INVESTMENT REPORT
City of Fullerton| 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.
TABLE OF CONTENTS
ECONOMIC UPDATE
ACCOUNT PROFILE
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
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 the8–4 split at April’s meeting, which marked JeromePowell’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 -400
-200
0 200
400
600
800
1,000MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
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 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 offsetby 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 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 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 driverof 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 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 roseas energy prices stayed high, while auto sales rebounded after an April pullback. The Conference Board's Consumer Confidence Index tickedup 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 -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 continuedto 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 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 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 monthin expansion territory. Business activity and new orders both slowed, though the employment component jumpedto 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 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 andan acceleration from 0.5% in the fourth quarterof 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 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 Aprilmeeting—Jerome Powell’slast 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 Summaryof 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 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 narrowedto 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. Relativeto 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 ACCOUNT PROFILE
15 OBJECTIVES
Investment Objectives
The investment objectives are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide sufficient liquidity to meet all operating requirements; and third, to earn a commensurate rate of return consistent with the constraints imposed by the safety and liquidity objectives.
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 STATEMENT OF COMPLIANCE
City of Fullerton Managed | Account #11579 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 20.0 7.9 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 30.0 7.9 Compliant Max Maturity (Years) 5.0 4.6 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180.0 0.0 Compliant
Min Rating (A-1 by 1) 0.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NON-
NEGOTIABLE CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 20.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 397.0 0.0 Compliant
Min Rating (A-1 by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
Max % (MV) 30.0 21.6 Compliant
Max % Issuer (MV) 5.0 2.3 Compliant
Max Maturity (Years) 5.0 5.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 20.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
FEDERAL AGENCIES
17 STATEMENT OF COMPLIANCE
City of Fullerton Managed | Account #11579 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 100.0 0.0 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 30.0 7.9 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
LOCAL GOVERNMENT INVESTMENT POOL (LGIP)
Max % (MV) 100.0 0.0 Compliant
Max % Issuer (MV) 20.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.1 Compliant
Max % Issuer (MV) 10.0 0.1 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MUNICIPAL SECURITIES
Max % (MV) 20.0 0.7 Compliant
Max % Issuer (MV) 5.0 0.3 Compliant
Max Maturity (Years) 5.0 2.3 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 0.0 Compliant
Min Rating (A- by 1 if > FDIC Limit) 0.0 0.0 Compliant
NON- AGENCY ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS & MBS) 20.0 6.2 Compliant
Max % Issuer (MV) 5.0 1.2 Compliant
Max Maturity (Years) 5.0 4.6 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
NON-AGENCY MORTGAGE-BACKED SECURITIES
18 STATEMENT OF COMPLIANCE
City of Fullerton Managed | Account #11579 | As of June 30, 2026 Rules Name Limit Actual Compliance
Status Notes
Max % (MV; ABS & MBS) 20.0 6.2 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
REPURCHASE AGREEMENTS
Max % (MV) 25.0 0.0 Compliant
Max Maturity (Days) 360.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 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
U.S. TREASURIES
Max % (MV) 100.0 63.5 Compliant
Max Maturity (Years) 5.0 4.9 Compliant
19 PORTFOLIO CHARACTERISTICS
City of Fullerton Managed | Account #11579 | As of June 30, 2026 Benchmark* 6/30/2026
Portfolio
5/31/2026
Portfolio
Average Maturity (yrs) 2.64 2.93 2.37
Average Modified Duration 2.46 2.61 2.14
Average Purchase Yield 4.12% 4.04%
Average Market Yield 4.16% 4.30% 3.87%
Average Quality** AA+ AA+ AA+
Total Market Value 120,564,144 120,468,318
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 20 SECTOR DISTRIBUTION
City of Fullerton Managed | Account #11579 | As of June 30, 2026 Sector as a Percentage of Market Value
Sector 06/30/2026 05/31/2026
US Treasury 63.42% 74.17%
Corporate 21.61% 16.43%
Agency CMBS 7.93% 4.21%
ABS 6.22% 4.00%
Muni Bonds 0.72% 0.72%
Money Mkt Fd 0.09% 5.76%
Cash 0.00% -5.30%
21 ISSUERS
City of Fullerton Managed | Account #11579 | As of June 30, 2026 Issuer Investment Type % Portfolio
United States US Treasury 63.42%
Federal Home Loan Mortgage Corp Agency CMBS 7.93%
Amazon.com, Inc. Corporate 2.31%
Caterpillar Inc. Corporate 1.35%
JPMorgan Chase & Co. Corporate 1.32%
Merck & Co., Inc. Corporate 1.25%
The Goldman Sachs Group, Inc. Corporate 1.25%
Duke Energy Corporation Corporate 1.25%
The Progressive Corporation Corporate 1.25%
NVIDIA Corporation Corporate 1.25%
Toyota Motor Corporation Corporate 1.24%
Meta Platforms, Inc. Corporate 1.23%
Public Service Enterprise Group Corporate 1.23%
Chase Issuance Trust ABS 1.17%
Bank of America Corporation Corporate 1.16%
GM Financial Auto Leasing Trust ABS 1.04%
American Express Credit Master Trust ABS 0.94%
Deere & Company Corporate 0.93%
PACCAR Inc Corporate 0.92%
Mastercard Incorporated Corporate 0.85%
Toyota Auto Receivables Owner Trust ABS 0.84%
Morgan Stanley Corporate 0.84%
Wells Fargo & Company ABS 0.83%
Toyota Lease Owner Trust 2026-A ABS 0.83%
Prologis, Inc. Corporate 0.82%
Metropolitan Life Global Funding I Corporate 0.61%
Hyundai Motor Company ABS 0.57%
Hyundai Motor Company Corporate 0.54%
State of Hawaii Muni Bonds 0.30%
State of California Muni Bonds 0.28%
22 ISSUERS
City of Fullerton Managed | Account #11579 | As of June 30, 2026 Issuer Investment Type % Portfolio
State of Connecticut Muni Bonds 0.14%
First American Govt Oblig Fund Money Mkt Fd 0.09%
Cash Cash 0.00%
TOTAL 100.00%
23 QUALITY DISTRIBUTION
City of Fullerton Managed | Account #11579 | As of June 30, 2026 S&P Rating Moody’s Rating Fitch Rating
Rating 06/30/2026 05/31/2026
AAA 4.62% 2.44%
AA 77.48% 85.39%
A 16.23% 10.16%
NA 1.66% 2.00%
Rating 06/30/2026 05/31/2026
Aaa 1.75% 1.30%
Aa 79.36% 84.33%
A 14.36% 11.22%
NA 4.53% 3.15%
Rating 06/30/2026 05/31/2026
AAA 14.18% 9.35%
AA 71.69% 81.20%
A 5.32% 4.09%
NA 8.81% 5.36%
24 PORTFOLIO HOLDINGS
25 HOLDINGS REPORT
City of Fullerton Managed | Account #11579 | 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
379965AD8 GMALT 2025-3 A3 4.17
08/21/2028 1,250,000.00 05/27/2026
4.19%
1,250,195.31
1,250,181.48
99.89 4.33%
1,248,565.00
1,592.71
1.04%
(1,616.48)
NA/AAA
AAA
2.14 0.94
89240MAD6 TLOT 26A A3 3.82 02/20/2029 1,000,000.00 06/04/2026
4.40%
992,460.94
992,658.74
99.16 4.54%
991,605.00
1,167.22
0.83%
(1,053.74)
NA/AAA
AAA
2.64 1.22
02589BAE0 AMXCA 2024-3 A 4.65 07/15/2027 1,125,000.00 05/27/2026
4.10%
1,132,250.98
1,131,654.05
100.45
4.24%
1,130,108.63
2,325.00
0.94%
(1,545.42)
NA/AAA
AAA
1.04 0.99
89240JAD3 TAOT 2025-A A3 4.64 08/15/2029 1,000,000.00 05/27/2026
4.24%
1,004,921.88
1,004,722.90
100.32
4.31%
1,003,231.00
2,062.22
0.84%
(1,491.90)
Aaa/NA
AAA
3.13 0.86
44935KAD5 HART 26B A3 4.81 02/18/2031 675,000.00 06/09/2026
4.86%
674,918.53
674,919.20
100.24
4.44%
676,622.70
1,262.63
0.57%
1,703.50
NA/AAA
AAA
4.64 2.20
92970QAK1 WFCIT 2026-1 A 4.08 04/16/2029 1,000,000.00 06/17/2026
4.36%
993,554.69
993,635.80
99.25 4.41%
992,460.00
1,813.33
0.83%
(1,175.80)
Aaa/NA
AAA
2.79 2.58
161571JA3 CHAIT 2026-1 A 4.4 05/15/2029 1,400,000.00 --
4.43%
1,400,560.44
1,400,542.85
100.06
4.42%
1,400,907.20
5,646.67
1.17%
364.35
NA/AAA
AAA
2.87 2.63
7,448,862.77 99.91 7,443,499.53 6.22% 2.63
Total ABS 7,450,000.00 4.34% 7,448,315.00 4.38% 15,869.78 (4,815.48) 1.63
AGENCY CMBS
3137H9D71 FHMS K-750 A2 3.0 09/25/2029 2,000,000.00 05/27/2026
4.31%
1,926,250.00
1,928,112.37
96.12 4.43%
1,922,362.00
5,000.00
1.61%
(5,750.37)
Aa1/AA+
AAA
3.24 2.66
3137FWG79 FHMS K-115 A2 1.383 06/25/2030 1,500,000.00 06/17/2026
4.39%
1,336,933.59
1,337,840.14
88.98 4.45%
1,334,715.00
1,728.75
1.11%
(3,125.14)
Aa1/AA+
AAA
3.99 3.75
3137FX3Q9 FHMS K-117 A2 1.406 08/25/2030 1,500,000.00 05/27/2026
4.41%
1,330,722.66
1,334,059.27
88.69 4.46%
1,330,393.50
1,757.50
1.11%
(3,665.77)
Aa1/AA+
AAA
4.15 3.88
3137F83Q4 FHMS K-121 A2 1.547 10/25/2030 1,500,000.00 --
4.45%
1,329,936.52
1,331,509.31
88.68 4.46%
1,330,209.00
1,933.75
1.11%
(1,300.31)
Aa1/AA+
AAA
4.32 4.06
3137F8ZV8 FHMS K-123 A2 1.621 12/25/2030 2,000,000.00 05/27/2026
4.38%
1,777,500.00
1,781,560.22
88.77 4.46%
1,775,346.00
2,701.67
1.48%
(6,214.22)
Aa1/AA+
AAA
4.49 4.13
3137FXYV4 FHMS K-126 A2 2.074 01/27/2031 2,000,000.00 06/25/2026
4.39%
1,813,125.00
1,813,236.77
90.35 4.46%
1,807,050.00
3,456.67
1.51%
(6,186.77)
Aa1/AA+
AAA
4.58 4.17
9,514,467.77 90.56 9,500,075.50 7.93% 4.11
Total Agency CMBS 10,500,000.00 4.38% 9,526,318.08 4.45% 16,578.33 (26,242.58) 3.74 26 HOLDINGS REPORT
City of Fullerton Managed | Account #11579 | 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
CASH
CCYUSD Receivable 3,296.43 -- 3,296.43
3,296.43
1.00 3,296.43
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 3,296.43
3,296.43
3,296.43
1.00 3,296.43
0.00 0.00%
0.00 0.00
0.00 CORPORATE
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 800,000.00 05/07/2024
5.07%
799,120.00
799,510.22
100.70
4.17%
805,573.60
5,222.22
0.67%
6,063.38
A1/A
A+
0.87 0.84
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,105,000.00 01/06/2025
4.66%
1,104,668.50
1,104,781.59
100.55
4.27%
1,111,123.91
24,834.88
0.93%
6,342.32
A1/A
A+
1.52 1.42
69371RT63 PACCAR FINANCIAL CORP 4.55
03/03/2028 565,000.00 02/20/2025
4.58%
564,655.35
564,744.09
100.34
4.33%
566,920.44
8,426.35
0.47%
2,176.35
A1/A+
NA
1.68 1.57
592179KR5 METROPOLITAN LIFE GLOBAL
FUNDING I 4.15 08/25/2028 735,000.00 08/19/2025
4.15%
734,941.20
734,952.45
99.22 4.53%
729,245.69
10,675.88
0.61%
(5,706.76)
Aa3/AA-
AA-
2.15 2.00
14913UBD1 CATERPILLAR FINANCIAL SERVICES
CORP 3.95 11/14/2028 815,000.00 11/10/2025
3.97%
814,568.05
814,628.91
99.02 4.39%
807,028.49
4,202.91
0.67%
(7,600.42)
A1/A
A+
2.38 2.23
023135CS3 AMAZON.COM INC 3.9
11/20/2028 1,300,000.00 11/17/2025
3.91%
1,299,714.00
1,299,753.33
98.95 4.37%
1,286,305.80
5,774.17
1.07%
(13,447.53)
A1/AA
AA-
2.39 2.24
38151LAJ9 GOLDMAN SACHS BANK USA
4.656 06/03/2029 1,500,000.00 --
4.60%
1,500,899.10
1,500,864.66
100.06
4.54%
1,500,928.50
5,432.00
1.25%
63.84 A1/A+
AA-
2.93 1.81
44891AEN3 HYUNDAI CAPITAL AMERICA 4.75
06/18/2029 650,000.00 06/15/2026
4.79%
649,366.50
649,374.01
99.66 4.87%
647,777.65
1,114.93
0.54%
(1,596.36)
A3/A-
A-
2.97 2.73
69371RU53 PACCAR FINANCIAL CORP 4.3
06/18/2029 540,000.00 06/16/2026
4.34%
539,325.00
539,333.01
99.70 4.41%
538,393.50
838.50
0.45%
(939.51)
A1/A+
NA
2.97 2.75
46647PFL5 JPMORGAN CHASE & CO 4.408
04/23/2030 500,000.00 06/18/2026
4.66%
495,915.00
495,941.24
99.15 4.67%
495,747.50
4,163.11
0.41%
(193.74)
A1/A
AA-
3.81 2.59
61778EUR0 MORGAN STANLEY BANK NA
4.788 05/10/2030 1,000,000.00 06/18/2026
4.75%
1,000,850.00
1,000,842.74
100.10
4.72%
1,000,988.00
7,315.00
0.84%
145.27
Aa3/A+
AA
3.86 2.62
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 05/26/2026
4.57%
1,477,605.00
1,478,084.99
98.43 4.60%
1,476,469.50
8,050.00
1.23%
(1,615.49)
Aa3/AA-
NA
4.38 3.93
27 HOLDINGS REPORT
City of Fullerton Managed | Account #11579 | 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
74456QCX2 PUBLIC SERVICE ELECTRIC AND
GAS CO 4.2 01/01/2031 1,500,000.00 06/18/2026
4.61%
1,475,190.00
1,475,325.00
98.32 4.62%
1,474,813.50
30,450.00
1.23%
(511.50)
A1/A
NA
4.51 4.05
023135DD5 AMAZON.COM INC 4.25
03/13/2031 1,500,000.00 05/26/2026
4.54%
1,481,175.00
1,481,551.29
98.47 4.62%
1,476,982.50
19,125.00
1.23%
(4,568.79)
A1/AA
AA-
4.70 4.16
46647PBJ4 JPMORGAN CHASE & CO 4.493
03/24/2031 1,100,000.00 05/19/2026
4.74%
1,088,285.00
1,088,563.14
99.12 5.30%
1,090,325.50
13,316.75
0.91%
1,762.36
A1/A
AA-
4.73 3.35
743315BC6 PROGRESSIVE CORP 4.6
03/26/2031 1,500,000.00 06/18/2026
4.65%
1,496,415.00
1,496,433.56
99.67 4.68%
1,494,979.50
18,208.33
1.25%
(1,454.06)
A2/A
A
4.74 4.16
06051GJB6 BANK OF AMERICA CORP 2.592
04/29/2031 1,500,000.00 05/20/2026
5.02%
1,379,295.00
1,382,038.30
92.28 5.02%
1,384,126.50
6,696.00
1.16%
2,088.20
A1/A-
AA-
4.83 3.56
89236TQB4 TOYOTA MOTOR CREDIT CORP
4.55 05/14/2031 1,500,000.00 05/28/2026
4.66%
1,492,485.00
1,492,621.94
99.17 4.74%
1,487,574.00
8,910.42
1.24%
(5,047.94)
A1/A+
A+
4.87 4.29
58933YCK9 MERCK & CO INC 4.65 05/22/2031 1,500,000.00 05/26/2026
4.57%
1,505,055.00
1,504,956.21
100.16
4.61%
1,502,452.50
7,556.25
1.25%
(2,503.71)
Aa3/A+
NA
4.89 4.31
57636QBL7 MASTERCARD INC 4.6 06/08/2031 1,020,000.00 06/04/2026
4.62%
1,019,184.00
1,019,194.28
99.85 4.63%
1,018,432.26
2,997.67
0.85%
(762.02)
Aa3/A+
NA
4.94 4.36
74340XCU3 PROLOGIS LP 4.25 06/15/2031 1,000,000.00 06/18/2026
4.67%
981,170.00
981,263.17
98.16 4.67%
981,561.00
8,027.78
0.82%
297.83
A2/A
NA
4.96 4.38
26442CBR4 DUKE ENERGY CAROLINAS LLC
4.65 06/15/2031 1,500,000.00 06/16/2026
4.59%
1,503,660.00
1,503,631.42
99.96 4.66%
1,499,464.50
5,037.50
1.25%
(4,166.92)
Aa3/A
NA
4.96 4.37
67066GAR5 NVIDIA CORP 4.5 06/15/2031 1,500,000.00 --
4.55%
1,496,680.95
1,496,699.92
99.65 4.58%
1,494,690.00
2,437.50
1.25%
(2,009.92)
Aa1/AA
NA
4.96 4.39
Total Corporate 26,130,000.00 4.59%
25,900,222.65
25,905,089.45
99.05 4.62%
25,871,904.33
208,813.13
21.61%
(33,185.12)
3.94 3.35
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 111,399.24 --
3.27%
111,399.24
111,399.24
1.00 3.27%
111,399.24
0.00 0.09%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 111,399.24 3.27%
111,399.24
111,399.24
1.00 3.27%
111,399.24
0.00 0.09%
0.00 0.00
0.00 MUNICIPAL BONDS
28 HOLDINGS REPORT
City of Fullerton Managed | Account #11579 | 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
419792L95 HAWAII ST 4.588 10/01/2026 250,000.00 12/07/2023
4.58%
250,000.00
250,000.00
100.10
4.15%
250,242.25
2,867.50
0.21%
242.25
Aa2/AA+
AA
0.25 0.25
13063D3N6 CALIFORNIA STATE 4.846
03/01/2027 335,000.00 03/09/2023
4.85%
335,000.00
335,000.00
100.44
4.17%
336,457.92
5,411.37
0.28%
1,457.92
Aa2/AA-
AA
0.67 0.64
20772KTJ8 CONNECTICUT ST 5.05
05/15/2027 170,000.00 06/01/2023
4.51%
173,264.00
170,729.92
100.73
4.18%
171,248.65
1,096.97
0.14%
518.73
Aa2/AA-
AA
0.87 0.84
419792M29 HAWAII ST 5.0 10/01/2027 25,000.00 12/07/2023
4.51%
25,420.75
25,139.23
100.97
4.19%
25,241.73
312.50
0.02%
102.49
Aa2/AA+
AA
1.25 1.19
419792M37 HAWAII ST 5.0 10/01/2028 80,000.00 12/07/2023
4.52%
81,632.80
80,769.20
101.41
4.33%
81,127.12
1,000.00
0.07%
357.92
Aa2/AA+
AA
2.25 2.09
Total Municipal
Bonds 860,000.00 4.66%
865,317.55
861,638.36
100.50
4.18%
864,317.67
10,688.34
0.72%
2,679.31
0.76 0.72
US TREASURY
91282CET4 UNITED STATES TREASURY 2.625
05/31/2027 710,000.00 06/09/2022
3.05%
696,105.08
707,443.03
98.68 4.11%
700,608.83
1,578.59
0.59%
(6,834.20)
Aa1/AA+
AA+
0.92 0.89
91282CKV2 UNITED STATES TREASURY 4.625
06/15/2027 2,200,000.00 08/01/2024
3.06%
2,238,242.19
2,232,006.05
100.48
4.10%
2,210,588.60
4,448.09
1.85%
(21,417.45)
Aa1/AA+
AA+
0.96 0.93
91282CLG4 UNITED STATES TREASURY 3.75
08/15/2027 1,475,000.00 09/04/2024
3.54%
1,478,860.35
1,478,311.18
99.57 4.14%
1,468,661.93
20,780.39
1.23%
(9,649.25)
Aa1/AA+
AA+
1.13 1.07
9128282R0 UNITED STATES TREASURY 2.25
08/15/2027 1,275,000.00 08/29/2022
3.30%
1,214,288.09
1,261,247.58
97.93 4.15%
1,248,603.68
10,777.62
1.04%
(12,643.90)
Aa1/AA+
AA+
1.13 1.08
91282CLL3 UNITED STATES TREASURY 3.375
09/15/2027 1,635,000.00 --
3.62%
1,628,858.40
1,630,332.60
99.09 4.15%
1,620,183.63
16,194.50
1.35%
(10,148.97)
Aa1/AA+
AA+
1.21 1.16
91282CAL5 UNITED STATES TREASURY 0.375
09/30/2027 1,250,000.00 11/28/2022
3.93%
1,056,347.66
1,199,968.57
95.46 4.15%
1,193,212.50
1,178.28
1.00%
(6,756.07)
Aa1/AA+
AA+
1.25 1.22
91282CLQ2 UNITED STATES TREASURY 3.875
10/15/2027 700,000.00 10/01/2025
3.44%
704,347.66
703,799.16
99.64 4.16%
697,484.20
5,706.63
0.58%
(6,314.96)
Aa1/AA+
AA+
1.29 1.24
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 1,125,000.00 01/26/2023
3.58%
1,139,414.06
1,129,224.53
99.61 4.16%
1,120,561.88
3,692.37
0.94%
(8,662.65)
Aa1/AA+
AA+
1.42 1.36
91282CMF5 UNITED STATES TREASURY 4.25
01/15/2028 1,500,000.00 03/04/2025
3.73%
1,512,773.44
1,511,396.90
100.11
4.17%
1,501,641.00
29,409.53
1.25%
(9,755.90)
Aa1/AA+
AA+
1.54 1.45
29 HOLDINGS REPORT
City of Fullerton Managed | Account #11579 | 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
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 2,100,000.00 04/02/2025
4.15%
2,076,949.22
2,079,371.87
98.97 4.18%
2,078,344.80
30,658.84
1.74%
(1,027.07)
Aa1/AA+
AA+
1.59 1.50
91282CMN8 UNITED STATES TREASURY 4.25
02/15/2028 1,500,000.00 03/04/2025
3.73%
1,513,593.75
1,512,197.41
100.11
4.17%
1,501,699.50
23,950.28
1.25%
(10,497.91)
Aa1/AA+
AA+
1.63 1.53
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 2,185,000.00 02/04/2025
4.42%
2,168,953.91
2,170,568.01
99.73 4.16%
2,179,196.64
29,212.50
1.82%
8,628.63
Aa1/AA+
AA+
1.67 1.57
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,875,000.00 03/14/2024
4.38%
1,823,437.50
1,852,631.75
99.09 4.17%
1,857,860.63
17,085.04
1.55%
5,228.88
Aa1/AA+
AA+
1.75 1.66
91282CBS9 UNITED STATES TREASURY 1.25
03/31/2028 725,000.00 05/01/2023
3.67%
646,722.66
697,103.06
95.13 4.17%
689,656.25
2,278.01
0.58%
(7,446.81)
Aa1/AA+
AA+
1.75 1.69
91282CMW8 UNITED STATES TREASURY 3.75
04/15/2028 2,300,000.00 05/01/2025
3.67%
2,303,503.91
2,303,173.90
99.29 4.16%
2,283,649.30
18,145.49
1.91%
(19,524.60)
Aa1/AA+
AA+
1.79 1.70
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 2,225,000.00 --
4.36%
2,151,853.52
2,193,082.81
98.82 4.17%
2,198,838.45
13,120.24
1.84%
5,755.64
Aa1/AA+
AA+
1.84 1.74
91282CND9 UNITED STATES TREASURY 3.75
05/15/2028 1,450,000.00 06/04/2025
3.86%
1,446,884.77
1,447,166.47
99.26 4.16%
1,439,238.10
6,944.63
1.20%
(7,928.37)
Aa1/AA+
AA+
1.88 1.78
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 2,300,000.00 --
3.96%
2,276,201.17
2,286,393.90
99.02 4.16%
2,277,358.80
7,061.82
1.90%
(9,035.10)
Aa1/AA+
AA+
1.92 1.82
91282CCE9 UNITED STATES TREASURY 1.25
05/31/2028 930,000.00 --
4.25%
809,348.24
882,207.73
94.69 4.16%
880,593.75
984.63
0.74%
(1,613.98)
Aa1/AA+
AA+
1.92 1.86
91282CNH0 UNITED STATES TREASURY 3.875
06/15/2028 2,275,000.00 07/31/2025
3.87%
2,275,000.00
2,275,000.00
99.45 4.17%
2,262,558.03
3,853.83
1.89%
(12,441.98)
Aa1/AA+
AA+
1.96 1.86
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 2,450,000.00 07/01/2025
3.67%
2,466,843.75
2,465,408.44
99.69 4.16%
2,442,439.30
266.30
2.04%
(22,969.14)
Aa1/AA+
AA+
2.00 1.90
91282CCH2 UNITED STATES TREASURY 1.25
06/30/2028 650,000.00 08/29/2023
4.32%
563,722.66
614,315.89
94.47 4.16%
614,047.20
22.08 0.51%
(268.69)
Aa1/AA+
AA+
2.00 1.94
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 3,220,000.00 --
3.62%
3,252,780.08
3,252,255.19
99.93 4.16%
3,217,736.34
55,404.90
2.69%
(34,518.85)
Aa1/AA+
AA+
2.08 1.94
91282CCV1 UNITED STATES TREASURY 1.125
08/31/2028 825,000.00 --
4.77%
695,806.64
767,454.54
93.76 4.17%
773,501.85
3,102.16
0.65%
6,047.31
Aa1/AA+
AA+
2.17 2.09
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 1,300,000.00 10/01/2025
3.61%
1,293,093.75
1,293,630.46
98.34 4.17%
1,278,366.70
12,876.36
1.07%
(15,263.76)
Aa1/AA+
AA+
2.21 2.08
91282CCY5 UNITED STATES TREASURY 1.25
09/30/2028 575,000.00 12/06/2023
4.17%
502,473.63
541,069.05
93.79 4.17%
539,287.33
1,806.69
0.45%
(1,781.73)
Aa1/AA+
AA+
2.25 2.17
30 HOLDINGS REPORT
City of Fullerton Managed | Account #11579 | 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
91282CPC9 UNITED STATES TREASURY 3.5
10/15/2028 1,950,000.00 10/30/2025
3.63%
1,944,210.94
1,944,645.92
98.54 4.17%
1,921,588.50
14,358.61
1.60%
(23,057.42)
Aa1/AA+
AA+
2.29 2.16
91282CPK1 UNITED STATES TREASURY 3.5
11/15/2028 2,700,000.00 12/01/2025
3.55%
2,696,519.53
2,696,772.38
98.50 4.17%
2,659,394.70
12,069.29
2.22%
(37,377.68)
Aa1/AA+
AA+
2.38 2.24
912810FF0 UNITED STATES TREASURY 5.25
11/15/2028 300,000.00 12/06/2023
4.13%
314,906.25
307,176.16
102.46
4.15%
307,394.40
2,011.55
0.26%
218.24
Aa1/AA+
AA+
2.38 2.20
91282CJN2 UNITED STATES TREASURY 4.375
11/30/2028 925,000.00 03/14/2024
4.32%
927,167.97
926,114.92
100.46
4.17%
929,263.33
3,427.68
0.78%
3,148.41
Aa1/AA+
AA+
2.42 2.26
91282CJR3 UNITED STATES TREASURY 3.75
12/31/2028 825,000.00 10/30/2024
4.13%
813,172.85
817,892.82
99.01 4.17%
816,814.35
84.07 0.68%
(1,078.47)
Aa1/AA+
AA+
2.50 2.36
91282CDW8 UNITED STATES TREASURY 1.75
01/31/2029 1,750,000.00 --
4.33%
1,554,146.48
1,645,689.12
94.11 4.18%
1,646,982.75
12,774.52
1.38%
1,293.63
Aa1/AA+
AA+
2.59 2.46
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 1,575,000.00 --
4.36%
1,550,750.97
1,562,035.83
99.57 4.18%
1,568,232.23
26,279.01
1.31%
6,196.39
Aa1/AA+
AA+
2.59 2.39
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 450,000.00 04/04/2024
4.33%
448,435.55
449,149.13
100.21
4.17%
450,931.50
6,392.32
0.38%
1,782.37
Aa1/AA+
AA+
2.67 2.46
91282CEE7 UNITED STATES TREASURY 2.375
03/31/2029 775,000.00 04/29/2024
4.67%
697,560.55
731,685.68
95.39 4.17%
739,277.15
4,626.71
0.62%
7,591.47
Aa1/AA+
AA+
2.75 2.61
91282CEM9 UNITED STATES TREASURY 2.875
04/30/2029 800,000.00 09/04/2024
3.62%
774,781.25
784,633.95
96.58 4.17%
772,656.00
3,875.00
0.65%
(11,977.95)
Aa1/AA+
AA+
2.83 2.67
91282CES6 UNITED STATES TREASURY 2.75
05/31/2029 925,000.00 --
4.32%
860,963.87
887,217.97
96.16 4.16%
889,481.85
2,154.54
0.74%
2,263.88
Aa1/AA+
AA+
2.92 2.76
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 425,000.00 07/03/2024
4.30%
428,668.95
427,182.92
100.91
4.17%
428,851.78
1,619.88
0.36%
1,668.85
Aa1/AA+
AA+
2.92 2.70
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 1,325,000.00 08/01/2024
3.86%
1,347,618.16
1,338,820.81
100.23
4.17%
1,328,002.45
153.02
1.11%
(10,818.36)
Aa1/AA+
AA+
3.00 2.79
912828YB0 UNITED STATES TREASURY 1.625
08/15/2029 850,000.00 09/04/2024
3.58%
775,193.36
802,686.04
92.67 4.15%
787,678.00
5,189.23
0.66%
(15,008.04)
Aa1/AA+
AA+
3.13 2.97
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 645,000.00 10/01/2024
3.47%
649,434.38
647,861.45
98.40 4.17%
634,669.68
7,814.93
0.53%
(13,191.77)
Aa1/AA+
AA+
3.17 2.92
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 340,000.00 10/30/2024
4.13%
336,135.16
337,442.83
99.09 4.17%
336,918.92
3,311.75
0.28%
(523.91)
Aa1/AA+
AA+
3.25 2.99
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 600,000.00 12/05/2024
4.09%
600,867.19
600,590.41
99.84 4.18%
599,038.80
4,169.84
0.50%
(1,551.61)
Aa1/AA+
AA+
3.34 3.06
31 HOLDINGS REPORT
City of Fullerton Managed | Account #11579 | 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
912828YS3 UNITED STATES TREASURY 1.75
11/15/2029 675,000.00 12/05/2024
4.06%
605,917.97
627,783.73
92.51 4.15%
624,427.65
1,508.66
0.52%
(3,356.08)
Aa1/AA+
AA+
3.38 3.21
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 1,175,000.00 02/04/2025
4.32%
1,165,269.53
1,168,092.36
99.84 4.17%
1,173,164.65
4,105.28
0.98%
5,072.29
Aa1/AA+
AA+
3.42 3.14
91282CFY2 UNITED STATES TREASURY 3.875
11/30/2029 900,000.00 03/04/2025
3.99%
895,605.47
896,829.84
99.04 4.18%
891,316.80
2,953.89
0.74%
(5,513.04)
Aa1/AA+
AA+
3.42 3.15
91282CGJ4 UNITED STATES TREASURY 3.5
01/31/2030 875,000.00 05/01/2025
3.79%
863,994.14
866,670.90
97.75 4.18%
855,346.63
12,774.52
0.71%
(11,324.27)
Aa1/AA+
AA+
3.59 3.28
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 1,150,000.00 04/02/2025
3.96%
1,164,285.16
1,160,614.61
100.22
4.18%
1,152,516.20
20,387.09
0.96%
(8,098.41)
Aa1/AA+
AA+
3.59 3.24
912828Z94 UNITED STATES TREASURY 1.5
02/15/2030 525,000.00 03/04/2025
4.00%
466,532.23
482,127.95
91.10 4.17%
478,283.40
2,958.56
0.40%
(3,844.55)
Aa1/AA+
AA+
3.63 3.44
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 1,000,000.00 06/04/2025
3.93%
1,003,203.13
1,002,492.94
99.36 4.18%
993,633.00
10,054.64
0.83%
(8,859.94)
Aa1/AA+
AA+
3.75 3.41
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 450,000.00 07/01/2025
3.84%
450,650.39
450,516.40
98.92 4.18%
445,131.00
2,937.84
0.37%
(5,385.40)
Aa1/AA+
AA+
3.83 3.50
91282CGZ8 UNITED STATES TREASURY 3.5
04/30/2030 675,000.00 08/27/2025
3.69%
669,410.16
670,413.38
97.58 4.19%
658,652.18
3,980.30
0.55%
(11,761.21)
Aa1/AA+
AA+
3.83 3.52
912828ZQ6 UNITED STATES TREASURY 0.625
05/15/2030 750,000.00 06/04/2025
3.93%
639,550.78
663,428.38
87.37 4.19%
655,283.25
598.68
0.55%
(8,145.13)
Aa1/AA+
AA+
3.87 3.75
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 1,250,000.00 07/31/2025
3.94%
1,246,289.06
1,246,978.26
98.84 4.19%
1,235,547.50
131.62
1.03%
(11,430.76)
Aa1/AA+
AA+
4.00 3.66
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 625,000.00 10/01/2025
3.69%
630,029.30
629,255.78
98.82 4.19%
617,626.88
10,102.30
0.52%
(11,628.91)
Aa1/AA+
AA+
4.08 3.68
91282CAE1 UNITED STATES TREASURY 0.625
08/15/2030 1,075,000.00 --
3.72%
926,672.85
950,698.02
86.60 4.20%
930,967.20
2,524.17
0.78%
(19,730.82)
Aa1/AA+
AA+
4.13 3.98
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 1,250,000.00 10/30/2025
3.71%
1,245,312.50
1,245,955.57
97.83 4.20%
1,222,900.00
15,145.21
1.02%
(23,055.57)
Aa1/AA+
AA+
4.17 3.77
91282CAV3 UNITED STATES TREASURY 0.875
11/15/2030 700,000.00 12/01/2025
3.67%
612,171.88
622,373.16
86.84 4.20%
607,851.30
782.27
0.51%
(14,521.86)
Aa1/AA+
AA+
4.38 4.20
91282CJM4 UNITED STATES TREASURY 4.375
11/30/2030 1,060,000.00 12/01/2025
3.68%
1,093,414.84
1,089,565.63
100.68
4.20%
1,067,163.48
3,927.94
0.89%
(22,402.15)
Aa1/AA+
AA+
4.42 3.97
91282CKC4 UNITED STATES TREASURY 4.25
02/28/2031 1,750,000.00 06/22/2026
4.28%
1,748,017.58
1,748,026.85
100.17
4.21%
1,752,940.00
24,859.04
1.46%
4,913.15
Aa1/AA+
AA+
4.67 4.14
32 HOLDINGS REPORT
City of Fullerton Managed | Account #11579 | 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
91282CKF7 UNITED STATES TREASURY 4.125
03/31/2031 1,750,000.00 06/22/2026
4.28%
1,738,447.27
1,738,500.33
99.63 4.21%
1,743,437.50
18,145.49
1.46%
4,937.18
Aa1/AA+
AA+
4.75 4.23
91282CQU8 UNITED STATES TREASURY 4.125
05/31/2031 1,750,000.00 06/22/2026
4.27%
1,738,447.27
1,738,498.53
99.63 4.21%
1,743,574.00
6,114.24
1.46%
5,075.47
Aa1/AA+
AA+
4.92 4.39
Total US Treasury 77,300,000.00 3.90%
75,560,161.01
76,393,181.06
98.33 4.17%
75,942,858.17
574,843.45
63.42%
(450,322.89)
2.50 2.33
Total Portfolio 122,354,695.67 4.12%
119,403,727.42
120,249,237.62
97.89 4.30%
119,737,350.86
826,793.04
100.00%
(511,886.76)
2.93 2.61
Total Market Value +
Accrued 120,564,143.89
33 TRANSACTIONS
34 TRANSACTION LEDGER
City of Fullerton Managed | Account #11579|06/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 06/05/2026 89240MAD6 1,000,000.00 TLOT 26A A3 3.82 02/20/2029 99.246 4.40% (992,460.94) (1,591.67) (994,052.61) 0.00 Purchase 06/08/2026 57636QBL7 1,020,000.00 MASTERCARD INC 4.6 06/08/2031 99.920 4.62% (1,019,184.00) 0.00 (1,019,184.00) 0.00 Purchase 06/12/2026 3137F83Q4 875,000.00 FHMS K-121 A2 1.547 10/25/2030 88.488 4.49% (774,272.46) (413.61) (774,686.07) 0.00 Purchase 06/17/2026 44935KAD5 675,000.00 HART 26B A3 4.81 02/18/2031 99.988 4.86% (674,918.53) 0.00 (674,918.53) 0.00 Purchase 06/17/2026 26442CBR4 1,500,000.00
DUKE ENERGY
CAROLINAS LLC 4.65
06/15/2031
100.244 4.59% (1,503,660.00) (2,325.00) (1,505,985.00) 0.00 Purchase 06/18/2026 92970QAK1 1,000,000.00 WFCIT 2026-1 A 4.08 04/16/2029 99.355 4.36% (993,554.69) (340.00) (993,894.69) 0.00 Purchase 06/18/2026 44891AEN3 330,000.00
HYUNDAI CAPITAL
AMERICA 4.75
06/18/2029
99.969 4.76% (329,897.70) 0.00 (329,897.70) 0.00
Purchase 06/18/2026 44891AEN3 320,000.00
HYUNDAI CAPITAL
AMERICA 4.75
06/18/2029
99.834 4.81% (319,468.80) 0.00 (319,468.80) 0.00
Purchase 06/18/2026 67066GAR5 615,000.00 NVIDIA CORP 4.5 06/15/2031 99.810 4.54% (613,831.50) 0.00 (613,831.50) 0.00 Purchase 06/18/2026 69371RU53 540,000.00 PACCAR FINANCIAL CORP 4.3 06/18/2029 99.875 4.34% (539,325.00) 0.00 (539,325.00) 0.00 Purchase 06/22/2026 74456QCX2 1,500,000.00
PUBLIC SERVICE
ELECTRIC AND GAS CO
4.2 01/01/2031
98.346 4.61% (1,475,190.00) (28,875.00) (1,504,065.00) 0.00 Purchase 06/22/2026 743315BC6 1,500,000.00 PROGRESSIVE CORP
4.6 03/26/2031 99.761 4.65% (1,496,415.00) (16,483.33) (1,512,898.33) 0.00 Purchase 06/22/2026 46647PFL5 500,000.00 JPMORGAN CHASE & CO 4.408 04/23/2030 99.183 4.66% (495,915.00) (3,612.11) (499,527.11) 0.00 Purchase 06/22/2026 74340XCU3 1,000,000.00 PROLOGIS LP 4.25 06/15/2031 98.117 4.67% (981,170.00) (6,965.28) (988,135.28) 0.00 Purchase 06/22/2026 61778EUR0 1,000,000.00
MORGAN STANLEY
BANK NA 4.788
05/10/2030
100.085 4.75% (1,000,850.00) (6,118.00) (1,006,968.00) 0.00 35 TRANSACTION LEDGER
City of Fullerton Managed | Account #11579|06/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Purchase 06/22/2026 67066GAR5 885,000.00 NVIDIA CORP 4.5 06/15/2031 99.757 4.56% (882,849.45) (442.50) (883,291.95) 0.00 Purchase 06/23/2026 3137FWG79 1,500,000.00 FHMS K-115 A2 1.383 06/25/2030 89.129 4.39% (1,336,933.59) (1,267.75) (1,338,201.34) 0.00 Purchase 06/23/2026 3137F83Q4 625,000.00 FHMS K-121 A2 1.547 10/25/2030 88.906 4.41% (555,664.06) (590.87) (556,254.93) 0.00 Purchase 06/23/2026 91282CKC4 1,750,000.00
UNITED STATES
TREASURY 4.25
02/28/2031
99.887 4.28% (1,748,017.58) (23,242.19) (1,771,259.77) 0.00 Purchase 06/23/2026 91282CKF7 1,750,000.00
UNITED STATES
TREASURY 4.125
03/31/2031
99.340 4.28% (1,738,447.27) (16,567.62) (1,755,014.89) 0.00 Purchase 06/23/2026 91282CQU8 1,750,000.00
UNITED STATES
TREASURY 4.125
05/31/2031
99.340 4.27% (1,738,447.27) (4,536.37) (1,742,983.64) 0.00 Purchase 06/30/2026 3137FXYV4 2,000,000.00 FHMS K-126 A2 2.074 01/27/2031 90.656 4.39% (1,813,125.00) (3,341.44) (1,816,466.44) 0.00 Total Purchase 23,635,000.00 (23,023,597.84) (116,712.74) (23,140,310.58) 0.00 TOTAL
ACQUISITIONS 23,635,000.00 (23,023,597.84) (116,712.74) (23,140,310.58) 0.00
DISPOSITIONS
Sale 06/08/2026 912828YX2 (680,000.00)
UNITED STATES
TREASURY 1.75
12/31/2026
98.863 2.79% 672,270.31 5,226.80 677,497.11 (4,020.87)
Sale 06/08/2026 91282CEC1 (875,000.00)
UNITED STATES
TREASURY 1.875
02/28/2027
98.563 1.87% 862,421.88 4,458.22 866,880.10 (12,638.04) Sale 06/11/2026 91282CFH9 (1,150,000.00)
UNITED STATES
TREASURY 3.125
08/31/2027
98.918 3.93% 1,137,556.64 10,058.59 1,147,615.23 (1,574.09) Sale 06/11/2026 91282CFB2 (1,475,000.00)
UNITED STATES
TREASURY 2.75
07/31/2027
98.594 4.80% 1,454,257.81 14,678.69 1,468,936.50 12,413.20 Sale 06/17/2026 69371RT22 (165,000.00) PACCAR FINANCIAL CORP 5.0 05/13/2027 100.815 5.03% 166,344.75 779.17 167,123.92 1,383.07 36 TRANSACTION LEDGER
City of Fullerton Managed | Account #11579|06/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 06/17/2026 69371RT55 (405,000.00) PACCAR FINANCIAL CORP 4.5 11/25/2026 100.160 4.60% 405,648.00 1,113.75 406,761.75 822.76 Sale 06/18/2026 24422EXD6 (665,000.00) JOHN DEERE CAPITAL CORP 5.15 09/08/2026 100.225 5.27% 666,496.25 9,513.19 676,009.44 1,706.35 Sale 06/18/2026 64953BBF4 (855,000.00)
NEW YORK LIFE
GLOBAL FUNDING 5.45
09/18/2026
100.314 5.47% 857,684.70 11,649.38 869,334.08 2,760.64
Sale 06/18/2026 713448FW3 (655,000.00) PEPSICO INC 5.125 11/10/2026 100.288 5.16% 656,886.40 3,543.37 660,429.77 1,984.22 Sale 06/18/2026 91282CEF4 (210,000.00)
UNITED STATES
TREASURY 2.5
03/31/2027
98.938 2.78% 207,768.75 1,133.20 208,901.95 (1,801.72)
Sale 06/18/2026 91282CEN7 (1,875,000.00)
UNITED STATES
TREASURY 2.75
04/30/2027
99.000 5.52% 1,856,250.00 6,865.66 1,863,115.66 24,149.56 Sale 06/18/2026 91282CFM8 (1,650,000.00)
UNITED STATES
TREASURY 4.125
09/30/2027
100.125 4.63% 1,652,062.50 14,691.09 1,666,753.59 12,252.60 Sale 06/18/2026 91282CMH1 (350,000.00)
UNITED STATES
TREASURY 4.125
01/31/2027
100.148 3.95% 350,519.53 5,503.80 356,023.33 161.25
Sale 06/22/2026 532457CJ5 (1,630,000.00) ELI LILLY AND CO 4.5 02/09/2027 100.099 4.54% 1,631,613.70 27,098.75 1,658,712.45 2,049.59 Sale 06/22/2026 91282CFU0 (2,850,000.00)
UNITED STATES
TREASURY 4.125
10/31/2027
99.977 4.20% 2,849,332.03 16,931.56 2,866,263.59 2,090.91 Sale 06/23/2026 91282CEW7 (1,060,000.00)
UNITED STATES
TREASURY 3.25
06/30/2027
99.125 3.37% 1,050,725.00 16,558.84 1,067,283.84 (8,052.21) Sale 06/23/2026 91282CLX7 (2,750,000.00)
UNITED STATES
TREASURY 4.125
11/15/2027
99.895 3.93% 2,747,099.61 12,021.91 2,759,121.52 (9,885.41) Sale 06/23/2026 91282CMB4 (1,300,000.00)
UNITED STATES
TREASURY 4.0
12/15/2027
99.711 4.58% 1,296,242.19 1,136.61 1,297,378.80 6,936.72 37 TRANSACTION LEDGER
City of Fullerton Managed | Account #11579|06/01/2026 Through 06/30/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 06/30/2026 91282CBB6 (900,000.00)
UNITED STATES
TREASURY 0.625
12/31/2027
94.965 4.23% 854,683.59 0.00 854,683.59 (1,617.15)
Sale 06/30/2026 91282CKZ3 (875,000.00)
UNITED STATES
TREASURY 4.375
07/15/2027
100.313 4.31% 877,734.38 17,554.39 895,288.77 2,181.38
Total Sale (22,375,000.00) 22,253,598.02 180,516.97 22,434,114.99 31,302.78 TOTAL
DISPOSITIONS (22,375,000.00) 22,253,598.02 180,516.97 22,434,114.99 31,302.78 38 IMPORTANT DISCLOSURES
2026 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest.
LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.
LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 39 BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr Unsubordinated US
Treasury & Agency Index
The ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). 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 maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 40