INVESTMENT REPORT
City of Orange | As of December 31, 2024
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
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1 ECONOMIC UPDATE
2 ▪
▪
▪
Recent economic data suggests continued growth fueled by a resilient consumer. Inflationary trends have subsided, but some components remain sticky, and core levels remain above the Fed’s target. The labor market reflects improved balance between supply and demand for workers. While job creation has been robust, continuing jobless claims remain elevated. Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve.
As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50% at the December meeting. Although the cut was widely anticipated, market participants viewed the trajectory of rates in the SEP as ‘hawkish.’ Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well positioned. The Fed released the quarterly Summary of Economic Projections (SEP), which now forecasts a higher central tendency of core inflation and a higher longer run Fed Funds forecast. In the Chandler team’s view, the updated SEP reflects the continued resiliency of the US economy and the corresponding risk of inflation taking longer to reach the FOMC’s two percent objective in 2025.
US Treasury yields shifted higher in December and the curve steepened. The 2-year Treasury yield increased 9 basis points to 4.24%, the 5- year Treasury rose 33 basis points to 4.38%, and the 10-year Treasury yield surged 40 basis points to 4.57%. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus +2 basis points at November month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -37 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve increased to +25 basis points in December from -32 basis points in November.
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%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 256,000 jobs in December, far exceeding consensus expectations. Gains were led by health care, retail, and leisure sectors, while manufacturing shed jobs. The three-month moving average and six-month moving average payrolls totaled 170,000 and 165,000 respectively. The unemployment rate declined to 4.1% in December, and the labor participation rate was unchanged at
62.5%, remaining below the pre-pandemic level of 63.3%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons fell to 7.5%. Average hourly earnings moderated to an increase of 3.9% year-over-year in December.
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)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) rose to 8.098 million new job openings in November, which represented an increase from the upwardly revised 7.839 million job openings in October. Job openings indicate a ratio of 1.1 jobs for each unemployed individual, representing a relatively balanced labor market.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
5 0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
In December, the Consumer Price Index (CPI) rose 0.4% month-over-month and 2.9% year-over-year. The Core CPI, which excludes volatile food and energy components, rose 0.2% month-over-month and 3.2% year-over-year, slowing from last month and coming in lower than consensus expectations. The Personal Consumption Expenditures (PCE) Index rose 0.1% from the previous month and 2.4% year-over-year in November versus a 2.3% increase in October. The Core PCE deflator (the Fed’s preferred gauge) increased 0.1% month-over-month, below recent small month-over-month rises and 2.8% over the past year. Core prices are exhibiting what Fed Chair Powell describes as “sideways” movement. Although inflation has moderated, price increases remain above the Fed’s 2% target.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
6 -30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
December Retail Sales advanced broadly, providing evidence of a solid pace of consumer spending in the holiday season. Retail Sales rose 0.4% in December, after an increase of 0.8% in November and below the consensus expectation of 0.6%. Spending was solid for motor vehicles and non-store retailers, as well as for most other categories associated with the winter holidays. On a year-over-year basis, Retail Sales grew 3.9% in December versus 4.1% in November. The Retail Sales Control Group, which are used to calculate gross domestic product, increased 0.7% in December, the most in three months, exceeding expectations of 0.4%. The Conference Board’s Consumer Confidence Index declined to 104.7 in December from an upwardly revised 112.8 in November. Consumers' assessment about future business conditions and outcomes were substantially less optimistic and there was increased pessimism about future employment prospects. While the consumer has been resilient, low savings rates, growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future spending.
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
7 -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) dipped 0.1% in December, losing some momentum following November's upwardly revised 0.4% increase. The LEI decreased year-over-year by -3.0%. While low consumer confidence and weak manufacturing activity ledto the decline, the Conference Board still expects moderately strong growth for 2025. The Chicago Fed National Activity Index (CFNAI) improved to 0.15 in December from an upwardly revised -0.01 in November, posting its first positive reading since May 2024. The three- month moving average rose to -0.13 in December from -0.26 in November, indicating below-trend growth expectations for the economy.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
8 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
Housing starts surged by 15.8% in December to 1.5 million units after declining in the prior three months. Total starts are down 4.4% compared to December 2023. The supply of existing homes is gradually becoming more abundant after the period of scarcity as homeowners held onto their low mortgage rates. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.7% in December. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.2% year-over-year in October, decelerating from
4.6% reportedin the previous month. With more inventory entering the market the trendis gradually improving; however higher mortgage rates continue to impact affordability.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
9 40
45 50
55 60
65 70
Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management (ISM) Manufacturing index rose more than forecast to 49.3 in December from 48.4 in November.
While the index has posted contractionary readings for the past nine months, New Orders and Prices indices continued in expansion territory and the Production Index returned to expansion this month. The Backlog of Orders Index and Employment Index remained in contraction. The ISM Services Index roseto 54.1 in December from 52.1in November while marking the sixth straight month of expansion.
Robust business activity ahead of the new year and mitigating risks of potential tariffs were the key drivers. A reading over 50 indicates expansion, while a reading under 50 indicates contraction.
Source: Institute for Supply Management
SURVEY BASED MEASURES
10 Components of GDP 12/23 3/24 6/24 9/24
2.3% 1.3% 1.9% 2.5%
0.2% 0.6% 1.5% 0.2%
0.1% -0.6% -0.9% -0.4%
0.0% 0.0% 0.3% 0.6%
0.6% 0.3% 0.3% 0.3%
3.2% 1.6% 3.0% 3.1%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce According to the third estimate, third quarter GDP increased at an annualized rate of 3.1% compared to 2.8% from the second estimate.
Growth continues to be powered by personal consumption expenditures. Government consumption expenditures and nonresidential fixed investment also had positive contributions, with negative offsets by net exports, residential investment, and change in private inventories. The consensus projection calls for 2.4% growth in the fourth quarter and 2.7% growth for the full year 2024.
GROSS DOMESTIC PRODUCT (GDP)
11 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
As broadly anticipated, the Federal Open Market Committee (FOMC) reduced the Fed Funds Rate by 25 basis points to the range of 4.25-
4.50% at the December meeting. There was one dissenting vote by Cleveland Fed President Beth Hammack who would have preferred no change in rates. Although a reduction in rates was widely anticipated, market participants viewed the trajectory of rates in the SEP as ‘hawkish.’ Chair Jerome Powell reiterated previous statements that monetary policy is “well positioned”and the outlook remains roughly balanced between the dual mandate of maximum employment and price stability. Economic activity is expanding at a solid pace, labor market conditions have “generally eased”,and the unemployment rate “remains low.”The Fed released the quarterly Summary of Economic Projections (SEP) which now forecasts a higher, longer run median Fed Funds rate expectation among Fed Governors at 2.8 –
3.6%. The Fed continues to reduce its holdings of U.S. Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by approximately $1.9T to approximately $7.0T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
FEDERAL RESERVE
12 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 (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Dec-24
Sep-24
Dec-23
Yield (%)
At the end of December, the 2-year Treasury yield was 1 basis point lower, and the 10-Year Treasury yield was 69 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus+2 basis points at November month-end. The yield curve inversion which began in July 2022 was historically long. The average historical spread (since 2004) is about +99 basis points. The 3-month and 10-year Treasury yield curve normalized to +25 basis points in December from -32 basis points in November.
BOND YIELDS
13 ACCOUNT PROFILE
14 OBJECTIVES
Investment Objectives
The investment objectives of the City of Orange are first, to provide safety of principal to ensure the preservation of capital in the overall portfolio; second, to provide adequate liquidity to meet all requirements which might be reasonably anticipated; and third, to earn a commensurate rate of return.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to achieve a rate of return over a market cycle that equals or exceeds the return on a market index of similar duration and sector allocation.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed income securities consistent with the investment policy and California Government Code.
15 PORTFOLIO CHARACTERISTICS
City of Orange | Account #10888 | As of December 31, 2024 Benchmark* 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 2.66 2.60 2.66
Average Modified Duration 2.48 2.23 2.30
Average Purchase Yield 3.15% 3.10%
Average Market Yield 4.29% 4.47% 3.97%
Average Quality** AA+ AA+ AA+
Total Market Value 103,160,056 103,667,273
*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. 16 SECTOR DISTRIBUTION
City of Orange | Account #10888 | As of December 31, 2024 Sector as a Percentage of Market Value
Sector 12/31/2024 09/30/2024
Agency 37.72% 38.89%
Corporate 26.84% 26.15%
US Treasury 25.34% 25.19%
ABS 6.44% 5.96%
Supras 3.58% 3.62%
Money Mkt Fd 0.08% 0.19%
17 ISSUERS
City of Orange | Account #10888 | As of December 31, 2024 Issuer Investment Type % Portfolio
Government of The United States US Treasury 25.34%
Federal Home Loan Banks Agency 19.14%
FHLMC Agency 8.05%
Farm Credit System Agency 7.95%
Toyota Motor Corporation Corporate 4.74%
Apple Inc. Corporate 2.81%
FNMA Agency 2.57%
PepsiCo, Inc. Corporate 1.99%
International Bank for Recon and Dev Supras 1.90%
UnitedHealth Group Incorporated Corporate 1.72%
Inter-American Development Bank Supras 1.68%
American Express Credit Master Trust ABS 1.39%
Guardian Life Global Funding Corporate 1.23%
Cisco Systems, Inc. Corporate 1.23%
The Home Depot, Inc. Corporate 1.22%
Chubb Limited Corporate 1.21%
JPMorgan Chase & Co. Corporate 1.21%
Merck & Co., Inc. Corporate 1.20%
Bank of America Corporation Corporate 1.19%
PACCAR Inc Corporate 1.17%
Chase Issuance Trust ABS 1.05%
Royal Bank of Canada Corporate 0.98%
Bank of Montreal Corporate 0.98%
John Deere Owner Trust ABS 0.89%
New York Life Insurance Company Corporate 0.80%
Deere & Company Corporate 0.77%
Morgan Stanley Corporate 0.76%
Eli Lilly and Company Corporate 0.67%
BMW Vehicle Owner Trust ABS 0.63%
Honda Auto Receivables 2024-3 Owner ABS 0.61%
18 ISSUERS
City of Orange | Account #10888 | As of December 31, 2024 Issuer Investment Type % Portfolio
WF Card Issuance Trust 2024-2 ABS 0.54%
Honda Auto Receivables Owner Trust ABS 0.52%
Bank of America Credit Card Trust ABS 0.50%
National Rural Utilities Cooperative Corporate 0.49%
Union Pacific Corporation Corporate 0.46%
Hyundai Auto Receivables Trust 2024- ABS 0.28%
First American Govt Oblig fund Money Mkt Fd 0.08%
BMW Vehicle Lease Trust ABS 0.03%
Cash Cash 0.00%
TOTAL 100.00%
19 QUALITY DISTRIBUTION
Rating 12/31/2024 09/30/2024
AAA 8.1% 7.7%
AA 69.1% 68.1%
A 20.8% 22.1%
NA 2.0% 2.0%
Rating 12/31/2024 09/30/2024
AAA 73.8% 73.7%
AA 1.2% --
A 22.1% 23.4%
NA 2.9% 2.9%
Rating 12/31/2024 09/30/2024
AAA 5.8% 5.1%
AA 67.4% 68.4%
A 11.4% 12.6%
NA 15.4% 13.8%
City of Orange | Account #10888 | As of December 31, 2024 S&P Rating Moody’s Rating Fitch Rating
20 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 2.7% 10.1% 16.2% 22.2% 10.4% 26.3% 12.2% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.4% 36.3% 26.3% 24.0% 11.0% 0.0% 0.0%
DURATION DISTRIBUTION
City of Orange | Account #10888 | As of December 31, 2024 Portfolio Compared to the Benchmark
21 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception
TOTAL RATE OF RETURN
City of Orange (0.43%) 4.26% 4.58% 0.92% 0.92%
Benchmark (0.76%) 3.42% 3.86% 0.74% 0.74%
*Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.
INVESTMENT PERFORMANCE
City of Orange | Account #10888 | As of December 31, 2024 Total Rate of Return : Inception | 01/01/2022
22 HISTORICAL AVERAGE PURCHASE YIELD
City of Orange | Account #10888 | As of December 31, 2024 Purchase Yield as of
12/31/24 = 3.15%
23 CONSOLIDATED INFORMATION
24 PORTFOLIO CHARACTERISTICS
City of Orange Cons | Account #10897 | As of December 31, 2024 12/31/2024
Portfolio
9/30/2024
Portfolio
Average Maturity (yrs) 1.81 1.91
Average Modified Duration 1.55 1.95
Average Purchase Yield 3.43% 3.35%
Average Market Yield 4.00% 4.06%
Average Quality** AA AA
Total Market Value 148,174,084 144,544,816
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 25 PORTFOLIO HOLDINGS
26 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 2024 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
05593AAC3 BMWLT 2023-1 A3 5.16
11/25/2025 25,687.55 02/07/2023
5.43%
25,686.93
25,687.35
100.07
4.67%
25,705.57
22.09 0.03%
18.22 Aaa/AAA
NA
0.90 0.13
43815JAC7 HAROT 2023-1 A3 5.04
04/21/2027 199,573.07 02/16/2023
5.09%
199,535.99
199,552.53
100.34
4.57%
200,249.94
279.40
0.20%
697.41
Aaa/NA
AAA
2.30 0.65
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 395,000.00 02/22/2023
3.39%
394,928.03
394,956.12
100.45
4.51%
396,760.40
879.53
0.39%
1,804.27
Aaa/NA
AAA
2.87 0.81
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 190,000.00 07/11/2023
5.47%
189,966.33
189,976.99
100.87
4.55%
191,645.78
173.22
0.19%
1,668.79
NA/AAA
AAA
3.15 0.88
02582JJZ4 AMXCA 2023-1 A 4.87 05/15/2026 350,000.00 06/07/2023
4.87%
349,968.96
349,981.24
100.53
4.51%
351,856.47
757.56
0.34%
1,875.23
NA/AAA
AAA
1.37 1.30
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 330,000.00 11/01/2023
5.74%
329,941.89
329,956.36
101.59
4.55%
335,247.53
519.75
0.33%
5,291.17
Aaa/NA
AAA
3.47 1.31
161571HT4 CHAIT 2023-1 A 5.16 09/15/2028 1,060,000.00 09/07/2023
5.17%
1,059,706.17
1,059,782.40
101.06
4.56%
1,071,234.94
2,430.93
1.05%
11,452.54
NR/AAA
AAA
3.71 1.59
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2028 1,055,000.00 09/12/2023
5.29%
1,054,952.84
1,054,965.00
101.28
4.49%
1,068,484.69
2,452.29
1.04%
13,519.70
NA/AAA
AAA
3.71 1.59
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 450,000.00 06/04/2024
5.24%
449,931.65
449,939.75
101.18
4.48%
455,309.28
388.50
0.44%
5,369.53
Aaa/AAA
NA
4.16 1.55
47786WAD2 JDOT 2024-B A3 5.2 03/15/2029 510,000.00 06/11/2024
5.26%
509,900.30
509,911.65
101.25
4.63%
516,378.06
1,178.67
0.50%
6,466.41
Aaa/NA
AAA
4.20 1.98
44934QAD3 HART 2024-B A3 4.84 03/15/2029 285,000.00 07/16/2024
4.90%
284,956.99
284,961.08
100.51
4.64%
286,467.35
613.07
0.28%
1,506.28
NA/AAA
AAA
4.20 2.04
43813YAC6 HAROT 2024-3 A3 4.57
03/21/2029 630,000.00 08/09/2024
4.62%
629,901.03
629,908.90
99.94 4.65%
629,615.07
799.75
0.61%
(293.83)
Aaa/NA
AAA
4.22 1.85
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 505,000.00 06/06/2024
4.93%
504,971.67
504,974.95
100.97
4.54%
509,880.62
1,106.51
0.50%
4,905.68
Aaa/AAA
NA
4.37 2.19
92970QAE5 WFCIT 2024-2 A 4.29 10/15/2029 560,000.00 10/17/2024
4.33%
559,916.78
559,919.94
99.32 4.59%
556,201.63
1,067.73
0.54%
(3,718.31)
Aaa/AAA
NA
4.79 2.57
Total ABS 6,545,260.61 4.96%
6,544,265.56
6,544,474.25
100.76
4.56%
6,595,037.33
12,669.00
6.44%
50,563.08
Aaa/AAA
AAA
3.73 1.66
AGENCY
27 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 2024 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
3135GA4W8 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 02/18/2025 2,650,000.00 11/20/2020
0.50%
2,650,000.00
2,650,000.00
99.49 4.51%
2,636,455.21
4,895.14
2.57%
(13,544.79)
Aaa/AA+
AA+
0.13 0.13
3130ANA42 FEDERAL HOME LOAN BANKS 0.65
04/28/2025 4,000,000.00 07/28/2021
0.65%
4,000,000.00
4,000,000.00
98.83 4.36%
3,953,074.16
11,050.00
3.86%
(46,925.84)
Aaa/AA+
AA+
0.32 0.31
3130AMBG6 FEDERAL HOME LOAN BANKS 0.75
04/29/2025 5,000,000.00 05/04/2021
0.75%
5,000,000.00
5,000,000.00
98.83 4.38%
4,941,712.05
6,458.33
4.83%
(58,287.95)
Aaa/AA+
AA+
0.33 0.32
3134GW3Z7 FEDERAL HOME LOAN MORTGAGE
CORP 0.6 10/28/2025 8,500,000.00 10/28/2020
0.60%
8,500,000.00
8,500,000.00
97.03 4.31%
8,247,548.90
8,925.00
8.05%
(252,451.11)
Aaa/AA+
AA+
0.82 0.80
3133EPCF0 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 03/02/2026 2,000,000.00 03/27/2023
4.01%
2,026,680.00
2,010,597.20
100.31
4.22%
2,006,207.56
29,750.00
1.96%
(4,389.64)
Aaa/AA+
AA+
1.17 1.11
3133EPQC2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 07/17/2026 2,000,000.00 07/28/2023
4.66%
1,998,260.00
1,999,096.23
100.44
4.33%
2,008,734.18
42,138.89
1.96%
9,637.95
Aaa/AA+
AA+
1.54 1.44
3130ANDF4 FEDERAL HOME LOAN BANKS 0.9
07/29/2026 5,000,000.00 07/29/2021
0.90%
5,010,000.00
5,000,000.00
94.80 4.35%
4,740,131.60
19,000.00
4.63%
(259,868.40)
Aaa/AA+
AA+
1.57 1.53
3133EPDJ1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.375 09/15/2027 2,000,000.00 03/27/2023
3.81%
2,045,720.00
2,027,650.51
100.11
4.33%
2,002,116.20
25,763.89
1.96%
(25,534.31)
Aaa/AA+
AA+
2.71 2.49
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 2,000,000.00 03/27/2023
3.82%
2,060,420.00
2,038,877.21
100.38
4.37%
2,007,571.30
27,750.00
1.96%
(31,305.91)
Aaa/AA+
AA+
3.19 2.90
3130AEB25 FEDERAL HOME LOAN BANKS 3.25
06/09/2028 2,000,000.00 07/24/2023
4.15%
1,921,180.00
1,944,458.67
96.27 4.43%
1,925,452.44
3,972.22
1.88%
(19,006.23)
Aaa/AA+
AA+
3.44 3.20
3130AXQK7 FEDERAL HOME LOAN BANKS 4.75
12/08/2028 2,000,000.00 01/29/2024
4.05%
2,060,660.00
2,049,136.65
101.53
4.32%
2,030,675.40
6,069.44
1.98%
(18,461.25)
Aaa/AA+
AA+
3.94 3.55
3133ERDH1 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 04/30/2029 2,100,000.00 04/29/2024
4.70%
2,104,263.00
2,103,688.69
101.19
4.44%
2,125,019.40
16,902.08
2.08%
21,330.71
Aaa/AA+
AA+
4.33 3.85
39,377,183.00 98.45 38,624,698.40 37.72% Aaa/AA+ 1.52
Total Agency 39,250,000.00 1.96% 39,323,505.17 4.36% 202,675.00 (698,806.77) AA+ 1.41 CASH
CCYUSD Receivable 543.69 --
0.00%
543.69
543.69
1.00 0.00%
543.69
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
543.69 1.00 543.69 0.00% Aaa/AAA 0.00
Total Cash 543.69 0.00% 543.69 0.00% 0.00 0.00 AAA 0.00 28 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 2024 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
CORPORATE
24422EWF2 JOHN DEERE CAPITAL CORP 3.4
06/06/2025 280,000.00 06/01/2022
3.41%
279,935.60
279,990.83
99.50 4.58%
278,601.84
661.11
0.27%
(1,389.00)
A1/A
A+
0.43 0.42
91324PEN8 UNITEDHEALTH GROUP INC 5.15
10/15/2025 775,000.00 12/28/2022
4.56%
786,780.00
778,314.57
100.50
4.49%
778,858.33
8,425.97
0.76%
543.76
A2/A+
A
0.79 0.76
89236THP3 TOYOTA MOTOR CREDIT CORP 0.8
10/16/2025 5,000,000.00 11/19/2020
0.70%
5,025,000.00
5,004,017.86
97.13 4.54%
4,856,691.20
8,333.33
4.74%
(147,326.66)
A1/A+
A+
0.79 0.77
63743HFF4
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 5.45
10/30/2025
495,000.00 10/20/2022
5.50%
494,336.70
494,817.06
100.72
4.54%
498,574.40
4,571.19
0.49%
3,757.33
A2/A-
A
0.83 0.80
037833EB2 APPLE INC 0.7 02/08/2026 3,000,000.00 02/08/2021
0.70%
2,999,730.00
2,999,940.41
96.09 4.38%
2,882,647.89
8,341.67
2.81%
(117,292.52)
Aaa/AA+
NA
1.11 1.07
713448FQ6 PEPSICO INC 4.55 02/13/2026 195,000.00 02/13/2023
4.57%
194,886.90
194,957.82
100.22
4.34%
195,428.55
3,401.13
0.19%
470.73
A1/A+
NA
1.12 0.98
907818GE2 UNION PACIFIC CORP 4.75
02/21/2026 470,000.00 02/13/2023
4.77%
469,689.80
469,882.26
100.25
4.52%
471,160.73
8,061.81
0.46%
1,278.47
A3/A-
A-
1.14 1.00
46647PBK1 JPMORGAN CHASE & CO 2.083
04/22/2026 1,250,000.00 05/31/2022
3.92%
1,190,825.00
1,243,369.17
99.14 5.95%
1,239,262.94
4,990.52
1.21%
(4,106.23)
A1/A
AA-
1.31 0.30
61747YET8 MORGAN STANLEY 4.679
07/17/2026 775,000.00 12/28/2022
5.26%
764,390.25
772,751.19
99.89 5.65%
774,170.37
16,519.47
0.76%
1,419.18
A1/A-
A+
1.54 0.52
24422EXD6 JOHN DEERE CAPITAL CORP 5.15
09/08/2026 505,000.00 09/05/2023
5.18%
504,641.45
504,798.81
101.16
4.42%
510,880.72
8,163.47
0.50%
6,081.91
A1/A
A+
1.69 1.58
713448FW3 PEPSICO INC 5.125 11/10/2026 380,000.00 11/08/2023
5.13%
379,897.40
379,936.53
101.25
4.41%
384,737.00
2,758.96
0.38%
4,800.47
A1/A+
NA
1.86 1.67
06368LAQ9 BANK OF MONTREAL 4.7
09/14/2027 1,000,000.00 03/30/2023
4.91%
991,550.00
994,882.25
99.93 4.73%
999,276.04
13,969.44
0.98%
4,393.79
A2/A-
AA-
2.70 2.47
78016FZW7 ROYAL BANK OF CANADA 4.9
01/12/2028 1,000,000.00 03/30/2023
4.95%
997,990.00
998,728.23
100.07
4.88%
1,000,676.67
23,002.78
0.98%
1,948.44
A1/A
AA-
3.03 2.72
06051GGF0 BANK OF AMERICA CORP 3.824
01/20/2028 1,250,000.00 06/27/2024
5.30%
1,206,175.00
1,214,930.64
97.83 5.33%
1,222,916.25
21,377.22
1.19%
7,985.61
A1/A-
AA-
3.05 1.91
713448FL7 PEPSICO INC 3.6 02/18/2028 1,500,000.00 03/27/2024
4.49%
1,452,735.00
1,462,008.51
97.26 4.55%
1,458,926.93
19,950.00
1.42%
(3,081.59)
A1/A+
NA
3.13 2.88
58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,250,000.00 09/26/2024
3.76%
1,261,775.00
1,260,904.12
98.53 4.52%
1,231,637.09
6,187.50
1.20%
(29,267.03)
A1/A+
NA
3.38 3.10
29 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 2024 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
91324PEU2 UNITEDHEALTH GROUP INC 4.25
01/15/2029 1,000,000.00 05/28/2024
5.05%
967,180.00
971,389.18
98.01 4.80%
980,082.10
19,597.22
0.96%
8,692.92
A2/A+
A
4.04 3.59
69371RS80 PACCAR FINANCIAL CORP 4.6
01/31/2029 1,200,000.00 03/27/2024
4.70%
1,194,684.00
1,195,521.95
99.58 4.71%
1,194,903.60
23,153.33
1.17%
(618.35)
A1/A+
NA
4.08 3.61
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,250,000.00 02/27/2024
4.84%
1,250,650.00
1,250,538.71
100.50
4.71%
1,256,301.25
21,050.35
1.23%
5,762.54
A1/AA-
NA
4.16 3.59
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,250,000.00 06/27/2024
4.82%
1,245,987.50
1,246,399.09
100.01
4.75%
1,250,086.25
989.58
1.22%
3,687.16
A2/A
A
4.48 3.99
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 705,000.00 08/12/2024
4.25%
703,456.05
703,574.43
97.91 4.71%
690,237.81
11,268.25
0.67%
(13,336.61)
A1/A+
NA
4.62 4.08
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,250,000.00 09/26/2024
4.08%
1,280,725.00
1,279,041.44
99.48 4.78%
1,243,510.00
24,380.21
1.21%
(35,531.44)
A2/A
A
4.62 4.03
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,300,000.00 11/26/2024
4.67%
1,272,336.00
1,272,884.89
97.13 4.86%
1,262,729.69
14,336.29
1.23%
(10,155.20)
Aa1/AA+
NA
4.74 4.19
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 830,000.00 12/02/2024
4.61%
829,526.90
829,533.90
99.27 4.77%
823,965.07
2,757.44
0.80%
(5,568.83)
Aaa/AA+
AAA
4.93 4.34
Total Corporate 27,910,000.00 3.54%
27,744,883.55
27,803,113.83
98.51 4.74%
27,486,262.71
276,248.24
26.84%
(316,851.13)
A1/A+
A+
2.55 2.20
MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 85,725.78 --
4.09%
85,725.78
85,725.78
1.00 4.09%
85,725.78
0.00 0.08%
0.00 Aaa/AAAm
AAA
0.00 0.00
Total Money Market
Fund 85,725.78 4.09%
85,725.78
85,725.78
1.00 4.09%
85,725.78
0.00 0.08%
0.00 Aaa/AAAm
AAA
0.00 0.00
SUPRANATIONAL
4581X0EK0 INTER-AMERICAN DEVELOPMENT
BANK 4.5 05/15/2026 1,720,000.00 06/27/2023
4.53%
1,718,675.60
1,719,366.98
100.14
4.39%
1,722,457.05
9,890.00
1.68%
3,090.08
Aaa/AAA
NA
1.37 1.31
459058KT9
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
2,000,000.00 07/24/2023
4.19%
1,938,380.00
1,956,223.63
97.14 4.38%
1,942,844.80
32,861.11
1.90%
(13,378.83)
Aaa/AAA
NA
3.53 3.22
30 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 2024 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
3,657,055.60 98.55 3,665,301.85 3.58% Aaa/AAA 2.52
Total Supranational 3,720,000.00 4.35% 3,675,590.61 4.39% 42,751.11 (10,288.75) NA 2.32
US TREASURY
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 3,000,000.00 09/30/2021
1.01%
2,980,546.88
2,993,213.78
94.37 4.26%
2,831,073.81
6,706.73
2.76%
(162,139.97)
Aaa/AA+
AA+
1.75 1.69
91282CGT2 UNITED STATES TREASURY 3.625
03/31/2028 1,825,000.00 --
3.68%
1,822,165.04
1,822,089.18
97.94 4.31%
1,787,446.74
16,902.56
1.75%
(34,642.45)
Aaa/AA+
AA+
3.25 2.99
91282CHA2 UNITED STATES TREASURY 3.5
04/30/2028 200,000.00 06/13/2024
4.33%
194,109.38
194,945.54
97.48 4.32%
194,955.00
1,198.90
0.19%
9.45 Aaa/AA+
AA+
3.33 3.08
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 2,200,000.00 05/28/2024
4.57%
2,226,640.63
2,223,063.27
101.80
4.36%
2,239,565.13
18,368.78
2.19%
16,501.86
Aaa/AA+
AA+
3.84 3.44
9128285M8 UNITED STATES TREASURY 3.125
11/15/2028 2,000,000.00 12/28/2023
3.86%
1,935,078.13
1,948,514.01
95.69 4.35%
1,913,771.48
8,114.64
1.87%
(34,742.53)
Aaa/AA+
AA+
3.88 3.57
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 2,200,000.00 03/27/2024
4.18%
2,206,617.19
2,205,590.38
99.53 4.37%
2,189,717.00
31,769.34
2.14%
(15,873.38)
Aaa/AA+
AA+
4.16 3.72
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,200,000.00 05/28/2024
4.53%
2,161,156.25
2,165,926.54
99.02 4.38%
2,178,371.56
23,186.13
2.13%
12,445.02
Aaa/AA+
AA+
4.25 3.81
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,000,000.00 --
4.13%
2,042,382.82
2,038,979.43
100.96
4.38%
2,019,168.12
15,842.54
1.97%
(19,811.31)
Aaa/AA+
AA+
4.33 3.86
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 2,200,000.00 06/13/2024
4.25%
2,224,578.13
2,221,851.75
100.48
4.38%
2,210,512.44
8,703.30
2.16%
(11,339.31)
Aaa/AA+
AA+
4.41 3.95
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 2,000,000.00 09/26/2024
4.30%
2,038,515.62
2,036,424.27
98.42 4.39%
1,968,300.84
33,478.26
1.92%
(68,123.43)
Aaa/AA+
AA+
4.58 4.07
91282CFJ5 UNITED STATES TREASURY 3.125
08/31/2029 2,000,000.00 10/30/2024
4.10%
1,915,156.25
1,918,136.60
94.72 4.39%
1,894,387.00
21,236.19
1.85%
(23,749.60)
Aaa/AA+
AA+
4.67 4.22
91282CFL0 UNITED STATES TREASURY 3.875
09/30/2029 2,200,000.00 10/30/2024
4.10%
2,177,828.13
2,178,593.96
97.82 4.39%
2,152,149.19
21,780.91
2.10%
(26,444.77)
Aaa/AA+
AA+
4.75 4.24
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,400,000.00 12/27/2024
4.45%
2,366,062.50
2,366,100.29
98.86 4.38%
2,372,733.10
8,703.30
2.32%
6,632.80
Aaa/AA+
AA+
4.91 4.38
26,290,836.95 98.27 25,952,151.39 25.34% Aaa/AA+ 4.01
Total US Treasury 26,425,000.00 3.86% 26,313,429.00 4.36% 215,991.56 (361,277.60) AA+ 3.61 31 HOLDINGS REPORT
City of Orange | Account #10888 | As of December 31, 2024 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
Total Portfolio 103,936,530.08 3.15%
103,700,494.13
103,746,382.33
98.49 4.47%
102,409,721.15
750,334.91
100.00%
(1,336,661.17)
Aa1/AA
AA
2.60 2.23
Total Market Value +
Accrued 103,160,056.07
32 HOLDINGS REPORT
City of Orange LAIF Balances | Account #10895 | As of December 31, 2024 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 256,284.50 --
0.00%
256,284.50
256,284.50
1.00 0.00%
256,284.50
0.00 0.85%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 256,284.50 0.00%
256,284.50
256,284.50
1.00 0.00%
256,284.50
0.00 0.85%
0.00 Aaa/AAA
AAA
0.00 0.00
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 29,721,656.93 --
4.43%
29,721,656.93
29,721,656.93
1.00 4.43%
29,721,656.93
0.00 99.15%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 29,721,656.93 4.43%
29,721,656.93
29,721,656.93
1.00 4.43%
29,721,656.93
0.00 99.15%
0.00 NA/NA
NA
0.00 0.00
Total Portfolio 29,977,941.43 4.39%
29,977,941.43
29,977,941.43
1.00 4.39%
29,977,941.43
0.00 100.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Market Value +
Accrued 29,977,941.43
33 HOLDINGS REPORT
City of Orange Bank Balances | Account #10896 | As of December 31, 2024 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
999WEL$14 Wells Fargo 510,194.20 -- 510,194.20
510,194.20
1.00 0.00%
510,194.20
0.00 3.39%
0.00 NA/NA
NA
0.00 0.00
999WEL$15 Wells Fargo 14,450,116.11 -- 14,450,116.11
14,450,116.11
1.00 0.00%
14,450,116.11
0.00 96.10%
0.00 NA/NA
NA
0.00 0.00
999WEL$12 Wells Fargo General 75,776.00 --
5.20%
75,776.00
75,776.00
1.00 5.20%
75,776.00
0.00 0.50%
0.00 NA/NA
NA
0.00 0.00
Total Cash 15,036,086.31 5.20%
15,036,086.31
15,036,086.31
1.00 0.03%
15,036,086.31
0.00 100.00%
0.00 NA/NA
NA
0.00 0.00
Total Portfolio 15,036,086.31 5.20%
15,036,086.31
15,036,086.31
1.00 0.03%
15,036,086.31
0.00 100.00%
0.00 NA/NA
NA
0.00 0.00
Total Market Value +
Accrued 15,036,086.31
34 TRANSACTIONS
35 TRANSACTION LEDGER
City of Orange | Account #10888|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/24/2024 92970QAE5 560,000.00 WF CARD ISSUANCE TRUST 2024-2 4.29 10/15/2029 99.985 4.29% (559,916.78) 0.00 (559,916.78) 0.00 Purchase 10/31/2024 91282CFJ5 2,000,000.00 UNITED STATES TREASURY
3.125 08/31/2029 95.758 4.10% (1,915,156.25) (10,531.77) (1,925,688.02) 0.00 Purchase 10/31/2024 91282CFL0 2,200,000.00 UNITED STATES TREASURY
3.875 09/30/2029 98.992 4.10% (2,177,828.13) (7,260.30) (2,185,088.43) 0.00 Purchase 11/27/2024 40139LBJ1 1,300,000.00 GUARDIAN LIFE GLOBAL FUNDING 4.179 09/26/2029 97.872 4.67% (1,272,336.00) (9,205.41) (1,281,541.41) 0.00 Purchase 11/27/2024 91282CGT2 325,000.00 UNITED STATES TREASURY
3.625 03/31/2028 98.082 4.25% (318,766.60) (1,877.23) (320,643.83) 0.00 Purchase 12/05/2024 64952WFK4 830,000.00 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 99.943 4.61% (829,526.90) 0.00 (829,526.90) 0.00 Purchase 12/30/2024 91282CMA6 2,400,000.00 UNITED STATES TREASURY
4.125 11/30/2029 98.586 4.45% (2,366,062.50) (8,159.34) (2,374,221.84) 0.00 Total Purchase 9,615,000.00 (9,439,593.16) (37,034.05) (9,476,627.21) 0.00 TOTAL
ACQUISITIONS 9,615,000.00 (9,439,593.16) (37,034.05) (9,476,627.21) 0.00
DISPOSITIONS
Maturity 11/08/2024 14913Q3B3 (1,250,000.00)
CATERPILLAR FINANCIAL
SERVICES CORP 2.15
11/08/2024
100.000 2.15% 1,250,000.00 0.00 1,250,000.00 0.00
Total Maturity (1,250,000.00) 1,250,000.00 0.00 1,250,000.00 0.00 Sale 10/23/2024 3135GA4W8 (500,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.5 02/18/2025
98.609 0.50% 493,045.00 451.39 493,496.39 (6,955.00)
Sale 10/31/2024 9128284N7 (2,000,000.00) UNITED STATES TREASURY
2.875 05/15/2028 96.000 4.23% 1,920,000.00 26,406.25 1,946,406.25 6,171.79 Sale 10/31/2024 91282CHA2 (2,000,000.00) UNITED STATES TREASURY
3.5 04/30/2028 98.094 4.33% 1,961,875.00 38,500.00 2,000,375.00 14,998.78 Sale 12/06/2024 3135GA4W8 (800,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.5 02/18/2025
99.192 0.50% 793,536.00 1,200.00 794,736.00 (6,464.00)
36 TRANSACTION LEDGER
City of Orange | Account #10888|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Sale 12/30/2024 912810FE3 (2,100,000.00) UNITED STATES TREASURY
5.5 08/15/2028 103.758 4.59% 2,178,914.06 42,998.64 2,221,912.70 16,643.76 Total Sale (7,400,000.00) 7,347,370.06 109,556.28 7,456,926.34 24,395.33 TOTAL
DISPOSITIONS (8,650,000.00) 8,597,370.06 109,556.28 8,706,926.34 24,395.33 37 TRANSACTION LEDGER
City of Orange LAIF Balances | Account #10895|10/01/2024 Through 12/31/2024| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/15/2024 90LAIF$00 428,789.55 Local Agency Investment Fund State Pool 1.000 4.48% (428,789.55) 0.00 (428,789.55) 0.00 Purchase 12/31/2024 90LAIF$00 7,100,000.00 Local Agency Investment Fund State Pool 1.000 4.43% (7,100,000.00) 0.00 (7,100,000.00) 0.00 Total Purchase 7,528,789.55 (7,528,789.55) 0.00 (7,528,789.55) 0.00 TOTAL
ACQUISITIONS 7,528,789.55 (7,528,789.55) 0.00 (7,528,789.55) 0.00 38 IMPORTANT DISCLOSURES
City of Orange | Account #10888 | As of December 31, 2024 2024 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 and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 39 BENCHMARK DISCLOSURES
City of Orange | Account #10888 | As of December 31, 2024 Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year 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