Attachment B - PFMAM Investment Report — City Council and Concurrent Authorities, July 21, 2026

Investment Performance Review
For the Quarter Ended March 31, 2026
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 B
PFM Asset Management | pfmam.com
• Market Update
Ac
count Summary•
Portfolio Review•

ATTACHMENT B
PFM Asset Management | pfmam.com
Market Update

ATTACHMENT B
Current Market Themes
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of March 31, 2026. ▸ Geopolitics has overtaken U.S. macro fundamentals as the market’s primary focus ▹ Conflict in Iran has increased near-term inflation risks due to higher commodity prices ▹ Un
employment rate remains stable with net new job creation near zero ▹ Consumer spending and business investment continue to support growth, though momentum is slowing
▸ The Federal Reserve paused during both meetings in Q1, keeping rates at 3.50-3.75% ▹ The median “dot plot” projection continues to show one 25 basis point cut in 2026, though in
dividual projections showed less easing
▹ Fed Chair Powell acknowledged the path forward is complicated by geopolitical uncertainty, making it more difficult for the Fed to balance its dual mandate ▸ Rising front-end yields unwound the inversion in the Treasury curve ▹ Rate cut expectations were pushed further out, lifting front-end yields ▹ Esca
lating Middle East conflict drove a spike in volatility ▹ Credit spreads widened from historically tight levels amid heavy supply and geopolitical pressure

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Source: Bloomberg Finance L.P., as of March 31, 2026. Market implied inflation expectations shown using 1-year and 5-year inflation swaps. ▸ Closure of the Strait of Hormuz creates a
supply shock
▹ Higher oil prices pressure agricultural
and industrial inputs
▹ Duration of price shock more important
than magnitude
▸ Federal Reserve likely to remain on hold as
it assesses evolving risks
▹ Headline inflation expected to rise
though uncertainty remains regarding
passthrough to core inflation and labor
markets
▹ Fed to look through supply-side energy
shock if inflation expectations remain
anchored
44%
61%
55%
34% 32%
0%
25%
50%
75%
Brent Crude
$96.79
Nat. Gas (Eur)
€55.28
Urea Ammonia Polyethylene
Price Change of Energy Commodities*
Since February 27

3.2%
2%
3%
4%
Jan
-25 Apr-25 Jul-25 Oct-25 Jan-26
Hundreds
Forward Inflation Expectations
January 1, 2025 to March 31, 2026
1-year 5-year
*Brent Crude are quoted in dollars per barrel based on the front-month futures contract. Natural gas prices are quoted in euros per megawatt-hour. Ammonia, and urea prices are based on the front-month exchange-traded futures contract. Polyethylene is price are based on the active exchange-traded futures contract.

Market Pricing Conflict In Iran

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Gasoline Prices Surge Across the Country
0%
1%
2%
3%
4%
5%
6%
7%
1970 1977 1984 1991 1998 2005 2012 2019 2026
Gasoline and Other Fuel Spending as a
Percentage of Household Spending
GFC
COV
ID
70s oil embargo and
Iranian revolution
30% to 39%Greater than 50% 40% to 49%
% Change in Gas Prices
2/28 – 3/31
National Average Price of Gasoline
$4.
02 Source: Bloomberg Finance L.P., Bureau of Economic Analysis, and gasprices.aaa.com. BEA data as of February 2026 and gasoline data as of 3/31/2026. Other fuels contain diesel, fuel oil, kerosene and others.
20% to 29%
Gasoline and other fuels as a
shar
e of household spending
enters this period near record lows

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Source: FOMC Chair Jerome Powell Press Conference, March 18, 2026. Bureau of Labor Statistics and Bloomberg Finance L.P. CPI Inflation as of February 2026 and Unemployment Rate as of March 2026. Survey responses after March 27, 2026, included in mean and forecast range for CPI Inflation and Unemployment Rate. Shading represents the central 80% of the forecasts.

Fed Chair Powell: “What we have is some tension between the goals, and we’re trying to manage our way through it.”
Macro Data Takes a Back Seat
2Q26

3.3% 4Q26

3.1%
2Q27

2.2%
Feb ‘26

2.4%
1 %
2%
3%
4%
5 %
6%
Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
CPI Inflation (YoY)
Mean Forecast Actual
2Q26

4.5%
4Q26

4.5%
2Q27

4.4%Mar ‘26

4.3%
3 %
4%
5%
Ma
r-23 Mar-24 Mar-25 Mar-26 Mar-27
Unemployment Rate
Mean Forecast Actual

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Fed Chair Powell: “[I]f we have a long period of much higher gas prices, that is going to weigh on consumption… Meanwhile, the economy is solid… It’s just we don't know what the effects of this will be.” U.S. Growth Forecasts Remain Steady
-0.6%

3.8%

4.4%

0.5%

2.4%

1.8% 1.9% 2.0%
-6%
-4%
-2%
0%
2%
4%
6%
8%
2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 2026Q4 U.S. Real GDP Contributors and Detractors
Personal Consumption Fixed Investment
Private Inventories Net Exports
Gov't Expenditures
Forecast Range Forecast Median
Source: FOMC Chair Jerome Powell Press Conference, March 18, 2026. Bloomberg Finance L.P. and Bureau of Economic Analysis, as of December 2025 (left). Survey responses after March 27, 2026, inc
luded in Median and forecast range. Shading represents the central 80% of the forecasts (right).

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Sources: Bloomberg Finance L.P., March 31, 2026, Federal Reserve Bank of New York as of December 2025, and Bureau of Economic Analysis as of December 2025.

Factors Shaping the Economic Outlook
▸ Geopolitical uncertainty
▸ Hi
gher energy prices
▸ Net new job creation near zero
▸ Increasing retail credit card
balances
▸ Rising student loan
delinquencies
▸ Stable Fed Policy
▸ Core inflation stable but above
target
▸ Stabilizing credit card
delinquencies
▸ Above-average tax refunds
▸ Resilient consumer spending
▸ Positive real disposable
personal income growth
▸ Corporate fundamentals
PositiveNeutralNegative
0%
2%
4%
6%
8%
10%
12%
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
Credit Card Delinquencies
90+ Days
$50
$60
$70
$80
$90
$100
$110
Mar-24 Sep-24 Mar-25 Sep-25 Mar-26
Price of Oil
WTI crude oil futures, $/barrel
0%
1%
2%
3%
4%
5%
1Q '24
2Q '24
3Q '24
4Q '24
1Q '25
2Q '25
3Q '25
4Q '25
Personal Consumption
Quarter-Over-Quarter Change

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B

2.4% 2.3% 2.1% 2.0%
0%
1%
2%
3%
2026 2027 2028 Longer
Run
Change in Real GDP
Dec Projections Mar Projections

4.4% 4.3% 4.2% 4.2%
0%
1%
2%
3%
4%
5%
6%
2026 2027 2028 Longer
Run
Unemployment Rate
Dec Projections Mar Projections

2.7%

2.2% 2.0% 2.0%
0%
1%
2%
3%
4%
2026 2027 2028 Longer
Run
PCE Inflation
Dec Projections Mar Projections

3.4% 3.1% 3.1% 3.1%
0%
1%
2%
3%
4%
5%
2026 2027 2028 Longer
Run
Federal Funds Rate
Dec Projections Mar Projections
Fed’s Updated Summary of Economic Projections
Fed Chair Powell: “The economic effect could be bigger, they could be smaller … We just don’t know. People are writing down what seems to make sense to them but have no conviction.” Source: FOMC Chair Jerome Powell Press Conference, March 18, 2026. Federal Reserve, latest median economic projections, as of March 2026.

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Fed Chair Powell: “We feel like the framework calls to balance the risks. We feel where we are now is on the higher borderline of restrictive versus not restrictive, we feel like that is the right place to be.” 2026 2027 2028
The Latest Fed “Dot Plot”
Longer Term

3.1%1 cu t 1 cut 0 cuts
Source: FOMC Chair Jerome Powell Press Conference, March 18, 2026. 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 March 2026.

Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy 5%
4%
3%
2%
1%
0%

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Source: Bloomberg Finance L.P., as of March 31, 2026.

Treasury Yields Reach 8-Month High

3.00%

3.25%

3.50%

3.75%

4.00%
Dec-25 Jan-26 Feb-26 Mar-26
2-Year U.S. Treasury Yield
Dece
mber 31, 2025 – March 31, 2026
Feb 5th
Weak labor
market data
+42 bps
Feb 28th– March 31st
U.S. and Israeli strikes In
Iran result in the closure of
the Strait of Hormuz
Jan 9th
Unemployment rate
beats expectations
and falls to 4.4%

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Source: Bloomberg Finance L.P., as of March 31, 2026.

3.67%

3.79%

3.94%

4.13%

4.32%

4.91%

3.00%

3.50 %

4.00%

4.50%

5.00%

5.50% Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
March 31, 2026
December 31, 2025
3mo 2yr 5yr 7yr 10yr 20 yr 30yr
Treasury Yields Rise Across the Curve

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
-20
0 20
40 60
80 100
Federal
Agency
Agency
CMBS
Mortgage
Backed
AAA Auto
ABS
AAA Credit
Card ABS
AAA
Corp
AA
Corp
A
Corp
BBB
Corp
1-5 Year Yield Spreads
2026 Range 3/31/2026 2/28/2026
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. as of March 31, 2026. 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.

Sector Yield Spreads

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
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 March 31, 2026.

Fixed-Income Index Excess Returns

0.01%
-0.02%

0.30%

0.84%

0.09%

0.46%
-0.07%

0.73%
-0.25%

0.00%

0.25%

0.50%

0.75%

1.00%
1Q26 1-Year
Excess Returns
1-5
Year Indices
Federal Agency Agency CMBS ABS Corp A-AAA

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of March 31, 2026. 1-5 Year Indices
Fixed-Income Index Total Returns in 1Q 2026

3.86% 3.95%

4.53% 4.66%

5.08%
0%
2%
4%
6%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return

0.19% 0.35%

0.63%

0.14% 0.08%
0%
2%
4%
6%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
First Quarter 2026 Returns

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (3/31/2026) 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 Commentary – 1Q 2026
▸ The Federal Open Market Committee (FOMC)
m
aintained the target range for the federal funds rate,
noting continuing challenges to achieving its dual
mandate of maximum employment and stable prices.
▸ U.S. Treasury yields rose across the curve with 2- to 5-year tenors experiencing the largest repricing. The
short-end curve inversion ended given the move
higher in yields.
▸ Federal Agency & supranational issuance
remained limited, keeping spreads narrow and
excess returns muted. The announcement of $200
billion of mortgage purchases by FNMA and FHLMC
is unlikely to materially affect issuance trends with
buying funded by cash.
▸ Investment-Grade (IG) corporate bond yield
spreads were stable in the first two months of the
quarter. However, in response to geopolitical
tensions, heightened issuance, and concerns over
private debt capital in the last month of the quarter,
spreads widened noticeably. Excess returns for the
sector were generally negative, but strong carry is
expected to provide support.
▸ Spreads on Asset-Backed Securities widened
marginally, but spreads versus equivalent-duration
corporate notes narrowed. Auto loan collateral
marginally outperformed credit receivables.
▸ 30-year Agency-backed mortgage-backed
securities (MBS) generated solid excess returns in
Q1 and outperformed 15-year tenors. Surging bond
volatility toward quarter end neared weighed on
excess returns. Agency-backed commercial MBS
(CMBS) also produced positive excess returns for the
quarter.
▸ Short-term credit (commercial paper and negotiable
bank CDs) experienced spread widening which
created opportunities, particularly in 9- to 12-month
tenors. Floating-rate notes also saw notable spread
widening, ending the quarter 10 to 15 bps wider
versus year end levels.

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

Fixed-Income Sector Outlook – 2Q 2026
▸ While future Fed policy remains uncertain amid the
on
going conflict, we view the meaningful rise in
U.S. Treasury yields as an opportunity. As a result,
for shorter duration strategies, we prefer a modestly
longer duration stance. For longer duration strategies, we believe the risk profile is less favorable relative to shorter strategies but 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 dynamic to change in the near term.
▸ Investment-Grade (IG) Corporate bond
fundamentals remain stable with technicals
supportive of the sector. All-in yields remain attractive and wider spreads have improved value. We expect
an increase in buying opportunities across both new-
issue and secondary markets.
▸ Asset-Backed Securities fundamentals remain
within expectations and credit enhancements remain
robust. We expect supply to increase as credit card
issuers re-enter the market, with demand remaining
strong and new issues well-digested. We expect solid
consumer fundamentals and structural credit
enhancements to insulate the sector from meaningful
downturns. We expect carry to be the driver of
excess returns.
▸ Mortgage-Backed Securities are expected to
remain rich despite increased market volatility
modeslty aiding valuations. With spreads remaining
historically tight, opportunities are limited, and we will look to other sectors for better value.
▸ Short-term credit (commercial paper and negotiable
bank CDs) spreads have widened notably in Q1. We
favor maturities beyond 9 months given the positively
sloped curve, wider spreads, and added protection
against potential Fed rate cuts late this year.

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Fixed-Income Sector Outlook – 2Q 2026
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 P O

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

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

ATTACHMENT B
Account Summary
PFM Asset Management | pfmam.com

ATTACHMENT B
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.

18.8%

0.5% 0.8% 1.5% 1.7%

7.2%

22.0%

16.6%

20.7%

6.8%

3.4%

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 March 31, 2026
Account Summary

ATTACHMENT B
PFM Asset Management | pfmam.com
Portfolio Review:

CITY OF STOCKTON RESERVE PORTFOLIO

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
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 March 31, 2026, the account(s) managed by PFM Asset Management ("PFMAM") we
re 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.

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Portfolio Snapshot
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.

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

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

1. Portfolio Snapshot - CITY OF STOCKTON RESERVE PORTFOLIO¹ Credit Quality - S&P
10%
18%
24%
16%
18%
7%
3% 4%4%
27%
22%
18% 1
2%
7%
4% 5%
0%
5%
10%
15%
20%
25%
30%
0-1 Yr 1-2
Yrs
2-3
Yrs
3-4
Yrs
4-5
Yrs
5-6
Yrs
6-7
Yrs
> 7
Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 41%
Corporate | 26%
Agency CMBS | 19%
ABS | 13%
Negotiable CD | 1%
Federal Agency | <1%
Sector Allocation
AAA | 11%
AA+ | 62%
AA | 1%
AA- | 5%
A+ | 10%
A | 5%
A- | 1%
A-1 | 1%
Not Rated | 3%
Portfolio Statistics
Portfolio Effective Duration 3.1 4 years
Benchmark Effective Duration 3.20 years
Portfolio Credit Quality AA
Yield At Market 4.07%
Yield At Cost 4.29%
Total Market Value $489,975,660.25
$486,169,538.74Securities Sub-Total
$585,167.45Cash
$3,220,954.06Accrued Interest

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Portfolio Characteristics
$0.0
$98.0
$196.0
$294.0
$392.0
$490.0
Millions
March 2026
$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
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.

Jun-25 % of TotalSecurity Type Sep-25 % of Total Dec-25 % of Total % of TotalMar-26 U.S. Treasury $237.7 50.2% $228.9 47.6% $212.7 43.8% $199.1 40.9% Federal Agency $3.1 0.7% $0.8 0.2% $0.8 0.2% $0.8 0.2%
Agency CMBS $94.5 20.0% $93.9 19.6% $93.5 19.3% $93.5 19.2% Municipal $1.9 0.4% $0.0 0.0% $0.0 0.0% $0.0 0.0%
Negotiable CD $4.3 0.9% $4.2 0.9% $4.2 0.9% $4.2 0.9%
Corporate $95.9 20.3% $101.6 21.2% $115.8 23.9% $124.2 25.6% ABS $35.5 7.5% $50.5 10.5% $57.9 11.9% $64.3 13.2%
Total $472.9 100.0% $480.0 100.0% $484.9 100.0% $486.2 100.0%

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Portfolio Activity
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($
millions)
U.S. Treasury
Municipal
Agency CMBS
ABS
Corporate
U.S. Treasury
Mun
icipal
Agency CMBS
ABS
Corporate
($60.0) ($40.0) ($20.0) $0.0 $20.0 $40.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
Corporate $9,231,735
ABS $6,746,545
Agency CMBS $700,727
Municipal ($2,500)
U.S. Treasury ($12,058,080)
$4,618,427Total Net Activity
Sales/Maturities Purchases

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
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 currently 80% ICE BofA 1-5 Year AAA-A US Corporate & Government Index and 20% ICE BofA 5-10 Year US Treasury Index. Prior to 3/31/23 it was the ICE BofA 1-5 Year AAA-A US Corporate & Government Index. Source: Bloomberg Financial LP.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
Return
Portfolio Benchmark
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years Since Inception¹ Interest Earned² $4,8 72,165 $18,433,969 $42,966,864 $55,822,938 $88,982,819 Change in Market Value ($3,591,869) $2,216,918 $14,013,919 ($21,478,673) ($6,766,385) $1,280,296Total Dollar Return $20,650,887 $56,980,783 $34,344,265 $82,216,434 Total Return³
Portfolio 0.26% 4.40% 4.24% 1.77% 2.20%
Benchmark⁴ 0.13% 4.06% 3.94% 1.50% 1.99%
3 Months 1 Year 3 Years 5 Years Since Inception

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
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
Rea
lized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$4,872,165
$36
3,184
$285,933
$5,521,283
1 Year
$18,433,969
($5
71,067)
$1,613,506
$19,476,409
3 Years
$42,966,864
($5
,794,677)
$6,079,340
$43,251,527
5 Year
$55,822,938
($1
8,777,331)
$19,097,254
$56,142,861
Since Inception¹
$88,982,819
($1
4,373,147)
$20,485,023
$95,094,694

ATTACHMENT B
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 (3/31/2026) 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 held rates steady in Q1 amid persistent
inflation pressures and limited net job creation.
• Policymakers acknowledged the path forward is
complicated, with geopolitical uncertainty adding
additional strain to the Fed’s dual mandate.
• The “dot plot” projects 25 bps of rate cuts in both
2026 and 2027; however, this is predicated on
inflation progress.
• Global central banks remained on pause in Q1 but
energy inflation pressures may necessitate hikes.

Economic Growth (Global):
• Stable consumer and business spending support
growth, offsetting the weakness seen from the U.S.
government shutdown in Q4 GDP.
• Fiscal support and AI investment should aid growth;
however, a prolonged conflict in Iran may weigh on
consumer discretionary spending.
• Risks to global growth prospects have increased
amid the escalating conflict due to higher energy
prices, supply-chain disruptions, and increased
uncertainty.

Inflation (U.S.):
• The inflation outlook depends on the duration of the
Middle East conflict and the degree to which higher
energy and commodity costs raise core goods and
services prices.
• Inflation remains sticky with limited progress on core services and continuing pressure from tariffs
passthroughs.
• Near-term inflation expectations have increased due
to the higher energy prices while long-run
expectations remain anchored.

Financial Conditions (U.S.):
• Corporate fundamentals and underlying demand
remain strong. Spread widening has improved
valuations, though the sector is still rich from a
historic perspective.
• The conflict in the Middle East has tightened financial conditions. The duration of the conflict and its impact on the economy will be a key driver of corporate
fundamentals.
• Geopolitical conflict, higher oil prices, and the
evolution of the economy are key risks. At this time
we view volatility in private credit as contained and
not a systemic risk.

Consumer Spending (U.S.):
• Modest job growth and inflationary pressures
continue to weigh on consumer sentiment. Higher
energy and food prices will likely drive consumer
sentiment lower.
• Wage growth continues to exceed inflation, but this
gap has narrowed. Energy shocks may compress
real incomes and reduce discretionary spending.
• Lower-income cohorts remained more exposed to
higher energy prices as a larger share of household
budgets are allocated to essentials.
• Higher-income cohorts benefit from strong equity
markets and home price appreciation in recent years.

Labor Markets (U.S.):
• Labor market conditions continued to cool with net
new job creation close to zero.
• The unemployment rate remained unchanged as
lower job creation was offset by a reduction in the
pace of labor force growth.
• The Fed has framed the combination of limited job
growth and a stable unemployment rate as an
uncomfortable balance.
• Initial jobless claims and layoff rates remain low,
consistent with a continued “low-hire/low-fire”
environment.

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

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Market Update
PFM Asset Management | pfmam.com

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

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
Da
ted 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 08/15/2017 2.250% 08/15/2027
9128282R0 2,305,000.00 AA+ Aa1 9/1/2022 9/6/2022 2,185,338.09 3.40 6,447.00 2,256,378.332,271,767.95

US TREASURY N/B
DTD 08/31/2022 3.125% 08/31/2027
91282CFH9 5,030,000.00 AA+ Aa1 3/24/2023 3/24/2023 4,971,644.14 3.41 13,668.48 4,980,680.855,011,388.04

US TREASURY N/B
DTD 09/30/2020 0.375% 09/30/2027
91282CAL5 745,000.00 AA+ Aa1 10/28/2022 10/31/2022 620,474.41 4.17 7.63 707,720.95707,052.65

US TREASURY N/B
DTD 10/31/2022 4.125% 10/31/2027
91282CFU0 585,000.00 AA+ Aa1 3/30/2023 3/31/2023 594,666.21 3.73 10,132.46 587,422.49588,335.56

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 23,183.63 2,381,673.142,390,536.22

US TREASURY N/B
DTD 02/01/2021 0.750% 01/31/2028
91282CBJ9 2,565,000.00 AA+ Aa1 5/12/2023 5/12/2023 2,266,518.17 3.44 3,188.54 2,426,228.372,449,067.93

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 2,904.35 837,739.64844,547.18

US TREASURY N/B
DTD 03/31/2021 1.250% 03/31/2028
91282CBS9 895,000.00 AA+ Aa1 5/9/2023 5/10/2023 804,066.60 3.53 30.57 851,159.32857,853.17

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 87.16 876,802.96879,464.34

US TREASURY N/B
DTD 05/01/2023 3.500% 04/30/2028
91282CHA2 215,000.00 AA+ Aa1 5/1/2023 5/1/2023 213,975.39 3.61 3,159.67 213,639.48214,573.55

US TREASURY N/B
DTD 05/15/2025 3.750% 05/15/2028
91282CND9 4,820,000.00 AA+ Aa1 1/21/2026 1/22/2026 4,834,497.65 3.61 68,405.39 4,813,411.064,833,355.36

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 17.93 493,049.03513,770.52

US TREASURY N/B
DTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aa1 3/21/2022 3/22/2022 496,518.75 2.29 1,050.41 483,904.72509,297.48

US TREASURY N/B
DTD 08/16/1999 6.125% 08/15/2029
912810FJ2 975,000.00 AA+ Aa1 1/10/2023 1/11/2023 1,111,271.48 3.72 7,423.60 1,044,125.551,044,720.29

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 1,700,000.00 AA+ Aa1 11/1/2024 11/4/2024 1,695,816.41 4.18 29,444.75 1,713,945.101,696,915.71

ATTACHMENT B
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 10/31/2024 4.125% 10/31/2029
91282CLR0 950,000.00 AA+ Aa1 11/14/2024 11/15/2024 942,949.22 4.29 16,454.42 957,792.85944,765.77

US TREASURY N/B
DTD 11/30/2022 3.875% 11/30/2029
91282CFY2 1,070,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,069,289.45 3.89 13,896.77 1,069,749.621,069,627.91

US TREASURY N/B
DTD 12/31/2024 4.375% 12/31/2029
91282CMD0 580,000.00 AA+ Aa1 1/6/2025 1/7/2025 578,708.59 4.43 6,378.80 589,810.12579,002.72

US TREASURY N/B
DTD 01/03/2023 3.875% 12/31/2029
91282CGB1 2,030,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,059,339.84 3.64 19,774.27 2,028,652.082,045,787.74

US TREASURY N/B
DTD 01/31/2025 4.250% 01/31/2030
91282CMG3 470,000.00 AA+ Aa1 2/5/2025 2/6/2025 470,110.16 4.24 3,310.77 475,948.32470,087.27

US TREASURY N/B
DTD 02/18/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,040.43 2.66 1,011.57 496,429.82520,541.59

US TREASURY N/B
DTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 1,875,000.00 AA+ Aa1 3/4/2025 3/5/2025 1,875,512.70 3.99 6,521.74 1,882,104.381,875,417.22

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 3.89 491.80 4,516,173.004,518,360.63

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 4.03 309.29 2,840,171.022,827,215.05

US TREASURY N/B
DTD 04/30/2025 3.875% 04/30/2030
91282CMZ1 6,750,000.00 AA+ Aa1 3/19/2026 3/20/2026 6,755,800.78 3.85 109,827.35 6,742,615.506,755,758.79

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 57,020.99 3,820,892.083,704,583.57

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 51,091.16 2,350,939.682,362,085.21

US TREASURY N/B
DTD 05/15/2020 0.625% 05/15/2030
912828ZQ6 2,535,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,057,608.01 3.56 5,996.12 2,220,502.832,267,012.33

US TREASURY N/B
DTD 02/15/2000 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,065,123.05 3.89 21,879.32 1,006,768.151,002,445.90

US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 9,900,000.00 AA+ Aa1 6/4/2025 6/5/2025 9,807,574.22 3.96 124,429.95 9,839,669.409,821,625.59

US TREASURY N/B
DTD 05/31/2023 3.750% 05/31/2030
91282CHF1 2,830,000.00 AA+ Aa1 7/12/2023 7/12/2023 2,783,459.77 4.03 35,569.37 2,812,753.982,801,853.80

US TREASURY N/B
DTD 06/30/2025 3.875% 06/30/2030
91282CNK3 1,875,000.00 AA+ Aa1 7/1/2025 7/1/2025 1,880,639.65 3.81 18,264.42 1,872,144.381,879,862.08

ATTACHMENT B
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 07/31/2025 3.875% 07/31/2030
91282CNN7 850,000.00 AA+ Aa1 8/19/2025 8/20/2025 852,091.80 3.82 5,459.25 848,572.00851,854.16

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 2.65 456.45 510,207.33541,002.24

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 1,973.41 2,205,832.522,220,943.85

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 1,977.30 2,210,174.712,261,193.86

US TREASURY N/B
DTD 09/02/2025 3.625% 08/31/2030
91282CNX5 10,050,000.00 AA+ Aa1 9/2/2025 9/3/2025 9,996,609.38 3.74 31,679.35 9,926,726.7010,002,338.23

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,071,065.63 3.72 4,404.25 1,159,178.791,179,556.19

US TREASURY N/B
DTD 11/16/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aa1 7/11/2023 7/12/2023 2,405,390.63 4.02 9,934.39 2,614,689.002,625,681.99

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 49,269.23 4,122,728.404,177,479.84

US TREASURY N/B
DTD 12/31/2025 3.625% 12/31/2030
91282CPR6 245,000.00 AA+ Aa1 1/2/2026 1/5/2026 243,803.71 3.73 2,232.58 241,669.47243,856.44

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 8,950.28 1,352,741.851,327,894.77

US TREASURY N/B
DTD 02/02/2026 3.750% 01/31/2031
91282CPW5 6,300,000.00 AA+ Aa1 2/4/2026 2/5/2026 6,280,558.59 3.82 39,157.46 6,246,349.206,281,117.50

US TREASURY N/B
DTD 02/02/2026 3.750% 01/31/2031
91282CPW5 4,395,000.00 AA+ Aa1 2/5/2026 2/10/2026 4,394,828.32 3.75 27,316.99 4,357,572.184,394,845.89

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 2.63 790.14 495,302.17528,137.31

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 19,744.22 3,140,148.483,112,979.22

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,021,273.44 3.61 12,026.93 1,912,780.801,933,272.91

US TREASURY N/B
DTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,620.31 3.98 12,160.57 1,934,033.921,925,072.46

US TREASURY N/B
DTD 03/02/2026 3.500% 02/28/2031
91282CQD6 5,000,000.00 AA+ Aa1 3/13/2026 3/16/2026 4,917,968.75 3.87 15,217.39 4,903,125.004,918,636.81

ATTACHMENT B
PFM Asset Management | pfmam.com

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 4.72 430.53 3,847,007.403,719,216.76

US TREASURY N/B
DTD 05/17/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,070,802.73 3.76 7,779.58 1,128,172.541,147,399.97

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 18,019.10 2,613,079.482,684,764.73

US TREASURY N/B
DTD 05/31/2024 4.625% 05/31/2031
91282CKU4 5,000,000.00 AA+ Aa1 6/4/2025 6/5/2025 5,147,656.25 4.06 77,506.87 5,148,240.005,129,429.04

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 4,991.02 734,733.32744,328.41

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 2.63 874.05 488,210.63525,717.89

US TREASURY N/B
DTD 08/16/2021 1.250% 08/15/2031
91282CCS8 2,465,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,994,627.93 3.92 3,830.28 2,139,447.452,166,336.57

US TREASURY N/B
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 2,080,000.00 AA+ Aa1 1/10/2023 1/11/2023 1,739,075.00 3.55 10,823.76 1,803,751.041,863,201.25

US TREASURY N/B
DTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 1,305,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,068,927.54 3.77 6,790.87 1,131,680.341,156,805.37

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 24,654.70 3,457,905.403,388,872.94

US TREASURY N/B
DTD 02/15/2022 1.875% 02/15/2032
91282CDY4 2,365,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,999,625.98 3.94 5,512.34 2,097,182.672,125,509.27

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,100,000.00 AA+ Aa1 7/2/2024 7/3/2024 988,410.16 4.41 11,968.58 1,028,757.401,009,974.21

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,175,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,056,224.61 3.57 23,665.14 2,034,133.952,097,162.43

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aa1 8/5/2022 8/9/2022 662,629.69 2.83 7,181.15 617,254.44661,648.44

US TREASURY N/B
DTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,067,164.06 3.79 12,512.60 1,075,519.101,096,374.88

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 29,051.00 2,497,074.782,575,308.47

US TREASURY N/B
DTD 08/15/2022 2.750% 08/15/2032
91282CFF3 2,195,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,190.82 3.93 7,503.63 2,030,118.192,057,711.87

ATTACHMENT B
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 09/02/2025 3.875% 08/31/2032
91282CNW7 2,500,000.00 AA+ Aa1 9/2/2025 9/3/2025 2,484,277.34 3.98 8,423.91 2,468,652.502,485,425.88

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 3,225,000.00 AA+ Aa1 7/7/2023 7/10/2023 3,242,006.84 4.06 50,346.08 3,226,135.203,237,048.17

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,055,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,084,877.93 3.78 16,469.80 1,055,371.361,074,874.82

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,965,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,054,269.34 3.57 30,675.98 1,965,691.682,025,075.58

US TREASURY N/B
DTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,520,000.00 AA+ Aa1 5/14/2025 5/15/2025 1,500,346.88 4.33 23,729.01 1,520,535.041,502,341.32

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 28,907.97 2,251,035.302,290,271.84

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 8,984.46 1,986,918.222,015,623.31

US TREASURY N/B
DTD 05/15/2023 3.375% 05/15/2033
91282CHC8 1,075,000.00 AA+ Aa1 7/2/2024 7/3/2024 992,191.41 4.43 13,730.75 1,024,063.281,006,053.33

US TREASURY N/B
DTD 08/15/2023 3.875% 08/15/2033
91282CHT1 2,385,000.00 AA+ Aa1 10/2/2023 10/2/2023 2,236,496.48 4.67 11,488.52 2,341,306.802,274,065.19

US TREASURY N/B
DTD 11/15/2023 4.500% 11/15/2033
91282CJJ1 4,340,000.00 AA+ Aa1 10/16/2024 10/17/2024 4,504,784.38 4.00 73,911.88 4,429,851.024,482,171.23

US TREASURY N/B
DTD 02/15/2024 4.000% 02/15/2034
91282CJZ5 3,880,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,667,357.81 4.70 19,292.82 3,827,255.283,701,920.69

US TREASURY N/B
DTD 05/15/2024 4.375% 05/15/2034
91282CKQ3 1,000,000.00 AA+ Aa1 7/2/2024 7/3/2024 995,156.25 4.44 16,557.32 1,010,547.00995,871.62

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 40,703.56 8,235,116.508,505,779.69

US TREASURY N/B
DTD 02/18/2025 4.625% 02/15/2035
91282CMM0 4,350,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,521,621.09 4.13 25,009.50 4,463,169.604,507,261.94

US TREASURY N/B
DTD 08/15/2025 4.250% 08/15/2035
91282CNT4 2,500,000.00 AA+ Aa1 9/2/2025 9/3/2025 2,494,335.94 4.28 13,207.87 2,490,625.002,494,602.21

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 34,817.68 2,243,578.702,289,081.40

ATTACHMENT B
PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 02/17/2026 4.125% 02/15/2036
91282CPZ8 2,400,000.00 AA+ Aa1 3/13/2026 3/16/2026 2,369,718.75 4.28 12,306.63 2,362,500.002,369,839.55 203,392,500.00 198,100,507.76 1,585,788.81 199,147,451.33Security Type Sub-Total 3.90 200,191,613.06 Negotiable CD

COOPERAT RABOBANK UA/NY
DTD 07/20/2023 5.080% 07/17/2026
21684LGS5 4,200,000.00 A-1 P-1 7/17/2023 7/20/2023 4,200,000.00 5.08 43,857.33 4,218,631.204,200,000.00 4,200,000.00 4,200,000.00 43,857.33 4,218,631.20Security Type Sub-Total 5.08 4,200,000.00 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 1,722.66 836,649.62812,638.87 875,000.00 779,616.25 1,722.66 836,649.62Security Type Sub-Total 4.77 812,638.87 Corporate

PACCAR FINANCIAL CORP
DTD 08/10/2023 5.050% 08/10/2026
69371RS56 3,800,000.00 A+ A1 8/10/2023 8/14/2023 3,815,846.00 4.90 27,185.83 3,811,449.403,801,899.75

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 2,140,000.00 A A2 1/27/2022 1/31/2022 2,138,694.60 1.96 8,809.67 2,106,423.402,139,792.19

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 2,325,000.00 AAA Aaa 1/27/2023 1/31/2023 2,259,644.25 4.07 11,721.88 2,312,538.002,311,205.19

GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 2,150,000.00 A+ A1 5/21/2025 5/22/2025 2,163,523.50 5.08 42,033.69 2,152,661.702,151,905.76

GOLDMAN SACHS BANK USA
(CALLABLE)
DTD 05/21/2024 5.414% 05/21/2027
38151LAG5 1,450,000.00 A+ A1 5/21/2025 5/22/2025 1,459,120.50 5.08 28,348.31 1,451,795.101,451,285.28

TRUIST FINANCIAL CORP
(CALLABLE)
DTD 08/03/2020 1.125% 08/03/2027
89788MAC6 2,520,000.00 A- Baa1 8/5/2022 8/9/2022 2,213,719.20 3.83 4,567.50 2,415,472.922,437,710.51

ATTACHMENT B
PFM Asset Management | pfmam.com

HOME DEPOT INC (CALLABLE)
DTD 09/14/2017 2.800% 09/14/2027
437076BT8 3,450,000.00 A A2 1/25/2023 1/27/2023 3,255,385.50 4.15 4,561.67 3,390,825.603,388,942.18

JPMORGAN CHASE & CO
(CALLABLE)
DTD 02/24/2022 2.947% 02/24/2028
46647PCW4 1,605,000.00 A A1 9/14/2023 9/18/2023 1,467,563.85 5.13 4,861.32 1,584,805.891,546,184.91

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 3,156.25 2,538,152.502,542,882.25

JPMORGAN CHASE & CO
(CALLABLE)
DTD 04/25/2017 3.540% 05/01/2028
46647PAF3 1,725,000.00 A A1 8/8/2024 8/9/2024 1,672,059.75 4.44 25,104.50 1,708,986.831,694,316.93

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 48,331.35 2,788,002.232,791,898.39

MORGAN STANLEY BANK NA
(CALLABLE)
DTD 05/30/2024 5.504% 05/26/2028
61690U8B9 2,770,000.00 A+ Aa3 5/30/2024 5/31/2024 2,775,844.70 5.45 52,937.78 2,801,503.212,772,200.21

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 27,328.89 1,446,263.391,430,000.00

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,400,000.00 A A1 6/24/2025 6/25/2025 1,434,272.00 4.09 14,822.50 1,427,130.601,426,050.46

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 1,420,000.00 A A1 7/11/2023 7/14/2023 1,417,884.20 4.98 15,034.25 1,447,518.181,419,032.61

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 600,000.00 A A1 7/13/2023 7/14/2023 608,160.00 4.64 6,352.50 611,627.40603,730.93

NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 08/25/2025 4.150% 08/25/2028
63743HFZ0 1,750,000.00 NR A2 8/19/2025 8/25/2025 1,748,040.00 4.19 7,262.50 1,744,277.501,748,413.98

TOYOTA MOTOR CREDIT CORP
DTD 09/11/2023 5.250% 09/11/2028
89236TLB9 1,400,000.00 A+ A1 9/6/2023 9/11/2023 1,397,564.00 5.29 4,083.33 1,433,549.601,398,731.88

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 1,300,000.00 A+ Aa3 5/1/2024 5/3/2024 1,325,142.00 5.30 419.11 1,349,910.901,314,729.77

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 4,935,000.00 A+ Aa3 9/26/2023 9/29/2023 4,935,000.00 5.80 1,590.99 5,124,469.454,935,000.00

BANK OF AMERICA CORP
(CALLABLE)
DTD 01/24/2025 4.979% 01/24/2029
06051GMK2 1,865,000.00 A- A1 4/1/2025 4/2/2025 1,885,664.20 4.66 17,281.97 1,879,530.221,878,628.59

ATTACHMENT B
PFM Asset Management | pfmam.com

ALPHABET INC (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5 750,000.00 AA+ Aa2 2/10/2026 2/13/2026 749,257.50 3.74 3,700.00 743,554.50749,289.53

ALPHABET INC (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5 4,505,000.00 AA+ Aa2 2/10/2026 2/13/2026 4,500,404.90 3.74 22,224.67 4,466,284.034,500,610.90

ALPHABET INC (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5 700,000.00 AA+ Aa2 2/9/2026 2/13/2026 697,459.00 3.83 3,453.33 693,984.20697,566.68

ALPHABET INC (CALLABLE)
DTD 02/13/2026 3.700% 02/15/2029
02079KBJ5 750,000.00 AA+ Aa2 2/10/2026 2/13/2026 749,197.50 3.74 3,700.00 743,554.50749,232.88

CATERPILLAR FINL SERVICE
DTD 02/24/2026 3.750% 02/23/2029
14913UBJ8 3,210,000.00 A A2 2/18/2026 2/24/2026 3,205,762.80 3.80 12,371.88 3,171,608.403,205,902.25

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 405,000.00 AA- Aa3 3/5/2024 3/14/2024 404,266.95 4.74 898.88 411,295.32404,547.51

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 4,200,000.00 AA- Aa3 4/9/2024 4/11/2024 4,181,646.00 4.80 9,321.67 4,265,284.804,188,486.28

SALESFORCE INC (CALLABLE)
DTD 03/13/2026 4.650% 03/15/2029
79466LAR5 3,665,000.00 A+ A2 3/11/2026 3/13/2026 3,664,193.70 4.66 8,521.13 3,672,590.223,664,209.25

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,450,000.00 A+ A1 4/2/2024 4/4/2024 1,447,578.50 4.84 34,220.00 1,473,629.201,448,474.51

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,775,000.00 A+ A1 4/1/2024 4/4/2024 1,772,355.25 4.83 41,890.00 1,803,925.401,773,333.95

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 4.40 148,043.97 7,049,791.007,057,555.92

MASTERCARD INC (CALLABLE)
DTD 05/31/2019 2.950% 06/01/2029
57636QAM6 3,600,000.00 A+ Aa3 6/26/2024 6/27/2024 3,307,140.00 4.82 35,400.00 3,469,690.803,404,054.76

PEPSICO INC (CALLABLE)
DTD 07/17/2024 4.500% 07/17/2029
713448FX1 2,160,000.00 A+ A1 7/15/2024 7/17/2024 2,156,652.00 4.53 19,980.00 2,180,759.762,157,717.91

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 370,000.00 A+ A1 8/6/2024 8/9/2024 369,248.90 4.60 2,431.72 372,198.17369,477.59

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 805,000.00 A+ A1 8/7/2024 8/9/2024 804,074.25 4.58 5,290.64 809,782.51804,358.42

ATTACHMENT B
PFM Asset Management | pfmam.com

TOYOTA MOTOR CREDIT CORP
DTD 08/09/2024 4.550% 08/09/2029
89236TMK8 925,000.00 A+ A1 8/8/2024 8/9/2024 921,198.25 4.64 6,079.31 930,495.43922,356.13

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 750,000.00 A+ Aa3 8/12/2024 8/14/2024 748,357.50 4.25 4,112.50 750,710.25748,857.86

ELI LILLY & CO (CALLABLE)
DTD 08/14/2024 4.200% 08/14/2029
532457CQ9 2,600,000.00 A+ Aa3 8/13/2024 8/14/2024 2,604,420.00 4.16 14,256.67 2,602,462.202,603,052.60

PEPSICO INC (CALLABLE)
DTD 02/07/2025 4.600% 02/07/2030
713448GB8 805,000.00 A+ A1 2/5/2025 2/7/2025 803,647.60 4.64 5,554.50 815,457.76803,933.01

MORGAN STANLEY PVT BANK
(CALLABLE)
DTD 02/02/2026 4.213% 02/08/2030
61776NU43 2,800,000.00 A+ Aa3 2/4/2026 2/5/2026 2,800,980.00 4.20 19,332.99 2,771,647.202,800,938.83

CISCO SYSTEMS INC (CALLABLE)
DTD 02/24/2025 4.750% 02/24/2030
17275RBX9 6,917,000.00 AA- A1 4/21/2025 4/22/2025 7,006,367.64 4.45 33,768.41 7,049,930.916,990,142.72

TEXAS INSTRUMENTS INC
(CALLABLE)
DTD 05/04/2020 1.750% 05/04/2030
882508BJ2 4,000,000.00 A+ Aa3 7/2/2025 7/3/2025 3,561,520.00 4.28 28,583.33 3,611,876.003,623,300.40

JPMORGAN CHASE & CO
(CALLABLE)
DTD 07/22/2024 4.995% 07/22/2030
46647PEJ1 3,130,000.00 A A1 3/17/2026 3/18/2026 3,189,000.50 4.51 29,965.84 3,174,436.613,188,555.90

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 4.17 105,918.94 6,299,044.576,352,323.43 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 4.12 106,674.03 7,066,216.307,142,856.90

CATERPILLAR FINL SERVICE
DTD 01/08/2026 4.150% 01/08/2031
14913UBH2 500,000.00 A A2 1/5/2026 1/8/2026 499,820.00 4.16 4,784.03 495,317.50499,828.60

TOTALENERGI CAP USA LLC
(CALLABLE)
DTD 01/13/2026 4.248% 01/13/2031
89158TAA7 2,025,000.00 A+ Aa3 1/6/2026 1/13/2026 2,025,000.00 4.25 18,638.10 2,006,317.352,025,000.00

TOTALENERGI CAP USA LLC
(CALLABLE)
DTD 01/13/2026 4.248% 01/13/2031
89158TAA7 2,775,000.00 A+ Aa3 1/7/2026 1/13/2026 2,782,631.25 4.19 25,541.10 2,749,397.852,782,329.91

BANK OF AMERICA CORP
(CALLABLE)
DTD 02/13/2020 2.496% 02/13/2031
06051GHZ5 2,040,000.00 A- A1 3/16/2026 3/17/2026 1,890,937.20 4.16 6,789.12 1,885,614.841,892,013.97

ATTACHMENT B
PFM Asset Management | pfmam.com

DEPOSITORY TRUST COMPANY
(CALLABLE)
DTD 03/27/2026 4.550% 03/27/2031
249672AA4 1,145,000.00 AA+ Aa1 3/23/2026 3/27/2026 1,144,038.20 4.57 578.86 1,147,348.401,144,044.29 124,597,000.00 123,326,269.54 1,117,821.41 124,211,100.00Security Type Sub-Total 4.44 123,878,894.66 Agency CMBS
FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,703,054.08 AA+ Aa1 5/19/2023 5/24/2023 2,619,850.69 4.29 7,539.27 2,688,595.442,687,614.27 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 4,444,592.504,408,333.93 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 2,519,438.702,497,995.25 FHMS K066 A2
DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,900,105.04 AA+ Aa1 8/17/2023 8/22/2023 3,647,207.60 4.97 10,130.52 3,860,756.883,818,914.54 FHMS K507 A1
DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,555,484.08 AA+ Aa1 9/20/2023 9/28/2023 3,499,687.87 5.19 14,221.94 3,590,843.373,528,081.90 FHMS K506 A1
DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,038,806.07 AA+ Aa1 9/7/2023 9/14/2023 2,008,315.72 5.01 7,900.37 2,056,625.232,023,898.96 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,328,890.25 AA+ Aa1 7/19/2023 7/27/2023 3,328,807.01 4.78 13,251.76 3,348,087.963,328,852.40 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 4,246,901.404,219,001.39 FNA 2023-M6 A2
DTD 07/01/2023 4.190% 07/01/2028
3136BQDE6 3,895,154.80 AA+ Aa1 7/18/2023 7/31/2023 3,829,119.75 4.58 13,600.58 3,891,575.153,864,456.23 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 4,346,220.704,250,164.04 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 4,242,315.004,167,838.18 FHMS KJ47 A1
DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 1,163,215.91 AA+ Aa1 9/19/2023 9/28/2023 1,163,210.10 5.27 5,110.40 1,173,424.301,163,213.28 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 4,253,865.004,172,954.94

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 3,305,000.00 AA+ Aa1 10/25/2023 10/31/2023 3,199,626.69 5.60 13,357.71 3,354,399.833,246,955.93 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 1,708,794.801,672,318.65 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 2,478,005.442,436,095.22 FHMS K512 A2
DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 2,040,817.16 AA+ Aa1 12/11/2023 12/21/2023 2,059,874.31 4.79 8,503.40 2,081,506.982,051,653.77 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 2,495,000.00 AA+ Aa1 2/1/2024 2/8/2024 2,519,947.51 4.34 9,505.95 2,516,651.612,509,662.02 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 2,537,630.132,519,579.55 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 3,136,133.923,085,717.80 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 4,324,740.004,268,123.20 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 3,871,277.203,828,561.30 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 4,329,213.004,276,429.33 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 2,439,837.962,386,272.04 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 3,789,825.473,745,772.89 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 2,396,725.892,389,261.14 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 1,828,327.821,811,186.79 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 2,479,408.232,469,928.96 FHMS K553 A2
DTD 01/01/2026 4.070% 12/01/2030
3137HPU50 1,945,000.00 AA+ Aa1 1/7/2026 1/15/2026 1,947,433.20 4.04 6,596.79 1,926,672.271,947,341.69 FHMS K555 A2
DTD 02/01/2026 4.050% 01/01/2031
3137HQ4U2 1,390,000.00 AA+ Aa1 2/4/2026 2/12/2026 1,385,314.31 4.13 4,691.25 1,375,263.221,385,432.78

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
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 K557 A2
DTD 03/01/2026 3.936% 01/01/2031
3137HQSP7 2,290,000.00 AA+ Aa1 3/3/2026 3/12/2026 2,289,956.49 3.94 7,511.20 2,256,188.152,289,959.74 92,528,178.38 91,938,368.65 353,350.54 93,493,843.55Security Type Sub-Total 4.79 92,451,572.11 ABS
KCOT 2023-2A A3
DTD 07/26/2023 5.280% 01/18/2028
500945AC4 633,063.82 NR Aaa 7/18/2023 7/26/2023 632,903.90 5.29 1,485.59 636,960.96632,999.63 BAAT 2023-1A A3
DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 596,613.45 NR Aaa 7/25/2023 7/31/2023 596,590.84 5.53 1,466.34 599,630.52596,604.12 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 1,004,305.26 AAA NR 8/15/2023 8/22/2023 1,004,098.18 5.42 1,962.02 1,009,455.341,004,218.51 TAOT 2023-C A3
DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 391,568.61 AAA NR 8/8/2023 8/15/2023 391,480.04 5.17 898.00 393,344.37391,529.85 USAOT 2023-A A3
DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 988,328.76 AAA Aaa 9/7/2023 9/15/2023 988,155.80 5.58 2,451.06 993,539.23988,245.87 BAAT 2023-2A A3
DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 1,515,950.62 NR Aaa 11/15/2023 11/21/2023 1,515,923.18 5.74 3,867.36 1,528,034.261,515,938.09 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 1,310,936.11 AAA Aaa 8/15/2023 8/23/2023 1,310,854.83 5.53 3,221.99 1,319,821.631,310,897.37 TAOT 2023-D A3
DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 538,449.30 AAA NR 11/7/2023 11/14/2023 538,391.26 5.54 1,325.78 543,463.34538,419.45 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 3,480,036.863,459,920.43 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 3,398,336.503,379,509.92 HART 2023-C A3
DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 731,216.94 AAA NR 11/3/2023 11/13/2023 731,120.79 5.54 1,800.42 736,607.47731,165.05 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 1,529,673.281,519,888.13 GMCAR 2024-1 A3
DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 269,847.40 NR Aaa 1/9/2024 1/17/2024 269,793.14 4.85 545.32 270,893.33269,815.90 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 3,842,331.083,824,660.24

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
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 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 1,757,954.881,744,958.51 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 2,876,710.062,869,670.93 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 1,129,244.631,124,915.34 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 1,092,569.101,094,916.97 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 2,717,329.132,724,951.04 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 1,707.20 968,966.95969,875.90 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 1,931,999.481,929,824.14 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 2,292,937.932,304,673.07 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 2,009,532.362,019,640.32 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 2,476,948.682,494,738.47 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 1,302,678.001,299,889.47 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 3,774,578.163,764,940.93 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 1,074,476.881,079,791.11 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 2,686,786.052,674,665.31 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 2,877,502.622,894,514.46 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 2,089,831.642,094,837.68 TAOT 2026-A A3
DTD 01/21/2026 3.860% 09/16/2030
89240KAD0 1,195,000.00 AAA Aaa 1/13/2026 1/21/2026 1,194,898.19 3.86 2,050.09 1,187,090.301,194,902.26

ATTACHMENT B
PFM Asset Management | pfmam.com

4.29 4.29%
Total Investments $489,390,492.80

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
1/2/2026 1/5/2026 5,000,000.00 91282CPR6 US TREASURY N/B 3.62% 12/31/2030 4,978,089.39 3.73% 1/5/2026 1/8/2026 500,000.00 14913UBH2 CATERPILLAR FINL SERVICE 4.15% 1/8/2031 499,820.00 4.16% 1/6/2026 1/13/2026 2,025,000.00 89158TAA7 TOTALENERGI CAP USA LLC (CALLABLE) 4.24% 1/13/2031 2,025,000.00 4.25% 1/7/2026 1/13/2026 2,775,000.00 89158TAA7 TOTALENERGI CAP USA LLC (CALLABLE) 4.24% 1/13/2031 2,782,631.25 4.19% 1/7/2026 1/15/2026 1,945,000.00 3137HPU50 FHMS K553 A2 4.07% 12/1/2030 1,950,511.70 4.04% 1/9/2026 1/9/2026 1,950,000.00 912797RJ8 TREASURY BILL 0.00% 1/15/2026 1,948,859.75 3.51% 1/13/2026 1/21/2026 1,195,000.00 89240KAD0 TAOT 2026-A A3 3.86% 9/16/2030 1,194,898.19 3.86% 1/21/2026 1/22/2026 6,070,000.00 91282CND9 US TREASURY N/B 3.75% 5/15/2028 6,131,015.71 3.61% 1/21/2026 1/22/2026 590,000.00 9128285M8 US TREASURY N/B 3.12% 11/15/2028 585,396.99 3.64% 2/4/2026 2/5/2026 6,300,000.00 91282CPW5 US TREASURY N/B 3.75% 1/31/2031 6,283,821.71 3.82% 2/4/2026 2/5/2026 2,800,000.00 61776NU43 MORGAN STANLEY PVT BANK (CALLABLE) 4.21% 2/8/2030 2,801,963.03 4.20% 2/4/2026 2/12/2026 1,390,000.00 3137HQ4U2 FHMS K555 A2 4.05% 1/1/2031 1,387,034.44 4.13% 2/5/2026 2/10/2026 4,395,000.00 91282CPW5 US TREASURY N/B 3.75% 1/31/2031 4,399,381.15 3.75% 2/9/2026 2/13/2026 700,000.00 02079KBJ5 ALPHABET INC (CALLABLE) 3.70% 2/15/2029 697,459.00 3.83% 2/10/2026 2/13/2026 4,505,000.00 02079KBJ5 ALPHABET INC (CALLABLE) 3.70% 2/15/2029 4,500,404.90 3.74% 2/10/2026 2/13/2026 750,000.00 02079KBJ5 ALPHABET INC (CALLABLE) 3.70% 2/15/2029 749,257.50 3.74% 2/10/2026 2/13/2026 750,000.00 02079KBJ5 ALPHABET INC (CALLABLE) 3.70% 2/15/2029 749,197.50 3.74%

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
2/10/2026 2/18/2026 795,000.00 448981AD2 HART 2026-A A3 3.79% 2/18/2031 794,946.34 3.79% 2/10/2026 2/18/2026 1,195,000.00 43815CAD0 HAROT 2026-1 A3 3.78% 9/23/2030 1,194,809.64 3.78% 2/18/2026 2/24/2026 3,210,000.00 14913UBJ8 CATERPILLAR FINL SERVICE 3.75% 2/23/2029 3,205,762.80 3.80% 3/3/2026 3/12/2026 2,290,000.00 3137HQSP7 FHMS K557 A2 3.93% 1/1/2031 2,292,710.60 3.94% 3/5/2026 3/13/2026 4,260,000.00 92348KFC2 VZMT 2026-1 A1A 3.94% 2/20/2031 4,259,407.01 3.94% 3/11/2026 3/13/2026 3,665,000.00 79466LAR5 SALESFORCE INC (CALLABLE) 4.65% 3/15/2029 3,664,193.70 4.66% 3/13/2026 3/16/2026 5,000,000.00 91282CQD6 US TREASURY N/B 3.50% 2/28/2031 4,925,577.45 3.87% 3/13/2026 3/16/2026 2,400,000.00 91282CPZ8 US TREASURY N/B 4.12% 2/15/2036 2,377,649.69 4.28% 3/16/2026 3/17/2026 2,040,000.00 06051GHZ5 BANK OF AMERICA CORP (CALLABLE) 2.49% 2/13/2031 1,895,746.16 4.16% 3/17/2026 3/18/2026 3,130,000.00 46647PEJ1 JPMORGAN CHASE & CO (CALLABLE) 4.99% 7/22/2030 3,213,320.60 4.51% 3/17/2026 3/24/2026 2,000,000.00 34532WAD7 FORDO 2026-A A3 4.05% 10/15/2030 1,999,617.80 4.05% 3/18/2026 3/18/2026 1,270,000.00 912797TA5 TREASURY BILL 0.00% 3/24/2026 1,269,243.02 3.58% 3/19/2026 3/20/2026 6,750,000.00 91282CMZ1 US TREASURY N/B 3.87% 4/30/2030 6,856,957.55 3.85% 3/23/2026 3/27/2026 1,145,000.00 249672AA4 DEPOSITORY TRUST COMPANY (CALLABLE) 4.55% 3/27/2031 1,144,038.20 4.57% Total BUY 82,790,000.00 82,758,722.77 0.00

INTEREST
1/1/2026 1/25/2026 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
1/1/2026 1/25/2026 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 1/1/2026 1/25/2026 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 17,106.64 1/1/2026 1/25/2026 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 1/1/2026 1/25/2026 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 1/1/2026 1/25/2026 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 1/1/2026 1/25/2026 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,613.41 1/1/2026 1/25/2026 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 1/1/2026 1/25/2026 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 1/1/2026 1/25/2026 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,307.85 1/1/2026 1/25/2026 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,557.92 1/1/2026 1/25/2026 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,931.99 1/1/2026 1/25/2026 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 1/1/2026 1/25/2026 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 1/1/2026 1/25/2026 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,195.24 1/1/2026 1/25/2026 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 1/1/2026 1/25/2026 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 1/1/2026 1/25/2026 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
1/1/2026 1/25/2026 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 1/1/2026 1/25/2026 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 1/1/2026 1/25/2026 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 1/1/2026 1/25/2026 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.63 1/1/2026 1/25/2026 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,153.57 1/1/2026 1/25/2026 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 1/1/2026 1/25/2026 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 1/1/2026 1/25/2026 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 1/1/2026 1/25/2026 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 1/1/2026 1/25/2026 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,136.10 1/1/2026 1/25/2026 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 1/1/2026 1/1/2026 646140DP5 NJ TPK AUTH -B-TXBL 1.04% 1/1/2026 13.09 1/2/2026 1/2/2026 MONEY0002 MONEY MARKET FUND 0.00% 5,389.89 1/14/2026 1/14/2026 24422EXB0 JOHN DEERE CAPITAL CORP 4.95% 7/14/2028 84,645.00 1/15/2026 1/15/2026 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 1/15/2026 1/15/2026 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 2,230.57 1/15/2026 1/15/2026 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
1/15/2026 1/15/2026 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.25 1/15/2026 1/15/2026 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.50 1/15/2026 1/15/2026 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 4,276.82 1/15/2026 1/15/2026 44891XAD9 HART 2025-D A3 3.99% 9/16/2030 6,965.88 1/15/2026 1/15/2026 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 1/15/2026 1/15/2026 02008KAC7 ALLYA 2025-1 A3 3.96% 3/15/2030 3,201.00 1/15/2026 1/15/2026 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 7,452.83 1/15/2026 1/15/2026 14041NGF2 COMET 2025-A1 A 3.82% 9/15/2030 9,215.75 1/15/2026 1/15/2026 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 3,659.11 1/15/2026 1/15/2026 87612EBM7 TARGET CORP (CALLABLE) 1.95% 1/15/2027 20,865.00 1/15/2026 1/15/2026 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 1/15/2026 1/15/2026 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 9,548.52 1/15/2026 1/15/2026 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.42 1/15/2026 1/15/2026 43814XAD5 HAROT 2025-4 A3 3.98% 6/17/2030 6,699.67 1/15/2026 1/15/2026 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 6,799.94 1/15/2026 1/15/2026 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 3,824.06 1/15/2026 1/15/2026 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.50

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
1/15/2026 1/15/2026 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 3,070.46 1/15/2026 1/15/2026 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 1/15/2026 1/15/2026 14043YAD7 COPAR 2025-1 A3 3.85% 7/15/2030 3,465.00 1/15/2026 1/15/2026 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.00 1/15/2026 1/15/2026 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 7,915.39 1/15/2026 1/15/2026 90327HAC3 USAOT 2025-A A3 3.95% 12/17/2029 3,604.38 1/15/2026 1/15/2026 89231GAD0 TAOT 2025-D A3 3.84% 6/17/2030 7,984.00 1/16/2026 1/16/2026 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,373.68 1/17/2026 1/17/2026 21684LGS5 COOPERAT RABOBANK UA/NY 5.08% 7/17/2026 106,680.00 1/17/2026 1/17/2026 713448FX1 PEPSICO INC (CALLABLE) 4.50% 7/17/2029 48,600.00 1/18/2026 1/18/2026 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 6,265.30 1/21/2026 1/21/2026 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 9,174.17 1/24/2026 1/24/2026 06051GMK2 BANK OF AMERICA CORP (CALLABLE) 4.97% 1/24/2029 46,429.18 1/25/2026 1/25/2026 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.50 1/25/2026 1/25/2026 16144MAD6 CHAOT 2025-2A A3 3.86% 10/25/2030 4,937.58 1/31/2026 1/31/2026 91282CNN7 US TREASURY N/B 3.87% 7/31/2030 16,468.75 1/31/2026 1/31/2026 91282CFB2 US TREASURY N/B 2.75% 7/31/2027 68,750.00

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
1/31/2026 1/31/2026 91282CJX0 US TREASURY N/B 4.00% 1/31/2031 27,000.00 1/31/2026 1/31/2026 91282CMG3 US TREASURY N/B 4.25% 1/31/2030 9,987.50 1/31/2026 1/31/2026 91282CLD1 US TREASURY N/B 4.12% 7/31/2031 15,056.25 1/31/2026 1/31/2026 91282CMK4 US TREASURY N/B 4.37% 1/31/2032 74,375.00 1/31/2026 1/31/2026 91282CLC3 US TREASURY N/B 4.00% 7/31/2029 121,500.00 1/31/2026 1/31/2026 91282CBJ9 US TREASURY N/B 0.75% 1/31/2028 9,618.75 1/31/2026 1/31/2026 9128286A3 US TREASURY N/B 2.62% 1/31/2026 98.44 2/1/2026 2/25/2026 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 2/1/2026 2/25/2026 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 2/1/2026 2/25/2026 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,597.32 2/1/2026 2/25/2026 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 2/1/2026 2/25/2026 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 2/1/2026 2/25/2026 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 14,134.74 2/1/2026 2/25/2026 3137HPU50 FHMS K553 A2 4.07% 12/1/2030 6,596.79 2/1/2026 2/25/2026 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 2/1/2026 2/25/2026 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 2/1/2026 2/25/2026 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 8,506.08

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
2/1/2026 2/25/2026 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46 2/1/2026 2/25/2026 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 2/1/2026 2/25/2026 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 2/1/2026 2/25/2026 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 2/1/2026 2/25/2026 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 2/1/2026 2/25/2026 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,460.19 2/1/2026 2/25/2026 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,922.75 2/1/2026 2/25/2026 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 17,151.66 2/1/2026 2/25/2026 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 2/1/2026 2/25/2026 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 2/1/2026 2/25/2026 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,292.43 2/1/2026 2/25/2026 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,174.20 2/1/2026 2/25/2026 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 2/1/2026 2/25/2026 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 2/1/2026 2/25/2026 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 2/1/2026 2/25/2026 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.63 2/1/2026 2/25/2026 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
2/1/2026 2/25/2026 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 2/1/2026 2/25/2026 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 2/1/2026 2/25/2026 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 2/2/2026 2/2/2026 MONEY0002 MONEY MARKET FUND 0.00% 3,336.85 2/3/2026 2/3/2026 89788MAC6 TRUIST FINANCIAL CORP (CALLABLE) 1.12% 8/3/2027 14,175.00 2/6/2026 2/6/2026 594918BY9 MICROSOFT CORP (CALLABLE) 3.30% 2/6/2027 38,362.50 2/7/2026 2/7/2026 713448GB8 PEPSICO INC (CALLABLE) 4.60% 2/7/2030 18,515.00 2/9/2026 2/9/2026 89236TMK8 TOYOTA MOTOR CREDIT CORP 4.55% 8/9/2029 47,775.00 2/10/2026 2/10/2026 69371RS56 PACCAR FINANCIAL CORP 5.05% 8/10/2026 95,950.00 2/14/2026 2/14/2026 532457CQ9 ELI LILLY & CO (CALLABLE) 4.20% 8/14/2029 70,350.00 2/15/2026 2/15/2026 91282CMM0 US TREASURY N/B 4.62% 2/15/2035 100,593.75 2/15/2026 2/15/2026 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 3,437.79 2/15/2026 2/15/2026 91282CFF3 US TREASURY N/B 2.75% 8/15/2032 30,181.25 2/15/2026 2/15/2026 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 2,034.70 2/15/2026 2/15/2026 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.50 2/15/2026 2/15/2026 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 3,353.51 2/15/2026 2/15/2026 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 8,706.04

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
2/15/2026 2/15/2026 912828Z94 US TREASURY N/B 1.50% 2/15/2030 4,068.75 2/15/2026 2/15/2026 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 6,007.52 2/15/2026 2/15/2026 912810FJ2 US TREASURY N/B 6.12% 8/15/2029 54,359.38 2/15/2026 2/15/2026 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 7,256.35 2/15/2026 2/15/2026 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 2/15/2026 2/15/2026 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 2/15/2026 2/15/2026 91282CLF6 US TREASURY N/B 3.87% 8/15/2034 163,718.75 2/15/2026 2/15/2026 44891XAD9 HART 2025-D A3 3.99% 9/16/2030 6,965.88 2/15/2026 2/15/2026 91282CGM7 US TREASURY N/B 3.50% 2/15/2033 36,137.50 2/15/2026 2/15/2026 89240KAD0 TAOT 2026-A A3 3.86% 9/16/2030 3,075.13 2/15/2026 2/15/2026 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.42 2/15/2026 2/15/2026 43814XAD5 HAROT 2025-4 A3 3.98% 6/17/2030 6,699.67 2/15/2026 2/15/2026 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 3,970.77 2/15/2026 2/15/2026 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 7,452.83 2/15/2026 2/15/2026 14043YAD7 COPAR 2025-1 A3 3.85% 7/15/2030 3,465.00 2/15/2026 2/15/2026 91282CAE1 US TREASURY N/B 0.62% 8/15/2030 17,726.56 2/15/2026 2/15/2026 91282CDY4 US TREASURY N/B 1.87% 2/15/2032 22,171.88

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
2/15/2026 2/15/2026 91282CHT1 US TREASURY N/B 3.87% 8/15/2033 46,209.38 2/15/2026 2/15/2026 91282CNT4 US TREASURY N/B 4.25% 8/15/2035 53,125.00 2/15/2026 2/15/2026 89231GAD0 TAOT 2025-D A3 3.84% 6/17/2030 7,984.00 2/15/2026 2/15/2026 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 2/15/2026 2/15/2026 02008KAC7 ALLYA 2025-1 A3 3.96% 3/15/2030 3,201.00 2/15/2026 2/15/2026 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.50 2/15/2026 2/15/2026 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 2,863.11 2/15/2026 2/15/2026 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 2/15/2026 2/15/2026 90327HAC3 USAOT 2025-A A3 3.95% 12/17/2029 3,604.38 2/15/2026 2/15/2026 9128282R0 US TREASURY N/B 2.25% 8/15/2027 30,712.50 2/15/2026 2/15/2026 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.00 2/15/2026 2/15/2026 91282CCS8 US TREASURY N/B 1.25% 8/15/2031 18,921.88 2/15/2026 2/15/2026 912828YB0 US TREASURY N/B 1.62% 8/15/2029 4,225.00 2/15/2026 2/15/2026 91282CJZ5 US TREASURY N/B 4.00% 2/15/2034 77,600.00 2/15/2026 2/15/2026 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 2/15/2026 2/15/2026 91282CBL4 US TREASURY N/B 1.12% 2/15/2031 3,178.13 2/15/2026 2/15/2026 14041NGF2 COMET 2025-A1 A 3.82% 9/15/2030 9,215.75

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
2/15/2026 2/15/2026 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.25 2/15/2026 2/15/2026 912810FP8 US TREASURY N/B 5.37% 2/15/2031 176,703.13 2/16/2026 2/16/2026 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,269.86 2/18/2026 2/18/2026 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 5,647.77 2/18/2026 2/18/2026 06428CAA2 BANK OF AMERICA NA (CALLABLE) 5.52% 8/18/2026 52,082.55 2/21/2026 2/21/2026 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 9,174.17 2/24/2026 2/24/2026 17275RBX9 CISCO SYSTEMS INC (CALLABLE) 4.75% 2/24/2030 164,278.75 2/24/2026 2/24/2026 46647PCW4 JPMORGAN CHASE & CO (CALLABLE) 2.94% 2/24/2028 23,649.68 2/25/2026 2/25/2026 16144MAD6 CHAOT 2025-2A A3 3.86% 10/25/2030 4,937.58 2/25/2026 2/25/2026 63743HFZ0 NATIONAL RURAL UTIL COOP (CALLABLE) 4.15% 8/25/2028 36,312.50 2/25/2026 2/25/2026 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.50 2/28/2026 2/28/2026 91282CNW7 US TREASURY N/B 3.87% 8/31/2032 48,437.50 2/28/2026 2/28/2026 91282CNX5 US TREASURY N/B 3.62% 8/31/2030 182,156.25 2/28/2026 2/28/2026 91282CGP0 US TREASURY N/B 4.00% 2/29/2028 16,700.00 2/28/2026 2/28/2026 91282CGQ8 US TREASURY N/B 4.00% 2/28/2030 37,500.00 2/28/2026 2/28/2026 91282CFH9 US TREASURY N/B 3.12% 8/31/2027 78,593.75 3/1/2026 3/25/2026 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,238.46

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
3/1/2026 3/25/2026 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 3/1/2026 3/25/2026 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,362.01 3/1/2026 3/25/2026 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.50 3/1/2026 3/25/2026 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.95 3/1/2026 3/25/2026 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,581.18 3/1/2026 3/25/2026 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 3/1/2026 3/25/2026 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.00 3/1/2026 3/25/2026 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.29 3/1/2026 3/25/2026 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.00 3/1/2026 3/25/2026 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,150.98 3/1/2026 3/25/2026 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.67 3/1/2026 3/25/2026 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.63 3/1/2026 3/25/2026 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.00 3/1/2026 3/25/2026 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.35 3/1/2026 3/25/2026 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.50 3/1/2026 3/25/2026 3137HQ4U2 FHMS K555 A2 4.05% 1/1/2031 4,691.25 3/1/2026 3/25/2026 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,276.93

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
3/1/2026 3/25/2026 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.96 3/1/2026 3/25/2026 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.00 3/1/2026 3/25/2026 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.34 3/1/2026 3/25/2026 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.71 3/1/2026 3/25/2026 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.00 3/1/2026 3/25/2026 3137HPU50 FHMS K553 A2 4.07% 12/1/2030 6,596.79 3/1/2026 3/25/2026 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.48 3/1/2026 3/25/2026 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.33 3/1/2026 3/25/2026 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 13,583.11 3/1/2026 3/25/2026 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 8,505.09 3/1/2026 3/25/2026 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 3/1/2026 3/25/2026 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,913.47 3/2/2026 3/2/2026 MONEY0002 MONEY MARKET FUND 0.00% 3,032.76 3/10/2026 3/10/2026 3130AT4C8 FEDERAL HOME LOAN BANK 3.37% 9/10/2032 14,765.63 3/11/2026 3/11/2026 89236TLB9 TOYOTA MOTOR CREDIT CORP 5.25% 9/11/2028 36,750.00 3/14/2026 3/14/2026 09290DAA9 BLACKROCK FUNDING INC (CALLABLE) 4.70% 3/14/2029 108,217.50 3/14/2026 3/14/2026 437076BT8 HOME DEPOT INC (CALLABLE) 2.80% 9/14/2027 48,300.00

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
3/15/2026 3/15/2026 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 3,063.05 3/15/2026 3/15/2026 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.25 3/15/2026 3/15/2026 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 5,267.21 3/15/2026 3/15/2026 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 6,634.29 3/15/2026 3/15/2026 44891XAD9 HART 2025-D A3 3.99% 9/16/2030 6,965.88 3/15/2026 3/15/2026 448981AD2 HART 2026-A A3 3.79% 2/18/2031 2,259.79 3/15/2026 3/15/2026 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 2,668.26 3/15/2026 3/15/2026 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 3,665.17 3/15/2026 3/15/2026 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 1,853.02 3/15/2026 3/15/2026 89240KAD0 TAOT 2026-A A3 3.86% 9/16/2030 3,843.92 3/15/2026 3/15/2026 14043YAD7 COPAR 2025-1 A3 3.85% 7/15/2030 3,465.00 3/15/2026 3/15/2026 14041NGF2 COMET 2025-A1 A 3.82% 9/15/2030 9,215.75 3/15/2026 3/15/2026 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 7,452.83 3/15/2026 3/15/2026 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.96 3/15/2026 3/15/2026 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 3,070.88 3/15/2026 3/15/2026 90327HAC3 USAOT 2025-A A3 3.95% 12/17/2029 3,604.38 3/15/2026 3/15/2026 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.00

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
3/15/2026 3/15/2026 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.42 3/15/2026 3/15/2026 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.00 3/15/2026 3/15/2026 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.83 3/15/2026 3/15/2026 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.00 3/15/2026 3/15/2026 02008KAC7 ALLYA 2025-1 A3 3.96% 3/15/2030 3,201.00 3/15/2026 3/15/2026 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.50 3/15/2026 3/15/2026 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.50 3/15/2026 3/15/2026 89231GAD0 TAOT 2025-D A3 3.84% 6/17/2030 7,984.00 3/15/2026 3/15/2026 43814XAD5 HAROT 2025-4 A3 3.98% 6/17/2030 6,699.67 3/15/2026 3/15/2026 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.00 3/15/2026 3/15/2026 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 7,950.17 3/16/2026 3/16/2026 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,175.33 3/18/2026 3/18/2026 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 5,076.28 3/21/2026 3/21/2026 43815CAD0 HAROT 2026-1 A3 3.78% 9/23/2030 4,140.68 3/21/2026 3/21/2026 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 9,174.17 3/22/2026 3/22/2026 49177JAF9 KENVUE INC (CALLABLE) 5.05% 3/22/2028 63,125.00 3/25/2026 3/25/2026 16144MAD6 CHAOT 2025-2A A3 3.86% 10/25/2030 4,937.58

ATTACHMENT B
PFM Asset Management | pfmam.com

INTEREST
3/25/2026 3/25/2026 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.50 3/29/2026 3/29/2026 17325FBB3 CITIBANK NA (CALLABLE) 5.80% 9/29/2028 180,908.53 3/31/2026 3/31/2026 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 5,593.75 3/31/2026 3/31/2026 91282CMU2 US TREASURY N/B 4.00% 3/31/2030 146,600.00 3/31/2026 3/31/2026 91282CAL5 US TREASURY N/B 0.37% 9/30/2027 1,396.88 3/31/2026 3/31/2026 91282CCY5 US TREASURY N/B 1.25% 9/30/2028 3,281.25 3/31/2026 3/31/2026 91282CGT2 US TREASURY N/B 3.62% 3/31/2028 15,950.00 3/31/2026 3/31/2026 91282CKF7 US TREASURY N/B 4.12% 3/31/2031 78,787.50 Total INTEREST 0.00 4,849,513.18 0.00

MATURITY
1/1/2026 1/1/2026 2,500.00 646140DP5 NJ TPK AUTH -B-TXBL 1.04% 1/1/2026 2,500.00 1/15/2026 1/15/2026 1,950,000.00 912797RJ8 TREASURY BILL 0.00% 1/15/2026 1,950,000.00 1/31/2026 1/31/2026 7,500.00 9128286A3 US TREASURY N/B 2.62% 1/31/2026 7,500.00 3/24/2026 3/24/2026 1,270,000.00 912797TA5 TREASURY BILL 0.00% 3/24/2026 1,270,000.00 Total MATURITY 3,230,000.00 3,230,000.00 0.00

PAYDOWNS
1/1/2026 1/25/2026 475.61 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 475.61

ATTACHMENT B
PFM Asset Management | pfmam.com

PAYDOWNS
1/1/2026 1/25/2026 4,787.98 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 4,787.99 0.02 1/1/2026 1/25/2026 2,383.35 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,383.35 19.32 1/1/2026 1/25/2026 24,431.84 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 24,431.83 209.55 1/1/2026 1/25/2026 390.51 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 390.51 3.41 1/1/2026 1/25/2026 5,769.35 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,769.35 45.63 1/1/2026 1/25/2026 173,540.09 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 173,540.09 -1,002.00 1/1/2026 1/25/2026 3,872.97 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,872.98 0.06 1/15/2026 1/15/2026 176,128.19 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 176,128.19 1.59 1/15/2026 1/15/2026 83,818.34 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 83,818.34 1.46 1/15/2026 1/15/2026 66,291.44 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 66,291.44 5.07 1/15/2026 1/15/2026 45,552.08 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 45,552.08 4.97 1/15/2026 1/15/2026 69,456.47 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 69,456.47 7.87 1/15/2026 1/15/2026 143,011.44 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 143,011.44 4.60 1/15/2026 1/15/2026 170,411.21 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 170,411.21 15.62 1/15/2026 1/15/2026 44,913.70 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 44,913.70 2.70 1/16/2026 1/16/2026 25,687.35 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 25,687.35 3.21 1/18/2026 1/18/2026 136,974.70 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 136,974.71 13.12

ATTACHMENT B
PFM Asset Management | pfmam.com

PAYDOWNS
2/1/2026 2/25/2026 5,286.53 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,286.53 0.01 2/1/2026 2/25/2026 3,894.08 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,894.08 0.05 2/1/2026 2/25/2026 5,788.73 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,788.73 41.54 2/1/2026 2/25/2026 160,833.18 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 160,833.18 1,358.75 2/1/2026 2/25/2026 2,394.50 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,394.50 18.78 2/1/2026 2/25/2026 24,545.97 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 24,545.97 203.45 2/1/2026 2/25/2026 238.31 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 238.31 -1.34 2/1/2026 2/25/2026 478.06 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 478.06 2/15/2026 2/15/2026 79,619.02 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 79,619.03 1.34 2/15/2026 2/15/2026 66,196.31 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 66,196.31 4.92 2/15/2026 2/15/2026 158,020.36 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 158,020.38 1.39 2/15/2026 2/15/2026 42,251.22 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 42,251.22 4.44 2/15/2026 2/15/2026 42,203.84 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 42,203.83 2.45 2/15/2026 2/15/2026 134,984.87 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 134,984.88 4.21 2/15/2026 2/15/2026 66,011.81 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 66,011.80 7.16 2/15/2026 2/15/2026 159,207.16 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 159,207.15 14.10 2/16/2026 2/16/2026 23,388.98 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 23,388.98 2.85

ATTACHMENT B
PFM Asset Management | pfmam.com

PAYDOWNS
2/18/2026 2/18/2026 126,763.61 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 126,763.61 11.65 3/1/2026 3/25/2026 15,025.23 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 15,025.23 96.83 3/1/2026 3/25/2026 3,380.52 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 3,380.52 25.62 3/1/2026 3/25/2026 35,017.70 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 35,017.70 280.08 3/1/2026 3/25/2026 444.68 3136BQDE6 FNA 2023-M6 A2 4.19% 7/1/2028 444.68 3.63 3/1/2026 3/25/2026 41,552.96 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 41,552.96 923.48 3/1/2026 3/25/2026 404.44 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 404.44 -2.21 3/1/2026 3/25/2026 6,323.10 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 6,323.10 0.07 3/1/2026 3/25/2026 9,237.18 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 9,237.18 0.02 3/15/2026 3/15/2026 69,762.26 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 69,762.26 1.12 3/15/2026 3/15/2026 144,404.91 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 144,404.91 12.35 3/15/2026 3/15/2026 39,365.45 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 39,365.45 3.98 3/15/2026 3/15/2026 39,514.12 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 39,514.12 2.23 3/15/2026 3/15/2026 146,106.44 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 146,106.44 1.23 3/15/2026 3/15/2026 128,693.32 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 128,693.32 3.87 3/15/2026 3/15/2026 63,084.80 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 63,084.80 6.55 3/15/2026 3/15/2026 62,682.33 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 62,682.33 4.52

ATTACHMENT B
PFM Asset Management | pfmam.com

PAYDOWNS
3/16/2026 3/16/2026 20,956.81 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 20,956.81 2.48 3/18/2026 3/18/2026 121,671.61 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 121,671.61 10.71 Total PAYDOWNS 3,227,631.02 3,227,631.05 2,388.51
SELL
1/2/2026 1/5/2026 4,840,000.00 912828ZN3 US TREASURY N/B 0.50% 4/30/2027 4,660,076.21 -43,466.35 1/5/2026 1/8/2026 480,000.00 91282CPR6 US TREASURY N/B 3.62% 12/31/2030 478,565.78 -83.45 1/6/2026 1/13/2026 2,020,000.00 91282CPR6 US TREASURY N/B 3.62% 12/31/2030 2,015,133.52 -212.01 1/6/2026 1/13/2026 15,000.00 91282CPR6 US TREASURY N/B 3.62% 12/31/2030 14,963.87 17.26 1/7/2026 1/9/2026 1,955,000.00 91282CPR6 US TREASURY N/B 3.62% 12/31/2030 1,950,958.02 3,719.51 1/7/2026 1/13/2026 2,785,000.00 91282CPR6 US TREASURY N/B 3.62% 12/31/2030 2,780,031.16 4,944.59 1/13/2026 1/14/2026 1,050,000.00 91282CBS9 US TREASURY N/B 1.25% 3/31/2028 1,003,208.84 -2,436.40 1/21/2026 1/22/2026 580,000.00 02079KAV9 ALPHABET INC (CALLABLE) 3.87% 11/15/2028 586,606.52 2,327.14 1/21/2026 1/22/2026 4,675,000.00 037833ET3 APPLE INC (CALLABLE) 4.00% 5/10/2028 4,741,899.25 30,381.45 1/21/2026 1/22/2026 1,370,000.00 037833ET3 APPLE INC (CALLABLE) 4.00% 5/10/2028 1,389,604.70 3,692.80 2/4/2026 2/5/2026 2,800,000.00 91282CLC3 US TREASURY N/B 4.00% 7/31/2029 2,829,218.84 13,692.68 2/4/2026 2/5/2026 4,215,000.00 912828ZV5 US TREASURY N/B 0.50% 6/30/2027 4,043,062.46 -27,167.74 2/5/2026 2/10/2026 2,142,380.33 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,199,181.79 54,229.00

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
SELL
2/5/2026 2/10/2026 2,142,380.40 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,199,851.36 54,898.50 2/5/2026 2/9/2026 1,405,000.00 91282CEW7 US TREASURY N/B 3.25% 6/30/2027 1,405,600.07 4,715.96 2/10/2026 2/13/2026 1,000,000.00 912810FF0 US TREASURY N/B 5.25% 11/15/2028 1,057,349.37 14,368.44 2/10/2026 2/13/2026 3,275,000.00 91282CLC3 US TREASURY N/B 4.00% 7/31/2029 3,326,654.62 30,697.32 2/10/2026 2/13/2026 2,120,000.00 91282CFJ5 US TREASURY N/B 3.12% 8/31/2029 2,118,828.27 33,308.30 2/10/2026 2/13/2026 205,000.00 9128285M8 US TREASURY N/B 3.12% 11/15/2028 204,606.77 758.68 2/13/2026 2/18/2026 575,000.00 91282CEW7 US TREASURY N/B 3.25% 6/30/2027 576,069.56 2,222.71 2/20/2026 2/24/2026 800,000.00 912810FJ2 US TREASURY N/B 6.12% 8/15/2029 867,624.48 7,528.24 2/20/2026 2/24/2026 490,000.00 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 488,208.60 10,335.36 2/20/2026 2/24/2026 960,000.00 91282CKT7 US TREASURY N/B 4.50% 5/31/2029 999,081.59 22,969.36 2/20/2026 2/24/2026 385,000.00 9128285M8 US TREASURY N/B 3.12% 11/15/2028 384,807.57 1,551.14 2/20/2026 2/24/2026 490,000.00 91282CES6 US TREASURY N/B 2.75% 5/31/2029 481,641.85 1,485.91 3/3/2026 3/6/2026 2,320,000.00 91282CEW7 US TREASURY N/B 3.25% 6/30/2027 2,324,476.17 5,317.91 3/6/2026 3/13/2026 510,000.00 91282CFU0 US TREASURY N/B 4.12% 10/31/2027 522,052.30 1,445.84 3/6/2026 3/13/2026 3,665,000.00 91282CFU0 US TREASURY N/B 4.12% 10/31/2027 3,751,611.09 9,482.50 3/11/2026 3/13/2026 3,555,000.00 91282CMD0 US TREASURY N/B 4.37% 12/31/2029 3,668,143.77 88,400.81 3/13/2026 3/16/2026 5,000,000.00 91282CFB2 US TREASURY N/B 2.75% 7/31/2027 4,950,306.46 -19,896.02

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
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.

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
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.

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
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.

ATTACHMENT B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended March 31, 2026
Appendix
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.

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

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

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

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

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

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

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

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

ATTACHMENT B

City Council and Concurrent AuthoritiesJuly 21, 2026

City Council and Concurrent Authorities
July 21, 2026