Attachment C - Chandler Investment Report — City Council and Concurrent Authorities, July 21, 2026

INVESTMENT REPORT
City of Stockton | As of March 31, 2026
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.

ATTACHMENT C

TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS
1 ATTACHMENT C

ECONOMIC UPDATE
2 ATTACHMENT C
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▪
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March payrolls reboundedby 178,000 after February’s revised 133,000 decline, but the war in Iran and its disruption of the Strait of Hormuz have pushed crude oil above $112, injecting a potential inflationary shock into an economy contending with sticky core prices above 3%.

The Federal Reserve has held the funds rate at 3.50–3.75% and is signaling a cautionary stance, keeping open the option of delaying cuts if oil‑related inflation proves persistent rather than transitory. As the data flow normalizes, the Chandler team anticipates additional yield curve steepening as the Federal Reserve gradually guides the policy rate toward a more neutral range. The Federal Reserve’s March dot plot still projects one cut this year, yet the Iran-driven energy shock has narrowed the path toward easing.

The Federal Reserve’s March 2026 FOMC meeting ended with policymakers again holding the target range at 3.50%–3.75%, as the Committee maintained its pause following three late ‑2025 rate cuts. Governor Stephen Miran dissented in favor of an additional quarter‑point reduction, while Christopher Waller joined the majority, tipping the vote 11–1 to leave the benchmark rate unchanged.

Meanwhile, President Trump’s nominationof Kevin Warsh to succeed Jerome Powell as chair has hit a roadblock after a Republican senator vowed to block Warsh’s confirmation amid the Justice Department’s ongoing probe of the central bank.

Treasury yields exhibited considerable first-quarter volatility as the Iran conflict injected energy-driven inflation fears into a market grappling with sticky core prices. At March month-end, the 2-year yield stood at 3.79%, up 32 basis points year-to-date, the 10-year at

4.32%, and the 30-year at 4.86%. The 2-year to 10-year spread narrowed to 52 basis points, reflecting pronounced flattening as short rates rose faster than longer maturities. One year ago, that spread stood near 32 basis points, providing context on normalization since the 2022 through 2024 yield curve inversion. The 3-month to 10-year spread was approximately 64 basis points at March month-end.

ECONOMIC UPDATE
3 ATTACHMENT C
-400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
March nonfarm payrolls rose by 178,000, a decisive reversal from February’s revised 133,000 decline that had been distorted by a Kaiser Permanente strike affecting over 30,000 healthcare workers and severe winter weather. Healthcare contributed 76,000 positions as striking nurses returned, while construction and leisure rebounded from weather-induced troughs. The unemployment rate edged lowerto

4.3%, though partly from a labor force reduction rather than a hiring acceleration. Meanwhile, the underemployment rate edged up to

8.0% from 7.9% in February. Average hourly earnings rose 0.2% over the month and 3.5% year over year—the slowest annual pace since May 2021.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT
4 ATTACHMENT C
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
Job openings fell to 6.9 million in February from a revised 7.2 million in January, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. The ratio of openings to unemployed workers slipped to 0.9, reinforcing the gradual rebalancing of demand and supply. Hires decreased to 4.8 million, the lowest since April 2020, suggesting employers have grown selective about adding headcount. Quits were little changed at 3 million. The data reflects a labor market consistent with the Federal Reserve’s characterization of a no-hire, no-fire environment.

Source: US Department of Labor

JOB OPENINGS & LABOR TURNOVER SURVEY
5 ATTACHMENT C

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator
YOY % Change
PCE Core Deflator
YOY % Change
Fed Target
YOY (%) Change
Inflation firmed slightly in February on a headline basis, with the Consumer Price Index (CPI) rising 0.3% for the month, following a 0.2% increase in January. On an annual basis, headline CPI rose 2.4%, unchanged from January. Core CPI, which excludes volatile food and energy prices, increased 0.2% in February, down from January’s 0.3% pace, while the annual rate held steady at 2.5%. The Personal Consumption Expenditures (PCE) Index rose 0.3% in January, easing from a 0.4% gain in December. On a year-over-year basis, headline PCE also edged down to 2.8% from 2.9% the prior month. Core PCE held steady at 0.4% on the month but ticked up to 3.1% annually from

3.0% in December, driven largely by higher healthcare services costs.

Source: US Department of Labor Source: US Department of Commerce

INFLATION
6 ATTACHMENT C

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
The Conference Board’s Consumer Confidence Index edged up to 91.8 in March from 91.0 in February, a second consecutive gain that nonetheless sits well below the all-time peak of 144.7 from early 2000. The Present Situation component rose 4.6 points to 123.3 on favorable assessments of business and labor conditions, while the Expectations Index slipped 1.7 points to 70.9. Inflation expectations climbed to their highest since August 2025, reflecting tariff passthrough and elevated gasoline prices. February retail sales rebounded

0.6% from January, with stronger auto and broad-based discretionary spending offsetting January’s weather- and vehicle-related weakness; the control group also advanced 0.5%, signaling firmer underlying consumer demand. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)

CONSUMER
7 ATTACHMENT C
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Chicago Fed National Activity Index (CFNAI) fell to ‑0.11 in February, following a positive revision to 0.20 in January. The index’s three‑month moving average edgedup to ‑0.01 from ‑0.02 the prior month. Production and employment related indicators turned negative in February, while sales, orders, and inventories also remained in negative territory. The personal consumption and housing categories slipped modestly but stayed in positive territory. The Conference Board’s Leading Economic Index (LEI) declined 0.1% in January, an improvement from ‑0.2% in December, with consumer expectations and building permits the largest drags on the index. On a year‑over‑year basis, the LEI fell 3.8%, continuing to signal slower economic growth heading into 2026. Notably, the latest LEI data do not yet reflect the impact of the war in Iran.

Source: The Conference Board Source: Federal Reserve Bank of Chicago

LEADING INDICATORS OF ECONOMIC ACTIVITY
8 ATTACHMENT C
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts rose 7.2% in January to an annualized pace of 1.487 million units, including 935,000 single-family and 552,000 multifamily starts. The January S&P Cotality Case-Shiller 20-City Composite posted a 1.18% year-over-year gain, continuing deceleration from December’s revised 1.43% annual increase. Inflation again outpaced home price appreciation, extending the erosion of real housing returns that began in the second half of 2025. The Freddie Mac 30-year fixed mortgage rate climbed to 6.46% as of April 2, its fifth consecutive weekly rise, reversing progress made when rates dipped below 6% in February. Higher borrowing costs and elevated prices continue to constrain affordability.

Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change

HOUSING
9 ATTACHMENT C
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services

EXPANDING

CONTRACTING
The Institute for Supply Management’s Manufacturing Index rose to 52.7 in March from 52.4, the fastest factory expansion since August 2022 and a third consecutive month above 50. Production accelerated to 55.1 from 53.5, though new orders decelerated to 53.5 from 55.8.

The prices subindex leaped to 78.3 from 70.5, reflecting elevated energy costs, metals tariffs, and Iran-related supply disruptions.

Employment remained in contraction at 48.7. The Services Index eased to 54.0 in March from 56.1 in February but still posted its 21st consecutive month of expansion. With both measures above the 50 threshold, ISM data point toward a resilient if cost-pressured economy.

Source: Institute for Supply Management

SURVEY BASED MEASURES
10 ATTACHMENT C
Components of GDP 3/25 6/25 9/25 12/25

0.4% 1.7% 2.3% 1.3%

3.8% -2.7% 0.0% 0.6%
-4.7% 4.8% 1.6% -0.2%
-0.4% -0.4% 0.2% -1.2%

0.2% 0.3% 0.2% 0.1%
-0.6% 3.8% 4.4% 0.7%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce The second estimate of real gross domestic product (GDP) showed fourth-quarter growth revised down to 0.7% from the initial 1.4% estimate. The slowdown from 4.4% in the third quarter primarily reflected a sharp pullback in government spending, as the federal government shutdown weighed on activity. Personal Consumption Expenditures also declined across both goods and services.

GROSS DOMESTIC PRODUCT (GDP)
11 ATTACHMENT C
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Reserve left its benchmark interest rate unchanged in March, keeping the target range at 3.50% to 3.75% following three late‑2025 rate cuts that were justified by signs of softening in the labor market. However, policymakers have grown wary of potential inflationary pressures stemming from tariffs, the war in Iran, and the ensuing spike in commodity prices. The Federal Reserve now projects just one rate cut in 2026, even as inflation expectations rise. The Committee also reaffirmed its December decision to halt balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a continued emphasis on maintaining ample reserves and supporting orderly market functioning.

FEDERAL RESERVE

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
12 ATTACHMENT C
Source: Bloomberg Source: Bloomberg

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%
US Treasury Yield Curve
Mar-26
Dec-25
Mar-25
Yield (%)
At March month-end, the 2-year Treasury yield stood at 3.79%, down approximately 9 basis points from one year ago, while the 10-year finished at 4.32%, roughly 11 basis points higher year-over-year. The spread between the two narrowed to 52 basis points, wider by 20 basis points year-over-year. The prior 2-year to 10-year inversion from July 2022 through August 2024 was historically long. The average spread since 2005 is approximately 95 basis points, suggesting the current slope sits well below its long-run norm. The 3-month to 10- year spread stood near 64 basis points at March month-end.

BOND YIELDS
13 ATTACHMENT C

ACCOUNT PROFILE
14 ATTACHMENT C

OBJECTIVES
Investment Objectives
Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and econmic cycles, taking into account the investment risk constraints and liquidity needs.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds. 15 ATTACHMENT C

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of March 31, 2026 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES
Max % (MV) 20.0 8.3 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 20.0 8.3 Compliant Max Maturity (Years) 10.0 4.7 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 9.5 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 0.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-

NEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COMMERCIAL PAPER
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant

CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 26.5 Compliant
Max % Issuer (MV) 5.0 1.8 Compliant
16 ATTACHMENT C

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of March 31, 2026 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 8.2 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 100.0 8.3 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 10 8 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.9 Compliant
Max % Issuer (MV) 20.0 0.9 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MORTGAGE -BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 1.1 Compliant
Max % Issuer (MV) 5.0 1.1 Compliant
Max Maturity (Years) 10 6 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
17 ATTACHMENT C

STATEMENT OF COMPLIANCE
City of Stockton ConsAgg | Account #10021 | As of March 31, 2026 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 10 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 45.6 Compliant
Max Maturity (Years) 10 6 Compliant
18 ATTACHMENT C

PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of March 31, 2026 Benchmark* 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 2.67 3.02 3.01
Average Modified Duration 2.49 2.55 2.54
Average Purchase Yield 4.09% 3.85%
Average Market Yield 3.91% 4.03% 3.79%
Average Quality** AA+ AA+ AA
Total Market Value 353,652,761 352,592,890
*Benchmark: ICE BofA 1-5 Year Gov/Corp A or better
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 19 ATTACHMENT C

SECTOR DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 45.86% 46.60%
Corporate 26.62% 26.87%
ABS 9.51% 9.08%
Agency CMBS 8.30% 7.48%
Agency 8.21% 8.29%
Muni Bonds 1.08% 1.25%
Money Mkt Fd 0.43% 0.42%
20 ATTACHMENT C

ISSUERS
City of Stockton Reserve | Account #10020 | As of March 31, 2026 Issuer Investment Type % Portfolio
United States US Treasury 45.85%
Federal Home Loan Mortgage Corp Agency CMBS 8.30%
Farm Credit System Agency 4.97%
Federal Home Loan Banks Agency 2.45%
State Street Corporation Corporate 1.76%
JPMorgan Chase & Co. Corporate 1.69%
Bank of America Corporation Corporate 1.58%
Morgan Stanley Corporate 1.50%
American Express Credit Master Trust ABS 1.42%
Chase Issuance Trust ABS 1.41%
Caterpillar Inc. Corporate 1.16%
The Home Depot, Inc. Corporate 1.16%
UnitedHealth Group Incorporated Corporate 1.13%
Visa Inc. Corporate 1.12%
State of California Muni Bonds 1.08%
PACCAR Inc Corporate 1.04%
National Rural Utilities Cooperative Corporate 1.01%
BMW Vehicle Owner Trust ABS 1.01%
New York Life Insurance Company Corporate 1.00%
American Honda Finance Corporation Corporate 1.00%
The Charles Schwab Corporation Corporate 0.98%
GM Financial Auto Leasing Trust ABS 0.94%
Cisco Systems, Inc. Corporate 0.87%
Mastercard Incorporated Corporate 0.87%
Massachusetts Mutual Life Insurance Corporate 0.86%
Hyundai Auto Receivables Trust ABS 0.84%
Prologis, Inc. Corporate 0.84%
State of Tennessee Agency 0.78%
Metropolitan Life Global Funding I Corporate 0.76%
Honda Auto Receivables Owner Trust ABS 0.73%
21 ATTACHMENT C

ISSUERS
City of Stockton Reserve | Account #10020 | As of March 31, 2026 Issuer Investment Type % Portfolio
Toyota Motor Corporation Corporate 0.73%
Verizon Master Trust ABS 0.72%
American Express Company Corporate 0.71%
The Progressive Corporation Corporate 0.66%
Eli Lilly and Company Corporate 0.65%
Northern Trust Corporation Corporate 0.63%
Target Corporation Corporate 0.60%
Public Storage OP, LP Corporate 0.59%
Deere & Company Corporate 0.58%
John Deere Owner Trust ABS 0.57%
Toyota Auto Receivables Owner Trust ABS 0.57%
Merck & Co., Inc. Corporate 0.57%
PepsiCo, Inc. Corporate 0.57%
WF Card Issuance Trust ABS 0.52%
Bank of America Credit Card Trust ABS 0.47%
Federated Hermes, Inc. Money Mkt Fd 0.43%
Hyundai Auto Lease Sec Trust ABS 0.31%
Cash Cash 0.01%
TOTAL 100.00%
22 ATTACHMENT C

QUALITY DISTRIBUTION
Rating 03/31/2026 12/31/2025
AAA 8.44% 7.75%
AA 63.10% 65.40%
A 20.04% 21.27%
BBB 1.00% --
A-1+ 3.82% 1.69%
NA 3.60% 3.89%
Rating 03/31/2026 12/31/2025
Aaa 6.36% 6.72%
Aa 65.81% 67.99%
A 19.07% 19.43%
P-1 3.82% 1.69%
NA 4.94% 4.16%
Rating 03/31/2026 12/31/2025
AAA 14.69% 13.31%
AA 60.59% 63.58%
A 11.87% 12.16%
F1+ 3.82% 1.69%
NA 9.05% 9.26%
City of Stockton Reserve | Account #10020 | As of March 31, 2026 S&P Rating Moody’s Rating Fitch Rating
23 ATTACHMENT C
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 9.8% 4.0% 4.5% 18.4% 25.4% 19.5% 12.4% 6.0% 0.0% ICE BofA 1-5 Year Gov/Corp A or better 0.0% 0.0% 2.5% 35.1% 28.8% 21.4% 12.3% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of March 31, 2026 Portfolio Compared to the Benchmark
24 ATTACHMENT C
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Reserve 0.31% 4.32% 4.94% 4.40% 3.59%
ICE BofA 1-5 Year Gov/Corp A or better 0.19% 3.96% 4.77% 4.07% 3.26% Basis Point Fee* 0.01% 0.04% 0.04% 0.03% 0.03%
Net of Fees 0.30% 4.28% 4.90% 4.37% 3.56%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 3,420,677 13,227,743 22,202,977 28,115,215 30,624,098 Change in Market Value (2,330,893) 1,407,407 10,360,857 14,950,583 367,409 TOTAL DOLLAR RETURN 1,089,784 14,635,150 32,563,834 43,065,797 30,991,507

INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of March 31, 2026 Total and Realized Rate of Return : Inception | 08/01/2022 *Periods over 1 year are annualized.

Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio. 25 ATTACHMENT C

HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Reserve | Account #10020 | As of March 31, 2026 Purchase Yield as of 03/31/26 = 4.09%
26 ATTACHMENT C

PORTFOLIO CHARACTERISTICS
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2026 Benchmark* 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 0.16 0.00 0.00
Average Modified Duration 0.16 0.00 0.00
Average Purchase Yield 3.52% 3.62%
Average Market Yield 3.68% 3.52% 5.17%
Average Quality** AA+ AAA AAA
Total Market Value 1,823,119 1,807,248
*Benchmark: ICE BofA 3-Month US Treasury Bill Index
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 27 ATTACHMENT C

SECTOR DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
Money Mkt Fd 100.00% 100.00%
28 ATTACHMENT C

ISSUERS
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2026 Issuer Investment Type % Portfolio
Federated Hermes, Inc. Money Mkt Fd 99.70%
Cash Cash 0.30%
TOTAL 100.00%
29 ATTACHMENT C

QUALITY DISTRIBUTION
Rating 03/31/2026 12/31/2025
AAA 100.00% 100.00%
Rating 03/31/2026 12/31/2025
Aaa 100.00% 100.00%
Rating 03/31/2026 12/31/2025
AAA 100.00% 100.00%
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2026 S&P Rating Moody’s Rating Fitch Rating
30 ATTACHMENT C
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ICE BofA 3-Month US Treasury Bill Index 100.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

DURATION DISTRIBUTION
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2026 Portfolio Compared to the Benchmark
31 ATTACHMENT C
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception

TOTAL RATE OF RETURN
City of Stockton Enhanced Cash 0.88% 4.01% 4.47%
ICE BofA 3-Month US Treasury Bill Index 0.85% 4.00% 4.42% Basis Point Fee* 0.01% 0.06% 0.05%
Net of Fees 0.87% 3.95% 4.41%
3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*

MARKET VALUE BASIS EARNINGS
Income Earned 15,995 538,030 1,829,662
Change in Market Value - 721 1,823,119
TOTAL DOLLAR RETURN 15,995 538,752 3,652,780

INVESTMENT PERFORMANCE
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2026 Total and Realized Rate of Return : Inception | 05/17/2024 *Periods over 1 year are annualized.

HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2026 Purchase Yield as of 03/31/26 = 3.52%
33 ATTACHMENT C

CONSOLIDATED INFORMATION
34 ATTACHMENT C

PORTFOLIO CHARACTERISTICS
City of Stockton ConsAgg | Account #10021 | As of March 31, 2026 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 3.00 3.00
Average Modified Duration 2.54 2.52
Average Purchase Yield 4.08% 3.85%
Average Market Yield 4.02% 3.80%
Average Quality** AA+ AA
Total Market Value 355,475,880 354,400,138
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 35 ATTACHMENT C

SECTOR DISTRIBUTION
City of Stockton ConsAgg | Account #10021 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 45.62% 46.36%
Corporate 26.48% 26.74%
ABS 9.46% 9.04%
Agency CMBS 8.26% 7.44%
Agency 8.16% 8.25%
Muni Bonds 1.07% 1.25%
Money Mkt Fd 0.95% 0.93%
36 ATTACHMENT C

PORTFOLIO HOLDINGS
37 ATTACHMENT C

HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of March 31, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,390,000.00 02/05/2025

4.66%
1,389,835.98
1,389,897.34
100.41

4.13%
1,395,757.38
1,979.21

0.40%
5,860.04
NA/AAA
AAA

1.90 0.72
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 176,330.33 07/11/2023

5.47%
176,299.08
176,317.43
100.51

4.01%
177,226.26
160.75

0.05%
908.84
NA/AAA
AAA

1.91 0.33
477920AC6 JDOT 2023-B A3 5.18 03/15/2028 420,113.40 06/21/2023

5.51%
420,043.32
420,084.34
100.43

4.20%
421,940.47
967.19

0.12%
1,856.13
Aaa/NA
AAA

1.96 0.42
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 1,580,240.16 09/12/2023

5.55%
1,580,131.59
1,580,190.67
100.61

4.31%
1,589,942.83
3,848.76

0.45%
9,752.16
Aaa/NA
AAA

2.12 0.50
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 1,270,000.00 06/07/2023

4.92%
1,269,887.35
1,269,993.99
100.10

4.09%
1,271,263.65
2,748.84

0.36%
1,269.66
NA/AAA
AAA

0.12 0.12
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 581,450.46 11/01/2023

5.74%
581,348.07
581,401.18
100.87

4.23%
586,503.85
915.78

0.17%
5,102.67
Aaa/NA
AAA

2.22 0.55
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 4,915,000.00 --

5.23%
4,920,147.11
4,915,536.34
100.54

3.99%
4,941,663.88
11,271.73

1.41%
26,127.53
NA/AAA
AAA

2.46 0.44
448970AD5 HALST 2026-A A3 3.97
12/15/2028 1,080,000.00 01/12/2026

3.98%
1,079,841.67
1,079,852.14

99.64 4.21%
1,076,133.60
1,905.60

0.31%
(3,718.54)
NA/AAA
AAA

2.71 1.76
36273VAD7 GMALT 2026-1 A3 3.88
01/22/2029 1,915,000.00 02/03/2026

4.11%
1,914,749.33
1,914,760.52

99.49 4.23%
1,905,317.76
2,270.34

0.54%
(9,442.76)
NA/AAA
AAA

2.81 1.60
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 1,148,566.11 06/04/2024

5.18%
1,148,391.64
1,148,458.45
100.66

4.30%
1,156,132.86
991.60

0.33%
7,674.41
Aaa/AAA
NA

2.91 0.70
44934QAD3 HART 2024-B A3 4.84 03/15/2029 910,000.00 07/16/2024

5.45%
909,862.68
909,912.59
100.59

4.13%
915,328.05
1,957.51

0.26%
5,415.46
NA/AAA
AAA

2.96 0.77
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,966,793.98 08/09/2024

4.66%
1,966,485.00
1,966,593.60
100.36

4.13%
1,973,811.50
2,496.74

0.56%
7,217.91
Aaa/NA
AAA

2.97 0.72
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,635,000.00 06/06/2024

4.93%
1,634,908.28
1,634,942.03
101.03

4.02%
1,651,912.44
3,582.47

0.47%
16,970.41
Aaa/AAA
NA

3.12 1.07
89240JAD3 TAOT 2025-A A3 4.64 08/15/2029 1,990,000.00 01/22/2025

4.69%
1,989,920.20
1,989,940.74
100.65

4.10%
2,002,863.36
4,103.82

0.57%
12,922.62
Aaa/NA
AAA

3.38 1.10
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 2,185,000.00 02/04/2025

4.56%
2,184,784.78
2,184,837.50
100.53

4.10%
2,196,685.38
1,660.60

0.63%
11,847.88
Aaa/AAA
NA

3.49 1.05
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,815,000.00 10/17/2024

4.29%
1,814,730.29
1,814,808.07
100.41

4.05%
1,822,428.80
3,460.60

0.52%
7,620.72
Aaa/AAA
NA

3.54 1.46
38 ATTACHMENT C

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
44935CAD3 HART 2025-A A3 4.32 10/15/2029 2,045,000.00 03/04/2025

4.84%
2,044,698.36
2,044,767.57
100.23

4.17%
2,049,781.21
3,926.40

0.58%
5,013.64
NA/AAA
AAA

3.54 1.25
02582JKM1 AMXCA 2025-1 A 4.56 12/17/2029 3,685,000.00 02/04/2025

4.57%
3,684,181.56
3,684,372.99
100.80

4.11%
3,714,483.69
7,468.27

1.06%
30,110.69
NA/AAA
AAA

3.71 1.61
92348KDY6 VZMT 2025-3 A1A 4.51
03/20/2030 2,525,000.00 03/25/2025

4.51%
2,524,891.43
2,524,913.32
100.45

4.31%
2,536,281.70
3,479.59

0.72%
11,368.38
Aaa/NA
AAA

3.97 0.93
Total ABS 33,233,494.43 4.79%
33,235,137.73
33,231,580.80
100.46

4.13%
33,385,458.66
59,195.81

9.51%
153,877.86

2.94 0.97
AGENCY
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 4,100,000.00 03/28/2023

3.89%
4,211,028.00
4,143,539.19
101.21

3.84%
4,149,737.10
10,762.50

1.18%
6,197.91
Aa1/AA+
AA+

1.94 1.84
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 2,500,000.00 04/29/2024

4.70%
2,505,075.00
2,503,126.71
102.62

3.84%
2,565,510.00
49,809.03

0.73%
62,383.29
Aa1/AA+
AA+

3.08 2.80
3130B1BC0 FEDERAL HOME LOAN BANKS

4.625 06/08/2029 1,900,000.00 07/30/2024

4.10%
1,943,358.00
1,928,465.15
102.27

3.86%
1,943,194.60
27,582.99

0.55%
14,729.45
Aa1/AA+
AA+

3.19 2.90
3133EN7B0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.75 01/25/2030 3,000,000.00 01/20/2023

3.83%
2,985,090.00
2,991,865.68

98.97 4.04%
2,969,121.00
20,625.00

0.85%
(22,744.68)
Aa1/AA+
AA+

3.82 3.50
3133EN4V9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 09/23/2030 2,100,000.00 12/22/2022

4.22%
2,087,505.00
2,092,769.08
100.71

3.95%
2,115,010.80
1,925.00

0.60%
22,241.72
Aa1/AA+
AA+

4.48 4.05
3133ENQ45 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 09/30/2030 875,000.00 11/30/2022

4.40%
866,250.00
869,975.10
101.14

3.97%
885,017.88
103.30

0.25%
15,042.78
Aa1/AA+
AA+

4.50 4.06
880591EX6 TENNESSEE VALLEY AUTHORITY

1.5 09/15/2031 1,003,000.00 01/23/2023

4.03%
818,959.53
886,779.26

87.48 4.08%
877,462.51
668.67

0.25%
(9,316.75)
Aa1/AA+
AA+

5.46 5.13
3133ENFQ8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.81 12/01/2031 2,303,000.00 01/25/2023

3.94%
1,939,056.91
2,069,833.12

88.54 4.10%
2,039,138.38
13,894.77

0.58%
(30,694.74)
Aa1/AA+
AA+

5.67 5.25
3133ENGS3 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.625 12/09/2031 4,500,000.00 02/24/2023

4.35%
3,613,410.00
3,925,527.28

87.85 4.04%
3,953,223.00
22,750.00

1.13%
27,695.72
Aa1/AA+
AA+

5.69 5.30
3133EN6M7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 01/19/2033 3,000,000.00 01/18/2023

3.93%
3,017,490.00
3,011,897.80

97.88 4.36%
2,936,325.00
24,000.00

0.84%
(75,572.80)
Aa1/AA+
AA+

6.80 5.84
3130AV4X7 FEDERAL HOME LOAN BANKS

4.375 03/11/2033 2,500,000.00 05/12/2023

4.04%
2,568,175.00
2,548,186.12
101.14

4.18%
2,528,552.50
6,076.39

0.72%
(19,633.62)
Aa1/AA+
AA+

6.94 5.93
39 ATTACHMENT C

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
880591FB3 TENNESSEE VALLEY AUTHORITY

4.375 08/01/2034 1,845,000.00 08/08/2024

4.49%
1,828,561.05
1,831,252.70
100.44

4.31%
1,853,095.86
13,453.13

0.53%
21,843.16
Aa1/AA+
AA+

8.34 6.88
28,383,958.49 97.60 28,815,388.63 8.20% 4.82
Total Agency 29,626,000.00 4.14% 28,803,217.19 4.04% 191,650.76 12,171.44 4.30

AGENCY CMBS
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 2,374,699.20 10/20/2022

4.88%
2,210,789.30
2,333,136.33

98.99 3.91%
2,350,740.86
6,168.28

0.67%
17,604.53
Aa1/AA+
AAA

1.24 1.05
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 5,245,000.00 05/24/2023

4.65%
5,148,705.08
5,204,243.36

99.37 4.07%
5,211,909.30
16,827.71

1.48%
7,665.93
Aa1/AA+
AAA

2.15 1.95
3137FHPJ6 FHMS K-080 A2 3.926 07/25/2028 3,500,000.00 10/28/2025

3.73%
3,510,937.50
3,509,230.62

99.48 4.08%
3,481,772.00
11,450.83

0.99%
(27,458.62)
Aaa/AA+
AA+

2.32 2.16
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 1,500,000.00 12/09/2025

3.90%
1,503,574.22
1,503,190.27

99.76 4.08%
1,496,343.00
5,075.00

0.43%
(6,847.27)
Aaa/AA+
AA+

2.57 2.36
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 4,065,000.00 09/12/2025

3.81%
4,020,539.06
4,027,449.72

98.28 4.09%
3,995,102.33
11,873.19

1.14%
(32,347.40)
Aa1/AAA
AA+

2.98 2.68
3137FMTY8 FHMS K-094 A2 2.903 06/25/2029 3,500,000.00 11/17/2025

3.89%
3,383,925.78
3,395,812.36

96.37 4.10%
3,372,876.50
8,467.08

0.96%
(22,935.86)
Aa1/AA+
AAA

3.24 2.96
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 3,500,000.00 06/06/2025

4.38%
3,261,425.78
3,306,883.21

95.15 4.12%
3,330,099.50
7,568.75

0.95%
23,216.29
Aa1/AA+
AAA

3.49 3.17
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 3,000,000.00 07/14/2025

4.28%
2,730,937.50
2,773,551.45

92.74 4.14%
2,782,188.00
5,172.50

0.79%
8,636.55
Aa1/AA+
AAA

3.82 3.56
3137F8ZV8 FHMS K-123 A2 1.621 12/25/2030 3,500,000.00 02/11/2026

3.98%
3,144,667.96
3,153,408.97

89.15 4.22%
3,120,106.50
4,727.92

0.89%
(33,302.47)
Aa1/AA+
AAA

4.74 4.36
28,915,502.18 96.66 29,141,137.98 8.30% 2.95
Total Agency CMBS 30,184,699.20 4.18% 29,206,906.30 4.09% 77,331.26 (65,768.32) 2.69 CASH
CCYUSD Receivable 20,797.89 -- 20,797.89
20,797.89

1.00 20,797.89

0.00 0.01%

0.00 Aaa/AAA
AAA

0.00 0.00
20,797.89 1.00 20,797.89 0.01% 0.00
Total Cash 20,797.89 20,797.89 0.00 0.00 0.00
40 ATTACHMENT C

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration

CORPORATE
46625HQW3 JPMORGAN CHASE & CO 3.3
04/01/2026 3,000,000.00 04/21/2025

4.38%
2,970,390.00
3,000,000.00
100.00

3.30%
3,000,000.00
49,500.00

0.85%

0.00 A1/A
AA-

0.00 0.09
06051GFX2 BANK OF AMERICA CORP 3.5
04/19/2026 3,000,000.00 04/22/2025

4.43%
2,973,360.00
2,998,671.69

99.95 4.39%
2,998,563.00
47,250.00

0.85%
(108.69)
A1/A-
AA-

0.05 0.05
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 4,000,000.00 09/19/2022

4.16%
3,592,560.00
3,986,541.02

99.62 4.24%
3,984,884.00
17,377.78

1.13%
(1,657.02)
A2/A+
A

0.12 0.12
02665WEK3 AMERICAN HONDA FINANCE
CORP 5.25 07/07/2026 3,500,000.00 04/29/2025

4.37%
3,535,000.00
3,507,840.65
100.19

4.47%
3,506,685.00
42,875.00

1.00%
(1,155.65)
A3/BBB+
A

0.27 0.26
61761J3R8 MORGAN STANLEY 3.125
07/27/2026 3,500,000.00 04/29/2025

4.30%
3,450,685.00
3,487,263.01

99.65 4.19%
3,487,911.00
19,444.44

0.99%
647.99
A1/A-
A+

0.32 0.32
87612EBM7 TARGET CORP 1.95 01/15/2027 2,140,000.00 --

1.97%
2,137,844.40
2,139,657.50

98.43 3.99%
2,106,423.40
8,809.67

0.60%
(33,234.10)
A2/A
A

0.79 0.77
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 3,500,000.00 01/23/2023

4.35%
3,251,955.00
3,444,363.74

98.46 4.17%
3,446,026.50
6,669.44

0.98%
1,662.76
A2/A-
A

0.92 0.90
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 2,200,000.00 08/24/2022

3.93%
2,206,402.00
2,201,418.45

99.88 4.11%
2,197,373.20
34,466.67

0.63%
(4,045.25)
A2/A+
A+

1.11 1.06
92826CAH5 VISA INC 2.75 09/15/2027 4,000,000.00 03/27/2024

4.57%
3,769,760.00
3,903,248.28

98.24 4.01%
3,929,444.00
4,888.89

1.12%
26,195.72
Aa3/AA-
NA

1.46 1.41
74340XBV2 PROLOGIS LP 3.375 12/15/2027 3,000,000.00 01/25/2023

4.28%
2,881,530.00
2,958,605.27

98.61 4.22%
2,958,426.00
29,812.50

0.84%
(179.27)
A2/A
NA

1.71 1.62
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/20/2023

4.35%
2,035,920.00
2,012,991.92
101.33

3.98%
2,026,540.00
18,736.11

0.58%
13,548.08
A1/A
A+

1.81 1.70
713448FL7 PEPSICO INC 3.6 02/18/2028 2,000,000.00 04/27/2023

4.00%
1,964,920.00
1,986,263.49

99.22 4.03%
1,984,452.00
8,600.00

0.57%
(1,811.49)
A1/A+
NA

1.89 1.79
857477CU5 STATE STREET CORP 4.536
02/28/2028 4,155,000.00 02/25/2025

4.51%
4,155,000.00
4,155,000.00
100.67

4.17%
4,182,838.50
17,276.49

1.19%
27,838.50
Aa3/A
AA-

1.91 1.73
57636QAW4 MASTERCARD INC 4.875
03/09/2028 3,000,000.00 06/13/2024

4.50%
3,037,110.00
3,018,917.18
101.48

4.07%
3,044,478.00
8,937.50

0.87%
25,560.82
Aa3/A+
NA

1.94 1.76
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,800,000.00 07/31/2023

5.39%
1,729,026.00
1,779,945.54

99.73 4.84%
1,795,055.40
33,890.50

0.51%
15,109.86
A1/A-
A+

2.05 1.00
58933YBH7 MERCK & CO INC 4.05 05/17/2028 2,000,000.00 --

4.03%
2,001,621.20
2,000,666.89
100.12

3.99%
2,002,346.00
30,150.00

0.57%
1,679.11
Aa3/A+
NA

2.13 1.92
41 ATTACHMENT C

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 3,000,000.00 02/27/2024

5.19%
2,823,480.00
2,917,938.03

98.38 4.61%
2,951,520.00
19,884.33

0.84%
33,581.97
A1/A
AA-

2.82 1.72
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 3,600,000.00 01/29/2024

4.52%
3,612,132.00
3,606,879.45
101.46

4.05%
3,652,596.00
28,060.00

1.04%
45,716.55
A1/A+
NA

2.84 2.62
857477CN1 STATE STREET CORP 4.53
02/20/2029 2,000,000.00 08/14/2024

4.53%
2,000,000.00
2,000,000.00
100.56

4.37%
2,011,224.00
10,318.33

0.57%
11,224.00
Aa3/A
AA-

2.89 1.78
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 3,000,000.00 02/27/2024

4.84%
3,001,560.00
3,000,897.02
101.83

4.17%
3,054,939.00
14,145.83

0.87%
54,041.98
A1/AA-
NA

2.91 2.60
14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 4,000,000.00 04/29/2024

5.08%
3,960,640.00
3,976,281.36
101.76

4.20%
4,070,280.00
18,322.22

1.16%
93,998.64
A2/A
A+

2.91 2.68
06051GLG2 BANK OF AMERICA CORP 5.202
04/25/2029 2,500,000.00 05/28/2024

5.38%
2,484,025.00
2,491,547.92
101.42

4.73%
2,535,597.50
56,355.00

0.72%
44,049.58
A1/A-
AA-

3.07 1.90
89236TMF9 TOYOTA MOTOR CREDIT CORP

5.05 05/16/2029 2,500,000.00 05/28/2024

5.09%
2,495,600.00
2,497,230.89
102.13

4.31%
2,553,342.50
47,343.75

0.73%
56,111.61
A1/A+
A+

3.13 2.82
57629W4T4 MASSMUTUAL GLOBAL FUNDING
II 5.15 05/30/2029 2,950,000.00 05/22/2024

5.17%
2,947,551.50
2,948,451.25
101.93

4.49%
3,006,911.40
51,063.68

0.86%
58,460.15
Aa3/AA+
AA+

3.16 2.85
437076DC3 HOME DEPOT INC 4.75
06/25/2029 4,000,000.00 07/30/2024

4.58%
4,028,360.00
4,018,541.22
101.54

4.23%
4,061,476.00
50,666.67

1.16%
42,934.78
A2/A
A

3.24 2.87
025816EJ4 AMERICAN EXPRESS CO 4.351
07/20/2029 2,500,000.00 07/25/2025

4.38%
2,497,650.00
2,498,049.48

99.93 4.41%
2,498,215.00
21,452.85

0.71%
165.52
A2/A-
A

3.30 2.15
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 2,290,000.00 08/12/2024

4.25%
2,284,984.90
2,286,619.06
100.09

4.17%
2,292,168.63
12,556.83

0.65%
5,549.57
Aa3/A+
NA

3.37 3.10
64952WFK4 NEW YORK LIFE GLOBAL FUNDING

4.6 12/05/2029 3,500,000.00 02/27/2025

4.58%
3,502,135.00
3,501,648.16
100.59

4.42%
3,520,559.00
51,877.78

1.00%
18,910.84
Aa1/AA+
AAA

3.68 3.30
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 2,645,000.00 01/02/2025

4.95%
2,639,551.30
2,640,885.13
100.87

4.65%
2,667,910.99
29,521.14

0.76%
27,025.86
Aa3/AA-
AA-

3.78 3.38
63743HFX5

NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
3,500,000.00 05/28/2025

4.70%
3,535,315.00
3,528,876.93
101.74

4.45%
3,560,746.00
25,987.50

1.01%
31,869.07
A2/NA
A

3.86 3.39
743315AW3 PROGRESSIVE CORP 3.2
03/26/2030 2,425,000.00 11/14/2025

4.16%
2,332,971.25
2,340,785.01

95.66 4.40%
2,319,801.08
1,077.78

0.66%
(20,983.94)
A2/A
A

3.99 3.69
74464AAC5 PUBLIC STORAGE OPERATING CO

4.375 07/01/2030 2,085,000.00 07/17/2025

4.58%
2,066,109.90
2,068,793.57

99.87 4.41%
2,082,222.78
22,804.69

0.59%
13,429.21
A2/A
NA

4.25 3.80
42 ATTACHMENT C

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Corporate 93,290,000.00 4.51%
91,905,149.45
92,904,819.11
100.23

4.25%
93,490,955.88
840,123.37

26.62%
586,136.76

2.19 1.89

MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,519,631.85 --

3.54%
1,519,631.85
1,519,631.85

1.00 3.54%
1,519,631.85

0.00 0.43%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 1,519,631.85 3.54%
1,519,631.85
1,519,631.85

1.00 3.54%
1,519,631.85

0.00 0.43%

0.00 0.00

0.00 MUNICIPAL BONDS
13063ESC1 CALIFORNIA ST 4.35 11/01/2032 3,800,000.00 10/31/2025

4.26%
3,820,216.00
3,819,059.44

99.70 4.40%
3,788,664.60
66,579.17

1.08%
(30,394.84)
Aa2/AA-
AA

6.59 5.57
Total Municipal
Bonds 3,800,000.00 4.26%
3,820,216.00
3,819,059.44

99.70 4.40%
3,788,664.60
66,579.17

1.08%
(30,394.84)

6.59 5.57

US TREASURY
912797TG2 UNITED STATES TREASURY
04/07/2026 13,500,000.00 03/12/2026

3.69%
13,465,950.00
13,491,828.00

99.94 3.66%
13,491,873.00

0.00 3.84%

45.00 P-1/A-1+
F1+

0.02 0.02
91282CCF6 UNITED STATES TREASURY 0.75
05/31/2026 8,320,000.00 --

0.80%
8,301,545.71
8,319,392.28

99.50 3.82%
8,277,992.32
20,914.29

2.36%
(41,399.96)
Aa1/AA+
AA+

0.17 0.16
91282CQB0 UNITED STATES TREASURY 3.375
02/29/2028 7,000,000.00 02/25/2026

3.46%
6,988,242.19
6,988,726.05

99.21 3.81%
6,944,763.00
20,543.48

1.98%
(43,963.05)
Aa1/AA+
AA+

1.92 1.83
91282CCY5 UNITED STATES TREASURY 1.25
09/30/2028 3,325,000.00 --

3.32%
3,058,576.17
3,165,656.03

93.91 3.83%
3,122,643.83
113.56

0.89%
(43,012.21)
Aa1/AA+
AA+

2.50 2.42
91282CPC9 UNITED STATES TREASURY 3.5
10/15/2028 6,300,000.00 10/28/2025

3.49%
6,301,230.47
6,301,055.34

99.22 3.82%
6,251,030.10
101,769.23

1.78%
(50,025.24)
Aa1/AA+
AA+

2.54 2.37
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 6,300,000.00 10/28/2025

3.50%
6,232,078.13
6,241,476.12

98.26 3.83%
6,190,241.40
74,507.94

1.76%
(51,234.72)
Aa1/AA+
AA+

2.63 2.46
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 6,300,000.00 10/28/2025

3.51%
6,345,035.16
6,339,051.20

99.80 3.83%
6,287,450.40
59,388.81

1.79%
(51,600.80)
Aa1/AA+
AA+

2.75 2.56
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 7,000,000.00 03/27/2024

4.20%
6,940,117.19
6,964,949.95
100.45

3.83%
7,031,717.00
46,408.84

2.00%
66,767.05
Aa1/AA+
AA+

2.84 2.64
43 ATTACHMENT C

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 7,000,000.00 --

4.06%
6,525,214.84
6,744,412.95

96.75 3.83%
6,772,500.00
22,841.85

1.93%
28,087.05
Aa1/AA+
AA+

2.88 2.73
91282CQA2 UNITED STATES TREASURY 3.5
02/15/2029 7,000,000.00 02/11/2026

3.56%
6,987,968.75
6,988,441.64

99.13 3.82%
6,939,296.00
30,455.80

1.98%
(49,145.64)
Aa1/AA+
AA+

2.88 2.70
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 6,500,000.00 06/13/2024

4.25%
6,572,617.19
6,546,404.35
101.94

3.84%
6,625,937.50
98,035.71

1.89%
79,533.15
Aa1/AA+
AA+

3.17 2.89
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 3,450,000.00 12/23/2024

4.42%
3,390,164.06
3,406,654.56
100.45

3.86%
3,465,362.85
22,872.93

0.99%
58,708.29
Aa1/AA+
AA+

3.33 3.08
912828YB0 UNITED STATES TREASURY 1.625
08/15/2029 7,600,000.00 --

3.42%
6,985,504.69
7,180,236.07

93.06 3.84%
7,072,453.60
15,352.21

2.01%
(107,782.47)
Aa1/AA+
AA+

3.38 3.23
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 6,500,000.00 11/26/2024

4.21%
6,475,371.10
6,482,079.36
100.82

3.88%
6,553,319.50
112,582.87

1.87%
71,240.14
Aa1/AA+
AA+

3.59 3.25
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 8,000,000.00 01/30/2025

4.32%
7,847,187.50
7,884,004.57

99.98 3.88%
7,998,128.00
103,901.10

2.28%
114,123.43
Aa1/AA+
AA+

3.67 3.34
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 6,700,000.00 --

4.02%
6,511,839.85
6,585,594.38

98.61 3.89%
6,606,829.80
38,867.40

1.88%
21,235.42
Aa1/AA+
AA+

3.84 3.53
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 542,500.00 04/06/2022

2.65%
498,040.43
520,541.60

91.51 3.88%
496,429.82
1,011.57

0.14%
(24,111.78)
Aa1/AA+
AA+

3.88 3.70
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 3,500,000.00 05/28/2025

4.08%
3,467,871.09
3,473,360.00

99.89 3.90%
3,496,171.00
56,947.51

1.00%
22,811.00
Aa1/AA+
AA+

4.08 3.68
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 3,000,000.00 06/06/2025

4.11%
2,985,117.19
2,987,541.69
100.34

3.91%
3,010,194.00
40,219.78

0.86%
22,652.31
Aa1/AA+
AA+

4.17 3.75
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 4,000,000.00 08/15/2025

3.85%
4,005,000.00
4,004,375.00

99.83 3.92%
3,993,280.00
25,690.61

1.14%
(11,095.00)
Aa1/AA+
AA+

4.33 3.93
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 587,500.00 04/06/2022

2.63%
498,755.37
541,002.24

86.84 3.93%
510,207.33
456.45

0.15%
(30,794.91)
Aa1/AA+
AA+

4.38 4.23
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 09/18/2025

3.66%
4,992,382.81
4,993,200.59

98.77 3.93%
4,938,670.00
15,760.87

1.41%
(54,530.59)
Aa1/AA+
AA+

4.42 4.02
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 1,500,000.00 11/17/2025

3.72%
1,493,496.09
1,493,986.54

98.75 3.93%
1,481,308.50
148.57

0.42%
(12,678.04)
Aa1/AA+
AA+

4.50 4.11
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 7,000,000.00 11/13/2025

3.70%
6,975,664.06
6,977,517.46

98.71 3.94%
6,909,490.00
106,546.96

1.97%
(68,027.46)
Aa1/AA+
AA+

4.59 4.11
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 7,000,000.00 12/08/2025

3.75%
6,920,703.13
6,925,634.64

98.16 3.93%
6,871,214.00
82,115.38

1.96%
(54,420.64)
Aa1/AA+
AA+

4.67 4.21
44 ATTACHMENT C

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CPW5 UNITED STATES TREASURY 3.75
01/31/2031 3,000,000.00 03/26/2026

4.04%
2,962,031.25
2,962,138.45

99.15 3.94%
2,974,452.00
18,646.41

0.85%
12,313.55
Aa1/AA+
AA+

4.84 4.35
91282CBL4 UNITED STATES TREASURY 1.125
02/15/2031 565,000.00 04/06/2022

2.62%
498,104.88
528,137.31

87.66 3.93%
495,302.17
790.14

0.14%
(32,835.14)
Aa1/AA+
AA+

4.88 4.65
912810FP8 UNITED STATES TREASURY 5.375
02/15/2031 6,000,000.00 --

4.27%
6,403,066.41
6,276,781.25
106.27

3.95%
6,375,936.00
40,089.78

1.82%
99,154.75
Aa1/AA+
AA+

4.88 4.26
91282CQD6 UNITED STATES TREASURY 3.5
02/28/2031 7,000,000.00 03/05/2026

3.72%
6,929,726.56
6,930,730.47

98.06 3.94%
6,864,375.00
21,304.35

1.95%
(66,355.47)
Aa1/AA+
AA+

4.91 4.45
91282CCS8 UNITED STATES TREASURY 1.25
08/15/2031 562,500.00 04/06/2022

2.62%
498,515.62
525,717.89

86.79 4.00%
488,210.63
874.05

0.14%
(37,507.26)
Aa1/AA+
AA+

5.38 5.09
91282CFV8 UNITED STATES TREASURY 4.125
11/15/2032 2,500,000.00 --

3.72%
2,582,389.33
2,555,644.32
100.04

4.12%
2,500,880.00
39,027.97

0.71%
(54,764.32)
Aa1/AA+
AA+

6.63 5.66
Total US Treasury 162,552,500.00 3.67%
160,639,507.22
161,326,272.28

99.14 3.86%
161,037,658.73
1,218,186.42

45.85%
(288,613.56)

3.15 2.88
Total Portfolio 354,227,123.37 4.09%
348,439,900.81
350,832,284.87

98.80 4.03%
351,199,694.21
2,453,066.79
100.00%
367,409.34

3.02 2.55
Total Market Value +
Accrued 353,652,760.99
45 ATTACHMENT C

HOLDINGS REPORT
City of Stockton Enhanced Cash | Account #11194 | As of March 31, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 5,491.81 -- 5,491.81
5,491.81

1.00 5,491.81

0.00 0.30%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 5,491.81
5,491.81
5,491.81

1.00 5,491.81

0.00 0.30%

0.00 0.00

0.00 MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,817,626.76 --

3.52%
1,817,626.76
1,817,626.76

1.00 3.52%
1,817,626.76

0.00 99.70%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 1,817,626.76 3.52%
1,817,626.76
1,817,626.76

1.00 3.52%
1,817,626.76

0.00 99.70%

0.00 0.00

0.00 Total Portfolio 1,823,118.57 3.52%
1,823,118.57
1,823,118.57

1.00 3.52%
1,823,118.57

0.00 100.00%

0.00 0.00

0.00 Total Market Value +
Accrued 1,823,118.57
46 ATTACHMENT C

TRANSACTIONS
47 ATTACHMENT C

ACQUISITIONS
Purchase 01/21/2026 448970AD5 1,080,000.00 HALST 26A A3 3.97 12/15/2028 99.985 3.98% (1,079,841.67) 0.00 (1,079,841.67) 0.00 Purchase 02/12/2026 36273VAD7 1,915,000.00 GMALT 2026-1 A3 3.88 01/22/2029 99.987 4.11% (1,914,749.33) 0.00 (1,914,749.33) 0.00 Purchase 02/17/2026 3137F8ZV8 3,500,000.00 FHMS K-123 A2 1.621 12/25/2030 89.848 3.98% (3,144,667.96) (2,521.56) (3,147,189.52) 0.00 Purchase 02/17/2026 91282CQA2 7,000,000.00

UNITED STATES
TREASURY 3.5
02/15/2029

99.828 3.56% (6,987,968.75) (1,353.59) (6,989,322.34) 0.00 Purchase 03/02/2026 91282CQB0 7,000,000.00

UNITED STATES
TREASURY 3.375
02/29/2028

99.832 3.46% (6,988,242.19) (1,283.97) (6,989,526.16) 0.00 Purchase 03/06/2026 91282CQD6 7,000,000.00

UNITED STATES
TREASURY 3.5
02/28/2031

98.996 3.72% (6,929,726.56) (3,994.57) (6,933,721.13) 0.00 Purchase 03/13/2026 912797TG2 13,500,000.00 UNITED STATES TREASURY 04/07/2026 99.748 3.69% (13,465,950.00) 0.00 (13,465,950.00) 0.00 Purchase 03/27/2026 91282CPW5 3,000,000.00

UNITED STATES
TREASURY 3.75
01/31/2031

98.734 4.04% (2,962,031.25) (17,092.54) (2,979,123.79) 0.00 Total Purchase 43,995,000.00 (43,473,177.71) (26,246.23) (43,499,423.94) 0.00 TOTAL
ACQUISITIONS 43,995,000.00 (43,473,177.71) (26,246.23) (43,499,423.94) 0.00

DISPOSITIONS
Maturity 01/01/2026 646140DP5 (557,500.00)

NEW JERSEY ST TPK
AUTH TPK REV 1.047
01/01/2026
100.000 1.05% 557,500.00 0.00 557,500.00 0.00
Maturity 01/31/2026 91282CBH3 (17,305,000.00)

UNITED STATES
TREASURY 0.375
01/31/2026
100.000 0.79% 17,305,000.00 0.00 17,305,000.00 0.00
Maturity 02/28/2026 91282CBQ3 (12,670,000.00)

UNITED STATES
TREASURY 0.5
02/28/2026
100.000 0.94% 12,670,000.00 0.00 12,670,000.00 0.00
48 ATTACHMENT C

TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Maturity 03/03/2026 912797ST5 (6,000,000.00) UNITED STATES TREASURY 03/03/2026 100.000 3.61% 6,000,000.00 0.00 6,000,000.00 0.00 Total Maturity (36,532,500.00) 36,532,500.00 0.00 36,532,500.00 0.00 Sale 03/27/2026 91282CJF9 (2,500,000.00)

UNITED STATES
TREASURY 4.875
10/31/2028
102.277 3.87% 2,556,933.59 49,490.68 2,606,424.27 (3,449.62) Total Sale (2,500,000.00) 2,556,933.59 49,490.68 2,606,424.27 (3,449.62) TOTAL
DISPOSITIONS (39,032,500.00) 39,089,433.59 49,490.68 39,138,924.27 (3,449.62) 49 ATTACHMENT C

IMPORTANT DISCLOSURES
2026 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest.

LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.

LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 50 ATTACHMENT C

BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Year Gov/Corp A or
better
The ICE BofA US Issuers 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be issued from US issuers and be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities. 51 ATTACHMENT C

City Council and Concurrent AuthoritiesJuly 21, 2026

City Council and Concurrent Authorities
July 21, 2026