Attachment B - PFMAM Investment Report — City Council and Concurrent Authorities, September 29, 2026

Investment Performance Review
For the Quarter Ended June 30, 2026
Client Management Team PFM Asset Management A division of U.S. Bancorp Asset Management, Inc 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
Monique Spyke, Managing Director
Allison Kaune, Relationship Manager
Joseph Creason, Portfolio ManagerRachael Miller, Client Consultant

ATTACHMENT
B
PFM Asset Management | pfmam.com
• Market Update
• Account 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 June 30, 2026.

For the Quarter Ended June 30, 2026
Market Update
▸ U.S. growth remains resilient as AI-driven investment offsets a moderating consumer ▹ Headline inflation may be at or near its peak as the energy shock fades, though flare-ups in the Middle East conflict and potential delayed passthroughs to core inflation remain key risks ▹ The labor market is in balance, though real wage growth remains modest ▹ AI investment continues to drive growth while fueling inflation in tech-related categories ▸ The Federal Reserve (Fed) left policy rates unchanged at 3.50-3.75% ▹ New Fed Chair Kevin Warsh stressed restoring price stability ▹ Forward guidance was removed to refocus markets on economic fundamentals and incoming data rather than the Fed's policy response
▹ Nine participants projected a 2026 rate hike though Warsh did not submit projections ▸ Treasury yields moved higher on a more hawkish Fed
▹ Given current pricing of Fed rate hikes, we continue to find value in the front end ▹ Longer-term rates face two-sided risks from inflation and growth dynamics ▹ Credit spreads remain tight as resilient growth, stable labor conditions, and strong demand outweigh valuation concerns
PFM Asset Management | pfmam.com

CITY OF STOCKTON
1 ATTACHMENT B
Source: Bloomberg Finance L.P. and Bureau of Labor Statistics. CPI as of May 2026. Market implied inflation expectations shown using 1-year and 5-year inflation swaps as of June 30, 2026.

For the Quarter Ended June 30, 2026
Market Update
Implications of the Energy Shock
▸ Higher energy costs lift headline inflation but the Fed remains attentive to broader passthroughs to core goods and services
▹ Oil prices ended the quarter near pre-conflict levels after peaking in April ▹ Headline inflation may be at or near peak as energy supply normalizes ▹ Fed remains focused on long-run inflation expectations

2.1%

2.4%
2%
3%
4%
Jun-25 Sep-25 Dec-25 Mar-26 Jun-26
Hundreds
Forward Inflation Expectations
June 30, 2025 to June 30, 2026
1-year 5-year
Energy prices push
headline CPI higher

4.2%

2.9%
0%
1%
2%
3%
4%
5%
May-25 Aug-25 Nov-25 Feb-26 May-26
Consumer Price Index
Year-over-Year Change
CPI Core CPI
PFM Asset Management | pfmam.com

CITY OF STOCKTON
2 ATTACHMENT B
3Q26

4.4%
4Q26

4.3%
2Q27
Jun ‘26 4.3%

4.2%

3.0%

3.5%

4.0%

4.5%

5.0%
Jun-23 Jun-24 Jun-25 Jun-26 Jun-27
Unemployment Rate
Mean Forecast
Actual

2.1%

0.0%
-2%
0%
2%
4%
6%
8%
May-23 May-24 May-25 May-26
Real Spending & Income
Year-Over-Year Change
Real Personal Spending
Real Personal Income
The personal savings rate is near a
two-decade low at 3.0%
For the Quarter Ended June 30, 2026
Market Update
Source: Bloomberg Finance L.P. and Bureau of Economic Analysis as of May 2026. Bureau of Labor Statistics as of June 2026. Survey responses after June 26, 2026, included in mean and forecast range. Shading represents the central 80% of the forecasts.

Labor Market Remains Balanced But Purchasing Power Erodes PFM Asset Management | pfmam.com

CITY OF STOCKTON
3 ATTACHMENT B
Source: Bloomberg Finance L.P. and Bureau of Economic Analysis as of March 2026. Tech investment contains contributions to GDP from computers and peripheral equipment, information processing equipment, and software.

For the Quarter Ended June 30, 2026
Market Update
Technology Investment Offsets Moderating Consumption

2.9%

2.5%

4.7%

3.4%

0.8%

3.6%

3.3%

1.9%
-0.6%

3.8%

4.4%

0.5%

2.1%
-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Contribution to U.S. Real GDP
Tech Investment GDP Personal Consumption
contributed 0.4% to 1Q26 GDP,
the lowest amount since 2022
PFM Asset Management | pfmam.com

CITY OF STOCKTON
4 ATTACHMENT B
Sources: Bloomberg Finance L.P. as of June 30, 2026, Bureau of Economic Analysis as of March 31, 2026, and Department of Labor as of June 19, 2026. Survey responses after June 26, 2026, included in median and forecast range. Shading represents the central 80% of the forecasts.

Factors Shaping Our Economic Outlook
For the Quarter Ended June 30, 2026
Market Update
▸ Geopolitical uncertainty and
supply chain disruptions
▸ Savings rate near record low
▸ Increasing retail credit card
balances
▸ Fed policy uncertainty
▸ Core inflation passthrough from
energy shock modest thus far
▸ U.S. growth near trend but led
by AI investment
▸ Low layoffs and stable
unemployment rate
▸ Corporate fundamentals
▸ Supportive fiscal policy
Negative Neutral Positive
0 10
20 30
40 50
60 Mar-26 Apr-26 May-26 Jun-26
Hormuz Ship Traffic
Daily Volume

4.4%

0.5%

2.1%

2.5%

1.9%
0%
1%
2%
3%
4%
5%
Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26
U.S. GDP Forecasts
Range Actual Median Forecast
215
150
170
190
210
230
250
270
290
Jun-22 Jun-23 Jun-24 Jun-25 Jun-26
Initial Jobless Claims
Jobless claims remain
low and stable
PFM Asset Management | pfmam.com

CITY OF STOCKTON
5 ATTACHMENT B
Source: Federal Reserve and Kevin Warsh as of June 17, 2026.

For the Quarter Ended June 30, 2026
Market Update
Hawkish Lean Less Forward Guidance New Task Forces
▸ Fed voted unanimously to keep
rates unchanged
▸ New Chair Kevin Warsh
reaffirmed commitment to 2%
inflation target, noting the Fed has
“some work to do”
▸ Dot plot showed 9 of 18
participants projected at least one
hike in 2026
▸ Five task forces established with
initial findings expected by yearend
▸ Covers communications, balance
sheet, data, productivity and jobs,
and inflation framework
▸ 2% inflation target not in scope of
task forces
▸ Statement pared back and more
factual in nature
▸ No dot or projections submitted by
Warsh
▸ Chair Warsh argued markets
should focus on economic
fundamentals and incoming data
rather than anticipated policy
responses
New Fed Leadership and a Modified Approach
PFM Asset Management | pfmam.com

CITY OF STOCKTON
6 ATTACHMENT B

3.6%

2.3%

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

2.2% 2.3% 2.2%

2.0%
0%
1%
2%
3%
2026 2027 2028 Longer
Run
Change in Real GDP
Mar Projections Jun Projections
For the Quarter Ended June 30, 2026
Market Update
Source: Federal Reserve, latest economic projections as of June 2026.

4.3% 4.3% 4.2% 4.2%
0%
2%
4%
6%
2026 2027 2028 Longer
Run
Unemployment Rate
Mar Projections Jun Projections

3.8% 3.6% 3.4% 3.1%
0%
1%
2%
3%
4%
5%
2026 2027 2028 Longer
Run
Federal Funds Rate
Mar Projections Jun Projections
Fed’s Updated Summary of Economic Projections
PFM Asset Management | pfmam.com

CITY OF STOCKTON
7 ATTACHMENT B
The Fed acknowledged inflation remained above the 2% target. However, it noted economic growth is expanding at a solid pace while the unemployment rate has remained little changed.

The Latest Fed “Dot Plot”
Source: Federal Reserve; Bloomberg Finance L.P. Individual dots represent each Fed member’s judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of June 17, 2026.

For the Quarter Ended June 30, 2026
Market Update
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Jun-26 FOMC Projections
Mar-26 Median
Jun-26 Median
2026 2027 2028 Longer Term

3.8% 3.6% 3.4% 3.1%
PFM Asset Management | pfmam.com

CITY OF STOCKTON
8 ATTACHMENT B
Source: Bloomberg Finance L.P., as of June 30, 2026.

For the Quarter Ended June 30, 2026
Market Update

3.50%

3.75%

4.00%

4.25%
Mar-26 Apr-26 May-26 Jun-26
2-Year U.S. Treasury Yield
March 31, 2026 – June 30, 2026
Apr 29th
Fed signals a long
pause given uncertainty
from the energy shock
Jun 17th
Fed meeting more
hawkish than expected
May 11-15th
CPI and PPI exceeded
expectations and provided
the first indication of the
impact of the energy shock
May 29th
Announcement of
tentative agreement
between U.S. & Iran
2-Year Treasury Yield Moves Higher
PFM Asset Management | pfmam.com

CITY OF STOCKTON
9 ATTACHMENT B
Source: Bloomberg Finance L.P., as of June 30, 2026.

For the Quarter Ended June 30, 2026
Market Update

3.81%

4.17%

4.23%

4.34%

4.47%

4.96% 4.95%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%
Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
June 30, 2026
March 31, 2026
3mo 2yr 5yr 7yr 10yr 20yr 30yr
Treasury Yields Rise Across the Curve
PFM Asset Management | pfmam.com

CITY OF STOCKTON
10 ATTACHMENT B
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. as of June 30, 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
For the Quarter Ended June 30, 2026
Market Update
-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 6/30/2026 3/31/2026
PFM Asset Management | pfmam.com

CITY OF STOCKTON
11 ATTACHMENT B
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. Agency CMBS represented by ICE BofA Agency CMBS Index. As of June 30, 2026.

Fixed-Income Index Excess Returns
For the Quarter Ended June 30, 2026
Market Update

0.00%
-0.04%

0.17%

0.80%

0.18%

0.47% 0.46%

0.83%
-0.25%

0.00%

0.25%

0.50%

0.75%

1.00%
2Q26 1-Year
Excess Returns
1-5 Year Indices
Federal Agency Agency CMBS ABS Corp A-AAA
PFM Asset Management | pfmam.com

CITY OF STOCKTON
12 ATTACHMENT B
For the Quarter Ended June 30, 2026
Market Update
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of June 30, 2026. 1-5 Year Indices
Fixed-Income Index Total Returns in 2Q 2026

2.71%

2.99%

3.95%

3.65%

4.25%
0%
1%
2%
3%
4%
5%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return

0.23% 0.33%

0.75% 0.71%

1.09%
0%
1%
2%
3%
4%
5%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Second Quarter 2026 Returns
PFM Asset Management | pfmam.com

CITY OF STOCKTON
13 ATTACHMENT B
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (6/30/2026) 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 – 2Q 2026
For the Quarter Ended June 30, 2026
Market Update
▸ The Federal Reserve held rates steady at Kevin
Warsh’s first meeting as Chair, removing forward
guidance from the policy statement and reaffirming its
commitment to price stability. The June “dot plot”
turned more hawkish, showing no rate cuts in 2026
and nine policymakers penciling at least one hike this
year.
▸ The U.S. Treasury yield curve continued to flatten
over the quarter. with a notable sell-off in the front
end. The 2-year yield surpassed 4% for the first time
in over one year, which is a key technical threshold.
▸ Federal Agency & supranational issuance
remained limited, keeping spreads narrow and
excess returns muted. Market concerns around
privatization have abated for the time being.
▸ Investment-grade (IG) corporate bonds benefited
from strong investor demand and generally healthy
corporate fundamentals. Credit spreads returned
toward historically rich valuations, supporting excess
returns during the quarter.
▸ Asset-Backed Securities continued to benefit from
resilient collateral performance and strong investor
demand. Spreads narrowed modestly but widened
versus corporates, improving relative value. Auto loan
collateral marginally outperformed credit card
receivables, which posted negative excess returns for
the quarter.
▸ Thirty-year Agency-backed mortgage-backed
securities (MBS) generated solid excess returns in
the quarter and outperformed 15-year tenors, which
lagged Treasuries. Lower volatility supported excess
returns. Agency-backed commercial MBS (CMBS)
also generated positive excess returns for the quarter
but continue to trail residential MBS.
▸ Short-term credit (commercial paper and negotiable
bank CDs) yield spreads remained attractive through
the quarter, with additional opportunities emerging
across the money market credit curve into quarterend. Floating-rate notes also saw notable spread widening, ending the quarter 10-15 bps wider.

PFM Asset Management | pfmam.com

CITY OF STOCKTON
14 ATTACHMENT B
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (6/30/2026) 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 Outlook – 3Q 2026
For the Quarter Ended June 30, 2026
Market Update
▸ We find the front end of the U.S. Treasury curve
attractive given current pricing for Fed rate hikes. For shorter-duration strategies, we prefer a modestly
longer duration stance and for longer duration
strategies we will maintain a curve steepening bias
through a modest underweight to the long end.
▸ 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 offer limited
opportunity as ongoing supply constraints and strong
demand keep yields compressed. We do not expect
this dynamic to change in the near term.
▸ Investment-Grade (IG) Corporate bonds are
supported by technicals and stable fundamentals. Allin yields remain attractive; however, the recent spread tightening has reduced value in the sector.

While corporate fundamentals remain favorable, we
believe limited room exists for further spread
compression and expect income generation and carry
to be the primary contributors to returns going
forward.
▸ Asset-Backed Securities fundamentals remain
within expectations and credit enhancements remain
robust. Prime loan delinquencies are stable and well
below historical averages, though the subprime
sector has shown some pressure. We remain
constructive on the sector given its diversification
benefits and favorable fundamentals. We believe
security selection will become increasingly important
as spreads remain below longer-term averages.
▸ Despite recent Mortgage-Backed Securities
performance, we continue to view valuations as rich
relative to historical levels, which may limit future
excess return opportunities.
▸ Short-term credit (commercial paper and negotiable
bank CDs) spreads are expected to be primarily
driven by the FOMC's monetary policy decisions.

Given the hawkish repricing we anticipate more
opportunities over the quarter.

PFM Asset Management | pfmam.com

CITY OF STOCKTON
15 ATTACHMENT B
Excess return potential
Limited Carrydriven Strong
Sector Our Investment Preferences

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

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

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

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

C O R P O R AT E S

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

M U N I C I P A L S
Current outlook Outlook one quarter ago
For the Quarter Ended June 30, 2026
Market Update
Fixed-Income Sector Outlook – 3Q 2026
PFM Asset Management | pfmam.com

CITY OF STOCKTON
16 ATTACHMENT B
PFM Asset Management | pfmam.com
Account Summary

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.

21.0%

0.7% 0.0% 0.3%

2.1%

6.8%

23.4%

17.1%

19.4%

5.4% 3.9%

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: 1,041 days
For the Quarter Ended June 30, 2026
Account Summary
18 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 June 30, 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 June 30, 2026, the account(s) managed by PFM Asset Management ("PFMAM")were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. 20 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Snapshot
Portfolio Snapshot - CITY OF STOCKTON RESERVE PORTFOLIO¹ Credit Quality - S&P
10%
17%
24%
19%
16%
6% 5% 4% 3%
27%
22%
18% 12%
8% 6% 3%
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 | 38%Corporate | 27%
Agency CMBS | 19%ABS | 15%
Negotiable CD | 1%Municipal | <1%Federal Agency | <1%
Sector Allocation
AAA | 11%AA+ | 60%AA | 2%AA- | 7%A+ | 9%A | 5%A- | 2%A-1 | 1% Not Rated | 4%
Portfolio Statistics
Portfolio Effective Duration 3.14 years
Benchmark Effective Duration 3.20 yearsPortfolio Credit Quality AA Yield At Market 4.36%
Yield At Cost 4.33%
Total Market Value $491,742,170.45
Securities Sub-Total $487,788,456.23Cash $53,627.58
Accrued Interest $3,900,086.64
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 YearAAA-A US Corporate & Government Index. Source: Bloomberg Financial LP. AA An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.

1. 21

ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Characteristics
$0.0
$98.0
$196.0$294.0$392.0$490.0
Millions
June 2026
$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
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.

Security Type Sep-25 % of Total Dec-25 % of Total Mar-26 % of Total Jun-26 % of Total U.S. Treasury $228.9 47.6% $212.7 43.8% $199.1 40.9% $183.2 37.5%Federal Agency $0.8 0.2% $0.8 0.2% $0.8 0.2% $0.8 0.2% Agency CMBS $93.9 19.6% $93.5 19.3% $93.5 19.2% $92.6 19.0% Municipal $0.0 0.0% $0.0 0.0% $0.0 0.0% $1.3 0.3%Negotiable CD $4.2 0.9% $4.2 0.9% $4.2 0.9% $4.2 0.9%Corporate $101.6 21.2% $115.8 23.9% $124.2 25.6% $133.3 27.3% ABS $50.5 10.5% $57.9 11.9% $64.3 13.2% $72.4 14.8%
Total $480.0 100.0% $484.9 100.0% $486.2 100.0% $487.8 100.0% 22 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Portfolio Activity - CITY OF STOCKTON RESERVE PORTFOLIO Net Activity by Sector
($ millions)
U.S. Treasury
Agency CMBS
Municipal
ABS
Corporate
U.S. Treasury
Agency CMBS
Municipal
ABS
Corporate
($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 ActivityCorporate $9,573,673
ABS $8,377,866
Municipal $1,285,000
Agency CMBS ($231,084)
U.S. Treasury ($14,484,260)Total Net Activity $4,521,195 Sales/Maturities Purchases
23 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Performance

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 $4,986,482 $19,203,098 $46,097,225 $58,768,749 $93,969,641 Change in Market Value ($3,138,643) ($4,106,976) $15,552,531 ($23,454,047) ($9,905,028) Total Dollar Return $1,847,839 $15,096,122 $61,649,756 $35,314,702 $84,064,613 Total Return³
Portfolio 0.38% 3.17% 4.59% 1.82% 2.18%Benchmark⁴ 0.27% 2.82% 4.35% 1.51% 1.97% 3 Months 1 Year 3 Years 5 Years Since Inception

1. 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.

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. 24 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Performance

1. The lesser of 10 years or since inception is shown. Performance inception date is June 30, 2017.2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.3. Realized gains / (losses) are shown on an amortized cost basis.

Accrual Basis Earnings - CITY OF STOCKTON RESERVE PORTFOLIO Accrual Basis EarningsInterest Earned²Realized Gains / (Losses)³Change in Amortized CostTotal Earnings 3 Months
$4,986,482
($220,308)
$258,052
$5,024,226
1 Year
$19,203,098
($293,637)
$1,343,338
$20,252,798
3 Years
$46,097,225
($6,015,396)
$5,866,302
$45,948,130
5 Year
$58,768,749
($19,243,257)
$19,621,554$59,147,045
Since Inception¹
$93,969,641
($14,593,455)
$20,743,107
$100,119,293
25 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 (6/30/2026) 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.

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
For the Quarter Ended June 30, 2026
Market Update
Monetary Policy (Global):
• The Federal Reserve held rates steady at Chair
Warsh’s first meeting and removed forward
guidance while shifting its focus to price stability.
• The June “dot plot” shifted more hawkish, showing
no projected rate cuts in 2026 while nine
policymakers projected at least one hike this year.
• Warsh launched five task forces to review Fed
operations and key policy frameworks.
• Global central banks diverged, with ECB and BoJ
hiking on persistent inflation while others remain on
hold.

Economic Growth (Global):
• Global growth prospects improved following easing
Middle East tensions, easing a key overhang on
global supply chains and energy prices.
• AI-related capex and easing tariff pressures are
expected to continue offsetting softening in
consumer demand.
• Risks remain skewed to the downside given
geopolitical uncertainty and signs of softer
consumer demand.

Inflation (U.S.):
• Headline inflation remains above target but may be
at or near its peak as falling oil prices provide a
disinflationary impulse.
• Core services inflation remains sticky while core
goods inflation remains muted as easing tariff
pressures offset AI-fueled inflation.
• Producer prices suggest lingering supply-chain
pressures, increasing the risk of cost passthroughs.
• While long-run inflation expectations remain
anchored, the Fed remains focused on the
passthrough of higher energy into core inflation.

Financial Conditions (U.S.):
• Equity and fixed-income markets largely looked
through the Middle East conflict, remaining focused
on fundamentals and earnings strength.
• Strong corporate fundamentals persist and credit
spreads are back near historical tights reflecting
investor demand for yield.
• AI-related capex continues to drive significant
capital flows, supporting equity valuations and
elevated investment-grade issuance.
• Elevated valuations, large capital raises, geopolitical uncertainty, and energy price volatility remain key
risks.

Consumer Spending (U.S.):
• Consumers remained resilient throughout the
quarter despite higher energy costs but are
beginning to show signs of softening.
• Real wages have turned modestly negative as
inflation outpaces nominal wage gains, eroding
purchasing power.
• The savings rate has fallen to multi-year lows,
leaving consumers with less cushion.
• Consumer spending remains supported by higherincome households while affordability pressures persist for lower-income consumers.

Labor Markets (U.S.):
• The labor market has continued to show resilience,
with recent payroll gains exceeding expectations
and the unemployment rate holding steady.
• Hiring breadth remains narrow, concentrated in
healthcare and social assistance.
• The “low-hire, low-fire” dynamic persists, with labor demand stable but hiring activity subdued.
• Slowing population growth and a softer labor force
participation rate point to a structurally tighter supply of labor going forward.

PFM Asset Management | pfmam.com

CITY OF STOCKTON
26 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 June 30, 2026
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/DescriptionDated 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/BDTD 11/16/2020 0.875% 11/15/2030
91282CAV3 1,330,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,071,065.63 3.72 1,486.31 1,187,661.81 1,154,917.47 US TREASURY N/BDTD 12/01/2025 3.500% 11/30/2030
91282CPN5 4,200,000.00 AA+ Aa1 12/3/2025 12/5/2025 4,176,046.88 3.63 12,450.82 4,178,589.99 4,082,202.60 US TREASURY N/BDTD 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 24.13 243,911.83 239,229.02 US TREASURY N/BDTD 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 68,747.76 4,394,853.23 4,312,079.54 US TREASURY N/BDTD 01/31/2024 4.000% 01/31/2031
91282CJX0 1,350,000.00 AA+ Aa1 1/30/2025 1/31/2025 1,323,210.94 4.38 22,524.86 1,328,932.10 1,338,292.80 US TREASURY N/BDTD 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 98,546.27 6,282,015.40 6,181,137.90 US TREASURY N/BDTD 02/16/2021 1.125% 02/15/2031
91282CBL4 565,000.00 AA+ Aa1 4/6/2022 4/11/2022 498,104.88 2.63 2,387.98 530,020.81 493,028.61 US TREASURY N/BDTD 02/15/2001 5.375% 02/15/2031
912810FP8 2,955,000.00 AA+ Aa1 7/7/2023 7/10/2023 3,201,326.95 4.09 59,671.41 3,104,907.29 3,102,173.78 US TREASURY N/BDTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,800,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,021,273.44 3.61 36,348.07 1,926,463.35 1,889,649.00 US TREASURY N/BDTD 02/15/2001 5.375% 02/15/2031
912810FP8 1,820,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,620.31 3.98 36,751.93 1,919,703.79 1,910,645.10 US TREASURY N/BDTD 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 58,491.85 4,922,382.61 4,853,320.00 US TREASURY N/BDTD 04/01/2024 4.125% 03/31/2031
91282CKF7 2,535,000.00 AA+ Aa1 4/25/2024 4/26/2024 2,446,175.98 4.72 26,285.04 2,471,107.85 2,525,493.75 US TREASURY N/BDTD 04/30/2024 4.625% 04/30/2031
91282CKN0 1,560,000.00 AA+ Aa1 6/26/2026 6/30/2026 1,592,906.25 4.14 12,155.71 1,592,893.80 1,587,909.96 US TREASURY N/BDTD 05/17/2021 1.625% 05/15/2031
91282CCB5 1,265,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,070,802.73 3.76 2,625.39 1,153,122.75 1,122,242.22 US TREASURY N/BDTD 05/17/2021 1.625% 05/15/2031
91282CCB5 2,930,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,530,673.05 3.53 6,080.94 2,696,698.64 2,599,343.64 28 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated 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/BDTD 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 19,586.75 5,123,782.41 5,089,650.00 US TREASURY N/BDTD 07/31/2024 4.125% 07/31/2031
91282CLD1 730,000.00 AA+ Aa1 8/14/2024 8/15/2024 748,164.45 3.72 12,560.74 743,715.29 726,977.07 US TREASURY N/BDTD 08/16/2021 1.250% 08/15/2031
91282CCS8 2,465,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,994,627.93 3.92 11,575.97 2,180,188.95 2,130,395.97 US TREASURY N/BDTD 08/16/2021 1.250% 08/15/2031
91282CCS8 562,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,515.62 2.63 2,641.57 527,423.89 486,145.13 US TREASURY N/BDTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 2,080,000.00 AA+ Aa1 1/10/2023 1/11/2023 1,739,075.00 3.55 3,652.72 1,872,806.26 1,796,275.52 US TREASURY N/BDTD 11/15/2021 1.375% 11/15/2031
91282CDJ7 1,305,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,068,927.54 3.77 2,291.73 1,163,370.95 1,126,990.17 US TREASURY N/BDTD 01/31/2025 4.375% 01/31/2032
91282CMK4 3,400,000.00 AA+ Aa1 2/4/2025 2/5/2025 3,386,984.38 4.44 62,047.65 3,389,295.23 3,421,913.00 US TREASURY N/BDTD 02/15/2022 1.875% 02/15/2032
91282CDY4 2,365,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,999,625.98 3.94 16,659.53 2,135,664.75 2,086,280.02 US TREASURY N/BDTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,150,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,067,164.06 3.79 4,222.66 1,098,557.30 1,067,657.70 US TREASURY N/BDTD 05/16/2022 2.875% 05/15/2032
91282CEP2 2,670,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,525,548.83 3.56 9,803.91 2,579,162.19 2,478,822.66 US TREASURY N/BDTD 05/16/2022 2.875% 05/15/2032
91282CEP2 660,000.00 AA+ Aa1 8/5/2022 8/9/2022 662,629.69 2.83 2,423.44 661,581.35 612,742.68 US TREASURY N/BDTD 05/16/2022 2.875% 05/15/2032
91282CEP2 1,100,000.00 AA+ Aa1 7/2/2024 7/3/2024 988,410.16 4.41 4,039.06 1,013,190.36 1,021,237.80 US TREASURY N/BDTD 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 7,986.33 2,100,330.24 2,019,265.65 US TREASURY N/BDTD 08/15/2022 2.750% 08/15/2032
91282CFF3 2,195,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,991,190.82 3.93 22,677.62 2,063,078.37 2,015,883.61 US TREASURY N/BDTD 09/02/2025 3.875% 08/31/2032
91282CNW7 2,500,000.00 AA+ Aa1 9/2/2025 9/3/2025 2,484,277.34 3.98 32,379.42 2,485,923.08 2,446,095.00 US TREASURY N/BDTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,520,000.00 AA+ Aa1 5/14/2025 5/15/2025 1,500,346.88 4.33 8,007.88 1,502,919.54 1,506,344.32 US TREASURY N/BDTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,055,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,084,877.93 3.78 5,558.10 1,074,127.46 1,045,521.88 29 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated 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/BDTD 11/15/2022 4.125% 11/15/2032
91282CFV8 1,965,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,054,269.34 3.57 10,352.29 2,022,816.54 1,947,346.44 US TREASURY N/BDTD 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 16,990.40 3,236,595.12 3,196,026.60 US TREASURY N/BDTD 12/01/2025 3.750% 11/30/2032
91282CPM7 2,300,000.00 AA+ Aa1 12/3/2025 12/5/2025 2,289,847.66 3.82 7,305.33 2,290,593.13 2,231,000.00 US TREASURY N/BDTD 02/15/2023 3.500% 02/15/2033
91282CGM7 2,065,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,993,450.98 3.92 27,153.04 2,017,412.04 1,970,220.63 US TREASURY N/BDTD 05/15/2023 3.375% 05/15/2033
91282CHC8 1,075,000.00 AA+ Aa1 7/2/2024 7/3/2024 992,191.41 4.43 4,633.75 1,008,121.16 1,015,328.90 US TREASURY N/BDTD 08/15/2023 3.875% 08/15/2033
91282CHT1 2,385,000.00 AA+ Aa1 10/2/2023 10/2/2023 2,236,496.48 4.67 34,720.86 2,277,813.83 2,319,226.47 US TREASURY N/BDTD 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 24,943.21 4,478,166.70 4,383,569.26 US TREASURY N/BDTD 02/15/2024 4.000% 02/15/2034
91282CJZ5 3,880,000.00 AA+ Aa1 4/25/2024 4/26/2024 3,667,357.81 4.70 58,307.18 3,706,655.61 3,790,577.64 US TREASURY N/BDTD 05/15/2024 4.375% 05/15/2034
91282CKQ3 1,000,000.00 AA+ Aa1 7/2/2024 7/3/2024 995,156.25 4.44 5,587.64 995,977.71 1,000,313.00 US TREASURY N/BDTD 08/15/2024 3.875% 08/15/2034
91282CLF6 8,450,000.00 AA+ Aa1 9/4/2024 9/5/2024 8,514,365.23 3.78 123,015.19 8,504,347.66 8,161,838.10 US TREASURY N/BDTD 02/18/2025 4.625% 02/15/2035
91282CMM0 4,350,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,521,621.09 4.13 75,584.25 4,503,548.44 4,418,986.65 US TREASURY N/BDTD 08/15/2025 4.250% 08/15/2035
91282CNT4 7,450,000.00 AA+ Aa1 5/27/2026 5/28/2026 7,338,832.03 4.45 118,953.04 7,339,762.32 7,355,131.70 US TREASURY N/BDTD 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 39,917.13 2,494,720.75 2,468,165.00 US TREASURY N/BDTD 11/17/2025 4.000% 11/15/2035
91282CPJ4 2,300,000.00 AA+ Aa1 12/3/2025 12/5/2025 2,288,769.53 4.06 11,750.00 2,289,314.31 2,224,891.20 US TREASURY N/BDTD 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 37,193.37 2,370,461.17 2,341,500.00 US TREASURY N/BDTD 08/15/2019 1.625% 08/15/2029
912828YB0 520,000.00 AA+ Aa1 3/21/2022 3/22/2022 496,518.75 2.29 3,174.59 510,088.01 481,873.60 US TREASURY N/BDTD 08/16/1999 6.125% 08/15/2029
912810FJ2 415,000.00 AA+ Aa1 1/10/2023 1/11/2023 473,002.73 3.72 9,549.59 442,483.85 438,554.57 30 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated 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/BDTD 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 11,814.54 1,697,115.85 1,697,276.60 US TREASURY N/BDTD 10/31/2024 4.125% 10/31/2029
91282CLR0 950,000.00 AA+ Aa1 11/14/2024 11/15/2024 942,949.22 4.29 6,602.24 945,104.79 948,478.10 US TREASURY N/BDTD 11/30/2022 3.875% 11/30/2029
91282CFY2 1,070,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,069,289.45 3.89 3,511.85 1,069,653.20 1,059,676.64 US TREASURY N/BDTD 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 68.95 579,064.28 583,738.10 US TREASURY N/BDTD 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 3.64 213.76 2,044,739.06 2,010,016.68 US TREASURY N/BDTD 01/31/2025 4.250% 01/31/2030
91282CMG3 470,000.00 AA+ Aa1 2/5/2025 2/6/2025 470,110.16 4.24 8,332.11 470,081.98 471,028.36 US TREASURY N/BDTD 02/18/2020 1.500% 02/15/2030
912828Z94 542,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,040.43 2.66 3,057.18 521,952.76 494,226.18 US TREASURY N/BDTD 02/28/2023 4.000% 02/28/2030
91282CGQ8 1,875,000.00 AA+ Aa1 3/4/2025 3/5/2025 1,875,512.70 3.99 25,067.93 1,875,392.68 1,863,646.87 US TREASURY N/BDTD 03/31/2025 4.000% 03/31/2030
91282CMU2 4,500,000.00 AA+ Aa1 4/1/2025 4/2/2025 4,522,500.00 3.89 45,245.90 4,517,294.11 4,471,348.50 US TREASURY N/BDTD 03/31/2025 4.000% 03/31/2030
91282CMU2 2,830,000.00 AA+ Aa1 3/28/2025 3/31/2025 2,826,573.05 4.03 28,454.64 2,827,376.43 2,811,981.39 US TREASURY N/BDTD 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 22,879.35 3,714,363.38 3,786,030.28 US TREASURY N/BDTD 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 44,067.60 6,755,432.37 6,676,965.00 US TREASURY N/BDTD 02/15/2000 6.250% 05/15/2030
912810FM5 2,160,000.00 AA+ Aa1 1/11/2023 1/12/2023 2,519,859.38 3.64 17,241.85 2,349,866.11 2,317,781.52 US TREASURY N/BDTD 02/15/2000 6.250% 05/15/2030
912810FM5 925,000.00 AA+ Aa1 11/30/2022 11/30/2022 1,065,123.05 3.89 7,383.66 997,763.13 992,568.48 US TREASURY N/BDTD 05/15/2020 0.625% 05/15/2030
912828ZQ6 2,535,000.00 AA+ Aa1 1/10/2023 1/11/2023 2,057,608.01 3.56 2,023.52 2,283,216.23 2,214,857.39 US TREASURY N/BDTD 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 8,988.73 2,803,537.76 2,785,229.40 US TREASURY N/BDTD 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 31,444.67 9,825,964.17 9,743,382.00 31 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated 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/BDTD 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 3.81 197.44 1,879,596.77 1,853,321.25 US TREASURY N/BDTD 07/31/2025 3.875% 07/31/2030
91282CNN7 850,000.00 AA+ Aa1 8/19/2025 8/20/2025 852,091.80 3.82 13,739.12 851,754.86 839,972.55 US TREASURY N/BDTD 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 5,975.83 2,277,365.66 2,204,010.72 US TREASURY N/BDTD 08/17/2020 0.625% 08/15/2030
91282CAE1 587,500.00 AA+ Aa1 4/6/2022 4/11/2022 498,755.37 2.65 1,379.49 543,651.77 508,784.40 US TREASURY N/BDTD 08/17/2020 0.625% 08/15/2030
91282CAE1 2,540,000.00 AA+ Aa1 2/27/2023 2/28/2023 1,995,586.72 3.97 5,964.09 2,239,124.26 2,199,680.64 US TREASURY N/BDTD 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 3.74 121,767.49 10,004,811.66 9,832,116.00 US TREASURY N/BDTD 11/16/2020 0.875% 11/15/2030
91282CAV3 3,000,000.00 AA+ Aa1 7/11/2023 7/12/2023 2,405,390.63 4.02 3,352.58 2,645,849.51 2,605,077.00 Security Type Sub-Total 188,777,500.00 184,019,380.62 3.96 1,700,598.93 185,857,334.00 183,185,607.38 Negotiable CD
COOPERAT RABOBANK UA/NYDTD 07/20/2023 5.080% 07/17/2026 21684LGS5 4,200,000.00 A-1 P-1 7/17/2023 7/20/2023 4,200,000.00 5.08 97,197.33 4,200,000.00 4,202,658.60 Security Type Sub-Total 4,200,000.00 4,200,000.00 5.08 97,197.33 4,200,000.00 4,202,658.60 Municipal
HAWAII ST-TXBL-GP (CALLABLE)DTD 04/30/2026 4.212% 04/01/2031 419792S23 1,285,000.00 AA+ Aa2 4/16/2026 4/30/2026 1,285,000.00 4.21 9,171.05 1,285,000.00 1,271,558.90 Security Type Sub-Total 1,285,000.00 1,285,000.00 4.21 9,171.05 1,285,000.00 1,271,558.90 Federal Agency
FEDERAL HOME LOAN BANKDTD 08/25/2022 3.375% 09/10/2032
3130AT4C8 875,000.00 AA+ Aa1 11/1/2022 11/3/2022 779,616.25 4.77 9,105.47 815,059.10 832,227.38 Security Type Sub-Total 875,000.00 779,616.25 4.77 9,105.47 815,059.10 832,227.38 32 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
TARGET CORP (CALLABLE)DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 640,000.00 A A2 1/27/2022 1/31/2022 639,609.60 1.96 5,754.67 639,957.55 632,523.52 MICROSOFT CORP (CALLABLE)DTD 02/06/2017 3.300% 02/06/2027 594918BY9 65,000.00 AAA Aaa 1/27/2023 1/31/2023 63,172.85 4.07 863.96 64,728.14 64,657.90 HOME DEPOT INC (CALLABLE)DTD 09/14/2017 2.800% 09/14/2027 437076BT8 3,450,000.00 A A2 1/25/2023 1/27/2023 3,255,385.50 4.15 28,711.67 3,399,449.26 3,392,802.45 JPMORGAN CHASE & CO(CALLABLE)DTD 02/24/2022 2.947% 02/24/2028 46647PCW4 1,605,000.00 A A1 9/14/2023 9/18/2023 1,467,563.85 5.13 16,686.16 1,553,935.06 1,588,900.25 KENVUE INC (CALLABLE)DTD 10/17/2023 5.050% 03/22/2028
49177JAF9 2,500,000.00 A A2 6/27/2025 6/30/2025 2,559,025.00 4.12 34,718.75 2,537,381.03 2,524,060.00 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 10,177.50 1,697,889.32 1,710,827.40 HERSHEY COMPANY (CALLABLE)DTD 05/04/2023 4.250% 05/04/2028 427866BH0 2,785,000.00 A A1 5/9/2023 5/11/2023 2,801,821.40 4.11 18,740.73 2,791,039.67 2,777,747.86 MORGAN STANLEY BANK NA(CALLABLE)DTD 05/30/2024 5.504% 05/26/2028 61690U8B9 2,770,000.00 A+ Aa3 5/30/2024 5/31/2024 2,775,844.70 5.45 14,822.58 2,771,734.62 2,793,226.45 MORGAN STANLEY BANK NA(CALLABLE)DTD 05/30/2024 5.504% 05/26/2028 61690U8B9 1,430,000.00 A+ Aa3 5/28/2024 5/30/2024 1,430,000.00 5.50 7,652.09 1,430,000.00 1,441,990.55 JOHN DEERE CAPITAL CORPDTD 07/14/2023 4.950% 07/14/2028 24422EXB0 1,420,000.00 A A1 7/11/2023 7/14/2023 1,417,884.20 4.98 32,606.75 1,419,138.40 1,437,599.48 JOHN DEERE CAPITAL CORPDTD 07/14/2023 4.950% 07/14/2028 24422EXB0 600,000.00 A A1 7/13/2023 7/14/2023 608,160.00 4.64 13,777.50 603,322.93 607,436.40 JOHN DEERE CAPITAL CORPDTD 07/14/2023 4.950% 07/14/2028 24422EXB0 1,400,000.00 A A1 6/24/2025 6/25/2025 1,434,272.00 4.09 32,147.50 1,423,326.02 1,417,351.60 NATIONAL RURAL UTIL COOP(CALLABLE)DTD 08/25/2025 4.150% 08/25/2028 63743HFZ0 1,750,000.00 NR A2 8/19/2025 8/25/2025 1,748,040.00 4.19 25,418.75 1,748,572.14 1,735,681.50 TOYOTA MOTOR CREDIT CORPDTD 09/11/2023 5.250% 09/11/2028 89236TLB9 1,400,000.00 A+ A1 9/6/2023 9/11/2023 1,397,564.00 5.29 22,458.33 1,398,854.75 1,423,332.40 CITIBANK NA (CALLABLE)DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 1,300,000.00 A+ Aa3 5/1/2024 5/3/2024 1,325,142.00 5.30 19,278.86 1,313,278.79 1,337,485.50 33 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 10,637.50 749,348.41 737,825.25

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 9,928.33 697,768.11 688,636.90

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 10,637.50 749,296.46 737,825.25

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 63,895.92 4,500,974.67 4,431,870.34 CATERPILLAR FINL SERVICEDTD 02/24/2026 3.750% 02/23/2029 14913UBJ8 3,210,000.00 A A1 2/18/2026 2/24/2026 3,205,762.80 3.80 42,465.63 3,206,239.21 3,158,254.80 BLACKROCK FUNDING INC(CALLABLE)DTD 03/14/2024 4.700% 03/14/2029 09290DAA9 405,000.00 AA- Aa3 3/5/2024 3/14/2024 404,266.95 4.74 5,657.63 404,583.58 409,019.22 BLACKROCK FUNDING INC(CALLABLE)DTD 03/14/2024 4.700% 03/14/2029 09290DAA9 4,200,000.00 AA- Aa3 4/9/2024 4/11/2024 4,181,646.00 4.80 58,671.67 4,189,403.36 4,241,680.80 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 51,126.75 3,664,272.28 3,663,101.53 DEPOSITORY TRUST COMPANY(CALLABLE)DTD 03/27/2026 4.300% 03/27/2029 249672AC0 5,460,000.00 AA+ Aa1 4/20/2026 4/21/2026 5,485,006.80 4.13 61,303.67 5,483,388.16 5,432,257.74 DEPOSITORY TRUST COMPANY(CALLABLE)DTD 03/27/2026 4.300% 03/27/2029 249672AC0 1,500,000.00 AA+ Aa1 4/6/2026 4/7/2026 1,500,480.00 4.29 16,841.67 1,500,443.46 1,492,378.50

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,775,000.00 A+ A1 4/1/2024 4/4/2024 1,772,355.25 4.83 20,590.00 1,773,464.20 1,792,345.30

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 1,450,000.00 A+ A1 4/2/2024 4/4/2024 1,447,578.50 4.84 16,820.00 1,448,593.76 1,464,169.40 BANK OF NEW YORK MELLON(CALLABLE)DTD 04/22/2025 4.729% 04/20/2029 06405LAH4 7,000,000.00 AA- Aa2 4/25/2025 4/28/2025 7,081,900.00 4.40 65,286.47 7,050,789.89 7,029,512.00 34 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
MASTERCARD INC (CALLABLE)DTD 05/31/2019 2.950% 06/01/2029 57636QAM6 3,600,000.00 A+ Aa3 6/26/2024 6/27/2024 3,307,140.00 4.82 8,850.00 3,418,449.64 3,466,738.80 PEPSICO INC (CALLABLE)DTD 07/17/2024 4.500% 07/17/2029
713448FX1 2,160,000.00 A+ A1 7/15/2024 7/17/2024 2,156,652.00 4.53 44,280.00 2,157,878.99 2,166,683.04 TOYOTA MOTOR CREDIT CORPDTD 08/09/2024 4.550% 08/09/2029 89236TMK8 370,000.00 A+ A1 8/6/2024 8/9/2024 369,248.90 4.60 6,640.47 369,513.81 369,856.81 TOYOTA MOTOR CREDIT CORPDTD 08/09/2024 4.550% 08/09/2029 89236TMK8 805,000.00 A+ A1 8/7/2024 8/9/2024 804,074.25 4.58 14,447.51 804,402.91 804,688.46 TOYOTA MOTOR CREDIT CORPDTD 08/09/2024 4.550% 08/09/2029 89236TMK8 925,000.00 A+ A1 8/8/2024 8/9/2024 921,198.25 4.64 16,601.18 922,539.28 924,642.02 ELI LILLY & CO (CALLABLE)DTD 08/14/2024 4.200% 08/14/2029 532457CQ9 2,600,000.00 AA- Aa3 8/13/2024 8/14/2024 2,604,420.00 4.16 41,556.67 2,602,834.64 2,586,399.40 ELI LILLY & CO (CALLABLE)DTD 08/14/2024 4.200% 08/14/2029 532457CQ9 750,000.00 AA- Aa3 8/12/2024 8/14/2024 748,357.50 4.25 11,987.50 748,937.16 746,076.75 PEPSICO INC (CALLABLE)DTD 02/07/2025 4.600% 02/07/2030
713448GB8 805,000.00 A+ A1 2/5/2025 2/7/2025 803,647.60 4.64 14,812.00 803,996.67 811,375.60 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 48,823.99 2,800,861.03 2,763,426.40 CISCO SYSTEMS INC (CALLABLE)DTD 02/24/2025 4.750% 02/24/2030 17275RBX9 6,917,000.00 AA- A1 4/21/2025 4/22/2025 7,006,367.64 4.45 115,907.78 6,985,710.30 6,977,164.07 TEXAS INSTRUMENTS INC(CALLABLE)DTD 05/04/2020 1.750% 05/04/2030 882508BJ2 4,000,000.00 A+ Aa3 7/2/2025 7/3/2025 3,561,520.00 4.28 11,083.33 3,644,525.52 3,613,976.00 CHARLES SCHWAB CORP(CALLABLE)DTD 05/21/2026 4.744% 05/21/2030 808513CQ6 2,750,000.00 A- A2 5/19/2026 5/21/2026 2,748,625.00 4.76 14,495.56 2,748,667.35 2,755,183.75 CHARLES SCHWAB CORP(CALLABLE)DTD 05/21/2026 4.744% 05/21/2030 808513CQ6 850,000.00 A- A2 5/18/2026 5/21/2026 850,000.00 4.74 4,480.44 850,000.00 851,602.25 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 69,051.71 3,185,465.26 3,151,193.23 NOVARTIS CAPITAL CORP(CALLABLE)DTD 11/05/2025 4.100% 11/05/2030 66989HAY4 6,370,000.00 AA- Aa3 11/3/2025 11/5/2025 6,350,890.00 4.17 40,626.44 6,353,202.84 6,258,244.72 35 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
CATERPILLAR FINL SERVICEDTD 01/08/2026 4.150% 01/08/2031 14913UBH2 500,000.00 A A1 1/5/2026 1/8/2026 499,820.00 4.16 9,971.53 499,836.74 491,998.00 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 55,011.60 2,781,976.22 2,728,241.25 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 40,143.60 2,025,000.00 1,990,878.75 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 19,518.72 1,898,914.54 1,885,212.96 AMAZON.COM INC (CALLABLE)
DTD 03/13/2026 4.250% 03/13/2031
023135DD5 7,150,000.00 AA A1 5/12/2026 5/13/2026 7,062,984.50 4.53 91,162.50 7,065,167.23 7,040,283.25 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 13,603.24 1,144,087.45 1,138,316.64 WALMART INC (CALLABLE)DTD 04/30/2026 4.150% 04/30/2031
931142FT5 1,620,000.00 AA Aa2 4/27/2026 4/30/2026 1,616,533.20 4.20 11,391.75 1,616,646.65 1,601,395.92 META PLATFORMS INC (CALLABLE)DTD 05/04/2026 4.550% 05/15/2031 30303MAF9 7,375,000.00 AA- Aa3 6/3/2026 6/4/2026 7,333,036.25 4.68 53,130.73 7,333,608.45 7,335,322.50 MASTERCARD INC (CALLABLE)DTD 06/08/2026 4.600% 06/08/2031 57636QBL7 1,490,000.00 A+ Aa3 6/9/2026 6/10/2026 1,485,991.90 4.66 4,378.94 1,486,040.17 1,487,709.87 MASTERCARD INC (CALLABLE)DTD 06/08/2026 4.600% 06/08/2031 57636QBL7 2,260,000.00 A+ Aa3 6/4/2026 6/8/2026 2,258,192.00 4.62 6,641.89 2,258,212.95 2,256,526.38 Security Type Sub-Total 134,222,000.00 133,177,004.09 4.49 1,599,959.68 133,529,468.43 133,320,126.34 Agency CMBS
FHMS K061 A2DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 2,685,176.94 AA+ Aa1 5/19/2023 5/24/2023 2,602,523.83 4.29 7,489.41 2,675,738.35 2,672,954.01 FHMS K064 A2DTD 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 4,425,956.88 4,444,901.46 FHMS K065 A2DTD 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 2,507,840.09 2,517,152.70 36 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated 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 K066 A2DTD 08/01/2017 3.117% 06/01/2027
3137F2LJ3 3,881,666.32 AA+ Aa1 8/17/2023 8/22/2023 3,629,964.52 4.97 10,082.63 3,817,239.35 3,840,761.32 FHMS K507 A1DTD 09/01/2023 4.800% 04/01/2028
3137HAMR4 3,477,202.64 AA+ Aa1 9/20/2023 9/28/2023 3,422,634.90 5.19 13,908.81 3,453,469.02 3,493,121.27 FHMS K506 A1DTD 09/01/2023 4.650% 05/01/2028
3137HAMG8 2,028,283.22 AA+ Aa1 9/7/2023 9/14/2023 1,997,950.24 5.01 7,859.60 2,015,083.43 2,033,286.99 FHMS K505 A2DTD 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 4,216,874.34 4,218,778.20 FHMS KJ46 A1DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 3,242,157.07 AA+ Aa1 7/19/2023 7/27/2023 3,242,076.00 4.78 12,906.49 3,242,124.29 3,249,056.38 FNA 2023-M6 A2DTD 07/01/2023 4.172% 07/01/2028
3136BQDE6 3,894,231.57 AA+ Aa1 7/18/2023 7/31/2023 3,828,212.17 4.58 13,538.82 3,866,852.28 3,868,720.46 FHMS K508 A2DTD 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 4,255,031.72 4,316,774.30 FHMS KJ47 A1DTD 09/01/2023 5.272% 08/01/2028
3137HAMN3 1,145,693.20 AA+ Aa1 9/19/2023 9/28/2023 1,145,687.47 5.27 5,033.41 1,145,690.86 1,150,091.52 FHMS K506 A2DTD 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 4,170,988.75 4,208,051.40 FHMS K507 A2DTD 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 4,175,507.95 4,221,814.80 FHMS K509 A2DTD 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 3,252,402.05 3,323,431.99 FHMS K511 A2DTD 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 2,436,451.80 2,456,860.40 FHMS K510 A2DTD 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 1,672,562.89 1,692,887.32 FHMS K512 A2DTD 12/01/2023 5.000% 11/01/2028
3137HBCF9 2,040,032.65 AA+ Aa1 12/11/2023 12/21/2023 2,059,082.48 4.79 8,500.14 2,049,907.15 2,060,581.90 FHMS K514 A2DTD 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 2,508,400.17 2,495,069.86 FHMS K513 A2DTD 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 2,518,327.25 2,514,145.76 FHMS K516 A2DTD 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 4,270,094.09 4,289,976.60 37 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated 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 K515 A2DTD 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 4,262,476.26 4,276,994.40 FHMS K518 A2DTD 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 3,081,930.32 3,098,304.16 FHMS K517 A2DTD 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 3,822,869.08 3,828,661.36 FHMS K520 A2DTD 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 2,385,785.04 2,416,223.60 FHMS K524 A2DTD 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 3,744,608.88 3,748,485.88 FHMS K529 A2DTD 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 2,386,982.50 2,375,210.61 FHMS K531 A2DTD 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 1,810,786.88 1,812,349.96 FHMS K541 A2DTD 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 2,469,933.14 2,457,010.27 FHMS K553 A2DTD 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 1,947,229.30 1,911,470.15 FHMS K557 A2DTD 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 2,289,961.64 2,237,064.36 FHMS K555 A2DTD 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 1,385,647.38 1,364,469.87 Security Type Sub-Total 92,297,094.60 91,710,427.21 4.79 352,411.61 92,264,753.13 92,594,663.26 ABS
KCOT 2023-2A A3DTD 07/26/2023 5.280% 01/18/2028
500945AC4 442,463.03 NR Aaa 7/18/2023 7/26/2023 442,351.26 5.29 1,038.31 442,424.40 444,052.79 BAAT 2023-1A A3DTD 07/31/2023 5.530% 02/15/2028
06428AAC2 380,985.97 NR Aaa 7/25/2023 7/31/2023 380,971.53 5.53 936.38 380,980.81 382,372.76 HAROT 2023-3 A3DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 661,301.87 AAA NR 8/15/2023 8/22/2023 661,165.51 5.42 1,291.93 661,252.34 664,098.52 TAOT 2023-C A3DTD 08/15/2023 5.160% 04/17/2028
89231FAD2 270,992.83 AAA NR 8/8/2023 8/15/2023 270,931.53 5.17 621.48 270,969.28 271,813.12 38 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated 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
USAOT 2023-A A3DTD 09/15/2023 5.580% 05/15/2028
90291VAC4 563,999.72 AAA Aaa 9/7/2023 9/15/2023 563,901.02 5.58 1,398.72 563,957.70 565,824.26 BAAT 2023-2A A3DTD 11/21/2023 5.740% 06/15/2028
06054YAC1 1,070,069.84 NR Aaa 11/15/2023 11/21/2023 1,070,050.47 5.74 2,729.87 1,070,061.93 1,075,130.20 FITAT 2023-1 A3DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 926,460.38 AAA Aaa 8/15/2023 8/23/2023 926,402.94 5.53 2,277.03 926,435.88 930,466.39 TAOT 2023-D A3DTD 11/14/2023 5.540% 08/15/2028
89239FAD4 418,060.07 AAA NR 11/7/2023 11/14/2023 418,015.01 5.54 1,029.36 418,039.19 420,697.62 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 3,459,928.07 3,469,694.92 CHAIT 2023-A1 ADTD 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 3,379,557.02 3,388,514.22 HART 2023-C A3DTD 11/13/2023 5.540% 10/16/2028
44918CAD4 540,966.27 AAA NR 11/3/2023 11/13/2023 540,895.14 5.54 1,331.98 540,931.42 544,001.63 BACCT 2023-A2 A2DTD 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 1,519,898.18 1,524,859.44 GMCAR 2024-1 A3DTD 01/17/2024 4.850% 12/18/2028
36268GAD7 203,979.66 NR Aaa 1/9/2024 1/17/2024 203,938.64 4.85 412.21 203,957.91 204,543.67 CHAIT 2024-A1 ADTD 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 3,824,688.91 3,833,418.83 KCOT 2025-1A A3DTD 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 1,744,961.52 1,749,200.22 HART 2025-A A3DTD 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 2,869,692.54 2,871,320.20 HART 2025-B A3DTD 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 1,124,920.62 1,125,345.38 USAOT 2025-A A3DTD 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 1,094,922.19 1,090,333.11 HAROT 2025-3 A3DTD 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 2,724,953.95 2,712,977.30 TAOT 2025-C A3DTD 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 1,929,834.43 1,924,233.16 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 1,707.20 969,883.17 966,282.96 39 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Holdings
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
HART 2025-C A3DTD 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 2,304,691.84 2,288,383.26 TAOT 2025-D A3DTD 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 2,494,752.82 2,476,275.03 HAROT 2025-4 A3DTD 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 2,019,660.03 2,005,037.86 CHAOT 2025-1A A3DTD 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 1,299,895.45 1,298,932.70 COPAR 2025-1 A3DTD 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 1,079,802.36 1,070,243.28 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 2,674,683.15 2,671,498.43 CHAIT 2025-A1 ADTD 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 3,764,944.09 3,750,297.68 COMET 2025-A1 ADTD 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 2,894,539.55 2,861,345.63 TAOT 2026-A A3DTD 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 1,194,907.30 1,183,524.42 HART 2025-D A3DTD 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 2,094,846.02 2,079,365.02 HAROT 2026-1 A3DTD 02/18/2026 3.780% 09/23/2030
43815CAD0 1,195,000.00 NR Aaa 2/10/2026 2/18/2026 1,194,809.64 3.78 1,254.75 1,194,827.50 1,181,026.86 BAAT 2026-1A A3DTD 04/24/2026 4.180% 10/15/2030
05620EAD0 1,240,000.00 NR Aaa 4/15/2026 4/24/2026 1,239,810.16 4.18 2,303.64 1,239,820.15 1,231,792.44 FORDO 2026-A A3DTD 03/24/2026 4.050% 10/15/2030
34532WAD7 2,000,000.00 AAA Aaa 3/17/2026 3/24/2026 1,999,617.80 4.05 3,600.00 1,999,646.24 1,985,604.00 CHAOT 2025-2A A3DTD 10/29/2025 3.860% 10/25/2030
16144MAD6 1,535,000.00 NR Aaa 10/17/2025 10/29/2025 1,534,939.21 3.86 987.52 1,534,951.23 1,521,665.46 HAROT 2026-2 A3DTD 05/13/2026 4.300% 11/15/2030
43814YAD3 3,260,000.00 AAA Aaa 5/5/2026 5/13/2026 3,259,905.79 4.30 6,230.22 3,259,909.18 3,251,664.18 TAOT 2026-B A3DTD 04/21/2026 4.130% 12/16/2030
89240QAD7 1,885,000.00 AAA Aaa 4/14/2026 4/21/2026 1,884,602.45 4.14 3,460.02 1,884,624.51 1,874,006.68 HART 2026-A A3DTD 02/18/2026 3.790% 02/18/2031
448981AD2 795,000.00 AAA NR 2/10/2026 2/18/2026 794,946.34 3.79 1,339.13 794,952.80 784,440.81 40 ATTACHMENT
B
PFM Asset Management | pfmam.com

4.33 4.33%
Total Investments $491,688,542.87
41 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
BUY4/6/2026 4/7/2026 1,500,000.00 249672AC0 DEPOSITORY TRUST COMPANY (CALLABLE) 4.30% 3/27/2029 1,502,271.67 4.29%4/14/2026 4/21/2026 1,885,000.00 89240QAD7 TAOT 2026-B A3 4.13% 12/16/2030 1,884,602.45 4.14%4/15/2026 4/24/2026 1,240,000.00 05620EAD0 BAAT 2026-1A A3 4.18% 10/15/2030 1,239,810.16 4.18%4/16/2026 4/30/2026 1,285,000.00 419792S23 HAWAII ST-TXBL-GP (CALLABLE) 4.21% 4/1/2031 1,285,000.00 4.21%4/20/2026 4/21/2026 5,460,000.00 249672AC0 DEPOSITORY TRUST COMPANY (CALLABLE) 4.30% 3/27/2029 5,500,658.80 4.13%4/27/2026 4/30/2026 1,620,000.00 931142FT5 WALMART INC (CALLABLE) 4.15% 4/30/2031 1,616,533.20 4.20%5/5/2026 5/13/2026 3,260,000.00 43814YAD3 HAROT 2026-2 A3 4.30% 11/15/2030 3,259,905.79 4.30%5/7/2026 5/14/2026 4,495,000.00 05522RDL9 BACCT 2026-A1 A 4.22% 4/15/2031 4,494,547.80 4.22%5/12/2026 5/13/2026 7,150,000.00 023135DD5 AMAZON.COM INC (CALLABLE) 4.25% 3/13/2031 7,113,630.33 4.53%5/18/2026 5/21/2026 850,000.00 808513CQ6 CHARLES SCHWAB CORP (CALLABLE) 4.74% 5/21/2030 850,000.00 4.74%5/19/2026 5/21/2026 2,750,000.00 808513CQ6 CHARLES SCHWAB CORP (CALLABLE) 4.74% 5/21/2030 2,748,625.00 4.76%5/27/2026 5/28/2026 7,450,000.00 91282CNT4 US TREASURY N/B 4.25% 8/15/2035 7,428,046.81 4.45%6/3/2026 6/4/2026 7,375,000.00 30303MAF9 META PLATFORMS INC (CALLABLE) 4.55% 5/15/2031 7,360,999.79 4.68%6/4/2026 6/8/2026 2,260,000.00 57636QBL7 MASTERCARD INC (CALLABLE) 4.60% 6/8/2031 2,258,192.00 4.62%6/9/2026 6/10/2026 1,490,000.00 57636QBL7 MASTERCARD INC (CALLABLE) 4.60% 6/8/2031 1,486,372.68 4.66%6/26/2026 6/30/2026 1,560,000.00 91282CKN0 US TREASURY N/B 4.62% 4/30/2031 1,604,865.90 4.14% Total BUY 51,630,000.00 51,634,062.38 0.00
42 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
CALL5/21/2026 5/21/2026 2,150,000.00 38151LAG5 GOLDMAN SACHS BANK USA (CALLABLE) 5.41% 5/21/2027 2,150,000.00 5.41%5/21/2026 5/21/2026 1,450,000.00 38151LAG5 GOLDMAN SACHS BANK USA (CALLABLE) 5.41% 5/21/2027 1,450,000.00 5.41% Total CALL 3,600,000.00 3,600,000.00 0.00
INTEREST4/1/2026 4/1/2026 MONEY0002 MONEY MARKET FUND 0.00% 5,571.044/1/2026 4/25/2026 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.504/1/2026 4/25/2026 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.634/1/2026 4/25/2026 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.004/1/2026 4/25/2026 3137HQSP7 FHMS K557 A2 3.93% 1/1/2031 7,511.204/1/2026 4/25/2026 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.354/1/2026 4/25/2026 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.004/1/2026 4/25/2026 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.004/1/2026 4/25/2026 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,900.374/1/2026 4/25/2026 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,251.764/1/2026 4/25/2026 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.344/1/2026 4/25/2026 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.954/1/2026 4/25/2026 3137HQ4U2 FHMS K555 A2 4.05% 1/1/2031 4,691.25 43 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST4/1/2026 4/25/2026 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.484/1/2026 4/25/2026 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,221.944/1/2026 4/25/2026 3137HPU50 FHMS K553 A2 4.07% 12/1/2030 6,596.794/1/2026 4/25/2026 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.714/1/2026 4/25/2026 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.334/1/2026 4/25/2026 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.674/1/2026 4/25/2026 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.504/1/2026 4/25/2026 3136BQDE6 FNA 2023-M6 A2 4.17% 7/1/2028 13,600.584/1/2026 4/25/2026 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.354/1/2026 4/25/2026 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,110.404/1/2026 4/25/2026 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.004/1/2026 4/25/2026 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.004/1/2026 4/25/2026 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.004/1/2026 4/25/2026 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.964/1/2026 4/25/2026 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.004/1/2026 4/25/2026 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.294/1/2026 4/25/2026 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,539.27 44 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST4/1/2026 4/25/2026 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,130.524/1/2026 4/25/2026 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 8,503.414/4/2026 4/4/2026 00724PAF6 ADOBE INC (CALLABLE) 4.80% 4/4/2029 77,400.004/15/2026 4/15/2026 90327HAC3 USAOT 2025-A A3 3.95% 12/17/2029 3,604.384/15/2026 4/15/2026 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 7,251.304/15/2026 4/15/2026 89231GAD0 TAOT 2025-D A3 3.84% 6/17/2030 7,984.004/15/2026 4/15/2026 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.004/15/2026 4/15/2026 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.424/15/2026 4/15/2026 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 4,595.734/15/2026 4/15/2026 14043YAD7 COPAR 2025-1 A3 3.85% 7/15/2030 3,465.004/15/2026 4/15/2026 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.004/15/2026 4/15/2026 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.494/15/2026 4/15/2026 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 6,041.234/15/2026 4/15/2026 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.254/15/2026 4/15/2026 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 2,749.394/15/2026 4/15/2026 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.824/15/2026 4/15/2026 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 1,683.74 45 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST4/15/2026 4/15/2026 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.004/15/2026 4/15/2026 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 7,452.834/15/2026 4/15/2026 43814XAD5 HAROT 2025-4 A3 3.98% 6/17/2030 6,699.674/15/2026 4/15/2026 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.504/15/2026 4/15/2026 14041NGF2 COMET 2025-A1 A 3.82% 9/15/2030 9,215.754/15/2026 4/15/2026 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 2,485.844/15/2026 4/15/2026 44891XAD9 HART 2025-D A3 3.99% 9/16/2030 6,965.884/15/2026 4/15/2026 89240KAD0 TAOT 2026-A A3 3.86% 9/16/2030 3,843.924/15/2026 4/15/2026 34532WAD7 FORDO 2026-A A3 4.05% 10/15/2030 4,725.004/15/2026 4/15/2026 02008KAC7 ALLYA 2025-1 A3 3.96% 3/15/2030 3,201.004/15/2026 4/15/2026 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.004/15/2026 4/15/2026 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.964/15/2026 4/15/2026 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 2,785.484/15/2026 4/15/2026 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 3,375.794/15/2026 4/15/2026 448981AD2 HART 2026-A A3 3.79% 2/18/2031 2,510.874/16/2026 4/16/2026 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 1,090.634/18/2026 4/18/2026 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 4,527.74 46 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST4/20/2026 4/20/2026 06405LAH4 BANK OF NEW YORK MELLON (CALLABLE) 4.72% 4/20/2029 165,515.004/20/2026 4/20/2026 92348KFC2 VZMT 2026-1 A1A 3.94% 2/20/2031 17,250.634/21/2026 4/21/2026 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 9,174.174/21/2026 4/21/2026 43815CAD0 HAROT 2026-1 A3 3.78% 9/23/2030 3,764.254/25/2026 4/25/2026 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.504/25/2026 4/25/2026 16144MAD6 CHAOT 2025-2A A3 3.86% 10/25/2030 4,937.584/30/2026 4/30/2026 91282CHA2 US TREASURY N/B 3.50% 4/30/2028 3,762.504/30/2026 4/30/2026 91282CLR0 US TREASURY N/B 4.12% 10/31/2029 54,656.254/30/2026 4/30/2026 91282CGZ8 US TREASURY N/B 3.50% 4/30/2030 67,900.004/30/2026 4/30/2026 91282CFU0 US TREASURY N/B 4.12% 10/31/2027 12,065.634/30/2026 4/30/2026 91282CMZ1 US TREASURY N/B 3.87% 4/30/2030 130,781.255/1/2026 5/1/2026 46647PAF3 JPMORGAN CHASE & CO (CALLABLE) 3.54% 5/1/2028 30,532.505/1/2026 5/1/2026 MONEY0002 MONEY MARKET FUND 0.00% 3,494.735/1/2026 5/25/2026 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.295/1/2026 5/25/2026 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.965/1/2026 5/25/2026 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.635/1/2026 5/25/2026 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.00 47 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/1/2026 5/25/2026 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,122.645/1/2026 5/25/2026 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.355/1/2026 5/25/2026 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 13,236.035/1/2026 5/25/2026 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,523.015/1/2026 5/25/2026 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.005/1/2026 5/25/2026 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,114.985/1/2026 5/25/2026 3136BQDE6 FNA 2023-M6 A2 4.17% 7/1/2028 13,541.055/1/2026 5/25/2026 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.715/1/2026 5/25/2026 3137HPU50 FHMS K553 A2 4.07% 12/1/2030 6,596.795/1/2026 5/25/2026 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.345/1/2026 5/25/2026 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.005/1/2026 5/25/2026 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 8,502.405/1/2026 5/25/2026 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.675/1/2026 5/25/2026 3137HQSP7 FHMS K557 A2 3.93% 1/1/2031 7,511.205/1/2026 5/25/2026 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.005/1/2026 5/25/2026 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.505/1/2026 5/25/2026 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,890.99 48 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/1/2026 5/25/2026 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.005/1/2026 5/25/2026 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.335/1/2026 5/25/2026 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.485/1/2026 5/25/2026 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.005/1/2026 5/25/2026 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.505/1/2026 5/25/2026 3137HQ4U2 FHMS K555 A2 4.05% 1/1/2031 4,691.255/1/2026 5/25/2026 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,086.795/1/2026 5/25/2026 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.355/1/2026 5/25/2026 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.955/1/2026 5/25/2026 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.005/4/2026 5/4/2026 427866BH0 HERSHEY COMPANY (CALLABLE) 4.25% 5/4/2028 59,181.255/4/2026 5/4/2026 882508BJ2 TEXAS INSTRUMENTS INC (CALLABLE) 1.75% 5/4/2030 35,000.005/5/2026 5/5/2026 66989HAY4 NOVARTIS CAPITAL CORP (CALLABLE) 4.10% 11/5/2030 130,585.005/15/2026 5/15/2026 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.005/15/2026 5/15/2026 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.005/15/2026 5/15/2026 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 2,379.315/15/2026 5/15/2026 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.50 49 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/15/2026 5/15/2026 91282CHC8 US TREASURY N/B 3.37% 5/15/2033 18,140.635/15/2026 5/15/2026 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 3,870.915/15/2026 5/15/2026 91282CAV3 US TREASURY N/B 0.87% 11/15/2030 18,943.755/15/2026 5/15/2026 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 7,452.835/15/2026 5/15/2026 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.005/15/2026 5/15/2026 91282CKQ3 US TREASURY N/B 4.37% 5/15/2034 21,875.005/15/2026 5/15/2026 91282CPJ4 US TREASURY N/B 4.00% 11/15/2035 46,000.005/15/2026 5/15/2026 14043YAD7 COPAR 2025-1 A3 3.85% 7/15/2030 3,465.005/15/2026 5/15/2026 912810FM5 US TREASURY N/B 6.25% 5/15/2030 96,406.255/15/2026 5/15/2026 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.835/15/2026 5/15/2026 90327HAC3 USAOT 2025-A A3 3.95% 12/17/2029 3,604.385/15/2026 5/15/2026 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.505/15/2026 5/15/2026 91282CCB5 US TREASURY N/B 1.62% 5/15/2031 34,084.385/15/2026 5/15/2026 912828ZQ6 US TREASURY N/B 0.62% 5/15/2030 7,921.885/15/2026 5/15/2026 91282CFV8 US TREASURY N/B 4.12% 11/15/2032 160,153.135/15/2026 5/15/2026 448981AD2 HART 2026-A A3 3.79% 2/18/2031 2,510.875/15/2026 5/15/2026 91282CJJ1 US TREASURY N/B 4.50% 11/15/2033 97,650.00 50 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/15/2026 5/15/2026 02008KAC7 ALLYA 2025-1 A3 3.96% 3/15/2030 3,201.005/15/2026 5/15/2026 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 3,062.345/15/2026 5/15/2026 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.965/15/2026 5/15/2026 05620EAD0 BAAT 2026-1A A3 4.18% 10/15/2030 3,023.535/15/2026 5/15/2026 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 6,475.495/15/2026 5/15/2026 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 2,284.155/15/2026 5/15/2026 91282CDJ7 US TREASURY N/B 1.37% 11/15/2031 23,271.885/15/2026 5/15/2026 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 5,374.625/15/2026 5/15/2026 89240KAD0 TAOT 2026-A A3 3.86% 9/16/2030 3,843.925/15/2026 5/15/2026 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.005/15/2026 5/15/2026 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.255/15/2026 5/15/2026 44891XAD9 HART 2025-D A3 3.99% 9/16/2030 6,965.885/15/2026 5/15/2026 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.425/15/2026 5/15/2026 43814XAD5 HAROT 2025-4 A3 3.98% 6/17/2030 6,699.675/15/2026 5/15/2026 89240QAD7 TAOT 2026-B A3 4.13% 12/16/2030 5,190.035/15/2026 5/15/2026 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 1,495.855/15/2026 5/15/2026 89231GAD0 TAOT 2025-D A3 3.84% 6/17/2030 7,984.00 51 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/15/2026 5/15/2026 14041NGF2 COMET 2025-A1 A 3.82% 9/15/2030 9,215.755/15/2026 5/15/2026 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 2,488.825/15/2026 5/15/2026 91282CEP2 US TREASURY N/B 2.87% 5/15/2032 111,478.135/15/2026 5/15/2026 34532WAD7 FORDO 2026-A A3 4.05% 10/15/2030 6,750.005/16/2026 5/16/2026 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 994.325/18/2026 5/18/2026 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 3,971.735/20/2026 5/20/2026 92348KFC2 VZMT 2026-1 A1A 3.94% 2/20/2031 13,987.005/21/2026 5/21/2026 43815CAD0 HAROT 2026-1 A3 3.78% 9/23/2030 3,764.255/21/2026 5/21/2026 38151LAG5 GOLDMAN SACHS BANK USA (CALLABLE) 5.41% 5/21/2027 97,452.005/21/2026 5/21/2026 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 9,174.175/25/2026 5/25/2026 16144MAD6 CHAOT 2025-2A A3 3.86% 10/25/2030 4,937.585/25/2026 5/25/2026 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.505/26/2026 5/26/2026 61690U8B9 MORGAN STANLEY BANK NA (CALLABLE) 5.50% 5/26/2028 115,584.005/31/2026 5/31/2026 91282CPN5 US TREASURY N/B 3.50% 11/30/2030 73,500.005/31/2026 5/31/2026 91282CHF1 US TREASURY N/B 3.75% 5/31/2030 238,687.505/31/2026 5/31/2026 91282CFY2 US TREASURY N/B 3.87% 11/30/2029 20,731.255/31/2026 5/31/2026 91282CKU4 US TREASURY N/B 4.62% 5/31/2031 115,625.00 52 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST5/31/2026 5/31/2026 91282CPM7 US TREASURY N/B 3.75% 11/30/2032 43,125.006/1/2026 6/1/2026 MONEY0002 MONEY MARKET FUND 0.00% 3,116.266/1/2026 6/1/2026 57636QAM6 MASTERCARD INC (CALLABLE) 2.95% 6/1/2029 53,100.006/1/2026 6/25/2026 3137HQSP7 FHMS K557 A2 3.93% 1/1/2031 7,511.206/1/2026 6/25/2026 3137HBPD0 FHMS K515 A2 5.40% 1/1/2029 18,900.006/1/2026 6/25/2026 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 13,357.716/1/2026 6/25/2026 3137HLXV9 FHMS K541 A2 4.34% 2/1/2030 8,949.636/1/2026 6/25/2026 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 9,882.006/1/2026 6/25/2026 3137HQ4U2 FHMS K555 A2 4.05% 1/1/2031 4,691.256/1/2026 6/25/2026 3137HC2C5 FHMS K517 A2 5.35% 1/1/2029 16,779.006/1/2026 6/25/2026 3136BQDE6 FNA 2023-M6 A2 4.17% 7/1/2028 13,598.386/1/2026 6/25/2026 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 10,098.296/1/2026 6/25/2026 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 16,275.006/1/2026 6/25/2026 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 8,501.166/1/2026 6/25/2026 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 14,671.336/1/2026 6/25/2026 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 12,029.966/1/2026 6/25/2026 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 16,800.00 53 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST6/1/2026 6/25/2026 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 7,880.316/1/2026 6/25/2026 3137HHUN9 FHMS K531 A2 4.63% 10/1/2029 6,964.296/1/2026 6/25/2026 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 9,505.956/1/2026 6/25/2026 3137HH6C0 FHMS K529 A2 4.79% 9/1/2029 9,402.346/1/2026 6/25/2026 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 7,505.786/1/2026 6/25/2026 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 14,665.956/1/2026 6/25/2026 3137HC2L5 FHMS K518 A2 5.40% 1/1/2029 13,680.006/1/2026 6/25/2026 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,057.336/1/2026 6/25/2026 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 14,009.106/1/2026 6/25/2026 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 7,075.486/1/2026 6/25/2026 3137HBFY5 FHMS K513 A2 4.72% 12/1/2028 9,861.356/1/2026 6/25/2026 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 16,866.506/1/2026 6/25/2026 3137HCKV3 FHMS K520 A2 5.18% 3/1/2029 10,273.676/1/2026 6/25/2026 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 16,985.006/1/2026 6/25/2026 3137HPU50 FHMS K553 A2 4.07% 12/1/2030 6,596.796/1/2026 6/25/2026 3137HBPM0 FHMS K516 A2 5.47% 1/1/2029 19,169.506/1/2026 6/25/2026 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 6,864.35 54 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST6/15/2026 6/15/2026 89240QAD7 TAOT 2026-B A3 4.13% 12/16/2030 6,487.546/15/2026 6/15/2026 161571HV9 CHAIT 2024-A1 A 4.60% 1/15/2029 14,662.506/15/2026 6/15/2026 44935XAD7 HART 2025-B A3 4.36% 12/17/2029 4,087.506/15/2026 6/15/2026 44891XAD9 HART 2025-D A3 3.99% 9/16/2030 6,965.886/15/2026 6/15/2026 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 2,211.566/15/2026 6/15/2026 44935CAD3 HART 2025-A A3 4.32% 10/15/2029 10,332.006/15/2026 6/15/2026 43814YAD3 HAROT 2026-2 A3 4.30% 11/15/2030 12,460.446/15/2026 6/15/2026 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 1,325.766/15/2026 6/15/2026 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 2,098.546/15/2026 6/15/2026 89238VAD0 TAOT 2025-C A3 4.11% 3/15/2030 6,610.256/15/2026 6/15/2026 50117FAC5 KCOT 2025-1A A3 4.67% 6/15/2029 6,790.966/15/2026 6/15/2026 89231GAD0 TAOT 2025-D A3 3.84% 6/17/2030 7,984.006/15/2026 6/15/2026 05620EAD0 BAAT 2026-1A A3 4.18% 10/15/2030 4,319.336/15/2026 6/15/2026 448981AD2 HART 2026-A A3 3.79% 2/18/2031 2,510.876/15/2026 6/15/2026 34532WAD7 FORDO 2026-A A3 4.05% 10/15/2030 6,750.006/15/2026 6/15/2026 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 6,308.006/15/2026 6/15/2026 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 5,764.70 55 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST6/15/2026 6/15/2026 02582JKV1 AMXCA 2025-4 A 4.30% 7/15/2030 9,585.426/15/2026 6/15/2026 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 4,796.546/15/2026 6/15/2026 14041NGF2 COMET 2025-A1 A 3.82% 9/15/2030 9,215.756/15/2026 6/15/2026 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 2,773.856/15/2026 6/15/2026 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 2,057.036/15/2026 6/15/2026 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 3,200.116/15/2026 6/15/2026 44935JAD8 HART 2025-C A3 3.88% 4/15/2030 7,452.836/15/2026 6/15/2026 90327HAC3 USAOT 2025-A A3 3.95% 12/17/2029 3,604.386/15/2026 6/15/2026 02008KAC7 ALLYA 2025-1 A3 3.96% 3/15/2030 3,201.006/15/2026 6/15/2026 05522RDL9 BACCT 2026-A1 A 4.22% 4/15/2031 16,334.336/15/2026 6/15/2026 43814XAD5 HAROT 2025-4 A3 3.98% 6/17/2030 6,699.676/15/2026 6/15/2026 14043YAD7 COPAR 2025-1 A3 3.85% 7/15/2030 3,465.006/15/2026 6/15/2026 89240KAD0 TAOT 2026-A A3 3.86% 9/16/2030 3,843.926/15/2026 6/15/2026 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 15,079.836/15/2026 6/15/2026 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 14,534.006/15/2026 6/15/2026 161571HZ0 CHAIT 2025-A1 A 4.16% 7/15/2030 13,052.006/16/2026 6/16/2026 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 907.17 56 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST6/18/2026 6/18/2026 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 3,462.586/20/2026 6/20/2026 92348KFC2 VZMT 2026-1 A1A 3.94% 2/20/2031 13,987.006/21/2026 6/21/2026 43815CAD0 HAROT 2026-1 A3 3.78% 9/23/2030 3,764.256/21/2026 6/21/2026 43813QAD1 HAROT 2025-3 A3 4.04% 2/21/2030 9,174.176/25/2026 6/25/2026 16145NAC5 CHAOT 2025-1A A3 4.29% 6/25/2030 4,647.506/25/2026 6/25/2026 16144MAD6 CHAOT 2025-2A A3 3.86% 10/25/2030 4,937.586/30/2026 6/30/2026 91282CPR6 US TREASURY N/B 3.62% 12/31/2030 4,440.636/30/2026 6/30/2026 91282CNK3 US TREASURY N/B 3.87% 6/30/2030 36,328.136/30/2026 6/30/2026 91282CMD0 US TREASURY N/B 4.37% 12/31/2029 12,687.506/30/2026 6/30/2026 91282CGB1 US TREASURY N/B 3.87% 12/31/2029 39,331.25 Total INTEREST 0.00 4,071,322.88 0.00
PAYDOWNS4/1/2026 4/25/2026 5,372.11 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,372.11 0.014/1/2026 4/25/2026 241.81 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 241.81 -1.284/1/2026 4/25/2026 5,830.96 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,830.96 33.314/1/2026 4/25/2026 3,950.10 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 3,950.10 0.044/1/2026 4/25/2026 5,982.25 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 5,982.25 124.54 57 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS4/1/2026 4/25/2026 24,824.49 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 24,824.49 191.324/1/2026 4/25/2026 2,421.53 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,421.53 17.714/1/2026 4/25/2026 288.83 3136BQDE6 FNA 2023-M6 A2 4.17% 7/1/2028 288.83 2.284/15/2026 4/15/2026 162,190.11 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 162,190.11 1.324/15/2026 4/15/2026 144,653.67 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 144,653.67 4.204/15/2026 4/15/2026 155,875.56 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 155,875.56 12.854/15/2026 4/15/2026 43,696.93 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 43,696.93 4.244/15/2026 4/15/2026 43,686.86 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 43,686.86 2.394/15/2026 4/15/2026 80,306.54 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 80,306.54 1.234/15/2026 4/15/2026 67,894.32 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 67,894.32 4.754/15/2026 4/15/2026 67,422.31 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 67,422.31 6.694/16/2026 4/16/2026 23,830.50 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 23,830.50 2.744/18/2026 4/18/2026 123,330.37 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 123,330.37 10.395/1/2026 5/25/2026 2,756.92 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 2,756.92 19.425/1/2026 5/25/2026 342.68 3136BQDE6 FNA 2023-M6 A2 4.17% 7/1/2028 342.68 2.605/1/2026 5/25/2026 28,383.80 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 28,383.80 210.455/1/2026 5/25/2026 6,427.78 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 6,427.78 124.77 58 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS5/1/2026 5/25/2026 6,707.44 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 6,707.44 0.015/1/2026 5/25/2026 6,174.91 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 6,174.91 30.755/1/2026 5/25/2026 297.96 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 297.96 -1.545/1/2026 5/25/2026 4,772.40 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 4,772.40 0.055/15/2026 5/15/2026 69,935.89 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 69,935.89 1.025/15/2026 5/15/2026 148,596.79 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 148,596.79 1.165/15/2026 5/15/2026 63,014.37 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 63,014.37 5.955/15/2026 5/15/2026 125,440.82 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 125,440.82 3.525/15/2026 5/15/2026 39,554.44 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 39,554.44 3.685/15/2026 5/15/2026 40,205.38 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 40,205.38 2.125/15/2026 5/15/2026 144,258.37 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 144,258.37 11.445/15/2026 5/15/2026 62,489.22 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 62,489.22 4.245/16/2026 5/16/2026 21,561.49 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 21,561.49 2.415/18/2026 5/18/2026 112,935.58 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 112,935.58 9.086/1/2026 6/25/2026 291.72 3136BQDE6 FNA 2023-M6 A2 4.17% 7/1/2028 291.72 2.136/1/2026 6/25/2026 5,344.40 3137HAMG8 FHMS K506 A1 4.65% 5/1/2028 5,344.40 36.226/1/2026 6/25/2026 6,028.69 3137F2LJ3 FHMS K066 A2 3.11% 6/1/2027 6,028.69 108.54 59 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS6/1/2026 6/25/2026 25,073.15 3137HAMR4 FHMS K507 A1 4.80% 4/1/2028 25,073.15 178.546/1/2026 6/25/2026 78,010.68 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 78,010.68 0.826/1/2026 6/25/2026 244.74 3137HBCF9 FHMS K512 A2 5.00% 11/1/2028 244.74 -1.226/1/2026 6/25/2026 5,443.16 3137HAMN3 FHMS KJ47 A1 5.27% 8/1/2028 5,443.16 0.016/1/2026 6/25/2026 5,871.27 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 5,871.27 24.946/15/2026 6/15/2026 114,381.24 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 114,381.24 3.096/15/2026 6/15/2026 65,385.05 06428AAC2 BAAT 2023-1A A3 5.53% 2/15/2028 65,385.05 0.916/15/2026 6/15/2026 36,496.99 89239FAD4 TAOT 2023-D A3 5.54% 8/15/2028 36,496.99 1.866/15/2026 6/15/2026 124,195.11 90291VAC4 USAOT 2023-A A3 5.58% 5/15/2028 124,195.11 9.466/15/2026 6/15/2026 135,093.88 06054YAC1 BAAT 2023-2A A3 5.74% 6/15/2028 135,093.88 1.026/15/2026 6/15/2026 59,867.13 44918CAD4 HART 2023-C A3 5.54% 10/16/2028 59,867.13 3.936/15/2026 6/15/2026 37,324.41 89231FAD2 TAOT 2023-C A3 5.16% 4/17/2028 37,324.41 3.326/15/2026 6/15/2026 60,164.11 500945AC4 KCOT 2023-2A A3 5.28% 1/18/2028 60,164.11 5.406/16/2026 6/16/2026 20,475.75 36268GAD7 GMCAR 2024-1 A3 4.85% 12/18/2028 20,475.75 2.226/18/2026 6/18/2026 106,737.44 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 106,737.44 8.17 Total PAYDOWNS 2,732,084.41 2,732,084.41 1,239.22
60 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 2026
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
SELL4/6/2026 4/7/2026 1,530,000.00 9128282R0 US TREASURY N/B 2.25% 8/15/2027 1,502,337.43 -10,718.094/17/2026 4/21/2026 875,000.00 91282CFH9 US TREASURY N/B 3.12% 8/31/2027 871,822.77 -3,928.604/20/2026 4/21/2026 4,820,000.00 91282CND9 US TREASURY N/B 3.75% 5/15/2028 4,900,274.38 -11,139.204/20/2026 4/21/2026 560,000.00 912810FJ2 US TREASURY N/B 6.12% 8/15/2029 606,671.34 1,118.104/21/2026 4/24/2026 1,325,000.00 91282CBJ9 US TREASURY N/B 0.75% 1/31/2028 1,259,113.45 -10,333.924/21/2026 4/24/2026 1,285,000.00 91282CKF7 US TREASURY N/B 4.12% 3/31/2031 1,301,024.65 46,068.114/28/2026 4/30/2026 75,000.00 9128282R0 US TREASURY N/B 2.25% 8/15/2027 73,877.19 -449.065/11/2026 5/13/2026 1,275,000.00 91282CGC9 US TREASURY N/B 3.87% 12/31/2027 1,292,355.15 -6,070.285/11/2026 5/13/2026 745,000.00 91282CAL5 US TREASURY N/B 0.37% 9/30/2027 710,493.66 199.095/11/2026 5/13/2026 4,155,000.00 91282CFH9 US TREASURY N/B 3.12% 8/31/2027 4,142,319.06 -24,665.515/11/2026 5/13/2026 585,000.00 91282CFU0 US TREASURY N/B 4.12% 10/31/2027 587,680.59 -1,265.065/11/2026 5/13/2026 700,000.00 9128282R0 US TREASURY N/B 2.25% 8/15/2027 690,031.31 -4,507.805/12/2026 5/13/2026 7,150,000.00 023135CT1 AMAZON.COM INC (CALLABLE) 4.10% 11/20/2030 7,185,912.86 -97,981.465/27/2026 5/28/2026 1,105,000.00 91282CGC9 US TREASURY N/B 3.87% 12/31/2027 1,120,218.31 -6,743.165/27/2026 5/28/2026 1,240,000.00 91282CBJ9 US TREASURY N/B 0.75% 1/31/2028 1,177,808.93 -13,919.755/27/2026 5/28/2026 880,000.00 91282CGT2 US TREASURY N/B 3.62% 3/31/2028 878,730.19 -5,831.165/27/2026 5/28/2026 215,000.00 91282CHA2 US TREASURY N/B 3.50% 4/30/2028 213,456.14 -1,721.94 61 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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 sourcesexternal 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 toparticular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and indexcharacteristics 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 anysales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investmentperformance 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 opinionas 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 asactual 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 anddata 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 investmentadvisory 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. Theinformation 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. 63 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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 bedifferences 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 governmentinvestment 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. 64 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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 addedor 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 compoundingon 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 themortgage-backed security. 65 ATTACHMENT
B
PFM Asset Management | pfmam.com

CITY OF STOCKTON
For the Quarter Ended June 30, 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 andmaturity 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, whosedecisions 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 periodfrom 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 timeperiod remaining until maturity, stated as a percentage on an annualized basis. 66 ATTACHMENT
B

City Council and Concurrent AuthoritiesSeptember 29, 2026

City Council and Concurrent Authorities
September 29, 2026