INVESTMENT REPORT
City of Stockton | As of June 30, 2026
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.
ATTACHMENT C
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ATTACHMENT C
ECONOMIC UPDATE
2 ATTACHMENT C
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▪
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Energy prices and inflation remained the primary drivers of the macro backdrop as the U.S.-Israel-Iran conflict entered its third month, disrupting global oil supply. Headline CPI accelerated at the fastest pace in more than three years, reflecting volatility in the energy component. Crude oil, however, retraced roughly 20% from its May–early June peak as diplomatic progress between the United States and Iran pointed to a potential framework for de-escalation. The labor market remained resilient, with continued payroll growth and subdued jobless claims. Risk assets held firm, as equities hovered near record highs and credit spreads remained historically tight amid broadly better-than-expected corporate earnings. Taken together, the current market environment has further constrained the case for near-term monetary policy easing, leading the Chandler team to push out its expected timing for rate cuts beyond the six-month investment horizon.
The Federal Reserve’s June FOMC meeting ended with policymakers unanimously holding the target range at 3.50%–3.75%, a notable shift from the 8–4 split at April’s meeting, which marked Jerome Powell’s final session as Chair. Under new Chair Kevin Warsh, sworn in on May 22, the Committee released an unusually concise statement that referenced Middle East tensions and energy supply disruptions while removing prior forward guidance that had suggested a bias toward rate cuts. Updated projections leaned more hawkish, with 9 of 18 officials expecting at least one rate hike this year and 6 anticipating multiple increases. The shift signals that restoring price stability has reemerged as the central focus of monetary policy deliberations.
The Treasury yield curve flattened modestly in June as short-term yields responded to a more hawkish shift in Federal Reserve guidance.
The 2-year yield rose to 4.15% from 3.98% the prior month, while the 10-year yield edged down slightly to 4.44% from 4.45%. As a result, the 2s/10s spread narrowed to 29 basis points, down from roughly 47 basis points a month earlier and significantly below the 69 basis point spread at the start of the year. Meanwhile, the 3-month/10-year spread remained positive at 64 basis points. Front-end rates absorbed the bulk of the Fed’s updated rate outlook, while longer maturities were partly anchored by a late-month decline in oil prices.
ECONOMIC UPDATE
3 ATTACHMENT C
-400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
Nonfarm payrolls increased by just 57,000 in June, well below the 113,000 consensus and marking a sharp slowdown from May’s pace. The unemployment rate edged down to 4.2%, though the decline was driven by a drop in labor force participation to 61.5%, its lowest level since March 2021. Revisions further weakened the report’s signal. April payrolls were revised down by 31,000 to 148,000, while May was lowered by 43,000 to 129,000, resulting in a combined two-month downward revision of 74,000.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4 ATTACHMENT C
0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average In Thousands (000's)
Job openings were essentially unchanged at 7.6 million in May, remaining elevated by historical standards even as hiring momentum moderates. Gains in wholesale trade and accommodation and food services were offset by declines in health care and social assistance, as well as finance and insurance. April openings were revised down by 33,000 to 7.6 million, while hires were revised up by 99,000, highlighting ongoing churn but a broadly stable labor market backdrop.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 ATTACHMENT C
Source: Bloomberg Indices Source: Bloomberg Indices
ENERGY MARKETS
Crude oil prices declined sharply in June as supply disruptions tied to the Middle East conflict began to ease. Tanker traffic through the Strait of Hormuz normalized, and signs of progress in U.S.–Iran negotiations helped unwind the geopolitical risk premium that had driven prices higher earlier in the year. West Texas Intermediate settled near $69.37 per barrel on June 30, while Brent crude closed around $72.96, both well below their recent peaks. Brent’s 21% monthly decline marked its steepest drop since March 2020, while WTI fell more than 20%, its largest monthly loss since late 2021. Beyond crude, broader energy markets also softened. Refined product cracks narrowed as gasoline and diesel demand showed signs of seasonal moderation, while U.S. natural gas prices remained range-bound amid ample storage and steady production. Taken together, the retracement in oil and broader energy prices reflects a rapid compression in geopolitical risk premia and improved near-term supply visibility, even as underlying structural risks in the region remain unresolved.
2.00 2.50
3.00 3.50
4.00 4.50
5.00 5.50
6.00 6.50
US Fuel Prices
Average Retail Price US Diesel
Average Retail Price US Gas
($) Per Gallon
40 60
80 100
120
140
160
Oil Prices
West Texas Intermediate (WTI Spot Cushing)
Dated Brent (Global Spot)
Price Per Barrel (WTI Spot)
6 ATTACHMENT C
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY %
Change
PCE Core Deflator YOY %
Change
Fed Target
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
Inflation firmed in May, with the Personal Consumption Expenditures (PCE) price index rising 0.4% on the month and 4.1% year over year, up from 3.8% in April and marking the highest annual rate of the current cycle. Core PCE, which excludes food and energy, increased 0.3% in May and 3.4% over the year. Energy prices remained the primary driver of the headline acceleration, reflecting supply disruptions tied to the Iranian conflict. A similar pattern was evident in the headline Consumer Price Index (CPI), which rose 0.5% on the month and 4.2% year over year, the fastest annual pace since 2023. Energy prices climbed 3.9% in May and 23.5% from a year earlier, largely due to crude oil reaching a four-year high. In contrast, core CPI rose a more modest 0.2% on the month and 2.9% year over year, indicating that inflation pressures remain concentrated in energy rather than broad-based.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
7 ATTACHMENT C
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Retail Sales YOY % Change
YOY (%) Change Retail sales rose a robust 0.9% in May to $763.7 billion, nearly double the pace economists had penciled in and an acceleration from April's downwardly revised 0.4% gain. The closely watched control group, which feeds directly into gross domestic product calculations, advanced
0.7%, pointing to durable underlying demand. Gasoline station receipts rose as energy prices stayed high, while auto sales rebounded after an April pullback. The Conference Board's Consumer Confidence Index ticked up 0.6 points to 91.2 in June, though the improvement masked a further deterioration in how households view the job market, with the share calling jobs ‘hard-to-get’ climbing to a five year high.
Spending has proven more resilient than sentiment across recent months. 0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
8 ATTACHMENT C
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) edged up 0.1% in May to 99.3, following a revised 0.2% increase in April. Despite the monthly gains, the LEI’s six- and twelve-month growth rates remained negative at -0.6% and -1.5%, respectively. The advance was driven primarily by financial components, including equity prices and the interest rate spread, while consumer expectations continued to weigh on the index. The Chicago Fed National Activity Index fell to -0.10 in May from an upwardly revised 0.19 in April. Production-related and employment-related indicators each subtracted from the index, while the sales, orders, and inventories category made a small positive contribution.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
9 ATTACHMENT C
0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts declined sharply in May to a seasonally adjusted annual rate of 1,177,000, a 15.4% drop from a downwardly revised 1,392,000 in April. The pullback was driven primarily by multifamily construction, while single-family starts edged down a more modest
1.9% to 882,000; total multifamily starts came in at 295,000 units. The S&P CoreLogic Case-Shiller 20-City Composite rose 1.1% year over year in April, marking its first pickup since November 2025, following an upwardly revised 0.9% gain in March. Freddie Mac’s average 30- year fixed mortgage rate increased to 6.44% in May from 6.33% in April, reinforcing ongoing affordability constraints for prospective buyers.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
10 ATTACHMENT C
40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
Manufacturing activity cooled slightly in June, with the Institute for Supply Management's Manufacturing Index easing to 53.3%, down 0.7 percentage point from May but still marking a sixth consecutive month of expansion. Services activity also moderated, as the ISM Services Index eased to 54.0% from 54.5%, a twenty-fourth consecutive month in expansion territory. Business activity and new orders both slowed, though the employment component jumped to 51.2% from 47.9%, its strongest reading since late 2021 and the first expansion in services hiring in four months.
Source: Institute for Supply Management
PURCHASING MANAGERS INDEX (PMI)
11 ATTACHMENT C
Components of GDP 6/25 9/25 12/25 3/26
1.7% 2.3% 1.3% 0.4%
-2.7% 0.0% 0.4% 1.4%
4.8% 1.6% -0.2% -0.4%
-0.4% 0.2% -1.2% 0.6%
0.3% 0.2% 0.2% 0.2%
3.8% 4.4% 0.5% 2.1%
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
State and Local (Consumption and Gross
Investment) -2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce Real gross domestic product increased at an annualized rate of 2.1% in the first quarter of 2026, according to the Bureau of Economic Analysis’ third estimate, up from 1.6% in the prior estimate and an acceleration from 0.5% in the fourth quarter of 2025. The 0.5 percentage point upward revision was driven primarily by a downward revision to imports—which subtract from GDP—partly offset by a downward revision to consumer spending.
GROSS DOMESTIC PRODUCT (GDP)
12 ATTACHMENT C
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Open Market Committee (FOMC) held the target range for the federal funds rate at 3.50% to 3.75% at its June 16–17 meeting, with a unanimous 12–0 vote. This marked a notable shift from the April meeting—Jerome Powell’s last as chair—which saw four dissents in an 8–4 decision. The return to consensus under Chair Kevin Warsh signals a clear change in tone. Minutes from the June meeting are scheduled for release in early July. The June Summary of Economic Projections reflected a more hawkish outlook. The median projection for the federal funds rate at year-end 2026 rose to 3.8%, up from 3.4% in March, before easing to 3.6% in 2027 and 3.4% in 2028. Officials also revised their inflation forecasts, with headline PCE projected at 3.6% in 2026 (from 2.7%) and core PCE at 3.3%. By contrast, median projections for real GDP growth and the unemployment rate—2.2% and 4.3%, respectively—were little changed.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
13 ATTACHMENT C
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
US Treasury Yield Curve
Jun-26
Mar-26
Jun-25
Yield (%)
Treasury yields ended June mixed, with a modest flattening across the curve as markets digested a more hawkish Federal Reserve signal.
The 2-year yield rose to 4.15% from 3.98% at the end of May, while the 10-year yield edged down to 4.44% from 4.45%. The 2s/10s spread narrowed to 29 basis points, down from 47 basis points a month earlier. The 3-month/10-year spread remained positive at roughly 64 basis points at month-end. Relative to the 69 basis point spread at the start of 2026, the curve has flattened materially year to date, reflecting a repricing higher in front-end rates as expectations shift toward the possibility of further Fed tightening rather than easing.
BOND YIELDS
14 ATTACHMENT C
ACCOUNT PROFILE
15 ATTACHMENT C
OBJECTIVES
Investment Objectives
Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and econmic cycles, taking into account the investment risk constraints and liquidity needs.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.
Strategy
In order to achieve this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds. 16 ATTACHMENT C
STATEMENT OF COMPLIANCE
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 20.0 9.0 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 20.0 9.0 Compliant Max Maturity (Years) 10.0 4.5 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 9.5 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 0.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 26.9 Compliant
Max % Issuer (MV) 5.0 1.8 Compliant
17 ATTACHMENT C
STATEMENT OF COMPLIANCE
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 100.0 8.1 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 100.0 9.0 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 10 8 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.3 Compliant
Max % Issuer (MV) 20.0 0.3 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 1.1 Compliant
Max % Issuer (MV) 5.0 1.1 Compliant
Max Maturity (Years) 10 6 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
18 ATTACHMENT C
STATEMENT OF COMPLIANCE
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 10 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max Maturity (Years) 1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 10.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 45.0 Compliant
Max Maturity (Years) 10 6 Compliant
19 ATTACHMENT C
PORTFOLIO CHARACTERISTICS
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Benchmark* 6/30/2026
Portfolio
3/31/2026
Portfolio
Average Maturity (yrs) 2.67 3.03 3.02
Average Modified Duration 2.49 2.54 2.55
Average Purchase Yield 4.18% 4.09%
Average Market Yield 4.22% 4.28% 4.03%
Average Quality** AA AA AA+
Total Market Value 356,856,418 353,652,761
*Benchmark: ICE BofA 1-5 Year Gov/Corp A or better
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 20 ATTACHMENT C
SECTOR DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Sector as a Percentage of Market Value
Sector 06/30/2026 03/31/2026
US Treasury 44.99% 45.85%
Corporate 26.86% 26.62%
ABS 9.60% 9.51%
Agency CMBS 9.09% 8.30%
Agency 8.08% 8.20%
Muni Bonds 1.06% 1.08%
Money Mkt Fd 0.32% 0.43%
21 ATTACHMENT C
ISSUERS
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Issuer Investment Type % Portfolio
United States US Treasury 44.99%
Federal Home Loan Mortgage Corp Agency CMBS 9.09%
Farm Credit System Agency 4.90%
Federal Home Loan Banks Agency 2.42%
State Street Corporation Corporate 1.74%
Morgan Stanley Corporate 1.50%
Chase Issuance Trust ABS 1.39%
Caterpillar Inc. Corporate 1.14%
The Home Depot, Inc. Corporate 1.14%
Visa Inc. Corporate 1.11%
State of California Muni Bonds 1.06%
American Express Credit Master Trust ABS 1.05%
PACCAR Inc Corporate 1.02%
Nat Rural Util Coop Fin Corp Corporate 1.00%
American Honda Finance Corporation Corporate 0.99%
New York Life Insurance Company Corporate 0.99%
Eli Lilly and Company Corporate 0.98%
The Charles Schwab Corporation Corporate 0.98%
Merck & Co., Inc. Corporate 0.97%
GM Financial Auto Leasing Trust ABS 0.93%
BMW Vehicle Owner Trust ABS 0.90%
Cisco Systems, Inc. Corporate 0.86%
Mastercard Incorporated Corporate 0.85%
Massachusetts Mutual Life Insurance Corporate 0.84%
Prologis, Inc. Corporate 0.84%
JPMorgan Chase & Co. Corporate 0.83%
Hyundai Auto Receivables Trust ABS 0.79%
Amazon.com, Inc. Corporate 0.77%
U.S. Bancorp Corporate 0.76%
PNC Financial Services Corporate 0.75%
22 ATTACHMENT C
ISSUERS
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Issuer Investment Type % Portfolio
Metropolitan Life Global Funding I Corporate 0.75%
Toyota Motor Corporation Corporate 0.72%
Verizon Master Trust ABS 0.71%
Bank of America Corporation Corporate 0.71%
American Express Company Corporate 0.70%
The Progressive Corporation Corporate 0.65%
Northern Trust Corporation Corporate 0.62%
Target Corporation Corporate 0.60%
Public Storage OP, LP Corporate 0.59%
Honda Auto Receivables Owner Trust ABS 0.57%
Deere & Company Corporate 0.57%
Hyundai Motor Company ABS 0.57%
Toyota Auto Receivables Owner Trust ABS 0.56%
PepsiCo, Inc. Corporate 0.56%
Tennessee Valley Authority Agency 0.52%
WF Card Issuance Trust ABS 0.51%
Bank of America Credit Card Trust ABS 0.46%
BMW Vehicle Lease Trust ABS 0.45%
John Deere Owner Trust ABS 0.39%
The Goldman Sachs Group, Inc. Corporate 0.33%
Federated Hermes, Inc. Money Mkt Fd 0.32%
Hyundai Auto Lease Sec Trust ABS 0.30%
State of Tennessee Agency 0.25%
Cash Cash 0.00%
TOTAL 100.00%
23 ATTACHMENT C
QUALITY DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of June 30, 2026 S&P Rating Moody’s Rating Fitch Rating
Rating 06/30/2026 03/31/2026
AAA 8.30% 8.44%
AA 64.98% 63.10%
A 18.61% 20.04%
BBB 1.01% 1.00%
A-1+ 3.42% 3.82%
NA 3.68% 3.60%
Rating 06/30/2026 03/31/2026
Aaa 6.22% 6.36%
Aa 66.64% 65.81%
A 18.69% 19.07%
P-1 3.42% 3.82%
NA 5.02% 4.94%
Rating 06/30/2026 03/31/2026
AAA 14.64% 14.69%
AA 60.15% 60.59%
A 11.56% 11.87%
F1+ 3.42% 3.82%
NA 10.23% 9.05%
24 ATTACHMENT C
DURATION DISTRIBUTION
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Portfolio Compared to the Benchmark
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 7.2% 0.5% 7.6% 16.4% 31.7% 21.7% 9.5% 5.5% 0.0% ICE BofA 1-5 Year Gov/Corp A or better 0.0% 0.0% 2.3% 35.3% 28.1% 21.8% 12.4% 0.0% 0.0% 25 ATTACHMENT C
INVESTMENT PERFORMANCE
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Total and Realized Rate of Return : Inception | 08/01/2022 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception*
MARKET VALUE BASIS EARNINGS
Income Earned 3,630,096 13,918,660 23,953,937 30,493,922 34,254,193 Change in Market Value (2,217,263) (2,757,025) 7,166,053 14,907,278 (1,849,853) TOTAL DOLLAR RETURN 1,412,833 11,161,635 31,119,991 45,401,200 32,404,340 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Stockton Reserve 0.40% 3.24% 4.69% 4.64% 3.46%
ICE BofA 1-5 Year Gov/Corp A or better 0.29% 2.82% 4.49% 4.44% 3.12% Basis Point Fee* 0.01% 0.04% 0.04% 0.03% 0.03%
Net of Fees 0.39% 3.21% 4.65% 4.60% 3.43%
*Periods over 1 year are annualized.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio. 26 ATTACHMENT C
HISTORICAL AVERAGE PURCHASE YIELD
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Purchase Yield as of 06/30/26 = 4.18%
27 ATTACHMENT C
PORTFOLIO HOLDINGS
28 ATTACHMENT C
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
36271VAD9 GMALT 2025-1 A3 4.66
02/21/2028 1,390,000.00 02/05/20254.66%
1,389,835.98
1,389,910.86
100.19
4.34%
1,392,581.23
1,979.21
0.39%
2,670.37
NA/AAA
AAA
1.65 0.50
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 104,333.94 07/11/20235.47%
104,315.45
104,327.31
100.33
4.10%
104,676.58
95.12 0.03%
349.27
NA/AAA
AAA
1.66 0.23
477920AC6 JDOT 2023-B A3 5.18 03/15/2028 281,793.79 06/21/2023
5.51%
281,746.79
281,776.79
100.36
4.19%
282,798.67
648.75
0.08%
1,021.88
Aaa/NA
AAA
1.71 0.34
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 1,096,571.18 09/12/2023
5.55%
1,096,495.84
1,096,540.87
100.51
4.40%
1,102,209.75
2,670.76
0.31%
5,668.88
Aaa/NA
AAA
1.88 0.45
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 432,748.33 11/01/20235.74%
432,672.13
432,715.77
100.62
4.34%
435,409.74
681.58
0.12%
2,693.97
Aaa/NA
AAA
1.98 0.42
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 4,915,000.00 --
5.23%
4,920,147.11
4,915,037.69
100.25
3.96%
4,927,380.89
11,271.73
1.39%
12,343.19
NA/AAA
AAA
2.21 0.20
448970AD5 HALST 2026-A A3 3.97
12/15/2028 1,080,000.00 01/12/20263.98%
1,079,841.67
1,079,865.74
99.32 4.46%
1,072,708.92
1,905.60
0.30%
(7,156.82)
NA/AAA
AAA
2.46 1.49
36273VAD7 GMALT 2026-1 A3 3.88
01/22/2029 1,915,000.00 02/03/20264.11%
1,914,749.33
1,914,781.74
99.29 4.44%
1,901,443.72
2,270.34
0.54%
(13,338.03)
NA/AAA
AAA
2.56 1.35
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 897,137.04 06/04/20245.18%
897,000.77
897,060.16
100.51
4.33%
901,678.35
774.53
0.25%
4,618.19
Aaa/AAA
NA
2.66 0.56
44934QAD3 HART 2024-B A3 4.84 03/15/2029 750,600.97 07/16/2024
5.45%
750,487.70
750,534.94
100.30
4.40%
752,865.53
1,614.63
0.21%
2,330.59
NA/AAA
AAA
2.71 0.61
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 1,584,163.65 08/09/20244.66%
1,583,914.78
1,584,015.79
100.20
4.31%
1,587,303.46
2,011.01
0.45%
3,287.68
Aaa/NA
AAA
2.72 0.64
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 1,635,000.00 06/06/2024
4.93%
1,634,908.28
1,634,946.66
100.65
4.21%
1,645,553.93
3,582.47
0.46%
10,607.27
Aaa/AAA
NA
2.87 0.84
05594YAD8 BMWLT 2026-1 A3 4.15
05/25/2029 1,590,000.00 04/14/20264.85%
1,589,824.31
1,589,835.20
99.56 4.46%
1,582,964.25
1,099.75
0.45%
(6,870.95)
Aaa/NA
AAA
2.90 1.65
89240JAD3 TAOT 2025-A A3 4.64 08/15/2029 1,990,000.00 01/22/2025
4.69%
1,989,920.20
1,989,945.12
100.32
4.31%
1,996,429.69
4,103.82
0.56%
6,484.57
Aaa/NA
AAA
3.13 0.86
096924AD7 BMWOT 2025-A A3 4.56
09/25/2029 2,185,000.00 02/04/20254.56%
2,184,784.78
2,184,849.12
100.25
4.28%
2,190,403.51
1,660.60
0.62%
5,554.39
Aaa/AAA
NA
3.24 0.77
44935CAD3 HART 2025-A A3 4.32 10/15/2029 2,045,000.00 03/04/2025
4.84%
2,044,698.36
2,044,783.93
100.05
4.31%
2,045,940.70
3,926.40
0.58%
1,156.77
NA/AAA
AAA
3.29 0.95
29 ATTACHMENT C
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 1,815,000.00 10/17/2024
4.29%
1,814,730.29
1,814,821.58
100.06
4.28%
1,816,092.63
3,460.60
0.51%
1,271.05
Aaa/AAA
NA
3.29 1.23
02582JKM1 AMXCA 2025-1 A 4.56 12/17/2029 3,685,000.00 02/04/2025
4.57%
3,684,181.56
3,684,415.07
100.39
4.32%
3,699,386.24
7,468.27
1.05%
14,971.17
NA/AAA
AAA
3.47 1.38
92348KDY6 VZMT 2025-3 A1A 4.51
03/20/2030 2,525,000.00 03/25/20254.51%
2,524,891.43
2,524,918.77
100.17
4.49%
2,529,279.88
3,479.59
0.71%
4,361.11
Aaa/NA
AAA
3.72 0.69
44935KAD5 HART 26B A3 4.81 02/18/2031 1,995,000.00 06/09/2026
4.86%
1,994,759.20
1,994,761.17
100.24
4.44%
1,999,795.98
3,731.76
0.57%
5,034.81
NA/AAA
AAA
4.64 2.20
Total ABS 33,912,348.91 4.77%
33,913,905.97
33,909,844.27
100.16
4.30%
33,966,903.62
58,436.50
9.60%
57,059.35
2.94 0.93
AGENCY
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 4,100,000.00 03/28/20233.89%
4,211,028.00
4,137,950.94
100.53
4.17%
4,121,766.90
56,887.50
1.16%
(16,184.04)
Aa1/AA+
AA+
1.70 1.59
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 2,500,000.00 04/29/20244.70% 2,505,075.00
2,502,873.80
101.52
4.17%
2,538,122.50
20,121.53
0.72%
35,248.70
Aa1/AA+
AA+
2.83 2.61
3130B1BC0 FEDERAL HOME LOAN BANKS
4.625 06/08/2029 1,900,000.00 07/30/20244.10%
1,943,358.00
1,926,239.78
101.20
4.19%
1,922,815.20
5,614.24
0.54%
(3,424.58)
Aa1/AA+
AA+
2.94 2.72
3133EN7B0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.75 01/25/2030 3,000,000.00 01/20/20233.83% 2,985,090.00
2,992,396.31
98.37 4.25%
2,951,151.00
48,750.00
0.83%
(41,245.31)
Aa1/AA+
AA+
3.57 3.25
3133EN4V9 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.125 09/23/2030 2,100,000.00 12/22/20224.22% 2,087,505.00
2,093,171.29
99.62 4.22%
2,092,015.80
23,581.25
0.59%
(1,155.49)
Aa1/AA+
AA+
4.23 3.80
3133ENQ45 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 09/30/2030 875,000.00 11/30/20224.40% 866,250.00
870,253.41
100.08
4.23%
875,672.00
9,400.17
0.25%
5,418.59
Aa1/AA+
AA+
4.25 3.81
880591EX6 TENNESSEE VALLEY AUTHORITY
1.5 09/15/2031 1,003,000.00 01/23/20234.03%
818,959.53
892,085.88
87.28 4.25%
875,412.38
4,429.92
0.25%
(16,673.50)
Aa1/AA+
AA+
5.21 4.88
3133ENFQ8 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.81 12/01/2031 2,303,000.00 01/25/20233.94% 1,939,056.91
2,080,083.45
88.04 4.31%
2,027,600.35
3,473.69
0.57%
(52,483.10)
Aa1/AA+
AA+
5.42 5.05
3133ENGS3 FEDERAL FARM CREDIT BANKS
FUNDING CORP 1.625 12/09/2031 4,500,000.00 02/24/20234.35% 3,613,410.00
3,950,684.65
87.38 4.25%
3,932,082.00
4,468.75
1.11%
(18,602.65)
Aa1/AA+
AA+
5.44 5.09
3133EN6M7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.0 01/19/2033 3,000,000.00 01/18/20233.93% 3,017,490.00
3,011,462.10
96.99 4.54%
2,909,640.00
54,000.00
0.82%
(101,822.10)
Aa1/AA+
AA+
6.56 5.58
30 ATTACHMENT C
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3130AV4X7 FEDERAL HOME LOAN BANKS
4.375 03/11/2033 2,500,000.00 05/12/20234.04%
2,568,175.00
2,546,457.04
100.28
4.32%
2,507,105.00
33,420.14
0.71%
(39,352.04)
Aa1/AA+
AA+
6.70 5.68
880591FB3 TENNESSEE VALLEY AUTHORITY
4.375 08/01/2034 1,845,000.00 08/08/20244.49%
1,828,561.05
1,831,663.68
99.87 4.39%
1,842,614.42
33,632.81
0.52%
10,950.74
Aa1/AA+
AA+
8.09 6.63
28,383,958.49 96.84 28,595,997.55 8.08% 4.57
Total Agency 29,626,000.00 4.14% 28,835,322.33 4.27% 297,780.00 (239,324.78) 4.07
AGENCY CMBS
3137F2LJ3 FHMS K-066 A2 3.117 06/25/2027 2,363,472.22 10/20/2022
4.88%
2,200,337.24
2,330,942.33
98.95 4.19%
2,338,565.95
6,139.12
0.66%
7,623.62
Aa1/AA+
AAA
0.99 0.81
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 5,245,000.00 05/24/2023
4.65%
5,148,705.08
5,209,117.02
98.91 4.37%
5,187,771.81
16,827.71
1.47%
(21,345.22)
Aa1/AA+
AAA
1.90 1.72
3137FHPJ6 FHMS K-080 A2 3.926 07/25/2028 3,500,000.00 10/28/2025
3.73%
3,510,937.50
3,508,208.74
98.90 4.39%
3,461,657.50
11,450.83
0.98%
(46,551.24)
Aaa/AA+
AA+
2.07 1.93
3137FK4M5 FHMS K-085 A2 4.06 10/25/2028 1,500,000.00 12/09/2025
3.90%
1,503,574.22
1,502,872.64
99.03 4.42%
1,485,451.50
5,075.00
0.42%
(17,421.14)
Aaa/AA+
AA+
2.32 2.13
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 4,065,000.00 09/12/2025
3.81%
4,020,539.06
4,030,658.24
97.59 4.43%
3,967,155.45
11,873.19
1.12%
(63,502.79)
Aa1/AAA
AA+
2.73 2.45
3137FMTY8 FHMS K-094 A2 2.903 06/25/2029 3,500,000.00 11/17/2025
3.89%
3,383,925.78
3,404,006.89
95.77 4.43%
3,351,876.50
8,467.08
0.95%
(52,130.39)
Aa1/AA+
AAA
2.99 2.73
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 3,500,000.00 06/06/2025
4.38%
3,261,425.78
3,320,953.37
94.58 4.43%
3,310,450.50
7,568.75
0.94%
(10,502.87)
Aa1/AA+
AAA
3.24 2.94
3137FQ3Z4 FHMS K-101 A2 2.524 10/25/2029 3,400,000.00 06/09/2026
4.43%
3,200,117.19
3,203,263.65
94.18 4.44%
3,202,147.20
7,151.33
0.90%
(1,116.45)
Aa1/AA+
AA+
3.32 3.05
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 3,000,000.00 07/14/2025
4.28%
2,730,937.50
2,788,581.95
92.25 4.44%
2,767,434.00
5,172.50
0.78%
(21,147.95)
Aa1/AA+
AAA
3.57 3.33
3137F8ZV8 FHMS K-123 A2 1.621 12/25/2030 3,500,000.00 02/11/2026
3.98%
3,144,667.96
3,171,907.37
88.77 4.46%
3,106,855.50
4,727.92
0.88%
(65,051.87)
Aa1/AA+
AAA
4.49 4.13
32,105,167.31 95.96 32,179,365.90 9.09% 2.76
Total Agency CMBS 33,573,472.22 4.20% 32,470,512.20 4.40% 84,453.43 (291,146.30) 2.52 CASH
31 ATTACHMENT C
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CCYUSD Receivable 14,608.80 -- 14,608.80
14,608.80
1.00 14,608.80
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 14,608.80
14,608.80
14,608.80
1.00 14,608.80
0.00 0.00%
0.00 0.00
0.00 CORPORATE
02665WEK3 AMERICAN HONDA FINANCE
CORP 5.25 07/07/2026 3,500,000.00 04/29/20254.37%
3,535,000.00
3,500,484.99
100.01
4.29%
3,500,493.50
88,812.50
0.99%
8.51 A3/BBB+
A0.020.02
61761J3R8 MORGAN STANLEY 3.125
07/27/2026 3,500,000.00 04/29/20254.30%
3,450,685.00
3,497,169.56
99.96 3.58%
3,498,733.00
46,788.19
0.99%
1,563.44
A1/AA+0.07
0.07 87612EBM7 TARGET CORP 1.95 01/15/2027 2,140,000.00 --
1.97%
2,137,844.40
2,139,765.35
98.83 4.16%
2,115,000.52
19,242.17
0.60%
(24,764.83)
A2/A
NA
0.54 0.52
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 3,500,000.00 01/23/20234.35%
3,251,955.00
3,459,431.89
98.80 4.27%
3,458,143.50
28,106.94
0.98%
(1,288.39)
A2/AA0.67
0.65 665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 2,200,000.00 08/24/20223.93%
2,206,402.00
2,201,073.32
99.81 4.22%
2,195,806.80
12,466.67
0.62%
(5,266.52)
A2/A+
A+
0.86 0.83
92826CAH5 VISA INC 2.75 09/15/2027 4,000,000.00 03/27/2024
4.57%
3,769,760.00
3,919,797.91
98.21 4.28%
3,928,496.00
32,388.89
1.11%
8,698.09
Aa3/AANA1.21
1.16 74340XBV2 PROLOGIS LP 3.375 12/15/2027 3,000,000.00 01/25/2023
4.28%
2,881,530.00
2,964,651.69
98.72 4.29%
2,961,615.00
4,500.00
0.84%
(3,036.69)
A2/A
NA
1.46 1.40
24422EWR6 JOHN DEERE CAPITAL CORP 4.75
01/20/2028 2,000,000.00 01/20/20234.35%
2,035,920.00
2,011,197.89
100.71
4.27%
2,014,146.00
42,486.11
0.57%
2,948.11
A1/A
A+
1.56 1.45
713448FL7 PEPSICO INC 3.6 02/18/2028 2,000,000.00 04/27/2023
4.00%
1,964,920.00
1,988,080.39
98.92 4.29%
1,978,398.00
26,600.00
0.56%
(9,682.39)
A1/A+
NA
1.64 1.54
857477CU5 STATE STREET CORP 4.536
02/28/2028 4,155,000.00 02/25/20254.51%
4,155,000.00
4,155,000.00
100.38
4.29%
4,170,772.38
64,394.19
1.18%
15,772.38
Aa3/A
AA1.671.48
61747YER2 MORGAN STANLEY 4.21
04/20/2028 1,800,000.00 07/31/20235.39%
1,729,026.00
1,784,698.03
99.79 4.90%
1,796,266.80
14,945.50
0.51%
11,568.77
A1/AA+1.81
0.78 58933YBH7 MERCK & CO INC 4.05 05/17/2028 2,000,000.00 --
4.03%
2,001,621.20
2,000,584.18
99.71 4.21%
1,994,176.00
9,900.00
0.56%
(6,408.18)
Aa3/A+
NA
1.88 1.78
46647PAM8 JPMORGAN CHASE & CO 3.509
01/23/2029 3,000,000.00 02/27/20245.19%
2,823,480.00
2,929,218.46
98.34 4.75%
2,950,347.00
46,201.83
0.83%
21,128.54
A1/A
AA2.571.48
32 ATTACHMENT C
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 3,600,000.00 01/29/20244.52%
3,612,132.00
3,606,275.17
100.64
4.33%
3,622,989.60
69,460.00
1.02%
16,714.43
A1/A+
NA
2.59 2.37
857477CN1 STATE STREET CORP 4.53
02/20/2029 2,000,000.00 08/14/20244.53%
2,000,000.00
2,000,000.00
99.96 4.59%
1,999,142.00
32,968.33
0.56%
(858.00)
Aa3/A
AA2.641.54
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 3,000,000.00 02/27/20244.84%
3,001,560.00
3,000,817.85
101.06
4.42%
3,031,857.00
50,520.83
0.86%
31,039.15
A1/AANA2.66
2.36 14913UAJ9 CATERPILLAR FINANCIAL SERVICES
CORP 4.85 02/27/2029 4,000,000.00 04/29/20245.08%
3,960,640.00
3,978,311.84
101.21
4.36%
4,048,560.00
66,822.22
1.14%
70,248.16
A1/A
A+
2.66 2.43
023135DC7 AMAZON.COM INC 4.0
03/13/2029 2,750,000.00 04/17/20264.05%
2,746,342.50
2,746,591.40
98.93 4.42%
2,720,608.00
33,000.00
0.77%
(25,983.40)
A1/AA
AA2.702.50
06051GLG2 BANK OF AMERICA CORP 5.202
04/25/2029 2,500,000.00 05/28/20245.38%
2,484,025.00
2,492,566.64
100.93
4.87%
2,523,335.00
23,842.50
0.71%
30,768.36
A1/AAA2.82
1.70 89236TMF9 TOYOTA MOTOR CREDIT CORP
5.05 05/16/2029 2,500,000.00 05/28/20245.09%
2,495,600.00
2,497,451.74
101.46
4.50%
2,536,385.00
15,781.25
0.72%
38,933.26
A1/A+
A+
2.88 2.64
57629W4T4 MASSMUTUAL GLOBAL FUNDING
II 5.15 05/30/2029 2,950,000.00 05/22/20245.17%
2,947,551.50
2,948,573.27
101.27
4.68%
2,987,317.50
13,082.43
0.84%
38,744.23
Aa3/AA+
AA+
2.91 2.67
38151LAJ9 GOLDMAN SACHS BANK USA
4.656 06/03/2029 1,150,000.00 05/27/20264.57%
1,150,000.00
1,150,000.00
100.06
4.54%
1,150,711.85
4,164.53
0.33%
711.85
A1/A+
AA2.931.81
437076DC3 HOME DEPOT INC 4.75
06/25/2029 4,000,000.00 07/30/20244.58%
4,028,360.00
4,017,074.04
100.99
4.39%
4,039,588.00
3,166.67
1.14%
22,513.96
A2/A
A
2.99 2.68
025816EJ4 AMERICAN EXPRESS CO 4.351
07/20/2029 2,500,000.00 07/25/20254.38%
2,497,650.00
2,498,196.66
99.49 4.56%
2,487,215.00
48,646.60
0.70%
(10,981.66)
A2/AA3.05
1.90 532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 2,290,000.00 08/12/2024
4.25%
2,284,984.90
2,286,869.00
99.48 4.38%
2,278,021.01
36,601.83
0.64%
(8,847.99)
Aa3/AANA3.12
2.85 64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 3,500,000.00 02/27/20254.58%
3,502,135.00
3,501,536.56
99.95 4.62%
3,498,155.50
11,627.78
0.99%
(3,381.06)
Aa1/AA+
AAA
3.43 3.13
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 2,645,000.00 01/02/20254.95%
2,639,551.30
2,641,156.67
100.57
4.72%
2,660,169.08
61,922.39
0.75%
19,012.41
Aa3/AAAA3.53
3.13 63743HFX5
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
3,500,000.00
05/28/2025
4.70%
3,535,315.00
3,526,968.58
101.05
4.63%
3,536,883.00
69,300.00
1.00%
9,914.42
A2/NA
A
3.61 3.14
743315AW3 PROGRESSIVE CORP 3.2
03/26/2030 2,425,000.00 11/14/20254.16%
2,332,971.25
2,346,052.07
95.34 4.57%
2,311,961.05
20,477.78
0.65%
(34,091.02)
A2/A
A
3.74 3.44
33 ATTACHMENT C
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
74464AAC5 PUBLIC STORAGE OPERATING CO
4.375 07/01/2030 2,085,000.00 07/17/20254.58%
2,066,109.90
2,069,743.82
99.35 4.56%
2,071,407.89
45,609.38
0.59%
1,664.07
A2/A
NA
4.00 3.63
693475CD5 PNC FINANCIAL SERVICES GROUP
INC 4.899 05/13/2031 2,650,000.00 05/15/20264.83%
2,656,810.50
2,656,604.69
100.54
4.79%
2,664,336.50
17,309.80
0.75%
7,731.81
A3/AA4.87
3.47 91159HJV3 US BANCORP 5.083 05/15/2031 2,650,000.00 05/15/2026
4.82%
2,675,307.50
2,674,543.76
101.11
4.80%
2,679,513.05
17,211.60
0.76%
4,969.29
A3/A
A+
4.87 3.46
532457DL9 ELI LILLY AND CO 4.375
05/20/2031 1,210,000.00 05/06/20264.40%
1,208,705.30
1,208,735.08
99.23 4.55%
1,200,686.63
6,028.99
0.34%
(8,048.45)
Aa3/AANA4.89
4.33 58933YCK9 MERCK & CO INC 4.65 05/22/2031 1,435,000.00 05/18/2026
4.66%
1,434,110.30
1,434,129.79
100.16
4.61%
1,437,346.23
7,228.81
0.41%
3,216.44
Aa3/A+
NA
4.89 4.31
57636QBL7 MASTERCARD INC 4.6 06/08/2031 3,020,000.00 06/04/2026
4.62%
3,017,584.00
3,017,614.43
99.85 4.63%
3,015,358.26
8,875.44
0.85%
(2,256.17)
Aa3/A+
NA
4.94 4.36
Total Corporate 95,155,000.00 4.54%
94,220,589.55
94,850,966.71
99.92 4.45%
95,063,941.64
1,100,482.17
26.86%
212,974.92
2.54 2.14
MONEY MARKET
FUND
60934N104 FEDERATED HRMS GV O INST 1,132,543.03 --
3.51%
1,132,543.03
1,132,543.03
1.00 5.17%
1,132,543.03
0.00 0.32%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 1,132,543.03 3.51%
1,132,543.03
1,132,543.03
1.00 5.17%
1,132,543.03
0.00 0.32%
0.00 0.00
0.00 MUNICIPAL BONDS
13063ESC1 CALIFORNIA ST 4.35 11/01/2032 3,800,000.00 10/31/2025
4.26%
3,820,216.00
3,818,338.57
98.91 4.55%
3,758,485.00
27,550.00
1.06%
(59,853.57)
Aa2/AAAA6.34
5.44 Total Municipal
Bonds 3,800,000.00 4.26%
3,820,216.00
3,818,338.57
98.91 4.55%
3,758,485.00
27,550.00
1.06%
(59,853.57)
6.34 5.44
US TREASURY
912797UP0 UNITED STATES TREASURY
07/14/2026 4,500,000.00 06/16/20263.64%
4,487,909.06
4,494,178.44
99.87 3.63%
4,494,186.00
0.00 1.27%
7.56 P-1/A-1+
F1+
0.04 0.04
912797UU9 UNITED STATES TREASURY
08/18/2026 7,750,000.00 04/17/20263.69%
7,657,749.38
7,712,789.67
99.51 3.73%
7,712,195.50
0.00 2.18%
(594.17)
P-1/A-1+
F1+
0.13 0.13
34 ATTACHMENT C
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CQB0 UNITED STATES TREASURY 3.375
02/29/2028 7,000,000.00 02/25/20263.46%
6,988,242.19
6,990,193.76
98.75 4.15%
6,912,773.00
78,963.99
1.95%
(77,420.76)
Aa1/AA+
AA+
1.67 1.58
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 7,000,000.00 06/16/20264.09%
7,041,562.50
7,040,840.57
100.42
4.17%
7,029,533.00
102,360.73
1.99%
(11,307.57)
Aa1/AA+
AA+
2.17 2.02
91282CCY5 UNITED STATES TREASURY 1.25
09/30/2028 5,325,000.00 --3.51%
4,940,998.05
5,072,453.18
93.79 4.17%
4,994,269.58
16,731.56
1.41%
(78,183.60)
Aa1/AA+
AA+
2.25 2.17
91282CPC9 UNITED STATES TREASURY 3.5
10/15/2028 6,300,000.00 10/28/20253.49%
6,301,230.47
6,300,951.85
98.54 4.17%
6,208,209.00
46,389.34
1.75%
(92,742.85)
Aa1/AA+
AA+
2.29 2.16
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 6,300,000.00 10/28/20253.50%
6,232,078.13
6,247,029.49
97.66 4.17%
6,152,838.30
25,144.36
1.74%
(94,191.19)
Aa1/AA+
AA+
2.38 2.25
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 6,300,000.00 10/28/20253.51%
6,345,035.16
6,335,515.22
99.01 4.17%
6,237,491.40
641.98
1.76%
(98,023.82)
Aa1/AA+
AA+
2.50 2.36
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 7,000,000.00 03/27/20244.20%
6,940,117.19
6,968,028.67
99.57 4.18%
6,969,921.00
116,795.58
1.97%
1,892.33
Aa1/AA+
AA+
2.59 2.39
91282CQA2 UNITED STATES TREASURY 3.5
02/15/2029 7,000,000.00 02/11/20263.56%
6,987,968.75
6,989,442.41
98.34 4.17%
6,884,066.00
92,044.20
1.95%
(105,376.41)
Aa1/AA+
AA+
2.63 2.45
9128286B1 UNITED STATES TREASURY 2.625
02/15/2029 7,000,000.00 --4.06%
6,525,214.84
6,766,542.75
96.20 4.17%
6,733,671.00
69,033.15
1.90%
(32,871.75)
Aa1/AA+
AA+
2.63 2.47
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 6,500,000.00 06/13/20244.25%
6,572,617.19
6,542,751.41
100.91
4.17%
6,558,909.50
24,774.59
1.85%
16,158.09
Aa1/AA+
AA+
2.92 2.70
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 3,450,000.00 12/23/20244.42%
3,390,164.06
3,409,895.67
99.52 4.17%
3,433,557.30
57,563.54
0.97%
23,661.63
Aa1/AA+
AA+
3.08 2.82
912828YB0 UNITED STATES TREASURY 1.625
08/15/2029 7,600,000.00 --3.42%
6,985,504.69
7,211,241.36
92.67 4.15%
7,042,768.00
46,397.79
1.99%
(168,473.36)
Aa1/AA+
AA+
3.13 2.97
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 6,500,000.00 11/26/20244.21%
6,475,371.10
6,483,325.18
99.84 4.18%
6,489,587.00
45,173.23
1.83%
6,261.82
Aa1/AA+
AA+
3.34 3.06
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 8,000,000.00 01/30/20254.32%
7,847,187.50
7,891,887.76
99.04 4.18%
7,922,816.00
26,256.83
2.24%
30,928.24
Aa1/AA+
AA+
3.42 3.15
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 6,700,000.00 --4.02%
6,511,839.85
6,593,025.43
97.75 4.18%
6,549,511.30
97,816.30
1.85%
(43,514.13)
Aa1/AA+
AA+
3.59 3.28
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 542,500.00 04/06/20222.65%
498,040.43
521,952.76
91.10 4.17%
494,226.18
3,057.18
0.14%
(27,726.58)
Aa1/AA+
AA+
3.63 3.44
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 3,500,000.00 05/28/20254.08%
3,467,871.09
3,474,987.01
98.92 4.18%
3,462,130.00
22,849.86
0.98%
(12,857.01)
Aa1/AA+
AA+
3.83 3.50
35 ATTACHMENT C
HOLDINGS REPORT
City of Stockton Reserve | Account #10020 | As of June 30, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 3,000,000.00 06/06/20254.11%
2,985,117.19
2,988,287.06
99.32 4.19%
2,979,726.00
10,163.93
0.84%
(8,561.06)
Aa1/AA+
AA+
3.92 3.58
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 4,000,000.00 08/15/20253.85%
4,005,000.00
4,004,123.34
98.82 4.19%
3,952,812.00
64,654.70
1.12%
(51,311.34)
Aa1/AA+
AA+
4.08 3.68
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 587,500.00 04/06/20222.63%
498,755.37
543,651.76
86.60 4.20%
508,784.40
1,379.49
0.14%
(34,867.36)
Aa1/AA+
AA+
4.13 3.98
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 09/18/20253.66%
4,992,382.81
4,993,584.19
97.83 4.20%
4,891,600.00
60,580.84
1.38%
(101,984.19)
Aa1/AA+
AA+
4.17 3.77
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 1,500,000.00 11/17/20253.72%
1,493,496.09
1,494,319.60
97.80 4.20%
1,466,953.50
13,668.03
0.41%
(27,366.10)
Aa1/AA+
AA+
4.25 3.86
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 7,000,000.00 11/13/20253.70%
6,975,664.06
6,978,739.63
97.74 4.20%
6,841,954.00
42,751.36
1.93%
(136,785.63)
Aa1/AA+
AA+
4.34 3.94
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 7,000,000.00 12/08/20253.75%
6,920,703.13
6,929,606.03
97.20 4.20%
6,803,671.00
20,751.37
1.92%
(125,935.03)
Aa1/AA+
AA+
4.42 4.03
91282CPW5 UNITED STATES TREASURY 3.75
01/31/2031 3,000,000.00 03/26/20264.04%
2,962,031.25
2,964,089.41
98.11 4.21%
2,943,399.00
46,926.80
0.83%
(20,690.41)
Aa1/AA+
AA+
4.59 4.10
912810FP8 UNITED STATES TREASURY 5.375
02/15/2031 6,000,000.00 --4.27%
6,403,066.41
6,262,639.14
104.98
4.18%
6,298,830.00
121,160.22
1.78%
36,190.86
Aa1/AA+
AA+
4.63 4.01
91282CBL4 UNITED STATES TREASURY 1.125
02/15/2031 565,000.00 04/06/20222.62%
498,104.88
530,020.80
87.26 4.18%
493,028.61
2,387.98
0.14%
(36,992.20)
Aa1/AA+
AA+
4.63 4.40
91282CQD6 UNITED STATES TREASURY 3.5
02/28/2031 7,000,000.00 03/05/20263.72%
6,929,726.56
6,934,244.14
97.07 4.20%
6,794,648.00
81,888.59
1.92%
(139,596.14)
Aa1/AA+
AA+
4.67 4.20
91282CCS8 UNITED STATES TREASURY 1.25
08/15/2031 562,500.00 04/06/20222.62%
498,515.62
527,423.89
86.43 4.22%
486,145.13
2,641.57
0.14%
(41,278.76)
Aa1/AA+
AA+
5.13 4.84
91282CFV8 UNITED STATES TREASURY 4.125
11/15/2032 2,500,000.00 --3.72%
2,582,389.33
2,553,551.91
99.10 4.29%
2,477,540.00
13,170.86
0.70%
(76,011.91)
Aa1/AA+
AA+
6.38 5.52
Total US Treasury 161,982,500.00 3.83%
159,941,654.33
160,751,313.49
98.36 4.14%
159,221,750.69
1,354,119.97
44.99%
(1,529,562.81)
3.06 2.81
Total Portfolio 359,196,472.96 4.18%
353,532,643.48
355,783,449.41
98.30 4.28%
353,933,596.22
2,922,822.06
100.00%
(1,849,853.19)
3.03 2.54
Total Market Value +
Accrued 356,856,418.28
36 ATTACHMENT C
TRANSACTIONS
37 ATTACHMENT C
TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 04/20/2026 023135DC7 2,750,000.00 AMAZON.COM INC 4.0 03/13/2029 99.867 4.05% (2,746,342.50) (11,305.56) (2,757,648.06) 0.00 Purchase 04/20/2026 912797UA3 7,750,000.00 UNITED STATES TREASURY 06/16/2026 99.430 3.67% (7,705,800.46) 0.00 (7,705,800.46) 0.00 Purchase 04/21/2026 912797UU9 7,750,000.00 UNITED STATES TREASURY 08/18/2026 98.810 3.69% (7,657,749.38) 0.00 (7,657,749.38) 0.00 Purchase 04/22/2026 05594YAD8 1,590,000.00 BMWLT 2026-1 A3
4.15 05/25/2029 99.989 4.85% (1,589,824.31) 0.00 (1,589,824.31) 0.00 Purchase 04/28/2026 91282CCY5 2,000,000.00
UNITED STATES
TREASURY 1.25
09/30/2028
94.121 3.81% (1,882,421.88) (1,912.57) (1,884,334.45) 0.00 Purchase 05/18/2026 693475CD5 2,650,000.00
PNC FINANCIAL
SERVICES GROUP INC
4.899 05/13/2031
100.257 4.83% (2,656,810.50) (1,803.10) (2,658,613.60) 0.00 Purchase 05/18/2026 91159HJV3 2,650,000.00 US BANCORP 5.083 05/15/2031 100.955 4.82% (2,675,307.50) (1,122.50) (2,676,430.00) 0.00 Purchase 05/20/2026 532457DL9 1,210,000.00 ELI LILLY AND CO 4.375 05/20/2031 99.893 4.40% (1,208,705.30) 0.00 (1,208,705.30) 0.00 Purchase 05/22/2026 58933YCK9 1,435,000.00 MERCK & CO INC 4.65 05/22/2031 99.938 4.66% (1,434,110.30) 0.00 (1,434,110.30) 0.00 Purchase 06/03/2026 38151LAJ9 1,150,000.00
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% (1,150,000.00) 0.00 (1,150,000.00) 0.00
Purchase 06/03/2026 38151LAJ9 (1,150,000.00)
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% 1,150,000.00 0.00 0.00 0.00
Purchase 06/03/2026 38151LAJ9 1,150,000.00
GOLDMAN SACHS
BANK USA 4.656
06/03/2029
100.000 4.57% (1,150,000.00) 0.00 0.00 0.00
Purchase 06/08/2026 57636QBL7 3,020,000.00 MASTERCARD INC 4.6 06/08/2031 99.920 4.62% (3,017,584.00) 0.00 (3,017,584.00) 0.00 Purchase 06/12/2026 3137FQ3Z4 3,400,000.00 FHMS K-101 A2 2.524 10/25/2029 94.121 4.43% (3,200,117.19) (2,622.16) (3,202,739.35) 0.00 Purchase 06/17/2026 44935KAD5 1,995,000.00 HART 26B A3 4.81 02/18/2031 99.988 4.86% (1,994,759.20) 0.00 (1,994,759.20) 0.00 38 ATTACHMENT C
TRANSACTION LEDGER
City of Stockton Reserve | Account #10020|04/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Purchase 06/17/2026 91282CHX2 7,000,000.00
UNITED STATES
TREASURY 4.375
08/31/2028
100.594 4.09% (7,041,562.50) (90,709.92) (7,132,272.42) 0.00 Purchase 06/17/2026 912797UP0 4,500,000.00 UNITED STATES TREASURY 07/14/2026 99.731 3.64% (4,487,909.06) 0.00 (4,487,909.06) 0.00 Total Purchase 50,850,000.00 (50,449,004.08) (109,475.81) (50,558,479.89) 0.00 TOTAL
ACQUISITIONS 50,850,000.00 (50,449,004.08) (109,475.81) (50,558,479.89) 0.00
DISPOSITIONS
Maturity 04/01/2026 46625HQW3 (3,000,000.00) JPMORGAN CHASE & CO 3.3 04/01/2026 100.000 4.38% 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 04/07/2026 912797TG2 (13,500,000.00) UNITED STATES TREASURY 04/07/2026 100.000 3.69% 13,500,000.00 0.00 13,500,000.00 0.00 Maturity 04/19/2026 06051GFX2 (3,000,000.00) BANK OF AMERICA CORP 3.5 04/19/2026 100.000 4.43% 3,000,000.00 0.00 3,000,000.00 0.00 Maturity 05/15/2026 02582JJZ4 (1,270,000.00) AMXCA 2023-1 A 4.87 05/15/2026 100.000 4.92% 0.00 0.00 0.00 0.00
Maturity 05/15/2026 91324PEC2 (4,000,000.00) UNITEDHEALTH GROUP INC 1.15 05/15/2026 100.000 4.16% 4,000,000.00 0.00 4,000,000.00 0.00 Maturity 05/31/2026 91282CCF6 (8,320,000.00)
UNITED STATES
TREASURY 0.75
05/31/2026
100.000 0.80% 8,320,000.00 0.00 8,320,000.00 0.00
Maturity 06/16/2026 912797UA3 (7,750,000.00) UNITED STATES TREASURY 06/16/2026 100.000 3.67% 7,750,000.00 0.00 7,750,000.00 (0.00) Total Maturity (40,840,000.00) 39,570,000.00 0.00 39,570,000.00 (0.00) Sale 06/08/2026 57636QAW4 (3,000,000.00) MASTERCARD INC
4.875 03/09/2028 100.848 4.50% 3,025,440.00 36,156.25 3,061,596.25 8,417.32 Total Sale (3,000,000.00) 3,025,440.00 36,156.25 3,061,596.25 8,417.32 TOTAL
DISPOSITIONS (43,840,000.00) 42,595,440.00 36,156.25 42,631,596.25 8,417.32 39 ATTACHMENT C
IMPORTANT DISCLOSURES
2026 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “asis” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest.
LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.
LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yieldsrepresent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 40 ATTACHMENT C
BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Year Gov/Corp A or
better
The ICE BofA US Issuers 1-5 Year AAA-A US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt publicly issued in the US domestic market, including US Treasury, US agency, foreign government, supranational, and corporate securities. Qualifying securities must be issued from US issuers and be rated AAA through A3 (based on an average of Moody’s, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to final maturity at point of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities. 41 ATTACHMENT C