15/2025 154,153.32 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 154,153.32 5.28 11/15/2025 11/15/2025 46,553.82 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 46,553.82 5.46 11/15/2025 11/15/2025 175,674.49 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 175,674.49 17.18 11/15/2025 11/15/2025 46,124.38 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 46,124.38 2.94 11/15/2025 11/15/2025 68,898.98 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 68,898.98 8.46 11/16/2025 11/16/2025 23,408.03 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 23,408.03 3.08 11/18/2025 11/18/2025 5,135.81 43815PAC3 HAROT 2022-2 A3 3.73% 7/20/2026 5,135.81 0.05 56 CITY OF STOCKTON

PAYDOWNS
11/18/2025 11/18/2025 146,123.45 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 146,123.45 15.10 12/1/2025 12/25/2025 5,955.57 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,955.55 12/1/2025 12/25/2025 6,076.59 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 6,076.61 52.53 12/1/2025 12/25/2025 2,696.79 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,696.80 22.57 12/1/2025 12/25/2025 513.85 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 513.83 -0.02 12/1/2025 12/25/2025 27,765.96 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 27,765.95 246.13 12/1/2025 12/25/2025 4,652.30 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 4,652.29 0.05 12/1/2025 12/25/2025 465.59 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 465.59 4.20 12/8/2025 12/8/2025 930,000.00 17305EGW9 CCCIT 2023-A1 A1 5.23% 12/8/2027 930,000.00 61.05 12/15/2025 12/15/2025 62,626.60 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 62,626.60 7.39 12/15/2025 12/15/2025 157,591.38 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 157,591.38 1.46 12/15/2025 12/15/2025 42,160.40 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 42,160.40 4.77 12/15/2025 12/15/2025 127,784.22 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 127,784.22 4.24 12/15/2025 12/15/2025 40,924.35 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 40,924.35 2.53 12/15/2025 12/15/2025 74,950.05 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 74,950.05 1.36 12/15/2025 12/15/2025 154,467.20 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 154,467.20 14.63 12/15/2025 12/15/2025 67,332.14 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 67,332.14 5.29 57 CITY OF STOCKTON

PAYDOWNS
12/16/2025 12/16/2025 22,811.60 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 22,811.60 2.93 12/18/2025 12/18/2025 127,358.77 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 127,358.77 12.68 Total PAYDOWNS 4,449,067.50 4,449,067.38 1,201.07
SELL
10/2/2025 10/6/2025 1,095,000.00 91282CGT2 US TREASURY N/B 3.62% 3/31/2028 1,097,964.05 3,137.92 10/9/2025 10/10/2025 565,000.00 91282CGC9 US TREASURY N/B 3.87% 12/31/2027 574,445.14 198.34 10/16/2025 10/20/2025 2,455,000.00 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 2,497,333.07 -5,845.92 10/17/2025 10/20/2025 1,535,000.00 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 1,562,368.36 -2,755.77 11/4/2025 11/5/2025 50,000.00 912828V98 US TREASURY N/B 2.25% 2/15/2027 49,385.45 -108.35 11/4/2025 11/5/2025 2,540,000.00 912828U24 US TREASURY N/B 2.00% 11/15/2026 2,521,057.85 -18,332.05 11/4/2025 11/5/2025 3,700,000.00 91282CCZ2 US TREASURY N/B 0.87% 9/30/2026 3,610,846.45 -33,418.06 11/4/2025 11/5/2025 855,000.00 912828V98 US TREASURY N/B 2.25% 2/15/2027 844,491.11 -7,304.00 11/6/2025 11/7/2025 175,000.00 912828V98 US TREASURY N/B 2.25% 2/15/2027 172,918.31 -342.72 11/6/2025 11/7/2025 4,000,000.00 91282CCF6 US TREASURY N/B 0.75% 5/31/2026 3,946,708.50 -19,274.24 11/17/2025 11/20/2025 4,775,000.00 91282CPA3 US TREASURY N/B 3.62% 9/30/2030 4,778,175.00 3,807.10 11/17/2025 11/20/2025 1,570,000.00 91282CPA3 US TREASURY N/B 3.62% 9/30/2030 1,571,043.92 -259.14 12/3/2025 12/5/2025 5,350,000.00 91282CEF4 US TREASURY N/B 2.50% 3/31/2027 5,301,733.79 -1,070.22 58 CITY OF STOCKTON

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PFM Asset Management | pfmam.com
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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. 60 CITY OF STOCKTON

ATTACHMENT A
PFM Asset Management | pfmam.com
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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. 61 CITY OF STOCKTON

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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.
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ATTACHMENT A
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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. 63 CITY OF STOCKTON

ATTACHMENT A

City Council and Concurrent AuthoritiesMarch 31, 2026

City Council and Concurrent Authorities
March 31, 2026