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Investment Performance Review For the Quarter Ended September 30, 2025 Client Management Team PFM Asset Management A division of U.S. Bancorp Asset Management, Inc Lauren Brant, Managing Director Giancarlo Morales-Belletti, Portfolio Manager Jeremy King, Key Account Manager 213 Market Street Harrisburg, PA 17101-2141 [PHONE REDACTED] 13010 SW 68th Pkwy Tigard, OR 97223 [PHONE REDACTED] 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 WOODBURN ---PAGE BREAK--- PFM Asset Management I pfmam.com Market Summary 2 ---PAGE BREAK--- For the Quarter Ended September 30, 2025 Market Summary Summary • The third quarter of 2025 saw a gradual easing of uncertainty as markets digested the lingering effects of a complex tariff rollout. While the effective tariff rate remains elevated, the avoidance of worst-case trade outcomes helped stabilize investor sentiment. Equity and bond markets rebounded, supported by steady consumer spending and business investment. • The labor market continued to soften as job creation surprised to the downside in July and August. The unemployment rate rose during the quarter but remained below its 30-year average. • Rising goods prices and sticky services costs continued to keep core inflation well above the Federal Reserve’s (Fed) 2% target. Certain import-reliant goods showed signs of modest tariff • In September, the Fed delivered its first rate cut of 2025, lowering the federal funds target range to 4.00% to 4.25%. Fed Chair Jerome Powell described it as a “risk management cut” reflecting growing concerns over the labor market. The median forecast from the Fed’s September “dot plot” showed an additional 50 basis points (bps) of rate cuts this year, 25 bps more than its June projections. Economic Snapshot • U.S. inflation accelerated modestly during the third quarter as certain goods categories began to reflect tariff-related cost pressures and services inflation remained sticky. Headline CPI rose to 2.9% year-over-year, and core CPI (ex- food and energy) edged up to 3.1%. Fed Chair Powell noted tariffs have begun to push up goods prices though these effects are expected to be short-lived. • U.S. real gross domestic product (GDP) rebounded to 3.8% in the second quarter, driven by a reversal of the trade and inventory dynamics that weighed on Q1 growth. Despite labor market softness, consumer spending proved resilient, largely supported by continued spending from higher-income households. Business investment also remained strong. • The labor market continued to cool with new net job creation nearing zero and the unemployment rate ticked up to 4.3%. Despite these signs of slowing, layoffs remained low, suggesting employers are adopting a “no hire, no fire” approach. Interest Rates • The U.S. Treasury yield curve steepened further in Q3, led by a decline in short- term yields. Maturities less than one year fell 30-40 bps as markets reflected new Fed rate-cutting expectations. Longer-dated maturity yields from three to 30 years also fell but to a lesser extent after concerns over fiscal deficits and tariff- related inflation eased • The 3-month U.S. Treasury ended the quarter at 3.94%, over 35 bps lower. The 2- and 5-year Treasuries fell by 11 and 6 bps to 3.61% and 3.74% respectively. The 10- and 30-year U.S. Treasury fell by 8 and 4 bps to 4.15% and 4.73% respectively. Bond volatility has continued to fall significantly from April highs and has now reached the lowest levels in three years. • As a result of lower yields over the quarter, bond indexes generated positive total returns for the quarter. The ICE BofA 3-month, and 10-year U.S. Treasury indices returned 1.08%, 1.01%, 1.17%, and 1.81% for the quarter, respectively. Sector Performance • Excess returns were strong across investment grade sectors as April’s spread widening fully reversed on positive trade news and resilient economic data. • Federal agency and supranational spreads remained low and traded in a narrow range throughout Q3. Excess returns remained muted in part due to limited issuance, which is a trend we expect to continue. • Investment-grade (IG) corporate bonds generated strong excess returns as spreads narrowed to multi-year lows across most maturities. Lower-quality and longer-duration bonds led performance, supported by strong investor demand. • Asset-backed securities (ABS) spreads tightened but remain modestly elevated versus 12-month lows. While excess returns were positive, they lagged those of IG corporates. Auto loan collateral modestly outperformed credit card-backed securities. • Agency-backed mortgage-backed securities (MBS) delivered solid performance with positive excess returns across the board. Longer-duration MBS stood out as a top-performing IG sector in Q3. Agency-backed commercial MBS (CMBS) also posted positive excess returns for the quarter. • Short-term credit (commercial paper and negotiable bank CDs) yields declined as Treasury issuance surged and the Fed cut rates. Short-end yield spreads widened over the quarter and demand remained strong as investors viewed the sector as a hedge against future rate cuts. PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc. I 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 WOODBURN 3 ---PAGE BREAK--- Labor Market Economic Snapshot Jun '25 Sep '24 GDP Personal Consumption (QoQ SAAR) 2025Q2 2.5% Retail Sales (YoY) Aug-25 5.0% 4.4% 2.0% ISM Manufacturing Survey (month) Sep-25 49.1 49.0 47.5 Existing Home Sales SAAR (month) Aug-25 4.00 mil. 3.93 mil. 3.90 mil. Inflation/Prices Personal Consumption Expenditures (YoY) Aug-25 2.7% 2.6% 2.3% Consumer Price Index (YoY) Aug-25 2.9% 2.7% 2.4% Consumer Price Index Core (YoY) Aug-25 3.1% 2.9% 3.3% Crude Oil Futures (WTI, per barrel) Sep 30 $62.37 $65.11 $68.17 Gold Futures (oz.) Sep 30 $3,841 $3,308 $2,636 Latest 0 -100K 200K 100K 400K 300K 500K 0.0% 1.0% 3.0% 2.0% 4.0% 5.0% Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Unemployment Rate (left) vs. Change in Non-farm Payrolls (right) Change In Non-Farm Payrolls Unemployment Rate 4% 3% 5% 2% 1% 0% Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Real GDP (QoQ) 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Consumer Price Index CPI (YoY) Core CPI (YoY) 2 3.9% Unemployment Rate Aug-25 4.3% 4.1% 4.1% Change In Non-Farm Payrolls Aug-25 22,000 -13,000 240,000 Average Hourly Earnings (YoY) Aug-25 3.7% 3.7% 3.9% Personal Income (YoY) Aug-25 5.1% 4.7% 5.3% Initial Jobless Claims (week) 9/20/25 218,000 232,000 227,000 Growth Real GDP (QoQ SAAR) 2025Q2 3.8% -0.6%1 3.6% 2 1 0.6% 1. Data as of First Quarter 2025. 2. Data as of Second Quarter 2024. Note: YoY = year-over-year, QoQ = quarter-over-quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil. Source: Bloomberg Finance L.P. PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc. I 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 WOODBURN For the Quarter Ended September 30, 2025 Market Summary 4 ---PAGE BREAK--- Source: Bloomberg Finance L.P. Interest Rate Overview U.S. Treasury Note Yields U.S. Treasury Yield Curve U.S. Treasury Yields Yield Curves as of September 30, 2025 6% 5% 4% 3% 2% 1% 0% 7-yr 5-yr 3-yr 2-yr 1-yr 3-mo 10-yr 20-yr 30-yr Yield Maturity June 30, 2025 September 30, 2025 September 30, 2024 6% 5% 4% 3% 2% 1% 0% 7- yr 0 5-yr 3-yr 2-yr 1-yr 3- mo 10-yr 25-yr 30-yr Yield Maturity Federal Agency U.S. Treasury Corporates, A Rated 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Yield 2-Year 5-Year 10-Year Maturity Sep '25 Jun '25 Change over Quarter Sep '24 Change over Year 3-Month 3.94% 4.30% (0.36%) 4.63% (0.69%) 1-Year 3.62% 3.97% (0.35%) 4.01% (0.39%) 2-Year 3.61% 3.72% (0.11%) 3.64% (0.03%) 5-Year 3.74% 3.80% (0.06%) 3.56% 0.18% 10-Year 4.15% 4.23% (0.08%) 3.78% 0.37% 30-Year 4.73% 4.78% (0.05%) 4.12% 0.61% PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc. I 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 WOODBURN For the Quarter Ended September 30, 2025 Market Summary 5 ---PAGE BREAK--- September 30, 2025 Duration Yield 3 Month 1 Year 3 Years 1-3 Year Indices U.S. Treasury 1.83 3.65% 1.12% 3.87% 4.34% Federal Agency 1.47 3.68% 1.17% 4.04% 4.50% U.S. Corporates, A-AAA rated 1.82 4.13% 1.40% 4.65% 5.44% Agency MBS (0 to 3 years) 1.78 4.50% 1.15% 4.25% 5.03% Taxable Municipals 1.71 3.83% 1.48% 4.73% 5.14% 1-5 Year Indices U.S. Treasury 2.54 3.66% 1.14% 3.77% 4.42% Federal Agency 2.18 3.72% 1.20% 4.11% 4.60% U.S. Corporates, A-AAA rated 2.64 4.38% 1.69% 7.06% 4.63% Agency MBS (0 to 5 years) 2.56 4.70% 1.43% 4.81% 5.57% Taxable Municipals 2.59 3.97% 1.73% 4.65% 5.19% Master Indices (Maturities 1 Year or Greater) U.S. Treasury 6.13 3.97% 1.56% 1.89% 3.48% Federal Agency 3.37 3.85% 1.45% 3.67% 4.65% U.S. Corporates, A-AAA rated 6.75 4.68% 2.51% 3.39% 6.43% Agency MBS (0 to 30 years) 5.50 4.79% 2.40% 3.26% 5.00% Taxable Municipals 8.86 5.06% 2.95% 2.13% 5.56% Returns for periods greater than one year are annualized. Source: ICE BofA Indices. As of 09/30/2025 Returns for Periods ended 09/30/2025 ICE BofA Index Returns PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc. I 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 WOODBURN For the Quarter Ended September 30, 2025 Market Summary 6 ---PAGE BREAK--- Disclosures Indices shown are not available for investment. The index data reference herein is the property of the index provider and/or its licensors. The index provider assumes no liability in connections with its use and does not sponsor, endorse or recommend the products or services contained herein. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown. The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset Management, Inc. 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 current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness. PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE Further distribution is not permitted without prior written consent. PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc. I 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 WOODBURN For the Quarter Ended September 30, 2025 Market Summary 7 ---PAGE BREAK--- PFM Asset Management I pfmam.com Portfolio Review: CITY OF WOODBURN 8 ---PAGE BREAK--- CITY OF WOODBURN Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Asset and Investment Management Certificate of Compliance PFM Asset Management I pfmam.com During the reporting period for the quarter ended September 30, 2025, 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. 9 For the Quarter Ended September 30, 2025 Compliance ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Snapshot Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest. The portfolio’s benchmark is the ICE BofA 0-3 Year U.S. Treasury Index. Source: Bloomberg Financial LP. An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio. 1. Portfolio Snapshot - CITY OF WOODBURN¹ Credit Quality - S&P 36% 42% 22% 37% 39% 25% 0% 10% 20% 30% 40% 50% 0-1 Yr 1-2 Yrs 2-3 Yrs Portfolio Benchmark Duration Distribution U.S. Treasury I 93% Federal Agency I 3% Corporate I 3% Commercial Paper I 1% Sector Allocation AAA I 2% AA+ I 97% A-1 I 1% Portfolio Statistics Portfolio Effective Duration 1.32 years Benchmark Effective Duration 1.35 years Portfolio Credit Quality AA Yield At Market 3.82% Yield At Cost 4.13% Total Market Value $74,974,565.48 $73,852,500.76 Securities Sub-Total $395,570.41 Cash $726,494.31 Accrued Interest 9 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Summary Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds. Issuer Diversification Market Value S&P / Moody's / Fitch Security Type / Issuer U.S. Treasury 92.7% United States Treasury 92.7% AA / Aa / AA Federal Agency 3.4% Federal Home Loan Banks 3.4% AA / Aa / NR Commercial Paper 1.3% Mitsubishi UFJ Financial Group Inc 1.3% A / Aa / A Corporate 2.6% Apple Inc 0.7% AA / Aaa / NR Johnson & Johnson 1.2% AAA / Aaa / NR Microsoft Corp 0.7% AAA / Aaa / NR 100.0% Total 10 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Characteristics $0.0 $14.8 $29.6 $44.4 $59.2 $74.0 Millions September 2025 $0.0 $14.8 $29.6 $44.4 $59.2 $74.0 Millions June 2025 $0.0 $14.8 $29.6 $44.4 $59.2 $74.0 Millions March 2025 $0.0 $14.8 $29.6 $44.4 $59.2 $74.0 Millions December 2024 Sector Allocation Review - CITY OF WOODBURN U.S. Treasury Federal Agency Commercial Paper Corporate 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. Dec-24 % of Total Security Type Mar-25 % of Total Jun-25 % of Total % of Total Sep-25 U.S. Treasury $47.0 80.0% $50.8 86.1% $52.2 88.2% $68.5 92.7% Federal Agency $6.5 11.1% $2.5 4.3% $2.5 4.3% $2.5 3.4% Commercial Paper $3.2 5.5% $3.3 5.5% $2.0 3.4% $1.0 1.3% Corporate $2.0 3.4% $2.4 4.1% $2.4 4.1% $1.9 2.6% Total $58.7 100.0% $59.0 100.0% $59.1 100.0% $73.9 100.0% 11 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Activity Portfolio Activity - CITY OF WOODBURN Net Activity by Sector millions) Commercial Paper Corporate U.S. Treasury Commercial Paper Corporate U.S. Treasury $0.0 $5.0 $10.0 $15.0 $20.0 Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding. Sector Net Activity U.S. Treasury $16,289,937 Corporate ($500,000) Commercial Paper ($1,029,216) $14,760,720 Total Net Activity Sales/Maturities Purchases 12 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Performance The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is March 31, 2023. 1. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity. 2. 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. 3. The portfolio’s benchmark is the ICE BofA 0-3 Year U.S. Treasury Index. Source: Bloomberg Financial LP. 4. 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 $597,712 $2,247,981 - - $4,629,621 Change in Market Value $77,886 $99,504 - - $1,083,620 $675,598 Total Dollar Return $2,347,485 - - $5,713,241 Total Return³ Portfolio 1.13% 4.05% - - 4.56% Benchmark⁴ 1.13% 4.04% - - 4.51% 3 Months 1 Year 3 Years 5 Years Since Inception 13 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Performance The lesser of 10 years or since inception is shown. Performance inception date is March 31, 2023. 1. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity. 2. Realized gains / (losses) are shown on an amortized cost basis. 3. Accrual Basis Earnings - CITY OF WOODBURN Accrual Basis Earnings Interest Earned² Realized Gains / (Losses)³ Change in Amortized Cost Total Earnings 3 Months $597,712 - $44,810 $642,522 1 Year $2,247,981 $10,446 $243,808 $2,502,234 3 Years - - - - 5 Year - - - - Since Inception¹ $4,629,621 $2,378 $1,103,004 $5,735,003 14 ---PAGE BREAK--- Portfolio Holdings and Transactions PFM Asset Management I pfmam.com 15 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Holdings Managed Account Detail of Securities Held Security Type/Description Dated Date/Coupon/Maturity CUSIP Par S&P Rating Moody's Rating Settle Date Original Cost Trade Date YTM at Cost Accrued Interest Market Value Amortized Cost U.S. Treasury US TREASURY N/B DTD 10/17/2022 4.250% 10/15/2025 91282CFP1 2,000,000.00 AA+ Aa1 3/6/2023 3/7/2023 1,977,890.63 4.70 39,248.63 2,000,000.00 1,999,675.20 US TREASURY N/B DTD 11/15/2022 4.500% 11/15/2025 91282CFW6 1,495,000.00 AA+ Aa1 4/30/2024 5/1/2024 1,481,159.57 5.13 25,410.94 1,495,642.85 1,493,870.69 US TREASURY N/B DTD 12/15/2022 4.000% 12/15/2025 91282CGA3 2,900,000.00 AA+ Aa1 12/7/2023 12/11/2023 2,868,621.09 4.57 34,229.51 2,900,084.10 2,896,798.07 US TREASURY N/B DTD 01/17/2023 3.875% 01/15/2026 91282CGE5 1,500,000.00 AA+ Aa1 2/3/2025 2/4/2025 1,495,195.31 4.22 12,319.97 1,499,545.50 1,498,520.75 US TREASURY N/B DTD 01/17/2023 3.875% 01/15/2026 91282CGE5 1,500,000.00 AA+ Aa1 3/6/2023 3/7/2023 1,470,234.38 4.62 12,319.97 1,499,545.50 1,496,980.71 US TREASURY N/B DTD 02/15/2023 4.000% 02/15/2026 91282CGL9 1,500,000.00 AA+ Aa1 3/6/2023 3/7/2023 1,475,039.06 4.61 7,663.04 1,500,234.00 1,496,821.89 US TREASURY N/B DTD 02/15/2023 4.000% 02/15/2026 91282CGL9 2,000,000.00 AA+ Aa1 12/12/2024 12/13/2024 1,994,453.13 4.24 10,217.39 2,000,312.00 1,998,214.46 US TREASURY N/B DTD 04/17/2023 3.750% 04/15/2026 91282CGV7 1,000,000.00 AA+ Aa1 5/10/2023 5/12/2023 1,003,437.50 3.62 17,315.57 999,551.00 1,000,630.26 US TREASURY N/B DTD 04/17/2023 3.750% 04/15/2026 91282CGV7 3,000,000.00 AA+ Aa1 12/6/2024 12/10/2024 2,983,593.75 4.17 51,946.72 2,998,653.00 2,993,329.94 US TREASURY N/B DTD 05/15/2023 3.625% 05/15/2026 91282CHB0 1,000,000.00 AA+ Aa1 6/26/2023 6/29/2023 980,703.13 4.34 13,692.26 998,629.00 995,850.53 US TREASURY N/B DTD 05/15/2023 3.625% 05/15/2026 91282CHB0 2,000,000.00 AA+ Aa1 12/7/2023 12/11/2023 1,964,453.13 4.40 27,384.51 1,997,258.00 1,990,932.74 US TREASURY N/B DTD 09/03/2024 3.750% 08/31/2026 91282CLH2 2,000,000.00 AA+ Aa1 9/13/2024 9/16/2024 2,006,093.75 3.59 6,422.65 2,000,062.00 2,002,901.36 US TREASURY N/B DTD 09/15/2023 4.625% 09/15/2026 91282CHY0 2,500,000.00 AA+ Aa1 10/10/2023 10/11/2023 2,491,113.28 4.76 5,110.50 2,520,880.00 2,496,967.10 US TREASURY N/B DTD 11/15/2023 4.625% 11/15/2026 91282CJK8 2,000,000.00 AA+ Aa1 12/7/2023 12/11/2023 2,016,171.88 4.33 34,938.86 2,019,454.00 2,006,435.95 US TREASURY N/B DTD 12/15/2023 4.375% 12/15/2026 91282CJP7 980,000.00 AA+ Aa1 1/5/2024 1/8/2024 985,933.59 4.15 12,651.64 987,656.74 982,521.98 16 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Holdings Security Type/Description Dated Date/Coupon/Maturity CUSIP Par S&P Rating Moody's Rating Settle Date Original Cost Trade Date YTM at Cost Accrued Interest Market Value Amortized Cost U.S. Treasury US TREASURY N/B DTD 01/16/2024 4.000% 01/15/2027 91282CJT9 2,050,000.00 AA+ Aa1 2/2/2024 2/5/2024 2,043,113.28 4.12 17,380.43 2,057,687.50 2,046,886.45 US TREASURY N/B DTD 02/15/2024 4.125% 02/15/2027 91282CKA8 1,000,000.00 AA+ Aa1 3/4/2024 3/5/2024 992,812.50 4.39 5,268.34 1,005,781.00 996,541.96 US TREASURY N/B DTD 02/15/2024 4.125% 02/15/2027 91282CKA8 600,000.00 AA+ Aa1 2/28/2025 3/3/2025 601,406.25 4.00 3,161.01 603,468.60 600,998.34 US TREASURY N/B DTD 02/15/2024 4.125% 02/15/2027 91282CKA8 1,000,000.00 AA+ Aa1 12/6/2024 12/10/2024 1,000,585.94 4.09 5,268.34 1,005,781.00 1,000,375.00 US TREASURY N/B DTD 03/15/2024 4.250% 03/15/2027 91282CKE0 2,000,000.00 AA+ Aa1 4/1/2024 4/4/2024 1,985,234.38 4.52 3,756.91 2,016,250.00 1,992,462.08 US TREASURY N/B DTD 03/15/2024 4.250% 03/15/2027 91282CKE0 3,000,000.00 AA+ Aa1 9/22/2025 9/23/2025 3,026,250.00 3.64 5,635.36 3,024,375.00 3,025,866.73 US TREASURY N/B DTD 05/15/2024 4.500% 05/15/2027 91282CKR1 2,000,000.00 AA+ Aa1 6/11/2024 6/14/2024 1,991,953.13 4.65 33,994.57 2,026,094.00 1,995,397.63 US TREASURY N/B DTD 07/15/2024 4.375% 07/15/2027 91282CKZ3 1,000,000.00 AA+ Aa1 8/30/2024 9/3/2024 1,015,468.75 3.80 9,273.10 1,012,539.00 1,009,848.64 US TREASURY N/B DTD 07/15/2024 4.375% 07/15/2027 91282CKZ3 980,000.00 AA+ Aa1 8/5/2024 8/6/2024 997,839.06 3.71 9,087.64 992,288.22 991,073.11 US TREASURY N/B DTD 07/15/2024 4.375% 07/15/2027 91282CKZ3 2,000,000.00 AA+ Aa1 9/22/2025 9/23/2025 2,026,562.50 3.61 18,546.20 2,025,078.00 2,026,255.42 US TREASURY N/B DTD 09/16/2024 3.375% 09/15/2027 91282CLL3 2,500,000.00 AA+ Aa1 12/6/2024 12/10/2024 2,455,273.44 4.06 3,729.28 2,488,477.50 2,467,818.46 US TREASURY N/B DTD 10/15/2024 3.875% 10/15/2027 91282CLQ2 2,000,000.00 AA+ Aa1 11/19/2024 11/20/2024 1,981,015.63 4.22 35,785.52 2,009,844.00 1,986,425.72 US TREASURY N/B DTD 10/15/2024 3.875% 10/15/2027 91282CLQ2 3,000,000.00 AA+ Aa1 9/22/2025 9/23/2025 3,016,992.19 3.59 53,678.28 3,014,766.00 3,016,822.80 US TREASURY N/B DTD 11/15/2024 4.125% 11/15/2027 91282CLX7 2,200,000.00 AA+ Aa1 12/6/2024 12/10/2024 2,204,125.00 4.06 34,277.85 2,222,429.00 2,203,038.27 US TREASURY N/B DTD 02/18/2025 4.250% 02/15/2028 91282CMN8 1,000,000.00 AA+ Aa1 2/28/2025 3/3/2025 1,007,578.13 3.98 5,427.99 1,014,180.00 1,006,151.55 US TREASURY N/B DTD 02/18/2025 4.250% 02/15/2028 91282CMN8 2,000,000.00 AA+ Aa1 3/19/2025 3/20/2025 2,011,953.13 4.03 10,855.98 2,028,360.00 2,009,852.00 US TREASURY N/B DTD 03/17/2025 3.875% 03/15/2028 91282CMS7 3,000,000.00 AA+ Aa1 9/22/2025 9/23/2025 3,022,031.25 3.56 5,138.12 3,018,867.00 3,021,841.91 17 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Holdings Security Type/Description Dated Date/Coupon/Maturity CUSIP Par S&P Rating Moody's Rating Settle Date Original Cost Trade Date YTM at Cost Accrued Interest Market Value Amortized Cost U.S. Treasury US TREASURY N/B DTD 04/15/2025 3.750% 04/15/2028 91282CMW8 3,050,000.00 AA+ Aa1 5/7/2025 5/8/2025 3,047,617.19 3.78 52,812.50 3,059,293.35 3,047,929.72 US TREASURY N/B DTD 05/15/2025 3.750% 05/15/2028 91282CND9 1,300,000.00 AA+ Aa1 6/10/2025 6/13/2025 1,291,671.88 3.98 18,413.72 1,304,163.90 1,292,482.73 US TREASURY N/B DTD 06/16/2025 3.875% 06/15/2028 91282CNH0 1,000,000.00 AA+ Aa1 7/11/2025 7/18/2025 1,000,546.88 3.85 11,434.43 1,006,563.00 1,000,511.43 US TREASURY N/B DTD 08/15/2025 3.625% 08/15/2028 91282CNU1 500,000.00 AA+ Aa1 9/9/2025 9/10/2025 501,562.50 3.51 2,314.88 500,000.00 501,534.58 US TREASURY N/B DTD 08/15/2025 3.625% 08/15/2028 91282CNU1 3,600,000.00 AA+ Aa1 9/22/2025 9/23/2025 3,604,218.75 3.58 16,667.12 3,600,000.00 3,604,188.52 68,155,000.00 68,019,904.94 672,779.73 68,453,793.76 Security Type Sub-Total 4.10 68,194,754.68 Federal Agency FEDERAL HOME LOAN BANK DTD 11/17/2023 4.625% 11/17/2026 3130AXU63 2,500,000.00 AA+ Aa1 11/20/2023 11/24/2023 2,493,725.00 4.72 43,038.19 2,525,270.00 2,497,526.53 2,500,000.00 2,493,725.00 43,038.19 2,525,270.00 Security Type Sub-Total 4.72 2,497,526.53 Corporate MICROSOFT CORP (CALLABLE) DTD 11/03/2015 3.125% 11/03/2025 594918BJ2 500,000.00 AAA Aaa 3/6/2023 3/8/2023 478,705.00 4.85 6,423.61 499,477.00 499,286.45 APPLE INC (CALLABLE) DTD 02/23/2016 3.250% 02/23/2026 037833BY5 500,000.00 AA+ Aaa 3/6/2023 3/8/2023 478,135.00 4.85 1,715.28 498,430.50 497,084.67 JOHNSON & JOHNSON (CALLABLE) DTD 03/01/2016 2.450% 03/01/2026 478160BY9 500,000.00 AAA Aaa 6/1/2023 6/5/2023 477,715.00 4.19 1,020.83 496,844.50 496,609.79 JOHNSON & JOHNSON (CALLABLE) DTD 02/20/2025 4.550% 03/01/2028 478160DH4 400,000.00 AAA Aaa 3/3/2025 3/4/2025 402,948.00 4.28 1,516.67 407,918.00 402,393.59 1,900,000.00 1,837,503.00 10,676.39 1,902,670.00 Security Type Sub-Total 4.56 1,895,374.50 18 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Holdings Security Type/Description Dated Date/Coupon/Maturity CUSIP Par S&P Rating Moody's Rating Settle Date Original Cost Trade Date YTM at Cost Accrued Interest Market Value Amortized Cost Commercial Paper MUFG BANK LTD/NY DTD 09/30/2025 0.000% 06/26/2026 62479MFS7 1,000,000.00 A-1 P-1 9/30/2025 9/30/2025 970,783.61 3.91 0.00 970,767.00 970,892.22 1,000,000.00 970,783.61 0.00 970,767.00 Security Type Sub-Total 3.91 970,892.22 73,555,000.00 73,321,916.55 726,494.31 73,852,500.76 Managed Account Sub Total Securities Sub Total Accrued Interest $73,555,000.00 $73,321,916.55 $726,494.31 $73,852,500.76 $726,494.31 73,558,547.93 $73,558,547.93 4.13 4.13% Total Investments $74,578,995.07 19 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Activity Quarterly Portfolio Transactions Trade Date Settle Date Par CUSIP Maturity Date Transact Amount Coupon Yield at Market Realized G/L (BV) Security Description BUY 7/11/2025 7/18/2025 1,000,000.00 91282CNH0 US TREASURY N/B 3.87% 6/15/2028 1,004,040.73 3.85% 9/9/2025 9/10/2025 500,000.00 91282CNU1 US TREASURY N/B 3.62% 8/15/2028 502,843.07 3.51% 9/22/2025 9/23/2025 3,600,000.00 91282CNU1 US TREASURY N/B 3.62% 8/15/2028 3,618,048.91 3.58% 9/22/2025 9/23/2025 3,000,000.00 91282CKE0 US TREASURY N/B 4.25% 3/15/2027 3,029,067.68 3.64% 9/22/2025 9/23/2025 3,000,000.00 91282CLQ2 US TREASURY N/B 3.87% 10/15/2027 3,068,129.49 3.59% 9/22/2025 9/23/2025 2,000,000.00 91282CKZ3 US TREASURY N/B 4.37% 7/15/2027 2,043,206.52 3.61% 9/22/2025 9/23/2025 3,000,000.00 91282CMS7 US TREASURY N/B 3.87% 3/15/2028 3,024,600.31 3.56% 9/30/2025 9/30/2025 1,000,000.00 62479MFS7 MUFG BANK LTD/NY 0.00% 6/26/2026 970,783.61 3.91% Total BUY 17,100,000.00 17,260,720.32 0.00 INTEREST 7/15/2025 7/15/2025 91282CKZ3 US TREASURY N/B 4.37% 7/15/2027 43,312.50 7/15/2025 7/15/2025 91282CJT9 US TREASURY N/B 4.00% 1/15/2027 41,000.00 7/15/2025 7/15/2025 91282CGE5 US TREASURY N/B 3.87% 1/15/2026 58,125.00 8/15/2025 8/15/2025 91282CMN8 US TREASURY N/B 4.25% 2/15/2028 63,750.00 8/15/2025 8/15/2025 91282CGL9 US TREASURY N/B 4.00% 2/15/2026 70,000.00 8/15/2025 8/15/2025 91282CKA8 US TREASURY N/B 4.12% 2/15/2027 53,625.00 8/23/2025 8/23/2025 037833BY5 APPLE INC (CALLABLE) 3.25% 2/23/2026 8,125.00 20 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Portfolio Activity Quarterly Portfolio Transactions Trade Date Settle Date Par CUSIP Maturity Date Transact Amount Coupon Yield at Market Realized G/L (BV) Security Description INTEREST 8/31/2025 8/31/2025 91282CLH2 US TREASURY N/B 3.75% 8/31/2026 37,500.00 9/1/2025 9/1/2025 478160BY9 JOHNSON & JOHNSON (CALLABLE) 2.45% 3/1/2026 6,125.00 9/1/2025 9/1/2025 478160DH4 JOHNSON & JOHNSON (CALLABLE) 4.55% 3/1/2028 9,656.11 9/9/2025 9/9/2025 931142EW9 WALMART INC 3.90% 9/9/2025 9,750.00 9/15/2025 9/15/2025 91282CKE0 US TREASURY N/B 4.25% 3/15/2027 42,500.00 9/15/2025 9/15/2025 91282CHY0 US TREASURY N/B 4.62% 9/15/2026 57,812.50 9/15/2025 9/15/2025 91282CLL3 US TREASURY N/B 3.37% 9/15/2027 42,187.50 Total INTEREST 0.00 543,468.61 0.00 MATURITY 7/18/2025 7/18/2025 1,000,000.00 63873JUJ7 NATIXIS NY BRANCH 0.00% 7/18/2025 1,000,000.00 9/9/2025 9/9/2025 500,000.00 931142EW9 WALMART INC 3.90% 9/9/2025 500,000.00 9/26/2025 9/26/2025 1,000,000.00 62479LWS0 MUFG BANK LTD/NY 0.00% 9/26/2025 1,000,000.00 Total MATURITY 2,500,000.00 2,500,000.00 0.00 21 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Appendix Important Disclosures This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances. PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion of the strategy rated by a NRSRO. It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets. Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown. The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion as of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and data presented are not necessarily indicative of future events or expected performance. PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request. For more information regarding PFMAM's services or entities, please visit www.pfmam.com. Further distribution is not permitted without prior written consent. 22 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Appendix Important Disclosures Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may be differences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement. In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the 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. 23 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 Appendix Glossary Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made. Agencies: Federal agency securities and/or Government-sponsored enterprises. Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis. Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans, leases, credit card balances, and receivables. Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer. Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory. Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector added or subtracted from the overall portfolio performance. Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years. Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not. FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount. Interest Rate: Interest per year divided by principal amount and expressed as a percentage. Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date. Maturity: The date upon which the principal or stated value of an investment becomes due and payable. Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets. Par Value: The nominal dollar face amount of a security. Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed security. 24 ---PAGE BREAK--- PFM Asset Management I pfmam.com CITY OF WOODBURN For the Quarter Ended September 30, 2025 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 coupon payments and maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day. Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whose decisions are binding on its members. Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place. Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place. U.S. Treasury: The department of the U.S. government that issues Treasury securities. Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period from purchase date to maturity, stated as a percentage on an annualized basis. YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. 25